INVESCO GT SICAV - Morningstar, Inc.

INVESCO GT SICAV

Interim Report and Accounts, for the six months ended 31 August 2003

(Unaudited)

Zwischenbericht für das Halbjahr 31 August 2003

(ungeprüft)

Registered Office: Sitz: Statutaire zetel: 69, route d’Esch, L-1470 Luxembourg (R.C. Luxembourg B34457)

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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 AnnualReport.

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 routed’Esch, L-1470 Luxembourg, as well as from the offices of the Global Distributor in Dublin. Notices of all General Meetings will be published in the LuxemburgerWort and, to the extent required by law, in the Mémorial, Recueil Spécial des Sociétés et Associations (“Mémorial”) and will be sent to holders of registeredShares at their address in the Register of Shareholders by post at least 8 days prior to meetings. In the event of any discrepancy between translations fromEnglish text into foreign languages, please note that the English text will prevail.

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

Anteilszeichnungen können 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 veröffentlicht wurde.

Exemplare des Verkaufsprospektes, des geprüften Jahresberichts und des Halbjahresberichts sind am Geschäftssitz des Fonds in 69 route d’Esch, L-1470Luxembourg, sowie bei der weltweiten Vertriebsgesellschaft in Dublin erhältlich. Mitteilungen über sämtliche Hauptversammlungen werden im LuxemburgerWort veröffentlicht sowie, falls gesetzlich vorgeschrieben, im Mémorial, Recueil Spécial des Sociétés et Associations ("Mémorial") und werden den Inhabern vonNamensanteilen mindestens 8 Tage vor dem Versammlungstermin auf dem Postweg an die im Anteilsregister eingetragene Adresse zugesandt. BeiAbweichungen zwischen dem englischen Wortlaut und der Übersetzung in eine andere Sprache gilt der englische Text als verbindlich.

Die nach luxemburgischem Recht erforderliche Mitteilung zu Ausgabe und Verkauf von Anteilen des Fonds wurde beim Handels- und Gesellschaftsregister desBezirksgerichts Luxemburg (Greffe du Tribunal d'Arondissement) hinterlegt.

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INVESCO GT SICAV

CONTENTS INHALT

PageSeite

Report of the Directors Bericht des Verwaltungsrates 3

Statement of Wertpapierbestand

Equity Funds Aktienfonds

Global Global

INVESCO GT Global Emerging Markets Fund 4-6

INVESCO GT Global Value Fund 7-8

America Amerika

INVESCO GT North America Fund 9-10

INVESCO GT American Enterprise Fund 11-13

INVESCO GT US Structured Large Cap Core Fund 14-16

Europe Europa

INVESCO GT European Structured Fund 17-19

INVESCO GT Pan European Fund 20-22

INVESCO GT Pan European Enterprise Fund 23-26

Japan Japan

INVESCO GT Nippon Enterprise Fund 27-28

INVESCO GT Nippon Growth Fund 29-30

Asia Asien

INVESCO GT Asia Enterprise Fund 31-32

INVESCO GT Greater China Opportunities Fund 33-34

Theme Funds Spezialisierte Fonds

INVESCO GT Worldwide Dynamic Theme Fund 35-38

INVESCO GT Leisure Fund 39-41

INVESCO GT Energy Fund 42

Reserve Funds Reservefonds

INVESCO GT Dollar Reserve Fund 43

INVESCO GT Euro Reserve Fund 44-45

Bond Funds Rentenfonds

INVESCO GT Global Bond Fund 46-47

INVESCO GT European Bond Fund 48-50

INVESCO GT Euro High Yield Fund 51-54

INVESCO GT Euroland Bond Fund 55

Structured Fund Strukturierter Fonds

INVESCO GT Capital Shield Fund 56-57

Financial Statements Finanzausweise

Statement of Aufstellung des Net Assets Nettovermögens 58-60

Notes to the Financial Erläuterungen zu Statements den Finanzausweisen 61-68

Board of Directors Verwaltungsrat 69-70

Organisation Organisation 69-70

3

INVESCO GT SICAV

The Directors present the Interim Report and Accounts for the financial six months ended 31 August 2003.

Results and Appropriations

The results and appropriations are set out on pages 58 to 60.

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

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

INVESCO GT Worldwide Telecommunications FundEffective 14 May 2003, INVESCO GT Worldwide Telecommunications Fund liquidated.

INVESCO GT Financial Services FundEffective 14 May 2003, INVESCO GT Financial Services Fund liquidated.

INVESCO GT Euroland Bond FundEffective 26 May 2003, the Investment Adviser of INVESCO GT Euroland Bond Fund changed from INVESCO Gestion S.A. Paris to INVESCO Asset ManagmentDeutschland GmbH, Frankfurt.

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

INVESCO GT Worldwide Healthcare FundEffective 6 June 2003, INVESCO GT Worldwide Healthcare Fund merged into INVESCO GT Worldwide Dynamic Theme Fund.

INVESCO GT Worldwide Technology FundEffective 20 June 2003, INVESCO GT Worldwide Technology Fund merged into INVESCO GT Worldwide Dynamic Theme Fund.

The Board ofDirectors

21 October 2003

Der Verwaltungsrat legt den Zwischenbericht und die Zwischenabschlüsse für das Geschäftshalbjahr zum 31. August 2003 vor.

Ergebnisse und Mittelzuweisungen

Die Ergebnisse und Mittelzuweisungen finden sich auf den Seiten 58 bis 60.Seit dem Ende des Geschäftsjahres des Fonds am 28. Februar 2003 wurden die folgenden Änderungen durchgeführt.

INVESCO GT Capital Shield FundMit 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 FundMit Wirkung vom 14. Mai 2003 wurde der INVESCO GT Worldwide Telecommunications Fund aufgelöst.

INVESCO GT Financial Services FundMit Wirkung vom 14. Mai 2003 wurde der INVESCO GT Financial Services Fund aufgelöst.

INVESCO GT Euroland Bond FundMit Wirkung vom 26. Mai 2003 wird die Anlageberatung des INVESCO GT Euroland Bond Fund von der INVESCO Gestion S.A. Paris auf die INVESCO AssetManagement Deutschland GmbH, Frankfurt übertragen.

INVESCO GT European Bond FundMit Wirkung vom 26. Mai 2003 wird die Anlageberatung des INVESCO GT European Bond Fund von der INVESCO Gestion S.A. Paris auf die INVESCO AssetManagement Deutschland GmbH, Frankfurt übertragen.

INVESCO GT Worldwide Healthcare FundMit Wirkung vom 6. Juni 2003 wird der INVESCO GT Worldwide Healthcare Fund mit dem INVESCO GT Worldwide Dynamic Theme Fund zusammengelegt.

INVESCO GT Worldwide Technology FundMit Wirkung vom 20. Juni 2003 wird der INVESCO GT Worldwide Technology Fund mti dem INVESCO GT Worldwide Dynamic Theme Fund zusammengelegt..

Der Verwaltungsrat21. Oktober 2003

Report of the Directors / Bericht des Verwaltungsrates

4

Statement of Investments as at 31 August 2003 / Wertpapierbestand am 31. August 2003

4

INVESCO GTGLOBAL EMERGING MARKETS FUND

Investment Nominal/Shares Market Value Net AssetsWertpapiere Nennwert/Aktien Marktwert Nettovermögen

US$ %

TRANSFERABLE SECURITIES ADMITTED TO OFFICIAL STOCK EXCHANGE LISTINGS

ÜBERTRAGBARE WERTPAPIERE MIT AMTLICHER BÖRSENNOTIERUNG

ARGENTINA ARGENTINIENBanco Hipotecario WTS 02/02/2004 20 34 -

––––––––––––– ––––––

BRAZIL BRASILIENBrasil Telecom Participacoes 62,482,000 476,697 1.74 Cia Energetica de Minas Gerais ADR 16,500 175,560 0.64 Cia Siderurgica Nacional 7,876,086 254,368 0.93 Petroleo Brasileiro ADR 29,694 598,334 2.18 Tele Centro Oeste Celular Participacoes ADR 41,000 250,100 0.91 Tele Norte Leste Participacoes ADR 24,700 321,347 1.17 Telecomunicacoes Brasileiras 1,000,000 7 - Telesp Celular Participacoes 140,641,000 226,395 0.82 Uniao de Bancos Brasileiros 9,200,000 351,573 1.28 Votorantim Celulose e Papel ADR 11,811 297,637 1.08

––––––––––––– ––––––2,952,018 10.75

––––––––––––– ––––––

CHINA CHINAPetroChina 706,000 247,848 0.90

––––––––––––– ––––––

CZECH REPUBLIC TSCHECHISCHE REPUBLIKKomercni Banka GDR 6,600 176,880 0.64

––––––––––––– ––––––

EGYPT ÄGYPTEN**Orascom Construction Industries 23,364 188,014 0.69

––––––––––––– ––––––

HONG KONG HONGKONGChina Mobile 97,000 249,053 0.91 China Unicom 504,000 357,034 1.30 Sino Land 402,000 187,515 0.68 Sun Hung Kai Properties 48,000 346,187 1.26 Swire Pacific 41,000 230,516 0.84

––––––––––––– ––––––1,370,305 4.99

––––––––––––– ––––––

HUNGARY UNGARNOTP Bank GDR 13,500 306,450 1.12

––––––––––––– ––––––

INDIA INDIA**Goldman Sachs - Bharti Tele-Ventures P/N 30/01/2004 150,000 226,200 0.82 **Goldman Sachs - India Consumer Finance P/N 06/02/2004 510 901,744 3.29 **Goldman Sachs - India Technology P/N 06/02/2004 1,200 287,531 1.05 SSB - Tata Motors P/N 05/01/2004 51,100 316,871 1.15

––––––––––––– ––––––1,732,346 6.31

––––––––––––– ––––––

INDONESIA INDONESIABank Pan Indonesia 8,000,000 263,840 0.96 Telekomunikasi Indonesia 480,000 258,657 0.94

––––––––––––– ––––––522,497 1.90

––––––––––––– ––––––

ISRAEL ISRAELETeva Pharmaceutical Industries ADR 8,800 525,800 1.92

––––––––––––– ––––––

5


5


US$ %


LUXEMBOURG LUSSEMBURGOTenaris 1 3 - Tenaris ADR 10,342 260,101 0.95

––––––––––––– ––––––260,104 0.95

––––––––––––– ––––––

MALAYSIA MALAYSIACrest Petroleum 110,000 264,145 0.96 Genting 104,000 431,053 1.57 IOI 182,000 283,776 1.03 Scomi Group 110,000 172,961 0.63 Tanjong 113,000 294,395 1.07

––––––––––––– ––––––1,446,330 5.26

––––––––––––– ––––––

MEXICO MEXIKOAlfa 109,600 255,995 0.93 America Movil ADR 20,300 462,434 1.69 Cemex WTS 21/12/2004 6,000 2,338 0.01 Fomento Economico Mexicano ADR 14,357 525,466 1.91 Grupo Financiero Banorte ADR 49,300 128,595 0.47 Grupo Financiero BBVA Bancomer 371,000 307,898 1.12 Grupo Televisa ADR 7,597 279,418 1.02

––––––––––––– ––––––1,962,144 7.15

––––––––––––– ––––––

PHILIPPINES PHILIPPINENSM Prime 1,248,000 123,609 0.45

––––––––––––– ––––––

RUSSIA RUSSIALUKOIL ADR 9,000 705,375 2.57 Mobile Telesystems ADR 8,000 550,560 2.01 *YUKOS ADR 7,937 453,401 1.65

––––––––––––– ––––––1,709,336 6.23

––––––––––––– ––––––

SOUTH AFRICA SUDAFRICAAnglo American 77,200 1,440,028 5.25 Anglo American Platinum 7,800 286,035 1.04 Barloworld 22,000 176,955 0.65 Gold Fields 31,100 413,171 1.51 Impala Platinum 4,078 310,498 1.13 Nedcor 13,900 158,608 0.58 Sappi 10,070 127,159 0.46 Standard Bank Group 41,200 185,212 0.67

––––––––––––– ––––––3,097,666 11.29

––––––––––––– ––––––

SOUTH KOREA SÜDKOREADaishin Securities 32,400 263,847 0.96 Hyundai Development 35,700 283,903 1.03 Kookmin Bank ADR 25,571 900,099 3.28 Korean Air 31,200 393,889 1.44 KT ADR 16,000 299,680 1.09 POSCO ADR 15,000 453,750 1.65 Samsung Electronics 1,400 516,571 1.88 Samsung Electronics GDS 9,150 831,278 3.03 Samsung Electronics GDR 2,200 408,100 1.49 Shinhan Financial Group 31,510 428,557 1.56 SK Telecom ADR 20,671 386,548 1.41

––––––––––––– ––––––5,166,222 18.82

––––––––––––– ––––––

6

TAIWAN TAIWAN**ABN - Chinatrust Commercial Bank P/N 08/07/2005 652,049 530,571 1.93 ABN - Taiwan Semiconductor Manufacturing P/N 14/01/2005 635,114 1,245,490 4.54 Asustek Computer GDR 111,825 298,572 1.09 HON HAI Precision Industry GDR 36,990 307,572 1.12 SSB Bank - Mediatek P/N 17/01/2006 48,382 481,885 1.76 **UBS - Quantas Computer P/N 08/01/2004 184,360 454,447 1.66

––––––––––––– ––––––3,318,537 12.10

––––––––––––– ––––––

THAILAND THAILANDBangkok Bank 383,000 673,723 2.45 Bank of Ayudhya 423,800 102,827 0.37 Bank of Ayudhya WTS 211,900 - - Italian-Thai Development 100,000 143,152 0.52 Siam Commercial Bank 403,000 378,897 1.38 Siam Panich Leasing 358,000 340,932 1.24

––––––––––––– ––––––1,639,531 5.96

––––––––––––– ––––––

TURKEY TÜRKEIKOC 13,200,000 130,656 0.48 Sabanci 74,516,794 199,040 0.73

––––––––––––– ––––––329,696 1.21

––––––––––––– ––––––

––––––––––––– ––––––Total GesamtanlagenInvestments 27,075,367 98.64

––––––––––––– ––––––––––––––––––– ––––––

*Transferable securities traded on other regulated markets/*Übertragbare Wertpapiere, die auf anderen geregelten Märkten gehandelt werden**Other transferable securities/**Sonstige übertragbare Wertpapiere



US$ %


7


7

INVESCO GTGLOBAL VALUE FUND


US$ %



AUSTRALIA AUSTRALIENBHP Billiton 20,000 140,580 1.17National Australia Bank ADR 1,525 153,384 1.28

––––––––––––– ––––––293,964 2.45

––––––––––––– ––––––

DENMARK DÄNEMARKDanske Bank 7,700 141,654 1.18

––––––––––––– ––––––

FINLAND FINNLANDNokia 6,800 112,437 0.94Stora Enso 15,200 194,613 1.62

––––––––––––– ––––––307,050 2.56

––––––––––––– ––––––

FRANCE FRANKREICHMichelin (C.G.D.E.) 3,600 143,128 1.19Societe Generale ADR 14,800 202,020 1.68Total ADR 3,400 262,480 2.19

––––––––––––– ––––––607,628 5.06

––––––––––––– ––––––

GERMANY DEUTSCHLANDBASF 3,900 181,352 1.51Deutsche Bank 1,800 103,791 0.87

––––––––––––– ––––––285,143 2.38

––––––––––––– ––––––

ITALY ITALIENENI-Ente Nazionale Idrocarburi ADR 2,650 202,195 1.69

––––––––––––– ––––––

JAPAN JAPANCanon ADR 4,300 206,959 1.73Fuji Photo Film ADR 8,300 246,427 2.06Nintendo 1,900 157,610 1.31Nippon Telegraph & Telephone 30 131,733 1.10Sony ADR 5,000 162,350 1.35Takeda Chemical Industries 3,600 129,785 1.08Toyota Motor 5,500 151,296 1.26

––––––––––––– ––––––1,186,160 9.89

––––––––––––– ––––––

MEXICO MEXIKOTelefonos De Mexico ADR 6,700 205,422 1.71

––––––––––––– ––––––

NETHERLANDS NIEDERLANDEING Group ADR 10,600 208,926 1.74Koninklijke Philips Electronics ADR 9,000 210,690 1.76

––––––––––––– ––––––419,616 3.50

––––––––––––– ––––––

PORTUGAL PORTUGALPortugal Tel Sgps ADR 24,000 171,840 1.43

––––––––––––– ––––––SOUTH KOREA SÜDKOREAKT ADR 6,700 125,491 1.05

––––––––––––– ––––––

8

INVESCO GTGLOBAL VALUE FUND

SPAIN SPANIENEndesa ADR 16,400 255,512 2.13

––––––––––––– ––––––

SWEDEN SCHWEDENVolvo 5,300 127,617 1.06

––––––––––––– ––––––

SWITZERLAND SCHWEIZNestle ADR 5,400 294,840 2.46Novartis ADR 8,500 315,435 2.63Roche 2,460 189,248 1.58Syngenta 2,450 137,435 1.15Zurich Financial Services Group 1,100 141,429 1.18

––––––––––––– ––––––1,078,387 9.00

––––––––––––– ––––––

UNITED KINGDOM VEREINIGTES KÖNIGREICHAbbey National 10,100 84,852 0.71Bae Systems 47,800 129,325 1.09BP 34,400 236,925 1.97Cadbury Schweppes 32,200 196,955 1.64Diageo 18,800 202,639 1.69Glaxosmithkline ADR 3,500 136,745 1.14HSBC ADR 3,900 250,848 2.09Kingfisher 34,950 150,506 1.25Scotish Power 34,000 194,660 1.62Shell Transport&Trading 37,000 233,773 1.95

––––––––––––– ––––––1,817,228 15.15

––––––––––––– ––––––

UNITED STATES VEREINIGTE STAATENVON AMERIKA

American International Group 3,926 233,440 1.95AT&T 5,450 118,265 0.99Becton Dickinson 5,700 206,055 1.72Bristol-Myers Squibb 8,400 211,428 1.76Chevrontexaco 2,100 153,657 1.28Citigroup 6,000 258,540 2.15Comcast 3,934 115,365 0.96Constellation Energy 5,700 205,200 1.71Devon Energy 2,300 119,025 0.99Emerson Electric 3,300 179,685 1.50FleetBoston Financial 7,100 210,231 1.75General Electric 6,600 195,888 1.63Hewlett Packard 9,800 193,746 1.61IBM 1,300 106,470 0.89Johnson & Johnson 2,700 132,678 1.11Kimberly-Clark 5,250 266,752 2.20Medco Health Solutions 494 12,903 0.11Merck 4,100 204,016 1.70MGIC Investment 3,300 182,985 1.53Microsoft 7,800 206,856 1.72Morgan Stanley 4,100 197,866 1.65Parker Hannifin 3,500 169,505 1.41SBC Communications 5,300 120,840 1.01Schering Plough 10,750 162,862 1.36Walt Disney 5,550 112,665 0.94

––––––––––––– ––––––4,276,923 35.63

––––––––––––– ––––––


––––––––––––– ––––––––––––––––––– ––––––


US$ %


9




BASIC MATERIALS GRUNDSTOFFEAir Products & Chemicals 17,270 814,799 1.78 EI Du Pont de Nemours 12,160 541,485 1.18 International Paper 9,600 392,640 0.86 PPG Industries 7,040 387,693 0.85 Praxair 10,560 673,834 1.47

––––––––––––– ––––––2,810,451 6.14

––––––––––––– ––––––

COMMUNICATIONS KOMMUNIKATIONCisco Systems 54,380 1,043,824 2.28 Qualcomm 14,390 589,558 1.28

––––––––––––– ––––––1,633,382 3.56

––––––––––––– ––––––

CONSUMER KONJUNKTURABHÄNGIGECYCLICALS KONSUMGÜTERBed Bath & Beyond 15,350 665,039 1.45 Home Depot 17,910 577,777 1.26 Kohl's 11,520 732,672 1.60 Starbucks 15,670 433,276 0.94 Target 13,120 527,686 1.15 Walgreen 23,030 740,415 1.61 Wal-Mart Stores 23,670 1,403,631 3.06

––––––––––––– ––––––5,080,496 11.07

––––––––––––– ––––––

CONSUMER NICHT-ZYKLISCHENON-CYCLICAL KONSUMGÜTERAmerisourceBergen 8,960 519,859 1.13 Amgen 12,480 827,112 1.80 Biomet 8,640 256,435 0.56 Johnson & Johnson 27,511 1,351,891 2.95 Medco Health Solutions 1,236 32,284 0.07 Medtronic 14,390 711,586 1.55 Merck 9,920 493,619 1.08 PepsiCo 22,070 988,074 2.15 Pfizer 39,023 1,163,276 2.54 Procter & Gamble 7,360 643,264 1.40 Stryker 5,760 435,859 0.95 WM Wrigley Jr 8,960 471,117 1.03 Wyeth 14,710 625,028 1.36

––––––––––––– ––––––8,519,404 18.57

––––––––––––– ––––––

ENERGY VERSORGUNGExxon Mobil 9,920 372,496 0.81

––––––––––––– ––––––

FINANCIALS FINANZWESENAllstate 9,600 341,376 0.74 American International Group 14,710 874,657 1.91 Bank of New York 19,830 583,200 1.27 Citigroup 27,190 1,171,617 2.55 Fannie Mae 17,594 1,126,015 2.45 Freddie Mac 9,600 503,808 1.10 Goldman Sachs Group 8,000 694,880 1.51

INVESCO GTNORTH AMERICA FUND


US$ %

10


10

FINANCIALS FINANZWESEN(CONTINUED) (FORTSETZUNG)MBNA 26,230 613,782 1.34 Morgan Stanley 15,994 771,870 1.68 PMI Group 18,550 649,807 1.42 Radian Group 13,440 622,541 1.36 State Street 13,440 586,253 1.28

––––––––––––– ––––––8,539,806 18.61

––––––––––––– ––––––

INDUSTRIAL INDUSTRIEBoeing 8,000 295,840 0.64 Emerson Electric 6,718 365,795 0.80 General Electric 47,025 1,395,701 3.04 Honeywell International 20,790 602,910 1.31 Ingersoll-Rand 12,480 725,213 1.58 Jabil Circuit 12,480 343,325 0.75 Masco 33,910 842,324 1.84 United Technologies 5,120 408,320 0.89

––––––––––––– ––––––4,979,428 10.85

––––––––––––– ––––––

TECHNOLOGY TECHNOLOGIEAltera 23,670 526,894 1.15 Applied Materials 14,710 317,074 0.69 Dell 15,990 515,518 1.12 EMC Corp/Massachusetts 25,275 316,949 0.69 Intel 31,990 905,477 1.97 Maxim Integrated Products 8,000 359,680 0.78 Microsoft 61,100 1,620,371 3.53 Oracle 43,190 551,752 1.20 Xilinx 6,720 204,019 0.45

