Interim Financial Statements (unaudited) - CIBC · Interim Financial Statements (unaudited) for the...

Imperial International Equity Pool

Interim Financial Statements (unaudited)for the period ended June 30, 2008

Statement of Investment Portfolio (unaudited) As at June 30, 2008

Number of Shares/Par Value

HedgingRef. No.*

Average Cost($)

Current Value($)

International Equities

16,033 A.B.C. Learning Centres Ltd. 113,371 15,62215,439 AGL Energy Ltd. 124,931 214,78940,906 Alumina Ltd. 242,928 188,59231,179 Amcor Ltd. 208,142 153,40459,628 AMP Ltd. 435,086 387,7676,139 APA Group 19,942 15,576

12,022 Aristocrat Leisure Ltd. 126,280 74,99117,826 Asciano Group 170,697 60,221

804,200 Ausgroup Ltd. 1,012,988 424,54755,847 Australia and New Zealand Banking Group

Ltd. 1,066,334 1,019,3826,285 Australian Stock Exchange Ltd. 224,753 192,194

31,578 AXA Asia Pacific Holdings Ltd. 159,370 143,7967,841 Babcock & Brown Ltd. 186,738 57,1742,067 BBI EPS Ltd., Preferred, Convertible 1,612 1,387

194,788 BHP Billiton Ltd. 3,615,854 8,419,6308,071 Billabong International Ltd. 126,165 84,768

24,690 Bluescope Steel Ltd. 161,396 272,466588,348 Boart Longyear Group 1,220,972 1,277,67823,049 Boral Ltd. 162,666 126,807

225,238 Brambles Ltd. 2,040,187 1,914,6485,176 Caltex Australia Ltd. 95,358 65,683

233,825 Centennial Coal Co. Ltd. 338,070 1,270,41231,420 Centro Properties Group 270,134 7,509

759,764 Coca-Cola Amatil Ltd. 4,686,766 5,185,5182,284 Cochlear Ltd. 118,009 97,426

86,680 Commonwealth Bank of Australia 3,302,147 3,394,503228,393 Computershare Ltd. 1,621,226 2,044,59668,603 CSL Ltd. 1,443,346 2,384,99838,683 CSR Ltd. 129,474 92,155

150,206 DB RREEF Trust 181,280 201,95167,428 Foster’s Group Ltd. 279,632 332,91343,195 Goodman Group 215,164 129,96168,340 GPT Group 345,620 147,89561,594 Insurance Australia Group Ltd. 239,777 208,44848,718 John Fairfax Holdings Ltd. 223,538 138,998

242,216 Kagara Zinc Ltd. 1,182,883 1,078,95513,519 Lend Lease Corp. Ltd. 240,540 125,79931,619 Macquarie Group Ltd. 1,406,702 1,495,01187,169 Macquarie Infrastructure Group NPV 240,666 196,980

285,596 Metcash Ltd. 1,323,413 1,029,00747,453 Mirvac Group 256,568 136,87248,646 National Australia Bank Ltd. 1,364,756 1,254,47310,535 Newcrest Mining Ltd. 143,753 296,94172,997 Nexus Energy Ltd. 118,176 118,554

232,412 Oil Search Ltd. 966,477 1,540,10110,521 Orica Ltd. 141,214 299,90731,251 Origin Energy Ltd. 267,819 491,04949,317 Oxiana Ltd. 221,691 125,32113,571 Paladin Resources Ltd. 113,932 84,1521,993 Perpetual Trustees Australia Ltd. 143,930 82,978

33,822 Qantas Airways Ltd. 166,696 100,099105,842 QBE Insurance Group Ltd. 1,623,352 2,311,23920,918 Rio Tinto Ltd. 1,687,463 2,748,76623,620 Santos Ltd. 122,898 494,106

165,800 Sino Gold Ltd. 1,110,712 931,51911,329 Sonic Healthcare Ltd. 153,342 160,66946,566 Stockland 369,523 244,54119,322 Suncorp-Metway Ltd. 239,687 245,905

651,600 Sunland Group Ltd. 2,239,789 1,442,42820,198 Tabcorp Holdings Ltd. 212,774 192,87543,439 Tattersall’s Ltd. 164,965 99,526

536,669 Telstra Corp. Ltd. 2,075,186 2,214,720107,020 Toll Holdings Ltd. 1,187,233 628,942125,642 Transfield Services Ltd. 1,466,834 908,00530,631 Transurban Group 221,947 126,47076,597 Wesfarmers Ltd. 2,570,334 2,779,8725,154 Wesfarmers Ltd., Partially Protected Shares 178,040 188,739

45,340 Westfield Group 651,478 719,52356,251 Westpac Banking Corp. Ltd. 898,654 1,097,27414,766 Woodside Petroleum Ltd. 256,324 969,314


HedgingRef. No.*

Average Cost($)

Current Value($)

99,315 Woolworths Ltd. 1,538,318 2,363,75831,024 WorleyParsons Ltd. 1,120,416 1,141,653

Australia (4.32%) 53,298,438 61,214,448

72,296 Conwert Immobilien Invest AG 1,583,735 1,260,2305,602 Erste Bank der Oesterreichischen

Sparkassen AG 337,374 351,75013,819 IMMOEAST Immobilien Anlagen AG 250,746 124,07219,228 Immofinanz Immobilien Anlagen AG 353,011 200,99310,317 Meinl European Land Ltd. 311,898 117,4362,786 Oesterreichische El Wirtsch AG, Class ‘A’ 145,386 252,5695,455 OMV AG 159,544 432,7031,186 Raiffeisen International Bank-Holding AG 104,144 152,982

30,267 RHI AG 1,303,721 1,496,40637,055 Semperit AG Holding 1,713,648 1,465,93612,322 Telekom Austria AG 270,509 271,0763,138 voestalpine AG 124,830 260,7173,034 Wienerberger AG 224,664 128,795

Austria (0.46%) 6,883,210 6,515,665

3,739 Agfa Gevaert NV 113,207 24,5048,594 Bekaert SA 1,063,885 1,340,5695,800 Belgacom SA 207,370 252,627

723 Colruyt NV 180,744 193,4912,687 Delhaize Group 180,013 182,717

304,802 Dexia 7,365,264 4,918,31112,839 EVS Broadcast Equipment SA 982,602 1,159,377

138,648 Fortis 3,555,840 2,237,98114,458 Fortis, VVPR Strip — 2312,261 Groupe Bruxelles Lambert SA 206,754 272,1715,449 InBev NV 262,924 382,498

66,789 Ion Beam Applications 1,784,002 1,675,1745,370 KBC Groep NPV 542,506 602,6642,040 Solvay SA 383,267 269,8273,600 Suez SA, Strip VVPR 50 58

61,454 Telenet Group Holding NV 1,608,598 1,410,1203,860 UCB SA 210,984 144,574

51,725 Umicore 2,297,250 2,582,835

Belgium (1.25%) 20,945,260 17,649,729

136,500 Catlin Group Ltd. 1,012,060 960,8077,489 SeaDrill Ltd. 145,500 231,902

Bermuda (0.08%) 1,157,560 1,192,709

1,226,050 China Infrastructure Machinery Holdings Ltd. 1,776,073 1,159,20264,000 Foxconn International Holdings Ltd. 152,892 62,999

China (0.09%) 1,928,965 1,222,201

70,812 Bank of Cyprus Public Co. Ltd. 1,244,131 877,906

Cyprus (0.06%) 1,244,131 877,906

36 A P Moller — Maersk AS 291,478 445,7782,030 Danisco AS 138,487 132,131

15,733 Danske Bank AS 482,554 459,9257,990 DSV AS 163,507 193,5131,705 FLSmidth & Co. AS 143,134 189,1187,928 GN Store Nord AS 138,724 38,4432,335 Jyske Bank AS, Registered 215,672 141,055

108,960 Novo Nordisk AS, Series ‘B’ 3,323,630 7,282,1011,893 Novozymes AS, Class ‘B’ 136,612 173,0165,841 SimCorp AS 1,334,112 1,068,358

35,306 Sjaelso Gruppen AS 1,427,090 758,4412,801 Sydbank AS 169,601 108,075

798 Topdanmark AS 169,035 121,90312,300 Trygvesta AS 1,009,083 881,38595,341 Vestas Wind Systems AS 3,491,135 12,602,10013,869 William Demant Holding 1,133,146 924,708

Denmark (1.80%) 13,767,000 25,520,050

196,789 Capman OYJ, Class ‘B’ 1,004,798 781,34141,252 Elisa OYJ 1,268,882 874,11458,779 Fortum OYJ 1,206,540 3,020,5232,668 Kesko OYJ, Series ‘B’ 169,601 87,158

The accompanying notes are an integral part of these financial statements.


HedgingRef. No.*

Average Cost($)

Current Value($)

5,222 Kone OYJ, Class ‘B’ 183,994 185,3244,145 Metso OYJ 263,619 190,4695,120 Neste Oil OYJ 182,336 152,356

257,276 Nokia OYJ 7,876,491 6,384,5183,613 Outokumpu OYJ, Series ‘A’ 153,558 127,4683,079 Rautaruukki OYJ Group PLC, Series ‘K’ 94,582 141,900

13,959 Sampo OYJ, Series ‘A’ 286,259 356,01019,052 Stora Enso OYJ, Series ‘R’ 344,119 180,2093,115 TietoEnator OYJ 99,223 65,804

117,645 UPM-Kymmene Corp. OYJ 2,827,933 1,946,1452,590 Wartsila OYJ, Series ‘B’ 176,768 164,1945,168 YIT OYJ 165,250 131,019

Finland (1.04%) 16,303,953 14,788,552

6,667 Accor SA 407,579 449,6454,252 Air France-KLM 233,214 102,969

69,200 Air Liquide SA 6,654,024 9,249,22272,481 Alcatel SA, Series ‘A’ 1,739,587 444,2333,442 Alstom 341,370 801,3122,443 Atos Origin SA 189,842 136,624

339,981 AXA SA 10,585,631 10,170,67519,859 bioMerieux 1,590,020 2,315,381

118,411 BNP Paribas SA 10,289,523 10,821,62537,980 Bouygues SA 2,573,253 2,544,030

181,060 Bull SA 778,823 663,03920,041 Bureau Veritas SA 1,112,645 1,206,03720,881 Cap Gemini 1,828,209 1,242,876

103,051 Carrefour SA 6,763,397 5,897,3851,588 CNP Assurances 164,059 181,7739,895 Compagnie de Saint-Gobain 648,122 622,1544,769 Compagnie Generale des Etablissements

Michelin, Registered, Series ‘B’ 293,649 346,21556,386 Credit Agricole SA 1,471,782 1,162,12383,769 Dassault Systemes SA 4,304,495 5,162,95353,773 EDF Group 5,052,939 5,171,683

117,828 Essilor International SA 4,657,331 7,297,0809,966 Etablissements Economiques du Casino

Guichard Perrachon SA 1,182,442 1,142,622311,936 France Telecom SA 9,171,144 9,287,737

6,034 Gaz de France 218,715 392,24253,514 Groupe DANONE 3,633,273 3,801,7262,158 Hermes International 303,912 344,016

14,941 Iliad SA 1,465,869 1,469,4834,744 Lafarge SA 603,966 734,4374,240 Lagardere SCA, Registered 313,109 243,510

41,165 L’Oreal SA 4,291,231 4,533,13778,505 LVMH Moet Hennessy Louis Vuitton SA 7,717,053 8,314,3401,370 Neopost SA 207,295 146,6426,198 Pernod-Ricard SA 374,427 642,124

11,418 Pinault-Printemps Redoute SA 1,923,763 1,279,6935,343 PSA Peugeot Citroen SA 369,699 292,989

205,715 Publicis Groupe 8,030,817 6,738,5445,900 Renault SA 540,538 487,5075,758 SAFRAN SA 142,017 112,750

174,303 Sanofi-Aventis SA 16,490,637 11,758,95351,324 Schneider Electric SA 6,206,176 5,605,5864,280 SCOR SA 137,510 98,942

25,910 Sechilienne Sidec SA 1,747,277 2,057,26682,775 Societe Generale 8,434,460 7,286,0044,816 Societe Television Francaise 1 182,750 81,3963,436 Sodexho Alliance SA 198,728 228,211

30,947 SR.Teleperformance 1,197,872 1,154,73158,524 Suez SA 3,258,517 4,027,726

125,236 Technip SA 8,426,892 11,733,0313,255 Thales SA 150,339 187,9759,229 Thomson 220,945 48,581

159,791 TOTAL SA 9,970,748 13,808,6761,708 Unibail Holding 150,368 399,3141,099 Unibail-Rodamco 223,109 257,4213,590 Valeo SA 195,696 116,6616,444 Vallourec SA 1,862,027 2,288,0448,962 Veolia Environnement 353,594 507,9575,579 Vilmorin & Cie 846,084 1,067,257

130,519 Vinci SA 5,882,986 8,091,60412,178 Virbac SA 1,106,814 1,064,41336,436 Vivendi SA 2,212,143 1,394,829

France (12.65%) 171,624,436 179,217,111

6,702 Adidas-Salomon AG 391,688 428,69758,743 Allianz AG, Registered 12,409,364 10,482,3002,668 Altana AG 177,285 46,879

62,432 BASF AG 3,474,157 4,349,611124,716 Bayer AG 7,678,939 10,629,57423,315 Bayerische Motoren Werke AG 1,226,756 1,137,2985,346 Bijou Brigitte Modische Accessoires AG 948,562 729,3801,650 Bilfinger & Berger AG 158,759 145,077

151,692 Celesio AG 6,495,995 5,564,897


HedgingRef. No.*

Average Cost($)

Current Value($)

66,529 Commerzbank AG 2,233,013 2,009,78118,128 Continental AG 1,164,864 1,880,72362,282 Daimler AG 4,980,773 3,914,04515,828 Deutsche Bank AG, Registered 1,865,774 1,376,57415,195 Deutsche Boerse AG 854,578 1,744,0968,753 Deutsche Lufthansa AG 178,995 191,468

197,191 Deutsche Post AG, Registered 5,622,421 5,204,9942,738 Deutsche Postbank AG 278,733 243,987

88,071 Deutsche Telekom AG, Registered 2,344,213 1,468,34689,955 E.ON AG 11,584,414 18,397,90721,532 Escada AG 956,434 464,02717,629 Fresenius AG, Preferred 1,095,614 1,552,2936,253 Fresenius Medical Care AG 236,283 348,979

35,625 GEA Group AG 1,227,735 1,271,89013,885 Gerresheimer AG 728,582 732,7112,275 Heidelberger Druckmaschinen AG 115,451 47,2465,985 Henkel AG & Co. KGaA, Preferred 344,290 241,6521,692 Hochtief AG 158,684 169,9036,688 Hypo Real Estate Holding AG 409,506 189,874

