invesco gt sicav - Fundsquare

INVESCO GT SICAV

Registered Off ice: Sitz: Siege social: Domicilio Social: Sede Social

69, route d'Esch, L-1470 Luxembourg (R.C. Luxembourg 834457) No subscription can be accepted on the basis of financial reports alone. Subscriptions, in order t o 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 wil l be published in the Luxemburger Wort and, t o the extent required by law, in the Memorial, Recueil Spécial des Societés et Associations ("Mbmorial") and will be sent to holders of registered Shares at their address in the Register of Shareholders by post at least 8 days prior t o 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 w i th the Greffe du Tribunal d'Arrondissement of Luxembourg.

Anteilszeichnungen konnen nicht aufgrund von Finanzberichten angenommen werden. Zeichnungen erfolgen auf der Grundlage des gültigen Prospektes und des letzten Jahresberichtes sowie des letzten Halbjahresberichtes, falls ein solcher zwischenzeitlich veroffentlicht wurde.

Exemplare des Verkaufsprospektes, des geprüften Jahresberichts und des Halbjahresberichts sind am Geschaftssitz des Fonds in 69 route d'Esch, L-1470 Luxembourg, sowie bei der weltweiten Vertriebsgesellschaft in Dublin erhaltlich. Mitteilungen über samtliche

Societés et Associations ( " MPmorial") und werden den lnhabern 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 Ubersetzung 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 d'Arondissement) hinterlegt.

Aucune souscription ne peut &re acceptCe 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 après le dernier Rapport annuel, un exemplaire du dernier Rapport semestriel paru.

Le Prospectus, le Rapport annuel, les Comptes audités et les Comptes semestriels peuvent ëtre demand& au Siège social de la SICAV au 69 route d'Esch, L-1470 Luxembourg et auprès des bureaux du Distributeur mondial .A Dublin. Les avis de convocation aux Assemblees generales seront publiés dans le Luxemburger Wort et, dans la mesure où la loi l'exige, dans le Mémorial. Recueil Spécial des Societes et des Associations (dénommé ci-aprPs le " Mémorial " ) et ils seront envoyés par voie postale aux detenteurs 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 fois.

L'avis requis par la loi luxembourgeoise pour l'émission et la vente d'actions de la SICAV a @té déposé au Greffe du Tribunal d'Arrondissement à Luxembourg.

Hauptversammlungen werden im Luxemburger Wort veroffentlicht sowie, falls gesetzlich vorgeschrieben, im Mémorial, Recueil SpPcial des I i

!

~~ ~~ ~

No se aceptaran suscripciones basadas unicamente en los estados financieros. Para su validez, las suscripciones deberan formularse con base al Folleto lnformativo vigente, acomparïado de un ejemplar del ultimo Informe Anual auditado disponible y, de ser posterior a &e, del ult imo Informe Semestral.

Podr6n 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, asi como en las oficinas del Distribuidor Mundial en Dublin. Las convocatorias de todas las Juntas Generales Ordinarias se publicaran en el Luxemburger Wort y, en la medida en que as; lo requiera la ley, en el Mémorial, Recueil Special des Sociétés et Associations ("Mémorial"), remitiendose asimismo por correo a los titulares de Acciones nominativas a sus direcciones inscritas en el Libro Registro de Accionistas al menos 8 dias antes de las juntas. En cas0 de discrepancia entre el texto en ingle$ y sus traducciones a otros idiomas, prevalecera el texto en inglés.

El comunicado que exige la Ley luxemburguesa en relacion con la emiston y venta de Acciones del Fondo ha srdo presentado en el Greffe du Tribunal d'Arrondissement de Luxemburgo.

As subscriçoes fundamentadas exclusivamente em relatbrios financeiros nao sa0 aceites. Para terem validade, as subscriçdes devem ser realizadas com base no Prospecto actual acompanhado pelo exemplar do ultimo Relatorio Anual e Contas Revistas e urn exemplar O Relatorio Semestral mais recente, cas0 este tenha data posterior a do Relat6rio Anual.

Os interessados podem obter exemplares do Prospecto, Relat6rio Anual e Contas Revistas, assim como do Relatbrio Semestral, junto da Sede Social do Fundo, em 69 route d'Esch. L-1470 Luxemburgo, e dos escritorios do Distribuidor Mundial, em Dublin. As convocat6rias de todas as Assembleias-Gerais sera0 publicadas no Luxemburger Wort e, no âmbito exigido por lei, no Memorial, Recueil Spbcial des Sociétés et Associations ("Memorial"), sendo enviadas para os titulares de accdes nominativas, para as moradas constantes do Livro de Registo de Accionistas, com uma antecedencia m h m a de 8 dias relativamente a data das referidas assembleias. No cas0 de discrepâncias entre as traduçoes do texto em inglês para os idiomas estrangeiros, a versa0 inglesa prevalecera

O aviso exigido pela legislaçao luxemburguesa relativa a emissao e Venda de acçdes por parte do Fundo foi depositado no Greffe du Tribunal d'Arrondissement de Luxemburgo.

1

INVESCO GT SICAV CONTENTS INH4LT SOMMAIRE INDICE INDICE

Page Seite Page

Pdgina Pagina

Report of the Directors Bericht des Verwaltungsrates Rapport du Conseil d'Administration

Informe de gestion Relat6rio do Conselho de AdministraCao 4-7

Statement of Investments

Wertpapierbestand Portefeuille de placements

lnventario de la cartera

Demonstraçao de Investimentos

Equity Funds Aktienfonds

Global Global INVESCO GT Global Emerging Markets Fund INVESCO GT Global Value Fund

America Amerika INVESCO GT North America Fund INVESCO GT American Enterprise Fund INVESCO GT US Structured Large Cap Core Fund

Europe Europa INVESCO GT European Structured Fund INVESCO GT Pan European Fund INVESCO GT Pan European Enterprise Fund

Japan Japan INVESCO GT Nippon Enterprise Fund INVESCO GT Nippon Growth Fund

Asia Asien INVESCO GT Asia Enterprise Fund INVESCO GT Greater China Opportunities Fund

Compartiments d'actions

Mondiaux

Fondos de Renta Variable

lnternacional Mundial

Fundos de Acç6es

8-10 11-12

Amérique America America 13-14 15-17 18-20

Europe Europa Europa 21-23 24-26 27-31

Japon Japbn Japao 32-33 34-35

Asie Asia Asia 36-37 38-39

Theme Funds Themen fonds INVESCO GT Worldwide Dynamic Theme Fund INVESCO GT Leisure Fund INVESCO GT Energy Fund

Compartiments sectoriels Fondos Temd ticos Fundos Tematicos 40-42 43-45

46

Compartiments monétaires Fondos de Dinem Fundos de Reserva

47 48

Reserve Funds Geldmarktfonds

INVESCO GT Dollar Reserve Fund INVESCO GT Euro Reserve Fund

Bond Funds Ren ten fonds

INVESCO GT Global Bond Fund INVESCO GT European Bond Fund INVESCO GT Euro High Yield Fund INVESCO GT Euroland Bond Fund

Compartiments obligatairesfondos de Renta Fija Fundos de Ohrigages

49 50-51

52-53 54

Structured Funds Strukturierte Fonds

INVESCO GT Capital Shield Fund

Compartiments structuds Fondos estructurados Fundos Estruturados

55-56

h a t s financiers

hat de l'actif net

Financial Statements Finanzausweise Cuentas anuales Demonstraçdes Financeiras

Statement of Net Assets

Aufstellung des Nettovermogens

Balance DemonstraCao da Situaç20 Liquida 57-59

Statement of Changes Aufstellung der Veranderungen [tat des changements in Net Assets des Nettovermogens de l'actif net

Estado de variacidn Demonstraçao de Variaçdes patrimonial da SituaCao Llquida 60-62

2

INVESCO GT SICAV CONTENTS INHALT SOMMAIRE INDICE INDICE

Page Seite Page

Pdgina I

P6gina

Financial Statements h a t s financiers Cuentas anuales Finanzausweise Demonstraçôes Financeiras

Notes to the financial Statements

Erlauterungen zu den Finanzausweisen

Notes sur les Ctats financiers

Memoria relativa a las cuentas anuales

Membria relativa a Demonstracoes Financeiras 63-82

Auditor's Report Rechnungsprüfungsbericht Rapport du Reviseur d'Entreprises

Informe de auditoria I

Relatbrio dos Auditores 88-84

Comparative Net Assets

Nettofondsvermogen im Jahresvergleich

holution de la valeur liquidative

Evoluci6n comparativa del Patrimonio Neto

Situaçao Liqu da Comparativa 85-86

Board of Directors Velwaltungsrat Composition du Conseil d'Administration

Consejo de Administracibn Conselho de Administraçao 87-91

Organisation Organisation Organisation Organizacibn Organizacao 87-91 I

3

INVESCO GT SICAV Report of the Bericht des Rapport du Conseil

Directors Verwaltungsrates d'administration Informe Relatbrio do Conselho

de gestion de Administraqao

The Directors present the Annual Report and Accounts for the financial year ended 29 February 2004.

Results and Appropriations

The results and appropriations are set out on pages 57 to 62

The following changes have taken place since the Fund's financial year end at 28 February 2003

Directors Ricardo Ricciardi has resigned as Director of the SICAV effective 30 April 2003.

INVESCO GT Capital Shield Fund Effective 9 May 2003, INVESCO GT SICAV launched a new sub-fund entitled INVESCO GT Capital Shield Fund

INVESCO GT Worldwide Telecommunications Fund Effective 14 May 2003, INVESCO GT Worldwide Telecommunications Fund liquidated

INVESCO GT Financial Services Fund Effective 14 May 2003, INVESCO GT Financial Services Fund liquidated

INVESCO GT Euroland Bond Fund Effective 26 May 2003, the Investment Adviser of INVESCO GT Euroland Bond Fund has changed from INVESCO Gestion S.A. Paris t o INVESCO Asset Managment Deutschland GmbH, Frankfurt.

INVESCO GT European Bond Fund Effective 26 May 2003, the Investment Adviser of INVESCO GT European Bond Fund has changed from INVESCO Gestion S.A. Paris to INVESCO Asset Managment Deutschland GmbH, Frankfurt.

INVESCO GT Worldwide Healthcare Fund Effective 6 June 2003, INVESCO GT Worldwide Healthcare Fund has merged into INVESCO GT Worldwide Dynamic Theme Fund

INVESCO GT Worldwide Technology Fund Effective 20 June 2003, INVESCO GT Worldwide Technology Fund will has merged into INVESCO GT Worldwide Dynamic Theme Fund.

INVESCO GT Capital Shield Fund Amendment to the objectives and policies of the INVESCO GT Capital Shield Fund were made effective as at 10 March 2004

INVESCO GT Capital Shield (USD) Fund Launch The above new sub-fund was successfully launched 10 March 2004 (Offering Period 10-24 March) as part of the INVESCO GT SICAV Umbrella, effective as of 25 March 2004.

INVESCO GT North America Fund The Investment Adviser of the Fund changed from INVESCO Institutional (N A.) Inc., New York, USA to AIM Capital Management, Inc., Houston, Texas, USA with effect from 28 May 2004.

INVESCO GT American Enterprise Fund The Investment Adviser will change from INVESCO Funds Group Inc. Denver, Colorado to INVESCO Institutional (N.A ) Inc , New York United States of America effective as at 14 June 2004.

INVESCO GT Leisure Fund The Investment Adviser will change from INVESCO Funds Group Inc,. Denver, Colorado to INVESCO Institutional (N A.) Inc., New York United States of America dfertive as at 14 June 2004.

INVESCO GT Energy Fund The Investment Adviser v from INVESCO Funds Group Inc.. Denver, Colorado to INVESCO Institutional (N.A.) Inc., New York United States of America effective as at 14 June 2004.

The Board of Directors

5 March 2004

Der Verwaltungsrat legt den Jahresbericht fur das Geschaftsjahr zum 29 Februar 2004 vor

Ergebnisse und Gewinnverwendung

Die Ergebnisse und Gewinnverwendung werden auf den Seiten 57 bis 62 dargestellt

Nach dem Ende des Geschdftsjahres des Fonds am 28 Februar 2003 haben sich folgende Anderungen ergeben

Mitglieder des Verwaltungsrats Ricardo Ricciardi 1st mit Wirkung vom 30 April 2003 aus dem Verwaltungsrat der SICAV ausgeschieden

INVESCO GT Capital Shield Fund Mit Wirkung vom 9 Mai 2003 legte die INVESCO GT SICAV einen neuen Teilfonds mit dem Namen INVESCO GT Capital Shield Fund auf

INVESCO GT Worldwide Telecommunications Fund Mit Wirkung vom 14 Mai 2003 wurde der INVESCO GT Worldwide Telecommunications Fund aufgelost

INVESCO GT Financial Services Fund Mit Wirkung vom 14 Mai 2003 wurde der INVESCO GT Financial Services Fund aufgelost

INVESCO GT Euroland Bond Fund Mit Wirkung vom 26. Mai 2003 wurae INVESCO Gestion S.A. Paris als Anlageberater des INVESCO GT Euroland Bond Fund durch INVESCO Asset Management Deutschland GmbH, Frankfurt, abgelost


Directors Verwaltungsrates d'administration Informe de Relatorio do Conselho

gestion de Administraçao

INVESCO GT European Bond Fund Mit Wirkung vom 26. Mai 2003 wurde INVESCO Gestion S.A. Paris als Anlageberater des INVESCO GT European Bond Fund durch INVESCO Asset Management Deutschland GmbH, Frankfurt, abgelost

INVESCO GT Worldwide Healthcare Fund Mit Wirkung vom 6. Juni 2003 wurde der INVESCO GT Worldwide Healthcare Fund in den INVESCO GT Worldwide Dynamic Theme Fund aufgenommen.

INVESCO GT Worldwide Technology Fund Mit Wirkung vom 20. Juni 2003 wurde der INVESCO GT Worldwide Technology Fund in den INVESCO GT Worldwide Dynamic Theme Fund aufgenommen

INVESCO GT Capital Shield Fund Die Anderungen des lnvestmentziels und der Anlagepolitik des INVESCO GT Capital Shield Fund traten am 10. Marz 2004 in Kraft

Auflegung des INVESCO GT Capital Shield (USD) Fund Der oben genannte neue Teilfonds wurde am 10. Marz 2004 (Angebotszeitraum 10. bis 24. Marz) mit Wirkung vom 25. Marz 2004 erfolgreich als Teilfonds des INVESCO GT SICAV Umbrella-Fonds aufgelegt.

INVESCO GT North America Fund Mit Wirkung vom 28. Mai 2004 wurde INVESCO Institutional (N.A.) Inc., New York, USA als Anlageberater des Fonds durch AIM Capital Management, Inc.. Houston, Texas, USA, abgelost.

INVESCO GT American Enterprise Fund Mit Wirkung vom 14. Juli 2004 wurde INVESCO Funds Group Inc.. Denver, Colorado. USA als Anlageberater des Fonds durch INVESCO Institutional (N.A.) Inc., New York, USA, abgelBst

INVESCO GT leisure Fund Mit Wirkung vom 14. Juni 2004 wurde INVESCO Funds Group Inc., Denver, Colorado, USA als Anlageberater des Fonds durch INVESCO Institutional (N.A.) Inc., New York, USA, abgelbst.

INVESCO GT Energy Fund Mit Wirkung vom 14. Juni 2004 wurde INVESCO Funds Group Inc., Denver, Colorado, USA als Anlageberater des Fonds durch INVESCO Institutional (N.A.) Inc., New York, USA, abgelbst.

Der Verwaltungsrat

5 MBrz 2004

Les Administrateurs presentent le Rapport annuel et les Comptes de l'exercice clos le 29 f6vrier 2004

Résultats et Affectations

Les rksultats et affectations sont indiques aux pages 57 A 62

Les modifications suivantes sont entrees en vigueur depuis la clbture de l'exercice du Fonds le 28 février 2003

Administrateurs Ricardo Ricciardi a quitté son poste d'administrateur de la SICAV le 30 avril 2003

INVESCO GT Capital Shield Fund Le 9 mai 2003, INVESCO GT SICAV a lance un nouveau compartiment dénomme INVESCO GT Capital Shield Fund.

INVESCO G f Worldwide Telecommunications Fund Le 14 mai 2003, INVESCO GT Worldwide Telecommunications Fund a CtC liquid6

INVESCO GT Financial Services Fund Le 14 mai 2003, INVESCO GT Financial Services Fund a et4 liquid6

INVESCO GT Euroland Bond Fund A panif du 26 mai 2003, le Gestionnaire en Investissements, INVESCO Gestion S A Paris, de INVESCO GT Euroland Bond Fund a et@ remplace par INVESCO Asset Managment Deutschland GmbH. Frankfort

INVESCO GT European Bond Fund A partir du 26 mai 2003, le Gestionnaire en Investissements, INVESCO Gestion S A Paris, de INVESCO GT European Bond Fund a 6tP remplace par INVESCO Asset Managment Deutschland GmbH, Frankfort

INVESCO GT Worldwide Healthcare Fund A partir du 6 juin 2003, INVESCO GT Worldwide Healthcare Fund a fusionne avec INVESCO GT Worldwide Dynamic Theme Fund

INVESCO GT Worldwide Technology Fund A partir du 20 juin 2003, INVESCO GT Worldwide Technology Fund a fusionne avec INVESCO GT Worldwide Dynamic Theme Fund

INVESCO GT Capital Shield Fund Les amendements apportes aux objectifs et politiques de INVESCO GT Capital Shield Fund sont entrks en vigueur le 10 mars 2004

Lancement de INVESCO GT Capital Shield (USD) Fund Effectif au 25 mars 2004, le nouveau compartiment ci-dessus a 6t@ IancP avec succes le 10 mars 2004 (pkriode d'offre du 10 au 24 mars) dans le cadre de la SICAV INVESCO GT a compartiments multiples.

INVESCO GT North America Fund Le Conseiller en Investissements, INVESCO Institutional (N.A.) Inc., New York aux Etats-Unis, du compartiment a @te remplacb par AIM Capital Management, Inc., Houston, Texas aux Etats-Unis, A partir du 28 mai 2004.

INVESCO GT American Enterprise Fund Le Conseiller en Investissements, INVESCO Funds Group Inc,. Denver au Colorado, a été remplacé par INVESCO Institutional (N A.) Inc., New York aux Etats-Unis d'Amérique, à partir du 14 juin 2004.

5


Directors Verwaltungsrates d'administration Informe de Relatbrio do Conselho

gestion de AdministraCao

INVESCO GT Leisure Fund Le Conseiller en Investissements, INVESCO Funds Group Inc, Denver au Colorado, a CtC remplace par INVESCO Institutional (N A ) Inc , New York aux Etats-Unis d'AmPrique, A partir du 14 juin 2004

INVESCO GT Energy Fund Le Conseiller en Investissements. INVESCO Funds Group Inc, Denver au Colorado, a Pte remplace par INVESCO Institutional (N A ) Inc , New York aux Etats-Unis d'Amerique. a partir du 14 juin 2004

Le Conseil d'Administration

Los Administradores presentan el Informe y Cuentas anuales del ejercicio financiero cerrado a 29 de febrero de 2004

Resultados y asignaciones

Los resultados y asignaciones se exponen en pdginas 57 a 62

Las siguientes variaciones han tenido lugar desde el cierre del ejercicio financiero del Fondo a 28 de febrero de 2003

Administradores Ricardo Ricciardi ha presentado su dimisi6n tom0 Administrador de la SICAV, entrando dicha dimisidn en vigor a partir del 30 de abri1 de 2003

INVESCO GT Capital Shield Fund A partir del 9 de mayo de 2003, INVESCO GT SICAV lama u n nuevo subfondo con el titulo INVESCO GT Capital Shield Fund.

INVESCO GT Worldwide Telecommunications Fund A partir del 14 de mayo 2003, INVESCO GT Worldwide Telecommunications Fund queda liquidado

INVESCO GT Financial Services Fund A partir del 14 de mayo 2003, INVESCO GT Financial Services Fund queda liquidado.

INVESCO GT Euroland Bond Fund En vigor a partir del 26 de mayo de 2003, el Asesor de Inversiones de INVESCO GT Euroland Bond Fund ha cambiado de INVESCO Gestion S.A. Paris a INVESCO Asset Management Deutschland GmbH, FrBncfort.

INVESCO GT European Bond Fund En vigor a partir del 26 de mayo de 2003, el Asesor de Inversiones de INVESCO GT European Bond Fund ha cambiado de INVESCO Gestion S.A. Park a INVESCO Asset Management Deutschland GmbH, Frdncfort.

INVESCO GT Worldwide Healthcare Fund En vigor a partir del 6 de junio de 2003, INVESCO GT Worldwide Healthcare Fund se ha fusionado con INVESCO GT Worldwide Dynamic Theme Fund.

INVESCO GT Worldwide Technology Fund En vigor a partir del 20 de junio de 2003, INVESCO GT Worldwide Technology Fund se ha fusionado con INVESCO GT Worldwide Dynamic Theme Fund

INVESCO GT Capital Shield Fund Las modificaciones de los objetivos y politicas de INVESCO GT Capital Shield Fund entraron en vigor el 10 de marzo de 2004.

Lanzamiento de INVESCO GT Capital Shield (USD) Fund El nuevo subfondo anterior se lanz6 con exit0 el 10 de marzo de 2004 (period0 de oferta del 10 al 24 de marzo) como parte de INVESCO GT SICAV Umbrella, en vigor a partir del 25 de marzo de 2004.

INVESCO GT North America Fund El Asesor de Inversiones del Fondo cambi6 de INVESCO Institutional (N.A.) Inc., Nueva York, EE.UU. a AIM Capital Management, Inc., Houston, Texas, EE.UU., en vigor a partir del 28 de mayo de 2004.

INVESCO GT American Enterprise Fund El Asesor de Inversiones cambi6 de INVESCO Funds Group Inc., Denver, Colorado a INVESCO Institutional ( N A ) Inc., Nueva York, Estados Unidos de America, en vigor a partir del 14 de junio de 2004.

INVESCO GT Leisure Fund El Asesor de Inversiones cambi6 de INVESCO Funds Group Inc., Denver, Colorado a INVESCO Institutional (N.A.) Inc., Nueva York, Estados Unidos de America. en vigor a partir del 14 de junio de 2004.

INVESCO GT Energy Fund El Asesor de Inversiones cambib de INVESCO Funds Group Inc.. Denver, Colorado a INVESCO Institutional (N.A.) Inc., Nueva York, Estados Unidos de America, en vigor a partir del 14 de junio de 2004.

El Consejo de administracidn

5 de marzo de 2004

OS Administradores apresentam O Relat6rio e Contas Anuais do exercicio findo a 29 de Fevereiro de 2004

Resultados e dotaç8es

Os resultados e dotaçdes estio apresentados nas pdginas 57 a 62.

TForam efectuadas as seguintes alteray4es desde O fim do ano financeiro do Fundo a 28 de Fevereiro de 2003

Administradores Ricardo Ricciardi demitiu-se das suas funçôes de Administrador do SICAV, com efectividade a partir de 30 de Abri1 de 2003

6


Directors Verwaltungsrates d'administration Informe de Relatorio do Conselho

gestion de Administraçao

INVESCO GT Capital Shield Fund Em vigor a partir de 9 de Malo de 2003, O INVESCO GT SICAV iniciou um novo subfundo chamado INVESCO GT Capital Shield Fund

INVESCO GT Worldwide Telecommunications Fund Em vigor a partir de 14 de Maio de 2003, O INVESCO GT Worldwide Telecommunications Fund ficou liquidado

INVESCO GT Financial Services Fund Em vigor a partir de 14 de Maio de 2003, O INVESCO GT Financial Services Fund ficou liquidado

INVESCO GT Euroland Bond Fund Em vigor a partir de 26 de Maio de 2003, O Consultor de Investimentos do INVESCO GT Euroland Bond Fund, anteriormente O INVESCO Gestion S.A., em Paris, passou a ser O INVESCO Asset Management Deutschland GmbH, em Frankfurt

INVESCO GT European Bond Fund Em vigor a partir de 26 de Malo de 2003, O Consultor de Investimentos do INVESCO GT European Bond Fund, anteriormente O INVESCO Gestion S.A., em Paris, passou a ser O INVESCO Asset Management Deutschland GmbH, em Frankfurt.

INVESCO GT Worldwide Healthcare Fund Em vigor a partir de 6 de Junho de 2003, O INVESCO GT Worldwide Healthcare Fund fundiu-se com O INVESCO GT Worldwide Dynamic Theme Fund.

INVESCO GT Worldwide Technology Fund Em vigor a partir de 20 de Junho de 2003, O INVESCO GT Worldwide Technology Fund fundiu-se rom O INVESCO GT Worldwide Dynamic Theme Fund

INVESCO GT Capital Shield Fund As alteracdes nos objectivos e pollticas do INVESCO GT Capital Shield Fund entraram em vigor a 10 de Março de 2004

Lançamento do INVESCO GT Capital Shield (USD) O novo subfundo acima mencionado foi lancado com sucesso a 10 de Março de 2004 (period0 de oferta: 10-24 de Março) como parte do INVESCO GT SICAV Umbrella, em vigor a partir de 25 de Março de 2004.

INVESCO GT North America Fund O Consultor de Investimentos do Fundo. anteriormente O INVESCO Institutional (N A ) Inc., em Nova lorque, EUA, passou a ser O AIM Capital Management, Inc., Houston, Texas, EUA, em vigor a partir de 28 de Maio de 2004.

INVESCO GT American Enterprise Fund O Consultor de Investimentos, anteriormente O INVESCO Funds Group Inc,. Denver, Colorado, passou a ser O INVESCO Institutional (N.A Estados Unidos da AmCrica. em vigor a partir de 14 de Junho de 2004.

INVESCO GT Leisure Fund O Consultor de Investimentos, anteriormente O INVESCO Funds Group Inc,. Denver, Colorado, passou a ser O INVESCO Institutional (N.A Estados Unidos da America, em vigor a partir de 14 de Junho de 2004.

INVESCO GT Enerav Fund

Inc.. Nova lorque,

Inc.. Nova lorque,

O Consultor de Inv&nentos, anteriormente O INVESCO Funds Group Inc, Denver, Colorado, passou a ser O INVESCO Institutional (N A ) Inc , Nova lorque, Estados Unidos da America, em vigor a partir de 14 de Junho de 2004

O Conselho de AdministraçAo

5 de Março de 2004

7

INVESCO GT GLOBAL EMERGING MARKETS FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstracao de lnvestments as at am 29 Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 février 2004 29 de febrero de 2004 29 de Fevereiro de 2004

l lnves ment Wertpapiere Placement Inversiones lnves timen to

Nominal/Shares Market Value Net Assers NennwertlAktm Marktwert Nettovermogen Valeur nominale Valeur de marché Actif net

NominallAcciones Valor de mercado Patrimonio Neto NominallAcçoes Valor de Mercado Siruaça0 Liquida

US$ Y0

TRANSFERABLE SECURITIES ADMITTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER EORSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZAClbN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇA0 OFlClAL E M BOLSA

ARGENTINA Banco Hipotecario

: BERMUDA COSCO Pacific

ARGENTINIEN

BERMUDAS

ARGENTINE ARGENTINA 2,000

BERMUDES BERMUDAS 140,000

ARGENTINA 4,986 O O1

BERMUDAS 214,579

BRAZIL BRASILIEN Banco ltau Holding Financeira ADR Brasil Telecom Brasil Telecom Participacoes Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR Cia de Bebidas das Americas ADR Cia de Tecidos do Norte de Minas - Coteminas Cia Energetica de Minas Gerais ADR Cid Siderurgica de Tubarao Cia Siderurgica Nacional Cia Vale do Rio Doce ADR Klabin Petroleo Brasileiro ADR Tele Centro Oeste Celular Participacoes ADR Tele Norte Leste Participacoes ADR Telecomunicacoes Brasileiras Uniao de Bancos Brasileiros Votorantim Celulose e Pape1 ADR

I

I 1

BRESIL BRASIL 5,000

25,000,000 62,482,000

9,000 7,600

3,000,000 16,500

5,029,373 7,876,086

7,300 150,000 42,500 62,500 18,700

1,000,000 9,200,000

14.51 1

BRASIL 235,200 120,431 463,225 196,200 191,520 209,898 290,070 158,253 477,624 360,985 198,326

1,182,775 640,625 270,402

7 41 1,753 477,412

0.45 -

0.50 0.25 0.98 0.41 O 41 0.44 0.62 0.33 1 .O1 0.76 0.42 2.50 1.35 0.57

O 87 1 .O1

5,884,706 12.43

CHINA CHINA China Oilfield Services China Shipping Development

CHINE CHINA 620,000 255.000

CHINA 206,232 202,385

0.44 0.44

CZECH **Cesky Telecom GDR Komercni Banka GDR

TSCHECHISCHE REPUBLIK

EGYPT AGYPTEN Orascom Construction Industries Orascom Telecom Holding

HONG KONG ASM Pacific Technology China Mobile Hong Kong China Unicom

HUNGARY OTP Bank GDR

HONGKONG

UNGARN

408,617 O 88

RtPUBLIQUE TCHkQUE REPOBLICA CHECA REPUBLICA CHECA 50,600 608,718 1.28 9,800 357,700 0.76

CGYPTE

HONGKONG

HONGRIE

966,418 2.04

EGIPTO EGIPTO 33,564 482,623 1 .O2 11,100 179,139 0.38

661,762 1.40 ~

~

HONG KONG HONG KONG 59,500 270,338 O 57

175,000 616,859 1.30 554,000 710,270 1.50

1,597,467 3.37 ~

-

HUNGRIA HUNGRIA 13,500 443,475 0.94

8


Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstra~ao de lnvestments as at am 29 Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 fbvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement Inversiones lnvesrimenro

NaminallShares Nenn wert/Aktien Valeur nominale

NominaIlAccianes NominallAcCdes

Market Value Net Assets Markhvert Nettovermogen

Valeur de marche Actif net Valor de mercado Patfimonio Nero 1

Valor de Mercado Situaç20 Liquida US8 %

INDIA INDIEN Citigroup - Tata Motors P/N 19/01/2009 * Goldman Sachs - lndia Consumer Finance P/N 06/02/2005 * Goldman Sachs - lndia Tecunology P/N 06/02/2005

INDONESIA INDONESIEN Bank Pan lndonesia Bank Rakyat lndonesia Telekomunikasi lndonesia

ISRAEL ISRAEL Bank Hapoalim Check Point Software Technologies Nice Systems ADR Super-Sol Teva Pharmaceutical Industries ADR

LUXEMBOURG LUXEMBURG Quilmes Industrial ADR Tenaris Tenaris ADR

MALAYSIA MALAYSIA Crest Petroleum Crest Petroleum W S 101 Corp **JPMorgan - Genting P/N 10/12/2004 Lafarge Malayan Cernent Public Bank Tanjong Telekom Malaysia

INDE

INDONESIE

ISRAËL

LUXEMBOURG

MALAISIE

INDIA 51,100

510 1,200

INDONESIA 8,000,000

667,500 620.000

ISRAEL 147,000

9,700 11,000 91,900 13,800

INDIA 578,588 1.22

1,174,022 2.48 375,720 0.79

2.1 28,330 4.49 ~

~

INDON~SIA 331,224 0.70 122,390 0.26 535,400 1.13

989,014 2.09 - ~

ISRAEL 371,928 0.79 222,567 0.47 259,490 0.55 208,118 0.44 908,868 1.92

1,970,971 4.17 ~

~

LUXEMBURGO LUXEMBURGO 4,866 95,082

1 3 7,942 278,844

373,929

MALASIA 127,580 36,290

272,000 1 14,000

1,100,000 270,000 123,000 1 10,000

MA~ASIA 190,531 20,676

669,263 567,606 287,158 245,132 399,750 290,921

0.20

0.59

0.79 -

0.40 0.04 1.42 1.19 0.61 0.52 0.85 0.62

2,671,037 5.65

MEXIKO MEXICO Alfa America Movil ADR Cemex ADR Consorcio Fornento Economico Mexicana ADR Grupo Financier0 Banorte Grupo Televisa ADR Hylsamex Wal-Mart de Mexico

MEXIQUE MEXICO 140,000 12,500 7,893

70,000 14,357 49,300 15,000 47,587 37,500

MkXICO 519,928 443,750 226,450 212,813 647,644 180,106 658,500 38,113

117,054

1 1 0 0.95 0.48 0.46 1.37 0.38 1.39 0.08 0.25

PHILIPPINES PHI LIPPI N EN SM Prime Holdings

POLAND POLEN Telekomunikacja Polska GDR

PHILIPPINES

POLOGNE

3,044,3 58

FlLlPlNAS FILIPINAS 1,248,000 134,027

6.46

0.28

POLONIA POL6NIA 41,500 172,640 0.37

9


Statement of Wertpapierbestand Portefeuille de Inventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Feveretro de 2004

lnvestment Wertpapiere Placement Inversiones lnvestimento

Nominal/Shares Market Value Net Assets Nenn wenlAktien Markrwen Nettovermogen Valeur nominale Valeur de marché Actif net

Pa trimonio Neto NominaIlAcciones Valor de mercado NominallAcçdes Valor de Mercado Siruaçao Liauida

USB

RUSSIA RUSSIAND LUKOIL ADR Mobile Telesystems ADR YUKOS ADR

RUSSIE RUSIA RUSSIA 10,200 1,124,040 5,600 582,400 13,147 647,490

Y0

2.38 1.23 1.37

2,353,930 4.98

SINGAPORE Noble Group

SOUTH KOREA Daishin Securities Hyundai Development Kookmin Bank ADR Korean Air KT Corp ADR POSCO ADR Samsung Electronics Samsung Electronics GDR Samsung Electronics GDS Shinhan Financial Group SK Telecom ADR

SINGAPUR

SODKOREA

SINGAPOUR SINGAPUR SINGAPURA 114,000 271,548

COREE DU SUD COREA DEL SUR COREIA DO SUL 32,400 262,699 35,700 390,847 25,571 1,066,822 31,200 453,010 16,000 304.1 60 20,000 702,000 2,800 1,296,428 2,200 509,300 9,150 1,276,424 31,510 579,425 62.671 1,541,707

0.57

O 56 0.83 2.26 0.96 0.64 1.48 2.74 1 .O8 2.70 1.23 3.25

8,382,822 17.73

TAIWAN TAIWAN 'ABN - Chinatrust Financial Holding PA 08/07/2005 *ABN -Taiwan Seniconductor Manufacturing PIN 14/01/2005 Anglo American Anglo American Platinum Asustek Computer GDR Barloworld Edgars Consolidated Stores Gold Fields HON HA1 Precision lndustry GDR lmpala Platinum Holdings Massmart Holdings Nedcor Salomon Smith Barney - MediaTek P/N 17/01/2006 SaPPl Sasol Standard Bank Group Truworths International

TAIWAN TAIWAN 652,049 635.1 14 92,400 9,900

1 11,825 45,000 7,700 23,700 36,990 4,078 63,148 36,l O0 48.41 7 18,770 15,600 75,200 104,800

TAIWAN 776,947

1,204,165 2,322,906 439,191 294,l O0 454,573 138,893 288,485 359,543 341,019 268,297 334,345 547.884 254,954 234,582 454,296 146,587

1.64 2.55 4.92 0.93 0.62 0.96 O 29 0.61 0.76 0.72 0.57 0.71 1.16 0.54 0.50 0.96 0.31

THAllAND BangkokBank Bangkok Bank NVDR Italian-Thai Development Siam Panich Leasing Telecomasia Corp

THAllAND THArIANDE TAILANDIA 48,600 383,000 100,000 393,000

1,500,000

8,860,767 18.75

TAILANDIA 12 1,496 925,709 272,230 379,951 335,835

2,035,221

0.26 1.96 0.58 0.80 O 71

4.31 -

TURKEY TURKEI Arcelik Haci Omer Sabanci Holding Turkiye Garanti Bankasi

TURQUIE TURQU~A 68,544,000 84,020,794 42.1 76,l O0

TURQUIA 393,042 390,170 151,843

0.83 0.83 0.31

935,059 1.97

Total Gesamtanlagen Total des Total Total dos lnvestments investissements Inversiones Investimentos 44,505,663 94.12 - "Transferable securitres traded on other regulatec marke~Ukmagbare Wertpapiere, die auf anderen geregelten Markten gehandelt werded'litres ceaibles nego& sur d'autres marches r@lementM*Valores negociables negociados en otros mercados organizados/+Valores transferlvets negociados noutros mercados regulados

*Other transferable wunbed**Sonstige ubertragbare Wertpapiere/**Autres valeurs mobili&w'**Otros valores nqociableP*Outros valores negocidwis

10

INVESCO GT GLOBAL VALUE FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstracio de lnvestments as at am 29. Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvesrment Wertpapiere Placement Inversiones Invesrimen to

Net Assets A'ominallShares Market Value Nenn werrlAktien Marktwert Nettovermogen Valeur nominale Valeur de marche Actif net

NominallAcciones Valor de mercado Patrimonio Neto Nm"llAcc6es Valor de Mercado Situa@o Liquida

US$ %

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER BdRSENNOTlERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇAO OFlClAL EM BOLSA

AUSTRALIA AUSTRALIEN National Australia Bank ADR

AUSTRALIE

CHINE

DANEMARK

FINLANDE

AUSTRALIA 1,180

AUSTRALIA 140,408 1.18

CHINA 136.1 76

CHINA CHINA China Life Insurance ADR

CHINA 4.800 1.15

DENMARK Danske Bank

DANEMARK DINAMARCA 6,200

DINAMARCA 147,71 O 1.24

FINLÂNDIA 178,021 167,531

FINLAND Nokia OYJ Stora Enso

FINNLAND FlNLANDlA 8,050 12,500

1.50 1.41

2.91 345,552

FRANCE FRANKREICH Compagnie Generale des Etablissements

Michelin **Soclete Generale ADR Total ADR

FRANCE FRANCIA FRANÇA

2,775 12,100 2,775

I 33,843 21 5,985 257,658

1.13

2.17 1 .a2

607,486 5.1 1

ALEMANHA 159,975 117,734

GERMANY BASF Deutsche Bank

DEUTSCHLAND ALLEMAGNE ALEMANIA 3,000 1.365

1.35 0.99

277,709 2 34

ITALIA 202,909

ITALY ITALIEN Ente Nazionale ldrocarburi ADR

ITALIE

JAPON

ITALIA 2,050 1.71

JAPÂO 169,155 216,771 128,429

106,761 154,175 169,251 155,627

I 4,482

JAPAN JAPAN Canon ADR Fuji Photo Film ADR Millea Holdings Nintendo Nippon Telegraph & Telephone Corporation Sony Corporation ADR Takeda Chemical Industries Toyota Motor Corporation

J A P ~ N 3,500 7,185

10 1,500 23

3,820 4,l O0 4,500

1.42 1.82 1 .O8 1.22 0.90 1.30 1.42 1.31

1,244,651 10.47

MCXICO 174,114

MEXICO MEXIKO Telefonos de Mexico SA de CV ADR

MEXIQUE

PAY 5-BAS

MEXICO 5.100 1.47

PAISES BAIXOS 107,925 197,440

104,543 1 I 5,387

NETHERLANDS NIEDERLANDE 0.91 1.66 0.97 0.88

Aegon ING Groep ADR Koninklijke Philips Electronics TPG -

4.42 525,295

PORTUGAL Portugal Telecom ADR

PORTUGAL PORTUGAL PORTUGAL 11,800

PORTUGAL 133,576 1.12

SOUTH KOREA SÜDKOREA KT Corporation ADR

CORtE DU SUD COREA DEL SUR COREIA DO SUL 5,500 104,555 o.aa

11

INVESCO GT GLOBAL VALUE FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29 Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fkvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapfere Placement Inversiones lnvesrimenro

NominallShares Market Value Net Assets Nenn wertlAktien Markrwerr Nertovermogen Valeur nominale Valeur de marche Actif net

NominaIlAcciones Valor de mercado Patrimonio Neto NominallAcpks Valor de Mercado S~tua~sro Liquida

%

1.94 SPAIN Endesa ADR

ESPAAA 11,850

ESPANHA 231,075

SPANIEN

SCHWEDEN

SCHWEIZ

ESPAGNE

S U ~ D E

SUISSE

SWEDEN VOlVO

SUECIA SUk3A 4,l O0 129,756 1 .O9 -

2 41 2.32 1 03 1.11 1.26

SWITZERLAND **Nede ADR Novartis ADR Roche Holding Syngenta Zurich Financial Services

SUIZA SUIÇA 4,325 286.747 6,275 276,l O0 1,180 12 1,928 1,910 131,984 910 149,750

966,509 8.13

UNITED KINGDOM Abbey National BAE Systems BP Cadhury Schweppes Diageo GlaxoSmithKline ADR HSBC Holdings ADR Kingfisher Reed Elsevier Scottish Power Shell Transport &Trading

VEREINIGTES KONIGREICH

ROVAUME- REIN0 UNIDO UNI

10,902 38,600 27,000 26,800 13,900 3,050 2,410 26,750 13,400 2 1,000 30.250

REIN0 UNIDO

96,328 137,781 2 18,904 221,371 192,741 130,296 196.3 19 149,223 123,697 141,664 208,469

0.81 116 1.84 1.86 1.62 1.10 1.65 1.26 1 .O4 1.19 175

1,816,793 15.28

VEREINIGTE STAATEN

~TATS-u N I s UNITED STATES ESTADOS UNIDOS

ESTADOS UNIDOS DA AMI%tICA

240,079 194,448 117,896 190,277 135,560 140,976 235,000 84,878 174,460 140,000 109,943 1 1 1,277 251,559 190,404 95,338 184,846 273,090 113,651 126,722 107,331 172,250

2.02 163 O 99 1.60 1.14

American International Group AT&T Corporation Bear Stearns Becton Dickinson Bristol-Myers Squibb ChevronTexaco Corporation Citigroup Comcast Corporation Constellation Energy Group Devon Energy Corporation Emerson Electric Freddie Mac General Electric Hewlett-Packard IBM Johnson & Johnsor Kimberly-Clark Corporation Lare Holdings Merck & Co MGIC lnvestment Corporation Microsoft Corporation Morgan Stanley Parker Hannifin Corporation SRC Communications Schering-Plough Corporation Walt Disney

3,226 9,650 1,350 3,920 4,802 1,600 4,700 2,834 4,400 2,500 1,756 1,785 7,700 8,200 985

3,425 4,215 3,529 2,660 1,625 6,500 1,935 2,800 4,400 8,550 4,350

1.19 1.98 0.71 1.47 1.18 0.93 O 94 2.12 1.60 0.80 1.56 2.30 0.96 1 .O7 O 90 1.45 0.99 1.35

117,106 159,852 106,128 153,131 1 16,276

0.89 1.29 0.98

34.04 4,042,478

Total Gesamtanlagen Total des Total Total dos lnvestments investissements Inversiones Investimentos 94.48 11,226,752

* *Other transferable securities/**Sonstige ubertragbare Wertpapiere/* *Autres valeurs mobili&&*Otros valores negcciablesl* *Outrus valores negociaveis

12

INVESCO GT NORTH AMERICA FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 fbvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement Inversiones lnvestimenro

NominallShares Market Value Net Assetr; Nenn wertlAk tien Markrwert Nertovermogen Valeur nominale Valeur de marché Actif net

NominaIlAcciones Valor de mercado Patrimonio Neto NominallAc~6es Valor de Mercado SituaçSo Liquida

US$ Oh

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER B6RSENNOTlERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTIZACIbN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAGO OFlClAL EM BOLSA

CONSUMER

Abbott Laboratories Amgen Apollo Group Eiomet Boston Scientiftc Corp Henry Schein Johnson &Johnson Medtronic PepsiCo Pfizer Procter & Gamble Stryker Corp Whole Foods Market Wyeth

