Invesco Aim | Overviews

Products & Performance

Cash Management

Portfolio Overview
AIM International ADR Growth Portfolio

Performance | Portfolio Characteristics | Management Teams

Discipline	Growth
Objective	The portfolio seeks long-term growth of capital by investing in quality companies which have experienced, or exhibit the potential for, accelerating/above average earnings growth but whose price does not fully reflect these attributes.
Strategy	Multi-step, bottom-up investment approach; Broad exposure across market-caps (large/mid), Sectors and Markets (both developed and emerging). Emphasizes fundamental research, supported by quantitative analysis and portfolio construction techniques.
	The map illustrates areas in which the portfolio typically invests, not necessarily within a limited period of time.
Buy/Sell Criteria	The portfolio managers employ a disciplined investment strategy that emphasizes fundamental research, supported by both quantitative analysis and portfolio construction techniques. The strategy primarily focuses on identifying quality companies that have experienced, or exhibit the potential for, accelerating or above average earnings growth but whose prices do not fully reflect these attributes. Investments for the portfolio are selected "bottom-up" on a stock-by-stock basis. The focus is on the strengths of individual companies, rather than sector or country trends. Portfolio managers may consider selling a security for several reasons, including (1) its fundamentals deteriorate or it posts disappointing earnings, (2) its stock price appears to be overvalued, or (3) a more attractive opportunity is identified.

	Resources
	•	Portfolio Fact Sheet (PDF)
	•	Compare Products

Portfolio Facts
Portfolio Type	Equity
Geo Type	International ADR
Composite Inception Date	08/01/2001
Minimum Initial Investment	$100,000

Return to top

Performance

Year	"Pure" Gross Return*	Net Return	MSCI EAFE Growth IX ND	Internal Dispersion	Number of Accounts	Composite Assets	% of Firm Assets	% Wrap Portfolios
AIM International ADR Growth Tax-Exempt Composite
2009	34.66%	30.77%	29.36%	N/A	N/A	N/A	N/A	N/A
2008	-38.80%	-40.69%	-42.70%	0.87%	1,109	$214,035,811	13.42%	100%
2007	15.15%	11.78%	16.45%	0.46%	1,011	$321,001,330	10.82%	100%
2006	28.58%	24.85%	22.33%	0.39%	452	$158,128,562	5.64%	100%
2005	18.37%	14.92%	13.28%	0.18%	174	$57,341,457	1.76%	100%
2004	19.05%	15.57%	16.12%	0.32%	15	$2,460,419	0.09%	100%
2003	34.04%	30.17%	31.99%	N/A	11	$1,135,203	0.08%	100%
2002	-12.69%	-14.47%	-16.02%	N/A	4	$408,765	0.06%	100%
2001 **	-4.52%	-5.48%	N/A	N/A	2	$254,840	0.09%	100%
"Pure" gross of fees returns do not reflect the deduction of any expenses, including trading costs. "Pure" gross of fees returns are supplemental to net returns. For additional information and complete explanation, please refer to full GIPS disclosure at the bottom of the page. * Returns are for the period from Aug. 1, 2001, (inception) through Dec. 31, 2001.
Sources: Lipper Inc., Invesco Aim

Annualized Compound Returns as of date: 02/28/2010
Period	"Pure" Gross Return *	Net Return	MSCI EAFE Growth IX ND
YTD	-3.03%	-3.52%	-4.25%
4Q09	7.60%	6.82%	4.17%
3Q09	14.14%	13.32%	16.78%
2Q09	17.52%	16.69%	21.43%
1Q09	-6.70%	-7.41%	-12.43%
1 Year	46.69%	42.48%	49.44%
3 Years	-2.46%	-5.36%	-6.64%
5 Years	6.57%	3.43%	2.43%
10 Years	N/A	N/A	N/A
Since Inception**	7.52%	4.51%	N/A
Returns less than one year are not annualized. "Pure" gross of fees returns do not reflect the deduction of any expenses, including trading costs. "Pure" gross of fees returns are supplemental to net returns. For additional information and complete explanation, please refer to full GIPS disclosure at the bottom of the page. *Returns are for the period from Aug. 1, 2001, (inception) through Dec. 31, 2001.
Sources: Lipper Inc., Invesco Aim

Return to top

Portfolio Characteristics^†

Portfolio Composition as of date: 02/28/2010
	Domestic		International		Total
	Market Value	%	Market Value	%	Market Value	%
Common Stock	$0	0.00	$1,241,634,409	95.61	$1,241,634,409	95.61
Preferred Stock	$0	0.00	$0	0.00	$0	0.00
Convertible Preferred	$0	0.00	$0	0.00	$0	0.00
Corporate Bonds:	$0	0.00	$0	0.00	$0	0.00
Convertible Bonds	$0	0.00	$0	0.00	$0	0.00
Govt Bonds	$0	0.00	$0	0.00	$0	0.00
Govt Agency	$0	0.00	$0	0.00	$0	0.00
Mortgage Backed	$0	0.00	$0	0.00	$0	0.00
Short Holdings	$0	0	$0	0	$0	0

				Cash:	$57,010,512	4.39
				Other:	$0	0

Total Holdings:					66

Market Cap Statistics as of date: 02/28/2010
Med Mkt Cap MM$	$32,913
Wghtd Med Mkt Cap MM$	$45,080
Avg Mkt Cap MM$	$57,821
Wghtd Avg Mkt Cap MM$	$67,625
Market capitalization is determined by multiplying the company's total outstanding shares by the current market price of the share.
Sources: Invesco Aim, S&P Compustat, Thomson Financial

Top Ten Equity Holdings as of date: 02/28/2010
1	TEVA PHARMACEUTICAL INDS LTD ADR	4.02%
2	NIDEC CORP SPONSORED ADR	3.22%
3	BHP LTD SPONSORED ADR	3.05%
4	ROCHE HLDG LTD SPONSORED ADR	3.04%
5	NESTLE S A ADR SPONS REG	2.96%
6	CNOOC LTD SPONSORED ADR	2.82%
7	INFOSYS TECHNOLOGIES LTD ADR SPON RP1/2	2.52%
8	IMPERIAL TOBACCO GROUP PLC ADR SPONSORED	2.44%
9	SHIRE PHARMACEUTICALS GROUP PLC	2.36%
10	VODAFONE GROUP INC	2.27%
Holdings are subject to change.

