Fund Highlights

Fund HighlightsGuaranteed Investment Funds

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Fund Highlights

TABLE OF CONTENTS

1. INVESTMENT MANAGERS PRESENTATION 4

AXA Rosenberg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

AllianceBernstein . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Franklin Templeton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

TD Asset Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

2. GUARANTEED INVESTMENT FUND FACT SHEETS 11

AXA TD Dollar-Cost Averaging . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12

AXA TD Canadian Money Market . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

AXA AllianceBernstein Canadian Bond . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

AXA AllianceBernstein International Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

AXA Rosenberg Canadian Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

AXA Rosenberg Global Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

AXA Franklin Templeton Quotential Balanced Income Portfolio . . . . . . . . . . . . . . . . . 20

AXA Franklin Templeton Quotential Balanced Growth Portfolio . . . . . . . . . . . . . . . . . 21

AXA Franklin Templeton Quotential Growth Portfolio . . . . . . . . . . . . . . . . . . . . . . 22

AXA Franklin Templeton Quotential Canadian Growth Portfolio . . . . . . . . . . . . . . . . . 23

AXA Franklin Templeton Quotential Global Growth Portfolio . . . . . . . . . . . . . . . . . . 24

AXA Franklin Templeton Quotential Maximum Growth Portfolio . . . . . . . . . . . . . . . . 25

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Fund Highlights

1. INVESTMENT MANAGERS PRESENTATION

AXA Rosenberg

AXA Rosenberg Investment Management LLC is a global investment adviser within the AXA Investment Managers group. Founded by Drs. Barr Rosenberg and Kenneth Reid in 1985, AXA Rosenberg provides specialized investment management services to investors around the world. AXA Rosenberg’s institutional clients include pension funds, profi t sharing plans, government entities, insurance companies, foundations and endowments. Through mutual funds and other vehicles that it manages or sub-advises, AXA Rosenberg also invests for retail investors.

AXA Rosenberg manages regional and global equity portfolios based on the proven economic rationale that a company’s future earnings prospects generally determine its long-term performance. As such, it has developed an innovative globally consistent approach to valuing a company and estimating its future earnings that has delivered alpha to their clients across markets and over time.

AXA Rosenberg Statistics

• Founded in 1985 to manage diversifi ed equity portfolios;

• Investment management companies in Orinda, London, Tokyo and Singapore;

• Strategic alliance with AXA Investment Managers in January 1999;

• 372 full-time employees worldwide in eight offi ces;

• Over $135 billion in assets under management as of December 2007.

Investment Philosophy

AXA Rosenberg believes that it is extremely diffi cult to time markets or sectors consistently. So instead the Company creates portfolios that have similar characteristics to the benchmarks selected by its clients and aims to outperform using stock selection. The cornerstone of its investment philosophy is very simple: Investors can profi t by purchasing stocks that are underpriced.

Emerging Markets1.0%

Enhanced Index4.0%

Long/Short3.0%

Mid/Small Cap22.0%

Broad Market70.0%

Asia / Japan9.6%

North America16.3%

Europe29.9%

World44.3%

ALLOCATION OF ASSETS

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AXA Rosenberg starts from the view that markets are generally, but not perfectly, effi cient. On average, the price of a stock refl ects the market’s consensus view of how well the company is positioned to generate future earnings. While this is generally true, a company’s stock price may be temporarily higher or lower than its fundamental or fair value, relative to similar companies. But in reasonably effi cient markets, any discrepancy between the current price and the fair value of a stock is likely to be corrected over time. These often modest mispricings are the opportunities that the AXA Rosenberg investment process is ideally suited to uncover and act upon for its client’s benefi t.

It is AXA Rosenberg’s fi rm conviction that a company’s fundamentals drive its earnings and that the price paid for earnings ultimately drives performance. Therefore, it seeks to capture both short-term earnings growth as well as long-term earnings advantage through rigorous comprehensive analysis. The broad, fundamental perspective, coupled with the unique, computer-based ability to remain objective, has helped the Company build well-diversifi ed portfolios that, on average, have generated more future earnings relative to cost than their market benchmarks over time.

Investment Process

AXA Rosenberg has created proprietary software to replicate the reasoning of fi nancial experts, with two important advantages: First, the models used can cover more stocks more quickly that even the brightest, best-trained team of analysts acting on their own. Second, it eliminates the natural biases and unavoidable mental shortcuts that may arise in less systematic decision processes.

The best insights of the AXA Rosenberg investment team are encapsulated in its world-class Expert System, which integrates the entire research and investment process, from data collection to trading. With discipline and consistency, fundamental analysis is applied to global equity markets with the aim of delivering alpha for the Company’s clients. Approximately 200 fi nancial statement items are analyzed to identify those companies that are currently inexpensive relative to their peers and the results are combined with a near-term earnings growth forecast.

AXA Rosenberg’s goal is to build a portfolio with an expected future earnings advantage relative to the market. This process, based on solid economic analysis of company fundamentals, has been sustainable and repeatable.

AXA Rosenberg’s Investment Process Combines Three Models

• a Valuation Model that identifi es undervalued stocks with the potential for attractive long-term earnings within each industry by comparing current prices to current fundamentals;

• an Earnings Forecast Model that identifi es companies with superior and inferior year-ahead earnings; and

• a Risk Model designed to construct portfolios with the maximum potential to outperform while minimizing risk.

People

AXA Rosenberg is privileged to attract some of the best minds in the industry, people who, like the founders, are drawn to the intellectual challenge of applying quantitative methods to the world of investing. From the original eight, the fi rm has grown to over 300 employees worldwide. Many of AXA Rosenberg’s senior investment professionals have been with the fi rm for more than 17 years.

