Signature FundsTM Annual Financial St atements as at March 31, 2007

Signature Funds TM Annual Financial Statements March 31, 2007

A look inside Overview...1 Equity Funds Signature Canadian Resource Fund...2 Signature Select Canadian Fund...7 Balanced Funds Signature Canadian Balanced Fund...12 Signature Global Income & Growth Fund...18 Signature Income & Growth Fund...22 Income Funds Signature Corporate Bond Fund...31 Signature Dividend Fund...37 Signature High Income Fund...44 Notes to the Financial Statements...51 About the CI Funds Board of Governors and Letter from the CI Funds Board of Governors...56 Management and Audit Reports... 57 Legal Notice...58

2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 www.ci.com Telephone: 4163641145 Toll Free: 18002689374 Facsimile: 4163646299 CI Investments is pleased to present the Financial Statements for your ABOUT CI INVESTMENTS mutual fund holdings for the year ending March 31, 2007. Inside is important information about each fund, including its financial statements for the period and a complete list of portfolio holdings. Experience. Strength. Diversity. CI Investments has been investing on behalf of Canadians since 1965 and has grown to become one of Canada s largest fund companies, If you would prefer to receive future annual and semiannual financial statements and other important documents electronically, you may sign up at InvestorOnline at www.ci.com. This service gives you easy online access to uptodate information about your account, and allows you to view and print documents such as this report and your account statements, trade confirmations and tax receipts. managing about $55 billion in assets. Two million Canadians have placed their trust in CI to help them achieve their financial goals. CI is a corporation controlled by CI Financial Income Fund, a diversified wealth management firm listed on the Toronto Stock Exchange. CI Financial had $84.3 billion in feeearning assets at March 31, 2007. If you have any questions about this report or CI s funds, please contact your advisor or CI Client Services at 18005635181. CI Investments is known for providing the industry s widest selection of investment products and leading portfolio managers. Our portfolio management expertise is available through several different platforms Thank you for investing with CI. including mutual and segregated funds, managed solutions and alternative investments. Our products are supported by a complete suite of investment services. CI is proud to partner with financial advisors across Canada who offer our funds to their clients. We believe investors are most successful when they follow a sound financial plan developed with the assistance of a qualified advisor. For more information on CI, please visit us online at www.ci.com. 1

Signature Canadian Resource Fund Statement of Investment Portfolio March 31, 2007 MATERIALS (46.6%) 25,900 Aber Diamond Corp.* 1,052,738 1,114,995 221,000 AgnicoEagle Mines Ltd.* 5,704,292 9,023,430 64,100 Agrium Inc. 1,811,906 2,842,835 63,900 Air Products and Chemicals Inc. 4,667,487 5,456,444 216,170 Alcan Inc. 11,262,896 13,009,111 164,900 Anatolia Minerals Development Ltd. 819,553 981,155 102,253 Anglo American PLC 5,604,135 6,218,622 233,400 AUR Resources Inc. 3,080,818 5,671,620 348,734 Barrick Gold Corp. 10,761,153 11,487,298 385,293 BHP Billiton PLC 5,827,779 9,917,238 157,100 Blue Pearl Mining Ltd.* 1,333,339 1,913,478 258,117 Cameco Corp. 10,795,002 12,208,934 233,577 Cia Vale do Rio Doce, ADR 6,874,108 9,975,308 152,600 Denison Mines Corp. 2,112,030 2,162,342 62,200 Domtar Canada Paper Inc., Exchangeable Shares 644,228 665,540 231,000 Domtar Corp.* 2,392,552 2,427,810 901,700 Dynatec Corp. 1,962,000 3,011,678 786,500 Eldorado Gold Corp.* 3,493,412 5,308,875 81,787 Energy Resources of Australia Ltd.* 933,401 2,123,822 49,900 First Quantum Minerals Ltd.* 3,104,789 3,837,310 97,700 Fording Canadian Coal Trust* 2,555,203 2,534,338 50,400 FreeportMcMoRan Copper & Gold Inc., Class B (USD) 3,609,908 3,851,544 407,333 Goldcorp Inc. 12,167,003 11,287,197 108,269 HMZ Metals Inc. 30,554 7,037 182,400 HudBay Minerals Inc. 2,864,158 3,710,016 157,700 Iamgold Corp. 1,660,797 1,405,107 437,900 ICLIsrael Chemicals Ltd. 2,500,538 3,456,840 119,800 Inmet Mining Corp. 4,218,052 7,607,300 130,205 Johnson Matthey PLC 4,726,316 4,661,799 435,436 Kinross Gold Corp.* 6,470,671 6,940,850 135,500 LionOre Mining International Ltd.* 2,216,373 2,604,310 49,429 Lonmin PLC 3,418,703 3,728,118 496,593 Lundin Mining Corp. 1,611,233 6,381,220 64,600 Meridian Gold Inc.* 1,868,786 1,904,408 37,700 Monsanto Co. 2,256,682 2,392,214 42,000 NOVA Chemicals Corp. 1,426,698 1,498,980 704,900 Paladin Resources Ltd.* 3,586,204 6,428,688 69,800 Peabody Energy Corp. 1,971,450 3,242,838 72,279 Rio Tinto PLC 4,611,745 4,765,179 9,320 Riphean Platinum Corp. 270,400 Sherritt International Corp., Restricted Voting Shares 1,930,187 4,499,456 80,800 streettracks Gold Trust 5,051,221 6,132,718 87,760 Teck Cominco Ltd., Class B 4,775,825 7,063,802 27,400 Umicore 4,689,005 5,624,262 283,700 Yamana Gold Inc.* 1,698,322 4,734,953 159,198 Zinifex Ltd. 609,444 2,346,570 166,762,696 218,167,589 ENERGY (44.7%) 51,300 Addax Petroleum Corp. 1,397,925 1,872,450 30,400 Anadarko Petroleum Corp. 1,513,648 1,508,523 36,100 Apache Corp. 2,772,540 2,946,718 247,400 Canadian Natural Resources Ltd. 15,206,935 15,771,750 66,900 Canadian Oil Sands Trust 1,792,387 1,890,594 66,500 Chesapeake Energy Corp. 2,249,788 2,370,887 134,000 Chevron Corp. 10,303,931 11,442,307 31,800 ConocoPhillips 2,313,338 2,509,444 341,397 Cordero Energy Inc. 1,685,798 1,911,823 94,300 Cyries Energy Inc. 1,174,035 1,161,776 49,500 Duvernay Oil Corp. 1,877,355 1,915,650 113,619 Enbridge Inc.* 3,989,643 4,278,892 399,114 EnCana Corp. 20,454,073 23,308,258 24,700 EOG Resources Inc. 1,868,345 2,034,426 189,600 ExAlta Energy Inc. 750,471 337,488 88,000 Exxon Mobil Corp. 6,459,837 7,665,735 31,600 FMC Technologies Inc. 2,341,937 2,545,104 109,238 Husky Energy Inc. 7,780,040 8,811,137 194,535 Imperial Oil Ltd. 7,510,361 8,326,098 172,348 Nexen Inc. 10,537,595 12,188,451 41,900 Noble Corp. 3,490,589 3,806,188 333,147 PetroCanada 15,722,403 15,041,587 94,100 Schlumberger Ltd. 6,684,702 7,507,227 249,795 Suncor Energy Inc. 21,573,199 21,944,491 103,300 Synenco Energy Inc., * 1,804,217 1,226,171 711,494 Talisman Energy Inc. 14,568,538 14,414,868 93,600 Total SA, ADR 6,925,742 7,540,822 98,800 Transocean Inc. 7,896,417 9,319,463 104,100 Trican Well Service Ltd. 1,410,562 2,378,685 12,700 Trinidad Energy Services Income Trust 195,988 194,437 652,700 UTS Energy Corp.* 1,950,990 2,702,178 35,200 Valero Energy Corp. 2,365,590 2,620,879 64,400 Western Oil Sands Inc., 2,107,153 2,196,040 55,700 XTO Energy Inc. 3,148,124 3,524,738 193,824,196 209,215,285 INDUSTRIALS (1.6%) 214,600 Celtic Exploration Ltd. 1,836,237 2,768,340 987,038 Dyno Nobel Ltd.* 1,951,752 2,157,440 1,024,000 Eastern Platinum Ltd.* 1,699,496 2,109,440 521,700 Stornoway Diamond Corp. 1,045,872 589,521 6,533,357 7,624,741 CONSUMER STAPLES (0.8%) 40,600 Bunge Ltd.* 2,883,338 3,854,033 UTILITIES (0.7%) 500,900 Canadian Hydro Developers Inc. 2,848,553 3,155,670 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 2 CIG 611

Signature Canadian Resource Fund Statement of Investment Portfolio March 31, 2007 WARRANTS (0.1%) 4,111 Goldcorp Inc., Warrants 53,032 108,269 HMZ Metals Inc., Warrants (06Apr07) 541 224,300 Iamgold Corp., Warrants (12Aug08) 88,646 282,618 88,646 336,191 Total Equities (94.5%) 372,940,786 442,353,509 Short Term Notes (6.0%) 28,299,641 28,299,641 DERIVATIVE INSTRUMENTS Foreign Currency Forward Contracts (0.1%) (see Schedule A) 626,709 Total Investments (100.6%) 401,240,427 471,279,859 Other Assets (net) (0.6%) (3,184,685) Total Net Assets (100.0%) 468,095,174 Schedule A Foreign Currency Forward Contracts (0.1%) Credit Market Contracts Pay Receive Price Due Date Rating Value $ 1 (13,000,000) Australian $ 11,960,000 Canadian $ 0.93 31May07 A1+ (136,798) 2 (7,292,978) Canadian $ 7,900,000 Australian $ 0.93 31May07 A1+ 58,153 2 (1,016,000) European Euro 1,566,197 Canadian $ 1.54 31May07 A1 (1,653) 2 (13,650,000) US $ 15,957,890 Canadian $ 1.15 31May07 A1+ 228,112 1 (17,800,000) US $ 20,856,260 Canadian $ 1.15 19Apr07 A1+ 317,611 1 (5,800,000) US $ 6,777,996 Canadian $ 1.15 18Jun07 A1+ 97,691 1 (6,080,000) US $ 7,079,674 Canadian $ 1.15 16Apr07 A1 63,593 Total Foreign Currency Forward Contracts Value 626,709 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 3

Signature Canadian Resource Fund Financial Statements Statements of Net Assets (in $000 s except for per unit amounts and units outstanding) Assets Investments at market value* Cash Short term investments Margin for short sales Income taxes recoverable Daily variation margin on derivative investments Unrealized gain on derivative investments Cash collateral received for securities on loan (Note 5) Receivable for unit subscriptions Receivable for securities sold Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Accrued expenses Unrealized loss on derivative investments Premium received from options contract Payable for securities purchased Payable for unit redemptions Payable for cash collateral under securities lending (Note 5) Investments sold short at market value* Distributions payable Net assets and unitholders' equity March 31, 2007 March 31, 2006 442,354 420,917 235 6,766 28,300 24,895 627 422 996 9,474 4,949 651 293 482,063 458,816 2 170 13,106 15,000 860 920 13,968 16,090 468,095 442,726 Statements of Operations (in $000 s except for per unit amounts) Income Dividends Interest Securities lending (Note 5) Derivative income (loss) Income distribution from investments Less: Foreign withholding taxes Expenses Management fees (Note 4) Administrative fees (Note 4) Interest expense Legal fees Audit fees Goods and services tax Net income (loss) for the period 4,566 2,538 2,134 1,968 82 70 (464) (180) 6,318 4,396 9,004 8,017 913 799 14 30 5 4 618 618 10,549 9,473 (4,231) (5,077) Realized and unrealized gain (loss) on investments (see Schedule of Commissions) Realized gain (loss) on investments Foreign exchange gain (loss) Capital gain distribution from investments 123,740 (371) 100,630 Change in unrealized appreciation (depreciation) of investments (48,018) 75,047 Net gain (loss) on investments 75,351 71,120 175,677 170,600 *Investments at cost Investments sold short at cost Net assets per class Net asset value per unit 372,941 302,689 466,039 439,814 2,056 2,912 20.33 21.37 24.65 25.99 per class per unit (Note 2) 70,760 169,655 360 945 3.32 9.52 4.35 11.76 Number of units outstanding (see Schedule of Fund Unit Transactions) 22,923,008 20,580,842 83,374 112,034 4

Signature Canadian Resource Fund Financial Statements Statements of Changes in Net Assets Statements of Changes in Net Assets (cont d) 439,814 245,176 114,568 164,706 90,050 48,216 (158,631) (139,474) 45,987 73,448 (90,522) (48,465) (90,522) (48,465) 70,760 169,655 466,039 439,814 Total Fund 442,726 246,134 116,716 166,682 90,524 48,499 (161,876) (140,434) 45,364 74,747 (91,115) (48,755) (91,115) (48,755) 71,120 170,600 468,095 442,726 2,912 958 2,148 1,976 474 283 (3,245) (960) (623) 1,299 (593) (290) (593) (290) 360 945 2,056 2,912 5

Signature Canadian Resource Fund Financial Statements Supplementary Schedules Schedule of Fund Unit Transactions Schedule of Commissions Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 20,580,842 16,733,551 5,390,835 9,019,997 4,541,072 2,604,895 (7,589,741) (7,777,601) 22,923,008 20,580,842 Brokerage commissions 1,353 1,189 Soft Dollar commissions 113 88 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 112,034 53,849 79,977 88,268 19,773 12,635 (128,410) (42,718) 83,374 112,034 Schedule of Loss Carry Forwards Net capital loss carried forward March 31, 2007 Schedule of Securities Lending (Note 5) Loaned Collateral (noncash) March 31, 2007 March 31, 2006 30,970 54,758 32,977 59,113 Noncapital losses expiring: 2007 2008 2009 2010 2014 2015 2026 Total Schedule of Fees (%) Annual management fee rate March 31, 2007 2.00 1.00 Annual fixed administration fee 0.20 0.20 A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. The accompanying notes are an integral part of these financial statements. 6

Signature Select Canadian Fund Statement of Investment Portfolio March 31, 2007 FINANCIALS (21.6%) 596,900 Bank of Montreal 33,678,474 41,615,868 USD 6,600,000 Bank of Montreal Chicago 5.35% 03/12/2009 7,786,967 7,620,015 1,205,000 Bank of Nova Scotia* 46,127,672 64,093,950 644,944 BNP Paribas 78,630,573 77,769,646 480,400 Canadian Imperial Bank of Commerce 36,013,358 48,131,276 3,800,000 Citigroup Finance Canada Inc. 4.39% 08/04/2009 3,798,822 3,796,276 434,650 Citigroup Inc. 23,711,602 25,763,654 10,290,000 Credit Agricole SA 4.39857% 10/06/2008 10,290,000 10,290,000 7,500,000 General Electric Capital Corp. 4.48786% 08/27/2008 7,514,318 7,514,325 6,533,000 HBOS Treasury Services PLC 4.42286% 09/29/2009 6,533,000 6,536,920 29,700,000 HSBC Bank Canada 4.38429% 06/02/2008 29,700,000 29,700,000 926,400 ING Groep NV * 45,051,193 45,217,772 838,100 KKR Private Equity Investors LP, Subscription Receipts 23,215,295 23,464,942 1,679,020 Manulife Financial Corp. 42,945,484 66,657,094 18,000,000 Merrill Lynch 4.44429% 11/09/2009 18,000,000 18,000,000 3,348,220 Royal Bank of Canada* 128,485,361 192,522,650 2,940 Sumitomo Mitsui Financial Group Inc.* 24,004,081 30,821,251 2,106,881 TorontoDominion Bank* 104,892,762 146,259,679 739,800 UBS AG* 48,857,999 50,741,512 4,500,000 Woodbridge Finance Corp. 4.46286% 09/08/2008 4,500,000 4,500,000 723,736,961 901,016,830 ENERGY (19.5%) 325,700 Anadarko Petroleum Corp. 15,838,283 16,162,036 696,000 Canadian Oil Sands Trust 18,647,073 19,668,960 1,255,800 Enbridge Inc. 48,298,801 47,293,428 1,599,800 EnCana Corp. 72,711,131 93,428,320 795,700 Imperial Oil Ltd. 24,985,336 34,055,960 719,300 Nexen Inc. 28,764,607 50,868,896 497,500 Noble Corp. 44,937,188 45,192,809 328,100 Penn West Energy Trust 7,871,231 11,145,557 3,477,600 PetroCanada 154,617,502 157,013,640 535,800 Rowan Cos. Inc. 20,231,338 20,086,159 1,173,351 Suncor Energy Inc. 98,716,924 103,078,885 3,012,600 Talisman Energy Inc. 40,414,671 61,035,276 375,064 Total SA 26,743,011 30,338,058 150,500 Total SA, ADR 11,235,375 12,124,934 823,500 TransCanada Corp.* 29,152,214 31,581,225 326,700 Transocean Inc.* 29,845,342 30,816,485 565,922 Weatherford International Ltd. 21,887,467 29,467,617 351,400 XTO Energy Inc. 20,452,045 22,236,860 715,349,539 815,595,105 MATERIALS (16.9%) 94,400 Aber Diamond Corp.* 3,355,412 4,063,920 956,900 Agrium Inc. 26,962,030 42,438,515 73,370 Air Liquide* 14,017,330 20,649,916 506,900 Air Products and Chemicals Inc. 37,940,484 43,284,370 519,700 Alcan Inc. 29,993,114 31,275,546 362,023 Anglo American PLC 20,325,555 22,016,802 213,100 Arch Coal Inc. 8,774,887 7,550,787 3,678,731 Barrick Gold Corp. 110,726,436 121,177,399 1,197,909 BHP Billiton PLC 25,204,263 30,833,543 1,893,590 Cameco Corp.* 76,298,468 89,566,807 MATERIALS (16.9%) (cont d) 887,000 Cia Vale do Rio Doce, ADR 23,752,881 37,880,862 2,913,545 Eldorado Gold Corp.* 14,144,776 19,666,429 598,479 Energy Resources of Australia Ltd.* 5,241,096 15,541,134 604,800 Goldcorp Inc. 19,702,965 16,759,008 302,900 Holcim Ltd. 23,119,920 35,018,838 3,342,055 ICLIsrael Chemicals Ltd. 17,194,130 26,382,618 446,090 Lonmin PLC 30,958,729 33,645,754 2,412,800 Paladin Resources Ltd.* 10,168,987 22,004,736 321,872 Rio Tinto PLC 20,570,170 21,220,240 180,000 Teck Cominco Ltd., Class B 14,714,455 14,488,200 120,200 Umicore 15,228,469 24,672,856 1,420,800 Yamana Gold Inc. * 16,214,871 23,713,152 564,609,428 703,851,432 INDUSTRIALS (14.2%) 162,300 Alliant Techsystems Inc.* 16,588,108 16,474,722 143,000 Burlington Northern Santa Fe Corp. 10,945,200 13,279,020 331,700 CAE Inc. 4,076,527 4,315,417 738,150 Canadian National Railway Co. 25,883,091 37,586,598 486,607 Canadian Pacific Railway Ltd. 19,469,251 31,605,125 308,400 Cooper Industries Inc., 16,209,576 16,019,253 123,350 Demag Cranes AG 8,213,227 9,281,259 339,500 Dexit Inc.* 1,731,337 300,458 13,973,617 Dyno Nobel Ltd.* 30,368,849 30,543,140 85,900 Eaton Corp. 8,357,468 8,287,118 609,200 Emerson Electric Co., Preferred Rights 28,141,938 30,307,373 953,414 Finmeccanica SpA* 24,704,848 32,979,776 771,300 Finning International Inc.* 25,630,706 41,079,438 4,200,000 Greater Toronto Airports Authority 4.48857% 10/24/2008 4,200,000 4,200,000 501,427 Koninklijke Vopak NV * 18,585,585 32,478,346 365,800 Kuehne & Nagel International AG* 20,235,505 34,732,687 524,500 MacDonald Dettwiler & Associates Ltd.* 21,575,576 25,144,530 306,800 Manitowoc Co. 17,918,225 22,503,295 1,505,400 Nissan Motor Co. Ltd.* 20,416,334 18,628,351 249,500 OSG Corp.* 4,472,079 4,365,874 350,600 Randstad Holding NV* 20,820,705 31,392,496 216,800 Rheinmetall AG* 19,009,608 23,203,615 1,820,700 RollsRoyce Group PLC 19,751,128 20,443,477 107,785,440 RollsRoyce Group PLC, Class B 244,933 250,988 166,550 Siemens AG, Registered Shares 20,239,947 20,553,230 1,299,686 Tesco PLC 9,259,290 13,117,032 73,250 USG People NV 3,503,494 3,488,364 249,600 Waste Management Inc. 10,263,469 9,916,106 612,800 WW Grainger Inc. 46,373,540 54,647,831 477,189,544 591,124,919 CONSUMER STAPLES (7.9%) 2,004,100 Agricore United 15,800,494 33,067,650 832,300 Alimentation CoucheTard Inc., Class B 20,325,012 20,091,722 157,046 Altria Group Inc. 15,055,726 15,921,455 355,900 AnheuserBusch Cos. Inc. 20,891,338 20,734,193 372,200 Bunge Ltd.* 27,779,222 35,331,799 249,900 Cosan SA Industria e Comercio 4,084,220 5,226,744 802,505 CVS Corp.* 27,448,644 31,631,746 367,000 Fomento Economico Mexicano SA de CV, ADR 31,231,706 46,774,344 170,812 Groupe Danone* 31,528,522 32,216,751 222,500 InBev NV 9,776,854 18,546,528 43,800 Nestle SA, Registered Shares 15,402,833 19,691,401 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 7 CIG 677

Signature Select Canadian Fund Statement of Investment Portfolio March 31, 2007 CONSUMER STAPLES (7.9%) (cont d) 333,508 Procter & Gamble Co. 24,797,814 24,319,816 236,740 Saputo Inc. 8,787,296 10,932,653 322,700 Shoppers Drug Mart Corp. 13,247,668 16,506,105 266,157,349 330,992,907 CONSUMER DISCRETIONARY (5.2%) 350,800 Canadian Satellite Radio Holdings Inc.* 3,989,649 2,280,200 1,371,450 Comcast Corp., 34,868,170 41,089,348 206,150 Continental AG* 29,435,447 30,762,108 554,800 ebay Inc. 18,619,393 21,234,004 1,460,400 Rogers Communications Inc., Class B* 25,737,348 55,188,516 432,500 RONA Inc.* 9,527,975 10,219,975 6,600 Starbucks Corp. 237,982 238,964 1,122,200 Thomson Corp.* 49,095,035 53,652,382 314,900 Universo Online SA 2,889,178 1,921,134 174,400,177 216,586,631 INFORMATION TECHNOLOGY (4.9%) 1,108,700 Adobe Systems Inc. 52,595,370 53,377,964 712,300 Ciena Corp.* 20,842,234 22,985,643 1,505,100 Corning Inc. 33,670,249 39,515,522 862,500 QUALCOMM Inc. 37,836,460 42,480,719 294,800 Research in Motion Ltd. (USD) 38,404,686 46,455,829 183,348,999 204,815,677 TELECOMMUNICATION SERVICES (1.6%) 2,586,675 Singapore Telecommunications Ltd. 4,502,077 6,456,746 9,538,000 Singapore Telecommunications Ltd., Restricted Shares 18,278,882 23,808,344 638,700 TELUS Corp. 22,552,133 37,619,430 45,333,092 67,884,520 UTILITIES (1.1%) 3,200,000 Canadian Hydro Developers Inc.* 17,184,282 20,160,000 191,700 Sempra Energy 13,581,982 13,503,148 213,500 Suez SA* 12,113,717 12,999,059 42,879,981 46,662,207 HEALTH CARE (0.3%) 2,068,700 Patheon Inc.* 19,223,566 9,722,890 571,200 Tenet Healthcare Corp. 10,140,306 4,240,442 29,363,872 13,963,332 WARRANTS (0.1%) 1,479,450 Iamgold Corp., Warrants (12Aug08) 252,469 1,864,107 1,617 Lucent Technologies Inc., Warrants 177 252,469 1,864,284 PRIVATE PLACEMENTS (0.1%) 58,685 Syndesis Ltd., Preferred, Private Placement 203,285 577,269 Currency Codes: USD U.S. Dollar Total Bonds & Equities (93.4%) 3,222,824,696 3,894,935,113 Short Term Notes (6.3%) 263,292,721 263,292,721 DERIVATIVE INSTRUMENTS Foreign Currency Forward Contracts (0.1%) (see Schedule A) 2,848,929 Long Option Contracts (0.1%) (see Schedule B) 1,524,580 1,264,659 Total Investments (99.9%) 3,487,641,997 4,162,341,422 Other Assets (net) (0.1%) 12,160,160 Total Net Assets (100.0%) 4,174,501,582 Schedule A Foreign Currency Forward Contracts (0.1%) Credit Market Contracts Pay Receive Price Due Date Rating Value $ 1 (35,000,000) Australian $ 32,200,000 Canadian $ 0.93 31May07 A1+ (368,303) 2 (62,000,000) European Euro 95,700,954 Canadian $ 1.54 31May07 A1 25,084 1 (42,500,000) Swiss Franc 41,019,603 Canadian $ 0.95 31May07 A1+ 500,161 1 (14,184,000) US $ 16,571,876 Canadian $ 1.15 31May07 A1 226,736 2 (59,361,000) US $ 69,387,287 Canadian $ 1.15 18Jun07 A1+ 1,016,672 2 (63,478,000) US $ 73,880,905 Canadian $ 1.15 25May07 A1 717,813 2 (70,200,000) US $ 81,738,805 Canadian $ 1.15 16Apr07 A1 730,766 Total Foreign Currency Forward Contracts Value 2,848,929 Schedule B Long Option Contracts (0.1%) No. of underlying Underlying Expiry Strike Premium Paid Market Contracts Interest Interest Date Price (Received) $ Value $ 1,091 109,100 Kraft Foods Inc. Put 24Sep07 35.00 309,452 459,759 306 30,600 Research In Motion Ltd. Call 22Jan08 140.00 919,147 681,854 245 24,500 Research In Motion Ltd. Call 19Jun07 150.00 295,981 123,046 Total Long Option Contracts Value 1,524,580 1,264,659 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 8

Signature Select Canadian Fund Financial Statements Statements of Net Assets (in $000 s except for per unit amounts and units outstanding) Assets Investments at market value* Cash Short term investments Margin for short sales Income taxes recoverable Daily variation margin on derivative investments Unrealized gain on derivative investments Cash collateral received for securities on loan (Note 5) Premium paid for options contract Receivable for unit subscriptions Receivable for securities sold Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Accrued expenses Unrealized loss on derivative investments Premium received from options contract Payable for securities purchased Payable for unit redemptions Payable for cash collateral under securities lending (Note 5) Investments sold short at market value* Distributions payable Net assets and unitholders' equity *Investments at cost Investments sold short at cost Net assets per class Class Z Insight Units Net asset value per unit Class Z Insight Units March 31, 2007 March 31, 2006 3,894,935 3,625,956 7,243 453 263,293 196,593 2,589 1,071 5,911 1,525 6,531 63,187 20,346 39,435 5,108 6,310 4,201,570 3,938,916 14 20,428 23,737 6,626 5,522 5,911 27,068 35,170 4,174,502 3,903,746 3,222,825 2,956,027 3,261,328 3,024,731 26,978 18,005 822,337 800,684 58,173 55,316 5,686 5,010 20.77 20.54 14.83 14.68 15.34 15.22 11.45 11.33 14.66 14.52 Statements of Operations (in $000 s except for per unit amounts) Income Dividends Interest Securities lending (Note 5) Derivative income (loss) Income distribution from investments Less: Foreign withholding taxes Expenses Management fees (Note 4) Administrative fees (Note 4) Interest expense Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments (see Schedule of Commissions) Realized gain (loss) on investments Foreign exchange gain (loss) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments per class Class Z Insight Units per unit (Note 2) Class Z Insight Units 53,754 52,660 18,635 13,331 674 874 3,204 (3,465) (1,957) 72,802 64,908 61,547 59,082 6,228 6,011 105 136 43 36 4,224 4,553 72,104 69,861 698 (4,953) 546,943 483,888 600 (1,556) 3,699 418,102 551,242 900,434 551,940 895,481 422,037 684,774 3,375 5,573 117,951 194,949 7,815 8,867 762 1,318 2.85 5.37 2.19 4.01 2.47 4.37 1.59 1.71 2.17 3.97 Number of units outstanding (see Schedule of Fund Unit Transactions) Class Z Insight Units 156,986,911 147,246,659 1,819,357 1,226,233 53,593,532 52,592,982 5,078,769 4,882,481 387,817 345,063 9

