Annual Report Segregated Funds Funds December 31, 2007 Annual Report ... Auditors’ Report ......

Segregated FundsDecember 31, 2007

Annual Report

T H E E Q U I T A B L E L I F E I N S U R A N C E C O M P A N Y O F C A N A D A

1059(2007/12/31)

Table of Contents Page Auditors’ Report……………………………………………………………….……………………………………… 1 Annual Compound Returns…………………………………………………….…………………………………… 2 Statement of Investment Portfolios: Accumulative Income Fund………………………………………………….……………………………………. 3 American Growth Fund……………………………………………………………………………………………. 4 Asset Allocation Fund……………………………………………………………………………………………… 5 Canadian Bond Fund……………………………………………………………………………………………… 6 Canadian Stock Fund……………………………………………………………………………………………… 7 Common Stock Fund………………………………………………………………………………………………. 8 Equitable Life Acuity Canadian Balanced Fund………………………………………………………………… 9 Equitable Life Acuity Pure Canadian Equity Fund………………………….………………………………….. 10 Equitable Life AIM Canadian Premier Fund…………………………………………………………………….. 11 Equitable Life Bissett Dividend Income Fund……………………………….………………………………….. 12 Equitable Life Dynamic Far East Value Fund……………………………….………………………………….. 13 Equitable Life Dynamic Power Global Growth Fund……………………….…………………………………... 14 Equitable Life Mackenzie Universal U.S. Emerging Growth Fund……………………………………………. 15 Equitable Life MB Canadian Equity Value Fund………………………………………………………………... 16 Equitable Life Quotential Balanced Growth Portfolio………………………………………………. 17-18 Equitable Life Quotential Balanced Income Portfolio……………….…………………………………... 19-20 Equitable Life Quotential Diversified Income Portfolio………………………………………………. 21-22 Equitable Life Quotential Global Growth Portfolio……………….…………………………………... 23-24 Equitable Life Quotential Growth Portfolio……………………….…………………………………… 25-26 Equitable Life Quotential Maximum Growth Portfolio……………………………………………….. 27-28 Equitable Life Templeton Global Bond Fund……………………………………………………………………. 29 Equitable Life Templeton Growth Fund………………………………………………………………………….. 30 Equitable Life Trimark Europlus Fund…………………………………………………………………………… 31 Equitable Life Trimark Global Balanced Fund………………………………………………………………….. 32 Equitable Life Trimark International Companies Fund…………………………………………………………. 33 Money Market Fund………………………………………………………….……………………………………. 34 Financial Statements………………………………………………………………………………………………… 35-43 Notes to Financial Statements………………………………………………….…………………………………... 44-49

Auditors’ Report

To the Directors of The Equitable Life Insurance Company of Canada and to the Unitholders of The Equitable Life Insurance Company of Canada Segregated Funds (the “Funds”) listed below:

Accumulative Income Fund American Growth Fund Asset Allocation Fund Canadian Bond Fund Canadian Stock Fund Common Stock Fund Equitable Life Acuity Canadian Balanced Fund Equitable Life Acuity Pure Canadian Equity Fund Equitable Life AIM Canadian Premier Fund Equitable Life Bissett Dividend Income Fund Equitable Life Dynamic Far East Value Fund Equitable Life Dynamic Power Global Growth Fund Equitable Life Mackenzie Universal U.S. Emerging Growth Fund Equitable Life MB Canadian Equity Value Fund Equitable Life Quotential Balanced Growth Portfolio Equitable Life Quotential Balanced Income Portfolio Equitable Life Quotential Diversified Income Portfolio Equitable Life Quotential Global Growth Portfolio Equitable Life Quotential Growth Portfolio Equitable Life Quotential Maximum Growth Portfolio Equitable Life Templeton Global Bond Fund Equitable Life Templeton Growth Fund Equitable Life Trimark Europlus Fund Equitable Life Trimark Global Balanced Fund Equitable Life Trimark International Companies Fund Money Market Fund

We have audited the Statements of Investment Portfolio and the Statements of Net Assets of each of the Funds as at December 31, 2007 and 2006 and the Statements of Operations, Changes in Net Assets, and Net Realized Gain (Loss) on Sale of Investments for the years then ended. These financial statements are the responsibility of The Equitable Life Insurance Company of Canada. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audits in accordance with Canadian generally accepted auditing standards. Those standards require that we plan and perform an audit to obtain reasonable assurance whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentations. In our opinion, these financial statements present fairly, in all material respects, the financial position of the Funds as at December 31, 2007 and 2006, the investments held as at December 31, 2007 and 2006 and the results of their operations and the changes in net assets for the years then ended in accordance with Canadian generally accepted accounting principles.

Chartered Accountants, Licensed Public Accountants Waterloo, Ontario February 14, 2008

1

Annual Compound Net Returnsas at December 31, 2007

Since Inception1 Year 3 Year 5 Year 10 Year (if less than 10 years)

Initial Series*Accumulative Income Fund 2.2% 4.0% 5.0% 5.6% N/A American Growth Fund -7.3% 1.4% 2.1% - 0.3% Asset Allocation Fund -0.7% 5.7% 6.7% 3.7% N/A Canadian Bond Fund -0.1% 2.0% 3.1% 3.8% N/A Canadian Stock Fund 0.8% 10.1% 11.2% 6.5% N/A Common Stock Fund 2.5% 11.7% 12.8% 7.9% N/A Equitable Life Acuity Canadian Balanced Fund 1.4% - - - 5.3% Equitable Life Acuity Pure Canadian Equity Fund 4.6% - - - 14.2% Equitable Life AIM Canadian Premier Fund 1.8% 15.3% - - 14.4% Equitable Life Bissett Dividend Income Fund -3.4% 6.3% - - 6.9% Equitable Life Dynamic Far East Value Fund 5.9% - - - 15.5% Equitable Life Dynamic Power Global Growth Fund 46.3% - - - 50.9% Equitable Life Mackenzie Universal U.S. Emerging Growth Fund -10.3% -0.4% - - -0.9% Equitable Life MB Canadian Equity Value Fund 2.8% 10.4% 11.7% - 11.8% Equitable Life Quotential Balanced Growth Portfolio -1.2% - - - 5.6% Equitable Life Quotential Balanced Income Portfolio -1.2% - - - 4.2% Equitable Life Quotential Diversified Income Portfolio -1.5% - - - 3.1% Equitable Life Quotential Global Growth Portfolio -2.8% - - - 6.2% Equitable Life Quotential Growth Portfolio -2.2% - - - 6.3% Equitable Life Quotential Maximum Growth Portfolio -2.3% - - - 5.2% Equitable Life Templeton Global Bond Fund -7.0% -1.1% -0.5% - 2.0% Equitable Life Templeton Growth Fund -7.8% 4.7% 6.9% - 0.9% Equitable Life Trimark Europlus Fund -14.1% 5.4% - - 8.4% Equitable Life Trimark Global Balanced Fund -9.0% 2.6% - - 3.5% Equitable Life Trimark International Companies Fund -17.7% - - - -4.7% Money Market Fund 2.8% 1.9% 1.5% 2.1% N/A

B Series**American Growth Fund B -7.6% - - - 1.2% Canadian Bond Fund B -0.5% - - - 0.5% Equitable Life Acuity Canadian Balanced Fund B 1.0% - - - 4.9% Equitable Life Acuity Pure Canadian Equity Fund B 4.2% - - - 13.8% Equitable Life AIM Canadian Premier Fund B 1.4% - - - 10.3% Equitable Life Bissett Dividend Income Fund B -3.8% - - - 1.6% Equitable Life Dynamic Far East Value Fund B 5.6% - - - 15.1% Equitable Life Dynamic Power Global Growth Fund B 45.8% - - - 50.4% Equitable Life Mackenzie Universal U.S. Emerging Growth Fund B -10.7% - - - 0.2% Equitable Life MB Canadian Equity Value Fund B 2.4% - - - 9.1% Equitable Life Quotential Balanced Growth Portfolio B -1.5% - - - 3.8% Equitable Life Quotential Balanced Income Portfolio B -1.5% - - - 2.3% Equitable Life Quotential Diversified Income Portfolio B -1.8% - - - 0.9% Equitable Life Quotential Global Growth Portfolio B -3.1% - - - 8.3% Equitable Life Quotential Growth Portfolio B -2.5% - - - 4.6% Equitable Life Quotential Maximum Growth Portfolio B -2.6% - - - 5.8% Equitable Life Templeton Growth Fund B -8.1% - - - 3.4% Equitable Life Trimark Europlus Fund B -14.4% - - - 1.8% Equitable Life Trimark Global Balanced Fund B -9.3% - - - 1.6% Equitable Life Trimark International Companies Fund B -18.0% - - - -5.0% Money Market Fund B 2.8% 1.9% 1.5% 2.1% N/A

* Initial Series is offered for products issued prior to September 2006 and will continue to be offered for those products as well as those products soldafter September 2006. **B Series is offered only for Pivotal Solutions II, Pivotal Solutions II Retirement Income Fund and Pivotal Solutions II Life Income Fundproducts introduced in September 2006.

For additional product information please refer to the Segregated Funds Financial Highlights & Performance Data document or the Information Folder.

2

Accumulative Income Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007

Average Market % of Net # of Units Cost ($) Value ($) Assets

MB Fixed Income Fund 117,974 6,622,990 6,491,439 100.00 6,622,990$ 6,491,439$ 100.00%

The Accumulative Income Fund is 100% invested in the MB Fixed Income Fund. The following information is unaudited andis based on information as provided by McLean Budden Limited. It represents the top 25 holdings within the underlying fund.

Average Market % ofCoupon (%) Maturity Par Value ($) Cost ($) Value ($) Fund

US Treasury 4.88 OCT 31 08 148,535,000 148,590,375 148,543,319 4.52 Government of Canada 8.00 JUN 01 27 89,010,000 123,975,162 134,850,150 4.10 Government of Canada 5.75 JUN 01 29 108,910,000 128,771,989 133,959,300 4.07 Province of Ontario 6.50 MAR 08 29 105,125,000 117,176,110 132,037,000 4.02 Province of Quebec 5.50 DEC 01 14 109,490,000 117,058,441 116,323,818 3.54 Canada Housing Trust 4.80 JUN 15 12 104,010,000 103,983,998 106,720,501 3.25 Province of Ontario 5.60 JUN 02 35 79,955,000 88,624,568 92,108,160 2.80 Province of Ontario 4.50 MAR 08 15 81,640,000 82,414,310 82,163,312 2.50 Province of Ontario 5.00 MAR 08 14 78,260,000 80,981,236 81,116,490 2.47 Government of Canada 4.25 SEP 01 09 76,950,000 77,394,819 77,504,810 2.36 Government of Canada 8.00 JUN 01 23 51,555,000 71,033,609 74,471,198 2.26 Government of Canada 4.25 SEP 01 08 74,030,000 74,144,724 74,215,075 2.26 Government of Canada 3.75 JUN 01 12 69,650,000 68,815,150 69,322,645 2.11 Government of Canada 5.50 JUN 01 10 58,820,000 60,825,762 61,143,390 1.86 Province of Manitoba 5.85 JAN 25 11 55,760,000 57,948,198 58,492,240 1.78 Province of Quebec 6.00 OCT 01 29 48,470,000 50,498,530 56,831,075 1.73 Province of Ontario 4.40 DEC 02 11 52,500,000 53,009,250 52,827,863 1.61 Bank of Nova Scotia 4.93 JUN 08 10 47,085,000 47,018,951 47,261,098 1.44 Canadian Imperial Bank of Commerce 3.75 SEP 09 15 48,220,000 47,434,279 46,302,773 1.41 Province of British Columbia 4.70 DEC 01 17 45,220,000 45,056,304 46,245,590 1.41 Bank of Nova Scotia 4.56 OCT 30 13 47,265,000 47,652,221 46,197,284 1.40 Toronto-Dominion Bank 5.76 DEC 18 17 46,235,000 46,233,935 46,148,078 1.40 Toronto-Dominion Bank 5.14 NOV 19 12 40,785,000 40,785,000 41,156,144 1.25 Canadian Imperial Bank of Commerce 4.95 SEP 02 10 41,300,000 41,850,116 41,054,678 1.25 European Investment Bank 4.63 MAY 15 14 39,075,000 46,994,277 39,463,289 1.20

58.00%

Equitable Life of Canada3

American Growth FundSTATEMENT OF INVESTMENT PORTFOLIO


McLean Budden American Equity Fund - Class B 257,158 10,317,560 9,089,181 100.00

10,317,560$ 9,089,181$ 100.00%

Average Market % ofClass # of Shares Cost ($) Value ($) Fund

Microsoft Corporation Common 840,000 22,454,587 29,512,258 4.58 Schlumberger Ltd. Common 240,000 9,863,475 23,299,525 3.62 Cisco Systems Inc. Common 795,000 17,535,417 21,238,652 3.30 Apache Corporation Common 200,000 10,227,029 21,226,245 3.30 Burlington Northern Santa Fe Corporation Common 225,000 14,371,961 18,481,430 2.87 American International Group Inc. Common 320,000 20,904,096 18,411,606 2.86 United Technologies Corporation Common 215,000 9,499,968 16,240,525 2.52 Johnson & Johnson Common 245,000 14,520,449 16,127,426 2.50 Alcoa Inc. Common 440,000 11,942,356 15,871,326 2.46 Caterpillar Inc. Common 220,000 15,655,440 15,754,082 2.45 Intel Corporation Common 585,000 12,727,218 15,391,791 2.39 Colgate Palmolive Company Common 200,000 11,000,887 15,387,745 2.39 CVS Caremark Corporation Common 390,000 12,135,456 15,299,417 2.38 Wyeth Common 350,000 15,208,275 15,263,889 2.37 Time Warner Inc. Common 910,000 15,789,399 14,827,284 2.30 General Electric Company Common 395,000 13,168,033 14,450,831 2.24 MEMC Electronic Materials Inc. Common 165,000 7,639,251 14,409,579 2.24 Wal-Mart Stores Inc. Common 300,000 14,095,364 14,072,207 2.18 Viacom Inc. Class B 320,000 12,664,269 13,870,287 2.15 AT&T Inc. Common 330,000 10,720,151 13,535,136 2.10 Freeport-McMoRan Copper & Gold Inc. Common 130,000 10,768,476 13,142,745 2.04 The Estee Lauder Companies Inc. Class A 300,000 11,668,415 12,911,613 2.00 Exelon Corporation Common 160,000 9,687,267 12,891,283 2.00 PepsiCo Inc. Common 170,000 9,303,815 12,733,971 1.98 Wells Fargo & Company Common 425,000 14,803,859 12,662,667 1.97

63.19%

December 31, 2007

The American Growth Fund is 100% invested in the McLean Budden American Equity Fund. The following information is unauditedand is based on information as provided by McLean Budden Limited. It represents the top 25 holdings within the underlying fund.