Fund Highlights

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Fund Highlights

Investment Managers Presentation

AllianceBernstein

AllianceBernstein L.P. is one of the largest publicly traded global asset management fi rms in the world with approximately C$790 billion in assets under management at December 31, 2007. AllianceBernstein provides diversifi ed, global investment management services that include growth and value equities, blend strategies and fi xed income services to institutional, high net worth and retail clients worldwide. Additionally, through its Sanford C. Bernstein & Co., LLC (“Bernstein LLC”) subsidiary, AllianceBernstein provides in-depth research, portfolio strategy, trading and brokerage-related services.

AllianceBernstein is headquartered in New York and has offi ces in 47 cities in 25 countries. Other U.S. offi ces include Atlanta, Boston, Chicago, Cleveland, Dallas, Denver, Houston, Los Angeles, Miami, Minneapolis, Philadelphia, San Francisco, San Diego, Seattle, Tampa, Washington D.C., West Palm Beach and White Plains. AllianceBernstein also has non-U.S. investment management/research offi ces in London, Tokyo, Singapore, Shanghai, Mumbai, Cape Town, Sao Paulo, Hong Kong, Madrid and Montreal as well as joint venture relationships in fi ve other cities. Additionally, there are marketing and client offi ces in 21 locations. As one of the world’s leading global investment management organizations, AllianceBernstein is able to compete for virtually any portfolio assignment in any developed capital market in the world.

AllianceBernstein’s Mission

• To have more knowledge and use knowledge better than any investment fi rm in the world• To use and share knowledge to help clients achieve investment success and peace of mind• To place clients’ interests fi rst and foremost

AllianceBernstein’s Key Strategies

• Translate research innovation to investment success• Promote and maintain a strong fi duciary culture• Enhance globally integrated investment services• Develop intellectual capital

Financial Information

AllianceBernstein has dedicated itself solely to the business of long-term, fundamental asset management. For over 40 years, they have helped investors build and preserve wealth by providing innovative investment solutions.

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Fund Highlights


AllianceBernstein offers investors a broad range of investment services. They are a globally recognized leader in growth, value, style-blend and fi xed income investing. Their diverse asset base refl ects their broad commitment to these key disciplines. AllianceBernstein serves a global client base, with investors throughout the Americas, Europe, Asia, Africa and Australia.

TOTAL ASSETS UNDER MANAGEMENT:APPROXIMATELY C$790 BILLION (AS OF DECEMBER 31, 2007).

Total Assets Under Management By Geographic Investment Service

Private Client, C$108 Billion, 14%

Retail, C$181 Billion, 23%

Institutional Investments, C$501 Billion, 63%

Total Assets Under Management By Investment Service

Global & Int’l, C$483 Billion, 61%

U.S., C$307 Billion, 39%

Value, C$295 Billion, 37%

Fixed Income, C$195 Billion, 25%

Index, C$23 Billion, 3%

Growth, C$111 Billion, 14%

Growth Component, C$84 Billion, 11%

Value Component, C$82 Billion, 10%

Total Assets Under Management By Client Group

Blend Strategies

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Fund Highlights


Franklin Templeton

Franklin Templeton Investments is one of the world’s largest publicly-traded investment manage-ment companies, delivering a truly global perspective to investors for over 50 years. With over C$600 billion in AUM, and values and strategies that have withstood the test of time, Franklin Templeton Investments provides global and domestic investment advisory services to the Franklin, Templeton, Bissett and Mutual Series funds and institutional accounts, plus wealth management solutions through Fiduciary Trust Company of Canada. Franklin Templeton Investments’ global network of more than 50 offi ces located in 29 countries is where more than 470 portfolio managers and analysts are working around the clock to fi nd the best investment opportunities for their clients.

Franklin Templeton Investments is the Canadian subsidiary of Franklin Resources Inc., a global investment management organization known as Franklin Templeton Investments. The headquarters for Franklin Resources Inc. are located just south of San Francisco, in San Mateo, California.

Franklin Templeton Investments offers investment products under the Franklin, Templeton, Mutual Series, Bissett and Fiduciary Trust Company of Canada brand names. The company manages investment vehicles for individuals, institutions, pension plans, trusts, partnerships and other clients. Their common stock is listed on the New York Stock Exchange under the ticker symbol BEN. They are also on the London Stock Exchange under the symbol FRK.

Franklin Templeton Investments’ diversity stems from their ability to offer six distinct, world-class investment management groups: Franklin, Templeton, Mutual Series, Bissett (in Canada), Franklin Templeton Fixed Income Group and Fiduciary Trust Company of Canada. Franklin Templeton Investments is also a leader in global investing not only because it has followed in the footsteps of Sir John Templeton, a pioneer of the concept of investing globally, but also because it has established its presence around the world. This diversity helps Franklin Templeton Investments better serve clients no matter where they reside.

Franklin Templeton Investments’ expertise stems from its long history of innovation and the valuable experience of its people. Franklin Templeton is founded on the groundwork laid by leaders who developed distinct investment management philosophies that they still stand by more than a half-century later. These philosophies are embraced and delivered by over 6,500 employees who continue to contribute diverse talents, extraordinary expertise and unique perspectives to the organization.

At Franklin Templeton Investments, they seek to consistently provide investors with exceptional risk-adjusted returns over the long term, as well as reliable account services that have helped them become one of the most trusted names in fi nancial services. They pride themselves on being disciplined investors. They want to be known for minimal style drift and for adhering to their investment goals—regardless of market trends.

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Fund Highlights


Managed Programs: Not Just for the Wealthy Anymore

Since 1975, high net worth Canadians have sought out private investment fi rms that offer “managed programs.” Managed programs are investment solutions that leave the selection and management of a portfolio of securities or mutual funds to investment experts.