Signature Select Canadian Fund Financial Statements Statements of Changes in Net Assets Statements of Changes in Net Assets (cont d) 3,024,731 1,672,221 557,959 791,773 377,625 167,669 (741,253) (920,740) 797,989 194,331 836,691 (379,771) (168,955) (379,771) (168,955) 422,037 684,774 3,261,328 3,024,731 Class Z 55,316 2,674 1,855 7,006 2,186 (7,616) (6,644) 51,246 2,064 48,643 (7,022) (2,194) (7,022) (2,194) 7,815 8,867 58,173 55,316 18,005 17,922 12,875 10,285 3,027 1,444 (7,132) (15,726) 8,770 (3,997) (3,172) (1,493) (3,172) (1,493) 3,375 5,573 26,978 18,005 Insight Units 5,010 3,794 1,644 2,001 679 362 (1,727) (2,103) 596 260 (682) (362) (682) (362) 762 1,318 5,686 5,010 800,684 526,415 172,401 302,215 106,391 54,610 (268,699) (220,039) 10,093 136,786 (106,391) (57,466) (106,391) (57,466) 117,951 194,949 822,337 800,684 Total Fund 3,903,746 2,220,352 747,553 1,108,129 494,728 226,271 (1,026,427) (1,165,252) 849,235 215,854 1,018,383 (497,038) (230,470) (497,038) (230,470) 551,940 895,481 4,174,502 3,903,746 10

Signature Select Canadian Fund Financial Statements Supplementary Schedules Schedule of Fund Unit Transactions Schedule of Commissions Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 147,246,659 100,933,532 26,970,673 43,366,457 18,731,412 9,019,618 (35,961,833) (50,039,278) 43,966,330 156,986,911 147,246,659 Brokerage commissions 6,465 7,345 Soft Dollar commissions 540 544 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 1,226,233 1,516,698 864,478 784,173 210,926 109,800 (482,280) (1,184,438) 1,819,357 1,226,233 Schedule of Loss Carry Forwards Net capital loss carried forward March 31, 2007 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period Class Z Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period Insight Units Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 52,592,982 43,133,615 11,248,764 21,769,982 7,194,937 4,006,061 (17,443,151) (16,316,676) 53,593,532 52,592,982 4,882,481 235,157 175,141 630,565 210,986 (669,434) (628,221) 5,124,575 5,078,769 4,882,481 345,063 324,754 113,493 152,680 47,819 27,700 (118,558) (160,071) 387,817 345,063 Noncapital losses expiring: 2007 2008 2009 2010 2014 2015 2026 Total Schedule of Fees (%) Annual management fee rate Class Z Insight Units March 31, 2007 2.00 1.00 Paid directly by investor 1.75 0.95 Schedule of Securities Lending (Note 5) Loaned Collateral (noncash) March 31, 2007 March 31, 2006 558,240 484,468 594,412 523,000 Annual fixed administration fee Class Z Insight Units 0.20 0.20 0.20 0.20 A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. The accompanying notes are an integral part of these financial statements. 11

Signature Canadian Balanced Fund Statement of Investment Portfolio March 31, 2007 FINANCIALS (22.0%) 1,240,000 American Express Canada 4.7% 05/20/2011 1,239,901 1,255,364 500,000 Bank of Ireland 3.8% 09/22/2015 494,212 491,010 182,100 Bank of Montreal 10,699,446 12,696,012 USD 2,700,000 Bank of Montreal Chicago 5.35% 03/12/2009 3,185,578 3,117,279 311,200 Bank of Nova Scotia 12,325,549 16,552,728 156,704 BNP Paribas 19,172,278 18,895,927 1,925,000 Calloway REIT, Callable 4.51% 09/22/2010 1,907,752 1,909,600 14,093,000 Canada Housing Trust No. 1 4.05% 03/15/2011 14,081,629 14,058,331 6,000,000 Canada Housing Trust No. 1 4.1% 12/15/2008 6,068,160 5,996,700 114,900 Canadian Imperial Bank of Commerce 8,912,947 11,511,831 1,650,000 Canadian Imperial Bank of Commerce 4.35% 11/01/2011 1,657,854 1,650,940 2,100,000 Canadian Imperial Bank of Commerce 4.75% 12/22/2014 2,116,720 2,135,091 4,100,000 Canadian Oil Sands Ltd. 5.75% 04/09/2008 4,160,311 4,155,186 1,800,000 Canadian Western Bank 6.199% 12/31/2056 1,800,000 1,820,700 2,925,000 Canadian Western Bank 5.07% 03/22/2012 2,925,000 2,925,000 10,000,000 Canadian Western Bank 5.96% 10/24/2013 10,188,301 10,046,011 1,400,000 CIT Group Holdings Inc. 4.72% 02/10/2011 1,413,428 1,405,180 1,600,000 Citigroup Finance Canada Inc. 4.39% 08/04/2009 1,599,504 1,598,432 136,700 Citigroup Inc. 7,327,941 8,102,822 1,975,000 Commerzbank AG VAR 4.5% 12/15/2016 1,970,339 1,961,195 1,500,000 Cooperators Financial Services Ltd. 5.07% 07/20/2012 1,516,980 1,506,150 2,000,000 Countrywide Financial Corp. 4.69% 06/01/2009 2,004,400 2,005,820 3,970,000 Credit Agricole SA 4.39857% 10/06/2008 3,970,000 3,970,000 1,780,000 Deutsche Bank AG 4.9% 08/22/2016 1,779,359 1,813,126 3,000,000 First Capital Realty Inc. 5.25% 03/30/2011 3,003,198 3,037,290 2,225,000 First Capital Realty Inc. 5.34% 04/01/2013 2,227,626 2,243,734 815,000 First Captial Realty Inc. 5.49% 12/01/2011 817,078 830,884 2,150,000 GE Capital Canada Funding 4.4% 06/01/2014 2,146,818 2,137,122 3,800,000 General Electric Capital Corp. 4.48786% 08/27/2008 3,807,254 3,807,258 2,524,000 HBOS Treasury Services PLC 4.42286% 09/29/2009 2,524,000 2,525,514 6,500,000 HSBC Bank Canada 4.38429% 06/02/2008 6,500,000 6,500,000 2,500,000 HSBC Bank Canada 4.39% 11/21/2008 2,500,000 2,500,000 1,500,000 HSBC Bank Canada 4.94% 03/16/2021 1,499,055 1,526,190 2,120,000 HSBC Canada Asset Trust Securities 5.149% 06/30/2015* 2,149,564 2,143,765 221,700 ING Groep NV 10,781,378 10,821,222 1,500,000 Kaupthing Bank 4.7% 02/15/2010 1,498,500 1,507,815 1,950,000 Kimco North Trust II 4.45% 04/21/2010 1,959,755 1,947,172 201,900 KKR Private Equity Investors LP, Subscription Receipts 5,592,612 5,652,752 454,400 Manulife Financial Corp. 12,693,499 18,039,680 7,200,000 Merrill Lynch 4.44429% 11/09/2009 7,200,000 7,200,000 1,480,000 Met Life Global Funding 4.35% 02/10/2009 1,474,213 1,462,181 1,460,000 Met Life Global Funding 4.5% 02/10/2011 1,456,832 1,465,942 600,000 MI Developments Inc. 6.05% 12/22/2016 578,322 598,044 950,000 National Bank of Canada 4.456% 11/02/2016 950,000 951,168 1,220,000 Newcourt Credit Group Inc. 7.05% 06/28/2007 1,246,645 1,227,235 3,600,000 Nordea Bank AB 3.95% 08/05/2015 3,576,549 3,551,760 *Denotes all or part of securities lent. CI Investments Inc., the manager, is a corporation controlled by CI Financial Income Fund. Sun Life Financial Inc. owns a significant interest in CI Financial Income Fund, and is therefore, considered an affiliate to CI Investments Inc. Investment in Sun Life Financial Inc. is identified above. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. FINANCIALS (22.0%) (cont d) 850,000 RBC Capital Trust 4.87% 12/31/2050 825,478 849,235 2,230,000 RioCan REIT 4.7% 06/15/2012* 2,209,248 2,200,609 810,400 Royal Bank of Canada 33,143,751 46,598,000 2,300,000 Royal Bank of Canada 4.92% 07/06/2011 2,299,793 2,351,589 1,970,000 Royal Bank of Scotland 4.25% 03/30/2015 1,980,655 1,962,829 2,700,000 Royal Bank of Scotland 5.37% 05/12/2049 2,686,726 2,780,487 1,520,000 Scotiabank Capital Trust 5.65% 12/31/2036 1,520,000 1,566,360 805 Sumitomo Mitsui Financial Group Inc.* 6,998,628 8,439,152 2,400,000 Sun Life Financial Inc. 5% 07/11/2031 2,396,112 2,455,992 2,800,000 Textron Financial Canada Funding Corp. 4% 04/01/2008 2,779,040 2,789,976 633,700 TorontoDominion Bank 33,478,438 43,991,454 950,000 TorontoDominion Bank 4.779% 12/14/2105 950,000 939,094 2,635,000 TorontoDominion Bank 4.87% 10/28/2016 2,635,000 2,685,935 2,500,000 TorontoDominion Bank 4.97% 10/30/2104 2,500,850 2,522,600 202,700 UBS AG* 13,751,096 13,902,818 1,240,000 Wells Fargo Financial Canada Corp. 4.38% 06/30/2015 1,239,810 1,222,268 1,000,000 Woodbridge Finance Corp. 4.46286% 09/08/2008 1,000,000 1,000,000 311,095,112 351,515,561 ENERGY (15.2%) 2,638,388 Alliance Pipeline LP 6.765% 12/31/2025* 2,890,211 2,994,805 2,000,000 AltaGas Income Trust 5.07% 01/19/2012 1,999,300 2,042,516 100,600 Anadarko Petroleum Corp. 4,892,022 4,992,020 1,490,000 Brookfield Power Corp. 5.84% 11/05/2036 1,489,568 1,479,913 3,470,000 Canadian Natural Resources Ltd. 4.5% 01/23/2013 3,439,017 3,425,098 172,100 Canadian Oil Sands Trust 4,610,871 4,863,546 105,000 Enbridge Gas Distribution Inc. 10.8% 04/15/2011 138,429 129,492 1,800,000 Enbridge Gas Distribution Inc. 4.77% 12/17/2021 1,799,244 1,777,716 328,000 Enbridge Inc. 12,613,318 12,352,480 393,726 EnCana Corp. 18,799,945 22,993,598 193,500 Imperial Oil Ltd. 6,494,981 8,281,800 215,200 Nexen Inc. 9,345,680 15,218,944 107,800 Noble Corp. 9,638,791 9,792,532 4,200,000 Nova Gas Transmission 8.9% 05/27/2025 5,352,500 5,890,374 100,500 Penn West Energy Trust 2,688,741 3,413,985 1,068,900 PetroCanada 49,027,008 48,260,835 116,200 Rowan Cos. Inc. 4,670,781 4,356,125 291,213 Suncor Energy Inc. 24,500,194 25,583,062 2,500,000 Suncor Energy Inc. 5.39% 03/26/2037 2,493,000 2,479,375 930,200 Talisman Energy Inc. 14,587,681 18,845,852 101,084 Total SA 7,378,815 8,176,450 46,700 Total SA, ADR 3,497,774 3,762,355 213,200 TransCanada Corp.* 7,510,017 8,176,220 88,600 Transocean Inc. 8,021,943 8,357,333 193,376 Weatherford International Ltd. 7,989,592 10,069,108 85,000 XTO Energy Inc. 4,947,106 5,378,865 220,816,529 243,094,399 GOVERNMENT BONDS (14.1%) 13,250,000 55 Ontario School Board Trust 5.9% 06/02/2033 14,582,478 15,572,460 3,000,000 Austria Government International Bond 5.375% 12/01/2034 3,228,060 3,354,060 12 CIG 685

Signature Canadian Balanced Fund Statement of Investment Portfolio March 31, 2007 GOVERNMENT BONDS (14.1%) (cont d) 5,389,000 Canada Housing Trust No. 1 4.6% 09/15/2011 5,517,959 5,491,553 9,235,000 Canadian Government Bond 3% 06/01/2007* 9,131,205 9,216,253 8,144,000 Canadian Government Bond 3.75% 09/01/2011* 8,047,102 8,058,488 13,195,000 Canadian Government Bond 4% 06/01/2016* 13,083,848 13,077,564 3,247,000 Canadian Government Bond 4% 09/01/2010 3,237,354 3,247,487 6,770,000 Canadian Government Bond 4.5% 06/01/2015* 7,025,639 6,960,305 32,650,000 Canadian Government Bond 5% 06/01/2014* 34,682,860 34,504,520 20,180,000 Canadian Government Bond 5.75% 06/01/2033* 25,341,403 25,124,100 39,512,000 Canadian Government Bond 6% 06/01/2008* 40,561,970 40,361,113 3,200,000 Canadian Government Bond 8% 06/01/2023 4,627,820 4,607,648 1,340,000 Canadian Government Bond Residual Strip 06/01/2025 561,277 618,477 6,500,000 City of Montreal 6% 06/01/2043 7,823,400 7,812,545 4,250,000 Eurofima 5.15% 12/13/2019 4,407,606 4,489,572 4,751,030 New Brunswick FM Project Co. Inc., Callable 6.47% 11/30/2027 5,463,001 5,522,597 162,785 Ontario School Boards Financing Corp. 7.2% 06/09/2025 183,385 197,657 3,000,000 Province of Ontario 4.4% 03/08/2016 2,924,700 3,013,260 5,070,000 Province of Ontario 4.6% 12/02/2012 5,079,798 5,087,694 1,000,000 Province of Ontario 4.7% 06/02/2037 992,640 1,013,870 3,000,000 Province of Ontario 5.6% 06/02/2035 3,389,100 3,464,490 10,500,000 Province of Quebec 4.5% 12/01/2016 10,583,730 10,520,370 1,400,000 Province of Quebec 5.35% 06/01/2025 1,515,612 1,507,338 2,350,000 Province of Quebec 4.5% 12/01/2017 2,344,290 2,348,355 2,760,000 University of British Columbia 6.65% 12/01/2031 2,979,188 3,558,440 5,850,000 University of Ottawa 6.28% 04/15/2043 6,557,500 7,439,198 223,872,925 226,169,414 MATERIALS (11.6%) 21,500 Aber Diamond Corp.* 768,557 925,575 247,100 Agrium Inc. 6,968,357 10,958,885 21,813 Air Liquide* 4,329,714 6,139,248 140,700 Air Products and Chemicals Inc. 10,564,021 12,014,423 122,700 Alcan Inc. 7,081,164 7,384,086 86,242 Anglo American PLC 4,842,003 5,244,896 45,200 Arch Coal Inc.* 1,857,371 1,601,575 1,024,653 Barrick Gold Corp. 31,406,504 33,752,070 293,844 BHP Billiton PLC 6,182,541 7,563,389 459,040 Cameco Corp.* 18,727,004 21,712,592 227,100 Cia Vale do Rio Doce, ADR 6,090,342 9,698,697 887,005 Eldorado Gold Corp.* 4,406,820 5,987,284 136,550 Energy Resources of Australia Ltd.* 1,208,592 3,545,892 1,380,000 Falconbridge Ltd. 8.5% 12/08/2008 1,515,075 1,467,975 145,200 Goldcorp Inc. 4,730,263 4,023,492 84,100 Holcim Ltd.* 6,669,469 9,722,959 1,015,800 ICLIsrael Chemicals Ltd. 5,333,960 8,018,858 105,647 Lonmin PLC 7,331,923 7,968,287 4,000,000 Noranda Operating Trust 6.529% 12/20/2010 4,103,483 4,180,000 541,600 Paladin Resources Ltd.* 2,282,627 4,939,392 87,108 Rio Tinto PLC 5,566,891 5,742,819 31,600 Umicore 4,218,522 6,486,375 382,300 Yamana Gold Inc.* 4,361,493 6,380,587 150,546,696 185,459,356 INDUSTRIALS (11.3%) 2,997,399 Access Roads Edmonton Ltd. 5.812% 09/30/2037 3,323,726 3,424,828 40,800 Alliant Techsystems Inc. 4,169,938 4,141,520 1,505,000 Altalink Investments 5.019% 11/21/2012 1,499,401 1,509,470 2,275,000 Altalink LP 5.249% 09/22/2036 2,275,000 2,303,346 41,100 Burlington Northern Santa Fe Corp. 3,145,809 3,816,557 77,200 CAE Inc. 948,773 1,004,372 198,100 Canadian National Railway Co. 7,695,175 10,087,252 137,887 Canadian Pacific Railway Ltd. 6,090,309 8,955,761 85,200 Cooper Industries Inc., 4,478,101 4,425,552 33,900 Demag Cranes AG 2,257,208 2,550,747 100,000 Dexit Inc. 399,068 88,500 3,560,100 Dyno Nobel Ltd.* 7,715,926 7,781,567 21,500 Eaton Corp. 2,091,801 2,074,191 146,800 Emerson Electric Co., Preferred Rights 6,775,705 7,303,221 244,500 Finmeccanica SpA 6,339,302 8,457,559 217,800 Finning International Inc. 7,680,006 11,600,028 2,000,000 FortisAlberta Inc. 5.33% 10/31/2014 2,103,200 2,091,380 2,000,000 Greater Toronto Airports Authority 4.48857% 10/24/2008 2,000,000 2,000,000 2,638,431 Greater Toronto Airports Authority 6.45% 07/30/2029 2,852,731 2,964,805 151,300 Koninklijke Vopak NV 5,756,403 9,799,978 108,000 Kuehne & Nagel International AG* 6,689,431 10,254,593 126,300 MacDonald Dettwiler & Associates Ltd. 5,195,469 6,054,822 84,500 Manitowoc Co. 4,934,670 6,197,941 351,400 Nissan Motor Co. Ltd.* 4,765,710 4,348,348 60,000 OSG Corp.* 1,075,121 1,049,910 95,800 Randstad Holding NV 5,845,846 8,577,870 64,900 Rheinmetall AG 5,690,707 6,946,101 500,800 RollsRoyce Group PLC 5,432,425 5,623,163 29,647,360 RollsRoyce Group PLC, Class B 67,371 69,037 42,900 Siemens AG, Registered Shares 5,213,412 5,294,107 6,942,024 Strait Crossing Development Inc. 6.17% 09/15/2031 6,774,926 7,387,355 290,755 Tesco PLC 2,070,174 2,934,434 20,000 USG People NV 956,613 952,454 55,800 Waste Management Inc. 2,286,029 2,216,822 177,700 WW Grainger Inc. 13,462,213 15,846,801 150,057,699 180,134,392 CONSUMER STAPLES (6.4%) 695,900 Agricore United 5,666,306 11,482,350 200,700 Alimentation CoucheTard Inc., Class B 4,901,229 4,844,898 37,741 Altria Group Inc. 3,618,167 3,826,214 85,500 AnheuserBusch Cos. Inc. 5,018,822 4,981,100 91,400 Bunge Ltd.* 6,821,670 8,676,320 62,500 Cosan SA Industria e Comercio 1,112,281 1,307,209 230,502 CVS Corp. 7,884,101 9,085,527 114,600 Fomento Economico Mexicano SA de CV, ADR 10,258,481 14,605,830 1,250,000 George Weston Ltd. 7.1% 02/05/2032 1,444,619 1,430,500 41,308 Groupe Danone 7,624,641 7,791,078 70,500 InBev NV 3,288,112 5,876,540 USD 3,376,000 Jean Coutu Group Inc. 8.5% 08/01/2014 3,725,543 4,233,934 1,700,000 Metro Inc. 5.97% 10/15/2035 1,646,254 1,710,183 3,000,000 Molson Coors Capital Finance Co., Senior Notes 5% 09/22/2015 2,931,120 2,974,350 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 13

Signature Canadian Balanced Fund Statement of Investment Portfolio March 31, 2007 CONSUMER STAPLES (6.4%) (cont d) 12,200 Nestle SA, Registered Shares* 4,303,073 5,484,819 80,485 Procter & Gamble Co. 5,984,429 5,869,066 57,022 Saputo Inc. 2,116,534 2,633,276 91,900 Shoppers Drug Mart Corp. 3,846,277 4,700,685 82,191,659 101,513,879 CONSUMER DISCRETIONARY (3.5%) 87,400 Canadian Satellite Radio Holdings Inc.* 976,670 568,100 340,200 Comcast Corp., 8,673,807 10,192,567 54,900 Continental AG* 7,836,548 8,192,286 126,000 ebay Inc. 4,228,647 4,822,431 357,200 Rogers Communications Inc., Class B 6,938,456 13,498,588 121,900 RONA Inc.* 2,685,457 2,880,497 1,380,000 RONA Inc. 5.4% 10/20/2016 1,377,130 1,372,672 1,600 Starbucks Corp. 57,693 57,931 291,000 Thomson Corp. 12,763,373 13,912,710 74,000 Universo Online SA 678,943 451,457 46,216,724 55,949,239 INFORMATION TECHNOLOGY (3.0%) 239,600 Adobe Systems Inc. 11,365,213 11,535,456 155,100 Ciena Corp. 4,538,333 5,005,017 357,300 Corning Inc. 7,993,131 9,380,703 194,200 QUALCOMM Inc. 8,519,683 9,564,934 75,400 Research in Motion Ltd. (USD) 9,873,693 11,881,851 42,290,053 47,367,961 TELECOMMUNICATION SERVICES (2.1%) 3,000,000 Bell Aliant Regional 5.41% 09/26/2016 3,011,367 3,022,440 3,400,000 France Telecom SA 4.95% 06/23/2011 3,409,862 3,444,336 6,900,000 Rogers Wireless Inc. 7.625% 12/15/2011* 7,215,150 7,675,629 1,000,353 Singapore Telecommunications Ltd. 1,737,790 2,497,038 2,115,650 Singapore Telecommunications Ltd., Restricted Shares 4,054,489 5,280,994 190,300 TELUS Corp. 7,628,007 11,208,670 27,056,665 33,129,107 UTILITIES (1.0%) 3,025,000 Brascan Power Corp. 4.65% 12/16/2009 3,046,487 3,039,974 827,100 Canadian Hydro Developers Inc. 4,510,718 5,210,730 44,100 Sempra Energy 3,124,477 3,106,358 49,900 Suez SA 2,831,262 3,038,188 880,000 Terasen Gas Inc. 5.55% 09/25/2036 879,868 902,493 14,392,812 15,297,743 PRIVATE PLACEMENTS (0.8%) 1,450,000 Kimco North Trust III 5.18% 08/16/2013 1,446,042 1,478,870 USD 10,500,000 Masonite International Corp. 11% 04/06/2015 13,041,618 11,274,159 14,487,660 12,753,029 ASSET BACKED (0.6%) 3,105,000 Canada Capital Auto Receivables Asset Trust 3.383% 06/17/2008 3,101,243 3,072,304 1,100,000 CCIC 2006WEM 5.248% 01/15/2022 1,099,969 1,096,315 3,350,000 CCIC 2006WEM MBS 4.934% 09/15/2016 3,349,883 3,322,530 2,500,000 Merrill Lynch Financial Assets Inc. 4.678% 03/12/2039 2,499,932 2,514,250 10,051,027 10,005,399 HEALTH CARE (0.3%) 591,800 Patheon Inc. 5,084,489 2,781,460 184,200 Tenet Healthcare Corp. 2,866,850 1,367,453 7,951,339 4,148,913 WARRANTS (0.1%) 451,450 Iamgold Corp., Warrants (12Aug08) 138,030 568,827 1,620 Lucent Technologies Inc., Warrants 178 138,030 569,005 Currency Codes: USD U.S. Dollar Total Bonds & Equities (92.0%) 1,301,164,930 1,467,107,397 Short Term Notes (7.5%) 119,746,503 119,746,503 DERIVATIVE INSTRUMENTS Foreign Currency Forward Contracts (0.1%) (see Schedule A) 1,105,714 Long Option Contracts (0.1%) (see Schedule B) 364,647 302,707 Total Investments (99.7%) 1,421,276,080 1,588,262,321 Other Assets (net) (0.3%) 10,164,892 Total Net Assets (100.0%) 1,598,427,213 Schedule A Foreign Currency Forward Contracts (0.1%) Credit Market Contracts Pay Receive Price Due Date Rating Value $ 1 (8,700,000) Australian $ 8,004,000 Canadian $ 0.93 31May07 A1+ (91,550) 2 (16,500,000) European Euro 25,466,633 Canadian $ 1.54 31May07 A1 4,506 1 (11,000,000) Swiss Franc 10,616,838 Canadian $ 0.95 31May07 A1+ 129,453 2 (12,350,000) US $ 14,380,097 Canadian $ 1.15 16Apr07 A1 128,683 2 (15,400,000) US $ 17,994,990 Canadian $ 1.15 31May07 A1 248,574 2 (18,899,458) US $ 21,996,694 Canadian $ 1.15 25May07 A1 213,670 1 (1,990,000) US $ 2,348,001 Canadian $ 1.15 11Apr07 A1+ 51,274 2 (24,500,000) US $ 28,639,632 Canadian $ 1.15 18Jun07 A1+ 421,104 Total Foreign Currency Forward Contracts Value 1,105,714 Schedule B Long Option Contracts (0.1%) No. of underlying Underlying Expiry Strike Premium Paid Market Contracts Interest Interest Date Price (Received) $ Value $ 262 26,200 Kraft Foods Inc. Put 24Sep07 35.00 74,315 110,410 73 7,300 Research In Motion Ltd. Call 22Jan08 140.00 219,243 162,665 59 5,900 Research In Motion Ltd. Call 19Jun07 150.00 71,089 29,632 Total Long Option Contracts Value 364,647 302,707 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 14

Signature Canadian Balanced Fund Financial Statements Statements of Net Assets (in $000 s except for per unit amounts and units outstanding) Assets Investments at market value* Cash Short term investments Margin for short sales Income taxes recoverable Daily variation margin on derivative investments Unrealized gain on derivative investments Cash collateral received for securities on loan (Note 5) Premium paid for options contract Receivable for unit subscriptions Receivable for securities sold Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Accrued expenses Unrealized loss on derivative investments Premium received from options contract Payable for securities purchased Payable for unit redemptions Payable for cash collateral under securities lending (Note 5) Investments sold short at market value* Distributions payable Net assets and unitholders' equity *Investments at cost Investments sold short at cost Net assets per class Class Z Net asset value per unit Class Z March 31, 2007 March 31, 2006 1,467,107 1,344,750 2,189 552 119,747 12,785 1,044 281 365 9,473 199,932 6,078 11,374 7,613 6,983 1,613,616 1,576,657 6 4,592 11,403 2,172 1,976 8,419 2,111 15,189 15,490 1,598,427 1,561,167 1,301,165 1,188,161 1,256,980 1,201,810 3,404 2,339 178,287 196,743 159,756 160,275 16.32 16.35 10.73 10.82 9.81 9.98 10.67 10.70 Statements of Operations (in $000 s except for per unit amounts) Income Dividends Interest Securities lending (Note 5) Derivative income (loss) Income distribution from investments Less: Foreign withholding taxes Expenses Management fees (Note 4) Administrative fees (Note 4) Interest expense Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments (see Schedule of Commissions) Realized gain (loss) on investments Foreign exchange gain (loss) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments per class Class Z per unit (Note 2) Class Z 14,542 12,064 30,321 22,905 231 209 (974) (460) 44,120 34,718 26,665 24,792 2,716 2,484 48 22 17 15 1,832 1,912 31,261 29,242 12,859 5,476 138,963 112,383 (298) (317) 10,116 95,400 148,781 207,466 161,640 212,942 122,391 194,402 256 444 22,616 (319) 16,377 18,415 1.67 3.07 1.21 2.15 1.24 (0.02) 1.12 1.34 Number of units outstanding (see Schedule of Fund Unit Transactions) Class Z 77,029,998 73,514,201 317,168 216,049 18,182,329 19,706,200 14,969,930 14,972,969 15