24,751 Infineon Technologies AG 444,556 215,3453,412 IVG Immobilien AG 184,584 68,285

28,973 Jungheinrich AG, Preferred 986,912 812,0553,515 K&S AG 642,116 2,047,382

59,468 Kontron AG 1,271,411 821,96363,041 Linde AG 7,469,613 8,997,9174,044 MAN AG 226,412 454,5481,789 Merck KGaA 117,097 257,5275,438 Metro AG 327,504 352,816

14,460 Munchener Rueckversicherungs-GesellschaftAG, Registered 3,013,728 2,575,122

12,332 Pfeiffer Vaccum Technology AG 1,186,121 1,286,9052,640 Porsche AG, Non-Voting, Preferred 199,842 411,9473,892 ProsiebenSat.1 Media AG, Preferred 149,577 39,3161,445 Rheinmetall AG 142,748 105,922

14,167 RWE AG, Class ‘A’ 935,741 1,809,6211,376 Salzgitter AG 122,750 255,692

129,196 SAP AG 6,534,338 6,840,18215,482 SGL Carbon AG 781,859 1,095,964

150,410 Siemens AG, Registered 17,301,581 16,832,85421,084 Software AG 1,875,568 1,291,4222,713 Solarworld AG 139,796 130,425

11,287 Thyssen Krupp AG 324,436 718,16845,682 Tipp24 AG 1,249,811 1,169,2538,472 TUI AG, Registered 207,714 199,118

43,500 Vivacon AG 946,731 422,1136,970 Volkswagen AG 464,910 2,038,639

20,647 Wincor Nixdorf AG 1,797,497 1,446,934

Germany (9.01%) 118,386,815 127,661,644

62,936 Alpha Bank AE 1,846,699 1,934,36611,287 Bank of Piraeus 132,379 311,878

138,735 Coca-Cola Hellenic Bottling Co. SA 4,162,116 3,832,17213,465 EFG Eurobank Ergasias 266,258 325,50226,261 Fourlis Holdings SA 852,233 781,72814,147 Hellenic Telecommunications Organization

SA (OTE) 299,302 361,81833,493 Jumbo SA 1,125,682 957,17444,965 Lamda Development SA 958,623 654,47717,410 National Bank of Greece SA 494,394 795,52411,889 OPAP SA 453,013 422,3303,755 Titan Cement Co. 253,962 151,392

Greece (0.74%) 10,844,661 10,528,361

46,400 Bank of East Asia Ltd. 164,816 255,939285,000 Belle International Holdings Ltd. 330,491 260,882117,500 BOC Hong Kong (Holdings) Ltd. 264,248 315,984

37,000 Cathay Pacific Airways 70,998 71,49647,000 Cheung Kong (Holdings) Ltd. 579,597 644,813

101,722 China Green (Holdings) Ltd. 109,296 122,935467,000 China Insurance International Holdings Co.

Ltd. 1,214,146 1,131,73456,800 CLP Holdings Ltd. 367,907 494,180

254,000 CNOOC Ltd. 378,238 447,325100 Digital China Holdings Ltd. 83 67

188,100 Esprit Holdings Ltd. 2,089,699 1,987,0391,155,831 Fushan International Energy Group Ltd. 754,757 903,436

78,500 Hang Lung Properties Ltd. 157,016 255,674121,500 Hang Seng Bank Ltd. 1,909,139 2,602,625

31,200 Henderson Land Development Co. Ltd. 159,603 197,904138,337 Hong Kong & China Gas Co. 233,867 333,963

55,500 Hong Kong Exchanges & Clearing Ltd. 323,884 824,81245,000 Hongkong Electric Holdings Ltd. 226,372 273,17625,000 Hopewell Holdings Ltd. 114,008 90,15952,000 Hutchison Telecommunications International

Ltd. 91,121 74,705127,995 Hutchison Whampoa Ltd. 1,452,052 1,309,487

200 i-CABLE Communications Ltd. 77 30




HedgingRef. No.*

Average Cost($)

Current Value($)

19,500 Kerry Properties Ltd. 115,411 104,04221,500 Kingboard Chemical Holdings Ltd. 115,176 100,714

327,600 Li & Fung Ltd. 827,311 1,002,87676,000 Link REIT (The) 164,544 175,685

1,000,000 Moulin Global Eyecare Holdings Ltd. 713,688 —50,000 MTR Corp. Ltd. 132,148 159,81185,473 New World Development Co., Ltd. 114,475 177,121

144,200 PCCW Ltd. 102,874 88,6011,900,575 Prime Success International Group Ltd. 996,762 1,065,261

44,000 Shangri-La Asia Ltd. 90,483 104,5921,293,821 Shun Tak Holdings Ltd. 2,004,225 1,230,381

42,000 Sino Land Co., Ltd. 69,644 84,80043,200 Sun Hung Kai Properties Ltd. 487,605 595,79330,450 Swire Pacific Ltd., Class ‘A’ 267,839 316,20843,000 Wharf (Holdings) Ltd. 159,828 182,6406,500 Wing Hang Bank Ltd. 102,983 87,332

790,382 Yue Yuen Industrial Holdings Ltd. 2,459,447 1,905,102

Hong Kong (1.41%) (note 10) 3 19,915,858 19,979,324

341,231 Allied Irish Banks PLC 7,517,548 5,336,09330,570 Bank of Ireland 539,377 267,697

418,441 C&C Group PLC 2,819,196 2,327,849187,337 CRH PLC 6,271,352 5,483,197

3,341 DCC PLC 124,626 84,26714,068 Elan Corp. PLC 221,079 508,969

574,053 Experian Group Ltd. 5,040,649 4,303,77636,400 FBD Holdings PLC 1,239,907 1,038,3098,276 Grafton Group PLC 156,083 48,797

247,744 IAWS Group PLC 5,314,173 6,278,1399,610 Irish Life & Permanent PLC 250,244 100,3965,110 Kerry Group PLC, Class ‘A’ 160,292 153,1344,864 Kingspan Group PLC 154,454 47,702

263,022 Smurfit Kappa Group PLC 5,200,426 2,192,349

Ireland (1.99%) 35,009,406 28,170,674

75,656 Acea SPA 1,765,457 1,456,707156,100 AEM SPA 640,698 578,63816,769 Alleanza Assicurazioni SPA 260,916 184,15131,975 Assicurazioni Generali SPA 1,223,080 1,240,6809,745 Atlantia SPA 269,873 298,817

242,272 Banca Intesa SPA 1,390,124 1,398,29238,328 Banca Monte dei Paschi di Siena SPA 200,761 109,68214,234 Banca Popolare di Milano SCRL 277,658 134,88013,054 Banco Popolare Scarl 271,685 234,13510,774 Danieli & C. Officine Meccaniche SPA 326,050 406,39340,814 Danieli & C. Officine Meccaniche SPA, RNC 874,954 977,361

132,382 Enel SPA 1,275,240 1,274,990145,597 ENI SPA 4,338,968 5,491,50290,564 Enia SPA 1,443,777 1,147,80918,367 Fiat SPA 329,762 303,52043,483 Finmeccanica SPA 1,216,251 1,154,2522,881 Lottomatica SPA 117,024 87,150

212,007 Luxottica Group SPA 5,781,619 5,023,27729,486 Mediaset SPA 414,609 196,89117,098 Mediobanca SPA 309,101 294,180

128,596 Pirelli & C., SPA 106,515 89,57229,600 Prysmian SPA 821,897 758,66621,231 Saipem SPA 748,692 1,007,427

193,517 Seat Pagine Gialle SPA 140,336 20,42041,756 Snam Rete Gas SPA 198,468 288,969

330,613 Telecom Italia SPA 1,255,981 671,347180,802 Telecom Italia SPA, RNC 538,569 296,33558,964 Terna SPA 243,119 252,967

2,131,520 UniCredit SPA 17,276,172 13,163,53612,115 Unione Di Banche Italiane SCPA 267,725 287,394

Italy (2.74%) 44,325,081 38,829,940

3,600 Acom Co. Ltd. 262,830 113,2435,200 Advantest Corp. 297,490 111,390

66,000 Aeon Co. Ltd. 1,314,146 830,28574,132 AEON DELIGHT CO. LTD. 1,568,029 1,541,4483,800 Aiful Corp. 261,344 44,6747,400 Aisin Seiki Co. Ltd. 243,001 247,036

22,000 Ajinomoto Co. Inc. 322,966 211,81814,100 Alpen Co. Ltd. 456,739 245,00415,000 Amada Co. Ltd. 189,458 120,5954,300 Aoyama Trading Co. Ltd. 154,644 80,637

15,000 Asahi Breweries Ltd. 215,609 284,966229,000 Asahi Glass Co. Ltd. 2,977,173 2,817,60640,000 Asahi Kasei Corp. 250,765 213,12964,000 ASICS Corp. 767,605 710,87916,190 Astellas Pharma Inc. 731,622 699,68637,000 Bank of Yokohama Ltd. (The) 237,701 260,0293,400 Benesse Corp. 126,987 139,944

51,800 Bridgestone Corp. 882,391 807,59485,150 Canon Inc. 3,779,766 4,454,5018,200 Casio Computer Co. Ltd. 142,813 94,822


HedgingRef. No.*

Average Cost($)

Current Value($)

49 Central Japan Railway Co. 507,508 548,89025,000 Chiba Bank Ltd. (The) 155,391 178,4005,000 Chiyoda Corp. 128,231 55,254

46,200 Chubu Electric Power Co. Inc. 1,150,455 1,146,84210,378 Chugai Pharmaceutical Co. Ltd. 215,068 168,642

200,500 Citizen Watch Co. Ltd. 1,905,763 1,554,483106,600 CKD Corp. 1,210,425 672,802

5,700 Credit Saison Co. Ltd. 237,044 121,5134,500 CSK Holdings Corp. 238,775 90,102

22,000 Dai Nippon Printing Co. Ltd. 398,827 329,15819,000 Daido Steel Co. Ltd. 166,073 108,04463,089 DAIICHI SANKYO CO. LTD. 1,798,065 1,766,2837,500 Daikin Industries Ltd. 239,108 385,392

34,000 Dainippon Ink & Chemicals Inc. 167,713 100,27311,000 Dainippon Screen Manufacturing Co. Ltd. 105,710 44,9133,300 Daito Trust Construction Co. Ltd. 177,865 162,658

17,000 Daiwa House Industry Co. Ltd. 213,732 162,63840,000 Daiwa Securities Group Inc. 470,191 373,81715,000 Denso Corp. 490,115 525,028

67 Dentsu Inc. 203,190 144,49274,000 Don Quijote Co. Ltd. 1,123,721 1,379,606

9 eAccess Ltd. 5,103 4,711386 East Japan Railway Co. 3,066,420 3,195,253

8,200 Eisai Co. Ltd. 331,740 294,3705,500 Electric Power Development Co. Ltd. 217,262 207,5173,300 Elpida Memory Inc. 173,805 107,556

24,400 Exedy Corp. 700,201 653,5755,400 Fanuc Ltd. 469,528 536,6991,900 Fast Retailing Co. Ltd. 185,884 183,192

27,000 Fuji Electric Holdings Co. Ltd. 151,490 97,01815,000 Fuji Photo Film Co. Ltd. 772,376 525,09113,000 Fujikura Ltd. 158,830 57,48548,193 Fujimi Inc. 1,076,630 742,287

106,000 Fujitsu Ltd. 1,080,642 799,94622,000 Fukuoka Financial Group Inc. 129,731 101,07024,000 Furukawa Electric Co. Ltd. (The) 140,822 106,16543,300 Hamamatsu Photonics K.K. 1,289,620 1,144,84540,000 Hankyu Holdings Inc. 295,571 170,817

2,905,144 Haseko Corp. 6,378,753 3,950,5371,300 Hirose Electric Co. Ltd. 170,533 132,747

71,000 Hiroshima Bank Ltd. (The) 472,830 321,7234,800 Hitachi Chemical Co. Ltd. 132,820 100,6744,600 Hitachi Construction Machinery Co. Ltd. 117,512 131,064

63,000 Hitachi Koki Co. Ltd. 864,070 1,055,584101,000 Hitachi Ltd. 984,514 739,185

8,200 Hokkaido Electric Power Co. Inc. 268,313 169,71445,000 Hokukohu Financial Group Inc. 196,448 132,656

338,000 Honda Motor Co. Ltd. 10,390,007 11,722,517217,030 Hoya Corp. 7,530,733 5,108,690

14,400 Ibiden Co. Ltd. 815,512 532,924147 INPEX Holdings Inc. 1,599,447 1,886,573115 Internet Initiative Japan Inc. 433,168 432,269

8,200 Isetan Mitsukoshi Holdings Ltd. 183,307 88,840754,000 Ishihara Sangyo Kaisha Ltd. 1,350,288 1,222,042

42,000 Ishikawajima-Harima Heavy Industries Co.Ltd. 143,599 86,460

47,000 ITOCHU Corp. 275,349 509,25765,500 Izumi Co. Ltd. 1,075,934 1,026,93514,600 J. FRONT RETAILING Co. Ltd. 162,363 78,55564,000 Japan Asia Investment Co. Ltd. 376,995 272,604

13 Japan Real Estate Investment Corp. 175,004 139,54015 Japan Retail Fund Investment Corp. 162,131 87,895

13,000 Japan Steel Works Ltd. (The) 133,105 256,962261 Japan Tobacco Inc. 1,063,116 1,131,241

16,900 JFE Holdings Inc. 501,125 865,9337,000 JGC Corp. 146,164 140,085

28,000 Joyo Bank Ltd. (The) 181,188 138,57911,200 JS Group Corp. 236,516 181,2266,700 JSR Corp. 159,059 135,318

34,000 Kajima Corp. 179,232 120,88517,000 Kamigumi Co. Ltd. 174,394 130,98517,000 Kaneka Corp. 184,708 117,68722,300 Kansai Electric Power Co. Inc. 535,835 530,93116,000 Kao Corp. 530,272 426,87448,000 Kawasaki Heavy Industries Ltd. 124,675 130,29583,000 Kawasaki Kisen Kaisha Ltd. 922,487 792,697

328 KDDI Corp. 2,194,563 2,062,50025,000 Keihin Electric Express Railway Co. Ltd. 231,160 157,47929,000 Keio Corp. 239,935 149,1491,310 Keyence Corp. 323,548 317,350

73,390 Kintetsu Corp. 271,183 233,96325,000 Kirin Brewery Co. Ltd. 352,410 397,294

183,000 Kitz Corp. 1,252,679 951,97261,100 Kobayashi Pharmaceutical Co. Ltd. 2,356,116 1,994,06691,000 Kobe Steel Ltd. 298,826 264,831