––––––––––––– ––––––5,317,734 11.58

––––––––––––– ––––––


––––––––––––– ––––––––––––––––––– ––––––

INVESCO GTNORTH AMERICA FUND


US$ %

11

INVESCO GTAMERICAN ENTERPRISE FUND



BASIC MATERIALS GRUNDSTOFFEAirgas 9,100 168,532 0.71

––––––––––––– ––––––

COMMUNICATIONS KOMMUNIKATIONAdtran 2,000 108,410 0.46Aeroflex 20,520 197,915 0.84Ask Jeeves 8,900 162,781 0.69Centillium Communications 10,300 98,416 0.42Citadel Broadcasting 1,800 38,160 0.16Cumulus Media 6,100 114,802 0.49Earthlink 13,000 98,670 0.42Extreme Networks 20,300 146,059 0.62Foundry Networks 9,000 174,330 0.74FreeMarkets 10,100 89,637 0.38Getty Images 3,200 129,440 0.55Inet Technologies 700 8,907 0.04Ipass 3,200 63,424 0.27**Lin TV 5,000 114,500 0.48Nextel Partners 11,400 90,288 0.38Portal Software 35,500 97,980 0.41Powerwave Technologies 14,300 117,689 0.50Radio One 7,800 127,491 0.54Remec 8,900 81,213 0.34RSA Security 7,450 89,363 0.38SafeNet 2,900 104,502 0.44Secure Computing 8,500 91,418 0.39Tekelec 16,800 271,152 1.15webMethods 11,900 104,720 0.44Western Wireless 7,400 139,120 0.59

––––––––––––– ––––––2,860,387 12.12

––––––––––––– ––––––

CONSUMER KONJUNKTURABHÄNGIGECYCLICALS KONSUMGÜTERAeropostale 6,500 186,875 0.79Airtran 9,100 122,304 0.52Alliance Gaming 8,300 184,011 0.78Chico's FAS 4,400 139,260 0.59Coach 1,800 103,212 0.44Finish Line 4,400 119,042 0.50Fred's 4,450 157,597 0.67Guitar Center 4,700 156,698 0.66Harman International Industries 2,300 223,077 0.94Hollywood Entertainment 11,100 196,414 0.83HOT Topic 3,400 120,343 0.51Leapfrog Enterprises 4,300 160,046 0.68Linens 'N Things 4,000 114,680 0.48Mandalay Resort Group 3,000 113,010 0.48Marvel Enterprises 3,800 81,700 0.34Men's Wearhouse 4,400 122,100 0.52PF Chang's China Bistro 2,400 111,360 0.47Panera Bread 2,700 117,072 0.49Petco Animal Supplies 5,200 166,452 0.70Pier 1 Imports 6,000 123,840 0.52Select Comfort 5,000 114,925 0.49Station Casinos 3,800 112,822 0.48WMS Industries 3,700 88,504 0.37

––––––––––––– ––––––3,135,344 13.25

––––––––––––– ––––––

CONSUMER NICHT-ZYKLISCHENON-CYCLICAL KONSUMGÜTERAdolor 800 11,616 0.05Advanced Neuromodulation Systems 3,900 149,175 0.63Alaris Medical Systems 7,600 127,072 0.54American Italian Pasta 3,810 159,410 0.67Arthrocare 4,210 71,612 0.30Bio-Rad Laboratories 1,400 71,890 0.30


US$ %


CONSUMER NICHT-ZYKLISCHENON-CYCLICAL KONSUMGÜTER(CONTINUED) (FORTSETZUNG)Career Education 2,800 127,428 0.54Celgene 2,800 107,828 0.46Community Health Systems 4,800 111,120 0.47Conceptus 1,500 23,842 0.10Connetics 5,500 99,330 0.42Cooper 1,800 65,538 0.28Corinthian Colleges 3,100 176,529 0.75Corporate Executive Board 3,600 158,778 0.67DaVita 2,600 77,402 0.33Eon Labs 4,200 140,532 0.59FTI Consulting 3,450 86,043 0.36Gen-Probe 1,800 113,391 0.48Heidrick & Struggles 12,700 234,759 0.99Henry Schein 2,500 143,238 0.60ICN Pharmaceuticals 3,900 65,013 0.27Idexx Laboratories 3,000 124,815 0.53iDine Rewards Network 7,100 122,617 0.52Ilex Oncology 6,000 100,380 0.42Inamed 600 43,362 0.18Integra LifeSciences 6,500 170,105 0.72ITT Educational Services 2,710 115,717 0.49Labor Ready 7,500 70,350 0.30Ligand Pharmaceuticals 6,800 94,418 0.40MAXIMUS 2,200 80,014 0.34Medicines 3,200 90,384 0.38MGI Pharma 3,500 134,663 0.57Mid Atlantic Medical Services 2,500 122,500 0.52Molina Healthcare 4,800 114,240 0.48NBTY 6,300 166,478 0.70Neurocrine Biosciences 1,700 89,947 0.38NPS Pharmaceuticals 4,800 132,000 0.56OSI Pharmaceuticals 2,900 110,505 0.47Performance Food Group 4,700 181,867 0.77Pharmaceutical Resources 2,100 117,495 0.50Plexus 8,400 136,080 0.58Providence Service 2,600 34,632 0.15Regeneration Technologies 7,800 121,134 0.51Renal Care Group 1,100 39,754 0.17Resmed 2,400 103,872 0.44Resources Connection 5,190 144,230 0.61Sepracor 4,800 128,088 0.54Sierra Health Services 3,200 62,720 0.27Sylvan Learning Systems 2,000 57,170 0.24Triad Hospitals 3,400 107,644 0.46Trimeris 1,900 80,741 0.34United Natural Foods 6,000 175,290 0.74United Surgical Partners 2,700 70,740 0.30Visx 5,300 105,099 0.44

––––––––––––– ––––––5,870,597 24.82

––––––––––––– ––––––

ENERGY VERSORGUNGEvergreen Resources 2,700 151,767 0.64Key Energy Services 12,800 131,072 0.55Maverick Tube 7,500 127,875 0.54National-Oilwell 6,800 133,892 0.57Patterson-UTI Energy 4,600 137,931 0.58Precision Drilling 4,200 164,892 0.70Spinnaker Exploration 6,800 153,340 0.65

––––––––––––– ––––––1,000,769 4.23

––––––––––––– ––––––

FINANCIALS FINANZWESENAffiliated Managers Group 2,400 161,832 0.68CapitalSource 1,500 26,100 0.11Dime Community Bancshares 6,300 151,168 0.64Eaton Vance 7,500 253,800 1.07Greater Bay Bancorp 5,000 103,200 0.44Independence Community Bank 6,000 196,860 0.83

12


US$ %



13


US$ %



FINANCIALS FINANZWESEN(CONTINUED) (FORTSETZUNG)Investors Financial Services 7,200 212,652 0.90iShares Russell 2000 Growth Index Fund 4,500 242,505 1.02Novastar Financial 1,500 79,305 0.33Portfolio Recovery Associates 3,000 83,745 0.35PrivateBancorp 4,100 141,655 0.60Providian Financial 12,600 127,890 0.54Raymond James Financial 5,600 201,600 0.85Silicon Valley Bancshares 3,900 91,572 0.39Southwest Bancorp of Texas 4,200 155,127 0.65Wintrust Financial 2,400 85,224 0.36

––––––––––––– ––––––2,314,235 9.76

––––––––––––– ––––––

INDUSTRIAL INDUSTRIEAlliant Techsystems 2,300 115,460 0.49Arkansas Best 2,700 73,750 0.31Benchmark Electronics 4,300 189,286 0.80Cognex 4,800 145,872 0.62Cymer 3,400 156,672 0.66Fisher Scientific 2,900 112,259 0.47JB Hunt Transport Services 4,200 207,291 0.88Kennametal 4,400 173,668 0.73Pemstar 9,300 31,155 0.13Stericycle 3,100 145,809 0.62Wilson Greatbatch Technologies 1,900 71,155 0.30Zebra Technologies 1,800 94,671 0.40

––––––––––––– ––––––1,517,048 6.41

––––––––––––– ––––––

TECHNOLOGY TECHNOLOGIEArtisan Components 5,100 108,630 0.46ATMI 3,700 102,582 0.43Avid Technology 2,000 95,010 0.40BISYS Group 5,600 100,800 0.43Borland Software 8,900 82,636 0.35ChipPAC 16,600 105,659 0.45Cognizant Technology Solutions 2,900 101,181 0.43Documentum 3,100 63,209 0.27Entegris 10,800 161,676 0.68Exar 7,400 120,398 0.51Filenet 6,700 140,666 0.59Integrated Circuit Systems 6,000 208,140 0.88International Rectifier 2,900 117,769 0.50Jack Henry & Associates 6,000 110,940 0.47Magma Design Automation 6,300 131,953 0.56Manhattan Associates 3,600 107,604 0.45Micromuse 11,800 95,934 0.40Microsemi 8,100 160,988 0.68MKS Instruments 7,400 200,762 0.85NetScreen Technologies 9,800 233,044 0.99Omnivision Technologies 1,600 68,776 0.29Parametric Technology 24,400 84,180 0.35Power Integrations 6,300 201,884 0.85QLogic 1,800 88,704 0.37Serena Software 4,900 95,256 0.40Skyworks Solutions 13,600 152,864 0.65SRA 5,700 208,107 0.88Varian Semiconductor Equipment Associates 3,700 152,718 0.65Vitesse Semiconductor 29,200 197,976 0.84Zoran 4,900 124,754 0.53

––––––––––––– ––––––3,924,800 16.59

––––––––––––– ––––––––––––––––––– ––––––

Total GesamtanlagenInvestments 20,791,712 87.89

––––––––––––– ––––––––––––––––––– ––––––

**Other transferable securities/**Sonstige übertragbare Wertpapiere


14



BASIC MATERIALS GRUNDSTOFFEDow Chemical 2,900 99,963 0.04 Engelhard Corporation 16,300 461,290 0.22 Sherwin-Williams 39,500 1,185,790 0.56 Sigma-Aldrich Corporation 7,000 385,770 0.18

––––––––––––– ––––––2,132,813 1.00

––––––––––––– ––––––

COMMUNICATIONS KOMMUNIKATIONAlltel Corporation 35,100 1,607,931 0.76 Amazon.Com 47,200 2,168,368 1.02 Bellsouth Corporation 142,400 3,604,144 1.70 Cisco Systems 168,200 3,228,599 1.52 Clear Channel Communications 23,600 1,014,328 0.48 eBay 12,400 1,358,482 0.64 Nextel Communications 97,400 1,759,044 0.83 Qualcomm 9,000 368,730 0.17 SBC Communications 53,700 1,224,360 0.58 Scientific-Atlanta 6,100 204,350 0.09 Utstarcom 2,200 93,093 0.04 Verizon Communications 22,700 808,120 0.38 Viacom 19,200 840,000 0.39 Walt Disney 226,000 4,587,800 2.16

––––––––––––– ––––––22,867,349 10.76

––––––––––––– ––––––

CONSUMER KONJUNKTURABHÄNGIGECYCLICALS KONSUMGÜTERAutozone 35,300 3,172,411 1.49 Centex Corporation 21,200 1,628,160 0.77 Federated Department Stores 74,600 3,271,210 1.54 Ford Motor 139,300 1,593,592 0.75 Gap 119,200 2,417,376 1.14 General Motors Corporation 37,200 1,503,252 0.71 KB Home 8,600 496,134 0.23 Mattel 16,800 322,560 0.15 May Department Stores 22,000 600,160 0.28 Southwest Airlines 79,100 1,336,790 0.62 Staples 53,200 1,271,746 0.60 Wal-Mart Stores 77,300 4,583,890 2.16

––––––––––––– ––––––22,197,281 10.44

––––––––––––– ––––––

CONSUMER NICHT-ZYKLISCHENON-CYCLICAL KONSUMGÜTERAltria Group 36,700 1,501,397 0.70 Amgen 29,500 1,955,112 0.92 Anheuser-Busch 49,500 2,523,510 1.19 Apollo Group 27,600 1,756,050 0.83 Archer-Daniel-Midland 80,700 1,097,520 0.52 Becton Dickinson 32,100 1,160,415 0.55 Bristol-Myers Squibb 41,400 1,042,038 0.49 Campbell Soup 63,500 1,517,015 0.71 Coca-Cola 18,900 828,387 0.39 Convergys Corporation 5,800 104,168 0.05 Forest Laboratories 8,800 415,272 0.20 Fortune Brands 15,800 890,014 0.42 Genentech 11,700 933,075 0.44 Gilead Sciences 29,200 1,933,186 0.91 Guidant Corporation 2,200 111,936 0.05 H&R Block 4,200 183,918 0.09 Health Net 20,700 656,190 0.31 Johnson & Johnson 111,000 5,454,540 2.57 Kellogg 18,200 608,608 0.29 McKesson Corporation 19,100 625,334 0.29 Medco Health Solutions 15,086 394,046 0.18 Merck 125,100 6,224,976 2.93


US$ %

INVESCO GTUS STRUCTURED LARGE CAP CORE FUND

15


15


US$ %

CONSUMER NICHT-ZYKLISCHENON-CYCLICAL KONSUMGÜTER(CONTINUED) (FORTSETZUNG)Mid Atlantic Medical Services 4,500 220,500 0.10 Monsanto 78,400 1,995,280 0.94 Mylan Laboratories 14,500 521,710 0.25 PepsiCo 14,300 640,211 0.30 Pfizer 90,500 2,697,805 1.27 Procter & Gamble 65,500 5,724,700 2.69 Sysco Corporation 12,700 395,478 0.19 UnitedHealth Group 64,500 3,147,600 1.48

––––––––––––– ––––––47,259,991 22.25

––––––––––––– ––––––

ENERGY VERSORGUNGBJ Services 15,000 561,900 0.26 Exxon Mobil Corporation 210,900 7,919,295 3.73 Marathon Oil Corporation 73,500 2,034,480 0.96 Occidental Petroleum Corporation 86,700 2,952,135 1.39

––––––––––––– ––––––13,467,810 6.34

––––––––––––– ––––––

FINANCIALS FINANZWESENAllstate Corporation 47,200 1,678,432 0.79 Bank Of America Corporation 83,000 6,498,900 3.06 Bank One Corporation 15,400 605,836 0.29 Bear Stearns Companies 55,300 3,844,456 1.81 Citigroup 72,700 3,132,643 1.47 Countrywide Financial Corporation 50,600 3,425,620 1.61 Equity Office Properties Trust 13,500 372,195 0.18 Fannie Mae 61,800 3,955,200 1.86 Fidelity National Financial 18,600 530,100 0.25 First Tennessee National Corporation 48,700 2,006,927 0.94 Golden West Financial Corporation 4,800 411,744 0.19 Greenpoint Financial Corporation 41,550 1,394,833 0.66 John Hancock Financial Services 32,100 968,778 0.46 JP Morgan Chase 18,400 623,944 0.29 Keycorp 5,700 154,128 0.07 Lehman Brothers Holdings 28,900 1,887,459 0.89 Morgan Stanley 27,400 1,322,324 0.62 National City Corporation 113,900 3,598,101 1.69 Old Republic International Corporation 16,300 539,204 0.25 SunTrust Banks 18,200 1,111,110 0.52 Union Planters Corporation 16,400 517,584 0.24 Washington Mutual 32,300 1,242,581 0.58 Wells Fargo 30,800 1,542,156 0.73

––––––––––––– ––––––41,364,255 19.45

––––––––––––– ––––––

INDUSTRIAL INDUSTRIE3M 22,900 3,257,525 1.53 Black & Decker Corporation 11,000 459,360 0.22 Burlington Northern Santa Fe 32,600 916,060 0.43 Caterpillar 58,800 4,154,220 1.95 Eastman Kodak 123,300 3,398,148 1.60 Energizer Holdings 11,700 424,476 0.20 FedEx Corporation 13,900 931,717 0.44 General Electric 128,100 3,802,008 1.79 Rockwell Collins 3,700 99,900 0.05 Tyco International 13,300 272,118 0.13 United Technologies Corporation 16,800 1,339,800 0.63

––––––––––––– ––––––19,055,332 8.97

––––––––––––– ––––––


16


16


US$ %

TECHNOLOGY TECHNOLOGIEAltera Corporation 85,600 1,905,456 0.90 Computer Associates International 26,100 654,066 0.31 Dell 78,600 2,534,064 1.19 Intel Corporation 298,500 8,449,043 3.98 International Business Machines Corporation 77,200 6,322,680 2.97 Lexmark International 2,900 195,025 0.09 Microsoft Corporation 321,400 8,523,528 4.01 Oracle Corporation 128,100 1,636,478 0.77

––––––––––––– ––––––30,220,340 14.22

––––––––––––– ––––––

UTILITIES VERSORGUNGConstellation Energy Group 21,800 784,800 0.37 Edison International 97,400 1,811,640 0.85 Entergy Corporation 16,400 859,360 0.40 Sempra Energy 49,800 1,460,634 0.69

––––––––––––– ––––––4,916,434 2.31

––––––––––––– ––––––


––––––––––––– ––––––––––––––––––– ––––––


17


17



BELGIUM BELGIENSolvay 5,279 315,816 0.75

––––––––––––– ––––––

DENMARK DÄNEMARKAP Moller - Maersk 63 379,110 0.90Novo-Nordisk 7,587 245,897 0.58

––––––––––––– ––––––625,007 1.48

––––––––––––– ––––––

FINLAND FINNLANDFortum 11,401 84,196 0.20Nokia 48,857 740,428 1.75

––––––––––––– ––––––824,624 1.95

––––––––––––– ––––––

FRANCE FRANKREICHBNP Paribas 24,458 1,124,090 2.66Bouygues 13,215 319,407 0.76Cie de Saint-Gobain 9,773 349,873 0.83Cie Generale D'Optique Essilor 3,149 117,741 0.28Groupe Danone 1,140 144,267 0.34Orange 86,529 729,440 1.73Pernod-Ricard 2,100 167,937 0.40Publicis Groupe 5,200 138,268 0.33Renault 15,932 867,975 2.05Sanofi-Synthelabo 6,839 351,730 0.83Societe Generale 8,650 530,937 1.26Societe Television Francaise 1 11,888 327,871 0.78Total 7,985 1,128,680 2.67Vinci 3,074 181,458 0.43Wanadoo 59,175 355,050 0.84

––––––––––––– ––––––6,834,724 16.19

––––––––––––– ––––––

GERMANY DEUTSCHLANDAltana 7,964 385,458 0.91Bayer 11,342 224,231 0.53Deutsche Post 57,735 841,199 1.99Muenchener Rueckversicherungs 9,028 855,403 2.02SAP 6,666 727,461 1.72Schering 7,209 266,589 0.63Siemens 9,484 540,304 1.28Volkswagen 7,308 327,764 0.78Volkswagen 13,476 408,121 0.97

––––––––––––– ––––––4,576,530 10.83

––––––––––––– ––––––

IRELAND IRLANDAllied Irish Banks 11,731 149,160 0.35Anglo Irish Bank 29,024 260,200 0.62Bank of Ireland 27,398 297,079 0.70

––––––––––––– ––––––706,439 1.67

––––––––––––– ––––––

ITALY ITALIENENI-Ente Nazionale Idrocarburi 60,631 847,318 2.00Parmalat Finanziaria 126,148 370,244 0.88Riunione Adriatica di Sicurta 18,355 241,277 0.57Saipem 72,272 492,534 1.17Telecom Italia 113,680 246,401 0.58

––––––––––––– ––––––2,197,774 5.20

––––––––––––– ––––––


EUR %

INVESCO GTEUROPEAN STRUCTURED FUND


18

NETHERLANDS NIEDERLANDEABN AMRO 28,800 464,256 1.10Aegon 31,036 353,810 0.84Euronext 8,942 202,089 0.48ING Groep 48,529 872,066 2.06Royal Dutch Petroleum 2,455 101,048 0.24

––––––––––––– ––––––1,993,269 4.72

––––––––––––– ––––––

NORWAY NORWEGENNorsk Hydro 5,262 251,265 0.59

––––––––––––– ––––––

SPAIN SPANIENACS Actividades Cons y Serv 3,348 127,843 0.30Altadis 20,000 429,700 1.02Banco Santander Central Hispano 27,668 216,501 0.51Endesa 19,221 275,340 0.65Gas Natural SDG 26,830 457,048 1.08Grupo Ferrovial 4,249 102,189 0.24Telefonica 28,139 306,293 0.72

––––––––––––– ––––––1,914,914 4.52

––––––––––––– ––––––

SWEDEN SCHWEDENElectrolux 23,451 475,533 1.12ForeningsSparbanken 20,534 246,931 0.58Hennes & Mauritz 19,061 364,782 0.86Skandinaviska Enskilda Banken 37,693 330,493 0.78Svenska Cellulosa 6,542 208,486 0.49

––––––––––––– ––––––1,626,225 3.83

––––––––––––– ––––––

SWITZERLAND SCHWEIZCiba Specialty Chemicals 7,854 497,832 1.18Logitech International 2,777 80,491 0.19Nestle 4,061 819,721 1.94Novartis 14,536 495,325 1.17Serono 301 175,173 0.41SGS Societe Generale Surveillance 305 133,449 0.32Swatch Group 2,505 224,910 0.53UBS 28,297 1,418,977 3.36

––––––––––––– ––––––3,845,878 9.10

––––––––––––– ––––––

UNITED KINGDOM VEREINIGTES KÖNIGREICHAllied Irish Banks 4,369 55,530 0.13Anglo American 34,692 594,464 1.41AstraZeneca 11,461 421,511 1.00Barclays 177,812 1,202,975 2.84Barratt Developments 51,500 383,122 0.91BG Group 92,421 367,460 0.87BP 156,670 988,994 2.34British American Tobacco 20,377 191,785 0.45British Land 20,063 145,184 0.34BT Group 93,605 254,159 0.60Centrica 104,852 269,123 0.64Diageo 36,499 360,579 0.85Friends Provident 81,854 162,946 0.39GlaxoSmithKline 81,763 1,454,364 3.44HBOS 54,841 568,405 1.34HSBC 47,064 559,069 1.32Imperial Chemical Industries 89,159 250,162 0.59International Power 176,000 393,080 0.93Kingfisher 75,538 298,145 0.71Man Group 9,054 160,786 0.38Marks & Spencer Group 48,204 213,310 0.50Next 28,087 440,482 1.04Northern Rock 23,526 236,849 0.56Rentokil Initial 80,926 243,773 0.58Royal Bank of Scotland Group 50,548 1,156,593 2.73



EUR %


UNITED KINGDOM VEREINIGTES KÖNIGREICH(CONTINUED) (FORTSETZUNG)Sage Group 84,569 209,710 0.50Schroders 11,839 121,377 0.29Scottish Power 30,400 159,524 0.38Shell Transport & Trading 65,219 377,678 0.89Tate & Lyle 27,895 145,470 0.34Tomkins 65,749 251,052 0.59Vodafone Group 940,408 1,606,322 3.80Whitbread 33,690 364,318 0.86Wolseley 36,357 379,065 0.90WPP Group 68,700 575,537 1.36

––––––––––––– ––––––15,562,903 36.80

––––––––––––– ––––––


––––––––––––– ––––––––––––––––––– ––––––


EUR %


19

20


2020

INVESCO GTPAN EUROPEAN FUND


EUR %



AUSTRIA ÖSTERREICHBank Austria Credit 8,100 225,059 0.05Erste Bank Der Ost 16,442 1,363,042 0.32

––––––––––– ––––––1,588,101 0.37

––––––––––– ––––––

BELGIUM BELGIENInterbrew 60,900 1,378,167 0.32

––––––––––– ––––––

DENMARK DÄNEMARKGroup 4 Falck 305,000 6,230,820 1.44ISS 190,000 7,449,656 1.72Novo-Nordisk 233,000 7,551,598 1.75

––––––––––– ––––––21,232,074 4.91

––––––––––– ––––––

FINLAND FINNLANDNokia 498,287 7,551,539 1.75

––––––––––– ––––––

FRANCE FRANKREICHAtos Origin 66,818 2,559,798 0.59Autoroutes Sud Fra 201,600 5,225,472 1.21Aventis 124,900 5,580,532 1.29BNP Paribas 99,300 4,563,828 1.06Carrefour 97,200 4,479,948 1.04Credit Agricole 537,244 9,348,046 2.16Publicis Groupe 85,000 2,260,150 0.52Societe Generale 44,000 2,700,720 0.62Total 59,181 8,365,234 1.93

