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  • 1. Fund Highlights Guaranteed Investment Funds
  • 2. 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 3
  • 3. 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, profit 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. ALLOCATION OF ASSETS Emerging Markets 1.0% Asia / Japan 9.6% Enhanced Index 4.0% North America Long/Short 16.3% 3.0% Europe Mid/Small Cap 29.9% 22.0% Broad Market World 70.0% 44.3% AXA Rosenberg Statistics • Founded in 1985 to manage diversified 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 offices; • Over $135 billion in assets under management as of December 2007. Investment Philosophy AXA Rosenberg believes that it is extremely difficult 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 profit by purchasing stocks that are underpriced. 4
  • 4. Fund Highlights AXA Rosenberg starts from the view that markets are generally, but not perfectly, efficient. On average, the price of a stock reflects 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 efficient 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 benefit. It is AXA Rosenberg’s firm 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-diversified 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 financial 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 financial 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 identifies 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 identifies 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 firm has grown to over 300 employees worldwide. Many of AXA Rosenberg’s senior investment professionals have been with the firm for more than 17 years. 5
  • 5. Fund Highlights Investment Managers Presentation AllianceBernstein AllianceBernstein L.P. is one of the largest publicly traded global asset management firms in the world with approximately C$790 billion in assets under management at December 31, 2007. AllianceBernstein provides diversified, global investment management services that include growth and value equities, blend strategies and fixed 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 offices in 47 cities in 25 countries. Other U.S. offices 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 offices in London, Tokyo, Singapore, Shanghai, Mumbai, Cape Town, Sao Paulo, Hong Kong, Madrid and Montreal as well as joint venture relationships in five other cities. Additionally, there are marketing and client offices 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 firm in the world • To use and share knowledge to help clients achieve investment success and peace of mind • To place clients’ interests first and foremost AllianceBernstein’s Key Strategies • Translate research innovation to investment success • Promote and maintain a strong fiduciary 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. 6
  • 6. Fund Highlights Investment Managers Presentation TOTAL ASSETS UNDER MANAGEMENT: APPROXIMATELY C$790 BILLION (AS OF DECEMBER 31, 2007). Total Assets Under Management By Geographic Investment Service Global & Int’l, C$483 Billion, 61% U.S., C$307 Billion, 39% Total Assets Under Management By Investment Service 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% Bl Value Component, C$82 Billion, 10% en d St r a te gi e s Total Assets Under Management By Client Group Private Client, C$108 Billion, 14% Retail, C$181 Billion, 23% Institutional Investments, C$501 Billion, 63% AllianceBernstein offers investors a broad range of investment services. They are a globally recognized leader in growth, value, style-blend and fixed income investing. Their diverse asset base reflects their broad commitment to these key disciplines. AllianceBernstein serves a global client base, with investors throughout the Americas, Europe, Asia, Africa and Australia. 7
  • 7. Fund Highlights Investment Managers Presentation 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 offices located in 29 countries is where more than 470 portfolio managers and analysts are working around the clock to find 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 financial 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. 8
  • 8. Fund Highlights Investment Managers Presentation Managed Programs: Not Just for the Wealthy Anymore Since 1975, high net worth Canadians have sought out private investment firms 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 diversification 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 profile, the Franklin Templeton Investments managers ensure that your portfolio stays true to its original mandate. Quotential’s portfolio managers have the flexibility 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. E Equities In Income Maximum Growth Portfolio Global Growth Portfolio Canadian Growth Portfolio EXPECTED RETURN Growth Portfolio Balanced Growth Portfolio Balanced Income Portfolio EXPECTED RISK 9