239 KOEI Co. Ltd. 4,912 3,27327,000 Komatsu Ltd. 201,635 766,275




HedgingRef. No.*

Average Cost($)

Current Value($)

3,500 Konami Co. 106,270 124,409121,000 Konica Minolta Holdings Inc. 1,705,700 2,082,913

7,500 Koyo Seiko Co. Ltd. 154,290 121,089205,000 Kubota Corp. 1,574,835 1,497,28716,500 Kuraray Co. Ltd. 240,765 200,0785,200 Kurita Water Industries Ltd. 131,317 196,0794,900 Kyocera Corp. 569,054 469,756

121,000 KYORIN CO. LTD. 1,600,546 1,538,01410,151 Kyowa Hakko Kogyo Co. Ltd. 108,623 105,76912,300 Kyushu Electric Power Co. Inc. 285,258 261,5634,600 Leopalace21 Corp. 169,714 67,0624,500 Makita Corp. 149,944 187,159

51,000 Marubeni Corp. 208,494 432,31314,200 Marui Co. Ltd. 258,476 112,35158,921 Matsushita Electric Industrial Co. Ltd. 1,428,200 1,281,055

600 Matsushita Electric Works Ltd. 6,906 6,2227,000 Mediceo Paltac Holdings Co., Ltd. 159,577 131,005

14,000 Meiji Dairies Corp. 133,504 73,005211 MID REIT Inc. 781,228 699,130

50,700 Millea Holdings Inc. 1,876,357 2,008,19315,000 Minebea Co. Ltd. 109,365 87,17843,500 MISUMI Group Inc. 783,173 822,56638,000 Mitsubishi Chemical Holdings Corp. 273,936 224,87599,600 Mitsubishi Corp. 2,153,812 3,335,29760,000 Mitsubishi Electric Corp. 433,673 659,51234,000 Mitsubishi Estate Co. Ltd. 557,177 791,084

160,000 Mitsubishi Gas Chemical Co. Inc. 1,139,625 1,171,40198,000 Mitsubishi Heavy Industries Ltd. 504,643 475,69239,000 Mitsubishi Materials Corp. 175,905 169,49321,000 Mitsubishi Rayon Co. Ltd. 185,177 67,317

1,108,260 Mitsubishi UFJ Financial Group Inc. 12,459,241 9,953,565131,000 Mitsui & Co. Ltd. 1,708,965 2,938,36223,000 Mitsui Chemicals Inc. 225,458 115,42725,000 Mitsui Fudosan Co. Ltd. 401,248 543,78228,000 Mitsui Mining & Smelting Co. Ltd. 175,534 84,02534,000 Mitsui O.S.K. Lines Ltd. 170,532 492,79811,151 Mitsui Sumitomo Insurance Group Holdings

Inc. 334,657 391,66825,000 Mitsui Trust Holdings Inc. 266,668 151,328

452 Mizuho Financial Group Inc. 3,030,285 2,137,3046,400 Murata Manufacturing Co. Ltd. 679,559 306,856

48,000 Nabtesco Corp. 507,697 748,0785,900 NAFCO Co. Ltd. 257,727 93,158

152,900 Namco Bandai Holdings Inc. 2,106,635 1,761,96369,000 NEC Corp. 939,374 368,17710,000 NGK Insulators Ltd. 212,736 198,1298,000 NGK Spark Plug Co. Ltd. 166,894 93,581

16,400 Nidec Corp. 1,204,673 1,110,16977,000 NIHON KOHDEN CORP. 1,489,593 1,356,11860,000 Nikon Corp. 1,660,269 1,784,9753,500 Nintendo Co. Ltd. 907,432 2,017,055

15 Nippon Building Fund Inc. 157,912 179,76896,000 Nippon Electric Glass Co. Ltd. 1,547,607 1,695,82431,000 Nippon Express Co. Ltd. 216,578 151,30431,000 Nippon Mining Holdings Inc. 234,678 197,80443,000 Nippon Oil Corp. 315,553 294,419

46 Nippon Paper Group Inc. 209,729 127,89348,148 Nippon Seiki Co. Ltd. 859,028 655,225

183,000 Nippon Steel Corp. 545,151 1,007,932156 Nippon Telegraph & Telephone Corp. 1,054,180 782,273

33,000 Nippon Yusen Kabushiki Kaisha 201,766 323,02225,000 Nishi-Nippon City Bank Ltd. (The) 128,968 75,77266,700 Nissan Motor Co. Ltd. 774,070 562,99038,000 Nisshin Steel Co. Ltd. 179,602 131,4574,500 Nissin Food Products Co. Ltd. 173,848 153,333

209,000 NITTO BOSEKI CO. LTD. 447,581 498,58812,500 Nitto Denko Corp. 588,050 488,3245,400 Nok Corp. 168,459 87,336

189,200 Nomura Holdings Inc. 3,891,319 2,847,33611 Nomura Real Estate Office Fund Inc. 143,757 84,192

5,600 Nomura Research Institute Ltd. 146,465 133,43718,000 NSK Ltd. 164,634 160,28317,000 NTN Corp. 180,241 115,201

46 NTT Data Corp. 233,748 183,019577 NTT DoCoMo Inc. 1,334,469 860,081

26,000 Obayashi Corp. 197,230 119,7575,120 Obic Co. Ltd. 939,276 874,994

27,000 Odakyu Electric Railway Co., Ltd. 233,904 178,3477,000 Olympus Corp. 179,524 241,1708,200 Omron Corp. 214,636 179,860

10,000 Onward Kashiyama Co. Ltd. 163,514 106,8572,800 Oriental Land Co. Ltd. 189,967 170,0072,770 Orix Corp. 469,085 403,195

71,000 Osaka Gas Co. Ltd. 342,549 264,6871,244 Pacific Golf Group International Holdings 1,439,508 1,264,4329,000 Pioneer Corp. 146,272 73,5803,950 Promise Co. Ltd. 285,279 112,235


HedgingRef. No.*

Average Cost($)

Current Value($)

220 Rakuten Inc. 150,862 112,869112 Resona Holdings Inc. 118,927 174,824

22,000 Ricoh Co. Ltd. 552,689 404,66513,700 Rinnai Corp. 411,347 533,092

535 RISA Partners Inc. 1,089,238 830,2113,600 Rohm Co. Ltd. 691,486 211,244

100,500 Sankyo Co. Ltd., Gunma 6,561,457 6,654,8544,500 Santen Pharmaceutical Co. Ltd. 150,340 114,775

82,000 SANYO Electric Co. Ltd. 162,760 193,74813 Sapporo Hokuyo Holdings Inc. 158,397 89,398

343 SBI Holdings Inc. 159,013 76,292163,300 SECOM Co. Ltd. 8,493,767 8,083,484

6,100 Sega Sammy Holdings Inc. 250,390 54,2676,600 Seiko Epson Corp. 191,870 184,345

20,000 Sekisui Chemical Co. Ltd. 186,211 138,61816,000 Sekisui House Ltd. 209,462 152,02324,700 Seven & I Holdings Co. Ltd. 1,171,488 718,74631,000 Sharp Corp. 630,015 513,5631,000 Shimamura Co. Ltd. 123,529 62,6639,400 Shimano Inc. 453,445 480,212

26,000 Shimizu Corp. 178,836 125,20612,000 Shin-Etsu Chemicals Co. Ltd. 719,323 756,77885,000 Shinko Plantech Co. Ltd. 1,172,119 1,335,46011,000 Shinsei Bank Ltd. 76,068 38,32386,000 Shionogi & Co. 1,777,694 1,730,49613,000 Shiseido Co. Ltd. 224,000 302,76919,000 Shizuoka Bank Ltd. (The) 232,998 197,33241,000 Showa Denko K.K. 186,933 110,6201,900 SMC Corp. 299,137 211,930

23,500 Softbank Corp. 505,127 402,72733,700 Sojitz Corp. 154,312 114,24828,000 Sompo Japan Insurance Inc. 302,635 267,55549,000 Sony Corp. 3,486,776 2,182,8011,232 Sony Financial Holdings Inc. 4,677,398 5,040,641

28,800 Stanley Electric Co. Ltd. 585,771 709,5835,500 SUMCO Corp. 180,609 123,841

47,000 Sumitomo Chemical Co. Ltd. 337,104 300,92272,800 Sumitomo Corp. 958,954 972,030

146,200 Sumitomo Electric Industries Ltd. 2,150,997 1,886,88619,000 Sumitomo Heavy Industries Ltd. 188,461 130,963

427,000 Sumitomo Metal Industries Ltd. 1,778,871 1,910,59218,000 Sumitomo Metal Mining Co. Ltd. 196,433 279,814

427 Sumitomo Mitsui Financial Group Inc. 3,512,988 3,263,38311,000 Sumitomo Realty & Development Co. Ltd. 211,377 222,3858,700 Sumitomo Rubber Industries Ltd. 107,806 66,134

800 Sumitomo Titanium Corp. 100,620 42,701115,000 Sumitomo Trust and Banking Co. Ltd. (The) 1,077,030 816,477

60,000 Sumitomo Warehouse Co. Ltd. (The) 414,587 289,0199,000 Suruga Bank Ltd. 138,807 119,0853,700 Suzuken Co. Ltd. 152,698 138,898

234,029 Sysmex Corp. 9,491,754 9,374,8087,050 T&D Holdings Inc. 590,549 441,924

37,000 Taiheiyo Cement Corp. 144,178 75,55046,000 Taisei Corp. 182,157 111,51111,000 Takashimaya Co. Ltd. 156,792 101,567

115,347 Takeda Pharmaceutical Co. Ltd. 7,599,819 5,961,9544,200 Takefuji Corp. 339,334 59,438

12,000 Tanabe Seiyaku Co. Ltd. 156,000 160,0594,100 TDK Corp. 319,494 249,329

29,000 Teijin Ltd. 148,814 101,125165,800 Terumo Corp. 6,119,542 8,621,516

5,500 THK Co. Ltd. 162,602 108,76440,000 Tobu Railway Co. 235,828 192,7053,700 Toho Co. 68,683 76,852

13,800 Tohoku Electric Power 300,813 305,47610,000 Tokuyama Corp. 158,298 75,73160,900 Tokyo Electric Power Co. Inc. (The) 1,868,979 1,593,5955,200 Tokyo Electron Ltd. 480,216 304,754

70,000 Tokyo Gas Co. Ltd. 308,103 287,4362,100 TOKYO SEIMITSU CO. LTD. 102,555 34,562

11,000 Tokyo Tatemono Co. Ltd. 170,995 72,40242,598 Tokyo Tomin Bank Ltd. (The) 931,168 840,21637,000 Tokyu Corp. 224,035 195,11114,000 Tokyu Land Corp. 116,691 81,01616,000 TonenGeneral Sekiyu K.K. 171,658 147,71321,000 Toppan Printing Co. Ltd. 264,748 235,09043,000 Toray Industries Inc. 249,457 234,53588,000 Toshiba Corp. 638,956 659,7887,500 Toyo Seikan Kaisha Ltd. 163,237 134,5576,600 Toyota Industries Corp. 282,387 215,354

127,300 Toyota Motor Corp. 6,416,771 6,106,8547,000 Toyota Tsusho Corp. 174,766 166,973

136,800 Trend Micro Inc. 4,724,721 4,584,687212,000 Ube Industries Ltd. 731,215 763,139

10,000 Uny Co. Ltd. 158,552 100,183222 USJ Co. Ltd. 145,789 143,426

2,310 USS Co. Ltd. 180,017 155,113




HedgingRef. No.*

Average Cost($)

Current Value($)

280 Valor Co. Ltd. 4,730 2,67362 West Japan Railway Co. 315,264 309,264

544 Yahoo Japan Corp. 319,973 212,9345,200 Yakult Honsha Co. Ltd. 188,544 148,869

11,280 Yamada Denki Co. Ltd. 825,939 816,75890,000 Yamaguchi Financial Group Inc. 1,231,359 1,265,9607,500 Yamaha Corp. 180,003 147,390

215,300 Yamaha Motor Co. Ltd. 5,828,906 4,097,75613,000 Yamato Transport Co. Ltd. 304,879 184,4198,000 YASKAWA Electric Corp. 108,481 79,7848,200 Yokogawa Electric Corp. 152,366 76,349

Japan (16.35%) 251,502,314 231,424,728

65,210 ArcelorMittal 3,873,225 6,506,276

Luxembourg (0.46%) 3,873,225 6,506,276

45,233 Aegon NV 1,245,120 603,738103,609 Akzo Nobel NV 7,635,022 7,198,52913,824 ASML Holding NV 396,151 343,5232,273 Corio NV 240,993 179,744

32,629 CSM NV 1,238,575 1,154,45610,318 European Aeronautic Defence and Space Co. 296,290 197,37222,690 Exact Holding NV 892,227 687,252

159,579 Heineken NV 7,297,579 8,250,331376,490 ING Groep NV 13,219,594 12,085,35116,722 James Hardie Industries NV 153,608 68,95339,729 Koninklijke Ahold NV 697,742 540,71714,277 Koninklijke Boskalis Westminster NV, CVA 637,610 770,6954,972 Koninklijke DSM NV 178,989 295,864

149,908 Koninklijke KPN NV 2,252,136 2,602,053195,224 Koninklijke Philips Electronics NV 6,882,517 6,712,207269,808 Qiagen AG 4,228,539 5,502,639

1,705 Randstad Holding NV 108,140 60,243358,668 Reed Elsevier NV 7,399,069 6,094,18241,632 Royal Dutch Shell PLC, Class ‘A’ 1,446,497 1,728,429

518,853 Royal Dutch Shell PLC, Class ‘B’ 20,098,408 21,060,9525,260 SBM Offshore NV 225,570 196,498

16,244 Smit Internationale NV 1,523,335 1,604,84122,756 STMicroelectronics NV 848,673 239,017

241,193 TNT NV 8,611,413 8,334,025190,243 Unilever NV 5,775,431 5,461,886

6,489 Vedior NV 160,134 155,48410,211 Wolters Kluwer NV, CVA 305,461 241,296

Netherlands (6.52%) 93,994,823 92,370,277

24,839 Fletcher Building Ltd. 232,768 121,72568,882 Telecom Corp. of New Zealand Ltd. 306,862 189,641

New Zealand (0.02%) 539,630 311,366

191,625 Aker Solutions ASA 4,351,403 4,580,76823,591 DNB NOR ASA 242,620 304,04996,301 Marine Harvest 125,701 71,56022,167 Norsk Hydro ASA 407,831 327,9138,141 Norske Skogindustrier ASA, Series ‘A’ 179,282 37,164