Signature Canadian Balanced Fund Financial Statements Statements of Changes in Net Assets Statements of Changes in Net Assets (cont d) 1,201,810 634,107 176,309 208,313 122,395 68,213 (242,954) (291,430) 456,807 55,750 441,903 (114,113) (66,213) (8,858) (2,389) (122,971) (68,602) 122,391 194,402 1,256,980 1,201,810 Class Z 160,275 6,327 4,899 16,517 7,514 (23,176) (19,696) 156,685 (332) 149,402 (15,316) (7,435) (1,248) (107) (16,564) (7,542) 16,377 18,415 159,756 160,275 2,339 1,314 2,256 2,228 277 165 (1,443) (1,645) 1,090 748 (260) (159) (21) (8) (281) (167) 256 444 3,404 2,339 Total Fund 1,561,167 635,421 186,324 412,502 164,465 75,892 (310,077) (312,771) 613,492 40,712 789,115 (152,432) (73,807) (12,660) (2,504) (165,092) (76,311) 161,640 212,942 1,598,427 1,561,167 196,743 1,432 197,062 25,276 (42,504) (15,796) 197,062 (22,743) (2,533) (25,276) 22,616 (319) 178,287 196,743 16

Signature Canadian Balanced Fund Financial Statements Supplementary Schedules Schedule of Fund Unit Transactions Schedule of Commissions Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 73,514,201 44,605,610 10,781,043 13,589,218 7,615,778 4,423,031 (14,881,024) (18,999,411) 29,895,753 77,029,998 73,514,201 Brokerage commissions 1,816 1,591 Soft Dollar commissions 152 118 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 216,049 139,674 208,812 220,591 26,172 16,176 (133,865) (160,392) 317,168 216,049 Schedule of Loss Carry Forwards Net capital loss carried forward March 31, 2007 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period Class Z Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 19,706,200 146,827 19,706,200 2,609,204 (4,279,902) 18,182,329 19,706,200 14,972,969 591,279 474,489 1,571,997 737,937 (2,166,315) (1,907,927) 15,668,470 14,969,930 14,972,969 Noncapital losses expiring: 2007 2008 2009 2010 2014 2015 2026 Total Schedule of Fees (%) March 31, 2007 Schedule of Securities Lending (Note 5) Loaned Collateral (noncash) March 31, 2007 March 31, 2006 223,526 185,576 238,010 200,336 Annual management fee rate Class Z Annual fixed administration fee Class Z 2.00 1.00 Paid directly by investor 1.75 0.20 0.20 0.20 A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. The accompanying notes are an integral part of these financial statements. 17

Signature Global Income & Growth Fund Statement of Investment Portfolio March 31, 2007 U.S.A. (63.2%) USD 500,000 BellSouth Corp. 5.485% 11/15/2007 579,607 577,666 USD 1,100,000 Dow Jones CDX HY 6.75% 06/29/2012 1,269,020 1,257,303 23,900 ishares MSCI EAFE Index Fund 2,090,560 2,104,019 USD 243,000 John Deere Capital Corp. 5.43% 07/20/2007 286,233 280,555 USD 500,000 Slm Corp. 5.58% 07/25/2007 579,541 577,701 13,100 SPDR Trust Series 1 2,159,865 2,147,690 Transaction costs (1,120) Total Investments (63.2%) 6,963,706 6,944,934 Other Assets (net) (36.8%) 4,046,336 Currency Codes: USD U.S. Dollar Total Net Assets (100.0%) 10,991,270 All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 18 CIG 2111

Signature Global Income & Growth Fund Financial Statements Statement of Net Assets (in $000 s except for per unit amounts and units outstanding) Statement of Operations (in $000 s except for per unit amounts) Assets Investments at market value* Cash Short term investments Margin for short sales Income taxes recoverable Daily variation margin on derivative investments Unrealized gain on derivative investments Cash collateral received for securities on loan (Note 5) Receivable for unit subscriptions Receivable for securities sold Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Accrued expenses Unrealized loss on derivative investments Premium received from options contract Payable for securities purchased Payable for unit redemptions Payable for cash collateral under securities lending (Note 5) Investments sold short at market value* Distributions payable Net assets and unitholders' equity *Investments at cost Investments sold short at cost Net assets per class Net asset value per unit March 31, 2007 6,945 2,552 2,126 864 11 12,498 1,265 186 56 1,507 10,991 6,964 8,337 309 2,345 9.85 9.85 9.85 Income Dividends Interest Securities lending (Note 5) Derivative income (loss) Income distribution from investments Less: Foreign withholding taxes Expenses Management fees (Note 4) Administrative fees (Note 4) Interest expense Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments and transaction costs (see Schedule of Commissions) Realized gain (loss) on investments Foreign exchange gain (loss) Capital gain distribution from investments Transaction costs Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments per class per unit (Note 2) Inception to March 31, 2007 2 6 (5) 3 4 4 (1) (9) 21 (1) (19) (8) (9) (8) (2) 1 (0.03) (0.03) (0.02) Number of units outstanding (see Schedule of Fund Unit Transactions) 846,272 31,371 238,049 19

Signature Global Income & Growth Fund Financial Statements Statements of Changes in Net Assets Statements of Changes in Net Assets (cont d) Inception to March 31, 2007 Inception to March 31, 2007 8,575 26 (217) 8,384 (39) (39) (8) 8,337 2,362 15 (17) 2,360 (16) (16) 1 2,345 316 2 (5) 313 (2) (2) (2) 309 Total Fund 11,253 43 (239) 11,057 (57) (57) (9) 10,991 20

Signature Global Income & Growth Fund Financial Statements Supplementary Schedules Schedule of Fund Unit Transactions Schedule of Commissions Inception to March 31, 2007 Inception to March 31, 2007 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 865,564 2,647 (21,939) 846,272 Brokerage commissions Soft Dollar commissions 1 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 31,761 131 (521) 31,371 Schedule of Loss Carry Forwards Net capital loss carried forward March 31, 2007 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 238,265 1,549 (1,765) 238,049 Noncapital losses expiring: 2007 2008 2009 2010 2014 2015 2026 Total Schedule of Securities Lending (Note 5) Loaned Collateral (noncash) March 31, 2007 Schedule of Fees (%) March 31, 2007 Annual management fee rate 2.00 1.00 Paid directly by investor Annual fixed administration fee 0.22 0.22 A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. The accompanying notes are an integral part of these financial statements. 21

Signature Income & Growth Fund Statement of Investment Portfolio March 31, 2007 FINANCIALS (21.9%) USD 3,517,000 Ace Cash Express Inc. 10.25% 10/01/2014 3,997,085 4,182,361 91,300 Alexis Nihon REIT 1,075,704 1,698,180 143,100 Allied Properties REIT 2,093,117 3,005,100 290,500 American Capital Strategies Ltd.* 13,696,700 14,861,402 600,000 American Express Canada 4.7% 05/20/2011 599,952 607,434 168,840 Artis REIT 2,281,620 2,819,628 174,500 Bank of America Corp. 9,709,188 10,278,927 300,000 Bank of Ireland 3.8% 09/22/2015 290,205 294,606 224,100 Bank of Montreal 13,838,542 15,624,252 USD 4,400,000 Bank of Montreal Chicago 5.35% 03/12/2009 5,191,312 5,080,010 490,400 Bank of Nova Scotia 21,708,238 26,084,376 213,710 BNP Paribas 26,397,419 25,769,913 1,915,000 Boardwalk REIT, Callable 5.31% 01/23/2012 1,914,100 1,964,196 126,700 Boston Pizza Royalties Income Fund 1,972,344 1,887,830 466,045 Calloway REIT* 10,082,722 12,997,995 1,110,000 Calloway REIT, Callable 4.51% 09/22/2010 1,100,054 1,101,120 5,916,000 Canada Housing Trust No. 1 4.05% 03/15/2011 5,910,993 5,901,447 1,915,000 Canada Housing Trust No. 1 4.4% 03/15/2008* 1,910,864 1,918,141 162,500 Canadian Apartment Properties REIT* 2,071,798 3,349,125 128,900 Canadian Hotel Income Properties REIT 1,306,414 1,978,615 157,300 Canadian Imperial Bank of Commerce 12,843,615 15,759,887 1,275,000 Canadian Imperial Bank of Commerce 4.35% 11/01/2011 1,281,069 1,275,727 800,000 Canadian Oil Sands Ltd. 5.75% 04/09/2008 811,768 810,768 1,025,000 Canadian Western Bank 6.199% 12/31/2056 1,025,000 1,036,788 4,225,000 Canadian Western Bank 5.07% 03/22/2012 4,225,000 4,225,000 13,500 CCS Income Trust 411,531 494,910 414,900 Chartwell Seniors Housing REIT 5,412,392 5,899,878 178,500 CI Financial Income Fund 5,411,706 4,926,600 2,810,000 CIT Group Holdings Inc. 4.72% 02/10/2011 2,808,696 2,820,397 1,800,000 Citigroup Finance Canada Inc. 4.39% 08/04/2009 1,799,442 1,798,236 12,010,000 Citigroup Finance Canada Inc. 4.39571% 06/02/2008 12,010,841 12,010,000 8,001,000 Citigroup Finance Canada Inc. 4.41357% 10/24/2008 8,003,376 8,001,000 158,800 Citigroup Inc. 9,320,104 9,412,788 270,300 Cominar REIT 4,406,934 6,379,080 1,125,000 Commerzbank AG VAR 4.5% 12/15/2016 1,122,345 1,117,136 1,000,000 Cooperators Financial Services Ltd. 5.07% 07/20/2012 1,011,320 1,004,100 USD 2,027,000 CoucheTard Finance Corp., Callable 7.5% 12/15/2013 2,378,394 2,404,626 1,400,000 Countrywide Financial Corp. 4.69% 06/01/2009 1,403,080 1,404,074 5,020,000 Credit Agricole SA 4.39857% 10/06/2008 5,020,000 5,020,000 126,900 Crombie REIT 1,255,674 1,763,910 153,400 Davis & Henderson Income Fund 2,938,894 2,546,440 124,000 Dundee REIT* 3,012,220 4,922,800 1,425,000 ERAC Canada Finance Ltd. 5.38% 02/26/2016 1,424,031 1,483,018 1,400,000 First Capital Realty Inc. 5.25% 03/30/2011 1,402,128 1,417,402 824,000 First Capital Realty Inc. 5.5% 09/30/2017 859,185 848,720 FINANCIALS (21.9%) (cont d) 1,300,000 First Capital Realty Inc. 5.5% 09/30/2017 1,313,000 1,339,000 1,000,000 First Captial Realty Inc. 5.49% 12/01/2011 1,023,890 1,019,490 1,250,000 GE Capital Canada Funding 4.4% 06/01/2014 1,248,150 1,242,512 4,200,000 General Electric Capital Corp. 4.48786% 08/27/2008 4,208,018 4,208,022 2,605,000 GMAC Canada Ltd. 4.55% 09/17/2007 2,502,548 2,588,328 1,190,000 GMAC Canada Ltd. 6.15% 06/20/2007 1,170,365 1,192,273 3,198,000 HBOS Treasury Services PLC 4.42286% 09/29/2009 3,198,000 3,199,919 USD 3,000,000 HSBC Finance Corp. 5.36% 05/21/2008 3,416,701 3,463,643 361,200 ING Groep NV 17,767,626 17,630,245 321,200 InnVest REIT* 3,455,493 4,432,560 765,950 InStorage REIT 1,110,628 1,095,308 232,600 InterRent REIT 1,279,300 1,209,520 35,200 IPC US REIT (USD) 378,573 484,023 USD 575,000 IPC US REIT (USD) 5.75% 09/30/2012 672,979 721,157 1,190,000 Kaupthing Bank 4.7% 02/15/2010 1,188,810 1,196,200 31,600 KKR Private Equity Investors LP 841,334 884,730 178,200 KKR Private Equity Investors LP, Subscription Receipts 4,936,124 4,989,205 544,257 Lloyds TSB Group PLC 6,005,278 6,924,075 323,400 Macquarie Media Group Ltd. 1,364,389 1,347,299 1,475,000 Manulife Financial Capital Trust 6.7% 06/30/2012 1,574,390 1,626,350 491,940 Manulife Financial Corp. 15,693,578 19,530,018 9,100,000 Merrill Lynch 4.44429% 11/09/2009 9,100,000 9,100,000 2,310,000 Met Life Global Funding 4.35% 02/10/2009 2,308,083 2,282,188 61,700 Morneau Sobeco Income Fund 672,892 780,505 550,000 National Bank of Canada 4.456% 11/02/2016 550,000 550,676 1,950,000 Newcourt Credit Group Inc. 7.05% 06/28/2007 2,046,147 1,961,564 188,600 Newport Partners Income Fund 1,675,373 1,141,030 1,295,000 Nordea Bank AB 3.95% 08/05/2015 1,268,050 1,277,647 229,600 Primaris Retail REIT 2,590,191 4,665,472 3,340,000 RBC Capital Trust 4.87% 12/31/2050 3,320,029 3,336,994 1,475,000 RBC Capital Trust, Callable 5.812% 12/29/2049 1,477,576 1,572,011 USD 416,000 RH Donnelley Finance Corp. 10.875% 12/15/2012 506,884 522,317 2,425,000 RioCan REIT 4.7% 06/15/2012 2,418,533 2,393,038 1,110,200 Royal Bank of Canada 50,901,542 63,836,500 958,000 Royal Bank of Canada 3.7% 06/24/2015 929,030 939,472 958,000 Royal Bank of Canada, Callable 5.45% 11/04/2018 955,222 1,008,630 950,000 Royal Bank of Scotland 4.25% 03/30/2015 938,989 946,542 1,550,000 Royal Bank of Scotland 5.37% 05/12/2049 1,542,511 1,596,206 84,200 Royal LePage Franchise Services Fund 1,013,413 1,072,708 875,000 Scotiabank Capital Trust 5.65% 12/31/2036 875,000 901,688 1,490,000 Scotiabank Capital Trust 6.282% 06/30/2049 1,536,537 1,619,675 1,476 Sumitomo Mitsui Financial Group Inc.* 15,732,419 15,473,526 725,200 TorontoDominion Bank 43,659,621 50,343,384 540,000 TorontoDominion Bank 4.779% 12/14/2105 540,000 533,801 1,000,000 TorontoDominion Bank 4.97% 10/30/2104 998,849 1,009,040 *Denotes all or part of securities lent. CI Investments Inc., the manager, is a corporation controlled by CI Financial Income Fund. Sun Life Financial Inc. owns a significant interest in CI Financial Income Fund, and is therefore, considered an affiliate to CI Investments Inc. Investment in CI Financial Income Fund is identified above. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 22 CIG 6116

Signature Income & Growth Fund Statement of Investment Portfolio March 31, 2007 FINANCIALS (21.9%) (cont d) 479,000 TorontoDominion Bank, Callable 4.54% 09/05/2013 478,871 480,504 241,800 UBS AG* 16,190,773 16,584,614 2,000,000 Woodbridge Finance Corp. 4.46286% 09/08/2008 2,000,000 2,000,000 1,150,000 YPG Holdings Inc. 5.25% 02/15/2016 1,145,042 1,129,542 460,467,867 509,571,094 ENERGY (16.5%) 1,000,000 Alliance Pipeline LP 7.181% 06/30/2023 1,194,420 1,176,758 185,689 AltaGas Income Trust 4,251,243 4,541,953 1,450,000 AltaGas Income Trust 5.07% 01/19/2012 1,449,492 1,480,824 152,900 Anadarko Petroleum Corp. 7,467,241 7,587,275 692,300 ARC Energy Trust* 14,293,876 14,711,375 241,900 Bonavista Energy Trust 6,969,471 7,462,615 850,000 Brookfield Power Corp. 5.84% 11/05/2036 849,754 844,246 1,300,000 Canadian Natural Resources Ltd. 4.5% 01/23/2013 1,299,766 1,283,178 260,300 Canadian Oil Sands Trust 4,669,644 7,356,078 163,000 Crescent Point Energy Trust* 3,215,407 3,012,240 3,600 Diamond Offshore Drilling Inc. 339,492 336,458 814,000 Enbridge Gas Distribution Inc. 4.48% 12/16/2008* 813,715 815,775 553,200 Enbridge Inc. 21,226,516 20,833,512 1,000,000 Enbridge Pipelines Inc. 4.46% 12/17/2012* 999,880 1,001,260 618,080 EnCana Corp. 32,448,062 36,095,872 113,900 Enerplus Resources Fund 5,010,800 5,546,930 234,600 Focus Energy Trust* 4,980,707 4,194,648 200,400 Fort Chicago Energy Partners LP 2,306,482 2,104,200 12,400 High Arctic Energy Services Trust 127,327 35,588 298,500 Imperial Oil Ltd. 10,901,292 12,775,800 1,022,900 Inter Pipeline Fund 9,456,426 9,492,512 52,199 Kinder Morgan Management LLC 2,785,158 3,088,042 262,500 Nexen Inc. 14,131,629 18,564,000 150,000 Noble Corp. 13,378,554 13,625,973 1,460,000 Nova Gas Transmission 8.9% 05/27/2025 1,804,372 2,047,606 USD 6,778,000 OPTI Canada 8.25% 12/15/2014 8,020,507 8,138,546 52,682 Pengrowth Energy Trust (CAD)* 1,289,607 1,024,665 151,300 Penn West Energy Trust 4,593,576 5,139,661 1,058,800 PetroCanada 48,581,343 47,804,820 USD 2,858,000 Petroquest Energy Inc. 10.375% 05/15/2012 3,511,186 3,448,184 212,000 Primary Energy Recycling Corp. 2,148,328 1,905,880 324,100 Progress Energy Trust 4,578,863 4,235,987 148,300 Rowan Cos. Inc. 5,827,649 5,559,495 USD 1,253,000 Sabine Pass Lng 7.25% 11/30/2013 1,420,216 1,457,498 441,719 Suncor Energy Inc. 37,278,075 38,805,014 1,575,000 Suncor Energy Inc. 5.39% 03/26/2037 1,570,590 1,562,006 1,302,500 Talisman Energy Inc. 22,895,362 26,388,650 100,800 Total Energy Services Trust 1,710,868 1,171,296 112,052 Total SA* 8,335,224 9,063,627 35,300 Total SA, ADR 2,654,093 2,843,921 1,400,000 TransAlta Corp. 4.2% 12/05/2007 1,397,480 1,398,124 224,900 TransCanada Corp.* 8,085,251 8,624,915 131,400 Transocean Inc. 11,978,689 12,394,509 237,900 Vermilion Energy Trust* 5,199,488 7,517,640 165,984 Weatherford International Ltd. 7,342,185 8,642,804 117,600 XTO Energy Inc. 6,899,019 7,441,818 361,688,325 384,583,778 MATERIALS (13.3%) 42,600 Aber Diamond Corp.* 1,613,867 1,833,930 291,500 Agrium Inc.* 9,013,649 12,928,025 20,468 Air Liquide* 4,360,013 5,760,699 138,500 Air Products and Chemicals Inc. 10,748,767 11,826,564 175,300 Alcan Inc. 10,209,137 10,549,554 117,826 Anglo American PLC 6,630,436 7,165,710 71,900 Arch Coal Inc.* 2,923,182 2,547,638 76,400 Armtec Infrastructure Income Fund 1,475,394 1,308,732 1,376,017 Barrick Gold Corp. 44,499,889 45,326,000 376,910 BHP Billiton PLC 8,130,206 9,701,464 483,000 Bowater Inc. 10.85% 11/30/2014 522,244 524,755 USD 1,842,000 Bowater Inc., Callable 8.35488% 03/15/2010 2,390,064 2,131,994 630,220 Cameco Corp. 26,895,617 29,809,406 302,500 Canexus Income Fund 2,836,979 2,078,175 USD 939,000 Cascades Inc. 7.25% 02/15/2013 1,052,576 1,084,120 2,200 Cemex SA de CV., ADR 68,072 83,185 324,600 Cia Vale do Rio Doce, ADR 9,547,632 13,862,602 USD 7,967,000 Domtar Inc. 7.875% 10/15/2011 8,383,671 9,635,200 1,192,700 Eldorado Gold Corp.* 6,612,036 8,050,725 179,250 Energy Resources of Australia Ltd.* 2,118,639 4,654,713 800,000 Falconbridge Ltd. 8.5% 12/08/2008 895,044 851,000 USD 2,650,000 FMG Finance Pty. Ltd. 10% 09/01/2013 3,381,565 3,327,262 USD 3,691,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 4,938,479 4,900,651 USD 1,356,000 FreeportMcMoRan Copper & Gold Inc. 8.25% 04/01/2015 1,643,058 1,684,941 USD 4,799,000 Gerdau Ameristeel Corp. 10.375% 07/15/2011 6,309,222 5,886,967 235,900 Goldcorp Inc. 7,619,220 6,536,789 USD 4,888,000 Hexion US/NOVA 9.75% 11/15/2014 6,087,998 5,918,547 121,500 Holcim Ltd. 10,648,563 14,046,843 1,103,000 ICLIsrael Chemicals Ltd. 6,982,964 8,707,226 USD 4,892,000 IPSCO Inc. 8.75% 06/01/2013 6,200,354 6,057,531 95,000 Labrador Iron Ore Royalty Income Fund 2,155,144 2,569,750 150,833 Lonmin PLC 10,575,202 11,376,381 USD 2,018,000 Lyondell Chemical Co. 8% 09/15/2014 2,287,928 2,440,547 USD 340,000 Macdermaid Inc. 9.5% 04/15/2017 393,719 392,546 USD 1,998,000 Mercer International Inc. 9.25% 02/15/2013 2,006,840 2,312,553 USD 2,490,000 Metals USA Inc. 11.365% 01/15/2012 2,872,259 2,817,327 958,000 Noranda Operating Trust 6.529% 12/20/2010 958,000 1,001,110 689,400 Paladin Resources Ltd.* 3,511,947 6,287,328 USD 1,997,000 Rathgibson Inc. 11.25% 02/15/2014 2,507,283 2,432,442 USD 1,686,000 Rhodia SA 8.875% 06/01/2011 2,001,402 2,026,649 286,100 Seaspan Corp. 7,245,828 8,849,169 1,835,000 Sherritt International Corp. 7.875% 11/26/2012 1,855,925 1,928,016 USD 1,240,000 Steel Dynamics Inc. 6.75% 04/01/2015 1,439,028 1,431,639 USD 3,742,000 Stelco Inc. 10.61% 03/31/2016 4,554,271 4,493,130 75,000 Supremex Income Fund 749,323 671,250 60,800 Teck Cominco Ltd., Class B 4,984,655 4,893,792 827,000 Timberwest Forest Corp. 7% 10/01/2007 861,734 834,699 145,100 Timberwest Forest Corp., Stapled Units 1,983,938 2,668,389 19,000 Umicore 2,945,074 3,900,035 428,900 Yamana Gold Inc.* 5,338,575 7,158,341 275,966,612 309,266,041 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 23

