  Observable states are gauge-invariant. In a non-Abelian gauge theory, these
are necessarily composite operators. We investigate the spectrum of these
operators in the two-Higgs-doublet model. For this purpose, we are working
along the lines of the Fr\"ohlich-Morchio-Strocchi mechanism to relate the
physical spectrum to the spectrum of the elementary particles. We also
investigate the consequences of spontaneous breaking of the global (custodial)
symmetry group. Finally, we briefly comment on how to test the results using
lattice methods.