NON-CYCLICAL NICHT-ZYKLISCHE KONSUMG~TER

TECHNOLOGIE TECHNOLOGY Altera Corp Applied Materials DeIl EMC Corp/Massachusetts lntel Corp International Business Machines Corp Lam Research Corp Linear Technology Corp Maxim lntegrated Products Microsoft Corp Oracle Corp Texas Instruments Xilinx

FINANCIALS FINANZWESEN American International Group Citigroup Fannie Mae Goldman Sachs Group MENA Corp Morgan Stanley PMI Group State Street Corp

CONSUMER KONJUNKTURABH~~NGIGE CVCLICALS KONSUMG~TER Bed Bath & Beyond Coach Home Depot Lowe's Starbucks Corp Target Corp Walgreen Wal-Mart Stores

BIENS DE CONSOMMATION BIENES DE CONSUMO BENS DE CONSUMO NON COURANTE NO CICLICOS NA0 CICLICOS

TECHNOLOGIE

17,000 1 1,230

7,780 14,690 4,740

26,215 12,960 12,100

6,626 5,180 2,590 8,640

8,070

48,113

731,850 723,156 61 2,190 304,976

339,289 1.41 4,824

609,768 626,054

1,786,436 682,942 460,398 198,757 350,784

600,087

1 93

1 60 O 80 1 59 O 89 3 72 1 60 1 64 4 69 1.79 121 O 52 O 92

I 89

TECNOLOG~A 21,320 25,350 14,400 22,755 28,810 8,150

13,830 13,540 7,200

55,020

12,100 14,400

38890

9.441.51 1

TECNOLOGIA 488,015 550,349 479,520 323,804

788,839 351,005 554,463 372,888

516,459 378,125 606,600

850,327

I ,458,030

24.79

1.28 1.45 1.26 0.85 2 23 2 07 0.92 1.46 0.98 3.83 1.36 0.99 1.59

7,718,424 20.27

FINANCE ENTIDADES FINANCIERAS SERVIÇOS FINANCEIROS 13,250 986,065 2.59 24,490 1,224,500 3.22 13,546 1,017,982 2 67 7,200 765,288 2 O1

23,620 642,464 1.69 14,404 871.730 2.29 16,710 656,035 1.72 12,100 648, I 97 1.70

6,812,261 17.89 - -

BIENS DE CONSOMMATION BIENES DE CONSUMO BENS DE CONSUMO CYCLIQUES CkLICOS clcLIcos

13,830 568,966 19,590 764,010 16,130 594,229 14,980 836,184 14,120 528,229 11,810 51 0,191 25,060 889,630 12,100 718,740

1.49 2 O1 1.56 2.20 1.39 1.33 2.34 1.89 -

5,410,179 14.21 ~

13

INVESCO GT NORTH AMERICA FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçio de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentas em 29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestmen t Werrpapiere Placement Inversiones lnvestimento

INDUSTRIAL Emerson Electric General Electric Honeywell International Ingersoll-Rand Jabil Circuit Masco Corp United Technologies Corp

COMMUNICATIONS Cisco Systems eBay Qualcomm Viacom

INDUSTRIE

KOMMUNIKATION

INDUSTRIES

NominallShares Market Value Net Assets NennwertlAktfen MarktweK Nettovermogen Valeur nominale Valeur de marchP Actif net

NomfnallAcciones Valor de mercado Patrfmonio Neto NominallAcçCles Valor de Mercado Situapo Liqufda

US$ Y0

INDUSTRIA 6,053 25,060 18,720 6,050

Il ,230 11,230 4,610

IND~~STRIA 378.978 1 .O1 818,710 2.14 654,077 1.72 398,998 105 31 5,226 0.82 313.878 0.82 414,347 1 .O9

3,294,214 8.65 ~

~

COMMUNICATIONS COMUNICACIONES COMUNICAÇ~ES 48,970 1,143,450 3.00 9,220 631,892 1.66 12,960 825,551 2.17 7,490 292,859 0.77

2,893,752 7.60 ~

~

GRUNDSTOFFE MATERIAUX DE BASE MATERIALES Air Products & Chemicals PPG Industries Praxair

MATERIAIS 15,560 762,440 6,340 372,792 19,300 71 1,398

2.00 0.98 187

1,846,630 4.85

Total Gesamtanlagen Total des Total Total dos lnvestments investissements Inversiones lnvestimentos 37,416,971 98.25

~

~

INVESCO GT AMERICAN ENTERPRISE FUND

Statement of Wettpapierbestand Portefeuille de Inventario de la Demonstracio de placements Cartera a lnvestimentos em lnvestments as at am 29 Februar 2004

29 February 2004 au 29 fbvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement In versiones lnvestimento

NominallShares Market Value Net Assets Nenn wertlA ktien Marktwert Nettovermogen Valeur nominale Valeur de marché Actif net

NominallAccones Valor de mercado Pa trimonio Neto NominallAcçdes Valor de Mercado SituaCao Liquida

US$ %

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS UBERTRAGBARE WERTPAPIERE MIT AMTLICHER BORSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOClAVElS ADMITIDOS A COTAÇA0 OFlClAL EM BOLSA

CONSUMER NICHT-ZYKLISCHE NON-CYCLICAL KONSUMGUTER Abgenix Accredo Health Advanced Neuromodulation Systems Alaris Medical Systems Amylin Pharmaceuticals Andrx Corporation Arthrocare Corporation Community Health Systems Connetics Corporation Cortnthian Colleges Corporate Executive Board DaVita Dendreon Corporation Gen-Probe Heidrick & Struggles International ldexx Laboratories llex Oncology lnamed Corporation Labor Ready LECC Corporation Ligand Pharmaceuticals Martek Biosciences Corporation MAXIMUS MGI Pharma Nabi Biopharmaceuticals NBTY Neurocrine Biosciences NPS Pharmaceuticals OS1 Pharmaceuticals Pharmaceutical Resources Pozen Regeneration Technologies Resources Connection Rigel Pharmaceuticals Select Medical Corporation SFBC International Sierra Health Services Sylvan Learning Systems United Surgical Partners International Valeant Pharmaceuticals International

CONSUMER CYCLICALS Advance Auto Parts Aeropostale Airtran Holdings Alliance Gaming Corporation Digital Theater Systems Finish Line Guitar Center HOT Topic lnsight Enterprises Linens 'N Things Mandalay Resort Group Marvel Enterprises Oshkosh Truck Corporation PF Chang's China Bistro Panera Bread

BIENS DE CONSOMMATION BIENES DE CONSUMO BEN5 DE CONSUMO NON COURANTE NO CkLlCOS NA0 CkLlCOS

8,900 133,767 0.45

4,300 188,491 0.64

5,600 132,524 0.45 5,600 166,376 0.56 6,2 1 O 149,287 0.51

10,100 22 1,645 0.75 4,800 284,064 0.96 5,000 245,l O0 O 83 4,000 179,960 0.61 10,900 150.31 1 0.51 7,l O0 240,405 0.81 14.500 309,285 1 .O5 3,000 153,030 0.52 7,900 170,127 0.58 2,1 O0 102,228 O 35 2 1,300 263,268 0.89 6,700 130,248 0.44 6,800 106,488 0.36 2,300 136,850 0.46 4,600 159,298 0.54 2,800 135,366 0.46 9,700 136,770 0.46 5,300 179,246 O 61 2,500 131,425 0.45 5,600 168,532 0.57 3,500 1 10,478 0.37 1,800 109,638 0.37 5,200 68,406 0.23 16,100 176,537 0.60 7,890 259,739 0.88 5,400 107,244 0.36 14,800 238,280 0.81 8,600 260,064 O 88 8,400 275,436 0.93 8,200 254,938 0.86 4,400 164,978 0.56 8,800 190.080 0.64

7,275,225 24.64

8,400 296,688 1 .O1

5,200 108,628 O 37

10,000 280,000 0.95 1 1

~

~

KONJUNKTURABHANGIGE BIENS DE CONSOMMATION BIENES DE CONSUMO BENS DE CONSUMO KONSUMG~TER CYCLIQUES CrcLlcos CICLlCOS

6,600 264,330 6,900 240,948 17,300 212,790 10,300 245,861 5,000 120,975 3,500 118,965 5,200 189,124 4,350 128,673 7,300 155,454 6,900 233,910 3,000 154,500 7,900 258,962 4,200 244,734 2,900 142.01 3 4,000 156,960

0.90 0.82 0.72 0.83 0.41 0.40 0.64 0.44 0.53 0.79 0.52 0.88 0.83 0.48 0.53

15

INVESCO GT AMERICAN ENTERPRISE FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de am 29. Februar 2004 placements cartera a Investimentos em lnvestments as at

29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvesrmenr Wertpapiere Placement Inversiones Investimen to

CONSUMER CVCLICALS (CONTINUED) Petco Animal Supplies Pinnacle Entertainment Scientific Games Corporation Station Casinos Tuesday Morning Corporation Wabash National Corporation WMS Industries

TECHNOLOGY Altiris Artisan Components Conexant Systems Dendrite International Dot Hill Systems Corporation Filenet Corporation lnteorated Silicon Solutions

KONJUNKTURABHANGIGE KONSUMG~TER (FORTSETZUNG)

TECHNOLOGIE

Lattice Semiconductor Corporation **Lexar Media Microsemi Corporation MicroStrategy MKS Instruments MSC Software Corporation Omnivision Technologies Silicon Storage Technology Skyworks Solutions SRA International Staktek Holdings Syntel Trident Microsystems Varian Semiconductor Equipment Associates Vitesse Semiconductor Corporation Xicor Zoran Coraoration

NorninallShares Market Value Net Assets NennwertlAkrien Marktwert Nettovermdgen Valeur nominale Valeur de marché Actif net

NominallAcciones Valor de mercado Patrimonio Neto NominallAcç6es Valor de Mercado Situacio Liquida

US$ %

BIENS DE CONSOMMATION BIENES DE CONSUMO BENS DE CONSUMO CVCLIQUES (SUITE)

CiCLICOS (CONTINUAClbN)

7,200 10,900 1 1,300 7,300 9,000 7,000 6,700

CrcLlcos (CONIINUAÇ~~O)

236,448 161,756 186,281 273,531 296,l O0 202,160 173,463

4,397,938

TECHNOLOGIE TECNOLOG~A 4,348 6,200 31,900 1 1,679 14,000 8,600 5,100 20,900 15,500 16,200 2,300 7,400 2 1,000 7,400 18,000 14,400 6,900 2,400 7,900 8,500 3,600 2 1,400 4,800 12,500

TECNOLOGIA 1 19,483 119,722 236,539 196,382 200,340 245,014 81,830 212,344 220,565 254,907 143,060 181,522 207,060 216,783 224,010 163,152 269,996 31,416 212,905 135,065 150,048 174,838 67,224 225,438

4,289,643

COMMUNICATIONS KOMMUNIKATION Aeroflex Agile Software Corporation Arris Group Ask Jeeves eResearch Technology F5 Networks Getty Images lnet Technologies Netgear Openwave Systems Radio One Remec RSA Security Sapient Corporation Secure Computing Corporation SupportSoft Tekelec webMethods Western Wireless Coraoration

COMMUNICATIONS COMUNICACIONES 20,520 18,100 27,600 4,500 6,000 7,500 4,l O0 12,700 12,600 13,000 9,600 17,200 10,650 27,800 16,000 17,900 11,500 25,000 13,900

COMUNICAÇ~ES 292,205 163,262 274,620 92,025 184,500 252,713 209,305 163,957 186,354 188,760 175,296 120,572 179,399 194,600 229,200 214,979 222,410 261,249 330,751

3,936,157

0.80 0.55 0.63 0.93 1 .O0 0.69 0.59

14.91 ~

-

0.40 O 41 0.80 O 67 0.68 O 83 0.28 0.72 0.75 0.86 0.48 0.62 0.70 0.73 0.76 0.55 0.92 0.1 1 0.72 0.46 0.51 0.59 0.23 0.76

14.54 ~

~

0.99 0.55 0.93 0.31 0.63 0.86 0.71 0.56 0.63 0.64 0.59 0.41 O 61 0.66 0.78 0.73 0.75 0.89 1.12

13.35 ~

~

FINANCIALS Affiliated Managers Group Bristol West Holdings Eaton Vance Corporation

FINANZWESEN FINANCE ENTIDADES FINANCIERAS SERVIÇOS FINANCEIROS 2,800 237,664 0.81 9,000 189,900 0.64 5,300 203,414 0.69

16

INVESCO GT A M E R I C A N ENTERPRISE F U N D

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstracao de lnvestments as at am 29. Februar 2004 placements Caltera a Investimentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestmen t Wertpaplere Placement Inversiones lnvestimen to

FINANCIALS FINANZWESEN (CONTINUED) (FORTSETZUNG) Greater Bay Bancorp lnvestors Financial Services Corporation Knight Trading Group National Financial Partners Corporation PrivateBancorp Raymond James Financial Silicon Valley Bancshares South Financial Group Southwest Bancorp of Texas United National Group Wintrust Financial Corporation

INDUSTRIAL IN DU STRI E Benchmark Electronics Central Freight Lines Cherokee International Corporation Cymer GrafTech International IDEX Corporation Joy Global Kennametal Merix Corporation Overnite Corporation Plexus Corporation Stericycle Trimble Navigation

FINANCE (SUITE)

INDUSTRIES

Nominall5hares Market Value Net Assets NennwerrlAkrien Marktwert Nettoverm6gen Valeur nominale Valeur de marché Actif net

NominaIlAcciones Valor de mercado Patrmonio Neto Mminal/Acç6es Valor de Mercado Situaçao Liquida

US$ %

8,600 3,900 12,800 4,700 3,800 5,600 3,900 3,800 5,200 9,500 2,400

ENTIDADES FINANCIERAS SERVIÇOS FINANCEIROS (CON~NUAC~N) (CON~NUA~~OI

2 3 6,844 171,756 174,720 150,212 189.848 213,528 131,528 117,647 202,956 170,430 1 16.088

0.80 0.58 0.59 0.51 0.64 0.72 0.45 0.40 0.69 0.58 0.39

INDUSTRIA 5,950 3,000 6,500 4,600 7,300 5,l O0 6,800 4,400 8.200 5,800 10,500 5,000 5.000

2,506,535

INDUSTRIA 208.1 31 56,115 105,138 182.850 93,513 218,739 190,298 189,200 203,114 126,092 199,500 231,200 168,800

8.49 -

0.71 0.19 0.36 0.62 0.32 0.74 0.65 0.64 0.69 0.43 0.68 0.78 0.57

2,172,690 7.38

ENERGY Arch Coal Grey Wolf Maverick Tube Corporation NationaCOilwell Paterson-UT1 Energy Precision Drilling Corporation Spinnaker Exploration Todco

ENERGIE ENERGIE ENERG~A 6,800 55,300 8,300 7,700 5,100 4,200 4,800 3.400

ENERGIA 194,480 232,260 167,162 229,999 188,700 201,432 157,152 50,082

0.66 0.79 0.57 0.78 0.64 O 68 0.53 0.17

BASIC MATERIALS Atrgas Allegheny Technologies

GRUNDSTOFFE MATERIAUX DE BASE MATERIALES 8,100 13,800

1,421,267 4.82

MATERIAIS 169,533 170,567

0.57 0.58

340,100

FUNDS FONDS iShares Russell 2000 Growth Index Fund

FONDS FONDOS 4,500

FUNDOS 279,270

Total Gesamtanlagen Total des Total Total dos lnvestments investissements Inversiones lnvestimentos 26.61 8,825

**Other transferable securitieP'Sonstige übertragbare Wertpapied**Autres valeurs mobilier&* *Gtros valores negociabl&*Outros valores negocidveis

1.15 -

0.95 -

90.23 ~

~

17

INVESCO GT US STRUCTURED LARGE CAP CORE FUND

Statement of Wertpapierbestand Portefeuille de Inventario de la Demonstraçao de lnvestments as at am 29 Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placemenr Inversiones lnvestimento

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER BORSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTltACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇA0 OFlClAL EM BOLSA

NominallShares Marker Value Net Assets Nenn wert/A ktien Marktwert Nettovermogen Valeur nominale Valeur de marchP Actif net

NominaIlAcciones Valor de mercado Patrimonio Neto Valor de Mercado SituaçSo Liquida NominallAccÔes

US5 %

BASIC MATERIALS GRUNDSTOFFE

Alcoa Engelhard Corp Shenuin-Williams Sigma-Aldrich Corp Weyerhaeuser

COMMUNICATIONS KOMMUNIKATION Alltel Corp Amazon Corn BellSouth Corp Cisco Systems Clear Channel Communications Comcast Corp Nextel Communications Omnicom Group Scientific-Atlanta Sprint Corp-FON Group Walt Disney

MATERIAUX DE BASE

COMMUNICATIONS

MATERIALES BASICOS

1 01,900 31,500 34,700

2,000 23,000

MATERIAIS BASICOS

3,787,623 898,065

1.2 13,459 114,180

1,496,610

1.40 0.33 0.45 0.04 0.55

7,509,937 2 77

COMUNICACIONES 12,800 9,800

221,000 346,l O0 43,300 54,000

1 16,300 1,600

88.1 O0 19,400 49,000

COMUNICAÇ~ES 659.7 12 427,574

6,139,380 8,081,435 1,883,983 1,617,300 3,012,752

126,880 2,845,630

345,320 1,309,770

0.24 0.16 2.26 2.98 0.69 0.60 1 . 1 1 0.05 1 .O5 0.13 0.48

26,449,736 9.75

CONSUMER CYCLICALS Autozone Centex Corp Federated Department Stores Ford Motor Gap General Motors Corp Hasbro McDonald's Corp Paccar RadioShack Corp Staples

KONJUNKTURABHANGIGE KONSUMG~TER

Starwood Hotels & Resorts Worldwide Wal-Mart Stores

CONSUMER

Altria Group Apollo Group Archer-Daniels-Midland Becton Dickinson Boston Scientific Corp Bristol-Myers Squibb Campbell Soup Cendant Corp Chiron Corp Coca-Cola Coventry Health Care Fortune Brands Genentech Genzyme Corp Guidant Corp

NON-CYCLICAL NlCHT-ZYKLISCHE KONSUMG~TER

BIENS DE CONSOMMATION BIENES DE CONSUMO BEN5 DE CONSUMO CYCLIQUES CICLlCOS CICLICOS

38,800 3,513,340 1 3 0 2 1,700 2,260,055 0.83

107,400 5,565,468 2.05 157,800 2,155,548 0.79 114,300 2,409,444 0.89

0.56 1,514,626 31,700 65,l O0 1,404,207 0.52

152,900 4,327,070 1.60 4,900 269,427 0.10

44,700 1,526,058 O 56 58,300 1.51 5.21 7 0.56 32,l O0 1,240,986 O 46 14,500 861,300 0.32

28,562,746 10.54 ~

~

BIENS DE CONSOMMATION BIENES DE CONSUMO BENS DE CONSUMO NON COURANTE NO CkLlCOS NA0 CkLlCOS

69,300 3,951,486 1.46 32,200 2,442,692 O 90

123,700 2,125,166 0.78 65,900 3,198,786 1.18

6,200 253,270 0.09 55,600 1,569,588 0.58 15,500 423,925 0.16

100,600 2,325,872 0.86 13,800 680,478 0.25 37,100 1,848,693 0.68 19,600 839,468 0.31 17,300 1,235,220 0.45 26,200 2,701,220 1 O 0 17,800 948,3 84 0.35 2,500 171,175 0.06

18


Statement of Wertpapierbestand Portefeuille de Inventario de la Demonstraçao de am 29 Februar 2004 placements Cartera a Investimentos em lnvestments as at

29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestmen t Wertpapiere Placement inversiones Investimento

CONSUMER

(CONTINUED) Health Net Johnson &Johnson Kellogg Merck Mylan Laboratones Pfizer Procter & Gamble Supervalu Sysco Corp Tyson Foods UnitedHealth Croup

NON-CYCLICAL

ENERGY Exxon Mobil Corp Marathon Oit Corp Occidental Petroleum Corp Schlumberger Sunoco

FINANCIALS Allstate Corp Bank of America Corp Bank One Corp Bear Stearns Citigroup Countrywide Financial Corp Fannie Mae Fidelity National Financial First Tennessee Natlonal Corp Golden West Financial Corp Goldman Sachs Group JP Morgan Chase Merrill Lynch Morgan Stanley National City Corp Old Republic International Corp Torchmark Corp Wachovia Corp

NICHT-ZYKLISCHE KONSUMG~TER (FORTSETZUNG)

ENERGIE

FINANZWESEN

NominallShares Market Value Net Asseh Nenn werrlAktien Marktwert Netrovermogen Valeur nominale Valeur de marche Actif net

Nominal/Acciones Valor de mercado Patrimonio Neto NominallAcqoes Valor de Mercado Siruaçao Liquida

US$ %

BIENS DE CONSOMMATION BIENES DE CONSUMO BEN5 DE CONSUMO NON COURANTE NO CICLICOS NA0 CkLlCOS (SUITE) (CONTlNUAabN) (CONTINUAÇ&O)

32,200 887,ll O 0.33 94,300 5,089,371 1 88 21,300 832,830 0.31 137,500 6,550,500 2.42 87,800 2,030,814 0.75 99,1 O 0 3,679,583 1.36 72,000 7.42 1,040 2.74 6,000 168,000 0.06 13,700 531,834 0.20 8,l 00 128,790 0.05 70,800 4,388,184 1.62

~

56,423,479 20.83 ~

~NERGIE

FINANCE

ENERGIA ENERGIA 168,600 7,133,466 2.63 75,800 2,610,552 0.96 89,000 3,946,260 1.46 63,200 4,092,832 1.51 40,600 2,436,000 0.90

20,219,ll O 7 46 ~

~

ENTIDADES FINANCIERAS SERVICOS FINANCEIROS 126,900 86,800 26,900 56,600 226,500 59,000 69,200 5,600 12,400 5,l O0 12,200 49,000 15,500 23,000 6,700 21,600 1 1,000 109,400

5,804,406 7,117,600 1,426,238 4,942,878 11,325,000 5,196,130 5,200,380

2 17,840 560,232 572,118

1,296,738 1,987,440 948,755 1,391,960 235,505 512,784 570,570

5,261,046

2.14 2.63 0.53

4.18 1.92 1.92 0.08 0.21 0.21 0.48 0.73 0.35 0.51 0.09 0.19 0.21 1.94

1 .a2

54,567,620 20.14

INDUSTRIAL INDUSTRIE 3M Boeing Burlington Northern Santa Fe Corp Caterpillar Deere Dover Corp Energizer Holdings General Electric Sanmina-SCI Corp Textron Tyco International

INDUSTRIES INDUSTRIA 41,300 14,100 35,600 63,600 7,100 7,800 25,600 85,400 95,600 13,200 2 1,600

INDOSTRIA 3,228,834 598,404

1,131,368 4,957,620 466,470 309,582 1,188,352 2,790,018 1.207.428 720,456 61 3,440

1.19 0.22 0.42 1.83 0.17 0.1 1 0.44 1 .O3 0.44 0.27 0.23

17,211,972 6.35

19


Statement of Wertpapierbestand Portefeuille de Inventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestmen t Wertpapiere Placement Inversiones Investimento

TECHNOLOGY TECHNOLOGIE Computer Associates International EMC Corp/Massachusetts IMS Health lntel Corp International Business Machines Corp Microsoft Corp Texas Instruments

UTlLlTlES VERSORGUNG Constellation Energy Group Edison International Exelon Corp FPL Group Sempra Energy

Market Value Net Axsets NominallShafes Nenn werrlAktien Marktwert Nettovermogen Valeur nominale Valeur de marchC Actif net

Valor de mercado Patrimonio Neto NominallAcciones NominallAccbes Valor de Mercado 9tuaCao Liquida

US$ Y0

TECHNOLOGIE

SERVICES PUBLICS

Total Gesamtanlagen Total des Total Total dos lnvestments investissements Inversiones lnvestimentos

TECNOLOG~A 12,200 213,600 12,800 3 13,900 72,800 356,400 150,600

TECNOLOGIA 322,324

3,039,528 313,600

9,264,758 7.046.31 2 9,444,600 4,706,250

34,137,372

0.12 1.12 0.11 3 42 2.60 3.48 1.74

12.59 ~

SERVICIOS PoBLICOS SERVIÇOS PUBLICOS 0.57 1,538,420 38,800

92,700 2,141,370 0.79 16,900 1,123,850 0.41 39,l O0 2,550,884 0.94 51,200 1,622,016 0.60

8,976,540

254,058,512

~

3.31 -

93.74

20

INVESCO GT EUROPEAN STRUCTURED FUND

Demonstraçao de lnvestments as at am 29 Februar 2004 placements Caltera a Investimentos em 29 February 2004 au 29 février 2004 29 de Fevereiro de 2004

Statement of Wertpapterbestand Portefeuille de lnventario de la

29 de febrero de 2004

lnvestment Werrpapiere Placement Inversiones In vestimento

NominallShares Market Value Net Assets Nenn wertlAktien Marktwert Nettovermogen Valeur nominale Valeur de marchP Actif net

NominallAcciones Valor de mercado Patrimonio Neto Situaqio Liquida NominallAcq6es Valor de Mercado

EUR %

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGEARE WERTPAPIERE MIT AMTLICHER BORSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAGO OFlClAL E M BOLSA

AUSTRIA OMV

6STERREICH AUTRICHE AUSTRIA 763

AUSTRIA 1 01,273 0.23

BELGIUM Delhaize Group Solvay UCB

BELGIEN BELGIQUE BELGICA 4,500 3,800 3,200

B~LGICA 197,483 256,785

95,280

0.44 0.58 O 21

DENMARK AP Moller - Maersk

FINLAND Nokia

FRANCE Aventts BNP Paribas Bouygues Carrefour Cie de Saint-Gobain Cie Generale D'Optique Essilor International Groupe Danone Renault Sanofi-Synthelabo Societe Generale Total Vinci

DANEMARK

FINNLAND

FRANKREICH

DANEMARK

FINLANDE

FRANCE

DINAMARCA 58

FlNLANDlA 61,279

549,548 1.23

DINAMARCA 395,028 0.89

FINLANDIA 1,093,524 2.45

FRANCIA 6,645

23,401 30,736 7,800 9,351 3,149 1,091

15,677 3,663 8,276

10,230 2.941

FRANÇA 410,528

1,189,473 903,946 342.732 394,706 145,736 153,231 883,869 201,648 593,555

1,527,851 2 16,987

6,964,262

0.92 2.67 2.03 0.77 0.89 0.33 O 34 1.98 0.45 1.33 3.43 0.49

I

15.63

DEUTSCHLAND GERMANY Deutsche Post Fresenius Medical Care Metro ProSieben SAT 1 Media Preference Puma Rudolf Dassler Sport SAP Siemens Vol kswen Volkswagen Preference

ALLEMAGNE ALEMANIA 51,400 4,600

14,800 14,768 2,050 8,059

13,565 2,600 8,700

ALEMANHA 968,890 246,l O0 536,648

323,664 1,026,072

852,425 100,516 227,636

252,680

2.17 0.55 1.21 0.57 0.73 2.30 1.91 0.23 0.51

4,534,631 10.18

IRELAND Allied Irish Banks Anglo Irish Bank Bank of lreland

IRLAND IRLANDE IRLANDA 15,404 28,028 26,214

IRLANDA 189,700 375,855 283.767

0.43 O 84 0.64

849,3 2 2 1.91

21


Statement of Wertpapterbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29 Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement Inversiones Investimen to

NominallShares NennwertlAktien Valeur nominale

NominaIlAcciones NominallAcCdes

Market Value Net Assets Marktwert Nettovermogen

Valeur de marche Actif net Valor de mercado Patrimonio Neto Valor de Mercado Siruacao Liquida

ITALY Alleanza Assicuraztoni Banca lntesa Ente Nazionale ldrocarburi Riunione Adrtatica di Sicurta Saipem Telecom ltalia

ITALIEN ITALIE ITALIA 61,009

107,272 55,900 10,700 22,500

174.760

€UR

ITALIA 579,280 32 1,548 885,736 156,488 168,075 449,570

2,560,697

NETHERIANDS ABN AMR0 Holding Aegon ING Groep Qiagen

NIEDERLANDE PAY S-BAS PAISES BAJOS 26,525 20,500 42,657 16,700

PAISES BAIXOS 495,7 52 244,565

185,370

1,774.988

849,301

NORWAY Norsk Hydro

NORWEGEN

SPAIN SPANIEN Banco Santander Central Hispano EndeSA Gas Natural SDG Grupo Ferrovial Telefonica

SWEDEN Assa Abloy ForeningsSparbanken

SCHWEDEN

NORV~GE

ESPAGNE

SUEDE

NORUEGA 5,035

ESPAAA 19.500 18,390 25,670 4,249

26,923

SUECIA 52,832 19,646

NORUEGA 286,017

ESPANHA 179,790 291,941 512,245 126,556 351,211

1,461,743

SUECIA 569,221 301,242

870,463

SWITZERLAND Ciba Specialty Chemicals Logitech International Nestle Novartis Serono Swatch Group UBS

SCHWEIZ SUISSE SUIZA 7,272

12,100 3,885

13,908 253

4,868 26.858

SUIÇA 418,276 460,471 831,207 494,474 134,063 516,136

1,620,972

UNITED KINGDOM Anglo American AstraZeneca Barclay5 Barratt Developments BG Group BP British Land Capita Group Centrica Cobham Diageo Friends Provident GlaxoSmithKline HBOS HSBC Holdings Imperia1 Chemical Industries International Power

VEREINIGTES K~NIGREICH

ROYAUME- REIN0 UNIDO UNI

32,008 10,509

171,821 47,456

223,000 85,500 19,196 99,000

100,320 11,300 34.92 1

427,000 79,009 52,471 46,919 85,305 96,000

4,475,599

REIN0 UNIDO

649,654 406,519

1,258,407 393,423

1,076,207 559,367 184,923 412,031 325,074 209,874 390,740 945,526

1,343,617 593,376 62 1,444 296,789 189.296

Y0

1.30 0.72 1.99 0.35 O 38 1 .O1

5.75 ~

~

111 0.55 1 90 0.42

3.98 ~

~

0.64 ~

0.40 0.66 1.15 O 28 0.79

~

3 28 ~

1.28 0.67

1.95 - ~

0.94 1 .O3 1.87 1.11 0.30 116 3.64

10.05 ~

~

1.46 0.91 2.82 0.88 2.42 126 0.42 O 92 0.73 0.47 0.88 2.12 3.02 1.33 1.39 0.67 0.42

22


Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçio de lnvestments as at am 29 Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 février 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Werrpapiere Placement Inversiones lnvestimento

UNITED KING D O M (CONTINUED) Kingfisher Man Group mm02 Next Northern Rock Rentokil Initial Royal Bank of Scotland Group Sage Group Scottish Power Shell Transport &Trading Shire Pharmaceuticals Tate & Lyle Taylor Woodrow Vodafone Group Whitbread Wolseley WPP Group

VEREINIGTES

(FORTSETZUNG) K~NIGREICH

ROYAUME- UNI (SUITE)

Total Gesamtanlagen Total des Total Total dos Investments investissements Inversiones lnvestimentos

NominallShares Marker Value Net Assets Nenn wert/A k tien Marktwert Nettovermtigen Valeur nominale Valeur de marché Actif net

NominaIlAcciones Valor de mercado Patrimonio Neto NominallAccoes Valor de Mercado Situa<& Liquida

EUR %

REIN0 UNIDO REIN0 UNIDO

(CONTlNUAtlbN) (CONTINUAÇ~~O) 72,273 325,333

8,663 201,622 619,921 1,008,434 32,259 680,505 22,509 260,845 77,428 2 2 7,496 48,845 1.265.842

204,000 591,773 29,086 158,330 82,000 456,006 46,500 384,457 25,496 110,013 54,000 215,174

622,975 1,286,509 28,000 312,254 33,263 409,171

9,500 88,150

17,838,181

43.755.276

0.73 0.45 2.26 1.53 0.59 0.51

1 3 3 0.36 1 ,O2 0.86 0.25 0.48

0.70 0.92 0.20

40.04

2.84

2.89

-

-

98.21 ~

~

23

INVESCO GT PAN EUROPEAN FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstracao de lnvestments as at am 29 Februar 2004 placements Cartera a Investimentos e m 29 February 2004 au 29 février 2004 29 de feorero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement lnversiones In vestimento

NominallShares Market Value Net Assets NennwertlAktien Marktwert Nettovermogen Valeur nominale Valeur de marché Actif net

NominallAcciones Valor de mercado Patrimonio Neto Nominal/Acc&s Valor de Mercado SituacSo liquida

EUR %

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER BORSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZAClbN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇAO OFlClAL EM BOLSA

AUSTRIA OSTERREICH AUTRICHE Bank Austria Creditanstalt Telekom Austria

AUSTRIA 83,300

157,687

BELGIUM lnterbrew

DENMARK Danske Bank Group 4 Falck 15s Novo-Nordisk

BELGIEN

DANEMARK

AUSTRIA 3,641.876 1,840,207

0.91 0.46

5.482.083 1.37

BELGIQUE BELGICA 258,900

B~LGICA 6,164,409 1.54

DANEMARK DINAMARCA 289,000 380,000 190,000 1 16,300

DINAMARCA 5,555,930 8,631,307 8,491,065 4,338,992

27.01 7,294

1.39 2.16 2 12 1 .O8

6.75

FINLAND Fortum Nokia Tietoenator

FINNLAND FINLANDE FlNLANDlA 325,600 643,287 2 12.500

FINUNDIA 2,749,632

1 1,479,457 5,574,938

0.69 2 87 1.39

I 19,804,087 4.95

FRANCE FRANKREICH Atos Origin Autoroute5 du Sud de la France Aventis BNP Paribas Carrefour Casino Guichard Perrachon Credit Agricole LVMH Moet Hennessy Louis Vuitton Societe Generale

FRANCE FRANCIA 86,818

1 01,600 32,100

1 19,500 136,450 50,000

399,484 47,800 44,000

FRANÇA 4,770,649 2 924.048 1;983;139 6,074,185 5,995,613 4,044,000 8,285,298 2,945,914 3.1 55,680

GERMANY Porsche

DEUTSCHLAND

GREECE GRIECHENLAND Cosmote Mobile Communications OPAP

ALLEMAGNE

GREC€

ALEMANIA 14,590

GRECIA 275,343 202,568

40,178,526

ALEMANHA 6,941,995

GR~CIA 3,540.91 1 3,010.1 60

1 1 9 0.73 O 50 152 1 5 0 1 O1 2.07 O 74 O 79

10.05 -

173 -

0.89 0.75

6,551,071 1.64

IRELAND IRLAND Anglo Irish Bank Corporation CRH laws Group

IRLANDE IRLANDA 206,200 402,000 431,101

IRLANDA 2,765,142 6,823,950 4,235.567

0.69 1.71 1 .O6

13,824,659 3.46

ITALV ITALIEN Alleanza Assicurarioni Ente Nazionale Idrocarburi Seat Pagine Gialle Snam Rete Gas Telecom ltalia UniCredito ltaliano

ITALIE ITALIA 260,000 300,000

6,400,000 1,602,466 3,138,062 1,100,000

ITALIA 2,468,700 4,753,500 5.2 12,800 6.01 7,260 5.71 9,118 4,647,500

0.62 1.19 1.30 1.50 1.43 1.16

7.20 -

c 24

INVESCO GT EUROPEAN FUND

Statement of Wertpapierbestand lnvestments as at 29 February 2004

am 29. Februar 2004 Portefeuille de Inventario de la Demonstraçao de

placements Cartera a lnvestimentos em 29 de febrero de 2004 au 29 fevrier 2004 29 de Fevereiro de 2004

Investment Werrpapiere Placement InversiDnes In vestimento

NomfnallShares Market Value Net Assers NennwertlAktfen Marktwert Nettovermogen Valeur nominale Valeur de marché Actif net

NominallAcciones Valor de mercado Patrimonio Neto fVominal/Acc~e~ Valor de Mercado Siruacao Liquida

EUR %

1 .O7 1.11 0.97 2.58 0.06 1.11 2.02

8.92 -

NETHERLANDS ASM International IHC Caland Royal KPN Koninklijke Philips Electronics Koninklijke Vendex KBB TPG VNU

PAYS-BAS

NORV~GE

PORTUGAL

PAISES BAJOS 223,000 1 16,800 606,522 41 4,150

16,733 250,000 303,534

PAISES BAIXOS 4,263,760 4,450,080 3,893,871

10,312,335 231,083

4,440,000 8,092,216

NIEDERLANDE

35,683,345

NORWAY DNB NOR Storebrand

NORWEGEN NORUEGA 1,451,120

892,050

NORUEGA 7,331,898 4,904,394

1.83 1.23

3.06 -

12,236,292

PORTUGAL 3,676,013 2.687.549 2,915,000

PORTUGAL PORTUGAL Banco BPI Banco Comercial Portugues Bri-Auto Estradas de Portugal

PORTUGAL 1,141,619 1,317,426

500,000

O 92 0.67 0.73

2.32 -

9,278.562

ESPANHA 6,583,668 5,420,957 3,632,277

SPAIN Altadis Game Corp Tecnologica Union Feno

SPANIEN ESPAGNE ESPANA 258.792 161,290 219,672

1.65 1.36 0.91

15,636,902 3.92 -

1.40 0.36 0.16 0.35 1.24 1.41 0.60

SUh3A 5.602.572

S U ~ E SWEDEN Assa loy Electrolux ForeningsSparbanken Hennes & Mauritz Swedish Match Volvo WM-data

SCHWEDEN SUECIA 520,000 84,600 42,806 65,000

658,335 221,400

1,100,000

1 ;451 ;O45 656,367

1,412,991 4,949,032 5,654,065 2,394,201

22,120,273 5.52

SUlÇA 8.1 31,025 8,724,869

SWITZERLAND Novartis Roche Holding

SCHWElt SUISSE SUIZA 228.700 104,640

2.03 2.18

4.21 -

16.855.894

RElNO UNIDO UNITED KINGDOM Associated British Foods AWG BAA BAE Systems Balfour Beatty Barclays British American Tobacco BT Group Bunzl Celltech Group Centrica Colt Telecom Group Davis Service Group Diageo Game Group Gallaher Group GlaxoSmithKline HSBC Holdings Imperia1 Tobacco Group International Power Marks & Spencer Group

VEREINIGTES ROYAUME- KONIGREICH UNI

RElNO UNIDO

476,123 421.857 285,861 826,746 642,852 325,035 796,173

3,478,799 16,009

564,190 1,684,12 1

431,280 195,100 253,616

2,107,900 480,219 528,864 342,247 396,777

1,161,345 1,180,356

4,185,228 3,467,404 2,263,744 2,381,300 2.400.877 2,380,538 9,805,679 9,364,625

106,468 3,513,229 5,457.174

699,960 1,168,307

2,237,469 4,749,783 8,993,796 4,533,073 6,791,952 2,289,976 5,194,403

2,837,774

1 .O5 0.87 0.57 0.60 0.60 0.60 2.45 2.34 0.03 0.88 1.36 0.17 0.29 0.71 0.56 1.19 2.25 1.13 1.70 0.57 1.30

25

INVESCO GT EUROPEAN FUND

Statement of Wertpapierbestand lnvestments as a t am 29 Februar 2004 29 February 2004

Portefeuille de lnventario de la Demonstracio de placements Cartera a Investimentos em

29 de febrero de 2004 au 29 février 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement Inversiones Investimento

UNITED KINGDOM (CONTINUED) Mitchells & Butlers mm02 National Grid Transco Reed Elsevier Rentokil Initial Rexam Scottish Power Severn Trent Taylor Nelson Sofres Tesco Unilever United Utilities Vodafone Group

UNITED STATES

Strategic Diagnostics

VEREINIGTES

(FORTSETZUNG) KONIGREICH

VEREINIGTE STAATEN


Total Gesamtanlagen Total des Total Total dos lnvestments investissements lnversiones lnvestimentos

NominallShares Market Value Net Assers NennwertlAktien Marktwert Nettovermogen Valeur nominale Valeur de marche Actif net

NominaIlAcciones Valor de mercado Pammonio Neto NominallAcçoes Valor de Mercado Situaç20 liquida

EUR %


(CONllNUACIbN) ( C O N ~ N U A ~ ~ O ) a2 1.400 2,932,860

3,503,660 5,699,453 1,335,565 8,481,044

450,864 3,358,455 1,107,830 3,254,982

560,619 3,796,375 636,190 3.463.1 14 288,070 3,183,522 304,000 1,010,025

1,044,302 3,980,056 478,064 4,037,302

1,657,665 7.737.1 10 2,067,263 4,269.1 18

140,026,175

ESTADOS ESTADOS UNIDOS UNIDOS

DA AMERICA 178 598

406.62 1,043

O 73 1 42 2 12

O 81 O 95

O 80 0.25 O 99 1 O1 1 93 107

O a4

O a7

35.00

O

101.64 - ~

26

INVESCO GT PAN EUROPEAN ENTERPRISE FUND

Statement of Wertpapierbestand Portefeuille de Inventario de la Demonstracao de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 Fehruary 2004 au 29 février 2004 29 de febrero de 2004 29 de Fewereiro de 2004

In westment Wertpapiere Placement Inversiones Investimen to

NominallShares Market Value Net Assets NenoweKlAkoen Marktwert Nettovermogen Valeur nominale Valeur de marché Actif net

NominaIlAcciones Valor de mercado Pammonio Neto NominallAcçoes Valor de Mercado Situacâo Liquida

€UR %

TRANSFERABLE SECURITIES ADMITTED TO OFFICIAL STOCK EXCHANGE LISTINGS UBERTRAGBARE WERTPAPIERE MIT AMTLICHER BORSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTIZACI6N OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇaO OFlClAL EM BOLSA

AUSTRIA Andritz

BELGIUM AGFA-Gevaert Deceuninck Mobistar

DENMARK Novozymes Topdanmark

OSTERREICH AUTRICHE AUSTRIA AUSTRIA 47,545 1.82 1,449 O 54

BELGIEN BELGIQUE B~LGICA B~LGICA 140,000 3,254,300 66,000 1,911,690

174,586 9,484,384

0.97 0.57 2.81

DANEMARK

14,650,374 4.35

DANEMARK DINAMARCA DINAMARCA 56,400 99,346

1,877,133 4,356.426

FRANCE Altran Technologies Atos Origin Bacou Dalloz Bonduelle S.C.A. E i f f a g e lmerys Neopost Nexans Rodriguez Group

SR Teleperformance SEB

FRANKREICH FRANCE FRANCIA 27,754 56,600 34,839 32,200 41,245 19,058

154,200 74,000 32,500 22,000 89,300

FRANÇA 294,470

3,110,170 2,666,229 2,171,246 4,629,751 3,351,349 6,753,960 2,386,500 1,541,150 2.21 1,000 1,711,881

0.09 0.92 O 79 0.64 1.37 0.99 2.00 0.71 0.46 0.66 0.51

GERMANY AWD Holding Beru Bilfinger Berger Celesio Douglas Holding Fielmann GFK Hochtief IDS Scheer Medion Rheinmetall Vossloh

DEUTSCHLAND ALLEMAGNE ALEMANIA 37,000 29,000

620 100,000 1 15,085 32,000 64,000

249,791 50,000 74,649 35,000 58,000

ALEMANHA 1,078,550 1,931,255

4,286,000 2,916,254 1,377,600 1,696,000 6,209,804

941,500 2,514.1 78 1,057,175 2,753,550

18,857

0.32 0.57 0.01 1.27 0.86 0.41 0.50 1.84 0.28 0.75 0.31 0.82

GREECE Titan Cement

GRIECHENLAND GRECE GRECIA 72,000

GR~CIA 2,484,000

0.57 1.29

6,233,559 1.86

FINLAND Finnlines Tietoenator

FINNLAND FINLANDE FlNLANDlA 37,000

104,700

FINLANDIA 1,070,595 2,746,805

0.32 0.81

3,817,400 1.13

30,827,706 9.14

26,780,723 7.94

0.74 -

27


Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 février 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement Inversiones lnvestimen to

