Pooled and Indexed
Funds
Annual financial statements
December 31, 2014
Contents
Annual financial statements
05
Standard Life Canadian Equity Fund (SLI)
52
07
Standard Life Canadian Value Equity
Fund (SLI)
Standard Life Long-Term Liability
Government Bond Fund (SLI)
53
08 Standard Life Canadian Equity Index
Fund (SLI)
Standard Life Canadian Bond Index Fund
(SLI)
63
Standard Life Real Return Bond Fund
(SLI)
65
Standard Life Diversified Fund (SLI)
12
Standard Life Capped Canadian Equity
Fund (SLI)
14
Standard Life Canadian Equity Capped
Index Fund (SLI)
69
Standard Life Diversified Tri-Plan Fund
(SLI)
18
Standard Life Canadian Small-Cap Equity
Fund (SLI)
73
Standard Life Money Market Fund (SLI)
20
Standard Life Equity Tri-Plan Fund (SLI)
75
Standard Life Real Estate Fund (SLIRE)
22
Standard Life US Equity Fund (SLI)
80 Standard Life Mortgage Fund
(Standard Life)
24
Standard Life US Equity Index Fund (SLI)
83
30
Standard Life US Equity Direct Index
Registered Fund (SLI)
Standard Life Small Cap Portfolio Fund
(Standard Life)
84
36
Standard Life US Equity Non-Registered
Fund (SLI)
Standard Life Income Index Portfolio
Fund (Standard Life)
85
38
Standard Life Hedged US Equity Index
Fund (SLI)
Standard Life Balanced Index Portfolio
Fund (Standard Life)
86
40
Standard Life International Equity Fund
(SLI)
Standard Life Growth Index Portfolio
Fund (Standard Life)
87
41
Standard Life Global Absolute Return
Strategies Fund (SLI)
Standard Life Target Date 2015 Fund
(Standard Life)
42
Standard Life Absolute Return Global
Bond Strategies Fund (SLI)
43
Standard Life Bond Fund (SLI)
46
47
50
51
88 Standard Life Target Date 2020 Fund
(Standard Life)
89
Standard Life Target Date 2025 Fund
(Standard Life)
90
Standard Life Short Term Bond Fund
(SLI)
Standard Life Target Date 2030 Fund
(Standard Life)
91
Standard Life Long Term Bond Fund
(SLI)
Standard Life Target Date 2035 Fund
(Standard Life)
92
Standard Life Short-Term Liability
Government Bond Fund (SLI)
Standard Life Target Date 2040 Fund
(Standard Life)
93
Standard Life Mid-Term Liability
Government Bond Fund (SLI)
Standard Life Target Date 2045 Fund
(Standard Life)
94
Standard Life Target Date 2050 Fund
(Standard Life)
Contents
Annual financial statements (continued)
95
Standard Life Target Date 2055 Fund
(Standard Life)
115 Standard Life Tactical Income Fund
(SLMF)
96
Standard Life Retirement Fund
(Standard Life)
116 Standard Life Dividend Income Fund
(SLMF)
97
Standard Life Target Date 2015 Index
Fund (Standard Life)
117 Standard Life US Dividend Growth Fund
(SLMF)
98
Standard Life Target Date 2020 Index
Fund (Standard Life)
118 Standard Life Global REIT Fund (SLMF)
99
Standard Life Target Date 2025 Index
Fund (Standard Life)
100 Standard Life Target Date 2030 Index
Fund (Standard Life)
101 Standard Life Target Date 2035 Index
Fund (Standard Life)
102 Standard Life Target Date 2040 Index
Fund (Standard Life)
103 Standard Life Target Date 2045 Index
Fund (Standard Life)
104 Standard Life Target Date 2050 Index
Fund (Standard Life)
105 Standard Life Target Date 2055 Index
Fund (Standard Life)
106 Standard Life Retirement Index Fund
(Standard Life)
107 Standard Life Corporate Bond Fund
(SLMF)
108 Standard Life Monthly Income Fund
(SLMF)
109 Standard Life Canadian Dividend Fund
(SLMF)
110 Standard Life Global Dividend Fund
(SLMF)
111 Standard Life Global Equity Fund (SLMF)
112 Standard Life International Bond Fund
(SLMF)
113 Standard Life Tactical Bond Fund (SLMF)
114 Standard Life Diversified Income Fund
(SLMF)
119 Notes to annual financial statements
149 Independent Auditor’s Report
Standard Life Canadian Equity Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Interest, dividends and other receivables
LIABILITIES
Current liabilities
Redemptions payable
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
480,813
119
311
656
481,899
497,800
161
394
771
499,126
558,220
172
364
1,424
560,180
308
2
5
315
434
3
5
442
417
4
4
425
481,584
498,684
559,755
1,215.42
1,096.36
931.97
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
for the years ended December 31
INCOME
Interest (note 10)
Dividends
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Interest
Other operating expenses
Foreign withholding taxes (note 10)
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
29
11,467
36
13,628
41,615
53,111
72,650
86,314
72
6
263
8
459
808
50
5
1
290
870
1,216
52,303
85,098
124.28
155.82
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
498,684
559,755
52,303
85,098
85,740
(155,143)
(69,403)
87,344
(233,513)
(146,169)
481,584
498,684
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
52,303
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
(41,615)
Non cash interest on fixed income investments
(4)
Purchase of investments
(808,457)
Proceeds from sale and maturity of investments
867,063
(Increase) decrease in interest, dividends and
other receivables
115
Increase (decrease) in accrued expenses and
other liabilities
(1)
Net cash from operating activities
69,404
Cash flows used in financing activities
Proceeds from sale of units
85,823
Payments for units redeemed
(155,269)
Net cash used in financing activities
(69,446)
Net increase (decrease) in cash
(42)
Cash (bank indebtedness) at beginning of year
161
Cash (bank indebtedness) at end of year
119
Supplemental disclosures on cash flows from operating activities
Interest received
25
Dividend received, net of withholding taxes
11,574
85,098
(72,650)
(14)
(813,874)
946,958
653
146,171
87,314
(233,496)
(146,182)
(11)
172
161
22
14,281
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 05
Standard Life Canadian Equity Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
EQUITIES
ENERGY 19.98%
ARC Resources Ltd.
Baytex Energy Corp.
Calfrac Well Services Ltd.
Cameco Corporation
Canadian Energy Services & Technology Corp.
Canadian Natural Resources Limited
Cenovus Energy Inc.
Enbridge Inc.
EnCana Corporation
Enerplus Corporation
Gibson Energy Inc.
Keyera Corp.
PEYTO Exploration & Development Corp.
Precision Drilling Corporation
Secure Energy Services Inc.
ShawCor Ltd.
Suncor Energy Inc.
Tourmaline Oil Corp.
Vermilion Energy Inc.
MATERIALS 8.39%
Agnico-Eagle Mines Limited
Agrium Inc.
Eldorado Gold Corporation
First Quantum Minerals Ltd.
Goldcorp Inc.
Lundin Mining Corporation
Potash Corporation of Saskatchewan Inc.
Silver Wheaton Corp.
West Fraser Timber Co. Ltd.
INDUSTRIALS 8.95%
Canadian National Railway Company
Canadian Pacific Railway Limited
Progressive Waste Solutions Ltd.
Stantec Inc.
CONSUMER DISCRETIONARY 8.37%
Cineplex Inc.
Dollarama Inc.
Gildan Activewear Inc.
IMAX Corporation
Magna International Inc.
CONSUMER STAPLES 5.77%
Alimentation Couche-Tard Inc.,
Subordinated Voting, B
George Weston Limited
Loblaw Companies Limited
HEALTH CARE 6.61%
Catamaran Corporation
Valeant Pharmaceuticals International, Inc.
FINANCIALS 31.52%
Bank of Montreal
Bank of Nova Scotia, (The)
Brookfield Asset Management Inc.,
Limited Voting, A
Brookfield Property Partners L.P.
Canadian Western Bank
Element Financial Corporation
Industrial Alliance Insurance and
Financial Services Inc.
Manulife Financial Corporation
Royal Bank of Canada
Toronto-Dominion Bank, (The)
Fair value
($000s)
109,414
100,116
175,026
264,892
469,818
341,663
336,375
312,929
197,541
301,408
165,107
20,422
72,817
285,779
261,677
64,242
271,351
102,538
77,414
2,991
4,732
3,313
5,883
2,750
9,436
9,510
11,065
3,967
5,765
5,691
1,507
2,485
2,960
4,506
3,375
8,621
4,750
3,183
2,753
1,934
1,752
5,046
2,983
12,273
8,063
18,693
3,194
3,373
4,489
1,656
2,437
2,018
4,441
2,724
10,013
3,968
4,413
173,472
38,178
587,158
300,112
257,858
832,633
84,065
103,279
88,601
5,332
3,292
4,925
6,623
8,399
4,773
3,278
3,301
3,492
5,017
4,200
4,157
4,955
5,547
4,763
3,453
2,440
5,889
304,745
21,977
179,661
235,936
7,275
5,014
4,900
5,713
24,385
4,917
6,276
7,533
186,798
170,566
139,631
87,884
75,327
6,835
3,839
5,796
2,649
3,883
8,374
10,131
9,174
3,152
9,483
290,426
25,907
178,031
3,442
2,566
8,677
14,141
2,600
11,068
185,443
124,336
9,095
12,359
11,149
20,680
63,246
321,542
5,210
15,244
5,198
21,321
182,956
97,499
220,968
864,814
9,311
2,357
6,512
8,096
10,652
2,579
7,237
12,228
190,367
759,974
439,995
575,477
7,598
14,273
20,593
18,590
8,458
16,856
35,305
31,944
The accompanying notes are an integral part of these annual financial statements.
06 Pooled and Indexed Funds
Par value Average cost
or shares
($000s)
INFORMATION TECHNOLOGY 3.65%
CGI Group Inc., Subordinated Voting, A
219,068
Open Text Corporation
116,810
TELECOMMUNICATIONS 3.73%
Rogers Communications Inc., B
150,642
TELUS Corporation
266,622
UTILITIES 1.73%
Brookfield Infrastructure Partners L.P.
171,715
TOTAL EQUITIES 98.70%
SHORT-TERM INVESTMENTS
Government of Canada, 0.959%, 2015/01/08
4,500,000
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
450,000
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
450,000
TOTAL SHORT-TERM INVESTMENTS 1.12%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.82%
Other assets, less liabilities 0.18%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Fair value
($000s)
7,256
3,412
9,703
7,898
6,808
8,553
6,805
11,169
6,403
362,164
8,354
475,414
4,499
4,499
450
450
450
5,399
(412)
450
5,399
-
367,151
771
367,922
480,813
771
481,584
% of net assets
attributable to contractholders
Equities
Energy
Materials
Industrials
Consumer discretionary
Health care
Financials
Telecommunications
Other
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
23.09
10.52
7.98
7.20
5.52
33.00
3.97
7.87
0.68
0.17
100.00
22.38
18.78
7.76
5.47
3.55
28.59
5.98
6.26
0.96
0.27
100.00
Standard Life Canadian Value Equity Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Subscriptions receivable
Statement of comprehensive income
Dec. 31
2014
$
12,150
1
12,151
LIABILITIES
Current liabilities
Redemptions payable
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
8,784
4
8,788
Jan. 1
2013
$
7,336
3
7,339
1
1
-
1
1
12,150
8,788
7,338
28.88
25.39
20.53
Statement of changes in financial position
for the years ended December 31
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
751
132
498
1,249
1,555
1,687
3
1
4
3
1
4
1,245
1,683
3.52
4.83
2014
$
2013
$
1,245
1,683
(498)
(5,146)
2,278
(2,121)
(1,555)
(1,205)
1,312
235
5,581
(3,460)
2,121
-
1,746
(1,981)
(235)
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
8,788
7,338
1,245
1,683
5,578
(3,461)
2,117
1,747
(1,980)
(233)
12,150
8,788
Average cost
$
10,385
Fair value
$
12,150
10,385
10,385
12,150
12,150
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
106,818
SLI Canadian Value Equity Pooled Fund
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 07
Standard Life Canadian Equity Index Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Cash margin
Subscriptions receivable
Interest, dividends and other receivables
Derivative assets (note 10)
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
457,638
95
213
843
1,045
89
459,923
Dec. 31
2013
$
413,356
126
111
788
985
46
415,412
Jan. 1
2013
$
256,370
76
31
625
764
10
257,876
843
463
1
1,307
788
118
1
1
908
625
71
696
458,616
414,504
257,180
38.39
34.72
30.71
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
INCOME
Interest (note 10)
Dividends
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
7
12,852
12
10,112
31,151
44,010
33,102
43,226
41
57
98
29
123
152
43,912
43,074
3.70
4.42
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
414,504
257,180
43,912
43,074
236,616
(236,416)
200
296,302
(182,052)
114,250
458,616
414,504
The accompanying notes are an integral part of these annual financial statements.
08 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
43,912
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
(31,151)
Non cash interest on fixed income investments
(1)
Purchase of investments
(205,751)
Proceeds from sale and maturity of investments
192,923
Cash margin
(102)
(Increase) decrease in interest, dividends and
other receivables
(60)
Increase (decrease) in accrued expenses and
other liabilities
(1)
Net cash from operating activities
(231)
Cash flows used in financing activities
Proceeds from sale of units
236,561
Payments for units redeemed
(236,361)
Net cash used in financing activities
200
Net increase (decrease) in cash
(31)
Cash (bank indebtedness) at beginning of year
126
Cash (bank indebtedness) at end of year
95
Supplemental disclosures on cash flows from operating activities
Interest received
6
Dividend received, net of withholding taxes
12,793
43,074
(33,102)
(6)
(399,053)
275,186
(80)
(221)
2
(114,200)
296,139
(181,889)
114,250
50
76
126
6
9,891
Standard Life Canadian Equity Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
EQUITIES
ENERGY 21.72%
Advantage Oil & Gas Ltd.
AltaGas Ltd.
ARC Resources Ltd.
Athabasca Oil Corporation
Bankers Petroleum Ltd.
Baytex Energy Corp.
Bellatrix Exploration Ltd.
Birchcliff Energy Ltd.
Bonavista Energy Corporation
Bonterra Energy Corp.
Calfrac Well Services Ltd.
Cameco Corporation
Canadian Energy Services & Technology Corp.
Canadian Natural Resources Limited
Canadian Oil Sands Limited
Canyon Services Group Inc.
Cenovus Energy Inc.
Crescent Point Energy Corp.
Crew Energy Inc.
Enbridge Inc.
Enbridge Income Fund Holdings Inc.
EnCana Corporation
Enerflex Ltd.
Enerplus Corporation
Ensign Energy Services Inc.
Freehold Royalties Ltd.
Gibson Energy Inc.
Gran Tierra Energy Inc.
Husky Energy Inc.
Imperial Oil Limited
Inter Pipeline Ltd.
Kelt Exploration Ltd.
Keyera Corp.
Legacy Oil + Gas Inc.
Lightstream Resources Ltd.
MEG Energy Corp.
Mullen Group Ltd.
NuVista Energy Ltd.
Pacific Rubiales Energy Corp.
Painted Pony Petroleum Ltd.
Paramount Resources Ltd., A
Parex Resources Inc.
Parkland Fuel Corporation
Pason Systems Inc.
Pembina Pipeline Corporation
Pengrowth Energy Trust
Penn West Petroleum Ltd.
PEYTO Exploration & Development Corp.
PrairieSky Royalty Ltd.
Precision Drilling Corporation
Raging River Exploration Inc.
RMP Energy Inc.
Secure Energy Services Inc.
ShawCor Ltd.
Suncor Energy Inc.
Surge Energy Inc.
Talisman Energy Inc.
TORC Oil & Gas Ltd.
Tourmaline Oil Corp.
TransCanada Corporation
Trican Well Service Ltd.
Trilogy Energy Corp.
Trinidad Drilling Ltd.
Veresen Inc.
Vermilion Energy Inc.
Whitecap Resources Inc.
42,347
33,245
78,998
87,238
65,109
41,666
47,770
25,806
47,359
6,900
17,807
98,215
43,805
270,780
120,254
16,082
187,849
110,241
30,779
210,623
14,030
183,881
19,602
50,978
32,485
13,919
31,046
68,656
73,233
63,099
81,215
25,284
21,001
45,829
50,039
38,517
22,848
34,553
62,283
24,774
13,859
29,148
19,051
16,749
83,379
132,460
123,410
38,333
32,400
73,023
38,653
30,459
25,396
16,082
360,144
54,884
236,551
16,568
41,765
175,829
37,326
16,652
34,468
70,673
26,695
63,175
202
1,110
1,997
920
334
1,931
374
241
882
368
255
2,174
283
8,606
2,746
278
5,578
4,388
302
7,606
375
3,964
239
1,155
498
301
718
490
1,971
2,643
2,036
319
1,048
392
575
1,497
479
250
1,332
317
512
362
298
283
2,513
1,095
2,140
940
1,049
728
261
285
323
555
11,786
378
3,100
246
1,498
7,442
538
422
296
1,043
1,353
737
Fair value
($000s)
235
1,441
1,988
226
212
805
202
202
346
287
178
1,871
278
9,726
1,253
145
4,503
2,967
182
12,583
566
2,973
321
570
331
266
844
306
2,014
3,158
2,919
177
1,703
99
60
753
487
256
448
229
390
221
414
367
3,530
485
300
1,283
991
516
284
140
431
682
13,289
202
2,153
128
1,616
10,040
208
132
179
1,298
1,522
723
MATERIALS 10.50%
Agnico-Eagle Mines Limited
Agrium Inc.
Alacer Gold Corp.
Alamos Gold Inc.
AuRico Gold Inc.
B2Gold Corp.
Barrick Gold Corporation
Canexus Corporation
Canfor Corporation
Capstone Mining Corp.
CCL Industries Inc., Non-voting, B
Centerra Gold Inc.
Chemtrade Logistics Income Fund
China Gold International Resources Corp. Ltd.
Detour Gold Corporation
Dominion Diamond Corporation
Eldorado Gold Corporation
First Majestic Silver Corp.
First Quantum Minerals Ltd.
Fortuna Silvers Mines Inc.
Franco-Nevada Corporation
Goldcorp Inc.
Hudbay Minerals Inc.
IAMGOLD Corporation
Interfor Corporation
Intertape Polymer Group Inc.
Kinross Gold Corporation
Labrador Iron Ore Royalty Corporation
Lundin Mining Corporation
Major Drilling Group International Inc.
Methanex Corporation
Nevsun Resources Ltd.
New Gold Inc.
Norbord Inc.
NovaGold Resources Inc.
OceanaGold Corporation
Osisko Gold Royalties Ltd.
Pan American Silver Corp.
Potash Corporation of Saskatchewan Inc.
Pretium Resources Inc.
Primero Mining Corp.
SEMAFO Inc.
Sherritt International Corporation
Silver Standard Resources Inc.
Silver Wheaton Corp.
Tahoe Resources Inc.
Teck Resources Limited, Subordinated Voting, B
Torex Gold Resources Inc.
Turquoise Hill Resources Ltd.
West Fraser Timber Co. Ltd.
Western Forest Products Inc.
Yamana Gold Inc.
INDUSTRIALS 8.61%
Aecon Group Inc.
Air Canada
ATS Automation Tooling Systems Inc.
Badger Daylighting Ltd.
Black Diamond Group Limited
Bombardier Inc., Subordinated Voting, B
CAE Inc.
Canadian National Railway Company
Canadian Pacific Railway Limited
Finning International Inc.
MacDonald, Dettwiler & Associates Ltd.
Newalta Corporation
Progressive Waste Solutions Ltd.
Ritchie Bros. Auctioneers Incorporated
Shares
Average cost
($000s)
Fair value
($000s)
53,337
35,663
57,220
31,765
62,237
228,566
289,009
45,955
19,246
84,802
6,565
39,504
17,010
60,312
39,366
21,234
177,749
29,311
149,014
31,715
38,929
201,876
58,274
94,006
15,477
13,561
284,002
15,963
155,700
19,987
23,371
49,795
125,836
6,398
58,560
75,146
12,641
37,788
205,901
23,893
39,898
69,200
74,204
20,141
90,413
20,982
115,802
195,799
245,924
16,937
97,205
218,558
2,117
2,780
357
451
467
672
8,662
326
294
250
315
411
363
238
654
297
1,947
435
2,689
157
1,640
6,845
598
987
252
201
2,953
488
825
206
837
215
980
207
326
190
198
717
7,549
260
328
323
433
306
2,317
383
3,514
328
1,429
551
236
2,529
1,543
3,923
133
264
240
434
3,618
150
570
172
826
239
352
124
374
443
1,258
171
2,460
167
2,227
4,342
590
295
340
252
926
297
891
114
1,247
223
627
165
200
152
207
405
8,456
160
178
206
223
117
2,136
339
1,839
241
883
1,126
262
1,025
14,079
71,380
18,380
9,236
9,326
366,454
66,169
202,026
38,829
42,992
9,004
12,290
28,619
26,779
183
289
257
270
217
1,758
690
8,247
3,685
978
523
238
651
573
151
847
285
244
119
1,521
998
16,166
8,688
1,085
855
217
1,000
836
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 09
Standard Life Canadian Equity Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Russel Metals Inc.
SNC-Lavalin Group Inc.
Stantec Inc.
Toromont Industries Ltd.
Transcontinental Inc., A
TransForce Inc.
Wajax Corporation
WestJet Airlines Ltd.
Westshore Terminals Investment Corporation
WSP Global Inc.
CONSUMER DISCRETIONARY 6.34%
Aimia Inc.
Amaya Inc.
AutoCanada Inc.
BRP Inc.
Canadian Tire Corporation, Limited, A
Cineplex Inc.
Cogeco Cable Inc., Subordinated Voting
Corus Entertainment Inc., B
DHX Media Ltd.
Dollarama Inc.
Dorel Industries Inc., Subordinated Voting, B
EnerCare Inc.
Gildan Activewear Inc.
Great Canadian Gaming Corporation
Hudson's Bay Company
Linamar Corporation
Magna International Inc.
Martinrea International Inc.
Quebecor Inc., B
Restaurant Brands International Inc.
RONA Inc.
Shaw Communications Inc., B
Thomson Reuters Corporation
CONSUMER STAPLES 3.65%
Alimentation Couche-Tard Inc.,
Subordinated Voting, B
Cott Corporation
Empire Company Limited, Non-voting, A
George Weston Limited
Jean Coutu Group (PJC) Inc., (The)
Loblaw Companies Limited
Maple Leaf Foods Inc.
METRO INC.
Saputo Inc.
The North West Company Inc.
HEALTH CARE 3.50%
Catamaran Corporation
Extendicare Inc.
Valeant Pharmaceuticals International, Inc.
FINANCIALS 35.36%
AGF Management Limited, Non-voting, B
Alaris Royalty Corp.
Allied Properties Real Estate Investment Trust
Artis Real Estate Investment Trust
Bank of Montreal
Bank of Nova Scotia, (The)
Boardwalk Real Estate Investment Trust
Brookfield Asset Management Inc.,
Limited Voting, A
Brookfield Property Partners L.P.
Calloway Real Estate Investment Trust
Canaccord Financial Inc.
Canadian Apartment Properties Real Estate
Investment Trust
Canadian Imperial Bank of Commerce
Canadian Real Estate Investment Trust
as at December 31, 2014
Shares
15,373
37,833
23,401
19,223
16,152
22,302
4,195
31,900
15,186
14,126
Average cost
($000s)
377
1,523
436
387
218
387
181
586
419
406
Fair value
($000s)
398
1,676
747
548
267
660
129
1,064
480
492
43,408
26,445
5,024
8,856
18,413
15,711
5,632
19,306
27,810
30,163
6,608
21,008
28,569
11,084
29,066
11,152
51,451
21,177
21,759
53,050
25,458
96,320
85,328
623
872
402
266
1,328
482
249
433
273
838
211
301
1,006
225
534
290
3,010
214
426
2,190
319
2,104
2,969
634
755
224
214
2,260
704
403
443
270
1,792
264
305
1,877
229
714
791
6,477
220
695
2,414
353
3,020
3,999
105,856
23,179
13,587
11,755
20,959
56,306
23,272
20,924
63,980
12,079
1,618
190
926
868
314
2,703
325
1,099
1,331
271
5,154
186
1,190
1,180
593
3,501
453
1,952
2,234
316
51,750
21,954
76,980
2,194
158
5,682
3,111
143
12,804
16,738
7,981
18,642
33,913
161,062
301,892
9,589
244
274
613
522
9,823
16,238
606
142
282
698
481
13,236
20,018
590
141,965
49,808
25,671
22,956
4,694
868
712
279
8,265
1,317
701
179
27,931
98,525
18,057
656
7,508
787
702
9,837
827
The accompanying notes are an integral part of these annual financial statements.
10 Pooled and Indexed Funds
Canadian Western Bank
Chartwell Retirement Residences
CI Financial Corp.
Cominar Real Estate Investment Trust
Crombie Real Estate Investment Trust
Dream Global REIT
Dream Office Real Estate Investment Trust
DREAM Unlimited Corp., Subordinated Voting, A
Dundee Corporation, Non-voting, A
Element Financial Corporation
Fairfax Financial Holdings Limited
First Capital Realty Inc.
FirstService Corporation, Subordinated Voting
Genworth MI Canada Inc.
Granite Real Investment Trust
Great-West Lifeco Inc.
H&R Real Estate Investment Trust
Home Capital Group Inc.
IGM Financial Inc.
Industrial Alliance Insurance and
Financial Services Inc.
Intact Financial Corporation
Laurentian Bank of Canada
Manulife Financial Corporation
National Bank of Canada
Northern Property Real Estate Investment Trust
Onex Corporation
Power Corporation of Canada,
Subordinated Voting
Power Financial Corporation
RioCan Real Estate Investment Trust
Royal Bank of Canada
Sun Life Financial Inc.
TMX Group Limited
Toronto-Dominion Bank, (The)
INFORMATION TECHNOLOGY 2.29%
Avigilon Corporation
BlackBerry Limited
Celestica Inc.
CGI Group Inc., Subordinated Voting, A
Constellation Software Inc.
Descartes Systems Group Inc., (The)
DH Corporation
Open Text Corporation
Sierra Wireless Inc.
TELECOMMUNICATIONS 4.81%
BCE Inc.
Manitoba Telecom Services Inc.
Rogers Communications Inc., B
TELUS Corporation
UTILITIES 2.17%
Algonquin Power & Utilities Corp.
ATCO Ltd.
Brookfield Renewable Energy Partners L.P.
Canadian Utilities Limited, Non-voting, A
Capital Power Corporation
Emera Incorporated
Fortis Inc.
Innergex Renewable Energy Inc.
Just Energy Group Inc.
Northland Power Inc.
Superior Plus Corp.
TransAlta Corporation
TRUST UNITS 0.67%
iShares, S&P/TSX Capped Composite Index
TOTAL EQUITIES 99.62%
Shares
20,045
43,480
57,629
36,565
19,210
26,338
27,006
13,073
9,831
65,856
5,199
24,762
7,349
10,191
11,726
72,162
68,384
16,435
23,863
Average cost
($000s)
540
458
1,642
766
271
264
916
173
204
816
2,020
424
241
268
447
1,920
1,586
452
1,054
Fair value
($000s)
656
518
1,861
680
248
226
679
127
126
931
3,165
462
436
377
484
2,424
1,486
789
1,105
25,033
32,809
7,193
462,471
81,560
7,919
21,518
878
1,852
311
8,066
2,915
234
841
1,112
2,751
359
10,258
4,032
188
1,452
90,453
60,356
78,053
357,885
152,045
5,824
458,143
2,513
1,790
2,093
20,293
4,695
285
18,161
2,873
2,184
2,063
28,718
6,374
295
25,433
9,525
119,316
38,530
69,066
4,651
18,790
21,546
30,369
7,880
288
2,648
455
1,832
728
272
525
910
388
183
1,520
526
3,059
1,607
324
790
2,053
435
208,346
19,485
90,690
151,644
8,243
633
3,373
4,289
11,101
528
4,096
6,352
42,656
19,241
25,872
30,212
20,660
35,685
68,134
22,095
26,511
23,613
31,478
68,259
301
659
829
915
488
1,085
2,195
232
295
397
348
1,189
411
917
929
1,236
537
1,379
2,655
251
161
361
377
718
131,450
2,986
384,829
3,052
456,838
Standard Life Canadian Equity Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
as at December 31, 2014
Par Average cost
value
($000s)
SHORT-TERM INVESTMENTS
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
400,000
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
400,000
TOTAL SHORT-TERM INVESTMENTS 0.17%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.79%
Derivatives assets and liabilities(1) 0.02%
Other assets, less liabilities 0.19%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
(1)
Fair value
($000s)
400
400
400
800
(266)
400
800
-
385,363
889
386,252
457,638
89
889
458,616
Derivative assets and liabilities
Futures contracts / Maturity date
Derivative assets
S&P/TSX 60 Index Futures, 2015/03
Derivative assets and liabilities
Number of contracts
Contracted value
($000s)
Fair value
($000s)
Unrealized gain/(loss)
($000s)
10
1,614
1,703
89
89
% of net assets
attributable to contractholders
Equities
Energy
Materials
Industrials
Consumer discretionary
Financials
Telecommunications
Other
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
24.73
11.75
7.92
5.46
35.12
4.91
9.74
0.10
0.27
100.00
25.17
18.50
6.12
4.53
32.35
5.07
7.83
0.12
0.31
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 11
Standard Life Capped Canadian Equity Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Interest, dividends and other receivables
Statement of comprehensive income
Dec. 31
2014
$
Jan. 1
2013
$
194,409
87
49
272
194,817
237,586
132
42
362
238,122
270,056
141
243
693
271,133
20
1
3
24
14
848
2
3
867
34
2
3
39
194,793
237,255
271,094
25.52
22.99
19.58
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
INCOME
Interest (note 10)
Dividends
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Interest
Other operating expenses
Foreign withholding taxes (note 10)
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
21
5,305
22
6,125
20,247
25,573
33,562
39,709
34
6
3
125
4
245
417
23
5
133
438
599
25,156
39,110
2.70
3.33
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
237,255
271,094
25,156
39,110
31,851
(99,469)
(67,618)
17,266
(90,215)
(72,949)
194,793
237,255
The accompanying notes are an integral part of these annual financial statements.
12 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
25,156
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
(20,247)
Non cash interest on fixed income investments
(2)
Purchase of investments
(548,763)
Proceeds from sale and maturity of investments
611,341
(Increase) decrease in interest, dividends and
other receivables
90
Increase (decrease) in accrued expenses and
other liabilities
(1)
Net cash from operating activities
67,574
Cash flows used in financing activities
Proceeds from sale of units
31,844
Payments for units redeemed
(99,463)
Net cash used in financing activities
(67,619)
Net increase (decrease) in cash
(45)
Cash (bank indebtedness) at beginning of year
132
Cash (bank indebtedness) at end of year
87
Supplemental disclosures on cash flows from operating activities
Interest received
19
Dividend received, net of withholding taxes
5,391
39,110
(33,562)
(2)
(640,008)
706,890
331
72,759
17,467
(90,235)
(72,768)
(9)
141
132
20
6,455
Standard Life Capped Canadian Equity Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
EQUITIES
ENERGY 20.24%
ARC Resources Ltd.
Baytex Energy Corp.
Calfrac Well Services Ltd.
Cameco Corporation
Canadian Energy Services & Technology Corp.
Canadian Natural Resources Limited
Cenovus Energy Inc.
Enbridge Inc.
EnCana Corporation
Enerplus Corporation
Gibson Energy Inc.
Keyera Corp.
PEYTO Exploration & Development Corp.
Precision Drilling Corporation
Secure Energy Services Inc.
ShawCor Ltd.
Suncor Energy Inc.
Tourmaline Oil Corp.
Vermilion Energy Inc.
MATERIALS 8.02%
Agnico-Eagle Mines Limited
Agrium Inc.
Eldorado Gold Corporation
First Quantum Minerals Ltd.
Goldcorp Inc.
Lundin Mining Corporation
Potash Corporation of Saskatchewan Inc.
Silver Wheaton Corp.
West Fraser Timber Co. Ltd.
INDUSTRIALS 8.89%
Canadian National Railway Company
Canadian Pacific Railway Limited
Progressive Waste Solutions Ltd.
Stantec Inc.
CONSUMER DISCRETIONARY 8.07%
Cineplex Inc.
Dollarama Inc.
Gildan Activewear Inc.
IMAX Corporation
Magna International Inc.
CONSUMER STAPLES 5.80%
Alimentation Couche-Tard Inc.,
Subordinated Voting, B
George Weston Limited
Loblaw Companies Limited
HEALTH CARE 6.88%
Catamaran Corporation
Valeant Pharmaceuticals International, Inc.
FINANCIALS 31.98%
Bank of Montreal
Bank of Nova Scotia, (The)
Brookfield Asset Management Inc.,
Limited Voting, A
Brookfield Property Partners L.P.
Canadian Western Bank
Element Financial Corporation
Industrial Alliance Insurance and
Financial Services Inc.
Manulife Financial Corporation
Royal Bank of Canada
Toronto-Dominion Bank, (The)
Fair value
($000s)
45,093
40,781
73,347
101,396
189,465
134,163
140,539
128,100
82,425
121,550
73,680
9,546
29,460
115,340
105,634
28,248
111,449
41,393
31,881
1,231
1,903
1,388
2,253
1,122
3,814
4,027
4,565
1,655
2,421
2,540
705
1,005
1,193
1,819
1,484
3,571
1,944
1,341
1,135
788
734
1,932
1,203
4,819
3,369
7,652
1,333
1,360
2,003
774
986
814
1,793
1,198
4,112
1,602
1,817
67,898
15,705
235,295
119,449
85,985
309,532
34,582
42,231
33,994
2,073
1,336
1,974
2,628
2,793
1,775
1,348
1,363
1,306
1,964
1,728
1,666
1,972
1,850
1,771
1,420
998
2,260
122,453
8,898
68,271
98,627
3,459
2,030
1,860
2,397
9,798
1,991
2,385
3,149
73,918
64,025
54,045
39,062
28,968
2,689
1,515
2,263
1,181
1,491
3,314
3,803
3,551
1,401
3,647
116,539
10,872
72,983
1,390
1,077
3,588
5,673
1,091
4,537
78,034
52,321
3,856
5,206
4,691
8,703
27,044
130,313
2,228
6,440
2,222
8,641
77,552
41,426
87,917
362,015
3,954
1,002
2,590
3,468
4,515
1,096
2,879
5,119
74,462
333,904
177,367
231,938
2,958
6,164
8,524
7,942
3,308
7,406
14,231
12,875
Par value Average cost
or shares
($000s)
INFORMATION TECHNOLOGY 3.62%
CGI Group Inc., Subordinated Voting, A
85,370
Open Text Corporation
48,508
TELECOMMUNICATIONS 3.63%
Rogers Communications Inc., B
61,293
TELUS Corporation
102,694
UTILITIES 1.56%
Brookfield Infrastructure Partners L.P.
62,655
TOTAL EQUITIES 98.69%
SHORT-TERM INVESTMENTS
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
1,075,000
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
1,075,000
TOTAL SHORT-TERM INVESTMENTS 1.10%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.79%
Other assets, less liabilities 0.21%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Fair value
($000s)
2,834
1,416
3,781
3,280
2,771
3,312
2,769
4,302
2,334
148,516
3,048
192,259
1,075
1,075
1,075
2,150
(153)
1,075
2,150
-
150,513
384
150,897
194,409
384
194,793
% of net assets
attributable to contractholders
Equities
Energy
Materials
Industrials
Consumer discretionary
Health care
Financials
Telecommunications
Other
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
22.95
10.59
8.03
7.19
5.54
33.05
3.88
7.84
1.07
(0.14)
100.00
as at Jan. 1, 2013
22.32
18.74
7.66
5.24
3.57
28.55
5.79
5.87
1.88
0.38
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 13
Standard Life Canadian Equity Capped Index Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Cash margin
Subscriptions receivable
Receivable from investments sold
Interest, dividends and other receivables
Derivative assets (note 10)
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
238,514
88
61
69
549
45
239,326
Dec. 31
2013
$
218,983
55
78
520
27
219,663
Jan. 1
2013
$
171,925
94
36
59
27
511
6
172,658
315
315
69
69
59
53
112
239,011
219,594
172,546
25.78
23.32
20.63
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
INCOME
Interest (note 10)
Dividends
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
5
6,759
5
6,399
16,709
23,473
18,913
25,317
22
33
55
19
62
81
23,418
25,236
2.52
2.75
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
219,594
172,546
23,418
25,236
72,706
(76,707)
(4,001)
86,192
(64,380)
21,812
239,011
219,594
The accompanying notes are an integral part of these annual financial statements.
14 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
23,418
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
(16,709)
Purchase of investments
(142,728)
Proceeds from sale and maturity of investments
140,065
Cash margin
17
(Increase) decrease in interest, dividends and
other receivables
(29)
Net cash from operating activities
4,034
Cash flows used in financing activities
Proceeds from sale of units
72,706
Payments for units redeemed
(76,707)
Net cash used in financing activities
(4,001)
Net increase (decrease) in cash
33
Cash (bank indebtedness) at beginning of year
55
Cash (bank indebtedness) at end of year
88
Supplemental disclosures on cash flows from operating activities
Interest received
5
Dividend received, net of withholding taxes
6,730
25,236
(18,913)
(174,985)
146,862
(42)
(9)
(21,851)
86,251
(64,439)
21,812
(39)
94
55
5
6,390
Standard Life Canadian Equity Capped Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
EQUITIES
ENERGY 21.72%
Advantage Oil & Gas Ltd.
AltaGas Ltd.
ARC Resources Ltd.
Athabasca Oil Corporation
Bankers Petroleum Ltd.
Baytex Energy Corp.
Bellatrix Exploration Ltd.
Birchcliff Energy Ltd.
Bonavista Energy Corporation
Bonterra Energy Corp.
Calfrac Well Services Ltd.
Cameco Corporation
Canadian Energy Services & Technology Corp.
Canadian Natural Resources Limited
Canadian Oil Sands Limited
Canyon Services Group Inc.
Cenovus Energy Inc.
Crescent Point Energy Corp.
Crew Energy Inc.
Enbridge Inc.
Enbridge Income Fund Holdings Inc.
EnCana Corporation
Enerflex Ltd.
Enerplus Corporation
Ensign Energy Services Inc.
Freehold Royalties Ltd.
Gibson Energy Inc.
Gran Tierra Energy Inc.
Husky Energy Inc.
Imperial Oil Limited
Inter Pipeline Ltd.
Kelt Exploration Ltd.
Keyera Corp.
Legacy Oil + Gas Inc.
Lightstream Resources Ltd.
MEG Energy Corp.
Mullen Group Ltd.
NuVista Energy Ltd.
Pacific Rubiales Energy Corp.
Painted Pony Petroleum Ltd.
Paramount Resources Ltd., A
Parex Resources Inc.
Parkland Fuel Corporation
Pason Systems Inc.
Pembina Pipeline Corporation
Pengrowth Energy Trust
Penn West Petroleum Ltd.
PEYTO Exploration & Development Corp.
PrairieSky Royalty Ltd.
Precision Drilling Corporation
Raging River Exploration Inc.
RMP Energy Inc.
Secure Energy Services Inc.
ShawCor Ltd.
Suncor Energy Inc.
Surge Energy Inc.
Talisman Energy Inc.
TORC Oil & Gas Ltd.
Tourmaline Oil Corp.
TransCanada Corporation
Trican Well Service Ltd.
Trilogy Energy Corp.
Trinidad Drilling Ltd.
Veresen Inc.
Vermilion Energy Inc.
Whitecap Resources Inc.
22,189
17,418
41,089
45,704
34,114
21,831
25,028
13,521
24,814
3,616
9,330
51,084
22,950
140,829
62,548
8,426
97,690
57,347
16,127
109,538
7,355
95,628
10,271
26,515
17,021
7,293
16,267
35,970
38,091
32,820
42,552
13,247
11,003
24,012
26,219
20,181
11,972
18,105
32,633
12,986
7,261
15,281
9,982
8,776
43,367
69,401
64,185
20,085
16,987
38,261
20,251
15,958
13,306
8,428
187,312
28,754
123,006
8,682
21,882
91,443
19,557
8,726
18,060
37,031
13,987
33,102
113
526
1,037
546
228
1,018
194
153
523
199
120
1,191
149
3,651
1,529
144
2,419
2,182
196
3,000
198
2,088
109
694
250
157
377
252
974
1,230
1,073
167
509
239
386
843
209
131
534
166
266
189
149
137
1,254
650
1,323
465
550
342
137
148
165
234
5,756
198
1,592
128
771
3,435
266
204
169
545
648
380
Fair value
($000s)
123
755
1,034
118
111
422
106
106
181
151
93
973
146
5,059
652
76
2,342
1,543
95
6,544
297
1,546
168
297
174
139
442
160
1,048
1,643
1,529
93
892
52
31
395
255
134
235
120
204
116
217
192
1,836
254
156
672
520
270
149
73
226
357
6,912
106
1,119
67
847
5,221
109
69
94
680
797
379
MATERIALS 10.51%
Agnico-Eagle Mines Limited
Agrium Inc.
Alacer Gold Corp.
Alamos Gold Inc.
AuRico Gold Inc.
B2Gold Corp.
Barrick Gold Corporation
Canexus Corporation
Canfor Corporation
Capstone Mining Corp.
CCL Industries Inc., Non-voting, B
Centerra Gold Inc.
Chemtrade Logistics Income Fund
China Gold International Resources Corp. Ltd.
Detour Gold Corporation
Dominion Diamond Corporation
Eldorado Gold Corporation
First Majestic Silver Corp.
First Quantum Minerals Ltd.
Fortuna Silvers Mines Inc.
Franco-Nevada Corporation
Goldcorp Inc.
Hudbay Minerals Inc.
IAMGOLD Corporation
Interfor Corporation
Intertape Polymer Group Inc.
Kinross Gold Corporation
Labrador Iron Ore Royalty Corporation
Lundin Mining Corporation
Major Drilling Group International Inc.
Methanex Corporation
Nevsun Resources Ltd.
New Gold Inc.
Norbord Inc.
NovaGold Resources Inc.
OceanaGold Corporation
Osisko Gold Royalties Ltd.
Pan American Silver Corp.
Potash Corporation of Saskatchewan Inc.
Pretium Resources Inc.
Primero Mining Corp.
SEMAFO Inc.
Sherritt International Corporation
Silver Standard Resources Inc.
Silver Wheaton Corp.
Tahoe Resources Inc.
Teck Resources Limited, Subordinated Voting, B
Torex Gold Resources Inc.
Turquoise Hill Resources Ltd.
West Fraser Timber Co. Ltd.
Western Forest Products Inc.
Yamana Gold Inc.
INDUSTRIALS 8.61%
Aecon Group Inc.
Air Canada
ATS Automation Tooling Systems Inc.
Badger Daylighting Ltd.
Black Diamond Group Limited
Bombardier Inc., Subordinated Voting, B
CAE Inc.
Canadian National Railway Company
Canadian Pacific Railway Limited
Finning International Inc.
MacDonald, Dettwiler & Associates Ltd.
Newalta Corporation
Progressive Waste Solutions Ltd.
Ritchie Bros. Auctioneers Incorporated
Shares
Average cost
($000s)
Fair value
($000s)
27,743
18,549
29,979
16,644
32,609
119,809
150,282
24,073
10,084
44,432
3,440
20,699
8,922
31,601
20,627
11,126
92,434
15,358
77,489
16,618
20,397
104,982
30,532
49,254
8,109
7,106
147,678
8,364
81,644
10,473
12,246
26,091
65,934
3,352
30,684
39,374
6,625
19,799
107,079
12,519
20,905
36,257
38,879
10,553
47,028
10,994
60,232
102,335
128,735
8,874
51,281
113,634
1,039
1,038
213
185
293
351
4,283
168
133
150
127
207
190
144
338
155
879
218
1,175
87
785
2,838
351
427
132
106
1,796
254
532
131
342
123
435
109
189
122
104
388
2,778
150
170
163
327
206
889
196
1,528
178
731
246
124
1,259
802
2,040
70
138
126
228
1,882
78
299
90
433
125
185
65
196
232
654
90
1,279
88
1,167
2,258
309
155
178
132
481
156
467
60
654
117
328
87
105
80
109
212
4,398
84
93
108
117
62
1,111
178
956
126
462
590
138
533
7,377
37,401
9,630
4,839
4,886
190,549
34,670
105,077
20,197
22,526
4,718
6,439
14,996
14,031
116
149
133
139
111
1,017
348
3,288
1,609
464
221
125
309
302
79
444
149
128
62
791
523
8,407
4,519
568
448
114
524
438
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 15
Standard Life Canadian Equity Capped Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Russel Metals Inc.
SNC-Lavalin Group Inc.
Stantec Inc.
Toromont Industries Ltd.
Transcontinental Inc., A
TransForce Inc.
Wajax Corporation
WestJet Airlines Ltd.
Westshore Terminals Investment Corporation
WSP Global Inc.
CONSUMER DISCRETIONARY 6.34%
Aimia Inc.
Amaya Inc.
AutoCanada Inc.
BRP Inc.
Canadian Tire Corporation, Limited, A
Cineplex Inc.
Cogeco Cable Inc., Subordinated Voting
Corus Entertainment Inc., B
DHX Media Ltd.
Dollarama Inc.
Dorel Industries Inc., Subordinated Voting, B
EnerCare Inc.
Gildan Activewear Inc.
Great Canadian Gaming Corporation
Hudson's Bay Company
Linamar Corporation
Magna International Inc.
Martinrea International Inc.
Quebecor Inc., B
Restaurant Brands International Inc.
RONA Inc.
Shaw Communications Inc., B
Thomson Reuters Corporation
CONSUMER STAPLES 3.66%
Alimentation Couche-Tard Inc.,
Subordinated Voting, B
Cott Corporation
Empire Company Limited, Non-voting, A
George Weston Limited
Jean Coutu Group (PJC) Inc., (The)
Loblaw Companies Limited
Maple Leaf Foods Inc.
METRO INC.
Saputo Inc.
The North West Company Inc.
HEALTH CARE 3.50%
Catamaran Corporation
Extendicare Inc.
Valeant Pharmaceuticals International, Inc.
FINANCIALS 35.34%
AGF Management Limited, Non-voting, B
Alaris Royalty Corp.
Allied Properties Real Estate Investment Trust
Artis Real Estate Investment Trust
Bank of Montreal
Bank of Nova Scotia, (The)
Boardwalk Real Estate Investment Trust
Brookfield Asset Management Inc.,
Limited Voting, A
Brookfield Property Partners L.P.
Calloway Real Estate Investment Trust
Canaccord Financial Inc.
Canadian Apartment Properties Real Estate
Investment Trust
Canadian Imperial Bank of Commerce
Canadian Real Estate Investment Trust
as at December 31, 2014
Shares
8,054
19,678
12,261
10,072
8,463
11,686
2,193
16,714
7,957
7,409
Average cost
($000s)
181
625
202
169
141
171
99
286
214
211
Fair value
($000s)
209
872
391
287
140
346
67
558
252
258
22,744
13,857
2,626
4,640
9,577
8,232
2,951
10,116
14,612
15,804
3,463
11,045
14,859
5,893
15,229
5,843
26,763
11,096
11,401
27,594
13,339
50,098
44,383
358
455
208
139
587
219
105
197
143
353
118
158
442
120
280
138
1,335
106
184
1,138
204
960
1,677
332
396
117
112
1,175
369
211
232
142
939
139
160
976
122
374
415
3,368
115
364
1,256
185
1,571
2,080
55,463
12,145
7,119
6,114
10,982
29,287
12,198
10,883
33,278
6,329
665
105
434
513
169
1,412
176
432
528
139
2,700
97
624
614
311
1,821
238
1,015
1,162
166
27,115
11,503
40,040
921
84
2,400
1,630
75
6,660
8,770
4,182
9,768
17,769
83,768
157,014
5,024
163
144
322
277
4,762
7,466
325
74
148
366
252
6,884
10,412
309
73,840
26,097
13,451
12,027
2,167
478
383
145
4,299
690
367
94
14,634
51,246
9,462
351
3,762
416
368
5,116
433
The accompanying notes are an integral part of these annual financial statements.
16 Pooled and Indexed Funds
Canadian Western Bank
Chartwell Retirement Residences
CI Financial Corp.
Cominar Real Estate Investment Trust
Crombie Real Estate Investment Trust
Dream Global REIT
Dream Office Real Estate Investment Trust
DREAM Unlimited Corp., Subordinated Voting, A
Dundee Corporation, Non-voting, A
Element Financial Corporation
Fairfax Financial Holdings Limited
First Capital Realty Inc.
FirstService Corporation, Subordinated Voting
Genworth MI Canada Inc.
Granite Real Investment Trust
Great-West Lifeco Inc.
H&R Real Estate Investment Trust
Home Capital Group Inc.
IGM Financial Inc.
Industrial Alliance Insurance and
Financial Services Inc.
Intact Financial Corporation
Laurentian Bank of Canada
Manulife Financial Corporation
National Bank of Canada
Northern Property Real Estate Investment Trust
Onex Corporation
Power Corporation of Canada,
Subordinated Voting
Power Financial Corporation
RioCan Real Estate Investment Trust
Royal Bank of Canada
Sun Life Financial Inc.
TMX Group Limited
Toronto-Dominion Bank, (The)
INFORMATION TECHNOLOGY 2.29%
Avigilon Corporation
BlackBerry Limited
Celestica Inc.
CGI Group Inc., Subordinated Voting, A
Constellation Software Inc.
Descartes Systems Group Inc., (The)
DH Corporation
Open Text Corporation
Sierra Wireless Inc.
TELECOMMUNICATIONS 4.80%
BCE Inc.
Manitoba Telecom Services Inc.
Rogers Communications Inc., B
TELUS Corporation
UTILITIES 2.17%
Algonquin Power & Utilities Corp.
ATCO Ltd.
Brookfield Renewable Energy Partners L.P.
Canadian Utilities Limited, Non-voting, A
Capital Power Corporation
Emera Incorporated
Fortis Inc.
Innergex Renewable Energy Inc.
Just Energy Group Inc.
Northland Power Inc.
Superior Plus Corp.
TransAlta Corporation
TRUST UNITS 0.68%
iShares, S&P/TSX Capped Composite Index
TOTAL EQUITIES 99.62%
Shares
10,503
22,783
30,195
19,168
10,065
13,799
14,150
6,850
5,151
34,504
2,724
12,975
3,851
5,340
6,144
37,810
35,830
8,612
12,503
Average cost
($000s)
231
243
782
409
143
140
497
91
101
415
783
213
110
141
237
1,006
842
191
507
Fair value
($000s)
344
271
975
357
130
118
356
66
66
488
1,658
242
228
197
254
1,270
779
413
579
13,116
17,191
3,769
240,515
42,422
4,149
11,275
420
831
141
5,693
1,255
126
356
583
1,441
188
5,335
2,097
99
761
47,047
31,624
40,896
186,142
79,069
3,052
238,280
1,326
925
1,113
9,095
2,816
150
7,992
1,494
1,144
1,081
14,935
3,315
154
13,227
4,991
62,060
20,189
35,923
2,437
9,845
11,291
15,912
4,140
150
1,757
339
735
363
143
274
364
204
96
791
276
1,591
842
170
414
1,076
229
108,356
10,209
47,171
78,858
4,071
382
1,438
1,863
5,773
277
2,131
3,303
22,354
10,081
13,555
15,830
10,825
18,697
35,438
11,576
13,890
12,372
16,494
35,503
159
255
435
383
267
480
1,044
121
178
207
203
685
215
480
487
648
281
722
1,381
132
84
189
198
373
70,100
1,597
186,098
1,628
238,114
Standard Life Canadian Equity Capped Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
as at December 31, 2014
Par value
Average cost
($000s)
Fair value
($000s)
200
200
200
400
(142)
200
400
-
186,356
452
186,808
238,514
45
452
239,011
SHORT-TERM INVESTMENTS
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
200,000
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
200,000
TOTAL SHORT-TERM INVESTMENTS 0.17%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.79%
Derivatives assets and liabilities(1) 0.02%
Other assets, less liabilities 0.19%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
(1)
Derivative assets and liabilities
Futures contracts / Maturity date
Derivative assets
S&P/TSX 60 Index Futures, 2015/03
Derivative assets and liabilities
Number of contracts
Contracted value
($000s)
Fair value
($000s)
Unrealized gain/(loss)
($000s)
5
807
852
45
45
% of net assets
attributable to contractholders
Equities
Energy
Materials
Industrials
Consumer discretionary
Financials
Telecommunications
Other
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
24.71
11.73
7.91
5.45
35.08
4.91
9.82
0.11
0.28
100.00
25.18
18.50
6.12
4.53
32.36
5.07
7.82
0.06
0.36
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 17
Standard Life Canadian Small-Cap Equity Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Interest, dividends and other receivables
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
184,392
229
364
266
185,251
181,948
1,045
435
3
335
183,766
141,762
1,068
300
150
266
143,546
68
96
1
2
167
408
1,378
1
2
1,789
113
203
1
1
318
185,084
181,977
143,228
72.19
65.42
48.80
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
INCOME
Interest (note 10)
Dividends
Foreign exchange gain (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Other operating expenses
Foreign withholding taxes (note 10)
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
48
3,268
38
45
3,000
65
16,775
20,129
44,005
47,115
18
6
106
3
362
495
14
5
84
486
589
19,634
46,526
7.30
16.45
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
181,977
143,228
19,634
46,526
62,347
(78,874)
(16,527)
39,948
(47,725)
(7,777)
185,084
181,977
The accompanying notes are an integral part of these annual financial statements.
18 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
19,634
Adjustments for:
Foreign exchange gain (loss) on cash
(38)
Realized and change in unrealized gain (loss)
on investments and derivatives
(16,775)
Non cash interest on fixed income investments
(26)
Purchase of investments
(668,061)
Proceeds from sale and maturity of investments
681,139
(Increase) decrease in interest, dividends and
other receivables
69
Increase (decrease) in accrued expenses and
other liabilities
Net cash from operating activities
15,942
Cash flows used in financing activities
Proceeds from sale of units
62,418
Payments for units redeemed
(79,214)
Net cash used in financing activities
(16,796)
Foreign exchange gain (loss) on cash
38
Net increase (decrease) in cash
(816)
Cash (bank indebtedness) at beginning of year
1,045
Cash (bank indebtedness) at end of year
229
Supplemental disclosures on cash flows from operating activities
Interest received
22
Dividend received, net of withholding taxes
3,334
46,526
(65)
(44,005)
(24)
(611,157)
616,322
(69)
1
7,529
39,813
(47,430)
(7,617)
65
(23)
1,068
1,045
21
2,931
Standard Life Canadian Small-Cap Equity Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
EQUITIES
ENERGY 15.81%
Canadian Energy Services & Technology Corp.
CanElson Drilling Inc.
Canyon Services Group Inc.
Gran Tierra Energy Inc.
NuVista Energy Ltd.
Parex Resources Inc.
Parkland Fuel Corporation
Pason Systems Inc.
Secure Energy Services Inc.
Storm Resources Ltd.
MATERIALS 14.58%
B2Gold Corp.
CCL Industries Inc., Non-voting, B
Continental Gold Limited
Hudbay Minerals Inc.
Interfor Corporation
Labrador Iron Ore Royalty Corporation
Stella-Jones Inc.
INDUSTRIALS 22.34%
ATS Automation Tooling Systems Inc.
Badger Daylighting Ltd.
Boyd Group Income Fund
K-Bro Linen Inc.
Morneau Shepell Inc.
Newalta Corporation
Richelieu Hardware Ltd.
Russel Metals Inc.
Stantec Inc.
WSP Global Inc.
CONSUMER DISCRETIONARY 1.21%
AutoCanada Inc.
CONSUMER STAPLES 6.57%
Clearwater Seafoods Incorporated
High Liner Foods Incorporated
Jean Coutu Group (PJC) Inc., (The)
SunOpta Inc.
FINANCIALS 18.91%
Alaris Royalty Corp.
Altus Group Limited
Canadian Western Bank
Element Financial Corporation
Equitable Group Inc.
FirstService Corporation, Subordinated Voting
Gluskin Sheff + Associates Inc.
Milestone Apartments Real Estate
Investment Trust
INFORMATION TECHNOLOGY 14.92%
Computer Modelling Group Ltd.
Constellation Software Inc.
Descartes Systems Group Inc., (The)
Enghouse Systems Limited
Pure Technologies Ltd.
Sandvine Corporation
Solium Capital Inc.
Sylogist Ltd.
UTILITIES 1.76%
Algonquin Power & Utilities Corp.
