invesco gt sicav - Cajastur

Part I: 

INVESCO GT SICAV 

Interim Report and Accounts, for the six months ended 31 August 2004 

(Unaudited) 

Zwischenbericht für das Halbjahr zum 31. August 2004 

(ungeprüft) 

Halfjaarbericht over de periode eindigend op 31 augustus 2004 

(geen accountantscontrole toegepast) 

Rapport intérimaire et Comptes pour la période de six mois se terminant le 31 août 2004 

(non audités) 

Halvårsrapport og regnskaper for de seks månedene som ble avsluttet 31. august 2004 

(Urevidert) 

Part II: Interim Report and Accounts, for the six months ended 31 August 2004 

(Unaudited) 

Relazione Semestrale, chiusa al 31 agosto 2004 

(non certificata) 

Informe y Cuentas Semestrales correspondientes al semestre cerrado a 31 de agosto de 2004 

(sin auditar) 

Relatório e Contas Anuais provisórios do semestre findo em 31 de Agosto de 2004 

(Não revistos) 

Osavuosikatsaus ja tilitiedot 31. elokuuta 2004 päättyneelle 

puolivuotiskaudelle 

(Tilintarkastamaton)

English 

Norsk Français Nederlands Deutsch 


Registered Office: Sitz: Statutaire zetel: Siège social: Registrert kontor: Sede Legale: Domicilio Social: Sede Social: Yhtiön kotipaikka: 

69, route d’Esch, L-1470 Luxembourg (R.C. Luxembourg B34457) 

No subscription can be accepted on the basis of financial reports alone. Subscriptions, in order to be valid, must be made on the basis of the current Prospectus 

supplemented by a copy of the latest available Annual Report and Audited Accounts and a copy of the latest Semi-Annual Report, if later than such Annual 

Report. 

Copies of the Prospectus, Annual Report and Audited Accounts and Semi-Annual Report may be obtained from the Registered Office of the Fund at 69 route 

d’Esch, L-1470 Luxembourg, as well as from the offices of the Global Distributor in Dublin. Notices of all General Meetings will be published in the Luxemburger 

Wort and, to the extent required by law, in the Mémorial, Recueil Spécial des Sociétés et Associations (“Mémorial”) and will be sent to holders of registered 

Shares at their address in the Register of Shareholders by post at least 8 days prior to meetings. In the event of any discrepancy between translations from 

English text into foreign languages, please note that the English text will prevail. 

The notice required by Luxembourg law in respect of the issue and sale of Shares by the Fund has been deposited with the Greffe du Tribunal d’Arrondissement 

of Luxembourg. 

Anteilszeichnungen können nicht aufgrund von Finanzberichten angenommen werden. Zeichnungen erfolgen auf der Grundlage des gültigen Prospektes und 

des letzten geprüften Jahresberichts sowie des letzten Halbjahresberichts, falls ein solcher zwischenzeitlich veröffentlicht wurde. 

Exemplare des Verkaufsprospektes, des geprüften Jahresberichts und des Halbjahresberichts sind am Geschäftssitz des Fonds in 69 route d’Esch, L-1470 

Luxembourg, sowie bei der weltweiten Vertriebsgesellschaft in Dublin erhältlich. Mitteilungen über sämtliche Hauptversammlungen werden im Luxemburger 

Wort veröffentlicht sowie, falls gesetzlich vorgeschrieben, im Mémorial, Recueil Spécial des Sociétés et Associations („Mémorial”) und werden den Inhabern von 

Namensanteilen mindestens 8 Tage vor dem Versammlungstermin auf dem Postweg an die im Anteilsregister eingetragene Adresse zugesandt. Bei 

Abweichungen zwischen dem englischen Wortlaut und der Übersetzung in eine andere Sprache gilt der englische Text als verbindlich. 

Die nach luxemburgischem Recht erforderliche Mitteilung zu Ausgabe und Verkauf von Anteilen des Fonds wurde beim Handels- und Gesellschaftsregister des 

Bezirksgerichts Luxemburg (Greffe du Tribunal Arrondissement) hinterlegt. 

Inschrijving uitsluitend op basis van financiële rapporten is niet mogelijk. Inschrijvingen zijn slechts geldig indien deze geschieden op basis van het thans 

geldende prospectus alsmede het meest recente jaarverslag, waarvan de gecontroleerde jaarrekening deel uitmaakt (en eventueel het halfjaarbericht, indien dit 

van recenter datum is). 

Het prospectus, het jaarverslag en het halfjaarbericht zijn verkrijgbaar ten kantore van het Fonds (69 route d’Esch, L-1470 Luxemburg) en bij de wereldwijde 

emittent in Dublin. De oproep voor algemene vergaderingen van aandeelhouders wordt gepubliceerd in Luxemburger Wort en, voor zover wettelijk vereist, 

tevens in Mémorial, Recueil Spécial des Sociétés et Associations. Houders van aandelen op naam ontvangen uiterlijk acht dagen voorafgaand aan de vergadering 

per post een uitnodiging gericht aan de adressen zoals vermeld in het aandeelhoudersregister. In geval van eventuele verschillen tussen de Engelse tekst en 

vertalingen in andere talen, is de Engelse tekst doorslaggevend. 

De ingevolge de Luxemburgse wet vereiste kennisgeving omtrent uitgifte en verkoop van aandelen door het Fonds is ter griffie van de arrondissementsrechtbank 

van Luxemburg gedeponeerd. 

Aucune souscription ne peut être acceptée sur la foi des seuls rapports financiers. Pour qu’une souscription soit recevable, il faut que l’investisseur ait reçu un 

exemplaire du Prospectus en cours ainsi que du dernier Rapport annuel et des derniers Comptes audités et, si ceux-ci sont parus aprés le dernier Rapport annuel, 

un exemplaire du dernier Rapport semestriel paru. 

Le Prospectus, le Rapport annuel, les Comptes audités et les Comptes semestriels peuvent être demandés au Siège social de la SICAV au 69 route d’Esch, L-1470 

Luxembourg et auprès des bureaux du Distributeur mondial à Dublin. Les avis de convocation aux Assemblées générales seront publiés dans le Luxemburger Wort 

et, dans la mesure où la loi l’exige, dans le Mémorial, Recueil Spécial des Sociétés et des Associations (dénommé ci-après le “ Mémorial “) et ils seront envoyés 

par voie postale aux détenteurs d’Actions nominatives, à l’adresse figurant dans le Registre des Actionnaires, au moins 8 jours avant la date de l’assemblée. Au 

cas où une différence apparaîtrait entre les traductions et le texte original en anglais, veuillez noter que le texte anglais fera foi. 

L’avis requis par la loi luxembourgeoise au titre de l’émission et de la vente d’actions de la SICAV a été déposé au Greffe du Tribunal d’Arrondissement à 

Luxembourg. 

Tegning av aksjer aksepteres ikke på grunnlag av regnskapene alene. For å være gyldig må tegning av aksjer gjøres på grunnlag av gjeldende prospekt sammen 

med den siste tilgjengelige årsrapporten og de reviderte regnskapene og den siste halvårsrapporten, hvis denne er utgitt etter årsrapporten. 

Kopier av prospektet, årsrapporten, reviderte regnskaper og halvårsrapporten er tilgjengelig fra fondets registrerte kontor på 69 route d’Esch, L-1470 

Luxembourg, samt fra kontorene til den globale distributøren i Dublin. Innkallelser til alle generalforsamlinger vil bli kunngjort i Luxemburger Wort, og i den 

utstrekning det kreves av loven, i Mémorial, Recueil Spécial des Sociétés et Associations (“Mémorial”) og vil bli sendt med post til eiere av registrerte aksjer til den 

adresse som står i aksjonærregisteret minst 8 dager før møtet. I tilfelle avvik mellom engelsk og oversatt tekst skal den engelske teksten ha forrang. 

Bekjentgjørelsen som kreves av loven i Luxembourg med hensyn til fondets utstedelse og salg av aksjer, av fondet er blitt deponert hos Greffe du Tribunal 

d’Arrondissement de et à Luxembourg.

Português Español Italiano 

Suomi 


Non potranno essere accettate sottoscrizioni sulla base solamente delle relazioni finanziarie. Per essere valide, le sottoscrizioni debbono essere effettuate sulla 

base del Prospetto vigente corredato da una copia dell’ultima Relazione Annuale Certificata disponible e da una copia dell’ultima Relazione Semestrale, se 

successiva all’ultima Relazione Annuale. 

Copie del Prospetto, della Relazione Annuale e della Relazione Semestrale possono essere ottenute presso la Sede Legale della SICAV al n. 69 route d’Esch, 

L-1470 Lussemburgo, nonché presso gli uffici del Distributore Globale a Dublino. Le convocazioni di tutte le Assemblee Generali saranno pubblicate sul 

Luxemburger Wort e, se previsto dalla legge, sul Mémorial, Recueil Spécial des Sociétés et Associations (“Mémorial”), oltre ad essere inviate per posta ai detentori 

di Azioni nominative all’indirizzo riportato nel Registro degli Azionisti 8 giorni prima dell’assemblea. In caso di discrepanze tra la versione inglese originale e le 

traduzioni in lingue estere, si sottolinea che prevarrà il testo inglese. 

L’avviso prescritto dalla legge del Lussemburgo in materia di emissione e vendita di Azioni da parte della SICAV è stato depositato presso la Cancelleria del 

Tribunale Distrettuale del Lussemburgo. 

No se aceptarán suscripciones basadas únicamente en los estados financieros. Para su validez, las suscripciones deberán formularse con base al Folleto 

Informativo vigente, acompañado de un ejemplar del último Informe Anual auditado disponible y, de ser posterior a éste, del último Informe Semestral. 

Podrán obtenerse copias del Folleto Informativo, del Informe Anual auditado y del Informe Semestral en el Domicilio Social del Fondo, situado en 69 route d’Esch, 

L-1470 Luxemburgo, así como en las oficinas del Distribuidor Mundial en Dublín. Las convocatorias de todas las Juntas Generales Ordinarias se publicarán en el 

Luxemburger Wort y, en la medida en que así lo requiera la ley, en el Mémorial, Recueil Spécial des Sociétés et Associations (“Mémorial”), remitiéndose asimismo 

por correo a los titulares de Acciones nominativas a sus direcciones inscritas en el Libro Registro de Accionistas al menos 8 días antes de las juntas. En caso de 

discrepancia entre el texto en inglés y sus traducciones a otros idiomas, prevalecerá el texto en inglés. 

El comunicado que exige la Ley luxemburguesa en relación con la emisión y venta de Acciones del Fondo ha sido presentado en el Greffe du Tribunal 

d’Arrondissement de Luxemburgo. 

As subscrições fundamentadas exclusivamente em relatórios financeiros não são aceites. Para terem validade, as subscrições devem ser realizadas com base no 

Prospecto actual acompanhado pelo exemplar do último Relatório Anual e Contas Revistas e um exemplar do Relatório Semestral mais recente, caso este tenha 

data posterior à do Relatório Anual. 

Os interessados podem obter exemplares do Prospecto, Relatório Anual e Contas Revistas, assim como do Relatório Semestral, junto da Sede Social do Fundo, em 

69 route d’Esch, L-1470 Luxemburgo, e dos escritórios do Distribuidor Mundial, em Dublin. As convocatórias de todas as Assembleias-Gerais serão publicadas no 

Luxemburger Wort e, no âmbito exigido por lei, no Mémorial, Recueil Spécial des Sociétés et Associations (“Memorial”), sendo enviadas para os titulares de 

acções nominativas, para as moradas constantes do Livro de Registo de Accionistas, com uma antecedência mínima de 8 dias relativamente à data das referidas 

assembleias. No caso de discrepâncias entre as traduções do texto em inglês para os idiomas estrangeiros, a versão inglesa prevalecerá. 

O aviso exigido pela legislação luxemburguesa relativa à emissão e venda de acções por parte do Fundo foi depositado no Greffe du Tribunal d’Arrondissement 

de Luxemburgo. 

Merkintöjä ei voida hyväksyä pelkästään tilinpäätöskertomuksiin perustuen. Tullakseen voimaan merkinnät tulee tehdä perustuen nykyiseen esitteeseen, jota 

täydentävät kopiot viimeisimmästä saatavissa olevasta vuosikertomuksesta ja tarkastetusta tilinpäätöksestä sekä kopio viimeisimmästä osavuosikatsauksesta, jos 

sellainen on vuosikertomusta myöhempi. 

Esitteen, vuosikertomuksen ja tarkastettujen tilitietojen sekä osavuosikatsausten kopioita on saatavana rahastoyhtiön kotipaikasta osoitteesta 69 route d’Esch, 

L-1470 Luxembourg sekä myös jakelijalta Dublinista. Ilmoitukset kaikista yhtiökokouksista julkaistaan Luxemburger Wortissa ja lain vaatimassa laajuudessa 

Mémorialissa, Recueil Spécial des Sociétés et Associations (“Mémorial”) sekä lähetetään rekisteröityjen osakkeiden haltijoille heidän osakasrekisterissä oleviin 

osoitteisiinsa vähintään 8 päivää ennen kokouksia. Huomioikaa, että mikäli käännöksissä englanninkielisistä teksteistä muihin kieliin on ristiriitaisuuksia, 

englanninkielinen teksti on voimassa. 

Luxemburgin lakien edellyttämä ilmoitus rahaston osakkeiden liikkeelle laskusta ja myynnistä on talletettu Greffe du Tribunal d’Arrondissement of Luxembourgiin. 

1


CONTENTS INHALT INHOUD SOMMAIRE INNHOLD 

Report of the Directors Bericht des Verwaltungsrates Verslag van de Directie Rapport du Conseil Styrerapport 

d’administration 4-5 

Statement of Wertpapierbestand Beleggingsportefeuille Portefeuille de Investeringsbeholdning 

Investments placements 

Equity Funds Aktienfonds Aandelenfondsen Compartiments d’actions Aksjefond 

Global Global Wereldwijd Mondiaux Globale 

INVESCO GT Global Emerging Markets Fund 6-8 

INVESCO GT Global Value Fund 9-11 

America Amerika Verenigde Staten Amérique Amerika 

INVESCO GT North America Fund 12-14 

INVESCO GT American Enterprise Fund 15-17 

INVESCO GT US Structured Large Cap Core Fund 18-20 

Europe Europa Europa Europe Europa 

INVESCO GT European Structured Fund 21-22 

INVESCO GT Pan European Fund 23-25 

INVESCO GT Pan European Enterprise Fund 26-30 

INVESCO GT European Growth Equity Fund 31-33 

Japan Japan Japan Japon Japan 

INVESCO GT Nippon Enterprise Fund 34-35 

INVESCO GT Nippon Growth Fund 36-37 

Asia Asien Azië Asie Asia 

INVESCO GT Asia Enterprise Fund 38-40 

INVESCO GT Greater China Opportunities Fund 41-42 

Theme Funds Themenfonds Themafondsen Compartiments sectoriels Temafond 

INVESCO GT Worldwide Dynamic Theme Fund 43-45 

INVESCO GT Leisure Fund 46-47 

INVESCO GT Energy Fund 48 

Reserve Funds Reservefonds Reservefondsen Compartiments monétaires Reservefond 

INVESCO GT Dollar Reserve Fund 49 

INVESCO GT Euro Reserve Fund 50 

Bond Funds Rentenfonds Obligatiefondsen Compartiments obligataires Obligasjonsfond 

INVESCO GT Global Bond Fund 51 

INVESCO GT European Bond Fund 52-53 

INVESCO GT Euro High Yield Fund 54-55 

INVESCO GT Euroland Bond Fund 56 

Structured Fund Strukturierter Fonds Structuurfonds Compartiments Structurés Strukturert Fond 

INVESCO GT Capital Shield Fund 57-58 

INVESCO GT Capital Shield (USD) Fund 59 

2 

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CONTENTS INHALT INHOUD SOMMAIRE INNHOLD 

Financial Statements Finanzausweise Jaarrekening Etats financiers Regnskaper 

Statement of Aufstellung des Totaaloverzicht van Etat de l’actif net Regnskap for 

Net Assets Nettovermögens het eigen vermogen netto eiendeler 60-62 

Notes to the Financial Erläuterungen zu Toelichting op de Notes aux états Noter til 

Statements den Finanzausweisen jaarrekening financiers regnskapene 63-87 

Board of Directors Verwaltungsrat Directie Conseil d’Administration Styre 

3 

Page 

Seite 

Blz. 

Page 

Side 

177-181 

Organisation Organisation Organisatie Organisation Organisasjon 177-181


The Directors present the Interim Report and Accounts for the financial six months ended 31 August 2004. 

Results and Appropriations 

The results and appropriations are set out on pages 60 to 62 

The following changes have taken place since the Fund’s financial year end at 28 February 2004. 

INVESCO GT Capital Shield USD Fund 

Effective 25 March 2004, INVESCO GT SICAV launched a new sub-fund entitled INVESCO GT Capital Shield USD Fund. 

INVESCO GT North America Fund 

Effective 28 May 2004, the Investment Adviser of INVESCO GT North America Fund changed from INVESCO Institutional (N.A.) Inc to AIM Captial Manaement Inc. 

INVESCO GT European Growth Equity Fund 

Effective 30 June 2004, INVESCO GT SICAV launched a new sub-fund entitled INVESCO GT European Growth Equity Fund. 

INVESCO GT Worldwide Dynamic Theme Fund 

Effective 1 October 2004, INVESCO GT Worldwide Dynamic Theme Fund merged into INVESCO GT Global Value Fund. 

Der Verwaltungsrat legt den Zwischenbericht und die Zwischenabschlüsse für das Geschäftshalbjahr zum 31. August 2004 vor. 

Ergebnisse und Mittelzuweisungen 

Die Ergebnisse und Mittelzuweisungen finden sich auf den sind auf den Seiten 60 bis 62 aufgeführt. 

Seit dem Ende des Geschäftsjahres des Fonds am 28. Februar 2004 wurden die folgenden Änderungen vorgenommen. 


Mit Wirkung vom 25. März 2004 legte die INVESCO GT SICAV einen neuen Teilfonds mit dem Namen INVESCO GT Capital Shield USD Fund auf. 

4 

The Board of 

Directors 

21 October 2004 


Mit Wirkung vom 28. Mai 2004 wurde INVESCO Institutional (N.A.) Inc als Anlageberater des INVESCO GT North America Fund durch AIM Capital Management Inc 

abgelöst. 


Mit Wirkung vom 30. Juni 2004 legte die INVESCO GT SICAV einen neuen Teilfonds mit dem Namen INVESCO GT European Growth Equity Fund auf. 


Mit Wirkung vom 1. Oktober 2004 wurde der INVESCO GT Worldwide Dynamic Theme Fund in den INVESCO GT Global Value Fund aufgenommen. 

De directie verklaren het jaarverslag eindigend op 31 augustus 2004. 

Resultaat en winstbestemming 

Nadere gegevens betreffende resultaat en winstbestemming zijn opgenomen op bladzijde 60 tot en met 62. 

Sinds het einde van het boekjaar per 28 februari 2004 hebben zich de volgende wijzigingen voorgedaan: 


Op 25 maart 2004 is INVESCO GT SICAV gestart met een nieuw deelfonds: het INVESCO GT Capital Shield USD Fund. 

Der Verwaltungsrat 

21. Oktober 2004 


Op 28 mei 2004 is de beleggingsadviseur van het INVESCO GT North America Fund gewijzigd van INVESCO Institutional (N.A.) Inc in AIM Capital Management Inc. 


Op 30 juni 2004 is INVESCO GT SICAV gestart met een nieuw deelfonds: het INVESCO GT European Growth Equity Fund. 


Op 1 oktober 2004 is het INVESCO GT Worldwide Dynamic Theme Fund opgenomen in het INVESCO GT Global Value Fund. 

Les membres du Conseil d’administration présentent le rapport et les comptes semestriels pour la période terminée le 31 août 2004. 

Résultats et affectations 

Report of the Directors / Bericht des Verwaltungsrates 

Verslag van de Directie / Rapport du Conseil d’administration 

Styrerapport 

Les résultats et affectations sont indiqués aux pages 60 à 62. 

Les changements suivants sont intervenus depuis le 28 février 2004, date de clôture de l’exercice fiscal. 


Le 25 mars 2004, INVESCO GT SICAV a lancé un nouveau compartiment dénommé INVESCO GT Capital Shield USD Fund. 

De Directie 

21 oktober 2004



Le 28 mai 2004, INVESCO Institutional (N.A.) Inc, le Conseiller en placements de INVESCO GT North America, a cédé sa place à AIM Capital Management Inc. 


Le 30 juin 2004, INVESCO GT SICAV a lancé un nouveau compartiment dénommé INVESCO GT European Growth Equity Fund. 


Le 1er octobre 2004, INVESCO GT Worldwide Dynamic Theme Fund a fusionné avec INVESCO GT Global Value Fund. 

Styret legger frem delårsrapporten og -regnskapet for de seks månedene som ble avsluttet den 31. august 2004. 

Resultater og disposisjoner 

Report of the Directors / Bericht des Verwaltungsrates 

Verslag van de Directie / Rapport du Conseil d’administration 

Styrerapport 

Resultatene og disposisjonene står på side 60 til 62. 

Følgende endringer har funnet sted siden slutten av fondets regnskapsåret den 28. februar 2004. 


25. mars 2004 lanserte INVESCO GT SICAV et nytt underfond kalt INVESCO GT Capital Shield USD Fund. 

5 

Le Conseil d’administration 

Le 21 octobre 2004 


28. mai 2004 endret investeringsrådgiveren for INVESCO GT North America Fund navn fra INVESCO Institutional (N.A.) Inc til AIM Capital Management Inc. 


30. juni 2004 lanserte INVESCO GT SICAV et nytt underfond kalt INVESCO GT European Growth Equity Fund. 


Fra 1. oktober 2004 er INVESCO GT Worldwide Dynamic Theme Fund integrert i INVESCO GT Global Value Fund. 

Styret 

21. oktober 2004

INVESCO GT 

GLOBAL EMERGING MARKETS FUND 

Statement of Investments as at 31 August 2004 / Wertpapierbestand am 31. August 2004 

Beleggingsportefeuille per 31 augustus 2004 / Portefeuille de placements au 31 août 2004 

Beholdning av investeringer pr. 31. august 2004 

Investment Nominal/Shares Market Value Net Assets 

Wertpapiere Nennwert/Aktien Marktwert Nettovermögen 

Beleggingen Nominale waarde/aandelen Marktwaarde Eigen vermogen 

Placement Valeur nominale Valeur de marché Actif net 

Investering Pålydende/Aksjer Markedsverdi Netto eiendeler 

US$ % 

TRANSFERABLE SECURITIES ADMITTED TO OFFICIAL STOCK EXCHANGE LISTINGS 

ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER BÖRSENNOTIERUNG 

BEURSGENOTEERDE EFFECTEN 

VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE 

OMSETTELIGE OG OFFISIELT BØRSNOTERTE VERDIPAPIRER 

ARGENTINA ARGENTINIEN ARGENTINIË ARGENTINE ARGENTINA 

Banco Hipotecario ADR 2,000 4,157 0.01 

––––––––––––– –––––– 

BERMUDA BERMUDAS BERMUDA BERMUDES BERMUDA 

COSCO Pacific 140,000 211,349 0.53 

Noble Group 456,000 264,242 0.66 

––––––––––––– –––––– 

475,591 1.19 

––––––––––––– –––––– 

BRAZIL BRASILIEN BRAZILIË BRESIL BRASIL 

Banco Itau Holding Financeira ADR 5,000 255,450 0.64 

Brasil Telecom 25,210,000 96,731 0.24 

Brasil Telecom Participacoes 63,069,000 402,400 1.01 

Cia de Bebidas das Americas ADR 7,600 163,780 0.41 

Cia Energetica de Minas Gerais ADR 16,500 309,210 0.77 

Natura Cosmeticos 15,000 276,698 0.69 

Petroleo Brasileiro ADR 35,600 988,255 2.47 

Tele Centro Oeste Celular Participacoes ADR 23,400 218,322 0.54 

Tele Norte Leste Participacoes ADR 18,700 256,003 0.64 

Telecomunicacoes Brasileiras 1,000,000 14 - 

Uniao de Bancos Brasileiros 74,000 337,963 0.85 

Votorantim Celulose e Papel ADR 9,411 322,233 0.81 

––––––––––––– –––––– 

3,627,059 9.07 

––––––––––––– –––––– 

CHILE CHILE CHILI CHILI CHILE 

Cia de Telecomunicaciones de Chile ADR 16,500 208,230 0.52 

––––––––––––– –––––– 

CHINA CHINA CHINA CHINE KINA 

China Shipping Development 255,000 175,723 0.44 

China Telecom Corp 634,000 204,264 0.51 

PetroChina 650,000 326,004 0.82 

Ping An Insurance Group Co of China 304,000 396,569 0.99 

––––––––––––– –––––– 

1,102,560 2.76 

––––––––––––– –––––– 

CZECH REPUBLIC TSCHECHISCHE REPUBLIK TSJECHIË REPUBLIQUE TCHEQUE TSJEKKIA 

**Cesky Telecom GDR 43,000 531,480 1.33 

Komercni Banka GDR 9,800 343,980 0.86 

––––––––––––– –––––– 

875,460 2.19 

––––––––––––– –––––– 

EGYPT ÄGYPTEN EGYPTE EGYPTE EGYPT 

Orascom Construction Industries 24,264 492,482 1.23 

Orascom Telecom Holding 8,800 204,649 0.51 

––––––––––––– –––––– 

697,131 1.74 

––––––––––––– –––––– 

HONG KONG HONGKONG HONGKONG HONG-KONG HONG KONG 

ASM Pacific Technology 59,500 198,908 0.50 

China Resources Power Holdings 618,000 325,880 0.82 

––––––––––––– –––––– 

524,788 1.32 

––––––––––––– –––––– 

HUNGARY UNGARN HONGARIJE HONGRIE UNGARN 

Matav Magyar Tavkozlesi ADR 11,600 232,464 0.58 

OTP Bank GDR 5,000 209,750 0.53 

––––––––––––– –––––– 

442,214 1.11 

––––––––––––– –––––– 

6

INVESCO GT 










US$ % 

INDIA INDIEN INDIA INDE INDIA 

Citigroup - Tata Motors P/N 19/01/2009 51,100 427,138 1.07 

*Goldman Sachs - India Consumer Finance P/N 06/02/2005 510 968,051 2.42 

*Goldman Sachs - India Technology P/N 06/02/2005 1,200 454,473 1.14 

*Goldman Sachs - Oil & Natural Gas Corp P/N 03/03/2005 7,322 112,890 0.28 

––––––––––––– –––––– 

1,962,552 4.91 

––––––––––––– –––––– 

INDONESIA INDONESIEN INDONESIË INDONESIE INDONESIA 

Bank Pan Indonesia 1,312,165 37,130 0.09 

Bank Rakyat Indonesia 803,500 148,002 0.37 

Telekomunikasi Indonesia 740,000 604,485 1.51 

––––––––––––– –––––– 

789,617 1.97 

––––––––––––– –––––– 

ISRAEL ISRAEL ISRAËL ISRAEL ISRAEL 

Bank Hapoalim 126,000 348,795 0.87 

Check Point Software Technologies 11,000 197,175 0.49 

Nice Systems ADR 8,000 155,240 0.39 

Super-Sol 91,900 215,448 0.54 

Teva Pharmaceutical Industries ADR 34,800 963,786 2.41 

––––––––––––– –––––– 

1,880,444 4.70 

––––––––––––– –––––– 

LUXEMBOURG LUXEMBURG LUXEMBURG LUXEMBOURG LUXEMBURG 

Quilmes Industrial ADR 7,500 131,250 0.33 

Tenaris 1 4 - 

Tenaris ADR 4,442 168,796 0.42 

––––––––––––– –––––– 

300,050 0.75 

––––––––––––– –––––– 

MALAYSIA MALAYSIA MALEISIË MALAISIE MALAYSIA 

IOI Corp 272,000 615,579 1.54 

**JPMorgan - Genting P/N 10/12/2004 114,000 476,975 1.19 

Sime Darby 250,000 363,487 0.91 

Tanjong 123,000 399,750 1.00 

Telekom Malaysia 220,000 616,579 1.54 

––––––––––––– –––––– 

2,472,370 6.18 

––––––––––––– –––––– 

MEXICO MEXIKO MEXICO MEXIQUE MEXICO 

Alfa 92,000 295,093 0.74 

America Movil ADR 16,200 547,398 1.37 

Cemex ADR 8,993 254,862 0.64 

Consorcio ARA 70,000 186,319 0.46 

Fomento Economico Mexicano ADR 10,557 454,901 1.14 

Grupo Financiero Banorte 49,300 192,138 0.48 

Grupo Televisa ADR 9,400 450,730 1.13 

Telefonos de Mexico ADR 10,400 335,295 0.84 

Wal-Mart de Mexico 58,500 184,715 0.46 

––––––––––––– –––––– 

2,901,451 7.26 

––––––––––––– –––––– 

POLAND POLEN POLEN POLOGNE POLEN 

Bank Pekao GDR 5,100 160,548 0.40 

Prokom Software GDR 3,600 81,000 0.20 

––––––––––––– –––––– 

241,548 0.60 

––––––––––––– –––––– 

RUSSIA RUSSLAND RUSLAND RUSSIE RUSSLAND 

LUKOIL ADR 5,700 676,875 1.69 

Mobile Telesystems ADR 2,000 243,000 0.61 

Unified Energy System GDR 11,500 302,450 0.76 

Uralsvyazinform ADR 28,000 191,520 0.48 

Vimpel-Communications ADR 1,600 153,040 0.38 

YUKOS ADR 9,500 154,850 0.39 

––––––––––––– –––––– 

1,721,735 4.31 

––––––––––––– –––––– 

7

INVESCO GT 










US$ % 

TAIWAN TAIWAN TAIWAN TAIWAN TAIWAN 

*ABN - Chinatrust Financial Holding P/N 08/07/2005 902,832 950,978 2.38 

*ABN - Taiwan Semiconductor Manufacturing P/N 14/01/2005 1,004,093 1,388,059 3.47 

Asustek Computer GDR 178,007 398,736 1.00 

*Goldman Sachs - Benq Corp P/N 05/03/2005 585,200 599,213 1.50 

*Goldman Sachs - Cathay Financial Holding P/N 05/03/2005 382,000 670,619 1.68 

*Goldman Sachs - United Microelectronics Corp P/N 05/03/2005 797,040 539,791 1.35 

*Salomon Smith Barney - MediaTek P/N 17/01/2006 57,104 401,834 1.00 

––––––––––––– –––––– 

4,949,230 12.38 

––––––––––––– –––––– 

THAILAND THAILAND THAILAND THAILANDE THAILAND 

Bangkok Bank 48,600 113,227 0.28 

Bangkok Bank NVDR 383,000 850,907 2.13 

Italian-Thai Development 1,000,000 213,763 0.53 

Kiatnakin Finance 258,300 186,118 0.47 

Siam Panich Leasing 393,000 330,371 0.83 

––––––––––––– –––––– 

1,694,386 4.24 

––––––––––––– –––––– 

TURKEY TÜRKEI TURKIJE TURQUIE TYRKIA 

Arcelik 57,371,000 295,306 0.74 

Haci Omer Sabanci Holding 62,194,353 198,153 0.50 

Turkiye Garanti Bankasi 62,851,100 203,366 0.51 

––––––––––––– –––––– 

696,825 1.75 

––––––––––––– –––––– 

SOUTH AFRICA SÜDAFRIKA ZUID-AFRICA AFRIQUE DU SUD SØR-AFRIKA 

Anglo American 93,800 2,105,769 5.27 

Anglo American Platinum Corp 14,100 612,517 1.53 

Barloworld 30,500 340,042 0.85 

Gold Fields 21,900 263,892 0.66 

Impala Platinum Holdings 7,278 605,032 1.51 

Massmart Holdings 25,548 134,935 0.34 

Nedcor 55,816 464,091 1.16 

Sappi 18,770 261,653 0.65 

Sasol 16,100 278,593 0.70 

Standard Bank Group 50,100 328,798 0.82 

Truworths International 94,800 149,927 0.37 

––––––––––––– –––––– 

5,545,249 13.86 

––––––––––––– –––––– 

SOUTH KOREA SÜDKOREA ZUID-KOREA COREE DU SUD SØR-KOREA 

CJ Corp 9,300 473,942 1.19 

Daishin Securities 5,440 68,127 0.17 

Hana Bank 35,000 784,716 1.96 

Hyundai Motor 12,000 520,120 1.30 

Hyundai Motor GDR 7,700 164,973 0.41 

Industrial Bank of Korea GDR 29,300 190,450 0.48 

Kookmin Bank ADR 25,571 823,386 2.06 

Samsung Electronics 2,800 1,096,931 2.74 

Samsung Electronics GDR 9,150 1,179,206 2.95 

Shinsegae 1,920 502,565 1.26 

SK Telecom ADR 42,671 801,788 2.00 

––––––––––––– –––––– 

6,606,204 16.52 

––––––––––––– –––––– 

––––––––––––– –––––– 

Total Gesamtanlagen Totaal Total des Sum 

Investments beleggingen investissements investeringer 39,718,851 99.34 

––––––––––––– –––––– 

*Transferable securities traded on other regulated markets/*Übertragbare Wertpapiere, die auf anderen geregelten Märkten gehandelt werden/*Vrij verhandelbare effecten 

genoteerd aan andere gereguleerde beurzen/*Valeurs mobilières négociées sur d’autres marchés réglementés/*Omsettelige verdipapirer omsatt på andre regulerte markeder 

**Other transferable securities/**Sonstige übertragbare Wertpapiere/**Overige vrij verhandelbare effecten/**Autres valeurs mobilières/**Andre omsettelige verdipapirer 

8

INVESCO GT 

GLOBAL VALUE FUND 









US$ % 






AUSTRALIA AUSTRALIEN AUSTRALIË AUSTRALIE AUSTRALIA 

National Australia Bank 1,100 102,102 0.89 

––––––––––––– –––––– 


China Life Insurance 3,970 92,700 0.81 

––––––––––––– –––––– 

DENMARK DÄNEMARK DENEMARKEN DANEMARK DANMARK 

Danske Bank A/S 5,660 135,351 1.18 

––––––––––––– –––––– 

FINLAND FINNLAND FINLAND FINLANDE FINLAND 

Nokia 12,600 146,926 1.28 

Stora Enso 11,000 146,536 1.26 

––––––––––––– –––––– 

293,462 2.54 

––––––––––––– –––––– 

FRANCE FRANKREICH FRANKRIJK FRANCE FRANKRIKE 

Compagnie Generale des Etablissements Michelin 2,325 123,047 1.07 

**Societe Generale 7,300 124,465 1.08 

Total 1,590 154,119 1.33 

––––––––––––– –––––– 

401,631 3.48 

––––––––––––– –––––– 

GERMANY DEUTSCHLAND DUITSLAND ALLEMAGNE TYSKLAND 

BASF 2,580 139,207 1.21 

Deutsche Bank 1,235 83,737 0.73 

––––––––––––– –––––– 

222,944 1.94 

––––––––––––– –––––– 

ITALY ITALIEN ITALIË ITALIE ITALIA 

ENI 1,500 152,805 1.33 

––––––––––––– –––––– 

JAPAN JAPAN JAPAN JAPON JAPAN 

Canon 2,985 142,534 1.24 

Fuji Photo Film 6,825 214,749 1.87 

Millea Holdings 9 123,692 1.08 

Nintendo 1,300 139,620 1.21 

Nippon Telegraph & Telephone 21 90,598 0.79 

Shin-Etsu Chemical 3,100 107,782 0.94 

Sony 3,500 120,645 1.05 

Takeda Pharmaceutical 4,400 197,834 1.72 

Toyota Motor 3,600 141,549 1.22 

––––––––––––– –––––– 

1,279,003 11.12 

––––––––––––– –––––– 

KOREA KOREA KOREA COREE KOREA 

KT 4,100 71,217 0.62 

––––––––––––– –––––– 


Telefonos de Mexico SA de CV 4,770 153,785 1.34 

––––––––––––– –––––– 

9

INVESCO GT 










US$ % 

NETHERLANDS NIEDERLANDE NEDERLAND PAYS-BAS NEDERLAND 

Aegon NV 9,385 100,199 0.87 

ING Groep NV 5,675 137,449 1.19 

Koninklijke Philips Electronics NV 3,050 70,303 0.61 

TPG NV 4,450 102,760 0.89 

––––––––––––– –––––– 

410,711 3.56 

––––––––––––– –––––– 

PORTUGAL PORTUGAL PORTUGAL PORTUGAL PORTUGAL 

Portugal Telecom SGPS SA 10,900 111,616 0.97 

––––––––––––– –––––– 

SPAIN SPANIEN SPANJE ESPAGNE SPANIA 

Endesa SA 5,850 108,225 0.94 

––––––––––––– –––––– 

SWEDEN SCHWEDEN ZWEDEN SUEDE SVERIGE 

VOLVO(AB) 3,875 130,775 1.14 

––––––––––––– –––––– 

SWITZERLAND SCHWEIZ ZWITSERLAND SUISSE SVEITS 

**Nestle 3,875 227,463 1.98 

Novartis 5,690 258,952 2.25 

Roche Holding 985 94,967 0.83 

Zurich Financial Services 820 113,412 0.99 

––––––––––––– –––––– 

694,794 6.05 

––––––––––––– –––––– 

UNITED KINGDOM VEREINIGTES KÖNIGREICH VERENIGD KONINKRIJK ROYAUME-UNI STORBRITANNIA 

Abbey National 10,109 107,613 0.94 

BAE Systems 33,000 118,406 1.03 

BP 17,000 151,252 1.31 

Cadbury Schweppes 24,210 193,182 1.68 

Diageo 12,800 157,111 1.37 

GlaxoSmithKline 4,025 165,106 1.44 

HSBC Holdings 1,720 133,369 1.16 

Kingfisher 24,780 123,721 1.08 

Reed Elsevier 15,685 139,447 1.21 

Royal Bank of Scotland Group 3,275 92,096 0.80 

Scottish Power 13,600 98,480 0.86 

Shell Transport & Trading 13,525 98,483 0.86 

––––––––––––– –––––– 

1,578,266 13.74 

––––––––––––– –––––– 

UNITED STATES VEREINIGTE STAATEN VERENIGDE STATEN ETATS-UNIS USA 

VON AMERIKA 

American International Group 2,090 148,139 1.29 

AT&T 9,020 131,692 1.14 

Bear Stearns 1,270 111,023 0.96 

Bristol-Myers Squibb 4,375 104,300 0.91 

ChevronTexaco 540 51,570 0.45 

Citigroup 4,420 205,131 1.78 

Comcast 2,575 71,906 0.62 

Constellation Energy Group 2,360 95,391 0.83 

Devon Energy 2,300 147,844 1.28 

Emerson Electric 1,595 98,683 0.86 

Exxon Mobil 3,465 156,375 1.36 

Freddie Mac 1,760 116,476 1.01 

Gap 4,826 92,177 0.80 

General Electric 7,110 231,573 2.01 

Hewlett-Packard 7,450 133,504 1.16 

Home Depot 2,960 108,129 0.94 

International Business Machines 950 80,180 0.70 

Johnson & Johnson 3,025 174,059 1.51 

Jones Apparel Group 2,675 95,310 0.83 

Kimberly-Clark 3,800 249,850 2.17 

10

INVESCO GT 










US$ % 


VON AMERIKA 

(CONTINUED) (FORTSETZUNG) (VERVOLG) (SUITE) (FORTSETTELSE) 

