Imperial Pools Commissions, Trailing Commissions, Management Fees, and Expenses All May Be Associated with an Investment in the Imperial Pools

Imperial Pools Commissions, trailing commissions, management fees, and expenses all may be associated with an investment in the Imperial Pools. Please read the Imperial Pools simplified prospectus CIBC before investing. The Imperial Pools are not guaranteed, their values change frequently, 5650 Yonge Street, 19th Floor and past performance may not be repeated. Toronto, Ontario M2M 4G3 CIBC Asset Management is the asset management arm of CIBC. CIBC Asset Management is a trademark of CIBC. The CIBC logo and “For what matters.” are trademarks of CIBC. CIBC Securities Inc. 1-888-357-8777

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Imperial Pools

Interim Financial Statements

June 30, 2006

514A231E 08/06 For what matters. Inside This Report

FINANCIAL STATEMENTS

IMPERIAL POOLS Imperial Money Market Pool 2 Imperial Short-Term Bond Pool 4 Imperial Canadian Bond Pool 7 Imperial Canadian Dividend Pool 13 Imperial International Bond Pool 16 Imperial Canadian Income Trust Pool 20 Imperial Canadian Dividend Income Pool 22 Imperial Canadian Equity Pool 25 Imperial Registered U.S. Equity Index Pool 29 Imperial U.S. Equity Pool 31 Imperial Registered International Equity Index Pool 40 Imperial International Equity Pool 43 Imperial Overseas Equity Pool 51 Imperial Emerging Economies Pool 55

NOTES TO FINANCIAL STATEMENTS 58

1 Imperial Money Market Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Par Value ($) ($) Canadian Bonds 13,400,000 407 International Inc., Variable Rate, 4.379%, 2006/11/22 13,400,000 13,403,484 3,300,000 Bank of Nova Scotia, Floating Rate, 4.547%, 2007/03/30 3,299,228 3,300,000 12,375,000 Broadway Credit Card Trust, Variable Rate, 4.256%, 2007/07/17 12,375,000 12,382,425 7,200,000 Citigroup Finance Canada Inc., Floating Rate, 4.502%, 2007/12/03 7,200,000 7,204,320 13,700,000 John Deere Credit Inc., Floating Rate, 4.556%, 2007/12/13 13,699,726 13,705,001 13,500,000 Royal Bank of Canada, Variable Rate, 4.207%, 2006/10/20 13,500,000 13,500,945 Total of Canadian Bonds (13.20%) 63,473,954 63,496,175 Total of Investments before Short-Term Investments (13.20%) 63,473,954 63,496,175 Short-Term Investments 20,000,000 Government of Canada Treasury Bill, 4.405%, 2007/05/17 19,214,000 19,241,000 3,395,000 Province of Ontario Treasury Bill, 4.070%, 2006/10/11 3,330,020 3,353,988 25,000,000 Province of Ontario Treasury Bill, 4.160%, 2006/11/23 24,486,500 24,569,000 1,965,000 Province of Quebec Treasury Bill, 3.940%, 2007/01/05 1,890,703 1,920,807 6,175,000 Alcan Aluminum Corp. Discount Note, 4.241%, 2006/07/31 6,111,089 6,152,214 10,000,000 Canadian Master Trust Series ‘A’ Discount Note, 4.060%, 2006/07/07 9,899,800 9,991,600 35,000,000 Canadian Master Trust Series ‘A’ Discount Note, 4.211%, 2006/08/01 34,636,350 34,866,650 3,600,000 Care Trust Discount Note, 4.142%, 2006/07/19 3,563,604 3,591,864 5,300,000 Care Trust Series ‘A’ Discount Note, 4.342%, 2006/08/29 5,245,092 5,262,052 10,200,000 Core Receivables Trust Discount Note, 4.242%, 2006/08/15 10,088,616 10,144,104 11,700,000 Darwin Receivables Trust Senior Discount Note, 4.202%, 2006/07/28 11,577,384 11,661,039 14,800,000 Darwin Receivables Trust Senior Discount Note, 4.218%, 2006/08/02 14,644,304 14,741,836 20,000,000 Darwin Receivables Trust Senior Discount Note, 4.319%, 2006/08/31 19,784,600 19,852,000 14,000,000 King Street Funding Trust Discount Note, 4.182%, 2006/07/27 13,853,980 13,955,060 15,000,000 King Street Funding Trust Discount Note, 4.250%, 2006/08/09 14,841,000 14,928,600 15,000,000 Prime Trust Discount Note, 4.218%, 2006/08/02 14,842,200 14,941,050 10,000,000 Prime Trust Senior Discount Note, 4.311%, 2006/08/30 9,892,500 9,927,200 36,700,000 Ridge Trust Series ‘A’ Discount Note, 4.214%, 2006/08/01 36,319,404 36,560,173 24,500,000 Stars Trust Series ‘A’ Discount Note, 4.142%, 2006/07/19 24,252,305 24,444,630 12,000,000 Stars Trust Series ‘A’ Discount Note, 4.198%, 2006/07/24 11,879,760 11,965,680 5,000,000 Summit Trust Series ‘A’ Discount Note, 4.339%, 2006/08/23 4,951,150 4,967,800 15,900,000 Summit Trust Series ‘A’ Discount Note, 4.378%, 2006/09/07 15,737,661 15,769,143 20,000,000 Vision Trust Class ‘A’ Discount Note, 4.328%, 2006/07/24 19,870,400 19,942,800 8,625,000 Zeus Receivables Trust Senior Discount Note, 4.340%, 2006/09/05 8,528,658 8,556,086 5,000,000 Caisse Centrale Desjardins Bankers’ Acceptance, 4.330%, 2006/08/30 4,946,600 4,962,700 8,600,000 Citibank Canada Bankers’ Acceptance, 4.360%, 2006/11/14 8,437,718 8,455,434 20,000,000 Desjardins Bank Bankers’ Acceptance, 4.241%, 2006/08/09 19,793,000 19,902,400 1,550,000 Bank of Montreal Term Deposit, 4.250%, 2006/07/04 1,550,000 1,550,180 20,000,000 Bank of Nova Scotia Bearer Deposit Note, 4.161%, 2006/07/26 19,792,400 19,937,000 9,500,000 Bank of Nova Scotia Bearer Deposit Note, 4.350%, 2007/05/23 9,106,035 9,120,190 5,600,000 Citibank Bearer Deposit Note, 4.071%, 2006/07/07 5,545,568 5,595,185 6,425,000 Toronto-Dominion Bank (The) Bearer Deposit Note, 4.370%, 2006/12/06 6,287,248 6,300,420 Total of Short-Term Investments (86.75%) 414,899,649 417,129,885 Total of Investments (99.95%) 478,373,603 480,626,060 Other Assets, less Liabilities (0.05%) 263,065 Total Net Assets (100.00%) 480,889,125

2 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Money Market Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 480,626 $ 903,868 Interest revenue $ 13,790 $ 11,117 Cash including foreign currency holdings, at current value 16 — Securities lending revenue 3 16 Accrued interest and dividends receivable 341 263 Receivable for units issued 387 1,794 13,793 11,133 Total Assets 481,370 905,925 Expenses (notes 5 and 8) Management fees 886 1,215 Liabilities Audit fees 7 4 Bank overdraft — 11 Custodial fees 58 38 Payable for units redeemed 342 518 Legal fees 2 6 Management fees payable 15 22 Regulatory fees 14 12 Other accrued expenses 43 65 Unitholder reporting costs 246 476 Distributions payable to unitholders 81 — Other expenses 57 24 Total Liabilities 481 616 1,270 1,775 Total Net Assets $ 480,889 $ 905,309 Expenses waived/absorbed by the Manager (880) (1,240)

Net Asset Value per Unit (note 4) $ 10.00 $ 10.01 390 535 Net Investment Income (Loss) 13,403 10,598 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 — 10 Increase (decrease) in unrealized appreciation (depreciation) of investments (1,679) 687 Net Gain (Loss) on Investments (1,679) 697 Increase (Decrease) in Net Assets from Operations $ 11,724 $ 11,295 Increase (Decrease) in Net Assets from Operations per Unit $ 0.17 $ 0.12

Statements of Changes in Net Assets 1 Net Realized Gain (Loss) on Sale of Investments (in 000s) (unaudited) (excluding short-term investments) (in 000s) For the periods ended June 30, 2006 and 2005 (note 1) 2006 2005

2006 2005 Cost of Investments Held at Beginning of Period $ 63,474 $ 87,481 Purchases 7,200 30,695 Increase (Decrease) in Net Assets from Operations $ 11,724 $ 11,295 70,674 118,176 Distributions Paid or Payable to Unitholders Cost of Investments Held at End of Period 63,474 83,474 From net investment income (11,679) (11,218) Cost of Investments Sold or Matured 7,200 34,702 (11,679) (11,218) Proceeds from sales or maturities 7,200 34,712 Changes Due to Unitholder Transactions Net Realized Gain (Loss) on Sale of Investments $ — $10 Amount received from the issuance of units 205,502 417,112 Amount received from reinvestment of distributions 11,300 11,037 Amount paid on redemptions of units (641,267) (273,288) (424,465) 154,861 Increase (Decrease) in Net Assets for the Period (424,420) 154,938 Net Assets at Beginning of Period 905,309 762,616 Net Assets at End of Period $ 480,889 $ 917,554

The accompanying notes are an integral part of these ﬁnancial statements. 3 Imperial Short-Term Bond Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Par Value ($) ($) Canadian Bonds 47,515,000 Canada Housing Trust No. 1, 5.100%, 2007/09/15 47,779,508 47,795,814 186,559,000 Canada Housing Trust No. 1, 4.650%, 2009/09/15 193,404,869 186,975,027 45,985,000 Canada Housing Trust No. 1, 4.050%, 2011/03/15 45,363,091 44,908,031 116,050,000 Government of Canada, 6.000%, 2011/06/01 126,474,680 123,593,250 Government of Canada & Guaranteed (20.98%) 413,022,148 403,272,122 31,401,603 Province of Manitoba, 3.325%, 2009/05/10 31,398,970 30,793,668 3,325,000 Province of New Brunswick, 5.250%, 2009/06/02 3,535,273 3,383,620 9,960,000 Province of Newfoundland and Labrador, 5.700%, 2008/10/07 10,602,530 10,190,176 19,800,000 Province of Nova Scotia, 5.250%, 2007/12/20 20,709,612 19,908,108 68,000,000 Province of Ontario, 4.500%, 2008/04/17 69,654,440 67,731,400 125,963,971 Province of Ontario, 3.210%, 2009/08/13 125,647,045 123,469,884 2,500,000 Province of Quebec, 5.500%, 2009/06/01 2,677,050 2,558,200 131,518,383 Province of Quebec, 3.149%, 2009/08/17 130,334,470 129,111,597 10,800,000 Province of Quebec, Zero Coupon, 2011/07/16 8,545,932 8,516,664 Provincial Government & Guaranteed (20.59%) 403,105,322 395,663,317 3,895,000 City of Toronto, 5.150%, 2008/12/18 4,026,651 3,941,740 Municipal Government (0.21%) 4,026,651 3,941,740 3,242,620 N-45 First CMBS Corp., 5.248%, 2006/12/15 3,318,667 3,242,880 6,648,788 N-45 First CMBS Corp., 3.830%, 2008/05/15 6,653,764 6,563,683 5,400,000 N-45 First CMBS Corp., 4.636%, 2013/03/15 5,399,516 5,314,140 26,237,798 NHA MBS Equitable Trust Co., 3.550%, 2009/04/01 25,590,511 25,430,723 19,307,369 NHA MBS Equitable Trust Co., 4.250%, 2009/07/01 19,113,716 19,013,125 10,279,167 NHA MBS Home Trust Co., 3.250%, 2008/07/01 10,211,539 10,002,349 7,675,494 NHA MBS Peoples Trust Co., 4.450%, 2007/08/01 7,762,841 7,642,719 867,291 NHA MBS Peoples Trust Co., 4.000%, 2008/05/01 871,779 855,947 6,793,262 NHA MBS Toronto-Dominion Bank (The), 4.000%, 2007/09/01 6,844,252 6,731,512 9,642,994 Real Estate Asset Liquidity Trust, Class ‘A1’, Series ‘2004-1’, 4.445%, 2013/05/12 9,640,176 9,487,742 24,917,915 Real Estate Asset Liquidity Trust, Class ‘A1’, Series ‘2006-1’, 4.707%, 2015/07/12 24,917,018 24,534,179 9,414,838 Schooner Trust, 4.639%, 2014/01/12 9,415,076 9,273,615 Mortgage-Backed Securities (6.67%) 129,738,855 128,092,614 27,230,000 407 International Inc., 9.000%, 2007/08/15 28,749,024 28,361,679 7,310,000 407 International Inc., 6.900%, 2007/12/17 8,033,326 7,533,613 4,705,000 407 International Inc., 6.050%, 2009/07/27 5,106,936 4,871,416 30,000,000 Bank of Montreal, 4.300%, 2009/09/04 29,982,600 29,545,800 25,730,000 Bank of Montreal, 4.690%, 2011/01/31 25,688,716 25,533,680 27,563,136 Bank of Nova Scotia, 3.318%, 2009/08/18 27,505,728 26,918,159 28,890,000 Bank of Nova Scotia, 3.930%, 2010/02/18 28,921,693 28,022,144 7,631,126 Bank of Nova Scotia, 3.990%, 2013/03/04 7,452,247 7,422,033 26,760,000 BCE Inc., Series ‘B’, 6.750%, 2007/10/30 26,819,746 27,341,762 10,345,000 BCIMC Realty Corp., 3.940%, 2009/12/22 10,279,163 10,054,202 10,000,000 BCIMC Realty Corp., 4.100%, 2011/02/10 9,993,700 9,668,300 70,000 BMO Capital Trust, Series ‘A’, 6.903%, 2010/06/30 76,890 74,759 17,401,000 Brascan Power Corp., 4.650%, 2009/12/16 17,490,363 17,194,276 16,590,000 Calloway REIT, Series ‘A’, Callable, 4.510%, 2010/09/22 16,585,114 15,938,179 19,850,000 Canada Safeway Ltd., 4.450%, 2008/11/14 19,826,617 19,543,516 23,802,500 Canadian Credit Card Trust, 4.806%, 2008/01/24 24,112,435 23,838,680 30,110,000 Canadian Credit Card Trust, Series ‘05-1’, 4.143%, 2010/04/26 30,111,167 29,465,044 6,410,000 Canadian Occidental Petroleum, Callable, 6.300%, 2008/06/02 6,651,785 6,579,545 495,000 Cards II Trust, Class ‘4A’, Series ‘2005-5’, 3.869%, 2010/10/15 485,454 476,937 31,115,000 CDP Financial Inc., 4.200%, 2008/07/14 31,217,063 30,871,058 44,860,000 CDP Financial Inc., 4.200%, 2008/10/14 44,866,280 44,398,391 15,125,000 CHIP Mortgage Trust, 4.296%, 2010/11/01 15,124,650 14,838,939 12,500,000 Citigroup Finance Canada Inc., 3.400%, 2008/02/18 12,494,000 12,256,625 25,000,000 Citigroup Finance Canada Inc., 4.780%, 2009/06/15 25,165,250 24,981,000 12,610,000 Citigroup Finance Canada Inc., Floating Rate, Callable, 4.110%, 2009/12/14 12,549,700 12,345,190 1,215,000 Consumers Gas Co. Ltd., 5.850%, 2008/09/25 1,300,376 1,241,572 3,290,000 Consumers Waterheater Operating Trust, 5.245%, 2010/01/28 3,395,774 3,338,133 17,495,000 Consumers Waterheater Operating Trust, Series ‘03A1’, 4.700%, 2008/01/28 17,638,092 17,499,199 6,230,000 Enbridge Gas Distribution Inc., 4.480%, 2008/12/16 6,230,809 6,192,309 24,575,000 Enbridge Inc., 3.950%, 2010/02/15 24,509,399 23,847,089 24,447,000 Enbridge Income Fund, 4.190%, 2009/12/21 24,518,287 23,816,756 45,000 EnCana Corp., 5.300%, 2007/12/03 46,015 45,341 40,335,000 Genesis Trust, Class ‘A’, Series ‘2005-2’, 4.002%, 2010/03/15 40,336,595 39,273,786 21,625,000 Glacier Credit Card Trust, 4.820%, 2007/12/20 22,342,655 21,672,575 24,125,000 Glacier Credit Card Trust, Series ‘2005-1’, 4.187%, 2010/11/19 24,124,366 23,512,949 8,895,000 Golden Credit Card Trust, 4.159%, 2008/10/15 8,901,913 8,786,481 14,545,000 Hydro One Inc., 3.950%, 2009/02/24 14,716,599 14,268,936 2,197,372 Mansfield Trust, 5.952%, 2025/11/15 2,209,704 2,206,161 130,000 Mansfield Trust, 6.571%, 2025/11/15 137,595 135,356 3,450,000 Maple Leaf Sports & Entertainment Ltd., 7.590%, 2013/06/30 3,624,777 3,529,178 13,261,103 Merrill Lynch Canada Finance Co., 4.237%, 2010/01/30 13,288,188 13,151,168 21,091,191 Merrill Lynch Financial Assets Inc., 4.596%, 2014/05/12 21,094,451 20,880,279 45,000 National Bank of Canada, Variable Rate, 7.500%, 2011/10/17 46,105 45,356 4 The accompanying notes are an integral part of these financial statements. Imperial Short-Term Bond Pool

Average Cost Current Value Par Value ($) ($) 45,000 RBC Capital Trust, Series ‘2010’, Callable, 7.288%, 2010/06/30 50,072 48,659 9,685,000 RioCan REIT, 5.290%, 2009/09/21 9,712,072 9,677,155 14,050,000 RioCan REIT, 4.910%, 2011/03/08 14,048,471 13,669,667 4,630,000 Royal Bank of Canada, Variable Rate, Callable, 6.100%, 2013/01/22 4,956,903 4,720,655 200,000 Royal Bank of Canada, Variable Rate, Callable, 4.180%, 2014/06/01 199,631 196,578 25,000,000 Royal Bank of Canada, Variable Rate, Callable, 7.100%, 2015/01/25 28,553,750 26,806,000 21,455,000 Royal Bank of Canada, Variable Rate, Callable, 3.700%, 2015/06/24 21,452,549 20,548,097 9,674,000 Shoppers Drug Mart Corp., 4.970%, 2008/10/24 9,837,557 9,702,345 7,820,000 TD Capital Trust, 7.600%, 2009/12/31 8,798,899 8,476,645 10,080,000 Thomson Corp. (The), 4.500%, 2009/06/01 10,056,816 9,988,070 26,810,000 Toronto-Dominion Bank (The), Variable Rate, Callable, 4.317%, 2016/01/18 26,809,421 26,138,678 12,380,000 Toyota Credit Canada Inc., 4.750%, 2008/12/30 12,538,360 12,366,134 5,600,000 Toyota Credit Canada Inc., 4.750%, 2009/06/29 5,629,568 5,585,272 9,750,000 TransCanada PipeLines Ltd., 4.100%, 2009/02/20 9,782,184 9,586,200 6,900,000 TransCanada PipeLines Ltd., 5.650%, 2014/01/15 7,299,924 7,130,805 36,375,000 UE Waterheater Operating Trust, 4.145%, 2009/01/30 36,375,000 35,814,461 19,640,000 Union Gas Ltd., 5.190%, 2007/12/17 20,248,319 19,760,000 715,000 Wells Fargo Financial Canada Corp., 5.000%, 2008/06/16 736,081 718,875 3,230,000 Wells Fargo Financial Canada Corp., 4.350%, 2010/06/01 3,350,253 3,175,219 25,620,000 Wells Fargo Financial Canada Corp., 3.600%, 2010/06/28 25,600,891 24,470,431 13,235,000 Westcoast Energy Inc., 5.700%, 2008/04/16 13,563,757 13,430,481 14,780,000 York Receivables Trust III, 4.272%, 2008/07/21 14,814,823 14,651,855 Corporate (49.85%) 978,166,648 958,179,833 Total of Bonds (98.30%) 1,928,059,624 1,889,149,626 Total of Investments before Short-Term Investments (98.30%) 1,928,059,624 1,889,149,626 Short-Term Investments 34,800,000 Government of Canada Treasury Bill, 4.314%, 2006/10/05 34,401,540 34,409,672 800,000 Bank of Montreal Term Deposit, 4.250%, 2006/07/04 800,000 800,093 Total of Short-Term Investments (1.83%) 35,201,540 35,209,765 Total of Investments (100.13%) 1,963,261,164 1,924,359,391 Other Assets, less Liabilities (–0.13%) (2,515,262) Total Net Assets (100.00%) 1,921,844,129

The accompanying notes are an integral part of these ﬁnancial statements. 5 Imperial Short-Term Bond Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 1,924,359 $ 2,380,637 Interest revenue $ 53,019 $ 49,827 Cash including foreign currency holdings, at current value 530 4 Securities lending revenue 43 33 Accrued interest and dividends receivable 20,893 25,567 Receivable for portfolio securities sold 25,439 — 53,062 49,860 Receivable for units issued 1,558 1,941 Expenses (notes 5 and 8) Total Assets 1,972,779 2,408,149 Management fees 3,264 3,084 Audit fees 8 4 Liabilities Custodial fees 174 97 Payable for portfolio securities purchased 49,328 — Legal fees 8 16 Payable for units redeemed 1,462 1,877 Regulatory fees 45 35 Management fees payable 58 59 Unitholder reporting costs 423 461 Other accrued expenses 87 89 Other expenses 207 60 Total Liabilities 50,935 2,025 4,129 3,757 Total Net Assets $ 1,921,844 $ 2,406,124 Expenses waived/absorbed by the Manager (3,215) (2,770)

Net Asset Value per Unit (note 4) $ 10.01 $ 10.19 914 987 Net Investment Income (Loss) 52,148 48,873 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 (19,785) 12,688 Increase (decrease) in unrealized appreciation (depreciation) of investments (19,144) 3,094 Net Gain (Loss) on Investments (38,929) 15,782 Increase (Decrease) in Net Assets from Operations $ 13,219 $ 64,655 Increase (Decrease) in Net Assets from Operations per Unit $ 0.06 $ 0.29

2006 2005 Cost of Investments Held at Beginning of Period $ 2,378,715 $ 2,149,649 Purchases 1,279,498 1,974,756 Increase (Decrease) in Net Assets from Operations $ 13,219 $ 64,655 3,658,213 4,124,405 Distributions Paid or Payable to Unitholders Cost of Investments Held at End of Period 1,928,060 2,312,141 From net investment income (55,889) (52,883) Cost of Investments Sold or Matured 1,730,153 1,812,264 (55,889) (52,883) Proceeds from sales or maturities 1,710,368 1,824,952 Changes Due to Unitholder Transactions Net Realized Gain (Loss) on Sale of Investments $ (19,785) $ 12,688 Amount received from the issuance of units 367,851 425,264 Amount received from reinvestment of distributions 54,436 51,999 Amount paid on redemptions of units (863,897) (284,998) (441,610) 192,265 Increase (Decrease) in Net Assets for the Period (484,280) 204,037 Net Assets at Beginning of Period 2,406,124 2,198,205 Net Assets at End of Period $ 1,921,844 $2,402,242

6 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Canadian Bond Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Par Value ($) ($) Canadian Bonds 240,050,000 Canada Housing Trust No. 1, 5.100%, 2007/09/15 243,635,331 241,468,696 51,160,000 Canada Housing Trust No. 1, 4.400%, 2008/03/15 51,806,762 51,015,729 7,325,000 Canada Housing Trust No. 1, 3.700%, 2008/09/15 7,231,185 7,196,446 206,745,000 Canada Housing Trust No. 1, 4.100%, 2008/12/15 209,774,732 204,570,043 8,650,000 Canada Housing Trust No. 1, 3.550%, 2009/03/15 8,584,777 8,425,619 33,575,000 Canada Housing Trust No. 1, 4.650%, 2009/09/15 34,777,430 33,649,872 49,510,000 Canada Housing Trust No. 1, 3.750%, 2010/03/15 49,156,439 48,099,955 51,825,000 Canada Housing Trust No. 1, 3.550%, 2010/09/15 51,393,128 49,772,730 131,440,000 Canada Housing Trust No. 1, 4.050%, 2011/03/15 130,041,014 128,361,675 1,925,000 Canada Mortgage & Housing Corp., 5.500%, 2012/06/01 2,047,700 2,010,181 4,400,000 Canada Mortgage & Housing Corp., 4.250%, 2016/02/01 4,287,668 4,233,988 3,439,439 Export Development Canada, 3.246%, 2010/02/19 3,426,541 3,349,876 1,790,000 Export Development Canada, 4.390%, 2010/08/26 1,788,246 1,754,039 7,350,000 Export Development Canada, 5.750%, 2011/06/01 8,062,132 7,714,119 9,900,000 Export Development Canada, 5.800%, 2012/12/03 10,912,871 10,520,037 9,425,000 Export Development Canada, 5.100%, 2014/06/02 9,809,845 9,658,740 6,200,000 Farm Credit Canada, 4.300%, 2020/10/05 6,148,968 5,832,650 12,200,000 Farm Credit Canada, 4.550%, 2021/04/12 12,108,136 11,765,192 10,070,000 Government of Canada, 5.250%, 2012/06/01 10,785,151 10,440,576 115,905,000 Government of Canada, 5.250%, 2013/06/01 120,634,644 120,680,286 7,350,000 Government of Canada, 5.000%, 2014/06/01 7,834,128 7,558,005 14,550,000 Government of Canada, 4.500%, 2015/06/01 14,873,389 14,461,245 24,975,000 Government of Canada, 4.000%, 2016/06/01 23,809,591 23,768,708 10,500,000 Government of Canada, 8.000%, 2023/06/01 15,184,385 14,565,915 53,225,000 Government of Canada, 9.000%, 2025/06/01 85,253,941 81,989,919 16,800,000 Government of Canada, 8.000%, 2027/06/01 23,865,454 24,242,400 31,290,000 Government of Canada, 5.750%, 2029/06/01 37,134,262 36,105,531 77,145,000 Government of Canada, 5.750%, 2033/06/01 94,754,544 90,545,086 17,500,000 Government of Canada, 5.000%, 2037/06/01 20,142,149 18,696,999 31,600,000 Government of Canada, Zero Coupon, 2014/02/15 22,338,039 22,188,255 Government of Canada & Guaranteed (37.63%) 1,321,602,582 1,294,642,512 6,470,000 Alberta Capital Finance Authority, 4.900%, 2015/06/01 6,426,311 6,530,495 5,800,000 Financement-Quebec, 4.750%, 2009/12/01 6,078,290 5,814,790 5,000,000 Financement-Quebec, 5.250%, 2011/12/01 5,102,950 5,115,350 9,800,000 Financement-Quebec, 4.250%, 2014/03/01 9,652,220 9,399,474 625,000 Financement-Quebec, Series ‘E’, 5.750%, 2008/12/01 674,178 641,606 79,000,000 Hydro-Quebec, 6.500%, 2011/02/15 87,902,777 84,791,490 650,000 Hydro-Quebec, 10.250%, 2012/07/16 870,513 834,178 20,650,000 Hydro-Quebec, 6.500%, 2035/02/15 24,494,515 24,522,288 2,300,000 Hydro-Quebec, 6.000%, 2040/02/15 2,650,819 2,584,027 1,500,000 Hydro Quebec, Series ‘HF’, 10.000%, 2011/09/26 1,908,405 1,860,990 39,600,000 Hydro-Quebec, Series ‘HL’, 11.000%, 2020/08/15 66,582,348 62,587,404 1,450,000 Hydro-Quebec, Series ‘IC’, 9.625%, 2022/07/15 2,118,980 2,150,336 375,000 Newfoundland & Labrador Hydro, Series ‘A’, 5.500%, 2008/04/30 367,875 381,131 5,000,000 Newfoundland & Labrador Hydro, Series ‘AB’, 6.650%, 2031/08/27 6,456,000 6,017,700 1,000,000 Newfoundland & Labrador Hydro, Series ‘X’, 10.250%, 2017/07/14 1,500,990 1,441,020 800,000 Newfoundland & Labrador Hydro, Series ‘Y’, 8.400%, 2026/02/27 981,203 1,116,304 550,000 Newfoundland Municipal Financing Corp., 10.875%, 2008/12/01 718,141 625,290 1,000,000 Newfoundland Municipal Financing Corp., 6.000%, 2014/03/15 1,040,600 1,059,660 650,000 Newfoundland Municipal Financing Corp., 5.150%, 2019/03/29 682,773 650,572 750,000 Ontario Electricity Financial Corp., 8.500%, 2025/05/26 1,007,925 1,055,070 4,475,000 Ontario Electricity Financial Corp., 8.250%, 2026/06/22 6,203,015 6,206,154 705,000 Ontario Electricity Financial Corp., Retractable, 8.400%, 2020/11/06 949,212 944,340 8,915,000 Ontario School Boards Financing Corp., 6.300%, 2010/09/22 9,748,447 9,444,640 12,079,000 Ontario School Boards Financing Corp., 6.250%, 2016/10/19 13,497,469 13,237,738 1,707,532 Ontario School Boards Financing Corp., 6.550%, 2026/10/19 1,900,056 1,925,669 6,759,894 Ontario School Boards Financing Corp., 5.900%, 2027/10/11 7,118,916 7,194,555 9,628,530 Ontario School Boards Financing Corp., 5.800%, 2028/11/07 9,805,038 10,177,356 2,919,473 Ontario School Boards Financing Corp., Series ‘2000-A1’, 7.200%, 2025/06/09 3,407,075 3,441,942 3,100,000 Ontario School Boards Financing Corp., Series ‘2003-A1’, 5.300%, 2013/11/07 3,322,285 3,175,826 2,077,796 Ontario School Boards Financing Corp., Series ‘2005-A1’, 4.789%, 2030/08/08 2,077,796 1,983,140 1,400,000 Ontario Strategic Infrastructure Financing Authority, 4.600%, 2015/06/01 1,428,420 1,369,536 3,500,000 Province of British Columbia, 5.700%, 2009/06/01 3,691,240 3,604,230 1,850,000 Province of British Columbia, 6.375%, 2010/08/23 1,963,471 1,970,657 5,310,000 Province of British Columbia, 5.750%, 2012/01/09 5,655,820 5,582,775 3,175,000 Province of British Columbia, 8.500%, 2013/08/23 3,953,709 3,893,884 2,200,000 Province of British Columbia, 6.150%, 2027/11/19 2,400,684 2,519,924 26,270,000 Province of British Columbia, 5.700%, 2029/06/18 28,634,544 28,644,808 7,300,000 Province of British Columbia, 5.400%, 2035/06/18 8,051,720 7,705,077 1,650,000 Province of British Columbia, Series ‘Q’, 7.500%, 2014/06/09 1,940,813 1,944,905 1,850,000 Province of Manitoba, 5.750%, 2008/06/02 1,887,394 1,890,441 2,500,000 Province of Manitoba, 5.500%, 2010/07/15 2,677,625 2,578,425 1,550,000 Province of Manitoba, 5.850%, 2011/01/25 1,652,912 1,625,640 3,000,000 Province of Manitoba, 8.500%, 2013/07/22 3,804,324 3,669,300 1,575,000 Province of Manitoba, 5.050%, 2013/12/03 1,640,914 1,603,366 2,000,000 Province of New Brunswick, 6.375%, 2010/06/15 2,264,640 2,264,640

The accompanying notes are an integral part of these ﬁnancial statements. 7 Imperial Canadian Bond Pool

Average Cost Current Value Par Value ($) ($) 875,000 Province of New Brunswick, 5.800%, 2011/07/12 927,400 918,033 875,000 Province of New Brunswick, 10.125%, 2011/10/31 1,181,180 1,096,506 2,875,000 Province of New Brunswick, 5.850%, 2011/12/01 3,016,358 3,031,314 1,140,000 Province of New Brunswick, 9.250%, 2013/01/18 1,548,120 1,423,358 750,000 Province of New Brunswick, 8.750%, 2015/05/12 963,600 957,533 1,000,000 Province of New Brunswick, 4.650%, 2035/09/26 999,040 926,770 875,000 Province of New Brunswick, Series ‘ER’, 8.500%, 2013/06/28 1,057,788 1,066,380 1,450,000 Province of Newfoundland and Labrador, 5.900%, 2007/12/12 1,564,090 1,475,477 1,850,000 Province of Newfoundland and Labrador, 9.375%, 2010/02/25 2,316,945 2,138,545 2,300,000 Province of Newfoundland and Labrador, 6.400%, 2011/07/25 2,608,453 2,472,707 7,175,000 Province of Newfoundland and Labrador, 5.250%, 2014/06/04 7,555,285 7,359,613 1,100,000 Province of Newfoundland and Labrador, 6.150%, 2028/04/17 1,054,691 1,239,634 1,400,000 Province of Newfoundland and Labrador, 6.500%, 2029/10/17 1,699,460 1,648,976 15,840,000 Province of Newfoundland and Labrador, 6.550%, 2030/10/17 19,002,332 18,815,861 2,800,000 Province of Newfoundland and Labrador, 5.600%, 2033/10/17 2,767,113 2,965,872 800,000 Province of Newfoundland and Labrador, Series ‘5X’, 10.950%, 2021/04/15 1,302,000 1,282,336 2,000,000 Province of Nova Scotia, 5.400%, 2009/06/01 2,133,700 2,043,340 1,125,000 Province of Nova Scotia, 6.400%, 2010/09/01 1,211,977 1,199,261 875,000 Province of Nova Scotia, 6.250%, 2011/06/01 945,263 935,069 5,000,000 Province of Nova Scotia, 4.500%, 2013/06/01 4,970,300 4,922,850 775,000 Province of Nova Scotia, 9.600%, 2022/01/30 1,044,847 1,153,208 400,000 Province of Nova Scotia, 6.600%, 2027/06/01 411,160 475,364 3,600,000 Province of Nova Scotia, 6.600%, 2031/12/01 4,508,298 4,343,220 1,850,000 Province of Ontario, 4.500%, 2008/04/17 1,860,046 1,842,693 3,220,000 Province of Ontario, 5.700%, 2008/12/01 3,414,120 3,301,047 2,535,000 Province of Ontario, 4.000%, 2009/05/19 2,528,287 2,495,099 43,862,295 Province of Ontario, 3.210%, 2009/08/13 43,814,706 42,993,822 5,195,000 Province of Ontario, 6.200%, 2009/11/19 5,657,269 5,448,880 3,175,000 Province of Ontario, 6.100%, 2010/11/19 3,415,388 3,357,626 4,350,000 Province of Ontario, 6.100%, 2011/12/02 4,739,752 4,639,667 1,125,000 Province of Ontario, 5.500%, 2013/04/17 1,226,250 1,161,776 7,550,000 Province of Ontario, 5.000%, 2014/03/08 7,596,846 7,636,146 115,750,000 Province of Ontario, 4.500%, 2015/03/08 114,626,149 112,868,983 16,200,000 Province of Ontario, 4.400%, 2016/03/08 16,035,940 15,571,764 7,325,000 Province of Ontario, 5.500%, 2018/06/02 7,843,244 7,653,526 6,450,000 Province of Ontario, 9.500%, 2022/07/13 9,920,564 9,559,094 5,600,000 Province of Ontario, 8.100%, 2023/09/08 7,687,330 7,521,808 2,650,000 Province of Ontario, 8.000%, 2026/06/02 3,404,349 3,590,485 6,425,000 Province of Ontario, 6.500%, 2029/03/08 7,346,061 7,605,144 4,025,000 Province of Ontario, 6.200%, 2031/06/02 4,431,405 4,619,895 2,175,000 Province of Ontario, 5.850%, 2033/03/08 2,201,480 2,400,722 14,175,000 Province of Ontario, 5.600%, 2035/06/02 15,893,344 15,181,709 12,600,000 Province of Ontario, 8.250%, 2036/06/20 18,860,217 18,586,890 37,500,000 Province of Ontario, Series ‘KJ’, 7.600%, 2027/06/02 51,671,705 49,375,125 4,260,000 Province of Prince Edward Island, 8.500%, 2015/10/27 5,726,754 5,373,223 2,400,000 Province of Prince Edward Island, 6.100%, 2027/07/29 2,872,056 2,675,640 2,000,000 Province of Prince Edward Island, 6.800%, 2030/02/21 2,610,000 2,435,180 1,600,000 Province of Prince Edward Island, 5.300%, 2036/05/19 1,598,992 1,623,104 2,000,000 Province of Prince Edward Island, 4.650%, 2037/11/19 1,999,120 1,832,380 7,465,000 Province of Quebec, 5.500%, 2009/06/01 7,791,584 7,638,785 27,525,841 Province of Quebec, 3.149%, 2009/08/17 27,515,825 27,022,118 4,435,000 Province of Quebec, 6.250%, 2010/12/01 4,812,991 4,703,894 8,770,000 Province of Quebec, 6.000%, 2012/10/01 9,513,305 9,332,245 9,260,000 Province of Quebec, 5.250%, 2013/10/01 9,485,614 9,475,758 9,200,000 Province of Quebec, 5.500%, 2014/12/01 9,987,274 9,560,916 9,000,000 Province of Quebec, 5.000%, 2015/12/01 9,470,252 9,007,290 3,325,000 Province of Quebec, 9.375%, 2023/01/16 5,019,794 4,860,452 6,925,000 Province of Quebec, 8.500%, 2026/04/01 9,970,327 9,722,977 3,280,000 Province of Quebec, 6.250%, 2032/06/01 3,579,524 3,751,172 9,100,000 Province of Quebec, 5.750%, 2036/12/01 9,150,519 9,825,270 7,400,000 Province of Quebec, Series ‘B079’, 4.500%, 2016/12/01 7,359,758 7,083,576 1,300,000 Province of Quebec, Series ‘KE’, 9.500%, 2011/09/02 1,672,060 1,579,422 8,000,000 Province of Quebec, Series ‘OS’, 6.000%, 2029/10/01 9,007,238 8,837,920 1,400,000 Province of Saskatchewan, 5.000%, 2007/09/06 1,443,693 1,407,630 1,150,000 Province of Saskatchewan, 8.750%, 2025/05/30 1,552,225 1,661,853 1,150,000 Province of Saskatchewan, 5.750%, 2029/03/05 1,108,181 1,252,786 1,250,000 Province of Saskatchewan, 6.400%, 2031/09/05 1,349,979 1,480,649 Provincial Government & Guaranteed (25.61%) 900,456,269 881,225,511 1,050,000 Aeroports ´ de Montreal, ´ 6.350%, 2012/04/16 1,110,596 1,119,195 1,950,000 Aeroports ´ de Montreal, ´ 6.550%, 2033/10/11 1,962,805 2,188,427 1,150,000 City of Edmonton, 11.500%, 2010/12/13 1,565,886 1,460,845 1,100,000 City of Edmonton, Series ‘QB’, 8.500%, 2018/09/14 1,426,094 1,436,050 1,400,000 City of Montreal, 6.000%, 2043/06/01 1,439,494 1,567,020 25,000 City of Toronto, 5.150%, 2008/12/18 26,337 25,300 1,200,000 City of Toronto, 4.550%, 2015/05/20 1,193,052 1,163,280 400,000 Durham District School Board, 6.750%, 2019/11/19 482,700 457,932 2,500,000 Greater Toronto Airport Authority, 5.170%, 2008/06/02 2,614,675 2,519,800 4,100,000 Greater Toronto Airport Authority, 6.700%, 2010/07/19 4,456,197 4,361,990 1,700,000 Greater Toronto Airport Authority, 4.400%, 2011/02/28 1,677,339 1,655,579 1,800,000 Greater Toronto Airport Authority, 6.250%, 2012/12/13 1,876,041 1,910,178 5,400,000 Greater Toronto Airport Authority, 5.000%, 2015/06/01 5,525,244 5,285,520 6,045,971 Greater Toronto Airport Authority, 6.450%, 2029/07/30 6,218,279 6,468,584 525,000 Greater Toronto Airport Authority, Series ‘97-2’, 5.950%, 2007/12/03 530,093 533,474 2,300,000 Greater Toronto Airport Authority, Series ‘97-3’, 6.450%, 2027/12/03 2,631,108 2,453,594 8 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Canadian Bond Pool

Average Cost Current Value Par Value ($) ($) 450,000 Municipality of Ottawa, Ontario, 10.750%, 2011/02/28 596,600 563,130 150,000 Municipality of Vancouver, British Columbia, 6.000%, 2009/10/07 151,238 156,180 600,000 Municipality of Waterloo, Ontario, 10.000%, 2012/06/18 792,756 761,580 675,000 Municipality of Winnipeg, Manitoba, 10.000%, 2009/12/14 851,681 787,658 1,600,000 Municipality of Winnipeg, Manitoba, 9.125%, 2015/05/12 2,152,568 2,064,480 2,000,000 Municipality of York Region, Ontario, 7.250%, 2017/06/19 2,402,696 2,368,200 200,000 Ottawa-Carleton Catholic District School Board, 6.500%, 2009/11/30 216,780 211,400 1,800,000 Queen’s University, Series ‘A’, 6.100%, 2032/11/19 1,933,632 2,008,458 475,000 Universite ´ du Quebec ´ a` Montreal, ´ 5.860%, 2044/01/20 472,222 501,538 2,350,000 University of Ottawa, 6.280%, 2043/04/15 2,601,098 2,715,096 1,025,000 University of Toronto, Callable, 6.780%, 2031/07/18 1,060,055 1,240,722 1,700,000 University of Toronto, Series ‘B’, Callable, 5.841%, 2043/12/15 1,968,787 1,839,519 1,775,000 Vancouver International Airport Authority, Series ‘B’, 7.375%, 2026/12/07 1,965,079 2,165,056 1,064,048 York Region District School Board, 6.450%, 2024/06/04 1,204,619 1,177,262 11,100,000 York University, 5.841%, 2044/05/04 11,099,999 11,956,031 2,000,000 York University, Callable, 6.480%, 2042/03/07 2,587,459 2,370,339 Municipal Government (1.96%) 66,793,209 67,493,417 115 N-45 First CMBS Corp., 5.248%, 2006/12/15 115 115 16,475,000 N-45 First CMBS Corp., 4.636%, 2013/03/15 16,434,658 16,213,048 5,648,985 NHA MBS Peoples Trust Co., 4.000%, 2008/05/01 5,710,221 5,575,097 11,210,458 NHA MBS Peoples Trust Co., 5.000%, 2013/09/01 11,371,665 11,220,884 12,843,141 Real Estate Asset Liquidity Trust, Class ‘A1’, Series ‘2005-2’, 4.342%, 2015/06/12 12,842,659 12,411,611 16,635,089 Real Estate Asset Liquidity Trust, Class ‘A1’, Series ‘2006-1’, 4.707%, 2015/07/12 16,634,489 16,378,908 8,340,000 Real Estate Asset Liquidity Trust, Class ‘A2’, Series ‘2004-1’, 5.077%, 2014/08/12 8,339,932 8,279,951 8,600,000 Schooner Trust, 5.100%, 2014/07/12 8,599,569 8,572,479 1,367,739 Schooner Trust, Class ‘A1’, 4.580%, 2037/06/12 1,367,355 1,355,155 Mortgage-Backed Securities (2.33%) 81,300,663 80,007,248 10,490,000 407 International Inc., 9.000%, 2007/08/15 12,215,455 10,925,964 4,925,000 407 International Inc., 6.900%, 2007/12/17 5,162,100 5,075,656 1,675,000 407 International Inc., 6.050%, 2009/07/27 1,803,227 1,734,245 18,900,000 407 International Inc., 5.960%, 2035/12/03 19,495,549 19,759,572 21,845,000 55 School Board Trust, Series ‘A’, 5.900%, 2033/06/02 23,628,654 23,824,812 800,000 Aliant Telecom Inc., 6.800%, 2011/05/11 799,144 859,960 9,620,865 Alliance Pipeline L.P., Series ‘A’, 7.181%, 2023/06/30 10,963,762 10,936,037 1,500,000 Bank of Montreal, 4.660%, 2009/03/31 1,499,430 1,494,915 750,000 Bank of Montreal, 7.000%, 2010/01/28 798,985 802,365 3,050,000 Bank of Montreal, 4.690%, 2011/01/31 3,054,644 3,026,729 17,790,000 Bank of Montreal, 4.650%, 2013/03/14 17,781,639 17,414,097 2,200,000 Bank of Montreal, Series ‘B’, Floating Rate, 5.750%, 2013/02/04 2,327,490 2,231,108 800,000 Bank of Montreal, Variable Rate, 4.000%, 2015/01/21 799,824 777,520 26,000,000 Bank of Montreal, Variable Rate, Callable, 4.870%, 2020/04/22 26,168,626 25,303,460 3,930,000 Bank of Nova Scotia, 4.515%, 2008/11/19 3,930,909 3,909,525 11,696,729 Bank of Nova Scotia, 3.318%, 2009/08/18 11,674,824 11,423,026 19,600,000 Bank of Nova Scotia, 3.930%, 2010/02/18 19,563,695 19,011,216 2,099,346 Bank of Nova Scotia, 3.990%, 2013/03/04 2,102,253 2,041,824 600,000 Bank of Nova Scotia, 8.300%, 2013/09/27 693,600 713,022 2,500,000 Bank of Nova Scotia, Variable Rate, Callable, 5.650%, 2013/07/22 2,656,475 2,543,775 2,600,000 BC Tel, Series ‘3’, 10.650%, 2021/06/19 3,980,854 3,841,526 21,500,000 BCE Inc., Series ‘B’, 6.750%, 2007/10/30 22,930,941 21,967,410 3,150,000 Bell Canada, 6.150%, 2009/06/15 3,348,506 3,254,328 1,700,000 Bell Canada, 10.000%, 2014/06/15 2,233,188 2,200,497 4,125,000 Bell Canada, 8.875%, 2026/04/17 5,058,763 4,995,953 1,175,000 Bell Canada, 7.850%, 2031/04/02 1,423,677 1,395,642 1,575,000 Bell Canada, 7.650%, 2031/12/30 1,795,621 1,725,712 3,455,000 Bell Mobility Cellular Inc., 6.550%, 2008/06/02 3,647,658 3,558,477 5,725,000 BMO Capital Trust, 6.685%, 2011/12/31 6,288,832 6,146,818 5,660,000 BMO Capital Trust, 5.474%, 2014/12/31 5,724,886 5,682,074 1,750,000 BMO Capital Trust, Open Maturity, 6.647%, 2010/12/31 1,851,675 1,863,400 4,425,000 BMO Capital Trust, Series ‘A’, 6.903%, 2010/06/30 4,848,495 4,725,812 750,000 BNS Capital Trust, 7.310%, 2010/12/31 820,275 817,215 12,975,000 Brascan Corp., 5.950%, 2035/06/14 12,914,050 12,438,354 432,307 Broadcast Centre Trust, 7.530%, 2027/05/01 522,314 522,530 19,550,000 Broadway Credit Card Trust, Series ‘04-2’, 4.804%, 2014/03/17 19,281,457 19,317,551 15,200,000 Calloway REIT, Series ‘A’, Callable, 4.510%, 2010/09/22 15,074,633 14,602,792 1,000,000 Canada Life Assurance Co., 5.800%, 2013/12/11 1,056,860 1,022,660 2,150,000 Canada Life Assurance Co., Series ‘B’, 6.400%, 2028/12/11 2,153,992 2,333,008 8,800,000 Canada Life Capital Trust, Series ‘A’, 6.679%, 2012/06/30 9,841,966 9,485,256 11,000,000 Canada Safeway Ltd., 4.450%, 2008/11/14 10,988,448 10,830,160 1,450,000 Canadian Credit Card Trust, 4.806%, 2008/01/24 1,481,190 1,452,204 27,025,000 Canadian Credit Card Trust, 4.513%, 2012/04/24 27,101,931 26,481,257 1,500,000 Canadian Credit Card Trust, Series ‘05-1’, 4.143%, 2010/04/26 1,500,000 1,467,870 4,200,000 Canadian Natural Resources Ltd., 4.950%, 2015/06/01 4,310,730 4,046,238 1,000,000 Canadian Oil Sands Ltd., 5.550%, 2009/06/29 1,066,000 1,015,770 2,900,000 Canadian Paciﬁc Railway Ltd., 4.900%, 2010/06/15 2,967,889 2,891,271 3,600,000 Canadian Tire Corp. Ltd., 4.950%, 2015/06/01 3,553,596 3,483,468 2,220,000 Canadian Utilities Ltd., 11.400%, 2010/08/15 3,017,504 2,753,577 400,000 Canadian Utilities Ltd., 11.770%, 2020/11/30 616,480 648,436 1,200,000 Capital Desjardins Inc., Series ‘D’, Variable Rate, Callable, 3.887%, 2014/03/17 1,200,000 1,170,648 2,875,000 Cards II Trust, 4.379%, 2009/10/15 2,880,089 2,836,734 3,725,000 Cards II Trust, Class ‘4A’, Series ‘2005-5’, 3.869%, 2010/10/15 3,650,314 3,589,075 1,000,000 Caterpillar Financial Services Ltd., 4.500%, 2008/08/07 996,470 997,245 3,800,000 Caterpillar Financial Services Ltd., 4.600%, 2009/07/14 3,826,334 3,771,044

