BEUTEL GOODMAN MANAGED FUNDS

Beutel Goodman ■ World Focus Equity Fund
Statements of Changes in Net Assets Attributable to
Holders of Redeemable Units
For the years ended December 31
2014 2013
Net assets attributable to holders of redeemable units
$ $
at beginning of year
Class B 221,907 16,758
Class D 1,035,958 712,817
Class F 25,897 5,959
Class I 12,277,181 545,548
13,560,943 1,281,082
Increase (decrease) in net assets attributable to holders
of redeemable units
Class B 21,566 25,722
Class D 98,290 213,199
Class F 3,065 4,938
Class I 1,069,396 2,562,516
1,192,317 2,806,375
Distribution to holders of redeemable units
From net investment Income
Class B (9,281) (3,634)
Class D (27,877) (21,868)
Class F (759) (435)
Class I (313,743) (287,972)
From return of capital
Class B (66,146) (6,172)
Class D (157,950) (28,428)
Class F (4,676) (710)
Class I (1,245,208) (336,321)
(1,825,640) (685,540)
Redeemable unit transactions
Proceeds from redeemable units issued
Class B 530,719 182,696
Class D 771,199 436,674
Class F 14,587 15,000
Class I 1,988,091 23,921,977
Reinvestments of distributions to holders of redeemable units
Class B 58,184 6,537
Class D 177,558 47,254
Class F 5,435 1,145
Class I 1,554,256 623,790
Redemption of redeemable units
Class B (159,200) —
Class D (432,756) (323,690)
Class F (5,097) —
Class I (3,720,694) (14,752,357)
782,282 10,159,026
Net increase (decrease) in net assets attributable to
holders of redeemable units
Class B 375,842 205,149
Class D 428,464 323,141
Class F 12,555 19,938
Class I (667,902) 11,731,633
148,959 12,279,861
Net assets attributable to holders of redeemable units
at end of year
Class B 597,749 221,907
Class D 1,464,422 1,035,958
Class F 38,452 25,897
Class I 11,609,279 12,277,181
13,709,902 13,560,943
Statements of Cash Flows
For the years ended December 31
2014 2013
Cash flows from operating activities
$ $
Increase (decrease) in net assets attributable to
holders of redeemable units 1,192,317 2,806,375
Adjustments for:
Net realized (gain) loss on sale of investments (1,520,734) (717,880)
Change in unrealized (appreciation) depreciation in
the value of investments 633,676 (1,844,959)
Purchases of investments (6,298,302) (14,963,102)
Proceeds from sale of investments 7,239,984 5,508,483
(Increase) decrease in accrued interest 69 (261)
(Increase) decrease in dividends receivable (2,693) (12,096)
Increase (decrease) in accrued liabilities 1,011 2,718
Net cash from (used in) operating activities 1,245,328 (9,220,722)
Cash flows from financing activities
Distributions paid to holders of redeemable units,
net of reinvested distributions (3,405) (1,763)
Proceeds from redeemable units issued 3,295,580 24,509,349
Redemption of redeemable units (4,323,839) (15,050,691)
Net cash flows from (used in) financing activities (1,031,664) 9,456,895
Net increase (decrease) in cash and cash equivalents 213,664 236,173
Cash and cash equivalents at beginning of year 360,616 124,443
Cash and cash equivalents at end of year* 574,280 360,616
Supplementary information
Cash flow from operating activities
Interest received 10,662 4,077
Dividends received, net of withholding taxes 375,171 324,954
*Cash and cash equivalents include:
Cash at banks 546 11,098
Short-term investments 573,734 349,518
Total 574,280 360,616
The accompanying notes are an integral part of these financial statements.
Beutel Goodman Managed Funds Annual Report as at December 31, 2014 47