Interim Financial Statements (unaudited) - cibc.com · Interim Financial Statements (unaudited) for the period ended June 30, 2008 Statement of Investment Portfolio (unaudited) As

Imperial Emerging Economies 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

2,515 Banco Macro Bansud SA, ADR 99,213 42,4075,381 IRSA Inversiones y

Representaciones SA, GDR 116,769 61,5269,541 Petrobras Energia Participaciones SA, ADR 116,008 115,867

Argentina (0.06%) 331,990 219,800

2,605 Credicorp Ltd. 128,238 217,035

Bermuda (0.06%) 128,238 217,035

14,535 All America Latina Logistica 188,062 189,32628,020 Aracruz Celulose SA, Preferred, Class ‘B’ 182,575 210,1922,400 B2W Companhia Global do Varejo 84,541 88,563

42,216 Banco Bradesco SA, Preferred 679,346 879,22592,475 Banco Itau Holding Financeira SA, ADR 903,876 1,905,4959,830 Banco Itau Holding Financeira SA, Preferred 170,868 203,2232,234 Brasil Telecom Participacoes SA, ADR 92,401 166,293

242,700 Braskem SA, Preferred, Series ‘A’ 1,971,113 1,976,97294,621 Centrais Eletricas Brasileiras SA 1,252,065 1,782,34249,766 Centrais Eletricas Brasileiras SA, Preferred,

Class ‘B’ 464,865 829,17419,430 Cia Saneamento Basico de Sao Paulo NPV 244,634 505,4297,565 Companhia de Bebidas das Americas,

Preferred 457,080 487,3343,890 Companhia de Saneamento Basico do

Estado de Sao Paulo, ADR 183,061 199,77747,900 Companhia de Saneamento de Minas

Gerais — Copasa MG 713,908 886,386235,084 Companhia de Tecidos Norte de Minas,

Preferred 1,195,978 1,184,65046,139 Companhia Energetica de Minas Gerais

SA, ADR 795,119 1,101,91560,605 Companhia Energetica de Minas Gerais,

Preferred 656,874 1,515,81913,890 Companhia Siderurgica Nacional SA 169,276 629,51535,520 Companhia Vale do Rio Doce 698,582 1,297,14459,204 Companhia Vale do Rio Doce, Preferred,

Series ‘A’ 985,566 1,747,92811,432 Cyrela Brazil Realty SA Empreendimentos e

Participacoes 127,591 160,1382,286 Cyrela Commercial Properties SA

Empreendimentos e Participacoes 14,542 15,6039,620 Diagnosticos da America 229,576 251,593

29,513 Empresa Brasileira de Aeronautica SA(Embraer), ADR, Preferred 1,152,504 768,023

18,762 Gerdau SA, Preferred 184,700 458,6113,329 GOL Linhas Aereas Inteligentes SA,

Preferred 112,362 38,223167,500 Grendene SA 1,879,822 1,910,39017,582 Lojas Americanas SA, Preferred 123,091 117,76012,500 Net Servicos de Comunicacao SA, ADR,

Preferred 177,867 159,629272,528 Petroleo Brasileiro SA, ADR 9,342,727 16,565,99798,512 Petroleo Brasileiro SA, Preferred 1,246,893 2,903,78872,873 Tam SA, ADR 1,937,388 1,413,605

138,101 Tele Norte Leste Participacoes SA, ADR,Preferred 2,330,862 3,490,149

18,315 Telemig Celular Participacoes SA, Preferred 348,602 547,92320,270 Uniao de Bancos Brasileiros SA, ADR 1,373,235 2,541,00310,104 Usinas Siderurgicas de Minas Gerais SA,

Preferred, Series ‘A’ 203,484 508,32922,045 Vivo Participacoes SA, Preferred 97,509 142,73035,300 Votorantim Celulose e Papel SA, ADR 1,095,532 956,582

Brazil (13.67%) 34,068,077 50,736,778

2,008 Administradora de Fondos de PensionesProvida SA, ADR 60,090 49,117

1,078 Banco de Chile, ADR 59,158 48,2427,383 Banco Santander Chile SA, ADR 350,489 321,818

171,690 Compania Cervecerias Unidas SA 1,007,715 1,024,7996,598 Compania Cervecerias Unidas SA, ADR 173,186 189,976


HedgingRef. No.*

Average Cost($)

Current Value($)

5,403 Compania de Telecomunicaciones de ChileSA, ADR 55,617 30,204

84,916,678 Corpbanca SA 540,685 465,9382,443 Distribucion y Servicio D&S SA, ADR 59,977 49,5715,005 Empresa Nacional de Electricidad SA, ADR 229,198 214,792

13,022 Enersis SA, ADR 244,384 196,3224,160 Madeco SA, ADR 56,668 38,4374,402 Masisa SA, ADR 60,765 22,3303,880 Sociedad Quimica y Minera de Chile

SA, ADR 60,764 175,1721,399 Vina Concha y Toro SA, ADR 59,290 48,286

Chile (0.77%) 3,017,986 2,875,004

113,594 Aluminum Corp. of China Ltd., Series ‘H’ 126,099 132,72548,230 Angang New Steel Co. Ltd., Class ‘H’ 94,963 98,14724,283 Anhui Conch Cement Co. Ltd., Series ‘H’ 97,570 164,296

6,206,000 Bank of China Ltd., Class ‘H’ 3,487,027 2,793,885161,548 Bank of Communications Co. Ltd., Class ‘H’ 205,034 191,698114,784 Beijing Capital International Airport Co. Ltd.,

Series ‘H’ 122,973 96,031692,868 China Construction Bank, Class ‘H’ 488,594 565,248151,398 China COSCO Holdings Co. Ltd., Class ‘H’ 110,326 375,066103,790 China Infrastructure Machinery Holdings Ltd. 237,802 97,907194,412 China Life Insurance Co. Ltd., Series ‘H’ 692,496 689,303453,403 China Petroleum and Chemical Corp.