  • 9. Fund Highlights Investment Managers Presentation 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 firm 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 diversified client base, including pension funds, corporations, institutions, endowments, foundations and high net worth individuals, TDAM also offers private money management services and fixed- 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. 10
  • 10. 2. GUARANTEED INVESTMENT FUND FACT SHEETS 11 11
  • 11. TD Dollar-Cost Averaging Money Market AXA Guaranteed Investment Fund Data as at December 31, 2007 CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 100 AAA 150 AAA 200 AAA 250 Underlying Fund Objectives of the Fund TD Emerald Canadian Short Term Investment Fund To achieve an annual return at least equivalent to the Inception Date: July 1991 DEX 91-Day T-Bills (before fees), while maintaining a Net Assets: $1.9 billion reasonable level of diversification. First Offering Investment Style April 2008 Bottom-up strategy using credit analysis to add value and enhance long-term performance, which also Management Expense Ratio (MER) incorporates a view of the overall economy. Class A: 0.00% Class B: 0.00% Target Portfolio 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 reflected in higher unit values of the underlying fund. Government of Canada up to 100% of assets The return or performance information does not take into account the MER, up-front sales charge, deferred sales Provincial Governments up to 75% of assets 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. Municipal Governments up to 10% of assets Canadian Corporations and Trusts up to 100% of assets Year-By-Year Returns: This chart shows the fund’s annual performance and how an investment made on January 1 Floating-Rate Notes up to 25% of assets would have changed by December 31. Top 10 Holdings of the Underlying Fund GE Capital Canada Funding Company 2.02% 5.0000% Apr/23/2008 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 1.41% 3.9800% Aug/07/2008 Government of Canada Treasury Bill 1.31% 3.9500% Sep/04/2008 Canadian Imperial Bank of Commerce 1.20% 4.7314% Nov/13/2008 National Bank of Canada 4.8185% Past Performance: This graph shows how a $10,000 investment in this fund would have changed in value 1.20% compared to a similar investment in the reference index. Jun/26/2008 OMERS Realty Corporation 5.5900% 1.20% Jan/18/2008 SOUND Trust 5.4200% Feb/13/2008 1.20% Total 14.39% Investment Limits Issues 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 Strategy The 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 Historical Compound Returns: This table shows the simple returns for the monthly periods and the histori- Corporate) and (4) duration constraints. cal annual compound total return of the underlying fund compared to the reference index. Returns for periods of one year or more are annualized. Investment Risks Investment in Canadian bonds and non-Canadian bonds Since YTD 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Inception involves the risks of fluctuations in the value of and potential loss of capital resulting from the impact of interest rates and Underlying Fund 4.59% 1.31% 2.46% 4.59% 3.78% 3.41% 4.17% 4.96% potential defaults by the issuers. Benchmark1 4.43% 1.08% 2.31% 4.43% 3.66% 3.24% 3.83% 4.48% (1) DEX 91-Day T-Bills 12
  • 12. TD Canadian Money Market Money Market AXA Guaranteed Investment Fund Data as at December 31, 2007 CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 101 AAA 151 AAA 201 AAA 251 TD Emerald Canadian Short Term Investment Fund To achieve an annual return at least equivalent to the Inception Date: July 1991 DEX 91-Day T-Bills (before fees), while maintaining a Net Assets: $1.9 billion reasonable level of diversification. Bottom-up strategy using credit analysis to add value April 2008 and enhance long-term performance, which also Class A: 1.25% Class B: 1.25% incorporates a view of the overall economy. Target Portfolio 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 reflected in higher unit values of the underlying fund. Government of Canada up to 100% of assets The return or performance information does not take into account the MER, up-front sales charge, deferred sales Provincial Governments up to 75% of assets charge, distribution or other optional charges or income taxes payable that would have reduced returns or performance. Municipal Governments up to 10% of assets Canadian Corporations and Trusts up to 100% of assets Year-By-Year Returns: This chart shows the fund’s annual performance and how an investment made on January 1 Floating-Rate Notes up to 25% of assets would have changed by December 31. Top 10 Holdings of the Underlying Fund GE Capital Canada Funding Company 2.02% 5.0000% Apr/23/2008 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 