TOTAL EQUITIES 96.10%
Fair value
($000s)
502,200
285,600
142,000
344,000
327,900
290,100
292,400
215,300
230,900
599,400
1,544
2,277
1,895
2,009
2,265
1,824
6,023
4,792
2,601
2,593
3,189
1,162
1,277
1,534
2,430
2,199
6,357
4,713
3,918
2,482
758,100
48,100
693,800
456,600
271,600
54,300
201,900
1,865
1,290
3,945
3,931
4,428
1,656
2,939
1,440
6,054
1,284
4,621
5,962
1,010
6,610
443,300
141,200
137,930
75,200
322,000
149,100
80,059
88,100
152,352
21,300
4,136
2,285
1,792
2,639
5,019
3,023
1,726
1,703
2,223
515
6,871
3,735
6,565
3,467
5,625
2,630
4,563
2,282
4,865
743
50,200
799
2,234
235,300
109,200
109,100
277,100
2,846
1,932
1,456
3,271
2,791
2,474
3,089
3,813
92,200
260,500
172,000
275,600
91,500
103,800
105,300
3,276
4,499
2,169
1,876
5,947
3,807
3,225
3,260
5,421
5,633
3,897
6,009
6,153
2,916
140,000
1,555
1,711
204,100
13,300
381,400
145,900
249,000
606,800
314,200
172,500
915
1,639
2,386
5,336
1,874
2,019
2,184
1,905
2,437
4,594
6,579
6,053
1,840
1,984
2,410
1,708
337,200
2,447
130,301
3,251
177,845
Par Average cost
value
($000s)
SHORT-TERM INVESTMENTS
Government of Canada, 0.933%, 2015/01/07
3,000,000
Government of Canada, 0.885%, 2015/03/12
1,550,000
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
1,000,000
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
1,000,000
TOTAL SHORT-TERM INVESTMENTS 3.54%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.64%
Other assets, less liabilities 0.36%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Fair value
($000s)
3,000
1,547
3,000
1,547
1,000
1,000
1,000
6,547
(378)
1,000
6,547
-
136,470
692
137,162
184,392
692
185,084
% of net assets
attributable to contractholders
Equities
Energy
Materials
Industrials
Financials
Information technology
Other
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
23.46
14.27
24.69
15.03
8.61
10.34
3.57
0.03
100.00
21.52
29.69
21.26
11.08
4.49
7.59
3.35
1.02
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 19
Standard Life Equity Tri-Plan Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Interest, dividends and other receivables
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
59,135
1,654
24
609
94
61,516
64,039
251
20
100
64,410
62,848
675
37
19
151
63,730
3
289
1
293
34
1
35
12
23
1
36
61,223
64,375
63,694
259.30
235.14
195.51
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
INCOME
Interest (note 10)
Dividends
Foreign exchange gain (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Other operating expenses
Foreign withholding taxes (note 10)
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
25
1,469
(9)
10
1,495
78
5,025
6,510
10,305
11,888
8
6
34
15
153
216
6
5
35
20
138
204
6,294
11,684
24.91
39.19
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
64,375
63,694
6,294
11,684
4,411
(13,857)
(9,446)
5,201
(16,204)
(11,003)
61,223
64,375
The accompanying notes are an integral part of these annual financial statements.
20 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
6,294
Adjustments for:
Foreign exchange gain (loss) on cash
9
Realized and change in unrealized gain (loss)
on investments and derivatives
(5,025)
Non cash interest on fixed income investments
(7)
Purchase of investments
(499,505)
Proceeds from sale and maturity of investments
509,121
(Increase) decrease in interest, dividends and
other receivables
6
Net cash from operating activities
10,893
Cash flows used in financing activities
Proceeds from sale of units
4,407
Payments for units redeemed
(13,888)
Net cash used in financing activities
(9,481)
Foreign exchange gain (loss) on cash
(9)
Net increase (decrease) in cash
1,403
Cash (bank indebtedness) at beginning of year
251
Cash (bank indebtedness) at end of year
1,654
Supplemental disclosures on cash flows from operating activities
Interest received
18
Dividend received, net of withholding taxes
1,460
11,684
(78)
(10,305)
(2)
(256,420)
265,532
51
10,462
5,218
(16,182)
(10,964)
78
(424)
675
251
8
1,526
Standard Life Equity Tri-Plan Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
EQUITIES
ENERGY 20.10%
AltaGas Ltd.
Bankers Petroleum Ltd.
Calfrac Well Services Ltd.
Cameco Corporation
Canadian Energy Services & Technology Corp.
Canadian Natural Resources Limited
Cenovus Energy Inc.
Enbridge Inc.
Enerplus Corporation
Gibson Energy Inc.
Husky Energy Inc.
Keyera Corp.
PrairieSky Royalty Ltd.
Precision Drilling Corporation
Secure Energy Services Inc.
ShawCor Ltd.
Suncor Energy Inc.
Tourmaline Oil Corp.
Vermilion Energy Inc.
MATERIALS 10.50%
Agnico-Eagle Mines Limited
Eldorado Gold Corporation
First Quantum Minerals Ltd.
Labrador Iron Ore Royalty Corporation
Lundin Mining Corporation
Potash Corporation of Saskatchewan Inc.
Tahoe Resources Inc.
Teck Resources Limited, Subordinated Voting, B
West Fraser Timber Co. Ltd.
INDUSTRIALS 9.83%
Allegion Public Limited Company
Black Diamond Group Limited
Canadian National Railway Company
Canadian Pacific Railway Limited
Delta Air Lines Inc.
Fortune Brands Home & Security, Inc.
Kansas City Southern
Progressive Waste Solutions Ltd.
Stantec Inc.
WestJet Airlines Ltd.
CONSUMER DISCRETIONARY 6.97%
Cineplex Inc.
Comcast Corporation, A
Dollarama Inc.
Gildan Activewear Inc.
IMAX Corporation
Visteon Corporation
CONSUMER STAPLES 2.83%
Alimentation Couche-Tard Inc.,
Subordinated Voting, B
Loblaw Companies Limited
HEALTH CARE 4.45%
Catamaran Corporation
Valeant Pharmaceuticals International, Inc.
FINANCIALS 32.20%
American Tower Corporation
Bank of Nova Scotia, (The)
Canadian Western Bank
Charles Schwab Corporation, (The)
CI Financial Corp.
Citigroup Inc.
Element Financial Corporation
Evercore Partners Inc., A
First Republic Bank
Fair value
($000s)
9,500
98,300
42,500
38,200
50,400
25,700
40,110
23,000
29,957
33,500
25,200
4,100
17,000
59,200
37,500
7,900
43,902
14,600
8,400
396
324
704
800
289
850
1,166
877
572
1,037
729
293
620
575
664
383
1,606
690
379
412
320
425
728
320
923
961
1,374
335
911
693
332
520
418
636
335
1,619
565
479
36,500
143,200
21,100
26,200
111,600
32,210
28,700
22,200
11,200
1,208
1,140
404
596
590
1,218
455
320
426
1,056
1,014
348
487
638
1,322
464
353
744
7,000
30,000
25,300
2,100
6,700
9,400
3,100
10,500
18,400
12,600
376
570
781
438
275
453
384
285
629
357
450
382
2,025
470
382
494
439
367
588
420
24,200
7,800
18,200
9,600
11,100
4,400
980
464
448
551
342
471
1,085
525
1,081
631
398
545
24,800
8,400
348
388
1,208
522
22,340
8,300
1,088
933
1,343
1,381
3,100
36,400
18,200
15,100
17,606
7,800
104,717
8,800
7,600
364
1,857
622
434
573
329
1,097
307
412
356
2,414
596
529
569
490
1,481
535
460
Industrial Alliance Insurance and
Financial Services Inc.
J.P. Morgan Chase & Co.
Lazard Ltd., A
Manulife Financial Corporation
Power Corporation of Canada,
Subordinated Voting
Royal Bank of Canada
Toronto-Dominion Bank, (The)
INFORMATION TECHNOLOGY 5.26%
CGI Group Inc., Subordinated Voting, A
Electronic Arts Inc.
Google Inc., A
Open Text Corporation
TELECOMMUNICATIONS 3.07%
Rogers Communications Inc., B
TELUS Corporation
TOTAL EQUITIES 95.21%
SHORT-TERM INVESTMENTS
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
Province of Ontario, 0.968%, 2015/01/14
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
TOTAL SHORT-TERM INVESTMENTS 1.39%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 96.60%
Other assets, less liabilities 3.40%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Par value Average cost
or shares
($000s)
Fair value
($000s)
22,500
6,800
8,300
106,900
904
352
347
1,801
1,000
494
482
2,371
15,100
48,500
64,300
491
2,231
2,021
480
3,891
3,568
35,400
7,400
700
12,100
1,218
272
445
452
1,567
404
431
818
17,800
25,700
808
873
48,082
804
1,077
58,285
50,000
750,000
50
750
50
750
50,000
50
850
(48)
50
850
-
48,884
2,088
50,972
59,135
2,088
61,223
100.00%
% of net assets
attributable to contractholders
Equities
Energy
Materials
Industrials
Consumer discretionary
Health care
Financials
Telecommunications
Other
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
22.70
10.23
10.05
7.14
5.23
31.56
3.25
9.09
0.23
0.52
100.00
20.51
16.24
6.17
7.91
3.42
27.64
6.29
10.49
1.33
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 21
Standard Life US Equity Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Interest, dividends and other receivables
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
289,972
8,272
144
474
409
299,271
Dec. 31
2013
$
279,480
2,268
161
279
282,188
Jan. 1
2013
$
240,921
1,098
162
308
242,489
59
390
1
3
453
58
2
3
63
106
1
2
109
298,818
282,125
242,380
135.35
108.29
76.20
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
INCOME
Interest (note 10)
Dividends
Foreign exchange gain (loss)
Other income (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Other operating expenses
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
8
9,915
294
1
10
5,009
48
-
54,279
64,497
89,362
94,429
26
6
123
199
354
25
5
116
218
364
64,143
94,065
26.70
32.03
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
282,125
242,380
64,143
94,065
61,659
(109,109)
(47,450)
62,796
(117,116)
(54,320)
298,818
282,125
The accompanying notes are an integral part of these annual financial statements.
22 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
64,143
Adjustments for:
Foreign exchange gain (loss) on cash
(294)
Realized and change in unrealized gain (loss)
on investments and derivatives
(54,279)
Non cash interest on fixed income investments
Purchase of investments
(388,134)
Proceeds from sale and maturity of investments
431,837
(Increase) decrease in interest, dividends and
other receivables
(130)
Increase (decrease) in accrued expenses and
other liabilities
(1)
Net cash from operating activities
53,142
Cash flows used in financing activities
Proceeds from sale of units
61,676
Payments for units redeemed
(109,108)
Net cash used in financing activities
(47,432)
Foreign exchange gain (loss) on cash
294
Net increase (decrease) in cash
6,004
Cash (bank indebtedness) at beginning of year
2,268
Cash (bank indebtedness) at end of year
8,272
Supplemental disclosures on cash flows from operating activities
Interest received
8
Dividend received, net of withholding taxes
9,809
94,065
(48)
(89,362)
(1)
(399,975)
450,779
29
2
55,489
62,797
(117,164)
(54,367)
48
1,170
1,098
2,268
9
5,033
Standard Life US Equity Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
EQUITIES
ENERGY 6.40%
Anadarko Petroleum Corporation
EOG Resources Inc.
Exxon Mobil Corporation
Gulfport Energy Corporation
Halliburton Company
Hess Corporation
Schlumberger Limited
MATERIALS 2.57%
LyondellBasell Industries N.V.
Martin Marietta Materials, Inc.
Steel Dynamics, Inc.
Stillwater Mining Company
INDUSTRIALS 13.45%
Allegion Public Limited Company
Allison Transmission Holdings, Inc.
American Airlines Group, Inc.
Delta Air Lines Inc.
Fortune Brands Home & Security, Inc.
J.B. Hunt Transport Services, Inc.
Kansas City Southern
Lockheed Martin Corporation
Pall Corporation
Precision Castparts Corp.
Raytheon Company
CONSUMER DISCRETIONARY 14.88%
Advance Auto Parts, Inc.
BorgWarner Inc.
Comcast Corporation, A
Hanesbrands Inc.
Home Depot Inc., (The)
Macy's, Inc.
Newell Rubbermaid Inc.
Time Warner Inc.
TJX Companies Inc., (The)
Visteon Corporation
CONSUMER STAPLES 7.27%
Altria Group Inc.
CVS Health Corp.
Estée Lauder Companies Inc., (The), A
Mondelez International, Inc.
PepsiCo Inc.
HEALTH CARE 14.24%
AbbVie Inc.
Amgen Inc.
Boston Scientific Corporation
Cardinal Health Inc.
Celgene Corporation
Eli Lilly and Company
Gilead Sciences, Inc.
McKesson Corporation
Merck & Co., Inc.
FINANCIALS 11.73%
American Tower Corporation
Arthur J. Gallagher & Co.
Charles Schwab Corporation, (The)
Citigroup Inc.
Evercore Partners Inc., A
First Republic Bank
Goldman Sachs Group, Inc., (The)
Lazard Ltd., A
Fair value
($000s)
48,548
38,943
20,187
24,553
37,492
23,194
32,898
4,352
2,051
2,029
1,695
1,902
2,492
2,607
4,646
4,160
2,165
1,189
1,711
1,986
3,260
26,475
16,132
55,752
111,580
1,443
2,140
1,457
1,921
2,438
2,065
1,277
1,908
69,106
99,081
28,951
95,612
92,251
23,131
22,740
10,364
48,780
9,295
28,996
3,836
3,732
1,584
2,186
4,405
1,078
2,659
1,194
3,510
1,600
3,440
4,446
3,897
1,801
5,456
4,845
2,261
3,219
2,315
5,727
2,597
3,639
26,126
47,825
95,140
32,353
48,136
25,320
36,850
70,035
78,086
27,662
3,706
2,083
5,740
1,157
3,311
1,812
1,488
5,020
3,513
2,836
4,828
3,049
6,403
4,189
5,862
1,931
1,628
6,940
6,213
3,429
70,489
66,663
37,483
59,440
40,423
3,498
4,470
2,322
2,146
4,017
4,029
7,448
3,313
2,505
4,434
69,273
28,507
177,293
30,277
49,357
42,043
54,758
19,410
91,606
4,022
3,129
2,491
1,861
2,788
3,070
1,766
3,876
5,506
5,259
5,268
2,725
2,836
6,405
3,365
5,988
4,674
6,035
45,471
70,217
157,271
89,294
37,533
68,373
22,184
60,088
4,028
2,769
4,789
3,511
1,970
3,032
4,705
1,776
5,214
3,835
5,508
5,605
2,280
4,134
4,988
3,488
Par value Average cost
or shares
($000s)
INFORMATION TECHNOLOGY 23.73%
Activision Blizzard, Inc.
104,221
Alliance Data Systems Corporation
14,780
Apple Inc.
63,157
Avago Technologies Limited
31,669
®
Check Point Software Technologies Ltd.
6,409
Electronic Arts Inc.
68,117
Equinix, Inc.
16,009
Facebook, Inc., A
50,454
FEI Company
16,522
FLIR Systems, Inc.
29,000
Google Inc., A
8,250
Google Inc., C
6,691
Hewlett-Packard Company
123,505
Microsoft Corporation
136,434
NetApp, Inc.
57,977
ON Semiconductor Corporation
217,602
salesforce.com, inc.
45,458
Western Digital Corporation
40,193
UTILITIES 1.75%
Calpine Corporation
82,584
CMS Energy Corporation
77,219
TOTAL EQUITIES 96.02%
SHORT-TERM INVESTMENTS
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
1,500,000
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
1,500,000
TOTAL SHORT-TERM INVESTMENTS 1.00%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 97.02%
Other assets, less liabilities 2.98%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Fair value
($000s)
2,511
3,822
2,847
1,763
566
2,473
3,207
3,510
1,399
1,155
5,640
4,174
4,900
5,584
2,330
1,741
2,868
3,969
2,436
4,905
8,088
3,696
584
3,715
4,211
4,567
1,732
1,087
5,079
4,086
5,750
7,352
2,788
2,557
3,128
5,162
1,493
1,919
213,392
2,120
3,113
286,972
1,500
1,500
1,500
3,000
(211)
1,500
3,000
-
216,181
8,846
225,027
289,972
8,846
298,818
% of net assets
attributable to contractholders
Equities
Energy
Industrials
Consumer discretionary
Consumer staples
Health care
Financials
Information technology
Other
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
9.33
12.67
16.44
11.93
10.79
13.55
18.14
5.94
0.27
0.94
100.00
10.57
13.88
14.24
13.07
9.32
11.34
15.45
10.26
1.27
0.60
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 23
Standard Life US Equity Index Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Cash margin
Subscriptions receivable
Interest, dividends and other receivables
Derivative assets (note 10)
LIABILITIES
Current liabilities
Bank indebtedness
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
367,960
485
211
350
440
13
369,459
328,526
301
88
335
388
27
329,665
228,888
366
27
343
217
4
229,845
2
350
121
1
474
335
1
1
337
343
56
399
368,985
329,328
229,446
20.82
16.84
11.94
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
INCOME
Dividends
Foreign exchange gain (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Interest
Foreign withholding taxes (note 10)
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
11,261
85
7,297
82
64,008
75,354
88,235
95,614
32
1,018
9
1,059
26
1
853
14
894
74,295
94,720
3.94
4.88
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
329,328
229,446
74,295
94,720
136,435
(171,073)
(34,638)
140,693
(135,531)
5,162
368,985
329,328
The accompanying notes are an integral part of these annual financial statements.
24 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
74,295
Adjustments for:
Foreign exchange gain (loss) on cash
(85)
Realized and change in unrealized gain (loss)
on investments and derivatives
(64,008)
Purchase of investments
(22,169)
Proceeds from sale and maturity of investments
46,878
Cash margin
(123)
(Increase) decrease in interest, dividends and
other receivables
(52)
Increase (decrease) in accrued expenses and
other liabilities
(1)
Net cash from operating activities
34,735
Cash flows used in financing activities
Proceeds from sale of units
136,420
Payments for units redeemed
(171,058)
Net cash used in financing activities
(34,638)
Foreign exchange gain (loss) on cash
85
Net increase (decrease) in cash
182
Cash (bank indebtedness) at beginning of year
301
Cash (bank indebtedness) at end of year
483
Supplemental disclosures on cash flows from operating activities
Dividend received, net of withholding taxes
10,191
94,720
(82)
(88,235)
(37,867)
26,385
(61)
(171)
2
(5,309)
140,701
(135,539)
5,162
82
(65)
366
301
6,273
Standard Life US Equity Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
EQUITIES
ENERGY 8.40%
Anadarko Petroleum Corporation
Apache Corporation
Baker Hughes Incorporated
Cabot Oil & Gas Corporation
Cameron International Corporation
Chesapeake Energy Corporation
Chevron Corporation
Cimarex Energy Co.
ConocoPhillips
CONSOL Energy Inc.
Denbury Resources Inc.
Devon Energy Corporation
Diamond Offshore Drilling, Inc.
Ensco plc
EOG Resources Inc.
EQT Corporation
Exxon Mobil Corporation
FMC Technologies, Inc.
Halliburton Company
Helmerich & Payne, Inc.
Hess Corporation
Kinder Morgan, Inc.
Marathon Oil Corporation
Marathon Petroleum Corp
Murphy Oil Corporation
Nabors Industries Ltd.
National Oilwell Varco, Inc.
Newfield Exploration Company
Noble Corporation plc
Noble Energy Inc.
Occidental Petroleum Corporation
ONEOK Inc.
Phillips 66
Pioneer Natural Resources Company
QEP Resources, Inc.
Range Resources Corporation
Schlumberger Limited
Southwestern Energy Company
Spectra Energy Corp.
Tesoro Corporation
Transocean Ltd.
Valero Energy Corporation
Williams Companies Inc., (The)
MATERIALS 3.16%
Air Products and Chemicals Inc.
Airgas, Inc.
Alcoa Inc.
Allegheny Technologies Incorporated
Avery Dennison Corporation
Ball Corporation
CF Industries Holdings, Inc.
Dow Chemical Company, (The)
E.I. du Pont de Nemours and Company
Eastman Chemical Company
Ecolab Inc.
FMC Corporation
Freeport-McMoRan Copper & Gold Inc.
International Flavors & Fragrances Inc.
International Paper Company
LyondellBasell Industries N.V.
Martin Marietta Materials, Inc.
MeadWestvaco Corporation
Monsanto Company
Newmont Mining Corporation
Nucor Corporation
Fair value
($000s)
8,784
6,529
7,504
7,163
3,441
8,999
32,787
1,508
21,348
4,011
6,115
6,670
1,165
4,099
9,504
2,640
73,495
4,071
14,698
1,886
4,407
29,469
11,705
4,860
2,907
5,020
7,468
2,391
4,370
6,250
13,449
3,628
9,600
2,593
2,888
2,940
22,318
6,124
11,638
2,200
5,906
9,040
11,667
525
591
428
114
156
299
2,747
231
1,378
198
109
488
87
234
449
116
5,600
122
518
83
289
1,241
439
206
193
142
412
151
165
253
889
103
343
222
94
167
1,561
264
295
73
299
348
366
841
475
488
246
199
204
4,267
185
1,710
157
58
474
50
142
1,015
232
7,883
221
671
148
377
1,446
384
509
170
76
568
75
84
344
1,258
210
799
448
68
182
2,211
194
490
190
126
519
608
3,351
1,163
20,445
1,885
1,588
2,386
861
19,214
15,712
2,585
4,685
2,322
18,022
1,407
7,347
7,207
1,078
2,905
8,396
8,651
5,533
268
69
441
103
85
60
103
686
808
98
249
78
608
70
254
393
144
89
627
422
270
561
155
375
76
96
189
272
1,017
1,348
227
568
154
488
165
457
664
138
150
1,164
190
315
Owens-Illinois, Inc.
PPG Industries, Inc.
Praxair Inc.
Sealed Air Corporation
Sigma Aldrich Corporation
The Mosaic Company
The Sherwin-Williams Company
Vulcan Materials Company
INDUSTRIALS 10.37%
3M Company
Allegion Public Limited Company
AMETEK, Inc.
Boeing Company, (The)
C.H. Robinson Worldwide, Inc.
Caterpillar Inc.
Cintas Corporation
CSX Corporation
Cummins Inc.
Danaher Corporation
Deere & Company
Delta Air Lines Inc.
Dover Corporation
Eaton Corporation plc
Emerson Electric Co.
Equifax Inc.
Expeditors International of Washington Inc.
Fastenal Company
FedEx Corporation
Flowserve Corporation
Fluor Corporation
General Dynamics Corporation
General Electric Company
Grainger W.W. Inc.
Honeywell International Inc.
Illinois Tool Works Inc.
Ingersoll-Rand plc
Jacobs Engineering Group Inc.
Joy Global Inc.
Kansas City Southern
L-3 Communications Holdings, Inc.
Lockheed Martin Corporation
Masco Corporation
Nielsen Holdings N.V.
Norfolk Southern Corporation
Northgate Grumman Corporation
PACCAR Inc.
Pall Corporation
Parker Hannifin Corporation
Pentair plc
Pitney Bowes Inc.
Precision Castparts Corp.
Quanta Services, Inc.
Raytheon Company
Republic Services, Inc.
Robert Half International Inc.
Rockwell Automation, Inc.
Rockwell Collins Inc.
Roper Industries, Inc.
Ryder System, Inc.
Snap-On Inc.
Southwest Airlines Co.
Stanley Black & Decker, Inc.
Stericycle, Inc.
Textron Inc.
The ADT Corporation
The Dun & Bradstreet Corporation
Tyco International Ltd.
Shares
2,874
2,389
5,053
3,675
2,075
5,474
1,422
2,295
Average cost
($000s)
89
184
395
94
108
306
97
145
Fair value
($000s)
90
641
759
181
330
290
434
175
11,114
1,660
4,265
11,499
2,551
10,500
1,692
17,264
2,947
10,603
6,216
14,516
2,868
8,231
12,030
2,101
3,364
4,730
4,569
2,371
2,709
5,460
174,189
1,055
13,577
6,238
4,604
2,275
1,702
1,913
1,484
4,657
6,179
5,618
5,367
3,520
6,141
1,851
2,590
3,255
3,503
2,474
3,793
5,348
4,378
2,369
2,366
2,317
1,734
920
1,007
11,772
2,730
1,470
4,788
3,041
626
7,258
993
78
202
862
155
751
67
281
157
465
389
336
145
362
591
75
156
146
421
78
144
393
5,459
116
735
319
207
148
149
222
136
417
143
229
296
249
254
85
168
146
133
315
96
299
127
77
137
125
120
47
51
167
164
113
174
110
57
306
2,119
107
260
1,734
222
1,115
154
726
493
1,054
638
828
239
649
862
197
174
261
920
165
191
872
5,106
312
1,574
685
339
118
92
271
217
1,040
181
292
682
602
485
217
387
251
99
691
125
671
204
160
305
227
315
99
160
578
304
224
234
128
88
369
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 25
Standard Life US Equity Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Union Pacific Corporation
United Parcel Service, Inc., B
United Rentals, Inc.
United Technologies Corporation
Waste Management Inc.
Xylem Inc.
CONSUMER DISCRETIONARY 12.08%
Amazon.com, Inc.
AutoNation, Inc.
AutoZone, Inc.
Bed Bath & Beyond Inc.
Best Buy Co. Inc.
BorgWarner Inc.
Cablevision Systems Corporation, A
CarMax, Inc.
Carnival Corporation
CBS Corporation, B
Chipotle Mexican Grill, Inc.
Coach Inc.
Comcast Corporation, A
D.R. Horton, Inc.
Darden Restaurants, Inc.
Delphi Automotive PLC
DIRECTV Group, Inc., (The), A
Discovery Communications, Inc., A
Discovery Communications, Inc., C
Dollar General Corporation
Dollar Tree Stores Inc.
Expedia, Inc.
Family Dollar Stores, Inc.
Ford Motor Company
Fossil Group, Inc.
GameStop Corp.
Gannett Co., Inc.
Gap Inc., (The)
Garmin Ltd.
General Motors Company
Genuine Parts Company
Goodyear Tire & Rubber Company, (The)
H&R Block Inc.
Harley-Davidson Inc.
Harman International Industries Incorporated
Hasbro Inc.
Home Depot Inc., (The)
Interpublic Group of Companies Inc., (The)
Johnson Controls Inc.
Kohl's Corporation
L Brands Inc.
Leggett & Platt, Incorporated
Lennar Corporation
Lowe's Companies Inc.
Macy's, Inc.
Marriott International Inc.
Mattel Inc.
McDonald's Corporation
Michael Kors Holdings Limited
Mohawk Industries, Inc.
Netflix, Inc.
Newell Rubbermaid Inc.
News Corporation, A
NIKE Inc., B
Nordstrom, Inc.
Omnicom Group Inc.
O'Reilly Automotive Inc.
PetSmart, Inc.
PulteGroup, Inc.
PVH Corp.
as at December 31, 2014
Shares
15,420
12,089
1,737
14,705
7,386
3,167
Average cost
($000s)
532
964
221
1,029
284
82
Fair value
($000s)
2,131
1,559
206
1,962
440
140
6,585
1,301
558
3,228
5,049
3,959
3,814
3,754
7,812
8,270
541
4,780
44,682
5,754
2,311
5,135
8,711
2,587
4,781
5,262
3,584
1,712
1,674
66,750
783
1,891
3,935
4,628
2,099
23,407
2,664
4,762
4,772
3,734
1,194
1,971
22,856
7,254
11,554
3,520
4,264
2,398
3,111
16,874
5,988
3,704
5,876
16,879
3,588
1,073
1,042
4,702
8,652
12,103
2,453
4,304
1,768
1,732
5,787
1,428
902
52
128
136
202
136
118
97
333
241
147
187
1,109
131
87
204
339
102
213
268
159
90
79
766
100
86
177
117
88
886
132
108
107
178
80
66
934
100
353
196
122
58
103
472
183
129
157
1,025
307
162
189
119
142
440
94
203
91
117
92
174
2,371
91
401
285
228
252
91
290
411
531
430
208
3,007
169
157
433
876
103
187
432
293
170
154
1,200
101
74
146
226
129
948
329
158
186
286
148
126
2,783
175
648
249
428
119
162
1,347
457
335
211
1,835
313
193
413
208
157
1,350
226
387
395
163
144
212
The accompanying notes are an integral part of these annual financial statements.
26 Pooled and Indexed Funds
Ralph Lauren Corporation
Ross Stores, Inc.
Royal Caribbean Cruises Ltd.
Scripps Networks Interactive, Inc.
Staples Inc.
Starbucks Corporation
Starwood Hotels & Resorts Worldwide, Inc.
Target Corporation
The Priceline Group Inc.
Tiffany & Co.
Time Warner Cable Inc., A
Time Warner Inc.
TJX Companies Inc., (The)
Tractor Supply Company
TripAdvisor, Inc.
Twenty-First Century Fox, Inc., A
Under Armour, Inc., A
Urban Outfitters Inc.
V.F. Corp.
Viacom Inc., B
Walt Disney Company, (The)
Whirlpool Corp.
Wyndham Worldwide Corporation
Wynn Resorts, Limited
YUM! Brands, Inc.
CONSUMER STAPLES 9.76%
Altria Group Inc.
Archer Daniels Midland Company
Avon Products Inc.
Brown-Forman Corporation, B
Campbell Soup Company
Clorox Company, (The)
Coca-Cola Company, (The)
Coca-Cola Enterprises Inc.
Colgate-Palmolive Company
ConAgra Foods Inc.
Constellation Brands, Inc., A
Costco Wholesale Corporation
CVS Health Corp.
Dr Pepper Snapple Group, Inc.
Estée Lauder Companies Inc., (The), A
General Mills Inc.
Hormel Foods Corporation
J. M. Smucker Company, (The)
Kellogg Company
Keurig Green Mountain, Inc.
Kimberly-Clark Corporation
Kraft Foods Group, Inc.
Kroger Co., (The)
Lorillard, Inc.
McCormick & Company, Incorporated,
Non-voting
Mead Johnson Nutrition Company
Molson Coors Brewing Company, B
Mondelez International, Inc.
Monster Beverage Corporation
PepsiCo Inc.
Philip Morris International Inc.
Procter & Gamble Company, (The)
Reynolds American Inc.
Safeway Inc.
Sysco Corporation
The Hershey Corporation
Tyson Foods, Inc.
Walgreens Boots Alliance, Inc.
Wal-Mart Stores Inc.
Whole Foods Market Inc.
Shares
1,063
3,656
2,910
1,768
11,096
12,978
3,096
11,047
909
1,950
4,865
14,542
11,948
2,369
1,943
32,159
2,904
1,744
5,992
6,407
27,057
1,352
2,148
1,405
7,588
Average cost
($000s)
108
135
265
94
242
397
157
606
297
96
226
889
246
188
63
620
158
58
138
310
1,018
119
75
127
291
Fair value
($000s)
228
400
278
154
233
1,235
291
973
1,202
242
858
1,441
951
217
168
1,433
229
71
521
559
2,957
304
214
242
641
34,279
11,166
7,538
2,727
3,122
2,255
68,370
3,876
14,858
7,368
2,924
7,592
19,882
3,382
3,900
10,471
2,329
1,765
4,372
2,112
6,460
10,212
8,517
6,244
1,626
372
252
119
117
152
2,285
93
599
200
86
520
742
90
147
352
55
100
231
266
465
458
230
179
1,959
674
82
278
159
273
3,349
199
1,193
310
333
1,248
2,221
281
345
648
141
207
332
324
866
742
634
456
2,250
3,521
2,777
29,136
2,512
25,956
26,947
46,888
5,344
4,015
10,196
2,566
5,082
15,086
27,392
6,239
95
185
135
899
179
1,770
1,579
3,207
171
127
329
135
100
630
1,616
203
194
411
240
1,228
316
2,847
2,546
4,955
398
164
469
309
236
1,334
2,729
365
Standard Life US Equity Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
HEALTH CARE 14.15%
Abbott Laboratories
AbbVie Inc.
Actavis plc
Aetna Inc.
Agilent Technologies Inc.
Alexion Pharmaceuticlas, Inc.
Allergan Inc.
AmerisourceBergen Corporation
Amgen Inc.
Anthem, Inc.
Baxter International Inc.
Becton, Dickinson and Company
Biogen Idec Inc.
Boston Scientific Corporation
Bristol-Myers Squibb Company
C.R. Bard Inc.
Cardinal Health Inc.
CareFusion Corporation
Celgene Corporation
Cerner Corporation
CIGNA Corporation
Covidien plc
DaVita HealthCare Partners Inc.
DENTSPLY International Inc.
Edwards Lifesciences Corporation
Eli Lilly and Company
Express Scripts Holding Co.
Gilead Sciences, Inc.
Hospira Inc.
Humana Inc.
Intuitive Surgical, Inc.
Johnson & Johnson
Laboratory Corporation of America Holdings
Mallinckrodt plc
McKesson Corporation
Medtronic Inc.
Merck & Co., Inc.
Mylan Inc.
Patterson Companies Inc.
PerkinElmer, Inc.
Perrigo Company
Pfizer Inc.
Quest Diagnostics Incorporated
Regeneron Pharmaceuticals, Inc.
St. Jude Medical, Inc.
Stryker Corporation
Tenet Healthcare Corporation
Thermo Fisher Scientific Inc.
UnitedHealth Group Incorporated
Universal Health Services Inc., B
Varian Medical Systems, Inc.
Vertex Pharmaceuticals Incorporated
Waters Corporation
Zimmer Holdings Inc.
Zoetis Inc.
FINANCIALS 16.57%
ACE Limited
Affiliated Managers Group, Inc.
AFLAC Incorporated
Allstate Corporation, (The)
American Express Company
American International Group Inc.
American Tower Corporation
Ameriprise Financial, Inc.
Aon plc
Apartment Investment and
Management Company
Fair value
($000s)
26,116
27,633
4,597
6,100
5,784
3,440
5,167
3,621
13,193
4,682
9,400
3,345
4,096
23,006
28,769
1,294
5,740
3,553
13,852
5,271
4,537
7,853
2,996
2,458
1,864
16,994
12,729
26,166
2,948
2,674
631
48,580
1,472
2,025
4,031
17,072
49,444
6,491
1,492
1,957
2,451
109,276
2,503
1,293
4,959
5,184
1,712
6,938
16,646
1,581
1,742
4,171
1,455
2,951
8,695
1,428
984
599
251
203
342
335
100
871
293
518
261
316
332
954
108
335
86
463
145
187
412
104
90
159
956
531
644
129
135
194
3,390
106
161
266
878
2,206
137
54
50
309
2,854
134
294
210
300
69
414
717
197
94
330
88
198
277
1,364
2,098
1,373
629
275
738
1,274
379
2,438
683
799
540
1,614
354
1,970
250
538
245
1,798
395
542
932
263
152
275
1,360
1,250
2,861
209
446
387
5,893
184
233
971
1,430
3,257
424
83
99
475
3,949
195
615
374
567
101
1,008
1,952
204
175
575
190
388
434
5,753
963
7,815
7,274
15,433
24,279
6,876
3,216
4,945
356
211
410
350
774
2,688
330
150
250
767
237
554
593
1,666
1,578
789
493
544
2,548
61
110
Assurant, Inc.
AvalonBay Communities Inc.
Bank of America Corporation
Bank of New York Mellon Corporation, (The)
BB&T Corporation
Berkshire Hathaway Inc, B
BlackRock, Inc.
Boston Properties, Inc.
Capital One Financial Corporation
CB Richard Ellis Group, Inc., A
Charles Schwab Corporation, (The)
Chubb Corporation, (The)
Cincinnati Financial Corporation
Citigroup Inc.
CME Group Inc.
Comerica Incorporated
Crown Castle International Corp.
Discover Financial Services LLC
E*TRADE Financial Corporation
Equity Residential
Essex Property Trust, Inc.
Fifth Third Bancorp
Franklin Resources Inc.
General Growth Properties, Inc.
Genworth Financial Inc., A
Goldman Sachs Group, Inc., (The)
Hartford Financial Services Group Inc., (The)
HCP, Inc.
Health Care REIT, Inc.
Host Hotels & Resorts, Inc.
Hudson City Bancorp, Inc.
Huntington Bancshares Incorporated
Intercontinental Exchange, Inc.
Invesco Ltd.
Iron Mountain Incorporated
J.P. Morgan Chase & Co.
KeyCorp
Kimco Realty Corporation
Legg Mason, Inc.
Leucadia National Corp.
Lincoln National Corporation
Loews Corporation
M&T Bank Corporation
Marsh & McLennan Companies, Inc.
McGraw Hill Financial, Inc.
MetLife Inc.
Moody's Corporation
Morgan Stanley
Navient Corporation
Northern Trust Corporation
People's United Financial, Inc.
Plum Creek Timber Company, Inc.
PNC Financial Services Group, (The)
Principal Financial Group
Progressive Corporation, (The)
Prologis, Inc.
Prudential Financial Inc.
Public Storage, Inc.
Regions Financial Corporation
Simon Property Group, Inc.
State Street Corporation
SunTrust Banks
T. Rowe Price Group Inc.
The Macerich Company
The NASDAQ OMX Group, Inc.
Torchmark Corporation
Travelers Companies, Inc., (The)
Shares
1,224
2,300
182,393
19,524
12,493
31,636
2,209
2,668
9,642
4,849
19,929
4,090
2,553
52,542
5,492
3,116
5,790
7,865
5,009
6,285
1,114
14,291
6,800
10,883
8,614
7,025
7,483
7,965
5,683
13,135
8,345
14,125
1,955
7,472
3,249
64,846
15,025
7,136
1,750
5,495
4,506
5,191
2,288
9,381
4,709
19,703
3,199
26,480
7,114
3,839
5,341
3,051
9,126
4,737
9,277
8,672
7,943
2,528
23,873
5,390
7,241
9,044
4,499
2,439
2,036
2,242
5,748
Average cost
($000s)
66
292
3,950
743
439
2,722
444
258
562
98
367
226
104
4,066
474
143
344
182
127
309
215
315
244
252
188
1,063
363
290
314
244
118
139
337
183
99
2,943
224
182
122
180
199
198
214
327
215
922
126
1,083
129
240
101
130
585
193
195
298
511
255
336
529
440
407
225
173
62
61
311
Fair value
($000s)
97
436
3,785
919
564
5,511
916
398
923
193
698
491
154
3,298
565
169
529
598
141
524
267
338
437
355
85
1,580
362
407
499
362
98
172
497
343
146
4,708
242
208
108
143
301
253
333
623
486
1,236
356
1,192
178
300
94
151
966
285
290
433
834
542
292
1,139
659
440
448
236
113
141
706
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 27
Standard Life US Equity Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
U.S. Bancorp
Unum Group
Ventas, Inc.
Vornado Realty Trust
Wells Fargo & Company
Weyerhaeuser Company
XL Group plc
Zions Bancorporation
INFORMATION TECHNOLOGY 19.56%
Accenture plc, A
Adobe Systems Incorporated
Akamai Technologies, Inc.
Alliance Data Systems Corporation
Altera Corporation
Amphenol Corporation, A
Analog Devices Inc.
Apple Inc.
Applied Materials Inc.
Autodesk, Inc.
Automatic Data Processing Inc.
Avago Technologies Limited
Broadcom Corporation
CA Inc.
Cisco Systems Inc.
Citrix Systems Inc.
Cognizant Technology Solutions Corporation
Computer Sciences Corporation
Corning Incorporated
eBay Inc.
Electronic Arts Inc.
EMC Corporation
F5 Networks, Inc.
Facebook, Inc., A
Fidelity National Information Services, Inc.
First Solar, Inc.
Fiserv Inc.
FLIR Systems, Inc.
Google Inc., A
Google Inc., C
Harris Corporation
Hewlett-Packard Company
Intel Corporation
International Business Machines Corporation
Intuit Inc.
Juniper Networks Inc.
KLA-Tencor Corporation
Lam Research Corporation
Linear Technology Corporation
MasterCard Incorporated, A
Microchip Technology Incorporated
Micron Technology Inc.
Microsoft Corporation
Motorola Solutions, Inc.
NetApp, Inc.
NVIDIA Corporation
Oracle Corporation
Paychex Inc.
Qualcomm Incorporated
Red Hat, Inc.
salesforce.com, inc.
Sandisk Corporation
Seagate Technology
Symantec Corporation
TE Connectivity Ltd.
Teradata Corporation
Texas Instruments Incorporated
Total System Services, Inc.
as at December 31, 2014
Shares
31,034
4,370
5,105
3,042
81,918
9,094
4,476
3,536
Average cost
($000s)
980
110
235
269
2,668
301
128
141
Fair value
($000s)
1,618
177
425
415
5,210
379
178
117
10,883
8,217
3,102
1,108
5,287
5,367
5,397
101,782
21,131
3,965
8,361
4,386
9,343
5,556
88,688
2,805
10,561
2,448
22,232
19,608
5,393
35,293
1,284
36,263
4,921
1,303
4,231
2,457
4,944
4,939
1,816
32,368
83,856
15,963
4,952
6,677
2,867
2,770
4,137
16,995
3,502
18,618
143,036
3,692
5,406
8,955
56,104
5,663
28,835
3,257
10,178
3,845
5,675
11,970
7,053
2,666
18,320
2,883
668
300
125
309
154
123
214
3,055
392
133
420
322
357
154
2,284
126
257
128
488
684
215
758
165
2,336
169
147
114
83
2,866
3,090
88
1,301
2,132
2,060
203
165
129
106
164
517
126
218
4,711
214
184
149
1,382
209
1,402
104
277
167
162
286
256
89
593
66
1,128
693
227
368
227
335
348
13,034
611
276
809
512
470
196
2,862
208
645
179
591
1,277
294
1,218
194
3,282
355
67
348
92
3,044
3,016
151
1,507
3,530
2,971
530
173
234
255
219
1,699
183
756
7,708
287
260
208
2,927
303
2,486
261
700
437
438
356
518
135
1,136
114
The accompanying notes are an integral part of these annual financial statements.
28 Pooled and Indexed Funds
VeriSign Inc.
Visa Inc.
Western Digital Corporation
Western Union Co.
Xerox Corporation
Xilinx Inc.
Yahoo! Inc.
TELECOMMUNICATIONS 2.27%
AT&T Inc.
CenturyLink, Inc.
Frontier Communications Corporation
Level 3 Communications, Inc.
Verizon Communications Inc.
Windstream Corporation
UTILITIES 3.22%
AES Corporation, (The)
AGL Resources, Inc.
Ameren Corporation
American Electric Power Company Inc.
CenterPoint Energy, Inc.
CMS Energy Corporation
Consolidated Edison Inc.
Dominion Resources Inc.
DTE Energy Company
Duke Energy Corporation
Edison International
Entergy Corporation
Exelon Corporation
FirstEnergy Corp.
Integrys Energy Group, Inc.
NextEra Energy, Inc.
NiSource Inc.
Northeast Utilities
NRG Energy, Inc.
Pepco Holdings Inc.
PG&E Corporation
Pinnacle West Capital Corporation
PPL Corporation
Public Service Enterprise Group Incorporated
SCANA Corp
Sempra Energy
Southern Company
TECO Energy, Inc.
Wisconsin Energy Corporation
Xcel Energy Inc.
TRUST UNITS 0.18%
SPDR S&P 500 ETF
TOTAL EQUITIES 99.72%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.72%
Derivatives assets and liabilities(1) 0.00%
Other assets, less liabilities 0.28%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Shares
1,899
8,471
3,786
9,064
18,611
4,587
15,280
Average cost
($000s)
60
856
141
187
248
156
422
Fair value
($000s)
126
2,577
486
188
299
230
895
89,961
9,898
17,380
4,836
71,971
10,454
3,235
380
173
261
3,167
125
3,506
454
134
277
3,906
100
11,377
2,071
4,208
8,485
7,454
4,770
5,080
10,127
3,084
12,267
5,651
3,145
14,906
7,298
1,386
7,570
5,475
5,494
5,864
4,369
8,240
1,914
11,535
8,777
2,484
4,028
15,606
4,089
3,930
8,770
196
85
181
352
131
91
259
456
156
772
247
264
776
370
76
456
125
180
147
97
354
85
377
315
111
224
606
77
114
213
182
131
225
598
203
192
389
903
309
1,189
429
319
641
330
125
933
269
341
183
136
509
152
486
422
174
520
889
97
240
365
2,800
648
220,172
(97)
668
367,960
-
220,075
1,012
221,087
367,960
13
1,012
368,985
100.00%
Standard Life US Equity Index Fund (SLI)
Annual financial statements
(1)
Derivative assets and liabilities
Futures contracts / Maturity date
Derivative assets
Standard & Poor's E-Mini 500 Index Futures, 2015/03
Derivative assets and liabilities
Number of contracts
Contracted value
($000s)
Fair value
($000s)
Unrealized gain/(loss)
($000s)
8
939
952
13
13
% of net assets
attributable to contractholders
Equities
Energy
Industrials
Consumer discretionary
Consumer staples
Health care
Financials
Information technology
Other
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
10.23
10.89
12.48
9.72
12.89
16.11
18.54
8.90
0.24
100.00
10.95
10.09
11.45
10.58
11.96
15.55
18.95
10.23
0.24
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 29
Standard Life US Equity Direct Index Registered Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Cash margin
Subscriptions receivable
Interest, dividends and other receivables
Derivative assets (note 10)
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
489,037
493
317
1,290
739
18
491,894
Dec. 31
2013
$
303,973
738
76
375
428
23
305,613
Jan. 1
2013
$
172,033
1,275
21
428
212
3
173,972
1,326
145
1
1,472
289
489
1
779
178
948
1,126
490,422
304,834
172,846
16.46
13.27
9.39
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
INCOME
Dividends
Foreign exchange gain (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
12,553
(20)
6,047
15
78,950
91,483
75,323
81,385
37
33
70
22
33
55
91,413
81,330
3.29
3.91
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
304,834
172,846
91,413
81,330
320,216
(226,041)
94,175
127,237
(76,579)
50,658
490,422
304,834
The accompanying notes are an integral part of these annual financial statements.
30 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
91,413
Adjustments for:
Foreign exchange gain (loss) on cash
20
Realized and change in unrealized gain (loss)
on investments and derivatives
(78,950)
Purchase of investments
(246,985)
Proceeds from sale and maturity of investments
140,532
Cash margin
(241)
(Increase) decrease in interest, dividends and
other receivables
(311)
Increase (decrease) in accrued expenses and
other liabilities
Net cash from operating activities
(94,522)
Cash flows used in financing activities
Proceeds from sale of units
319,301
Payments for units redeemed
(225,004)
Net cash used in financing activities
94,297
Foreign exchange gain (loss) on cash
(20)
Net increase (decrease) in cash
(245)
Cash (bank indebtedness) at beginning of year
738
Cash (bank indebtedness) at end of year
493
Supplemental disclosures on cash flows from operating activities
Dividend received, net of withholding taxes
12,286
81,330
(15)
(75,323)
(119,776)
62,680
(55)
(216)
1
(51,374)
127,290
(76,468)
50,822
15
(537)
1,275
738
5,864
Standard Life US Equity Direct Index Registered Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
EQUITIES
ENERGY 8.36%
Anadarko Petroleum Corporation
Apache Corporation
Baker Hughes Incorporated
Cabot Oil & Gas Corporation
Cameron International Corporation
Chesapeake Energy Corporation
Chevron Corporation
Cimarex Energy Co.
ConocoPhillips
CONSOL Energy Inc.
Denbury Resources Inc.
Devon Energy Corporation
Diamond Offshore Drilling, Inc.
Ensco plc
EOG Resources Inc.
EQT Corporation
Exxon Mobil Corporation
FMC Technologies, Inc.
Halliburton Company
Helmerich & Payne, Inc.
Hess Corporation
Kinder Morgan, Inc.
Marathon Oil Corporation
Marathon Petroleum Corp
Murphy Oil Corporation
Nabors Industries Ltd.
National Oilwell Varco, Inc.
Newfield Exploration Company
Noble Corporation plc
Noble Energy Inc.
Occidental Petroleum Corporation
ONEOK Inc.
Phillips 66
Pioneer Natural Resources Company
QEP Resources, Inc.
Range Resources Corporation
Schlumberger Limited
Southwestern Energy Company
Spectra Energy Corp.
Tesoro Corporation
Transocean Ltd.
Valero Energy Corporation
Williams Companies Inc., (The)
MATERIALS 3.14%
Air Products and Chemicals Inc.
Airgas, Inc.
Alcoa Inc.
Allegheny Technologies Incorporated
Avery Dennison Corporation
Ball Corporation
CF Industries Holdings, Inc.
Dow Chemical Company, (The)
E.I. du Pont de Nemours and Company
Eastman Chemical Company
Ecolab Inc.
FMC Corporation
Freeport-McMoRan Copper & Gold Inc.
International Flavors & Fragrances Inc.
International Paper Company
LyondellBasell Industries N.V.
Martin Marietta Materials, Inc.
MeadWestvaco Corporation
Monsanto Company
Newmont Mining Corporation
Nucor Corporation
as at December 31, 2014
Average cost
Shares
($000s)
Fair value
($000s)
11,617
8,638
9,925
9,476
4,530
11,901
43,370
2,002
28,235
5,280
8,087
8,821
1,542
5,445
12,571
3,475
97,152
5,358
19,442
2,483
5,830
38,977
15,481
6,428
3,827
6,639
9,877
3,148
5,781
8,267
17,786
4,776
12,699
3,412
3,802
3,870
29,523
8,100
15,392
2,896
7,811
11,959
15,432
1,001
828
618
255
259
337
4,833
306
2,075
234
145
645
101
308
973
261
8,915
256
982
187
457
1,676
590
424
244
166
719
147
208
476
1,609
234
756
502
126
284
2,604
351
522
124
380
531
624
1,112
628
646
326
263
270
5,644
246
2,262
207
76
626
66
189
1,343
305
10,420
291
887
194
499
1,913
508
673
224
100
751
99
111
455
1,663
276
1,056
589
89
240
2,925
256
648
250
166
687
805
4,412
1,544
27,040
2,489
2,090
3,141
1,145
25,417
20,785
3,402
6,196
3,057
23,837
1,868
9,719
9,534
1,420
3,825
11,104
11,442
7,318
453
137
403
113
96
140
210
1,067
1,206
217
519
175
872
139
390
732
192
134
1,108
463
364
738
206
495
100
126
248
362
1,345
1,783
299
751
202
646
220
604
878
182
197
1,539
251
416
Owens-Illinois, Inc.
PPG Industries, Inc.
Praxair Inc.
Sealed Air Corporation
Sigma Aldrich Corporation
The Mosaic Company
The Sherwin-Williams Company
Vulcan Materials Company
INDUSTRIALS 10.31%
3M Company
Allegion Public Limited Company
AMETEK, Inc.
Boeing Company, (The)
C.H. Robinson Worldwide, Inc.
Caterpillar Inc.
Cintas Corporation
CSX Corporation
Cummins Inc.
Danaher Corporation
Deere & Company
Delta Air Lines Inc.
Dover Corporation
Eaton Corporation plc
Emerson Electric Co.
Equifax Inc.
Expeditors International of Washington Inc.
Fastenal Company
FedEx Corporation
Flowserve Corporation
Fluor Corporation
General Dynamics Corporation
General Electric Company
Grainger W.W. Inc.
Honeywell International Inc.
Illinois Tool Works Inc.
Ingersoll-Rand plc
Jacobs Engineering Group Inc.
Joy Global Inc.
Kansas City Southern
L-3 Communications Holdings, Inc.
Lockheed Martin Corporation
Masco Corporation
Nielsen Holdings N.V.
Norfolk Southern Corporation
Northgate Grumman Corporation
PACCAR Inc.
Pall Corporation
Parker Hannifin Corporation
Pentair plc
Pitney Bowes Inc.
Precision Castparts Corp.
Quanta Services, Inc.
Raytheon Company
Republic Services, Inc.
Robert Half International Inc.
Rockwell Automation, Inc.
Rockwell Collins Inc.
Roper Industries, Inc.
Ryder System, Inc.
Snap-On Inc.
Southwest Airlines Co.
Stanley Black & Decker, Inc.
Stericycle, Inc.
Textron Inc.
The ADT Corporation
The Dun & Bradstreet Corporation
Tyco International Ltd.
Shares
3,783
3,153
6,684
4,837
2,732
7,241
1,872
3,021
Average cost
($000s)
117
438
756
139
216
393
267
176
Fair value
($000s)
118
846
1,005
238
435
383
571
230
14,702
2,211
5,641
15,212
3,357
13,889
2,227
22,836
3,902
14,023
8,222
19,202
3,800
10,888
15,922
2,767
4,429
6,256
6,044
3,139
3,593
7,223
230,357
1,395
17,957
8,252
6,091
2,995
2,253
2,532
1,953
6,155
8,172
7,430
7,098
4,634
8,123
2,446
3,410
4,286
4,611
3,270
4,993
7,075
5,791
3,118
3,115
3,050
2,296
1,228
1,344
15,572
3,593
1,939
6,333
4,003
824
9,601
1,718
113
288
1,572
213
1,290
108
551
427
899
666
585
269
660
940
154
200
264
704
172
238
665
5,965
278
1,340
569
326
168
165
295
194
764
168
334
570
423
441
165
331
256
124
641
147
519
191
120
290
207
256
80
112
287
274
191
212
149
79
415
2,803
142
344
2,294
292
1,475
203
960
653
1,394
844
1,096
316
858
1,140
260
229
345
1,218
218
253
1,153
6,753
413
2,082
907
448
155
122
358
286
1,375
239
386
903
792
641
287
510
330
130
914
164
888
270
211
402
299
416
132
213
765
400
295
309
168
116
489
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 31
Standard Life US Equity Direct Index Registered Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Union Pacific Corporation
United Parcel Service, Inc., B
United Rentals, Inc.
United Technologies Corporation
Waste Management Inc.
Xylem Inc.
CONSUMER DISCRETIONARY 12.01%
Amazon.com, Inc.
AutoNation, Inc.
AutoZone, Inc.
Bed Bath & Beyond Inc.
Best Buy Co. Inc.
BorgWarner Inc.
Cablevision Systems Corporation, A
CarMax, Inc.
Carnival Corporation
CBS Corporation, B
Chipotle Mexican Grill, Inc.
Coach Inc.
Comcast Corporation, A
D.R. Horton, Inc.
Darden Restaurants, Inc.
Delphi Automotive PLC
DIRECTV Group, Inc., (The), A
Discovery Communications, Inc., A
Discovery Communications, Inc., C
Dollar General Corporation
Dollar Tree Stores Inc.
Expedia, Inc.
Family Dollar Stores, Inc.
Ford Motor Company
Fossil Group, Inc.
GameStop Corp.
Gannett Co., Inc.
Gap Inc., (The)
Garmin Ltd.
General Motors Company
Genuine Parts Company
Goodyear Tire & Rubber Company, (The)
H&R Block Inc.
Harley-Davidson Inc.
Harman International Industries Incorporated
Hasbro Inc.
Home Depot Inc., (The)
Interpublic Group of Companies Inc., (The)
Johnson Controls Inc.
Kohl's Corporation
L Brands Inc.
Leggett & Platt, Incorporated
Lennar Corporation
Lowe's Companies Inc.
Macy's, Inc.
Marriott International Inc.
Mattel Inc.
McDonald's Corporation
Michael Kors Holdings Limited
Mohawk Industries, Inc.
Netflix, Inc.
Newell Rubbermaid Inc.
News Corporation, A
NIKE Inc., B
Nordstrom, Inc.
Omnicom Group Inc.
O'Reilly Automotive Inc.
PetSmart, Inc.
PulteGroup, Inc.
PVH Corp.
as at December 31, 2014
Shares
20,398
15,992
2,287
19,451
9,771
4,168
Average cost
($000s)
1,428
1,438
291
1,888
396
133
Fair value
($000s)
2,819
2,062
271
2,595
582
184
8,709
1,713
738
4,250
6,678
5,211
5,020
4,942
10,332
10,939
708
6,321
59,106
7,611
3,043
6,793
11,521
3,406
6,351
6,960
4,718
2,276
2,204
88,299
1,031
2,490
5,180
6,122
2,764
30,958
3,507
6,299
6,312
4,916
1,572
2,595
30,235
9,595
15,282
4,635
5,640
3,157
4,096
22,321
7,922
4,876
7,772
22,328
4,723
1,417
1,374
6,220
11,443
16,010
3,230
5,694
2,327
2,280
7,656
1,891
2,184
84
288
245
230
250
115
188
420
476
290
304
2,332
165
148
372
729
209
283
388
236
143
128
1,247
120
95
145
205
136
1,163
246
136
163
277
122
116
1,900
140
614
256
267
91
146
873
348
229
262
1,989
430
214
379
158
199
957
180
337
237
152
136
242
3,136
120
530
376
302
332
120
382
543
702
562
275
3,978
223
207
573
1,159
136
248
571
385
225
203
1,588
132
98
192
299
169
1,254
434
209
247
376
195
166
3,682
231
857
328
566
156
213
1,782
604
441
279
2,427
411
255
545
275
208
1,786
297
512
520
215
191
281
The accompanying notes are an integral part of these annual financial statements.
32 Pooled and Indexed Funds
Ralph Lauren Corporation
Ross Stores, Inc.
Royal Caribbean Cruises Ltd.
Scripps Networks Interactive, Inc.
Staples Inc.
Starbucks Corporation
Starwood Hotels & Resorts Worldwide, Inc.
Target Corporation
The Priceline Group Inc.
Tiffany & Co.
Time Warner Cable Inc., A
Time Warner Inc.
TJX Companies Inc., (The)
Tractor Supply Company
TripAdvisor, Inc.
Twenty-First Century Fox, Inc., A
Under Armour, Inc., A
Urban Outfitters Inc.
V.F. Corp.
Viacom Inc., B
Walt Disney Company, (The)
Whirlpool Corp.
Wyndham Worldwide Corporation
Wynn Resorts, Limited
YUM! Brands, Inc.
CONSUMER STAPLES 9.70%
Altria Group Inc.
Archer Daniels Midland Company
Avon Products Inc.
Brown-Forman Corporation, B
Campbell Soup Company
Clorox Company, (The)
Coca-Cola Company, (The)
Coca-Cola Enterprises Inc.
Colgate-Palmolive Company
ConAgra Foods Inc.
Constellation Brands, Inc., A
Costco Wholesale Corporation
CVS Health Corp.
Dr Pepper Snapple Group, Inc.
Estée Lauder Companies Inc., (The), A
General Mills Inc.
Hormel Foods Corporation
J. M. Smucker Company, (The)
Kellogg Company
Keurig Green Mountain, Inc.
Kimberly-Clark Corporation
Kraft Foods Group, Inc.
Kroger Co., (The)
Lorillard, Inc.