––––––––––– ––––––45,083,728 10.42

––––––––––– ––––––

GERMANY DEUTSCHLANDContinental 144,200 3,457,195 0.80Porsche 11,090 4,297,985 0.99SGL Carbon 15,332 270,227 0.06

––––––––––– ––––––8,025,407 1.85

––––––––––– ––––––

GREECE GRIECHENLANDCosmote Mobile 416,543 4,332,047 1.00Greek Orgainisation of Football Prognostics 302,568 3,237,478 0.75Public Power 200,071 3,585,272 0.83

––––––––––– ––––––11,154,797 2.58

––––––––––– ––––––

IRELAND IRLANDAnglo Irish Bank 360,200 3,229,193 0.75CRH 560,000 9,405,200 2.18Depfa Bank 24,902 2,051,925 0.47IAWS Group 581,101 4,895,776 1.13

––––––––––– ––––––19,582,094 4.53

––––––––––– ––––––

ITALY ITALIENENI-Ente Nazionale Idrocurburi 383,000 5,352,425 1.24Italcementi 150,000 1,601,250 0.37Seat Pagine Gialle 4,000,000 3,172,000 0.73Snam Rete Gas 1,706,466 5,725,193 1.32Telecom Italia 3,778,062 5,514,081 1.28

––––––––––– ––––––21,364,949 4.94

––––––––––– ––––––

NETHERLANDS NIEDERLANDEIHC Caland 105,500 4,769,655 1.10ING Groep 142,516 2,561,013 0.59Koninklijke KPN 1,193,622 7,567,563 1.75Koninklijke Vendex 203,320 2,108,428 0.49Koninklijke Philips Electronics 607,250 13,432,370 3.11Unilever 60,000 3,063,000 0.71VNU 255,734 7,273,075 1.68

––––––––––– ––––––40,775,104 9.43

––––––––––– ––––––

NORWAY NORWEGENDnB 1,651,120 7,040,375 1.63

––––––––––– ––––––

PORTUGAL PORTUGALBco Com Portugues 1,250,526 2,038,357 0.47

––––––––––– ––––––

SPAIN SPANIENAltadis 324,830 6,978,973 1.61Amadeus Global Travel 420,000 2,580,900 0.60Gamesa 161,290 3,311,284 0.77Grupo Dragados 8,836 163,068 0.04Union Fenosa 200,000 2,898,000 0.67

––––––––––– ––––––15,932,225 3.69

––––––––––– ––––––

SWEDEN SCHWEDENAssa Abloy 416,000 3,376,474 0.78Electrolux 309,600 6,277,987 1.45Swedish Match 858,335 5,428,897 1.26Volvo 240,000 5,296,643 1.22

––––––––––– ––––––20,380,001 4.71

––––––––––– ––––––

SWITZERLAND SCHWEIZAdecco 113,649 5,312,682 1.23Converium Holdings 35,449 1,491,633 0.35Credit Suisse Group 288,969 8,436,788 1.95Micronas Semiconductor 92,510 2,333,791 0.54Novartis 100,400 3,421,206 0.79Roche Holdings 130,140 9,176,167 2.12Synthes-Stratec 4,800 3,505,492 0.81

––––––––––– ––––––33,677,759 7.79

––––––––––– ––––––

UNITED KINGDOM VEREINIGTES KÖNIGREICHArsenal 1 2,246 0.00Associate British Foods 561,303 4,262,098 0.99Astrazeneca 71,801 2,640,687 0.61AWG 497,327 3,799,736 0.88AWG (Assented) 247,050,000 357,997 0.08Bae Systems 974,656 2,416,905 0.56Balfour Beatty 594,100 1,793,907 0.41

21



EUR %


22



EUR %

UNITED KINGDOM VEREINIGTES KÖNIGREICH(CONTINUED) (FORTSETZUNG)Barclays 383,185 2,592,411 0.60BP 1,355,268 8,555,252 1.98Brit American Tobacco 838,603 7,892,787 1.82BT Group 3,672,249 9,970,997 2.31Cable & Wireless 2,015,558 3,537,724 0.82Celltech Group 665,120 3,169,755 0.73Centrica 1,985,411 5,095,949 1.18Colt Telecom Group 980,000 1,471,585 0.34Diageo 435,986 4,307,175 1.00Dixons Group 1,277,886 2,553,127 0.59Firstgroup 733,330 3,056,475 0.71Gallaher Group 433,529 3,555,735 0.82Glaxosmithkline 581,474 10,343,002 2.39HBOS 238,876 2,475,855 0.57HSBC 1,015,177 12,059,187 2.79Imperial Tobacco 372,267 5,356,716 1.24International Power 1,369,115 3,057,791 0.71Lloyds TSB Group 264,873 1,617,340 0.37Marks & Spencer Group 941,516 4,166,352 0.96Mitchells & Butlers 734,330 2,577,804 0.60mmO2 6,059,820 4,708,926 1.09National Grid Transco 1,436,495 8,120,873 1.88Prudential 293,659 1,883,537 0.44Reed Elsevier 556,524 3,922,383 0.91Rentokil Initial 1,536,330 4,627,875 1.07Royal Bank Scotlan Group 137,748 3,151,826 0.73Scottish & Southern Energy 460,899 4,242,729 0.98Severn Trent 339,610 3,182,817 0.74Somerfield 889,793 1,642,359 0.38Tesco 1,801,132 5,673,486 1.31Unilever 473,584 3,522,255 0.81UTD Utilities 696,000 4,707,479 1.09UTD Utilities Rts 17/09/03 386,666 603,737 0.14Vodafone Group 3,808,083 6,504,635 1.50Whitbread 153,965 1,664,950 0.38

––––––––––– ––––––170,846,462 39.51––––––––––– ––––––


Strategic Diagnostic 178 650 0.00––––––––––– ––––––

––––––––––– ––––––Total GesamtanlagenInvestments 427,651,789 98.90

––––––––––– ––––––––––––––––– ––––––


23


23

INVESCO GTPAN EUROPEAN ENTERPRISE FUND


EUR %



BELGIUM BELGIENDeceuninck 107,000 2,244,325 0.66 *Melexis 386,800 3,353,556 0.99 Mobistar 161,325 6,615,131 1.95 Omega Pharma 288,200 8,069,600 2.38

––––––––––––– ––––––20,282,612 5.98

––––––––––––– ––––––

DENMARK DÄNEMARKColoplast 37,000 2,727,108 0.80 Topdanmark 24,346 948,840 0.28

––––––––––––– ––––––3,675,948 1.08

––––––––––––– ––––––

FINLAND FINNLANDKone 98,400 4,026,528 1.19 Tietoenator 90,000 1,477,350 0.44

––––––––––––– ––––––5,503,878 1.63

––––––––––––– ––––––

FRANCE FRANKREICHBacou Dalloz 34,839 2,816,733 0.83 Eiffage 66,445 5,606,629 1.65 Imerys 49,800 7,457,550 2.20 IPSOS 9,176 580,199 0.17 Neopost 154,200 6,024,594 1.78 Rodriguez Group 38,001 2,066,494 0.61 SEB 61,860 4,789,820 1.41 SR Teleperformance 227,374 3,399,241 1.00

––––––––––––– ––––––32,741,260 9.65

––––––––––––– ––––––

GERMANY DEUTSCHLANDBeru 83,000 4,225,945 1.25 Bilfinger Berger 620 15,534 - Celesio 100,000 3,680,000 1.09 GFK 169,942 3,305,372 0.97 Medion 121,304 4,405,761 1.30 Vossloh 21,468 809,344 0.24 Zapf Creation 115,274 3,727,960 1.10

––––––––––––– ––––––20,169,916 5.95

––––––––––––– ––––––

GREECE GRIECHENLANDVodafone-Panafon 610,000 3,599,000 1.06

––––––––––––– ––––––

IRELAND IRLANDUnited Drug 3,018,064 5,975,767 1.76

––––––––––––– ––––––

ITALY ITALIENArnoldo Mondadori Editore 359,922 2,377,285 0.70 Autogrill 111,978 1,161,772 0.34 Davide Campari-Milano 44,501 1,609,824 0.47 Recordati 200,725 3,164,430 0.93 Saipem 527,109 3,592,248 1.06

––––––––––––– ––––––11,905,559 3.50

––––––––––––– ––––––

24


24



EUR %

NETHERLANDS NIEDERLANDEBoskalis Westminster 23,137 484,720 0.14 Buhrmann 295,798 2,218,485 0.65 CSM 150,000 2,745,000 0.81 IHC Caland 14,879 672,680 0.20 Imtech 13,173 247,652 0.07 Laurus 685,371 932,105 0.27 Vedior 450,460 5,090,197 1.50

––––––––––––– ––––––12,390,839 3.64

––––––––––––– ––––––

PORTUGAL PORTUGALBanco BPI 726,967 1,773,800 0.52 Brisa-Auto Estradas de Portugal 664,817 3,277,547 0.97

––––––––––––– ––––––5,051,347 1.49

––––––––––––– ––––––

SPAIN SPANIENAbertis Infraestructuras 497,364 5,970,854 1.76 Aldeasa 180,000 3,443,400 1.02 Baron de Ley 128,900 4,543,081 1.34 Cementos Portland 16,386 692,718 0.20 Cia de Distribucion Integral Logista 76,250 1,643,569 0.48 Fomento de Construcciones Y Contratas 137,500 3,665,750 1.08 Gamesa Corp Tecnologica 195,800 4,019,774 1.19 Indra Sistemas 726,865 7,392,217 2.18 NH Hoteles 349,283 3,491,084 1.03 Prosegur Cia de Seguridad 375,393 5,351,227 1.58 Red Electrica de Espana 373,868 4,226,578 1.25 Sociedad General de Aguas de Barcelona 105,000 1,196,475 0.35

––––––––––––– ––––––45,636,727 13.46

––––––––––––– ––––––

SWEDEN SCHWEDENCastellum 151,250 2,278,701 0.67 D Carnegie 620,400 5,490,201 1.62 Elekta 454,700 6,097,486 1.80 Eniro 788,600 5,886,923 1.74 Getinge 263,506 7,489,211 2.21 HIQ 1,546,687 1,540,875 0.45 Hoganas 173,598 3,096,057 0.91 Munters 181,149 3,427,422 1.01 Observer 1,246,711 3,776,843 1.11 Saab 279,900 3,419,120 1.01 Semcon 565,869 666,660 0.20

––––––––––––– ––––––43,169,499 12.73

––––––––––––– ––––––

SWITZERLAND SCHWEIZConverium 59,300 2,495,241 0.74 Lindt & Spruengli 3,000 1,838,627 0.54 Micronas Semiconductor 114,437 2,886,953 0.85 Nobel Biocare 109,047 7,901,742 2.33 Straumann 20,300 1,758,236 0.52 Swiss Life 39,450 4,074,574 1.20

––––––––––––– ––––––20,955,373 6.18

––––––––––––– ––––––UNITED KINGDOM VEREINIGTES KÖNIGREICHAbbot Group 430,000 1,102,901 0.33 AEA Technology 180,000 606,443 0.18 Alba 52,000 418,960 0.12 Alfred Mcalpine 206,000 908,970 0.27 Alphameric 543,500 582,809 0.17 Alvis 323,782 1,006,410 0.30 Amec 252,000 989,155 0.29

25



EUR %

UNITED KINGDOM VEREINIGTES KÖNIGREICH(CONTINUED) (FORTSETZUNG)Amlin 1,000,000 1,963,515 0.58 Arriva 217,000 1,184,305 0.35 Autonomy 151,500 425,902 0.13 Aveva Group 38,500 265,560 0.08 Babcock International Group 335,000 538,843 0.16 Belhaven Group 110,000 689,404 0.20 Blacks Leisure Group 220,000 1,075,948 0.32 Bookham Technology 394,118 431,189 0.13 Bovis Homes Group 192,000 1,267,315 0.37 BPP 117,399 534,182 0.16 Bristol Water 94,265 367,449 0.11 Brown (N) Group 400,000 796,999 0.24 BTG 251,701 1,012,145 0.30 Capital & Regional 75,000 375,495 0.11 Care UK 330,000 954,007 0.28 Carillion 271,875 608,685 0.18 Carpetright 70,000 763,814 0.23 Cattles 300,000 1,536,758 0.45 Charles Taylor Consulting 200,000 811,489 0.24 Chemring Group 140,000 824,676 0.24 City North Group 167,000 376,307 0.11 Computacenter 99,500 589,714 0.17 Cranswick 128,955 782,039 0.23 Crest Nicholson 268,000 1,246,622 0.37 Dairy Crest Group 135,000 855,868 0.25 Davis Service Group 197,000 1,177,565 0.35 Debenhams 100,000 624,557 0.18 Dechra Pharmaceuticals 255,000 436,031 0.13 Domestic & General Group 80,000 576,737 0.17 Domnick Hunter Group 115,000 644,084 0.19 Expro International Group 115,000 579,092 0.17 Ferraris Group 297,298 588,057 0.17 First Choice Holidays 400,000 654,988 0.19 First Technology 150,000 773,813 0.23 Forth Ports 66,000 887,059 0.26 Fuller Smith & Turner 80,000 678,173 0.20 Game Group 700,000 651,727 0.19 Geest 280,300 1,949,661 0.58 Go-Ahead Group 62,000 774,900 0.23 Grainger Trust 44,000 879,886 0.26 Greene King 82,000 1,024,274 0.30 Greggs 7,500 336,098 0.10 Gyrus Group 200,000 685,419 0.20 Headlam Group 165,000 789,029 0.23 Hiscox 88,152 208,855 0.06 HIT Entertainment 175,000 655,531 0.19 HMV Group 420,000 945,639 0.28 Homestyle Group 129,074 200,132 0.06 ICM Computer Group 462,777 1,492,095 0.45 Incisive Media 415,000 640,461 0.19 Independent Energy 418,000 - - Intercare Group 195,000 501,566 0.15 Interserve 138,000 491,937 0.15 INVESCO Continental Smaller Companies Trust † 1,600,000 860,758 0.25 Isotron 97,000 523,592 0.15 ITNET 150,000 682,521 0.20 JJB Sports 180,000 594,706 0.18 Johnston Press 226,000 1,498,285 0.44 Kier Group 80,000 666,581 0.20 Laird Group 201,000 691,759 0.20 London Bridge Software 460,000 436,610 0.13 London Scottish Bank 300,000 573,839 0.17 Luminar 185,000 1,226,472 0.36 Marshalls 219,444 914,232 0.27 Mccarthy & Stone 290,000 2,050,750 0.60 Meggitt 275,000 866,736 0.26 Merchant Retail Group 560,000 1,505,313 0.44



UNITED KINGDOM VEREINIGTES KÖNIGREICH(CONTINUED) (FORTSETZUNG)Mersey Docks & Harbour 62,000 495,038 0.15 MFI Furniture 376,000 963,035 0.28 Minorplanet Systems 369,470 634,443 0.19 Mountview Estates 11,100 474,504 0.14 Nestor Healthcare Group 120,000 584,272 0.17 Nord Anglia Education 100,000 275,327 0.08 Northgate 296,000 2,361,260 0.70 Northumbrian Water Group 445,000 704,492 0.21 Paladin Resources 700,000 857,136 0.25 Pennon Group 283,000 2,386,735 0.70 PHS Group 700,000 811,489 0.24 Plasmon 50,000 102,161 0.03 PZ Cussons 43,500 535,800 0.16 Quintain Estates & Development 197,000 910,651 0.27 RAC 242,000 2,107,583 0.62 Ricardo 125,000 659,335 0.20 Rotork 145,000 751,171 0.22 RPS Group 555,000 1,242,557 0.37 Sanctuary Group 1,665,000 1,308,907 0.39 ScS Upholstery 159,000 604,813 0.18 Securicor 605,000 755,057 0.22 Serco Group 700,000 1,759,918 0.52 Shaftesbury 183,000 575,447 0.17 SIG 335,000 1,456,334 0.43 SMG 1,000,000 1,412,861 0.42 Sondex 145,000 283,659 0.08 South Staffordshire Group 100,000 757,149 0.22 Spectris 115,000 805,729 0.24 Speedy Hire 125,000 715,487 0.21 Spirax-Sarco Engineering 57,000 429,510 0.13 ST James's Place Capital 155,890 302,704 0.09 Stanley Leisure 100,000 526,019 0.16 Sygen 750,000 605,900 0.18 Taylor & Francis Group 111,250 870,540 0.26 Taylor Nelson Sofres 300,000 895,537 0.27 Torex 52,000 463,418 0.14 **Torridon GDR 97,475 - - Ultra Electronics 100,000 747,730 0.22 Ultraframe 100,000 476,025 0.14 Vardy 100,000 755,700 0.22 Victrex 105,000 531,778 0.16 VT Group 385,000 1,338,958 0.39 Weir Group 145,000 574,671 0.17 Wellington Underwriting 615,000 819,893 0.24 Westbury 365,000 2,255,831 0.67 Wetherspoon (J.D.) 270,000 1,042,690 0.31 Whatman 250,000 429,291 0.13 Wincanton 388,750 1,135,115 0.33 Wyevale Garden Centres 136,312 730,854 0.22

––––––––––––– ––––––101,057,912 29.85

––––––––––––– ––––––


––––––––––––– ––––––––––––––––––– ––––––

*Transferable securities traded on other regulated markets/*Übertragbare Wertpapiere, die auf anderen geregelten Märkten gehandelt werden**Other transferable securities/**Sonstige übertragbare Wertpapiere† Open ended Fund/† Offener Fonds


EUR %


26

27


27

INVESCO GTNIPPON ENTERPRISE FUND


JPY %



BASIC MATERIALS GRUNDSTOFFEC Uyemura 105,000 315,000,000 2.97 *Fujimi 50,000 171,500,000 1.62 Taiyo Ink Manufacturing 34,000 147,220,000 1.39

––––––––––––– ––––––633,720,000 5.98

––––––––––––– ––––––

COMMUNICATIONS KOMMUNIKATIONEn-japan 830 227,420,000 2.15 Index Corp 2,120 814,080,000 7.67 Yahoo Japan Corp 395 833,450,000 7.85

––––––––––––– ––––––1,874,950,000 17.67 ––––––––––––– ––––––

CONSUMER KONJUNKTURABHÄNGIGECYCLICALS KONSUMGÜTERAruze Corp 3,600 11,016,000 0.10 ASKUL Corp 52,500 222,075,000 2.09 *Can Do Co 645 158,025,000 1.49 FCC 85,000 292,400,000 2.75 Kappa Create 50,000 375,000,000 3.53 Sugi Pharmacy 52,000 319,800,000 3.01 Tenpos Busters 80 26,720,000 0.25 Tohoku Pioneer Corp 135,000 227,205,000 2.14

––––––––––––– ––––––1,632,241,000 15.36 ––––––––––––– ––––––

CONSUMER NICHT-ZYKLISCHENON-CYCLICAL KONSUMGÜTERAriake Japan 58,000 182,120,000 1.72 EPS 400 340,800,000 3.21 NIC Corp 96,200 108,994,600 1.03 Origin Toshu 65,000 83,850,000 0.79 Park24 65,000 122,850,000 1.16 Seikagaku Corp 338,200 399,076,000 3.76 Septeni 250 92,500,000 0.87 Tac 90,000 154,800,000 1.46

––––––––––––– ––––––1,484,990,600 14.00 ––––––––––––– ––––––

FINANCIALS FINANZWESEN*Able 60,000 163,200,000 1.54 Tachihi Enterprise 35,000 74,900,000 0.71

––––––––––––– ––––––238,100,000 2.25

––––––––––––– ––––––

INDUSTRIAL INDUSTRIEArrk Corp 45,000 225,450,000 2.12 Citizen Electronics 41,000 317,340,000 2.99 Disco Corp 80,000 468,000,000 4.41 *Fuji Machine Manufacturing 150,000 191,250,000 1.80 *Fuji Seal 85,400 300,608,000 2.83 Japan Cash Machine 80,000 178,400,000 1.68 Kubotek Corp 1,110 228,660,000 2.15 Lasertec Corp 75,000 264,750,000 2.49

––––––––––––– ––––––2,174,458,000 20.47 ––––––––––––– ––––––

28


2828

TECHNOLOGY TECHNOLOGIEAxell Corp 263 153,855,000 1.45 CAC Corp 69,900 54,941,400 0.52 *Intelligent Wave 900 114,300,000 1.08 I-O Data Device 105,000 173,250,000 1.63 *OBIC Business Consultants 25,000 125,000,000 1.18 Shinkawa 170,000 391,000,000 3.68 Thine Electronics 1,060 336,020,000 3.17 Tokki Corp 80,000 184,800,000 1.74 *UMC Japan 3,700 584,600,000 5.51

––––––––––––– ––––––2,117,766,400 19.96 ––––––––––––– ––––––

––––––––––––– ––––––Total GesamtanlagenInvestments 10,156,226,000 95.69

––––––––––––– ––––––––––––––––––– ––––––

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

INVESCO GTNIPPON ENTERPRISE FUND


JPY %

29


2929



BASIC MATERIALS GRUNDSTOFFEMitsui Mining & Smelting 120,000 47,040,000 0.87Nippon Sanso 250,000 105,250,000 1.95Nitto Denko 18,900 97,335,000 1.81OJI Paper 180,000 116,640,000 2.17Sumitomo Metal Mining 270,000 143,370,000 2.66

––––––––––––– ––––––509,635,000 9.46

––––––––––––– ––––––

COMMUNICATIONS KOMMUNIKATIONDenki Kogyo 150,000 49,350,000 0.92Index 244 93,696,000 1.74Japan Radio 148,000 74,444,000 1.38KDDI 284 169,548,000 3.15Nippon Telegraph & Telephone 200 102,800,000 1.91NTT DoCoMo 850 255,000,000 4.74Oki Electric Industry 262,000 104,276,000 1.94Uniden 58,000 87,116,000 1.62

––––––––––––– ––––––936,230,000 17.40

––––––––––––– ––––––

CONSUMER KONJUNKTURABHÄNGIGECYCLICALS KONSUMGÜTERCitizen Watch 65,000 56,290,000 1.04Daiwa House Industry 122,000 110,898,000 2.06Fast Retailing 26,000 126,100,000 2.34Juki 110,000 50,710,000 0.94Matsushita Electric Industrial 72,000 107,136,000 1.99Mitsubishi 122,000 120,292,000 2.23Mitsui & Co 145,000 108,025,000 2.01Nissan Motor 84,000 105,252,000 1.95Toyota Motor 32,100 103,362,000 1.92USS 8,000 53,920,000 1.00Yamada Denki 40,000 126,400,000 2.35

––––––––––––– ––––––1,068,385,000 19.83––––––––––––– ––––––

FINANCIALS FINANZWESENGoldcrest 10,000 45,500,000 0.84Jafco 8,000 60,240,000 1.12Leopalace21 90,000 85,410,000 1.59Mitsui Fudosan 111,000 104,451,000 1.94Nikko Cordial 200,000 112,200,000 2.08Nomura Holdings 76,000 129,048,000 2.40ORIX 17,300 134,075,000 2.49

––––––––––––– ––––––670,924,000 12.46

––––––––––––– ––––––

FUNDS FONDSAlpha Portfolios - INVESCO Japan Alpha Fund † 77,043 118,680,412 2.20

––––––––––––– ––––––

INDUSTRIAL INDUSTRIEAlps Electric 60,000 119,040,000 2.21Asahi Glass 65,000 53,300,000 0.99Brother Industries 82,000 84,870,000 1.58