Lare Holdings 3,395 108,216 0.94 

Marsh & McLennan Cos 2,170 96,261 0.84 

Merck & Co 2,380 106,933 0.93 

MGIC Investment 1,060 73,310 0.64 

Microsoft 5,775 157,686 1.37 

Morgan Stanley 1,825 92,345 0.80 

PARKER HANNIFIN 2,550 137,853 1.20 

SBC Communications 3,665 94,556 0.82 

Schering-Plough 7,050 131,694 1.14 

Walt Disney 3,335 74,704 0.65 

––––––––––––– –––––– 

3,676,870 31.94 

––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 


11

INVESCO GT 

NORTH AMERICA FUND 









US$ % 






BASIC MATERIALS GRUNDSTOFFE BASISMATERIALEN MATERIAUX DE BASE GRUNNMATERIALER 

Air Products & Chemicals 2,400 124,920 0.37 

Dow Chemical 1,700 72,420 0.22 

Eastman Chemical 200 9,236 0.03 

Ecolab 3,900 116,103 0.35 

Nucor Corp 1,500 117,075 0.35 

Phelps Dodge Corp 1,400 114,534 0.35 

Praxair 3,000 121,170 0.37 

Rohm & Haas 3,000 120,480 0.36 

––––––––––––– –––––– 

795,938 2.40 

––––––––––––– –––––– 

CONSUMER NICHT-ZYKLISCHE NIET-CYCLISCHE BIENS DE CONSOMMATION IKKE-SYKLISKE 

NON-CYCLICAL KONSUMGÜTER CONSUMPTIEGOEDEREN NON CYCLIQUES FORBRUKERVARER 

Accenture 7,500 193,125 0.58 

Aetna 2,300 211,876 0.64 

Alcon 2,100 157,710 0.48 

Amgen 3,720 219,610 0.66 

Apollo Group 2,490 194,307 0.59 

Avon Products 2,900 128,180 0.39 

Becton Dickinson 5,100 239,700 0.72 

Biogen Idec 3,000 175,875 0.53 

Biomet 17,700 802,164 2.42 

Caremark Rx 16,500 460,515 1.39 

CR Bard 3,200 175,776 0.53 

Eli Lilly 2,900 183,280 0.55 

Gen-Probe 400 14,386 0.04 

Gilead Sciences 2,700 184,100 0.56 

Gillette 6,300 263,465 0.79 

Hershey Foods Corp 200 9,580 0.03 


Kellogg 3,000 125,160 0.38 

Medicis Pharmaceutical 6,700 244,617 0.74 

Medtronic 4,130 204,765 0.62 

Monsanto 3,400 124,610 0.38 

Paychex 7,500 222,975 0.67 

Pfizer 21,333 688,843 2.08 

Procter & Gamble 6,292 349,269 1.05 

Robert Half International 20,000 506,600 1.53 

St Jude Medical 1,800 119,016 0.36 

Sysco Corp 1,100 35,464 0.11 


UnitedHealth Group 3,000 195,480 0.59 

Varian Medical Systems 2,900 94,221 0.28 

WellPoint Health Networks 2,500 243,500 0.73 

Whole Foods Market 1,770 137,130 0.41 

Zimmer Holdings 3,500 248,395 0.74 

––––––––––––– –––––– 

8,139,831 24.54 

––––––––––––– –––––– 

COMMUNICATIONS KOMMUNIKATION COMMUNICATIE COMMUNICATIONS KOMMUNIKASJON 

Avaya 7,400 92,721 0.28 

Cisco Systems 37,590 715,526 2.16 

Clear Channel Communications 15,000 513,000 1.54 

Comverse Technology 9,900 171,122 0.51 

Corning 19,400 194,388 0.59 

Dex Media 1,000 19,190 0.06 

eBay 4,030 344,505 1.04 

12

INVESCO GT 










US$ % 



Gannett 2,500 211,275 0.64 

Google 1,200 122,466 0.37 

Juniper Networks 10,000 223,850 0.67 

Lamar Advertising 9,500 407,170 1.23 

Nextel Communications 6,500 149,338 0.45 

Qualcomm 5,000 188,500 0.57 

Symantec Corp 3,980 189,150 0.57 

Univision Communications 9,800 325,752 0.98 

Viacom 10,020 338,175 1.02 

Yahoo! 16,300 463,654 1.40 

––––––––––––– –––––– 

4,669,782 14.08 

––––––––––––– –––––– 

CONSUMER ZYKLISCHE CYCLISCHE BIENS DE CONSOMMATION SYKLISKE 

CYCLICALS KONSUMGÜTER CONSUMPTIEGOEDEREN CYCLIQUES FORBRUKERVARER 

Bed Bath & Beyond 9,990 372,977 1.12 

Best Buy 3,800 181,298 0.54 

Carnival Corp 3,760 170,065 0.51 

CDW Corp 8,600 507,357 1.53 

Chico’s FAS 3,100 129,580 0.39 

Cintas Corp 3,800 155,819 0.47 

Coach 4,990 208,532 0.63 

Gap 4,900 93,590 0.28 

Harley-Davidson 2,500 152,625 0.46 

JC Penney Holding 6,200 241,552 0.73 

Lowe’s 1,930 96,539 0.29 

McDonald’s Corp 4,900 132,300 0.40 

MGM Mirage 3,800 156,788 0.47 

Royal Caribbean Cruises 2,500 101,950 0.31 

Southwest Airlines 11,900 177,191 0.53 

Staples 17,500 506,363 1.53 

Starwood Hotels & Resorts Worldwide 3,800 167,542 0.51 

Tiffany 3,700 114,700 0.35 

TJX 5,090 106,890 0.32 

Walgreen 5,010 181,863 0.55 

Wal-Mart Stores 8,780 467,095 1.41 

Williams-Sonoma 6,200 218,550 0.66 

––––––––––––– –––––– 

4,641,166 13.99 

––––––––––––– –––––– 

ENERGY ENERGIE ENERGIEBEDRIJVEN ENERGIE ENERGI 

Apache Corp 2,500 110,250 0.33 

BJ Services 4,400 205,743 0.62 

Devon Energy Corp 3,500 224,980 0.68 

ENSCO International 6,100 173,240 0.52 

Exxon Mobil Corp 5,000 225,650 0.68 

Valero Energy Corp 1,700 110,244 0.34 

Weatherford International 3,100 140,740 0.43 

XTO Energy 4,000 110,120 0.33 

––––––––––––– –––––– 

1,300,967 3.93 

––––––––––––– –––––– 

FINANCIALS FINANZWESEN FINANCIËLE DIENSTEN FINANCE FINANS 

Aflac 2,500 99,800 0.30 

American Express 6,300 312,669 0.94 


Bank of America Corp 5,000 222,850 0.67 

Capital One Financial Corp 1,700 115,804 0.35 

Citigroup 8,090 375,457 1.13 

Genworth Financial 8,900 198,292 0.60 

Goldman Sachs Group 1,230 109,655 0.33 

Investors Financial Services Corp 1,900 87,381 0.27 

JPMorgan Chase 7,500 293,250 0.88 

MBNA Corp 17,490 421,859 1.27 

13

INVESCO GT 










US$ % 



Northern Trust Corp 4,000 171,220 0.52 

SLM Corp 5,000 196,600 0.59 

––––––––––––– –––––– 

2,959,237 8.92 

––––––––––––– –––––– 

INDUSTRIAL INDUSTRIE INDUSTRIE INDUSTRIES INDUSTRI 

3M 2,300 186,990 0.56 

Agilent Technologies 9,400 198,622 0.60 

Caterpillar 3,800 274,550 0.83 

Danaher Corp 5,000 251,750 0.76 

Deere 6,800 425,952 1.28 

Eaton Corp 2,500 151,275 0.45 

Expeditors International Washington 2,500 121,663 0.36 


Honeywell International 6,100 217,648 0.66 

Illinois Tool Works 2,500 227,650 0.69 

Ingersoll-Rand 5,490 360,143 1.09 

Molex 4,000 116,000 0.35 

Parker Hannifin Corp 3,000 162,180 0.49 

Rockwell Automation 5,000 194,600 0.59 

Tyco International 6,300 197,820 0.60 

Waters Corp 4,300 183,610 0.55 

––––––––––––– –––––– 

3,515,054 10.60 

––––––––––––– –––––– 

TECHNOLOGY TECHNOLOGIE TECHNOLOGIE TECHNOLOGIE TEKNOLOGI 

Affiliated Computer Services Rts 2,400 128,832 0.39 

Analog Devices 11,300 388,720 1.17 

Apple Computer 5,000 170,575 0.51 

Applied Materials 7,900 126,400 0.38 

Autodesk 7,500 326,700 0.99 

Automatic Data Processing 4,900 194,775 0.59 

Dell 18,760 659,226 1.99 

Fiserv 13,800 481,689 1.45 

Freescale Semiconductor 14,900 210,835 0.64 

Kla-Tencor Corp 3,700 138,676 0.42 

Lam Research Corp 8,400 182,658 0.55 

Linear Technology Corp 9,400 338,447 1.02 

Maxim Integrated Products 4,730 205,897 0.62 

Mercury Interactive Corp 2,400 83,316 0.25 

Microchip Technology 25,400 665,861 2.01 

Microsoft Corp 35,540 970,420 2.92 

Oracle Corp 22,100 223,320 0.67 

Teradyne 4,200 55,650 0.17 

––––––––––––– –––––– 

5,551,997 16.74 

––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 

14

INVESCO GT 

AMERICAN ENTERPRISE FUND 









US$ % 







Airgas 9,400 203,510 0.91 

Allegheny Technologies 10,800 199,584 0.89 

––––––––––––– –––––– 

403,094 1.80 

––––––––––––– –––––– 


Aeroflex 20,520 211,253 0.94 

Agile Software Corp 18,100 135,841 0.60 

Akamai Technologies 6,400 87,424 0.39 

Alamosa Holdings 15,100 124,802 0.56 

American Tower Corp 20,700 305,532 1.36 

Arris Group 27,000 122,580 0.55 

CNET Networks 9,800 80,752 0.36 

eResearch Technology 13,700 273,863 1.22 

Extreme Networks 38,700 182,858 0.81 

Internet Security Systems 5,200 74,594 0.33 

iVillage 25,200 145,152 0.65 

j2 Global Communications 4,700 119,827 0.53 

Netgear 12,900 161,056 0.72 

Novatel Wireless 3,700 78,642 0.35 

Radio One 15,600 243,906 1.09 

RealNetworks 8,600 43,043 0.19 

RSA Security 5,550 86,108 0.38 

Sapient Corp 39,000 299,520 1.33 

SupportSoft 4,400 44,110 0.20 

Tekelec 13,200 235,950 1.05 

Websense 3,000 115,544 0.51 

Western Wireless Corp 3,700 93,111 0.41 

––––––––––––– –––––– 

3,265,468 14.53 

––––––––––––– –––––– 



Advance Auto Parts 5,800 218,022 0.97 

Aeropostale 7,450 231,174 1.03 

Angiotech Pharmaceuticals 10,400 172,484 0.77 

Airtran Holdings 11,000 132,440 0.59 

Aviall (NY Reg Shrs) 8,200 158,670 0.71 

Boyd Gaming Corp 10,900 291,902 1.30 

Design Within Reach 9,000 142,875 0.64 

Gymboree Corp 5,600 80,724 0.36 

Insight Enterprises 14,100 225,177 1.00 

JOS A Bank Clothiers 4,100 111,766 0.50 

Marvel Enterprises 8,750 129,500 0.58 

Multimedia Games 5,100 76,271 0.34 

Oshkosh Truck Corp 3,300 166,947 0.74 

Pacific Sunwear Of California 5,600 109,648 0.49 

PF Chang’s China Bistro 2,200 93,357 0.42 

Pinnacle Entertainment 17,000 202,640 0.90 

Polska Grupo Farmaceutyczra 0 0.00 0.00 

Scansource 600 36,531 0.16 

Scientific Games Corp 8,700 143,724 0.64 

Shuffle Master 5,200 167,414 0.75 

Station Casinos 4,300 198,831 0.89 

Sports Authority 2,700 56,835 0.25 

Tuesday Morning Corp 8,100 251,991 1.12 

Wabash National Corp 7,000 185,150 0.82 

West Marine 6,000 109,410 0.49 

Winnebago Industries 2,700 84,429 0.38 

––––––––––––– –––––– 

3,777,912 16.84 

––––––––––––– –––––– 

15

INVESCO GT 










US$ % 



Accredo Health 2,900 63,873 0.28 

Advanced Medical Optics 6,300 233,037 1.04 

Align Technology 4,200 64,617 0.29 

Alnylam Pharmaceuticals 9,700 52,041 0.23 

Andrx Corp 3,600 72,342 0.32 

Arthrocare Corp 7,510 182,531 0.81 

Auxilium Pharmaceuticals 4,100 29,356 0.13 

Bone Care International 700 17,010 0.08 

Community Health Systems 7,300 182,719 0.81 

Connetics Corp 7,400 187,886 0.84 

Cooper 2,100 122,997 0.55 

Corinthian Colleges 3,300 39,221 0.17 

Corporate Executive Board 4,300 249,293 1.11 

Covance 5,100 188,802 0.84 

Cytyc Corp 6,000 137,430 0.61 

Dade Behring Holdings 1,300 66,560 0.30 

DaVita ETF 6,950 206,137 0.92 

Gen-Probe 6,900 248,159 1.11 

Gevity HR 8,900 163,716 0.73 

Heidrick & Struggles International 9,400 253,752 1.13 

Inamed Corp 1,500 78,758 0.35 

Incyte Corp 19,100 129,498 0.58 

Inspire Pharmaceuticals 900 12,731 0.06 

Jarden Corp 6,100 185,867 0.83 

Labor Ready 12,500 160,125 0.71 

Laureate Education 7,200 240,768 1.07 

MannKind Corp 3,500 47,740 0.21 

Martek Biosciences Corp 2,100 112,161 0.50 

Metabasis Therapeutics 4,100 22,653 0.10 

MGI Pharma 6,000 141,960 0.63 

MPS Group 14,500 129,195 0.58 

Nabi Biopharmaceuticals 14,200 164,081 0.73 

NBTY 5,300 125,716 0.56 

Necktar Therapeutics 0 0.00 0.00 

Pharmion Corp 2,800 131,978 0.59 

Resources Connection 3,590 121,575 0.54 

Respironics 2,700 143,855 0.64 

Rigel Pharmaceuticals 600 12,345 0.05 

Salix Pharmaceuticals 7,100 157,017 0.70 

Select Medical Corp 6,200 82,026 0.37 

SFBC International 1,900 51,357 0.23 

Sierra Health Services 2,500 105,875 0.47 

United Surgical Partners International 5,100 182,657 0.81 

Valeant Pharmaceuticals International 6,700 154,569 0.69 

VCA Antech 5,000 95,500 0.43 

WellCare Health Plans 1,400 25,480 0.11 

––––––––––––– –––––– 

5,576,966 24.84 

––––––––––––– –––––– 


Arch Coal 5,500 176,385 0.79 

Forest Oil Corp 5,700 146,490 0.65 

Grey Wolf 47,200 199,184 0.89 

Hydril 6,700 237,750 1.06 

Maverick Tube Corp 4,000 114,600 0.51 

Quicksilver Resources 5,400 152,010 0.68 

Spinnaker Exploration 3,300 111,210 0.49 

Todco 11,100 166,500 0.74 

––––––––––––– –––––– 

1,304,129 5.81 

––––––––––––– –––––– 


Affiliated Managers Group 4,200 203,952 0.91 

CB Richard Ellis Group 10,200 198,084 0.88 

Eaton Vance Corp 3,500 139,895 0.62 

Greater Bay Bancorp 6,700 191,084 0.85 

16

INVESCO GT 










US$ % 



Greenhill & Co 5,000 101,750 0.45 

Knight Trading Group 13,600 124,848 0.56 

National Financial Partners Corp 4,700 162,385 0.72 

PrivateBancorp 6,400 185,472 0.83 

Raymond James Financial 4,700 112,001 0.50 

Silicon Valley Bancshares 6,200 231,384 1.03 

Southwest Bancorp of Texas 8,000 168,680 0.75 

UCBH Holdings 5,400 215,973 0.96 

United National Group 11,200 172,200 0.77 

––––––––––––– –––––– 

2,207,708 9.83 

––––––––––––– –––––– 

FUNDS FONDS FONDSEN FONDS DE PLACEMENT FOND 

iShares Russell 2000 Growth Index Fund 4,500 248,670 1.11 

––––––––––––– –––––– 


Bucyrus International 2,900 75,545 0.34 

Chicago Bridge & Iron 4,700 137,803 0.61 

Cymer 5,500 150,453 0.67 

Flir Systems 3,600 217,062 0.97 

GrafTech International 13,500 142,425 0.63 

IDEX Corp 6,050 186,824 0.83 

Joy Global 4,800 143,448 0.64 

Kennametal 3,500 143,395 0.64 

Metrologic Instruments 11,500 168,590 0.75 

Old Dominion Freight Line 2,500 68,700 0.31 

Overnite Corp 3,700 110,057 0.49 

Power-One 15,800 121,422 0.54 

Stericycle 4,200 193,556 0.86 

Trimble Navigation 8,000 215,440 0.96 

––––––––––––– –––––– 

2,074,720 9.24 

––––––––––––– –––––– 


Avid Technology 2,700 117,140 0.52 

Dendrite International 16,679 216,744 0.97 

Filenet Corp 6,300 124,299 0.55 

Genesis Microchip 12,600 154,034 0.69 

Hyperion Solutions Corp 4,300 158,778 0.71 

InterVoice 9,500 84,883 0.38 

Microsemi Corp 16,100 175,732 0.78 

Open Solutions 8,700 198,011 0.88 

Quest Software 15,000 152,850 0.68 

Silicon Image 16,100 177,020 0.79 

Silicon Laboratories 5,400 181,142 0.81 

SRA International 5,500 249,864 1.11 

Varian Semiconductor Equipment Associates 4,300 122,292 0.54 

Vitesse Semiconductor Corp 35,800 89,321 0.40 

Zoran Corp 7,700 121,545 0.54 

––––––––––––– –––––– 

2,323,655 10.35 

––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 

17

INVESCO GT 

US STRUCTURED LARGE CAP CORE FUND 









US$ % 







Georgia-Pacific Corp 38,000 1,292,760 0.81 

Nucor Corp 27,800 2,169,790 1.36 

Sherwin-Williams 25,000 1,018,750 0.64 

Weyerhaeuser 14,500 904,220 0.57 

––––––––––––– –––––– 

5,385,520 3.38 

––––––––––––– –––––– 


Alltel Corp 8,100 436,428 0.27 

BellSouth Corp 138,100 3,649,983 2.29 

Cisco Systems 267,100 5,084,249 3.18 


eBay 4,000 341,940 0.21 

Harris Corp 13,400 639,180 0.40 

Motorola 244,700 3,964,140 2.48 

Qualcomm 33,000 1,244,100 0.78 

SBC Communications 55,000 1,419,000 0.89 

Scientific-Atlanta 41,800 1,141,976 0.72 

Time Warner 142,100 2,330,440 1.46 

Verizon Communications 81,000 3,161,430 1.98 

Walt Disney 129,900 2,909,760 1.82 

Yahoo! 30,800 876,106 0.55 

––––––––––––– –––––– 

28,125,552 17.61 

––––––––––––– –––––– 



Autozone 13,200 986,436 0.62 

Centex Corp 28,600 1,295,008 0.81 

Darden Restaurants 6,100 128,283 0.08 

Federated Department Stores 66,000 2,937,660 1.84 

Ford Motor 211,200 2,948,352 1.85 

Gap 30,900 590,190 0.37 

Hasbro 28,200 520,572 0.33 

McDonald’s Corp 136,200 3,677,400 2.30 

Nordstrom 6,600 244,200 0.15 

Paccar 3,300 198,198 0.12 

RadioShack Corp 37,800 1,016,820 0.64 


Yum! Brands 10,000 392,000 0.25 

––––––––––––– –––––– 

15,392,639 9.65 

––––––––––––– –––––– 



Altria Group 27,400 1,342,052 0.84 

Archer-Daniels-Midland 59,600 938,104 0.59 

Bausch & Lomb 4,700 306,863 0.19 

Becton Dickinson 43,200 2,030,400 1.27 

Coca-Cola 20,700 918,045 0.57 

Coventry Health Care 22,600 1,136,102 0.71 

Fortune Brands 22,900 1,668,952 1.04 

Genentech 33,600 1,626,240 1.02 

ImClone Systems 18,200 946,127 0.59 

Johnson & Johnson 90,200 5,190,108 3.25 

Kellogg 6,300 262,836 0.17 

Merck 87,500 3,931,375 2.46 

Pfizer 44,400 1,433,676 0.90 

Procter & Gamble 86,100 4,779,411 2.99 

Supervalu 4,200 108,990 0.07 

Tyson Foods 7,900 128,454 0.08 

18

INVESCO GT 










US$ % 




UnitedHealth Group 23,400 1,524,744 0.96 


––––––––––––– –––––– 

28,347,206 17.75 

––––––––––––– –––––– 


Burlington Resources 29,400 1,052,520 0.66 

Exxon Mobil Corp 165,000 7,446,450 4.66 

Occidental Petroleum Corp 65,600 3,340,352 2.09 

Schlumberger 10,600 648,508 0.41 

Sunoco 36,100 2,203,905 1.38 

––––––––––––– –––––– 

14,691,735 9.20 

––––––––––––– –––––– 


Allstate Corp 75,400 3,576,976 2.24 

Bank of America Corp 84,000 3,743,880 2.34 

Bear Stearns 25,000 2,185,500 1.37 

Citigroup 145,000 6,729,450 4.21 

Countrywide Financial Corp 33,000 2,275,020 1.42 

Fannie Mae 43,700 3,234,674 2.03 

Goldman Sachs Group 16,000 1,426,400 0.89 

Huntington Bancshares 3,600 87,588 0.05 

JPMorgan Chase 53,400 2,087,940 1.31 

Lincoln National Corp 16,100 724,661 0.45 

Morgan Stanley 22,700 1,148,620 0.72 

Old Republic International Corp 4,600 108,560 0.07 

Simon Property Group 8,300 462,476 0.29 

Torchmark Corp 5,900 304,558 0.19 

Wachovia Corp 69,000 3,208,500 2.01 

––––––––––––– –––––– 

31,304,803 19.59 

––––––––––––– –––––– 


3M 6,100 495,930 0.31 

Black & Decker Corp 8,500 581,145 0.36 

Boeing 72,000 3,734,640 2.34 

Burlington Northern Santa Fe Corp 22,300 796,110 0.50 

Deere 31,900 1,998,216 1.25 

Energizer Holdings 14,600 600,060 0.38 

FedEx Corp 5,600 455,000 0.28 

General Dynamics Corp 6,400 624,640 0.39 

General Electric 64,600 2,104,022 1.32 


Stanley Works 20,300 876,757 0.55 

Textron 8,400 536,004 0.34 

Tyco International 44,900 1,409,860 0.88 

––––––––––––– –––––– 

14,439,436 9.04 

––––––––––––– –––––– 


Altera Corp 21,000 399,735 0.25 

International Business Machines Corp 61,300 5,173,720 3.24 

IMS Health 8,500 198,050 0.12 

Maxim Integrated Products 60,500 2,633,565 1.65 


Microsoft Corp 114,900 3,137,344 1.96 

NCR Corp 9,300 414,408 0.26 

Xilinx 3,300 90,734 0.06 

––––––––––––– –––––– 

12,283,491 7.69 

––––––––––––– –––––– 

19

INVESCO GT 










US$ % 

OFFENTLIGE OG PRIVATE 

UTILITIES VERSORGUNG NUTSVOORZIENINGEN SERVICES PUBLICS BASISTJENESTER 


Edison International 50,600 1,349,502 0.84 

Exelon Corp 21,200 768,076 0.48 

FPL Group 9,400 645,592 0.40 

––––––––––––– –––––– 

3,704,956 2.31 

––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 

20

INVESCO GT 

EUROPEAN STRUCTURED FUND 









EUR % 






BELGIUM BELGIEN BELGIË BELGIQUE BELGIA 

Delhaize Group 4,564 210,583 0.53 

Dexia 6,284 89,138 0.22 

Solvay 3,800 262,770 0.66 

––––––––––––– –––––– 

562,491 1.41 

––––––––––––– –––––– 


BNP Paribas 22,037 1,112,428 2.79 

Bouygues 28,072 799,210 2.01 

Carrefour 5,836 225,970 0.57 

Cie Generale d’Optique Essilor International 2,945 148,074 0.37 

Groupe Danone 2,182 144,841 0.36 

Renault 11,875 786,125 1.98 

Sanofi-Aventis 3,663 214,762 0.54 

Sanofi-Synthelabo 5,537 328,510 0.83 

Societe Generale 8,350 591,013 1.48 

Total 9,357 1,509,752 3.79 

Vinci 5,717 504,697 1.27 

––––––––––––– –––––– 

6,365,382 15.99 

––––––––––––– –––––– 


BASF 4,180 186,741 0.47 

Deutsche Bank 23,595 1,324,623 3.33 

Deutsche Post 46,858 770,814 1.94 

Fresenius Medical Care 11,484 693,921 1.74 

Merck 6,986 301,097 0.76 

Metro 2,532 97,254 0.24 

RWE 6,970 282,843 0.71 

SAP 7,398 899,116 2.26 

Siemens 13,565 773,069 1.94 

––––––––––––– –––––– 

5,329,478 13.39 

––––––––––––– –––––– 

IRELAND IRLAND IERLAND IRLANDE IRLAND 

Bank of Ireland 26,214 289,927 0.73 

Depfa Bank 30,139 323,542 0.81 

––––––––––––– –––––– 

613,469 1.54 

––––––––––––– –––––– 


Alleanza Assicurazioni 61,009 524,372 1.32 

Autostrade 42,359 699,982 1.76 

ENI 49,747 841,968 2.12 

––––––––––––– –––––– 

2,066,322 5.20 

––––––––––––– –––––– 


ABN AMRO Holding 27,328 474,414 1.19 

Aegon 20,901 184,765 0.46 

Akzo Nobel 10,264 285,442 0.72 

ING Groep 36,854 735,237 1.85 

Koninklijke Philips Electronics 45,302 861,191 2.16 

Randstad Holdings 13,669 346,236 0.87 

––––––––––––– –––––– 

2,887,285 7.25 

––––––––––––– –––––– 

NORWAY NORWEGEN NOORWEGEN NORVEGE NORGE 

Norsk Hydro 5,136 263,244 0.66 

––––––––––––– –––––– 

21

INVESCO GT 










EUR % 


Ende 17,851 272,674 0.68 

Gas Natural 25,670 502,747 1.26 

Telefonica 27,401 321,003 0.81 

Telefonica Publicidad e Informacion 46,408 249,443 0.63 

––––––––––––– –––––– 

1,345,867 3.38 

––––––––––––– –––––– 


Electrolux 51,448 775,834 1.95 

ForeningsSparbanken 19,646 308,090 0.77 

––––––––––––– –––––– 

1,083,924 2.72 

––––––––––––– –––––– 


Nestle 3,580 694,596 1.75 

Novartis 13,908 530,447 1.33 

Swatch Group 4,868 490,396 1.23 

UBS 23,629 1,317,908 3.31 

Zurich Financial Services 1,651 189,066 0.48 

––––––––––––– –––––– 

3,222,413 8.10 

––––––––––––– –––––– 


Anglo American 32,008 596,119 1.50 

Antofagasta 16,719 245,895 0.62 

AstraZeneca 10,509 398,079 1.00 

Aviva 175,004 1,384,481 3.48 

Barclays 218,531 1,677,264 4.21 

Barratt Developments 10,722 93,190 0.23 

BG Group 182,757 935,468 2.35 

BP 91,624 674,972 1.70 

Bradford & Bingley 45,312 191,358 0.48 

British Land 7,442 80,002 0.20 

BT Group 462,309 1,263,509 3.18 

Cable & Wireless 89,272 144,798 0.36 

Diageo 34,921 354,901 0.89 

Friends Provident 248,956 493,538 1.24 

GlaxoSmithKline 72,093 1,215,684 3.06 

HBOS 52,996 538,991 1.35 

HSBC Holdings 42,075 541,427 1.36 

Imperial Chemical Industries 85,305 278,154 0.70 

Mitchells & Butlers 70,907 271,651 0.68 

mmO2 843,057 1,123,077 2.82 

Next 31,098 692,186 1.74 

Northern Rock 18,156 190,591 0.48 


Sage Group 110,019 273,500 0.69 



Tate & Lyle 59,779 309,875 0.78 

Trinity Mirror 32,646 313,099 0.79 

––––––––––––– –––––– 

15,886,461 39.92 

––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 

22

INVESCO GT 

PAN EUROPEAN FUND 









EUR % 






AUSTRIA ÖSTERREICH OOSTENRIJK AUTRICHE ØSTERRIKE 

Bank Austria Creditanstalt 118,800 6,109,884 1.39 

Telekom Austria 451,807 5,189,003 1.18 

––––––––––– –––––– 

11,298,887 2.57 

––––––––––– –––––– 


Belgacom 191,986 5,203,781 1.18 

Interbrew 153,100 3,992,083 0.91 

––––––––––– –––––– 

9,195,864 2.09 

––––––––––– –––––– 


Danske Bank 360,900 7,145,846 1.63 

ISS 190,000 7,696,480 1.75 

––––––––––– –––––– 

14,842,326 3.38 

––––––––––– –––––– 


Fortum 162,800 1,867,316 0.42 

Nokia 331,187 3,197,610 0.73 

Tietoenator 295,500 6,503,955 1.48 

––––––––––– –––––– 

11,568,881 2.63 

––––––––––– –––––– 


Atos Origin 111,018 4,924,758 1.12 

BNP Paribas 131,025 6,614,142 1.51 

Carrefour 142,300 5,509,856 1.25 

Casino Guichard Perrachon 77,500 5,049,125 1.15 

Credit Agricole 389,984 8,060,969 1.84 

Lagardere S.C.A. 64,700 3,204,591 0.73 

LVMH Moet Hennessy Loius Vuitton 73,000 3,904,040 0.89 

Peugeot 116,000 5,745,480 1.31 

––––––––––– –––––– 

43,012,961 9.80 

––––––––––– –––––– 


Bayerische Motoren Werke 177,550 6,075,761 1.38 

Deutsche Telekom 414,200 5,960,338 1.36 

Infineon Technologies 384,300 3,105,144 0.71 

Porsche 10,360 5,246,096 1.19 

ThyssenKrupp 92,700 1,430,824 0.33 

––––––––––– –––––– 

21,818,163 4.97 

––––––––––– –––––– 

GREECE GRIECHENLAND GRIEKENLAND GRECE HELLAS 

Cosmote Mobile Telecommunications 175,343 2,311,021 0.53 

––––––––––– –––––– 


CRH 428,784 8,138,320 1.85 

Iaws Group 431,101 4,354,120 0.99 

––––––––––– –––––– 

12,492,440 2.85 

––––––––––– –––––– 

23

INVESCO GT 










EUR % 


Alleanza Assicurazioni 727,000 6,248,565 1.42 

Assicurazioni Generali 278,400 5,975,856 1.36 

Seat Pagine Gialle 12,680,000 3,987,860 0.91 

Snam Rete Gas 821,466 3,027,102 0.69 

TIM 2,141,000 9,366,875 2.13 

Telecom Italia 3,748,062 6,737,141 1.54 

––––––––––– –––––– 

35,343,399 8.05 

––––––––––– –––––– 


ASM International 270,000 3,091,500 0.70 

IHC Caland 126,600 5,053,872 1.15 

Koninklijke Philips Electronics 411,220 7,817,292 1.78 

TPG 309,900 5,925,288 1.35 

VNU 333,534 7,044,238 1.60 

––––––––––– –––––– 

28,932,190 6.59 

––––––––––– –––––– 


DNB NOR 1,101,120 6,887,029 1.57 

Storebrand 892,050 4,914,101 1.12 

––––––––––– –––––– 

11,801,130 2.69 

––––––––––– –––––– 


Banco BPI 1,609,219 4,618,458 1.05 

Brisa-Auto-Estradas de Portugal 450,000 2,731,500 0.61 

––––––––––– –––––– 

7,349,958 1.67 

––––––––––– –––––– 


Acciona 124,000 6,215,500 1.42 

Altadis Sa 193,967 4,903,486 1.12 

Gamesa Corp Tecnologica 435,870 5,145,445 1.17 

Sogecable 150,000 4,536,000 1.03 

Union Fenosa 175,972 3,207,090 0.73 

––––––––––– –––––– 

24,007,521 5.47 

––––––––––– –––––– 


Assa Abloy 625,500 6,205,604 1.41 

Hennes & Mauritz 238,800 5,130,418 1.17 

Swedish Match 658,335 5,432,291 1.24 

Volvo 202,000 5,644,505 1.29 

WM-Data 1,580,000 2,538,306 0.58 

––––––––––– –––––– 

24,951,124 5.68 

––––––––––– –––––– 


Novartis 326,100 12,437,348 2.83 

Roche Holding 126,140 10,069,644 2.30 

––––––––––– –––––– 

22,506,992 5.13 

––––––––––– –––––– 


Associated British Foods 530,429 4,925,574 1.12 

AWG 442,950 4,175,789 0.95 

AWG (New Ord) 147,059,400 218,583 0.05 

BAA 300,154 2,489,440 0.57 

BAE Systems 658,083 1,955,071 0.44 

24

INVESCO GT 










EUR % 



Balfour Beatty 373,345 1,478,873 0.34 

British American Tobacco 795,632 9,901,266 2.25 

BT Group 3,531,239 9,651,018 2.20 

Bunzl 451,709 2,852,616 0.65 

Cable & Wireless 1,443,750 2,341,745 0.53 

Centrica 726,327 2,663,868 0.61 

Colt Telecom Group 452,844 256,615 0.06 

Compass Group 550,000 2,559,787 0.58 

Diageo 285,047 2,896,924 0.66 

Gallaher Group 504,230 4,916,498 1.12 


Group 4 Securicor 1,950,000 3,391,124 0.77 

Group 4 Securicor (DKK) 3,451,000 5,962,928 1.36 

Imperial Chemical Industries 883,000 2,879,196 0.66 

Imperial Tobacco Group 416,616 7,545,444 1.72 

International Power 1,219,412 2,415,133 0.55 

International Power Rts 14/9/2004 402,405 305,788 0.07 

Legal & General Group 530,000 792,693 0.18 

Marconi Corp 359,063 3,076,758 0.70 

Mitchells & Butlers 319,970 1,225,833 0.28 

mmO2 3,678,843 4,900,763 1.12 

National Grid Transco 1,402,343 9,661,116 2.20 

Reuters Group 401,000 1,932,625 0.44 

Rexam 873,750 5,683,458 1.29 

Scottish Power 848,000 5,084,265 1.16 

Severn Trent 302,474 3,879,915 0.88 

Taylor Nelson Sofres 625,800 1,876,603 0.43 

Tesco 1,677,017 6,702,105 1.53 

Game Group 2,781,045 2,542,181 0.58 

Unilever 501,967 3,545,852 0.81 

United Utilities 1,478,048 7,933,584 1.81 

Vodafone Group 2,955,376 5,606,242 1.28 

Wetherspoon (J.D.) 650,752 2,287,547 0.52 

Whitbread 95,836 1,159,159 0.26 

––––––––––– –––––– 

153,037,970 34.86 

––––––––––– –––––– 


VON AMERIKA 

Strategic Diagnostic 178 400 0.00 

––––––––––– –––––– 

––––––––––– –––––– 



––––––––––– –––––– 

25

INVESCO GT 

PAN EUROPEAN ENTERPRISE FUND 









EUR % 







Andritz 48,087 2,096,593 0.73 

Austriamicrosystems 36,488 694,933 0.24 

––––––––––––– –––––– 

2,791,526 0.97 

––––––––––––– –––––– 


AGFA-Gevaert 193,467 4,385,897 1.53 

Barco 28,746 1,989,223 0.70 

Deceuninck 81,162 1,887,422 0.66 

Mobistar 44,500 2,526,488 0.88 

Omega Pharma 89,000 3,658,345 1.28 

––––––––––––– –––––– 

14,447,375 5.05 

––––––––––––– –––––– 


Falck 81,480 496,867 0.18 

Group 4 Securicor 668,136 1,154,462 0.40 

Novozymes 26,075 907,227 0.32 

––––––––––––– –––––– 

2,558,556 0.90 

––––––––––––– –––––– 


Elisa Corp 251,117 2,411,979 0.84 

Tietoenator 34,363 756,330 0.26 

––––––––––––– –––––– 

3,168,309 1.10 

––––––––––––– –––––– 


BioMerieux 97,223 2,640,577 0.92 

Bonduelle S.C.A. 32,200 2,306,486 0.81 

Business Objects 151,535 2,360,915 0.83 

Compagnie Generale de Geophysique 63,832 2,986,061 1.04 

Eiffage 64,218 4,795,800 1.68 

Galeries Lafayette 14,300 2,022,020 0.71 

Neopost 60,835 2,989,432 1.04 

Remy Cointreau 48,385 1,392,520 0.49 

––––––––––––– –––––– 

21,493,811 7.52 

––––––––––––– –––––– 


AWD Holding 53,884 1,480,463 0.52 

Beru 12,585 696,328 0.24 

Bilfinger Berger 620 17,360 0.01 

Celesio 55,003 2,975,112 1.04 

Douglas Holding 65,263 1,539,228 0.54 

Draegerwerk (Preference) 36,326 1,792,688 0.63 

Fielmann 33,500 1,582,875 0.55 

GFK 25,404 543,392 0.19 

Hochtief 348,963 6,801,289 2.38 

IDS Scheer 68,441 928,744 0.33 

Pfleiderer 156,000 1,127,100 0.39 

Rheinmetall 77,065 2,556,631 0.89 

Vossloh 74,000 2,663,260 0.93 

Wincor Nixdorf 37,808 1,842,006 0.64 

––––––––––––– –––––– 

26,546,476 9.28 

––––––––––––– –––––– 

26

INVESCO GT 










EUR % 


Motor Oil Hellas Corinth Refineries 40,000 318,400 0.11 

Titan Cement 133,984 2,679,680 0.94 

––––––––––––– –––––– 

2,998,080 1.05 

––––––––––––– –––––– 


DCC 165,553 2,392,241 0.84 

Fyffes 67,073 122,408 0.04 

Kingspan Group 652,686 3,312,381 1.16 

––––––––––––– –––––– 

5,827,030 2.04 

––––––––––––– –––––– 


Arnoldo Mondadori Editore 254,048 1,916,792 0.67 

Buzzi Unicem 196,646 1,947,779 0.68 

Digital Multimedia Technologies 1,013 15,499 0.01 

ERG 567,821 3,409,765 1.19 

Impregilo 3,581,046 1,572,079 0.55 

Merloni Elettrodomestici 119,841 1,779,639 0.62 

Pirelli & C Real Estate 67,593 1,961,211 0.69 

RCS MediaGroup 337,540 1,203,330 0.42 

Saipem 267,310 2,302,876 0.80 

––––––––––––– –––––– 

16,108,970 5.63 

––––––––––––– –––––– 


Millicom International Cellular 137,000 1,739,752 0.61 

––––––––––––– –––––– 


Aalberts Industries 47,127 1,291,280 0.45 


Axalto Holding 178,826 2,802,203 0.98 

Fugro 39,429 2,253,367 0.79 

IHC Caland 73,643 2,939,829 1.03 

Imtech 132,044 2,911,570 1.02 

Koninklijke BAM Groep 85,490 2,128,701 0.74 

Koninklijke Wessanen 75,959 863,654 0.30 

Laurus 933,590 746,872 0.26 

Unit 4 Agresso 100,000 1,135,000 0.40 

––––––––––––– –––––– 

20,061,922 7.01 

––––––––––––– –––––– 


DNB NOR 612,000 3,827,795 1.34 

Schibsted 38,360 629,163 0.22 

Smedvig 200,000 1,928,368 0.67 

Storebrand 682,620 3,760,399 1.32 

TGS Nopec Geophysical 100,980 1,522,708 0.53 

Visma 291,000 2,222,139 0.78 

––––––––––––– –––––– 

13,890,572 4.86 

––––––––––––– –––––– 


Banco BPI 207,605 595,826 0.21 

Brisa-Auto Estradas de Portugal 571,001 3,465,976 1.21 

––––––––––––– –––––– 

4,061,802 1.42 

––––––––––––– –––––– 

27

INVESCO GT 










EUR % 


Abengoa 183,187 1,329,022 0.47 

Acciona 71,500 3,583,937 1.25 

Cementos Portland Valderrivas 32,400 1,526,850 0.53 

Cortefiel 231,481 2,070,598 0.72 

Cia de Distribucion Integral Logista 136,478 4,610,227 1.61 

Ebro Puleva 474,149 4,473,596 1.56 

Fadesa Inmobiliaria 239,787 2,602,888 0.91 

Fomento de Construcciones y Contratas 116,519 3,505,474 1.23 

Prosegur Cia de Seguridad 93,304 1,188,693 0.42 

Red Electrica de Espana 244,849 3,382,589 1.18 

Sociedad General de Aguas de Barcelona 186,172 2,704,148 0.95 

––––––––––––– –––––– 

30,978,022 10.83 

––––––––––––– –––––– 


Castellum 126,856 2,607,352 0.91 

D Carnegie 30,567 217,926 0.08 

Elekta 169,768 3,136,233 1.10 

Eniro 383,696 2,378,506 0.83 

Eniro (Redemption Shares) 17,866 166,492 0.06 

Getinge 321,661 2,988,732 1.04 

Song Networks Holding 200,010 943,708 0.33 

Swedish Match 443,569 3,660,136 1.28 

––––––––––––– –––––– 

16,099,085 5.63 

––––––––––––– –––––– 


Bank Sarasin & Compagnie 1,121 1,268,283 0.44 

Lindt & Spruengli 2,300 2,174,205 0.76 

Nobel Biocare Holding 10,688 1,284,584 0.45 

Schindler Holding 10,900 2,450,519 0.86 

Sika 4,204 1,852,112 0.65 

Tecan Group 64,300 1,371,582 0.48 

––––––––––––– –––––– 

10,401,285 3.64 

––––––––––––– –––––– 


Abbot Group 243,000 703,859 0.25 

Acambis 85,066 390,853 0.14 

AEA Technology 104,000 303,752 0.11 

Alba 52,000 604,799 0.21 

Alfred Mcalpine 311,000 1,168,355 0.41 

Alphameric 353,500 415,088 0.14 

Amlin 306,000 668,593 0.23 

Arriva 161,749 1,009,450 0.35 

Autonomy Corp 103,500 256,717 0.09 

Aveva Group 58,538 456,794 0.16 

Babcock International Group 329,796 546,567 0.19 

Beazley Group 339,000 473,643 0.17 

BETonSPORTS 66,589 138,565 0.05 

Blacks Leisure Group 115,500 716,740 0.25 

Bovis Homes Group 107,000 896,987 0.31 

BPP Holdings 127,399 582,283 0.20 

Bristol Water Group 57,656 342,790 0.12 

British Vita 140,300 504,918 0.18 

Brown (N) Group 318,000 552,423 0.19 

BTG 328,323 508,746 0.18 

Capital & Regional 52,000 427,031 0.15 

Cardpoint 83,000 162,229 0.06 

Care UK 253,500 1,177,474 0.41 

Carillion 458,875 1,297,605 0.45 

Centaur Holdings 418,564 507,041 0.18 

Charles Taylor Consulting 383,000 1,457,344 0.51 

Chemring Group 100,500 598,263 0.21 

City North Group 149,000 471,725 0.16 

28

INVESCO GT 










EUR % 



Computacenter 101,705 498,294 0.17 

Cranswick 135,432 737,766 0.26 

Crest Nicholson 92,500 479,146 0.17 

CSR 68,647 368,215 0.13 

Dairy Crest Group 122,500 576,962 0.20 

Datamonitor 147,000 278,581 0.10 

Davis Service Group 138,500 785,358 0.27 

Dawson Holdings 60,308 141,182 0.05 

Dechra Pharmaceuticals 231,500 497,213 0.17 

Devro 424,269 712,595 0.25 

Dicom Group 32,600 331,919 0.12 

Dignity 128,653 544,989 0.19 

Domestic & General Group 73,400 604,407 0.21 

Domnick Hunter Group 127,313 704,892 0.25 

e2v Holdings 204,777 526,563 0.18 

East Surrey Holdings 120,892 592,074 0.21 

Electronic Data Process 360,798 383,437 0.13 

Enterprise 170,836 736,378 0.26 

Fenner 403,000 664,892 0.23 

Ferraris Group 163,151 287,363 0.10 

First Choice Holidays 293,921 535,168 0.19 

First Technology 136,500 590,404 0.21 

Forth Ports 46,786 776,770 0.27 

Fuller Smith & Turner 19,600 205,385 0.07 

Game Group 512,398 468,388 0.16 

Go-Ahead Group 43,050 717,942 0.25 

Grainger Trust 29,800 785,323 0.27 

Greene King 54,000 837,548 0.29 

Greggs 9,746 505,563 0.18 

Group 4 Securicor 377,000 655,617 0.23 

Gyrus Group 200,000 631,702 0.22 

Headlam Group 77,720 455,725 0.16 

Hiscox 321,000 827,805 0.29 

Homeserve 79,100 735,994 0.26 

Incisive Media 157,000 270,695 0.09 

International Energy Group 303,018 799,448 0.28 

Interserve 167,500 680,919 0.24 

† INVESCO Continental Smaller Companies Trust 4,250,000 3,205,888 1.12 

ISIS Asset Management 110,000 325,364 0.11 

iSOFT Group 127,690 687,762 0.24 

Isotron 101,800 601,462 0.21 

ITNET 172,400 467,653 0.16 

James Halstead 101,000 746,107 0.26 

JJB Sports 168,151 473,622 0.17 

Johnston Press 78,000 602,577 0.21 

Kiln 203,000 223,281 0.08 

Laird Group 162,500 790,417 0.28 

Linx Printing Technologies 90,000 384,595 0.13 

London Scottish Bank 364,000 654,651 0.23 

Luminar 120,000 731,957 0.26 

Marshalls 159,875 610,119 0.21 

Mccarthy & Stone 85,552 731,493 0.26 

# Medical Property Investment Fund 230,336 350,921 0.12 

Medical Solutions 323,000 183,636 0.06 

Meggitt 388,735 1,310,160 0.46 

Merchant Retail Group 396,000 900,554 0.31 

Mersey Docks & Harbour 12,000 124,408 0.04 

Microgen 300,434 247,837 0.09 

Minorplanet Systems 512,428 97,111 0.03 

Mouchel Parkman 196,625 571,359 0.20 

Mountview Estates 9,160 537,794 0.19 

NCC Group 60,013 165,467 0.06 

Nord Anglia Education 151,343 449,900 0.16 

Northgate 199,843 2,034,712 0.71 

Northgate Information Solutions 551,867 472,682 0.17 

Northumbrian Water Group 300,000 628,172 0.22 

Office2office 89,510 249,457 0.09 

Paladin Resources 369,408 722,717 0.25 

Patientline 160,000 249,707 0.09 

29

INVESCO GT 










EUR % 



Peacock Group 157,632 543,570 0.19 

Pennon Group 53,600 651,093 0.23 

PHS Group 457,000 513,694 0.18 

Pillar Property 59,860 571,875 0.20 

Plasmon 199,761 642,824 0.22 

PZ Cussons 26,000 469,540 0.16 

Quintain Estates & Development 134,500 922,108 0.32 

RAC 141,179 1,408,043 0.49 

Ridge Mining 163,391 134,786 0.05 

Rotork 108,000 630,067 0.22 

Royalblue Group 27,769 173,354 0.06 

RPS Group 276,272 510,219 0.18 

Sanctuary Group 1,355,000 903,789 0.32 

ScS Upholstery 136,000 536,694 0.19 

Serco Group 379,566 1,121,290 0.39 

Shaftesbury 165,500 684,473 0.24 

SIG 214,629 1,312,749 0.46 

Sinclair Pharma 195,997 298,605 0.10 

Spectris 101,000 644,399 0.23 

Speedy Hire 93,500 566,321 0.20 

Spirax-Sarco Engineering 87,850 718,171 0.25 

Sportingbet 302,403 464,087 0.16 

Stanley Leisure 77,000 504,722 0.18 

South Staffordshire 40,900 478,736 0.17 

Sygen International 750,000 401,317 0.14 

Synergy Healthcare 108,354 517,785 0.18 

T&F Informa 157,248 830,899 0.29 

Taylor Nelson Sofres 296,031 887,716 0.31 

Town Centre Securities 66,315 274,511 0.10 

Tullow Oil 240,000 457,947 0.16 

Ultra Electronics Holdings 72,500 696,135 0.24 

Ultraframe 101,348 107,331 0.04 

Vardy 88,400 594,558 0.21 

Venture Production 151,570 533,931 0.19 

Victrex 89,000 439,189 0.15 

VT Group 445,887 1,758,766 0.61 

Weir Group 73,400 303,158 0.11 

Wellington Underwriting 585,000 706,484 0.25 

Westbury 123,170 778,296 0.27 

Wetherspoon (J.D.) 155,000 544,862 0.19 

Whatman 213,500 617,221 0.22 

Whitehead Mann Group 107,620 367,912 0.13 

Wincanton 182,750 642,409 0.22 

Wyevale Garden Centres 94,712 461,041 0.16 

––––––––––––– –––––– 

86,133,475 30.11 

––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 

† Open ended Fund/† Offener Fonds/† Beleggingsfonds met veranderlijk kapitaal/† Fonds de placement ouvert/† “Open-end” fond 

# Closed ended fund / # Geschlossener Investmentfonds / # Gesloten en beëindigd fonds/ # Fonds à capital fixe / # “Closed ended” fond / 

30

INVESCO GT 

EUROPEAN GROWTH EQUITY FUND 









EUR % 







Erste Bank der Oesterreichischen Sparkassen 1,000 31,275 0.77 

––––––––––––– –––––– 


Colruyt 600 65,310 1.60 

Mobistar 1,200 68,130 1.67 

Omega Pharma 500 20,553 0.51 

––––––––––––– –––––– 

153,993 3.78 

––––––––––––– –––––– 


Willis Group Holdings 800 22,786 0.56 

––––––––––––– –––––– 


Topdanmark 700 35,674 0.88 

––––––––––––– –––––– 


BNP Paribas 1,020 51,490 1.26 

Credit Agricole 1,100 22,737 0.56 

Eiffage 700 52,276 1.28 

Elior 2,800 20,496 0.50 

Imerys 700 35,854 0.88 

IPSOS 300 23,691 0.58 

JC Decaux 1,400 22,372 0.55 

M6-Metropole Television 1,300 26,897 0.66 

Neopost 500 24,570 0.60 

Pernod-Ricard 240 24,516 0.60 

Renault 500 33,100 0.81 

Societe Generale 300 21,234 0.52 

Total 500 80,675 1.98 

Vinci 600 52,968 1.30 

––––––––––––– –––––– 

492,876 12.08 

––––––––––––– –––––– 


Continental 1,300 55,543 1.36 

Puma AG Rudolf Dassler Sport 1,000 203,730 5.00 

––––––––––––– –––––– 

259,273 6.36 

––––––––––––– –––––– 


Coca Cola Hellenic Bottling 1,800 34,632 0.85 

Cosmote Mobile Telecommunications 1,100 14,498 0.35 

EFG Eurobank Ergasias 1,200 21,480 0.53 

Germanos 1,400 28,308 0.69 

OPAP 3,100 48,918 1.20 

Public Power Corp 600 11,712 0.29 

––––––––––––– –––––– 

159,548 3.91 

––––––––––––– –––––– 

31

INVESCO GT 










EUR % 


Anglo Irish Bank Corp 14,600 197,465 4.84 

CRH 1,830 34,733 0.85 

Depfa Bank 5,400 57,969 1.42 

Grafton Group 16,300 115,486 2.83 

Independent News & Media 16,300 32,926 0.81 

Iaws Group 1,300 13,130 0.32 

––––––––––––– –––––– 

451,709 11.07 

––––––––––––– –––––– 


Banco Popolare di Verona e Novara Scrl 2,400 32,652 0.80 

Davide Campari-Milano 700 29,057 0.71 

ENI 3,500 59,238 1.46 

Mediaset 5,200 43,966 1.08 

Merloni Elettrodomestici 3,300 49,005 1.20 

––––––––––––– –––––– 

213,918 5.25 

––––––––––––– –––––– 


SBS Broadcasting 900 26,383 0.65 

––––––––––––– –––––– 


Aalberts Industries 1,800 49,320 1.21 

Hunter Douglas 800 29,040 0.71 

Nutreco Holding 900 23,588 0.58 


Royal Numico 900 23,427 0.57 

TPG 1,560 29,826 0.73 

––––––––––––– –––––– 

183,064 4.48 

––––––––––––– –––––– 


Aktiv Kapital 2,300 26,311 0.65 

Ekornes 2,700 45,528 1.12 

Smedvig 3,100 29,890 0.73 

Telenor 6,100 36,069 0.88 

––––––––––––– –––––– 

137,798 3.38 

––––––––––––– –––––– 

RUSSIA RUSSLAND RUSLAND RUSSIE RUSSLAND 

Vimpel-Communications ADR 700 55,438 1.36 

––––––––––––– –––––– 


Corp Mapfre 5,100 48,170 1.18 

Enagas 2,900 26,390 0.65 

Gestevision Telecinco 1,900 24,586 0.60 

Grupo Ferrovial 1,200 44,892 1.10 

––––––––––––– –––––– 

144,038 3.53 

––––––––––––– –––––– 


Assa Abloy 3,400 33,731 0.82 

Autoliv 1,300 44,793 1.10 

Swedish Match 3,300 27,230 0.67 

Telefonaktiebolaget LM Ericsson 9,000 19,952 0.49 

Volvo 2,200 61,475 1.51 

––––––––––––– –––––– 

187,181 4.59 

––––––––––––– –––––– 

32

INVESCO GT 










EUR % 


Geberit 100 57,769 1.42 


Swatch Group 280 28,207 0.69 

Syngenta 800 58,158 1.42 

UBS 1,000 55,775 1.37 

––––––––––––– –––––– 

239,824 5.88 

––––––––––––– –––––– 


Atkins WS 2,400 23,133 0.56 

Balfour Beatty 10,100 40,007 0.98 

Cattles 10,200 47,586 1.16 

Centrica 9,400 34,475 0.84 

Daily Mail & General Trust 2,200 22,457 0.55 

Enterprise Inns 8,900 70,673 1.73 

ICAP 11,500 38,587 0.95 

Imperial Tobacco Group 3,800 68,823 1.69 

Inchcape 1,300 32,066 0.79 

Intertek Group 2,950 25,366 0.62 


Next 1,700 37,839 0.93 

PHS Group 20,800 23,380 0.57 

Punch Taverns 6,200 41,101 1.01 

Reckitt Benckiser 1,890 41,071 1.01 

Royal Bank of Scotland Group 800 18,627 0.46 

Shire Pharmaceuticals 4,900 35,141 0.86 

T&F Informa 4,300 22,721 0.56 

Tesco 10,900 43,561 1.07 

Travis Perkins 2,400 48,390 1.19 


Vodafone Group 36,100 68,480 1.68 

Warner Chilcott 5,000 43,662 1.07 

William Hill 4,500 36,403 0.89 

––––––––––––– –––––– 

940,461 23.06 

––––––––––––– –––––– 


VON AMERIKA 

Stet Hellas Telecommunication ADR 1,100 14,400 0.35 

––––––––––––– –––––– 

Total 

Investments 

Gesamtanlagen Totaal 

beleggingen 

Total des 

investissements 

Sum 

investeringer 

–––––––––––––– 

3,749,639 

–––––– 

91.94 

–––––––––––––– –––––– 

33

INVESCO GT 

NIPPON ENTERPRISE FUND 









JPY % 







Fuji Technica 70,000 63,000,000 0.22 

––––––––––––– –––––– 


Access 455 1,060,150,000 3.64 

Arbeit-Times 52,000 130,000,000 0.44 

Bandai Networks 273 322,140,000 1.10 

Cyber Agent 1,145 961,800,000 3.30 

Dwango 90 262,800,000 0.90 

e-Lux Corp 1,170,000 270,270,000 0.93 

Finance All Corp 1,267 643,636,000 2.21 

Forval Corp 75,000 75,000,000 0.26 

Index Corp 3,744 943,488,000 3.24 

Kakaku.com 595 528,955,000 1.81 

Sammy NetWorks 16 20,800,000 0.07 

Usen Corp 64,700 180,836,500 0.62 

Usen Corp 582,300 1,601,325,000 5.49 

VeriSign Japan KK 1,700 851,700,000 2.92 

––––––––––––– –––––– 

7,852,900,500 26.93 

––––––––––––– –––––– 



Apple International 1,064 458,584,000 1.57 

Daiichikosho 98,000 313,600,000 1.08 

Fields Corp 2,210 1,131,520,000 3.88 

F T Communications 660 462,000,000 1.59 

Golf Digest Online 1,416 304,440,000 1.05 

Green Cross Coa 46,800 187,668,000 0.64 

Gulliver International 32,100 377,817,000 1.30 

Hard Off Corp 82,800 178,020,000 0.61 

Karula 62,000 310,000,000 1.06 

Mars Engineering Corp 77,200 335,048,000 1.15 

Mars Engineering Corp 77,200 289,500,000 0.99 

Reins International 2,168 1,172,888,000 4.02 

Renaissance 134,000 201,000,000 0.69 

Round One Corp 1,460 332,880,000 1.14 

Studio Alice 43,000 94,385,000 0.32 

Sugi Pharmacy 118,300 417,599,000 1.43 

Telewave 865 840,780,000 2.89 

––––––––––––– –––––– 

7,407,729,000 25.41 

––––––––––––– –––––– 



Alfresa Holdings Corp 96,800 467,544,000 1.60 

Dream ubator 1,960 446,880,000 1.53 

Fuji Pharmaceutical 151,000 262,740,000 0.90 

Heian Ceremony Service 34,000 34,340,000 0.12 

Intelligence 1,766 275,496,000 0.95 

Nichi-iko Pharmaceutical 241,000 281,729,000 0.97 

Origin Toshu 45,000 78,750,000 0.27 

Septeni 600 172,200,000 0.59 

––––––––––––– –––––– 

2,019,679,000 6.93 

––––––––––––– –––––– 

34

INVESCO GT 










JPY % 


Ardepro 465 188,325,000 0.65 

Arealink 912 271,776,000 0.93 

Asset Managers 223 78,942,000 0.27 

Asset Managers 1,492 440,140,000 1.51 

Kennedy-Wilson Japan 403 196,261,000 0.67 

Leopalace21 Corp 408,000 873,120,000 2.99 

Nissin 1,042,000 515,790,000 1.77 

Privee Zurich Turnaround Group 216,000 177,120,000 0.61 

Tact Home 2,940 790,860,000 2.71 

Yasuragi 90,000 405,000,000 1.39 

––––––––––––– –––––– 

3,937,334,000 13.50 

––––––––––––– –––––– 


Arrk Corp 385,000 1,636,250,000 5.61 

Japan Cash Machine 122,500 530,425,000 1.82 

Koha 105,400 324,632,000 1.11 

Kuroda Electric 81,000 353,160,000 1.21 

Lasertec Corp 75,000 207,750,000 0.71 

OSG Corp 339,000 405,444,000 1.39 

Phoenix Electric 31,100 138,084,000 0.47 

River Eletec Corp 2,000 2,340,000 0.01 

Shicoh Engineering 121 523,930,000 1.80 

Trancom 59,200 130,240,000 0.45 

––––––––––––– –––––– 

4,252,255,000 14.58 

––––––––––––– –––––– 


Aplix Corp 55 123,750,000 0.42 

Dream Technologies Corp 3,650 470,850,000 1.61 

Thine Electronics 1,786 730,474,000 2.51 

Tokki Corp 218,000 244,160,000 0.84 

––––––––––––– –––––– 

1,569,234,000 5.38 

––––––––––––– –––––– 

––––––––––––– –––––– 


Investments beleggingen investissements investeringer 27,102,131,500 92.95 

––––––––––––– –––––– 

35

INVESCO GT 

NIPPON GROWTH FUND 









JPY % 







Chubu Steel Plate 160,000 156,800,000 2.49 

Hitachi Chemical 15,000 24,345,000 0.39 

Kansai Paint 110,000 77,220,000 1.23 

Kobe Steel 780,000 123,240,000 1.96 

Mitsubishi Gas Chemical 156,000 72,384,000 1.15 

Toho Titanium 31,000 63,240,000 1.01 

Tokyo Steel Manufacturing 35,000 64,400,000 1.02 

––––––––––––– –––––– 

581,629,000 9.25 

––––––––––––– –––––– 


Kadokawa Holdings 23,500 103,400,000 1.64 

KDDI Corp 115 60,490,000 0.96 

Okinawa Cellular Telephone 80 84,800,000 1.36 


––––––––––––– –––––– 

255,190,000 4.06 

––––––––––––– –––––– 



Hoya Corp 5,500 58,025,000 0.92 

TIS 31,500 125,685,000 2.00 

––––––––––––– –––––– 

183,710,000 2.92 

––––––––––––– –––––– 



Aoki International 74,000 106,264,000 1.69 

Bridgestone Corp 44,000 91,300,000 1.45 

Chiyoda 35,500 62,089,500 0.99 

Citizen Watch 58,000 63,800,000 1.01 

Denso Corp 24,000 64,680,000 1.03 

Fast Retailing 7,300 57,670,000 0.92 

Isuzu Motors 300,000 77,100,000 1.23 

Mazda Motor Corp 220,000 78,320,000 1.24 

Mitsukoshi 100,000 52,400,000 0.83 

Musashi Seimitsu Industry 5,000 24,150,000 0.38 

Nissan Shatai 100,000 67,500,000 1.07 

Ohsho Food Service Corp 26,000 34,060,000 0.54 

Point 26,450 72,076,250 1.15 

Sammy Corp 40,300 219,635,000 3.49 

Sankyo Seiki MFG 87,000 89,436,000 1.42 

Sekisui Chemical 195,000 160,485,000 2.56 

Sony Corp 14,500 54,810,000 0.87 

Sumitomo Rubber Industries 175,000 169,050,000 2.69 

Toyota Motor Corp 72,000 311,040,000 4.94 

––––––––––––– –––––– 

1,855,865,750 29.50 

––––––––––––– –––––– 


Nippon Mining Holdings 317,000 159,451,000 2.53 

––––––––––––– –––––– 

36

INVESCO GT 










JPY % 

FUNDS FONDS FONDSEN FONDS DE PLACEMENT FOND 

† Alpha Portfolios PLC - INVESCO Japan Alpha Fund 77,043 151,687,682 2.41 

––––––––––––– –––––– 


Aiful Corp 5,700 62,415,000 0.99 


Mitsubishi Tokyo Financial Group 205 201,925,000 3.21 

Mitsui Trust Holdings 152,000 119,472,000 1.90 

Mizuho Financial Group 290 128,180,000 2.04 

OMC Card 160,000 166,080,000 2.64 

ORIX Corp 6,000 67,380,000 1.07 

Sumitomo Realty & Development 77,000 92,169,000 1.47 

T&D Holdings 14,000 69,720,000 1.11 

Tachihi Enterprise 13,000 61,880,000 0.98 

Tokyu Land Corp 270,000 87,750,000 1.39 

UFJ Holdings 342 187,416,000 2.98 

––––––––––––– –––––– 

1,372,787,000 21.82 

––––––––––––– –––––– 


Arrk Corp 14,500 61,625,000 0.98 

Casio Computer 70,000 100,030,000 1.59 

Eizo Nanao Corp 35,000 98,175,000 1.56 

Hitachi Construction Machinery 65,000 89,180,000 1.42 

Kawasaki Kisen Kaisha 140,000 98,140,000 1.56 

Komori Corp 22,000 33,748,000 0.54 

Kubota Corp 115,000 63,250,000 1.01 


Kyoden 100,000 120,000,000 1.91 

Mitsui OSK Lines 210,000 136,500,000 2.17 

Nippon Sheet Glass 335,000 132,325,000 2.10 

NTN Corp 110,000 65,560,000 1.04 

Sankyo-Tateyama Holdings 130,000 42,380,000 0.67 

Shima Seiki Manufacturing 18,000 60,660,000 0.96 

Sumida Corp 22,000 62,040,000 0.99 

––––––––––––– –––––– 

1,226,833,000 19.50 

––––––––––––– –––––– 


Fujitsu 215,000 145,770,000 2.32 

Otsuka Corp 10,000 62,800,000 1.00 

Rohm 4,900 55,615,000 0.88 

Seiko Epson Corp 13,500 60,615,000 0.96 

TDK Corp 13,000 94,250,000 1.50 

––––––––––––– –––––– 

419,050,000 6.66 

––––––––––––– –––––– 

––––––––––––– –––––– 


Investments beleggingen investissements investeringer 6,206,203,432 98.65 

––––––––––––– –––––– 


37

INVESCO GT 

ASIA ENTERPRISE FUND 









US$ % 







China Life Insurance 1,015,000 603,542 0.42 

China Petroleum & Chemical Corp 3,992,000 1,554,341 1.07 

China Shipping Development 2,148,000 1,480,211 1.02 

China Telecom Corp 4,136,000 1,332,551 0.92 

Datang International Power Generation 1,108,000 862,973 0.60 

Hengan International Group 1,136,000 671,851 0.46 

Huaneng Power International 880,000 657,188 0.45 

Jiangsu Express 852,000 345,392 0.24 

PetroChina 4,866,000 2,440,517 1.69 

PICC Property & Casualty 2,090,000 673,364 0.47 

––––––––––––– –––––– 

10,621,930 7.34 

––––––––––––– –––––– 

HONG KONG HONGKONG HONGKONG HONG-KONG HONGKONG 

Bank of East Asia 641,000 1,756,609 1.21 

Cafe de Coral Holdings 1,268,000 1,459,032 1.01 

Chaoda Modern Agriculture 522,000 144,723 0.10 

Cheung Kong Holdings 402,000 3,459,564 2.39 

Cheung Kong Infrastructure Holdings 597,000 1,481,038 1.02 

China Merchants Holdings International 1,046,000 1,579,078 1.09 

China Mobile Hong Kong 177,000 515,689 0.36 

CITIC International Financial Holdings 1,472,000 606,359 0.42 

CNOOC 2,186,000 1,026,312 0.71 

Cofco International 1,020,000 413,498 0.28 

COSCO Pacific 868,000 1,310,363 0.91 

Global Bio-Chem Technology Group 408,000 294,235 0.20 

Hong Kong & China Gas 778,000 1,398,922 0.97 

Hutchison Whampoa 327,600 2,567,283 1.77 

Oriental Press Group 3,771,000 1,372,081 0.95 

Sun Hung Kai Properties 257,000 2,392,931 1.65 

Swire Pacific 327,000 2,311,039 1.60 

Wharf Holdings 518,000 1,705,105 1.18 

––––––––––––– –––––– 

25,793,861 17.82 

––––––––––––– –––––– 

INDIA INDIEN INDIA INDE INDIA 

UBS-Tata ConsultingP/N 10/10/2005 45,260 961,160 0.67 

––––––––––––– –––––– 


Morgan Stanley Taiwan Semiconductor Manufacturing Wts 19/10/2005 184,451 289,281 0.20 

––––––––––––– –––––– 

MALAYSIA MALAYSIA MALEISIË MALAISIE MALAYSIA 

AMMB Holdings 1,428,000 1,228,832 0.85 

Commerce Asset Holdings 1,121,000 1,359,950 0.94 

IGB Corp 2,230,000 707,145 0.49 

IOI Corp 324,000 733,263 0.51 

Magnum Corp 2,353,000 1,483,009 1.02 

Malayan Banking 254,000 691,816 0.48 

New Straits Times Press 1,341,000 1,337,471 0.92 

PLUS Expressways 1,051,000 681,767 0.47 

SP Setia 654,000 617,858 0.43 

Tanjong 210,700 684,775 0.47 


UMW Holdings 536,000 692,568 0.48 

YTL Corp Wts 26/06/2009 11,550 2,090 0.00 

––––––––––––– –––––– 

11,218,281 7.75 

––––––––––––– –––––– 

38

INVESCO GT 










US$ % 

PHILIPPINES PHILIPPINEN FILIPPIJNEN PHILIPPINES FILLIPINENE 

Ayala Land 6,636,000 632,113 0.44 

Globe Telecom 43,700 682,752 0.47 

SM Prime Holdings 1,255,200 128,504 0.09 

––––––––––––– –––––– 

1,443,369 1.00 

––––––––––––– –––––– 

SINGAPORE SINGAPUR SINGAPORE SINGAPOUR SINGAPORE 

City Developments 348,000 1,274,967 0.88 

City Developments Preference 284,400 193,447 0.13 

DBS Group Holdings 257,000 2,340,797 1.62 

Oversea-Chinese Banking Corp 217,000 1,678,733 1.16 

SembCorp Industries 1,470,000 1,124,332 0.78 

SembCorp Logistics 1,177,000 1,491,222 1.03 

Singapore Airlines 97,000 622,975 0.43 

Singapore Land 5,000 12,640 0.01 

Singapore Press Holdings 291,275 732,970 0.51 

Singapore Technologies Engineering 1,128,000 1,379,746 0.95 

United Overseas Bank 297,000 2,314,961 1.60 

Venture Corp 65,000 645,161 0.44 

––––––––––––– –––––– 

13,811,951 9.54 

––––––––––––– –––––– 

SOUTH KOREA SÜDKOREA ZUID-KOREA COREE DU SUD SØR-KOREA 

Anam Semiconductor 1 2 0.00 

CJ Corp 38,500 1,962,018 1.36 

Hanil Cement Manufacturing 24,470 1,034,056 0.71 

Hyundai Department Store 59,200 1,765,438 1.22 

Hyundai Motor 98,700 4,277,985 2.96 

Kia Motors Corp 232,700 2,045,481 1.41 

Kookmin Bank 191,313 6,108,031 4.22 

Korean Reinsurance 180,600 598,159 0.41 

POSCO 11,800 1,692,885 1.17 


Samsung Fire & Marine Insurance 26,290 1,569,160 1.08 

Shinhan Financial Group 304,360 5,159,204 3.57 

SK Telecom 38,500 5,790,793 4.00 

––––––––––––– –––––– 

45,236,901 31.25 

––––––––––––– –––––– 


Acer 1,113,530 1,481,328 1.02 

Advanced Semiconductor Engineering 1,734,136 1,262,949 0.87 

Asustek Computer 1,179,337 2,632,101 1.82 

Cathay Financial Holding 517,000 903,355 0.63 

Cathay Financial Holding GDR 38,197 670,357 0.46 

*China Steel Corp GDR 47,610 886,260 0.61 

Chinatrust Financial Holding 921,853 971,868 0.67 

Chunghwa Telecom 739,000 1,171,896 0.81 

Far EasTone Telecommunications 1,438,400 1,406,614 0.97 

HON HAI Precision Industry 345,045 1,129,800 0.78 

MediaTek 184,349 1,299,281 0.90 

**Powertech Technology 830,672 1,439,238 0.99 

President Chain Store Corp 658,788 976,985 0.68 

Taishin Financial Holdings 2,263,389 1,721,512 1.19 

Taiwan Semiconductor Manufacturing 1,910,815 2,637,348 1.82 

United Microelectronics Corp 3,534,844 2,397,912 1.66 

**Yuanta Core Pacific Securities 1,003,914 666,279 0.46 

––––––––––––– –––––– 

23,655,083 16.34 

––––––––––––– –––––– 

39

INVESCO GT 










US$ % 

THAILAND THAILAND THAILAND THAILANDE THAILAND 

Bangkok Bank 664,000 1,475,201 1.02 

Krung Thai Bank 5,204,200 1,012,466 0.70 

National Finance 100 30 0.00 

––––––––––––– –––––– 

2,487,697 1.72 

––––––––––––– –––––– 


HSBC Holdings 115,600 1,797,010 1.24 

––––––––––––– –––––– 


______________ _________ 

Investments beleggingen investissements investeringer 

______________ 

137,316,524 

______________ 

_________ 

94.87 

_________ 




40

INVESCO GT 

GREATER CHINA OPPORTUNITIES FUND 









US$ % 







China Oriental Group 1,038,000 165,683 0.11 

COSCO Pacific 2,596,000 3,919,012 2.51 

––––––––––– –––––– 

4,084,695 2.62 

––––––––––– –––––– 

CAYMAN ISLANDS KAIMAN-INSELN KAAIMANEILANDEN ILES CAIMANS CAYMANØYENE 

China Mengniu Dairy 4,577,000 2,882,960 1.84 

Netease.com ADR 30,700 1,100,135 0.70 

Shanda Interactive Entertainment ADR 40,000 873,000 0.56 

Tencent Holdings 799,000 377,788 0.24 

––––––––––– –––––– 

5,233,883 3.34 

––––––––––– –––––– 


*China International Marine Containers 3,438,381 4,818,203 3.08 

Datang International Power Generation 1,900,000 1,479,827 0.95 

Huadian Energy 2 1 - 

Huaneng Power International 3,738,000 2,791,555 1.78 

Jiangsu Express 4,900,000 1,986,410 1.27 

Lianhua Supermarket Holdings 1,771,000 1,714,259 1.10 

PetroChina 10,644,000 5,338,444 3.41 

*Shenzhen Chiwan Wharf Holdings 1,546,988 2,380,012 1.52 

**UBS - Shenzhen Yantian Port Holding P/N 08/07/2005 1,430,174 1,587,143 1.01 

**UBS - Sinotrans Air Transportation Development P/N 08/07/2005 1,047,841 898,247 0.57 

**UBS - Tianjin Port Group P/N 08/07/2005 685,597 982,016 0.63 

*Weifu High-Technology 1,440,143 1,117,048 0.71 

Wumart Stores 1,350,000 2,185,124 1.40 

Yanzhou Coal Mining 1,342,000 1,449,551 0.93 

*Zhejiang Southeast Electric Power 3,300,000 2,148,300 1.37 

––––––––––– –––––– 

30,876,140 19.73 

––––––––––– –––––– 


Arts Optical International Hldgs 2,676,000 879,317 0.56 

ASM Pacific Technology 443,000 1,480,945 0.95 



Chen Hsong Holdings 3,100,000 1,604,469 1.03 




CITIC International Financial Holdings 4,140,000 1,705,383 1.09 

Comba Telecom Systems Holdings 5,348,000 2,896,870 1.85 

Dah Sing Banking Group 1,564,000 3,153,105 2.02 

Dickson Concepts International 3,135,000 3,084,799 1.97 

Henderson Land Development 930,000 4,548,712 2.91 

Hengan International Group 4,468,000 2,642,455 1.69 

Hong Kong & China Gas 2,400,000 4,315,440 2.76 

Hopewell Holdings 898,000 1,942,813 1.24 

Hung Hing Printing Group 3,297,000 2,472,782 1.58 


IDT International 2,784,000 663,885 0.42 

Industrial & Commercial Bank of China/Hong Kong 1,300,000 1,770,856 1.13 

International Bank Of Asia 8,800,000 3,371,120 2.15 

JCG Holdings 3,182,000 2,988,263 1.91 

41

INVESCO GT 










US$ % 



Kingboard Chemicals Holdings 710,000 1,328,991 0.85 

Midland Realty Holdings 10,900,000 3,406,992 2.18 

Next Media 5,200,000 1,774,689 1.13 


Raymond Industrial 3,100,000 844,562 0.54 

Singamas Container Holdings 3,824,000 1,917,908 1.23 

Skyworth Digital Holdings 7,242,000 2,077,924 1.33 

Solomon Systech International 11,934,000 2,608,683 1.67 

Sun Hung Kai Properties 1,082,000 10,074,520 6.44 

Swire Pacific 380,000 2,685,613 1.72 

Wharf Holdings 1,200,000 3,950,051 2.52 

––––––––––– –––––– 

90,403,203 57.79 

––––––––––– –––––– 


HSBC Holdings 699,578 10,874,990 6.95 

––––––––––– –––––– 

––––––––––– –––––– 



––––––––––– –––––– 




42

INVESCO GT 

WORLDWIDE DYNAMIC THEME FUND 









US$ % 







*Amcor 26,667 136,844 0.50 

––––––––––– –––––– 

CANADA KANADA CANADA CANADA CANADA 

*ERG Resources 100,000 - - 

Four Seasons Hotels 3,200 183,614 0.68 

––––––––––– –––––– 

183,614 0.68 

––––––––––– –––––– 


Nokia 20,000 233,217 0.86 

––––––––––– –––––– 


AXA 17,700 361,916 1.33 


Total 1,800 350,767 1.29 

––––––––––– –––––– 

833,061 3.06 

––––––––––– –––––– 


Bayerische Motoren Werke 5,600 231,444 0.85 

Infineon Technologies 5,500 53,672 0.20 

Muenchener Rueckversicherungs 1,671 157,920 0.58 

Porsche 300 183,474 0.67 

SAP ADR 4,619 170,441 0.63 

––––––––––– –––––– 

796,951 2.93 

––––––––––– –––––– 


Sun Hung Kai Properties 22,000 204,842 0.76 

––––––––––– –––––– 

ISRAEL ISRAEL ISRAËL ISRAEL ISRAEL 


––––––––––– –––––– 


ENI 15,000 306,618 1.13 

––––––––––– –––––– 


Aiful Corp 2,000 199,327 0.73 

Canon 7,000 332,575 1.22 

Mitsubishi Estate 21,000 235,287 0.87 

Mitsui Fudosan 14,000 154,182 0.57 

Nintendo 2,100 225,539 0.83 

Nippon Telegraph & Telephone Corp 30 129,426 0.48 

Nomura Holdings 15,000 205,880 0.76 

Sony Corp 7,100 244,270 0.90 


TDK Corp 4,000 263,948 0.97 

Tokyo Broadcasting System 11,000 173,604 0.64 

Yamanouchi Pharmaceutical 5,000 172,477 0.63 

––––––––––– –––––– 

2,421,943 8.91 

––––––––––– –––––– 


Arcelor 15,720 267,131 0.98 

––––––––––– –––––– 

43

INVESCO GT 










US$ % 



––––––––––– –––––– 


ING Groep 7,500 180,710 0.67 

––––––––––– –––––– 


Antena 3 de Television 114 5,609 0.02 

Banco Santander Central Hispano 28,000 271,720 1.00 

Telefonica 21,000 297,125 1.09 

––––––––––– –––––– 

574,454 2.11 

––––––––––– –––––– 


Alcon 2,000 150,200 0.55 

Converium Holding 6,800 136,714 0.50 

Credit Suisse Group 4,800 147,997 0.54 

Novartis 3,700 170,434 0.63 

Serono 400 252,300 0.93 

Swiss Reinsurance 2,000 111,233 0.41 

UBS 5,200 350,284 1.29 

––––––––––– –––––– 

1,319,162 4.85 

––––––––––– –––––– 


Taiwan Semiconductor Manufacturing ADR 22,274 169,505 0.62 

––––––––––– –––––– 


AstraZeneca 6,000 274,495 1.01 

Aviva 11,000 105,102 0.39 

BP 30,000 266,916 0.98 

British Sky Broadcasting 25,000 217,325 0.80 


HSBC Holdings 25,000 388,537 1.43 

Lloyds TSB Group 34,500 257,408 0.95 



WPP Group 19,300 173,838 0.64 

––––––––––– –––––– 

2,953,162 10.86 

––––––––––– –––––– 

UNITED STATES VEREINIGTE STAATEN 

VON AMERIKA 

VERENIGDE STATEN ETATS-UNIS USA 

Abbott Laboratories 2,390 98,516 0.36 

Alcoa 4,600 149,591 0.55 

Allergan 2,000 148,000 0.54 

Allstate Corp 6,000 284,640 1.05 

Altera Corp 3,900 74,237 0.27 


AmerisourceBergen Corp 1,871 101,146 0.37 

Amgen 6,000 354,210 1.30 

Anadarko Petroleum Corp 4,000 234,160 0.86 

Anheuser-Busch 2,700 141,912 0.52 



Avon Products 6,000 265,200 0.98 


Bank of New York 8,300 245,182 0.90 

Baxter International 2,340 70,457 0.26 

BEA Systems 6,100 40,413 0.15 

Biogen Idec 2,500 146,563 0.54 

Boeing 4,200 217,854 0.80 


Broadcom Corp 2,700 74,169 0.27 

Caterpillar 2,000 144,500 0.53 

ChevronTexaco Corp 2,300 219,650 0.81 

Cisco Systems 19,000 361,665 1.33 

CIT Group 6,500 229,125 0.84 

44

INVESCO GT 










US$ % 


VON AMERIKA 



Citigroup 11,000 510,510 1.88 

Dell 9,000 316,260 1.16 

eBay 2,600 222,261 0.82 

Electronic Arts 1,600 81,032 0.30 

Eli Lilly 5,000 316,000 1.16 

EMC 9,700 103,208 0.38 

**Enron Corp 10,000 440 - 


Fannie Mae 3,900 288,678 1.06 

Forest Laboratories 4,010 185,623 0.68 



HCA 1,920 73,574 0.27 


Hospira 239 6,585 0.02 

Intel Corp 14,000 302,470 1.11 

JDS Uniphase Corp 19,700 60,381 0.22 



King Pharmaceuticals 8,213 101,348 0.37 


Lehman Brothers Holdings 2,400 175,608 0.65 

Liberty Media Corp 19,052 167,658 0.62 

Liberty Media International 952 30,940 0.11 


Lockheed Martin Corp 1,500 80,580 0.30 

Lowe’s 5,000 250,100 0.92 

Marsh & McLennan 7,000 310,520 1.14 

McGraw-Hill 3,500 261,660 0.96 

Medtronic 6,000 297,480 1.10 

Micron Technology 17,000 195,160 0.72 


Millennium Pharmaceuticals 4,660 53,707 0.20 

Monsanto 5 183 - 

Motorola 16,500 267,300 0.98 

NPS Pharmaceuticals 3,600 74,340 0.28 

Omnicom Group 3,000 208,950 0.77 

Oracle Corp 20,000 202,100 0.74 

Peoplesoft 10,300 177,006 0.65 

Pfizer 19,000 613,510 2.26 



Schering-Plough Corp 7,340 137,111 0.51 

Solectron Corp 14,000 72,520 0.27 


State Street Corp 3,400 152,830 0.56 

Texas Instruments 3,700 72,927 0.27 

Time Warner 9,600 157,439 0.58 


Veritas Software Corp 10,000 174,050 0.64 

Viacom 9,700 327,375 1.20 

Walgreen 7,700 279,510 1.03 


Wells Fargo 5,300 309,467 1.14 

Wyeth 9,000 331,650 1.22 

Xilinx 2,600 71,487 0.27 

Yahoo! 7,600 216,182 0.80 

––––––––––– –––––– 

16,466,383 60.57 

––––––––––– –––––– 

––––––––––– –––––– 



––––––––––– –––––– 




45

INVESCO GT 

LEISURE FUND 









US$ % 







News Corp ADR 122,956 3,643,186 2.95 

–––––––––––––– –––––– 


Groupe Bruxelles Lambert 51,594 3,223,122 2.61 

Interbrew 21,500 677,080 0.55 

Nationale A Portefeuille 2,500 378,630 0.31 

–––––––––––––– –––––– 

4,278,832 3.47 

–––––––––––––– –––––– 

BRAZIL BRASILIEN BRAZILIË BRESIL BRASIL 

Companhia de Bebidas das Americas ADR 33,630 724,727 0.59 

–––––––––––––– –––––– 


Intrawest Corp 61,730 958,050 0.78 

–––––––––––––– –––––– 


Carlsberg 26,400 1,222,976 0.99 

–––––––––––––– –––––– 


Accor 38,400 1,613,940 1.31 

JC Decaux 37,300 719,884 0.58 

–––––––––––––– –––––– 

2,333,824 1.89 

–––––––––––––– –––––– 


SCMP Group 206,900 78,915 0.06 

Television Broadcasts 102,400 422,734 0.34 

–––––––––––––– –––––– 

501,649 0.40 

–––––––––––––– –––––– 


Sony Corp ADR 10,690 368,484 0.30 

–––––––––––––– –––––– 

KOREA KOREA KOREA COREE KOREA 

*Hite Brewery 7,557 515,675 0.42 

–––––––––––––– –––––– 


Heineken 23,575 704,415 0.57 

Jetix Europe 109,240 1,635,989 1.32 

–––––––––––––– –––––– 

2,340,404 1.89 

–––––––––––––– –––––– 


NH Hoteles 65,200 679,178 0.55 

–––––––––––––– –––––– 


Compagnie Financiere Richemont 32,600 825,179 0.67 

Pargesa Holding 363 961,188 0.78 

–––––––––––––– –––––– 

1,786,367 1.45 

–––––––––––––– –––––– 


Allied Domecq 298,400 2,371,689 1.92 

Diageo 61,800 758,553 0.61 

WPP Group 188,600 1,698,750 1.37 

–––––––––––––– –––––– 

4,828,992 3.90 

–––––––––––––– –––––– 

46

INVESCO GT 

LEISURE FUND 









US$ % 


VON AMERIKA 


Anheuser-Busch 64,530 3,391,697 2.74 

Belo Corp 52,410 1,195,472 0.97 

Cablevision Systems Corp 191,350 3,509,359 2.84 

Carnival Corp 45,000 2,035,350 1.65 

CBRL Group 53,200 1,691,760 1.37 

Cedar Fair 8,900 262,550 0.21 

Cendant Corp 97,420 2,080,891 1.68 

Citadel Broadcasting Corp 10,500 152,250 0.12 

Clear Channel Communications 49,600 1,696,320 1.37 

Columbia Sportswear 14,800 805,194 0.65 

Comcast Corp 71,300 1,991,052 1.61 

DIRECTV Group 23,312 373,458 0.30 

EchoStar Communications Corp 61,350 1,888,046 1.53 


EW Scripps 13,000 1,325,740 1.07 

Fox Entertainment Group 36,400 986,804 0.80 

Gannett Co 23,030 1,946,265 1.57 

Gray Television 95,800 1,294,258 1.05 


Harrah’s Entertainment 137,370 6,494,854 5.25 

Harte-Hanks 48,950 1,199,275 0.97 

Hasbro 53,300 983,918 0.80 

Hilton Hotels Corp 103,010 1,833,578 1.48 

InterActiveCorp 58,570 1,357,360 1.10 

International Game Technology 251,572 7,225,148 5.85 

† iShares Russell 1000 Index Fund 21,900 1,291,881 1.05 

† iShares S&P 500 Index Fund 7,600 840,864 0.68 

Knight-Ridder 35,409 2,273,966 1.84 

Leapfrog Enterprises 22,600 454,938 0.37 

Liberty Media Corp 508,360 4,501,975 3.64 

Liberty Media International 25,380 830,347 0.67 

Mandalay Resort Group 8,600 579,468 0.47 

Marriott International 36,482 1,719,761 1.39 


Mattel 39,298 634,663 0.51 

McClatchy 21,850 1,571,015 1.27 

McGraw-Hill 13,310 995,056 0.81 

Metro-Goldwyn-Mayer 92,935 1,072,470 0.87 

MGM Mirage 18,650 769,499 0.62 

NBTY 59,800 1,418,456 1.15 

New York Times 15,920 647,307 0.52 

Nike 11,300 844,449 0.68 

NTL 10,126 550,196 0.45 

Omnicom Group 107,009 7,453,177 6.03 

Pixar 15,740 1,195,059 0.97 

Polo Ralph Lauren Corp 72,200 2,633,134 2.13 

Regal Entertainment Group 26,700 491,280 0.40 

Royal Caribbean Cruises 26,300 1,072,514 0.87 

Sinclair Broadcast Group 88,620 707,188 0.57 

Spanish Broadcasting System 41,920 363,656 0.29 

SPDR Trust Series 1 10,900 1,204,777 0.97 

Starwood Hotels & Resorts Worldwide 67,677 2,983,879 2.41 

Target Corp 26,000 1,163,240 0.94 

Time Warner 185,380 3,040,232 2.46 

Tribune 33,500 1,392,260 1.13 


Viacom 49,490 1,670,288 1.35 

Walt Disney 60,070 1,345,568 1.09 

Wynn Resorts 43,600 1,687,538 1.37 

Yum! Brands 20,600 807,520 

–––––––––––––– 

98,197,557 

–––––––––––––– 

0.65 

–––––– 

79.44 

–––––– 

Total 

Investments 

Gesamtanlagen Totaal 

beleggingen 

Total des 

investissements 

Sum 

investeringer 

–––––––––––––– 

122,379,901 

–––––– 

99.02 

–––––––––––––– –––––– 

*Transferable securities traded on other regulated markets/*Übertragbare Wertpapiere, die auf anderen geregelten Märkten gehandelt werden/*Vrij verhandelbare effecten genoteerd 

aan andere gereguleerde beurzen/*Valeurs mobilières négociées sur d’autres marchés réglementés/*Omsettelige verdipapirer omsatt på andre regulerte markeder 


47

INVESCO GT 

ENERGY FUND 









US$ % 







Nabors Industries 26,000 1,127,100 2.80 

––––––––––– –––––– 


Canadian Natural Resources 35,000 1,111,600 2.77 

Nexen 21,000 729,540 1.82 

Talisman Energy 55,000 1,221,550 3.04 

––––––––––– –––––– 

3,062,690 7.63 

––––––––––– –––––– 


Total ADR 12,000 1,163,160 2.89 

––––––––––– –––––– 


BP ADR 34,000 1,810,840 4.51 

John Wood Group 110,000 253,004 0.63 

––––––––––– –––––– 

2,063,844 5.14 

––––––––––– –––––– 


VON AMERIKA 

Apache Corp 20,000 882,000 2.19 

BJ Services 18,000 841,680 2.10 


ConocoPhillips 20,000 1,463,600 3.64 

Consol Energy 36,000 1,119,960 2.79 

Cooper Cameron Corp 15,500 775,310 1.93 


EOG Resources 22,000 1,253,780 3.12 


FMC Technologies 32,000 979,840 2.44 

Grant Prideco 24,700 441,142 1.10 

Kerr-McGee Corp 23,000 1,194,160 2.97 

Lyondell Chemical 60,000 1,165,200 2.90 

Magnum Hunter Resources 80,000 815,200 2.03 

Marathon Oil Corp 31,000 1,098,020 2.73 

Murphy Oil Corp 29,000 2,105,400 5.24 

National-Oilwell 37,000 1,088,540 2.71 

Newfield Exploration 17,000 929,900 2.31 

Noble Corp 27,000 1,050,840 2.62 

Noble Energy 13,000 655,980 1.63 

Occidental Petroleum Corp 19,200 977,664 2.43 

Patterson-UTI Energy 55,000 930,875 2.32 

Peabody Energy Corp 13,000 696,150 1.73 

Pioneer Natural Resources 35,000 1,142,400 2.84 

Pride International 38,000 681,340 1.70 

Rowan 50,000 1,186,500 2.95 

Smith International 18,000 1,008,360 2.51 

Unocal Corp 31,000 1,156,300 2.88 


Weatherford International 25,000 1,135,000 2.83 

Williams 37,000 433,270 1.08 

––––––––––– –––––– 

30,636,411 76.25 

––––––––––– –––––– 

––––––––––– –––––– 



––––––––––– –––––– 

48

INVESCO GT 

DOLLAR RESERVE FUND 









US$ % 






Alliance & Leicester FRN USD 04/04/2007 9,000,000 9,008,811 7.94 

Arran Master Trust FRN USD 15/03/2007 4,000,000 4,003,360 3.53 

Bank One NA/Chicago FRN USD 05/07/2006 10,000,000 10,035,440 8.84 

Britannia Building Society FRN USD 20/01/2005 2,000,000 2,000,313 1.76 

Caixa Geral De Depositos Finance/Cayman Islands FRN USD 26/05/2005 3,000,000 3,002,014 2.65 

Canadian Imperial Bank of Commerce/New York FRN USD 29/10/2004 1,500,000 1,500,909 1.32 

Discover Card Master Trust FRN USD 18/09/2007 3,000,000 3,002,813 2.65 

First USA Credit Card Master Trust FRN USD 10/04/2009 2,000,000 2,006,250 1.77 

Fokus Bank FRN USD 01/09/2005 1,500,000 1,501,624 1.32 

General Electric Capital Corp FRN USD 12/05/2005 9,700,000 9,709,782 8.56 

National Westminster Finance FRN USD 29/04/2005 1,000,000 1,000,000 0.88 

Tesco PLC FRN USD 25/05/2006 5,000,000 5,005,000 4.41 

**Toyota Motor Credit Corp FRN USD 17/03/2005 5,000,000 5,000,500 4.41 

––––––––––– –––––– 



––––––––––– –––––– 


49

INVESCO GT 

EURO RESERVE FUND 









EUR % 






Alliance & Leicester FRN EUR 27/01/2006 6,000,000 5,997,600 4.29 

Bank of Nova Scotia FRN EUR 20/07/2006 10,000,000 9,995,500 7.16 

Banque Sofinco FRN EUR 28/10/2004 1,000,000 1,000,423 0.72 

Beta Finance Corp FRN EUR 01/12/2005 10,000,000 10,006,250 7.16 

BHW Bausparkasse FRN EUR 26/10/2004 500,000 500,025 0.36 

Danske Bank FRN EUR 30/10/2006 10,000,000 9,992,500 7.15 

*Holmes Financing FRN EUR 15/07/2040 3,000,000 3,009,000 2.15 

*Holmes Funding FRN EUR 15/11/2035 1,000,000 1,000,300 0.72 

Monumental Global Funding FRN EUR 20/10/2004 2,000,000 1,999,884 1.43 

National Australia Bank FRN EUR 02/07/2007 10,000,000 9,993,100 7.15 

*Nationwide Building Society FRN EUR 29/09/2005 3,000,000 3,002,330 2.15 

Societe Generale FRN EUR 30/06/2006 5,000,000 5,000,600 3.58 

Unicredito Italiano Bank/Ireland FRN EUR 07/10/2005 10,000,000 9,994,750 7.16 

**Westland/Utrecht Hypbank FRN EUR 21/09/2004 2,000,000 2,000,200 1.43 

––––––––––– –––––– 



––––––––––– –––––– 




50

INVESCO GT 

GLOBAL BOND FUND 









US$ % 






African Development Bank 3.25% USD 01/08/2008 300,000 299,160 1.77 

Austria Government International Bond 4.375% USD 30/08/2010 200,000 205,130 1.22 

Bundesobligation 4% EUR 16/02/2007 635,000 790,657 4.69 

Bundesschatzanweisungen 2.5% EUR 18/03/2005 1,290,000 1,561,269 9.26 

Canadian Government Bond 5% CAD 01/06/2014 1,210,000 945,620 5.60 

Denmark Government Bond 4% DKK 15/08/2008 7,500,000 1,250,589 7.41 

Deutsche Bundesrepublik 4% EUR 04/07/2009 1,070,000 1,331,126 7.89 

Deutsche Bundesrepublik 3.75% EUR 04/07/2013 260,000 308,711 1.83 

Deutsche Bundesrepublik 4.75% EUR 04/07/2028 920,000 1,119,686 6.64 

Development Bank of Japan 1.6% JPY 20/06/2014 120,000,000 1,093,947 6.48 

Development Bank of Japan 1.05% JPY 20/06/2023 70,000,000 521,927 3.09 

Fannie Mae 2.125% JPY 09/10/2007 60,000,000 575,546 3.41 

Fannie Mae 1.75% JPY 26/03/2008 50,000,000 475,949 2.82 

France Government Bond OAT 5% EUR 25/10/2016 300,000 387,836 2.30 

Freddie Mac 4.75% EUR 15/01/2013 290,000 365,080 2.16 

French Treasury Note 5% EUR 12/07/2005 605,000 747,907 4.44 

Hungary Government International Bond 4.5% EUR 29/01/2014 180,000 221,721 1.31 

Inter-American Development Bank 1.9% JPY 08/07/2009 45,000,000 434,166 2.57 

Italy Government International Bond 5.25% USD 05/04/2006 20,000 208,470 1.24 

Italy Government International Bond 1.8% JPY 23/02/2010 60,000,000 574,224 3.40 

Korea Development Bank 5.75% USD 10/09/2013 100,000 104,864 0.62 

Lithuania Government International Bond 4.5% EUR 05/03/2013 110,000 136,144 0.81 

Poland Government Bond 5% PLN 24/10/2013 2,900,000 669,564 3.97 

Poland Government International Bond 5.625% GBP 18/11/2010 50,000 89,659 0.53 

Qatar Govt International Bond 9.75% USD 15/06/2030 160,000 226,981 1.35 

United States Treasury Note/Bond 1.625% USD 30/04/2005 40,000 39,938 0.24 

United States Treasury Note/Bond 2.625% USD 15/05/2008 1,270,000 1,251,744 7.42 


––––––––––– –––––– 



––––––––––– –––––– 

51

INVESCO GT 

EUROPEAN BOND FUND 









EUR % 






Altadis Finance 4.25% EUR 02/10/2008 1,000,000 1,022,700 0.78 

Austria Government Bond 5.5% EUR 15/01/2010 3,000,000 3,296,100 2.53 

Austria Government Bond 3.8% EUR 20/10/2013 550,000 539,456 0.41 

Aventis 5% EUR 18/04/2006 900,000 933,165 0.72 

Banca Intesa 5.85% EUR 08/05/2014 650,000 710,925 0.54 

Bank of America Corp 3.625% EUR 03/03/2008 700,000 708,750 0.54 

Bank of Scotland 5.5% EUR 29/10/2012 700,000 760,228 0.58 

Belgium Government Bond 3% EUR 28/09/2008 4,000,000 3,975,400 3.05 


BHP Billiton Finance 4.375% EUR 10/10/2007 1,000,000 1,035,510 0.79 

BNP Paribas 5.25% EUR 17/12/2012 400,000 428,076 0.33 

Bundesobligation 4% EUR 16/02/2007 2,250,000 2,319,637 1.78 

Bundesobligation 4.5% EUR 17/08/2007 1,600,000 1,674,320 1.28 


Carrefour 6.125% EUR 26/05/2010 500,000 559,395 0.43 

Casino Guichard Perrachon 5.875% EUR 23/11/2007 400,000 429,836 0.33 

Cimpor Financial Operations 4.5% EUR 27/05/2011 500,000 502,375 0.39 

Citigroup 3.875% EUR 21/05/2010 500,000 502,925 0.39 

*Countrywide Home Loans 2.75% EUR 12/06/2006 550,000 549,493 0.42 

Denmark Government Bond 6% DKK 15/11/2009 5,000,000 749,767 0.57 

Deutsche Bundesrepublik 5.25% EUR 04/07/2010 1,400,000 1,526,420 1.17 




Deutsche Telekom International Finance 7.5% EUR 29/05/2007 700,000 777,455 0.60 

E.ON International Finance 5.75% EUR 29/05/2009 700,000 767,034 0.59 

EADS Finance 4.625% EUR 03/03/2010 600,000 620,970 0.48 

Elia System Operator 4.75% EUR 13/05/2014 1,050,000 1,065,362 0.82 

European Investment Bank 6% GBP 07/12/2028 600,000 1,002,917 0.77 

Federal State of North Rhine Westphalia 3.25% EUR 30/06/2010 1,000,000 982,600 0.75 