1.41% 3.9800% Aug/07/2008 Government of Canada Treasury Bill 1.31% 3.9500% Sep/04/2008 Canadian Imperial Bank of Commerce 1.20% 4.7314% Nov/13/2008 National Bank of Canada 4.8185% Past Performance: This graph shows how a $10,000 investment in this fund would have changed in value 1.20% compared to a similar investment in the reference index. Jun/26/2008 OMERS Realty Corporation 5.5900% Jan/18/2008 1.20% SOUND Trust 5.4200% Feb/13/2008 1.20% Total 14.39% Investment Limits Issues 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 Strategy The 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 Historical Compound Returns: This table shows the simple returns for the monthly periods and the histori- Corporate) and (4) duration constraints. cal annual compound total return of the underlying fund compared to the reference index. Returns for periods of one year or more are annualized. Investment Risks Investment in Canadian bonds and non-Canadian bonds involves the risks of fluctuations in the value of and potential loss of capital resulting from the impact of interest rates and 4.59% 1.31% 2.46% 4.59% 3.78% 3.41% 4.17% 4.96% potential defaults by the issuers. 4.43% 1.08% 2.31% 4.43% 3.66% 3.24% 3.83% 4.48% (1) DEX 91-Day T-Bills 13
  • 13. AllianceBernstein Canadian Bond Fixed Income AXA Guaranteed Investment Fund Data as at December 31, 2007 CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 102 AAA 152 AAA 202 AAA 252 Underlying Fund Objectives of the Fund Sanford C. Bernstein Core Plus Bond Fund To achieve an annual return of 1% in excess of the DEX Inception Date: December 2003 Universe Bond Index (before fees), while maintaining a Net Assets: $163 million reasonable level of diversification. First Offering Investment Style April 2008 Opportunistic investment in Canadian and non-Canadian bonds, to achieve consistent returns. Management Expense Ratio (MER) Class A: 2.00% Class B: 2.05% Target Portfolio 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 reflected in higher unit values of the underlying Canadian Bonds 58.63% fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales Non-Canadian Bonds 41.37% 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. Total 100.00% 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. Top 10 Holdings of the Underlying Fund 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% 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. Mexico 1.89% Total 35.02% Investment Limits The fund should not exceed 50% in non-Canadian securities. Investment Strategy The 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. Historical Compound Returns Investment Risks This table shows the simple returns for the monthly periods and the historical annual compound total return of the Investment in Canadian and non-Canadian bonds involves underlying fund compared to the reference index. Returns for periods of one year or more are annualized. the risks of fluctuations in the value of and potential loss of capital resulting from the impact of interest rates, currency and Since YTD 3 Months 6 Months 1 Year 2 Years 3 Years potential defaults by the issuers. Inception Underlying 3.75% 1.93% 3.68% 3.75% 3.96% 4.85% 5.47% Fund Benchmark1 3.68% 2.74% 4.49% 3.68% 3.87% 4.73% 5.33% (1) DEX Universe Bond. 14
  • 14. AllianceBernstein International Equity International Equity AXA Guaranteed Investment Fund Data as at December 31, 2007 CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 105 AAA 155 AAA 205 AAA 255 Underlying Fund Objectives of the Fund Sanford C. Bernstein International Equity To achieve an annual return of 3% in excess of the MSCI (Cap-Weighted, Unhedged) Fund EAFE Equity Index (before fees), while maintaining a Inception Date: December 1997 reasonable level of diversification. Net Assets: $829 million Investment Style First Offering Deep-value investment style, stock selection is driven April 2008 by a unique integration of fundamental and quantitative research, to achieve long-term capital appreciation. Management Expense Ratio (MER) Class A: 2.90% Class B: 3.10% Target Portfolio Performance Data: The returns or performance information shown assume that all income/realized net gains U.K. 22.10% are retained by the underlying fund in the periods shown and are reflected 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 Europe ex-U.K. 41.50% charge, distribution or other optional charges or income taxes payable that would have reduced returns or performance. Japan 24.30% How the underlying fund has performed in the past does not necessarily indicate how it will perform in the future. Pacific ex-Japan 7.20% Other 4.90% 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. Total 100.00% Top 10 Holdings of the Underlying Fund 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% Past Performance: This graph shows how a $10,000 investment