NominalfShares Market Value Net Assets Nenn wert/Aktien Marktwerr Nerrovermogen Valeur nominale Valeur de marché Actif net

NominaIfAcciones Valor de mercado Patrimonio Neto Nominal/Acç6e~ Valor de Mercado Siruago Liquida

€UR %

0.05 0.12

0.17 ~

~

1 .O0 0.85 1 .O6 1.10

4.01 ~

-

0.88 0.40 0.80 0.46 0.61 1.78 1.24

6.17 ~

-

0.82 0.91 0.49 0.59

2.81 ~

~

1.34 1 4 1

2.75 ~

~

0.93 1.13 0.95 O 71 0.49 O 86 0.61 1.42 1.21 0.50 1 .O5 0.19 0.92 1.51 0.82

13.30 - -

0.86 0.83 0.87 0.69 1.66 0.36

IRIANDA 173,760 416,756

IRELAND IRLAND Jurys Doyle Hotel Group United Drug

IRLANDE IRLANDA 17,204

164,077

590,516

ITALY ITALIEN Arnoldo Mondadori Editore Davide Campari-Milano Merloni Elettrodomestici Saioem

ITALIE ITALIA 420,000

77,400 258,680 496.140

ITALIA 3,383,100 2,871,153 3,563,317 3,706,166

13,523,736

NETHERLANDS Buhrmann

NIEDERLANDE PAYS-BAS PAISES BAJOS PAISES BAIXOS 348.449 2.954.848

IHC Caland lmtech Koninklijke BAM Groep Laurus Vedior Versatel Telecom International

351379 132,044 59,965

1,600,500 472,314

1,872.748

1]347]940 2,700,300 1,557,291 2,048,640 5,998,388 4,176,228

20,783,635

NORWAY DNB NOR Storebrand TGS Nopec Geophysical Visma

NORWEGEN NORV~GE NORUEGA 550,300

NORUEGA 2,780,434 3,052,539 1,659,818 1,992,503

555,220 109,400 208,360

9,485,294

PORTUGAL PORTUGAL Banco BPI Brisa-Auto Estradas de Portugal

PORTUGAL PORTUGAL 1,405,682

816.300

PORTUGAL 4,526,296 4,759,029

9,285,325

SPAIN SPANIEN Abertis Infraestructuras Acciona Aldeasa Baron de Ley Cementos Portland Valderrivas Cortefiel Cid de Distribucion lntegral Logista Ebro Puleva Fomento de Construcciones y Contratas Gamesa Corp Tecnologica Indra Sistemas NH Hoteles Prosegur Cia de Seguridad Red Electrica de Espana Sociedad General de Aguas de Barcelona

ESPAGNE ESPANA 244,300

73,500 126,000 67,400 32,400

299,368 76,250

493,455 137,500 52,368

3 17,865 66,401

235,393 373,868 210,000

ESPANHA 3,145,363 3,814,650 3,153,150 2,409,213 1,665,360 2,903,870 2,057,988 4,774,177 4,055,563 1,760,088 3,536,248

629,149 3,106.01 1 5,095,821 2,776,200

44,882,851

SWEDEN Castellum D Carnegie Elekta Eniro Getinge Hoganas

SCHWEDEN SUkDE SUtkIA 2,910,283 2,800,010 2,922,846 2,312,893 5,608,000 1.2 15,679

SUECIA 151,250 289,000 189,278 321,600 656,000

65,585

28


Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements cartera a lnvestimentos em 29 February 2004 a u 29 fPvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placemenr Inversiones lnvestimento

SWEDEN SCHWEDEN (CONTINUED) (FORTSETZUNG) Song Networks Holding Swedish Match

SUhE (SUITE)

NominallShares Marker Value Net Asser5 Nenn werrlAkrien Markrwert Nertovermogen Valeur nommale Valeur de marché Actif npt

NominallAcoones Valor de mercado Pammonio Nefa NommallAccoes Valor de Mercado SituacSo liouida

EUR

SUECIA SUI!CIA (CONTINUACI~IN) (CON~NUAÇAO)

470,003 3,622,535 51 2,000 3,848,959

25,241,205

SWITZERLAND SCHWEIZ Bank Sarasin & Compagnie Converium Holding Lindt & Spruengli Micronas Semiconductor Nobel Biocare Holding Schindler Holding Sika Straumann Holding Tecan Group

SUISSE SUlZA 1,121

120,000 2,700

40,166 34,400 10,900 3,000 9,000

54,300

SUlÇA 1,651 ,O1 6 5,113,965 1,943,820 1,643,031 3,524,727 2.41 1,491 1,141,188 1,244,284 2.31 1,489

Y0

1 .O7 1.14

7 48

O 49 1.52 O 58 0.49 1 .O5 0.72 0.34 0.37 0.69

20.985.01 1 6.25

UNITED KINGDOM Abbot Group Acambis AEA Technology Alba Alfred Mcalpine Alphameric Alvis Amec Amlin Arriva Autonomy Corp Aveva Group Babcock International Group Beazley Group Belhaven Group Blacks Leisure Group Bookham Technology Bovis Homes Group BPP Holdings Bristol Water Group British Vita Brown (N) Group BTG Capital & Regional Care UK Carillion Centaur Holdings Charles Taylor Consulting Chemring Group City North Group Civica Com putacenter Cranswick Crest Nicholson CSR Dairy Crest Group Datamonitor Davis Service Group Dechra Pharmaceuticals Devro Dicom Group Domestic & General Group Domnick Hunter Group East Surrey Holdings Electronic Data Process Enterprise Euromoney Institutional lnvestor

VEREINIGTES KONIGREICH

ROYAUME- RElNO UNIDO UNI

291,000 110,189 140,000 52,000

206,000 3 53,500 246,606 79,000

336,000 244,249 132,500 62,000

285,000 404,000

90,000 142,000 163.118 133,000 11 7,399 81,156

211,000 31 8,000 258,563

60,000 273,500

216,606 348,000 1 19,500 167,000 77,745 85,105

143,432 133,000 27,266

108,500 135,000 165,500 255,000 338,269 32,600 80,000

11 5,000 147,892 31 5,625 108,836

1 1,976

396.875

RElNO UNIDO

707,889 570,010 532,786 648,387 930,756 469,531 758,151 334,540 806,074

1,359,648 567,027 477.91 1 529,540 581,826 600,392 807,417 327,423

1 .O2 1,970

431,177 862.81 5

579,301 407,872

1,246,962 1,042,440

323,262 1,503,531

802,537 507,184 203,046 549,956 827.333 707,117 101,119 782,099 253.857 991,055 519,466 472,018 355,161 725,306 706,240 742,702 310,885 523,826 75,513

578,180

571.872

O 21 O 17 O 16 O 19 O 28 O 14 O 23 O 10 O 24 O 40 O 17 O 14 O 16 O 17 O 18 O 24 O 10 O 30 O 17 O 13 O 26 O 17 O 17 O 12 O 37 O 31 O 10 O 45 O 24 O 15 O 06 O 16 O 25 O 21 O 03 O 23 O 08 O 29 O 15 O 14 O 11 O 22 O 21 O 22 O O9 O 16 O 02

29

INVESCO GT PAN EUROPEAN ENTERPRISE F U N D

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçâo de lnvestments as at am 29. Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004


UNITED VEREINIGTES KINGDOM KdNlGRElCH (CONTINUED) (FORTSETZUNG) Fenner Ferraris Group First Choice Holidays First Technology Forth Ports Fuller Smith &Turner Game Group Go-Ahead Group Grainger Trust Greene King Greggs Gyrus Group Headlam Group Hiscox HIT Entertainment ICM Computer Group Inrisive Media International Energy Group lnterserve INVESCO Continental Smaller Companies Trust t ISIS Asset Management iSOFf Croup lsotron

James Halstead JJB Sports Johnston Press Kier Group Kiln Laird Group Linx Printing Technologies London Bridge Software Hldgs London Scottish Bank Luminar Marshalls Mccarthy & Stone #Medical Property lnvestment Fund Medical Solutions Meggitt Merchant Retail Group Mersey Docks & Harbour Microgen Minorplanet Systems Monstermob Group Mouchel Parkman Mountview Estates Nord Anglia Education Northgate Northgate Information Solutions Northumbrian Water Group Paladin Resources Peacock Croup Pennon Group PHS Group Pillar Property Plasmon PZ Cussons Quintain Estates & Development

Ricardo Rotork RPS Group Sanctuary Group ScS Upholstery Securicor Serco Croup Shaftesbury SIG

ITNET

RAC

NominallShares Market Value Net Assets Nenn wen1A ktf en Marktwert Nettovermogen Valeur nominale Valeur de marché Actif net

NominaIlAcciones Valor de mercado Patrimonio Neto NominallAccôes Valor de Menado 5 tuago Liquida

€UR %

ROYAUME- REIN0 UNIDO UNI (SUITE) (CONTINUACI6N)

400,000 21 5,000 238,921 136,500 56,500 72,000

51 2,398 78,300 36,500 66,500 7,500

200,000 105,720 335,000 150,000 218,777 190,220 325,018 191,500

2,400,000 1 10,000 136,690 94,500

135,400 1 17,000 194,151 201,500 43,736

203,000 201,000 90,000

493,000 367,000 174,000 207,944 108,000 260,336 510,000 253,915 480,000

50,500 260,434 369,470

18,655 136,712 10,260

151,264 256,543 292,867 445,000 45 1,408 177,632 55,000

457,000 65,000

2 15,000 43,500

163,000 163,179 59,330

132,000 527,545

1,355,000 159,000 500,000

183,000 245,429

378,ai 6

REIN0 UNIDO

(CON~NUAÇ&O) 586,512 437,982 513,008 649,842 959,989 701,129 543,894

1,437,314 1,023,267

938,853 357,672 582,035 590,872 787,427 701,520 946,857 41 1,632 81 7,320 81 1,656

1,719,243 398,918 706,336 669,900 617,326 705,427 849,694

1,541,181 437,319 307,501 874,044 486,223 456,166 673,683

1,226.651 858,465 943,703 399,209 363,436 970,566

1,293,014 512,866 215,713 176,447 48,582

504,971 589,512 556,464

2,253,156 286,284 780,338 682,l O1 589,842 551,385 623,201 544,688 790,934 671,915 927,432

1,671,820 191,255 765,824

1,255,755 1,061,655

525,600 962,597

1,298,879 729,883

1,396,434

O 17 0.13 O 15 0.19 0.28 0.21 0.16 0.43 0.30 0.28 0.1 1 0.17 0.18 O 23 0.21 0.28 0.12 0.24 0.24 0.51 0.12 0.21 0.20 0.18 0.21 0.25 0.46 0.13 0.09 0.26 0.14 0.14 0.20 0.36 0.25 0.28 0.12 0.1 1 0.29 0.38 0.15 0.06 0.05 0.01 0.15 0.18 0.17 0.67 0.08 0.23 0.20 0.17 0.16 0.18 0.16 0.23 0.20 0.27 0.50 0.06 0.23 0.37 0.31 O 16 0.29 0.38 0.22 0.41

30

INVESCO GT PAN EUROPEAN ENTERPRISE F U N D

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29 Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fkvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004


UNITED KINGDOM (CONTINUED) Sinclair Pharma South Staffordshire Group Spectris Speedy Hire Spirax-Sarco Engineering Stanley Leisure Sygen International Taylor & Francis Group Taylor Nelson Sofres Torex Retail Town Centre Securities Ultra Electronics Holdings Ultraframe Vardy (Reg) Victrex VT Group Weir Group Wellington Underwriting Westbury Wetherspoon (J O ) Whatman Whitehead Mann Group Wincanton Wyevale Garden Centres

VEREINIGTES KONlGRElCH (FORTSETZUNG)


Nominal/5hares Marker Value Net Assets NennwertlAktien Marktwert Nettovermogen Valeur nominale Valeur de marché Actif net

NominaIlAcciones Valor de rnercado Patrimonio Neto Nominal/Acçdes Valor de Mercado Situaçao Liquida

US$ %


(CONTINUAC16N) 195,997 142,000 106,000 114,000 87,850

106,000 750,000 101,911 285,071 128,684 10,000

106,000 165,000 98,000

105,000

145,000 61 5,000 195,000 193,000 250,000

85,000 232,750 118,312

438,887

(CONTINUA@O) 454,846

1,270,993 777,525 710,307 722,401 770,208 523,272 825,098 947,135

76,819 32,609

935,719 578,677 878,993 565,694

1,756,203 553,167 873,081

1,345,957 793,530 621,211 437,011 807,602 653,304

99.1 08,791

Total Gesamtanlagen Total des Total Total dos lnvestments investissements Inversiones lnvestimentos 330,501,573

t Open ended Fund 1 t Offener lnvestmentfonds / t Fonds A capital variable 1 t Fondo de capital variable / t Fundo de investimento aberto # Closed ended fund / # Geschlossener lnvestmentfonds / # Fonds a capital fixe / # Fondo finalizado cerrado l # Fundo de investimento fechado

O 13 O 39 O 23 O 21 O 21 O 22 O 16 O 25 O 28 O 02 O O1 O 28 O 17 O 26 O 17 O 52 O 16 O 26 O 40 O 24 O 18 O 13 O 24 O 19

29 38 - -

98.02 - -

31

INVESCO GT NIPPON ENTERPRISE FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fbvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004


NominallShares Market Value Net Assets Markhvert Nettovermogen NennwertlAktien

Valeur nominale Valeur de marchb Actif net NominaIlAcciones Valor de mercado Patrimonio Neto

Nominal/Ac@es Valor de Mercado Situaçâ0 liquida IPY %

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER BbRSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAGO OFlClAL EM BOLSA

BASIC MATERIALS

Fujiml C Uyemura

COMMUNICATIONS Access Arbeit-Times Cyber Agent Cybird Forval Corporation G-mode Index Corporation Nexus Usen Corporation Yahoo Japan Corporation

CONSUMER CYCLICALS Apple International ASKUL Corporation Can Do FC C Fields Corporation Gulliver International Hard Off Corporation Honeys Nafco Reins International Round One Corporation Sugi Pharmacy

GRUNDSTOFFE

KOMMUNIKATION

KONJUNKTURABHANGIGE KONSUMGUTER

CONSUMER NICHT-ZYKLISCHE NON-CYCLICAL KONSUMG~TER Alfresa Holdings Corporation Daikokutenbussan Goodwill GrouplThe Heian Ceremony Service Intelligence Nichi-iko Pharmaceutical Origin Toshu Septeni Shin Nippon Biomedical Laboratories

FlNANClALS Able Arealink Kennedy-Wilson Japan LeopalaceZ 1 Corporation Privee Zurich Turnaround Group Tact Home

FINANZWESEN

MATERIAUX DE BASE

COMMUNICATIONS

MATERIALES MATERIAIS BASICOS BASICOS

30,000 79,800,000 18,000 56,700,000

0.54 0.38

136,500,000 0.92

COMUNICACIONES COMUNICAÇOES 1 O9 860.01 0,000

52,000 64,480,000 1,325 654,550,000

250 75,000,000 85,000 75,140,000

243 194,643,000 2,168 997,280,000

16 I l ,200,000 24,600 582,282,000

176 353,760,000

5.81 0.44 4.43 0.51 0.51 1.32 6.75 O 08 3 93 2.39

3,868,345,000 26.17

BIENS DE CONSOMMATION BIENES DE CONSUMO BENS DE CONSUMO CYCLIQUES CICLlCOS CICLlCOS

342 277,020,000 1.87 54,000 297,000,000 2.01

645 37,000

310 40,800 82,800 3,900

25,000 1,470

300 138,800

167,700,000 139,860,000 294.500.000 358;632;000 175,536,000 23,400,000 69,500,000

507,150,000 59,700,000

519.1 12,000

2,889,110,000

1.13 0.95 1.99 2.43 1.19 O 16 0.47 3.43 0.40 3.52

19.55 -

BIENS DE CONSOMMATION BIENES DE CONSUMO BENS DE CONSUMO NON COURANTE NO CkLlCOS N A 0 CkLlCOS

88,300 439,734,000 2.98 1,100 3,597,000 0.02 2,140 719,040,000 4.86

23,000 19,090,000 O 13 1,468 369,936,000 2.50

241,000 237,385,000 1.61 45,000 61,200,000 0.41

600 145,200,000 0.98 4,200 12,600,000 0.09

2,007,782,000 13.58 - ~

FINANCE ENTIDADES FINANCIERAS SERVIÇOS FINANCEIROS 45,000 152,100,000 1 .O3

228 108,984,000 0.74 645 230,910,000 1.56

578,000 751,400,000 5.08 54,000 147,420,000 1 .O0

980 678,160,000 4.59 ~

2,505,974,800 16.95 -

32

INVESCO GT NIPPON ENTERPRISE FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements cartera a Investimentos em 29 February 2004 au 29 février 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement lnversioner Investimen to

INDUSTRIAL Arrk Corporation Citizen Electronics Eneserve Corporation Fuji Seal Japan Cash Machine Koha Lasertec Corporation OSG Corporation Trancom

INDUSTRIE INDUSTRIES

NominallShares Market Value Net Assets NennwerrlAktien Marktwert Nettovermogen Valeur nominale Valeur de marché Actif net

NominaIlAcciones Valor de mercado Patrimonio Neto NominallAcçdes Valor de Mercado Siruapo Liquida

IPY Y0

INDUSTRIA 93,000 43,400 39,000 60,400 65 O00

11)5;400 75,000 70,000 59.200

INDUSTRIA 704,010,000 381,920,000 177,450,000 277,840,000 196,950,000 374.1 70,000 227,250,000 73,500,000 92,884,800

4.76 2.58 1.20 1.88 1.33 2.53 1.54 0.50 0.63

4,574,948,800 30.95

TECHNOLOGY Agrex 1-0 Data Device Intelligent Wave Nihon Aim OBlC Buriness Consultants Thine Electronics Tokki Corporation

TECHNOLOGIE TECHNOLOGIE TECNOLOG~A 7,800

73,000 560

2 19,000

766 21 8,000

TECNOLOGIA 23,010,000

103,660,000 75,600,000

1,736,000 1 16,470,000 294.91 0,000 244,160,000

0.16 0.70 0.51 0.01 0.79 2.00 1.66

Total Gesamtanlagen Total des Total Total dos lnvestments investissements lnversiones lnvestimentos

859,546,000 5.82

14.336.23 1,800 97.00 ~

~

33

INVESCO GT NIPPON GROWTH FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

In vestmen t Wertpaptere Placement Inversiones lnvestimento

NominallShares Market Value Net Assek NennwertlAktien Marktwert Netrovermogen Valeur nominale Valeur de marché Actif net

NominallAcciones Valor de mercado Patrimonio Neto NominallAcçdes Valor de Mercado Situaç30 Liquida

JPY %

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER BdRSENNOTlERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇA0 OFlClAL EM BOLSA

INDUSTRIAL INDUSTRIE Arrk Corp Casio Computer Chiyoda Corp Chiyoda lntegre Citizen Electronics Eizo Nanao Corp Hitachi Construction Machinety lseki & Co Japan Cash Machine Komori Kubota Kyocera Lintec Mitsubishi Electric Mitsui OSK Lines Nidec Corp Nikon Corp Nippon Sheet Glass Sankyo-Tateyama Holdings Sanwa Shutter Corp Sharp Corp Sodick Sumida Corp Yokogawa Electric Corp

CONSUMER CYCLICALS Aoki International C hiyoda Daiichikosho Fast Retailing Matsushita Electric Industrial Mitsubishi Mitsubishi Rayon Nissan Shatai NOK Corp Sankyo Seiki MFG Sekisui Chemical Sony Corp Toyota Motor Corp USC Corp World Yamada Denki

FINANCIALS Aiful Corp Jaccs Leopalace21 Mitsubishi Securities Mitsubishi Tokyo Financial Group Mitsui Fudosan Mizuho Financial Group Nomura Holdings ORlX Corp Sumitomo Realty & Development Tokyu Land Corp

INDUSTRIES INDUSTRIA 7,000

85,000 45,000 9,000

1 1,400 10,500 27,000

146,000 18,000 37,000

290,000 7,400

35,000 160,000 11 5,000

4,300 45,000

320,000 250,000 11 5,000 60,000 64,000 12,000 55,000

IN D ~ I STRIA 52.990.000 95;965;000 31,095,000 28,080,000

100,320,000 31,290,000 41,877,000 40,442,000 54,540,000 62,530,000

144,130,000 59,422,000 56,805,000 83,840,000 60,260,000 46,440,000 60.61 5,000

124,480,000 86,500,000 65,090,000

108,720,000 60,160,000 37,080,000 81,565,000

0.92 1.66 0.54 0.49 1.74 0.54 0.73 0.70 0.95 1 .O8 2.50 1 .O3 0.98 1.45 1 .O4 0.81 1 .O5 2 16 1.50 1.13 1.88 1 .O4 0.64 1.41

1,614,236,000 27.97

KONJUNKTURABHANGIGE BIENS DE CONSOMMATION BIENES DE CONSUMO BENS DE CONSUMO KONSUMGÜTER CVCLIQUES ClCLlCOS crcLlcos

63,000 65,835,000 1.14 22,000 30,580,000 0.53

5,500 31,900,000 0.55 13,000 96,850,000 1.68 58,000 92,394,000 1.60 58,000 62,524,000 1 .O8

135,000 51,165,000 0.89 85,000 52.1 90,000 O 91 23,000 83,030,000 1.44 75,000 64,800,000 1.12

125,000 70;500,000 1.22 18,500 82,510,000 1.43 67,000 252,590,000 4.38 10,600 24,009,000 0.42 12,000 42,240,000 0.73 6,700 23,249,000 0.40

1,126,366,000 19.52 ~

-

FINANZWESEN FINANCE ENTIDADES FINANCIERAS SERVIÇOS FINANCEIROS 8,800 84,832,000 1.47

90,000 45,450,000 0.79 46,000 59,800,000 1 .O4 44,000 46,948,000 0.81

191 160,440,000 2.78 50,000 58,200,000 1 .O1

370 121,730,000 2.1 1 50,000 86,750,000 1.50 6,000 60,300,000 1 .O4

77,000 81,851,000 1.42 240,000 70,560,000 1.22

876,861,000 15.19 - ~

34

INVESCO GT NIPPON GROWTH FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29 Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 fkvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement Inversiones Investimento

NominallShares Market Value Net Assets NennwerrIAktien Markrwerr Nettovermogen Valeur nominale Valeur de marché Actif net

NominallAcciones Valor de mercado Patrimonio Neto NominallAcy6es Valor de Mercado Situayso liquida

IPY %

BASIC MATERIALS

Asahi Kasei Corp JFE Holdings JSR Corp Kansai Paint Kobe Steel Nissan Chemical Industries Nitto Denko Corp Shin-Etsu Chemical Sumitomo Metal Mining

GRUNDSTOFFE MATERIAUX DE BASE MATERIALES BASICOS

185,000 37,000 27,000 130,000 550,000 95,000 10,200 19,500 70,000

MATERIAIS BASICOS

99,900,000 102,120,000 61,425,000 67,470,000 72,600,000 84,455,000 55,080,000 82,875,000 47,320,000

1.73 1.77 1 .O7 1.17 1.26 1.46 0.95 1.44 0.82

I I .67 -

673,245,000

TECNOLOG~A TECNOLOGIA 15,000 79,950,000 17,800 62,834,000 161,000 105,938,000

52 40,040,000 185 47,360,000

56,000 77,392,000 82 38,540,000

TECHNOLOGY Canon Fuii Soft ABC

TECHNOLOGIE TECHNOLOGIE 1.38 1 .O9 1.84 0.69 0.82 1.34 0.67

Fiitsu NET One Systems Niws Sanken Electric Works Applications

452,054,000 7.83

COMUNICACIONES COMUNICAÇOES 162,000 83,430,000

164 92,988,000 380 86,260,000

185,000 89.91 0,000 54 39,960,000

2,250 53,257,500

COMMUNICATIONS Japan Radio KDDl N n DoCoMo Oki Electric lndustry Okinawa Cellular Telephone Usen Corp

KOMMUNIKATION COMMUNICATIONS 1.45 1.61 1.50 1.56 0.69 0.92

445,805,500 7.73

CONSUMER

Fujirebio Fujisawa Pharmaceutical Goodwill Group Sanix TI S

NON-CYCLICAL NICHT-ZYKLISCHE KONSUMG~TER

BIENS DE CONSOMMATION BIENES DE CONSUMO BENS DE CONSUMO NON COURANTE NO CkLlCOS NA0 CkLlCOS

54,000 64,314,000 1.12 54,000 141,750,000 2.46

150 50,400,000 0.87 53,000 42,930,000 O 74 15,000 64,800,000 1.12

364.1 94,000 6.31 ~

~

FUNDS FONDS Alpha Portfolios-

INVESCO Japan Alpha Fund t

FONDS

ENERGIE

FONDOS FUNDOS

130,092,108 77.043 2.25 - ENERG~A ENERGIA

3 17,000 120,777,000 2 .O9 ENERGY ENERGIE Nippon Mining Holdings

Total Gesamtanlagen Total des Total Total dos lnvestments investissements lnversiones lnvestimentos 5,803,630,608 100.56

~

~

t Open ended Fund/t Offener Investmentfonds/t Fonds A capital variablelt Fondo de capital variablelt Fundo de investimento abeno

35

INVESCO GT ASlA ENTERPRISE FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçso de lnvestments as at am 29. Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvesrment Wertpapiere Placemenr Inversiones lnvestimento

Nominal/Shares Marker Value Net Asseh NennweKlAktien Markhvert Nettovermogen Valeur nominale Valeur de marche Acof net

NominaIlAcciones Valor de mercado Patrimonio Neto NominallAcçÔes Valor de Mercado Situago Liquida

US8 %

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER BaRSENNOTlERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAGO OFlClAL EM BOLSA

CHINA CHINA Beijing Datang Power Gen. China Life lnsurance China Shipping Development Jiangsu Express PetroC hina

CHINE CHINA 3,508,000 1,204,000 1,200,000 2,404,000 2,342,000

CHINA 2,953,260 854,987 952,399

1,255,400 1,253,124

145 0.42 0.47 0.62 0.62

7,269,170 3.58

HONG KONG HONGKONG Bank of East Asia BOC Hong Kong Holdings Cafe de Coral Holdings Cheung Kong Holdings Cheung Kong Infrastructure Holdings China Mobile Hong Kong ClTlC International Financial Holdings COSCO Pacific Hutchison Whampoa Hysan Development Oriental Press Group Sun Hung Kai Properties Swire Pacific Wharf Holdings Wing Lung Bank

HONGKONG HONG KONG 434,000

1,500,500 1,042,000 630,000 405,000 593,000

5,453,000 1.41 0,000 594,600 770,369

7,000,000 313,000 290,000 812,000 476.900

HONG KONG 1,409,879 3,032,687 1,007,802 6,002,140 1,031,975 2,090,269 2,917,714 2,161,117 5,015,279 1,448,090 2,598.34 1 3,082,589 2,040,718 2.538.690 3,179,701

0.69 1.49 0.50 2.95 0.51 1 .O3 1 .A 1 .O6 2.47 0.71 128 1.52 1 .O0 125 1.56

INDONESIA Bank Danamon lndonesia Bank Rakyat lndonesia

INDONESIEN

39,556,991 19.46

INDON~SIE INDONESIA 385,000

1,621,000

INDON~SIA 126,383 297,220

423,603

0.06 0.1 5

0.21

LUXEMBOURG LUXEMBURG LUXEMBOURG Morgan Stanley-TSMC Taiwan Semiconductor Manufacturing Wts 19/10/2005

LUXEMBURG0 1,386,851

LUXEMBURG0 2,640,564 130

MALAYSIA MALAYSIA Bandar Raya Developments Commerce Asset Holdings DRB-Hicom IGB Magnum Malayan Banking New Straits Times Press Perusahaan Otomobil Nasional Public Bank Selangor Properties SP Setia Telekom Malaysia UMW Holdings YTL Wts 26/06/2009

MALAISIE MALASIA 3,024,000 2.41 2,000 3,469,000 6,199,000 1,520,000 409,000 1,688,000 378,000

2,080,000 1,405,000 81 1,000 434,000 1,106,000

I I ,550

MALASIA 1,826,337 3,364,105 2,149,867 2,520,383 1,292,000 1,221,618 2,181,074 962,408

1.888.42 1 920,645 900,637

1,147.81 6 1,739,039

2,971

22.1 17,321

0.90 1.65 1 .O6 1.24 O 64 0.60 1 .O7 0.47 0.93 O 45 0.44 0.57 O 86 0.00

10.88 -

PHILIPPINES Ayala Ayala Land SM Prime Holdings

PHILIPPINEN PHILIPPINES FILIPINAS 1 1,533,000 14.21 1,000 14,488,000

FILIPINAS 1,197,622 1.374.81 1 1,555,914

O 59 0.68 0.76

4.128.347 2.03

36

INVESCO GT ASlA ENTERPRISE FUND

Statement of Wertpapierbestand Portefeuille de Inventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 février 2004 29 de febrero de 2004 29 de Fevereiro de 2004

Investment Wertpapiere Placement Inversiones lnvestimento

SINGAPORE City Developments Hotel Properties Oversea-Chinese Banking SIA Engineering Singapore Airlines Singapore Land Singapore Press Holdings United Overseas Bank

SINGAPUR

SOUTH KOAEA Anam Semiconductor CJ Hana Bank Hanil Cement Manufacturing Hanwha Hyundai Motor Kia Motors Kookmin Bank LG Electronics LG lnsurance POSCO Samsung Electronics Samsung Fire & Marine lnsurance Shinhan Financial Group SK Telecom

~ÜDKOREA

NominallShares NennweKlAktien Valeur nominale

NominallAcciones NominallAcc6es

SINGAPOUR SINGAPUR 987,000 581,000 71 3,000 893,000 260,000 5,000

148,300 672,000

Market Value Net Assets Marktwert Nettovermogen

Valeur de marché Actif net Valor de mercado Patrimonio Neto Valor de Mercado SituaGSo Liquida

US$

SINGAPURA 3,874,857 355,383

5,304,779 1,024,173 1,773,857

12,145 1,626,699 5,592,589

19,564,482

COREE DU SUD COREA DEL SUR COREIA DO SUL 1

69,300 89,000 50,700 296,000 70,000 382,000 173,613 38,980 702,000 8,000 32,700 90,200 346,l O0 42,300

3 4,024,821 1,933,631 2,808.763 1,428,401 2,970,238 3,532,526 7,244.947 2.1 95,940 3,447,321 1,178,571 15,140,434 5,790,901 6,364,296 8,551,722

%

1.91 0.17 2.61 0.50 0.87 0.01 0.80 2.75

9.62 -

0.00 1.98 0.95 1.38 0.70 1.46 1.74 3.56 1 .O8 1.69 0.58 7.45 2.85 3.13 4.21

66,612.51 5 32.76

TAIWAN TAIWAN Ambit Microsystems Asustek Computer Cathay Financial Holding Cathay Financial Holding GDR 'China Steel GDR Chinatrust Financial Holding Fubon Financial Holding HON HA1 Precision lndustry MediaTek

Powertech Technology President Chain Store Siliconware Precision Industries Taishin Financial Holdings Taiwan Semiconductor Manufacturing Unimicron Technology United Microelectronics * *Yuanta Core Pacific Securities

TAIWAN TAIWAN 304,000

1,234,125 613,000 50,660 120,000 670,000

1,897,000 861.040 156,100 672,000 562,000

1,726,400 2,436,000

2,601,000 6,478,523 2,664,914

1.674,mo

883,999 3,237,231 1,203,672 955,448

2.41 5,600 799,400

2.01 8,841 3,820,248 1,768,892 1,571,341 1,128,802 1,878,688 2,212,720 3,188,335 2,222,244 5,904,133 2,364,729

TAIWAN 0.44 1.59 0.59 0.47 1.19 0.39 0.99 1.88 0.87 0.77 0.56 0.93 1 .O9 1.57 1 .O9 2.90 1.16

THAllAND Bangkok Bank Krung Thai Bank National Finance

THAllAND THAbNDE TAllANDlA 664,000

2,710,000 1 O 0

37,574,323

TAILANDIA 1,604,885 763,944

39


18.48

0.79 0.37 0.00

2,368,868 1.16

202,256,184 99.48 - - 'Transferable secuntes traded on other regulated markeW+Übertragbare We-piere. die auf anderen geregelten Markten gehandek werded*Titm cessibles nPgoci& sur d'autres marchk r@glemenWValores negociables negociados en otros mercados organizadod'Valores transferiveis negociados noutros mercados regulados * * m e r transferable securiti&**Sonstige ubemagbare Wertpapied**Autm valeurs mobili&eP*Mros valores negociables/* * O u m vaIoTe5 negocidveis

37

INVESCO GT GREATER CHINA OPPORTUNITIES FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstracao de Investments as at am 29 Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

Invesrmenr Wertpapiere Placement Inversiones Investimen to

NominallShares Market Value Net Assets NennwerrIAkrien Marktwen Nettovermogen Valeur nomrnale Valeur de marche Actif net

NominallAcciones Valor de mercado Patrimonio Neto NominalIAcçoes Valor de Mercado Siruaçao Liquida

US$

TRANSFERABLE SECURITIES ADMlllED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜEERTRAGBARE WERTPAPIERE MIT AMTLICHER BORSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZAClbN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇAO OFlClAL EM BOLSA

HONG KONG HONGKONG Arts Optical International Holdings ASM Pacific Technology Bank of East Asta BOC Hong Kong Holdings Cafe de Coral Holdings Chen Hsong Holdings Cheung Kong Infrastructure Holdings Cheung Kong Holdings ClTlC International Financial Holdings Cnpc Hong Kong Comba Telecom Systems Holdings Dickson Concepts International Henderson Land Development Hengan International Group Hung Hing Printing Group Hutchison Global Communications Hutchison Whampoa Industrial &Commercial Bank of China

/Hong Kong International Bank Of Asia JCG Holdings Midland Realty Holdings Next Media Orient Overseas International Oriental Press Group Raymond Industrial Shui On Construction Singamas Container Holdings Sun Hung Kai Properties Swire Pacific Wharf Holdings Yue Yuen lndustrial Holdings

HONG-KONG HONG KONG 2,676,000

883,000 846,000

1,197,000 3,074,000 3,100,000

270,000 766,000

4,140,000 13,000,000 5,348,000 2,850,000

930,000 4,468,000 3,297,000

43,478,000 278,900

1,300,000 8,800,000 3,182,000

10,900,000 5,200,000

790,000 10,750,000 3,100,000

161,000 3,824,000

340,000 420,000 600,000 441,000

HONG KONG 963,042

4,011,908 2,748,289 2,419,277 2.973.1 12 2,300,989 2,572,345 1,951,834 2,2 1 5,172 2,096,948 3,308,325 3,278,452 4,727,487 2,813,909 2,669,687 5,280,831 2,3 52,44 1

2,067,709 4,326,284 2.740.1 60 2,925,216 2,322,518 2,723,753 3,990,309 1,270,226

180,548 2,076,565 3,348,500 2,955,523 1,875,880 1,273,911

82,761.1 50

CHINA CHINA Beijing Datang Power Gen *China International Marine Containers China Life Insurance China Petroleum & Chemical Corp China Shipping Development *Heilongjiang Electric Power Huaneng Power International Jiangsu Express Lianhua Supermarket Holdings Maanshan lron & Steel Petrochina *Shenzhen Chiwan Wharf Holdings **UBS - Shenzhen Yantian Port Holding

'*UBS - Sinotrans Air Transportation

*+LIES - Tianjin Port Group PIN 2 1/07/2004

'Weifu High-Technology Wumart Stores Yanzhou Coal Mining Zhejiang Expressway *Zhejiang Southeast Electric Power

PIN 19/07/2004

Development PIN 19/07/2004

CHINE CHINA 3,700,000 1,428,988 3,805,000 6,500,000 3,140,000

2 1,000,000 4,900,000 1,771,000

I l ,000,000 7,736,000 1,189,991

71 5,087

698,561

527,383 1,659,543 1,350,000 2,600,000 2,400,000 3,300,000

CHINA 3,114,898 2,668,671 2,702,015 2,726,034 2,492,112

1 1,899,014

2,264,866 4,224,489 4,139,270 2,104,568

2,248,443

1,283,707

860,823 1,909,028 1,960,709 2,982,5 14 1,935,645 2,808,300

2,55a.a43

%

0.67 2.78 1.90 1.67 2.06 1.59 1.78 1.35 1.53 1.45 2.29 2.27 3.27 1.95 1.85 3.65 1.63

1.43 2.99 1.90 2.02 1.61 1.88 2.76 O 88 0.12 1.44 2.32 2.05 1.30 0.88

57 27 -

2 16 1 8 5

1 89 1 7 2

1.31 1 7 7 1 57 2 92 2 86 1 4 6

1 5 6

0.89

0.60 132 1.36 2 06 1 3 4 1 94

1 a7

46,883,950 32.45

38

INVESCO GT GREATER CHINA OPPORTUNITIES FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçdo de lnvestments as at am 29. Februar 2004 placements Cartera a 1nves:imentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004


UNITED KINGDOM HSBC Holdings

BERMUDA China Oriental Group COSCO Pacific Li & Fung

CAYMAN ISLANDS Netease.com ADR

VEREINIGTES K~NIGREICH

BERMUDAS

KAIMAN- INSELN

ROYAUME- UNI

NominallShares Market Value Net Assets Nennwert/Aktien Marktwert Nettovermogen

Actif net Valeur nominale Valeur de marché NominaIlAcciones Valor de mercado Pa rrimonio Neto

Nominal/Ac@es Valor de Mercado Situacâo liquida US$ %


596,557 9,795,209 6.78 ~

BERMUDES BERMUDAS BERMUDAS 1,624,000 574,010 0.40 1,296,000 1,986,389 1.37 1,269,000 2,462,858 1.70

5,023,257 3.47 - -

ILES CAïMANS


62,700

ISLAS CAIMAN ILHAS CAYMAN

147,671,925 102.19 - - *Transferable securities traded on other regulated markeWÜbertragbare Wertpaptere, die auf anderen geregelten Markten gehandek werded*Titm cessibles nPgocib sur d'autres marches kgIementWValores negociables negociados en otros mercados organizadod*Valores transferivets negociados noutros mercados regulados **Other transferable securitieP*Sonstige ubertragbare Wertpapierel**Autres valeuPj mobilih&*Otrm valores negociabl&**Outros valores negociaveis

39

INVESCO GT WORLDWIDE DYNAMIC THEME FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstracao de lnvestments as at am 29 Februar 2004 placements Cartera a Investimentos em 29 Februaty 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement lnversiones Investimen to

.~

Net Assets NominallShares Nenn wertlA ktien Valeur nominale

Nominallacciones NominaIlAcçoes

Market Value Markhvert

Valeur de marché Valor de mercado Valor de Mercado

US$

Acbfnet Patrimonio Neto Siruaqao Llquida

Y0

TRANSFERABLE SECURlTlES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS

VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇAO OFlClAL EM BOLSA

ÜBERTRAGBARE WERTPAPIEAE MIT AMTLICHER B~RSENNOTIERUNG

AUSTRALIA *Amcor *BHP Billiton

AUSTRALIEN AUSTRALIE AUSTRALIA 26,667 51.000

0.46 1.39

1.85 -

AUSTRALIA 157,503 480,035

637,538

CANADA

177.936

CANADA *ERG Resources Four Seasons Hotels

KANADA CANADA CANADA 100,000 3.200 0.52

177,936 0.52

FINUNDIA 984,092

FINLAND Nokia

FINNLAND

FRANKREICH

FINLANDE

FRANCE

FINIANDIA 44,500 2.86

FRANÇA 643.1 1 1 41 3,470 1 1 5,975 518,230

FRANCE Aventis AXA Sanofi-Synthelabo Total

FRANCIA 8,400 17,700 1,700 2,800

1.87 1.20 0.34 1.51

4.92 -

1,690,786

GERMANY DEUTSCHLAND Bayerische Motoren Werke lnfineon Technologies Muenchener Rueckversicherungs Porsche SAP ADR

ALLEMAGNE ALEMANIA 5,600 5,500 1,671 300

4,619

ALEMANHA 242,477 77,769 196,518 176,892 183,605

0.70 0.23 0.57 0.51 0.53

877,261 2.54

HONG KONG HONGKONG Sun Hung Kai Properties

HONG KONG 22,000

HONG KONG 2 16,668

HONG-KONG

KRAËL

ITALIE

0.63

ISRAEL ISRAEL Teva Pharmaceutical Industries ADR

ISRAEL 1,188

ISRAEL 78,242 0.23 -

1 .O8 ITALIA

373,082 ITALV ITALIEN Ente Nazionale ldrocarburi

ITALIA 19,000

JAPAO 176,865 342,262 326,722 149,491 202.275 139,253 318,318 290,487 78,433 419,411 178,708 167,875

JAPAN Aiful Corp Canon Mitsubishi Estate Mitsui Fudosan Nintendo Nippon Telegraph & Telephone Corp Nomura Holdings Sony Corp Takeda Chemical Industries TDK Corp Tokyo Broadcasting System Yamanouchi Pharmaceutical

JAP6N 2,000 7,000 28,000 14,000 2,100

30 20,000 7,100 1,900 6,000

1 1,000 5,000

JAPAN JAPON 0.51 0.99 0.95 0.43 0.59 0.40 0.92 0.84 0.23 1.22 0.52 0.49

2,790,l O0 8.09

LUXEMBURGO 240,591

LUXEMBOURG Arcelor

LUXEMBURG LUXEMBOURG LUXEMBURGO 13,100 0.70

40


Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as a t am 29. Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 février 2004 29 de febrero de 2004 29 de Fevereiro de 2004

Investment Wertpapiere Placement Inversiones lnvestimento

MEXICO MEXIKO Grupo Televisa ADR

NETHERIANDS ING GroeD

NIEDERLANDE

SPAIN SPANIEN Antena 3 de Television Banco Santander Central Hispano Telefonica

MEXIQUE

PAYS-EAS

ESPAGNE

Nominal/Shares Market Value Net Assets NennwertlAktien Marktwert Nerrovermogen Valeur nominale Valeur de marche Actif net

NomhallAcciones Valor de mercado Patrimonio Neto NominallAc~6es Valor de Mercado SituaCao Liquida

MI!XICO 3,200

US$

MEXICO 140,480

%

0.41

PAISES BAJOS 7,500

PAISES BAIXOS 185,051 0.54

ESPAAA 114

38,500 27,000

ESPANHA 5,210

439,897 436,481

0.02 1.28 1.27

881,588 2.57

SWITZERLAND Alcon Converium Holding Credit Suisse Group Novartis Serono Swiss Reinsurance UBS

SCHWEIZ SUISSE SUIZA 5,200 6,800 4,800 3,700 400

2,000 5,200

SUlÇA 329,680 359,124 174,746 163,020 262,668 145,739 388,923

0.96 1 .O4 0.51 0.47 O 76 0.42 1.13

1,823,900 5.29

TAIWAN TAIWAN Taiwan Semiconductor Manufacturing ADR

TAIWAN TAIWAN 19.524

TAIWAN 204,807 0.59

UNITED VEREINIGTES

AstraZeneca Aviva BP British Sky Broadcasting Diageo GlaxoSmithKline HSBC Holdings Lloyds TSB Group Royal Bank of Scotland Group Vodafone Group WPP Group

KINGDOM K~NIGREICH ROYAUME- UNI

REIN0 UNIDO

1 1,000 11,000 84,800 25,000 16,800 22,200 25,000 34,500 8,700

373,000 19,300

REIN0 UNIDO

527.31 5 1 15,986 687,520 334,636 232,954 467,855 410,348 291,036 279,407 954,574 221,930

4,523,561

UNITED STATES

Abbott Laboratories Alcoa Allergan Allstate Corp Altera Corp American International Group AmerisourceBergen Corp Amgen Anadarko Petroleum Corp Anheuser-Busch Applied Materials Automatic Data Processing Avon Produds Bank of America Corp Bank of New York Bank One Corp Baxter International BEA Systems Biogen ldec Boeing Bristol-Myers Squibb Broadcom Corp Caterpillar ChevronTexaco Corp Cisco Systems

VEAElNlGTE STAATEN

1.53 0.34 2 .O0 0.97 0.68 1.36 1.19 0.85 0.81 2.77 0.64

ESTADOS UNIDOS

2,390 4,600 2,000 8,300 3,900 5,100 1,871 6,000 4,000 2,700 12,800 3,500 3,000 5,600 8,300 5,500 2,340 6,l O 0 2,500 4,200 3,322 2,700

2,300 25,000

2,000

ESTADOS UNIDOS DA AMtRICA

102,890 170,982 172,480 379,642 89,271 379,542 108,106 386,370 201,520 143,559 277,888 146,720 210,300 459,200 274,730 291,610 67,720 84,333 139,200 178,248 93,780 109,809 155,900 202,653 583,750

0.30 0.50 0.50 1.10 0.26 1.10 0.31 1.12 0.59 0.42 0.81 O 43 0.61 133 0.80 0.85 0.20 0.24 0.40 0.52 0.27 0.32 0.45 0.59 1.70

13.14

I

41


Statement of Wertpapierbestand Portefeuille de Inventario de la Demonstrafio de lnvestments as a t am 29 Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004


UNITED STATES

(CONTINUED) CIT Group Citigroup DeIl eBay Electronic Atts Eli Lilly EMC Corp/Massachusetts **Enion Corp Exxon Mobil Corp Fannie Mae Forest Laboratories Gilead Sciences Goldman Sachs Group HCA Hewlett-Packard lntel Corp JDS Uniphase Corp Johnson &Johnson King Pharmaceuticals Ha-Tencor Corp Lehman Brothers Holdings Liberty Media Corp Linear Technology Corp Lockheed Martin Corp Lowe's Marsh & McLennan McGraw-Hill Medtronic Micron Technology Microsoft Corp Millennium Pharmaceuticals Monsanto Motorola NPS Pharmaceuticals Omnicom Group Oracle Corp Peoplesoft Pfizer Piocter & Gamble SBC Communications Schering-Plough Corp Solectron Corp St Jude Medical State Street Corp Texas Instruments Time Warner Varian Medical Systems Veritas Software Corp Viacom Wa I g reen Wal-Mart Stores Wells Fargo Wyeth Xilinx Yahoo!