Top Ten Countries as of Date: 02/28/2010
1	United Kingdom	21.04
2	Switzerland	8.45
3	Japan	7.77
4	Australia	6.82
5	Germany	5.38
6	Canada	4.41
7	Netherlands	4.18
8	Israel	4.02
9	France	4.01
10	China	3.79

Top Ten Industries* as of date: 02/28/2010
1	Pharmaceuticals	12.28%
2	Integrated Oil & Gas	7.30%
3	Wireless Telecom Svcs	6.81%
4	Packaged Foods	4.86%
5	Oil & Gas Exploration & Production	4.43%
6	Tobacco	3.24%
7	Electronic Equipment Manufacturers	3.22%
8	Soft Drinks	3.10%
9	Food Retail	3.10%
10	Diversified Metals & Mining	3.05%

*The holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. and Standard & Poor's.

MPT Statistics as of date: 02/28/2010
5 Year Sharpe Ratio	-0.22
3 Year Standard Deviation	19.60
5 Year Standard Deviation	16.60
Source: StyleADVISOR

MPT Statistics as of date: 02/28/2010
(vs. Style Specific Benchmark) MSCI EAFE Growth IX ND
5 Year Alpha	0.03
5 Year Beta	0.83
5 Year R-Squared	0.95
Source: Lipper Inc.

Morningstar Market Cap as of date: 02/28/2010
Giant	61.13
Large	33.27
Mid	5.60
Small	0.00
Microcap	0.00
Market capitalization is determined by multiplying the company's total outstanding shares by the current market price of the share.
Securities are grouped into Giant, Large, Mid, Small, or Microcap depending on the company's region and the market capitalization breakpoints within that region.
Sources: Invesco Aim, S&P Compustat, Thomson Financial, Morningstar Inc.

Portfolio Ratios as of date: 02/28/2010
		Wtd. Avg.
12 Mo Fwd %Grth		22
Long Term Grth		10
Return on Equity		19
Long-Term Debt/Capital		32
12 Mo Fwd P/E		13
12 Mo Trailing P/E		16
Price/Book Ratio		3.4
12 Mo Trailing Dividend Yield		3
Sources: Invesco Aim, S&P Compustat, Thomson Financial

Return to top

† Information presented is supplemental to the GIPS compliant presentation.

Sourcing Disclosures: ©2009 Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is not a guarantee of future results. · Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.

Invesco Aim Private Asset Management, Inc. (IAPAM), formerly AIM Private Asset Management, Inc., has prepared and presented this report in compliance with the Global Investment Performance Standards (GIPS^®).

Invesco Aim Private Asset Management, Inc. is an independent investment advisor registered under the Investment Advisers Act of 1940 and provides investment advice for separately managed accounts. A complete list and description of composites and additional information regarding policies for calculating and reporting returns are available upon request. All returns are expressed in U.S. dollars and are gross of non-reclaimable withholding tax, if applicable.

The International ADR Growth Tax-Exempt Composite (previously named the International ADR Growth Composite) includes all discretionary, non-taxable, fee-paying wrap accounts patterned after the AIM International ADR Growth Model Portfolio, which seeks long-term growth of capital by investing in international companies located in developed markets which the portfolio managers believe to have strong earnings momentum. The composite is managed in comparison to, not duplication of, the benchmark. The composite was created in August 2001.

"Pure" gross-of-fees returns do not reflect the deduction of trading costs or any other expenses, and are supplemental to net returns. Performance results are presented both net and gross of total wrap fees. Net returns reflect the deduction of the maximum total wrap fee which is currently 3.00% per annum. Prior to Jan. 1, 2003, net returns reflect actual wrap fees for each account in the composite. For periods after Jan. 1, 2003, a model fee equal to the highest wrap fee a client could pay (3.00% annually as charged by the program sponsor, inclusive of up to a maximum investment advisory fee of 0.75%) is used. The total wrap fee includes all charges for trading costs, portfolio management, custody, and other administrative fees. The standard wrap fee schedule currently in effect is as follows: 3.00% on total assets.

The returns of the MSCI EAFE Growth Index are provided to represent the investment environment existing during the time periods. The benchmark returns are inclusive of dividends, net of all foreign withholding taxes and fully invested. The net index returns are net of withholding taxes from a Luxembourg tax perspective. The returns for the index do not include any trading costs, management fees or other costs.

The dispersion of annual returns is measured by the asset-weighted standard deviation of account returns included in the composite for the full year. For periods with five or fewer accounts included for the entire year, dispersion is not presented as it is not considered meaningful.

The composite return for the most recent period is an estimate and may not reflect reconciled numbers for every portfolio within the composite. The performance report for the next period will reflect the final reconciled return for the current period.

Past performance is not indicative of future results. As with any investment vehicle there is always the potential for gains as well as the possibility of losses.