McCormick & Company, Incorporated,
Non-voting
Mead Johnson Nutrition Company
Molson Coors Brewing Company, B
Mondelez International, Inc.
Monster Beverage Corporation
PepsiCo Inc.
Philip Morris International Inc.
Procter & Gamble Company, (The)
Reynolds American Inc.
Safeway Inc.
Sysco Corporation
The Hershey Corporation
Tyson Foods, Inc.
Walgreens Boots Alliance, Inc.
Wal-Mart Stores Inc.
Whole Foods Market Inc.
Shares
1,389
4,813
3,830
2,328
14,679
17,167
4,093
14,610
1,201
2,581
6,433
19,237
15,808
3,118
2,557
42,542
3,823
2,295
7,925
8,475
35,792
1,794
2,828
1,855
10,030
Average cost
($000s)
196
276
349
155
245
982
270
879
944
195
644
1,125
665
237
160
1,162
212
81
351
548
2,190
204
150
281
630
Fair value
($000s)
298
526
366
203
309
1,634
385
1,287
1,589
320
1,135
1,906
1,258
285
221
1,895
301
94
689
740
3,911
403
281
320
848
45,343
14,769
9,971
3,590
4,109
2,968
90,432
5,102
19,654
9,744
3,849
10,042
26,301
4,468
5,132
13,852
3,083
2,337
5,783
2,794
8,545
13,509
11,264
8,259
1,832
569
219
249
169
237
3,423
184
1,094
291
208
994
1,525
201
310
628
115
196
354
351
792
714
408
377
2,592
891
109
366
210
359
4,429
262
1,578
410
438
1,651
2,939
372
454
857
186
274
439
429
1,145
982
839
603
2,972
4,635
3,655
38,540
3,307
34,336
35,637
61,988
7,069
5,285
13,485
3,404
6,722
19,957
36,229
8,241
177
349
205
1,356
238
2,735
2,814
4,744
332
157
473
267
196
1,098
2,545
331
256
541
316
1,624
416
3,767
3,367
6,550
527
215
621
410
313
1,764
3,609
482
Standard Life US Equity Direct Index Registered Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
HEALTH CARE 14.07%
Abbott Laboratories
AbbVie Inc.
Actavis plc
Aetna Inc.
Agilent Technologies Inc.
Alexion Pharmaceuticlas, Inc.
Allergan Inc.
AmerisourceBergen Corporation
Amgen Inc.
Anthem, Inc.
Baxter International Inc.
Becton, Dickinson and Company
Biogen Idec Inc.
Boston Scientific Corporation
Bristol-Myers Squibb Company
C.R. Bard Inc.
Cardinal Health Inc.
CareFusion Corporation
Celgene Corporation
Cerner Corporation
CIGNA Corporation
Covidien plc
DaVita HealthCare Partners Inc.
DENTSPLY International Inc.
Edwards Lifesciences Corporation
Eli Lilly and Company
Express Scripts Holding Co.
Gilead Sciences, Inc.
Hospira Inc.
Humana Inc.
Intuitive Surgical, Inc.
Johnson & Johnson
Laboratory Corporation of America Holdings
Mallinckrodt plc
McKesson Corporation
Medtronic Inc.
Merck & Co., Inc.
Mylan Inc.
Patterson Companies Inc.
PerkinElmer, Inc.
Perrigo Company
Pfizer Inc.
Quest Diagnostics Incorporated
Regeneron Pharmaceuticals, Inc.
St. Jude Medical, Inc.
Stryker Corporation
Tenet Healthcare Corporation
Thermo Fisher Scientific Inc.
UnitedHealth Group Incorporated
Universal Health Services Inc., B
Varian Medical Systems, Inc.
Vertex Pharmaceuticals Incorporated
Waters Corporation
Zimmer Holdings Inc.
Zoetis Inc.
FINANCIALS 16.49%
ACE Limited
Affiliated Managers Group, Inc.
AFLAC Incorporated
Allstate Corporation, (The)
American Express Company
American International Group Inc.
American Tower Corporation
Ameriprise Financial, Inc.
Aon plc
Apartment Investment and
Management Company
Fair value
($000s)
34,541
36,548
6,080
8,069
7,651
4,548
6,833
4,766
17,449
6,193
12,432
4,404
5,417
30,428
38,051
1,713
7,593
4,678
18,322
6,971
6,001
10,386
3,944
3,247
2,454
22,478
16,838
34,610
3,881
3,519
826
64,219
1,937
2,665
5,319
22,577
65,407
8,585
1,964
2,591
3,225
144,554
3,314
1,702
6,558
6,856
2,255
9,176
22,020
2,096
2,294
5,516
1,915
3,885
11,500
1,628
1,670
1,066
492
363
589
786
243
1,720
544
830
434
1,063
363
1,550
199
449
161
1,030
304
393
677
214
139
209
1,213
1,020
1,889
180
322
319
5,575
177
213
677
1,232
3,176
298
74
90
447
3,879
197
463
360
477
83
826
1,450
261
161
444
167
318
377
1,804
2,775
1,816
832
363
976
1,685
499
3,224
903
1,057
711
2,135
468
2,606
331
711
322
2,378
523
716
1,232
347
201
363
1,799
1,654
3,785
276
586
507
7,791
242
306
1,281
1,891
4,309
561
110
131
625
5,224
258
810
495
750
133
1,334
2,582
271
230
760
250
511
574
7,611
1,286
10,335
9,623
20,415
32,118
9,094
4,234
6,542
656
283
595
491
1,444
2,049
663
337
453
1,014
317
732
784
2,204
2,087
1,043
650
720
3,354
95
145
Assurant, Inc.
AvalonBay Communities Inc.
Bank of America Corporation
Bank of New York Mellon Corporation, (The)
BB&T Corporation
Berkshire Hathaway Inc, B
BlackRock, Inc.
Boston Properties, Inc.
Capital One Financial Corporation
CB Richard Ellis Group, Inc., A
Charles Schwab Corporation, (The)
Chubb Corporation, (The)
Cincinnati Financial Corporation
Citigroup Inc.
CME Group Inc.
Comerica Incorporated
Crown Castle International Corp.
Discover Financial Services LLC
E*TRADE Financial Corporation
Equity Residential
Essex Property Trust, Inc.
Fifth Third Bancorp
Franklin Resources Inc.
General Growth Properties, Inc.
Genworth Financial Inc., A
Goldman Sachs Group, Inc., (The)
Hartford Financial Services Group Inc., (The)
HCP, Inc.
Health Care REIT, Inc.
Host Hotels & Resorts, Inc.
Hudson City Bancorp, Inc.
Huntington Bancshares Incorporated
Intercontinental Exchange, Inc.
Invesco Ltd.
Iron Mountain Incorporated
J.P. Morgan Chase & Co.
KeyCorp
Kimco Realty Corporation
Legg Mason, Inc.
Leucadia National Corp.
Lincoln National Corporation
Loews Corporation
M&T Bank Corporation
Marsh & McLennan Companies, Inc.
McGraw Hill Financial, Inc.
MetLife Inc.
Moody's Corporation
Morgan Stanley
Navient Corporation
Northern Trust Corporation
People's United Financial, Inc.
Plum Creek Timber Company, Inc.
PNC Financial Services Group, (The)
Principal Financial Group
Progressive Corporation, (The)
Prologis, Inc.
Prudential Financial Inc.
Public Storage, Inc.
Regions Financial Corporation
Simon Property Group, Inc.
State Street Corporation
SunTrust Banks
T. Rowe Price Group Inc.
The Macerich Company
The NASDAQ OMX Group, Inc.
Torchmark Corporation
Travelers Companies, Inc., (The)
Shares
1,612
3,028
241,240
25,815
16,523
41,831
2,921
3,512
12,756
6,414
26,358
5,410
3,378
69,496
7,263
4,125
7,658
10,404
6,625
8,312
1,467
18,905
8,987
14,394
11,393
9,293
9,899
10,535
7,514
17,372
11,038
18,685
2,598
9,884
4,277
85,764
19,876
9,438
2,304
7,268
5,956
6,867
3,028
12,418
6,228
26,053
4,212
35,026
9,410
5,078
7,066
4,041
12,073
6,265
12,279
11,469
10,494
3,328
31,577
7,129
9,579
11,964
5,951
3,229
2,708
2,951
7,603
Average cost
($000s)
89
416
3,884
870
586
4,589
753
384
849
158
576
420
148
3,860
547
179
542
431
133
484
285
364
430
348
184
1,483
366
441
473
343
120
165
487
301
139
4,363
250
216
116
211
251
298
325
508
397
1,260
264
1,141
170
306
111
180
897
265
307
447
788
480
333
1,037
589
442
416
227
88
119
575
Fair value
($000s)
128
574
5,007
1,215
745
7,287
1,212
524
1,222
255
923
649
203
4,362
747
224
699
790
186
693
352
447
577
470
112
2,090
479
538
660
479
130
228
661
453
192
6,226
321
275
143
189
398
335
441
825
643
1,635
468
1,577
236
397
124
201
1,278
378
384
573
1,101
714
387
1,506
872
582
593
312
151
185
934
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 33
Standard Life US Equity Direct Index Registered Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
U.S. Bancorp
Unum Group
Ventas, Inc.
Vornado Realty Trust
Wells Fargo & Company
Weyerhaeuser Company
XL Group plc
Zions Bancorporation
INFORMATION TECHNOLOGY 19.45%
Accenture plc, A
Adobe Systems Incorporated
Akamai Technologies, Inc.
Alliance Data Systems Corporation
Altera Corporation
Amphenol Corporation, A
Analog Devices Inc.
Apple Inc.
Applied Materials Inc.
Autodesk, Inc.
Automatic Data Processing Inc.
Avago Technologies Limited
Broadcom Corporation
CA Inc.
Cisco Systems Inc.
Citrix Systems Inc.
Cognizant Technology Solutions Corporation
Computer Sciences Corporation
Corning Incorporated
eBay Inc.
Electronic Arts Inc.
EMC Corporation
F5 Networks, Inc.
Facebook, Inc., A
Fidelity National Information Services, Inc.
First Solar, Inc.
Fiserv Inc.
FLIR Systems, Inc.
Google Inc., A
Google Inc., C
Harris Corporation
Hewlett-Packard Company
Intel Corporation
International Business Machines Corporation
Intuit Inc.
Juniper Networks Inc.
KLA-Tencor Corporation
Lam Research Corporation
Linear Technology Corporation
MasterCard Incorporated, A
Microchip Technology Incorporated
Micron Technology Inc.
Microsoft Corporation
Motorola Solutions, Inc.
NetApp, Inc.
NVIDIA Corporation
Oracle Corporation
Paychex Inc.
Qualcomm Incorporated
Red Hat, Inc.
salesforce.com, inc.
Sandisk Corporation
Seagate Technology
Symantec Corporation
TE Connectivity Ltd.
Teradata Corporation
Texas Instruments Incorporated
Total System Services, Inc.
as at December 31, 2014
Shares
41,053
5,781
6,751
4,005
108,307
12,030
5,920
4,655
Average cost
($000s)
1,483
166
413
384
4,503
368
175
143
Fair value
($000s)
2,141
234
562
547
6,888
501
236
154
14,401
10,868
4,083
1,466
6,993
7,100
7,140
134,555
27,949
5,219
11,057
5,365
12,357
7,348
117,294
3,693
13,968
3,223
29,409
25,934
7,132
46,676
1,697
47,955
6,511
1,724
5,597
3,233
6,538
6,532
2,404
42,811
110,928
21,116
6,549
8,833
3,773
3,647
5,472
22,481
4,610
24,623
189,084
4,860
7,151
11,844
74,216
7,491
38,145
4,314
13,455
5,062
7,506
15,832
9,337
3,510
24,234
3,795
1,056
556
192
411
230
257
327
8,950
503
234
742
404
420
205
2,731
225
544
170
580
1,210
234
1,159
198
3,238
284
136
248
104
4,309
4,039
142
1,443
2,892
3,655
418
222
214
183
221
1,228
190
445
6,955
304
273
205
2,568
293
2,581
201
596
335
315
341
449
158
954
100
1,492
917
298
486
300
443
460
17,229
808
364
1,069
626
621
260
3,785
273
853
236
782
1,688
389
1,610
257
4,340
470
89
461
121
4,025
3,989
200
1,993
4,670
3,930
700
229
308
336
289
2,247
241
1,000
10,189
378
344
275
3,872
401
3,289
346
926
575
579
471
685
178
1,503
150
The accompanying notes are an integral part of these annual financial statements.
34 Pooled and Indexed Funds
VeriSign Inc.
Visa Inc.
Western Digital Corporation
Western Union Co.
Xerox Corporation
Xilinx Inc.
Yahoo! Inc.
TELECOMMUNICATIONS 2.26%
AT&T Inc.
CenturyLink, Inc.
Frontier Communications Corporation
Level 3 Communications, Inc.
Verizon Communications Inc.
Windstream Corporation
UTILITIES 3.20%
AES Corporation, (The)
AGL Resources, Inc.
Ameren Corporation
American Electric Power Company Inc.
CenterPoint Energy, Inc.
CMS Energy Corporation
Consolidated Edison Inc.
Dominion Resources Inc.
DTE Energy Company
Duke Energy Corporation
Edison International
Entergy Corporation
Exelon Corporation
FirstEnergy Corp.
Integrys Energy Group, Inc.
NextEra Energy, Inc.
NiSource Inc.
Northeast Utilities
NRG Energy, Inc.
Pepco Holdings Inc.
PG&E Corporation
Pinnacle West Capital Corporation
PPL Corporation
Public Service Enterprise Group Incorporated
SCANA Corp
Sempra Energy
Southern Company
TECO Energy, Inc.
Wisconsin Energy Corporation
Xcel Energy Inc.
TRUST UNITS 0.72%
SPDR S&P 500 ETF
TOTAL EQUITIES 99.71 %
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.71%
Derivatives assets and liabilities(1) 0.00%
Other assets, less liabilities 0.29%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Shares
2,500
11,206
5,018
11,990
24,619
6,067
20,213
Average cost
($000s)
105
1,807
314
222
278
238
590
Fair value
($000s)
165
3,409
644
249
396
305
1,184
118,986
13,091
22,987
6,396
95,189
13,827
4,112
508
158
345
4,559
149
4,637
601
178
366
5,166
132
15,050
2,736
5,566
11,223
9,859
6,310
6,719
13,394
4,060
16,225
7,474
4,140
19,715
9,652
1,824
10,013
7,242
7,267
7,756
5,778
10,896
2,534
15,256
11,608
3,270
5,302
20,639
5,383
5,173
11,600
218
130
216
527
211
160
375
802
261
1,125
377
326
820
401
103
808
218
298
227
137
502
131
509
433
160
427
900
98
201
329
240
173
298
791
268
254
515
1,195
407
1,572
568
420
848
437
165
1,235
356
451
242
181
673
201
643
558
229
685
1,176
128
317
483
14,707
3,426
347,327
(83)
3,507
489,037
-
347,244
1,367
348,611
489,037
18
1,367
490,422
100.00%
Standard Life US Equity Direct Index Registered Fund (SLI)
Annual financial statements
(1)
Derivative assets and liabilities
Futures contracts / Maturity date
Derivative assets
Standard & Poor's E-Mini 500 Index Futures, 2015/03
Derivative assets and liabilities
Number of contracts
Contracted value
($000s)
Fair value
($000s)
Unrealized gain/(loss)
($000s)
11
1,292
1,310
18
18
% of net assets
attributable to contractholders
Equities
Energy
Industrials
Consumer discretionary
Consumer staples
Health care
Financials
Information technology
Other
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
10.18
10.84
12.42
9.66
12.83
16.02
18.45
9.33
0.27
100.00
10.67
9.84
11.16
10.31
11.67
15.16
18.48
12.24
0.47
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 35
Standard Life US Equity Non-Registered Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Interest, dividends and other receivables
Statement of comprehensive income
Dec. 31
2014
$
Jan. 1
2013
$
6,199
118
43
47
7
6,414
5,491
105
4
4
5,604
4,635
19
17
5
4,676
8
8
1
1
1
1
6,406
5,603
4,675
23.32
18.67
13.20
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
INCOME
Dividends
Foreign exchange gain (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Other operating expenses
Foreign withholding taxes (note 10)
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
176
5
97
(3)
1,127
1,308
1,723
1,817
1
6
1
12
4
24
5
1
12
5
23
1,284
1,794
4.78
5.40
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
5,603
4,675
1,284
1,794
1,466
(1,947)
(481)
2,336
(3,202)
(866)
6,406
5,603
The accompanying notes are an integral part of these annual financial statements.
36 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
1,284
Adjustments for:
Foreign exchange gain (loss) on cash
(5)
Realized and change in unrealized gain (loss)
on investments and derivatives
(1,127)
Purchase of investments
(6,588)
Proceeds from sale and maturity of investments
6,968
(Increase) decrease in interest, dividends and
other receivables
(3)
Net cash from operating activities
529
Cash flows used in financing activities
Proceeds from sale of units
1,427
Payments for units redeemed
(1,948)
Net cash used in financing activities
(521)
Foreign exchange gain (loss) on cash
5
Net increase (decrease) in cash
13
Cash (bank indebtedness) at beginning of year
105
Cash (bank indebtedness) at end of year
118
Supplemental disclosures on cash flows from operating activities
Dividend received, net of withholding taxes
161
1,794
3
(1,723)
(7,989)
8,856
1
942
2,349
(3,202)
(853)
(3)
86
19
105
86
Standard Life US Equity Non-Registered Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Average cost
Shares
($000s)
EQUITIES
ENERGY 6.42%
Anadarko Petroleum Corporation
EOG Resources Inc.
Exxon Mobil Corporation
Gulfport Energy Corporation
Halliburton Company
Hess Corporation
Schlumberger Limited
MATERIALS 2.56%
LyondellBasell Industries N.V.
Martin Marietta Materials, Inc.
Steel Dynamics, Inc.
Stillwater Mining Company
INDUSTRIALS 13.68%
Allegion Public Limited Company
Allison Transmission Holdings, Inc.
American Airlines Group, Inc.
Delta Air Lines Inc.
Fortune Brands Home & Security, Inc.
J.B. Hunt Transport Services, Inc.
Kansas City Southern
Lockheed Martin Corporation
Pall Corporation
Precision Castparts Corp.
Raytheon Company
CONSUMER DISCRETIONARY 14.93%
Advance Auto Parts, Inc.
BorgWarner Inc.
Comcast Corporation, A
Hanesbrands Inc.
Home Depot Inc., (The)
Macy's, Inc.
Newell Rubbermaid Inc.
Time Warner Inc.
TJX Companies Inc., (The)
Visteon Corporation
CONSUMER STAPLES 7.26%
Altria Group Inc.
CVS Health Corp.
Estée Lauder Companies Inc., (The), A
Mondelez International, Inc.
PepsiCo Inc.
HEALTH CARE 14.44%
AbbVie Inc.
Amgen Inc.
Boston Scientific Corporation
Cardinal Health Inc.
Celgene Corporation
Eli Lilly and Company
Gilead Sciences, Inc.
McKesson Corporation
Merck & Co., Inc.
FINANCIALS 11.61%
American Tower Corporation
Arthur J. Gallagher & Co.
Charles Schwab Corporation, (The)
Citigroup Inc.
Evercore Partners Inc., A
First Republic Bank
Goldman Sachs Group, Inc., (The)
Lazard Ltd., A
Fair value
($000s)
1,047
840
435
531
809
487
708
99
47
41
37
42
53
58
100
90
47
26
37
42
70
536
346
1,203
2,506
32
46
31
44
49
44
28
43
1,559
2,131
625
2,059
1,990
518
515
223
1,052
200
624
85
78
34
51
95
31
60
27
78
37
74
100
84
39
118
105
51
73
50
123
56
78
561
1,028
2,036
654
1,035
547
860
1,511
1,679
615
79
48
123
30
78
39
35
109
81
63
104
66
137
85
126
42
38
149
134
76
1,491
1,421
809
1,277
872
74
97
53
45
86
85
158
72
54
96
1,464
658
3,813
650
1,063
904
1,208
417
1,970
85
76
54
41
71
66
55
84
119
111
122
59
61
138
72
132
100
130
915
1,386
3,377
1,930
840
1,447
476
1,350
81
55
103
75
44
65
101
44
105
76
118
121
51
87
107
78
Shares
Average cost
($000s)
Fair value
($000s)
54
78
89
38
43
54
68
77
30
23
125
93
106
123
50
39
62
79
52
99
174
79
45
80
90
101
37
22
109
91
125
157
59
55
68
104
34
40
4,744
(4)
46
63
6,199
-
4,740
207
4,947
6,199
207
6,406
INFORMATION TECHNOLOGY 24.16%
Activision Blizzard, Inc.
2,240
Alliance Data Systems Corporation
298
Apple Inc.
1,362
Avago Technologies Limited
676
Check Point® Software Technologies Ltd.
492
Electronic Arts Inc.
1,469
Equinix, Inc.
343
Facebook, Inc., A
1,112
FEI Company
352
FLIR Systems, Inc.
587
Google Inc., A
177
Google Inc., C
149
Hewlett-Packard Company
2,680
Microsoft Corporation
2,934
NetApp, Inc.
1,220
ON Semiconductor Corporation
4,695
salesforce.com, inc.
981
Western Digital Corporation
813
UTILITIES 1.71%
Calpine Corporation
1,782
CMS Energy Corporation
1,586
TOTAL EQUITIES 96.77%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 96.77%
Other assets, less liabilities 3.23%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
% of net assets
attributable to contractholders
Equities
Energy
Industrials
Consumer discretionary
Consumer staples
Health care
Financials
Information technology
Other
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
9.20
12.47
16.40
12.01
10.66
13.69
17.58
5.98
2.01
100.00
10.84
13.67
14.40
13.65
8.60
11.26
15.79
10.93
0.86
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 37
Standard Life Hedged US Equity Index Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Subscriptions receivable
Receivable from investments sold
Derivative assets (note 10)
LIABILITIES
Current liabilities
Bank indebtedness
Redemptions payable
Derivative liabilities (note 10)
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
5,135
5
79
5,219
6,451
34
6,485
4,798
3
2
4,803
79
29
9
117
34
23
8
65
3
3
5,102
6,420
4,800
20.34
17.79
13.36
Statement of changes in financial position
INCOME
Other income (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
-
7
532
532
1,707
1,714
532
1,714
2.13
4.48
2014
$
2013
$
532
1,714
(532)
(1,488)
3,292
1,804
(1,707)
(3,668)
3,701
40
1,417
(3,266)
(1,849)
(45)
(34)
(79)
3,546
(3,617)
(71)
(31)
(3)
(34)
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
6,420
4,800
532
1,714
1,422
(3,272)
(1,850)
3,546
(3,640)
(94)
5,102
6,420
Average cost
$
Fair value
$
3,366
5,135
3,366
(24)
3,342
5,135
(9)
(24)
5,102
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life US Equity Direct Index
Registered Fund (SLI)
312,055
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.64%
Derivative assets and liabilities(1) (0.18%)
Other assets, less liabilities (0.46%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
38 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Hedged US Equity Index Fund (SLI)
Annual financial statements
(1)
Derivative assets and liabilities
Forward foreign currency contracts
Counterparty
Derivative liabilities
Bank of Nova Scotia, (The)
Derivative assets and liabilities
Credit
rating for
counterparty
Settlement
date
Currency
buy
A+
2015/01/30
CAD
Par value
Currency
sell
Par value
Forward rate
Current rate
5,330,710
USD
4,600,000
0.8629
0.8614
Unrealized
gain (loss)
($000s)
(9)
(9)
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 39
Standard Life International Equity Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
LIABILITIES
Current liabilities
Bank indebtedness
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
367,321
125
337
367,783
394,454
245
37
394,736
296,056
302
351
296,709
337
89
1
4
431
37
172
2
4
215
84
302
2
2
390
367,352
394,521
296,319
35.56
36.45
27.17
Statement of changes in financial position
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
9,686
8,181
(18,290)
(8,604)
93,344
101,525
3
207
210
3
184
187
(8,814)
101,338
(0.84)
9.34
2014
$
2013
$
(8,814)
101,338
18,290
(50,774)
59,317
(93,344)
(42,116)
36,723
(1)
18,018
2
2,603
87,458
(105,776)
(18,318)
(300)
(37)
(337)
76,088
(79,030)
(2,942)
(339)
302
(37)
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
394,521
296,319
(8,814)
101,338
87,338
(105,693)
(18,355)
75,982
(79,118)
(3,136)
367,352
394,521
Schedule of portfolio investments
as at December 31, 2014
Units
22,822,310
The Standard Life Global Fund
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.99%
Other assets, less liabilities 0.01%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Average cost
$
327,090
Fair value
$
367,321
327,090
31
327,121
367,321
31
367,352
The accompanying notes are an integral part of these annual financial statements.
40 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Increase (decrease) in accrued expenses and
other liabilities
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Global Absolute Return Strategies Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
249,303
144
514
249,961
140,912
419
109
141,440
61,401
122
48
61,571
7
126
133
38
383
421
6
94
52
3
155
249,828
141,019
61,416
13.16
12.20
11.23
Statement of changes in financial position
for the years ended December 31
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
1,279
-
13,293
14,572
7,621
7,621
5
1
6
4
1
5
14,566
7,616
0.88
0.92
2014
$
2013
$
14,566
7,616
(13,293)
(103,799)
8,444
(7,621)
(163,853)
92,252
(94,082)
(55)
(71,661)
137,358
(43,551)
93,807
(275)
419
144
85,405
(13,447)
71,958
297
122
419
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
141,019
61,416
14,566
7,616
137,763
(43,520)
94,243
85,466
(13,479)
71,987
249,828
141,019
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Increase (decrease) in accrued expenses and
other liabilities
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Shares
SLI Global SICAV Global Absolute Return
Strategies Fund, Class Z*
22,051,681
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.79%
Other assets, less liabilities 0.21%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Average cost
$
Fair value
$
233,920
249,303
233,920
525
234,445
249,303
525
249,828
* Canadian dollar hedged distribution Z share class
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 41
Standard Life Absolute Return Global Bond Strategies Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
2014
$
ASSETS
Current assets
Investments, non-derivative financial assets
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
1,007
1,007
10.01
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss) on investments
and derivatives
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable to contractholders
per unit
2014
$
1
1
0.01
Statement of cash flows
for the period ended December 31 (note 1)
2014
$
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of period
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of period
1
1,014
(8)
1,006
1,007
Schedule of portfolio investments
as at December 31, 2014
Shares
SLI Global SICAV Absolute Return Global Bond
Strategies Fund, Class Z*
98,231
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Average cost
$
Fair value
$
1,007
1,007
1,007
1,007
1,007
1,007
* Canadian dollar hedged distribution Z share class
The accompanying notes are an integral part of these annual financial statements.
42 Pooled and Indexed Funds
for the period ended December 31 (note 1)
for the period ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of period
Cash (bank indebtedness) at end of period
2014
$
1
(1)
(1,008)
2
(1,006)
1,014
(8)
1,006
-
Standard Life Bond Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Interest, dividends and other receivables
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
738,751
446
937
4,354
744,488
750,167
327
2,001
5,420
757,915
754,330
548
603
5,297
760,778
472
2
5
479
803
2,619
4
5
3,431
346
4
4
354
744,009
754,484
760,424
560.22
516.03
522.25
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
for the years ended December 31
INCOME
Interest (note 10)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
22,677
27,851
41,025
63,702
(36,563)
(8,712)
71
6
249
326
69
5
242
316
63,376
(9,028)
44.03
(6.23)
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
754,484
760,424
63,376
(9,028)
176,915
(250,766)
(73,851)
180,471
(177,383)
3,088
744,009
754,484
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
63,376
(9,028)
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
(41,025)
36,563
Non cash interest on fixed income investments
3,670
(59)
Purchase of investments
(1,532,670) (1,704,449)
Proceeds from sale and maturity of investments
1,578,822 1,674,727
(Increase) decrease in interest, dividends and
other receivables
1,066
(123)
Increase (decrease) in accrued expenses and
other liabilities
(2)
1
Net cash from operating activities
73,237
(2,368)
Cash flows used in financing activities
Proceeds from sale of units
177,979
179,073
Payments for units redeemed
(251,097) (176,926)
Net cash used in financing activities
(73,118)
2,147
Net increase (decrease) in cash
119
(221)
Cash (bank indebtedness) at beginning of year
327
548
Cash (bank indebtedness) at end of year
446
327
Supplemental disclosures on cash flows from operating activities
Interest received
27,413
27,669
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 43
Standard Life Bond Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Par Average cost
value
($000s)
CANADIAN BONDS
FEDERAL AND FEDERALLY GUARANTEED 20.05%
Canada Housing Trust No. 1, 1.850%,
2016/12/15
17,690,000
Canada Housing Trust No. 1, 1.390%,
2017/09/15
27,160,000
Canada Housing Trust No. 1, 1.700%,
2017/12/15
54,920,000
Canada Housing Trust No. 1, 4.100%,
2018/12/15
2,035,000
Government of Canada, 2.500%, 2024/06/01
5,555,000
Government of Canada, 2.750%, 2048/12/01 34,370,000
Labrador Island Link Funding Trust, 3.760%,
2033/06/01
2,305,000
PROVINCIAL AND PROVINCIALLY GUARANTEED 19.94%
Financement-Québec, 5.250%, 2034/06/01
17,250,000
Province of British Columbia, 6.350%,
2031/06/18
1,925,000
Province of Manitoba, 4.050%, 2045/09/05
12,115,000
Province of Nova Scotia, 5.800%, 2033/06/01
1,300,000
Province of Ontario, 1.480%, 2017/09/22
10,580,000
Province of Ontario, 1.530%, 2017/11/23
11,880,000
Province of Ontario, 5.850%, 2033/03/08
21,130,000
Province of Ontario, 4.600%, 2039/06/02
13,775,000
Province of Ontario, 3.450%, 2045/06/02
11,775,000
Province of Quebec, 3.750%, 2024/09/01
2,420,000
Province of Quebec, 6.000%, 2029/10/01
2,200,000
Province of Quebec, 5.000%, 2038/12/01
14,485,000
Province of Quebec, 3.500%, 2045/12/01
3,090,000
MUNICIPALS AND SCHOOLS 12.97%
Municipal Finance Authority of British Columbia,
4.950%, 2027/12/01
3,570,000
Ontario School Boards Financing Corporation,
6.550%, 2026/10/19
8,136,189
Regional Municipality of Peel, 5.100%,
2040/06/29
1,680,000
The Regional Municipality of York, 4.000%,
2021/06/30
8,195,000
Toronto, City of, 5.050%, 2017/07/18
1,750,000
Toronto, City of, 4.950%, 2018/06/27
7,235,000
Toronto, City of, 4.700%, 2041/06/10
5,200,000
Ville de Montréal, 5.000%, 2018/12/01
21,155,000
Ville de Montréal, 4.500%, 2021/12/01
13,170,000
Ville de Montréal, 4.250%, 2032/12/01
6,960,000
Ville de Montréal, 4.100%, 2034/12/01
5,700,000
Winnipeg, City of, 5.200%, 2036/07/17
1,895,000
CORPORATE 40.12%
Alliance Pipeline Limited Partnership, 7.217%,
2025/12/31
3,424,417
American Express Canada Credit Corporation,
3.600%, 2016/06/03
4,870,000
Bank of Montreal, 3.490%, 2016/06/10
4,605,000
Bank of Montreal, 3.120%, 2019/09/19
2,050,000
Bank of Nova Scotia, (The), 2.100%,
2016/11/08
7,250,000
Bank of Nova Scotia, (The), 2.598%,
2017/02/27
4,665,000
Bank of Nova Scotia, (The), 2.370%,
2018/01/11
5,480,000
Bank of Nova Scotia, (The), 3.270%,
2021/01/11
2,680,000
Bell Canada, 5.000%, 2017/02/15
7,810,000
Bell Canada, 4.880%, 2018/04/26
8,220,000
Bell Canada, 3.350%, 2023/03/22
3,040,000
Bell Canada, 7.850%, 2031/04/02
2,275,000
Bell Canada, 4.750%, 2044/09/29
7,150,000
Fair value
($000s)
17,891
17,930
27,338
27,346
54,897
55,517
2,216
5,875
35,562
2,238
5,897
37,625
2,346
2,646
19,187
21,969
2,657
12,712
1,620
10,614
11,934
27,777
15,722
11,211
2,484
2,698
16,647
3,013
2,771
13,995
1,766
10,660
11,992
28,964
16,835
12,189
2,641
2,963
18,437
3,186
3,561
4,323
8,716
9,954
1,711
2,129
8,481
1,876
7,337
5,834
21,941
13,204
6,917
5,671
1,890
9,041
1,908
8,043
6,284
23,704
14,880
7,697
6,163
2,378
3,594
4,132
4,971
4,726
2,050
5,002
4,727
2,085
7,296
7,304
4,736
4,753
5,518
5,556
2,711
8,284
8,865
3,036
2,713
7,085
2,809
8,313
8,930
3,078
3,146
7,359
The accompanying notes are an integral part of these annual financial statements.
44 Pooled and Indexed Funds
Par Average cost
value
($000s)
Fair value
($000s)
7,613
1,935
7,701
1,966
4,300
4,671
9,620
9,633
3,764
7,772
2,921
3,811
7,837
2,939
6,791
6,806
4,884
4,974
1,102
1,130
1,435
3,746
1,512
3,567
1,712
1,769
12,009
12,075
7,360
7,485
3,205
1,532
2,391
4,730
3,968
4,238
1,539
2,465
4,828
4,305
1,668
1,690
3,625
3,665
1,950
2,018
5,549
5,640
3,671
3,963
2,878
3,593
8,253
3,252
3,692
8,313
3,559
3,999
4,091
5,084
1,394
1,425
4,821
8,418
7,683
11,423
2,559
5,415
8,474
7,742
11,614
2,620
2,715
2,200
1,335
5,549
2,816
1,324
2,812
2,380
1,493
5,616
3,120
1,383
2,508
2,555
3,020
3,079
Caisse centrale Desjardins, 2.795%,
2018/11/19
7,500,000
Cameco Corporation, 3.750%, 2022/11/14
1,935,000
Canadian Hydro Developers, Inc., 7.027%,
2018/06/11
4,300,000
Canadian Imperial Bank of Commerce, 2.350%,
2017/10/18
9,505,000
Canadian Imperial Bank of Commerce, 3.000%,
2019/10/28
3,765,000
Capital Desjardins Inc., 5.541%, 2016/06/01
7,460,000
Capital Desjardins Inc., 5.187%, 2020/05/05
2,600,000
Choice Properties Limited Partnership, 3.000%,
2017/04/20
6,670,000
Choice Properties Limited Partnership, 3.600%,
2020/04/20
4,790,000
Choice Properties Real Estate Investment Trust,
4.903%, 2023/07/05
1,025,000
Choice Properties Real Estate Investment Trust,
4.293%, 2024/02/08
1,435,000
Enbridge Inc., 4.240%, 2042/08/27
3,815,000
Enbridge Southern Lights LP, 4.014%,
2040/06/30
1,711,893
Ford Credit Canada Limited, 2.634%,
2016/11/21
11,935,000
Ford Credit Canada Limited, 3.700%,
2018/08/02
7,165,000
Health Montréal Collective Limited Partnership,
6.721%, 2049/09/30
3,205,000
HSBC Bank Canada, 2.572%, 2015/11/23
1,525,000
HSBC Bank Canada, 3.558%, 2017/10/04
2,360,000
HSBC Bank Canada, 2.908%, 2021/09/29
4,730,000
IGM Financial Inc., 7.350%, 2019/04/08
3,595,000
John Deere Canada Funding Inc., 2.300%,
2018/01/17
1,670,000
Laurentian Bank of Canada, 2.560%,
2018/03/26
3,625,000
Laurentian Bank of Canada, 3.278%,
2018/10/15
1,950,000
Laurentian Bank of Canada, 2.810%,
2019/06/13
5,550,000
Loblaw Companies Limited, 4.860%,
2023/09/12
3,560,000
Loblaw Companies Limited, 5.900%,
2036/01/18
2,775,000
METRO INC., 5.030%, 2044/12/01
3,595,000
National Bank of Canada, 2.702%, 2016/12/15 8,160,000
North Battleford Power L.P., 4.958%,
2032/12/31
3,559,577
NorthwestConnect General Partnership,
5.950%, 2041/04/30
4,069,006
Pembina Pipeline Corporation, 4.810%,
2044/03/25
1,395,000
Rogers Communications Inc., 6.560%,
2041/03/22
4,255,000
Royal Bank of Canada, 2.580%, 2017/04/13
8,320,000
Royal Bank of Canada, 2.820%, 2018/07/12
7,525,000
Royal Bank of Canada, 3.040%, 2019/07/17
11,425,000
Royal Bank of Canada, 3.450%, 2021/09/29
2,560,000
Shaw Communications Inc., 5.500%,
2020/12/07
2,460,000
Sobeys Inc., 4.700%, 2023/08/08
2,200,000
Sun Life Financial Inc., 4.570%, 2021/08/23
1,335,000
TELUS Corporation, 4.950%, 2017/03/15
5,265,000
TELUS Corporation, 5.150%, 2043/11/26
2,830,000
TELUS Corporation, 4.750%, 2045/01/17
1,330,000
The Manufacturers Life Insurance Company,
2.819%, 2018/02/26
2,505,000
The Manufacturers Life Insurance Company,
2.811%, 2019/02/21
3,020,000
Standard Life Bond Fund (SLI)
Annual financial statements
% of net assets
attributable to contractholders
Schedule of portfolio investments
as at December 31, 2014
Par Average cost
value
($000s)
Fair value
($000s)
5,438
5,519
9,923
10,155
2,750
2,771
6,195
6,697
8,442
8,534
1,250
1,298
7,982
3,554
9,323
681,374
8,113
3,601
9,452
713,700
3,299
3,358
4,408
8,861
4,563
21,131
4,503
8,973
4,666
21,500
1,326
1,326
1,601
1,601
975
975
975
1,950
975
1,950
705,781
5,258
711,039
738,751
5,258
744,009
Thomson Reuters Corporation, 3.309%,
2021/11/12
5,435,000
Toronto-Dominion Bank, (The), 4.779%,
2016/12/14
9,640,000
Toronto-Dominion Bank, (The), 2.171%,
2018/04/02
2,750,000
TransCanada PipeLines Limited, 8.050%,
2039/02/17
4,335,000
Wells Fargo Financial Canada Corporation,
2.774%, 2017/02/09
8,355,000
Wells Fargo Financial Canada Corporation,
3.460%, 2023/01/24
1,250,000
ASSET-BACKED SECURITIES 2.84%
CARDS II Trust, 3.333%, 2016/05/15
7,925,000
Glacier Credit Card Trust, 2.394%, 2017/10/20
3,550,000
Master Credit Card Trust, 2.626%, 2017/01/21
9,275,000
TOTAL CANADIAN BONDS 95.92%
U.S. BONDS
CORPORATE 2.89%
Citigroup Inc., 3.390%, 2021/11/18
3,300,000
Goldman Sachs Group, Inc., (The), 3.375%,
2018/02/01
4,365,000
JPMorgan Chase & Co., 2.920%, 2017/09/19
8,760,000
JPMorgan Chase & Co., 3.190%, 2021/03/05
4,565,000
TOTAL U.S. BONDS 2.89%
FOREIGN BONDS
SUPRANATIONALS 0.22%
Inter-American Development Bank, 4.400%,
2026/01/26
1,390,000
TOTAL FOREIGN BONDS 0.22%
SHORT-TERM INVESTMENTS
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
975,000
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
975,000
TOTAL SHORT-TERM INVESTMENTS 0.26%
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.29%
Other assets, less liabilities 0.71%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Canadian bonds
Federal and federally guaranteed
Provincial and provincially guaranteed
Municipals and schools
Corporate
Asset-backed securities
U.S. bonds
Foreign bonds
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
21.76
20.17
11.18
37.98
5.06
1.79
0.19
1.29
0.58
100.00
21.27
19.98
9.89
40.45
5.50
0.42
0.21
1.48
0.80
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 45
Standard Life Short Term Bond Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Subscriptions receivable
Statement of comprehensive income
Dec. 31
2014
$
27,218
77
27,295
LIABILITIES
Current liabilities
Redemptions payable
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
8,786
1
8,787
Jan. 1
2013
$
5,667
5,667
2
2
-
-
27,293
8,787
5,667
10.64
10.29
10.10
Statement of changes in financial position
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
359
204
57
416
(95)
109
3
1
4
3
3
412
106
0.32
0.16
2014
$
2013
$
412
106
(57)
(21,214)
2,839
(18,020)
95
(6,274)
3,060
(3,013)
21,476
(3,456)
18,020
-
8,729
(5,716)
3,013
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
8,787
5,667
412
106
21,552
(3,458)
18,094
8,730
(5,716)
3,014
27,293
8,787
Average cost
$
27,254
Fair value
$
27,218
27,254
75
27,329
27,218
75
27,293
Schedule of portfolio investments
as at December 31, 2014
Units
273,102
SLI Short-Term Bond Pooled Fund
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.72%
Other assets, less liabilities 0.28%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
46 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Long Term Bond Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Cash margin
Subscriptions receivable
Receivable from investments sold
Interest, dividends and other receivables
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
683,381
170
108
1,150
4,445
689,254
467,103
249
4,558
560
3,630
476,100
453,077
151
960
3,007
457,195
559
1
560
117
2,629
1
1
2,748
303
1
304
688,694
473,352
456,891
22.64
19.38
20.55
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
for the years ended December 31
INCOME
Interest (note 10)
Distribution income from underlying funds
Foreign exchange gain (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Other operating expenses
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
22,568
111
413
18,679
189
70,399
93,491
(44,941)
(26,073)
56
6
1
5
68
42
5
1
48
93,423
(26,121)
3.25
(1.13)
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
473,352
456,891
93,423
(26,121)
400,708
(278,789)
121,919
152,947
(110,365)
42,582
688,694
473,352
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
93,423
(26,121)
Adjustments for:
Foreign exchange gain (loss) on cash
(413)
(189)
Realized and change in unrealized gain (loss)
on investments and derivatives
(70,399)
44,941
Non cash interest on fixed income investments
1,478
(7)
Purchase of investments
(2,594,659) (2,074,994)
Proceeds from sale and maturity of investments
2,445,233 2,018,103
Cash margin
(108)
(Increase) decrease in interest, dividends and
other receivables
(815)
(623)
Increase (decrease) in accrued expenses and
other liabilities
(1)
1
Net cash from operating activities
(126,261)
(38,889)
Cash flows used in financing activities
Proceeds from sale of units
404,116
149,349
Payments for units redeemed
(278,347) (110,551)
Net cash used in financing activities
125,769
38,798
Foreign exchange gain (loss) on cash
413
189
Net increase (decrease) in cash
(79)
98
Cash (bank indebtedness) at beginning of year
249
151
Cash (bank indebtedness) at end of year
170
249
Supplemental disclosures on cash flows from operating activities
Interest received
23,231
18,049
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 47
Standard Life Long Term Bond Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Par Average cost
value
($000s)
CANADIAN BONDS
FEDERAL AND FEDERALLY GUARANTEED 12.14%
Canada Housing Trust No. 1, 1.245%,
2019/03/15
17,075,000
Canada Housing Trust No. 1, 2.550%,
2025/03/15
22,050,000
Government of Canada, 5.750%, 2033/06/01
4,465,000
Government of Canada, 2.750%, 2048/12/01 23,180,000
Labrador Island Link Funding Trust, 3.760%,
2033/06/01
3,080,000
Muskrat Falls/Labrador Transmission Assets
Funding Trust, 3.830%, 2037/06/01
7,050,000
PROVINCIAL AND PROVINCIALLY GUARANTEED 48.58%
Financement-Québec, 5.250%, 2034/06/01
15,860,000
Province of Alberta, 3.450%, 2043/12/01
635,000
Province of British Columbia, 2.850%,
2025/06/18
1,820,000
Province of British Columbia, 4.300%,
2042/06/18
23,555,000
Province of Manitoba, 2.550%, 2023/06/02
2,785,000
Province of Manitoba, 4.600%, 2038/03/05
11,970,000
Province of Manitoba, 4.050%, 2045/09/05
6,135,000
Province of New Brunswick, 5.500%,
2034/01/27
7,010,000
Province of New Brunswick, 4.550%,
2037/03/26
6,915,000
Province of Nova Scotia, 5.800%, 2033/06/01
2,220,000
Province of Ontario, 3.500%, 2024/06/02
3,080,000
Province of Ontario, 5.850%, 2033/03/08
15,585,000
Province of Ontario, 5.600%, 2035/06/02
32,285,000
Province of Ontario, 4.650%, 2041/06/02
25,315,000
Province of Ontario, 3.450%, 2045/06/02
51,200,000
Province of Quebec, 3.750%, 2024/09/01
8,000,000
Province of Quebec, 6.000%, 2029/10/01
5,990,000
Province of Quebec, 5.000%, 2038/12/01
3,460,000
Province of Quebec, 5.000%, 2041/12/01
37,775,000
Province of Quebec, 3.500%, 2045/12/01
7,755,000
Province of Saskatchewan, 4.750%,
2040/06/01
5,900,000
MUNICIPALS AND SCHOOLS 7.39%
Municipal Finance Authority of British Columbia,
4.950%, 2027/12/01
1,435,000
Ontario School Board Trust, 5.900%,
2033/06/02
1,430,000
Toronto, City of, 3.400%, 2024/05/21
6,700,000
Toronto, City of, 5.200%, 2040/06/01
13,125,000
Toronto, City of, 4.150%, 2044/03/10
2,700,000
Ville de Montréal, 3.500%, 2024/09/01
3,165,000
Ville de Montréal, 4.250%, 2032/12/01
9,730,000
Ville de Montréal, 4.100%, 2034/12/01
5,730,000
CORPORATE 26.94%
407 International Inc., 5.960%, 2035/12/03
3,080,000
407 International Inc., 4.450%, 2041/11/15
1,980,000
Aéroports de Montréal, 5.670%, 2037/10/16
3,505,000
Alliance Pipeline Limited Partnership, 7.217%,
2025/12/31
661,904
AltaLink, L.P., 4.054%, 2044/11/21
3,000,000
Arrow Lakes Power Corporation, 5.516%,
2041/04/05
1,255,000
Bell Canada, 3.350%, 2023/03/22
4,290,000
Bell Canada, 6.170%, 2037/02/26
3,330,000
Bell Canada, 4.750%, 2044/09/29
5,060,000
British Columbia Ferry Services Inc., 6.250%,
2034/10/13
2,340,000
British Columbia Ferry Services Inc., 5.581%,
2038/01/11
1,710,000
Fair value
($000s)
17,121
17,123
22,057
6,520
25,287
22,490
6,830
25,376
3,141
3,535
7,294
8,220
18,309
612
20,199
670
1,819
1,867
25,297
2,641
13,132
6,484
28,513
2,815
14,633
7,087
8,233
9,201
7,690
2,766
3,228
20,191
41,800
28,748
49,435
8,295
7,372
4,313
45,221
7,247
8,194
3,016
3,310
21,363
43,735
31,435
53,000
8,730
8,068
4,404
48,808
7,995
6,567
7,529
1,441
1,738
1,631
6,690
15,595
2,683
3,159
9,759
5,736
1,901
7,058
16,880
3,025
3,321
10,761
6,195
3,702
1,970
4,083
4,093
2,199
4,529
697
3,000
799
3,136
1,271
4,226
3,524
5,014
1,482
4,344
4,083
5,208
2,985
3,135
1,948
2,165
The accompanying notes are an integral part of these annual financial statements.
48 Pooled and Indexed Funds
Choice Properties Real Estate Investment Trust,
4.293%, 2024/02/08
CU Inc., 5.580%, 2038/05/26
Enbridge Inc., 5.750%, 2039/09/02
Enbridge Inc., 4.240%, 2042/08/27
Enbridge Pipelines Inc., 4.550%, 2043/08/17
Enbridge Southern Lights LP, 4.014%,
2040/06/30
EPCOR Utilities Inc., 6.650%, 2038/04/15
EPCOR Utilities Inc., 4.550%, 2042/02/28
Fortis Inc., 6.510%, 2039/07/04
FortisAlberta Inc., 5.370%, 2039/10/30
FortisBC Energy (Vancouver Island) Inc.,
6.050%, 2038/02/15
FortisBC Energy (Vancouver Island) Inc.,
5.200%, 2040/12/06
GE Capital Canada Funding Company, 5.730%,
2037/10/22
George Weston Limited, 4.115%, 2024/06/17
Greater Toronto Airports Authority, 5.630%,
2040/06/07
Greater Toronto Airports Authority, 5.300%,
2041/02/25
Great-West Lifeco Inc., 6.740%, 2031/11/24
Health Montréal Collective Limited Partnership,
6.721%, 2049/09/30
Hospital Infrastructure Partners (NOH)
Partnership, 5.439%, 2045/01/31
Hydro One Inc., 5.360%, 2036/05/20
IGM Financial Inc., 7.450%, 2031/05/09
IGM Financial Inc., 6.000%, 2040/12/10
Inter Pipeline Ltd., 4.637%, 2044/05/30
Loblaw Companies Limited, 6.150%,
2035/01/29
Loblaw Companies Limited, 5.900%,
2036/01/18
METRO INC., 5.030%, 2044/12/01
NorthwestConnect General Partnership,
5.950%, 2041/04/30
Nova Scotia Power Incorporated, 4.500%,
2043/07/20
Pembina Pipeline Corporation, 4.810%,
2044/03/25
Plenary Properties LTAP L.P., 6.288%,
2044/01/31
Power Financial Corporation, 6.900%,
2033/03/11
Rogers Communications Inc., 6.680%,
2039/11/04
Scotiabank Capital Trust, 5.650%, 2036/12/31
Shaw Communications Inc., 4.350%,
2024/01/31
Shaw Communications Inc., 6.750%,
2039/11/09
Sobeys Inc., 4.700%, 2023/08/08
Spy Hill Power L.P., 4.140%, 2036/03/31
Sun Life Financial Inc., 5.400%, 2037/05/29
Suncor Energy Inc., 5.390%, 2037/03/26
TELUS Corporation, 4.850%, 2044/04/05
TELUS Corporation, 4.750%, 2045/01/17
TransCanada PipeLines Limited, 8.050%,
2039/02/17
Union Gas Limited, 5.200%, 2040/07/23
TOTAL CANADIAN BONDS 95.05%
Par Average cost
value
($000s)
Fair value
($000s)
1,885,000
2,275,000
1,775,000
4,630,000
7,115,000
1,923
2,644
1,975
4,578
7,565
1,986
2,921
2,050
4,329
7,896
1,543,672
4,105,000
2,500,000
785,000
2,505,000
1,544
5,545
2,727
843
3,088
1,595
5,844
2,777
1,096
3,136
465,000
477
621
1,270,000
1,276
1,549
2,525,000
670,000
2,858
670
3,257
697
3,365,000
3,983
4,385
5,695,000
1,395,000
6,509
1,708
7,140
1,870
1,575,000
1,700
2,083
1,120,000
3,670,000
2,085,000
7,070,000
2,900,000
1,134
4,304
2,607
8,510
2,955
1,346
4,564
2,879
8,900
2,994
3,380,000
3,796
4,045
4,975,000
3,000,000
5,154
2,998
5,830
3,081
2,476,034
2,910
3,094
2,130,000
2,121
2,345
3,475,000
3,472
3,549
760,000
815
1,002
2,750,000
3,317
3,682
6,705,000
1,590,000
7,560
1,708
8,600
2,002
955,000
956
1,015
6,715,000
2,250,000
1,904,204
720,000
3,900,000
2,250,000
2,935,000
7,430
2,267
1,900
682
4,173
2,247
2,930
8,336
2,434
1,967
839
4,471
2,375
3,053
6,880,000
1,743,000
10,265
1,998
609,756
10,629
2,110
654,572
Standard Life Long Term Bond Fund (SLI)
Annual financial statements
% of net assets
attributable to contractholders
Schedule of portfolio investments
as at December 31, 2014
Par value Average cost
or units
($000s)
Fair value
($000s)
6,651
6,651
7,267
7,267
10,735
10,735
12,015
12,015
3,111
3,111
3,327
3,327
4,500
850
850
6,200
4,500
850
850
6,200
636,453
5,313
641,766
683,381
5,313
688,694
U.S. BONDS
CORPORATE 1.06%
Manulife Finance (Delaware), Limited
Partnership, 5.059%, 2036/12/15
6,558,000
TOTAL U.S. BONDS 1.06%
FOREIGN BONDS
SUPRANATIONALS 1.74%
Inter-American Development Bank, 4.400%,
2026/01/26
10,435,000
TOTAL FOREIGN BONDS 1.74%
INVESTMENTS IN UNDERLYING FUNDS 0.48%
SLI Long-Term Bond Pooled Fund
33,038
TOTAL INVESTMENTS IN UNDERLYING FUNDS 0.48%
SHORT-TERM INVESTMENTS
Government of Canada, 0.933%, 2015/01/05
4,500,000
National Bank of Canada, 0.950%, 2015/01/05
850,000
Royal Bank of Canada, 0.950%, 2015/01/05
850,000
TOTAL SHORT-TERM INVESTMENTS 0.90%
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.23%
Other assets, less liabilities 0.77%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Canadian bonds
Federal and federally guaranteed
Provincial and provincially guaranteed
Corporate
Other
U.S. bonds
Foreign bonds
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
16.34
49.38
24.13
3.97
0.56
1.68
2.62
1.32
100.00
19.92
49.44
24.17
3.57
0.17
1.64
0.26
0.83
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 49
Standard Life Short-Term Liability Government Bond Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
Subscriptions receivable
LIABILITIES
Current liabilities
Redemptions payable
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2014
$
2013
$
29,086
85
29,171
9,851
9,851
29
29
29,142
10.85
9,851
9.96
Statement of changes in financial position
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
384
167
592
976
(200)
(33)
3
3
-
973
(33)
0.89
(0.03)
2014
$
2013
$
973
(33)
(592)
(19,399)
756
(18,262)
200
(10,305)
254
(9,884)
18,955
(693)
18,262
-
13,908
(4,024)
9,884
-
Statement of cash flows
for the years ended December 31 (note 1)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
9,851
-
973
(33)
19,040
(722)
18,318
13,908
(4,024)
9,884
29,142
9,851
Average cost
$
Fair value
$
28,701
29,086
28,701
56
28,757
29,086
56
29,142
Schedule of portfolio investments
as at December 31, 2014
Units
SLI Short-Term Liability Government
Bond Pooled Fund
282,079
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.81%
Other assets, less liabilities 0.19%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
50 Pooled and Indexed Funds
for the years ended December 31 (note 1)
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Mid-Term Liability Government Bond Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
Subscriptions receivable
LIABILITIES
Current liabilities
Redemptions payable
Accrued expenses
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2014
$
2013
$
85,540
74
85,614
47,470
47,470
34
34
85,580
11.11
3
3
47,467
9.56
Statement of changes in financial position
for the years ended December 31 (note 1)
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
2,086
1,759
5,920
8,006
(3,690)
(1,931)
4
1
5
3
1
4
8,001
(1,935)
1.54
(0.42)
2014
$
2013
$
8,001
(1,935)
(5,920)
(39,184)
7,034
3,690
(51,916)
756
(3)
(30,072)
3
(49,402)
37,786
(7,714)
30,072
-
50,157
(755)
49,402
-
Statement of cash flows
for the years ended December 31 (note 1)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
47,467
-
8,001
(1,935)
37,860
(7,748)
30,112
50,157
(755)
49,402
85,580
47,467
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Increase (decrease) in accrued expenses and
other liabilities
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
SLI Mid-Term Liability Government
Bond Pooled Fund
830,470
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.95%
Other assets, less liabilities 0.05%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Average cost
$
Fair value
$
83,280
85,540
83,280
40
83,320
85,540
40
85,580
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 51
Standard Life Long-Term Liability Government Bond Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
Subscriptions receivable
LIABILITIES
Current liabilities
Redemptions payable
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2014
$
2013
$
111,853
989
112,842
42,876
1,181
44,057
2,169
2,169
110,673
11.20
44,057
9.20
Statement of changes in financial position
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
2,375
440
9,063
11,438
(973)
(533)
3
3
-
11,435
(533)
2.00
(0.41)
2014
$
2013
$
11,435
(533)
(9,063)
(68,405)
8,491
(57,542)
973
(44,090)
241
(43,409)
66,107
(8,565)
57,542
-
51,129
(7,720)
43,409
-
Statement of cash flows
for the years ended December 31 (note 1)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
44,057
-
11,435
(533)
65,915
(10,734)
55,181
52,310
(7,720)
44,590
110,673
44,057
Average cost
$
Fair value
$
104,390
111,853
104,390
(1,180)
103,210
111,853
(1,180)
110,673
Schedule of portfolio investments
as at December 31, 2014
Units
SLI Long-Term Liability Government
Bond Pooled Fund
1,065,591
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 101.07%
Other assets, less liabilities (1.07%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
52 Pooled and Indexed Funds
for the years ended December 31 (note 1)
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Canadian Bond Index Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Interest, dividends and other receivables
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
3,468,108 3,044,424 2,754,627
948
1,582
637
9,870
3,552
3,384
8
8
8
19,540
18,139
16,032
3,498,474 3,067,705 2,774,688
3,905
11,336
2
6
15,249
1,568
15,482
5
5
17,060
1,477
13,344
4
3
14,828
for the years ended December 31
INCOME
Interest (note 10)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
99,211
102,751
178,484
277,695
(138,830)
(36,079)
303
1
304
270
270
277,391
(36,349)
2.09
(0.30)
2014
$
2013
$
3,483,225 3,050,645 2,759,860
25.90
23.80
24.10
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
Statement of cash flows
2014
$
2013
$
3,050,645 2,759,860
277,391
(36,349)
1,027,810 1,044,966
(872,621) (717,832)
155,189
327,134
3,483,225 3,050,645
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
277,391
(36,349)
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
(178,484) 138,830
Non cash interest on fixed income investments
13,203
(9)
Purchase of investments
(2,734,196) (2,946,094)
Proceeds from sale and maturity of investments
2,471,647 2,519,614
(Increase) decrease in interest, dividends and
other receivables
(1,401)
(2,107)
Increase (decrease) in accrued expenses and
other liabilities
(2)
3
Net cash from operating activities
(151,842) (326,112)
Cash flows used in financing activities
Proceeds from sale of units
1,021,492 1,044,798
Payments for units redeemed
(870,284) (717,741)
Net cash used in financing activities
151,208
327,057
Net increase (decrease) in cash
(634)
945
Cash (bank indebtedness) at beginning of year
1,582
637
Cash (bank indebtedness) at end of year
948
1,582
Supplemental disclosures on cash flows from operating activities
Interest received
111,013
100,635
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 53
Standard Life Canadian Bond Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Par Average cost
value
($000s)
CANADIAN BONDS
FEDERAL AND FEDERALLY GUARANTEED 37.02%
Canada Housing Trust No. 1, 2.750%,
2016/06/15
Canada Housing Trust No. 1, 1.850%,
2016/12/15
Canada Housing Trust No. 1, 2.050%,
2017/06/15
Canada Housing Trust No. 1, 1.700%,
2017/12/15
Canada Housing Trust No. 1, 1.750%,
2018/06/15
Canada Housing Trust No. 1, 2.050%,
2018/06/15
Canada Housing Trust No. 1, 2.350%,
2018/12/15
Canada Housing Trust No. 1, 4.100%,
2018/12/15
Canada Housing Trust No. 1, 1.950%,
2019/06/15
Canada Housing Trust No. 1, 2.000%,
2019/12/15
Canada Housing Trust No. 1, 3.750%,
2020/03/15
Canada Housing Trust No. 1, 3.350%,
2020/12/15
Canada Housing Trust No. 1, 3.800%,
2021/06/15
Canada Housing Trust No. 1, 2.650%,
2022/03/15
Canada Housing Trust No. 1, 2.400%,
2022/12/15
Canada Housing Trust No. 1, 2.350%,
2023/09/15
Canada Housing Trust No. 1, 3.150%,
2023/09/15
Canada Housing Trust No. 1, 2.900%,
2024/06/15
Canada Housing Trust No. 1, 2.550%,
2025/03/15
Canada Post Corporation, 4.360%, 2040/07/16
Export Development Canada, 4.300%,
2016/06/01
Government of Canada, 1.250%, 2016/02/01
Government of Canada, 1.000%, 2016/05/01
Government of Canada, 2.000%, 2016/06/01
Government of Canada, 4.000%, 2016/06/01
Government of Canada, 1.000%, 2016/08/01
Government of Canada, 2.750%, 2016/09/01
Government of Canada, 1.000%, 2016/11/01
Government of Canada, 1.500%, 2017/02/01
Government of Canada, 1.500%, 2017/03/01
Government of Canada, 4.000%, 2017/06/01
Government of Canada, 1.250%, 2017/08/01
Government of Canada, 1.500%, 2017/09/01
Government of Canada, 1.250%, 2018/02/01
Government of Canada, 1.250%, 2018/03/01
Government of Canada, 4.250%, 2018/06/01
Government of Canada, 1.250%, 2018/09/01
Government of Canada, 1.750%, 2019/03/01
Government of Canada, 3.750%, 2019/06/01
Government of Canada, 1.750%, 2019/09/01
Government of Canada, 1.500%, 2020/03/01
Government of Canada, 3.500%, 2020/06/01
Government of Canada, 10.500%, 2021/03/15
Government of Canada, 3.250%, 2021/06/01
Government of Canada, 2.750%, 2022/06/01
Government of Canada, 1.500%, 2023/06/01
Government of Canada, 8.000%, 2023/06/01
Government of Canada, 2.500%, 2024/06/01
Fair value
($000s)
34,110,000
34,420
34,913
26,000,000
26,075
26,353
26,950,000
27,097
27,476
24,890,000
24,876
25,160
14,000,000
14,013
14,156
12,460,000
12,419
12,724
27,000,000
27,164
27,889
21,465,000
21,825
23,607
25,000,000
25,054
25,407
29,450,000
29,688
29,944
13,855,000
13,938
15,255
11,530,000
11,501
12,524
21,270,000
22,120
23,724
18,955,000
19,161
19,793
16,465,000
16,331
16,843
9,800,000
9,657
9,940
7,460,000
7,484
8,042
18,500,000
18,831
19,522
5,000,000
2,000,000
4,988
2,269
5,100
2,530
1,375,000
30,140,000
21,800,000
25,085,000
21,520,000
39,040,000
22,025,000
21,500,000
28,400,000
22,545,000
13,040,000
16,400,000
25,985,000
6,200,000
19,915,000
23,725,000
22,010,000
20,865,000
41,420,000
15,855,000
13,200,000
31,827,000
300,000
27,190,000
33,715,000
23,670,000
5,555,000
13,760,000
1,380
30,170
21,787
25,275
22,015
38,936
22,541
21,464
28,527
22,709
13,656
16,391
26,049
6,214
19,800
25,683
21,719
20,953
44,661
16,084
13,203
34,494
398
29,514
35,440
21,999
7,584
14,078
1,436
30,220
21,802
25,438
22,425
39,044
22,662
21,516
28,685
22,790
13,972
16,477
26,278
6,224
19,987
26,188
22,067
21,294
45,861
16,150
13,260
35,332
461
30,149
36,408
23,315
8,318
14,607
The accompanying notes are an integral part of these annual financial statements.