VEREINIGTE STAATEN

(FORTSETZUNG)

NominallShares Market Value Net Assets NennwertlAktien Markrwerr Nerrovermogen Valeur nominale Valeur de marché Actif net

NominallAcciones Valor de mercado Patrimonio Neto NominallAcçôes Valor de Mercado SituacSo Liauida

~TATS-UNIS ESTADOS UNIDOS

(SUITE) (CONTINUACI~N) 6,500

1 1,000 13,000 2,600 1,600 6,200 9,700 10,000 12,600 3,900 4,010 4,667 1,900 1,920 10,866 14,000 19,700 8,515 8.2 13 4,600 2,400 19,052 2,500 1,500 5,000 7,000 3,500 8,l O0 17,000 33,000 4,660

5 16,500 3,600 3,000 20,000 10,300 37,213 1,500 15,400 7,340 14,000 3,000 3,400 3,700 9,600 1,220 10,000 9,700 7,700 1,400 5,300 9,000 2,600 3,800

Total Gesamtanlagen Total des Total Total do5 lnvestments investissements Inversiones Investimentos

ESTADOS UNIDOS DA AMt!RICA (CONTINUAÇ~~O)

2 56.03 5 550,000 432,900 178.1 91 74,912 456,320 138,031

690 533,106 293,085 298,905 254,795 201,951 81,869 252,309 413,210 96,235 459,555 160,071 248,607 207,576 21 3,192 102,375 69,810 279,l O0 335,930 269,850 381,105 258,060 874,500 84,556

163 298,485 108,342 237,900 265,600 224,849 1,381.71 9 154,605 37 1,448 131,459 89,180 2 19,660 182,138 1 15,625 167,712 100,906 314,100 379,270 273,350 83,160 303,425 365,400 109,525 165,566

%

0.74 1.60 1.26 0.52 0.22 133 0.40

1 .S5 0.85 0.87 0.74 0.59 0.24 0.73 1.20 0.28 1.33 0.46 0.72 0.60 0.62 0.30 0.20 0.81 0.98 0.78 1.11 0.75 2.54 0.25

0.87 0.31 0.69 0.77 0.65 4.01 0.45 1 .O8 0.38 0.26 0.64 0.53 0.34 0.49 0.29 0.91 1.10 0.80 0.24

1 .O6 0.32 0.48

0.88

19.91052 1 57.84

35,736,304 103.80 ~

~

*Transferable securities traded on other regulated markWÜbertragbare Wertpapiere, die auf anderen geregelten Markten gehandelt wrded*Titres cessibles négoci& sur d'autres marchés réglementd*Valores negociables negociados en otros mercados organizados/*Valores transferiveis negociados noutros mercados regulados **Other transferable securitie41* *Sonstige übertragbare Wertpapiere/**Autres valeurs mobiliPd* *aras valores negociabl&**Outros valores negociawis

42

INVESCO GT LEISURE F U N D

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstrarao de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fbvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement Inversiones lnvesrimen to

NominallShares Market Value Net Assets Nenn wertlA ktien Markrwert Nerroverm6gen Valeur nominale Valeur de marchP Acfif nef

NominaIlAcciones Valor de mercado Patrimonio Neto NominallAcç6es Valor de Mercado SituacSo Liquida

US$ %

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS UBERTRAGBARE WERTPAPIERE MIT AMTLICHER B6RSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇA0 OFlClAL EM EOLSA

AUSTRALIA 147,456

AUSTRALIA 4,821,811

AUSTRALIA AUSTRALIEN AUSTRALIE News Corp ADR 2.89

B~LGICA 4,100,488 463,253 563,363

BELGIUM BE LGI E N Groupe Bruxelles Lambert lnterbrew Nationale A Portefeuille

B~LGICA 69,594 15,700 4.000

BELGIQUE 2.46 0.28 0.34

5,127,104 3.08

BRASIL 1,878,156

BRESIL BRASIL 74,530

BRAZIL BRASlLlEN Companhia de Bebidas das Americas ADR 1.13

CANADA KANADA lntrawest Corp

CANADA CANADA 96,730

CANADA 1.703.41 5 1 .O2

DENMARK Carlsberg

DANEMARK DANEMARK DINAMARCA 39,l O 0

DINAMARCA 1,919,950 1.15 -

FRANCE Accor JC Decaux

FRANKREICH FRANCE FRANCIA 49,200 48,700

FRANÇA 2,151,060 912,514

1.29 0.55

3,063,574 1.84

HONG KONG SCMP Group Television Broadcasts

HONGKONG HONG-KONG HONG KONG 206,900 102,400

HONG KONG 92,755 499,474

0.06 0.30

592,229 0.36

JAPAO 156,316 964,604 60,948

JAPAN Konami Corp Sony Corp ADR **Square Enix

JAPAN JAPON J A P ~ N 6,000 23,900 2,200

0.09 0.58 0.04

I ,i 81,868 0.71 - KOREA *Hite Brewery

KOREA

MEXIKO

NIEDERLANDE

CORI%

MEXIQUE

PAY S-BAS

COREA 7,557

COREIA 573,844 O 34

MEXICO 26,700

MEXICO Coca-Cola Femsa ADR

MEXICO 652,014 0.39

PAISES BAIXOS 1,563,339 1,337,052

NETHERLANDS Fox Kids Europe Heineken

PAISES BAJOS 157,690 32,400

0.94 0.80

2,900,391 1.74 - SPAIN NH Hoteles

SPANIEN ESPAGNE ESPANA 96,500

ESPANHA 1,133,093 0.68

43

.

INVESCO GT LEISURE FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement lnversiones lnvesrimenro

SWITZERLAND SCHWEIZ Compagnie Financiere Richemont Pargesa Holding

SUISSE

NominallShares Marker Value Ner Assers NennwertlAktien Mark twert Nettovermogen Valeur nominale Valeur de marché Acrif net

NominaIlAcciones Valor de mercado Parrimonio Nef0 NominallAccOes Valor de Mercado SituaGia liquida

SUlZA 39,700

550

US8

SUIÇA 1,047,935 1,500,373

2,548,308

%

0.63 0.90

1.53 -

UNITED KINGDOM Allied Domecq Diageo WPP Group

VEREINIGTES KdNlGRElCH

ROYAUME- UNI

REIN0 UNIDO

248,500 80,600

203.200

2,099.1 75 1,117,622 2,336,593

REIN0 UNIDO

1.26 0.67 1.40

UNITED STATES VEREINIGTE STAATEN

Anheuser-Busch Belo Corp Cablevision Systems Corp Carnival Corp CBRL Group Cedar Fair -LP Cendant Corp Citadel Broadcasting Corp Clear Channel Communications Inc Comcast Corp Directv Group EchoStar Communications Corp Electronic Arts EW Scripps Extended Stay America Fox Entertainment Group Gannett Gray Television Harrah's Entertainment Harte-Hanks Hasbro Hilton Hotels Corp Hollywood Entertainment Corp InterActiveCorp International Game Technology tiShares Russell 1000 Index Fund Knight-Ridder Leapfrog Enterprises Liberty Media Corp Mandalay Resort Group Marriott International Marvel Enterprises Mattel McClatchy McGraw-Hill Media General Metro-Goldwyn-Mayer MGM Mirage NBTY New York Times Nike NTL Omnicom Group Pier 1 lmports Pixar Polo Ralph Lauren Corp Regal Entertainment Group Royal Caribbean Cruises Sinclair Broadcast Group Six Flags Spanish Broadcasting System Starwood Hotels & Resorts Worldwide Target Corp Time Warner Univision Communications

ESTADOS UNIDOS

74,930 69.01 O

228,750 61,900 62,200 2,000

1 18,420 15,600 43,200 72,800 13,912 77,250 18,400 18,900 51,500 32,900 28.530

128;600 171,870 59,750 67,300

130,010 86,l O0 74,470

337,872 9,700

42,409 35,000

600,060 31,800 51,182 14,300 88,498 30,050 17,210 11,500

111,435 29,150 16,600 35.220 24;500 17,626

128,909 22,900 19,540 88,800 34,600 37,l O 0

120,020 50,900 41,920 79,877 14,700

224,380 34,200

5,553,390 3.33

ESTADOS UNIDOS DA AMERICA

3,984,028 1,926,069 5,771,362 2,779,310 2,357,380

68,700 2,737,870

293,280 1,879,632 2,180,360

235,808 2,858,250

861,488 1,847,475

787,950 959,693

2,472,695 1,791,398 8,908,022 1,325,255 1,451,661 2,081,460

955,710 2,326,443

12.636.41 3 596,550

3,174,738 922.250

6,733;888 1,637,700 2,289,883

468,754 1.676.152 210731450 1,326,891

747,270 1,879,909 1,291,636

561,412 1.619.41 6 1,810,550 1,175,919

10,222,484 532,425

1,298,824 2,979,240

694,768 1,646,869 1,547,058

379,205 468,875

3,088,045 635,040

3,919,919 1,197,342

2.39 1.16 3.46 1.67 1.41 0.04 1.64 0.18 1.13 1.31 0.14 1.72 0.52 1.11 0.47 0.58 1.48 1 .O7 5.35 0.79 0.87 1.25 0.57 1.40 7 59 0.36 1.91 O 55 4.04 0.98 1.37 0.28 1 .O1 1.24 0.80 0.45 1.13 0.77 0.34 0.97 1 .O9 0.71 6.14 0.32 0.78 1.79 0.42 0.99 0.93 0.23 0.28 1.85 0.38 2.35 0.72

44

INVESCO GT LEISURE FUND

Statement of Wertpapierbestand Portefeuille de Inventario de la Demonstra@o de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004


UNITED STATES

(CONTINUED) Vail Resorts Viacom Walt Disney Wynn Resorts Yum! Brands

VERElNlGTE STAATEN

(FORTSETZUNG)

ETATS-UNIS

(SUITE)

Total Gesamtanlagen Total des Tota I Total dos Investments investissements lnversiones Investimentos

NominallShares Market Value Net Assets NennwertlAktien Marktwert Nettovermogen Valeur nominale Valeur de marche Actif net

NominallAcciones Valor de mercado Pa trimonio Neto Nominal/Acç6es Valor de Mercado Situaç30 liquida

US$ %

ESTADOS ESTADOS UNIDOS UNIDOS

(CONTINUAC16N) (CONTINUA@O) DA AMERICA

12.000 202 800 0.12 70;090

102,270 73,300 39.600

2,740;519 2,733,677 2,559,269 1,466,784

133,777,223

1.65 1.64 1.54 0.88

80.31 ~

167.426.370

**Other transferable secuntleP*Sonstige übertragbare Wertpapi&* *Autres valeurs mobilièred**Otros valores negouabled**Outros valores negocidveis t Open ended Fund/t Offener Investmentfonddt Fonds A capital variable/t Fondo de capital variable/t Fundo de investimento aberto

100.50 - -

45

INVESCO GT ENERGY FUND

Demonstraçâo de placements Canera a Investimentos em

29 de Fevereiro de 2004

Statement of Wertpapierbestand Portefeuille de Inventario de la lnvestments as at 29 February 2004

am 29. Februar 2004 au 29 fevrier 2004 29 de febrero de 2004

lnvestment Wertpapiere Placement lnversiones lnvestimento

Net Assets NominallShares Market Value NennwerrIAktien Markhvert Nettovermogen

Actif net Valeur nominale Valeur de march.4 Nominallacciones Valor de mercado Patrimonio Neto

NominallAcçoes Valor de Mercado Sftuaçâo Liquida US$ %

TRANSFERABLE SECURlTlES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGEARE WERTPAPIERE MIT AMTLICHER BbRSENNOTlERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇA0 OFlClAL EM BOLSA

BERMUDA BERMUDAS BERMUDES Nabors Industries

BERMUDAS 17,500

BERMUDAS 838,250 3.42

CANADA EnCana Corp Nexen Talisman Energy

KANADA CANADA CANADA 5,800 27,000 13,300

CANADA 247,544 984,420 756,637

1 .O1 4.02 3.09

FRANCE Total ADR

FRANKREICH

ITALY ITALIEN Ente Narionale ldrocarburi ADR

UNITED VEREINIGTES

BP ADR John Wood Group

KINGDOM KONIGREICH

UNITED STATES VEREINIGTE STAATEN

Amerada Hess Corp Apache Corp Baker Hughes BJ Services Burlington Resources ConocoPhillips Consol Energy Cooper Cameron Corp Devon Energy Corp Dominion Resources EOG Resources Exxon Mobil Corp FMC Technologies Halliburton Kinder Morgan Management LLC Magnum Hunter Resources Maverick Tube Corp Murphy Oil Corp National-Oilwell Noble Energy Occidental Petroleum Corp Pioneer Natural Resources Premcor Schlumberger Sunoco Unocal Corp Valero Energy Corp Weatherford International Westport Resources Corp

FRANCE

ITALIE

ROYAUME- UNI

1,988,601 8.12

FRANCIA 10,000

FRANFA 928,500 3.79

ITALIA 5.000

REIN0 UNIDO

25,800 1 10,000

~~

ITALIA 494,900

REIN0 UNIDO

1,264,974 281.256

2.02 -

5.17 1.15

1,546,230 6.32

~TATS-u NI s ESTADOS UNIDOS

7,500 13,000 12,500 8,500 6,000 13,000 7,400 12,700 10,000 7,800 4,700 8,000 25,000 18,000 10,666 52,400 30,000 18,000 18,000 7,500 19,000 16,000 12,000 10,000 6,000 6,500 16,800 16,000 29,000

ESTADOS UNIDOS DA AMERICA

467,400 528,840 466,625 361,675 347,760 895,050 181,966 557,530 560,000 485,550 206,847 338,480 641,250 571,140 444,239 478,412 604,200

1,133,640 537,660 346,950 842,460 505,600 373,200 647,600 360,000 245,960 991,536 719,200 925,l O0

1.91 2.16 1.91 1.48 1.42 3.66 0.74 2.28 2.29 1.98 0.84 1.38 2.62 2 33 1.81 1.95 2.47 4.63 2.20 1.42 3.44 2.07 1.52 2.64 1.47 1 .O0 4.05 2.94 3.78

15,765,870 64.39

Total Geramtanlagen Total des Total Total dos Investments investissements Inversiones lnvestimentos

~

21,562,351 88.06 ~

~

46

INVESCO GT DOLLAR RESERVE FUND

Demonstraçao de lnvestments as at am 29 Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fbvrier 2004 29 de Fevereiro de 2004

Statement of Wertpapierbestand Portefeuille de Inventario de la

29 de febrero de 2004

lnvestment WeKpapfere Placement Inversiones Investimenro

TRANSFERABLE SECURlTlES ADMlllED TO OFFICIAL STOCK EXCHANGE LISTINGS OBERTRAGBARE WERTPAPIERE MIT AMTLICHER EdRSENNOTlERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZAClbN OFlClAL EN BOLA VAIORES NEGOCIAVEIS ADMITIDOS A COTAÇAO OFICIAL EM BOLSA

Nominal/5hares Market Value Net Assets Nenn wert/Aktien Markhvert Nettovermbgen Valeur nominale Valeur de marché Acrif net

NominaIlAcciones Valor de mercado Patrfmonio Neto Situa~io Liquida Nominal/Ac~&s Valor de Mercado

US$ %

1 st USA Bank NA FRN USD 2 1/07/2004 Arran Master Trust FRN

Bank of America Corp FRN

Bank One NA Illinois FRN

Britannia Building Society FRN

Caixa teral De Depositos Finance/

Canadian Imperia1 Bank of

USD 15/03/2007

US0 02/07/2004

USD 05/07/2006

USD 20/01/2005

Cayman Islands FRN USD 26/05/2005

Commerce/New York FRN USD 2911 0/2004

COMM FRN USD 15/11/2013 Discover Card Master Trust I FRN

First USA Credit Card Master Trust FRN

Fokus Bank A/S FRN USD 01/09/2005 General Electric Capital Corp FRN

KeyBank National Association

National Westminster Finance

Tesco PIC FRN USD 25/05/2006 **Toyota Motor Credit Corp FRN

USD 18/09/2007

USD 10/04/2009

USD 12/05/2005

FRN USD 08/07/2004

FRN USD 29/04/2005

USD 17/03/2005

Total Gesamtanlagen Total des Total Total dos lnvestments investissements Inversiones Investimentos

7,000,000

4,000,000

1,000,000

10,000,000

2,000,000

3,000,000

1,500,000 15,000,000

3,000,000

2,000,000 1,500,000

9,700,000

1,500,000

1,000,000 5,000,000

5,000,000

7,003,861

4,004,720

1,000,298

10,041,409

2,000,315

3,002,273

1,501,037 4,798,358

3,004,688

2,006,875 1,501,850

9,715,661

1,500,825

1,000,000 4,993,500

4,999,950

62,075,620

6.12

3.50

0.88

8.77

175

2.62

1.31 4.19

2.63

1.75 1.31

8.49

1.31

0.87 4.36

4.37

54.23 - - **Other transferable securities/**SOnsbge ubertragbare Wertpapied* *Autm valeur? mobili&res/**Gtros valom nqociabled**Outros valores negociaveis

47

INVESCO GT EURO RESERVE FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 f h e r 2004 29 de febrero de 2004 29 de Fevereiro de 2004


NominallShares Market Value Net Asset5 Nenn werr/Aktien Markrwert Nettovermogen Valeur nominale Valeur de marché Actif net

NominallAcciones Valor de mercado Patrimonio Neto Nominal/Acçoes Valor de Mercado Sifuaçao Liquida

€UR Y0

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS OBERTRAGBARE WERTPAPIERE MIT AMTLICHER BdRSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE

VALORES NEGOCIAVEIS ADMITIDOS A COTAÇA0 OFlClAL EM BOLSA VALORES NEGOCIABLES ADMITIDOS A COTIZACI~N OFICIAL EN BOLSA

Banque Sofinco FRN 28/10/2004 Bayerische Hypo-und Vereinsbank

BHW Bausparkasse FRN 26/10/2004 DnB NORBank ASA FRN 29/06/2004 Dorada FRN 24/06/2004 Hamburgische Landesbank

Girozentrale FRN 12/07/2004 HBOS Treasury Services FRN 02/07/2004 *Holmes Funding FRN 15/1 1/2035 'Holmes Financing FRN 15/07/2040 K2 FRN 26/04/2004 Monumental Global Funding

FRN 20/10/2004 National Australia Bank

FRN 06/08/2004 *Nationwide Building Society

FRN 29/09/2005 Parkland Finance FRN 07/06/2004 **Silver Tower FRN 02/07/2004 **Westland/Utrecht Hypbank

Westpac Banking FRN 11/03/2004

FRN 07/07/2004

FRN 21/09/2004

Total Gesamtanlagen Total de5 Total Total dos lnvestments investissements Inversiones lnvestimentos

1,000,000

750,000 500,000 750,000

10,000,000

5,000,000 2,000.000 1,000,000 3,000,000 5,000,000

2,000,000

10,000,000

3,000,000 7,500,000

10,000,000

2,000,000 5,000,000

1,001,000

748,950 500,500 750,750

9,997,500

4,998,500 2,000,951 1,000,600 3,008,100 5,000,000

1,998,968

10,000,175

3,007,050 7,498,500 9,995,000

2,001,966 4,997,030

0.80

0.60 0.40 0.60 8.02

4.01 1.60 0.80 2.41 4.01

1.60

8.02

2.41 6.01 8.01

1.61 4.01

68,505,540 54.92 - - *Transferable secunties traded on other regulatec makeW*Ubertragbare Wertpapiere, die auf anderen geregelten MBrkten gehandek werded*Titres cessibles n-ik sur d'autres marches r@lement@Valores negociables negociados en otros mercados organizados/*Valores transferiveis negociados noutros mercados regulados * * m e r transferable secuntied**Sonstige ubertragbare Wertpapler@*Autm valeurs mobili&eP*Otm valores negociable+*Outros valores negoc16veis

48

INVESCO GT GLOBAL BOND FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment WeKpapiere Placement lnversiones Investimen to

Nominal/Shares Market Value Net Asets NennrvertlAktien Markrwert Nerrovermogen Valeur nominale Valeur de marché Actif net

NominaIlAcciones Valor de mercado Pafrimonio Nef0 NominaI/Ac@es Valor de Mercado Situaçâo Liquida

US8 %

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS OBERTRAGBARE WERTPAPIERE MIT AMTLICHER BORSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTIZAC16N OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAÇA0 OFlClAL EM BOLSA

African Development Bank 3.25% USD 01/08/2008 Austria Government International Bond 4 375% USD 30/08/2010 Bundesobligation 4% EUR 16/02/2007 Bundesschatzanweisungen 2.5% EUR 18/03/2005 Canada Government International Bond 1.9% JPY 23/03/2009 Canadian Government Bond 5% CAD 01/06/2014 Canadian Government Bond 5.75% CAO 01/06/2029 Denmark Government Bond 4% DKK 15/08/2008 Deutsche Bundesrepublik 4% EUR 04/07/2009 Deutsche Bundesrepublik 3.75% EUR 04/07/2013 Deutsche Bundesrepublik 4 75% €UR 04/07/2028 Deutsche Bundesrepublik 5 5% EUR 04/01/2031 Eurofima 4.25% USD 04/02/2014 Fannie Mae 1.75% JPY 26/03/2008 Fannie Mae 6 25% USD 15/05/2029 Freddie Mac 4.75% EUR 15/01/2013 French Treasury Note BTAN 5% EUR 12/07/2005 Hungary Government International Bond 4.5% EUR 29/01/2014 Inter-American Development Bank 1 9% JPY 08/07/2009 Inter-American Development Bank 3.5% USD 08/07/2013 ltaly Government International Bond 5.25% USD 05/04/2006 ltaly Government International Bond O 375% JPY 10/10/2006 ltaly Government International Bond 3.8% JPY 27/03/2008 ltaly Government International Bond 1 8% JPY 23/02/2010 Japan Finance Corp for Municipal Enterprises 1.55% JPY 21/02/2012 Korea Development Bank 5.75% USD 10/09/2013 Poland Government Bond 6% PLN 24/11/2010 Qatar Govt International Bond 9.75% USD 15/06/2030 United Kingdom Gilt 5.75% GBP 07/12/2009 United Kingdom Gilt 5% GBP 07/03/2012 United States Treasury Note/Bond 2% USD 30/11/2004 United States Treasury Note/Bond 2 625% USD 15/05/2008 United States Treasury Note/Bond 5 25% USD 15/02/2029

300,000 300,000 750,000

1,140,000 100,000,000

700,000 330,000

7,500,000 130,000 720,000 870,000 120,000 250,000

60,000,000 150,000 290,000 605,000 180,000

45,000,000 250,000 200,000

80,000,000 55,000,000 60,000,000 30,000,000

100,000 3,000,000

160,000 100,000 485,000

1,170,000 570,000 220,000

Total Gesamtanlagen Total des Total Total dos lnvestments investissements lnversiones Investimentos

302,790 313,335 965.C81

1,420,303 983,699 541,266 267,773

1,284,921 166,556 874,263

1,066,557 163,447 248,784

166,934 373,667 778,833 224,125 443,090 239,238 213,500 739,433 576,060 588,579 286,845 105,827 730,687 228,504 195.2 I O 91 3,490

1,177,860 568,842 228.250

581,286

17,959,035

1.69 1.75 5.38 7.92 5.49 3.02 1.49 7.17 0.93 4.88 5.95 0.91 1.39 3.24 0.93 2.08 4.34 1.25 2.47 1.33 1.19 4.12 3.21 3 28 1.60 0.59 4.08 1.27 1 .O9 5.10 6.57 3.17 1.27

100.15 ~

~

49

INVESCO GT EUROPEAN BOND FUND

Statement of Wertpapierbestand Portefeuille de lnventarto de la Demonstraçao de Investments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestmen t Wertpapiere Placement lnversiones Investimen to

Nominal/5hares NennwertlAktien Valeur nominale

NominaIlAcciones NominallAcçoes

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS OBERTRAGBARE WERTPAPIERE MIT AMTLICHER BdRSENNOTlERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOClAVElS ADMITIDOS A COTAe.0 OFlClAL EM BOLSA

Accor 5% EUR 20/12/2006 Altadis Finance 4.25% EUR 02/10/2008 Austria Government Bond 5.5% EUR 15/01/2010 Aventis 5% EUR 18/04/2006 Bank of America 3.625% EUR 03/03/2008 Bank of Scotland 5.5% EUR 29/10/2012 Banca lntesa 5.85% EUR 08/05/2014 Belgium Government Bond 3% EUR 28/09/2008 Belgium Government Bond 4.25% EUR 28/09/2013 Belgium Government Bond 5% €UR 28/09/2011 BNP Paribas 5.25% EUR 17/12/2012 Bundesobligation 4% EUR 16/02/2007 Bundesschatzanweisungen 2.5% EUR 16/09/2005 Carrefour 6.125% EUR 26/05/2010 Casino Guichard Perrachon 5.875% EUR 23/11/2007 Cttigroup 3.875% EUR 21/05/2010 *Countrywide Home Loans 2.75% EUR 12/06/2006 Denmark Government Bond 6% DKK 15/11/2009 Deutsche Bundesrepublik 6% EUR 04/07/2007 Deutsche Bundesrepublik 5% EUR 04/07/2011 Deutsche Bundesrepublik 4.75% EUR 04/07/2034 Deutsche Bundesrepublik 5.25% EUR 04/07/2010 Deutsche Telekom International Finance 7.5% EUR 29/05/2007 European lnvestment Bank 6% GBP 07/12/2028 Fidelity International 6.25% €UR 21/03/2012 Finland Government Bond 3% EUR 04/07/2008 Finland Government Bond 5.375% EUR 04/07/2013 Ford Credit Canada 7.25% GBP 07/12/2007 France Telecom 7.25% EUR 28/01/2013 France Government Bond OAT 5.5% EUR 25/04/2007 France Government Bond OAT 4.75% EUR 25/10/2012 France Government Bond OAT 5% EUR 25/10/2016 France Government Bond OAT 5.5% EUR 25/04/2029 French Treasury Note BTAN 4.75% EUR 12/07/2007 'Gallaher Group 5.875% EUR 06/08/2008 General Electric Capital 4.375% EUR 20/01/2010 Goldman Sachs Group 6.125% GBP 14/02/2017 HBOS 6.05% EUR Perpetual Hellenic Republic Government Bond 2.75% EUR 21/06/2006 Hellenic Republic Government Bond 3.5% EUR 18/04/2008 Hellenic Republic Government Bond 6.5% EUR 11/01/2014 Holcim Finance 4.375% EUR 23/06/2010 Household Finance 5.625% EUR 03/05/2005 *HSBC Holdings 5.375% EUR 20/12/2012 Imperia1 Tobacco Finance 6.25% EUR 06/06/2007 lreland Government Bond 4.25% EUR 18/10/2007 ltaly Buoni Poliennali Del Tesoro 5% EUR 01/05/2008 ltaly Buoni Poliennali Del Tesoro 4.5% €UR 01/05/2009 ltaly Buoni Poliennalt Del Tesoro 6% EUR 01/05/2031 Royal KPN 7.25% EUR 12/04/2006 Lafarge 5.448% EUR 04/12/2013 *Morgan Stanley 5.75% EUR 01/04/2009 National Rural Util Coop Fin 6.5% EUR 14/03/2007 Olivetti Finance 6.875% EUR 24/01/2013 *Pemex Project Funding Master Trust 6.625% EUR 04/04/2010 Petronas Capital 6.375% EUR 22/05/2009 Poland Government International Bond 6% EUR 22/03/2010 Portugal Obrigacoes do Tesouro OT 5.85% EUR 20/05/2010 RBS Capital Trust 6.467% EUR Perpetual *Rentokil Initial 5.75% EUR 21/05/2007 Repsol International Finance 5 % EUR 22/07/2013 Royal Bank of Scotland Group 6.77% EUR Perpetual RWE Finance 5.5% EUR 26/10/2007

350,000 600,000 500,000 550,000 300,000 700,000 650,000

1,500,000 1,900,000

950,000 400,000

2,950,000 600,000 500,000 350,000 500,000 350,000

7,000,000 1,750,000

850,000 1,100,000 2,150,000

500,000 600,000 750,000

1,850,000 2,825,000

750,000 550,000

1,550,000 2,000,000 1,600,000 2,250,000 2,450,000

550,000 500,000 500,000 500,000

5,500,000 1,600,000 1,600,000

500,000 500,000 300,000 350,000

2,000,000 1,000,000 1,200,000 1,750,000

500,000 372,367 600,000 500,000 400,000

1,050,000 850,000 550,000

1,000,000 500,000 550,000 600,000 400,000 300,000


Valeur de marche Valor de mercado Valor de Mercado

€UR

359,744 613,230 553,300 5 7 6,4 5 5 303,690 756,252 707,460

1,490,700 1,922,154 1,023,900

424,940 3,063,132

603,270 562,640 377,044 501,225 348,886

1,056,628 1,928,062

918,136 1,083,786 2357,217

562,525 1,015,258

825,637 1,844,136 3,113,687 1,155,060

648,967 1,678,774 2,124,940 1,703,920 2,463,953

596,590 516,830 773,674 551,625

5,534,100 1,624,880 1,890,288

505,050 51 9,000 320,145 379,278

2,094,200 1,075,340 1,266,060 2.01 5,650

544,417 386,275 656,280 547,545 454,720

1,127,070 943,007 609,785

1,125,650 564,060 590,956 603,450 417,992 322,905

2.591,97a

Net Assets Nettovermogen

Actif net Pa trimonio Neto Situaçâ0 liquida

%

0.38 O 65 0.58 0.61 0.32 0.80 0.74 1.57 2.02 1 .O8 0.45 3.22 0.63 0.59 0.40 0.53 0.37 1.11 2.03 0.97 1.14 2.48 0.59 1 .O7 O 87 1.94 3.28 1.22 0.68 1.77 2.24 1.79 2.59 2.73 0.63 0.54 0.81 0.58 5.82 1.71 1.99 0.53 0.55 0.34 0.40 2.20 1.13 1.33 2.12 0.57 0.41 0.69 0.58 0.48 1.19 0.99 0.64 1.18 0.59 O 62 0.63 0.44 0.34

50

INVESCO GT EUROPEAN BOND FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fbvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement Inversiones lnvestimen to

Spain Government Bond 3.2% EUR 31/01/2006 Spain Government Bond 4.8% EUR 31/10/2006 Spain Government Bond 6% EUR 31/01/2029 Stora Enso Oyj 6.375% EUR 29/06/2007 Suedzucker International Finance 5.75% EUR 27/02/2012 Sweden Government Bond 8% SEK 15/08/2007 Sweden Government Bond 5% EK 28/01/2009 Sweden Government Bond 5.25% SEK 15/03/2011 Tesco 4.75% EUR 13/04/2010 United Kingdom Gilt 6.75% GBP 26/11/2004 United Kingdom Gilt 5% GBP 07/03/2008 United Kingdom Gilt 5% GBP 07/03/2012 United Kingdom Gilt 8% GBP 07/12/2015 United Kingdom Gilt 4.25% GBP 07/06/2032 UPM-Kymmene Oyj 6.625% GBP 23/01/2017 *Veolia Environnement 5.375% EUR 28/05/2018

Nominal/Shares NennwerNAktien Valeur nominale

Nomina//Acciones NominallAcçoes


2,500,000 3,100,000

950,000 300,000 250,000

5,000,000 7,000,000 5,500,000

700,000 625,000 800,000

1,250,000 650,000 805,000 500,000 350,000

Market Value Marktwert

Valeur de marchP Valor de mercado Valor de Mercado

EUR

2,544,063 3,280,265 1,109,287

328,774 272,498 623,627 801,686 637,861 733,628 950,564

1,212,782 1,899,823 1,251,327 1,118,846

788.358 350,385

Net Asseb Nettovermogen

Actif net Patrimonio Neto Situaç20 Liquida

%

2.68 3.45 1.17 0.35 0.29 0.66 0.84 0.67 0.77 1 .O0 1.28 2.00 1.32 1.18 0.83 0.37

92.33 - - *Transferable securities traded on other regulated marketPÜbertragbare Wertpapiwe. die auf anderen geregelten Malkten gehandelt werdeWTitres cessibles negocies sur d'autres marches reglementePValores negociables negociados en otros mercados organizadod'Valores transferiveis negociados noutros mercados regulados

-. .

51

INVESCO GT EURO HIGH YIELD FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvesrmen t Wertpapiere Placement Inversiones Investimen to

NominallShares NennwertlAktien Valeur nominale

Nomina//Acciones NominallAcqoes

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS OBERTRAGBARE WERTPAPIERE MIT AMTLICHER BbRSENNOTlERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAGO OFlClAL EM BOLSA

*360networks 13% EUR 01/05/2008 ABB 3.75% CHF 30/09/2009 ABB International Finance 6.5% EUR 30/11/2011 Agrokor 1 1 % EUR 03/04/2007 Ahold Finance USA 6.5% GBP 14/03/2017 Alcatel 8.5% EUR 07/12/2006 Alcatel 4.375% EUR 17/02/2009 Alfa Laval Special Finance 12.125% EUR 15/11/2010 ALROSA Finance 8.125% USD 06/05/2008 Ardagh Glass Finance 8.875% EUR 01/07/2013 *ASPropulsion Capital 9.625% EUR 01/10/2013 *Barry callebaut Services 9.25% EUR 15/03/2010 *Big Food Group 9.75% GBP 30/06/2012 *Brake Bros Finance 12% GBP 15/12/2011 *Britax Group I I .25% EUR 15/05/2011 British Airways 10 875% GBP 15/06/2008 *British Airways 8 75% GBP 23/08/2016 BSN Glasspack Obligation 9.25% EUR 01/08/2009 'Buhrmann US 12.25% USD 0111 1/2009 *Cable & Wireless International Fin 8.625% CEP 25/03/2019 Concordia Bus 11 % EUR 15/02/2010 *Clondalkin Industries 10.625% EUR 15/01/2010 CMA CGM 9.875% EUR 15/05/2013 *Colt Telecom Group 7.625% EUR 15/12/2009 'Corus Group 6.75% GEP 20/05/2008 *Crown Cork & Seal 6% EUR 06/12/2004 Crown European Holdings 10.25% EUR 01/03/2011 *Dunlop Standard Aerospace Holdings 1 1.875% USD 15/05/2009 Eco-Bat Finance 10.125% EUR 31/01/2013 Eircom Funding 8.25% EUR 15/08/2013 *EMI Group 9.75% GBP 20/05/2008 *EMl Group 8.625% EUR 15/10/2013 Enitel ASA VVTS EUR 03/04/2005 *Enodis 10.375% GBP 15/04/2012 Esprit Telecom Group 1 1.5% DEM 15/12/2007 Esselte Group Holdings 7.625% EUR 15/03/2011 Fiat Finance & Trade 7% GBP 19/10/2005 Fiat Finance & Trade 6.25% EUR 24/02/2010 FIMEP 11 % EUR 15/02/2013 *Findexa Il AS 10.25% EUR 01/12/2011 *Focus Wickes Finance 10% GBP 28/07/2011 'Fresenius Medical Capital Trust 11 1 7.375% 01/02/2008 **Fiesenius Medical Care Capital Trust IV 7.875% US0 15/06/2011 'Fresenius Medical Care Capital Trust V 7.375% EUR 15/06/201 1 GAL Finance I I .5% EUR 30/11/2009 Gaz Capital for Garprom 7.8% EUR 27/09/2010 Head Holding 10.75% EUR 15/07/2006 'Heidelbergcement Finance 6.375% EUR 22/02/2007 *HeidelbergCement Finance 7.375% EUR 15/07/2010 'HTM Sport-und Freizeitgeraete 8.5% €UR 01/02/2014 *IFCO Systems 10375% EUR 15/10/2010 lmpress Group 10.5% EUR 25/05/2007 lmpress Holdings 9.875% DEM 29/05/2007 *lneos Group Holdings 10.5% EUR 01/08/2010 lneos Vinyls Finance 9.125% EUR 01/12/2011 lnmarsat Finance 7.625% USD 30/06/2012 'Jenoptik 7.875% €UR 15/11/2010 Jones Lang LaSalle Finance 9% EUR 15/06/2007 *JSG Funding 10.125% EUR 01/10/2012 *Kamps 8% EUR 26/09/2005 Kamps 8 5% EUR 15/02/2009 Kappa Beheer 0% EUR 15/07/2009 Kappa Beheer 10.625% EUR 15/07/2009

1,100,000 820.000 210,000 150,000 350,000 140,000 650,000 220,000 130,000 250,000 270,000 2 10,000 2 10,000

60,000 160,000 180,000 150,000 160,000 210.000 190,000 100,000 50,000

240,000 130,000 250,000 250,000 41 0,000

50,000 270,000 200.000 320,000 290,000

1,100 200,000

1,400,000 90,000

41 0,000 200,000 150,000 250,000 3 10,000 130,000 190,000 140,000 160,000 340,000 350,000

60,000 600,000 170,000 60,000 50,000

720,000 277,000 270,000 100,000 100,000 30,000

690,000 60,000

450,000 31 0,000 160,000


Valeur de marchP Valor de mercado Valor de Mercado

FUR

517,234 2 19,188 157,742 477,653 153,370 627,322 262,900 105,521 273,363 284,175 240,450 341,704 103,423 162,400 302,748 227.229 175,160 189,792 306,949

95,500 55,000

267,463 130,650 335.21 1 2 57,500 465,350 43,171

302,400 222,313 51 6.01 2 333,022

335,058

90,059 603,470 192,500 180,098 290,000 445.01 7

72,782 166,930 153,300 182,400 357,340 371,000

61,950 649,500 167,025 65,718 50,860

347,883 31 1,265 282,257 84,547

108,100 3 1,800

772,800 61,500

488,475 323,175 172,000

Net Asseh Nettovermogen

Actif net Parrimonio Neto Siruaçao Llquida

%

1.77 0.75 0.54 1.64 0.53 2.15 0.90 0.36 0.94 0.97 0.82 1.17 0.35 0.56 1 .O4 0.78 0.60 0.65 1 .O5 0.33 0.19 0.92 0.45 1.15 0.88 1.60 0.15 1 .O4 0.76 1.77 1.14

1.15

0.31 2.07 0.66 0.62 0.99 1.53 0.25 0.57 0.53 0.63 1.23 1.27 0.21 2.23 0.57 0.23 0.17 1.19 1 .O7 0.97 0.29 0.37 0.1 1 2.65 0.21 1.68 1.11 0.59

52

INVESCO GT EURO HlGH YIELD FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstracao de lnvestments as at am 29. Februar 2004 placements Cartera a Investimentos em 29 February 2004 au 29 fbvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestmen t Wertpapiere Placement Inversiones lnvesrimento

Kaufman & Broad 8.75% EUR 01/08/2009 Kazkommerts International 8 5% USD 16/04/2013 Koninklijke Ahold 5.875% NLG 19/12/2005 Koninklijke Ahold 5.875% EUR 09/05/2008 *Koninklijke Vendex KBB 7.375% EUR 15/11/2010 Kronos International 8.875% EUR 30/06/2009 **Legrand 8.5% US0 15/02/2025 Lucite International Finance 10.25% EUR 15/05/2010 Luxfer Holdings 10.125% GBP 01/05/2009 Messer Griesheim GmbH 10.375% EUR 01/06/2011 Millicom International Cellular 10% USD 01/12/2013 Mobile Telesystems Finance 9.75% US0 30/01/2008 Moscow Narodny Finance 4.375% USD 30/06/2008 *Northumbrian Water Finance 5.625% GBP 29/04/2033 **Onde0 Nalco 7 75% EUR 15/11/2011 Ondeo Nalco 9% EUR 15/11/2013 *On0 Finance C W S EUR 31/05/2009 On0 Finance 14% EUR 15/07/2010 Ono Finance 14% EUR 15/02/2011 *On0 Finance C W S EUR 16/03/2011 Parmalat Finance 6.125% EUR 29/09/2010 Petroplus Funding 10.5% EUR 15/10/2010 Premier International Foods 12% USD 01/09/2009 ProSieben SAT.1 Media 5.875% EUR 28/03/2006 ProSieben SAT.1 Media 11.25% EUR 31/07/2009 PTC International Finance II 10.875% EUR 01/05/2008 Remy Cointreau 6.5% EUR 01/07/2010 Rhodia 6% EUR 26/03/2006 Rhodia 9.25% EUR 01/06/2011 Royal & Sun Alliance Insurance Group 8.95% USD 15/10/2029 Safilo Capital International 9.625% €UR 15/05/2013 Sanitec International 9% EUR 15/05/2012 Scandinavian Airlines System 6% EUR 20/06/2008 Schefenacker 9.5% EUR 11/02/2014 *SGL Carbon Luxembourg 8.5% EUR 01/02/2012 +Smurfit Capital Funding 6.75% USD 20/11/2005 TDLlnfomedia Group 12 125% GBP 15/10/2009 *TM Group Holdings 11 % USD 15/05/2008 Teksid Aluminum Luxembourg 11.375% EUR 15/07/2011 **Telefonaktiebolaget LM Ericsson 6.5% USD 20/05/2009 *Telefonaktiebolaget LM Ericsson 6.75% EUR 2811 1/2010 'Telenet Communications 9% EUR 15/12/2013 ThYssenKrupp Finance Nederland 7% €UR 19/03/2009 TVN Finance Corp 9.5% EUR 15/12/2013 *Tyco International Group 6.125% EUR 04/04/2007 '*Tyco International Group 6.5% GBP 21/11/2011 **Tyco International Group 7% USD 15/06/2028 Tyco International Group 6.5% GBP 21/11/2031 United Biscuits Finance 10.75% GBP 15/04/2011 'United Biscuits Finance (Series FEB) 10.75% GBP 15/04/2011 Valentia Telecommunications 7.25% EUR 15/08/2013 Vivendi Universal 6.25% EUR 15/07/2008 *Vivendi Universal 6.25% USD 15/07/2008 Waterford Wedgwood 9.875% EUR 01/12/2010 *UBS Luxembourg SA for Wimm-Bill-Dann Foods 8.5% USD 21/05/2008 *Yell Finance 10.75% GBP 01/08/2011

