BEUTEL GOODMAN MANAGED FUNDS

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Beutel Goodman ■ Canadian Dividend Fund Schedule of Investment Portfolio as at December 31, 2014 Average Fair % of Number of Shares/ Coupon Maturity Cost Value Net Par Value Rate (%) Date $ $ Assets Short-Term Investments (2013 – 1.52%) Treasury Bills 250,000 Government of Canada 0.887% 12-Mar-15 249,454 249,454 0.28 975,000 Government of Canada 0.900% 26-Mar-15 972,800 972,800 1.11 100,000 Government of Canada 0.917% 9-Apr-15 99,752 99,752 0.11 1,322,006 1,322,006 1.50 Common Stocks (2013 – 99.11%) Energy 87,400 Canadian Natural Resources Ltd. 3,019,475 3,139,408 3.55 138,500 Cenovus Energy Inc. 4,038,871 3,319,845 3.77 46,000 Ensign Energy Services Inc. 676,731 469,200 0.53 7,735,077 6,928,453 7.85 Materials 32,800 Bemis Co., Inc. 1,244,827 1,717,558 1.94 69,300 Potash Corp. of Saskatchewan Inc. 2,665,052 2,846,151 3.22 37,800 Teck Resources Ltd. 869,101 600,264 0.68 4,778,980 5,163,973 5.84 Industrial 46,800 Finning International Inc. 1,197,112 1,180,764 1.34 36,200 SNC-Lavalin Group Inc. 1,648,815 1,604,022 1.82 2,845,927 2,784,786 3.16 Consumer Discretionary Automobiles & Components 21,100 Magna International Inc. 1,513,762 2,656,279 3.01 1,513,762 2,656,279 3.01 Media 44,300 Thomson Reuters Corp. 1,715,651 2,076,341 2.35 1,715,651 2,076,341 2.35 Retailing 12,900 Canadian Tire Corp Ltd., Class A 1,015,993 1,583,346 1.79 1,015,993 1,583,346 1.79 4,245,406 6,315,966 7.15 Consumer Staples Food Beverage & Tobacco 24,000 Molson Coors Canada Inc., Class B 1,188,487 2,088,000 2.36 1,188,487 2,088,000 2.36 Health Care Health Care Equipment and Services 52,300 Baxter International Inc. 3,960,531 4,439,657 5.03 3,960,531 4,439,657 5.03 Average Fair % of Number of Shares/ Cost Value Net Par Value $ $ Assets Pharmaceuticals & Biotechnology 55,200 Eli Lilly & Co. 3,675,981 4,410,911 4.99 12,900 Merck & Co Inc. 647,233 848,525 0.96 4,323,214 5,259,436 5.95 8,283,745 9,699,093 10.98 Financials Banks 97,826 Bank of Nova Scotia 5,939,031 6,486,842 7.35 50,000 Canadian Imperial Bank of Commerce 4,220,676 4,992,000 5.65 83,700 Royal Bank of Canada 5,466,118 6,716,088 7.61 133,400 The Toronto-Dominion Bank 5,892,891 7,405,034 8.38 21,518,716 25,599,964 28.99 Insurance 20,300 Intact Financial Corp. 1,175,952 1,702,155 1.93 132,600 Manulife Financial Corp. 2,519,933 2,941,068 3.33 92,000 Power Financial Corp. 3,135,190 3,328,560 3.77 6,831,075 7,971,783 9.03 28,349,791 33,571,747 38.02 Information Technology 282,006 Atea ASA 3,279,885 3,354,538 3.80 24,700 Oracle Corp. 934,081 1,286,539 1.46 156,000 Symantec Corp. 3,827,990 4,635,533 5.25 8,041,956 9,276,610 10.51 Telecommunication Services 116,100 Rogers Communications Inc., Class B 4,956,820 5,244,237 5.94 43,300 TELUS Corp. 1,351,445 1,813,837 2.05 78,600 Verizon Communications Inc. 4,223,983 4,258,786 4.82 10,532,248 11,316,860 12.81 Total Common Stocks 76,001,617 87,145,488 98.68 Transaction Costs (67,662) Total Investments 75,933,955 87,145,488 98.68 Total Investments and Short-Term Investments 77,255,961 88,467,494 100.18 Other Assets Net of Liabilities (156,903) (0.18) Net Assets Attributable to Holders of Redeemable Units 88,310,591 100.00 The accompanying notes are an integral part of these financial statements. 38 Beutel Goodman Managed Funds Annual Report as at December 31, 2014
Beutel Goodman ■ Canadian Dividend Fund Fund Specific Notes to the Financial Statements As at December 31, 2014, December 31, 2013 and January 1, 2013 Risk Management The investment objective of the Beutel Goodman Canadian Dividend Fund (the “Fund”) is to achieve a balance between high dividend income and capital growth by investing mainly in a diversified portfolio of blue-chip Canadian common stocks and, to a lesser extent, in high-yield preferred stocks and interest-bearing securities. The Fund’s advisor chooses primarily blue-chip common stocks. The Fund may also invest in preferred stocks, bonds, warrants, rights, royalty trusts, income trusts and foreign securities up to the foreign property limit. The selection gives preference to capital growth, while providing