41.26%

Asset Allocation FundSTATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


MB Canadian Equity Fund 1,098,444 12,636,920 14,024,935 30.65 MB Fixed Income Fund 272,901 15,360,524 15,016,131 32.81 MB Global Equity Fund 837,332 11,754,155 12,115,522 26.48 MB Money Market Fund 460,404 4,604,040 4,604,040 10.06

44,355,639$ 45,760,628$ 100.00%

The Asset Allocation Fund is 100% invested in a mix of the MB Canadian Equity Fund, MB Fixed Income Fund, MB GlobalEquity Fund and the MB Money Market Fund. The following information is unaudited and is based on information as providedby McLean Budden Limited. It represents the top 5 holdings within each of the underlying funds.

% of Coupon (%) / Par Value ($) / Average Market Underlying

Class Maturity # of Shares Cost ($) Value ($) Fund

MB Canadian Eq yuit FundEnCana Corporation Common 1,640,004 63,677,439 110,700,270 5.28 Manulife Financial Corporation Common 2,667,598 73,131,195 108,224,451 5.16 Toronto-Dominion Bank Common 1,485,187 76,043,296 103,220,497 4.92 Talisman Energy Inc. Common 4,374,337 54,758,264 80,444,057 3.83 Canadian National Railway Company Common 1,608,180 52,415,796 75,021,597 3.58

22.77%

MB Fixed Income FundUS Treasury 4.88 OCT 31 08 148,535,000 148,590,375 148,543,319 4.52 Government of Canada 8.00 JUN 01 27 89,010,000 123,975,162 134,850,150 4.10 Government of Canada 5.75 JUN 01 29 108,910,000 128,771,989 133,959,300 4.07 Province of Ontario 6.50 MAR 08 29 105,125,000 117,176,110 132,037,000 4.02 Province of Quebec 5.50 DEC 01 14 109,490,000 117,058,441 116,323,818 3.54

20.25%

MB Global Equity FundBP PLC ADR 603,000 32,898,522 43,543,518 2.41 Microsoft Corporation Common 1,230,000 34,664,324 43,214,377 2.39 BG Group PLC ADR 300,000 13,778,753 33,825,998 1.87 Toyota Motor Corporation ADR 290,000 28,459,768 30,385,960 1.68 Schlumberger Ltd. Common 310,000 13,031,581 30,095,219 1.66

10.01%

MB Money Market FundCanadian Treasury Bills 3.80 May 29 08 200,700,000 197,080,745 197,080,745 16.68 Canadian Treasury Bills 4.31 Sep 04 08 104,450,000 101,039,708 101,039,708 8.55 Bank of Nova Scotia 4.84 Mar 05 08 67,000,000 66,183,940 66,183,940 5.60 Royal Bank of Canada 4.74 Feb 25 08 62,400,000 61,647,456 61,647,456 5.22 Honda Canada Finance Inc. 4.64 Feb 07 08 62,300,000 61,587,911 61,587,911 5.21


Canadian Bond Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


MB Fixed Income Fund 541,187 30,457,851 29,778,309 100.00 30,457,851$ 29,778,309$ 100.00%

The Canadian Bond Fund is 100% invested in the MB Fixed Income Fund. The following information is unaudited and isbased on information as provided by McLean Budden Limited. It represents the top 25 holdings within the underlying fund.


US Treasury 4.88 OCT 31 08 148,535,000 148,590,375 148,543,319 4.52 Government of Canada 8.00 JUN 01 27 89,010,000 123,975,162 134,850,150 4.10 Government of Canada 5.75 JUN 01 29 108,910,000 128,771,989 133,959,300 4.07 Province of Ontario 6.50 MAR 08 29 105,125,000 117,176,110 132,037,000 4.02 Province of Quebec 5.50 DEC 01 14 109,490,000 117,058,441 116,323,818 3.54 Canada Housing Trust 4.80 JUN 15 12 104,010,000 103,983,998 106,720,501 3.25 Province of Ontario 5.60 JUN 02 35 79,955,000 88,624,568 92,108,160 2.80 Province of Ontario 4.50 MAR 08 15 81,640,000 82,414,310 82,163,312 2.50 Province of Ontario 5.00 MAR 08 14 78,260,000 80,981,236 81,116,490 2.47 Government of Canada 4.25 SEP 01 09 76,950,000 77,394,819 77,504,810 2.36 Government of Canada 8.00 JUN 01 23 51,555,000 71,033,609 74,471,198 2.26 Government of Canada 4.25 SEP 01 08 74,030,000 74,144,724 74,215,075 2.26 Government of Canada 3.75 JUN 01 12 69,650,000 68,815,150 69,322,645 2.11 Government of Canada 5.50 JUN 01 10 58,820,000 60,825,762 61,143,390 1.86 Province of Manitoba 5.85 JAN 25 11 55,760,000 57,948,198 58,492,240 1.78 Province of Quebec 6.00 OCT 01 29 48,470,000 50,498,530 56,831,075 1.73 Province of Ontario 4.40 DEC 02 11 52,500,000 53,009,250 52,827,863 1.61 Bank of Nova Scotia 4.93 JUN 08 10 47,085,000 47,018,951 47,261,098 1.44 Canadian Imperial Bank of Commerce 3.75 SEP 09 15 48,220,000 47,434,279 46,302,773 1.41 Province of British Columbia 4.70 DEC 01 17 45,220,000 45,056,304 46,245,590 1.41 Bank of Nova Scotia 4.56 OCT 30 13 47,265,000 47,652,221 46,197,284 1.40 Toronto-Dominion Bank 5.76 DEC 18 17 46,235,000 46,233,935 46,148,078 1.40 Toronto-Dominion Bank 5.14 NOV 19 12 40,785,000 40,785,000 41,156,144 1.25 Canadian Imperial Bank of Commerce 4.95 SEP 02 10 41,300,000 41,850,116 41,054,678 1.25 European Investment Bank 4.63 MAY 15 14 39,075,000 46,994,277 39,463,289 1.20

58.00%


Canadian Stock Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


MB Canadian Equity Plus Fund 7,490,941 84,865,546 91,682,373 100.00 84,865,546$ 91,682,373$ 100.00%

The Canadian Stock Fund is 100% invested in the MB Canadian Equity Plus Fund. The following information is unaudited and is based on information as provided by McLean Budden Limited. It represents the top 25 holdings within the underlying fund.

Average Market % ofClass Maturity # of Shares Cost ($) Value ($) Fund

Manulife Financial Corporation Common 270,800 6,452,667 10,986,356 3.71 EnCana Corporation Common 161,712 5,982,516 10,915,560 3.68 Toronto-Dominion Bank Common 145,000 6,751,564 10,077,500 3.40 Talisman Energy Inc. Common 434,680 4,683,012 7,993,765 2.70 Canadian National Railway Company Common 162,000 4,407,936 7,557,300 2.55 Bank of Nova Scotia Common 148,000 3,377,089 7,441,440 2.51 Royal Bank of Canada Common 144,000 4,288,989 7,306,560 2.47 Cameco Corporation Common 177,000 4,664,956 7,003,890 2.36 Bank of Montreal Common 118,000 7,357,753 6,646,940 2.24 Thomson Corporation Common 158,000 6,944,493 6,365,820 2.15 TransCanada Corporation Common 143,848 3,658,994 5,831,598 1.97 Research in Motion Limited Common 47,000 1,381,017 5,290,320 1.78 Suncor Energy Inc. Common 49,000 1,696,970 5,287,590 1.78 Barrick Gold Corporation Common 118,849 3,840,644 4,965,511 1.68 Rogers Communications Inc. Class B - Non-Voting 105,000 2,304,281 4,723,950 1.59 Magna International Inc. Class A - Subordinate Voting 56,000 4,408,523 4,490,080 1.51 TELUS Corporation Common 81,000 3,932,599 4,004,640 1.35 Husky Energy Inc. Common 84,000 2,493,324 3,745,560 1.26 Canadian Natural Resources Limited Common 50,000 832,783 3,629,000 1.22 Power Corporation of Canada Common - Subordinate Voting 90,000 1,901,836 3,611,700 1.22 Canadian Imperial Bank of Commerce Common 51,000 2,800,571 3,598,050 1.21 Petro-Canada Common 60,000 1,742,617 3,195,000 1.08 Enbridge Inc. Common 79,000 2,557,367 3,160,790 1.07 Shoppers Drug Mart Corporation Common 54,000 1,524,708 2,876,040 0.97 Alimentation Couche-Tard Inc. Class B - Subordinate Voting 156,000 3,175,290 2,853,240 0.96

48.42%


Common Stock Fund STATEMENT OF INVESTMENT PORTFOLIO


MB Canadian Equity Plus Fund 1,804,654 20,117,844 22,087,339 100.00 20,117,844$ 22,087,339$ 100.00%


Manulife Financial Corporation Common 270,800 6,452,667 10,986,356 3.71 EnCana Corporation Common 161,712 5,982,516 10,915,560 3.68 Toronto-Dominion Bank Common 145,000 6,751,564 10,077,500 3.40 Talisman Energy Inc. Common 434,680 4,683,012 7,993,765 2.70 Canadian National Railway Company Common 162,000 4,407,936 7,557,300 2.55 Bank of Nova Scotia Common 148,000 3,377,089 7,441,440 2.51 Royal Bank of Canada Common 144,000 4,288,989 7,306,560 2.47 Cameco Corporation Common 177,000 4,664,956 7,003,890 2.36 Bank of Montreal Common 118,000 7,357,753 6,646,940 2.24 Thomson Corporation Common 158,000 6,944,493 6,365,820 2.15 TransCanada Corporation Common 143,848 3,658,994 5,831,598 1.97 Research in Motion Limited Common 47,000 1,381,017 5,290,320 1.78 Suncor Energy Inc. Common 49,000 1,696,970 5,287,590 1.78 Barrick Gold Corporation Common 118,849 3,840,644 4,965,511 1.68 Rogers Communications Inc. Class B - Non-Voting 105,000 2,304,281 4,723,950 1.59 Magna International Inc. Class A - Subordinate Voting 56,000 4,408,523 4,490,080 1.51 TELUS Corporation Common 81,000 3,932,599 4,004,640 1.35 Husky Energy Inc. Common 84,000 2,493,324 3,745,560 1.26 Canadian Natural Resources Limited Common 50,000 832,783 3,629,000 1.22 Power Corporation of Canada Common - Subordinate Voting 90,000 1,901,836 3,611,700 1.22 Canadian Imperial Bank of Commerce Common 51,000 2,800,571 3,598,050 1.21 Petro-Canada Common 60,000 1,742,617 3,195,000 1.08 Enbridge Inc. Common 79,000 2,557,367 3,160,790 1.07 Shoppers Drug Mart Corporation Common 54,000 1,524,708 2,876,040 0.97 Alimentation Couche-Tard Inc. Class B - Subordinate Voting 156,000 3,175,290 2,853,240 0.96

48.42%

December 31, 2007

The Common Stock Fund is 100% invested in the MB Canadian Equity Plus Fund. The following information is unaudited and isbased on information as provided by McLean Budden Limited. It represents the top 25 holdings within the underlying fund.


Equitable Life Acuity Canadian Balanced Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Acuity Pooled Canadian Balanced Fund 387,074 7,767,656 7,790,062 100.00 7,767,656$ 7,790,062$ 100.00%

The Equitable Life Acuity Canadian Balanced Fund is 100% invested in the Acuity Pooled Canadian Balanced Fund. Thefollowing information is unaudited and is based on information as provided by Acuity Investment Management Inc. It representsthe top 25 holdings within the underlying fund.

Coupon (%) / Par Value ($) / Average Market % ofClass Maturity # of Shares Cost ($) Value ($) Fund

Manulife Financial Corporation Common 36,100 1,484,341 1,464,577 3.47 Petrobank Energy and Resources Ltd. Common 24,700 675,745 1,438,034 3.41 Bank of Nova Scotia Common 21,250 1,097,388 1,068,450 2.53 Sun Life Financial Inc. Common 18,600 1,021,201 1,036,206 2.45 Canadian Natural Resources Limited Common 14,100 995,976 1,023,378 2.42 Petro-Canada Common 19,100 914,583 1,017,075 2.41 Canada Housing Trust 3.95 DEC 15 11 1,000,000 981,988 994,988 2.36 Mag Silver Corporation Common 66,200 817,810 979,098 2.32 Research in Motion Limited Common 8,600 728,308 968,016 2.29 Suncor Energy Inc. Common 8,850 782,992 955,004 2.26 Pan Orient Energy Corporation Common 62,200 250,531 942,952 2.23 Toronto-Dominion Bank Common 11,200 797,217 778,400 1.84 Royal Bank of Canada Common 14,000 763,989 710,360 1.68 Canadian National Railway Company Common 15,000 762,273 699,750 1.66 Canada Housing Trust 4.55 DEC 15 12 675,000 682,952 687,159 1.63 SNC-Lavalin Group Inc. Common 14,150 482,317 681,181 1.61 Companhia Vale do Rio Doce ADR 20,900 703,009 674,678 1.60 Government of Canada 5.75 JUN 01 29 525,000 627,624 648,025 1.53 Universal Energy Group Limited Common 34,500 520,185 631,350 1.50 Pacific Rubiales Energy Corporation Common 400,600 404,838 580,870 1.38 Absolute Software Corporation Common 14,600 339,346 535,528 1.27 Potash Corporation of Saskatchewan Inc. Common 3,500 473,512 502,215 1.19 Agrium Inc. Common 6,800 411,233 487,356 1.15 Canada Housing Trust 3.75 MAR 15 10 475,000 468,424 477,255 1.13 Anvil Mining Limited Common 30,500 555,819 464,820 1.10

48.42%

9

Equitable Life Acuity Pure Canadian Equity Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Acuity Pooled Pure Canadian Equity Fund 621,109 15,627,289 15,356,930 100.00 15,627,289$ 15,356,930$ 100.00%

The Equitable Life Acuity Pure Canadian Equity Fund is 100% invested in the Acuity Pooled Pure Canadian Equity Fund. Thefollowing information is unaudited and is based on information as provided by Acuity Investment Management Inc. It representsthe top 25 holdings within the underlying fund.


Manulife Financial Corporation Common 87,600 3,593,384 3,553,932 5.54 Petrobank Energy and Resources Ltd. Common 44,725 1,189,071 2,603,890 4.06 Bank of Nova Scotia Common 49,375 2,555,973 2,482,575 3.87 Canadian Natural Resources Limited Common 32,000 2,316,588 2,322,560 3.62 Research in Motion Limited Common 20,500 1,908,673 2,307,480 3.60 Sun Life Financial Inc. Common 41,400 2,247,766 2,306,394 3.59 Suncor Energy Inc. Common 20,800 1,955,988 2,244,528 3.50 Yamana Gold Inc. Common 168,800 2,121,832 2,175,832 3.39 Petro-Canada Common 38,800 1,909,349 2,066,100 3.22 Toronto-Dominion Bank Common 27,750 1,939,942 1,928,625 3.00 Royal Bank of Canada Common 35,050 1,870,901 1,778,437 2.77 Universal Energy Group Limited Common 89,800 1,341,497 1,643,340 2.56 Canadian National Railway Company Common 33,970 1,690,295 1,584,701 2.47 Mag Silver Corporation Common 105,200 1,305,979 1,555,908 2.42 Potash Corporation of Saskatchewan Inc. Common 10,200 1,320,685 1,463,598 2.28 SNC-Lavalin Group Inc. Common 28,350 962,354 1,364,769 2.13 Oilexco Incorporated Common 99,450 1,084,321 1,310,751 2.04 EnCana Corporation Common 18,700 1,264,185 1,262,250 1.97 Pacific Stratus Energy Ltd. Common 101,200 984,973 1,240,712 1.93 Anvil Mining Limited Common 73,900 1,261,176 1,126,236 1.75 Magna International Inc. Class A 13,500 1,227,414 1,082,430 1.69 Eldorado Gold Corporation Common 184,400 1,044,751 1,075,052 1.67 Agrium Inc. Common 14,300 894,613 1,024,881 1.60 Pan Orient Energy Corporation Common 67,000 299,957 1,015,720 1.58 Aurora Energy Resources Inc. Common 74,300 978,283 1,005,279 1.57

67.82%

10

Equitable Life AIM Canadian Premier Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


AIM Canadian Premier Fund 994,156 17,930,368 21,834,651 100.01 Cash (2,142) (2,142) (0.01)

17,928,226$ 21,832,509$ 100.00%

The Equitable Life AIM Canadian Premier Fund is 100% invested in the AIM Canadian Premier Fund. The followinginformation is unaudited and is based on information as provided by AIM Funds Management Inc. It represents the top 25holdings within the underlying fund.