(Sinopec), Series ‘H’ 446,500 430,06465,716 China Shipping Development Co. Ltd.,

Class ‘H’ 109,909 200,0822,242,121 China Telecom Corp. Ltd., Series ‘H’ 1,112,493 1,234,014

171,634 Datang International Power Generation Co.Ltd., Class ‘H’ 104,117 103,396

2,653,520 Denway Motors Ltd. 1,097,246 1,039,225354,000 Dongfang Electrical Machinery Co. Ltd.,

Class ‘H’ 1,059,952 1,036,35048,425 Guangzhou R&F Properties Co. Ltd.,

Class ‘H’ 113,405 91,4872,603,586 Huaneng Power International Inc., Series ‘H’ 2,176,866 1,829,3081,522,655 Industrial and Commercial Bank of China,

Class ‘H’ 1,022,728 1,055,96612,420 PetroChina Co. Ltd., ADR 1,757,845 1,614,907

4,261,797 PetroChina Co. Ltd., Series ‘H’ 6,516,903 5,589,51638,864 Ping An Insurance (Group) Co. of China Ltd. 224,172 293,037

659,921 Semiconductor ManufacturingInternational Corp. 119,937 37,780

206,998 Shanghai Electric Group Company Ltd. 117,334 102,6152,794,329 Sinopec Shanghai Petrochemical Co. Ltd.,

Series ‘H’ 1,892,614 970,7553,392,600 Sinotrans Ltd., Series ‘H’ 1,147,002 847,5292,193,700 Weiqiao Textile Co. Ltd., Series ‘H’ 3,247,667 1,726,845

110,222 Yanzhou Coal Mining Co. Ltd., Class ‘H’ 86,815 207,662117,051 Zhejiang Expressway Co. Ltd., Series ‘H’ 108,914 91,531153,471 Zijin Mining Group Co. Ltd. 90,801 132,392

China (6.42%) 28,216,104 23,838,767

8,072 Bancolombia SA, ADR, Preferred 276,583 254,163

Colombia (0.07%) 276,583 254,163

7,469 CEZ AS 381,287 671,2565,537 Komercni Banka AS 923,015 1,305,5195,163 Telefonica 02 Czech Republic 148,749 167,444

Czech Republic (0.58%) (note 10) 1 1,453,051 2,144,219

10,123 Commercial International Bank, GDR 113,681 159,1896,034 Lecico Egypt SAE, GDR 53,587 85,6441,731 Orascom Construction Industries, GDR 194,936 240,1583,374 Orascom Telecom Holding SAE, GDR 299,823 218,7364,836 Telecom Egypt GDR 74,426 77,226

Egypt (0.21%) 736,453 780,953

864,000 Anhui Expressway Co. Ltd., Class ‘H’ 697,557 618,2975,626,000 Bosideng International Holdings Ltd. 1,219,450 951,6216,513,000 Brilliance China Automotive Holdings Ltd. 1,521,768 796,578

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


HedgingRef. No.*

Average Cost($)

Current Value($)

104,336 China Mengniu Dairy Co. Ltd. 349,034 298,66031,861 China Merchants Holdings International

Co. Ltd. 140,274 124,988288,352 China Mobile (Hong Kong) Ltd. 3,494,227 3,928,172

7,130 China Mobile (Hong Kong) Ltd., ADR 520,066 481,044863,000 China Netcom Group Corp. Ltd. 2,441,273 2,386,110104,962 China Overseas Land & Investment Ltd. 133,774 167,980

8,746 China Overseas Land & Investment Ltd.,Warrants, 2008/08/27 2,373 1,252

6,632,000 China Power International Development Ltd. 3,299,150 1,881,14037,412 China Resources Enterprise Ltd. 134,134 108,30834,296 Citic Pacific Ltd. 143,271 128,293

415,513 CNOOC Ltd. 368,516 725,5341,497,227 Cosco Pacific Ltd. 2,806,421 2,458,4873,287,200 Global Bio-chem Technology Group Co. Ltd. 1,246,509 1,385,772

531,457 Hopson Development Holdings Ltd. 1,747,908 606,441193,614 Lenovo Group Ltd. 90,489 132,760204,235 NWS Holdings Ltd. 520,077 540,774

1,780,642 Texwinca Holdings Ltd. 1,386,038 1,503,6342,560,000 TPV Technology Ltd. 1,927,672 1,352,343

413,545 Xinyi Glass Holding Co. Ltd. 249,650 271,728

Hong Kong (5.62%) 24,439,631 20,849,916

272,490 Magyar Telekom Rt., Registered 1,366,395 1,326,388

Hungary (0.36%) 1,366,395 1,326,388

352,342 Andhra Bank 787,557 449,0694,960 Axis Bank Ltd. 113,758 70,6022,800 Bharat Heavy Electricals Ltd. 131,032 90,125

317,930 Bharat Petroleum Corp. Ltd. 2,522,114 1,683,28911,648 Cipla Ltd. 68,612 57,7215,124 DLF Ltd. 89,642 47,1224,338 Dr. Reddy’s Laboratories Ltd. 68,109 68,5156,781 Gail India Ltd. 76,691 52,607