The accompanying notes are an integral part of these ﬁnancial statements. 9 Imperial Canadian Bond Pool

Average Cost Current Value Par Value ($) ($) 1,500,000 Caterpillar Financial Services Ltd., 4.340%, 2010/12/06 1,499,595 1,466,790 2,250,000 CDP Financial Inc., 4.200%, 2008/10/14 2,250,670 2,226,848 11,965,000 CHIP Mortgage Trust, 4.637%, 2013/02/01 11,965,000 11,725,226 3,045,000 Citigroup Finance Canada Inc., 5.030%, 2007/09/17 3,081,924 3,054,774 425,000 Citigroup Finance Canada Inc., 4.850%, 2008/04/25 424,775 425,952 7,975,000 Clarica Life Insurance Co., Series ‘2’, 6.300%, 2028/05/15 9,047,895 8,578,548 2,400,000 Clarica Life Insurance Co., Series ‘3’, 6.650%, 2015/10/12 2,625,432 2,558,664 2,983,000 Consumers Gas Co. Ltd., 5.850%, 2008/09/25 3,076,965 3,048,238 725,000 Consumers Gas Co. Ltd., 11.950%, 2010/11/30 1,017,110 916,494 1,625,000 Consumers Gas Co. Ltd., 10.800%, 2011/04/15 2,107,998 2,015,244 10,870,000 Consumers Waterheater Operating Trust, 5.245%, 2010/01/28 11,394,856 11,029,028 3,425,000 Consumers Waterheater Operating Trust, Series ‘03A1’, 4.700%, 2008/01/28 3,542,583 3,425,822 4,775,000 Dofasco Inc., 4.961%, 2017/06/15 4,775,108 4,282,936 1,450,000 DPL Trust, 5.215%, 2007/07/25 1,508,111 1,457,540 2,200,000 Enbridge Gas Distribution Inc., 6.160%, 2033/12/16 2,247,499 2,342,384 2,600,000 Enbridge Gas Distribution Inc., Callable, 5.210%, 2036/02/25 2,596,464 2,420,678 3,850,000 Enbridge Inc., 6.800%, 2010/03/10 4,086,425 4,095,630 1,225,000 Enbridge Inc., 6.100%, 2028/07/14 1,171,909 1,229,165 4,000,000 Enbridge Inc., 7.200%, 2032/06/18 5,028,520 4,586,280 575,000 Enbridge Inc., Callable, 7.220%, 2030/07/24 701,673 657,150 4,000,000 Enbridge Income Fund, 5.250%, 2014/12/22 3,999,680 3,955,640 2,700,000 Falconbridge Ltd., Callable, 8.500%, 2008/12/08 2,966,274 2,897,235 2,500,000 Finning International Inc., 4.640%, 2011/12/14 2,501,100 2,442,725 2,750,000 Gaz Metropolitain ´ Inc., Series ‘D’, 10.450%, 2016/10/31 3,928,718 3,882,615 2,725,000 GE Capital Canada Funding Co., 5.150%, 2013/06/06 2,744,974 2,744,756 15,000,000 Genesis Trust, Class ‘A’, Series ‘2005-2’, 4.002%, 2010/03/15 14,992,680 14,605,350 1,600,000 George Weston Limited, 5.050%, 2014/03/10 1,595,151 1,576,895 2,150,000 George Weston Limited, 6.690%, 2033/03/01 2,234,640 2,225,787 1,675,000 Glacier Credit Card Trust, 4.444%, 2008/11/20 1,675,000 1,663,577 7,300,000 Glacier Credit Card Trust, 4.274%, 2009/11/20 7,317,932 7,183,711 2,500,000 Golden Credit Card Trust, 4.159%, 2008/10/15 2,504,565 2,469,500 12,045,000 Great-West Lifeco Inc., 6.670%, 2033/03/21 14,625,929 13,690,708 3,295,000 Great-West Lifeco Inc., Callable, 6.140%, 2018/03/21 3,516,984 3,514,019 1,275,000 Hollis Receivables Term Trust, 6.770%, 2010/02/22 1,388,894 1,358,066 1,675,000 Household Financial Corp. Ltd., 4.500%, 2008/07/02 1,680,762 1,665,922 5,625,000 Household Financial Corp. Ltd., 4.200%, 2009/04/13 5,639,549 5,525,663 5,180,000 HSBC Canada Asset Trust, Variable Rate, 5.149%, 2015/06/30 5,304,912 5,038,379 3,605,000 HSBC Canada Asset Trust, Variable Rate, 7.780%, 2049/12/29 4,040,989 4,000,360 4,380,000 Hydro One Inc., 4.000%, 2008/06/23 4,357,502 4,326,170 975,000 Hydro One Inc., 7.150%, 2010/06/03 1,058,850 1,057,085 1,420,000 Hydro One Inc., 5.770%, 2012/11/15 1,497,126 1,487,649 950,000 Hydro One Inc., 7.350%, 2030/06/03 1,041,267 1,179,872 33,150,000 Hydro One Inc., 6.350%, 2034/01/31 36,691,195 37,042,473 2,675,000 Hydro One Inc., 5.360%, 2036/05/20 2,682,537 2,611,068 3,625,000 IGM Financial Inc., 6.750%, 2011/05/09 3,951,619 3,897,600 1,875,000 IGM Financial Inc., 7.110%, 2033/03/07 2,097,183 2,180,344 4,100,000 IGM Financial Inc., Callable, 7.000%, 2032/12/31 5,112,290 4,706,103 1,500,000 IGM Financial Inc., Series ‘1997’, 6.650%, 2027/12/13 1,631,580 1,640,385 2,150,000 John Hancock Canadian Corp., 6.672%, 2011/05/31 2,321,408 2,310,605 950,000 Loblaw Cos. Ltd., 6.000%, 2008/06/02 1,003,960 971,603 3,485,000 Loblaw Cos. Ltd., 7.100%, 2010/05/11 3,902,060 3,750,522 2,325,000 Loblaw Cos. Ltd., 6.500%, 2011/01/19 2,545,269 2,466,197 1,300,000 Loblaw Cos. Ltd., 5.400%, 2013/11/20 1,296,321 1,319,786 3,050,000 Loblaw Cos. Ltd., 7.100%, 2016/06/01 3,633,160 3,457,938 1,150,000 Loblaw Cos. Ltd., 6.500%, 2029/01/22 1,295,061 1,199,197 1,832,000 Manitoba Telecom Services Inc., 6.500%, 2007/07/02 1,980,251 1,858,985 1,200,000 Manitoba Telecom Services Inc., 6.150%, 2014/06/10 1,300,620 1,234,872 1,665,000 Manufacturers Life Insurance, Variable Rate, Callable, 6.240%, 2016/02/16 1,815,683 1,754,294 1,125,000 Manulife Bank of Canada, 4.440%, 2008/09/04 1,129,973 1,117,069 1,300,000 Manulife Financial Capital Trust, 6.700%, 2012/06/30 1,454,893 1,404,026 11,280,000 Maple Leaf Sports & Entertainment Ltd., 7.590%, 2013/06/30 11,457,996 11,538,876 1,425,000 Merrill Lynch Canada Finance Co., 4.700%, 2008/09/12 1,433,632 1,421,765 6,432,671 Merrill Lynch Financial Assets Inc., 4.596%, 2014/05/12 6,548,407 6,368,344 8,705,000 Merrill Lynch Financial Assets Inc., 5.278%, 2014/10/12 8,704,826 8,772,029 8,370,000 Merrill Lynch Financial Assets Inc., Class ‘A-2’, Series ‘2006-Canada 18’, 4.678%, 2015/08/12 8,368,782 8,201,763 8,171,566 Milit-Air Inc., 5.870%, 2020/04/22 8,603,393 8,608,091 16,874,013 Milit-Air Inc., Series ‘1’, 5.750%, 2019/06/30 17,976,315 17,673,841 850,000 National Bank of Canada, 5.700%, 2014/04/16 819,825 868,887 900,000 National Bank of Canada, Variable Rate, Callable, 6.250%, 2012/10/31 905,220 916,641 15,000,000 National Bank of Canada, Variable Rate, Callable, 4.700%, 2020/11/02 14,972,501 14,232,900 950,000 NAV Canada, Series ‘96-3’, 7.400%, 2027/06/01 1,061,890 1,190,331 11,260,000 NAV Canada, Series ‘97-2’, 7.560%, 2027/03/01 13,458,865 13,337,020 22,007,175 New Brunswick (F-M) Project Co. Inc., 6.470%, 2027/11/30 24,124,635 24,436,767 350,000 NOVA Gas Transmission Ltd., Series ‘23’, 9.900%, 2024/12/16 457,555 504,560 900,000 Nova Scotia Power Inc., 8.850%, 2025/05/19 1,076,949 1,179,882 1,200,000 Nova Scotia Power Inc., 6.950%, 2033/08/25 1,416,060 1,334,184 3,965,000 OMERS Realty Corp., Series ‘A’, 5.480%, 2012/12/31 4,223,637 4,112,974 14,475,000 OMERS Realty Corp., Series ‘B’, 4.690%, 2008/06/02 14,565,035 14,490,633 4,320,000 RBC Capital Trust, Series ‘2010’, Callable, 7.288%, 2010/06/30 4,617,197 4,671,259 6,350,000 RBC Capital Trust, Series ‘2011’, Callable, 7.183%, 2011/06/30 7,102,053 6,919,659 25,870,000 RBC Capital Trust, Series ‘2013’, Callable, 5.812%, 2013/12/31 27,822,599 26,612,728 10,700,000 RBC Capital Trust, Series ‘2015’, Callable, 4.870%, 2015/12/31 10,709,697 10,155,905 3,500,000 Renaissance Energy Ltd., 6.950%, 2009/07/14 3,787,630 3,690,750 2,500,000 RioCan REIT, 5.290%, 2009/09/21 2,617,525 2,497,975 2,900,000 RioCan REIT, 4.910%, 2011/03/08 2,908,036 2,821,497

10 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Canadian Bond Pool

Average Cost Current Value Par Value ($) ($) 2,700,000 RioCan REIT, Series ‘H’, 4.700%, 2012/06/15 2,693,406 2,571,534 2,950,000 Royal Bank of Canada, 5.000%, 2014/01/20 2,970,625 2,938,554 6,375,000 Royal Bank of Canada, 5.950%, 2014/06/18 6,887,719 6,628,916 12,000,000 Royal Bank of Canada, 4.710%, 2014/12/22 12,311,438 11,684,400 2,110,000 Royal Bank of Canada, Variable Rate, Callable, 6.100%, 2013/01/22 2,193,648 2,151,314 1,575,000 Royal Bank of Canada, Varaible Rate, Callable, 4.180%, 2014/06/01 1,575,714 1,548,052 1,450,000 Royal Bank of Canada, Variable Rate, Callable, 7.100%, 2015/01/25 1,629,568 1,554,748 2,500,000 Score Trust, Series ‘2004-1’, 4.949%, 2014/02/20 2,569,475 2,483,950 1,100,000 Scotia Mortgage Investment Corp., 6.570%, 2007/10/31 1,166,000 1,130,360 8,675,000 Scotiabank Capital Trust, 6.626%, 2012/06/30 9,622,896 9,301,248 1,950,000 Scotiabank Capital Trust, 6.282%, 2013/06/30 2,043,808 2,060,117 34,065,000 Sun Life Assurance Co. of Canada, Variable Rate, 6.150%, 2022/06/30 37,193,787 35,880,665 7,350,000 Sun Life Capital Trust, Series ‘A’, 6.865%, 2011/12/31 8,124,756 7,955,052 3,000,000 Sun Life Financial Inc., Callable, 4.950%, 2036/06/01 2,998,800 2,912,730 1,050,000 Suncor Energy Inc., 6.700%, 2011/08/22 1,115,352 1,132,761 2,000,000 Talisman Energy Inc., 4.440%, 2011/01/27 1,974,640 1,952,140 6,670,000 TD Capital Trust, 7.600%, 2009/12/31 7,565,316 7,230,080 5,000,000 TD Capital Trust 11, Series ‘2012’, 6.792%, 2012/12/31 5,683,087 5,436,150 1,100,000 TD Mortgage Investment Corp., 6.460%, 2007/10/31 1,179,640 1,112,100 2,825,000 Tel ´ ebec, ´ Series ‘AA’, 5.750%, 2013/11/05 2,956,786 2,880,879 1,000,000 Terasen Gas Inc., 6.500%, 2034/05/01 993,590 1,048,860 4,500,000 Terasen Inc., Callable, 6.300%, 2008/12/01 4,727,430 4,592,790 1,650,000 Terasen Pipelines Corridor Inc., Series ‘B’, Callable, 5.033%, 2015/02/02 1,676,716 1,589,676 2,000,000 Thomson Corp. (The), 6.850%, 2011/06/01 2,247,920 2,161,240 775,000 Toronto-Dominion Bank (The), 10.050%, 2014/08/04 1,039,630 1,019,900 1,275,000 Toronto-Dominion Bank (The), 9.150%, 2025/05/26 1,703,643 1,806,764 1,130,000 Toronto-Dominion Bank (The), Floating Rate, 5.200%, 2012/09/04 1,171,850 1,135,334 1,000,000 Toronto-Dominion Bank (The), Variable Rate, Callable, 6.550%, 2012/07/31 1,037,500 1,018,450 2,025,000 Toronto-Dominion Bank (The), Variable Rate, Callable, 4.540%, 2013/09/05 2,024,453 2,015,483 19,470,000 Toronto-Dominion Bank (The), Variable Rate, Callable, 4.317%, 2016/01/18 19,474,113 18,982,471 3,915,000 Toronto-Dominion Bank (The), Variable Rate, Callable, 5.690%, 2018/06/03 3,969,766 4,041,846 5,200,000 Toronto-Dominion Bank (The), Variable Rate, Callable, 4.970%, 2014/10/30 5,225,220 5,008,380 2,150,000 TransAlta Corp., 6.600%, 2009/10/13 2,355,499 2,248,427 1,160,000 TransCanada PipeLines Ltd., 4.100%, 2009/02/20 1,148,841 1,140,512 4,250,000 TransCanada PipeLines Ltd., 7.310%, 2027/01/15 5,223,123 4,968,250 3,000,000 TransCanada PipeLines Ltd., 6.890%, 2028/08/07 3,285,570 3,371,310 2,065,000 TransCanada PipeLines Ltd., 8.210%, 2030/04/25 2,462,268 2,667,175 2,100,000 TransCanada PipeLines Ltd., Series ’S’, 11.900%, 2015/08/20 3,151,764 3,099,684 675,000 TransCanada PipeLines Ltd., Series ‘U’, 11.800%, 2020/11/20 1,049,957 1,088,728 610,000 UE Waterheater Operating Trust, 4.722%, 2011/01/31 614,936 604,846 1,000,000 Union Gas Ltd., 5.700%, 2008/07/14 1,052,820 1,017,720 2,230,000 Union Gas Ltd., 7.200%, 2010/06/01 2,438,224 2,410,073 3,000,000 Union Gas Ltd., 6.650%, 2011/05/04 3,311,019 3,211,590 875,000 Union Gas Ltd., 8.650%, 2025/11/10 1,026,261 1,162,061 830,000 Wells Fargo Financial Canada Corp., 4.350%, 2010/06/01 824,400 815,923 18,750,000 Wells Fargo Financial Canada Corp., 3.600%, 2010/06/28 18,499,203 17,908,688 1,690,000 Westcoast Energy Inc., 8.850%, 2025/07/21 2,164,419 2,248,477 1,450,000 Westcoast Energy Inc., 6.750%, 2027/12/15 1,403,006 1,590,578 1,900,000 Westcoast Energy Inc., 7.150%, 2031/03/20 2,315,910 2,187,299 2,300,000 Westcoast Energy Inc., Series ‘O’, 8.500%, 2018/09/04 3,075,744 2,916,561 1,500,000 Westcoast Energy Inc., Series ‘S’, 9.900%, 2020/01/10 2,201,684 2,099,775 2,900,000 YPG Holdings Inc., 5.710%, 2014/04/21 2,992,045 2,898,897 Corporate (29.04%) 1,021,770,201 999,281,761 14,000,000 Inter-American Development Bank, 3.400%, 2010/07/21 13,650,640 13,365,520 13,755,000 Inter-American Development Bank, 0.500%, 2015/04/22 8,305,579 9,426,989 5,400,000 Inter-American Development Bank, 4.400%, 2026/01/26 5,067,090 4,946,507 3,425,000 International Bank for Reconstruction and Development (The), 3.000%, 2007/06/04 3,404,005 3,377,700 3,096,000 International Bank for Reconstruction and Development (The), 3.050%, 2008/07/17 3,021,327 2,992,840 2,600,000 International Bank for Reconstruction and Development (The), 3.720%, 2008/08/28 2,623,139 2,551,145 Supranational (1.07%) 36,071,780 36,660,701 Total of Bonds (97.64%) 3,427,994,704 3,359,311,150 Total of Investments before Short-Term Investments (97.64%) 3,427,994,704 3,359,311,150 Short-Term Investments 2,175,000 Government of Canada Treasury Bill, 3.895%, 2006/07/13 2,152,488 2,172,314 6,700,000 Government of Canada Treasury Bill, 3.979%, 2006/07/27 6,631,590 6,681,205 2,275,000 Government of Canada Treasury Bill, 4.104%, 2006/08/10 2,250,203 2,264,879 24,550,000 Government of Canada Treasury Bill, 4.101%, 2006/08/24 24,282,651 24,402,685 3,000,000 Government of Canada Treasury Bill, 4.184%, 2006/09/07 2,966,670 2,976,873 2,625,000 Government of Canada Treasury Bill, 4.226%, 2006/09/21 2,595,548 2,600,356 5,125,000 Government of Canada Treasury Bill, 4.314%, 2006/10/05 5,066,319 5,067,505 5,250,000 Royal Bank of Canada Term Deposit, 4.250%, 2006/07/04 5,250,000 5,250,611 Total of Short-Term Investments (1.49%) 51,195,469 51,416,428 Total of Investments (99.13%) 3,479,190,173 3,410,727,578 Other Assets, less Liabilities (0.87%) 30,029,977 Total Net Assets (100.00%) 3,440,757,555

The accompanying notes are an integral part of these ﬁnancial statements. 11 Imperial Canadian Bond Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 3,410,728 $ 2,568,518 Interest revenue $ 78,598 $ 52,161 Cash including foreign currency holdings, at current value 207 — Securities lending revenue 93 63 Accrued interest and dividends receivable 32,836 26,342 Receivable for portfolio securities sold 7,204 — 78,691 52,224 Receivable for units issued 2,771 3,496 Expenses (notes 5 and 8) Total Assets 3,453,746 2,598,356 Management fees 4,269 2,827 Audit fees 8 4 Liabilities Custodial fees 208 89 Bank overdraft — 118 Legal fees 10 14 Payable for portfolio securities purchased 10,138 — Regulatory fees 90 35 Payable for units redeemed 2,214 1,645 Unitholder reporting costs 461 520 Management fees payable 82 63 Other expenses 268 55 Other accrued expenses 152 117 Distributions payable to unitholders 402 — 5,314 3,544 Total Liabilities 12,988 1,943 Expenses waived/absorbed by the Manager (3,948) (2,527) Total Net Assets $ 3,440,758 $ 2,596,413 1,366 1,017 Net Investment Income (Loss) 77,325 51,207 Net Asset Value per Unit (note 4) $ 10.39 $ 10.82 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 (11,388) 14,292 Increase (decrease) in unrealized appreciation (depreciation) of investments (116,842) 43,008 Net Gain (Loss) on Investments (128,230) 57,300 Increase (Decrease) in Net Assets from Operations $ (50,905) $ 108,507 Increase (Decrease) in Net Assets from Operations per Unit $ (0.17) $ 0.55

2006 2005 Cost of Investments Held at Beginning of Period $ 2,470,516 $ 1,906,876 Purchases 2,424,549 1,314,397 Increase (Decrease) in Net Assets from Operations $ (50,905) $ 108,507 4,895,065 3,221,273 Distributions Paid or Payable to Unitholders Cost of Investments Held at End of Period 3,427,995 2,177,566 From net investment income (81,911) (55,185) Cost of Investments Sold or Matured 1,467,070 1,043,707 (81,911) (55,185) Proceeds from sales or maturities 1,455,682 1,057,999 Changes Due to Unitholder Transactions Net Realized Gain (Loss) on Sale of Investments $ (11,388) $ 14,292 Amount received from the issuance of units 1,753,773 505,590 Amount received from reinvestment of distributions 78,740 53,334 Amount paid on redemptions of units (855,352) (288,900) 977,161 270,024 Increase (Decrease) in Net Assets for the Period 844,345 323,346 Net Assets at Beginning of Period 2,596,413 2,007,538 Net Assets at End of Period $ 3,440,758 $ 2,330,884

12 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Canadian Dividend Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Par Value ($) ($) Canadian Bonds 1,000,000 Government of Canada, 5.750%, 2006/09/01 1,056,250 1,002,100 18,000,000 Government of Canada, 6.000%, 2008/06/01 19,352,800 18,522,000 20,000,000 Government of Canada, 6.000%, 2011/06/01 22,153,400 21,300,000 12,500,000 Government of Canada, 4.500%, 2015/06/01 12,932,200 12,423,750 Government of Canada & Guaranteed (11.04%) 55,494,650 53,247,850 10,000,000 Hydro-Quebec, 6.500%, 2011/02/15 11,324,250 10,733,100 Provincial Government & Guaranteed (2.22%) 11,324,250 10,733,100 500,000 407 International Inc., 9.000%, 2007/08/15 564,770 520,780 5,000,000 Bank of Montreal, 4.650%, 2013/03/14 4,997,650 4,894,350 1,000,000 BCE Inc., Series ‘B’, 6.750%, 2007/10/30 998,290 1,021,740 1,000,000 Talisman Energy Inc., 5.800%, 2007/01/30 973,000 1,005,950 Corporate (1.55%) 7,533,710 7,442,820 Total of Canadian Bonds (14.80%) 74,352,610 71,423,770

Number Average Cost Current Value Number Average Cost Current Value of Shares ($) ($) of Shares ($) ($) Canadian Equities 271,300 Power Financial Corp., 5.20%, Preferred, Series ‘C’ 7,009,361 7,433,620 25,300 Thomson Corp. (The) 1,048,715 1,088,153 50,000 Power Financial Corp., Preferred, 100,000 Thomson Corp. (The), Preferred, Series ‘A,’ Floating Rate 1,002,500 1,260,000 Series ‘B,’ Floating Rate 2,323,500 2,523,000 301,800 Premium Income Corp., 5.75%, 350,000 Yellow Pages Income Fund 4,289,151 5,635,000 Preferred, Series ‘A’ 4,768,724 4,855,962 Consumer Discretionary (1.92%) 7,661,366 9,246,153 401,100 RioCan REIT 4,800,436 8,679,804 509,300 Royal Bank of Canada 16,407,133 23,081,476 142,000 George Weston Limited, 5.15%, 95,700 Royal Bank of Canada, 4.70%, Preferred, Series ‘II’ 3,590,950 3,731,050 Preferred, Series ‘N’ 2,388,674 2,437,479 50,000 Liquor Stores Income Fund 1,008,000 967,500 45,000 Royal Bank of Canada, 6.10%, Preferred, Series ‘S’ 1,187,330 1,181,700 Consumer Staples (0.97%) 4,598,950 4,698,550 100,000 Sun Life Financial Inc. 4,463,145 4,435,000 203,500 ARC Energy Trust 2,743,361 5,698,000 50,000 Sun Life Financial Inc., 4.45%, 611,000 Canadian Oil Sands Trust 2,646,258 21,996,000 Preferred, Class ‘A’, Series ‘3’ 1,228,750 1,212,500 446,604 Enbridge Inc. 10,881,534 15,171,138 70,000 Sun Life Financial Inc., 4.75%, 30,000 Enerplus Resources Fund 667,753 1,890,000 Preferred, Series ‘1’ 1,705,200 1,729,700 271,600 Fort Chicago Energy Partners L.P. 2,559,710 3,166,856 194,300 Toronto-Dominion Bank (The) 11,081,909 11,012,924 23,700 Husky Energy Inc. 1,283,698 1,660,422 120,000 Toronto-Dominion Bank (The), 213,300 Imperial Oil Ltd. 1,997,136 8,698,374 Convertible, Preferred, Class ‘A’, 63,400 Pengrowth Energy Trust, Class ‘B’ 613,096 1,651,570 Series ‘M’ 3,000,000 3,337,200 39,000 Penn West Energy Trust 1,661,607 1,751,100 36,200 Toronto-Dominion Bank (The), Preferred 932,220 987,355 29,700 PrimeWest Energy Trust 595,078 994,950 Financials (35.99%) 146,974,089 173,709,937 493,800 TransCanada Corp. 12,854,102 15,727,530 85,000 Canadian National Railway Co. 4,080,810 4,144,600 Energy (16.24%) 38,503,333 78,405,940 78,600 Canadian Pacific Railway Ltd. 4,536,829 4,473,126 436,000 Bank of Montreal 22,462,549 26,186,160 184,200 Quebecor World Inc. 4,600,937 3,033,774 168,000 Bank of Montreal, 4.75%, Preferred, Industrials (2.41%) 13,218,576 11,651,500 Class‘B’, Series ‘6’ 4,176,550 4,294,080 158,200 Bank of Montreal, 4.80%, Preferred, 17,500 Alcan Inc. 980,873 915,075 Class ‘B’, Series ‘4’ 3,966,925 4,011,952 65,900 Alcan Inc., Preferred, Series ‘E’ 1,652,512 1,756,235 478,900 Bank of Nova Scotia 16,373,937 21,176,958 50,000 Alcan Inc., Preferred, Series ‘F’ 1,002,500 1,288,750 110,600 Bank of Nova Scotia, 5.25%, Preferred, 225,700 Falconbridge Ltd. 4,105,871 13,271,160 Series ‘12’ 2,869,132 2,865,646 154,800 Falconbridge Ltd., 4.58%, Preferred, 81,000 Brookfield Asset Management Inc., Series ‘3’ 3,863,495 3,885,480 Preferred, Class ‘A’, Series ‘2’ 1,776,450 1,952,910 30,000 Falconbridge Ltd., 6.50%, Preferred, 53,000 Brookfield Asset Management Inc., Series ‘H’ 805,500 775,500 Preferred, Class ‘A’, Series ‘4’ 1,154,845 1,284,720 98,990 Falconbridge Ltd., Preferred, Series ‘G’, 56,900 Brookfield Asset Management Inc., Variable Rate 2,475,596 2,481,679 Preferred, Class ‘B’, Series ‘10’ 1,584,665 1,551,094 3,000 Fording Canadian Coal Trust 57,689 105,750 58,400 Canadian Imperial Bank of Commerce† 4,077,301 4,363,064 15,000 Inco Ltd. 993,251 1,102,500 28,000 Canadian Imperial Bank of Commerce†, 58,900 Teck Cominco Ltd., Class ‘B’ 3,073,529 3,945,122 4.95%, Preferred, Series ‘19’ 703,750 738,080 36,000 Canadian Imperial Bank of Commerce†, Materials (6.12%) 19,010,816 29,527,251 Preferred, Series ‘23’ 952,240 950,760 90,000 Aliant Inc. 3,105,355 2,985,300 233,300 Great-West Lifeco Inc., 4.70%, 261,100 BCE Inc. 6,605,415 6,887,818 Preferred, Series ‘D’ 5,676,454 6,229,110 24,400 BCE Inc., 5.28%, Preferred, Series ‘S’ 615,082 613,660 150,000 Great-West Lifeco Inc., Preferred, 229,900 BCE Inc., 5.32%, Preferred, Series ‘Z’ 5,677,137 5,908,430 Series ‘X’ 3,983,900 4,053,000 26,000 BCE Inc., 6.17%, Preferred, Series ‘R’ 651,425 661,700 200,000 H&R REIT 2,219,072 4,596,000 25,000 Bell Canada, 4.40%, Preferred, 151,000 Manulife Financial Corp. 5,399,825 5,340,870 Series ‘16’ 631,250 633,750 102,000 Manulife Financial Corp., Preferred 2,551,100 2,703,000 20,000 Bell Canada, Preferred, Class ‘A’, 20,000 Manulife Financial Corp., Preferred, Series ‘18’ 503,000 501,500 Series ‘2’, Callable 504,000 491,000 70,000 Bell Nordiq Income Fund 957,586 1,283,100 296,100 Power Financial Corp. 6,566,012 9,276,813 81,800 Manitoba Telecom Services Inc. 4,108,415 3,714,538

The accompanying notes are an integral part of these ﬁnancial statements. 13 Imperial Canadian Dividend Pool

Number Average Cost Current Value Number Average Cost Current Value of Shares ($) ($) of Shares ($) ($) 202,241 Telus Corp. 7,276,297 9,175,888 45,000 Nova Scotia Power Inc., 5.90%, Preferred, Series ‘D’ 1,201,850 1,260,450 Telecommunication Services (6.70%) 30,130,962 32,365,684 162,500 Nova Scotia Power Inc., Preferred, 98,900 ATCO Ltd., 5.75%, Preferred, Series ‘3’ 2,665,822 2,798,870 Series ‘C’ 3,970,450 4,303,000 3,600 Canadian Utilities Ltd., 5.30%, 49,200 TransAlta Corp. 1,059,204 1,134,552 Preferred, Series ‘V’ 88,200 91,098 72,600 TransAlta Power L.P. 341,423 633,798 86,075 Canadian Utilities Ltd., 5.90%, Utilities (6.83%) 28,831,125 32,953,520 Preferred, Series ‘T’ 2,160,806 2,173,824 234,400 Canadian Utilities Ltd., Class ‘A’ 6,699,216 8,649,360 Total of Canadian Equities (77.18%) 288,929,217 372,558,535 224,400 Emera Inc. 3,628,550 4,227,696 2,500 EPCOR Power L.P. 396 82,500 Total of Investments before Short-Term 149,800 Fortis Inc. 2,829,038 3,339,042 Investments (91.98%) 363,281,827 443,982,305 50,000 Fortis Inc., 4.90%, Preferred, Series ‘E’ 1,382,500 1,350,000 107,000 Fortis Inc., Preferred, Series ‘C’ 2,803,670 2,909,330

Average Cost Current Value Par Value ($) ($) Short-Term Investments 2,000,000 Government of Canada Treasury Bill, 4.002%, 2006/07/27 1,979,735 1,993,372 23,000,000 Government of Canada Treasury Bill, 4.104%, 2006/08/10 22,749,300 22,897,673 725,000 Government of Canada Treasury Bill, 4.101%, 2006/08/24 717,105 720,649 3,900,000 Government of Canada Treasury Bill, 4.184%, 2006/09/07 3,856,671 3,869,935 8,350,000 Government of Canada Treasury Bill, 4.226%, 2006/09/21 8,256,313 8,271,609 Total of Short-Term Investments (7.82%) 37,559,124 37,753,238 Total of Investments (99.80%) 400,840,951 481,735,543 Other Assets, less Liabilities (0.20%) 986,056 Total Net Assets (100.00%) 482,721,599 †This security is issued by a related party of the Pool.

14 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Canadian Dividend Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 481,736 $ 406,082 Interest revenue $ 4,070 $ 1,952 Cash including foreign currency holdings, at current value 156 18 Dividend revenue 5,102 4,323 Accrued interest and dividends receivable 1,840 1,718 Securities lending revenue 65 29 Receivable for units issued 1,440 262 9,237 6,304 Total Assets 485,172 408,080 Expenses (notes 5 and 8) Liabilities Management fees 611 426 Payable for portfolio securities purchased 2,043 — Audit fees 8 4 Payable for units redeemed 377 281 Custodial fees 43 25 Management fees payable 12 10 Legal fees 1 2 Other accrued expenses 18 15 Regulatory fees 12 7 Unitholder reporting costs 39 19 Total Liabilities 2,450 306 Other expenses 38 11 Total Net Assets $ 482,722 $ 407,774 752 494 Net Asset Value per Unit (note 4) $ 19.60 $ 19.53 Expenses waived/absorbed by the Manager (581) (375) 171 119 Net Investment Income (Loss) 9,066 6,185 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 9,157 27 Increase (decrease) in unrealized appreciation (depreciation) of investments (8,541) 13,451 Net Gain (Loss) on Investments 616 13,478 Increase (Decrease) in Net Assets from Operations $ 9,682 $ 19,663 Increase (Decrease) in Net Assets from Operations per Unit $ 0.41 $ 1.08

2006 2005 Cost of Investments Held at Beginning of Period $ 263,258 $ 203,710 Purchases 105,811 49,147 Increase (Decrease) in Net Assets from Operations $ 9,682 $ 19,663 369,069 252,857 Distributions Paid or Payable to Unitholders Cost of Investments Held at End of Period 363,282 252,344 From net investment income (8,928) (5,977) Cost of Investments Sold or Matured 5,787 513 (8,928) (5,977) Proceeds from sales or maturities 14,944 540 Changes Due to Unitholder Transactions Net Realized Gain (Loss) on Sale of Investments $ 9,157 $27 Amount received from the issuance of units 103,763 76,100 Amount received from reinvestment of distributions 8,843 5,949 Amount paid on redemptions of units (38,412) (29,824) 74,194 52,225 Increase (Decrease) in Net Assets for the Period 74,948 65,911 Net Assets at Beginning of Period 407,774 286,501 Net Assets at End of Period $ 482,722 $ 352,412

The accompanying notes are an integral part of these ﬁnancial statements. 15 Imperial International Bond Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Hedging Average Cost Current Value Par Value Ref. No.* ($) ($) Canadian Bonds 1 000 000 Government of Canada, 4.250%, 2009/09/01 1 003 200 993 690 1 100 000 Government of Canada, 4.500%, 2015/06/01 1 103 522 1 093 290 Total of Canadian Bonds (1.51%) 2 106 722 2 086 980 International Bonds 1 800 000 GE Capital Australia Funding Property Ltd., 5.750%, 2011/01/18 1 486 377 1 447 811 2 700 000 Province of Ontario, 5.500%, 2012/07/13 2 364 035 2 146 062 Australian Dollar (2.60%) 3 850 412 3 593 873 1 600 000 Finning International Inc., 5.625%, 2013/05/30 3 554 989 3 240 136 British Pound (2.35%) 3 554 989 3 240 136 2 200 000 Deutsche Telekom International Finance BV, 3.250%, 2010/01/19 1 3 338 485 3 029 827 2 500 000 European Investment Bank, 4.000%, 2037/10/15 1 3 804 783 3 259 904 4 855 000 Government of France, OAT, 3.750%, 2021/04/25 1 6 704 889 6 548 202 2 000 000 HBOS Treasury Services PLC, 3.500%, 2009/02/12 1 2 772 983 2 822 644 2 200 000 Northern Rock PLC, 3.875%, 2020/11/16 1 3 042 152 2 918 770 2 125 000 PPG Industries Inc., 3.875%, 2015/06/24 1 2 995 765 2 807 179 2 000 000 Province of Quebec, 5.125%, 2009/01/04 1 3 036 558 2 933 558 1 500 000 Province of Quebec, 3.375%, 2016/06/20 1 2 007 553 1 981 538 Euro (19.06%) (note 10) 27 703 168 26 301 622 700 000 000 European Investment Bank, 1.400%, 2017/06/20 2 6 450 118 6 414 895 600 000 000 Province of Quebec, 1.600%, 2013/05/09 2 7 326 253 5 764 066 700 000 000 Rabobank Nederland, 0.800%, 2011/02/03 2 7 041 494 6 598 762 Japanese Yen (13.61%) (note 10) 20 817 865 18 777 723 36 000 000 Mexican Fixed Rate Bonds, Series ‘MI10’, 9.500%, 2014/12/18 4 327 810 3 639 068 Mexican Peso (2.64%) 4 327 810 3 639 068 1 000 000 European Investment Bank, 6.250%, 2010/09/30 774 614 665 316 1 000 000 Province of Quebec, 6.750%, 2015/11/09 788 459 678 887 New Zealand Dollar (0.97%) 1 563 073 1 344 203 3 000 000 Alcan Inc., 5.000%, 2015/06/01 3 600 955 3 087 930 2 400 000 HSBC Finance Corp., 5.250%, 2011/01/14 2 853 968 2 609 385 2 200 000 Hydro-Quebec, 7.500%, 2016/04/01 3 908 770 2 761 359 2 325 000 International Bank for Reconstruction and Development (The), 8.625%, 2016/10/15 4 052 347 3 163 865 2 000 000 Province of Ontario, 5.450%, 2016/04/27 2 227 068 2 206 691 3 000 000 Province of Quebec, 7.500%, 2029/09/15 4 474 138 4 037 550 12 400 000 United States Treasury Bond, 4.500%, 2009/02/15 13 633 464 13 576 198 2 000 000 United States Treasury Bond, 4.500%, 2016/02/15 2 273 703 2 116 813 2 500 000 Wyeth, 5.500%, 2013/03/15 3 086 428 2 710 377 United States Dollar (26.29%) 40 110 841 36 270 168 Total of International Bonds (67.52%) 101 928 158 93 166 793 Total of Bonds (69.03%) 104 034 880 95 253 773 Total of Investments before Short-Term Investments (69.03%) 104 034 880 95 253 773 Short-Term Investments (note 11) 11 700 000 Government of Canada Treasury Bill, 3.960%, 2006/07/27 11 578 757 11 667 937 2 725 000 Government of Canada Treasury Bill, 4.104%, 2006/08/10 2 695 297 2 712 877 2 050 000 Government of Canada Treasury Bill, 4.184%, 2006/09/07 2 027 224 2 034 197 23 125 000 Government of Canada Treasury Bill, 4.226%, 2006/09/21 22 865 538 22 907 899 1 850 000 Government of Canada Treasury Bill, 4.314%, 2006/10/05 1 828 818 1 829 249 Total of Short-Term Investments (29.82%) 40 995 634 41 152 159 Total of Investments (98.85%) 145 030 514 136 405 932 Margin (0.14%) 192 701 Unrealized Gain (Loss) on Futures Contracts (–0.03%) (46 158) Unrealized Gain (Loss) on Bond Forward Contracts (0.02%) 30 375 Unrealized Gain (Loss) on Forward Foreign Currency Contracts (0.52%) 711 545 Other Assets, less Liabilities (0.50%) 684 760 Total Net Assets (100.00%) 137 979 155 *The hedging reference number has a corresponding number on the Forward Foreign Currency Contracts Schedule.

16 The accompanying notes are an integral part of these ﬁnancial statements. Imperial International Bond Pool

Futures Contracts Schedule (note 11)

Contracted Current Unrealized Value ($) Bond Futures Value ($) Gain/(Loss) ($) 7,907,383 German EURO-BUND Future, Expiry September 2006; 48 contracts at EUR 115.85 per contract 7,871,208 (36,175) 7,699,347 German EURO-SCHATZ Bond Future, Expiry September 2006; 52 contracts at EUR 104.13 per contract 7,689,364 (9,983)

15,606,730 Total Bond Futures 15,560,572 (46,158) As at June 30, 2006, $192,701 cash was deposited as margin for the futures contracts.

Forward Foreign Currency Contracts Schedule (note 10)

Credit Rating Settlement Currency Currency Hedging Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Ref. No.** Rate Rate Gain/(Loss) ($) State Street Trust Co. Canada A1+ 2006/08/31 AUD 5,480,000 CAD 4,513,602 0.824 0.824 1,696 State Street Trust Co. Canada A1+ 2006/08/31 AUD 10,575,000 CAD 8,633,853 0.816 0.824 79,519 Toronto-Dominion Bank (The) A1+ 2006/08/31 AUD 3,290,000 CAD 2,673,026 0.812 0.824 37,801 Royal Bank of Canada A1+ 2006/08/31 CAD 892,459 AUD 1,090,000 1.221 1.214 (5,657) State Street Trust Co. Canada A1+ 2006/08/31 CAD 6,992,960 AUD 8,320,000 1.190 1.214 137,616 State Street Trust Co. Canada A1+ 2006/08/31 CAD 4,463,178 AUD 5,275,000 1.182 1.214 116,791 State Street Trust Co. Canada A1+ 2006/08/31 CAD 4,437,316 AUD 5,380,000 1.212 1.214 4,414 Royal Bank of Canada A1+ 2006/08/09 CHF 10,035,000 CAD 9,064,631 0.903 0.911 76,497 Toronto-Dominion Bank (The) A1+ 2006/08/09 CHF 1,200,000 CAD 1,097,745 0.915 0.911 (4,636) Royal Bank of Canada A1+ 2006/08/09 CAD 8,211,405 CHF 9,030,000 1.100 1.098 (14,244) Royal Bank of Canada A1+ 2006/08/09 CAD 1,375,877 CHF 1,520,000 1.105 1.098 (8,729) Royal Bank of Canada A1+ 2006/07/11 DKK 5,598,715 CAD 1,065,022 0.190 0.191 2,734 Royal Bank of Canada A1+ 2006/07/11 DKK 4,700,000 CAD 889,360 0.189 0.191 6,999 State Street Trust Co. Canada A1+ 2006/10/11 DKK 10,298,715 CAD 1,945,724 0.189 0.191 24,645 State Street Trust Co. Canada A1+ 2006/07/11 CAD 1,939,619 DKK 10,298,715 5.310 5.243 (24,497) Royal Bank of Canada A1+ 2006/10/11 CAD 1,380,832 DKK 7,270,000 5.265 5.227 (10,077) Citibank N.A., New York A1+ 2006/09/20 EUR 4,320,000 CAD 6,154,704 1 1.425 1.426 7,033 State Street Trust Co. Canada A1+ 2006/09/20 EUR 51,310,776 CAD 72,603,209 1 1.415 1.426 582,785 State Street Trust Co. Canada A1+ 2006/09/20 EUR 19,125,000 CAD 26,959,939 1 1.410 1.426 318,583 State Street Trust Co. Canada A1+ 2006/09/20 EUR 18,050,000 CAD 25,407,361 1 1.408 1.426 337,859 Royal Bank of Canada A1+ 2006/09/20 CAD 109,712,703 EUR 77,530,000 1 0.707 0.701 (870,503) Citibank N.A., New York A1+ 2006/07/20 GBP 9,540,000 CAD 19,814,198 2.077 2.057 (195,071) State Street Trust Co. Canada A1+ 2006/07/20 GBP 5,671,615 CAD 11,320,544 1.996 2.057 343,202 State Street Trust Co. Canada A1+ 2006/07/20 GBP 1,475,000 CAD 2,963,541 2.009 2.057 69,815 State Street Trust Co. Canada A1+ 2006/07/20 GBP 50,000 CAD 101,785 2.036 2.057 1,041 State Street Trust Co. Canada A1+ 2006/07/20 GBP 210,000 CAD 428,297 2.040 2.057 3,570 State Street Trust Co. Canada A1+ 2006/07/20 GBP 2,425,000 CAD 5,084,498 2.097 2.057 (97,455) State Street Trust Co. Canada A1+ 2006/07/20 GBP 925,000 CAD 1,911,411 2.066 2.057 (9,137) State Street Trust Co. Canada A1+ 2006/07/20 GBP 250,000 CAD 519,238 2.077 2.057 (5,109) Royal Bank of Canada A1+ 2006/10/20 GBP 3,641,615 CAD 7,427,511 2.040 2.055 57,126 State Street Trust Co. Canada A1+ 2006/10/20 GBP 5,150,000 CAD 10,517,227 2.042 2.055 67,604 Royal Bank of Canada A1+ 2006/07/20 CAD 20,946,360 GBP 10,430,000 0.498 0.486 (503,063) Royal Bank of Canada A1+ 2006/07/20 CAD 2,276,632 GBP 1,110,000 0.488 0.486 (6,096) Royal Bank of Canada A1+ 2006/07/20 CAD 7,430,715 GBP 3,641,615 0.490 0.486 (58,311) State Street Trust Co. Canada A1+ 2006/07/20 CAD 622,102 GBP 295,000 0.474 0.486 15,431 Toronto-Dominion Bank (The) A1+ 2006/07/20 CAD 10,494,393 GBP 5,070,000 0.483 0.486 67,876 Royal Bank of Canada A1+ 2006/10/20 CAD 14,753,781 GBP 7,220,000 0.489 0.487 (85,536) Toronto-Dominion Bank (The) A1+ 2006/10/20 CAD 5,971,948 GBP 2,960,000 0.496 0.487 (111,761) State Street Trust Co. Canada A1+ 2006/08/16 JPY 3,163,929,280 CAD 31,702,698 2 0.010 0.010 (751,092) State Street Trust Co. Canada A1+ 2006/08/16 JPY 4,015,000,000 CAD 39,262,664 2 0.010 0.010 14,668 Toronto-Dominion Bank (The) A1+ 2006/08/16 JPY 402,119,489 CAD 3,971,982 2 0.010 0.010 (38,189) Citibank N.A., New York A1+ 2006/08/16 CAD 9,488,877 JPY 966,442,160 2 101.850 102.222 34,514 Royal Bank of Canada A1+ 2006/08/16 CAD 52,720,285 JPY 5,435,725,034 2 102.222 102.222 (455,499) State Street Trust Co. Canada A1+ 2006/08/16 CAD 1,284,585 JPY 130,000,000 2 101.200 102.222 12,841 State Street Trust Co. Canada A1+ 2006/08/16 CAD 2,612,124 JPY 265,000,000 2 101.450 102.222 19,722 State Street Trust Co. Canada A1+ 2006/08/16 CAD 1,886,746 JPY 190,350,000 2 100.888 102.222 24,619 Toronto-Dominion Bank (The) A1+ 2006/08/16 CAD 1,436,376 JPY 142,500,000 2 99.208 102.222 42,349 Toronto-Dominion Bank (The) A1+ 2006/08/16 CAD 2,699,848 JPY 280,230,740 2 103.795 102.222 (41,551) Royal Bank of Canada A1+ 2006/07/10 NOK 57,740,000 CAD 10,474,946 0.181 0.179 (151,221) State Street Trust Co. Canada A1+ 2006/10/10 NOK 5,190,000 CAD 937,669 0.181 0.179 (6,343) Royal Bank of Canada A1+ 2006/07/10 CAD 9,337,458 NOK 52,550,000 5.628 5.593 (58,310) State Street Trust Co. Canada A1+ 2006/07/10 CAD 934,209 NOK 5,190,000 5.556 5.593 6,254 Royal Bank of Canada A1+ 2006/10/10 CAD 644,945 NOK 3,605,000 5.590 5.573 (1,958) State Street Trust Co. Canada A1+ 2006/09/21 NZD 4,575,000 CAD 3,147,005 0.688 0.674 (64,401) Royal Bank of Canada A1+ 2006/09/21 CAD 4,429,138 NZD 6,425,000 1.451 1.484 100,016 Royal Bank of Canada A1+ 2006/09/21 CAD 84,144 NZD 125,000 1.486 1.484 (80) State Street Trust Co. Canada A1+ 2006/09/13 PLN 5,145,000 CAD 1,843,657 0.358 0.349 (47,552) Royal Bank of Canada A1+ 2006/09/13 CAD 1,254,307 PLN 3,640,000 2.902 2.865 (16,406) State Street Trust Co. Canada A1+ 2006/09/22 SEK 73,390,000 CAD 11,273,426 0.154 0.155 108,985 Citibank N.A., New York A1+ 2006/09/22 CAD 9,189,025 SEK 59,820,000 6.510 6.448 (88,749) Royal Bank of Canada A1+ 2006/09/22 CAD 1,456,319 SEK 9,460,000 6.496 6.448 (10,878) State Street Trust Co. Canada A1+ 2006/07/13 USD 19,599,030 CAD 21,540,118 1.099 1.112 247,306 State Street Trust Co. Canada A1+ 2006/07/18 USD 11,303,483 CAD 12,421,285 1.099 1.111 142,237 State Street Trust Co. Canada A1+ 2006/07/18 USD 17,295,198 CAD 19,005,520 1.099 1.111 217,634 State Street Trust Co. Canada A1+ 2006/07/20 USD 5,711,101 CAD 6,275,586 1.099 1.111 71,729 State Street Trust Co. Canada A1+ 2006/07/20 USD 27,039,192 CAD 29,711,745 1.099 1.111 339,600 Royal Bank of Canada A1+ 2006/09/06 USD 59,375,000 CAD 66,273,188 1.116 1.110 (381,742) Royal Bank of Canada A1+ 2006/09/06 USD 2,321,263 CAD 2,565,507 1.105 1.110 10,517 State Street Trust Co. Canada A1+ 2006/09/06 USD 1,550,000 CAD 1,703,605 1.099 1.110 16,509 State Street Trust Co. Canada A1+ 2006/09/06 USD 8,850,000 CAD 9,739,425 1.101 1.110 81,868 State Street Trust Co. Canada A1+ 2006/09/06 USD 2,300,000 CAD 2,564,155 1.115 1.110 (11,728)

The accompanying notes are an integral part of these ﬁnancial statements. 17 Imperial International Bond Pool

Bond Forward Contracts Schedule (note 11)

Credit Rating Settlement Contracted Current Forward Current Unrealized Counterparty for Counterparty* Date Underlying Security Par Value Value Value Rate Rate Gain/(Loss) ($) Goldman Sachs & Co., New York A+ 2006/07/18 Freddie Mac, 6.000%, 2019/07/01 6,000,000 6,650,735 6,687,200 100.641 100.219 36,465 Goldman Sachs & Co., New York A+ 2006/07/20 Government National Mortgage Association, 7.000%, 2034/07/15 4,500,000 5,128,222 5,160,839 103.469 103.125 32,617 J. P. Morgan Securities Inc., New York A+ 2006/07/20 Government National Mortgage Association, 6.500%, 2035/07/15 10,500,000 11,861,720 11,823,013 102.082 101.250 (38,707) 30,375 *The credit rating of each counterparty (as rated by Standard & Poor’s, a division of the McGraw-Hill Companies, Inc.) of the bond forward contracts held by the Pool exceeds or meets the minimum approved credit rating.