Fidelity International 6.25% EUR 21/03/2012 500,000 551,366 0.42 

Finland Government Bond 5.375% EUR 04/07/2013 1,500,000 1,651,920 1.27 

Finmeccanica Finance 5.75% EUR 12/12/2018 750,000 764,610 0.59 

Ford Credit Canada 7.25% GBP 07/12/2007 1,250,000 1,915,729 1.47 

France Government Bond OAT 5.5% EUR 25/04/2007 4,000,000 4,277,640 3.28 

France Government Bond OAT 5% EUR 25/10/2016 3,200,000 3,425,312 2.63 


France Telecom 6% EUR 28/09/2007 700,000 755,556 0.58 

*Gallaher Group 5.875% EUR 06/08/2008 550,000 593,736 0.46 

General Electric Capital Corp 4.375% EUR 20/01/2010 1,000,000 1,033,900 0.79 

Goldman Sachs Group 6.125% GBP 14/02/2017 500,000 753,888 0.58 

HBOS 6.05% EUR Perpetual 700,000 771,694 0.59 

Hellenic Republic Government Bond 2.75% EUR 21/06/2006 3,000,000 3,012,450 2.31 



Holcim Finance 4.375% EUR 23/06/2010 500,000 508,700 0.39 

*HSBC Holdings 5.375% EUR 20/12/2012 750,000 806,700 0.62 

Hungary Government International Bond 4.5% EUR 29/01/2014 1,000,000 1,019,900 0.78 

Imperial Tobacco Finance 6.25% EUR 06/06/2007 600,000 646,641 0.50 

Ireland Government Bond 4.25% EUR 18/10/2007 2,000,000 2,080,600 1.59 

Italy Buoni Poliennali Del Tesoro 2.75% EUR 15/05/2006 1,000,000 1,005,150 0.77 


Italy Buoni Poliennali Del Tesoro 5% EUR 01/05/2008 3,200,000 3,411,680 2.61 

Italy Buoni Poliennali Del Tesoro 4.5% EUR 01/05/2009 800,000 839,696 0.64 


KfW - Kreditanstalt fuer Wiederaufbau 3.125% EUR 15/11/2006 1,000,000 1,009,750 0.77 

Lafarge 5.448% EUR 04/12/2013 372,367 392,251 0.30 


MBNA Europe Funding 4.5% EUR 23/01/2009 600,000 617,307 0.47 

*Morgan Stanley 5.75% EUR 01/04/2009 1,000,000 1,088,600 0.83 

52

INVESCO GT 










EUR % 

National Grid 4.75% GBP 10/12/2010 500,000 712,157 0.55 

Netherlands Government Bond 3% EUR 15/07/2006 5,000,000 5,045,315 3.87 

Network Rail MTN Finance 4.875% GBP 06/03/2009 300,000 438,590 0.34 

Norway Government Bond 5.5% NOK 15/05/2009 5,000,000 644,800 0.49 

Olivetti Finance 6.875% EUR 24/01/2013 800,000 918,080 0.70 

*Pemex Project Funding Master Trust 6.625% EUR 04/04/2010 800,000 865,240 0.66 

Petronas Capital 6.375% EUR 22/05/2009 600,000 665,353 0.51 

Poland Government International Bond 6% EUR 22/03/2010 1,050,000 1,165,815 0.89 

Portugal Obrigacoes do Tesouro 3% EUR 17/07/2006 2,400,000 2,420,400 1.85 

Portugal Obrigacoes do Tesouro 5.85% EUR 20/05/2010 2,000,000 2,234,700 1.71 

RBS Capital Trust A 6.467% EUR Perpetual 500,000 563,700 0.43 

Repsol International Finance 5% EUR 22/07/2013 1,000,000 1,024,650 0.79 

Royal Bank of Scotland Group 6.77% EUR Perpetual 400,000 409,680 0.31 

RWE Finance 5.5% EUR 26/10/2007 1,000,000 1,070,585 0.82 

Spain Government Bond 4.8% EUR 31/10/2006 1,500,000 1,569,323 1.20 

Spain Government Bond 4% EUR 31/01/2010 2,750,000 2,822,490 2.16 


Sweden Government Bond 5% SEK 28/01/2009 10,000,000 1,150,675 0.88 

Sweden Government Bond 5.25% SEK 15/03/2011 8,000,000 932,162 0.71 

Tesco 4.75% EUR 13/04/2010 700,000 732,781 0.56 

United Kingdom Gilt 7.5% GBP 07/12/2006 1,600,000 2,511,944 1.93 

United Kingdom Gilt 5% GBP 07/03/2008 900,000 1,341,601 1.03 

United Kingdom Gilt 4% GBP 07/03/2009 1,000,000 1,431,541 1.10 

United Kingdom Gilt 6.25% GBP 25/11/2010 375,000 595,465 0.46 




UPM-Kymmene 6.625% GBP 23/01/2017 500,000 767,309 0.59 

*Veolia Environnement 5.375% EUR 28/05/2018 800,000 825,120 0.63 

––––––––––– –––––– 



––––––––––– –––––– 



53

INVESCO GT 

EURO HIGH YIELD FUND 









EUR % 






*360networks 13% EUR 01/05/2008 1,100,000 - - 

ABB International Finance 6.5% EUR 30/11/2011 60,000 64,958 0.35 

ABB International Finance 11.5% GBP 29/05/2009 160,000 274,621 1.50 

AGCO Corp 6.875% EUR 15/04/2014 80,000 78,800 0.43 

Agrokor 11% EUR 03/04/2007 150,000 159,750 0.87 

Ahold Finance USA 5.875% EUR 14/03/2012 90,000 89,550 0.49 

Ahold Finance USA 6.5% GBP 14/03/2017 50,000 67,624 0.37 

Koninklijke Ahold 5.875% NLG 19/12/2005 280,000 129,727 0.71 

Alcatel 4.375% EUR 17/02/2009 290,000 284,809 1.56 

Alcatel 6.375% EUR 07/04/2014 227,000 233,526 1.28 

Alfa Laval Special Finance 12.125% EUR 15/11/2010 140,000 161,700 0.88 

Almatis Holding 9% EUR 15/07/2012 100,000 104,000 0.57 

ALROSA Finance 8.125% USD 06/05/2008 130,000 107,450 0.59 

Ardagh Glass Finance 8.875% EUR 01/07/2013 80,000 84,933 0.46 

*ASPropulsion Capital 9.625% EUR 01/10/2013 170,000 180,107 0.98 

Avecia Group 1% USD 01/07/2009 160,000 105,982 0.58 

*Barry callebaut Services 9.25% EUR 15/03/2010 110,000 123,200 0.67 

BCP Caylux Holdings Luxembourg 10.375% EUR 15/06/2014 150,000 162,250 0.89 

*Big Food Group 9.75% GBP 30/06/2012 60,000 86,949 0.48 

*Brake Bros Finance 12% GBP 15/12/2011 60,000 99,864 0.55 

*Brake Bros Finance 11.5% EUR 15/12/2011 120,000 136,956 0.75 

*Britax Group PLC 11.25% EUR 15/05/2011 70,000 73,325 0.40 

British Airways 10.875% GBP 15/06/2008 180,000 291,597 1.59 

BSN Glasspack Obligation 9.25% EUR 01/08/2009 60,000 64,857 0.35 

*Cable & Wireless International Fin 8.625% GBP 25/03/2019 130,000 193,816 1.06 

Cirsa Finance Luxembourg 8.75% EUR 15/05/2014 240,000 244,536 1.34 

*Clondalkin Industries 8% EUR 15/03/2014 90,000 90,563 0.49 

Cognis 9.5% EUR 15/05/2014 80,000 81,400 0.44 

*Colt Telecom Group 7.625% EUR 15/12/2009 130,000 122,633 0.67 

Concordia Bus 11% EUR 15/02/2010 100,000 55,000 0.30 

Constellation Brands 8.5% GBP 15/11/2009 70,000 110,033 0.60 

*Corus Group 6.75% GBP 20/05/2008 170,000 240,919 1.32 

Crown European Holdings 10.25% EUR 01/03/2011 410,000 462,852 2.53 


*Dunlop Standard Aerospace Holdings 11.875% USD 15/05/2009 27,000 23,809 0.13 

Eco-Bat Finance 10.125% EUR 31/01/2013 160,000 181,600 0.99 

Eircom Funding 8.25% EUR 15/08/2013 200,000 216,500 1.18 

El Paso Corp 7.125% EUR 06/05/2009 70,000 65,946 0.36 

*EMI Group 8.625% EUR 15/10/2013 210,000 240,450 1.31 

*EMI Group 9.75% GBP 20/05/2008 100,000 158,015 0.86 

*Enodis 10.375% GBP 15/04/2012 140,000 229,430 1.25 

Esprit Telecom Group 11.5% DEM 15/12/2007 1,400,000 - - 

Fiat Finance & Trade 7% GBP 19/10/2005 190,000 283,009 1.55 

Fiat Finance & Trade 6.25% EUR 24/02/2010 90,000 88,875 0.49 

*Focus Wickes Finance 10% GBP 28/07/2011 160,000 224,737 1.23 

Fresenius Medical Care Capital Trust III 7.375% DEM 01/02/2008 130,000 71,619 0.39 

*Fresenius Medical Care Capital Trust 7.875% USD 15/06/2011 190,000 171,835 0.94 

*Fresenius Medical Care Capital Trust 7.375% EUR 15/06/2011 40,000 43,852 0.24 

GAL Finance 11.5% EUR 30/11/2009 120,000 132,000 0.72 

Gaz Capital for Gazprom 7.8% EUR 27/09/2010 100,000 104,750 0.57 

Gildemeister 9.75% EUR 19/07/2011 100,000 106,000 0.58 

Heating Finance 7.875% GBP 31/03/2014 90,000 125,857 0.69 

Heckler & Koch 9.25% EUR 15/07/2011 120,000 127,313 0.70 

*HeidelbergCement Finance 7.375% EUR 15/07/2010 400,000 446,878 2.44 

*HTM Sport-und Freizeitgeraete 8.5% EUR 01/02/2014 190,000 175,750 0.96 

Huntsman International 10.125% EUR 01/07/2009 100,000 100,500 0.55 

Impress Group 10.5% EUR 25/05/2007 50,000 53,313 0.29 

Impress Holdings 9.875% DEM 29/05/2007 270,000 138,049 0.75 

*Ineos Group Holdings 10.5% EUR 01/08/2010 197,000 219,655 1.20 

Ineos Vinyls Finance 9.125% EUR 01/12/2011 70,000 70,875 0.39 

Inmarsat Finance 7.625% USD 30/06/2012 100,000 81,163 0.44 

Invensys 6.5% USD 15/01/2010 280,000 211,714 1.16 

54

INVESCO GT 










EUR % 

*Jenoptik 7.875% EUR 15/11/2010 50,000 52,000 0.28 

*JSG Funding 10.125% EUR 01/10/2012 340,000 379,950 2.08 

Kabel Deutschland 10.75% EUR 01/07/2014 110,000 113,300 0.62 

*Kamps 8% EUR 26/09/2005 10,000 10,375 0.06 

Kamps 8.5% EUR 15/02/2009 240,000 247,128 1.35 

Kappa Beheer 12.5% EUR 15/07/2009 60,000 64,200 0.35 


Kaufman & Broad 8.75% EUR 01/08/2009 150,000 168,750 0.92 

Kazkommerts International 8.5% USD 16/04/2013 150,000 128,531 0.70 

Koninklijke Ahold 5.875% EUR 09/05/2008 300,000 309,750 1.69 

Kronos International 8.875% EUR 30/06/2009 220,000 238,700 1.30 

**Legrand 8.5% USD 15/02/2025 385,000 348,660 1.90 

Lighthouse International 8% EUR 30/04/2014 450,000 441,495 2.41 

Lucite International Finance 10.25% EUR 15/05/2010 80,000 87,200 0.48 

Luxfer Holdings 10.125% GBP 01/05/2009 35,000 44,414 0.24 

Millicom International Cellular 10% USD 01/12/2013 110,000 90,168 0.49 

Mobile Telesystems Finance 9.75% USD 30/01/2008 100,000 88,202 0.48 

Moscow Narodny Finance 4.375% USD 30/06/2008 110,000 86,875 0.47 

Nalco 7.75% EUR 15/11/2011 30,000 31,650 0.18 

Nalco 9% EUR 15/11/2013 50,000 53,188 0.29 

NTL Cable 9.75% GBP 15/04/2014 275,000 395,219 2.16 

Ono Finance 0% EUR 31/05/2009 250 - - 

Ono Finance 14% EUR 15/07/2010 80,000 86,800 0.47 

Ono Finance 0% EUR 16/03/2011 1,200 - - 

Polypore 8.75% EUR 15/05/2012 130,000 135,850 0.74 

Premier Foods 12% USD 01/09/2009 140,000 123,163 0.67 

ProSieben SAT.1 Media 11.25% EUR 31/07/2009 90,000 107,100 0.59 

PTC International Finance II 10.875% EUR 01/05/2008 150,000 162,625 0.89 

Remy Cointreau 6.5% EUR 01/07/2010 30,000 30,876 0.17 

Rhodia 8% EUR 01/06/2010 350,000 326,375 1.78 

Rhodia 9.25% EUR 01/06/2011 190,000 159,287 0.87 

Riverdeep Group 9.25% EUR 15/04/2011 190,000 186,200 1.03 

Safilo Capital International 9.625% EUR 15/05/2013 220,000 208,725 1.14 

Sanitec International 9% EUR 15/05/2012 170,000 177,225 0.97 

Scandinavian Airlines System 6% EUR 20/06/2008 100,000 92,250 0.50 

Schefenacker 9.5% EUR 11/02/2014 130,000 109,200 0.60 

*SGL Carbon Luxembourg 8.5% EUR 01/02/2012 190,000 195,225 1.07 

*Smurfit Capital Funding 6.75% USD 20/11/2005 50,000 42,745 0.23 

TDL Infomedia Group 12.125% GBP 15/10/2009 140,000 222,136 1.21 

Teksid Aluminum Luxembourg SARL 11.375% EUR 15/07/2011 200,000 182,840 1.00 

*Telefonaktiebolaget LM Ericsson 6.5% USD 20/05/2009 580,000 510,465 2.79 

Telefonaktiebolaget LM Ericsson 6.75% EUR 28/11/2010 60,000 65,979 0.36 

*Telenet Communications 9% EUR 15/12/2013 160,000 164,840 0.90 

ThyssenKrupp Finance Nederland 7% EUR 19/03/2009 190,000 211,837 1.16 

TVN Finance Corp 9.5% EUR 15/12/2013 80,000 84,000 0.47 

*United Biscuits Finance 10.75% GBP 15/04/2011 110,000 168,407 0.92 

Valentia Telecommunications 7.25% EUR 15/08/2013 190,000 200,450 1.10 

*UBS Luxembourg SA for Wimm-Bill-Dann Foods OJSC 8.5% USD 21/05/2008 60,000 47,738 0.26 

*Yell Finance 10.75% GBP 01/08/2011 72,000 120,133 0.66 

––––––––––––– –––––– 



––––––––––––– –––––– 

55

INVESCO GT 

EUROLAND BOND FUND 









EUR % 






Caisse d’Amortissement de la Dette Sociale 3.8% EUR 25/07/2006 1,000,000 1,152,389 6.02 





France Government Bond OAT 3.4% EUR 25/07/2029 500,000 656,552 3.43 




––––––––––– –––––– 



––––––––––– –––––– 

56

INVESCO GT 

CAPITAL SHIELD FUND 









EUR % 






Abbey National Treasury Services FRN 14/5/2008 1,000,000 1,000,560 0.19 

ABN Amro Bouwfonds Nederlandse Gemeenten FRN 27/11/2006 3,000,000 3,000,750 0.55 

Achmea Hypotheekbank FRN 18/5/2006 2,000,000 2,001,440 0.37 

AHBR Allgemeine Hypothekenbank Rheinboden FRN 3/11/2005 400,000 399,864 0.07 

Anglo Irish Bank Corp FRN 11/7/2005 4,600,000 4,602,162 0.85 

ASIF III Jersey FRN 25/11/2008 29,500,000 29,517,700 5.42 

Australia & New Zealand Banking Group FRN 23/6/2006 100,000 100,014 0.02 

Banco Totta & Acores FRN 28/4/2006 3,000,000 2,998,350 0.55 

Banesto Banco de Emisiones FRN 29//9/2013 1,000,000 1,003,922 0.19 

Bank of America Corp FRN 20/10/2008 500,000 499,598 0.09 

Bank One NA/Columbus OH FRN 27/5/2008 1,000,000 1,003,730 0.18 

Bayer FRN 11/4/2006 2,800,000 2,847,880 0.52 

Bayerische Landesbank FRN 27/10/2010 8,000,000 7,953,760 1.46 

BBVA Global Finance FRN 23/5/2005 100,000 100,020 0.02 

Banca Intesa FRN 6/12/2006 7,500,000 7,518,413 1.38 


Banco Bilbao Vizcaya Argentaria FRN 17/7/2013 5,000,000 5,023,500 0.92 


Banco Popolare di Verona e Novara FRN 17/10/2008 2,000,000 1,999,380 0.37 

Banca Popolare di Bergamo Credito Varesino FRN 15/2/2005 500,000 500,208 0.09 

Banco Santander Central Hispano FRN 5/4/2007 5,000,000 4,994,199 0.92 

BCP Finance Bank FRN 23/5/2006 800,000 800,480 0.15 

Berlin Land FRN 31/7/2007 2,000,000 2,001,290 0.37 

Bank Austria Creditanstalt FRN 20/11/2006 9,000,000 9,014,850 1.66 

Bank of Cyprus FRN 1/12/2006 3,000,000 3,007,500 0.55 

Bank of Ireland FRN 31/1/2006 6,000,000 6,006,759 1.10 


BPE Finance International FRN 7/2/2005 1,600,000 1,599,583 0.29 

BPE Finance International FRN 30/7/2009 1,000,000 998,650 0.18 

Banco Santander Central Hispano Issuances FRN 28/3/2011 5,000,000 5,104,000 0.94 

Caixa Catalunya International Finance FRN 3/4/2007 550,000 550,765 0.10 

Caixa Finance FRN 10/7/2008 3,000,000 2,999,250 0.55 

Citigroup FRN 10/10/2008 5,000,000 4,993,077 0.92 

Commonwealth Bank of Australia FRN 5/5/2006 3,000,000 2,997,300 0.55 

Caisse Nationale des Caisses d’Epargne et de Prevoyance FRN 26/1/2006 3,000,000 2,998,230 0.55 

Danske Bank FRN 13/5/2005 5,000,000 4,999,775 0.92 

DekaBank Deutsche Girozentrale FRN 28/4/2006 2,000,000 1,998,700 0.37 

Den Norske Bank FRN 22/1/2008 2,500,000 2,502,000 0.46 



Deutsche Bank FRN 11/5/2005 17,000,000 17,013,925 3.13 

Deutsche Hypothekenbank FRN 24/7/2006 469,000 468,887 0.09 

Dexia Hypothekenbank Berlin FRN 17/7/2006 400,000 399,884 0.07 

DNB NOR FRN 3/6/2009 3,000,000 2,997,990 0.55 

Dresdner Bank FRN 2/2/2005 1,000,000 1,000,284 0.18 


Deutsche Genossenschafts-Hypothekenbank FRN 15/10/2008 6,000,000 6,003,840 1.10 

Electricite de France FRN 6/11/2006 5,000,000 5,003,250 0.92 

European Investment Bank FRN 15/6/2006 10,000,000 9,989,000 1.83 

Eurohypo AG Europaische Hypothekenbank der Deutschen Bank FRN 23/5/2005 1,500,000 1,500,798 0.28 

Eurohypo AG Europaische Hypothekenbank der Deutschen Bank FRN 24/5/2005 100,000 99,970 0.02 



FIH Erhvervsbank FRN 1/6/2005 200,000 200,093 0.04 

Findomestic FRN 11/6/2008 2,500,000 2,499,700 0.46 

Fortis Finance FRN 19/6/2006 1,000,000 1,001,000 0.18 

General Electric Capital Corp FRN 13/5/2005 200,000 200,141 0.04 

GE Capital European Funding FRN 9/12/2006 2,500,000 2,500,500 0.46 

GE Capital European Funding FRN 29/10/2008 400,000 400,344 0.07 

General Electric Capital Corp FRN 10/3/2006 1,000,000 1,002,950 0.18 


Deutsche Bundesrepublik FRN 20/10/2004 100,000 99,989 0.02 

Goldman Sachs Group FRN 4/10/2006 500,000 503,300 0.09 

57

INVESCO GT 










EUR % 

HSH N Finance Guernsey FRN 10/5/2007 100,000 100,029 0.02 


HSH N Finance Guernsey FRN 18/2/2008 10,000,000 10,008,386 1.84 

HBOS Treasury Services FRN 23/2/2006 3,000,000 3,004,729 0.55 



Hellenic Republic Government International Bond FRN 31/5/2007 200,000 202,183 0.04 

Land Hessen FRN 12/7/2007 5,000,000 4,994,025 0.92 

Hungary Government International Bond FRN 10/11/2005 12,750,000 12,820,508 2.35 

Hypo Alpe-Adria-Bank International FRN 8/6/2009 5,000,000 4,999,700 0.92 

Hypo Real Estate Bank FRN 28/8/2007 2,400,000 2,401,056 0.44 

Hypo Tirol Bank FRN 5/6/2008 100,000 100,040 0.02 

Hypothekenbank in Essen FRN 19/11/2004 100,000 99,998 0.02 

IKB Deutsche Industriebank FRN 20/3/2006 1,000,000 1,001,010 0.18 


International Lease Finance Corp FRN 24/4/2005 600,000 602,790 0.11 

Irish Life & Permanent FRN 22/9/2006 3,000,000 3,000,900 0.55 

Islandsbanki FRN 25/11/2013 1,000,000 998,990 0.18 

KBC Internationale Financieringsmaatschappij FRN 28/1/2009 1,500,000 1,498,778 0.28 

Land Niedersachsen FRN 19/12/2005 100,000 99,902 0.02 

Landsbanki Islands FRN 29/10/2007 4,200,000 4,203,864 0.77 

Land Niedersachsen FRN 22/7/2008 2,000,000 1,999,900 0.37 


Landesbank Baden-Wuerttemberg Girozentrale FRN 27/6/2005 300,000 299,817 0.06 



NRW.BANK FRN 30/9/2005 100,000 99,990 0.02 

NRW.BANK FRN 5/3/2007 100,000 99,985 0.02 

Landesbank Schleswig-Holstein Girozentrale FRN 10/7/2007 780,000 779,961 0.14 

Landesbank Schleswig-Holstein Girozentrale FRN 24/1/2008 2,000,000 2,000,800 0.37 


Lehman Brothers Holdings FRN 3/11/2008 3,000,000 3,007,530 0.55 

Madrid Finance FRN 12/5/2006 1,000,000 1,000,121 0.18 

Mediobanca FRN 4/7/2007 6,000,000 6,004,320 1.10 

Merrill Lynch FRN 9/2/2009 5,000,000 4,996,250 0.92 

Monte Dei Paschi Di Sien FRN 10/4/2006 3,000,000 3,001,875 0.55 

Morgan Stanley FRN 29/5/2008 3,000,000 3,020,313 0.55 

Muenchener Hypothekenbank FRN 11/7/2005 600,000 600,042 0.11 


Natexis Banques Populaire FRN 6/2/2006 3,000,000 3,003,450 0.55 

Nationwide Building Society FRN 29/9/2005 3,500,000 3,502,718 0.64 

Nationwide Building Society FRN 3/11/2008 1,000,000 999,200 0.18 

National Australia Bank FRN 22/1/2007 5,000,000 4,991,917 0.90 

Norddeutsche Landesbank Girozentrale FRN 20/12/2004 200,000 200,011 0.04 


Northern Rock FRN 5/3/2007 3,000,000 3,001,260 0.55 

NRW BANK FRN 30/6/2005 4,500,000 4,477,860 0.82 

OKO Bank FRN 20/1/2006 1,000,000 1,000,824 0.18 

Popular Finance Europe FRN 4/8/2006 2,000,000 1,998,600 0.37 

Radio Television Espanola FRN 4/12/2008 4,000,000 3,995,400 0.73 

RWE FRN 14/6/2005 1,150,000 1,151,932 0.21 

Sanpaolo IMI Bank International FRN 24/1/2007 1,500,000 1,501,274 0.28 

Sanpaolo IMI Bank International FRN 1/8/2007 500,000 500,930 0.09 

Santander Central Hispano Issuances FRN 21/2/2005 1,500,000 1,501,634 0.28 

SEB Hypothekenbank FRN 7/8/2006 7,000,000 6,999,650 1.29 

SNS Bank FRN 18/9/2006 1,000,000 1,002,200 0.18 

Spain Government Bond FRN 31/1/2005 1,000,000 1,004,685 0.18 

St George Bank FRN 29/1/2007 3,000,000 2,998,500 0.55 

Telefonica Europe FRN 27/10/2005 2,000,000 1,999,700 0.37 

UniCredito Italiano FRN 16/3/2011 2,000,000 2,019,900 0.37 


Volkswagen Bank FRN 10/3/2005 500,000 500,068 0.09 

Volkswagen International Fin FRN 11/11/2005 1,000,000 999,125 0.18 

Westdeutsche Immobilien Bank FRN 29/5/2007 3,900,000 3,899,553 0.72 

Wuerttembergische Hypothekenbank FRN 23/10/2005 100,000 100,037 0.02 

Wuerttembergische Hypothekenbank FRN 18/8/2006 7,000,000 6,996,360 1.28 

––––––––––– –––––– 



––––––––––– –––––– 

58

INVESCO GT 

CAPITAL SHIELD (USD) FUND 









US$ % 






Australia & New Zealand Banking Group FRN USD 07/04/2008 1,000,000 1,001,327 2.32 

Bear Stearns FRN USD 15/07/2005 1,000,000 1,005,170 2.33 

Canadian Imperial Bank of Commerce FRN USD 20/03/2007 1,000,000 1,000,377 2.32 

Citigroup FRN USD 01/09/2006 1,000,000 1,001,580 2.32 


Countrywide Home Loans FRN USD 06/09/2005 1,000,000 1,001,656 2.32 

Credit Agricole FRN USD 17/07/2006 1,000,000 1,000,812 2.32 


Den Norske Bank FRN USD 17/01/2006 1,000,000 1,001,294 2.32 

Deutsche Bank Finance FRN USD 02/03/2006 1,800,000 1,802,700 4.17 

Dresdner Bank FRN USD 07/03/2006 500,000 500,705 1.16 


Goldman Sachs Group FRN USD 27/10/2006 1,000,000 1,002,365 2.32 

HBOS Treasury Services FRN USD 01/10/2007 2,000,000 2,004,154 4.64 

HSH N Finance Guernsey FRN USD 24/09/2007 1,000,000 1,000,100 2.31 

Lehman Brothers Holdings FRN USD 28/09/2005 137,000 137,959 0.32 

Morgan Stanley FRN USD 22/01/2009 1,000,000 1,000,150 2.31 

National Australia Bank FRN USD 11/04/2008 1,000,000 1,001,165 2.32 

NIB Capital Bank FRN USD 06/02/2007 1,000,000 999,450 2.31 

Nordea Bank Norge FRN USD 22/09/2005 1,000,000 1,001,411 2.32 

Sanpaolo IMI Bank International FRN USD 27/02/2006 1,000,000 1,001,126 2.32 


Wells Fargo FRN USD 15/09/2006 1,000,000 1,001,570 2.32 

Westlb Finance Curaco FRN USD 05/12/2005 1,000,000 1,000,817 2.32 

Westpac Banking Corp FRN USD 01/10/2007 1,000,000 1,001,005 2.32 

––––––––––– –––––– 



––––––––––– –––––– 

59


Statement of Aufstellung des Totaaloverzicht van Etat de l’actif net Regnskap for netto Notes 

Net Assets Nettovermögens het eigen vermogen au 31 août 2004 eiendeler Anmerkungen 

as at 31 August 2004 zum 31. August 2004 per 31 augustus 2004 pr. 31. august 2004 Toelichting 

Notes 

Noter 

ASSETS AKTIVA ACTIVA ACTIF EIENDELER 

Investments at Wertpapiere zum Beleggingen Valeur des placements Investering til 

market value Marktwert (tegen marktwaarde) au cours du marché markedsverdi 

Preliminary expenses Gründungskosten Oprichtingskosten Frais de constitution Startkostnader 

CURRENT ASSETS UMLAUFVERMÖGEN VLOTTENDE ACTIVA ACTIF CIRCULANT OMLØPSMIDLER 

Due from brokers Forderungen an Broker Vorderingen op commissionairs Créances sur les courtiers Til gode fra meglere 

Receivable for Forderungen aus der Vorderingen uit hoofde Créances au titre Tilgodehavende for 

Shares issued Ausgabe von Anteilen van effectentransacties des actions émises utstedte aksjer 

Other debtors Sonstige Forderungen Overige vorderingen Autres débiteurs Andre fordringer 

Bank balances Bankguthaben Deposito’s Soldes bancaires Saldoer 

Unrealised gain on Nicht realisierte Gewinne niet-gerealiseerd winst over Gains non réalisés sur Urealisert gevinst på 

forward currency/future aus Devisentermin- termijncontracten / contrats de change à terme / terminvaluta/terminkontrakter 

contracts /Terminkontrakten valutatermijncontracten contrats à terme 

Total Assets Aktiva insgesamt Totaal activa Total de l’actif Sum eiendeler 

CURRENT LIABILITIES VERBINDLICHKEITEN KORTLOPENDE SCHULDEN PASSIF A COURT TERME KORTSIKTIG GJELD 

Bank Overdraft Banküberziehung Rekening-courantkrediet Découvert bancaire Bank kassekreditt 

Due to brokers Verbindlichkeiten bei Brokern Schulden aan commissionairs Dettes envers les courtiers Skyldig til meglere 

Payable for Verbindlichkeiten aus der Schulden uit hoofde Dettes au titre des Skyldig for 

Shares redeemed Rücknahme von Anteilen van effectentransacties actions rachetées innløste aksjer 

Dividends payable Zahlbare Dividenden Te betalen dividend Dividendes à payer Utbytte som skal betales 

Other creditors Sonstige Verbindlichkeiten Overige schulden Autres créanciers Andre kreditorer 

Unrealised loss Nicht realisierte Verluste niet-gerealiseerde verlies Pertes non réalisées sur Urealisert tap på 

on forward currency/future aus Devisentermin-/ over termijncontracten / contrats de change à terme / terminvaluta/terminkontrakter 

contracts Terminkontrakten valutatermijncontracten contrats à terme 

Total Liabilities Passiva insgesamt Totaal schulden Total du passif Sum gjeld 

Net Assets Nettovermögen Eigen vermogen Actif net Netto eiendeler 

Number of Shares Im Umlauf befindliche Aantal uitstaande Nombre d’actions Antall utstedte 

in issue Anteile aandelen en circulation aksjer 

Distribution A Ausschüttung A Distribution shares A Action de distribution A Med fordeling av utbytte A 

Accumulation A Thesaurierung A Accumulation shares A Action de capitalisation A Med kapitalisering av utbytte A 

Accumulation B Thesaurierung B Accumulation shares B Action de capitalisation B Med kapitalisering av utbytte B 

Accumulation B1 Thesaurierung B1 Accumulation shares B1 Action de capitalisation B1 Med kapitalisering av utbytte B1 

Accumulation C Thesaurierung C Accumulation shares C Action de capitalisation C Med kapitalisering av utbytte C 

Accumulation E Thesaurierung E Accumulation shares E Action de capitalisation E Med kapitalisering av utbytte E 

Net Asset Value Anteilwert Intrinsieke waarde Valeur liquidative Nettoverdi 

per Share pro Anteil per aandeel par action pr. aksje 

Distribution A Ausschüttung A Distribution shares A Action de distribution A Med fordeling av utbytte A 

Accumulation A Thesaurierung A Accumulation shares A Action de capitalisation A Med kapitalisering av utbytte A 

Accumulation B Thesaurierung B Accumulation shares B Action de capitalisation B Med kapitalisering av utbytte B 

Accumulation B1 Thesaurierung B1 Accumulation shares B1 Action de capitalisation B1 Med kapitalisering av utbytte B1 

Accumulation C Thesaurierung C Accumulation shares C Action de capitalisation C Med kapitalisering av utbytte C 

Accumulation E EUR Thesaurierung E EUR Accumulation shares E EUR Action de capitalisation E EUR Med kapitalisering av utbytte E EUR 

60


Global US Stuctured Pan European Greater Worldwide 

Emerging Global North American Large Cap European Pan European Growth Nippon Nippon Asia China Dynamic 

Markets Value America Enterprise Core Stuctured European Enterprise Equity Enterprise Growth Enterprise Opps. Theme 

Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund 

US$ US$ US$ US$ US$ EUR EUR EUR EUR JPY JPY US$ US$ US$ 

39,718,851 9,616,257 31,573,972 21,182,322 153,675,338 39,626,336 434,471,227 279,306,048 3,749,639 27,102,131,500 6,206,203,432 137,316,524 141,472,911 27,266,840 

- - - - - - - - - - - - - - 

110,358 - 364,133 566,781 - 2,125,934 - 2,267,873 17,200 120,329,235 48,289,190 1,367,567 253,662 - 

214,705 1,755,903 136,780 164,489 164,486 242,122 2,355,115 8,932 - 137,298,943 63,676,923 3,621,348 14,287,849 5,456 

206,729 22,299 19,397 1,962 191,068 190,451 822,188 226,655 2,828 11,363,437 1,566,817 526,540 728,996 44,015 

22,244 132,301 1,342,880 891,094 5,875,840 42,193 3,421,515 6,195,366 315,072 1,897,222,684 35,409,537 3,543,120 - 76,549 

- - - - 76,693 390 - - - - - - - - 

40,272,887 11,527,182 33,437,162 22,806,648 159,983,425 42,227,426 441,070,045 288,004,874 4,084,739 29,268,345,799 6,355,145,899 146,375,099 156,743,418 27,392,860 

- - - - - - - - - - - - 114,950 - 

74,947 - 199,687 253,041 - 2,218,605 525,070 1,220,213 9,545 90,232,992 25,352,341 1,162,811 - - 

70,222 2,278 21,415 63,708 156,662 164,051 1,141,424 457,871 - - 31,223,960 248,480 47,608 170,346 

- - - - - - - - - - - - - - 

144,158 21,010 49,769 38,042 110,150 43,742 353,297 294,540 (3,193) 20,513,583 7,086,971 221,448 138,210 36,851 

- - - - - - - - - - - - - - 

289,327 23,288 270,871 354,791 266,812 2,426,398 2,019,791 1,972,624 6,352 110,746,575 63,663,272 1,632,739 300,768 207,197 

39,983,560 11,503,894 33,166,291 22,451,857 159,716,613 39,801,028 439,050,254 286,032,250 4,078,387 29,157,599,224 6,291,482,627 144,742,360 156,442,650 27,185,663 

1,120,463 552,982 7,833,452 1,548,004 5,958,182 5,237,367 49,317,264 31,238,556 - 22,371,123 16,689,803 1,998,535 9,298,306 3,206,755 

148,024 157,685 119,601 14,732 3,252 1,073 2,192,425 1,329,122 - 1,433,553 1,740,745 115,736 408,943 268,125 

- - - - - - - - - - - - - - 

3,456,279 331,318 310,065 4,811 7,918,111 1,531,562 1,969,515 359,849 412,388 248,039 1,252,851 1,150,818 861,311 860,995 

1,036,968 190,387 1,337,724 149,651 223,459 544,128 1,837,718 384,663 - 3,171,391 1,052,706 84,896 1,621,418 662,390 

- - - - - - - - - - - - - - 

6.87 9.35 3.46 13.11 11.26 5.43 7.96 8.61 9.88 1,077.44 304.85 42.96 12.88 5.44 

6.55 9.02 3.30 12.58 11.11 5.41 7.42 8.13 - 1,018.65 286.27 40.91 12.09 5.13 

- - - - - - - - - - - - - - 

7.02 9.52 3.54 13.40 11.38 5.53 8.14 8.81 9.89 1,104.65 311.61 43.96 13.17 5.57 

5.63 7.62 2.81 10.55 9.16 5.27 7.80 8.37 - 7.89 2.25 34.56 10.39 4.43 

61


Capital 31.08.04 31.08.03 

Dollar Euro Global European Euro Euroland Capital Shield Consoli- Consoli 

Leisure Energy Reserve Reserve Bond Bond High Yield Bond Shield (USD) dated dated 

Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Net Assets Net Assets 

US$ US$ US$ EUR US$ EUR EUR EUR EUR US$ US$ Equiv. US$ Equiv 

122,379,901 38,053,205 56,776,816 73,492,462 16,478,056 126,189,718 16,623,723 19,768,708 355,873,535 24,572,349 2,752,621,879 2,375,961,663 

- - - - - - - - 36,188 31,931 75,637 28,006 

24,735 361,336 - - - 313,995 - - - - 10,289,902 14,903,190 

128,715 1,605,518 1,001,282 1,075,492 328 4,623,617 235,062 263,894 2,430,828 563,727 39,048,947 164,859,254 

47,276 55,348 98,859 199,819 231,152 2,632,657 392,515 81,943 921,799 95,020 8,993,773 8,324,224 

2,944,353 1,283,735 57,972,387 69,701,666 228,466 74,399 1,125,944 - 186,260,449 18,025,921 432,563,717 233,921,991 

- - - - 145,901 - 54,055 - - 1,619 289,969 321,134 

125,524,980 41,359,142 115,849,344 144,469,439 17,083,903 133,834,386 18,431,299 20,114,545 545,522,799 43,290,567 3,243,883,824 2,798,319,462 

- - - - - - - 22,434 - - 142,045 12,073,835 

- 708,968 - - - 3,170,012 90,000 - - - 12,187,666 12,414,010 

1,833,042 448,330 2,275,986 4,727,605 4,805 117,386 16,597 931,253 178,499 - 14,968,639 111,653,321 

- - - - 186,429 - - - - - 186,429 317,287 

97,082 27,181 82,161 55,125 20,712 65,573 21,969 23,317 267,458 55,885 2,648,758 1,676,694 

- - - - - - - - 610,615 28,594 766,064 678,683 

1,930,124 1,184,479 2,358,147 4,782,730 211,946 3,352,971 128,566 977,004 1,056,572 84,479 30,899,601 138,813,830 

123,594,856 40,174,663 113,491,197 139,686,709 16,871,957 130,481,415 18,302,733 19,137,541 544,466,227 43,206,088 3,212,984,223 2,659,505,632 

7,015,748 1,982,423 728,546 272,125 2,071,430 26,048,384 3,258,005 1,280,010 17,937,118 1,988,978 

165,415 329,649 70,428 3,757 - 1,492,694 - 39,726 - - 

- - 59,141 - - - - - - - 

586,229 814,157 555,268 118,457 411,207 2,520,761 1,121,456 76,532 13,665,040 2,454,374 

190,428 206,440 86,735 97,765 253,409 1,719,001 3,008,562 159,829 20,801,823 - 

- - - - 4.61 - - - - - 

15.53 12.06 75.38 282.77 - 4.11 2.47 12.31 10.40 9.71 

14.57 11.63 72.93 273.54 4.61 3.89 2.47 11.94 - - 

- - 75.38 - - - - - - - 

15.90 12.27 76.43 288.01 5.99 4.17 2.53 12.43 10.45 9.73 

12.49 9.72 62.41 282.25 4.57 4.09 2.47 12.24 10.33 - 

62


Notes to the Financial Statements 

1. Basis of Presentation 

INVESCO GT (the “Fund”) is an investment company organised under Luxembourg law as a Société Anonyme qualifying as a Société 

d’Investissement à Capital Variable (“SICAV”). INVESCO GT is an umbrella fund, comprising 24 sub-funds with each sub-fund being treated as a 

separate entity. The accompanying financial statements have been prepared in accordance with the format prescribed by Luxembourg 

regulations. 

Classes of Shares 

The Shares of some of the sub-funds are available in six classes (Class A, Class AA, Class B, Class B1,Class C and Class E). Class A Shares are 

available without any restraints. Class B Shares are solely available to one sub-distributor. Class C Shares, which have a higher minimum initial 

subscription amount and benefit from reduced management charges are intended primarily for larger or institutional investors. Class E Shares 

have a lower initial charge and higher annual management fee than either the A or the C Class. Also Class B1 Shares are solely available on the 

INVESCO GT Dollar Reserve Fund and have no Distributor Fee. 

2. Summary of Significant Accounting Policies 

(a) Consolidation 

The consolidation figures appearing in the Statement of Net Assets are for statistical purposes only and should not be used by investors with 

holdings in one or more sub-funds. Assets and liabilities in the Euro and Japanese Yen denominated sub-funds have been translated into 

US Dollars at rates of Euro 0.83 and JPY 109.87 respectively. 

(b) Valuation of investments 

In valuing total assets, quoted securities are valued on each Valuation Day at their latest available price on the stock exchange which is 

normally the principal market for such securities. Securities dealt in on an over-the-counter market are valued in a manner as near as 

possible to that of quoted securities. 

(c) Impact on Values 

The financial statements have been prepared on the basis of the last net asset values determined in the accounting period. In accordance 

with the Prospectus, net asset values were calculated by reference to the latest available prices at 10.00am (Dublin time) on the 31 August 

2004. 

(d) Cost of sales of investments 

Any surplus or deficit on sales of investments is determined on the basis of average cost. 

(e) Income from investments 

Dividend income is accounted for on an ex-dividend basis. Income arising on fixed interest securities and deposit interest is accrued on a 

day-to-day basis. 

(f) Foreign exchange 

Transactions in currencies other than the designated currency for each sub-fund are translated at the rates of exchange ruling at the time of 

the transactions. The market value of the investments and other assets and liabilities in currencies other than the designated currency for 

each sub-fund are translated at the rates of exchange ruling at the period end. 

(g) Expenses allocation 

Where the Fund incurs an expense which relates to a particular sub-fund, such expense is allocated to the relevant sub-fund. In cases 

where an expense cannot be considered as being attributable to a particular sub-fund, such expense is allocated between sub-funds on the 

basis of their respective Net Asset Values. 

(h) Preliminary expenses 

Preliminary expenses are being amortised over a period not exceeding 5 years from the date of launch of each sub-fund. 

3. Management and Investment Advice 

The Directors of the Fund (the “Directors”) are responsible for the investment policy, management and administration of the Fund. The Directors 

delegate the day-to-day investment management of the securities portfolio of the Fund to INVESCO GT Management S.A., Luxembourg (the 

“Manager”). 

In following the investment policy of the Directors, the Manager seeks investment advice from, as appropriate, INVESCO Asset Management 

Limited in London and Henley, INVESCO Asia Limited in Hong Kong, INVESCO Asset Management (Japan) Limited in Tokyo, AIM Capital 

Management Inc., in Houston, INVESCO Institutional (NA) Inc. in New York, INVESCO Global Asset Management (N.A) Inc. in Atlanta and 

INVESCO Asset Management Deutschland GmbH in Frankfurt. 

63


Notes to the Financial Statements - (continued) 

For its services the Manager is paid by the Fund a percentage of the Net Asset Value of each sub-fund as set out in the table below: 

Fund Management Management Management Management Management 

Fee Fee Fee Fee Fee 

Class A Class B (includes a 1% Class B1 Class C Class E 

Distribution fee) 

EQUITY FUNDS 

Global 

IGT Global Emerging 

Markets 2.00% 3.00% 1.50% 2.25% 

IGT Global Value 1.50% 2.50% 1.00% 2.00% 

America 

IGT North America 1.50% 2.50% 1.00% 2.00% 

IGT American 

Enterprise 1.50% 2.50% 1.00% 2.25% 

IGT US Structured 

Large Cap Core 1.30% 2.30% 0.80% 2.25% 

Europe 

IGT European Structured 1.30% 2.30% 0.80% 2.25% 

IGT Pan European 1.50% 2.50% 1.00% 2.00% 

IGT Pan European 

Enterprise 1.50% 2.50% 1.00% 2.25% 

IGT European Growth 

Equity 1.50% - 1.00% 2.25% 

Japan 

IGT Nippon Enterprise 1.50% 2.50% 1.00% 2.25% 

IGT Nippon Growth 1.50% 2.50% 1.00% 2.00% 

Asia 

IGT Asia Enterprise 1.50% 2.50% 1.00% 2.25% 

IGT Greater China 

Opportunities 1.50% 2.50% 1.00% 2.25% 

THEME FUNDS 

IGT Worldwide 

Dynamic Theme 1.50% 2.50% 1.00% 2.00% 

IGT Leisure 1.50% 2.50% 1.00% 2.25% 

IGT Worldwide 

Telecommunications 1.50% 2.50% 1.00% 2.25% 

IGT Worldwide Technology 2.00% 3.00% 1.50% 2.25% 

IGT Worldwide Healthcare 2.00% 3.00% 1.50% 2.25% 

IGT Energy 1.50% 2.50% 1.00% 2.25% 

IGT Financial Services 1.50% 2.50% 1.00% 2.25% 

RESERVE FUNDS 

IGT Dollar Reserve 0.50% 1.50% 0.50% 0.25% 0.50% 

IGT Euro Reserve 0.45% 1.45% 0.15% 0.50% 

BOND FUNDS 

IGT Global Bond 0.75% 1.75% 0.50% 0.90% 

IGT European Bond 0.75% 1.75% 0.50% 0.90% 

IGT Euro High Yield 1.25% 2.25% 0.75% 1.25% 

IGT Euroland Bond 0.75% 1.75% 0.50% 0.90% 

STRUCTURED FUND 

IGT Capital Shield 1.00% 2.00% 0.60% 1.50% 

IGT Capital Shield (USD) 1.00% - 0.60% - 

The management fees are calculated daily based on the Net Asset Value of each sub-fund on each Business Day and paid monthly. 

The fees of the Investment Adviser are paid out of the Manager’s remuneration. 

4. Other Fees 

The Manager is paid an additional fee by the Fund (“the Service agent fee”), which shall not exceed 0.3% for Equity Funds, 0.2% for Bond 

Funds and 0.1% for Reserve Funds per annum of the Net Asset Value of each Fund, out of which the Manager discharges the fees of the 

Administration Agent, the Domiciliary & Corporate Agent and the Registrar & Transfer Agent as well as fees of service providers and fees 

incurred in places where the Fund is registered. Each of these fees shall be calculated on each Business Day on the Net Asset Value of the Fund 

(at a rate which shall be agreed from time to time with the Manager) and paid monthly. Additionally, the Manager reimburses the expenses of 

the Fund’s Hong Kong Representative. 

In its capacity as Custodian, J.P. Morgan Bank Luxembourg S.A. is entitled to remuneration (“Custodian Fee”) in accordance with normal 

banking practice in Luxembourg at rates agreed from time to time with the Fund, but which shall not exceed 0.2% per annum of the Net Asset 

Value of the Fund. The Custodian Fee is calculated daily (on the Net Asset Value of the Fund on each Business Day) and paid monthly. In 

addition, the “Custodian Fee” may also include fees for transaction charges on each Fund. 

64



5. Tax Status 

The Fund is registered under Luxembourg law as a collective investment undertaking. Accordingly, no Luxembourg income or capital gains tax is 

at present payable by the Fund. It is, however, subject to an annual “taxe d’abonnement” calculated at an annual rate of 0.05% of the Net 

Asset Value. The two Reserve Funds are subject to a reduced annual rate of 0.01% of the Net Asset Value. 

6. Equalisation 

Equalisation is a capital payment by a subscriber for Shares and is calculated by dividing the net undistributed income of the sub-fund concerned 

by the number of Shares in issue at the Valuation Date on which the subscription is made. Equalisation may be repaid to shareholders on the 

occurrence of the redemption of Shares or on the payment of a dividend. 

7. Dividends 

A dividend of US$186,427 will be paid on 31 October 2004 to holders of Class A Shares (Distribution Shares) in the INVESCO GT Global Bond 

Fund, consisting of income and net equalisation. 

In accordance with the distribution policy of the INVESCO GT Global Bond Fund, income is distributed by way of a dividend payment, only to 

holders of Class A Shares (Distribution Shares). The income due to holders of Class A, Class C and Class E Shares (Accumulation Shares) is 

reinvested to enhance the value of Class A, C and E Shares. 

8. Forward Currency Contract 

The INVESCO GT Global Bond Fund, INVESCO GT Euro High Yield Fund, INVESCO GT Capital Shield Fund and INVESCO GT Capital Shield (USD) 

Fund have entered into forward foreign currency exchange contracts for efficient portfolio management. Forward foreign currency exchange 

contracts are used to hedge against anticipated future changes in exchange rates which otherwise might either adversely affect the value of the 

Funds’ portfolio securities or adversely affect the price of securities which the Fund intends to purchase at a later date. Forward foreign currency 

exchange contracts open at 31 August 2004 are as follows: 

INVESCO GT Global Bond Fund 

Details of Forward Currency Contracts Unrealised Gain/(Loss) USD Maturity Date 

Buy 570,000 GBP to sell 851,115 EUR (6,929) 30-Sep-04 

Buy 1,280,410 USD to sell 7,800,000 DKR 14,289 30-Sep-04 

Buy 7,047,940 USD to sell 5,777,000 EUR 73,372 30-Sep-04 

Buy 2,728,119 USD to sell 293,000,000 JPY 57,437 30-Sep-04 

Buy 688,500 USD to sell 2,590,000 PLZ (11,944) 30-Sep-04 

Buy 1,130,796 USD to sell 622,000 GBP 17,288 30-Sep-04 

Buy 6,000,000 JPY to sell 55,581 USD (892) 30-Sep-04 

Buy 50,000 EUR to sell 61,470 USD (1,105) 30-Sep-04 

Buy 98,376 USD to sell 80,000 EUR 1,792 30-Sep-04 

Buy 291,738 EUR to sell 470,000 CND (4,648) 30-Sep-04 

Buy 497,727 EUR to sell 600,000 USD 906 30-Sep-04 

Buy 200,000 DKR to sell 33,148 USD (684) 30-Sep-04 


Buy 582,979 USD to sell 760,000 CND 5,923 30-Sep-04 

Total Unrealised gain on open forward exchange contracts 145,901 

INVESCO GT Euro High Yield Fund 

Details of Forward Currency Contracts Unrealised Gain/(Loss) EUR Maturity Date 

Buy 2,115,049 EUR to sell 2,548,000 USD 3,904 04-Nov-04 

Buy 2,999,850 EUR to sell 1,994,000 GBP 50,254 04-Nov-04 

Buy 585,000 CHF to sell 382,103 EUR (1,746) 04-Nov-04 

Buy 74,262 EUR to sell 114,000 CHF 141 04-Nov-04 

Buy 279,462 EUR to sell 189,000 GBP (114) 04-Nov-04 

Buy 73,000 USD to sell 60,476 EUR 9 04-Nov-04 

Buy 307,843 EUR to sell 471,000 CHF 1,607 04-Nov-04 


INVESCO GT Capital Shield Fund 


Buy 1,325,858.00 EUR to sell 1,620,000 USD (16,558) 26-Nov-04 

Buy 556,845 EUR to sell 74,127,220 JPY (4,664) 26-Nov-04 

Total Unrealised loss on open forward exchange contracts (21,222) 

65

8. Forward Currency Contract (continued) 





Buy 83,867 USD to sell 68,800 EUR 805 30-Sep-04 

Buy 50,745 USD to sell 5,450,000 JPY 1,068 30-Sep-04 


Buy 15,681 USD to sell 1,700,000 JPY 186 30-Sep-04 





Buy 35,000 EUR to sell 43,173 USD (917) 30-Sep-04 

Buy 42,089 USD to sell 4,650,000 JPY (295) 30-Sep-04 

Buy 3,000,000 JPY to sell 27,310 USD 35 30-Sep-04 



9. Futures 

Description Number of Contracts Commitment Long/Short Unrealised gain/(loss) 

INVESCO GT European Structured Fund 

Swiss Market Index 17/09/2004 2 71,039 Long (506) 

DJ Euro Stoxx 50 17/09/2004 7 188,660 Long (605) 

OMX Index 24/09/2004 6 45,061 Long (30) 

FTSE 100 Index 17/09/2004 2 132,757 Long 1,531 

Total unrealised gain 390 

INVESCO GT US Structured Large Cap Core Fund 

S&P 500 Future 16/9/04 22 5,967,750 Long 76,693 


S&P 500 Future 17/9/2004 313 14,240,819.71 Long (425,218) 

US 10 Year Note Future 20/12/2004 1680 155,641,654 Long 54,250 

DJ Euro Stoxx 50 Future 17/9/2004 262 7,038,630 Long (303,070) 

Euro Bund Future 8/9/2004 1288 149,066,680 Long 106,700 

10 Year Mini JGB Future 8/9/2004 422 43,769,278.75 Long 197,264 

Nikkei 225 (SGX) Future 9/9/2004 174 7,274,286 Long (219,318) 

Total unrealised loss (589,393) 


S&P 500 17/09/2004 20 1,099,000 Long (28,970) 


DJ Euro Stoxx 50 17/09/2004 17 551,585 Long (18,799) 

Euro Bund 08/09/2004 85 11,881,210 Long 7,699 

10 Year Mini JGB 08/09/2004 27 3,382,188 Long 17,184 

Nikkei 225 (SGX) 09/09/2004 11 555,406 Long (9,920) 


10. Changes in Investments 

A list, specifying for each investment the total purchases and sales which occurred during the period under review, may be obtained, upon 

request and free of charge, at the Registered Office and the Hong Kong Representative Office of the Fund. 

66



11. Soft Commissions & Related Party Transactions 

Certain subsidiaries of AMVESCAP PLC (“the Group”) consistent with obtaining the best net result, including best execution, may enter into 

agreements with counterparties whereby those counterparties may make payments for investment services provided to the Group. 

Investment services are used by the Group to improve or add to the services provided to its clients. Although each and every service may not be 

used to service each and every account managed by the Group, the Group considers that those investment services received are, in the 

aggregate, of significant assistance in fulfilling its investment responsibilities and are of demonstrable benefit to all clients. Only services that 

assist in the provision of investment services to the Group’s clients will be paid for by counterparties. 

Allowable investment services include services that provide assistance to the Group in its investment performance. Those services include, but 

are not necessarily limited to, furnishing analysis, research and advisory services including economic factors and trends, portfolio valuation and 

analysis, performance measurement, market prices services and the use of specialised computer software and hardware or other information 

facilities. 

The Group will ensure adherence to its investment decision making responsibilities to its clients in accordance with the laws of the countries that 

have jurisdiction over its clients or business. This may vary in application with respect to the appropriateness of those investment services provided. 

The Group selects counterparties to execute transactions on the basis that transactions will only be executed provided the placing of orders will 

not operate against the best interest of the Group’s clients and that the multiple is at a level which is generally accepted market practice. The 

Group will endeavour to obtain best execution on all transactions for all clients. 

In addition, clients may direct the Group to pay commission to counterparties for products and services that would otherwise have to be paid for. 

In such cases, the commission is used for the exclusive benefit of the client whose transactions generated that commission. 

From 1 March 2004 to 31 August 2004 foreign exchange contracts were transacted with INVESCO Bank Frankfurt. No Commission was paid on 

these transactions. The transaction amounts for the period and the percentages of the total foreign currency transactions were as follows: 

Nippon Enterprise Fund 1,124,762 6.26% Asia Enterprise Fund 661,555 2.03% 

Pan European Fund 6,215,324 11.94% Nippon Growth 72,316 5.76% 

Pan European Enterprise Fund 2,831,636 6.00% European Bond Fund 2,183,563 16.58% 

The Group will endeavour to maintain the highest possible regulatory standards world-wide. 

67


Erläuterungen zu den Finanzausweisen 

1. Allgemeines 

INVESCO GT (,,der Fonds”) ist eine Investmentgesellschaft, die nach dem Recht des Großherzogtums Luxemburg als eine Société Anonyme (S.A.) 

in der Form einer Société d’Investissement à Capital Variable („SICAV”) errichtet wurde. INVESCO GT ist ein Umbrella-Fonds, der sich aus 24 

Teilfonds zusammensetzt, die jeweils als separate Rechtseinheiten behandelt werden. Der vorliegende Jahresabschluss wurde gemäß 

luxemburgischer Vorschriften erstellt. 

Anteilsklassen 

Die Anteile einiger Teilfonds werden in sechs Klassen angeboten (Klasse A, Klasse AA, Klasse B, Klasse B1, Klasse C und Klasse E). Die Anteile der 

Klasse A sind ohne Einschränkungen erhältlich. Anteile der Klasse B werden ausschließlich an eine Untervertriebsstelle abgegeben. Anteile der 

Klasse C, die einen höheren Mindestzeichnungsbetrag haben, aber mit niedrigeren Verwaltungsgebühren belegt sind, sind in erster Linie für 

Großanleger und Institutionen gedacht. Für Anteile der Klasse E gilt ein niedrigerer Mindestzeichnungsbetrag mit höheren jährlichen 

Verwaltungsgebühren als für Anteile der Klasse A bzw. C. Darüber hinaus stehen Anteile der Klasse B1 ausschließlich im INVESCO GT Dollar 

Reserve Fund zur Verfügung, und es fällt keine Ausschüttungsgebühr an. 

2. Wesentliche Grundsätze der Rechnungslegung 

(a) Konsolidierung 

Die konsolidierten Zahlen in der Aufstellung des Nettovermögens dienen lediglich statistischen Zwecken und sollten bei Anteilinhabern mit 

Anteilen in einem oder mehreren Teilfonds keinerlei Anwendung finden. Aktiva und Passiva in Teilfonds mit Euro oder japanischen Yen als 

Referenzwährung wurden zum Kurs von Euro 0,83 und JPY 109,87 in US-Dollar umgerechnet. 

(b) Bewertung des Wertpapierbestandes 

Bei der Bewertung des Nettovermögens werden börsennotierte Wertpapiere an jedem Bewertungstag zum letzten verfügbaren Kurs 

bewertet, der an der Börse, die in der Regel der Hauptmarkt für diese Wertpapiere ist, festgestellt wird. Wertpapiere, die auf einem 

Freiverkehrsmarkt gehandelt werden, werden auf eine Weise bewertet, die der Bewertung börsennotierter Wertpapiere am nächsten 

kommt. 

(c) Auswirkungen auf Werte 

Die Finanzausweise wurden auf der Basis der letzten im Berichtszeitraum ermittelten Nettoinventarwerte erstellt. In Übereinstimmung mit 

den Angaben in dem Prospekt wurden die Nettoinventarwerte auf Basis der um 10:00 Uhr (Dubliner Ortszeit) am 31. August 2004 zuletzt 

verfügbaren Preise errechnet. 

(d) Kosten aus dem Verkauf von Wertpapieren 

Die Feststellung von Gewinnen bzw. Verlusten aus dem Verkauf von Wertpapieren erfolgt auf Basis der Durchschnittskosten. 

(e) Erträge aus Wertpapieranlagen 

Dividendenerträge werden auf einer ex-Dividende-Basis bewertet. Einkommen aus festverzinslichen Wertpapieren und Zinsen aus 

Bankguthaben werden täglich verbucht. 

(f) Fremdwährungen 

Transaktionen in anderen Währungen als den Währungen der einzelnen Teilfonds werden zu dem Devisenkurs umgerechnet, der zum 

Zeitpunkt der Transaktion vorgeherrscht hat. Der Marktwert von Anlagen und sonstigen Vermögenswerten und Verbindlichkeiten in 

anderen Währungen als den Währungen der einzelnen Teilfonds werden zu dem Wechselkurs umgerechnet, der am Ende des 

Berichtszeitraums vorherrscht. 

(g) Kostenaufteilung 

Die einem einzelnen Teilfonds entstandenen Kosten werden diesem unmittelbar belastet. Falls solche Kosten nicht einem bestimmten 

Teilfonds zuzuordnen sind, werden sie den verschiedenen Teilfonds auf der Basis der Fondsvermögen der jeweiligen Teilfonds belastet. 

(h) Gründungskosten 

Gründungskosten werden über einen Zeitraum von nicht mehr als fünf Jahren ab dem Datum der Auflegung der einzelnen Teilfonds 

abgeschrieben. 

3. Verwaltung und Anlageberatung 

Der Verwaltungsrat des Fonds ist für die Anlagestrategie sowie die Leitung und Verwaltung des Fonds verantwortlich. Der Verwaltungsrat 

delegiert die Tagesgeschäfte des Fonds an INVESCO GT Management S.A., Luxembourg (die „Verwaltungsgesellschaft”). 

Die Verwaltungsgesellschaft wird bei der Umsetzung der vom Verwaltungsrat des Fonds vorgegebenen Anlagestrategie entsprechend von 

INVESCO Asset Management Limited in London und Henley, INVESCO Asia Limited in Hongkong, INVESCO Asset Management (Japan) Limited in 

Tokio, AIM Capital Management Inc. in Houston, INVESCO Institutional (NA) Inc. in New York, INVESCO Global Asset Management (N.A.) in 

Atlanta und INVESCO Asset Management Deutschland GmbH in Frankfurt unterstützt. 

68


Erläuterungen zu den Finanzausweisen - (Fortsetzung) 

Die Verwaltungsgesellschaft erhält vom Fonds für die erbrachten Dienstleistungen gemäß der folgenden Tabelle einen Prozentsatz des 

Fondsvermögens aus jedem Teilfonds: 

Fonds Verwaltungs- Verwaltungs- Verwaltungs- Verwaltungs- Verwaltungs- 

gebühr gebühr gebühr gebühr gebühr 

Klasse A Klasse B (inkl. 1% Klasse B1 Klasse C Klasse E 

Ausschüttungsgebühr) 

AKTIENFONDS 

Global 


Markets 2.00% 3.00% 1.50% 2.25% 


Amerika 


IGT American 

Enterprise 1.50% 2.50% 1.00% 2.25% 


Large Cap Core 1.30% 2.30% 0.80% 2.25% 

Europa 




Enterprise 1.50% 2.50% 1.00% 2.25% 


Equity 1.50% - 1.00% 2.25% 

Japan 



Asien 




THEMENFONDS 

IGT Worldwide 

Dynamic Theme 1.50% 2.50% 1.00% 2.00% 

IGT Leisure 1.50% 2.50% 1.00% 2.25% 

IGT Worldwide 




IGT Energy 1.50% 2.50% 1.00% 2.25% 


RESERVEFONDS 



RENTENFONDS 





STRUKTURIERTER FONDS 


IGT Capital Shield (USD) 1.00% 0.60% 

Die Verwaltungsgebühren werden täglich auf der Grundlage des Fondsvermögens jedes Teilfonds an jedem Geschäftstag berechnet und 

monatlich bezahlt. 

Die Gebühren des Anlageberaters werden aus den Mitteln beglichen, die der Verwaltungsgesellschaft für ihre Dienstleistungen gezahlt werden. 

4. Sonstige Gebühren 

Die Verwaltungsgesellschaft erhält vom Fonds eine Gebühr („die Betreuungsgebühr”), die für Aktienfonds 0,3 % p.a., für Rentenfonds 0,2 % p.a. 

und für Reservefonds 0,1% p.a. des Vermögenswerts des Fonds nicht überschreitet und aus welcher die Gebühren der Verwaltungsstelle, der 

Domizilstelle und der Unternehmensstelle, der Registrierstelle und der Übertragungsstelle sowie die Gebühren von Dienstleistern und Gebühren, 

die an Orten entstehen, an denen der Fonds registriert ist, von der Verwaltungsgesellschaft bezahlt werden. Jede dieser Gebühren wird an jedem 

Geschäftstag aus dem Vermögenswert des Fonds errechnet (zu einem von Zeit zu Zeit mit der Verwaltungsgesellschaft vereinbarten Satz) und wird 

monatlich ausgezahlt. Darüber hinaus erstattet die Verwaltungsgesellschaft die Auslagen des Repräsentanten des Fonds in Hongkong. 

In ihrer Eigenschaft als Depotbank erhält die J.P. Morgan Bank Luxembourg S.A. gemäß den bankenüblichen Gepflogenheiten in Luxemburg ein 

Entgeld („Depotgebühr”) in Höhe eines von Zeit zu Zeit mit der Verwaltungsgesellschaft zu vereinbarenden Satzes, der aber 0,2 % p.a. des 

Vermögenswerts des Fonds nicht überschreitet. Die Depotgebühren werden täglich (auf Basis des Vermögenswerts des Fonds an jedem 

Geschäftstag) ermittelt und monatlich bezahlt. Darüber hinaus können die „Depotgebühren” auch Transaktionsgebühren für die jeweiligen 

Fonds beinhalten. 

69



5. Steuern 

Der Fonds ist gemäß Luxemburger Recht als ein Organismus für gemeinsame Anlagen eingetragen. Dementsprechend muss der Fonds derzeit 

keine Luxemburger Ertrags- oder Kapitalgewinnsteuer abführen. Er muss allerdings eine jährliche ,,Taxe d’abonnement” in Höhe von jährlich 0,05 

% des Nettoinventarwerts zahlen. Die beiden Reserve Funds müssen den verminderten Jahressatz von 0,01 % des Nettoinventarwerts zahlen. 

6. Ertragsausgleich 

Der Ertragsausgleich ist von einem Anteilinhaber eingezahltes Kapital und wird errechnet, indem die noch nicht ausgeschütteten Nettoerträge 

des Teilfonds durch die Anzahl der in Umlauf befindlichen Anteile an dem Bewertungstag geteilt werden, an dem die Zeichnung erfolgt. Der 

Ertragsausgleich kann an die Anteilinhaber entweder bei der Anteilrücknahme oder bei einer Ausschüttung zurückgezahlt werden. 

7. Dividenden 

Die am 31. Oktober 2004 an die Inhaber von Anteilen der Klasse A (Ausschüttungsanteilen) des INVESCO GT Global Bond Fund gezahlte 

Dividende in Höhe von USD 186.427 bestand aus Erträgen und Ertragsausgleich. 