Sometimes called “fund of funds” or “wraps,” managed programs bundle a number of mutual funds together in a portfolio in order to meet an individual investor’s unique investment goals and risk tolerance. Nowadays, managed programs such as Franklin Templeton Investments’ Quotential® Program are available to many Canadian investors. From managed programs, you can expect sophistication, superior diversifi cation and a high level of service.

The Quotential Program

The Quotential Program offered under the Guaranteed Investment Funds of AXA Assurances Inc. is comprised of six portfolios. All Quotential portfolios are actively managed by Fiduciary Trust Company of Canada.

From the moment you select a Quotential portfolio that matches your investment goals and risk profi le, the Franklin Templeton Investments managers ensure that your portfolio stays true to its original mandate.

Quotential’s portfolio managers have the fl exibility to make nimble, proactive decisions to capture timely market opportunities. They can anticipate and quickly respond to changing market conditions. They constantly review and manage the asset mix of each Quotential portfolio to offer you better risk-adjusted returns.

Equities IncomeE In

EXPECTED RISK

EX

PE

CT

ED

RE

TU

RN

Balanced Income Portfolio

Balanced Growth Portfolio

Growth Portfolio

Global Growth PortfolioCanadian Growth Portfolio

Maximum Growth Portfolio

Balanced Income Portfolio

Balanced Growth Portfolio

Growth Portfolio

Global Growth PortfolioCanadian Growth Portfolio

Maximum Growth Portfolio

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Fund Highlights


TD Asset Management

TD Asset Management Inc. (TDAM), a member of TD Bank Financial Group and part of TD’s Wealth Management group of companies, is one of Canada’s largest asset managers. As of December 31, 2007, TDAM manages approximately C$80 billion in retail mutual fund assets on behalf of more than 1.4 million investors across a fund group that now comprises more than 65 mutual fund choices and 15 professionally managed portfolios. In total, TDAM manages in excess of C$170 billion for mutual funds, pension funds, corporations, institutions, endowments, foundations and high net worth individuals.

TD Asset Management Inc. is a global investment management fi rm with leading market positions in active, quantitative, enhanced and passive portfolio management. TDAM also offers alternative strategies such as absolute return and portable alpha funds. Serving a large and diversifi ed client base, including pension funds, corporations, institutions, endowments, foundations and high net worth individuals, TDAM also offers private money management services and fi xed-income and short-term liquidity funds.

To deliver strong, long-term performance, their investment management team is specialized across key industry sectors, geographical regions and asset classes. TDAM’s superior in-house money management is combined with world-class external sub-advisers to add value in key areas. Their external portfolio advisers are chosen for their proven track record in the management of asset classes that complement or diversify their in-house expertise. Award-winning, internationally recognized external advisers are selected for their expertise in particular markets or sectors through careful analysis and a rigorous screening process. Ongoing monitoring of the portfolio advisers, strong risk controls and manager oversight are inherent in the selection and review process.

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2. GUARANTEED INVESTMENT FUND FACT SHEETS

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Asset Mix of the Fund

Target Portfolio

Government of Canada up to 100% of assets

Provincial Governments up to 75% of assets

Municipal Governments up to 10% of assets

Canadian Corporations and Trusts up to 100% of assets

Floating-Rate Notes up to 25% of assets

Top 10 Holdings of the Underlying Fund

GE Capital Canada Funding Company 5.0000% Apr/23/2008 2.02%

Province of Ontario 4.9371% Oct/01/2008 1.93%

Bank of Montreal 4.7500% Mar/19/2008 1.48%

Citibank N.A. 4.8300% Jan/15/2008 1.44%

Government of Canada Treasury Bill 3.9800% Aug/07/2008 1.41%

Government of Canada Treasury Bill 3.9500% Sep/04/2008 1.31%

Canadian Imperial Bank of Commerce 4.7314% Nov/13/2008 1.20%

National Bank of Canada 4.8185% Jun/26/2008 1.20%

OMERS Realty Corporation 5.5900% Jan/18/2008 1.20%

SOUND Trust 5.4200% Feb/13/2008 1.20%

Total 14.39%

Investment LimitsIssues will have a minimum rating of R-1 (low) / A-1 or equivalent at the time of purchase. The fund may hold up to 30% in non-Canadian securities traded in Canadian dollars.

Investment StrategyThe Fund operates on the following levels of exposure: (1) quality standards (credit quality is checked daily); (2) maximum sector limits; (3) maximum limit for individual issuers (25% for provincial governments, 7.5% for R-1 High commercial papers and Schedule 1 Banks and 5% for R-1 Mid / R-1 Low Corporate) and (4) duration constraints.

Investment RisksInvestment in Canadian bonds and non-Canadian bonds involves the risks of fl uctuations in the value of and potential loss of capital resulting from the impact of interest rates and potential defaults by the issuers.

Investment Manager

Underlying FundTD Emerald Canadian Short Term Investment FundInception Date: July 1991Net Assets: $1.9 billion

First OfferingApril 2008

Management Expense Ratio (MER)Class A: 0.00% Class B: 0.00%

Objectives of the FundTo achieve an annual return at least equivalent to the DEX 91-Day T-Bills (before fees), while maintaining a reasonable level of diversifi cation.

Investment StyleBottom-up strategy using credit analysis to add value and enhance long-term performance, which also incorporates a view of the overall economy.

Performance Data: The returns or performance information shown assume that all income/realized net gains are retained by the underlying fund in the periods shown and are refl ected in higher unit values of the underlying fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales charge, distribution or other optional charges or income taxes payable that would have reduced returns or performance. How the underlying fund has performed in the past does not necessarily indicate how it will perform in the future.

Year-By-Year Returns: This chart shows the fund’s annual performance and how an investment made on January 1 would have changed by December 31.