18 The accompanying notes are an integral part of these ﬁnancial statements. Imperial International Bond Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 136,406 $ 657,943 Interest revenue $ 9,580 $ 12,005 Cash including foreign currency holdings, at current value 210 40 Income (loss) from forward foreign currency contracts (6,357) 3,710 Margin 193 523 Income (loss) from bond forward contracts (7,268) 2,937 Accrued interest and dividends receivable 1,315 5,708 Income (loss) from futures contracts (3,021) 7,166 Receivable for portfolio securities sold — 1,364 Securities lending revenue 38 27 Receivable for units issued 49 264 Unrealized gain on futures contracts — 943 (7,028) 25,845 Unrealized gain on bond forward contracts 30 — Expenses (notes 5 and 8) Unrealized gain on forward foreign currency contracts 712 — Management fees 649 1,063 Total Assets 138,915 666,785 Audit fees 9 7 Custodial fees 119 129 Liabilities Legal fees 2 5 Payable for portfolio securities purchased 742 — Regulatory fees 13 14 Payable for units redeemed 108 724 Unitholder reporting costs 218 373 Management fees payable 10 16 Other expenses 42 21 Other accrued expenses 30 48 Unrealized loss on futures contracts 46 — 1,052 1,612 Unrealized loss on bond forward contracts — 1,311 Expenses waived/absorbed by the Manager (766) (1,144) Unrealized loss on forward foreign currency contracts — 3,886 286 468 Total Liabilities 936 5,985 Net Investment Income (Loss) (7,314) 25,377 Total Net Assets $ 137,979 $ 660,800 Realized and Unrealized Gain (Loss) on Investments Net Asset Value per Unit (note 4) $ 8.63 $ 8.95 Net realized gain (loss) on sale of investments1 (44,555) (1,517) Net realized gain (loss) on foreign currency (notes 2c and d) 4,795 (1,531) Increase (decrease) in unrealized appreciation (depreciation) of investments 31,268 (24,674) Net Gain (Loss) on Investments (8,492) (27,722) Increase (Decrease) in Net Assets from Operations $ (15,806) $ (2,345) Increase (Decrease) in Net Assets from Operations per Unit $ (0.29) $ (0.03)

2006 2005 Cost of Investments Held at Beginning of Period $ 406,153 $ 387,536 Purchases 190,934 234,597 Increase (Decrease) in Net Assets from Operations $ (15,806) $ (2,345) 597,087 622,133 Changes Due to Unitholder Transactions Cost of Investments Held at End of Period 104,035 388,339 Amount received from the issuance of units 33,195 243,809 Amount paid on redemptions of units (540,210) (128,046) Cost of Investments Sold or Matured 493,052 233,794 Proceeds from sales or maturities 448,497 232,277 (507,015) 115,763 Net Realized Gain (Loss) on Sale of Investments $ (44,555) $ (1,517) Increase (Decrease) in Net Assets for the Period (522,821) 113,418 Net Assets at Beginning of Period 660,800 656,758 Net Assets at End of Period $ 137,979 $ 770,176

The accompanying notes are an integral part of these ﬁnancial statements. 19 Imperial Canadian Income Trust Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) Canadian Equities 609,400 CML Healthcare Income Fund 8,596,049 8,866,770 304,600 Aeroplan Income Fund 4,161,036 4,179,112 Health Care (1.23%) 8,596,049 8,866,770 203,900 Boston Pizza Royalties Income Fund 3,219,684 3,568,250 45,000 Magna International Inc., Class ‘A’ 3,636,819 3,583,800 230,900 BFI Canada Income Fund 6,564,915 6,673,010 347,500 North West Company Fund 12,300,502 15,585,375 361,200 Contrans Income Fund 4,985,222 4,587,240 136,400 SCI Income Trust 1,707,152 1,670,900 579,700 Jazz Air Income Fund 5,433,174 5,049,187 1,017,600 Yellow Pages Income Fund 14,838,613 16,383,360 116,100 Oceanex Income Fund 1,720,525 1,666,035 126,700 Wajax Income Fund 4,659,541 5,107,277 Consumer Discretionary (6.25%) 39,863,806 44,970,797 117,100 Westshore Terminals Income Fund 1,122,490 1,250,628 107,000 Lakeport Brewing Income Fund 1,701,991 1,722,700 Industrials (3.38%) 24,485,867 24,333,377 34,000 Liquor Stores Income Fund 678,550 657,900 90,000 Rothmans Inc. 1,755,555 1,755,000 30,100 Fording Canadian Coal Trust 1,108,143 1,061,025 321,100 Labrador Iron Ore Royalty Income Fund 7,093,135 7,651,813 Consumer Staples (0.57%) 4,136,096 4,135,600 238,900 PRT Forest Regeneration Income Fund 2,583,707 2,532,340 887,400 TimberWest Forest Corp. 12,496,931 12,725,316 918,900 ARC Energy Trust 19,643,319 25,729,200 358,200 Bonavista Energy Trust 10,849,164 12,537,000 Materials (3.32%) 23,281,916 23,970,494 615,200 Canadian Oil Sands Trust 12,806,087 22,147,200 55,300 Canetic Resources Trust 1,329,610 1,277,430 50,000 Aliant Inc. 1,717,375 1,658,500 216,000 CCS Income Trust 6,062,282 7,992,000 377,600 Bell Nordiq Income Fund 5,870,061 6,921,408 239,600 Enerplus Resources Fund 11,524,839 15,094,800 75,000 Manitoba Telecom Services Inc. 3,410,043 3,405,750 225,000 Focus Energy Trust 5,317,756 5,321,250 Telecommunication Services (1.66%) 10,997,479 11,985,658 378,600 Freehold Royalty Trust 6,584,651 7,950,600 783,900 Inter Pipeline Fund, Class ‘A’ 6,364,450 7,768,449 50,000 ATCO Ltd., Class ‘I’ 1,759,000 1,830,000 386,800 NAL Oil & Gas Trust 5,801,578 7,736,000 96,600 Energy Savings Income Fund 1,702,842 1,787,100 396,600 Pembina Pipeline Income Fund 5,238,814 6,444,750 55,600 Great Lakes Hydro Income Fund 879,300 990,236 313,900 Penn West Energy Trust 13,326,166 14,094,110 69,900 Northland Power Income Fund 840,869 1,012,851 35,600 Shiningbank Energy Income Fund 648,686 754,720 Utilities (0.78%) 5,182,011 5,620,187 Energy (18.70%) 105,497,402 134,847,509 Total of Canadian Equities (47.51%) 293,388,187 342,504,546 180,600 Calloway REIT 3,703,942 4,415,670 494,809 Canadian Apartment Properties REIT 6,990,106 8,119,816 Total of Investments before Short-Term 717,800 Canadian Hotel Income Properties REIT 8,352,687 9,360,112 Investments (47.51%) 293,388,187 342,504,546 60,000 CI Financial Inc. 1,823,442 1,772,400 349,800 CREIT 6,539,832 8,430,180 114,800 Davis + Henderson Income Fund 2,246,611 2,031,960 284,700 GMP Capital Trust 5,832,055 6,698,991 621,300 H&R REIT 11,485,811 14,277,474 221,600 Legacy Hotels REIT 1,745,844 1,883,600 148,900 Livingston International Income Fund 3,405,434 3,869,911 50,000 Northbridge Financial Corp. 1,690,000 1,647,500 50,000 Power Corp. of Canada 1,458,116 1,470,500 697,000 RioCan REIT 12,623,430 15,083,080 184,100 Summit REIT 3,450,251 4,712,960 Financials (11.62%) 71,347,561 83,774,154

Average Cost Current Value Par Value ($) ($) Short-Term Investments 1,900,000 Government of Canada Treasury Bill, 3.978%, 2006/07/27 1,880,269 1,894,672 3,950,000 Government of Canada Treasury Bill, 4.101%, 2006/08/24 3,906,984 3,926,298 1,350,000 Government of Canada Treasury Bill, 4.184%, 2006/09/07 1,335,002 1,339,593 190,300,000 Bank of Montreal Term Deposit, 4.250%, 2006/07/04 190,300,000 190,322,158 229,625,000 Royal Bank of Canada Term Deposit, 4.250%, 2006/07/04 229,625,000 229,651,737 Total of Short-Term Investments (59.25%) 427,047,255 427,134,458 Total of Investments (106.76%) 720,435,442 769,639,004 Other Assets, less Liabilities (–6.76%) (48,706,828) Total Net Assets (100.00%) 720,932,176

20 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Canadian Income Trust Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 769,639 $ 186,527 Interest revenue $ 5,848 $ 2,852 Cash including foreign currency holdings, at current value 22 16 Dividend revenue 638 939 Accrued interest and dividends receivable 1,839 1,566 Securities lending revenue 84 41 Receivable for portfolio securities sold 5,142 — Receivable for units issued 1,230 242 6,570 3,832 Total Assets 777,872 188,351 Expenses (notes 5 and 8) Management fees 273 175 Liabilities Audit fees 8 4 Payable for portfolio securities purchased 56,193 247 Custodial fees 31 24 Payable for units redeemed 564 42 Legal fees 1 1 Management fees payable 6 5 Regulatory fees 10 9 Other accrued expenses 19 14 Unitholder reporting costs 18 11 Distributions payable to unitholders 158 — Other expenses 16 7 Total Liabilities 56,940 308 357 231 Total Net Assets $ 720,932 $ 188,043 Expenses waived/absorbed by the Manager (240) (154)

Net Asset Value per Unit (note 4) $ 16.32 $ 16.27 117 77 Net Investment Income (Loss) 6,453 3,755 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 694 484 Increase (decrease) in unrealized appreciation (depreciation) of investments 8,963 7,943 Net Gain (Loss) on Investments 9,657 8,427 Increase (Decrease) in Net Assets from Operations $ 16,110 $ 12,182 Increase (Decrease) in Net Assets from Operations per Unit $ 1.30 $ 1.32

2006 2005 Cost of Investments Held at Beginning of Period $ 138,358 $ 81,904 Purchases 185,820 52,740 Increase (Decrease) in Net Assets from Operations $ 16,110 $ 12,182 324,178 134,644 Distributions Paid or Payable to Unitholders Cost of Investments Held at End of Period 293,388 125,183 From net investment income (5,402) (3,194) Return of capital (703) (219) Cost of Investments Sold or Matured 30,790 9,461 Proceeds from sales or maturities 31,484 9,945 (6,105) (3,413) Net Realized Gain (Loss) on Sale of Investments $ 694 $ 484 Changes Due to Unitholder Transactions Amount received from the issuance of units 541,739 60,649 Amount received from reinvestment of distributions 5,833 3,271 Amount paid on redemptions of units (24,688) (17,584) 522,884 46,336 Increase (Decrease) in Net Assets for the Period 532,889 55,105 Net Assets at Beginning of Period 188,043 105,736 Net Assets at End of Period $ 720,932 $ 160,841

The accompanying notes are an integral part of these ﬁnancial statements. 21 Imperial Canadian Dividend Income Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) Canadian Equities 1,701,750 Royal Bank of Canada 61,493,163 77,123,310 49,000 Royal Bank of Canada, 4.70%, 357,875 Astral Media Inc. 11,134,003 12,482,680 Preferred, Series ’N’ 1,272,840 1,248,030 146,800 Canadian Tire Corp. Ltd., Class ’A’ 8,977,939 9,715,224 371,000 Summit REIT 6,951,964 9,497,600 209,900 Four Seasons Hotels Inc. 14,942,662 14,248,012 813,400 Sun Life Financial Inc. 31,200,011 36,074,290 455,600 Gildan Activewear Inc. 24,599,197 24,051,124 1,243,675 Toronto-Dominion Bank (The) 62,531,560 70,491,499 83,150 Magna International Inc., Class ’A’ 7,934,791 6,622,066 85,000 Toronto-Dominion Bank (The), 568,400 North West Company Fund 18,050,852 25,492,740 Convertible, Preferred, Class ’A’, 2,258,250 2,363,850 559,900 RONA Inc. 10,046,019 11,225,995 30,000 Toronto-Dominion Bank (The), 445,375 Thomson Corp. (The) 18,751,355 19,155,579 Preferred, Series ’M’ 789,500 818,250 110,000 Thomson Corp. (The), Preferred, Series ’B’, Floating Rate 2,732,500 2,775,300 Financials (32.72%) 578,747,094 671,101,785 111,900 Tim Hortons Inc. 3,107,237 3,209,292 2,229,300 Yellow Pages Income Fund 31,169,276 35,891,730 388,675 MDS Inc. 7,974,923 7,909,536 Consumer Discretionary (8.03%) 151,445,831 164,869,742 Health Care (0.39%) 7,974,923 7,909,536 646,700 Jean Coutu Group (PJC) Inc. (The), 438,300 BFI Canada Income Fund 12,712,473 12,666,870 Class ’A’ 10,490,551 7,566,390 978,000 Canadian National Railway Co. 34,412,164 47,687,280 102,325 Loblaw Cos. Ltd. 6,601,374 5,269,738 348,375 Canadian Pacific Railway Ltd. 16,829,818 19,826,021 1,052,675 Rothmans Inc. 23,883,044 20,527,163 282,200 Contrans Income Fund 4,002,023 3,583,940 371,000 Finning International Inc. 14,251,151 13,801,200 Consumer Staples (1.63%) 40,974,969 33,363,291 386,375 SNC-Lavalin Group Inc. 9,031,302 11,351,698 1,790,000 ARC Energy Trust 32,521,932 50,120,000 Industrials (5.31%) 91,238,931 108,917,009 575,300 Bonavista Energy Trust 16,237,374 20,135,500 684,850 Canadian Natural Resources Ltd. 22,725,624 42,268,942 221,050 COGNOS Inc. 9,119,040 6,943,181 1,593,600 Canadian Oil Sands Trust 23,566,660 57,369,600 139,925 Onex Corp. 2,675,771 3,114,731 202,700 Canetic Resources Trust 5,004,682 4,682,370 222,500 Research In Motion Ltd. 18,733,384 17,310,500 519,100 Enbridge Inc. 16,333,950 17,633,827 Information Technology (1.33%) 30,528,195 27,368,412 1,243,250 EnCana Corp. 47,751,401 73,078,235 384,600 Enerplus Resources Fund 15,657,694 24,229,800 841,200 Alcan Inc. 39,792,645 43,986,348 259,900 Husky Energy Inc. 16,038,375 18,208,594 748,050 Barrick Gold Corp. 21,480,064 24,663,209 482,250 Nexen Inc. 19,688,716 30,333,525 856,522 Falconbridge Ltd. 22,573,521 50,363,494 1,935,400 Pembina Pipeline Income Fund 28,302,546 31,450,250 61,200 Falconbridge Ltd., 4.58%, Preferred, 339,400 Penn West Energy Trust 14,976,466 15,239,060 Series ’3’ 1,515,820 1,536,120 1,294,650 Petro-Canada 49,110,586 68,564,664 144,200 Falconbridge Ltd., 6.50%, Preferred, 494,275 Suncor Energy Inc. 24,217,692 44,652,804 Series ’H’ 3,974,580 3,727,570 1,696,725 Talisman Energy Inc. 25,565,317 33,052,203 150,000 Falconbridge Ltd., Preferred, Series ’G’, 839,725 TransCanada Corp. 26,014,239 26,745,240 Variable Rate 3,790,000 3,760,500 212,600 Fording Canadian Coal Trust 9,121,430 7,494,150 Energy (27.20%) 383,713,254 557,764,614 451,000 Inco Ltd. 22,402,737 33,148,500 912,250 Bank of Montreal 50,898,054 54,789,734 549,700 Labrador Iron Ore Royalty Income Fund 11,728,306 13,099,351 1,623,925 Bank of Nova Scotia 62,859,644 71,809,960 660,700 Norbord Inc. 7,644,802 6,210,580 455,050 Brookfield Asset Management Inc., 460,200 Teck Cominco Ltd., Class ’B’ 18,459,088 30,824,196 Class ’A’ 12,986,812 20,413,543 1,013,200 TimberWest Forest Corp. 14,331,651 14,529,288 160,000 Brookfield Asset Management Inc., Materials (11.38%) 176,814,644 233,343,306 Preferred, Class ’A’, Series ’2’ 3,530,500 3,857,600 109,800 Brookfield Asset Management Inc., 1,733,025 BCE Inc. 50,156,221 45,717,200 Preferred, Class ’A’, Series ’4’ 2,462,948 2,661,552 109,700 BCE Inc., 5.28%, Preferred, Series ’S’ 2,774,890 2,758,955 56,000 Brookfield Asset Management Inc., 38,400 BCE Inc., 5.32%, Preferred, Series ’Z’ 1,041,024 986,880 Preferred, Class ’B’, Series ’10’ 1,552,400 1,526,560 25,200 BCE Inc., 6.17%, Preferred, Series ’R’ 663,264 641,340 196,912 Brookfield Properties Corp. 5,677,602 6,974,623 165,000 BCE Inc., Preferred, Series ’AC’ 4,379,250 4,238,850 144,300 Calloway REIT 3,405,376 3,528,135 25,500 Bell Canada, 5.55%, Preferred, 2,005,781 Canadian Apartment Properties REIT 28,838,639 32,914,866 Class ’A’, Series ’19’ 671,925 638,520 872,500 Davis + Henderson Income Fund 17,524,329 15,443,250 1,276,700 Bell Nordiq Income Fund 20,457,133 23,401,911 30,000 Great-West Lifeco Inc., 4.70%, 666,275 Telus Corp. 24,823,402 30,668,638 Preferred, Series ’D’ 796,000 801,000 Telecommunication Services (5.32%) 104,967,109 109,052,294 208,000 Great-West Lifeco Inc., Preferred, Series ’X’ 5,372,240 5,620,160 10,000 ATCO Ltd., 5.75%, Preferred, Series ’3’ 276,500 283,000 1,218,700 H&R REIT 21,640,054 28,005,726 422,325 Duke Energy Canada Exchangeco Inc. 13,939,846 14,523,757 184,850 IGM Financial Inc. 6,839,832 8,227,674 479,800 Emera Inc. 9,705,829 9,039,432 18,000 IGM Financial Inc., Preferred, 5.75% 130,900 EPCOR Power L.P. 4,382,284 4,319,700 Series ’A’ 502,740 504,540 120,000 Fortis Inc., 4.90%, Preferred, Series ’E’ 3,260,000 3,240,000 735,100 Industrial Alliance Insurance and 159,100 Fortis Inc., Preferred, Series ’C’ 4,161,272 4,325,929 Financial Services Inc. 19,611,000 23,464,392 493,200 Great Lakes Hydro Income Fund 8,348,418 8,783,892 525,500 Livingston International Income Fund 11,690,801 13,657,745 35,000 Nova Scotia Power Inc., 5.90%, 2,138,550 Manulife Financial Corp. 61,479,704 75,640,514 Preferred, Series ’D’ 961,700 980,350 150,000 Manulife Financial Corp., Preferred 3,766,000 3,975,000 45,000 Nova Scotia Power Inc., Preferred, 449,975 National Bank of Canada 22,561,861 25,648,575 Series ’C’ 1,208,250 1,191,600 974,700 Power Financial Corp. 30,872,854 30,537,352 25,000 Power Financial Corp., 5.25%, Utilities (2.28%) 46,244,099 46,687,660 Preferred, Series ’E’ 645,250 647,500 Total of Canadian Equities (95.59%) 1,612,649,049 1,960,377,649 30,000 Power Financial Corp., Preferred, Series ’J’ 781,800 799,050 Total of Investments before Short-Term 56,500 Premium Income Corp., 5.75%, Investments (95.59%) 1,612,649,049 1,960,377,649 Preferred, Series ’A’ 909,170 909,085 1,900,500 RioCan REIT 35,044,196 41,126,820

22 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Canadian Dividend Income Pool

Average Cost Current Value Par Value ($) ($) Short-Term Investments 4,875,000 Government of Canada Treasury Bill, 3.895%, 2006/07/13 4,824,544 4,868,833 42,800,000 Government of Canada Treasury Bill, 4.184%, 2006/09/07 42,324,492 42,470,056 13,000,000 Government of Canada Treasury Bill, 4.226%, 2006/09/21 12,854,140 12,877,954 27,025,000 Bank of Montreal Term Deposit, 4.250%, 2006/07/04 27,025,000 27,028,146 Total of Short-Term Investments (4.25%) 87,028,176 87,244,989 Total of Investments (99.84%) 1,699,677,225 2,047,622,638 Other Assets, less Liabilities (0.16%) 3,236,930 Total Net Assets (100.00%) 2,050,859,568

The accompanying notes are an integral part of these ﬁnancial statements. 23 Imperial Canadian Dividend Income Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 2,047,623 $ 1,703,637 Interest revenue $ 13,600 $ 5,624 Cash including foreign currency holdings, at current value 1,708 1,109 Dividend revenue 16,470 10,357 Accrued interest and dividends receivable 7,569 6,132 Securities lending revenue 269 161 Receivable for portfolio securities sold — 396 Receivable for units issued 2,506 3,194 30,339 16,142 Total Assets 2,059,406 1,714,468 Expenses (notes 5 and 8) Management fees 2,532 1,318 Liabilities Audit fees 8 4 Payable for portfolio securities purchased 7,175 12,282 Custodial fees 133 57 Payable for units redeemed 1,251 539 Legal fees 6 6 Management fees payable 48 41 Regulatory fees 68 26 Other accrued expenses 72 61 Unitholder reporting costs 228 114 Other expenses 159 25 Total Liabilities 8,546 12,923 3,134 1,550 Total Net Assets $ 2,050,860 $ 1,701,545 Expenses waived/absorbed by the Manager (2,425) (1,166) Net Asset Value per Unit (note 4) $ 13.69 $ 13.57 709 384 Net Investment Income (Loss) 29,630 15,758 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 (6,887) (2,232) Net realized gain (loss) on foreign currency (notes 2c and d) (60) (2) Increase (decrease) in unrealized appreciation (depreciation) of investments 48,364 66,625 Net Gain (Loss) on Investments 41,417 64,391 Increase (Decrease) in Net Assets from Operations $ 71,047 $ 80,149 Increase (Decrease) in Net Assets from Operations per Unit $ 0.51 $ 0.98

2006 2005 Cost of Investments Held at Beginning of Period $ 1,258,877 $ 705,528 Purchases 456,192 356,229 Increase (Decrease) in Net Assets from Operations $ 71,047 $ 80,149 1,715,069 1,061,757 Distributions Paid or Payable to Unitholders Cost of Investments Held at End of Period 1,612,649 952,682 From net investment income (27,600) (14,165) Return of capital (33,895) (19,842) Cost of Investments Sold or Matured 102,420 109,075 Proceeds from sales or maturities 95,533 106,843 (61,495) (34,007) Net Realized Gain (Loss) on Sale of Investments $ (6,887) $ (2,232) Changes Due to Unitholder Transactions Amount received from the issuance of units 631,853 424,846 Amount received from reinvestment of distributions 57,267 31,623 Amount paid on redemptions of units (349,357) (159,127) 339,763 297,342 Increase (Decrease) in Net Assets for the Period 349,315 343,484 Net Assets at Beginning of Period 1,701,545 862,547 Net Assets at End of Period $ 2,050,860 $ 1,206,031

24 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Canadian Equity Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) Canadian Equities 572,560 Petro-Canada 20,174,825 30,322,778 36,300 Petrofund Energy Trust 813,482 971,025 146,425 Aeroplan Income Fund 1,851,869 2,008,951 86,184 Point North Energy Ltd. 464,190 34,474 30,000 Alliance Atlantis Communications Inc., 1,600 Savanna Energy Services Corp. 48,103 36,592 Class ‘B’ 986,391 981,000 398,700 Shell Canada Ltd. 11,844,407 16,546,050 40,600 Astral Media Inc. 965,826 1,416,128 163,600 Suncor Energy Inc. 10,633,575 14,779,624 54,500 Canadian Tire Corp. Ltd., Class ‘A’ 2,692,047 3,606,810 469,525 Talisman Energy Inc. 6,081,862 9,146,347 192,600 CanWest Global Communications Corp. 1,902,823 1,598,580 64,800 Total Energy Services Trust 1,069,051 1,039,392 91,000 COGECO Inc. 1,863,736 1,820,000 172,450 TransCanada Corp. 4,458,892 5,492,533 5,700 Corus Entertainment Inc., Class ‘B’ 185,260 206,625 5,400 Trican Well Service Ltd. 122,038 120,420 225,671 Danier Leather Inc. 2,260,314 1,716,228 234,400 Trinidad Energy Services Income Trust 3,715,172 4,162,944 71,000 Dorel Industries Inc., Class ‘B’ 2,250,102 1,809,080 145,100 UTS Energy Corp. 964,945 851,737 130,560 Forzani Group Ltd., Class ‘A’ 1,738,073 2,180,352 23,150 Four Seasons Hotels Inc. 1,648,184 1,571,422 Energy (22.77%) 168,400,079 230,959,818 134,400 Gildan Activewear Inc. 3,739,836 7,094,976 7,000 Intrawest Corp. 252,723 246,960 366,835 Bank of Montreal 20,792,586 22,032,110 69,100 La Senza Corp. 654,761 1,644,580 892,428 Bank of Nova Scotia 33,775,316 39,463,166 630,400 Linamar Corp. 8,865,081 9,323,616 2,700 Boardwalk REIT 68,021 69,255 121,092 Magna International Inc., Class ‘A’ 11,318,918 9,643,767 487,437 Brookfield Asset Management Inc., 212,700 North West Company Fund 6,965,253 9,539,595 Class ‘A’ 13,363,416 21,866,424 45,565 Quebecor Inc., Class ‘B’ 1,304,666 1,100,850 44,800 Brookfield Properties Corp. 1,567,069 1,586,816 24,700 Ritchie Bros. Auctioneers Inc. 1,277,341 1,467,921 158,800 Canadian Apartment Properties REIT 2,154,165 2,605,908 103,150 RONA Inc. 1,394,237 2,068,158 115,175 Canadian Imperial Bank of Commerce† 7,462,203 8,604,724 39,700 SCI Income Trust 486,482 486,325 22,100 Canadian Western Bank 929,690 945,880 45,600 Shaw Communications Inc. 1,410,006 1,438,680 56,800 CI Financial Inc. 1,514,198 1,677,872 81,825 Thomson Corp. (The) 3,519,275 3,519,293 30,900 CREIT 714,329 744,690 18,646 Tim Hortons Inc. 503,442 534,767 191,600 Cunningham Lindsey Group Inc. 494,328 684,970 918,900 Yellow Pages Income Fund 12,814,633 14,794,289 3,800 Dundee Corp., Class ‘A’ 143,202 140,448 206,376 Dundee Wealth Management Inc. 1,988,767 2,239,180 Consumer Discretionary (8.06%) 72,851,279 81,818,953 200 E-L Financial Corp. Ltd. 120,000 125,000 7,900 First Capital Realty Inc. 192,933 181,700 30,200 Alimentation Couche-Tard Inc., Class ‘B’ 755,853 724,498 147,500 Great-West Lifeco Inc. 3,954,865 4,197,850 76,149 Clearwater Seafoods Income Fund 266,141 328,964 256,686 Guardian Capital Group Ltd., Class ‘A’ 1,508,135 2,633,598 311,200 Empire Co. Ltd., Class ‘A’ 11,041,669 13,294,464 65,300 IGM Financial Inc. 2,879,139 2,906,503 262,000 High Liner Foods Inc. 2,518,337 2,274,160 116,800 Industrial Alliance Insurance and 137,275 Jean Coutu Group (PJC) Inc. (The), Financial Services Inc. 2,789,439 3,728,256 Class ‘A’ 2,280,711 1,606,118 64,800 ING Canada Inc. 3,476,337 3,661,200 403,200 Metro Inc., Class ‘A’ 11,110,633 11,995,200 19,700 Kingsway Financial Services Inc. 441,445 397,349 206,500 Premium Brands Income Fund 2,133,145 2,232,265 21,700 Laurentian Bank of Canada 679,217 633,857 567,000 Rothmans Inc. 10,836,013 11,056,500 4,800 Legacy Hotels REIT 40,068 40,800 93,600 Saputo Inc. 3,287,919 3,305,016 1,194,500 Manulife Financial Corp. 34,863,787 42,249,465 5,800 Shoppers Drug Mart Corp. 240,124 234,900 206,725 National Bank of Canada 11,013,597 11,783,325 1,900 Sleeman Breweries Ltd. 28,824 26,619 263,700 Northbridge Financial Corp. 8,621,176 8,688,915 38,500 Sobeys Inc. 1,492,195 1,455,300 105,200 Oppenheimer Holdings Inc., Class ‘A’ 2,936,451 3,120,232 4,000 SunOpta Inc. 37,949 41,280 514,015 Power Corp. of Canada 13,875,337 15,117,181 1,800 Van Houtte Inc. 34,388 33,408 149,650 Power Financial Corp. 3,825,287 4,688,535 Consumer Staples (4.79%) 46,063,901 48,608,692 269,300 RioCan REIT 5,135,065 5,827,652 923,250 Royal Bank of Canada 33,542,742 41,841,690 5,100 Advantage Energy Income Fund 101,466 99,399 9,600 Summit REIT 220,237 245,760 7,600 AKITA Drilling Ltd., Class ‘A’ 154,620 156,256 229,125 Sun Life Financial Inc. 9,086,319 10,161,694 231,200 ARC Energy Trust 5,612,847 6,473,600 492,245 Toronto-Dominion Bank (The) 22,780,695 27,900,447 374,972 Arsenal Energy Inc. 527,946 487,464 1,400 TSX Group Inc. 63,032 62,720 74,000 Baytex Energy Trust 1,745,606 1,790,800 192,000 Blue Mountain Energy Ltd. 1,007,963 787,200 Financials (28.87%) 247,012,593 292,855,172 60,200 Bonavista Energy Trust 2,002,464 2,107,000 13,700 Biovail Corp. 345,596 357,022 177,214 C1 Energy Ltd. 345,302 232,150 31,700 Cardiome Pharma Corp. 233,887 310,660 280,430 Canadian Natural Resources Ltd. 8,923,396 17,308,140 233,900 Draxis Health Inc. 718,876 1,162,483 144,200 Canadian Oil Sands Trust 3,565,209 5,191,200 11,100 Extendicare Inc. 266,370 262,737 10,800 CCS Income Trust 402,445 399,600 36,400 Labopharm Inc. 325,489 318,864 154,773 Cordero Energy Inc. 1,150,249 1,006,025 82,785 MDS Inc. 1,616,044 1,684,675 209,000 Diamond Tree Energy Ltd. 1,478,295 1,212,200 2,780,848 MediSolution Ltd. 1,423,087 750,829 811,486 EnCana Corp. 29,591,521 47,699,147 62,917 Enerflex Systems Ltd. 1,262,959 1,752,238 Health Care (0.48%) 4,929,349 4,847,270 102,900 Enerplus Resources Fund 5,313,905 6,482,700 87,000 Ensign Energy Services Inc. 2,066,637 1,995,780 360,200 Aecon Group Inc. 1,937,645 1,963,090 5,700 Freehold Royalty Trust 117,735 119,700 86,631 AlarmForce Industries Inc. 387,507 381,176 297,000 Gentry Resources Ltd. 1,662,031 1,345,410 85,900 BFI Canada Income Fund 2,469,342 2,482,510 626,837 GEOCAN Energy Inc. 1,176,813 1,065,623 205,500 Bombardier Inc., Class ‘B’ 836,696 639,105 292,421 Grey Wolf Exploration Inc. 1,365,814 1,301,273 96,300 CAE Inc. 868,914 818,550 25,600 Husky Energy Inc. 1,699,705 1,793,536 485,074 Canadian National Railway Co. 15,951,236 23,652,208 471,375 Imperial Oil Ltd. 12,965,435 19,222,673 20,200 Canadian Pacific Railway Ltd. 1,091,700 1,149,582 409,100 Inter Pipeline Fund, Class ‘A’ 3,667,176 4,054,181 46,700 Contrans Income Fund 587,943 593,090 1,500 Mullen Group Income Fund 46,257 43,350 365,300 Exco Technologies Ltd. 1,163,029 1,278,550 36,600 NAL Oil & Gas Trust 702,967 732,000 45,150 Finning International Inc. 1,518,151 1,679,580 165,060 Nexen Inc. 8,521,984 10,382,274 6,000 Groupe Laperriere & Verreault Inc., 231,201 NQL Energy Services Inc., Class ‘A’ 885,523 1,768,688 Class ‘A’ 133,414 144,000 84,600 OPTI Canada Inc. 1,713,462 1,933,110 407,500 Heroux-Devtek Inc. 2,155,145 1,996,750 103,400 Pembina Pipeline Income Fund 1,753,951 1,680,250 1,611 Horizon North Logistics Inc. 1,773 3,866 40,300 Pengrowth Energy Trust, Class ‘B’ 964,891 1,049,815 751,142 Magellan Aerospace Corp. 2,381,600 1,915,412 128,800 Penn West Energy Trust 5,512,963 5,783,120 222,700 Marsulex Inc. 839,516 1,837,275

The accompanying notes are an integral part of these ﬁnancial statements. 25 Imperial Canadian Equity Pool

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) 435,791 Martinrea International Inc. 2,896,501 3,290,222 1,457,346 High River Gold Mines Ltd. 2,180,198 3,351,896 20,400 Newalta Income Fund 611,024 666,672 36,100 Hudbay Minerals Inc. 440,932 512,620 34,700 Oceanex Income Fund 504,113 497,945 211,875 Inco Ltd. 10,970,369 15,572,813 235,000 Reko International Group Inc. 473,001 800,175 41,700 Inmet Mining Corp. 1,488,727 1,738,890 103,900 Russel Metals Inc. 2,329,741 2,691,010 282,800 International Forest Products Ltd., 203,700 SNC-Lavalin Group Inc. 4,998,618 5,984,706 Class ‘A’ 1,256,477 1,979,600 61,200 Transat A.T. Inc., Class ‘B’ 1,261,908 1,490,832 513,900 Intertape Polymer Group Inc. 5,919,582 3,895,362 122,900 Transcontinental Inc., Class ‘A’ 2,798,302 2,335,100 138,468 IPL Inc., Class ‘A’ 1,244,903 612,029 14,600 TransForce Income Fund 264,951 247,470 19,300 IPSCO Inc. 1,744,342 2,062,591 358,000 Vector Aerospace Corp. 920,065 1,790,000 111,200 Kinross Gold Corp. 1,561,741 1,353,304 8,600 Wajax Income Fund 371,292 346,666 234,500 Labrador Iron Ore Royalty Income Fund 4,802,505 5,588,135 109,600 Lundin Mining Corp. 780,728 3,601,456 Industrials (5.98%) 49,753,127 60,675,542 1,400 Major Drilling Group International Inc. 39,315 31,248 143,187 Aastra Technologies Ltd. 2,942,132 4,998,658 35,500 Meridian Gold Inc. 1,233,375 1,250,310 129,400 ATI Technologies Inc. 2,022,460 2,098,868 45,000 Methanex Corp. 894,987 1,058,850 108,000 Celestica Inc. 1,692,899 1,141,560 509,100 MTI Global Inc. 1,068,794 890,925 41,300 CGI Group Inc., Class ‘A’ 290,661 287,448 1,700 Noranda Income Fund, Class ‘A’ 19,803 20,230 37,275 COGNOS Inc. 1,696,901 1,170,808 6,200 North American Palladium Ltd. 85,014 59,706 763,500 Coretec Inc. 2,096,952 992,550 56,700 Northern Orion Resources Inc. 307,118 310,716 305,700 Cygnal Technologies Corp. 585,597 269,016 183,300 Northgate Minerals Ltd. 782,740 747,864 17,100 Descartes Systems Group Inc. (The) 73,831 70,965 82,500 PRT Forest Regeneration Income Fund 898,369 874,500 33,000 Emergis Inc. 172,023 168,300 200,600 Samuel Manu-Tech Inc. 1,129,142 2,645,914 213,440 GSI Group Inc. 2,242,936 2,038,979 194,096 Sherritt International Corp. 904,445 2,168,052 543,700 International Road Dynamics Inc. 608,560 679,625 142,300 Sino-Forest Corp., Class ‘A’ 845,206 818,225 22,600 MacDonald, Dettwiler and Associates 200 Taylor NGL L.P. 714 2,012 Ltd. 994,807 1,038,244 291,645 Teck Cominco Ltd., Class ‘B’ 9,956,601 19,534,382 115,613 Minacs Worldwide Inc. 391,782 626,622 552,034 Timminco Ltd. 493,040 157,330 594,000 Mitec Telecom Inc. 628,444 148,500 106,296 Western Forest Products Inc. 701,849 207,277 6,400 MOSAID Technologies Inc. 161,709 153,600 162,600 Yamana Gold Inc. 1,246,536 1,782,095 604,949 Nortel Networks Corp. 4,670,860 1,500,274 Materials (16.11%) 129,415,722 163,414,293 5,800 Open Text Corp. 94,061 92,858 52,010 Research In Motion Ltd. 4,256,000 4,046,378 36,100 Aliant Inc. 1,283,988 1,197,437 113,795 Sierra Systems Group Inc. 685,494 853,463 345,150 BCE Inc. 9,874,337 9,105,057 38,500 Sierra Wireless Inc. 681,625 772,695 446,200 Bell Nordiq Income Fund 7,599,851 8,178,846 974,128 Zarlink Semiconductor Inc. 2,750,776 2,376,871 1,210,836 CSI Wireless Inc. 1,988,527 1,997,879 212,200 Manitoba Telecom Services Inc. 10,054,213 9,636,002 Information Technology (2.52%) 29,740,510 25,526,282 310,000 Stratos Global Corp. 2,456,259 1,891,000 61,700 Agnico-Eagle Mines Ltd. 2,003,661 2,283,517 289,375 Telus Corp. 12,995,310 13,319,931 113,300 Agrium Inc. 2,852,110 2,936,736 Telecommunication Services (4.47%) 46,252,485 45,326,152 350,400 Alcan Inc. 17,252,129 18,322,416 33,400 Algoma Steel Inc. 1,094,439 1,184,030 105,200 ATCO Ltd., Class ‘I’ 2,688,715 3,850,320 299,381 Aur Resources Inc. 2,927,235 5,328,982 385,100 Canadian Hydro Developers Inc. 790,700 1,994,818 376,860 Barrick Gold Corp. 11,082,910 12,425,074 124,900 Canadian Utilities Ltd., Class ‘A’ 4,143,767 4,608,810 66,400 Bema Gold Corp. 359,158 369,848 79,000 Duke Energy Canada Exchangeco Inc. 2,818,193 2,716,810 1,817,600 Breakwater Resources Ltd. 1,101,549 2,253,824 4,100 Emera Inc. 76,410 77,244 190,736 Canam Group Inc., Class ‘A’ 921,777 1,905,453 4,000 EPCOR Power L.P. 132,200 132,000 864,700 Cascades Inc. 10,131,315 9,563,582 111,000 Fortis Inc. 2,462,956 2,474,190 830,136 Catalyst Paper Corp. 2,977,495 2,133,450 147,300 Great Lakes Hydro Income Fund 2,646,104 2,623,413 16,300 CCL Industries Inc., Class ‘B’ 483,492 528,120 2,000 Innergex Power Income Fund 27,971 27,160 40,100 Centerra Gold Inc. 543,606 461,150 4,700 Northland Power Income Fund 67,152 68,103 143,800 Domtar Inc. 1,175,737 990,782 191,500 TransAlta Corp. 4,405,618 4,415,990 1,517,147 Dynatec Corp. 1,592,380 2,048,148 204,193 Enerchem International Inc. 626,577 1,020,965 Utilities (2.27%) 20,259,786 22,988,858 371,329 Falconbridge Ltd. 13,037,740 21,834,145 Total of Canadian Equities (96.32%) 814,678,831 977,021,032 6,200 First Quantum Minerals Ltd. 194,756 310,248 235,713 Fraser Papers Inc. 3,297,763 1,791,419 Total of Investments before Short-Term 5,800 Gammon Lake Resources Inc. 97,542 88,798 Investments (96.32%) 814,678,831 977,021,032 16,800 Gerdau Ameristeel Corp. 185,166 187,824 61,849 Glamis Gold Ltd. 2,479,633 2,617,450

26 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Canadian Equity Pool

Average Cost Current Value Par Value ($) ($) Short-Term Investments 1,900,000 Government of Canada Treasury Bill, 3.964%, 2006/07/27 1,879,992 1,894,989 7,150,000 Government of Canada Treasury Bill, 4.101%, 2006/08/24 7,072,136 7,109,883 1,700,000 Government of Canada Treasury Bill, 4.184%, 2006/09/07 1,681,113 1,687,277 16,425,000 Government of Canada Treasury Bill, 4.226%, 2006/09/21 16,240,712 16,270,800 5,725,000 Government of Canada Treasury Bill, 4.314%, 2006/10/05 5,659,449 5,660,787 300,000 Bank of Nova Scotia Bankers’ Acceptance, 4.360%, 2006/07/27 296,961 299,122 2,750,000 Bank of Nova Scotia Bankers’ Acceptance, 4.400%, 2006/07/28 2,739,495 2,741,136 1,000,000 HSBC Bankers’ Acceptance, 4.280%, 2006/07/04 996,150 999,650 1,700,000 HSBC Bankers’ Acceptance, 4.360%, 2006/07/28 1,693,931 1,694,538 900,000 HSBC Bankers’ Acceptance, 4.350%, 2006/08/01 896,580 896,687 100,000 Royal Bank of Canada Bankers’ Acceptance, 4.400%, 2006/07/05 99,591 99,953 175,000 Bank of Montreal Term Deposit, 4.250%, 2006/07/04 175,000 175,020 7,925,000 Royal Bank of Canada Term Deposit, 4.250%, 2006/07/04 7,925,000 7,925,923 2,250,000 Bank of Montreal Bearer Deposit Note, 4.390%, 2006/07/11 2,240,775 2,247,364 200,000 Bank of Montreal Bearer Deposit Note, 4.390%, 2006/07/12 199,180 199,742 350,000 Bank of Nova Scotia Bearer Deposit Note, 4.390%, 2006/07/04 348,530 349,890 250,000 Toronto-Dominion Bank (The) Bearer Deposit Note, 4.390%, 2006/07/10 248,200 249,755 90,084 CIBC Mellon Trust Demand Deposit, Variable Rate† 90,085 90,697 Total of Short-Term Investments (4.99%) 50,482,880 50,593,213 Total of Investments (101.31%) 865,161,711 1,027,614,245

Other Assets, less Liabilities (–1.31%) (13,303,215) Total Net Assets (100.00%) 1,014,311,030 †This security is issued by a related party of the Pool.