Canadian Natural Resources Limited Common 566,130 10,780,844 41,089,715 3.99 Power Financial Corporation Common 780,100 16,456,367 31,804,677 3.09 Power Corporation of Canada Common 708,300 13,914,731 28,424,079 2.76 Suncor Energy Inc. Common 237,254 7,266,876 25,602,079 2.49 EnCana Corporation Common 357,804 13,754,860 24,151,770 2.35 Petroleo Brasileiro SA ADR 206,020 7,142,232 23,461,613 2.28 Canadian National Railway Company Common 481,404 10,708,223 22,457,497 2.18 Shoppers Drug Mart Corporation Common 420,865 9,162,898 22,415,270 2.18 Talisman Energy Inc. Common 1,216,684 11,180,351 22,374,819 2.18 Manulife Financial Corporation Common 525,761 12,449,169 21,330,124 2.07 Bayer AG Common 236,106 14,231,574 21,246,689 2.07 Imperial Tobacco Group PLC Common 331,214 9,810,099 17,765,759 1.73 Toronto-Dominion Bank Common 252,652 10,978,346 17,559,314 1.71 Porsche Automobil Holding SE Preferred 8,809 10,349,853 17,460,270 1.70 CGI Group Inc. Class A 1,457,750 14,342,660 16,895,323 1.64 Daimler AG Common 171,865 16,602,069 16,430,587 1.60 Nexen Inc. Common 495,150 8,444,223 15,894,315 1.55 Rogers Communications Inc. Class B 346,798 10,678,941 15,602,442 1.52 Sherritt International Corporation Common 1,150,157 10,679,429 15,285,587 1.49 Astral Media Inc. Common 310,900 7,231,093 14,500,376 1.41 AXA SA Common 347,757 14,268,298 13,666,204 1.33 BNP Paribas Common 125,641 11,086,261 13,330,004 1.30 Novo Nordisk A/S Common 206,746 7,973,351 13,322,013 1.30 Syngenta AG Common 53,000 6,216,732 13,279,361 1.29 IGM Financial Inc. Common 264,300 7,572,996 13,222,929 1.29

48.50%

11

Equitable Life Bissett Dividend Income Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Bissett Dividend Income Fund 756,802 22,126,191 24,232,807 100.00 22,126,191$ 24,232,807$ 100.00%

The Equitable Life Bissett Dividend Income Fund is 100% invested in the Bissett Dividend Income Fund. The followinginformation is unaudited and is based on information as provided by Franklin Templeton Investments Corp. It represents thetop 25 holdings within the underlying fund.


BCE Inc. Common 872,225 25,319,295 34,583,721 3.78 Royal Bank of Canada Common 660,000 22,027,629 33,488,400 3.65 Toronto-Dominion Bank Common 465,000 23,282,486 32,317,500 3.53 IGM Financial Inc. Common 630,000 21,657,311 31,518,900 3.44 Bank of Nova Scotia Common 565,000 19,466,121 28,408,200 3.10 Bank of Montreal Common 462,500 25,081,240 26,052,625 2.84 Sun Life Financial Inc. Common 460,000 18,001,588 25,626,600 2.80 Power Financial Corporation Common 610,000 16,269,191 24,869,700 2.71 TSX Group Inc. Common 450,000 11,985,070 23,760,000 2.59 Thomson Corporation Common 570,000 24,284,274 22,965,300 2.51 TransCanada Corporation Common 525,000 14,934,525 21,283,500 2.32 TELUS Corporation Common 412,500 17,010,869 19,804,125 2.16 Rothmans Inc. Common 775,000 11,675,967 19,607,500 2.14 National Bank of Canada Common 362,500 17,193,655 18,955,125 2.07 Government of Canada 4.00 JUN 01 16 18,770,000 18,340,871 18,813,819 2.05 Canadian Utilities Ltd. Class A 400,000 11,377,428 18,560,000 2.03 Enbridge Inc. Common 450,000 12,071,825 18,004,500 1.96 Brookfield Asset Management Inc. Class A 487,500 6,310,717 17,281,875 1.89 Canadian Imperial Bank of Commerce Common 240,000 15,761,284 16,932,000 1.85 Fortis Inc. Common 560,000 10,385,612 16,234,400 1.77 YPG Holdings Inc. 5.71 APR 21 14 16,000,000 16,644,160 15,799,515 1.72 RBC Capital Trust 4.87 16,000,000 16,011,454 15,190,441 1.66 Sun Life Financial Inc. Floating NOV 23 35 15,500,000 15,533,392 15,100,040 1.65 Russell Metals Inc. Common 590,000 6,724,542 15,015,500 1.64 Bonavista Energy Trust Common 499,300 14,849,872 14,230,050 1.55

59.41%

12

Equitable Life Dynamic Far East Value Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Dynamic Far East Value Fund 365,021 2,921,470 3,128,227 100.14 Cash (4,390) (4,390) (0.14)

2,917,080$ 3,123,837$ 100.00%

The Equitable Life Dynamic Far East Value Fund is 100% invested in the Dynamic Far East Value Fund. The followinginformation is unaudited and is based on information as provided by Dynamic Mutual Funds Ltd. It represents the top 25holdings within the underlying fund.


Cash and Cash Equivalents 6,968,662 6,944,831 6.84 Ashapura Minechem Limited Common 522,732 1,146,627 4,732,443 4.66 Zijin Mining Group Co. Ltd. Common 2,986,000 373,206 4,467,346 4.40 LIC Housing Finance Limited Common 415,900 1,948,509 3,957,021 3.90 Union Bank of India Limited Common 754,025 2,379,845 3,852,770 3.79 Xinao Gas Holdings Limited Common 1,725,200 1,257,680 3,373,961 3.32 CNOOC Limited Common 1,884,000 1,647,047 3,125,468 3.08 Pacific Golf Group International Holdings KK Common 3,445 3,242,512 2,973,770 2.93 Banyan Tree Holdings Limited Common 2,029,000 1,243,981 2,835,752 2.79 First Gen Corporation Common 1,917,600 2,740,055 2,707,729 2.67 PT Bank Central Asia Tbk Common 3,432,300 984,419 2,598,575 2.56 Malaysian Airline System Berhad Common 1,768,000 2,529,770 2,558,496 2.52 Hankook Tire Co. Ltd. Common 129,330 1,831,586 2,420,988 2.38 PT Bank Rakyat Indonesia Common 2,961,996 750,140 2,274,922 2.24 Mastek Limited Common 269,722 1,600,265 2,263,267 2.23 Tianneng Power International Limited Common 10,500,000 2,661,811 2,169,889 2.14 Sunrise Berhad Common 2,254,096 1,089,588 2,144,486 2.11 China Ting Group Holdings Ltd. Common 8,692,000 2,773,020 2,144,231 2.11 Hana Financial Group Inc. Common 40,114 2,158,921 2,128,028 2.10 Siam Commercial Bank Public Company Limited Common 847,300 1,700,097 2,127,966 2.10 Asian Property Development Public Company Limited Common 11,099,700 1,292,300 2,064,099 2.03 Doosan Infracore Co. Ltd. Common 66,360 769,859 2,063,809 2.03 Taiwan Paiho Limited Common 2,005,347 1,912,697 2,026,513 2.00 Preuksa Real Estate Co. Limited Common 7,714,000 934,883 1,885,809 1.86 Taiwan Semiconductor Manufacturing Company Ltd. Common 979,174 2,268,010 1,834,223 1.81

70.60%

13

Equitable Life Dynamic Power Global Growth Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Dynamic Power Global Growth Class 944,876 6,707,505 8,229,873 100.00 6,707,505$ 8,229,873$ 100.00%

The Equitable Life Dynamic Power Global Growth Fund is 100% invested in the Dynamic Power Global Growth Class. Thefollowing information is unaudited and is based on information as provided by Dynamic Mutual Funds Ltd. It represents the top25 holdings within the underlying fund.


GTL Infrastructure Limited Common 6,873,200 5,720,301 16,063,810 6.60 First Solar Inc. Common 51,000 6,942,695 13,460,647 5.53 Apple Inc. Common 68,700 10,804,533 13,444,796 5.52 SunPower Corporation Class A 101,000 10,399,045 13,011,354 5.35 Google Inc. Class A 18,900 11,512,742 12,912,141 5.31 Q-Cells AG Common 88,200 8,241,708 12,348,511 5.07 JA Solar Holdings Co. Ltd. ADR 175,600 10,840,161 12,111,529 4.98 Vestas Wind Systems AS Common 109,500 7,849,511 11,667,022 4.79 Research in Motion Limited Common 93,400 10,113,107 10,464,459 4.30 Cash and Cash Equivalents 9,330,774 9,325,748 9,323,855 3.83 Suzlon Energy Limited Common 184,000 8,019,838 8,871,134 3.65 Millicom International Cellular SA Common 75,800 9,134,618 8,832,572 3.63 CME Group Inc. Common 12,800 8,960,947 8,675,428 3.56 Urban Outfitters Inc. Common 297,600 7,729,809 8,015,223 3.29 Solaria Energia y Medio Ambiente SA Common 250,000 6,519,652 7,700,601 3.16 WuXi PharmaTech Cayman Inc. ADR 259,200 6,495,088 7,488,058 3.08 Hologic Inc. Common 108,200 7,054,061 7,337,724 3.02 Mindray Medical International Limited ADR 170,900 6,407,296 7,255,448 2.98 Qiagen NV Common 335,900 7,116,557 6,985,845 2.87 HDFC Bank Limited ADR 54,100 7,219,812 6,972,655 2.87 ICON PLC ADR 112,900 4,908,833 6,900,184 2.84 America Movil SAB de CV Common 112,300 6,598,729 6,811,366 2.80 Turkcell Iletisim Hizmetleri AS Common 244,300 6,564,348 6,654,525 2.73 China Mobile Limited Common 76,700 4,929,535 6,582,972 2.70 Ivanhoe Nickel & Platinum Ltd. Common 867 2,595 5,140 0.00

94.46%

14

Equitable Life Mackenzie Universal U.S. Emerging Growth Fund STATEMENT OF INVESTMENT PORTFOLIO


Mackenzie Universal U.S. Emerging Growth Capital Class 47,995 665,173 646,241 99.90 Cash 643 643 0.10

665,816$ 646,884$ 100.00%


Cash 2,227,505 2,227,505 6.15 MICROS Systems Inc. Common 16,700 926,679 1,164,233 3.22 PSS World Medical Inc. Common 58,700 1,135,326 1,141,465 3.15 Scientific Games Corporation Common 34,000 1,144,519 1,123,322 3.10 Resources Connection Inc. Common 61,878 1,542,104 1,116,570 3.08 Dril-Quip Inc. Common 19,900 814,988 1,100,601 3.04 Healthways Inc. Common 18,800 943,895 1,091,696 3.02 Portfolio Recovery Associates Inc. Common 26,500 1,306,489 1,044,580 2.89 Polycom Inc. Common 35,600 1,188,894 982,689 2.71 Adams Respiratory Therapeutics Inc. Common 15,700 688,021 931,963 2.57 Bucyrus International Inc. Class A 9,400 592,836 928,334 2.56 DealerTrack Holdings Inc. Common 27,400 898,467 911,255 2.52 Bare Escentuals Inc. Common 37,700 1,129,353 908,420 2.51 Allscripts Healthcare Solutions Inc. Common 46,800 1,037,976 903,085 2.49 Ladish Co. Inc. Common 20,800 911,861 892,648 2.47 LKQ Corporation Common 42,500 504,136 887,678 2.45 ACI Worldwide Inc. Common 46,000 1,572,424 870,279 2.40 DTS Inc. Common 31,800 835,014 807,963 2.23 FactSet Research Systems Inc. Common 13,900 730,274 769,314 2.12 Omnicell Inc. Common 26,800 641,252 717,141 1.98 THQ Inc. Common 24,600 782,016 689,071 1.90 Capella Education Company Common 10,500 443,992 682,966 1.89 Bill Barrett Corporation Common 16,100 653,122 669,827 1.85 VistaPrint Limited Common 14,600 613,233 621,638 1.72 Sonic Solutions Common 57,800 898,514 596,729 1.65

65.67%

December 31, 2007

The Equitable Life Mackenzie Universal U.S. Emerging Growth Fund is 100% invested in the Mackenzie Universal U.S. EmergingGrowth Capital Class. The following information is unaudited and is based on information as provided by Mackenzie FinancialCorporation. It represents the top 25 holdings within the underlying fund.

15

Equitable Life MB Canadian Equity Value Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


MB Canadian Equity Value Fund 3,039,804 37,852,664 38,921,041 100.00 37,852,664$ 38,921,041$ 100.00%

The Equitable Life MB Canadian Equity Value Fund is 100% invested in the MB Canadian Equity Value Fund. The followinginformation is unaudited and is based on information as provided by McLean Budden Limited. It represents the top 25 holdingswithin the underlying fund.