in this fund would have changed in value Eni Spa 1.87% compared to a similar investment in the reference index. ING Groep NV 1.85% ArcelorMittal 1.73% Total 20.79% Investment Limits The 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 Strategy The fund seeks long-term capital appreciation through investment Historical Compound Returns in a portfolio of 100 to 140 stocks, diversified across Europe, This table shows the simple returns for the monthly periods and the historical annual compound total return of the Australasia and the Far East. underlying fund compared to the reference index. Returns for periods of one year or more are annualized. Investment Risks Since Investment in equities involves the risks of fluctuations in the YTD 3 Months 6 Months 1 Year 2 Years 3 Years 5 Years Inception value of and potential loss of capital. International equities Underlying -7.32% -5.47% -10.71% -7.32% 10.68% 13.02% 13.86% 8.03% include the additional risks of currency fluctuations adversely Fund affecting fund returns. Benchmark1 -5.32% -2.38% -6.77% -5.32% 9.38% 9.97% 11.12% 5.06% (1) MSCI EAFE CAD. 15
  • 15. AXA Rosenberg Canadian Equity Canadian Equity AXA Guaranteed Investment Fund Data as at December 31, 2007 CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 103 AAA 153 AAA 203 AAA 253 Underlying Fund Objectives of the Fund AXA Rosenberg Canada Equity Canadian Trust Fund To achieve an annual return of 2.5% in excess of the S&P/TSX Strategy Inception Date: January 1993 Composite Index (before fees), while maintaining a Net Assets: $9.6 million reasonable level of diversification of Canadian equities. First Offering Investment Style April 2008 Systematic quantitative approach to analyzing stocks and constructing portfolios, to achieve long-term capital Management Expense Ratio (MER) appreciation. Class A: 2.75% Class B: 2.90% Target Portfolio 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 reflected in higher unit values of the underlying fund. Canadian Equity 100.00% The return or performance information does not take into account the MER, up-front sales charge, deferred sales Total 100.00% 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. Year-By-Year Returns: This chart shows the fund’s annual performance and how an investment made on January 1 Top 10 Holdings of the Underlying Fund would have changed by December 31. 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% 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. Total 49.47% Investment Limits Portfolios 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 Strategy The 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 Risks Investment in equities involves the risks of fluctuations in the value of and potential loss of capital. Historical Compound Returns This 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. Since YTD 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Inception Underlying 1.97% -4.08% -5.46% 1.97% 15.02% 18.05% 11.76% 14.52% Fund Benchmark1 9.83% -1.25% 0.72% 9.83% 16.93% 18.32% 9.47% 12.07% (1) S&P/TSX Composite Index. 16
  • 16. AXA Rosenberg Canadian Equity AXA 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 17
  • 17. AXA Rosenberg Global Equity Global Equity AXA Guaranteed Investment Fund Data as at December 31, 2007 CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 104 AAA 154 AAA 204 AAA 254 Underlying Fund Objectives of the Fund AXA Rosenberg Global Equity Canadian Trust Fund To achieve an annual return of 2.5% in excess of the Strategy Inception Date: December 1995 MSCI World Index (before fees), while maintaining a Net Assets: $16.3 million reasonable level of diversification of global equities. First Offering Investment Style April 2008 Systematic quantitative approach to analyzing stocks and constructing portfolios, to achieve long-term capital appreciation. Management Expense Ratio (MER) Class A: 2.90% Class B: 3.10% Performance Data: The returns or performance information shown assume that all income/realized net gains Target Portfolio are retained by the underlying fund in the periods shown and are reflected 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 North American Equity 46.00% charge, distribution or other optional charges or income taxes payable that would have reduced returns or performance. European Equity 38.00% 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. Japan 10.00% Asia 5.00% Year-By-Year Returns: This chart shows the fund’s annual performance and how an investment made on January 1 Cash 1.00% would have changed by December 31. Total 100.00% Top 10 Holdings of the Underlying Fund Exxon Mobil Corp. 2.39% Royal Dutch Shell Plc. 1.92% Chevron Corp. 1.80% Apple Inc. 1.61% Hewlett Packard Co. 1.51% Pfizer Inc. 1.51% Verizon Communications 1.49% 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. Int'l Business Machines Corp. 1.48% Vodafone