31,135 Orkla ASA 178,795 404,7326,061 Petroleum Geo-Services ASA 127,339 150,5779,105 Prosafe ASA 99,730 91,4519,105 Prosafe Production Public Ltd. 66,003 52,776

63,235 Statoil ASA 1,910,923 2,393,49310,048 Storebrand ASA, Series ‘A’ 162,618 75,48223,601 Telenor ASA 268,988 449,4664,784 TGS Nopec Geophysical Co. ASA 110,993 67,354

78,064 Veidekke ASA 952,955 566,61024,877 Yara International ASA 570,305 2,228,885

Norway (0.83%) 9,755,486 11,802,280

97,660 Banco Commercial Portugues SA 384,523 213,85518,628 Brisa Auto Estradas de Portugal SA 212,285 217,884

268,941 Energias de Portugal SA 1,449,182 1,419,80541,300 Galp Energia, SGPS, SA, Class ‘B’ 1,024,359 929,988

120,549 Jeronimo Martins SGPS SA 842,386 887,27628,369 Portugal Telecom SGPS SA, Registered 351,687 325,7633,995 Zon Multimedia Servicos de

Telecomunicacoes e Multimedia, SGPS, SA 49,967 33,641

Portugal (0.28%) 4,314,389 4,028,212

926,160 ASL Marine Holdings Ltd. 1,022,378 868,57053,000 CapitaCommercial Trust 117,510 75,71649,000 Capitaland Ltd. 153,495 209,190

300 Chartered Semiconductor Manufacturing Ltd. 1,205 17420,000 City Developments Ltd. 127,143 162,645

1,262,000 ComfortDelGro Corp. Ltd. 1,974,029 1,417,381172,000 DBS Group Holdings Ltd. 2,192,575 2,431,24441,000 Fraser and Neave Ltd. 101,194 138,969

308 Haw Par Corp. Ltd. 981 1,503118,000 Keppel Corp. Ltd. 536,697 983,34819,000 Keppel Land Ltd. 117,425 70,504


HedgingRef. No.*

Average Cost($)

Current Value($)

505,000 KS Energy Services Inc. 792,284 712,886744,713 MobileOne Ltd. 1,030,870 1,048,391

85,000 Oversea-Chinese Banking Corp. Ltd. 402,273 520,153725,400 Parkway Holdings 1,135,830 1,257,461

1,180,000 Raffles Education Corp. Ltd. 1,157,476 996,951745,000 Rickmers Martitime 713,661 629,278

40,000 SembCorp Industries Ltd. 144,618 124,75019,200 Singapore Airlines Ltd. 159,249 211,12532,000 Singapore Exchange Ltd. 170,575 165,84569,250 Singapore Press Holdings Ltd. 267,209 219,98255,000 Singapore Technologies Engineering Ltd. 106,933 113,123

400,700 Singapore Telecommunications Ltd. 865,313 1,085,21788,000 United Overseas Bank Ltd. 1,172,849 1,227,381

567,300 United Overseas Land Ltd. 1,533,045 1,438,26811,000 Venture Corp. Ltd. 119,820 80,867

Singapore (1.14%) 16,116,637 16,190,922

16,845 Hyundai Heavy Industries Co. Ltd. 5,855,286 5,284,4786,761 Samsung Electronics Co. Ltd. 3,881,453 4,098,053

South Korea (0.66%) 9,736,739 9,382,531

8,998 Abertis Infraestructuras SA 173,895 216,1301,063 Acciona SA 179,310 255,1146,520 Acerinox SA 203,769 151,8848,132 ACS Actividades de Construccion y Servicios

SA 164,985 413,12510,422 Antena 3 de Television SA 243,483 86,256

316,742 Banco Bilbao Vizcaya Argentaria SA 6,399,297 6,127,21130,691 Banco Popular Espanol SA 453,409 429,391

393,663 Banco Santander Central Hispano SA,Registered 6,966,872 7,291,602

25,847 Bolsas y Mercados Espanoles 1,514,493 971,1328,415 Cintra Concesiones de Infraestructuras de

Transporte SA 106,422 95,3166,527 Gamesa Corporacion Tecnologica SA 214,696 324,4166,871 Gas Natural SDG SA 206,669 405,094

130,393 Grifols SA 2,715,774 4,216,4052,176 Grupo Ferrovial SA 178,617 136,100

127,878 Iberdrola SA 1,052,731 1,729,8175,696 Indra Sistemas SA 164,181 149,924

32,396 Industria de Diseno Textil SA 1,880,719 1,507,71629,895 Obrascon Huarte Lain 1,046,815 1,028,53241,019 Prosegur Compania de Seguridad SA,

Registered 1,482,252 1,802,09871,429 Repsol YPF SA 2,257,610 2,845,9573,332 Sacyr Vallehermoso SA 118,426 103,269

18,809 Tecnicas Reunidas SA 1,137,967 1,595,978510,872 Telefonica SA 9,854,417 13,725,870

79,109 Tubacex SA 659,597 963,2104,046 Union Fenosa SA 148,747 238,710

Spain (3.30%) 39,525,153 46,810,257

14,025 AB SKF, Series ‘B’ 160,519 222,02413,548 Alfa Laval AB 187,292 212,60511,404 Assa Abloy AB, Series ‘B’ 226,502 166,665

351,996 Atlas Copco AB, Series ‘A’ 4,753,733 5,229,14039,626 Bergman & Beving AB, Class ‘B’ 657,656 938,3109,112 Boliden AB 163,896 74,7307,976 Eniro AB 120,955 29,238

12,058 Fabege AB 194,981 81,3736,890 Getinge AB, Series ‘B’ 177,799 170,631

34,005 Hennes & Mauritz AB, Series ‘B’ 1,303,074 1,863,470107,038 Hexagon AB, Series ‘B’ 1,767,641 1,969,749

5,335 Hexpol AB 51,104 45,21510,048 Husqvarna AB 129,667 88,7773,004 Husqvarna AB, Class ‘A’ 49,860 25,739

153,492 KappAhl Holding AB 1,867,452 1,059,6658,506 Lundin Petroleum AB 105,118 127,1391,995 Modern Times Group MTG AB, Class ‘B’ 147,425 118,623

61,964 Nordea AB 621,075 862,433140,439 Oriflame Cosmetics SA, SDR 4,649,809 9,115,968

50,458 Saab AB, Series ‘B’ 1,499,731 1,284,63632,395 Sandvik AB, Redemption Shares 636,474 447,06613,840 Scania AB, Series ‘B’ 279,789 191,40211,777 Securitas AB, Series ‘B’ 275,577 138,37313,905 Skandinaviska Enskilda Banken, Series ‘A’ 280,886 260,57413,469 Skanska AB, Series ‘B’ 190,211 195,1247,353 SSAB Svenskt Stal AB, Series ‘A’ 208,229 239,534

19,544 Svenska Cellulosa AB, Series ‘B’ 285,544 279,32816,515 Svenska Handelsbanken, Series ‘A’ 416,352 397,40811,152 Swedish Match AB 228,917 230,85311,448 Tele2 AB, Series ‘B’ Shares 213,892 226,131

570,248 Teleca AB, Series ‘B’ 2,283,704 545,547833,700 Telefonaktiebolaget LM Ericsson, Series ‘B’ 13,776,122 8,805,724

58,725 TeliaSonera AB 336,040 440,99050,280 Volvo AB, Series ‘B’ 385,350 621,904

Sweden (2.59%) 38,632,376 36,706,088




HedgingRef. No.*

Average Cost($)

Current Value($)

125,946 ABB Ltd., Registered 1,517,033 3,627,3554,501 Adecco SA, Registered 328,763 226,3851,977 Banque Cantonale Vaudoise, Registered 1,158,738 665,1189,836 BKW FMB Energie AG 1,030,595 1,368,1722,959 Ciba Specialty Chemicals AG, Registered 234,291 86,6809,390 Clariant AG, Registered 188,295 96,598

50,664 Compagnie Financiere Richemont AG,Class ‘A’ 2,183,280 2,860,809

181,944 Credit Suisse Group AG 9,586,630 8,426,3751,477 Geberit AG, Registered 181,358 220,644

232 Givaudan SA, Registered 251,014 210,4243,028 Helvetia Patria Holding, Registered 1,313,847 1,196,4296,452 Holcim AG, Registered 475,780 530,649

21,117 Julius Baer Holding Ltd., AG, Registered 1,535,167 1,440,9352,105 Kuehne & Nagel International AG, Registered 166,240 202,6616,116 Logitech International SA, Registered 107,814 166,3651,626 Lonza Group AG, Registered 180,551 228,640

451,300 Nestle SA, Registered, Series ‘B’ 16,096,881 20,693,357141,060 Nobel Biocare Holding AG 7,520,512 4,666,654187,431 Novartis AG, Registered 10,823,011 10,495,12611,581 Partners Group Holding AG 1,015,385 1,621,26084,258 Roche Holding AG Genusscheine 12,992,751 15,412,1551,549 SGS SA, Registered 1,917,458 2,247,5811,777 Sonova Holding AG, Registered 117,748 149,2211,330 Sulzer AG, Registered 216,691 170,9691,465 Swatch Group Ltd. (The) 236,801 370,654

10,765 Swiss Reinsurance Co. Ltd. 1,283,068 726,111705 Swisscom AG 259,981 238,916

3,209 Syngenta AG 282,857 1,057,81042,270 Synthes Inc. 4,913,612 5,915,59061,452 Temenos Group AG, Registered 1,496,764 1,924,020

154,964 UBS AG, Registered 4,648,217 3,285,650236 Unaxis Holding AG, Registered 70,310 66,260

18,934 Xstrata PLC 759,947 1,528,94121,190 Zurich Financial Services AG 4,188,717 5,494,815

Switzerland (6.90%) (note 10) 1 89,280,107 97,619,329

13,790 3i Group PLC 343,739 228,6666,689 Acergy SA 156,768 151,206

115,070 Aggreko PLC 1,225,501 1,697,79313,271 Amec PLC 144,049 237,05383,927 Anglo American PLC 4,953,485 5,975,21168,903 ARM Holdings PLC 195,209 117,91248,221 AstraZeneca PLC 3,362,291 2,078,347

532,461 Aviva PLC 7,102,963 5,351,1471,060,922 BAE Systems PLC 7,332,745 9,439,536

17,564 Balfour Beatty PLC 189,110 149,775200,693 Barclays PLC 2,506,106 1,154,21610,192 Barratt Developments PLC 177,559 11,816

230,197 BG Group PLC 2,148,381 6,064,14376,772 BHP Billiton PLC 886,245 2,984,519

1,467,994 BP PLC 18,021,733 17,247,877771,623 British Airways PLC 5,235,347 3,331,595280,201 British American Tobacco PLC 6,768,378 9,797,54016,314 British Land Co. PLC 226,433 232,556

130,087 British Sky Broadcasting Group PLC 1,946,803 1,235,954255,685 BT Group PLC 2,289,180 1,026,81213,622 Bunzl PLC 174,205 179,35416,699 Burberry Group PLC 145,119 152,24983,578 Cable & Wireless PLC 275,794 253,23741,994 Cadbury PLC 719,758 533,96292,591 Capita Group PLC 943,579 1,280,3575,670 Carnival PLC 190,676 182,479

114,307 Centrica PLC 660,510 712,670114,921 Charter PLC 1,905,638 2,005,14747,664 Cobham PLC 235,063 189,63967,253 Compass Group PLC 600,942 512,79911,865 Daily Mail and General Trust, Class ‘A’ 211,371 74,722

473,978 Diageo PLC 8,605,241 8,802,73062,293 DSG International PLC 278,122 55,61721,682 Electrocomponents PLC 146,869 64,10315,092 FirstGroup PLC 197,069 157,76530,073 Forth Ports PLC 977,134 1,050,84356,792 Friends Provident PLC 290,011 116,41326,682 GKN PLC 204,380 119,378

262,217 GlaxoSmithKline PLC 9,010,797 5,875,87346,654 Group 4 Securicor PLC 205,334 189,9579,460 Hammerson PLC 151,038 169,853

61,662 Hays PLC 238,369 112,064764,011 HBOS PLC 10,303,845 4,240,085305,604 HBOS PLC, Rights — 64,79029,825 Home Retail Group 265,506 130,644

1,353,599 HSBC Holdings PLC 24,656,313 21,143,24314,211 ICAP PLC 161,790 154,30214,518 IMI PLC 136,390 127,089

105,164 Imperial Tobacco Group PLC 4,166,196 3,960,185235,089 Inchcape PLC 1,985,178 1,508,359


HedgingRef. No.*

Average Cost($)

Current Value($)

140,446 Informa PLC 1,182,475 1,166,55177,331 InterContinental Hotels Group PLC 1,834,756 1,044,78611,609 International Personal Finance 65,367 64,35749,804 International Power PLC 438,393 432,49731,763 Invensys PLC 224,043 166,36512,535 Investec PLC 184,433 77,369

605,836 Invista Real Estate Investment ManagementPLC 1,154,530 618,721

136,372 ITV PLC 363,384 122,40545,499 J Sainsbury PLC 345,848 291,1587,531 Johnson Matthey PLC 277,982 279,349

21,330 Kesa Electricals PLC 178,927 67,7511,549,059 Kingfisher PLC 7,539,755 3,481,276

25,396 Ladbrokes PLC 265,738 130,80415,070 Land Securities Group PLC 381,834 372,788

200,080 Legal & General Group PLC 589,165 402,4609,549 Liberty International PLC 295,914 165,2031,090 Lighthouse Caledonia ASA 23,800 1,301

372,674 Lloyds TSB Group PLC 4,571,821 2,317,75656,424 Logica PLC 229,431 122,4746,197 London Stock Exchange Group PLC 143,257 96,993

46,977 Man Group PLC 275,731 588,26852,163 Marks & Spencer Group PLC 423,897 343,835

274,483 Meggitt PLC 1,763,926 1,173,77515,506 Michael Page International PLC 177,076 72,80724,143 Misys PLC 141,021 72,42014,652 Mitchells & Butlers PLC 155,848 60,315

331,700 Mitie Group PLC 1,498,870 1,412,63810,945 Mondi PLC 115,860 65,121

184,012 Mouchel Group PLC (The) 1,645,099 1,543,6826,024 National Express Group PLC 151,703 115,192

81,332 National Grid PLC 955,002 1,080,7187,598 Next PLC 176,079 148,060

159,103 Old Mutual PLC 519,362 296,07025,586 Pearson PLC 542,376 316,0619,924 Persimmon PLC 329,287 62,965

54,988 Premier Oil PLC 1,312,605 1,823,0785,804 Provident Financial PLC 208,281 92,661