Average Market % of Class # of Shares Cost ($) Value ($) Fund

EnCana Corporation Common 744,154 32,211,839 50,230,395 6.00 Manulife Financial Corporation Common 1,196,000 38,782,743 48,521,720 5.80 TransCanada Corporation Common 1,124,311 35,992,935 45,579,568 5.45 Barrick Gold Corporation Common 977,752 32,882,291 40,850,479 4.88 Toronto-Dominion Bank Common 585,060 36,926,764 40,661,670 4.86 TELUS Corporation Common 682,000 33,616,527 33,718,080 4.03 Royal Bank of Canada Common 622,400 22,841,522 31,580,576 3.78 Husky Energy Inc. Common 700,400 23,434,166 31,230,836 3.73 Power Corporation of Canada Common - Subordinate Voting 718,060 20,644,909 28,815,748 3.44 Bank of Nova Scotia Common 571,840 21,622,257 28,752,115 3.44 Enbridge Inc. Common 659,500 23,338,665 26,386,595 3.15 Talisman Energy Inc. Common 1,354,700 25,843,086 24,912,933 2.98 Canadian National Railway Company Common 513,680 19,428,235 23,963,172 2.86 Thomson Corporation Common 593,000 26,498,911 23,891,970 2.86 Alimentation Couche-Tard Inc. Class B - Subordinate Voting 1,253,000 24,607,070 22,917,370 2.74 Nova Chemicals Corp. Common 588,000 21,020,484 18,974,760 2.27 Industrial Alliance Insurance and Financial Services Inc. Common 425,600 11,814,976 18,122,048 2.17 Fortis Inc. Common 623,000 13,588,530 18,060,770 2.16 National Bank of Canada Common 333,700 16,512,000 17,449,173 2.09 Bank of Montreal Common 301,000 17,774,231 16,955,330 2.03 Cameco Corporation Common 400,700 16,223,482 15,855,699 1.90 Rothmans Inc. Common 604,300 11,836,159 15,288,790 1.83 Magna International Inc. Class A - Subordinate Voting 187,255 16,174,406 15,014,106 1.79 The Jean Coutu Group Inc. Class A - Subordinate Voting 1,247,000 17,028,663 13,928,990 1.67 IAMGOLD Corporation Common 1,715,200 13,997,475 13,875,968 1.66

79.57%


Equitable Life Quotential Balanced Growth Portfolio STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Quotential Balanced Growth Portfolio 9,155,917 67,885,646 69,493,411 100.00 67,885,646$ 69,493,411$ 100.00%

The Equitable Life Quotential Balanced Growth Portfolio is 100% invested in the Quotential Balanced Growth Portfolio. The followinginformation is unaudited and is based on information as provided by Franklin Templeton Investments Corp. It represents the top 5holdings within each of the underlying funds of the Quotential Balanced Growth Portfolio.

The table below provides details of the top underlying funds held within the Quotential Balanced Growth Portfolio (up to a maximum of 10underlying funds) and the top five holdings within each of the underlying funds. The numbers in parenthesis beside the name of each ofthe underlying funds represent its percentage of the total fund value of the Quotential Balanced Growth Portfolio.


Bissett Bond Fund (27.26%)Canada Housing Trust 3.55 SEP 15 10 326,411,000 323,626,022 322,115,678 8.81 Province of Quebec 6.00 OCT 01 12 150,415,000 164,281,541 161,275,350 4.41 Government of Canada 5.75 JUN 01 29 101,871,000 120,579,163 125,318,720 3.43 Province of Ontario 6.50 MAR 08 29 70,576,000 87,577,233 88,564,114 2.42 Canada Housing Trust 3.95 DEC 15 11 81,705,000 80,088,875 81,151,040 2.22

21.29%

Bissett Canadian Equity Fund (16.37%)Manulife Financial Corporation Common 3,445,160 75,131,884 139,770,141 4.10 Power Financial Corporation Common 3,342,825 72,831,422 136,286,975 3.98 Royal Bank of Canada Common 2,673,400 78,484,070 135,648,316 3.97 Canadian National Railway Company Common 2,882,730 85,206,297 134,479,355 3.93 Bank of Nova Scotia Common 2,580,075 70,614,997 129,726,171 3.79

19.77%

Mutual Beacon Fund (8.06%)Weyerhaeuser Company Common 358,130 29,561,987 26,243,453 2.44 Comcast Corporation Class A 1,372,786 28,163,698 24,719,414 2.32 U.S. Bancorp Common 758,755 28,382,336 23,932,366 2.25 Microsoft Corporation Common 657,760 20,627,224 23,269,904 2.19 Berkshire Hathaway Inc. Class B 4,780 16,368,581 22,496,592 2.11

11.31%

Franklin Strategic Income Fund (7.81%)KfW Bankengruppe Floating AUG 08 11 1,505,000,000 14,215,438 13,418,728 2.08 Government of Sweden 5.00 JAN 28 09 62,760,000 9,722,213 9,727,274 1.50 Government of Argentina Floating AUG 03 12 16,584,000 10,344,611 8,961,145 1.38 Government of Mexico 10.00 DEC 05 24 695,500 8,189,960 7,370,527 1.14 Federal National Mortgage Association 5.00 MAR 01 37 7,473,889 8,296,146 7,248,217 1.12

7.22%

Bissett All Canadian Focus Fund (6.79%)Research in Motion Limited Common 148,000 7,064,681 16,658,880 3.28 Imperial Oil Limited Common 295,000 12,420,661 16,112,900 3.16 Pan American Silver Corporation Common 456,000 12,426,275 15,955,440 3.13 WestJet Airlines Ltd. Common 693,000 9,921,658 15,599,430 3.06 Barrick Gold Corporation Common 349,000 12,360,931 14,581,220 2.86

15.49%

17

Equitable Life Quotential Balanced Growth Portfolio STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Templeton Emerging Markets Fund (6.64%)Petroleo Brasileiro SA ADR 518,052 18,159,092 49,535,420 5.51 Companhia Vale do Rio Doce ADR 1,138,100 14,573,093 31,645,013 3.53 Gazprom ADR 437,385 20,683,369 24,405,673 2.72 PetroChina Company Limited Class H 13,296,000 14,383,619 23,551,802 2.62 LUKOIL ADR 13,733,385 35,066,988 47,957,475 2.47

16.85%

Mutual Discovery Fund (5.26%)British American Tobacco PLC Common 680,866 19,123,479 26,417,293 2.26 Japan Tobacco Inc. Common 3,977 14,684,037 23,674,232 2.03 KT&G Corporation Common 271,739 14,805,634 22,992,616 1.97 Altadis SA Common 312,647 18,495,057 22,538,999 1.93 Carrefour SA Common 277,042 18,657,857 21,410,555 1.83

10.02%

Franklin Templeton Canadian Small Cap Fund (3.95%)Enablence Technologies Inc. Common 3,517,500 3,239,916 10,165,575 3.84 Petrobank Energy and Resources Ltd. Common 172,500 4,130,329 10,042,950 3.81 Pan Orient Energy Corporation Common 593,900 2,509,651 9,003,524 3.41 Mag Silver Corporation Common 564,300 6,424,324 8,345,997 3.16 Absolute Software Corporation Common 166,700 4,126,363 6,114,556 2.32

16.54%

Franklin Templeton U.S. Rising Dividend Fund (3.84%)United Technologies Corporation Common 333,480 21,428,980 25,365,031 4.89 Procter & Gamble Company Common 344,000 23,201,015 25,098,627 4.84 General Electric Company Common 678,200 27,676,403 24,983,744 4.81 Roper Industries Inc. Common 390,800 18,078,865 24,287,878 4.68 State Street Corporation Common 284,500 20,918,171 22,957,016 4.42

23.64%

Templeton Global Smaller Co. Fund (3.75%)GAME GROUP PLC Common 15,244,000 28,265,737 75,249,402 4.04 Tamron Co. Ltd. Common 1,857,639 30,477,934 46,434,208 2.48 Pusan Bank Common 2,372,300 17,024,473 39,540,973 2.12 Daegu Bank Ltd. Common 2,369,760 23,111,259 39,121,262 2.09 Gail India Limited Common 458,300 5,253,348 37,589,476 2.01

12.74%

18

Equitable Life Quotential Balanced Income Portfolio STATEMENT OF INVESTMENT PORTFOLIO


Quotential Balanced Income Portfolio 3,089,627 21,596,284 22,059,935 100.00 21,596,284$ 22,059,935$ 100.00%



21.29%


19.77%


7.22%


11.31%

Bissett Income Fund (3.73%)Energy Savings Income Fund 2,400,100 39,148,038 40,081,670 4.48 Yellow Pages Income Fund 2,811,800 36,222,829 39,084,020 4.35 ARC Energy Trust 1,909,900 33,204,517 38,961,960 4.33 Mullen Group Income Fund 2,113,200 47,717,041 37,192,320 4.14 Crescent Point Energy Trust 1,495,100 30,248,241 37,093,431 4.13

21.43%

December 31, 2007

The Equitable Life Quotential Balanced Income Portfolio is 100% invested in the Quotential Balanced Income Portfolio. The followinginformation is unaudited and is based on information as provided by Franklin Templeton Investments Corp. It represents the top 5 holdingswithin each of the underlying funds of the Quotential Balanced Income Portfolio.

The table below provides details of the top underlying funds held within the Quotential Balanced Income Portfolio (up to a maximum of 10underlying funds) and the top five holdings within each of the underlying funds. The numbers in parenthesis beside the name of each of theunderlying funds represent its percentage of the total fund value of the Quotential Balanced Income Portfolio.

19

Equitable Life Quotential Balanced Income Portfolio STATEMENT OF INVESTMENT PORTFOLIO



10.02%


15.49%


12.74%


23.64%


16.85%

December 31, 2007

20

Equitable Life Quotential Diversified Income Portfolio STATEMENT OF INVESTMENT PORTFOLIO


Quotential Diversified Income Portfolio 1,839,181 10,342,037 10,556,900 100.00 10,342,037$ 10,556,900$ 100.00%


Bissett Dividend Income Fund (33.18%)BCE Inc. Common 872,225 25,319,295 34,583,721 3.78 Royal Bank of Canada Common 660,000 22,027,629 33,488,400 3.65 Toronto-Dominion Bank Common 465,000 23,282,486 32,317,500 3.53 IGM Financial Inc. Common 630,000 21,657,311 31,518,900 3.44 Bank of Nova Scotia Common 565,000 19,466,121 28,408,200 3.10

17.50%


21.29%

Bissett Income Fund (12.52%)Energy Savings Income Fund 2,400,100 39,148,038 40,081,670 4.48 Yellow Pages Income Fund 2,811,800 36,222,829 39,084,020 4.35 ARC Energy Trust 1,909,900 33,204,517 38,961,960 4.33 Mullen Group Income Fund 2,113,200 47,717,041 37,192,320 4.14 Crescent Point Energy Trust 1,495,100 30,248,241 37,093,431 4.13

21.43%

December 31, 2007

The Equitable Life Quotential Diversified Income Portfolio is 100% invested in the Quotential Diversified Income Portfolio. Thefollowing information is unaudited and is based on information as provided by Franklin Templeton Investments Corp. It representsthe top 5 holdings within each of the underlying funds of the Quotential Diversified Income Portfolio.

The table below provides details of the top underlying funds held within the Quotential Diversified Income Portfolio (up to a maximumof 10 underlying funds) and the top five holdings within each of the underlying funds. The numbers in parenthesis beside the name ofeach of the underlying funds represent its percentage of the total fund value of the Quotential Diversified Income Portfolio.

21

Equitable Life Quotential Diversified Income Portfolio STATEMENT OF INVESTMENT PORTFOLIO



7.22%

Templeton Global Bond Fund (8.90%)Government of Sweden 5.00 JAN 28 09 64,700,000 10,143,611 10,027,958 5.41 Government of Mexico 10.00 DEC 05 24 936,000 11,412,896 9,919,214 5.35 Korea Treasury Bond 5.50 SEP 10 17 8,649,700,000 9,012,442 9,050,238 4.88 Government of Poland 5.75 SEP 23 22 19,800,000 7,814,726 7,919,434 4.27 Nota Do Tesouro Nacional 9.76 JAN 01 17 15,715 8,068,695 7,398,096 3.99

23.90%

Franklin High Income Fund (3.62%)MGM Mirage 6.63 JUL 15 15 800,000 918,182 749,288 1.52 Chesapeake Energy Corporation 6.25 JAN 15 18 700,000 835,824 671,278 1.38 HCA Inc. 9.13 NOV 15 14 600,000 690,544 621,591 1.28 Host Hotels & Resorts LP 7.13 NOV 01 13 600,000 768,274 603,703 1.24 El Paso Corporation 6.88 JUN 15 14 600,000 633,746 603,539 1.24

6.66%

December 31, 2007

22

Equitable Life Quotential Global Growth Portfolio STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Quotential Global Growth Portfolio 2,283,625 19,223,409 20,118,740 100.00 19,223,409$ 20,118,740$ 100.00%

The Equitable Life Quotential Global Growth Portfolio is 100% invested in the Quotential Global Growth Portfolio. The followinginformation is unaudited and is based on information as provided by Franklin Templeton Investments Corp. It represents the top 5holdings within each of the underlying funds of the Quotential Global Growth Portfolio.

The table below provides details of the top underlying funds held within the Quotential Global Growth Portfolio (up to a maximumof 10 underlying funds) and the top five holdings within each of the underlying funds. The numbers in parenthesis beside thename of each of the underlying funds represent its percentage of the total fund value of the Quotential Global Growth Portfolio.



10.02%


16.85%

Franklin World Growth Corporate Class (13.42%)InBev NV Common 60,000 4,945,079 4,959,783 3.04 America Movil SAB de CV, Series L ADR 80,000 4,407,419 4,880,505 2.97 Anglo Irish Bank Corporation PLC Common 300,000 5,254,429 4,794,457 2.92 CSL Limited Common 150,000 3,810,638 4,748,656 2.89 ABB Limited Common 160,000 4,401,734 4,576,933 2.78

14.60%

Templeton European Corporate Class (10.48%)British Energy Group PLC Common 181,830 1,971,443 1,965,684 3.10 Vodafone Group PLC Common 448,681 1,359,522 1,663,786 2.62 Telefonica SA Common 47,622 998,891 1,534,576 2.42 BP PLC Common 112,845 1,391,388 1,370,319 2.16 Siemens AG Common 8,260 832,557 1,298,751 2.05

12.35%

23

Equitable Life Quotential Global Growth Portfolio STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Templeton International Stock Fund (10.47%)China Telecom Corporation Limited Class H 80,006,000 35,194,952 63,212,445 2.57 Siemens AG Common 392,760 36,330,628 61,755,159 2.55 Companhia Vale do Rio Doce ADR 2,139,400 5,440,916 59,486,284 2.46 Vestas Wind Systems AS Common 503,520 10,124,414 54,057,324 2.23 Hang Lung Group Limited Common 9,744,500 22,426,331 52,900,223 2.19

12.00%


12.74%

Bissett Multinational Growth Fund (9.46%)Exxon Mobil Corporation Common 87,590 5,574,199 8,155,018 4.17 BP PLC ADR 107,400 7,739,370 7,809,343 3.99 ConocoPhillips Common 85,118 5,040,831 7,468,945 3.81 Johnson & Johnson Common 103,300 7,296,496 6,847,047 3.50 Canon Inc. ADR 139,100 6,575,590 6,335,110 3.23

18.70%

Franklin Japan Corporate Class (7.52%)Mitsubishi Corporation Common 162,300 4,504,048 4,425,719 7.56 Mitsui & Co. Ltd. Common 178,000 3,637,418 3,751,414 6.41 Toyota Motor Corporation Common 55,600 3,401,324 2,992,648 5.11 Nintendo Co. Ltd. Common 4,100 1,218,643 2,444,296 4.18 Mitsubishi UFJ Financial Group Inc. Common 201,500 2,237,339 1,880,033 3.21

26.47%

Templeton Growth Fund, Ltd. (7.41%)Royal Dutch Shell PLC Class B 2,839,191 111,552,557 117,166,916 2.69 Merck & Co. Inc. Common 1,800,800 69,856,007 103,990,460 2.40 Unilever NV Common 2,703,168 77,378,918 98,593,349 2.28 Cheung Kong Holdings Limited Common 5,201,400 57,070,935 95,581,503 2.21 Siemens AG Common 578,860 54,098,945 91,016,375 2.10

11.68%

24

Equitable Life Quotential Growth Portfolio STATEMENT OF INVESTMENT PORTFOLIO


Quotential Growth Portfolio 3,019,457 22,092,141 22,253,400 100.00 22,092,141$ 22,253,400$ 100.00%



11.31%


19.77%


21.29%


23.64%


16.85%

December 31, 2007

The Equitable Life Quotential Growth Portfolio is 100% invested in the Quotential Growth Portfolio. The following information isunaudited and is based on information as provided by Franklin Templeton Investments Corp. It represents the top 5 holdings withineach of the underlying funds of the Quotential Growth Portfolio.

