BEUTEL GOODMAN MANAGED FUNDS

Beutel Goodman ■ World Focus Equity Fund
Fund Specific Notes to the Financial Statements
As at December 31, 2014, December 31, 2013 and January 1, 2013
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 $131,300
(December 31, 2013 $131,800; January 1, 2013 $11,500).
In practice, the actual trading results may differ from this sensitivity analysis
and the difference could be material.
Concentration Risk
The following is a summary of the Fund’s concentration risk as at December 31,
2014, December 31, 2013 and January 1, 2013:
Country segment Dec. 31, 2014 Dec. 31, 2013 Jan. 1, 2013
Short-Term Investments
Treasury Bills 4.18% 2.57% 7.80%
Common Stocks
Australia — 0.71% 2.43%
Canada — — 0.91%
Belgium 1.08% 2.29% —
Finland 3.60% 3.66% 4.18%
France 2.92% 4.88% 10.06%
Germany 13.14% 6.58% —
Italy — 4.29% 4.51%
Japan 4.55% 7.17% 7.56%
Jersey — — 2.86%
Netherlands 7.07% 6.29% 3.36%
Norway 6.86% 6.18% —
Spain 3.43% 4.29% 4.31%
United Kingdom 11.13% 5.04% 6.88%
United States 41.92% 45.77% 43.22%
Total 99.88% 99.72% 98.08%
Fair Value Hierarchy
The following tables analyze the Fund’s financial instruments carried at FVTPL
within the fair value hierarchy as at December 31, 2014, December 31, 2013
and January 1, 2013.
Dec. 31, 2014 Level 1 Level 2 Level 3 Total
($) ($) ($) ($)
Assets
Equity securities 13,119,474 — — 13,119,474
Total Assets 13,119,474 — — 13,119,474
Dec. 31, 2013 Level 1 Level 2 Level 3 Total
($) ($) ($) ($)
Assets
Equity securities 13,174,098 — — 13,174,098
Total Assets 13,174,098 — — 13,174,098
Jan. 1, 2013 Level 1 Level 2 Level 3 Total
($) ($) ($) ($)
Assets
Equity securities 1,156,640 — — 1,156,640
Total Assets 1,156,640 — — 1,156,640
There were no transfers between level 1 and 2 during the years ended
December 31, 2014 and 2013.
Fund Unit Transactions
For the years ended December 31
2014 Class B Class D Class F Class I
Balance, beginning of year 16,365 199,344 1,847 2,217,733
Redeemable units issued
for cash 37,187 145,185 1,025 340,816
Reinvested units 4,565 35,929 410 296,824
Redeemable units redeemed (11,166) (83,118) (384) (638,240)
Balance, end of year 46,951 297,340 2,898 2,217,133
2013 Class B Class D Class F Class I
Balance, beginning of year 1,516 169,917 527 122,563
Redeemable units issued
for cash 14,367 91,401 1,238 5,097,566
Reinvested units 482 9,626 82 112,681
Redeemable units redeemed — (71,600) — (3,115,077)
Balance, end of year 16,365 199,344 1,847 2,217,733
50 Beutel Goodman Managed Funds Annual Report as at December 31, 2014