INVESCO GTNIPPON GROWTH FUND


JPY %

30


3030

INDUSTRIAL INDUSTRIE(CONTINUED) (FORTSETZUNG)East Japan Railway 96 47,328,000 0.88Hitachi 182,000 115,752,000 2.15Ibiden 48,000 90,768,000 1.68Icom 21,200 45,474,000 0.84JGC 100,000 89,900,000 1.67Kawasaki Heavy Industries 350,000 51,800,000 0.96Makino Milling Machine 150,000 92,550,000 1.72Mitsui Engineering & Shipbuilding 750,000 113,250,000 2.10Murata Manufacturing 19,000 124,640,000 2.31Nippon Express 212,000 101,336,000 1.88Nippon Yusen Kabushiki Kaisha 252,000 121,464,000 2.25Nissho Electronics 22,000 28,028,000 0.52Omron 57,000 135,375,000 2.51Yaskawa Electric 128,000 93,184,000 1.73Yushin Precision Equipment 15,300 45,823,500 0.85

––––––––––––– ––––––1,553,882,500 28.83––––––––––––– ––––––

TECHNOLOGY TECHNOLOGIECanon 28,000 157,080,000 2.92Hitachi Software Engineering 17,000 53,550,000 0.99Infocom 81 22,680,000 0.42Nomura Research Institute 9,100 86,814,000 1.61Tokyo Electron 13,000 106,860,000 1.98

––––––––––––– ––––––426,984,000 7.92

––––––––––––– ––––––

––––––––––––– ––––––Total GesamtanlagenInvestments 5,284,720,912 98.10

––––––––––––– ––––––––––––––––––– ––––––

† Open ended Fund/† Offener Fonds


JPY %

INVESCO GTNIPPON GROWTH FUND

31


3131



HONG KONG HONGKONGBOC Hong Kong Holdings 2,745,000 3,528,368 1.62 Cafe de Coral Holdings 1,200,000 996,250 0.46 Cheung Kong Holdings 1,028,000 7,990,832 3.66 Guangdong Investments 4,900,000 901,561 0.41 Henderson Land Development 1,414,000 5,343,802 2.45 Hutchison Whampoa 903,600 6,676,277 3.06 Hysan Development 2,150,000 2,549,925 1.17 Kerry Properties 1,360,500 1,809,813 0.83 Oriental Press Group 1,500,000 468,891 0.20 Sino Land 10,343,764 4,824,902 2.21 TAI Cheung Holdings 2,000,000 541,847 0.25

––––––––––––– ––––––35,632,468 16.32

––––––––––––– ––––––

INDIA INDIEN*ABN Amro-Satyam Computer P/N 28/1/2005 204,500 1,033,257 0.47 Credit Susisse First Boston-MTNL P/N 21/4/2005 430,000 1,171,105 0.54 Goldman Sachs-Infosys Technology P/N 12/2/2004 27,243 2,350,444 1.08 Infosys Technology 20,000 1,135,800 0.52 ITC 50,000 950,000 0.44 Satyam Computer Services ADR 66,000 784,080 0.36 Solaman Smith Barney-ITC P/N 5/1/2004 66,000 2,121,861 0.97

––––––––––––– ––––––9,546,547 4.38

––––––––––––– ––––––

INDONESIA INDONESIENBank Internasional Indonesia 11 - -

––––––––––––– ––––––

IRELAND IRLANDINVESCO GT India Fund † 71,296 868,387 0.40

––––––––––––– ––––––

MALAYSIA MALAYSIAAMMB Holdings 2,380,000 961,395 0.44 Bandar Raya Developments 1,900,000 1,005,000 0.46 Commerce Asset Holdings 1,382,000 1,432,916 0.66 DRB-Hicom 4,000,000 2,784,211 1.28 Malayan Banking 960,000 2,343,158 1.07 New Straits Times Press 1,688,000 1,696,884 0.78 Perusahaan Otomobil Nasional 615,000 1,242,138 0.57 Public Bank 2,399,000 1,676,143 0.77 Selangor Properties 810,000 521,171 0.24 SP Setia 935,000 819,355 0.37 UMW Holdings 933,000 2,154,493 0.99 YTL Corp 11,550 2,971 -

––––––––––––– ––––––16,639,835 7.63

––––––––––––– ––––––

PHILIPPINES PHILIPPINENAyala 13,300,000 1,021,218 0.47 Ayala Land 16,388,000 1,712,513 0.78 SM Prime Holdings 16,707,000 1,654,760 0.76

––––––––––––– ––––––4,388,491 2.01

––––––––––––– ––––––


US$ %

INVESCO GTASIA ENTERPRISE FUND

32


32

SINGAPORE SINGAPURCity Developments 2,299,000 6,671,921 3.06 DBS Group Holdings 280,000 1,991,635 0.91 Hotel Properties 670,000 396,506 0.18 Neptune Orient Lines 2,360,000 2,444,135 1.12 Oversea-Chinese Banking 822,000 5,192,022 2.38 SIA Engineering 830,000 883,205 0.40 Singapore Exchange 1,790,000 1,690,841 0.77 Singapore Land 5,000 11,011 0.01 Singapore Press Holdings 569,000 6,054,742 2.77 United Overseas Bank 903,000 6,577,176 3.01

––––––––––––– ––––––31,913,194 14.61

––––––––––––– ––––––

SOUTH KOREA SÜDKOREAAnam Semiconductor 1 4 - CJ 161,000 7,112,285 3.26 Hanil Cement Manufacturing 94,200 4,553,100 2.09 Hyundai Development 273,000 2,171,025 0.99 Kia Motors 780,500 6,051,235 2.77 Kookmin Bank 359,763 13,106,579 6.00 Kookmin Credit Card 64,000 1,025,249 0.47 Korea Telecom 120,700 2,260,711 1.04 LG Card 128,758 2,297,591 1.05 LG Insurance 540,000 2,246,849 1.03 Posco 12,500 1,477,297 0.68 Samsung Electronics 31,500 11,622,852 5.33 Samsung Fire & Marine Insurance 149,800 8,257,594 3.78 Shinhan Financial Group 1,071,100 14,567,687 6.67 SK Telecom 42,300 7,225,016 3.31

––––––––––––– ––––––83,975,074 38.47

––––––––––––– ––––––

TAIWAN TAIWANAmbit Microsystems 605,000 1,655,812 0.76 Asustek Computer Inc 1,423,125 3,832,436 1.76 Cathay Financial Holding 707,000 881,603 0.40 Cathay Financial Holding GDR 58,460 721,396 0.33 Fubon Financial Holding 4,305,000 3,742,602 1.71 Hon Hai Precision Industry 1,174,040 4,845,583 2.22 MediaTek Inc 305,100 3,036,443 1.39 **Morgan Stanley-TSMC C/WTS 31/10/2003 1,953,741 4,528,772 2.08 Siliconware Precision Industries 3,981,400 3,309,773 1.52 Taiwan Semiconductor Manufacturing 3,593,880 7,048,268 3.23 United Microelectronics 6,945,523 5,692,552 2.61 Yuanta Core Pacific Securities 2,644,000 1,470,480 0.67

––––––––––––– ––––––40,765,720 18.68

––––––––––––– ––––––

THAILAND THAILANDBangkok Bank 1,250,000 2,198,834 1.01 Bank of Ayudhya 1,770,000 429,455 0.20 National Finance 100 35 -

––––––––––––– ––––––2,628,324 1.21

––––––––––––– ––––––

______________ _________Total GesamtanlagenInvestments 226,358,040 103.71 ______________ _______________________ _________

*Transferable securities traded on other regulated markets/*Übertragbare Wertpapiere, die auf anderen geregelten Märkten gehandelt werden**Other transferable securities/**Sonstige übertragbare Wertpapiere† Open ended Fund/† Offener Fonds


US$ %

INVESCO GTASIA ENTERPRISE FUND

33


3333



BERMUDA BERMUDASCosco Pacific 1,760,000 1,968,907 2.00Li & Fung 1,350,000 2,306,472 2.34

––––––––––– ––––––4,275,379 4.34

––––––––––– ––––––

CAYMAN ISLANDS KAIMAN-INSELNNetease.com 76,700 3,837,685 3.89Sina 60,000 1,871,100 1.90

––––––––––– ––––––5,708,785 5.79

––––––––––– ––––––

CHINA CHINABeijing Datang Power 4,000,000 2,173,542 2.20BYD 565,000 1,553,899 1.57**China International Marine Containers 1,299,989 1,733,485 1.76Chongqing Changan Automobile 1,200,000 1,001,635 1.01**Heilongjiang Electric Power 2 1 0.00Huaneng Power 1,000,000 1,368,721 1.39Jiangsu Express 4,850,000 1,951,380 1.98PetroChina 6,600,000 2,316,992 2.35Shenzhen Chiwan Wharf 1,599,991 1,754,005 1.78Sinopec Zhenhai Refining & Chemical 1,600,000 843,773 0.85UBS-Shenzhen Yantian Port 300,400 782,542 0.79P/N 19/7/2004

UBS-Sinotrans Air Transport 468,590 791,917 0.80P/N 19/7/2004

UBS-Tianjin Port Group 315,050 469,425 0.48P/N 21/7/2004

Zhejiang Expressway 2,400,000 1,169,343 1.19––––––––––– ––––––17,910,660 18.15

––––––––––– ––––––

HONG KONG HONGKONGArts Optical 2,676,000 784,692 0.80ASM Pacific Technology 970,000 3,264,737 3.31BOC Hong Kong 2,400,000 3,084,912 3.13Cafe De Coral 2,454,000 2,037,331 2.06Cathay Pacific Airways 1,060,000 1,811,007 1.84Chen Hsong 4,010,000 2,018,047 2.05Cheung Kong 260,000 2,021,028 2.05Cheung Kong Infrastructure 600,000 1,244,350 1.26China National Aviation 6,000,000 1,127,031 1.14CITIC International Financial 6,700,000 2,094,381 2.12Comba Telecom Systems 3,438,000 1,240,003 1.26Dickson Concepts 2,000,000 1,112,415 1.13Fountain SET 2,050,000 1,741,353 1.76Guangdong Investments 9,984,000 1,836,977 1.86Hengan International Group 5,168,000 2,252,935 2.28Hung Hing Printing Group 2,497,000 1,832,910 1.86Hutchison Whampoa 264,900 1,957,222 1.98Lianhua Supermarket 1,418,000 1,395,410 1.41Midland Realty 14,900,000 1,919,992 1.95Oriental Press Group 10,750,000 3,360,387 3.41Shun TAK 8,300,000 2,887,188 2.93Singamas Container 3,592,000 1,698,535 1.72Skyworth Digital 9,000,000 1,598,231 1.62Sun Hung Kai Properties 402,000 2,899,317 2.94Swire Pacific 420,000 2,361,381 2.39Vitasoy 2,906,000 709,803 0.72


US$ %

INVESCO GTGREATER CHINA OPPORTUNITIES FUND

INVESCO GTGREATER CHINA OPPORTUNITIES FUND

HONG KONG HONGKONG(CONTINUED) (FORTSETZUNG)Wharf 600,000 1,413,597 1.43Yue Yuen Industrial 461,000 1,375,744 1.39

––––––––––– ––––––53,080,916 53.80

––––––––––– ––––––

SINGAPORE SINGAPURFortune Real Estate Investment Trust 3,400,000 2,048,915 2.08

––––––––––– ––––––

UNITED KINGDOM VEREINIGTES KÖNIGREICHHSBC 513,123 6,694,268 6.79

––––––––––– ––––––


Sohu.com 45,300 1,353,564 1.37––––––––––– ––––––


––––––––––– ––––––––––––––––– ––––––

**Other transferable securities/**Sonstige übertragbare Wertpapiere


US$ %


34

35


35


US$ %

INVESCO GTWORLDWIDE DYNAMIC THEME FUND



AUSTRALIA AUSTRALIEN**Amcor 26,667 155,645 0.43 **BHP Billiton 51,000 358,479 0.99

––––––––––– ––––––514,124 1.42

––––––––––– ––––––

CANADA KANADACelestica 1,600 28,032 0.08 ERG Resources 100,000 - - Four Seasons Hotels 3,200 152,712 0.42

––––––––––– ––––––180,744 0.50

––––––––––– ––––––

FINLAND FINNLANDNokia ADR 31,800 521,202 1.43 Nokia 44,500 735,801 2.02

––––––––––– ––––––1,257,003 3.45

––––––––––– ––––––

FRANCE FRANKREICHAventis 8,400 409,484 1.13 AXA 17,700 314,586 0.86 Sanofi-Synthelabo 1,700 95,392 0.26 Total 2,800 431,816 1.19

––––––––––– ––––––1,251,278 3.44

––––––––––– ––––––

GERMANY DEUTSCHLANDBayerische Motoren Werke 5,600 222,277 0.61 Infineon Technologies 5,500 80,710 0.22 Muenchener Rueckversicherungs 1,300 134,390 0.37 Porsche 300 126,853 0.35 SAP ADR 4,619 134,459 0.37 Schering 1,400 56,486 0.16

––––––––––– ––––––755,175 2.08

––––––––––– ––––––

HONG KONG HONGKONGSun Hung Kai Properties 22,000 158,669 0.44

––––––––––– ––––––

ISRAEL ISRAELETeva Pharmaceutical Industries ADR 1,188 70,983 0.20

––––––––––– ––––––

ITALY ITALIENENI-Ente Nazionale Idrocarburi 19,000 289,701 0.80

––––––––––– ––––––

JAPAN JAPANAiful 2,000 111,401 0.31 Canon 7,000 335,482 0.92 Mitsubishi Estate 28,000 250,207 0.69 Mitsui Fudosan 14,000 112,545 0.31 Murata Manufacturing 600 33,625 0.09 Nintendo 2,100 174,200 0.48 Nippon Telegraph & Telephone 30 131,732 0.36 Nissan Motor 36,800 393,921 1.08 Nomura 20,000 290,120 0.80 Sony 7,100 232,916 0.64 Takeda Chemical Industries 1,900 68,497 0.19

36


JAPAN JAPAN(CONTINUED) (FORTSETZUNG)TDK 6,000 389,561 1.07 Tokyo Broadcasting System 11,000 168,212 0.46 Yamanouchi Pharmaceutical 5,000 130,708 0.36

––––––––––– ––––––2,823,127 7.76

––––––––––– ––––––

LUXEMBOURG LUXEMBURGArcelor 13,100 171,513 0.47

––––––––––– ––––––

MEXICO MEXIKOGrupo Televisa ADR 3,200 117,696 0.32

––––––––––– ––––––

NETHERLANDS NIEDERLANDEING Groep 7,500 147,046 0.40

––––––––––– ––––––

SOUTH KOREA SÜDKOREASamsung Electronics GDR 150 27,825 0.08

––––––––––– ––––––

SPAIN SPANIENBanco Santander Central Hispano 38,500 328,693 0.90 Telefonica 33,708 400,319 1.10

––––––––––– ––––––729,012 2.00

––––––––––– ––––––

SWITZERLAND SCHWEIZAlcon 5,200 266,760 0.73 Converium 6,800 312,185 0.86 Credit Suisse Group 4,800 152,902 0.42 Novartis 3,700 137,560 0.38 Serono 400 253,984 0.70 Swiss Reinsurance 2,000 125,395 0.34 UBS 5,200 284,500 0.78

––––––––––– ––––––1,533,286 4.21

––––––––––– ––––––

TAIWAN TAIWANTaiwan Semiconductor Manufacturing ADR 19,524 228,431 0.63 United Microelectronics ADR 9,558 45,878 0.13

––––––––––– ––––––274,309 0.76

––––––––––– ––––––

UNITED KINGDOM VEREINIGTES KÖNIGREICHAstraZeneca 14,900 597,884 1.64 Aviva 11,000 88,934 0.24 BP 84,800 584,046 1.61 British Sky Broadcasting 25,000 261,957 0.72 Diageo 16,800 181,081 0.50 GlaxoSmithKline 22,200 430,838 1.18 HSBC 25,000 324,012 0.89 Lloyds TSB 34,500 229,841 0.63 Royal Bank of Scotland Group 8,700 217,191 0.60 Sage Group 6,700 18,127 0.05 Vodafone Group 373,000 695,136 1.91 WPP Group 19,300 176,408 0.48

––––––––––– ––––––3,805,455 10.45

––––––––––– ––––––


US$ %


37



Abbott Laboratories 2,390 95,170 0.26 Affiliated Computer Services 1,100 54,527 0.15 Alcoa 4,600 130,410 0.36 Allergan 3,100 245,148 0.67 Allstate 8,300 295,148 0.81 Altera 3,900 86,814 0.24 American International 5,100 303,246 0.83 AmerisourceBergen 1,871 108,555 0.30 Amgen 6,000 397,650 1.09 Anadarko Petroleum 4,000 173,600 0.48 Anheuser-Busch 2,700 137,646 0.38 AOL Time Warner 9,600 155,328 0.43 Applied Materials 12,800 275,904 0.76 Applied Micro Circuits 10,200 60,486 0.17 Automatic Data Processing 3,500 137,445 0.38 Avon Products 3,000 189,810 0.52 Bank of America 5,600 438,480 1.21 Bank of New York 8,300 244,103 0.67 Bank One 5,500 216,370 0.59 Baxter International 2,340 64,912 0.18 BEA Systems 6,100 81,344 0.22 Boeing 4,200 155,316 0.43 Bristol-Myers Squibb 3,322 83,615 0.23 Broadcom 2,700 74,115 0.20 Brocade Communications Systems 10,400 58,916 0.16 Caterpillar 3,700 261,405 0.72 Cephalon 500 21,928 0.06 ChevronTexaco 2,300 168,291 0.46 Cisco Systems 74,900 1,437,706 3.95 CIT Group 6,500 177,450 0.49 Citigroup Inc 13,700 590,333 1.62 Dell 18,000 580,320 1.60 Dow Chemical 1,800 62,046 0.17 eBay 1,300 142,422 0.39 Electronic Arts 800 71,248 0.20 Eli Lilly 6,200 408,394 1.12 EMC/Massachusetts 9,700 121,638 0.33 Enron 10,000 510 - Exxon Mobil 12,600 473,130 1.30 Fannie Mae 3,900 249,600 0.69 Forest Laboratories 4,010 189,232 0.52 Gilead Sciences 4,667 308,979 0.85 Goldman Sachs Group 1,900 165,034 0.45 HCA 1,920 72,480 0.20 Hewlett-Packard 10,866 214,821 0.59 Human Genome Sciences 3,200 45,392 0.12 Idec Pharmaceuticals 2,500 84,313 0.23 Intel 17,450 493,922 1.36 International Business Machines 4,400 360,360 0.99 Intuit 1,000 45,925 0.13 JDS Uniphase 19,700 68,852 0.19 Johnson & Johnson 8,515 418,427 1.15 King Pharmaceuticals 8,213 113,914 0.31 Kla-Tencor 4,600 269,629 0.74 Lehman Brothers 2,400 156,744 0.43 Liberty Media 19,052 230,720 0.63 Linear Technology 2,500 103,450 0.28 Lockheed Martin 1,500 77,100 0.21 Lowe's 8,700 474,237 1.30 Marsh & McLennan 7,000 347,550 0.96 McGraw-Hill 3,500 211,540 0.58 Medtronic 8,100 400,544 1.10 Micron Technology 17,000 241,230 0.66 Microsoft 51,300 1,360,476 3.74 Millennium Pharmaceuticals 4,660 63,748 0.18 Monsanto 5 127 - Motorola 16,500 177,045 0.49 Nasdaq-100 Index Tracking Stock † 1,000 33,090 0.09


US$ %




(CONTINUED) (FORTSETZUNG)NPS Pharmaceuticals 3,600 99,000 0.27 Omnicom Group 3,000 232,650 0.64 Oracle 39,000 498,224 1.37 Peoplesoft 10,300 182,310 0.50 Pfizer 37,213 1,109,320 3.05 Priority Healthcare 900 19,323 0.05 Procter & Gamble 1,500 131,100 0.36 Protein Design Labs 3,637 43,790 0.12 SBC Communications 15,400 351,120 0.97 Schering-Plough 7,340 111,201 0.31 Solectron 14,000 82,880 0.23 St Jude Medical 6,140 320,447 0.88 State Street 3,400 148,308 0.41 Sun Microsystems 11,500 43,585 0.12 Texas Instruments 3,700 87,912 0.24 Varian Medical Systems 1,220 68,003 0.19 Veritas Software 10,000 342,900 0.94 Viacom 9,700 424,375 1.17 Walgreen 7,700 247,555 0.68 Wal-Mart Stores 1,400 83,020 0.23 Wells Fargo 5,300 265,371 0.73 Wyeth 13,740 583,813 1.60 Xilinx 2,600 78,936 0.22 Yahoo! 3,800 123,063 0.34 Zimmer 500 25,775 0.07

––––––––––– ––––––21,463,341 58.99

––––––––––– ––––––


––––––––––– ––––––––––––––––– ––––––

**Other transferable securities/**Sonstige übertragbare Wertpapiere† Open ended Fund/† Offener Fonds


US$ %


38

39


3939


US$ %

INVESCO GTLEISURE FUND



BELGIUM BELGIENGroupe Bruxelles Lambert 98,194 4,474,475 2.31Interbrew 24,700 609,854 0.32Nationale A Portefeuille 5,700 649,884 0.34

––––––––––– ––––––5,734,213 2.97

––––––––––– ––––––

BRAZIL BRASILIENCompanhia de Bebidas das Americas ADR 71,230 1,526,459 0.79

––––––––––– ––––––

DENMARK DÄNEMARKCarlsberg 83,600 3,324,574 1.72

––––––––––– ––––––

FRANCE FRANKREICHAccor 54,017 2,118,722 1.09JC Decaux 51,700 671,247 0.35

––––––––––– ––––––2,789,969 1.44

––––––––––– ––––––

HONG KONG HONGKONGSCMP Group 206,900 90,196 0.05Television Broadcasts 102,400 432,616 0.22

––––––––––– ––––––522,812 0.27

––––––––––– ––––––

JAPAN JAPANKonami 6,000 132,502 0.07Sony 23,900 776,033 0.40**Square Enix 2,200 43,979 0.02

––––––––––– ––––––952,514 0.49

––––––––––– ––––––

MEXICO MEXIKOCoca-Cola Femsa ADR 34,300 730,933 0.38

––––––––––– ––––––

NETHERLANDS NIEDERLANDEFox Kids Europe 221,190 1,443,150 0.75Heineken 73,300 2,791,091 1.44