In Übereinstimmung mit der Ausschüttungspolitik des Teilfonds INVESCO GT Global Bond Fund werden Erträge in Form einer Ausschüttung 

lediglich an die Inhaber von Anteilen der Klasse A (Ausschüttungsanteile) ausgezahlt. Die den Inhabern von Anteilen der Klassen A, C und E 

(Thesaurierungsanteilen) zustehenden Erträge werden wieder angelegt und steigern so den Wert der Anteile der Klassen A, C und E. 

8. Devisenterminkontrakte 

Der INVESCO GT Global Bond Fund, INVESCO GT Euro High Yield Fund, INVESCO GT Capital Shield Fund und INVESCO GT Capital Shield (USD) 

Fund sind zum Zwecke eines effizienten Portfoliomanagements Devisenterminkontrakte eingegangen. Devisenterminkontrakte werden zur 

Absicherung gegen künftige vermutete Änderungen der Wechselkurse eingesetzt, die ansonsten nachteilige Auswirkungen entweder auf die 

Portfoliopapiere der Fonds oder auf den Kurs der Wertpapiere haben könnten, die der Fonds zu einem späteren Zeitpunkt zu kaufen 

beabsichtigt. Die am 31. August 2004 offenen Devisenterminkontrakte lauten wie folgt: 


Angaben zu den Unrealisierter Gewinn/ 

Devisenterminkontrakten (Verlust) USD Fälligkeitstag 

Kauf von 570,000 GBP zwecks Verkauf von 851,115 EUR (6,929) 30-Sep-04 

Kauf von 1,280,410 USD zwecks Verkauf von 7,800,000 DKR 14,289 30-Sep-04 

Kauf von 7,047,940 USD zwecks Verkauf von 5,777,000 EUR 73,372 30-Sep-04 

Kauf von 2,728,119 USD zwecks Verkauf von 293,000,000 JPY 57,437 30-Sep-04 

Kauf von 688,500 USD zwecks Verkauf von 2,590,000 PLZ (11,944) 30-Sep-04 

Kauf von 1,130,796 USD zwecks Verkauf von 622,000 GBP 17,288 30-Sep-04 

Kauf von 6,000,000 JPY zwecks Verkauf von 55,581 USD (892) 30-Sep-04 

Kauf von 50,000 EUR zwecks Verkauf von 61,470 USD (1,105) 30-Sep-04 

Kauf von 98,376 USD zwecks Verkauf von 80,000 EUR 1,792 30-Sep-04 

Kauf von 291,738 EUR zwecks Verkauf von 470,000 CND (4,648) 30-Sep-04 

Kauf von 497,727 EUR zwecks Verkauf von 600,000 USD 906 30-Sep-04 

Kauf von 200,000 DKR zwecks Verkauf von 33,148 USD (684) 30-Sep-04 

Kauf von 1,094,891 USD zwecks Verkauf von 120,000,000 JPY 1,096 30-Sep-04 

Kauf von 582,979 USD zwecks Verkauf von 760,000 CND 5,923 30-Sep-04 

Summe unrealisierter Gewinne aus offenen Devisenterminkontrakten 145,901 



Devisenterminkontrakten (Verlust) EUR Fälligkeitstag 

Kauf von 2,115,049 EUR zwecks Verkauf von 2,548,000 USD 3,904 04-Nov-04 

Kauf von 2,999,850 EUR zwecks Verkauf von 1,994,000 GBP 50,254 04-Nov-04 

Kauf von 585,000 CHF zwecks Verkauf von 382,103 EUR (1,746) 04-Nov-04 

Kauf von 74,262 EUR zwecks Verkauf von 114,000 CHF 141 04-Nov-04 

Kauf von 279,462 EUR zwecks Verkauf von 189,000 GBP (114) 04-Nov-04 

Kauf von 73,000 USD zwecks Verkauf von 60,476 EUR 9 04-Nov-04 

Kauf von 307,843 EUR zwecks Verkauf von 471,000 CHF 1,607 04-Nov-04 




Devisenterminkontrakten (Verlust) EUR Fälligkeitstag 

Kauf von 1,325,858.00 EUR zwecks Verkauf von 1,620,000 USD (16,558) 26-Nov-04 

Kauf von 556,845 EUR zwecks Verkauf von 74,127,220 JPY (4,664) 26-Nov-04 

Summe unrealisierter Verluste aus offenen Devisenterminkontrakten (21,222) 

70

8. Devisenterminkontrakte (Fortsetzung) 





Devisenterminkontrakten (Verlust) USD Fälligkeitstag 

Kauf von 83,867 USD zwecks Verkauf von 68,800 EUR 805 30-Sep-04 

Kauf von 50,745 USD zwecks Verkauf von 5,450,000 JPY 1,068 30-Sep-04 


Kauf von 15,681 USD zwecks Verkauf von 1,700,000 JPY 186 30-Sep-04 


Kauf von 19,455 USD zwecks Verkauf von 2,100,000 JPY 314 30-Sep-04 



Kauf von 35,000 EUR zwecks Verkauf von 43,173 USD (917) 30-Sep-04 

Kauf von 42,089 USD zwecks Verkauf von 4,650,000 JPY (295) 30-Sep-04 

Kauf von 3,000,000 JPY zwecks Verkauf von 27,310 USD 35 30-Sep-04 



9. Terminkontrakte 

Beschreibung Anzahl der Kontrakte Zusage Long/ShortUnrealisierter Gewinn/(Verlust) 




OMX Index 24/09/2004 6 45,061 Long (30) 


Unrealisierter Verlust insgesamt 390 


S&P 500 Future 16/9/04 22 5,967,750 Long 76,693 


S&P 500 Future 17/9/2004 313 14,240,819.71 Long (425,218) 






Unrealisierter Verlust insgesamt (589,393) 


S&P 500 17/09/2004 20 1,099,000 Long (28,970) 



Euro Bund 08/09/2004 85 11,881,210 Long 7,699 


Nikkei 225 (SGX) 09/09/2004 11 555,406 Long (9,920 

Unrealisierter Verluste insgesamt (28,594) 

10. Aufstellung der Veränderungen im Wertpapierbestand 

Ein Verzeichnis, das die im Berichtszeitraum getätigten Käufe und Verkäufe für jedes Wertpapier auflistet, ist kostenlos vom Geschäftssitz des 

Fonds und bei INVESCO Fondservice GmbH Bleichstraße 60-62, 60313 Frankfurt am Main, Deutschland, sowie bzw. beim Repräsentanten in 

Hongkong erhältlich. 

71



11. Vergünstigte Provisionen und Geschäfte mit verbundenen Personen 

Bestimmte Tochtergesellschaften der AMVESCAP PLC („die Gruppe”) können im Rahmen der Zielsetzung des Erreichens höchster Nettoerträge, 

einschließlich bester Abwicklung, Vereinbarungen mit Vertragspartnern treffen, wobei diese Vertragspartner, für die für die Gruppe 

durchgeführten Anlagedienstleistungen Zahlungen leisten. 

Anlagedienstleistungen werden von der Gruppe genutzt, um die Leistungen für ihre Kunden zu verbessern oder zu ergänzen. Obgleich nicht jede 

einzelne Dienstleistung für jedes von der Gruppe betreute Konto genutzt werden muss, ist die Gruppe der Meinung, dass diese Dienstleistungen 

insgesamt eine nachhaltige Unterstützung bei der Wahrnehmung der Anlageverantwortung sind und für alle Kunden einen nachweisbaren Nutzen 

darstellen. Dienstleistungen werden den Vertragspartnern nur dann bezahlt, wenn diese im Anlageinteresse der Kunden der Gruppe stehen. 

Zulässige Anlagedienstleistungen sind solche, die die Gruppe hinsichtlich ihrer Anlagerendite unterstützen. Solche Dienste umfassen 

Bereitstellung von Analysen, Forschungs- und Beratungsleistungen, einschließlich ökonomischer Faktoren und Entwicklungen, 

Portefeuillebewertung und -analyse, Renditenmessung, Marktpreisbeurteilungen und die Nutzung spezialisierter Computersoftware und - 

hardware oder anderer Informationsdienste, sind jedoch nicht notwendigerweise auf diese Leistungen beschränkt. 

Die Gruppe wird die Erfüllung ihrer Anlageentscheidungsaufgaben gegenüber ihren Kunden nach dem Recht der Länder, die über ihre Kunden 

oder ihre Geschäftstätigkeit Zuständigkeit haben, gewährleisten. Die Anwendung dieser Regelung kann variieren, je nachdem, inwieweit die 

geleisteten Anlagedienstleistungen als angemessen und vertretbar gelten. 

Die Gruppe wählt zur Ausführung von Transaktionen Vertragsparteien unter der Voraussetzung aus, dass Transaktionen dann und nur dann 

ausgeführt werden, wenn sie nicht gegen die besten Interessen der Kunden der Gruppe verstoßen, und unter der Voraussetzung, dass die Höhe 

der Stückelungen allgemein anerkannten Marktstandards entspricht. Die Gruppe ist bestrebt, für ihre Kunden bei der Ausführung aller 

Transaktionen das bestmögliche Ergebnis zu erzielen. 

Zusätzlich können Kunden die Gruppe beauftragen, mit den Vertragsparteien für gelieferte Produkte und Dienstleistungen auf Provisionsbasis 

abzurechnen. In diesen Fällen wird die Provision ausschließlich zum Nutzen des Kunden verwendet, für dessen Transaktion die Provision fällig ist. 

Vom 1. März 2004 bis 31. August 2004 wurden Devisenterminkontrakte mit der INVESCO Bank Frankfurt abgewickelt. Für diese Transaktionen 

wurde keine Provision gezahlt. Es folgen eine Aufstellung der Transaktionsbeträge für den Berichtszeitraum und der prozentualen Anteile an den 

gesamten Devisentransaktionen: 




Die Gruppe wird sich nach Kräften bemühen, die höchstmöglichen aufsichtsrechtlichen Standards weltweit einzuhalten. 

72


Toelichting op de jaarrekening 

1. Algemeen 

INVESCO GT (“het Fonds”) is een beleggingsmaatschappij naar Luxemburgs recht, met de rechtsvorm Société Anonyme (naamloze 

vennootschap), en staat geregistreerd als Société d’Investissement à Capital Variable (beleggingsmaatschappij met veranderlijk kapitaal, SICAV). 

INVESCO GT is een paraplufonds waarin 24 subfondsen zijn opgenomen, die worden aangemerkt als zelfstandige eenheden. De in dit verslag 

opgenomen jaarrekening is opgesteld in overeenstemming met de in Luxemburg geldende regels. 

Soorten aandelen 

De aandelen van een aantal deelfondsen zijn beschikbaar in zes klassen (klasse A, klasse AA, klasse B, klasse B1, klasse C en klasse E). Aandelen 

van klasse A zijn zonder beperkingen verkrijgbaar. Aandelen van klasse B zijn alleen verkrijgbaar voor één subdistributeur. Voor aandelen C geldt 

een hogere minimuminschrijvingsprijs en een lagere beheersvergoeding. Deze aandelen zijn voornamelijk bedoeld voor grotere en institutionele 

beleggers. Voor aandelen E geldt een lagere inschrijvingsprijs en een hogere jaarlijkse beheersvergoeding dan voor aandelen A en C. Aandelen 

B1 zijn uitsluitend verkrijgbaar voor het INVESCO GT Dollar Reserve Fund en kennen geen distributievergoeding. 

2. Samenvatting van de belangrijkste grondslagen van waardering en resultaatbepaling 

(a) Consolidatie 

De geconsolideerde cijfers in het Totaaloverzicht van het eigen vermogen zijn alleen voor statistische doeleinden opgenomen en zijn niet 

bedoeld voor beleggers in een of meer van de subfondsen. De activa en passiva van in euro en Japanse yen gestelde subfondsen zijn in 

Amerikaanse dollars omgerekend tegen een koers van respectievelijk 0,83 EUR en 109,87 JPY. 

(b) Waardering van beleggingen 

Beursgenoteerde effecten worden opgenomen tegen de laatst bekende koersen op waarderingsdatum, en wel op de beurs die als de 

belangrijkste markt voor deze effecten kan worden beschouwd. De waardering van niet-beursgenoteerde (over-the-counter)-fondsen komt 

zo veel mogelijk op dezelfde wijze tot stand als die van beurseffecten. 

(c) Effect op balanswaarden 

De jaarrekening is opgesteld op basis van de laatste nettobalanswaarden die in de verslagperiode zijn vastgesteld. Overeenkomstig het 

Prospectus zijn deze balanswaarden berekend aan de hand van de laatst beschikbare koersen om 10.00 uur (lokale tijd in Dublin) op 31 

augustus 2004. 

(d) Gerealiseerd resultaat op verkoop beleggingen 

Het gerealiseerde resultaat op verkoop van beleggingen wordt bepaald op basis van de gemiddelde kostprijs. 

(e) Opbrengst uit beleggingen 

Ontvangen dividenden worden op de datum van ex-dividend verantwoord. De opbrengst van vastrentende waarden en interest op 

deposito’s wordt dagelijks als aangroei bijgeschreven. 

(f) Vreemde valuta 

Transacties in vreemde valuta worden voor elk subfonds omgerekend tegen de per transactiedatum geldende koersen. De marktwaarde van 

beleggingen en overige activa en passiva in vreemde valuta worden voor elk subfonds omgerekend tegen de per balansdatum geldende 

wisselkoersen. 

(g) Toerekening van kosten 

Door het Fonds gemaakte kosten die betrekking hebben op een subfonds, worden aan het desbetreffende subfonds toegerekend. Kosten 

die niet aan een bepaald subfonds kunnen worden toegerekend, worden aan de verschillende subfondsen toegerekend naar rato van het 

eigen vermogen. 

(h) Oprichtingskosten 

De oprichtingskosten worden binnen een periode van vijf jaar na introductie afgeschreven. 

3. Portefeuillebeheer en beleggingsadvies 

De bestuurders van het Fonds (de “bestuurders”) zijn verantwoordelijk voor het beleggingsbeleid en voor het beheer en de administratie van het 

Fonds. Zij delegeren het dagelijks beheer van de effectenportefeuille van het Fonds aan INVESCO International GT Management S.A. Luxemburg 

(“de beheerder”). 

Bij het toepassen van het beleggingsbeleid van de directie ontvangt de beheerder, voor zover dat nodig is, beleggingsadvies van INVESCO Asset 

Management Limited in Londen en Henley, INVESCO Asia Limited in Hongkong, INVESCO Asset Management (Japan) Limited in Tokio, AIM 

Capital Management Inc. in Houston, INVESCO Institutional (NA) Inc. in New York, INVESCO Global Asset Management (N.A) Inc. in Atlanta en 


Als vergoeding voor zijn diensten ontvangt de beheerder een vergoeding ter hoogte van een percentage van het eigen vermogen van ieder 

subfonds, zoals weergegeven in de onderstaande tabel: 

73


Toelichting op de jaarrekening - (vervolg) 

Fonds Beheers- Beheers- Beheers- Beheers- Beheers- 

vergoeding vergoeding vergoeding vergoeding vergoeding 

aandelen A aandelen B (inclusief een aandelen B1 aandelen C aandelen E 

‘distribution fee’ van 1%) 

AANDELENFONDSEN 

Wereldwijd 


Markets 2.00% 3.00% 1.50% 2.25% 


Verenigde Staten 


IGT American 

Enterprise 1.50% 2.50% 1.00% 2.25% 


Large Cap Core 1.30% 2.30% 0.80% 2.25% 

Europa 




Enterprise 1.50% 2.50% 1.00% 2.25% 


Equity 1.50% - 1.00% 2.25% 

Japan 



Azië 




THEMAFONDSEN 

IGT Worldwide 

Dynamic Theme 1.50% 2.50% 1.00% 2.00% 

IGT Leisure 1.50% 2.50% 1.00% 2.25% 

IGT Worldwide 




IGT Energy 1.50% 2.50% 1.00% 2.25% 


RESERVEFONDSEN 



OBLIGATIEFONDSEN 





STRUCTUURFONDS 



De beheersvergoeding wordt dagelijks berekend op basis van het eigen vermogen van elk subfonds op iedere beursdag en maandelijks betaald. 

De vergoedingen van de beleggingsadviseur komen ten laste van de vergoeding van de beheerder. 

4. Overige vergoedingen 

De beheerder ontvangt van het Fonds een aanvullende vergoeding, die voor aandelenfondsen op jaarbasis niet meer bedraagt dan 0,3% van 

het eigen vermogen, voor obligatiefondsen niet meer dan 0,2% en voor reservefondsen niet meer dan 0,1%. Uit deze vergoeding betaalt de 

beheerder de vergoedingen van de instellingen verantwoordelijk voor de uitgifte/intrekking van effecten, domiciliëring en 

registratie/administratie van effecten (transacties), alsmede vergoedingen van dienstverleners en te betalen vergoedingen op de plaatsen waar 

het Fonds geregistreerd is. Deze vergoedingen worden dagelijks berekend over het eigen vermogen van elk subfonds op elke beursdag (tegen 

een tarief dat van tijd tot tijd met de beheerder wordt overeengekomen) en maandelijks betaald. Daarnaast vergoedt de beheerder de kosten 

van de vertegenwoordiger van het Fonds in Hongkong. 

Als bewaarder heeft J.P. Morgan Bank Luxembourg S.A. recht op een vergoeding (“bewaarvergoeding”) conform de gebruikelijke regels voor 

het bankwezen in Luxemburg tegen een tarief dat van tijd tot tijd met het Fonds wordt overeengekomen, doch dat niet meer bedraagt dan 

0,2% per jaar van het eigen vermogen van het Fonds. De bewaarvergoeding wordt dagelijks berekend (over het eigen vermogen van het Fonds 

op elke beursdag) en maandelijks betaald. Daarnaast kunnen in de bewaarvergoeding ook vergoedingen voor transactiekosten voor elk fonds 

zijn begrepen. 

74



5. Fiscale status 

Het fonds is onder de Luxemburgse wetgeving geregistreerd als een onderneming voor gemeenschappelijke beleggingen. Het fonds moet op dit 

moment dan ook geen inkomstenbelastingen of kapitaalsaanwasbelastingen betalen in Luxemburg. Het is echter wel onderworpen aan een 

jaarlijkse “taxe d’abonnement” die wordt berekend volgens een jaartarief van 0,05% van de nettovermogenswaarde. De twee reservefondsen 

zijn onderworpen aan een verminderd jaartarief van 0,01% van de nettovermogenswaarde. 

6. Egalisatie 

Onder egalisatie worden de kapitaalstortingen bij inschrijving op aandelen van een subfonds verstaan. Het bedrag wordt berekend door de 

onverdeelde nettowinst van het Fonds in het boekjaar te delen door het aantal aandelen dat uitstaat op de waarderingsdatum waarop de 

inschrijving plaatsvindt. Het egalisatiesaldo kan aan de aandeelhouders worden terugbetaald bij inkoop van eigen aandelen of bij uitkering van 

dividend. 

7. Dividenden 

Op 31 oktober 2004 zal een dividend van USD 186.427 worden uitgekeerd aan houders van aandelen A (uitkeringsaandelen) in het INVESCO GT 

Global Bond Fund. Dit dividend bestaat uit winst en netto-egalisatie. 

In overeenstemming met het uitkeringsbeleid van het INVESCO GT Global Bond Fund, worden de inkomsten uitgekeerd in de vorm van een 

dividend, uitsluitend aan houders van aandelen van klasse A (uitkeringsaandelen). De inkomsten die moeten worden betaald aan de houders van 

aandelen van klasse A, C en E (kapitalisatieaandelen) worden opnieuw belegd om de waarde van de aandelen van klasse A, C en E te verhogen. 

8. Valutatermijncontracten 

Het INVESCO GT Global Bond Fund, INVESCO GT Euro High Yield Fund, INVESCO GT Capital Shield Fund en INVESCO GT Capital Shield (USD) 

Fund hebben valutatermijncontracten afgesloten om hun portefeuille efficiënter te beheren. Valutatermijncontracten worden gebruikt als 

dekking tegen verwachte toekomstige wisselkoersveranderingen die anders een negatieve invloed zouden kunnen hebben op de waarde van de 

effecten in de portefeuille van het fonds of die een negatieve invloed zouden kunnen hebben op de koers van effecten die het fonds later zou 

willen kopen. Op 31 augustus 2004 waren er de volgende openstaande valutatermijncontracten: 


Details van de valutatermijncontracten Niet-gerealiseerde winst / (verlies) USD Vervaldatum 

Aankoop 570,000 GBP te verkopen 851,115 EUR (6,929) 30-Sep-04 

Aankoop 1,280,410 USD te verkopen 7,800,000 DKR 14,289 30-Sep-04 

Aankoop 7,047,940 USD te verkopen 5,777,000 EUR 73,372 30-Sep-04 

Aankoop 2,728,119 USD te verkopen 293,000,000 JPY 57,437 30-Sep-04 

Aankoop 688,500 USD te verkopen 2,590,000 PLZ (11,944) 30-Sep-04 

Aankoop 1,130,796 USD te verkopen 622,000 GBP 17,288 30-Sep-04 

Aankoop 6,000,000 JPY te verkopen 55,581 USD (892) 30-Sep-04 

Aankoop 50,000 EUR te verkopen 61,470 USD (1,105) 30-Sep-04 

Aankoop 98,376 USD te verkopen 80,000 EUR 1,792 30-Sep-04 

Aankoop 291,738 EUR te verkopen 470,000 CND (4,648) 30-Sep-04 

Aankoop 497,727 EUR te verkopen 600,000 USD 906 30-Sep-04 

Aankoop 200,000 DKR te verkopen 33,148 USD (684) 30-Sep-04 

Aankoop 1,094,891 USD te verkopen 120,000,000 JPY 1,096 30-Sep-04 

Aankoop 582,979 USD te verkopen 760,000 CND 5,923 30-Sep-04 

Totaal niet-gerealiseerde winst over uitstaande valutatermijncontracten 145,901 


Details van de valutatermijncontracten Niet-gerealiseerde winst / (verlies) EUR Vervaldatum 

Aankoop 2,115,049 EUR te verkopen 2,548,000 USD 3,904 04-Nov-04 

Aankoop 2,999,850 EUR te verkopen 1,994,000 GBP 50,254 04-Nov-04 

Aankoop 585,000 CHF te verkopen 382,103 EUR (1,746) 04-Nov-04 

Aankoop 74,262 EUR te verkopen 114,000 CHF 141 04-Nov-04 

Aankoop 279,462 EUR te verkopen 189,000 GBP (114) 04-Nov-04 

Aankoop 73,000 USD te verkopen 60,476 EUR 9 04-Nov-04 

Aankoop 307,843 EUR te verkopen 471,000 CHF 1,607 04-Nov-04 



Details van de valutatermijncontracten Niet-gerealiseerde winst / (verlies) EUR Vervaldatum 

Aankoop 1,325,858.00 EUR te verkopen 1,620,000 USD (16,558) 26-Nov-04 

Aankoop 556,845 EUR te verkopen 74,127,220 JPY (4,664) 26-Nov-04 

Totaal niet-gerealiseerde verlies over uitstaande valutatermijncontracten (21,222) 

75

8. Valutatermijncontracten (vervolg) 




Details van de valutatermijncontracten Niet-gerealiseerde winst / (verlies) USD Vervaldatum 

Aankoop 83,867 USD te verkopen 68,800 EUR 805 30-Sep-04 

Aankoop 50,745 USD te verkopen 5,450,000 JPY 1,068 30-Sep-04 


Aankoop 15,681 USD te verkopen 1,700,000 JPY 186 30-Sep-04 


Aankoop 19,455 USD te verkopen 2,100,000 JPY 314 30-Sep-04 



Aankoop 35,000 EUR te verkopen 43,173 USD (917) 30-Sep-04 

Aankoop 42,089 USD te verkopen 4,650,000 JPY (295) 30-Sep-04 

Aankoop 3,000,000 JPY te verkopen 27,310 USD 35 30-Sep-04 



9. Termijncontracten 

Beschrijving 

European Structured Fund 

Aantal contracten Verplichting Lang/kort Niet-gerealiseerde winst/(verlies) 



OMX Index 24/09/2004 6 45,061 Long (30) 


Totaal niet-gerealiseerde winst 390 

US Structured Large Cap Core Fund 

S&P 500 Future 16/9/04 22 5,967,750 Long 76,693 


S&P 500 Future 17/9/2004 313 14,240,819.71 Long (425,218) 






Totaal niet-gerealiseerd verlies (589,393 


S&P 500 17/09/2004 20 1,099,000 Long (28,970) 



Euro Bund 08/09/2004 85 11,881,210 Long 7,699 



Totaal niet-gerealiseerde winst (28,594) 

10. Overzicht van mutaties in beleggingen 

Een overzicht van de aan- en verkopen in de verslagperiode per subfonds is op verzoek verkrijgbaar op het kantoor van het Fonds en bij de 

vertegenwoordiger te Hongkong. 

76

11. ‘Zachte’ provisie en transacties met gelieerde partijen 



In het kader van het beleid van AMVESCAP PLC (“de Groep”), dat erop is gericht de best mogelijke resultaten te behalen en de beste 

uitvoeringsmethoden te hanteren, kunnen bepaalde groepsmaatschappijen overeenkomsten afsluiten met tegenpartijen, op grond waarvan 

deze betalen voor aan de Groep verleende beleggingsdiensten. 

De Groep maakt gebruik van beleggingsdiensten om de dienstverlening aan de cliënten te verbeteren of uit te breiden. Hoewel mogelijk niet 

iedere afzonderlijke dienst wordt gebruikt om iedere afzonderlijke cliënt van de Groep van dienst te zijn, is de Groep van mening dat de 

verleende beleggingsdiensten in hun totaliteit in aanzienlijke mate behulpzaam zijn bij het vervullen van haar beleggingsverantwoordelijkheden 

en voor alle cliënten van aantoonbaar nut zijn. Alleen voor diensten die ondersteuning bieden bij het verlenen van beleggingsdiensten aan de 

cliënten van de Groep, wordt door tegenpartijen betaald. 

Slechts beleggingsdiensten die ondersteuning bieden bij de beleggingsprestaties van de Groep, zijn toegestaan. Deze omvatten, doch zijn niet 

noodzakelijkerwijs beperkt tot, analyse-, research- en adviesdiensten, bijvoorbeeld betreffende economische factoren en trends, 

portefeuillewaardering en -analyse, prestatiemeting, beurskoersdiensten en het gebruik van gespecialiseerde software en hardware of andere 

informatievoorzieningen. 

De Groep zal haar verantwoordelijkheden ten opzichte van haar cliënten in acht nemen ten aanzien van het nemen van beleggingsbeslissingen 

conform de wetgeving van de landen waaronder haar cliënten of activiteiten vallen. De toepassing hiervan kan variëren naargelang de 

geschiktheid van de verleende beleggingsdiensten. 

De Groep selecteert tegenpartijen voor het uitvoeren van transacties op grond van het beginsel dat transacties slechts worden uitgevoerd indien 

het plaatsen van orders niet strijdig is met de belangen van de cliënten van de Groep en dat het totaal op een niveau dient te liggen dat aansluit 

bij de algemeen aanvaarde marktpraktijk. De Groep tracht bij alle transacties voor alle cliënten optimale resultaten te behalen. 

Daarnaast kunnen cliënten de Groep aanwijzingen geven om provisie af te dragen aan tegenpartijen voor producten en diensten waarvoor 

anders betaald zou moeten worden. In dergelijke gevallen wordt de provisie uitsluitend gebruikt ten behoeve van de cliënt wiens transacties die 

provisie hebben gegenereerd. 

Van 1 maart 2004 tot 31 augustus 2004 werden er valutacontracten afgesloten met INVESCO Bank Frankfurt. Op deze transacties is er geen 

provisie betaald. De transactiebedragen voor de periode en de percentages van het totaal van alle valutatransacties waren als volgt: 




De groep zal er naar streven wereldwijd de hoogste gereglementeerde standaarden na te leven. 

77


Notes aux états financiers 

1. Conditions de présentation 

INVESCO GT (la “SICAV”) est une société d’investissement constituée en société anonyme de droit luxembourgeois dotée du statut de SICAV 

(Société d’Investissement à Capital Variable). INVESCO GT est une SICAV comprenant 24 compartiments, dont chacun est traité comme une 

entité indépendante. Les états financiers ci-joints ont été préparés conformément aux règles de présentation prévues par la loi luxembourgeoise. 

Catégories d’actions 

Les Actions de certains compartiments sont disponibles dans six catégories (Catégorie A, Catégorie AA, Catégorie B, Catégorie B1, Catégorie C 

et Catégorie E). Les Actions de la Catégorie A sont disponibles sans aucune limite. Les actions de catégorie C, pour lesquelles le montant 

minimum de souscription est supérieur et qui bénéficient de frais de gestion réduits, sont principalement destinées aux gros investisseurs et aux 

investisseurs institutionnels. Les Actions de Catégorie E présentent des frais de souscription inférieurs et des frais de gestion annuels supérieurs à 

celles de la Catégorie A ou C. Les Actions de Catégorie B1 sont uniquement disponibles dans le Fonds INVESCO GT Dollar Reserve et ne sont 

soumises à aucuns frais de distribution. 

2. Synthèse des principales règles comptables 


Il convient d’observer que les chiffres consolidés apparaissant dans l’état de l’actif net ne sont fournis qu’à des fins statistiques et ne doivent 

pas être utilisés par les investisseurs détenant des participations dans un ou plusieurs compartiments. Les éléments d’actif et de passif des 

compartiments libellés en euro et en yen ont été convertis en dollars des Etats-Unis aux taux respectifs de 0,83 euros et 109,87 yens. 

(b) Evaluation des investissements 

Pour calculer le total des actifs, les titres cotés sont valorisés à chaque Arrêté de la valeur liquidative sur la base du dernier cours disponible 

sur la Bourse des valeurs mobilières, celle-ci étant habituellement le principal marché sur lequel se négocient ces titres. Les titres négociés 

sur un marché de gré à gré sont évalués selon des modalités aussi proches que possible de celles utilisées pour le calcul des titres cotés. 

(c) Impact sur les Valeurs 

Les états financiers ont été préparés sur la base des dernières valeurs nettes du bilan déterminées durant la période comptable. 

Conformément au Prospectus, les valeurs nettes du bilan ont été calculées en se référant aux derniers prix disponibles à 10 h (heure de 

Dublin) le 31 août 2004. 

(d) Coût de cession des placements 

Les gains et les pertes réalisés sur les ventes de placements sont déterminés sur la base des coûts moyens. 

(e) Produits des placements 

Les dividendes perçus sont comptabilisés sur la base du coupon détaché. Les intérêts sur les dépôts et les titres à taux fixe sont constatés 

quotidiennement. 

(f) Devises 

Les transactions exprimées dans des devises autres que la monnaie de référence de chaque compartiment sont converties au taux de 

change en vigueur au moment de ces transactions. La valeur de marché des investissements et des autres actifs et dettes libellés dans des 

devises autres que la monnaie de référence de chaque compartiment est convertie au taux de change en vigueur à la clôture de la péiode. 

(g) Affectation des dépenses 

Lorsque la SICAV encourt une dépense concernant un compartiment particulier, cette dépense est affectée au compartiment en question. 

Lorsqu’une dépense ne peut être rattachée à un compartiment donné, elle est ventilée entre les divers compartiments en proportion de leur 

Valeur liquidative respective. 

(h) Frais de constitution 

Les frais de constitution sont amortis sur une durée maximale de 5 ans à compter du lancement de chacun des compartiments. 

3. Gestion et conseil en placement 

Les Administrateurs de la SICAV (“les Administrateurs”) sont responsables de la politique d’investissement, de la gestion et de l’administration de 

la SICAV. Les Administrateurs déléguent la gestion quotidienne du portefeuille de valeurs mobilières de la SICAV à INVESCO GT Management 

S.A., Luxembourg (“le Gestionnaire”). 

En observant la politique d’investissement des Administrateurs, le Gestionnaire recherche le cas échéant les conseils en investissement de 

INVESCO Asset Management Limited à Londres et Henley, de INVESCO Asia Limited à Hong-Kong, de INVESCO Asset Management (Japan) 

Limited à Tokyo, de AIM Capital Management Inc. à Houston, de INVESCO Institutional (NA) Inc. à New York, de INVESCO Global Asset 

Management (N.A) Inc. à Atlanta et de INVESCO Asset Management Deutschland GmbH à Francfort. 

Pour ses services, le Gestionnaire perçoit de la SICAV un pourcentage de la Valeur liquidative de chaque compartiment selon les modalités suivantes: 

78


Notes aux états financiers- (suite) 

Compartiment Frais de Frais de Frais de Frais de Frais de 

gestion gestion gestion gestion gestion 

Catégorie A Catégorie B (comprend Catégorie B1 Catégorie C Catégorie E 

une commission de 

distribution de 1%) 

COMPARTIMENTS D’ACTIONS 

Mondiaux 


Markets 2.00% 3.00% 1.50% 2.25% 


Amérique 


IGT American 

Enterprise 1.50% 2.50% 1.00% 2.25% 


Large Cap Core 1.30% 2.30% 0.80% 2.25% 

Europe 




Enterprise 1.50% 2.50% 1.00% 2.25% 


Equity 1.50% - 1.00% 2.25% 

Japon 



Asie 




COMPARTIMENTS SECTORIELS 

IGT Worldwide 

Dynamic Theme 1.50% 2.50% 1.00% 2.00% 

IGT Leisure 1.50% 2.50% 1.00% 2.25% 

IGT Worldwide 




IGT Energy 1.50% 2.50% 1.00% 2.25% 


COMPARTIMENTS MONETAIRES 



COMPARTIMENTS OBLIGATAIRES 





COMPARTIMENT STRUCTURES 



Les commissions de gestion sont calculées chaque jour ouvrable en fonction de la Valeur liquidative de chaque compartiment et elles sont réglées 

mensuellement. 

Les émoluments du Conseiller en placement sont prélevés sur la rémunération du Gestionnaire. 

4. Autres charges 

Le Gestionnaire perçoit de la SICAV une commission supplémentaire (“commission de l’agent de service”), laquelle n’excédera pas 0,3 % par 

an de la Valeur liquidative des Compartiments en actions, 0,2 % par an de la Valeur liquidative des Compartiments obligataires et 0,1 % par an 

de la Valeur liquidative des Compartiments monétaires, sur laquelle le Gestionnaire acquitte les honoraires de l’Agent administratif, de l’Agent 

de Domiciliation, de l’Agent comptable des Registres et des Transferts, de même que les frais des prestataires de services et les frais encourus 

dans les pays où la SICAV est agréée. Ces frais et commissions sont calculés chaque jour ouvrable en fonction de la Valeur liquidative de la 

SICAV (à un taux qui fera l’objet d’un accord conclu ponctuellement avec le Gestionnaire) et réglés mensuellement. D’autre part, le 

Gestionnaire rembourse les frais du Représentant de la SICAV à Hong Kong. 

En sa qualité de Dépositaire, J.P. Morgan Bank Luxembourg S.A. a droit à une rémunération (“ Frais de garde “) conformément aux pratiques 

bancaires normales en vigueur au Luxembourg et à un taux faisant l’objet d’un accord conclu ponctuellement avec la SICAV mais n’excédant 

pas 0,2% par an de la Valeur liquidative de la SICAV. Les Frais de garde sont calculés quotidiennement (à partir de la Valeur liquidative de la 

SICAV chaque jour ouvré) et réglés mensuellement. Une partie des “Frais de garde” peut correspondre à des frais de transaction attribués à 

chaque Compartiment. 

79


Notes aux états financiers - (suite) 

5. Fiscalité 

Le Fonds est constitué selon les lois du Luxembourg sous forme de société d’investissements collectifs. En conséquence, le Fonds ne doit payer 

aucun impôt luxembourgeois sur les revenus ou les plus-values. Il est cependant soumis à une taxe d’abonnement annuelle calculée au taux 

annuel de 0,05 % de la Valeur Nette d’Inventaire. Les deux Compartiments monétaires sont soumis à un taux annuel réduit de 0,01 % de la 

Valeur Nette d’Inventaire. 

6. Paiements compensateurs 

Un paiement compensateur est une soulte en capital versée par les souscripteurs d’Actions. Il est calculé en divisant le résultat net non distribué 

du compartiment en question par le nombre d’Actions en circulation constaté à l’Arrêté de la valeur liquidative correspondant au moment où les 

Actions sont souscrites. Le paiement compensateur peut être remboursé aux Actionnaires à l’occasion du rachat d’Actions ou du paiement d’un 

dividende. 

7. Dividendes 

Un dividende de US$ 186,427 qui sera versé le 31 octobre 2004 aux détenteurs d’Actions de la Catégorie A (Actions de distribution) du 

compartiment INVESCO GT Global Bond Fund, se décompose en un résultat et un paiement compensateur net. 

Conformément à la politique de distribution du compartiment INVESCO GT Global Bond Fund, les revenus ne sont distribués par le biais de 

dividendes qu’aux Actionnaires de la Catégorie A (Actions de distribution). Les revenus dus aux Actionnaires des Catégories A, C et E (Actions de 

capitalisation) sont réinvestis pour augmenter la valeur des Actions des Catégories A, C et E. 

8. Contrats de change à terme 

Les compartiments INVESCO GT Global Bond Fund, INVESCO GT Euro High Yield Fund, INVESCO GT Capital Shield Fund et INVESCO GT Capital 

Shield (USD) Fund ont conclu des contrats de change à terme pour une gestion efficace du portefeuille. Les contrats de change à terme 

permettent de couvrir la SICAV contre les fluctuations futures et anticipées des taux de change qui peuvent affecter négativement la valeur des 

titres du portefeuille ou le prix des titres de la SICAV que celle-ci a l’intention d’acquérir à une date ultérieure. Les contrats de change à terme 

ouverts au 31 août 2004 sont les suivants : 


Détails sur les Plus-(moins) value 

contrats de change à terme latente (en USD) Date d’échéance 

Achat 570,000 GBP Vente 851,115 EUR (6,929) 30-Sep-04 

Achat 1,280,410 USD Vente 7,800,000 DKR 14,289 30-Sep-04 

Achat 7,047,940 USD Vente 5,777,000 EUR 73,372 30-Sep-04 

Achat 2,728,119 USD Vente 293,000,000 JPY 57,437 30-Sep-04 

Achat 688,500 USD Vente 2,590,000 PLZ (11,944) 30-Sep-04 

Achat 1,130,796 USD Vente 622,000 GBP 17,288 30-Sep-04 

Achat 6,000,000 JPY Vente 55,581 USD (892) 30-Sep-04 

Achat 50,000 EUR Vente 61,470 USD (1,105) 30-Sep-04 

Achat 98,376 USD Vente 80,000 EUR 1,792 30-Sep-04 

Achat 291,738 EUR Vente 470,000 CND (4,648) 30-Sep-04 

Achat 497,727 EUR Vente 600,000 USD 906 30-Sep-04 

Achat 200,000 DKR Vente 33,148 USD (684) 30-Sep-04 

Achat 1,094,891 USD Vente 120,000,000 JPY 1,096 30-Sep-04 

Achat 582,979 USD Vente 760,000 CND 5,923 30-Sep-04 

Total de la moins-value latente sur les contrats de change à terme ouverts 145,901 



contrats de change à terme latente (en EUR) Date d’échéance 

Achat 2,115,049 EUR Vente 2,548,000 USD 3,904 04-Nov-04 

Achat 2,999,850 EUR Vente 1,994,000 GBP 50,254 04-Nov-04 

Achat 585,000 CHF Vente 382,103 EUR (1,746) 04-Nov-04 

Achat 74,262 EUR Vente 114,000 CHF 141 04-Nov-04 

Achat 279,462 EUR Vente 189,000 GBP (114) 04-Nov-04 

Achat 73,000 USD Vente 60,476 EUR 9 04-Nov-04 

Achat 307,843 EUR Vente 471,000 CHF 1,607 04-Nov-04 




contrats de change à terme latente (en EUR) Date d’échéance 

Achat 1,325,858.00 EUR Vente 1,620,000 USD (16,558) 26-Nov-04 

Achat 556,845 EUR Vente 74,127,220 JPY (4,664) 26-Nov-04 

Total de la moins-value latente sur les contrats de change à terme ouverts (21,222) 

80

8. Contrats de change à terme (suite) 





contrats de change à terme latente (en USD) Date d’échéance 

Achat 83,867 USD Vente 68,800 EUR 805 30-Sep-04 

Achat 50,745 USD Vente 5,450,000 JPY 1,068 30-Sep-04 


Achat 15,681 USD Vente 1,700,000 JPY 186 30-Sep-04 


Achat 19,455 USD Vente 2,100,000 JPY 314 30-Sep-04 



Achat 35,000 EUR Vente 43,173 USD (917) 30-Sep-04 

Achat 42,089 USD Vente 4,650,000 JPY (295) 30-Sep-04 

Achat 3,000,000 JPY Vente 27,310 USD 35 30-Sep-04 



9. Contrats à terme 

Dénomination 


Nombre de Contrats Engagement Long/Court Gain/(perte) non réalisé(e) 



OMX Index 24/09/2004 6 45,061 Long (30) 


Total gain non réalisé 390 


S&P 500 Future 16/9/04 22 5,967,750 Long 76,693 


S&P 500 Future 17/9/2004 313 14,240,819.71 Long (425,218) 






Total perte non réalisée (589,393) 


S&P 500 17/09/2004 20 1,099,000 Long (28,970) 



Euro Bund 08/09/2004 85 11,881,210 Long 7,699 



Total perte non réalisée (28,594) 

10. Etats de la variation des placements 

Une liste précisant, pour chaque investissement, le total des achats et ventes effectués au cours de la période condidérée, est disponible 

gratuitement sur demande auprès du Siège social de la SICAV ainsi que du représentant à Hong-Kong. 

81



11. Commissions accessoires et transactions avec des parties affiliées 

Conformément à l’objectif de maximiser le résultat net, et au principe de l’exécution des ordres au mieux, certaines filiales de AMVESCAP PLC 

(“le Groupe”) peuvent conclure des accords avec des contreparties selon lesquels ces contreparties peuvent effectuer des paiements pour des 

services d’investissement fournis au Groupe. 

Les services d’investissement sont utilisés par le Groupe pour améliorer ou compléter les services qu’il propose à ses clients. Bien que chacun ou 

l’ensemble de ses services ne puissent être proposés à chacune ou l’ensemble des entités comptables gérées par le Groupe, le Groupe estime que 

les services d’investissement reçus apportent, globalement, une contribution importante pour lui permettre d’assumer ses responsabilités en 

matière de placement et qu’ils apportent un avantage démontrable aux clients. Seuls les services qui aident à fournir des services 

d’investissement aux clients du Groupe seront rétribués par les contreparties. 

Les services d’investissement autorisés comprennent les services qui aident le Groupe à atteindre ses performances en termes d’investissement. 

Ces services recouvrent, mais ne sont pas nécessairement limités à, l’offre de services d’analyse, de recherche et de conseil, y compris les services 

évaluant les facteurs et les tendances économiques, l’évaluation et l’analyse des portefeuilles, l’évaluation des performances, les prix du marché 

et l’utilisation de logiciels et de matériels informatique spécialisés ou autres équipements informatiques. 

Le Groupe veillera à assumer ses responsabilités en termes de décisions de placement vis-à-vis de ses clients, conformément aux législations des 

pays qui ont compétence juridique sur ses clients ou ses activités. Cet engagement peut varier en fonction de l’utilité de proposer ces services de 

placement. 

Le Groupe choisit des contreparties pour exécuter des transactions sous réserve que les transactions seront exécutées seulement si le placement 

des ordres ne va pas à l’encontre des meilleurs intérêts des clients du Groupe et si la quotité client se situe à un niveau conforme aux pratiques 

généralement admises sur le marché. Le Groupe s’efforcera d’obtenir l’exécution au mieux de l’ensemble des transactions effectuées pour 

l’ensemble des clients. 

En outre, les clients peuvent demander au Groupe de verser une commission à des contreparties pour des produits et des services qu’il devrait 

payer en temps normal. En pareil cas, la commission sert exclusivement au profit du client dont les transactions ont généré cette commission. 

Du 1er mars 2004 au 31 août 2004, des contrats de change ont été négociés avec INVESCO Bank Frankfurt. Aucune commission n’a été versée 

sur ces transactions. Les montants de ces transactions pour la période et les pourcentages de la totalité des transactions en devises étrangères 

étaient les suivants : 




Le Groupe s’efforcera de maintenir les réglementations les plus élevées possibles dans le monde entier. 

82


Noter til regnskapene 

1. Grunnlag for fremleggelsen 

INVESCO GT (“Fondet”) er et investeringsselskap organisert under loven i Luxemburg som et aksjeselskap (Société Anonyme) som kvalifiserer 

som et Société d’Investissement à Capital Variable (“SICAV”). INVESCO GT er et paraplyfond som består av 24 underfond der hvert underfond 

behandles som en adskilt enhet. De ledsagende regnskapene er blitt utarbeidet i samsvar med det formatet som er forskrevet i Luxemburgs 

lover. 

Aksjeklasser 

Aksjene til noen av underfondene er tilgjengelige i seks klasser (klasse A, klasse AA, klasse B, klasse B1, klasse C og klasse E). A-aksjer er fritt 

tilgjengelige. B-aksjer er bare tilgjengelige for én underdistributør. C-aksjer, som har et høyere minimums tegningsbeløp og som drar fordel av 

reduserte forvaltergebyrer, er i hovedsak beregnet på større og institusjonelle investorer. E-andeler har lavere kjøpsgebyr og høyere årlig 

forvaltningshonoara enn A- og C-andeler. B1-andelere er kun tilgjengelige på INVESCO GT Dollar Reserve Fund og har ikke noe forvaltningsgebyr. 

2. Sammendrag av viktige regnskapsprinsipper 

(a) Konsolidering 

Konsolideringstallene i regnskapet for netto eiendeler er kun beregnet for statistiske formål og bør ikke benyttes av investorer med 

aksjeposter i ett eller flere underfond. Eiendeler og gjeld i underfond med benevning i euro eller yen er konvertert til USD til en kurs på 

henholdsvis 0,83 euro og 109,87 yen. 

(b) Verdsettelse av investeringer 

I verdsettingen av samlede eiendeler verdsettes børsnoterte verdipapirer på hver verdifastsettelsesdag til sist tilgjengelige kurs på den børs 

som normalt er hovedmarkedet for slike verdipapirer. Verdipapirer som omsettes utenfor børs, verdsettes på en måte som er så lik som 

mulig som den for børsnoterte verdipapirer. Kortsiktige investeringer verdsettes til kjøpskurs, som når den kombineres med påløpte renter 

inkludert i fordringer, er tilnærmet lik markedsverdi. 

(c) Effekt på verdier 

Regnskapene er beregnet på grunnlag av de siste netto eiendelsverdiene i regnskapsperioden. I tråd med prospektet ble netto eiendelsverdi 

beregnet ut ifra de siste tilgjengelige priser den 31. august 2004 klokken 10.00 (Dublin-tid). 

(d) Kostnaden av solgte investeringer 

Ethvert overskudd eller underskudd på salg av investeringer fastsettes på grunnlag av gjennomsnittlig kostnad. 

(e) Inntekter fra investeringer 

Inntekter i form av utbytte bokføres eks.utbytte. Inntekter som kommer fra rentebærende verdipapirer og renter på bankinnskudd, påløper 

daglig. 

(f) Utenlandsk valuta 

Transaksjoner i andre valutaer enn den som det enkelte underfondet lyder på, omsettes til den kursen som gjelder på 

transaksjonstidspunktet. Markedsverdien av investeringene og andre aktiva og passiva i andre valutaer enn den som det enkelte 

underfondet lyder på, omsettes til den kursen som gjelder ved periodens avslutning. 

(g) Fordeling av kostnader 

Der fondet pådrar seg kostnader som er forbundet med et særskilt underfond, allokeres slike kostnader til det aktuelle underfondet. I slike 

tilfeller der kostnader ikke kan tilskrives et særskilt underfond, allokeres slike kostnader mellom underfondene på grunnlag deres respektive 

nettoverdier. 

(h) Startkostnader 

Startkostnader avskrives over en periode som ikke skal være lenger enn 5 år fra lanseringsdatoen for hvert underfond. 

3. Forvaltning og investeringsråd 

Styret i fondet (“Styret”) er ansvarlig for investeringspolitikk, forvaltning og administrasjon av fondet. Tidligere har styret delegert den daglige 

investeringsforvaltningen av fondets verdipapirportefølje til av INVESCO GT Management S.A., Luxembourg (“forvalteren”). 

I samsvar med styrets investeringspolicy innhenter forretningsføreren investeringsråd fra henholdsvis INVESCO Asset Management Limited 

i London og Henley, INVESCO Asia Limited i Hong Kong, INVESCO Asset Management (Japan) Limited i Tokyo, AIM Capital Management Inc. 

i Houston, INVESCO Institutional (NA) Inc. i New York, INVESCO Global Asset Management (N.A) Inc. i Atlanta og INVESCO Asset Management 

Deutschland GmbH i Frankfurt. 

83


Noter til regnskapene - (Fortsettelse) 

For sine tjenester betales forvalteren et honorar i prosent av nettoverdien av hvert underfond som oppgitt i tabellen nedenfor: 

Fond Forvaltnings- Forvaltnings- Forvaltnings- Forvaltnings- Forvaltnings- 

honorar honorar honorar honorar honorar 

Klasse A Klasse B (inkluderer 1 % Klasse B1 Klasse C Klasse E 

distribusjonsgebyr) 

AKSJEFOND 

Globale 


Markets 2,00 % 3,00 % 1,50 % 2,25 % 

IGT Global Value 1,50 % 2,50 % 1,00 % 2,00 % 

Amerika 

IGT North America 1,50 % 2,50 % 1,00 % 2,00 % 

IGT American 

Enterprise 1,50 % 2,50 % 1,00 % 2,25 % 


Large Cap Core 1,30 % 2,30 % 0,80 % 2,25 % 

Europa 

IGT European Structured 1,30 % 2,30 % 0,80 % 2,25 % 

IGT Pan European 1,50 % 2,50 % 1,00 % 2,00 % 


Enterprise 1,50 % 2,50 % 1,00 % 2,25 % 


Equity 1,50 % - 1,00 % 2,25 % 

Japan 

IGT Nippon Enterprise 1,50 % 2,50 % 1,00 % 2,25 % 

IGT Nippon Growth 1,50 % 2,50 % 1,00 % 2,00 % 

Asia 

IGT Asia Enterprise 1,50 % 2,50 % 1,00 % 2,25 % 


Opportunities 1,50 % 2,50 % 1,00 % 2,25 % 

TEMAFOND 

IGT Worldwide 

Dynamic Theme 1,50 % 2,50 % 1,00 % 2,00 % 

IGT Leisure 1,50 % 2,50 % 1,00 % 2,25 % 

IGT Worldwide 

Telecommunications 1,50 % 2,50 % 1,00 % 2,25 % 

IGT Worldwide Technology 2,00 % 3,00 % 1,50 % 2,25 % 

IGT Worldwide Healthcare 2,00 % 3,00 % 1,50 % 2,25 % 

IGT Energy 1,50 % 2,50 % 1,00 % 2,25 % 

IGT Financial Services 1,50 % 2,50 % 1,00 % 2,25 % 

RESERVEFOND 

IGT Dollar Reserve 0,50 % 1,50 % 0,50 % 0,25 % 0,50 % 

IGT Euro Reserve 0,45 % 1,45 % 0,15 % 0,50 % 

OBLIGASJONSFOND 

IGT Global Bond 0,75 % 1,75 % 0,50 % 0,90 % 

IGT European Bond 0,75 % 1,75 % 0,50 % 0,90 % 

IGT Euro High Yield 1,25 % 2,25 % 0,75 % 1,25 % 

IGT Euroland Bond 0,75 % 1,75 % 0,50 % 0,90 % 

STRUKTURERT FOND 

IGT Capital Shield 1,00 % 2,00 % 0,60 % 1,50 % 

IGT Capital Shield (USD) 1,00 % 0,60 % 

Forvaltningshonorarene beregnes daglig basert på nettoverdien av hvert underfond på hver virkedag og utbetales månedlig. 

Honorarer som tilfaller investeringsrådgiveren, betales ut av forvalterens godtgjørelse. 

4. Andre gebyrer og honorarer 

Forvalteren betales et årlig gebyr av fondet som ikke skal overstige 0,3 % for aksjefond, 0,2 % for obligasjonsfond og 0,1 % for reservefond pr. 

år av nettoverdien for hvert fond. Ut av dette skal forvalteren gjøre opp honorarene for administrasjonsagenten, hjemstavns- og 

konsernagenten og registerføreren og overføringsagenten samt honorarer til tjenesteleverandører og gebyrer pådratt på steder der fondet er 

registrert. Hver av disse gebyrene skal kalkuleres på hver virkedag på nettoverdien til fondet (til en sats som skal avtales med forvalteren fra tid 

til annen) og betales månedlig. I tillegg vil forvalteren dekke utgiftene til fondets Hongkong-representant. 

I sin kapasitet som depotmottaker har J.P. Morgan Bank Luxemburg S.A. rett til å bli betalt (“depotmottakergebyr”) i samsvar med normal 

bankpraksis i Luxemburg til satser avtalt fra tid til annen med fondet, men gebyret skal ikke overstige 0.2% pr. år av nettoverdien av fondet. 

Depotmottakergebyret beregnes daglig (på nettoverdien av fondet på hver virkedag) og betales månedlig. I tillegg kan 

“depotmottakergebyret” også omfatte transaksjonsgebyrer for hvert fond. 

84



5. Skattestatus 

Fondet er registrert under loven i Luxemburg som et kollektivt investeringsselskap. Det innebærer at fondet ikke betaler skatt i Luxemburg på 

inntekt eller kapitalgevinst. Fondet betaler imidlertid en såkalt «taxe d’abonnement» som beregnes ut ifra en årlig rate på 0,05 % av netto 

eiendelsverdi. De to reservefondene betaler en redusert årlig rate på 0,01 % av netto eiendelsverdi. 

6. Utjevning 

Utjevning er en kapitalinnbetaling av en tegner av aksjer og beregnes ved å dele netto ufordelte inntekter i det aktuelle underfondet med antall 

aksjer utstedt på den verdifastsettelsesdagen tegningen gjøres. Utjevning kan betales tilbake til aksjonærer som løser inn aksjer eller ved 

utbetaling av utbytte. 

7. Utbytte 

Et utbytte på USD 186.427 vil bli betalt den 31. oktober 2004 til eiere av klasse A-andeler (distribusjonsandeler) i INVESCO GT Global Bond Fund, 

bestående av inntekt og nettoutjevning. 

I henhold til fordelingspolicyen for INVESCO GT Global Bond Fund fordeles avkastningen som utbytte bare til innehavere av A-aksjer 

(fordelingsaksjer). Inntekten til eiere av A-, C- og E-aksjer (akkumuleringsaksjer) reinvesteres for å øke verdien til A-, C- og E-aksjene. 

8. Valutaterminkontrakt 

For å forvalte porteføljen effektivt har INVESCO GT Global Bond Fund, INVESCO GT Euro High Yield Fund, INVESCO GT Capital Shield Fund og 

INVESCO GT Capital Shield (USD) Fund inngått valutaterminkontrakter. Valutaterminkontrakter brukes for å sikre seg mot forventede fremtidige 

valutakurssvingninger som ellers kunne redusere verdien av fondets verdipapirportefølje eller øke prisen på verdipapirer som fondet akter å kjøpe 

på et senere tidspunkt. Utestående valutaterminkontrakter per 31. august 2004 er som følger: 


Detaljer om valutaterminkontrakter Urealisert gevinst/(tap) USD Forfallsdato 

Kjøp av 570.000 GBP for å selge 851.115 EUR (6.929) 30. sep. 04 

Kjøp av 1.280.410 USD for å selge 7.800.000 DKR 14.289 30. sep. 04 

Kjøp av 7.047.940 USD for å selge 5.777.000 EUR 73.372 30. sep. 04 

Kjøp av 2.728.119 USD for å selge 293.000.000 JPY 57.437 30. sep. 04 

Kjøp av 688.500 USD for å selge 2.590.000 PLZ (11.944) 30. sep. 04 

Kjøp av 1.130.796 USD for å selge 622.000 GBP 17.288 30. sep. 04 

Kjøp av 6.000.000 JPY for å selge 55.581 USD (892) 30. sep. 04 

Kjøp av 50.000 EUR for å selge 61.470 USD (1.105) 30. sep. 04 

Kjøp av 98.376 USD for å selge 80.000 EUR 1.792 30. sep. 04 

Kjøp av 291.738 EUR for å selge 470.000 CND (4.648) 30. sep. 04 

Kjøp av 497.727 EUR for å selge 600.000 USD 906 30. sep. 04 

Kjøp av 200.000 DKR for å selge 33.148 USD (684) 30. sep. 04 

Kjøp av 1.094.891 USD for å selge 120.000.000 JPY 1.096 30. sep. 04 

Kjøp av 582.979 USD for å selge 760.000 CND 5.923 30. sep. 04 

Sum urealisert gevinst på åpne valutaterminkontrakter 145.901 


Detaljer om valutaterminkontrakter Urealisert gevinst/(tap) EUR Forfallsdato 

Kjøp av 2.115.049 EUR for å selge 2.548.000 USD 3.904 04. nov. 04 

Kjøp av 2.999.850 EUR for å selge 1.994.000 GBP 50.254 04. nov. 04 

Kjøp av 585.000 CHF for å selge 382.103 EUR (1.746) 04. nov. 04 

Kjøp av 74.262 EUR for å selge 114.000 CHF 141 04. nov. 04 

Kjøp av 279.462 EUR for å selge 189.000 GBP (114) 04. nov. 04 

Kjøp av 73.000 USD for å selge 60.476 EUR 9 04. nov. 04 

Kjøp av 307.843 EUR for å selge 471.000 CHF 1.607 04. nov. 04 



Detaljer om valutaterminkontrakter Urealisert gevinst/(tap) EUR Forfallsdato 

Kjøp av 1.325.858.00 EUR for å selge 1.620.000 USD (16.558) 26. nov. 04 

Kjøp av 556.845 EUR for å selge 74.127.220 JPY (4.664) 26. nov. 04 

Sum urealisert tap på åpne valutaterminkontrakter (21.222) 

85

8. Valutaterminkontrakt (fortsettelse) 




Detaljer om valutaterminkontrakter Urealisert gevinst/(tap) USD Forfallsdato 

Kjøp av 83.867 USD for å selge 68.800 EUR 805 30. sep. 04 

Kjøp av 50.745 USD for å selge 5.450.000 JPY 1.068 30. sep. 04 


Kjøp av 15.681 USD for å selge 1.700.000 JPY 186 30. sep. 04 


Kjøp av 19.455 USD for å selge 2.100.000 JPY 314 30. sep. 04 



Kjøp av 35.000 EUR for å selge 43.173 USD (917) 30. sep. 04 

Kjøp av 42.089 USD for å selge 4.650.000 JPY (295) 30. sep. 04 

Kjøp av 3.000.000 JPY for å selge 27.310 USD 35 30. sep. 04 



9. Terminkontrakt 

Beskrivelse Antall kontrakter Engasjement Lang/kort Urealisert gevinst/(tap) 


Swiss Market Index 17/09/2004 2 71.039 Long (506) 

DJ Euro Stoxx 50 17/09/2004 7 188.660 Long (605) 

OMX Index 24/09/2004 6 45.061 Long (30) 

FTSE 100 Index 17/09/2004 2 132.757 Long 1.531 

Sum urealisert gevinst 390 


S&P 500 Future 16/9/04 22 5.967.750 Long 76.693 


S&P 500 Future 17/9/2004 313 14.240.819,71 Long (425.218) 

US 10 Year Note Future 20/12/2004 1680 155.641.654 Long 54.250 

DJ Euro Stoxx 50 Future 17/9/2004 262 7.038.630 Long (303.070) 

Euro Bund Future 8/9/2004 1288 149.066.680 Long 106.700 

10 Year Mini JGB Future 8/9/2004 422 43.769.278,75 Long 197.264 

Nikkei 225 (SGX) Future 9/9/2004 174 7.274.286 Long (219.318) 

Sum urealisert tap (589.393) 


S&P 500 17/09/2004 20 1.099.000 Long (28.970) 


DJ Euro Stoxx 50 17/09/2004 17 551.585 Long (18.799) 

Euro Bund 08/09/2004 85 11.881.210 Long 7.699 

10 Year Mini JGB 08/09/2004 27 3.382.188 Long 17.184 

Nikkei 225 (SGX) 09/09/2004 11 555.406 Long (9.920) 

Sum urealisert tap (28.594) 

10. Endringer i investeringer 

En liste som spesifiserer samlet antall kjøp og salg for hver investering i løpet av regnskapsperioden, kan fås ved henvendelse til det registrerte 

kontoret eller fondets Hongkong-representant. 

86



11. Myke provisjoner og transaksjoner med tilknyttede parter 

Visse datterselskaper av AMVESCAP PLC (“konsernet”) kan, i samsvar med å oppnå beste nettoresultat, inkludert best gjennomføring, inngå 

avtaler med motparter der disse motpartene kan betale for investeringstjenester ytet konsernet. 

Investeringstjenester brukes av konsernet for å forbedre eller supplere tjenestene konsernet gir sine kunder. Selv om hver eneste tjeneste ikke 

brukes for å betjene hver eneste kundekonto forvaltet av konsernet, anser konsernet at disse investeringstjenestene som mottas samlet er til 

betydelig hjelp for å innfri dets investeringsforpliktelser og er til påviselig nytte for alle kunder. Kun tjenester som hjelper ytelsen av 

investeringstjenester til konsernets kunder vil bli betalt av motparter. 

Tillatte investeringstjenester inkluderer tjenester som hjelper konsernets investeringsresultater. Disse tjenestene inkluderer, men er ikke 

nødvendigvis begrenset til, leveranse av analyse, undersøkelser og rådgivningstjenester om økonomiske faktorer og trender, 

porteføljeverdsettelse og -analyse, resultatmåling, markedskurstjenester og bruken av spesialisert programvare og maskinvare eller andre 

informasjonsmidler. 

Konsernet vil sørge for at dets forpliktelser med hensyn til investeringsavgjørelser følger lovene i de landene som har jurisdiksjon over dets kunder 

eller forretningsdrift. Dette kan variere i anvendelse med hensyn til skikketheten til de investeringstjenestene som ytes. 

Konsernet velger motparter til å utføre transaksjoner på grunnlag av at transaksjonene kun vil bli utført forutsatt at plassering av ordrer ikke vil 

være i strid med konsernets kunders’ beste interesse og at faktoren er på et nivå som er generelt akseptert i markedet. Konsernet vil bestrebe 

seg på å anskaffe best mulig utførelse av alle transaksjoner for alle kunder. 

I tillegg kan kunder gi konsernet instruks om å betale provisjon til motparter for produkter og tjenester som det ellers måtte betales for. I slike 

tilfeller skal provisjonen eksklusivt brukes til nytte for den kunden som var opphav til transaksjonene som genererte denne provisjonen. 

Fra den 1. mars 2004 til den 31. august 2004 ble valutakontrakter administrert av INVESCO Bank Frankfurt. Ingen gebyrer ble betalt ved disse 

transaksjonene. Transaksjonssummene for perioden og deres verdi i prosent av de samlede transaksjoner i fremmed valuta er som følger: 

Nippon Enterprise Fund 1.124.762 6,26 % Asia Enterprise Fund 661.555 2,03 % 

Pan European Fund 6.215.324 11,94 % Nippon Growth 72.316 5,76 % 

Pan European Enterprise Fund 2.831.636 6,00 % European Bond Fund 2,183.563 16,58 % 

Konsernet vil bestrebe seg på å opprettholde høyest mulige standard verden over med hensyn til overholdelse av lover og forskrifter. 

87


CONTENTS INDICE ÍNDICE ÍNDICE SISÄLLYS 

Report of the Directors Relazione del Consiglio Informe de gestión Relatório do Conselho Hallituksen kertomus 92-93 

d’Amministrazione de Administração 

Statement of Prospetto degli Inventario de Demonstração Sijoituslaskelma 

Investments Investimenti la cartera de Investimentos 

Equity Funds Comparti Azionari Fondos de Renta Variable Fundos de Acções Osakerahastot 

Global Globali Internacional Mundial Globaali 

INVESCO GT Global Emerging Markets Fund 94-96 

INVESCO GT Global Value Fund 97-99 

America America América América Amerikka 

INVESCO GT North America Fund 100-102 

INVESCO GT American Enterprise Fund 103-105 

INVESCO GT US Structured Large Cap Core Fund 106-108 

Europe Europa Europa Europa Eurooppa 

INVESCO GT European Structured Fund 109-110 

INVESCO GT Pan European Fund 111-113 

INVESCO GT Pan European Enterprise Fund 114-118 

INVESCO GT European Growth Equity Fund 119-121 

Japan Giappone Japón Japão Japani 

INVESCO GT Nippon Enterprise Fund 122-124 

INVESCO GT Nippon Growth Fund 125-126 

Asia Asia Asia Ásia Aasia 

INVESCO GT Asia Enterprise Fund 127-129 

INVESCO GT Greater China Opportunities Fund 130-131 

Theme Funds Comparti Tematici Fondos Temáticos Fundos Temáticos Teemarahastot 

INVESCO GT Worldwide Dynamic Theme Fund 132-134 

INVSCO GT Leisure Fund 135-136 

INVESCO GT Energy Fund 137 

Reserve Funds Comparti Valutari Fondos de Reserva Fundos de Reserva Vararahastot 

INVESCO GT Dollar Reserve Fund 138 

INVESCO GT Euro Reserve Fund 139 

Bond Funds Comparti Obbligazionari Fondos de Renta Fija Fundos de Obrigações Korkorahastot 

INVESCO GT Global Bond Fund 140 

INVESCO GT European Bond Fund 141-142 

INVESCO GT Euro High Yield Fund 143-144 

INVESCO GT Euroland Bond Fund 145 

Structured Fund Comparto Strutturato Fondo Estructurado Fundo Estruturado Rakennerahasto 

INVESCO GT Capital Shield Fund 146-147 

INVESCO GT Capital Shield (USD) Fund 148 

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CONTENTS INDICE INDICE ÍNDICE SISÄLLYS 

Financial Statements Bilancio Cuentas anuales Demonstrações Tilinpäätös 

Financeiras 

Statement of Prospetto degli Balance Demonstração da Substanssilaskelma 

Net Assets Attivi Netti Situação Líquida 149-151 

Notes to the Financial Note al bilancio Memoria relativa a las Memória relativa a Huomautuksia 152-176 

Statements cuentas anuales Demonstrações Financeiras tilinpäätökseen 

Board of Directors Consiglio d’Amministrazione Consejo de Administración Conselho de Administração Hallitus 182-185 

Organisation Organizzazione Organización Organização Organisaatio 182-185 

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Report of the Directors / Relazione del Consiglio d’Amministrazione 

Informe de gestión / Relatório do Conselho de Administração/ 

Hallituksen kertomus 

The Directors present the Interim Report and Accounts for the financial six months ended 31 August 2004. 

Results and Appropriations 

The results and appropriations are set out on pages 149 to 151. 

The following changes have taken place since the Fund’s financial year end at 28 February 2004. 


Effective 25 March 2004, INVESCO GT SICAV launched a new sub-fund entitled INVESCO GT Capital Shield USD Fund. 


Effective 28 May 2004, the Investment Adviser of INVESCO GT North America Fund changed from INVESCO Institutional (N.A.) Inc to AIM Captial Manaement 

Inc. 


Effective 30 June 2004, INVESCO GT SICAV launched a new sub-fund entitled INVESCO GT European Growth Equity Fund. 


Effective 1 October 2004, INVESCO GT Worldwide Dynamic Theme Fund merged into INVESCO GT Global Value Fund. 

Gli Amministratori presentano i bilanci provvisori per il semestre concluso al 31 agosto 2004. 

Risultati e stanziamenti 

Risultati e stanziamenti sono delineati alle pagine 149 - 151. 

Dalla conclusione dell’esercizio del Fondo il 28 febbraio 2004 si sono verificate le seguenti variazioni. 