Past Performance: This graph shows how a $10,000 investment in this fund would have changed in value compared to a similar investment in the reference index.

Historical Compound Returns: This table shows the simple returns for the monthly periods and the histori-cal annual compound total return of the underlying fund compared to the reference index. Returns for periods of one year or more are annualized.

YTD 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years SinceInception

Underlying Fund 4.59% 1.31% 2.46% 4.59% 3.78% 3.41% 4.17% 4.96%

Benchmark1 4.43% 1.08% 2.31% 4.43% 3.66% 3.24% 3.83% 4.48%

(1) DEX 91-Day T-Bills

TD Dollar-Cost Averaging AXA Guaranteed Investment Fund

Money MarketData as at December 31, 2007

CLASS A75% at death and 75% at maturity

FUND CODE(Up-Front Sales charge)


FUND CODE(Deferred Sales charge)


AAA 100 AAA 200AAA 150 AAA 250

CLASS B100% at death and 75% at maturity

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Target Portfolio

Government of Canada up to 100% of assets

Provincial Governments up to 75% of assets

Municipal Governments up to 10% of assets

Canadian Corporations and Trusts up to 100% of assets

Floating-Rate Notes up to 25% of assets


GE Capital Canada Funding Company 5.0000% Apr/23/2008 2.02%

Province of Ontario 4.9371% Oct/01/2008 1.93%

Bank of Montreal 4.7500% Mar/19/2008 1.48%

Citibank N.A. 4.8300% Jan/15/2008 1.44%

Government of Canada Treasury Bill 3.9800% Aug/07/2008 1.41%

Government of Canada Treasury Bill 3.9500% Sep/04/2008 1.31%

Canadian Imperial Bank of Commerce 4.7314% Nov/13/2008 1.20%

National Bank of Canada 4.8185% Jun/26/2008 1.20%

OMERS Realty Corporation 5.5900% Jan/18/2008 1.20%

SOUND Trust 5.4200% Feb/13/2008 1.20%

Total 14.39%

Investment LimitsIssues will have a minimum rating of R-1 (low) / A-1 or equivalent at the time of purchase. The fund may hold up to 30% in non-Canadian securities traded in Canadian dollars.

Investment StrategyThe Fund operates on the following levels of exposure: (1) quality standards (credit quality is checked daily); (2) maximum sector limits; (3) maximum limit for individual issuers (25% for provincial governments, 7.5% for R-1 High commercial papers and Schedule 1 Banks and 5% for R-1 Mid / R-1 Low Corporate) and (4) duration constraints.

Investment RisksInvestment in Canadian bonds and non-Canadian bonds involves the risks of fl uctuations in the value of and potential loss of capital resulting from the impact of interest rates and potential defaults by the issuers.

Investment Manager

TD Emerald Canadian Short Term Investment FundInception Date: July 1991Net Assets: $1.9 billion

April 2008Class A: 1.25% Class B: 1.25%

To achieve an annual return at least equivalent to the DEX 91-Day T-Bills (before fees), while maintaining a reasonable level of diversifi cation.Bottom-up strategy using credit analysis to add value and enhance long-term performance, which also incorporates a view of the overall economy.

Performance Data: The returns or performance information shown assume that all income/realized net gains are retained by the underlying fund in the periods shown and are refl ected in higher unit values of the underlying fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales charge, distribution or other optional charges or income taxes payable that would have reduced returns or performance.




4.59% 1.31% 2.46% 4.59% 3.78% 3.41% 4.17% 4.96%

4.43% 1.08% 2.31% 4.43% 3.66% 3.24% 3.83% 4.48%

(1) DEX 91-Day T-Bills

TD Canadian Money MarketAXA Guaranteed Investment Fund

Money MarketData as at December 31, 2007








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Target Portfolio

Canadian Bonds 58.63%

Non-Canadian Bonds 41.37%

Total 100.00%


Canada Housing Trust 7.54%

Canada 5.79%

Ontario 4.71%

Cad T-Bill 3.22%

Canada 2.82%

Quebec Fin Corp 2.73%

Norway 2.31%

British Columbia 2.07%

United Kingdom 1.94%

Mexico 1.89%

Total 35.02%

Investment LimitsThe fund should not exceed 50% in non-Canadian securities.

Investment StrategyThe fund seeks enhanced bond returns through opportunistic investment in Canadian and non-Canadian government, investment-grade corporate, high-yield and emerging market debt. The fund will employ strategies based on: (1) yield curve and country allocation, (2) sector allocation and (3) security selection.

Investment RisksInvestment in Canadian and non-Canadian bonds involves the risks of fl uctuations in the value of and potential loss of capital resulting from the impact of interest rates, currency and potential defaults by the issuers.

Investment Manager

Underlying FundSanford C. Bernstein Core Plus Bond FundInception Date: December 2003Net Assets: $163 million



Objectives of the FundTo achieve an annual return of 1% in excess of the DEX Universe Bond Index (before fees), while maintaining a reasonable level of diversifi cation.

Investment StyleOpportunistic investment in Canadian and non-Canadian bonds, to achieve consistent returns.

Performance Data: The returns or performance information shown assume that all income/realized net gains are retained by the underlying fund in the periods shown and are refl ected in higher unit values of the underlying fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales charge, distribution or other optional charges or income taxes payable that would have reduced returns or performance. Performance prior to the inception date is based on a composite of the Investment Manager.How the underlying fund has performed in the past does not necessarily indicate how it will perform in the future.



Historical Compound ReturnsThis table shows the simple returns for the monthly periods and the historical annual compound total return of the underlying fund compared to the reference index. Returns for periods of one year or more are annualized.