The accompanying notes are an integral part of these ﬁnancial statements. 27 Imperial Canadian Equity Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 1,027,614 $ 1,282,698 Interest revenue $ 4,146 $ 1,391 Cash including foreign currency holdings, at current value 117 21 Dividend revenue 10,682 10,523 Accrued interest and dividends receivable 2,871 3,489 Securities lending revenue 195 63 Receivable for portfolio securities sold 1,030 848 Other income — 10 Receivable for units issued 736 359 15,023 11,987 Total Assets 1,032,368 1,287,415 Expenses (notes 5 and 8) Liabilities Management fees 1,764 1,675 Payable for portfolio securities purchased 17,308 382 Audit fees 8 4 Payable for units redeemed 642 1,295 Custodial fees 142 90 Management fees payable 30 31 Legal fees 4 9 Other accrued expenses 77 80 Regulatory fees 15 16 Unitholder reporting costs 285 402 Total Liabilities 18,057 1,788 Other expenses 113 33 Total Net Assets $ 1,014,311 $ 1,285,627 2,331 2,229 Net Asset Value per Unit (note 4) $ 24.12 $ 23.29 Expenses waived/absorbed by the Manager (1,626) (1,559) 705 670 Net Investment Income (Loss) 14,318 11,317 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 119,387 69,883 Net realized gain (loss) on foreign currency (notes 2c and d) (36) (2) Increase (decrease) in unrealized appreciation (depreciation) of investments (93,498) (16,003) Net Gain (Loss) on Investments 25,853 53,878 Increase (Decrease) in Net Assets from Operations $ 40,171 $ 65,195 Increase (Decrease) in Net Assets from Operations per Unit $ 0.75 $ 1.09

2006 2005 Cost of Investments Held at Beginning of Period $ 1,002,957 $ 1,274,499 Purchases 480,671 591,536 Increase (Decrease) in Net Assets from Operations $ 40,171 $ 65,195 1,483,628 1,866,035 Changes Due to Unitholder Transactions Amount received from the issuance of units 148,076 96,456 Cost of Investments Held at End of Period 814,679 1,019,171 Amount paid on redemptions of units (459,563) (465,474) Cost of Investments Sold or Matured 668,949 846,864 Proceeds from sales or maturities 788,336 916,747 (311,487) (369,018) Net Realized Gain (Loss) on Sale of Investments $ 119,387 $ 69,883 Increase (Decrease) in Net Assets for the Period (271,316) (303,823) Net Assets at Beginning of Period 1,285,627 1,539,461 Net Assets at End of Period $ 1,014,311 $1,235,638

28 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Registered U.S. Equity Index Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Par Value ($) ($) Short-Term Investments (note 11) 15,000,000 Government of Canada Discount Note, 4.789%, 2006/07/11 16,997,746 16,659,576 10,400,000 Province of British Columbia Discount Note, 5.211%, 2006/10/26 11,385,895 11,373,914 7,900,000 Business Development Bank of Canada Discount Note, 5.132%, 2006/09/05 8,594,896 8,705,352 20,000,000 Business Development Bank of Canada Discount Note, 5.095%, 2006/09/06 22,014,397 22,033,778 3,000,000 Corporate Receivables Trust Discount Note, 5.009%, 2006/07/14 3,413,797 3,330,341 5,000,000 Corporate Receivables Trust Discount Note, 5.421%, 2006/09/26 5,510,096 5,488,692 9,000,000 Darwin Receivables Trust Senior Discount Note, 4.989%, 2006/07/12 10,167,706 9,993,983 6,500,000 Diversiﬁed Trust Discount Note, 5.059%, 2006/08/01 7,116,861 7,197,552 10,000,000 Enbridge Inc. Discount Note, 5.361%, 2006/09/15 11,072,455 10,996,821 53,600,000 Export Development Corp. Discount Note, 5.315%, 2006/09/21 58,827,747 58,896,535 12,000,000 Merit Trust Senior Discount Note, 5.409%, 2006/09/22 13,092,662 13,181,077 10,000,000 Merit Trust Senior Discount Note, 5.421%, 2006/09/26 11,020,192 10,977,383 9,000,000 Prime Trust Discount Note, 5.401%, 2006/09/21 9,904,463 9,887,468 13,000,000 Prime Trust Senior Discount Note, 5.178%, 2006/09/06 14,140,104 14,320,373 8,000,000 Zeus Receivables Trust Senior Discount Note, 5.009%, 2006/07/14 9,103,459 8,880,909 11,400,000 Zeus Receivables Trust Senior Discount Note, 5.178%, 2006/09/06 12,399,783 12,557,377 5,625,000 Bank of Montreal Term Deposit, 5.240%, 2006/07/05 6,255,562 6,256,460 10,000,000 Caisse Centrale Desjardins Bearer Deposit Note, 5.301%, 2006/09/13 11,028,338 11,001,397 13,000,000 National Bank of Canada Bearer Deposit Note, 5.110%, 2006/08/08 14,281,853 14,380,327 Total Short-Term Investments (USD) 256,328,012 256,119,315 Total of Short-Term Investments (100.30%) 256,328,012 256,119,315 Total of Investments (100.30%) 256,328,012 256,119,315 Margin (0.88%) 2,250,970 Unrealized Gain (Loss) on Futures Contracts (–1.11%) (2,833,728) Other Assets, less Liabilities (–0.07%) (181,175) Total Net Assets (100.00%) 255,355,382

Futures Contracts Schedule (note 11)

Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) (47,237,629) United States S&P 500 E-Mini Index Future, Expiry September 2006; (674) contracts at USD 1,260.42 per contract (47,952,807) (715,178) 304,467,958 United States S&P 500 Index Future, Expiry September 2006; 850 contracts at USD 1,288.36 per contract 302,349,408 (2,118,550)

257,230,329 Total Equity Index Futures 254,396,601 (2,833,728) As at June 30, 2006, $2,250,970 cash was deposited as margin for the futures contracts.

The accompanying notes are an integral part of these ﬁnancial statements. 29 Imperial Registered U.S. Equity Index Pool

Statements of Net Assets Statements of Operations (in 000s, except per unit amounts) (unaudited) (in 000s, except per unit amounts) (unaudited) As at June 30, 2006 and December 31, 2005 (note 1) For the periods ended June 30, 2006 and 2005 (note 1) 2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 256,119 $ 367,518 Interest revenue $ 7,315 $ 5,358 Cash including foreign currency holdings, at current value 11 — Income (loss) from futures contracts 1,885 (9,456) Margin 2,251 2,754 Receivable for portfolio securities sold — 1,382 9,200 (4,098) Receivable for units issued 104 227 Expenses (notes 5 and 8) Total Assets 258,485 371,881 Management fees 424 538 Audit fees 9 7 Liabilities Custodial fees 62 55 Bank overdraft — 1,268 Legal fees 1 3 Payable for units redeemed 268 270 Regulatory fees 8 9 Management fees payable 7 9 Unitholder reporting costs 138 224 Other accrued expenses 21 26 Other expenses 27 11 Unrealized loss on futures contracts 2,834 4,255 669 847 Total Liabilities 3,130 5,828 Expenses waived/absorbed by the Manager (482) (610) Total Net Assets $ 255,355 $ 366,053 187 237 Net Asset Value per Unit (note 4) $ 6.28 $ 6.42 Net Investment Income (Loss) 9,013 (4,335) Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on foreign currency (notes 2c and d) (15,524) 5,069 Increase (decrease) in unrealized appreciation (depreciation) of investments 388 3,827 Net Gain (Loss) on Investments (15,136) 8,896 Increase (Decrease) in Net Assets from Operations $ (6,123) $ 4,561 Increase (Decrease) in Net Assets from Operations per Unit $ (0.12) $ 0.08

Statements of Changes in Net Assets (in 000s) (unaudited) For the periods ended June 30, 2006 and 2005 (note 1)

2006 2005 Increase (Decrease) in Net Assets from Operations $ (6,123) $ 4,561 Changes Due to Unitholder Transactions Amount received from the issuance of units 28,206 41,049 Amount paid on redemptions of units (132,781) (72,035) (104,575) (30,986) Increase (Decrease) in Net Assets for the Period (110,698) (26,425) Net Assets at Beginning of Period 366,053 421,479 Net Assets at End of Period $ 255,355 $ 395,054

30 The accompanying notes are an integral part of these ﬁnancial statements. Imperial U.S. Equity Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) United States Equities 70,524 Hilton Hotels Corp. 2,012,584 2,217,993 101,436 Home Depot Inc. 5,742,419 4,037,362 4,194 Abercrombie & Fitch Co., Class ’A’ 179,493 258,534 1,902 Hovnanian Enterprises Inc., Class ’A’ 75,773 63,626 5,283 Advance Auto Parts Inc. 184,856 169,794 96,651 IAC/InterActiveCorp. 7,747,546 2,847,293 91,000 Advo Inc. 3,561,030 2,490,559 21,857 International Game Technology 817,692 922,214 3,067 Aeropostale Inc. 68,850 98,538 2,571 International Speedway Corp., Class ’A’ 152,525 132,582 18,943 Amazon.com Inc. 814,361 814,853 21,855 Interpublic Group of Cos. Inc. 553,780 202,946 6,484 American Eagle Outfitters Inc. 121,818 245,458 2,010 ITT Educational Services Inc. 94,632 147,106 4,876 American Greetings Corp., Class ’A’ 130,296 113,929 2,373 Jack in the Box Inc. 96,724 103,449 3,732 AnnTaylor Stores Corp. 125,120 180,043 19,464 Johnson Controls Inc. 1,590,042 1,779,727 84,173 Apollo Group Inc., Class ’A’ 5,108,385 4,836,766 8,659 Jones Apparel Group Inc. 392,398 306,127 123,504 Applebee’s International Inc. 3,264,505 2,639,844 115,800 Journal Communications Inc, Class ’A’ 2,251,645 1,447,500 20,587 AutoNation Inc. 436,508 490,865 3,573 KB Home 152,732 182,187 3,987 AutoZone Inc. 464,094 391,074 3,164 Kellwood Co. 114,903 102,992 2,645 Aztar Corp. 105,984 152,841 31,482 Kohl’s Corp. 2,262,687 2,069,858 2,933 Barnes & Noble Inc. 110,882 119,055 2,838 Laureate Education Inc. 122,343 134,546 7,553 Bassett Furniture Industries Inc. 171,180 155,478 4,502 Lear Corp. 204,854 111,198 2,059 Beazer Homes USA Inc. 99,755 105,034 4,549 Lee Enterprises Inc. 194,721 136,339 13,264 Bed Bath & Beyond Inc. 648,688 489,287 8,917 Leggett & Platt Inc. 295,059 247,717 22,487 Best Buy Co. Inc. 1,042,220 1,371,427 6,328 Lennar Corp., Class ’A’ 334,085 312,248 13,708 Big Lots Inc. 250,325 260,379 19,495 Liberty Media Holding Corp., Capital, 3,683 Black & Decker Corp. (The) 280,480 345,937 Series ’A’ 1,995,382 1,816,166 15,917 Block (H & R) Inc. 540,844 422,353 96,475 Liberty Media Holding Corp., 4,394 Borders Group Inc. 121,594 90,206 Interactive, Series ’A’ 2,643,003 1,851,823 3,334 BorgWarner Inc. 180,775 241,374 17,685 Limited Brands Inc. 489,830 503,291 2,326 Boyd Gaming Corp. 82,615 104,401 4,209 Live Nation Inc. 66,824 95,302 4,539 Brinker International Inc. 206,906 183,236 118,436 Liz Claiborne Inc. 5,344,533 4,881,272 4,982 Brunswick Corp. 200,624 184,221 4,851 Lone Star Steakhouse & Saloon Inc. 153,239 141,506 5,379 Callaway Golf Co. 103,917 77,706 77,334 Lowes Cos. Inc. 5,196,965 5,217,811 5,014 Career Education Corp. 221,812 166,669 1,692 M.D.C. Holdings Inc. 85,502 97,715 5,339 CarMax Inc. 174,832 210,544 16,306 Marriott International Inc., Class ’A’ 508,137 691,264 20,037 Carnival Corp. 879,789 930,099 19,462 Mattel Inc. 507,707 357,337 2,921 CBRL Group Inc. 126,440 110,187 2,332 McClatchy Co. (The), Class ’A’ 175,516 104,060 38,753 CBS Corp., Class ’B’ 4,434,207 1,165,780 232,093 McDonald’s Corp. 8,802,450 8,672,517 5,689 Centex Corp. 294,062 318,235 27,381 McGraw-Hill Companies, Inc. 1,424,285 1,529,524 4,872 Champion Enterprises Inc. 64,383 59,816 2,742 Media General Inc., Class ’A’ 170,894 127,738 4,544 Cheesecake Factory Inc. (The) 170,268 136,189 3,007 Men’s Wearhouse Inc. (The) 77,453 101,326 8,591 Chico’s FAS Inc. 221,007 257,768 4,100 Meredith Corp. 253,320 225,883 1,295 Children’s Place Retail Stores Inc. (The) 41,676 86,482 1,344 Meritage Homes Corp. 59,258 70,623 20,353 Circuit City Stores Inc. 554,244 616,113 6,554 Michaels Stores Inc. 243,583 300,586 5,147 Claire’s Stores Inc. 147,876 146,019 3,412 Modine Manufacturing Co. 107,810 88,639 29,587 Clear Channel Communications Inc. 1,900,109 1,018,370 2,413 Mohawk Industries Inc. 213,193 188,784 17,986 Coach Inc. 435,690 598,067 3,380 National Presto Industries Inc. 189,445 196,515 107,145 Comcast Corp., Class ’A’ 4,140,992 3,901,166 8,022 New York Times Co., Class ’A’ 429,883 218,928 9,337 Constellation Brands Inc., Class ’A’ 210,574 259,592 237,023 Newell Rubbermaid Inc. 6,625,112 6,808,614 6,346 Corinthian Colleges Inc. 152,298 101,344 140,844 News Corp., Class ’A’ 2,878,399 3,004,214 12,695 D.R. Horton Inc. 289,786 336,293 11,568 Nike Inc., Class ’B’ 990,534 1,042,047 5,228 Dana Corp. 119,191 15,349 17,050 Nordstrom Inc. 464,989 692,088 15,233 Darden Restaurants Inc. 587,216 667,460 230 NVR Inc. 128,114 125,653 3,702 DeVry Inc. 97,225 90,450 34,749 Office Depot Inc. 1,139,827 1,468,486 3,900 Dillard’s Inc., Class ’A’ 132,293 138,140 5,583 OfficeMax Inc. 232,181 253,011 331,300 DIRECTV Group Inc. (The) 6,189,002 6,079,239 10,915 Omnicom Group Inc. 1,170,065 1,081,425 91,928 Disney (Walt) Co. (The) 3,366,283 3,066,994 5,828 O’Reilly Automotive Inc. 172,666 202,152 20,604 Dollar General Corp. 435,080 320,334 3,522 OSI Restaurant Partners Inc. 184,539 135,522 5,799 Dollar Tree Stores Inc. 215,382 170,900 4,330 Pacific Sunwear of California Inc. 96,000 86,340 8,113 Dow Jones & Co. Inc. 404,228 315,877 1,784 Panera Bread Co., Class ’A’ 116,206 133,403 1,485 Dress Barn Inc. (The) 16,621 41,865 4,097 Payless ShoeSource Inc. 103,401 123,794 14,061 Eastman Kodak Co. 670,602 371,854 13,787 Penney (J.C.) Co. Inc. 618,122 1,035,099 96,651 Expedia Inc. 2,768,332 1,609,059 94,900 PETCO Animal Supplies Inc. 2,506,402 2,156,147 130,729 Family Dollar Stores Inc. 3,499,369 3,551,724 7,096 PetSmart Inc. 225,446 202,021 32,280 Federated Department Stores Inc. 1,220,046 1,313,888 2,470 Phillips-Van Heusen Corp. 80,986 104,821 7,975 Foot Locker Inc. 182,919 217,202 3,078 Pinnacle Entertainment Inc. 81,905 104,916 88,742 Ford Motor Co. 2,065,875 683,922 2,418 Polaris Industries Inc. 132,392 116,436 7,954 Fortune Brands Inc. 700,394 628,129 3,043 Polo Ralph Lauren Corp., Class ’A’ 135,139 185,788 4,269 Fremont General Corp. 75,782 88,115 2,945 Pool Corp. 107,209 142,894 2,885 GameStop Corp., Class ’A’ 84,027 134,753 9,956 Pulte Homes Inc. 243,028 318,765 11,320 Gannett Co. Inc. 1,064,717 704,101 7,045 Quiksilver Inc. 93,510 95,427 27,170 Gap Inc. (The) 799,268 525,754 7,070 RadioShack Corp. 209,884 110,076 26,924 General Motors Corp. 696,963 891,978 8,753 Readers Digest Association Inc., 9,268 Gentex Corp. 200,828 144,297 Class ’A’ 170,007 135,890 22,308 Genuine Parts Co. 1,145,170 1,033,532 4,381 Rent-A-Center Inc. 135,434 121,121 9,548 Goodyear Tire & Rubber Co. (The) 138,437 117,863 7,267 Ross Stores Inc. 242,679 226,690 2,057 Group 1 Automotive Inc. 96,980 128,883 3,894 Ruby Tuesday Inc. 127,834 105,708 6,380 GTECH Holdings Corp. 197,340 246,771 8,791 Ryan’s Restaurant Group Inc. 142,614 116,438 14,929 Harley-Davidson Inc. 1,013,027 911,313 2,244 Ryland Group Inc. (The) 108,231 108,731 7,687 Harman International Industries Inc. 728,210 729,804 7,405 Saks Inc. 141,528 133,162 8,997 Harrah’s Entertainment Inc. 733,573 712,196 5,894 Scripps (E.W.) Co. (The), Class ’A’ 350,144 282,771 69,300 Harte-Hanks Inc. 2,010,147 1,976,037 4,673 Sears Holdings Corp. 734,671 804,679 9,965 Hasbro Inc. 222,203 200,696 2,962 Select Comfort Corp. 54,800 75,664 2,545 Hibbett Sporting Goods Inc. 61,128 67,644 The accompanying notes are an integral part of these financial statements. 31 Imperial U.S. Equity Pool

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) 388,500 ServiceMaster Co. (The) 5,506,645 4,463,085 8,068 UST Inc. 403,344 405,464 11,404 Sherwin-Williams Co. 561,619 602,160 91,703 Walgreen Co. 4,757,405 4,572,914 2,554 Shuffle Master Inc. 75,433 93,105 219,734 Wal-Mart Stores Inc. 14,734,639 11,771,119 4,400 Snap-On Inc. 186,900 197,785 17,896 Whole Foods Market Inc. 1,186,156 1,286,474 3,148 Sotheby’s Holdings, Inc., Class ’A’ 58,325 91,898 17,013 Wrigley (Wm. Jr.) Co. 1,037,213 858,218 3,565 Standard Pacific Corp. 87,966 101,891 4,977 Stanley Works (The) 263,853 261,359 Consumer Staples (8.11%) 110,099,133 105,495,498 39,414 Staples Inc. 891,653 1,066,002 26,845 Anadarko Petroleum Corp. 1,172,888 1,423,753 49,404 Starbucks Corp. 1,152,246 2,074,617 15,568 Apache Corp. 835,759 1,181,624 28,922 Starwood Hotels & Resorts Worldwide 6,767 Arch Coal Inc. 187,866 318,859 Inc. 1,694,551 1,940,785 41,061 Baker Hughes Inc. 2,854,094 3,737,593 7,702 Stride Rite Corp. 119,653 112,978 25,111 BJ Services Co. 824,470 1,040,521 101,302 Target Corp. 5,764,529 5,505,594 2,655 Cabot Oil & Gas Corp. 97,074 144,679 2,112 Thor Industries Inc. 65,566 113,797 5,722 Cameron International Corp. 232,190 303,981 16,028 Tiffany & Co. 675,757 588,573 20,378 Chesapeake Energy Corp. 539,710 685,537 3,163 Timberland Co. (The), Class ’A’ 96,708 91,809 113,933 Chevron Corp. 7,244,488 7,863,305 227,311 Time Warner Inc. 8,054,772 4,373,311 4,135 Cimarex Energy Co. 138,725 197,737 21,658 TJX Cos. Inc. 663,747 550,603 92,007 ConocoPhillips 5,313,041 6,705,094 5,625 Toll Brothers Inc. 120,132 159,955 5,747 Denbury Resources Inc. 109,777 202,411 2,287 Too Inc. 87,187 97,640 23,404 Devon Energy Corp. 1,070,071 1,572,327 1,802 Tractor Supply Co. 84,211 110,761 31,775 El Paso Corp. 859,483 530,055 13,294 Tribune Co. 775,356 479,453 839 Enbridge Energy Management LLC 44,556 38,712 17,577 Univision Communications Inc., 7,315 Ensco International Inc. 330,116 374,373 Class ’A’ 674,091 654,837 16,839 EOG Resources Inc. 850,515 1,298,506 5,534 Urban Outfitters Inc. 51,522 107,640 386,623 ExxonMobil Corp. 23,436,786 26,378,257 6,117 V.F. Corp. 396,534 462,040 3,627 FMC Technologies Inc. 154,322 272,106 3,177 Valassis Communications Inc. 116,413 83,347 5,834 Frontier Oil Corp. 95,626 210,211 36,242 Viacom Inc., Class ’B’ 1,611,546 1,444,521 15,000 GlobalSantaFe Corp. 895,134 963,357 316 Washington Post Co., Class ’B’ 344,108 274,114 6,282 Grant Prideco Inc. 178,599 312,633 9,235 Wendy’s International Inc. 529,884 598,652 116,895 Halliburton Co. 6,925,035 9,647,221 9,944 Whirlpool Corp. 949,922 914,003 5,641 Hanover Compressor Co. 99,238 117,814 5,696 Williams Sonoma Inc. 238,843 215,690 4,078 Helix Energy Solutions Group Inc. 146,949 183,038 2,778 Winnebago Industries Inc. 98,869 95,895 2,690 Helmerich & Payne Inc. 145,743 180,271 17,314 Yum! Brands Inc. 924,639 967,944 16,158 Hess Corp. 629,263 949,678 3,423 Zale Corp. 96,628 91,704 17,124 Kerr-McGee Corp. 755,245 1,320,674 Consumer Discretionary (11.64%) 173,315,170 151,159,209 9,471 Kinder Morgan Inc. 820,796 1,052,111 1,931 Lone Star Technologies Inc. 81,481 116,006 4,116 Alberto-Culver Co. 220,746 223,011 23,950 Marathon Oil Corp. 1,400,894 2,218,678 109,249 Altria Group Inc. 7,562,516 8,921,438 3,890 Massey Energy Co. 97,196 155,738 103,512 Anheuser-Busch Cos. Inc. 5,514,514 5,248,125 2,289 Maverick Tube Corp. 90,174 160,856 42,358 Archer-Daniels-Midland Co. 1,237,087 1,944,549 7,936 Murphy Oil Corp. 326,076 492,999 21,466 Avon Products Inc. 872,133 740,043 94,629 Nabors Industries Ltd. 2,999,876 3,555,955 3,737 BJ’s Wholesale Club Inc. 124,362 117,820 9,203 National-Oilwell Varco Inc. 431,551 648,058 11,559 Brown-Forman Corp., Class ’B’ 790,547 921,558 6,167 Newfield Exploration Co. 220,375 335,646 15,727 Campbell Soup Co. 567,183 649,054 6,608 Noble Corp. 399,590 546,894 4,001 Church & Dwight Co. Inc. 156,272 162,051 8,228 Noble Energy Inc. 320,101 428,786 12,797 Clorox Co. 904,017 867,697 21,372 Occidental Petroleum Corp. 1,451,064 2,437,388 104,735 Coca-Cola Co. (The) 7,088,792 5,010,789 2,017 Overseas Shipholding Group Inc. 93,075 132,680 20,590 Coca-Cola Enterprises Inc. 603,385 466,435 8,395 Patterson-UTI Energy Inc. 223,494 264,304 35,140 Colgate-Palmolive Co. 2,552,505 2,340,844 12,354 Peabody Energy Corp. 333,662 765,943 25,834 ConAgra Foods Inc. 866,438 635,220 1,353 Penn Virginia Corp. 76,500 105,146 4,290 Corn Products International Inc. 120,517 145,990 6,168 Pioneer Natural Resources Co. 264,464 318,346 29,837 Costco Wholesale Corp. 1,690,470 1,895,672 3,940 Plains Exploration & Production Co. 99,937 177,633 41,298 CVS Corp. 1,178,320 1,409,974 3,140 Pogo Producing Co. 177,391 160,981 7,474 Dean Foods Co. 314,937 309,117 8,070 Pride International Inc. 221,350 280,278 3,558 Delta & Pine Land Co. 116,606 116,331 3,396 Quicksilver Resources Inc. 69,524 139,020 3,270 Energizer Holdings Inc. 173,547 212,994 5,387 Rowan Cos. Inc. 188,533 213,216 6,496 Estee ´ Lauder Cos. Inc., Class ’A’ 303,638 279,360 66,477 Schlumberger Ltd. 3,526,735 4,813,522 3,003 Flowers Foods Inc. 52,110 95,647 9,473 Smith International Inc. 305,353 468,488 20,548 General Mills Inc. 1,275,510 1,180,505 7,913 Southwestern Energy Co. 124,420 274,209 3,937 Hain Celestial Group Inc. 109,539 112,786 34,633 St. Mary Land & Exploration Co. 848,280 1,550,243 689 Hansen Natural Corp. 76,893 145,869 1,951 Stone Energy Corp. 101,970 101,000 18,552 Heinz (H.J.) Co. 961,986 850,438 12,307 Sunoco Inc. 720,271 948,346 10,319 Hershey Co. (The) 590,254 631,970 1,888 Swift Energy Co. 55,058 90,138 20,362 Kellogg Co. 1,087,416 1,096,677 4,617 TETRA Technologies Inc. 84,907 155,526 21,774 Kimberly-Clark Corp. 1,777,678 1,494,057 3,164 Tidewater Inc. 156,543 173,119 339,694 Kroger Co. 8,079,042 8,258,133 18,670 Transocean Inc. 1,138,683 1,667,677 74,900 Lancaster Colony Corp. 3,815,679 3,287,705 2,581 Unit Corp. 117,670 163,293 9,671 McCormick & Co. Inc. 368,263 360,834 36,148 Valero Energy Corp. 1,439,966 2,674,117 35,155 Molson Coors Brewing Co., Class ’B’ 2,629,654 2,653,828 2,264 Veritas DGC Inc. 77,106 129,868 3,333 NBTY Inc. 96,305 88,626 19,287 Weatherford International Ltd. 770,300 1,064,303 12,944 Pepsi Bottling Group Inc. (The) 506,762 462,800 3,074 Western Gas Resources Inc. 110,415 204,603 92,915 Pepsico Inc. 6,112,641 6,203,980 2,060 W-H Energy Services Inc. 78,682 116,448 99,400 Pilgrim’s Pride Corp. 2,563,104 2,852,003 28,147 Williams Cos. Inc. 370,468 731,221 266,355 Procter & Gamble Co. 16,872,521 16,469,465 2,356 World Fuel Services Corp. 99,141 119,713 7,724 Reynolds American Inc. 751,352 990,411 17,493 XTO Energy Inc. 535,138 861,227 99,700 Ruddick Corp. 2,421,532 2,717,580 45,087 Safeway Inc. 1,582,108 1,303,673 Energy (7.62%) 77,214,973 99,168,050 36,224 Sara Lee Corp. 967,475 645,361 7,894 Acadia Realty Trust 197,976 207,621 5,513 Smithfield Foods Inc. 161,946 176,757 38,439 Aflac Inc. 1,911,834 1,981,370 3,667 Smucker (J.M.) Co. (The) 192,383 182,290 96,566 Allstate Corp. (The) 5,432,994 5,877,512 9,711 Supervalu Inc. 321,340 331,548 4,631 AMB Property Corp. 229,583 260,339 29,784 Sysco Corp. 1,247,439 1,012,232 8,302 Ambac Financial Group Inc. 730,879 748,768 16,673 Tyson Foods Inc., Class ’A’ 314,987 275,535 65,541 American Express Co. 4,311,975 3,879,107 2,792 United Natural Foods Inc. 85,925 102,527 32 The accompanying notes are an integral part of these financial statements. Imperial U.S. Equity Pool

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) 255,701 American International Group Inc. 21,619,762 16,791,758 11,555 Marshall & Ilsley Corp. 557,744 587,773 6,421 AmeriCredit Corp. 127,434 199,371 7,130 MBIA Inc. 483,464 464,259 22,279 Ameriprise Financial Inc. 1,040,448 1,106,765 37,523 Mellon Financial Corp. 1,629,496 1,436,741 22,746 AmSouth Bancorporation 723,091 669,075 6,504 Mercantile Bankshares Corp. 267,301 258,005 5,991 Anchor BanCorp Wisconsin Inc. 205,237 201,010 138,369 Merrill Lynch & Co. Inc. 10,522,209 10,703,904 45,223 Aon Corp. 1,782,658 1,751,185 47,759 MetLife Inc. 2,369,028 2,719,906 6,207 Apartment Investment & Management 7,649 MGIC Investment Corp. 563,950 552,919 Co., Class ’A’ 316,027 299,927 26,318 Moody’s Corp. 1,365,264 1,593,949 17,747 Archstone-Smith Trust 796,560 1,003,993 52,324 Morgan Stanley 4,274,847 3,678,160 7,145 Associated Banc-Corp. 259,041 250,536 43,300 NASDAQ Stock Market Inc. 1,787,651 1,439,803 5,566 Astoria Financial Corp. 171,228 188,467 34,180 National City Corp. 1,392,709 1,375,639 316,755 Bank of America Corp. 16,148,003 16,943,862 3,137 New Century Financial Corp. 139,881 159,606 49,659 Bank of New York Co. Inc. (The) 2,276,368 1,778,270 14,089 New York Community Bancorp Inc. 362,171 258,685 39,861 BB&T Corp. 1,978,171 1,843,661 22,475 North Fork Bancorporation Inc. 760,975 754,082 7,904 Bear Stearns Cos. Inc. (The) 956,248 1,231,309 35,043 Northern Trust Corp. 2,281,873 2,155,114 5,381 Berkley (W.R.) Corp. 119,301 204,241 21,500 NYSE Group Inc. 1,447,281 1,637,367 3,772 Boston Private Financial Holdings Inc. 135,506 117,036 4,532 Ohio Casualty Corp. 134,002 149,840 5,102 Boston Properties Inc. 371,905 512,924 150,009 Old Republic International Corp. 3,480,897 3,565,050 9,847 Brookline Bancorp Inc. 175,805 150,793 4,422 Parkway Properties Inc. 224,029 223,756 6,406 Brown & Brown Inc. 154,207 208,167 1 People’s Bank, Preferred 10 18 14,900 Capital One Financial Corp. 1,388,146 1,415,931 1,636 Piper Jaffray Cos. Inc. 93,416 111,365 3,599 Cathay General Bancorp 130,601 145,609 9,274 Plum Creek Timber Co. Inc. 369,668 366,133 3,947 Central Pacific Financial Corp. 162,286 169,872 4,705 PMI Group Inc. (The) 232,750 233,262 26,445 Chubb Corp. (The) 1,368,998 1,467,533 63,759 PNC Financial Services Group 4,564,825 4,975,501 10,204 Cincinnati Financial Corp. 521,194 533,463 3,686 Potlatch Corp. 155,965 154,745 15,247 CIT Group Inc. 744,527 886,639 20,006 Price (T. Rowe) Group Inc. 658,184 841,222 339,348 Citigroup Inc. 20,996,759 18,205,241 21,320 Principal Financial Group Inc. 1,116,559 1,319,460 3,898 Citizens Inc., Class ’A’ 39,602 21,718 3,579 PrivateBancorp Inc. 150,432 164,820 8,394 Colonial BancGroup Inc. (The) 202,753 239,722 2,434 ProAssurance Corp. 115,332 130,416 12,704 Comerica Inc. 890,504 734,521 79,060 Progressive Corp. (The) 2,175,929 2,260,491 11,234 Commerce Bancorp Inc. 439,799 445,637 14,456 ProLogis 703,730 837,908 7,591 Community Bank Systems Inc. 193,890 170,274 5,327 Prosperity Bancshares Inc. 183,288 194,846 8,389 Compass Bancshares Inc. 470,186 518,715 79,921 Protective Life Corp. 3,549,798 4,143,592 28,451 Countrywide Financial Corp. 897,959 1,204,865 30,661 Prudential Financial Inc. 1,971,025 2,649,422 5,441 Developers Diversified Realty Corp. 252,680 315,738 4,662 Public Storage Inc. 283,465 393,512 36,005 E*Trade Financial Corp. 782,312 913,739 4,214 Radian Group Inc. 254,843 289,525 4,006 East West Bancorp Inc. 151,579 168,892 5,085 Raymond James Financial Inc. 128,915 171,178 4,831 EastGroup Properties Inc. 245,212 250,791 3,556 Regency Centers Corp. 218,261 245,780 6,755 Eaton Vance Corp. 174,602 187,505 28,952 Regions Financial Corp. 1,175,127 1,066,382 3,956 Edwards (A.G.) Inc. 212,028 243,379 10,289 Republic Bancorp Inc. 139,353 141,771 20,605 Equity Office Properties Trust 839,606 836,620 12,990 Safeco Corp. 756,326 814,042 25,456 Equity Residential 1,171,644 1,266,289 84,897 Schwab (Charles) Corp. (The) 1,732,897 1,508,735 45,050 Fannie Mae 4,120,512 2,409,815 3,511 SEI Investments Co. 150,241 190,856 13,175 Federated Investors Inc., Class ’B’ 536,363 461,535 10,090 Simon Property Group Inc. 692,423 930,677 8,354 Fidelity National Financial Inc. 336,198 361,864 30,926 SLM Corp. 1,712,471 1,820,067 25,757 Fifth Third Bancorp 1,808,124 1,058,409 16,370 Sovereign Bancorp. Inc. 385,334 369,734 4,862 First American Corp. 189,015 228,555 4,132 Sovran Self Storage Inc. 237,880 233,390 7,313 First BanCorp. (Puerto Rico) 119,038 75,635 48,509 St. Paul Travelers Cos. Inc. (The) 2,392,663 2,404,951 14,737 First Commonwealth Financial Corp. 246,851 208,141 3,059 StanCorp Financial Group Inc. 170,325 173,191 6,201 First Horizon National Corp. 330,638 277,225 24,823 State Street Corp. 1,734,644 1,603,613 10,260 First Niagara Financial Group Inc. 170,892 159,970 9,526 Sterling Bancshares Inc. 192,494 198,635 56,142 Franklin Resources Inc. 4,644,130 5,420,027 18,898 SunTrust Banks Inc. 1,603,068 1,602,716 33,121 Freddie Mac 2,635,667 2,099,899 6,943 Susquehanna Bancshares Inc. 206,979 184,539 166,318 Gallagher (Arthur J.) & Co. 5,573,197 4,686,943 22,737 Synovus Financial Corp. 740,113 677,154 31,670 Genworth Financial Inc. 1,154,028 1,227,072 9,815 Torchmark Corp. 614,154 662,775 11,232 Glenborough Realty Trust Inc. 278,148 269,058 13,264 Trustco Bank Corp. 191,008 162,555 14,182 Golden West Financial Corp. 884,627 1,170,268 99,903 U.S. Bancorp 3,379,587 3,430,834 43,839 Goldman Sachs Group Inc. 6,158,017 7,333,967 6,763 UCBH Holdings Inc. 140,431 124,400 3,135 Hanover Insurance Group Inc. 117,757 165,466 4,396 Umpqua Holdings Corp. 133,043 125,398 18,187 Hartford Financial Services Group Inc. 7,509 United Dominion Realty Trust Inc. 202,820 233,905 (The) 1,580,275 1,711,100 24,591 UnumProvident Corp. 590,335 495,813 5,674 HCC Insurance Holdings Inc. 173,774 185,768 5,582 Vornado Realty Trust 408,955 605,565 7,010 Horace Mann Educators Corp. 147,724 132,139 152,009 Wachovia Corp. 8,340,211 9,142,181 12,601 Huntington Bancshares Inc. 357,525 330,440 5,615 Waddell & Reed Financial, Class ’A’ 152,338 128,386 3,762 IndyMac Bancorp Inc. 153,685 191,824 161,721 Washington Mutual Inc. 8,271,611 8,197,560 3,028 Infinity Property & Casualty Corp. 138,259 138,065 85,841 Wells Fargo & Co. 6,194,969 6,403,710 2,351 Investment Technology Group 113,823 132,976 4,321 Whitney Holding Co. 165,149 169,966 52,405 Investors Financial Services Corp. 2,235,778 2,616,754 2,566 Wintrust Financial Corp. 159,716 145,108 10,726 Janus Capital Group Inc. 228,867 213,518 2,310 Zenith National Insurance Corp. 98,361 101,910 5,411 Jefferies Group Inc. 124,263 178,301 9,976 Zions Bancorp 862,010 864,690 341,311 JPMorgan Chase & Co. 16,262,720 15,942,022 152,883 KeyCorp 5,841,877 6,066,356 Financials (19.78%) 261,233,059 257,347,018 1,983 Kilroy Realty Corp. 121,787 159,333 73,997 Abbott Laboratories 4,374,470 3,588,757 12,442 Kimco Realty Corp. 367,305 504,903 3,520 Advanced Medical Optics Inc. 140,122 198,470 41,952 Legg Mason Inc. 5,443,633 4,643,088 35,588 Aetna Inc. 1,129,095 1,580,326 41,553 Lehman Brothers Holdings Inc. 2,478,533 3,010,653 3,546 Affymetrix Inc. 134,931 100,954 8,629 Leucadia National Corp. 190,642 280,116 15,099 Allergan Inc. 1,675,916 1,801,067 4,732 Liberty Property Trust 238,132 232,601 2,623 Alpharma Inc., Class ’A’ 56,210 70,126 17,382 Lincoln National Corp. 1,049,440 1,091,015 4,208 American Medical Systems Holdings 55,418 Loews Corp. 1,613,030 2,184,796 Inc. 72,948 77,917 4,707 Longview Fibre Co. 102,943 99,930 3,410 AMERIGROUP Corp. 92,381 117,712 6,674 LTC Properties Inc. 172,097 165,885 28,032 AmerisourceBergen Corp. 1,355,756 1,306,830 7,558 M & T Bank Corp. 959,636 991,147 72,094 Amgen Inc. 5,889,998 5,229,863 3,582 Macerich Co. (The) 238,809 279,645 2,031 Analogic Corp. 137,634 105,277 46,417 Marsh & McLennan Cos. Inc. 2,247,989 1,388,071

The accompanying notes are an integral part of these ﬁnancial statements. 33 Imperial U.S. Equity Pool

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) 19,967 Applera Corp.—Applied Biosystems 5,085 Sepracor Inc. 204,511 323,128 Group 599,668 718,341 2,780 Sierra Health Services Inc. 67,701 139,216 1,805 ArthroCare Corp. 65,686 84,328 29,980 St. Jude Medical Inc. 1,248,390 1,080,907 4,909 Bard (C.R.) Inc. 289,879 399,948 4,583 Steris Corp. 152,856 116,512 8,617 Barr Pharmaceuticals Inc. 496,283 457,012 14,783 Stryker Corp. 693,285 692,296 2,657 Bausch & Lomb Inc. 162,587 144,906 2,507 Sunrise Senior Living Inc. 69,898 77,089 41,599 Baxter International Inc. 1,939,829 1,700,600 2,329 Techne Corp. 134,467 131,887 57,636 Beckman Coulter Inc. 3,884,190 3,560,588 366,032 Tenet Healthcare Corp. 5,826,630 2,841,308 12,703 Becton, Dickinson & Co. 724,822 863,584 17,916 Thermo Electron Corp. 653,550 722,060 16,781 Biogen Idec Inc. 908,197 864,617 4,303 Triad Hospitals Inc. 214,839 189,405 11,749 Biomet Inc. 530,419 408,837 2,636 United Surgical Partners International 32,186 Boston Scientific Corp. 922,080 602,772 Inc. 79,389 88,150 236,935 Bristol-Myers Squibb Co. 9,004,306 6,813,991 126,221 UnitedHealth Group Inc. 6,069,647 6,285,785 30,291 Cardinal Health Inc. 2,480,485 2,167,060 2,832 Universal Health Services Inc. Class ’B’ 188,629 158,292 102,825 Caremark Rx Inc. 5,658,813 5,702,718 5,658 Valeant Pharmaceuticals International 107,789 106,465 2,590 Centene Corp. 61,436 67,774 2,364 Varian Inc. 112,132 109,130 2,938 Cephalon Inc. 212,032 196,368 6,207 Varian Medical Systems Inc. 291,851 326,848 3,167 Cerner Corp. 91,590 130,702 4,677 VCA Antech Inc. 107,798 166,077 3,650 Charles River Laboratories International 4,861 Vertex Pharmaceuticals Inc. 144,500 198,451 Inc. 201,568 149,377 5,130 Waters Corp. 227,174 253,305 1,650 Chemed Corp. 74,283 100,061 11,248 Watson Pharmaceuticals Inc. 437,965 291,207 10,157 CIGNA Corp. 1,117,947 1,112,730 140,296 Wellpoint Inc. 10,395,953 11,353,807 4,891 Community Health Systems Inc. 188,025 199,894 76,583 Wyeth 4,858,252 3,782,309 2,364 Cooper Cos. Inc. (The) 138,061 116,439 11,568 Zimmer Holdings Inc. 861,505 729,690 3,100 Covance Inc. 148,281 211,057 12,433 Coventry Health Care Inc. 613,040 759,641 Health Care (11.51%) 171,601,309 149,721,207 5,978 Cytyc Corp. 142,481 168,597 36,114 3M Co. 3,323,506 3,243,915 4,013 Dentsply International Inc. 246,053 270,449 104,500 ABM Industries Inc. 2,139,096 1,987,267 1,762 Dionex Corp. 107,547 107,107 68,253 Acuity Brands Inc. 2,235,506 2,953,431 3,389 Edwards Lifesciences Corp. 151,407 171,221 84,848 Adesa Inc. 2,294,727 2,098,554 18,740 Express Scripts Inc., Class ’A’ 1,434,980 1,495,116 1,387 Administaff Inc. 36,986 55,236 6,104 Fisher Scientific International Inc. 387,549 495,882 4,855 AGCO Corp. 146,485 142,108 23,610 Forest Laboratories Inc., Class ’A’ 1,303,599 1,015,871 4,822 AirTran Holdings Inc. 60,329 79,687 60,600 Genentech Inc. 4,971,693 5,512,769 2,717 Alexander & Baldwin Inc. 124,717 133,765 2,688 Gen-Probe Inc. 106,028 161,364 2,048 Alliant Techsystems Inc. 179,934 173,893 13,328 Genzyme Corp. 783,040 904,887 19,510 Allied Waste Industries Inc. 247,095 246,479 74,662 Gilead Sciences Inc. 4,025,315 4,912,150 8,491 American Power Conversion Corp. 178,953 184,041 21,299 HCA Inc. 1,193,440 1,022,078 8,414 American Standard Cos. Inc. 338,877 404,886 13,426 Health Management Associates Inc., 4,058 Ametek Inc. 160,562 213,821 Class ’A’ 382,684 294,291 1,684 Armor Holdings Inc. 67,764 102,684 5,444 Health Net Inc. 239,473 273,471 1,738 AstroPower Inc. 21,658 2 2,084 Healthways Inc. 79,650 121,999 7,107 Avery Dennison Corp. 546,096 458,889 3,465 Hillenbrand Industries Inc. 251,984 186,891 102,041 Boeing Co. (The) 7,927,299 9,295,130 2,330 Hologic Inc. 82,441 127,901 8,508 Bowne & Co. Inc. 156,307 135,303 20,040 Hospira Inc. 898,623 956,982 3,012 Brady Corp., Class ’A’ 100,032 123,401 12,334 Humana Inc. 468,647 736,584 3,250 Briggs & Stratton Corp. 121,713 112,442 1,829 IDEXX Laboratories Inc. 132,374 152,817 3,097 Brink’s Co. (The) 135,530 194,286 4,264 Immucor Inc. 59,774 91,189 29,519 Burlington Northern Santa Fe Corp. 1,813,233 2,601,625 16,321 IMS Health Inc. 460,131 487,343 8,230 C.H. Robinson Worldwide Inc. 233,783 487,833 1,713 Intuitive Surgical Inc. 98,638 224,736 1,747 Carlisle Cos. Inc. 132,441 154,067 2,689 Invitrogen Corp. 171,618 197,578 36,039 Caterpillar Inc. 1,924,485 2,985,082 156,530 Johnson & Johnson 11,535,624 10,430,695 47,481 Cendant Corp. 1,059,536 860,171 36,042 King Pharmaceuticals Inc. 674,645 681,399 1,489 Ceradyne Inc. 53,671 81,951 9,017 Laboratory Corp. of America Holdings 484,429 624,030 4,597 ChoicePoint Inc. 249,703 213,542 3,332 LifePoint Hospitals Inc. 144,490 119,058 7,432 Cintas Corp. 476,706 328,621 56,449 Eli Lilly and Co. 5,042,521 3,469,681 3,738 Clarcor Inc. 124,215 123,838 4,802 Lincare Holdings Inc. 234,299 202,077 2,970 Con-way Inc. 161,409 191,339 9,029 Manor Care Inc. 400,334 471,131 6,084 Cooper Industries Ltd. 475,078 628,698 29,379 McKesson Corp. 1,589,277 1,544,750 4,249 Copart Inc. 94,315 116,054 59,478 Medco Health Solutions Inc. 3,456,182 3,788,813 2,009 Corporate Executive Board Co. (The) 152,320 223,868 3,254 Medicis Pharmaceutical Corp. 123,749 86,851 3,153 Crane Co. 122,341 145,868 33,648 MedImmune Inc. 1,293,952 1,014,080 32,932 CSX Corp. 2,234,087 2,579,772 73,405 Medtronic Inc. 4,725,874 3,830,253 6,385 Cummins Inc. 665,627 868,068 2,248 Mentor Corp. 85,899 108,750 1,036 Daisytek International Corp. 13,834 1 225,878 Merck & Co. Inc. 13,764,042 9,151,177 13,635 Danaher Corp. 776,690 975,315 4,564 MGI Pharma Inc. 81,967 109,126 10,676 Deere and Co. 857,822 991,258 16,324 Millennium Pharmaceuticals Inc. 222,435 180,995 3,869 Deluxe Corp. 176,998 75,211 7,844 Millipore Corp. 557,181 549,481 21,356 Donnelley (R.R.) & Sons Co. 802,444 758,813 31,697 Mylan Laboratories Inc. 753,017 705,005 19,334 Dover Corp. 991,967 1,062,811 5,625 Omnicare Inc. 240,918 296,639 2,403 DRS Technologies Inc. 126,738 130,278 196,400 Option Care Inc. 2,857,221 2,616,629 3,261 Dun & Bradstreet Corp. (The) 221,293 252,699 6,829 Patterson Cos. Inc. 282,618 265,277 8,404 Eaton Corp. 578,958 704,695 5,672 PDL BioPharma Inc. 129,713 116,127 2,105 EGL Inc. 66,267 117,517 2,583 Pediatrix Medical Group Inc. 112,834 130,127 1,904 EMCOR Group Inc. 83,168 103,056 9,221 PerkinElmer Inc. 187,467 214,323 81,769 Emerson Electric Co. 6,690,146 7,621,288 6,277 Perrigo Co. 123,255 112,388 12,577 Equifax Inc. 492,180 480,310 521,397 Pfizer Inc. 21,472,236 13,608,976 8,928 Expeditors International of Washington 5,076 Pharmaceutical Product Development Inc. 276,260 556,114 Inc. 131,392 198,253 5,989 Fastenal Co. 173,190 268,346 1,763 PolyMedica Corp. 62,771 70,504 5,199 Federal Signal Corp. 116,169 87,537 8,713 Quest Diagnostics Inc. 470,589 580,608 17,604 FedEx Corp. 1,745,998 2,287,816 3,909 ResMed Inc. 145,535 204,101 3,028 Flowserve Corp. 116,993 191,607 3,978 Respironics Inc. 130,442 151,387 4,558 Fluor Corp. 292,000 471,058 4,462 Schein (Henry) Inc. 202,065 231,883 2,575 Forward Air Corp. 86,124 116,637 89,466 Schering-Plough Corp. 2,981,488 1,893,392 75,498 G & K Services Inc., Class ’A’ 2,889,689 2,879,873 34 The accompanying notes are an integral part of these financial statements. Imperial U.S. Equity Pool