Group 1.39% ConocoPhillips 1.34% Total 16.44% Investment Limits Portfolios are optimized using a proprietary model to control risk. The fund will typically invest in 400 to 600 securities. Investment Strategy The fund invests in global equities based on analysis of fair value and year-ahead earnings growth. Portfolios are constructed using a proprietary optimization process. Historical Compound Returns: This table shows the simple returns for the monthly periods and the histori- Investment Risks cal annual compound total return of the underlying fund compared to the reference index. Returns for periods of one Investment in equities involves the risks of fluctuations in the year or more are annualized. value of and potential loss of capital. Global equities include Since the additional risks of currency fluctuations adversely affecting YTD 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Inception fund returns. Underlying -9.33% -3.32% -9.77% -9.33% 6.61% 7.29% 5.92% 7.82% Fund Benchmark1 -7.08% -2.99% -7.15% -7.08% 6.21% 6.97% 3.53% 5.80% (1) MSCI World ex-Canada 18
  • 18. AXA Rosenberg Global Equity AXA 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 19
  • 19. Franklin Templeton Strategic Asset Allocation Quotential Balanced Income Portfolio Data as at December 31, 2007 AXA Guaranteed Investment Fund CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 106 AAA 156 AAA 206 AAA 256 Underlying Fund Objectives of the Fund Quotential Balanced Income Portfolio A balance of current income and long-term capital Inception Date: August 2002 appreciation by investing in a diversified mix of equity Net Assets: $1.4 billion and income mutual funds, with a bias towards income. First Offering Investment Style April 2008 Balanced income. The fund employs multiple specialist managers in a variety of equity and bond markets. Management Expense Ratio (MER) Class A: 2.60% Class B: 2.65% Geographic Weighting 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 reflected in higher unit values of the underlying North America 86.31% fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales Europe 8.28% 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. Asia 3.93% How the underlying fund has performed in the past does not necessarily indicate how it will perform in the future. Australia and New Zealand 0.33% Latin America 1.04% 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. 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% 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. 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 Targets The fund generally allocates 60% to bonds and 40% to equi- ties with a primary focus on Canadian equities. Historical Compound Returns Investment Strategy This table shows the simple returns for the monthly periods and the historical annual compound total return of the The fund utilizes bonds to provide moderate income and includes underlying fund compared to the reference index. Returns for periods of one year or more are annualized. a moderate equity allocation to provide some capital growth. Since YTD 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Inception Investment Risks Underlying Investment in bonds includes the risk of fluctuations and 1.73% -0.04% -0.17% 1.73% 7.22% 9.03% n/a 8.57% Fund potential loss of capital resulting from the impact of interest Benchmark1 3.28% 0.81% 1.66% 3.28% 7.68% 8.67% n/a 8.12% rates, currency and potential defaults by issuers. Investment in equities involves the risks of fluctuations in the value of and (1) Customized Benchmark: 7% MSCI World, 8% S&P 500, 25% S&P/TSX, 60% Universe. potential loss of capital. Global equities include the additional risks of currency fluctuations adversely affecting fund returns. 20
  • 20. Franklin Templeton Strategic Asset Allocation Quotential Balanced Growth Portfolio Data as at December 31, 2007 AXA Guaranteed Investment Fund CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 107 AAA 157 AAA 207 AAA 257 Underlying Fund Objectives of the Fund Quotential Balanced Growth Portfolio Long-term capital appreciation by investing primarily in Inception Date: August 2002 a diversified mix of equity mutual funds, with additional Net Assets: $4.3 billion stability derived from investing in income mutual funds. First Offering Investment Style April 2008 Balanced growth. The fund employs multiple specialist managers in a variety of equity and bond markets. Management Expense Ratio (MER) Class A: 2.65% Class B: 2.75% Geographic Weighting 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 reflected in higher unit values of the underlying North America 80.71% fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales Europe 9.83% charge, distribution or other optional charges or income taxes payable that would have reduced returns or performance. Asia 6.89% 