Home: Fund Overviews: Fund Overview - 06/30/2010
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Invesco Equity Global ex-U.S. Real Estate Securities Trust A Bank Collective Trust Fund Results as of 06/30/2010

Fund Management Fund Trustee & Investment Manager The trustee and investment manager for the Fund is Invesco National Trust Company, a limited purpose national trust bank. Fund Sub-Advisor Invesco Advisers, Inc. Portfolio Management Joe V. Rodriguez, Jr., (Lead); James W. Trowbridge; Mark Blackburn, CFA®, CPA ; Paul Curbo, CFA®; James Cowen; Darin Turner; Ping-Ying Wang, Ph.D., CFA® Investment Objective The investment objective of this collective trust fund is to achieve a higher than market return with average market risk over the long-term by investing in the universe of real estate securities outside of the United States of America.   Investor Profile Invesco Equity Global ex-U.S. Real Estate Securities Trust may be appropriate for investors who seek total return from a combination of investment income and capital appreciation and wish to invest in real estate securities outside of the United States. Investors should be comfortable with moderate to high risk and must be prepared to weather sudden and unpredictable variations in portfolio value associated with the risks of foreign investing.   Key Facts Category Real Estate Type of Management Actively Managed Fund Inception Date 07/30/2008 Performance Start Date 07/31/2008 CUSIP 46X139XX5 Tax ID (EIN)/Plan # 20-4925454/001 Share Class Class C Total Net Assets ($mil) $71.66 Share Price (NAV) $7.78 Annual Portfolio Turnover* 88.98% *As of 12/31/2009 Fund Style Sector Equity   Performance as of 06/30/2010 QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr *Since Inception Net of Fees -11.37 -11.34 5.73 N/A N/A N/A -12.93 Gross of Fees -11.19 -10.98 6.58 N/A N/A N/A -12.24 FTSE EPRA/NAREIT Developed ex US Index Net TRI3 -10.28 -9.79 10.22 N/A N/A N/A -12.79 *Since Inception performance is as of the first full month the fund was open. Net of fee performance has been calculated after the deduction of the standard management fee and any operating expenses applicable to the fund. Read the Important Information section for more about fund performance. Go to Monthly Fund Performance for the most recent month end performance. When evaluating whether a fund is appropriate for your investment goals, fund performance, fees and expenses are only a few of the criteria you should consider. You may also consider the investment objective and strategy to determine if the fund's objectives match your own, review the fund's portfolio composition / characteristics to determine how well the fund consistently meets its objective and review the fund's risk exposure to ensure you are comfortable with the types of risk to which the fund is subject.   Portfolio Composition 4 Asset Allocation %TNA Short Term Investments 2.01 Equity Investments 97.99 Total 100.00     Portfolio Characteristics Market Correlation 0.99 FFO (Cash Flow) Multiple 15.80x FFO Expected Growth 7.00% Leverage 33.70% Dividend Yield 3.64% Dividend Coverage 1.71x Dividend Payout 58.40% Average Market Cap ($mil) $4,117.00 Number of Holdings 69 Top Ten Equity Holdings %TNA SUN HUNG KAI PROP 9.18 WESTFIELD GROUP 6.93 MITSUBISHI ESTATE 5.22 UNIBAIL-RODAMCO SE 4.52 MITSUI FUDOSAN CO 4.42 HONG KONG LAND HLD 3.04 HANG LUNG PROPERTIES 2.84 WHARF(HLDGS) 2.59 CHINA O/SEAS LAND 2.41 CAPITALAND LIMITED 2.40   Property Type Allocation %TNA Short Term Investments 2.01 Diversified Properties 53.42 Retail Properties 21.57 Office Properties 12.96 Residential Properties 4.34 Industrial Properties 4.03 Self Storage Facilities 0.69 Industrial/Office: Mixed Properties 0.49 Specialty Properties 0.49 Total 100.00 Top Countries %TNA Hong Kong 26.68 Japan 16.89 Australia 15.25 United Kingdom 8.48 France 8.33 Singapore 7.40 Canada 6.52 Netherlands 2.75 Switzerland 1.70 Brazil 1.25   Geographic Diversification %TNA Short Term Investments 2.01 Asia 51.30 Australia 15.25 Continental Europe 15.19 United Kingdom 8.48 Canada 6.52 Latin America 1.25 Total 100.00   Word about Risk Some of the principal risks associated with investing in this Fund include: General Investment Risk - While the portfolio management team seeks to mitigate investment risks, there can be no assurance that Investors will not lose all or a portion of their investment in the Fund. Investors should not subscribe to or invest in the Fund unless they can readily bear the consequences of such loss. Real Estate Investment Risk - Because the Fund concentrates its assets in the real estate industry, an investment in the Fund will be closely linked to the performance of the real estate markets. Market Risk - The prices of securities held by the Fund may fluctuate to the detriment of the Fund. Convertible Securities Risk - The values of convertible securities in which the fund invests may be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Equity Securities Risk - Prices of equity securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. Industry Concentration Risk - The Fund will concentrate its investments in a particular industry. To the extent that the Fund has greater emphasis on investments in a particular industry, its share value may fluctuate in response to events affecting that industry. Leverage Risk - Leveraging entails risks such as magnifying changes in the value of the portfolio’s securities. Interest Rate Risk - Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall. Foreign Securities Risk - Foreign securities have additional risks including exchange rate changes, political and economic upheaval, the relative lack of information, relatively low market liquidity and the potential lack of strict financial and accounting controls and standards. Emerging Markets Risk - Investing in emerging and developing markets involves greater risk than investing in more established markets, such as risks relating to the relatively smaller size and lesser liquidity of these markets, high inflation rates, adverse political developments, less stringent regulatory and accounting requirements and lack of timely information. Short Sales Risk - Short selling can subject the Fund to unlimited risk of loss, because there may be no limit on how much the price of a security may appreciate before the short position is closed out. In addition, the supply of securities that can be borrowed fluctuates and the Fund may be subject to losses if a security lender demands the return of securities that have been loaned and an alternative lending source cannot be found. Liquidity