Total Gesamtanlagen Total des Total Total dos lnvestments investissements Inversiones Investimentos

Nominal/Shares Market Value Net Assets Nennwerr/Akrien Markhvert Nettovermogen

Actif net Valeur nominale Valeur de marché NominallAcciones Valor de mercado Patrimonio Nero

Nomina//Acq6es Valor de Mercado Situaç20 Liquida €UR %

250,000 350,000 280,000 350,000 230,000 320,000 5 10,000 180,000 125,000 370,000 1 10,000 350,000 1 10,000 20,000 30,000 50,000

250 160,000 60,000

1,200 270,000 250,000 260,000 140,000 90,000

220,000 420,000 280,000 190,000 340,000 250,000 440,000 280,000 210,000 190,000 160,000 270,000 550,000 250,000 730,000 260,000 3 10,000 190,000 80,000

400,000 40,000

160,000 180,000 210,000 150,000 390,000 280,000 690,000

20,000 160,000 172,000

277,500 296,231 128,178 352,625 255,300 347,200 446,520 198,900 156,245 442,150

94,089 310,042

84.512 28,992 30,618 51,000

175,600 65,850

35,775 197,813 228,775 144,327 106,763 242,000 437,325 266,868 167,371 297,282 213,750 442,200 252,668 2 16,694 197,600 134,489 443,242 468,2 2 7 254,800 622,937 278,690 317,750 210,664 81,320

425,540 60,644

137,006 269,733 351,012 247,365 429,000 303,100 596,091

19.81 1 128,062 292,626

0.95 1 .O2 0.44 1.21 0.88 1.19 1.53 0.68 0.54 1.51 0.32 1 .O6 0.29 0.10 0.11 O 17

0.60 0.23

0.12 0.68 0.78 0.50 0.37 0.83 1.50 0.91 0.57 1 .O2 0.73 1.52 0.87 0.74 O 68 O 46 1.52 1.61 0.87 2.14 0.96 1 .O9 0.72 0.28 1.46 0.21 0.47 0.93 1.20 0.85 1.47 1 .O4 2.04 0.07 0.44 1 .O0

28331,599 98.89 - ~

*Transferable securities traded on otier regulated markeW*Übertragbare Wertpapiere, die auf anderen geregelten Markten gehandek weden/*Titres cessibles nPgocik sur d'autres marches rkglementWValores negociables negociados en otros mercados organizados/*Valores transferiveis negociados noutros mercados regulados * *Other transferable secuntg *Sonstige übertragbare Wertpapiere/*+Autres valeurs mobiliPW *wOs valores negociabl&* *Outras valores negocidveis

53

INVESCO GT EUROLAND BOND FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçdo de lnvestments as at am 29. Februar 2004 placements Canera a Investimentos em 29 February 2004 au 29 fevrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestment Wertpapiere Placement lnversiones lnvestimen to

NominallShares Market Value Net Assets Nennwerr/Aktien Markrwert Nettovermogen Valeur nominale Valeur de marché Actif net

NominaIlAcciones Valor de mercado fatrimonio Neto situago Liquida NominallAcc6es Valor de Mercado

EUR %

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER BORSENNOTIERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEIS ADMITIDOS A COTAGO OFlClAL EM BOLSA

Austria Government Bond 5.5% EUR 20/10/2007 Belgium Government Bond 3% EUR 28/09/2008 Belgium Government Bond 5% EUR 28/09/2011 Berlin Land 4% EUR 27/01/2012 Bundesschatzanweisungen 2.5% EUR 16/09/2005 Deutsche Bundesrepublik 5.25% EUR 04/07/2010 Deutsche Bundesrepublik 5% EUR 04/07/2011 Deutsche Bundesrepublik 3.75% EUR 04/07/2013 Deutsche Bundesrepublik 4.75% EUR 04/07/2034 Finland Government Bond 3% EUR 04/07/2008 Finland Government Bond 5.375% EUR 04/07/2013 France Government Bond OAT 5.5% EUR 25/04/2007 France Government Bond OAT 5% EUR 25/10/2016 France Government Bond OAT 5.5% EUR 25/04/2029 French Treasury Note BTAN 4.75% EUR 12/07/2007 Hellenic Republic Government Bond 2.75% EUR 21/06/2006 Hellenic Republic Government Bond 3.5% EUR 18/04/2008 Hellenic Republic Government Bond 5.35% EUR 18/05/2011 Hellenic Republic Government Bond 6.5% EUR 11/01/2014 lreland Government Bond 4.25% EUR 18/10/2007 ltaly Buoni Poliennali Del Tesoro 5% EUR 01/05/2008 ltaly Buoni Poliennali Del Tesoro 4.5% EUR 01/05/2009 ltaly Buoni Poliennali Del Tesoro 6% EUR 01/05/2031 Spain Government Bond 3.2% EUR 31/01/2006 Spain Government Bond 4.8% EUR 31/10/2006 Spain Government Bond 6% EUR 31/01/2008 Spain Government Bond 6% EUR 31/01/2029 Portugal Obrigacoes do Tesouro 5.85% EUR 20/05/201 O

1,700,000 1,350,000 1,700,000 1,000,000 1,600,000 1,700,000 1,900,000

500,000 150,000

1,525,000 1,600,000

350,000 1,450,000 2,000,000 1,400,000 2,250,000

800,000 1,100,000 1,300,000 1,250,000 1,750,000

750,000 1,000,000 1,375,000

400,000 1,000,000

650,000 1,000,000

1,850,875 1,341,630 1,832,243 1,001,770 1,608,720 1,863,846 2,052,304

489.91 5 147,789

1.520.1 66 1,763,504

379,078 1,544,178 2,190,180 1,487,458 2,263,950

812,440 1,203,400 1,535,859 1,308,875 1,881,845

1,151,800 1,399,234

423,260 1.1 11,390

758,986 1,125,650

791,288

4.91 3.56 4.86 2.66 4.27 4.94 5.44 1.30 0.39 4.03 4.68 1 .O1 4 10 5.81 3.95 6.01 2.16 3.19 4.08 3.47 5.00 2.10 3.06 3.71 1.12 2.95 2.01 2.99

Total Gesamtanlagen Total des Total Total dos lnvestments investissements Inversiones Investimentos 36,841,632 97.76 - -

54

INVESCO GT CAPITAL SHIELD FUND

Statement of Wertpapierbestand Portefeuille de lnventario de la Demonstraçao de lnvestments as at am 29. Februar 2004 placements Cartera a lnvestimentos em 29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvestmen t Wertpapiere Placement lnversiones lnvestimento

Nominal/5hares NennwertlA ktien Valeur nominale

NominaIlAcciones Nominal/Ac@es

TRANSFERABLE SECURITIES ADMllTED TO OFFICIAL STOCK EXCHANGE LISTINGS ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER BdRSENNOflERUNG VALEURS MOBILIERES ADMISES A LA COTE OFFICIELLE VALORES NEGOCIABLES ADMITIDOS A COTlZACldN OFlClAL EN BOLSA VALORES NEGOCIAVEK ADMITIDOS A COTAGO OFlClAL EM BOLSA

Aareal Bank FRN 2/8/2004 Achmea Hypotheekbank FRN 18/5/2006 Anglo Irish Bank FRN 11/7/2005 ASlF 111 Jersey Ltd FRN 2511 1/2008 Australia & New Zealand Banking Group FRN 23/6/2006 Banca Lombarda FRN 7/6/2004 "Banesto FRN 29/9/2013 Banco Bilbao Vizcaya Argentaria FRN 23/5/2005 Banco Bilbao Vizcaya Argentaria FRN 17/7/2013 Banca lntesa FRN 30/6/2006 Banca lntesa FRN 6/12/2006 Banca Popolare di Bergamo Credito Varesino FRN 17/10/2008 Bank Austria Creditanstalt FRN 20/1 1/2006 Bank of Cyprus FRN 1/12/2006 Bank of lreland FRN 31/1/2006 Bank of lreland FRN 19/12/2013 Bank of Scotland Treasury Services FRN 2/7/2004

BCL International Finance FRN 14/7/2004 BCP Finance Bank FRN 23/5/2006 BPE Finance International FRN 07/2/2005 BSCH lssuances FRN 21/2/2005 BSCH Insurances FRN 28/3/2011 Caixa Catalunya International Finance FRN 3/4/2007 Danske Bank FRN 13/5/2005 Den Norske Bank FRN 23/5/2007 Den Norske Bank FRN 26/11/2012 Deutsche Bundesrepublik FRN 20/9/2004 Deutsche Bank FRN 11/5/2005 Deutsche Hypothekenbank Frankfurt FRN 24/7/2006 Dexia Hypobank Berlin FRN 25/8/2004 Dresdner Bank FRN 2/2/2005 Eurohypo AG Europaische Hypothekenbank der Deutschen Bank FRN 23/5/2005 Eurohypo AG Europaische Hypothekenbank der Deutschen Bank FRN 24/5/2005 Eurohypo AG Europaische Hypothekenbank der Deutschen Bank FRN 15/3/2006 Eurohypo AG Europaische Hypothekenbank der Deutschen Bank FRN 14/3/2008 FIH Erhvervsbank FRN 1/6/2005 General Electric Capital Corporation FRN 7/5/2004 General Electric Capital Corporation FRN 9/5/2005 General Electric Capital Corporation FRN 13/5/2005 Goldman Sachs Group FRN 4/9/2006 Hamburgische Landesbank FRN 10/5/2007 Hamburgische Landesbank Finance FRN 26/9/2007 HBOS Treasury Services FRN 23/2/2006 HBOS Treasury Services FRN 1/2/2007 HBOS Treasury Services FRN 14/5/2008 Hellenic Republic Government International Bond FRN 31/5/2007 HSH N Finance Guernsey FRN 16\4/2015 HSH Nordbank FRN 10/7/2007 Hypo Tirol Bank FRN 5/6/2008 Hypothekenbank in Essen FRN 2/4/2004 Hypothekenbank in Essen FRN 24/8/2004 Hypothekenbank in Essen FRN 19/11/2004 IKB Deutsche lndustriebank FRN 1211 1/2008 International Lease Finance Corporation FRN 24/4/2005 lslandsbanki FRN 30/6/2004 lslandsbanki FRN 25/11/2013 Land Niedersachsen FRN 19/1/2009 Landesbank NRW FRN 30/6/2005 Landesbank Sachsen Girozentrale FRN 19/12/2005 Landsbanki Island Lanisl FRN 29/10/2007 Landesbank Baden-Wuerttemberg Girozentrale FRN 27/6/2005 Landesbank Baden-Wuerttemberg Girozentrale FRN 27/6/2007

BCE POP UNITE FRN 15/2/2005

200.000 200,000

4,600,000 3,000,000

100,000 500,000

1,000,000 100,000

4,000,000 1,000,000 7,500,000 2,000,000 1,100,000 2,000,000 6,000,000 2,000,000

500,000 100,000 800,000

1,600,000 1,500,000 3,000,000

550,000 5,000,000 2,000,000 1,000,000

100,000 15,000,000

469,000 100,000

1,000,000 1,500,000

100,000 200.000

8,900,000 200,000

1,000,000 2,500,000

200.000 500,000 100,000 400,000

3,000,000 3,000,000 1,300,000

200,000 200,000 780,000 100,000 200,000 500,000 100,000

2,000,000 600,000 100,000

1,000,000 450,000

6,000,000 100,000

4,200,000 300,000 300,000

aoo,ooo

Market Value Marktwert

Valeur de marché Valor de mercado Valor de Mercado

US8

200,067 199,940

4,606,255 2,995,950

100,005 500,250

1,000,500 99,999

4,006,000 999,814

7.51 0,500 1,996,800 1,100,990

6,006,300 2,004,440

800,381 500,175 100,002 799,660

1,599,800 1,499,775 3,065,250

550,688 5,004,500 1,997,700 1,012,500

99,882 15.01 5,000

468,330 99,973

1,000,360 1,499,925

99,900 199,700

8,891,590 200,140

1,000,750 2,502,875

200,218 503,400 99,875

399,407 3,004,050 2,996,400 1,300,650

202,150 199,920 779.883

99,965 200,030 500,052 99,950

1,998,520 604,140 100,188 998,303 447,570

5,999,040 99,978

4,195,674 299,869 299,632

2.002,a00


Actif net Pa trimonio Neto Situaçao Liquida

Y0

0.08 0.08

1.19 0.04 0.20 0.40 0.04 1.58 0.40 2.97 0.79 0.44 0.79 2 37 0.79 0.32 0.20 0.04 0.32 0.63 0.59 1.21 O 22 1.98 0.79 0.40 0.04 5.95 0.19 0.04 0.40 0.59 0.04 0.08 3.52 0.08 0.40 0.99 0.08 0.20 0.04 0.16 1.19 1.19 0.52

0.08 0.31 0.04 0.08 0.20 0.04 0.79 0.24 0.04 0.40 0.18 2.38 0.04 1.65 O 12 O 12

1 .a2

0.08

55

INVESCO GT CAPITAL SHIELD FUND

Statement of Wertpapierbestand Portefeuille de Inventario de la Demonstraçao de am 29. Februar 2004 placements Caltera a Investimentos em lnvestments as at

29 February 2004 au 29 fCvrier 2004 29 de febrero de 2004 29 de Fevereiro de 2004

lnvesrmen t Wertpapiere Placement Inversiones lnvestimento

Landesbank Baden-Wuerttemberg Girozentrale FRN 13/7/2007 Landesbank NRW FRN 30/9/2005 Landesbank NRW FRN 5/3/2007 Landesbank Sachsen Girozentrale FRN 1/3/2004 Landesbank Schleswig-Holstein Girozentrale FRN 24/1/2008 Muenchener Hypothekenbnk FRN 2/6/2005 Muenchener Hypothekenbnk FRN 11/7/2005 Norddeutsche Landesbank Girozentrale FRN 20/12/2004 Norddeutsche Landesbank Girozentrale FRN 13/6/2005 Republic of Hungary FRN 10/11/2005 Sanpaolo IMI Bank International FRN 1/8/2007 Telefonica Europe FRN 27/10/2005 UniCredito ltaliano FRN 16/3/2011 Volkswagen Bank FRN 10/3/2005 Volkwagen Financal Serivces FRN 11/11/2005 Westdeutsche lmmobilien Bank FRN 29/5/2007 Westpac Banking Corporation FRN 11/3/2004 Wuerttembergische Hypothekenbank FRN 23/9/2005


NominallShares Market Value NennwertlAktien Markrwert Valeur nominale Valeur de marché

NominallAcciones Valor de mercado NominallAcçoes Valor de Mercado

US8

269,000 100,000 100,000 400,000

2,000.000 100,000 600,000 200,000 300,000

12,750,000 500,000

2,000,000 2,000,000

500,000 1,000,000 3,900,000

200,000 100,000

268,278 99,850 99.91 2

400,000 1,998,950

99,940 600,152 199,765 299,987

12,848,175 500,800

1,999,037 2,023,400

499,000 998,200

3,888,885 199,881 99,943

136,092,485


Actif net Parrimonio Neto Situaçao Liquida

%

0.1 1 0.04 0.04 0.16 0.78 0.04 0.24 0.08 0.12 5.09 0.20 0.79 0.80 0.20 0.40 1.54 0.08 0.04

53.92 - - *Transferable wuriti- traded on other regulated markeW*Ükrtragbar Wertpapiere, die auf anderen geregetten MArkten gehandek werderPTitres cessibles nkgociks sur d'autres marchés rkglementWValores negociables negociados en otros mercados organizados/*Valores transferlveis negociados noutros mercados regulados

56

INVESCO GT SICAV

Statement of Nettovermogen k i t de l'actif net Balance a Demonstrago da Notes Net Assets am 29. Februar 2004 au 29 février 2004 29 de febrem de 2004 Situaçio liquida em Anmerkung as at 29 Februaty 2004 Notes'

Memoria Membria

29 de Fevereim de 2004

ASSETS

lnvestments at market value

Preliminary expenses

CURREM ASSETS

Due from brokers

Receivable for Shares issued

Other debtors

Bank balances

Unrealised ga:n on forward currencylfuture mn!racts

AKTIVA

Wertpapiere rum

Marktwert

Crundungskosten

UMLAUFVERMOGEN

Forderungen an Brokei

Forderungen aus der Ausgabe von Anteilen

Sonstige Forderungen

Bankguthaben

Nicht realisiene Gewinne aus Wahrungrterminkontrakten

ACTIF

Valeur des placements au cours du marchC

Frais de constitution

ACTlF CIRCULANT

Creances sur les couniers

Creances au titre des actions &"es

Autres debiteurs

Soldes bancaires

Plus-values latentes sur contrats de changeà terme

ACTIVO

Inversibn a valor de mercado

Gastos de constitucibn

ACTlVO CIRCULANTE

Iltermediaraos deudores

Ihpones a cobrar por emisibn de Acciones

Otios deudores

Cala y bancos

Plusvalia latente en contratos a plaro sobre divisas

ACTIVO

Investimento ao valor de mercado

Despesas de constituiçao

ACWO CIRCULANTE

A pagar por corretores

Montantes a cobrar por emissao de acçoes

Devedores diversos

Saldos bancarios

Ganho 1130 realizado em operaçdes cambiais a prazo 8&9

Total Assets Aktiva inrgeramt Total de l'actif Total activo Total do activo

CURRENT LIABILITIES VERBINDLICHKEITEN PASSIF CIRCULANT PASIVO CIRCULANTE PASSIVO A CURTO PRAZO

Bank Overdraft Bankuberziehung Dlcouvert bancaire Descubierto en cuenta bancaria Descoberto bancdrio

Due to brokers Verbindlichkeiten bel Brokern Dettes envers les couniers litermediarios acreedores A pagar a corretores

Payable for Verbindlichkeiten aus der Dettes au titre des hportes a pagar por Montantes a pagar Shaw redeemed Rxknahme von Anteilen actms rachetees reembolso de Acciones por resgate de acçdes

Dividends payable Zahlbare Diwdenden Dividendes A payer Dividendos a pagar Dividendos a pagar

Other creditors Sonskge Verbind1ichkei:en Autres creanciers Otros aueedoies Credores diversos

7

Unrealised Ioss Nirht realirieoe Moins-values latenter Idinusvalla latente Prelulzo nao realizado on forward currency Verluste aus silr contrats de en contratos a em operaçoes contracts Wahrilngsterminktontraktev change a terme plazo sobre divisas cambiais a p w o 8&9

Total Llabllltler Passlva Insgesamt Total du passif Total pasivo Total do parsivo

Net Assets Nettovermogen Actif net Patrlmonlo Neto Situago Llquida

Number of Sharer in issue Distribution A Accumulation A Accumulation B Accumulation B1 Accumulation C Accumulation E

Im Umlauf befindliche An t e i I Ausschüttung A Thesaurlerung A Thesaurierung B Thesaurierung B1 Thesaurierung C Thesaurierung E

Nombre d'actions en circulation Action de distrlbutlon A Action de capitalisation A Action de capitalisation B Action de capitalisation B1 Action de capitalisation C Action de capitalisation E

Numero de Acciones en cittulacldn Repano A Acumulacion A Acumulacion B Acumulacion E l Acumulacidn C Acumulacibn E

Numem de acçbes em circulago Dirtribuiçio A Capitaliraçüo A Capitalizaçao B Capitalizaçio B I Capitalizaçlo C Capltallzaçio E

Net Asset Value per Share Distribution A Accumulation A Accumulation B Accumulation 81 Accumulation C Accumulation E (EUR)

Anteilwen p m Anteil Ausschüttung A Thesaurlerung A Thesaurierung B Thesaurierung E l Thesaurierung C Thesaurlerung E (EUR)

Valeur liquidative Valor teorico par action de la Acclbn Action de clistrlbutlon A Repano A Action de capitalisation A Acumulacion A Action de capitalisation B Acumulacion B Action de capitalisation B I Acumulacibn E l Actlon de capitalisation C Acumulacidn C Action de capitalisation E (EUR) Acumulacion E (€UR)

Vaior contabilistico por acçio Dirtribuiçio A Capitalizaç3o A Capitalizaçlo B Capitalizaçio E l Capitalizaçlo C Capitsliza@o E (EUR)

The notes to the Financial Statements form an integral part of the audited Annual Reports and Accounts Die Erlhterungen zu den Finanzauswetsen Sind Bestandteil des gepruften Jahresberichts. Les notes des Etats financiers font partie integrante des Rapports et des Comptes annuels audites. La memoria relativa a los Estados Financieros forma pane integra del Informe y Cuentas Anuales auditades As notas que acompanham as Demonstraçoes Financeiras fazem parte dos Relatbrios e Contas Anuais

57

INVESCO GT SICAV

Statement of Changes Aufstellung der Veranderungen Etut des changements Estado de variacibn patrlmonial Demonrtra@o da varlaçlo Notes

In Net Assets for the year des Nettovermogens für den de l'actif net correspondiente al ejercicio cerrado da situaeo liquida Anmerkung ended 29 February, 2004 RechnungYeitraum bis pour l'exercice clos au a 29 de fabrero de 2004 para O exercicio findo Notes

zum 29. Februar, 2004 29 fevrier 2004 cm 29 de Fevnrelro de 2004 Memoria Memoria

INCOME

Dividends

ERTR~~GE

D!vidende

PRODUITS

Dividendes

INGRESOS

Dividendos

RECEITAS

Dividendos 2

Bopd interest tinsen aus Anleihen Interets Intereses de inversiones en renta fila Juros de investimentos em obrigaçbes 2 obligataires

2

Otber income 5onstige Ertrdge Autres produits Otros ingresos Receitas diversas 2

Juros banchrios Banlr interest Bankzinsen Intere!s bancaires Intereses bancarios

EXPENSES AUFWENDUNGEN CHARGES GASTOS DESPESAS

Management fees Verwaltungsgebuhr Commissions de gestnon ComisiDn de gestidn Comissao de gestao 3

Sewe Agent's fee Bctreuungsgebdhr Cammirr,oi de seNice Comlslbi ce1 Agente de serum Conisslo da Aqente de SeNi(Os 4

Custodnan fee Depotgeoihr Fiais de conserva!ion des titres Conlisibn del Depositario Comissao do banco depositdrio 4

Luxembourg taxes Luxemburgische Steuer lnpots oayes au Luxembourq Impues!os luxemburgueses lmpostos tributados no LLxemburgo 5

Administrarion & Vetwaltungsaufwand & Fiais admmstratlfs et Foioraires Gastos de administracibn Despesas de administraCao audit expenses Prufungskosten d'audit y auditori; ' e auditoria

Amort satiun of Abschreibung der Amortissement des Amonizacidn de gastos Amonizaçao de Prelmnary Expenres Grlmdungikosten frais de lancement de constitucidn DespeMs Preliminare 2

Net investment incomel (lass) for the periodl year

Net equahtion receivec on issue of Sharer

Dividends paid and payable

Net proteeds/(payments) from issue/(redemption) of Shares

Net realised surplur/(deficitl on disposal of investments

Net surpluddeficit) on foreign currencies

Net unrealised appreciauonl (depreciation) of investments

Net asrets at the beginning of !he year

Nettoanlag.nertrag/(-verlust) fdr das Geschafrsjahr

Ne!toertra~sausgleich bpi Ausgabe von Arteilen

Gezahlre Oder zahlbare Drndenden

Nettoerlod I-zahlungenj au5 der Ausgabe/(Ruckriahmej von Anteilei

Realisierter Nenoubersciu@d (-verlus!) aus der VerauOeruny von Anlagen

NettouberschuIU-verlust) aus Fremdwahrungen

Realisiener Nenoaufwenungl (kabwertung) von Anlagen

Fondsvermcgen zu Beginn des JahregRethnungsreitraums

ProduiW(d6ficit) net de l'exercice

Palement compensateur recu lors de l'@mission d'actions

Dividendes payes et a payer

Mortan: l e t d? I'Bm~ssion1:du rac lar i

Pliis-valueilmoins-valuel nette rPalisPr w r les cessions de placemerm

Gain/(pene) de change net(te\

Plus-valuel!mo,ns-value: la'mte nPttC sur les invesIisserents

Actifs nets au dCbut de l'exercice

Resultado financiero positivo (negatlvol net0 del prrioddelercicio

Compensaridn neta de rendimientos percibnda por emisidn de Acciones

Dividendos repartidos y a repanir

Acreedoreg(deudore5) por emisidrd(reembols0) de Acciones

Plusvalia/(minusvalia) materializada neta por venta de drtivas iinancieros

Diferenclas positrad(negativas) de Cambio netas

Plusvalia/(.lisusvalia) latente neta de canera

Patrimonio neta al inicio

del ejercicidperiodo

Resultado financeiro positivo (negativo) do exerciciolano contabtlistico

Compenssçao llquida recebida sobre a emissao de acçbes

Dividendos dmbuldos e a distribuir

Credofed(devedores) por emissAo/;.esgate)

de acçoes

Mas-valia/(menosvaIia) materializada'liquida por Venda de anivos financeiros

Diferenfas posi:iv?r/(negativas sobre divisas estrangeiras

Mais-valid(menos.valia) latente liquida dos investimentos

Situaclo liquida no inicio do exerciciolano contabilistito

6

7

Net assets at the end Nettovermogen zum Actifs nets A la Patrimonio nem al t i e m Situaslo liquida no final of the year Jahrerende fln de l'exercice del ejercicio do exercicio

The notes to the Financial Statements form an integral pan of the audited Annual Repons and Accounts Die Erlauteiunyen n i den Finanzausweisen sind Bestandtetl des gepruften Jahresberichts Les note5 des Etal5 firianciers font partie integrante des Rapports et des Comptes annuels audites La memoria reldtiva a los Estados Financieros forma parte integra del Informe y Cuentas Anuales auditades As notas que acompanham as Dernonrtaç4es Financeiras fazem parte dos Relatbrios e Contas Anuais

60

INVESCO GT SICAV

Gnater Worldwide Emsrging Global North Amcrian Large Cap Eumpean Pan Europcan Nippon Nlppon Aria China Dynamir

Global US Structure Pan

Markte Value Amcri= Entsrpriss Cote Structund Eumpan Enbrprire Enterprlrt Gmwth Enterprise Oppr Theme Lelrure Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund

us1 us1 us5 US$ urs EUR EUR EUR JW JPV US$ us5 usr US$

685,408 276.1 15 362.548 59.214 2,187,582 1,041,038 10,474,025 6,959,960 77.819.94il 43.162.010 3,419,532 2,996,241 413.451 1,572,782

4,304 2.899 12 558 20,256 78,497 15,433 27.876 175.032 71 89,814 13,345 4.511 25.877

689.712 279.014 375.106 79,470 2,265,079 1,055,471 10.501.901 7,134,992 77,819,940 43,162.081 3,5G3.346 3.W9.586 417.962 1398.659

516.130 213,408 621,318 352.313 2,146,004 514,941 6,475,980 4314.503 176,344,763 81.847.437 2.556.852 1,484,708 475,482 2,808,678

91,424 37,718 125.40G 59.244 567,027 125,556 1,255,617 955.840 33314.874 15.198.907 569,192 ?90.633 98,468 566,712

34.205 8.961 15.3CO 4,484 39.407 22.785 244989 189.763 4.268.513 1,491,768 219.312 51,768 !1,C13 33.635

17,059 6.099 21,522 12.405 106,586 17.623 201,365 155,707 6,049,488 2.708.482 95.38) 55.792 17,980 104.372

103.342 60.840 81 082 80,779 147 406 82.738 452.22C 374,705 20,535,277 13,470,755 590.283 213.926 86,515 223,873

763,160 327,026 864,622 518,925 3.W6.430 763.643 8,530,171 6.590.518 240,512,915 115.717.349 4,030.921 2.096.827 689,458 3,737,270

(73,4481 (48.312) (489,516! (439,455, i740.3511 292,828 1,871,730 5U,d74 1162.692,975! 172,555,268; (521,575) 912,759 :27!,496) 12.138.6;l)

7 798.813 14,288,212) ‘1 3,736,657! 5,489,408 140,003,859 2,992,883 (159.096,306! (70,985.1 55) 725,855,343 (423.525.51 5; (44 524,464; 24.585.394 (1.109.430! 147,466.107!

3,652,146 (369.609’ (1,458,563) 2.933.051 15 :09.107 421.280 !53.614.137) Il28 829,254! (2,244,975,691; 804,912,861 4.036.832 8,663,953 354,577 12.132.525

(11,696) (32.549) (9.132) ’9,180 (86,393) (51,035) 13.11 1 (128.460: !1.088.556! (1.280.1371 !139.348) ;21.504) 779 704.579

13,049,935 4 646,624 12,741,897 5 416,569 34,874.544 10,555,520 183,434,534 254,459.482 7.473.903.451 532.439390 85.592.298 A3,694.671 11,702,949 55 388.825

22,872,302 1!.974,577 A1.037.147 16,081,580 81.850.799 30,341,180 427.451.039 282.1 18,875 8,989.385.2’1 4,931,360,459 158,861,825 66.664.191 24,750,297 147,971,781

47,268,052 11,882,819 38,085,176 29,500,423 271.01 1.565 US52.686 400,054,971 337,179.962 14,780,386,784 5,771,332,290 203,305,568 144,496,464 34,427,676 166,592,992

61

INVESCO GT SICAV

Worldwide Teletomm- Worldwide Worldwide Financial Dollar Eum unirations Terhnology Healthcare Energy Services Rerewe Rerervo

Fund Fund Fund Fund Fund Fund Fund us5 uss US$ us5 USI USI EUR

16,273 9,419 14.118 226.233 2C.266

. 2,112,519 2,341,695

1.339 973 15,390 1,362 1,047,263 955,747

EUm 29.02.04 28.02.03 Global Eumpean High Eumland CapilSI Conroll- Conroll-

Bond Bond Ykld Bond Shield dated dated

Fund Fund Fund Fund Fund Net Arrets Net Arretr US$ EUR EUR EUR EUR US5 Equlv. USS Equlv.

64 . 671,250 37,098,104 30,735,827

aai.ao2 4,602,497 3,074,313 1,908,935 385.361 16,252,964 30,617.1 16

1.272 11.212 6,701 2.971 - 2,802,708 5,006,656

12.138

16.173 10.158 15.090 143.623 21,628 3.159.782 3.197.442 883,074 4,613,709 3,083,078 1,911,906 1,056,631 58.153.796 66343.737

10,503 43,669 52.150 331,813 13.5CO 1 098,640 570.768 174.296 871,085 ~ 5 . 6 3 1 320.175 445,261 33,309,318 3a.395.088

:.Y51 5.931 7,237 57.765 2.05: 262.154 142.486 47.723 196.889 76.641 86.372 170,597 6,976.810 7,445,357

13,365 3.295 2,649 3,993 6,287 63,731 42.635 13.073 39.336 15,922 18,571 13.876 1,315,240 1,323,997

290 1,362 1,930 10,478 276 25,642 11,249 12,064 53.796 19.160 21.593 43,927 1,219,367 1,277,718

12,839 39,847 33.703 51,080 22.256 309,715 143,514 69.661 103,510 48.655 56,476 57,076 4,083.542 3,901,262

9,000 3,467 13.296 24,452

48,968 94,304

(32.695) (83,846)

!b56.385) (344.1 70i

4,802 513

1,012,312 1,830,933

3,841,495 5.493547

97.878 464.126 44,370 1,759,882 910.652 316.819 1.2€4,616 606.W 503,187 734,204 46,917,573 52,367,814

(82.768)

(10,369,163)

11.584.563)

3

2,901,465

9,135,026

(220,503\ 122.742; 1.399.900 2,386.790

2,025,518 (500,488) 102.139 24,043

11,lOli (7,458) (64,989)

2,947,573 963,912 (41.617) 1,497

1518.214) - (518.214) (534.015)

(4,050.025J (33,490,331) (12,725,975) (1 1515.582) 247,710,896 (302,086,715) (599.615 867)

1,591,569 2,663,205 23.098 1,094,595 1,273,983 I l 86,547,203) !790,M1,981)

(2,098,906) 64,524 413,390 - 3.124.282 2,492.924 737.564

(51,229) !2,949.9861 2.372.059 11,216,6923 (30.238) 902.598.&17 (89,645,634)

22.537.332 125,161,329 36,595,230 48.013.234 . 2,496,239,680 3,775,723,556

- 24.485.480 - 114J48,940 124.V18.212 17,934,656 94397.834 19,154.871 37,684.274 252.47.350 2,918,736,241 2,310,103,702

62

.. . .. . . .. . .. . . .. ... .. .. .

INVESCO GT SICAV

Notes to the Financial Statements

1. Basis of Presentation INVESCO GT (the "Fund") is an investment Company organised under Luxembourg law as a Socibté Anonyme qualifying as a Sociktb d'Investissement A Capital Variable ("SICAV"). INVESCO GT 18 an umbrella fund, comprising 22 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 B I 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 appeartng in the Statement of Net Assets and Statement of Changes in 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 a t rates of Euro 0.81 and JPY 109.01 respectively.

In valuing total assets, quoted securities are valued on each Valuation Day a t 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.

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 27 February 2004.

(d) Cost of sales of investments Any surplus or deficit on sales of investments is determined on the basis of average cost.

(e) lncome from investments Dividend income i5 accounted for on an ex-dividend basis. lncome arising on fixed interest securities and deposit interest ts accrued on a day-to-day basis.

Transactions in currencies other than the designated currency for each sub-fund are translated at the rates of exchange rulinq 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 a t the year end.

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 betng attributable to a particular sub-fund, such expense is allocated between sub-funds on the basis of their respective Net Asset Values.

Preliminary expenses are being amortised over a period not exceeding 5 years from the date of launch of each sub-fund

lb) Valuation of investments

(c) Impact on Values

(f) Foreign exchange

(g) Expenses allocation

(h) Preliminary expenses

3. Management and lnvestment 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, INVESCO Asia Ltmited in Hong Kong, INVESCO Asset Management (Japan) Limited in Tokyo, INVESCO Funds Group, Inc in Denver, Colorado, USA, INVESCO Institutional (NA) Inc in New York, INVESCO Global Asset Management (N A) Inc in Atlanta and INVESCO Gestion S A in Paris

63

INVESCO GT SICAV


i

For i ts 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, AA Class 13 (includes a 1 X 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 5 0 % 2.50% 1 .OO% 2 00%

America IGT North America 1 5 0 % 2.50% 1 .OO% 2 00% IGT US Structured

Large Cap Core 1.30% 2 30% O 80% 2.25% IGT American

Enterprise 1.50% 2.50% 1 .OO% 2.25% ~ ~~

Europe IGT European Structured 1 30% 2 30% IGT Pan European 1.50% 2.50% IGT Pan European

Enterprise 1.50% 2.50% IGT ltalia 1.50% 2 50%

0.80% 2.25% 1 .OO% 2.00%

1 .OO% 2.25% 1 .OQ% 2.00%

Japan IGT Nippon Enterprise 1.50% 2.50% 1 .OO% 2.25% IGT Nippon Growth 1.50% 2.50% 1 .OO% 2.00%

Asia IGT Asia Enterprise 1 .50% 2.50% 1 .OO% 2.25% IGT Greater China

Opportunities 1.50% 2.50% 1 .OO% 2.25%

THEME FUNDS IGT Worldwide

Dynamic Theme 1.50% 2.50% 1 .OO% 2.00% IGT Leisure 1.50% 2.50% 1 .OO% 2.25% IGT Worldwide Telecommunications 1.50% 2.50% 1 .OO% 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 .OO% 2.25% IGT Financial Services 1.50% 2.50% 1 .OO% 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 European Corporate Bond 1.25% 2.25% 0.75% 1.25%

IGT Euroland Bond 0.75% 1.75% 0.50% 0.90%

4.

~~ ~~~

STRUCTURED FUND IGT Capital Shield 1.00% 2.00% 0.60% 1.50%

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 lnvestment Adviser are paid out of the Manager's remuneration.

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

INVESCO GT SICAV


Tax Status The Fund rs regtstered under Luxembourg law as a collective investment undertakinq. Accordingly, no Luxembourg income or capital gains tax is

a t 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.

Equalisation Equalisation is an income 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.

Dividends A dividend of US$317,287 and USB200,927 was paid on 31 October 2003 and 30 April 2004 respectively to holders of Class A Shares (Distribution Shares) in the INVESCO GT Global Bond Fund. consrsting of income and net equalisation. In accordance with the distribution policy of the INVESCO GT Global Bond Fund, income ts distributed by way of a dividend payment, only to holders of Class A Shares (Distribution Shares). The income due to holders of Class A, C and Class E Shares (Accumulation Shares) is reinvested to enhance the value of Class A, C and Class E Shares.

Forward Currency Contract The INVESCO GT Global Bond Fund and INVESCO GT Euro High Yield Fund have entered into forward foreiqn currency exchange contracts for efficient portfolio management. Forward foreign currency exchange contracx are used to hedge aqainst anticipated future changes in exchange rates which otherwise might erther adversely affect the value of the Funds' portfolio securities or adversely affect the price of securities which the Fund intends to purchase a t a later date Forward foreign currency exchange contracts open at 29 Februaty 2004 are as follows:

INVESCO GT Global Bond Fund Details of Forward Currency Contracts

4,656,264 678,329 777,854

1,417,784 978,866

5,693,525 930,659

50,000 135,248 77,773 71,534 50,000

35,000,000 1,500,000

150,000 2,000.000

70,000,000 1,120,000

40,000 50,000,000

54,856 825,906

7,390,000 852,082

USD to seIl USD to sel1 USD to seIl USD to seIl USD to seIl USD to seIl USD to seIl EUR to SeIl USD to sel1 USD to seIl USD to seIl EUR to seIl J PY to seIl DKK to seIl EUR to seIl J PY to seIl JPY to seIl CAD to seIl USD to seIl J PY to seIl USD to sel1 USD to seIl SEK to seIl EUR to seIl

3,930,000 2,695,000 1,020,000 8,900,000

580,000 619,000,000

7,100,000 59,875

1 10,000 100,000 40,000 61,850

326,401 251,771 187,530 18,952

663,822 838,826 290,190 368,568 325,000

1,100,000 801,438

7,853,639

Total Unrealised loss on open forward exchange contracts

Unrealised Gainl(Loss) USD EUR (207.831) PLN (3,650) CAD 2 1,483 DKK (60,848) GBP (90,923) J PY 9,092 SEK (23.137) USD 2,009 EUR (897) CAO 3,619 GBP (2,245) USD 34 USD (4.987) USD (2.563) USD (1.878) USD (588) USD (20,994) USD (8,301) SEK 1,017 €UR 2,992 DKK 861 CAD 10,213 EUR 828 SEK (532)

Maturity Date 31 -Mar-04 31-Mar-O4 31 -Mar-04 31-Mar-O4 31 -Mar-04 31 -Mar-04 31 -Mar-O4 31-Mar-O4 31 -Mar-04 31-Mar-04 31-Mar-O4 31 -Mar-04 31-Mar-O4 31-Mar-04 31 -Mar-04 31 -Mar-04 31-Mar-O4 31 -Mar-04 31-Mar-O4 31 -Mar-04 31-Mar-O4 31 -Mar-04 31-Mar-O4 O1 -Mar-04

(377,226)

INVESCO GT Euro High Yield Fund Details of Forward Currency Contracts Buy 106,190 EUR to seIl Buy 341,922 €UR to seIl Buy 5,661,197 €UR to sel1 Buy 3,990,164 EUR to seIl BUY 79,835 EUR to seIl Buy 178,000 GBP to seIl BUY 41,930 EUR to seIl Buy 252,603 EUR to seIl Buy 128,968 EUR to seIl

133,000 534,000

3,909,000 4,998,000

100,000 259,366

53.000 172,000 165,000

Total Unrealised loss on open forward exchange contracts

Unrealised Gain/(Loss) USD USD (1,368) CHF 2,370 GBP (150,507) USD (51,744) USD (1,035) EUR 5,276 USD (93 1) GBP (3,118) USD (4.468)

(205,525)

Maturity Date 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04

65

INVESCO GT SICAV


8.

9.

10.

11.

Forward Currency Contract (continued) INVESCO GT Capital Shield Fund Details of Forward Currency Contracts Unrealised Gain/(Loss) USD Maturity Date Buy 1,473,751 EUR ta seIl 1,850,000 USD (23,145) 2 5-May-O4 Buy 611,914 EUR to seIl 83,000,000 JPY (5,887) 2 5-May-04 Buy 30,000,000 JPY to seIl 221,011 EUR 2,291 25-May-04 Buy 146,854 EUR to seIl 20,000,000 JPY (2.014) 25-May-04

Total Unrealised loss on open forward exchange contracts (28,755)

Futures Description Number of Contracts Commitment LongIShort Unrealised gain/(loss)

INVESCO GT US Structured Large Cap Core Fund S&P 500 Future 18/3/2004 59 16,940,275 Long 78,075

INVESCO GT Capital Shield Fund S&P 500 Emini 19/03/2004 US 10 Year Note Future 22/3/2004 DJ Euro Stoxx 50 Future 19/3/2004 Euro Bond Fund Futue 8/3/2004 10 Year Mini JGB Future 10/3/2004 Nikkei 225 (SGX) Future 11/3/2004

598 26,579,974 Long 842 76,628,624 Long 453 12,664,680 Long 52 1 59,704,050 Long 159 16,577,501 Long 285 11,119,809 Long

782,969 490,859 51 5,355 541,785 1 01,251 694,182

Total unrealised gain 3,126,401

Changes in lnvestments A list, specifying for each investment the total purchases and sales which occurred during the year under review, may be obtained, upon request and free of charge, a t the Registered Office and the Hong Kong Representative Office of the Fund.

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.

lnvestment 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 aggre- gate, of significant assistance in fulfilling its investment responsibilities and are of demonstrable benefit to al1 clients. Only services that assist in the provision of investment services to the Group's clients will be paid for by counterpatties.

Allowable investment services include services that provide assistance to the Group in its investment performance. Those services include, but are not necessarily limited ta, 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 lurisdiction over its clients or business. This may Vary in application with respect to the appropriateness of those investrnent 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 al1 transactions for al1 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 2003 to 29 February 2004 foreign exchange contracts were transacted with INVESCO Bank Frankfurt. No Commission was paid on these transactions. The transaction amounts for the year and the percentages of the total foreign currency transactions were a5 follows:

Global Value Fund 948,956 12.75% Asia Enterprise Fund 24,334,789 11.17% American Enterprise Fund 1,082,536 14.25% Greater China Opps Fund 7,838,813 5.39% European Structured Fund 2.759.218 0.04% Leisure Fund 899,313 3.86% Pan European Fund 74,333,321 0.89% EuropeanBond Fund 2,748,500 0.01 % Pan European Enterprise Fund 56,379,609 1.16% The Group will endeavour to maintain the highest possible regulatory standards world-wide.