The table below provides details of the top underlying funds held within the Quotential Growth Portfolio (up to a maximum of 10underlying funds) and the top five holdings within each of the underlying funds. The numbers in parenthesis beside the name of each ofthe underlying funds represent its percentage of the total fund value of the Quotential Growth Portfolio.

25

Equitable Life Quotential Growth Portfolio STATEMENT OF INVESTMENT PORTFOLIO



15.49%


10.02%


7.22%


16.54%


12.00%

December 31, 2007

26

Equitable Life Quotential Maximum Growth Portfolio STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Quotential Maximum Growth Portfolio 732,263 5,334,608 5,250,326 100.00 5,334,608$ 5,250,326$ 100.00%

The Equitable Life Quotential Maximum Growth Portfolio is 100% invested in the Quotential Maximum Growth Portfolio. Thefollowing information is unaudited and is based on information as provided by Franklin Templeton Investments Corp. It representsthe top 5 holdings within each of the underlying funds of the Quotential Maximum Growth Portfolio.

The table below provides details of the top underlying funds held within the Quotential Maximum Growth Portfolio (up to a maximumof 10 underlying funds) and the top five holdings within each of the underlying funds. The numbers in parenthesis beside the name ofeach of the underlying funds represent its percentage of the total fund value of the Quotential Maximum Growth Portfolio.

Par Value ($) / Average Market % ofClass # of Shares Cost ($) Value ($) Fund


19.77%


11.31%

Franklin U.S. Core Equity Fund (11.39%)NII Holdings Inc. Common 101,190 4,960,992 4,858,941 8.20 Roche Holding AG Common 24,520 4,433,125 4,205,909 7.09 Avery Dennison Corporation Common 69,220 3,577,073 3,655,361 6.16 Harley-Davidson Inc. Common 77,930 3,656,328 3,617,360 6.09 Legg Mason Inc. Common 47,740 3,510,063 3,470,355 5.85

33.39%


16.85%


10.02%

27

Equitable Life Quotential Maximum Growth Portfolio STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007

Par Value ($) / Average Market % ofClass # of Shares Cost ($) Value ($) Fund


12.74%


15.49%


23.64%


16.54%


12.00%

28

Equitable Life Templeton Global Bond Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Templeton Global Bond Fund 676,435 6,971,598 6,453,190 100.00 6,971,598$ 6,453,190$ 100.00%

The Equitable Life Templeton Global Bond Fund is 100% invested in the Templeton Global Bond Fund. The followinginformation is unaudited and is based on information as provided by Franklin Templeton Investments Corp. It represents thetop 25 holdings within the underlying fund.


Government of Sweden 5.00 JAN 28 09 64,700,000 10,143,611 10,027,958 5.41 Government of Mexico 10.00 DEC 05 24 936,000 11,412,896 9,919,214 5.35 Korea Treasury Bond 5.50 SEP 10 17 8,649,700,000 9,012,442 9,050,238 4.88 Government of Poland 5.75 SEP 23 22 19,800,000 7,814,726 7,919,434 4.27 Nota Do Tesouro Nacional 9.76 JAN 01 17 15,715 8,068,695 7,398,096 3.99 KfW Bankengruppe Floating AUG 08 11 780,000,000 6,808,652 6,954,557 3.75 Government of Norway 5.50 MAY 15 09 36,130,000 6,600,015 6,678,740 3.60 European Investment Bank Floating SEP 21 11 625,000,000 6,099,415 5,571,152 3.00 Government of Poland 6.00 MAY 24 09 13,460,000 4,890,952 5,401,320 2.91 Government of Indonesia 11.50 SEP 15 19 33,075,000,000 4,100,526 3,807,700 2.05 Queensland Treasury Corporation 6.00 JUL 14 09 4,335,000 3,720,014 3,717,334 2.00 Government of Argentina Floating AUG 03 12 6,870,000 4,145,664 3,712,196 2.00 Government of Peru 8.60 AUG 12 17 8,905,000 3,436,310 3,429,689 1.85 Nota Do Tesouro Nacional 9.76 JAN 01 12 6,565 3,109,346 3,350,097 1.81 Government of Singapore 4.38 JAN 15 09 4,625,000 3,264,097 3,269,894 1.76 Government of Indonesia 14.28 DEC 15 13 22,348,000,000 3,499,120 2,855,102 1.54 Korea Treasury Bond 5.25 SEP 10 12 2,625,000,000 2,664,434 2,728,503 1.47 Korea Treasury Note 4.75 JUN 10 09 2,540,000,000 2,807,307 2,658,448 1.43 Government of Malaysia 3.76 APR 28 11 8,475,000 2,578,819 2,560,882 1.38 Korea Treasury Bond 5.25 MAR 10 27 2,409,000,000 2,423,077 2,440,573 1.32 Nota Do Tesouro Nacional 6.00 MAY 15 45 2,680 2,430,680 2,314,583 1.25 Government of Peru 7.84 AUG 12 20 6,195,000 2,316,521 2,311,464 1.25 Inter-American Development Bank 7.50 DEC 05 24 28,000,000 2,667,204 2,263,314 1.22 Government of Mexico 8.00 DEC 17 15 240,000 2,604,241 2,163,584 1.17 Government of Iraq 5.80 JAN 15 28 3,000,000 2,268,397 1,982,531 1.07

61.73%

29

Equitable Life Templeton Growth Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Templeton Growth Fund, Ltd. - Series O 425,175 5,086,915 6,045,987 100.00

5,086,915$ 6,045,987$ 100.00%

The Equitable Life Templeton Growth Fund is 100% invested in the Templeton Growth Fund, Ltd. The following information isunaudited and is based on information as provided by Franklin Templeton Investments Corp. It represents the top 25 holdingswithin the underlying fund.


Royal Dutch Shell PLC Class B 2,839,191 111,552,557 117,166,916 2.69 Merck & Co. Inc. Common 1,800,800 69,856,007 103,990,460 2.40 Unilever NV Common 2,703,168 77,378,918 98,593,349 2.28 Cheung Kong Holdings Limited Common 5,201,400 57,070,935 95,581,503 2.21 Siemens AG Common 578,860 54,098,945 91,016,375 2.10 GlaxoSmithKline PLC Common 3,516,909 98,420,051 88,816,935 2.05 El Paso Corporation Common 5,137,720 67,466,104 88,020,703 2.04 DBS Group Holdings Limited Common 6,126,000 59,794,719 87,422,837 2.02 Banco Santander Central Hispano SA Common 4,068,348 71,174,822 87,261,537 2.02 Microsoft Corporation Common 2,456,440 71,682,900 86,902,706 2.01 Reed Elsevier NV Common 4,299,295 66,556,394 85,107,236 1.97 Telefonica SA Common 2,616,380 33,971,398 84,310,461 1.95 BP PLC Common 6,776,823 66,714,648 82,293,468 1.90 Eni SpA Common 2,243,080 39,460,683 81,487,142 1.88 ING Groep NV Common 2,046,229 72,561,067 79,380,643 1.84 Deutsche Post AG Common 2,326,250 38,817,167 78,638,505 1.82 Oracle Corporation Common 3,409,570 58,132,388 76,506,915 1.77 Bristol Myers Squibb Company Common 2,736,021 138,179,866 72,105,781 1.67 Lonza Group AG Common 591,290 41,608,175 71,245,566 1.65 British Sky Broadcasting Group PLC Common 5,821,660 81,182,464 71,154,372 1.65 Vodafone Group PLC Common 18,697,206 60,218,203 69,332,427 1.60 General Electric Company Common 1,847,850 72,098,301 68,071,676 1.57 Sony Corporation Common 1,222,625 53,393,218 67,550,538 1.56 BAE Systems PLC Common 6,845,239 52,096,741 67,310,383 1.56 Singapore Telecommunications Limited Common 24,126,000 57,021,952 66,530,820 1.54

47.75%

30

Equitable Life Trimark Europlus Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Trimark Europlus Fund 875,560 10,689,528 10,447,188 100.03 Cash (2,767) (2,767) (0.03)

10,686,761$ 10,444,421$ 100.00%

The Equitable Life Trimark Europlus Fund is 100% invested in the Trimark Europlus Fund. The following information isunaudited and is based on information as provided by AIM Funds Management Inc. It represents the top 25 holdings withinthe underlying fund.


Nestle SA Common 86,500 35,114,730 39,140,070 7.17 Anglo Irish Bank Corporation PLC Common 2,363,265 32,969,152 36,972,184 6.77 Willis Group Holdings Ltd. Common 817,000 35,775,044 30,655,464 5.61 adidas AG Common 377,600 16,520,577 27,570,317 5.05 Novartis AG Common 512,200 31,267,896 27,554,980 5.05 Reed Elsevier PLC Common 1,990,978 22,583,269 26,391,663 4.83 Accor SA Common 304,338 22,043,489 23,824,511 4.36 WPP Group PLC Common 1,802,500 25,540,962 22,735,237 4.16 IAWS Group PLC Common 1,012,070 16,326,005 22,111,031 4.05 Tesco PLC Common 2,367,791 14,585,606 22,027,319 4.03 Nokian Renkaat Oyj Common 627,300 6,404,682 21,567,656 3.95 Schindler Holding AG Part. Cert. 310,738 18,657,751 19,615,196 3.59 Escada AG Common 685,000 16,811,031 18,796,180 3.44 Bayerische Motoren Werke AG Common 298,600 18,470,361 18,362,195 3.36 ING Groep NV Common 452,411 16,853,405 17,428,939 3.19 Topdanmark A/S Common 123,750 3,283,312 17,419,351 3.19 Wienerberger AG Common 311,686 14,777,720 16,993,459 3.11 Johnson Matthey PLC Common 446,318 10,469,632 16,375,883 3.00 Banco Bilbao Vizcaya Argentaria SA Common 610,000 15,541,854 14,787,331 2.71 Synthes Inc. Common 116,700 14,147,473 14,244,442 2.61 Bang & Olufsen A/S Class B 148,000 16,474,639 13,605,794 2.49 ASML Holding NV Common 435,400 13,533,925 13,504,395 2.47 Uponor Oyj Common 480,500 10,470,725 11,847,884 2.17 Erste Bank der oesterreichischen Sparkassen AG Common 164,200 3,585,608 11,518,607 2.11

Telefonaktiebolaget LM Ericsson, Series B Common 4,525,000 16,759,117 10,461,125 1.92

94.39%

31

Equitable Life Trimark Global Balanced Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007


Trimark Global Balanced Fund 683,599 6,200,779 6,057,370 100.00 6,200,779$ 6,057,370$ 100.00%

The Equitable Life Trimark Global Balanced Fund is 100% invested in the Trimark Global Balanced Fund. The followinginformation is unaudited and is based on information as provided by AIM Funds Management Inc. It represents the top 25holdings within the underlying fund.


Johnson & Johnson Common 825,000 55,314,671 54,378,224 3.20 Cisco Systems Inc. Common 2,005,000 54,305,407 53,634,949 3.16 Reed Elsevier PLC Common 3,950,014 47,753,044 52,359,914 3.08 WPP Group PLC Common 4,100,000 58,430,311 51,713,993 3.04 Wells Fargo & Company Common 1,685,000 64,513,085 50,269,927 2.96 Novartis AG Common 847,400 54,607,140 45,587,836 2.68 AMETEK Inc. Common 980,050 35,441,608 45,363,897 2.67 Erste Bank der oesterreichischen Sparkassen AG Common 640,000 40,981,301 44,895,910 2.64 KLA-Tencor Corporation Common 925,000 54,043,148 44,022,373 2.59 Tesco PLC Common 4,436,619 34,574,755 41,273,416 2.43 adidas AG Common 565,000 26,100,911 41,253,255 2.43 Grupo Televisa SA de CV ADR 1,700,000 37,826,573 39,932,209 2.35 Service Corporation International Common 2,850,000 26,380,515 39,570,034 2.33 Wienerberger AG Common 700,092 38,597,927 38,169,775 2.25 IDEX Corporation Common 1,055,000 41,403,071 37,667,401 2.22 Canada Housing Trust 4.10 DEC 15 08 35,000,000 34,928,700 35,029,119 2.06 National Instruments Corporation Common 1,055,000 33,771,466 34,748,256 2.05 Linear Technology Corporation Common 1,100,000 41,551,963 34,599,877 2.04 Housing Development Finance Corporation Ltd. Common 450,000 11,933,804 32,208,292 1.90 Lloyds TSB Group PLC Common 3,500,551 42,259,989 32,157,165 1.89 Siemens AG Common 205,000 30,814,865 31,763,960 1.87 Topdanmark A/S Common 223,000 17,381,861 31,390,022 1.85 ING Groep NV Common 795,000 35,652,245 30,627,033 1.80 Cemex SA de CV ADR 1,150,001 29,811,158 29,376,767 1.73 Canon Inc. Common 600,000 30,050,480 27,088,276 1.59

58.81%

32

Equitable Life Trimark International Companies Fund STATEMENT OF INVESTMENT PORTFOLIO


Trimark International Companies Fund 214,039 1,630,980 1,380,980 100.00 1,630,980$ 1,380,980$ 100.00%


Reed Elsevier PLC Common 1,619,685 18,503,129 21,469,941 4.52 adidas AG Common 276,100 13,586,657 20,159,334 4.24 IAWS Group PLC Common 856,600 17,280,000 18,714,426 3.94 Novartis AG Common 343,500 22,328,206 18,479,374 3.89 Grupo Televisa SA de CV ADR 782,600 18,362,822 18,382,910 3.87 ING Groep NV Common 471,900 19,833,132 18,179,745 3.83 Bunzl PLC Common 1,292,931 18,230,020 17,858,242 3.76 Topdanmark A/S Common 125,900 10,500,190 17,721,990 3.73 Cemex SA de CV ADR 687,396 18,479,403 17,559,526 3.70 Publicis Groupe SA Common 449,700 17,847,440 17,260,913 3.63 Anglo Irish Bank Corporation PLC Common 1,071,400 17,433,609 16,761,556 3.53 Tomkins PLC Common 4,301,865 22,883,939 14,982,910 3.15 CRH PLC Common 407,788 13,556,633 13,974,397 2.94 Suzuki Motor Corporation Common 451,000 10,063,084 13,402,896 2.82 GlaxoSmithKline PLC Common 526,465 15,508,905 13,162,224 2.77 Lloyds TSB Group PLC Common 1,326,563 14,596,438 12,186,226 2.56 Travis Perkins PLC Common 517,963 17,039,214 12,146,371 2.56 C&C Group PLC Common 2,056,106 16,857,759 12,127,112 2.55 Irish Life & Permanent PLC Common 701,300 17,477,661 11,911,235 2.51 Filtrona PLC Common 3,003,400 16,895,388 11,843,636 2.49 Murata Manufacturing Company Ltd. Common 205,000 14,827,400 11,780,554 2.48 ASML Holding NV Common 369,388 10,175,359 11,456,963 2.41 Synthes Inc. Common 88,900 10,860,681 10,851,164 2.28 Tesco PLC Common 1,140,217 8,405,167 10,607,323 2.23 Independent News & Media PLC Common 2,981,567 11,227,422 10,219,496 2.15

78.54%

December 31, 2007

The Equitable Life Trimark International Companies Fund is 100% invested in the Trimark International Companies Fund. Thefollowing information is unaudited and is based on information as provided by AIM Funds Management Inc. It represents thetop 25 holdings within the underlying fund.