YTD 3 Months 6 Months 1 Year 2 Years 3 Years SinceInception

Underlying Fund

3.75% 1.93% 3.68% 3.75% 3.96% 4.85% 5.47%

Benchmark1 3.68% 2.74% 4.49% 3.68% 3.87% 4.73% 5.33%

(1) DEX Universe Bond.

AllianceBernstein Canadian BondAXA Guaranteed Investment Fund

Fixed IncomeData as at December 31, 2007








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Target Portfolio

U.K. 22.10%

Europe ex-U.K. 41.50%

Japan 24.30%

Pacifi c ex-Japan 7.20%

Other 4.90%

Total 100.00%


Royal Dutch Shell 2.98%

Vodafone Group Plc 2.28%

E.On Ag 2.23%

Allianz SE 2.09%

Renault SA 1.92%

GlaxoSmithKline Plc 1.92%

BASF Ag 1.91%

Eni Spa 1.87%

ING Groep NV 1.85%

ArcelorMittal 1.73%

Total 20.79%

Investment LimitsThe fund’s country and sector allocations are generally within a range of ±15% from the weights of the reference index. Individual security weights are generally limited to ±5% of the index at the time of purchase.

Investment StrategyThe fund seeks long-term capital appreciation through investment in a portfolio of 100 to 140 stocks, diversifi ed across Europe, Australasia and the Far East.

Investment RisksInvestment in equities involves the risks of fl uctuations in the value of and potential loss of capital. International equities include the additional risks of currency fl uctuations adversely affecting fund returns.

Investment Manager

Underlying FundSanford C. Bernstein International Equity (Cap-Weighted, Unhedged) FundInception Date: December 1997Net Assets: $829 million



Objectives of the FundTo achieve an annual return of 3% in excess of the MSCI EAFE Equity Index (before fees), while maintaining a reasonable level of diversifi cation.

Investment StyleDeep-value investment style, stock selection is driven by a unique integration of fundamental and quantitative research, to achieve long-term capital appreciation.

Performance Data: The returns or performance information shown assume that all income/realized net gains are retained by the underlying fund in the periods shown and are refl ected in higher unit values of the underlying fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales charge, distribution or other optional charges or income taxes payable that would have reduced returns or performance. How the underlying fund has performed in the past does not necessarily indicate how it will perform in the future.





Underlying Fund

-7.32% -5.47% -10.71% -7.32% 10.68% 13.02% 13.86% 8.03%

Benchmark1 -5.32% -2.38% -6.77% -5.32% 9.38% 9.97% 11.12% 5.06%

(1) MSCI EAFE CAD.

AllianceBernstein International EquityAXA Guaranteed Investment Fund

International EquityData as at December 31, 2007








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Target Portfolio

Canadian Equity 100.00%

Total 100.00%


EnCana Corp. 6.94%

Bank of Nova Scotia Inc. 6.65%

Barrick Gold Corp. 6.62%

Canadian Natural Ressources Ltd. 5.27%

Nexen Inc. 4.98%

Power Corp. Of Canada 4.17%

Petro-Canada 4.03%

Agrium Inc. 3.68%

Rogers Communications Inc. 3.60%

Teck Cominco Ltd. 3.53%

Total 49.47%

Investment LimitsPortfolios are optimized using a proprietary model to control risk. Industry concentration will be limited to ± 10% from industry weight in the S&P/TSX.

Investment StrategyThe fund will typically invest in 75 to 100 securities and less than 1% cash. The fund invests in Canadian equities based on analysis of fair value and year-ahead earnings growth. Portfolios are constructed using a proprietary optimization process.

Investment RisksInvestment in equities involves the risks of fl uctuations in the value of and potential loss of capital.

Investment Manager

Underlying FundAXA Rosenberg Canada Equity Canadian Trust FundStrategy Inception Date: January 1993Net Assets: $9.6 million



Objectives of the FundTo achieve an annual return of 2.5% in excess of the S&P/TSX Composite Index (before fees), while maintaining a reasonable level of diversifi cation of Canadian equities.

Investment StyleSystematic quantitative approach to analyzing stocks and constructing portfolios, to achieve long-term capital appreciation.

Performance Data: The returns or performance information shown assume that all income/realized net gains are retained by the underlying fund in the periods shown and are refl ected in higher unit values of the underlying fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales charge, distribution or other optional charges or income taxes payable that would have reduced returns or performance. Performance is based on a composite of the Investment Manager.How the underlying fund has performed in the past does not necessarily indicate how it will perform in the future.





Underlying Fund

1.97% -4.08% -5.46% 1.97% 15.02% 18.05% 11.76% 14.52%

Benchmark1 9.83% -1.25% 0.72% 9.83% 16.93% 18.32% 9.47% 12.07%

(1) S&P/TSX Composite Index.

AXA Rosenberg Canadian EquityAXA Guaranteed Investment Fund

Canadian EquityData as at December 31, 2007








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AXA Rosenberg Canadian EquityAXA Guaranteed Investment Fund Important Notes Regarding Return Information

Past performance does not guarantee future results.

Return figures represent the total change in net assets with capital gains and income dividends reinvested. The performance returns for the AXA Rosenberg Canada Equity Fund1 (the “Fund”) prior to inception of the Fund (deemed for performance presentation purposes to be the month-end following the Fund’s actual inception date) are based upon the performance of the AXA Rosenberg Canada Broad Market Equity composite (the “Composite”) from the inception of the Composite in January, 1993 and does not represent the performan-ce of the Fund. The Composite includes all fully discretionary fee paying accounts with Canada broad market benchmarks and is weighted by the value of each portfolio. Returns are Canadian dollar-denominated, time-weighted, and before deduction of withholding taxes or management fees. As of July 31, 2007, the Composite is composed of 39 accounts with a total market value of C$ 713 million. Gross performance returns for the Fund reflect reinvestment of dividends and the deduction of trading and fund operating expenses but do not reflect the deduction investment management fees. Gross performance returns for the Composite reflect reinvestment of dividends and the deduction of trading expenses but do not reflect the deduction of investment management and related custodial fees. Such fees and expenses, if reflected, would have lowered the return shown during this time period. Annual and annualized Composite returns are calculated by linking the monthly Composite returns through compounded multiplication.