746,560 Prudential PLC 9,354,093 7,982,3388,712 Punch Taverns PLC 250,475 54,885

488,414 PV Crystalox Solar PLC 1,335,367 1,959,824638,619 Qinetiq PLC 2,744,654 2,649,780

18,231 Rank Group PLC 139,491 29,46372,921 Reckitt Benckiser Group PLC 3,184,394 3,733,524

677,304 Reed Elsevier PLC 9,294,922 7,823,89068,230 Rentokil Initial PLC 265,991 136,23018,259 Rexam PLC 186,349 142,18756,694 Rio Tinto PLC, Registered 3,417,130 6,920,96957,404 Rolls-Royce Group PLC 359,726 393,295

24,805,982 Rolls-Royce Group PLC, Series ‘B’ 48,886 50,0833,106,862 Royal Bank of Scotland PLC 25,402,384 13,407,418

270,600 RPS Group PLC 1,530,622 1,629,485103,924 RSA Insurance Group PLC 323,663 262,267

8,200 RT Group PLC 82,428 –28,345 SABMiller PLC 410,382 656,46042,925 Sage Group PLC (The) 272,247 180,13586,241 Scottish and Southern Energy PLC 1,713,236 2,435,81315,287 Segro PLC 302,755 121,169

197,274 Serco Group PLC 1,843,309 1,774,5507,323 Severn Trent PLC 249,473 188,898

55,504 SIG PLC 1,111,903 599,82570,359 Signet Group PLC 202,615 70,374

649,977 Smith & Nephew PLC 6,848,633 7,228,80811,571 Smiths Group PLC 160,104 252,730

204,900 Southern Cross Healthcare Ltd. 1,556,711 534,419190,549 St. James’s Place Capital PLC 1,034,963 837,341322,400 Stagecoach Group PLC 1,373,273 1,812,700

60,698 Standard Chartered PLC 1,659,367 1,742,46963,050 Standard Life PLC 448,034 265,70799,889 Stolt-Nielsen SA 3,039,316 2,305,55815,794 Tate & Lyle PLC 218,021 126,160

974,900 Taylor Nelson Sofres PLC 3,876,715 4,557,60050,374 Taylor Woodrow PLC 417,448 62,553

886,115 Tesco PLC 6,670,253 6,570,0556,967 Thomson Reuters PLC 238,130 188,355

33,172 Tomkins PLC 214,837 100,6724,459 Travis Perkins PLC 216,264 48,179

12,946 Trinity Mirror PLC 149,577 28,300156,517 Unilever PLC 4,153,073 4,507,826

10,525 United Business Media PLC 193,640 115,08626,626 United Utilities PLC 356,137 367,28792,846 Venture Production PLC 1,302,781 1,623,344

1,899,222 Vodafone Group ‘B’ shares 653,009 —4,809,734 Vodafone Group PLC 15,764,136 14,365,006

7,299 Whitbread PLC 288,821 180,43214,140 William Hill PLC 174,229 90,90320,285 Wolseley PLC 326,373 153,209




HedgingRef. No.*

Average Cost($)

Current Value($)

454,193 WPP Group PLC 5,848,871 4,399,52424,514 Yell Group PLC 209,381 34,672

United Kingdom (17.59%) (note 10) 2 285,355,730 249,025,369

105,127 iShares MSCI EAFE Index Fund 7,562,714 7,318,776

United States (0.52%) (note 10) 4 7,562,714 7,318,776

Total of International Equities (94.80%) 1,365,824,097 1,342,864,725

Total of Investments before Short-TermInvestments (94.80%) 1,365,824,097 1,342,864,725

Short-Term Investments (note 11)

Government of Canada1,575,000 Treasury Bill, 1.97%, 2008/07/02 1,566,700 1,574,2385,325,000 Treasury Bill, 2.56%, 2008/07/24 5,288,630 5,316,464

17,100,000 Treasury Bill, 2.72%, 2008/08/07 16,976,196 17,053,25812,375,000 Treasury Bill, 2.69%, 2008/08/21 12,286,271 12,328,8253,800,000 Treasury Bill, 2.72%, 2008/09/04 3,772,450 3,781,7276,225,000 Treasury Bill, 2.67%, 2008/10/02 6,180,727 6,182,985

Royal Bank of Canada350,000 Term Deposit, 3.00%, 2008/07/02 350,000 350,029


HedgingRef. No.*

Average Cost($)

Current Value($)

CIBC Mellon Trust3,179,455 Demand Deposit, Variable Rate 3,179,455 3,187,886

Total Short-Term Investments — CAD 49,600,429 49,775,412

Canadian Imperial Bank of Commerce9,042,453 Demand Deposit, Variable Rate 9,152,336 9,179,040

Total Short-Term Investments — USD 9,152,336 9,179,040

Total of Short-Term Investments (4.16%) 58,752,765 58,954,452

Less: Transaction costs included in average cost (3,231,626)

Total of Investments (98.96%) 1,421,345,236 1,401,819,177

Margin (0.17%) 2,370,567Unrealized Gain (Loss) on Futures Contracts (-0.15%) (2,146,514)Unrealized Gain (Loss) on Forward Foreign Currency Contracts (-0.01%) (174,431)Other Assets, less Liabilities (1.03%) 14,641,954

Total Net Assets (100.00%) 1,416,510,753

*The hedging reference number has a corresponding number on the ForwardForeign Currency Contracts Schedule.

Futures Contracts Schedule (note 11)

ContractedValue ($) Name of Future Expiry Date

Number ofContracts Currency

ContractedPrice

CurrentValue ($)

UnrealizedGain (Loss) ($)

144,518 Amsterdam Exchanges Index July 2008 1 EUR 452.05 136,222 (8,296)1,700,147 Australian SPI 200 Index September 2008 13 AUD 5,373.00 1,643,191 (56,956)

(68,232) Austrian Traded Index September 2008 (1) EUR 4,268.60 (63,202) 5,031403,632 Belgium 20 Index July 2008 7 EUR 3,607.30 355,787 (47,846)

9,385,616 British FTSE 100 Index September 2008 80 GBP 5,810.50 9,123,132 (262,484)(450,648) Denmark KFX Copenhagen Share Index July 2008 (47) DKK 447.35 (427,129) 23,519(113,428) Dow Jones Euro Stoxx 50 Index September 2008 (2) EUR 3,548.00 (108,057) 5,371

3,390,435 French Matif CAC 40 Index July 2008 45 EUR 4,713.43 3,196,629 (193,806)4,082,071 German DAX Index September 2008 15 EUR 6,809.95 3,884,292 (197,778)1,024,908 Hong Kong Hang Seng Index July 2008 7 HKD 22,505.88 1,007,335 (17,573)

146,723 Hong Kong Mini Hang Seng Index July 2008 5 HKD 22,553.09 143,905 (2,818)1,229,579 Italian SPMIB Index September 2008 5 EUR 30,768.82 1,185,908 (43,671)6,399,971 Japanese NIKKEI 300 Index September 2008 237 JPY 282.15 6,063,096 (336,875)3,310,562 Japanese TOPIX Index September 2008 24 JPY 1,441.26 3,028,575 (281,986)

49,372 Mini Italian S&P/MIB Index September 2008 1 EUR 30,887.10 47,436 (1,936)(287,905) Norway OBX Stock Index July 2008 (33) NOK 438.00 (272,327) 15,578387,782 Helsinki OMX 25 Index September 2008 9 EUR 2,695.50 358,060 (29,722)(32,897) Portuguese PSI-20 Index September 2008 (2) EUR 10,290.00 (28,769) 4,127217,867 Singapore MSCI Index July 2008 4 SGD 364.70 214,044 (3,823)

1,236,548 Spanish IBEX 35 Index July 2008 6 EUR 12,893.00 1,146,490 (90,058)1,052,209 Swedish OMX Index July 2008 65 SEK 959.79 945,551 (106,658)3,600,124 Swiss SMI Soffex Index September 2008 50 CHF 7,228.99 3,476,124 (124,001)8,885,586 Taiwanese MSCI Stock Index September 2008 85 USD 2,060.74 8,491,733 (393,853)

45,694,540 Total Equity Index Futures 43,548,026 (2,146,514)

As at June 30, 2008, $2,370,567 cash was deposited as margin for the futures contracts.

Forward Foreign Currency Contracts Schedule (note 10)

CounterpartyCredit Rating for

Counterparty*Settlement

DateCurrency

Buys Par ValueCurrency

Sells Par ValueHedging

Ref. No.**Forward

RateCurrent

RateUnrealized

Gain (Loss) ($)

State Street Trust Co. Canada A1+ 2008/09/04 AUD 6,168,030 CAD 5,785,612 0.938 0.966 170,724State Street Trust Co. Canada A1+ 2008/09/04 CAD 115,412 AUD 120,000 1.040 1.036 (469)State Street Trust Co. Canada A1+ 2008/08/13 CHF 12,290,000 CAD 12,051,383 1 0.981 0.997 202,778State Street Trust Co. Canada A1+ 2008/08/13 CAD 11,117,145 CHF 11,260,000 1 1.013 1.003 (110,020)Royal Bank of Canada A1+ 2008/08/13 CAD 7,844,498 CHF 8,140,000 1 1.038 1.003 (271,765)State Street Trust Co. Canada A1+ 2008/07/11 DKK 2,260,438 CAD 477,450 0.211 0.214 6,804State Street Trust Co. Canada A1+ 2008/09/22 EUR 16,760,232 CAD 26,397,366 1.575 1.593 303,580Royal Bank of Canada A1+ 2008/09/22 CAD 2,262,845 EUR 1,440,000 0.636 0.628 (31,238)State Street Trust Co. Canada A1+ 2008/09/22 CAD 514,293 EUR 325,000 0.632 0.628 (3,469)State Street Trust Co. Canada A1+ 2008/08/13 GBP 1,090,000 CAD 2,181,886 2 2.002 2.013 12,527State Street Trust Co. Canada A1+ 2008/08/13 GBP 525,000 CAD 1,013,513 2 1.931 2.013 43,429Royal Bank of Canada A1+ 2008/08/13 CAD 12,071,524 GBP 6,200,000 2 0.514 0.497 (410,457)Royal Bank of Canada A1+ 2008/08/13 CAD 1,540,554 GBP 770,000 2 0.500 0.497 (9,627)State Street Trust Co. Canada A1+ 2008/08/13 CAD 1,022,805 GBP 515,000 2 0.504 0.497 (14,004)State Street Trust Co. Canada A1+ 2008/08/13 CAD 584,953 GBP 294,538 2 0.504 0.497 (8,018)State Street Trust Co. Canada A1+ 2008/08/29 HKD 4,970,000 CAD 643,328 3 0.129 0.130 4,605State Street Trust Co. Canada A1+ 2008/08/29 CAD 7,497,449 HKD 58,780,000 3 7.840 7.671 (165,627)State Street Trust Co. Canada A1+ 2008/08/20 JPY 977,467,036 CAD 9,362,711 0.010 0.010 25,649State Street Trust Co. Canada A1+ 2008/08/20 CAD 512,285 JPY 53,875,000 105.166 104.115 (5,172)State Street Trust Co. Canada A1+ 2008/07/10 NOK 59,540,000 CAD 11,676,112 0.196 0.199 172,105State Street Trust Co. Canada A1+ 2008/07/10 NOK 1,875,000 CAD 370,066 0.197 0.199 3,051State Street Trust Co. Canada A1+ 2008/09/25 NZD 645,000 CAD 490,845 0.761 0.762 610Royal Bank of Canada A1+ 2008/07/03 SEK 10,080,000 CAD 1,721,400 0.171 0.169 (21,529)State Street Trust Co. Canada A1+ 2008/10/03 SEK 7,230,000 CAD 1,218,053 0.168 0.168 (3,838)State Street Trust Co. Canada A1+ 2008/07/03 CAD 485,141 SEK 2,850,000 5.875 5.930 4,523State Street Trust Co. Canada A1+ 2008/09/16 SGD 11,550,000 CAD 8,619,403 0.746 0.750 44,979



CounterpartyCredit Rating for

Counterparty*Settlement

DateCurrency

Buys Par ValueCurrency

Sells Par ValueHedging

Ref. No.**Forward

RateCurrent

RateUnrealized

Gain (Loss) ($)

State Street Trust Co. Canada A1+ 2008/09/16 CAD 688,618 SGD 920,000 1.336 1.333 (1,532)State Street Trust Co. Canada A1+ 2008/09/16 CAD 189,391 SGD 255,000 1.346 1.333 (1,900)Royal Bank of Canada A1+ 2008/09/08 USD 1,475,000 CAD 1,499,854 4 1.017 1.015 (2,124)State Street Trust Co. Canada A1+ 2008/09/08 USD 675,000 CAD 687,521 4 1.019 1.015 (2,120)State Street Trust Co. Canada A1+ 2008/09/08 USD 455,000 CAD 459,004 4 1.009 1.015 3,008State Street Trust Co. Canada A1+ 2008/09/08 CAD 9,259,295 USD 9,227,000 4 0.997 0.985 (109,894)

(174,431)

*The credit rating of each counterparty (as rated by Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.) of the forward foreign currency contracts heldby the Pool meets or exceeds the minimum approved credit rating.

**See corresponding reference number on the Statement of Investment Portfolio.



Risk ManagementThe investment objective of Imperial International Equity Pool (the Pool) is to provide long-term growth through capital appreciation by investing primarily in equity

securities of non-North American issuers including preferred shares, warrants, securities convertible into equity securities, and other common share equivalents.The Pool will primarily invest in high-quality small, medium and large-capitalization non-North American corporations in order to achieve its objectives. When making

investment decisions, a combination of investment styles may be employed, such as growth, value-oriented, and passive core strategies.The Statement of Investment Portfolio presents the securities held by the Pool as at June 30, 2008 and groups the securities by asset type, industry sector,

geographic region, or currency exposure. Significant risks that are relevant to the Pool are discussed below. General Information on risk management and specificdiscussion on credit, currency, interest rate, liquidity, and other price/market risk can be found in note 2 of the financial statements.

Credit RiskAs at June 30, 2008, other than short-term investments, the Pool had no significant investments in fixed income securities.

Currency RiskThe table below indicates the currencies to which the Pool had significant exposure as at June 30, 2008, based on the market value of the Pool’s financial

instruments (including cash and cash equivalents) and the underlying principal amounts of forward foreign currency contracts, as applicable.

Holdings Exposed toCurrency Risk

(including derivatives)* ($)Forward Foreign

Currency Contracts ($)Total

Exposure ($)Percentage of

Net Assets

Euro Currency Unit 554,594,903 23,889,102 578,535,438 40.82British Pound 268,177,353 (12,410,589) 255,766,764 18.05Japanese Yen 233,810,961 8,858,561 242,669,522 17.12Swiss Franc 96,339,378 (7,089,266) 89,250,112 6.30

*Amounts include monetary and non-monetary items.