10,788 GMR Infrastructure Ltd. 44,532 20,1091,391 Grasim Industries Ltd. 96,976 59,3696,085 HDFC Bank Ltd. 224,718 142,985

27,120 Hindalco Industries Ltd. 122,394 91,001461,538 Hindalco Industries Ltd., GDR, Registered 1,548,725 1,536,719399,300 Hindustan Petroleum Corp. Ltd. 2,575,818 1,611,49422,180 Hindustan Unilever Ltd. 138,515 106,8524,832 Housing Development Finance Corp. Ltd. 316,354 220,020

17,907 ICICI Bank Ltd. 394,657 266,10547,010 ICICI Bank Ltd., ADR 1,786,945 1,364,525

193,180 India Cements Ltd. 831,175 610,40792,930 India Cements Ltd., GDR 930,345 602,4634,457 Indiabulls Financial Services Ltd. 57,819 26,9844,667 Indiabulls Real Estate Ltd. 61,401 29,493

10,212 Infosys Technologies Ltd. 429,163 414,66417,285 Infrastructure Development Finance Co. Ltd. 76,227 41,81927,606 ITC Ltd. 149,519 120,20012,499 Jaiprakash Associates Ltd. 77,972 42,47159,600 Jet Airways (India) Ltd. 949,693 587,4561,400 Jindal Steel & Power Ltd. 79,483 57,2933,340 Kotak Mahindra Bank Ltd. 65,065 35,8352,224 Larsen & Toubro Ltd. 165,426 113,814

83,100 Mahanagar Telephone Nigam Ltd. 183,516 175,673214,190 Mahanagar Telephone Nigam Ltd., ADR 1,364,969 912,166127,967 Mahindra & Mahindra Ltd. 1,975,398 1,439,358159,462 Oil & Natural Gas. Corp Ltd. 3,651,619 3,013,416

5,088 Ranbaxy Laboratories Ltd. 62,112 62,5082,700 Reliance Capital Ltd. 97,371 57,304

15,071 Reliance Communication Venture Ltd. 212,217 156,72314,274 Reliance Industries Ltd. 942,827 701,7856,907 Reliance Industries Ltd., GDR 136,745 705,655

526 Reliance Industries Ltd., GDR, Series ‘144A’ 38,538 52,2982,544 Reliance Infrastructure Energy Ltd. 87,508 47,004

14,979 Reliance Natural Resources Ltd. 45,227 22,41114,192 Reliance Petroleum Ltd. 70,925 56,99292,919 Satyam Computer Services Ltd. 1,055,479 953,11740,632 State Bank of India, GDR 2,262,003 2,213,686

446,555 Steel Authority of India Ltd. 1,581,331 1,453,13763,461 Sterlite Industries (India) Ltd. 1,175,745 1,029,12164,433 Tata Consultancy Services Ltd. 1,440,797 1,303,91527,904 Tata Motors Ltd. 482,056 273,9212,041 Tata Power Co. Ltd. 69,092 50,8711,274 Tata Steel Ltd. 26,446 21,8767,869 Unitech Ltd. 57,706 31,8047,833 Wipro Ltd. 88,598 79,978

India (6.85%) 32,088,662 25,435,847

1,726,100 PT Gudang Garam TBK 2,343,855 1,215,594160,000 PT Indofood Sukses Makmur TBK 19,511 42,255341,000 PT Indosat TBK 212,018 253,280


HedgingRef. No.*

Average Cost($)

Current Value($)

11,045,300 PT Kalbe Farma TBK 1,220,242 1,020,9352,864,300 PT Telekomunikasi Indonesia 2,767,636 2,285,067

Indonesia (1.30%) 6,563,262 4,817,131

88,338 Bank Hapoalim Ltd. 349,445 394,59253,162 Bank Leumi Le Israel 196,683 267,57313,237 Check Point Software Technologies Ltd. 305,110 317,879

826,713 Israel Discount Bank of New York 1,964,937 1,855,16420,835 Makhteshim-Agan Industries Ltd. 113,857 196,73452,151 Supersol Ltd. 163,189 283,48989,172 Teva Pharmaceutical Industries Ltd., ADR 3,205,530 4,137,105

Israel (2.01%) 6,298,751 7,452,536

10,405 Solidere, GDR 199,875 385,731793 Solidere, GDR, Registered, Class ‘A’ 15,261 29,366

Lebanon (0.11%) 215,136 415,097

621,275 AMMB Holdings BHD 579,132 613,4351,917,000 Gamuda BHD 1,899,432 1,386,871

335,500 Genting Berhad 518,191 583,362149,972 IOI Corp. BHD 187,719 346,916

1,830,296 Malayan Banking BHD 5,306,084 4,006,52954,763 Malaysia International Shipping Corp. BHD 163,132 141,13156,200 Proton Holdings BHD 111,001 52,699

1,350,190 Resorts World BHD 1,002,737 1,089,999626,000 Sime Darby Berhad 1,879,057 1,788,216

50,459 Telekom Malaysia BHD 170,822 49,822990,780 Tenaga Nasional BHD 2,968,801 2,507,221

50,459 TM International Bhd 121,515 96,354

Malaysia (3.41%) 14,907,623 12,662,555

506,727 America Movil SA de CV, Series ‘L’ 1,300,992 1,358,626320,361 Cemex SA de CV 1,126,330 804,374