––––––––––– ––––––4,234,241 2.19

––––––––––– ––––––

PANAMA PANAMACarnival 68,200 2,331,758 1.20

––––––––––– ––––––

SOUTH KOREA SÜDKOREA*Hite Brewery 8,857 504,020 0.26

––––––––––– ––––––

SPAIN SPANIENNH Hoteles 127,600 1,391,484 0.72

––––––––––– ––––––SWITZERLAND SCHWEIZPargesa 860 1,752,355 0.91

––––––––––– ––––––

40


40


US$ %


UNITED KINGDOM VEREINIGTES KÖNIGREICHDiageo 68,500 738,338 0.38WPP Group 286,500 2,618,701 1.35

––––––––––– ––––––3,357,039 1.73

––––––––––– ––––––


Anheuser-Busch 79,814 4,068,918 2.10AOL Time Warner 291,780 4,721,000 2.44Belo 81,810 1,893,083 0.98Cablevision Systems 254,450 5,012,665 2.59CBRL Group 72,100 2,505,835 1.29Cedar Fair -LP 2,000 55,000 0.03Cendant 152,320 2,723,482 1.41Citadel Broadcasting 15,600 330,720 0.17Clear Channel Communications 32,500 1,396,850 0.72Comcast 77,637 2,276,705 1.18EchoStar Communications 106,550 3,896,534 2.01Electronic Arts 9,600 854,976 0.44Extended Stay America 51,500 786,920 0.41Gannett 39,830 3,088,020 1.60General Motors 15,400 227,612 0.12Gray Television 154,700 2,042,040 1.05Harrah's Entertainment 237,470 9,843,131 5.09Harte-Hanks 76,050 1,459,400 0.75Hasbro 46,100 846,396 0.44Hilton Hotels 153,510 2,319,536 1.20Hollywood Entertainment 113,300 2,004,844 1.04InterActiveCorp 92,570 3,389,913 1.75International Game Technology 461,372 11,705,008 6.05Intrawest 107,330 1,379,191 0.71iShares Russell 1000 Index Fund 47,600 2,565,640 1.33iShares Russell 3000 Index Fund 45,700 2,600,787 1.34Knight-Ridder 60,709 4,043,219 2.09Leapfrog Enterprises 35,000 1,302,700 0.67Liberty Media 832,360 10,082,580 5.21Mandalay Resort Group 26,800 1,009,556 0.52Marriott International 59,482 2,420,917 1.25Mattel 544,898 10,462,042 5.41McClatchy 30,050 1,780,763 0.92McGraw-Hill 17,210 1,040,172 0.54Media General 14,400 869,616 0.45Metro-Goldwyn-Mayer 176,100 2,535,840 1.31MGM Mirage 33,650 1,210,727 0.63New York Times 35,220 1,528,196 0.79News Corp ADR 175,000 4,942,000 2.55Nike 24,500 1,374,940 0.71NTL 12,000 486,420 0.25Omnicom Group 174,309 13,517,663 6.98Pier 1 Imports 22,900 472,656 0.24Pixar 25,340 1,828,534 0.94Polo Ralph Lauren 88,900 2,622,550 1.35Regal Entertainment Group 34,600 655,670 0.34Royal Caribbean Cruises 41,700 1,275,603 0.66Scripps (EW) 22,900 1,973,064 1.02Sinclair Broadcast Group 120,020 1,285,414 0.66Six Flags 76,200 416,052 0.21Spanish Broadcasting System 74,020 564,402 0.29SPDR Trust Series 1 25,600 2,579,456 1.33Starwood Hotels & Resorts Worldwide 116,277 3,884,815 2.01Target 14,700 591,234 0.31Toys R Us 19,800 265,320 0.14Univision Communications 39,500 1,437,405 0.74Vail Resorts 12,000 175,440 0.09Valassis Communications 26,900 781,983 0.40Viacom 70,090 3,066,437 1.58Walt Disney 129,370 2,626,211 1.36

41



(CONTINUED) (FORTSETZUNG)Wynn Resorts 106,300 1,718,340 0.89Yum Brands 39,600 1,172,160 0.61

––––––––––– ––––––161,994,303 83.69––––––––––– ––––––

–––––––––––––– ––––––Total GesamtanlagenInvestments 191,146,674 98.76

–––––––––––––– –––––––––––––––––––– ––––––



US$ %


42


42



BERMUDA BERMUDASNabors Industries 13,300 537,719 2.74

––––––––––– ––––––

CANADA KANADATalisman Energy 14,800 690,864 3.52

––––––––––– ––––––

FRANCE FRANKREICHTotal 7,700 594,440 3.03

––––––––––– ––––––

ITALY ITALIENENI-Ente Nazionale Idrocarburi 5,000 381,500 1.94

––––––––––– ––––––

NETHERLANDS NIEDERLANDERoyal Dutch Petroleum 12,000 541,800 2.76

––––––––––– ––––––

UNITED KINGDOM VEREINIGTES KÖNIGREICHBP 21,800 919,960 4.68

––––––––––– ––––––


Apache 10,600 730,658 3.72BJ Services 10,000 374,600 1.91Burlington Resources 12,500 606,375 3.09Cal Dive International 19,100 411,032 2.09ChevronTexaco 7,500 548,775 2.79Devon Energy 8,100 419,175 2.13Enbridge Energy Management 13,055 603,670 3.06EOG Resources 13,000 547,820 2.79FMC Technologies 19,200 456,960 2.33Grant Prideco 26,000 301,600 1.53Kerr-McGee 15,700 684,834 3.48Kinder Morgan 7,800 416,520 2.12Lone Star Technologies 24,000 405,840 2.07Magnum Hunter Resources 4,700 37,600 0.19Maverick Tube 24,000 409,200 2.08Murphy Oil 19,700 1,145,555 5.83National-Oilwell 28,700 565,103 2.88Noble Energy 10,600 417,746 2.13Pioneer Natural Resources 20,000 504,000 2.56Pride International 16,800 288,960 1.47Rowan 19,000 475,380 2.42Schlumberger 11,300 559,124 2.84Smith International 11,000 431,640 2.20Sunoco 6,000 240,060 1.22Transocean 17,000 362,440 1.84Valero Energy 11,500 451,375 2.30Weatherford International 12,300 466,785 2.38Westport Resources 17,600 420,464 2.14

––––––––––– ––––––13,283,291 67.59

––––––––––– ––––––


––––––––––– ––––––––––––––––– ––––––


US$ %

INVESCO GTENERGY FUND

43


43



Arran Master Trust 4,000,000 4,008,480 1.20FRN 15/3/2007

Bank of America 1,000,000 999,950 0.30FRN 9/9/2005

Bank One Delaware 7,000,000 7,007,000 2.10FRN 21/7/2004

Bank One NA Illinois 10,000,000 10,040,300 3.01FRN 5/7/2006

Britannia Building Society 2,000,000 1,999,822 0.60FRN 20/1/2005

Caixa Geral De Depositos Finance 3,000,000 3,002,348 0.90FRN 26/5/2005

Canadian Imperial Bank of Commerce 1,500,000 1,500,530 0.45FRN 29/10/2004

Citibank 2000 5,000,000 5,000,000 1.50FRN 29/10/2004

Citicorp 1,300,000 1,300,520 0.39FRN 27/2/2004

COMM 15,000,000 11,608,094 3.49FRN 15/11/2013

Credit Suisse Group Finance US 3,200,000 3,199,840 0.96FRN 6/10/2003

Discover Card Master Trust 3,000,000 3,005,625 0.90FRN 18/9/2007

First USA Credit Card Master Trust 2,000,000 2,006,875 0.60FRN 10/4/2009

Fokus Bank 1,500,000 1,500,937 0.45FRN 1/9/2005

General Electric Captial 9,700,000 9,701,382 2.91FRN 12/5/2005

Holmes Financing 15,000,000 15,012,000 4.511.31% 15/10/2006

K2 15,000,000 15,000,000 4.50FRN 26/7/2004

Keybank National Association 1,500,000 1,498,636 0.45FRN 8/7/2004

Links Finance 15,000,000 15,002,573 4.50FRN 16/7/2004

MBNA Master Credit Card Trust USA 5,000,000 5,000,000 1.50FRN 15/2/2006

*Merrill Lynch 300,000 300,030 0.09FRN 1/10/2003

Morgan Stanley 10,000,000 10,012,600 3.01FRN 2/2/2004

Nationsbank 1,000,000 1,000,879 0.30FRN 2/7/2004

*National Westminster Finance 1,000,000 996,500 0.30FRN 23/4/2005

Royal Bank of Scotland Group 15,000,000 14,999,745 4.51FRN 29/10/2003

*Silver Tower 15,000,000 14,992,500 4.50FRN 2/7/2004

Tesco 5,000,000 4,993,000 1.50FRN 25/5/2006

**Toyota Motor Credit 5,000,000 4,995,550 1.51FRN 17/3/2005

*White Pine Finance LLC 15,000,000 15,000,000 4.51FRN 29/12/2003


––––––––––– ––––––––––––––––– ––––––



US$ %

INVESCO GTDOLLAR RESERVE FUND

44


44



AIG-FP Matched FundingFRN EUR 10/12/2003 7,500,000 7,498,500 4.89 Banque SofincoFRN EUR 28/10/2004 1,000,000 1,000,000 0.65 Bayerische Hypo-und Vereinsbank FRN EUR 07/07/2004 750,000 748,313 0.49 BHW Bausparkasse FRN EUR 26/10/2004 500,000 500,500 0.33 Caisse Nationale des Caisses d'Epargne et de PrevoyanceFRN EUR 08/12/2003 5,030,000 5,031,006 3.28 Deutsche Bank FRN EUR 25/02/2004 500,000 500,175 0.33 Deutsche Genossenschafts-HypothekenbankFRN EUR 19/10/2003 1,000,000 1,000,000 0.65 Dorada FRN EUR 24/06/2004 10,000,000 9,993,000 6.52 *Dresdner Finance FRN EUR 18/02/2004 500,000 500,150 0.33 Erste Bank der Oesterreichischen Sparkassen FRN EUR 27/01/2004 500,000 500,050 0.33 Gjensidige NOR SparebankFRN EUR 29/06/2004 750,000 750,938 0.49 Hamburgische Landesbank GirozentraleFRN EUR 12/07/2004 5,000,000 4,996,000 3.26 HBOS Treasury Services FRN EUR 02/07/2004 2,000,000 2,001,451 1.31 Holmes Financing FRN EUR 15/07/2040 3,000,000 2,992,200 1.95 Holmes Funding FRN EUR 15/11/2035 1,000,000 1,000,865 0.65 Intesa Sec/IntesaBci Sec FRN EUR 10/09/2018 2,000,000 198,398 0.13 K2 CorpFRN EUR 26/04/2004 5,000,000 5,000,000 3.26 Monumental Global Funding FRN EUR 20/10/2004 2,000,000 1,997,420 1.30 National Australia Bank FRN EUR 06/08/2004 10,000,000 9,995,000 6.51 Nationwide Building SocietyFRN EUR 29/09/2005 3,000,000 3,007,050 1.96 NIB Capital Bank FRN EUR 21/01/2004 4,650,000 4,649,598 3.03 Parkland Finance FRN EUR 07/06/2004 7,500,000 7,497,000 4.89 Salomon Smith BarneyFRN EUR 13/02/2004 5,000,000 5,001,451 3.26


EUR %

INVESCO GTEURO RESERVE FUND

INVESCO GTEURO RESERVE FUND

*Silver TowerFRN EUR 02/07/2004 10,000,000 9,995,000 6.52 Westland/Utrecht HypbankFRN EUR 21/09/2004 2,000,000 2,001,100 1.31 Westpac BankingFRN EUR 11/03/2004 5,000,000 5,000,500 3.26


––––––––––– ––––––––––––––––– ––––––



EUR %


45

46


46



African Development Bank3.25% USD 01/08/2008 1,000,000 977,250 3.60

Austria Government International Bond4.375% USD 30/08/2010 600,000 604,710 2.23

Bundesobligation4% EUR 16/02/2007 780,000 873,614 3.22

Bundesschatzanweisungen2.5% EUR 18/03/2005 1,990,000 2,171,515 7.99

Canada Government International Bond1.9% JPY 23/03/2009 100,000,000 907,309 3.34

Canadian Government Bond5% CAD 01/12/2003 820,000 591,500 2.18

Denmark Government Bond4% DKK 15/08/2008 9,000,000 1,338,506 4.93

Deutsche Bundesrepublik4.75% EUR 04/07/2008 850,000 979,373 3.60

Deutsche Bundesrepublik5.25% EUR 04/07/2010 450,000 531,110 1.95

Deutsche Bundesrepublik4.75% EUR 04/07/2028 1,120,000 1,199,846 4.42

Development Bank of Japan1.7% JPY 20/09/2022 35,000,000 291,470 1.07

Fannie Mae1.75% JPY 26/03/2008 60,000,000 536,645 1.98

Fannie Mae6.25% USD 15/05/2029 1,300,000 1,364,883 5.02

Federal Home Loan Bank System2.625% USD 15/07/2008 850,000 808,329 2.98

Freddie Mac4.75% EUR 15/01/2013 450,000 501,627 1.85

French Treasury Note BTAN5% EUR 12/07/2005 735,000 836,092 3.08

Illinois State5.1% USD 01/06/2033 550,000 481,250 1.77

Inter-American Development Bank3.5% USD 08/07/2013 500,000 454,950 1.67

Italy Government International Bond5.25% USD 05/04/2006 200,000 213,140 0.78

Italy Government International Bond3.8% JPY 27/03/2008 55,000,000 537,234 1.98

Italy Government International Bond1.8% JPY 23/02/2010 200,000,000 1,803,187 6.64

Japan Finance Corp for Municipal Enterprises1.55% JPY 21/02/2012 250,000,000 2,178,655 8.02

Poland Government Bond6% PLN 24/11/2010 4,000,000 1,020,711 3.76

Sweden Government Bond5.25% SEK 15/03/2011 7,000,000 867,830 3.19

Sweden Government Bond5.5% SEK 08/10/2012 8,900,000 1,121,050 4.12

United Kingdom Gilt5.75% GBP 07/12/2009 510,000 861,113 3.17

United Kingdom Gilt5% GBP 07/03/2012 485,000 789,188 2.90

United States Treasury Note2% USD 30/11/2004 500,000 503,516 1.85


US$ %

INVESCO GTGLOBAL BOND FUND

INVESCO GTGLOBAL BOND FUND

United States Treasury Note5.25% USD 15/02/2029 100,000 98,374 0.36


––––––––––– ––––––––––––––––– ––––––


US$ %


47

48


48



Accor5% EUR 20/12/2006 350,000 362,145 0.42 Austria Government Bond3.4% EUR 20/10/2004 2,300,000 2,326,910 2.69 Aventis 5% EUR 18/04/2006 750,000 784,575 0.91 Banca Intesa 5.85% EUR 08/05/2014 650,000 697,891 0.81 Bank of America 3.625% EUR 03/03/2008 500,000 495,650 0.57 Barclays Bank 4.875% EUR 31/03/2013 500,000 508,825 0.59 Belgium Government Bond6.5% EUR 31/03/2005 2,700,000 2,864,241 3.31 Belgium Government Bond5.75% EUR 28/03/2008 4,750,000 5,198,733 6.01 Belgium Government Bond5% EUR 28/09/2011 1,500,000 1,597,050 1.84 BNP Paribas5.25% EUR 17/12/2012 400,000 418,340 0.48 Bundesobligation4% EUR 16/02/2007 1,300,000 1,334,515 1.54 Bundesschatzanweisungen2% EUR 17/06/2005 1,250,000 1,237,313 1.43 Carrefour 6.125% EUR 26/05/2010 500,000 557,724 0.64 Casino Guichard Perrachon 5.875% EUR 23/11/2007 350,000 371,763 0.43 Citigroup 3.875% EUR 21/05/2010 500,000 490,350 0.57 Countrywide Home Loans 2.75% EUR 12/06/2006 650,000 635,345 0.73 Denmark Government Bond6% DKK 15/11/2009 9,000,000 1,349,383 1.56 Deutsche Bundesrepublik6% EUR 04/07/2007 2,750,000 3,014,413 3.48 Deutsche Bundesrepublik3.75% EUR 04/01/2009 4,150,000 4,182,993 4.83 Deutsche Bundesrepublik5% EUR 04/07/2011 700,000 745,780 0.86 European Investment Bank6% GBP 07/12/2028 600,000 1,000,784 1.16 Fidelity International 6.25% EUR 21/03/2012 750,000 801,405 0.93 Finland Government Bond5.375% EUR 04/07/2013 750,000 819,186 0.95 Ford Credit Canada7.25% GBP 07/12/2007 750,000 1,093,283 1.26 France Government Bond 5.5% EUR 25/04/2007 900,000 969,102 1.12 France Government Bond 4.75% EUR 25/10/2012 3,450,000 3,602,835 4.16 France Government Bond 5% EUR 25/10/2016 1,600,000 1,686,208 1.95 France Government Bond 5.5% EUR 25/04/2029 1,900,000 2,069,555 2.39 France Telecom7.25% EUR 28/01/2013 750,000 862,973 1.00 French Treasury Note 3.5% EUR 12/01/2005 2,550,000 2,586,643 2.99 *Gallaher Group 5.875% EUR 06/08/2008 750,000 797,100 0.92 Goldman Sachs Group 6.125% GBP 14/02/2017 500,000 748,947 0.87


EUR %

INVESCO GTEUROPEAN BOND FUND

49


49

HBOS 6.05% EUR 23/11/2049 750,000 810,263 0.94 Hellenic Republic Government Bond6.5% EUR 11/01/2014 2,300,000 2,701,120 3.12 Holcim Finance 4.375% EUR 23/06/2010 100,000 98,265 0.11 Household Finance 5.625% EUR 03/05/2005 500,000 522,325 0.60 HSBC 5.375% EUR 20/12/2012 500,000 526,250 0.61 Imperial Tobacco Finance 6.25% EUR 06/06/2007 750,000 804,825 0.93 Ireland Government Bond3.5% EUR 18/10/2005 2,750,000 2,794,138 3.23 Ireland Government Bond4.25% EUR 18/10/2007 1,250,000 1,292,375 1.49 Italy Buoni Poliennali Del Tesoro5% EUR 01/05/2008 1,000,000 1,063,800 1.23 Italy Buoni Poliennali Del Tesoro4.5% EUR 01/05/2009 950,000 988,295 1.14 Italy Buoni Poliennali Del Tesoro6% EUR 01/05/2031 1,500,000 1,718,565 1.99 MBNA Europe Funding 5.25% EUR 12/10/2004 500,000 513,126 0.59 Morgan Stanley5.75% EUR 01/04/2009 600,000 646,080 0.75 Olivetti Finance 6.875% EUR 24/01/2013 600,000 668,370 0.77 Pemex Project Funding Master Trust6.625% EUR 04/04/2010 1,050,000 1,095,675 1.26 Petronas Capital 6.375% EUR 22/05/2009 850,000 930,166 1.07 Poland Government International Bond6% EUR 22/03/2010 750,000 822,600 0.95 Portugal Obrigacoes do Tesouro 5.85% EUR 20/05/2010 700,000 778,330 0.90 RBS Capital Trust 6.467% EUR 29/12/2049 750,000 825,704 0.95 Rentokil Initial 5.75% EUR 21/05/2007 750,000 800,138 0.92 Royal KPN7.25% EUR 12/04/2006 750,000 819,671 0.95 Royal Bank of Scotland Group 6.77% EUR 31/03/2049 400,000 423,256 0.49 RWE Finance 5.5% EUR 26/10/2007 500,000 533,800 0.62 Spain Government Bond3.25% EUR 31/01/2005 2,750,000 2,782,545 3.21 Spain Government Bond6% EUR 31/01/2029 1,200,000 1,393,620 1.61 Stora Enso 6.375% EUR 29/06/2007 300,000 324,920 0.38 Suedzucker International Finance 5.75% EUR 27/02/2012 250,000 268,982 0.31 Sweden Government Bond3.5% SEK 20/04/2006 11,000,000 1,189,962 1.37 Sweden Government Bond8% SEK 15/08/2007 7,000,000 870,477 1.01 Sweden Government Bond5% SEK 28/01/2009 16,000,000 1,799,443 2.08 Sweden Government Bond5.25% SEK 15/03/2011 5,500,000 624,963 0.72 Tesco4.75% EUR 13/04/2010 300,000 308,454 0.36


EUR %



United Kingdom Gilt6.75% GBP 26/11/2004 650,000 974,121 1.12 United Kingdom Gilt5% GBP 07/03/2008 1,175,000 1,742,691 2.01 United Kingdom Gilt5% GBP 07/03/2012 800,000 1,193,121 1.38 United Kingdom Gilt8% GBP 07/12/2015 700,000 1,326,785 1.53 United Kingdom Gilt4.25% GBP 07/06/2032 730,000 985,214 1.14 UPM-Kymmene 6.625% GBP 23/01/2017 500,000 755,607 0.87 Veolia Environnement5.375% EUR 28/05/2018 350,000 342,493 0.40


––––––––––– ––––––––––––––––– ––––––



EUR %


50

51


51



*360networks13% EUR 01/05/2008 1,100,000 - -ABB3.75% CHF 30/09/2009 1,620,000 907,749 2.12Abbey National7.95% USD 26/10/2029 120,000 133,878 0.31Ahold Finance USA6.375% EUR 08/06/2005 160,000 156,400 0.37Alfa Laval Special Finance12.125% EUR 15/11/2010 310,000 370,450 0.87American Standard7.125% EUR 01/06/2006 111,000 115,440 0.27Ardagh Glass Finance8.875% EUR 01/07/2013 450,000 462,735 1.08*Atlantic TelecomWTS EUR 03/02/2010 800 - -BAA5.75% GBP 10/12/2031 100,000 146,880 0.34Barry callebaut Services9.25% EUR 15/03/2010 800,000 841,520 1.97Big Food Group9.75% GBP 30/06/2012 500,000 697,374 1.63Brake Bros Finance12% GBP 15/12/2011 60,000 92,597 0.22British Airways10.875% GBP 5/06/2008 180,000 273,095 0.64British AirwaysFRN GBP 23/08/2016 500,000 691,940 1.62British Sky Broadcasting6.875% USD 23/02/2009 500,000 493,218 1.15British Sky Broadcasting8.2% USD 15/07/2009 560,000 587,349 1.37British Telecommunications6.875% EUR 15/02/2011 140,000 160,484 0.38BSN Glasspack Obligation9.25% EUR 01/08/2009 160,000 159,352 0.37**Buhrmann US12.25% USD 01/11/2009 710,000 696,302 1.63Cable & Wireless International8.625% GBP 25/03/2019 190,000 261,560 0.61Carlsberg Finance5.625% EUR 05/07/2007 40,000 42,016 0.10Clariant4.25% CHF 15/03/2008 210,000 122,077 0.29*Clondalkin Industries10.625% EUR 15/01/2010 520,000 569,400 1.33CMA9.875% EUR 15/05/2013 360,000 351,000 0.82Compass Group6.375% GBP 29/05/2012 30,000 46,148 0.11Constellation Brands8.5% GBP 15/11/2009 330,000 505,696 1.18Corus Finance5.375% EUR 09/08/2006 390,000 292,500 0.68County Hotels8.5% GBP 10/09/2007 300,000 389,080 0.91Crown Cork & Seal Finance6% EUR 06/12/2004 250,000 251,250 0.59Crown European 10.25% EUR 01/03/2011 410,000 424,350 0.99Daily Mail & General Trust7.5% GBP 29/03/2013 110,000 177,499 0.42Dwr Cymru FinancingFRN GBP 31/03/2036 220,000 354,422 0.83Eco-Bat Finance10.125% EUR 31/01/2013 670,000 653,250 1.53