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) 3,271 Gardner Denver Inc. 81,425 140,051 3,193 YRC Worldwide Inc. 160,301 149,530 3,132 GATX Corp. 124,446 148,032 4,609 Gencorp Inc. 86,784 82,164 Industrials (11.97%) 148,777,388 155,660,292 108,173 General Dynamics Corp. 6,364,695 7,874,785 22,815 3COM Corp. 151,488 129,908 523,130 General Electric Co. 26,311,452 19,175,234 13,826 Activision Inc. 152,138 174,978 6,593 Goodrich Corp. 262,956 295,409 4,661 Acxiom Corp. 114,279 129,587 3,925 Graco Inc. 157,040 200,702 8,006 ADC Telecommunications Inc. 174,183 150,113 10,131 Grainger (W.W.) Inc. 777,702 847,593 29,561 Adobe Systems Inc. 753,973 998,079 1,943 Granite Construction Inc. 67,015 97,820 3,859 Adtran Inc. 105,472 96,260 2,178 Harsco Corp. 136,871 188,831 166,811 Advanced Micro Devices Inc. 6,176,936 4,530,167 3,673 Herman Miller Inc. 116,591 105,264 5,717 Aeroflex Inc. 77,830 74,196 2,543 HNI Corp. 122,025 128,253 7,056 Affiliated Computer Services Inc., Class ’A’ 476,030 404,983 39,161 Honeywell International Inc. 1,942,845 1,755,103 36,019 Agilent Technologies Inc. 1,617,352 1,264,190 3,852 Hub Group Inc., Class ’A’ 91,375 105,082 3,396 Alliance Data Systems Corp. 156,246 222,145 3,334 Hubbell Inc., Class ’B’ 186,147 176,674 17,983 Altera Corp. 406,236 350,981 6,868 Hunt (J.B.) Transport Services Inc. 93,697 190,260 4,444 Amphenol Corp., Class ’A’ 190,982 276,564 31,098 Idex Corp. 1,100,981 1,632,369 17,535 Analog Devices Inc. 1,177,962 626,752 19,922 Illinois Tool Works Inc. 981,583 1,052,375 9,713 Andrew Corp. 133,381 95,704 18,957 ITT Industries Inc. 1,048,427 1,043,563 2,202 Anixter International Inc. 97,911 116,222 2,744 Jacobs Engineering Group Inc. 178,354 243,030 2,095 ANSYS Inc. 77,865 111,413 8,328 JetBlue Airways Corp. 152,360 112,435 153,418 Apple Computer Inc. 7,248,768 9,745,595 5,091 JLG Industries Inc. 82,727 127,388 91,683 Applied Materials Inc. 2,691,375 1,659,920 5,760 Joy Global Inc. 169,567 333,673 20,949 Applied Micro Circuits Corp. 105,566 63,602 4,516 Kansas City Southern Industries Inc. 112,298 139,116 131,980 Arrow Electronics Inc. 3,476,835 4,726,154 2,349 Kennametal Inc. 140,408 162,617 22,643 Atmel Corp. 108,881 139,756 3,873 Kirby Corp. 120,631 170,133 3,037 ATMI Inc. 97,412 83,153 96,500 Korn Ferry International 1,855,607 2,102,353 20,196 Autodesk Inc. 614,625 773,971 6,380 L-3 Communications Holdings Inc. 526,924 535,120 37,645 Automatic Data Processing Inc. 2,311,388 1,898,578 3,471 Labor Ready Inc. 74,308 87,431 32,097 Avaya Inc. 357,916 407,638 3,372 Landstar System Inc. 113,856 177,113 2,408 Avid Technology Inc. 99,704 89,256 3,627 Lennox International Inc. 97,141 106,809 7,715 Avnet Inc. 185,112 171,769 22,082 Lockheed Martin Corp. 1,856,226 1,761,747 3,242 Avocent Corp. 116,987 94,642 3,011 Manitowoc Co. Inc. (The) 88,873 149,010 3,242 Belden CDT Inc. 85,673 119,159 4,417 Manpower Inc. 264,184 317,325 2,853 Benchmark Electronics Inc. 62,441 76,528 19,134 Masco Corp. 728,712 630,707 261,689 BISYS Group Inc. 5,200,307 3,987,033 3,247 Mobile Mini Inc. 75,729 105,658 22,071 BMC Software Inc. 511,083 586,629 9,815 Monster Worldwide Inc. 397,039 465,645 2,814 Brightpoint Inc. 35,115 42,341 2,851 MSC Industrial Direct Co. Inc., Class ’A’ 105,127 150,825 173,307 Broadcom Corp., Class ’A’ 5,775,828 5,791,678 2,709 Mueller Industries Inc. 111,255 99,509 5,499 Brooks Automation Inc. 95,845 72,162 3,414 Navigant Consulting Inc. 64,399 85,995 24,323 CA Inc. 563,617 555,869 3,865 Navistar International Corp. 147,975 105,780 1,766 CACI International Inc., Class ’A’ 120,271 114,558 2,389 Nordson Corp. 117,612 130,662 14,398 Cadence Design Systems Inc. 265,073 274,606 28,493 Norfolk Southern Corp. 1,286,925 1,686,386 3,232 CDW Corp. 259,243 196,429 21,422 Northrop Grumman Corp. 1,653,019 1,526,127 7,582 Ceridian Corp. 190,620 206,077 3,814 Oshkosh Truck Corp. 156,076 201,558 4,475 CheckFree Corp. 181,507 246,643 8,235 Paccar Inc. 486,913 754,448 29,604 CIENA Corp. 160,267 158,358 36,700 Pacer International Inc. 832,786 1,329,722 315,010 Cisco Systems Inc. 12,214,064 6,841,801 7,606 Pall Corp. 233,653 236,842 18,165 Citrix Systems Inc. 531,932 810,880 8,259 Parker Hannifin Corp. 641,896 712,743 3,540 Cognex Corp. 115,906 102,476 5,135 Pentair Inc. 176,061 195,247 6,570 Cognizant Technology Solutions Corp., 50,200 Pike Electric Corp. 922,266 1,075,236 Class ’A’ 234,315 492,239 11,665 Pitney Bowes Inc. 602,331 535,770 2,886 Coherent Inc. 102,136 108,257 6,435 Precision Castparts Corp. 246,143 427,664 3,643 CommScope Inc. 86,198 127,294 6,464 Quanta Services Inc. 68,436 124,579 13,333 Computer Sciences Corp. 779,380 718,250 29,565 Raytheon Co. 1,514,869 1,465,428 20,454 Compuware Corp. 143,248 152,404 2,573 Regal-Beloit Corp. 104,580 126,332 11,472 Comverse Technology Inc. 233,764 252,226 5,145 Republic Services Inc. 177,746 230,816 16,602 Convergys Corp. 365,865 360,030 23,471 Robert Half International Inc. 949,182 1,096,288 231,147 Corning Inc. 4,349,563 6,218,247 9,354 Rockwell Automation Inc. 461,399 749,090 4,283 Cree Inc. 130,861 113,172 24,719 Rockwell Collins Inc. 1,375,092 1,535,866 3,760 CSG Systems International Inc. 88,765 103,450 4,524 Roper Industries Inc. 160,930 235,206 2,215 Cymer Inc. 106,041 114,445 8,277 Ryder System Inc. 448,243 537,839 7,587 Cypress Semiconductor Corp. 116,871 122,681 49,000 School Specialty Inc. 1,959,676 1,735,599 288,361 Dell Inc. 10,123,193 7,827,952 3,995 Shaw Group Inc. (The) 105,418 123,511 3,951 Diebold Inc. 214,864 178,481 3,185 SkyWest Inc. 86,044 87,843 2,236 Digital Insight Corp. 65,397 85,267 61,182 Southwest Airlines Inc. 1,259,190 1,113,823 3,207 DST Systems Inc. 172,324 212,207 3,717 SPX Corp. 235,403 231,279 135,279 eBay Inc. 5,755,467 4,406,498 2,118 Stericycle Inc. 132,111 153,338 136,039 eFunds Corp. 3,083,353 3,335,922 2,564 Teledyne Technologies Inc. 84,258 93,413 14,303 Electronic Arts Inc. 805,035 684,610 2,455 Teleflex Inc. 171,720 147,486 130,316 Electronic Data Systems Corp. 3,716,417 3,486,882 14,880 Textron Inc. 1,348,709 1,525,399 118,425 EMC Corp. 3,113,080 1,444,754 2,833 Thomas & Betts Corp. 98,301 161,625 2,067 F5 Network Inc. 92,518 122,935 4,505 Timken Co. 135,294 167,885 3,516 Fair Issac Corp. 150,018 141,977 3,681 Trinity Industries Inc. 100,045 165,383 6,714 Fairchild Semiconductor International 282,784 Tyco International Ltd. 8,413,005 8,648,312 Inc., Class ’A’ 144,988 135,669 19,756 Union Pacific Corp. 1,679,432 2,042,391 4,544 Fidelity National Information Services 58,105 United Parcel Service Inc., Class ’B’ 5,608,815 5,320,047 Inc. 188,095 178,890 3,796 United Rentals Inc. 80,675 135,005 3,257 FileNet Corp. 91,950 97,543 55,500 United Stationers Inc. 2,935,591 3,044,107 83,937 First Data Corp. 4,253,609 4,204,319 53,445 United Technologies Corp. 3,033,984 3,769,443 13,213 Fiserv Inc. 660,889 666,528 2,477 URS Corp. 93,226 115,696 3,894 Flir Systems Inc. 97,656 95,531 68,000 Waste Connections Inc. 2,720,339 2,752,670 23,955 Freescale Semiconductor Inc., Class ’B’ 622,986 783,226 105,970 Waste Management Inc. 4,013,033 4,228,431 58,800 Global Imaging Systems Inc. 1,999,962 2,699,360 77,000 Watson Wyatt & Co. Holdings 2,436,545 3,009,098 3,313 Global Payments Inc. 171,997 178,877 148,800 Werner Enterprises Inc. 3,661,308 3,354,289 27,081 Google Inc., Class ’A’ 10,861,678 12,628,869 The accompanying notes are an integral part of these financial statements. 35 Imperial U.S. Equity Pool

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) 6,547 Harris Corp. 210,938 302,231 3,046 Trimble Navigation Ltd. 96,386 151,216 4,960 Henry (Jack) & Associates Inc. 105,732 108,445 18,784 Unisys Corp. 214,207 131,187 157,748 Hewlett-Packard Co. 6,106,472 5,557,672 3,748 Varian Semiconductor Equipment 3,640 Hyperion Solutions Corp. 117,467 111,726 Associates Inc. 116,610 135,923 80,533 IBM Corp. 10,137,732 6,880,057 11,689 VeriSign Inc. 221,711 301,195 61,521 Imation Corp. 2,970,095 2,808,539 10,436 Vishay Intertechnology Inc. 180,019 182,560 7,015 Ingram Micro Inc., Class ’A’ 145,244 141,439 2,148 WebEx Communications Inc. 64,095 84,898 4,087 Insight Enterprises Inc. 85,858 86,585 1,604 Websense Inc. 26,852 36,639 10,715 Integrated Device Technology Inc. 169,360 168,971 10,773 Western Digital Corp. 167,857 237,337 648,727 Intel Corp. 20,197,962 13,671,464 46,101 Xerox Corp. 663,949 713,151 3,746 International Rectiﬁer Corp. 156,511 162,804 16,543 Xilinx Inc. 916,021 416,703 7,304 Intersil Corp., Class ’A’ 204,825 188,855 196,413 Yahoo! Inc. 6,302,914 7,208,220 15,466 Intuit Inc. 933,924 1,038,692 3,957 Zebra Technologies Corp., Class ’A’ 191,269 150,324 1,503 Itron Inc. 71,317 99,052 3,310 j2 Global Communications Inc. 67,136 114,922 Information Technology (15.90%) 239,904,698 206,881,302 23,061 Jabil Circuit Inc. 756,473 656,541 10,275 Air Products and Chemicals Inc. 734,023 730,403 80,272 JDS Uniphase Corp. 320,003 225,854 3,644 Airgas Inc. 113,331 150,955 79,700 Juniper Networks Inc. 2,332,283 1,417,264 49,600 Albemarle Corp. 1,993,004 2,641,068 11,985 KLA Tencor Corp. 754,511 554,067 42,406 Alcoa Inc. 1,750,683 1,526,088 1,791 Komag Inc. 85,293 91,980 1,845 Aleris International Inc. 84,735 94,076 2,366 Kronos Inc. 102,852 95,277 7,254 Allegheny Technologies Inc. 332,647 558,571 6,729 Lam Research Corp. 217,086 348,872 74,500 AptarGroup Inc. 3,709,923 4,110,260 5,357 Lexmark International Inc. 489,761 332,608 3,470 Ashland Inc. 259,496 257,394 18,009 Linear Technology Corp. 1,011,951 670,731 5,074 Ball Corp. 215,445 209,009 36,100 Littelfuse Inc. 1,132,380 1,380,247 135,640 Bemis Co. Inc. 4,518,594 4,618,881 19,705 LSI Logic Corp. 223,333 196,130 3,717 Bowater Inc. 155,905 94,041 210,254 Lucent Technologies Inc. 3,109,692 565,853 4,121 Cabot Corp. 159,053 158,204 44,406 Lucent Technologies Inc., Warrants, 1,208 Carpenter Technology Corp. 63,707 155,165 2007/12/10 — 13,334 1,437 Chaparral Steel Co. 43,903 115,094 3,644 Macrovision Corp. 82,179 87,210 12,554 Chemtura Corp. 163,576 130,399 15,115 Maxim Integrated Products Inc. 872,451 539,750 1,158 Cleveland-Cliffs Inc. 58,459 102,111 8,316 McAfee Inc. 212,219 224,454 6,009 Commercial Metals Co. 91,065 171,743 7,880 MEMC Electronic Materials Inc. 118,792 328,626 2,289 Cytec Industries Inc. 113,915 136,597 10,266 Microchip Technology Inc. 401,388 383,034 44,976 Dow Chemical Co. (The) 2,206,791 1,952,195 47,324 Micron Technology Inc. 1,475,225 792,593 42,753 E.I. du Pont de Nemours & Co. 2,567,702 1,977,897 2,439 Micros Systems Inc. 85,498 118,478 4,123 Eastman Chemical Co. 250,366 247,600 3,791 Microsemi Corp. 72,076 102,785 15,609 Ecolab Inc. 599,310 704,419 514,029 Microsoft Corp. 20,519,225 13,319,483 7,977 Engelhard Corp. 333,070 345,978 13,871 Molex Inc. 536,536 517,849 2,329 Florida Rock Industries Inc. 72,752 128,649 4,770 MoneyGram International Inc. 149,821 180,095 2,293 FMC Corp. 131,221 164,197 129,672 Motorola Inc. 3,679,150 2,905,796 11,580 Freeport-McMoRan Copper & Gold 205,148 MPS Group Inc. 2,681,788 3,435,865 Inc., Class ’B’ 575,287 713,577 3,238 National Instruments Corp. 107,314 98,667 2,390 Fuller (H.B.) Co. 125,004 115,806 27,124 National Semiconductor Corp. 621,955 719,426 5,186 Glatfelter 98,295 91,528 12,342 NCR Corp. 394,421 502,904 2,519 Headwaters Inc. 84,679 71,603 80,439 Network Appliance Inc. 2,454,511 3,157,804 7,817 Hercules Inc. 120,377 132,660 20,347 Novell Inc. 150,246 150,023 23,664 International Paper Co. 1,258,472 850,031 7,827 Novellus Systems Inc. 269,676 214,999 5,610 Louisiana Paciﬁc Corp. 120,579 136,631 45,744 NVIDIA Corp. 1,049,199 1,083,063 3,999 Lubrizol Corp. (The) 184,246 177,224 202,056 Oracle Corp. 5,459,392 3,255,997 10,201 Lyondell Chemical Co. 239,909 257,067 6,759 Parametric Technology Corp. 91,668 95,537 2,151 Martin Marietta Materials Inc. 147,396 218,042 133,800 Paxar Corp. 2,544,857 3,060,795 9,182 MeadWestvaco Corp. 314,129 285,202 29,787 Paychex Inc. 1,385,210 1,291,256 39,628 Monsanto Co. 3,136,994 3,710,278 2,859 Plantronics Inc. 96,486 70,617 3,458 Neenah Paper Inc. 131,035 117,100 2,551 Plexus Corp. 68,290 97,053 27,226 Newmont Mining Corp. Holding Co. 1,468,610 1,602,616 10,092 PMC-Sierra Inc. 110,157 105,499 17,085 Nucor Corp. 603,368 1,030,762 5,123 Polycom Inc. 107,893 124,885 5,210 Olin Corp. 128,518 103,887 6,574 Powerwave Technologies Inc. 66,105 66,676 8,533 Pactiv Corp. 237,207 234,866 3,623 Progress Software Corp. 104,018 94,322 13,311 Phelps Dodge Corp. 852,768 1,216,228 16,651 QLogic Corp. 363,984 319,243 7,711 PPG Industries Inc. 553,177 565,977 195,282 Qualcomm Inc. 8,967,153 8,702,127 16,472 Praxair Inc. 759,428 989,200 11,047 RF Micro Devices Inc. 127,082 73,344 1,462 Quanex Corp. 39,255 70,027 1,821 Rogers Corp. 101,991 114,096 1,606 Reliance Steel & Aluminum Co. 90,662 148,151 4,563 RSA Security Inc. 67,941 137,976 6,872 Rohm and Haas Co. 388,753 383,035 18,070 Sabre Holdings Corp., Class ’A’ 513,555 442,104 7,777 RPM International Inc. 170,836 155,678 14,464 SanDisk Corp. 702,180 820,034 1,824 RTI International Metals Inc. 87,335 113,270 29,596 Sanmina-SCI Corp. 191,331 151,403 4,525 Schulman (A.) Inc. 123,470 115,188 67,300 ScanSource Inc. 2,006,897 2,194,436 5,221 Sealed Air Corp. 257,200 302,391 5,034 Semtech Corp. 110,612 80,896 6,199 Sensient Technologies Corp. 155,154 144,152 2,379 Silicon Laboratories Inc. 110,478 92,996 4,341 Sigma-Aldrich Corp. 332,223 350,679 47,432 Solectron Corp. 213,858 180,402 9,785 Solutia Inc. 45,521 4,897 163,812 Sun Microsystems Inc. 2,910,846 756,028 5,200 Sonoco Products Co. 187,626 183,029 5,908 Sybase Inc. 135,450 127,464 2,140 Steel Dynamics Inc. 80,021 156,454 50,240 Symantec Corp. 1,771,291 868,249 8,328 Temple Inland Inc. 346,178 397,043 13,058 Symbol Technologies Inc. 176,977 156,690 1,505 Texas Industries Inc. 77,357 88,874 8,008 Synopsys Inc. 230,539 167,160 5,616 United States Steel Corp. 243,277 437,938 4,487 Take-Two Interactive Software Inc. 110,392 53,193 93,726 Valspar Corp. (The) 2,665,221 2,752,785 4,057 Tech Data Corp. 182,208 172,847 6,838 Vulcan Materials Co. 478,146 593,154 3,526 Technitrol Inc. 87,265 90,777 7,953 Wausau Paper Corp. 124,589 110,114 12,999 Tektronix Inc. 469,296 425,301 11,352 Weyerhaeuser Co. 971,953 785,879 30,783 Tellabs Inc. 387,647 455,652 10,907 Teradyne Inc. 209,708 168,966 Materials (3.18%) 38,726,931 41,394,017 82,208 Texas Instruments Inc. 3,300,095 2,769,218 75,616 ALLTEL Corp. 5,267,280 5,367,628 3,961 THQ Inc. 87,042 95,149 18,395 American Tower Corp., Class ’A’ 313,702 636,624 2,846 Transaction Systems Architects Inc. 76,945 131,950

36 The accompanying notes are an integral part of these ﬁnancial statements. Imperial U.S. Equity Pool

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) 389,012 AT&T Inc. 18,333,816 12,065,779 5,911 Oneok Inc. 201,087 223,766 102,245 BellSouth Corp. 4,377,741 4,116,181 10,362 Pepco Holdings Inc. 296,198 271,726 17,558 CenturyTel Inc. 734,808 725,400 26,165 PG&E Corp. 905,894 1,142,973 42,041 Citizens Communications Co. 615,442 610,137 5,724 Pinnacle West Capital Corp. 268,976 254,054 2,767 Embarq Corp. 139,729 126,134 19,367 PPL Corp. 569,938 695,679 73,879 Qwest Communications International 11,651 Progress Energy Inc. 668,484 555,470 Inc. 398,748 664,681 20,730 Public Services Enterprise Group Inc. 1,338,693 1,524,319 197,278 Sprint Nextel Corp. 5,494,691 4,385,663 4,087 Questar Corp. 226,320 365,839 6,018 Telephone and Data Systems Inc. 346,552 277,074 6,074 SCANA Corp. 277,115 260,604 152,608 Verizon Communications Inc. 8,254,443 5,683,767 19,796 Sempra Energy Inc. 881,342 1,001,248 10,997 Sierra Paciﬁc Resources 147,110 171,217 Telecommunication Services (2.66%) 44,276,952 34,659,068 5,785 South Jersey Industries Inc. 174,793 176,214 33,917 AES Corp. 410,606 695,917 39,210 Southern Co. (The) 1,558,775 1,397,554 10,642 Allegheny Energy Inc. 298,844 438,722 6,773 Southern Union Co. 179,569 203,823 6,226 Alliant Energy Corp. 200,255 237,491 13,556 Teco Energy Inc. 275,908 225,230 11,371 Ameren Corp. 705,672 638,607 23,498 TXU Corp. 1,075,557 1,562,440 20,628 American Electric Power Co. Inc. 944,379 785,709 3,489 UIL Holdings Corp. 207,837 218,412 4,640 American States Water Co. 191,666 183,959 6,673 Westar Energy Inc. 154,900 163,263 5,939 Aqua America Inc. 135,916 150,523 5,948 Wisconsin Energy Corp. 249,049 266,575 26,150 Aquila Inc. 128,893 122,433 28,258 Xcel Energy Inc. 559,597 602,745 7,046 Avista Corp. 158,885 178,893 Utilities (2.51%) 30,587,551 32,653,330 13,345 Cascade Natural Gas Corp. 311,732 312,996 15,517 CenterPoint Energy Inc. 230,751 215,706 Total of United States Equities (94.88%) 1,295,737,164 1,234,138,991 4,576 CH Energy Group Inc. 264,135 244,271 11,807 CMS Energy Corp. 168,525 169,910 International Equities 14,895 Consolidated Edison Inc. 846,765 736,137 3,588 Everest Re Group Ltd. 402,476 345,433 8,821 Constellation Energy Group Inc. 433,748 534,832 20,094 Dominion Resources Inc. 1,707,892 1,671,298 Barbados (0.03%) 402,476 345,433 7,049 DPL Inc. 186,525 210,090 21,236 ACE Ltd. 1,291,300 1,194,762 7,978 DTE Energy Co. 446,721 361,459 15,092 Ingersoll-Rand Co. Ltd., Class ’A’ 554,597 718,012 63,633 Duke Energy Corp. 2,340,358 2,078,405 8,454 XL Capital Ltd., Class ’A’ 639,638 576,324 18,757 Dynegy Inc., Class ’A’ 69,424 114,102 29,135 Edison International 1,075,297 1,263,640 Bermuda (0.19%) 2,485,535 2,489,098 3,889 Energen Corp. 118,195 166,122 8,017 Energy East Corp. 249,009 213,353 98,360 Teva Pharmaceutical Industries Ltd., 10,275 Entergy Corp. 751,087 808,448 ADR 3,923,206 3,445,664 5,835 Equitable Resources Inc. 186,966 217,385 Israel (0.26%) 3,923,206 3,445,664 39,008 Exelon Corp. 1,949,816 2,465,331 27,107 FirstEnergy Corp. 1,459,900 1,634,198 51,900 America Movil SA de CV, ADR, 20,675 FPL Group Inc. 910,515 951,437 Series ’L’ 2,020,566 1,919,700 6,329 Green Mountain Power Corp. 217,398 239,238 7,678 Keyspan Corp. 377,137 344,964 Mexico (0.15%) 2,020,566 1,919,700 5,069 Laclede Group Inc. (The) 197,428 193,695 36,140 Alcon Inc. 4,171,180 3,960,852 6,167 MDU Resources Group Inc. 198,998 251,083 16,400 UBS AG, Registered 2,032,240 2,000,757 4,634 National Fuel Gas Co. 159,365 181,093 1,900 Nicor Inc. 87,745 87,689 Switzerland (0.46%) 6,203,420 5,961,609 13,319 NiSource Inc. 351,853 323,495 Total of International Equities (1.09%) 15,035,203 14,161,504 9,455 Northeast Utilities 223,623 217,343 31,000 Northwest Natural Gas Co. 1,259,488 1,276,613 Total of Investments before Short-Term 6,437 NSTAR 210,898 204,736 Investments (95.97%) 1,310,772,367 1,248,300,495 6,388 OGE Energy Corp. 203,999 248,856

Average Cost Current Value Par Value ($) ($) Short-Term Investments (note 11) 4,621,110 CIBC Mellon Trust Demand Deposit, Variable Rate† 4,621,110 4,632,067 Total Short-Term Investments (CAD) 4,621,110 4,632,067 300,000 Government of Canada Discount Note, 4.789%, 2006/07/11 339,955 333,192 5,200,000 Province of Quebec Discount Note, 4.959%, 2006/07/05 5,808,296 5,779,879 12,000,000 Province of Quebec Discount Note, 4.998%, 2006/07/21 13,503,620 13,308,592 12,000,000 Business Development Bank of Canada Discount Note, 5.129%, 2006/09/07 13,051,965 13,217,691 2,000,000 Business Development Bank of Canada Discount Note, 5.170%, 2006/09/14 2,193,799 2,200,559 500,000 Bank of Montreal Term Deposit, 5.240%, 2006/07/05 556,050 556,130 13,815,635 Mellon Bank NA Deposit Trust Reserve, Variable Rate 15,498,210 15,378,878 Total Short-Term Investments (USD) 50,951,895 50,774,921 Total of Short-Term Investments (4.26%) 55,573,005 55,406,988 Total of Investments (100.23%) 1,366,345,372 1,303,707,483

Margin (0.12%) 1,596,081 Unrealized Gain (Loss) on Futures Contracts (0.04%) 531,300 Other Assets, less Liabilities (–0.39%) (5,061,764) Total Net Assets (100.00%) 1,300,773,100 †This security is issued by a related party of the Pool.

The accompanying notes are an integral part of these ﬁnancial statements. 37 Imperial U.S. Equity Pool

Futures Contracts Schedule (note 11)

Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 1,267,349 United States Russell 2000 Mini Index Future, Expiry September 2006; 16 contracts at USD 712.25 per contract 1,301,602 34,253 23,545,298 United States S&P 500 E-Mini Index Future, Expiry September 2006; 335 contracts at USD 1,264.00 per contract 23,834,111 288,813 3,520,492 United States S&P 500 Index Future, Expiry September 2006; 10 contracts at USD 1,266.25 per contract 3,557,052 36,560 838,134 United States S&P MidCap 400 Index Future, Expiry September 2006; 2 contracts at USD 753.65 per contract 858,096 19,962 6,369,820 United States S&P MidCap 400 Mini Index Future, Expiry September 2006; 76 contracts at USD 753.65 per contract 6,521,532 151,712 35,541,093 Total Equity Index Futures 36,072,393 531,300 As at June 30, 2006, $1,596,081 cash was deposited as margin for the futures contracts.

38 The accompanying notes are an integral part of these ﬁnancial statements. Imperial U.S. Equity Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 1,303,707 $ 1,485,365 Interest revenue $ 505 $ 154 Cash including foreign currency holdings, at current value 374 4,008 Dividend revenue 10,547 10,526 Margin 1,596 50 Income (loss) from futures contracts (981) 34 Accrued interest and dividends receivable 947 1,435 Securities lending revenue 51 38 Receivable for portfolio securities sold 1,024 2,036 Other income — 121 Receivable for units issued 948 756 Unrealized gain on futures contracts 531 — 10,122 10,873 Total Assets 1,309,127 1,493,650 Expenses (notes 5 and 8) Management fees 1,629 2,022 Liabilities Audit fees 8 7 Payable for portfolio securities purchased 7,328 6,738 Custodial fees 175 118 Payable for units redeemed 923 1,549 Legal fees 4 10 Management fees payable 29 37 Regulatory fees 20 19 Other accrued expenses 74 95 Unitholder reporting costs 365 489 Unrealized loss on futures contracts — 16 Other expenses 103 40 Total Liabilities 8,354 8,435 2,304 2,705 Total Net Assets $ 1,300,773 $ 1,485,215 Expenses waived/absorbed by the Manager (1,652) (1,866)

Net Asset Value per Unit (note 4) $ 14.25 $ 14.61 652 839 Net Investment Income (Loss) 9,470 10,034 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 41,000 8,193 Net realized gain (loss) on foreign currency (notes 2c and d) (944) 61 Increase (decrease) in unrealized appreciation (depreciation) of investments (67,114) 18,160 Net Gain (Loss) on Investments (27,058) 26,414 Increase (Decrease) in Net Assets from Operations $ (17,588) $ 36,448 Increase (Decrease) in Net Assets from Operations per Unit $ (0.22) $ 0.34

Statements of Changes in Net Assets 1 Net Realized Gain (Loss) on Sale of Investments (excluding short-term (in 000s) (unaudited) investments) (in 000s) For the periods ended June 30, 2006 and 2005 (note 1) 2006 2005

2006 2005 Cost of Investments Held at Beginning of Period $ 1,467,977 $ 1,508,533 Purchases 432,799 321,286 Increase (Decrease) in Net Assets from Operations $ (17,588) $ 36,448 1,900,776 1,829,819 Changes Due to Unitholder Transactions Cost of Investments Held at End of Period 1,310,772 1,498,917 Amount received from the issuance of units 312,490 189,870 Amount paid on redemptions of units (479,344) (214,005) Cost of Investments Sold or Matured 590,004 330,902 Proceeds from sales or maturities 631,004 339,095 (166,854) (24,135) Net Realized Gain (Loss) on Sale of Investments $ 41,000 $ 8,193 Increase (Decrease) in Net Assets for the Period (184,442) 12,313 Net Assets at Beginning of Period 1,485,215 1,503,197 Net Assets at End of Period $ 1,300,773 $ 1,515,510

The accompanying notes are an integral part of these ﬁnancial statements. 39 Imperial Registered International Equity Index Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) International Equities Total of International Equities (0.00%) 1,765 867 36 Circle K Sunkus Co. Ltd 1,765 867 Total of Investments before Short-Term Investments (0.00%) 1,765 867 Japan (0.00%) 1,765 867

Average Cost Current Value Par Value ($) ($) Short-Term Investments (note 11) 5,000,000 Government of Canada Treasury Bill, 4.030%, 2006/07/27 4,950,800 4,985,787 8,500,000 Government of Canada Treasury Bill, 4.104%, 2006/08/10 8,407,350 8,462,184 2,000,000 Province of Newfoundland and Labrador Treasury Bill, 3.921%, 2006/07/06 1,980,640 1,998,937 2,600,000 Province of Ontario Treasury Bill, 4.248%, 2006/09/08 2,574,234 2,579,327 15,000,000 Province of Ontario Treasury Bill, 4.310%, 2006/09/18 14,844,000 14,861,528 4,000,000 Province of Quebec Treasury Bill, 4.311%, 2006/09/15 3,960,240 3,964,450 8,000,000 Province of Quebec Treasury Bill, 4.368%, 2006/09/29 7,912,880 7,914,774 7,000,000 Province of Quebec Treasury Bill, 4.239%, 2006/11/17 6,865,250 6,889,170 1,000,000 Canadian Master Trust Series ‘A’ Discount Note, 4.349%, 2006/09/13 987,760 991,291 4,500,000 Care Trust Series ‘A’ Discount Note, 4.261%, 2006/08/15 4,456,305 4,476,592 7,000,000 Diversiﬁed Trust Discount Note, 4.079%, 2006/07/06 6,933,360 6,996,125 2,000,000 Diversiﬁed Trust Discount Note, 4.230%, 2006/08/02 1,979,580 1,992,658 15,000,000 King Street Funding Trust Discount Note, 4.142% 2006/07/18 14,846,700 14,971,362 7,000,000 Merit Trust Senior Discount Note, 4.238%, 2006/08/16 6,926,010 6,963,005 3,000,000 Performance Trust Discount Note, 4.150%, 2006/07/25 2,969,280 2,991,898 5,000,000 Prime Trust Senior Discount Note, 4.340%, 2006/09/08 4,945,900 4,959,425 6,000,000 Ridge Trust Series ‘A’ Discount Note, 4.222%, 2006/08/01 5,938,860 5,978,704 2,000,000 Stars Trust Series ‘A’ Discount Note, 4.142%, 2006/07/19 1,979,780 1,995,956 4,000,000 Stars Trust Series ‘A’ Discount Note, 4.469%, 2006/09/20 3,955,440 3,960,768 2,000,000 Summit Trust Series ‘A’ Discount Note, 4.230%, 2006/08/02 1,979,580 1,992,658 1,700,000 Zeus Receivables Trust Senior Discount Note, 4.218%, 2006/08/02 1,682,116 1,693,779 7,000,000 Zeus Receivables Trust Senior Discount Note, 4.319%, 2006/08/31 6,924,610 6,950,013 6,000,000 Zeus Receivables Trust Senior Discount Note, 4.340%, 2006/09/05 5,932,980 5,953,439 5,000,000 Bank of Nova Scotia Bankers’ Acceptance, 4.130%, 2006/07/17 4,949,600 4,991,040 2,000,000 Royal Bank of Canada Bankers’ Acceptance, 4.211%, 2006/08/15 1,976,060 1,989,740 725,000 Royal Bank of Canada Term Deposit, 4.250%, 2006/07/04 725,000 725,084 10,000,000 ATB Financial Bearer Deposit Note, 4.141%, 2006/07/24 9,913,400 9,974,133 1,500,000 ATB Financial Bearer Deposit Note, 4.248%, 2006/09/06 1,485,135 1,488,419 10,000,000 Bank of Montreal Bearer Deposit Note, 4.218%, 2006/08/08 9,894,800 9,956,548 4,750,000 Bank of Nova Scotia Bearer Deposit Note, 4.279%, 2006/08/22 4,700,410 4,721,348 Total Short-Term Investments (CAD) 157,578,060 158,370,142 257 Mellon Bank NA Deposit Trust Reserve, Variable Rate 351 286 Total Short-Term Investments (USD) 351 286 Total of Short-Term Investments (96.09%) 157,578,411 158,370,428 Total of Investments (96.09%) 157,580,176 158,371,295 Unrealized Gain (Loss) on Futures Contracts (4.67%) 7,699,348 Unrealized Gain (Loss) on Forward Foreign Currency Contracts (–0.17%) (275,973) Other Assets, less Liabilities (–0.59%) (987,556) Total Net Assets (100.00%) 164,807,114

Futures Contracts Schedule (note 11)

Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) 5,072,013 Amsterdam Exchanges Index Future, Expiry July 2006; 43 contracts at EUR 414.75 per contract 5,389,358 317,345 8,155,577 Australian SPI 200 Index Future, Expiry September 2006; 83 contracts at AUD 4,757.00 per contract 8,709,340 553,763 669,798 Austrian Index Future, Expiry September 2006; 14 contracts at EUR 3,364.50 per contract 749,585 79,787 1,967,802 Belgium 20 Index Future, Expiry July 2006; 40 contracts at EUR 3,459.60 per contract 2,109,659 141,857 40,078,046 British FTSE 100 Index Future, Expiry September 2006; 347 contracts at GBP 5,615.22 per contract 41,575,293 1,497,247 1,056,605 Denmark KFX Copenhagen Share Index Future, Expiry July 2006; 158 contracts at DKK 350.80 per contract 1,117,538 60,933 14,906,676 French Matif CAC 40 Index Future, Expiry July 2006; 226 contracts at EUR 4,638.49 per contract 15,983,287 1,076,611 10,645,703 German Eurex Deutschland DAX Index Future, Expiry September 2006; 56 contracts at EUR 5,347.50 per contract 11,400,209 754,506 2,347,551 German Eurex Deutschland FOX Index Future, Expiry September 2006; 73 contracts at EUR 2,261.50 per contract 2,550,593 203,042 2,805,277 Hong Kong Hang Seng Index Future, Expiry July 2006; 25 contracts at HKD 15,673.83 per contract 2,920,390 115,113 (44,896) Hong Kong Mini Hang Seng Index Future, Expiry July 2006; (2) contracts at HKD 15,678.00 per contract (46,726) (1,830) 494,691 Italian Idem Mini FIB Index Future, Expiry September 2006; 10 contracts at EUR 34,788.75 per contract 521,457 26,766 5,438,672 Italian MIB 30 Index Future, Expiry September 2006; 22 contracts at EUR 34,770.00 per contract 5,736,024 297,352 1,262,394 Japanese NIKKEI 300 Index Future, Expiry September 2006; 42 contracts at JPY 308.96 per contract 1,260,915 (1,479) 38,325,492 Japanese TOPIX Index Future, Expiry September 2006; 255 contracts at JPY 1,544.92 per contract 39,431,317 1,105,825 1,247,067 Norway OBX Stock Index Future, Expiry July 2006; 246 contracts at NOK 283.65 per contract 1,386,216 139,149 526,919 Portuguese PSI-20 Index Future, Expiry September 2006; 40 contracts at EUR 9,263.78 per contract 543,199 16,280 1,414,734 Singapore MSCI Index Future, Expiry July 2006; 36 contracts at SGD 279.40 per contract 1,476,002 61,268 5,819,276 Spanish IBEX 35 Index Future, Expiry July 2006; 38 contracts at EUR 10,769.36 per contract 6,224,078 404,802 3,644,751 Swedish OMX 30 Index Future, Expiry July 2006; 258 contracts at SEK 915.05 per contract 3,814,830 170,079 10,593,420 Swiss SMI Soffex Index Future, Expiry September 2006; 162 contracts at CHF 7,203.00 per contract 11,274,352 680,932 156,427,568 Total Equity Index Futures 164,126,916 7,699,348

40 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Registered International Equity Index Pool

Forward Foreign Currency Contracts Schedule

Credit Rating Settlement Currency Currency Forward Current Unrealized Counterparty for Counterparty* Date Buys Par Value Sells Par Value Rate Rate Gain/(Loss) ($) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 AUD 529,934 CAD 451,000 0.851 0.826 (13,342) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 AUD 10,138,561 CAD 8,527,918 0.841 0.826 (154,751) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 AUD 597,959 CAD 507,000 0.848 0.826 (13,161) Canadian Imperial Bank of Commerce† A1+ 2006/10/11 AUD 10,069,135 CAD 8,220,351 0.816 0.823 62,051 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 495,000 AUD 583,212 1.178 1.211 13,341 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 503,000 AUD 614,107 1.221 1.211 (4,174) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 8,252,018 AUD 10,069,135 1.220 1.211 (63,812) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CHF 12,104,828 CAD 10,953,793 0.905 0.909 44,621 Canadian Imperial Bank of Commerce† A1+ 2006/10/11 CHF 11,296,278 CAD 10,279,062 0.910 0.915 61,427 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 533,000 CHF 584,298 1.096 1.101 2,109 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 202,326 CHF 224,253 1.108 1.101 (1,430) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 10,202,941 CHF 11,296,278 1.107 1.101 (60,826) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 DKK 5,793,294 CAD 1,105,732 0.191 0.191 (912) Canadian Imperial Bank of Commerce† A1+ 2006/10/11 DKK 5,793,294 CAD 1,100,903 0.190 0.191 7,481 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,097,281 DKK 5,793,294 5.280 5.244 (7,539) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 EUR 37,201,734 CAD 52,798,822 1.419 1.423 123,475 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 EUR 424,378 CAD 601,000 1.416 1.423 2,710 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 EUR 589,856 CAD 827,000 1.402 1.423 12,115 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 EUR 481,533 CAD 688,000 1.429 1.423 (2,983) Canadian Imperial Bank of Commerce† A1+ 2006/10/11 EUR 32,971,528 CAD 46,726,821 1.417 1.427 334,655 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 858,000 EUR 606,993 0.707 0.703 (5,493) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 815,000 EUR 583,599 0.716 0.703 (15,213) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,299,000 EUR 915,487 0.705 0.703 (3,350) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,379,000 EUR 975,845 0.708 0.703 (9,214) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,796,000 EUR 1,272,772 0.709 0.703 (14,615) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 46,568,063 EUR 32,971,528 0.708 0.703 (336,443) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,931,000 EUR 1,371,277 0.710 0.703 (19,746) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 GBP 20,539,903 CAD 41,617,026 2.026 2.057 627,556 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 GBP 406,644 CAD 829,000 2.039 2.057 7,348 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 GBP 401,644 CAD 817,000 2.034 2.057 9,065 Canadian Imperial Bank of Commerce† A1+ 2006/10/11 GBP 18,917,722 CAD 38,683,942 2.045 2.055 199,323 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 2,296,000 GBP 1,116,120 0.486 0.486 468 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,244,000 GBP 604,544 0.486 0.486 629 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 232,711 GBP 113,922 0.490 0.486 (1,595) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 38,706,189 GBP 18,917,722 0.489 0.486 (202,042) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,207,000 GBP 595,882 0.494 0.486 (18,556) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 HKD 18,309,406 CAD 2,726,577 0.149 0.143 (104,831) Canadian Imperial Bank of Commerce† A1+ 2006/10/11 HKD 16,648,896 CAD 2,408,511 0.145 0.143 (25,901) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 240,000 HKD 1,660,510 6.919 6.984 2,230 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 2,410,259 HKD 16,648,896 6.908 6.984 26,283 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 JPY 125,044,077 CAD 1,228,000 0.010 0.010 (10,072) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 JPY 4,101,252,113 CAD 40,696,732 0.010 0.010 (750,569) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 JPY 102,005,259 CAD 1,012,000 0.010 0.010 (18,470) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 JPY 201,520,000 CAD 2,000,000 0.010 0.010 (37,197) Canadian Imperial Bank of Commerce† A1+ 2006/10/11 JPY 4,122,695,974 CAD 40,314,169 0.010 0.010 265,532 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,013,000 JPY 99,704,368 98.425 102.669 41,880 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 641,000 JPY 63,066,736 98.388 102.669 26,731 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,234,000 JPY 125,631,034 101.808 102.669 10,355 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,009,000 JPY 103,285,888 102.365 102.669 2,996 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 149,293 JPY 15,437,449 103.404 102.669 (1,068) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 39,896,486 JPY 4,122,695,974 103.335 102.669 (258,540) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 NOK 6,306,501 CAD 1,136,703 0.180 0.179 (9,121) Canadian Imperial Bank of Commerce† A1+ 2006/10/11 NOK 6,306,501 CAD 1,130,983 0.179 0.179 738 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,126,913 NOK 6,306,501 5.596 5.593 (669) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 SEK 28,134,326 CAD 4,290,716 0.153 0.154 55,305 Canadian Imperial Bank of Commerce† A1+ 2006/10/11 SEK 23,597,021 CAD 3,623,553 0.154 0.155 39,740 Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 587,000 SEK 3,890,085 6.627 6.474 (13,917) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 99,127 SEK 647,220 6.529 6.474 (851) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 3,605,279 SEK 23,597,021 6.545 6.474 (39,847) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 SGD 1,902,081 CAD 1,373,785 0.722 0.703 (35,931) Canadian Imperial Bank of Commerce† A1+ 2006/10/11 SGD 1,902,081 CAD 1,340,315 0.705 0.705 (161) Canadian Imperial Bank of Commerce† A1+ 2006/07/10 CAD 1,338,060 SGD 1,902,081 1.422 1.422 205 (275,973) *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 held by the Pool exceeds or meets the minimum approved credit rating. †This security is issued by a related party of the Pool.