58,808 Cemex SA de CV, ADR 1,689,571 1,461,757789,600 Consorcio ARA SA de CV 915,205 739,377454,600 Controladora Commerciale Mexicana SA

de CV 646,602 1,378,66318,654 Corporacion GEO SA de CV, Series ‘B’ 114,159 63,129

337,300 Embotelladoras Arca SA, Series ‘B’ 1,134,138 1,255,74469,090 Fomento Economico Mexicano SAB de CV 318,897 319,600

450,575 Gruma SA de CV, Class ‘B’ 1,425,434 1,029,27919,195 Grupo Aeroportuario del Pacifico SA de CV 90,125 57,38124,792 Grupo Carso SAB de CV, Series ‘A1’ 102,926 117,174

847,500 Grupo Continental SA, Series ‘I’ 1,811,643 2,090,38144,259 Grupo Financiero Banorte SA de CV 201,891 211,229

120,741 Grupo Mexico SA, Series ‘B’ 192,219 277,125357,315 Grupo Modelo SA de CV, Series ‘C’ 1,718,544 1,815,076

10,000 Grupo Televisa SA, ADR 259,094 230,40470,437 Grupo Televisa SA, Series ‘CPO’ 486,564 338,453

195,800 Kimberly-Clark de Mexico SA de CV,Series ‘A’ 707,799 800,090

55,091 Telefonos de Mexico SA de CV, ADR 1,341,849 1,271,55755,091 Telmex Internacional SAB de CV, ADR, 951,579 899,87091,504 Wal-Mart de Mexico SA de CV, Series ‘V’ 460,173 371,206

Mexico (4.55%) 16,995,734 16,890,495

11,884 Maroc Telecom 215,940 306,600

Morocco (0.08%) 215,940 306,600

522,200 ABS-CBN Broadcasting Corp. 189,184 212,415336,439 Ayala Land Inc. 109,579 72,988

17,590 Banco de Oro Universal, GDR 257,427 499,686819,047 Bank of the Philippine Islands 690,574 786,635275,640 Manila Electric Co. 176,135 239,816241,700 Metropolitan Bank & Trust Co. 229,211 177,515

170 Philippine Long Distance Telephone Co. 10,318 9,1822,284 Philippine Long Distance Telephone

Co., ADR 144,823 123,617583,300 Union Bank of the Philippines 709,792 428,401

Philippines (0.69%) 2,517,043 2,550,255

25,789 Bank Pekao SA 2,095,246 2,023,6107,280 Globe Trade Centre SA 149,569 105,0474,514 KGHM Polska Miedz SA 161,190 215,322

112,030 Polski Koncern Naftowy Orlen SA 1,978,857 1,816,93615,021 Powszechna Kasa Oszczednosci Bank

Polski SA 278,430 328,125270,022 Telekomunikacja Polska SA 1,938,749 2,658,491

Poland (1.93%) 6,602,041 7,147,531

6,300 Cherepovets MK Severstal CLS 161,075 165,758212,685 Gazprom OAO, ADR 8,269,323 12,515,215

87,964 LUKOIL, ADR 5,105,829 8,799,44657,800 Magnitogorsk Iron & Steel Works 79,660 79,1653,300 Mechel OAO, ADR 165,407 162,379

83,090 Mining and Metallurgical Co. NorilskNickel, ADR 1,894,637 2,131,078




HedgingRef. No.*

Average Cost($)

Current Value($)

6,100 Mobile Telesystems OJSC, ADR 469,076 464,1572,500 Novatek OAO, GDR 191,321 220,1572,404 Novolipetsk Steel, GDR 44,324 134,144

14,200 OAO Vimple-Communication, ADR 431,152 420,673289,000 OJSC Gazporm 3,787,446 4,271,996

2,600 Polyus Gold CLS 141,638 145,0813,504 RAO Unified Energy System, ADR 475,191 362,608

19,600 Rosneft Oil Co. 195,857 231,0662,293 Rostelecom, ADR 127,930 168,731

254,800 Sberbank RF 818,841 814,29857,130 Surgutneftegaz, ADR 898,827 635,193

238,600 Surgutneftegaz, Preferred 119,335 127,08841,400 Tatneft 276,221 315,018

100 Transneft, Preferred 129,427 135,9503,500 Uralkali, GDR 186,927 257,797

114,920 VTB Bank, GDR 1,271,177 809,14960,000,000 VTB Bank OJSC 232,247 211,080

Russia (9.05%) 25,472,868 33,577,227

43,195 African Bank Investments Ltd. 184,996 132,1171,994 Anglo American Platinum Corp. Ltd. 297,531 337,7654,899 AngloGold Ashanti Ltd. 269,633 170,160

114,494 AngloGold Ashanti Ltd., ADR 4,503,634 3,915,7501,207 AngloGold Ashanti Ltd., Warrants,

2008/07/04 — 10,371500,660 Aspen Pharmacare Holdings Ltd. 2,438,267 2,011,49518,006 Aveng Ltd. 114,198 134,1849,623 Barloworld Ltd. 293,813 99,773

95,942 Bidvest Group Ltd. 1,304,124 1,206,7545,175 Discovery Holdings Ltd. 20,913 14,3196,364 Eqstra Holdings Ltd. 15,081 9,939

1,186,481 FirstRand Ltd. 2,513,376 2,045,1579,623 Freeworld Coatings Ltd. 15,899 9,167

