BEUTEL GOODMAN MANAGED FUNDS

Beutel Goodman ■ International 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 55,062 24,097
Class D 2,969,663 1,784,964
Class F 136,215 115,092
Class I 129,863,106 83,009,351
133,024,046 84,933,504
Increase (decrease) in net assets attributable to
holders of redeemable units
Class B (4,141) 7,563
Class D (250,606) 393,178
Class F (6,661) 20,107
Class I (5,884,682) 17,100,255
(6,146,090) 17,521,103
Distribution to holders of redeemable units
From net investment Income
Class B (926) (336)
Class D (117,183) (38,094)
Class F (438) (1,498)
Class I (4,717,905) (2,607,370)
(4,836,452) (2,647,298)
Redeemable unit transactions
Proceeds from redeemable units issued
Class B 13,500 48,873
Class D 1,420,227 983,647
Class F 83,000 17,362
Class I 26,654,376 46,461,240
Reinvestments of distributions to holders of redeemable units
Class B 926 336
Class D 116,853 37,998
Class F 438 129
Class I 4,045,652 2,270,251
Redemption of redeemable units
Class B (4,957) (25,471)
Class D (358,841) (192,030)
Class F (160,752) (14,977)
Class I (23,698,963) (16,370,621)
8,111,459 33,216,737
Net increase (decrease) in net assets attributable to
holders of redeemable units
Class B 4,402 30,965
Class D 810,450 1,184,699
Class F (84,413) 21,123
Class I (3,601,522) 46,853,755
(2,871,083) 48,090,542
Net assets attributable to holders of redeemable units
at end of year
Class B 59,464 55,062
Class D 3,780,113 2,969,663
Class F 51,802 136,215
Class I 126,261,584 129,863,106
130,152,963 133,024,046
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 (6,146,090) 17,521,103
Adjustments for:
Net realized (gain) loss on sale of investments (2,484,735) (4,022,330)
Change in unrealized (appreciation) depreciation in
the value of investments 12,623,424 (11,420,506)
Purchases of investments (87,212,037) (73,325,356)
Proceeds from sale of investments 76,817,769 42,371,853
(Increase) decrease in accrued interest 1,155 (377)
(Increase) decrease in dividends receivable 51,179 (13,777)
Increase (decrease) in accrued liabilities 10,445 5,834
Net cash from (used in) operating activities (6,388,890) (28,883,556)
Cash flows from financing activities
Distributions paid to holders of redeemable units,
net of reinvested distributions (672,583) (338,584)
Proceeds from redeemable units issued 28,179,288 47,510,484
Redemption of redeemable units (24,237,581) (16,595,611)
Net cash flows from (used in) financing activities 3,269,124 30,576,289
Net increase (decrease) in cash and cash equivalents (3,069,766) 1,692,733
Cash and cash equivalents at beginning of year 7,573,184 5,880,451
Cash and cash equivalents at end of year* 4,503,418 7,573,184
Supplementary information
Cash flow from operating activities
Interest received 142,009 24,104
Dividends received, net of withholding taxes 4,869,527 2,695,234
*Cash and cash equivalents include:
Cash at banks (86,178) 81,213
Short-term investments 4,589,596 7,491,971
Total 4,503,418 7,573,184
The accompanying notes are an integral part of these financial statements.
Beutel Goodman Managed Funds Annual Report as at December 31, 2014 57