The S&P/TSX Composite Index™ is recognized as the principal broad market benchmark in Canada to measure Canadian equity market performance. It includes common stock and income trust units and serves as the benchmark for the majority of Canadian pension funds, segregated funds and mutual market funds.

The S&P/TSX Composite Index™ has been chosen as the Fund’s benchmark because it most closely replicates the market capitalization and investment style of the Fund. It is not identical to the Fund but best corresponds to the CFA Institute benchmark requirements. These are: it is measurable, clearly defined, investable and the manager has knowledge and expertise of the securities within the benchmark. The manager should also accept the applicability of the benchmark and be accountable for deviations.

For disclosure purposes only, the Composite’s benchmark (not presented) is a value-weighted composite of the indices selected by each AXA Rosenberg client for comparison purposes. The Composite’s benchmarks as of July 1, 2007 are: 2.6% S&P/Citigroup Broad Market Index Canada™, 65.6% MSCI Canada Free™, and 31.8% FT Canada™. Benchmarks are gross of withholding taxes.

Performance of market indexes and/or Fund peer groups has been provided for comparison purposes only. Indexes and/or Fund peer groups are unmanaged. Indexes do not reflect the deduction of any fees or expenses. Index and/or Fund peer group performance do not provide an indication of how an individual investment performed in the past or how it will perform in the future. Individuals cannot purchase or invest directly in an index and/or Fund peer group. Performance figures for market indexes and/or Fund peer groups are provided by third party sources. Neither the Fund’s Trustee nor Investment Adviser guarantees their accuracy.

No securities commission or similar authority in canada or any other regulatory body has in any way passed upon the merits of the securities of the fund or passed upon the accuracy or adequacy of this disclosure statement.

1 AXA Rosenberg Canada Equity Canadian Trust Fund

18


Target Portfolio

North American Equity 46.00%

European Equity 38.00%

Japan 10.00%

Asia 5.00%

Cash 1.00%

Total 100.00%


Exxon Mobil Corp. 2.39%

Royal Dutch Shell Plc. 1.92%

Chevron Corp. 1.80%

Apple Inc. 1.61%

Hewlett Packard Co. 1.51%

Pfi zer Inc. 1.51%

Verizon Communications 1.49%

Int'l Business Machines Corp. 1.48%

Vodafone Group 1.39%

ConocoPhillips 1.34%

Total 16.44%

Investment LimitsPortfolios are optimized using a proprietary model to control risk. The fund will typically invest in 400 to 600 securities.

Investment StrategyThe fund invests in global equities based on analysis of fair value and year-ahead earnings growth. Portfolios are constructed using a proprietary optimization process.

Investment RisksInvestment in equities involves the risks of fl uctuations in the value of and potential loss of capital. Global equities include the additional risks of currency fl uctuations adversely affecting fund returns.

Investment Manager

Underlying FundAXA Rosenberg Global Equity Canadian Trust FundStrategy Inception Date: December 1995Net Assets: $16.3 million



Objectives of the FundTo achieve an annual return of 2.5% in excess of the MSCI World Index (before fees), while maintaining a reasonable level of diversifi cation of global equities.

Investment StyleSystematic quantitative approach to analyzing stocks and constructing portfolios, to achieve long-term capital appreciation.






Underlying Fund

-9.33% -3.32% -9.77% -9.33% 6.61% 7.29% 5.92% 7.82%

Benchmark1 -7.08% -2.99% -7.15% -7.08% 6.21% 6.97% 3.53% 5.80%

(1) MSCI World ex-Canada

AXA Rosenberg Global EquityAXA Guaranteed Investment Fund

Global EquityData as at December 31, 2007








19

AXA Rosenberg Global EquityAXA Guaranteed Investment Fund Important Notes Regarding Return Information

Past performance does not guarantee future results.

Return figures represent the total change in net assets with capital gains and income dividends reinvested. The performance returns for the AXA Rosenberg Global Equity Fund1 (“the Fund”) prior to inception of the Fund (deemed for performance presentation purposes to be the month-end following the Fund’s actual inception date) are based upon the performance of the AXA Rosenberg World Broad Market Equity composite (the “Composite”) from the inception of the Composite in December, 1995 and does not represent the performance of the Fund. The Composite includes all fully discretionary fee paying accounts with non-customized world broad market benchmarks and is weighted by the value of each portfolio. Returns are Canadian dollar-denominated, time-weighted, and before deduction of withholding taxes or management fees. The Composite is invested in securities in Taiwan which is not included in the Composite’s benchmark and these securities comprise less than 1% of the Composite. The Composite is also invested in securities in Canada which is not included in the Fund’s benchmark and these securities comprise less than 4% of the Composite. As of June 30, 2007, the Composite was composed of 17 accounts with a total market value of C$ 7.3 billion. Gross performance returns for the Fund reflect reinvestment of dividends and the deduction of trading and fund operating expenses but do not reflect the deduction investment management fees. Gross performance returns for the Composite reflect reinvestment of dividends and the deduction of trading expenses but do not reflect the deduction of investment management and related custodial fees. Such fees and expenses, if reflected, would have lowered the return shown during this time period. Annual and annualized Composite returns are calculated by linking the monthly Composite returns through compounded multiplication.

