Fund Overview Fund Overview Share Class I N I Z NAV | as of 09/21/2023 $8.54 -$0.06 (-0.70%) Morningstar | Style Box L M E H M L Overall Morningstar Rating Rated against 552 Intermediate Core-Plus Bond funds as of 08/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 07/18/2011 to 08/31/2023 = $13,429.21 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. View Performance Read Important Investment Disclosures Objective The Fund seeks to provide income and capital growth by investing primarily in a diversified portfolio of fixed-income securities across investment-grade, high-yield and non-traditional fixed-income asset classes. Why Consider Provides investors with exposure to a diversified portfolio of fixed income securities The Fund employs a disciplined, team-based approach, seeking to add consistent value through management of duration, yield curve and credit risk The investment strategy utilizes a long-established process of macro driven duration management, yield-curve positioning and credit allocation with the ability to tactically allocate up to 30% of the portfolio in high yield bonds and other fixed income asset classes as opportunities arise Documents Fact Sheet Commentary Summary Prospectus Prospectus 2022 Year End Distributions View All Documents Derek Brown, MBA, CFA SENIOR VICE PRESIDENT, CO-HEAD OF FIXED INCOME See Our Approach Read Bio Sue McNamara, CFA SENIOR VICE PRESIDENT, FIXED INCOME See Our Approach Read Bio Neil McCabe, MBA, CFA VICE PRESIDENT, FIXED INCOME See Our Approach Read Bio Investment Style Beutel Goodman Core Plus Bond Fund has a Fixed Income objective, seeking to achieve a high level of current income. High Med. Low Ltd. Mod. Ext. Fixed Income Objective Beutel Goodman Core Plus Bond Fund is categorized as Medium-Moderate. It combines medium credit quality with moderate interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 08/31/2023 Overall Rating (of 552) 3 Years (of 552) 5 Years (of 518) 10 Years (of 367) Category Intermediate Core-Plus Bond Read Important Investment Disclosures Derek Brown, MBA, CFA SENIOR VICE PRESIDENT, CO-HEAD OF FIXED INCOME Derek joined Beutel Goodman in 2016 and has over 15 years of investment experience. He is a portfolio manager and co-lead of the fixed income team. His strategic responsibilities include portfolio duration, positioning, and risk exposure management. Prior to joining Beutel Goodman, Derek worked at Fiera Capital where he was a fixed income portfolio manager. Derek is a graduate of Concordia University and McGill University and a CFA charterholder. Sue McNamara, CFA SENIOR VICE PRESIDENT, FIXED INCOME Sue joined Beutel Goodman in 2006 and has over 25 years of investment experience. She is a portfolio manager and strategist with additional responsibilities for credit analysis and product design. In addition, she leads the fixed income team’s responsible investing efforts. Prior to joining Beutel Goodman, Sue worked as a research analyst for several of the large brokerage houses, most recently BMO Nesbitt Burns. Sue is a graduate of the University of Western Ontario and a CFA charterholder. Neil McCabe, MBA, CFA VICE PRESIDENT, FIXED INCOME Neil joined Beutel Goodman in 2019 as a credit analyst to lead the firm's high yield initiative. Prior to joining the firm he gained extensive investment experience, most recently as a portfolio manager for Fiera Capital. Neil is a graduate of McMaster University and IESE Business School and is a CFA charterholder. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized. Expense Ratios Gross Expense Ratio: 0.53% Net Expense Ratio: 0.49% Expense Cap Expiration Date: 03/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Aug 29, 2023 $0.030400 $0.030400 — — Jul 27, 2023 $0.027800 $0.027800 — — Jun 28, 2023 $0.029500 $0.029500 — — May 26, 2023 $0.029600 $0.029600 — — Apr 26, 2023 $0.029600 $0.029600 — — Mar 29, 2023 $0.031400 $0.031400 — — Feb 24, 2023 $0.027900 $0.027900 — — Jan 27, 2023 $0.026400 $0.026400 — — Dec 15, 2022 $0.047500 $0.047500 — — Nov 28, 2022 $0.037300 $0.037300 — — Oct 27, 2022 $0.034600 $0.034600 — — Sep 28, 2022 $0.027600 $0.027600 — — Aug 29, 2022 $0.024900 $0.024900 — — Jul 27, 2022 $0.029200 $0.029200 — — Jun 28, 2022 $0.026100 $0.026100 — — May 26, 2022 $0.025700 $0.025700 — — Apr 27, 2022 $0.024900 $0.024900 — — Mar 29, 2022 $0.024200 $0.024200 — — Feb 24, 2022 $0.023200 $0.023200 — — Jan 27, 2022 $0.022600 $0.022600 — — Dec 15, 2021 $0.024400 $0.024400 — — Nov 26, 2021 $0.027700 $0.027700 — — Oct 27, 2021 $0.025300 $0.025300 — — Sep 28, 2021 $0.022700 $0.022700 — — Aug 27, 2021 $0.021200 $0.021200 — — Jul 28, 2021 $0.021100 $0.021100 — — Jun 28, 2021 $0.020600 $0.020600 — — May 26, 2021 $0.020100 $0.020100 — — Apr 28, 2021 $0.023200 $0.023200 — — Mar 29, 2021 $0.022300 $0.022300 — — Feb 24, 2021 $0.020700 $0.020700 — — Jan 27, 2021 $0.022200 $0.022200 — — Dec 16, 2020 $0.050600 $0.050600 — — Nov 25, 2020 $0.031500 $0.031500 — — Oct 28, 2020 $0.024700 $0.024700 — — Sep 28, 2020 $0.023300 $0.023300 — — Aug 27, 2020 $0.021700 $0.021700 — — Jul 29, 2020 $0.021400 $0.021400 — — Jun 26, 2020 $0.025100 $0.025100 — — May 27, 2020 $0.019000 $0.019000 — — Apr 28, 2020 $0.033300 $0.033300 — — Mar 27, 2020 $0.035200 $0.035200 — — Feb 26, 2020 $0.025500 $0.025500 — — Jan 29, 2020 $0.026600 $0.026600 — — Dec 16, 2019 $0.030300 $0.030300 — — Nov 26, 2019 $0.035800 $0.035800 — — Oct 29, 2019 $0.035100 $0.035100 — — Sep 26, 2019 $0.029800 $0.029800 — — Aug 28, 2019 $0.029800 $0.029800 — — Jul 29, 2019 $0.032800 $0.032800 — — Jun 26, 2019 $0.032100 $0.032100 — — May 29, 2019 $0.030600 $0.030600 — — Apr 26, 2019 $0.031800 $0.031800 — — Mar 27, 2019 $0.034000 $0.034000 — — Feb 26, 2019 $0.026400 $0.026400 — — Jan 29, 2019 $0.028800 $0.028800 — — Dec 27, 2018 $0.043000 $0.043000 — — Nov 28, 2018 $0.034300 $0.034300 — — Oct 29, 2018 $0.028300 $0.028300 — — Sep 26, 2018 $0.034300 $0.034300 — — Aug 29, 2018 $0.035000 $0.035000 — — Jul 27, 2018 $0.034300 $0.034300 — — Jun 27, 2018 $0.026900 $0.026900 — — May 29, 2018 $0.026800 $0.026800 — — Apr 26, 2018 $0.025500 $0.025500 — — Mar 27, 2018 $0.026300 $0.026300 — — Feb 26, 2018 $0.024900 $0.024900 — — Jan 29, 2018 $0.024300 $0.024300 — — Dec 27, 2017 $0.023700 $0.023700 — — Nov 27, 2017 $0.026300 $0.026300 — — Oct 26, 2017 $0.026900 $0.026900 — — Sep 26, 2017 $0.026900 $0.026900 — — Aug 28, 2017 $0.029400 $0.029400 — — Jul 26, 2017 $0.024400 $0.024400 — — Jun 27, 2017 $0.034600 $0.034600 — — May 25, 2017 $0.034300 $0.034300 — — Apr 25, 2017 $0.034300 $0.034300 — — Mar 28, 2017 $0.029300 $0.029300 — — Feb 23, 2017 $0.026700 $0.026700 — — Jan 26, 2017 $0.027300 $0.027300 — — Dec 27, 2016 $0.075800 $0.055000 $0.020800 — Nov 25, 2016 $0.027300 $0.027300 — — Oct 26, 2016 $0.027600 $0.027600 — — Sep 30, 2016 $0.028200 $0.028200 — — Aug 31, 2016 $0.031200 $0.031200 — — Jul 29, 2016 $0.027100 $0.027100 — — Jun 30, 2016 $0.028600 $0.028600 — — May 31, 2016 $0.028900 $0.028900 — — Apr 29, 2016 $0.025600 $0.025600 — — Mar 31, 2016 $0.028400 $0.028400 — — Feb 29, 2016 $0.025400 $0.025400 — — Jan 29, 2016 $0.020500 $0.020500 — — Dec 30, 2015 $0.034200 $0.034200 — — Nov 30, 2015 $0.033100 $0.033100 — — Oct 30, 2015 $0.028900 $0.028900 — — Sep 30, 2015 $0.030200 $0.030200 — — Aug 31, 2015 $0.034000 $0.034000 — — Jul 31, 2015 $0.035400 $0.035400 — — Jun 30, 2015 $0.038000 $0.038000 — — May 29, 2015 $0.033200 $0.033200 — — Apr 30, 2015 $0.034300 $0.034300 — — Mar 31, 2015 $0.033100 $0.033100 — — Feb 27, 2015 $0.035200 $0.035200 — — Jan 30, 2015 $0.034500 $0.034500 — — Dec 30, 2014 $0.036000 $0.036000 — — Nov 28, 2014 $0.025700 $0.025700 — — Oct 31, 2014 $0.027000 $0.027000 — — Sep 30, 2014 $0.038000 $0.038000 — — Aug 29, 2014 $0.032600 $0.032600 — — Jul 31, 2014 $0.039800 $0.039800 — — Jun 30, 2014 $0.042100 $0.042100 — — May 30, 2014 $0.037700 $0.037700 — — Apr 30, 2014 $0.039700 $0.039700 — — Mar 31, 2014 $0.039400 $0.039400 — — Feb 28, 2014 $0.033200 $0.033200 — — Jan 31, 2014 $0.037600 $0.037600 — — Dec 30, 2013 $0.039400 $0.039400 — — Nov 29, 2013 $0.032900 $0.032900 — — Oct 31, 2013 $0.035300 $0.035300 — — Sep 30, 2013 $0.037500 $0.037500 — — Aug 30, 2013 $0.033200 $0.033200 — — Jul 31, 2013 $0.035900 $0.035900 — — Jun 28, 2013 $0.028300 $0.028300 — — May 31, 2013 $0.031000 $0.031000 — — Apr 30, 2013 $0.033300 $0.033300 — — Mar 28, 2013 $0.027300 $0.027300 — — Feb 28, 2013 $0.028200 $0.028200 — — Jan 31, 2013 $0.027300 $0.027300 — — Dec 28, 2012 $0.090200 $0.030100 $0.058800 $0.001300 Nov 30, 2012 $0.039200 $0.039200 — — Oct 31, 2012 $0.034300 $0.034300 — — Sep 28, 2012 $0.028000 $0.028000 — — Aug 31, 2012 $0.030500 $0.030500 — — Jul 31, 2012 $0.028200 $0.028200 — — Jun 29, 2012 $0.026900 $0.026900 — — May 31, 2012 $0.033700 $0.033700 — — Apr 30, 2012 $0.034300 $0.034300 — — Mar 30, 2012 $0.029800 $0.029800 — — Feb 29, 2012 $0.030600 $0.030600 — — Jan 31, 2012 $0.031800 $0.031800 — — Dec 29, 2011 $0.068000 $0.052700 $0.015300 — Nov 30, 2011 $0.040900 $0.040900 — — Oct 31, 2011 $0.038300 $0.038300 — — Sep 30, 2011 $0.029800 $0.029800 — — Aug 31, 2011 $0.024600 $0.024600 — — Jul 29, 2011 $0.005000 $0.005000 — — From: To: Risk & Return Stats As of: 08/31/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 0.65 -0.47 0.35 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 6.17 6.48 4.95 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.88 -0.27 0.14 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 109.65 105.19 106.33 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 99.17 110.37 100.56 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.01 0.98 0.96 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 95.90 67.77 68.68 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 1.25 3.68 2.78 View All Characteristics & Stats All Characteristics & Stats Beutel Goodman Core Plus Bond Fund (ADLIX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg US Aggregate Bond Index Fund Assets (Mil.