66

INVESCO GT SICAV


1. Allgemeines INVESCO GT ("der Fonds") ist eine lnvestmentgesellschaft, die nach dem Recht des Groflherzogtums Luxemburg als eine Socibté Anonyme (S.A.) in der Form einer SociPtC d'Investissement A Capital Variable ("SICAV") errichtet wurde. INVESCO GT 1st ein Unbrella-Fonds, der sich aus 22 Teilfonds zusammensettt, die jeweils als separate Rechtseinheiten behandelt werden. Der vorliegende JahresabschluO wurde gemaB luxemburgischer Vorschriften erstellt.

Anteilsklassen Die Anteile einiger Teilfonds werden in sechs Klassen angeboten (Klasse A, Klasse AA, Klasse B, Klasse 81, Klasse C und Klasse E). Die Anteile der Klasse A Sind ohne Einschrankungen verfügbar. Anteile der Klasse B werden ausschlieOlich an eine Untervertriebsstelle abgegeben. Anteile der Klasse C, für die ein hoherer Mindestzeichnungsbetrag gilt und geringere Verwaltungsgebühren erhoben werden, Sind in erster Linie für grosere Oder tnstitutionelle Anleger bestimmt. Für Anteile der Klasse E wird eine niedrigere Ausgabegebühr verlangt, dafür jedoch eine hBhere jahrliche Verwaltungsgebiihr erhoben als für Anteile der Klassen A bzw. C. Anteile der Klasse B1 werden nur für den INVESCO GT Dollar Reserve Fund ausgegeben. Bei diesen wird keine Vertriebsgebühr berechnet.

2. Wesentliche Grundsatze der Rechnungslegung (a) Konsolidierung

Die konsolidierten Zahlen in der Aufstellunq der Vermogenswerte dienen lediglich statistischen Zwecken und sollten bei Anleilinhabern mit Anteilen in einem Oder mehreren Teilfonds ketnerlei Anwendung finden. Aktiva und Passiva in Teilfonds mit Euro Oder japanischen Yen als Referenzwahrung wurden zum Kurs von Euro 0.81 und JPY 109.01 in US Dollar umgerechnet.

Bei der Bewertung des Nettovermljgens werden borsennotierte Wertpapiere an jedem Bewertungstag zum letzten verfügbaren Kurs bewertet, der an der BBrse, 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 borsennotierter Wertpapiere am nachsten kommt.

Die Finanzausweise wurden auf der Basis der letzten im Berichtzeitraum ermittelten Nettobilanzwerte erstellt. In Übereinstimmung mit den Angaben in der Broschuure wurden die Nettobilantwerte auf Basis de um 1O:OO Uhr (Dubliner Ortszeit) am 27. Februar 2004 zuletzt Preise errechnet.

(dJ Kosten aus dem Verkauf von Wertpapieren Die Feststellung von Gewinnen bzw. Verlusten aus dem Verkauf von Wertpapieren erfolgt auf der Basis von Durchschnittskosten

(e) Ertrage aus Wertpapieranlagen Dividendenertrage werden auf einer ex-Dividende Basis bewertet. Einkommen aus festvertinslichen Wertpapieren und Zinsen aus Bankguthaben werden taglich verbucht.

Transaktionen in anderen Wahrungen als den Wahrungen der einzelnen Teilfonds werden zu dem Devisenkurs umgerechnet, der zum Zeitpunkt der Transaktion vorgeherrscht hat. Der Marktwert von Anlagen und sonstigen Vermogenswerten und Verbindlichkeiten in anderen Wahrungen als den Wahrungen der einzelnen Teilfonds werden zu dem Wechselkurs umgerechnet, der am Jahresende vorherrscht.

(bJ Bewertung des Wertpapierbestandes

(cJ Auswirkungen auf Werte

(f) fremdwahrungen

fg) Kostenaufteilung Die einem einzelnen Teilfonds entstandenen Kosten werden diesem mmittelbar belastet. Falls solche Kosten nicht einem bestimmten Teilfonds zuzuordnen Sind, werden Sie den verschiedenen Teilfonds auf der Basts der Fondsvermljqen der jeweiligen Teilfonds belastet.

(hJ Griindungskosten Gründungskosten werden uber 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 fur die Anlagestrategie sowie die Leitunq und Verwaltung des Fonds verantwortlich. Der Verwaltungsrat delegiert die Tagesgeschafte des Fonds an INVESCO GT Management S.A., Luxembourg (Verwaltungsgesellschaft).

Die Verwaltungsgesellschaft wird bei der Umsettung der vom Verwaltungsrat des Fonds vorgegebenen Anlagestrategie von INVESCO Asset Management Limited in London, INVESCO Asia Limited in Hongkong, INVESCO Asset Management (Japan) Limited in Tokio, INVESCO Funds Group, Inc in Denver, Colorado, USA, INVESCO Institutional (NA) Inc. in New York, INVESCO Global Asset Management (N.A.! in Atlanta und INVESCO Gestion S.A. in Paris unterstutzt.

67

INVESCO GT SICAV


Die Verwaltungsgesellschaft erhalt vom Fonds für die erbrachten Dienstleistungen gema0 der folgenden Tabelle einen Prozentsatz des Fondsvermogens aus jedem Teilfonds.

Fonds Verwaltungs- Verwaltungs- Verwaltungs- Verwaltungs- Verwaltungs- gebiihr gebiihr gebühr gebiihr gebiihr Klasse A, AA Klasse B (inkl. 1 % Klasse B I Klasse C Klasse E

Ausschüttungsgebiihr) AKTIENFONDS Global IGT Global Emerging

Markets 2 00% 3.00% 1.50% 2.25% IGT Global Value 150% 2.50% 1 .OO% 2.00%

Amerika IGT North America 1.50% 2.50% 1 .OO% 2 00% IGT US Structured Large Cap Core 1.30% 2.30% 0.80% 2.25%

IGT American Enterprise 1.50% 2.50% 1 .OO% 2.25%

Europa IGT European Structured 1.30%

IGT Pan European IGT Pan European 1.50%

Enterprise 1.50% IGT ltalia 1.50%

2.30% 2 50%

2.50% 2.50%

0.80% 2.25% 1 .OO% 2.00%

1 .OO% 2.25% 1 .OO% 2.00%

Japan IGT Nippon Enterprise 1.50% IGT Nippon Growth 150%

2.50% 2.50%

1 .OO% 2.25% 1 .OO% 2.25%

Asien

IGT Greater China IGT Asia Enterprise 1.50% 2.50% 100% 2.25%

Opportunities 1.50% 2.50% 100% 2.25%

THEMENFONDS IGT Worldwide

IGT Leisure 1.50% 2.50% 1 .OO% 2.25% IGT Worldwide Telecommunications 1.50% 2.50% 1 .OO% 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 .OO% 2.25% IGT Financial Services 1.50% 2.50% 1 .OO% 2.25%

RESERVEFONDS IGT Dollar Reserve 0.50% 1.50% 0.50% 0.25% 0.50% IGT Euro Reserve 0.45% 1.45% 0.15% 0.50%

Dynamic Theme 1.50% 2.50% 1 .OO% 2.00%

RENTENFONDS IGT Global Bond 0.75% 1.75% IGT European Bond O 75% 1.75% IGT European Corporate Bond 1.25% 2.25% IGT Euroland Bond 0.75% 1.75%

0.50% 0.90% 0.50% 0.90%

0.75% 125% 0.50% 0.90%

STRU KTU RI E RTE FOND IGT Capital Shield 1 .OO% 2.00% 0.60% 1.50%

Die Verwaltunqsqebuhren werden taqlich auf der Grundlaqe des Fondsvermogens jedes Teilfonds an jedem Geschaftstag berechnet und monatlich bezahlt. Die Gebühren des Anlageberaters werden au5 den Mitteln beglichen, die der Verwaltungsgesellschaft für ihre Dienstleistungen gezahlt werden

4. Sonstige Gebühren Die Verwaltungsgesellschaft erhalt vom Fonds eine Gebühr (Betreuungsgebühr), die für Aktienfonds 0,3% p.a., für Rentenfonds 0,2% p.a. und für Reservefonds 0,1% p.a. des Vermogenswerts des Fonds nicht überschreitet und aus welcher die Gebühren der Verwaltungsstelle, der Domiziliationsstelle und der Unternehmensstelle, der Reqistrierstelle 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 Geschaftstag aus dem Vermogenswert des Fonds errechnet (zu einem von Zeit zu Zeit mit der Verwaltungsgesellschaft verein- barten Satz) und wird monatlich ausgezahlt. Darüber hinaus erstattet die Verwaltungsgesellschaft die Auslagen des Reprasentanten des Fonds in Hongkong.

In ihrer Eigenschaft als Depotbank erhalt die J.P. Morgan Bank Luxembourg S.A. gema0 den bankenüblichen Gepflogenheiten in Luxemburg ein Entgeld (eine Depotgebühr) in Hohe eines von Zeit zu Zeit mit der Verwaltungsgesellschaft zu vereinbarenden Satzes. der aber 0.2% p-a. des Vermogenswerts des Fonds nicht überschreitet. Die Depotgebühren werden taglich (auf Basis des Vermogenswerts des Fonds an jedem Geschaftstag) ermittelt und monatlich bezahlt. Darüber hinaus konnen die "Depotqebühren" auch Transaktionsgebühren für die jeweiligen Fonds beinhalten.

68

INVESCO GT SICAV


Steuern Der Fonds ist gemaI3 Luxemburger Recht als ein Organismus für qemeinsame Anlagen eingetragen. Dementsprechend muO der Fonds derteit keine Luxemburger Ertrags- Oder Kapitalgewinnsteuer abführen. Er muR allerdings eine jahrliche ,.Taxe d'abonnement" in Hohe von jahrlich 0,05 % des Nettoinventarwerts zahlen. Die beiden Reserve Funds müssen den verminderten Jahressatz von 0.01 % des Nettoinventarwerts zahlen.

Ertragsausgleich Der Ertragsausgleich ist von einem Anteilinhaber eingezahltes Kapital und wird errechnet, indem die noch nicht ausgeschütteten Nettoertrage 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.

Dividenden Am 31. Oktober 2003 und am 30. April 2004 wurde an die lnhaber von 'A'-Anteilen (Ausschüttungsanteile) des INVESCO GT Global Bond Fund eine Dividende in Hohe von 317.287 USD bzw. 200.927 USD ausgeschüttet, die sich aus erwirtschafteten Ertragen und einem Netto- Ertragsausgleich zusammensetzte. In Übereinstimmung mit der Ausschüttungspolitik des Unterfonds INVESCO GT Global Bond Fund werden Ertrage in Form einer Ausschüttung lediglich an die lnhaber von 'A'-Anteilen (Ausschüttungsanteile) ausgezahlt. Die den lnhabern von 'A'-Anteilen (Thesaurierunqsanteilen). 'C'- Anteilen (Thesaurierungsanteilen) und 'E'-Anteilen (Thesaurierungsanteilenl zustehenden Ertrage werden im Fonds wieder angelegt und steigern so den Wert der 'A'-Anteilen (Thesaurierungsanteilen), 'C'-Anteile des Fonds und der 'E'-Anteile des Fonds.

Wahrungstermin kontrakte

Der INVESCO GT Global Bond Fund und der INVESCO GT Euro High Yield Bond Fund Sind zum Zwecke eines effizienten Portfoliomanagements Devisenterminkontrakte eingegangen Devisenterminkontrakte werden zur Absicherung gegen kunftige vermutete 4nderungen der Wechselkurse einqesetzt, die anderweitiq nachteiliqe Auswirkunqen entweder auf die Portfohoaaplere des Fonds Oder auf den Kurs der Wertpapiere haben khnten , die der -Fonds ZUI einem spatken Zeitpunkt zu kaufen plan; Fremdwahrungsterminkontrakte lauten wie folqt:

Global Bond Fund Angaben zu den Devisentermin kontrakten Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf Kauf

4,656,264

777,854 1,417,784

978,866 5,693,525

930,659 50,000

135,248 77,773 71,534 50,000

35,000,000 1,500,000

150,000 2,000,000

70,000,000 1,120,000

40,000 50,000.000

54,856 825,906

7,390,000 852,082

678.329 USD USD USD U5D USD USD USD EUR USD USD USD EUR J PY DKK EUR J PY J PY CAD USD J PY USD USD SEK EUR

Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf Verkauf

Summe unrealisierter Verluste aus offenen Devisenterminkontrakten

Euro High Yield Fund Angabenzuden Devisentermin kontra kten Buy 106,190 EUR Verkauf Buy 341,922 EUR Verkauf Buy 5,661,197 EUR Verkauf Buy 3,990,164 EUR Verkauf BUY 79,835 EUR Verkauf Buy 178,000 GBP Verkauf BUY 41,930 EUR Verkauf Buy 252,603 EUR Verkauf Buy 128,968 EUR Verkauf

3,930,000 2,695,000 1,020,000 8,900,000

580,000 619,000.000

7,100,000 59,875

1 10,000 100,000 40,000 61,850

326,401 251,771 187,530

18,952 663,822

290,190 368,568 325,000

1,100,000

7,853,639

838,826

801.438

133,000 534,000

3,909,000 4,998,000

100,000 259,366

53,000 172,000 165,000

Unrealisierter Gewinn/ (Verlust) USD

EUR PLN CAD DKK GBP J PY SEK USD EUR CAD GBP USD USD USD USD USD USD USD SEK EUR DKK CAD EUR SEK

(207.83 1 ) (3,650)

2 1,483 (60,848) (90,923)

9,092 (23,137)

2,009 (897)

3,619 (2,245)

34 (4.987) (2,563) (1.878)

(588) (20,994)

(8,301) 1 ,O1 7 2,992

86 1 10,213

(532) 828

(377,226)

Unrealisierter Gewinnl (Verlust) USD

USD (1,368) CHF 2,370 GBP (1 50,507) USD (5 1,744)

USD (1,035) EUR 5,276 USD (931)

USD (4.468) GBP ( 5 1 18)

Die am 29 februar 2004 offenen

Falligkeitstag 31-Mar-O4 3 1 -Mar-04 3 1 -Mar-04 3 1 -Mar-04 31-Mar-O4 31-Mar-O4 3 1 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31-Mar-O4 31-Mar-O4 31 -Mar-04 31-Mar-O4 31 -Mar-04 31 -Mar-04 3 1 -Mar-04 31-Mar-O4 31-Mar-O4 31-Mar-O4 3 1 -Mar-04 31-Mar-O4 3 1 -Mar-04 01-Mar-O4

Falligkeitstag 04-May04 04- M ay04 04-May04 04- M ay04 04-May04 04-May04 04-May04 04-May04 04-May04

Summe unrealisierter Verluste aus offenen Devisenterminkontrakten (205,525)

69

INVESCO GT SICAV


8.

9.

I O .

11.

Wahrungsterminkontrakte (FORTSETZUNG)

INVESCO GT Capital Shield Fund Angaben zu den Unrealisierter Gewinnl Devisentermin kontra kten Werlust) USD FBlligkeitstag Kauf 1,473,751 EUR Verkauf 1,850,000 USD (23,145) 25-May-O4 Kauf 611,914 EUR Verkauf 83,000,000 J PY (5,887) 25-May-O4 Kauf 30,000,000 J PY Verkauf 221.01 1 EUR 2,291 25-May-O4 Kauf 146,854 EUR Verkauf 20,000,000 J PY (2.014 25-May-O4

Summe unrealisierter Verluste aus offenen Devisenterminkontrakten (28,755)

Terminkontrakte Beschreibung Anzahl der Kontrakte Zusage LonglShort Unrealisierter Gewinnl(Ver1ust)

US Structured Large Cap Core Fund S&P 500 Future 18/3/2004 59 16,940,275 Long 78.075

INVESCO GT Capital Shield Fund S&P 500 Emini 19/03/2004 598 US 10 Year Note Future 22/3/2004 842 DJ Euro Stoxx 50 Future 19/3/2004 453 Euro Bond Fund Futue 8/3/2004 52 1 10 Year Mini JGB Future 10/3/2004 159 Nikkei 225 (SGX) Future 11/3/2004 285

26,579,974 Long 782,969 76,628,624 Long 490,859 12,664,680 Long 515,355 59,704,050 Long 541,785 16,577,501 Long 1 01,251 1 1,119,809 Long 694,182

Unrealisiertert Gewinnl(Ver1ust) insgesamt 3,126,401

Aufstellung der Veranderungen im Wertpapierbestand Ein Verzeichnis, das die warhrend des Geschaftsjahres getatigten Kaufe und Verkaufe fur jedes Wertpapier auflistet, kann auf Anfrage am Geschaftssitz des Fonds bel INVESCO BANK Osterreich AG, RotenturmstraBe 16 -18, A - 1010 Wien, Austria, und bei INVESCO Fondssetvice GmbH BleichstraOe 60-62, 6031 3 Frankfurt am Main,Germany, sowie beim Reprdsentanten in Hongkong eingesehen werden

Vergünstigte Provisionen und Geschafte mit verbundenen Personen Verschiedene Tochtergesellschaften der AMVESCAP PLC ("die Gruppe") konnen im Rahmen der Zielsetzung des Erreichens hochster Nettoertrage, einschlieRlich bester Abwicklung, Vereinbarungen mit Vertragspartnern treffen, wobei diese Vertragspartner für die Gruppe durchgeführte Anlagedienstleistungen Zahlungen leisten.

Anlagedienstleistungen werden von der Gruppe genutzt, um die Leistungen für ihre Kunden zu verbessern Oder zu erganren. Obgleich nicht jede einzelne Dienstleistung für jedes von der Gruppe betreute Konto genutzt werden muB, 1st die Gruppe der Meinung, daR diese Dienstleistungen insgesamt eine nachhaltige Unterstüttung 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.

Zulassige Anlagedienstleistungen Sind solche, die die Gruppe hinsichtlich lhrer Anlagerendite unterstütten. Solche Dienste umfassen Bereitstellung von Analysen, Forschungs- und Beratungsleistungen, einschlieBlich okonomischer Faktoren und Entwicklunqen, Portefeuillebewertung und -analyse, Renditenmessung, Marktpreisbeurteilungen und die Nutzung spezialisierter Computersoftware und -hardware Oder anderer Informationsdienste, sind jedoch nicht notwendigerweise auf diese Leistungen beschrankt.

Die Gruppe wird die Erfüllung ihrer Anlageentscheidungsaufgaben gegenüber ihren Kunden nach dem Recht der Lander, die über ihre Kunden Oder ihre Geschaftstatigkeit Zustandigkeit haben, gewahrleisten. Die Anwendung dieser Regelung kann variieren, je nachdem. inwieweit die geleisteten Anlagedienstleistungen als angemessen und vertretbar gelten.

Die Gruppe wahlt zur Ausführung von Transaktionen Vertragsparteien unter der Voraussetzung aus, dai3 Transaktionen dann und nur dann aus- geführt werden, wenn sie nicht gegen die besten lnteressen der Kunden der Gruppe verstoBen, und unter der Voraussetzung, dai3 die Hohe der Stückelungen allgemein anerkannten Marktstandards entspricht. Die Gruppe ist bestrebt, für ihre Kunden bei der Ausfuhrung aller Transaktionen das bestmogliche Ergebnis zu erzielen.

Zusatzlich konnen Kunden die Gruppe beauftragen, mit den Vertragsparteien für gelieferte Produkte und Dienstleistungen auf Provisionsbasis abzurechnen. In diesen Fallen wird die Provision ausschliefllich zum Nutzen des Kunden verwendet, für dessen Transaktion die Provision fallig ist.

Vom 1. Marz 2003 bis 29. Februar 2004 wurden Devisenterminkontrakte mit der INVESCO Bank Frankfurt abgewickelt. Für diese Transaktionen wurde keine Provision gezahlt. Es folgen eine Aufstellung der Transaktionsbetrage für das Jahr und der prozentualen Anteile an den gesamten Devisentransaktionen:

Global Value Fund 948,956 12.75% Asia Enterprise Fund 24,334,789 11.17% American Enterprise Fund 1,082,536 14.25% Greater China Opps Fund 7,838,813 5.39%

899,313 3.86% European Structured Fund 2,759,218 0.04% Leisure Fund Pan European Fund 74,333,321 0.89% European Bond Fund 2,748,500 0.01 9'0 Pan European Enterprise Fund 56,379,609 1.16% Die Gruppe wird sich nach Kraften bemühen, die hochstmoglichen aufsichtsrechtlichen Standards weltweit einzuhalten.

70

INVESCO GT SICAV

Notes aux états financiers

Conditions de prbsentation INVESCO GT (la "SICAV") est une société d'investissement constituée en société anonyme de droit luxembourgeois dotée du statut de SICAV (SociPtC d'Investissement a Capital Variable). INVESCO GT est une SICAV comprenant 22 compartiments, dont chacun est trait6 comme une entitP indbpendante. Les etats financiers ci-joints ont Pte prepares conformement aux regles de prbsentation prbvues par la loi luxembourgeoise.

Catégories d'actions Les Parts de certains compartiments sont disponibles dans six classes (Classe A, Classe AA, Classe B, Classe BI, Classe C et Classe E). Les Parts de Classe A sont disponibles sans aucune restriction. Les Parts de Classe B sont mises uniquement à la disposition d'un sous distributeur. Les Parts de Classe C, dont le montant de souscription initial et minimal est plus @levé et qui bénbficient d'une commission de gestion reduite, sont destinees principalement aux investisseurs institutionnels et autres investisseurs importants. Les frais initiaux des Farts de Classe E sont infbrieurs et leur commission de gestion annuelle est superieure aux Parts de Classe A ou C. Les Parts de Classe B I sont uniquement disponibles dans le Fonds INVESCO GT Dollar Reserve et aucune commission de distribution n'est imputee.

SynthPse des principales rPgles comptables Consolidation II convient d'observer que les chiffres consolides apparaissant dans I'état de l'actif net ne sont fournis qu'a des fins statistiques et ne doivent pas ëtre utilisés par les investisseurs détenant des participations dans u n ou plusieurs compartiments. Les blbments d'actif et de passif des compartiments libelks en euro et en yen ont Pte convertis en dollars des Etats-Unis au taux respectif de 0.81 euros et 109.01 yen.

kvaluation des investissements Pour calculer le total des actifs, les titres cotPs sont valorisbs A chaque Arrête de la valeur liquidative sur la base du dernier cours disponible sur la Bourse des valeurs mobilieres, celle-ci btant habituellement le principal marche sur lequel se negocient ces titres. Les titres nPgociPs sur un marché de gre à gre sont évalués selon des modalités aussi proches que possible de celles utilisees pour le calcul des titres cotes.

Impact sur les Valeurs Les btats financiers ont Ptb prbparbs sur la base des dernieres valeurs nettes determinees durant la période comptable. Conformement au Prospectus, les valeurs nettes du bilan ont eté calculees en se réferant aux derniers prix disponibles a 1 O h (heure de Dublin) le 27 fbvrier 2004.

Coût de cession des placements Les gains et les pertes rbalises sur les ventes de placements sont détermines sur base des coûts moyens.

Produits des placements Les dividendes perçus sont comptabilises sur la base du coupon detache. Les intPrets sur les dép8ts et les titres à taux fixe sont constatés quotidiennement.

Devises Les transactions exprimees dans des devises autres que la monnaie de rbference de chaque compartiment sont converties au taux de change en vigueur au moment de ces transactions. La valeur de marche des investissements et des autres actifs et dettes libellbs dans des devises autres que la monnaie de reférence de chaque compartiment est convertie au taux de change en vigueurà la clôture de l'exercice.

Affectation des dbpenses Lorsque la SICAV encourt une dépense concernant un compartiment particulier, cette depense est affectbe au compartiment en question. Lorsqu'une depense ne peut être rattachCe A un compartiment donne, elle est ventilbe entre les divers compartiments en proportion de leur Valeur liquidative respective.

Frais de constitution Les frais de constitution seront amortis sur une durée maximale de 5 ans A compter du lancement de chacun des compartiments.

Gestion et conseil en placement Les Administrateurs de la SICAV ("les Administrateurs") sont responsables de sa politique d'investissement, de sa gestion et de son administration de la SICAV. Les Administrateurs delequent la gestion quotidienne du portefeuille de valeurs mobilières de la SICAV A INVESCO GT Management S.A., Luxembourg ("le Gestionnaire")

En suivant la politique d'investissement définie par les Administrateurs. le Gestionnaire se fait conseiller, selon les cas, par INVESCO Asset Management 2 Londres. INVESCO Asia Limited à Hong Kong, INVESCO Asset Management (Japan) Limited A Tokyo, INVESCO Funds Group, Inc. A Denver, Colorado, Etats-Unis, INVESCO (NA) Inc. a New York, INVESCO Global Asset Management (N.A.) à Atlanta et INVESCO Gestion A Paris.

71

INVESCO GT SICAV


Pour ses services, le Gestionnaire perçoit de la SICAV un pourcentage de la Valeur liquidative de chaque compartiment selon les modalitbs suivantes:

Compartiment Frais de Frais de Frais de Frais de Frais de gestion gestion gestion gestion gestion Catégorie A, AA Catégorie B (comprend Catégorie B1 Catégorie C Catégorie E

une commission de distribution de 1 %)

COMPARTIMENTS D'ACTIONS Mondiaux IGT Global Emerging

Markets 2.00% 3.00% 1.50% 2.25% IGT Global Value 1.50% 2.50% 1 .OO% 2.00%

Américains

IGT US Structured

IGT American

IGT North America 1.50%

Large Cap Core 1.30%

Enterprise 1.50%

2.50%

2.30%

2.50%

1 .OO% 2.00%

0.80% 2.25%

1 .OO% 2.25%

Europe IGT European Structured 1.30%

IGT Pan European Enterprise 1.50% IGT ltalia 1.50%

IGT Pan European 1.50% 2.30% 2.50% 2.50% 2.50%

0.80% 2.25% 1 .OO% 2.00% 1 .DO% 2.25% 1 .OO% 2.00%

Japon IGT Nippon Enterprise 1.50% 2.50% IGT Nippon Growth 1.50% 2.50%

1 .OO% 2.25% 1 .OO% 2.25%

Asie IGT Asia Enterprise 150% 2.50% IGT Greater China

Opportunities 150% 2.50%

1.00% 2.25%

1.00% 2.25%

COMPARTIMENTS SECTORIELS IGT Worldwide

Dynamic Theme 1.50% IGT Leisure 1.50%

Telecommunications 1.50% IGT Worldwide

IGT Worldwide Technology 2.00% IGT Worldwide Healthcare 2.00% IGT Energy 1.50% IGT Financial Services 1.50%

COMPARTIMENTS MONl!TAIRES

IGT Euro Reserve 0.45% IGT Dollar Reserve 0.50%

2.50% 2.50%

2.50% 3.00% 3.00% 2.50% 2.50%

1.50% 1.45%

1 .OO% 2.00% 1 .OO% 2.25%

1 .OO% 2.25% 1.50% 2.25% 1.50% 2.25%

1 .OO% 2.25% 1 .OO% 2.25%

0.50% 0.25% 0.50% 0.15% 0.50%

COMPARTIMENTS OBLIGATAIRES IGT Global Bond 0.75% 1.75% IGT European Bond 0.75% 1.75% IGT European

Corporate Bond 1.25% 2.25% IGT Euroland Bond 0.75% 1.75%

0.50% 0.90% 0.50% 0.90%

0.75% 1.25% 0.50% 0.90%

COMPARTIMENTS STRUCrURES IGT Capital Shield 1 .OO% 2.00% 0.60% 1.50%

4.

Les commissions de gestion sont calculees chaque jour ouvrable en fonction de la Valeur liquidative de la SICAV et elles sont rbglces mensuellement. Les émoluments du Conseiller en placement sont prClevCs sur la rCmunPration du Gestionnaire.

Autres charges Le Gestionnaire perçoit de la SICAV une commission supplémentaire, 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 monbtaires, sur laquelle le Gestionnaire acquitte les honoraires de l 'Agent de gestion administrative, de l 'Agent de Domiciliation, de l'Agent comptable des Registres et des Transferts de meme que les frais des prestataires de services et les frais encourus dans les pays où la SICAV est agrPCe. Ces frais et commissions sont calcules chaque jour ouvrable en fonction de la Valeur liquidative de la SICAV (a un taux qui fera l'objet d'un accord conclu ponctuellement avec le Gestionnaire) et reglés mensuellement. D'autre part, le Gestionnaire rem- bourse les frais du Représentant de la SICAV à Hong Kong.

En sa qualit6 de Dépositaire, J.P. Morgan Bank Luxembourg S.A. a droit 3 une rbmunbration ( " Frais de garde " ) conformPment aux pratiques bancaires normales en vigueur au Luxembourg et a un taux faisant l'objet d'un accord conclu ponctuellement avec la SICAV mais n'excbdant pas 0.2% par an de la Valeur liquidative de la SICAV. Les Frais de garde sont calculCs quotidiennement (A partir de la Valeur liquidative de la SICAV chaque jour ouvré) et reglés mensuellement. Une partie des ''Frais de garde" peut correspondre a des frais de transaction attribués A chaque Compartiment.

72

INVESCO GT SICAV


Fiscalité Le Fonds est inscrit 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. II est cependant soumis a une taxe d'abonnement annuelle calculke au taux annuel de 0,05 % de la Valeur Nette d'Inventaire. Les deux Compartiments monetaires sont soumis A un taux annuel rbduit de 0.01 % de la Valeur Nette d'Inventaire.

Paiements compensateurs Un paiement compensateur est une soulte en capital vers6e par les souscripteurs d'Actions. II est calcule en divisant le rbsultat net non distribue du compartiment en question par le nombre d'Actions en circulation constat6 A I'ArretP de la valeur liquidative correspondant au moment OÙ les Actions sont souscrites. Le paiement compensateur peut &tre remboursb aux Actionnaires A l'occasion du rachat d'Actions ou du paiement d'un dividende.

Dividendes Des dividendes de 317.287 dollars US et de 200.927 dollars US ont CtP verses respectivement le 31 octobre 2003 et le 30 avril 2004, aux actionnaires de Classe A (Parts de Distribution) du Fonds INVESCO GT Global Bond, composés de revenus et d'un paiement compensateur net. Conformément à la politique de distribution du compartiment, INVESCO GT Global Bond Fund, le revenu est distribue sous forme de paiement d'un dividende, uniquement aux detenteurs d'Actions de la Categorie A (Actions de distribution). Le revenu qui revient aux dbtenteurs d'Actions de la Catégorie A (Actions de capitalisation) de la Catégorie C (Actions de capitalisation) et de la catégorie E (Actions de capitalisation) est capitalise pour augmenter la valeur de ces actions.

Contrats de change àterme Les Fonds IVESCO GT Global Bond Fund et INVESCO GT Euro High Yield Fund ont conclu des contrats de change à terme pour une gestion efficace de leurs portefeuilles, Les contrats de change A terme sont destinés A couvrir de futures fluctuations des taux de change anticipkes qui, non couvertes, pourraient avoir des effets négatifs sur la valeur des titres des portefeuilles ou sur le cours des valeurs que le Fonds a l'intention d'acquérir ultérieurement. Au 29 février 2003, les contrats de change à terme ouverts étaient les suivants :

Global Bond Fund Dltails sur les contrats de change a terme Achat 4.656.264 USD Achat 678,329 USD Achat 777,854 USD Achat 1.41 7,784 USD Achat 978,866 USD Achat 5,693,525 USD Achat 930,659 USD Achat 50,000 EUR Achat 135,248 USD Achat 77,773 USD Achat 71,534 USD Achat 50,000 EUR Achat 35,000,000 J PY Achat 1,500,000 DKK Achat 150,000 EUR Achat 2,000,000 J PY Achat 70,000,000 JPY Achat 1,120,000 CAD Achat 40,000 USD Achat 50,000,000 J PY Achat 54,856 USD Achat 825,906 USD Achat 7,390,000 SEK Achat 852,082 EUR

pour vente A pour vente A pour vente B pour venteà pour vente A pour vente a pour vente à pour vente a pour vente A pour vente à pour vente a pour vente B pour vente à pour vente B pour vente à pour vente A pour vente a pour vente à pour vente a pour vente A pour vente a pour vente à pour vente .2 pour vente à

Total de la moins-value latente sur les contrats de change A terme ouverts

Euro High Yield Fund Détails sur les contrats de change i terme Achat 106,190 EUR Achat 341,922 EUR Achat 5,661,197 EUR Achat 3,990,164 EUR Achat 79,835 EUR Achat 178,000 GBP Achat 41,930 EUR Achat 252,603 EUR Achat 128,968 EUR

Total de la moins-value latente

pour vente A pour vente à pour vente à pour vente a pour vente à pour vente a pour vente .3 pour vente a pour vente A

sur les contrats de change A terme ouverts

3,930,000 2,695,000 1,020,000 8,900,000

580,000 619,000,000

7,100,000 59,875

1 10,000 100,000 40,000 61,850

326,401 251,771 187,530

18,952 663,822 838,826 290,190 368,568 325,000

1,100,000 801.438

7,853,639

133,000 534,000

3,909,000 4,998,000

100,000 259,366

53,000 172,000 165,000

Plus-(moins) value latente (en USD)

EUR (207,831) PLN (3.650) CAD 2 1,483 DKK (60,848) GBP (90.923) J PY 9,092 SEK (23,137) USD 2,009 €UR (897) CAD 3,619 GBP (2,245) USD 34 USD (4,987) USD (2,563) USD (1,878) USD (588) USD (20.994) USD (8,301) SEK 1 ,O1 7 EUR 2,992 DKK 86 1 CAD 10,213 EUR 828 SEK (532)

(377,226)

Date d'khéance 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 3 î -Mar-04 31-Mar-O4 31-Mar-O4 31-Mar-O4 31-Mar-O4 31-Mar-O4 31-Mar-O4 31-Mar-O4 31 -Mar-04 01-Mar-O4

Plus-(moins) value latente (en USD)

USD (1.368) CHF 2,373 GBP (1 50,507) us0 (5 1,744) USD (1,035) E J R 5,276 USD (93 1) GBP (3,118) USD (4.468)

Date d'khéance 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04

(205,525)

INVESCO GT SICAV

Notes aux etats financiers

8.

9.

1 o.

11.

Contrats de change B terme (SUITE)

INVESCO GT Capital Shield Fund Ddtails sur les contrats de change A terme Achat 1,473,751 EUR pour vente à 1,850,000 Achat 61 1,914 EUR pour vente A 83,000,000 Achat 30,000,000 JPY pour vente A 221.01 1 Achat 146,854 EUR pour vente A 20,000,000

Total de la moins-value latente sur les contrats de change B terme ouverts

Contrats B terme Dénomination Nombre de Contrats

US Structured Large Cap Core Fund INVESCO GT US Structured Large Cap Core Fund S&P 500 Future 18/3/2004

INVESCO GT Capital Shield Fund S&P 500 Emini 19/03/2004 US 10 Year Note Future 22/3/2004 DJ Euro Stoxx 50 Future 19/3/2004 Euro Bond Fund Futue 8/3/2004 10 Year Mini JGB Future 10/3/2004 Nikkei 225 (SGX) Future 11/3/2004

59

598 842 453 52 1 159 285

Plus-(moins) value latente (en USD) Date d'khbance

USD (23.145) 25-May-O4 J PY ( 5,8 8 7 ) 25-May-O4 EUR 2,291 25-May-O4 J PY (2,014) 2 5-May-04

(28.755)

Engagement LongICourt Gain/(perte) non rialis&)

16,940,275 Long 7 a . o ~

26,579,974 Long 76,628,624 Long 12,664,680 Long 59,704,050 Long 16,577,501 Long 1 1,119,809 Long

782,969 490,859 51 5,355 541.785 101,251 694,182

Total gainlperte non rialisi(e) 3,126,401

Etats de la variation des placements

Une liste prkcisant, pour chaque investissement, le total des achats et ventes ayant bte effectubs au cours de la période condideree, est disponible sur demande auprPs du SiPge social de la SICAV ainsi que du reprbsentant A Hong Kong.

Commissions accessoires et transactions avec des parties Mes Conformement 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 amdiorer ou complbter les services qu'il propose à ses clients. Bien que chacun ou l'ensemble de ses services ne puissent @tre proposCs A chacune ou l'ensemble des entités comptables gbrbes par le Groupe, le Groupe estime que les services d'investissement reçus apportent, globalement, une contribution importante pour lui permettre d'assumer ses responsabilitbs en matiere de placement et qu'ils apportent un avantage démontrable aux clients. Seuls les services qui aident A fournir des services d'investissement aux clients du Groupe seront retribues par les contreparties.

Les services d'investissement autorisbs comprennent les services qui aident le Groupe B atteindre ses performances en termes d'investissement. Ces services recouvrent, mais ne sont pas necessairement limités A , l'offre de services d'analyse, de recherche et de conseil, y compris les services evaluant les facteurs et les tendances économiques, I'bvaluation et l'analyse des portefeuilles, I'baluation des performances, les prix du marche et l'utilisation de logiciels et de matbriel informatique specialisbs ou autres Cquipements informatiques.

Le Groupe veillera a assumer ses responsabilitbs en termes de decisions de placement vis-&vis de ses clients, conformbment aux kgislations des pays qui ont la compbtence juridique sur ses clients ou ses activités. Cet engagement peut varier en fonction de I'utilitP de proposer ces services de placement.

Le Groupe choisit des contreparties pour executer des transactions sous reserve que les transactions seront exécutees seulement si le placement des ordres ne va pas a l'encontre des meilleurs intPrêts des clients du Groupe et si la quotitb client se situe A un niveau conforme aux pratiques gCnCralement admises sur le marche. Le Groupe s'efforcera d'obtenir I'exCcution au mieux de l'ensemble des transactions effectuees pour l'ensemble des clients.

En outre, les clients peuvent demander au Groupe de verser une commission A 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 gCnbrb cette commission.

Du ler mars 2003 au 29 fevrier 2004, les contrats de change ont CtP nCgociés avec INVESCO Bank Frankfurt. Aucune commission n'a été vers&e sur ces transactions. Les montants de ces transactions pour l'exercice et les pourcentages de la totalitP des transactions en devises etrangeres Ptaient les suivants :

Global Value Fund 948,956 12.75% Asia Enterprise Fund 24,334,789 1 1.17% American Enterprise Fund 1,082,536 14.25% Greater China Opps Fund 7,838,813 5.39% European Structured Fund 2,759,218 0.04% Leisure Fund 899,313 3.86% Pan European Fund 74,333,321 0.89% European Bond Fund 2,748,500 0.01 % Pan European Enterprise Fund 56,379,609 1.16% Le Groupe s'efforcera de maintenir les r6glementations les plus elevbes possibles dans le monde entier.

7 4

INVESCO GT SICAV

Memoria relativa a los estados financieros

1. Infotmacibn general (base de la presentaciin) INVESCO GT (en Io sucesivo, el "Fondo") es una sociedad de inversi6n constituida con arreglo al Derecho luxemburguks como una société anonyme y cumple los requisitos de una societk d'investissement d capital variable ("SICAV"). INVESCO GT es un fondo paraguas compuesto por 22 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 estan disponibles en seis clases (Clase A, Clase AA, Clase B. Clase E l . Clase C y Clase E). Las Acciones de la Clase A estdn disponibles sin ninguna limitaci6n. Las Acciones de la Clase B tan solo esthn disponibles a un subdistribuidor. Las Acciones de la Clase C, que tienen un importe de suscripcih inicial minimo mas elevado y se benefician de unos gastos de gestibn reducidos estan destinadas principalmente a grandes inversores O inversores institucionales. Las Acciones de la Clase E tienen un gasto inicial inferior y unas comisiones de gestion anuales mas elevadas que las de las Clases A y C. Par su parte, las Acciones de la Clase B1 tan solo estdn disponibles en el INVESCO GT Dollar Reserve Fund y no tienen nlnguna Comisidn del Distribuidor.

Resumen de los principales criterios contables (a) Consolidacion

2.

Las cifras consolidadas del Balance se reflejan tan solo a efectos estadisticos y los inversores con participaciones en uno O mas subfondos no deben guiarse por ellas. Los activos y pasivos de los subfondos denominados en euros y yenes japoneses se han convertido a dolares estadounidenses aplicando los tipos de Cambio siguientes: 1 EUR = 0.81 USD y 1 JPY = 109.01 USD.

AI valorar los activos, los valores admitidos a cotizacibn oficial en bolsa se valoran cada Dia de Valoracidn a su ultimo precio disponible en la bolsa principal en que normalmente coticen. Los valores negociados en mercados no regulados (OTC) se valoran con arreglo al criterio m4s prbximo al empleado para valorar los valores cotizados.

Las cuentas anuales han sido elaboradas por referencia a los ultimos valores patrimoniales netos calculados en el periodo contable. De conformidad con el Folleto, los valores patrimoniales netos fueron calculados con base en los ultimos precios disponibles a las 1O:OO horas (hora de Dublln) del 27 de febrero de 2004.

(d) Coste de enajenacion de las inversiones Cualesquiera superdvit O dCficit resultantes de la venta de activos financieros se determinan con base al criterio del coste medio

le) 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 depbsitos se incluyen conforme se devengan diariamente.

Las transacciones en monedas distintas de la moneda de cuenta de cada subfondo se convierten aplicando los tipos de Cambio vigentes en el moment0 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 ejercicio.

Cuando el Fondo soporte un gasto relacionado con un determinado subfondo, dicho gasto se imputard 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 distribuira entre todos los subfondos en funcion de sus respectivos patrimonios netos.

Los gastos de constitucion se amortizardn a Io largo de un periodo no superior a 5 aios a contar desde la fecha de lanzamiento de cada subfondo.

(b) Valoracion de las inversiones

(c) Repercusion en la valoracibn

(f) Moneda extranjera

(g) Imputacion de gastos

(h) Gastos de constitucih

3. Sociedad Gestora y Asesores de Inversiones Los Administradores del Fondo (en Io sucesivo, los "Administradores") son las personas responsables de la politica de inversi6n, de la gesti6n y de la administraci6n del Fondo. Los Administradores delegan la gestibn cotidiana de la cartera de inversiones financieras del Fondo a INVESCO GT Management S.A., Luxembourg (en Io sucesivo, la "Sociedad Gestora").

La Sociedad Gestora, con arreglo a la politica de inversi6n de los Administradores, recaba los servicios de asesoramiento de inversiones de INVESCO Asset Management Limited en Londres, INVESCO Asia Limited en Hong Kong, INVESCO Asset Management (Japan) Limited en Tokio, INVESCO Funds Group, Inc. en Denver, Colorado, EE.UU., INVESCO Institutional (NA) Inc. en Nueva York, INVESCO Global Asset Management (N.A.) Inc. en Atlanta e INVESCO Gestion S.A. en Paris.

