In this paper, we study the distribution and simultaneous bifurcation of limit cycles bifurcated from the two periodic annuli of the holomorphic differential equation (z) over dot = iz+z(3), after a small polynomial perturbation. We first show that, under small perturbations of the form epsilon P(2m-1)(z, (z) over barz), where P(2m-1)(z, (z) over bar) is a polynomial of degree 2 m - 1 in which the power of z is odd and the power of (z) over bar is even, the only possible distribution of limit cycles is (u, u) for all values of u = 0, 1, 2, ... , m - 3. Hence, the sharp upper bound for the number of limit cycles bifurcated from each two period annuli of (z) over dot = iz + z(3) is m - 3, for m >= 4. Then we consider a perturbation of the form epsilon P(m)(z, (z) over bar), where P(m) (z, (z) over bar) is a polynomial of degree m in which the power of z is odd and obtain the upper bound m - 5, for m >= 6. Moreover, we show that the distribution. (u, v) of limit cycles is possible for 0 <= u <= m - 5, 0 <= v <= m - 5 with u + v <= m - 2 and m >= 9. (c) 2010 Elsevier Ltd. All rights reserved.