$) $124 Number of Holdings 102 13362 Average Effective Duration (years) 6.87 6.31 Average Modified Duration (years) 6.87 Convexity 0.41 0.6 Average Maturity (years) 9.15 8.6 Yield to Maturity 5.45% 4.81% Yield to Worst 5.38% 4.81% Current Yield 4.16% 3.21% SEC 30-Day Yield (%) 4.29% SEC 30-Day Yield (%) w/o fee 4.20% Average Coupon 3.88% 2.88% Average Price 91.73 89.79 Average Credit Quality AA AA1/AA2 Trailing 12-Months Portfolio Turnover 91.21% % Callable 46.06% % Non-US 9.70% Adjustable Coupon 15.92% Step Coupon 0.00% Zero Coupon 0.00% As of: 06/30/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 0.65 -0.47 0.35 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 6.17 6.48 4.95 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.88 -0.27 0.14 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 109.65 105.19 106.33 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 99.17 110.37 100.56 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.01 0.98 0.96 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 95.90 67.77 68.68 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 1.25 3.68 2.78 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. 0.46 -0.15 0.09 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -5.41 -1.78 0.70 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -17.02 -17.02 -17.02 As of: 08/31/2023 Maturity Fund Less Than 2 Years 7.43% 2 to 5 Years 20.47% 5 to 10 Years 55.17% 10 to 15 Years 1.45% More Than 15 Years 15.48% NA 0.00% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 06/30/2023 United States Treasury Note/Bond Fixed 9.91% United States Treasury Note/Bond Fixed 7.33% United States Treasury Note/Bond Fixed 4.91% United States Treasury Note/Bond Fixed 4.42% Fannie Mae Pool BL4421 Fixed 3.30% United States Treasury Note/Bond Fixed 3.18% United States Treasury Note/Bond Fixed 3.06% Freddie Mac REMICS Fixed 2.81% Freddie Mac REMICS Fixed 2.76% Bank of America Corp Floating 2.32% % in Top 10 Holdings 44.01% View Holding Details Holding Details Beutel Goodman Core Plus Bond Fund (ADLIX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets United States Treasury Note/Bond Fixed 4.13% Nov 2032 9.91% United States Treasury Note/Bond Fixed 2.75% May 2029 7.33% United States Treasury Note/Bond Fixed 3.5% Feb 2033 4.91% United States Treasury Note/Bond Fixed 3% Aug 2052 4.42% Fannie Mae Pool BL4421 Fixed 2.14% Oct 2029 3.30% United States Treasury Note/Bond Fixed 1.88% Feb 2041 3.18% United States Treasury Note/Bond Fixed 1.88% Feb 2032 3.06% Freddie Mac REMICS Fixed 2.5% Nov 2040 2.81% Freddie Mac REMICS Fixed 3% Mar 2044 2.76% Bank of America Corp Floating - Apr 2028 2.32% % in Top 10 Holdings 44.01% As of: 06/30/2023 Download All Holdings (PDF) As of: 08/31/2023 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund United States Treasury Note/Bond Fixed 4.13% Nov 2032 U.S. Government B US USD 12,020,000 99.95 $12,014,366 10.13% United