75

INVESCO GT SICAV


En contraprestacibn por sus servicios, la Sociedad Gestora percibird del Fondo la cantidad resultante de aplicar sobre el patrimonio net0 de cada subfondo el tipo que se refleja en el cuadro siguiente:

Fondo Comisidn Comisibn Comisibn Comisibn Comisibn de gestion de gestion de gestion de gestion de gestion Clase A, AA Clase B fincluye una Clase B 1 Clase C Clase E

comisibn de distribucibn dei 1 %)

FONDOS DE RENTA VARIABLE Internacional IGT Global Emerging

Markets 2.00% 3.00% 1.50% 2.25% IGT Global Value 1.50% 2.50% 1 .OO% 2.00%

Amdrica IGT North America 1 .50% 2.50% IGT US Structured

IGT American Large Cap Core 1.30%

Enterprise 1.50%

2.30%

2.50%

1 .OO% 2.00%

0.80% 2.25%

1 .OO% 2.25%

Europa IGT European Structured 1.30% 2.30% 0.80% 2.25% IGT Pan European 1.50% 2.50% 1 .OO% 2.00% IGT Pan European Enterprise 1.50% 2.50% 1 .OO% 2.25% IGT ltalia 1.50% 2.50% 1 .OO% 2.00%

Japin IGT Nippon Enterprise 1.50% 2.50% 1 .OO% 2.25% IGT Nippon Growth 1.50% 2.50% 1 .OO% 2.25%

Asia

IGT Greater China IGT Asia Enterprise 1.50% 2.50%

Opportunities 1.50% 2.50%

1 .OO% 2.25%

1 .OO% 2.25%

FONDOS TEMATICOS IGT Worldwide

Dynamic Theme 1.50% 2.50% 1 .OO% 2.00% IGT Leisure 1.50% 2.50% 1 .OO% 2.25% IGT Worldwide

Telecommunications 1.50% 2.50% 1 .OO% 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 .OO% 2.25% IGT Financial Services 1.50% 2.50% 1 .OO% 2.25%

FONDOS DE DINERO IGT Dollar Reserve 0.50% 1.50% 0.50% 0.25% 0.50% IGT Euro Reserve 0.45% 1.45% 0.15% 0.50%

FONDOS DE RENTA FlJA IGT Global Bond 0.75% 1.75% 0.50% 0.90% IGT European Bond 0.75% 1.75% 0.50% 0.90% IGT European

Corporate Bond 1.25% 2.25% 0.75% 1.25% IGT Euroland Bond 0.75% 1.75% 0.50% 0.90%

FONDOS ESTRUCTURADOS IGT Capital Shield 1 .OO% 2.00% O 60% 1.50%

4.

Las comisiones de gestion se calculan diariamente con base en el patrimonio net0 de cada subfondo en cada dla hdbil y se pagan mensualmente. Los honorarios del Asesor de lnversiones se pagaran con cargo a la remuneracibn de la Sociedad Gestora.

Otras comisiones La Sociedad Gestora percibir6 del Fondo una comisidn adicional, que no superara el tipo anual del 0,3%, 0.2% y 0.1 % del Patrimonio Neto de cada Fondo en el cas0 de los Fondos de Renta Variable, Fondos de Renta Fija y Fondos de Dinero, respectivamente, con cargo a la cual &.ta abonard las comisiones del Agente Administrativo, de Domiciliacibn y Corporativo, y del Agente de Registro y Transmisiones, asi como otras comisiones y gastos de proveedores de servicios y las tasas soportadas en las plazas en que el Fondo esta registrado. Cada una de dichas comisiones se calcula cada Dia Hdbil aplicando sobre el Patrimonio Neto del Fondo el tipo oportunamente acordado con la Sociedad Gestora y se paga mensualmente. Ademds, la Sociedad Gestora responderd 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 prdcticas y usos bancarios ordinarios en Luxemburgo, una remuneracibn ("Comisibn del Depositario") con arreglo a una tarifa acordada oportunamente con el Fondo, que no super- ar6 el 0 . 2 O h anual del Patrimonio Neto del Fondo. La comisi6n del Depositario se calcula diariamente, con base en el Patrimonio Neto del Fondo en cada Dia Hdbil, y se paga mensualmente. Ademds, la "Comisibn del Depositario" puede tambiCn incluir comisiones por los gastos de transaccidn de cada Fondo.

76

INVESCO GT SICAV


Régimen fiscal El Fondo esta constituido con arreglo a la legislacion de Luxemburgo como empresa de inversibn colectiva. Por consiguiente, el Fondo no esta sometido actualmente a ningun impuesto de Luxemburgo que grave beneficios O plusvalias. 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 est6n sujetos a un tipo anual del 0.01 % del Patrimonio neto.

Compensacion de rendimientos La compensaci6n de rendimientos es un pago en concept0 de capital efectuado por quien suscribe una Acci6n que se calcula dividiendo el resultado net0 no distribuido del subfondo de que se trate entre el numero de Acciones en circulaci6n a la Fecha de Valoracion en que se efectue la suscripcion. La compensacion podr6 devolverse a los accionistas con ocasidn del reembolso O recompra de Acciones par el Fondo O con ocasion del abono de un dividendo.

Dividendos El 31 de octubre de 2003 y el 30 de abri1 de 2004 se pagaron unos dividendos de 317.287 USD y 200.927 USD, respectivamente, a los titulares de las Acciones de la Clase A (Acciones de Distribucion) en INVESCO GT Glooal Bond Fund, consistente en una igualaci6n neta y de ingresos. De conformidad con la politica de repart0 del INVESCO GT Global Bond Fund, el rendimiento se distribuye unicamente a los poseedores de Acciones de Clase A (Reparto) y en forma de abono de un dividendo. El rendimiento correspondiente a los poseedores de Acciones de Clase A, de la Clase C y Clase E (Acumulacibn) se reinvierte con el fin de incrementar el valor de las Acciones de Clase A, de Clase C y Clase E.

Contratos a plazo sobre divisas INVESCO GT Global Bond Fund e INVESCO GT Euro High Yield Fund han celebrado contratos a plazo sobre divisas para efectuar una eficaz gestion de la cartera Los contratos a plazo sobre divisas se utilizan para proporcionar una cobertura contra los cambios futuros de los tipos de Cambio que se anticipen, Io cual podria afectar de forma negativa al valor de los titulos de la cartera del Fondo O al precio de los titulos que el Fondo trate de adquirir en una fecha posterior Los contratos a plazo sobre divisas que se encuentran abiertos a 29 de febrero de 2004 son los siguientes:

Global Bond Fund Datos de beneficios/(pérdidas) Compra 4,656,264 USD para vender 3,930,000 Compra 678,329 USD para vender 2,695,000 Compra 777,854 USD para vender 1,020,000 Compra 1,417,784 USD para vender 8,900,000 Compra 978,866 USD para vender 580,000 Compra 5,693,525 USD para vender 61 9,000,000 Compra 930,659 Compra 50,000 Compra 135,248 Compra 77,773 Compra 71,534 Compra 50,000 Compra 35,000,000 Compra 1,500,000 Compra 150,000 Compra 2,000,000 Compra 70,000,000 Compra 1,120,000 Compra 40,000 Compra 50,000,000 Compra 54,856 Compra 825,906 Compra 7,390,000 Compra 852,082

USD EUR USD USD USD EUR J PY DKK EUR J PY J PY CAD USD JPY USD USD SEK EUR

para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender

Total de pérdidas no realizadas de los contratos a plazo de divisas abiettos .

Euro High Yield Fund Datos de beneficios/(pérdidas) Compra 106,190 EUR Compra 341,922 €UR Compra 5,661,197 EUR Compra 3,990,164 EUR

Compra 178,000 GBP Compra 41,930 EUR Compra 252,603 EUR Compra 128,968 EUR

Compra 79.835 EUR

para vender para vender para vender para vender para vender para vender para vender para vender para vender

7,100,000 59,875

1 10,000 100,000 40,000

326,401 251,771 187,530

18,952 663,822 838,826 290,190 368,568 325,000

1,100,000 801,438

7,853,639

61,850

133,000 534,000

3,909,000 4,998,000

100,000 259,366

53,000 172,000 165,000

No realizados de contratos a plazo de divisas, en USD

EUR (207,831) PLN (3,6 50)

DKK (60,848) GBP (90,923) JPY 9,092 SEK (23.1 37) USD 2,009 EUR (897) CAD 3,619 GBP (2.245) USD 34 USD (4,987) USD (2.563)

USD (588) USD (20,994) USD (8.301) SEK 1,017 EUR 2,992 DKK 861 CAD 10,213

SEK (532)

CAD 2 I ,483

USD (1,878)

EUR 828

Fecha de vencimiento 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 3 1 -Mar-04 31 -Mar-04 31 -Mar-04 31-Mar-O4 31 -Mar-04 31 -Mar-04 31-Mar-O4 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31-Mar-O4 01-Mar-O4

(377.226)

No realizados de contratos a plazo de divisas, en USD

USD (1.368) CHF 2,370 GBP (150,507) USD (51,744) USD (1,035) EUR 5,276 USD (931) GBP (3.118) USD (4,468)

Fecha de vencimiento 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04

Total de pbrdidas no realizadas de los contratos a plazo de divisas abiertos ' (205.525)

-

77

INVESCO GT SICAV


8.

9.

1 o.

11.

Contratos a plazo sobre divisas (continuaci&)

INVESCO GT Capital Shield Fund Datos de beneficios/(pirdidas) Compra 1,473,751 EUR para vender 1,850,000 Compra 61 1,914 EUR para vender 83,000,000 Compra 30,000,000 JPY para vender 221,011 Compra 146,854 EUR para vender 20,000,000

Total de pérdidas no realizadas de los contratos a plazo de divisas abiertos .

Futuros Descripcibn Numero de contratos

INVESCO GT US Strurtured Large Cap Core Fund S&P 500 Future 18/3/2004 59

INVESCO GT Capital Shield Fund S&P 500 Emini 19/03/2004 598 US 10 Year Note Future 22/3/2004 842 DJ Euro Stoxx 50 Future 19/3/2004 453 Euro Bond Fund Futue 8/3/2004 52 1 10 Year Mini JGB Future 10/3/2004 159 Nikkei 225 (SGX) Future 11/3/2004 285

a plazo de divisas, en USD Fecha de vencimiento USD (23,145) 2 5-May-O4 J PY (5,887) 25-May-04 EUR 2,291 25-May04

25-May04 J PY (2.014)

(28.7551

Compromiso

16,940,275

26,579,974 76,628,624 12,664,680 59,704,050 16,577,501 1 1,119,809

LargolCorto Beneficios latentes/(pérdidas)

Long 78,075

Long Long Long Long Long Long

782,969 490,859 51 5,355 541,785 101,251 694,182

Beneficioslpbrdidas latentes totales 3,126.401

Estado de variacibn patrimonial Previa peticion dirigida al Domicilio Social del Fondo, puede obtenerse la relaci6n que especifica, para cada inversibn, las compras y ventas totales realizadas en el ejercicio analizado y el representante de Hong Kong.

Comisiones en especie y operaciones con partes vinculadas Algunas filiales de AMVESCAP PLC (en Io sucesivo. el "Grupo"), con el fin de obtener el mejor resultado neto posible, incluida la ejecucibn de las operaciones en condiciones optimas. pueden celebrar contratos con otras partes en virtud de los cuales éstas pueden efectuar pagos por servicios de inversion prestados al Grupo.

El Grupo utiliza servicios de inversibn para mejorar O ampliar los servicios prestados a sus clientes. Si bien cabe que no todos los sewicios se utili- cen para prestar servicio a todas y cada una de las cuentas administradas par el Grupo, &te considera que, en conjunto, dichos servicios de inversion recibidos representan una asistencia significativa para el desempefio de sus funciones de inversi6n y una ventaja demostrable para todos los clientes. h icamente serdn pagados por contrapartes los servicios que contribuyan a la prestacibn de servicios de inversibn a los clientes del Grupo.

Los servicios de inversi6n admisibles incluyen servicios destinados a prestar asistencia al Grupo en su labor de inversi6n. Dichos servicios incluyen, a titulo meramente enunciativo y no limitativo, analisis, estudios y asesoramiento, incluyendo factores y tendencias econbmicos, valoraci6n y andlisis de carteras, medici6n de rentabilidades, servicios de cotiraciones de mercado y la utilizacion de software y hardware especialitados u otros medios en informacibn.

El Grupo garantizarh la observancia de sus obligaciones para con sus clientes, en el proceso de decision en materia de inversiones, en conformidad con la legislacibn de los paises con jurisdicci6n sobre sus clientes O actividades. La aplicacibn de esta norma puede variar en funcibn de la conveniencia de los servicios de inversi6n prestados.

El Grupo selecciona a las contrapartes con las que contrata la ejecucibn de las operaciones sobre la base de que estas unicamente se ejecutarhn a condicidn de que las ordenes cursadas no produtcan un efecto contrario al interés de los clientes del Grupo y que el multiplo se encuentre a un nive1 coherente con la prbctica generalmente aceptada en el mercado. El Grupo harh cuanto est6 a su alcance par obtener condiciones de ejecu- ci6n optimas 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, tendrian que de ser remunerados. En tales casos, la comisi6n se utilizard en beneficio exclusivo del cliente cuyas operaciones la hayan generado.El Grupo hard cuanto este a su alcance por mantener las normas m& exigentes posibles en la regulacion de su actwidad en todo el mundo.

Desde el 1 de marzo de 2003 al 29 de febrero de 2004 las transacciones de contratos a plazo sobre divisas han sido realizadas a travCs de INVESCO Bank Frankfurt. No se ha pagado ninguna comisidn en estas transacciones. La transaccibn corresponde al ejercicio, siendo los porcenta- jes de las transacciones en divisas totales los siguientes:

Global Value Fund 948,956 12.75% Asia Enterprise Fund 24,334,789 11.179'0 American Enterprise Fund 1,082,536 14.25% Greater China Opps Fund 7,838,813 5.39% European Structured Fund 2,759,218 0.04% Leisure Fund 899,313 3.86% Pan European Fund 74,333,321 0.89% European Bond Fund 2.748.500 0.01 ?'O

Pan European Enterprise Fund 56,379,609 1 . l 6 % El Grupo hard cuanto esté a su alcance por mantener las normas mds exigentes posibles en la regulacibn de su actividad en todo el mundo.

78

INVESCO GT SICAV

Memoria relativa as demonstraçaes financeiras

Bases de ApresentaçBo A INVESCO GT (adiante denominado de "Fundo") P uma sociedade gestora de fundos de investimento constitulda em conformidade com a legislaçao luxemburguesa como "société anonyme" com prerrogativas de sociCtP d'investissement a Capital Variable ("SICAV") A INVESCO GT é um fundo que abrange 22 sub-fundos, sendo que cada um destes sub-fundos P tratado como uma entidade independente. As demonstracoes financeiras anexas foram elaboradas em conformidade corn os requisitos estabelecidos pelos regulamentos luxemburgueses.

Classes de AcçBes As AcçBes de alguns subfundos estâo disponiveis em seis classes (Classe A, Classe AA, Classe B, Classe B1,Classe C e Classe E) . As AcçBes da Classe A estao disponiveis Sem qualquer restriçâo As Acçoes da Classe B so estao disponiveis para um subdistribuidor. As AcçBes da Classe C, que têm um montante mlnimo de subscriçâo inicial mais elevado e beneficiam de comissdes de gestao reduzidas, destinam-se essencialmente aos investidores maiores ou institucionais. As Acçoes da Classe E tem uma comissio inicial mais baixa e uma comissao de gestâo anual mais elevada do que as acçdes da Classe A ou da Classe C. AlPm disso, as Acç& da Classe B1 s6 estao disponiveis no INVESCO GT Dollar Reserve Fund e nao t@m qualquer Comissao de Distribuidor.

Resumo das principais prdticas contabilisticas Consolidago Os valores de consolidaCao constantes da demonstraçio da situaçio liquida e demonstraG3o de variaçao da situaçao liquida visam exclusivamente fins estatisticos. n i o devendo, neste contexto, ser utilizados pelos investidores corn posiçdes em um ou diversos sub-fundos. O activo e O passivo dos sub-fundos denominados em euros e ienes foram convertidos para d6lares americanos As taxas de Euro 0.81 e JPY 109.01, respectivamente.

Valoriza<So dos investimentos Na valorizacao do activo total, os valores cotados si0 avaliados em cada Dia de Valorizaçâo ao seu dltimo preço cotado na principal bolsa onde esses valores si0 geralmente transaccionados. Os valores transaccionados no mercado paralelo de titulos (OTC) sa0 avaliados de forma tao aproximada quanto possivel ao modo de valorizaçâo dos valores cotados.

Impact0 sobre os Valores

As demonstraçdes financeiras foram elaboradas com base nos ultimos valores llquidos do balanCo calculados no exerclcio. De acordo com O Prospecto, os valores liquidos do balanço foram calculados por referencia As ultimas cotaçoes disponiveis As 10,OO horas (hora de Dublin), em 27 de Fevereiro de 2004.

Custo de aljenaCao dos investimentos Os eventuais excedentes ou defices resultantes da Venda de activos financeiros determinam-se com base no criterio do custo m6dio

Receitas dos investimentos Os lucros a titulo de dividendos si0 contabilizados relativamente a uma base com exclusao dos dividendos. Os Iucros a titulo de juros de valores de rendimento fixo e de dep6sitos sa0 diariamente acumulados.

Divisas As transacçbes realizadas em divisas diferentes da divisa designada para cada sub-fundo sa0 convertidas As taxas cambiais em vigor no moment0 em que as referidas transacçdes sa0 efectuadas. O valor de mercado dos activos financeiros e de activo e passivo diversos em divisas diferentes da divisa designada para cada sub-fundo P convertido às taxas cambiais em vigor no final do exercicio.

Distribuiçao de despesas Sempre que O Fundo realize despesas relacionadas com um sub-fundo especifico, essas despesas sa0 imputadas ao sub-fundo em causa. Nos casos em que essas despesas nao puderem ser imputadas a um sub-fundo especifico, as referidas despesas sa0 distribuidas pelos sub- fundos com base nos seus valores contabilisticos respectivos.

Despesas de constituiçio As despesas de constituiçio sa0 amortizadas num prazo mhximo de 5 anos a contar da data de lançamento de cada sub-fundo.

Sociedade Gestora e Assessores Financeiros Os Administradores do Fundo (adiante designados de "Administradores") sa0 responshveis pela politica de investimento. gestio e administraçio do Fundo. Os Administradores delegaram a gestao do investimento quotidiana da carteira de titulos do Fundo pela INVESCO GT Management S.A., Luxemburg0 (a "Sociedade Gestora").

Na prossecuçao da politica de investimento definida pelos Administradores, a Sociedade Gestora procura obter conselhos sobre investimentos junto das seguintes entidades, consoantes as conveniências: INVESCO Asset Management Limited, de Londres; INVESCO Asia Limited. de Hong Kong: INVESCO Asset Management (Japan) Limited, de T6quio; INVESCO Funds Group, Inc, de Denver, Colorado, EUA: INVESCO lnstitutional (NY) Inc., de Nova lorque; INVESCO Global Asset Management (N.A.), de Atlanta, e INVESCO Gestion, de Paris.

79

INVESCO GT SICAV

Memoria relativa às demonstraç6es financeiras

Pelos serviços prestados, a Sociedade Gestora recebe do Fundo uma percentagem do valor contabilistico de cada sub-fundo. em conformidade corn O quadro apresentado seguidamente:

Fundo Comissso Comissdo Comissiio Comissiio ComissSo de Gestiio de Gestao de Gestio de Gestio de Gestso Classe A, AA Classe B (inclui uma Classe B I Classe C Classe E

Comissio de Distribuiçao) FUNDOS DE ACGÔES Global IGT Global Emerging Markets 2.00% 3.00% 1.50% 2.25% IGT Global Value 1.50% 2.50% 1 .OO% 2.00%

America IGT North America 1.50% 2.50% 1 .OO% 2.00% IGT US Structured

IGT American Large Cap Core 1.30% 2.30% 0.80% 2.25%

Enterprise 1.50% 2.50% 1 .OO% 2.25%

Europa IGT European Structured 1.30% 2.30% 0.80% 2.25% IGT Pan European 1.50% 2.50% 1 .OO% 2.00% IGT Pan European Enterprise 1.50% 2.50% 1 .OO% 2.25% IGT ltalia 1.50% 2.50% 1 .OO% 2.00%

Japao IGT Nippon Enterprise 1.50% 2.50% 1 .OO% 2.25%

Asia

IGT Greater China

FUNDOS TEMATICOS IGT Worldwide

Dynamtc Theme 1.50% 2.50% 1 .OO% 2.00% IGT Leisure 1.50% 2.50% 1 .OO% 2.25% IGT Worldwide

Telecommunications 1.50% 2.50% 1 .OO% 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 .OO% 2.25% IGT Financial Services 1.50% 2.50% 1 .OO% 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%

IGT Nippon Growth 1.50% 2.50% 1 .OO% 2.25%

IGT Asia Enterprise 1.50% 2.50% 1 .OO% 2.25%

Opportunities 1.50% 2.50% 1.00% 2.25%

FUNDOS DE OERIGAÇOES

IGT European Bond 0.75% IGT European

Corporate Bond 1.25%

IGT Global Bond 0.75%

IGT Euroland Bond 0.75%

1.75% 1.75%

2.25% 1.75%

0.50% 0.90% 0.50% 0.90%

0.75% 1.25% 0.5034/, n qnoh

4.

FUNDOS ESTRUTURADOS IGT Capital Shield 1 .OO% 2.00% 0.60% 1.50%

As comissBes de gestao sa0 calculadas diariamente e tPm por base O valor contabilistico de cada sub-fundo em cada dia litil, sendo liquidadas mensalmente.

As comissoes do Consultor Financeiro sa0 deduzidas A remuneraçio a pagar ao Gestor.

Outras comiss6es O Fundo paga a Sociedade Gestora uma comissao suplementar, que nao excederd a taxa anual de 0,3% relativamente aos Fundos de AcçBes, 0.2% aos Fundos de Obrigaçbes e 0,1% aos Fundos de Reserva do valor contabillstico de cada Fundo, montante ao qua1 a Sociedade Gestora deduz as comissoes devidas ao Agente Administrativo, de Domiciliaçao e Empresarial e do Aqente de Registo e Transmissoes, assim como as comissoes devidas aos prestadores de serviços e taxas devidas nos locais onde O Fundo se encontra registado. Todas as comissdes referidas anteriormente serio calculadas em cada dia util sobre O valor contabillstico do Fundo (a taxa a definir de tempos a tempos com a Sociedade Gestora), sendo mensalmente liquidadas. Alem disso, a Sociedade Gestora suporta as despesas do representante do Fundo em Hong Kong.

Na sua qualidade de banco depositdrio. O J.P. Morgan Bank Luxembourg S.A. tem direito a receber uma remuneraçao ("Comissao do Banco Depositdrio"), em conformidade com a prdtica bancdria padrao em vigor no Luxemburg0 as taxas que vierem a ser definidas, de tempos a tempos, corn O Fundo, na0 devendo, porem. ser superiores a 0,2% por ano do valor contabillstico do Fundo. A comissao do banco depositdrio P calculada diariamente (sobre O valor contabilistico do Fundo em cada dia util), sendo liquidada mensalmente. Paralelamente, a "Comissao da Entidade de Custodia" poderd igualmente incluir comissoes que abrangem as taxas de transacçio cobradas em cada Fundo.

80

INVESCO GT SICAV

Memoria relativa às demonstraç6es financeiras

Regime fiscal O Fundo esth registado ao abrigo da legislaçio do Luxemburgo como organismo de investimento rolectivo. Desse modo, de momento, O Fundo nao estd obrigado ao pagamento de qualquer imposto sobre O rendimento ou mais-valias do Luxemburgo. Esta, porém, sujeito a uma "taxe d'abonnement'' anual calculada a t" taxa anual de 0,05% do Valor Llquido. Os dois Fundos de Reserva estao sujeitos a uma taxa anual reduzida de 0.01 % do Valor Liquido.

CompensaçBo A compensaçao C um pagamento de capital por parte de um subscritor de acçoes, sendo calculada através da divisa0 dos lucros liquidos ndo dtstribuldos do sub-fundo em questao pelo numero de acçoes emitidas A data de valorizaçio na qua1 a subscriçao P realizada. f posslvel reembolsar a compensaCao aos accionistas por ocasiio da amortizaçao das acçoes ou do pagamento de dividendos.

Dividendos Foram pagos dividendos no valor de US8317.287 e de US$200.927 em 37 de Outubro de 2003 e 30 de Abri1 de 2004, respectivamente, aos accionistas de Acçôes da Classe A (AcLoes de Distribuiçao) do INVESCO GT Global Bond Fund, consistindo em rendimentos e igualizaçâo liquida. Em conformidade com a politica de distribuiçio do INVESCO GT Global Bond Fund. os lucros si0 distribuidos através de um pagamento de dividendos, exclusivamente a titulares de acçôes da Classe A (Distribuicao). Os lucros a distribuir aos titulares de acçoes da Classe A, da Classe C e Classe E (Capitalizaçio) si0 reinvestidos com vista a reforcar O valor das acçbes da Classe A, da Classe C e Classe E.

Contratos de Compra e Venda de Divisas a Prato O INVESCO GT Global Bond Fund e O INVESCO GT Euro High Yield Fund entraram em contratos de compra e Venda de divisas a prazo para uma gestao eficiente da carteira. Os contratos de compra e Venda de divisas a prazo si0 utilizados para fazer a cobertura do risco de variaçdes futuras esperadas das taxas de cdmbio que de outra forma poderiam afectar desfavoravelmente O valor da carteira de titulos do Fundo ou afectar desfavoravelmente O preço dos titulos que O Fundo pretende adquirir numa data posterior. Os contratos cambiais a prazo abertos a 29 de febrero de 2004 s30 os seguintes:

Global Bond Fund Detalhes dos Contratos de Compra e Venda de Divisas a Prazo Compra de 4,656,264 Compra de 678,329 Compra de 777.854 Compra de 1.41 7,784 Compra de 978,866 Compra de 5,693,525 Compra de 930,659 Compra de 50,000 Compra de 135,248 Compra de 77,773 Compra de 71,534 Compra de 50,000 Compra de 35,000,000 Compra de 1,500,000 Compra de 150,000 Compra de 2,000,000 Compra de 70,000,OCO Compra de 1,120,000 Compra de 40,000 Compra de 50,000,000 Compra de 54,856 Compra de 825,906 Compra de 7,390,000 Compra de 852,082

USD USD USD USD USD USD USD EUR USD USD USD EUR J PY DKK EUR J PY JPY CAD USD J PY USD USD SEK EUR

Total de perdas nio-realizadas em contratos cambiais a prato abertos

Euro High Yield Fund Detalhes dos Contratos de Compra e Venda de Divisas a Prazo Compra de 106,190 EUR Compra de 341,922 EUR Compra de 5,661,197 EUR Compra de 3,990,164 EUR Compra de 79,835 EUR Compra de 178,000 GBP Compra de 41,930 EUR Compra de 252,603 EUR Compra de 128,968 EUR

Total de perdas nio-realizadas em contratos cambiais a prato abertos

para vender 3,930,000 para vender 2,695,000 para vender 1,020,000 para vender 8,900,000 para vender 580,000 para vender 619,000,000 para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender para vender

para vender para vender para vender para vender para vender para vender para vender para vender Dara vender

7,100,000 59,875

1 10,000 100,000 40,000 61,850

326,401 251,771 187,530

18,952 663,822 838,826 290,190 368,568 325,000

1,100,000 801,438

7,853,639

133,000 534,000

3,909,000 4.998.000

100,000 259,366

53,000 172,000 165,000

Ganhos/(Perdas) N l o Realizados em USD

EUR PLN CAD DKK GBP J PY SEK USD EUR CAD GBP USD USD US0 USD USD USD USD SEK EUR DKK CAD EUR SEK

(207,831) (3.650) 2 1,483

(60,848) (90,923)

9,092 (23,137)

2,009 (897)

3,619 (2.245)

34 (4,987) (2.563) (1,878)

(588) (20.994)

(8,301) 1,017 2,992

86 1 10,213

828 (532)

(377,226)

Ganhos/(Perdas) NB0 Realitados em USD

USD (1,368) CHF 2,370 GBP (150,507) USD (51,744) USD (1,035) EUR 5.276 USD (931) GBP (3.118) USD (4,468)

(205,525)

Data de vencimento 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31 -Mar-04 31-Mar-O4 31 -Mar-04 31-Mar-O4 31-Mar-O4 31-Mar-O4 31 -Mar-04 31 -Mar-04 31-Mar-O4 31 -Mar-04 31 -Mar-04 3 1 -Mar-04 31-Mar-O4 31-Mar-O4 31-Mar-O4 31 -Mar-04 31 -Mar-O4 31 -Mar-04 01-Mar-O4

Data de vencimento 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04 04-May04

81

INVESCO GT SICAV

Memoria relativa às demonstraçges financeiras

8.

9.

1 o.

11.

Contratos de Compra e Venda de Divisas a Praro (continuaç8o)

INVESCO GT Capital Shield Fund Detalhes dos Contratos de Compra e Venda de Divisas a Prazo Compra de 1,473,751 EUR para vender 1,850,000 Compra de 61 1,914 EUR para vender 83,000,000 Compra de 30,000,000 JPY para vender 221.01 1 Compra de 146,854 EUR para vender 20,000,000

Total de perdas n8o-realizadas em contratos cambiais a prazo abettos

Futuros DescriçBo Numero de contratos

INVESCO GT US Structured Large Cap Core Fund S&P 500 Future 18/3/2004

INVESCO GT Capital Shield Fund S&P 500 Emini 19/03/2004 US 10 Year Note Future 22/3/2004 DJ Euro Stoxx 50 Future 19/3/2004 Euro Bond Fund Futue 8/3/2004 1 O Year Mini JGB Future 10/3/2004 Nikkei 225 (SGX) Future 11/3/2004

Gan hos/(Perdas) NPo Realizados em USD Data de vencimento

USD (23,145) 25-May-O4 JPY (5.887) 25-May-O4 EUR 2,291 25-May-O4 J PY (2.0 1 4) 25-May-O4

(28,755)

Compromisso LonglShort Ganhos/(perdas) nao realizados

59 16,940,275 Long

598 26,579,974 Long 842 76,628,624 Long 453 12,664.680 Long 521 59,704,050 Long 159 16,577,501 Long 285 1 1,119,809 Long

78.075

782,969 490,859 51 5,355

1 01,251 694,182

541,785

Total dos ganhodperdas nao realizados 3.1 26.401

Demonstraçao de variaCao dos investimentos Por pedido apresentado na sede social do Fundo. 6 posslvel obter-se uma lista que enumera O total de compras e vendas relativas a cada investimento realizadas no exercicio em apreço e no representante em Hong Kong.

Comissbes em espbcie e operaçhes com entidades relacionadas Algumas subsididrias do AMVESCAP PLC (adiante denominado de "Grupo") com O fito de obter O melhor resultado liquido, incluindo a melhor execuçao, poderio realizar acordos com entidades homologas atraves dos quais estas poderao realitar paqamentos 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 tradutem numa ajuda importante com vista a satisfazer as suas responsabilidades em termos de investimento e relativamente aos quais OS clientes obtem vantagens 6bvias. As entidades homdogas pagarao exclusivamente os serviços cuja finalidade 6 auxiliar na prestaçio de serviços financeiros aos clientes do Grupo.

Os serviços financeiros admissiveis abrangem aqueles que prestam auxilio ao Grupo em termos do seu desempenho financeiro. Aqueles serviços abrangem, a titulo meramente enunciativo e nao limitativo, a andlise. research e serviços de consultoria, que abrangem factores e tendbncias economicas, valorizaçao e andlise de carteiras, aferiçao do desempenho, serwços de preços do mercado e O recurso a software e hardware infor- maticos especializados ou outros meios de informaçao.

O Grupo garantira O cumprimento das suas obrigaçdes relativamente 2s decisees financeiras tomadas face aos seus clientes em conformidade corn a legislaçao dos paises com jurisdicao sobre os referidos clientes ou actividade. A aplicaçao desta prerrogativa pode variai quanto a ade- quaçao dos serviços financeiros prestados.

Com vista a realizaçao de transacçoes, O Grupo selecciona entidades homdogas corn base no entendimento de que as transacçhes serio execu- tadas exclusivamente se a realizaçao das ordens n i a prejudicar os melhores interesses dos clientes do Grupo e se O mbltiplo atinqir um nive1 geralmente aceite pela prdtica dos mercados. O Grupo envidard esforços para que a execuçao de todas as transacçhes seja a melhor para todos os clientes.

Além disso, 6 possivel aos clientes instrukem O Grupo para que este pague comissoes a entidades homologas relativamente a produtos e serviços que, de outro modo, ter io de ser remunerados. Nesses casos. as comissoes sa0 utilitadas para vantagem exclusiva do cliente Cujas transacçdes deram origem As referidas comissbes.

Entre 1 de Março de 2003 e 29 de Fevereiro de 2004, foram transaccionados contratos cambiais com O INVESCO Bank Frankfurt. Nenhuma comissao foi paqa por estas transactoes. Os montantes das transacçoes durante O exercicio e as percentagens do total das transacçdes cambiais foram os seguintes:

Global Value Fund 948,956 12.75% Asia Enterprise Fund 24,334,789 11.17% 1,082,536 14.25% Greater China Opps Fund 7,838,813 5.39% American Enterprise Fund

899.31 3 3.86% European Structured Fund 2,759,218 0.04% Leisure Fund Pan European Fund 74,333,321 0.89% European Bond Fund 2,748,500 0.01 % Pan European Enterprise Fund 56,379,609 1.16% O Grupo irh esforçar-se por manter os mais altos padrdes legais em todo O mundo.

a2

INVESCO GT SICAV

Auditor's Report

We have audited the financial statements which consist of the statement of net assets, the statement of changes in net assets. the statement of investments and the notes to the financial statements of lnvesco GT SICAV (the "SICAV") and of each of its subfunds for the year ended 29 February 2004 These financial statements are the responsibility of the Board of Directors of the SICAV. Our responsibility is to express an opinion on these financial statements based on Our audit.

We conducted Our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining. on a test basis, evidence supportrng the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the SICAV, in preparing the financial statements, as well as evaluating the overall financial statements presentation We believe that Our audit provides a reasonable basis for Our opinion.

In Our opinion, the attached financial statements give, in conformity with the Luxembourg legal and regulatory requirements, a true and fair view of the financial position of lnvesco GT SICAV and of each of its subfunds at 29 February 2004 and of the results of their operations and changes in their net assets for the year then ended.

Supplementary information included in the annual report has been reviewed in the context of Our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. We have no observation to make concerning such information in the context of the financial statements taken as a whole.

PricewaterhouseCoopers 5.A r I Reviseur d'entreprises Represented by

Valerie Piastrelli

Luxembourg, 28 May 2004

Wir haben die Jahresabschlüsse des INVESCO GT SICAV ("SICAV") und jedes Unter-Fonds fur das Jahr zum 29 Februar 2004, die sich aus dem Wertpapierbestand und des sonstigen Nettovermogens. der Veranderungen des Nettovermogens und der Erlauterungen zu den Finanzausweisen zusammensetzen. geprüft. Die Verantwortung fur die Finanzausweise obliegt dem Verwaltungsrat der SICAV. Wir sind dafur verantwortlich, gestutzt auf unsere Rechnungsprüfung, e h Gutachten über diese Finanzausweise abzugeben.

Wir haben unsere Prüfung nach den International Standards on Auditing (KA) vorgenommen. Diese erfordern. daR wir die Rechnungsprüfung so planen und durchführen, daR wir mit zumutbarer GewiBheit feststellen konnen. da8 die Finanzausweise keinerlei wesentliche Unrichtigkeiten enthalten. Elne Rechnungsprüfung umfal3t unter anderem die stichprobenartige Uberprufung der Urterlagen, auf denen die in den Finanzausweisen enthakenen Betrage und Darlegungen basieren. Eine Rechnungsprüfung umfaBt überdies eine Beurteilung der Euchführungsgrundsatze und wesentlichen Schatzungen, die vom Verwaltungsrat der SICAV bei der Erstellung der Finanzausweise angewendet wurden, sowie eine Bewertung der allgemeinen Prasentation der Finanzausweise. Wir Sind der Auffassung, daï3 unsere Prüfung eine hinreichend sichere Grundlage für unser Prüfungsurteil bildet.

Unserer Meinung nach geben die beiliegenden Finanzausweise nach den in Luxemburg geltenden rechtlichen Bestimmungen und Vorschrrften ein wahrheitsgetreues und ausgewogenes Bild der finanziellen Lage des INVESCO G f SICAV und jedes seiner Teil-Fonds zum 29. Februar 2004 und ihrer Betriebsergebnisse sowie der Veranderungen ihrer Nettovermogen fur das zu diesem Zeitpunkt abgelaufene Geschaftsjahr wieder.

Zusatzliche Informationen. die im Rechenschaftsbericht enthalten sind, wurden zwar im Rahmen unseres Auftrages revidiert, sind aber keinem speziellen Rechnungsprufungsverfahren gemaR den oben beschriebenen Grundsatzen unterworfen worden. Dementsprechend geben wir zu diesen Informationen kein Prufungsurteil ab Wir haben in Bezug auf diese Informationen, in Verbindung mit den Finanzausweisen insgesamt gesehen, keine Bemerkungen zu machen.

PricewaterhouseCoopers S.à r.1 Reviseur d'entreprises Vertreten durch

Luxemburg, 28 Mai 2004

Valérie Piastrelli

83

INVESCO GT SICAV

Auditor's Report

Nous avons vPrifiC les Ctats financiers, qui se composent de I'Etat des placements, de I'Etat des actifs nets, de I'Etat des variations de l'actif net et des notes relatives aux Etats financiers d'lNVESC0 GT SICAV ("la SICAV') et de chacun des Compartiments la composant pour l'exercice clBturC le 29 fCvrier 2004 Ces Ctats financiers relPvent de la responsabilité du Conseil d'Administration de la SICAV. Notre responsabilitb consiste A exprimer notre point de vue sur ces Ctats financiers sur la base de notre vbrification.

Nous avons effectue notre vkrification conformCment aux Principes internationaux dans ce domaine. Ces Principes exigent d'organiser et d'effectuer la verification de maniPre d obtenir toutes les assurances pour pouvoir affirmer raisonnablement que les Ctats financiers ne contiennent pas d'irrbgularitCs importantes. Une vbrification comprend l'examen, par sondage, de piPces justificatives correspondant aux montants et aux dbclarations figurant dans les Ctats financiers. Une vérification comprend Cgalement une bvaluation des principes comptables utilisés et des estimations significatives effectuees par le Conseil d'administration de la SICAV dans le cadre de la prCparation des Ctats financiers, ainsi qu'une évaluation de l'ensemble de la présentation des etats financiers. Nous pensons que notre vbrification fournit les bases nCcessaires pour Ctayer notre opinion.

A notre avis, les états financiers joints au prbsent document donnent, conformément aux prescriptions juridiques et rbglementaires du Luxembourg, une image fidèle et de la situation financiere de INVESCO GT SICAV au 29 fCvrier 2004, et des résultats de ses opCrations et des variations de l'actif net pour l'exercice qui s'est termine A cette date.

Les informations complbmentaires fournies dans le rapport annuel ont fait l'objet d'un examen dans le cadre de notre mandat, mais n'ont pas donne lieu d des procedures de verification particuliPres qui auraient CtC appliquees dans le respect des principes enonces prbcCdemment. En consbquence. nous nous abstenons d'exprimer un avis sur ces informations. Nous n'avons aucune remarque A Cmettre concernant ces informations dans le contexte des btats financiers considCrCs dans leur ensemble,

PricewaterhouseCoopers 5.A r.1. Réviseur d'entreprises Représenté par

Luxembourg, 28 mai 2004

ValCrle Piastrelli

Hemos auditado los estados financieros, integrados por el balance, la cuenta de pérdidas y ganancias. el estado de variaci6n del patrimonio neto, el inventario de cartera y la memoria relativa a los estados financieros de INVESCO GT SICAV (en Io sucesivo. la "SICAV") y de cada uno de sus subfondos correspondientes al ejercicio cerrado a 29 de febrero de 2004. La formulacibn de dichos estados financieros es responsabilidad del Consejo de Administracibn de la SICAV. Nuestra responsabilidad consiste en emitir un informe sobre dichos estados financieros basado en nuestra labor de auditoria.

Hemos realizado nuestra labor de auditoria de conformidad con Normas Internacionales de Auditoria. Dichas normas exigen que planifiquemos y realicemos nuestra auditoria de forma que quepa obtener certeza razonable de que las cuentas anuales no entrahan anomalias significativas Una auditorla consiste en examinar, con base en pruebas selectivas, los elementos justificativos de los importes e informacidn contenidos en los estados financieros. Incluye, asimismo, una valoracibn de los principios contables aplicados y de las estimaciones significativas realizadas por el Consejo de Administracibn de la SICAV al formular los estados financieros, asi como de su presentaci6n general. Estimamos que nuestra labor de auditoria constituye una base razonable para emitir nuestro informe.

En nuestra opinion, los estados financieros adjuntos reflejan. de conformidad con la normativa legal y reglamentaria de Luxemburgo, una imagen fiel y exacta de la situacidn financiera a 29 de febrero de 2004 de INVESCO GT SICAV y de cada uno de sus subfondos. asi como de los resultados del ejercicio y de las variaciones del patrimonio net0 en el ejercicio cerrado a dicha fecha.

La informaci6n adicional incluida en el informe anual ha sido revisada en el marc0 de nuestro mandato. pero no ha sido objeto de un procedimiento de auditorla especifico de conformidad con las normas antes descritas En consecuencia. no emitimos ninguna opinidn sobre dicha informacidn. No tenemos ninguna observacidn que hacer sobre dicha informacidn en el contexto de las cuentas anuales consideradas en su conjunto.

PricewaterhouseCoopers S.a r.1. RCviseur d'entreprises Representada por

Valbrie Piastrelli

Luxemburgo, 28 de mayo de 2004

84

INVESCO GT SICAV

Auditor's Report

Examinamos as demonstraçdes financeiras que compreendem a demonstraçao de investimentos, a demonstraçio da situaç20 liquida. a demonstraçso de alteraçbes da situaçio liquida e as notas As demonstraçoes financeiras do INVESCO GT SICAV (O "SICAV") e de cada um dos seus sub-fundos relativos ao exercicio findo em 29 de Fevereiro de 2004 A responsabilidade pela preparaçao da5 referidas demonstraçbes financeiras 6 do Conselho de Administraçao do SICAV. A nossa responsabilidade consiste em expressar um parecer sobre as referidas demonstraçbes financeiras com base no nosso exame.

Realizamos O nos50 exame em conformidade com as Normas Internacionais de Auditorla. Estas normas exigem O planeamento e a realizaçao da auditoria de modo a obtermos garantias suficientes sobre se as demonstraçoes financeiras estao isentas de distorçbes materialmente relevantes. A auditoria abrange a verificaçao. numa base de amostragem, do suporte da5 quantias e divulgaçbes constantes das demonstraçoes financeiras. A auditoria abrange igualmente a apreciaçao sobre se sao adequadas as politicas contabilisticas adoptadas e as estimativas importantes elaboradas pelo Conselho de Administraçio do SICAV, na preparaçio da5 demonstraçZles financeiras, assim como a apreciacao sobre se é adequada, em termos globais, a apresentaçao das demonstraçdes financeiras. Entendemos que O exame efectuado proporciona uma base aceithvel para a express20 do nossa parecer.

Em nos50 parecer, as demonstraçbes financeiras apensas apresentam, em conformidade com os requisitos legais e regulamentares luxemburgueses. de forma verdadeira e apropriada, a posiçao financeira do INVESCO GT SICAV e de cada um dos seus sub-fundos, em 29 de Fevereiro de 2004, e os resultados das suas operaçdes e alteraçbes da sua situaç20 liquida no exercicio findo naquela data.

No âmbito do nosso mandato, analisdmos as informaçoes complementares constantes do relatorio anual. nao tendo sido. todavia, objecto de procedimentos de verificaçio especificos aplicados em conformidade com as normas expostas anteriormente. Assim, nAo emitimos nenhum parecer sobre essas informaçoes. No contexto das demonstraçoes financeiras tomadas globalmente. n5o temos nenhuma cbservacao a fazer sobre as referidas informaçees.

PricewaterhouseCoopers S.a 1.1.