The MSCI World ex-Canada Index™ measures global developed market equity performance, excluding Canada. It comprises 22 MSCI™ country indices, representing the developed markets in North America (excluding Canada), Europe, Australasia, and the Far East.

The MSCI World ex-Canada Index™ has been chosen as the Fund’s benchmark because it most closely replicate the market capitalization and investment style of the Fund. It is not identical to the Fund but best corresponds to the CFA Institute benchmark requirements. These are: it is measurable, clearly defined, investable and the manager has knowledge and expertise of the securities within the benchmark. The manager should also accept the applicability of the benchmark and be accountable for deviations.

For disclosure purposes only, the Composite’s benchmark (not presented) is a value-weighted composite of the indices selected by each AXA Rosenberg client for comparison purposes. The country weights of the portfolios are plus or minus 4% of the country weights of the clients’ designated benchmarks. Benchmark weights as of June 1, 2007 are: 73.1% MSCI World™, 6.3% MSCI World-ex Singapore™, 0.9% MSCI World ex-Norway™, 8.5% MSCI World ex-Australia™, 3.2% MSCI World ex-Switzerland™, 7.8% FTSE All-World Developed™ and 0.3% MSCI World ex-Canada™. These weights are recalculated monthly. Benchmarks are gross of withholding taxes.

Performance of market indexes and/or Fund peer groups has been provided for comparison purposes only. Indexes and/or Fund peer groups are unmanaged. Indexes do not reflect the deduction of any fees or expenses. Index and/or Fund peer group performance do not provide an indication of how an individual investment performed in the past or how it will perform in the future. Individuals cannot purchase or invest directly in an index and/or Fund peer group. Performance figures for market indexes and/or Fund peer groups are provided by third party sources. Neither the Fund’s Trustee nor Investment Adviser guarantees their accuracy.

No securities commission or similar authority in canada or any other regulatory body has in any way passed upon the merits of the securities of the fund or passed upon the accuracy or adequacy of this disclosure statement.

1 AXA Rosenberg Global Equity Canadian Trust Fund B

20


Geographic Weighting

North America 86.31%

Europe 8.28%

Asia 3.93%

Australia and New Zealand 0.33%

Latin America 1.04%

Middle East and Africa 0.11%

Total 100.00%

Portfolio Holdings

Bissett Bond Fund, Series O 46.30%

Bissett Canadian Equity Fund, Series O 12.86%

Franklin Strategic Income Fund, Series O 8.53%

Mutual Beacon Fund, Series O 5.61%

Bissett Income Fund, Series O 3.74%

Mutual Discovery Fund, Series O 3.70%

Bissett All Canadian Focus Fund, Series O 3.50%

Templeton Global Smaller Companies Fund, Series O 3.04%

Franklin Templeton U.S. Rising Dividends Fund, Series O 2.46%

Templeton Emerging Markets Fund, Series O 2.41%

Bissett Canadian Short Term Bond Fund, Series O 1.98%

Franklin Templeton Canadian Small Cap Fund, Series O 1.70%

Franklin World Growth Corporate Class, Series O 1.52%

Bissett Small Cap Fund, Series O 1.47%

Templeton Growth Fund Ltd., Series O 0.68%

Franklin U.S. Core Equity Fund, Series O 0.50%

Total 100.00%

Investment TargetsThe fund generally allocates 60% to bonds and 40% to equi-ties with a primary focus on Canadian equities.

Investment StrategyThe fund utilizes bonds to provide moderate income and includes a moderate equity allocation to provide some capital growth.

Investment RisksInvestment in bonds includes the risk of fl uctuations and potential loss of capital resulting from the impact of interest rates, currency and potential defaults by issuers. Investment in equities involves the risks of fl uctuations in the value of and potential loss of capital. Global equities include the additional risks of currency fl uctuations adversely affecting fund returns.

Investment Manager

Underlying FundQuotential Balanced Income PortfolioInception Date: August 2002Net Assets: $1.4 billion



Objectives of the FundA balance of current income and long-term capital appreciation by investing in a diversifi ed mix of equity and income mutual funds, with a bias towards income.

Investment StyleBalanced income. The fund employs multiple specialist managers in a variety of equity and bond markets.






Underlying Fund

1.73% -0.04% -0.17% 1.73% 7.22% 9.03% n/a 8.57%

Benchmark1 3.28% 0.81% 1.66% 3.28% 7.68% 8.67% n/a 8.12%

(1) Customized Benchmark: 7% MSCI World, 8% S&P 500, 25% S&P/TSX, 60% Universe.

Franklin Templeton Quotential Balanced Income Portfolio

AXA Guaranteed Investment Fund

Strategic Asset AllocationData as at December 31, 2007








21




Europe 9.83%

Asia 6.89%


Latin America 1.93%


Total 100.00%

Portfolio Holdings

















Total 100.00%

Investment TargetsThe fund generally allocates 60% to equities and 40% to bonds with a primary focus on Canadian equities.

Investment StrategyThe fund utilizes a balanced approach to achieve longer term capital gains with a moderate allocation to bonds to provide stability and current income.


Investment Manager

Underlying FundQuotential Balanced Growth PortfolioInception Date: August 2002Net Assets: $4.3 billion



Objectives of the FundLong-term capital appreciation by investing primarily in a diversifi ed mix of equity mutual funds, with additional stability derived from investing in income mutual funds.

Investment StyleBalanced growth. The fund employs multiple specialist managers in a variety of equity and bond markets.






Underlying Fund

2.06% -0.97% -1.34% 2.06% 9.11% 10.62% n/a 9.84%

Benchmark1 2.58% -0.22% 0.04% 2.58% 8.82% 9.86% n/a 8.65%

(1) Customized Benchmark: 12% MSCI World, 13% S&P 500, 35% S&P/TSX, 40% Universe.