Signature Income & Growth Fund Statement of Investment Portfolio March 31, 2007 INDUSTRIALS (12.4%) 48,200 Alliant Techsystems Inc. 4,926,801 4,892,678 1,150,000 Altalink Investments 5.019% 11/21/2012 1,150,000 1,153,416 1,300,000 Altalink LP 5.249% 09/22/2036 1,300,000 1,316,198 USD 2,318,000 American Railcar Industries Inc. 7.5% 03/01/2014 2,746,449 2,749,838 USD 4,510,000 Aramark Term Loan 7.47% 01/27/2014 5,321,346 5,252,572 191,000 Arctic Glacier Income Fund 2,358,474 2,427,610 1,000 Assa Abloy AB, Class B 25,534 26,536 114,230 BFI Canada Income Fund 2,877,256 2,896,873 43,100 Burlington Northern Santa Fe Corp. 3,437,529 4,002,278 111,200 CAE Inc. 1,366,626 1,446,712 115,900 Canadian Helicopters Income Fund 1,118,185 1,159,000 227,100 Canadian National Railway Co. 10,136,659 11,563,932 154,654 Canadian Pacific Railway Ltd. 7,771,889 10,044,777 178,300 CanWel Building Materials Income Fund 1,425,723 695,370 178,300 Contrans Income Fund* 2,596,990 1,854,320 112,000 Cooper Industries Inc., 5,920,446 5,817,628 65,100 Danaos Corp. 1,592,754 1,979,742 45,050 Demag Cranes AG 3,051,805 3,389,710 29,700 Dexit Inc. 162,509 26,284 4,429,700 Dyno Nobel Ltd.* 9,610,313 9,682,314 25,800 Eaton Corp. 2,509,322 2,489,029 214,800 Emerson Electric Co., Preferred Rights 10,188,939 10,686,185 328,700 Finmeccanica SpA 8,990,559 11,370,142 256,000 Finning International Inc. 9,938,524 13,634,560 USD 2,456,000 Flextronics International Ltd. 6.5% 05/15/2013 2,787,630 2,807,214 2,000,000 FortisAlberta Inc. 5.33% 10/31/2014 2,103,200 2,091,380 EUR 918,000 Gaz Capital for Gazprom 7.8% 09/27/2010 1,595,623 1,554,610 USD 1,860,000 General Motors Acceptance Corp. 7.75% 01/19/2010 2,102,940 2,195,927 60,400 Genivar Income Fund Trust 627,273 930,160 1,765,000 Greater Toronto Airports Authority, Callable 6.98% 10/15/2032 2,134,190 2,181,275 5,016,000 Iron Mountain Inc. 7.5% 03/15/2017 5,014,763 5,016,000 137,900 Jazz Air Income Fund 1,350,673 1,129,401 USD 1,795,000 K. Hovnanian Enterprises 6% 01/15/2010 1,851,217 1,948,068 USD 1,109,000 K. Hovnanian Enterprises 8.875% 04/01/2012* 1,202,578 1,232,379 207,600 Koninklijke Vopak NV 9,099,857 13,446,633 133,750 Kuehne & Nagel International AG* 9,075,390 12,699,554 119,600 Livingston International Income Fund 2,787,840 2,375,256 171,300 MacDonald Dettwiler & Associates Ltd. 7,338,965 8,212,122 1,822,600 Macquarie Airports 5,135,319 6,792,869 256,100 Macquarie Infrastructure Co. Trust* 9,041,337 11,620,212 114,900 Manitowoc Co. 6,932,801 8,427,733 152,647 Mullen Group Income Fund 4,409,327 2,785,808 2,460,000 NAV Canada 4.428% 02/24/2011 2,459,372 2,471,587 958,000 Nexen Inc. 6.3% 06/02/2008 1,040,560 978,587 502,100 Nissan Motor Co. Ltd.* 6,809,513 6,213,163 USD 4,739,000 NXP Funding LLC 7.875% 10/15/2014 5,638,920 5,649,222 116,600 OFI Income Fund 1,157,232 966,614 87,500 OSG Corp. 1,588,026 1,531,118 USD 1,296,000 Panolam Industries International Inc. 10.75% 10/01/2013 1,489,786 1,608,516 85,500 Randstad Holding NV* 5,355,458 7,655,614 INDUSTRIALS (12.4%) (cont d) 140,900 Resolve Business Outsourcing 1,304,372 1,196,241 82,700 Rheinmetall AG 7,389,744 8,851,194 616,600 RollsRoyce Group PLC 6,710,624 6,923,407 34,845,120 RollsRoyce Group PLC, Class B 79,182 81,140 48,350 Siemens AG, Registered Shares 5,875,722 5,966,669 2,951,010 Strait Crossing Development Inc. 6.17% 09/15/2031 3,090,239 3,140,317 57,300 Student Transportation of America Inc. 769,002 650,355 414,685 Tesco PLC 3,174,535 4,185,193 295,817 TransForce Income Fund 5,147,600 4,141,438 USD 2,682,000 United Rentals North America Inc. 7.75% 11/15/2013 3,111,205 3,181,651 USD 334,000 US Oncology Holdings Inc. 9.79688% 03/15/2012 386,088 389,475 18,300 USG People NV 880,602 871,496 50,100 Wajax Income Fund 1,148,411 1,618,731 87,400 Waste Management Inc. 3,597,697 3,472,226 217,200 WW Grainger Inc. 17,205,818 19,369,303 260,525,263 289,117,562 CONSUMER DISCRETIONARY (7.6%) 221,800 Autocanada Income Fund Unit 2,327,809 2,339,990 USD 3,869,000 Baker & Tylor 11.5% 07/01/2013 4,720,874 4,645,623 USD 940,000 Cablevision Systems Corp. 9.87% 04/01/2009 1,160,494 1,150,391 105,100 Canadian Satellite Radio Holdings Inc.* 1,071,037 683,150 USD 1,787,000 CanWest MediaWorks Inc. 8% 09/15/2012 2,052,978 2,127,651 USD 1,110,000 CCH II LLC 10.25% 09/15/2010 1,276,221 1,350,431 USD 410,000 CCO Holdings LLC 8.61625% 12/15/2010 469,137 482,832 USD 2,819,000 Charter Communications Holdings II LLC 10.25% 09/15/2010 3,386,914 3,433,677 USD 1,345,000 Charter Communications Holdings LLC 10% 04/01/2009 1,060,713 1,570,336 USD 603,000 Charter Communications Holdings LLC 10.25% 01/15/2010 647,806 700,544 USD 101,000 Charter Communications Holdings LLC 10.75% 10/01/2009 119,500 119,379 USD 736,000 Charter Communications Holdings LLC 8.625% 04/01/2009 703,322 849,747 USD 438,000 Charter Communications Holdings LLC 9.625% 11/15/2009 452,100 507,588 160,800 Cineplex Galaxy Income Fund 2,253,658 2,522,952 431,600 Comcast Corp., 11,675,520 12,930,958 85,550 Continental AG* 12,270,877 12,765,939 USD 4,606,000 Dollarama FRN 10.05857% 08/15/2012 5,277,220 5,344,436 USD 2,115,000 Dollarama Group LP 8.875% 08/15/2012 2,492,400 2,545,648 175,000 ebay Inc. 6,024,824 6,697,820 USD 2,794,000 Foot Locker Inc. 8.5% 01/15/2022 3,186,440 3,294,355 11,300 Gateway Casinos Income Fund 186,485 223,853 USD 4,811,000 Goodyear Tire 11% 03/01/2011 6,063,821 6,103,039 85,600 Great Canadian Gaming Corp.* 1,140,731 1,015,216 USD 650,000 Great Canadian Gaming Corp. 6.86% 02/12/2014 757,346 750,456 USD 2,689,000 Great Canadian Gaming Corp. 7.25% 02/15/2015 3,192,965 3,123,983 USD 3,317,000 H&E Equipment Services Inc. 8.375% 07/15/2016 4,128,276 4,068,987 USD 2,543,000 Harrah s Operating Co. Inc. 5.625% 06/01/2015 2,436,761 2,532,313 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 24

Signature Income & Growth Fund Statement of Investment Portfolio March 31, 2007 CONSUMER DISCRETIONARY (7.6%) (cont d) USD 451,000 Herbst Gaming Inc. 8.125% 06/01/2012 523,527 527,861 49,524 Keg Royalties Income Fund 636,152 636,383 USD 5,474,000 Levi Strauss & Co. 12.25% 12/15/2012 7,293,890 6,936,194 USD 3,176,000 Levi Strauss & Co. 9.28% 04/01/2012 3,765,480 3,740,181 USD 3,580,000 MGM Mirage Inc. 5.875% 02/27/2014 3,923,368 3,843,951 USD 3,002,000 MGM Mirage Inc. 8.5% 09/15/2010 3,624,578 3,704,237 USD 7,413,000 Neff Rental LLC 11.25% 06/15/2012 9,146,404 9,500,115 USD 3,346,000 Neiman Marcus Group Inc. 10.375% 10/15/2015 4,072,315 4,307,375 USD 2,021,000 Park Place Entertainment Corp. 7% 04/15/2013 2,349,074 2,479,175 USD 1,380,000 Paxon Communication Corp. 8.31825% 01/15/2012 1,574,885 1,629,125 50,300 Pizza Pizza Royalty Income Fund 473,255 452,700 55,900 Pollard Banknote Income Fund 606,840 564,590 USD 1,798,000 Remington Arms Co. Inc. 10.5% 02/01/2011 1,971,029 2,075,877 521,100 Rogers Communications Inc., Class B 12,705,249 19,692,369 191,000 RONA Inc.* 4,237,521 4,513,330 795,000 RONA Inc. 5.4% 10/20/2016 793,346 790,779 795,000 Shaw Communications Inc. 7.5% 11/20/2013 808,496 887,260 1,900 Starbucks Corp. 68,510 68,793 USD 2,635,000 Station Casinos 6% 04/01/2012 2,873,177 2,947,164 352,100 Thomson Corp. 15,932,966 16,833,901 92,100 Universo Online SA 763,563 561,881 580,976 Yellow Pages Income Fund 8,250,932 7,912,893 166,930,786 178,487,428 CONSUMER STAPLES (5.4%) 563,500 Agricore United 5,067,082 9,297,750 254,200 Alimentation CoucheTard Inc., Class B 6,207,276 6,136,388 61,696 Altria Group Inc. 5,987,124 6,254,792 98,500 AnheuserBusch Cos. Inc. 5,781,933 5,738,460 115,400 Bunge Ltd.* 9,051,085 10,954,566 36,000 Colabor Income Fund 375,030 350,640 55,700 Cosan SA Industria e Comercio 998,009 1,164,984 321,181 CVS Corp.* 11,182,339 12,659,754 126,100 Fomento Economico Mexicano SA de CV, ADR 12,985,124 16,071,512 47,719 Groupe Danone 8,807,985 9,000,252 64,400 InBev NV 3,416,911 5,368,074 USD 915,000 Jean Coutu Group Inc. 8.5% 08/01/2014 1,095,733 1,147,527 83,700 Liquor Stores Income Fund 1,492,999 1,824,660 470,000 Metro Inc. 5.97% 10/15/2035 459,387 472,815 2,263,000 Molson Coors Capital Finance Co., Senior Notes 5% 09/22/2015 2,235,628 2,243,651 15,250 Nestle SA, Registered Shares* 5,625,000 6,856,024 USD 6,597,000 Pathmark Stores Inc. 8.75% 02/01/2012 7,459,286 7,873,610 92,905 Procter & Gamble Co. 6,907,907 6,774,748 74,679 Saputo Inc. 2,791,860 3,448,676 1,755,000 Saskatchewan Wheat Pool Inc. 8% 04/08/2013 1,755,000 1,816,425 128,700 Shoppers Drug Mart Corp. 5,665,221 6,583,005 USD 3,708,000 The Mosaic Co. 7.375% 12/01/2014 4,412,499 4,452,306 109,760,418 126,490,619 GOVERNMENT BONDS (5.2%) 4,500,000 55 Ontario School Board Trust 5.9% 06/02/2033 5,013,180 5,288,760 2,395,000 Canada Housing Trust No. 1 4.6% 09/15/2011 2,452,312 2,440,577 11,535,000 Canadian Government Bond 3% 06/01/2007 11,415,146 11,511,584 6,099,000 Canadian Government Bond 3.75% 09/01/2011* 6,024,295 6,034,960 4,602,000 Canadian Government Bond 4% 06/01/2016* 4,573,593 4,561,042 1,337,000 Canadian Government Bond 4% 09/01/2010 1,329,707 1,337,201 6,175,000 Canadian Government Bond 4.5% 06/01/2015* 6,331,122 6,348,579 6,680,000 Canadian Government Bond 5% 06/01/2014* 7,098,155 7,059,424 4,755,000 Canadian Government Bond 5.75% 06/01/2029 5,768,366 5,788,737 8,700,000 Canadian Government Bond 5.75% 06/01/2033* 10,760,009 10,831,500 22,121,000 Canadian Government Bond 6% 06/01/2008* 22,703,569 22,596,380 503,000 Canadian Government Bond 8% 06/01/2023 669,392 724,265 2,850,000 City of Montreal 6% 06/01/2043 3,373,602 3,425,500 2,500,000 Eurofima 5.15% 12/13/2019 2,643,300 2,640,925 958,000 Municipal Finance Authority of British Columbia 8.75% 05/12/2013 1,187,537 1,188,591 3,000,000 Province of Ontario 4.4% 03/08/2016 2,924,700 3,013,260 2,470,000 Province of Ontario 4.6% 12/02/2012 2,474,773 2,478,620 3,400,000 Province of Ontario 4.7% 06/02/2037 3,427,883 3,447,158 4,700,000 Province of Ontario 5.6% 06/02/2035 5,305,360 5,427,701 9,100,000 Province of Quebec 4.5% 12/01/2016 8,990,648 9,117,654 2,800,000 Province of Quebec 5% 12/01/2038 2,959,124 2,930,732 3,000,000 Province of Quebec 5.75% 12/01/2036 3,403,620 3,488,790 120,829,393 121,681,940 INFORMATION TECHNOLOGY (3.5%) 361,500 Adobe Systems Inc. 17,113,254 17,404,288 USD 1,792,000 Advance Micro Devices 7.75% 11/01/2012 2,129,394 2,092,225 USD 249,549 Amkor Technology Inc. 10.5% 05/01/2009 343,457 288,837 227,300 Ciena Corp. 6,793,051 7,334,882 499,300 Corning Inc. 11,462,235 13,108,830 USD 1,683,000 Hughes Network 9.5% 04/15/2014 2,025,906 2,074,263 USD 4,296,000 Iron Mountain Inc. 8.625% 04/01/2013 5,079,833 5,103,775 271,400 QUALCOMM Inc. 12,076,045 13,367,266 99,400 Research in Motion Ltd. (USD) 13,572,544 15,663,872 USD 772,000 STATS ChipPAC Ltd. 7.5% 07/19/2010 912,446 927,159 457,000 Teranet Income Fund 4,589,126 4,291,230 76,097,291 81,656,627 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 25

Signature Income & Growth Fund Statement of Investment Portfolio March 31, 2007 TELECOMMUNICATION SERVICES (2.5%) 1,500,000 Bell Aliant Regional 5.41% 09/26/2016 1,509,135 1,511,220 USD 1,391,000 Cincinnati Bell Inc. 8.375% 01/15/2014 1,670,003 1,642,110 USD 1,600,000 Dobson Communication Corp. 9.61% 10/15/2012 1,841,386 1,847,276 1,950,000 France Telecom SA 4.95% 06/23/2011 1,958,640 1,975,428 USD 2,394,000 Intelsat Bermuda Ltd. 8.87563% 01/15/2015 2,848,425 2,763,987 USD 10,350,000 Intelsat Bermuda Ltd., Callable 11.25% 06/15/2016 13,145,331 13,544,051 USD 1,208,000 Metropcs Wireless Inc. 9.25% 11/01/2014 1,380,708 1,474,889 4,202,000 Rogers Wireless Inc. 7.625% 12/15/2011 4,258,074 4,674,347 USD 617,000 Rogers Wireless Inc. 8% 12/15/2012 730,131 753,316 USD 2,180,000 Rural Cellular Corp. 11.23875% 11/01/2012 2,550,385 2,617,591 USD 2,391,000 Rural Cellular Corp. 8.25% 03/15/2012 2,855,970 2,884,747 USD 550,000 Rural Cellular Corp. 9.75% 01/15/2010 619,488 654,051 2,669,941 Singapore Telecommunications Ltd. 5,049,327 6,664,591 1,891,450 Singapore Telecommunications Ltd., Restricted Shares 3,624,826 4,721,356 958,000 Telesat Canada Inc. 8.2% 11/07/2008 1,022,253 990,974 166,200 TELUS Corp.* 7,773,110 9,789,180 52,837,192 58,509,114 UTILITIES (1.7%) 1,086,800 Canadian Hydro Developers Inc. 6,044,767 6,846,840 2,394,000 Canadian Hydro Developers Inc. 5.334% 09/01/2015 2,394,000 2,396,131 44,600 Consumers' Waterheater Income Fund 592,503 665,878 47,600 Energy Savings Income Fund 772,280 614,040 2,300,000 Hydro One Inc. 4.64% 03/03/2016 2,281,623 2,314,651 143,500 Kinder Morgan Energy Partners LP 8,007,162 8,727,896 126,400 Northland Power Income Fund 1,794,894 1,545,872 142,400 Royal Utilities Income Fund 1,501,644 1,708,800 64,100 Sempra Energy 4,541,465 4,515,137 71,700 Suez SA 4,068,166 4,365,492 1,245,000 Terasen Gas Inc. 5.9% 02/26/2035 1,243,942 1,338,636 1,915,000 Terasen Gas Inc. 6.5% 05/01/2034 1,904,161 2,220,060 958,000 TransCanada Pipelines Ltd. 5.65% 01/15/2014 955,739 1,019,858 72,100 UE Waterheater Income Fund 961,734 1,117,550 37,064,080 39,396,841 HEALTH CARE (1.5%) USD 3,300,000 Angiotech Pharmaceuticals Inc. 7.75% 04/01/2014* 3,584,169 3,470,231 USD 1,348,000 Chemed Corp. 8.75% 02/24/2011 1,589,595 1,616,638 91,900 CML Healthcare Income Fund 1,141,848 1,318,765 USD 4,919,000 HealthSouth Corp. 10.75% 06/15/2016 5,321,992 6,176,152 USD 3,883,485 HealthSouth Corp. 8.15% 03/10/2013 4,551,551 4,511,691 USD 995,000 HealthSouth Corp., Callable 10.75% 10/01/2008 1,080,966 1,154,519 USD 1,498,000 Medcath Holdings 9.875% 07/15/2012 1,825,572 1,872,197 USD 3,671,000 Owens Brockway Glass Container Inc. 8.75% 11/15/2012 4,424,021 4,460,858 1,212,000 Patheon Inc.* 8,561,546 5,696,400 USD 2,943,000 Skilled Healthcare 11.5% 01/15/2014 3,686,790 3,780,090 223,900 Tenet Healthcare Corp. 2,120,702 1,662,176 37,888,752 35,719,717 PRIVATE PLACEMENTS (0.8%) USD 3,083,000 Clarke American Corp., Senior Notes, Series WI, Callable 11.75% 12/15/2013 3,566,303 4,111,189 USD 1,575,000 Dow Jones CDX HY 6.75% 06/29/2012 1,817,006 1,800,229 USD 1,427,000 Dow Jones CDX HY 7 T1 Series 7T1 8.375% 12/29/2011 1,752,034 1,707,181 EUR 1,115,000 FS Funding AS 9.48881% 05/15/2016 1,562,536 1,753,929 USD 840,000 Kimco North Trust III 5.18% 08/16/2013 837,707 856,724 USD 5,831,804 Masonite International Corp. 11% 04/06/2015 7,114,451 6,261,780 1,890,000 Mobifon Holdings BV 12.5% 07/31/2010 2,907,909 2,362,118 19,557,946 18,853,150 ASSET BACKED (0.1%) 600,000 CCIC 2006WEM 5.248% 01/15/2022 599,983 597,990 1,950,000 CCIC 2006WEM MBS 4.934% 09/15/2016 1,949,932 1,934,010 2,549,915 2,532,000 WARRANTS (0.1%) 44,700 Yellow Pages Income Fund, Warrants (12/14/2007) 3,352 Currency Codes: EUR Euro Currency USD U.S. Dollar Total Bonds & Equities (92.5%) 1,982,163,840 2,155,869,263 Short Term Notes (6.5%) 152,344,116 152,344,116 DERIVATIVE INSTRUMENTS Foreign Currency Forward Contracts (0.2%) (see Schedule A) 4,358,857 Long Option Contracts (0.1%) (see Schedule B) 436,409 380,216 Total Investments (99.3%) 2,134,944,365 2,312,952,452 Other Assets (net) (0.7%) 15,989,043 Total Net Assets (100.0%) 2,328,941,495 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 26

Signature Income & Growth Fund Statement of Investment Portfolio March 31, 2007 Schedule A Foreign Currency Forward Contracts (0.2%) Credit Market Contracts Pay Receive Price Due Date Rating Value $ 2 (15,600,000) Australian $ 14,349,600 Canadian $ 0.93 31May07 A1+ (166,558) 2 (16,000,000) European Euro 24,697,398 Canadian $ 1.54 31May07 A1 6,851 1 (12,300,000) Swiss Franc 11,871,556 Canadian $ 0.95 31May07 A1+ 144,752 5 (136,813,000) US $ 160,157,528 Canadian $ 1.15 18Jun07 A1+ 2,579,507 2 (16,400,000) US $ 19,096,222 Canadian $ 1.15 16Apr07 A1 171,267 4 (38,900,000) US $ 45,473,580 Canadian $ 1.15 31May07 A1 646,594 7 (69,037,000) US $ 80,360,990 Canadian $ 1.15 25May07 A1 790,739 1 (7,207,374) US $ 8,503,980 Canadian $ 1.15 11Apr07 A1+ 185,705 Total Foreign Currency Forward Contracts Value 4,358,857 Schedule B Long Option Contracts (0.1%) No. of underlying Underlying Expiry Strike Premium Paid Market Contracts Interest Interest Date Price (Received) $ Value $ 390 39,000 Kraft Foods Inc. Put 24Sep07 35.00 110,633 164,350 82 8,200 Research In Motion Ltd. Call 22Jan08 140.00 246,253 182,719 66 6,600 Research In Motion Ltd. Call 19Jun07 150.00 79,523 33,147 Total Long Option Contracts Value 436,409 380,216 All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 27

Signature Income & Growth Fund Financial Statements Statements of Net Assets (in $000 s except for per unit amounts and units outstanding) Assets Investments at market value* Cash Short term investments Margin for short sales Income taxes recoverable Daily variation margin on derivative investments Unrealized gain on derivative investments Cash collateral received for securities on loan (Note 5) Premium paid for options contract Receivable for unit subscriptions Receivable for securities sold Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Accrued expenses Unrealized loss on derivative investments Premium received from options contract Payable for securities purchased Payable for unit redemptions Payable for cash collateral under securities lending (Note 5) Investments sold short at market value* Distributions payable Net assets and unitholders' equity *Investments at cost Investments sold short at cost Net assets per class Net asset value per unit March 31, 2007 March 31, 2006 2,155,869 1,387,741 5,690 152,344 141,185 4,303 436 23,046 21,048 6,472 11,412 13,623 9,327 2,361,783 1,570,713 628 7 563 13,795 13,864 5,925 2,838 13,115 8,650 32,842 26,543 2,328,941 1,544,170 1,982,164 1,238,077 1,670,914 1,240,788 38,900 26,231 619,127 277,151 5.78 5.66 5.95 5.83 11.52 11.33 Statements of Operations (in $000 s except for per unit amounts) Income Dividends Interest Securities lending (Note 5) Derivative income (loss) Income distribution from investments Less: Foreign withholding taxes Expenses Management fees (Note 4) Administrative fees (Note 4) Interest expense Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments (see Schedule of Commissions) Realized gain (loss) on investments Foreign exchange gain (loss) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments per class per unit (Note 2) 16,633 10,993 57,542 36,605 191 282 1,032 (1,217) (419) 74,181 47,461 28,359 22,168 2,877 2,209 72 26 17 14 1,940 1,709 33,248 26,143 40,933 21,318 114,499 76,670 (107) (537) 28,907 112,077 143,299 188,210 184,232 209,528 129,168 178,944 3,333 4,080 51,731 26,504 0.53 1.00 0.60 1.10 1.29 2.14 Number of units outstanding (see Schedule of Fund Unit Transactions) 288,981,010 219,290,087 6,534,504 4,497,218 53,735,732 24,466,135 28

Signature Income & Growth Fund Financial Statements Statements of Changes in Net Assets Statements of Changes in Net Assets (cont d) 1,240,788 507,939 676,919 845,394 68,274 54,494 (351,285) (270,264) 393,908 629,624 (72,186) (50,385) (20,764) (11,589) (13,745) (92,950) (75,719) 129,168 178,944 1,670,914 1,240,788 277,151 495,824 365,026 44,114 11,790 (205,579) (114,356) 334,359 262,460 (32,781) (7,243) (11,333) (2,126) (2,444) (44,114) (11,813) 51,731 26,504 619,127 277,151 26,231 10,703 23,512 20,682 1,391 916 (13,037) (8,300) 11,866 13,298 (1,910) (1,228) (620) (302) (320) (2,530) (1,850) 3,333 4,080 38,900 26,231 Total Fund 1,544,170 518,642 1,196,255 1,231,102 113,779 67,200 (569,901) (392,920) 740,133 905,382 (106,877) (58,856) (32,717) (14,017) (16,509) (139,594) (89,382) 184,232 209,528 2,328,941 1,544,170 29

Signature Income & Growth Fund Financial Statements Supplementary Schedules Schedule of Fund Unit Transactions Schedule of Commissions Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 219,290,087 99,879,102 119,787,447 159,921,546 12,089,148 10,251,685 (62,185,672) (50,762,246) 288,981,010 219,290,087 Brokerage commissions 2,228 1,841 Soft Dollar commissions 186 136 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 4,497,218 2,046,126 4,029,639 3,794,228 238,468 167,436 (2,230,821) (1,510,572) 6,534,504 4,497,218 Schedule of Loss Carry Forwards Net capital loss carried forward March 31, 2007 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 24,466,135 43,829,473 34,046,396 3,897,312 1,087,028 (18,457,188) (10,667,289) 53,735,732 24,466,135 Noncapital losses expiring: 2007 2008 2009 2010 2014 2015 2026 Total Schedule of Securities Lending (Note 5) Loaned Collateral (noncash) March 31, 2007 March 31, 2006 256,033 107,671 272,623 116,235 Schedule of Fees (%) Annual management fee rate March 31, 2007 2.00 1.00 Paid directly by investor Annual fixed administration fee 0.20 0.20 A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. The accompanying notes are an integral part of these financial statements. 30

Signature Corporate Bond Fund Statement of Investment Portfolio March 31, 2007 CORPORATE BONDS (80.7%) USD 907,000 Ace Cash Express Inc. 10.25% 10/01/2014 1,030,473 1,078,590 USD 426,000 Advance Micro Devices 7.75% 11/01/2012 505,655 497,371 4,000,000 Aeroports De Montreal 6.55% 10/11/2033 3,993,200 4,761,400 1,474,750 Alliance Pipeline LP 6.765% 12/31/2025 1,710,061 1,673,972 2,632,828 Alliance Pipeline LP 7.181% 06/30/2023 2,878,750 3,098,201 3,000,000 AltaGas Income Trust 5.07% 01/19/2012 2,998,950 3,063,774 4,000,000 Altalink Investments 5.019% 11/21/2012 4,000,000 4,011,880 USD 1,319,000 American Railcar Industries Inc. 7.5% 03/01/2014 1,562,937 1,564,727 USD 296,432 Amkor Technology Inc. 10.5% 05/01/2009 378,488 343,101 USD 821,000 Angiotech Pharmaceuticals Inc. 7.75% 04/01/2014* 891,834 863,351 USD 2,575,000 Aramark Term Loan 7.47% 01/27/2014 3,038,241 2,998,974 USD 1,529,000 Baker & Tylor 11.5% 07/01/2013 1,878,543 1,835,916 3,000,000 Bank of Ireland 3.8% 09/22/2015 2,995,800 2,946,060 USD 2,200,000 Bank of Montreal Chicago 5.35% 03/12/2009 2,595,656 2,540,005 3,009,000 BC Gas Inc., Callable 8% 04/19/2040 3,176,895 3,278,306 3,766,000 BCE Inc. 7.35% 10/30/2009 4,061,886 4,008,643 5,000,000 Bell Aliant Regional 5.41% 09/26/2016* 5,019,035 5,037,400 2,318,000 Bowater Inc. 10.85% 11/30/2014 2,573,522 2,518,391 2,000,000 Brascan Power Corp. 4.65% 12/16/2009 1,989,820 2,009,900 3,800,000 Brookfield Asset Management Inc. 7.25% 06/01/2007 3,925,286 3,816,910 USD 735,000 Cablevision Systems Corp. 9.87% 04/01/2009 907,407 899,508 4,000,000 Calloway REIT, Callable 4.51% 09/22/2010 3,964,160 3,968,000 USD 660,000 Calpine Generating Co. 11.5% 04/01/2011 777,877 796,444 1,000,000 Canada Capital Auto Receivables Asset Trust 3.383% 06/17/2008 989,400 989,470 199,000 Canada Housing Trust No. 1 4.6% 09/15/2011 203,762 202,787 3,000,000 Canada Safeway Ltd. 4.45% 11/14/2008 2,996,490 2,985,180 2,500,000 Canadian Hydro Developers Inc. 5.334% 09/01/2015 2,500,000 2,502,225 5,000,000 Canadian Imperial Bank of Commerce 4.35% 11/01/2011 5,023,800 5,002,850 4,000,000 Canadian Natural Resources Ltd. 4.5% 01/23/2013* 3,985,290 3,948,240 2,000,000 Canadian Natural Resources Ltd. 4.95% 06/01/2015* 1,998,900 1,985,080 750,000 Canadian Oil Sands Ltd. 5.75% 04/09/2008 763,965 760,095 3,000,000 Canadian Western Bank 6.199% 12/31/2056 3,000,000 3,034,500 3,000,000 Canadian Western Bank 5.07% 03/22/2012 3,000,000 3,000,000 5,000,000 Canadian Western Bank 5.96% 10/24/2013 5,000,000 5,023,006 USD 1,559,000 CanWest MediaWorks Inc. 8% 09/15/2012 1,917,944 1,856,188 USD 238,000 Cascades Inc. 7.25% 02/15/2013 267,397 274,782 USD 273,000 CCH II LLC 10.25% 09/15/2010 313,724 332,133 4,000,000 CCIC 2006WEM 5.248% 01/15/2022 3,999,888 3,986,600 USD 185,000 CCO Holdings LLC 8.61625% 12/15/2010 211,684 217,863 USD 1,512,000 Charter Communications Holdings II LLC 10.25% 09/15/2010 1,865,580 1,841,688 USD 320,000 Charter Communications Holdings LLC 10% 04/01/2009 252,363 373,612 USD 242,500 Charter Communications Holdings LLC 10.25% 01/15/2010 271,503 281,728 USD 147,500 Charter Communications Holdings LLC 10.75% 10/01/2009 167,006 174,340 USD 220,000 Charter Communications Holdings LLC 8.625% 04/01/2009 210,211 254,001 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. CORPORATE BONDS (80.7%) (cont d) USD 115,000 Charter Communications Holdings LLC 9.625% 11/15/2009 118,702 133,271 USD 930,000 Charter Communications Inc. 5.875% 11/16/2009 886,332 1,455,762 USD 347,000 Chemed Corp. 8.75% 02/24/2011 409,581 416,152 USD 1,916,000 Cincinnati Bell Inc. 8.375% 01/15/2014 2,417,930 2,261,886 4,050,000 CIT Group Holdings Inc. 4.72% 02/10/2011 4,060,770 4,064,985 2,000,000 Citigroup Finance Canada Inc. 4.37% 02/03/2011 1,999,700 2,003,260 400,000 Citigroup Finance Canada Inc. 4.39% 08/04/2009 399,876 399,608 3,135,000 Citigroup Finance Canada Inc. 4.39571% 06/02/2008 3,135,219 3,135,000 2,089,000 Citigroup Finance Canada Inc. 4.41357% 10/24/2008 2,089,620 2,089,000 USD 786,000 Clarke American Corp., Senior Notes, Series WI, Callable 11.75% 12/15/2013 909,248 1,048,133 1,480,000 Cominar REIT 6.3% 06/30/2014 1,480,000 1,975,652 3,000,000 Commerzbank AG VAR 4.5% 12/15/2016 2,992,920 2,979,030 4,000,000 Cooperators Financial Services Ltd. 5.07% 07/20/2012 4,010,990 4,016,400 USD 1,466,000 CoucheTard Finance Corp., Callable 7.5% 12/15/2013 1,769,480 1,739,113 4,000,000 Countrywide Financial Corp. 4.69% 06/01/2009 4,008,800 4,011,640 750,000 Credit Agricole SA 4.39857% 10/06/2008 750,000 750,000 USD 740,000 CSC Holdings Inc. 7.625% 04/01/2011 1,019,368 875,724 USD 590,000 CSN Islands VIII Corp. 9.75% 12/16/2013 762,134 776,549 3,700,000 CU Inc. 5.432% 01/23/2019 3,554,960 3,942,350 3,000,000 Deutsche Bank AG 4.9% 08/22/2016 2,998,920 3,055,830 USD 961,000 Dobson Communication Corp. 9.61% 10/15/2012 1,118,898 1,109,520 USD 819,000 Dollarama FRN 10.05857% 08/15/2012 938,351 950,302 USD 512,000 Dollarama Group LP 8.875% 08/15/2012 603,326 616,251 USD 2,464,000 Domtar Inc. 7.875% 10/15/2011 2,589,117 2,979,934 USD 900,000 Dow Jones CDX HY 6.75% 06/29/2012 1,038,289 1,028,702 USD 684,000 Dow Jones CDX HY 7 T1 Series 7T1 8.375% 12/29/2011 839,798 818,298 USD 722,700 Dow Jones CDX HY T4 Series 34 10.5% 12/29/2009 995,903 840,650 4,000,000 Enbridge Pipelines Inc. 4.46% 12/17/2012* 3,999,520 4,005,040 3,000,000 EnCana Corp. 3.6% 09/15/2008 2,999,010 2,970,930 4,500,000 ERAC Canada Finance Ltd. 5.38% 02/26/2016 4,496,940 4,683,216 3,000,000 Falconbridge Ltd. 8.5% 12/08/2008 3,332,247 3,191,250 3,000,000 First Capital Realty Inc. 5.25% 03/30/2011 3,003,604 3,037,290 2,000,000 First Capital Realty Inc. 5.34% 04/01/2013 2,002,360 2,016,840 275,000 First Capital Realty Inc. 5.5% 09/30/2017 286,742 283,250 700,000 First Capital Realty Inc. 5.5% 09/30/2017 707,000 721,000 2,000,000 First Captial Realty Inc. 5.49% 12/01/2011 2,005,100 2,038,980 USD 582,000 Flextronics International Ltd. 6.5% 05/15/2013 660,385 665,227 USD 1,265,000 FMG Finance Pty. Ltd. 10% 09/01/2013 1,614,148 1,588,297 USD 1,730,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 2,314,770 2,296,973 USD 727,000 Foot Locker Inc. 8.5% 01/15/2022 831,482 857,193 1,300,000 Fortis Inc. 7.4% 10/25/2010 1,454,245 1,424,514 4,000,000 FortisAlberta Inc. 5.33% 10/31/2014 4,206,400 4,182,760 5,000,000 France Telecom SA 4.95% 06/23/2011 5,031,312 5,065,200 USD 323,000 FreeportMcMoRan Copper & Gold Inc. 8.25% 04/01/2015 391,257 401,354 EUR 1,262,000 FS Funding AS 9.48881% 05/15/2016 1,777,539 1,985,164 31 CIG 9010