54 Pooled and Indexed Funds
Par Average cost
value
($000s)
28,700,000
28,854
4,980,000
6,884
2,572,000
3,514
30,476,000
40,896
23,700,000
31,469
31,352,250
41,550
38,780,000
47,026
27,995,000
33,442
5,600,000
5,647
7,771,000
7,682
Fair value
($000s)
29,639
8,344
4,274
44,306
36,255
46,071
51,457
35,146
6,130
8,748
5,343
6,026
2,038
818
2,451
891
1,016
1,126
7,569
2,000
700
3,535
8,798
2,040
738
3,707
720
767
2,960
3,021
2,000
2,130
2,000
1,775
3,287
4,709
3,489
3,200
5,957
3,847
177
1,611
323
5,560
3,073
2,942
7,314
1,346
2,245
2,000
3,442
4,870
3,604
3,293
7,068
4,381
198
1,855
382
6,692
3,850
3,772
8,486
1,434
905
1,079
1,656
1,604
271
1,327
2,062
1,001
1,570
1,099
2,498
5,800
2,121
1,249
2,268
5,498
1,099
1,499
3,894
4,583
3,162
4,375
2,184
1,794
304
1,535
2,398
1,152
1,832
1,113
2,529
5,857
2,161
1,272
2,520
5,781
1,192
1,581
4,214
4,808
3,361
4,800
Government of Canada, 2.250%, 2025/06/01
Government of Canada, 9.000%, 2025/06/01
Government of Canada, 8.000%, 2027/06/01
Government of Canada, 5.750%, 2029/06/01
Government of Canada, 5.750%, 2033/06/01
Government of Canada, 5.000%, 2037/06/01
Government of Canada, 4.000%, 2041/06/01
Government of Canada, 3.500%, 2045/12/01
Government of Canada, 2.750%, 2048/12/01
Government of Canada, 2.750%, 2064/12/01
Labrador Island Link Funding Trust, 3.760%,
2033/06/01
5,250,000
Labrador Island Link Funding Trust, 3.850%,
2053/12/01
2,000,000
MILIT-AIR Inc., 5.750%, 2019/06/30
812,357
Muskrat Falls/Labrador Transmission Assets
Funding Trust, 3.630%, 2029/06/01
1,000,000
Muskrat Falls/Labrador Transmission Assets
Funding Trust, 3.860%, 2048/12/01
7,250,000
PSP Capital Inc., 2.260%, 2017/02/16
2,000,000
PSP Capital Inc., 3.030%, 2020/10/22
700,000
PSP Capital Inc., 3.290%, 2024/04/04
3,500,000
PROVINCIAL AND PROVINCIALLY GUARANTEED 31.37%
Alberta Capital Finance Authority, 4.650%,
2017/06/15
710,000
Cadillac Fairview Finance Trust, 3.240%,
2016/01/25
2,960,000
Cadillac Fairview Finance Trust, 3.640%,
2018/05/09
2,000,000
Cadillac Fairview Finance Trust, 4.310%,
2021/01/25
2,000,000
CDP Financial Inc., 4.600%, 2020/07/15
1,770,000
Financement-Québec, 3.500%, 2016/12/01
3,300,000
Financement-Québec, 3.500%, 2017/12/01
4,600,000
Financement-Québec, 2.400%, 2018/12/01
3,500,000
Financement-Québec, 2.450%, 2019/12/01
3,200,000
Financement-Québec, 5.250%, 2034/06/01
5,550,000
Hydro-Québec, 11.000%, 2020/08/15
2,960,000
Hydro-Québec, 10.500%, 2021/10/15
130,000
Hydro-Québec, 9.625%, 2022/07/15
1,238,000
Hydro-Québec, 6.000%, 2031/08/15
280,000
Hydro-Québec, 6.500%, 2035/02/15
4,555,000
Hydro-Québec, 6.000%, 2040/02/15
2,655,000
Hydro-Québec, 5.000%, 2045/02/15
2,870,000
Hydro-Québec, 5.000%, 2050/02/15
6,320,000
Hydro-Québec, 4.000%, 2055/02/15
1,250,000
Newfoundland and Labrador Hydro, 8.400%,
2026/02/27
705,000
Newfoundland and Labrador Hydro, 6.650%,
2031/08/27
1,500,000
Ontario Hydro, 10.000%, 2020/02/06
1,290,000
Ontario Hydro, 11.500%, 2020/11/27
200,000
Ontario Hydro, 10.125%, 2021/10/15
1,025,000
Ontario Hydro, 8.900%, 2022/08/18
1,650,000
Ontario Hydro, 8.500%, 2025/05/26
760,000
Ontario Hydro, 8.250%, 2026/06/22
1,200,000
Province of Alberta, 1.850%, 2016/09/01
1,100,000
Province of Alberta, 1.750%, 2017/06/15
2,500,000
Province of Alberta, 1.700%, 2017/12/15
5,800,000
Province of Alberta, 1.600%, 2018/06/15
2,150,000
Province of Alberta, 2.000%, 2019/06/01
1,250,000
Province of Alberta, 4.000%, 2019/12/01
2,275,000
Province of Alberta, 2.550%, 2022/12/15
5,650,000
Province of Alberta, 3.400%, 2023/12/01
1,100,000
Province of Alberta, 3.100%, 2024/06/01
1,500,000
Province of Alberta, 2.900%, 2029/09/20
4,200,000
Province of Alberta, 3.500%, 2031/06/01
4,500,000
Province of Alberta, 3.900%, 2033/12/01
3,000,000
Province of Alberta, 3.450%, 2043/12/01
4,550,000
Standard Life Canadian Bond Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Province of British Columbia, 4.700%,
2017/12/01
Province of British Columbia, 4.650%,
2018/12/18
Province of British Columbia, 2.250%,
2019/03/01
Province of British Columbia, 4.100%,
2019/12/18
Province of British Columbia, 3.700%,
2020/12/18
Province of British Columbia, 9.950%,
2021/05/15
Province of British Columbia, 4.800%,
2021/06/15
Province of British Columbia, 3.250%,
2021/12/18
Province of British Columbia, 2.700%,
2022/12/18
Province of British Columbia, 8.000%,
2023/09/08
Province of British Columbia, 3.300%,
2023/12/18
Province of British Columbia, 9.000%,
2024/08/23
Province of British Columbia, 2.850%,
2025/06/18
Province of British Columbia, 5.620%,
2028/08/17
Province of British Columbia, 5.700%,
2029/06/18
Province of British Columbia, 6.350%,
2031/06/18
Province of British Columbia, 5.400%,
2035/06/18
Province of British Columbia, 4.700%,
2037/06/18
Province of British Columbia, 4.950%,
2040/06/18
Province of British Columbia, 4.300%,
2042/06/18
Province of British Columbia, 3.200%,
2044/06/18
Province of Manitoba, 4.300%, 2016/03/01
Province of Manitoba, 2.050%, 2016/12/01
Province of Manitoba, 1.850%, 2017/06/01
Province of Manitoba, 4.700%, 2017/09/22
Province of Manitoba, 1.850%, 2018/09/05
Province of Manitoba, 5.500%, 2018/11/15
Province of Manitoba, 4.750%, 2020/02/11
Province of Manitoba, 4.150%, 2020/06/03
Province of Manitoba, 3.850%, 2021/12/01
Province of Manitoba, 2.550%, 2023/06/02
Province of Manitoba, 3.300%, 2024/06/02
Province of Manitoba, 7.750%, 2025/12/22
Province of Manitoba, 5.700%, 2037/03/05
Province of Manitoba, 4.600%, 2038/03/05
Province of Manitoba, 4.650%, 2040/03/05
Province of Manitoba, 4.100%, 2041/03/05
Province of Manitoba, 4.400%, 2042/03/05
Province of Manitoba, 3.350%, 2043/03/05
Province of Manitoba, 4.050%, 2045/09/05
Province of New Brunswick, 4.700%,
2016/07/21
Province of New Brunswick, 6.750%,
2017/06/27
Province of New Brunswick, 6.000%,
2017/12/27
Province of New Brunswick, 4.450%,
2018/03/26
as at December 31, 2014
Par Average cost
value
($000s)
Fair value
($000s)
810,000
815
887
5,895,000
6,193
6,608
5,200,000
5,259
5,346
3,325,000
3,344
3,703
5,275,000
5,408
5,811
1,170,000
1,506
1,721
290,000
295
338
3,700,000
3,730
3,980
5,000,000
5,012
5,172
2,450,000
3,132
3,535
3,300,000
3,267
3,545
500,000
666
778
1,250,000
1,250
1,282
600,000
653
783
7,415,000
8,563
9,894
3,950,000
5,208
5,686
655,000
725
882
2,835,000
2,938
3,548
6,000,000
6,555
7,877
7,455,000
7,876
9,024
9,940,000
600,000
3,320,000
1,000,000
1,035,000
1,000,000
520,000
1,400,000
1,600,000
3,670,000
2,400,000
3,000,000
280,000
1,835,000
2,825,000
2,260,000
2,400,000
900,000
2,600,000
5,000,000
8,914
599
3,321
1,000
1,037
999
538
1,488
1,623
3,853
2,296
3,040
356
2,091
2,766
2,207
2,290
896
2,362
5,264
10,040
622
3,374
1,014
1,128
1,014
597
1,601
1,789
4,068
2,426
3,186
412
2,549
3,454
2,801
2,757
1,085
2,645
5,776
3,900,000
4,015
4,111
750,000
785
849
640,000
670
725
1,160,000
1,157
1,269
Province of New Brunswick, 4.400%,
2019/06/03
Province of New Brunswick, 4.500%,
2020/06/02
Province of New Brunswick, 3.350%,
2021/12/03
Province of New Brunswick, 2.850%,
2023/06/02
Province of New Brunswick, 3.650%,
2024/06/03
Province of New Brunswick, 5.650%,
2028/12/27
Province of New Brunswick, 5.500%,
2034/01/27
Province of New Brunswick, 4.650%,
2035/09/26
Province of New Brunswick, 4.550%,
2037/03/26
Province of New Brunswick, 4.800%,
2039/09/26
Province of New Brunswick, 4.800%,
2041/06/03
Province of New Brunswick, 3.550%,
2043/06/03
Province of New Brunswick, 3.800%,
2045/08/14
Province of New Brunswick, 3.550%,
2055/06/03
Province of Newfoundland and Labrador,
10.950%, 2021/04/15
Province of Newfoundland and Labrador,
9.150%, 2025/07/07
Province of Newfoundland and Labrador,
6.150%, 2028/04/17
Province of Newfoundland and Labrador,
6.550%, 2030/10/17
Province of Newfoundland and Labrador,
5.600%, 2033/10/17
Province of Newfoundland and Labrador,
5.700%, 2035/10/17
Province of Newfoundland and Labrador,
4.500%, 2037/04/17
Province of Newfoundland and Labrador,
4.650%, 2040/10/17
Province of Nova Scotia, 4.600%, 2016/08/18
Province of Nova Scotia, 4.150%, 2019/11/25
Province of Nova Scotia, 4.100%, 2021/06/01
Province of Nova Scotia, 4.450%, 2021/10/24
Province of Nova Scotia, 6.600%, 2027/06/01
Province of Nova Scotia, 6.600%, 2031/12/01
Province of Nova Scotia, 5.800%, 2033/06/01
Province of Nova Scotia, 4.900%, 2035/06/01
Province of Nova Scotia, 4.500%, 2037/06/01
Province of Nova Scotia, 4.700%, 2041/06/01
Province of Nova Scotia, 4.400%, 2042/06/01
Province of Nova Scotia, 3.450%, 2045/06/01
Province of Ontario, 4.400%, 2016/03/08
Province of Ontario, 3.200%, 2016/09/08
Province of Ontario, 4.300%, 2017/03/08
Province of Ontario, 1.900%, 2017/09/08
Province of Ontario, 4.200%, 2018/03/08
Province of Ontario, 5.500%, 2018/06/02
Province of Ontario, 2.100%, 2018/09/08
Province of Ontario, 4.400%, 2019/06/02
Province of Ontario, 2.100%, 2019/09/08
Province of Ontario, 4.200%, 2020/06/02
Province of Ontario, 4.000%, 2021/06/02
Province of Ontario, 3.150%, 2022/06/02
Province of Ontario, 9.500%, 2022/07/13
Par Average cost
value
($000s)
Fair value
($000s)
4,345,000
4,403
4,843
3,060,000
3,098
3,464
2,100,000
2,122
2,250
2,650,000
2,637
2,721
2,000,000
2,029
2,164
910,000
1,009
1,178
945,000
1,029
1,240
1,605,000
1,551
1,920
1,895,000
1,831
2,245
3,140,000
3,324
3,881
2,035,000
2,074
2,535
3,800,000
3,598
3,911
2,000,000
2,042
2,158
1,500,000
1,526
1,559
390,000
518
592
350,000
416
552
225,000
217
304
550,000
547
787
695,000
790
928
400,000
443
545
615,000
607
730
1,225,000
800,000
780,000
2,445,000
400,000
830,000
630,000
950,000
970,000
1,915,000
2,405,000
5,080,000
1,000,000
6,935,000
1,940,000
14,025,000
16,600,000
6,820,000
1,690,000
18,400,000
21,815,000
8,250,000
25,725,000
24,010,000
27,610,000
2,325,000
1,193
802
778
2,513
395
985
694
964
991
1,839
2,607
5,596
988
6,951
1,947
14,232
16,625
6,875
1,748
18,370
22,764
8,263
26,710
24,784
28,136
3,088
1,503
844
866
2,735
456
1,152
915
1,291
1,204
2,276
2,982
6,052
1,024
7,200
2,005
14,933
16,833
7,398
1,912
18,770
24,322
8,379
28,741
26,714
29,206
3,477
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 55
Standard Life Canadian Bond Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Province of Ontario, 2.850%, 2023/06/02
Province of Ontario, 8.100%, 2023/09/08
Province of Ontario, 7.500%, 2024/02/07
Province of Ontario, 3.500%, 2024/06/02
Province of Ontario, 8.500%, 2025/12/02
Province of Ontario, 8.000%, 2026/06/02
Province of Ontario, 6.950%, 2027/02/03
Province of Ontario, 7.600%, 2027/06/02
Province of Ontario, 6.250%, 2028/08/25
Province of Ontario, 6.500%, 2029/03/08
Province of Ontario, 6.200%, 2031/06/02
Province of Ontario, 5.850%, 2033/03/08
Province of Ontario, 5.600%, 2035/06/02
Province of Ontario, 4.700%, 2037/06/02
Province of Ontario, 4.600%, 2039/06/02
Province of Ontario, 5.650%, 2039/07/13
Province of Ontario, 4.650%, 2041/06/02
Province of Ontario, 3.500%, 2043/06/02
Province of Ontario, 3.450%, 2045/06/02
Province of Prince Edward Island, 4.250%,
2019/09/24
Province of Prince Edward Island, 8.500%,
2023/12/15
Province of Prince Edward Island, 6.250%,
2032/01/29
Province of Prince Edward Island, 5.600%,
2034/02/21
Province of Prince Edward Island, 5.300%,
2036/05/19
Province of Prince Edward Island, 4.650%,
2037/11/19
Province of Prince Edward Island, 4.600%,
2041/05/19
Province of Prince Edward Island, 3.650%,
2042/06/27
Province of Prince Edward Island, 3.600%,
2053/01/17
Province of Prince Edward Island, 3.850%,
2054/07/17
Province of Quebec, 4.500%, 2016/12/01
Province of Quebec, 4.500%, 2017/12/01
Province of Quebec, 4.500%, 2018/12/01
Province of Quebec, 4.500%, 2019/12/01
Province of Quebec, 4.500%, 2020/12/01
Province of Quebec, 4.250%, 2021/12/01
Province of Quebec, 3.500%, 2022/12/01
Province of Quebec, 9.375%, 2023/01/16
Province of Quebec, 3.000%, 2023/09/01
Province of Quebec, 3.750%, 2024/09/01
Province of Quebec, 8.500%, 2026/04/01
Province of Quebec, 6.000%, 2029/10/01
Province of Quebec, 6.250%, 2032/06/01
Province of Quebec, 5.750%, 2036/12/01
Province of Quebec, 5.000%, 2038/12/01
Province of Quebec, 5.000%, 2041/12/01
Province of Quebec, 4.250%, 2043/12/01
Province of Quebec, 3.500%, 2045/12/01
Province of Saskatchewan, 4.500%,
2016/08/23
Province of Saskatchewan, 1.950%,
2019/03/01
Province of Saskatchewan, 3.900%,
2020/07/28
Province of Saskatchewan, 9.600%,
2022/02/04
Province of Saskatchewan, 3.200%,
2024/06/03
as at December 31, 2014
Par Average cost
value
($000s)
29,550,000
29,040
4,155,000
5,234
825,000
1,000
29,300,000
30,220
2,441,000
3,126
3,215,000
4,119
900,000
985
6,015,000
7,707
1,175,000
1,334
12,989,000
16,208
7,230,000
8,890
11,120,000
13,449
14,340,000
16,994
14,370,000
15,492
13,950,000
14,427
600,000
674
19,790,000
21,570
25,600,000
25,570
35,980,000
33,735
Fair value
($000s)
30,424
5,979
1,155
31,486
3,759
4,845
1,266
9,000
1,595
18,267
10,125
15,243
19,426
17,666
17,049
822
24,574
26,655
37,243
200,000
200
222
291,000
349
428
250,000
279
348
225,000
242
296
100,000
105
129
515,000
498
615
500,000
497
599
1,050,000
1,050
1,084
800,000
739
835
1,300,000
10,275,000
13,430,000
14,945,000
13,420,000
17,460,000
19,830,000
14,880,000
2,700,000
17,325,000
23,040,000
1,770,000
6,655,000
10,480,000
8,820,000
9,515,000
18,800,000
14,135,000
18,590,000
1,293
10,547
13,873
15,750
13,911
18,381
20,922
15,357
3,599
17,270
24,024
2,164
8,374
12,746
10,932
9,734
21,592
15,436
17,793
1,422
10,911
14,604
16,582
15,108
19,873
22,411
16,051
4,066
17,964
25,142
2,722
8,963
14,739
12,163
12,111
24,291
16,489
19,165
1,700,000
1,764
1,793
2,000,000
2,004
2,033
595,000
595
662
700,000
908
1,042
2,000,000
2,014
2,126
The accompanying notes are an integral part of these annual financial statements.
56 Pooled and Indexed Funds
Province of Saskatchewan, 8.750%,
2025/05/30
Province of Saskatchewan, 6.400%,
2031/09/05
Province of Saskatchewan, 5.800%,
2033/09/05
Province of Saskatchewan, 5.600%,
2035/09/05
Province of Saskatchewan, 5.000%,
2037/03/05
Province of Saskatchewan, 4.750%,
2040/06/01
Province of Saskatchewan, 3.400%,
2042/02/03
Province of Saskatchewan, 3.900%,
2045/06/02
MUNICIPALS AND SCHOOLS 2.07%
City of Ottawa, 4.200%, 2053/07/30
Concordia University, 6.550%, 2042/09/02
Edmonton, Alberta, 8.500%, 2018/09/14
Governing Council of University of Toronto,
4.251%, 2051/12/07
Metropolitan Toronto, 8.000%, 2016/09/27
Municipal Finance Authority of British Columbia,
4.650%, 2016/04/19
Municipal Finance Authority of British Columbia,
5.100%, 2018/11/20
Municipal Finance Authority of British Columbia,
2.050%, 2019/06/02
Municipal Finance Authority of British Columbia,
4.875%, 2019/06/03
Municipal Finance Authority of British Columbia,
4.450%, 2020/06/01
Municipal Finance Authority of British Columbia,
4.150%, 2021/06/01
Municipal Finance Authority of British Columbia,
3.750%, 2023/09/26
Municipal Finance Authority of British Columbia,
4.950%, 2027/12/01
Ontario School Board Trust, 5.900%,
2033/06/02
Ottawa-Carleton Catholic School Board,
6.500%, 2022/03/22
Regional Municipality of Peel, 5.100%,
2040/06/29
Regional Municipality of Peel, 3.850%,
2042/10/30
Royal Institution for the Advancement of
Learning, (The), 6.150%, 2042/09/22
Simon Fraser University, 5.613%, 2043/06/10
South Coast British Columbia Transportation
Authority, 4.650%, 2041/06/20
South Coast British Columbia Transportation
Authority, 4.450%, 2044/06/09
The Regional Municipality of York, 4.500%,
2016/09/28
The Regional Municipality of York, 4.600%,
2017/05/30
The Regional Municipality of York, 7.250%,
2017/06/19
The Regional Municipality of York, 4.500%,
2020/06/30
The Regional Municipality of York, 4.000%,
2021/06/30
The Regional Municipality of York, 3.650%,
2033/05/13
The Regional Municipality of York, 4.050%,
2034/05/01
Par Average cost
value
($000s)
Fair value
($000s)
260,000
337
402
2,670,000
3,540
3,867
1,400,000
1,532
1,944
1,040,000
1,160
1,433
1,150,000
1,199
1,489
1,880,000
1,954
2,399
2,500,000
2,530
2,605
4,100,000
4,166
4,686
2,000,000
170,000
675,000
1,995
191
765
2,282
239
835
1,000,000
910,000
1,025
960
1,104
1,013
4,498,000
4,583
4,700
2,000,000
2,135
2,264
1,000,000
999
1,014
2,570,000
2,690
2,916
940,000
941
1,061
1,000,000
1,053
1,120
2,350,000
2,433
2,573
1,030,000
1,044
1,247
2,560,000
2,577
3,402
180,000
185
219
2,710,000
2,761
3,434
1,500,000
1,513
1,597
920,000
430,000
1,033
477
1,280
562
1,165,000
1,331
1,385
2,000,000
1,995
2,330
805,000
804
849
505,000
506
543
310,000
327
353
600,000
599
675
1,000,000
1,035
1,103
1,000,000
892
1,042
2,150,000
2,219
2,352
Standard Life Canadian Bond Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Toronto, City of, 5.050%, 2017/07/18
Toronto, City of, 4.950%, 2018/06/27
Toronto, City of, 5.600%, 2018/12/18
Toronto, City of, 3.500%, 2021/12/06
Toronto, City of, 3.400%, 2024/05/21
Toronto, City of, 5.200%, 2040/06/01
Toronto, City of, 4.700%, 2041/06/10
Toronto, City of, 3.800%, 2042/12/13
Vancouver, City of, 4.700%, 2017/12/01
Vancouver, City of, 4.900%, 2019/12/02
Vancouver, City of, 4.500%, 2020/06/01
Ville de Montréal, 5.000%, 2018/12/01
Ville de Montréal, 5.450%, 2019/12/01
Ville de Montréal, 3.500%, 2023/09/01
Ville de Montréal, 4.250%, 2032/12/01
Ville de Montréal, 4.100%, 2034/12/01
Ville de Montréal, 6.000%, 2043/06/01
Winnipeg, City of, 6.250%, 2017/11/17
Winnipeg, City of, 5.200%, 2036/07/17
York Region District School Board, 6.450%,
2024/06/04
York University, 6.480%, 2042/03/07
CORPORATE 28.04%
407 International Inc., 4.300%, 2021/05/26
407 International Inc., 3.350%, 2024/05/16
407 International Inc., 6.470%, 2029/07/27
407 International Inc., 5.960%, 2035/12/03
407 International Inc., 4.450%, 2041/11/15
407 International Inc., 3.980%, 2052/09/11
407 International Inc., 4.680%, 2053/10/07
Accès Recherche Montréal L.P., 7.067%,
2042/12/31
Aéroports de Montréal, 6.550%, 2033/10/11
Aéroports de Montréal, 5.170%, 2035/09/17
Aéroports de Montréal, 5.670%, 2037/10/16
Aéroports de Montréal, 3.919%, 2042/09/26
Alberta Government Telephone Commission,
8.800%, 2025/09/22
Alliance Pipeline Limited Partnership, 7.181%,
2023/06/30
AltaLink, L.P., 3.621%, 2020/09/17
AltaLink, L.P., 3.399%, 2024/06/06
AltaLink, L.P., 4.872%, 2040/11/15
AltaLink, L.P., 4.462%, 2041/11/08
AltaLink, L.P., 3.990%, 2042/06/30
AltaLink, L.P., 4.274%, 2064/06/06
American Express Canada Credit Corporation,
3.600%, 2016/06/03
American Express Canada Credit Corporation,
2.310%, 2018/03/29
Arctic Infrastructure L.P., 5.092%, 2047/06/30
Arrow Lakes Power Corporation, 5.516%,
2041/04/05
B.C. Gas Utility Ltd., 6.950%, 2029/09/21
B.C. Telephone, 10.650%, 2021/06/19
B.C. Telephone, 9.650%, 2022/04/08
Bank of Montreal, 3.103%, 2016/03/10
Bank of Montreal, 5.100%, 2016/04/21
Bank of Montreal, 3.490%, 2016/06/10
Bank of Montreal, 3.979%, 2016/07/08
Bank of Montreal, 2.960%, 2016/08/02
Bank of Montreal, 2.390%, 2017/07/12
Bank of Montreal, 4.550%, 2017/08/01
Bank of Montreal, 2.240%, 2017/12/11
Bank of Montreal, 6.170%, 2018/03/28
Bank of Montreal, 6.020%, 2018/05/02
as at December 31, 2014
Par Average cost
value
($000s)
2,260,000
2,311
1,500,000
1,554
100,000
100
2,000,000
2,013
1,000,000
997
1,515,000
1,753
775,000
846
800,000
797
400,000
401
300,000
300
780,000
778
820,000
811
2,390,000
2,524
3,500,000
3,481
1,000,000
940
2,000,000
1,990
1,700,000
1,883
500,000
521
450,000
442
Fair value
($000s)
2,463
1,667
115
2,147
1,053
1,948
937
844
436
342
879
919
2,769
3,697
1,106
2,162
2,416
564
565
601,776
600,000
621
689
722
876
2,500,000
2,000,000
935,000
1,170,000
1,250,000
1,000,000
2,450,000
2,482
1,998
1,054
1,219
1,249
999
2,550
2,798
2,091
1,252
1,555
1,388
1,022
2,836
1,675,777
960,000
1,700,000
855,000
600,000
1,676
1,108
1,680
833
600
2,345
1,328
2,046
1,105
617
310,000
386
448
2,662,272
4,000,000
2,000,000
360,000
1,000,000
1,800,000
1,500,000
3,066
4,000
2,000
360
1,018
1,800
1,500
3,158
4,287
2,090
425
1,114
1,869
1,627
2,700,000
2,700
2,773
3,200,000
2,000,000
3,199
2,000
3,235
2,251
2,850,000
146,000
75,000
700,000
4,980,000
1,150,000
2,700,000
1,400,000
5,100,000
3,000,000
2,505,000
1,850,000
1,325,000
5,495,000
2,850
167
91
888
5,044
1,152
2,700
1,400
5,119
3,040
2,489
1,850
1,337
5,902
3,366
203
108
992
5,070
1,198
2,771
1,443
5,205
3,046
2,678
1,870
1,490
6,213
Bank of Montreal, 3.210%, 2018/09/13
Bank of Montreal, 2.430%, 2019/03/04
Bank of Montreal, 3.400%, 2021/04/23
Bank of Montreal, 4.609%, 2025/09/10
Bank of Nova Scotia, (The), 6.650%,
2016/01/22
Bank of Nova Scotia, (The), 3.610%,
2016/02/22
Bank of Nova Scotia, (The), 1.800%,
2016/05/09
Bank of Nova Scotia, (The), 2.740%,
2016/12/01
Bank of Nova Scotia, (The), 2.598%,
2017/02/27
Bank of Nova Scotia, (The), 4.100%,
2017/06/08
Bank of Nova Scotia, (The), 2.898%,
2017/08/03
Bank of Nova Scotia, (The), 2.370%,
2018/01/11
Bank of Nova Scotia, (The), 2.242%,
2018/03/22
Bank of Nova Scotia, (The), 2.750%,
2018/08/13
Bank of Nova Scotia, (The), 2.462%,
2019/03/14
Bank of Nova Scotia, (The), 3.036%,
2019/10/18
Bank of Nova Scotia, (The), 2.400%,
2019/10/28
Bank of Nova Scotia, (The), 3.270%,
2021/01/11
Bank of Nova Scotia, (The), 2.873%,
2021/06/04
Bank of Nova Scotia, (The), 8.900%,
2025/06/20
Bell Canada, 4.640%, 2016/02/22
Bell Canada, 3.650%, 2016/05/19
Bell Canada, 5.410%, 2016/09/26
Bell Canada, 5.000%, 2017/02/15
Bell Canada, 4.370%, 2017/09/13
Bell Canada, 4.400%, 2018/03/16
Bell Canada, 3.500%, 2018/09/10
Bell Canada, 5.520%, 2019/02/26
Bell Canada, 3.350%, 2019/06/18
Bell Canada, 3.540%, 2020/06/12
Bell Canada, 3.250%, 2020/06/17
Bell Canada, 3.150%, 2021/09/29
Bell Canada, 3.350%, 2023/03/22
Bell Canada, 4.700%, 2023/09/11
Bell Canada, 6.550%, 2029/05/01
Bell Canada, 7.850%, 2031/04/02
Bell Canada, 7.300%, 2032/02/23
Bell Canada, 6.100%, 2035/03/16
Bell Canada, 6.170%, 2037/02/26
Bell Canada, 4.750%, 2044/09/29
BMO Capital Trust, 4.633%, 2015/12/31
BMO Capital Trust II™, 10.221%, 2018/12/31
BMO Subordinated Notes Trust, 5.750%,
2017/09/26
Brascan Corporation, 5.950%, 2035/06/14
British Columbia Ferry Services Inc., 6.250%,
2034/10/13
British Columbia Ferry Services Inc., 5.021%,
2037/03/20
British Columbia Ferry Services Inc., 4.702%,
2043/10/23
Par Average cost
value
($000s)
4,000,000
4,000
3,560,000
3,559
5,000,000
5,007
2,530,000
2,768
Fair value
($000s)
4,172
3,612
5,278
2,915
1,420,000
1,431
1,490
1,400,000
1,400
1,432
5,000,000
4,995
5,013
2,500,000
2,500
2,549
6,750,000
6,751
6,877
2,950,000
2,986
3,114
5,400,000
5,420
5,520
4,000,000
3,999
4,056
6,000,000
5,975
6,057
5,000,000
5,077
5,136
2,225,000
2,225
2,259
3,000,000
3,000
3,075
2,145,000
2,144
2,162
4,000,000
4,000
4,192
4,000,000
4,000
4,098
540,000
1,980,000
3,350,000
1,425,000
1,900,000
2,475,000
4,000,000
1,000,000
700,000
2,500,000
500,000
4,950,000
3,000,000
3,800,000
1,000,000
970,000
1,500,000
950,000
825,000
1,000,000
5,050,000
2,500,000
800,000
708
2,010
3,398
1,415
1,895
2,550
4,162
999
700
2,497
500
4,947
2,988
3,794
999
1,047
1,776
1,068
823
1,007
5,004
2,503
907
817
2,044
3,435
1,511
2,022
2,627
4,281
1,046
788
2,604
523
5,109
3,050
3,848
1,103
1,212
2,074
1,262
1,003
1,226
5,197
2,567
1,028
1,500,000
250,000
1,625
256
1,645
277
650,000
725
871
1,291,000
1,247
1,525
1,102,000
1,106
1,272
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 57
Standard Life Canadian Bond Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Brookfield Asset Management Inc., 5.290%,
2017/04/25
BRP Finance ULC, 5.840%, 2036/11/05
Caisse centrale Desjardins, 2.281%,
2016/10/17
Caisse centrale Desjardins, 3.502%,
2017/10/05
Caisse centrale Desjardins, 2.795%,
2018/11/19
Caisse centrale Desjardins, 2.443%,
2019/07/17
Cameco Corporation, 5.670%, 2019/09/02
Cameco Corporation, 3.750%, 2022/11/14
Cameco Corporation, 4.190%, 2024/06/24
Canada Life Financial Corporation, 6.400%,
2028/12/11
Canadian Imperial Bank of Commerce, 3.400%,
2016/01/14
Canadian Imperial Bank of Commerce, 1.750%,
2016/06/01
Canadian Imperial Bank of Commerce, 2.650%,
2016/11/08
Canadian Imperial Bank of Commerce, 3.950%,
2017/07/14
Canadian Imperial Bank of Commerce, 2.350%,
2017/10/18
Canadian Imperial Bank of Commerce, 2.220%,
2018/03/07
Canadian Imperial Bank of Commerce, 6.000%,
2018/06/06
Canadian Imperial Bank of Commerce, 2.350%,
2019/06/24
Canadian Natural Resources Limited, 2.600%,
2019/12/03
Canadian Natural Resources Limited, 2.890%,
2020/08/14
Canadian Natural Resources Limited, 3.550%,
2024/06/03
Canadian Pacific Railway Company, 6.250%,
2018/06/01
Canadian Pacific Railway Company, 6.450%,
2039/11/17
Canadian Tire Corporation, Limited, 6.320%,
2034/02/24
Canadian Tire Corporation, Limited, 5.610%,
2035/09/04
Canadian Utilities Limited, 11.770%,
2020/11/30
Canadian Utilities Limited, 3.122%,
2022/11/09
Capital City Link General Partnership, 4.386%,
2046/03/31
Capital Desjardins Inc., 5.541%, 2016/06/01
Capital Desjardins Inc., 5.187%, 2020/05/05
Capital Desjardins Inc., 4.954%, 2021/12/15
Caterpillar Financial Services Limited, 2.630%,
2017/06/01
Caterpillar Financial Services Limited, 2.290%,
2018/06/01
Choice Properties Limited Partnership, 3.000%,
2017/04/20
Choice Properties Real Estate Investment Trust,
3.498%, 2021/02/08
Choice Properties Real Estate Investment Trust,
4.903%, 2023/07/05
Choice Properties Real Estate Investment Trust,
4.293%, 2024/02/08
CIBC Capital Trust, 9.976%, 2019/06/30
CIBC Capital Trust, 10.250%, 2039/06/30
as at December 31, 2014
Par Average cost
value
($000s)
Fair value
($000s)
444,000
695,000
439
706
475
763
2,000,000
2,000
2,022
1,470,000
1,470
1,535
2,000,000
2,000
2,054
4,000,000
1,265,000
2,870,000
1,000,000
4,008
1,291
2,870
1,000
4,048
1,415
2,916
1,031
300,000
324
387
7,960,000
8,042
8,110
2,000,000
1,999
2,004
3,680,000
3,679
3,745
4,050,000
4,130
4,266
5,125,000
5,120
5,194
7,250,000
7,221
7,317
2,180,000
2,272
2,451
2,300,000
2,298
2,325
3,000,000
2,995
2,992
3,500,000
3,498
3,520
1,900,000
1,893
1,910
1,190,000
1,235
1,354
2,025,000
2,159
2,738
1,005,000
1,004
1,247
200,000
196
231
470,000
642
707
260,000
260
271
3,000,000
1,775,000
2,000,000
2,000,000
3,000
1,793
2,000
2,053
3,184
1,865
2,260
2,259
900,000
900
919
1,000,000
1,000
1,010
1,050,000
1,068
1,071
1,400,000
1,400
1,441
963,000
972
1,062
690,000
3,630,000
640,000
690
4,082
838
727
4,690
929
The accompanying notes are an integral part of these annual financial statements.
58 Pooled and Indexed Funds
Clarica Life Insurance Company, 6.300%,
2028/05/15
Consumers' Gas Company Ltd., (The), 6.100%,
2028/05/19
CU Inc., 5.432%, 2019/01/23
CU Inc., 4.801%, 2021/11/22
CU Inc., 6.215%, 2024/03/06
CU Inc., 5.896%, 2034/11/20
CU Inc., 5.183%, 2035/11/21
CU Inc., 5.032%, 2036/11/20
CU Inc., 5.556%, 2037/10/30
CU Inc., 5.580%, 2038/05/26
CU Inc., 6.500%, 2039/03/07
CU Inc., 3.805%, 2042/09/10
CU Inc., 4.722%, 2043/09/09
CU Inc., 4.085%, 2044/09/02
CU Inc., 4.947%, 2050/11/18
CU Inc., 4.593%, 2061/10/24
Daimler Canada Finance Inc., 3.280%,
2016/09/15
Enbridge Gas Distribution Inc., 5.160%,
2017/12/04
Enbridge Gas Distribution Inc., 4.040%,
2020/11/23
Enbridge Gas Distribution Inc., 4.770%,
2021/12/17
Enbridge Gas Distribution Inc., 3.150%,
2024/08/22
Enbridge Gas Distribution Inc., 6.160%,
2033/12/16
Enbridge Gas Distribution Inc., 5.210%,
2036/02/25
Enbridge Gas Distribution Inc., 4.950%,
2050/11/22
Enbridge Inc., 5.170%, 2016/05/19
Enbridge Inc., 5.000%, 2016/08/09
Enbridge Inc., 4.770%, 2019/09/02
Enbridge Inc., 4.530%, 2020/03/09
Enbridge Inc., 4.260%, 2021/02/01
Enbridge Inc., 3.190%, 2022/12/05
Enbridge Inc., 7.220%, 2030/07/24
Enbridge Inc., 5.570%, 2035/11/14
Enbridge Inc., 5.750%, 2039/09/02
Enbridge Inc., 4.240%, 2042/08/27
Enbridge Inc., 4.570%, 2044/03/11
Enbridge Pipelines Inc., 4.490%, 2019/11/12
Enbridge Pipelines Inc., 4.450%, 2020/04/06
Enbridge Pipelines Inc., 2.930%, 2022/11/30
Enbridge Pipelines Inc., 6.050%, 2029/02/12
Enbridge Pipelines Inc., 5.350%, 2039/11/10
Enbridge Pipelines Inc., 5.330%, 2040/04/06
EnCana Corporation, 5.800%, 2018/01/18
EPCOR Utilities Inc., 6.750%, 2016/03/22
EPCOR Utilities Inc., 5.800%, 2018/01/31
EPCOR Utilities Inc., 6.650%, 2038/04/15
EPCOR Utilities Inc., 5.750%, 2039/11/24
EPCOR Utilities Inc., 4.550%, 2042/02/28
Finning International Inc., 6.020%, 2018/06/01
First Capital Realty Inc., 5.850%, 2017/01/31
First Capital Realty Inc., 4.950%, 2018/11/30
First Capital Realty Inc., 5.480%, 2019/07/30
First Capital Realty Inc., 5.600%, 2020/04/30
First Capital Realty Inc., 4.500%, 2021/03/01
First Capital Realty Inc., 3.900%, 2023/10/30
First Capital Realty Inc., 4.790%, 2024/08/30
First Capital Realty Inc., 4.323%, 2025/07/31
Par Average cost
value
($000s)
Fair value
($000s)
255,000
247
324
715,000
1,605,000
2,500,000
200,000
710,000
175,000
60,000
600,000
800,000
100,000
1,500,000
2,800,000
4,000,000
50,000
1,000,000
759
1,624
2,791
201
787
177
58
618
802
104
1,500
2,800
4,000
50
1,000
910
1,820
2,885
254
927
211
71
765
1,027
143
1,506
3,255
4,215
61
1,153
3,000,000
3,000
3,078
2,371,000
2,517
2,598
300,000
300
328
350,000
353
401
350,000
349
357
1,130,000
1,247
1,488
1,500,000
1,742
1,810
400,000
1,020,000
3,000,000
2,660,000
970,000
2,500,000
2,000,000
450,000
100,000
700,000
2,250,000
2,965,000
1,465,000
990,000
1,990,000
220,000
490,000
450,000
2,150,000
700,000
1,800,000
980,000
1,000,000
2,000,000
1,675,000
2,750,000
2,000,000
1,235,000
1,980,000
2,543,000
850,000
2,000,000
4,000,000
399
1,020
3,149
2,667
970
2,575
1,999
446
101
699
2,162
2,961
1,464
990
1,990
239
490
450
2,206
708
1,839
1,118
1,072
2,094
1,778
2,857
2,137
1,316
2,017
2,600
859
2,075
4,046
479
1,066
3,147
2,922
1,058
2,702
1,992
577
112
808
2,104
2,923
1,617
1,095
2,018
277
601
550
2,372
743
2,010
1,395
1,295
2,221
1,889
2,959
2,179
1,381
2,241
2,750
874
2,175
4,161
Standard Life Canadian Bond Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Ford Credit Canada Limited, 2.634%,
2016/11/21
Ford Credit Canada Limited, 3.320%,
2017/12/19
Ford Credit Canada Limited, 2.939%,
2019/02/19
Ford Credit Canada Limited, 3.279%,
2021/07/02
Fortis Inc., 6.510%, 2039/07/04
FortisAlberta Inc., 6.220%, 2034/10/31
FortisAlberta Inc., 5.400%, 2036/04/21
FortisAlberta Inc., 5.370%, 2039/10/30
FortisAlberta Inc., 4.990%, 2047/01/03
FortisAlberta Inc., 4.800%, 2050/10/27
FortisAlberta Inc., 3.980%, 2052/10/23
FortisBC Energy (Vancouver Island) Inc.,
5.200%, 2040/12/06
FortisBC Energy Inc., 5.900%, 2035/02/26
FortisBC Energy Inc., 5.550%, 2036/09/25
FortisBC Energy Inc., 6.000%, 2037/10/02
FortisBC Energy Inc., 5.800%, 2038/05/13
FortisBC Energy Inc., 6.550%, 2039/02/24
FortisBC Inc., 5.600%, 2035/11/09
FortisBC Inc., 5.000%, 2050/11/24
Gaz Métro Inc., 10.450%, 2016/10/31
Gaz Métro Inc., 5.450%, 2021/07/12
Gaz Métro Inc., 9.000%, 2025/05/16
Gaz Métro Inc., 7.200%, 2027/11/19
Gaz Métro Inc., 7.050%, 2030/10/30
Gaz Métro Inc., 6.300%, 2033/10/31
Gaz Métro Inc., 5.700%, 2036/07/10
GE Capital Canada Funding Company, 5.100%,
2016/06/01
GE Capital Canada Funding Company, 4.550%,
2017/01/17
GE Capital Canada Funding Company, 5.530%,
2017/08/17
GE Capital Canada Funding Company, 4.400%,
2018/02/08
GE Capital Canada Funding Company, 2.420%,
2018/05/31
GE Capital Canada Funding Company, 5.680%,
2019/09/10
GE Capital Canada Funding Company, 4.600%,
2022/01/26
GE Capital Canada Funding Company, 5.730%,
2037/10/22
George Weston Limited, 4.115%, 2024/06/17
George Weston Limited, 7.100%, 2032/02/05
Greater Toronto Airports Authority, 4.700%,
2016/02/15
Greater Toronto Airports Authority, 4.850%,
2017/06/01
Greater Toronto Airports Authority, 5.260%,
2018/04/17
Greater Toronto Airports Authority, 5.960%,
2019/11/20
Greater Toronto Airports Authority, 6.450%,
2027/12/03
Greater Toronto Airports Authority, 6.450%,
2029/07/30
Greater Toronto Airports Authority, 7.050%,
2030/06/12
Greater Toronto Airports Authority, 7.100%,
2031/06/04
Greater Toronto Airports Authority, 6.980%,
2032/10/15
as at December 31, 2014
Par Average cost
value
($000s)
Fair value
($000s)
1,600,000
1,600
1,619
3,750,000
3,749
3,861
4,140,000
4,140
4,209
2,180,000
500,000
700,000
215,000
1,100,000
115,000
250,000
775,000
2,180
501
700
207
1,102
106
250
775
2,214
698
944
266
1,377
140
294
791
1,250,000
888,000
320,000
1,500,000
575,000
200,000
200,000
500,000
615,000
640,000
300,000
405,000
400,000
250,000
100,000
1,247
938
321
1,985
576
231
197
499
673
654
393
481
452
249
104
1,525
1,157
404
2,006
753
287
251
608
710
758
454
559
562
336
128
3,330,000
3,432
3,492
1,600,000
1,580
1,690
2,505,000
2,500
2,743
650,000
649
699
4,400,000
4,400
4,472
1,790,000
1,789
2,067
2,000,000
2,075
2,254
4,120,000
1,220,000
1,000,000
4,144
1,220
1,155
5,314
1,268
1,268
1,830,000
1,830
1,895
1,590,000
1,585
1,713
3,255,000
3,449
3,618
1,350,000
1,434
1,594
2,575,000
3,205
3,416
151,516
164
191
1,875,000
2,016
2,640
365,000
429
522
600,000
698
859
Greater Toronto Airports Authority, 6.470%,
2034/02/02
Greater Toronto Airports Authority, 5.630%,
2040/06/07
Greater Toronto Airports Authority, 5.300%,
2041/02/25
Great-West Lifeco Inc., 6.140%, 2018/03/21
Great-West Lifeco Inc., 4.650%, 2020/08/13
Great-West Lifeco Inc., 6.740%, 2031/11/24
Great-West Lifeco Inc., 6.670%, 2033/03/21
Great-West Lifeco Inc., 5.998%, 2039/11/16
Health Montréal Collective Limited Partnership,
6.721%, 2049/09/30
Holcim Finance (Canada) Inc., 3.650%,
2018/04/10
Honda Canada Finance Inc., 2.275%,
2017/12/11
Hospital Infrastructure Partners (NOH)
Partnership, 5.439%, 2045/01/31
HSBC Bank Canada, 4.940%, 2016/03/16
HSBC Bank Canada, 2.901%, 2017/01/13
HSBC Bank Canada, 4.800%, 2017/04/10
HSBC Bank Canada, 3.558%, 2017/10/04
HSBC Bank Canada, 2.491%, 2019/05/13
HSBC Bank Canada, 2.938%, 2020/01/14
HSBC Bank Canada, 2.908%, 2021/09/29
Hydro One Inc., 5.180%, 2017/10/18
Hydro One Inc., 2.780%, 2018/10/09
Hydro One Inc., 4.400%, 2020/06/01
Hydro One Inc., 6.930%, 2032/06/01
Hydro One Inc., 6.350%, 2034/01/31
Hydro One Inc., 5.360%, 2036/05/20
Hydro One Inc., 4.890%, 2037/03/13
Hydro One Inc., 6.030%, 2039/03/03
Hydro One Inc., 5.490%, 2040/07/16
Hydro One Inc., 4.170%, 2044/06/06
IGM Financial Inc., 6.580%, 2018/03/07
IGM Financial Inc., 6.650%, 2027/12/13
IGM Financial Inc., 7.450%, 2031/05/09
IGM Financial Inc., 7.110%, 2033/03/07
IGM Financial Inc., 6.000%, 2040/12/10
Integrated Team Solutions PCH Partnership,
4.875%, 2046/05/31
Integrated Team Solutions SJHC Partnership,
5.946%, 2042/11/30
Inter Pipeline Fund, 3.448%, 2020/07/20
Inter Pipeline Ltd., 4.637%, 2044/05/30
Interprovincial Pipeline Inc., 8.200%,
2024/02/15
Interprovincial Pipeline Inc., 6.550%,
2027/11/17
John Deere Canada Funding Inc., 2.300%,
2016/07/05
John Deere Canada Funding Inc., 1.950%,
2017/04/12
John Deere Canada Funding Inc., 2.300%,
2018/01/17
John Deere Canada Funding Inc., 2.350%,
2019/06/24
Laurentian Bank of Canada, 3.132%,
2017/10/19
Laurentian Bank of Canada, 2.560%,
2018/03/26
Laurentian Bank of Canada, 3.278%,
2018/10/15
Laurentian Bank of Canada, 2.810%,
2019/06/13
Par Average cost
value
($000s)
Fair value
($000s)
1,585,000
1,785
2,193
1,325,000
1,324
1,726
1,800,000
300,000
2,740,000
965,000
1,040,000
1,575,000
1,954
307
2,738
979
1,138
2,000
2,257
339
3,055
1,293
1,394
2,055
5,250,000
5,250
6,943
2,400,000
2,399
2,498
1,000,000
1,000
1,012
1,850,000
530,000
2,220,000
1,000,000
1,500,000
3,000,000
4,000,000
2,100,000
2,565,000
1,950,000
1,000,000
2,680,000
510,000
939,000
1,290,000
150,000
835,000
2,945,000
320,000
505,000
1,255,000
465,000
1,405,000
1,850
532
2,220
1,000
1,500
3,000
4,000
2,100
2,619
1,950
1,000
3,101
577
968
1,380
163
938
3,009
331
484
1,529
557
1,767
2,223
549
2,271
1,061
1,567
3,045
4,121
2,143
2,809
2,018
1,117
3,819
697
1,168
1,517
204
1,072
3,150
363
644
1,733
634
1,769
850,000
850
945
1,000,000
4,000,000
1,630,000
1,000
4,000
1,630
1,246
4,146
1,683
2,255,000
3,033
3,119
265,000
297
354
1,200,000
1,200
1,212
1,200,000
1,200
1,207
2,500,000
2,497
2,531
1,000,000
999
1,010
2,000,000
2,000
2,048
4,000,000
4,000
4,044
2,000,000
2,000
2,070
3,000,000
2,999
3,049
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 59
Standard Life Canadian Bond Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Loblaw Companies Limited, 7.100%,
2016/06/01
Loblaw Companies Limited, 3.748%,
2019/03/12
Loblaw Companies Limited, 5.220%,
2020/06/18
Loblaw Companies Limited, 4.860%,
2023/09/12
Loblaw Companies Limited, 6.500%,
2029/01/22
Loblaw Companies Limited, 6.050%,
2034/06/09
Loblaw Companies Limited, 6.150%,
2035/01/29
Loblaw Companies Limited, 5.900%,
2036/01/18
Loblaw Companies Limited, 6.450%,
2039/03/01
Lower Mattagami Energy Limited Partnership,
4.176%, 2046/02/23
Manitoba Telecom Services Inc., 6.650%,
2016/05/11
Manitoba Telecom Services Inc., 4.000%,
2024/05/27
Manulife Bank of Canada, 4.680%, 2016/09/12
Manulife Financial Capital Trust II, 7.405%,
2019/12/31
Manulife Financial Corporation, 5.505%,
2018/06/26
Manulife Financial Corporation, 7.768%,
2019/04/08
METRO INC., 3.200%, 2021/12/01
METRO INC., 5.970%, 2035/10/15
METRO INC., 5.030%, 2044/12/01
National Bank of Canada, 2.050%, 2016/01/11
National Bank of Canada, 3.580%, 2016/04/26
National Bank of Canada, 2.702%, 2016/12/15
National Bank of Canada, 3.261%, 2017/04/11
National Bank of Canada, 2.019%, 2017/04/13
National Bank of Canada, 2.689%, 2017/08/21
National Bank of Canada, 1.951%, 2017/12/11
National Bank of Canada, 2.794%, 2018/08/09
NAV CANADA, 4.713%, 2016/02/24
NAV CANADA, 5.304%, 2019/04/17
NAV CANADA, 7.560%, 2027/03/01
NAV CANADA, 7.400%, 2027/06/01
NBC Asset Trust, 7.235%, 2018/06/30
NBC Asset Trust, 7.447%, 2020/06/30
NBC Capital Trust, 5.329%, 2016/06/30
North Battleford Power L.P., 4.958%,
2032/12/31
Nova Gas Transmission, 9.900%, 2024/12/16
Nova Scotia Power Incorporated, 9.750%,
2019/08/02
Nova Scotia Power Incorporated, 8.850%,
2025/05/19
Nova Scotia Power Incorporated, 6.950%,
2033/08/25
Nova Scotia Power Incorporated, 5.670%,
2035/11/14
Nova Scotia Power Incorporated, 5.950%,
2039/07/27
Nova Scotia Power Incorporated, 4.150%,
2042/03/06
Nova Scotia Power Incorporated, 4.500%,
2043/07/20
OMERS Realty Corporation, 3.203%,
2020/07/24
as at December 31, 2014
Par Average cost
value
($000s)
Fair value
($000s)
1,860,000
1,928
1,997
5,000,000
5,168
5,281
2,500,000
2,671
2,820
4,200,000
4,281
4,675
1,000,000
1,038
1,225
1,055,000
1,002
1,250
600,000
632
718
480,000
466
563
100,000
100
125
1,800,000
1,800
1,907
1,000,000
1,000
1,061
2,400,000
800,000
2,398
802
2,475
838
2,655,000
2,655
3,242
950,000
950
1,057
2,575,000
1,330,000
810,000
1,320,000
1,400,000
1,330,000
2,000,000
3,450,000
2,775,000
2,200,000
2,800,000
1,600,000
650,000
300,000
822,250
680,000
2,080,000
175,000
415,000
2,903
1,330
753
1,319
1,400
1,330
2,000
3,452
2,775
2,200
2,800
1,600
661
300
888
791
2,137
175
415
3,128
1,347
927
1,356
1,407
1,364
2,038
3,545
2,791
2,249
2,803
1,644
674
342
1,057
977
2,411
214
435
3,394,692
800,000
3,395
1,044
3,814
1,223
335,000
373
440
1,296,000
1,642
1,911
1,000,000
1,201
1,411
75,000
75
94
100,000
100
132
2,465,000
2,476
2,563
2,600,000
2,618
2,863
450,000
450
471
The accompanying notes are an integral part of these annual financial statements.