13,904 Gold Fields Ltd. 269,213 179,299107,190 Gold Fields Ltd., ADR 1,785,303 1,366,98310,102 Harmony Gold Mining Co. Ltd. 160,941 123,46214,088 Impala Platinum Holdings Ltd. 479,202 564,1866,364 Imperial Holdings Ltd. 160,634 43,062

203,140 JD Group Ltd. 1,829,060 687,93836,008 MTN Group Ltd. 488,071 580,775

959,750 Nampak Ltd. 2,104,247 1,648,1189,829 Naspers Ltd., Series ‘N’ 284,184 216,850

201,628 Nedbank Group Ltd. 3,306,041 2,402,79617,855 Pretoria Portland Cement Co. Ltd. 137,148 65,97412,852 Reunert Ltd. 171,111 81,617

529,211 Sanlam Ltd. 1,217,111 1,130,317175,106 Sappi Ltd. 2,795,606 2,144,60445,425 Sasol Ltd. 1,814,992 2,714,00290,637 Standard Bank Group Ltd. 1,294,457 896,281

494,683 Steinhoff International Holdings Ltd. 1,465,281 1,020,66861,780 Telkom South Africa Ltd. 1,149,220 1,128,9677,931 Tiger Brands Ltd. 214,061 144,006

28,652 Truworths International Ltd. 161,902 84,29463,332 Woolworths Holdings Ltd. 205,533 82,983

South Africa (7.38%) 33,464,783 27,404,133

158 Amorepacific Corp. 110,105 98,9942,484 Cheil Industries Inc. 117,103 116,846

320 CJ CheilJedang Corp. 80,423 83,643546 CJ Corp. 112,745 32,621

6,791 Daegu Bank 133,847 90,8941,237 Daelim Industrial Co. Ltd. 116,307 127,7734,817 Daewoo Engineering & Construction Co. Ltd. 109,780 73,5831,609 Daewoo International Corp. 72,541 68,5085,075 Daewoo Securities Co. Ltd. 102,813 92,5373,431 Daewoo Shipbuilding & Marine Engineering

Co. Ltd. 121,716 135,9361,397 GS Engineering & Construction Corp. 137,476 154,462

38,537 Hana Financial Group Inc. 2,028,260 1,502,5363,069 Hanjin Shipping Co. Ltd. 108,276 120,8495,463 Hankook Tire Co. Ltd. 96,429 77,093

105,322 Hanwha Chemical Corp. 1,689,378 1,179,837542 Hite Brewery Co. Ltd. 80,789 60,979

2,130 Hyundai Development Co. 137,405 109,4911,377 Hyundai Heavy Industries Co. Ltd. 244,193 432,045

25,900 Hyundai Mobis 2,489,976 2,127,67029,635 Hyundai Motor Co. Ltd. 2,172,125 2,040,7247,096 Hyundai Securities Co. Ltd. 100,164 86,7174,990 Kangwon Land Inc. 127,083 110,5887,210 Kia Motors Corp. 104,523 76,922

73,710 Kookmin Bank 4,670,919 4,410,95519,008 Kookmin Bank, ADR 1,333,019 1,128,34091,946 Korea Electric Power Corp. 3,461,614 2,742,19917,900 Korea Electric Power Corp., ADR 349,355 254,7911,607 Korea Investment Holdings Co. Ltd. 83,756 64,994

13,990 KT Corp. 709,891 606,522


HedgingRef. No.*

Average Cost($)

Current Value($)

110,892 KT Corp., ADR 2,871,575 2,295,1123,415 KT Freetel 107,904 92,5753,285 KT&G Corp. 237,660 286,428

146,530 Kumho Tire Co. Inc. 2,296,859 1,270,53020,100 Kumho Tire Co. Inc., GDR 178,160 82,1491,873 LG Chem Ltd. 90,953 181,6603,133 LG Electronics Inc. 219,900 360,081

517 LG Household & Health Care Ltd. 75,307 102,0412,906 LG Philips 119,776 110,4857,973 Lotte Shopping Co. Ltd. 3,351,698 2,408,8001,218 NHN Corp. 202,144 215,5918,475 Nong Shim Co. Ltd. 1,948,865 1,837,1235,018 POSCO 1,278,627 2,647,589

18,887 POSCO, ADR 1,643,364 2,414,3884,517 Samsung Corp. 174,864 247,5252,410 Samsung Electro-Mechanics Co. Ltd. 110,003 90,575

15,963 Samsung Electronics Co. Ltd. 9,956,426 9,676,439617 Samsung Electronics Co. Ltd., Preferred 349,449 268,092

1,234 Samsung Fire & Marine Insurance 242,894 261,5105,728 Samsung Heavy Industries Co. Ltd. 153,222 207,2211,376 Samsung SDI Co. Ltd. 158,361 111,4362,270 Samsung Securities Co. Ltd. 146,149 143,5472,148 Samsung Techwin Co. Ltd. 83,395 96,458

47,026 Shinhan Financial Group Co. Ltd. 2,493,267 2,148,226408 Shinsegae Co. Ltd. 279,819 222,787

2,659 SK Corp. 576,783 332,6822,863 SK Telecom Co. Ltd. 661,425 527,589

202,467 SK Telecom Co. Ltd., ADR 5,293,360 4,152,34020,616 S-Oil Corp. 1,699,635 1,341,677

543 Yuhan Corp. 98,218 115,336

South Korea (14.13%) 58,302,073 52,457,041

83,000 Accton Technology Corp., GDR 272,530 57,26143,000 Acer Inc. 86,931 85,94961,000 Advanced Semiconductor Engineering Inc. 62,695 55,56189,562 Advanced Semiconductor Engineering