Con decorrenza 25 marzo 2004, INVESCO GT SICAV ha lanciato il nuovo comparto INVESCO GT Capital Shield USD Fund. 

92 

The Board of Directors 

21 October 2004 


Con decorrenza 28 maggio 2004, il Consulente per gli investimenti di INVESCO GT North America Fund diventa AIM Capital Management Inc., in sostituzione di 

INVESCO Institutional (N.A.) Inc. 


Con decorrenza 30 giugno 2004, INVESCO GT SICAV ha lanciato il nuovo comparto INVESCO GT European Growth Equity Fund. 


Con decorrenza 1 ottobre 2004, INVESCO GT Worldwide Dynamic Theme Fund è stato incorporato in INVESCO GT Global Value Fund. 

Il Consiglio di Amministrazione 

21 ottobre 2004 

El Consejo presenta las cuentas y el informe provisional de los seis meses financieros finalizados el 31 de agosto de 2004. 

Resultados y distribuciones 

Los resultados y las distribuciones se presentan en las páginas de la 149 a la 151. 

Los siguientes cambios corresponden al período de tiempo transcurrido desde el final del ejercicio contable del Fondo a 28 de febrero de 2004. 


A partir del 25 de marzo de 2004, INVESCO GT SICAV lanzó un nuevo subfondo llamado INVESCO GT Capital Shield USD Fund. 


A partir del 28 de mayo de 2004, el Asesor de Inversiones de INVESCO GT North America Fund cambió de INVESCO Institutional (N.A.) Inc a AIM Capital 

Management Inc. 


A partir del 30 de junio de 2004, INVESCO GT SICAV lanzó un nuevo subfondo llamado INVESCO GT European Growth Equity Fund. 


A partir del 1 de octubre de 2004, INVESCO GT Worldwide Dynamic Theme Fund se fusionó en el INVESCO GT Global Value Fund. El Consejo de administración 

21 octubre 2004 

Os Administradores apresentam o Relatório e Contas Intermédio para o semestre financeiro findo em 31 de Agosto de 2004. 

Resultados e Situação Patrimonial 

Os resultados e a situação patrimonial são apresentados nas páginas 149 a 151.


Report of the Directors / Relazione del Consiglio d’Amministrazione 

Informe de gestión / Relatório do Conselho de Administração/ 

Hallituksen kertomus 

Ocorreram as seguintes alterações desde o final do ano financeiro do Fundo em 28 de Fevereiro de 2004. 


Com entrada em vigor a 25 Março de 2004, a INVESCO GT SICAV lançou um novo subfundo denominado INVESCO GT Capital Shield USD Fund. 


Com entrada em vigor a 28 Maio de 2004, o Consultor de Investimentos da INVESCO GT North America Fund foi alterado de INVESCO Institutional (N.A.) Inc 

para AIM Capital Management Inc. 


Com entrada em vigor a 30 Junho de 2004, a INVESCO GT SICAV lançou um novo subfundo denominado INVESCO GT European Growth Equity Fund. 


Com entrada em vigor a 1 de Outubro de 2004, o INVESCO GT Worldwide Dynamic Theme Fund foi fundido com o INVESCO GT Global Value Fund. 

Johto julkaisee osavuosikatsauksen ja tilitiedot 31. elokuuta 2004 päättyneeltä puolivuotiskaudelta. 

Tulokset ja tilinpäätössiirrot 

Tulokset ja tilinpäätössiirrot ovat sivuilla 149 - 151. 

Rahaston tilikausi päättyi 28. helmikuuta 2004 ja seuraavat muutokset ovat tapahtuneet tilikauden päättymisen jälkeen. 


25. maaliskuuta 2004 INVESCO GT SICAV -rahasto perusti uuden alarahaston nimeltä INVESCO GT Capital Shield USD Fund. 

93 

O Conselho de Administração 

21 de Outubro de 2004 


28. toukokuuta 2004 lähtien INVESCO GT North America Fund -rahaston sijoitusneuvojaksi INVESCO Institutional (N.A.) Inc.:n tilalle tuli AIM Capital 

Management Inc. 


30. kesäkuuta 2004 INVESCO GT SICAV -rahasto perusti uuden alarahaston nimeltä INVESCO GT European Growth Equity Fund. 


1. lokakuuta 2004 INVESCO GT Worldwide Dynamic Theme Fund -rahasto sulautui INVESCO GT Global Value Fund -rahastoon. 

Hallitus 

21, lokakuuta 2004

INVESCO GT 


Statement of Investments as at 31 August 2004 / Prospetto degli Investimenti al 31 agosto 2004 

Inventario de la cartera a 31 de agosto de 2004/ Demonstração de Investimentos em 31 de Agosto de 2004 

Sijoituslaskelma 31. elokuuta 2004 


Investimento Valore Nominale/Numero di Azioni Valore di Mercato Attivi Netti 

Inversiones Nominal/Acciones Valor de mercado Patrimonio Neto 

Investimento Nominal/Acções Valor de Mercado Situação Líquida 

Sijoitus Osakkeiden nimellisarvot Markkina-arvo Nettovarallisuus 

US$ % 


VALORI MOBILIARI AMMESSI ALLA QUOTAZIONE UFFICIALE 

VALORES NEGOCIABLES ADMITIDOS A COTIZACIÓN OFICIAL EN BOLSA 

VALORES NEGOCIÁVEIS ADMITIDOS À COTAÇÃO OFICIAL EM BOLSA 

SIIRTOKELPOISET ARVOPAPERIT, JOTKA ON HYVÄKSYTTY NOTEERATTAVIKSI VIRALLISISSA PÖRSSEISSÄ 

ARGENTINA ARGENTINA ARGENTINA ARGENTINA ARGENTIINA 

Banco Hipotecario ADR 2,000 4,157 0.01 

––––––––––––– –––––– 

BERMUDA BERMUDA BERMUDAS BERMUDAS BERMUDA 

COSCO Pacific 140,000 211,349 0.53 

Noble Group 456,000 264,242 0.66 

––––––––––––– –––––– 

475,591 1.19 

––––––––––––– –––––– 

BRAZIL BRASILE BRASIL BRASIL BRASILIA 

Banco Itau Holding Financeira ADR 5,000 255,450 0.64 

Brasil Telecom 25,210,000 96,731 0.24 

Brasil Telecom Participacoes 63,069,000 402,400 1.01 

Cia de Bebidas das Americas ADR 7,600 163,780 0.41 

Cia Energetica de Minas Gerais ADR 16,500 309,210 0.77 

Natura Cosmeticos 15,000 276,698 0.69 

Petroleo Brasileiro ADR 35,600 988,255 2.47 

Tele Centro Oeste Celular Participacoes ADR 23,400 218,322 0.54 

Tele Norte Leste Participacoes ADR 18,700 256,003 0.64 

Telecomunicacoes Brasileiras 1,000,000 14 - 

Uniao de Bancos Brasileiros 74,000 337,963 0.85 

Votorantim Celulose e Papel ADR 9,411 322,233 0.81 

––––––––––––– –––––– 

3,627,059 9.07 

––––––––––––– –––––– 

CHILE CILE CHILE CHILE CHILE 

Cia de Telecomunicaciones de Chile ADR 16,500 208,230 0.52 

––––––––––––– –––––– 

CHINA CINA CHINA CHINA KIINA 

China Shipping Development 255,000 175,723 0.44 

China Telecom Corp 634,000 204,264 0.51 

PetroChina 650,000 326,004 0.82 

Ping An Insurance Group Co of China 304,000 396,569 0.99 

––––––––––––– –––––– 

1,102,560 2.76 

––––––––––––– –––––– 

CZECH REPUBLIC REPUBBLICA CECA REPÚBLICA CHECA REPÚBLICA CHECA T v 

SEKKI 

**Cesky Telecom GDR 43,000 531,480 1.33 

Komercni Banka GDR 9,800 343,980 

––––––––––––– 

0.86 

–––––– 

875,460 

––––––––––––– 

2.19 

–––––– 

EGYPT EGITTO EGIPTO EGIPTO EGYPTI 

Orascom Construction Industries 24,264 492,482 1.23 

Orascom Telecom Holding 8,800 204,649 0.51 

––––––––––––– –––––– 

697,131 1.74 

––––––––––––– –––––– 

HONG KONG HONGKONG HONG KONG HONG KONG HONGKONG 

ASM Pacific Technology 59,500 198,908 0.50 

China Resources Power Holdings 618,000 325,880 0.82 

––––––––––––– –––––– 

524,788 1.32 

––––––––––––– –––––– 

HUNGARY UNGHERIA HUNGRÍA HUNGRIA UNKARI 

Matav Magyar Tavkozlesi ADR 11,600 232,464 0.58 

OTP Bank GDR 5,000 209,750 0.53 

––––––––––––– –––––– 

442,214 1.11 

––––––––––––– –––––– 

94

INVESCO GT 










US$ % 

INDIA INDIA INDIA ÍNDIA INTIA 

Citigroup - Tata Motors P/N 19/01/2009 51,100 427,138 1.07 

*Goldman Sachs - India Consumer Finance P/N 06/02/2005 510 968,051 2.42 

*Goldman Sachs - India Technology P/N 06/02/2005 1,200 454,473 1.14 

*Goldman Sachs - Oil & Natural Gas Corp P/N 03/03/2005 7,322 112,890 0.28 

––––––––––––– –––––– 

1,962,552 4.91 

––––––––––––– –––––– 

INDONESIA INDONESIA INDONESIA INDONÉSIA INDONESIA 

Bank Pan Indonesia 1,312,165 37,130 0.09 

Bank Rakyat Indonesia 803,500 148,002 0.37 

Telekomunikasi Indonesia 740,000 604,485 1.51 

––––––––––––– –––––– 

789,617 1.97 

––––––––––––– –––––– 

ISRAEL ISRAELE ISRAEL ISRAEL ISRAEL 

Bank Hapoalim 126,000 348,795 0.87 

Check Point Software Technologies 11,000 197,175 0.49 

Nice Systems ADR 8,000 155,240 0.39 

Super-Sol 91,900 215,448 0.54 


––––––––––––– –––––– 

1,880,444 4.70 

––––––––––––– –––––– 

LUXEMBOURG LUSSEMBURGO LUXEMBURGO LUXEMBURGO LUXEMBURG 

Quilmes Industrial ADR 7,500 131,250 0.33 

Tenaris 1 4 - 

Tenaris ADR 4,442 168,796 0.42 

––––––––––––– –––––– 

300,050 0.75 

––––––––––––– –––––– 

MALAYSIA MALESIA MALASIA MALÁSIA MALESIA 

IOI Corp 272,000 615,579 1.54 

**JPMorgan - Genting P/N 10/12/2004 114,000 476,975 1.19 

Sime Darby 250,000 363,487 0.91 

Tanjong 123,000 399,750 1.00 


––––––––––––– –––––– 

2,472,370 6.18 

––––––––––––– –––––– 

MEXICO MESSICO MÉXICO MÉXICO MEKSIKO 

Alfa 92,000 295,093 0.74 

America Movil ADR 16,200 547,398 1.37 

Cemex ADR 8,993 254,862 0.64 

Consorcio ARA 70,000 186,319 0.46 

Fomento Economico Mexicano ADR 10,557 454,901 1.14 

Grupo Financiero Banorte 49,300 192,138 0.48 


Telefonos de Mexico ADR 10,400 335,295 0.84 

Wal-Mart de Mexico 58,500 184,715 0.46 

––––––––––––– –––––– 

2,901,451 7.26 

––––––––––––– –––––– 

POLAND POLONIA POLONIA POLÓNIA PUOLA 

Bank Pekao GDR 5,100 160,548 0.40 

Prokom Software GDR 3,600 81,000 0.20 

––––––––––––– –––––– 

241,548 0.60 

––––––––––––– –––––– 

RUSSIA RUSSIA RUSIA RÚSSIA VENÄJÄ 

LUKOIL ADR 5,700 676,875 1.69 

Mobile Telesystems ADR 2,000 243,000 0.61 

Unified Energy System GDR 11,500 302,450 0.76 

Uralsvyazinform ADR 28,000 191,520 0.48 

Vimpel-Communications ADR 1,600 153,040 0.38 

YUKOS ADR 9,500 154,850 0.39 

––––––––––––– –––––– 

1,721,735 4.31 

––––––––––––– –––––– 

95

INVESCO GT 










US$ % 


*ABN - Chinatrust Financial Holding P/N 08/07/2005 902,832 950,978 2.38 

*ABN - Taiwan Semiconductor Manufacturing P/N 14/01/2005 1,004,093 1,388,059 3.47 

Asustek Computer GDR 178,007 398,736 1.00 

*Goldman Sachs - Benq Corp P/N 05/03/2005 585,200 599,213 1.50 

*Goldman Sachs - Cathay Financial Holding P/N 05/03/2005 382,000 670,619 1.68 

*Goldman Sachs - United Microelectronics Corp P/N 05/03/2005 797,040 539,791 1.35 

*Salomon Smith Barney - MediaTek P/N 17/01/2006 57,104 401,834 1.00 

––––––––––––– –––––– 

4,949,230 12.38 

––––––––––––– –––––– 

THAILAND TAILANDIA TAILANDIA TAILÂNDIA THAIMAA 

Bangkok Bank 48,600 113,227 0.28 

Bangkok Bank NVDR 383,000 850,907 2.13 

Italian-Thai Development 1,000,000 213,763 0.53 

Kiatnakin Finance 258,300 186,118 0.47 

Siam Panich Leasing 393,000 330,371 0.83 

––––––––––––– –––––– 

1,694,386 4.24 

––––––––––––– –––––– 

TURKEY TURCHIA TURQUÍA TURQUIA TURKKI 

Arcelik 57,371,000 295,306 0.74 

Haci Omer Sabanci Holding 62,194,353 198,153 0.50 

Turkiye Garanti Bankasi 62,851,100 203,366 0.51 

––––––––––––– –––––– 

696,825 1.75 

––––––––––––– –––––– 

SOUTH AFRICA SUDAFRICA SUDÁFRICA ÁFRICA DO SUL ETELÄ-AFRIKKA 

Anglo American 93,800 2,105,769 5.27 

Anglo American Platinum Corp 14,100 612,517 1.53 

Barloworld 30,500 340,042 0.85 

Gold Fields 21,900 263,892 0.66 

Impala Platinum Holdings 7,278 605,032 1.51 

Massmart Holdings 25,548 134,935 0.34 

Nedcor 55,816 464,091 1.16 

Sappi 18,770 261,653 0.65 

Sasol 16,100 278,593 0.70 

Standard Bank Group 50,100 328,798 0.82 

Truworths International 94,800 149,927 0.37 

––––––––––––– –––––– 

5,545,249 13.86 

––––––––––––– –––––– 

SOUTH KOREA COREA DEL SUD COREA DEL SUR COREIA DO SUL ETELÄ-KOREA 

CJ Corp 9,300 473,942 1.19 

Daishin Securities 5,440 68,127 0.17 

Hana Bank 35,000 784,716 1.96 

Hyundai Motor 12,000 520,120 1.30 

Hyundai Motor GDR 7,700 164,973 0.41 

Industrial Bank of Korea GDR 29,300 190,450 0.48 

Kookmin Bank ADR 25,571 823,386 2.06 


Samsung Electronics GDR 9,150 1,179,206 2.95 

Shinsegae 1,920 502,565 1.26 

SK Telecom ADR 42,671 801,788 2.00 

––––––––––––– –––––– 

6,606,204 16.52 

––––––––––––– –––––– 

––––––––––––– –––––– 

Total Totale Total Total dos Sijoitukset 

Investments Investimenti Inversiones Investimentos Yhteensä 39,718,851 99.34 

––––––––––––– –––––– 

*Transferable securities traded on other regulated markets/*Valori mobiliari negoziati in altri mercati regolamentati/*Valores negociables negociados en 

otros mercados organizados/*Valores negociáveis negociados noutros mercados regulados/*Arvopaperit,joista käydään kauppaa muilla säädellyillä markkinoilla 

**Other transferable securities/**Altri valori mobiliari/**Otros valores negociables/**Outros valores negociáveis/**Muut siirtokelpoiset arvopaperit 

96

INVESCO GT 










US$ % 






AUSTRALIA AUSTRALIA AUSTRALIA AUSTRÁLIA AUSTRALIA 

National Australia Bank 1,100 102,102 0.89 

––––––––––––– –––––– 


China Life Insurance 3,970 92,700 0.81 

––––––––––––– –––––– 

DENMARK DANIMARCA DINAMARCA DINAMARCA TANSKA 

Danske Bank A/S 5,660 135,351 1.18 

––––––––––––– –––––– 

FINLAND FINLANDIA FINLANDIA FINLÂNDIA SUOMI 

Nokia 12,600 146,926 1.28 

Stora Enso 11,000 146,536 1.26 

––––––––––––– –––––– 

293,462 2.54 

––––––––––––– –––––– 

FRANCE FRANCIA FRANCIA FRANÇA RANSKA 

Compagnie Generale des Etablissements Michelin 2,325 123,047 1.07 

**Societe Generale 7,300 124,465 1.08 

Total 1,590 154,119 1.33 

––––––––––––– –––––– 

401,631 3.48 

––––––––––––– –––––– 

GERMANY GERMANIA ALEMANIA ALEMANHA SAKSA 

BASF 2,580 139,207 1.21 

Deutsche Bank 1,235 83,737 0.73 

––––––––––––– –––––– 

222,944 1.94 

––––––––––––– –––––– 

ITALY ITALIA ITALIA ITÁLIA ITALIA 

ENI 1,500 152,805 1.33 

––––––––––––– –––––– 

JAPAN GIAPPONE JAPÓN JAPÃO JAPANI 

Canon 2,985 142,534 1.24 

Fuji Photo Film 6,825 214,749 1.87 

Millea Holdings 9 123,692 1.08 

Nintendo 1,300 139,620 1.21 

Nippon Telegraph & Telephone 21 90,598 0.79 

Shin-Etsu Chemical 3,100 107,782 0.94 

Sony 3,500 120,645 1.05 


Toyota Motor 3,600 141,549 1.22 

––––––––––––– –––––– 

1,279,003 11.12 

––––––––––––– –––––– 

KOREA COREA COREA COREIA KOREA 

KT 4,100 71,217 0.62 

––––––––––––– –––––– 


Telefonos de Mexico SA de CV 4,770 153,785 1.34 

––––––––––––– –––––– 

97

INVESCO GT 










US$ % 

NETHERLANDS OLANDA PAISES BAJOS PAÍSES BAIXOS ALANKOMAAT 

Aegon NV 9,385 100,199 0.87 

ING Groep NV 5,675 137,449 1.19 

Koninklijke Philips Electronics NV 3,050 70,303 0.61 

TPG NV 4,450 102,760 0.89 

––––––––––––– –––––– 

410,711 3.56 

––––––––––––– –––––– 

PORTUGAL PORTOGALLO PORTUGAL PORTUGAL PORTUGALI 

Portugal Telecom SGPS SA 10,900 111,616 0.97 

––––––––––––– –––––– 

SPAIN SPAGNA ESPAÑA ESPANHA ESPANJA 

Endesa SA 5,850 108,225 0.94 

––––––––––––– –––––– 

SWEDEN SVEZIA SUECIA SUÉCIA RUOTSI 

VOLVO(AB) 3,875 130,775 1.14 

––––––––––––– –––––– 

SWITZERLAND SVIZZERA SUIZA SUÍÇA SVEITSI 

**Nestle 3,875 227,463 1.98 

Novartis 5,690 258,952 2.25 


Zurich Financial Services 820 113,412 0.99 

––––––––––––– –––––– 

694,794 6.05 

––––––––––––– –––––– 

UNITED KINGDOM REGNO UNITO REINO UNIDO REINO UNIDO YHDISTYNEET 

KUNINGASKUNNAT 

Abbey National 10,109 107,613 0.94 

BAE Systems 33,000 118,406 1.03 

BP 17,000 151,252 1.31 

Cadbury Schweppes 24,210 193,182 1.68 

Diageo 12,800 157,111 1.37 


HSBC Holdings 1,720 133,369 1.16 

Kingfisher 24,780 123,721 1.08 

Reed Elsevier 15,685 139,447 1.21 




––––––––––––– –––––– 

1,578,266 13.74 

––––––––––––– –––––– 

UNITED STATES STATI UNITI ESTADOS UNIDOS ESTADOS UNIDOS YHDYSVALLAT 

DA AMÉRICA 


AT&T 9,020 131,692 1.14 

Bear Stearns 1,270 111,023 0.96 


ChevronTexaco 540 51,570 0.45 

Citigroup 4,420 205,131 1.78 

Comcast 2,575 71,906 0.62 


Devon Energy 2,300 147,844 1.28 

Emerson Electric 1,595 98,683 0.86 

Exxon Mobil 3,465 156,375 1.36 

Freddie Mac 1,760 116,476 1.01 

Gap 4,826 92,177 0.80 



Home Depot 2,960 108,129 0.94 

International Business Machines 950 80,180 0.70 


Jones Apparel Group 2,675 95,310 0.83 

Kimberly-Clark 3,800 249,850 2.17 

Lare Holdings 3,395 108,216 0.94 

98

INVESCO GT 










US$ % 


DA AMÉRICA 

(CONTINUED) (SEGUE) (CONTINUACIÓN) (CONTINUAÇÃO) (JATKOA) 

Marsh & McLennan Cos 2,170 96,261 0.84 

Merck & Co 2,380 106,933 0.93 

MGIC Investment 1,060 73,310 0.64 

Microsoft 5,775 157,686 1.37 

Morgan Stanley 1,825 92,345 0.80 

PARKER HANNIFIN 2,550 137,853 1.20 


Schering-Plough 7,050 131,694 1.14 

Walt Disney 3,335 74,704 0.65 

––––––––––––– –––––– 

3,676,870 31.94 

––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 


99

INVESCO GT 










US$ % 






BASIC MATERIALS MATERIALI MATERIALES MATERIAIS PERUSRAAKA-AINEET 

DI BASE BÁSICOS BÁSICOS 

Air Products & Chemicals 2,400 124,920 0.37 

Dow Chemical 1,700 72,420 0.22 

Eastman Chemical 200 9,236 0.03 

Ecolab 3,900 116,103 0.35 

Nucor Corp 1,500 117,075 0.35 

Phelps Dodge Corp 1,400 114,534 0.35 

Praxair 3,000 121,170 0.37 

Rohm & Haas 3,000 120,480 0.36 

––––––––––––– –––––– 

795,938 2.40 

––––––––––––– –––––– 

CONSUMER NON- BENI DI CONSUMO BIENES DE CONSUMO BENS DE CONSUMO KULUTUSTUOTTEET 

CYCLICAL NON- CICLICI NO CÍCLICOS NÃO CÍCLICOS SUHDANNEVAPAAT 

Accenture 7,500 193,125 0.58 

Aetna 2,300 211,876 0.64 

Alcon 2,100 157,710 0.48 

Amgen 3,720 219,610 0.66 

Apollo Group 2,490 194,307 0.59 

Avon Products 2,900 128,180 0.39 

Becton Dickinson 5,100 239,700 0.72 

Biogen Idec 3,000 175,875 0.53 

Biomet 17,700 802,164 2.42 

Caremark Rx 16,500 460,515 1.39 

CR Bard 3,200 175,776 0.53 

Eli Lilly 2,900 183,280 0.55 

Gen-Probe 400 14,386 0.04 


Gillette 6,300 263,465 0.79 

Hershey Foods Corp 200 9,580 0.03 


Kellogg 3,000 125,160 0.38 

Medicis Pharmaceutical 6,700 244,617 0.74 

Medtronic 4,130 204,765 0.62 

Monsanto 3,400 124,610 0.38 

Paychex 7,500 222,975 0.67 

Pfizer 21,333 688,843 2.08 


Robert Half International 20,000 506,600 1.53 


Sysco Corp 1,100 35,464 0.11 


UnitedHealth Group 3,000 195,480 0.59 


WellPoint Health Networks 2,500 243,500 0.73 

Whole Foods Market 1,770 137,130 0.41 

Zimmer Holdings 3,500 248,395 0.74 

––––––––––––– –––––– 

8,139,831 24.54 

––––––––––––– –––––– 

COMMUNICATIONS COMUNICAZIONI COMUNICACIONES COMUNICAÇÕES VIESTINTÄ 

Avaya 7,400 92,721 0.28 

Cisco Systems 37,590 715,526 2.16 


Comverse Technology 9,900 171,122 0.51 

Corning 19,400 194,388 0.59 

Dex Media 1,000 19,190 0.06 

eBay 4,030 344,505 1.04 

100

INVESCO GT 










US$ % 



Gannett 2,500 211,275 0.64 

Google 1,200 122,466 0.37 

Juniper Networks 10,000 223,850 0.67 

Lamar Advertising 9,500 407,170 1.23 

Nextel Communications 6,500 149,338 0.45 

Qualcomm 5,000 188,500 0.57 

Symantec Corp 3,980 189,150 0.57 


Viacom 10,020 338,175 1.02 

Yahoo! 16,300 463,654 1.40 

––––––––––––– –––––– 

4,669,782 14.08 

––––––––––––– –––––– 

CONSUMER BENI DI BIENES DE BENS DE KULUTUSTUOTTEET 

CYCLICALS CONSUMO CICLICI CONSUMO CÍCLICOS CONSUMO CÍCLICOS 

Bed Bath & Beyond 9,990 372,977 1.12 

Best Buy 3,800 181,298 0.54 

Carnival Corp 3,760 170,065 0.51 

CDW Corp 8,600 507,357 1.53 

Chico’s FAS 3,100 129,580 0.39 

Cintas Corp 3,800 155,819 0.47 

Coach 4,990 208,532 0.63 

Gap 4,900 93,590 0.28 


JC Penney Holding 6,200 241,552 0.73 

Lowe’s 1,930 96,539 0.29 

McDonald’s Corp 4,900 132,300 0.40 

MGM Mirage 3,800 156,788 0.47 

Royal Caribbean Cruises 2,500 101,950 0.31 

Southwest Airlines 11,900 177,191 0.53 

Staples 17,500 506,363 1.53 

Starwood Hotels & Resorts Worldwide 3,800 167,542 0.51 

Tiffany 3,700 114,700 0.35 

TJX 5,090 106,890 0.32 

Walgreen 5,010 181,863 0.55 


Williams-Sonoma 6,200 218,550 0.66 

––––––––––––– –––––– 

4,641,166 13.99 

––––––––––––– –––––– 

ENERGY ENERGIA ENERGÍA ENERGIA ENERGIA 

Apache Corp 2,500 110,250 0.33 

BJ Services 4,400 205,743 0.62 


ENSCO International 6,100 173,240 0.52 



Weatherford International 3,100 140,740 0.43 

XTO Energy 4,000 110,120 0.33 

––––––––––––– –––––– 

1,300,967 3.93 

––––––––––––– –––––– 

FINANCIALS FINANZIARI ENTIDADES FINANCIERAS SERVIÇOS FINANCEIROS RAHATALOUS 

Aflac 2,500 99,800 0.30 

American Express 6,300 312,669 0.94 



Capital One Financial Corp 1,700 115,804 0.35 

Citigroup 8,090 375,457 1.13 

Genworth Financial 8,900 198,292 0.60 


Investors Financial Services Corp 1,900 87,381 0.27 


MBNA Corp 17,490 421,859 1.27 

101

INVESCO GT 










US$ % 



Northern Trust Corp 4,000 171,220 0.52 

SLM Corp 5,000 196,600 0.59 

––––––––––––– –––––– 

2,959,237 8.92 

––––––––––––– –––––– 

INDUSTRIAL INDUSTRIA INDUSTRIA INDÚSTRIA TEOLLISUUS 

3M 2,300 186,990 0.56 

Agilent Technologies 9,400 198,622 0.60 

Caterpillar 3,800 274,550 0.83 

Danaher Corp 5,000 251,750 0.76 

Deere 6,800 425,952 1.28 

Eaton Corp 2,500 151,275 0.45 

Expeditors International Washington 2,500 121,663 0.36 


Honeywell International 6,100 217,648 0.66 

Illinois Tool Works 2,500 227,650 0.69 

Ingersoll-Rand 5,490 360,143 1.09 

Molex 4,000 116,000 0.35 


Rockwell Automation 5,000 194,600 0.59 

Tyco International 6,300 197,820 0.60 

Waters Corp 4,300 183,610 0.55 

––––––––––––– –––––– 

3,515,054 10.60 

––––––––––––– –––––– 

TECHNOLOGY TECNOLOGIA TECNOLOGÍA TECNOLOGIA TEKNOLOGIA 

Affiliated Computer Services Rts 2,400 128,832 0.39 

Analog Devices 11,300 388,720 1.17 

Apple Computer 5,000 170,575 0.51 


Autodesk 7,500 326,700 0.99 


Dell 18,760 659,226 1.99 

Fiserv 13,800 481,689 1.45 

Freescale Semiconductor 14,900 210,835 0.64 


Lam Research Corp 8,400 182,658 0.55 


Maxim Integrated Products 4,730 205,897 0.62 

Mercury Interactive Corp 2,400 83,316 0.25 



Oracle Corp 22,100 223,320 0.67 

Teradyne 4,200 55,650 0.17 

––––––––––––– –––––– 

5,551,997 16.74 

––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 

102

INVESCO GT 










US$ % 








Airgas 9,400 203,510 0.91 

Allegheny Technologies 10,800 199,584 0.89 

––––––––––––– –––––– 

403,094 1.80 

––––––––––––– –––––– 


Aeroflex 20,520 211,253 0.94 

Agile Software Corp 18,100 135,841 0.60 

Akamai Technologies 6,400 87,424 0.39 

Alamosa Holdings 15,100 124,802 0.56 

American Tower Corp 20,700 305,532 1.36 

Arris Group 27,000 122,580 0.55 

CNET Networks 9,800 80,752 0.36 

eResearch Technology 13,700 273,863 1.22 

Extreme Networks 38,700 182,858 0.81 

Internet Security Systems 5,200 74,594 0.33 

iVillage 25,200 145,152 0.65 

j2 Global Communications 4,700 119,827 0.53 

Netgear 12,900 161,056 0.72 

Novatel Wireless 3,700 78,642 0.35 

Radio One 15,600 243,906 1.09 

RealNetworks 8,600 43,043 0.19 

RSA Security 5,550 86,108 0.38 

Sapient Corp 39,000 299,520 1.33 

SupportSoft 4,400 44,110 0.20 

Tekelec 13,200 235,950 1.05 

Websense 3,000 115,544 0.51 

Western Wireless Corp 3,700 93,111 0.41 

––––––––––––– –––––– 

3,265,468 14.53 

––––––––––––– –––––– 



Advance Auto Parts 5,800 218,022 0.97 

Aeropostale 7,450 231,174 1.03 

Angiotech Pharmaceuticals 10,400 172,484 0.77 

Airtran Holdings 11,000 132,440 0.59 

Aviall (NY Reg Shrs) 8,200 158,670 0.71 

Boyd Gaming Corp 10,900 291,902 1.30 

Design Within Reach 9,000 142,875 0.64 

Gymboree Corp 5,600 80,724 0.36 

Insight Enterprises 14,100 225,177 1.00 

JOS A Bank Clothiers 4,100 111,766 0.50 


Multimedia Games 5,100 76,271 0.34 

Oshkosh Truck Corp 3,300 166,947 0.74 

Pacific Sunwear Of California 5,600 109,648 0.49 

PF Chang’s China Bistro 2,200 93,357 0.42 

Pinnacle Entertainment 17,000 202,640 0.90 

Polska Grupo Farmaceutyczra 0 0.00 0.00 

Scansource 600 36,531 0.16 

Scientific Games Corp 8,700 143,724 0.64 

Shuffle Master 5,200 167,414 0.75 

Station Casinos 4,300 198,831 0.89 

Sports Authority 2,700 56,835 0.25 

Tuesday Morning Corp 8,100 251,991 1.12 

Wabash National Corp 7,000 185,150 0.82 

3 

103

INVESCO GT 










US$ % 




West Marine 6,000 109,410 0.49 

Winnebago Industries 2,700 84,429 0.38 

––––––––––––– –––––– 

3,777,912 16.84 

––––––––––––– –––––– 



Accredo Health 2,900 63,873 0.28 

Advanced Medical Optics 6,300 233,037 1.04 

Align Technology 4,200 64,617 0.29 

Alnylam Pharmaceuticals 9,700 52,041 0.23 

Andrx Corp 3,600 72,342 0.32 

Arthrocare Corp 7,510 182,531 0.81 

Auxilium Pharmaceuticals 4,100 29,356 0.13 

Bone Care International 700 17,010 0.08 

Community Health Systems 7,300 182,719 0.81 

Connetics Corp 7,400 187,886 0.84 

Cooper 2,100 122,997 0.55 

Corinthian Colleges 3,300 39,221 0.17 

Corporate Executive Board 4,300 249,293 1.11 

Covance 5,100 188,802 0.84 

Cytyc Corp 6,000 137,430 0.61 

Dade Behring Holdings 1,300 66,560 0.30 

DaVita ETF 6,950 206,137 0.92 

Gen-Probe 6,900 248,159 1.11 

Gevity HR 8,900 163,716 0.73 

Heidrick & Struggles International 9,400 253,752 1.13 

Inamed Corp 1,500 78,758 0.35 

Incyte Corp 19,100 129,498 0.58 

Inspire Pharmaceuticals 900 12,731 0.06 

Jarden Corp 6,100 185,867 0.83 

Labor Ready 12,500 160,125 0.71 

Laureate Education 7,200 240,768 1.07 

MannKind Corp 3,500 47,740 0.21 

Martek Biosciences Corp 2,100 112,161 0.50 

Metabasis Therapeutics 4,100 22,653 0.10 

MGI Pharma 6,000 141,960 0.63 

MPS Group 14,500 129,195 0.58 

Nabi Biopharmaceuticals 14,200 164,081 0.73 

NBTY 5,300 125,716 0.56 

Necktar Therapeutics 0 0.00 0.00 

Pharmion Corp 2,800 131,978 0.59 

Resources Connection 3,590 121,575 0.54 

Respironics 2,700 143,855 0.64 

Rigel Pharmaceuticals 600 12,345 0.05 

Salix Pharmaceuticals 7,100 157,017 0.70 

Select Medical Corp 6,200 82,026 0.37 

SFBC International 1,900 51,357 0.23 

Sierra Health Services 2,500 105,875 0.47 

United Surgical Partners International 5,100 182,657 0.81 

Valeant Pharmaceuticals International 6,700 154,569 0.69 

VCA Antech 5,000 95,500 0.43 

WellCare Health Plans 1,400 25,480 0.11 

––––––––––––– –––––– 

5,576,966 24.84 

––––––––––––– –––––– 


Arch Coal 5,500 176,385 0.79 

Forest Oil Corp 5,700 146,490 0.65 

Grey Wolf 47,200 199,184 0.89 

Hydril 6,700 237,750 1.06 

Maverick Tube Corp 4,000 114,600 0.51 

Quicksilver Resources 5,400 152,010 0.68 

Spinnaker Exploration 3,300 111,210 0.49 

Todco 11,100 166,500 0.74 

––––––––––––– –––––– 

1,304,129 5.81 

––––––––––––– –––––– 

104

INVESCO GT 










US$ % 


Affiliated Managers Group 4,200 203,952 0.91 

CB Richard Ellis Group 10,200 198,084 0.88 

Eaton Vance Corp 3,500 139,895 0.62 

Greater Bay Bancorp 6,700 191,084 0.85 

Greenhill & Co 5,000 101,750 0.45 

Knight Trading Group 13,600 124,848 0.56 

National Financial Partners Corp 4,700 162,385 0.72 

PrivateBancorp 6,400 185,472 0.83 

Raymond James Financial 4,700 112,001 0.50 

Silicon Valley Bancshares 6,200 231,384 1.03 

Southwest Bancorp of Texas 8,000 168,680 0.75 

UCBH Holdings 5,400 215,973 0.96 

United National Group 11,200 172,200 0.77 

––––––––––––– –––––– 

2,207,708 9.83 

––––––––––––– –––––– 

FUNDS FONDI FONDOS FUNDOS RAHASTOT 

iShares Russell 2000 Growth Index Fund 4,500 248,670 1.11 

––––––––––––– –––––– 


Bucyrus International 2,900 75,545 0.34 

Chicago Bridge & Iron 4,700 137,803 0.61 

Cymer 5,500 150,453 0.67 

Flir Systems 3,600 217,062 0.97 

GrafTech International 13,500 142,425 0.63 

IDEX Corp 6,050 186,824 0.83 

Joy Global 4,800 143,448 0.64 

Kennametal 3,500 143,395 0.64 

Metrologic Instruments 11,500 168,590 0.75 

Old Dominion Freight Line 2,500 68,700 0.31 

Overnite Corp 3,700 110,057 0.49 

Power-One 15,800 121,422 0.54 

Stericycle 4,200 193,556 0.86 

Trimble Navigation 8,000 215,440 0.96 

––––––––––––– –––––– 

2,074,720 9.24 

––––––––––––– –––––– 


Avid Technology 2,700 117,140 0.52 

Dendrite International 16,679 216,744 0.97 

Filenet Corp 6,300 124,299 0.55 

Genesis Microchip 12,600 154,034 0.69 

Hyperion Solutions Corp 4,300 158,778 0.71 

InterVoice 9,500 84,883 0.38 

Microsemi Corp 16,100 175,732 0.78 

Open Solutions 8,700 198,011 0.88 

Quest Software 15,000 152,850 0.68 

Silicon Image 16,100 177,020 0.79 

Silicon Laboratories 5,400 181,142 0.81 

SRA International 5,500 249,864 1.11 

Varian Semiconductor Equipment Associates 4,300 122,292 0.54 

Vitesse Semiconductor Corp 35,800 89,321 0.40 

Zoran Corp 7,700 121,545 0.54 

––––––––––––– –––––– 

2,323,655 10.35 

––––––––––––– –––––– 


––––––––––––– –––––– 


––––––––––––– –––––– 

105

INVESCO GT 










US$ % 








Georgia-Pacific Corp 38,000 1,292,760 0.81 

Nucor Corp 27,800 2,169,790 1.36 

Sherwin-Williams 25,000 1,018,750 0.64 

Weyerhaeuser 14,500 904,220 0.57 

––––––––––––– –––––– 

5,385,520 3.38 

––––––––––––– –––––– 


Alltel Corp 8,100 436,428 0.27 

BellSouth Corp 138,100 3,649,983 2.29 

Cisco Systems 267,100 5,084,249 3.18 


eBay 4,000 341,940 0.21 

Harris Corp 13,400 639,180 0.40 

Motorola 244,700 3,964,140 2.48 

Qualcomm 33,000 1,244,100 0.78 

SBC Communications 55,000 1,419,000 0.89 

Scientific-Atlanta 41,800 1,141,976 0.72 

Time Warner 142,100 2,330,440 1.46 

Verizon Communications 81,000 3,161,430 1.98 

Walt Disney 129,900 2,909,760 1.82 

Yahoo! 30,800 876,106 0.55 

––––––––––––– –––––– 

28,125,552 17.61 

––––––––––––– –––––– 



Autozone 13,200 986,436 0.62 

Centex Corp 28,600 1,295,008 0.81 

Darden Restaurants 6,100 128,283 0.08 

Federated Department Stores 66,000 2,937,660 1.84 

Ford Motor 211,200 2,948,352 1.85 

Gap 30,900 590,190 0.37 

Hasbro 28,200 520,572 0.33 

McDonald’s Corp 136,200 3,677,400 2.30 

Nordstrom 6,600 244,200 0.15 

Paccar 3,300 198,198 0.12 

RadioShack Corp 37,800 1,016,820 0.64 


Yum! Brands 10,000 392,000 0.25 

––––––––––––– –––––– 

15,392,639 9.65 

––––––––––––– –––––– 



Altria Group 27,400 1,342,052 0.84 

Archer-Daniels-Midland 59,600 938,104 0.59 

Bausch & Lomb 4,700 306,863 0.19 

Becton Dickinson 43,200 2,030,400 1.27 

Coca-Cola 20,700 918,045 0.57 

Coventry Health Care 22,600 1,136,102 0.71 

Fortune Brands 22,900 1,668,952 1.04 

Genentech 33,600 1,626,240 1.02 

ImClone Systems 18,200 946,127 0.59 

Johnson & Johnson 90,200 5,190,108 3.25 

Kellogg 6,300 262,836 0.17 

Merck 87,500 3,931,375 2.46 

Pfizer 44,400 1,433,676 0.90 

Procter & Gamble 86,100 4,779,411 2.99 

Supervalu 4,200 108,990 0.07 

Tyson Foods 7,900 128,454 0.08 

106

INVESCO GT 










US$ % 




UnitedHealth Group 23,400 1,524,744 0.96 


––––––––––––– –––––– 

28,347,206 17.75 

––––––––––––– –––––– 


Burlington Resources 29,400 1,052,520 0.66 

Exxon Mobil Corp 165,000 7,446,450 4.66 

Occidental Petroleum Corp 65,600 3,340,352 2.09 

Schlumberger 10,600 648,508 0.41 

Sunoco 36,100 2,203,905 1.38 

––––––––––––– –––––– 

14,691,735 9.20 

––––––––––––– –––––– 


Allstate Corp 75,400 3,576,976 2.24 

Bank of America Corp 84,000 3,743,880 2.34 

Bear Stearns 25,000 2,185,500 1.37 

Citigroup 145,000 6,729,450 4.21 

Countrywide Financial Corp 33,000 2,275,020 1.42 

Fannie Mae 43,700 3,234,674 2.03 

Goldman Sachs Group 16,000 1,426,400 0.89 

Huntington Bancshares 3,600 87,588 0.05 

JPMorgan Chase 53,400 2,087,940 1.31 

Lincoln National Corp 16,100 724,661 0.45 

Morgan Stanley 22,700 1,148,620 0.72 

Old Republic International Corp 4,600 108,560 0.07 

Simon Property Group 8,300 462,476 0.29 

Torchmark Corp 5,900 304,558 0.19 

Wachovia Corp 69,000 3,208,500 2.01 

––––––––––––– –––––– 

31,304,803 19.59 

––––––––––––– –––––– 


3M 6,100 495,930 0.31 

Black & Decker Corp 8,500 581,145 0.36 

Boeing 72,000 3,734,640 2.34 

Burlington Northern Santa Fe Corp 22,300 796,110 0.50 

Deere 31,900 1,998,216 1.25 

Energizer Holdings 14,600 600,060 0.38 

FedEx Corp 5,600 455,000 0.28 

General Dynamics Corp 6,400 624,640 0.39 

General Electric 64,600 2,104,022 1.32 


Stanley Works 20,300 876,757 0.55 

Textron 8,400 536,004 0.34 

Tyco International 44,900 1,409,860 0.88 

––––––––––––– –––––– 

14,439,436 9.04 

––––––––––––– –––––– 


Altera Corp 21,000 399,735 0.25 

International Business Machines Corp 61,300 5,173,720 3.24 

IMS Health 8,500 198,050 0.12 

Maxim Integrated Products 60,500 2,633,565 1.65 


Microsoft Corp 114,900 3,137,344 1.96 

NCR Corp 9,300 414,408 0.26 

Xilinx 3,300 90,734 0.06 

––––––––––––– –––––– 

12,283,491 7.69 

––––––––––––– –––––– 

107

INVESCO GT 










US$ % 

UTILITIES PUBBLICI SERVIZI SERVICIOS PÚBLICOS SERVIÇOS PÚBLICOS KAASU, SÄHKÖ, VESI 


Edison International 50,600 1,349,502 0.84 

Exelon Corp 21,200 768,076 0.48 

FPL Group 9,400 645,592 0.40 

––––––––––––– –––––– 

3,704,956 2.31 

––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 

108

INVESCO GT 










EUR % 






BELGIUM BELGIO BÉLGICA BÉLGICA BELGIA 

Delhaize Group 4,564 210,583 0.53 

Dexia 6,284 89,138 0.22 

Solvay 3,800 262,770 0.66 

––––––––––––– –––––– 

562,491 1.41 

––––––––––––– –––––– 


BNP Paribas 22,037 1,112,428 2.79 

Bouygues 28,072 799,210 2.01 

Carrefour 5,836 225,970 0.57 

Cie Generale d’Optique Essilor International 2,945 148,074 0.37 

Groupe Danone 2,182 144,841 0.36 

Renault 11,875 786,125 1.98 


Sanofi-Synthelabo 5,537 328,510 0.83 

Societe Generale 8,350 591,013 1.48 

Total 9,357 1,509,752 3.79 

Vinci 5,717 504,697 1.27 

––––––––––––– –––––– 

6,365,382 15.99 

––––––––––––– –––––– 


BASF 4,180 186,741 0.47 

Deutsche Bank 23,595 1,324,623 3.33 

Deutsche Post 46,858 770,814 1.94 

Fresenius Medical Care 11,484 693,921 1.74 

Merck 6,986 301,097 0.76 

Metro 2,532 97,254 0.24 

RWE 6,970 282,843 0.71 

SAP 7,398 899,116 2.26 

Siemens 13,565 773,069 1.94 

––––––––––––– –––––– 

5,329,478 13.39 

––––––––––––– –––––– 

IRELAND IRLANDA IRLANDA IRLANDA IRLANTI 

Bank of Ireland 26,214 289,927 0.73 

Depfa Bank 30,139 323,542 0.81 

––––––––––––– –––––– 

613,469 1.54 

––––––––––––– –––––– 


Alleanza Assicurazioni 61,009 524,372 1.32 

Autostrade 42,359 699,982 1.76 

ENI 49,747 841,968 2.12 

––––––––––––– –––––– 

2,066,322 5.20 

––––––––––––– –––––– 


ABN AMRO Holding 27,328 474,414 1.19 

Aegon 20,901 184,765 0.46 

Akzo Nobel 10,264 285,442 0.72 

ING Groep 36,854 735,237 1.85 

Koninklijke Philips Electronics 45,302 861,191 2.16 


––––––––––––– –––––– 

2,887,285 7.25 

––––––––––––– –––––– 

NORWAY NORVEGIA NORUEGA NORUEGA NORJA 

Norsk Hydro 5,136 263,244 0.66 

––––––––––––– –––––– 

109

INVESCO GT 










EUR % 


Ende 17,851 272,674 0.68 

Gas Natural 25,670 502,747 1.26 

Telefonica 27,401 321,003 0.81 

Telefonica Publicidad e Informacion 46,408 249,443 0.63 

––––––––––––– –––––– 

1,345,867 3.38 

––––––––––––– –––––– 


Electrolux 51,448 775,834 1.95 

ForeningsSparbanken 19,646 308,090 0.77 

––––––––––––– –––––– 

1,083,924 2.72 

––––––––––––– –––––– 


Nestle 3,580 694,596 1.75 

Novartis 13,908 530,447 1.33 

Swatch Group 4,868 490,396 1.23 

UBS 23,629 1,317,908 3.31 

Zurich Financial Services 1,651 189,066 0.48 

––––––––––––– –––––– 

3,222,413 8.10 

––––––––––––– –––––– 



Anglo American 32,008 596,119 1.50 

Antofagasta 16,719 245,895 0.62 

AstraZeneca 10,509 398,079 1.00 

Aviva 175,004 1,384,481 3.48 

Barclays 218,531 1,677,264 4.21 

Barratt Developments 10,722 93,190 0.23 

BG Group 182,757 935,468 2.35 

BP 91,624 674,972 1.70 

Bradford & Bingley 45,312 191,358 0.48 

British Land 7,442 80,002 0.20 

BT Group 462,309 1,263,509 3.18 

Cable & Wireless 89,272 144,798 0.36 

Diageo 34,921 354,901 0.89 

Friends Provident 248,956 493,538 1.24 


HBOS 52,996 538,991 1.35 

HSBC Holdings 42,075 541,427 1.36 

Imperial Chemical Industries 85,305 278,154 0.70 

Mitchells & Butlers 70,907 271,651 0.68 

mmO2 843,057 1,123,077 2.82 

Next 31,098 692,186 1.74 

Northern Rock 18,156 190,591 0.48 


Sage Group 110,019 273,500 0.69 



Tate & Lyle 59,779 309,875 0.78 

Trinity Mirror 32,646 313,099 0.79 

––––––––––––– –––––– 

15,886,461 39.92 

––––––––––––– –––––– 

––––––––––– –––––– 



––––––––––– –––––– 

110

INVESCO GT 










EUR % 






AUSTRIA AUSTRIA AUSTRIA ÁUSTRIA ITÄVALTA 

Bank Austria Creditanstalt 118,800 6,109,884 1.39 

Telekom Austria 451,807 5,189,003 1.18 

––––––––––– –––––– 

11,298,887 2.57 

––––––––––– –––––– 


Belgacom 191,986 5,203,781 1.18 

Interbrew 153,100 3,992,083 0.91 

––––––––––– –––––– 

9,195,864 2.09 

––––––––––– –––––– 


Danske Bank 360,900 7,145,846 1.63 

ISS 190,000 7,696,480 1.75 

––––––––––– –––––– 

14,842,326 3.38 

––––––––––– –––––– 


Fortum 162,800 1,867,316 0.42 

Nokia 331,187 3,197,610 0.73 

Tietoenator 295,500 6,503,955 1.48 

––––––––––– –––––– 

11,568,881 2.63 

––––––––––– –––––– 


Atos Origin 111,018 4,924,758 1.12 

BNP Paribas 131,025 6,614,142 1.51 

Carrefour 142,300 5,509,856 1.25 

Casino Guichard Perrachon 77,500 5,049,125 1.15 

Credit Agricole 389,984 8,060,969 1.84 

Lagardere S.C.A. 64,700 3,204,591 0.73 

LVMH Moet Hennessy Loius Vuitton 73,000 3,904,040 0.89 

Peugeot 116,000 5,745,480 1.31 

––––––––––– –––––– 

43,012,961 9.80 

––––––––––– –––––– 


Bayerische Motoren Werke 177,550 6,075,761 1.38 

Deutsche Telekom 414,200 5,960,338 1.36 

Infineon Technologies 384,300 3,105,144 0.71 

Porsche 10,360 5,246,096 1.19 

ThyssenKrupp 92,700 1,430,824 0.33 

––––––––––– –––––– 

21,818,163 4.97 

––––––––––– –––––– 

GREECE GRECIA GRECIA GRÉCIA KREIKKA 

Cosmote Mobile Telecommunications 175,343 2,311,021 0.53 

––––––––––– –––––– 


CRH 428,784 8,138,320 1.85 

Iaws Group 431,101 4,354,120 0.99 

––––––––––– –––––– 

12,492,440 2.85 

––––––––––– –––––– 

111

INVESCO GT 










EUR % 


Alleanza Assicurazioni 727,000 6,248,565 1.42 

Assicurazioni Generali 278,400 5,975,856 1.36 

Seat Pagine Gialle 12,680,000 3,987,860 0.91 

Snam Rete Gas 821,466 3,027,102 0.69 

TIM 2,141,000 9,366,875 2.13 

Telecom Italia 3,748,062 6,737,141 1.54 

––––––––––– –––––– 

35,343,399 8.05 

––––––––––– –––––– 



IHC Caland 126,600 5,053,872 1.15 

Koninklijke Philips Electronics 411,220 7,817,292 1.78 

TPG 309,900 5,925,288 1.35 

VNU 333,534 7,044,238 1.60 

––––––––––– –––––– 

28,932,190 6.59 

––––––––––– –––––– 


DNB NOR 1,101,120 6,887,029 1.57 

Storebrand 892,050 4,914,101 1.12 

––––––––––– –––––– 

11,801,130 2.69 

––––––––––– –––––– 


Banco BPI 1,609,219 4,618,458 1.05 

Brisa-Auto-Estradas de Portugal 450,000 2,731,500 0.61 

––––––––––– –––––– 

7,349,958 1.67 

––––––––––– –––––– 


Acciona 124,000 6,215,500 1.42 

Altadis Sa 193,967 4,903,486 1.12 

Gamesa Corp Tecnologica 435,870 5,145,445 1.17 

Sogecable 150,000 4,536,000 1.03 

Union Fenosa 175,972 3,207,090 0.73 

––––––––––– –––––– 

24,007,521 5.47 

––––––––––– –––––– 


Assa Abloy 625,500 6,205,604 1.41 

Hennes & Mauritz 238,800 5,130,418 1.17 

Swedish Match 658,335 5,432,291 1.24 

Volvo 202,000 5,644,505 1.29 

WM-Data 1,580,000 2,538,306 0.58 

––––––––––– –––––– 

24,951,124 5.68 

––––––––––– –––––– 


Novartis 326,100 12,437,348 2.83 

Roche Holding 126,140 10,069,644 2.30 

––––––––––– –––––– 

22,506,992 5.13 

––––––––––– –––––– 



Associated British Foods 530,429 4,925,574 1.12 

AWG 442,950 4,175,789 0.95 

AWG (New Ord) 147,059,400 218,583 0.05 

BAA 300,154 2,489,440 0.57 

BAE Systems 658,083 1,955,071 0.44 

112

INVESCO GT 










EUR % 




Balfour Beatty 373,345 1,478,873 0.34 

British American Tobacco 795,632 9,901,266 2.25 

BT Group 3,531,239 9,651,018 2.20 

Bunzl 451,709 2,852,616 0.65 

Cable & Wireless 1,443,750 2,341,745 0.53 

Centrica 726,327 2,663,868 0.61 

Colt Telecom Group 452,844 256,615 0.06 

Compass Group 550,000 2,559,787 0.58 

Diageo 285,047 2,896,924 0.66 

Gallaher Group 504,230 4,916,498 1.12 


Group 4 Securicor 1,950,000 3,391,124 0.77 

Group 4 Securicor (DKK) 3,451,000 5,962,928 1.36 

Imperial Chemical Industries 883,000 2,879,196 0.66 

Imperial Tobacco Group 416,616 7,545,444 1.72 

International Power 1,219,412 2,415,133 0.55 

International Power Rts 14/9/2004 402,405 305,788 0.07 

Legal & General Group 530,000 792,693 0.18 

Marconi Corp 359,063 3,076,758 0.70 

Mitchells & Butlers 319,970 1,225,833 0.28 

mmO2 3,678,843 4,900,763 1.12 

National Grid Transco 1,402,343 9,661,116 2.20 

Reuters Group 401,000 1,932,625 0.44 

Rexam 873,750 5,683,458 1.29 

Scottish Power 848,000 5,084,265 1.16 

Severn Trent 302,474 3,879,915 0.88 

Taylor Nelson Sofres 625,800 1,876,603 0.43 

Tesco 1,677,017 6,702,105 1.53 

Game Group 2,781,045 2,542,181 0.58 

Unilever 501,967 3,545,852 0.81 

United Utilities 1,478,048 7,933,584 1.81 

Vodafone Group 2,955,376 5,606,242 1.28 

Wetherspoon (J.D.) 650,752 2,287,547 0.52 

Whitbread 95,836 1,159,159 0.26 

––––––––––– –––––– 

153,037,970 34.86 

––––––––––– –––––– 


DA AMÉRICA 

Strategic Diagnostic 178 400 0.00 

––––––––––– –––––– 

––––––––––– –––––– 



––––––––––– –––––– 

113

INVESCO GT 










EUR % 







Andritz 48,087 2,096,593 0.73 

Austriamicrosystems 36,488 694,933 0.24 

––––––––––––– –––––– 

2,791,526 0.97 

––––––––––––– –––––– 


AGFA-Gevaert 193,467 4,385,897 1.53 

Barco 28,746 1,989,223 0.70 

Deceuninck 81,162 1,887,422 0.66 

Mobistar 44,500 2,526,488 0.88 

Omega Pharma 89,000 3,658,345 1.28 

––––––––––––– –––––– 

14,447,375 5.05 

––––––––––––– –––––– 


Falck 81,480 496,867 0.18 

Group 4 Securicor 668,136 1,154,462 0.40 

Novozymes 26,075 907,227 0.32 

––––––––––––– –––––– 

2,558,556 0.90 

––––––––––––– –––––– 


Elisa Corp 251,117 2,411,979 0.84 

Tietoenator 34,363 756,330 0.26 

––––––––––––– –––––– 

3,168,309 1.10 

––––––––––––– –––––– 


BioMerieux 97,223 2,640,577 0.92 

Bonduelle S.C.A. 32,200 2,306,486 0.81 

Business Objects 151,535 2,360,915 0.83 

Compagnie Generale de Geophysique 63,832 2,986,061 1.04 

Eiffage 64,218 4,795,800 1.68 

Galeries Lafayette 14,300 2,022,020 0.71 

Neopost 60,835 2,989,432 1.04 

Remy Cointreau 48,385 1,392,520 0.49 

––––––––––––– –––––– 

21,493,811 7.52 

––––––––––––– –––––– 


AWD Holding 53,884 1,480,463 0.52 

Beru 12,585 696,328 0.24 

Bilfinger Berger 620 17,360 0.01 

Celesio 55,003 2,975,112 1.04 

Douglas Holding 65,263 1,539,228 0.54 

Draegerwerk (Preference) 36,326 1,792,688 0.63 

Fielmann 33,500 1,582,875 0.55 

GFK 25,404 543,392 0.19 

Hochtief 348,963 6,801,289 2.38 

IDS Scheer 68,441 928,744 0.33 

Pfleiderer 156,000 1,127,100 0.39 

Rheinmetall 77,065 2,556,631 0.89 

Vossloh 74,000 2,663,260 0.93 

Wincor Nixdorf 37,808 1,842,006 0.64 

––––––––––––– –––––– 

26,546,476 9.28 

––––––––––––– –––––– 

114

INVESCO GT 










EUR % 


Motor Oil Hellas Corinth Refineries 40,000 318,400 0.11 

Titan Cement 133,984 2,679,680 0.94 

––––––––––––– –––––– 

2,998,080 1.05 

––––––––––––– –––––– 


DCC 165,553 2,392,241 0.84 

Fyffes 67,073 122,408 0.04 

Kingspan Group 652,686 3,312,381 1.16 

––––––––––––– –––––– 

5,827,030 2.04 

––––––––––––– –––––– 


Arnoldo Mondadori Editore 254,048 1,916,792 0.67 

Buzzi Unicem 196,646 1,947,779 0.68 

Digital Multimedia Technologies 1,013 15,499 0.01 

ERG 567,821 3,409,765 1.19 

Impregilo 3,581,046 1,572,079 0.55 

Merloni Elettrodomestici 119,841 1,779,639 0.62 

Pirelli & C Real Estate 67,593 1,961,211 0.69 

RCS MediaGroup 337,540 1,203,330 0.42 

Saipem 267,310 2,302,876 0.80 

––––––––––––– –––––– 

16,108,970 5.63 

––––––––––––– –––––– 


Millicom International Cellular 137,000 1,739,752 0.61 

––––––––––––– –––––– 


Aalberts Industries 47,127 1,291,280 0.45 


Axalto Holding 178,826 2,802,203 0.98 

Fugro 39,429 2,253,367 0.79 

IHC Caland 73,643 2,939,829 1.03 

Imtech 132,044 2,911,570 1.02 

Koninklijke BAM Groep 85,490 2,128,701 0.74 

Koninklijke Wessanen 75,959 863,654 0.30 

Laurus 933,590 746,872 0.26 

Unit 4 Agresso 100,000 1,135,000 0.40 

––––––––––––– –––––– 

20,061,922 7.01 

––––––––––––– –––––– 


DNB NOR 612,000 3,827,795 1.34 

Schibsted 38,360 629,163 0.22 

Smedvig 200,000 1,928,368 0.67 

Storebrand 682,620 3,760,399 1.32 

TGS Nopec Geophysical 100,980 1,522,708 0.53 

Visma 291,000 2,222,139 0.78 

––––––––––––– –––––– 

13,890,572 4.86 

––––––––––––– –––––– 


Banco BPI 207,605 595,826 0.21 

Brisa-Auto Estradas de Portugal 571,001 3,465,976 1.21 

––––––––––––– –––––– 

4,061,802 1.42 

––––––––––––– –––––– 

115

INVESCO GT 










EUR % 


Abengoa 183,187 1,329,022 0.47 

Acciona 71,500 3,583,937 1.25 

Cementos Portland Valderrivas 32,400 1,526,850 0.53 

Cortefiel 231,481 2,070,598 0.72 

Cia de Distribucion Integral Logista 136,478 4,610,227 1.61 

Ebro Puleva 474,149 4,473,596 1.56 

Fadesa Inmobiliaria 239,787 2,602,888 0.91 

Fomento de Construcciones y Contratas 116,519 3,505,474 1.23 

Prosegur Cia de Seguridad 93,304 1,188,693 0.42 

Red Electrica de Espana 244,849 3,382,589 1.18 

Sociedad General de Aguas de Barcelona 186,172 2,704,148 0.95 

––––––––––––– –––––– 

30,978,022 10.83 

––––––––––––– –––––– 


Castellum 126,856 2,607,352 0.91 

D Carnegie 30,567 217,926 0.08 

Elekta 169,768 3,136,233 1.10 

Eniro 383,696 2,378,506 0.83 

Eniro (Redemption Shares) 17,866 166,492 0.06 

Getinge 321,661 2,988,732 1.04 

Song Networks Holding 200,010 943,708 0.33 

Swedish Match 443,569 3,660,136 1.28 

––––––––––––– –––––– 

16,099,085 5.63 

––––––––––––– –––––– 


Bank Sarasin & Compagnie 1,121 1,268,283 0.44 

Lindt & Spruengli 2,300 2,174,205 0.76 

Nobel Biocare Holding 10,688 1,284,584 0.45 

Schindler Holding 10,900 2,450,519 0.86 

Sika 4,204 1,852,112 0.65 

Tecan Group 64,300 1,371,582 0.48 

––––––––––––– –––––– 

10,401,285 3.64 

––––––––––––– –––––– 



Abbot Group 243,000 703,859 0.25 

Acambis 85,066 390,853 0.14 

AEA Technology 104,000 303,752 0.11 

Alba 52,000 604,799 0.21 

Alfred Mcalpine 311,000 1,168,355 0.41 

Alphameric 353,500 415,088 0.14 

Amlin 306,000 668,593 0.23 

Arriva 161,749 1,009,450 0.35 

Autonomy Corp 103,500 256,717 0.09 

Aveva Group 58,538 456,794 0.16 

Babcock International Group 329,796 546,567 0.19 

Beazley Group 339,000 473,643 0.17 

BETonSPORTS 66,589 138,565 0.05 

Blacks Leisure Group 115,500 716,740 0.25 

Bovis Homes Group 107,000 896,987 0.31 

BPP Holdings 127,399 582,283 0.20 

Bristol Water Group 57,656 342,790 0.12 

British Vita 140,300 504,918 0.18 

Brown (N) Group 318,000 552,423 0.19 

BTG 328,323 508,746 0.18 

Capital & Regional 52,000 427,031 0.15 

Cardpoint 83,000 162,229 0.06 

Care UK 253,500 1,177,474 0.41 

Carillion 458,875 1,297,605 0.45 

Centaur Holdings 418,564 507,041 0.18 

Charles Taylor Consulting 383,000 1,457,344 0.51 

Chemring Group 100,500 598,263 0.21 

City North Group 149,000 471,725 0.16 

116

INVESCO GT 










EUR % 




Computacenter 101,705 498,294 0.17 

Cranswick 135,432 737,766 0.26 

Crest Nicholson 92,500 479,146 0.17 

CSR 68,647 368,215 0.13 

Dairy Crest Group 122,500 576,962 0.20 

Datamonitor 147,000 278,581 0.10 

Davis Service Group 138,500 785,358 0.27 

Dawson Holdings 60,308 141,182 0.05 

Dechra Pharmaceuticals 231,500 497,213 0.17 

Devro 424,269 712,595 0.25 

Dicom Group 32,600 331,919 0.12 

Dignity 128,653 544,989 0.19 

Domestic & General Group 73,400 604,407 0.21 

Domnick Hunter Group 127,313 704,892 0.25 

e2v Holdings 204,777 526,563 0.18 

East Surrey Holdings 120,892 592,074 0.21 

Electronic Data Process 360,798 383,437 0.13 

Enterprise 170,836 736,378 0.26 

Fenner 403,000 664,892 0.23 

Ferraris Group 163,151 287,363 0.10 

First Choice Holidays 293,921 535,168 0.19 

First Technology 136,500 590,404 0.21 

Forth Ports 46,786 776,770 0.27 

Fuller Smith & Turner 19,600 205,385 0.07 

Game Group 512,398 468,388 0.16 

Go-Ahead Group 43,050 717,942 0.25 

Grainger Trust 29,800 785,323 0.27 

Greene King 54,000 837,548 0.29 

Greggs 9,746 505,563 0.18 

Group 4 Securicor 377,000 655,617 0.23 

Gyrus Group 200,000 631,702 0.22 

Headlam Group 77,720 455,725 0.16 

Hiscox 321,000 827,805 0.29 

Homeserve 79,100 735,994 0.26 

Incisive Media 157,000 270,695 0.09 

International Energy Group 303,018 799,448 0.28 

Interserve 167,500 680,919 0.24 

† INVESCO Continental Smaller Companies Trust 4,250,000 3,205,888 1.12 

ISIS Asset Management 110,000 325,364 0.11 

iSOFT Group 127,690 687,762 0.24 

Isotron 101,800 601,462 0.21 

ITNET 172,400 467,653 0.16 

James Halstead 101,000 746,107 0.26 

JJB Sports 168,151 473,622 0.17 


Kiln 203,000 223,281 0.08 

Laird Group 162,500 790,417 0.28 

Linx Printing Technologies 90,000 384,595 0.13 

London Scottish Bank 364,000 654,651 0.23 

Luminar 120,000 731,957 0.26 

Marshalls 159,875 610,119 0.21 

Mccarthy & Stone 85,552 731,493 0.26 

# Medical Property Investment Fund 230,336 350,921 0.12 

Medical Solutions 323,000 183,636 0.06 

Meggitt 388,735 1,310,160 0.46 

Merchant Retail Group 396,000 900,554 0.31 

Mersey Docks & Harbour 12,000 124,408 0.04 

Microgen 300,434 247,837 0.09 

Minorplanet Systems 512,428 97,111 0.03 

Mouchel Parkman 196,625 571,359 0.20 

Mountview Estates 9,160 537,794 0.19 

NCC Group 60,013 165,467 0.06 

Nord Anglia Education 151,343 449,900 0.16 

Northgate 199,843 2,034,712 0.71 

Northgate Information Solutions 551,867 472,682 0.17 

Northumbrian Water Group 300,000 628,172 0.22 

Office2office 89,510 249,457 0.09 

Paladin Resources 369,408 722,717 0.25 

117

INVESCO GT 










EUR % 




Patientline 160,000 249,707 0.09 

Peacock Group 157,632 543,570 0.19 

Pennon Group 53,600 651,093 0.23 

PHS Group 457,000 513,694 0.18 

Pillar Property 59,860 571,875 0.20 

Plasmon 199,761 642,824 0.22 

PZ Cussons 26,000 469,540 0.16 

Quintain Estates & Development 134,500 922,108 0.32 

RAC 141,179 1,408,043 0.49 

Ridge Mining 163,391 134,786 0.05 

Rotork 108,000 630,067 0.22 

Royalblue Group 27,769 173,354 0.06 

RPS Group 276,272 510,219 0.18 

Sanctuary Group 1,355,000 903,789 0.32 

ScS Upholstery 136,000 536,694 0.19 

Serco Group 379,566 1,121,290 0.39 

Shaftesbury 165,500 684,473 0.24 

SIG 214,629 1,312,749 0.46 

Sinclair Pharma 195,997 298,605 0.10 

Spectris 101,000 644,399 0.23 

Speedy Hire 93,500 566,321 0.20 

Spirax-Sarco Engineering 87,850 718,171 0.25 

Sportingbet 302,403 464,087 0.16 

Stanley Leisure 77,000 504,722 0.18 

South Staffordshire 40,900 478,736 0.17 

Sygen International 750,000 401,317 0.14 

Synergy Healthcare 108,354 517,785 0.18 

T&F Informa 157,248 830,899 0.29 

Taylor Nelson Sofres 296,031 887,716 0.31 

Town Centre Securities 66,315 274,511 0.10 

Tullow Oil 240,000 457,947 0.16 


Ultraframe 101,348 107,331 0.04 

Vardy 88,400 594,558 0.21 

Venture Production 151,570 533,931 0.19 

Victrex 89,000 439,189 0.15 

VT Group 445,887 1,758,766 0.61 

Weir Group 73,400 303,158 0.11 

Wellington Underwriting 585,000 706,484 0.25 

Westbury 123,170 778,296 0.27 

Wetherspoon (J.D.) 155,000 544,862 0.19 

Whatman 213,500 617,221 0.22 

Whitehead Mann Group 107,620 367,912 0.13 

Wincanton 182,750 642,409 0.22 

Wyevale Garden Centres 94,712 461,041 0.16 

––––––––––––– –––––– 

86,133,475 30.11 

––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 

† Open ended fund/† Fondo aperto/† Fondo abierto/† Fundo de investimento aberto/† Avoin rahasto 

