BEUTEL GOODMAN MANAGED FUNDS

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Beutel Goodman ■ International Equity 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 – 5.64%) Treasury Bills 400,000 Government of Canada 0.895% 12-Mar-15 399,153 399,153 0.31 4,200,000 Government of Canada 0.900% 26-Mar-15 4,190,443 4,190,443 3.21 4,589,596 4,589,596 3.52 Common Stocks (2013 – 94.21%) Belgium 59,800 Dieteren SA/NV 2,789,787 2,455,278 1.89 2,789,787 2,455,278 1.89 Cyprus 617,500 ProSafe SE 5,294,447 2,194,060 1.69 5,294,447 2,194,060 1.69 Finland 156,948 Konecranes OYJ 5,159,652 5,239,666 4.03 5,159,652 5,239,666 4.03 France 51,800 BNP Paribas SA 4,014,329 3,576,269 2.75 49,900 Cie Generale des Etablissements Michelin 5,347,542 5,264,153 4.04 9,361,871 8,840,422 6.79 Germany 13,300 Bayer AG 2,171,951 2,106,377 1.62 45,800 Deutsche Boerse AG 3,168,869 3,801,368 2.92 106,200 GEA Group AG 5,153,088 5,447,680 4.18 46,800 HeidelbergCement AG 4,124,419 3,857,474 2.96 59,600 Lanxess AG 4,091,707 3,212,219 2.47 222,700 Telefonica Deutschland Holding AG 1,415,872 1,376,776 1.06 20,125,906 19,801,894 15.21 Japan 90,400 FamilyMart Co., Ltd. 3,556,117 3,973,578 3.05 210,200 NTT DOCOMO Inc. 3,238,857 3,590,186 2.76 589,900 Resona Holdings Inc. 3,295,214 3,487,071 2.68 10,090,188 11,050,835 8.49 Average Fair % of Number of Shares/ Cost Value Net Par Value $ $ Assets Netherlands 54,967 Akzo Nobel NV 3,955,971 4,441,272 3.41 142,968 Koninklijke Philips NV 4,185,044 4,802,196 3.69 64,000 Unilever NV 2,883,534 2,927,765 2.25 11,024,549 12,171,233 9.35 Norway 424,000 Atea ASA 4,656,256 5,043,595 3.87 169,700 Gjensidige Forsikring ASA 2,846,148 3,198,345 2.46 592,908 Norsk Hydro ASA 3,553,113 3,887,285 2.99 150,200 TGS Nopec Geophysical Co ASA 4,231,206 3,752,007 2.88 15,286,723 15,881,232 12.20 Singapore 151,000 DBS Group Holdings Ltd 2,587,419 2,718,937 2.09 2,587,419 2,718,937 2.09 South Korea 102,300 Hana Financial Group Inc. 3,586,518 3,449,623 2.65 3,586,518 3,449,623 2.65 Spain 400,217 Banco Santander SA 2,457,394 3,556,508 2.73 2,457,394 3,556,508 2.73 United Kingdom 328,900 British Sky Broadcasting Group PLC 5,246,186 5,339,999 4.10 153,800 IMI PLC 3,392,458 3,508,143 2.70 761,400 Kingfisher PLC 3,854,474 4,682,175 3.60 486,622 Rexam PLC 4,765,449 3,988,172 3.06 170,600 Rolls-Royce Holdings PLC 2,670,981 2,680,501 2.06 534,127 RSA Insurance Group PLC 4,014,840 4,196,154 3.22 124,800 Spectris PLC 4,132,266 4,737,671 3.64 496,700 Vesuvius PLC 3,510,527 4,002,592 3.08 1,277,500 Vodafone Group PLC 5,348,936 5,136,902 3.95 36,936,117 38,272,309 29.41 Total Common Stocks 124,700,571 125,631,997 96.53 Transaction Costs (371,992) Total Investments 124,328,579 125,631,997 96.53 Total Investments and Short-Term Investments 128,918,175 130,221,593 100.05 Other Assets Net of Liabilities (68,630.0) (0.05) Net Assets Attributable to Holders of Redeemable Units 130,152,963 100.00 The accompanying notes are an integral part of these financial statements. 58 Beutel Goodman Managed Funds Annual Report as at December 31, 2014
Beutel Goodman ■ International Equity 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 International Equity Fund (the “Fund”) is to seek long-term enhancement of capital primarily through investments in common stocks and other equity securities of non-North American issuers. This Fund’s investment strategy is relative value driven stock selection. The Fund’s advisor seeks issuers trying to create shareholder value with strong management depth which can be purchased at reasonable prices in terms of price/earnings and discount/asset values relative to anticipated growth and profitability. 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 MSCI EAFE Total Return Index 1,181 1,243 828 Total 1,181 1,243 828 The historical correlation may not be representative of the future correlation, and accordingly the impact on net assets could be materially different. 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) (%) Euro Currency — 47,263 (226) 47,037 36.1 British Pound — 38,272 95 38,367 29.5 Norwegian Krone — 18,075 — 18,075 13.9 Japanese Yen — 11,051 — 11,051 8.5 United States Dollar — 4,802 — 4,802 3.7 Korean Won — 3,450 — 3,450 2.7 Singapore Dollar — 2,719 — 2,719 2.1 Total — 125,632 (131) 125,501 96.5 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) (%) Euro Currency — 49,904 — 49,904 37.6 British Pound — 20,141 104 20,245 15.2 Norwegian Krone — 14,912 — 14,912 11.2 Japanese Yen — 24,233 43 24,276 18.3 United States Dollar — 9,837 — 9,837 7.4 Korean Won — 3,894 — 3,894 2.9 Australian Dollar — 2,223 — 2,223 1.6 Total — 125,144 147 125,291 94.2 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) (%) Euro Currency — 24,300 — 24,300 28.7 British Pound — 16,941 166 17,107 20.2 Norwegian Krone — 3,890 — 3,890 4.6 Japanese Yen — 23,131 425 23,556 27.8 United States Dollar — 6,593 — 6,593 7.8 Australian Dollar — 3,477 — 3,477 4.1 Total — 78,332 591 78,923 93.2 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). Beutel Goodman Managed Funds Annual Report as at December 31, 2014 59
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BEUTEL GOODMAN MANAGED FUNDS

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