The accompanying notes are an integral part of these ﬁnancial statements. 41 Imperial Registered International Equity Index Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 158,371 $ 135,975 Interest revenue $ 2,983 $ 1,772 Cash including foreign currency holdings, at current value 747 6,174 Dividend revenue — 1 Margin — 979 Income (loss) from forward foreign currency contracts 2,355 (2,227) Accrued interest and dividends receivable 1 — Income (loss) from futures contracts 3,419 9,171 Receivable for units issued 75 78 Securities lending revenue — 3 Unrealized gain on futures contracts 7,699 2,386 Unrealized gain on forward foreign currency contracts — 1,582 8,757 8,720 Total Assets 166,893 147,174 Expenses (notes 5 and 8) Management fees 226 191 Liabilities Audit fees 9 7 Margin 913 — Custodial fees 58 51 Payable for portfolio securities purchased 725 6,150 Legal fees 1 1 Payable for units redeemed 156 95 Regulatory fees 8 5 Management fees payable 4 3 Unitholder reporting costs 81 128 Other accrued expenses 12 10 Other expenses 14 4 Unrealized loss on forward foreign currency contracts 276 — 397 387 Total Liabilities 2,086 6,258 Expenses waived/absorbed by the Manager (298) (303) Total Net Assets $ 164,807 $ 140,916 99 84 Net Asset Value per Unit (note 4) $ 11.49 $ 10.96 Net Investment Income (Loss) 8,658 8,636 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 — — Net realized gain (loss) on foreign currency (notes 2c and d) — (1) Increase (decrease) in unrealized appreciation (depreciation) of investments (1,858) (6,868) Net Gain (Loss) on Investments (1,858) (6,869) Increase (Decrease) in Net Assets from Operations $ 6,800 $ 1,767 Increase (Decrease) in Net Assets from Operations per Unit $ 0.46 $ 0.13

2006 2005 Cost of Investments Held at Beginning of Period $ 2 $2 Increase (Decrease) in Net Assets from Operations $ 6,800 $ 1,767 2 2 Cost of Investments Held at End of Period 2 2 Changes Due to Unitholder Transactions Amount received from the issuance of units 43,286 31,633 Net Realized Gain (Loss) on Sale of Investments $ — $— Amount paid on redemptions of units (26,195) (21,505) 17,091 10,128 Increase (Decrease) in Net Assets for the Period 23,891 11,895 Net Assets at Beginning of Period 140,916 127,545 Net Assets at End of Period $ 164,807 $ 139,440

42 The accompanying notes are an integral part of these ﬁnancial statements. Imperial International Equity Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Ref. No.* ($) ($) Shares Ref. No.* ($) ($) International Equities 52,000 Option NV 517,051 1,384,870 6,760 UCB SA 369,496 406,436 266,000 ABC Learning Centres Ltd. 1,264,492 1,405,205 210,000 ABB Grain Ltd., Class ‘B’ 1,321,800 1,179,897 Belgium (1.26%) 14,324,998 17,615,701 58,633 Alumina Ltd. 348,203 327,000 192,471 AMP Ltd. 1,311,221 1,447,952 190,000 Lancashire Holdings Ltd. 1,220,269 1,192,789 25,288 Aristocrat Leisure Ltd. 265,626 268,833 Bermuda (0.09%) 1,220,269 1,192,789 60,315 Australia and New Zealand Banking Group Ltd. 1,033,326 1,325,900 650,000 China Shineway Pharmaceutical 32,009 Australian Gas Light Co. Ltd. 364,297 463,183 Group Ltd. 616,537 548,955 31,800 Australian Stock Exchange Ltd. 913,776 856,232 100 Digital China Holdings Ltd. 83 31 93,845 AXA Asia Paciﬁc Holdings Ltd. 473,623 484,084 403,000 Foxconn International Holdings Ltd. 884,494 960,306 404,000 Bendigo Mining Ltd. 360,461 575,928 4,128,865 PetroChina Co. Ltd., Series ‘H’ 5,183,997 4,955,323 154,782 BHP Billiton Ltd. 1,455,836 3,722,282 China (0.46%) 6,685,111 6,464,615 39,958 Bluescope Steel Ltd. 261,202 262,653 45,678 Boral Ltd. 322,368 307,518 83 AP Moller-Maersk AS 672,019 719,831 54,779 Brambles Industries Ltd. 423,074 497,950 9,000 Bang & Olufsen AS, Series ‘B’ 705,857 1,105,510 1,102,281 Burns, Philp & Co. Ltd. 977,884 832,719 4,740 Danisco AS 323,365 383,708 14,726 Caltex Australia Ltd. 271,299 287,330 53,182 Danske Bank AS 1,641,745 2,245,241 1,073,431 Coca-Cola Amatil Ltd. 6,192,391 6,286,417 101,956 Novo Nordisk AS, Series ‘B’ 5,745,259 7,206,493 54,762 Coles Myer Ltd. 369,283 514,016 4,779 Novozymes AS, Class ‘B’ 344,886 358,734 41,194 Commonwealth Bank of Australia 1,092,327 1,508,859 8,000 Trygvesta AS 527,396 554,389 136,000 Computershare Ltd. 795,760 881,209 217,482 Vestas Wind Systems AS 4,692,326 6,623,544 8,368 CSL Ltd. 190,033 371,040 4,688 William Demant Holding 374,678 389,157 467,277 DB RREEF Trust 563,947 565,348 93,086 Foster’s Group Ltd. 386,039 420,210 Denmark (1.40%) (note 10) 15,027,531 19,586,607 99,570 Insurance Australia Group Ltd. 387,613 439,939 84,339 Fortum OYJ 1,473,559 2,395,480 362,743 Investa Property Group 642,983 656,056 32,077 Neste Oil OYJ 1,083,192 1,253,263 514,726 Macquarie Airports 1,552,884 1,304,780 152,688 Nokia OYJ 5,109,274 3,441,321 25,226 Macquarie Bank Ltd. 907,235 1,435,749 11,324 Rautaruukki OYJ, Group PLC 119,975 Macquarie Goodman Group 597,621 594,573 Series ‘K’ 347,855 379,062 144,894 Macquarie Infrastructure Group NPV 400,040 401,950 29,726 Sampo OYJ, Series ‘A’ 609,596 630,303 406,688 McGuigan Simeon Wines Ltd. 1,420,934 841,711 31,950 Stora Enso OYJ, Series ‘R’ 577,084 495,835 90,144 National Australia Bank Ltd. 2,467,552 2,607,978 25,227 UPM-Kymmene Corp. OYJ 602,985 602,645 16,559 Newcrest Mining Ltd. 225,952 289,167 18,574 Orica Ltd. 249,303 366,748 Finland (0.66%) 9,803,545 9,197,909 38,563 Publishing & Broadcasting Ltd. 550,955 579,663 82,931 QBE Insurance Group Ltd. 933,659 1,401,836 8,629 Accor SA 516,767 583,615 94,322 Rinker Group Ltd. 745,417 1,270,121 26,015 Air Liquide SA 4,674,695 5,630,213 10,764 Rio Tinto Ltd. 301,981 692,669 8,415 Air Liquide SA, Rights, 2006/12/26 143,924 165,563 37,620 Santos Ltd. 195,742 376,428 52,236 Alcatel SA, Series ‘A’ 1,649,586 732,539 631,000 Sigma Pharmaceuticals Ltd. NPV 1,241,197 1,355,614 5,307 Alstom 526,336 539,322 29,358 Suncorp-Metway Ltd. 364,183 468,296 h4,000 April Group 636,890 838,873 43,353 Tabcorp Holdings Ltd. 456,698 544,121 27,492 Arkema, Rights 116,511 120,017 449,675 Telstra Corp. Ltd. 1,476,240 1,366,304 3,530 Atos Origin SA 274,311 256,549 408,000 Timbercorp Ltd. 737,618 1,356,428 233,474 AXA SA 6,608,493 8,401,501 78,800 United Group Ltd. 780,334 937,821 140,825 AXA SA, Rights, 2006/06/30 — 132,166 17,832 Wesfarmers Ltd. 371,300 520,303 12,300 Bacou-Dalloz SA 1,584,162 1,628,090 55,362 Westﬁeld Group 762,882 792,484 25,860 bioMerieux ´ 1,384,176 1,698,685 62,154 Westpac Banking Corp. Ltd. 896,369 1,191,107 95,932 BNP Paribas SA 7,525,920 10,198,573 25,311 Woodside Petroleum Ltd. 439,376 920,720 11,883 Bouygues SA 582,735 678,367 94,859 Woolworths Ltd. 1,243,232 1,578,933 6,123 Cap Gemini 687,918 388,210 201,838 Carrefour SA 12,716,425 13,142,781 Australia (3.50%) 41,307,568 49,083,264 4,838 Casino Guichard-Perrachon SA 441,713 408,675 8,420 Cegedim SA 833,179 799,442 9,000 Andritz AG 606,599 1,651,738 5,235 CNP Assurances 540,836 552,429 20,320 Bohler-Uddeholm AG 789,675 1,233,834 12,281 Compagnie de Saint-Gobain 761,935 974,281 48,460 Conwert Immobilien Invest AG 1,018,756 1,026,570 5,830 Compagnie Gen ´ erale ´ des Etablissements´ 12,399 Erste Bank der Oesterreichischen Michelin, Registered, Series ‘B’ 334,575 389,428 Sparkassen AG 746,716 774,939 47,917 Credit ´ Agricole SA 1,731,955 2,021,666 11,200 EVN AG 1,007,485 1,266,530 75,401 Dassault Systemes ` SA 3,757,619 4,481,393 19,181 Oesterreichische El Wirtsch AG, 10,935 EDF Group 717,313 641,784 Class ’A’ 989,862 1,025,233 69,846 Essilor International SA 5,141,934 7,810,395 13,462 OMV AG 393,728 890,052 26,745 European Aeronautic Defence and 6,000 Raiffeisen International Bank- Space Co. 768,005 852,951 Holding AG 526,867 577,984 277,189 France Tel ´ ecom ´ SA 8,209,597 6,575,336 138,550 SkyEurope Holding AG 1,010,491 624,958 33,000 Gaz de France 1,196,157 1,230,121 21,797 Telekom Austria AG 478,517 539,527 4,000 Gecina 543,284 582,260 3,026 voestalpine AG 481,500 510,409 17,097 Groupe DANONE 2,027,648 2,413,634 Austria (0.72%) 8,050,196 10,121,774 22,000 Groupe Steria SCA 1,331,892 1,288,269 15,310 Ipsen SA 688,403 688,209 10,960 Bekaert SA 1,317,303 1,169,866 13,794 Lafarge SA 1,689,660 1,922,226 15,706 Belgacom SA 561,545 579,113 5,955 Lagardere ` SCA, Registered 439,756 488,007 5,544 Delhaize Group 371,415 427,038 52,108 L’Oreal ´ SA 5,356,848 5,468,495 259,920 Dexia 5,669,981 6,962,313 69,304 LVMH Moet ¨ Hennessy Louis 49,514 Fortis 1,727,536 1,874,192 Vuitton SA 6,189,872 7,636,808 6,342 Groupe Bruxelles Lambert SA 579,937 738,042 12,750 Neopost SA 1,568,233 1,613,968 28,850 ICOS Vision Systems Corp. NV 959,496 1,468,488 13,112 PagesJaunes Groupe SA 444,759 457,577 21,475 InBev NV 1,036,206 1,170,286 3,444 Pernod-Ricard SA 499,323 758,348 12,027 KBC Groep NPV 1,215,032 1,435,057 4,347 Pinault-Printemps Redoute SA 741,137 615,766

The accompanying notes are an integral part of these ﬁnancial statements. 43 Imperial International Equity Pool

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Ref. No.* ($) ($) Shares Ref. No.* ($) ($) 8,996 PSA Peugeot Citroen ¨ SA 622,461 621,146 18,585 Hellenic Telecommunications 193,746 Publicis Groupe 7,540,507 8,320,279 Organization SA (OTE) 393,195 455,112 9,407 Renault SA 861,837 1,122,243 13,880 National Bank of Greece SA 317,627 595,552 15,043 SAFRAN SA 371,026 363,917 12,490 National Bank of Greece SA, Rights — 43,869 191,551 Sanofi-Aventis SA 18,140,873 20,748,520 47,861 OPAP SA 1,430,693 1,933,738 8,164 Schneider Electric SA 708,821 944,679 12,180 Public Power Corp. 315,589 320,345 10,000 Sech ´ e ´ Environnement 1,051,223 1,528,538 979 Societ ´ e ´ des Autoroutes Greece (0.63%) 6,240,674 8,784,260 Paris-Rhin-Rhone 398,986 380,379 58,600 Bank of East Asia Ltd. 196,907 268,417 24,527 Societ ´ e ´ Gen ´ erale ´ 3,423,283 4,003,649 377,000 BOC Hong Kong (Holdings) Ltd. 847,843 820,790 10,254 Societ ´ e ´ Tel ´ evision ´ Fran¸caise 1 389,102 371,417 158,000 Cathay Pacific Airways 303,180 307,400 7,965 Sodexho Alliance SA 460,673 424,955 82,000 Cheung Kong (Holdings) Ltd. 1,011,211 989,282 36,500 SR.Teleperformance 1,189,705 1,620,711 88,000 Cheung Kong Infrastructure 114,267 Suez SA 4,611,662 5,275,572 Holdings Ltd. 290,566 282,888 3,600 Suez SA, Strip VVPR 50 51 87,300 CLP Holdings Ltd. 565,463 568,040 7,670 Thales SA 354,255 332,515 154,000 Esprit Holdings Ltd. 1,253,746 1,399,624 13,546 Thomson 336,565 248,856 143,500 Hang Lung Properties Ltd. 287,029 286,615 227,895 TOTAL SA 13,339,810 16,643,860 65,900 Hang Seng Bank Ltd. 1,005,000 927,994 2,661 Unibail Holding 234,267 515,424 673,200 Henderson Land Development Co. Ltd. 3,454,869 3,892,812 14,747 Veolia Environnement 581,841 845,937 202,510 Hong Kong & China Gas Co. 414,249 494,916 47,059 Vinci SA 3,307,040 5,380,109 44,000 Hong Kong Exchanges & Clearing Ltd. 122,956 315,037 40,085 Vivendi SA 2,541,227 1,556,759 80,000 Hongkong Electric Holdings Ltd. 402,439 402,966 France (11.92%) 146,049,696 167,056,048 219,000 Hutchison Telecommunications International Ltd. 383,758 392,871 9,052 Aareal Bank AG 396,533 380,225 149,995 Hutchison Whampoa Ltd. 1,763,852 1,522,981 41,312 Allianz AG, Registered 7,418,287 7,227,581 376,000 Hysan Development Co. Ltd. 1,229,264 1,179,917 6,449 Altana AG 428,528 399,008 200 i-CABLE Communications Ltd. 77 50 17,919 BASF AG 1,169,807 1,597,177 3,486,800 Johnson Electric Holdings Ltd. 4,582,109 2,825,383 52,437 Bayer AG 2,590,601 2,679,044 670,000 Kowloon Development Co. Ltd. 879,563 1,248,166 46,346 Bayerische Motoren Werke AG 2,437,422 2,569,542 495,600 Li & Fung Ltd. 1,003,572 1,116,951 3,625 Beiersdorf AG 597,417 608,094 114,000 Link REIT (The) 246,816 253,899 4,500 Bijou Brigitte Modische 1,000,000 Moulin Global Eyecare Holdings Ltd. 713,688 — Accessoires AG 614,977 1,336,396 197,000 MTR Corp. Ltd. 520,663 530,320 10,717 Bilfinger & Berger AG 654,542 647,035 156,473 New World Development Co., Ltd. 209,566 287,390 73,835 Celesio AG 5,956,013 7,453,804 1,800,000 Pacific Basin Shipping Ltd. 937,798 908,850 23,797 Commerzbank AG 642,569 957,966 200 PCCW Ltd. 172 159 20,314 Continental AG 1,245,493 2,307,431 2,050,000 Prime Success International Group Ltd. 807,599 1,431,750 33,446 DaimlerChrysler AG, Registered 2,205,673 1,831,448 110,000 Shangri-La Asia Ltd. 226,208 235,801 17,197 Deutsche Bank AG, Registered 1,847,155 2,147,656 166,000 Sino Land Co., Ltd. 275,259 295,251 23,034 Deutsche Boerse AG 2,084,983 3,489,505 89,200 Sun Hung Kai Properties Ltd. 1,006,814 1,012,573 26,187 Deutsche Lufthansa AG 535,512 536,268 113,950 Swire Pacific Ltd., Class ‘A’ 1,072,653 1,307,841 191,032 Deutsche Post AG, Registered 5,217,408 5,704,304 98,000 Wharf (Holdings) Ltd. 364,259 387,696 140,624 Deutsche Telekom AG, Registered 3,743,033 2,509,140 75,008 E.ON AG 7,858,952 9,583,656 Hong Kong (1.85%) 26,379,148 25,894,630 47,700 Elexis AG 1,066,972 1,073,502 60,000,000 PT Bank Century TBK 843,093 430,845 11,516 Fresenius AG, Preferred 1,413,704 2,129,333 4,089 Fresenius Medical Care AG 463,534 519,978 Indonesia (0.03%) 843,093 430,845 32,499 Infineon Technologies AG 584,319 401,612 172,179 Allied Irish Banks PLC 3,921,237 4,596,719 38,000 IVG Immobilien AG 787,929 1,294,870 37,737 Bank of Ireland 637,096 745,603 42,550 Jungheinrich AG, Preferred 1,444,556 1,536,350 167,755 CRH PLC 5,011,349 6,072,778 9,904 KarstadtQuelle AG 285,238 289,404 382,407 Depfa Bank PLC 6,201,513 7,062,586 5,578 Linde AG 422,006 477,515 30,700 FBD Holdings PLC 1,140,632 1,611,792 5,578 Linde AG, Rights, 2006/07/10 — 23,954 16,862 Irish Life & Permanent PLC 439,085 446,029 6,466 MAN AG 362,013 520,287 85,000 Kingspan Group PLC 1,162,080 1,650,165 13,305 Merck KGaA 965,449 1,344,608 44,645 Ryanair Holdings PLC 448,357 450,990 12,798 Metro AG 770,762 806,012 8,055 Munchener Rueckversicherungs- Ireland (1.62%) 18,961,349 22,636,662 Gesellschaft AG, Registered 1,833,490 1,221,984 43,750 Pfleiderer AG, Registered 1,166,564 1,357,631 41,169 Assicurazioni Generali SPA 1,732,201 1,664,391 378 Porsche AG, Non-Voting, Preferred 286,137 406,530 143,850 Astaldi SPA 1,114,756 957,852 889 Puma AG Rudolf Dassler Sport 279,061 384,020 23,533 Autostrade SPA 651,710 735,372 361,200 Qiagen AG 5,424,664 5,438,859 74,067 Banca Fideuram SPA 434,569 478,918 7,000 Rational AG 722,655 1,259,369 396,933 Banca Intesa SPA 2,147,148 2,574,804 16,320 Rheinmetall AG 851,577 1,258,734 106,140 Banca Monte dei Paschi di Siena SPA 555,959 709,699 18,217 RWE AG, Class ‘A’ 1,163,071 1,682,055 17,718 Banche Popolari Unite SCPA 391,544 510,065 3,000 Salzgitter AG 267,623 279,982 62,690 Banco Popolare di Verona e 37,068 SAP AG 7,575,717 8,659,029 Novara SCRL 1,226,729 1,867,246 5,940 Schering AG 464,478 749,640 102,893 Capitalia SPA 653,530 936,996 62,918 Siemens AG, Registered 6,433,952 6,078,134 100,000 Credito Emiliano SPA 1,151,370 1,370,463 14,704 Suedzucker AG 360,849 362,533 201,441 Enel SPA 1,940,487 1,926,681 19,985 Thyssen Krupp AG 574,454 757,480 236,853 ENI SPA 6,140,990 7,734,546 16,339 TUI AG, Registered 400,595 360,490 48,445 Fiat SPA 869,785 714,857 11,664 Volkswagen AG 778,007 907,178 16,974 Finmeccanica SPA 357,576 418,661 7,000 Wincor Nixdorf AG 1,107,144 985,939 189,530 Hera SPA 556,396 700,411 33,610 Lottomatica SPA 1,376,887 1,415,857 Germany (6.89%) 85,901,425 96,532,292 12 Lottomatica SPA, Rights — 26 213,616 Luxottica Group SPA 5,539,861 6,437,042 17,162 Alpha Bank AE, Registered 212,199 476,038 235,982 Mediaset SPA 3,178,093 3,090,969 77,937 Bank of Piraeus 992,266 2,057,872 32,551 Mediobanca SPA 588,464 707,919 11,046 Coca-Cola Hellenic Bottling Co. SA 358,225 365,668 344,153 Pirelli & C., SPA 363,086 332,626 14,590 Cosmote Mobile 101,800 Recordati SPA 903,763 826,138 Telecommunications SA 353,736 366,271 57,506 San Paolo-IMI SPA 1,094,259 1,130,268 60,386 EFG Eurobank Ergasias 1,582,507 1,869,316 244,200 Seat Pagine Gialle SPA 130,951 126,236 20,373 Hellenic Petroleum SA 284,637 300,479 116,063 Snam Rete Gas SPA 551,651 566,975 573,436 Telecom Italia SPA 2,178,453 1,774,255

44 The accompanying notes are an integral part of these ﬁnancial statements. Imperial International Equity Pool

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Ref. No.* ($) ($) Shares Ref. No.* ($) ($) 265,953 Telecom Italia SPA, RNC 639,948 763,102 8,900 Ito En Ltd. 342,114 362,228 13,000 Tod’s SPA 833,896 1,082,801 61,000 ITOCHU Corp. 347,468 597,691 1,309,699 UniCredito Italiano SPA 10,639,114 11,387,979 4,700 ITOCHU-SHOKUHIN Co. Ltd. 212,023 196,691 44,700 Valentino Fashion Group SPA 1,447,966 1,445,323 42,000 Izumi Co. Ltd. 1,469,629 1,707,891 4,500 JAFCO Co. Ltd. 361,236 301,397 Italy (3.88%) 49,391,142 54,388,478 186,000 Japan Airlines Corp. 533,540 519,409 21 ACCESS Co. Ltd. 177,320 167,671 37,000 Japan Asia Investment Co. Ltd. 241,343 295,295 32,580 Acom Co. Ltd. 2,103,387 1,968,335 62,900 Japan General Estate Co. Ltd. (The) 1,218,483 1,443,663 4,200 Advantest Corp. 480,562 478,181 45 Japan Logistics Fund Inc. 361,932 374,507 52,600 Aeon Co. Ltd. 1,104,631 1,286,537 1,463 Japan Tobacco Inc. 4,954,903 5,948,293 23,000 Aida Engineering Ltd. 162,310 173,293 33,500 JFE Holdings Inc. 1,012,213 1,583,503 97,700 Aiful Corp. 7,677,588 5,802,772 54,000 Joyo Bank Ltd. (The) 349,435 365,533 27,700 Aisin Seiki Co. Ltd. 823,536 917,613 19,000 JS Group Corp. 401,233 444,694 123,000 All Nippon Airways Co. Ltd. 508,448 526,764 40,900 JSR Corp. 1,031,234 1,152,610 7,300 Alpen Co. Ltd. 300,384 264,894 10,200 Kadokawa Holdings Inc. 446,790 405,959 19,700 Arrk Corp. 541,945 516,886 64,000 Kajima Corp. 337,378 326,980 6,200 Aruze Corp. 183,956 150,531 8,000 Kamigumi Co. Ltd. 72,439 67,713 30,000 Asahi Breweries Ltd. 431,217 468,774 30,500 Kansai Electric Power Co. Inc. 732,868 759,824 80,000 Asahi Glass Co. Ltd. 985,480 1,130,418 47,000 Kansai Paint Co. Ltd. 371,744 418,450 64,000 Asahi Kasei Corp. 401,224 465,963 5,100 Kanto Tsukuba Bank Ltd. (The) 99,110 58,759 89,390 Astellas Pharma Inc. 3,929,721 3,658,307 22,000 Kao Corp. 729,124 641,116 77 Bandai Visual Co. Ltd. 294,431 322,041 96,000 Kawasaki Heavy Industries Ltd. 249,350 360,127 45,000 Bank of Fukuoka Ltd. (The) 265,358 381,128 38,000 Kawasaki Kisen Kaisha Ltd. 258,705 244,876 64,000 Bank of Yokohama Ltd. (The) 411,158 550,508 162 KDDI Corp. 1,084,291 1,109,982 10,100 Benesse Corp. 377,227 388,077 213,000 Keiyo Bank Ltd. (The) 1,593,056 1,339,699 30,000 Bridgestone Corp. 542,155 644,281 1,910 Keyence Corp. 471,738 542,578 71,450 Canon Inc. 2,971,343 3,898,515 390 Kintetsu Corp. 1,978 1,448 18,000 Canon Marketing Japan Inc. 400,720 413,098 35,000 Kirin Brewery Co. Ltd. 493,373 612,984 19,000 Casio Computer Co. Ltd. 330,908 404,305 138,000 Kitz Corp. 1,386,479 1,166,306 79 Central Japan Railway Co. 818,227 876,253 6,200 Kobayashi Pharmaceutical Co. Ltd. 261,726 282,766 41,000 Chiba Bank Ltd. (The) 254,841 426,879 133,000 Kobe Steel Ltd. 436,745 463,558 24,000 Chubu Electric Power Co. Inc. 629,907 721,708 13,439 KOEI Co. Ltd. 306,322 267,401 21,978 Chugai Pharmaceutical Co. Ltd. 455,460 499,622 20,000 Koito Manufacturing Co. Ltd. 286,708 331,304 44,000 Citizen Watch Co. Ltd. 474,383 443,292 34,000 Komatsu Ltd. 218,635 753,231 63,000 CKD Corp. 747,443 1,089,851 116,500 Konica Minolta Holdings Inc. 1,614,182 1,641,133 18,100 Credit Saison Co. Ltd. 791,563 954,776 6,340 KOSE Corp. 241,857 222,246 53 cyber communications inc. 137,047 135,026 18,000 Koyo Seiko Co. Ltd. 370,297 387,535 30,000 Dai Nippon Printing Co. Ltd. 543,855 516,422 50,000 Kubota Corp. 284,340 529,600 31,000 Daido Steel Co. Ltd. 270,962 271,206 12,800 Kurita Water Industries Ltd. 279,017 292,770 10,400 Daiei Inc. (The) 350,237 243,265 6,900 Kyocera Corp. 801,320 595,819 26,589 DAIICHI SANKYO CO. LTD. 668,776 814,691 21,800 Kyushu Electric Power Co. Inc. 505,580 564,372 28,000 Daikin Industries Ltd. 870,205 1,080,623 54,000 Kyushu-Shinwa Holdings Inc. 107,292 87,882 21,000 Daimaru Inc. (The) 326,950 309,507 13,900 Lawson Inc. 588,514 563,960 80,000 Daimei Telecom Engineering Corp. 943,507 1,236,908 8,100 Leopalace21 Corp. 298,845 310,654 300,000 DAISO CO. LTD. 1,460,000 1,072,607 10,000 Makita Corp. 333,209 351,094 6,700 Daito Trust Construction Co. Ltd. 361,119 413,801 74,000 Marubeni Corp. 302,521 440,245 27,000 Daiwa House Industry Co. Ltd. 339,456 480,694 43,400 Marui Co. Ltd. 833,073 753,596 107,000 Daiwa Securities Group Inc. 1,165,056 1,419,466 126,921 Matsushita Electric Industrial Co. Ltd. 2,844,787 2,983,343 30,000 Denso Corp. 980,229 1,093,414 40,600 Matsushita Electric Works Ltd. 467,277 502,802 123 Dentsu Inc. 373,020 378,123 52 Millea Holdings Inc. 830,402 1,077,664 167 East Japan Railway Co. 1,263,903 1,382,266 72,500 Mitsubishi Chemical Holdings Corp. 522,641 504,639 14,000 Eighteenth Bank Ltd. (The) 101,745 88,051 54,000 Mitsubishi Corp. 809,546 1,204,095 12,000 Eisai Co. Ltd. 485,473 601,773 78,000 Mitsubishi Electric Corp. 556,239 696,108 10,700 Electric Power Development Co. Ltd. 422,673 454,017 45,000 Mitsubishi Estate Co. Ltd. 718,945 1,066,179 66,000 ESPEC Corp. 1,024,104 1,056,080 25,000 Mitsubishi Gas Chemical Co. Inc. 306,890 320,150 10,500 Exedy Corp. 291,413 368,944 121,000 Mitsubishi Heavy Industries Ltd. 613,553 582,023 11,900 F.C.C. Co. Ltd. 298,828 262,154 14,000 Mitsubishi Logistics Corp. 233,633 243,677 8,300 Fanuc Ltd. 721,682 830,020 72,000 Mitsubishi Materials Corp. 324,748 342,863 4,500 Fast Retailing Co. Ltd. 440,252 410,043 76,000 Mitsubishi Rayon Co. Ltd. 548,189 689,443 23 Frontier Real Estate Investment Corp. 184,482 188,060 372 Mitsubishi UFJ Financial Group Inc. 4,415,095 5,805,579 17,000 Fuji Photo Film Co. Ltd. 885,980 635,379 33,000 Mitsubishi UFJ Securities Co. Ltd. 464,696 476,482 175 Fuji Television Network Inc. 430,999 432,662 132,000 Mitsui & Co. Ltd. 1,477,130 2,077,814 22,000 Fujikura Ltd. 268,789 270,377 67,000 Mitsui Fudosan Co. Ltd. 1,076,210 1,621,101 47,800 Fujimi Inc. 1,333,930 1,245,086 54,000 Mitsui O.S.K. Lines Ltd. 270,844 409,383 135,000 Fujitsu Ltd. 1,371,202 1,164,839 96,170 Mitsui Sumitomo Insurance Co. Ltd. 1,080,716 1,342,988 44,000 Furukawa Electric Co. Ltd. (The) 258,174 317,169 38,000 Mitsui Trust Holdings Inc. 405,335 506,792 41,300 Hamamatsu Photonics K.K 1,214,475 1,589,495 634 Mizuho Financial Group Inc. 4,161,125 5,986,149 277,000 Haseko Corp. 969,714 1,048,876 6,000 MORI SEIKI CO. LTD. 131,439 144,642 72,000 Heiwa Corp. 1,237,050 1,112,304 8,400 Murata Manufacturing Co. Ltd. 896,139 607,641 67,000 Hino Motors Ltd. 424,499 434,254 132,000 Nabtesco Corp. 1,251,120 1,652,149 1,300 Hirose Electric Co. Ltd. 165,915 175,912 5,400 NAFCO Co. Ltd. 252,364 181,793 28,000 Hiroshima Bank Ltd. (The) 212,784 189,820 83,000 NEC Corp. 1,199,879 492,842 12,800 Hitachi Chemical Co. Ltd. 354,187 373,807 8,400 NEC Electronics Corp. 301,800 299,836 11,500 Hitachi Construction Machinery 31 netprice Ltd. 181,268 74,748 Co. Ltd. 293,779 308,872 15,000 NGK Spark Plug Co. Ltd. 312,927 335,923 120,000 Hitachi Koki Co. Ltd. 1,643,555 2,039,133 10,900 Nidec Corp. 698,648 870,635 109,000 Hitachi Ltd. 1,109,762 801,732 20,000 Nidec Sankyo Corp. 271,185 273,756 91,000 Hokukohu Financial Group Inc. 368,625 422,776 38,000 Nikko Cordial Corp. 541,421 540,489 182,600 Honda Motor Co. Ltd. 5,323,507 6,457,381 18,000 Nikon Corp. 330,138 350,585 161,000 Hoya Corp. 5,529,535 6,381,100 10,400 Nintendo Co. Ltd. 1,908,789 1,945,441 7,000 Ibiden Co. Ltd. 355,616 375,011 29 Nippon Building Fund Inc. 305,297 312,834 217 Index Corp. 334,231 239,150 39,000 Nippon Electric Glass Co. Ltd. 706,544 869,896 149 INPEX Holdings Inc. 1,384,169 1,464,024 95,000 Nippon Koei Co. Ltd. 485,689 304,880 87,000 Ishikawajima-Harima Heavy 39,500 Nippon Mining Holdings Inc. 296,931 371,197 Industries Co. Ltd. 297,454 306,803 135,000 Nippon Oil Corp. 1,048,990 1,099,740 The accompanying notes are an integral part of these ﬁnancial statements. 45 Imperial International Equity Pool

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Ref. No.* ($) ($) Shares Ref. No.* ($) ($) 73,980 Nippon Seiki Co. Ltd. 1,322,656 1,628,542 5,000 Toho Co. 92,815 111,424 232,000 Nippon Steel Corp. 640,909 978,786 22,700 Tohoku Electric Power 494,816 554,152 507 Nippon Telegraph & Telephone Corp. 3,426,086 2,755,979 48,000 Tokai Carbon Co. Ltd. 291,114 299,660 56,000 Nippon Yusen Kabushiki Kaisha 342,390 405,749 124,000 Tokushima Bank Ltd. (The) 1,260,224 1,027,361 140,000 Nissan Motor Co. Ltd. 1,624,736 1,701,988 18,000 Tokuyama Corp. 284,937 298,188 7,300 Nissha Printing Co. Ltd. 186,529 302,662 39,500 Tokyo Electric Power Co. Inc. (The) 1,263,358 1,215,045 11,000 Nissin Food Products Co. Ltd. 424,962 432,533 7,000 Tokyo Electron Ltd. 646,445 544,572 78,000 Nittetsu Mining Co. Ltd. 732,122 620,108 117,000 Tokyo Gas Co. Ltd. 514,972 613,877 20,400 Nitto Denko Corp. 1,261,279 1,618,083 140,000 Tokyo Tatemono Co. Ltd. 1,306,781 1,671,664 10,200 Nok Corp. 318,200 329,740 61,000 Tokyu Corp. 369,355 397,257 61,000 Nomura Holdings Inc. 1,516,910 1,275,425 36,000 Tokyu Land Corp. 300,062 312,254 3,400 Nomura Research Institute Ltd. 444,626 468,285 47,000 TonenGeneral Sekiyu K.K 504,246 538,162 39,000 NSK Ltd. 356,707 360,460 32,000 Toppan Printing Co. Ltd. 403,425 402,263 113 NTT Data Corp. 574,207 545,844 56,000 Toray Industries Inc. 318,888 541,058 1,516 NTT DoCoMo Inc. 3,506,160 2,469,297 194,000 Toshiba Corp. 1,425,577 1,410,256 77 NTT Urban Development Corp. 519,238 671,146 71,000 Toyo Suisan Kaisha Ltd. 1,297,159 1,238,275 1,840 Obic Co. Ltd. 376,253 413,651 12,700 Toyota Industries Corp. 543,382 558,946 70,000 OJI Paper Co. Ltd. 470,619 443,378 181,600 Toyota Motor Corp. 8,905,853 10,566,698 18,000 Okinawa Electric Power Co. Inc. (The) 1,291,686 1,197,165 16,000 Toyota Tsusho Corp. 399,464 428,057 13,000 Olympus Corp. 333,402 387,039 91,900 Trend Micro Inc. 3,380,919 3,454,107 28,300 Omron Corp. 782,262 801,767 194,000 Ube Industries Ltd. 627,605 625,228 21,000 Onward Kashiyama Co. Ltd. 343,379 359,772 18,000 Uny Co. Ltd. 320,923 295,551 9,300 Oracle Corp. Japan 508,254 484,840 8,980 Valor Co. Ltd. 145,028 182,471 9,800 Oriental Land Co. Ltd. 664,885 614,311 80 Village Vanguard Co. Ltd. 674,488 685,091 6,830 Orix Corp. 1,089,137 1,855,454 122 West Japan Railway Co. 620,359 563,207 21,100 Parco Co. Ltd. 195,480 240,203 4,050 XEBIO Co. Ltd. 101,167 154,230 411 Pasona Inc. 942,173 875,912 2,744 Yahoo Japan Corp. 1,639,070 1,619,027 48,250 Promise Co. Ltd. 2,938,354 3,112,468 3,900 Yamada Denki Co. Ltd. 203,957 442,379 1,619 Rakuten Inc. 1,271,909 1,073,844 14,000 Yamaha Motor Co. Ltd. 392,124 408,387 150 Resona Holdings Inc. 159,277 527,409 23,000 Yamato Transport Co. Ltd. 539,401 454,377 28,000 Ricoh Co. Ltd. 701,982 611,513 18,300 Yokogawa Electric Corp. 325,611 291,012 4,700 Rohm Co. Ltd. 911,271 468,282 209,000 Ryobi Ltd. 1,255,390 1,529,930 Japan (19.62%) 256,667,901 274,968,934 44,200 Ryowa Life Create Co. Ltd. 473,141 249,608 22,366 Arcelor SA 810,743 1,203,413 37,800 Sankyo Co. Ltd., Gunma 2,638,563 2,671,185 180,689 Oriﬂame Cosmetics SA, SDR 5,577,089 6,677,525 1,585 SBI Holdings Inc. 768,470 780,221 23,784 SES Global 396,795 376,416 112,500 SECOM Co. Ltd. 5,912,358 5,920,486 61,939 Stolt-Nielsen SA 2,047,921 1,614,834 11,200 Sega Sammy Holdings Inc. 459,732 462,331 37,700 Seijo Corp. 1,242,004 1,178,023 Luxembourg (0.70%) 8,832,548 9,872,188 11,600 Seiko Epson Corp. 337,227 351,660 164,272 ABN AMRO Holding NV 4,721,174 5,001,481 44,000 Sekisui Chemical Co. Ltd. 409,664 423,226 56,197 Aegon NV 1,562,736 1,066,561 32,000 Sekisui House Ltd. 418,924 488,882 11,111 Akzo Nobel NV 663,720 665,363 43,400 Seven & I Holdings Co. Ltd. 2,058,405 1,593,096 19,635 ASML Holding NV 554,102 441,402 38,000 Sharp Corp. 769,867 668,808 20,024 Euronext NV 1,400,819 2,088,890 2,600 Shimamura Co. Ltd. 321,175 317,592 23,600 Fugro NV 1,095,497 1,130,320 39,200 Shin-Etsu Chemicals Co. Ltd. 2,225,442 2,373,715 165,533 Heineken NV 7,315,659 7,797,504 92,000 Shinsei Bank Ltd. 636,207 649,148 329,827 ING Groep NV 11,363,858 14,395,194 33,000 Shionogi & Co. 679,268 655,980 63,540 Koninklijke Ahold NV 1,075,210 611,737 22,000 Shiseido Co. Ltd. 379,076 480,560 61,800 Koninklijke BAM Groep NV 1,211,202 1,363,247 103,000 Shizuoka Gas Co. Ltd. 863,142 930,443 21,500 Koninklijke Boskalis Westminster 90,000 SMBC Friend Securities Co. Ltd. 752,898 839,285 NV, CVA 1,741,984 1,622,730 3,400 SMC Corp. 535,298 536,265 9,753 Koninklijke DSM NV 351,102 451,121 37,100 Softbank Corp. 797,456 926,145 75,417 Koninklijke KPN NV 958,069 942,247 90,000 Sompo Japan Insurance Inc. 1,214,117 1,398,284 182,378 Koninklijke Philips Electronics NV 6,075,459 6,316,554 32,500 Sony Corp. 3,055,185 1,595,299 20,000 Nutreco Holding NV 1,001,995 1,424,402 22,400 Stanley Electric Co. Ltd. 398,825 515,593 5,471 Randstad Holding NV 347,001 356,389 5,000 SUMCO Corp. 328,380 317,605 34,601 Reed Elsevier NV 645,262 576,569 62,000 Sumitomo Chemical Co. Ltd. 442,380 575,963 12,917 Rodamco Europe NV 1,253,212 1,407,265 46,000 Sumitomo Corp. 511,391 677,048 75,738 Royal Numico NV 2,854,362 3,776,802 70,400 Sumitomo Electric Industries Ltd. 942,883 1,148,034 34,929 STMicroelectronics NV 1,302,659 623,614 19,000 Sumitomo Forestry Co. 230,213 220,456 106,621 TNT NV 3,192,623 4,240,978 33,000 Sumitomo Heavy Industries Ltd. 327,327 339,469 122,016 Unilever NV 3,336,900 3,072,076 174,000 Sumitomo Metal Industries Ltd. 440,741 800,356 15,423 Wolters Kluwer NV, CVA 461,377 404,772 31,000 Sumitomo Metal Mining Co. Ltd. 338,302 452,250 455 Sumitomo Mitsui Financial Group Inc. 3,636,675 5,364,371 Netherlands (4.27%) 54,485,982 59,777,218 19,000 Sumitomo Realty & Development Co. Ltd. 365,107 521,955 99,658 Telecom Corp. of New Zealand Ltd. 394,414 273,461 27,000 Sumitomo Rubber Industries Ltd. 334,571 331,063 New Zealand (0.02%) 394,414 273,461 115,000 Sumitomo Trust and Banking Co. Ltd. (The) 1,152,429 1,401,702 277,340 Acta Holding ASA 862,647 977,197 22,000 Sumitomo Warehouse Co. Ltd. (The) 183,323 181,111 4,000 Aker Kvaerner ASA 404,320 417,668 27,500 Sysmex Corp. 620,506 1,414,159 15,000 Aker Yards AS 1,019,545 1,172,796 7,800 T&D Holdings Inc. 660,681 700,075 161,626 DNB NOR ASA 1,642,121 2,235,017 69,000 Taiheiyo Cement Corp. 268,873 283,504 53,350 Frontline Ltd. 2,628,154 2,215,063 20,000 Taisho Pharmaceutical Co. Ltd. 419,762 436,457 45,472 Norsk Hydro ASA 836,599 1,341,708 24,000 Takashimaya Co. Ltd. 342,092 335,545 10,977 Orkla ASA, Series ‘A’ 315,181 565,266 373 Take & Give. Needs Co. Ltd. 519,912 497,433 917,910 Pan Fish ASA 966,494 1,104,697 176,747 Takeda Pharmaceutical Co. Ltd. 11,421,071 12,248,792 3,934 Petroleum Geo-Services ASA 257,631 265,147 50,730 Takefuji Corp. 4,108,517 3,366,408 127,112 Statoil ASA 3,599,227 4,017,650 29,000 Tanabe Seiyaku Co. Ltd. 376,999 398,133 80,000 Subsea 7 Inc. 932,374 1,414,169 5,400 TDK Corp. 418,892 455,831 231,377 Telenor ASA 1,802,647 3,109,891 118,000 Teijin Ltd. 767,224 834,826 47,775 Yara International ASA 790,658 708,451 76 Telewave Inc. 170,696 280,354 197,300 Terumo Corp. 6,813,259 7,336,563 Norway (1.39%) 16,057,598 19,544,720 10,100 THK Co. Ltd. 298,597 335,766

46 The accompanying notes are an integral part of these ﬁnancial statements. Imperial International Equity Pool

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Ref. No.* ($) ($) Shares Ref. No.* ($) ($) 178,593 Banco Commercial Portugues SA 703,185 564,056 28,084 Skandinaviska Enskilda Banken, 30,339 Banco Espirito Santo SA, Series ‘A’ 567,307 743,217 Registered 448,011 454,580 26,818 Skanska AB, Series ‘B’ 378,728 459,364 47,830 Brisa Auto Estradas de Portugal SA 545,071 554,076 29,008 SKF AB, Series ‘B’ Shares 346,791 508,288 178,537 Energias de Portugal SA 704,218 780,687 10,441 Svenska Cellulosa, Series ‘B’ 457,638 478,942 43,476 Portugal Telecom SGPS SA, 61,469 Svenska Handelsbanken, Series ‘A’ 1,514,567 1,759,407 Registered 538,966 583,319 750 SWECO AB — 924 1,666,962 Telefonaktiebolaget LM Ericsson, Portugal (0.21%) 2,939,451 2,936,718 Series ‘B’ 5,658,754 6,112,260 152,000 Capitaland Ltd. 476,147 482,801 168,147 TeliaSonera AB 962,183 1,059,641 300 Chartered Semiconductor 17,266 Volvo AB, Class ‘B’ 661,640 942,671 Manufacturing Ltd. 1,205 290 Sweden (1.61%) 19,841,963 22,549,754 53,000 City Developments Ltd. 336,929 349,854 137,000 DBS Group Holdings Ltd. 1,704,387 1,742,318 215,431 ABB Ltd., Registered 2,214,078 3,104,500 100,000 Fraser and Neave Ltd. 246,816 282,170 8,053 Adecco SA, Registered 588,209 527,961 1,982,000 Gallant Venture Ltd. 704,969 738,746 2,060 Advanced Digital Broadcast 3,500,000 Global Testing Corp. Ltd. 764,689 703,700 Holdings SA, Registered 240,989 82,424 308 Haw Par Corp. Ltd. 981 1,236 22,300 Alcon Inc. 2,473,897 2,444,023 130,000 Keppel Corp. Ltd. 899,626 1,345,827 3,670 Barry Callebaut AG 1,642,531 1,718,967 830,000 KS Energy Services Inc. 1,094,671 1,194,269 10,000 BKW FMB Energie AG 967,281 968,102 133,000 Oversea-Chinese Banking Corp. Ltd. 629,439 617,477 48,149 Compagnie Financiere ` Richemont 1,399,000 Parkway Holdings 1,650,058 2,437,175 AG, Class ‘A’ 1,823,594 2,441,707 1,360,000 Petra Foods Ltd. 1,161,143 1,331,498 142,034 Credit Suisse Group 6,894,367 8,795,073 57,000 Singapore Airlines Ltd. 488,304 509,029 12,000 Dufry Group, Registered 892,365 1,068,438 142,000 Singapore Exchange Ltd. 329,916 350,715 1,663 Geberit International AG, 257,000 Singapore Post Ltd. 208,788 195,290 Registered 1,870,957 2,133,251 130,250 Singapore Press Holdings Ltd. 502,584 377,528 10,504 Holcim AG, Registered 774,581 893,718 174,000 Singapore Technologies 6,000 Kuehne & Nagel International AG, Engineering Ltd. 338,298 354,270 Registered 473,843 485,709 646,000 Singapore Telecommunications Ltd. 1,140,137 1,154,997 42,947 Logitech International SA, 421,000 Suntec REIT 384,269 367,074 Registered 1,728,753 1,842,670 217,000 United Overseas Bank Ltd. 2,280,617 2,378,226 41,177 Nestle ´ SA, Registered, Series ‘B’ 13,365,541 14,327,859 300 United Overseas Land Ltd. 494 605 1,633 Nobel Biocare Holding AG 420,638 429,603 1,930,000 United Test and Assembly Center Ltd. 1,024,534 1,095,110 93,964 Nordea AB 941,815 1,244,866 211,240 Novartis AG, Registered 12,297,807 12,652,451 Singapore (1.29%) 16,369,001 18,010,205 5,220 Pargesa Holding SA, Class ‘B’ 569,720 549,399 11,949 POSCO 2,989,104 3,568,647 5,663 Phonak Holding AG, Registered 375,243 392,625 10,061 Samsung Electronics Co. Ltd. 5,766,795 7,102,022 77,112 Roche Holding AG Genusscheine 10,514,927 14,122,557 551 Serono SA, Series ‘B’ 493,127 420,921 South Korea (0.76%) 8,755,899 10,670,669 405 SGS SA, Registered 357,164 426,621 6,460 SIG Holding AG, Registered 1,617,704 1,576,567 24,575 Abertis Infraestructuras SA 522,732 639,910 3,141 Swatch Group Ltd. (The) 507,709 587,481 3,085 Acciona SA 520,388 532,140 12,924 Swiss Reinsurance, Registered 1,572,389 1,000,773 52,872 ACS Actividades de Construccion 2,505 Swisscom AG 923,764 914,433 y Servicios SA 1,323,362 2,449,463 26,436 Syngenta AG 2,791,167 3,884,733 82,955 Altadis SA, Registered, Series ‘A’ 3,243,784 4,354,845 46,612 UBS AG, Registered 3,815,816 5,663,020 13,336 Antena 3 de Television SA 324,644 338,664 1,085 Unaxis Holding AG, Registered 323,249 334,313 343,635 Banco Bilbao Vizcaya Argentaria SA 6,383,439 7,861,281 5,260 Ypsomed Holding AG 744,425 705,275 88,000 Banco Pastor SA 1,082,573 1,280,228 25,737 Zurich Financial Services AG 4,998,472 6,253,514 366,141 Banco Popular Espanol ˜ SA 5,368,615 6,069,451 200,398 Banco Santander Central Hispano Switzerland (6.57%) 79,216,122 91,993,554 SA, Registered 2,880,627 3,255,538 27,806 Cintra Concesiones de 546,583 Indago Petroleum Ltd. 806,019 583,491 Infraestructuras de Transporte SA 387,076 403,610 United Arab Emirates (0.04%) 806,019 583,491 6,700 Compania de Distribucion Integral Logista SA 412,002 444,282 155,222 3i Group PLC 2,687,462 2,874,440 25,806 Corporacion ´ Mapfre SA 400,789 529,778 225,000 Amlin PLC 1,051,739 1,090,925 75,635 Enagas 1,764,005 1,793,340 43,160 Amvescap PLC 634,976 439,201 37,829 Endesa SA, Registered 1,035,777 1,461,247 48,142 Anglo American PLC 2,113,127 2,184,661 6,406 Fomento de Construcciones y 72,612 Associated British Ports Holdings PLC 897,063 1,353,476 Contratas SA 533,065 541,152 66,328 AstraZeneca PLC 4,458,272 4,434,538 20,236 Gas Natural SDG SA 608,667 687,040 338,566 Aviva PLC 4,688,321 5,329,775 5,752 Grupo Ferrovial SA 472,153 487,685 268,000 Avocet Mining PLC 1,027,039 918,530 32,926 Iberdrola SA 836,647 1,259,764 53,000 AWG PLC 941,279 1,303,614 22,078 Industria de Diseno Textil SA 883,370 1,034,782 36,536 BAA PLC 499,707 702,591 5,443 Inmobiliaria Colonial SA 474,041 480,511 947,022 BAE Systems PLC 5,173,930 7,196,225 4,852 Metrovacesa SA 505,031 487,081 180,000 Balfour Beatty PLC 1,191,907 1,268,979 46,720 Repsol YPF SA 1,243,813 1,487,494 320,734 Barclays PLC 3,683,268 4,044,264 12,947 Sacyr Vallehermoso SA 460,162 480,698 134,366 Barratt Developments PLC 2,030,515 2,614,538 8,721 Sogecable SA 272,323 278,685 334,807 BG Group PLC 2,754,896 4,970,801 72,600 Sol Melia SA 1,223,761 1,302,842 186,129 BHP Billiton PLC 2,700,874 4,027,916 491,759 Telefonica SA 8,640,181 9,087,830 19,666 BOC Group PLC 468,397 639,531 12,721 Union Fenosa SA 467,675 547,586 290,000 Bodycote International PLC 1,376,010 1,512,732 70,000 BowLeven PLC 1,087,501 326,402 Spain (3.54%) 42,270,702 49,576,927 1,495,331 BP PLC 18,421,112 19,285,120 23,592 Assa Abloy AB, Series ‘B’ 468,575 440,812 43,004 Brambles Industries PLC 258,571 380,179 27,140 Atlas Copco AB, Series ‘A’ 446,358 839,697 54,459 British Airways PLC 381,270 383,741 60,000 Bergman & Beving AB, Class ‘B’ 976,726 1,373,772 360,740 British American Tobacco PLC 7,467,190 10,102,435 14,000 Boliden AB 251,816 286,020 119,329 British Land Co. PLC 2,096,190 3,095,743 30,000 Brostrom AB, Class ‘B’ 601,233 659,202 65,306 British Sky Broadcasting Group PLC 1,047,302 767,643 68,828 Hennes & Mauritz AB, Series ‘B’ 2,721,989 2,961,093 595,950 BT Group PLC 3,932,152 2,928,609 28,900 Hexagon AB, Series ‘B’ 1,083,456 1,170,156 34,588 Bunzl PLC 442,328 438,487 11,198 Husqvarna AB 163,192 149,973 45,924 Burberry Group PLC 399,094 405,755 66,166 Sandvik AB 885,029 855,465 150,859 Cable & Wireless PLC 497,811 356,348 82,078 Securitas AB, Series ‘B’ 1,695,981 1,748,850 68,331 Cadbury Schweppes PLC 701,467 731,910