# Closed ended fund / # Fondo chiuso / # Fondo finalizado cerrado / # Fundo de investimento fechado / # Suljettu rahasto 

118

INVESCO GT 










EUR % 








––––––––––––– –––––– 


Colruyt 600 65,310 1.60 

Mobistar 1,200 68,130 1.67 

Omega Pharma 500 20,553 0.51 

––––––––––––– –––––– 

153,993 3.78 

––––––––––––– –––––– 



––––––––––––– –––––– 


Topdanmark 700 35,674 0.88 

––––––––––––– –––––– 


BNP Paribas 1,020 51,490 1.26 


Eiffage 700 52,276 1.28 

Elior 2,800 20,496 0.50 

Imerys 700 35,854 0.88 

IPSOS 300 23,691 0.58 

JC Decaux 1,400 22,372 0.55 


Neopost 500 24,570 0.60 


Renault 500 33,100 0.81 


Total 500 80,675 1.98 

Vinci 600 52,968 1.30 

––––––––––––– –––––– 

492,876 12.08 

––––––––––––– –––––– 


Continental 1,300 55,543 1.36 


––––––––––––– –––––– 

259,273 6.36 

––––––––––––– –––––– 





Germanos 1,400 28,308 0.69 

OPAP 3,100 48,918 1.20 


––––––––––––– –––––– 

159,548 3.91 

––––––––––––– –––––– 

119

INVESCO GT 










EUR % 



CRH 1,830 34,733 0.85 

Depfa Bank 5,400 57,969 1.42 

Grafton Group 16,300 115,486 2.83 


Iaws Group 1,300 13,130 0.32 

––––––––––––– –––––– 

451,709 11.07 

––––––––––––– –––––– 




ENI 3,500 59,238 1.46 

Mediaset 5,200 43,966 1.08 


––––––––––––– –––––– 

213,918 5.25 

––––––––––––– –––––– 



––––––––––––– –––––– 






Royal Numico 900 23,427 0.57 

TPG 1,560 29,826 0.73 

––––––––––––– –––––– 

183,064 4.48 

––––––––––––– –––––– 


Aktiv Kapital 2,300 26,311 0.65 

Ekornes 2,700 45,528 1.12 

Smedvig 3,100 29,890 0.73 

Telenor 6,100 36,069 0.88 

––––––––––––– –––––– 

137,798 3.38 

––––––––––––– –––––– 



––––––––––––– –––––– 


Corp Mapfre 5,100 48,170 1.18 

Enagas 2,900 26,390 0.65 



––––––––––––– –––––– 

144,038 3.53 

––––––––––––– –––––– 


Assa Abloy 3,400 33,731 0.82 

Autoliv 1,300 44,793 1.10 

Swedish Match 3,300 27,230 0.67 


Volvo 2,200 61,475 1.51 

––––––––––––– –––––– 

187,181 4.59 

––––––––––––– –––––– 

120

INVESCO GT 










EUR % 


Geberit 100 57,769 1.42 


Swatch Group 280 28,207 0.69 

Syngenta 800 58,158 1.42 

UBS 1,000 55,775 1.37 

––––––––––––– –––––– 

239,824 5.88 

––––––––––––– –––––– 



Atkins WS 2,400 23,133 0.56 


Cattles 10,200 47,586 1.16 

Centrica 9,400 34,475 0.84 



ICAP 11,500 38,587 0.95 


Inchcape 1,300 32,066 0.79 



Next 1,700 37,839 0.93 

PHS Group 20,800 23,380 0.57 

Punch Taverns 6,200 41,101 1.01 




T&F Informa 4,300 22,721 0.56 

Tesco 10,900 43,561 1.07 





William Hill 4,500 36,403 0.89 

––––––––––––– –––––– 

940,461 23.06 

––––––––––––– –––––– 


DA AMÉRICA 


––––––––––––– –––––– 

––––––––––––– –––––– 



––––––––––––– –––––– 

121

INVESCO GT 










JPY % 








––––––––––––– –––––– 


Colruyt 600 65,310 1.60 

Mobistar 1,200 68,130 1.67 

Omega Pharma 500 20,553 0.51 

––––––––––––– –––––– 

153,993 3.78 

––––––––––––– –––––– 



––––––––––––– –––––– 


Topdanmark 700 35,674 0.88 

––––––––––––– –––––– 


BNP Paribas 1,020 51,490 1.26 


Eiffage 700 52,276 1.28 

Elior 2,800 20,496 0.50 

Imerys 700 35,854 0.88 

IPSOS 300 23,691 0.58 

JC Decaux 1,400 22,372 0.55 


Neopost 500 24,570 0.60 


Renault 500 33,100 0.81 


Total 500 80,675 1.98 

Vinci 600 52,968 1.30 

––––––––––––– –––––– 

492,876 12.08 

––––––––––––– –––––– 


Continental 1,300 55,543 1.36 


––––––––––––– –––––– 

259,273 6.36 

––––––––––––– –––––– 





Germanos 1,400 28,308 0.69 

OPAP 3,100 48,918 1.20 


––––––––––––– –––––– 

159,548 3.91 

––––––––––––– –––––– 

122

INVESCO GT 










JPY % 



CRH 1,830 34,733 0.85 

Depfa Bank 5,400 57,969 1.42 

Grafton Group 16,300 115,486 2.83 


Iaws Group 1,300 13,130 0.32 

––––––––––––– –––––– 

451,709 11.07 

––––––––––––– –––––– 




ENI 3,500 59,238 1.46 

Mediaset 5,200 43,966 1.08 


––––––––––––– –––––– 

213,918 5.25 

––––––––––––– –––––– 



––––––––––––– –––––– 






Royal Numico 900 23,427 0.57 

TPG 1,560 29,826 0.73 

––––––––––––– –––––– 

183,064 4.48 

––––––––––––– –––––– 


Aktiv Kapital 2,300 26,311 0.65 

Ekornes 2,700 45,528 1.12 

Smedvig 3,100 29,890 0.73 

Telenor 6,100 36,069 0.88 

––––––––––––– –––––– 

137,798 3.38 

––––––––––––– –––––– 



––––––––––––– –––––– 


Corp Mapfre 5,100 48,170 1.18 

Enagas 2,900 26,390 0.65 



––––––––––––– –––––– 

144,038 3.53 

––––––––––––– –––––– 


Assa Abloy 3,400 33,731 0.82 

Autoliv 1,300 44,793 1.10 

Swedish Match 3,300 27,230 0.67 


Volvo 2,200 61,475 1.51 

––––––––––––– –––––– 

187,181 4.59 

––––––––––––– –––––– 

123

INVESCO GT 










JPY % 


Geberit 100 57,769 1.42 


Swatch Group 280 28,207 0.69 

Syngenta 800 58,158 1.42 

UBS 1,000 55,775 1.37 

––––––––––––– –––––– 

239,824 5.88 

––––––––––––– –––––– 



Atkins WS 2,400 23,133 0.56 


Cattles 10,200 47,586 1.16 

Centrica 9,400 34,475 0.84 



ICAP 11,500 38,587 0.95 


Inchcape 1,300 32,066 0.79 



Next 1,700 37,839 0.93 

PHS Group 20,800 23,380 0.57 

Punch Taverns 6,200 41,101 1.01 




T&F Informa 4,300 22,721 0.56 

Tesco 10,900 43,561 1.07 





William Hill 4,500 36,403 0.89 

––––––––––––– –––––– 

940,461 23.06 

––––––––––––– –––––– 


DA AMÉRICA 


––––––––––––– –––––– 

--––––––––––––– –––––– 



--––––––––––––– –––––– 

124

INVESCO GT 










JPY % 








Chubu Steel Plate 160,000 156,800,000 2.49 

Hitachi Chemical 15,000 24,345,000 0.39 

Kansai Paint 110,000 77,220,000 1.23 

Kobe Steel 780,000 123,240,000 1.96 

Mitsubishi Gas Chemical 156,000 72,384,000 1.15 

Toho Titanium 31,000 63,240,000 1.01 

Tokyo Steel Manufacturing 35,000 64,400,000 1.02 

––––––––––––– –––––– 

581,629,000 9.25 

––––––––––––– –––––– 


Kadokawa Holdings 23,500 103,400,000 1.64 

KDDI Corp 115 60,490,000 0.96 

Okinawa Cellular Telephone 80 84,800,000 1.36 


––––––––––––– –––––– 

255,190,000 4.06 

––––––––––––– –––––– 



Hoya Corp 5,500 58,025,000 0.92 

TIS 31,500 125,685,000 2.00 

––––––––––––– –––––– 

183,710,000 2.92 

––––––––––––– –––––– 



Aoki International 74,000 106,264,000 1.69 

Bridgestone Corp 44,000 91,300,000 1.45 

Chiyoda 35,500 62,089,500 0.99 

Citizen Watch 58,000 63,800,000 1.01 

Denso Corp 24,000 64,680,000 1.03 

Fast Retailing 7,300 57,670,000 0.92 

Isuzu Motors 300,000 77,100,000 1.23 

Mazda Motor Corp 220,000 78,320,000 1.24 

Mitsukoshi 100,000 52,400,000 0.83 

Musashi Seimitsu Industry 5,000 24,150,000 0.38 

Nissan Shatai 100,000 67,500,000 1.07 

Ohsho Food Service Corp 26,000 34,060,000 0.54 

Point 26,450 72,076,250 1.15 

Sammy Corp 40,300 219,635,000 3.49 

Sankyo Seiki MFG 87,000 89,436,000 1.42 

Sekisui Chemical 195,000 160,485,000 2.56 

Sony Corp 14,500 54,810,000 0.87 

Sumitomo Rubber Industries 175,000 169,050,000 2.69 

Toyota Motor Corp 72,000 311,040,000 4.94 

––––––––––––– –––––– 

1,855,865,750 29.50 

––––––––––––– –––––– 


Nippon Mining Holdings 317,000 159,451,000 2.53 

––––––––––––– –––––– 

125

INVESCO GT 










JPY % 

FUNDS FONDI FONDOS FUNDOS RAHASTOT 

† Alpha Portfolios PLC - INVESCO Japan Alpha Fund 77,043 151,687,682 2.41 

––––––––––––– –––––– 


Aiful Corp 5,700 62,415,000 0.99 


Mitsubishi Tokyo Financial Group 205 201,925,000 3.21 

Mitsui Trust Holdings 152,000 119,472,000 1.90 

Mizuho Financial Group 290 128,180,000 2.04 

OMC Card 160,000 166,080,000 2.64 

ORIX Corp 6,000 67,380,000 1.07 

Sumitomo Realty & Development 77,000 92,169,000 1.47 

T&D Holdings 14,000 69,720,000 1.11 

Tachihi Enterprise 13,000 61,880,000 0.98 

Tokyu Land Corp 270,000 87,750,000 1.39 

UFJ Holdings 342 187,416,000 2.98 

––––––––––––– –––––– 

1,372,787,000 21.82 

––––––––––––– –––––– 


Arrk Corp 14,500 61,625,000 0.98 

Casio Computer 70,000 100,030,000 1.59 

Eizo Nanao Corp 35,000 98,175,000 1.56 

Hitachi Construction Machinery 65,000 89,180,000 1.42 

Kawasaki Kisen Kaisha 140,000 98,140,000 1.56 

Komori Corp 22,000 33,748,000 0.54 

Kubota Corp 115,000 63,250,000 1.01 


Kyoden 100,000 120,000,000 1.91 

Mitsui OSK Lines 210,000 136,500,000 2.17 

Nippon Sheet Glass 335,000 132,325,000 2.10 

NTN Corp 110,000 65,560,000 1.04 

Sankyo-Tateyama Holdings 130,000 42,380,000 0.67 

Shima Seiki Manufacturing 18,000 60,660,000 0.96 

Sumida Corp 22,000 62,040,000 0.99 

––––––––––––– –––––– 

1,226,833,000 19.50 

––––––––––––– –––––– 


Fujitsu 215,000 145,770,000 2.32 

Otsuka Corp 10,000 62,800,000 1.00 

Rohm 4,900 55,615,000 0.88 

Seiko Epson Corp 13,500 60,615,000 0.96 

TDK Corp 13,000 94,250,000 1.50 

––––––––––––– –––––– 

419,050,000 6.66 

––––––––––––– –––––– 

––––––––––––– –––––– 


Investments Investimenti Inversiones Investimentos Yhteensä 6,206,203,432 98.65 

––––––––––––– –––––-- –––––– 


126

INVESCO GT 










US$ % 







China Life Insurance 1,015,000 603,542 0.42 

China Petroleum & Chemical Corp 3,992,000 1,554,341 1.07 

China Shipping Development 2,148,000 1,480,211 1.02 

China Telecom Corp 4,136,000 1,332,551 0.92 

Datang International Power Generation 1,108,000 862,973 0.60 

Hengan International Group 1,136,000 671,851 0.46 

Huaneng Power International 880,000 657,188 0.45 

Jiangsu Express 852,000 345,392 0.24 

PetroChina 4,866,000 2,440,517 1.69 

PICC Property & Casualty 2,090,000 673,364 0.47 

––––––––––––– –––––– 

10,621,930 7.34 

––––––––––––– –––––– 

HONG KONG HONG KONG HONG KONG HONG KONG HONGKONG 



Chaoda Modern Agriculture 522,000 144,723 0.10 




China Mobile Hong Kong 177,000 515,689 0.36 

CITIC International Financial Holdings 1,472,000 606,359 0.42 

CNOOC 2,186,000 1,026,312 0.71 

Cofco International 1,020,000 413,498 0.28 

COSCO Pacific 868,000 1,310,363 0.91 

Global Bio-Chem Technology Group 408,000 294,235 0.20 

Hong Kong & China Gas 778,000 1,398,922 0.97 



Sun Hung Kai Properties 257,000 2,392,931 1.65 

Swire Pacific 327,000 2,311,039 1.60 

Wharf Holdings 518,000 1,705,105 1.18 

––––––––––––– –––––– 

25,793,861 17.82 

––––––––––––– –––––– 

INDIA INDIA INDIA ÍNDIA INTIA 

UBS-Tata ConsultingP/N 10/10/2005 45,260 961,160 0.67 

––––––––––––– –––––– 


Morgan Stanley Taiwan Semiconductor Manufacturing Wts 19/10/2005 184,451 289,281 0.20 

––––––––––––– –––––– 

MALAYSIA MALESIA MALASIA MALÁSIA MALESIA 

AMMB Holdings 1,428,000 1,228,832 0.85 

Commerce Asset Holdings 1,121,000 1,359,950 0.94 

IGB Corp 2,230,000 707,145 0.49 

IOI Corp 324,000 733,263 0.51 

Magnum Corp 2,353,000 1,483,009 1.02 

Malayan Banking 254,000 691,816 0.48 

New Straits Times Press 1,341,000 1,337,471 0.92 

PLUS Expressways 1,051,000 681,767 0.47 

SP Setia 654,000 617,858 0.43 

Tanjong 210,700 684,775 0.47 


UMW Holdings 536,000 692,568 0.48 

YTL Corp Wts 26/06/2009 11,550 2,090 0.00 

––––––––––––– –––––– 

11,218,281 7.75 

––––––––––––– –––––– 

127

INVESCO GT 










US$ % 

PHILIPPINES FILIPPINE FILIPINAS FILIPINAS FILIPPIINIT 

Ayala Land 6,636,000 632,113 0.44 

Globe Telecom 43,700 682,752 0.47 

SM Prime Holdings 1,255,200 128,504 0.09 

––––––––––––– –––––– 

1,443,369 1.00 

––––––––––––– –––––– 

SINGAPORE SINGAPORE SINGAPUR SINGAPURA SINGAPORE 

City Developments 348,000 1,274,967 0.88 

City Developments Preference 284,400 193,447 0.13 

DBS Group Holdings 257,000 2,340,797 1.62 

Oversea-Chinese Banking Corp 217,000 1,678,733 1.16 

SembCorp Industries 1,470,000 1,124,332 0.78 

SembCorp Logistics 1,177,000 1,491,222 1.03 

Singapore Airlines 97,000 622,975 0.43 

Singapore Land 5,000 12,640 0.01 

Singapore Press Holdings 291,275 732,970 0.51 

Singapore Technologies Engineering 1,128,000 1,379,746 0.95 

United Overseas Bank 297,000 2,314,961 1.60 

Venture Corp 65,000 645,161 0.44 

––––––––––––– –––––– 

13,811,951 9.54 

––––––––––––– –––––– 

SOUTH KOREA COREA DEL SUD COREA DEL SUR COREIA DO SUL ETELÄ-KOREA 

Anam Semiconductor 1 2 0.00 

CJ Corp 38,500 1,962,018 1.36 

Hanil Cement Manufacturing 24,470 1,034,056 0.71 

Hyundai Department Store 59,200 1,765,438 1.22 

Hyundai Motor 98,700 4,277,985 2.96 

Kia Motors Corp 232,700 2,045,481 1.41 

Kookmin Bank 191,313 6,108,031 4.22 

Korean Reinsurance 180,600 598,159 0.41 

POSCO 11,800 1,692,885 1.17 


Samsung Fire & Marine Insurance 26,290 1,569,160 1.08 

Shinhan Financial Group 304,360 5,159,204 3.57 

SK Telecom 38,500 5,790,793 4.00 

––––––––––––– –––––– 

45,236,901 31.25 

––––––––––––– –––––– 


Acer 1,113,530 1,481,328 1.02 

Advanced Semiconductor Engineering 1,734,136 1,262,949 0.87 

Asustek Computer 1,179,337 2,632,101 1.82 

Cathay Financial Holding 517,000 903,355 0.63 

Cathay Financial Holding GDR 38,197 670,357 0.46 

*China Steel Corp GDR 47,610 886,260 0.61 

Chinatrust Financial Holding 921,853 971,868 0.67 

Chunghwa Telecom 739,000 1,171,896 0.81 

Far EasTone Telecommunications 1,438,400 1,406,614 0.97 

HON HAI Precision Industry 345,045 1,129,800 0.78 

MediaTek 184,349 1,299,281 0.90 

**Powertech Technology 830,672 1,439,238 0.99 

President Chain Store Corp 658,788 976,985 0.68 

Taishin Financial Holdings 2,263,389 1,721,512 1.19 

Taiwan Semiconductor Manufacturing 1,910,815 2,637,348 1.82 

United Microelectronics Corp 3,534,844 2,397,912 1.66 

**Yuanta Core Pacific Securities 1,003,914 666,279 0.46 

––––––––––––– –––––– 

23,655,083 16.34 

––––––––––––– –––––– 

128

INVESCO GT 










US$ % 

THAILAND THAILANDIA TAILANDIA TAILÂNDIA THAIMAA 

Bangkok Bank 664,000 1,475,201 1.02 

Krung Thai Bank 5,204,200 1,012,466 0.70 

National Finance 100 30 0.00 

––––––––––––– –––––– 

2,487,697 1.72 

––––––––––––– –––––– 



HSBC Holdings 115,600 1,797,010 1.24 

––––––––––––– –––––– 


______________ _________ 

Investments Investimenti Inversiones Investimentos Yhteensä 

______________ 

137,316,524 

______________ 

_________ 

94.87 

_________ 




129

INVESCO GT 










US$ % 







China Oriental Group 1,038,000 165,683 0.11 

COSCO Pacific 2,596,000 3,919,012 2.51 

––––––––––– –––––– 

4,084,695 2.62 

––––––––––– –––––– 

CAYMAN ISLANDS ISOLE CAYMAN ISLAS CAIMÁN ILHAS CAYMAN CAYMAN-SAARET 

China Mengniu Dairy 4,577,000 2,882,960 1.84 

Netease.com ADR 30,700 1,100,135 0.70 

Shanda Interactive Entertainment ADR 40,000 873,000 0.56 

Tencent Holdings 799,000 377,788 0.24 

––––––––––– –––––– 

5,233,883 3.34 

––––––––––– –––––– 


*China International Marine Containers 3,438,381 4,818,203 3.08 

Datang International Power Generation 1,900,000 1,479,827 0.95 

Huadian Energy 2 1 - 

Huaneng Power International 3,738,000 2,791,555 1.78 

Jiangsu Express 4,900,000 1,986,410 1.27 

Lianhua Supermarket Holdings 1,771,000 1,714,259 1.10 

PetroChina 10,644,000 5,338,444 3.41 

*Shenzhen Chiwan Wharf Holdings 1,546,988 2,380,012 1.52 

**UBS - Shenzhen Yantian Port Holding P/N 08/07/2005 1,430,174 1,587,143 1.01 

**UBS - Sinotrans Air Transportation Development P/N 08/07/2005 1,047,841 898,247 0.57 

**UBS - Tianjin Port Group P/N 08/07/2005 685,597 982,016 0.63 

*Weifu High-Technology 1,440,143 1,117,048 0.71 

Wumart Stores 1,350,000 2,185,124 1.40 

Yanzhou Coal Mining 1,342,000 1,449,551 0.93 

*Zhejiang Southeast Electric Power 3,300,000 2,148,300 1.37 

––––––––––– –––––– 

30,876,140 19.73 

––––––––––– –––––– 


Arts Optical International Hldgs 2,676,000 879,317 0.56 

ASM Pacific Technology 443,000 1,480,945 0.95 



Chen Hsong Holdings 3,100,000 1,604,469 1.03 




CITIC International Financial Holdings 4,140,000 1,705,383 1.09 

Comba Telecom Systems Holdings 5,348,000 2,896,870 1.85 

Dah Sing Banking Group 1,564,000 3,153,105 2.02 

Dickson Concepts International 3,135,000 3,084,799 1.97 

Henderson Land Development 930,000 4,548,712 2.91 

Hengan International Group 4,468,000 2,642,455 1.69 

Hong Kong & China Gas 2,400,000 4,315,440 2.76 

Hopewell Holdings 898,000 1,942,813 1.24 

Hung Hing Printing Group 3,297,000 2,472,782 1.58 


IDT International 2,784,000 663,885 0.42 

Industrial & Commercial Bank of China/Hong Kong 1,300,000 1,770,856 1.13 

International Bank Of Asia 8,800,000 3,371,120 2.15 

JCG Holdings 3,182,000 2,988,263 1.91 

130

INVESCO GT 










US$ % 



Kingboard Chemicals Holdings 710,000 1,328,991 0.85 

Midland Realty Holdings 10,900,000 3,406,992 2.18 

Next Media 5,200,000 1,774,689 1.13 


Raymond Industrial 3,100,000 844,562 0.54 

Singamas Container Holdings 3,824,000 1,917,908 1.23 

Skyworth Digital Holdings 7,242,000 2,077,924 1.33 

Solomon Systech International 11,934,000 2,608,683 1.67 

Sun Hung Kai Properties 1,082,000 10,074,520 6.44 

Swire Pacific 380,000 2,685,613 1.72 

Wharf Holdings 1,200,000 3,950,051 2.52 

––––––––––– –––––– 

90,403,203 57.79 

––––––––––– –––––– 



HSBC Holdings 699,578 10,874,990 6.95 

––––––––––– –––––– 

––––––––––– –––––– 



––––––––––– –––––– 




131

INVESCO GT 










US$ % 







*Amcor 26,667 136,844 0.50 

––––––––––– –––––– 

CANADA CANADA CANADÁ CANADÁ KANADA 

*ERG Resources 100,000 - - 

Four Seasons Hotels 3,200 183,614 0.68 

––––––––––– –––––– 

183,614 0.68 

––––––––––– –––––– 


Nokia 20,000 233,217 0.86 

––––––––––– –––––– 


AXA 17,700 361,916 1.33 


Total 1,800 350,767 1.29 

––––––––––– –––––– 

833,061 3.06 

––––––––––– –––––– 


Bayerische Motoren Werke 5,600 231,444 0.85 

Infineon Technologies 5,500 53,672 0.20 

Muenchener Rueckversicherungs 1,671 157,920 0.58 

Porsche 300 183,474 0.67 

SAP ADR 4,619 170,441 0.63 

––––––––––– –––––– 

796,951 2.93 

––––––––––– –––––– 


Sun Hung Kai Properties 22,000 204,842 0.76 

––––––––––– –––––– 

ISRAEL ISRAELE ISRAEL ISRAEL ISRAEL 


––––––––––– –––––– 


ENI 15,000 306,618 1.13 

––––––––––– –––––– 


Aiful Corp 2,000 199,327 0.73 

Canon 7,000 332,575 1.22 

Mitsubishi Estate 21,000 235,287 0.87 

Mitsui Fudosan 14,000 154,182 0.57 

Nintendo 2,100 225,539 0.83 

Nippon Telegraph & Telephone Corp 30 129,426 0.48 

Nomura Holdings 15,000 205,880 0.76 

Sony Corp 7,100 244,270 0.90 


TDK Corp 4,000 263,948 0.97 

Tokyo Broadcasting System 11,000 173,604 0.64 

Yamanouchi Pharmaceutical 5,000 172,477 0.63 

––––––––––– –––––– 

2,421,943 8.91 

––––––––––– –––––– 


Arcelor 15,720 267,131 0.98 

––––––––––– –––––– 

132

INVESCO GT 










US$ % 



––––––––––– –––––– 


ING Groep 7,500 180,710 0.67 

––––––––––– –––––– 


Antena 3 de Television 114 5,609 0.02 

Banco Santander Central Hispano 28,000 271,720 1.00 

Telefonica 21,000 297,125 1.09 

––––––––––– –––––– 

574,454 2.11 

––––––––––– –––––– 


Alcon 2,000 150,200 0.55 

Converium Holding 6,800 136,714 0.50 

Credit Suisse Group 4,800 147,997 0.54 

Novartis 3,700 170,434 0.63 

Serono 400 252,300 0.93 

Swiss Reinsurance 2,000 111,233 0.41 

UBS 5,200 350,284 1.29 

––––––––––– –––––– 

1,319,162 4.85 

––––––––––– –––––– 


Taiwan Semiconductor Manufacturing ADR 22,274 169,505 0.62 

––––––––––– –––––– 



AstraZeneca 6,000 274,495 1.01 

Aviva 11,000 105,102 0.39 

BP 30,000 266,916 0.98 

British Sky Broadcasting 25,000 217,325 0.80 


HSBC Holdings 25,000 388,537 1.43 

Lloyds TSB Group 34,500 257,408 0.95 



WPP Group 19,300 173,838 0.64 

––––––––––– –––––– 

2,953,162 10.86 

––––––––––– –––––– 


DA AMÉRICA 

Abbott Laboratories 2,390 98,516 0.36 

Alcoa 4,600 149,591 0.55 

Allergan 2,000 148,000 0.54 

Allstate Corp 6,000 284,640 1.05 

Altera Corp 3,900 74,237 0.27 


AmerisourceBergen Corp 1,871 101,146 0.37 

Amgen 6,000 354,210 1.30 

Anadarko Petroleum Corp 4,000 234,160 0.86 

Anheuser-Busch 2,700 141,912 0.52 



Avon Products 6,000 265,200 0.98 


Bank of New York 8,300 245,182 0.90 

Baxter International 2,340 70,457 0.26 

BEA Systems 6,100 40,413 0.15 

Biogen Idec 2,500 146,563 0.54 

Boeing 4,200 217,854 0.80 


Broadcom Corp 2,700 74,169 0.27 

Caterpillar 2,000 144,500 0.53 


133

INVESCO GT 










US$ % 

UNITED STATES STATI UNITI ESTADOS UNIDOS ESTADOS UNIDOS 

DA AMÉRICA 

YHDYSVALLAT 


Cisco Systems 19,000 361,665 1.33 

CIT Group 6,500 229,125 0.84 

Citigroup 11,000 510,510 1.88 

Dell 9,000 316,260 1.16 

eBay 2,600 222,261 0.82 


Eli Lilly 5,000 316,000 1.16 

EMC 9,700 103,208 0.38 

**Enron Corp 10,000 440 - 


Fannie Mae 3,900 288,678 1.06 

Forest Laboratories 4,010 185,623 0.68 



HCA 1,920 73,574 0.27 


Hospira 239 6,585 0.02 

Intel Corp 14,000 302,470 1.11 

JDS Uniphase Corp 19,700 60,381 0.22 



King Pharmaceuticals 8,213 101,348 0.37 


Lehman Brothers Holdings 2,400 175,608 0.65 

Liberty Media Corp 19,052 167,658 0.62 

Liberty Media International 952 30,940 0.11 


Lockheed Martin Corp 1,500 80,580 0.30 

Lowe’s 5,000 250,100 0.92 

Marsh & McLennan 7,000 310,520 1.14 

McGraw-Hill 3,500 261,660 0.96 

Medtronic 6,000 297,480 1.10 

Micron Technology 17,000 195,160 0.72 


Millennium Pharmaceuticals 4,660 53,707 0.20 

Monsanto 5 183 - 

Motorola 16,500 267,300 0.98 

NPS Pharmaceuticals 3,600 74,340 0.28 

Omnicom Group 3,000 208,950 0.77 

Oracle Corp 20,000 202,100 0.74 

Peoplesoft 10,300 177,006 0.65 

Pfizer 19,000 613,510 2.26 



Schering-Plough Corp 7,340 137,111 0.51 

Solectron Corp 14,000 72,520 0.27 


State Street Corp 3,400 152,830 0.56 

Texas Instruments 3,700 72,927 0.27 

Time Warner 9,600 157,439 0.58 


Veritas Software Corp 10,000 174,050 0.64 

Viacom 9,700 327,375 1.20 

Walgreen 7,700 279,510 1.03 


Wells Fargo 5,300 309,467 1.14 

Wyeth 9,000 331,650 1.22 

Xilinx 2,600 71,487 0.27 

Yahoo! 7,600 216,182 0.80 

––––––––––– –––––– 

16,466,383 60.57 

––––––––––– –––––– 

––––––––––– –––––– 



––––––––––– –––––– 



134

INVESCO GT 

LEISURE FUND 









US$ % 







News Corp ADR 122,956 3,643,186 2.95 

–––––––––––––– –––––– 


Groupe Bruxelles Lambert 51,594 3,223,122 2.61 

Interbrew 21,500 677,080 0.55 

Nationale A Portefeuille 2,500 378,630 0.31 

–––––––––––––– –––––– 

4,278,832 3.47 

–––––––––––––– –––––– 

BRAZIL BRASILE BRASIL BRASIL BRASILIA 

Companhia de Bebidas das Americas ADR 33,630 724,727 0.59 

–––––––––––––– –––––– 


Intrawest Corp 61,730 958,050 0.78 

–––––––––––––– –––––– 


Carlsberg 26,400 1,222,976 0.99 

–––––––––––––– –––––– 


Accor 38,400 1,613,940 1.31 

JC Decaux 37,300 719,884 0.58 

–––––––––––––– –––––– 

2,333,824 1.89 

–––––––––––––– –––––– 


SCMP Group 206,900 78,915 0.06 

Television Broadcasts 102,400 422,734 0.34 

–––––––––––––– –––––– 

501,649 0.40 

–––––––––––––– –––––– 


Sony Corp ADR 10,690 368,484 0.30 

–––––––––––––– –––––– 

KOREA COREA COREA COREIA KOREA 

*Hite Brewery 7,557 515,675 0.42 

–––––––––––––– –––––– 


Heineken 23,575 704,415 0.57 

Jetix Europe 109,240 1,635,989 1.32 

–––––––––––––– –––––– 

2,340,404 1.89 

–––––––––––––– –––––– 


NH Hoteles 65,200 679,178 0.55 

–––––––––––––– –––––– 


Compagnie Financiere Richemont 32,600 825,179 0.67 

Pargesa Holding 363 961,188 0.78 

–––––––––––––– –––––– 

1,786,367 1.45 

–––––––––––––– –––––– 



Allied Domecq 298,400 2,371,689 1.92 

Diageo 61,800 758,553 0.61 

WPP Group 188,600 1,698,750 1.37 

–––––––––––––– –––––– 

4,828,992 3.90 

–––––––––––––– –––––– 

135

INVESCO GT 

LEISURE FUND 









US$ % 


DA AMÉRICA 

YHDYSVALLAT 

Anheuser-Busch 64,530 3,391,697 2.74 

Belo Corp 52,410 1,195,472 0.97 

Cablevision Systems Corp 191,350 3,509,359 2.84 

Carnival Corp 45,000 2,035,350 1.65 

CBRL Group 53,200 1,691,760 1.37 

Cedar Fair 8,900 262,550 0.21 

Cendant Corp 97,420 2,080,891 1.68 

Citadel Broadcasting Corp 10,500 152,250 0.12 

Clear Channel Communications 49,600 1,696,320 1.37 

Columbia Sportswear 14,800 805,194 0.65 

Comcast Corp 71,300 1,991,052 1.61 

DIRECTV Group 23,312 373,458 0.30 

EchoStar Communications Corp 61,350 1,888,046 1.53 


EW Scripps 13,000 1,325,740 1.07 

Fox Entertainment Group 36,400 986,804 0.80 

Gannett Co 23,030 1,946,265 1.57 

Gray Television 95,800 1,294,258 1.05 


Harrah’s Entertainment 137,370 6,494,854 5.25 

Harte-Hanks 48,950 1,199,275 0.97 

Hasbro 53,300 983,918 0.80 

Hilton Hotels Corp 103,010 1,833,578 1.48 

InterActiveCorp 58,570 1,357,360 1.10 

International Game Technology 251,572 7,225,148 5.85 

† iShares Russell 1000 Index Fund 21,900 1,291,881 1.05 

† iShares S&P 500 Index Fund 7,600 840,864 0.68 

Knight-Ridder 35,409 2,273,966 1.84 

Leapfrog Enterprises 22,600 454,938 0.37 

Liberty Media Corp 508,360 4,501,975 3.64 

Liberty Media International 25,380 830,347 0.67 

Mandalay Resort Group 8,600 579,468 0.47 

Marriott International 36,482 1,719,761 1.39 


Mattel 39,298 634,663 0.51 

McClatchy 21,850 1,571,015 1.27 

McGraw-Hill 13,310 995,056 0.81 

Metro-Goldwyn-Mayer 92,935 1,072,470 0.87 

MGM Mirage 18,650 769,499 0.62 

NBTY 59,800 1,418,456 1.15 

New York Times 15,920 647,307 0.52 

Nike 11,300 844,449 0.68 

NTL 10,126 550,196 0.45 

Omnicom Group 107,009 7,453,177 6.03 

Pixar 15,740 1,195,059 0.97 

Polo Ralph Lauren Corp 72,200 2,633,134 2.13 

Regal Entertainment Group 26,700 491,280 0.40 

Royal Caribbean Cruises 26,300 1,072,514 0.87 

Sinclair Broadcast Group 88,620 707,188 0.57 

Spanish Broadcasting System 41,920 363,656 0.29 

SPDR Trust Series 1 10,900 1,204,777 0.97 

Starwood Hotels & Resorts Worldwide 67,677 2,983,879 2.41 

Target Corp 26,000 1,163,240 0.94 

Time Warner 185,380 3,040,232 2.46 

Tribune 33,500 1,392,260 1.13 


Viacom 49,490 1,670,288 1.35 

Walt Disney 60,070 1,345,568 1.09 

Wynn Resorts 43,600 1,687,538 1.37 

Yum! Brands 20,600 807,520 

–––––––––––––– 

98,197,557 

–––––––––––––– 

0.65 

–––––– 

79.44 

–––––– 


–––––––––––––– –––––– 


–––––––––––––– –––––– 

*Transferable securities traded on other regulated markets/*Valori mobiliari negoziati in altri mercati regolamentati/**Valores negociables negociados en otros mercados 

organizados/*Valores negociáveis negociados noutros mercados regulados/*Arvopaperit, joista käydään kauppaa muilla säädellyillä markkinoilla 

† Open ended fund/† Fondo aperto/† Fondo abierto/† Outros valores negociáveis/† Muut siirtokelpoiset arvopaperit 

136

INVESCO GT 

ENERGY FUND 









US$ % 







Nabors Industries 26,000 1,127,100 2.80 

––––––––––– –––––– 


Canadian Natural Resources 35,000 1,111,600 2.77 

Nexen 21,000 729,540 1.82 

Talisman Energy 55,000 1,221,550 3.04 

––––––––––– –––––– 

3,062,690 7.63 

––––––––––– –––––– 


Total ADR 12,000 1,163,160 2.89 

––––––––––– –––––– 



BP ADR 34,000 1,810,840 4.51 

John Wood Group 110,000 253,004 0.63 

––––––––––– –––––– 

2,063,844 5.14 

––––––––––– –––––– 


DA AMÉRICA 

YHDYSVALLAT 

Apache Corp 20,000 882,000 2.19 

BJ Services 18,000 841,680 2.10 


ConocoPhillips 20,000 1,463,600 3.64 

Consol Energy 36,000 1,119,960 2.79 

Cooper Cameron Corp 15,500 775,310 1.93 


EOG Resources 22,000 1,253,780 3.12 


FMC Technologies 32,000 979,840 2.44 

Grant Prideco 24,700 441,142 1.10 

Kerr-McGee Corp 23,000 1,194,160 2.97 

Lyondell Chemical 60,000 1,165,200 2.90 

Magnum Hunter Resources 80,000 815,200 2.03 

Marathon Oil Corp 31,000 1,098,020 2.73 

Murphy Oil Corp 29,000 2,105,400 5.24 

National-Oilwell 37,000 1,088,540 2.71 

Newfield Exploration 17,000 929,900 2.31 

Noble Corp 27,000 1,050,840 2.62 

Noble Energy 13,000 655,980 1.63 

Occidental Petroleum Corp 19,200 977,664 2.43 

Patterson-UTI Energy 55,000 930,875 2.32 

Peabody Energy Corp 13,000 696,150 1.73 

Pioneer Natural Resources 35,000 1,142,400 2.84 

Pride International 38,000 681,340 1.70 

Rowan 50,000 1,186,500 2.95 

Smith International 18,000 1,008,360 2.51 

Unocal Corp 31,000 1,156,300 2.88 


Weatherford International 25,000 1,135,000 2.83 

Williams 37,000 433,270 1.08 

––––––––––– –––––– 

30,636,411 76.25 

––––––––––– –––––– 

––––––––––– –––––– 



––––––––––– –––––– 

137

INVESCO GT 

DOLLAR RESERVE FUND 









US$ % 






Alliance & Leicester FRN USD 04/04/2007 9,000,000 9,008,811 7.94 

Arran Master Trust FRN USD 15/03/2007 4,000,000 4,003,360 3.53 

Bank One NA/Chicago FRN USD 05/07/2006 10,000,000 10,035,440 8.84 

Britannia Building Society FRN USD 20/01/2005 2,000,000 2,000,313 1.76 

Caixa Geral De Depositos Finance/Cayman Islands FRN USD 26/05/2005 3,000,000 3,002,014 2.65 

Canadian Imperial Bank of Commerce/New York FRN USD 29/10/2004 1,500,000 1,500,909 1.32 

Discover Card Master Trust FRN USD 18/09/2007 3,000,000 3,002,813 2.65 

First USA Credit Card Master Trust FRN USD 10/04/2009 2,000,000 2,006,250 1.77 

Fokus Bank FRN USD 01/09/2005 1,500,000 1,501,624 1.32 


National Westminster Finance FRN USD 29/04/2005 1,000,000 1,000,000 0.88 

Tesco PLC FRN USD 25/05/2006 5,000,000 5,005,000 4.41 

**Toyota Motor Credit Corp FRN USD 17/03/2005 5,000,000 5,000,500 4.41 

––––––––––– –––––– 



––––––––––– –––––– 


138

INVESCO GT 

EURO RESERVE FUND 









EUR % 






Alliance & Leicester FRN EUR 27/01/2006 6,000,000 5,997,600 4.29 

Bank of Nova Scotia FRN EUR 20/07/2006 10,000,000 9,995,500 7.16 

Banque Sofinco FRN EUR 28/10/2004 1,000,000 1,000,423 0.72 

Beta Finance Corp FRN EUR 01/12/2005 10,000,000 10,006,250 7.16 

BHW Bausparkasse FRN EUR 26/10/2004 500,000 500,025 0.36 

Danske Bank FRN EUR 30/10/2006 10,000,000 9,992,500 7.15 

*Holmes Financing FRN EUR 15/07/2040 3,000,000 3,009,000 2.15 

H*olmes Funding FRN EUR 15/11/2035 1,000,000 1,000,300 0.72 

Monumental Global Funding FRN EUR 20/10/2004 2,000,000 1,999,884 1.43 

National Australia Bank FRN EUR 02/07/2007 10,000,000 9,993,100 7.15 

*Nationwide Building Society FRN EUR 29/09/2005 3,000,000 3,002,330 2.15 

Societe Generale FRN EUR 30/06/2006 5,000,000 5,000,600 3.58 

Unicredito Italiano Bank/Ireland FRN EUR 07/10/2005 10,000,000 9,994,750 7.16 

**Westland/Utrecht Hypbank FRN EUR 21/09/2004 2,000,000 2,000,200 1.43 

––––––––––– –––––– 



––––––––––– –––––– 


otros mercados organizados/*Valores negociáveis negociados noutros mercados regulados/*Arvopaperit, joista käydään kauppaa muilla säädellyillä markkinoilla 


139

INVESCO GT 

GLOBAL BOND FUND 









US$ % 






African Development Bank 3.25% USD 01/08/2008 300,000 299,160 1.77 

Austria Government International Bond 4.375% USD 30/08/2010 200,000 205,130 1.22 

Bundesobligation 4% EUR 16/02/2007 635,000 790,657 4.69 

Bundesschatzanweisungen 2.5% EUR 18/03/2005 1,290,000 1,561,269 9.26 

Canadian Government Bond 5% CAD 01/06/2014 1,210,000 945,620 5.60 

Denmark Government Bond 4% DKK 15/08/2008 7,500,000 1,250,589 7.41 

Deutsche Bundesrepublik 4% EUR 04/07/2009 1,070,000 1,331,126 7.89 


Deutsche Bundesrepublik 4.75% EUR 04/07/2028 920,000 1,119,686 6.64 

Development Bank of Japan 1.6% JPY 20/06/2014 120,000,000 1,093,947 6.48 

Development Bank of Japan 1.05% JPY 20/06/2023 70,000,000 521,927 3.09 

Fannie Mae 2.125% JPY 09/10/2007 60,000,000 575,546 3.41 

Fannie Mae 1.75% JPY 26/03/2008 50,000,000 475,949 2.82 

France Government Bond OAT 5% EUR 25/10/2016 300,000 387,836 2.30 

Freddie Mac 4.75% EUR 15/01/2013 290,000 365,080 2.16 

French Treasury Note 5% EUR 12/07/2005 605,000 747,907 4.44 

Hungary Government International Bond 4.5% EUR 29/01/2014 180,000 221,721 1.31 

Inter-American Development Bank 1.9% JPY 08/07/2009 45,000,000 434,166 2.57 

Italy Government International Bond 5.25% USD 05/04/2006 20,000 208,470 1.24 

Italy Government International Bond 1.8% JPY 23/02/2010 60,000,000 574,224 3.40 

Korea Development Bank 5.75% USD 10/09/2013 100,000 104,864 0.62 


Poland Government Bond 5% PLN 24/10/2013 2,900,000 669,564 3.97 

Poland Government International Bond 5.625% GBP 18/11/2010 50,000 89,659 0.53 

Qatar Govt International Bond 9.75% USD 15/06/2030 160,000 226,981 1.35 


United States Treasury Note/Bond 2.625% USD 15/05/2008 1,270,000 1,251,744 7.42 


––––––––––– –––––– 



––––––––––– –––––– 

140

INVESCO GT 










EUR % 






Altadis Finance 4.25% EUR 02/10/2008 1,000,000 1,022,700 0.78 

Austria Government Bond 5.5% EUR 15/01/2010 3,000,000 3,296,100 2.53 

Austria Government Bond 3.8% EUR 20/10/2013 550,000 539,456 0.41 

Aventis 5% EUR 18/04/2006 900,000 933,165 0.72 

Banca Intesa 5.85% EUR 08/05/2014 650,000 710,925 0.54 

Bank of America Corp 3.625% EUR 03/03/2008 700,000 708,750 0.54 

Bank of Scotland 5.5% EUR 29/10/2012 700,000 760,228 0.58 



BHP Billiton Finance 4.375% EUR 10/10/2007 1,000,000 1,035,510 0.79 

BNP Paribas 5.25% EUR 17/12/2012 400,000 428,076 0.33 

Bundesobligation 4% EUR 16/02/2007 2,250,000 2,319,637 1.78 



Carrefour 6.125% EUR 26/05/2010 500,000 559,395 0.43 

Casino Guichard Perrachon 5.875% EUR 23/11/2007 400,000 429,836 0.33 

Cimpor Financial Operations 4.5% EUR 27/05/2011 500,000 502,375 0.39 

Citigroup 3.875% EUR 21/05/2010 500,000 502,925 0.39 

*Countrywide Home Loans 2.75% EUR 12/06/2006 550,000 549,493 0.42 

Denmark Government Bond 6% DKK 15/11/2009 5,000,000 749,767 0.57 





Deutsche Telekom International Finance 7.5% EUR 29/05/2007 700,000 777,455 0.60 

E.ON International Finance 5.75% EUR 29/05/2009 700,000 767,034 0.59 

EADS Finance 4.625% EUR 03/03/2010 600,000 620,970 0.48 

Elia System Operator 4.75% EUR 13/05/2014 1,050,000 1,065,362 0.82 

European Investment Bank 6% GBP 07/12/2028 600,000 1,002,917 0.77 

Federal State of North Rhine Westphalia 3.25% EUR 30/06/2010 1,000,000 982,600 0.75 

Fidelity International 6.25% EUR 21/03/2012 500,000 551,366 0.42 

Finland Government Bond 5.375% EUR 04/07/2013 1,500,000 1,651,920 1.27 

Finmeccanica Finance 5.75% EUR 12/12/2018 750,000 764,610 0.59 

Ford Credit Canada 7.25% GBP 07/12/2007 1,250,000 1,915,729 1.47 




France Telecom 6% EUR 28/09/2007 700,000 755,556 0.58 

*Gallaher Group 5.875% EUR 06/08/2008 550,000 593,736 0.46 

General Electric Capital Corp 4.375% EUR 20/01/2010 1,000,000 1,033,900 0.79 

Goldman Sachs Group 6.125% GBP 14/02/2017 500,000 753,888 0.58 

HBOS 6.05% EUR Perpetual 700,000 771,694 0.59 




Holcim Finance 4.375% EUR 23/06/2010 500,000 508,700 0.39 

*HSBC Holdings 5.375% EUR 20/12/2012 750,000 806,700 0.62 

Hungary Government International Bond 4.5% EUR 29/01/2014 1,000,000 1,019,900 0.78 

Imperial Tobacco Finance 6.25% EUR 06/06/2007 600,000 646,641 0.50 

Ireland Government Bond 4.25% EUR 18/10/2007 2,000,000 2,080,600 1.59 



Italy Buoni Poliennali Del Tesoro 5% EUR 01/05/2008 3,200,000 3,411,680 2.61 

Italy Buoni Poliennali Del Tesoro 4.5% EUR 01/05/2009 800,000 839,696 0.64 


KfW - Kreditanstalt fuer Wiederaufbau 3.125% EUR 15/11/2006 1,000,000 1,009,750 0.77 

Lafarge 5.448% EUR 04/12/2013 372,367 392,251 0.30 


MBNA Europe Funding 4.5% EUR 23/01/2009 600,000 617,307 0.47 

*Morgan Stanley 5.75% EUR 01/04/2009 1,000,000 1,088,600 0.83 

141

INVESCO GT 










EUR % 

National Grid 4.75% GBP 10/12/2010 500,000 712,157 0.55 

Netherlands Government Bond 3% EUR 15/07/2006 5,000,000 5,045,315 3.87 

Network Rail MTN Finance 4.875% GBP 06/03/2009 300,000 438,590 0.34 

Norway Government Bond 5.5% NOK 15/05/2009 5,000,000 644,800 0.49 

Olivetti Finance 6.875% EUR 24/01/2013 800,000 918,080 0.70 

*Pemex Project Funding Master Trust 6.625% EUR 04/04/2010 800,000 865,240 0.66 

Petronas Capital 6.375% EUR 22/05/2009 600,000 665,353 0.51 

Poland Government International Bond 6% EUR 22/03/2010 1,050,000 1,165,815 0.89 

Portugal Obrigacoes do Tesouro 3% EUR 17/07/2006 2,400,000 2,420,400 1.85 

Portugal Obrigacoes do Tesouro 5.85% EUR 20/05/2010 2,000,000 2,234,700 1.71 

RBS Capital Trust A 6.467% EUR Perpetual 500,000 563,700 0.43 

Repsol International Finance 5% EUR 22/07/2013 1,000,000 1,024,650 0.79 

Royal Bank of Scotland Group 6.77% EUR Perpetual 400,000 409,680 0.31 

RWE Finance 5.5% EUR 26/10/2007 1,000,000 1,070,585 0.82 

Spain Government Bond 4.8% EUR 31/10/2006 1,500,000 1,569,323 1.20 



Sweden Government Bond 5% SEK 28/01/2009 10,000,000 1,150,675 0.88 

Sweden Government Bond 5.25% SEK 15/03/2011 8,000,000 932,162 0.71 

Tesco 4.75% EUR 13/04/2010 700,000 732,781 0.56 


United Kingdom Gilt 5% GBP 07/03/2008 900,000 1,341,601 1.03 


United Kingdom Gilt 6.25% GBP 25/11/2010 375,000 595,465 0.46 




UPM-Kymmene 6.625% GBP 23/01/2017 500,000 767,309 0.59 

*Veolia Environnement 5.375% EUR 28/05/2018 800,000 825,120 0.63 

––––––––––– –––––– 



––––––––––– –––––– 


otros mercados organizados/*Valores negociáveis negociados noutros mercados regulados/*Arvopaperit, joista käydään kauppaa muilla säädellyillä markkinoilla 

142

INVESCO GT 










EUR % 






*360networks 13% EUR 01/05/2008 1,100,000 - - 

ABB International Finance 6.5% EUR 30/11/2011 60,000 64,958 0.35 

ABB International Finance 11.5% GBP 29/05/2009 160,000 274,621 1.50 

AGCO Corp 6.875% EUR 15/04/2014 80,000 78,800 0.43 

Agrokor 11% EUR 03/04/2007 150,000 159,750 0.87 

Ahold Finance USA 5.875% EUR 14/03/2012 90,000 89,550 0.49 

Ahold Finance USA 6.5% GBP 14/03/2017 50,000 67,624 0.37 

Koninklijke Ahold 5.875% NLG 19/12/2005 280,000 129,727 0.71 

Alcatel 4.375% EUR 17/02/2009 290,000 284,809 1.56 

Alcatel 6.375% EUR 07/04/2014 227,000 233,526 1.28 

Alfa Laval Special Finance 12.125% EUR 15/11/2010 140,000 161,700 0.88 

Almatis Holding 9% EUR 15/07/2012 100,000 104,000 0.57 

ALROSA Finance 8.125% USD 06/05/2008 130,000 107,450 0.59 

Ardagh Glass Finance 8.875% EUR 01/07/2013 80,000 84,933 0.46 

*ASPropulsion Capital 9.625% EUR 01/10/2013 170,000 180,107 0.98 

Avecia Group 1% USD 01/07/2009 160,000 105,982 0.58 

*Barry callebaut Services 9.25% EUR 15/03/2010 110,000 123,200 0.67 

BCP Caylux Holdings Luxembourg 10.375% EUR 15/06/2014 150,000 162,250 0.89 

*Big Food Group 9.75% GBP 30/06/2012 60,000 86,949 0.48 

*Brake Bros Finance 12% GBP 15/12/2011 60,000 99,864 0.55 

*Brake Bros Finance 11.5% EUR 15/12/2011 120,000 136,956 0.75 

*Britax Group PLC 11.25% EUR 15/05/2011 70,000 73,325 0.40 

British Airways 10.875% GBP 15/06/2008 180,000 291,597 1.59 

BSN Glasspack Obligation 9.25% EUR 01/08/2009 60,000 64,857 0.35 

*Cable & Wireless International Fin 8.625% GBP 25/03/2019 130,000 193,816 1.06 

Cirsa Finance Luxembourg 8.75% EUR 15/05/2014 240,000 244,536 1.34 

*Clondalkin Industries 8% EUR 15/03/2014 90,000 90,563 0.49 

Cognis 9.5% EUR 15/05/2014 80,000 81,400 0.44 

*Colt Telecom Group 7.625% EUR 15/12/2009 130,000 122,633 0.67 

Concordia Bus 11% EUR 15/02/2010 100,000 55,000 0.30 

Constellation Brands 8.5% GBP 15/11/2009 70,000 110,033 0.60 

*Corus Group 6.75% GBP 20/05/2008 170,000 240,919 1.32 



*Dunlop Standard Aerospace Holdings 11.875% USD 15/05/2009 27,000 23,809 0.13 

Eco-Bat Finance 10.125% EUR 31/01/2013 160,000 181,600 0.99 

Eircom Funding 8.25% EUR 15/08/2013 200,000 216,500 1.18 

El Paso Corp 7.125% EUR 06/05/2009 70,000 65,946 0.36 

*EMI Group 8.625% EUR 15/10/2013 210,000 240,450 1.31 

*EMI Group 9.75% GBP 20/05/2008 100,000 158,015 0.86 

*Enodis 10.375% GBP 15/04/2012 140,000 229,430 1.25 

Esprit Telecom Group 11.5% DEM 15/12/2007 1,400,000 - - 

Fiat Finance & Trade 7% GBP 19/10/2005 190,000 283,009 1.55 

Fiat Finance & Trade 6.25% EUR 24/02/2010 90,000 88,875 0.49 

*Focus Wickes Finance 10% GBP 28/07/2011 160,000 224,737 1.23 

Fresenius Medical Care Capital Trust III 7.375% DEM 01/02/2008 130,000 71,619 0.39 

*Fresenius Medical Care Capital Trust 7.875% USD 15/06/2011 190,000 171,835 0.94 

*Fresenius Medical Care Capital Trust 7.375% EUR 15/06/2011 40,000 43,852 0.24 

GAL Finance 11.5% EUR 30/11/2009 120,000 132,000 0.72 

Gaz Capital for Gazprom 7.8% EUR 27/09/2010 100,000 104,750 0.57 

Gildemeister 9.75% EUR 19/07/2011 100,000 106,000 0.58 

Heating Finance 7.875% GBP 31/03/2014 90,000 125,857 0.69 

Heckler & Koch 9.25% EUR 15/07/2011 120,000 127,313 0.70 

*HeidelbergCement Finance 7.375% EUR 15/07/2010 400,000 446,878 2.44 

*HTM Sport-und Freizeitgeraete 8.5% EUR 01/02/2014 190,000 175,750 0.96 

Huntsman International 10.125% EUR 01/07/2009 100,000 100,500 0.55 

Impress Group 10.5% EUR 25/05/2007 50,000 53,313 0.29 

Impress Holdings 9.875% DEM 29/05/2007 270,000 138,049 0.75 

*Ineos Group Holdings 10.5% EUR 01/08/2010 197,000 219,655 1.20 

Ineos Vinyls Finance 9.125% EUR 01/12/2011 70,000 70,875 0.39 

Inmarsat Finance 7.625% USD 30/06/2012 100,000 81,163 0.44 

143

INVESCO GT 










EUR % 

Invensys 6.5% USD 15/01/2010 280,000 211,714 1.16 

*Jenoptik 7.875% EUR 15/11/2010 50,000 52,000 0.28 

*JSG Funding 10.125% EUR 01/10/2012 340,000 379,950 2.08 

Kabel Deutschland 10.75% EUR 01/07/2014 110,000 113,300 0.62 

*Kamps 8% EUR 26/09/2005 10,000 10,375 0.06 

Kamps 8.5% EUR 15/02/2009 240,000 247,128 1.35 



Kaufman & Broad 8.75% EUR 01/08/2009 150,000 168,750 0.92 

Kazkommerts International 8.5% USD 16/04/2013 150,000 128,531 0.70 

Koninklijke Ahold 5.875% EUR 09/05/2008 300,000 309,750 1.69 

Kronos International 8.875% EUR 30/06/2009 220,000 238,700 1.30 

**Legrand 8.5% USD 15/02/2025 385,000 348,660 1.90 

Lighthouse International 8% EUR 30/04/2014 450,000 441,495 2.41 

Lucite International Finance 10.25% EUR 15/05/2010 80,000 87,200 0.48 

Luxfer Holdings 10.125% GBP 01/05/2009 35,000 44,414 0.24 

Millicom International Cellular 10% USD 01/12/2013 110,000 90,168 0.49 

Mobile Telesystems Finance 9.75% USD 30/01/2008 100,000 88,202 0.48 

Moscow Narodny Finance 4.375% USD 30/06/2008 110,000 86,875 0.47 

Nalco 7.75% EUR 15/11/2011 30,000 31,650 0.18 

Nalco 9% EUR 15/11/2013 50,000 53,188 0.29 

NTL Cable 9.75% GBP 15/04/2014 275,000 395,219 2.16 

Ono Finance 0% EUR 31/05/2009 250 - - 

Ono Finance 14% EUR 15/07/2010 80,000 86,800 0.47 

Ono Finance 0% EUR 16/03/2011 1,200 - - 

Polypore 8.75% EUR 15/05/2012 130,000 135,850 0.74 

Premier Foods 12% USD 01/09/2009 140,000 123,163 0.67 

ProSieben SAT.1 Media 11.25% EUR 31/07/2009 90,000 107,100 0.59 

PTC International Finance II 10.875% EUR 01/05/2008 150,000 162,625 0.89 

Remy Cointreau 6.5% EUR 01/07/2010 30,000 30,876 0.17 

Rhodia 8% EUR 01/06/2010 350,000 326,375 1.78 

Rhodia 9.25% EUR 01/06/2011 190,000 159,287 0.87 

Riverdeep Group 9.25% EUR 15/04/2011 190,000 186,200 1.03 

Safilo Capital International 9.625% EUR 15/05/2013 220,000 208,725 1.14 

Sanitec International 9% EUR 15/05/2012 170,000 177,225 0.97 

Scandinavian Airlines System 6% EUR 20/06/2008 100,000 92,250 0.50 

Schefenacker 9.5% EUR 11/02/2014 130,000 109,200 0.60 

*SGL Carbon Luxembourg 8.5% EUR 01/02/2012 190,000 195,225 1.07 

*Smurfit Capital Funding 6.75% USD 20/11/2005 50,000 42,745 0.23 

TDL Infomedia Group 12.125% GBP 15/10/2009 140,000 222,136 1.21 

Teksid Aluminum Luxembourg SARL 11.375% EUR 15/07/2011 200,000 182,840 1.00 

*Telefonaktiebolaget LM Ericsson 6.5% USD 20/05/2009 580,000 510,465 2.79 

Telefonaktiebolaget LM Ericsson 6.75% EUR 28/11/2010 60,000 65,979 0.36 

*Telenet Communications 9% EUR 15/12/2013 160,000 164,840 0.90 

ThyssenKrupp Finance Nederland 7% EUR 19/03/2009 190,000 211,837 1.16 

TVN Finance Corp 9.5% EUR 15/12/2013 80,000 84,000 0.47 

*United Biscuits Finance 10.75% GBP 15/04/2011 110,000 168,407 0.92 

Valentia Telecommunications 7.25% EUR 15/08/2013 190,000 200,450 1.10 

*UBS Luxembourg SA for Wimm-Bill-Dann Foods OJSC 8.5% USD 21/05/2008 60,000 47,738 0.26 

*Yell Finance 10.75% GBP 01/08/2011 72,000 120,133 0.66 

––––––––––––– –––––– 



––––––––––––– –––––– 

144

INVESCO GT 

EUROLAND BOND FUND 









USD % 






Caisse d’Amortissement de la Dette Sociale 3.8% EUR 25/07/2006 1,000,000 1,152,389 6.02 





France Government Bond OAT 3.4% EUR 25/07/2029 500,000 656,552 3.43 




––––––––––– –––––– 



––––––––––– –––––– 

145

INVESCO GT 










EUR % 






Abbey National Treasury Services FRN 14/5/2008 1,000,000 1,000,560 0.19 

ABN Amro Bouwfonds Nederlandse Gemeenten FRN 27/11/2006 3,000,000 3,000,750 0.55 

Achmea Hypotheekbank FRN 18/5/2006 2,000,000 2,001,440 0.37 

AHBR Allgemeine Hypothekenbank Rheinboden FRN 3/11/2005 400,000 399,864 0.07 

Anglo Irish Bank Corp FRN 11/7/2005 4,600,000 4,602,162 0.85 

ASIF III Jersey FRN 25/11/2008 29,500,000 29,517,700 5.42 

Australia & New Zealand Banking Group FRN 23/6/2006 100,000 100,014 0.02 

Banco Totta & Acores FRN 28/4/2006 3,000,000 2,998,350 0.55 

Banesto Banco de Emisiones FRN 29//9/2013 1,000,000 1,003,922 0.19 

Bank of America Corp FRN 20/10/2008 500,000 499,598 0.09 

Bank One NA/Columbus OH FRN 27/5/2008 1,000,000 1,003,730 0.18 

Bayer FRN 11/4/2006 2,800,000 2,847,880 0.52 

Bayerische Landesbank FRN 27/10/2010 8,000,000 7,953,760 1.46 

BBVA Global Finance FRN 23/5/2005 100,000 100,020 0.02 





Banco Popolare di Verona e Novara FRN 17/10/2008 2,000,000 1,999,380 0.37 

Banca Popolare di Bergamo Credito Varesino FRN 15/2/2005 500,000 500,208 0.09 

Banco Santander Central Hispano FRN 5/4/2007 5,000,000 4,994,199 0.92 

BCP Finance Bank FRN 23/5/2006 800,000 800,480 0.15 

Berlin Land FRN 31/7/2007 2,000,000 2,001,290 0.37 

Bank Austria Creditanstalt FRN 20/11/2006 9,000,000 9,014,850 1.66 

Bank of Cyprus FRN 1/12/2006 3,000,000 3,007,500 0.55 



BPE Finance International FRN 7/2/2005 1,600,000 1,599,583 0.29 

BPE Finance International FRN 30/7/2009 1,000,000 998,650 0.18 

Banco Santander Central Hispano Issuances FRN 28/3/2011 5,000,000 5,104,000 0.94 

Caixa Catalunya International Finance FRN 3/4/2007 550,000 550,765 0.10 

Caixa Finance FRN 10/7/2008 3,000,000 2,999,250 0.55 

Citigroup FRN 10/10/2008 5,000,000 4,993,077 0.92 

Commonwealth Bank of Australia FRN 5/5/2006 3,000,000 2,997,300 0.55 

Caisse Nationale des Caisses d’Epargne et de Prevoyance FRN 26/1/2006 3,000,000 2,998,230 0.55 

Danske Bank FRN 13/5/2005 5,000,000 4,999,775 0.92 

DekaBank Deutsche Girozentrale FRN 28/4/2006 2,000,000 1,998,700 0.37 




Deutsche Bank FRN 11/5/2005 17,000,000 17,013,925 3.13 

Deutsche Hypothekenbank FRN 24/7/2006 469,000 468,887 0.09 

Dexia Hypothekenbank Berlin FRN 17/7/2006 400,000 399,884 0.07 

DNB NOR FRN 3/6/2009 3,000,000 2,997,990 0.55 



Deutsche Genossenschafts-Hypothekenbank FRN 15/10/2008 6,000,000 6,003,840 1.10 

Electricite de France FRN 6/11/2006 5,000,000 5,003,250 0.92 

European Investment Bank FRN 15/6/2006 10,000,000 9,989,000 1.83 





FIH Erhvervsbank FRN 1/6/2005 200,000 200,093 0.04 

Findomestic FRN 11/6/2008 2,500,000 2,499,700 0.46 

Fortis Finance FRN 19/6/2006 1,000,000 1,001,000 0.18 

General Electric Capital Corp FRN 13/5/2005 200,000 200,141 0.04 

GE Capital European Funding FRN 9/12/2006 2,500,000 2,500,500 0.46 

GE Capital European Funding FRN 29/10/2008 400,000 400,344 0.07 



Deutsche Bundesrepublik FRN 20/10/2004 100,000 99,989 0.02 

146

INVESCO GT 










EUR % 

Goldman Sachs Group FRN 4/10/2006 500,000 503,300 0.09 



HSH N Finance Guernsey FRN 18/2/2008 10,000,000 10,008,386 1.84 




Hellenic Republic Government International Bond FRN 31/5/2007 200,000 202,183 0.04 

Land Hessen FRN 12/7/2007 5,000,000 4,994,025 0.92 

Hungary Government International Bond FRN 10/11/2005 12,750,000 12,820,508 2.35 

Hypo Alpe-Adria-Bank International FRN 8/6/2009 5,000,000 4,999,700 0.92 

Hypo Real Estate Bank FRN 28/8/2007 2,400,000 2,401,056 0.44 

Hypo Tirol Bank FRN 5/6/2008 100,000 100,040 0.02 

Hypothekenbank in Essen FRN 19/11/2004 100,000 99,998 0.02 



International Lease Finance Corp FRN 24/4/2005 600,000 602,790 0.11 

Irish Life & Permanent FRN 22/9/2006 3,000,000 3,000,900 0.55 

Islandsbanki FRN 25/11/2013 1,000,000 998,990 0.18 

KBC Internationale Financieringsmaatschappij FRN 28/1/2009 1,500,000 1,498,778 0.28 


Landsbanki Islands FRN 29/10/2007 4,200,000 4,203,864 0.77 

Land Niedersachsen FRN 22/7/2008 2,000,000 1,999,900 0.37 





NRW.BANK FRN 30/9/2005 100,000 99,990 0.02 

NRW.BANK FRN 5/3/2007 100,000 99,985 0.02 


Landesbank Schleswig-Holstein Girozentrale FRN 24/1/2008 2,000,000 2,000,800 0.37 


Lehman Brothers Holdings FRN 3/11/2008 3,000,000 3,007,530 0.55 

Madrid Finance FRN 12/5/2006 1,000,000 1,000,121 0.18 

Mediobanca FRN 4/7/2007 6,000,000 6,004,320 1.10 

Merrill Lynch FRN 9/2/2009 5,000,000 4,996,250 0.92 

Monte Dei Paschi Di Sien FRN 10/4/2006 3,000,000 3,001,875 0.55 

Morgan Stanley FRN 29/5/2008 3,000,000 3,020,313 0.55 



Natexis Banques Populaire FRN 6/2/2006 3,000,000 3,003,450 0.55 

Nationwide Building Society FRN 29/9/2005 3,500,000 3,502,718 0.64 

Nationwide Building Society FRN 3/11/2008 1,000,000 999,200 0.18 

National Australia Bank FRN 22/1/2007 5,000,000 4,991,917 0.90 



Northern Rock FRN 5/3/2007 3,000,000 3,001,260 0.55 

NRW BANK FRN 30/6/2005 4,500,000 4,477,860 0.82 

OKO Bank FRN 20/1/2006 1,000,000 1,000,824 0.18 

Popular Finance Europe FRN 4/8/2006 2,000,000 1,998,600 0.37 

Radio Television Espanola FRN 4/12/2008 4,000,000 3,995,400 0.73 

RWE FRN 14/6/2005 1,150,000 1,151,932 0.21 

Sanpaolo IMI Bank International FRN 24/1/2007 1,500,000 1,501,274 0.28 

Sanpaolo IMI Bank International FRN 1/8/2007 500,000 500,930 0.09 

Santander Central Hispano Issuances FRN 21/2/2005 1,500,000 1,501,634 0.28 

SEB Hypothekenbank FRN 7/8/2006 7,000,000 6,999,650 1.29 

SNS Bank FRN 18/9/2006 1,000,000 1,002,200 0.18 

Spain Government Bond FRN 31/1/2005 1,000,000 1,004,685 0.18 

St George Bank FRN 29/1/2007 3,000,000 2,998,500 0.55 

Telefonica Europe FRN 27/10/2005 2,000,000 1,999,700 0.37 



Volkswagen Bank FRN 10/3/2005 500,000 500,068 0.09 

Volkswagen International Fin FRN 11/11/2005 1,000,000 999,125 0.18 

Westdeutsche Immobilien Bank FRN 29/5/2007 3,900,000 3,899,553 0.72 

Wuerttembergische Hypothekenbank FRN 23/10/2005 100,000 100,037 0.02 

Wuerttembergische Hypothekenbank FRN 18/8/2006 7,000,000 6,996,360 1.28 

––––––––––– –––––– 



––––––––––– –––––– 

147

INVESCO GT 

CAPITAL SHIELD (USD) FUND 









US$ 






Australia & New Zealand Banking Group FRN USD 07/04/2008 1,000,000 1,001,327 2.32 