As at June 30, 2008, if the Canadian dollar had strengthened or weakened by 1% in relation to all currencies, net assets would have increased or decreased,respectively, by approximately $13,904,964. This analysis assumes that all other variables remained unchanged. In practice, the actual results may differ from thisanalysis and the difference could be material.

Interest Rate RiskThe majority of the Pool’s financial assets and liabilities are non-interest bearing or short-term in nature; accordingly, the Pool is not subject to significant amounts of

risk due to fluctuations in the prevailing levels of market interest rates.

Liquidity RiskThe Pool is exposed to daily cash redemptions of redeemable units. The Pool retains sufficient cash and cash equivalent positions to maintain adequate liquidity.

Other Price/Market RiskThe table below indicates the change in net assets had the value of the Pool’s benchmark(s) increased or decreased by 1%, as at June 30, 2008. This change is

estimated based on the historical correlation between the return of the Pool as compared to the return of the Pool’s benchmark(s), using 36 monthly data points, asavailable, based on the monthly net returns of the Pool.

BenchmarkImpact on

Net Assets ($)

MSCI EAFE Index 13,315,201

This analysis assumes that all other variables remained unchanged. The historical correlation may not be representative of the future correlation and, accordingly, theimpact on net assets could be materially different.



Statements of Net Assets (unaudited)(in 000s, except per unit amounts)As at June 30, 2008 and December 31, 2007 (note 1)

2008 2007

AssetsInvestments at current value (notes 2 and 3) $ 1,401,819 $ 1,612,212Cash including foreign currency holdings, at current value 14,621 15,844Margin 2,371 1,610Accrued interest and dividends receivable 3,269 2,085Receivable for portfolio securities sold 2,397 2,434Receivable for units issued 607 629Unrealized gain on forward foreign currency contracts — 258

Total Assets 1,425,084 1,635,072

LiabilitiesPayable for portfolio securities purchased 4,694 5,197Payable for units redeemed 1,364 1,676Management fees payable 38 42Other accrued expenses 156 152Unrealized loss on futures contracts 2,147 1,667Unrealized loss on forward foreign currency contracts 174 —

Total Liabilities 8,573 8,734

Total Net Assets $ 1,416,511 $ 1,626,338

Net Assets per Unit (notes 4 and 12) $ 15.11 $ 16.41

Statements of Changes in Net Assets (unaudited)(in 000s)For the periods ended June 30, 2008 and 2007 (note 1)

2008 2007

Increase (Decrease) in Net Assets from Operations $ (126,427) $ 14,408

Changes Due to Unitholder TransactionsAmount received from the issuance of units 101,075 207,619Amount paid on redemptions of units (184,475) (114,594)

(83,400) 93,025

Increase (Decrease) in Net Assets for the Period (209,827) 107,433Net Assets at Beginning of Period 1,626,338 1,638,758Adjustment to beginning net assets on adoption of new

accounting policy — (10)

Net Assets at End of Period $ 1,416,511 $ 1,746,181

Statements of Operations (unaudited)(in 000s, except per unit amounts)For the periods ended June 30, 2008 and 2007 (note 1)

2008 2007

IncomeInterest revenue $ 1,007 $ 1,093Dividend revenue 32,425 26,958Income (loss) from forward foreign currency contracts 4,761 (5,960)Income (loss) from futures contracts (8,499) 2,878Securities lending revenue 1,004 732

30,698 25,701

Expenses (notes 5 and 8)Management fees 1,986 2,288Audit fees 8 10Custodial fees 413 602Independent review committee fees 4 5Legal fees 33 4Regulatory fees 23 15Unitholder reporting costs 738 737Other expenses 5 8

3,210 3,669

Expenses waived/absorbed by the Manager (2,074) (2,599)

1,136 1,070

Net Investment Income (Loss) 29,562 24,631

Realized and Unrealized Gain (Loss) on InvestmentsNet realized gain (loss) on sale of investments1 9,491 75,765Net realized gain (loss) on foreign currency (notes 2d and e) 772 (867)Transaction costs (1,044) (1,487)Increase (decrease) in unrealized appreciation (depreciation) of

investments (165,208) (83,634)

Net Gain (Loss) on Investments (155,989) (10,223)

Increase (Decrease) in Net Assets from Operations $ (126,427) $ 14,408

Increase (Decrease) in Net Assets from Operations per Unit $ (1.31) $ 0.15

1 Net Realized Gain (Loss) on Sale of Investments(excluding short-term investments) (in 000s)

2008 2007

Cost of Investments Held at Beginning of Period $ 1,380,784 $ 1,236,190Purchases 348,783 411,625

1,729,567 1,647,815Cost of Investments Held at End of Period 1,362,592 1,361,532

Cost of Investments Sold or Matured 366,975 286,283Proceeds from sales or maturities 376,466 362,048

Net Realized Gain (Loss) on Sale of Investments $ 9,491 $ 75,765



Notes to Financial Statements (unaudited)

June 30, 2008 and 2007, and December 31, 2007 (unaudited)

1. Imperial Pools — Organization of the Pools and Financial Reporting Periods

Each of the Imperial Pools (individually, a “Pool”, and collectively, the “Pools”) is a mutualfund trust organized under the laws of Ontario and governed by a declaration of trust(“Declaration of Trust”).

Canadian Imperial Bank of Commerce (“CIBC”) is the manager (the “Manager”) of the Pools,and CIBC Trust Corporation is the trustee (the “Trustee”) of the Pools.

The Statements of Investment Portfolio of each Pool are as at June 30, 2008. TheStatements of Net Assets are as at June 30, 2008 and December 31, 2007, and the Statementsof Operations and Changes in Net Assets are for the six-month periods ended June 30, 2008and 2007, except for Pools established during either period, in which case the informationpresented is from the Date Established or the Inception Date to June 30, 2008 or 2007,respectively.

“Date Established” is the date on which a Pool was established by the Declaration of Trust.“Inception Date” is the date upon which units of a Pool were first sold to the public underprospectus.

Name Date Established Inception Date

Imperial Money Market Pool February 1, 1991 October 15, 1998Imperial Short-Term Bond Pool February 1, 1991 October 15, 1998Imperial Canadian Bond Pool February 1, 1991 October 15, 1998Imperial Canadian Dividend Pool February 1, 1991 November 24, 2003Imperial International Bond Pool June 28, 1999 June 28, 1999Imperial Canadian Income Trust Pool February 1, 1991 November 24, 2003Imperial Canadian Dividend Income Pool May 6, 2003 May 15, 2003Imperial Global Equity Income Pool January 28, 2008 February 4, 2008Imperial Canadian Equity Pool February 1, 1991 October 15, 1998Imperial Registered U.S. Equity Index Pool June 28, 1999 June 28, 1999Imperial U.S. Equity Pool February 1, 1991 October 15, 1998Imperial Registered International Equity Index Pool February 1, 1991 October 15, 1998Imperial International Equity Pool February 1, 1991 October 15, 1998Imperial Overseas Equity Pool February 1, 1991 November 24, 2003Imperial Emerging Economies Pool June 28, 1999 June 28, 1999

2. Summary of Significant Accounting Policies

These financial statements, prepared in accordance with Canadian generally acceptedaccounting principles (’‘GAAP”), include estimates and assumptions by management that affectthe reported amounts of assets, liabilities, income, and expenses during the reporting periods.Actual results may differ from such estimates.

Adoption of New Accounting Standards

CICA Handbook Section 3862 and 3863, Financial Instruments — DisclosuresThe Canadian Institute of Chartered Accountants (“CICA”) issued CICA Handbook

Section 3862, Financial Instruments — Disclosures, and Section 3863, Financial Instruments —Presentation, effective for interim and annual financial statements relating to fiscal yearsbeginning on or after October 1, 2007. These standards provide comprehensive disclosure andpresentation requirements for financial instruments. Section 3862 replaces the disclosureportion of Section 3861, Financial Instruments — Disclosure and Presentation, and introducesnew requirements for specific qualitative and quantitative disclosure about risks. This includesthe requirements to quantify exposures for certain risks and provide sensitivity analysis forsome risks. The main objective of this new standard is to enable investors to evaluate thesignificance of financial instruments, the nature and extent of risks involved, and how theserisks are managed. Section 3863 carries forward the presentation requirements fromSection 3861, unchanged. On January 1, 2008, the Pools adopted these standards retroactivelywithout restatement of prior period financial statements in accordance with the transitionalprovisions. The adoption of these standards did not have an impact to net assets, increase(decrease) in net assets from operations, or increase (decrease) in net assets from operationsper unit of the Pools.

Please refer to each Pool’s Statement of Investment Portfolio for specific risk disclosure.

a) Risk ManagementThe Pools’ overall risk management approach includes formal guidelines that govern the

extent of exposure to various types of risk, including diversification within asset classes andlimits on the exposure to individual investments and counterparties. In addition, derivativefinancial instruments may be used to manage certain risk exposures. The Manager also hasvarious internal controls to oversee the Pools’ investment activities, including monitoringcompliance with the investment objective and strategies, internal guidelines, and securitiesregulations. Please refer to each Pool’s Statement of Investment Portfolio for specific riskdisclosures.

Credit RiskCredit risk is the risk that a counterparty to a financial instrument, such as a fixed income

security or a derivative contract, will fail to discharge an obligation or commitment that it hasentered into with the Pool. The value of fixed income securities and derivatives as presented onthe Statement of Investment Portfolio includes consideration of the creditworthiness of theissuer and, accordingly, represents the maximum credit risk exposure of the Pools. CertainPools may invest in short-term fixed income securities issued or guaranteed primarily byGovernment of Canada or any Canadian provincial government, obligations of charteredCanadian banks, trust companies and commercial paper with approved credit ratings. The riskof default on these short-term fixed income securities is considered low and these securitiesprimarily have credit ratings of ‘A-1 (Low)’ (as rated by Standard & Poor’s, a division of TheMcGraw-Hill Companies, Inc., or equivalent rating from another rating service) or higher.

Currency Risk

Currency risk is the risk that the value of an investment will fluctuate due to changes inforeign exchange rates. This is because mutual funds may invest in securities denominated ortraded in currencies other than the Pools’ reporting currency.

Interest Rate RiskPrices of fixed income securities generally increase when interest rates decline, and decrease

when interest rates rise. This risk is known as interest rate risk. Prices of longer-term fixedincome securities will generally fluctuate more in response to interest rate changes than wouldshorter-term securities. Due to the nature of short-term fixed income securities with aremaining term-to-maturity of less than one year, these investments are not generally exposedto a significant risk that their value will fluctuate in response to changes in the prevailing levelsof market interest rates.

Liquidity RiskThe Pools are exposed to daily cash redemptions of redeemable units. The Pools retain

sufficient cash and cash equivalent positions to maintain adequate liquidity. In accordance withsecurities regulations, Pools are restricted from purchasing additional illiquid assets if,immediately after the purchase, more than 10% of their assets based on market value at timeof purchase would consist of illiquid assets.

Other Price/Market RiskOther price/market risk is the risk that the value of investments will fluctuate as a result of

changes in market conditions. Several factors can influence market trends, such as economicdevelopments, changes in interest rates, political changes, and catastrophic events. Allinvestments are exposed to other price/market risk.

b) Investment Transactions, Income Recognition, and Recognition of Realized andUnrealized Gains and Lossesi) Each transaction of purchase or sale of a portfolio asset by a Pool is reflected in the net

assets no later than the first computation of net assets made after the date on whichthe transaction becomes binding upon the Pool.

ii) Interest income is recorded on the accrual basis.iii) Dividend income is recorded on the ex-dividend date.iv) Securities that are exchange traded are recorded at current value established by the

closing bid price. For those debt securities listed on the over-the-counter (“OTC”)market, the current value is based upon the closing bid price. Unlisted securities arerecorded at current value using fair valuation techniques established by the Manager inestablishing a current value.

v) Realized gains and losses on investments and unrealized appreciation or depreciation ofinvestments are calculated using the average cost, excluding transaction costs, of therelated investments.

vi) Other income is the sum of income other than that which is separately classified on theStatements of Operations.

c) Portfolio Securities

The cost of securities of the Pool is determined in the following manner. Securities arepurchased and sold at a market-traded price to arrive at a value for the position traded. The totalpurchased value represents the total cost of the security to the Pool. When additional units ofthe same security are purchased, the cost of those additional units is added to the total securitycost. When units of the same security are sold, the proportionate cost of the units of thesecurity sold is deducted from the total security cost. If there is a return of capital paid by asecurity, the amount of this return of capital is deducted from the total security cost. Thismethod of tracking security cost is known as ’average cost’ and the current total for any onesecurity is referred to as the adjusted cost base or ‘ACB’ of the security.

The difference between the current value of securities and their average cost, excludingtransaction costs, represents the unrealized appreciation (depreciation) in value of the portfolioinvestments. The applicable period change in unrealized appreciation (depreciation) ofinvestments is included on the Statements of Operations.

Short-term investments on the Statement of Investment Portfolio are presented at theircurrent value. Accrued interest for bonds is disclosed separately on the Statements of NetAssets.

d) Foreign ExchangeThe value of investments and other assets and liabilities denominated in foreign currencies is

translated into Canadian dollars at the current rates prevailing on each valuation date.Purchases and sales of investments, income, and expenses are translated into Canadian

dollars at the foreign exchange rates prevailing on the dates of such transactions. Foreigncurrency translation gains (losses) on investments and income transactions are included in Netrealized gain (loss) on foreign currency and in Income, respectively, on the Statements ofOperations.

e) Forward Foreign Currency ContractsPools may enter into forward foreign currency contracts for either hedging or non-hedging

purposes where such activity is consistent with their investment objectives and as permitted bythe Canadian securities regulatory authorities.

Changes in the current value of forward foreign currency contracts are recorded as Unrealizedgain (loss) on forward foreign currency contracts on the Statements of Net Assets, and arerecorded as an Increase (decrease) in unrealized appreciation (depreciation) of investmentsduring the applicable period on the Statements of Operations.

The gain or loss arising from the difference between the value of the original forward foreigncurrency contract and the value of such contract at close or delivery is realized and recorded asNet realized gain (loss) on foreign currency for Pools that use the forward foreign currencycontracts for hedging, or as Income (loss) from forward foreign currency contracts for Poolsthat do not use the forward foreign currency contracts for hedging.

1

f) Futures ContractsThe margin deposits with brokers relating to futures contracts are included in Margin on the

Statements of Net Assets. Any change in the margin requirement is settled daily, and isincluded in Receivable for portfolio securities sold or Payable for portfolio securities purchasedon the Statements of Net Assets.