Inc., ADR 534,448 363,46146,000 Asustek Computer Inc. 130,829 127,002

106,000 AU Optronics Corp. 163,817 169,00434,025 AU Optronics Corp., ADR 526,379 542,4867,800 Catcher Technology Co. Ltd. 44,140 22,526

90,000 Cathay Financial Holding Co. Ltd. 215,560 198,54570,000 Chi Mei Optoelectronics Corp. 77,777 82,008

181,280 China Development Financial Holding Corp. 74,538 70,8941,207,485 China Motor Corp. Ltd. 1,382,921 787,025

166,000 China Steel Corp. 210,643 259,6722,482,067 Chinatrust Financial Holding Co. Ltd. 1,915,442 2,430,820

153,000 Chunghwa Picture Tubes Ltd. 43,765 40,65784,545 Chunghwa Telecom Co. Ltd. 157,948 221,83574,705 Chunghwa Telecom Co. Ltd., ADR 1,508,381 1,792,480

3,238,318 Compal Electronics Inc. 3,239,417 3,550,30126,167 Compal Electronics Inc., GDR 184,188 143,35823,000 Delta Electronics Inc. 87,862 64,57712,800 D-Link Corp. 34,866 17,54181,000 E. Sun Financial Holding Co. Ltd. 45,121 44,53761,800 Far Eastern Textile Ltd. 66,228 81,697

923,336 First Financial Holding Co. Ltd. 716,314 1,027,7238,180 First Financial Holding Co. Ltd., GDR,

Registered 125,935 182,08051,000 Formosa Chemicals & Fibre Corp. 126,396 101,94036,000 Formosa Petrochemical Corp. 103,288 96,50571,000 Formosa Plastics Corp. 177,734 173,7175,000 Foxconn Technology Co. Ltd. 48,973 23,481

68,000 Fubon Financial Holding Co. Ltd. 61,370 70,46047,889 Fubon Financial Holding Co. Ltd., GDR 504,287 497,518

109,000 Fuhwa Financial Holding Co. Ltd. 61,412 77,421124,200 HannStar Display Corp. 43,596 45,873

6,000 High Tech Computer Corp. 79,872 136,37489,644 Himax Technologies Inc., ADR 551,394 462,01778,000 Hon Hai Precision Industry Co. Ltd. 562,564 389,76978,000 Hua Nan Financial Holdings Co. Ltd. 51,720 72,34928,075 Innolux Display Corp. 120,854 51,1432,000 Largan Precision Co. Ltd. 18,526 25,871

55,376 Lite-On Technology Corp. 84,434 56,54680,388 Macronix International Co. Ltd. 46,972 35,73715,000 MediaTek Inc. 244,899 173,727

2,528,000 Mega Financial Holding Co. Ltd. 1,847,483 2,027,96430,000 Mitac International Corp. 37,265 20,55693,000 Nan Ya Plastics Corp. 215,724 200,189

267,044 Nan Ya Printed Circuit Board Corp. 1,669,311 1,352,282966,000 Nien Hsing Textile Co. Ltd. 942,716 529,533

9,000 Novatek Microelectronics Corp. Ltd. 39,420 26,53354,000 Pou Chen Corp. 58,686 47,651

3,520,185 Powerchip Semiconductor Corp. 1,988,483 1,016,6012,958,493 Quanta Computer Inc. 4,903,409 4,642,780

79,616 Quanta Computer Inc., GDR, Registered 988,708 625,194




HedgingRef. No.*

Average Cost($)

Current Value($)

15,750 Realtek Semiconductor Corp. 78,325 32,74557,000 Shin Kong Financial Holding Co. Ltd. 58,354 38,58147,000 Siliconware Precision Industries Co. 90,687 70,22355,528 Siliconware Precision Industries Co., ADR 563,080 410,689

7,669,000 SinoPac Holdings Co. 4,372,344 3,370,82596,000 Taishin Financial Holdings Co. Ltd. 50,539 41,39473,000 Taiwan Cement Corp. 89,831 99,91918,000 Taiwan Fertilizer Co. Ltd. 37,771 68,58837,242 Taiwan Mobile Co. Ltd. 54,390 70,208

1,539,214 Taiwan Semiconductor Manufacturing Co. 3,052,229 3,338,993114,642 Taiwan Semiconductor Manufacturing Co.

Ltd., ADR 1,384,221 1,245,36796,000 Tatung Co. Ltd. 44,780 39,30862,000 Uni-President Enterprises Corp. 62,375 75,641

5,559,251 United Microelectronics Corp. 4,387,392 2,991,672478,657 United Microelectronics Corp., ADR 3,075,330 1,418,01528,000 Via Technologies Inc. 22,903 19,98189,000 Walsin Lihwa Corp. 44,875 32,57448,000 Wan Hai Lines Ltd. 34,716 37,543

104,000 Winbond Electronics Corp. 35,101 22,2484,211,000 Yageo Corp. 1,733,155 1,321,669

131,090 Yageo Corp., GDR 295,423 204,81646,367 Yang Ming Marine Transport 30,681 30,99633,000 Yulon Motor Co. Ltd. 38,090 33,863

Taiwan (10.89%) 47,124,763 40,414,589

317,843 Bangkok Bank Public Co. Ltd. 1,164,010 1,147,70911,900,700 Charoen Pokphand Foods Public Co. Ltd. 1,671,213 1,357,787