a high and regular level of income. The portfolio advisor chooses the investments by seeking out reputable stocks that are undervalued on the market compared to their true worth, focusing on small, mid and large-capitalization Canadian corporations in a variety of industries, while favouring equity securities, including preferred stocks, that provide a stable income. Investments by the Fund in non-Canadian securities will generally not exceed 45% of the Fund’s assets taken at book value. The Fund’s overall risk management program seeks to minimize the potentially adverse effect of risk on the Fund’s financial performance in a manner consistent with the Fund’s investment objective. Credit Risk As at December 31, 2014, December 31, 2013 and January 1, 2013, the Fund had no significant investments in debt instruments, other than short-term investments. Accordingly, the Fund is not subject to significant amounts of credit risk. Interest Rate Risk As at December 31, 2014, December 31, 2013 and January 1, 2013, the majority of the Fund’s financial assets and liabilities are non-interest bearing. Accordingly, the Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Other Price Risk The impact on net assets of the Fund due to a 1 percent change in benchmark, using historical correlation between the Fund’s return as compared to the return of the Fund’s benchmark, as at December 31, 2014, December 31, 2013 and January 1, 2013, with all other variables held constant, is included in the following table. Regression analysis has been utilized to estimate the historical correlation. The analysis uses 36 data points based on the monthly net returns of the Fund. The returns of all classes of units of the Fund are substantially similar except for the differences in expense structure. Impact on net assets ($000) Benchmark Dec. 31, 2014 Dec. 31, 2013 Jan. 1, 2013 Canadian Dividend Benchmark* 678 414 241 Total 678 414 241 Foreign Currency Risk Currencies to which the Fund had exposure as at December 31, 2014, December 31, 2013 and January 1, 2013 are as follows: Dec. 31, 2014 Cash and Financial Other Percentage cash assets at assets and of net equivalents fair value liabilities Total assets ($000) ($000) ($000) ($000) (%) United States Dollar — 21,598 36 21,634 24.5 Norwegian Krone — 3,334 — 3,334 3.8 Total — 24,932 36 24,932 28.3 Dec. 31, 2013 Cash and Financial Other Percentage cash assets at assets and of net equivalents fair value liabilities Total assets ($000) ($000) ($000) ($000) (%) United States Dollar — 13,544 11 13,555 26.4 Japanese Yen — 1,094 — 1,094 2.1 Total — 14,638 11 14,649 28.5 Jan. 1, 2013 Cash and Financial Other Percentage cash assets at assets and of net equivalents fair value liabilities Total assets ($000) ($000) ($000) ($000) (%) United States Dollar 7 6,995 9 7,011 24.1 Japanese Yen — 593 — 593 2.0 British Pound — 590 — 590 2.0 Total 7 8,178 9 8,194 28.1 The amounts in the above tables are based on the fair value of the Fund’s financial instruments (including cash and cash equivalents), other financial assets (including dividends, interest receivables and receivables for investments sold) and financial liabilities (including payables for investments purchased). As at December 31, 2014, December 31, 2013 and January 1, 2013, if the Canadian dollar had strengthened or weakened by 1 percent in relation to all currencies, with all other variables held constant, net assets would have increased or decreased, respectively, by approximately $250,000 (December 31, 2013 $146,000; January 1, 2013 $82,000). In practice, the actual trading results may differ from this sensitivity analysis and the difference could be material. *The Canadian Dividend Fund Benchmark is comprised of the S&P/TSX (85%) and the S&P 500Cdn. (15%). The historical correlation may not be representative of the future correlation, and accordingly the impact on net assets could be materially different. Beutel Goodman Managed Funds Annual Report as at December 31, 2014 39
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BEUTEL GOODMAN MANAGED FUNDS

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