33

Money Market Fund STATEMENT OF INVESTMENT PORTFOLIO December 31, 2007

Average Market % of NetCoupon (%) Maturity Par Value ($) Cost ($) Value ($) Assets

Cash and Short-Term NotesCash 75,426 75,426 0.40 Accrued Investment Income - 83,737 0.45

Total Cash and Short-Term Notes 75,426 159,163 0.85

Commercial PaperAlcan Inc. 4.76 JAN 04 08 350,000 349,044 349,044 1.86 Alcan Inc. 4.70 JAN 11 08 350,000 348,744 348,744 1.86 Canadian National Railway Company 4.73 JAN 07 08 515,000 511,817 511,817 2.73 Enbridge Inc. 4.72 JAN 09 08 500,000 496,790 496,790 2.65 Enbridge Inc. 4.76 JAN 31 08 800,000 794,608 794,608 4.24 Enbridge Inc. 5.00 MAR 18 08 400,000 394,808 394,808 2.11 EnCana Corporation 4.73 JAN 25 08 700,000 695,492 695,492 3.71

* EnCana Corporation 4.75 JAN 25 08 1,100,000 1,095,435 1,095,435 5.85 Finning International Inc. 4.82 JAN 23 08 250,000 248,850 248,850 1.33

* GE Capital Canada Funding 4.70 JAN 07 08 900,000 893,214 893,214 4.77

* John Deere Ltd. 4.74 JAN 08 08 900,000 895,005 895,005 4.78 * John Deere Ltd. 4.73 JAN 10 08 950,000 944,860 944,860 5.05

McCain Finance (Canada) Limited 4.68 JAN 08 08 600,000 597,852 597,852 3.19

* McCain Finance (Canada) Limited 4.68 JAN 09 08 1,000,000 997,060 997,060 5.32

* Omers Realty Corp. 4.80 JAN 18 08 1,500,000 1,490,010 1,490,010 7.96 PACCAR Financial Corporation 4.75 JAN 08 08 800,000 792,984 792,984 4.23 PACCAR Financial Corporation 4.95 JAN 14 08 800,000 790,672 790,672 4.22 Suncor Energy Inc. 4.75 JAN 25 08 500,000 497,475 497,475 2.66

* Terasen Gas Inc. 4.82 FEB 26 08 950,000 942,410 942,410 5.03 Union Gas Limited 4.84 JAN 04 08 250,000 249,437 249,437 1.33 Volvo Treasury Canada Inc. 4.82 JAN 02 08 500,000 495,810 495,810 2.65

* Volvo Treasury Canada Inc. 4.73 FEB 08 08 1,000,000 992,410 992,410 5.30

Total Commercial Paper 15,514,787 15,514,787 82.83

Banker's Acceptance* Canadian Imperial Bank

of Commerce 4.85 MAR 20 08 1,800,000 1,757,502 1,757,502 9.39 * Royal Bank of Canada 4.50 JAN 31 08 1,300,000 1,295,047 1,295,047 6.93

3,052,549 3,052,549 16.32

Total Fund Assets 18,642,762$ 18,726,499$ 100.00%

* 10 largest holdings.

34

Financial Statements AIF AGF

2007 2006 2007 2006STATEMENTS OF NET ASSETSAs at December 31Assets Investments, at market value 6,491,439$ 6,779,427$ 9,089,181$ 11,349,487$ Cash and short-term notes - - - - Dividends and accrued interest receivable - - - - Total net assets for the benefit of unitholders 6,491,439$ 6,779,427$ 9,089,181$ 11,349,487$ Total net assets, at average cost 6,622,990$ 6,760,631$ 10,317,560$ 11,624,121$

STATEMENTS OF OPERATIONSFor years ended December 31Income Interest 316,950$ 311,171$ (150)$ (179)$ Dividends - 20,310 276,791 249,153 Net realized gain (loss) on sale of investments (3,756) 31,442 247,348 (242,184) Change in unrealized appreciation of investments (150,347) (85,141) (936,609) 1,582,546

162,847 277,782 (412,620) 1,589,336 Expenses Management fees (Note 3) 23,539 25,085 274,893 254,292 Insurance fees, GST and other expenses 1,502 1,505 52,051 50,606

25,041 26,590 326,944 304,898 Net operating income (loss) 137,806$ 251,192$ (739,564)$ 1,284,438$

STATEMENTS OF CHANGES IN NET ASSETSFor years ended December 31Net assets, beginning of year 6,779,427$ 7,377,952$ 11,349,487$ 13,597,494$ Premiums 275,438 377,749 987,049 1,383,105 Net operating income (loss) 137,806 251,192 (739,564) 1,284,438 Withdrawals (701,232) (1,227,466) (2,507,791) (4,915,550) Net assets, end of year 6,491,439$ 6,779,427$ 9,089,181$ 11,349,487$

STATEMENTS OF NET REALIZED GAIN (LOSS)ON SALE OF INVESTMENTS For years ended December 31Proceeds from sale of investments 565,629$ 1,015,214$ 2,186,372$ 4,230,044$

Investments at cost, beginning of year [excludes cash] 6,760,631 7,280,291 11,624,121 15,454,673 Investments purchased 437,191 489,294 926,514 810,806

7,197,822 7,769,585 12,550,635 16,265,479 Investments at cost, end of year [excludes cash] 6,622,990 6,760,631 10,317,560 11,624,121 Cost of investments sold 574,832 1,008,954 2,233,075 4,641,358

(9,203) 6,260 (46,703) (411,314) Capital gain distribution 5,447 25,182 294,051 169,130 Net realized gain (loss) on sale of investments (3,756)$ 31,442$ 247,348$ (242,184)$

Fund FundAccumulative Income American Growth

35

AAF CDNBF CDNSF CSF

2007 2006 2007 2006 2007 2006 2007 2006

41,156,588$ 48,150,574$ 29,778,309$ 32,855,589$ 91,682,373$ 102,227,177$ 22,087,339$ 23,036,388$ 4,604,040 4,138,181 - - - - - -

- - - - - - - - 45,760,628$ 52,288,755$ 29,778,309$ 32,855,589$ 91,682,373$ 102,227,177$ 22,087,339$ 23,036,388$ 44,355,639$ 46,455,654$ 30,457,851$ 32,867,363$ 84,865,546$ 85,206,976$ 20,117,844$ 18,806,500$

1,002,348$ 963,154$ 1,496,873$ 1,545,653$ 92,434$ 55,894$ 22,037$ 12,241$ 676,013 704,639 - 100,855 2,200,245 1,968,648 524,288 424,215

3,883,104 4,037,887 (61,814) 137,880 11,786,212 9,515,995 2,601,363 1,788,562 (4,428,112) 841,277 (667,735) (465,019) (10,203,375) 5,935,433 (2,260,393) 1,545,392 1,133,353 6,546,957 767,324 1,319,369 3,875,516 17,475,970 887,295 3,770,410

1,257,514 1,309,377 760,007 703,557 2,478,302 2,214,730 218,173 202,574 185,129 135,570 68,563 57,378 429,261 300,158 78,889 51,367

1,442,643 1,444,947 828,570 760,935 2,907,563 2,514,888 297,062 253,941 (309,290)$ 5,102,010$ (61,246)$ 558,434$ 967,953$ 14,961,082$ 590,233$ 3,516,469$

52,288,755$ 57,897,788$ 32,855,589$ 39,330,748$ 102,227,177$ 104,776,641$ 23,036,388$ 21,161,247$ 4,305,578 5,522,155 5,348,484 7,000,777 6,708,328 12,731,457 739,597 1,036,249 (309,290) 5,102,010 (61,246) 558,434 967,953 14,961,082 590,233 3,516,469

(10,524,415) (16,233,198) (8,364,518) (14,034,370) (18,221,085) (30,242,003) (2,278,879) (2,677,577) 45,760,628$ 52,288,755$ 29,778,309$ 32,855,589$ 91,682,373$ 102,227,177$ 22,087,339$ 23,036,388$

22,195,594$ 37,352,008$ 5,980,015$ 9,635,766$ 15,107,460$ 20,715,734$ 2,207,904$ 2,269,843$

46,455,654 52,922,279 32,867,363 38,913,892 85,206,976 93,691,873 18,806,500 18,467,941 18,200,631 28,153,038 3,658,999 3,573,986 12,312,320 9,452,459 3,141,749 2,273,484 64,656,285 81,075,317 36,526,362 42,487,878 97,519,296 103,144,332 21,948,249 20,741,425 44,355,639 46,455,654 30,457,851 32,867,363 84,865,546 85,206,976 20,117,844 18,806,500 20,300,646 34,619,663 6,068,511 9,620,515 12,653,750 17,937,356 1,830,405 1,934,925 1,894,948 2,732,345 (88,496) 15,251 2,453,710 2,778,378 377,499 334,918 1,988,156 1,305,542 26,682 122,629 9,332,502 6,737,617 2,223,864 1,453,644 3,883,104$ 4,037,887$ (61,814)$ 137,880$ 11,786,212$ 9,515,995$ 2,601,363$ 1,788,562$

Canadian StockFund Fund

Common StockCanadian BondFundFund

Asset Allocation

36

Financial Statements ACBF APCEF

2007 2006 2007 2006STATEMENTS OF NET ASSETSAs at December 31Assets Investments, at market value 7,790,061$ 1,544,969$ 15,356,930$ 3,337,720$ Cash and short-term notes - - - - Dividends and accrued interest receivable - - - - Total net assets for the benefit of unitholders 7,790,061$ 1,544,969$ 15,356,930$ 3,337,720$ Total net assets, at average cost 7,767,656$ 1,628,152$ 15,627,289$ 3,391,520$

STATEMENTS OF OPERATIONSFor years ended December 31Income Interest 76,807$ 16,840$ -$ -$ Dividends 32,069 103,658 170,259 18,703 Net realized gain (loss) on sale of investments 368 - 427,808 227,531 Change in unrealized appreciation of investments 105,588 (83,121) (216,359) (53,799)

214,832 37,377 381,708 192,435 Expenses Management fees (Note 3) 153,197 5,258 301,086 15,720 Insurance fees, GST and other expenses 15,036 502 29,410 1,482

168,233 5,760 330,496 17,202 Net operating income (loss) 46,599$ 31,617$ 51,212$ 175,233$

STATEMENTS OF CHANGES IN NET ASSETSFor years ended December 31Net assets, beginning of year 1,544,969$ -$ 3,337,720$ -$ Premiums 6,945,374 1,587,077 13,663,527 3,252,889 Net operating income (loss) 46,599 31,617 51,212 175,233 Withdrawals (746,881) (73,725) (1,695,529) (90,402) Net assets, end of year 7,790,061$ 1,544,969$ 15,356,930$ 3,337,720$

- - STATEMENTS OF NET REALIZED GAIN (LOSS)ON SALE OF INVESTMENTS For years ended December 31Proceeds from sale of investments 346,705$ -$ 365,754$ 17,237$

Investments at cost, beginning of year [excludes cash] 1,628,152 - 3,391,520 - Investments purchased 6,487,761 1,628,152 12,601,273 3,408,323

8,115,913 15,992,793 Investments at cost, end of year [excludes cash] 7,767,656 1,628,152 15,627,289 3,391,520 Cost of investments sold 348,257 - 365,504 16,803

(1,552) - 250 434 Capital gain distribution 1,920 - 427,558 227,097 Net realized gain (loss) on sale of investments 368$ -$ 427,808$ 227,531$

Canadian Balanced FundEquitable Life Acuity Equitable Life Acuity

Pure Canadian Equity Fund

37

CPF DIVF DFEVF DPGGF

2007 2006 2007 2006 2007 2006 2007 2006

21,834,651$ 16,528,408$ 24,232,807$ 21,538,499$ 3,128,227$ 971,930$ 8,229,873$ 434,273$ (2,142) - - - (4,390) - - -

- - - - - - - - 21,832,509$ 16,528,408$ 24,232,807$ 21,538,499$ 3,123,837$ 971,930$ 8,229,873$ 434,273$ 17,928,226$ 13,122,667$ 22,126,191$ 18,333,357$ 2,917,080$ 919,978$ 6,707,505$ 414,082$

-$ (39)$ 171,762$ 121,599$ -$ -$ -$ -$ - - 455,968 297,912 - - - -

303,780 247,352 294,228 116,174 19,260 - 13,073 - 498,553 2,135,583 (1,098,512) 1,697,195 154,768 51,989 1,502,571 19,797 802,333 2,382,896 (176,554) 2,232,880 174,028 51,989 1,515,644 19,797

550,064 341,883 621,943 412,503 60,802 2,970 75,514 1,459 59,661 33,379 60,321 33,277 6,056 286 7,476 141

609,725 375,262 682,264 445,780 66,858 3,256 82,990 1,600 192,608$ 2,007,634$ (858,818)$ 1,787,100$ 107,170$ 48,733$ 1,432,654$ 18,197$

16,528,408$ 7,280,716$ 21,538,499$ 13,599,621$ 971,930$ -$ 434,273$ -$ 9,033,312 10,952,656 8,170,679 10,137,021 2,768,131 965,662 6,879,502 431,270

192,608 2,007,634 (858,818) 1,787,100 107,170 48,733 1,432,654 18,197 (3,921,819) (3,712,598) (4,617,553) (3,985,243) (723,395) (42,465) (516,555) (15,194) 21,832,509$ 16,528,408$ 24,232,807$ 21,538,499$ 3,123,837$ 971,930$ 8,229,873$ 434,273$

1,439,211$ 1,585,168$ 2,272,718$ 1,196,069$ 406,765$ -$ 109,699$ -$

13,122,667 6,010,863 18,333,357 12,091,688 919,978 - 414,082 - 5,943,132 8,449,620 5,771,324 7,321,564 2,388,997 919,978 6,390,049 414,082

19,065,799 24,104,681 3,308,975 6,804,131 414,082 17,930,368 13,122,667 22,126,191 18,333,357 2,921,470 919,978 6,707,505 414,082 1,135,431 1,337,816 1,978,490 1,079,895 387,505 - 96,626 -