Any difference between the settlement value at the close of business on each valuation dateand the settlement value at the close of business on the previous valuation date is recorded asIncome (loss) from futures contracts on the Statements of Operations.

g) OptionsPremiums paid for purchased call and put options are included in Investments at current

value on the Statements of Net Assets. When a purchased option expires, the Pool will realizea loss in the amount of the cost of the option. For a closing transaction, the Pool will realize again or loss depending on whether the proceeds are greater or less than the premium paid atthe time of purchase. When a purchased call option is exercised, the cost of the securitypurchased is increased by the premium paid at the time of purchase.

Premiums received from writing options are included in Investments at current value on theStatements of Net Assets as initial reductions in the value of investments. Premiums receivedfrom writing options that expire unexercised are recorded as Income on the Statements ofOperations. For a closing transaction, if the cost of closing the transaction exceeds thepremium received, the Pool will record a realized loss, or if the premium received at the timethe option was written is greater than the amount paid, the Pool will record a realized gain. If awritten put option is exercised, the cost for the security delivered is reduced by the premiumsreceived at the time the option was written.

h) Securities LendingThe Pools may lend portfolio securities in order to earn additional revenue, which is disclosed

on the Statements of Operations. The loaned assets of any one Pool are not permitted toexceed 50% of the current value of the assets of that Pool (excluding collateral debt for theloaned securities). The minimum allowable collateral is 102% of the current value of the loanedsecurities as per the requirements of National Instrument 81-102. Collateral can consist of thefollowing (”Permitted Collateral”):

i) Cash.ii) An evidence of indebtedness that is issued or fully and unconditionally guaranteed as to

the principal and interest by: a) the government of Canada, or a province or territory ofCanada; b) the government of the United States of America or the government of oneof the states of the United States of America; c) the government of another sovereignstate, or a permitted supranational agency, if, in each case, the evidence ofindebtedness has an approved credit rating; or d) a Canadian financial institution or afinancial institution that is not incorporated or organized under the laws of Canada or ofa province or territory of Canada, if, in either case, evidences of indebtedness of thatissuer or guarantor that are rated as short-term debt by an approved credit ratingorganization have an approved credit rating.

iii) Irrevocable Letters of Credit issued by a Canadian financial institution, if evidences ofindebtedness of the Canadian financial institution that are rated as short-term debt byan approved credit rating organization have an approved credit rating.

iv) Securities that are immediately convertible into securities of the same issuer, class, ortype, and the same term, as the securities loaned.

v) Commercial Paper with a term to maturity of 365 days or less with an approved creditrating and that was issued by a company other than a government or permittedsupranational agency.

The market value of the loaned securities is determined on the close of any valuation date,and any additional required collateral is delivered to the Pools on the next business day. Thesecurities on loan continue to be included on the Statements of Investment Portfolio, and areincluded in the total value on the Statements of Net Assets in Investments at current value.

i) Other Assets and LiabilitiesOther assets and liabilities are recorded at cost, which approximates their current value.

j) International Financial Reporting StandardsThe Canadian Accounting Standards Board (“AcSB”) has confirmed its plan to adopt all

International Financial Reporting Standards (“IFRS”) as published by the InternationalAccounting Standards Board on or by January 1, 2011. The Pools will adopt all of the IFRS inaccordance with AcSB’s plan. The presentation of the financial statements is currently underreview.

k) Legend for AbbreviationsThe following is a list of abbreviations (foreign currency translation and others) that may be

used in the Statements of Investment Portfolio:

Currency Abbreviations

AUD – Australian Dollar ITL – Italian LiraBEF – Belgian Franc JPY – Japanese YenBRL – Brazilian Real KRW – South Korean WonCAD – Canadian Dollar LBP – Lebanese PoundCHF – Swiss Franc MYR – Malaysian RinggitCNY – Chinese Renminbi MXN – Mexican PesoCLP – Chilean Pesos NLG – Netherlands GuilderCZK – Czech Koruna NOK – Norwegian KroneDEM – Deutsche Mark NZD – New Zealand DollarDKK – Danish Krone PHP – Philippine PesoESP – Spanish Peseta PLN – Polish ZlotyEUR – Euro RUB – Russian RublesFRF – French Franc SEK – Swedish KronaGBP – British Pound SGD – Singapore DollarGRD – Greek Drachma THB – Thai BahtHKD – Hong Kong Dollar TRY – Turkish New LiraHUF – Hungarian Forint TWD – Taiwan DollarIDR – Indonesian Rupiah USD – United States DollarINR – Indian Rupee ZAR – South African Rand

Other Abbreviations

ADR – American Depository Receipt IPN – International Participation NoteADC – Austrian Depository Certificates LEPOs – Low Exercise Price OptionsCVO – Contingent Value Obligations MSCI – Morgan Stanley Capital

InternationalETF – Exchange Traded Fund OPaLS – Optimized Portfolios as Listed

SecuritiesGDR – Global Depository Receipt PERLES – Performance Linked to Equity

SecuritiesiShares – Index Shares SDR – Swedish Depository ReceiptiUnits – Index Units

3. Valuation of InvestmentsThe valuation date (”Valuation Date”) for a Pool is any day the Toronto Stock Exchange is

open for business. The Trustee may, at its discretion, establish other Valuation Dates.The value of the investments or assets of a Pool is determined as follows:

a) Cash and Other Assets

Cash, accounts receivable, dividends receivable, distributions receivable, and accrued interestare valued at their recorded cost, plus or minus any foreign exchange between recognition ofthe asset by the Pool and the current Valuation Date, which approximates current value.

Short-term investments (money market instruments) are valued at current value.

b) Bonds, Debentures, and Other Debt ObligationsBonds, debentures, and other debt obligations are valued by taking the bid/ask prices

provided by a recognized vendor upon the close of trading on a Valuation Date.

c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign SecuritiesAny security that is listed or dealt with on a securities exchange is valued at current value

using the closing bid price or, if there is no closing bid price on that exchange, and in the caseof securities traded on an OTC market, at the current value as determined by the Manager asappropriate as a basis for valuation. In such situations, a valuation will be determined by theManager to establish current value. If any securities are inter-listed or traded on more than oneexchange or market, the Manager will use the principal exchange or market for the currentvalue of such securities.

Unlisted securities are valued at current value using the bid price quoted by a recognizeddealer, or the Manager may determine a price that more accurately reflects the current value ofthese securities if the Manager feels the bid price does not reflect current value.

Fair value pricing is designed to avoid stale prices and to provide a more accurate currentvalue, and may assist in the deterrence of harmful short-term or excessive trading in the Pools.When securities listed or traded on markets or exchanges that close prior to North Americanmarkets or exchanges are valued by the Manager at their fair market value, instead of usingquoted or published prices, the prices of such securities used to calculate the Pool’s net assetsor net asset value may differ from quoted or published prices of such securities.

d) DerivativesLong positions in options, debt-like securities, and listed warrants are valued at current value

using the closing bid price as established on either their principal trading exchange or by arecognized dealer in such securities. The credit rating of each counterparty (as rated byStandard & Poor’s, a division of The McGraw–Hill Companies, Inc.) meets the minimumapproved credit rating.

When any option is written by any Pool, the premium received by the Pool will be reflectedas a liability that will be valued at an amount equal to the current market value of the optionthat would have the effect of closing the position. Any difference resulting from revaluationshall be treated as an unrealized gain or loss on investment; the liability shall be deducted inarriving at the net assets of the Pool. The securities, if any, that are the subject of a writtenoption will be valued in the manner described above for listed securities.

Futures contracts, forward contracts, or swaps will be valued at current value at the gain orloss, if any, that would be realized on the Valuation Date if the position in the futures contracts,forward contracts, or swaps were to be closed out.

Margin paid or deposited in respect of futures contracts and forward contracts will bereflected as an account receivable and margin consisting of assets other than cash will benoted as held as collateral.

Notes to Financial Statements

2

Other derivatives and margin are valued at current value in a manner that the Managerdetermines to represent their current value.

e) Restricted SecuritiesRestricted securities purchased by any Pool will be valued at current value in a manner that

the Manager determines to represent their current value.

f) Other Investments

All other assets of the Pools will be valued at current value in accordance with the laws ofthe Canadian securities regulatory authorities, where applicable.

The value of any security or other property of a Pool for which a market quotation is notreadily available or where the market quotations do not properly reflect the current value ofsuch securities will be determined by the Manager by valuing the securities at their currentvalue. In such situations, current value will be determined using fair valuation technique thatmost accurately reflects the fair value as established by the Manager.

4. Units Issued and OutstandingUnitholders have the right to require the Pool to repurchase their units at the net asset value

next determined. Changes in issued and outstanding units, for the periods ended June 30, 2008and December 31, 2007, are summarized as follows:

Imperial Money Market Pool

2008 2007

Balance — beginning of period 45,355,782 46,938,349Units issued for cash 55,700,552 31,720,063Units issued on reinvestment of distributions 1,092,263 1,760,992

102,148,597 80,419,404Units redeemed (29,170,448) (35,063,622)Balance — end of period 72,978,149 45,355,782

Imperial Short-Term Bond Pool

2008 2007



Imperial Canadian Bond Pool

2008 2007



Imperial Canadian Dividend Pool

2008 2007

Balance — beginning of period 28,527,171 25,332,510Units issued for cash 1,852,004 6,557,243Units issued on reinvestment of distributions 598,703 1,045,453


Imperial International Bond Pool

2008 2007

Balance — beginning of period 16,517,803 15,392,720Units issued for cash 1,263,858 3,499,676Units issued on reinvestment of distributions — 446,143


Imperial Canadian Income Trust Pool

2008 2007



Imperial Canadian Dividend Income Pool

2008 2007



Imperial Global Equity Income Pool

2008

Balance — beginning of period —Units issued for cash 666,450Units issued on reinvestment of distributions 4,765

671,215Units redeemed (106,914)

Balance — end of period 564,301

Imperial Canadian Equity Pool

2008 2007

Balance — beginning of period 52,358,450 44,366,189Units issued for cash 4,300,880 10,193,061Units issued on reinvestment of distributions — 4,871,208


Imperial Registered U.S. Equity Index Pool

2008 2007



Imperial U.S. Equity Pool

2008 2007



Imperial Registered International Equity Index Pool

2008 2007

Balance — beginning of period 14,284,547 13,732,447Units issued for cash 840,441 2,354,594Units issued on reinvestment of distributions — —



2008 2007



Imperial Overseas Equity Pool

2008 2007

Balance — beginning of period 21,002,980 19,332,705Units issued for cash 1,512,685 4,770,639Units issued on reinvestment of distributions — 428,368



3

Imperial Emerging Economies Pool

2008 2007



5. Management Fees and Operating ExpensesManagement fees are based on the net asset value of the Pools, and are calculated daily.

Management fees are paid to the Manager in consideration for providing, or arranging for theprovision of, management, distribution, and portfolio advisory services.

In addition to the management fees, the Pools are responsible for all expenses relating to theoperation and conduct of the business of the Pools, which may include interest, operating, andadministrative costs (other than advertising and promotional expenses, which are theresponsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees, a portionof the fees paid to members of the Independent Review Committee, taxes, audit and legal feesand expenses, safekeeping and custodial fees, investor servicing costs, and costs of unitholderreports, prospectuses, and other reports. All such operating expenses are paid by the Managerand recovered from the Pools. The Pools do not pay fees to the Trustee.

The Manager may recover from a Pool less than the actual operating expenses paid by theManager, resulting in the Manager absorbing expenses. The Manager may also charge lessthan the maximum management fee noted in the following table, resulting in the Managerwaiving management fees.

At its sole discretion, the Manager may stop absorbing operating expenses and/or waivingmanagement fees at any time. Operating expenses absorbed and/or management fees waivedby the Manager are disclosed on the Statements of Operations.

In some cases, the Manager may charge management fees to a Pool that are less than themanagement fees the Manager is entitled to charge for certain investors in a Pool. Thedifference in the amount of the management fees will be paid out by the Pool to the applicableinvestors as a distribution of additional units of the Pool (”Management Fee Distributions”).Management Fee Distributions are negotiable between the Manager and the investor and aredependent primarily on the size of the investor’s investment in the Pool. Management FeeDistributions paid to qualified investors do not adversely impact the Pool or any of the Pool’sother investors. The Manager may increase or decrease the amount of Management FeeDistributions to certain investors from time to time.

The maximum management fee expressed as a percentage of the average net asset valuethat can be charged by a Pool is as follows:

Maximum Chargeable

Management Fee

Imperial Money Market Pool 0.25%Imperial Short-Term Bond Pool 0.25%Imperial Canadian Bond Pool 0.25%Imperial Canadian Dividend Pool 0.25%Imperial International Bond Pool 0.25%Imperial Canadian Income Trust Pool 0.25%Imperial Canadian Dividend Income Pool 0.25%Imperial Global Equity Income Pool 0.25%Imperial Canadian Equity Pool 0.25%Imperial Registered U.S. Equity Index Pool 0.25%Imperial U.S. Equity Pool 0.25%Imperial Registered International Equity Index Pool 0.25%Imperial International Equity Pool 0.25%Imperial Overseas Equity Pool 0.25%Imperial Emerging Economies Pool 0.25%

6. Income TaxesThe Pools qualify as mutual fund trusts under the Income Tax Act (Canada). No income tax is

payable by the Pools on net income and/or net realized capital gains that are distributed tounitholders. In addition, income taxes payable on undistributed net realized capital gains arerefundable on a formula basis when units of the Pools are redeemed. Sufficient net income andrealized capital gains of the Pools have been, or will be, distributed to the unitholders such thatno tax is payable by the Pools and, accordingly, no provision for income taxes has been made inthe financial statements. Occasionally, a Pool may pay distributions in excess of net income andnet realized capital gains of the Pool. This excess distribution is called a return of capital and isnon-taxable to the unitholder. However, a return of capital reduces the average cost of theunitholder’s units for tax purposes, which may result in a capital gain to the unitholder to theextent the average cost becomes less than zero.

Non-capital losses that arose in taxation years before 2004 are available to be carried forwardfor seven years and applied against future taxable income. Non-capital losses that arose in 2004and 2005 are available to be carried forward for ten years. Non-capital losses that arose in 2006and after are available to be carried forward for twenty years.

Capital losses for income tax purposes may be carried forward indefinitely and applied againstcapital gains realized in future years.