EUR %

INVESCO GTEURO HIGH YIELD FUND

52


52

Eircom Funding8.25% EUR 15/08/2013 240,000 251,400 0.59EMI Group8.25% GBP 20/05/2008 720,000 1,059,150 2.48EnitelWTS EUR 03/04/2005 1,100 - -Enodis10.375% GBP 15/04/2012 370,000 573,694 1.34Esprit Telecom Group11.5% DEM 15/12/2007 1,400,000 - -European Investment Bank5.375% EUR 15/10/2012 50,000 54,380 0.13Fiat Finance & Trade7% GBP 19/10/2005 330,000 461,462 1.08Fiat Finance & Trade6.75% EUR 25/05/2011 400,000 392,280 0.92Fidelity International6.25% EUR 21/03/2012 70,000 74,798 0.18FIMEP11% EUR 15/02/2013 150,000 169,950 0.40*Findexa II10.25% EUR 01/12/2011 750,000 843,750 1.97FKI6.625% EUR 22/02/2010 280,000 277,652 0.65*Flextronics International9.75% EUR 01/07/2010 440,000 479,600 1.12Focus Wickes Finance10% GBP 28/07/2011 760,000 993,930 2.33Fresenius Finance7.75% EUR 30/04/2009 170,000 178,925 0.42Fresenius Medical Care Capital Trust7.375% EUR 15/06/2011 340,000 341,700 0.80**Fresenius Medical Care Capital Trust7.875% USD 15/06/2011 190,000 181,188 0.42*Fresenius Medical Care Capital Trust III7.375% EUR 01/02/2008 480,000 251,556 0.59GAL Finance11.5% EUR 30/11/2009 160,000 178,400 0.42Grohe 11.5% EUR 15/11/2010 830,000 913,000 2.14GUS5.625% GBP 12/12/2013 180,000 262,638 0.61HBOS6.05% EUR PERPETUAL 50,000 54,018 0.13HCA8.75% GBP 01/11/2010 320,000 491,531 1.15Head 10.75% EUR 15/07/2006 600,000 577,320 1.35HeidelbergCement Finance6.375% EUR 22/02/2007 60,000 60,266 0.14HeidelbergCement Finance7.375% EUR 15/07/2010 50,000 51,628 0.12**Herbalife International11.75% USD 15/07/2010 780,000 793,548 1.86Impress Group10.5% EUR 25/05/2007 300,000 289,935 0.68Impress 9.875% DEM 29/05/2007 1,720,000 800,274 1.87*Ineos Group 10.5% EUR 01/08/2010 777,000 866,355 2.03Invensys5.5% EUR 01/04/2005 300,000 292,470 0.68Johnsondiversey9.625% EUR 15/05/2012 260,000 274,300 0.64Jones Lang LaSalle Finance9% EUR 15/06/2007 760,000 805,600 1.88JSG Funding10.125% EUR 01/10/2012 320,000 334,400 0.78Kamps8% EUR 26/09/2005 60,000 63,066 0.15


EUR %


53


53



EUR %

Kamps8.5% EUR 15/02/2009 950,000 1,021,250 2.39Kappa Beheer0% EUR 15/07/2009 310,000 297,600 0.70Kappa Beheer10.625% USD 15/07/2009 760,000 791,644 1.85Kaufman & Broad8.75% EUR 01/08/2009 500,000 532,500 1.25Koninklijke Ahold5.875% NLG 19/12/2005 280,000 117,409 0.27Koninklijke Ahold5.875% EUR 09/05/2008 650,000 612,625 1.43Koninklijke Hoogovens4.625% NLG 22/04/2007 710,000 286,744 0.67Koninklijke Hoogovens5.625% NLG 24/06/2008 400,000 168,806 0.39Kronos International8.875% EUR 30/06/2009 820,000 832,300 1.95**Land Securities5.875% GBP 28/11/2013 120,000 178,424 0.42Lear8.125% EUR 01/04/2008 250,000 275,625 0.64Legrand8.5% USD 15/02/2025 760,000 700,060 1.64Leica Geosystems Finance9.875% EUR 15/12/2008 700,000 491,400 1.15*London International Exhibition Center7.71% GBP 25/11/2016 320,000 - -Lucite International Finance10.25% EUR 15/05/2010 180,000 189,000 0.44Luxfer 10.125% GBP 01/05/2009 375,000 412,990 0.97Messer Griesheim10.375% EUR 01/06/2011 120,000 134,100 0.31**Ono Finance0% EUR 31/05/2009 250 - -Ono Finance0% EUR 16/03/2011 1,200 - -Parmalat Finance6.8% EUR 25/07/2008 200,000 207,600 0.49Petroplus Funding10.5% EUR 15/10/2010 590,000 410,050 0.96PTC International Finance II10.875% EUR 01/05/2008 220,000 241,450 0.56**Region of Lombardy5.804% USD 25/10/2032 120,000 108,606 0.25Remy Cointreau6.5% EUR 01/07/2010 620,000 625,239 1.46RHM Finance8.8% GBP 28/08/2019 100,000 132,780 0.31Rhodia6.25% EUR 31/05/2005 330,000 326,700 0.76Rhodia6% EUR 26/03/2006 280,000 270,200 0.63Safeway7.5% GBP 11/03/2004 100,000 146,648 0.34Safeway5.875% GBP 07/08/2007 50,000 72,983 0.17Safilo Capital International9.625% EUR 15/05/2013 770,000 760,221 1.78Sanitec International9% EUR 15/05/2012 590,000 533,036 1.25Smurfit Capital Funding9.75% USD 20/11/2005 460,000 427,936 1.00Sola International11% EUR 15/03/2008 250,000 277,500 0.65Stater Brothers10.75% USD 15/08/2006 250,000 242,313 0.57TDL Infomedia Group12.125% GBP 15/10/2009 370,000 592,460 1.39


Teksid Aluminum Luxembourg11.375% EUR 15/07/2011 250,000 250,000 0.58*TM Group11% USD 15/05/2008 700,000 673,663 1.58TRW Automotive10.125% EUR 15/02/2013 180,000 191,700 0.45Tyco International Group6.125% EUR 04/04/2007 350,000 353,395 0.83Tyco International Group7% USD 15/06/2028 160,000 137,849 0.32Tyco International Group6.5% GBP 21/11/2031 180,000 237,360 0.55UK Hospitals No 16.254% GBP 19/07/2022 20,000 29,340 0.07United Biscuits Finance10.625% EUR 15/04/2011 170,000 188,700 0.44United Biscuits Finance10.75% GBP 15/04/2011 460,000 733,238 1.72Valentia Telecommunications7.25% EUR 15/08/2013 270,000 276,074 0.65Wal-Mart Stores4.75% GBP 29/01/2013 18,000 25,545 0.06Woolworths Group8.75% GBP 15/11/2006 120,000 181,715 0.43*Yell Finance10.75% GBP 01/08/2011 522,000 853,926 2.00


––––––––––––– ––––––––––––––––––– ––––––

*Transferable securities traded on other regulated markets/*Übertragbare Wertpapiere, die auf anderen geregelten Märkten gehandelt werden/**Other transferable securities/**Sonstige übertragbare Wertpapiere


EUR %


54

55


55


EUR %

INVESCO GTEUROLAND BOND FUND



Austria Government Bond3.4% EUR 20/10/2004 1,525,000 1,542,843 3.58

Austria Government Bond5.5% EUR 20/10/2007 1,000,000 1,080,650 2.51

Belgium Government Bond6.5% EUR 31/3/2005 1,450,000 1,538,204 3.57

Belgium Government Bond5.75% EUR 28/3/2008 2,000,000 2,188,940 5.08

Belgium Government Bond5% EUR 28/9/2011 2,000,000 2,129,400 4.94

Bundesobligation4% EUR 16/2/2007 1,000,000 1,026,550 2.38

Bundesschatzanweisungen2% EUR 17/6/2005 1,250,000 1,237,313 2.87

Deutsche Bundesrepublik3.75% EUR 4/1/2009 2,900,000 2,923,055 6.79

Deutsche Bundesrepublik5% EUR 4/7/2011 400,000 426,160 0.99

Finland Government Bond5.375% EUR 4/7/2013 950,000 1,037,637 2.41

France Government Bond 5.5% EUR 25/4/2007 350,000 376,873 0.87

France Government Bond4.75% EUR 25/10/2012 2,900,000 3,028,470 7.03

France Government Bond 5% EUR 25/10/2016 1,900,000 2,002,372 4.65

France Government Bond 5.5% EUR 25/4/2029 775,000 844,161 1.96

French Treasury Note 3.5% EUR 12/1/2005 1,400,000 1,420,118 3.30

Hellenic Republic Government Bond5.35% EUR 18/5/2011 1,100,000 1,187,560 2.76

Hellenic Republic Government Bond6.5% EUR 11/1/2014 1,300,000 1,526,720 3.54

Ireland Government Bond3.5% EUR 18/10/2005 1,250,000 1,270,063 2.95

Ireland Government Bond4.25% EUR 18/10/2007 1,250,000 1,292,374 3.00

Italy Buoni Poliennali Del Tesoro5% EUR 1/5/2008 2,000,000 2,127,600 4.94

Italy Buoni Poliennali Del Tesoro6% EUR 1/5/2031 1,000,000 1,145,710 2.66

Portugal Obrigacoes do Tesouro 5.85% EUR 20/5/2010 2,000,000 2,223,800 5.16

Spain Government Bond6% EUR 31/1/2008 1,650,000 1,822,541 4.23

Spain Government Bond3.25% EUR 31/1/2005 1,200,000 1,214,202 2.82

Spain Government Bond6% EUR 31/1/2029 950,000 1,103,282 2.56


––––––––––– ––––––––––––––––– ––––––

INVESCO GTCAPITAL SHIELD FUND



Aareal Bank 200,000 199,984 0.70 FRN EUR 02/08/2004

Achmea Hypotheekbank 200,000 199,390 0.69 FRN EUR 18/05/2006

AHBR Allgemeine Hypothekenbank Rheinboden 100,000 100,062 0.35 FRN EUR 17/09/2004

Anglo Irish Bank 1,200,000 1,201,140 4.18 FRN EUR 11/07/2005 EMTN

Australia & New Zealand Banking Group 100,000 100,120 0.35 FRN EUR 23/06/2006

Banca Lombarda 500,000 500,200 1.74 FRN EUR 07/06/2004

Banca Popolare di Bergamo Credito Varesino 500,000 499,945 1.74 FRN EUR 15/02/2005

Bank Austria Creditanstalt 100,000 100,125 0.35 FRN EUR 20/11/2006

Bank of Ireland 500,000 500,531 1.74 FRN EUR 31/01/2006

Bayerische Landesbank 400,000 399,980 1.39 FRN EUR 12/01/2004

BBVA Global Finance 100,000 99,956 0.35 FRN EUR 23/05/2005

BCL International Finance 100,000 99,960 0.35 FRN EUR 14/07/2004

Deutsche Bank 100,000 100,035 0.35 FRN EUR 25/02/2004

Deutsche Bank 1,300,000 1,301,105 4.53 FRN EUR 11/05/2005

Deutsche Bundesrepublik 100,000 99,835 0.35 FRN EUR 20/09/2004

Deutsche Hypothekenbank Frankfurt 469,000 467,377 1.63 FRN EUR 24/07/2006

Deutsche Hypothekenbank Frankfurt 100,000 99,700 0.35 FRN EUR 24/5/2005

Dexia Hypothekenbank Berlin 100,000 99,930 0.35 FRN EUR 25/08/2004

General Electric Capital 300,000 300,390 1.05 FRN EUR 09/05/2005

General Electric Capital 200,000 200,310 0.70 FRN EUR 13/05/2005

HBOS Treasury Services 800,000 800,580 2.79 FRN EUR 02/07/2004

HBOS Treasury Services 300,000 299,670 1.04 FRN EUR 14/03/2008

Hellenic Republic Government International Bond 400,000 400,320 1.39 FRN EUR 22/01/2004

Hellenic Republic Government International Bond 200,000 202,390 0.71 FRN EUR 31/05/2007

HSH N Finance Guernsey 100,000 99,892 0.35 FRN EUR 10/05/2007 EMTN

HSH N Finance Guernsey 400,000 399,320 1.39 FRN EUR 26/09/2007

Hungary Government International Bond 750,000 756,113 2.63 FRN EUR 10/11/2005

Hypo Tirol Bank 100,000 99,930 0.35 FRN EUR 05/06/2008 EMTN

Hypothekenbank in Essen 200,000 199,960 0.70 FRN EUR 02/04/2004 EMTN

Hypothekenbank in Essen 500,000 500,011 1.74 FRN EUR 24/08/2004 EMTN

Hypothekenbank in Essen 100,000 99,940 0.35 FRN EUR 19/11/2004

Islandsbanki 100,000 100,095 0.35 FRN EUR 30/06/2004

Landesbank Baden-Wuerttemberg Girozentrale 300,000 299,323 1.04 FRN EUR 27/06/2007


EUR %


56

INVESCO GTCAPITAL SHIELD FUND

Landesbank Baden-Wuerttemberg Girozentrale 269,000 268,341 0.93 FRN EUR 13/07/2007

Landesbank NRW 100,000 99,550 0.35 FRN EUR 30/09/2005

Landesbank NRW 100,000 99,868 0.35 FRN EUR 05/03/2007

Landesbank Sachsen Girozentrale 400,000 399,970 1.39 FRN EUR 01/03/2004

Landesbank Sachsen Girozentrale 100,000 99,888 0.35 FRN EUR 19/12/2005 EMTN

Landesbank Schleswig-Holstein Girozentrale 200,000 199,695 0.70 FRN EUR 16/04/2015 EMTN

Muenchener Hypothekenbank 100,000 99,940 0.35 FRN EUR 02/06/2005 EMTN

Muenchener Hypothekenbank 600,000 599,645 2.09 FRN EUR 11/07/2005

Niedersachsen Land 450,000 447,435 1.56 FRN EUR 19/01/2009

Norddeutsche Landesbank Girozentrale 200,000 199,920 0.70 FRN EUR 20/12/2004 EMTN

Norddeutsche Landesbank Girozentrale 300,000 299,832 1.04 FRN EUR 13/06/2005

Rheinische Hypothekenbank 200,000 199,619 0.70 FRN EUR 15/03/2006 EMTN

Rheinische Hypothekenbank 600,000 598,131 2.08 FRN EUR 14/03/2008

Westdeutsche Immobilien Bank 900,000 898,476 3.13 FRN EUR 29/05/2007

Westpac Banking 200,000 200,020 0.70 FRN EUR 11/03/2004

Wuerttembergische Hypothekenbank 100,000 99,860 0.34 FRN EUR 23/09/2005 EMTN

––––––––––– ––––––Total Gesamtanlagen Totaal Total des Sum Investments beleggingen investissements investeringer 15,737,809 54.83

––––––––––– ––––––––––––––––– ––––––

Investment Nominal/Shares Market Value Net AssetsWertpapiere Nennwert/Aktien Marktwert NettovermögenBeleggingen Nominale waarde/aandelen Marktwaarde Eigen vermogenPlacement Valeur nominale Valeur de marché Actif netInvestering Pålydende/Aksjer Markedsverdi Netto eiendeler

EUR %


57

58


58

INVESCO GT SICAV

Statement of Nettovermögen Notes

Net Assets am 31. August 2003 Anmerkung

as at 31 August 2003

ASSETS AKTIVA

Investments at Wertpapiere zum

market value Marktwert 2

Preliminary expenses Gründungskosten 2

CURRENT ASSETS UMLAUFVERMÖGEN

Due from brokers Forderungen an Broker

Receivable for Forderungen aus der

Shares issued Ausgabe von Anteilen

Other debtors Sonstige Forderungen

Bank balances Bankguthaben

Unrealised gain on Nicht realisierte Verluste

forward currency/future aus Devisentermin-

contracts /Terminkontrakten 8 & 9

Total Assets Aktiva insgesamt

CURRENT LIABILITIES VERBINDLICHKEITEN

Bank Overdraft Banküberziehung

Due to brokers Verbindlichkeiten bei Brokern

Payable for Verbindlichkeiten aus der

Shares redeemed Rücknahme von Anteilen 7

Dividends payable Zahlbare Dividenden

Other creditors Sonstige Verbindlichkeiten

Unrealised loss Nicht realisierte Gewinne

on forward currency/future aus Devisentermin-/

contracts Terminkontrakten 8 & 9

Total Liabilities Passiva insgesamt

Net Assets Nettovermögen

Number of Shares Im Umlauf befindliche

in issue Anteile

Distribution A Ausschüttung A

Accumulation A Thesaurierung A

Accumulation B Thesaurierung B

Accumulation B1 Thesaurierung B1

Accumulation C Thesaurierung C

Accumulation E Thesaurierung E

Net Asset Value Anteilwert

per Share pro Anteil

Distribution A Ausschüttung A

Accumulation A Thesaurierung A

Accumulation B Thesaurierung B

Accumulation B1 Thesaurierung B1

Accumulation C Thesaurierung C

Accumulation E EUR Thesaurierung E EUR


59

INVESCO GT SICAV

Global Pan

Emerging Global North American US Stuctured European Pan European Nippon Nippon Asia Greater Worldwide Worldwide

Markets Value America Enterprise Large Cap Stuctured European Enterprise Enterprise Growth Enterprise China Opps. Dynamic Leisure Telecoms

Fund Fund Fund Fund Core Fund Fund Fund Fund Fund Fund Fund Fund Theme Fund Fund Fund

US$ US$ US$ US$ US$ EUR EUR EUR JPY JPY US$ US$ US$ US$ US$

27,075,367 11,501,830 37,253,197 20,791,712 203,481,605 41,275,368 427,651,789 332,115,637 10,156,226,000 5,284,720,912 226,358,040 91,072,487 35,570,287 191,146,674 -

- - - - - - - - - - - - - - -

34,281 - 1,300,382 546,261 - - 5,809,731 1,367,587 163,199,654 244,833,212 1,293,405 - - 20,293 -

358,679 47,058 6,782,927 849,865 9,244,110 92,819 4,445 3,739,615 21,939,902 31,932,776 6,163,416 7,848,994 167,182 386,423 -

88,083 27,771 38,096 4,459 193,864 151,054 1,198,592 472,137 6,171,480 3,642,126 287,049 236,884 58,592 43,337 -

87,500 443,809 1,988,925 1,976,055 4,681,584 772,639 1,541,659 4,048,602 457,170,346 127,692,261 - 4,746 864,679 3,272,177 -

- - - - 96,200 56,190 - - - - - - - - -

27,643,910 12,020,468 47,363,527 24,168,352 217,697,363 42,348,070 436,206,216 341,743,578 10,804,707,382 5,692,821,287 234,101,910 99,163,111 36,660,740 194,868,904 -

- - - - - - - - - - 12,073,835 - - - -

159,927 - 83,548 338,153 - - 1,647,473 1,525,097 175,622,320 299,976,919 294,456 449,164 - 278,340 -

7,591 10,947 1,372,715 155,530 5,029,923 40,544 1,828,560 907,210 9,243,344 611,274 3,331,593 - 248,213 906,330 -

- - - - - - - - - - - - - - -

28,127 12,249 27,249 18,478 121,946 32,784 319,336 258,381 6,397,492 5,304,375 148,919 66,816 31,996 131,637 -

- - - - - - - - - - - - - - -

195,645 23,196 1,483,512 512,161 5,151,869 73,328 3,795,369 2,690,688 191,263,156 305,892,568 15,848,803 515,980 280,209 1,316,307 -

27,448,265 11,997,272 45,880,015 23,656,191 212,545,494 42,274,742 432,410,847 339,052,890 10,613,444,226 5,386,928,719 218,253,107 98,647,131 36,380,531 193,552,597 -

- - - - - - - - - - - - - - - 777,001 771,699 10,281,941 1,576,471 12,856,758 5,949,386 54,402,942 41,484,361 13,890,353 17,114,296 2,341,093 6,640,443 3,880,814 11,751,703 -

78,385 190,672 159,464 7,247 14,241 - 3,619,446 2,011,089 1,094,825 1,869,660 149,726 257,985 384,783 203,892 -

- - - - - - - - - - - - - - -

3,570,905 145,114 2,141,159 27,182 6,932,325 1,598,464 2,579,711 839,902 461,117 228,744 2,623,444 1,665,822 2,030,957 935,256 - 243,612 380,747 793,310 144,240 325,423 807,434 1,040,596 239,093 223,014 400,064 317,474 473,115 821,652 308,632 -

- - - - - - - - - - - - - - - 5.81 8.10 3.42 13.50 10.54 5.06 7.04 7.62 679.23 276.03 39.92 10.91 5.10 14.66 -

5.60 7.90 3.30 13.09 10.50 - 6.63 7.27 648.98 262.00 38.41 10.35 4.86 13.91 -

- - - - - - - - - - - - - - - 5.91 8.20 3.48 13.73 10.60 5.13 7.16 7.76 692.97 280.75 40.65 11.10 5.20 14.94 -

5.29 7.34 3.09 12.13 9.59 4.96 6.93 7.46 5.20 2.13 35.83 9.81 4.63 13.16 -

Statement of Investments as at 31 August 2003 / Wertpapierbestand am 31. August 2003Beleggingsportefeuille per 31 augustus 2003 / Portefeuille de placements au 31 août 2003

Beholdning av investeringer pr. 31. august 2003

60

31/08/03 31/08/02

Worldwide Worldwide Financial Dollar Euro Global European Euro Euroland Capital Consoli- Consoli

Technology Healthcare Energy Services Reserve Reserve Bond Bond High Yield Bond Shield dated dated

Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Net Assets Net Assets

US$ US$ US$ US$ US$ EUR US$ EUR EUR EUR EUR US$ Equiv. US$ Equiv

- - 16,949,574 - 184,685,716 93,355,665 25,443,977 85,272,495 41,671,879 37,716,598 15,737,809 2,375,961,663 2,627,810,410

- - 7,500 - - - - - - - 18,794 28,006 52,500

- - - - - - - 358,829 - - - 14,903,190 24,677,568

- - 853,803 - 101,720,828 8,667,923 92,750 - 23,980 4,281,860 10,577,114 164,859,254 76,410,525

- - 27,680 - 250,338 295,897 329,659 2,046,753 911,478 977,219 45,787 8,324,224 12,716,126

- - 1,866,239 - 142,017,340 51,461,616 1,739,809 84,907 849,138 173,491 5,207,048 233,921,991 214,911,701

- - - - - - - - - - 149,962 321,134 74,046

- - 19,704,796 - 428,674,222 153,781,101 27,606,195 87,762,984 43,456,475 43,149,168 31,736,514 2,798,319,462 2,956,652,876

- - - - - - - - - - - 12,073,835 1,291,568

- - - - - - - - - - 3,011,405 12,414,010 17,302,677

- - 35,109 - 95,517,350 423,232 29,236 1,139,447 128,468 45,931 - 111,653,321 20,479,793

- - - - - - 317,287 - - - - 317,287 318,707

- - 19,642 - 87,998 44,596 18,891 57,398 30,335 26,040 21,865 1,676,694 1,512,568

- - - - - - 71,219 - 556,741 - - 678,683 567,150

- - 54,751 - 95,605,348 467,828 436,633 1,196,845 715,544 71,971 3,033,270 138,813,830 41,472,463

- - 19,650,045 - 333,068,874 153,313,273 27,169,562 86,566,139 42,740,931 43,077,197 28,703,244 2,659,505,632 2,915,180,413

- - - - - - 3,966,092 - - - - - - 1,056,464 - 1,833,338 316,681 711,967 16,881,472 12,081,487 3,033,867 1,808,614

- - 582,899 - 70,329 12,617 - 3,313,556 - 40,250 -

- - - - 131,476 - - - - - -

- - 399,884 - 2,342,525 148,167 409,157 864,064 3,233,382 384,417 745,358

- - 67,145 - 33,554 70,815 422,404 1,060,532 3,719,352 181,765 273,555

- - - - - - 4.68 - - - -

- - 9.38 - 75.08 278.65 5.53 3.93 2.24 11.83 10.15

- - 9.14 - 73.39 272.37 - 3.77 - 11.59 -

- - - - 75.08 - - - - - - - - 9.50 - 75.93 282.97 5.84 3.98 2.28 11.91 10.16

- - 8.38 - 68.38 278.28 4.91 3.92 2.24 11.78 10.14

INVESCO GT SICAV

61

1. Basis of PresentationINVESCO GT (the “Fund”) is an investment company organised under Luxembourg law as a Société Anonyme qualifying as a Sociétéd’Investissement à Capital Variable (“SICAV”). INVESCO GT is an umbrella fund, comprising 22 sub-funds with each sub-fund being treated as aseparate entity. The accompanying financial statements have been prepared in accordance with the format prescribed by Luxembourgregulations.