303,780 247,352 294,228 116,174 19,260 - 13,073 - - - - - - - - -

303,780$ 247,352$ 294,228$ 116,174$ 19,260$ -$ 13,073$ -$

Equitable Life DynamicPower Global Growth FundDividend Income Fund

Equitable Life DynamicFar East Value Fund

Equitable Life BissettCanadian Premier Fund

Equitable Life AIM

38

UEGF CEF

2007 2006 2007 2006STATEMENTS OF NET ASSETSAs at December 31Assets Investments, at market value 646,241$ 480,804$ 38,921,041$ 37,297,839$ Cash and short-term notes 643 - - - Dividends and accrued interest receivable - - - - Total net assets for the benefit of unitholders 646,884$ 480,804$ 38,921,041$ 37,297,839$ Total net assets, at average cost 665,816$ 430,089$ 37,852,664$ 33,942,798$

STATEMENTS OF OPERATIONSFor years ended December 31Income Interest -$ 36$ 56,580$ 43,288$ Dividends - - 838,485 706,646 Net realized gain (loss) on sale of investments 7,072 2,518 3,456,305 2,624,722 Change in unrealized appreciation of investments (69,647) 18,853 (2,286,653) 1,033,855

(62,575) 21,407 2,064,717 4,408,511 Expenses Management fees (Note 3) 11,837 6,494 967,264 722,717 Insurance fees, GST and other expenses 1,274 603 107,983 73,657

13,111 7,097 1,075,247 796,374 Net operating income (loss) (75,686)$ 14,310$ 989,470$ 3,612,137$

STATEMENTS OF CHANGES IN NET ASSETSFor years ended December 31Net assets, beginning of year 480,804$ 347,874$ 37,297,839$ 25,700,560$ Premiums 406,159 210,359 7,578,167 14,186,098 Net operating income (loss) (75,686) 14,310 989,470 3,612,137 Withdrawals (164,393) (91,739) (6,944,435) (6,200,956) Net assets, end of year 646,884$ 480,804$ 38,921,041$ 37,297,839$

STATEMENTS OF NET REALIZED GAIN (LOSS)ON SALE OF INVESTMENTS For years ended December 31Proceeds from sale of investments 737,002$ 32,025$ 3,815,301$ 2,755,567$

Investments at cost, beginning of year [excludes cash] 430,089 317,671 33,942,798 23,379,385 Investments purchased 965,014 141,925 7,323,976 13,142,629

1,395,103 459,596 41,266,774 36,522,014 Investments at cost, end of year [excludes cash] 665,173 430,089 37,852,664 33,942,798 Cost of investments sold 729,930 29,507 3,414,110 2,579,216

7,072 2,518 401,191 176,351 Capital gain distribution - - 3,055,114 2,448,371 Net realized gain (loss) on sale of investments 7,072$ 2,518$ 3,456,305$ 2,624,722$

Equitable Life Mackenzie Universal Equitable Life MB CanadianU.S. Emerging Growth Fund Equity Value Fund

39

BGPF BIPF DIPF GGPF

2007 2006 2007 2006 2007 2006 2007 2006

69,493,411$ 42,839,075$ 22,059,935$ 16,626,234$ 10,556,900$ 8,442,455$ 20,118,740$ 6,848,458$ - - - - - - - - - - - - - - - -

69,493,411$ 42,839,075$ 22,059,935$ 16,626,234$ 10,556,900$ 8,442,455$ 20,118,740$ 6,848,458$ 67,885,646$ 38,389,137$ 21,596,284$ 15,169,486$ 10,342,037$ 7,867,056$ 19,223,409$ 5,743,127$

228,521$ 98,975$ 190,061$ 107,953$ 194,232$ 86,637$ (24)$ (103)$ 426,304 161,178 161,161 78,228 76,920 70,927 - -

2,961,875 106,260 908,185 66,761 203,977 13,116 41,826 22,037 (2,842,262) 3,304,807 (993,115) 947,722 (360,536) 390,490 (210,021) 979,209

774,438 3,671,220 266,292 1,200,664 114,593 561,170 (168,219) 1,001,143

1,744,735 935,712 540,269 363,550 274,898 182,628 458,076 126,781 176,613 89,531 45,443 28,894 23,503 14,636 46,117 11,841

1,921,348 1,025,243 585,712 392,444 298,401 197,264 504,193 138,622 (1,146,910)$ 2,645,977$ (319,420)$ 808,220$ (183,808)$ 363,906$ (672,412)$ 862,521$

42,839,075$ 19,251,014$ 16,626,234$ 9,477,196$ 8,442,455$ 5,827,204$ 6,848,458$ 2,441,684$ 34,363,682 25,830,407 9,679,055 8,327,824 4,558,187 3,212,535 16,140,949 4,074,452 (1,146,910) 2,645,977 (319,420) 808,220 (183,808) 363,906 (672,412) 862,521 (6,562,436) (4,888,323) (3,925,934) (1,987,006) (2,259,934) (961,190) (2,198,255) (530,199) 69,493,411$ 42,839,075$ 22,059,935$ 16,626,234$ 10,556,900$ 8,442,455$ 20,118,740$ 6,848,458$

1,432,952$ 1,895,709$ 2,810,349$ 932,376$ 1,856,292$ 607,259$ 581,829$ 237,575$

38,389,137 18,108,054 15,169,486 8,968,152 7,867,056 5,642,294 5,743,127 2,315,505 30,806,790 22,070,532 9,016,899 7,066,949 4,268,333 2,818,905 14,020,285 3,643,160 69,195,927 40,178,586 24,186,385 16,035,101 12,135,389 8,461,199 19,763,412 5,958,665 67,885,646 38,389,137 21,596,284 15,169,486 10,342,037 7,867,056 19,223,409 5,743,127 1,310,281 1,789,449 2,590,101 865,615 1,793,352 594,143 540,003 215,538

122,671 106,260 220,248 66,761 62,940 13,116 41,826 22,037 2,839,204 - 687,937 - 141,037 - - - 2,961,875$ 106,260$ 908,185$ 66,761$ 203,977$ 13,116$ 41,826$ 22,037$

Equitable Life QuotentialGlobal Growth Portfolio

Equitable Life Quotential Equitable Life Quotential Equitable Life QuotentialBalanced Growth Portfolio Balanced Income Portfolio Diversified Income Portfolio

40

GWPF MXPF

2007 2006 2007 2006STATEMENTS OF NET ASSETSAs at December 31Assets Investments, at market value 22,253,400$ 10,153,865$ 5,250,326$ 1,144,268$ Cash and short-term notes - - - 850 Dividends and accrued interest receivable - - - - Total net assets for the benefit of unitholders 22,253,400$ 10,153,865$ 5,250,326$ 1,145,118$ Total net assets, at average cost 22,092,141$ 8,775,800$ 5,334,608$ 1,011,025$

STATEMENTS OF OPERATIONSFor years ended December 31Income Interest 12,071$ (81)$ (25)$ (71)$ Dividends 68,525 - - - Net realized gain (loss) on sale of investments 1,029,101 43,832 158,640 2,480 Change in unrealized appreciation of investments (1,216,804) 1,084,356 (218,385) 121,258

(107,107) 1,128,107 (59,770) 123,667 Expenses Management fees (Note 3) 535,630 215,145 104,127 20,898 Insurance fees, GST and other expenses 54,573 20,446 10,312 1,932

590,203 235,591 114,439 22,830 Net operating income (loss) (697,310)$ 892,516$ (174,209)$ 100,837$

STATEMENTS OF CHANGES IN NET ASSETSFor years ended December 31Net assets, beginning of year 10,153,865$ 4,591,188$ 1,145,118$ 229,989$ Premiums 15,626,960 5,663,946 5,391,397 874,923 Net operating income (loss) (697,310) 892,516 (174,209) 100,837 Withdrawals (2,830,115) (993,785) (1,111,980) (60,631) Net assets, end of year 22,253,400$ 10,153,865$ 5,250,326$ 1,145,118$

STATEMENTS OF NET REALIZED GAIN (LOSS)ON SALE OF INVESTMENTS For years ended December 31Proceeds from sale of investments 1,043,772$ 562,448$ 181,290$ 27,685$

Investments at cost, beginning of year [excludes cash] 8,775,800 4,300,041 1,010,175 216,761 Investments purchased 14,275,173 4,994,375 4,500,436 818,619

23,050,973 9,294,416 5,510,611 1,035,380 Investments at cost, end of year [excludes cash] 22,092,141 8,775,800 5,334,608 1,010,175 Cost of investments sold 958,832 518,616 176,003 25,205

84,940 43,832 5,287 2,480 Capital gain distribution 944,161 - 153,353 - Net realized gain (loss) on sale of investments 1,029,101$ 43,832$ 158,640$ 2,480$

Maximum Growth PortfolioEquitable Life Quotential Equitable Life Quotential

Growth Portfolio

41

IFF LAF EURF BALF

2007 2006 2007 2006 2007 2006 2007 2006

6,453,190$ 7,928,200$ 6,045,987$ 5,759,189$ 10,447,188$ 7,367,614$ 6,057,370$ 4,219,938$ - (653) - - (2,767) - - 1,722 - - - - - - - -

6,453,190$ 7,927,547$ 6,045,987$ 5,759,189$ 10,444,421$ 7,367,614$ 6,057,370$ 4,221,660$ 6,971,598$ 7,823,832$ 5,086,915$ 4,416,842$ 10,686,761$ 5,858,988$ 6,200,779$ 3,622,128$

332,170$ 452,910$ (17)$ (82)$ -$ (12)$ -$ (46)$ - - - - 140,041 - 135,833 91,638

(63,196) (198,073) 102,685 85,755 110,823 56,586 160,090 45,990 (622,122) 1,005,451 (383,275) 921,881 (1,750,954) 1,300,750 (742,942) 574,599 (353,148) 1,260,288 (280,607) 1,007,554 (1,500,090) 1,357,324 (447,019) 712,181

183,573 202,989 188,807 141,227 352,565 121,859 178,572 100,943 15,608 16,466 18,436 13,178 34,471 11,257 17,970 9,655

199,181 219,455 207,243 154,405 387,036 133,116 196,542 110,598 (552,329)$ 1,040,833$ (487,850)$ 853,149$ (1,887,126)$ 1,224,208$ (643,561)$ 601,583$

7,927,547$ 10,244,434$ 5,759,189$ 4,010,706$ 7,367,614$ 2,239,181$ 4,221,660$ 3,587,227$ 1,259,313 716,650 1,746,001 1,860,435 8,565,684 4,823,698 3,736,566 1,524,412 (552,329) 1,040,833 (487,850) 853,149 (1,887,126) 1,224,208 (643,561) 601,583

(2,181,341) (4,074,370) (971,353) (965,101) (3,601,751) (919,473) (1,257,295) (1,491,562) 6,453,190$ 7,927,547$ 6,045,987$ 5,759,189$ 10,444,421$ 7,367,614$ 6,057,370$ 4,221,660$

2,000,875$ 3,691,629$ 520,395$ 586,784$ 1,650,269$ 385,784$ 698,141$ 952,469$

7,824,485 11,146,169 4,416,842 3,595,205 5,858,988 2,027,977 3,620,406 3,562,609 1,211,184 568,018 1,087,783 1,322,666 6,369,986 4,160,209 3,237,122 964,276 9,035,669 11,714,187 5,504,625 4,917,871 12,228,974 6,188,186 6,857,528 4,526,885 6,971,598 7,824,485 5,086,915 4,416,842 10,689,528 5,858,988 6,200,779 3,620,406 2,064,071 3,889,702 417,710 501,029 1,539,446 329,198 656,749 906,479

(63,196) (198,073) 102,685 85,755 110,823 56,586 41,392 45,990 - - - - - - 118,698 -

(63,196)$ (198,073)$ 102,685$ 85,755$ 110,823$ 56,586$ 160,090$ 45,990$

Equitable Life TrimarkGlobal Balanced FundEquitable Life Trimark

Europlus FundEquitable Life Templeton Equitable Life Templeton

Global Bond Fund Growth Fund

42

TICF MMF

2007 2006 2007 2006STATEMENTS OF NET ASSETSAs at December 31Assets Investments, at market value 1,380,980$ 733,494$ -$ -$ Cash and short-term notes - (223) 18,642,762 20,977,844 Dividends and accrued interest receivable - - 83,737 44,125 Total net assets for the benefit of unitholders 1,380,980$ 733,271$ 18,726,499$ 21,021,969$

Total net assets, at average cost 1,630,980$ 691,428$ 18,642,762$ 20,977,844$

STATEMENTS OF OPERATIONSFor years ended December 31Income Interest -$ -$ 862,937$ 459,216$ Dividends 26,720 8,235 - - Net realized gain (loss) on sale of investments (20,957) - - - Change in unrealized appreciation of investments (291,843) 41,843 - (15,365)

(286,080) 50,078 862,937 443,851 Expenses Management fees (Note 3) 41,199 2,865 331,522 197,660 Insurance fees, GST and other expenses 4,102 277 21,161 11,860

45,301 3,142 352,683 209,520 Net operating income (loss) (331,381)$ 46,936$ 510,254$ 234,331$

STATEMENTS OF CHANGES IN NET ASSETSFor years ended December 31Net assets, beginning of year 733,271$ -$ 21,021,969$ 11,993,632$ Premiums 1,365,268 728,300 8,641,705 16,077,685 Net operating income (loss) (331,381) 46,936 510,254 234,331 Withdrawals (386,178) (41,965) (11,447,429) (7,283,679) Net assets, end of year 1,380,980$ 733,271$ 18,726,499$ 21,021,969$

STATEMENTS OF NET REALIZED GAIN (LOSS)ON SALE OF INVESTMENTS For years ended December 31Proceeds from sale of investments 233,389$ -$ 200,137,318$ 124,479,222$

Investments at cost, beginning of year [excludes cash] 691,651 - 21,084,938 11,962,256 Investments purchased 1,193,675 691,651 197,619,717 133,601,904

1,885,326 691,651 218,704,655 145,564,160 Investments at cost, end of year [excludes cash] 1,630,980 691,651 18,567,337 21,084,938 Cost of investments sold 254,346 - 200,137,318 124,479,222

(20,957) - - - Capital gain distribution - - - - Net realized gain (loss) on sale of investments (20,957)$ -$ -$ -$

Money MarketEquitable Life TrimarkInternational Companies Fund Fund

43

Notes to Financial Statements

1. Establishment of Funds

The following segregated funds (the “Funds”) were established by The Equitable Life Insurance Company of Canada under the Insurance Companies Act as funds that are segregated from other funds of the Company.