Bear Stearns FRN USD 15/07/2005 1,000,000 1,005,170 2.33 

Canadian Imperial Bank of Commerce FRN USD 20/03/2007 1,000,000 1,000,377 2.32 



Countrywide Home Loans FRN USD 06/09/2005 1,000,000 1,001,656 2.32 



Den Norske Bank FRN USD 17/01/2006 1,000,000 1,001,294 2.32 

Deutsche Bank Finance FRN USD 02/03/2006 1,800,000 1,802,700 4.17 

Dresdner Bank FRN USD 07/03/2006 500,000 500,705 1.16 


Goldman Sachs Group FRN USD 27/10/2006 1,000,000 1,002,365 2.32 

HBOS Treasury Services FRN USD 01/10/2007 2,000,000 2,004,154 4.64 

HSH N Finance Guernsey FRN USD 24/09/2007 1,000,000 1,000,100 2.31 

Lehman Brothers Holdings FRN USD 28/09/2005 137,000 137,959 0.32 

Morgan Stanley FRN USD 22/01/2009 1,000,000 1,000,150 2.31 

National Australia Bank FRN USD 11/04/2008 1,000,000 1,001,165 2.32 

NIB Capital Bank FRN USD 06/02/2007 1,000,000 999,450 2.31 

Nordea Bank Norge FRN USD 22/09/2005 1,000,000 1,001,411 2.32 

Sanpaolo IMI Bank International FRN USD 27/02/2006 1,000,000 1,001,126 2.32 


Wells Fargo FRN USD 15/09/2006 1,000,000 1,001,570 2.32 

Westlb Finance Curaco FRN USD 05/12/2005 1,000,000 1,000,817 2.32 

Westpac Banking Corp FRN USD 01/10/2007 1,000,000 1,001,005 2.32 

––––––––––– –––––– 



––––––––––– –––––– 

148


Statement of Prospetto degli Balance Demonstração da Nettovarallisuuslaskelma Notes 

Net Assets Attivi Netti a 31 de Agosto de 2004 Situação Líquida 31. elokuuta 2004 Note 

as at 31 August 2004 al 31 agosto 2004 em 31 de Agosto de 2004 Memoria 

Memória 

Liitetiedot 

ASSETS ATTIVITÀ ACTIVO ACTIVO VARAT 

Investments at Investimenti al Inversión a Investimento ao Sijoitusten 

market value valore di mercato valor de mercado valor de mercado markkina-arvot 

Preliminary expenses Spese di avviamento Gastos de constitución Despesas de constituição Perustamiskustannukset 

CURRENT ASSETS ATTIVI TÀ CORRENTI ACTIVO CIRCULANTE ACTIVO CORRENTE NYKYISET VARAT 

Due from brokers Crediti verso broker Intermediarios deudores A pagar por corretores Meklarisaatavat 

Receivable for Crediti per Importes a cobrar Montantes a cobrar Saatavat liikkeelle 

Shares issued Azioni emesse por emisión de Acciones por emissão de acções lasketuista osakkeista 

Other debtors Altri crediti Otros deudores Devedores diversos Muut saatavat 

Bank balances Saldi bancari Saldos bancarios Saldos bancários Talletusvarat 

Unrealised gain on Utile non realizzato Beneficios no realizados en Ganhos não realizados com Valuuttatermiinikauppojen/ 

forward currency/future su contratti a termine/future contratos de futuros y contratos cambiais a futuurisopimuksien toteutumaton tappio 

contracts contratos a plazo de divisas prazo/de futuros 

Total Assets Totale Attività Total activo Total do activo Kokonaisvarallisuus 

CURRENT LIABILITIES PASSIVITÀ CORRENTI PASIVO CIRCULANTE PASSIVO CORRENTE NYKYISET VELAT 

Bank Overdraft Scoperti bancari Descubierto en cuenta bancaria Descoberto bancário Tililuotto 

Due to brokers Debiti verso broker Intermediarios acreedores A pagar a corretores Meklarivastattavat 

Payable for Debiti per Azioni Importes a pagar por Montantes a pagar Lunastetuista osakkeista 

Shares redeemed riscattate reembolso de Acciones por resgate de acções maksettavaksi lankeavat 

Dividends payable Dividendi dovuti Dividendos a pagar Dividendos a pagar Maksettavaksi lankeavat osingot 

Other creditors Altri debiti Otros acreedores Credores diversos Muut velkojat 

Unrealised loss Perdita non realizzata Pérdidas no realizadas en Perdas não realizadas com Valuuttatermiinikauppojen/ 

on forward currency/future su contratti a termine/future contratos de futuros y contratos cambiais a futuurisopimuksien toteutumaton voitto 

contracts contratos a plazo de divisas prazo/de futuros 

Total Liabilities Totale Passività Total pasivo Total do passivo Vastattavat yhteensä 

Net Assets Patrimonio Netto Patrimonio Neto Situação Líquida Nettovarallisuus 

Number of Shares Numero di Azioni Número de Acciones Número de acções Liikkeelle laskettujen 

in issue in circolazione en circulación em circulação osakkeiden määrä 

Distribution A Distribuzione A Reparto A Distribuição A Jakelu A 

Accumulation A Capitalizzazione A Acumulación A Capitalização A Kertymä A 

Accumulation B Capitalizzazione B Acumulación B Capitalização B Kertymä B 

Accumulation B1 Capitalizzazione B1 Acumulación B1 Capitalização B1 Kertymä B1 

Accumulation C Capitalizzazione C Acumulación C Capitalização C Kertymä C 

Accumulation E Capitalizzazione E Acumulación E Capitalização E Kertymä E 

Net Asset Value Valore Patrimoniale Valor teórico Valor líquido do activo Substanssiarvo 

per Share Netto per Azione de la Acción por acção per osake 

Distribution A Distribuzione A Reparto A Distribuição A Jakelu A 

Accumulation A Capitalizzazione A Acumulación A Capitalização A Kertymä A 

Accumulation B Capitalizzazione B Acumulación B Capitalização B Kertymä B 

Accumulation B1 Capitalizzazione B1 Acumulación B1 Capitalização B1 Kertymä B1 

Accumulation C Capitalizzazione C Acumulación C Capitalização C Kertymä C 

Accumulation E EUR Capitalizzazione E EUR Acumulación E EUR Capitalização E EUR Kertymä E EUR 

149


Global US Stuctured Pan European Greater Worldwide 

Emerging Global North American Large Cap European Pan European Growth Nippon Nippon Asia China Dynamic 

Markets Value America Enterprise Core Stuctured European Enterprise Equity Enterprise Growth Enterprise Opps. Theme 

Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund 

US$ US$ US$ US$ US$ EUR EUR EUR EUR JPY JPY US$ US$ US$ 

39,718,851 9,616,257 31,573,972 21,182,322 153,675,338 39,626,336 434,471,227 279,306,048 3,749,639 27,102,131,500 6,206,203,432 137,316,524 141,472,911 27,266,840 

- - - - - - - - - - - - - - 

110,358 - 364,133 566,781 - 2,125,934 - 2,267,873 17,200 120,329,235 48,289,190 1,367,567 253,662 - 

214,705 1,755,903 136,780 164,489 164,486 242,122 2,355,115 8,932 - 137,298,943 63,676,923 3,621,348 14,287,849 5,456 

206,729 22,299 19,397 1,962 191,068 190,451 822,188 226,655 2,828 11,363,437 1,566,817 526,540 728,996 44,015 

22,244 132,301 1,342,880 891,094 5,875,840 42,193 3,421,515 6,195,366 315,072 1,897,222,684 35,409,537 3,543,120 - 76,549 

- - - - 76,693 390 - - - - - - - - 

40,272,887 11,527,182 33,437,162 22,806,648 159,983,425 42,227,426 441,070,045 288,004,874 4,084,739 29,268,345,799 6,355,145,899 146,375,099 156,743,418 27,392,860 

- - - - - - - - - - - - 114,950 - 

74,947 - 199,687 253,041 - 2,218,605 525,070 1,220,213 9,545 90,232,992 25,352,341 1,162,811 - - 

70,222 2,278 21,415 63,708 156,662 164,051 1,141,424 457,871 - - 31,223,960 248,480 47,608 170,346 

- - - - - - - - - - - - - - 

144,158 21,010 49,769 38,042 110,150 43,742 353,297 294,540 (3,193) 20,513,583 7,086,971 221,448 138,210 36,851 

- - - - - - - - - - - - - - 

289,327 23,288 270,871 354,791 266,812 2,426,398 2,019,791 1,972,624 6,352 110,746,575 63,663,272 1,632,739 300,768 207,197 

39,983,560 11,503,894 33,166,291 22,451,857 159,716,613 39,801,028 439,050,254 286,032,250 4,078,387 29,157,599,224 6,291,482,627 144,742,360 156,442,650 27,185,663 

1,120,463 552,982 7,833,452 1,548,004 5,958,182 5,237,367 49,317,264 31,238,556 - 22,371,123 16,689,803 1,998,535 9,298,306 3,206,755 

148,024 157,685 119,601 14,732 3,252 1,073 2,192,425 1,329,122 - 1,433,553 1,740,745 115,736 408,943 268,125 

- - - - - - - - - - - - - - 

3,456,279 331,318 310,065 4,811 7,918,111 1,531,562 1,969,515 359,849 412,388 248,039 1,252,851 1,150,818 861,311 860,995 

1,036,968 190,387 1,337,724 149,651 223,459 544,128 1,837,718 384,663 - 3,171,391 1,052,706 84,896 1,621,418 662,390 

- - - - - - - - - - - - - - 

6.87 9.35 3.46 13.11 11.26 5.43 7.96 8.61 9.88 1,077.44 304.85 42.96 12.88 5.44 

6.55 9.02 3.30 12.58 11.11 5.41 7.42 8.13 - 1,018.65 286.27 40.91 12.09 5.13 

- - - - - - - - - - - - - - 

7.02 9.52 3.54 13.40 11.38 5.53 8.14 8.81 9.89 1,104.65 311.61 43.96 13.17 5.57 

5.63 7.62 2.81 10.55 9.16 5.27 7.80 8.37 - 7.89 2.25 34.56 10.39 4.43 

150


Capital 31.08.04 31.08.03 

Dollar Euro Global European Euro Euroland Capital Shield Consoli- Consoli 

Leisure Energy Reserve Reserve Bond Bond High Yield Bond Shield (USD) dated dated 

Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Net Assets Net Assets 

US$ US$ US$ EUR US$ EUR EUR EUR EUR US$ US$ Equiv. US$ Equiv 

122,379,901 38,053,205 56,776,816 73,492,462 16,478,056 126,189,718 16,623,723 19,768,708 355,873,535 24,572,349 2,752,621,879 2,375,961,663 

- - - - - - - - 36,188 31,931 75,637 28,006 

24,735 361,336 - - - 313,995 - - - - 10,289,902 14,903,190 

128,715 1,605,518 1,001,282 1,075,492 328 4,623,617 235,062 263,894 2,430,828 563,727 39,048,947 164,859,254 

47,276 55,348 98,859 199,819 231,152 2,632,657 392,515 81,943 921,799 95,020 8,993,773 8,324,224 

2,944,353 1,283,735 57,972,387 69,701,666 228,466 74,399 1,125,944 - 186,260,449 18,025,921 432,563,717 233,921,991 

- - - - 145,901 - 54,055 - - 1,619 289,969 321,134 

125,524,980 41,359,142 115,849,344 144,469,439 17,083,903 133,834,386 18,431,299 20,114,545 545,522,799 43,290,567 3,243,883,824 2,798,319,462 

- - - - - - - 22,434 - - 142,045 12,073,835 

- 708,968 - - - 3,170,012 90,000 - - - 12,187,666 12,414,010 

1,833,042 448,330 2,275,986 4,727,605 4,805 117,386 16,597 931,253 178,499 - 14,968,639 111,653,321 

- - - - 186,429 - - - - - 186,429 317,287 

97,082 27,181 82,161 55,125 20,712 65,573 21,969 23,317 267,458 55,885 2,648,758 1,676,694 

- - - - - - - - 610,615 28,594 766,064 678,683 

1,930,124 1,184,479 2,358,147 4,782,730 211,946 3,352,971 128,566 977,004 1,056,572 84,479 30,899,601 138,813,830 

123,594,856 40,174,663 113,491,197 139,686,709 16,871,957 130,481,415 18,302,733 19,137,541 544,466,227 43,206,088 3,212,984,223 2,659,505,632 

7,015,748 1,982,423 728,546 272,125 2,071,430 26,048,384 3,258,005 1,280,010 17,937,118 1,988,978 

165,415 329,649 70,428 3,757 - 1,492,694 - 39,726 - - 

- - 59,141 - - - - - - - 

586,229 814,157 555,268 118,457 411,207 2,520,761 1,121,456 76,532 13,665,040 2,454,374 

190,428 206,440 86,735 97,765 253,409 1,719,001 3,008,562 159,829 20,801,823 - 

- - - - 4.61 - - - - - 

15.53 12.06 75.38 282.77 - 4.11 2.47 12.31 10.40 9.71 

14.57 11.63 72.93 273.54 4.61 3.89 2.47 11.94 - - 

- - 75.38 - - - - - - - 

15.90 12.27 76.43 288.01 5.99 4.17 2.53 12.43 10.45 9.73 

12.49 9.72 62.41 282.25 4.57 4.09 2.47 12.24 10.33 - 

151


Notes to the Financial Statements 

1. Basis of Presentation 

INVESCO GT (the “Fund”) is an investment company organised under Luxembourg law as a Société Anonyme qualifying as a Société 

d’Investissement à Capital Variable (“SICAV”). INVESCO GT is an umbrella fund, comprising 24 sub-funds with each sub-fund being treated as a 

separate entity. The accompanying financial statements have been prepared in accordance with the format prescribed by Luxembourg 

regulations. 

Classes of Shares 

The Shares of some of the sub-funds are available in six classes (Class A, Class AA, Class B, Class B1,Class C and Class E). Class A Shares are 

available without any restraints. Class B Shares are solely available to one sub-distributor. Class C Shares, which have a higher minimum initial 

subscription amount and benefit from reduced management charges are intended primarily for larger or institutional investors. Class E Shares 

have a lower initial charge and higher annual management fee than either the A or the C Class. Also Class B1 Shares are solely available on the 

INVESCO GT Dollar Reserve Fund and have no Distributor Fee. 

2. Summary of Significant Accounting Policies 


The consolidation figures appearing in the Statement of Net Assets are for statistical purposes only and should not be used by investors with 

holdings in one or more sub-funds. Assets and liabilities in the Euro and Japanese Yen denominated sub-funds have been translated into 

US Dollars at rates of Euro 0.83 and JPY 109.87 respectively. 

(b) Valuation of investments 

In valuing total assets, quoted securities are valued on each Valuation Day at their latest available price on the stock exchange which is 

normally the principal market for such securities. Securities dealt in on an over-the-counter market are valued in a manner as near as 

possible to that of quoted securities. 

(c) Impact on Values 

The financial statements have been prepared on the basis of the last net asset values determined in the accounting period. In accordance 

with the Prospectus, net asset values were calculated by reference to the latest available prices at 10.00am (Dublin time) on the 31 August 

2004. 

(d) Cost of sales of investments 

Any surplus or deficit on sales of investments is determined on the basis of average cost. 

(e) Income from investments 

Dividend income is accounted for on an ex-dividend basis. Income arising on fixed interest securities and deposit interest is accrued on a 

day-to-day basis. 

(f) Foreign exchange 

Transactions in currencies other than the designated currency for each sub-fund are translated at the rates of exchange ruling at the time of 

the transactions. The market value of the investments and other assets and liabilities in currencies other than the designated currency for 

each sub-fund are translated at the rates of exchange ruling at the period end. 

(g) Expenses allocation 

Where the Fund incurs an expense which relates to a particular sub-fund, such expense is allocated to the relevant sub-fund. In cases 

where an expense cannot be considered as being attributable to a particular sub-fund, such expense is allocated between sub-funds on the 

basis of their respective Net Asset Values. 

(h) Preliminary expenses 

Preliminary expenses are being amortised over a period not exceeding 5 years from the date of launch of each sub-fund. 

3. Management and Investment Advice 

The Directors of the Fund (the “Directors”) are responsible for the investment policy, management and administration of the Fund. The Directors 

delegate the day-to-day investment management of the securities portfolio of the Fund to INVESCO GT Management S.A., Luxembourg (the 

“Manager”). 

In following the investment policy of the Directors, the Manager seeks investment advice from, as appropriate, INVESCO Asset Management 

Limited in London and Henley, INVESCO Asia Limited in Hong Kong, INVESCO Asset Management (Japan) Limited in Tokyo, AIM Capital 

Management Inc., in Houston, INVESCO Institutional (NA) Inc. in New York, INVESCO Global Asset Management (N.A) Inc. in Atlanta and 


152


Notes to the Financial Statements – (continued) 

For its services the Manager is paid by the Fund a percentage of the Net Asset Value of each sub-fund as set out in the table below: 

Fund Management Management Management Management Management 

Fee Fee Fee Fee Fee 

Class A Class B (includes a 1% Class B1 Class C Class E 

Distribution fee) 

EQUITY FUNDS 

Global 


Markets 2.00% 3.00% 1.50% 2.25% 


America 


IGT American 

Enterprise 1.50% 2.50% 1.00% 2.25% 


Large Cap Core 1.30% 2.30% 0.80% 2.25% 

Europe 




Enterprise 1.50% 2.50% 1.00% 2.25% 


Equity 1.50% - 1.00% 2.25% 

Japan 



Asia 




THEME FUNDS 

IGT Worldwide 

Dynamic Theme 1.50% 2.50% 1.00% 2.00% 

IGT Leisure 1.50% 2.50% 1.00% 2.25% 

IGT Worldwide 




IGT Energy 1.50% 2.50% 1.00% 2.25% 


RESERVE FUNDS 



BOND FUNDS 





STRUCTURED FUND 


IGT Capital Shield (USD) 1.00% - 0.60% - 

The management fees are calculated daily based on the Net Asset Value of each sub-fund on each Business Day and paid monthly. 

The fees of the Investment Adviser are paid out of the Manager’s remuneration. 

4. Other Fees 

The Manager is paid an additional fee by the Fund (“the Service agent fee”), which shall not exceed 0.3% for Equity Funds, 0.2% for Bond 

Funds and 0.1% for Reserve Funds per annum of the Net Asset Value of each Fund, out of which the Manager discharges the fees of the 

Administration Agent, the Domiciliary & Corporate Agent and the Registrar & Transfer Agent as well as fees of service providers and fees 

incurred in places where the Fund is registered. Each of these fees shall be calculated on each Business Day on the Net Asset Value of the Fund 

(at a rate which shall be agreed from time to time with the Manager) and paid monthly. Additionally, the Manager reimburses the expenses of 

the Fund’s Hong Kong Representative. 

In its capacity as Custodian, J.P. Morgan Bank Luxembourg S.A. is entitled to remuneration (“Custodian Fee”) in accordance with normal 

banking practice in Luxembourg at rates agreed from time to time with the Fund, but which shall not exceed 0.2% per annum of the Net Asset 

Value of the Fund. The Custodian Fee is calculated daily (on the Net Asset Value of the Fund on each Business Day) and paid monthly. In 

addition, the “Custodian Fee” may also include fees for transaction charges on each Fund. 

153



5. Tax Status 

The Fund is registered under Luxembourg law as a collective investment undertaking. Accordingly, no Luxembourg income or capital gains tax is 

at present payable by the Fund. It is, however, subject to an annual “taxe d’abonnement” calculated at an annual rate of 0.05% of the Net 

Asset Value. The two Reserve Funds are subject to a reduced annual rate of 0.01% of the Net Asset Value. 

6. Equalisation 

Equalisation is a capital payment by a subscriber for Shares and is calculated by dividing the net undistributed income of the sub-fund concerned 

by the number of Shares in issue at the Valuation Date on which the subscription is made. Equalisation may be repaid to shareholders on the 

occurrence of the redemption of Shares or on the payment of a dividend. 

7. Dividends 

A dividend of US$186,427 will be paid on 31 October 2004 to holders of Class A Shares (Distribution Shares) in the INVESCO GT Global Bond 

Fund, consisting of income and net equalisation. 

In accordance with the distribution policy of the INVESCO GT Global Bond Fund, income is distributed by way of a dividend payment, only to 

holders of Class A Shares (Distribution Shares). The income due to holders of Class A, Class C and Class E Shares (Accumulation Shares) is 

reinvested to enhance the value of Class A, C and E Shares. 

8. Forward Currency Contract 

The INVESCO GT Global Bond Fund, INVESCO GT Euro High Yield Fund, INVESCO GT Capital Shield Fund and INVESCO GT Capital Shield (USD) 

Fund have entered into forward foreign currency exchange contracts for efficient portfolio management. Forward foreign currency exchange 

contracts are used to hedge against anticipated future changes in exchange rates which otherwise might either adversely affect the value of the 

Funds’ portfolio securities or adversely affect the price of securities which the Fund intends to purchase at a later date. Forward foreign currency 

exchange contracts open at 31 August 2004 are as follows: 



Buy 570,000 GBP to sell 851,115 EUR (6,929) 30-Sep-04 

Buy 1,280,410 USD to sell 7,800,000 DKR 14,289 30-Sep-04 

Buy 7,047,940 USD to sell 5,777,000 EUR 73,372 30-Sep-04 


Buy 688,500 USD to sell 2,590,000 PLZ (11,944) 30-Sep-04 

Buy 1,130,796 USD to sell 622,000 GBP 17,288 30-Sep-04 


Buy 50,000 EUR to sell 61,470 USD (1,105) 30-Sep-04 

Buy 98,376 USD to sell 80,000 EUR 1,792 30-Sep-04 

Buy 291,738 EUR to sell 470,000 CND (4,648) 30-Sep-04 

Buy 497,727 EUR to sell 600,000 USD 906 30-Sep-04 

Buy 200,000 DKR to sell 33,148 USD (684) 30-Sep-04 


Buy 582,979 USD to sell 760,000 CND 5,923 30-Sep-04 




Buy 2,115,049 EUR to sell 2,548,000 USD 3,904 04-Nov-04 

Buy 2,999,850 EUR to sell 1,994,000 GBP 50,254 04-Nov-04 

Buy 585,000 CHF to sell 382,103 EUR (1,746) 04-Nov-04 

Buy 74,262 EUR to sell 114,000 CHF 141 04-Nov-04 

Buy 279,462 EUR to sell 189,000 GBP (114) 04-Nov-04 

Buy 73,000 USD to sell 60,476 EUR 9 04-Nov-04 

Buy 307,843 EUR to sell 471,000 CHF 1,607 04-Nov-04 




Buy 1,325,858.00 EUR to sell 1,620,000 USD (16,558) 26-Nov-04 

Buy 556,845 EUR to sell 74,127,220 JPY (4,664) 26-Nov-04 

Total Unrealised loss on open forward exchange contracts (21,222) 

154

8. Forward Currency Contract (continued) 






Buy 50,745 USD to sell 5,450,000 JPY 1,068 30-Sep-04 







Buy 35,000 EUR to sell 43,173 USD (917) 30-Sep-04 

Buy 42,089 USD to sell 4,650,000 JPY (295) 30-Sep-04 

Buy 3,000,000 JPY to sell 27,310 USD 35 30-Sep-04 



9. Futures 

Description Number of Contracts Commitment Long/Short Unrealised gain/(loss) 




OMX Index 24/09/2004 6 45,061 Long (30) 


Total unrealised gain 390 


S&P 500 Future 16/9/04 22 5,967,750 Long 76,693 


S&P 500 Future 17/9/2004 313 14,240,819.71 Long (425,218) 








S&P 500 17/09/2004 20 1,099,000 Long (28,970) 



Euro Bund 08/09/2004 85 11,881,210 Long 7,699 




10. Changes in Investments 

A list, specifying for each investment the total purchases and sales which occurred during the period under review, may be obtained, upon 

request and free of charge, at the Registered Office and the Hong Kong Representative Office of the Fund. 

155



11. Soft Commissions & Related Party Transactions 

Certain subsidiaries of AMVESCAP PLC (“the Group”) consistent with obtaining the best net result, including best execution, may enter into 

agreements with counterparties whereby those counterparties may make payments for investment services provided to the Group. 

Investment services are used by the Group to improve or add to the services provided to its clients. Although each and every service may not be 

used to service each and every account managed by the Group, the Group considers that those investment services received are, in the 

aggregate, of significant assistance in fulfilling its investment responsibilities and are of demonstrable benefit to all clients. Only services that 

assist in the provision of investment services to the Group’s clients will be paid for by counterparties. 

Allowable investment services include services that provide assistance to the Group in its investment performance. Those services include, but 

are not necessarily limited to, furnishing analysis, research and advisory services including economic factors and trends, portfolio valuation and 

analysis, performance measurement, market prices services and the use of specialised computer software and hardware or other information 

facilities. 

The Group will ensure adherence to its investment decision making responsibilities to its clients in accordance with the laws of the countries that 

have jurisdiction over its clients or business. This may vary in application with respect to the appropriateness of those investment services provided. 

The Group selects counterparties to execute transactions on the basis that transactions will only be executed provided the placing of orders will 

not operate against the best interest of the Group’s clients and that the multiple is at a level which is generally accepted market practice. The 

Group will endeavour to obtain best execution on all transactions for all clients. 

In addition, clients may direct the Group to pay commission to counterparties for products and services that would otherwise have to be paid for. 

In such cases, the commission is used for the exclusive benefit of the client whose transactions generated that commission. 

From 1 March 2004 to 31 August 2004 foreign exchange contracts were transacted with INVESCO Bank Frankfurt. No Commission was paid on 

these transactions. The transaction amounts for the period and the percentages of the total foreign currency transactions were as follows: 




The Group will endeavour to maintain the highest possible regulatory standards world-wide. 

156


Note al bilancio 

1. Base di Presentazione 

INVESCO GT (la “SICAV”) è una società d’investimento costituita ai sensi della legislazione lussemburghese come Société Anonyme qualificata 

come Società d’Investimento a Capitale Variabile (“SICAV”). INVESCO GT è un fondo ad ombrello, composto da 24 comparti considerati ciascuno 

come un’entità distinta. Il bilancio allegato è stato redatto nella forma prescritta dalle disposizioni del Lussemburgo. 

Classi di Azioni 

Le Azioni di alcuni comparti sono disponibili in sei classi (Classe A, Classe AA, Classe B, Classe B1, Classe C e Classe E). Le Azioni di Classe A sono 

disponibili senza alcun limite. Le Azioni di Classe B sono disponibili solamente ad un sub-distributore. Le Azioni di Classe C, il cui livello minimo di 

sottoscrizione iniziale è più elevato e che beneficiano di commissioni di gestione inferiori, sono mirate principalmente a grandi investitori e 

investitori istituzionali. Le Azioni di Classe E prevedono una commissione iniziale inferiore ed una commissione annua di gestione superiore 

rispetto alle Azioni sia di Classe A che di Classe C. Inoltre, le Azioni di Classe B1 sono disponibili solamente nel comparto INVESCO GT Dollar 

Reserve Fund e non prevedono una Commissione di Distribuzione. 

2. Sommario dei Principi Contabili più Significativi 

(a) Consolidamento 

I dati consolidati presentati nello stato patrimoniale sono a puro scopo statistico e non dovrebbero essere usati dagli investitori con 

partecipazioni in uno o più comparti. Gli attivi ed i passivi dei comparti espressi in Euro e in Yen giapponesi sono stati tradotti in Dollari USA 

rispettivamente ai tassi di Euro 0,83 e JPY 109,87. 

(b) Valutazione degli investimenti 

Nel valutare gli attivi totali, i titoli quotati sono valutati in ciascun Giorno di Valutazione al loro ultimo prezzo disponibile sulla borsa che 

rappresenta di norma il mercato principale per tali titoli. I titoli negoziati su un mercato over-the-counter sono valutati nel modo più simile 

possibile a quello dei titoli quotati. 

c) Impatto sui valori 

Il bilancio è stato predisposto sulla base degli ultimi valori netti di bilancio calcolati nell’esercizio. In conformità con il Prospetto, i valori netti 

di bilancio sono stati calcolati in riferimento agli ultimi prezzi disponibili alle ore 10.00 (ora di Dublino) del 31 agosto 2004. 

(d) Costo della vendita di investimenti 

Ogni utile o perdita sulla vendita di investimenti è determinato sulla base del costo medio. 

(e) Redditi da investimenti 

Il reddito da dividendi è calcolato su base ex-dividendo. I proventi derivanti da titoli a reddito fisso e gli interessi sui depositi sono maturati su 

base giornaliera. 

(f) Valuta estera 

Le operazioni in valute diverse dalla valuta di espressione di ciascun comparto sono tradotte ai tassi di cambio vigenti al momento 

dell’operazione. Il valore di mercato degli investimenti e degli altri attivi e passivi in valute diverse dalla valuta di espressione di ciascun 

comparto è tradotto ai tassi di cambio vigenti a fine periodo. 

(g) Attribuzione delle spese 

Qualora la SICAV sostenga una spesa relativa ad un particolare comparto, tale spesa viene attribuita al comparto interessato. Nei casi in cui 

una spesa non possa essere ritenuta attribuibile ad un particolare comparto, tale spesa è ripartita tra i comparti sulla base dei rispettivi Valori 

Patrimoniali Netti. 

(h) Spese di avviamento 

Le spese di avviamento vengono ammortizzate su un periodo non superiore a 5 anni dalla data di lancio di ciascun comparto. 

3. Gestione e Consulenza per gli Investimenti 

Gli Amministratori della SICAV (gli “Amministratori”) sono responsabili della politica di investimento, nonché della gestione ed amministrazione 

della SICAV. Gli Amministratori hanno delegato la gestione giornaliera dei portafogli titoli della SICAV ad INVESCO GT Management S.A., 

Lussemburgo (il “Gestore”). 

Nel perseguire la politica di investimento degli Amministratori, il Gestore si avvale della consulenza, laddove appropriato, di INVESCO Asset 

Management Limited a Londra ed Henley, INVESCO Asia Limited ad Hong Kong, INVESCO Asset Management (Japan) Limited a Tokyo, AIM 

Capital Management Inc. a Houston, INVESCO Institutional (NA) Inc. a New York, INVESCO Global Asset Management (N.A) Inc. ad Atlanta e 

INVESCO Asset Management Deutschland GmbH a Francoforte. 

Per i servizi resi, il Gestore riceve dalla SICAV una remunerazione calcolata come percentuale del Valore Patrimoniale Netto di ciascun comparto, 

secondo le aliquote riportate nella tabella seguente: 

157


Note al bilancio – (segue) 

Comparto Commissione Commissione Commissione Commissione Commissione 

di Gestione di Gestione di Gestione di Gestione di Gestione 

Classe A Classe B (comprende 1% Classe B1 Classe C Classe E 

di Comm. Distribuzione) 

COMPARTI AZIONARI 

Globali 


Markets 2,00% 3,00% - 1,50% 2,25% 

IGT Global Value 1,50% 2,50% - 1,00% 2,00% 

America 

IGT North America 1,50% 2,50% - 1,00% 2,00% 

IGT American 

Enterprise 1,50% 2,50% - 1,00% 2,25% 


Large Cap Core 1.30% 2.30% 0.80% 2.25% 

Europa 

IGT European Structured 1.50% 2.50% - 1.00% 2.25% 

IGT Pan European 1.50% 2.50% - 1.00% 2.00% 


Enterprise 1.50% 2.50% 1.00% 2.25% 


Equity 1.50% - 1.00% 2.25% 

Giappone 

IGT Nippon Enterprise 1.50% 2.50% - 1,00% 2,25% 

IGT Nippon Growth 1.50% 2.50% - 1,00% 2,00% 

Asia 

IGT Asia Enterprise 1,50% 2,50% - 1,00% 2,25% 


Opportunities 1,50% 2,50% - 1,00% 2,25% 

COMPARTI TEMATICI 

IGT Worldwide 

Dynamic Theme 1,50% 2,50% - 1,00% 2,00% 

IGT Leisure 1,50% 2,50% - 1,00% 2,25% 

IGT Worldwide 

Telecommunications 1,50% 2,50% - 1,00% 2,25% 

IGT Worldwide Technology 2,00% 3,00% - 1,50% 2,25% 

IGT Worldwide Healthcare 2,00% 3,00% - 1,50% 2,25% 

IGT Energy 1,50% 2,50% - 1,00% 2,25% 

IGT Financial Services 1,50% 2,50% - 1,00% 2,25% 

COMPARTI VALUTARI 

IGT Dollar Reserve 0,50% 1,50% 0,50% 0,25% 0,50% 

IGT Euro Reserve 0,45% 1,45% - 0,15% 0,50% 

COMPARTI OBBLIGAZIONARI 

IGT Global Bond 0,75% 1.75% - 0,50% 0,90% 

IGT European Bond 0,75% 1,75% - 0,50% 0,90% 

IGT Euro High Yield 1,25% 2.25% - 0,75% 1,25% 

IGT Euroland Bond 0,75% 1,75% - 0,50% 0,90% 

COMPARTO STRUTTURATO 



Le commissioni di gestione sono calcolate quotidianamente sulla base del Valore Patrimoniale Netto di ciascun comparto in ciascun Giorno 

Lavorativo e sono pagate mensilmente. 

Le commissioni del Consulente per gli Investimenti sono pagate mediante la remunerazione del Gestore. 

4. Altre Commissioni 

Il Gestore riceve una ulteriore commissione annua dalla SICAV (la “Commissione degli Agenti addetti ai servizi”), che non dovrà superare lo 

0,3% per i Comparti Azionari, lo 0,2% per i Comparti Obbligazionari e lo 0,1% per i Comparti Valutari, calcolata sul Valore Patrimoniale Netto 

di ciascun comparto, con la quale il Gestore paga le commissioni dell’Agente Amministrativo, dell’Agente Domiciliatario e Societario e del 

Conservatore del Registro e Agente per i Trasferimenti, oltre agli onorari dei fornitori di servizi e le commissioni sostenute nei luoghi di 

registrazione della SICAV. Ciascuna di queste commissioni sarà calcolata in ciascun Giorno Lavorativo sul Valore Patrimoniale Netto della SICAV 

(ad un’aliquota concordata di volta in volta con il Gestore) e pagata mensilmente. Inoltre, il Gestore rimborsa le spese del Rappresentante della 

SICAV ad Hong Kong. 

Nella sua qualità di Banca Depositaria, J.P. Morgan Bank Luxembourg S.A. ha diritto ad una remunerazione (“Commissione di Deposito”) in 

conformità con le normali pratiche bancarie in Lussemburgo al tasso concordato di volta in volta con la SICAV, ma che non dovrà superare lo 

0,2% annuo del Valore Patrimoniale Netto della SICAV. La Commissione di Deposito è calcolata giornalmente (sul Valore Patrimoniale Netto 

della SICAV in ciascun Giorno Lavorativo) e pagata mensilmente. Inoltre, la “Commissione di Deposito” può anche comprendere le commissioni 

sulle transazioni di ciascun Comparto. 

158



5. Posizione Fiscale 

Il Fondo è registrato come organismo di investimento collettivo di diritto lussemburghese. Di conseguenza, al momento non è tenuto a pagare 

alcuna imposta lussemburghese su utili o redditi da capitali pur essendo soggetto a un’imposta di bollo (“taxe d’abonnement”) la cui aliquota 

annuale è pari allo 0,05% del NAV (valore patrimoniale netto). I due comparti valutari sono soggetti a un’aliquota annuale ridotta pari allo 

0,01% del NAV. 

6. Equalizzazione 

L’equalizzazione è un pagamento di capitali da parte di un sottoscrittore di Azioni ed è calcolata dividendo il reddito non distribuito netto del 

comparto interessato per il numero di Azioni in circolazione alla Data di Valutazione in cui è effettuata la sottoscrizione. L’equalizzazione può 

essere rimborsata agli azionisti in occasione del riscatto di Azioni o del pagamento di un dividendo. 

7. Dividendi 

Il 31 ottobre 2004 i titolari di azioni di classe A (Azioni di distribuzione) di INVESCO GT Global Bond Fund, riceveranno un dividendo pari a USD 

186.427 costituiti da reddito e compensazione netta. 

In conformità alla politica di distribuzione del Comparto INVESCO GT Global Bond Fund, il reddito è distribuito mediante pagamento dei 

dividendi, esclusivamente ai detentori di Azioni di Classe A (Azioni a Distribuzione). Il reddito dovuto ai detentori di Azioni di Classe A, Classe C e 

Classe E (Azioni ad Accumulazione) è reinvestito per rafforzare il valore di dette azioni. 

8. Contratti di Cambio a Termine 

I Comparti INVESCO GT Global Bond Fund, INVESCO GT Euro High Yield Fund, INVESCO GT Capital Shield Fund e INVESCO GT Capital Shield 

(USD) Fund hanno stipulato contratti di cambio a termine ai fini di una gestione efficace del portafoglio. Tali contratti sono usati a scopo di 

copertura da future variazioni attese per i tassi di cambio che potrebbero altrimenti influenzare negativamente il valore dei titoli detenuti nel 

portafoglio dei Comparti o il prezzo dei titoli che il Comparto intende acquistare in prospettiva. I contratti di cambio a termine aperti al 31 agosto 

2004 erano i seguenti: 

INVESCO GT Global Bond Fund Utili/(perdite) non 

Dettagli dei contratti di cambio a termine realizzati, in USD Data scadenza Controparte 

Acquisto a 570.000 GBP in vendita a 851.115 EUR (6.929) 30-set-04 

Acquisto a 1.280.410 USD in vendita a 7.800.000 DKR 14.289 30-set-04 

Acquisto a 7.047.940 USD in vendita a 5.777.000 EUR 73.372 30-set-04 

Acquisto a 2.728.119 USD in vendita a 293.000.000 JPY 57.437 30-set-04 

Acquisto a 688.500 USD in vendita a 2.590.000 PLZ (11.944) 30-set-04 

Acquisto a 1.130.796 USD in vendita a 622.000 GBP 17.288 30-set-04 

Acquisto a 6.000.000 JPY in vendita a 55.581 USD (892) 30-set-04 

Acquisto a 50.000 EUR in vendita a 61.470 USD (1.105) 30-set-04 

Acquisto a 98.376 USD in vendita a 80.000 EUR 1.792 30-set-04 

Acquisto a 291.738 EUR in vendita a 470.000 CND (4.648) 30-set-04 

Acquisto a 497.727 EUR in vendita a 600.000 USD 906 30-set-04 

Acquisto a 200.000 DKR in vendita a 33.148 USD (684) 30-set-04 

Acquisto a 1.094.891 USD in vendita a 120.000.000 JPY 1.096 30-set-04 

Acquisto a 582.979 USD in vendita a 760.000 CND 5.923 30-set-04 

Totale utili non realizzati su contratti di cambio a termine aperti 145.901 

INVESCO GT Euro High Yield Fund Utili/(perdite) non 

Dettagli dei contratti di cambio a termine realizzati, in EUR Data scadenza Controparte 

Acquisto a 2.115.049 EUR in vendita a 2.548.000 USD 3.904 04-nov-04 

Acquisto a 2.999.850 EUR in vendita a 1.994.000 GBP 50.254 04-nov-04 

Acquisto a 585.000 CHF in vendita a 382.103 EUR (1.746) 04-nov-04 

Acquisto a 74.262 EUR in vendita a 114.000 CHF 141 04-nov-04 

Acquisto a 279.462 EUR in vendita a 189.000 GBP (114) 04-nov-04 

Acquisto a 73.000 USD in vendita a 60.476 EUR 9 04-nov-04 

Acquisto a 307.843 EUR in vendita a 471.000 CHF 1.607 04-nov-04 


INVESCO Capital Shield Fund Utili/(perdite) non 

Dettagli dei contratti di cambio a termine realizzati, in EUR Data scadenza Controparte 

Acquisto a 1.325.858,00 EUR in vendita a 1.620.000 USD (16.558) 26-nov-04 

Acquisto a 556.845 EUR in vendita a 74.127.220 JPY (4.664) 26-nov-04 

Totale perdite non realizzate su contratti di cambio a termine aperti (21.222) 

159

8. Contratti di Cambio a Termine (segue) 



INVESCO Capital Shield USD Fund Utili/(perdite) non 

Dettagli dei contratti di cambio a termine realizzati, in USD Data scadenza Controparte 

Acquisto a 83.867 USD in vendita a 68.800 EUR 805 30-set-04 

Acquisto a 50.745 USD in vendita a 5.450.000 JPY 1.068 30-set-04 


Acquisto a 15.681 USD in vendita a 1.700.000 JPY 186 30-set-04 


Acquisto a 19.455 USD in vendita a 2.100.000 JPY 314 30-set-04 



Acquisto a 35.000 EUR in vendita a 43.173 USD (917) 30-set-04 

Acquisto a 42.089 USD in vendita a 4.650.000 JPY (295) 30-set-04 

Acquisto a 3.000.000 JPY in vendita a 27.310 USD 35 30-set-04 



9. Futures 

Descrizione Numero di contratti Impegno Long/Short Utili/(Perdite) non realizzati 


Swiss Market Index 17/09/2004 2 71.039 Long (506) 

DJ Euro Stoxx 50 17/09/2004 7 188.660 Long (605) 

OMX Index 24/09/2004 6 45.061 Long (30) 

FTSE 100 Index 17/09/2004 2 132.757 Long 1.531 

Totale utili non realizzati 390 


S&P 500 Future 16/9/04 22 5.967.750 Long 76.693 


S&P 500 Future 17/9/2004 313 14.240.819,71 Long (425.218) 


DJ Euro Stoxx 50 Future 17/9/2004 262 7.038.630 Long (303.070) 

Euro Bund Future 8/9/2004 1288 149.066.680 Long 106.700 

10 Year Mini JGB Future 8/9/2004 422 43.769.278,75 Long 197.264 

Nikkei 225 (SGX) Future 9/9/2004 174 7.274.286 Long (219.318) 

Totale perdite non realizzate (589.393) 


S&P 500 17/09/2004 20 1.099.000 Long (28.970) 


DJ Euro Stoxx 50 17/09/2004 17 551.585 Long (18.799) 

Euro Bund 08/09/2004 85 11.881.210 Long 7.699 

10 Year Mini JGB 08/09/2004 27 3.382.188 Long 17.184 

Nikkei 225 (SGX) 09/09/2004 11 555.406 Long (9.920) 

Totale perdite non realizzate (28.594) 

10. Prospetto delle Variazioni degli Investimenti 

Un elenco, con i dettagli per ciascun investimento degli acquisti e delle vendite totali avvenuti durante il periodo in esame, può essere ottenuto 

facendone richiesta alla Sede Legale della SICAV e al rappresentante di Hong Kong del Fondo. 

160



11. Incentivi ed Operazioni con Parti Collegate 

Alcune controllate di AMVESCAP PLC (“il Gruppo”), per ottenere il miglior risultato netto, compresa l’esecuzione al meglio, possono stipulare 

accordi con controparti ai sensi dei quali tali controparti possono effettuare pagamenti per servizi di investimento forniti al Gruppo. 

I servizi di investimento sono utilizzati dal Gruppo per migliorare od incrementare i servizi forniti ai suoi clienti. Sebbene non tutti i servizi possano 

essere utilizzati a vantaggio di tutti i portafogli gestiti dal Gruppo, il Gruppo ritiene che tali servizi di investimento ricevuti forniscano 

complessivamente un contributo notevole all’espletamento delle sue funzioni di investimento e siano di beneficio comprovato per tutti i clienti. 

Solo i servizi che contribuiscono a fornire servizi di investimento ai clienti del Gruppo saranno pagati dalle controparti. 

I servizi di investimento permessi comprendono servizi che forniscono assistenza al Gruppo nella sua attività di investimento. Tali servizi 

includono, ma non si limitano necessariamente a, fornire analisi, servizi di ricerca e consulenza compresi fattori e tendenze economiche, 

valutazione ed analisi di portafogli, misurazione della performance, servizi di pubblicazione dei prezzi di mercato nonché l’utilizzo di software ed 

hardware specializzati o altri supporti informativi. 

Il Gruppo assicurerà che tali operazioni siano conformi alle sue responsabilità di investimento dovute ai suoi clienti, ai sensi delle leggi dei paesi 

aventi giurisdizione sui suoi clienti o sulla sua attività. Quanto detto può variare in termini di applicazione in relazione all’adeguatezza dei servizi 

di investimento forniti. 

Il Gruppo sceglie le controparti per eseguire le operazioni con il criterio che tali operazioni siano eseguite solamente a condizione che il 

collocamento di ordini sia nel migliore interesse dei clienti del Gruppo e che il multiplo sia ad un livello generalmente consono alle pratiche di 

mercato. Il Gruppo cercherà di ottenere l’esecuzione al meglio su tutte le operazioni per tutti i clienti. 

Inoltre, i clienti possono richiedere al Gruppo di pagare alle controparti commissioni per prodotti e servizi che dovrebbero altrimenti essere pagati 

dai clienti. In tali casi, la commissione è utilizzata ad esclusivo beneficio del cliente le cui operazioni hanno generato tale commissione. 

Dal 1 marzo 2004 al 31 agosto 2004 i contratti di cambio sono stati trattati con INVESCO Bank Frankfurt. Su tali operazioni non sono state 

pagate commissioni. Gli importi delle operazioni per il periodo e le percentuali delle operazioni totali di cambio, sono stati i seguenti: 




Il Gruppo cercherà di mantenere in tutto il mondo i più elevati standard regolatori possibili. 

161


Memoria relativa a los estados financieros 

1. Información general (base de la presentación) 

INVESCO GT (en lo sucesivo, el “Fondo”) es una sociedad de inversión constituida con arreglo al Derecho luxemburgués como una société 

anonyme y cumple los requisitos de una société d’investissement à capital variable (“SICAV”). INVESCO GT es un fondo paraguas compuesto por 

24 subfondos, cada uno de los cuales se considera una entidad separada. Los estados financieros adjuntos se han formulado de conformidad con 

los requisitos que establece la normativa legal y reglamentaria luxemburguesa. 

Clases de Acciones 

Las Acciones de algunos de los subfondos están disponibles en seis clases (Clase A, Clase AA, Clase B, Clase B1, Clase C y Clase E). Las Acciones 

de Clase A pueden suscribirse sin ningún tipo de limitación. Las Acciones de Clase B únicamente están disponibles para un subdistribuidor. Las 

Acciones de Clase C, cuyo importe de inversión inicial mínima es mayor y se benefician de una comisión de gestión menor, se dirigen de forma 

principal a grandes inversores e inversores institucionales. Las Acciones de Clase E soportan una comisión de suscripción inferior y una comisión 

anual de gestión superior a la de las Acciones de Clase A y C. Asimismo, únicamente INVESCO GT Dollar Reserve Fund ofrece Acciones de Clase 

B1, que no soportan Comisión de Distribución alguna. 

2. Resumen de los principales criterios contables 

(a) Consolidación 

Las cifras consolidadas del Balance se reflejan tan sólo a efectos estadísticos y los inversores con participaciones en uno o más subfondos no 

deben guiarse por ellas. Los activos y pasivos de los subfondos denominados en euros y yenes japoneses se han convertido a dólares 

estadounidenses aplicando los tipos de cambio siguientes: 1 EUR = 0.83 USD y 1 JPY = 109.87 USD. 

(b) Valoración de las inversiones 

Al valorar los activos, los valores admitidos a cotización oficial en bolsa se valoran cada Día de Valoración a su último precio disponible en la 

bolsa principal en que normalmente coticen. Los valores negociados en mercados no regulados (OTC) se valoran con arreglo al criterio más 

próximo al empleado para valorar los valores cotizados. 

(c) Repercusión en la valoración 

Las cuentas anuales han sido elaboradas por referencia a los últimos valores patrimoniales netos calculados en el período contable. De 

conformidad con el Folleto, los valores patrimoniales netos fueron calculados con base en los últimos precios disponibles a las 10:00 horas 

(hora de Dublín) del 31 agosto 2004. 

(d) Coste de enajenación de las inversiones 

Cualesquiera superávit o déficit resultantes de la venta de activos financieros se determinan con base al criterio del coste medio. 

(e) Rendimiento de las inversiones 

Los ingresos en concepto de dividendos se contabilizan con base a ex dividendo. Los ingresos en concepto de intereses de valores de renta 

fija y de depósitos se incluyen conforme se devengan diariamente. 

(f) Moneda extranjera 

Las transacciones en monedas distintas de la moneda de cuenta de cada subfondo se convierten aplicando los tipos de cambio vigentes en 

el momento de efectuarlas. El valor de mercado de los activos financieros y de otros activos y pasivos en monedas distintas de la moneda de 

cuenta de cada subfondo se convierte aplicando los tipos de cambio vigentes al cierre del período. 

(g) Imputación de gastos 

Cuando el Fondo soporte un gasto relacionado con un determinado subfondo, dicho gasto se imputará al subfondo de que se trate. En 

aquellos casos en que se considera que no cabe imputar un gasto a un subfondo determinado, dicho gasto se distribuirá entre todos los 

subfondos en función de sus respectivos patrimonios netos. 

(h) Gastos de constitución 

Los gastos de constitución se amortizarán a lo largo de un período no superior a 5 años a contar desde la fecha de lanzamiento de cada 

subfondo. 

3. Sociedad Gestora y Asesores de Inversiones 

Los Administradores del Fondo (en lo sucesivo, los “Administradores”) son las personas responsables de la política de inversión, de la gestión y de 

la administración del Fondo. Los Administradores delegan la gestión cotidiana de la cartera de inversiones financieras del Fondo a INVESCO GT 

Management S.A., Luxembourg (en lo sucesivo, la “Sociedad Gestora”). 

Siguiendo la política de inversión de los Administradores, la Sociedad Gestora cuenta con la asesoría de inversiones de, según proceda, INVESCO 

Asset Management Limited en Londres y Henley, INVESCO Asia Limited en Hong Kong, INVESCO Asset Management (Japan) Limited en Tokio, 

AIM Capital Management Inc. en Houston, INVESCO Institutional (NA) Inc. en Nueva York, INVESCO Global Asset Management (N.A) Inc. en 

Atlanta e INVESCO Asset Management Deutschland GmbH en Francfort. 

En contraprestación por sus servicios, la Sociedad Gestora percibirá del Fondo la cantidad resultante de aplicar sobre el patrimonio neto de cada 

subfondo el tipo que se refleja en el cuadro siguiente: 

162


Memoria relativa a los estados financieros – (continuación) 

Fondo Comisión Comisión Comisión Comisión Comisión 

de gestión de gestión de gestión de gestión de gestión 

Clase A Clase B (incluye una Clase B1 Clase C Clase E 

comisión de 

distribución del 1%) 

FONDOS DE RENTA VARIABLE 

Internacional 


Markets 2.00% 3.00% 1.50% 2.25% 


América 


IGT American 

Enterprise 1.50% 2.50% 1.00% 2.25% 


Large Cap Core 1.30% 2.30% 0.80% 2.25% 

Europa 




Enterprise 1.50% 2.50% 1.00% 2.25% 


Equity 1.50% - 1.00% 2.25% 

Japón 



Asia 




FONDOS TEMÁTICOS 

IGT Worldwide 

Dynamic Theme 1.50% 2.50% 1.00% 2.00% 

IGT Leisure 1.50% 2.50% 1.00% 2.25% 

IGT Worldwide 




IGT Energy 1.50% 2.50% 1.00% 2.25% 


FONDOS DE DINERO 



FONDOS DE RENTA FIJA 





FONDO ESTRUCTURADO 



Las comisiones de gestión se calculan diariamente con base en el patrimonio neto de cada subfondo en cada día hábil y se pagan mensualmente. 

Los honorarios del Asesor de Inversiones se pagarán con cargo a la remuneración de la Sociedad Gestora. 

4. Otras comisiones 

La Sociedad Gestora percibirá del Fondo una comisión adicional, que no superará el tipo anual del 0,3%, 0,2% y 0,1% del Patrimonio Neto de 

cada Fondo en el caso de los Fondos de Renta Variable, Fondos de Renta Fija y Fondos de Dinero, respectivamente, con cargo a la cual ésta 

abonará las comisiones del Agente Administrativo, de Domiciliación y Corporativo, y del Agente de Registro y Transmisiones, así como otras 

comisiones y gastos de proveedores de servicios y las tasas soportadas en las plazas en que el Fondo está registrado. Cada una de dichas 

comisiones se calcula cada Día Hábil aplicando sobre el Patrimonio Neto del Fondo el tipo oportunamente acordado con la Sociedad Gestora y 

se paga mensualmente. Además, la Sociedad Gestora responderá del reembolso de los gastos soportados por el Representante en Hong Kong 

del Fondo. 

En su calidad de Depositario, J.P. Morgan Bank Luxembourg S.A. tiene derecho a percibir, conforme a las prácticas y usos bancarios ordinarios 

en Luxemburgo, una remuneración (“Comisión del Depositario”) con arreglo a una tarifa acordada oportunamente con el Fondo, que no 

superará el 0,2% anual del Patrimonio Neto del Fondo. La comisión del Depositario se calcula diariamente, con base en el Patrimonio Neto del 

Fondo en cada Día Hábil, y se paga mensualmente. Además, la “Comisión del Depositario” puede también incluir comisiones por los gastos de 

transacción de cada Fondo. 

163



5. Régimen fiscal 

El Fondo está constituido con arreglo a la legislación de Luxemburgo como empresa de inversión colectiva. Por consiguiente, el Fondo no está 

sometido actualmente a ningún impuesto de Luxemburgo que grave beneficios o plusvalías. No obstante, queda sujeto a un “taxe 

d’abonnement” anual que se calcula a un tipo del 0,05% del patrimonio neto. Los dos Fondos de reserva están sujetos a un tipo anual del 

0,01% del Patrimonio neto. 

6. Compensación de rendimientos 

La compensación de rendimientos es un pago en concepto de capital efectuado por quien suscribe una Acción que se calcula dividiendo el 

resultado neto no distribuido del subfondo de que se trate entre el número de Acciones en circulación a la Fecha de Valoración en que se efectúe 

la suscripción. La compensación podrá devolverse a los accionistas con ocasión del reembolso o recompra de Acciones por el Fondo o con 

ocasión del abono de un dividendo. 

7. Dividendos 

Los titulares de acciones de Clase A (acciones de distribución) en el INVESCO GT Global Bond Fund percibirán el 31 de octubre de 2004 

dividendos por valor de 186,427 USD, consistentes en ingresos y en compensación neta. 

De acuerdo con la política de distribución del INVESCO GT Global Bond Fund, los ingresos se distribuyen mediante un pago de dividendos, solo 

para los titulares de acciones de Clase A (Acciones de distribución). Los ingresos correspondientes a los titulares de acciones de Clase A, Clase C y 

Clase E (Acciones de acumulación) se vuelven a invertir para aumentar el valor de las acciones de Clase A, C y E. 

8. Contratos a plazo sobre divisas 

El INVESCO GT Global Bond Fund, INVESCO GT Euro High Yield Fund, INVESCO GT Capital Shield Fund y el INVESCO GT Capital Shield (USD) 

Fund han firmado contratos a plazo sobre divisas para una gestión eficiente de la cartera. Los contratos a plazo sobre divisas se utilizan como 

cobertura frente a los cambios futuros previstos en las tasas de cambio que, de otra manera, podrían afectar desfavorablemente al valor de los 

títulos de la cartera del Fondo o al precio de los títulos que el Fondo pretenda adquirir en una fecha posterior. Los contratos a plazo sobre divisas 

iniciados el 31 de agosto de 2004 son los siguientes: 

Global Bond Fund Beneficios/(pérdidas) no 

Datos de contratos a plazo de divisas realizados en USD Fecha de vencimiento 

Compra 570,000 GBP para vender 851,115 EUR (6,929) 30-Sep-04 

Compra 1,280,410 USD para vender 7,800,000 DKR 14,289 30-Sep-04 

Compra 7,047,940 USD para vender 5,777,000 EUR 73,372 30-Sep-04 

Compra 2,728,119 USD para vender 293,000,000 JPY 57,437 30-Sep-04 

Compra 688,500 USD para vender 2,590,000 PLZ (11,944) 30-Sep-04 

Compra 1,130,796 USD para vender 622,000 GBP 17,288 30-Sep-04 

Compra 6,000,000 JPY para vender 55,581 USD (892) 30-Sep-04 

Compra 50,000 EUR para vender 61,470 USD (1,105) 30-Sep-04 

Compra 98,376 USD para vender 80,000 EUR 1,792 30-Sep-04 

Compra 291,738 EUR para vender 470,000 CND (4,648) 30-Sep-04 

Compra 497,727 EUR para vender 600,000 USD 906 30-Sep-04 

Compra 200,000 DKR para vender 33,148 USD (684) 30-Sep-04 

Compra 1,094,891 USD para vender 120,000,000 JPY 1,096 30-Sep-04 

Compra 582,979 USD para vender 760,000 CND 5,923 30-Sep-04 

Beneficios no realizados totales en contratos a plazo sobre divisas abiertos 145,901 

INVESCO GT Euro High Yield Fund Beneficios/(pérdidas) no 

Datos de contratos a plazo de divisas realizados en EUR Fecha de vencimiento 

Compra 2,115,049 EUR para vender 2,548,000 USD 3,904 04-Nov-04 

Compra 2,999,850 EUR para vender 1,994,000 GBP 50,254 04-Nov-04 

Compra 585,000 CHF para vender 382,103 EUR (1,746) 04-Nov-04 

Compra 74,262 EUR para vender 114,000 CHF 141 04-Nov-04 

Compra 279,462 EUR para vender 189,000 GBP (114) 04-Nov-04 

Compra 73,000 USD para vender 60,476 EUR 9 04-Nov-04 

Compra 307,843 EUR para vender 471,000 CHF 1,607 04-Nov-04 


INVESCO Capital Shield Fund Beneficios/(pérdidas) no 

Datos de contratos a plazo de divisas realizados en EUR Fecha de vencimiento 

Compra 1,325,858.00 EUR para vender 1,620,000 USD (16,558) 26-Nov-04 

Compra 556,845 EUR para vender 74,127,220 JPY (4,664) 26-Nov-04 

Total de pérdidas no realizadas de los contratos a plazo de divisas abiertos (21,222) 

164

8. Contratos a plazo sobre divisas (continuación) 



INVESCO Capital Shield USD Fund Beneficios/(pérdidas) no 

Datos de contratos a plazo de divisas realizados en USD Fecha de vencimiento 

Compra 83,867 USD para vender 68,800 EUR 805 30-Sep-04 

Compra 50,745 USD para vender 5,450,000 JPY 1,068 30-Sep-04 


Compra 15,681 USD para vender 1,700,000 JPY 186 30-Sep-04 


Compra 19,455 USD para vender 2,100,000 JPY 314 30-Sep-04 



Compra 35,000 EUR para vender 43,173 USD (917) 30-Sep-04 

Compra 42,089 USD para vender 4,650,000 JPY (295) 30-Sep-04 

Compra 3,000,000 JPY para vender 27,310 USD 35 30-Sep-04 



9. Futuros Beneficios no 

Descripción Número de contratos Compromiso Largo/Corto realizados/(pérdidas) 




OMX Index 24/09/2004 6 45,061 Long (30) 


Beneficios no realizados totales 390 


S&P 500 Future 16/9/04 22 5,967,750 Long 76,693 


S&P 500 Future 17/9/2004 313 14,240,819.71 Long (425,218) 






Pérdidas no realizadas totales (589,393) 


S&P 500 17/09/2004 20 1,099,000 Long (28,970) 



Euro Bund 08/09/2004 85 11,881,210 Long 7,699 



Pérdidas no realizadas totales (28,594) 

10. Estado de variación patrimonial 

Previa petición dirigida al Domicilio Social del Fondo y al representante de Hong Kong, puede obtenerse la relación que especifica, para cada 

inversión, las compras y ventas totales realizadas en el período analizado. 

165



11. Comisiones en especie y operaciones con partes vinculadas 

Algunas filiales de AMVESCAP PLC (en lo sucesivo, el “Grupo”), con el fin de obtener el mejor resultado neto posible, incluida la ejecución de las 

operaciones en condiciones óptimas, pueden celebrar contratos con otras partes en virtud de los cuales éstas pueden efectuar pagos por 

servicios de inversión prestados al Grupo. 

El Grupo utiliza servicios de inversión para mejorar o ampliar los servicios prestados a sus clientes. Si bien cabe que no todos los servicios se 

utilicen para prestar servicio a todas y cada una de las cuentas administradas por el Grupo, éste considera que, en conjunto, dichos servicios de 

inversión recibidos representan una asistencia significativa para el desempeño de sus funciones de inversión y una ventaja demostrable para 

todos los clientes. Únicamente serán pagados por contrapartes los servicios que contribuyan a la prestación de servicios de inversión a los clientes 

del Grupo. 

Los servicios de inversión admisibles incluyen servicios destinados a prestar asistencia al Grupo en su labor de inversión. Dichos servicios incluyen, 

a título meramente enunciativo y no limitativo, análisis, estudios y asesoramiento, incluyendo factores y tendencias económicos, valoración y 

análisis de carteras, medición de rentabilidades, servicios de cotizaciones de mercado y la utilización de software y hardware especializados u 

otros medios en información. 

El Grupo garantizará la observancia de sus obligaciones para con sus clientes, en el proceso de decisión en materia de inversiones, en 

conformidad con la legislación de los países con jurisdicción sobre sus clientes o actividades. La aplicación de esta norma puede variar en función 

de la conveniencia de los servicios de inversión prestados. 

El Grupo selecciona a las contrapartes con las que contrata la ejecución de las operaciones sobre la base de que éstas únicamente se ejecutarán a 

condición de que las órdenes cursadas no produzcan un efecto contrario al interés de los clientes del Grupo y que el múltiplo se encuentre a un 

nivel coherente con la práctica generalmente aceptada en el mercado. El Grupo hará cuanto esté a su alcance por obtener condiciones de 

ejecución óptimas en todas las operaciones, para todos los clientes. 

Asimismo, los clientes pueden dar instrucciones al Grupo para que pague comisiones a contrapartes por productos y servicios que, si no, tendrían 

que de ser remunerados. En tales casos, la comisión se utilizará en beneficio exclusivo del cliente cuyas operaciones la hayan generado. El Grupo 

hará cuanto esté a su alcance por mantener las normas más exigentes posibles en la regulación de su actividad en todo el mundo. 

Desde el 1 de marzo de 2004 al 31 de agosto de 2004 las transacciones de contratos a plazo sobre divisas han sido realizadas a través de 

INVESCO Bank Frankfurt. No se ha pagado ninguna comisión en estas transacciones. La transacción corresponde al período, siendo los 

porcentajes de las transacciones en divisas totales los siguientes: 




El Grupo hará cuanto esté a su alcance por mantener las normas más exigentes posibles en la regulación de su actividad en todo el mundo. 

166


Memória relativa às demonstrações financeiras 

1. Bases de Apresentação 

A INVESCO GT (adiante denominada por “Fundo”) é uma sociedade gestora de fundos de investimento constituída em conformidade com a 

legislação luxemburguesa como “société anonyme” com prerrogativas de société d’investissement à Capital Variable (“SICAV”). A INVESCO GT é 

um fundo que abrange 24 subfundos, sendo que cada um destes subfundos é tratado como uma entidade independente. As demonstrações 

financeiras anexas foram elaboradas em conformidade com os requisitos estabelecidos pelos regulamentos luxemburgueses. 

Classes de Acções 

As acções de alguns dos subfundos dividem-se em seis classes (Classe A, Classe AA, Classe B, Classe B1, Classe C e Classe E). As acções da 

Classe A podem ser subscritas sem qualquer limitação. As acções da Classe B são exclusivamente disponibilizadas a um subdistribuidor. As acções 

da Classe C, que têm um montante de subscrição inicial mínimo mais elevado e beneficiam de comissões de gestão inferiores, destinam-se em 

especial a grandes investidores ou investidores institucionais. As acções da Classe E têm uma taxa inicial mais reduzida e uma comissão de gestão 

anual mais elevada que as das acções da Classe A ou C. Além disso, as Acções da Classe B1 só estão disponíveis no INVESCO GT Dollar Reserve 

Fund e não têm Comissão de Distribuição. 

2. Resumo das principais práticas contabilísticas 

(a) Consolidação 

Os valores de consolidação constantes da demonstração da situação líquida visam exclusivamente fins estatísticos, não devendo, neste 

contexto, ser utilizados pelos investidores com posições em um ou diversos subfundos. O activo e o passivo dos subfundos denominados 

em euros e ienes foram convertidos para dólares americanos às taxas de Euro 0,83 e JPY 109,87, respectivamente. 

(b) Valorização dos investimentos 

Na valorização do activo total, os valores cotados são avaliados em cada Dia de Valorização ao seu último preço cotado na principal bolsa 

onde esses valores são geralmente transaccionados. Os valores transaccionados no mercado paralelo de títulos (OTC) são avaliados de 

forma tão aproximada quanto possível ao modo de valorização dos valores cotados. 

(c) Impacto sobre os Valores 

As demonstrações financeiras foram elaboradas com base nos últimos valores líquidos do balanço calculados no exercício. De acordo com 

o Prospecto, os valores líquidos do balanço foram calculados por referência às últimas cotações disponíveis às 10,00 horas (hora de Dublin), 

em 31 de Agosto de 2004. 

(d) Custo de alienação dos investimentos 

Os eventuais excedentes ou défices resultantes da venda de activos financeiros determinam-se com base no critério do custo médio. 

(e) Receitas dos investimentos 

Os lucros a título de dividendos são contabilizados relativamente a uma base com exclusão dos dividendos. Os lucros a título de juros de 

valores de rendimento fixo e de depósitos são diariamente acumulados. 

(f) Divisas 

As transacções realizadas em divisas diferentes da divisa designada para cada subfundo são convertidas às taxas cambiais em vigor no 

momento em que as referidas transacções são efectuadas. O valor de mercado dos activos financeiros e de activo e passivo diversos em 

divisas diferentes da divisa designada para cada subfundo é convertido às taxas cambiais em vigor no final do período. 

(g) Distribuição de despesas 

Sempre que o Fundo realize despesas relacionadas com um subfundo específico, essas despesas são imputadas ao subfundo em causa. Nos 

casos em que essas despesas não puderem ser imputadas a um subfundo específico, as referidas despesas são distribuídas pelos subfundos 

com base nos seus valores líquidos do activo respectivos. 

(h) Despesas de constituição 

As despesas de constituição são amortizadas num prazo máximo de 5 anos a contar da data de lançamento de cada subfundo. 

3. Sociedade Gestora e Assessores Financeiros 

Os Administradores do Fundo (adiante designados por “Administradores”) são responsáveis pela política de investimento, gestão e administração 

do Fundo. Os Administradores delegaram a gestão do investimento quotidiana da carteira de títulos do Fundo pela INVESCO GT Management 

S.A., Luxemburgo (a “Sociedade Gestora”). 

Obedecendo à política de investimentos dos Directores, o Gestor solicita aconselhamento sobre investimentos, conforme apropriado, à INVESCO 

Asset Management Limited em Londres e em Henley, INVESCO Asia Limited em Hong-Kong, INVESCO Asset Management (Japão) Limited em 

Tóquio, AIM Capital Management Inc. em Houston, INVESCO Institutional (NA) Inc. em Nova Iorque, INVESCO Global Asset Management (N.A) 

Inc. em Atlanta e INVESCO Asset Management Deutschland GmbH em Frankfurt. 