The accompanying notes are an integral part of these ﬁnancial statements. 47 Imperial International Equity Pool

Hedging Average Cost Current Value Hedging Average Cost Current Value Shares Ref. No.* ($) ($) Shares Ref. No.* ($) ($) 122,488 Capita Group PLC 1,064,271 1,161,616 24,679 Reckitt Benckiser PLC 699,294 1,024,271 8,125 Carnival PLC 273,235 367,446 725,372 Reed Elsevier PLC 8,430,064 8,132,884 53,000 Carphone Warehouse PLC (The) 353,091 345,364 760,000 Regus Group PLC 1,560,431 1,708,453 140,579 Centrica PLC 778,748 823,396 150,474 Rentokil Initial PLC 586,615 482,421 88,060 Charter PLC 1,015,915 1,462,313 559,599 Reuters Group PLC 4,128,081 4,423,719 144,000 ClearSpeed Technology PLC 600,254 716,974 37,894 Rexam PLC 386,741 410,556 562,040 Compass Group PLC 3,251,847 3,028,767 74,892 Rio Tinto PLC, Registered 3,379,813 4,386,387 29,745 Corus Group PLC 148,863 278,552 203,366 Rolls-Royce Group PLC 1,556,212 1,730,085 492,698 Diageo PLC 8,614,812 9,204,862 5,895,404 Rolls-Royce Group PLC, Class ‘B’ 9,646 12,235 93,754 DSG International PLC 418,587 367,906 168,481 Royal & Sun Alliance Insurance 64,671 EMI Group PLC 381,077 403,285 Group PLC 524,721 465,902 991,500 European Nickel PLC 709,936 702,282 501,119 Royal Bank of Scotland PLC 18,203,348 18,296,570 395,000 FKI PLC 972,876 870,927 317,228 Royal Dutch Shell PLC, Class ‘A’ 11,229,260 11,856,851 49,000 Forth Ports PLC 1,577,770 1,852,766 159,788 Royal Dutch Shell PLC, Class ‘B’ 5,582,765 6,208,114 563,731 GlaxoSmithKline PLC 18,377,517 17,498,905 8,200 RT Group PLC 82,428 — 33,660 GUS PLC 541,203 668,307 59,328 SABMiller PLC 858,958 1,187,998 21,178 Hammerson PLC 338,128 514,953 190,000 SCi Entertainment Group PLC 2,053,435 2,017,733 138,624 Hays PLC 535,885 384,423 52,828 Scottish & Newcastle PLC 594,668 553,275 296,099 HBOS PLC 5,513,729 5,715,596 116,366 Scottish and Southern Energy PLC 2,261,703 2,752,776 973,360 HSBC Holdings PLC 18,381,068 19,044,744 58,823 Scottish Power PLC 571,082 704,811 39,576 IMI PLC 371,800 405,944 150,000 Shaftesbury PLC 1,493,870 1,584,683 60,478 Imperial Chemical Industries PLC 399,849 450,403 648,614 Smith & Nephew PLC 6,321,402 5,536,781 31,335 Imperial Tobacco Group PLC 783,754 1,074,984 75,759 Smiths Group PLC 1,415,386 1,387,083 150,000 Inchcape PLC 1,043,962 1,455,032 240,000 St. James’s Place Capital PLC 1,286,377 1,613,324 180,000 Informa PLC 1,582,196 1,594,199 71,187 Standard Chartered PLC 1,623,840 1,932,027 84,620 Inspired Gaming Group PLC 321,145 328,092 110,000 Stanley Leisure PLC 1,527,619 1,455,862 22,346 InterContinental Hotels Group PLC 280,655 434,240 73,433 Taylor Woodrow PLC 504,266 503,711 83,733 Invensys PLC, Rights, 2006/07/07 — 6,975 362,487 Tesco PLC 2,215,093 2,488,937 183,022 ITV PLC 487,690 406,067 108,000 Tullow Oil PLC 386,592 847,470 79,680 J Sainsbury PLC 605,666 547,358 172,569 Unilever PLC 4,478,447 4,309,810 1,837,025 Kingﬁsher PLC 10,179,024 9,006,438 40,516 United Utilities PLC 541,924 533,672 150,000 Laird Group PLC 1,285,618 1,200,569 3,911,971 Vodafone Group PLC 12,698,175 9,261,096 18,522 Land Securities Group PLC 426,579 682,693 10,641 Whitbread PLC, Preferred, Class ‘B’ 24,161 33,925 255,046 Legal & General Group PLC 742,208 671,486 36,818 William Hill PLC 453,660 474,124 186,795 Lloyds TSB Group PLC 2,590,108 2,035,360 120,000 Wolfson Microelectronics PLC 755,864 1,104,117 129,086 LogicaCMG PLC 524,889 462,762 25,830 Wolseley PLC 396,858 632,489 17,852 London Stock Exchange Group 459,546 WPP Group PLC 5,727,221 6,178,891 PLC 412,687 417,270 26,000 Xstrata PLC 1,043,553 1,100,757 22,000 Lonmin PLC 669,166 1,276,688 37,195 Yell Group PLC 317,693 390,994 12,876 Man Group PLC 396,771 674,232 223,645 Marks & Spencer Group PLC 2,325,185 2,697,876 United Kingdom (21.54%) 286,613,120 301,789,795 40,483 Mitchells & Butlers PLC 357,072 428,685 100,000 Century Casinos Inc., ADC 822,147 1,251,990 90,794 National Grid PLC 953,990 1,091,207 155,300 iShares MSCI EAFE Index Fund 11,172,101 11,262,362 94,785 National Grid PLC, Preferred, 48,677 Synthes Inc. 5,531,530 6,518,139 Class ‘B’ 121,889 127,662 52,587 NETeller PLC 684,906 643,326 United States (1.36%) 17,525,778 19,032,491 11,588 Next PLC 268,545 388,441 Total of International Equities (97.83%) 1,240,962,243 1,370,565,999 711,717 Old Mutual PLC 2,470,896 2,390,421 865,225 PartyGaming PLC 2,115,655 2,057,956 Total of Investments before Short-Term 33,526 Pearson PLC 712,105 507,107 Investments (97.83%) 1,240,962,243 1,370,565,999 66,000 Premier Oil PLC 1,263,269 1,305,378 618,043 Prudential PLC 7,364,993 7,773,657

Average Cost Current Value Par Value ($) ($) Short-Term Investments (note 11) 5,475,000 Government of Canada Treasury Bill, 4.104%, 2006/08/10 5,415,323 5,450,797 1,325,000 Government of Canada Treasury Bill, 4.101%, 2006/08/24 1,310,571 1,317,049 3,550,000 Government of Canada Treasury Bill, 4.184%, 2006/09/07 3,510,560 3,522,735 250,000 Bank of Montreal Term Deposit, 4.250%, 2006/07/04 250,000 250,029 9,209,895 CIBC Mellon Trust Demand Deposit, Variable Rate† 9,209,893 9,220,545 Total Short-Term Investments (CAD) 19,696,347 19,761,155 3,525,294 Mellon Bank NA Deposit Trust Reserve, Variable Rate 3,960,071 3,931,218 Total Short-Term Investments (USD) 3,960,071 3,931,218 Total of Short-Term Investments (1.69%) 23,656,418 23,692,373 Total of Investments (99.52%) 1,264,618,661 1,394,258,372 Margin (0.01%) 150,070 Unrealized Gain (Loss) on Futures Contracts (0.05%) 700,214 Unrealized Gain (Loss) on Forward Foreign Currency Contracts (0.02%) 344,594 Other Assets, less Liabilities (0.40%) 5,706,798 Total Net Assets (100.00%) 1,401,160,048 *The hedging reference number has a corresponding number on the Forward Foreign Currency Contracts Schedule. †This security is issued by a related party of the Pool.

48 The accompanying notes are an integral part of these ﬁnancial statements. Imperial International Equity Pool

Futures Contracts Schedule (note 11)

Contracted Current Unrealized Value ($) Equity Index Futures Value ($) Gain/(Loss) ($) (4,866,593) Amsterdam Exchanges Index Future, Expiry July 2006; (41) contracts at EUR 417.36 per contract (5,138,690) (272,097) 1,277,379 Australian SPI 200 Index Future, Expiry September 2006; 13 contracts at AUD 4,757.00 per contract 1,364,113 86,734 (154,129) Austrian Index Future, Expiry September 2006; (3) contracts at EUR 3,613.00 per contract (160,625) (6,496) 393,560 Belgium 20 Index Future, Expiry July 2006; 8 contracts at EUR 3,459.60 per contract 421,932 28,372 24,385,806 British FTSE 100 Index Future, Expiry September 2006; 209 contracts at GBP 5,672.58 per contract 25,041,027 655,221 66,874 Danish KFX Copenhagen Share Index Future, Expiry July 2006; 10 contracts at DKK 350.80 per contract 70,730 3,856 (66,265) Dutch FOX Index Future, Expiry September 2006; (2) contracts at EUR 2,330.00 per contract (69,879) (3,614) 789,964 French Matif CAC 40 Index Future, Expiry July 2006; 12 contracts at EUR 4,629.46 per contract 848,670 58,706 (131,085) French Matif CAC 40 Index Future, Expiry September 2006; (2) contracts at EUR 4,609.22 per contract (142,014) (10,929) (3,766,084) Hong Kong Hang Seng Index Future, Expiry July 2006; (33) contracts at HKD 15,941.00 per contract (3,854,679) (88,595) 89,740 Hong Kong Mini Hang Seng Index Future, Expiry July 2006; 4 contracts at HKD 15,668.71 per contract 93,452 3,712 1,038,852 Italian Mini S&P/MIB Index Future, Expiry September 2006; 21 contracts at EUR 34,788.75 per contract 1,095,059 56,207 (763,713) Italian S&P/MIB Index Future, Expiry September 2006; (3) contracts at EUR 35,805.00 per contract (782,185) (18,472) 4,263,949 Japanese NIKKEI 225 Index Future, Expiry September 2006; 30 contracts at JPY 14,610.00 per contract 4,526,616 262,667 (9,199,633) Japanese NIKKEI 300 Index Future, Expiry September 2006; (315) contracts at JPY 300.21 per contract (9,456,862) (257,229) 5,262,033 Japanese TOPIX Index Future, Expiry September 2006; 35 contracts at JPY 1,545.41 per contract 5,412,142 150,109 425,828 Norway OBX Stock Index Future, Expiry July 2006; 84 contracts at NOK 283.65 per contract 473,342 47,514 105,384 Portuguese PSI-20 Index Future, Expiry September 2006; 8 contracts at EUR 9,263.78 per contract 108,640 3,256 668,069 Singapore MSCI Index Future, Expiry July 2006; 17 contracts at SGD 279.40 per contract 697,001 28,932 153,139 Spanish IBEX 35 Index Future, Expiry July 2006; 1 contract at EUR 10,769.36 per contract 163,792 10,653 (129,289) Swedish OMX Index Future, Expiry July 2006; (9) contracts at SEK 930.50 per contract (133,075) (3,786) (1,426,983) Swiss SMI Soffex Index Future, Expiry September 2006; (21) contracts at CHF 7,485.00 per contract (1,461,490) (34,507) 18,416,803 Total Equity Index Futures 19,117,017 700,214 As at June 30, 2006, $150,070 cash was deposited as margin for the futures contracts.

Forward Foreign Currency Contracts Schedule (note 10)

The accompanying notes are an integral part of these ﬁnancial statements. 49 Imperial International Equity Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 1,394,258 $ 985,242 Interest revenue $ 893 $ 423 Cash including foreign currency holdings, at current value 26,666 8,728 Dividend revenue 16,617 15,505 Margin 150 1,829 Income (loss) from forward foreign currency contracts (1,502) (2,034) Accrued interest and dividends receivable 2,211 1,221 Income (loss) from futures contracts (295) 1,782 Receivable for portfolio securities sold 2,724 1,661 Securities lending revenue 433 357 Receivable for units issued 992 779 Other income — 2 Unrealized gain on futures contracts 700 466 Unrealized gain on forward foreign currency contracts 345 — 16,146 16,035 Total Assets 1,428,046 999,926 Expenses (notes 5 and 8) Management fees 1,445 1,249 Liabilities Audit fees 9 7 Payable for portfolio securities purchased 25,885 1,961 Custodial fees 451 404 Payable for units redeemed 896 848 Legal fees 3 6 Management fees payable 27 24 Regulatory fees 19 11 Other accrued expenses 78 70 Unitholder reporting costs 352 460 Unrealized loss on forward foreign currency contracts — 150 Other expenses 91 24 Total Liabilities 26,886 3,053 2,370 2,161 Total Net Assets $ 1,401,160 $ 996,873 Expenses waived/absorbed by the Manager (1,734) (1,611)

Net Asset Value per Unit (note 4) $ 15.04 $ 14.29 636 550 Net Investment Income (Loss) 15,510 15,485 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 25,232 21,216 Net realized gain (loss) on foreign currency (notes 2c and d) 606 (348) Increase (decrease) in unrealized appreciation (depreciation) of investments 22,449 (20,603) Net Gain (Loss) on Investments 48,287 265 Increase (Decrease) in Net Assets from Operations $ 63,797 $ 15,750 Increase (Decrease) in Net Assets from Operations per Unit $ 0.88 $ 0.23

2006 2005 Cost of Investments Held at Beginning of Period $ 838,281 $ 822,461 Purchases 578,032 144,227 Increase (Decrease) in Net Assets from Operations $ 63,797 $ 15,750 1,416,313 966,688 Changes Due to Unitholder Transactions Cost of Investments Held at End of Period 1,240,962 825,562 Amount received from the issuance of units 493,935 116,131 Amount paid on redemptions of units (153,445) (150,437) Cost of Investments Sold or Matured 175,351 141,126 Proceeds from sales or maturities 200,583 162,342 340,490 (34,306) Net Realized Gain (Loss) on Sale of Investments $ 25,232 $ 21,216 Increase (Decrease) in Net Assets for the Period 404,287 (18,556) Net Assets at Beginning of Period 996,873 948,443 Net Assets at End of Period $ 1,401,160 $ 929,887

50 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Overseas Equity Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) International Equities 26,127 Suez SA 995,475 1,206,253 51,996 TOTAL SA 2,982,797 3,797,425 45,000 ABC Learning Centres Ltd. 284,519 237,723 17,805 Vinci SA 1,173,432 2,035,590 32,000 ABB Grain Ltd., Class ‘B’ 209,178 179,794 41,000 AMP Ltd. 264,851 308,441 France (13.60%) 28,698,324 35,852,160 11,500 Australian Stock Exchange Ltd. 338,271 309,644 88,000 Bendigo Mining Ltd. 105,305 125,450 3,323 Aareal Bank AG 148,610 139,581 13,900 BHP Billiton Ltd. 263,518 334,275 8,902 Allianz AG, Registered 1,136,523 1,557,415 399,235 Burns, Philp & Co. Ltd. 372,771 301,602 9,900 Bayer AG 461,873 505,798 325,651 Coca-Cola Amatil Ltd. 1,953,829 1,907,135 16,750 Bayerische Motoren Werke AG 878,654 928,663 48,500 Computershare Ltd. 294,653 314,255 900 Bijou Brigitte Modische Accessoires AG 249,909 267,279 439,851 Macquarie Airports 1,296,596 1,114,979 3,900 Bilfinger & Berger AG 206,609 235,461 5,600 Macquarie Bank Ltd. 326,538 318,726 21,134 Celesio AG 1,397,286 2,133,523 59,616 McGuigan Simeon Wines Ltd. 161,041 123,386 5,400 Continental AG 533,653 613,376 17,414 National Australia Bank Ltd. 526,716 503,809 6,900 Deutsche Boerse AG 805,810 1,045,306 16,900 QBE Insurance Group Ltd. 280,273 285,672 53,289 Deutsche Post AG, Registered 1,430,723 1,591,234 19,700 Rinker Group Ltd. 269,088 265,276 19,020 E.ON AG 1,868,416 2,430,156 130,000 Sigma Pharmaceuticals Ltd. NPV 331,659 279,287 4,200 Fresenius AG, Preferred 660,880 776,589 87,000 Timbercorp Ltd. 214,806 289,238 9,000 IVG Immobilien AG 305,750 306,680 27,800 United Group Ltd. 276,776 330,855 3,700 Merck KGaA 373,098 373,923 18,603 Woolworths Ltd. 277,987 309,648 9,500 Pfleiderer AG, Registered 235,347 294,800 112,200 Qiagen AG 1,690,354 1,689,479 Australia (2.97%) 8,048,375 7,839,195 1,500 Rational AG 192,767 269,865 3,200 Rheinmetall AG 276,189 246,811 2,000 Andritz AG 234,602 367,053 8,765 SAP AG 1,550,680 2,047,491 5,200 Bohler-Uddeholm AG 247,293 315,745 11,369 Siemens AG, Registered 1,190,838 1,098,292 10,380 Conwert Immobilien Invest AG 218,215 219,889 2,000 Wincor Nixdorf AG 312,735 281,697 2,300 EVN AG 227,714 260,091 2,000 Oesterreichische El Wirtsch AG, Class ‘A’ 98,254 106,901 Germany (7.15%) 15,906,704 18,833,419 Austria (0.48%) 1,026,078 1,269,679 13,750 Bank of Piraeus 267,617 363,059 16,560 EFG Eurobank Ergasias 538,906 512,633 2,500 Bekaert SA 294,003 266,849 12,600 OPAP SA 462,939 509,080 67,676 Dexia 1,308,557 1,813,375 5,000 ICOS Vision Systems Corp. NV 202,220 254,504 Greece (0.53%) 1,269,462 1,384,772 10,000 Option NV 200,514 266,321 40,500 Esprit Holdings Ltd. 358,070 368,083 Belgium (0.99%) 2,005,294 2,601,049 185,000 Henderson Land Development Co. Ltd. 950,245 1,069,772 76,000 Hysan Development Co. Ltd. 248,734 238,494 30,360 Lancashire Holdings Ltd. 196,821 190,595 979,000 Johnson Electric Holdings Ltd. 1,458,893 793,292 Bermuda (0.07%) 196,821 190,595 120,000 Kowloon Development Co. Ltd. 160,237 223,552 132,000 Li & Fung Ltd. 275,689 297,493 59,000 Foxconn International Holdings Ltd. 104,392 140,591 400,000 Pacific Basin Shipping Ltd. 223,114 201,967 1,425,754 PetroChina Co. Ltd., Series ‘H’ 972,188 1,711,141 400,000 Prime Success International Group Ltd. 189,649 279,366 27,000 Swire Pacific Ltd., Class ‘A’ 291,146 309,888 China (0.70%) 1,076,580 1,851,732 Hong Kong (1.43%) 4,155,777 3,781,907 2,000 Bang & Olufsen AS, Series ‘B’ 218,328 245,669 11,500 Danske Bank AS 431,944 485,508 39,094 Allied Irish Banks PLC 855,956 1,044,047 27,427 Novo Nordisk AS, Series ‘B’ 1,350,339 1,938,606 46,020 CRH PLC 1,360,246 1,665,648 63,331 Vestas Wind Systems AS 1,180,073 1,928,783 123,507 Depfa Bank PLC 1,891,437 2,281,022 4,500 FBD Holdings PLC 217,573 236,133 Denmark (1.74%) 3,180,684 4,598,566 14,000 Kingspan Group PLC 213,992 271,792 17,400 Fortum OYJ 374,300 494,212 Ireland (2.09%) 4,539,204 5,498,642 5,800 Neste Oil OYJ 205,236 226,609 30,000 Astaldi SPA 241,651 199,760 Finland (0.27%) 579,536 720,821 37,383 Banca Intesa SPA 146,847 242,494 6,873 Air Liquide SA 1,170,244 1,487,467 21,200 Banco Popolare di Verona e Novara SCRL 483,807 631,450 2,308 Air Liquide SA, Rights, 2006/12/26 39,303 45,409 21,000 Credito Emiliano SPA 280,079 287,797 3,500 April Group 152,319 209,718 38,543 ENI SPA 993,237 1,258,640 3,733 Arkema, Rights 15,820 16,297 30,750 Hera SPA 95,910 113,637 61,051 AXA SA 1,314,182 2,196,904 8,450 Lottomatica SPA 327,442 355,965 45,624 Axa SA, Rights, 2006/06/30 — 42,819 59,241 Luxottica Group SPA 1,323,307 1,785,151 5,482 bioMerieux ´ 329,556 360,100 63,478 Mediaset SPA 861,932 831,456 22,666 BNP Paribas SA 1,592,123 2,409,632 29,000 Recordati SPA 238,457 235,344 57,876 Carrefour SA 3,539,809 3,768,624 127,200 Seat Pagine Gialle SPA 67,589 65,754 1,500 Cegedim SA 146,653 142,418 97,713 Telecom Italia SPA, RNC 263,427 280,369 21,424 Dassault Systemes ` SA 946,315 1,273,317 2,700 Tod’s SPA 194,637 224,890 4,100 EDF Group 280,082 240,632 310,576 UniCredito Italiano SPA 2,516,376 2,700,493 20,125 Essilor International SA 1,306,890 2,250,440 10,000 Valentino Fashion Group SPA 328,550 323,339 65,669 France Tel ´ ecom ´ SA 1,841,804 1,557,767 Italy (3.62%) 8,363,248 9,536,539 2,800 Groupe DANONE 327,039 395,284 4,000 Groupe Steria SCA 257,217 234,231 9 ACCESS Co. Ltd. 70,110 71,859 3,360 Ipsen SA 151,064 151,037 12,040 Acom Co. Ltd. 710,541 727,402 2,800 Lafarge SA 321,488 390,186 9,500 Aeon Co. Ltd. 248,929 232,359 9,308 L’Oreal ´ SA 1,004,674 976,832 11,000 Aida Engineering Ltd. 95,859 82,879 16,356 LVMH Moet ¨ Hennessy Louis Vuitton SA 1,096,944 1,802,315 28,250 Aiful Corp. 2,459,445 1,677,874 58,222 Publicis Groupe 2,206,819 2,500,301 5,100 Aisin Seiki Co. Ltd. 180,842 168,947 46,856 Sanofi-Aventis SA 4,304,294 5,075,372 2,600 Alpen Co. Ltd. 110,399 94,346 2,000 Sech ´ e ´ Environnement 223,142 305,708 7,100 Arrk Corp. 239,790 186,289 4,100 Societ ´ e ´ Gen ´ erale ´ 718,390 669,261 3,000 Aruze Corp. 72,428 72,838 7,000 SR.Teleperformance 260,449 310,821 13,005 Asahi Glass Co. Ltd. 148,783 183,764 The accompanying notes are an integral part of these financial statements. 51 Imperial Overseas Equity Pool

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) 31,800 Astellas Pharma Inc. 1,388,787 1,301,423 4,600 Ryowa Life Create Co. Ltd. 48,257 25,977 28 Bandai Visual Co. Ltd. 121,304 117,106 11,400 Sankyo Co. Ltd., Gunma 801,837 805,596 10,500 Canon Inc. 455,289 572,910 270 SBI Holdings Inc. 178,981 132,908 242 Chiyoda Corp. 3,246 5,512 30,000 SECOM Co. Ltd. 1,523,758 1,578,796 11,000 CKD Corp. 153,477 190,291 7,000 Seijo Corp. 201,442 218,731 4,000 Credit Saison Co. Ltd. 203,087 211,000 9,100 Shin-Etsu Chemicals Co. Ltd. 548,613 551,041 19 cyber communications inc. 99,028 48,406 5,000 Shionogi & Co. 70,751 99,391 4,950 Daiei Inc. (The) 167,882 115,785 23,000 Shizuoka Gas Co. Ltd. 199,124 207,769 5,100 Daikin Industries Ltd. 168,982 196,828 11,000 SMBC Friend Securities Co. Ltd. 83,451 102,579 13,000 Daimei Telecom Engineering Corp. 174,530 200,998 93 SMC Corp. 12,250 14,668 52,000 DAISO CO. LTD. 268,721 185,919 19,000 Sompo Japan Insurance Inc. 294,996 295,193 21,000 Daiwa Securities Group Inc. 242,499 278,587 8,200 Stanley Electric Co. Ltd. 155,238 188,744 14 East Japan Railway Co. 110,266 115,879 14,000 Sumitomo Electric Industries Ltd. 227,776 228,302 7,000 Eighteenth Bank Ltd. (The) 50,866 44,026 78 Sumitomo Mitsui Financial Group Inc. 853,918 919,606 10,400 ESPEC Corp. 173,172 166,413 17,000 Sumitomo Trust and Banking Co. Ltd. (The) 196,005 207,208 3,800 Exedy Corp. 114,768 133,523 10,000 Sumitomo Warehouse Co. Ltd. (The) 88,863 82,323 4,300 F.C.C. Co. Ltd. 111,986 94,728 5,000 Sysmex Corp. 211,134 257,120 9 Frontier Real Estate Investment Corp. 69,029 73,589 136 Take & Give. Needs Co. Ltd. 221,347 181,370 21,000 Fujitsu Ltd. 181,424 181,197 53,900 Takeda Pharmaceutical Co. Ltd. 3,372,696 3,735,339 9,000 Hamamatsu Photonics K.K 254,055 346,379 20,970 Takefuji Corp. 1,961,686 1,391,555 45,000 Haseko Corp. 182,589 170,395 31,000 Teijin Ltd. 235,984 219,319 15,800 Heiwa Corp. 267,735 244,089 28 Telewave Inc. 125,782 103,288 12,000 Hiroshima Bank Ltd. (The) 91,040 81,351 57,500 Terumo Corp. 1,999,261 2,138,127 24,000 Hitachi Koki Co. Ltd. 397,194 407,827 18,000 Tokai Carbon Co. Ltd. 107,786 112,372 12,000 Hokukohu Financial Group Inc. 59,941 55,751 25,000 Tokushima Bank Ltd. (The) 269,548 207,129 46,600 Honda Motor Co. Ltd. 1,182,190 1,647,940 18,000 Tokyo Tatemono Co. Ltd. 175,196 214,928 47,300 Hoya Corp. 1,538,998 1,874,696 30,000 Toshiba Corp. 223,924 218,081 106 Index Corp. 162,617 116,820 11,000 Toyo Suisan Kaisha Ltd. 207,653 191,845 24 INPEX Holdings Inc. 234,210 235,816 23,996 Toyota Motor Corp. 1,132,594 1,396,247 2,300 ITOCHU-SHOKUHIN Co. Ltd. 106,394 96,253 27,000 Trend Micro Inc. 985,939 1,014,808 6,000 Izumi Co. Ltd. 223,644 243,984 34,000 Ube Industries Ltd. 114,402 109,576 14,000 Japan Asia Investment Co. Ltd. 114,815 111,733 7,000 Uny Co. Ltd. 130,459 114,937 12,000 Japan General Estate Co. Ltd. (The) 217,634 275,421 3,800 Valor Co. Ltd. 76,232 77,215 16 Japan Logistics Fund Inc. 122,429 133,158 12 Village Vanguard Co. Ltd. 102,188 102,764 402 Japan Tobacco Inc. 1,407,474 1,634,459 230 Yahoo Japan Corp. 162,131 135,706 4,900 JFE Holdings Inc. 182,371 231,617 6,600 Yokogawa Electric Corp. 123,039 104,955 9,300 JSR Corp. 262,919 262,085 3,700 Kadokawa Holdings Inc. 135,501 147,260 Japan (16.60%) 43,103,244 43,740,937 2,000 Kamigumi Co. Ltd. 19,457 16,928 54,413 Oriﬂame Cosmetics SA, SDR 1,529,624 2,010,881 17,000 Kansai Paint Co. Ltd. 130,619 151,354 900 Oriﬂame Cosmetics SA, SDR, Rights, 2,500 Kanto Tsukuba Bank Ltd. (The) 48,287 28,804 2006/07/03 — 1,077 14,000 Kawasaki Kisen Kaisha Ltd. 98,015 90,217 21,431 Stolt-Nielsen SA 758,303 558,735 36,000 Keiyo Bank Ltd. (The) 291,885 226,428 22,000 Kitz Corp. 232,202 185,933 Luxembourg (0.98%) 2,287,927 2,570,693 2,500 Kobayashi Pharmaceutical Co. Ltd. 103,400 114,019 35,816 ABN AMRO Holding NV 900,822 1,090,466 6,609 KOEI Co. Ltd. 168,726 131,502 5,400 Euronext NV 280,526 563,324 7,000 Koito Manufacturing Co. Ltd. 118,218 115,957 45,436 Heineken NV 2,039,213 2,140,283 41,500 Konica Minolta Holdings Inc. 508,046 584,610 83,940 ING Groep NV 2,501,808 3,663,534 2,310 KOSE Corp. 92,148 80,976 12,500 Koninklijke BAM Groep NV 253,648 275,738 4,700 Kurita Water Industries Ltd. 101,520 107,502 3,000 Koninklijke Boskalis Westminster NV, CVA 240,127 226,428 2,000 Kyushu-Shinwa Holdings Inc. 6,427 3,255 49,154 Koninklijke Philips Electronics NV 1,431,304 1,702,420 8,200 Marui Co. Ltd. 173,745 142,385 4,000 Nutreco Holding NV 191,029 284,880 18,000 Matsushita Electric Industrial Co. Ltd. 440,628 423,099 2,700 Rodamco Europe NV 256,111 294,156 5,000 Mitsubishi Logistics Corp. 81,599 87,027 24,100 Royal Numico NV 1,183,450 1,201,787 14,000 Mitsubishi Rayon Co. Ltd. 89,318 127,003 30,731 TNT NV 742,937 1,222,362 15 Mitsubishi UFJ Financial Group Inc. 244,529 234,096 30,600 Unilever NV 808,120 770,436 27,000 Mitsui & Co. Ltd. 370,394 425,007 12,000 Mitsui Fudosan Co. Ltd. 229,296 290,347 Netherlands (5.10%) 10,829,095 13,435,814 17,000 Mitsui Sumitomo Insurance Co. Ltd. 209,284 237,400 87 Mizuho Financial Group Inc. 718,390 821,443 56,100 Acta Holding ASA 175,348 197,666 2,200 MORI SEIKI CO. LTD. 47,232 53,035 4,000 Aker Yards AS 304,544 312,745 20,000 Nabtesco Corp. 238,724 250,326 38,600 DNB NOR ASA 476,004 533,773 1,900 NAFCO Co. Ltd. 96,181 63,964 25,050 Frontline Ltd. 1,233,051 1,040,062 16 netprice Ltd. 70,442 38,580 200,000 Pan Fish ASA 201,958 240,698 1,886 Nidec Corp. 134,492 150,644 17,500 Statoil ASA 465,420 554,973 7,000 Nidec Sankyo Corp. 96,193 95,815 18,000 Subsea 7 Inc. 210,581 318,188 2,000 Nintendo Co. Ltd. 317,922 374,123 78,500 Telenor ASA 426,869 1,055,102 8,000 Nippon Electric Glass Co. Ltd. 200,688 178,440 9,400 Yara International ASA 178,242 139,392 21,000 Nippon Koei Co. Ltd. 107,288 67,395 Norway (1.67%) 3,672,017 4,392,599 26,000 Nippon Oil Corp. 231,940 211,802 9,750 Nippon Seiki Co. Ltd. 202,430 214,629 27,000 DBS Group Holdings Ltd. 321,326 343,377 3,000 Nissha Printing Co. Ltd. 84,802 124,382 364,000 Gallant Venture Ltd. 128,908 135,673 12,000 Nittetsu Mining Co. Ltd. 115,457 95,401 600,000 Global Testing Corp. Ltd. 132,902 120,634 4,800 Nitto Denko Corp. 388,591 380,725 32,000 Keppel Corp. Ltd. 260,809 331,280 99 Nomura Holdings Inc. 1,645 2,070 142,000 KS Energy Services Inc. 158,062 204,321 33 NTT Urban Development Corp. 214,590 287,634 327,000 Parkway Holdings 507,142 569,661 670 Obic Co. Ltd. 131,368 150,623 250,000 Petra Foods Ltd. 180,217 244,761 3,000 Okinawa Electric Power Co. Inc. (The) 217,473 199,528 51,000 Singapore Exchange Ltd. 117,735 125,961 5,200 Omron Corp. 152,729 147,321 130,000 Singapore Post Ltd. 105,550 98,785 1,410 Orix Corp. 373,364 383,044 205,000 Suntec REIT 186,855 178,742 6,200 Parco Co. Ltd. 66,180 70,581 54,000 United Overseas Bank Ltd. 575,080 591,817 70 Pasona Inc. 182,608 149,182 270,000 United Test and Assembly Center Ltd. 125,042 153,202 18,700 Promise Co. Ltd. 1,212,548 1,206,283 411 Rakuten Inc. 361,563 272,607 Singapore (1.18%) 2,799,628 3,098,214 29,000 Ryobi Ltd. 217,201 212,287

52 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Overseas Equity Pool

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) 4,132 POSCO 962,040 1,234,049 76,861 BG Group PLC 675,150 1,141,137 3,278 Samsung Electronics Co. Ltd. 1,780,857 2,313,928 38,533 BHP Billiton PLC 496,181 833,872 37,000 Bodycote International PLC 168,794 193,004 South Korea (1.35%) 2,742,897 3,547,977 2,690 BowLeven PLC 9,909 12,543 14,300 ACS Actividades de Construccion y Servicios 276,133 BP PLC 3,570,736 3,561,257 SA 479,431 662,493 99,725 British American Tobacco PLC 2,096,441 2,792,774 25,800 Altadis SA, Registered, Series ‘A’ 1,289,899 1,354,409 35,600 British Land Co. PLC 743,024 923,568 72,299 Banco Bilbao Vizcaya Argentaria SA 1,050,753 1,653,972 149,461 BT Group PLC 658,292 734,479 20,000 Banco Pastor SA 262,331 290,961 38,300 Capita Group PLC 328,615 363,218 96,700 Banco Popular Espanol ˜ SA 1,358,038 1,602,978 15,830 Charter PLC 180,596 262,871 3,200 Compania de Distribucion Integral Logista SA 196,921 212,195 219,910 Compass Group PLC 1,176,231 1,185,069 9,200 Corporacion ´ Mapfre SA 182,285 188,869 121,986 Diageo PLC 2,219,544 2,279,011 26,126 Enagas 608,055 619,459 216,200 European Nickel PLC 153,847 153,135 15,900 Sol Melia SA 268,014 285,333 79,900 FKI PLC 203,015 176,170 116,350 Telefonica SA 1,802,913 2,150,177 8,400 Forth Ports PLC 255,010 317,617 124,594 GlaxoSmithKline PLC 3,722,457 3,867,551 Spain (3.42%) 7,498,640 9,020,846 57,330 HBOS PLC 1,075,623 1,106,640 196,060 HSBC Holdings PLC 3,766,096 3,835,506 13,000 Bergman & Beving AB, Class ‘B’ 201,749 297,651 34,000 Hunting PLC 233,584 271,642 15,710 Hennes & Mauritz AB, Series ‘B’ 676,449 675,870 30,700 Informa PLC 270,754 271,899 10,000 Hexagon AB, Series ‘B’ 305,417 404,898 15,380 Inspired Gaming Group PLC 58,369 59,632 24,500 Sandvik AB 335,936 316,762 554,515 Kingﬁsher PLC 3,069,160 2,718,638 23,614 Securitas AB, Series ‘B’ 466,353 503,148 59,700 Marks & Spencer Group PLC 693,689 720,174 12,800 Svenska Handelsbanken, Series ‘A’ 343,817 366,370 18,200 NETeller PLC 243,045 222,651 750 SWECO AB — 924 165,278 Old Mutual PLC 590,767 555,114 418,502 Telefonaktiebolaget LM Ericsson, Series ‘B’ 1,621,547 1,534,524 245,405 PartyGaming PLC 599,474 583,701 Sweden (1.56%) 3,951,268 4,100,147 7,300 Premier Oil PLC 143,475 144,383 174,477 Prudential PLC 1,987,323 2,194,547 50,371 ABB Ltd., Registered 364,656 725,879 204,992 Reed Elsevier PLC 2,313,055 2,298,374 740 Advanced Digital Broadcast Holdings SA, 135,000 Regus Group PLC 263,471 303,475 Registered 61,127 29,609 175,935 Reuters Group PLC 1,195,524 1,390,794 6,800 Alcon Inc. 755,598 745,263 13,855 Rio Tinto PLC, Registered 797,277 811,480 2,000 BKW FMB Energie AG 194,235 193,620 47,000 Rolls-Royce Group PLC 401,775 399,841 10,200 Compagnie Financiere ` Richemont AG, 1,495,640 Rolls-Royce Group PLC, Class ‘B’ 3,081 3,104 Class ‘A’ 488,783 517,257 129,632 Royal Bank of Scotland PLC 4,654,708 4,733,049 35,191 Credit Suisse Group 1,230,216 2,179,108 30,428 Royal Dutch Shell PLC, Class ‘A’ 1,027,166 1,136,624 2,500 Dufry Group, Registered 179,870 222,591 56,880 Royal Dutch Shell PLC, Class ‘B’ 1,970,969 2,209,913 300 Geberit International AG, Registered 339,094 384,832 35,940 SCi Entertainment Group PLC 385,705 381,670 4,000 Logitech International SA, Registered 200,736 171,623 29,600 Scottish and Southern Energy PLC 608,385 700,223 8,462 Nestle ´ SA, Registered, Series ‘B’ 2,708,252 2,944,419 23,400 Shaftesbury PLC 229,739 247,211 43,665 Novartis AG, Registered 2,654,060 2,615,363 182,300 Smith & Nephew PLC 1,868,405 1,556,172 1,976 Pargesa Holding SA, Class ‘B’ 220,626 207,972 17,900 Smiths Group PLC 313,898 327,734 17,972 Roche Holding AG Genusscheine 2,277,933 3,291,454 48,300 St. James’s Place Capital PLC 255,196 324,682 1,000 SIG Holding AG, Registered 247,594 244,051 26,100 Standard Chartered PLC 680,572 708,358 7,453 Syngenta AG 760,352 1,095,208 20,200 Stanley Leisure PLC 274,079 267,349 4,340 UBS AG, Registered 476,664 527,279 37,328 Tesco PLC 201,498 256,305 1,000 Ypsomed Holding AG 147,131 134,083 24,300 Tullow Oil PLC 129,671 190,681 6,529 Zurich Financial Services AG 904,167 1,586,401 46,629 Unilever PLC 1,191,974 1,164,532 Switzerland (6.76%) 14,211,094 17,816,012 601,493 Vodafone Group PLC 1,483,671 1,423,958 15,370 Wolfson Microelectronics PLC 82,648 141,419 115,560 Indago Petroleum Ltd. 170,411 123,363 127,046 WPP Group PLC 1,466,020 1,708,215 United Arab Emirates (0.05%) 170,411 123,363 United Kingdom (23.08%) 56,763,952 60,910,077 47,600 3i Group PLC 835,325 881,469 25,000 Century Casinos Inc., ADC 248,375 312,998 40,000 Amlin PLC 182,845 193,942 14,135 Synthes Inc. 1,559,814 1,892,760 4,670 AstraZeneca PLC 250,553 311,692 81,084 Aviva PLC 917,445 1,276,441 United States (0.84%) 1,808,189 2,205,758 40,600 Avocet Mining PLC 164,463 139,150 Total of International Equities (98.23%) 228,884,449 258,921,513 10,000 AWG PLC 202,992 245,965 295,078 BAE Systems PLC 1,833,970 2,242,227 Total of Investments before Short-Term 37,000 Balfour Beatty PLC 259,917 260,846 Investments (98.23%) 228,884,449 258,921,513 37,300 Barclays PLC 462,611 470,331 37,056 Barratt Developments PLC 466,143 721,048

Average Cost Current Value Par Value ($) ($) Short-Term Investments 650,000 Government of Canada Treasury Bill, 4.184%, 2006/09/07 642,779 645,114 275,000 Government of Canada Treasury Bill, 4.314%, 2006/10/05 271,851 271,916 Total Short-Term Investments (CAD) 914,630 917,030 779,303 Mellon Bank NA Deposit Trust Reserve, Variable Rate 874,850 868,498 Total Short-Term Investments (USD) 874,850 868,498 Total of Short-Term Investments (0.68%) 1,789,480 1,785,528 Total of Investments (98.91%) 230,673,929 260,707,041 Other Assets, less Liabilities (1.09%) 2,867,841 Total Net Assets (100.00%) 263,574,882

The accompanying notes are an integral part of these ﬁnancial statements. 53 Imperial Overseas Equity Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 260,707 $ 255,690 Interest revenue $38$25 Cash including foreign currency holdings, at current value 1,229 2,019 Dividend revenue 4,101 4,584 Accrued interest and dividends receivable 479 427 Securities lending revenue 102 94 Receivable for portfolio securities sold 1,007 1,195 Receivable for units issued 524 115 4,241 4,703 Total Assets 263,946 259,446 Expenses (notes 5 and 8) Management fees 358 375 Liabilities Audit fees 9 7 Payable for portfolio securities purchased 188 1,418 Custodial fees 268 228 Payable for units redeemed 138 79 Legal fees 1 2 Management fees payable 6 6 Regulatory fees 16 8 Other accrued expenses 39 39 Unitholder reporting costs 23 18 Other expenses 23 7 Total Liabilities 371 1,542 698 645 Total Net Assets $ 263,575 $ 257,904 Expenses waived/absorbed by the Manager (412) (345) Net Asset Value per Unit (note 4) $ 13.55 $ 12.83 286 300 Net Investment Income (Loss) 3,955 4,403 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 8,423 9,651 Net realized gain (loss) on foreign currency (notes 2c and d) (179) (77) Increase (decrease) in unrealized appreciation (depreciation) of investments 2,130 (9,015) Net Gain (Loss) on Investments 10,374 559 Increase (Decrease) in Net Assets from Operations $ 14,329 $ 4,962 Increase (Decrease) in Net Assets from Operations per Unit $ 0.73 $ 0.22

2006 2005 Cost of Investments Held at Beginning of Period $ 225,264 $ 240,677 Purchases 60,392 46,450 Increase (Decrease) in Net Assets from Operations $ 14,329 $ 4,962 285,656 287,127 Changes Due to Unitholder Transactions Cost of Investments Held at End of Period 228,884 228,946 Amount received from the issuance of units 31,410 22,080 Amount paid on redemptions of units (40,068) (48,659) Cost of Investments Sold or Matured 56,772 58,181 Proceeds from sales or maturities 65,195 67,832 (8,658) (26,579) Net Realized Gain (Loss) on Sale of Investments $ 8,423 $ 9,651 Increase (Decrease) in Net Assets for the Period 5,671 (21,617) Net Assets at Beginning of Period 257,904 285,890 Net Assets at End of Period $ 263,575 $ 264,273

54 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Emerging Economies Pool

Statement of Investment Portfolio As at June 30, 2006 (unaudited)