Date of Inception Accumulative Income Fund November 1969 American Growth Fund* February 1999 Asset Allocation Fund September 1994 Canadian Bond Fund* June 1992 Canadian Stock Fund June 1992 Common Stock Fund July 1966 Equitable Life Acuity Canadian Balanced Fund* September 2006 Equitable Life Acuity Pure Canadian Equity Fund* September 2006 Equitable Life AIM Canadian Premier Fund* January 2004 Equitable Life Bissett Dividend Income Fund* January 2004 Equitable Life Dynamic Far East Value Fund* September 2006 Equitable Life Dynamic Power Global Growth Fund* September 2006 Equitable Life Mackenzie Universal U.S. Emerging Growth Fund* January 2004 Equitable Life MB Canadian Equity Value Fund* April 1999 Equitable Life Quotential Balanced Growth Portfolio* January 2005 Equitable Life Quotential Balanced Income Portfolio* January 2005 Equitable Life Quotential Diversified Income Portfolio* January 2005 Equitable Life Quotential Global Growth Portfolio* January 2005 Equitable Life Quotential Growth Portfolio* January 2005 Equitable Life Quotential Maximum Growth Portfolio* January 2005 Equitable Life Templeton Global Bond Fund February 1999 Equitable Life Templeton Growth Fund* April 1999 Equitable Life Trimark Europlus Fund* January 2004 Equitable Life Trimark Global Balanced Fund* January 2004 Equitable Life Trimark International Companies Fund* September 2006 Money Market Fund October 1994

* The B Series of Funds were introduced as of September 18, 2006 to support the new deferred sales charge (DSC) product that was introduced at that time.

Effective October 12, 2007 the following Funds changed names as a result of a change in the name of the underlying fund: Fund Former nameEquitable Life Quotential Balanced Growth Portfolio Equitable Life Franklin Templeton Balanced Growth Portfolio Equitable Life Quotential Balanced Income Portfolio Equitable Life Franklin Templeton Balanced Income Portfolio Equitable Life Quotential Diversified Income Portfolio Equitable Life Franklin Templeton Diversified Income Portfolio Equitable Life Quotential Global Growth Portfolio Equitable Life Franklin Templeton Global Growth Portfolio Equitable Life Quotential Growth Portfolio Equitable Life Franklin Templeton Growth Portfolio Equitable Life Quotential Maximum Growth Portfolio Equitable Life Franklin Templeton Maximum Growth Portfolio

44

2. Significant accounting policies

(a) Investments:

Investments are stated at fair value. In determining fair values, adjustments have not been made for sales transaction costs as they are not considered to be significant. The change in the difference between the fair value and cost of investments at the beginning and end of each year is reflected in the statements of operations as the change in unrealized appreciation of investments.

Fair values of investments are determined as follows:

Investments in securities are valued at quoted market prices at December 31 where available. Where quoted prices are not available, estimated fair values are calculated using comparable securities.

Short-term notes, treasury bills and term deposits maturing within one year are valued at original cost plus accrued interest which approximate fair market value.

Investments by The Equitable Life Insurance Company of Canada in units of underlying mutual funds and pooled funds are valued at the net asset value per unit provided by the fund manager for the underlying fund at December 31, adjusted for any unit distributions.

(b) Security transactions are accounted for on the date the securities are purchased or sold. Interest income is accrued daily and recorded on the interest payment due date. Dividend income is recorded on the ex-dividend date. The maturity dates of short-term investments and bonds shown in the statement of investment portfolio are the contractual repricing dates for these investments. Realized and unrealized gains (losses) are recognized immediately.

(c) The net asset value per unit of the Funds is computed by dividing the net assets on the valuation date by the number of policyholder units outstanding on that day.

(d) Foreign currency translation:

The fair values of foreign currency denominated investments included in the statements of net assets are translated into Canadian dollars at rates of exchange in effect at December 31. Gains (losses) arising from translation are included in the change in unrealized appreciation of investments.

Foreign currency denominated transactions, as well as cost amounts included in the statement of investment portfolio, are translated into Canadian dollars at the rates of exchange on the dates of the related transactions.

45

3. Management fees and expenses

Each Fund pays an annual management fee to The Equitable Life Insurance Company of Canada (the “Company”), calculated as a percentage of the Fund’s net asset value and deducted daily.

The Company provides all management services required by the Funds, including investment management and advisory services, portfolio administration, marketing and distribution services.

The management expense ratios (“MER”) for the year are the percentages obtained by dividing: (i) the aggregate of all fees, charges and other expenses paid or payable by the Fund during or in respect of the financial year

less absorbed operating expenses and waived management fees; by, (ii) the amount of the average net asset value of the Fund for the financial year and multiplying by 100.

All fees, charges and other expenses above exclude commission and brokerage fees that are paid or payable directly by the Fund on the purchase and sale of portfolio securities and income taxes paid or payable by the Fund to which the Fund is subject. The actual management expense ratios charged to the Fund noted below are comprised of management fees, insurance fees, operating expenses, incidental administrative fees allocated by the underlying funds and taxes of any kind (other than income taxes).

The average net asset value of the Fund is calculated by averaging the net asset value of the Fund on each valuation date.

The pro-forma management expense ratio is calculated in the same manner as the actual management expense ratio described above, but including management fees waived and operating expenses absorbed by the Company. This waiving or absorption of fees and expenses results in a lower actual MER for the Fund than would otherwise occur. Currently, the Company absorbs certain operating expenses of the Fund including transaction, custodial, audit and legal fees. The waiver of management fees and the absorption of these operating expenses shall continue at the Company’s discretion and may be terminated by the Company at any time.

46

3. Management fees and expenses (continued)

- - - - - - Actual MER Charged to Fund - - - - - - Pro-forma MER

Initial Series 2007 2006 2005 2004 2003 2007

Accumulative Income Fund 0.39% 0.39% 0.40% 0.41% 0.41% 0.46% American Growth Fund 3.18 3.19 2.62 2.62 2.62 3.20 Asset Allocation Fund 2.79 2.80 2.64 2.64 2.65 2.83 Canadian Bond Fund 2.65 2.66 2.15 2.16 2.16 2.77 Canadian Stock Fund 2.82 2.83 2.46 2.45 2.45 2.87 Common Stock Fund 1.14 1.16 1.16 1.15 1.15 1.20 Equitable Life Acuity Canadian Balanced Fund 3.15 3.15 N/A N/A N/A 3.20 Equitable Life Acuity Pure Canadian Equity Fund 3.15 3.15 N/A N/A N/A 3.18 Equitable Life AIM Canadian Premier Fund 3.11 3.11 3.00 3.00 N/A 3.12 Equitable Life Bissett Dividend Income Fund 2.82 2.82 2.57 2.57 N/A 2.83 Equitable Life Dynamic Far East Value Fund 3.10 3.10 N/A N/A N/A 3.22 Equitable Life Dynamic Power Global Growth Fund 3.10 3.10 N/A N/A N/A 3.20 Equitable Life Mackenzie Universal U.S. Emerging Growth Fund 3.56 3.56 3.48 3.63 N/A 3.96 Equitable Life MB Canadian Equity Value Fund 2.78 2.77 2.44 2.44 2.44 2.81 Equitable Life Quotential Balanced Growth Portfolio 3.26 3.26 3.26 N/A N/A 3.26 Equitable Life Quotential Balanced Income Portfolio 2.94 2.94 2.94 N/A N/A 2.95 Equitable Life Quotential Diversified Income Portfolio 2.85 2.85 2.84 N/A N/A 2.87 Equitable Life Quotential Global Growth Portfolio 3.48 3.48 3.48 N/A N/A 3.50 Equitable Life Quotential Growth Portfolio 3.32 3.32 3.32 N/A N/A 3.33 Equitable Life Quotential Maximum Growth Portfolio 3.58 3.58 3.58 N/A N/A 3.66 Equitable Life Templeton Global Bond Fund 2.71 2.71 2.51 2.51 2.63 2.74 Equitable Life Templeton Growth Fund 3.48 3.48 3.48 3.48 3.21 3.52 Equitable Life Trimark Europlus Fund 3.58 3.58 3.58 3.58 N/A 3.60 Equitable Life Trimark Global Balanced Fund 3.26 3.26 3.26 3.26 N/A 3.30 Equitable Life Trimark International Companies Fund 3.15 3.15 N/A N/A N/A 3.33 Money Market Fund 1.87 1.87 1.87 1.87 1.87 1.91

- - - - - - Actual MER Charged to Fund - - - - - - Pro-forma MER

B Series 2007 2006 2005 2004 2003 2007 American Growth Fund B 3.55% 3.55% N/A N/A N/A 3.57% Canadian Bond Fund B 3.02 3.02 N/A N/A N/A 3.20 Equitable Life Acuity Canadian Balanced Fund B 3.52 3.52 N/A N/A N/A 3.57 Equitable Life Acuity Pure Canadian Equity Fund B 3.52 3.52 N/A N/A N/A 3.55 Equitable Life AIM Canadian Premier Fund B 3.47 3.47 N/A N/A N/A 3.48 Equitable Life Bissett Dividend Income Fund B 3.19 3.19 N/A N/A N/A 3.20 Equitable Life Dynamic Far East Value Fund B 3.47 3.47 N/A N/A N/A 3.59 Equitable Life Dynamic Power Global Growth Fund B 3.47 3.47 N/A N/A N/A 3.57 Equitable Life Mackenzie Universal U.S. Emerging Growth Fund B 3.93 3.94 N/A N/A N/A 4.34 Equitable Life MB Canadian Equity Value Fund B 3.15 3.15 N/A N/A N/A 3.29 Equitable Life Quotential Balanced Growth Portfolio B 3.63 3.63 N/A N/A N/A 3.63 Equitable Life Quotential Balanced Income Portfolio B 3.31 3.31 N/A N/A N/A 3.32 Equitable Life Quotential Diversified Income Portfolio B 3.21 3.21 N/A N/A N/A 3.23 Equitable Life Quotential Global Growth Portfolio B 3.85 3.85 N/A N/A N/A 3.87 Equitable Life Quotential Growth Portfolio B 3.69 3.69 N/A N/A N/A 3.70 Equitable Life Quotential Maximum Growth Portfolio B 3.95 3.95 N/A N/A N/A 4.03 Equitable Life Templeton Growth Fund B 3.85 3.85 N/A N/A N/A 3.89 Equitable Life Trimark Europlus Fund B 3.95 3.95 N/A N/A N/A 3.96 Equitable Life Trimark Global Balanced Fund B 3.63 3.63 N/A N/A N/A 3.67 Equitable Life Trimark International Companies Fund B 3.52 3.52 N/A N/A N/A 3.70

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4. Net asset value per unit

The net asset value per unit at December 31 is as follows: Initial Series B Series 2007 2006 2007 2006 Accumulative Income Fund $ 27.81 $ 27.22 $ N/A $ N/A American Growth Fund 10.27 11.08 10.22 11.06 Asset Allocation Fund 20.49 20.64 N/A N/A Canadian Bond Fund 17.36 17.38 17.26 17.34 Canadian Stock Fund 28.15 27.93 N/A N/A Common Stock Fund 43.97 42.90 N/A N/A Equitable Life Acuity Canadian Balanced Fund 10.69 10.54 10.64 10.53 Equitable Life Acuity Pure Canadian Equity Fund 11.86 11.34 11.80 11.33 Equitable Life AIM Canadian Premier Fund 17.08 16.79 17.01 16.78 Equitable Life Bissett Dividend Income Fund 13.05 13.51 12.99 13.50 Equitable Life Dynamic Far East Value Fund 12.04 11.36 11.99 11.36 Equitable Life Dynamic Power Global Growth Fund 16.97 11.60 16.90 11.59 Equitable Life Mackenzie Universal U.S. Emerging Growth Fund 9.66 10.77 9.62 10.77 Equitable Life MB Canadian Equity Value Fund 26.52 25.80 26.41 25.78 Equitable Life Quotential Balanced Growth Portfolio 11.77 11.92 11.73 11.92 Equitable Life Quotential Balanced Income Portfolio 11.30 11.44 11.26 11.43 Equitable Life Quotential Diversified Income Portfolio 10.95 11.11 10.91 11.11 Equitable Life Quotential Global Growth Portfolio 11.98 12.32 11.94 12.32 Equitable Life Quotential Growth Portfolio 12.01 12.27 11.96 12.27 Equitable Life Quotential Maximum Growth Portfolio 11.64 11.92 11.60 11.91 Equitable Life Templeton Global Bond Fund 11.96 12.86 N/A N/A Equitable Life Templeton Growth Fund 10.78 11.69 10.74 11.69 Equitable Life Trimark Europlus Fund 13.78 16.04 13.73 16.04 Equitable Life Trimark Global Balanced Fund 11.49 12.62 11.45 12.62 Equitable Life Trimark International Companies Fund 9.40 11.42 9.36 11.41 Money Market Fund 13.70 13.33 N/A N/A

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5. Units outstanding

The number of units outstanding at December 31 is as follows: Initial Series B Series 2007 2006 2007 2006 Accumulative Income Fund 233,425 249,080 N/A N/A American Growth Fund 847,014 1,020,557 37,868 3,477 Asset Allocation Fund 2,233,736 2,533,708 N/A N/A Canadian Bond Fund 1,620,619 1,871,118 94,867 19,199 Canadian Stock Fund 3,257,268 3,660,811 N/A N/A Common Stock Fund 502,303 537,000 N/A N/A Equitable Life Acuity Canadian Balanced Fund 202,403 78,884 528,924 67,767 Equitable Life Acuity Pure Canadian Equity Fund 232,121 120,336 1,067,987 174,159 Equitable Life AIM Canadian Premier Fund 950,618 952,201 328,993 32,452 Equitable Life Bissett Dividend Income Fund 1,529,287 1,545,759 329,350 48,331 Equitable Life Dynamic Far East Value Fund 105,462 63,804 154,716 21,748 Equitable Life Dynamic Power Global Growth Fund 190,804 26,839 295,378 10,604 Equitable Life Mackenzie Universal U.S. Emerging Growth Fund 37,898 39,815 29,169 4,816 Equitable Life MB Canadian Equity Value Fund 1,343.146 1,433,444 124,976 12,116 Equitable Life Quotential Balanced Growth Portfolio 3,676,530 3,379,894 2,233,598 214,241 Equitable Life Quotential Balanced Income Portfolio 1,550,364 1,411,200 403,553 42,587 Equitable Life Quotential Diversified Income Portfolio 789,701 739,201 175,439 20,673 Equitable Life Quotential Global Growth Portfolio 611,849 498,787 1,071,172 57,103 Equitable Life Quotential Growth Portfolio 816,804 746,377 1,040,755 81,129 Equitable Life Quotential Maximum Growth Portfolio 132,107 82,564 319,994 13,544 Equitable Life Templeton Global Bond Fund 539,632 616,626 N/A N/A Equitable Life Templeton Growth Fund 489,902 487,209 62,236 5,400 Equitable Life Trimark Europlus Fund 505,506 444,155 253,303 15,225 Equitable Life Trimark Global Balanced Fund 374,581 318,393 153,303 16,081 Equitable Life Trimark International Companies Fund 92,603 57,757 54,568 6,484 Money Market Fund 1,367,399 1,577,111 N/A N/A

6. Income taxes

The Funds are related segregated fund trusts within the meaning of the Income Tax Act (Canada) and, accordingly, the income of the Funds is deemed payable to the policyholder under the segregated fund policies. The Funds are not liable to pay income taxes and no provision for income taxes has been made in these financial statements.

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Annual Report Segregated Funds Funds December 31, 2007 Annual Report ... Auditors’ Report ......

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Transcript of Annual Report Segregated Funds Funds December 31, 2007 Annual Report ... Auditors’ Report ......