States Treasury Note/Bond Fixed 3.50% Feb 2033 U.S. Government B US USD 9,245,000 95.23 $8,804,418 7.42% United States Treasury Note/Bond Fixed 2.75% May 2029 U.S. Government B US USD 6,535,000 92.38 $6,036,706 5.09% United States Treasury Note/Bond Fixed 3.00% Aug 2052 U.S. Government B US USD 6,233,000 79.69 $4,967,165 4.19% Fannie Mae Pool BL4421 Fixed 2.14% Oct 2029 Mortgage-Backed Security B US USD 4,700,000 86.14 $4,048,584 3.41% United States Treasury Note/Bond Fixed 1.88% Feb 2041 U.S. Government B US USD 5,420,000 69.40 $3,761,395 3.17% Freddie Mac REMICS Fixed 3.00% Mar 2044 Mortgage-Backed Security B US USD 3,977,923 85.84 $3,414,516 2.88% Freddie Mac REMICS Fixed 2.50% Nov 2040 Mortgage-Backed Security B US USD 3,856,931 87.82 $3,387,259 2.85% Bank of America Corp Floating Apr 2028 Corporate B US USD 3,000,000 95.99 $2,879,710 2.43% Fannie Mae Pool BL5484 Fixed 2.26% Jan 2030 Mortgage-Backed Security B US USD 3,200,000 85.61 $2,739,546 2.31% Mileage Plus Holdings LLC Term Loan Floating Jun 2027 Corporate B US USD 2,400,000 104.16 $2,499,900 2.11% Toronto-Dominion Bank Floating Oct 2082 Corporate B CA USD 2,325,000 100.50 $2,336,676 1.97% Morgan Stanley Floating Sep 2036 Corporate B US USD 3,000,000 75.42 $2,262,495 1.91% American Airlines Inc Fixed 5.50% Apr 2026 144A Corporate B US USD 2,291,667 98.13 $2,248,775 1.90% Freddie Mac REMICS Fixed 4.00% Mar 2042 Mortgage-Backed Security B US USD 2,434,193 92.34 $2,247,836 1.89% United States Treasury Note/Bond Fixed 1.88% Feb 2032 U.S. Government B US USD 2,621,400 84.05 $2,203,307 1.86% Fannie Mae REMICS Fixed 3.50% Mar 2042 Mortgage-Backed Security B US USD 2,362,148 90.73 $2,143,092 1.81% Columbia Pipelines Operating Co LLC Fixed 6.04% Nov 2033 144A Corporate B US USD 1,989,000 101.03 $2,009,388 1.69% Fannie Mae Pool BL4420 Fixed 2.14% Oct 2029 Mortgage-Backed Security B US USD 2,300,000 86.14 $1,981,222 1.67% Intact Financial Corp Fixed 5.46% Sep 2032 144A Corporate B CA USD 2,000,000 98.68 $1,973,634 1.66% Mileage Plus Holdings LLC Fixed 6.50% Jun 2027 144A Corporate B US USD 1,700,000 99.65 $1,694,068 1.43% Bank of Montreal Floating Dec 2032 Corporate B CA USD 1,785,000 88.54 $1,580,386 1.33% Ford Credit Canada Co Fixed 7.00% Feb 2026 Corporate B CA CAD 2,000,000 74.05 $1,481,024 1.25% Vistra Operations Co LLC Fixed 4.88% May 2024 144A Corporate B US USD 1,500,000 98.43 $1,476,434 1.24% Fannie Mae REMICS Fixed 3.00% Jan 2045 Mortgage-Backed Security B US USD 1,516,913 92.57 $1,404,245 1.18% Smithfield Foods Inc Fixed 4.25% Feb 2027 144A Corporate B US USD 1,500,000 93.06 $1,395,832 1.18% Goldman Sachs Group Inc Floating Oct 2027 Corporate B US USD 1,500,000 88.99 $1,334,872 1.12% Fannie Mae REMICS Fixed 3.50% Oct 2042 Mortgage-Backed Security B US USD 1,354,890 91.05 $1,233,626 1.04% TTX Co Fixed 3.60% Jan 2025 144A Corporate B US USD 1,172,000 97.10 $1,138,062 0.96% Tucson Electric Power Co Fixed 4.00% Jun 2050 Corporate B US USD 1,425,000 74.94 $1,067,950 0.90% Tampa Electric Co Fixed 3.63% Jun 2050 Corporate B US USD 1,475,000 72.14 $1,064,057 0.90% East Ohio Gas Co Fixed 3.00% Jun 2050 144A Corporate B US USD 1,700,000 62.09 $1,055,461 0.89% Columbia Pipelines Operating Co LLC Fixed 6.54% Nov 