60 Pooled and Indexed Funds
Ottawa Macdonald-Cartier International Airport
Authority, 4.733%, 2017/05/02
Pembina Pipeline Corporation, 4.810%,
2044/03/25
Plenary Health Care Partnerships Humber LP,
4.895%, 2039/05/31
Plenary Properties LTAP L.P., 6.288%,
2044/01/31
Power Corporation of Canada, 7.570%,
2019/04/22
Power Corporation of Canada, 8.570%,
2039/04/22
Power Financial Corporation, 6.900%,
2033/03/11
PowerStream Inc., 3.958%, 2042/07/30
RBC Capital Trust, 4.870%, 2015/12/31
RBC Capital Trust, 6.821%, 2018/06/30
RioCan Real Estate Investment Trust, 4.499%,
2016/01/21
RioCan Real Estate Investment Trust, 3.800%,
2017/03/01
RioCan Real Estate Investment Trust, 2.870%,
2018/03/05
RioCan Real Estate Investment Trust, 3.850%,
2019/06/28
RioCan Real Estate Investment Trust, 3.620%,
2020/06/01
RioCan Real Estate Investment Trust, 3.746%,
2022/05/30
RioCan Real Estate Investment Trust, 3.725%,
2023/04/18
Rogers Communications Inc., 5.800%,
2016/05/26
Rogers Communications Inc., 2.800%,
2019/03/13
Rogers Communications Inc., 5.380%,
2019/11/04
Rogers Communications Inc., 4.700%,
2020/09/29
Rogers Communications Inc., 5.340%,
2021/03/22
Rogers Communications Inc., 4.000%,
2022/06/06
Rogers Communications Inc., 6.680%,
2039/11/04
Rogers Communications Inc., 6.110%,
2040/08/25
Rogers Communications Inc., 6.560%,
2041/03/22
Royal Bank of Canada, 3.360%, 2016/01/11
Royal Bank of Canada, 2.070%, 2016/06/17
Royal Bank of Canada, 3.030%, 2016/07/26
Royal Bank of Canada, 2.680%, 2016/12/08
Royal Bank of Canada, 3.660%, 2017/01/25
Royal Bank of Canada, 2.580%, 2017/04/13
Royal Bank of Canada, 2.364%, 2017/09/21
Royal Bank of Canada, 2.260%, 2018/03/12
Royal Bank of Canada, 2.820%, 2018/07/12
Royal Bank of Canada, 2.890%, 2018/10/11
Royal Bank of Canada, 2.770%, 2018/12/11
Royal Bank of Canada, 2.980%, 2019/05/07
Royal Bank of Canada, 2.990%, 2019/12/06
Royal Bank of Canada, 2.350%, 2019/12/09
Royal Bank of Canada, 2.860%, 2021/03/04
Royal Bank of Canada, 4.930%, 2025/07/16
Scotiabank Capital Trust, 5.650%, 2036/12/31
Scotiabank Tier 1 Trust, 7.802%, 2019/06/30
Par Average cost
value
($000s)
Fair value
($000s)
740,000
738
792
3,260,000
3,257
3,330
2,400,000
2,400
2,676
2,130,000
2,240
2,808
685,000
685
826
428,000
429
686
565,000
1,000,000
2,210,000
770,000
666
1,000
2,208
776
756
1,020
2,274
887
1,500,000
1,517
1,541
2,000,000
2,031
2,077
5,000,000
4,998
5,087
2,350,000
2,363
2,467
5,300,000
5,381
5,490
4,000,000
4,020
4,106
1,200,000
1,202
1,221
2,910,000
2,908
3,068
3,260,000
3,257
3,322
635,000
637
716
1,900,000
1,991
2,099
5,000,000
5,123
5,712
2,000,000
1,994
2,122
1,000,000
999
1,283
2,955,000
2,952
3,558
1,500,000
4,600,000
3,000,000
3,000,000
5,600,000
4,915,000
4,000,000
6,000,000
9,000,000
1,650,000
5,000,000
5,000,000
6,600,000
6,000,000
4,000,000
3,150,000
2,030,000
1,644,000
1,080,000
1,811
4,598
2,999
3,000
5,658
4,918
4,000
6,010
9,014
1,650
5,000
5,003
6,650
6,000
3,999
3,150
2,050
1,683
1,093
1,909
4,685
3,019
3,064
5,704
5,105
4,074
6,081
9,089
1,698
5,153
5,133
6,845
6,137
4,019
3,227
2,390
2,070
1,310
Standard Life Canadian Bond Index Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Shaw Communications Inc., 6.150%,
2016/05/09
Shaw Communications Inc., 5.650%,
2019/10/01
Shaw Communications Inc., 5.500%,
2020/12/07
Shaw Communications Inc., 4.350%,
2024/01/31
Shaw Communications Inc., 6.750%,
2039/11/09
Shoppers Drug Mart Corporation, 2.360%,
2018/05/24
SNC-Lavalin Innisfree McGill Finance Inc.,
6.632%, 2044/06/30
Sobeys Inc., 7.160%, 2018/02/26
Sobeys Inc., 4.700%, 2023/08/08
Sobeys Inc., 6.640%, 2040/06/07
Sun Life Capital Trust, 7.093%, 2032/06/30
Sun Life Capital Trust II, 5.863%, 2019/12/31
Sun Life Financial Inc., 4.950%, 2016/06/01
Sun Life Financial Inc., 4.380%, 2017/03/02
Sun Life Financial Inc., 5.590%, 2018/01/30
Sun Life Financial Inc., 2.770%, 2019/05/13
Sun Life Financial Inc., 5.700%, 2019/07/02
Sun Life Financial Inc., 4.570%, 2021/08/23
Sun Life Financial Inc., 5.400%, 2037/05/29
Suncor Energy Inc., 5.800%, 2018/05/22
Suncor Energy Inc., 5.390%, 2037/03/26
TD Capital Trust III, 7.243%, 2018/12/31
TD Capital Trust IV, 9.523%, 2019/06/30
TD Capital Trust IV, 6.631%, 2021/06/30
TELUS Corporation, 3.650%, 2016/05/25
TELUS Corporation, 4.950%, 2017/03/15
TELUS Corporation, 5.050%, 2019/12/04
TELUS Corporation, 5.050%, 2020/07/23
TELUS Corporation, 3.200%, 2021/04/05
TELUS Corporation, 3.350%, 2023/03/15
TELUS Corporation, 3.350%, 2024/04/01
TELUS Corporation, 4.400%, 2043/04/01
TELUS Corporation, 5.150%, 2043/11/26
TELUS Corporation, 4.850%, 2044/04/05
The Manufacturers Life Insurance Company,
4.210%, 2016/11/18
The Manufacturers Life Insurance Company,
4.165%, 2017/06/01
The Manufacturers Life Insurance Company,
2.926%, 2018/11/29
The Manufacturers Life Insurance Company,
2.811%, 2019/02/21
The Manufacturers Life Insurance Company,
2.640%, 2020/01/15
Thomson Reuters Corporation, 4.350%,
2020/09/30
THP Partnership, 4.394%, 2046/10/31
Toronto Hydro Corporation, 5.150%,
2017/11/14
Toronto Hydro Corporation, 4.490%,
2019/11/12
Toronto Hydro Corporation, 3.540%,
2021/11/18
Toronto Hydro Corporation, 2.910%,
2023/04/10
Toronto-Dominion Bank, (The), 2.948%,
2016/08/02
Toronto-Dominion Bank, (The), 4.779%,
2016/12/14
as at December 31, 2014
Par Average cost
value
($000s)
Fair value
($000s)
700,000
715
740
5,245,000
5,408
5,954
1,470,000
1,465
1,680
4,900,000
4,980
5,210
4,470,000
4,853
5,549
1,200,000
1,200
1,211
1,505,000
400,000
2,500,000
1,000,000
220,000
370,000
2,846,000
2,500,000
600,000
1,000,000
985,000
2,500,000
1,995,000
2,480,000
1,700,000
2,375,000
1,980,000
740,000
1,000,000
1,285,000
4,390,000
4,950,000
1,090,000
2,500,000
1,875,000
2,000,000
1,550,000
1,730,000
1,548
431
2,500
1,001
254
372
2,850
2,587
607
1,000
1,006
2,484
1,859
2,522
1,676
2,423
2,264
740
999
1,269
4,548
5,286
1,087
2,397
1,866
1,997
1,542
1,728
1,960
457
2,704
1,266
293
426
2,966
2,628
660
1,013
1,129
2,795
2,325
2,778
1,949
2,804
2,525
895
1,026
1,371
4,917
5,569
1,118
2,538
1,878
1,965
1,709
1,826
1,500,000
1,500
1,564
1,900,000
1,900
1,999
1,600,000
1,600
1,638
3,400,000
3,400
3,467
3,000,000
3,000
3,022
1,500,000
1,750,000
1,499
1,750
1,624
1,864
1,040,000
1,049
1,139
585,000
595
649
500,000
500
536
2,800,000
2,800
2,853
6,000,000
6,058
6,125
3,913,000
3,925
4,122
Toronto-Dominion Bank, (The), 1.824%,
2017/04/03
Toronto-Dominion Bank, (The), 2.433%,
2017/08/15
Toronto-Dominion Bank, (The), 5.763%,
2017/12/18
Toronto-Dominion Bank, (The), 2.171%,
2018/04/02
Toronto-Dominion Bank, (The), 5.828%,
2018/07/09
Toronto-Dominion Bank, (The), 2.447%,
2019/04/02
Toronto-Dominion Bank, (The), 2.563%,
2020/06/24
Toronto-Dominion Bank, (The), 2.621%,
2021/12/22
Toronto-Dominion Bank, (The), 3.226%,
2024/07/24
Toronto-Dominion Bank, (The), 9.150%,
2025/05/26
Toyota Credit Canada Inc., 2.450%,
2017/02/27
Toyota Credit Canada Inc., 2.250%,
2019/05/23
TransAlta Corporation, 5.000%, 2020/11/25
TransAlta Corporation, 6.900%, 2030/11/15
TransCanada PipeLines Limited, 4.650%,
2016/10/03
TransCanada PipeLines Limited, 5.100%,
2017/01/11
TransCanada PipeLines Limited, 9.450%,
2018/03/20
TransCanada PipeLines Limited, 11.800%,
2020/11/20
TransCanada PipeLines Limited, 3.650%,
2021/11/15
TransCanada PipeLines Limited, 9.950%,
2022/12/01
TransCanada PipeLines Limited, 3.690%,
2023/07/19
TransCanada PipeLines Limited, 8.290%,
2026/02/05
TransCanada PipeLines Limited, 7.310%,
2027/01/15
TransCanada PipeLines Limited, 7.900%,
2027/04/15
TransCanada PipeLines Limited, 6.890%,
2028/08/07
TransCanada PipeLines Limited, 6.500%,
2030/12/09
TransCanada PipeLines Limited, 8.230%,
2031/01/16
TransCanada PipeLines Limited, 4.550%,
2041/11/15
UMH Energy Partnership, 7.586%, 2041/05/08
Union Gas Limited, 4.640%, 2016/06/30
Union Gas Limited, 9.700%, 2017/11/06
Union Gas Limited, 5.350%, 2018/04/27
Union Gas Limited, 4.850%, 2022/04/25
Union Gas Limited, 5.460%, 2036/09/11
Union Gas Limited, 5.200%, 2040/07/23
Union Gas Limited, 4.200%, 2044/06/02
Vancouver Fraser Port Authority, 4.630%,
2020/04/20
Vancouver International Airport Authority,
4.424%, 2018/12/07
VW Credit Canada, Inc., 3.600%, 2016/02/01
Par Average cost
value
($000s)
Fair value
($000s)
5,000,000
5,000
5,013
8,000,000
8,081
8,128
5,530,000
5,645
6,099
5,400,000
5,376
5,442
1,530,000
1,559
1,719
6,000,000
6,019
6,087
750,000
750
760
2,800,000
2,800
2,809
5,000,000
5,091
5,140
725,000
911
1,108
1,750,000
1,752
1,778
1,750,000
1,500,000
1,465,000
1,747
1,494
1,551
1,761
1,568
1,585
985,000
982
1,035
1,100,000
1,170
1,173
355,000
400
432
790,000
1,044
1,174
2,000,000
2,019
2,127
495,000
641
721
4,000,000
4,000
4,215
250,000
295
360
314,000
313
423
350,000
429
486
250,000
261
328
200,000
227
252
705,000
931
1,022
2,800,000
569,198
1,900,000
500,000
330,000
75,000
1,690,000
490,000
1,800,000
2,786
568
1,908
560
332
75
1,654
488
1,815
2,984
836
1,982
604
366
86
2,077
593
1,897
500,000
500
559
1,510,000
1,000,000
1,563
1,000
1,655
1,021
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 61
Standard Life Canadian Bond Index Fund (SLI)
Annual financial statements
% of net assets
attributable to contractholders
Schedule of portfolio investments
as at December 31, 2014
Par Average cost
value
($000s)
Fair value
($000s)
4,400
4,494
8,066
8,268
3,704
3,756
3,110
1,186
3,243
122
2,221
1,999
623
1,142
3,218
1,206
3,294
133
2,420
2,020
759
1,489
1,084
1,107
77
94
265
326
3,475
1,000
900
1,200
800
1,825
3,558
1,018
922
1,217
812
1,873
4,000
2,436
3,312
3,242,216
4,048
2,462
3,363
3,450,235
3,190
3,507
1,054
1,185
1,184
1,246
1,148
6,576
1,435
7,373
5,250
5,250
5,250
10,500
5,250
10,500
3,259,292
15,117
3,274,409
3,468,108
15,117
3,483,225
Wells Fargo Financial Canada Corporation,
2.774%, 2017/02/09
4,400,000
Wells Fargo Financial Canada Corporation,
2.944%, 2019/07/25
8,000,000
Wells Fargo Financial Canada Corporation,
3.040%, 2021/01/29
3,650,000
Wells Fargo Financial Canada Corporation,
3.460%, 2023/01/24
3,100,000
Westcoast Energy Inc., 8.500%, 2018/09/04
1,000,000
Westcoast Energy Inc., 5.600%, 2019/01/16
2,930,000
Westcoast Energy Inc., 9.900%, 2020/01/10
100,000
Westcoast Energy Inc., 4.570%, 2020/07/02
2,200,000
Westcoast Energy Inc., 3.120%, 2022/12/05
2,000,000
Westcoast Energy Inc., 8.850%, 2025/07/21
525,000
Westcoast Energy Inc., 6.750%, 2027/12/15
1,150,000
Winnipeg Airport Authority, 4.569%,
2019/11/20
1,000,000
Winnipeg Airport Authority, 5.205%,
2040/09/28
83,828
Winnipeg Airport Authority, 6.102%,
2040/11/20
264,987
ASSET-BACKED SECURITIES 0.55%
CARDS II Trust, 3.333%, 2016/05/15
3,475,000
Eagle Credit Card Trust, 3.474%, 2015/12/17
1,000,000
Glacier Credit Card Trust, 2.807%, 2017/05/20
900,000
Glacier Credit Card Trust, 2.394%, 2017/10/20
1,200,000
Glacier Credit Card Trust, 2.568%, 2019/09/20
800,000
Golden Credit Card Trust, 3.510%, 2016/05/15 1,825,000
Hollis Receivables Term Trust II, 2.434%,
2019/06/26
4,000,000
Master Credit Card Trust, 3.502%, 2016/05/21
2,400,000
Master Credit Card Trust, 2.626%, 2017/01/21
3,300,000
TOTAL CANADIAN BONDS 99.05%
U.S. BONDS
CORPORATE 0.21%
Great-West Lifeco Finance (Delaware) Limited
Partnership, 5.691%, 2017/06/21
3,220,000
Great-West Lifeco Finance (Delaware) Limited
Partnership, 7.127%, 2018/06/26
1,015,000
Manulife Finance (Delaware), Limited
Partnership, 4.448%, 2016/12/15
1,190,000
Manulife Finance (Delaware), Limited
Partnership, 5.059%, 2036/12/15
1,295,000
TOTAL U.S. BONDS 0.21%
SHORT-TERM INVESTMENTS
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
5,250,000
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
5,250,000
TOTAL SHORT-TERM INVESTMENTS 0.30%
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.56%
Other assets, less liabilities 0.44%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
62 Pooled and Indexed Funds
Canadian bonds
Federal and federally guaranteed
Provincial and provincially guaranteed
Corporate
Other
U.S. bonds
Foreign bonds
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
38.30
29.13
29.19
2.49
0.24
0.46
0.19
100.00
41.10
28.57
26.57
2.76
0.26
0.08
0.47
0.19
100.00
Standard Life Real Return Bond Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Interest, dividends and other receivables
Statement of comprehensive income
Dec. 31
2014
$
Jan. 1
2013
$
81,347
76
118
155
81,696
70,784
33
203
148
71,168
70,985
42
20
127
71,174
23
23
5
5
35
116
151
81,673
71,163
71,023
20.24
17.87
20.57
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
for the years ended December 31
INCOME
Interest (note 10)
Other income (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
4,251
40
2,019
-
5,412
9,703
(11,923)
(9,904)
7
6
13
6
5
11
9,690
(9,915)
2.38
(2.65)
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
71,163
71,023
9,690
(9,915)
13,767
(12,947)
820
21,358
(11,303)
10,055
81,673
71,163
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
9,690
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
(5,412)
Non cash interest on fixed income investments
(1,108)
Purchase of investments
(46,658)
Proceeds from sale and maturity of investments
42,615
(Increase) decrease in interest, dividends and
other receivables
(7)
Net cash from operating activities
(880)
Cash flows used in financing activities
Proceeds from sale of units
13,852
Payments for units redeemed
(12,929)
Net cash used in financing activities
923
Net increase (decrease) in cash
43
Cash (bank indebtedness) at beginning of year
33
Cash (bank indebtedness) at end of year
76
Supplemental disclosures on cash flows from operating activities
Interest received
3,136
(9,915)
11,923
(61,824)
49,986
(21)
(9,851)
21,175
(11,333)
9,842
(9)
42
33
1,998
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 63
Standard Life Real Return Bond Fund (SLI)
Annual financial statements
% of net assets
attributable to contractholders
Schedule of portfolio investments
as at December 31, 2014
Par Average cost
value
($000s)
CANADIAN BONDS
FEDERAL AND FEDERALLY GUARANTEED 87.33%
Government of Canada, 4.250%, 2021/12/01
5,390,000
Government of Canada, 4.250%, 2026/12/01
5,432,000
Government of Canada, 4.000%, 2031/12/01
6,101,000
Government of Canada, 3.000%, 2036/12/01
6,154,000
Government of Canada, 2.000%, 2041/12/01
6,873,000
Government of Canada, 1.500%, 2044/12/01
8,130,000
Government of Canada, 1.250%, 2047/12/01
3,055,000
PROVINCIAL AND PROVINCIALLY GUARANTEED 12.21%
Province of Manitoba, 1.738%, 2018/12/01
115,000
Province of Manitoba, 2.000%, 2036/12/01
109,000
Province of Ontario, 2.000%, 2036/12/01
3,076,000
Province of Quebec, 4.500%, 2021/12/01
630,000
Province of Quebec, 4.500%, 2026/12/01
922,000
Province of Quebec, 4.250%, 2031/12/01
974,000
Province of Quebec, 3.250%, 2036/12/01
755,000
TOTAL CANADIAN BONDS 99.54%
SHORT-TERM INVESTMENTS
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
25,000
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
25,000
TOTAL SHORT-TERM INVESTMENTS 0.06%
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.60%
Other assets, less liabilities 0.40%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Fair value
($000s)
10,911
11,455
13,043
10,729
9,419
10,633
3,431
10,522
11,306
13,185
11,287
10,434
10,918
3,674
134
141
3,790
1,098
1,851
1,867
1,141
79,643
140
140
4,012
1,030
1,751
1,808
1,090
81,297
25
25
25
50
25
50
79,693
326
80,019
81,347
326
81,673
The accompanying notes are an integral part of these annual financial statements.
64 Pooled and Indexed Funds
Canadian bonds
Federal and federally guaranteed
Provincial and provincially guaranteed
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
86.75
12.72
0.53
100.00
85.94
13.87
0.14
0.05
100.00
Standard Life Diversified Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Interest, dividends and other receivables
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
1,081,879 1,081,017 1,049,609
1,897
9,042
2,357
5,599
481
634
763
1,751
2,445
2,783
3,694
1,092,583 1,095,074 1,056,294
5,279
1,991
3
9
7,282
188
1,300
6
9
1,503
793
5
6
804
1,085,301 1,093,571 1,055,490
100.85
92.37
79.36
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
for the years ended December 31
INCOME
Interest (note 10)
Dividends
Distribution income from underlying funds
Foreign exchange gain (loss)
Other income (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Other operating expenses
Foreign withholding taxes (note 10)
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
8,895
15,858
3,404
646
1
11,981
13,749
2,746
(116)
-
69,238
98,042
138,528
166,888
121
6
410
606
495
1,638
100
5
409
581
726
1,821
96,404
165,067
8.57
12.92
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
1,093,571 1,055,490
96,404
165,067
153,433
(258,107)
(104,674)
147,769
(274,755)
(126,986)
1,085,301 1,093,571
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
96,404
165,067
Adjustments for:
Foreign exchange gain (loss) on cash
(646)
116
Realized and change in unrealized gain (loss)
on investments and derivatives
(69,238) (138,528)
Non cash interest on fixed income investments
230
(585)
Purchase of investments
(1,698,455) (2,019,824)
Proceeds from sale and maturity of investments
1,768,280 2,127,078
(Increase) decrease in interest, dividends and
other receivables
338
911
Increase (decrease) in accrued expenses and
other liabilities
(3)
4
Net cash from operating activities
96,910
134,239
Cash flows used in financing activities
Proceeds from sale of units
148,315
147,922
Payments for units redeemed
(253,016) (275,360)
Net cash used in financing activities
(104,701) (127,438)
Foreign exchange gain (loss) on cash
646
(116)
Net increase (decrease) in cash
(7,145)
6,685
Cash (bank indebtedness) at beginning of year
9,042
2,357
Cash (bank indebtedness) at end of year
1,897
9,042
Supplemental disclosures on cash flows from operating activities
Interest received
9,558
11,518
Dividend received, net of withholding taxes
15,157
13,956
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 65
Standard Life Diversified Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Par Average cost
value
($000s)
CANADIAN BONDS
FEDERAL AND FEDERALLY GUARANTEED 5.56%
Canada Housing Trust No. 1, 1.850%,
2016/12/15
1,675,000
Canada Housing Trust No. 1, 1.390%,
2017/09/15
9,445,000
Canada Housing Trust No. 1, 1.700%,
2017/12/15
14,380,000
Canada Housing Trust No. 1, 4.100%,
2018/12/15
1,080,000
Government of Canada, 3.250%, 2021/06/01 18,890,000
Government of Canada, 2.500%, 2024/06/01
1,585,000
Government of Canada, 2.750%, 2048/12/01
9,825,000
PROVINCIAL AND PROVINCIALLY GUARANTEED 4.33%
Financement-Québec, 5.250%, 2034/06/01
5,090,000
Province of British Columbia, 6.350%,
2031/06/18
900,000
Province of Manitoba, 4.050%, 2045/09/05
3,520,000
Province of Nova Scotia, 5.800%, 2033/06/01
595,000
Province of Ontario, 1.480%, 2017/09/22
3,880,000
Province of Ontario, 1.530%, 2017/11/23
1,070,000
Province of Ontario, 5.850%, 2033/03/08
5,250,000
Province of Ontario, 4.600%, 2039/06/02
4,900,000
Province of Ontario, 3.450%, 2045/06/02
4,175,000
Province of Quebec, 3.750%, 2024/09/01
1,295,000
Province of Quebec, 6.000%, 2029/10/01
1,730,000
Province of Quebec, 5.000%, 2038/12/01
3,500,000
Province of Quebec, 3.500%, 2045/12/01
3,500,000
MUNICIPALS AND SCHOOLS 3.15%
Municipal Finance Authority of British Columbia,
4.950%, 2027/12/01
1,560,000
Ontario School Boards Financing Corporation,
6.550%, 2026/10/19
4,086,573
Regional Municipality of Peel, 5.100%,
2040/06/29
820,000
The Regional Municipality of York, 4.000%,
2021/06/30
7,070,000
Toronto, City of, 5.050%, 2017/07/18
3,540,000
Toronto, City of, 4.950%, 2018/06/27
3,000,000
Ville de Montréal, 5.000%, 2018/12/01
5,015,000
Ville de Montréal, 4.250%, 2032/12/01
2,410,000
Ville de Montréal, 4.100%, 2034/12/01
1,530,000
Winnipeg, City of, 5.200%, 2036/07/17
1,085,000
CORPORATE 8.52%
Alliance Pipeline Limited Partnership, 7.217%,
2025/12/31
1,075,786
American Express Canada Credit Corporation,
3.600%, 2016/06/03
1,920,000
Bank of Montreal, 3.490%, 2016/06/10
2,190,000
Bank of Montreal, 3.120%, 2019/09/19
640,000
Bank of Nova Scotia, (The), 2.100%,
2016/11/08
1,110,000
Bank of Nova Scotia, (The), 2.598%,
2017/02/27
1,230,000
Bank of Nova Scotia, (The), 2.370%,
2018/01/11
1,380,000
Bank of Nova Scotia, (The), 3.270%,
2021/01/11
325,000
Bell Canada, 5.000%, 2017/02/15
2,130,000
Bell Canada, 4.880%, 2018/04/26
2,040,000
Bell Canada, 3.350%, 2023/03/22
665,000
Bell Canada, 7.850%, 2031/04/02
660,000
Bell Canada, 7.300%, 2032/02/23
355,000
Bell Canada, 4.750%, 2044/09/29
1,960,000
Caisse centrale Desjardins, 2.795%,
2018/11/19
2,250,000
Cameco Corporation, 3.750%, 2022/11/14
720,000
Fair value
($000s)
1,697
1,698
9,506
9,510
14,389
14,536
1,181
20,228
1,676
10,186
1,188
20,947
1,683
10,756
5,469
6,483
1,258
3,694
741
3,893
1,075
6,877
5,592
3,978
1,375
2,103
3,963
3,413
1,296
4,066
808
3,909
1,080
7,197
5,989
4,322
1,413
2,330
4,455
3,608
1,556
1,889
4,378
5,000
835
1,039
7,317
3,791
3,070
5,099
2,395
1,522
1,082
7,800
3,859
3,335
5,619
2,665
1,654
1,362
1,076
1,298
1,960
2,248
640
1,972
2,248
651
1,117
1,118
1,248
1,253
1,390
1,399
331
2,260
2,203
664
762
401
1,942
341
2,267
2,216
673
913
472
2,017
2,280
720
2,310
732
The accompanying notes are an integral part of these annual financial statements.
66 Pooled and Indexed Funds
Canadian Hydro Developers, Inc., 7.027%,
2018/06/11
Canadian Imperial Bank of Commerce, 2.350%,
2017/10/18
Canadian Imperial Bank of Commerce, 3.000%,
2019/10/28
Capital Desjardins Inc., 5.541%, 2016/06/01
Capital Desjardins Inc., 5.187%, 2020/05/05
Choice Properties Limited Partnership, 3.000%,
2017/04/20
Choice Properties Limited Partnership, 3.600%,
2020/04/20
Choice Properties Real Estate Investment Trust,
4.903%, 2023/07/05
Choice Properties Real Estate Investment Trust,
4.293%, 2024/02/08
Enbridge Inc., 4.240%, 2042/08/27
Enbridge Southern Lights LP, 4.014%,
2040/06/30
Ford Credit Canada Limited, 2.634%,
2016/11/21
Ford Credit Canada Limited, 3.700%,
2018/08/02
Health Montréal Collective Limited Partnership,
6.721%, 2049/09/30
HSBC Bank Canada, 2.572%, 2015/11/23
HSBC Bank Canada, 3.558%, 2017/10/04
HSBC Bank Canada, 2.908%, 2021/09/29
IGM Financial Inc., 7.350%, 2019/04/08
John Deere Canada Funding Inc., 2.300%,
2018/01/17
Laurentian Bank of Canada, 2.560%,
2018/03/26
Laurentian Bank of Canada, 3.278%,
2018/10/15
Laurentian Bank of Canada, 2.810%,
2019/06/13
Loblaw Companies Limited, 4.860%,
2023/09/12
Loblaw Companies Limited, 5.900%,
2036/01/18
METRO INC., 5.030%, 2044/12/01
National Bank of Canada, 2.702%, 2016/12/15
North Battleford Power L.P., 4.958%,
2032/12/31
NorthwestConnect General Partnership,
5.950%, 2041/04/30
Pembina Pipeline Corporation, 4.810%,
2044/03/25
Rogers Communications Inc., 6.560%,
2041/03/22
Royal Bank of Canada, 2.580%, 2017/04/13
Royal Bank of Canada, 2.820%, 2018/07/12
Royal Bank of Canada, 3.040%, 2019/07/17
Royal Bank of Canada, 3.450%, 2021/09/29
Shaw Communications Inc., 5.500%,
2020/12/07
Sobeys Inc., 4.700%, 2023/08/08
Sun Life Financial Inc., 4.570%, 2021/08/23
TELUS Corporation, 4.950%, 2017/03/15
TELUS Corporation, 5.150%, 2043/11/26
TELUS Corporation, 4.750%, 2045/01/17
The Manufacturers Life Insurance Company,
2.819%, 2018/02/26
The Manufacturers Life Insurance Company,
2.811%, 2019/02/21
Thomson Reuters Corporation, 3.309%,
2021/11/12
Par Average cost
value
($000s)
Fair value
($000s)
2,835,000
2,835
3,080
1,195,000
1,210
1,211
1,125,000
1,930,000
520,000
1,125
2,007
584
1,139
2,028
588
2,365,000
2,408
2,413
1,480,000
1,509
1,537
345,000
371
380
480,000
975,000
480
956
506
912
524,453
524
542
3,880,000
3,900
3,926
2,315,000
2,363
2,418
1,205,000
800,000
910,000
1,365,000
930,000
1,205
804
910
1,365
1,021
1,594
807
951
1,393
1,114
1,180,000
1,178
1,194
1,350,000
1,350
1,365
715,000
715
740
1,695,000
1,695
1,723
790,000
792
879
1,425,000
1,115,000
2,570,000
1,315
1,114
2,600
1,670
1,145
2,618
1,323,930
1,324
1,487
1,274,860
1,282
1,593
435,000
435
444
820,000
2,890,000
2,100,000
3,550,000
1,170,000
820
2,922
2,139
3,549
1,169
1,044
2,944
2,161
3,609
1,198
820,000
885,000
735,000
2,050,000
865,000
605,000
895
885
735
2,161
861
603
937
957
822
2,187
954
629
1,300,000
1,300
1,326
1,000,000
1,000
1,020
1,630,000
1,631
1,655
Standard Life Diversified Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Toronto-Dominion Bank, (The), 4.779%,
2016/12/14
Toronto-Dominion Bank, (The), 2.171%,
2018/04/02
Wells Fargo Financial Canada Corporation,
2.774%, 2017/02/09
Wells Fargo Financial Canada Corporation,
3.460%, 2023/01/24
ASSET-BACKED SECURITIES 0.57%
CARDS II Trust, 3.333%, 2016/05/15
Glacier Credit Card Trust, 2.394%, 2017/10/20
Master Credit Card Trust, 2.626%, 2017/01/21
TOTAL CANADIAN BONDS 22.13%
U.S. BONDS
CORPORATE 0.65%
Citigroup Inc., 3.390%, 2021/11/18
Goldman Sachs Group, Inc., (The), 3.375%,
2018/02/01
JPMorgan Chase & Co., 2.920%, 2017/09/19
JPMorgan Chase & Co., 3.190%, 2021/03/05
TOTAL U.S. BONDS 0.65%
FOREIGN BONDS
SUPRANATIONALS 0.19%
Inter-American Development Bank, 4.400%,
2026/01/26
TOTAL FOREIGN BONDS 0.19%
EQUITIES
ENERGY 7.82%
Anadarko Petroleum Corporation
ARC Resources Ltd.
Baytex Energy Corp.
Calfrac Well Services Ltd.
Cameco Corporation
Canadian Energy Services & Technology Corp.
Canadian Natural Resources Limited
Cenovus Energy Inc.
Enbridge Inc.
EnCana Corporation
Enerplus Corporation
EOG Resources Inc.
Exxon Mobil Corporation
Gibson Energy Inc.
Gulfport Energy Corporation
Halliburton Company
Hess Corporation
Keyera Corp.
PEYTO Exploration & Development Corp.
Precision Drilling Corporation
Schlumberger Limited
Secure Energy Services Inc.
ShawCor Ltd.
Suncor Energy Inc.
Tourmaline Oil Corp.
Vermilion Energy Inc.
MATERIALS 3.27%
Agnico-Eagle Mines Limited
Agrium Inc.
Eldorado Gold Corporation
First Quantum Minerals Ltd.
Goldcorp Inc.
Lundin Mining Corporation
LyondellBasell Industries N.V.
Martin Marietta Materials, Inc.
Potash Corporation of Saskatchewan Inc.
Silver Wheaton Corp.
as at December 31, 2014
Par value Average cost
or shares
($000s)
Fair value
($000s)
2,985,000
3,036
3,144
1,100,000
1,100
1,108
2,460,000
2,478
2,513
900,000
900
934
1,995,000
1,055,000
3,025,000
1,995
1,056
3,032
228,225
2,042
1,070
3,083
240,110
1,005,000
1,005
1,023
1,445,000
2,940,000
1,505,000
1,458
2,972
1,504
6,939
1,491
3,011
1,538
7,063
1,835,000
1,748
1,748
2,113
2,113
22,200
85,605
77,778
135,375
194,662
373,716
275,617
269,189
243,120
156,773
239,755
19,200
9,900
128,840
11,200
17,100
10,600
20,716
53,609
225,704
15,700
208,973
50,329
212,909
81,886
59,814
1,864
2,344
3,642
2,565
4,325
2,213
7,034
7,496
8,585
3,148
4,933
947
1,001
4,442
553
634
884
1,529
1,829
2,337
1,111
3,597
2,644
6,481
3,860
2,458
2,125
2,154
1,503
1,355
3,708
2,373
9,900
6,452
14,524
2,535
2,683
2,051
1,062
3,503
542
780
908
1,679
1,794
1,593
1,556
3,546
2,134
7,856
3,169
3,409
142,177
29,904
449,754
228,115
204,920
661,694
12,100
7,900
65,846
81,041
4,392
2,577
3,773
5,033
6,493
3,795
698
1,124
2,567
2,508
4,112
3,289
3,184
3,766
4,408
3,785
1,114
1,011
2,704
1,915
Steel Dynamics, Inc.
Stillwater Mining Company
West Fraser Timber Co. Ltd.
INDUSTRIALS 5.12%
Allegion Public Limited Company
Allison Transmission Holdings, Inc.
American Airlines Group, Inc.
Canadian National Railway Company
Canadian Pacific Railway Limited
Delta Air Lines Inc.
Fortune Brands Home & Security, Inc.
J.B. Hunt Transport Services, Inc.
Kansas City Southern
Lockheed Martin Corporation
Pall Corporation
Precision Castparts Corp.
Progressive Waste Solutions Ltd.
Raytheon Company
Stantec Inc.
CONSUMER DISCRETIONARY 4.89%
Advance Auto Parts, Inc.
BorgWarner Inc.
Cineplex Inc.
Comcast Corporation, A
Dollarama Inc.
Gildan Activewear Inc.
Hanesbrands Inc.
Home Depot Inc., (The)
IMAX Corporation
Macy's, Inc.
Magna International Inc.
Newell Rubbermaid Inc.
Time Warner Inc.
TJX Companies Inc., (The)
Visteon Corporation
CONSUMER STAPLES 2.97%
Alimentation Couche-Tard Inc.,
Subordinated Voting, B
Altria Group Inc.
CVS Health Corp.
Estée Lauder Companies Inc., (The), A
George Weston Limited
Loblaw Companies Limited
Mondelez International, Inc.
PepsiCo Inc.
HEALTH CARE 4.17%
AbbVie Inc.
Amgen Inc.
Boston Scientific Corporation
Cardinal Health Inc.
Catamaran Corporation
Celgene Corporation
Eli Lilly and Company
Gilead Sciences, Inc.
McKesson Corporation
Merck & Co., Inc.
Valeant Pharmaceuticals International, Inc.
FINANCIALS 12.62%
American Tower Corporation
Arthur J. Gallagher & Co.
Bank of Montreal
Bank of Nova Scotia, (The)
Brookfield Asset Management Inc.,
Limited Voting, A
Brookfield Property Partners L.P.
Shares
27,200
54,400
69,136
Average cost
($000s)
701
866
2,556
Fair value
($000s)
623
930
4,595
35,800
46,900
14,100
265,466
17,138
45,000
43,400
10,600
11,300
4,700
22,300
4,600
151,797
14,300
186,574
1,952
1,799
781
7,047
3,910
2,475
2,062
455
835
1,056
1,587
1,245
4,139
1,752
4,464
2,303
1,844
877
21,244
3,835
2,568
2,279
1,036
1,600
1,050
2,618
1,285
5,302
1,794
5,957
13,000
23,300
147,775
45,700
137,358
110,965
14,800
24,600
68,190
12,200
56,827
18,606
32,000
37,000
13,000
1,842
953
5,433
2,745
3,082
4,691
518
1,249
2,061
855
3,119
752
2,310
1,623
1,379
2,402
1,485
6,625
3,075
8,159
7,290
1,916
2,996
2,445
931
7,154
822
3,171
2,944
1,612
231,739
32,500
30,400
16,100
20,587
142,056
29,000
20,000
2,887
1,656
2,142
1,048
2,039
6,949
1,110
2,215
11,283
1,858
3,397
1,423
2,066
8,832
1,222
2,194
31,600
14,100
87,600
15,600
147,371
20,000
20,000
26,500
9,000
44,500
98,810
1,871
1,624
1,285
1,196
7,227
1,200
1,566
995
1,831
2,644
9,872
2,399
2,606
1,347
1,461
8,860
2,595
1,601
2,898
2,167
2,932
16,435
20,800
33,300
49,257
258,650
1,730
1,431
4,057
12,583
2,385
1,819
4,048
17,151
147,171
76,593
7,507
1,852
8,568
2,026
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 67
Standard Life Diversified Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Par value, Average cost
shares or units
($000s)
168,866
4,976
74,600
2,176
42,110
1,570
686,172
6,619
18,700
710
34,100
1,467
10,500
2,240
Fair value
($000s)
5,530
2,613
2,643
9,702
1,136
2,062
2,361
5,753
794
11,021
16,309
15,342
6,381
1,721
13,396
27,735
25,696
1,183
1,723
800
684
5,550
949
1,277
1,650
1,897
839
530
2,224
2,190
2,469
2,427
1,045
1,072
2,718
1,441
1,931
1,150
2,257
3,854
1,669
7,409
948
1,756
2,066
2,082
859
495
2,093
2,137
2,812
3,357
1,332
1,217
6,304
1,555
2,389
5,289
6,862
5,286
8,917
5,109
693
1,413
6,663
968
1,423
13
39,548
23,721
454,451
16
41,976
30,953
587,441
125,664
125,664
129,226
129,226
2,000
2,497
2,000
2,497
2,850
5,199
10,788
22,371
14,997
4,097
11,484
22,565
14,225
2,850
5,199
10,788
22,372
14,997
4,097
11,485
22,566
14,225
Canadian Western Bank
Charles Schwab Corporation, (The)
Citigroup Inc.
Element Financial Corporation
Evercore Partners Inc., A
First Republic Bank
Goldman Sachs Group, Inc., (The)
Industrial Alliance Insurance and
Financial Services Inc.
143,625
Lazard Ltd., A
29,646
Manulife Financial Corporation
603,952
Royal Bank of Canada
345,648
Toronto-Dominion Bank, (The)
462,916
INFORMATION TECHNOLOGY 4.40%
Activision Blizzard, Inc.
49,200
Alliance Data Systems Corporation
6,800
Apple Inc.
30,100
Avago Technologies Limited
14,300
CGI Group Inc., Subordinated Voting, A
167,281
Check Point® Software Technologies Ltd.
10,400
Electronic Arts Inc.
32,200
Equinix, Inc.
7,856
Facebook, Inc., A
23,000
FEI Company
8,200
FLIR Systems, Inc.
13,200
Google Inc., A
3,400
Google Inc., C
3,500
Hewlett-Packard Company
60,400
Microsoft Corporation
62,300
NetApp, Inc.
27,700
ON Semiconductor Corporation
103,600
Open Text Corporation
93,238
salesforce.com, inc.
22,600
Western Digital Corporation
18,600
TELECOMMUNICATIONS 1.31%
Rogers Communications Inc., B
117,017
TELUS Corporation
212,869
UTILITIES 0.83%
Brookfield Infrastructure Partners L.P.
136,954
Calpine Corporation
37,700
CMS Energy Corporation
35,300
TRUST UNITS 6.72%
iShares, S&P/TSX 60 Index Fund
726
iShares, MSCI EAFE ETF
594,732
SPDR S&P 500 ETF
129,816
TOTAL EQUITIES 54.12%
INVESTMENTS IN UNDERLYING FUNDS
The Standard Life Global Fund
8,029,067
TOTAL INVESTMENTS IN UNDERLYING FUNDS 11.91%
SHORT-TERM INVESTMENTS
Government of Canada, 0.933%, 2015/01/07
2,000,000
Government of Canada, 0.874%, 2015/02/12
2,500,000
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
2,850,000
Province of Alberta, 0.970%, 2015/01/06
5,200,000
Province of Ontario, 0.989%, 2015/02/11
10,800,000
Province of Ontario, 0.986%, 2015/02/18
22,400,000
Province of Quebec, 0.982%, 2015/01/09
15,000,000
Province of Quebec, 0.993%, 2015/01/30
4,100,000
Province of Quebec, 0.991%, 2015/02/20
11,500,000
Province of Quebec, 0.992%, 2015/02/27
22,600,000
Province of Quebec, 0.990%, 2015/03/06
14,250,000
The accompanying notes are an integral part of these annual financial statements.
68 Pooled and Indexed Funds
Par Average cost
value
($000s)
Fair value
($000s)
2,850
115,923
(522)
2,850
115,926
-
932,428
3,422
935,850
1,081,879
3,422
1,085,301
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
2,850,000
TOTAL SHORT-TERM INVESTMENTS 10.68%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.68%
Other assets, less liabilities 0.32%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
% of net assets
attributable to contractholders
Canadian bonds
Federal and federally guaranteed
Provincial and provincially guaranteed
Corporate
Other
U.S. bonds
Foreign bonds
Equities
Energy
Materials
Financials
Trust units
Other
Investments in underlying funds
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
5.58
4.51
9.57
3.99
0.48
0.18
4.38
5.88
12.71
5.30
0.15
0.20
9.17
3.75
13.31
7.06
20.51
12.11
8.67
1.11
100.00
8.82
6.48
11.54
12.74
16.87
9.34
5.03
0.56
100.00
Standard Life Diversified Tri-Plan Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Interest, dividends and other receivables
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
204,347
616
141
158
473
205,735
Dec. 31
2013
$
212,983
935
152
561
214,631
Jan. 1
2013
$
219,354
523
88
749
220,714
143
400
2
545
334
100
1
2
437
74
1
1
76
205,190
214,194
220,638
147.48
135.12
115.74
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
for the years ended December 31
INCOME
Interest (note 10)
Dividends
Distribution income from underlying funds
Foreign exchange gain (loss)
Other income (loss)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Other operating expenses
Foreign withholding taxes (note 10)
Transaction costs (note 10)
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
1,729
2,870
844
37
3
2,362
2,533
681
(3)
-
13,518
19,001
28,157
33,730
23
6
80
83
96
288
20
5
82
96
186
389
18,713
33,341
12.47
19.19
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
214,194
220,638
18,713
33,341
20,757
(48,474)
(27,717)
16,927
(56,712)
(39,785)
205,190
214,194
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
18,713
Adjustments for:
Foreign exchange gain (loss) on cash
(37)
Realized and change in unrealized gain (loss)
on investments and derivatives
(13,518)
Non cash interest on fixed income investments
23
Purchase of investments
(277,006)
Proceeds from sale and maturity of investments
299,279
(Increase) decrease in interest, dividends and
other receivables
88
Increase (decrease) in accrued expenses and
other liabilities
(1)
Net cash from operating activities
27,541
Cash flows used in financing activities
Proceeds from sale of units
20,768
Payments for units redeemed
(48,665)
Net cash used in financing activities
(27,897)
Foreign exchange gain (loss) on cash
37
Net increase (decrease) in cash
(319)
Cash (bank indebtedness) at beginning of year
935
Cash (bank indebtedness) at end of year
616
Supplemental disclosures on cash flows from operating activities
Interest received
1,883
Dividend received, net of withholding taxes
2,745
33,341
3
(28,157)
(143)
(367,626)
402,397
188
1
40,004
16,863
(56,452)
(39,589)
(3)
412
523
935
2,261
2,582
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 69
Standard Life Diversified Tri-Plan Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Par Average cost
value
($000s)
CANADIAN BONDS
FEDERAL AND FEDERALLY GUARANTEED 4.89%
Canada Housing Trust No. 1, 1.850%,
2016/12/15
415,000
Canada Housing Trust No. 1, 1.390%,
2017/09/15
1,515,000
Canada Housing Trust No. 1, 1.700%,
2017/12/15
1,320,000
Canada Housing Trust No. 1, 4.100%,
2018/12/15
340,000
Government of Canada, 3.250%, 2021/06/01
4,060,000
Government of Canada, 2.500%, 2024/06/01
145,000
Government of Canada, 2.750%, 2048/12/01
1,435,000
Labrador Island Link Funding Trust, 3.760%,
2033/06/01
125,000
PROVINCIAL AND PROVINCIALLY GUARANTEED 3.75%
Financement-Québec, 5.250%, 2034/06/01
725,000
Province of British Columbia, 6.350%,
2031/06/18
145,000
Province of Manitoba, 4.050%, 2045/09/05
515,000
Province of Nova Scotia, 5.800%, 2033/06/01
155,000
Province of Ontario, 1.480%, 2017/09/22
665,000
Province of Ontario, 1.530%, 2017/11/23
215,000
Province of Ontario, 5.850%, 2033/03/08
695,000
Province of Ontario, 4.600%, 2039/06/02
720,000
Province of Ontario, 3.450%, 2045/06/02
545,000
Province of Quebec, 3.750%, 2024/09/01
175,000
Province of Quebec, 6.000%, 2029/10/01
435,000
Province of Quebec, 5.000%, 2038/12/01
860,000
Province of Quebec, 3.500%, 2045/12/01
580,000
MUNICIPALS AND SCHOOLS 2.78%
Municipal Finance Authority of British Columbia,
4.950%, 2027/12/01
225,000
Ontario School Boards Financing Corporation,
6.550%, 2026/10/19
858,319
Regional Municipality of Peel, 5.100%,
2040/06/29
200,000
The Regional Municipality of York, 4.000%,
2021/06/30
595,000
Toronto, City of, 5.050%, 2017/07/18
250,000
Toronto, City of, 4.950%, 2018/06/27
455,000
Ville de Montréal, 5.000%, 2018/12/01
1,440,000
Ville de Montréal, 4.250%, 2032/12/01
430,000
Ville de Montréal, 4.100%, 2034/12/01
330,000
Winnipeg, City of, 5.200%, 2036/07/17
190,000
CORPORATE 7.59%
Alliance Pipeline Limited Partnership, 7.217%,
2025/12/31
248,258
American Express Canada Credit Corporation,
3.600%, 2016/06/03
235,000
Bank of Montreal, 3.490%, 2016/06/10
215,000
Bank of Montreal, 3.120%, 2019/09/19
115,000
Bank of Nova Scotia, (The), 2.100%,
2016/11/08
380,000
Bank of Nova Scotia, (The), 2.598%,
2017/02/27
135,000
Bank of Nova Scotia, (The), 2.370%,
2018/01/11
225,000
Bank of Nova Scotia, (The), 3.270%,
2021/01/11
25,000
Bell Canada, 5.000%, 2017/02/15
300,000
Bell Canada, 4.880%, 2018/04/26
515,000
Bell Canada, 3.350%, 2023/03/22
170,000
Bell Canada, 7.850%, 2031/04/02
115,000
Fair value
($000s)
420
421
1,525
1,525
1,317
1,334
371
4,348
153
1,486
374
4,503
154
1,571
127
143
784
923
203
540
193
667
216
915
822
516
186
544
983
566
209
595
211
670
217
953
880
564
191
586
1,095
598
224
272
920
1,050
204
253
616
268
455
1,465
427
328
189
656
273
506
1,614
476
357
238
248
300
241
221
115
241
221
117
382
383
137
138
227
228
25
319
555
170
153
26
319
559
172
159
The accompanying notes are an integral part of these annual financial statements.
70 Pooled and Indexed Funds
Bell Canada, 4.750%, 2044/09/29
Caisse centrale Desjardins, 2.795%,
2018/11/19
Cameco Corporation, 3.750%, 2022/11/14
Canadian Hydro Developers, Inc., 7.027%,
2018/06/11
Canadian Imperial Bank of Commerce, 2.350%,
2017/10/18
Canadian Imperial Bank of Commerce, 3.000%,
2019/10/28
Capital Desjardins Inc., 5.541%, 2016/06/01
Capital Desjardins Inc., 5.187%, 2020/05/05
Choice Properties Limited Partnership, 3.000%,
2017/04/20
Choice Properties Limited Partnership, 3.600%,
2020/04/20
Choice Properties Real Estate Investment Trust,
4.903%, 2023/07/05
Choice Properties Real Estate Investment Trust,
4.293%, 2024/02/08
Enbridge Inc., 4.240%, 2042/08/27
Enbridge Southern Lights LP, 4.014%,
2040/06/30
Ford Credit Canada Limited, 2.634%,
2016/11/21
Ford Credit Canada Limited, 3.700%,
2018/08/02
Health Montréal Collective Limited Partnership,
6.721%, 2049/09/30
HSBC Bank Canada, 2.572%, 2015/11/23
HSBC Bank Canada, 3.558%, 2017/10/04
HSBC Bank Canada, 2.908%, 2021/09/29
IGM Financial Inc., 7.350%, 2019/04/08
John Deere Canada Funding Inc., 2.300%,
2018/01/17
Laurentian Bank of Canada, 2.560%,
2018/03/26
Laurentian Bank of Canada, 3.278%,
2018/10/15
Laurentian Bank of Canada, 2.810%,
2019/06/13
Loblaw Companies Limited, 4.860%,
2023/09/12
Loblaw Companies Limited, 5.900%,
2036/01/18
METRO INC., 5.030%, 2044/12/01
National Bank of Canada, 2.702%, 2016/12/15
North Battleford Power L.P., 4.958%,
2032/12/31
NorthwestConnect General Partnership,
5.950%, 2041/04/30
Pembina Pipeline Corporation, 4.810%,
2044/03/25
Rogers Communications Inc., 6.560%,
2041/03/22
Royal Bank of Canada, 2.580%, 2017/04/13
Royal Bank of Canada, 2.820%, 2018/07/12
Royal Bank of Canada, 3.040%, 2019/07/17
Royal Bank of Canada, 3.450%, 2021/09/29
Shaw Communications Inc., 5.500%,
2020/12/07
Sobeys Inc., 4.700%, 2023/08/08
Sun Life Financial Inc., 4.570%, 2021/08/23
TELUS Corporation, 4.950%, 2017/03/15
TELUS Corporation, 5.150%, 2043/11/26
TELUS Corporation, 4.750%, 2045/01/17
Par Average cost
value
($000s)
365,000
362
Fair value
($000s)
376
400,000
145,000
404
145
411
147
800,000
800
869
505,000
511
512
200,000
350,000
170,000
200
364
191
202
368
192
395,000
402
403
265,000
270
275
60,000
65
66
85,000
210,000
85
206
90
196
94,006
94
97
615,000
618
622
370,000
379
387
200,000
95,000
110,000
245,000
150,000
200
96
110
245
165
264
96
115
250
180
130,000
130
132
265,000
265
268
125,000
125
129
290,000
290
295
125,000
125
139
60,000
180,000
415,000
56
180
420
70
185
423
227,929
228
256
210,880
212
263
100,000
100
102
200,000
465,000
240,000
625,000
90,000
200
469
245
625
90
255
474
247
635
92
115,000
155,000
65,000
290,000
135,000
35,000
124
155
65
306
134
35
131
168
73
309
149
36
Standard Life Diversified Tri-Plan Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
The Manufacturers Life Insurance Company,
2.819%, 2018/02/26
The Manufacturers Life Insurance Company,
2.811%, 2019/02/21
Thomson Reuters Corporation, 3.309%,
2021/11/12
Toronto-Dominion Bank, (The), 4.779%,
2016/12/14
Toronto-Dominion Bank, (The), 2.171%,
2018/04/02
TransCanada PipeLines Limited, 8.050%,
2039/02/17
Wells Fargo Financial Canada Corporation,
2.774%, 2017/02/09
Wells Fargo Financial Canada Corporation,
3.460%, 2023/01/24
ASSET-BACKED SECURITIES 0.60%
CARDS II Trust, 3.333%, 2016/05/15
Glacier Credit Card Trust, 2.394%, 2017/10/20
Master Credit Card Trust, 2.626%, 2017/01/21
TOTAL CANADIAN BONDS 19.61%
U.S. BONDS
CORPORATE 0.54%
Citigroup Inc., 3.390%, 2021/11/18
Goldman Sachs Group, Inc., (The), 3.375%,
2018/02/01
JPMorgan Chase & Co., 2.920%, 2017/09/19
JPMorgan Chase & Co., 3.190%, 2021/03/05
TOTAL U.S. BONDS 0.54%
FOREIGN BONDS
SUPRANATIONALS 0.25%
Inter-American Development Bank, 4.400%,
2026/01/26
TOTAL FOREIGN BONDS 0.25%
EQUITIES
ENERGY 6.84%
Anadarko Petroleum Corporation
ARC Resources Ltd.
Baytex Energy Corp.
Calfrac Well Services Ltd.
Cameco Corporation
Canadian Energy Services & Technology Corp.
Canadian Natural Resources Limited
Cenovus Energy Inc.
Enbridge Inc.
EnCana Corporation
Enerplus Corporation
EOG Resources Inc.
Exxon Mobil Corporation
Gibson Energy Inc.
Gulfport Energy Corporation
Halliburton Company
Hess Corporation
Keyera Corp.
PEYTO Exploration & Development Corp.
Precision Drilling Corporation
Schlumberger Limited
Secure Energy Services Inc.
ShawCor Ltd.
Suncor Energy Inc.
Tourmaline Oil Corp.
Vermilion Energy Inc.
as at December 31, 2014
Par value Average cost
or shares
($000s)
Fair value
($000s)
180,000
180
184
180,000
180
184
285,000
285
289
375,000
374
395
130,000
130
131
95,000
95
147
330,000
332
337
90,000
90
93
470,000
140,000
590,000
473
140
591
38,132
481
142
601
40,208
175,000
175
178
200,000
440,000
265,000
200
446
265
1,086
206
451
271
1,106
450,000
428
428
518
518
4,300
14,634
13,515
22,256
34,769
60,471
43,914
40,226
39,975
24,360
38,795
3,500
1,800
22,128
2,200
3,300
2,000
2,755
10,211
30,751
2,900
33,602
8,602
34,096
13,167
10,369
363
405
635
426
771
363
1,253
1,096
1,402
489
790
171
182
762
109
122
167
204
355
319
205
580
452
1,014
625
469
412
368
261
223
662
384
1,577
964
2,388
394
434
374
193
602
107
151
171
223
342
217
287
570
365
1,258
510
591
MATERIALS 2.89%
Agnico-Eagle Mines Limited
Agrium Inc.
Eldorado Gold Corporation
First Quantum Minerals Ltd.
Goldcorp Inc.
Lundin Mining Corporation
LyondellBasell Industries N.V.
Martin Marietta Materials, Inc.
Potash Corporation of Saskatchewan Inc.
Silver Wheaton Corp.
Steel Dynamics, Inc.
Stillwater Mining Company
West Fraser Timber Co. Ltd.
INDUSTRIALS 4.40%
Allegion Public Limited Company
Allison Transmission Holdings, Inc.
American Airlines Group, Inc.
Canadian National Railway Company
Canadian Pacific Railway Limited
Delta Air Lines Inc.
Fortune Brands Home & Security, Inc.
J.B. Hunt Transport Services, Inc.
Kansas City Southern
Lockheed Martin Corporation
Pall Corporation
Precision Castparts Corp.
Progressive Waste Solutions Ltd.