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. Australia and New Zealand 0.40% Latin America 1.93% Year-By-Year Returns: This chart shows the fund’s annual performance and how an investment made on January 1 Middle East and Africa 0.25% would have changed by December 31. Total 100.00% Portfolio Holdings Bissett Bond Fund, Series O 27.33% Bissett Canadian Equity Fund, Series O 16.41% Mutual Beacon Fund, Series O 8.08% Franklin Strategic Income Fund, Series O 7.83% Bissett All Canadian Focus Fund, Series O 6.81% Templeton Emerging Markets Fund, Series O 6.66% Mutual Discovery Fund, Series O 5.27% Franklin Templeton Canadian Small Cap Fund, Series O 3.96% Franklin Templeton U.S. Rising Dividends Fund, Series O 3.85% Past Performance: This graph shows how a $10,000 investment in this fund would have changed in value Templeton Global Smaller Companies Fund, Series O 3.76% compared to a similar investment in the reference index. Bissett Small Cap Fund, Series O 2.98% Bissett Income Fund, Series O 2.39% Bissett Canadian Short Term Bond Fund, Series O 1.37% Franklin World Growth Corporate Class, Series O 1.28% Templeton Growth Fund Ltd., Series O 1.25% Franklin U.S. Core Equity Fund, Series O 0.77% Total 100.00% Investment Targets The fund generally allocates 60% to equities and 40% to bonds with a primary focus on Canadian equities. Investment Strategy The fund utilizes a balanced approach to achieve longer term capital gains with a moderate allocation to bonds to provide Historical Compound Returns stability and current income. This 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. Investment Risks Since Investment in bonds includes the risk of fluctuations and YTD 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Inception potential loss of capital resulting from the impact of interest Underlying rates, currency and potential defaults by issuers. Investment 2.06% -0.97% -1.34% 2.06% 9.11% 10.62% n/a 9.84% Fund in equities involves the risks of fluctuations in the value of and Benchmark1 2.58% -0.22% 0.04% 2.58% 8.82% 9.86% n/a 8.65% potential loss of capital. Global equities include the additional risks of currency fluctuations adversely affecting fund returns. (1) Customized Benchmark: 12% MSCI World, 13% S&P 500, 35% S&P/TSX, 40% Universe. 21
  • 21. Franklin Templeton Strategic Asset Allocation Quotential Growth Portfolio Data as at December 31, 2007 AXA Guaranteed Investment Fund CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 108 AAA 158 AAA 208 AAA 258 Underlying Fund Objectives of the Fund Quotential Growth Portfolio A balance of current income and long-term capital Inception Date: August 2002 appreciation by investing in a diversified mix of equity and Net Assets: $689.0 million income mutual funds, with a bias towards capital appreciation. First Offering April 2008 Investment Style Global growth. The fund employs multiple specialist Management Expense Ratio (MER) managers in a variety of equity and bond markets. Class A: 2.75% Class B: 2.90% Geographic Weighting 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 reflected in higher unit values of the underlying North America 75.48% fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales Europe 13.67% 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. Asia 8.19% How the underlying fund has performed in the past does not necessarily indicate how it will perform in the future. Australia and New Zealand 0.24% Latin America 2.11% 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. Middle East and Africa 0.31% Total 100.00% Portfolio Holdings Mutual Beacon Fund, Series O 19.78% Bissett Canadian Equity Fund, Series O 16.90% Bissett Bond Fund, Series O 11.32% Franklin Templeton U.S. Rising Dividends Fund, Series O 7.98% Templeton Emerging Markets Fund, Series O 7.73% Bissett All Canadian Focus Fund, Series O 6.91% Mutual Discovery Fund, Series O 5.90% Past Performance: This graph shows how a $10,000 investment in this fund would have changed in value Franklin Strategic Income Fund, Series O 4.40% compared to a similar investment in the reference index. Franklin Templeton Canadian Small Cap Fund, Series O 4.22% Templeton International Stock Fund, Series O 3.69% Templeton Global Smaller Companies Fund, Series O 3.65% Bissett Small Cap Fund, Series O 3.23% Bissett Income Fund, Series O 2.23% Franklin U.S. Core Equity Fund, Series O 1.60% Bissett Canadian Short Term Bond Fund, Series O 0.46% Total 100.00% Investment Targets The fund generally allocates 80% to equities and 20% to bonds. Investment Strategy The fund utilizes a growth strategy to achieve longer-term capital gains, with a small allocation in bonds to provide some stability and current income. Historical Compound Returns This table shows the simple returns for the monthly periods and the historical annual compound total return of the Investment Risks underlying fund compared to