2053 144A Corporate B US USD 1,000,000 102.22 $1,022,205 0.86% Citigroup Inc Floating Sep 2026 Corporate B US USD 1,000,000 99.54 $995,435 0.84% Albertsons Cos Inc Fixed 6.50% Feb 2028 144A Corporate B US USD 1,000,000 99.54 $995,379 0.84% Florida Power & Light Co Fixed 2.88% Dec 2051 Corporate B US USD 1,500,000 65.34 $980,065 0.83% Duke Energy Progress LLC Fixed 5.35% Mar 2053 Corporate B US USD 1,000,000 96.98 $969,821 0.82% Delta Air Lines Inc Fixed 4.75% Oct 2028 144A Corporate B US USD 1,000,000 96.03 $960,257 0.81% Verizon Communications Inc Fixed 4.40% Nov 2034 Corporate B US USD 1,000,000 90.60 $906,030 0.76% Freddie Mac Gold Pool G08658 Fixed 3.00% Aug 2045 Mortgage-Backed Security B US USD 1,018,960 88.52 $902,014 0.76% Avolon Holdings Funding Ltd Fixed 3.25% Feb 2027 144A Corporate B IE USD 1,000,000 89.94 $899,388 0.76% Coca-Cola Femsa SAB de CV Fixed 2.75% Jan 2030 Corporate B MX USD 1,000,000 86.70 $866,996 0.73% Penske Truck Leasing Co LP Fixed 6.20% Jun 2030 144A Corporate B US USD 750,000 100.45 $753,359 0.63% Air Lease Corp Fixed 5.85% Dec 2027 Corporate B US USD 750,000 100.00 $749,988 0.63% Freddie Mac Pool SD0035 Fixed 3.00% Apr 2047 Mortgage-Backed Security B US USD 839,574 88.56 $743,562 0.63% Fannie Mae REMICS Fixed 4.00% Apr 2042 Mortgage-Backed Security B US USD 744,908 94.17 $701,480 0.59% Freddie Mac Gold Pool G08653 Fixed 3.00% Jul 2045 Mortgage-Backed Security B US USD 765,747 88.52 $677,865 0.57% Citigroup Commercial Mortgage Trust 2016-GC36 Floating Feb 2049 Mortgage-Backed Security B US USD 763,000 83.00 $633,258 0.53% COMM 2016-CR28 Mortgage Trust Floating Feb 2049 Mortgage-Backed Security B US USD 726,000 86.53 $628,212 0.53% Consolidated Edison Co of New York Inc Fixed 6.15% Nov 2052 Corporate B US USD 550,000 107.21 $589,628 0.50% UBS Commercial Mortgage Trust 2019-C18 Floating Dec 2052 Mortgage-Backed Security B US USD 717,000 80.00 $573,624 0.48% Fannie Mae Pool AS4645 Fixed 3.00% Mar 2045 Mortgage-Backed Security B US USD 616,102 88.41 $544,697 0.46% JPMBB Commercial Mortgage Securities Trust 2015-C33 Floating Dec 2048 Mortgage-Backed Security B US USD 670,000 80.85 $541,724 0.46% GE HealthCare Technologies Inc Fixed 6.38% Nov 2052 Corporate B US USD 500,000 107.65 $538,241 0.45% COMM 2015-LC23 Mortgage Trust Floating Oct 2048 Mortgage-Backed Security B US USD 585,000 89.59 $524,106 0.44% Vodafone Group PLC Fixed 7.88% Feb 2030 Corporate B GB USD 450,000 112.71 $507,179 0.43% Delta Air Lines Inc Fixed 7.00% May 2025 144A Corporate B US USD 500,000 101.33 $506,656 0.43% Fannie Mae REMICS Fixed 2.75% Nov 2042 Mortgage-Backed Security B US USD 560,950 90.27 $506,374 0.43% Element Fleet Management Corp Fixed 6.27% Jun 2026 144A Corporate B CA USD 500,000 100.46 $502,302 0.42% Pilgrim's Pride Corp Fixed 6.25% Jul 2033 Corporate B US USD 500,000 99.23 $496,173 0.42% Citigroup Commercial Mortgage Trust 2019-GC43 Fixed 2.98% Nov 2052 Mortgage-Backed Security B US USD 514,000 94.45 $485,453 0.41% QatarEnergy Fixed 1.38% Sep 2026 144A Corporate B QA USD 500,000 89.64 $448,200 0.38% Burlington Northern Santa Fe LLC Fixed 4.45% Jan 2053 Corporate B US USD 500,000 89.11 $445,534 0.38% Suncor Energy Inc Fixed 7.15% Feb 2032 Corporate