Signature Corporate Bond Fund Statement of Investment Portfolio March 31, 2007 CORPORATE BONDS (80.7%) (cont d) EUR 1,820,000 Gaz Capital for Gazprom 7.8% 09/27/2010 2,793,780 3,082,125 3,000,000 GE Capital Canada Funding 4.4% 06/01/2014 2,995,560 2,982,030 900,000 General Electric Capital Corp. 4.48786% 08/27/2008 901,718 901,719 USD 2,310,000 General Motors Acceptance Corp. 7.75% 01/19/2010 2,612,829 2,727,200 3,000,000 George Weston Ltd. 5.9% 02/05/2009 3,121,530 3,079,680 USD 2,801,000 Gerdau Ameristeel Corp. 10.375% 07/15/2011 3,888,943 3,436,006 4,000,000 GMAC Canada Ltd. 4.55% 09/17/2007 3,986,800 3,974,400 600,000 GMAC Canada Ltd. 5.8% 04/18/2007 587,568 599,946 600,000 GMAC Canada Ltd. 6% 04/10/2007 588,984 600,018 3,000,000 GMAC Canada Ltd. 6.25% 08/22/2007 2,967,000 3,005,280 USD 1,172,000 Goodyear Tire 11% 03/01/2011 1,477,254 1,486,752 USD 400,000 Great Canadian Gaming Corp. 6.86% 02/12/2014 466,059 461,819 USD 1,377,000 Great Canadian Gaming Corp. 7.25% 02/15/2015 1,633,859 1,599,749 4,600,000 Greater Toronto Airports Authority, Callable 6.98% 10/15/2032 5,595,900 5,684,910 USD 762,000 H&E Equipment Services Inc. 8.375% 07/15/2016 948,371 934,751 2,700,000 Hamilton Utilities Corp. 6.25% 07/30/2012 2,779,650 2,924,667 USD 631,000 Harrahs Operating Co. Inc. 5.625% 06/01/2015 604,566 628,348 477,000 HBOS Treasury Services PLC 4.42286% 09/29/2009 477,000 477,286 USD 1,849,000 HealthSouth Corp. 10.75% 06/15/2016 2,000,480 2,321,550 USD 1,227,830 HealthSouth Corp. 8.15% 03/10/2013 1,439,050 1,426,448 USD 500,000 HealthSouth Corp., Callable 10.75% 10/01/2008 548,458 580,160 USD 128,000 Herbst Gaming Inc. 8.125% 06/01/2012 148,824 149,814 USD 350,000 Hertz Corp. 8.875% 01/01/2014 407,278 426,822 USD 2,046,000 Hexion US/NOVA 9.75% 11/15/2014 2,548,300 2,477,362 USD 977,000 Horizon PCS Inc., Callable 11.375% 07/15/2012 1,302,383 1,249,252 5,000,000 HSBC Bank Canada 4.94% 03/16/2021 5,006,750 5,087,300 USD 720,000 Hughes Network 9.5% 04/15/2014 871,551 887,385 4,000,000 Hydro One Inc. 4.64% 03/03/2016 3,968,040 4,025,480 USD 566,000 Intelsat Bermuda Ltd. 8.87563% 01/15/2015 673,433 653,474 USD 2,475,000 Intelsat Bermuda Ltd., Callable 11.25% 06/15/2016 3,143,280 3,238,795 USD 374,000 IPC US REIT (USD) 5.75% 09/30/2012 437,729 469,065 USD 3,190,000 IPSCO Inc. 8.75% 06/01/2013 4,064,011 3,950,025 2,341,000 Iron Mountain Inc. 7.5% 03/15/2017 2,340,685 2,341,000 USD 1,448,000 Iron Mountain Inc. 8.625% 04/01/2013 1,726,595 1,720,267 USD 834,502 Jean Coutu Group (PJC) Inc., Term Loan 4.4375% 08/30/2011 1,140,741 963,473 USD 2,373,300 Jean Coutu Group Inc. 8.5% 08/01/2014 2,855,668 2,976,421 USD 463,000 K. Hovnanian Enterprises 6% 01/15/2010 477,505 502,482 USD 285,000 K. Hovnanian Enterprises 8.875% 04/01/2012 309,052 316,707 2,000,000 Kaupthing Bank 4.7% 02/15/2010 1,998,000 2,010,420 2,600,000 Kimco North Trust II 4.45% 04/21/2010 2,593,500 2,596,230 2,500,000 Kimco North Trust III 5.18% 08/16/2013 2,493,175 2,549,775 USD 2,324,000 Levi Strauss & Co. 12.25% 12/15/2012 3,101,886 2,944,778 USD 1,404,000 Levi Strauss & Co. 9.28% 04/01/2012 1,670,233 1,653,405 USD 552,000 Lyondell Chemical Co. 8% 09/15/2014 628,175 667,583 USD 157,000 Macdermaid Inc. 9.5% 04/15/2017 181,806 181,264 3,500,000 Manulife Financial Capital Trust 6.7% 06/30/2012 3,742,550 3,859,135 CORPORATE BONDS (80.7%) (cont d) USD 4,149,987 Masonite International Corp. 11% 04/06/2015 5,041,046 4,455,963 USD 374,000 Medcath Holdings 9.875% 07/15/2012 455,784 467,424 USD 1,527,000 Mercer International Inc. 9.25% 02/15/2013 1,542,768 1,767,402 1,800,000 Merrill Lynch 4.44429% 11/09/2009 1,800,000 1,800,000 2,300,000 Merrill Lynch Financial Assets Inc. 5.47% 06/12/2035 2,290,082 2,395,450 3,000,000 Met Life Global Funding 4.35% 02/10/2009 2,997,510 2,963,880 5,000,000 Met Life Global Funding 4.5% 02/10/2011 5,012,850 5,020,350 USD 1,254,000 Metals USA Inc. 11.365% 01/15/2012 1,446,753 1,418,847 4,000,000 Metro Inc. 5.97% 10/15/2035 4,044,960 4,023,960 USD 294,000 Metropcs Wireless Inc. 9.25% 11/01/2014 335,863 358,955 USD 840,000 MGM Mirage Inc. 5.875% 02/27/2014 920,567 901,933 USD 1,132,000 MGM Mirage Inc. 8.5% 09/15/2010 1,386,841 1,396,801 6,000,000 MI Developments Inc. 6.05% 12/22/2016 5,974,200 5,980,440 USD 2,075,000 Mobifon Holdings BV 12.5% 07/31/2010 3,105,677 2,593,331 5,000,000 Molson Coors Capital Finance Co., Senior Notes 5% 09/22/2015 4,987,550 4,957,250 USD 2,345,000 Neff Rental LLC 11.25% 06/15/2012 2,907,000 3,005,230 USD 999,000 Neiman Marcus Group Inc. 10.375% 10/15/2015 1,207,496 1,286,033 3,000,000 Newcourt Credit Group Inc. 7.05% 06/28/2007 3,149,460 3,017,790 5,000,000 Noranda Operating Trust 6.529% 12/20/2010 5,000,000 5,225,000 USD 753,000 Norcross Safety Products LLC 9.875% 08/15/2011 1,043,591 921,537 5,000,000 Nordea Bank AB 3.95% 08/05/2015 4,883,500 4,933,000 2,000,000 Nova Gas Transmission 8.9% 05/27/2025 2,515,000 2,804,940 USD 1,903,000 NXP Funding LLC 7.875% 10/15/2014 2,280,690 2,268,510 USD 2,137,000 OPTI Canada 8.25% 12/15/2014 2,544,151 2,565,959 USD 1,427,000 Owens Brockway Glass Container Inc. 8.75% 11/15/2012 1,734,827 1,734,035 USD 349,000 Panolam Industries International Inc. 10.75% 10/01/2013 401,740 433,157 USD 486,000 Park Place Entertainment Corp. 7% 04/15/2013 564,815 596,180 USD 2,583,000 Pathmark Stores Inc. 8.75% 02/01/2012 2,928,593 3,082,846 USD 610,000 Paxon Communication Corp. 8.31825% 01/15/2012 698,509 720,120 150,000 Pembina Pipeline Income Fund 7.35% 12/31/2010 156,750 190,500 USD 1,054,000 Petroquest Energy Inc. 10.375% 05/15/2012 1,294,780 1,271,654 740,000 Provident Energy Trust 8.75% 12/31/2008 740,000 861,804 USD 550,000 Province Healthcare Co. 7.5% 06/01/2013 807,644 644,526 USD 848,000 Rathgibson Inc. 11.25% 02/15/2014 1,067,060 1,032,905 3,000,000 RBC Capital Trust 4.87% 12/31/2050 3,000,000 2,997,300 4,500,000 RBC Capital Trust, Callable 5.812% 12/29/2049 4,513,400 4,795,965 USD 484,000 Remington Arms Co. Inc. 10.5% 02/01/2011 532,414 558,801 USD 106,000 RH Donnelley Finance Corp. 10.875% 12/15/2012 129,158 133,090 USD 406,000 Rhodia SA 8.875% 06/01/2011 481,951 488,031 1,813,000 RioCan REIT 3.85% 01/04/2008 1,789,703 1,803,409 2,500,000 RioCan REIT 4.7% 06/15/2012* 2,494,250 2,467,050 2,770,000 Rogers Wireless Inc. 7.625% 12/15/2011 2,782,399 3,081,376 USD 740,000 Rogers Wireless Inc. 8% 12/15/2012 882,823 903,491 2,000,000 RONA Inc. 5.4% 10/20/2016 1,995,840 1,989,380 3,000,000 Royal Bank of Scotland 4.25% 03/30/2015 3,003,150 2,989,080 5,000,000 Royal Bank of Scotland 5.37% 05/12/2049 4,982,200 5,149,050 USD 560,000 Rural Cellular Corp. 11.23875% 11/01/2012 654,559 672,409 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 32

Signature Corporate Bond Fund Statement of Investment Portfolio March 31, 2007 CORPORATE BONDS (80.7%) (cont d) USD 820,000 Rural Cellular Corp. 8.25% 03/15/2012 995,965 989,332 USD 255,000 Rural Cellular Corp. 9.75% 01/15/2010 293,406 303,242 USD 303,000 Sabine Pass Lng 7.25% 11/30/2013 343,436 352,452 860,000 Saskatchewan Wheat Pool Inc. 8% 04/08/2013 860,000 890,100 2,500,000 Scotiabank Capital Trust 6.282% 06/30/2049 2,614,042 2,717,575 1,280,000 Shaw Communications Inc. 7.5% 11/20/2013 1,283,600 1,428,544 1,207,000 Sherritt International Corp. 7.875% 11/26/2012 1,212,618 1,268,183 USD 795,000 Skilled Healthcare 11.5% 01/15/2014 1,000,462 1,021,125 USD 645,000 Station Casinos 6% 04/01/2012 703,339 721,412 USD 293,000 Steel Dynamics Inc. 6.75% 04/01/2015 340,028 338,282 222,000 Stelco Inc. 9.5% 02/01/2099 67,155 24,420 USD 1,601,000 Stelco Inc. 10.61% 03/31/2016 1,951,199 1,922,368 4,048,172 Strait Crossing Development Inc. 6.17% 09/15/2031 3,810,287 4,307,862 4,000,000 Suncor Energy Inc. 5.39% 03/26/2037 3,988,800 3,967,000 USD 180,000 Teck Cominco Ltd. 7% 09/15/2012 263,918 223,230 3,229,000 Telesat Canada Inc. 8.2% 11/07/2008 3,428,103 3,340,142 3,700,000 Terasen Gas Inc. 5.9% 02/26/2035 3,679,909 3,978,277 2,000,000 Textron Financial Canada Funding Corp. 4% 04/01/2008 1,985,760 1,992,840 USD 873,000 The Mosaic Co. 7.375% 12/01/2014 1,038,481 1,048,237 2,750,000 Timberwest Forest Corp. 7% 10/01/2007 2,815,377 2,775,602 2,600,000 TorontoDominion Bank 4.87% 10/28/2016 2,600,000 2,650,258 4,000,000 TorontoDominion Bank 4.97% 10/30/2104 3,997,840 4,036,160 5,000,000 TorontoDominion Bank, Callable 4.54% 09/05/2013 5,025,250 5,015,700 3,500,000 TransAlta Corp. 4.2% 12/05/2007 3,497,480 3,495,310 3,375,000 Union Gas Ltd. 7.2% 06/01/2010 3,778,926 3,654,754 1,769,000 United Rentals North America Inc. 7.75% 11/15/2013 2,095,210 2,098,561 USD 479,000 US Oncology Holdings Inc. 9.79688% 03/15/2012 553,540 558,559 3,300,000 Wells Fargo Financial Canada Corp. 4.38% 06/30/2015* 3,213,672 3,252,810 38,772 Woodbine Entertainment Group 8.58% 09/01/2011 41,117 41,206 4,000,000 YPG Holdings Inc. 5.25% 02/15/2016 3,982,840 3,928,840 441,023,849 445,805,757 GOVERNMENT BONDS (3.0%) 4,000,000 Canadian Government Bond 3.75% 09/01/2011* 3,961,744 3,958,000 4,000,000 Canadian Government Bond 4% 06/01/2016* 3,974,667 3,964,400 4,000,000 Canadian Government Bond 4.5% 06/01/2015* 4,121,200 4,112,440 4,000,000 Canadian Government Bond 5% 06/01/2014* 4,252,800 4,227,200 348,000 Canadian Government Bond 6% 06/01/2008* 357,309 355,479 16,667,720 16,617,519 COMMON EQUITIES (0.5%) 150,000 Timberwest Forest Corp., Stapled Units 2,046,444 2,758,500 REITS (0.3%) 132,623 InnVest REIT* 1,433,821 1,830,197 PROVINCIAL BONDS (0.3%) 1,500,000 City of Montreal 6% 06/01/2043 1,805,400 1,802,895 PREFERRED EQUITY (0.3%) 138 ION Media Networks Inc., 14.25% Preferred 1,358,368 1,246,738 5,000 Nortel Networks Ltd., Preferred, Series F 90,900 97,500 200 Rural Cellular Corp., 11.375% Preferred, Series B 193,975 296,719 1,643,243 1,640,957 ROYALTY TRUSTS (0.1%) 20,300 Harvest Energy Trust 332,357 579,971 Currency Codes: EUR Euro Currency USD U.S. Dollar Total Bonds & Equities (85.2%) 464,952,834 471,035,796 Short Term Notes (13.1%) 72,588,933 72,588,933 Foreign Currency Forward Contracts (0.2%) (see Schedule A) 1,155,243 Total Investments (98.5%) 537,541,767 544,779,972 Other Assets (net) (1.5%) 7,944,232 Total Net Assets (100.0%) 552,724,204 Schedule A Foreign Currency Forward Contracts (0.2%) Credit Market Contracts Pay Receive Price Due Date Rating Value $ 1 (1,250,000) European Euro 1,938,287 Canadian $ 1.54 31May07 A1+ 9,339 2 (15,400,000) US $ 18,015,847 Canadian $ 1.15 31May07 A1+ 269,431 3 (21,726,367) US $ 25,287,081 Canadian $ 1.15 25May07 A1 245,836 1 (2,300,000) US $ 2,713,770 Canadian $ 1.15 11Apr07 A1+ 59,262 2 (28,703,000) US $ 33,578,874 Canadian $ 1.15 18Jun07 A1+ 519,428 1 (5,000,000) US $ 5,821,750 Canadian $ 1.15 16Apr07 A1+ 51,947 Total Foreign Currency Forward Contracts Value 1,155,243 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 33

Signature Corporate Bond Fund Financial Statements Statements of Net Assets (in $000 s except for per unit amounts and units outstanding) Assets Investments at market value* Cash Short term investments Margin for short sales Income taxes recoverable Daily variation margin on derivative investments Unrealized gain on derivative investments Cash collateral received for securities on loan (Note 5) Receivable for unit subscriptions Receivable for securities sold Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Accrued expenses Unrealized loss on derivative investments Premium received from options contract Payable for securities purchased Payable for unit redemptions Payable for cash collateral under securities lending (Note 5) Investments sold short at market value* Distributions payable Net assets and unitholders' equity March 31, 2007 March 31, 2006 471,036 433,350 2,098 153 72,589 30,294 1,155 4,488 3,963 1,013 7,089 6,895 559,468 474,655 146 3,764 2,451 77 99 2,903 2,494 6,744 5,190 552,724 469,465 Statements of Operations (in $000 s except for per unit amounts) Income Dividends Interest Securities lending (Note 5) Derivative income (loss) Income distribution from investments Less: Foreign withholding taxes Expenses Management fees (Note 4) Administrative fees (Note 4) Interest expense Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments (see Schedule of Commissions) Realized gain (loss) on investments Foreign exchange gain (loss) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments 163 593 29,868 30,062 36 286 62 (180) 30,129 30,761 1,477 2,009 162 210 11 5 5 4 102 156 1,752 2,389 28,377 28,372 (3,457) 2,191 12 (492) 10,336 (5,019) 6,891 (3,320) 35,268 25,052 *Investments at cost Investments sold short at cost Net assets per class Insight Units Net asset value per unit Insight Units 464,953 436,302 68,564 67,742 2,740 2,911 468,787 385,863 12,633 12,949 9.86 9.72 10.24 10.09 10.20 10.04 10.32 10.15 per class Insight Units per unit (Note 2) Insight Units 3,406 3,080 165 131 30,894 21,113 803 728 0.52 0.41 0.60 0.49 0.78 0.71 0.67 0.58 Number of units outstanding (see Schedule of Fund Unit Transactions) Insight Units 6,950,384 6,972,256 267,540 288,637 45,939,248 38,430,095 1,224,156 1,275,122 34

Signature Corporate Bond Fund Financial Statements Statements of Changes in Net Assets Statements of Changes in Net Assets (cont d) 67,742 77,130 17,828 20,000 2,429 4,017 (20,379) (32,233) (122) (8,216) (619) (2,462) (3,633) (2,462) (4,252) 3,406 3,080 68,564 67,742 Insight Units 12,949 12,336 4,722 7,307 598 950 (5,837) (7,420) (517) 837 (124) (602) (828) (602) (952) 803 728 12,633 12,949 2,911 2,122 628 1,766 120 185 (963) (1,107) (215) 844 (28) (121) (158) (121) (186) 165 131 2,740 2,911 Total Fund 469,465 309,158 165,800 233,846 28,194 33,015 (117,771) (98,299) 76,223 168,562 (4,368) (28,232) (28,939) (28,232) (33,307) 35,268 25,052 552,724 469,465 385,863 217,570 142,622 204,773 25,047 27,863 (90,592) (57,539) 77,077 175,097 (3,597) (25,047) (24,320) (25,047) (27,917) 30,894 21,113 468,787 385,863 35

Signature Corporate Bond Fund Financial Statements Supplementary Schedules Schedule of Fund Unit Transactions Schedule of Commissions Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 6,972,256 7,799,384 1,817,130 2,031,000 248,736 409,201 (2,087,738) (3,267,329) 6,950,384 6,972,256 Brokerage commissions 6 6 Soft Dollar commissions Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 288,637 206,568 61,513 171,980 11,876 18,185 (94,486) (108,096) 267,540 288,637 Schedule of Loss Carry Forwards Net capital loss carried forward March 31, 2007 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period Insight Units Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 38,430,095 21,244,760 14,075,369 20,050,161 2,482,684 2,745,798 (9,048,900) (5,610,624) 45,939,248 38,430,095 1,275,122 1,194,002 459,301 708,754 58,569 92,563 (568,836) (720,197) 1,224,156 1,275,122 Noncapital losses expiring: 2007 2008 2009 2010 2014 2015 2026 Total Schedule of Fees (%) March 31, 2007 Schedule of Securities Lending (Note 5) Loaned Collateral (noncash) March 31, 2007 March 31, 2006 28,110 13,007 29,931 14,041 Annual management fee rate Insight Units Annual fixed administration fee Insight Units 2.00 1.50 Paid directly by investor 0.95 0.20 0.20 0.20 A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. The accompanying notes are an integral part of these financial statements. 36