the reference index. Returns for periods of one year or more are annualized. Investment in bonds includes the risk of fluctuations and Since potential loss of capital resulting from the impact of interest YTD 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Inception rates, currency and potential defaults by issuers. Investment Underlying in equities involves the risks of fluctuations in the value of and 1.09% -1.98% -3.45% 1.09% 9.38% 10.32% n/a 9.43% Fund potential loss of capital. Global equities include the additional Benchmark1 0.01% -1.44% -2.47% 0.01% 8.92% 10.02% n/a 8.15% risks of currency fluctuations adversely affecting fund returns. (1) Customized Benchmark: 15% MSCI EAFE, 30% S&P 500, 35% S&P/TSX, 20% Universe. 22
  • 22. Franklin Templeton Strategic Asset Allocation Quotential Canadian Growth Portfolio Data as at December 31, 2007 AXA Guaranteed Investment Fund CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 109 AAA 159 AAA 209 AAA 259 Underlying Fund Objectives of the Fund Quotential Canadian Growth Portfolio Long-term capital appreciation by investing primarily in a Inception Date: September 2004 diversified mix of Canadian equity mutual funds. Net Assets: $69.4 million Investment Style First Offering Canadian growth. The fund employs multiple specialist April 2008 managers in a variety of equity markets. Management Expense Ratio (MER) Class A: 2.90% Class B: 3.10% Geographic Weighting 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 reflected in higher unit values of the underlying North America 99.12% fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales Europe 0.23% 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. Asia 0.00% How the underlying fund has performed in the past does not necessarily indicate how it will perform in the future. Australia and New Zealand 0.65% Year-By-Year Returns: This chart shows the fund’s annual performance and how an investment made on January 1 Latin America 0.00% would have changed by December 31. Middle East and Africa 0.00% Total 100.00% Portfolio Holdings Bissett Large Cap Fund, Series O 23.62% Bissett All Canadian Focus Fund, Series O 22.59% Franklin Templeton Canadian Small Cap Fund, 15.12% Series O Bissett Income Trust & Dividend Fund, Series O 14.00% Bissett Small Cap Fund, Series O 9.93% 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. Bissett Dividend Income Fund, Series O 7.85% Templeton Canadian Stock Fund, Series O 6.89% Total 100.00% Investment Targets The fund generally allocates 100% to Canadian equities. Investment Strategy The 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 Risks Historical Compound Returns Investment in bonds includes the risk of fluctuations and This table shows the simple returns for the monthly periods and the historical annual compound total return of the potential loss of capital resulting from the impact of interest underlying fund compared to the reference index. Returns for periods of one year or more are annualized. rates, currency and potential defaults by issuers. Investment in equities involves the risks of fluctuations in the value of Since YTD 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Inception and potential loss of capital. Underlying 5.40% -2.91% -2.79% 5.40% 13.48% n/a n/a 14.37% Fund Benchmark1 9.83% -1.25% 0.72% 9.83% 16.93% n/a n/a 17.26% (1) Customized Benchmark: 100% S&P/TSX. 23
  • 23. Franklin Templeton Strategic Asset Allocation Quotential Global Growth Portfolio Data as at December 31, 2007 AXA Guaranteed Investment Fund CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 110 AAA 160 AAA 210 AAA 260 Underlying Fund Objectives of the Fund Quotential Global Growth Portfolio Long-term capital appreciation by investing primarily in a Inception Date: June 2003 diversified mix of global equity mutual funds. Net Assets: $544.4 million Investment Style First Offering Global equity. The fund employs multiple specialist April 2008 managers in a variety of equity markets. Management Expense Ratio (MER) Class A: 2.90% Class B: 3.10% Performance Data: The returns or performance information shown assume that all income/realized net gains Geographic Weighting are retained by the underlying fund in the periods shown and are reflected 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 North America 23.28% charge, distribution or other optional charges or income taxes payable that would have reduced returns or performance. Europe 42.11% Performance is based on a composite of the Investment Manager. Asia 27.71% How the underlying fund has performed in the past does not necessarily indicate how it will perform in the future. Australia and New Zealand 1.79% Year-By-Year Returns: This chart shows the fund’s annual performance and how an investment made on Latin America 4.54% January 1 would have changed by December 31. Middle East and Africa 0.57% Total 