117,200 Delta Electronics (Thailand) Public Co. Ltd. 79,276 72,9041,017,222 Kasikornbank Public Co. Ltd. 1,797,016 2,206,9577,184,300 Krung Thai Bank Public Co. Ltd. 2,256,838 1,831,198

55,242 PTT Exploration and Production Public Co.Ltd. 178,574 323,518

38,942 PTT Public Co. Ltd. 273,627 354,496329,464 Siam Cement Public Co. Ltd. (The) 2,493,631 1,979,45316,100 Siam Makro Public Co. Ltd. 21,178 44,457

1,385,100 Thai Airways International Public Co. Ltd. 1,728,809 886,8201,472,100 Thai Union Frozen Products Public Co. Ltd. 1,036,297 857,651

Thailand (2.98%) 12,700,469 11,062,950

32,816 Akbank T.A.S. 196,510 114,90829,150 Hurriyet Gazetecilik ve Matbaacilik AS 98,985 34,58834,497 Koc Holding AS 112,338 95,0315,874 Migros Turk TAS 85,885 98,4555,531 Tupras-Turkiye Petrol Rafinerileri AS 116,795 128,504

963,155 Turk Sise ve Cam Fabrikalari AS (Sisecam) 1,641,118 1,038,94720,160 Turkcell Iletisim Hizmetleri AS 106,533 117,096

366,381 Turkiye Garanti Bankasi AS 1,046,266 851,225408,355 Turkiye Is Bankasi, Series ‘C’ 2,051,861 1,348,573

Turkey (1.03%) 5,456,291 3,827,327

58 iShares MSCI Taiwan Index Fund 969 8303,288 Southern Copper Corp. 249,032 355,701

23,410 Vanguard Emerging Markets ETF 1,130,503 1,095,853

United States (0.39%) 1,380,504 1,452,384

Total of International Equities (94.60%) 364,340,451 351,116,721

Number ofOptions

Holdings/Expiry Date/Strike Price

Underlying Intereston Equity Options

Average Cost($)

Current Value($)

Options

Purchased Call Options

150 Grupo Televisa SA, ADR 15,000 20,625 9,131January 2009, $30.00 USD

300 iShares FTSE/Xinhua China 25 30,000 100,765 38,046Index Fund

July 2008, $140.00 USD200 iShares MSCI Brazil Index Fund 20,000 56,995 55,800

July 2008, $90.00 USD600 iShares MSCI Brazil Index Fund 60,000 38,345 12,175

July 2008, $100.00 USD

Total of Purchased Call Options (0.03%) 216,730 115,152

Written Call Options

(300) iShares FTSE/Xinhua China 25 (30,000) (56,514) (21,306)Index Fund

July 2008, $144.00 USD

Total of Written Call Options (�0.01%) (56,514) (21,306)

Total of Options (0.02%) 160,216 93,846

Total of Investments before Short-TermInvestments (94.62%) 364,500,667 351,210,567

Par ValueAverage Cost

($)Current Value

($)

Short-Term Investments (note 11)

Government of Canada900,000 Treasury Bill, 2.70%, 2008/08/21 893,534 896,635

2,875,000 Treasury Bill, 2.69%, 2008/10/02 2,854,400 2,855,451Royal Bank of Canada

325,000 Term Deposit, 3.00%, 2008/07/02 325,000 325,027CIBC Mellon Trust

7,084,399 Demand Deposit, Variable Rate 7,084,399 7,094,394

Total Short-Term Investments — CAD 11,157,333 11,171,507

Canadian Imperial Bank of Commerce745,499 Demand Deposit, Variable Rate 758,056 759,002

Total Short-Term Investments — USD 758,056 759,002

Total of Short-Term Investments (3.21%) 11,915,389 11,930,509

Less: Transaction costs included in average cost (931,811)

Total of Investments (97.83%) 375,484,245 363,141,076

Margin (0.46%) 1,708,309Unrealized Gain (Loss) on Futures Contracts (-0.02%) (72,125)Unrealized Gain (Loss) on Forward Foreign Currency Contracts (-0.01%) (24,728)Other Assets, less Liabilities (1.74%) 6,421,056

Total Net Assets (100.00%) 371,173,588

*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) ($)

436,757 Brazil Bovespa Index August 2008 10 BRL 68,470.00 418,769 (17,988)(538,814) Czech Traded Index July 2008 (12) EUR 2,809.00 (493,718) 45,096

2,923,413 Hong Kong Hang Seng Index July 2008 37 HKD 12,145.00 2,863,235 (60,177)2,479,637 Korean KOSPI 200 Index September 2008 23 KRW 222.32 2,397,488 (82,149)(931,857) Malaysian Kuala Lumpur Composite Index July 2008 (50) MYR 1,200.47 (908,981) 22,876

(1,079,723) Polish WIG20 Index September 2008 (84) PLN 2,694.68 (1,030,969) 48,754(1,127,628) Russian Traded Index July 2008 (32) USD 3,473.30 (1,084,351) 43,277

(374,130) Singapore SGX CNX Nifty Index July 2008 (44) USD 4,190.50 (353,550) 20,5781,526,194 South African FTSE/JSE Top 40 Index September 2008 39 ZAR 30,194.70 1,476,169 (50,024)

(1,892,572) Taiwanese MSCI SGX Index July 2008 (63) USD 296.10 (1,837,604) 54,9681,470,571 TurkDEX-ISE 30 August 2008 386 TRY 45.91 1,373,235 (97,336)

2,891,848 Total Equity Index Futures 2,819,723 (72,125)