Reviseur d'entreprises Representada por

Valerie Piastrelli

Luxemburgo, 28 de Mai0 de 2004

85

INVESCO GT SICAV

Comparative Net Asset Values for the year ended Vergleich der Nettoinventarwette für das abgelaufene Ceschaftsjahr zum

Valeurs Nettes d'Inventaire comparatives pour l'exercice clos au Patrimonio net0 comparativo para el ejercicio cerrado a Valores liquidos comparativos para O exerclcio findo a

29 February 2004 28 February 2003 28 February 2002 29. Februar 2004 28 Februar 2003 28 Februar 2002 29 f6vrier 2004 28 fevrier 2003 28 fkvrier 2002

28 de febrero de 2003 28 de Fevereiro de 2003

Total NAV per Share Total NAV per Share Total NAV per Share Nettoinventorwerte pro Anteil Nettoinventorwerte pro Anteil Nettoinventorwerte pro Antell Valeur liquidative totale par action Valeur liquidative totale par action Valeur liquidative totale par action



Patrimonio Neto Valor tebrico Patrimonio Neto Valor tedrico Patrimonio Neto Valor tedrico total de la Acclbn total de la Acci6n total de la Accidn

Total Total Total Valor Contabilistico por acçio Valor Contabilistico por acC3o Valor Contabilistico por acçao

IGT Global Emerging A USS 14,143,570 7.54 3,714,221 4.33 11,073,392 5.19 Markets Fund B uss 1,784.459 7.23 227,667 4.20 121,105 5.08

C US$ 28.234.495 7.69 17,871,503 4.39 25,087,452 5.24 E US$ 3,125,528 6.03 EUR 1,058.91 1 4.00 EUR 640,752 5.99 EUR

IGT Global Value Fund A US$ 6,861,167 9.67 5,994,433 6.88 8,825,497 8.86 B US$ 1,726,397 9.38 1,601,338 6.74 3,776,501 8.77 c US$ 1,385,131 9.82 973,440 6.94 3,386,164 8.90 E US$ 1,910,124 7.70 EUR 3,405,366 6.34 EUR 882,324 10.44 EUR

B us3 549,389 3.62 519,580 2.85 1,079,482 4.1 1 c uss 1,421,930 3.85 7,667,963 2.98 11,553,051 4.24 E USS 5,058,835 2.99 EUR 2,665,301 2.70 EUR 3,788,790 4.82 EUR

IGT American Enterprise Fund A USS 25,285,632 14.88 14,662,770 10.30 29,327,610 14.32 B US$ 117,963 14.36 22.968 10.04 163,541 14.10 c US$ 2,103,429 15.18 811,504 10.45 1,450,777 14.46 E US$ 1,993,399 11.71 €UR 584.338 9.41 EUR 1,224,802 16.38 EUR

IGT North America Fund A US$ 31,055,022 3.77 30,183,697 2.94 74,225,922 4 20

IGT US Structured Large A US$ 175.172.152 11.96 63,983,854 9.00 Cap tore Fund B US$ 38,574 11.86

C US$ 93,305,216 12.06 17,526.253 9.03 E USS 2,495,623 9.53 EUR 340,692 8.37 EUR

IGT European Structured Fund A EUR 32,084.184 5.59 19,766,258 4.27 4,044,421 7.04 B EUR C EUR 9,627,026 5.68 6,340,428 4.32 846,798 7.09 E EUR 2.841A76 5.46 3,634,494 4.21 2,812,952 7.00

B EUR 21,533,114 7.59 25,167,557 5.58 64.24a.695 9.76 C EUR 7,481,710 8.27 18,994,443 5.98 71,421,910 10.30

IGT Pan European Fund A EUR 366,695,750 8.10 377,577,704 5.89 871,914,638 10.19

E EUR 4,349,392 7.96 5.71 1,335 5.81 34,553,364 10.12 IGT Pan European A EUR 317,774,687 8.71 264,656,431 5.83 540,240,833 10.22 Enterprise Fund B EUR 13,701,516 8.27 13,783,382 5.59 37.175.3za 9.90

E EUR 2,486,600 8.50 1.239.1 61 5.73 1,623,145 10.12 C EUR 3,217,159 8.89 2,439,901 5.92 27,622,194 10.33

IGT Nippon Enterprise Fund A JPY 1,2825,730,109 869.86 8,000,360.73 1 549.00 1 1,454,286,389 750.01 B JPY 994,032,804 826.78 685,190,740 528.00 1,327,784,997 727.88

E JPY 582.776.524 6.28 EUR 11 1,064,881 4.26 EUR 380,438,309 6.41 EUR

IGT Nlppon Growth Fund A JPY 5,035,341,494 281.89 4,099,663,548 217 O0 6,601,036,800 275.86 B JPY 488,938,714 266.13 450,015,014 207.00 767957.035 265.96 C JPY 99,866,576 287.43 307,128,371 220.00 7 1,438,064 278.52 E JPY 147,185,506 2.05 EUR 74,553,526 1.69 EUR 72.286.658 2.37 EUR

IGT Asla Enterprise Fund A US$ 107,397,633 48.00 77,103,886 29.98 101,105,435 37.98 B US$ 6.528.636 45.95 5,235,444 29.00 7,504,358 37.12 C US$ 72.462.351 49.00 74,524.01 7 30.45 ag.723.847 38.39 E US$ 16,916,948 37.78 EUR 1,998,478 27.40 EUR 662,358 44.12 EUR

IGT Greater China A US$ 112,283,912 14.11 49,581,096 8.06 64,201,215 8 29

c uss 5,909,033 14.40 11,937,805 8.18 91 1,026 8.38 E US$ 20,451,283 11.14 EUR 2,859,299 7.38 EUR 1,577,289 9.51 EUR

IGT Worldwide Dynamic A US$ 21,343,786 5.95 12,569.41 4 4.19 22,534,691 6.23 Theme Fund B US$ 1.940.567 5.64 437,292 4.02 1,049,334 6.03

c US$ 6.782.999 6.08 10,736,362 4.26 17,540,905 6.30 E US$ 4.360.324 4.74 EUR 947,229 3.87 EUR 769.647 7.17 EUR

C JPY 377.847.347 889.63 192,768,853 559.00 324,785,595 759.55

Opportunities Fund B US$ 5,852,236 13.32 2,285,991 7.68 2,670,343 7.99

86

INVESCO GT SICAV

Comparative Net Asset Values for the year ended Vergleich der Nettoinventarwerte für das abgelaufene Geschaftsjahr rum

Valeurs Nettes d'Inventaire comparatives pour l'exercice clos au Patrimonio net0 comparativo para el ejercicio cerrado a Valores liquidos comparativos para O exercicio findo a

IGT Leisure Fund

29 February 2004 29 Februar 2004 29 février 2004


Total NAV per Share Nettoinventorwerte pro Anteil Valeur liquidative totale par action

Patrimonio Neto Valor te6rico total de la Accion

Total

A US$ 145,843,131 16.85 B USE 2,446,903 15.90 c uss 14.127.8a6 17.11

Valor Contabillstlco por acçio

28 February 2003 28. Februar 2003 28 fCvrier 2003


Total NAV per Share Nettainventarwerte pro Anteil

Valeur liquidative totale par action Patrimonio Neto Valor te4rico

total de la Accion

Total Valor Contabillstico por acçao

129,054,278 1 1 .a5 2,820,574 1 1 29

12.976.144 12 04

28 February 2002 28. Februar 2002 28 fevrier 2002


Total NAV per Share Nettoinventorwerte pro Anteil

Valeur liquidative totale par action Patrimonio Neto Valor tebrico

total de la Accibn

Total Valor Contabilistico par acCBo

igo,a55,219 15 16 3.8g6.478 14 60

17.281.767 15.33 . . . . . ... E US$ 4,175,072 13.26 EUR 3,120,785 10 83 EUR 3.21 5.608 17.34 EUR

IGT Worldwlde A US$ 2.91 1,592 2.67 4.21 3,507 3.65 Telecommunlcations Fund B USE 39,097 2 62 62,256 3.61

c US$ 133,481 2.70 274,132 3.68

IGT Worldwide A US$ 2,365,421 2.86 5,672,430 4.60

c uss 61 4,359 2.83 276,047 4.63 E USS 1,139,806 2.64 EUR 3,001,236 5.29 EUR

IGT Worldwide A US$ 5,493,747 6.42 7.160.1 04 8.49 Healthcare Fund B US$ 522,693 6.31 1,067,967 8 42

c US$ 14.464 6.50 222,595 8 55 E US$ 3,104,122 5.94 EUR a.iz5.750 9 78 EUR

IGT Energy Fund A US$ 15,466,209 11.03 9,504,708 8.68 10,461,579 8.83

E US$ 757,325 2.44 EUR 1,528,085 4.18 EUR

Technology Fund B USS 1,374,061 2.80 2,952,959 4.54

B US$ 4.956.675 10.69 5,951.61 5 8.50 3.61 4,259 8.74 C US$ 3.478.279 11.20 2.01 1,954 8 77 1,807,835 8.88 E US$ 584,317 8.70 EUR 432,713 7 95 EUR 1,295,750 10.13 EUR

IGT Financlal Services Fund A US$ 1,642,364 6.84 1.51 9,757 8.67 B US$ 541,726 6.70 877,877 8.59 c US$ 30.01 3 6.91 43,528 8.72 E US5 1,702,847 6.27 EUR 2,108,065 9.95 EUR

74.00 21 1,007,124 IGT Dollar Reserve Fund A US$ 74,262.091 75.22 i9a.i31,2 17 74.88 B US$ 3,641.242 73.16 5,094,310 73.57 1 ,oa6,869 73 45 B i US$ 5,435.812 75.22 15,587,756 74.88 17.91 1,246 74 O0 C US$ 25.381.838 76.17 165,166,140 75.63 90,207,442 74.56 E US$ 5,727.957 60.70 EUR 1,583,065 69.63 EUR 530,736 85.49 EUR

IGT Euro Reserve Fund A EUR 62,307,620 280.73 97,990,618 276.21 92,303,526 269.02 B €UR 1,361,865 272.98 2,458,772 271.36 2,582,216 267.01 C EUR 39,878,653 285.51 17,459,133 280.09 25,288,787 271.99

IGT Global Bond Fund A Dis USS 10,454,908 4.68 12,468,458 4.93 I l ,735.51 7 4.78 (Accumulation) A Cap US$ 3,812,566 5.64 4,292,101 5.63 2,382,772 5.31

E EUR 21,170,084 280.28 21,848,316 275.91 10,247,278 268.97

B US$

E USS 1,152,476 4.43 EUR 2,361,628 5.1 1 EUR 5,594,901 5.99 EUR c uss 2,414,706 5.96 3,415,145 5.93 14,355,297 5 59

IGT Eumpean Bond Fund A EUA 71.567.449 4.06 97,430,640 3.90 337397,754 3.63

C EUR 9,325,502 4.11 6,801,088 3.94 8,404,777 3.66 E EUR 5,803,938 4.04 EUR 4.739.1 O1 3.89 7,501,271 3.62

IGT Euro Hlgh Yleld Fund A EUR 13,783,845 2.40 24,369,621 2.10 27,267,759 2.03 B EUR

2 06 C EUR 4.816.1 11 2.45 7,877,291 2.13 E EUR 10,554,915 2.40 4,348,318 2.10 3,723,369 2.03

IGT Euroland Bond Fund A EUR 35,771,806 12.14 34.5a6.840 11.78 54,901,530 10.73 B EUR 470,373 11.84 414,561 11.61 62,507 10.68 C EUR 823.328 12.24 I l ,122,485 1 1 85 2,710,222 10.77 E EUR 618,767 12.08 1,889,348 11.75 3,653,907 10.71

B EUR 8,300,945 3.87 16,190,500 3.75 23.81 7,100 3.53

16,771,727

IGT Capital Shield Fund A EUR 86,394,112 10.57 B EUR C EUR 75,585,246 10.60 E CUR 90,427,991 10.53

87

INVESCO GT SICAV

BOARD OF DIRECTORS

Jean-Baptiste Douville Joseph Beashel de Franssu George3 Quay House 30 Finsbuty Square London ECZA 1AG Dublin 2 United Kingdom lreland Chief Execurive Ofhcer Managing Direcror Continental €uropean Division lNVESC0 Dubhn INVESCO Asset Management Limited

43 Townsend Street

ORGANISATIONS

Registered Office 69 route d'Esch L-1470 Luxembourg

Mana er INVESFO GT Management S A Registered Office 69 route d'Esch L-1470 Luxembourg

lnvestment Advisers INVESCO Asset Management Limited Registered Office 30 Finsbury Square London ECZA 1AG United Kingdom

INVESCO Asia Limited Registered Office 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kong

INVESCO Asset Management (Japan) Limited Registered Office 16th Floor Imperia1 Tower 1-1-1 Uchisaiwai-Cho Chiyoda-ku

Japan Tokyo 1 O0 - 001 1

INVESCO Gestion S.A. 22, Rue du Trémoille 75008 Paris France

INVESCO Funds Group Inc. 4350 South Monaco Street Denver Colorado 80237 USA

INVESCO Institutional (N.A.) Inc Il 66 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 BleichstraBe 60-62 0-60313 Frankfurt am Main Germany

Custodian & Paying Agent in Luxembourg J.P. Mor an Bank Luxembourg S.A. 5. rue P%etis L-2338 Luxembourg

Jacques Elvinger Andrew Lo (Chairman) Ricardo Ricclardl 2 Place Winston Churchill 12th Floor (Resigned: Effective date of B.P. 425 Three Exchange Square Resignation 30 April 2003) L-1340 Luxembourg 8 Connaught Place 30 Finsbury Square Partnec Elvinger Hoss 8 Prussen Central, Hong Kong London ECZA 1AG

Chief Execurive Officer United Kingdom lNVESC0 Asia limited Chief lnvestment Officer

lNVESC0 Europe Limited

Registrar & Transfer Agent First European Transfer Agent 5 rue Thomas Edison B P 1755 L-1445 Strassen

listing Agent in Luxembourg Dexia Banque Internationale A Luxembourg 69 route d'Esch L-1470 Luxembourg

Primary Dealing Desk

Hong Kong - Frankfurt - Dublin

Hong Kong Sub-Distributor & Representative. INVESCO Asset Management Asta Limited 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kong Tel +852 2868 3228 Fax +a5228685445

German Sub-Distributor & German Distributor INVESCO Fondssewice GmbH BletchstraRe 60-62 D-60313 Frankfurt am Main Germany Tel +49 69 29807 800 Fax t496929807 159

The name, address and contact numbers for Dublin Dealing Desk are as follows: - Global Distributor INVESCO Global Distributors Limited George's Quay House 43 Townsend Street, Dublin 2 lreland Tel: +353 1439 8100 Fax: +353 1 439 8200

United Kingdom Representative INVESCO Global lnvestment Funds Limited 30 Finsbury Square London ECZA 1AG United Kingdom Tel +44 207 065 4000 Fax: t 4 4 207 638 0752

Auditors PricewaterhouseCoopers S A r L Reviseur d'Entreprises 400 Route d'Esch B P 1443, L-1014 Luxembourg

Leaal Advisers to the SICAV ElvLger, HOSS Prussen 2 Place Winston Churchill B.P. 425 L - 2014 Luxembourg

German Paying Agent ltaly INVESCO Bank OHG INVESCO ltalia SGR SpA

Via Cordusio 2 Bleichstrak 60-62 20'l23 Milan 60313 Frankfurt am Main

iraiy Tel: +39 02 88 074 1

Germany

Effective 31 Marrh 2004 lNVESC0 Fax: +39 88 074 23 Frankfurt replaces INVESCO Bank OHG

Austrian Distributor INVESCO Bank OHG RotenturmstraBe 16 -18 A - 1010 Wien Austria Tel: +43 1 316 2030 Fax: +43 1 316 2020

INVESCO Bank Osterreich AG is the Austrian paying agent

Austrian Paying Agent INVESCO Bank Osterreich AG Kommualkredit Depotbank AG Türkenstrasse 9 A-1 092. Vienna. Austria

Jersey INVESCO International Limited 40 Esplanade St Helier Jersey JE4 2PH Tel.: +44 1534 607 600 Fax.:+441534510510

The Netherlands INVESCO Nederland Concertgebouwplein 15 NL-1071 LL Amsterdam The Netherlands Tel: +31 20 573 0860 Fax: +31 20 664 5845

Sinqanore INVËSCO Asset Management Singapore

6 Collyer Quay No 24-02 Hitachi Towers Singapore Tel +65 538 81 66 Fax +65 538 8266

Swiss Pa ing Agent Limited Banque deespierson BGL S A Rennwieg 57 Postfach 8023 Zurich Switzerland

&set Management Singapore -,,,,...-

Banque Mee<piefson BGL S.A. Rennwieg 57 Postfach 8023 Zurich - _ _ _ _

6 Collyer Quay No. 24-02 Hitachi Towers Singapore

88166

AMVESCAP Group Representative Offices

Austria INVESCO Asset Management GESmbH Rotenturmstrasse 16-18 A-1010 Vienna Austria Tel +431 316 20 30 Fat +431 316 20 190

France INVESCO France S A 22 rue de Trhoille 75008 Paris France Tel: +33 1 56 62 43 O0 Fax +33 1 56 62 44 94

Germa n y INVESCO Fondsservice GmbH BleichstraRe 60-62 60003 Frankfurt am Main Germany Tel +49 69 29807 800 Fax +49 69 29807 159

Hong Kong IINVESCO Asset Management Asia Limited 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kong Tel: +852 2868 3228 fax: +852 2868 5445

Spain INVESCO Asset Management Limited Sucursal en Esoana ClRecoletos 15-1 a planta 28001 Madrid Spain Tel: +34 91 781 30 20 Fax: t 3 4 91 576 05 20

Switzerland INVESCO Asset Management (Switzerland) Limited Genferstrasse 21 PO Box 324

Zurich Switzerland Tel: +41 1 287 9000 Fax +41 12879010

United Kingdom INVESCO Asset Management Limited 30 Finsbury Square London ECZA 1AG United Kingdom Tel. +44 207 065 4000 Fax +44 207 638 0752

CH-8027

88

INVESCO GT SICAV

DER VERWALTUNGSRAT

Jean-Baptiste Douville Joseph Eeashel Jacques Elvinger Andrew Lo (Vorsluender) Ricardo Ricciardi de Franssu Georges Quay House 2 Place Winston Churchill 12th Floor 30 Finsbury Square 43 Townsend Street B P 425 Three Exchange Square I nndon FCZA 1AG Dublin 2 L-1340 Luxembourtl 8 Connauaht Place -. . . . . - . United Kinodom Ireland Partner: Elvinuer Ho>s & Prussen Central, Honq Konq . - Chief Execuhe Officer Managing Director Continental Euuropean Division INvEsco Dublin INVESCO Axer Management Limited

ORGANISATIONS

Eingetragener Sitz 69 route d'Esch L-1470 Luxembourg

Verwalter INVESCO GT Management S.A Eingetragener Sitz 69 route d'Esch L-1470 Luxembourg

Anlageberater INVESCO Asset Management Limited Eingetragener Sitz 30 Finsbury Square London EC2A 1AG United Kingdom

INVESCO Asia Limited Ein etragener Sitz 1 2 8 Floor Three Exchange Square 8 Connaught Place Central Hong Kong

INVESCO Asset Management (Japan) Limited Ein etragener Sitz 1 6 8 Floor Imperia1 Tower 1-1-1 Uchisaiwai-cho Chiyoda-ku

Japan

INVESCO Gestion S.A 22, Rue du Tremoille 75008 Paris France


INVESCO Institutional (N.A.) Inc 1 166 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 Deutscheland GmbH BleichstraRe 60-62 D-60313 Frankfurt am Main Germany

Depotbank und Zahlstelle in Luxemburg J.P. Mar an Bank Luxembourg S.A. 5, rue PPaetis L-2338 Luxembourg

Tokyo 1 O0 - O01 1

Register- und Transferstelle First European Transfer Agent S.A Il boulevard Grande-Duchesse Charlotte L-1331 Luxembourg

Zulassungsstelle in Luxemburg Dexia Banque Internationale A Luxembourg 69 route d'Esch L-1470 Luxembourg

Haupthandelsdesk Hongkong - Frankfurt - Dublin

Untervertriebsstelle und Vertreter in Hongkong

INVESCO Asset Management Asia Limited 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kong Tel: +852 2868 3228 Fax: +852 2868 5445

Untervertriebsstelle und Vertreter in Deutschland

INVESCO Fondsservice GmbH BleichstraRe 60-62 D-60313 Frankfurt am Main Germa n y Tel +49 69 29807 800 Fax +49 69 29807 156

Mit Wirkung vom 4. Mar2 2002 wird das Haupthandelsdesk von Dublin nach London verlegt.

Der Name, die Adresse und die Kontaktnummern des Handelsdesks in Dublin lauten wie folgt:

Hauptvertriebsstelle INVESCO Global Distributors Limited George's Quay House 43 Townsend Street, Dublin 2, Ireland Tel +353 1 439 8100 Fax +353 14398200

Britischer Vertreter INVESCO Global lnvestment Funds Limited 30 Finsbury Square London ECZA 1AG United Kingdom Tel +44 207 065 4000 Fax +442076380752

Wirtschaftsprüfer PricewaterhouseCoopers S.a r.1 Rkviseur d'Entreprises 400 Route d'Esch B P 1443, L-1014 Luxembourg

Rechtsberater der SICAV Elvinger, Hoss & Prussen 2 Place Winston Churchill B.P. 425 L - 2014 Luxembourg

Chief Executie Off& lNVESC0 Aaa Limired

Deutsche Zahlstelle INVESCO Bank OHG Bleichstrak 60-62 60313 Frankfurt am Main Germany

Mit Wirkung vom 31. Mar2 2004 wird INVESCO Bank OHG durch INVESCO Frankfurt ersetzt

bsterreichische Vertriebsstelle INVESCO BANK Osterreich AG Rotenturmstrak 16 -1 8 A - 1010 Wien Austria Tel t 43 1 316 200 Fax +43 1 316 2020

INVESCO Bank bsterreich AG die osterreichische Zahlstelle.

bsterreichische Zahlstelle INVESCO Bank Osterreich AG Kommualkredit Depotbank AG Turkenstrasse 9 A-1092, Vienna. Austria

Schweizer Zahlstelle Banque Meespierson BGL S A Rennwieg 57 Postfach 8023 Zurich Switzerland

Niederlassungen der Vertreter der AMVESCAP Gruppe

Osterreich INVESCO Asset Management GESmbH Rotenturmstrasse 16-1 8 A-1010 Vienna Austria Tel +431 316 20 30 Faz +431 316 20 190

Frankreich INVESCO France 5 A 22 rue de TrPmoille 75008 Paris France Tel, +33 1 56 62 43 O0 Fax. +33 1 56 62 44 94

Deutschland INVESCO Fondsservice GmbH BleichstraBe 60-62 60003 Frankfurt am Main Germany Tel +49 69 29807 800 Fax: +49 69 29807 159

Hongkong IINVESCO Asset Management Asia Lim ted 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kong Tel: t852 2868 3228 Fax +852 2868 5445

(schied zum 30 April 2003 a u 9 30 Finsbury Square London ECZA IAG United Kingdom Chief lnvestment Officer /NV€SCO Europe Limited

Italien INVESCO ltalia SGR SpA Via Cordusio 2 201 23 Milan ltaly Tel: +39 02 88 074 1 Fax: +39 02 88 074 391

Jersey INVESCO International Ltd 40 Esplanade S t Helier Jersey JE4 2PH Tel : t 4 4 1534 607 600 Fax.: +44 1534 510 510

Niederlande INVESCO Nederland Concertgebouwplein 15 NL-1071 LL Amsterdam The Nethedands Tel- +31 20 573 0860 Fax +31 20 664 5845

Singapur INVESCO Asset Management Singapore Limited 6 Collyer Quay No. 24-02 Hitachi Towers Singapur Tel.: +65 538 8166 Fax: +65 538 8266

Spanien INVESCO Asset Management Limited Sucursal en Espana C/Recoletos 15-la planta 28001 Madrid Spain Tel: +34 91 781 30 20 Fax +34 91 576 05 20

Schweiz INVESCO Asset Management (Switzerland) Limited Genferstrasse 21 PO Box 324

Zurich Switzerland

CH-8027

Tel +41 1287 9000 Fax: +41 1 287 9010

Vereinigtes Konigreich INVESCO Asset Management Limited 30 Finsbury Square London EC2A 1AG United Kingdom Tel' +44 207 065 4000 Fax, +44 207 638 0752

89

-. - .. .- . . . . -. . . . . . . ... . . . . . - ._ .... .. . ... .- - -

INVESCO GT SICAV

CONSEIL D'ADMINISTRATION

Jean-Baptiste Douvllle Joseph Beashel Jacaues Elvinqer Andrew 10 (Prbsident) Ricardo Rlcciardi de Franssu Georges Quay House 2 Place Winstoi Churchill 12th Floor 30 Finsbury Square 43 Townsend Street B.P. 425 Three Exchange Square London EC2A 1AG Dublin 2 L-1340 Luxembourg 8 Connaught Place United Kingdom lreland Partner; Elvinger Hoss & Prussen Central, Hong Kong Chief Executive Officer Managing Director Chief Executive Ofhcer Continental European Division /NVESCO Dublin NVVE5CO Asia Limited INVESCO Asset Management Limited

ORGANISATIONS Siège social 69 route d'Esch 1-1470 Luxembourg

Societé de gestion INVESCO GT Management S.A Siege social 69 route d'Esch L-1470 Luxembourg

Conseillers en placements INVESCO Asset Management Limited 5iPge social 30 Finsbury Square London EC2A 1AG United Kingdom

INVESCO Asia Limited Sie e social 1 2 8 Floor fhree Exchange Square 8 Connaught Place Central Hong Kong

INVESCO Asset Management (Japan) Limited Si+ e social 1 6 8 Floor Imperia1 Tower 1-1-1 Uchisaiwai-cho C hiyoda-ku

Japan

INVESCO Gestion S A 22, Rue du Tremoille 75008 Paris France

INVESCO Funds Group Inc 4350 South Monaco Street Denver Colorado 80237

INVESCO Institutional (N A ) Inc 11 66 Avenue of the Americas, New York, N Y 10036 United States of America

INVESCO Global Asset Manaaement

Tokyo 100 - O01 1

USA

> .

(N.A.) Inc. 1360 Peachtree Street, Suite 100, Atlanta, Georgia 30909, USA.

INVESCO Asset Management Deutscheland GmbH BleichstraRe 60-62 0-60313 Frankfurt am Main Germany

Agent dépositaire et Agent payeur au Luxembour J.P. Mor an Ban& Luxembourg S.A. 5. rue Pietis L-2338 Luxembourg

Agent d'enregistrement et de transfert First European Transfer Agent S.A. 11 boulevard Grande-Duchesse Charlotte L-1331 Luxembourg

Agent de cotation au Luxembourg Dexia Banque Internationale a Luxembourg 69 route d'Esch L-1470 Luxembourg

Bureau pour les operations primaires

Hong Kong - Francfort - Dublin

Sous-distribution et reprlsentation AHon Kong lNVES?O Asset Management Asia Limited 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kong Tel: +852 2868 3228 Fax: +852 2868 5445

Sous-distribution et reprbsentation en Allemagne INVESCO Fondsservice GmbH BleichstraRe 60-62 D-60313 Frankfurt am Main Germany Tel: +49 69 29807 800 Fax: +49 69 29807 159

Pour prendre contact avec le bureau responsable des operations A Dublin, veuillez utiliser les noms, adresses et num6ros suivants :

Distributeur dans le monde entier INVESCO Global Distributors Limited George's Quay House 43 Townsend Street, Dublin 2, lreland Tel: +353 1 439 8100 Fax: +353 1 439 8200

Représentant au Royaume-Uni INVESCO Global lnvestment Funds Limited 30 Finsbury Square London EC2A 1AG United Kingdom Tel: +44 207 065 4000 Fax: +44 207 638 0752

Réviseurs d'entreprise PricewaterhouseCoooers S.a r.1 &viseur d'Entreprises 400 Route d'Esch B.P 1443, L-1014 Luxembourg

Conseillers juridiques auprès de la SICAV Elvinger, Hoss & Prussen 2 Place Winston Churchill B.P. 425 L - 2014 Luxembourg

Agent payeur en Allemagne INVESCO Bank OHG BleichstraRe 60-62 60313 Frankfurt am Main Germany

A partir du 31 mars 2004, NVESCO Frankfurt a remplad INVESCO Bank OHG.

Distributeur en Autriche INVESCO BANK Osterreich AG RotenturmstraRe 16 -18 A - 1010 Wien Austria Tel: +43 1 316 2030 Fax: +43 1 316 2020

INVESCO Bank Osterreich AG fait office d'Agent payeur pour l'Autriche.

Agent payeur en Autriche INVESCO Bank Osterreich AG Kommualkredit Depotbank AG Türkenstrasse 9 A-1092, Vienna, Austria

Agent payeur en Suisse Banque Meespierson BGL S.A. Rennwiea 57 Postfach- 8023 Zurich Switzerland

Bureaux de représentation d'AMVESCAP Group

Autriche INVESCO Asset Management GESmbH Rotenturmstrasse 16-1 8 A-1010 Vienna Austria Tel: +431 316 20 30 Faz: +431 3 16 20 190

France INVESCO France S.A 22 rue de Trémoille 75008 Paris France Tel +33 1 56 62 43 O0 Fax +33 1 56 62 44 94

Allemagne INVESCO Fondsservice GmbH BleichstraRe 60-62 60003 Frankfurt am Main Germany Tel +49 69 29807 800 Fax +49 69 29807 159

Hong Kong IINVESCO Asset Management Asia Limited 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kon Tel, +852 3868 3228 Fax: +852 2868 5445

(Demission : Demission effective depuis le 30 avril 2003) 30 Finsbury Square London ECZA 1 AG United Kingdom Chief lnvestment Officer INVESCO EuroDe Limited

Italie INVESCO ltalia SGR SpA Via Cordusio 2 20123 Milan ltaly Tel: +39 02 88 074 1 Fax +39 02 88 074 391

Jerse lNVE&O International Ltd 40 Esplanade S t Helier Jersey JE4 2PH Tel . +44 1534 607 600 Fax +441534510510

Pays-Bas INVESCO Nederland Concertgebouwplein 15 NL-1071 LL Amsterdam The Netherlands Tel: +3 1 20 573 0860 Fax: +31 20 664 5845

Singapore INVESCO Asset Management Singapore Limited 6 Collyer Quay No. 24-02 Hitachi Towers Singapore Tel. : +65 538 8166 Fax : +65 538 8266

Espa ne lNVE?CO Asset Management Limited Sucursal en Espana C/Recoletos 15-la planta 28001 Madrid Spain Tel: +34 91 781 30 20 Fax: +34 91 576 05 20

Suisse INVESCO Asset Management (Switzerland) Limited Genferstrasse 21 PO Box 324

Zurich CH-8027

Switzerland Tel: +41 1 287 9000 Fax: +41 1 287 9010

United Kingdom INVESCO Asset Management Limited 30 Finsbury Square London EC2A 1AG United Kingdom Tel: +44 207 065 4000 Fax: +44 207 638 0752

90

INVESCO GT SICAV

CONSEJO DE ADMlNlSTRACldN

Jean-Baptiste Douville Joseph Eeashel lacques Elvinger Andrew 10 (Presidente) Ricardo Ritriardi de Franssu Georges Quay House 2 Place Winston Churchill 12th Floor (Present6 s~ dimisi6n Fecha de 30 Finsbury Square 43 Townsend Street 6.P 425 Three Exchange Square entrada en vigor de la dimisibn, London EC2A 1AG Dublin 2 1-1 340 Luxembourg 8 Connaught Place 30 de abri1 de 2003) United Kinadom Ireland Partner Elvinaer Hoss & Pfussen Central. Hona Kong 30 Finsburv Sauare . . . Chief Exewujve Officer Managing Director Continental Eumpean Divfsion INVESCO Dublin INVESCO Asset Management Limited

ORGANIZACIONES

Oficina registrada 69 route d'Esch L-1470 Luxembourg

Gestor INVESCO GT Management 5.A Domicilio social 69 route d'Esch L-1470 Luxembourg

Asesores de inversibn INVESCO Asset Management Limited Domicilio social 30 Finsbury Square London EC2A 1AG United Kingdom

INVESCO Asia Limited Domicilio social 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kong

INVESCO Asset Management (Japan) Limited Domicilio social 16th Floor Imperia Tower 1-1 -1 Uchisaiwai-Cho Chiyoda-ku

Japan

INVESCO Gestion S.A 22, Rue du Tr6moille 75008 Paris France


INVESCO Institutional (N.A.! Inc 1 166 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 Deutscheland GmbH EleichstraRe 60-62 0-60313 Frankfurt am Main Germany

Custodio y agente de pagos en Luxemburgo J.P. Mor an Bank Luxembourg S.A. 5, rue A t i s L-2338 Luxembourg

Tokyo 100 - O01 1

Agente registrador y de transferencias First European Transfer Agent S.A 11 boulevard Grande-Duchesse Charlotte L-1331 Luxembourg

Agente de cotizacion en Luxemburgo Dexia Banque Internationale A Luxembourg 69 route d'Esch L-1470 Luxembourg

Dealing Desk principal

Hong Kong - Francfort - Dublin

Subdistribuidor y tepresentante en Hon Kong INVESCO Asset Management Asia Limited 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kong Tel: t852 2868 3228 Fax: t852 2868 5445

Subdistribuidor alem6n y representante aleman INVESCO Fondsservice GmbH EleichstraRe 60-62 D-60313 Frankfurt am Main Germany Tel +49 69 29807 800 Fax +49 69 29807 159

El nombre, la direcci6n y los nimeros de contacto del Dealing Desk en Dublin son los siguientes:

Distribuidor mundial INVESCO Global Distributors Limited George's Quay House 43 Townsend Street, Dublin 2, lreland Tel +353 1 439 8100 Fax +353 14398200

Representante en el Reino Unido INVESCO Global lnvestment Funds Limited 30 Finsbury Square London EC2A 1 AG United Kingdom Tel +44 207 065 4000 Fax +44 207 638 0752

Auditores PricewaterhouseCoopers S a r l Reviseur d'Entreprises 400 Route d'Esch B P 1443, L-1014 Luxembourg

Asesores jurldicos de la SICAV Elvinger, Hoss & Prussen 2 Place Winston Churchill B P 425 L - 2014 Luxembourg

Chief Executih OfGcer INVESCO Aaa Limited United Kingdom

London EC2A 1AG

Chief Invewnent Officer INVESCO Europe Limited

Agente de pagos aleman ltalia INVESCO Bank OHG INVESCO ltalia SGR SpA Bleichstrak 60-62 Via Cordusio 2 60313 Frankfurt arn Main 20123 Milan

ltaly Tel. +39 02 88 074 1

Germany

En vigor a partir del 31 de marzo de Fax' +39 O2 88 074 391 2004, INVESCO Frankfurt sustituye a

INVESCO International Ltd INVESCO Bank OHG

Distribuidor austriaco INVESCO BANK Osterreich AG RotenturmstraRe 16 -1 8 A - 1010 Wien Abstria Tel +43 1 316 2030 Fax. t 43 1 316 2020

INVESCO Bank Osterreich AG pasa a ser el agente de pagos austriaco

Agente de pagos austriaco INVESCO Bank Osterreich AG Kommualkredit Depotbank AG Turkenstrasse 9 A-1 092, Vienna, Austria

Agente de pagos suizo Banque Meespierson BGL S A Rennwieg 57 Postf ac h 8023 Zurich Switzerland

Representaciones del Grupo AMVESCAP

Austria INVESCO Asset Management GESmbH Rotenturmstrasse 16-1 8 A-1010 Vienna Austria Tel: +431 316 20 30 Faz: t431 31620 190

Francia INVESCO France S.A. 22 rue de Trémoille 75008 Paris France Tel +33 1 56 62 43 O0 Fax: +33 1 56 62 44 94

Alemania INVESCO Fondsservice GmbH EleichstraBe 60-62 60003 Frankfurt am Main Germany Tel: +49 69 29807 800 Fax: +49 69 29807 159

Hong Kong IINVESCO Asset Management Asia Limited 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kong Te:: +852 2868 3228 Fax: +a52 2868 5445

40 Esplanade St Helier Jersev JE4 fPH Tel.: +44 1534 607 600 Fax.: +44 1534 510 510

Paises Ba'os INVESCO Lederland Concertgebouwplein 15 NL-1071 LL Amsterdam The Netherlands Tel +31 20 573 0860 Fax: t 3 1 20 664 5845

Singapur INVESCO Asset Management Singapore Limited 6 Collyer Quay No 24-02 Hitachi Towers Singapur Tel: t.65 538 8166 Fax: +65 538 8266

Espatïa INVESCO Asset Management Limited Sucursal en Esoana C/Recoletos 15-1 a planta 28001 Madrid Spain Tel: +34 91 781 30 20 Fax: +34 91 576 05 20

Suiza INVESCO Asset Management (Switzerland) Limited Genferstrasse 21 PO Box 324 ~ ~ - 8 0 2 7 Zurich Switzerland Tel +41 12879000 Fax +41 12879010

Reino Unido INVESCO Asset Management Limited 30 Finsbury Square London EC2A 1AG United Kingdom Tel: +44 207 065 4000 Fax: +44 207 638 0752

91

INVESCO GT SICAV

CON SE LH O DE AD M I N I STRAÇAO Jean-Baptiste Douville Joseph Beashel Jacques Elvinger Andrew Lo (Presidente) Ricardo Rlcclardi de Franssu Georoes Ouav House 2 Place Winston Churchill 12th Floor 30 Finsbury Square 43 TohnsendSrreet E P 425 Three Exchange Square London EC2A 1 AG Dublin 2 L-1340 Luxembourg 8 Connaught Place United Kinqdom lreland Pannec Elvinqer Hoss & Prussen Central, Honq Konq Chref Execuirvc Officer Managing Director Continental European Division INVESCO Dublin INVESCO Asset Management Lirnrted

ORGANIZAÇOES Sede Social 69 route d'Esch L-1470 Luxembourg

Gestor INVESCO GT Management S.A. Sede social 69 route d'Esch L-1470 Luxembourg

Consultores de lnvestimento tNVESCO A%et Management Limited Seae social 30 Finsbclry SqJare Lonoon EC2A 1AG United Kingdom

INVESCO Asia inlted Seoe social l2tn Floor Three EAcnange SqJare 8 Conna,ghr Place Central Hong Kong

INVESCO Asset Management \lapan, L niited Seoe soc a 16tn Floor Imperia1 Towei 1 - 1 - 1 UCh saiwai-Cho Chiyoda-ku

Japan Tokyo 100 - O01 1

INVESCO Gestion S.A 22, Rue du Tremoille 75008 Paris France

INVESCO Funds Group Inc. 4350 South Monaco Street Denver Colorado 80237

INVESCO Institutional (N.A.) Inc 1 166 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 Deutscheland GmbH BleichstraRe 60-62 D-60313 Frankfurt am Main Germany

Conservador e Agente Pagador no Luxemburgo J.P Mor an Bank Luxembourg S.A. 5. rue Pietts L-2338 Luxembourg

USA

Oficial de Registos e Agente de Transferbncias First European Transfer Agent S.A. Il boulevard Grande-Duchesse Charlotte L-1331 Luxembourg

Agente de Corretagem no Luxemburgo Dexia Banque Internationale A Luxembourg 69 route d'Esch L-1470 Luxembourg

Mesa de Negociaçio Principal

Hong Kong - Frankfurt - Dublin

Representante e Sub-distribuidor em Hong Kong. INVESCO Asset Management Asia Limited 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kong Tel: +852 2868 3228 Fax: +852 2868 5445

Sub-distribuidor AlemSo e Representante Alemio INVESCO Fondssewice GmbH BleichstraRe 60-62 0-60313 Frankfurt am Main Germany Tel +49 69 29807 800 Fax +496929807 159

Em vigor a partir de 4 de Març0 2002, Dublin rubstituiu Londres a funcionar como Mesa de Negociaqio Principal.

O nome, e n d e q o e numeros de contact0 da Mesa de Negociaçio de Dublin sSo os seguintes: - O Distribuidor Global INVESCO Global Distributors Limited George's Quay House 43 Townsend Street, Dublin 2, lreland Tel +353 1 439 8100 Fax +353 14398200

Representante no Reino Unido INVESCO Global lnvestment Funds Limited 30 Finsbury Square London EC2A 1 AG United Kingdom Tel: +44 207 065 4000 Fax +44 207 638 0752

Auditores PricewaterhouseCoopers 5.A r.1 RCviseur d'Entreprises 400 Route d'Esch B.P 1443, L-1014 Luxembourg

Consultores Juridicos da SICAV Elvinger, Hoss & Prussen 2 Place Winston Churchill B.P. 425 L - 2014 Luxembourg

Chief Executive Oficer INVESCO Asia Limited

Agente Pagador Alemlo INVESCO Bank OHG BleichstraRe 60-62 60313 Frankfurt am Main Germany

Em vigor a partir de 31 de Ma40 de 2004, O INVESCO Frankfurt substitui O INVESCO Bank OHG

Distribuidor austriaco INVESCO BANK Osterreich AG RotenturmstraRe 16 -1 8 A - 1010 Wien Austria Tel: +43 1 316 2030 Fax. +43 1 316 2020

O INVESCO Bank Osterreich AG passa a ser O Agente pagador austriaco

Agente Pagador Austriaco INVESCO Bank Osterreich AG Kommualkredit Depotbank AG Turkenstrasse 9 A-1 092, Viema, Austria

Agente Pagador Suiç0 Banque Meespierson BGL 5 A Rennwieg 57 Postfach 8023 Zurich Switzerland

Representaçio do AMVESCAP Group

Austria INVESCO Asset Management GESmbH Rotenturmstrasse 16-1 8 A-1010 Vienna Austria Tel +431 316 20 30 Faz +431 316 20 190

Fran a INVEkO France S A 22 rue de Tremoille 75008 Paris France Tel +33 1 56 62 43 O0 Fax +33 1 56 62 44 94

Alemanha INVESCO Fondsservice GmbH BleichstraRe 60-62 60003 Frankfurt am Main Germany Tel: +49 69 29807 800 Fax: +49 69 29807 159

Hong Kong IINVESCO Asset Management Asia Limited 12th Floor Three Exchange Square 8 Connaught Place Central Hong Kon Tel: +852 ?868 3228 Fax: +852 2868 5445

(Demissiondrio: A data efectiva da demissao foi 30 de Abri1 de 2003) 30 Finsbuty Square London ECZA 1AG United Kingdom Chief lnvestment Officer INVESCO Europe Limited

ItAlia INVESCO ltalia SGR SoA Via Cordusio 2 20123 Milan ltalv Tel:'+39 02 88 074 1 Fax: +39 02 88 074 391

Jerse INVE&O Global lnvestment Funds Ltd 40 Esplanade St Helier Jersey JE4 2PH Tel: +44 1534 607 600 Fax' +44 1534 510 510

Holanda INVESCO Nederland Concertgebouwplein 15 NL-1071 LL Amsterdam The Netherlands Tel: +31 20 573 0860 Fax: +31 20 664 5845

Singapura INVESCO Asset Management Singapore Limited 6 Collyer Quay No. 24-02 Hitachi Towers Singapura Tel: +65 538 8166 Fax: t65 538 8266

Espanha INVESCO Asset Management Limited Sucursal en Espana ClRecoletos 15-la planta 28001 Madrid Spain Tel: +34 91 781 30 20 Fax: t 3 4 91 576 05 20

Suiça INVESCO Asset Management (Switzerland) Limited Genferstrasse 21 PO Box 324

Zurich CH-8027

Switzerland Tel: t 4 1 1 287 9000 Fax: +41 1 287 9010

Reino Unido INVESCO Asset Management Limited 30 Finsbuw Sauare London E i2A ' l AG United Kingdom Tel: +44 207 065 4000 Fax: +44 207 638 0752

Perivan Firtancial Print 203585

9 INVESCO INVESCO Global Distributors Limited George's Quay House 43 Townsend Street, Dublin 2, lreland Telephone: +353 1 439 8000 Facsimile: +353 1 439 8400 Website: www.invesco.com

invesco gt sicav - Fundsquare

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