BEUTEL GOODMAN MANAGED FUNDS

Beutel Goodman ■ Canadian Dividend Fund
Fund Specific Notes to the Financial Statements
As at December 31, 2014, December 31, 2013 and January 1, 2013
Concentration Risk
The following is a summary of the Fund’s concentration risk as at December 31,
2014, December 31, 2013 and January 1, 2013:
Market segment Dec. 31, 2014 Dec. 31, 2013 Jan. 1, 2013
Short-Term Investments
Treasury Bills 1.50% 1.52% 1.12%
Common Stocks
Energy 7.85% 7.49% 8.87%
Materials 5.84% 6.41% 4.79%
Industrial 3.16% 7.50% 9.20%
Consumer Discretionary 7.15% 11.07% 9.92%
Consumer Staples 2.36% 5.21% 11.96%
Health Care 10.98% 11.05% 6.69%
Financials 38.02% 35.08% 36.81%
Information Technology 10.51% 7.39% 10.22%
Telecommunication Services 12.81% 7.91% —
Total 100.18% 100.63% 99.58%
Fund Unit Transactions
For the years ended December 31
2014 Class B Class D Class F Class I
Balance, beginning of year 358,360 3,381,539 263,372 1,675,927
Redeemable units issued
for cash 504,017 2,531,775 282,051 1,250,042
Reinvested units 22,971 171,258 16,403 147,280
Redeemable units redeemed (109,204) (1,314,900) (56,436) (143,841)
Balance, end of year 776,144 4,769,672 510,390 2,929,408
2013 Class B Class D Class F Class I
Balance, beginning of year 63,271 2,314,831 175,432 1,473,133
Redeemable units issued
for cash 327,300 1,393,423 259,082 519,665
Reinvested units 8,961 109,177 8,560 83,494
Redeemable units redeemed (41,172) (435,892) (179,702) (400,365)
Balance, end of year 358,360 3,381,539 263,372 1,675,927
Fair Value Hierarchy
The following tables analyze the Fund’s financial instruments carried at FVTPL
within the fair value hierarchy as at December 31, 2014, December 31, 2013
and January 1, 2013.
Dec. 31, 2014 Level 1 Level 2 Level 3 Total
($) ($) ($) ($)
Assets
Equity securities 87,145,488 — — 87,145,488
Total Assets 87,145,488 — — 87,145,488
Dec. 31, 2013 Level 1 Level 2 Level 3 Total
($) ($) ($) ($)
Assets
Equity securities 50,896,165 — — 50,896,165
Total Assets 50,896,165 — — 50,896,165
Jan. 1, 2013 Level 1 Level 2 Level 3 Total
($) ($) ($) ($)
Assets
Equity securities 28,668,680 — — 28,668,680
Total Assets 28,668,680 — — 28,668,680
There were no transfers between level 1 and 2 during the years ended
December 31, 2014 and 2013.
40 Beutel Goodman Managed Funds Annual Report as at December 31, 2014