B CA USD 400,000 107.47 $429,869 0.36% Wells Fargo Commercial Mortgage Trust 2016-C33 Fixed 3.90% Mar 2059 Mortgage-Backed Security B US USD 517,000 82.77 $427,897 0.36% CSAIL 2017-CX10 Commercial Mortgage Trust Floating Nov 2050 Mortgage-Backed Security B US USD 506,000 84.50 $427,568 0.36% HSBC Holdings PLC Floating Aug 2029 Corporate B GB USD 500,000 83.78 $418,879 0.35% State Of California Fixed 7.55% Apr 2039 Municipal Bond B US USD 330,000 123.39 $407,177 0.34% JPMBB Commercial Mortgage Securities Trust 2014-C25 Floating Nov 2047 Mortgage-Backed Security B US USD 450,000 80.99 $364,444 0.31% Fannie Mae REMICS Fixed 4.00% Jan 2041 Mortgage-Backed Security B US USD 437,671 81.46 $356,507 0.30% GSCG Trust 2019-600C Fixed 3.76% Sep 2034 144A Mortgage-Backed Security B US USD 862,000 39.32 $338,978 0.29% Freddie Mac REMICS Fixed 4.00% Nov 2041 Mortgage-Backed Security B US USD 321,639 94.23 $303,075 0.26% JPMBB Commercial Mortgage Securities Trust 2014-C23 Floating Sep 2047 Mortgage-Backed Security B US USD 330,824 90.25 $298,561 0.25% JPMDB Commercial Mortgage Securities Trust 2020-COR7 Floating May 2053 Mortgage-Backed Security B US USD 496,000 58.85 $291,895 0.25% Wells Fargo Commercial Mortgage Trust 2019-C49 Floating Mar 2052 Mortgage-Backed Security B US USD 350,000 82.23 $287,818 0.24% Cheniere Corpus Christi Holdings LLC Fixed 3.70% Nov 2029 Corporate B US USD 250,000 90.91 $227,272 0.19% Freddie Mac Gold Pool T65110 Fixed 3.50% Oct 2042 Mortgage-Backed Security B US USD 209,409 90.50 $189,523 0.16% Fannie Mae Pool MA0919 Fixed 3.50% Dec 2031 Mortgage-Backed Security B US USD 110,414 95.55 $105,504 0.09% Fannie Mae Pool MA0949 Fixed 3.50% Jan 2032 Mortgage-Backed Security B US USD 98,124 95.06 $93,279 0.08% Government National Mortgage Association Fixed 4.50% May 2039 Mortgage-Backed Security B US USD 94,143 96.27 $90,628 0.08% Government National Mortgage Association Fixed 4.50% Sep 2039 Mortgage-Backed Security B US USD 91,714 97.64 $89,547 0.08% Government National Mortgage Association Fixed 4.50% May 2039 Mortgage-Backed Security B US USD 85,621 96.90 $82,966 0.07% Freddie Mac REMICS Fixed 5.00% Dec 2034 Mortgage-Backed Security B US USD 73,814 99.02 $73,090 0.06% Fannie Mae REMICS Fixed 4.50% Dec 2041 Mortgage-Backed Security B US USD 48,389 96.70 $46,793 0.04% Freddie Mac REMICS Fixed 5.50% Aug 2036 Mortgage-Backed Security B US USD 46,788 99.93 $46,754 0.04% Fannie Mae Pool AB5459 Fixed 4.00% Jun 2042 Mortgage-Backed Security B US USD 46,466 93.31 $43,356 0.04% Fannie Mae Pool MA3894 Fixed 4.00% Sep 2031 Mortgage-Backed Security B US USD 37,312 96.05 $35,836 0.03% Freddie Mac REMICS Fixed 4.50% Jul 2041 Mortgage-Backed Security B US USD 23,131 96.83 $22,398 0.02% Freddie Mac Gold Pool T60392 Fixed 4.00% Oct 2041 Mortgage-Backed Security B US USD 17,486 91.88 $16,066 0.01% Freddie Mac REMICS Floating Jan 2041 Mortgage-Backed Security B US USD 18,652 66.03 $12,315 0.01% Freddie Mac REMICS Fixed 4.00% Jun 2041 Mortgage-Backed Security B US USD 11,901 95.33 $11,345 0.01% Government National Mortgage Association Floating Mar 2034 Mortgage-Backed Security B US USD 7,649 94.43 $7,223 0.01% Freddie Mac Gold Pool G01840 Fixed 5.00% Jul 2035 Mortgage-Backed