Raytheon Company
Stantec Inc.
CONSUMER DISCRETIONARY 4.32%
Advance Auto Parts, Inc.
BorgWarner Inc.
Cineplex Inc.
Comcast Corporation, A
Dollarama Inc.
Gildan Activewear Inc.
Hanesbrands Inc.
Home Depot Inc., (The)
IMAX Corporation
Macy's, Inc.
Magna International Inc.
Newell Rubbermaid Inc.
Time Warner Inc.
TJX Companies Inc., (The)
Visteon Corporation
CONSUMER STAPLES 2.65%
Alimentation Couche-Tard Inc.,
Subordinated Voting, B
Altria Group Inc.
CVS Health Corp.
Estée Lauder Companies Inc., (The), A
George Weston Limited
Loblaw Companies Limited
Mondelez International, Inc.
PepsiCo Inc.
HEALTH CARE 3.93%
AbbVie Inc.
Amgen Inc.
Boston Scientific Corporation
Cardinal Health Inc.
Catamaran Corporation
Celgene Corporation
Shares
Average cost
($000s)
Fair value
($000s)
21,800
5,129
79,428
38,241
33,209
107,232
2,300
1,600
11,294
13,877
5,000
9,900
10,790
661
452
666
831
1,050
614
132
228
440
420
129
158
419
630
564
562
631
714
613
212
205
464
328
115
169
717
6,600
8,700
2,600
39,055
2,939
8,300
8,100
2,000
1,900
900
4,200
800
22,728
2,600
28,992
357
333
144
946
671
456
392
85
140
202
314
216
625
319
710
425
342
162
3,126
658
474
425
195
269
201
493
224
794
326
926
2,200
4,200
24,294
8,700
19,795
17,983
2,800
4,000
11,472
2,200
8,952
3,500
6,100
6,800
2,500
302
172
887
522
478
776
98
203
347
154
504
141
433
299
261
407
268
1,089
585
1,176
1,181
363
487
411
168
1,127
155
604
541
310
37,061
6,100
5,800
3,000
3,346
22,719
5,200
3,700
464
311
404
201
331
1,103
199
410
1,805
349
648
265
336
1,412
219
406
6,100
2,700
16,000
3,100
23,882
5,100
383
311
235
238
1,172
340
463
499
246
290
1,436
662
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 71
Standard Life Diversified Tri-Plan Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
Eli Lilly and Company
Gilead Sciences, Inc.
McKesson Corporation
Merck & Co., Inc.
Valeant Pharmaceuticals International, Inc.
FINANCIALS 10.93%
American Tower Corporation
Arthur J. Gallagher & Co.
Bank of Montreal
Bank of Nova Scotia, (The)
Brookfield Asset Management Inc.,
Limited Voting, A
Brookfield Property Partners L.P.
Canadian Western Bank
Charles Schwab Corporation, (The)
Citigroup Inc.
Element Financial Corporation
Evercore Partners Inc., A
First Republic Bank
Goldman Sachs Group, Inc., (The)
Industrial Alliance Insurance and
Financial Services Inc.
Lazard Ltd., A
Manulife Financial Corporation
Royal Bank of Canada
Toronto-Dominion Bank, (The)
INFORMATION TECHNOLOGY 4.26%
Activision Blizzard, Inc.
Alliance Data Systems Corporation
Apple Inc.
Avago Technologies Limited
CGI Group Inc., Subordinated Voting, A
Check Point® Software Technologies Ltd.
Electronic Arts Inc.
Equinix, Inc.
Facebook, Inc., A
FEI Company
FLIR Systems, Inc.
Google Inc., A
Google Inc., C
Hewlett-Packard Company
Microsoft Corporation
NetApp, Inc.
ON Semiconductor Corporation
Open Text Corporation
salesforce.com, inc.
Western Digital Corporation
TELECOMMUNICATIONS 1.14%
Rogers Communications Inc., B
TELUS Corporation
UTILITIES 0.72%
Brookfield Infrastructure Partners L.P.
Calpine Corporation
CMS Energy Corporation
TRUST UNITS 8.16%
iShares, S&P/TSX 60 Index Fund
iShares, MSCI EAFE ETF
SPDR S&P 500 ETF
TOTAL EQUITIES 50.24%
as at December 31, 2014
Shares
3,700
4,900
1,700
8,600
16,013
Average cost
($000s)
288
205
344
511
1,641
Fair value
($000s)
296
536
409
567
2,663
3,900
6,200
8,503
41,207
324
265
700
1,971
447
339
699
2,732
23,447
13,042
24,526
13,800
8,090
111,553
3,400
6,300
1,900
1,188
315
731
400
325
1,051
125
289
406
1,365
345
803
483
508
1,577
207
381
427
25,142
5,491
89,856
57,218
73,750
1,008
149
1,647
2,758
2,396
1,117
319
1,993
4,592
4,094
9,100
1,300
5,600
2,900
26,736
2,000
6,000
1,447
4,400
1,500
2,500
800
700
10,900
12,000
5,100
19,200
15,348
4,100
3,500
219
329
126
139
892
183
233
301
362
154
101
523
438
444
476
208
194
501
261
359
213
431
717
338
1,184
182
327
381
398
157
94
492
427
507
647
245
226
1,038
282
449
20,170
34,065
909
1,094
911
1,427
20,861
7,200
6,800
796
132
272
1,015
185
274
427,716
19,641
25,918
8,051
1,441
4,580
80,273
9,184
1,386
6,180
103,096
The accompanying notes are an integral part of these annual financial statements.
72 Pooled and Indexed Funds
Par value Average cost
or units
($000s)
INVESTMENTS IN UNDERLYING FUNDS
The Standard Life Global Fund
1,991,357
TOTAL INVESTMENTS IN UNDERLYING
FUNDS 15.62%
SHORT-TERM INVESTMENTS
Government of Canada, 0.933%, 2015/01/07
2,700,000
National Bank of Canada, deposit certificate,
0.950%, 2015/01/05
50,000
Province of Alberta, 0.970%, 2015/01/06
1,700,000
Province of Ontario, 1.006%, 2015/02/18
12,050,000
Province of Ontario, 1.020%, 2015/03/25
3,300,000
Province of Quebec, 0.993%, 2015/01/30
4,850,000
Province of Quebec, 0.990%, 2015/03/06
2,700,000
Royal Bank of Canada, deposit certificate,
0.950%, 2015/01/05
50,000
TOTAL SHORT-TERM INVESTMENTS 13.34%
Transaction costs
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.60%
Other assets, less liabilities 0.40%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Fair value
($000s)
29,821
32,050
29,821
32,050
2,700
2,700
50
1,700
12,034
3,292
4,846
2,695
50
1,700
12,035
3,293
4,846
2,695
50
27,367
(84)
50
27,369
-
177,023
843
177,866
204,347
843
205,190
% of net assets
attributable to contractholders
Canadian bonds
Federal and federally guaranteed
Provincial and provincially guaranteed
Municipals and schools
Corporate
Asset-backed securities
U.S. bonds
Foreign bonds
Equities
Energy
Materials
Financials
Trust units
Other
Investments in underlying funds
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
6.69
4.38
2.98
8.89
1.12
0.48
0.22
3.09
6.09
4.28
12.32
1.48
0.17
0.23
8.22
3.24
11.81
8.28
18.99
15.33
8.77
0.60
100.00
8.18
5.92
10.54
11.55
16.08
13.14
6.35
0.58
100.00
Standard Life Money Market Fund (SLI)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Interest, dividends and other receivables
LIABILITIES
Current liabilities
Redemptions payable
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
431,107
598
1,344
733
433,782
433,898
161
2,379
411
436,849
434,287
187
1,894
475
436,843
655
1
3
659
931
2
3
936
1,301
2
2
1,305
433,123
435,913
435,538
133.61
131.96
130.35
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
for the years ended December 31
INCOME
Interest (note 10)
EXPENSES
Custodian fees
Audit fees
Interest
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
5,758
5,758
5,488
5,488
41
6
1
143
191
40
5
139
184
5,567
5,304
1.65
1.62
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
435,913
435,538
5,567
5,304
291,733
(300,090)
(8,357)
244,595
(249,524)
(4,929)
433,123
435,913
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
5,567
5,304
Adjustments for:
investments and derivatives
Non cash interest on fixed income investments
(2,755)
(3,035)
Purchase of investments
(2,298,280) (2,622,244)
Proceeds from sale and maturity of investments
2,303,826 2,625,668
(Increase) decrease in interest, dividends and
other receivables
(322)
64
Increase (decrease) in accrued expenses and
other liabilities
(1)
1
Net cash from operating activities
8,035
5,758
Cash flows used in financing activities
Proceeds from sale of units
292,768
244,110
Payments for units redeemed
(300,366) (249,894)
Net cash used in financing activities
(7,598)
(5,784)
Net increase (decrease) in cash
437
(26)
Cash (bank indebtedness) at beginning of year
161
187
Cash (bank indebtedness) at end of year
598
161
Supplemental disclosures on cash flows from operating activities
Interest received
2,681
2,517
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 73
Standard Life Money Market Fund (SLI)
Annual financial statements
Schedule of portfolio investments
Schedule of portfolio investments
as at December 31, 2014
as at December 31, 2014
Par Average cost
value
($000s)
SHORT-TERM INVESTMENTS
FEDERAL AND FEDERALLY GUARANTEED 6.59%
Government of Canada, 0.878%, 2015/02/12 13,800,000
Government of Canada, 0.877%, 2015/03/26 14,800,000
PROVINCIAL AND PROVINCIALLY GUARANTEED 3.46%
Province of Ontario, 0.969%, 2015/01/07
15,000,000
BANKER'S ACCEPTANCE 3.51%
Bank of Nova Scotia, (The), 1.204%,
2015/01/07
1,800,000
Canadian Imperial Bank of Commerce, 1.201%,
2015/02/11
3,600,000
HSBC Bank Canada, 1.192%, 2015/01/14
6,300,000
HSBC Bank Canada, 1.222%, 2015/02/19
3,500,000
CORPORATE 85.97%
AltaLink, L.P., 1.254%, 2015/01/29
7,050,000
Bank of Montreal, floating rate, 1.690%,
2015/03/23
10,270,000
Bank of Montreal, 3.930%, 2015/04/27
15,250,000
Bank of Montreal, floating rate, 1.400%,
2015/06/19
1,500,000
Bank of Montreal, floating rate, 1.800%,
2015/09/11
3,000,000
Bank of Montreal, 1.890%, 2015/10/05
7,000,000
Bank of Nova Scotia, (The), 2.250%,
2015/05/08
14,800,000
Bank of Nova Scotia, (The), floating rate,
1.658%, 2015/08/04
7,600,000
Bank of Nova Scotia, (The), floating rate,
1.640%, 2015/09/18
14,240,000
Caisse centrale Desjardins, 3.788%,
2015/06/08
2,850,000
Caisse centrale Desjardins, floating rate,
1.623%, 2015/10/16
10,680,000
Canadian Imperial Bank of Commerce, 3.100%,
2015/03/02
4,860,000
Canadian Imperial Bank of Commerce, 2.200%,
2015/05/22
6,400,000
Canadian Imperial Bank of Commerce, floating
rate, 1.640%, 2015/09/23
20,000,000
Canadian Imperial Bank of Commerce, floating
rate, 1.870%, 2015/12/18
3,800,000
Central 1 Credit Union, 1.176%, 2015/01/20
1,800,000
Enbridge Inc., 1.271%, 2015/01/05
9,000,000
Enbridge Inc., 1.254%, 2015/01/12
3,600,000
Enbridge Inc., 1.300%, 2015/02/11
10,300,000
Gaz Métro Inc., 1.188%, 2015/01/22
5,000,000
Gaz Métro Inc., 1.200%, 2015/02/03
8,600,000
GE Capital Canada Funding Company,
floating rate, 2.573%, 2015/01/26
4,270,000
GE Capital Canada Funding Company, 4.650%,
2015/02/11
7,000,000
GE Capital Canada Funding Company, floating
rate, 1.550%, 2015/06/01
10,545,000
Honda Canada Finance Inc., 1.169%,
2015/01/23
4,800,000
Honda Canada Finance Inc., floating rate,
1.700%, 2015/12/03
17,280,000
HSBC Bank Canada, floating rate, 1.793%,
2016/01/21
7,050,000
Inter Pipeline (Corridor) Inc., 1.188%,
2015/01/08
5,000,000
Inter Pipeline (Corridor) Inc., 1.189%,
2015/01/26
4,300,000
Inter Pipeline (Corridor) Inc., 1.219%,
2015/02/12
3,300,000
Inter Pipeline (Corridor) Inc., 1.219%,
2015/02/13
8,250,000
Fair value
($000s)
13,786
14,770
13,786
14,770
14,998
14,998
1,800
1,800
3,595
6,297
3,494
3,595
6,297
3,494
7,043
7,044
10,273
15,374
10,279
15,370
1,500
1,501
3,007
7,024
3,005
7,025
14,844
14,846
7,611
7,612
14,256
14,268
2,880
2,879
10,698
10,705
4,874
4,874
6,419
6,421
20,031
20,041
3,811
1,799
8,999
3,599
10,285
4,997
8,591
3,817
1,799
8,997
3,598
10,285
4,996
8,589
4,274
4,273
7,026
7,021
10,548
10,553
4,797
4,797
17,315
17,318
7,074
7,072
4,999
4,998
4,297
4,296
3,295
3,295
8,238
8,236
The accompanying notes are an integral part of these annual financial statements.
74 Pooled and Indexed Funds
Par Average cost
value
($000s)
Merit Trust, 1.190%, 2015/02/12
14,000,000
13,981
Merit Trust, 1.201%, 2015/02/17
5,250,000
5,242
Merit Trust, 1.228%, 2015/03/19
3,000,000
2,992
National Bank of Canada, 3.147%, 2015/02/11 7,770,000
7,786
National Bank of Canada, floating rate,
1.380%, 2015/09/11
7,100,000
7,100
National Bank of Canada, floating rate,
1.540%, 2016/06/23
4,300,000
4,304
Omers Finance Trust, 1.187%, 2015/01/05
4,300,000
4,299
Omers Finance Trust, 1.181%, 2015/01/12
3,300,000
3,299
Omers Finance Trust, 1.170%, 2015/01/14
3,160,000
3,159
Omers Finance Trust, 1.178%, 2015/02/02
10,450,000
10,439
Plaza Trust, 1.211%, 2015/03/12
5,600,000
5,587
Prime Trust, 1.201%, 2015/02/17
4,200,000
4,194
Royal Bank of Canada, 3.180%, 2015/03/16
5,450,000
5,471
Royal Bank of Canada, floating rate,
1.370%, 2015/12/03
7,600,000
7,600
Société de transport de Montréal, 1.179%,
2015/01/15
17,090,000
17,082
Storm King Funding, 1.189%, 2015/01/06
9,750,000
9,748
Storm King Funding, 1.211%, 2015/02/23
4,000,000
3,993
Sumitomo Mitsui Banking Corporation of
Canada, 1.219%, 2015/01/07
7,300,000
7,299
Toronto-Dominion Bank, (The), floating rate,
1.473%, 2016/04/21
5,000,000
5,000
Zeus Receivables Trust, 1.200%, 2015/02/24
4,000,000
3,993
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.53%
431,086
Other assets, less liabilities 0.47%
2,016
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
433,102
Fair value
($000s)
13,979
5,242
2,992
7,783
7,101
4,301
4,299
3,299
3,159
10,439
5,586
4,193
5,470
7,601
17,082
9,747
3,993
7,297
5,001
3,993
431,107
2,016
433,123
% of net assets
attributable to contractholders
Short-term investments
Federal and federally guaranteed
Provincial and provincially guaranteed
Bearer deposit notes
Corporate
Other
Other assets, less liabilities
as at Dec. 31, 2013
as at Jan. 1, 2013
8.74
5.99
0.28
81.81
2.73
0.45
100.00
14.13
1.26
6.11
72.99
5.22
0.29
100.00
Standard Life Real Estate Fund (SLIRE)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Real estate investments (note 4)
Short-term investments (note 10)
Cash
Subscriptions receivable
Interest and other receivables
Prepaid expenses
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Taxes payable on real estate
Other liabilities
Financing on real estate (note 10)
Deferred tenant revenues
Tenant deposits
Non-current liabilities
Financing on real estate (note 10)
Deferred tenant revenues
Tenant deposits
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
1,479,730 1,265,950 1,208,750
120,135
143,597
107,574
1,560
1,670
809
2,853
636
550
14,602
14,910
10,544
4,640
1,725
1,454
1,623,520 1,428,488 1,329,681
1,099
8
12,823
9,869
2,262
1,638
968
28,667
253
9,577
14
11,203
7,446
13,408
776
177
42,854
780
13
10,038
5,859
2,905
2,762
1,069
23,426
71,115
310
6,259
77,684
106,351
24,428
545
6,573
31,546
74,400
37,836
839
5,517
44,192
67,618
for the years ended December 31
INCOME
Interest (note 10)
Real estate net income (note 4(a))
Realized and change in unrealized gain (loss)
on investments and derivatives
Change in unrealized gain (loss) on financing
on real estate
EXPENSES
Appraisal fees
Custodian fees
Audit fees
Consulting fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
1,242
74,341
1,355
53,863
25,925
37,744
(1,899)
99,609
92,962
942
11
5
1,389
2,347
951
12
5
24
1,281
2,273
97,262
90,689
11.16
10.66
1,517,169 1,354,088 1,262,063
170.99
159.84
149.19
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 75
Standard Life Real Estate Fund (SLIRE)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
Statement of cash flows
2014
$
2013
$
1,354,088 1,262,063
97,262
90,689
233,030
(167,211)
65,819
157,523
(156,187)
1,336
1,517,169 1,354,088
The accompanying notes are an integral part of these annual financial statements.
76 Pooled and Indexed Funds
for the years ended December 31
2014
$
2013
$
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
97,262
90,689
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
(25,925)
(37,744)
Non cash interest on fixed income investments and
deferred rent
(4,786)
(1,294)
Purchase of investments
(2,018,289) (1,943,202)
Proceeds from sale and maturity of investments
1,847,787 1,898,594
(Increase) decrease in interest, other receivables
and prepaids
(2,607)
(4,637)
Increase (decrease) in accrued expenses and
other liabilities
2,417
1,588
Increase (decrease) of financing on real estate
33,642
(2,905)
Increase (decrease) in taxes payable on real estate,
deferred tenant revenues and tenant deposits
2,724
(951)
Amortization of tenant incentives and leasing costs
1,318
Net cash from operating activities
(66,457)
138
Cash flows used in financing activities
Proceeds from sale of units
230,813
157,437
Payments for units redeemed
(166,365) (156,714)
Change in unrealized gain (loss) on financing on
real estate
1,899
Net cash used in financing activities
66,347
723
Net increase (decrease) in cash
(110)
861
Cash (bank indebtedness) at beginning of year
1,670
809
Cash (bank indebtedness) at end of year
1,560
1,670
Supplemental disclosures on cash flows from operating activities
Interest received
61
61
Interest paid
(2,267)
(1,758)
Standard Life Real Estate Fund (SLIRE)
Annual financial statements
Schedule of portfolio investments
as at December 31, 2014
Real estate
investments
Year of
purchase
Date of last
appraisal
MULTI-INDUSTRIAL 27.75%
HAL003P
Bedford
TOR104P
Brampton
TOR105P
Brampton
VAN030
Burnaby
CAL029
Calgary
CAL039-40
Calgary
CAL055
Calgary
CAL059
Calgary
CAL070P
Calgary
VAN032
Coquitlam
HAL002P
Dartmouth
EDM012
Edmonton
EDM038
Edmonton
EDM046
Edmonton
EDM049P
Edmonton
EDM051P
Edmonton
EDM052P
Edmonton
EDM055P
Edmonton
EDM056P
Edmonton
EDM057P
Edmonton
HAL004P
Halifax
TOR034
Markham
TOR098
Markham
TOR109P
Markham
TOR046
Mississauga
TOR047
Mississauga
TOR048
Mississauga
TOR049
Mississauga
TOR092
Mississauga
TOR110P
Mississauga
TOR111P
Mississauga
TOR120P
Mississauga
TOR121P
Mississauga
TOR122P
Mississauga
TOR123P
Mississauga
MTL096
Montreal
TOR095
Oakville
OTT045P
Ottawa
OTT046P - OTT047P Ottawa
OTT049P
Ottawa
OTT050P
Ottawa
OTT051P
Ottawa
OTT052P
Ottawa
OTT053P
Ottawa
OTT054P
Ottawa
TOR112P
Scarborough
TOR106P-TOR108P Vaughan
TOR116P
Vaughan
2014
2007
2007
2006
1995
1993
1996
2000
2013
2007
2014
1983
2004
2005
2010
2011
2011
2013
2013
2013
2014
1984
2006
2007
1994
1994
1994
1994
2003
2007
2007
2011
2011
2011
2011
2005
2006
2008
2008
2012
2012
2012
2012
2012
2012
2007
2007
2011
OFFICE 33.11%
MTL104P
CAL061
CAL063P
CAL064P
CAL065P
CAL066P
CAL068P
CAL069P
EDM034
EDM039-40-41
EDM042-43-44
EDM050P
OTT048P
TOR125P
2010
2005
2010
2010
2011
2011
2012
2012
2003
2004
2004
2010
2012
2011
Location
Boisbriand
Calgary
Calgary
Calgary
Calgary
Calgary
Calgary
Calgary
Edmonton
Edmonton
Edmonton
Edmonton
Kanata
Markham
Total space
(square feet)
Space leased
(square feet)
% Leased
Financing on real
estate ($000s)
Average cost
($000s)
Fair value
($000s)
Dec. 2014
Oct. 2014
Oct. 2014
Dec. 2014
Nov. 2014
Dec. 2014
Nov. 2014
Nov. 2014
Nov. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Oct. 2014
Oct. 2014
Nov. 2014
Oct. 2014
Dec. 2014
Oct. 2014
Oct. 2014
Nov. 2014
Dec. 2014
Dec. 2014
Oct. 2014
Oct. 2014
Nov. 2014
Nov. 2014
Nov. 2014
Nov. 2014
Dec. 2014
Nov. 2014
Oct. 2014
Nov. 2014
Nov. 2014
Nov. 2014
Nov. 2014
Dec. 2014
Dec. 2014
Nov. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Oct. 2014
Oct. 2014
Oct. 2014
Dec. 2014
Nov. 2014
Dec. 2014
Dec. 2014
117,601
52,873
52,608
61,911
57,337
28,774
57,345
57,779
30,130
103,125
122,908
80,202
96,757
42,969
60,107
259,941
58,814
48,431
57,800
23,289
73,529
48,901
74,210
101,239
56,152
31,797
37,053
25,312
91,697
85,991
44,541
42,876
62,214
103,386
10,000
77,499
21,767
11,362
87,308
120,145
84,990
105,619
111,368
116,221
131,788
140,386
130,682
178,303
117,601
52,873
45,878
61,911
57,337
28,774
57,345
57,779
30,130
70,210
116,442
76,309
96,757
42,969
60,107
259,941
52,536
48,431
57,800
23,289
62,340
48,901
70,212
94,985
41,315
28,529
37,053
22,164
79,327
73,369
28,825
42,876
14,582
89,590
10,000
77,499
16,327
9,251
87,308
107,938
84,990
105,619
97,213
116,221
131,788
140,386
112,079
178,303
100
100
87
100
100
100
100
100
100
68
95
95
100
100
100
100
89
100
100
100
85
100
95
94
74
90
100
88
87
85
65
100
23
87
100
100
75
81
100
90
100
100
87
100
100
100
86
100
(4,740)
(7,069)
(3,478)
(15,287)
7,850
4,490
4,550
5,207
2,664
1,805
2,507
4,499
3,301
11,205
10,623
3,412
7,085
2,161
10,174
19,850
6,023
4,649
5,641
3,101
7,543
1,743
7,778
9,216
1,575
916
1,030
710
5,701
6,586
3,143
5,428
7,244
13,616
1,074
3,541
2,318
1,161
10,493
15,352
9,975
12,079
13,412
14,794
16,300
8,948
11,621
15,744
329,838
7,500
3,730
4,020
7,300
9,600
5,000
9,400
11,700
4,100
12,900
11,500
13,900
16,300
5,100
13,000
25,600
9,100
4,800
5,600
3,700
7,600
4,890
9,040
10,400
4,420
2,740
3,120
2,000
10,220
6,490
3,260
4,430
5,100
12,060
1,550
5,000
2,940
1,300
11,800
15,900
10,800
13,300
14,300
15,600
18,100
10,220
11,960
18,610
421,000
Dec. 2014
Oct. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Nov. 2014
Nov. 2014
Oct. 2014
Dec. 2014
Dec. 2014
Oct. 2014
Nov. 2014
Dec. 2014
52,876
22,058
103,207
59,969
102,724
30,364
138,455
194,017
75,257
76,034
75,610
47,583
128,706
107,379
52,876
22,058
103,207
59,969
102,724
30,364
137,754
158,670
72,757
58,599
50,248
47,583
128,706
99,484
100
100
100
100
100
100
99
82
97
77
66
100
100
93
(21,284)
-
7,914
4,316
38,619
22,734
31,019
7,232
66,011
98,230
4,650
6,223
5,037
13,630
23,394
22,517
9,350
5,900
50,200
29,100
34,600
8,700
73,200
98,600
16,600
16,100
15,000
18,500
23,200
23,500
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 77
Standard Life Real Estate Fund (SLIRE)
Annual financial statements
Schedule of portfolio investments
as at December 31, 2014
Real estate
investments
Location
Year of
purchase
Date of last
appraisal
Total space
(square feet)
Space leased
(square feet)
% Leased
TOR127P
TOR128P
TOR129P
TOR130P
TOR131P
OTT044
ATL001P
Mississauga
Mississauga
Mississauga
Mississauga
Mississauga
Ottawa
Saint John
2014
2014
2014
2014
2014
2007
2008
RETAIL 22.23%
MTL106P
MTL100
HAL001P
TOR100P
VAN033P
MTL088
VAN027
VAN038P
TOR101P
VAN037P
TOR114P
VAN036P
MTL092
VAN035P
MTL004
VAN034P
TOR115P
Boucherville
Brossard
Dartmouth
London
Merritt
Montreal
North Vancouver
Penticton
Peterborough
Salmon Arm
Sarnia
Squamish
St-Leonard
Surrey
Varennes
Williams Lake
Woodstock
SINGLE-INDUSTRIAL
TOR051
TOR103P
TOR118P
TOR124P
TOR119P
VAN007
EDM036
EDM047
EDM048P
EDM053P
EDM054P
MTL098
MTL102P
MTL105P
TOR113P
TOR039
TOR040
TOR041
TOR043
TOR044
MTL087
MTL095
TOR117P
TOR126P
OTT043
MTL103P
14.44%
Brampton
Brampton
Brampton
Brampton
Burlington
Coquitlam
Edmonton
Edmonton
Edmonton
Edmonton
Edmonton
Laval
Laval
Laval
London
Mississauga
Mississauga
Mississauga
Mississauga
Mississauga
Montreal
Montreal
Oakville
Oakville
Ottawa
Terrebonne
Nov. 2014
Nov. 2014
Nov. 2014
Oct. 2014
Dec. 2014
Nov. 2014
Oct. 2014
62,482
37,851
22,719
96,171
35,721
15,827
28,107
62,482
37,851
11,660
96,171
35,721
15,827
28,107
2011
2006
2014
2007
2011
2004
2003
2014
2007
2012
2008
2011
2005
2011
1984
2011
2008
Dec. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Oct. 2014
Nov. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Dec. 2014
Oct. 2014
155,304
25,902
171,749
23,845
71,098
25,760
50,356
270,743
40,009
225,463
79,723
80,632
8,713
151,176
93,622
63,201
17,837
1995
2007
2011
2011
2011
1994
2003
2007
2007
2013
2013
2005
2010
2010
2008
1994
1994
1994
1994
1994
2004
2005
2011
2012
2004
2010
Nov. 2014
Oct. 2014
Nov. 2014
Dec. 2014
Dec. 2014
Oct. 2014
Nov. 2014
Nov. 2014
Oct. 2014
Dec. 2014
Dec. 2014
Nov. 2014
Dec. 2014
Dec. 2014
Nov. 2014
Nov. 2014
Nov. 2014
Nov. 2014
Oct. 2014
Oct. 2014
Dec. 2014
Nov. 2014
Oct. 2014
Nov. 2014
Nov. 2014
Nov. 2014
11,837
68,936
168,796
254,578
62,924
97,598
113,704
35,675
43,360
246,000
44,500
24,186
107,648
26,090
264,600
20,482
16,809
14,877
24,572
20,513
120,000
43,500
137,043
179,002
37,875
145,038
TOTAL REAL ESTATE INVESTMENTS 97.53%
The accompanying notes are an integral part of these annual financial statements.
78 Pooled and Indexed Funds
Financing on real
estate ($000s)
Average cost
($000s)
Fair value
($000s)
100
100
51
100
100
100
100
(21,284)
14,416
7,874
3,996
35,547
7,353
3,892
7,378
431,982
15,200
8,800
4,000
34,400
7,500
5,600
4,370
502,420
144,244
25,902
170,549
23,845
60,949
25,760
50,356
269,013
40,009
215,940
63,825
73,547
5,150
139,858
87,056
63,201
17,837
92
100
99
100
86
100
100
99
100
96
80
91
59
93
93
100
100
(36,806)
(36,806)
33,648
5,451
21,968
5,856
9,415
3,469
5,259
75,454
7,627
33,064
15,302
31,997
1,991
38,491
6,387
11,319
6,967
313,665
38,700
6,100
22,800
6,800
9,700
4,600
13,000
75,300
8,400
32,500
10,200
31,900
2,400
44,900
10,500
11,800
7,700
337,300
11,837
68,936
168,796
254,578
62,924
97,598
113,704
35,675
43,360
246,000
44,500
24,186
107,648
26,090
264,600
20,482
16,809
14,877
24,572
20,513
120,000
43,500
137,043
179,002
37,875
145,038
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
(73,377)
432
5,161
15,111
21,047
6,199
4,397
6,937
5,023
4,899
22,006
5,596
1,459
9,338
3,688
15,532
712
639
483
922
1,019
12,702
1,850
12,946
15,318
2,435
9,000
184,851
1,260,336
1,080
4,460
15,970
22,010
4,570
11,800
14,200
6,300
6,800
23,400
6,600
1,630
11,000
4,220
15,770
1,750
1,640
1,240
2,050
1,670
13,500
3,000
12,020
17,030
4,600
10,700
219,010
1,479,730
Standard Life Real Estate Fund (SLIRE)
Annual financial statements
% of net assets
attributable to contractholders
Schedule of portfolio investments
as at December 31, 2014
Par Average cost
value
($000s)
Fair value
($000s)
600
4,999
2,024
3,496
13,976
600
4,999
2,024
3,496
13,976
9,997
6,992
13,997
40,378
10,586
8,986
9,997
6,992
13,997
40,382
10,586
8,986
2,050
2,050
2,050
120,131
(82,696)
1,297,771
2,050
120,135
(82,696)
1,517,169
SHORT-TERM INVESTMENTS
FEDERAL AND FEDERALLY GUARANTEED 1.65%
Government of Canada, 0.933%, 2015/01/07
600,000
Government of Canada, 0.959%, 2015/01/08
5,000,000
Government of Canada, 0.889%, 2015/01/15
2,025,000
Government of Canada, 0.874%, 2015/02/12
3,500,000
Government of Canada, 0.885%, 2015/03/12 14,000,000
PROVINCIAL AND PROVINCIALLY GUARANTEED 5.99%
Province of Ontario, 0.968%, 2015/01/14
10,000,000
Province of Ontario, 0.990%, 2015/02/11
7,000,000
Province of Quebec, 0.973%, 2015/01/09
14,000,000
Province of Quebec, 0.992%, 2015/01/30
40,410,000
Province of Quebec, 0.991%, 2015/02/20
10,600,000
Province of Quebec, 0.988%, 2015/02/27
9,000,000
CANADIAN DEPOSIT CERTIFICATE 0.27%
National Bank of Canada, deposit certificat,
0.950%, 2015/01/05
2,050,000
Royal Bank of Canada, deposit certificat,
0.950%, 2015/01/05
2,050,000
TOTAL SHORT-TERM INVESTMENTS 7.91%
Other assets, less liabilities (5.44%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Real estate investments
Multi-industrial
Office
Retail
Single-industrial
Short-term investments
Other assets, less liabilities
as at Dec. 31, 2013
28.31
32.77
17.21
15.20
10.60
(4.09)
100.00
as at Jan. 1, 2013
28.13
34.15
19.17
14.33
8.52
(4.30)
100.00
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 79
Standard Life Mortgage Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Interest and other receivables
Statement of comprehensive income
Dec. 31
2014
$
Jan. 1
2013
$
146,886
105
1,386
376
148,753
148,362
99
154
366
148,981
108,276
153
109
308
108,846
13
1
24
3
41
25
11,971
1
38
2
12,037
66
1
42
1
110
148,712
136,944
108,736
490.37
466.71
455.37
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
Accrued expenses
Mortgage property taxes payable
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
Statement of changes in financial position
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
INCOME
Interest (note 10)
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Custodian fees
Audit fees
Interest
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
5,435
4,084
1,768
7,203
(1,026)
3,058
1
6
153
160
2
5
1
156
164
7,043
2,894
23.60
11.44
2014
$
2013
$
Statement of cash flows
2014
$
2013
$
136,944
108,736
7,043
2,894
33,813
(29,088)
4,725
48,633
(23,319)
25,314
148,712
136,944
The accompanying notes are an integral part of these annual financial statements.
80 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
7,043
Adjustments for:
Realized and change in unrealized gain (loss) on
(1,768)
investments and derivatives
Non cash interest on fixed income investments
(95)
Purchase of investments
(605,792)
Proceeds from sale and maturity of investments
597,146
(Increase) decrease in interest and other receivables
(10)
Increase (decrease) in accrued expenses and
other liabilities
1
Net cash from operating activities
(3,475)
Cash flows used in financing activities
Proceeds from sale of units
32,581
Payments for units redeemed
(29,100)
Net cash used in financing activities
3,481
Net increase (decrease) in cash
6
Cash (bank indebtedness) at beginning of year
99
Cash (bank indebtedness) at end of year
105
Supplemental disclosures on cash flows from operating activities
Interest received
5,330
2,894
1,026
(170)
(532,268)
503,293
(58)
1
(25,282)
48,588
(23,360)
25,228
(54)
153
99
3,856
Standard Life Mortgage Fund (Standard Life)
Annual financial statements
Statement of portfolio investments
as at December 31, 2014
Number of loans
Interest rate
(%)
Average cost
($000s)
Fair value
($000s)
4,722
923
4,919
1,143
1,674
2,716
2,882
4,773
1,066
1,581
1,012
4,409
2,739
3,929
1,230
265
1,216
5,749
593
2,340
1,445
5,874
2,306
2,943
1,705
741
4,815
2,363
3,838
2,157
81
118
4,477
1,090
1,700
667
1,077
4,456
1,862
6,778
6,353
392
1,308
1,933
2,137
7,502
1,005
121,004
4,725
923
4,939
1,157
1,695
2,754
2,930
4,855
1,082
1,609
1,028
4,490
2,790
4,006
1,257
269
1,244
5,817
605
2,387
1,473
6,026
2,343
3,028
1,751
763
4,949
2,446
3,984
2,180
82
118
4,528
1,107
1,718
680
1,094
4,481
1,869
7,403
6,743
398
1,327
1,954
2,265
8,378
1,024
124,674
Property type
Province
Mortgage type
Maturity date
BUSINESS OFFICE
WAREHOUSE/OFFICE
RETAIL/OFFICE
INDUSTRIAL
INDUSTRIAL
INDUSTRIAL
SHOPPING CENTRE
APARTMENT
INDUSTRIAL
FREESTANDING RETAIL
WAREHOUSE/OFFICE
SHOPPING CENTRE
WAREHOUSE
BUSINESS OFFICE
WAREHOUSE/OFFICE
INDUSTRIAL
WAREHOUSE
RETAIL/OFFICE
WAREHOUSE/OFFICE
RETAIL/APARTMENTS
INDUSTRIAL
APARTMENT
INDUSTRIAL
WAREHOUSE/OFFICE
WAREHOUSE/OFFICE
BUSINESS OFFICE
SHOPPING CENTRE
INDUSTRIAL
INDUSTRIAL
INDUSTRIAL
INDUSTRIAL
INDUSTRIAL
RETAIL/OFFICE
WAREHOUSE
SHOPPING CENTRE
WAREHOUSE/OFFICE
BUSINESS OFFICE
INDUSTRIAL
BUSINESS OFFICE
BUSINESS OFFICE
SHOPPING CENTRE
RETAIL/OFFICE
RETAIL/OFFICE
WAREHOUSE/OFFICE
SHOPPING CENTRE
SHOPPING CENTRE
WAREHOUSE/OFFICE
QC
AB
AB
QC
AB
AB
ON
BC
QC
QC
BC
BC
BC
BC
QC
QC
AB
AB
BC
BC
AB
ON
ON
ON
QC
QC
ON
ON
AB
ON
ON
ON
AB
QC
AB
QC
NB
AB
BC
ON
BC
ON
ON
QC
ON
ON
ON
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
CONVENTIONAL
2015/12/01
2015/10/01
2016/05/01
2018/05/01
2017/07/01
2018/03/01
2018/01/01
2018/04/01
2017/06/01
2019/01/02
2018/01/01
2018/02/01
2018/03/01
2019/06/01
2019/02/01
2017/06/01
2019/11/01
2016/04/15
2017/08/06
2017/06/01
2017/05/01
2019/02/01
2019/04/01
2019/03/01
2018/12/15
2018/10/01
2023/06/01
2018/11/01
2018/10/01
2015/10/01
2015/12/01
2015/11/01
2015/09/01
2015/12/01
2015/08/01
2016/02/10
2015/12/01
2015/04/01
2015/03/01
2020/09/01
2017/10/01
2015/08/01
2015/08/01
2015/06/01
2017/06/01
2020/06/01
2015/08/01
MORTGAGE INVESTMENTS 83.84%
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2.600
2.610
2.853
3.130
3.160
3.170
3.270
3.270
3.286
3.288
3.300
3.330
3.341
3.357
3.400
3.460
3.480
3.480
3.500
3.500
3.520
3.522
3.570
3.589
3.622
3.770
3.825
3.850
3.890
3.990
4.180
4.180
4.290
4.350
4.370
4.400
4.450
4.816
4.850
4.964
5.043
5.080
5.080
5.190
5.300
5.317
5.810
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 81
Standard Life Mortgage Fund (Standard Life)
Annual financial statements
% of net assets
attributable to contractholders
Schedule of portfolio investments
as at December 31, 2014
Par Average cost
value
($000s)
Fair value
($000s)
3,797
11,476
2,993
3,798
11,476
2,993
2,995
2,995
475
475
475
22,211
475
22,212
143,215
1,826
145,041
146,886
1,826
148,712
SHORT-TERM INVESTMENTS
FEDERAL AND FEDERALLY GUARANTEED 12.28%
Government of Canada, 0.863%, 2015/01/29
3,800,000
Government of Canada, 0.894%, 2015/03/26 11,500,000
Government of Canada, 0.902%, 2015/04/09
3,000,000
PROVINCIAL AND PROVINCIALLY GUARANTEED 2.01%
Province of Quebec, 0.988%, 2015/02/27
3,000,000
CANADIAN DEPOSIT CERTIFICATE 0.64%
National Bank of Canada, deposit certificat,
0.950%, 2015/01/05
475,000
Royal Bank of Canada, deposit certificat,
0.950%, 2015/01/05
475,000
TOTAL SHORT-TERM INVESTMENTS 14.93%
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 98.77 %
Other assets, less liabilities 1.23%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
82 Pooled and Indexed Funds
as at Dec. 31, 2013
Mortgage investments
Short-term investments
Other assets, less liabilities
85.76
22.58
(8.34)
100.00
as at Jan. 1, 2013
84.33
15.25
0.42
100.00
Standard Life Small Cap Portfolio Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
6,169
1
6,170
5,577
5
5,582
5,250
4
1
5,255
LIABILITIES
Current liabilities
Bank indebtedness
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to
contractholders per unit
4
4
5
15
20
2
4
6
6,166
5,562
5,249
47.82
42.48
31.09
Statement of changes in financial position
for the years ended December 31
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
660
660
1,523
1,523
3
1
4
3
1
4
656
1,519
4.95
11.59
2014
$
2013
$
656
1,519
(660)
(1,971)
2,044
69
(1,523)
(1,040)
2,227
1,183
2,397
(2,461)
(64)
5
(5)
-
1,323
(2,515)
(1,192)
(9)
4
(5)
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
5,562
5,249
656
1,519
2,398
(2,450)
(52)
1,322
(2,528)
(1,206)
6,166
5,562
Average cost
$
Fair value
$
2,287
3,086
2,112
3,083
4,399
(3)
4,396
6,169
(3)
6,166
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Small-Cap
Equity Fund (SLI)
42,749
Standard Life Canadian Small-Cap
Equity Fund (BMO Asset Management)
148,975
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.05%
Other assets, less liabilities (0.05%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 83
Standard Life Income Index Portfolio Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
24,702
2
7
24,711
26,649
54
2
26,705
27,316
12
27,328
LIABILITIES
Current liabilities
Bank indebtedness
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
7
7
5
54
59
12
12
24,704
26,646
27,316
21.06
19.30
17.95
Statement of changes in financial position
2014
$
2013
$
26,646
27,316
2,568
1,956
8,464
(12,974)
(4,510)
6,807
(9,433)
(2,626)
24,704
26,646
Units
Average cost
$
Fair value
$
239,353
87,503
479,006
18,510
5,007
1,071
10,603
2,369
6,170
1,822
12,408
2,473
111,459
1,435
1,829
100.00%
20,485
2
20,487
24,702
2
24,704
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
Schedule of portfolio investments
as at December 31, 2014
The accompanying notes are an integral part of these annual financial statements.
84 Pooled and Indexed Funds
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
2,572
2,572
1,960
1,960
3
1
4
3
1
4
2,568
1,956
1.78
1.38
2014
$
2013
$
2,568
1,956
(2,572)
(8,197)
12,655
4,454
(1,960)
(7,134)
9,803
2,665
8,464
(12,979)
(4,515)
(61)
54
(7)
6,805
(9,428)
(2,623)
42
12
54
Statement of cash flows
for the years ended December 31
Standard Life Canadian Equity Capped
Index Fund (SLI)
Standard Life US Equity Index Fund (SLI)
Standard Life Canadian Bond Index Fund (SLI)
Standard Life Money Market Fund (SLI)
Standard Life International Equity
Index Fund (BlackRock)
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.99%
Other assets, less liabilities 0.01%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Balanced Index Portfolio Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
199,650
30
57
199,737
176,274
23
17
176,314
71,752
86
71,838
LIABILITIES
Current liabilities
Bank indebtedness
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
57
15
72
4
23
27
86
86
199,665
176,287
71,752
21.10
19.06
16.82
Statement of changes in financial position
for the years ended December 31
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
19,089
19,089
15,089
15,089
3
1
4
3
1
4
19,085
15,085
2.03
2.46
2014
$
2013
$
19,085
15,085
(19,089)
(30,082)
25,715
(4,371)
(15,089)
(105,219)
15,723
(89,500)
29,726
(25,435)
4,291
(80)
23
(57)
103,167
(13,730)
89,437
(63)
86
23
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
176,287
71,752
19,085
15,085
29,739
(25,446)
4,293
103,184
(13,734)
89,450
199,665
176,287
Average cost
$
Fair value
$
49,989
19,305
71,520
60,011
29,534
80,455
24,600
29,650
165,414
15
165,429
199,650
15
199,665
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
2,328,066
Standard Life US Equity Index Fund (SLI)
1,418,515
Standard Life Canadian Bond Index Fund (SLI)
3,105,993
Standard Life International Equity
Index Fund (BlackRock)
1,806,903
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.99%
Other assets, less liabilities 0.01%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 85
Standard Life Growth Index Portfolio Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
28,289
7
28,296
24,336
2
47
24,385
19,004
1
19,005
7
7
2
2
1
1
28,289
24,383
19,004
20.41
18.36
15.63
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of changes in financial position
2014
$
2013
$
24,383
19,004
2,815
3,485
4,655
(3,564)
1,091
4,165
(2,271)
1,894
28,289
24,383
Units
Average cost
$
Fair value
$
495,703
234,915
220,450
10,029
2,760
4,901
12,778
4,891
5,710
299,229
3,806
4,910
100.00%
21,496
21,496
28,289
28,289
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
Schedule of portfolio investments
as at December 31, 2014
The accompanying notes are an integral part of these annual financial statements.
86 Pooled and Indexed Funds
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
2,819
2,819
3,489
3,489
3
1
4
3
1
4
2,815
3,485
2.03
2.74
2014
$
2013
$
2,815
3,485
(2,819)
(5,180)
4,051
(1,133)
(3,489)
(4,973)
3,131
(1,846)
4,702
(3,564)
1,138
5
2
7
4,118
(2,271)
1,847
1
1
2
Statement of cash flows
for the years ended December 31
Standard Life Canadian Equity Capped
Index Fund (SLI)
Standard Life US Equity Index Fund (SLI)
Standard Life Canadian Bond Index Fund (SLI)
Standard Life International Equity
Index Fund (BlackRock)
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Target Date 2015 Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
1,506
1,506
1,181
1,181
835
4
839
-
-
4
4
1,506
1,181
835
12.85
11.67
10.71
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of changes in financial position
for the years ended December 31
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
131
131
85
85
3
1
4
-
127
85
1.18
0.96
2014
$
2013
$
127
85
(131)
(431)
237
(198)
(85)
(430)
165
(265)
708
(510)
198
-
341
(80)
261
(4)
4
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
1,181
835
127
85
708
(510)
198
341
(80)
261
1,506
1,181
Average cost
$
68
86
205
568
211
Fair value
$
103
104
228
605
227
183
239
1,321
1,321
1,506
1,506
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
4,970
2,933
10,047
23,336
8,412
Standard Life US Equity Index Fund (SLI)
Standard Life International Equity Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Canadian Bond Index Fund (SLI)
Standard Life Corporate Bond Fund (SLMF)
Standard Life Canadian Equity Fund
(Beutel Goodman)
10,037
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 87
Standard Life Target Date 2020 Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
2,580
2,580
2,344
2,344
1,910
96
2,006
-
-
96
96
2,580
2,344
1,910
13.39
12.11
10.78
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
257
257
245
245
3
1
4
3
3
253
242
1.29
1.37
2014
$
2013
$
253
242
(257)
(712)
733
17
(245)
(905)
620
(288)
1,672
(1,689)
(17)
-
591
(399)
192
(96)
96
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
2,344
1,910
253
242
1,672
(1,689)
(17)
591
(399)
192
2,580
2,344
Average cost
$
165
210
351
731
360
Fair value
$
253
256
390
778
389
391
514
2,208
2,208
2,580
2,580
Schedule of portfolio investments
as at December 31, 2014
Units
12,182
7,190
17,239
30,027
14,433
Standard Life US Equity Index Fund (SLI)
Standard Life International Equity Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Canadian Bond Index Fund (SLI)
Standard Life Corporate Bond Fund (SLMF)
Standard Life Canadian Equity Fund
(Beutel Goodman)
21,534
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
88 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Target Date 2025 Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
3,475
3,475
2,170
2,170
1,340
74
1,414
2
2
-
74
74
3,473
2,170
1,340
13.96
12.58
10.91
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of changes in financial position
for the years ended December 31
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
288
288
254
254
3
1
4
3
3
284
251
1.31
1.70
2014
$
2013
$
284
251
(288)
(1,412)
395
(1,021)
(254)
(973)
323
(653)
1,740
(719)
1,021
-
766
(187)
579
(74)
74
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
2,170
1,340
284
251
1,740
(721)
1,019
766
(187)
579
3,473
2,170
Average cost
$
335
425
476
497
491
Fair value
$
479
483
527
525
525
559
202
693
243
2,985
(2)
2,983
3,475
(2)
3,473
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
23,028
13,592
23,262
20,258
19,476
Standard Life US Equity Index Fund (SLI)
Standard Life International Equity Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Canadian Bond Index Fund (SLI)
Standard Life Corporate Bond Fund (SLMF)
Standard Life Canadian Equity Fund
(Beutel Goodman)
29,059
Standard Life Canadian Equity Fund (Guardian)
5,550
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.06%
Other assets, less liabilities (0.06%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 89
Standard Life Target Date 2030 Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
3,034
3,034
2,105
2,105
1,514
11
1,525
-
-
1
11
12
3,034
2,105
1,513
14.04
12.62
10.88
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
262
262
276
276
3
1
4
3
3
258
273
1.40
1.75
2014
$
2013
$
258
273
(262)
(1,132)
465
(671)
(276)
(686)
360
(329)
1,672
(1,001)
671
-
542
(224)
318
(11)
11
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
beginning of year
INCREASE (DECREASE) IN NET ASSETS
ATTRIBUTABLE TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS –
end of year
2014
$
2013
$
2,105
1,513
258
273
1,672
(1,001)
671
542
(223)
319
3,034
2,105
Average cost
$
287
362
418
116
430
113
Fair value
$
419
422
460
122
458
122
487
349
606
425
2,562
2,562
3,034
3,034
Schedule of portfolio investments
as at December 31, 2014
Units
20,121
11,876
20,326
4,720
17,017
11,060
Standard Life US Equity Index Fund (SLI)
Standard Life International Equity Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Canadian Bond Index Fund (SLI)
Standard Life Corporate Bond Fund (SLMF)
Standard Life Emerging Markets Fund (AGF)
Standard Life Canadian Equity Fund
(Beutel Goodman)
25,398
Standard Life Canadian Equity Fund (Guardian)
9,702
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
90 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Target Date 2035 Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
2,669
2,669
1,682
1,682
1,001
52
1,053
-
-
52
52
2,669
1,682
1,001
14.12
12.67
10.90
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of changes in financial position
for the years ended December 31
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
236
236
200
200
3
1
4
-
232
200
1.41
1.80
2014
$
2013
$
232
200
(236)
(1,089)
338
(755)
(200)
(721)
188
(533)
1,553
(798)
755
-
568
(87)
481
(52)
52
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
1,682
1,001
232
200
1,553
(798)
755
568
(87)
481
2,669
1,682
Average cost
$
259
327
366
331
199
Fair value
$
369
372
405
349
214
321
467
400
560
2,270
2,270
2,669
2,669
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
17,706
10,451
17,892
12,978
19,495
Standard Life US Equity Index Fund (SLI)
Standard Life International Equity Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Corporate Bond Fund (SLMF)
Standard Life Emerging Markets Fund (AGF)
Standard Life Canadian Equity Fund
(Beutel Goodman)
16,759
Standard Life Canadian Equity Fund (Guardian)
12,811
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 91
Standard Life Target Date 2040 Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
2,356
2,356
1,739
1,739
1,126
10
1,136
-
-
10
10
2,356
1,739
1,126
14.32
12.80
10.95
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
227
227
225
225
3
1
4
3
3
223
222
1.51
1.87
2014
$
2013
$
223
222
(227)
(572)
182
(394)
(225)
(578)
180
(401)
1,036
(642)
394
-
464
(73)
391
(10)
10
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
1,739
1,126
223
222
1,036
(642)
394
464
(73)
391
2,356
1,739
Average cost
$
229
294
429
90
175
Fair value
$
349
351
477
95
189
269
435
353
542
1,921
1,921
2,356
2,356
Schedule of portfolio investments
as at December 31, 2014
Units
16,748
9,885
21,056
3,525
17,211
Standard Life US Equity Index Fund (SLI)
Standard Life International Equity Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Corporate Bond Fund (SLMF)
Standard Life Emerging Markets Fund (AGF)
Standard Life Canadian Equity Fund
(Beutel Goodman)
14,795
Standard Life Canadian Equity Fund (Guardian)
12,387
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
92 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Target Date 2045 Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
1,433
1,433
969
969
655
6
661
1
1
1
1
6
6
1,432
968
655
14.48
12.91
10.96
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of changes in financial position
for the years ended December 31
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
130
130
133
133
2
2
-
128
133
1.53
1.96
2014
$
2013
$
128
133
(130)
(468)
134
(336)
(133)
(295)
108
(187)
746
(410)
336
-
246
(65)
181
(6)
6
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
968
655
128
133
746
(410)
336
246
(66)
180
1,432
968
Average cost
$
154
195
263
107
Fair value
$
226
228
290
115
169
296
215
359
1,184
(1)
1,183
1,433
(1)
1,432
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
10,874
6,418
12,815
10,475
Standard Life US Equity Index Fund (SLI)
Standard Life International Equity Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Emerging Markets Fund (AGF)
Standard Life Canadian Equity Fund
(Beutel Goodman)
9,005
Standard Life Canadian Equity Fund (Guardian)
8,195
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.01%
Other assets, less liabilities (0.01%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 93
Standard Life Target Date 2050 Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Receivable from investments sold
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
1,162
4
1,166
762
762
368
7
375
4
4
-
7
7
1,162
762
368
14.48
12.89
10.95
LIABILITIES
Current liabilities
Bank indebtedness
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
106
91
106
91
1.52
2.02
2014
$
2013
$
106
91
(106)
(406)
108
(298)
(91)
(402)
92
(310)
537
(243)
294
(4)
(4)
361
(58)
303
(7)
7
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
762
368
106
91
537
(243)
294
361
(58)
303
1,162
762
Average cost
$
130
164
212
87
Fair value
$
184
185
235
93
140
242
174
291
975
975
1,162
1,162
Schedule of portfolio investments
as at December 31, 2014
Units
8,818
5,204
10,394
8,494
Standard Life US Equity Index Fund (SLI)
Standard Life International Equity Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Emerging Markets Fund (AGF)
Standard Life Canadian Equity Fund
(Beutel Goodman)
7,302
Standard Life Canadian Equity Fund (Guardian)
6,646
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
94 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Target Date 2055 Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2014
$
2013
$
83
83
12.33
12
12
10.96
Statement of changes in financial position
for the years ended December 31 (note 1)
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
4
1
4
1
1.05
0.97
2014
$
2013
$
4
1
(4)
(73)
6
(67)
(1)
(11)
(11)
71
(4)
67
-
11
11
-
Statement of cash flows
for the years ended December 31 (note 1)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
12
-
4
1
71
(4)
67
11
11
83
12
Average cost
$
11
13
15
6
Fair value
$
13
13
17
7
12
20
12
21
77
77
83
83
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
627
370
739
604
Standard Life US Equity Index Fund (SLI)
Standard Life International Equity Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Emerging Markets Fund (AGF)
Standard Life Canadian Equity Fund
(Beutel Goodman)
519
Standard Life Canadian Equity Fund (Guardian)
472
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 95
Standard Life Retirement Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Receivable from investments sold
Statement of comprehensive income
Dec. 31
2014
$
Dec. 31
2013
$
Jan. 1
2013
$
1,345
3
1,348
1,035
1,035
329
3
332
LIABILITIES
Current liabilities
Bank indebtedness
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
3
35
38
-
3
3
1,310
1,035
329
12.71
11.52
10.71
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
114
114
64
64
1
1
-
113
64
1.17
0.85
2014
$
2013
$
113
64
(114)
(574)
375
(200)
(64)
(1,379)
734
(645)
660
(463)
197
(3)
(3)
1,362
(720)
642
(3)
3
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
1,035
329
113
64
660
(498)
162
1,362
(720)
642
1,310
1,035
Average cost
$
69
86
182
505
190
Fair value
$
92
93
203
541
202
179
214
1,211
(35)
1,176
1,345
(35)
1,310
Schedule of portfolio investments
as at December 31, 2014
Units
4,441
2,622
8,974
20,845
7,513
Standard Life US Equity Index Fund (SLI)
Standard Life International Equity Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Canadian Bond Index Fund (SLI)
Standard Life Corporate Bond Fund (SLMF)
Standard Life Canadian Equity Fund
(Beutel Goodman)
8,968
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 102.68%
Other assets, less liabilities (2.68%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
96 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Target Date 2015 Index Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of comprehensive income
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2014
$
Dec. 31
2013
Jan. 1
2013
(unaudited)
$
$
255
289
10
255
289
10
11.78
10.72
10.05
Statement of changes in financial position
for the years ended December 31
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
24
11
24
11
1.12
0.83
2014
$
2013
$
24
11
(24)
(48)
106
58
(11)
(301)
33
(268)
40
(98)
(58)
-
293
(25)
268
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
289
10
24
11
40
(98)
(58)
293
(25)
268
255
289
Average cost
$
Fair value
$
35
13
167
41
17
179
15
18
230
230
255
255
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
1,579
Standard Life US Equity Index Fund (SLI)
841
Standard Life Canadian Bond Index Fund (SLI)
6,915
Standard Life International Equity
Index Fund (BlackRock)
1,072
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 97
Standard Life Target Date 2020 Index Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of comprehensive income
Statement of financial position
as at
Dec. 31
2014
$
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Jan. 1
2013
(unaudited)
$
$
415
415
477
1
478
10
10
-
1
1
-
415
477
10
12.19
11.06
10.06
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
43
28
43
28
1.19
1.43
2014
$
2013
$
43
28
(43)
(117)
221
104
(28)
(596)
158
(438)
100
(205)
(105)
(1)
1
-
568
(129)
439
1
1
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
477
10
43
28
100
(205)
(105)
568
(129)
439
415
477
Average cost
$
Fair value
$
71
31
233
83
41
250
36
41
371
371
415
415
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
3,216
Standard Life US Equity Index Fund (SLI)
1,958
Standard Life Canadian Bond Index Fund (SLI)
9,654
Standard Life International Equity
Index Fund (BlackRock)
2,495
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
98 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Target Date 2025 Index Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of comprehensive income
Statement of financial position
as at
Dec. 31
2014
$
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Jan. 1
2013
(unaudited)
$
$
779
779
728
2
730
10
10
-
2
2
-
779
728
10
12.63
11.41
10.06
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
Statement of changes in financial position
for the years ended December 31
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
74
48
74
48
1.22
1.84
2014
$
2013
$
74
48
(74)
(104)
125
21
(48)
(743)
75
(668)
80
(103)
(23)
(2)
2
-
710
(40)
670
2
2
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
728
10
74
48
80
(103)
(23)
710
(40)
670
779
728
Average cost
$
Fair value
$
177
77
326
211
107
353
94
108
674
674
779
779
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
8,171
Standard Life US Equity Index Fund (SLI)
5,162
Standard Life Canadian Bond Index Fund (SLI)
13,626
Standard Life International Equity
Index Fund (BlackRock)
6,577
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 99
Standard Life Target Date 2030 Index Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of comprehensive income
Statement of financial position
as at
Dec. 31
2014
$
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Jan. 1
2013
(unaudited)
$
$
418
418
404
6
410
10
10
-
6
6
-
418
404
10
12.90
11.62
10.06
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
42
30
42
30
1.31
2.00
2014
$
2013
$
42
30
(42)
(123)
145
22
(30)
(381)
23
(358)
117
(145)
(28)
(6)
6
-
387
(23)
364
6
6
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
404
10
42
30
117
(145)
(28)
387
(23)
364
418
404
Average cost
$
Fair value
$
123
49
133
143
66
143
59
66
364
364
418
418
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
5,524
Standard Life US Equity Index Fund (SLI)
3,166
Standard Life Canadian Bond Index Fund (SLI)
5,527
Standard Life International Equity
Index Fund (BlackRock)
4,034
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
100 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Target Date 2035 Index Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of comprehensive income
Statement of financial position
as at
Dec. 31
2014
$
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Jan. 1
2013
(unaudited)
$
$
561
3
564
467
467
10
10
3
3
-
-
561
467
10
13.08
11.77
10.06
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
Statement of changes in financial position
for the years ended December 31
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
53
38
53
38
1.30
2.33
2014
$
2013
$
53
38
(53)
(113)
75
(38)
(38)
(474)
55
(419)
109
(68)
41
3
3
461
(42)
419
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
467
10
53
38
109
(68)
41
461
(42)
419
561
467
Average cost
$
Fair value
$
174
74
147
203
100
158
88
100
483
483
561
561
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
7,861
Standard Life US Equity Index Fund (SLI)
4,789
Standard Life Canadian Bond Index Fund (SLI)
6,118
Standard Life International Equity
Index Fund (BlackRock)
6,102
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 101
Standard Life Target Date 2040 Index Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of comprehensive income
Statement of financial position
as at
Dec. 31
2014
$
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Jan. 1
2013
(unaudited)
$
$
723
723
647
5
652
10
10
-
1
5
6
-
723
646
10
13.16
11.82
10.07
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
73
55
73
55
1.32
2.34
2014
$
2013
$
73
55
(73)
(126)
118
(8)
(55)
(632)
55
(577)
103
(100)
3
(5)
5
-
617
(35)
582
5
5
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
646
10
73
55
103
(99)
4
617
(36)
581
723
646
Average cost
$
Fair value
$
235
99
163
276
136
175
119
136
616
616
723
723
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
10,704
Standard Life US Equity Index Fund (SLI)
6,520
Standard Life Canadian Bond Index Fund (SLI)
6,764
Standard Life International Equity
Index Fund (BlackRock)
8,308
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
102 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Target Date 2045 Index Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of comprehensive income
Statement of financial position
as at
Dec. 31
2014
$
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Jan. 1
2013
(unaudited)
$
$
248
1
249
136
1
137
10
10
1
1
1
1
-
248
136
10
13.32
11.95
10.07
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
Statement of changes in financial position
for the years ended December 31
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
18
12
18
12
1.29
2.43
2014
$
2013
$
18
12
(18)
(115)
21
(94)
(12)
(121)
8
(113)
112
(18)
94
1
1
118
(4)
114
1
1
Statement of cash flows
for the years ended December 31
2014
$
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2013
$
136
10
18
12
112
(18)
94
118
(4)
114
248
136
Average cost
$
Fair value
$
90
38
47
100
49
50
45
49
220
220
248
248
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
3,867
Standard Life US Equity Index Fund (SLI)
2,356
Standard Life Canadian Bond Index Fund (SLI)
1,934
Standard Life International Equity
Index Fund (BlackRock)
3,003
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 103
Standard Life Target Date 2050 Index Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of comprehensive income
Statement of financial position
as at
Dec. 31
2014
$
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Jan. 1
2013
(unaudited)
$
$
140
140
68
11
79
10
10
-
11
11
-
140
68
10
13.32
11.97
10.07
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
10
5
10
5
1.23
2.24
2014
$
2013
$
10
5
(10)
(90)
17
(73)
(5)
(53)
11
(42)
75
(13)
62
(11)
11
-
62
(9)
53
11
11
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
68
10
10
5
75
(13)
62
62
(9)
53
140
68
Average cost
$
Fair value
$
52
22
27
56
28
28
26
28
127
127
140
140
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
2,189
Standard Life US Equity Index Fund (SLI)
1,334
Standard Life Canadian Bond Index Fund (SLI)
1,095
Standard Life International Equity
Index Fund (BlackRock)
1,699
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
104 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Target Date 2055 Index Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2014
$
2013
$
12
12
12.30
11
11
11.04
Statement of changes in financial position
for the years ended December 31 (note 1)
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
1
1
1
1
1.26
1.05
2014
$
2013
$
1
1
(1)
(1)
1
-
(1)
(10)
(10)
1
(1)
-
10
10
-
Statement of cash flows
for the years ended December 31 (note 1)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
11
-
1
1
1
(1)
-
10
10
12
11
Average cost
$
Fair value
$
4
2
2
5
2
3
2
2
10
10
12
12
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
194
Standard Life US Equity Index Fund (SLI)
118
Standard Life Canadian Bond Index Fund (SLI)
97
Standard Life International Equity
Index Fund (BlackRock)
151
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 105
Standard Life Retirement Index Fund (Standard Life)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of comprehensive income
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2014
$
Dec. 31
2013
Jan. 1
2013
(unaudited)
$
$
219
212
10
219
212
10
11.63
10.61
10.05
Statement of changes in financial position
INCOME
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
19
8
19
8
1.05
0.86
2014
$
2013
$
19
8
(19)
(26)
38
12
(8)
(218)
24
(194)
58
(70)
(12)
-
215
(21)
194
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
212
10
19
8
58
(70)
(12)
215
(21)
194
219
212
Average cost
$
Fair value
$
30
11
142
35
15
154
13
15
196
196
219
219
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Equity Capped
Index Fund (SLI)
1,360
Standard Life US Equity Index Fund (SLI)
725
Standard Life Canadian Bond Index Fund (SLI)
5,952
Standard Life International Equity
Index Fund (BlackRock)
923
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
106 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Corporate Bond Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Statement of comprehensive income
Dec. 31
2014
$
Jan. 1
2013
$
50,359
96
105
50,560
42,611
214
28
42,853
39,136
144
39,280
54
96
150
79
214
293
23
23
50,410
42,560
39,257
26.93
24.97
24.70
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
Statement of changes in financial position
for the years ended December 31
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
1,803
1,519
1,653
3,456
(1,073)
446
3
1
4
3
1
4
3,452
442
1.95
0.27
2014
$
2013
$
3,452
442
(1,653)
(11,601)
5,388
(4,414)
1,073
(18,300)
13,966
(2,819)
15,752
(11,456)
4,296
(118)
214
96
15,946
(12,913)
3,033
214
214
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
42,560
39,257
3,452
442
15,829
(11,431)
4,398
15,830
(12,969)
2,861
50,410
42,560
Average cost
$
48,523
Fair value
$
50,359
48,523
51
48,574
50,359
51
50,410
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
4,201,934
Standard Life Corporate Bond Fund, O-Series 2
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.90%
Other assets, less liabilities 0.10%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 107
Standard Life Monthly Income Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Statement of comprehensive income
Dec. 31
2014
$
6,083
6,083
LIABILITIES
Current liabilities
Redemptions payable
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
4,238
4,238
Jan. 1
2013
$
284
284
-
21
21
-
6,083
4,217
284
13.40
12.11
10.65
Statement of changes in financial position
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
277
219
247
524
114
333
3
19
22
9
9
502
324
1.21
1.35
2014
$
2013
$
502
324
(247)
(2,636)
1,038
(1,343)
(114)
(4,901)
1,061
(3,630)
3,138
(1,795)
1,343
-
4,870
(1,240)
3,630
-
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
4,217
284
502
324
3,138
(1,774)
1,364
4,870
(1,261)
3,609
6,083
4,217
Average cost
$
5,781
Fair value
$
6,083
5,781
5,781
6,083
6,083
Schedule of portfolio investments
as at December 31, 2014
Units
342,003
Standard Life Monthly Income Fund, O-Series 2
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
108 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Canadian Dividend Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Statement of comprehensive income
Dec. 31
2014
$
Jan. 1
2013
$
180,443
20
410
180,873
170,294
9
116
170,419
144,486
102
144,588
410
249
3
10
672
48
9
6
10
73
147
5
7
159
180,201
170,346
144,429
41.83
38.36
31.81
LIABILITIES
Current liabilities
Bank indebtedness
Redemptions payable
Payable on investments purchased
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
Statement of changes in financial position
for the years ended December 31
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
8,774
5,503
7,172
15,946
24,263
29,766
3
593
596
3
523
526
15,350
29,240
3.53
6.54
2014
$
2013
$
15,350
29,240
(7,172)
(21,395)
17,999
(24,263)
(17,192)
15,656
(3)
4,779
4
3,445
39,378
(44,576)
(5,198)
(419)
9
(410)
37,850
(41,286)
(3,436)
9
9
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
170,346
144,429
15,350
29,240
39,282
(44,777)
(5,495)
37,864
(41,187)
(3,323)
180,201
170,346
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Increase (decrease) in accrued expenses and
other liabilities
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Canadian Dividend Growth Fund,
O-Series 2
3,031,622
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.13%
Other assets, less liabilities (0.13%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Average cost
$
Fair value
$
140,340
180,443
140,340
(242)
140,098
180,443
(242)
180,201
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 109
Standard Life Global Dividend Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Cash
Subscriptions receivable
Receivable from investments sold
Statement of comprehensive income
Dec. 31
2014
$
Jan. 1
2013
$
19,395
79
1
19,475
9,814
9
11
9,834
4,466
20
4,486
1
83
84
23
9
1
33
1
1
2
19,391
9,801
4,484
13.68
12.59
9.11
LIABILITIES
Current liabilities
Bank indebtedness
Redemptions payable
Payable on investments purchased
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
Statement of changes in financial position
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
422
254
653
1,075
2,081
2,335
3
18
21
3
25
28
1,054
2,307
1.03
3.47
2014
$
2013
$
1,054
2,307
(653)
(10,589)
1,651
(2,081)
(5,972)
2,714
(1)
(8,538)
(3,032)
11,929
(3,401)
8,528
(10)
9
(1)
6,459
(3,418)
3,041
9
9
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
9,801
4,484
1,054
2,307
11,997
(3,461)
8,536
6,450
(3,440)
3,010
19,391
9,801
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Global Dividend Growth
Fund, O-Series 2
1,266,241
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.02%
Other assets, less liabilities (0.02%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Average cost
$
Fair value
$
17,157
19,395
17,157
(4)
17,153
19,395
(4)
19,391
The accompanying notes are an integral part of these annual financial statements.