As at June 30, 2008, $1,520,176 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+ 2008/07/16 CNY 2,639,003 USD 388,660 0.147 0.146 (2,982)State Street Trust Co. Canada A1+ 2008/07/16 USD 380,623 CNY 2,640,000 6.936 6.842 (5,321)State Street Trust Co. Canada A1+ 2008/07/11 CAD 305,552 CZK 4,865,000 1 15.922 14.958 (19,682)



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+ 2008/09/30 HUF 39,230,000 CAD 259,286 0.007 0.007 3,916State Street Trust Co. Canada A1+ 2008/09/15 PLN 650,000 CAD 302,213 0.465 0.474 5,845State Street Trust Co. Canada A1+ 2008/09/08 USD 25,000 CAD 25,500 1.020 1.015 (115)State Street Trust Co. Canada A1+ 2008/07/02 CAD 164,486 USD 162,375 0.987 0.986 (252)Royal Bank of Canada A1+ 2008/09/08 CAD 25,460 USD 25,000 0.982 0.985 75State Street Trust Co. Canada A1+ 2008/09/08 CAD 523,416 USD 521,590 0.997 0.985 (6,212)

(24,728)

*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 Emerging Economies Pool (the Pool) is to provide long-term growth through capital appreciation by investing primarily in equity

securities of companies that trade in an emerging country and/or that trade in any market where companies earn a significant amount of their annual revenue fromemerging countries. An emerging country includes any country that is included in the MSCI Emerging Markets Index.

The Pool will employ a combination of active and passive investment strategies. The passive strategy will involve managing a component of the Pool to track theperformance of an index that is intended to represent emerging markets. The active portion of the Pool employs a bottom-up approach when making investmentdecisions.

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

U.S. Dollar 111,236,541 (571,507) 110,665,034 29.62Hong Kong Dollar 43,915,984 — 43,915,984 11.75South Korean Won 42,602,833 — 42,602,833 11.40Taiwan Dollar 34,083,130 — 34,053,130 9.11South African Rand 22,362,655 75,169 22,287,486 5.96Brazilian Real 21,960,359 — 21,960,359 5.88Indian Rupee 17,869,173 — 17,869,173 4.78Malaysian Ringgit 13,726,090 — 13,726,090 3.67

*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 $3,607,628. 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 Emerging Markets Index 3,082,968

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) $ 363,141 $ 407,257Cash including foreign currency holdings, at current value 5,856 4,836Margin 1,708 2,201Accrued interest and dividends receivable 1,088 702Receivable for portfolio securities sold 2,613 1,859Receivable for units issued 316 100Unrealized gain on forward foreign currency contracts — 10

Total Assets 374,722 416,965

LiabilitiesPayable for portfolio securities purchased 3,097 308Payable for units redeemed 301 350Management fees payable 10 11Other accrued expenses 43 38Unrealized loss on futures contracts 72 255Unrealized loss on forward foreign currency contracts 25 —

Total Liabilities 3,548 962

Total Net Assets $ 371,174 $ 416,003

Net Assets per Unit (notes 4 and 12) $ 12.53 $ 13.55

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 $ (31,034) $ 23,178

Changes Due to Unitholder TransactionsAmount received from the issuance of units 37,135 53,816Amount paid on redemptions of units (50,930) (27,885)

(13,795) 25,931

Increase (Decrease) in Net Assets for the Period (44,829) 49,109Net Assets at Beginning of Period 416,003 345,566Adjustment to beginning net assets on adoption of new

accounting policy — (583)

Net Assets at End of Period $ 371,174 $ 394,092

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 $ 96 $ 186Dividend revenue 7,621 5,004Income (loss) from forward foreign currency contracts (62) (430)Income (loss) from futures contracts (979) 461Securities lending revenue 14 12

6,690 5,233

Expenses (notes 5 and 8)Management fees 517 486Audit fees 8 10Custodial fees 399 367Independent review committee fees 1 1Legal fees 8 1Regulatory fees 14 9Unitholder reporting costs 225 208Other expenses 1 2

1,173 1,084

Expenses waived/absorbed by the Manager (877) (856)

296 228

Net Investment Income (Loss) 6,394 5,005

Realized and Unrealized Gain (Loss) on InvestmentsNet realized gain (loss) on sale of investments1 17,284 31,808Net realized gain (loss) on foreign currency (notes 2d and e) 261 (867)Transaction costs (458) (1,108)Increase (decrease) in unrealized appreciation (depreciation) of

investments (54,515) (11,660)

Net Gain (Loss) on Investments (37,428) 18,173

Increase (Decrease) in Net Assets from Operations $ (31,034) $ 23,178

Increase (Decrease) in Net Assets from Operations per Unit $ (1.03) $ 0.92

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 $ 355,724 $ 262,697Purchases 100,944 181,542

456,668 444,239Cost of Investments Held at End of Period 363,569 314,503

Cost of Investments Sold or Matured 93,099 129,736Proceeds from sales or maturities 110,383 161,544

Net Realized Gain (Loss) on Sale of Investments $ 17,284 $ 31,808



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 — —


Imperial International Equity Pool

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


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

5650 Yonge Street, 19th FloorToronto, Ontario

M2M 4G3

Website

www.cibc.com/mutualfunds

The CIBC logo and “CIBC For what matters” are registered trademarks of CIBC.

00012091

Documents

Interim Financial Statements (unaudited) - cibc.com · Interim Financial Statements (unaudited) for the period ended June 30, 2008 Statement of Investment Portfolio (unaudited) As