Classes of SharesThe Shares of some of the sub-funds are available in five classes (Class A, Class B, Class B1,Class C and Class E). Class A Shares are availablewithout any restraints. Class B Shares are solely available to one sub-distributor. Class C Shares, which have a higher minimum initial subscriptionamount and benefit from reduced management charges are intended primarily for larger or institutional investors. Class E Shares have a lowerinitial charge and higher annual management fee than either the A or the C Class. Also Class B1 Shares are solely available on the INVESCO GTDollar Reserve Fund and have no Distributor Fee.

2. Summary of Significant Accounting Policies(a) Consolidation

The consolidation figures appearing in the Statement of Net Assets are for statistical purposes only and should not be used by investors withholdings in one or more sub-funds. Assets and liabilities in the Euro and Japanese Yen denominated sub-funds have been translated intoUS Dollars at rates of Euro 0.92 and JPY 117.06 respectively.

(b) Valuation of investmentsIn valuing total assets, quoted securities are valued on each Valuation Day at their latest available price on the stock exchange which isnormally the principal market for such securities. Securities dealt in on an over-the-counter market are valued in a manner as near aspossible to that of quoted securities.

(c) Impact on ValuesThe financial statements have been prepared on the basis of the last net asset values determined in the accounting period. In accordancewith the Prospectus, net asset values were calculated by reference to the latest available prices at 10.00am (Dublin time) on the 29 August2003.

(d) Cost of sales of investmentsAny surplus or deficit on sales of investments is determined on the basis of average cost.

(e) Income from investmentsDividend income is accounted for on an ex-dividend basis. Income arising on fixed interest securities and deposit interest is accrued on aday-to-day basis.

(f) Foreign exchangeTransactions in currencies other than the designated currency for each sub-fund are translated at the rates of exchange ruling at the time ofthe transactions. The market value of the investments and other assets and liabilities in currencies other than the designated currency foreach sub-fund are translated at the rates of exchange ruling at the period end.

(g) Expenses allocationWhere the Fund incurs an expense which relates to a particular sub-fund, such expense is allocated to the relevant sub-fund. In caseswhere an expense cannot be considered as being attributable to a particular sub-fund, such expense is allocated between sub-funds on thebasis of their respective Net Asset Values.

(h) Preliminary expensesPreliminary expenses are being amortised over a period not exceeding 5 years from the date of launch of each sub-fund.

3. Management and Investment AdviceThe Directors of the Fund (the “Directors”) are responsible for the investment policy, management and administration of the Fund. The Directorsdelegate 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 ManagementLimited in London, INVESCO Asia Limited in Hong Kong, INVESCO Asset Management (Japan) Limited in Tokyo, INVESCO Funds Group, Inc inDenver, Colorado, USA, INVESCO Institutional (NA) Inc. in New York, INVESCO Global Asset Management (N.A) Inc. in Atlanta and INVESCOAsset Management Deutschland GmbH.

Notes to the Financial Statements

INVESCO GT SICAV

6262

For its services the Manager is paid by the Fund a percentage of the Net Asset Value of each sub-fund as set out in the table below:

Fund Management Management Management Management Management Fee Fee Fee Fee FeeClass A Class B (includes a 1% Class B1 Class C Class E

Distribution fee)EQUITY FUNDSGlobalIGT Global EmergingMarkets 2.00% 3.00% 1.50% 2.25%

IGT Global Value 1.50% 2.50% 1.00% 2.00%

AmericaIGT North America 1.50% 2.50% 1.00% 2.00%IGT AmericanEnterprise 1.50% 2.50% 1.00% 2.25%

IGT US StructuredLarge Cap Core 1.30% 2.30% 0.80% 2.25%

EuropeIGT European Structured 1.30% 2.30% 0.80% 2.25%IGT Pan European 1.50% 2.50% 1.00% 2.00%IGT Pan EuropeanEnterprise 1.50% 2.50% 1.00% 2.25%

JapanIGT Nippon Enterprise 1.50% 2.50% 1.00% 2.25%IGT Nippon Growth 1.50% 2.50% 1.00% 2.00%

AsiaIGT Asia Enterprise 1.50% 2.50% 1.00% 2.25%IGT Greater ChinaOpportunities 1.50% 2.50% 1.00% 2.25%

THEME FUNDSIGT WorldwideDynamic Theme 1.50% 2.50% 1.00% 2.00%

IGT Leisure 1.50% 2.50% 1.00% 2.25%IGT WorldwideTelecommunications 1.50% 2.50% 1.00% 2.25%

IGT Worldwide Technology 2.00% 3.00% 1.50% 2.25%IGT Worldwide Healthcare 2.00% 3.00% 1.50% 2.25%IGT Energy 1.50% 2.50% 1.00% 2.25%IGT Financial Services 1.50% 2.50% 1.00% 2.25%

RESERVE FUNDSIGT Dollar Reserve 0.50% 1.50% 0.50% 0.25% 0.50%IGT Euro Reserve 0.45% 1.45% 0.15% 0.50%

BOND FUNDSIGT Global Bond 0.75% 1.75% 0.50% 0.90%IGT European Bond 0.75% 1.75% 0.50% 0.90%IGT Euro High Yield 1.25% 2.25% 0.75% 1.25%IGT Euroland Bond 0.75% 1.75% 0.50% 0.90%

STRUCTURED FUNDIGT 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 Investment Adviser are paid out of the Manager's remuneration.

4. Other FeesThe 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 BondFunds 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 theAdministration Agent, the Domiciliary & Corporate Agent and the Registrar & Transfer Agent as well as fees of service providers and feesincurred 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 ofthe 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 bank-ing 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 AssetValue 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 addi-tion, the “Custodian Fee” may also include fees for transaction charges on each Fund.

Notes to the Financial Statements - (continued)

INVESCO GT SICAV

6363

5. Tax StatusThe Fund is registered under Luxembourg law as a collective investment undertaking. Accordingly, no Luxembourg income or capital gains tax isat 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 NetAsset Value. The two Reserve Funds are subject to a reduced annual rate of 0.01% of the Net Asset Value.

6. EqualisationEqualisation is a capital payment by a subscriber for Shares and is calculated by dividing the net undistributed income of the sub-fund concernedby the number of Shares in issue at the Valuation Date on which the subscription is made. Equalisation may be repaid to shareholders on theoccurrence of the redemption of Shares or on the payment of a dividend.

7. DividendsA dividend of US$317,287 will be paid on 31 October 2003 to holders of Class A Shares (Distribution Shares) in the INVESCO GT Global BondFund, consisting of income and net equalisation.In accordance with the distribution policy of the INVESCO GT Global Bond Fund, income is distributed by way of a dividend payment, only toholders of Class A Shares (Distribution Shares). The income due to holders of Class C and Class E Shares (Accumulation Shares) is reinvested toenhance the value of Class C and E Shares.

8. Forward Currency ContractThe INVESCO GT Global Bond Fund, INVESCO GT Euro High Yield Fund and INVESCO GT Capital Shield Fund have entered into forward foreigncurrency exchange contracts for efficient portfolio management. Forward foreign currency exchange contracts are used to hedge againstanticipated future changes in exchange rates which otherwise might either adversely affect the value of the Funds' portfolio securities oradversely affect the price of securities which the Fund intends to purchase at a later date. Forward foreign currency exchange contracts open at31 August 2003 are as follows:

INVESCO GT Global Bond FundDetails of Forward Currency Contracts Unrealised Gain/(Loss) USD Maturity Date CounterpartyBuy 582,366 USD to sell 820,000 CAD (3,318) 28-Nov-03 Midland BankBuy 7,065,500 USD to sell 6,500,000 EUR (9,169) 28-Nov-03 Midland BankBuy 1,972,178 USD to sell 16,800,000 SEK (9,199) 28-Nov-03 Morgan StanleyBuy 6,558,733 USD to sell 770,000,000 JPY (38,688) 28-Nov-03 Morgan StanleyBuy 1,301,398 USD to sell 8,900,000 DKK (2,384) 28-Nov-03 Morgan StanleyBuy 1,562,000 USD to sell 1,000,000 GBP (9,368) 28-Nov-03 Midland BankBuy 992,310 USD to sell 4,000,000 PLN 907 28-Nov-03 Morgan Stanley

Total Unrealised loss on open forward exchange contracts (71,219)

INVESCO GT Euro High Yield FundDetails of Forward Currency Contracts Unrealised Gain/(Loss) EUR Maturity Date CounterpartyBuy 905,390 EUR to sell 1,394,300 CHF (4,705) 31-Oct-03 JP Morgan ChaseBuy 13,009,869 EUR to sell 9,227,900 GBP (329,093) 31-Oct-03 JP Morgan ChaseBuy 5,097,618 EUR to sell 5,843,400 USD (267,022) 31-Oct-03 JP Morgan ChaseBuy 72,800 GBP to sell 102,909 EUR 2,323 31-Oct-03 JP Morgan ChaseBuy 818,200 GBP to sell 1,163,664 EUR 19,047 31-Oct-03 JP Morgan ChaseBuy 177,300 CHF to sell 116,186 EUR (458) 31-Oct-03 JP Morgan ChaseBuy 269,400 GBP to sell 380,503 EUR 8,916 31-Oct-03 JP Morgan ChaseBuy 312,100 USD to sell 274,978 EUR 11,551 31-Oct-03 JP Morgan ChaseBuy 319,000 GBP to sell 458,538 EUR 2,579 31-Oct-03 JP Morgan ChaseBuy 43,900 GBP to sell 63,336 EUR 121


INVESCO GT Capital Shield FundDetails of Forward Currency Contracts Unrealised Gain/(Loss) EUR Maturity Date CounterpartyBuy 82,233 EUR to sell 10,590,000 JPY (1,119) 25-Nov-03 JP Morgan ChaseBuy 355,483 EUR to sell 390,000 USD (2,809) 25-Nov-03 JP Morgan ChaseBuy 123,990 EUR to sell 135,000 USD (34) 25-Nov-03 JP Morgan ChaseBuy 27,747 EUR to sell 30,000 USD 186 25-Nov-03 JP Morgan ChaseBuy 500,000 JPY to sell 3,950 EUR (15) 25-Nov-03 JP Morgan Chase



INVESCO GT SICAV

6464

9. FuturesDescription Number of Contracts Commitment Long/Short Unrealised gain/(loss)

INVESCO GT European Structured FundDJ Euro Stoxx 50 Future 19/09/2003 27 664,380 Long 34,515 OMX Index Future 26/09/2003 6 38,512 Long (21)FTSE 100 Index Future 19/09/2003 9 525,183 Long 21,696

Total unrealised gain 56,190

INVESCO GT US Structured Large Cap Core FundS&P 500 Future 18/09/2003 25 6,161,300 Long 96,200

INVESCO GT Capital Shield FundS&P 500 Emini Future 19/09/2003 67 2,959,791 Long 24,754DJ Euro Stoxx 50 Future 19/09/2003 57 1,437,110 Long 38,335Nikkei 225 Future 11/09/2003 31 1,133,123 Long 73,505US 10 Year Note Future 19/09/2003 46 4,614,437 Long 26,094US 10 Year Note Future 19/12/2003 22 2,212,680 Long 6,301Euro Bund Future 08/09/2003 15 1,725,010 Long (15,235)

Total unrealised gain 153,753

10. Changes in InvestmentsA list, specifying for each investment the total purchases and sales which occurred during the period under review, may be obtained, uponrequest and free of charge, at the Registered Office and the Hong Kong Representative Office of the Fund.

11. Soft Commissions & Related Party Transactions

Certain subsidiaries of AMVESCAP PLC (“the Group”) consistent with obtaining the best net result, including best execution, may enter intoagreements with counterparties whereby those counterparties may make payments for investment services provided to the Group.

Investment services are used by the Group to improve or add to the services provided to its clients. Although each and every service may not beused 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 all clients. Only services that assist inthe provision of investment services to the Group’s clients will be paid for by counterparties.

Allowable investment services include services that provide assistance to the Group in its investment performance. Those services include, butare not necessarily limited to, furnishing analysis, research and advisory services including economic factors and trends, portfolio valuation andanalysis, performance measurement, market prices services and the use of specialised computer software and hardware or other informationfacilities.

The Group will ensure adherence to its investment decision making responsibilities to its clients in accordance with the laws of the countries thathave jurisdiction over its clients or business. This may vary in application with respect to the appropriateness of those investment services provided.

The Group selects counterparties to execute transactions on the basis that transactions will only be executed provided the placing of orders willnot operate against the best interest of the Group’s clients and that the multiple is at a level which is generally accepted market practice. TheGroup will endeavour to obtain best execution on all transactions for all clients.

In addition, clients may direct the Group to pay commission to counterparties for products and services that would otherwise have to be paid for.In such cases, the commission is used for the exclusive benefit of the client whose transactions generated that commission.

From 1 March 2003 to 31 August 2003 foreign exchange contracts were transacted with INVESCO Bank Frankfurt. No Commission was paid onthese transactions. The transaction amounts for the period and the percentages of the total foreign currency transactions were as follows:

European Structured Fund 2,759,218 16.40% Global Value Fund 948,956 22.64%Pan European Fund 38,571,425 17.09% Leisure Fund 899,313 9.42%Pan European Enterprise Fund 23,993,850 17.92% European Bond Fund 2,267,723 13.84%Asia Enterprise Fund 10,318,838 12.44%

The Group will endeavour to maintain the highest possible regulatory standards world-wide.


INVESCO GT SICAV

6565

1. AllgemeinesINVESCO GT ("der Fonds") ist eine Investmentgesellschaft, die nach dem Recht des Großherzogtums Luxemburg als eine Société Anonyme (S.A.)in der Form einer Société d'Investissement à Capital Variable ("SICAV") errichtet wurde. INVESCO GT ist ein Unbrella-Fonds, der sich aus 22Teilfonds zusammensetzt, die jeweils als separate Rechtseinheiten behandelt werden. Der vorliegende Jahresabschluß wurde gemäßluxemburgischer Vorschriften erstellt.

AnteilsklassenDie Anteile einiger Unterfonds stehen in vier Klassen zur Verfügung, nämlich als 'A'-, 'B'-, 'C'- und 'E'-Anteile. 'A'-Anteile sind ohneEinschränkungen erhältlich. 'B'-Anteile stehen nur einer Unter-Vertriebsgesellschaft zur Verfügung. 'C'-Anteile, die einen höherenMindestzeichnungsbetrag haben, aber mit niedrigeren Verwaltungsgebühren belegt sind, sind in erster Linie für Großanleger und Institutionengedacht. Für 'E'-Anteile gilt ein niedrigerer Mindestzeichnungsbetrag mit höheren jährlichen Verwaltungsgebühren als für 'A'- oder 'C'-Anteile.Darüber hinaus stehen B1-Anteile ausschließlich im INVESCO GT Dollar Reserve Fund zur Verfügung, und es kommt keine Ausschüttungsgebührzur Anwendung.

2. Wesentliche Grundsätze der Rechnungslegung(a) Konsolidierung

Die konsolidierten Zahlen in der Aufstellung der Vermögenswerte dienen lediglich statistischen Zwecken und sollten bei Anteilinhabern mitAnteilen in einem oder mehreren Teilfonds keinerlei Anwendung finden. Aktiva und Passiva in Teilfonds mit Euro oder japanischen Yen alsReferenzwahrung wurden zum Kurs von Euro 0.92 und JPY 117.06 in US Dollar umgerechnet.

(b) Bewertung des WertpapierbestandesBei der Bewertung des Nettovermögens werden börsennotierte Wertpapiere an jedem Bewertungstag zum letzten verfügbaren Kursbewertet, der an der Börse, die in der Regel der Hauptmarkt für diese Wertpapiere ist, festgestellt wird. Wertpapiere, die auf einemFreiverkehrsmarkt gehandelt werden, werden auf eine Weise bewertet, die der Bewertung börsennotierter Wertpapiere am nächstenkommt.

(c) Auswirkungen auf WerteDie Finanzausweise wurden auf der Basis der letzten im Berichtzeitraum ermittelten Nettobilanzwerte erstellt. In Übereinstimmung mit denAngaben in der Broschüure wurden die Nettobilanzwerte auf Basis de um 10:00 Uhr (Dubliner Ortszeit) am 29. August 2003 zuletzt Preiseerrechnet.

(d) Kosten aus dem Verkauf von WertpapierenDie Feststellung von Gewinnen bzw. Verlusten aus dem Verkauf von Wertpapieren erfolgt auf der Basis von Durchschnittskosten.

(e) Erträge aus WertpapieranlagenDividendenerträge werden auf einer ex-Dividende Basis bewertet. Einkommen aus festverzinslichen Wertpapieren und Zinsen ausBankguthaben werden täglich verbucht.

(f) FremdwährungenTransaktionen in anderen Währungen als den Währungen der einzelnen Teilfonds werden zu dem Devisenkurs umgerechnet, der zumZeitpunkt der Transaktion vorgeherrscht hat. Der Marktwert von Anlagen und sonstigen Vermögenswerten und Verbindlichkeiten inanderen Währungen als den Währungen der einzelnen Teilfonds werden zu dem Wechselkurs umgerechnet, der am Ende desBerichtszeitraumes vorherrscht.

(g) KostenaufteilungDie einem einzelnen Teilfonds entstandenen Kosten werden diesem unmittelbar belastet. Falls solche Kosten nicht einem bestimmtenTeilfonds zuzuordnen sind, werden sie den verschiedenen Teilfonds auf der Basis der Fondsvermögen der jeweiligen Teilfonds belastet.

(h) GründungskostenGründungskosten werden über einen Zeitraum von nicht mehr als fünf Jahren ab dem Datum der Auflegung der einzelnen Teilfondsabgeschrieben.

3. Verwaltung und AnlageberatungDer Verwaltungsrat des Fonds ist für die Anlagestrategie sowie die Leitung und Verwaltung des Fonds verantwortlich. Der Verwaltungsratdelegiert die Tagesgeschäfte des Fonds an INVESCO GT Management S.A., Luxembourg (Verwaltungsgesellschaft).

Die Verwaltungsgesellschaft wird bei der Umsetzung der vom Verwaltungsrat des Fonds vorgegebenen Anlagestrategie von INVESCO AssetManagement Limited in London, INVESCO Asia Limited in Hongkong, INVESCO Asset Management (Japan) Limited in Tokio, INVESCO FundsGroup, Inc in Denver, Colorado, USA, INVESCO Institutional (NA) Inc. in New York, INVESCO Global Asset Management (N.A.) in Atlanta undINVESCO Asset Management Deutschland GmbH.

Erläuterungen zu den Finanzausweisen

INVESCO GT SICAV

66

Die Verwaltungsgesellschaft erhält vom Fonds für die erbrachten Dienstleistungen gemäß der folgenden Tabelle einen Prozentsatz desFondsvermögens aus jedem Teilfonds.

Fonds Verwaltungs- Verwaltungs- Verwaltungs- Verwaltungs- Verwaltungs- gebühr gebühr gebühr gebühr gebührKlasse A Klasse B (inkl. 1% Klasse B1 Klasse C Klasse E

Ausschüttungsgebühr)AKTIENFONDSGlobalIGT Global EmergingMarkets 2.00% 3.00% 1.50% 2.25%

IGT Global Value 1.50% 2.50% 1.00% 2.00%

AmerikaIGT North America 1.50% 2.50% 1.00% 2.00%IGT AmericanEnterprise 1.50% 2.50% 1.00% 2.25%

IGT US StructuredLarge Cap Core 1.30% 2.30% 0.80% 2.25%

EuropaIGT European Structured 1.30% 2.30% 0.80% 2.25%IGT Pan European 1.50% 2.50% 1.00% 2.00%IGT Pan EuropeanEnterprise 1.50% 2.50% 1.00% 2.25%

JapanIGT Nippon Enterprise 1.50% 2.50% 1.00% 2.25%IGT Nippon Growth 1.50% 2.50% 1.00% 2.00%

AsienIGT Asia Enterprise 1.50% 2.50% 1.00% 2.25%IGT Greater ChinaOpportunities 1.50% 2.50% 1.00% 2.25%

THEMENFONDSIGT WorldwideDynamic Theme 1.50% 2.50% 1.00% 2.00%

IGT Leisure 1.50% 2.50% 1.00% 2.25%IGT WorldwideTelecommunications 1.50% 2.50% 1.00% 2.25%

IGT Worldwide Technology 2.00% 3.00% 1.50% 2.25%IGT Worldwide Healthcare 2.00% 3.00% 1.50% 2.25%IGT Energy 1.50% 2.50% 1.00% 2.25%IGT Financial Services 1.50% 2.50% 1.00% 2.25%

RESERVEFONDSIGT Dollar Reserve 0.50% 1.50% 0.50% 0.25% 0.50%IGT Euro Reserve 0.45% 1.45% 0.15% 0.50%

RENTENFONDSIGT Global Bond 0.75% 1.75% 0.50% 0.90%IGT European Bond 0.75% 1.75% 0.50% 0.90%IGT Euro High Yield 1.25% 2.25% 0.75% 1.25%IGT Euroland Bond 0.75% 1.75% 0.50% 0.90%

STRUKTURIERTER FONDSIGT Capital Shield 1.00% 2.00% 0.60% 1.50%

Die Verwaltungsgebühren werden täglich auf der Grundlage des Fondsvermögens jedes Teilfonds an jedem Geschäftstag berechnet undmonatlich bezahlt.Die Gebühren des Anlageberaters werden aus den Mitteln beglichen, die der Verwaltungsgesellschaft für ihre Dienstleistungen gezahlt werden.

4. Sonstige GebührenDie Verwaltungsgesellschaft erhält vom Fonds eine Gebühr (Betreuungsgebühr), die für Aktienfonds 0,3% p.a., für Rentenfonds 0,2% p.a. undfür Reservefonds 0,1% p.a. des Vermögenswerts des Fonds nicht überschreitet und aus welcher die Gebühren der Verwaltungsstelle, derDomiziliationsstelle und der Unternehmensstelle, der Registrierstelle und der Übertragungsstelle sowie die Gebühren von Dienstleistern undGebühren, die an Orten entstehen, an denen der Fonds registriert ist, von der Verwaltungsgesellschaft bezahlt werden. Jede dieser Gebührenwird an jedem Geschäftstag aus dem Vermögenswert 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 Repräsentanten des Fondsin Hongkong.

In ihrer Eigenschaft als Depotbank erhält die J.P. Morgan Bank Luxembourg S.A. gemäß den bankenüblichen Gepflogenheiten in Luxemburg einEntgeld (eine Depotgebühr) in Höhe eines von Zeit zu Zeit mit der Verwaltungsgesellschaft zu vereinbarenden Satzes, der aber 0,2% p.a. desVermögenswerts des Fonds nicht überschreitet. Die Depotgebühren werden täglich (auf Basis des Vermögenswerts des Fonds an jedemGeschäftstag) ermittelt und monatlich bezahlt. Darüber hinaus können die “Depotgebühren” auch Transaktionsgebühren für die jeweiligenFonds beinhalten.