110 Pooled and Indexed Funds
for the years ended December 31
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Increase (decrease) in accrued expenses and
other liabilities
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Standard Life Global Equity Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
as at
ASSETS
Current assets
Investments, non-derivative financial assets
(note 10)
Subscriptions receivable
Receivable from investments sold
Statement of comprehensive income
Dec. 31
2014
$
Jan. 1
2013
$
74,975
5
52
75,032
20,897
12
412
21,321
14,238
11
14,249
52
40
1
93
412
11
1
1
425
2
2
74,939
20,896
14,247
16.65
14.86
10.81
LIABILITIES
Current liabilities
Bank indebtedness
Redemptions payable
Accrued expenses
Other liabilities
NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Net assets attributable to contractholders
per unit
Dec. 31
2013
$
Statement of changes in financial position
for the years ended December 31
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
EXPENSES
Audit fees
Other operating expenses
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
$
2013
$
573
276
3,806
4,379
4,993
5,269
3
49
52
3
54
57
4,327
5,212
1.74
4.08
2014
$
2013
$
4,327
5,212
(3,806)
(52,506)
2,594
(4,993)
(9,808)
7,730
(1)
(49,392)
2
(1,857)
54,044
(4,292)
49,752
360
(412)
(52)
10,995
(9,550)
1,445
(412)
(412)
Statement of cash flows
for the years ended December 31
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2014
$
2013
$
20,896
14,247
4,327
5,212
54,037
(4,321)
49,716
10,996
(9,559)
1,437
74,939
20,896
for the years ended December 31
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss) on
investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Increase (decrease) in accrued expenses and
other liabilities
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
Schedule of portfolio investments
as at December 31, 2014
Units
5,936,765
Standard Life Global Equity Fund, O-Series 2
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.05%
Other assets, less liabilities (0.05%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
Average cost
$
66,970
Fair value
$
74,975
66,970
(36)
66,934
74,975
(36)
74,939
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 111
Standard Life International Bond Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at
Dec. 31
2014
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
Subscriptions receivable
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
Dec. 31
2013
(unaudited)
$
$
391
2
393
393
11.16
100
100
100
10.01
Statement of changes in financial position
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
2013
(unaudited)
$
$
6
1
13
19
(1)
-
19
-
1.00
0.02
Statement of cash flows
for the years ended December 31 (note 1)
2014
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2013
(unaudited)
$
$
100
-
19
-
296
(22)
274
100
100
393
100
Average cost
$
380
Fair value
$
391
380
2
382
391
2
393
Schedule of portfolio investments
as at December 31, 2014
Units
31,529
Standard Life Global Bond Fund, O-Series 2
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 99.53%
Other assets, less liabilities 0.47%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
112 Pooled and Indexed Funds
for the years ended December 31 (note 1)
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
2014
2013
(unaudited)
$
$
19
-
(13)
(300)
22
(272)
1
(101)
(100)
294
(22)
272
-
100
100
-
Standard Life Tactical Bond Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
2014
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2013
(unaudited)
$
$
111
111
10.73
100
100
9.99
Statement of changes in financial position
for the years ended December 31 (note 1)
2014
2013
(unaudited)
$
$
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
3
1
4
7
(1)
-
7
-
0.67
(0.02)
Statement of cash flows
for the years ended December 31 (note 1)
2014
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2013
(unaudited)
$
$
100
-
7
-
112
(108)
4
100
100
111
100
Average cost
$
109
Fair value
$
111
109
109
111
111
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
2014
2013
(unaudited)
$
$
7
-
(4)
(115)
108
(4)
1
(101)
(100)
112
(108)
4
-
100
100
-
Schedule of portfolio investments
as at December 31, 2014
Units
10,797
Standard Life Tactical Bond Fund, O-Series 2
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 113
Standard Life Diversified Income Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
2014
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2013
(unaudited)
$
$
122
122
11.20
101
101
10.14
Statement of changes in financial position
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
2013
(unaudited)
$
$
5
-
6
11
1
1
11
1
1.05
0.18
Statement of cash flows
for the years ended December 31 (note 1)
2014
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2013
(unaudited)
$
$
101
-
11
1
37
(27)
10
100
100
122
101
Average cost
$
Fair value
$
116
122
116
116
122
122
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Diversified Income Fund,
O-Series 2
11,391
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
114 Pooled and Indexed Funds
for the years ended December 31 (note 1)
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
2014
2013
(unaudited)
$
$
11
1
(6)
(43)
28
(10)
(1)
(100)
(100)
37
(27)
10
-
100
100
-
Standard Life Tactical Income Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
2014
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2013
(unaudited)
$
$
388
388
11.03
103
103
10.28
Statement of changes in financial position
for the years ended December 31 (note 1)
2014
2013
(unaudited)
$
$
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
115
3
(105)
10
3
10
3
0.39
0.35
Statement of cash flows
for the years ended December 31 (note 1)
2014
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2013
(unaudited)
$
$
103
-
10
3
294
(19)
275
100
100
388
103
Average cost
$
493
Fair value
$
388
493
493
388
388
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
2014
2013
(unaudited)
$
$
10
3
105
(408)
18
(275)
(103)
(100)
294
(19)
275
-
100
100
-
Schedule of portfolio investments
as at December 31, 2014
Units
33,682
Standard Life Tactical Income Fund, O-Series 2
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 115
Standard Life Dividend Income Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
2014
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2013
(unaudited)
$
$
377
377
11.24
104
104
10.37
Statement of changes in financial position
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
2013
(unaudited)
$
$
19
3
5
24
1
4
24
4
0.93
0.45
Statement of cash flows
for the years ended December 31 (note 1)
2014
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2013
(unaudited)
$
$
104
-
24
4
437
(188)
249
100
100
377
104
Average cost
$
383
Fair value
$
377
383
383
377
377
Schedule of portfolio investments
as at December 31, 2014
Units
23,480
Standard Life Dividend Income Fund, O-Series 2
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
116 Pooled and Indexed Funds
for the years ended December 31 (note 1)
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
2014
2013
(unaudited)
$
$
24
4
(5)
(452)
184
(249)
(1)
(103)
(100)
437
(188)
249
-
100
100
-
Standard Life US Dividend Growth Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
2014
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
Cash
Subscriptions receivable
LIABILITIES
Current liabilities
Redemptions payable
Payable on investments purchased
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2013
(unaudited)
$
$
710
3
1
714
104
104
7
3
10
704
13.08
104
10.37
Statement of changes in financial position
for the years ended December 31 (note 1)
2014
2013
(unaudited)
$
$
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
11
3
58
69
1
4
69
4
2.80
0.58
Statement of cash flows
for the years ended December 31 (note 1)
2014
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2013
(unaudited)
$
$
104
-
69
4
576
(45)
531
100
100
704
104
Average cost
$
Fair value
$
653
710
653
(6)
647
710
(6)
704
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
2014
2013
(unaudited)
$
$
69
4
(58)
(577)
32
(534)
(1)
(103)
(100)
575
(38)
537
3
3
100
100
-
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life U.S. Dividend Growth Fund,
O-Series 2
52,347
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.79%
Other assets, less liabilities (0.79%)
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
Pooled and Indexed Funds 117
Standard Life Global REIT Fund (SLMF)
Annual financial statements
(expressed in thousands of dollars, except per unit amounts)
Statement of financial position
Statement of comprehensive income
as at December 31
2014
ASSETS
Current assets
Investments, non-derivative financial assets (note 10)
Cash
LIABILITIES
Current liabilities
Payable on investments purchased
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS
Net assets attributable to contractholders per unit
2013
(unaudited)
$
$
281
2
283
104
104
2
2
281
12.81
104
10.43
INCOME
Distribution income from underlying funds
Realized and change in unrealized gain (loss)
on investments and derivatives
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
Increase (decrease) in net assets attributable
to contractholders per unit
2014
2013
(unaudited)
$
$
18
-
9
27
4
4
27
4
2.30
0.53
Statement of cash flows
Statement of changes in financial position
for the years ended December 31 (note 1)
2014
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS beginning of year
INCREASE (DECREASE) IN NET ASSETS ATTRIBUTABLE
TO CONTRACTHOLDERS
CAPITAL UNIT TRANSACTIONS
Units sold
Units redeemed
Net capital unit transactions
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS end of year
2013
(unaudited)
$
$
104
-
27
4
164
(14)
150
100
100
281
104
Average cost
$
Fair value
$
268
281
268
268
281
281
Schedule of portfolio investments
as at December 31, 2014
Units
Standard Life Global Real Estate Fund,
O-Series 2
16,166
TOTAL INVESTMENTS, NON-DERIVATIVE
FINANCIAL ASSETS 100.00%
Other assets, less liabilities 0.00%
NET ASSETS ATTRIBUTABLE TO CONTRACTHOLDERS 100.00%
The accompanying notes are an integral part of these annual financial statements.
118 Pooled and Indexed Funds
for the years ended December 31 (note 1)
for the years ended December 31 (note 1)
Cash flows from operating activities
Increase (decrease) in net assets attributable
to contractholders
Adjustments for:
Realized and change in unrealized gain (loss)
on investments and derivatives
Purchase of investments
Proceeds from sale and maturity of investments
Net cash from operating activities
Cash flows used in financing activities
Proceeds from sale of units
Payments for units redeemed
Net cash used in financing activities
Net increase (decrease) in cash
Cash (bank indebtedness) at beginning of year
Cash (bank indebtedness) at end of year
2014
2013
(unaudited)
$
$
27
4
(9)
(169)
3
(148)
(4)
(100)
(100)
164
(14)
150
2
2
100
100
-
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
1. Establishment of the Funds
Date established
The Pooled and Indexed Funds (the “Funds’’) are offered
through a group variable annuity contract issued by The
Standard Life Assurance Company of Canada (the “Company”)
under the authority of the Insurance Companies Act (Canada).
The assets of the Funds are held by the Company on behalf of
the contractholders and are segregated from other assets of
the Company. The Funds are not separate legal entities.
Standard Life Global Absolute Return Strategies Fund (SLI)
Standard Life Absolute Return Global Bond Strategies
Fund (SLI)
Standard Life Bond Fund (SLI)
May 6, 2011
June 10 2014
July 1, 1968
Standard Life Short Term Bond Fund (SLI)
June 27, 2012
Standard Life Long Term Bond Fund (SLI)
December 22, 2003
Standard Life Short-Term Liability Government Bond Fund (SLI)
January 15, 2013
Standard Life Mid-Term Liability Government Bond Fund (SLI)
January 15, 2013
The Funds may hold different types of investments depending
on their investment objectives as defined in the Statement of
Pooled Funds Investments Policies and Goals. The Company, as
investment fund manager of the Funds, is responsible for their
day-to-day management, operations and promotion.
Standard Life Long-Term Liability Government Bond Fund (SLI)
January 15, 2013
The Funds’ registered office is 1245 Sherbrooke Street West,
Montréal, Québec, Canada. The Company is a wholly owned
subsidiary of Standard Life Financial Inc. (“SLFI”), a holding
company incorporated in Canada whose ultimate parent is
Standard Life plc (the “Ultimate Parent”), a listed company
resident in Edinburgh, Scotland.
Standard Life Real Estate Fund (SLIRE)
On September 3, 2014, the Ultimate Parent, through its
subsidiaries, entered into an agreement to sell its Canadian
business comprising SLFI and Standard Life Investments Inc.
(“SLI”), a company under the common control of the Ultimate
Parent, to The Manufacturers Life Insurance Company, a
subsidiary of Manulife Financial Corporation. The transaction
was completed on January 30, 2015. On February 2, 2015,
following the transaction, SLFI was renamed 4256344 Canada
Inc., SLI was renamed Manulife Asset Management Accord
(2015) Inc. and Standard Life Investments (Real Estate) Inc., a
wholly owned subsidiary of SLI, was renamed Manulife Asset
Management Private Markets (Canada) Corp.
These annual financial statements were authorized for issue by
the Company on April 2, 2015.
The Funds were established as follows:
Date established
Standard Life Canadian Equity Fund (SLI)
August 1, 1966
Standard Life Canadian Value Equity Fund (SLI)
September 19, 2003
Standard Life Canadian Equity Index Fund (SLI)
August 31, 1998
Standard Life Capped Canadian Equity Fund (SLI)
Standard Life Canadian Equity Capped Index Fund (SLI)
Standard Life Canadian Small-Cap Equity Fund (SLI)
Standard Life Equity Tri-Plan Fund (SLI)
September 29, 2000
March 16, 2001
June 17, 1996
September 15, 1969
Standard Life US Equity Fund (SLI)
October 1, 1985
Standard Life US Equity Index Fund (SLI)
August 31, 1998
Standard Life US Equity Direct Index Registered Fund (SLI)
January 18, 1999
Standard Life US Equity Non-Registered Fund (SLI)
June 26, 1997
Standard Life Hedged US Equity Index Fund (SLI)
July 27, 2010
Standard Life International Equity Fund (SLI)
Standard Life Canadian Bond Index Fund (SLI)
August 31, 1998
Standard Life Real Return Bond Fund (SLI)
December 22, 2003
Standard Life Diversified Fund (SLI)
January 1, 1988
Standard Life Diversified Tri-Plan Fund (SLI)
November 15, 1973
Standard Life Money Market Fund (SLI)
November 26, 1975
January 1, 1983
Standard Life Mortgage Fund (Standard Life)
March 1, 1969
Standard Life Small Cap Portfolio Fund (Standard Life)
November 23, 1998
Standard Life Income Index Portfolio Fund (Standard Life)
April 3, 2000
Standard Life Balanced Index Portfolio Fund (Standard Life)
April 3, 2000
Standard Life Growth Index Portfolio Fund (Standard Life)
April 3, 2000
Standard Life Target Date 2015 Fund (Standard Life)
January 23, 2012
Standard Life Target Date 2020 Fund (Standard Life)
January 23, 2012
Standard Life Target Date 2025 Fund (Standard Life)
January 23, 2012
Standard Life Target Date 2030 Fund (Standard Life)
January 23, 2012
Standard Life Target Date 2035 Fund (Standard Life)
January 23, 2012
Standard Life Target Date 2040 Fund (Standard Life)
January 23, 2012
Standard Life Target Date 2045 Fund (Standard Life)
January 23, 2012
Standard Life Target Date 2050 Fund (Standard Life)
January 23, 2012
Standard Life Target Date 2055 Fund (Standard Life)
Standard Life Retirement Fund (Standard Life)
May 15, 2013
January 23, 2012
Standard Life Target Date 2015 Index Fund (Standard Life)1
December 17, 2012
Standard Life Target Date 2020 Index Fund (Standard Life)1
December 17, 2012
Standard Life Target Date 2025 Index Fund (Standard Life)1
December 17, 2012
Standard Life Target Date 2030 Index Fund (Standard Life)1
December 17, 2012
Standard Life Target Date 2035 Index Fund (Standard Life)1
December 17, 2012
Standard Life Target Date 2040 Index Fund (Standard Life)1
December 17, 2012
Standard Life Target Date 2045 Index Fund (Standard Life)1
December 17, 2012
Standard Life Target Date 2050 Index Fund (Standard Life)1
December 17, 2012
Standard Life Target Date 2055 Index Fund (Standard Life)
Standard Life Retirement Index Fund (Standard Life)1
May 30, 2013
December 17, 2012
Standard Life Corporate Bond Fund (SLMF)
April 3, 2000
Standard Life Monthly Income Fund (SLMF)
May 16, 2012
Standard Life Canadian Dividend Fund (SLMF)
May 1, 1998
Standard Life Global Dividend Fund (SLMF)
April 3, 2000
Standard Life Global Equity Fund (SLMF)
June 20, 2011
Standard Life International Bond Fund (SLMF)2
December 13, 2013
Standard Life Tactical Bond Fund (SLMF)2
December 13, 2013
Standard Life Diversified Income Fund (SLMF)2
December 13, 2013
Standard Life Tactical Income Fund (SLMF)2
December 13, 2013
Standard Life Dividend Income Fund (SLMF)2
December 13, 2013
December 31, 1994
Pooled and Indexed Funds 119
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
1. Establishment of the Funds
(continued)
Date established
Standard Life US Dividend Growth Fund (SLMF)2
December 13, 2013
Standard Life Global REIT Fund (SLMF)2
December 13, 2013
The January 1, 2013 figures are unaudited.
2
The December 31, 2013 figures are unaudited.
1
For Funds established during the years ended December 31, 2014
and 2013, the statements of comprehensive income, the
statements of changes in financial position and the statements of
cash flows relate to the period from inception to December 31 of
the respective year.
2. Significant accounting policies
(a) Basis of presentation
These annual financial statements are the Funds’ first financial
statements prepared in accordance with International Financial
Reporting Standards (“IFRS”) as issued by the International
Accounting Standards Board. The Funds adopted this basis
of accounting in 2014 as required by Canadian securities
legislation and the Canadian Accounting Standards Board.
Previously, the Funds prepared their financial statements in
accordance with Canadian generally accepted accounting
principles as defined in Part V of the Chartered Professional
Accountants Canada Handbook (“Canadian GAAP”). As such,
these annual financial statements have been prepared in
accordance with IFRS 1 First-time Adoption of International
Financial Reporting Standards and therefore, include an
opening statement of financial position as at the transition
date of January 1, 2013 for Funds that existed at that date.
The significant accounting policies set out below have been
consistently applied within these annual financial statements.
Note 10 discloses the impact of the transition to IFRS on the
Funds’ reported statements of financial position, statements of
comprehensive income and statements of cash flows.
(b) Standard and other amendments that have
not been early adopted by the Funds
IFRS 9 Financial Instruments and consequential amendments
to IFRS 7 Financial instruments: Disclosures (effective for
annual periods beginning on or after January 1, 2018)
IFRS 9 will replace IAS 39 Financial Instruments: Recognition
and Measurement. IFRS 9 allows three measurement
categories for financial assets: amortized cost, fair value
through other comprehensive income (“FVTOCI”) and fair
value through profit or loss (“FVTPL”). Debt instruments are
measured at amortized cost only if is held to collect contractual
120 Pooled and Indexed Funds
cash flows that represent principal and interest; otherwise
they are measured at FVTOCI or at FVTPL depending on the
business model it is held within or the option to adopt FVTPL
has been applied. All equity instruments are measured at
fair value and changes in fair value are presented in profit
or loss or, if not held for trading (“HFT”), may be presented
in other comprehensive income (“OCI”) without subsequent
reclassification to profit or loss.
IFRS 9 also introduces a new impairment model, an expected
credit loss model which will replace the current incurred loss
model in IAS 39. Any impairment loss may be recognized prior
to a loss event occurring.
Financial liabilities that are HFT are measured at FVTPL. For
financial liabilities designated as FVTPL, changes in the fair
value due to changes in the liability’s credit risk are recognized
directly in OCI without subsequent reclassification to profit or
loss. Financial liabilities that are neither HFT nor designated as
FVTPL are measured at amortized cost.
IFRS 9 carries forward the existing IAS 39 requirements for
derecognition of financial assets and liabilities and introduces
a new model for general hedging requirements.
Amendments to IFRS 7 consist of additional disclosures
required for the transition from IAS 39 to IFRS 9.
The Company is currently assessing the impact of this new
standard, which will have to be applied retrospectively.
(c) Critical accounting estimates and judgments
The preparation of these annual financial statements requires
management to make estimates about the future and exercise
judgment in applying its accounting policies. The areas where
judgments and estimates have the most significant effect on
the amounts recognized in these annual financial statements
are the determination of the fair value of level 3 financial
instruments as explained in Note 3(c) and the determination of
the fair value of real estate as explained in Note 2(f ).
(d) Investments in structured entities:
subsidiaries or associates
Structured entities are entities that have been designed so
that the voting or similar rights are not the dominant factor
in deciding who controls the entity, such as when any voting
rights relate to administrative tasks only and the relevant
activities are directed by means of contractual arrangements.
The Funds have determined that all investments in underlying
funds are investments in structured entities. Refer to Note 7 for
more details on these investments.
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
2. Significant accounting policies
(d) Investments in structured entities:
subsidiaries or associates
(d)(i) Subsidiaries
Subsidiaries are investments in underlying funds over which
the Fund has control. A Fund controls an underlying fund when
it has all of the following:
¬¬power over the underlying fund (current ability to direct the
relevant activities of the investee);
¬¬exposure, or rights to, variable returns from its
involvement with the underlying fund; and
¬¬the ability to affect those returns through its power over
the underlying fund.
Different thresholds have been determined to assess control
over an underlying fund based on judgment and factors such
as substantive rights of other parties, the number of investors
required to act together to exercise those substantive rights
and the expected variability and magnitude of the returns of
the economic interest held. The Funds have determined that
when an external portfolio manager manages the underlying
fund, the Funds have no control over the underlying fund as
they have no ability to affect the returns through their power
over the underlying fund.
IFRS 10 Consolidated Financial Statements defines an
investment entity and provides them with an exception to the
consolidation requirements of its subsidiaries. The Funds have
determined that they meet the definition of an investment
entity as the following conditions exist:
¬¬they have obtained funds for the purpose of providing
investors with investment management services;
the underlying fund is less than the threshold determined to
assess control over an underlying fund (refer to Note 2(d)(i)).
Those investments are measured at FVTPL in accordance with
IAS 39 and are exempt from applying the equity method under
IAS 28 Investments in Associates and Joint Ventures (revised
2011). They are presented in investments, non-derivative
financial assets in the statement of financial position.
(e) Financial instruments
(e)(i) Recognition and derecognition
All financial instruments are recognized at fair value on the
trade date of the transaction. The current year change in
unrealized appreciation (depreciation) in value of financial
instruments is included in the statement of comprehensive
income as realized and change in unrealized gain (loss) on
investments and derivatives.
A financial asset is derecognized when the right to receive cash
flows from the assets has expired or the Fund has substantially
transferred all risks and rewards of ownership. A financial
liability is derecognized when the obligation under the liability
is discharged, cancelled or expired.
(e)(ii) Classification
Financial instruments
Classification
Investments, non-derivative financial assets
FVTPL
Short-term investments
FVTPL
Cash
Loans and receivables
Cash margin
Loans and receivables
Subscriptions receivable
Loans and receivables
Receivable from investments sold
Loans and receivables
Interest, dividends and other receivables
Loans and receivables
Derivative assets and liabilities
FVTPL
Financing on real estate
FVTPL
¬¬their business purpose, which was communicated directly
to investors, is investing solely for returns from capital
appreciation and/or investment income; and
Investments, non-derivative financial assets consist of shortterm investments, bonds (including asset-backed securities),
equities, investments in one or multiple underlying fund’s
units and mortgage investments.
¬¬they measure and evaluate the performance of their
investments on a fair value basis.
Short-term investments have terms to maturity of less than one
year from the date of acquisition.
As a result, subsidiaries are measured at FVTPL in accordance
with IAS 39 and are presented in investments, non-derivative
financial assets in the statement of financial position.
Cash comprises deposits with financial institutions. Bank
indebtedness is disclosed separately in the statement of
financial position.
(d)(ii) Associates
All financial liabilities except derivative liabilities and
financing on real estate, are classified as other financial
liabilities. They consist of redemptions payable, payable on
investments purchased, accrued expenses, tenant deposits
and other liabilities.
Associates are investments in underlying funds over which
the Fund has significant influence over the financial and
operating policies, but not control. A Fund is considered to
have significant influence over an underlying fund if the latter’s
portfolio manager is a related party and the investment in
Pooled and Indexed Funds 121
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
2. Significant accounting policies
(e) Financial instruments (continued)
(e)(iii) Measurement
Investments, non-derivative financial assets and short-term
investments were designated as FVTPL as these investments
are managed and their performance is evaluated and
measured on a fair value basis in accordance with each
Fund’s documented investment strategy. Furthermore, this
designation eliminates an accounting mismatch with the
basis of measurement of the financial liabilities for the
redeemable units. Directly attributable transaction costs
are recognized and disclosed separately in the statement of
comprehensive income.
(f) Real estate investments
Real estate investments are properties held to earn rental
income or for capital appreciation and are presented as such in
the statement of financial position of Standard Life Real Estate
Fund (SLIRE). They are initially recorded at cost, including
transaction costs, and subsequently measured at fair value
with changes in fair value recognized in the statement of
comprehensive income. Fair value is determined without any
deduction for transaction costs that may be incurred on sale or
other disposal.
Initial direct costs incurred in arranging an operating lease are
added to the carrying amount of real estate investments and
are recognized as an expense over the lease term on the same
basis as the lease income (refer to Note 2(g)).
Financial assets classified as loans and receivables are initially
recognized at fair value including transaction costs. They are
subsequently measured at amortized cost using the effective
interest rate (“EIR”) method.
(g) Income recognition
Derivative assets and liabilities are required to be classified
as HFT, which falls under the FVTPL classification, and consist
of forward foreign currency or futures contracts for hedging or
non-hedging purposes where such activities are consistent
with the Funds’ investment objectives. This can include
the hedging of all, or a portion, of the currency exposure of
an existing investment or group of investments. The initial
margin on deposit with brokers relating to futures contracts is
recorded in the statement of financial position as cash margin.
Any change in the margin requirement is settled daily on the
following day.
Real estate net income, presented in the statement of
comprehensive income of the Standard Life Real Estate Fund
(SLIRE), includes rental income and direct operating expenses.
Rental income is recognized on a straight-line basis over
the term of the lease. Lease incentives are recognized as an
integral part of the total rental income and are also spread
over the term of the lease. Contingent rents are recognized as
revenue in the period in which they are earned.
Financing on real estate was designated as FVTPL to eliminate
the inconsistency that would result from measuring real estate
investments at fair value and the associated mortgages on
an amortized cost basis. All other financial liabilities are
measured at amortized cost using the EIR method.
The Funds’ obligation for net assets attributable to
contractholders is classified as a financial liability and is
presented at the redemption amount. The redemption amount
is determined as the net difference between total assets
and all other liabilities, for which accounting policies are
described above.
The Funds do not hold any financial instruments subject to
master netting agreements or similar arrangements which
would provide a right to offset, enforceable only in the event
of default, insolvency, or bankruptcy. The Funds do not offset
financial assets and liabilities in their statement of financial
position, as there are no unconditional rights to offset.
122 Pooled and Indexed Funds
Interest income is recognized based on the EIR method and is
accrued daily.
Dividend income is recognized on the ex-dividend date.
Distribution income from the underlying funds can include
dividends, interest and capital gains, the proceeds of which
are used to purchase additional units in the underlying
funds. Distribution income is recognized at the date of the
distribution by the underlying funds.
All expenses are accrued daily.
The cost of investments is determined using the average
cost method.
(h) Foreign currency translation
The Funds’ functional and presentation currency is the
Canadian dollar. The fair values of investments and other
assets and liabilities denominated in foreign currencies are
translated into Canadian dollars at the exchange rates on
the day of valuation. Purchases and sales of investments,
income and expenses, denominated in foreign currencies,
are translated into Canadian dollars at the rates of exchange
prevailing on the dates of such transactions. The Funds do not
separately report the effect of changes in foreign exchange
rates from changes in fair value of securities held. Such
changes are included in the realized and change in unrealized
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
2. Significant accounting policies
(h) Foreign currency translation (continued)
gain (loss) on investments and derivatives, in the statement
of comprehensive income. The impact of changes in currency
rates on assets, other than investments and liabilities, is
included in foreign exchange gain (loss) in the statement of
comprehensive income.
(i) Currency legend
The following is a list of abbreviations used in these annual
financial statements:
¬¬AUD–
¬¬CAD–
¬¬EUR–
¬¬GBP–
Australian dollar ¬¬HKD– Hong Kong dollar
Canadian dollar ¬¬JPY– Japanese yen
Euro
¬¬USD– United States dollar
Pound sterling
(j) Increase (decrease) in net assets
attributable to contractholders per unit
The increase (decrease) in net assets attributable to
contractholders per unit of each Fund represents the increase
(decrease) in net assets attributable to contractholders of each
Fund, divided by the daily average number of units outstanding
of each Fund for the year.
(k) Income taxes
The Funds are deemed to be inter vivos trusts under the
Income Tax Act (Canada). The Funds’ income and net realized
capital gains and losses are deemed to be allocated to the
beneficiaries. Therefore, the Funds are not subject to income
tax on their income and net realized capital gains. Accordingly,
no provisions for income taxes are recorded in these
financial statements.
3. Financial instruments measurement
(a) Fair value measurement
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
Due to its nature, the carrying values of non-current financial
instruments measured at amortized cost approximates their
fair values.
Short-term investments and bonds
The fair value of short-term investments and bonds
(including asset-backed securities) is based on closing
quoted market prices obtained from one or more recognized
investment dealers.
Equities
The fair value of equities is determined as the closing quoted
market price on the recognized stock exchange on which the
equities are listed or principally traded.
In circumstances where the closing quoted market price is not
within the bid-ask spread, the Company determines the point
within the bid-ask spread that is most representative of fair
value based on the specific facts and circumstances.
Mortgage investments and financing on real estate
The fair value of mortgage investments and financing on real
estate is estimated as the net present value of expected future
cash flows using current market interest rates.
Investments in underlying funds
Investments in underlying funds are valued at the net assets
attributable to unitholders per unit of each of the underlying
fund’s series on the day of valuation.
Futures contracts
The fair value of futures contracts is determined by using the
closing quoted market price on the recognized stock exchange
on which the futures are listed or principally traded.
Forward foreign currency contracts
The fair value of forward foreign currency contracts is
determined by comparing the forward rate at the inception
of the contract and the forward rate at the year-end date to
determine the gain or loss that would arise if the contract
was closed.
The following methods and assumptions were used to
determine the fair value of financial instruments:
Financial instruments whose fair values approximates
their carrying values
Given their short-term nature, the carrying values of all current
financial instruments measured at amortized cost approximate
their fair values.
Pooled and Indexed Funds 123
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
3. Financial instruments measurement (continued)
(b) Determination of the fair value hierarchy
All financial instruments have been analyzed using a fair value hierarchy that reflects the significance of inputs used in valuing
those instruments. The fair value hierarchy is based on the following levels:
Level 1Fair values measured using unadjusted quoted prices in active markets for identical assets or liabilities.
Level 2Fair values measured using inputs other than quoted prices included within Level 1 that are observable for the asset
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3Fair values measured using inputs that are not based on observable market data (refer to Note 3(c)).
The following table illustrates the classification of the Funds’ financial instruments within the fair value hierarchy:
December 31, 2014
As at ($)
Level 1
Level 2
Level 3
December 31, 2013
Total
Level 1
Level 2
Level 3
January 1, 2013
Total
Level 1
Level 2
Level 3
Total
Standard Life Canadian Equity Fund (SLI)
Short-term
investments
Equities
-
5,399
-
5,399
-
3,400
-
3,400
-
5,394
-
5,394
475,414
-
-
475,414
494,400
-
-
494,400
552,826
-
-
552,826
-
12,150
8,784
-
-
8,784
7,336
-
-
7,336
Standard Life Canadian Value Equity Fund (SLI)
Investment funds
12,150
-
Standard Life Canadian Equity Index Fund (SLI)
Short-term
investments
Equities
Derivative assets
-
800
-
800
-
400
-
400
-
300
-
300
456,838
-
-
456,838
412,956
-
-
412,956
256,070
-
-
256,070
89
-
-
89
46
-
-
46
10
-
-
10
Standard Life Capped Canadian Equity Fund (SLI)
Short-term
investments
Equities
-
2,150
-
2,150
-
2,548
-
2,548
-
5,100
-
5,100
192,259
-
-
192,259
235,038
-
-
235,038
264,956
-
-
264,956
Standard Life Canadian Equity Capped Index Fund (SLI)
Short-term
investments
Equities
Derivative assets
-
400
-
400
-
250
-
250
-
100
-
100
238,114
-
-
238,114
218,733
-
-
218,733
171,825
-
-
171,825
45
-
-
45
27
-
-
27
6
-
-
6
Standard Life Canadian Small-Cap Equity Fund (SLI)
Short-term
investments
Equities
-
6,547
-
6,547
-
6,493
-
6,493
-
4,798
-
4,798
177,845
-
-
177,845
175,455
-
-
175,455
136,964
-
-
136,964
Standard Life Equity Tri-Plan Fund (SLI)
Short-term
investments
Equities
-
850
-
850
-
150
-
150
-
-
-
-
58,285
-
-
58,285
63,889
-
-
63,889
62,848
-
-
62,848
Standard Life US Equity Fund (SLI)
Short-term
investments
Equities
-
3,000
-
3,000
-
750
-
750
-
3,088
-
3,088
286,972
-
-
286,972
278,730
-
-
278,730
237,833
-
-
237,833
Standard Life US Equity Index Fund (SLI)
Equities
Derivative assets
367,960
-
-
367,960
328,526
-
-
328,526
228,888
-
-
228,888
13
-
-
13
27
-
-
27
4
-
-
4
Standard Life US Equity Direct Index Registered Fund (SLI)
Equities
Derivative assets
489,037
-
-
489,037
303,973
-
-
303,973
172,033
-
-
172,033
18
-
-
18
23
-
-
23
3
-
-
3
124 Pooled and Indexed Funds
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
3. Financial instruments measurement
(b) Determination of the fair value hierarchy (continued)
December 31, 2014
As at ($)
Level 1
Level 2
December 31, 2013
Level 3
January 1, 2013
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
-
6,199
5,491
-
-
5,491
4,635
-
-
4,635
Standard Life US Equity Non-Registered Fund (SLI)
Equities
6,199
-
Standard Life Hedged US Equity Index Fund (SLI)
Investment funds
5,135
-
-
5,135
6,451
-
-
6,451
4,798
-
-
4,798
Derivative assets
-
-
-
-
-
-
-
-
-
2
-
2
Derivative
liabilities
-
(9)
-
(9)
-
(8)
-
(8)
-
-
-
-
-
367,321
394,454
-
-
394,454
296,056
-
-
296,056
249,303
140,912
-
-
140,912
61,401
-
-
61,401
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
Standard Life International Equity Fund (SLI)
Investment funds
367,321
-
Standard Life Global Absolute Return Strategies Fund (SLI)
Investment funds
249,303
-
-
Standard Life Absolute Return Global Bond Strategies Fund (SLI)
Investment funds
1,007
-
1,007
-
Standard Life Bond Fund (SLI)
Short-term
investments
-
1,950
-
1,950
-
9,769
-
9,769
-
11,283
-
11,283
Bonds
-
682,007
54,794
736,801
-
710,378
30,020
740,398
-
713,927
29,120
743,047
-
27,218
8,786
-
-
8,786
5,667
-
-
5,667
Standard Life Short Term Bond Fund (SLI)
Investment funds
27,218
-
Standard Life Long Term Bond Fund (SLI)
Short-term
investments
-
6,200
-
6,200
-
12,400
-
12,400
-
1,197
-
1,197
Bonds
-
651,505
22,349
673,854
-
437,339
17,364
454,703
-
433,211
18,669
451,880
3,327
-
-
3,327
-
-
-
-
-
-
-
-
29,086
9,851
-
-
9,851
n/a
n/a
n/a
n/a
85,540
47,470
-
-
47,470
n/a
n/a
n/a
n/a
111,853
42,876
-
-
42,876
n/a
n/a
n/a
n/a
-
14,000
-
14,000
-
12,900
-
12,900
- 2,953,843
76,581
3,030,424
- 2,672,884
68,843
2,741,727
Investment funds
Standard Life Short-Term Liability Government Bond Fund (SLI)
Investment funds
29,086
-
-
Standard Life Mid-Term Liability Government Bond Fund (SLI)
Investment funds
85,540
-
-
Standard Life Long-Term Liability Government Bond Fund (SLI)
Investment funds
111,853
-
-
Standard Life Canadian Bond Index Fund (SLI)
Short-term
investments
-
10,500
-
10,500
Bonds
- 3,366,387
91,221
3,457,608
Standard Life Real Return Bond Fund (SLI)
Short-term
investments
-
50
-
50
-
-
-
-
-
100
-
100
Bonds
-
81,297
-
81,297
-
70,784
-
70,784
-
70,885
-
70,885
Standard Life Diversified Fund (SLI)
Short-term
investments
-
115,926
-
115,926
-
94,779
-
94,779
-
53,169
-
53,169
Bonds
-
229,551
19,735
249,286
-
252,329
13,390
265,719
-
289,172
12,811
301,983
Equities
587,441
-
-
587,441
588,101
-
-
588,101
595,836
-
-
595,836
Investment funds
129,226
-
-
129,226
132,418
-
-
132,418
98,621
-
-
98,621
Pooled and Indexed Funds 125
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
3. Financial instruments measurement
(b) Determination of the fair value hierarchy (continued)
December 31, 2014
As at ($)
Level 1
Level 2
Level 3
December 31, 2013
Total
Level 1
Level 2
Level 3
January 1, 2013
Total
Level 1
Level 2
Level 3
Total
Standard Life Diversified Tri-Plan Fund (SLI)
Short-term
investments
-
27,369
-
27,369
-
18,786
-
18,786
-
14,015
-
14,015
Bonds
-
38,210
3,622
41,832
-
50,305
2,734
53,039
-
57,782
3,245
61,027
Equities
Investment funds
103,096
-
-
103,096
108,316
-
-
108,316
115,311
-
-
115,311
32,050
-
-
32,050
32,842
-
-
32,842
29,001
-
-
29,001
413,788
17,319
431,107
-
433,898
-
433,898
-
434,287
-
434,287
-
120,135
-
143,597
-
143,597
-
107,574
-
107,574
Standard Life Money Market Fund (SLI)
Short-term
investments
-
Standard Life Real Estate Fund (SLIRE)
Short-term
investments
-
120,135
Standard Life Mortgage Fund (Standard Life)
Short-term
investments
-
22,212
-
22,212
-
30,914
-
30,914
-
16,587
-
16,587
Mortgage
investments
-
124,674
-
124,674
-
117,448
-
117,448
-
91,689
-
91,689
-
6,169
5,577
-
-
5,577
5,250
-
-
5,250
24,702
26,649
-
-
26,649
27,316
-
-
27,316
199,650
176,274
-
-
176,274
71,752
-
-
71,752
-
28,289
24,336
-
-
24,336
19,004
-
-
19,004
-
1,506
1,181
-
-
1,181
835
-
-
835
-
2,580
2,344
-
-
2,344
1,910
-
-
1,910
-
3,475
2,170
-
-
2,170
1,340
-
-
1,340
-
3,034
2,105
-
-
2,105
1,514
-
-
1,514
-
2,669
1,682
-
-
1,682
1,001
-
-
1,001
-
2,356
1,739
-
-
1,739
1,126
-
-
1,126
-
1,433
969
-
-
969
655
-
-
655
-
1,162
762
-
-
762
368
-
-
368
-
83
12
-
-
12
n/a
n/a
n/a
n/a
-
1,345
1,035
-
-
1,035
329
-
-
329
255
289
-
-
289
10
-
-
10
Standard Life Small Cap Portfolio Fund (Standard Life)
Investment funds
6,169
-
Standard Life Income Index Portfolio Fund (Standard Life)
Investment funds
24,702
-
-
Standard Life Balanced Index Portfolio Fund (Standard Life)
Investment funds
199,650
-
-
Standard Life Growth Index Portfolio Fund (Standard Life)
Investment funds
28,289
-
Standard Life Target Date 2015 Fund (Standard Life)
Investment funds
1,506
-
Standard Life Target Date 2020 Fund (Standard Life)
Investment funds
2,580
-
Standard Life Target Date 2025 Fund (Standard Life)
Investment funds
3,475
-
Standard Life Target Date 2030 Fund (Standard Life)
Investment funds
3,034
-
Standard Life Target Date 2035 Fund (Standard Life)
Investment funds
2,669
-
Standard Life Target Date 2040 Fund (Standard Life)
Investment funds
2,356
-
Standard Life Target Date 2045 Fund (Standard Life)
Investment funds
1,433
-
Standard Life Target Date 2050 Fund (Standard Life)
Investment funds
1,162
-
Standard Life Target Date 2055 Fund (Standard Life)
Investment funds
83
-
Standard Life Retirement Fund (Standard Life)
Investment funds
1,345
-
Standard Life Target Date 2015 Index Fund (Standard Life) 1
Investment funds
255
126 Pooled and Indexed Funds
-
-
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
3. Financial instruments measurement
(b) Determination of the fair value hierarchy (continued)
December 31, 2014
As at ($)
Level 1
Level 2
Level 3
December 31, 2013
January 1, 2013
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
415
477
-
-
477
10
-
-
10
779
728
-
-
728
10
-
-
10
418
404
-
-
404
10
-
-
10
561
467
-
-
467
10
-
-
10
723
647
-
-
647
10
-
-
10
248
136
-
-
136
10
-
-
10
140
68
-
-
68
10
-
-
10
-
12
11
-
-
11
n/a
n/a
n/a
n/a
-
-
219
212
-
-
212
10
-
-
10
-
-
50,359
42,611
-
-
42,611
39,136
-
-
39,136
-
6,083
4,238
-
-
4,238
284
-
-
284
-
-
180,443
170,294
-
-
170,294
144,486
-
-
144,486
-
-
19,395
9,814
-
-
9,814
4,466
-
-
4,466
-
-
74,975
20,897
-
-
20,897
14,238
-
-
14,238
-
-
391
100
-
-
100
n/a
n/a
n/a
n/a
-
-
111
100
-
-
100
n/a
n/a
n/a
n/a
-
-
122
101
-
-
101
n/a
n/a
n/a
n/a
-
-
388
103
-
-
103
n/a
n/a
n/a
n/a
-
377
104
-
-
104
n/a
n/a
n/a
n/a
-
-
710
104
-
-
104
n/a
n/a
n/a
n/a
-
-
281
104
-
-
104
n/a
n/a
n/a
n/a
Standard Life Target Date 2020 Index Fund (Standard Life)1
Investment funds
415
-
-
Standard Life Target Date 2025 Index Fund (Standard Life)1
Investment funds
779
-
-
Standard Life Target Date 2030 Index Fund (Standard Life)1
Investment funds
418
-
-
Standard Life Target Date 2035 Index Fund (Standard Life)1
Investment funds
561
-
-
Standard Life Target Date 2040 Index Fund (Standard Life)1
Investment funds
723
-
-
Standard Life Target Date 2045 Index Fund (Standard Life)1
Investment funds
248
-
-
Standard Life Target Date 2050 Index Fund (Standard Life)1
Investment funds
140
-
-
Standard Life Target Date 2055 Index Fund (Standard Life)
Investment funds
12
-
Standard Life Retirement Index Fund (Standard Life)1
Investment funds
219
Standard Life Corporate Bond Fund (SLMF)
Investment funds
50,359
Standard Life Monthly Income Fund (SLMF)
Investment funds
6,083
-
Standard Life Canadian Dividend Fund (SLMF)
Investment funds
180,443
Standard Life Global Dividend Fund (SLMF)
Investment funds
19,395
Standard Life Global Equity Fund (SLMF)
Investment funds
74,975
Standard Life International Bond Fund (SLMF)2
Investment funds
391
Standard Life Tactical Bond Fund (SLMF)2
Investment funds
111
Standard Life Diversified Income Fund (SLMF)2
Investment funds
122
Standard Life Tactical Income Fund (SLMF)2
Investment funds
388
Standard Life Dividend Income Fund (SLMF)2
Investment funds
377
-
Standard Life US Dividend Growth Fund (SLMF)2
Investment funds
710
Standard Life Global REIT Fund (SLMF)2
Investment funds
281
The January 1, 2013 figures are unaudited.
2
The December 31, 2013 figures are unaudited.
1
Pooled and Indexed Funds 127
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
3. Financial instruments measurement
(b) Determination of the fair value hierarchy (continued)
Fair values are classified as Level 1 when the related security or derivative is actively traded and a quoted price is available. If
an instrument, classified as Level 1 subsequently ceased to be actively traded, it is transferred out of Level 1. In such cases,
instruments are reclassified into Level 2, unless the measurement of its fair value requires the use of significant unobservable
inputs, in which case it is classified as Level 3.
Equities, investments in underlying funds and futures contracts are classified as Level 1 since they are actively traded and a
reliable price is observable.
Short-term investments and bonds (including asset-backed securities) are fair valued using prices received from external pricing
providers who generally base the price on quotes received from a number of market participants and therefore, are classified as
Level 2. Bonds, for which the inputs are unobservable, are classified as Level 3 (refer to Note 3(c)).
Forward foreign currency contracts, financing on real estate and mortgage investments are classified as Level 2 since they are fair
valued using valuation techniques based on observable market data.
The Funds’ policy is to recognize transfers into and out of the fair value hierarchy levels as of the date of the event or change in
circumstances giving rise to the transfer. There were no transfers between levels in 2014 and 2013.
(c) Level 3 financial instruments
The reconciliation of Level 3 fair value measurements was as follows:
($)
Balance beginning
of year
Purchases
Sales
Net realized gain
(loss)
Change in unrealized
gain (loss)
Balance end
of year
Standard Life Bond Fund (SLI)
December 31, 2014
30,020
32,378
(9,361)
447
1,310
54,794
December 31, 2013
29,120
9,695
(8,041)
340
(1,094)
30,020
Standard Life Long Term Bond Fund (SLI)
December 31, 2014
17,364
9,807
(7,050)
479
1,749
22,349
December 31, 2013
18,669
5,961
(5,607)
313
(1,972)
17,364
Standard Life Canadian Bond Index Fund (SLI)
December 31, 2014
76,581
18,074
(8,954)
(2)
5,522
91,221
December 31, 2013
68,843
10,901
(20)
-
(3,143)
76,581
December 31, 2014
13,390
9,571
(3,956)
366
364
19,735
December 31, 2013
12,811
4,289
(3,338)
162
(534)
13,390
Standard Life Diversified Fund (SLI)
Standard Life Diversified Tri-Plan Fund (SLI)
December 31, 2014
2,734
1,663
(915)
104
36
3,622
December 31, 2013
3,245
635
(1,061)
98
(183)
2,734
Standard Life Money Market Fund (SLI)*
December 31, 2014
-
17,338
-
-
(19)
17,319
December 31, 2013
-
-
-
-
-
-
* The change in unrealized gain (loss) was reclassified to interest income in the statement of comprehensive income.
The change in unrealized gain (loss) attributable to the Level 3 financial instruments held at the reporting date is included in the
realized and change in unrealized gain (loss) on investments and derivatives in the statement of comprehensive income.