Security B US USD 6,904 100.06 $6,908 0.01% Foresight Other Equities S US USD 202 14.57 $2,939 0.00% Cash & Equivalents Cash C US USD - - $1,619,009 1.36% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Fixed) As of: 06/30/2023 View Allocation Details Allocation Details Beutel Goodman Core Plus Bond Fund (ADLIX) Sector Allocation (Fixed Income) Credit Allocation Sector Sort Order Fund Bloomberg US Aggregate Bond Index U.S. Agency 10 0.00% 1.09% U.S. Treasury 20 34.29% 41.03% Sovereign Debt 30 0.00% 3.96% Corporate 60 35.47% 24.79% Investment Grade 70 30.93% 24.79% Non-Investment Grade & Not Rated 100 4.55% 0.00% Mortgage-Backed Security 130 28.86% 28.65% Asset-Backed Security 170 0.00% 0.47% Municipal Bond 180 0.34% 0.00% Other Bonds 190 0.00% 0.00% Interest Rate Futures 200 0.00% 0.00% Equity Futures 210 0.00% 0.00% Swaps, Caps, and Floors 220 0.00% 0.00% Preferred Stock 230 0.00% 0.00% Options 240 0.00% 0.00% Other Sectors 250 0.00% 0.00% Cash 270 1.03% As of: 06/30/2023 Credit 06/30/2023 Treasury 34.65% Agency 24.01% AAA 0.39% AA 5.92% A 16.79% BBB 13.09% BB 5.14% B 0.00% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% As of: 06/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach Beutel Goodman Core Plus Bond Fund Our fixed income team has the experience and expertise to effectively interpret the yield curve and prevailing interest rate environment. Employing proprietary tools in a risk-focused process, our insights add value to the benchmark over an economic cycle. We continually challenge the herd consensus and search for opportunities where the market has mispriced risk and reward. Our fixed income team: Forecasts interest rates and assesses optimal duration and positioning of maturities on the yield curve Conducts rigorous independent credit research to identify high quality corporate bonds that meet our strict investment criteria Considers risk before reward Looks beyond the numbers to consider how ESG factors may impact companies over the long term Beutel Goodman Core Plus Bond Fund Introduction An introduction to Beutel Investment Management and the AMG Beutel Goodman Core Plus Bond Fund View Webcast About About Beutel Goodman Background Founded in 1967, Beutel, Goodman & Company Ltd. (BG) is an independent value-focused investment manager that serves institutional, private wealth, and retail clients. The firm’s equity strategies use bottom-up, fundamental research to invest in high-quality companies trading at discounts to their business value. BG takes a disciplined, team-based approach to fixed income, seeking to add value through management of duration, yield curve, and credit risk. Learn More More Products From Beutel Goodman APINX Beutel Goodman International Equity Fund The Fund seeks to provide long-term capital appreciation by investing in non-U.S. companies. View Fund Details Beutel Goodman Global Equity Strategy View SMA Details Beutel Goodman International Equity Strategy View SMA Details Beutel Goodman US Large Cap Value Strategy View SMA Details Read Important Investment Disclosures Founded 1967 Headquarters Toronto, Canada Affiliate Since 2005 Discover how the boutique advantage helps generate alpha. Learn More About AMG