Pelos serviços prestados, a Sociedade Gestora recebe do Fundo uma percentagem do valor líquido do activo de cada subfundo, em conformidade 

com o quadro apresentado seguidamente: 

167


Memória relativa às demonstrações financeiras – (continuaçäo) 

Fundo Comissão Comissão Comissão Comissão Comissão 

de Gestão de Gestão de Gestão de Gestão de Gestão 

Classe A Classe B (inclui uma Classe B1 Classe C Classe E 

Comissão de Distribuição) 

FUNDOS DE ACÇÕES 

Global 


Markets 2,00% 3,00% 1,50% 2,25% 

IGT Global Value 1,50% 2,50% 1,00% 2,00% 

América 

IGT North America 1,50% 2,50% 1,00% 2,00% 

IGT American 

Enterprise 1,50% 2,50% 1,00% 2,25% 


Large Cap Core 1,30% 2,30% 0,80% 2,25% 

Europa 

IGT European Structured 1,30% 2,30% 0,80% 2,25% 

IGT Pan European 1,50% 2,50% 1,00% 2,00% 


Enterprise 1,50% 2,50% 1,00% 2,25% 


Equity 1,50% - 1,00% 2,25% 

Japão 

IGT Nippon Enterprise 1,50% 2,50% 1,00% 2,25% 

IGT Nippon Growth 1,50% 2,50% 1,00% 2,00% 

Ásia 

IGT Asia Enterprise 1,50% 2,50% 1,00% 2,25% 


Opportunities 1,50% 2,50% 1,00% 2,25% 

FUNDOS TEMÁTICOS 

IGT Worldwide 

Dynamic Theme 1,50% 2,50% 1,00% 2,00% 

IGT Leisure 1,50% 2,50% 1,00% 2,25% 

IGT Worldwide 

Telecommunications 1,50% 2,50% 1,00% 2,25% 

IGT Worldwide Technology 2,00% 3,00% 1,50% 2,25% 

IGT Worldwide Healthcare 2,00% 3,00% 1,50% 2,25% 

IGT Energy 1,50% 2,50% 1,00% 2,25% 

IGT Financial Services 1,50% 2,50% 1,00% 2,25% 

FUNDOS DE RESERVA 

IGT Dollar Reserve 0,50% 1,50% 0,50% 0,25% 0,50% 

IGT Euro Reserve 0,45% 1,45% 0,15% 0,50% 

FUNDOS DE OBRIGAÇÕES 

IGT Global Bond 0,75% 1,75% 0,50% 0,90% 

IGT European Bond 0,75% 1,75% 0,50% 0,90% 

IGT Euro High Yield 1,25% 2,25% 0,75% 1,25% 

IGT Euroland Bond 0,75% 1,75% 0,50% 0,90% 

FUNDO ESTRUTURADO 

IGT Capital Shield 1,00% 2,00% 0,60% 1,50% 

IGT Capital Shield (USD) 1,00% 0,60% 

As comissões de gestão são calculadas diariamente e têm por base o valor líquido do activo de cada subfundo em cada dia útil, sendo liquidadas 

mensalmente. 

As comissões do Consultor Financeiro são deduzidas à remuneração a pagar ao Gestor. 

4. Outras comissões 

O Fundo paga à Sociedade Gestora uma comissão suplementar, que não excederá a taxa anual de 0,3% relativamente aos Fundos de Acções, 

0,2% aos Fundos de Obrigações e 0,1% aos Fundos de Reserva do valor líquido do activo de cada Fundo, montante ao qual a Sociedade Gestora 

deduz as comissões devidas ao Agente Administrativo, de Domiciliação e Empresarial e do Agente de Registo e Transmissões, assim como as 

comissões devidas aos prestadores de serviços e taxas devidas nos locais onde o Fundo se encontra registado. Todas as comissões referidas 

anteriormente serão calculadas em cada dia útil sobre o valor líquido do activo do Fundo (à taxa a definir de tempos a tempos com a Sociedade 

Gestora), sendo mensalmente liquidadas. Além disso, a Sociedade Gestora suporta as despesas do representante do Fundo em Hong Kong. 

Na sua qualidade de banco depositário, o J.P. Morgan Bank Luxembourg S.A. tem direito a receber uma remuneração (“Comissão do Banco 

Depositário”), em conformidade com a prática bancária padrão em vigor no Luxemburgo às taxas que vierem a ser definidas, de tempos a 

tempos, com o Fundo, não devendo, porém, ser superiores a 0,2% por ano do valor líquido do activo do Fundo. A comissão do banco 

depositário é calculada diariamente (sobre o valor líquido do activo do Fundo em cada dia útil), sendo liquidada mensalmente. Paralelamente, a 

“Comissão da Entidade de Custódia” poderá igualmente incluir comissões que abrangem as taxas de transacção cobradas em cada Fundo. 

168



5. Regime fiscal 

O Fundo está registado ao abrigo da legislação do Luxemburgo como organismo de investimento colectivo. Desse modo, de momento, o Fundo 

não está obrigado ao pagamento de qualquer imposto sobre o rendimento ou mais-valias do Luxemburgo. Está, porém, sujeito a uma “taxe 

d’abonnement” anual calculada a uma taxa anual de 0,05% do Valor Líquido. Os dois Fundos de Reserva estão sujeitos a uma taxa anual 

reduzida de 0,01% do Valor Líquido. 

6. Compensação 

A compensação é um pagamento de capital por parte de um subscritor de acções, sendo calculada através da divisão dos lucros líquidos não 

distribuídos do sub-fundo em questão pelo número de acções emitidas à data de valorização na qual a subscrição é realizada. É possível 

reembolsar a compensação aos accionistas por ocasião da amortização das acções ou do pagamento de dividendos. 

7. Dividendos 

No dia 31 de Outubro de 2004 será pago um dividendo de 186,427 dólares americanos aos titulares das Acções da Classe A (Acções de 

Distribuição) no INVESCO GT Global Bond Fund, consistindo em rendimentos e compensação líquida. 

De acordo com a política de distribuição da INVESCO GT Global Bond Fund, as receitas são distribuídas sob a forma de pagamento de 

dividendos, apenas a accionistas de Acções da Classe A (Acções de Distribuição). As receitas devidas aos accionistas de Acções da Classe A, 

Classe C e Classe E (Acções de Acumulação) são reinvestidas para acrescer o valor de Acções da Classe A, C e E. 

8. Contratos de Compra e Venda de Divisas a Prazo 

O INVESCO GT Global Bond Fund, INVESCO GT Euro High Yield Fund, INVESCO GT Capital Shield Fund e INVESCO GT Capital Shield (USD) Fund 

fizeram parte de operações cambiais a prazo para uma gestão de carteira eficiente. As operações cambiais a prazo são utilizadas de modo a 

evitar possíveis alterações futuras das taxas de câmbio que, de outro modo, poderiam afectar o valor dos títulos da carteira do Fundo ou afectar 

adversamente o preço dos títulos que o Fundo pretende adquirir posteriormente. As operações cambiais a prazo abertas a 31 de Agosto de 2004 

são consistem no seguinte: 

Global Bond Fund 

Detalhes dos Contratos de Ganhos/(Perdas) 

Compra e Venda de Divisas a Prazo não Realizados em USD Data de vencimento 

Compra 570,000 GBP venda 851,115 EUR (6,929) 30-Sep-04 

Compra 1,280,410 USD venda 7,800,000 DKR 14,289 30-Sep-04 

Compra 7,047,940 USD venda 5,777,000 EUR 73,372 30-Sep-04 

Compra 2,728,119 USD venda 293,000,000 JPY 57,437 30-Sep-04 

Compra 688,500 USD venda 2,590,000 PLZ (11,944) 30-Sep-04 

Compra 1,130,796 USD venda 622,000 GBP 17,288 30-Sep-04 

Compra 6,000,000 JPY venda 55,581 USD (892) 30-Sep-04 

Compra 50,000 EUR venda 61,470 USD (1,105) 30-Sep-04 

Compra 98,376 USD venda 80,000 EUR 1,792 30-Sep-04 

Compra 291,738 EUR venda 470,000 CND (4,648) 30-Sep-04 

Compra 497,727 EUR venda 600,000 USD 906 30-Sep-04 

Compra 200,000 DKR venda 33,148 USD (684) 30-Sep-04 

Compra 1,094,891 USD venda 120,000,000 JPY 1,096 30-Sep-04 

Compra 582,979 USD venda 760,000 CND 5,923 30-Sep-04 

Total de ganhos não realizados em contratos cambiais a prazo abertos 145,901 



Compra e Venda de Divisas a Prazo não Realizados em EUR Data de vencimento 

Compra 2,115,049 EUR venda 2,548,000 USD 3,904 04-Nov-04 

Compra 2,999,850 EUR venda 1,994,000 GBP 50,254 04-Nov-04 

Compra 585,000 CHF venda 382,103 EUR (1,746) 04-Nov-04 

Compra 74,262 EUR venda 114,000 CHF 141 04-Nov-04 

Compra 279,462 EUR venda 189,000 GBP (114) 04-Nov-04 

Compra 73,000 USD venda 60,476 EUR 9 04-Nov-04 

Compra 307,843 EUR venda 471,000 CHF 1,607 04-Nov-04 


INVESCO Capital Shield Fund 



Compra 1,325,858.00 EUR venda 1,620,000 USD (16,558) 26-Nov-04 

Compra 556,845 EUR venda 74,127,220 JPY (4,664) 26-Nov-04 

Total de perdas não realizadas em contratos cambiais a prazo abertos (21,222) 

169

8. Contratos de Compra e Venda de Divisas a Prazo (continuaçäo) 



INVESCO Capital Shield USD Fund 



Compra 83,867 USD venda 68,800 EUR 805 30-Sep-04 

Compra 50,745 USD venda 5,450,000 JPY 1,068 30-Sep-04 


Compra 15,681 USD venda 1,700,000 JPY 186 30-Sep-04 


Compra 19,455 USD venda 2,100,000 JPY 314 30-Sep-04 



Compra 35,000 EUR venda 43,173 USD (917) 30-Sep-04 

Compra 42,089 USD venda 4,650,000 JPY (295) 30-Sep-04 

Compra 3,000,000 JPY venda 27,310 USD 35 30-Sep-04 



9. Futuros 

Descrição Número de contratos Compromisso Long/Short Ganhos/(perdas) não realizados 




OMX Index 24/09/2004 6 45,061 Long (30) 


Total dos ganhos não realizados 390 


S&P 500 Future 16/9/04 22 5,967,750 Long 76,693 


S&P 500 Future 17/9/2004 313 14,240,819.71 Long (425,218) 






Total das perdas não realizadas (589,393) 


S&P 500 17/09/2004 20 1,099,000 Long (28,970) 



Euro Bund 08/09/2004 85 11,881,210 Long 7,699 



Total das perdas não realizadas (28,594) 

10. Demonstração de variação dos investimentos 

Por pedido apresentado na sede social do Fundo, é possível obter-se uma lista que enumera o total de compras e vendas relativas a cada 

investimento realizadas no período em apreço e no representante em Hong Kong. 

170



11. Comissões em espécie e operações com entidades relacionadas 

Algumas subsidiárias do AMVESCAP PLC (adiante denominado “Grupo”) com o fito de obter o melhor resultado líquido, incluindo a melhor 

execução, poderão realizar acordos com entidades homólogas através dos quais estas poderão realizar pagamentos relativos a serviços 

financeiros fornecidos ao Grupo. 

O Grupo utiliza os serviços financeiros com vista a melhorar e complementar os serviços prestados aos seus clientes. Embora nem todos os 

serviços possam ser utilizados para servir todas as contas geridas pelo Grupo, este considera que, globalmente, os serviços financeiros recebidos 

se traduzem numa ajuda importante com vista a satisfazer as suas responsabilidades em termos de investimento e relativamente aos quais os 

clientes obtêm vantagens óbvias. As entidades homólogas pagarão exclusivamente os serviços cuja finalidade é auxiliar na prestação de serviços 

financeiros aos clientes do Grupo. 

Os serviços financeiros admissíveis abrangem aqueles que prestam auxílio ao Grupo em termos do seu desempenho financeiro. Aqueles serviços 

abrangem, a título meramente enunciativo e não limitativo, a análise, research e serviços de consultoria, que abrangem factores e tendências 

económicas, valorização e análise de carteiras, aferição do desempenho, serviços de preços do mercado e o recurso a software e hardware 

informáticos especializados ou outros meios de informação. 

O Grupo garantirá o cumprimento das suas obrigações relativamente às decisões financeiras tomadas face aos seus clientes em conformidade 

com a legislação dos países com jurisdição sobre os referidos clientes ou actividade. A aplicação desta prerrogativa pode variar quanto à 

adequação dos serviços financeiros prestados. 

Com vista à realização de transacções, o Grupo selecciona entidades homólogas com base no entendimento de que as transacções serão 

executadas exclusivamente se a realização das ordens não prejudicar os melhores interesses dos clientes do Grupo e se o múltiplo atingir um nível 

geralmente aceite pela prática dos mercados. O Grupo envidará esforços para que a execução de todas as transacções seja a melhor para todos 

os clientes. 

Além disso, é possível aos clientes instruírem o Grupo para que este pague comissões a entidades homólogas relativamente a produtos e serviços 

que, de outro modo, terão de ser remunerados. Nesses casos, as comissões são utilizadas para vantagem exclusiva do cliente cujas transacções 

deram origem às referidas comissões. 

Entre 1 de Março de 2004 e 31 de Agosto de 2004, foram transaccionados contratos cambiais com o INVESCO Bank Frankfurt. Nenhuma 

comissão foi paga por estas transacções. Os montantes das transacções durante o período e as percentagens do total das transacções cambiais 

foram os seguintes: 




O Grupo irá esforçar-se por manter os mais altos padrões legais em todo o mundo. 

171


Huomautuksia tilinpäätökseen 

1. Esityksen perusta 

INVESCO GT (“Rahasto”) on sijoitusyhtiö, joka on organisoitu Société Anonyme -muotoon Luxemburgin lain Société d’Investissement à Capital 

Variable (“SICAV”) mukaisesti. INVESCO GT on sateenvarjorahasto, joka koostuu 24 alarahastosta, joista jokaista alarahastoa käsitellään erillisenä 

kokonaisuutena. Mukana olevat tilinpäätökset on tehty Luxemburgin säädösten edellyttämään muotoon. 

Osakeluokat 

Joidenkin alarahastojen osakkeet on jaettu kuuteen luokkaan (A, AA, B, B1, C ja E). A-luokan osakkeita on saatavana rajoituksetta. B-luokan 

osakkeita tarjotaan vain yhdelle alijakelijalle. C-luokan osakkeet, joiden alkumerkintähinta on korkeampi ja jotka hyötyvät alennetuista 

hoitomaksuista, on tarkoitettu pääasiassa suurille tai institutionaalisille sijoittajille. E-luokan osakkeiden alkumerkintähinta on alhaisempi ja 

vuotuiset hoitomaksut korkeammat kuin A- tai C-luokan osakkeilla. Myös B1-luokan osakkeita on saatavana ainoastaan INVESCO GT Dollar 

Reserve -rahastoon, eikä niistä peritä jakelumaksua. 

2. Kirjanpidon tärkeimpien periaatteiden yhteenveto 

(a) Konserniluvut 

Substanssilaskelmassa esiintyvät konserniluvut ovat ainoastaan tilastollisiin tarkoituksiin, eikä sijoittajien tule käyttää niitä yksittäisten tai 

useampien alarahastojen omistusosuuksien arvioinneissa. Varat ja vastattavat euro- ja Japanin jenimääräisissä alarahastoissa on muunnettu 

USA:n dollareiksi euron kurssilla 0.83 ja Japanin jenin kurssilla 109.87. 

(b) Sijoitusten arvostus 

Kokonaisvarallisuuteen noteeratut arvopaperit on arvostettu kunakin arvopäivänä viimeiseen saatavissa olleeseen hintaan pörssissä, joka 

yleensä kyseisten arvopapereiden tärkein pörssi. Ilman pörssin välitystä myydyt arvopaperit on arvostettu tavalla, joka on mahdollisimman 

lähellä noteerattujen arvopapereiden arvoa. 

(c) Sijoitusten myyntikulut 

Tilinpäätös on laadittu tilikaudella määriteltyjen viimeisten nettovarallisuusarvojen pohjalta. Esitteen mukaisesti nettovarallisuusarvojen 

laskennassa käytettiin tuoreimpia käytettävissä olleita tietoja klo 10.00 (Dublinin aikaa) 31. elokuuta 2004. 

(d) Sijoitusten myyntikulut 

Kaikki sijoitusten yli- tai alijäämäiset myynnit on määritetty keskimääräisten kulujen perusteella. 

(e) Tulot sijoituksista 

Osinkotulo on laskettu niin, että osinko ei ole mukana osakkeen hinnassa. Kiinteäkorkoisista arvopapereista ja talletuskoroista saatu tulo on 

kartutettu päivittäin. 

(f) Valuutat 

Tapahtumat muissa valuutoissa kuin kunkin alarahaston nimellisarvon valuutassa on muunnettu tapahtumahetkellä voimassa olleiden 

valuuttakurssien mukaan. Sijoitusten ja muiden varojen ja velkojen markkina-arvo muissa valuutoissa kuin kunkin alarahaston nimellisarvon 

valuutta on muunnettu kauden päättyessä voimassa olleiden valuuttakurssien mukaan. 

(g) Kulujen kohdentaminen 

Kun rahasto aiheuttaa kuluja, jotka liittyvät tiettyyn alarahastoon, tällaiset kulut on kohdistettu vastaavaan alarahastoon. Silloin, kun kulun 

ei voida katsoa liittyvän tiettyyn alarahastoon, tällaiset kulut on kohdistettu jakamalla alarahastoille niiden substanssiarvojen suhteissa. 

(h) Perustamiskustannukset 

Perustamiskustannusten kuoletusjakso ei ylitä viittä vuotta laskettuna kunkin alarahaston avauspäivämäärästä. 

3. Omaisuudenhoito ja sijoitusneuvojat 

Rahaston johtajat (johtajat) vastaavat rahaston sijoituspolitiikasta, omaisuudenhoidosta ja hallinnosta. Johtajat delegoivat rahaston 

arvopaperisalkun päivittäisen sijoitusten hoidon INVESCO GT Management S.A. -yhtiölle, Luxemburgissa (“omaisuudenhoitaja”). 

Johtajien sijoituspolitiikkaa noudattaen omaisuudenhoitaja hankkii sijoitusneuvontaa soveltuvin osin INVESCO Asset Management Limitediltä 

Lontoosta ja Henleystä, INVESCO Asia Limitediltä Hongkongista, INVESCO Asset Management (Japan) Limitediltä Tokiosta, AIM Capital 

Management Inc.:ltä Houstonista, INVESCO Institutional (NA) Inc.:ltä New Yorkista, INVESCO Global Asset Management (N.A) Inc.:ltä Atlantasta 

ja INVESCO Asset Management Deutschland GmbH:lta Frankfurtista. 

172


Huomautuksia tilinpäätökseen (jatkoa) 

Rahasto maksaa omaisuudenhoitajalle sen palveluista prosenttiosuuden kunkin alarahaston substanssiarvosta seuraavan taulukon mukaan: 

Rahasto Hallintokulut Hallintokulut Hallintokulut Hallintokulut Hallintokulut 

Luokka A Luokka B (sisältää 1 % 

jakelumaksun) 

Luokka B1 Luokka C Luokka E 

OSAKERAHASTOT 

Globaali 


Markets 2.00% 3.00% 1.50% 2.25% 


Amerikka 


IGT American 

Enterprise 1.50% 2.50% 1.00% 2.25% 


Large Cap Core 1.30% 2.30% 0.80% 2.25% 

OSAKERAHASTOT 

Eurooppa 




Enterprise 1.50% 2.50% 1.00% 2.25% 


Equity 1.50% - 1.00% 2.25% 

Japani 



Aasia 




TEEMARAHASTOT 

IGT Worldwide 

Dynamic Theme 1.50% 2.50% 1.00% 2.00% 

IGT Leisure 1.50% 2.50% 1.00% 2.25% 

IGT Worldwide 




IGT Energy 1.50% 2.50% 1.00% 2.25% 


VARARAHASTOT 



KORKORAHASTOT 





RAKENNERAHASTO 



Hallintopalkkiot lasketaan arkipäivittäin kunkin alarahaston substanssiarvoon perustuen ja maksetaan kuukausittain. 

Rahoitusneuvojan palkkiot maksetaan omaisuudenhoitajan palkkiosta. 

4. Muut maksut 

Rahasto maksaa johtajalle lisäpalkkion (omaisuudenhoitajan palkkio), joka saa olla korkeintaan 0,3 % sijoitusrahastoista, 0,2 % 

korkorahastoista ja 0,1 % vararahastoista vuodessa kunkin rahaston substanssi laskettuna, mistä johtaja vähentää hallintoedustajan, kotimaanja 

yritys-edustajan sekä rekisteröintiasiamiehen ja rekisterinpitäjän palkkiot sekä palveluntarjoajien palkkiot ja rahaston rekisteröintipaikoilla 

syntyneet kulut. Nämä palkkiot lasketaan jokaisena arkipäivänä rahaston substanssiarvon perusteella (prosenttiosuutena, josta sovitaan ajoittain 

johtajan kanssa) ja maksetaan kuukausittain. Lisäksi johtaja korvaa rahaston Hongkongin edustajan kulut. 

Valvojan ominaisuudessa J.P. Morgan Bank Luxembourg S.A on oikeutettu korvaukseen, ns. valvojan palkkioon, Luxemburgin normaalin 

pankkikäytännön mukaan hinnoilla, jotka sovitaan aika ajoin rahaston kanssa, mutta jotka eivät ylitä vuotuista arvoa 0.2 % rahaston substanssiarvosta. 

Valvojan palkkio lasketaan arkipäivittäin kunkin alarahaston substanssiarvoon perustuen ja maksetaan kuukausittain. Lisäksi 

“valvojan palkkio” saattaa sisältää kunkin rahaston toimitusmaksuja. 

173



5. Verotustilanne 

Rahasto on rekisteröity Luxemburgin lakien mukaisesti kollektiivisena sijoitusyhtiönä. Tämän mukaisesti rahastolle ei lankea tällä hetkellä 

maksettavaksi Luxemburgiin tulo- tai pääomaveroja. Se joutuu kuitenkin maksamaan vuosittain “taxe d-abonnement” -veron, jonka vuotuinen 

määrä on 0,05 % substanssista. Kahta vararahastoa verotetaan alemmalla vuotuisella 0,01 % verolla substanssiarvosta. 

6. Tasoitusmaksut 

Tasoitusmaksu on osakkeiden merkitsijän pääomamaksu, joka lasketaan jakamalla kyseisen alarahaston jakamaton nettotulo liikkeelle laskettujen 

osakkeiden määrällä arvopäivänä, jolloin merkintä on tehty. Tasoitusmaksu voidaan maksaa takaisin osakkeenomistajille osakkeiden lunastuksen 

tai osingonmaksun yhteydessä. 

7. Osingot 

31. lokakuuta 2004 maksetaan osinkoja US$ 186,427 A-luokan osakkeiden (Osinkoa jakavat osakkeet) haltijoille INVESCO GT Global Bond 

-rahastossa, ja ne koostuvat tulo- ja nettotasoitusmaksuista. 

INVESCO GT Global Bond Fund -rahaston jakelupolitiikan mukaisesti tuotto jaetaan osinkoina ainoastaan A-luokan osakkeiden (osinkoa jakavat 

osakkeet) haltijoille. A-, C- ja E-luokan osakkeiden (kertymää tuottavat osakkeet) haltijoille jaettavat tuotot sijoitetaan edelleen A-, C- ja E-luokan 

osakkeiden arvon kohentamiseksi. 

8. Valuuttatermiinisopimus 

INVESCO GT Global Bond Fund -rahasto, INVESCO GT Euro High Yield Fund -rahasto, INVESCO GT Capital Shield Fund -rahasto ja INVESCO GT 

Capital Shield (USD) Fund -rahasto ovat solmineet valuuttatermiinisopimuksia tehostaakseen salkunhallintaansa. Valuuttatermiinisopimuksia 

käytetään suojautumiseen odotettavissa olevilta tulevilta valuuttakurssimuutoksilta, jotka muutoin saattaisivat vaikuttaa haitallisesti rahaston 

arvopapereihin tai niiden arvopapereiden hintoihin, joita rahasto myöhemmin aikoo ostaa. Avoimet valuuttatermiinikaupat 31. elokuuta 2004: 


Tiedot valuuttatermiinikauppojen toteutumattomista voitoista/(tappioista) USD Eräpäivä 

Osta 570,000 GBP ja myy 851,115 EUR (6,929) 30-Sep-04 

Osta 1,280,410 USD ja myy 7,800,000 DKR 14,289 30-Sep-04 

Osta 7,047,940 USD ja myy 5,777,000 EUR 73,372 30-Sep-04 

Osta 2,728,119 USD ja myy 293,000,000 JPY 57,437 30-Sep-04 

Osta 688,500 USD ja myy 2,590,000 PLZ (11,944) 30-Sep-04 

Osta 1,130,796 USD ja myy 622,000 GBP 17,288 30-Sep-04 

Osta 6,000,000 JPY ja myy 55,581 USD (892) 30-Sep-04 

Osta 50,000 EUR ja myy 61,470 USD (1,105) 30-Sep-04 

Osta 98,376 USD ja myy 80,000 EUR 1,792 30-Sep-04 

Osta 291,738 EUR ja myy 470,000 CND (4,648) 30-Sep-04 

Osta 497,727 EUR ja myy 600,000 USD 906 30-Sep-04 

Osta 200,000 DKR ja myy 33,148 USD (684) 30-Sep-04 

Osta 1,094,891 USD ja myy 120,000,000 JPY 1,096 30-Sep-04 

Osta 582,979 USD ja myy 760,000 CND 5,923 30-Sep-04 

Avoimien valuuttatermiinikauppojen toteutumaton kokonaisvoitto 145,901 


Tiedot valuuttatermiinikauppojen toteutumattomista voitoista/(tappioista) EUR Eräpäivä 

Osta 2,115,049 EUR ja myy 2,548,000 USD 3,904 04-Nov-04 

Osta 2,999,850 EUR ja myy 1,994,000 GBP 50,254 04-Nov-04 

Osta 585,000 CHF ja myy 382,103 EUR (1,746) 04-Nov-04 

Osta 74,262 EUR ja myy 114,000 CHF 141 04-Nov-04 

Osta 279,462 EUR ja myy 189,000 GBP (114) 04-Nov-04 

Osta 73,000 USD ja myy 60,476 EUR 9 04-Nov-04 

Osta 307,843 EUR ja myy 471,000 CHF 1,607 04-Nov-04 


INVESCO Capital Shield Fund 

Tiedot valuuttatermiinikauppojen toteutumattomista voitoista/(tappioista) EUR Eräpäivä 

Osta 1,325,858.00 EUR ja myy 1,620,000 USD (16,558) 26-Nov-04 

Osta 556,845 EUR ja myy 74,127,220 JPY (4,664) 26-Nov-04 

Avoimien valuuttatermiinikauppojen toteutumaton kokonaistappio (21,222) 

174

8. Valuuttatermiinisopimus (jatkoa) 



INVESCO Capital Shield USD Fund 

Tiedot valuuttatermiinikauppojen toteutumattomista voitoista/(tappioista) USD Eräpäivä 

Osta 83,867 USD ja myy 68,800 EUR 805 30-Sep-04 

Osta 50,745 USD ja myy 5,450,000 JPY 1,068 30-Sep-04 


Osta 15,681 USD ja myy 1,700,000 JPY 186 30-Sep-04 


Osta 19,455 USD ja myy 2,100,000 JPY 314 30-Sep-04 



Osta 35,000 EUR ja myy 43,173 USD (917) 30-Sep-04 

Osta 42,089 USD ja myy 4,650,000 JPY (295) 30-Sep-04 

Osta 3,000,000 JPY ja myy 27,310 USD 35 30-Sep-04 



9. Futuurit 

Kuvaus Sopimusten määrä Sitoumus Pitkä/lyhyt Toteutumaton voitto/tappio 


Swiss Market Index 17/09/2004 2 71,039 Pitkä (506) 

DJ Euro Stoxx 50 17/09/2004 7 188,660 Pitkä (605) 

OMX Index 24/09/2004 6 45,061 Pitkä (30) 

FTSE 100 Index 17/09/2004 2 132,757 Pitkä 1,531 

Toteutumattomat voitot yhteensä 390 

US Structured Fund 

S&P 500 Future 16/9/04 22 5,967,750 Pitkä 76,693 


S&P 500 Future 17/9/2004 313 14,240,819.71 Pitkä (425,218) 

US 10 Year Note Future 20/12/2004 1680 155,641,654 Pitkä 54,250 

DJ Euro Stoxx 50 Future 17/9/2004 262 7,038,630 Pitkä (303,070) 

Euro Bund Future 8/9/2004 1288 149,066,680 Pitkä 106,700 

10 Year Mini JGB Future 8/9/2004 422 43,769,278.75 Pitkä 197,264 

Nikkei 225 (SGX) Future 9/9/2004 174 7,274,286 Pitkä (219,318) 

Toteutumattomat tappiot yhteensä (589,393) 


S&P 500 17/09/2004 20 1,099,000 Pitkä (28,970) 

US 10 Year Note Future 20/12/2004 108 12,084,185 Pitkä 4,212 

DJ Euro Stoxx 50 17/09/2004 17 551,585 Pitkä (18,799) 

Euro Bund 08/09/2004 85 11,881,210 Pitkä 7,699 

10 Year Mini JGB 08/09/2004 27 3,382,188 Pitkä 17,184 

Nikkei 225 (SGX) 09/09/2004 11 555,406 Pitkä (9,920) 

Toteutumattomat tappiot yhteensä (28,594) 

10. Muutokset sijoituksissa 

Luettelo, jossa täsmennetään jokaisesta sijoituksesta tarkastelukauden aikana tapahtuneet kokonaisostot ja -myynnit, on saatavana pyynnöstä 

rahaston kotipaikasta ja Hongkongin edustajalta. 

175



11. Suoraan maksetut komissiot ja sidosryhmän liiketoimet 

AMVESCAP PLC:n (“ryhmä”) eräät tytäryhtiöt, jotka pyrkivät johdonmukaisesti saamaan aikaan parhaan kokonaistuloksen paras toimeenpano 

mukaan lukien, saattavat tehdä vastapuolten kanssa sopimuksia, joiden nojalla vastapuolet voivat maksaa ryhmälle suoritetuista 

sijoituspalveluista. Ryhmä käyttää sijoituspalveluja parantaakseen tai lisätäkseen asiakkailleen tarjottuja palveluja. Vaikka kaikkia palveluita ei ehkä 

voida käyttää kaikkien ryhmän hoitamien tilien palvelemiseen, ryhmä on sitä mieltä, että saadut sijoituspalvelut ovat kokonaisuudessa merkittävä 

apu ryhmän sijoitusvastuiden täyttämisessä, ja niiden voidaan osoittaa olevan hyödyksi sen kaikille asiakkaille. Vastapuolille maksetaan ainoastaan 

palveluista, jotka avustavat sijoituspalvelujen toimittamisessa ryhmän asiakkaille. 

Sallittuihin sijoituspalveluihin kuuluvat palvelut, joista on apua ryhmän sijoitustoiminnassa. Näihin palveluihin kuuluvat niihin välttämättä 

rajoittumatta analyysit, tutkimus- ja neuvontapalvelut mukaan lukien taloustekijät ja suuntaukset, salkunarvioinnit ja analyysit, suoritemittaukset, 

pörssihintapalvelut ja erikoistuneiden tietokoneohjelmistojen ja laitteistojen tai muiden viestintävälineiden käyttö. 

Ryhmä varmistaa vastuullisuutensa asiakkailleen sijoituspäätöstensä teossa noudattamalla niiden maiden lakeja, joiden alaisina sen asiakkaat tai 

liiketoimet ovat. Tämä saattaa aiheuttaa eroja eri tavoin soveltuvien sijoituspalvelujen tarjonnassa. 

Ryhmä valitsee vastapuolet suorittamaan liiketoimet sillä perusteella, että liiketoimet suoritetaan ainoastaan siten, ettei tilausten teossa toimita 

ryhmän asiakkaiden parhaiden etujen vastaisesti ja että hintadifferointi on sellaisella tasolla, joka on yleisesti hyväksytty markkinakäytännöksi. 

Ryhmä pyrkii suorittamaan kaikkien asiakkaiden kaikki transaktiot parhaalla mahdollisella tavalla. 

Lisäksi asiakkaat saattavat määrätä ryhmän maksamaan komissioita vastapuolille tuotteista ja palveluista, joista muutenkin pitäisi maksaa. 

Sellaisissa tapauksissa komissio käytetään yksinomaan sen asiakkaan eduksi, jonka transaktioista komissio syntyi. 

1. maaliskuuta 2004 – 31. elokuuta 2004 valuutanvaihtosopimukset hoiti INVESCO Bank Frankfurt. Näistä tapahtumista ei maksettu palkkiota. 

Kauden valuutanvaihtotapahtumat ja niiden osuus valuutanvaihtotapahtumien kokonaismäärästä olivat seuraavat: 




Ryhmä pyrkii säilyttämään mahdollisimman korkean säädöksiin perustuvan standardin kaikkialla maailmassa. 

176

BOARD OF DIRECTORS 

Tony D. Green (Chairman) 

(Appointed 25 June 2004) 

30 Finsbury Square 

London EC2A 1AG 

United Kingdom 

Chief Operating Officer 

Continental European Division 

INVESCO UK Limited 

Andrew Lo 

(Not re-appointed at AGM) 

12th Floor 

Three Exchange Square 

8 Connaught Place 

Central, Hong Kong 

Chief Executive Officer 

INVESCO Asia Limited 

ORGANISATIONS 

Registered Office 

69 route d’Esch 

L-1470 Luxembourg 

Manager 

INVESCO GT Management S.A. 




Investment Advisers 

INVESCO Asset Management Limited 







12th Floor 



Central 

Hong Kong 

INVESCO Asset Management (Japan) 

Limited 


16th Floor 

Imperial Tower 

1-1-1 Uchisaiwai-cho 

Chiyoda-ku 

Tokyo 100 - 0011 

Japan 

AIM Capital Management Inc. 

11 Greenway Plaza, 

Suite 100, 

Houston, Texas 77046, 

USA 

INVESCO Institutional (N.A.) Inc 

1166 Avenue of the Americas, 

New York, N.Y. 10036 

United States of America 

INVESCO Global Asset Management 

(N.A.) Inc. 

1360 Peachtree Street, Suite 100, 

Atlanta, Georgia 30909, USA. 

INVESCO Asset Management 

Deutschland GmbH 

Bleichstraße 60-62 

D-60313 Frankfurt am Main 

Germany 

Custodian & Paying Agent in 

Luxembourg 

J.P. Morgan Bank Luxembourg S.A. 

5, rue Plaetis 


Paul Kilcullen 


George’s Quay House 

43 Townsend Street 

Dublin 2, Irland 

Head of Finance 


Ireland Limited 


Jacques Elvinger 

(Not re-appointed at AGM) 

2 Place Winston Churchill 

B.P. 425 


Partner, Elvinger Hoss & Prussen 

Alain Gerbaldi 





Head of Investment Operations 


Limited 

Joseph Beashel 

(Resigned 31 May 2004) 



Dublin 2 

Ireland 

Managing Director 

INVESCO Dublin 

Registrar & Transfer Agent, 

First European Transfer Agent 

5 rue Thomas Edison 

B.P. 1755 

L-1445 Strassen 

Listing Agent in Luxembourg 

Dexia Banque Internationale à 

Luxembourg 



Primary Dealing Desk 

Hong Kong - Frankfurt - Dublin 

Hong Kong Sub-Distributor & 

Representative. 

INVESCO Asset Management Asia 

Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

German Sub-Distributor & German 

Distributor 

INVESCO Fondsservice GmbH 



Germany 

Tel: +49 69 29807 800 

Fax: +49 69 29807 156 

Global Distributor 

INVESCO Global Distributors Limited 


43 Townsend Street, 

Dublin 2, 

Ireland 

Tel: +353 1 439 8100 

Fax: +353 1 439 8200 

United Kingdom Representative 

INVESCO Global Investment Funds 

Limited 




Tel: +44 207 065 4000 

Fax: +44 207 638 0752 

Auditors 

PricewaterhouseCoopers S.à r.L. 

Espace Ariane d’Entreprises 

400 Route d’Esch 

B.P 1443, L-1014 Luxembourg 

177 

Carsten Majer 

(Appointed 19 August 2004) 



Germany 

Head of Marketing 

Continental Europe Division 

Legal Advisers to the SICAV 

Elvinger, Hoss & Prussen 


B.P. 425 

L - 2014 Luxembourg 

German Paying Agent 

INVESCO Bank OHG 


60313 Frankfurt am Main 

Germany 

Austrian Distributor 

INVESCO BANK Österreich AG 

Rotenturmstraße 16 -18 

A - 1010 Wien 

Austria 

Tel: +43 1 316 2030 

Fax: +43 1 316 2020 

Austrian Paying Agent 

Kommunalkredit Depotbank Ag 

Türkenstraße 9 

A-1092 Vienna, Austria 

Swiss Paying Agent 

Banque MeesPierson BGL S.A. 

Rennwieg 57 

Postfach 

8023 Zurich 

Switzerland 

AMVESCAP Group Representative 

Offices 

Austria 


Österreich GmbH 


A - 1010 Wien, Austria 

Tel: +43 1 316 200 

Fax: +43 1 316 20190 

Belgium 

INVESCO Continental Europe 

The Blue Tower 

Avenue Louise 326 

B-1050 Brussels 

Belgium 

Tel: +32 2641 0111 

Fax: +32 2641 1060 

France 

INVESCO France S.A. 

22 rue de Trémoille 

75008 Paris 

France 

Tel: +33 1 56 62 43 00 

Fax: +33 1 56 62 43 99 

Germany 




Germany 

Tel: +49 69 29807 800 

Fax: +49 69 29807 159 

Jean-Baptiste Douville 

de Franssu 

(Resigned 30 July 2004) 







Limited 

Hong Kong 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Italy 

INVESCO Italia SGR SpA 

Via Cordusio 2 

20123 Milan 

Italy 

Tel: +39 02 88 074 1 

Fax: +39 02 88 074 332 

Jersey 

INVESCO International Limited 

40 Esplanade 

St Helier 

Jersey 

JE4 2PH 

Tel.: +44 1534 607 600 

Fax.: +44 1534 510 510 

The Netherlands 

INVESCO Nederland 

Concertgebouwplein 15 

NL-1071 LL Amsterdam 


Tel: +31 20 573 0860 

Fax: +31 20 664 5845 

Spain 


Sucursal en Espana 

Calle Recoletos 15, Piso1 

28001 Madrid 

Spain 

Tel: +34 91 781 30 20 

Fax: +34 91 576 05 20 

Switzerland 


(Switzerland) Limited 

Genferstrasse 21 

PO Box 324 

CH-8027 

Zurich 

Switzerland 

Tel: +41 1 287 9000 

Fax: +41 1 287 9010 






Tel: +44 207 065 4000 

Fax: +44 207 638 0752

DER VERWALTUNGSRAT 

Tony D. Green (Vorsitzender) 

(am 25. Juni 2004 ernannt) 



Großbritannien 




Andrew Lo 

(bei der JHV nicht wieder 

ernannt) 

12th Floor 



Central, Hongkong 



ORGANISATIONEN 

Eingetragener Sitz 



Verwalter 





Anlageberater 








12th Floor 



Central 

Hongkong 


Limited 


16th Floor 



Chiyoda-ku 

Tokyo 100 - 0011 

Japan 



Suite 100, 


USA 




USA 


(N.A.) Inc. 


Atlanta, Georgia 30909, USA 





Deutschland 

Depotbank und Zahlstelle in 

Luxemburg 








Dublin 2, Irland 





(bei der JHV nicht wieder 

ernannt) 


B.P. 425 




Register- und Transferstelle 


5 rue Thomas Edinson 

B.P. 1755 


Zulassungsstelle in Luxemburg 


Luxembourg 



Haupthandelsdesk 

Hongkong - Frankfurt - Dublin 

Untervertriebsstelle und Vertreter 

in Hongkong 


Limited 

12th Floor 



Central 

Hongkong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Untervertriebsstelle und Vertreter 

in Deutschland 




Deutschland 

Tel: +49 69 29807 800 

Fax: +49 69 29807 156 

Hauptvertriebsstelle 




Dublin 2, 

Irland 

Tel: +353 1 439 8100 

Fax: +353 1 439 8200 

Britischer Vertreter 


Limited 




Tel: +44 207 065 4000 

Fax: +44 207 638 0752 

Wirtschaftsprüfer 

PricewaterhouseCoopers S.à r.l. 











Limited 


(schied zum 31. Mai 2004 aus) 



Dublin 2 

Irland 



Rechtsberater der SICAV 



B.P. 425 


Deutsche Zahlstelle 




Deutschland 

178 

Carsten Majer 

(am 19. August 2004 ernannt) 



Deutschland 



Österreichische Vertriebsstelle 


Rotenturmstraße 16-18 

A-1010 Wien 

Österreich 

Tel: +43 1 316 2030 

Fax: +43 1 316 2020 

Österreichische Zahlstelle 

Kommunalkredit Depotbank AG 


1092 Wien, Österreich 

Schweizer Zahlstelle 


Rennwieg 57 

Postfach 

8023 Zürich 

Schweiz 

Niederlassungen der Vertreter 

der AMVESCAP Gruppe 

Österreich 




A - 1010 Wien, Österreich 

Tel: +43 1 316 200 

Fax: +43 1 316 20190 

Belgien 




B-1050 Brüssel 

Belgien 

Tel: +32 2641 0111 

Fax: +32 2641 1060 

Frankreich 



75008 Paris 

Frankreich 

Tel: +33 1 56 62 43 00 

Fax: +33 1 56 62 43 99 

Deutschland 




Deutschland 

Tel: +49 69 29807 800 

Fax: +49 69 29807 159 


de Franssu 

(schied zum 30. Juli 2004 aus) 







Limited 

Hongkong 


Limited 

12th Floor 



Central 

Hongkong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Italien 



20123 Mailand 

Italien 

Tel: +39 02 88 074 1 

Fax: +39 02 88 074 332 

Jersey 

INVESCO International Limited 

40 Esplanade 

St Helier 

Jersey 

JE4 2PH 

Tel.: +44 1534 607 600 

Fax.: +44 1534 510 510 

Niederlande 

INVESCO Niederlande 



Niederlande 

Tel: +31 20 573 0860 

Fax: +31 20 664 5845 

Spanien 




28001 Madrid 

Spanien 

Tel: +34 91 781 30 20 

Fax: +34 91 576 05 20 

Schweiz 




PO Box 324 

CH-8027 

Zürich 

Schweiz 

Tel: +41 1 287 9000 

Fax: +41 1 287 9010 

Vereinigtes Königreich 





Tel: +44 207 065 4000 

Fax: +44 207 638 0752

RAAD VAN BESTUUR 

Tony D. Green (Voorzitter) 

(Aangesteld op 25 juni 2004) 



Verenigd Koninkrijk 




Andrew Lo 

(Niet opnieuw aangesteld op de 

algemene vergadering) 

12th Floor 



Central, Hongkong 



ORGANISATIES 

Hoofdkantoor 



Beheerder 


Maatschappelijke zetel 



Beleggingsadviseurs 








12th Floor 



Central 

Hongkong 


Limited 


16th Floor 



Chiyoda-ku 

Tokyo 100 - 0011 

Japan 



Suite 100, 


VS 




Verenigde Staten van Amerika 


(N.A.) Inc. 


Atlanta, Georgia 30909, VS. 


Deutscheland GmbH 



Duitsland 

Bewaarder en betaalkantoor in 

Luxemburg 








Dublin 2, Ierland 





(Niet opnieuw aangesteld op de 

algemene vergadering) 


B.P. 425 











Limited 


(Ontslag ingediend met ingang 

van 31 Mei 2004) 



Dublin 2 

Ierland 



Instelling verantwoordelijk voor de 

registratie/administratie van 

effecten (transacties) 



B.P. 1755 


Noteringsagent in Luxemburg 


Luxembourg 



Hoofdhandelstafel 


Subemittent en 

vertegenwoordiger in Hongkong. 


Limited 

12th Floor 



Central 

Hongkong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Duitse subemittent en Duitse 

vertegenwoordiger 




Duitsland 

Tel: +49 69 29807 800 

Fax: +49 69 29807 156 

Wereldwijde emittent 




Dublin 2, 

Ierland 

Tel: +353 1 439 8100 

Fax: +353 1 439 8200 

Vertegenwoordiger in het 



Limited 




Tel: +44 207 626 3434 

Fax: +44 207 454 3755 

Erkende bedrijfsrevisoren 


Réviseur d’Entreprises 

Espace Ariane 



179 

Carsten Majer 

(Aangesteld op 19 augustus 

2004) 



Duitsland 



Juridische adviseurs van de SICAV 



B.P. 425 


Duits betaalkantoor 




Germany 

Oostenrijkse emittent 



A - 1010 Wien 

Oostenrijk 

Tel: +43 1 316 2030 

Fax: +43 1 316 2020 

Oostenrijks betaalkantoor 




Zwitsers betaalkantoor 


Rennwieg 57 

Postfach 

8023 Zurich 

Zwitserland 

Kantoren van de 

vertegenwoordiger AMVESCAP 

Group 

Oostenrijk 

IINVESCO Asset Management 



A - 1010 Wien, Oostenrijk 

Tel: +43 1 316 200 

Fax: +43 1 316 20190 

België 




B-1050 Brussel 

België 

Tel: +32 2641 0111 

Fax: +32 2641 1060 

Frankrijk 



75008 Paris 

Frankrijk 

Tel: +33 1 56 62 43 00 

Fax: +33 1 56 62 43 99 

Duitsland 




Duitsland 

Tel: +49 69 29807 800 

Fax: +49 69 29807 159 


de Franssu 

(Ontslag ingediend met ingang 

van 30 juli 2004) 







Limited 

Hongkong 


Limited 

12th Floor 



Central 

Hongkong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Italië 



20123 Milan 

Italië 

Tel: +39 02 88 074 1 

Fax: +39 02 88 074 332 

Jersey 

INVESCO International Ltd 

40 Esplanade 

St Helier 

Jersey 

JE4 2PH 

Tel.: +44 1534 607 600 

Fax.: +44 1534 510 510 

Nederland 




Nederland 

Tel: +31 20 573 0860 

Fax: +31 20 664 5845 

Spanje 




28001 Madrid 

Spanje 

Tel: +34 91 781 30 20 

Fax: +34 91 576 05 20 

Zwitserland 




PO Box 324 

CH-8027 

Zurich 

Zwitserland 

Tel: +41 1 287 9000 

Fax: +41 1 287 9010 






Tel: +44 207 626 3434 

Fax: +44 207 929 5888

CONSEIL D’ADMINISTRATION 

Tony D. Green (Président) 

(Nomination le 25 juin 2004) 



Royaume-Uni 




Andrew Lo 

(Démission effective le 

25 juin 2004) 

12th Floor 



Central, Hong-Kong 



ORGANISATIONS 

Siège social 



Société de gestion 


Siège social 



Conseillers en placements 


Siège social 



Royaume-Uni 


Siège social 

12th Floor 



Central 

Hong-Kong 


Limited 

Siège social 

16th Floor 



Chiyoda-ku 

Tokyo 100 - 0011 

Japon 



Suite 100, 


Etats-Unis 




Etats-Unis 


(N.A.) Inc. 


Atlanta, Georgia 30909, Etats-Unis 





Allemagne 

Agent dépositaire et Agent payeur 

au Luxembourg 








Dublin 2, Irlande 






25 juin 2004) 


B.P. 425 








Royaume-Uni 



Limited 



30 mai 2004) 



Dublin 2 

Irlande 



Agent d’enregistrement et de 

transfert 

First European Transfer Agent S.A. 

11 boulevard Grande-Duchesse 

Charlotte 


Agent de cotation au Luxembourg 


Luxembourg 



Bureau pour les opérations 

primaires 

Hong-Kong - Francfort - Dublin 

Sous-distribution et représentation 

à Hong-Kong 


Limited 

12th Floor 



Central 

Hong-Kong 

Tél. : +852 2868 3228 

Fax : +852 2868 5445 

Sous-distribution et représentation 

en Allemagne 




Allemagne 

Tél. : +49 69 29807 800 

Fax : +49 69 29807 156 

Distributeur dans le monde entier 




Dublin 2, 

Irlande 

Tél. : +353 1 439 8100 

Fax : +353 1 439 8200 

Représentant au Royaume-Uni 


Limited 



Royaume-Uni 

Tél. : +44 207 065 4000 

Fax : +44 207 638 0752 

Réviseurs d’entreprise 





180 

Carsten Majer 

(Nomination le 19 aout 2004) 



Allemagne 



Conseillers juridiques auprès de la 

SICAV 



B.P. 425 


Agent payeur en Allemagne 




Allemagne 

Distributeur en Autriche 



A - 1010 Wien 

Autriche 

Tél. : +43 1 316 2030 

Fax : +43 1 316 2020 

Agent payeur en Autriche 



A-1092 Wien, Autriche 

Agent payeur en Suisse 


Rennwieg 57 

Postfach 

8023 Zurich 

Suisse 

Bureaux de représentation 

d’AMVESCAP Group 

Autriche 




A - 1010 Wien, Autriche 

Tél. : +43 1 316 200 

Fax : +43 1 316 20190 

Belgique 





Belgique 

Tél. : +32 2641 0111 

Fax : +32 2641 1060 

France 



75008 Paris 

France 

Tél. : +33 1 56 62 43 00 

Fax : +33 1 56 62 43 99 

Allemagne 




Allemagne 

Tél. : +49 69 29807 800 

Fax : +49 69 29807 159 


de Franssu 


30 juillet 2004) 



Royaume-Uni 




Limited 

Hong-Kong 


Limited 

12th Floor 



Central 

Hong-Kong 

Tél. : +852 2868 3228 

Fax : +852 2868 5445 

Italie 



20123 Milan 

Italie 

Tél. : +39 02 88 074 1 

Fax : +39 02 88 074 332 

Jersey 


40 Esplanade 

St Helier 

Jersey 

JE4 2PH 

Tél. : +44 1534 607 600 

Fax : +44 1534 510 510 

Pays-Bas 




Pays-Bas 

Tél. : +31 20 573 0860 

Fax : +31 20 664 5845 

Espagne 




28001 Madrid 

Espagne 

Tél. : +34 91 781 30 20 

Fax : +34 91 576 05 20 

Suisse 




PO Box 324 

CH-8027 

Suisse 

Tél. : +41 1 287 9000 

Fax : +41 1 287 9010 

Royaume-Uni 




Royaume-Uni 

Tél. : +44 207 065 4000 

Fax : +44 207 638 0752

STYRET 

Tony D. Green (Styreformann) 

(Ansatt 25. juni 2004) 







Andrew Lo 

(Fratrådt. Dato for fratredelse: 

25. juni 2004) 

12th Floor 






ORGANISASJONER 

Forretningskontor 



Forvalter 


Registrert kontor 



Investeringsrådgivere 








12th Floor 



Central 

Hong Kong 


Limited 


16th Floor 



Chiyoda-ku 

Tokyo 100 - 0011 

Japan 



Suite 100, 


USA 






(N.A.) Inc. 







Germany 

Depotmottaker og 

utbetalingsagent i Luxemburg 








Dublin 2, Ireland 






25. juni 2004) 


B.P. 425 




Kontofører og overføringsagent 



B.P. 1755 


Noteringsagent i Luxemburg 


Luxembourg 



Primært omsetningssted 


Underdistributør og representant 

i Hongkong. 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Underdistributør og representant 

i Tyskland. 




Germany 

Tel: +49 69 29807 8070 

Fax: +49 69 29807 159 

Global distributør 




Dublin 2, 

Ireland 

Tel: +353 1 439 8100 

Fax: +353 1 439 8200 

Representant i Storbritannia 


Limited 




Tel: +44 207 626 3434 

Fax: +44 207 454 3755 

Revisorer 



Espace Ariane 










Limited 



31. May 2004) 



Dublin 2 

Ireland 



181 

Carsten Majer 

(Ansatt 19. august 2004) 



Germany 



SICAVs juridiske rådgivere 



B.P. 425 


Tysk utbetalingsagent 




Germany 

Østerriksk distributør 



A - 1010 Wien 

Austria 

Tel: +43 1 316 2030 

Fax: +43 1 316 2020 

Utbetalingsagent i Østerrike 




Utbetalingsagent i Sveits 


Rennwieg 57 

Postfach 

8023 Zurich 

Switzerland 

Kontorene til representant for 

AMVESCAP-gruppen 

Østerrike 




A - 1010 Wien, Østerrike 

Tel: +43 1 316 200 

Fax: +43 1 316 20190 

Belgia 





Belgium 

Tel: +32 2641 0111 

Fax: +32 2641 1060 

Frankrike 



75008 Paris 

France 

Tel: +33 1 56 62 43 00 

Fax: +33 1 56 62 43 99 

Tyskland 




Germany 

Tel: +49 69 29807 800 

Fax: +49 69 29807 159 


de Franssu 


30. juli 2004) 







Limited 

Hongkong 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Italia 



20123 Milan 

Italy 

Tel: +39 02 88 074 1 

Fax: +39 02 88 074 332 

Jersey 

INVESCO Global Investment Funds Ltd 

40 Esplanade 

St Helier 

Jersey 

JE4 2PH 

Tel.: +44 1534 607 600 

Fax.: +44 1534 510 510 

Nederland 





Tel: +31 20 573 0860 

Fax: +31 20 664 5845 

Spania 




28001 Madrid 

Spain 

Tel: +34 91 781 30 20 

Fax: +34 91 576 05 20 

Sveits 




PO Box 324 

CH-8027 

Zurich 

Switzerland 

Tel: +41 1 287 9000 

Fax: +41 1 287 9010 

Storbritannia 





Tel: +44 207 626 3434 

Fax: +44 207 929 5888

CONSIGLIO DI AMMINISTRAZIONE 

Tony D. Green (Presidente) 

(Nominato il 25 giugno 2004) 



Regno Unito 




Andrew Lo 

(Data effettiva di dimissioni: 

25 giugno 2004) 

12th Floor 






ORGANIZZAZIONI 

Sede legale 



Gestore 


Sede legale 



Consulenti per gli investimenti 


Sede legale 




Sede legale 

12th Floor 



Central 

Hong Kong 


Limited 

Sede legale 

16th Floor 



Chiyoda-ku 

Tokyo 100 - 0011 

Giappone 



Suite 100, 


USA 




Stati Uniti 


(N.A.) Inc. 







Germania 

Banca depositaria e Banca Agente 

in Lussemburgo 








Dublin 2, Irlanda 






25 giugno 2004) 


B.P. 425 








Regno Unito 



Limited 



31 May 2004) 



Dublin 2 

Irlanda 



Conservatore del Registro e 

Agente per i Trasferimenti 



B.P. 1755 


Agente incaricato della 

Quotazione in Lussemburgo 


Luxembourg 



Ufficio negoziazioni principale 

Hong Kong - Francoforte - Dublino 

Subdistributore e Rappresentante 

per Hong Kong 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Subdistributore e Rappresentante 

per la Germania 




Germany 

Tel: +49 69 29807 800 

Fax: +49 69 29807 156 

Distributore Globale 




Dublin 2, 

Irlanda 

Tel: +353 1 439 8100 

Fax: +353 1 439 8200 

Rappresentante nel Regno Unito 


Limited 



Regno Unito 

Tel: +44 207 065 4000 

Fax: +44 207 638 0752 

Revisori 





182 

Carsten Majer 

(Nominato il 19 agosto 2004) 



Germania 



Consulenti legali della SICAV 



B.P. 425 


Banca Agente per la Germania 




Germany 

Distributore per l’Austria 



A - 1010 Wien 

Austria 

Tel: +43 1 316 2030 

Fax: +43 1 316 2020 

Banca Agente per l’Austria 




Banca Agente per la Svizzera 


Rennwieg 57 

Postfach 

8023 Zurich 

Svizzera 

Sedi di rappresentanza 

dell’AMVESCAP Group 

Austria 





Tel: +43 1 316 200 

Fax: +43 1 316 20190 

Belgio 





Belgio 

Tel: +32 2641 0111 

Fax: +32 2641 1060 

Francia 



75008 Paris 

Francia 

Tel: +33 1 56 62 43 00 

Fax: +33 1 56 62 43 99 

Germania 




Germania 

Tel: +49 69 29807 800 

Fax: +49 69 29807 159 


de Franssu 


30 luglio 2004) 



Regno Unito 




Limited 

Hong Kong 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Italia 



20123 Milan 

Italia 

Tel: +39 02 88 074 1 

Fax: +39 02 88 074 332 

Jersey 


40 Esplanade 

St Helier 

Jersey 

JE4 2PH 

Tel.: +44 1534 607 600 

Fax.: +44 1534 510 510 

Paesi Bassi 




Paesi Bassi 

Tel: +31 20 573 0860 

Fax: +31 20 664 5845 

Spagna 




28001 Madrid 

Spagna 

Tel: +34 91 781 30 20 

Fax: +34 91 576 05 20 

Svizzera 




PO Box 324 

CH-8027 

Zurich 

Svizzera 

Tel: +41 1 287 9000 

Fax: +41 1 287 9010 

Regno Unito 




Regno Unito 

Tel: +44 207 065 4000 

Fax: +44 207 638 0752

CONSEJO DE ADMINISTRACIÓN 


(Nombrado el 25 de junio de 2004) 







Andrew Lo 

(Dimitió, fecha de entrada en 

vigor de la dimisión: 25 de junio 

de 2004) 

12th Floor 






ORGANIZACIONES 

Oficina registrada 



Gestor 


Domicilio social 



Asesores de inversión 








12th Floor 



Central 

Hong Kong 


Limited 


16th Floor 



Chiyoda-ku 

Tokyo 100 - 0011 

Japan 



Suite 100, 


USA 






(N.A.) Inc. 







Germany 

Custodio y agente de pagos en 

Luxemburgo 















vigor de la dimisión: 25 de junio 

de 2004) 


B.P. 425 










Limited 



vigor de la dimisión: 31 de May 

de 2004) 



Dublin 2 

Ireland 



Agente registrador y de 

transferencias 



Charlotte 


Agente de cotización en 

Luxemburgo 


Luxembourg 



Dealing Desk principal 

Hong Kong - Francfort - Dublín 

Subdistribuidor y representante en 

Hong Kong 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Subdistribuidor alemán y 

representante alemán 




Germany 

Tel: +49 69 29807 800 

Fax: +49 69 29807 156 

Distribuidor mundial 




Dublin 2, 

Ireland 

Tel: +353 1 439 8100 

Fax: +353 1 439 8200 

Representante en el Reino Unido 


Limited 




Tel: +44 207 065 4000 

Fax: +44 207 638 0752 

Auditores 





183 

Carsten Majer 

(Nombrado el 19 de agosto de 

2004) 



Germany 



Asesores jurídicos de la SICAV 



B.P. 425 


Agente de pagos alemán 




Germany 

Distribuidor austriaco 



A - 1010 Wien 

Austria 

Tel: +43 1 316 2030 

Fax: +43 1 316 2020 

Agente de pagos austriaco 




Agente de pagos suizo 


Rennwieg 57 

Postfach 

8023 Zurich 

Switzerland 

Representaciones del Grupo 

AMVESCAP 

Austria 





Tel: +43 1 316 200 

Fax: +43 1 316 20190 

Bélgica 





Belgium 

Tel: +32 2641 0111 

Fax: +32 2641 1060 

Francia 



75008 Paris 

France 

Tel: +33 1 56 62 43 00 

Fax: +33 1 56 62 43 99 

Alemania 




Germany 

Tel: +49 69 29807 800 

Fax: +49 69 29807 159 


de Franssu 


vigor de la dimisión: 30 de julio 

de 2004) 







Limited 

Hong Kong 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Italia 



20123 Milan 

Italy 

Tel: +39 02 88 074 1 

Fax: +39 02 88 074 332 

Jersey 


40 Esplanade 

St Helier 

Jersey 

JE4 2PH 

Tel.: +44 1534 607 600 

Fax.: +44 1534 510 510 

Países Bajos 





Tel: +31 20 573 0860 

Fax: +31 20 664 5845 

España 




28001 Madrid 

Spain 

Tel: +34 91 781 30 20 

Fax: +34 91 576 05 20 

Suiza 




PO Box 324 

CH-8027 

Zurich 

Switzerland 

Tel: +41 1 287 9000 

Fax: +41 1 287 9010 

Reino Unido 





Tel: +44 207 065 4000 

Fax: +44 207 638 0752

CONSELHO DE ADMINISTRAÇÃO 


(Constituídas a 25 de Junho de 

2004) 



Reino Unido 




Andrew Lo 

(Data efectiva de subscrição: 

25 Junho de 2004) 

12th Floor 






ORGANIZAÇÕES 

Sede Social 


L-1470 Luxemburgo 

Gestor 


Sede social 



Consultores de Investimento 


Sede social 



Reino Unido 


Sede social 

12th Floor 



Central 

Hong Kong 


Limited 

Sede social 

16th Floor 



Chiyoda-ku 

Tokyo 100 - 0011 

Japão 



Suite 100, 


EUA 




Estados Unidos da América 


(N.A.) Inc. 


Atlanta, Georgia 30909, EUA. 





Alemanha 

Conservador e Agente Pagador no 

Luxemburgo 






2004) 



Dublin 2, Irlanda 






25 Junho de 2004) 


B.P. 425 






2004) 



Reino Unido 



Limited 



31 May de 2004) 



Dublin 2 

Irlanda 



Oficial de Registos e Agente de 

Transferências 



Charlotte 


Agente de Corretagem no 

Luxemburgo 


Luxembourg 



Mesa de Negociação Principal 


Representante e Subdistribuidor 

em Hong Kong. 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Subdistribuidor Alemão e 

Representante Alemão 




Alemanha 

Tel: +49 69 29807 800 

Fax: +49 69 29807 156 

O Distribuidor Global 




Dublin 2, 

Ireland 

Tel: +353 1 439 8100 

Fax: +353 1 439 8200 

Representante no Reino Unido 


Limited 



Reino Unido 

Tel: +44 207 065 4000 

Fax: +44 207 638 0752 

Auditores 




B.P 1443, L-1014 Luxemburgo 

184 

Carsten Majer 

(Constituídas a 19 de Agosto de 

2004) 



Alemanha 



Consultores Jurídicos da SICAV 



B.P. 425 

L - 2014 Luxemburgo 

Agente Pagador Alemão 




Germany 

Distribuidor austríaco 



A - 1010 Wien 

Áustria 

Tel: +43 1 316 2030 

Fax: +43 1 316 2020 

Agente Pagador Austríaco 




Agente Pagador Suíço 


Rennwieg 57 

Postfach 

8023 Zurich 

Suíça 

Representação do AMVESCAP 

Group 

Áustria 





Tel: +43 1 316 200 

Fax: +43 1 316 20190 

Bélgica 





Bélgica 

Tel: +32 2641 0111 

Fax: +32 2641 1060 

França 



75008 Paris 

França 

Tel: +33 1 56 62 43 00 

Fax: +33 1 56 62 43 99 

Alemanha 




Alemanha 

Tel: +49 69 29807 800 

Fax: +49 69 29807 159 


de Franssu 


30 Julho de 2004) 



Reino Unido 




Limited 

Hong Kong 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Itália 



20123 Milan 

Itália 

Tel: +39 02 88 074 1 

Fax: +39 02 88 074 332 

Jersey 


40 Esplanade 

St Helier 

Jersey 

JE4 2PH 

Tel.: +44 1534 607 600 

Fax.: +44 1534 510 510 

Holanda 




Holanda 

Tel: +31 20 573 0860 

Fax: +31 20 664 5845 

Espanha 




28001 Madrid 

Espanha 

Tel: +34 91 781 30 20 

Fax: +34 91 576 05 20 

Suiça 




PO Box 324 

CH-8027 

Zurich 

Suíça 

Tel: +41 1 287 9000 

Fax: +41 1 287 9010 

Reino Unido 




Reino Unido 

Tel: +44 207 065 4000 

Fax: +44 207 638 0752

HALLITUS 

Tony D. Green Puheenjohtaja) 

(Nimitetty 25. kesäkuuta 2004) 







Andrew Lo 

(Eronnut, ero tehtävistä tuli 

voimaan 25. kesäkuuta 2004) 

12th Floor 






ORGANISAATIOT 

Yhtiön kotipaikka 



Omaisuudenhoitaja 





Sijoitusneuvojat 








12th Floor 



Central 

Hong Kong 


Limited 


16th Floor 



Chiyoda-ku 

Tokyo 100 - 0011 

Japan 



Suite 100, 


USA 






(N.A.) Inc. 







Germany 

Valvoja ja rahoituslaitokset 

Luxemburgissa 
















B.P. 425 











Limited 



voimaan 31. May 2004) 



Dublin 2 

Ireland 



Rekisteröintiasiamies ja 

rekisterinpitäjä 



B.P. 1755 


Auktorisoitu välittäjä 

Luxemburgissa 


Luxembourg 



Ensisijainen Dealing Desk 


Hongkongin alijakelija ja 

edustaja 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Saksan alijakelija ja edustaja 




Germany 

Tel: +49 69 29807 8070 

Fax: +49 69 29807 159 

Global Distributor -jakelija 




Dublin 2, 

Ireland 

Tel: +353 1 439 8100 

Fax: +353 1 439 8200 

Edustaja: Yhdistyneet 

Kuningaskunnat 


Limited 




Tel: +44 207 626 3434 

Fax: +44 207 454 3755 

Tilintarkastajat 



Espace Ariane 



185 

Carsten Majer 

(Nimitetty 19. elokuuta 2004) 



Germany 



SICAV:n lainopilliset neuvonantajat 



B.P. 425 


Saksan rahoituslaitos 




Germany 

Itävallan jakelija 



A-1010 Wien 

Austria 

Tel: +43 1 316 2030 

Fax: +43 1 316 2020 

Itävallan rahoituslaitos 




Sveitsin rahoituslaitos 


Rennwieg 57 

Postfach 

8023 Zurich 

Switzerland 

AMVESCAP-ryhmän edustajien 

toimistot 

Itävalta 




A - 1010 Wien, Itävalta 

Tel: +43 1 316 200 

Fax: +43 1 316 20190 

Belgia 





Belgium 

Tel: +32 2641 0111 

Fax: +32 2641 1060 

Ranska 



75008 Paris 

France 

Tel: +33 1 56 62 43 00 

Fax: +33 1 56 62 43 99 

Saksa 




Germany 

Tel: +49 69 29807 800 

Fax: +49 69 29807 159 


de Franssu 









Limited 

Hongkong 


Limited 

12th Floor 



Central 

Hong Kong 

Tel: +852 2868 3228 

Fax: +852 2868 5445 

Italia 



20123 Milan 

Italy 

Tel: +39 02 88 074 1 

Fax: +39 02 88 074 332 

Jersey 


40 Esplanade 

St Helier 

Jersey 

JE4 2PH 

Tel: +44 1534 607 600 

Fax: +44 1534 510 510 

Alankomaat 





Tel: +31 20 573 0860 

Fax: +31 20 664 5845 

Espanja 




28001 Madrid 

Spain 

Tel: +34 91 781 30 20 

Fax: +34 91 576 05 20 

Sveitsi 




PO Box 324 

CH-8027 

Zurich 

Switzerland 

Tel: +41 1 287 9000 

Fax: +41 1 287 9010 

Yhdistyneet Kuningaskunnat 





Tel: +44 207 626 3434 

Fax: +44 207 929 5888

Perivan Financial Print 204543



43 Townsend Street, Dublin 2, Ireland 

Telephone: +353 1 439 8000 Facsimile: +353 1 439 8400 

Website: www.invesco.com

invesco gt sicav - Cajastur

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