Risk - Liquidity risk is the risk that arises from the difficulty of selling an asset. High Yield Risk - High yield bonds or “junk bonds” are bonds rated below investment grade or deemed to be of comparable quality. They are considered to be speculative investments with greater risk that the issuer will fail to make timely payment of interest and principal than their investment grade counterparts. High yield bonds may exhibit increased price sensitivity and reduced liquidity generally and particularly during times of economic downturn or volatility in the capital markets. Currency Risk - The U.S. dollar value of the Fund’s foreign investments will be affected by changes in the exchange rates between the U.S. dollar and the currencies in which those investments are traded. Derivatives Risk - The Fund may use enhanced investment techniques such as derivatives. The principal risk of derivatives is that the fluctuations in their values may not correlate perfectly with the values of their underlying assets. Derivatives are subject to counterparty risk—the risk that the other party will not perform its obligations under the transaction. For some derivatives, it is possible to lose more than the amount invested in the derivative. Accounts of Affiliates of the Investment Manager - Affiliates of the Trustee or the Sub-Adviser may trade in securities at the same time as the Fund and, therefore, may potentially affect prices or available opportunities. Securities Lending Risk - The Fund or the vehicles in which it invests may participate in securities lending programs. The lending fund bears the risk of investment loss associated with any reinvestment of securities lending collateral held by the lending fund. No Registration Under the Investment Company Act, the Securities Act or State Securities Laws - The Fund will not be registered with the SEC as an investment company under the Investment Company Act of 1940 in reliance upon an exemption from the Investment Company Act. Units of the Fund will not be registered with the Securities and Exchange Commission in reliance on the exemptive provisions of Section 3(a)(2) of the Securities Act of 1933, nor will it be registered with any state securities regulator. No Registration with the CFTC - Since the Fund may purchase, sell or trade exchange-traded futures contracts, options thereon, and other Commodity Interests, the Fund may be viewed as subject to regulation as a commodity pool under the U.S. Commodity Exchange Act and the rules of the CFTC. However, pursuant to CFTC Rule 4.5, the Trustee is exempt from having to register as a commodity pool operator with respect to the Fund. For a more detailed description of these risks, please refer to the Principal Risks of Investing section of the Fund Description on www.invesconationaltrust.com.

Materials / Resources Quarterly Fund Fact Sheet Investment Strategy Principal Risks of Investing Complete Quarterly Holdings Investment Philosophy & Process Fees1 and Expenses2 Standard Management Fee 0.80% YTD Expense Ratio 0.21% Management fees vary by Plan. The standard management fee listed may be higher or lower than the actual fee negotiated by the Plan Sponsor. Contact your Plan Sponsor to obtain the actual fee negotiated for your retirement Plan. Read the Important Information section for more about management fees. Important Information This product is a bank collective trust fund for which Invesco National Trust Company serves as trustee and investment manager. The fund is not FDIC-insured or registered with the Securities and Exchange Commission. Please see the fund's Declaration of Trust and recent financial statements (available upon request from your retirement plan sponsor) for important information before investing. Please note - Additional, in depth information is available to institutional clients and their intermediaries for this fund when you login to your account(s) online. If you already have a user name and password, you can login here. If you do not have a login, check here for eligibility requirements. Material presented is compiled from sources believed to be reliable and current, but accuracy cannot be guaranteed. This does not constitute an offer or solicitation of any security or product, nor constitute a recommendation of the suitability of any investment strategy for a particular investor. Total return assumes reinvestment of dividends and capital gains for the periods indicated. Past performance is no guarantee of future results. Net performance has been calculated after the deduction of operating expenses applicable to the fund and after the deduction of the standard investment management fee applicable to the fund. However, since individual plan investment management fee schedules vary, an individual plan's net performance may be higher or lower than the standard net performance shown here. Net of fee performance does not include any client service or administrative fees payable to third parties at the discretion of the plan sponsor. Gross performance has been calculated before the deduction of investment management fees, but after the deduction of operating expenses applicable to the fund. The monthly adjusted returns are compounded and then annualized to compute the long-term results. Individual Plan performance may vary depending upon the timing of contributions and withdrawals. Investment return and principal value will fluctuate so that, when redeemed, an investor's shares may be worth more or less than when originally purchased. 1 The Standard Management Fee listed is the standard fee used to calculate net performance. The actual investment management fee varies for each Plan based on the fee negotiated with the Plan. This negotiated fee can fluctuate daily based on the various asset level breakpoints reached at the time the daily fee accrual is calculated for each Plan. 2 The expense ratio is year to date, annualized and unaudited. For an audited annual expense ratio please refer to the fund's annual report for the prior year (available upon request from your retirement plan sponsor). Fund expenses may include: portfolio valuation and accounting, transfer agency, custody, annual report and audit fees. 3 The FTSE EPRA/NAREIT Developed ex US Index Net TRI is an unmanaged index considered representative of global real estate companies and REITs. An investment cannot be made directly in an index. 4 Portfolio composition statistics are subject to change and current holdings may differ. It should not be assumed that any of the holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the holdings.