Erläuterungen zu den Finanzausweisen - (Fortsetzung)

INVESCO GT SICAV

6767

5. SteuernDer Fonds ist gemäß Luxemburger Recht als ein Organismus für gemeinsame Anlagen eingetragen. Dementsprechend muß der Fonds derzeitkeine Luxemburger Ertrags- oder Kapitalgewinnsteuer abführen. Er muß allerdings eine jährliche „Taxe d’abonnement" in Höhe von jährlich 0,05% des Nettoinventarwerts zahlen. Die beiden Reserve Funds müssen den verminderten Jahressatz von 0,01 % des Nettoinventarwerts zahlen.

6. ErtragsausgleichDer Ertragsausgleich ist von einem Anteilinhaber eingezahltes Kapital und wird errechnet, indem die noch nicht ausgeschütteten Nettoerträgedes Teilfonds durch die Anzahl der in Umlauf befindlichen Anteile an dem Bewertungstag geteilt werden, an dem die Zeichnung erfolgt. DerErtragsausgleich kann an die Anteilinhaber entweder bei der Anteilrücknahme oder bei einer Ausschüttung zurückgezahlt werden.

7. DividendenDie am 31. Oktober 2003 an die Inhaber von Klasse A-Anteilen (Ausschüttungsanteilen) des INVESCO GT Global Bond Fund gezahlte Dividendein Höhe von USD 317,287 bestand aus Erträgen und Ertragsausgleich.In Übereinstimmung mit der Ausschüttungspolitik des Unterfonds INVESCO GT Global Bond Fund werden Erträge in Form einer Ausschüttunglediglich an die Inhaber von 'A'-Anteilen (Ausschüttungsanteile) ausgezahlt. Die den Inhabern von 'C'-Anteilen (Thesaurierungsanteilen) und ‘E’-Anteilen (Thesaurierungsanteilen) zustehenden Erträge werden im Fonds wieder angelegt und steigern so den Wert der 'C'-Anteile des Fondsund der ‘E’-Anteile des Fonds.

8. Währungsterminkontrakte

Der INVESCO GT Global Bond Fund, der INVESCO GT Euro High Yield Bond Fund und der INVESCO GT Capital Shield Fund sind zum Zweckeeines effizienten Portfoliomanagements Devisenterminkontrakte eingegangen. Devisenterminkontrakte werden zur Absicherung gegen künftigevermutete Änderungen der Wechselkurse eingesetzt, die anderweitig nachteilige Auswirkungen entweder auf die Portfoliopapiere des Fondsoder auf den Kurs der Wertpapiere haben könnten, die der Fonds zu einem späteren Zeitpunkt zu kaufen plant. Die am 31. August 2003 offenenFremdwährungsterminkontrakte lauten wie folgt:

INVESCO GT Global Bond FundAngaben zu den Unrealisierter Gewinn/Devisenterminkontrakten (Verlust) USD Fälligkeitstag GegenparteiKauf von 582,366 USD zwecks Verkauf von 820,000 CAD (3,318) 28-Nov-03 Midland BankKauf von 7,065,500 USD zwecks Verkauf von 6,500,000 EUR (9,169) 28-Nov-03 Midland BankKauf von 1,972,178 USD zwecks Verkauf von 16,800,000 SEK (9,199) 28-Nov-03 Morgan StanleyKauf von 6,558,733 USD zwecks Verkauf von 770,000,000 JPY (38,688) 28-Nov-03 Morgan StanleyKauf von 1,301,398 USD tzwecks Verkauf von 8,900,000 DKK (2,384) 28-Nov-03 Morgan StanleyKauf von 1,562,000 USD zwecks Verkauf von 1,000,000 GBP (9,368) 28-Nov-03 Midland BankKauf von 992,310 USD zwecks Verkauf von 4,000,000 PLN 907 28-Nov-03 Morgan Stanley

Summe unrealisierter Verluste aus offenen Devisenterminkontrakten (71,219)

INVESCO GT Euro High Yield FundAngaben zu den Unrealisierter Gewinn/Devisenterminkontrakten (Verlust) EUR Fälligkeitstag GegenparteiKauf von 905,390 EUR zwecks Verkauf von 1,394,300 CHF (4,705) 31-Oct-03 JP Morgan ChaseKauf von 13,009,869 EUR zwecks Verkauf von 9,227,900 GBP (329,093) 31-Oct-03 JP Morgan ChaseKauf von 5,097,618 EUR zwecks Verkauf von 5,843,400 USD (267,022) 31-Oct-03 JP Morgan ChaseKauf von 72,800 GBP zwecks Verkauf von 102,909 EUR 2,323 31-Oct-03 JP Morgan ChaseKauf von 818,200 GBP zwecks Verkauf von 1,163,664§ EUR 19,047 31-Oct-03 JP Morgan ChaseKauf von 177,300 CHF zwecks Verkauf von 116,186 EUR (458) 31-Oct-03 JP Morgan ChaseKauf von 269,400 GBP zwecks Verkauf von 380,503 EUR 8,916 31-Oct-03 JP Morgan ChaseKauf von 312,100 USD zwecks Verkauf von 274,978 EUR 11,551 31-Oct-03 JP Morgan ChaseKauf von 319,000 GBP zwecks Verkauf von 458,538 EUR 2,579 31-Oct-03 JP Morgan ChaseKauf von 43,900 GBP tzwecks Verkauf von 63,336 EUR 121


INVESCO GT Capital Shield FundAngaben zu den Unrealisierter Gewinn/Devisenterminkontrakten (Verlust) EUR Fälligkeitstag GegenparteiKauf von 82,233 EUR zwecks Verkauf von 10,590,000 JPY (1,119) 25-Nov-03 JP Morgan ChaseKauf von 355,483 EUR zwecks Verkauf von 390,000 USD (2,809) 25-Nov-03 JP Morgan ChaseKauf von 123,990 EUR zwecks Verkauf von 135,000 USD (34) 25-Nov-03 JP Morgan ChaseKauf von 27,747 EUR zwecks Verkauf von 30,000 USD 186 25-Nov-03 JP Morgan ChaseKauf von 500,000 JPY zwecks Verkauf von 3,950 EUR (15) 25-Nov-03 JP Morgan Chase



INVESCO GT SICAV

6868

9. TerminkontrakteBeschreibung Anzahl der Kontrakte Zusage Long/ShortUnrealisierter Gewinn/(Verlust)

European Structured FundDJ Euro Stoxx 50 Future 19/09/2003 27 664,380 Long 34,515 OMX Index Future 26/09/2003 6 38,512 Long (21)FTSE 100 Index Future 19/09/2003 9 525,183 Long 21,696

Unrealisierter Gewinn insgesamt 56,190

US Structured Large Cap Core FundS&P 500 Future 18/09/2003 25 6,161,300 Long 96,200

INVESCO GT Capital Shield FundS&P 500 Emini Future 19/09/2003 67 2,959,791 Long 24,754DJ Euro Stoxx 50 Future 19/09/2003 57 1,437,110 Long 38,335Nikkei 225 Future 11/09/2003 31 1,133,123 Long 73,505US 10 Year Note Future 19/09/2003 46 4,614,437 Long 26,094US 10 Year Note Future 19/12/2003 22 2,212,680 Long 6,301Euro Bund Future 08/09/2003 15 1,725,010 Long (15,235)

Unrealisierter Gewinn insgesamt 153,753

10. Aufstellung der Veränderungen im WertpapierbestandEin Verzeichnis, das die im Berichtszeitraum getätigten Käufe und Verkäufe fur jedes Wertpapier auflistet, kann auf Anfrage am Geschäftssitz desFonds bei INVESCO BANK Österreich AG, Rotenturmstraße 16 -18, A - 1010 Wien, Österreich, und bei INVESCO Fondsservice GmbH Bleichstraße60-62, 60003 Frankfurt am Main, Deutschland, sowie beim Repräsentanten in Hongkong eingesehen werden.

11. Vergünstigte Provisionen und Geschäfte mit verbundenen Personen

Verschiedene Tochtergesellschaften der AMVESCAP PLC (“die Gruppe”) können im Rahmen der Zielsetzung des Erreichens höchsterNettoerträge, inschließlich bester Abwicklung, Vereinbarungen mit Vertragspartnern treffen, wobei diese Vertragspartner für durchgeführteAnlagedienstleistungen Zahlungen von der Gruppe erhalten.

Anlagedienstleistungen werden von der Gruppe genutzt, um die Leistungen für ihre Kunden zu verbessern oder zu ergänzen. Obgleich nicht jedeeinzelne Dienstleistung für jedes von der Gruppe betreute Konto genutzt werden muß, ist die Gruppe der Meinung, daß diese Dienstleistungeninsgesamt eine nachhaltige Unterstützung bei der Wahrnehmung der Anlageverantwortung sind und für alle Kunden einen nachweisbaren Nutzendarstellen. Dienstleistungen werden den Vertragspartnern nur dann bezahlt, wenn diese im Anlageinteresse der Kunden der Gruppe stehen.

Zulässige Anlagedienstleistungen sind solche, die die Gruppe hinsichtlich Ihrer Anlagerendite unterstützen. Solche Dienste umfassenBereitstellung von Analysen, Forschungs- und Beratungsleistungen, einschließlich ökonomischer Faktoren und Entwicklungen,Portefeuillebewertung und -analyse, Renditenmessung, Marktpreisbeurteilungen und die Nutzung spezialisierter Computersoftware und -hard-ware oder anderer Informationsdienste, sind jedoch nicht notwendigerweise auf diese Leistungen beschränkt.

Die Gruppe wird die Erfüllung ihrer Anlageentscheidungsaufgaben gegenüber ihren Kunden nach dem Recht der Länder, die über ihre Kundenoder ihre Geschäftstätigkeit Zuständigkeit haben, gewährleisten. Die Anwendung dieser Regelung kann variieren, je nachdem, inwieweit diegeleisteten Anlagedienstleistungen als angemessen und vertretbar gelten.

Die Gruppe wählt zur Ausführung von Transaktionen Vertragsparteien unter der Voraussetzung aus, daß Transaktionen dann und nur dann aus-geführt werden, wenn sie nicht gegen die besten Interessen der Kunden der Gruppe verstoßen, und unter der Voraussetzung, daß die Höhe derStückelungen allgemein anerkannten Marktstandards entspricht. Die Gruppe ist bestrebt, für ihre Kunden bei der Ausführung allerTransaktionen das bestmögliche Ergebnis zu erzielen.

Zusätzlich können Kunden die Gruppe beauftragen, mit den Vertragsparteien für gelieferte Produkte und Dienstleistungen auf Provisionsbasisabzurechnen. In diesen Fällen wird die Provision ausschließlich zum Nutzen des Kunden verwendet, für dessen Transaktion die Provision fällig ist.

Vom 1. März 2003 bis 31. August 2003 wurden Devisenterminkontrakte mit der INVESCO Bank Frankfurt abgewickelt. Für diese Transaktionenwurde keine Provision gezahlt. Es folgen eine Aufstellung der Transaktionsbeträge für den Berichtszeitraum und der prozentualen Anteile an dengesamten Devisentransaktionen:

European Structured Fund 2,759,218 16.40% Global Value Fund 948,956 22.64%Pan European Fund 38,571,425 17.09% Leisure Fund 899,313 9.42%Pan European Enterprise Fund 23,993,850 17.92% European Bond Fund 2,267,723 13.84%Asia Enterprise Fund 10,318,838 12.44%Die Gruppe wird sich nach Kräften bemühen, die höchstmöglichen aufsichtsrechtlichen Standards weltweit einzuhalten.


INVESCO GT SICAV

INVESCO GT SICAV

BOARD OF DIRECTORS

69

ORGANISATIONS

Jean-Baptiste Douville de Franssu30 Finsbury SquareLondon EC2A 1AGUnited KingdomChief Executive OfficerContinental European DivisionINVESCO Asset ManagementLimited

Joseph BeashelGeorge’s Quay House43 Townsend StreetDublin 2IrelandManaging DirectorINVESCO Dublin

Jacques Elvinger2 Place Winston ChurchillB.P. 425L-1340 LuxembourgPartner, Elvinger Hoss & Prussen

Andrew Lo (Chairman)12th FloorThree Exchange Square8 Connaught PlaceCentral, Hong KongChief Executive OfficerINVESCO Asia Limited

Ricardo Ricciardi(Resigned: Effective date ofResignation 30 April 2003)30 Finsbury SquareLondon EC2A 1AGUnited KingdomChief Investment OfficerINVESCO Europe Limited

Registered Office69 route d’EschL-1470 Luxembourg

ManagerINVESCO GT Management S.A.Registered Office69 route d’EschL-1470 Luxembourg

Investment AdvisersINVESCO Asset Management LimitedRegistered Office30 Finsbury SquareLondon EC2A 1AGUnited Kingdom

INVESCO Asia LimitedRegistered Office12th FloorThree Exchange Square8 Connaught PlaceCentralHong Kong

INVESCO Asset Management (Japan)LimitedRegistered Office16th FloorImperial Tower1-1-1 Uchisaiwai-choChiyoda-kuTokyo 100 - 0011Japan

INVESCO Funds Group Inc.4350 South Monaco StreetDenverColorado 80237USA

INVESCO Institutional (N.A.) Inc1166 Avenue of the Americas,New York, N.Y. 10036United States of America

INVESCO Global Asset Management(N.A.) Inc.1360 Peachtree Street, Suite 100,Atlanta, Georgia 30909, USA.

INVESCO Asset ManagementDeutschland GmbHBleichstraße 60-62D-60313 Frankfurt am MainGermany

Custodian & Paying Agent inLuxembourgJ.P. Morgan Bank Luxembourg S.A.5, rue PlaetisL-2338 Luxembourg

Registrar & Transfer Agent, First European Transfer Agent 5 rue Thomas EdisonB.P. 1755L-1445 Strassen

Listing Agent in LuxembourgDexia Banque Internationale àLuxembourg69 route d'EschL-1470 Luxembourg

Primary Dealing Desk

Hong Kong - Frankfurt - Dublin

Hong Kong Sub-Distributor &Representative.INVESCO Asset Management AsiaLimited12th FloorThree Exchange Square8 Connaught PlaceCentralHong KongTel: +852 2868 3228Fax: +852 2868 5445

German Sub-Distributor & GermanDistributorINVESCO Fondsservice GmbHBleichstraße 60-62D-60313 Frankfurt am MainGermanyTel: +49 69 29807 800Fax: +49 69 29807 156

Global DistributorINVESCO Global Distributors LimitedGeorge’s Quay House43 Townsend Street, Dublin 2,IrelandTel: +353 1 439 8100Fax: +353 1 439 8200

United Kingdom RepresentativeINVESCO Global Investment FundsLimited30 Finsbury SquareLondon EC2A 1AGUnited KingdomTel: +44 207 065 4000Fax: +44 207 638 0752

AuditorsPricewaterhouseCoopers S.à r.L.Espace Ariane d'Entreprises400 Route d’EschB.P 1443, L-1014 Luxembourg

Legal Advisers to the SICAVElvinger, Hoss & Prussen2 Place Winston ChurchillB.P. 425L - 2014 Luxembourg

German Paying AgentDelbrück & Co PrivatbankiersGereonstrasse. 15-2350670 CologneGermany

Austrian DistributorINVESCO BANK Österreich AGRotenturmstraße 16 -18A - 1010 WienAustriaTel: +43 1 316 2030Fax: +43 1 316 2020

Austrian Paying AgentINVESCO Bank Osterreich AG Rotenturmstraße 16-181010, Vienna, Austria

Swiss Paying Agent Banque MeesPierson BGL S.A.Rennwieg 57Postfach8023 ZurichSwitzerland

AMVESCAP Group RepresentativeOffices

Austria INVESCO AustriaRotenturmstrasse 16-18A-1010 ViennaAustriaTel: +431 316 20 30Fax: +431 316 20 20

BelgiumINVESCO Continental EuropeThe Blue TowerAvenue Louise 326B-1050 BrusselsBelgiumTel: +32 2641 0111Fax: +32 2641 1060

FranceINVESCO France S.A.22 rue de Trémoille75008 ParisFranceTel: +33 1 56 62 43 00Fax: +33 1 56 62 43 99

GermanyINVESCO Fondsservice GmbHBleichstraße 60-6260313 Frankfurt am MainGermanyTel: +49 69 29807 800Fax: +49 69 29807 159

Hong KongIINVESCO Asset Management AsiaLimited12th FloorThree Exchange Square8 Connaught PlaceCentralHong KongTel: +852 2868 3228Fax: +852 2868 5445

ItalyINVESCO Italia SGR SpAVia Cordusio 220123 MilanItalyTel: +39 02 88 074 1Fax: +39 02 88 074 332

JerseyINVESCO International Limited40 EsplanadeSt HelierJerseyJE4 2PHTel.: +44 1534 607 600Fax.: +44 1534 510 510

The NetherlandsINVESCO NederlandConcertgebouwplein 15NL-1071 LL AmsterdamThe NetherlandsTel: +31 20 573 0860Fax: +31 20 664 5845

SpainINVESCO Asset Management LimitedSucursal en EspanaC/Recoletos 15-1a planta 28001 MadridSpainTel: +34 91 781 30 20Fax: +34 91 576 05 20

SwitzerlandINVESCO Asset Management(Switzerland) LimitedGenferstrasse 21PO Box 324CH-8027ZurichSwitzerlandTel: +41 1 287 9000Fax: +41 1 287 9010

United KingdomINVESCO Asset Management Limited30 Finsbury SquareLondon EC2A 1AGUnited KingdomTel: +44 207 065 4000Fax: +44 207 638 0752

70

INVESCO GT SICAV

DER VERWALTUNGSRAT

ORGANISATIONS

Jean-Baptiste Douville de Franssu30 Finsbury SquareLondon EC2A 1AGUnited KingdomChief Executive OfficerContinental European DivisionINVESCO Asset ManagementLimited

Joseph BeashelGeorges Quay House43 Townsend StreetDublin 2IrelandManaging DirectorINVESCO Dublin

Jacques Elvinger2 Place Winston ChurchillB.P. 425L-1340 LuxembourgPartner, Elvinger Hoss & Prussen

Andrew Lo (Vorsitzender)12th FloorThree Exchange Square8 Connaught PlaceCentral, Hong KongChief Executive OfficerINVESCO Asia Limited

Ricardo Ricciardi(schied zum 30. April 2003 aus)30 Finsbury SquareLondon EC2A 1AGUnited KingdomChief Investment OfficerINVESCO Europe Limited

Eingetragener Sitz69 route d’EschL-1470 Luxembourg

VerwalterINVESCO GT Management S.A.Eingetragener Sitz69 route d’EschL-1470 Luxembourg

AnlageberaterINVESCO Asset Management LimitedEingetragener Sitz30 Finsbury SquareLondon EC2A 1AGUnited Kingdom

INVESCO Asia LimitedEingetragener Sitz12th FloorThree Exchange Square8 Connaught PlaceCentralHong Kong

INVESCO Asset Management (Japan)LimitedEingetragener Sitz16th FloorImperial Tower1-1-1 Uchisaiwai-choChiyoda-kuTokyo 100 - 0011Japan

INVESCO Funds Group Inc.4350 South Monaco StreetDenverColorado 80237USA

INVESCO Institutional (N.A.) Inc1166 Avenue of the Americas,New York, N.Y. 10036United States of America

INVESCO Global Asset Management(N.A.) Inc.1360 Peachtree Street, Suite 100,Atlanta, Georgia 30909, USA.

INVESCO Asset ManagementDeutscheland GmbHBleichstraße 60-62D-60313 Frankfurt am MainGermany

Depotbank und Zahlstelle inLuxemburgJ.P. Morgan Bank Luxembourg S.A.5, rue PlaetisL-2338 Luxembourg

Register- und TransferstelleFirst European Transfer Agent S.A.11 boulevard Grande-DuchesseCharlotteL-1331 Luxembourg

Zulassungsstelle in LuxemburgDexia Banque Internationale àLuxembourg69 route d'EschL-1470 Luxembourg

HaupthandelsdeskHongkong - Frankfurt - Dublin

Untervertriebsstelle und Vertreter in Hongkong

INVESCO Asset Management AsiaLimited12th FloorThree Exchange Square8 Connaught PlaceCentralHong KongTel: +852 2868 3228Fax: +852 2868 5445

Untervertriebsstelle und Vertreter in Deutschland

INVESCO Fondsservice GmbHBleichstraße 60-62D-60313 Frankfurt am MainGermanyTel: +49 69 29807 800Fax: +49 69 29807 156

HauptvertriebsstelleINVESCO Global Distributors LimitedGeorge’s Quay House43 Townsend Street, Dublin 2,IrelandTel: +353 1 439 8100Fax: +353 1 439 8200

Britischer VertreterINVESCO Global Investment FundsLimited30 Finsbury SquareLondon EC2A 1AGUnited KingdomTel: +44 207 065 4000Fax: +44 207 638 0752

WirtschaftsprüferPricewaterhouseCoopers S.à r.l.Espace Ariane d'Entreprises400 Route d’EschB.P 1443, L-1014 Luxembourg

Rechtsberater der SICAVElvinger, Hoss & Prussen2 Place Winston ChurchillB.P. 425L - 2014 Luxembourg

Deutsche ZahlstelleDelbrück & Co PrivatbankiersGereonstrasse. 15-2350670 CologneGermany

Österreichische VertriebsstelleINVESCO BANK Österreich AGRotenturmstraße 16 -18A - 1010 WienAustriaTel: +43 1 316 2030Fax: +43 1 316 2020

Österreichische ZahlstelleINVESCO Bank Osterreich AG Rotenturmstraße 16-181010, Vienna, Austria

Schweizer ZahlstelleBanque MeesPierson BGL S.A.Rennwieg 57Postfach8023 ZurichSwitzerland

Niederlassungen der Vertreterder AMVESCAP Gruppe

ÖsterreichINVESCO AustriaRotenturmstrasse 16-18A-1010 ViennaAustriaTel: +431 316 20 30Faz: +431 316 20 20

BelgienINVESCO Continental EuropeThe Blue TowerAvenue Louise 326B-1050 BrusselsBelgiumTel: +32 2641 0111Fax: +32 2641 1060

FrankreichINVESCO France S.A.22 rue de Trémoille75008 ParisFranceTel: +33 1 56 62 43 00Fax: +33 1 56 62 43 99

DeutschlandINVESCO Fondsservice GmbHBleichstraße 60-6260313 Frankfurt am MainGermanyTel: +49 69 29807 800Fax: +49 69 29807 159

HongkongIINVESCO Asset Management AsiaLimited12th FloorThree Exchange Square8 Connaught PlaceCentralHong KongTel: +852 2868 3228Fax: +852 2868 5445

ItalienINVESCO Italia SGR SpAVia Cordusio 220123 MilanItalyTel: +39 02 88 074 1Fax: +39 02 88 074 332

JerseyINVESCO International Ltd40 EsplanadeSt HelierJerseyJE4 2PHTel.: +44 1534 607 600Fax.: +44 1534 510 510

NiederlandeINVESCO NederlandConcertgebouwplein 15NL-1071 LL AmsterdamThe NetherlandsTel: +31 20 573 0860Fax: +31 20 664 5845

SpanienINVESCO Asset Management LimitedSucursal en EspanaC/Recoletos 15-1a planta 28001 MadridSpainTel: +34 91 781 30 20Fax: +34 91 576 05 20

SchweizINVESCO Asset Management(Switzerland) LimitedGenferstrasse 21PO Box 324CH-8027ZurichSwitzerlandTel: +41 1 287 9000Fax: +41 1 287 9010

Vereinigtes KönigreichINVESCO Asset Management Limited30 Finsbury SquareLondon EC2A 1AGUnited KingdomTel: +44 207 065 4000Fax: +44 207 638 0752

INVESCO GT SICAV - Morningstar, Inc.

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