Some of the Funds hold private bonds for which only single broker quotes are obtained from external parties. The
appropriateness of those valuations is reviewed by the Company and a comparison with the previous day’s price is done on
a daily basis where any significant variance is investigated. Due to the externally generated nature of the valuations used for
level 3 instruments, the Company has limited access to the significant assumptions and data sources used by the external party.
Accordingly, no impact of a change to alternative assumptions has been calculated.
128 Pooled and Indexed Funds
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
3. Financial instruments measurement (continued)
(d) Financial instruments by category
(b)Future minimum lease rental receivables
The following table presents the net gain (loss) on derivatives,
classified as HFT, included in realized and change in unrealized
gain (loss) on investments and derivatives in the statement of
comprehensive income for the years ended December 31:
The future minimum lease rental receivables, excluding
chargebacks to tenants, under non-cancellable operating
leases on real estate investments were as follows:
As at ($)
<1 year
1-5 years
>5 years
Total
2014
2013
December 31, 2014
83,862
234,037
97,812
415,711
(145)
(116)
December 31, 2013
70,208
190,214
75,137
335,559
(71)
(72)
January 1, 2013
67,537
186,901
95,074
349,512
(1)
-
Standard Life Equity Tri-Plan Fund (SLI)
(2)
(16)
Standard Life US Equity Fund (SLI)
(2)
(93)
(61)
(133)
($)
Standard Life Canadian Equity Index Fund (SLI)
Standard Life Canadian Equity Capped Index Fund (SLI)
Standard Life Canadian Small-Cap Equity Fund (SLI)
Standard Life US Equity Index Fund (SLI)
Standard Life US Equity Direct Index Registered Fund
(SLI)
(124)
(99)
302
361
Standard Life Long Term Bond Fund (SLI)
642
(43)
Standard Life Diversified Fund (SLI)
106
14
3
12
Standard Life Hedged US Equity Index Fund (SLI)
Standard Life Diversified Tri-Plan Fund (SLI)
4. Real estate investments
(a) Changes in real estate investments
For the years ended December 31
Real estate investments, beginning of year
Purchases
Additions-subsequent expenditure
2014
2013
$
$
1,265,950
1,208,750
197,944
45,209
170
497
Tenant incentives , deferred rent and leasing
costs
19,777
-
Realized and change in unrealized gains (loss)
25,925
37,744
Disposals
Real estate investments, end of year
Change in unrealized gain (loss) included
in the statement of comprehensive income
for real estate investments held at the
reporting date
(30,036)
(26,250)
1,479,730
1,265,950
25,894
36,569
Rental income, including chargebacks to tenants, arising from real
estate investments during the year ended December 31, 2014
amounted to $133,951 (2013 – $115,587). Direct operating
expenses arising in respect of such rented properties during
the year ended December 31, 2014 amounted to $59,610 (2013 – $61,724).
(c)Fair value of real estate investments and fair
value hierarchy
Fair value is determined predominantly by using the
discounted cash flow method (supported by market evidence
and other valuation methods). The valuation techniques used
include both observable and unobservable inputs. Inputs
include existing and assumed tenancies, market data from
recent comparable transactions, future economic outlook
and market risk assumptions, discount rates and terminal
capitalization rates.
All properties are valued by professional qualified independent
appraisers on a quarterly basis. The valuations are performed
in a manner consistent with generally accepted appraisal
standards in Canada and supported by market evidence.
For each property, one full external appraisal is performed
annually and, for the other three quarters, an external
appraisal update is performed.
All appraisal reports are reviewed and approved by the
portfolio manager of the Standard Life Real Estate Fund
(SLIRE), Standard Life Investments (Real Estate) Inc.
All appraisals are based on the highest and best use of the
property, which may differ from its current use. None of the
properties have a current use different from the highest and
best use.
As at December 31, 2014 and 2013 and January 1, 2013, real
estate investments were classified as Level 3 within the fair
value hierarchy.
There were no transfers between levels in 2014 and 2013.
Pooled and Indexed Funds 129
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
4. Real estate investments
(c)Fair value of real estate investments and fair value hierarchy (continued)
The following were the significant unobservable inputs used to determine the fair value:
Unobservable input
Description
Fair value sensitivity
Discount rate
The discount rate is derived from
market activity across various
property types and geographic
regions and is a reflection of the
expected rate of return to be realized
on the investment over the next
10 years.
An increase (decrease) in the
discount rate would decrease
(increase) the fair value.
Terminal capitalization
rate
The terminal capitalization rate
An increase (decrease) in the
is derived from market activity
terminal capitalization rate would
across various property types and
decrease (increase) the fair value.
geographic regions and is a reflection
of the expected rate of return to
be realized on the investment over
the remainder of its life after the
10 year period.
Range
(weighted average)
Dec. 31, 2014
Range
(weighted average)
Dec. 31, 2013
Range
(weighted average)
Jan. 1, 2013
6.25% - 9.25%
(7.24%)
6.50% - 9.00%
(7.29%)
6.00% - 8.00%
(7.41%)
5.50% - 8.50%
(6.44%)
5.75% - 8.25%
(6.49%)
6.50% - 8.75%
(6.64%)
5. Financial risks
Investment activities of the Funds expose them to a variety of
financial risks: market risk (including price risk, interest rate
risk and currency risk), credit risk and liquidity risk. The level
of risk depends on each of the Funds’ investment objectives
and the type of securities each Fund invests in. The schedules
of portfolio investments present the investments held by the
Funds as at December 31, 2014, and group the investments
by asset type, geographic region, and/or industry sector. The
concentration of risks as at December 31, 2014 and 2013
and January 1, 2013 is disclosed in the schedule of portfolio
investments of each Fund.
For the Funds investing in one or in a mix of underlying funds,
the indirect market, credit and concentration risks depend on
the investments held by the underlying funds; please refer to
the financial statements of the underlying funds for this risk
information, which does not form part of these annual financial
statements. For Standard Life International Equity Fund (SLI),
the indirect exposure to market risk is presented in these
annual financial statements.
The portfolio manager, SLI, manages all Funds except
Standard Life Real Estate Fund (SLIRE) (refer to Note 4(c)) and
Standard Life Mortgage Fund (Standard Life). For the Standard
Life Mortgage Fund (Standard Life), the portfolio manager
is the Company. Following a strategic asset allocation, the
portfolio managers seek to minimize the potential adverse
effects of risks on the Funds’ performance.
(a) Market risk
Under a fund of funds structure, a Fund invests in one
underlying fund, managed by SLI or by Standard Life
Investments Limited, a company under the common control of
the Ultimate Parent, or in a mix of underlying funds managed
by SLI or externally managed. The Company periodically
monitors their performance and investment mix.
A Fund’s direct risks represent those associated with its
own investments. A Fund’s indirect risks represent the risks
associated with the investments held by its underlying funds.
130 Pooled and Indexed Funds
When direct risks are evaluated to be not significant, they may
not be presented.
Market risk is the risk that the value of financial instruments
will fluctuate as a result of changes in market prices whether
caused by factors specific to an individual investment or its
issuer, or factors affecting all investments traded in a market
or market segment. The portfolio managers manage these
risks through diversification of the investment portfolios
and a careful selection of investments and other financial
instruments, within specified limits.
The following sensitivity analyses may differ materially from
the actual results.
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
5. Financial risks
(a) Market risk (continued)
(a)(i) Price risk
Price risk is the risk that the fair value of financial instruments will fluctuate as a result of changes in market prices (other than
those arising from interest rate risk or currency risk). The maximum exposure to risk resulting from these financial instruments is
equivalent to their fair value.
The following Funds, unless stated otherwise, were exposed to direct price risk. As at December 31, 2014 and 2013 and
January 1, 2013, had the prices of their investments increased or decreased by 10%, with all other variables held constant,
net assets attributable to contractholders would have increased or decreased approximately by:
($)
December 31, 2014
December 31, 2013
January 1, 2013
47,541
49,440
55,283
Standard Life Canadian Value Equity Fund (SLI)
1,215
878
734
Standard Life Canadian Equity Index Fund (SLI)
45,684
41,296
25,607
Standard Life Canadian Equity Fund (SLI)
Standard Life Capped Canadian Equity Fund (SLI)
19,226
23,504
26,496
Standard Life Canadian Equity Capped Index Fund (SLI)
23,811
21,873
17,183
Standard Life Canadian Small-Cap Equity Fund (SLI)
17,785
17,546
13,696
5,829
6,389
6,285
28,697
27,873
23,783
Standard Life Equity Tri-Plan Fund (SLI)
Standard Life US Equity Fund (SLI)
Standard Life US Equity Index Fund (SLI)
36,796
32,853
22,889
Standard Life US Equity Direct Index Registered Fund (SLI)
48,904
30,397
17,203
Standard Life US Equity Non-Registered Fund (SLI)
620
549
464
Standard Life Hedged US Equity Index Fund (SLI)
514
644
480
Standard Life International Equity Fund (SLI)1
36,088
38,728
28,572
Standard Life Global Absolute Return Strategies Fund (SLI)
24,930
14,091
6,140
101
n/a
n/a
2,722
879
567
Standard Life Absolute Return Global Bond Strategies Fund (SLI)
Standard Life Short Term Bond Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Standard Life Short-Term Liability Government Bond Fund (SLI)
Standard Life Mid-Term Liability Government Bond Fund (SLI)
Standard Life Long-Term Liability Government Bond Fund (SLI)
333
-
-
2,909
985
n/a
8,554
4,747
n/a
11,185
4,288
n/a
Standard Life Diversified Fund (SLI)
71,667
72,052
69,446
Standard Life Diversified Tri-Plan Fund (SLI)
13,515
14,116
14,431
Standard Life Small Cap Portfolio Fund (Standard Life)
Standard Life Income Index Portfolio Fund (Standard Life)
Standard Life Balanced Index Portfolio Fund (Standard Life)
Standard Life Growth Index Portfolio Fund (Standard Life)
617
558
525
2,470
2,665
2,732
19,965
17,627
7,175
2,829
2,434
1,900
Standard Life Target Date 2015 Fund (Standard Life)
151
118
84
Standard Life Target Date 2020 Fund (Standard Life)
258
234
191
Standard Life Target Date 2025 Fund (Standard Life)
348
217
134
Standard Life Target Date 2030 Fund (Standard Life)
303
211
151
Standard Life Target Date 2035 Fund (Standard Life)
267
168
100
Standard Life Target Date 2040 Fund (Standard Life)
236
174
113
Standard Life Target Date 2045 Fund (Standard Life)
143
97
66
Standard Life Target Date 2050 Fund (Standard Life)
116
76
37
8
1
n/a
135
104
33
Standard Life Target Date 2055 Fund (Standard Life)
Standard Life Retirement Fund (Standard Life)
Pooled and Indexed Funds 131
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
5. Financial risks
(a) Market risk
(a)(i) Price risk (continued)
($)
December 31, 2014
December 31, 2013
January 1, 2013
Standard Life Target Date 2015 Index Fund (Standard Life)2
26
29
1
Standard Life Target Date 2020 Index Fund (Standard Life)2
42
48
1
Standard Life Target Date 2025 Index Fund (Standard Life)2
78
73
1
Standard Life Target Date 2030 Index Fund (Standard Life)2
42
40
1
Standard Life Target Date 2035 Index Fund (Standard Life)2
56
47
1
Standard Life Target Date 2040 Index Fund (Standard Life)2
72
65
1
Standard Life Target Date 2045 Index Fund (Standard Life)2
25
14
1
Standard Life Target Date 2050 Index Fund (Standard Life)2
14
7
1
Standard Life Target Date 2055 Index Fund (Standard Life)
1
1
n/a
Standard Life Retirement Index Fund (Standard Life) 2
Standard Life Corporate Bond Fund (SLMF)
Standard Life Monthly Income Fund (SLMF)
Standard Life Canadian Dividend Fund (SLMF)
1
2
3
22
21
1
5,036
4,261
3,914
608
424
28
18,044
17,029
14,449
Standard Life Global Dividend Fund (SLMF)
1,940
981
447
Standard Life Global Equity Fund (SLMF)
7,498
2,090
1,424
Standard Life International Bond Fund (SLMF)3
39
10
n/a
Standard Life Tactical Bond Fund (SLMF)3
11
10
n/a
Standard Life Diversified Income Fund (SLMF)3
12
10
n/a
Standard Life Tactical Income Fund (SLMF)3
39
10
n/a
Standard Life Dividend Income Fund (SLMF)3
38
10
n/a
Standard Life US Dividend Growth Fund (SLMF)3
71
10
n/a
Standard Life Global REIT Fund (SLMF)3
28
10
n/a
Indirect risk
The January 1, 2013 figures are unaudited.
The December 31, 2013 figures are unaudited.
132 Pooled and Indexed Funds
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
5. Financial risks
(a) Market risk (continued)
(a)(ii) Interest rate risk
Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair value of debt
securities, which include bonds, short-term investments, mortgage investments and financing on real estate.
The following Funds were, unless otherwise stated, exposed to direct interest rate risk since a significant portion of their
investments was interest bearing. The table below summarizes the Funds’ exposure to interest rate risk by remaining term to
maturity. As at December 31, 2014 and 2013 and January 1, 2013, should current interest rates have increased or decreased
by 0.5%, and assuming a parallel shift in the yield curve, using the weighted average duration for debt securities, with all
other variables remaining constant, the Funds’ net assets attributable to contractholders would have decreased or increased,
respectively, by the amount presented in the column “Impact on net assets”:
Remaining term to maturity
As at ($)
<1 year
1-5 years
5-10 years
10-20 years
>20 years
Total
Impact on
net assets
Standard Life Canadian Equity Fund (SLI)
December 31, 2014
5,399
-
-
-
-
5,399
-
December 31, 2013
3,400
-
-
-
-
3,400
-
January 1, 2013
5,394
-
-
-
-
5,394
-
Standard Life Canadian Equity Index Fund (SLI)
December 31, 2014
800
-
-
-
-
800
-
December 31, 2013
400
-
-
-
-
400
-
January 1, 2013
300
-
-
-
-
300
-
Standard Life Capped Canadian Equity Fund (SLI)
December 31, 2014
2,150
-
-
-
-
2,150
-
December 31, 2013
2,548
-
-
-
-
2,548
-
January 1, 2013
5,100
-
-
-
-
5,100
-
Standard Life Canadian Equity Capped Index Fund (SLI)
December 31, 2014
400
-
-
-
-
400
-
December 31, 2013
250
-
-
-
-
250
-
January 1, 2013
100
-
-
-
-
100
-
Standard Life Canadian Small-Cap Equity Fund (SLI)
December 31, 2014
6,547
-
-
-
-
6,547
-
December 31, 2013
6,493
-
-
-
-
6,493
4
January 1, 2013
4,798
-
-
-
-
4,798
-
Standard Life Equity Tri-Plan Fund (SLI)
December 31, 2014
850
-
-
-
-
850
-
December 31, 2013
150
-
-
-
-
150
-
-
-
-
-
-
-
-
January 1, 2013
Standard Life US Equity Fund (SLI)
December 31, 2014
3,000
-
-
-
-
3,000
-
December 31, 2013
750
-
-
-
-
750
-
3,088
-
-
-
-
3,088
-
January 1, 2013
Standard Life International Equity Fund (SLI)1
December 31, 2014
3,303
-
-
-
-
3,303
-
December 31, 2013
5,190
-
-
-
-
5,190
-
10,831
-
-
-
-
10,831
-
January 1, 2013
Pooled and Indexed Funds 133
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
5. Financial risks
(a) Market risk
(a)(ii) Interest rate risk (continued)
Remaining term to maturity
<1 year
1-5 years
5-10 years
10-20 years
>20 years
Total
Impact on
net assets
December 31, 2014
3,489
389,306
83,803
102,094
160,059
738,751
26,689
December 31, 2013
16,162
394,282
96,927
95,017
147,779
750,167
24,520
January 1, 2013
14,763
387,235
100,163
83,858
168,311
754,330
26,218
As at ($)
Standard Life Bond Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
December 31, 2014
6,200
17,123
35,710
141,545
479,476
680,054
47,516
December 31, 2013
12,400
-
33,356
104,030
317,317
467,103
30,963
1,197
-
47,170
76,179
328,531
453,077
31,664
January 1, 2013
Standard Life Canadian Bond Index Fund (SLI)
December 31, 2014
16,359
1,505,639
861,878
366,335
717,897
3,468,108
127,512
December 31, 2013
17,288
1,393,409
798,685
302,408
532,634
3,044,424
101,924
January 1, 2013
13,511
1,247,535
708,541
248,412
536,628
2,754,627
95,211
Standard Life Real Return Bond Fund (SLI)
December 31, 2014
50
140
11,552
28,050
41,555
81,347
6,444
December 31, 2013
-
133
10,991
26,368
33,292
70,784
5,496
100
-
10,737
26,826
33,322
70,985
5,864
December 31, 2014
116,733
116,801
47,935
35,604
48,139
365,212
8,980
December 31, 2013
96,974
124,333
33,844
36,395
68,952
360,498
9,973
January 1, 2013
55,525
151,672
45,400
40,515
62,040
355,152
10,608
January 1, 2013
Standard Life Diversified Fund (SLI)
Standard Life Diversified Tri-Plan Fund (SLI)
December 31, 2014
27,465
19,232
8,157
6,412
7,935
69,201
1,504
December 31, 2013
19,158
23,415
5,503
6,918
16,831
71,825
2,211
January 1, 2013
14,470
29,716
9,566
8,830
12,460
75,042
2,146
Standard Life Money Market Fund (SLI)2
December 31, 2014
431,107
-
-
-
-
431,107
301
December 31, 2013
433,898
-
-
-
-
433,898
316
January 1, 2013
434,287
-
-
-
-
434,287
447
Standard Life Real Estate Fund (SLIRE)
December 31, 2014
120,135
-
-
-
-
120,135
55
December 31, 2013
143,597
-
-
-
-
143,597
57
January 1, 2013
107,574
-
-
-
-
107,574
67
Standard Life Mortgage Fund (Standard Life)
1
2
December 31, 2014
49,740
76,417
20,729
-
-
146,886
1,588
December 31, 2013
42,756
85,573
20,033
-
-
148,362
1,720
January 1, 2013
36,168
52,883
19,225
-
-
108,276
1,199
Indirect risk
All floating rate debt securities are considered as having a maturity of less than one year as the interest rate changes on a periodic basis.
A significant portion of Standard Life Real Estate Fund (SLIRE)’s liabilities is included in financing on real estate, which is interest
bearing at fixed rates and is recorded at fair value in the statement of financial position. As at December 31, 2014 and 2013 and
January 1, 2013, should current interest rates have increased or decreased by 0.5%, and assuming a parallel shift in the yield
curve, using remaining duration for financing on real estate, with all other variables remaining constant, the Standard Life Real
Estate Fund (SLIRE)’s net assets attributable to contractholders would have increased or decreased, respectively, by $1,325 as at
December 31, 2014 (December 31, 2013 – $619; January 1, 2013 – $810).
134 Pooled and Indexed Funds
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
5. Financial risks
(a) Market risk (continued)
(a)(iii) Currency risk
Currency risk is the risk that the value of a financial instrument will fluctuate as a result of changes in foreign exchange rates.
The following Funds, unless otherwise stated, were exposed to direct currency risk since they held assets and liabilities
denominated in currencies other than the Canadian dollar, the functional currency. Investments are denominated based on the
currency in which they are purchased. For the Standard Life Hedged US Equity Index Fund (SLI), the direct risk of the forward
foreign currency contracts is not disclosed as it is minimized by the indirect risk of the underlying fund and, the net impact on net
assets attributable to contractholders is not significant. The table below summarizes the Funds’ net exposure to currency risk,
including the potential impact on the Funds’ net assets attributable to contractholders (“Impact on net assets”), as a result of a
5% fluctuation in these currencies relative to the Canadian dollar, all other variables held constant:
December 31, 2014
As at
(expressed in CAD)
Currency
December 31, 2013
Forward
foreign
currency
contracts
Net
exposure
by currency
Impact on
net assets
11
-
11
8,630
-
295,496
368,988
Financial
instruments
Currency
Financial
instruments
Forward
foreign
currency
contracts
Net
exposure
by currency
Impact on
net assets
1
USD
957
-
957
48
8,630
432
USD
10,393
-
10,393
520
-
295,496
14,775
USD
281,155
-
281,155
14,058
-
368,988
18,449
USD
329,321
-
329,321
16,466
-
490,326
24,516
USD
304,639
-
304,639
15,232
-
6,336
317
USD
5,557
-
5,557
278
Standard Life Canadian Small-Cap Equity Fund (SLI)
USD
Standard Life Equity Tri-Plan Fund (SLI)
USD
Standard Life US Equity Fund (SLI)
USD
Standard Life US Equity Index Fund (SLI)
USD
Standard Life US Equity Direct Index Registered Fund (SLI)
USD
490,326
Standard Life US Equity Non-Registered Fund (SLI)
USD
6,336
Standard Life International Equity Fund (SLI)1
EUR
120,827
-
120,827
6,041
EUR
108,055
-
108,055
5,403
GBP
93,094
-
93,094
4,655
GBP
84,867
-
84,867
4,243
JPY
66,205
(494)
65,711
3,286
JPY
82,089
-
82,089
4,104
HKD
27,079
-
27,079
1,354
HKD
34,636
37
34,673
1,734
79,634
-
79,634
3,982
Other
currencies
56,791
-
56,791
2,840
Other
currencies
-
-
-
-
USD
10
-
10
-
210,112
-
210,112
10,506
USD
226,087
-
226,087
11,304
-
33,601
1,680
USD
35,361
-
35,361
1,768
Standard Life Long Term Bond Fund (SLI)
Standard Life Diversified Fund (SLI)
USD
Standard Life Diversified Tri-Plan Fund (SLI)
USD
1
33,601
Indirect risk
Pooled and Indexed Funds 135
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
5. Financial risks
(a) Market risk
(a)(iii) Currency risk (continued)
January 1, 2013
As at
(expressed in CAD)
Financial instruments
Forward foreign
currency contracts
Net exposure by currency
Impact on net assets
USD
942
-
942
47
USD
12,155
-
12,155
608
USD
241,333
-
241,333
12,067
USD
229,446
-
229,446
11,472
172,468
-
172,468
8,623
4,647
-
4,647
232
Currency
Standard Life Canadian Small-Cap Equity Fund (SLI)
Standard Life Equity Tri-Plan Fund (SLI)
Standard Life US Equity Fund (SLI)
Standard Life US Equity Index Fund (SLI)
Standard Life US Equity Direct Index Registered Fund (SLI)
USD
Standard Life US Equity Non-Registered Fund (SLI)
USD
Standard Life International Equity Fund (SLI)1
EUR
101,444
-
101,444
5,072
GBP
63,372
-
63,372
3,169
JPY
45,034
2,831
47,865
2,393
AUD
15,736
-
15,736
787
Other currencies
59,915
-
59,915
2,996
-
-
-
-
-
USD
234,802
-
234,802
11,740
USD
42,543
-
42,543
2,127
Standard Life Long Term Bond Fund (SLI)
Standard Life Diversified Fund (SLI)
Standard Life Diversified Tri-Plan Fund (SLI)
1
Indirect risk
136 Pooled and Indexed Funds
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
5. Financial risks (continued)
(b)(i) Credit risk
Credit risk is the risk that a security issuer or counterparty will be unable to pay amounts in full when due. The fair value of debt
securities includes consideration of the creditworthiness of the debt issuer or borrower respectively.
Debt securities (i.e. bonds and short-term investments) are classified based on long-term ratings from major rating agencies and
presented on a basis consistent with Standard & Poor’s.
The Funds’ credit risk exposure is derived from their holdings in debt securities, forward foreign currency contracts, mortgage
investments or other assets. In all cases, the carrying amount represents the maximum exposure to credit risk.
The direct credit risk exposure of debt securities by credit rating was as follows:
Credit ratings (%) of debt
securities as at
AAA
AA
A
BBB
Total
Standard Life Canadian Equity Fund (SLI)
December 31, 2014
84
8
8
-
100
December 31, 2013
-
50
50
-
100
48
26
26
-
100
December 31, 2014
-
50
50
-
100
December 31, 2013
-
50
50
-
100
January 1, 2013
-
50
50
-
100
December 31, 2014
-
50
50
-
100
December 31, 2013
66
17
17
-
100
-
50
50
-
100
December 31, 2014
-
50
50
-
100
December 31, 2013
-
50
50
-
100
January 1, 2013
-
50
50
-
100
December 31, 2014
70
15
15
-
100
December 31, 2013
100
-
-
-
100
20
40
40
-
100
December 31, 2014
-
94
6
-
100
December 31, 2013
-
50
50
-
100
January 1, 2013
-
-
-
-
-
December 31, 2014
-
50
50
-
100
December 31, 2013
-
50
50
-
100
January 1, 2013
-
87
13
-
100
December 31, 2014
25
28
28
19
100
December 31, 2013
31
26
30
13
100
January 1, 2013
31
23
34
12
100
December 31, 2014
21
30
38
11
100
December 31, 2013
26
29
36
9
100
January 1, 2013
28
23
41
8
100
January 1, 2013
Standard Life Canadian Equity Index Fund (SLI)
Standard Life Capped Canadian Equity Fund (SLI)
January 1, 2013
Standard Life Canadian Equity Capped Index Fund (SLI)
Standard Life Canadian Small-Cap Equity Fund (SLI)
January 1, 2013
Standard Life Equity Tri-Plan Fund (SLI)
Standard Life US Equity Fund (SLI)
Standard Life Bond Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
Pooled and Indexed Funds 137
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
5. Financial risks
(b)(i) Credit risk (continued)
Credit ratings (%) of debt
securities as at
AAA
AA
A
BBB
Total
December 31, 2014
44
24
23
9
100
December 31, 2013
43
24
24
9
100
January 1, 2013
46
23
24
7
100
December 31, 2014
88
5
7
-
100
December 31, 2013
87
5
8
-
100
January 1, 2013
86
6
8
-
100
December 31, 2014
23
29
35
13
100
December 31, 2013
43
21
25
11
100
January 1, 2013
27
30
31
12
100
December 31, 2014
24
37
27
12
100
December 31, 2013
50
18
21
11
100
January 1, 2013
30
30
29
11
100
December 31, 2014
8
60
32
-
100
December 31, 2013
11
58
31
-
100
January 1, 2013
18
54
28
-
100
December 31, 2014
21
16
63
-
100
December 31, 2013
66
24
10
-
100
January 1, 2013
60
32
8
-
100
Standard Life Canadian Bond Index Fund (SLI)
Standard Life Real Return Bond Fund (SLI)
Standard Life Diversified Fund (SLI)
Standard Life Diversified Tri-Plan Fund (SLI)
Standard Life Money Market Fund (SLI)
Standard Life Real Estate Fund (SLIRE)*
Standard Life Mortgage Fund (Standard Life)
December 31, 2014
82
2
16
-
100
December 31, 2013
81
18
1
-
100
January 1, 2013
84
8
8
-
100
* The Fund was exposed to credit risk through accounts receivable from tenants. The risk was not significant as exposure to any concentration of individual tenants
was minimal.
Credit rating of mortgage investments in the Standard Life Mortgage Fund (Standard Life) are performed internally and presented
on a basis consistent with Standard & Poor’s.
The credit risk exposure of mortgage investments by credit rating was as follows:
Credit ratings (%) of debt
securities as at
AAA
AA
A
BBB
B
Total
Standard Life Mortgage Fund (Standard Life)
December 31, 2014
81
19
-
-
-
100
December 31, 2013
74
23
3
-
-
100
January 1, 2013
82
13
4
-
1
100
(b)(ii) Collateral pledged for financing on real estate
As at December 31, 2014, the fair value of real estate investments pledged as collateral for financing on real estate in the
Standard Life Real Estate Fund (SLIRE) was $226,210 (December 31, 2013 – $116,700; January 1, 2013 – $119,200).
138 Pooled and Indexed Funds
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
5. Financial risks (continued)
(c) Liquidity risk
Liquidity risk is the risk that the Funds may be unable to settle or meet their obligations on time or at a reasonable price.
The following paragraph relates to all Funds, with the exception of the Standard Life Real Estate Fund (SLIRE) and the
Standard Life Mortgage Fund (Standard Life).
The Funds were exposed to liquidity risk through daily cash redemptions of units. The Funds retained cash and short-term
investments to maintain liquidity for the purpose of funding redemptions. In addition, the majority of the Funds’ investments
were traded on an active market and could therefore be readily realized.
The Standard Life Real Estate Fund (SLIRE) was exposed to liquidity risk through cash redemptions of units since the real estate
investments were not actively traded and, to a lesser extent, by the financing on real estate. The Standard Life Mortgage Fund
(Standard Life) was exposed to liquidity risk through daily cash redemptions of units since the mortgage investments were
not actively traded. These Funds retained cash and/or short-term investments to maintain liquidity for the purpose of funding
redemptions. However, where cash and short-term investments could not support redemption requests in the short term,
contractual provisions exist under segregated fund policies to address and mitigate liquidity risks.
Units are redeemable on demand at the contractholder’s option. All other financial liabilities have a contractual maturity date of
less than three months, except for financing on real estate and tenant deposits in the Standard Life Real Estate Fund (SLIRE).
The undiscounted cash flows payable by remaining contractual maturity date for financing on real estate and tenant deposits in
the Standard Life Real Estate Fund (SLIRE) were as follows:
As at ($)
>5 years
Total
Fair value
adjustment
<1 year
1-5 years
Total
December 31, 2014
4,827
59,781
17,155
81,763
(8,386)
73,377
December 31, 2013
15,020
9,596
18,599
43,215
(5,379)
37,836
4,667
23,253
20,042
47,962
(7,221)
40,741
Financing on real estate
January 1, 2013
Tenant deposits
December 31, 2014
968
4,303
1,956
7,227
n/a
7,227
December 31, 2013
177
4,604
1,969
6,750
n/a
6,750
1,069
2,604
2,913
6,586
n/a
6,586
January 1, 2013
Pooled and Indexed Funds 139
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
6. Fund units
The Company considers the net assets attributable to contractholders to be the Fund’s capital. The Funds do not
have any specific capital requirements on the subscription and redemption of units, other than certain minimum
subscription requirements.
The net assets attributable to contractholders per unit is calculated by dividing the value of the net assets attributable to
contractholders of each Fund by the number of units of each Fund then outstanding as of the close of each business day. The
units of the Funds are sold and redeemable at the current value of net assets attributable to contractholders per unit at the
option of the contractholder.
The Funds are authorized to issue an unlimited number of units, which rank equally in all respects to a pro rata interest in the net
assets attributable to contractholders of each Fund. Changes in units issued for the years ended December 31 are summarized
as follows:
Standard Life Canadian Equity Fund
(SLI)
Units, beginning of year
Units issued for cash
Units redeemed
Units, end of year
Standard Life Canadian Value Equity
Fund (SLI)
Standard Life Canadian Equity Index
Fund (SLI)
2014
2013
2014
2013
2014
2013
454,855
600,613
346,083
357,413
11,938,272
8,373,116
9,246,854
72,102
87,953
199,619
77,974
6,246,240
(130,727)
(233,711)
(124,923)
(89,304)
(6,238,820)
(5,681,698)
396,230
454,855
420,779
346,083
11,945,692
11,938,272
Standard Life Capped Canadian Equity Standard Life Canadian Equity Capped Standard Life Canadian Small-Cap
Fund (SLI)
Index Fund (SLI)
Equity Fund (SLI)
Units, beginning of year
Units issued for cash
Units redeemed
Units, end of year
2014
2013
2014
2013
2014
2013
10,322,116
13,844,057
9,415,334
8,363,402
2,781,492
2,934,977
1,277,729
828,660
2,857,296
4,004,362
844,948
728,440
(3,967,765)
(4,350,601)
(3,000,380)
(2,952,430)
(1,062,419)
(881,925)
7,632,080
10,322,116
9,272,250
9,415,334
2,564,021
2,781,492
Standard Life Equity Tri-Plan Fund
(SLI)
Units, beginning of year
Units issued for cash
Units redeemed
Units, end of year
Units issued for cash
Units redeemed
Units, end of year
2014
2013
2014
2013
2014
2013
325,781
2,605,240
3,180,664
19,552,452
19,212,178
17,484
24,527
515,343
683,546
7,385,094
9,753,123
(55,152)
(76,534)
(912,826)
(1,258,970)
(9,215,511)
(9,412,849)
236,106
273,774
2,207,757
2,605,240
17,722,035
19,552,452
Units issued for cash
Units redeemed
Units, end of year
140 Pooled and Indexed Funds
Standard Life US Equity NonRegistered Fund (SLI)
Standard Life Hedged US Equity Index
Fund (SLI)
2014
2013
2014
2013
2014
2013
22,966,807
18,416,391
300,082
354,188
361,002
359,170
21,965,569
11,209,242
71,102
147,360
75,476
226,880
(15,129,126)
(6,658,826)
(96,462)
(201,466)
(185,664)
(225,048)
29,803,250
22,966,807
274,722
300,082
250,814
361,002
Standard Life International Equity
Fund (SLI)
Units, beginning of year
Standard Life US Equity Index Fund
(SLI)
273,774
Standard Life US Equity Direct Index
Registered Fund (SLI)
Units, beginning of year
Standard Life US Equity Fund
(SLI)
Standard Life Global Absolute Return
Strategies Fund (SLI)
Standard Life Global Absolute Return
Strategies Fund (SLI)
2014
2013
2014
2013
2014
10,822,396
10,907,918
11,555,219
5,468,618
-
2013
n/a
2,378,754
2,416,116
10,725,080
7,235,743
101,472
n/a
(2,869,606)
(2,501,638)
(3,290,540)
(1,149,142)
(808)
n/a
10,331,544
10,822,396
18,989,759
11,555,219
100,664
n/a
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
6. Fund units (continued)
Standard Life Short Term Bond Fund
(SLI)
Standard Life Bond Fund (SLI)
Units, beginning of year
Units issued for cash
Units redeemed
Units, end of year
2014
2013
2014
2013
2014
2013
1,462,082
1,456,053
854,172
560,849
24,423,116
22,230,839
327,281
347,645
2,039,755
856,044
18,948,372
7,694,779
(461,296)
(341,616)
(328,589)
(562,721)
(12,954,903)
(5,502,502)
1,328,067
1,462,082
2,565,338
854,172
30,416,585
24,423,116
Standard Life Mid-Term Liability
Government Bond Fund (SLI)
Standard Life Short-Term Liability
Government Bond Fund (SLI)
Units, beginning of year
Units issued for cash
Units redeemed
Units, end of year
Units issued for cash
Units redeemed
Units, end of year
Standard Life Long-Term Liability
Government Bond Fund (SLI)
2014
2013
2014
2013
2014
989,490
-
4,964,027
-
4,789,241
-
1,764,816
1,393,277
3,481,215
5,041,353
6,085,766
5,598,004
(68,739)
(403,787)
(742,769)
(77,326)
(990,983)
(808,763)
2,685,567
989,490
7,702,473
4,964,027
9,884,024
4,789,241
Standard Life Canadian Bond Index
Fund (SLI)
Units, beginning of year
Standard Life Long Term Bond Fund
(SLI)
Standard Life Real Return Bond Fund
(SLI)
Units issued for cash
Units redeemed
Units, end of year
2014
2013
2014
2013
2014
2013
114,506,567
3,983,390
3,452,943
11,838,841
13,299,854
41,180,648
43,644,262
702,841
1,120,456
1,569,976
1,733,640
(34,877,419)
(29,983,543)
(651,267)
(590,009)
(2,647,123)
(3,194,653)
134,470,515
128,167,286
4,034,964
3,983,390
10,761,694
11,838,841
Units issued for cash
Units redeemed
Units, end of year
2014
2013
2013
1,585,257
1,906,308
3,303,299
3,341,411
8,471,487
8,459,701
145,219
135,841
2,196,801
1,864,862
1,410,945
1,019,716
(339,131)
(456,892)
(2,258,453)
(1,902,974)
(1,009,594)
(1,007,930)
1,391,345
1,585,257
3,241,647
3,303,299
8,872,838
Units issued for cash
2014
2013
8,471,487
Standard Life Small Cap Portfolio Fund Standard Life Income Index Portfolio
(Standard Life)
Fund (Standard Life)
2014
2013
2014
2013
2014
2013
293,424
238,786
130,930
168,849
1,380,749
1,521,790
70,484
105,536
50,109
37,461
414,891
367,384
(60,641)
(50,898)
(52,092)
(75,380)
(622,514)
(508,425)
303,267
293,424
128,947
130,930
1,173,126
1,380,749
Standard Life Balanced Index Portfolio Standard Life Growth Index Portfolio
Fund (Standard Life)
Fund (Standard Life)
Units, beginning of year
Standard Life Real Estate Fund
(SLIRE)
2014
Standard Life Mortgage Fund
(Standard Life)
Units, beginning of year
Standard Life Diversified Fund
(SLI)
128,167,286
Standard Life Diversified Tri-Plan Fund Standard Life Money Market Fund
(SLI)
(SLI)
Units, beginning of year
2013
Standard Life Target Date 2015 Fund
(Standard Life)
2014
2013
2014
2013
2014
2013
9,250,052
4,265,117
1,328,261
1,215,899
101,231
77,954
30,518
1,462,871
5,785,592
236,062
247,414
57,360
Units redeemed
(1,251,340)
(800,657)
(178,591)
(135,052)
(41,438)
(7,241)
Units, end of year
9,461,583
9,250,052
1,385,732
1,328,261
117,153
101,231
Pooled and Indexed Funds 141
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
6. Fund units (continued)
Standard Life Target Date 2020 Fund
(Standard Life)
Standard Life Target Date 2025 Fund
(Standard Life)
Standard Life Target Date 2030 Fund
(Standard Life)
2014
2013
2014
2013
2014
2013
Units, beginning of year
193,545
177,106
172,489
122,856
166,861
139,139
Units issued for cash
130,066
51,781
129,913
65,509
124,093
46,362
Units redeemed
Units, end of year
(130,954)
(35,342)
(53,563)
(15,876)
(74,833)
(18,640)
192,657
193,545
248,839
172,489
216,121
166,861
Standard Life Target Date 2035 Fund
(Standard Life)
Standard Life Target Date 2040 Fund
(Standard Life)
Standard Life Target Date 2045 Fund
(Standard Life)
2014
2013
2014
2013
2014
2013
Units, beginning of year
132,694
91,860
135,883
102,851
75,037
59,786
20,744
Units issued for cash
114,568
48,461
75,465
39,365
53,788
Units redeemed
(58,260)
(7,627)
(46,840)
(6,333)
(29,921)
(5,493)
Units, end of year
189,002
132,694
164,508
135,883
98,904
75,037
Standard Life Target Date 2050 Fund
(Standard Life)
Units, beginning of year
Units issued for cash
Units redeemed
Units, end of year
2014
2013
2014
2013
2014
2013
33,634
1,051
-
89,847
30,722
38,778
30,479
6,012
1,051
54,112
122,816
(17,591)
(4,998)
(359)
-
(40,898)
(63,691)
80,302
59,115
6,704
1,051
103,061
89,847
2014
Units issued for cash
Standard Life Retirement Fund
(Standard Life)
59,115
Standard Life Target Date 2015 Index
Fund (Standard Life)
Units, beginning of year
Standard Life Target Date 2055 Fund
(Standard Life)
Standard Life Target Date 2020 Index
Fund (Standard Life)
2013
2014
26,917
1,000
3,562
28,279
Standard Life Target Date 2025 Index
Fund (Standard Life)
2013
2014
2013
43,116
1,000
63,796
1,000
8,512
54,065
6,558
66,504
Units redeemed
(8,833)
(2,362)
(17,600)
(11,949)
(8,697)
(3,708)
Units, end of year
21,646
26,917
34,028
43,116
61,657
63,796
Standard Life Target Date 2030 Index
Fund (Standard Life)
Units, beginning of year
Units issued for cash
Units redeemed
Units, end of year
Units issued for cash
Standard Life Target Date 2040 Index
Fund (Standard Life)
2014
2013
2014
2013
2014
2013
34,739
1,000
39,705
1,000
54,675
1,000
56,853
9,386
36,000
8,687
42,561
8,136
(11,755)
(2,261)
(5,496)
(3,856)
(7,869)
(3,178)
32,370
34,739
42,896
39,705
54,942
54,675
Standard Life Target Date 2045 Index
Fund (Standard Life)
Units, beginning of year
Standard Life Target Date 2035 Index
Fund (Standard Life)
Standard Life Target Date 2050 Index
Fund (Standard Life)
Standard Life Target Date 2055 Index
Fund (Standard Life)
2014
2013
2014
2013
2014
11,418
1,000
5,705
1,000
1,000
2013
-
8,716
10,821
5,878
5,622
49
1,000
Units redeemed
(1,513)
(403)
(1,035)
(917)
(35)
-
Units, end of year
18,621
11,418
10,548
5,705
1,014
1,000
Standard Life Retirement Index Fund
(Standard Life)
2014
Units, beginning of year
Units issued for cash
Standard Life Corporate Bond Fund
(SLMF)
Standard Life Monthly Income Fund
(SLMF)
2013
2014
2013
2014
2013
20,018
1,000
1,704,644
1,589,474
348,173
26,669
5,150
21,035
604,319
637,197
243,401
432,035
Units redeemed
(6,307)
(2,017)
(437,296)
(522,027)
(137,628)
(110,531)
Units, end of year
18,861
20,018
1,871,667
1,704,644
453,946
348,173
142 Pooled and Indexed Funds
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
6. Fund units (continued)
Standard Life Canadian Dividend Fund
(SLMF)
Units, beginning of year
Units issued for cash
Units redeemed
Units, end of year
Standard Life Global Dividend Fund
(SLMF)
Standard Life Global Equity Fund
(SLMF)
2014
2013
2014
2013
2014
2013
4,441,294
4,540,797
778,212
492,034
1,405,760
1,317,532
965,412
1,094,722
905,556
598,904
3,367,461
862,699
(1,098,912)
(1,194,225)
(266,221)
(312,726)
(272,949)
(774,471)
4,307,794
4,441,294
1,417,547
778,212
4,500,272
1,405,760
Standard Life International Bond Fund
(SLMF)
2014
Standard Life Tactical Bond Fund
(SLMF)
2013 (unaudited)
Units, beginning of year
10,000
-
Units issued for cash
27,292
10,000
2014
Standard Life Diversified Income Fund
(SLMF)
2013 (unaudited)
2014
2013 (unaudited)
10,000
-
10,000
-
10,780
10,000
3,436
10,000
Units redeemed
(2,051)
-
(10,452)
-
(2,528)
-
Units, end of year
35,241
10,000
10,328
10,000
10,908
10,000
Standard Life Tactical Income Fund
(SLMF)
Standard Life Dividend Income Fund
(SLMF)
Standard Life US Dividend Growth
Fund (SLMF)
2014
2013 (unaudited)
2014
2013 (unaudited)
2014
Units, beginning of year
10,000
-
10,000
-
10,000
2013 (unaudited)
-
Units issued for cash
26,982
10,000
39,956
10,000
47,499
10,000
Units redeemed
(1,765)
-
(16,402)
-
(3,652)
-
Units, end of year
35,217
10,000
33,554
10,000
53,847
10,000
Standard Life Global REIT Fund
(SLMF)
2014
2013 (unaudited)
Units, beginning of year
10,000
-
Units issued for cash
13,173
10,000
Units redeemed
(1,227)
-
Units, end of year
21,946
10,000
7. Investments in structured entities
The tables below present detailed information on investments in underlying funds that are deemed significant i.e. when a Fund
can exert influence on the underlying fund and holds more than 20% of its net assets. The principal place of business of the
underlying funds listed thereafter is Canada.
(a) Subsidiaries
Each Fund listed below held a greater interest in their underlying funds than the consolidation thresholds, which therefore
deemed the underlying funds unconsolidated subsidiaries:
% of ownership interest
in underlying Funds as at
December 31, 2014
Funds
Underlying Funds
Standard Life Canadian Value Equity Fund (SLI)
SLI Canadian Value Equity Pooled Fund
Standard Life International Equity Fund (SLI)
The Standard Life Global Fund
Standard Life Short Term Bond Fund (SLI)
SLI Short-Term Bond Pooled Fund
85.36
Standard Life Long Term Bond Fund (SLI)
SLI Long-Term Bond Pooled Fund
100.00
Standard Life Short-Term Liability Government Bond Fund (SLI)
SLI Short-Term Liability Government Bond Pooled Fund
100.00
Standard Life Mid-Term Liability Government Bond Fund (SLI)
SLI Mid-Term Liability Government Bond Pooled Fund
Standard Life Long-Term Liability Government Bond Fund (SLI) SLI Long-Term Liability Government Bond Pooled Fund
100.00
65.38
78.10
81.56
Pooled and Indexed Funds 143
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
7. Investments in structured entities
(a) Subsidiaries (continued)
Funds
Underlying Funds
Standard Life Canadian Value Equity Fund (SLI)
SLI Canadian Value Equity Pooled Fund
Standard Life International Equity Fund (SLI)
The Standard Life Global Fund
Standard Life Short Term Bond Fund (SLI)
SLI Short-Term Bond Pooled Fund
Standard Life Short-Term Liability Government Bond Fund (SLI)
SLI Short-Term Liability Government Bond Pooled Fund
Standard Life Mid-Term Liability Government Bond Fund (SLI)
SLI Mid-Term Liability Government Bond Pooled Fund
Standard Life Long-Term Liability Government Bond Fund (SLI) SLI Long-Term Liability Government Bond Pooled Fund
% of ownership interest
in underlying Funds as at
December 31, 2013
100.00
63.43
92.40
100.00
99.66
99.29
% of ownership interest
in underlying Funds as at
January 1, 2013
Funds
Underlying Funds
Standard Life Canadian Value Equity Fund (SLI)
SLI Canadian Value Equity Pooled Fund
Standard Life International Equity Fund (SLI)
The Standard Life Global Fund
Standard Life Short Term Bond Fund (SLI)
SLI Short-Term Bond Pooled Fund
100.00
Standard Life Corporate Bond Fund (SLMF)
Standard Life Corporate Bond Fund (SLI)*
100.00
100.00
63.97
* The Standard Life Corporate Bond Fund closed in 2013.
(b) Associates
Each Fund listed below held between 20% and the thresholds of consolidation in the following funds, which therefore deemed
them associates:
% of ownership interest
in underlying Funds as at
December 31, 2014
Funds
Underlying Funds
Standard Life Diversified Fund (SLI)
The Standard Life Global Fund
23.00
Standard Life Balanced Index Portfolio Fund (Standard Life)
Standard Life Canadian Equity Capped Index Fund (SLI)
25.11
Standard Life Global Equity Fund (SLMF)
Standard Life Global Equity Fund
30.36
% of ownership interest
in underlying Funds as at
December 31, 2013
Funds
Underlying Funds
Standard Life Diversified Fund (SLI)
The Standard Life Global Fund
21.29
Standard Life Balanced Index Portfolio Fund (Standard Life)
Standard Life Canadian Equity Capped Index Fund (SLI)
24.13
Standard Life Global Equity Fund (SLMF)
Standard Life Global Equity Fund
20.69
% of ownership interest
in underlying Funds as at
January 1, 2013
Funds
Underlying Funds
Standard Life Diversified Fund (SLI)
The Standard Life Global Fund
21.31
Standard Life Global Equity Fund (SLMF)
Standard Life Global Equity Fund
21.04
8. Related party transactions
(a) Management fees
The Company charges management fees directly to plan sponsors outside the Funds. They are deducted from the initial proceeds
on the issue of units or charged through the redemption of units.
144 Pooled and Indexed Funds
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
8. Related party transactions (continued)
(b) Operating expenses
The Funds are responsible for paying their operating expenses, which shall include, but are not limited to, appraisal fees,
custodian fees, audit fees, consulting fees, interest, other operating expenses and applicable taxes. The outstanding accrued
operating expenses payable to the Company are included in accrued expenses in the statement of financial position of
the Funds.
(c) Custodian fees
Standard Life Trust Company (“SLTC”), a company under common control, is the custodian of the Funds. During the year, the
Funds paid custodian fees to SLTC, which are presented as custodian fees in the statement of comprehensive income.
(d) Related party investments
The Company and other related investment funds may inject money into the Funds for seed money or investment purposes. Such
money could be reimbursed when the Fund no longer requires the seed money to operate effectively.
The investments in the Funds from related parties were as follows:
Fair value ($) as at
Standard Life Canadian Equity Index Fund (SLI)
Standard Life Canadian Equity Capped Index Fund (SLI)
Standard Life Canadian Small-Cap Equity Fund (SLI)
Standard Life US Equity Index Fund (SLI)
Standard Life US Equity Direct Index Registered Fund (SLI)
Dec. 31 2014
Dec. 31 2013
1,117
3,656
Jan. 1 2013
2,835
188,585
177,699
139,374
3,086
2,789
2,628
139,129
121,063
79,973
5,135
6,451
4,798
Standard Life International Equity Fund (SLI)
32,530
33,192
24,560
Standard Life Global Absolute Return Strategies Fund (SLI)
40,914
12,857
5,645
1,000
n/a
n/a
-
-
5,052
1,492
Standard Life Absolute Return Global Bond Strategies Fund (SLI)
Standard Life Short Term Bond Fund (SLI)
Standard Life Long Term Bond Fund (SLI)
3,232
2,305
Standard Life Short-Term Liability Government Bond Fund (SLI)
3,460
3,174
n/a
174,789
164,953
124,079
Standard Life Canadian Bond Index Fund (SLI)
Standard Life Money Market Fund (SLI)
2,473
2,663
2,729
Standard Life Real Estate Fund (SLIRE)
18,571
17,360
16,203
Standard Life Mortgage Fund (Standard Life)
14,037
13,360
13,036
Standard Life Target Date 2015 Fund (Standard Life)
-
-
11
Standard Life Target Date 2020 Fund (Standard Life)
-
-
11
Standard Life Target Date 2025 Fund (Standard Life)
-
-
11
Standard Life Target Date 2030 Fund (Standard Life)
-
-
11
Standard Life Target Date 2035 Fund (Standard Life)
-
-
11
Standard Life Target Date 2040 Fund (Standard Life)
-
-
11
Standard Life Target Date 2045 Fund (Standard Life)
-
-
11
Standard Life Target Date 2050 Fund (Standard Life)
-
-
11
Standard Life Target Date 2055 Fund (Standard Life)
12
11
n/a
Standard Life Retirement Fund (Standard Life)
-
-
11
Standard Life Target Date 2015 Index Fund (Standard Life)1
12
11
10
Standard Life Target Date 2020 Index Fund (Standard Life)1
12
11
10
Standard Life Target Date 2025 Index Fund (Standard Life)1
13
11
10
Standard Life Target Date 2030 Index Fund (Standard Life)1
13
12
10
Standard Life Target Date 2035 Index Fund (Standard Life)1
13
12
10
Standard Life Target Date 2040 Index Fund (Standard Life)1
13
12
10
Standard Life Target Date 2045 Index Fund (Standard Life)1
13
12
10
Pooled and Indexed Funds 145
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
8. Related party transactions
(d) Related party investments (continued)
Fair value ($) as at
Dec. 31 2014
Dec. 31 2013
Standard Life Target Date 2050 Index Fund (Standard Life)1
13
12
10
Standard Life Target Date 2055 Index Fund (Standard Life)
12
11
n/a
Standard Life Retirement Index Fund (Standard Life)1
Standard Life Corporate Bond Fund (SLMF)
Standard Life Monthly Income Fund (SLMF)
Jan. 1 2013
12
11
10
2,245
1,561
991
-
-
107
Standard Life International Bond Fund (SLMF)2
112
100
n/a
Standard Life Tactical Bond Fund (SLMF)2
107
100
n/a
Standard Life Diversified Income Fund (SLMF)2
112
101
n/a
Standard Life Tactical Income Fund (SLMF)2
110
103
n/a
Standard Life Dividend Income Fund (SLMF)2
112
104
n/a
Standard Life US Dividend Growth Fund (SLMF)2
131
104
n/a
Standard Life Global REIT Fund (SLMF)2
128
104
n/a
The January 1, 2013 figures are unaudited.
2
The December 31, 2013 figures are unaudited.
1
All underlying funds are related parties. For Funds investing in underlying funds, please refer to each Fund’s schedule of portfolio
investments for the details of the Funds’ holdings in related parties.
(e) Income from related parties
The following Funds invest in underlying related party Funds and non-related party investments. Set out below are the details of
the income derived from related parties for the year ended December 31 :
($)
2014
2013
Distribution income from underlying funds
111
-
Realized and change in unrealized gain (loss) on investments and derivatives
217
-
Standard Life Long Term Bond Fund (SLI)
Standard Life Diversified Fund (SLI)
Distribution income from underlying funds
Realized and change in unrealized gain (loss) on investments and derivatives
3,404
2,746
(6,596)
31,051
Standard Life Diversified Tri-Plan Fund (SLI)
Distribution income from underlying funds
Realized and change in unrealized gain (loss) on investments and derivatives
844
681
(1,636)
8,260
For all the other Funds investing in underlying funds, the income presented in the statement of comprehensive income is all from
related parties.
146 Pooled and Indexed Funds
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
9. Contractual commitments
In the normal course of business, various contractual commitments are outstanding which are not reflected in the annual
financial statements. As at December 31, 2014 and 2013 and January 1, 2013, outstanding contractual commitments were
as follows:
As at ($)
<1 year
1-5 years
Total
Standard Life Real Estate Fund (SLIRE)
December 31, 2014
16,192
2,879
19,071
December 31, 2013
14,425
3,863
18,288
9,925
513
10,438
December 31, 2014
6,375
-
6,375
December 31, 2013
9,000
-
9,000
-
-
-
January 1, 2013
Standard Life Mortgage Fund (Standard Life)
January 1, 2013
10. Transition to IFRS
(a)(iv) Withholding taxes
(a) Classification
Withholding taxes were previously presented as a reduction
of investment income under Canadian GAAP. Under IFRS,
they have been reclassified and presented separately as an
expense in the statement of comprehensive income.
(a)(i) Redeemable units issued by the Funds
(a)(v) Transaction costs
Under Canadian GAAP, the Funds accounted for their
redeemable units as equity. Under IFRS, IAS 32 Financial
Instruments: Presentation requires that units of an entity which
include a contractual obligation for the issuer to repurchase or
redeem them for cash or another financial asset, be classified
as a financial liability unless certain criteria are met in which
case they are to be presented as equity instruments. The
Funds’ units do not meet the criteria in IAS 32 for classification
as equity instruments and therefore, have been reclassified as
financial liabilities on transition to IFRS.
Transaction costs which, under Canadian GAAP, were
previously presented with realized and unrealized gain (loss)
on investments and transaction costs have been reclassified
and presented separately as an expense in the statement of
comprehensive income under IFRS.
The effect of the Funds’ transition to IFRS had no measurement
impact on the Funds and is summarized in this note as follows:
(a)(ii) Derivative financial instruments
Under Canadian GAAP, both derivative financial assets and
derivative financial liabilities were presented in investments,
at fair value, in the statement of financial position. Under IFRS,
derivative financial assets and derivative financial liabilities
are separately disclosed in the statement of financial position.
(a)(iii) Interest
Under Canadian GAAP, the Funds presented interest income
on debt securities in the statement of comprehensive income
on an accrual basis. On adoption of IFRS, the Funds calculate
interest income using the EIR method.
It was determined that this change was not significant for the
comparative year which has, therefore, not been restated.
(b) Valuation
Under Canadian GAAP, the Funds measured the fair values of
their investments in accordance with Section 3855 Financial
Instruments – Recognition and Measurement, which required
the use of bid prices for assets and ask prices for liabilities
to the extent such prices are available. Under IFRS, the
Funds measure the fair values of their investments using
the guidance in IFRS 13 Fair Value Measurement, which
requires that if an asset or a liability has a bid price and an
ask price, then its fair value is to be based on a price within
the bid-ask price spread that is most representative of fair
value. It also allows the use of mid-market pricing or other
pricing conventions that are used by market participants as
a practical expedient for fair value measurement within a
bid-ask spread. Consequently, closing quoted market prices
are used to measure the fair value of short-term investments,
bonds and equities (refer to Note 3(a)) and, as a result, there
are no longer differences between the net assets attributable
to contractholders for transactions with contractholders
and the net assets attributable to contractholders for
financial statements.
Pooled and Indexed Funds 147
Pooled and Indexed Funds
Notes to annual financial statements
For the years ended December 31, 2014 and 2013
(expressed in thousands of dollars)
10. Transition to IFRS (continued)
(b) Valuation
It was determined that this revaluation of investments was
not significant for comparative years. Thus, comparative
information has not been restated.
(c) Statement of cash flows
Under Canadian GAAP, the Funds were exempt from providing
a statement of cash flows. IAS 1 Presentation of Financial
Statements requires that a statement of cash flows be
presented for the current and comparative years.
(d) Transition elections
The only voluntary exemption adopted by the Funds upon
transition to IFRS was to designate a financial asset or financial
liability as FVTPL. All financial assets designated as FVTPL
(refer to Note 2(e)(iii)) were previously carried at fair value
under Canadian GAAP as required by Accounting Guideline 18,
Investment Companies.
Financing on real estate, which was designated as FVTPL (refer
to Note 2(e)(iii)), was previously carried at amortized cost
under Canadian GAAP. It was determined that this change was
not significant for the comparative years which have, therefore,
not been restated.
148 Pooled and Indexed Funds
Pooled and Indexed Funds 149
150 Pooled and Indexed Funds
Pooled and Indexed Funds 151
Notes
152 Pooled and Indexed Funds
Notes
Pooled and Indexed Funds 153
Notes
154 Pooled and Indexed Funds
Pooled and Indexed Funds 155
Retirement Investments Insurance
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GE10215P GS
04-2015
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