Signature Dividend Fund Statement of Investment Portfolio March 31, 2007 FINANCIALS (53.7%) 23,000 Alexis Nihon REIT 283,067 427,800 305,800 American Capital Strategies Ltd.* 16,381,619 15,644,120 313,100 Bank of America Corp. 16,881,443 18,443,164 368,300 Bank of Montreal 20,916,737 25,677,876 900,000 Bank of Montreal 4.5% Preferred, Series 13* 22,500,000 22,707,000 512,100 Bank of Montreal 4.75% Preferred, Series 6, Class B* 13,461,509 12,991,977 612,000 Bank of Montreal 5.95% Preferred, Series 10 (USD) 20,622,800 19,049,484 USD 2,300,000 Bank of Montreal Chicago 5.35% 03/12/2009 2,713,640 2,655,460 512,500 Bank of Nova Scotia 21,256,475 27,259,875 900,000 Bank of Nova Scotia 4.5% Preferred, Series 14 22,500,000 22,446,000 323,800 Bank of Nova Scotia, Preferred, Series 13* 7,923,295 8,379,944 380,000 BNP Paribas 47,896,037 45,821,754 458,200 Brookfield Asset Management Inc., 4.75% Preferred 11,363,360 11,505,402 24,000 Brookfield Asset Management Inc., Preferred, Series 11 656,732 648,000 559,000 Brookfield Asset Management Inc., Preferred, Series 12 14,100,905 15,696,720 931,200 Brookfield Asset Management Inc., Preferred, Series 2 18,996,480 23,224,128 243,100 Brookfield Asset Management Inc., Preferred, Series 4 5,780,278 6,048,328 334,200 Brookfield Financial Corp., Preferred, Series 13 8,026,279 8,334,948 374,400 Brookfield Properties Corp., 5.25% Preferred, Series G (USD)* 12,946,253 11,584,640 710,700 Brookfield Properties Corp., 5.75% Preferred, Series H 17,785,841 19,245,756 652,000 Brookfield Properties Corp., 6% Preferred, Series F 17,049,800 17,897,400 698,200 Brookfield Properties Corp., Preferred, Series I* 17,455,000 18,250,948 550,500 Brookfield Properties Corp., Preferred, Series K 13,762,500 14,511,180 264,400 Canadian General Investment, 3.9% Preferred, Series 3 6,674,783 6,846,638 290,900 Canadian Imperial Bank of Commerce 21,822,568 29,145,271 725,000 Canadian Imperial Bank of Commerce 4.7% Preferred, Series 31 18,125,000 18,393,250 641,200 Canadian Imperial Bank of Commerce, Preferred, Series 30, Cl* 16,215,948 16,600,668 8,000,000 Canadian Western Bank 5.5% 11/19/2014 8,000,000 7,985,936 2,000,000 Canadian Western Bank 5.96% 10/24/2013 2,034,482 2,009,202 2,000,000 Citigroup Finance Canada Inc. 4.39% 08/04/2009 1,999,380 1,998,040 388,880 Citigroup Inc. 22,590,782 23,050,661 366,000 CoOperators General Insurance Co., 5.75% Preferred, Series* 9,021,900 9,442,800 6,010,000 Credit Agricole SA 4.39857% 10/06/2008 6,010,000 6,010,000 360,600 EL Financial Corp., 4.75% Preferred, Series 2* 9,015,000 9,141,210 299,500 EL Financial Corp., 5.30% Preferred, Series 1 10/17/2009 7,490,780 7,873,855 5,300,000 General Electric Capital Corp. 4.48786% 08/27/2008 5,310,118 5,310,123 FINANCIALS (53.7%) (cont d) 562,300 Great West Lifeco Inc., Preferred, Series H* 13,684,872 14,647,915 543,800 Great West Lifeco Inc., Preferred, Series I* 12,643,350 13,513,430 439,200 GreatWest Lifeco Inc., 4.8% Preferred, Series E* 12,248,817 12,078,000 90,000 GreatWest Lifeco Inc., 5.2% Preferred, Series G* 2,250,683 2,365,200 3,818,000 HBOS Treasury Services PLC 4.42286% 09/29/2009 3,818,000 3,820,291 16,200,000 HSBC Bank Canada 4.38429% 06/02/2008 16,200,000 16,200,000 339,100 HSBC Bank Canada, 5% Preferred, Series D* 8,477,500 8,979,368 731,900 HSBC Bank Canada, 5.1% Preferred, Series 5* 18,297,500 19,424,626 457,500 Industrial Alliance Insurance and Financial Inc., Preferred* 11,437,500 11,551,875 531,500 ING Groep NV * 25,959,792 25,942,623 1,800,000 Lloyds TSB Group PLC 25,153,277 22,899,723 952,500 Manulife Financial Corp. 27,527,575 37,814,250 959,700 Manulife Financial Corp., 4.65% Preferred, Series 2, * 24,078,714 24,520,335 217,600 Manulife Financial Corp., Preferred, Series 3, * 5,374,648 5,440,000 9,900,000 Merrill Lynch 4.44429% 11/09/2009 9,900,000 9,900,000 7,700,000 MI Developments Inc. 6.05% 12/22/2016 7,666,890 7,674,898 273,500 National Bank of Canada, 4.85% Preferred, Series 16* 6,971,515 7,149,290 740,000 National Bank of Canada, Preferred, Series 15* 20,017,000 19,832,000 11,800,000 NIFT 4.28% 02/23/2008 11,800,000 11,792,566 611,400 Power Financial Corp.* 17,414,327 23,832,372 605,800 Power Financial Corp., 4.7% Preferred, Series J* 15,847,728 16,193,034 511,900 Power Financial Corp., 4.95% Preferred, Series K* 12,822,089 13,411,780 703,200 Power Financial Corp., Preferred, Series L* 17,580,000 18,740,280 502,800 Premium Income Corp., Preferred 8,095,519 8,130,276 848,000 Royal Bank of Canada 33,940,206 48,760,000 589,650 Royal Bank of Canada 4.45% Preferred, Series AA* 14,725,427 14,729,457 456,000 Royal Bank of Canada, 4.6% Preferred, Series AC 11,400,000 11,669,040 726,500 Royal Bank of Canada, 4.7% Preferred, Series AB 18,162,500 18,671,050 274,500 Royal Bank of Canada, 4.7% Preferred, Series K 7,329,150 6,983,280 90,200 Royal Bank of Canada, Preferred, Series W* 2,321,748 2,367,750 2,042 Sumitomo Mitsui Financial Group Inc.* 17,801,971 21,407,141 233,210 Sun Life Financial Inc. 8,920,239 12,248,189 457,000 Sun Life Financial Inc.,, Preferred, Series 1* 11,466,130 11,813,450 635,900 Sun Life, Preferred, Series 4* 15,297,846 15,846,628 1,131,500 TorontoDominion Bank 60,791,878 78,548,730 898,800 TorontoDominion Bank, 4.85% Preferred, Series O* 22,580,221 23,773,260 327,900 UBS AG* 21,781,342 22,490,054 6,800,000 Wells Fargo Financial Canada Corp. 4.4% 12/12/2012* 6,789,052 6,803,264 *Denotes all or part of securities lent. CI Investments Inc., the manager, is a corporation controlled by CI Financial Income Fund. Sun Life Financial Inc. owns a significant interest in CI Financial Income Fund, and is therefore, considered an affiliate to CI Investments Inc. Investment in Sun Life Financial Inc. is identified above. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 37 CIG 610

Signature Dividend Fund Statement of Investment Portfolio March 31, 2007 FINANCIALS (53.7%) (cont d) 2,000,000 Woodbridge Finance Corp. 4.46286% 09/08/2008 2,000,000 2,000,000 5,650,000 YPG Holdings Inc. 5.25% 02/15/2016 5,619,004 5,549,486 1,081,764,801 1,171,774,469 ENERGY (10.6%) 1,183,200 Enbridge Inc. 40,540,354 44,559,312 314,912 EnCana Corp. 14,196,644 18,390,861 132,506 Husky Energy Inc.* 7,108,364 10,687,934 562,800 Imperial Oil Ltd. 16,828,455 24,087,840 165,000 Kinder Morgan Management LLC 9,463,756 9,761,240 150,100 Nexen Inc. 6,165,395 10,615,072 134,400 Penn West Energy Trust 3,994,098 4,565,568 419,500 PetroCanada* 18,613,497 18,940,425 440,900 Suncor Energy Inc. 37,448,105 38,733,065 435,000 Talisman Energy Inc. 5,366,110 8,813,100 147,672 Total SA 11,125,765 11,944,846 799,400 TransCanada Corp.* 26,677,937 30,656,990 197,528,480 231,756,253 TELECOMMUNICATION SERVICES (8.5%) 961,900 BCE Inc., 5.55% Preferred, Series 19 25,064,318 24,836,258 986,057 BCE Inc.* 29,366,925 32,194,761 1,079,000 BCE Inc., 4.4% Preferred, Series AF 16 27,223,170 27,287,910 333,000 BCE Inc., 4.486% Preferred, Class H, Series 18 8,374,950 8,374,950 1,044,400 BCE Inc., 5.45% Preferred, Series AA 27,364,184 26,360,656 78,136 Bell Aliant Regional Communications Income Fund 2,584,949 2,307,356 490,000 Citizens Communications Co. 8,531,794 8,457,640 366,900 TELUS Corp. 14,161,738 21,610,410 260,677 TELUS Corp., NonVoting Shares 12,359,058 15,020,209 235,400 Verizon Communications Inc. 8,990,221 10,305,918 3,137,212 Vodafone Group 9,150,317 9,657,236 173,171,624 186,413,304 MATERIALS (7.3%) 24,831 Air Liquide* 4,816,829 6,988,661 595,800 Alcan Inc., Preferred, Series C* 15,252,343 15,872,112 579,600 Barrick Gold Corp. 17,881,171 19,092,024 496,440 Cameco Corp. 19,684,537 23,481,612 172,800 CCL Industries, Class B 3,957,884 6,419,520 361,600 Cia Vale do Rio Doce, ADR 9,901,202 15,442,751 535,500 Falconbridge Ltd., 6.5% Preferred, Series H* 14,003,325 13,917,645 274,600 Falconbridge Ltd., Preferred, Series 3 6,755,160 7,027,014 90,900 Holcim Ltd.* 7,272,283 10,509,120 490,000 Seaspan Corp. 14,815,291 15,155,864 643,740 St. Lawrence Cement Group Inc., * 15,900,441 25,749,600 130,240,466 159,655,923 INDUSTRIALS (6.9%) 131,500 Bombardier Inc., Preferred, Class B* 2,064,550 2,623,425 326,560 Caldwell Partners International Inc., 515,224 466,981 165,100 Canadian National Railway Co. 5,579,958 8,406,892 114,250 Canadian Pacific Railway Ltd. 4,558,817 7,420,538 386,400 Cancap Corp., 5.4% Preferred, 06/30/07 10,117,307 9,716,028 210,000 Danaos Corp. 6,065,787 6,386,266 516,100 General Electric Co. 21,578,111 21,069,684 262,800 Koninklijke Vopak NV* 10,040,487 17,022,038 INDUSTRIALS (6.9%) (cont d) 4,300,000 Macquarie Airports 15,280,082 16,026,192 290,000 Macquarie Infrastructure Co. Trust* 13,120,084 13,158,381 639,800 Quebecor World Inc., 6.9% Preferred, Series 5 17,041,720 16,058,980 1,119,100 Quebecor World Inc., Preferred, Series 3* 25,998,289 18,744,925 260,000 Russel Metals Inc. 7,283,740 7,423,000 110,900 Waste Management Inc. 4,576,285 4,405,834 28,300 WW Grainger Inc. 2,443,037 2,523,717 146,263,478 151,452,881 UTILITIES (5.2%) 2,092,500 Enel SpA 21,273,575 25,848,472 300,400 Fortis Inc.* 4,767,343 8,414,204 451,500 Fortis Inc., 4.9% Preferred* 11,287,500 11,580,975 442,000 Fortis Inc., 5.45% Preferred, Series C* 11,690,900 12,146,160 717,700 Fortis Inc., Preferred, Series E, Callable/Convertible 17,984,918 19,521,440 98,000 Fortis Inc., Subscription Receipts 2,548,000 2,744,980 47,400 Gaz de France 1,674,346 2,539,482 195,000 Kinder Morgan Energy Partners LP 11,395,822 11,860,207 360,000 TransCanada Pipelines Ltd., Preferred, Series Y 19,188,000 19,530,000 101,810,404 114,185,920 CONSUMER STAPLES (2.5%) 91,084 Altria Group Inc. 8,770,459 9,234,172 920,900 George Weston Ltd., 5.15% Preferred, Series 2* 24,618,379 24,311,760 92,550 InBev NV 4,215,945 7,714,522 30,550 Nestle SA, Registered Shares* 10,815,796 13,734,527 48,420,579 54,994,981 CONSUMER DISCRETIONARY (0.7%) 9,840 Idearc Inc. 278,906 398,762 303,400 Thomson Corp.* 13,001,402 14,505,554 13,280,308 14,904,316 Currency Codes: USD U.S. Dollar Total Bonds & Equities (95.4%) 1,892,480,140 2,085,138,047 Short Term Notes (4.0%) 86,898,557 86,898,557 DERIVATIVE INSTRUMENTS Foreign Currency Forward Contracts (0.1%) (see Schedule A) 920,482 Long Option Contracts (0.1%) (see Schedule B) 179,843 267,174 Total Return Swaps (0.1%) (see Schedule C) (2,349,509) Total Investments (99.5%) 1,979,558,540 2,170,874,751 Other Assets (net) (0.5%) 11,319,522 Total Net Assets (100.0%) 2,182,194,273 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 38

Signature Dividend Fund Statement of Investment Portfolio March 31, 2007 Schedule A Foreign Currency Forward Contracts (0.1%) Credit Market Contracts Pay Receive Price Due Date Rating Value $ 2 (20,000,000) European Euro 30,886,368 Canadian $ 1.54 31May07 A1 23,184 1 (16,500,000) Swiss Franc 15,925,257 Canadian $ 0.95 31May07 A1+ 194,180 1 (18,730,000) US $ 21,809,587 Canadian $ 1.15 16Apr07 A1 195,903 3 (19,539,000) US $ 22,858,390 Canadian $ 1.15 18Jun07 A1+ 353,826 2 (9,590,000) US $ 11,204,566 Canadian $ 1.15 31May07 A1 153,389 Total Foreign Currency Forward Contracts Value 920,482 Schedule B Long Option Contracts (0.1%) No. of underlying Underlying Expiry Strike Premium Paid Market Contracts Interest Interest Date Price (Received) $ Value $ 634 63,400 Kraft Foods Inc. Put 24Sep07 35.00 179,843 267,174 Total Long Option Contracts Value 179,843 267,174 Schedule C Total Return Swaps (0.1%) Accrued Total Name Due Date Notional Cost Market Value Gain/Loss Forward Fees Gain/Loss BNS Total Return Swap National Bank 15 Pref 5.85% 7Sep07 (740,000) (19,980,000) (20,828,196) (848,196) (19,542) (867,738) BNS Total Return Swap Transcanada Pipelines Ltd Series Y 5.6% 1Jun07 (360,000) (19,170,000) (20,641,109) (1,471,109) (10,662) (1,481,771) Total Return Swaps Value (2,349,509) All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 39

Signature Dividend Fund Financial Statements Statements of Net Assets (in $000 s except for per unit amounts and units outstanding) Assets Investments at market value* Cash Short term investments Margin for short sales Income taxes recoverable Daily variation margin on derivative investments Unrealized gain on derivative investments Cash collateral received for securities on loan (Note 5) Premium paid for options contract Receivable for unit subscriptions Receivable for securities sold Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Accrued expenses Unrealized loss on derivative investments Premium received from options contract Payable for securities purchased Payable for unit redemptions Payable for cash collateral under securities lending (Note 5) Investments sold short at market value* Distributions payable Net assets and unitholders' equity *Investments at cost Investments sold short at cost Net assets per class Class X Class Y Class Z Net asset value per unit Class X Class Y Class Z March 31, 2007 March 31, 2006 2,085,138 1,984,668 2,453 16,084 86,899 77,784 1,397 93 180 9,430 8,781 2,642 9,485 7,287 5,224 2,194,029 2,103,516 8 2 1,342 120 20,969 4,102 4,765 93 6,383 5,975 11,835 31,924 2,182,194 2,071,592 1,892,480 1,761,191 1,286,810 1,228,771 13,337 12,317 177,918 58,794 482,463 534,707 160 186 221,506 236,817 14.61 14.54 11.74 11.73 12.21 12.29 12.28 12.26 12.27 12.27 12.32 12.27 Statements of Operations (in $000 s except for per unit amounts) Income Dividends Interest Securities lending (Note 5) Derivative income (loss) Income distribution from investments Less: Foreign withholding taxes Expenses Management fees (Note 4) Administrative fees (Note 4) Interest expense Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments (see Schedule of Commissions) Realized gain (loss) on investments Foreign exchange gain (loss) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments per class Class X Class Y Class Z per unit (Note 2) Class X Class Y Class Z 66,125 74,222 12,934 9,676 442 368 (1,373) (988) 78,128 83,278 26,635 28,907 3,973 4,382 22 49 23 19 1,907 2,333 32,537 35,713 45,591 47,565 153,498 124,888 695 (315) (33,438) 102,158 120,755 226,731 166,346 274,296 95,029 144,326 1,124 1,428 11,946 7,575 40,536 85,167 13 29 17,698 35,771 1.12 2.03 0.96 1.71 1.16 2.00 1.00 1.82 1.04 1.85 0.97 1.77 Number of units outstanding (see Schedule of Fund Unit Transactions) Class X Class Y Class Z 88,053,493 84,523,775 1,135,648 1,050,062 14,567,871 4,782,019 39,283,199 43,614,691 13,001 15,136 17,977,506 19,301,930 40

Signature Dividend Fund Financial Statements Statements of Changes in Net Assets Statements of Changes in Net Assets (cont d) 1,228,771 739,301 302,439 508,048 81,275 38,592 (332,075) (321,925) 162,265 51,639 386,980 (67,227) (22,541) (21,402) (17,604) (1,691) (88,629) (41,836) 95,029 144,326 1,286,810 1,228,771 Class X 534,707 592,861 52,280 89,305 34,234 23,759 (139,601) (228,976) (53,087) (115,912) (29,934) (15,049) (9,759) (11,622) (738) (39,693) (27,409) 40,536 85,167 482,463 534,707 12,317 4,744 9,442 10,148 836 332 (9,275) (4,716) 822 1,003 6,586 (836) (232) (271) (192) (17) (1,107) (441) 1,124 1,428 13,337 12,317 Class Y 186 227 101 13 10 (39) (171) (26) (60) (10) (6) (3) (4) (13) (10) 13 29 160 186 58,794 58,598 119,296 40,541 12,608 2,903 (12,118) (47,919) 119,786 (4,475) (9,814) (1,574) (2,794) (1,277) (53) (12,608) (2,904) 11,946 7,575 177,918 58,794 Class Z 236,817 244,407 27,525 41,675 15,340 9,960 (59,137) (84,155) (16,272) (32,520) (12,657) (5,941) (4,080) (4,569) (331) (16,737) (10,841) 17,698 35,771 221,506 236,817 41

Signature Dividend Fund Financial Statements and Supplementary Schedules Statements of Changes in Net Assets (cont d) Schedule of Fund Unit Transactions Total Fund 2,071,592 1,640,138 510,982 689,818 144,306 75,556 (552,245) (687,862) 163,087 103,043 240,599 (120,478) (45,343) (38,309) (35,268) (2,830) (158,787) (83,441) 166,346 274,296 2,182,194 2,071,592 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 84,523,775 56,368,157 20,784,581 37,085,541 5,592,525 2,806,392 (22,847,388) (23,318,384) 11,582,069 88,053,493 84,523,775 1,050,062 448,575 805,807 916,820 71,517 29,892 (791,738) (417,949) 72,724 1,135,648 1,050,062 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 4,782,019 5,297,533 9,730,399 3,421,455 1,034,665 252,050 (979,212) (4,189,019) 14,567,871 4,782,019 Class X Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 43,614,691 53,670,653 4,270,770 7,737,088 2,801,052 2,061,872 (11,403,314) (19,854,922) 39,283,199 43,614,691 Class Y Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 15,136 20,506 9,039 1,098 860 (3,233) (15,269) 13,001 15,136 Class Z Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 19,301,930 22,106,937 2,243,061 3,612,632 1,252,110 862,941 (4,819,595) (7,280,580) 17,977,506 19,301,930 42

Signature Dividend Fund Financial Statements Supplementary Schedules Schedule of Commissions Brokerage commissions 1,207 2,049 Soft Dollar commissions 101 152 Schedule of Fees (%) Annual management fee rate Class X Class Y Class Z March 31, 2007 1.50 1.00 Paid directly by investor 1.00 0.75 1.30 Schedule of Loss Carry Forwards Net capital loss carried forward March 31, 2007 Annual fixed administration fee Class X Class Y Class Z 0.20 0.20 0.20 0.20 0.20 Noncapital losses expiring: 2007 2008 2009 2010 2014 2015 2026 Total Schedule of Securities Lending (Note 5) Loaned Collateral (noncash) March 31, 2007 March 31, 2006 371,411 257,911 389,300 278,423 A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. The accompanying notes are an integral part of these financial statements. 43

Signature High Income Fund Statement of Investment Portfolio March 31, 2007 CORPORATE BONDS (28.1%) USD 8,751,000 Ace Cash Express Inc. 10.25% 10/01/2014 9,944,742 10,406,551 USD 3,823,000 Advance Micro Devices 7.75% 11/01/2012 4,532,313 4,463,492 4,648,000 Advantage Energy Income Fund, Convertible 7.5% 10/01/2009 4,648,000 4,625,225 USD 6,538,000 American Railcar Industries Inc. 7.5% 03/01/2014 7,745,871 7,756,015 USD 2,215,318 Amkor Technology Inc. 10.5% 05/01/2009* 2,660,253 2,564,085 USD 8,007,000 Angiotech Pharmaceuticals Inc. 7.75% 04/01/2014* 8,700,397 8,420,043 USD 18,123,000 Aramark Term Loan 7.47% 01/27/2014 21,383,314 21,106,953 USD 9,196,000 Baker & Tylor 11.5% 07/01/2013 11,255,381 11,041,910 USD 11,900,000 Bank of Montreal Chicago 5.35% 03/12/2009 14,040,138 13,739,118 11,238,600 Bowater Inc. 10.85% 11/30/2014 12,257,418 12,210,177 USD 6,599,000 Bowater Inc., Callable 8.35488% 03/15/2010 8,649,497 7,637,908 USD 2,705,000 Cablevision Systems Corp. 9.87% 04/01/2009 3,330,720 3,310,435 USD 6,916,700 Calpine Generating Co. 11.5% 04/01/2011 8,111,007 8,346,612 499,000 Canada Housing Trust No. 1 4.6% 09/15/2011 510,941 508,496 USD 14,780,156 CanWest MediaWorks Inc. 8% 09/15/2012* 17,731,184 17,597,658 USD 2,176,000 Cascades Inc. 7.25% 02/15/2013 2,442,429 2,512,296 USD 2,848,000 CCH II LLC 10.25% 09/15/2010 3,274,878 3,464,890 5,000,000 CCIC 2006WEM 5.248% 01/15/2022 4,999,860 4,983,250 USD 1,224,000 CCO Holdings LLC 8.61625% 12/15/2010 1,401,639 1,441,430 USD 10,779,000 Charter Communications Holdings II LLC 10.25% 09/15/2010 13,164,974 13,129,338 USD 70,000 Charter Communications Holdings LLC 10% 04/01/2009 62,906 81,728 USD 2,339,000 Charter Communications Holdings LLC 10.25% 01/15/2010 2,596,587 2,717,365 USD 1,031,250 Charter Communications Holdings LLC 10.75% 10/01/2009 1,194,946 1,218,905 USD 2,628,000 Charter Communications Holdings LLC 8.625% 04/01/2009 2,506,775 3,034,152 USD 1,054,000 Charter Communications Holdings LLC 9.625% 11/15/2009 1,087,929 1,221,457 USD 2,856,000 Charter Communications Inc. 5.875% 11/16/2009 2,456,315 4,470,599 USD 3,006,000 Chemed Corp. 8.75% 02/24/2011 3,546,253 3,605,055 USD 18,841,000 Cincinnati Bell Inc. 8.375% 01/15/2014 22,856,458 22,242,273 8,370,000 CIT Group Holdings Inc. 4.72% 02/10/2011 8,366,652 8,400,969 6,000,000 Citigroup Finance Canada Inc. 4.37% 02/03/2011 5,999,100 6,009,780 4,600,000 Citigroup Finance Canada Inc. 4.39% 08/04/2009 4,598,574 4,595,492 USD 9,380,000 Clarke American Corp., Senior Notes, Series WI, Callable 11.75% 12/15/2013 10,854,487 12,508,255 474,000 Cominar REIT 6.3% 06/30/2014 520,334 632,743 USD 8,149,000 CoucheTard Finance Corp., Callable 7.5% 12/15/2013 10,097,680 9,667,141 12,830,000 Credit Agricole SA 4.39857% 10/06/2008 12,830,000 12,830,000 USD 2,268,000 CSC Holdings Inc 7.25% 07/15/2008 2,744,540 2,651,246 USD 260,000 CSC Holdings Inc. 7.625% 04/01/2011 296,005 307,687 USD 5,476,400 CSN Islands VIII Corp. 9.75% 12/16/2013 7,249,076 7,207,953 USD 3,364,200 Dex Media West LLC 9.875% 08/15/2013 4,752,413 4,233,701 USD 6,038,000 Dobson Communication Corp. 9.61% 10/15/2012 6,955,425 6,971,159 USD 7,274,000 Dollarama FRN 10.05857% 08/15/2012 8,334,020 8,440,171 CORPORATE BONDS (28.1%) (cont d) USD 4,744,000 Dollarama Group LP 8.875% 08/15/2012 5,589,522 5,709,955 USD 19,745,000 Domtar Inc. 7.875% 10/15/2011 20,907,870 23,879,382 USD 5,900,000 Dow Jones CDX HY 6.75% 06/29/2012 6,806,562 6,743,713 USD 5,250,000 Dow Jones CDX HY 7 T1 Series 7T1 8.375% 12/29/2011 6,445,817 6,280,798 USD 1,415,700 Dow Jones CDX HY T4 Series 34 10.5% 12/29/2009 1,961,472 1,646,752 4,320,000 Dundee REIT, Convertible Debenture 5.7% 03/31/2015* 4,320,000 5,572,800 4,530,000 Falconbridge Ltd. 8.5% 12/08/2008 4,639,531 4,818,788 3,008,000 First Capital Realty Inc. 5.5% 09/30/2017 3,136,442 3,098,240 4,800,000 First Capital Realty Inc., Restricted Shares 5.5% 09/30/2017 4,848,000 4,944,000 USD 5,210,000 Flextronics International Ltd. 6.5% 05/15/2013 5,908,813 5,955,042 USD 9,661,000 FMG Finance Pty. Ltd. 10% 09/01/2013 12,327,829 12,130,068 USD 13,318,000 FMG Finance Pty. Ltd. 10.625% 09/01/2016 17,819,532 17,682,707 USD 6,404,000 Foot Locker Inc. 8.5% 01/15/2022 7,305,643 7,550,841 USD 2,581,000 FreeportMcMoRan Copper & Gold Inc. 8.25% 04/01/2015 3,127,072 3,207,104 EUR 2,719,000 FS Funding AS 9.48881% 05/15/2016 3,810,345 4,277,069 EUR 7,866,700 Gaz Capital for Gazprom 7.8% 09/27/2010 12,147,595 13,322,060 11,700,000 General Electric Capital Corp. 4.48786% 08/27/2008 11,722,335 11,722,347 USD 5,150,000 General Motors Acceptance Corp. 7.75% 01/19/2010 5,822,654 6,080,120 USD 30,698,900 Gerdau Ameristeel Corp. 10.375% 07/15/2011 41,859,373 37,658,555 2,090,000 GMAC Canada Ltd. 4.55% 09/17/2007 1,986,754 2,076,624 3,150,000 GMAC Canada Ltd. 6.15% 06/20/2007 3,098,025 3,156,016 USD 10,502,000 Goodyear Tire 11% 03/01/2011 13,235,988 13,322,410 USD 2,385,000 Great Canadian Gaming Corp. 6.86% 02/12/2014 2,778,878 2,753,596 USD 9,884,000 Great Canadian Gaming Corp. 7.25% 02/15/2015 11,736,568 11,482,872 6,200,000 Greater Toronto Airports Authority 4.48857% 10/24/2008 6,200,000 6,200,000 USD 6,437,000 H&E Equipment Services Inc. 8.375% 07/15/2016 8,011,369 7,896,313 USD 6,348,000 Harrah s Operating Co. Inc. 5.625% 06/01/2015 6,079,700 6,321,322 8,145,000 HBOS Treasury Services PLC 4.42286% 09/29/2009 8,145,000 8,149,887 USD 14,786,000 HealthSouth Corp. 10.75% 06/15/2016 16,013,519 18,564,868 USD 10,865,400 HealthSouth Corp. 8.15% 03/10/2013 12,734,546 12,623,027 USD 3,194,000 HealthSouth Corp., Callable 10.75% 10/01/2008 3,474,051 3,706,064 USD 1,108,000 Herbst Gaming Inc. 8.125% 06/01/2012 1,287,837 1,296,828 USD 3,627,000 Hertz Corp. 8.875% 01/01/2014 4,222,116 4,423,094 USD 11,722,000 Hexion US/NOVA 9.75% 11/15/2014 14,591,709 14,193,372 USD 7,541,000 Horizon PCS Inc., Callable 11.375% 07/15/2012 10,396,158 9,642,387 USD 5,417,000 Hughes Network 9.5% 04/15/2014 6,564,117 6,676,343 USD 4,832,000 Intelsat Bermuda Ltd. 8.87563% 01/15/2015 5,749,762 5,578,775 USD 21,911,000 Intelsat Bermuda Ltd., Callable 11.25% 06/15/2016 27,824,936 28,672,821 USD 3,137,000 IPC US REIT (USD) 5.75% 09/30/2012 3,650,617 3,934,379 USD 11,988,600 IPSCO Inc. 8.75% 06/01/2013 15,371,872 14,844,914 USD 18,109,000 Iron Mountain Inc. 7.5% 03/15/2017 18,106,494 18,109,000 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 44 CIG 686