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) International Equities 188,375 Hindalco Industries Ltd., GDR 130,072 243,011 126,000 Hindalco Industries Ltd., GDR, 41,200 Petrobras Energiá Participaciones SA, Registered 437,203 528,270 ADR 508,915 513,167 39,900 ICICI Bank Ltd., ADR 1,115,456 1,049,416 Argentina (0.19%) 508,915 513,167 336,700 Mahanagar Telephone Nigam Ltd., ADR 2,404,482 2,572,431 90,897 Reliance Capital Ventures Ltd., GDR 30,655 107,366 59,600 Banco Itau Holding Financeira SA, ADR 1,112,044 1,932,759 90,897 Reliance Communication Ltd., GDR 912,570 1,093,201 79,750 Brasil Telecom Participa¸cões SA, ADR 3,203,623 2,888,632 90,897 Reliance Energy Ventures Ltd., GDR 172,139 148,644 38,200 Braskem SA, ADR 681,145 517,858 94,797 Reliance Industries Ltd., GDR 1,876,788 4,537,438 269,400 Braskem SA, Preferred, Series ‘A’ 2,124,245 1,838,366 90,897 Reliance Natural Resources Ltd., GDR 16,506 87,825 25,081,400 Centrais Eletricas Brasileiras SA 424,865 598,394 63,230 State Bank of India, GDR 2,425,121 2,808,256 48,396,900 Centrais Electricas Brasileiras SA, Preferred, Class ‘B’ 860,208 1,103,178 India (5.42%) 10,751,973 14,998,367 12,001,100 Companhia de Saneamento Basico do 3,445,600 PT Bank Mandiri 641,604 712,320 Estado de Sao Paulo 648,826 1,242,603 1,313,100 PT Gudang Garam TBK 1,915,469 1,498,960 22,400 Companhia de Saneamento Basico do 8,882,800 PT Indofood Sukses Makmur TBK 1,038,699 939,160 Estado de Sao Paulo, ADR 410,370 586,655 1,290,900 PT Indosat TBK 804,853 665,242 15,498,900 Companhia de Tecidos Norte de Minas, 1,191,800 PT Telekomunikasi Indonesia 545,941 1,058,516 Preferred 1,576,997 1,608,193 32,366,800 Companhia Energetica de Minas Indonesia (1.76%) 4,946,566 4,874,198 Gerais, Preferred 882,271 1,551,902 121,929,300 Companhia Paranaense de Energia- 183,700 Bank Hapoalim Ltd. 627,158 890,454 Copel, Preferred, Series ‘B’ 656,339 1,274,370 169,100 Bank Leumi Le Israel 614,188 682,193 34,400 Companhia Vale do Rio Doce, ADR 836,769 919,680 82,100 Check Point Software Technologies 19,800 Duratex SA, Preferred 156,617 198,906 Ltd. 1,898,727 1,605,114 54,270 Empresa Brasileira de Aeronautica SA 176,900 Supersol Ltd. 531,276 545,294 (Embraer), ADR, Preferred 1,963,345 2,201,098 58,200 Taro Pharmaceutical Industries Ltd. 935,727 686,724 123,500 Grendene SA 1,312,486 1,101,039 Israel (1.59%) 4,607,076 4,409,779 171,400 Klabin SA, Preferred 369,529 451,819 73,530 Petroleo Brasileiro SA, ADR 2,981,352 7,303,121 538,100 Hindalco Industries Ltd., GDR, 135,800 Tele Norte Leste Participa¸cões SA, Registered 1,777,932 2,130,379 ADR, Preferred 2,285,877 1,925,546 Luxembourg (0.77%) 1,777,932 2,130,379 37,824 Telecomunica¸cões de São Paulo SA, Preferred 784,830 887,830 1,100,900 AMMB Holdings BHD 849,391 839,108 26,190 Telemar Norte Leste SA 613,990 575,991 459,800 Bumiputra-Commerce Holdings BHD 697,001 826,711 594,349,880 Telemig Celular Participa¸cões SA, 1,357,800 Gamuda BHD 2,407,689 1,412,762 Preferred 1,130,571 1,175,816 265,300 Genting BHD 1,439,641 1,902,154 29,080 Uniao de Bancos Brasileiros SA, ADR 1,659,410 2,147,044 164,400 Kuala Lumpur Kepong Berhad 373,731 485,571 72,600 Votorantim Celulose e Papel SA, ADR 1,039,586 1,257,905 865,100 Malayan Banking BHD 2,955,948 2,802,121 364,600 Proton Holdings BHD 720,124 574,134 Brazil (12.75%) 27,715,295 35,288,705 423,600 Resorts World BHD 1,345,687 1,501,346 165,440 Compania Cervecerias Unidas SA 914,531 811,351 1,908,600 Sime Darby BHD 3,593,009 3,176,431 311,145,700 Corpbanca SA 1,983,860 1,641,327 Malaysia (4.88%) 14,382,221 13,520,338 1,523,830 Masisa SA 315,459 263,759 11,081 Cemex SA de CV, ADR 338,009 702,052 Chile (0.98%) 3,213,850 2,716,437 98,520 Coca-Cola Femsa SA de CV, ADR 2,917,911 3,234,332 315,300 BYD Co. Ltd., Class ‘H’ 606,307 716,320 126,500 Consorcio ARA SA de CV 560,506 583,155 2,336,000 China Petroleum and Chemical Corp. 1,346,400 Controladora Commerciale Mexicana (Sinopec), Series ’H’ 1,206,766 1,489,428 SA de CV 1,648,602 2,560,187 9,048,800 China Telecom Corp. Ltd., Series ‘H’ 3,766,242 3,251,205 303,726 Desc SA de CV, Series ‘B’ 711,381 273,806 6,063,400 Denway Motors Ltd. 2,504,627 2,263,090 277,300 Embotelladoras Arca SA, Series ‘B’ 701,122 721,264 5,118,800 Huadian Power International Corp. Ltd., 48,140 Grupo Aeroportuario del Sureste SA de Class ‘H’ 1,754,729 1,616,369 CV, ADR, Series ‘B’ 1,762,994 1,798,291 1,872,000 Huaneng Power International Inc., 788,500 Grupo Continental SA, Series ‘I’ 1,617,263 1,444,957 Series ‘H’ 1,564,269 1,376,037 325,400 Kimberly-Clark de Mexico SA de CV, 3,953,600 Sinotrans Ltd., Series ‘H’ 1,458,366 1,388,619 Series ‘A’ 1,151,824 1,147,733 1,419,200 Weiqiao Textile Co. Ltd., Series ‘H’ 2,142,770 2,024,532 95,800 Organizacion Soriana SA de CV, 1,377,600 Yanzhou Coal Mining Co. Ltd., Series ‘B’ 444,275 401,139 Class ‘H’ 1,058,642 1,132,402 235,000 Telefonos de Mexico SA de CV, ADR 5,360,681 5,443,785 China (5.51%) 16,062,718 15,258,002 Mexico (6.61%) 17,214,568 18,310,701 12,850 Komercni Banka AS 2,096,771 2,069,494 1,115,400 ABS-CBN Broadcasting Corp. 404,090 343,538 269,900 Banco De Oro 197,073 175,273 Czech Republic (0.75%) 2,096,771 2,069,494 45,600 Banco De Oro Universal, GDR 667,349 562,901 3,339,000 Brilliance China Automotive Holdings 1,361,872 Bank of the Philippine Islands 1,141,632 1,420,894 Ltd. 773,670 631,022 665,000 Manila Electric Co., Class ‘B’ 207,301 309,304 4,077,600 CNOOC Ltd. 3,368,527 3,642,278 3,757,000 SM Prime Holdings Inc. 595,358 614,062 1,875,200 Global Bio-chem Technology Group Co. Philippines (1.24%) 3,212,803 3,425,972 Ltd. 873,303 887,681 626,900 Panva Gas Holdings Ltd. 319,747 318,781 72,600 Powszechna Kasa Oszczednosci Bank 813,000 Shanghai Industrial Holdings Ltd. 1,914,433 1,767,132 Polski SA 709,130 940,678 719,642 Texwinca Holdings Ltd. 591,896 537,253 289,330 Telekomunikacja Polska SA 1,923,320 2,019,134 Hong Kong (2.81%) 7,841,576 7,784,147 Poland (1.07%) 2,632,450 2,959,812 392,300 Magyar Telekom Rt., Registered 2,047,883 1,654,121 135,995 Gazprom, ADR, Registered 3,682,491 6,364,181 76,900 LUKOIL, ADR 3,299,561 7,132,409 Hungary (0.60%) 2,047,883 1,654,121 6,900 Mining and Metallurgical Co. Norilsk 48,200 Gail India Ltd., GDR 1,230,981 1,822,509 Nickel, ADR 758,810 999,472

The accompanying notes are an integral part of these ﬁnancial statements. 55 Imperial Emerging Economies Pool

Average Cost Current Value Average Cost Current Value Shares ($) ($) Shares ($) ($) 46,600 Novolipetsk Steel (NLMK), GDR, 76,300 Chunghwa Telecom Co. Ltd., ADR 1,652,305 1,567,239 Registered 808,798 1,140,125 1,934,553 Compal Electronics Inc. 2,024,952 2,050,450 371,329 Compal Electronics Inc., GDR 2,767,531 1,845,909 Russia (5.65%) 8,549,660 15,636,187 94,425 Elan Microelectronics Corp. 81,945 51,737 555,700 Alexander Forbes Ltd. 1,310,105 1,263,785 667,000 Far Eastern Textile Ltd. 562,933 605,803 308,303 Aveng Ltd. 663,837 1,030,371 2,327,400 First Financial Holding Co. Ltd. 1,948,973 1,958,912 124,729 Bidvest Group Ltd. 1,297,359 1,914,564 66,430 First Financial Holding Co. Ltd., GDR, 898,510 Nampak Ltd. 2,263,771 2,552,721 Registered 1,069,188 1,108,152 269,466 Nedbank Group Ltd. 4,228,150 4,729,179 470,000 Formosa Chemicals & Fibre Corp. 870,746 807,217 390,166 Network Healthcare Holdings Ltd. 392,667 583,110 1,389,000 Fubon Financial Holding Co. Ltd. 1,367,024 1,338,083 1,416,940 Sanlam Ltd. 3,243,200 3,197,444 966,000 Nien Hsing Textile Co. Ltd. 942,716 575,768 224,850 Sappi Ltd. 3,511,578 3,097,513 680,000 Nien Made Enterprise Co. Ltd. 931,658 851,296 227,373 Steinhoff International Holdings Ltd. 375,923 755,296 929,582 Optimax Technology Corp. 1,744,442 900,809 710,000 Powerchip Semiconductor Corp. 463,190 516,965 South Africa (6.91%) 17,286,590 19,123,983 27,000 Powerchip Semiconductor Corp., GDR, Registered 163,754 189,791 16,786 Daelim Industrial Co. Ltd. 1,065,900 1,170,405 1,795,700 Quanta Computer Inc. 3,305,503 3,197,456 158,770 Hanwha Chemical Corp. 1,836,276 1,600,597 110,851 Quanta Computer Inc., GDR, 36,200 Hynix Semiconductor Inc., Registered 1,432,046 986,219 Series ‘144A’, Registered, GDR 1,139,692 1,298,321 265,000 Radiant Opto-Electronics Corp. 526,384 475,985 12,457 Hyundai Department Store Co. Ltd. 1,033,001 1,069,813 6,373,000 SinoPac Holdings Co. 3,826,961 3,587,803 16,920 Hyundai Mobis 1,599,883 1,592,689 910,014 Sunplus Technology Co. Ltd. 1,145,198 1,117,501 33,130 Hyundai Motor Co. Ltd. 2,205,684 3,127,678 1,059,000 Taiwan Cement Corp. 893,434 866,137 43,390 Industrial Bank of Korea 429,456 811,556 912,000 Taiwan Mobile Co. Ltd. 1,102,543 1,007,873 20,629 Kangwon Land Inc. 316,508 391,389 4,230,705 United Microelectronics Corp. 2,852,208 2,794,361 41,843 Kookmin Bank 2,127,783 3,834,204 1,089,711 United Microelectronics Corp., ADR 5,436,458 3,768,908 12,370 Kookmin Bank, ADR 643,582 1,142,630 4,517,000 Yageo Corp. 1,887,331 1,735,648 78,020 Korea Electric Power Corp. 2,069,367 3,250,555 129,300 Yageo Corp., GDR 291,150 240,137 13,460 KT Corp. 616,925 619,669 121,800 KT Corp., ADR 3,183,512 2,905,484 Taiwan (14.58%) 47,166,560 40,400,197 113,100 Kumho Tire Co. Inc. 1,955,687 1,708,814 20,100 Kumho Tire Co. Inc., GDR 178,160 152,002 1,752,700 C.P. 7-Eleven Public Co. Ltd. 292,370 367,818 65,110 LG Chem Ltd. 3,155,713 2,516,807 4,661,500 Charoen Pokphand Foods Public Co. 42,160 LG Electronics Inc. 3,042,327 2,841,561 Ltd. 614,716 720,102 37,300 LG Philips 1,603,236 1,540,956 972,000 Delta Electronics (Thailand) Public Co. 3,255 Lotte Shopping Co. Ltd. 1,459,935 1,407,967 Ltd. 657,478 467,458 54,500 Lotte Shopping Co. Ltd, GDR 1,293,352 1,161,277 1,046,400 Kasikornbank Public Co. Ltd. 1,709,568 1,857,587 4,420 POSCO 731,360 1,320,062 5,802,700 Krung Thai Bank Public Co. Ltd. 1,673,155 1,691,308 24,260 POSCO, ADR 1,229,708 1,804,932 1,034,500 Siam Commercial Bank Public Co. Ltd. 1,397,861 1,628,233 7,641 Samsung Electronics Co. Ltd. 4,107,049 5,393,753 205,800 Siam Makro Public Co. Ltd. 270,714 479,875 14,020 Samsung SDI Co. Ltd. 1,657,138 1,070,354 Thailand (2.60%) 6,615,862 7,212,381 27,930 Shinhan Financial Group Co. Ltd. 1,317,070 1,463,480 23,360 SK Corp. 1,412,967 1,670,566 268,236 Koc Holding AS 1,030,790 881,652 2,575 SK Telecom Co. Ltd. 603,026 614,108 73,023 Tupras-Turkiye Petrol Raﬁnerileri AS 1,031,367 1,344,588 106,590 SK Telecom Co. Ltd., ADR 2,646,130 2,776,177 229,660 Turkiye Is Bankasi, Series ‘C’ 1,645,629 1,234,914 South Korea (18.15%) 44,660,427 50,257,806 Turkey (1.25%) 3,707,786 3,461,154 371,000 Accton Technology Corp., GDR 1,218,178 400,211 Total of International Equities (96.07%) 246,999,482 266,005,327 282,240 Advanced Semiconductor Engineering Inc. 236,630 310,683 Total of Investments before Short-Term 2,307,250 Benq Corp. 2,417,034 1,591,121 Investments (96.07%) 246,999,482 266,005,327 1,428,410 China Motor Corp. Ltd. 1,825,017 1,594,862 2,555,417 Chinatrust Financial Holding Co. Ltd. 2,179,128 2,357,161

Average Cost Current Value Par Value ($) ($) Short-Term Investments 1,020,794 CIBC Mellon Trust Demand Deposit, Variable Rate† 1,020,794 1,030,121 Total Short-Term Investments (CAD) 1,020,794 1,030,121 10,691,128 Mellon Bank NA Deposit Trust Reserve, Variable Rate 11,925,823 11,892,633 Total Short-Term Investments (USD) 11,925,823 11,892,633 Total of Short-Term Investments (4.67%) 12,946,617 12,922,754 Total of Investments (100.74%) 259,946,099 278,928,081 Other Assets, less Liabilities (–0.74%) (2,056,289) Total Net Assets (100.00%) 276,871,792 †This security is issued by a related party of the Pool.

56 The accompanying notes are an integral part of these ﬁnancial statements. Imperial Emerging Economies Pool

2006 2005 2006 2005 Assets Income Investments at current value (notes 2 and 3) $ 278,928 $ 245,188 Interest revenue $54$26 Cash including foreign currency holdings, at current value 1,838 4,154 Dividend revenue 3,300 3,915 Accrued interest and dividends receivable 472 874 Securities lending revenue 2 2 Receivable for portfolio securities sold 1,914 1,060 Other income — 2 Receivable for units issued 720 446 3,356 3,945 Total Assets 283,872 251,722 Expenses (notes 5 and 8) Liabilities Management fees 334 263 Payable for portfolio securities purchased 6,791 1,393 Audit fees 9 4 Payable for units redeemed 186 170 Custodial fees 251 224 Management fees payable 6 6 Legal fees 1 1 Other accrued expenses 17 18 Regulatory fees 11 6 Unitholder reporting costs 109 171 Total Liabilities 7,000 1,587 Other expenses 21 5 Total Net Assets $ 276,872 $ 250,135 736 674 Net Asset Value per Unit (note 4) $ 12.14 $ 11.96 Expenses waived/absorbed by the Manager (589) (558) 147 116 Net Investment Income (Loss) 3,209 3,829 Realized and Unrealized Gain (Loss) on Investments Net realized gain (loss) on sale of investments1 23,987 10,074 Net realized gain (loss) on foreign currency (notes 2c and d) (458) (55) Increase (decrease) in unrealized appreciation (depreciation) of investments (21,368) (2,781) Net Gain (Loss) on Investments 2,161 7,238 Increase (Decrease) in Net Assets from Operations $ 5,370 $ 11,067 Increase (Decrease) in Net Assets from Operations per Unit $ 0.28 $ 0.57

2006 2005 Cost of Investments Held at Beginning of Period $ 199,538 $ 169,010 Purchases 109,312 47,943 Increase (Decrease) in Net Assets from Operations $ 5,370 $ 11,067 308,850 216,953 Changes Due to Unitholder Transactions Cost of Investments Held at End of Period 246,999 176,827 Amount received from the issuance of units 85,551 42,305 Amount paid on redemptions of units (64,184) (42,731) Cost of Investments Sold or Matured 61,851 40,126 Proceeds from sales or maturities 85,838 50,200 21,367 (426) Net Realized Gain (Loss) on Sale of Investments $ 23,987 $ 10,074 Increase (Decrease) in Net Assets for the Period 26,737 10,641 Net Assets at Beginning of Period 250,135 197,757 Net Assets at End of Period $ 276,872 $ 208,398

The accompanying notes are an integral part of these ﬁnancial statements. 57 Notes to Financial Statements

June 30, 2006 and 2005, and December 31, 2005 (unaudited) 1. Imperial Pools — Organization of the Pools and Financial Reporting Periods contracts for hedging are offset against foreign currency gains or losses arising from the sale Each of the Imperial Pools (individually, a ‘‘Pool’’, and collectively, the ‘‘Pools’’) is a mutual of underlying investments. fund trust organized under the laws of Ontario and governed by a declaration of trust (‘‘Declaration of Trust’’). e) Futures Contracts Canadian Imperial Bank of Commerce (‘‘CIBC’’) is the manager (the ‘‘Manager’’) of the The margin deposits with brokers relating to futures contracts are included in Margin on the Pools, and CIBC Trust Corporation is the Trustee (the ‘‘Trustee’’) of the Pools. Statements of Net Assets. Any change in the margin requirement is settled daily, and is ’’Date Established’’ is the date on which a Pool was established by Declaration of Trust. included in Receivable for portfolio securities sold or Payable for portfolio securities purchased ’’Inception Date’’ is the date upon which a class of units of a Pool were first sold to on the Statements of Net Assets. the public. Any difference between the settlement value at the close of business on each valuation The Statements of Investment Portfolio are as at June 30, 2006. The Statements of Net date and the settlement value at the close of business on the previous valuation date is Assets are as at June 30, 2006 and December 31, 2005, and the Statements of Operations recorded as Income (loss) from futures contracts on the Statements of Operations. and Changes in Net Assets are for the six-month periods ended June 30, 2006 and 2005, f) Options except for Pools established during either period, in which case the information presented is Premiums paid for purchased call and put options are included in Investments at current value from the Date Established to June 30. on the Statements of Net Assets. When a purchased option expires, the Pool will realize a loss in the amount of the cost of the option. For a closing transaction, the Pool will realize a Name Date Established Inception Date gain or loss depending on whether the proceeds are greater or less than the premium paid at Imperial Money Market Pool February 1, 1991 October 15, 1998 the time of purchase. When a purchased call option is exercised, the cost of the security Imperial Short-Term Bond Pool February 1, 1991 October 15, 1998 purchased is increased by the premium paid at the time of purchase. Imperial Canadian Bond Pool February 1, 1991 October 15, 1998 Premiums received from writing options are included in Investments at current value on the Imperial Canadian Dividend Pool February 1, 1991 November 24, 2003 Statements of Net Assets as initial reductions in the value of investments. Premiums received Imperial International Bond Pool June 28, 1999 June 28, 1999 Imperial Canadian Income Trust Pool February 1, 1991 November 24, 2003 from writing options that expire unexercised are recorded as Income on the Statements of Imperial Canadian Dividend Income Pool May 6, 2003 May 15, 2003 Operations. For a closing transaction, if the cost of closing the transaction exceeds the Imperial Canadian Equity Pool February 1, 1991 October 15, 1998 premium received, the Pools will record a realized loss, or if the premium received at the time Imperial Registered U.S. Equity Index Pool June 28, 1999 June 28, 1999 the option was written is greater than the amount paid, the Pools will record a realized gain. If Imperial U.S. Equity Pool February 1, 1991 October 15, 1998 a written put option is exercised, the cost for the security delivered is reduced by the Imperial Registered International Equity Index Pool February 1, 1991 October 15, 1998 premiums received at the time the option was written. Imperial International Equity Pool February 1, 1991 October 15, 1998 Imperial Overseas Equity Pool February 1, 1991 November 24, 2003 g) Securities Lending Imperial Emerging Economies Pool June 28, 1999 June 28, 1999 The 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 to 2. Summary of Significant Accounting Policies exceed 50% of the current value of the assets of that Pool (excluding collateral debt for the These financial statements, prepared in accordance with Canadian generally accepted loaned securities). The minimum allowable collateral is 102% of the current value of the accounting principles, include estimates and assumptions by management that affect the loaned securities as per the requirements of National Instrument 81-102. Collateral can consist reported amounts of assets, liabilities, income, and expenses during the reported periods. of the following: Actual results may differ from such estimates. i) Cash. ii) An evidence of indebtedness that is issued or fully and unconditionally guaranteed as a) Investment Transactions, Income Recognition, and Recognition of Realized and to the principal and interest by: a) the government of Canada, or a province or territory Unrealized Gains and Losses of Canada; b) the government of the United States of America or the government of i) Each transaction of purchase or sale of a portfolio asset by a Pool is reflected in the one of the states of the United States of America; c) the government of another net asset value no later than the first computation of net asset value made after the sovereign state, or a permitted supranational agency, if, in each case, the evidence of date on which the transaction becomes binding upon the Pool. indebtedness has an approved credit rating; or d) a Canadian financial institution or a ii) Interest income is recorded on the accrual basis. financial institution that is not incorporated or organized under the laws of Canada or iii) Dividend income is recorded on the ex-dividend date. of a province or territory of Canada, if, in either case, evidences of indebtedness of iv) The valuation of securities and other assets is accounted for on a ’’fair value basis’’. that issuer or guarantor that are rated as short-term debt by an approved credit rating This means that the value of the securities and assets is adjusted on each valuation organization have an approved credit rating. date to reflect fair values (’’current value’’). iii) Irrevocable Letters of Credit issued by a Canadian financial institution, if evidences of v) Realized gains and losses on investments and unrealized appreciation or depreciation indebtedness of the Canadian financial institution that are rated as short-term debt by of investments are calculated using the average cost of the related investments. an approved credit rating organization have an approved credit rating. vi) Other income is the sum of income other than that which is separately classified on iv) Securities that are immediately convertible into securities of the same issuer, class, or the Statements of Operations. type, and the same term, as the securities loaned. b) Portfolio Securities v) Commercial Paper with a term to maturity of 365 days or less with an approved credit The difference between the current value of securities and their average cost represents the rating and that was issued by a company other than a government or permitted unrealized appreciation (depreciation) in value of the portfolio investments. The applicable supranational agency. period change in unrealized appreciation (depreciation) of investments is included on the The market value of the loaned securities is determined on the close of any valuation date, Statements of Operations. and any additional required collateral is delivered to the Pools on the next business day. The Short-term investments on the Statement of Investment Portfolio (except for Imperial securities on loan continue to be included on the Statements of Investment Portfolio, and are Money Market Pool) include accrued interest. Short-term investments in Imperial Money included in the total value on the Statements of Net Assets in Investments at current value. Market Pool are presented at their fair value. Accrued interest for bonds is disclosed h) Other Assets and Liabilities separately on the Statements of Net Assets. Other assets and liabilities are recorded at cost, which approximates their current value. c) Foreign Exchange i) Legend for Abbreviations The value of investments and other assets and liabilities denominated in foreign currencies is The following is a list of abbreviations (foreign currency translation and others) that may be translated into Canadian dollars at the rates prevailing on each valuation date. used in the Statements of Investment Portfolio: 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. Foreign AUD – Australian Dollar NOK – Norwegian Krone currency translation gains (losses) on investments and income transactions are included in BEF – Belgium Franc NZD – New Zealand Dollar Net realized gain (loss) on foreign currency and in Income, respectively, on the Statements CAD – Canadian Dollar PHP – Philippine Peso CHF – Swiss Franc PLN – Polish Zloty of Operations. CZK – Czech Koruna SEK – Swedish Krona DEM – Deutsche Mark SGD – Singapore Dollar d) Forward Foreign Currency Contracts DKK – Danish Krone THB – Thai Baht Pools may enter into forward foreign currency contracts for either hedging or non-hedging ESP – Spanish Peseta TWD – Taiwan Dollar purposes where such activity is consistent with their investment objectives and as permitted EUR – Euro USD – United States Dollar by the Canadian securities regulatory authorities. FRF – French Franc ZAR – South African Rand Changes in the value of forward foreign currency contracts are recorded as Unrealized gain GBP – British Pound ADR – American Depository Receipt (loss) on forward foreign currency contracts on the Statements of Net Assets, and are GRD – Greek Drachma GDR – Global Depository Receipt recorded as an Increase (decrease) in unrealized appreciation (depreciation) of investments HKD – Hong Kong Dollar SDR – Swedish Depository Receipt HUF – Hungarian Forint LEPOS – Low Exercise Price Options during the applicable period on the Statements of Operations. IDR – Indonesian Rupiah MSCI – Morgan Stanley Capital International The gain or loss arising from the difference between the value of the original forward ITL – Italian Lira OPALS – Optimized Portfolios as Listed Securities foreign currency contract and the contract at close or delivery is realized and recorded as JPY – Japanese Yen PERLES – Performance Linked to Equity Securities Net realized gain (loss) on foreign currency for Pools that use the forward foreign currency KRW – South Korean Won ETF – Exchange Traded Fund contracts for hedging, or as Income (loss) from forward foreign currency contracts for Pools MXN – Mexican Peso iShares – index Shares that do not use the forward foreign currency contracts for hedging. The realized gains or MYR – Malaysian Ringgit ADC – Austrian Depository Certificate losses on forward foreign currency contracts for Pools that use forward foreign currency NLG – Dutch Guilder

58 Notes to Financial Statements

3. Valuation of Investments Imperial Short-Term Bond Pool The 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. 2006 2005 The value of the investments or assets of a Pool is determined as follows: Balance — beginning of period 236,087,771 212,233,452 Units issued for cash 36,199,158 66,931,167 a) Cash and Cash Equivalents Units issued on reinvestment of distributions 5,390,315 9,844,165 Cash, accounts receivable, dividends receivable, distributions receivable, and accrued interest are valued at their recorded cost, plus or minus any foreign exchange between recognition of 277,677,244 289,008,784 the asset by the Pool and the current Valuation Date, which approximates current value. Units redeemed (85,679,707) (52,921,013) Short-term investments (money market instruments) are valued at cost plus accrued Balance — end of period 191,997,537 236,087,771 interest, which approximates current value for all Pools, except Imperial Money Market Pool. For Imperial Money Market Pool, short-term investments are valued at their fair value. Imperial Canadian Bond Pool b) Bonds, Debentures, and Other Debt Obligations Bonds, debentures, and other debt obligations are valued by taking the average of the bid and 2006 2005 ask prices provided by a recognized vendor upon the close of trading on a Valuation Date. Balance — beginning of period 239,953,557 187,261,440 Units issued for cash 165,387,449 86,590,308 c) Listed Securities, Unlisted Securities, and Fair Value Pricing of Foreign Securities Units issued on reinvestment of distributions 7,455,159 10,547,462 Any security that is listed or dealt with on a securities exchange is valued at the closing sale price or, if there is no closing sale price on that exchange, and in the case of securities traded 412,796,165 284,399,210 on an over-the-counter (’’OTC’’) market, at the average of the closing ask price and the closing Units redeemed (81,584,252) (44,445,653) bid price unless it is determined by the Manager that these are inappropriate as a basis for Balance — end of period 331,211,913 239,953,557 valuation. In such situations, a fair value will be determined by the Manager. If any securities are inter-listed or traded on more than one exchange or market, the Manager will use the principal exchange or market for valuing such securities. Imperial Canadian Dividend Pool Unlisted securities are valued at the average of the most recent bid and ask prices quoted by a recognized dealer, or the Manager may determine a price that more accurately reflects 2006 2005 the fair value of these securities. Balance — beginning of period 20,876,616 16,428,507 Fair value pricing is designed to avoid stale prices and to provide a more accurate net asset Units issued for cash 5,258,847 7,252,943 value, and may assist in the deterrence of harmful short-term or excessive trading in the Units issued on reinvestment of distributions 448,043 704,089 Pools. When securities listed or traded on markets or exchanges that close prior to North 26,583,506 24,385,539 American markets or exchanges are valued by the Manager at their fair market value, instead Units redeemed (1,948,629) (3,508,923) of using quoted or published prices, the prices of such securities used to calculate the Pool’s net asset value may differ from quoted or published prices of such securities. Balance — end of period 24,634,877 20,876,616 d) Derivatives Imperial International Bond Pool Long positions in options, debt-like securities, and listed warrants are valued at the closing value as established on either their principal trading exchange or by a recognized dealer in 2006 2005 such securities. The credit rating of each counterparty (as rated by Standard & Poor’s, a division of the McGraw-Hill Companies, Inc.) meets the minimum approved credit rating. Balance — beginning of period 73,845,475 67,647,484 When any option is written by any Pool, the premium received by the Pool will be reflected Units issued for cash 3,770,678 29,532,873 Units issued on reinvestment of distributions — 1,040,050 as a liability that will be valued at an amount equal to the current market value of the option that would have the effect of closing the position. Any difference resulting from revaluation 77,616,153 98,220,407 shall be treated as an unrealized gain or loss on investment; the liability shall be deducted in Units redeemed (61,630,814) (24,374,932) arriving at the net asset value of the Pool. The securities, if any, that are the subject of a Balance — end of period 15,985,339 73,845,475 written option will be valued as in the manner described above for listed securities. Futures contracts, forward contracts, or swaps will be valued at the gain or loss, if any, that would be realized on the Valuation Date if the position in the futures contracts, forward Imperial Canadian Income Trust Pool contracts, or swaps were to be closed out. Margin paid or deposited in respect of futures contracts and forward contracts will be 2006 2005 reflected as an account receivable and margin consisting of assets other than cash will be Balance — beginning of period 11,560,362 7,658,911 noted as held as collateral. Units issued for cash 33,765,873 6,020,871 Other derivatives and margin are valued in a manner that the Manager determines to Units issued on reinvestment of distributions 350,885 545,271 represent their fair value. 45,677,120 14,225,053 e) Restricted Securities Units redeemed (1,492,060) (2,664,691) Restricted securities purchased by any Pool will be valued in a manner that the Manager Balance — end of period 44,185,060 11,560,362 determines to represent their fair value. f) Other Securities Imperial Canadian Dividend Income Pool All other assets of the Pools will be valued in accordance with the laws of the Canadian securities regulatory authorities where applicable and in a manner that most accurately reflects 2006 2005 their fair value as determined by the Manager. Balance — beginning of period 125,423,822 72,809,814 Units issued for cash 45,752,165 67,352,427 The value of any security or other property of a Pool for which a market quotation is not Units issued on reinvestment of distributions 4,103,237 5,687,806 readily available or where the market quotations do not properly reflect the fair value of such securities will be determined by the Manager by valuing the securities at their fair value. 175,279,224 145,850,047 Units redeemed (25,495,845) (20,426,225) 4. Units Issued and Outstanding Balance — end of period 149,783,379 125,423,822 Unitholders 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, 2006 and December 31, 2005, are summarized as follows: Imperial Canadian Equity Pool

Imperial Money Market Pool 2006 2005 Balance — beginning of period 55,194,204 75,050,390 2006 2005 Units issued for cash 6,112,246 7,025,925 Balance — beginning of period 90,453,608 76,207,606 Units issued on reinvestment of distributions — 3,093,434 Units issued for cash 20,505,927 63,050,985 Units issued on reinvestment of distributions 1,129,588 2,313,327 61,306,450 85,169,749 Units redeemed (19,250,933) (29,975,545) 112,089,123 141,571,918 Units redeemed (63,987,810) (51,118,310) Balance — end of period 42,055,517 55,194,204 Balance — end of period 48,101,313 90,453,608

59 Notes to Financial Statements

Imperial Registered U.S. Equity Index Pool 5. Management Fees and Operating Expenses Management fees are based on the net assets of the Pools, and are calculated daily. 2006 2005 Management fees are paid to the Manager in consideration for providing, or arranging for the Balance — beginning of period 57,002,732 62,353,241 provision of, management, distribution, and portfolio advisory services. Units issued for cash 4,374,485 8,567,934 In addition to the management fees, the Pools are responsible for all expenses relating to Units issued on reinvestment of distributions — 3,879,139 the operation and conduct of the business of the Pools, including interest, operating, and administrative costs (other than advertising and promotional expenses, which are the 61,377,217 74,800,314 responsibility of the Manager), brokerage fees, commissions, spreads, regulatory fees, a Units redeemed (20,683,638) (17,797,582) portion of the fees paid to members of the Independent Review Committee, taxes, audit and Balance — end of period 40,693,579 57,002,732 legal fees and expenses, safekeeping and custodial fees, investor servicing costs, and costs of unitholder reports, prospectuses, and other reports. All such operating expenses are paid by Imperial U.S. Equity Pool the Manager and 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 the Manager, resulting in the Manager absorbing expenses. The Manager may also charge less 2006 2005 than the maximum management fee noted in the following table, resulting in the Manager Balance — beginning of period 101,657,392 105,872,553 waiving management fees. Units issued for cash 21,776,898 20,982,373 At its sole discretion, the Manager may stop absorbing operating expenses and/or waiving Units issued on reinvestment of distributions — 1,808,941 management fees at any time. Operating expenses absorbed and/or management fees waived 123,434,290 128,663,867 by the Manager are disclosed on the Statements of Operations. Units redeemed (32,148,922) (27,006,475) In some cases, the Manager may charge management fees to a Pool that are less than the management fees the Manager is entitled to charge for certain investors in a Pool. The Balance — end of period 91,285,368 101,657,392 difference in the amount of the management fees will be paid out by the Pool to the applicable investors as a distribution of additional units of the Pool (’’Management Fee Imperial Registered International Equity Index Pool Distributions’’). Management Fee Distributions are negotiable between the Manager and the investor and are dependent primarily on the size of the investor’s investment in the Pool. 2006 2005 Management Fee Distributions paid to qualified investors do not adversely impact the Pool or Balance — beginning of period 12,856,230 12,799,552 any of the Pool’s other investors. The Manager may increase or decrease the amount of Units issued for cash 3,777,453 3,928,613 Management Fee Distributions to certain investors from time to time. Units issued on reinvestment of distributions — — The maximum management fee expressed as a percentage of the average net assets that can be charged by a class is as follows: 16,633,683 16,728,165 Units redeemed (2,289,039) (3,871,935) Maximum Chargeable Balance — end of period 14,344,644 12,856,230 Name Management Fee Imperial Money Market Pool 0.25% Imperial International Equity Pool Imperial Short-Term Bond Pool 0.25% Imperial Canadian Bond Pool 0.25% 2006 2005 Imperial Canadian Dividend Pool 0.25% Imperial International Bond Pool 0.25% Balance — beginning of period 69,779,743 71,308,700 Imperial Canadian Income Trust Pool 0.25% Units issued for cash 33,568,612 14,606,671 Imperial Canadian Dividend Income Pool 0.25% Units issued on reinvestment of distributions — 1,849,913 Imperial Canadian Equity Pool 0.25% 103,348,355 87,765,284 Imperial Registered U.S. Equity Index Pool 0.25% Units redeemed (10,197,273) (17,985,541) Imperial U.S. Equity Pool 0.25% Imperial Registered International Equity Index Pool 0.25% Balance — end of period 93,151,082 69,779,743 Imperial International Equity Pool 0.25% Imperial Overseas Equity Pool 0.25% Imperial Emerging Economies Pool 0.25% Imperial Overseas Equity Pool 6. Income Taxes 2006 2005 The Pools qualify as mutual fund trusts under the Income Tax Act (Canada). No income tax is Balance — beginning of period 20,096,704 23,757,194 payable by the Pools on net income and/or net realized capital gains that are distributed to Units issued for cash 2,316,070 3,276,199 unitholders. In addition, income taxes payable on undistributed net realized capital gains are Units issued on reinvestment of distributions — 449,074 refundable on a formula basis when units of the Pools are redeemed. Sufficient net income 22,412,774 27,482,467 and realized capital gains of the Pools have been, or will be, distributed to the unitholders Units redeemed (2,958,889) (7,385,763) such that no tax is payable by the Pools and, accordingly, no provision for income taxes has been made in the financial statements. Occasionally, a Pool may pay distributions in excess of Balance — end of period 19,453,885 20,096,704 net income and net realized capital gains of the Pool. This excess distribution is called a return of capital and is non-taxable to the unitholder. However, a return of capital reduces the Imperial Emerging Economies Pool average cost of the unitholder’s units for tax purposes. Non-capital losses that arose in taxation years before 2004 are available to be carried 2006 2005 forward for seven years and applied against future taxable income. Non-capital losses that Balance — beginning of period 20,909,496 19,920,348 arose in 2004 and after are available to be carried forward for ten years. Units issued for cash 6,928,318 6,924,674 Capital losses for income tax purposes may be carried forward indefinitely and applied Units issued on reinvestment of distributions — 504,158 against capital gains realized in future years. The Pools have taxation year-ends of December 15 (except Imperial Money Market Pool, 27,837,814 27,349,180 which has a taxation year end of December 31). As at December 2005, the following Pools Units redeemed (5,029,598) (6,439,684) have available non-capital and capital losses for income tax purposes available to be carried Balance — end of period 22,808,216 20,909,496 forward as follows:

Total Total Non-Capital Losses that Expire in: Capital Non-Capital 2008 and Name Losses Losses 2006 2007 Thereafter Imperial International Bond Pool $ 18,883,776 $ — $ — $ — $ — Imperial Canadian Income Trust Pool 30,891 ———— Imperial Canadian Dividend Income Pool 992,381 ———— Imperial Registered U.S. Equity Index Pool 108,311,858 ———— Imperial U.S. Equity Pool 221,514,155 ———— Imperial Registered International Equity Index Pool 4,476,148 85,098,363 — 22,392,967 62,705,396 Imperial International Equity Pool 149,696,309 ———— Imperial Overseas Equity Pool 476,529,447 ———— Imperial Emerging Economies Pool 6,659,745 ————

60 Notes to Financial Statements

7. Brokerage Commissions and Fees decision-making services to the Pools. As per the terms of the sub-advisory agreements, such Brokerage commissions for portfolio transactions are included in the cost of portfolio soft dollar arrangements are in compliance with applicable laws. In addition, the Manager may investments purchased or as a reduction of the proceeds received upon the sale of portfolio enter into commission recapture arrangements with certain dealers with respect to the Pools. investments. In allocating brokerage business, consideration may be given by the sub-advisers Any commission recaptured will be paid to the relevant Pool. Spreads associated with fixed of the Pools to dealers that furnish research, statistical, and other services to sub-advisers that income securities trading are not ascertainable, and for that reason are not included in the process trades through such dealers (referred to in the industry as ’’soft dollar’’ arrange- dollar values below. The dollar amounts of all commissions and other fees in addition to ments). These services assist the sub-adviser with their investment decision-making services soft dollar payments for the periods ended June 30, 2006 and 2005, are disclosed in the to the Pool. In addition, the Manager may enter into commission recapture arrangements with following table: certain dealers with respect to the Pool. Any commission recaptured will be paid to the applicable Pool. Commissions, Spreads and Other Fixed income and certain other securities are transacted in an over-the-counter market, Fees Paid to: where participants are dealing as principals. Such securities are generally traded on a net basis CIBC World CIBC World and do not normally involve brokerage commissions, but will typically include a ’’spread’’ Markets Inc. Markets Corp. Soft Dollars (being the difference between the bid and the offer prices on the security of the applicable Name 2006 2005 2006 2005 2006 2005 marketplace). Imperial Canadian Income Spreads associated with fixed income securities trading are not ascertainable, and for that Trust Pool $ 16,164 $ 8,861 $—$—$ 350 $— reason are not included in the dollar amounts below. The dollar amounts of all commissions Imperial Canadian Dividend and other fees in addition to soft dollar payments for the periods ended June 30, 2006 and Income Pool 153,799 52,413 — — 41,471 17,566 2005, are as follows: Imperial Canadian Dividend Pool 8,085 2,600 — — 2,500 95 Brokerage Imperial Canadian Equity Pool 174,695 246,438 — — 19,251 44,870 Commissions and Fees Soft Dollars Imperial U.S. Equity Pool — 2,040 105,916 — 67,650 — Name 2006 2005 2006 2005 Imperial International Equity Pool 81,937 4,320 446 — — — Imperial Overseas Equity Pool 5,883 2,935 — — — — Imperial Canadian Dividend Pool $ 98,361 $ 29,454 $ 3,692 $ 2,365 Imperial Emerging Economies Imperial Canadian Income Pool — — 966 — — — Trust Pool 185,776 75,579 5,539 235 Imperial Canadian Dividend Income Pool 741,857 625,229 152,442 269,139 Custodian Imperial Canadian Equity Pool 1,268,191 2,226,402 268,564 141,881 The custodian holds all cash and securities for the Pools and ensures that those assets are Imperial U.S. Equity Pool 705,950 561,417 87,361 20,300 kept separate from any other cash or securities that they might be holding (the ’’Custodian’’). Imperial International Equity Pool 882,890 584,809 1,198 28,109 The Custodian may hire sub-custodians for the Pools. The fees for the services of the Imperial Overseas Equity Pool 202,615 195,184 560 12,427 Custodian are borne as an operating expense by the Pools. CIBC Mellon Trust Company is the Imperial Emerging Economies Custodian. CIBC owns approximately one-half of CIBC Mellon Trust Company. Pool 457,477 251,724 2,033 1,467 Service Provider CIBC Mellon Global Securities Services Company (’’CIBC GSS’’) provides certain services to 8. Related Party Transactions the Pools, including securities lending, Pool accounting and reporting, and portfolio valuation. Canadian Imperial Bank of Commerce (’’CIBC’’) and its affiliates have the following roles and CIBC indirectly owns approximately one-half of CIBC GSS. responsibilities with respect to the Pools, and receive the fees described below in connection The amounts paid by the Pools (including GST) to CIBC Mellon Trust Company for custodial with their roles and responsibilities. The Pools may also hold securities of CIBC. These fees (net of absorptions), and to CIBC GSS for securities lending, Pool accounting, reporting, holdings are indicated by a footnote on the Statement of Investment Portfolio as issued by a and portfolio valuation (net of absorptions) by the Pools, for the periods ended June 30, 2006 related party. CIBC may also be involved in underwriting or lending to issuers that may be and 2005 are as follows: held by the Pools. Custodial Fees, Securities Manager, Trustee, and Portfolio Adviser of the Pools Lending, Fund Accounting, CIBC is the Manager, CIBC Trust Corporation, the Trustee, and CIBC Asset Management Reporting and Portfolio Inc., the portfolio adviser of each of the Pools. Valuation Fees The Manager also arranges for Pool administrative services (other than advertising and Name 2006 2005 promotional, which are the responsibility of the Manager), legal, investor servicing, and costs Imperial Money Market Pool $ 35,049 $ 42,904 of unitholder reports, prospectus, and other reports. The Manager is the registrar and transfer Imperial Short-Term Bond Pool 95,821 142,052 agent for the Pools and provides, or arranges for the provision of, all other administrative Imperial Canadian Bond Pool 154,337 150,546 services required by the Pools. The dollar amount (including GST) of all of these expenses (net Imperial Canadian Dividend Pool 66,977 51,956 of absorptions) that the Manager recovers from the Pools for the periods ended June 30, Imperial International Bond Pool 113,388 155,233 2006 and 2005 is as follows: Imperial Canadian Income Trust Pool 86,852 61,292 Imperial Canadian Dividend Income Pool 230,801 179,457 Administrative and Other Imperial Canadian Equity Pool 247,720 152,792 Pool Operating Costs: Name 2006 2005 Imperial Registered U.S. Equity Index Pool 38,606 43,532 Imperial U.S. Equity Pool 177,512 183,962 Imperial Money Market Pool $ 93,858 $ 190,297 Imperial Registered International Equity Index Pool 31,379 24,857 Imperial Short-Term Bond Pool 211,652 309,291 Imperial International Equity Pool 674,767 570,646 Imperial Canadian Bond Pool 340,024 334,543 Imperial Overseas Equity Pool 409,901 461,627 Imperial Canadian Dividend Pool 36,783 22,447 Imperial Emerging Economies Pool 121,830 87,475 Imperial International Bond Pool 58,700 142,167 Imperial Canadian Income Trust Pool 21,844 9,136 Accrued expenses payable to the Manager as at June 30, 2006 and December 31, 2005, Imperial Canadian Dividend Income Pool 155,293 96,386 are as follows: Imperial Canadian Equity Pool 186,610 223,117 Imperial Registered U.S. Equity Index Pool 38,619 72,453 Accrued Expenses Payable to CIBC: Imperial U.S. Equity Pool 153,224 277,836 Name 2006 2005 Imperial Registered International Equity Index Pool 16,928 22,243 Imperial International Equity Pool 119,960 134,220 Imperial Money Market Pool $ 25,612 $ 49,128 Imperial Overseas Equity Pool 28,676 24,001 Imperial Short-Term Bond Pool 56,049 64,868 Imperial Emerging Economies Pool 18,434 22,286 Imperial Canadian Bond Pool 97,021 86,432 Imperial Canadian Dividend Pool 11,750 9,928 Imperial International Bond Pool 19,235 36,947 Brokerage Arrangements and Soft Dollars Imperial Canadian Income Trust Pool 10,027 8,164 The sub-advisers make decisions, including the selection of markets and dealers and the Imperial Canadian Dividend Income Pool 45,385 43,097 negotiation of commissions, with respect to the purchase and sale of portfolio securities and Imperial Canadian Equity Pool 51,591 61,326 the execution of portfolio transactions. Brokerage business may be allocated by sub-advisers, Imperial Registered U.S. Equity Index Pool 13,210 19,971 including CIBC Global Asset Management Inc. (’’CIBC Global’’) to CIBC World Markets Inc. Imperial U.S. Equity Pool 48,280 72,224 and CIBC World Markets Corp., each a subsidiary of CIBC. Imperial Registered International Equity Index Pool 7,480 7,557 CIBC World Markets Inc. and CIBC World Markets Corp. may also earn spreads on the sale Imperial International Equity Pool 58,487 59,023 of fixed income and other securities to the Pools. Dealers, including CIBC World Markets Inc. Imperial Overseas Equity Pool 34,123 35,188 and CIBC World Markets Corp., may furnish research, statistical, and other services to sub- Imperial Emerging Economies Pool 13,691 14,806 advisers, including CIBC Global, that process trades through them (referred to in the industry as ’’soft-dollar’’ arrangements). These services assist the sub-advisers with their investment

61 Notes to Financial Statements

9. Securities Lending 10. Hedging The following Pools have assets involved in securities lending transactions outstanding as at Certain foreign currency denominated positions have been hedged, or partially hedged, by June 30, 2006: forward foreign currency contracts as part of the investment strategies of the Pool. These hedges are indicated by a hedging reference number on the Statements of Investment Aggregate Aggregate Portfolio, and a corresponding hedging reference number on the Forward Foreign Currency Value Value of Contracts Schedule for the Pools. of Securities Collateral Name on Loan for Loan 11. Collateral on Speciﬁed Derivatives Imperial Money Market Pool $ 8,613,786 $ 9,249,488 Short-term investments may be used as collateral for futures or forwards contracts Imperial Short-Term Bond Pool 151,791,361 162,993,659 outstanding with brokers. Imperial Canadian Bond Pool 293,332,221 314,980,323 12. Comparatives Figures Imperial Canadian Dividend Pool 118,886,712 127,660,626 To conform to the presentation adopted in the current period, certain amounts from the prior Imperial International Bond Pool 27,807,728 29,859,956 period have been reclassiﬁed. Imperial Canadian Income Trust Pool 29,858,706 32,062,297 Imperial Canadian Dividend Income Pool 331,961,565 356,460,538 Imperial Canadian Equity Pool 91,544,214 98,300,235 Imperial U.S. Equity Pool 66,360,539 71,257,988 Imperial Registered International Equity Index Pool 4,984,200 5,352,037 Imperial International Equity Pool 88,680,871 95,225,575 Imperial Overseas Equity Pool 23,363,842 25,088,108

Collateral Type* i ii iii iv v Imperial Money Market Pool $ — $ 9,026,575 $ — $ 76,771 $ 146,142 Imperial Short-Term Bond Pool — 159,065,512 — 1,352,847 2,575,300 Imperial Canadian Bond Pool — 307,389,297 — 2,614,337 4,976,689 Imperial Canadian Dividend Pool — 124,584,005 — 1,059,583 2,017,038 Imperial International Bond Pool — 29,140,331 — 247,838 471,787 Imperial Canadian Income Trust Pool — 31,289,596 — 266,117 506,584 Imperial Canadian Dividend Income Pool — 347,869,839 — 2,958,622 5,632,077 Imperial Canadian Equity Pool — 95,931,199 — 815,892 1,553,144 Imperial U.S. Equity Pool — 69,540,671 — 591,441 1,125,876 Imperial Registered International Equity Index Pool — 5,223,053 — 44,422 84,562 Imperial International Equity Pool — 92,930,639 — 790,372 1,504,564 Imperial Overseas Equity Pool — 24,483,485 — 208,231 396,392 * Deﬁnitions are in note 2g

62 Imperial Pools Commissions, trailing commissions, management fees, and expenses all may be associated with an investment in the Imperial Pools. Please read the Imperial Pools simplified prospectus CIBC before investing. The Imperial Pools are not guaranteed, their values change frequently, 5650 Yonge Street, 19th Floor and past performance may not be repeated. Toronto, Ontario M2M 4G3 CIBC Asset Management is the asset management arm of CIBC. CIBC Asset Management is a trademark of CIBC. The CIBC logo and “For what matters.” are trademarks of CIBC. CIBC Securities Inc. 1-888-357-8777

Website www.cibc.com/mutualfunds

Imperial Pools

Interim Financial Statements

June 30, 2006

514A231E 08/06 For what matters.