The Pools have taxation year-ends of December 15 (except Imperial Money Market Pool,which has a taxation year end of December 31). As at December 2007, the following Pools

have available non-capital and capital losses for income tax purposes available to be carriedforward as follows:

Name

Total

Capital

Losses

Total

Non-Capital

Losses 2008

2009 to

2011

2012 to

2016

2017 to

2027

Non-Capital Losses that Expire in:

Imperial Money Market Pool $ 195 $ — $ — $ — $— $ —Imperial Short-Term Bond Pool 30,834,814 — — — — —Imperial Canadian Bond Pool 15,923,585 — — — — —Imperial International Bond Pool 72,703,675 — — — — —Imperial Canadian Dividend Income Pool 992,381 — — — — —Imperial Registered U.S. Equity Index

Pool 157,041,353 — — — — —Imperial U.S. Equity Pool 201,932,919 — — — — —Imperial Registered International Equity

Index Pool 4,477,306 54,384,564 38,114,480 15,524,173 — 745,911Imperial International Equity Pool 72,519,227 — — — — —Imperial Overseas Equity Pool 462,593,655 — — — — —

7. Brokerage Commissions and Fees

The total commissions paid by the Pools to brokers in connection with portfolio transactionsfor the six-month periods ended June 30, 2008 and 2007 are disclosed in the Statement ofOperations of each Pool. In allocating brokerage business, consideration as transaction costsmay be given by the sub-advisors of the Pools to dealers that furnish research, statistical, andother services to sub-advisors that process trades through such dealers (referred to in theindustry as ”soft dollar” arrangements). These services are paid for with a portion of brokeragecommissions and assist the sub-advisors with their investment decision-making services to thePool. They are supplied by the dealer executing the trade or by a third party and paid for by thatdealer. In addition, the Manager may enter into commission recapture arrangements withcertain dealers with respect to the Pool. Any commission recaptured will be paid to theapplicable Pool.

Fixed income and certain other securities are transacted in an OTC market, whereparticipants are dealing as principals. Such securities are generally traded on a net basis and donot normally involve brokerage commissions, but will typically include a ”spread” (being thedifference between the bid and the offer prices on the security of the applicable marketplace).

Spreads associated with fixed income securities trading are not ascertainable, and for thatreason are not included in the dollar amounts below. In addition, the soft dollar amounts belowonly include the value of research and other services supplied by a third party to thesub-advisors, as the value of the services supplied to the sub-advisors by the dealer is notascertainable. When these services benefit more than one Pool, the costs are allocated amongthe Pools based on transaction activity or some other fair basis as determined by thesub-advisors.

The dollar amounts of all commissions and other fees, in addition to soft dollar payments, forthe periods ended June 30, 2008 and 2007, are as follows:

Name 2008 2007 2008 2007

Brokerage

Commissions and Fees Soft Dollars

Imperial Canadian Dividend Pool $228,031 $ 66,056 $ 18,233 $ 3,692Imperial Canadian Income Trust Pool 190,904 687,251 15,263 5,539Imperial Canadian Dividend Income Pool 642,141 273,994 118,709 152,442Imperial Global Equity Income Pool 2,712 — — —Imperial Canadian Equity Pool 525,923 600,901 61,744 268,564Imperial U.S. Equity Pool 745,767 410,911 20,580 87,361Imperial International Equity Pool 766,414 930,901 43,671 1,198Imperial Overseas Equity Pool 232,609 245,909 19,675 560Imperial Emerging Economies Pool 423,773 819,485 10,523 2,033

8. Related Party TransactionsCIBC and its affiliates have the following roles and responsibilities with respect to the Pools,

and receive the fees described below in connection with their roles and responsibilities. ThePools may also hold securities of CIBC. CIBC and its affiliates may also be involved inunderwriting or lending to issuers that may be held by the Pools, and also may have beeninvolved as a counterparty to derivative transactions.

Manager, Trustee, and Portfolio Advisor of the PoolsCIBC is the Manager, CIBC Trust Corporation, the Trustee, and CIBC Asset Management Inc.,

the portfolio advisor of each of the Pools. The Manager also arranges for Pool administrativeservices (other than advertising and promotional, which are the responsibility of the Manager),legal, investor servicing, and costs of unitholder reports, prospectuses, and other reports. TheManager is the registrar and transfer agent for the Pools and provides, or arranges for theprovision of, all other administrative services required by the Pools. The dollar amount (includingGST) of all of these expenses (net of absorptions) that the Manager recovers from the Pools,for the six-month periods ended June 30, 2008 and 2007, are as follows:


4

Name 2008 2007

Administrative and

Other Pool

Operating Costs

Imperial Money Market Pool $ 252,684 $ 130,047Imperial Short-Term Bond Pool 750,416 446,320Imperial Canadian Bond Pool 990,008 877,476Imperial Canadian Dividend Pool 79,976 80,736Imperial International Bond Pool 55,072 38,048Imperial Canadian Income Trust Pool 290,467 238,109Imperial Canadian Dividend Income Pool 590,090 490,094Imperial Global Equity Income Pool 12 —Imperial Canadian Equity Pool 425,967 335,437Imperial Registered U.S. Equity Index Pool 98,082 83,018Imperial U.S. Equity Pool 548,655 439,963Imperial Registered International Equity Index Pool 58,895 47,304Imperial International Equity Pool 505,302 369,730Imperial Overseas Equity Pool 55,716 45,540Imperial Emerging Economies Pool 72,568 48,053

Brokerage Arrangements and Soft DollarsThe sub-advisors make decisions, including the selection of markets and dealers and the

negotiation of commissions, with respect to the purchase and sale of portfolio securities andthe execution of portfolio transactions. Brokerage business may be allocated by sub-advisors,including CIBC Global Asset Management Inc. (“CIBC Global”), to CIBC World Markets Inc. andCIBC World Markets Corp., each a subsidiary of CIBC.

CIBC World Markets Inc. and CIBC World Markets Corp. may also earn spreads on the saleof fixed income and other securities to the Pools. Dealers, including CIBC World Markets Inc.and CIBC World Markets Corp., may furnish research, statistical, and other services tosub-advisors, including CIBC Global, that process trades through them (referred to in theindustry as ”soft dollar” arrangements). These services are paid for with a portion of brokeragecommissions and assist the sub-advisors with their investment decision-making services to thePools. They are supplied by the dealer executing the trade or by a third party and paid for bythat dealer. As per the terms of the sub-advisory agreements, such soft dollar arrangements arein compliance with applicable laws. In addition, the Manager may enter into commissionrecapture arrangements with certain dealers with respect to the Pools. Any commissionrecaptured will be paid to the applicable Pool.

Spreads associated with fixed income securities trading are not ascertainable, and for thatreason are not included in the dollar amounts below. In addition, the soft dollar amounts belowonly include the value of research and other services supplied by a third party to thesub-advisors, as the value of the services supplied to the sub-advisors by the dealer is notascertainable. When these services benefit more than one Pool, the costs are allocated amongthe Pools based on transaction activity or some other fair basis as determined by thesub-advisors. The dollar amounts of all commissions and other fees, in addition to soft dollarpayments, for the six-month periods ended June 30, 2008 and 2007, are as follows:

Name 2008 2007 2008 2007 2008 2007

CIBC World

Markets Inc.

CIBC World

Markets Corp.

Soft Dollars

paid to:

CIBC World

Markets Inc. and

CIBC World

Markets Corp.

Commissions and Other Fees

Paid to:

Imperial Canadian Dividend Pool $ 4,480 $ 8,520 $ — $ — $ 985 $ 2,500Imperial Canadian Income Trust Pool 12,344 68,884 — — 1,264 350Imperial Canadian Dividend Income

Pool 48,521 31,926 — — 12,893 41,471Imperial Canadian Equity Pool 59,343 64,471 — — 10,211 19,251Imperial U.S. Equity Pool 849 — 305 538 — 67,650Imperial International Equity Pool 40,070 9,970 251 — 11,263 —Imperial Overseas Equity Pool 40,992 — 49 — 8,678 —Imperial Emerging Economies Pool — — — 460 — —

CustodianThe custodian holds all cash and securities for the Pools and ensures that those assets are

kept separate from any other cash or securities that they might be holding (the ”Custodian”).The Custodian may hire sub-custodians for the Pools. The fees for the services of theCustodian are borne as an operating expense by the Pools. CIBC Mellon Trust Company is theCustodian. CIBC owns a 50% interest in CIBC Mellon Trust Company.

Service ProviderCIBC Mellon Global Securities Services Company (”CIBC GSS”) provides certain services to

the Pools, including securities lending, fund accounting and reporting, and portfolio valuation.CIBC indirectly owns a 50% interest in CIBC GSS.

The amounts paid by the Pools (including GST) to CIBC Mellon Trust Company for custodialfees (net of absorptions), and to CIBC GSS for securities lending, fund accounting and reporting,and portfolio valuation (net of absorptions), for the six-month periods ended June 30, 2008 and2007, are as follows:

Name 2008 2007

Custodial Fees,

Securities Lending,

Fund Accounting,

Reporting and Portfolio

Valuation Fees:

Imperial Money Market Pool $ 21,823 $ 22,003Imperial Short-Term Bond Pool 123,264 93,284Imperial Canadian Bond Pool 250,284 200,602Imperial Canadian Dividend Pool 75,681 66,048Imperial International Bond Pool 15,419 19,472Imperial Canadian Income Trust Pool 139,822 258,198Imperial Canadian Dividend Income Pool 247,966 250,260Imperial Global Equity Income Pool 770 —Imperial Canadian Equity Pool 173,575 206,668Imperial Registered U.S. Equity Index Pool 24,519 28,006Imperial U.S. Equity Pool 171,286 194,316Imperial Registered International Equity Index Pool 30,535 31,339Imperial International Equity Pool 950,844 1,114,544Imperial Overseas Equity Pool 400,127 513,183Imperial Emerging Economies Pool 272,483 201,878

Accrued expenses payable to the Manager, as at June 30, 2008 and December 31, 2007, areas follows:

Name 2008 2007

Accrued Expenses

Payable to CIBC

Imperial Money Market Pool $ 52,735 $ 29,098Imperial Short-Term Bond Pool 130,187 147,307Imperial Canadian Bond Pool 192,560 226,403Imperial Canadian Dividend Pool 15,960 17,867Imperial International Bond Pool 11,223 9,856Imperial Canadian Income Trust Pool 54,300 55,502Imperial Canadian Dividend Income Pool 123,732 138,633Imperial Global Equity Income Pool 370 —Imperial Canadian Equity Pool 69,261 93,749Imperial Registered U.S. Equity Index Pool 19,907 19,419Imperial U.S. Equity Pool 108,588 105,240Imperial Registered International Equity Index Pool 13,735 13,366Imperial International Equity Pool 133,343 132,753Imperial Overseas Equity Pool 36,158 45,356Imperial Emerging Economies Pool 36,507 34,546

9. Securities LendingThe following Pools have assets involved in securities lending transactions outstanding as at

June 30, 2008:

Aggregate Value

of Securities

on Loan

Aggregate Value

of Collateral

for Loan

Imperial Short-Term Bond Pool $240,042,414 $249,095,217Imperial Canadian Bond Pool 691,287,939 715,940,312Imperial Canadian Dividend Pool 226,327,595 235,395,558Imperial Canadian Income Trust Pool 167,453,173 176,780,315Imperial Canadian Dividend Income Pool 427,512,459 450,710,593Imperial Canadian Equity Pool 125,070,788 132,037,231Imperial U.S. Equity Pool 140,950,053 148,800,971Imperial International Equity Pool 182,027,740 192,166,685Imperial Overseas Equity Pool 19,951,535 21,062,835Imperial Emerging Economies Pool 11,435,681 12,072,648

Collateral Type* i ii iii iv v

Imperial Short-Term BondPool $124,890,372 $121,137,815 $253,164 $1,759,374 $1,054,492

Imperial Canadian BondPool 393,713,847 314,269,626 656,787 4,564,369 2,735,683

Imperial CanadianDividend Pool 100,681,789 131,387,239 274,584 1,908,234 1,143,712

Imperial Canadian IncomeTrust Pool — 172,415,024 360,327 2,504,110 1,500,854

Imperial CanadianDividend Income Pool 18,725,700 421,317,755 880,505 6,119,108 3,667,525

Imperial Canadian EquityPool — 128,776,794 269,129 1,870,320 1,120,988

Imperial U.S. Equity Pool — 145,126,582 303,298 2,107,780 1,263,311Imperial International

Equity Pool — 187,421,453 391,689 2,722,060 1,631,483Imperial Overseas Equity

Pool — 20,542,724 42,932 298,357 178,822Imperial Emerging

Economies Pool — 11,774,535 24,607 171,010 102,496

*-Definitions are in note 2h


5

10. HedgingCertain foreign currency denominated positions have been hedged, or partially hedged, by

forward foreign currency contracts as part of the investment strategies of the Pools. Thesehedges are indicated by a hedging reference number on the Statements of Investment Portfolioand a corresponding hedging reference number on the Forward Foreign Currency ContractsSchedule for the Pools.

11. Collateral on Specified DerivativesShort-term investments may be used as collateral for futures contracts outstanding with

brokers.

12. Reconciliation of Net Assets and Net Asset ValueThe adoption of CICA 3855 — Financial Instruments — Recognition and Measurement may

result in a different value of securities held by a Pool for financial reporting purposes (defined asNet Assets when referring to a Pool or Net Assets per Unit when on a per unit basis) than thevalue used for pricing unitholder transactions (defined as Net Asset Value when referring to aPool or Net Asset Value per Unit when on a per unit basis). The following table presents areconciliation of the Net Assets per Unit and Net Asset Value per Unit, for all the Pools andclasses where applicable, as at June 30, 2008:

Name

Net Assets

per Unit

Adjustment

from last

traded to

bid market

prices

per Unit

Net Asset

Value

per Unit

Imperial Money Market Pool $10.00 $ — $10.00Imperial Short-Term Bond Pool 10.12 0.01 10.13Imperial Canadian Bond Pool 10.45 0.01 10.46Imperial Canadian Dividend Pool 19.62 0.05 19.67Imperial International Bond Pool 8.96 0.01 8.97Imperial Canadian Income Trust Pool 15.79 0.04 15.83Imperial Canadian Dividend Income Pool 14.93 0.06 14.99Imperial Global Equity Income Pool 9.52 0.01 9.53Imperial Canadian Equity Pool 24.04 0.14 24.18Imperial Registered U.S. Equity Index Pool 4.98 — 4.98Imperial U.S. Equity Pool 12.86 0.02 12.88Imperial Registered International Equity Index Pool 11.96 — 11.96Imperial International Equity Pool 15.11 — 15.11Imperial Overseas Equity Pool 13.65 — 13.65Imperial Emerging Economies Pool 12.53 0.09 12.62


6

Imperial Pools

CIBC

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Interim Financial Statements (unaudited) - CIBC · Interim Financial Statements (unaudited) for the...

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Transcript of Interim Financial Statements (unaudited) - CIBC · Interim Financial Statements (unaudited) for the...