Signature High Income Fund Statement of Investment Portfolio March 31, 2007 CORPORATE BONDS (28.1%) (cont d) 14,507,000 Iron Mountain Inc. 8.625% 04/01/2013 17,363,866 17,234,746 USD 24,244,400 Jean Coutu Group Inc. 8.5% 08/01/2014 29,159,199 30,405,569 USD 4,429,000 K. Hovnanian Enterprises 6% 01/15/2010 4,567,979 4,806,683 USD 2,735,000 K. Hovnanian Enterprises 8.875% 04/01/2012* 2,965,955 3,039,275 USD 23,388,000 Levi Strauss & Co. 12.25% 12/15/2012 31,213,072 29,635,313 USD 9,141,000 Levi Strauss & Co. 9.28% 04/01/2012 10,833,330 10,764,796 USD 5,116,000 Lyondell Chemical Co. 8% 09/15/2014 5,812,777 6,187,233 USD 1,209,000 Macdermaid Inc. 9.5% 04/15/2017 1,400,019 1,395,848 USD 37,237,752 Masonite International Corp. 11% 04/06/2015 45,664,711 39,983,270 USD 3,695,000 Medcath Holdings 9.875% 07/15/2012 4,502,996 4,618,003 USD 6,648,000 Mercer International Inc. 9.25% 02/15/2013 6,619,286 7,694,622 6,970,000 Met Life Global Funding 4.35% 02/10/2009 6,964,215 6,886,081 USD 9,040,000 Metals USA Inc. 11.365% 01/15/2012 10,428,115 10,228,370 USD 2,830,000 Metropcs Wireless Inc. 9.25% 11/01/2014 3,228,738 3,455,244 USD 7,233,000 MGM Mirage Inc. 5.875% 02/27/2014 7,926,738 7,766,285 USD 8,088,000 MGM Mirage Inc. 8.5% 09/15/2010 9,800,563 9,979,969 USD 13,744,200 Mobifon Holdings BV 12.5% 07/31/2010 20,551,597 17,177,473 4,180,000 Molson Coors Capital Finance Co., Senior Notes 5% 09/22/2015 4,098,374 4,144,261 6,970,000 NAV Canada 4.428% 02/24/2011 6,970,000 7,002,829 USD 9,972,000 Neff Rental LLC 11.25% 06/15/2012 12,248,104 12,779,597 USD 9,021,000 Neiman Marcus Group Inc. 10.375% 10/15/2015* 10,911,844 11,612,921 USD 5,994,400 Norcross Safety Products LLC 9.875% 08/15/2011 8,266,564 7,336,070 USD 15,441,000 NXP Funding LLC 7.875% 10/15/2014 18,460,535 18,406,762 USD 16,645,000 OPTI Canada 8.25% 12/15/2014 19,774,781 19,986,145 USD 9,085,000 Owens Brockway Glass Container Inc. 8.75% 11/15/2012 10,960,445 11,039,742 USD 4,801,000 Panolam Industries International Inc. 10.75% 10/01/2013 5,525,953 5,958,708 USD 4,374,000 Park Place Entertainment Corp. 7% 04/15/2013 5,081,472 5,365,616 USD 18,127,000 Pathmark Stores Inc. 8.75% 02/01/2012 20,370,095 21,634,824 USD 2,967,000 Paxon Communication Corp. 8.31825% 01/15/2012 3,414,043 3,502,618 4,426,000 Pembina Pipeline Income Fund 7.35% 12/31/2010 4,439,563 5,621,020 USD 11,511,000 Petroquest Energy Inc. 10.375% 05/15/2012 14,119,965 13,888,049 6,125,000 Progress Energy Trust 6.75% 06/30/2010 6,125,000 6,201,562 3,751,000 Provident Energy Trust 8.75% 12/31/2008 3,821,239 4,368,415 4,069,000 Province Healthcare Co. 7.5% 06/01/2013 5,557,487 4,768,323 USD 4,294,000 Rathgibson Inc. 11.25% 02/15/2014 5,388,973 5,230,298 5,580,000 RBC Capital Trust 4.87% 12/31/2050 5,567,054 5,574,978 USD 4,596,000 Remington Arms Co. Inc. 10.5% 02/01/2011 5,046,361 5,306,302 USD 4,825,000 RH Donnelley Finance Corp. 10.875% 12/15/2012 7,011,410 6,058,129 USD 3,595,000 Rhodia SA 8.875% 06/01/2011 4,267,521 4,321,355 16,966,000 Rogers Wireless Inc. 7.625% 12/15/2011 17,226,028 18,873,148 USD 2,002,000 Rogers Wireless Inc. 8% 12/15/2012 2,379,735 2,444,310 USD 6,640,000 Rural Cellular Corp. 11.23875% 11/01/2012 7,761,713 7,972,845 USD 7,191,000 Rural Cellular Corp. 8.25% 03/15/2012 8,599,243 8,675,959 USD 2,998,000 Rural Cellular Corp. 9.75% 01/15/2010* 3,508,549 3,565,174 USD 2,782,000 Sabine Pass Lng 7.25% 11/30/2013 3,153,265 3,236,042 7,975,000 Saskatchewan Wheat Pool Inc. 8% 04/08/2013 7,982,908 8,254,125 7,073,000 Shaw Communications Inc. 7.5% 11/20/2013 7,131,884 7,893,822 5,604,000 Sherritt International Corp. 7.875% 11/26/2012 5,672,149 5,888,067 CORPORATE BONDS (28.1%) (cont d) USD 7,303,000 Skilled Healthcare 11.5% 01/15/2014 9,170,797 9,380,224 2,069,000 Speciality Foods 12/14/2011 7,499,800 2,069,000 USD 6,146,000 Station Casinos 6% 04/01/2012 6,702,056 6,874,105 USD 2,536,000 STATS ChipPAC Ltd. 7.5% 07/19/2010 3,011,474 3,045,695 USD 2,337,000 Steel Dynamics Inc. 6.75% 04/01/2015 2,712,103 2,698,178 2,101,000 Stelco Inc. 02/01/2099 635,552 231,110 USD 11,501,000 Stelco Inc. 10.61% 03/31/2016 13,989,526 13,809,592 5,363,300 Swift Trust 5.3% 05/06/2007 5,251,864 5,363,193 USD 7,670,000 The Mosaic Co. 7.375% 12/01/2014 9,121,881 9,209,597 9,575,800 Timberwest Forest Corp. 7% 10/01/2007 9,620,605 9,664,951 USD 10,836,000 United Rentals North America Inc. 7.75% 11/15/2013 12,879,032 12,854,723 USD 2,481,000 US Oncology Holdings Inc. 9.79688% 03/15/2012 2,867,965 2,893,077 2,138,000 Vault Energy Trust 8% 06/30/2010 2,138,000 2,138,000 5,692,600 Harvest Energy Trust 10.5% 01/31/2008 5,759,155 5,892,410 6,000,000 Woodbridge Finance Corp. 4.46286% 09/08/2008 6,000,000 6,000,000 3,205,000 YPG Holdings Inc. 5.25% 02/15/2016 3,169,084 3,147,983 1,232,832,161 1,231,661,600 COMMON EQUITIES (23.2%) 19,400 Air Liquide 5,219,493 5,460,111 172,379 Altria Group Inc.* 16,525,638 17,475,928 252,500 American Capital Strategies Ltd* 11,638,997 12,917,398 239,000 Amica Mature Lifestyles Inc. 2,246,600 3,059,200 253,720 Bank of America Corp. 13,538,016 14,945,383 291,700 Bank of Montreal 17,353,841 20,337,324 415,200 Bank of Nova Scotia 17,608,872 22,084,488 239,400 Barrick Gold Corp. 8,787,979 7,885,836 786,812 BCE Inc. (CAD)* 22,893,790 25,689,412 296,676 BNP Paribas 36,177,361 35,774,249 139,900 Caldwell Partners International Inc., 216,246 200,057 382,800 Cameco Corp. 16,591,409 18,106,440 229,852 Canadian Imperial Bank of Commerce 17,136,773 23,028,872 128,700 Canadian National Railway Co. 6,824,114 6,553,404 89,000 Canadian Pacific Railway Ltd. 5,634,079 5,780,550 74,100 CCL Industries, Class B 2,396,864 2,752,815 282,000 Cia Vale do Rio Doce, ADR 11,442,584 12,043,296 300,000 Citigroup Inc. 17,874,134 17,782,345 381,700 Citizens Communications Co.* 5,988,342 6,588,329 163,400 Danaos Corp. 3,839,391 4,969,123 912,000 Enbridge Inc. 35,037,150 34,345,920 241,600 EnCana Corp. 13,553,854 14,109,440 1,704,200 Enel SpA 16,820,432 21,051,836 1,303,800 Fort Chicago Energy Partners LP 15,005,070 13,689,900 128,700 Fortis Inc.* 3,507,175 3,604,887 192,000 Fortis Inc., Subscription Receipts 4,992,000 5,377,920 37,300 Gaz de France 1,968,966 1,998,368 403,200 General Electric Co. 16,620,033 16,460,563 144,550 Great Canadian Gaming Corp.* 1,757,923 1,714,363 39,000 Holcim Ltd.* 4,620,994 4,508,863 102,800 Husky Energy Inc. 7,966,431 8,291,848 39,095 Idearc Inc. 1,079,663 1,584,310 439,200 Imperial Oil Ltd. 18,634,404 18,797,760 57,200 InBev NV 4,632,569 4,767,916 415,000 ING Groep NV 20,900,738 20,256,234 *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 45

Signature High Income Fund Statement of Investment Portfolio March 31, 2007 COMMON EQUITIES (23.2%) (cont d) 7,049,300 Inter Pipeline Fund 60,043,746 65,417,504 150,800 Kinder Morgan Energy Partners LP 8,230,062 9,171,894 135,134 Kinder Morgan Management LLC 6,990,125 7,994,396 764,000 KKR Private Equity Investors LP 21,162,731 21,390,306 112,600 Koninklijke Vopak NV 6,932,420 7,293,308 1,436,470 Lloyds TSB Group PLC 14,936,085 18,274,869 3,112,600 Macquarie Airports 8,271,329 11,600,727 243,100 Macquarie Infrastructure Co. Trust* 8,137,360 11,030,353 1,142,400 Macquarie Media Group Ltd. 4,762,887 4,759,289 85,700 Manulife Financial Corp. 3,314,019 3,402,290 23,100 Nestle SA, Registered Shares 10,138,866 10,385,191 117,300 Nexen Inc. 7,899,265 8,295,456 798,700 Otelco Inc. 15,009,488 19,208,120 328,300 PetroCanada 14,363,476 14,822,745 477,000 Power Financial Corp. 19,097,763 18,593,460 1,426,000 Primary Energy Recycling Corp. 14,474,263 12,819,740 942,800 Resolve Business Outsourcing 8,813,066 8,004,372 674,080 Royal Bank of Canada 28,039,192 38,759,600 196,400 Russel Metals Inc. 2,159,934 5,607,220 382,100 Seaspan Corp. 9,134,334 11,818,481 275,900 St. Lawrence Cement Group Inc., 8,362,629 11,036,000 420,360 Student Transportation of America Inc. 5,639,775 4,771,086 1,550 Sumitomo Mitsui Financial Group Inc. 17,472,697 16,249,299 182,000 Sun Life Financial Inc. 9,348,367 9,558,640 344,000 Suncor Energy Inc. 28,982,055 30,220,400 339,500 Talisman Energy Inc. 6,891,255 6,878,270 298,300 TELUS Corp. 17,902,894 17,569,870 211,300 TELUS Corp., NonVoting Shares 12,390,049 12,175,106 230,000 Thomson Corp. 11,216,880 10,996,300 992,000 Timberwest Forest Corp., Stapled Units 12,683,520 18,242,880 897,292 TorontoDominion Bank 57,796,741 62,290,011 115,300 Total SA 9,210,967 9,326,350 624,100 TransCanada Corp.* 23,652,403 23,934,235 256,000 UBS AG* 17,638,294 17,558,566 196,900 Verizon Communications Inc.* 7,136,386 8,620,371 2,605,698 Vodafone Group 6,676,501 8,021,084 87,500 Waste Management Inc. 3,515,713 3,476,199 22,200 WW Grainger Inc. 2,033,441 1,979,735 937,492,903 1,015,548,411 INCOME TRUSTS (14.6%) 1,237,341 AltaGas Income Trust 26,557,780 30,265,361 1,274,430 Arctic Glacier Income Fund 15,666,601 16,198,005 190,800 Armtec Infrastructure Income Fund 2,952,822 3,268,404 517,700 Autocanada Income Fund Unit 5,314,604 5,461,735 341,578 Bell Aliant Regional Communications Income Fund 11,452,884 10,086,798 718,430 BFI Canada Income Fund 15,961,196 18,219,385 866,700 Boston Pizza Royalties Income Fund 12,107,616 12,913,830 717,200 Canadian Helicopters Income Fund 7,016,055 7,172,000 2,168,800 Canadian Oil Sands Trust 35,025,345 61,290,288 1,898,200 Canexus Income Fund 18,096,024 13,040,634 1,264,950 CanWel Building Materials Income Fund 10,980,802 4,933,305 91,500 CCS Income Trust 1,953,464 3,354,390 1,510,500 CI Financial Income Fund 45,794,725 41,689,800 1,233,800 Cineplex Galaxy Income Fund 16,315,846 19,358,322 INCOME TRUSTS (14.6%) (cont d) 718,900 CML Healthcare Income Fund 8,662,734 10,316,215 236,300 Colabor Income Fund 2,373,102 2,301,562 319,600 Consumers' Waterheater Income Fund 4,207,892 4,771,628 1,136,700 Contrans Income Fund* 14,395,467 11,821,680 983,600 Davis & Henderson Income Fund 14,637,851 16,327,760 300,600 Energy Savings Income Fund 4,995,596 3,877,740 747,100 Enerplus Resources Fund 26,100,258 36,383,770 34,600 Gateway Casinos Income Fund 558,592 685,426 315,100 Genivar Income Fund Trust 3,165,367 4,852,540 845,900 Jazz Air Income Fund 8,406,710 6,927,921 561,800 Keyera Facilities Income Fund 7,850,758 9,809,028 649,700 Labrador Iron Ore Royalty Income Fund 11,514,579 17,574,385 559,500 Liquor Stores Income Fund 8,603,861 12,197,100 637,500 Livingston International Income Fund 14,982,901 12,660,750 326,750 Morneau Sobeco Income Fund 3,314,150 4,133,388 983,926 Mullen Group Income Fund 27,244,735 17,956,650 1,249,200 Newport Partners Income Fund 11,408,565 7,557,660 724,300 OFI Income Fund 7,234,860 6,004,447 676,200 Pembina Pipeline Income Fund* 8,807,849 10,724,532 352,556 Pengrowth Energy Trust (CAD)* 8,640,644 6,857,214 356,000 Pizza Pizza Royalty Income Fund 3,339,606 3,204,000 366,700 Pollard Banknote Income Fund 4,002,117 3,703,670 1,002,840 Royal Utilities Income Fund 10,429,399 12,034,080 2,200,600 Spectra Energy Income Fund 25,121,349 21,895,970 477,700 Supremex Income Fund 4,775,213 4,275,415 3,056,400 Teranet Income Fund 30,486,992 28,699,596 675,100 Total Energy Services Trust 8,658,192 7,844,662 1,848,385 TransForce Income Fund 28,093,386 25,877,390 480,200 UE Waterheater Income Fund* 5,865,063 7,443,100 323,100 Wajax Income Fund 6,514,503 10,439,361 4,484,110 Yellow Pages Income Fund 61,971,286 61,073,578 388,350 Yellow Pages Income Fund, Warrants (14Dec07) 29,126 611,559,341 637,513,601 REITS (13.0%) 593,400 Alexis Nihon REIT 6,417,219 11,037,240 970,600 Allied Properties REIT 11,566,840 20,382,600 1,091,886 Artis REIT 14,578,618 18,234,496 3,058,393 Calloway REIT* 64,091,305 85,298,581 1,077,100 Canadian Apartment Properties REIT* 12,673,622 22,199,031 784,100 Canadian Hotel Income Properties REIT 6,213,104 12,035,935 2,674,900 Chartwell Seniors Housing REIT 30,469,967 38,037,078 1,854,900 Cominar REIT 21,995,237 43,775,640 799,300 Crombie REIT 7,793,217 11,110,270 816,600 Dundee REIT* 17,795,451 32,419,020 3,608,500 H&R REIT 55,398,754 88,841,270 2,645,897 InnVest REIT* 24,056,840 36,513,379 5,048,690 InStorage REIT 7,320,600 7,219,627 469,000 InterRent REIT 2,579,500 2,438,800 263,100 IPC US REIT (USD) 2,835,090 3,617,800 1,551,200 Primaris Retail REIT 13,630,999 31,520,384 4,170,500 RioCan REIT 69,666,890 103,595,220 369,083,253 568,276,371 *Denotes all or part of securities lent. CI Investments Inc., the manager, is a corporation controlled by CI Financial Income Fund. Sun Life Financial Inc. owns a significant interest in CI Financial Income Fund, and is therefore, considered an affiliate to CI Investments Inc. Investments in CI Financial Income Fund and Sun Life Financial Inc. are identified above. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 46

Signature High Income Fund Statement of Investment Portfolio March 31, 2007 ROYALTY TRUSTS (8.5%) 4,525,500 ARC Energy Trust* 79,971,222 96,166,875 1,691,800 Bonavista Energy Trust 41,222,137 52,192,030 1,052,000 Crescent Point Energy Trust* 15,497,973 19,440,960 1,438,000 Focus Energy Trust* 21,381,566 25,711,440 80,920 High Arctic Energy Services Trust 812,368 232,240 678,223 Keg Royalties Income Fund 8,092,842 8,715,166 805,800 Northland Power Income Fund 11,395,103 9,854,934 2,210,400 Penn West Energy Trust 62,022,903 75,087,288 2,255,300 Progress Energy Trust 29,200,055 29,476,771 564,500 Royal LePage Franchise Services Fund 5,840,572 7,191,730 1,454,200 Vermilion Energy Trust* 24,434,361 45,952,720 299,871,102 370,022,154 PREFERRED EQUITY (1.5%) 770 ION Media Networks Inc., 14.25% Preferred 7,571,009 6,956,439 1,648,200 Nortel Networks Corp., Preferred, Series 7, * 27,874,607 30,903,750 1,240,000 Nortel Networks Ltd., Preferred, Series F* 21,614,683 24,180,000 1,600 Rural Cellular Corp., 11.375% Preferred, Series B 1,532,993 2,373,750 58,593,292 64,413,939 GOVERNMENT BONDS (0.8%) 11,200,000 Canadian Government Bond 3% 06/01/2007* 11,131,837 11,177,264 1,072,000 Canadian Government Bond 3.75% 09/01/2011* 1,064,080 1,060,744 2,000,000 Canadian Government Bond 4% 06/01/2016* 1,992,000 1,982,200 3,260,000 Canadian Government Bond 5.25% 06/01/2013* 3,591,868 3,470,922 17,346,000 Canadian Government Bond 6% 06/01/2008* 17,780,793 17,718,766 35,560,578 35,409,896 Schedule A Foreign Currency Forward Contracts (0.3%) Credit Market Contracts Pay Receive Price Due Date Rating Value $ 1 (11,297,550) Canadian $ 12,300,000 Australian $ 0.93 31May07 A1+ 147,882 1 (25,500,000) Australian $ 23,460,000 Canadian $ 0.93 31May07 A1+ (268,335) 3 (27,023,000) European Euro 41,874,325 Canadian $ 1.54 31May07 A1 173,534 6 (107,890,000) US $ 126,140,913 Canadian $ 1.15 31May07 A1 1,812,289 6 (142,292,252) US $ 165,613,998 Canadian $ 1.15 25May07 A1 1,611,648 4 (351,836,960) US $ 411,660,865 Canadian $ 1.15 18Jun07 A1+ 6,423,263 1 (79,186,500) US $ 93,432,151 Canadian $ 1.15 11Apr07 A1+ 2,040,319 1 (8,900,000) US $ 10,363,338 Canadian $ 1.15 16Apr07 A1 93,088 Total Foreign Currency Forward Contracts Value 12,033,688 Schedule B Long Option Contracts (0.1%) No. of underlying Underlying Expiry Strike Premium Paid Market Contracts Interest Interest Date Price (Received) $ Value $ 1,198 119,800 Kraft Foods Inc. Put 24Sep07 35.00 339,813 504,850 Total Long Option Contracts Value 339,813 504,850 Total Bonds & Equities (89.7%) 3,544,992,630 3,922,845,972 Short Term Notes (9.4%) 410,194,862 410,194,862 DERIVATIVE INSTRUMENTS Foreign Currency Forward Contracts (0.3%) (see Schedule A) 12,033,688 Long Option Contracts (0.1%) (see Schedule B) 339,813 504,850 Total Investments (99.5%) 3,955,527,305 4,345,579,372 Other Assets (net) (0.5%) 30,896,688 Total Net Assets (100.0%) 4,376,476,060 Currency Codes: EUR Euro Currency USD U.S. Dollar *Denotes all or part of securities lent. All common shares unless otherwise noted. Percentages shown in brackets relate investments at market value to total net assets of the Fund. 47

Signature High Income Fund Financial Statements Statements of Net Assets (in $000 s except for per unit amounts and units outstanding) Assets Investments at market value* Cash Short term investments Margin for short sales Income taxes recoverable Daily variation margin on derivative investments Unrealized gain on derivative investments Cash collateral received for securities on loan (Note 5) Premium paid for options contract Receivable for unit subscriptions Receivable for securities sold Receivable for dividends and accrued interest Liabilities Bank overdraft Management fees payable Accrued expenses Unrealized loss on derivative investments Premium received from options contract Payable for securities purchased Payable for unit redemptions Payable for cash collateral under securities lending (Note 5) Investments sold short at market value* Distributions payable Net assets and unitholders' equity March 31, 2007 March 31, 2006 3,922,846 3,798,976 17,702 410,195 418,574 12,199 340 25,309 32,211 2,240 1,288 41,131 39,100 4,431,962 4,290,149 8,938 11 4,885 26,446 16,854 7,797 7,325 21,232 19,944 55,486 57,946 4,376,476 4,232,203 Statements of Operations (in $000 s except for per unit amounts) Income Dividends Interest Securities lending (Note 5) Derivative income (loss) Income distribution from investments Less: Foreign withholding taxes Expenses Management fees (Note 4) Administrative fees (Note 4) Interest expense Legal fees Audit fees Goods and services tax Net income (loss) for the period Realized and unrealized gain (loss) on investments (see Schedule of Commissions) Realized gain (loss) on investments Foreign exchange gain (loss) Capital gain distribution from investments Change in unrealized appreciation (depreciation) of investments Net gain (loss) on investments 41,186 34,745 232,197 230,643 773 1,819 479 (3,192) (1,123) 271,443 266,084 34,286 39,155 5,514 6,204 64 180 46 39 2,483 3,181 42,347 48,805 229,096 217,279 168,448 222,030 3,308 (2,942) (172,330) 264,041 (574) 483,129 228,522 700,408 *Investments at cost Investments sold short at cost Net assets per class Net asset value per unit 3,544,993 3,231,709 2,557,684 2,811,700 35,148 34,023 1,783,644 1,386,480 15.78 15.93 14.36 14.52 14.37 14.57 per class per unit (Note 2) 124,208 485,560 1,871 5,158 102,443 209,690 0.74 2.95 0.74 2.75 0.89 2.88 Number of units outstanding (see Schedule of Fund Unit Transactions) 162,101,541 176,503,152 2,447,305 2,342,940 124,142,928 95,168,420 48

Signature High Income Fund Financial Statements Statements of Changes in Net Assets Statements of Changes in Net Assets (cont d) 2,811,700 2,010,055 613,521 1,337,770 132,405 170,089 (969,498) (990,605) (223,572) 517,254 (42,387) (58,587) (112,265) (142,582) (154,652) (201,169) 124,208 485,560 2,557,684 2,811,700 1,386,480 460,709 641,688 1,117,826 124,213 98,307 (346,967) (400,303) 418,934 815,830 (34,512) (28,752) (89,701) (70,997) (124,213) (99,749) 102,443 209,690 1,783,644 1,386,480 34,023 16,547 16,231 28,812 1,831 1,806 (16,542) (16,037) 1,520 14,581 (622) (661) (1,644) (1,602) (2,266) (2,263) 1,871 5,158 35,148 34,023 Total Fund 4,232,203 2,487,311 1,271,440 2,484,408 258,449 270,202 (1,333,007) (1,406,945) 196,882 1,347,665 (77,521) (88,000) (203,610) (215,181) (281,131) (303,181) 228,522 700,408 4,376,476 4,232,203 49

Signature High Income Fund Financial Statements Supplementary Schedules Schedule of Fund Unit Transactions Schedule of Commissions Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 176,503,152 141,759,640 39,126,840 89,276,527 8,429,132 11,262,199 (61,957,583) (65,795,214) 162,101,541 176,503,152 Brokerage commissions 2,865 4,431 Soft Dollar commissions 239 328 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 2,342,940 1,281,529 1,133,532 2,094,906 127,934 130,906 (1,157,101) (1,164,401) 2,447,305 2,342,940 Schedule of Loss Carry Forwards Net capital loss carried forward March 31, 2007 Balance, beginning of period Units issued for cash Units issued for reinvested distributions (Note 6) Units redeemed Units issued on fund merger (Note 1) Balance, end of period 95,168,420 35,622,034 44,864,283 81,719,117 8,666,602 7,092,412 (24,556,377) (29,265,143) 124,142,928 95,168,420 Noncapital losses expiring: 2007 2008 2009 2010 2014 2015 2026 Total Schedule of Securities Lending (Note 5) Loaned Collateral (noncash) March 31, 2007 March 31, 2006 549,208 196,784 584,794 212,435 Schedule of Fees (%) Annual management fee rate March 31, 2007 1.25 0.75 Paid directly by investor Annual fixed administration fee 0.20 0.20 A portion of brokerage commissions paid was used to cover research and market data services, termed soft dollar commissions. This amount has been estimated by the Manager of the Fund. The accompanying notes are an integral part of these financial statements. 50

Notes to the Financial Statements CI Mutual Funds 1. THE FUNDS The following funds are openended mutual fund trusts created under the laws of Ontario by declarations of trust or share classes of a corporation incorporated under the laws of Ontario. CI Funds Inception Date of Units Inception Date of Units Inception Date of Units CI Alpine Growth Equity Fund* May 1, 1997 December 13, 1999 May 31, 2006 (Formerly Clarica Alpine Growth Equity Fund) CI American Equity Fund** May 25, 1989 July 17, 2000 July 31, 2001 (Formerly BPI American Equity Fund) CI American Small Companies Fund September 9, 1985 July 17, 2000 July 31, 2001 CI American Value Fund May 27, 1957 November 17, 2000 November 1, 1996 CI Canadian Asset Allocation Fund September 1, 1992 November 17, 2000 November 1, 1996 CI Canadian Bond Fund January 20, 1993 July 17, 2000 July 31, 2001 CI Canadian Investment Fund November 16, 1932 November 17, 2000 November 1, 1996 CI Canadian Small/Mid Cap Fund* November 1, 1992 December 13, 1999 June 20, 2005 (Formerly Clarica Canadian Small/Mid Cap Fund) CI Emerging Markets Fund September 10, 1991 July 17, 2000 July 31, 2001 CI European Fund September 10, 1991 July 31, 2001 May 25, 2004 CI Global Fund February 28, 1986 July 17, 2000 July 31, 2001 CI Global Bond Fund August 31, 1992 July 17, 2000 July 31, 2001 CI Global Small Companies Fund April 7, 1993 July 17, 2000 July 31, 2001 CI Global Value Fund June 12, 1996 July 17, 2000 July 31, 2001 CI International Balanced Fund September 29, 1994 July 17, 2000 July 31, 2001 CI International Fund August 5, 1999 July 17, 2000 August 29, 2003 CI International Value Fund June 12, 1996 July 31, 2001 July 31, 2001 CI LongTerm Bond Fund June 15, 1989 November 17, 2000 November 1, 1996 CI Money Market Fund October 1, 1990 July 31, 2001 July 31, 2001 CI Mortgage Fund* May 1, 1993 December 13, 1999 August 28, 2006 (Formerly Clarica Premier Mortgage Fund) CI Pacific Fund October 31, 1981 July 17, 2000 July 31, 2005 CI ShortTerm Bond Fund May 31, 1976 November 17, 2000 November 1, 1996 CI US Money Market Fund January 30, 1995 Portfolio Select Series Select Staging Fund November 7, 2005 November 7, 2005 Select Income Managed Fund November 27, 2006 Select Canadian Equity Managed Fund November 27, 2006 Select U.S. Equity Managed Fund November 27, 2006 Select International Equity Managed Fund November 27, 2006 Harbour Funds Harbour Fund June 27, 1997 July 17, 2000 July 31, 2001 Harbour Growth & Income Fund June 27, 1997 July 31, 2001 July 31, 2001 Signature Funds Signature Canadian Balanced Fund June 25, 1997 July 17, 2000 July 18, 2003 Signature Canadian Resource Fund April 11, 1997 July 31, 2001 Signature Corporate Bond Fund December 17, 2001 July 15, 2003 July 15, 2003 Signature Dividend Fund October 29, 1996 July 31, 2001 August 29, 2003 Signature Global Income & Growth Fund February 22, 2007 February 22, 2007 February 22, 2007 Signature High Income Fund December 18, 1996 July 31, 2001 August 28, 2002 Signature Income & Growth Fund October 14, 1994 July 31, 2001 March 29, 2005 Signature Select Canadian Fund May 13, 1998 July 17, 2000 July 31, 2001 Synergy Funds Synergy American Fund August 31, 1992 July 17, 2000 July 31, 2001 Synergy Focus Canadian Equity Fund*** (Formerly Synergy Extreme Canadian Equity Fund) April 10, 2000 November 13, 2000 _ Synergy Focus Global Equity Fund*** (Formerly Synergy Extreme Global Equity Fund) January 26, 2001 January 26, 2001 _ Synergy Tactical Asset Allocation Fund September 18, 1998 November 13, 2000 August 22, 2002 51