Franklin Templeton Quotential Balanced Growth Portfolio










22




Europe 13.67%

Asia 8.19%


Latin America 2.11%


Total 100.00%

Portfolio Holdings










Templeton International Stock Fund, Series O 3.69%






Total 100.00%

Investment TargetsThe fund generally allocates 80% to equities and 20% to bonds.

Investment StrategyThe fund utilizes a growth strategy to achieve longer-term capital gains, with a small allocation in bonds to provide some stability and current income.


Investment Manager

Underlying FundQuotential Growth PortfolioInception Date: August 2002Net Assets: $689.0 million



Objectives of the FundA balance of current income and long-term capital appreciation by investing in a diversifi ed mix of equity and income mutual funds, with a bias towards capital appreciation.

Investment StyleGlobal growth. The fund employs multiple specialist managers in a variety of equity and bond markets.






Underlying Fund

1.09% -1.98% -3.45% 1.09% 9.38% 10.32% n/a 9.43%

Benchmark1 0.01% -1.44% -2.47% 0.01% 8.92% 10.02% n/a 8.15%

(1) Customized Benchmark: 15% MSCI EAFE, 30% S&P 500, 35% S&P/TSX, 20% Universe.

Franklin TempletonQuotential Growth Portfolio










23




Europe 0.23%

Asia 0.00%


Latin America 0.00%


Total 100.00%

Portfolio Holdings

Bissett Large Cap Fund, Series O 23.62%



Bissett Income Trust & Dividend Fund, Series O 14.00%


Bissett Dividend Income Fund, Series O 7.85%

Templeton Canadian Stock Fund, Series O 6.89%

Total 100.00%

Investment TargetsThe fund generally allocates 100% to Canadian equities.

Investment StrategyThe fund utilizes a growth strategy to achieve longer-term capital gains mainly in Canadian equities. Occasionally the fund also invests a small proportion in bonds to provide some stability and current income.

Investment RisksInvestment in bonds includes the risk of fl uctuations and potential loss of capital resulting from the impact of interest rates, currency and potential defaults by issuers. Investment in equities involves the risks of fl uctuations in the value of and potential loss of capital.

Investment Manager

Underlying FundQuotential Canadian Growth PortfolioInception Date: September 2004Net Assets: $69.4 million



Objectives of the FundLong-term capital appreciation by investing primarily in a diversifi ed mix of Canadian equity mutual funds.

Investment StyleCanadian growth. The fund employs multiple specialist managers in a variety of equity markets.






Underlying Fund

5.40% -2.91% -2.79% 5.40% 13.48% n/a n/a 14.37%

Benchmark1 9.83% -1.25% 0.72% 9.83% 16.93% n/a n/a 17.26%

(1) Customized Benchmark: 100% S&P/TSX.

Franklin Templeton Quotential Canadian Growth Portfolio










24




Europe 42.11%

Asia 27.71%


Latin America 4.54%


Total 100.00%

Portfolio Holdings




Templeton European Corporate Class, Series O 10.54%



Bissett Multinational Growth Fund, Series O 9.51%

Franklin Japan Corporate Class, Series O 7.56%


Total 100.00%

Investment TargetsThe fund generally allocates 100% to equities diversifi ed across global markets including emerging markets.

Investment StrategyThe fund utilizes a growth strategy, through investment in equities to achieve longer-term capital gains.


Investment Manager

Underlying FundQuotential Global Growth PortfolioInception Date: June 2003Net Assets: $544.4 million



Objectives of the FundLong-term capital appreciation by investing primarily in a diversifi ed mix of global equity mutual funds.

Investment StyleGlobal equity. The fund employs multiple specialist managers in a variety of equity markets.






Underlying Fund

0.69% -1.67% -3.50% 0.69% 11.18% n/a n/a 12.76%

Benchmark1 3.26% 1.30% 0.07% 3.26% 10.41% n/a n/a 13.22%

(1) Customized Benchmark: 12.5% MSCI EAFE, 57.5% MSCI World, 3%Europe, 4% Emerging, 20% Titans, 3% TOPIX.

Franklin Templeton Quotential Global Growth Portfolio










25




Europe 16.53%

Asia 12.15%


Latin America 2.75%


Total 100.00%

Portfolio Holdings












Bissett Microcap Fund, Series O 2.53%


Total 100.00%

Investment TargetsThe fund generally allocates 100% to equities diversifi ed across global markets with a focus on large fi nancial markets.

Investment StrategyThe fund utilizes a growth strategy, through investment in equities to achieve longer-term capital gains.


Investment Manager

Underlying FundQuotential Maximum Growth PortfolioInception Date: August 2002Net Assets: $59.4 million



Objectives of the FundLong-term capital appreciation by investing primarily in a diversifi ed mix of equity mutual funds.

Investment StyleGlobal equity. The fund employs multiple specialist managers in a variety of equity markets.






Underlying Fund

1.32% -2.68% -4.44% 1.32% 10.03% 10.28% n/a 8.83%

Benchmark1 -1.35% -2.49% -4.41% -1.35% 9.85% 11.01% n/a 8.34%

(1) Customized Benchmark: 25% MSCI EAFE, 35% S&P 500, 40% S&P/TSX.

Franklin Templeton Quotential Maximum Growth Portfolio










26

Notes

Live, grow, succeed… With AXA by your side!Present throughout Canada, AXA supports its clients—individuals as well as

businesses—at every stage of their lives by delivering, through its broker network,

solutions adapted to their needs.

Our expertise and broad range of Life and Property/Casualty Insurance products

and Financial Services protect our clients, help them build their wealth and enable

them to look forward to the future with peace of mind.

That is how we at AXA see our business: Financial Protection.

Our promise: to ensure each of our clients can always “Be Life Confi dent.”

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