100.00% Portfolio Holdings Mutual Discovery Fund, Series O 17.44% Templeton Emerging Markets Fund, Series O 13.85% Franklin World Growth Corporate Class, Series O 13.50% Templeton European Corporate Class, Series O 10.54% Templeton International Stock Fund, Series O 10.53% Templeton Global Smaller Companies Fund, 9.62% Series O Bissett Multinational Growth Fund, Series O 9.51% Past Performance: This graph shows how a $10,000 investment in this fund would have changed in value Franklin Japan Corporate Class, Series O 7.56% compared to a similar investment in the reference index. Templeton Growth Fund Ltd., Series O 7.45% Total 100.00% Investment Targets The fund generally allocates 100% to equities diversified across global markets including emerging markets. Investment Strategy The fund utilizes a growth strategy, through investment in equities to achieve longer-term capital gains. Investment Risks Historical Compound Returns Investment in equities involves the risks of fluctuations in the This table shows the simple returns for the monthly periods and the historical annual compound total return of the value of and potential loss of capital. Global equities include underlying fund compared to the reference index. Returns for periods of one year or more are annualized. the additional risks of currency fluctuations adversely affecting Since YTD 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years fund returns. Inception Underlying 0.69% -1.67% -3.50% 0.69% 11.18% n/a n/a 12.76% Fund 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. 24
  • 24. Franklin Templeton Strategic Asset Allocation Quotential Maximum Growth Portfolio Data as at December 31, 2007 AXA Guaranteed Investment Fund CLASS A CLASS B Asset Mix of the Fund Investment Manager 75% at death and 75% at maturity 100% at death and 75% at maturity FUND CODE FUND CODE FUND CODE FUND CODE (Up-Front Sales charge) (Deferred Sales charge) (Up-Front Sales charge) (Deferred Sales charge) AAA 111 AAA 161 AAA 211 AAA 261 Underlying Fund Objectives of the Fund Quotential Maximum Growth Portfolio Long-term capital appreciation by investing primarily in a Inception Date: August 2002 diversified mix of equity mutual funds. Net Assets: $59.4 million Investment Style First Offering Global equity. The fund employs multiple specialist April 2008 managers in a variety of equity markets. Management Expense Ratio (MER) Class A: 2.95% Class B: 3.20% Geographic Weighting 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 reflected in higher unit values of the underlying North America 67.84% fund. The return or performance information does not take into account the MER, up-front sales charge, deferred sales Europe 16.53% 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. Asia 12.15% How the underlying fund has performed in the past does not necessarily indicate how it will perform in the future. Australia and New Zealand 0.31% Latin America 2.75% 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. Middle East and Africa 0.42% Total 100.00% Portfolio Holdings Bissett Canadian Equity Fund, Series O 15.44% Mutual Beacon Fund, Series O 11.66% Franklin U.S. Core Equity Fund, Series O 11.59% Templeton Emerging Markets Fund, Series O 11.10% Mutual Discovery Fund, Series O 10.76% Templeton Global Smaller Companies Fund, 7.94% Series O Bissett All Canadian Focus Fund, Series O 6.70% Franklin Templeton U.S. Rising Dividends Fund, Past Performance: This graph shows how a $10,000 investment in this fund would have changed in value 5.90% Series O compared to a similar investment in the reference index. Franklin Templeton Canadian Small Cap Fund, 5.28% Series O Templeton International Stock Fund, Series O 5.14% Bissett Small Cap Fund, Series O 3.57% Bissett Microcap Fund, Series O 2.53% Bissett Income Fund, Series O 2.39% Total 100.00% Investment Targets The fund generally allocates 100% to equities diversified across global markets with a focus on large financial markets. Investment Strategy The fund utilizes a growth strategy, through investment in equities to achieve longer-term capital gains. Historical Compound Returns This table shows the simple returns for the monthly periods and the historical annual compound total return of the Investment Risks underlying fund compared to the reference index. Returns for periods of one year or more are annualized. Investment in equities involves the risks of fluctuations in the Since value of and potential loss of capital. Global equities include YTD 3 Months 6 Months 1 Year 3 Years 5 Years 10 Years Inception the additional risks of currency fluctuations adversely affecting Underlying fund returns. 1.32% -2.68% -4.44% 1.32% 10.03% 10.28% n/a 8.83% Fund 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. 25
  • 25. Notes 26
  • 26. 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 Confident.” 296003A (03-2008)