Notes to the Financial Statements CI Mutual Funds THE FUNDS (cont d) Inception Date of Units Inception Date of Units Inception Date of Units Portfolio Series Funds Portfolio Series Balanced Fund**** (Formerly CI Canadian Balanced Portfolio) November 9, 1988 November 17, 2000 November 1, 1996 Portfolio Series Conservative Fund**** (Formerly CI Canadian Conservative Portfolio) December 1, 1997 November 17, 2000 December 1, 1997 Portfolio Series Income Fund**** (Formerly CI Canadian Income Portfolio) December 1, 1997 November 17, 2000 December 1, 1997 Portfolio Series Balanced Growth Fund**** (Formerly CI Global Balanced Portfolio) December 17, 2001 December 17, 2001 November 8, 2005 Portfolio Series Conservative Balanced Fund**** (Formerly CI Global Conservative Portfolio) December 17, 2001 December 17, 2001 October 31, 2005 Portfolio Series Growth Fund**** (Formerly CI Global Growth Portfolio) December 17, 2001 December 17, 2001 October 11, 2002 Portfolio Series Maximum Growth Fund**** (Formerly CI Global Maximum Growth Portfolio) December 17, 2001 December 17, 2001 October 31, 2005 *Name change effective June 20, 2005. **Name change effective November 28, 2005. ***Name change effective June 30, 2006. ****Name change effective July 12, 2006. The following Funds offered Insights units to investors commencing on July 15, 2003. CI American Value Fund CI Global Small Companies Fund CI Canadian Bond Fund CI International Fund CI Canadian Investment Fund CI International Value Fund CI Global Bond Fund Signature Corporate Bond Fund CI Global Fund Signature Select Canadian Fund CI Alpine Growth Equity Fund, CI Canadian Small/Mid Cap Fund and CI Mortgage Fund offered Class B units to investors commencing on December 13, 1999. Signature Dividend Fund offered Class X units and Class Y units to investors commencing August 29, 2003. Harbour Growth & Income Fund and Signature Dividend Fund offered Class Z units to investors commencing on August 29, 2003. Signature Select Canadian Fund and Signature Canadian Balanced Fund offered Class Z Units to investors commencing on August 2, 2005. CI Money Market Fund offered Class M units to investors commencing October 18, 2005. Select Staging Fund offered Class W units to investors commencing November 7, 2005. The Funds listed above changed their financial year end from December 31, 2005 to March 31, 2006. The date of inception of each Fund is shown above. units are available to all investors. and W units are available to certain investors including those who participate in feebased programs through their financial advisers or who are members of certain groups. and M units are available to institutional clients and investors who have entered into or M Account Agreements with CI Investments Inc. Insight units are issued to investors of the Insight Program, for use in feebased accounts. Class X, Class Y or Class Z units were issued to certain investors in connection with various mutual fund reorganizations and are generally only available for purchase by those investors. Effective as of close of business on July 29, 2005 the following funds were merged: Terminated Funds BPI American Equity RSP Fund Continuing Funds CI American Equity Fund (Formerly BPI American Equity Fund) (cont d) Terminated Funds Continuing Funds BPI Global Equity RSP Fund BPI Global Equity Fund BPI International Equity Fund CI International Fund CI American Managers RSP Fund CI American Managers BPI International Equity RSP Fund CI International RSP Fund Corporate Class CI American Small Companies RSP Fund CI American Small Companies Fund CI American Value RSP Fund CI American Value Corporate Class CI Canadian Small Cap Fund CI Canadian Small/Mid Cap Fund CI Asian Dynasty Fund CI Pacific Fund CI Emerging Markets RSP Fund CI Emerging Markets Fund CI European RSP Fund CI European Fund CI Global RSP Fund CI Global Fund CI Global Biotechnology RSP Fund CI Global Biotechnology Corporate Class CI Global Bond RSP Fund CI Global Bond Fund CI Global Boomernomics RSP Fund CI Global Boomernomics Corporate Class CI Global Consumer Products RSP Fund CI Global Consumer Products Corporate Class CI Global Energy RSP Fund CI Global Energy Corporate Class CI Global Financial Services RSP Fund CI Global Financial Services Corporate Class CI Global Health Sciences RSP Fund CI Global Health Sciences Corporate Class CI Global Managers RSP Fund CI Global Managers Corporate Class CI Global Small Companies RSP Fund CI Global Small Companies Fund CI Global Science & Technology RSP Fund CI Global Science & Technology Corporate Class CI Global Value RSP Fund CI Global Value Fund CI International Balanced RSP Fund CI International Balanced Fund CI International Value RSP Fund CI International Value Fund CI Japanese RSP Fund CI Japanese Corporate Class CI Pacific RSP Fund CI Pacific Fund CI Value Trust RSP Fund CI Value Trust Corporate Class Harbour Foreign Equity RSP Fund Harbour Foreign Equity Corporate Class Harbour Foreign Growth & Income RSP Fund Harbour Foreign Growth & Income Corporate Class CI Global Balanced RSP Portfolio CI Global Balanced Portfolio CI Global Conservative RSP Portfolio CI Global Conservative Portfolio CI Global Growth RSP Portfolio CI Global Growth Portfolio CI Global Maximum Growth RSP Portfolio CI Global Maximum Growth Portfolio 52

Notes to the Financial Statements CI Mutual Funds (cont d) Terminated Funds Clarica Premier Bond Fund Clarica Summit Dividend Growth Fund Clarica Canadian Blue Chip Fund Clarica Canadian Diversified Fund Clarica Summit Canadian Equity Fund Clarica Summit Growth & Income Fund Clarica Summit Foreign Equity Fund Clarica Canadian Equity Fund Clarica Premier International Fund Clarica US Small Cap Fund Synergy American RSP Fund Synergy Extreme Global Equity RSP Fund Synergy Global RSP Fund Synergy Global Style Management RSP Fund Continuing Funds CI Canadian Bond Fund Signature Select Canadian Fund Signature Select Canadian Fund Signature Canadian Balanced Fund Harbour Fund Harbour Growth & Income Fund Harbour Foreign Equity Corporate Class CI Canadian Investment Fund CI International Value Fund CI American Small Companies Fund Synergy American Fund Synergy Extreme Global Equity Fund Synergy Global Corporate Class Synergy Global Style Management Corporate Class The CI International RSP Fund merged into the CI International Fund effective as of the close of business on August 2, 2005 in order to accommodate the merger of the BPI International RSP Fund into the CI International RSP Fund. 2. SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in accordance with Canadian generally accepted accounting principles. The following is a summary of significant accounting policies of the Funds: (a) Valuation of Investments Listed securities are valued on each business day at their latest available closing price. In the absence of recorded sales on that day, they are valued at the average of the last recorded bid and ask prices where appropriate. Unlisted securities and share basket forwards are valued on each business day based on price quotations from recognized investment dealers, or failing that, management s best estimate of fair value. Warrants that are not listed are valued at their intrinsic value, based on management s best estimate. Private placements are valued at cost until new pricing information is available. Shortterm fixed income securities are valued at cost which, together with accrued interest, approximates market value. Mutual funds are valued on each business day at their closing net asset value. For Signature Global Income & Growth Fund, securities were revalued based on bid price for financial statement purposes, following the adoption of Section 3855, Financial Instruments: Recognition and Measurement. This applies to funds with fiscal years beginning on or after October 1, 2006. This did not impact the Fund's net asset value. Effective as of close of business on November 25, 2005 the following funds were merged: Terminated Funds Continuing Funds Signature Canadian Income Fund Signature Dividend Fund BPI Global Equity Fund CI Global Fund (b) Foreign Exchange Foreign currency amounts are translated into Canadian dollars as follows: market value of investments, forward currency contracts, other assets and liabilities at the closing rate of exchange on each business day; income, expenses and purchases, sales and settlements of investments at the rate of exchange prevailing on the respective dates of such transactions. Effective as of close of business on July 28, 2006 the following funds were merged. Terminated Funds CI Explorer Fund CI Canadian Growth Portfolio CI Canadian Maximum Growth Portfolio Continuing Funds CI American Small Companies Fund Portfolio Series Balanced Growth Fund (Formerly CI Global Balanced Portfolio) Portfolio Series Maximum Growth Fund (Formerly CI Global Maximum Growth Portfolio) The purchase method of accounting has been adopted for the merger of the Funds. Under this method, one of the Funds in each merger is identified as the acquiring Fund, and is known as the Continuing Fund, and the other Fund is known as the Terminated Fund. The mergers were effected by transferring the net assets of the Terminated Funds in exchange for securities of the Continuing Funds. The value of the securities of the Continuing Funds issued in connection with these mergers was equal to the market value of the net assets transferred from the Terminated Funds. The Terminated Funds are not included in these financial statements. (c) Investment Transactions and Income Recognition Investment transactions are accounted for on the trade date for financial reporting purposes and any realized gains and losses from such transactions are calculated on an average cost basis. For all Funds, except Signature Global Income & Growth Fund, transaction costs related to the purchases and sales of investments are included in the cost of purchases of investments or treated as a reduction of the proceeds from investments sold, respectively. For Signature Global Income & Growth Fund, transaction costs were expensed and included in Transaction costs in the Statement of Operations, in accordance with Section 3855, Financial Instruments: Recognition and Measurement, however, the amounts were nominal in the period. For share basket forwards, forward fees are accrued daily and included in the valuation of the share basket forward. Daily variation margin on derivative instruments is treated as a cash account reflecting the daily transfer of cash on the Statement of Net Assets. Realized gains and losses are not recognized until the contracts are settled. Dividend income and distributions from investments are recognized on the exdividend/ exdistribution date and interest income on the accrual basis. Terminated RSP funds were merged as a result of legislation eliminating the 30% foreign content limit. The Statement of Investment Portfolio and Schedule of Fees for each of the Funds are March 31, 2007 and the Statements of Net Assets and Schedule of Securities Lending are as at March 31, 2007 and March 31, 2006. The Statements of Operations, Changes in Net Assets, Schedule of Fund Unit Transactions and Schedule of Commissions for each Fund are for the year ended March 31, 2007 and for the period from January 1, 2005 to March 31, 2006, except for funds established during either period, in which case the information provided is for the period from inception to March 31, 2007 or to March 31, 2006. The Schedule of Loss Carry Forwards for each Fund are March 31, 2007. Distributions received from income trust holdings are recorded as income, capital gains or a return of capital, based on the best information available to the Manager. Due to the nature of these investments, actual allocations could vary from this information. Distributions from income trusts that are treated as a return of capital for income tax purposes reduce the average cost of the underlying investment trust on the Statement of Investments. Distributions received from investment fund holdings are recognized by the funds in the same form in which they were received from the underlying funds. (d) Net Asset Value Per Unit Net asset value per unit for each class is calculated at the end of each day on which the Toronto Stock Exchange is open for business by dividing the net assets of each class by its outstanding units. The net asset value of each class is computed by calculating the value 53

Notes to the Financial Statements CI Mutual Funds of that class s proportionate share of the Fund s assets less that class s proportionate share of the Fund s common liabilities and less class specific liabilities. Expenses directly attributable to a class are charged to that class. Other income and expenses are allocated to each class proportionately based upon the relative net asset value of each class. (e) Futures, Forward, Option and Swap Contracts Futures, forward, option and swap contracts are markedtomarket on each valuation day according to the gain or loss that would be realized if the contracts were closed out. All gains or losses arising from futures, forward, option and swap contracts are recorded as unrealized appreciation/depreciation of investments until the contracts are closed out or expire, at which time the gains (losses) are realized. (f) Short Selling Certain Funds have obtained relief from the required regulators to engage in short selling. When a Fund sells a security short, it will borrow that security from a broker to complete the sale. The Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund closes out its short position by buying that security. The Fund will realize a gain if the security declines in price between those dates. The gain or loss that would be realized if, on the valuation date, the position were to be closed out is reflected in the Statements of Operations as part of Change in unrealized appreciation (depreciation) in value of investments and in the Statements of Net Assets in Investments sold short at market value. When the short position is closed out, gains and losses are realized and included in Net realized gain (loss) on sale of investments. (g) Increase (Decrease) in Net Assets from Operations per Unit per unit in the Statements of Operations is calculated by dividing the increase (decrease) in net assets from operations per class of the Fund by the weighted average number of units outstanding during the period for that class. (h) Use of Estimates The preparation of financial statements in accordance with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the reporting date and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. (i) Comparatives Certain prior period amounts have been reclassified to conform to the current period s financial statement presentation. 3. INCOME TAXES The Funds qualify as mutual fund trusts under the provisions of the Income Tax Act (Canada) (with the exception of Signature Global Income & Growth Fund, which intends to qualify as a mutual fund trust by the time of filing these financial statements and Select Income Managed Fund, Select Canadian Equity Managed Fund, Select U.S. Equity Managed Fund and Select International Equity Managed Fund, which do not currently qualify as mutual fund trusts) and, accordingly, are not subject to tax on net income, including net realized capital gains for the taxation year, which is paid or payable to unitholders at the end of the taxation year. However, such part of each Fund s taxable income and net realized capital gains that is not so paid or payable will be taxable to that Fund. Income tax on net realized capital gains not paid or payable will generally be recoverable by virtue of refunding provisions contained in the Income Tax Act (Canada) and provincial income tax legislation, as redemptions occur. It is the intention of each Fund to pay all net taxable income and sufficient net realized capital gains so that the Fund will not be subject to income tax. Occasionally, a Fund may distribute more than it earns. This excess distribution is a return of capital and is not taxable to unitholders. Net capital losses may be carried forward indefinitely to reduce future net realized capital gains. Noncapital losses arising in taxation years up to 2003 may be carried forward seven years. Noncapital losses arising in taxation years 2004 and 2005 may be carried forward ten years. Noncapital losses arising in taxation years after 2005 may be carried forward twenty years. Refer to fund specific schedules in the financial statements for tax loss carried forward information. 4. MANAGEMENT FEES AND OTHER EXPENSES CI Investments Inc. is the Manager of each Fund and, in consideration of management fees, provides management services required in the daytoday operations of the Funds including management of the investment portfolios of the Funds. The management fee is calculated on the net assets of each Fund at the end of each business day. Prior to September 2005, each Fund was responsible for all operating and administrative expenses including audit and legal fees, registry and transfer agency fees, custody fees, expenses relating to reporting and making distributions to unitholders, all other costs and fees imposed by statute or regulation and expenses of all communications with unitholders. Effective September 2005, the manager bears all of the operating expenses of the Funds (other than certain taxes, borrowing costs and new governmental fees) in return for fixed annual administration fees (the Administration Fees ). Each Administration Fee is calculated as a fixed annual percentage of the net asset value of each class of the Fund at the end of each business day. Refer to fund specific schedules in the financial statements for management fee and administration fee rates applicable to each class. Prior to 2003, in order to reduce the effective Management Expense Ratios of certain funds some of the management fees and/or operating expenses may have been waived by the Manager. 5. SECURITIES LENDING Certain Funds have entered into a securities lending program with their custodian, RBC Dexia Investor Services Trust ("RBC Dexia"). The aggregate market value of all securities loaned by a Fund cannot exceed 50% of the net assets of the Fund. A Fund will receive collateral of at least 102% of the value of securities on loan. Collateral will generally be comprised of cash and obligations of or guaranteed by the Government of Canada or a province thereof, or by the United States government or its agencies, but may include obligations of other governments with appropriate credit ratings. RBC Dexia has indemnified the Funds against the credit risk of the borrowers. For those Funds participating in the program, amounts for securities loaned and the collateral received, appear on the fund specific schedules in the financial statements, income from securities lending is included in "Securities lending" in the Statements of Operations and any cash collateral received or cash collateral payable is included in the Statement of Net Asset in Cash collateral received for securities on loan or Payable for cash collateral under securites lending. 6. REINVESTMENT OF DISTRIBUTIONS When a Fund pays a distribution to a unitholder, it will be paid in the same currency in which the units are held. Distributions are automatically reinvested without charge in the same Fund. The Manager may change the distribution policy at its discretion. Further information regarding reinvestment of distributions can be found in the funds Simplified Prospectus. 7. RELATED PARTY TRANSACTIONS Sun Life Financial Inc. ( Sun Life ) owns a significant interest in CI Financial Income Fund, the parent company of the Manager, and is therefore considered a related party to the Funds. Sun Life did not hold investments in the Funds at March 31, 2006 or March 31, 2007. 8. SHORT SELLING AND DERIVATIVE RISKS There is no assurance that securities will decline in value during the period of the short sale sufficient to offset the interest paid by the mutual fund and make a profit for the mutual fund, and securities sold short may instead increase in value. The mutual fund may also experience difficulties repurchasing and returning the borrowed securities if a liquid market for the securities does not exist. The lender from whom the mutual fund has borrowed securities may go bankrupt and the mutual fund may lose the collateral it has deposited with the lender. 54

Notes to the Financial Statements CI Mutual Funds The use of derivatives comes with a number of risks. Hedging with derivatives may not always work and could restrict the Fund s ability to increase in value. There are no guarantees that a derivative contract can be obtained when needed, that the regulators may impose limits on trading of derivatives or that the other party to a derivative contract can honour the terms of the contract, thus preventing the Fund from making a profit or limiting a loss. The price of a derivative may not reflect the true value of the underlying security or if based on an index, could be distorted if some or all of the stocks included in the index stop trading. Derivatives traded on foreign markets may be harder to close than those traded in Canada. In some circumstances, investment dealer and futures brokers may hold some of the Fund s assets on deposit as collateral to a derivative contract, thus increasing risk because another party is responsible for the safekeeping of the assets. 9. FUTURE ACCOUNTING STANDARDS The Canadian Institute of Chartered Accountants ( CICA ) has issued Section 3855, Financial Instruments: Recognition and Measurement, effective for interim and annual financial statements relating to fiscal years beginning on or after October 1, 2006. The adoption of this section will impact the valuation and disclosure of the net asset value ( NAV ) of the Funds, and the way transaction costs are recorded for financial reporting purposes. Section 3855 requires that the fair value of financial instruments which are traded in active markets be measured based on the bid price for long securities and the ask price for securities sold short. Prior to this new section, the fair value was based on the last traded price for the day, when available. The impact of adopting the amended policy is not expected to be material to the financial statements. Section 3855 also requires that transaction costs, such as brokerage commissions, incurred in the purchases and sale of securities be charged to operating expenses under net income in the period. Prior to this new section, these costs have been added to the cost of the securities purchased or deducted from the proceeds of sale. Adoption of this policy is not expected to have a material impact to the financial statements and does not impact the daily price of the Funds. On April 1, 2007, except Signature Global Income & Growth Fund, the Funds adopted Section 3855 on a retrospective basis without restatement of prior year periods. The Canadian Securities Administrators have granted temporary relief to investment funds from complying with Section 3855, for the purpose of calculating and reporting of NAV (other than for financial reporting purposes) until September 30, 2007, to permit review of the suitability of these financial reporting requirements for purposes other than the financial statements, such as the purchase and redemption price of an investment fund. 55

About the CI Funds Board of Governors The CI Funds Board of Governors was voluntarily established by CI in 1998 making it one of the first such fund governance bodies in Canada. The Board of Governors acts as an independent governance body of all CI Funds, providing impartial judgment on conflicts of interest with a view to the best interests of the CI Funds and CI Funds investors. The Board of Governors recommends the best course of action to achieve a fair and reasonable result on any conflict of interest issues, and CI takes into account its recommendation in accordance with its fiduciary duty to the CI Funds. All of the members of the Board are independent of CI. The Board of Governors mandate is set out in a separate charter and reviewed annually by the Board to ensure its mandate conforms to the expectations and requirements of Canadian securities regulators. Along with dealing with conflicts of interest, the mandate provides that the Board acts as an audit committee for the CI Funds for the purpose of reviewing the financial statements of the CI Funds with the auditors of the CI Funds and reviews holdings, purchases and sales by the CI Funds of securities of Sun Life Financial Inc. and CI Financial Income Fund. The Board also reviews and discusses on a regular basis matters including compliance of the CI Funds with CI s relevant policies and procedures, approval of the CI Funds auditors and the fees paid to those auditors, and the performance of the Board and its members. The Board of Governors are compensated as recommended by the Canadian securities regulators in their rule and as set out in its mandate. These expenses are paid by CI and charged to the CI Funds as part of their administration fee. During 2006 the members of the Board of Governors were: William Harding, Managing Partner, Alpine Asset Advisors AG Governor since June 2005 Stuart P. Hensman, Corporate Director Governor since December 2004 Stephen T. Moore, Managing Director, Newhaven Asset Management Inc. Governor since September 2001 Sharon M. Ranson, President, The Ranson Group Governor since December 2004 Further information regarding the Board is available at www.ci.com including the Board s full mandate. The Board of Governors adheres to the requirements set out by Canadian securities regulators in National Instrument 81107 Independent Review Committee for Investment Funds which requires all mutual funds in Canada to have independent review committees. Letter from the CI Funds Board of Governors Your CI Funds Board of Governors is pleased to report on its activities in respect of the period ended March 31, 2007 and to date. The Governors are appointed pursuant to the Declarations of Trust governing the CI Funds that are trusts, and constitute the board of directors of CI Corporate Class Limited. The Governors have reviewed, commented on and approved the CI Code of Ethics and Conduct, which establishes rules of conduct designed to ensure fair treatment of the CI Funds securityholders and that, at all times, the interests of the CI Funds and their securityholders are placed above personal interests of employees, officers and directors of the Manager and each of its subsidiaries and affiliates, the subadvisers, and the Governors, through the application of the highest standards of integrity and ethical business conduct. The CI Code of Ethics and Conduct requires the prior clearance of personal trades and restricts the ability of staff to trade any securities held by the CI Funds. The objective is not only to remove any potential for real conflict of interest but to avoid any perception of conflict. The Manager's year 2006 report on compliance with the CI Code of Ethics and Conduct and other relevant policies has been provided to the Governors in a timely and satisfactory manner. The Governors report that management has been open and cooperative, permitting the Governors to meet with subadvisers, to meet with individual department heads and personnel to review control mechanisms and compliance procedures, including those relating to the personal securities trading activity of employees, and to consider other matters that affect the CI Funds. During the period ended March 31, 2007, the Governors also acted as the audit committee of the CI Funds. The audit committee reviewed, with the CI Funds auditors, the planning, scope and results of the audit of the financial statements of the CI Funds for the period ended March 31, 2007. In May 2007, the Board of Governors received and accepted the Annual Financial Statements of the CI Funds for the period ended March 31, 2007. Stephen T. Moore Chair, CI Funds Board of Governors May 28, 2007 56

Management and Audit Reports CI Mutual Funds MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING The accompanying financial statements have been prepared by CI Investments Inc., the Manager of the Funds, and approved by the Board of Directors of the Manager. The Funds Manager is responsible for the information and representations contained in these financial statements and other sections of this report. CI Investments Inc. maintains appropriate processes to ensure that relevant and reliable financial information is produced. The financial statements have been prepared in accordance with accounting principles generally accepted in Canada and include certain amounts that are based on estimates and judgments. The significant accounting policies which management believes are appropriate for the Funds are described in Note 2 to the financial statements. Financial information provided elsewhere in this report is consistent with that in the financial statements. The Board of Directors is responsible for reviewing and approving the financial statements and overseeing the performance of its financial reporting responsibilities. They also review the adequacy of internal controls, the audit process and financial reporting with external auditors. PricewaterhouseCoopers LLP are the external auditors of the Funds. They have audited the financial statements in accordance with Canadian generally accepted auditing standards to enable them to express to the unitholders their opinion on the financial statements. Their audit report follows. AUDITORS REPORT To the unitholders of the CI Mutual Funds listed in Note 1 to the financial statements (the Funds ). We have audited the Statement of Investment Portfolio of each of the Funds March 31, 2007 and the Statements of Net Assets, Operations and Changes in Net Assets and for the periods indicated in Note 1. These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, these financial statements present fairly, in all material respects, the financial position of each of the Funds, the results of each of their operations and the changes in each of their net assets and for the periods indicated in Note 1 in accordance with Canadian generally accepted accounting principles. Chief Executive Officer CI INVESTMENTS INC. Chief Financial Officer CI INVESTMENTS INC. PRICEWATERHOUSECOOPERS LLP Chartered Accountants Licensed Public Accountants Toronto, Ontario May 28, 2007 57

Legal Notice Notice: Should you require additional copies of this Annual Report or have received more than one copy, please contact CI Investments Inc. (the Manager ) or your financial advisor. Commissions, trailing commissions, management fees and expenses all maybe associated with mutual fund investments. Please read the prospectus before investing. Unless otherwise indicated and except for returns for periods less than one year, the indicated rates of return are the historical annual compounded total returns including changes in security value. All performance data assume reinvestment of all distributions or dividends and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The commentaries contained herein are provided as a general source of information and should not be considered personal investment advice or an offer or solicitation to buy or sell securities. Every effort has been made to ensure that the material contained in these commentaries is accurate at the time of publication. However, the Manager cannot guarantee its accuracy or completeness and accepts no responsibility for any loss arising from any use of or reliance on the information contained herein. Simplified Prospectus: The Simplified Prospectus and Annual Information Form of a Fund are renewed annually. The Manager would be pleased to provide, without charge, the most recent Simplified Prospectus upon request to its Toronto office. CI Funds, CI Investments, CI Investments design, Harbour Funds, Global Managers and American Managers are registered trademarks of CI Investments Inc. The Portfolio Select Series and Signature Funds are trademarks of CI Investments Inc. 58

Head Office 2 Queen Street East, Twentieth Floor Toronto, Ontario M5C 3G7 Tel: 4163641145 Toll Free: 18002689374 English Client Services Team: 18005635181 French Client Services Team: 18006683528 Sales Offices Calgary Tel: 4032054396 Toll Free: 18007769027 Halifax Tel: 9024222444 Toll Free: 18882468887 Montreal Tel: 5148750090 Toll Free: 18002681602 Vancouver Tel: 6046813346 Toll Free: 18006656994 CI Teleservice: 18002753672 Automated account information Email: service@ci.com www.ci.com SIGNATURE_AR_06/07E