Home: Fund Overviews: Fund Overview - 06/30/2010
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Invesco Core Fixed Income 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 Team Managed - Invesco Fixed Income Investment Objective This Fund is a fixed income, total return strategy that seeks to outperform the Barclays Capital U.S. Aggregate Bond Index.   Investor Profile The Invesco Core Fixed Income Trust may be appropriate for investors seeking a well diversified bond portfolio that uses a total return strategy to outperform the Index.   Key Facts Category Broad Fixed Income Type of Management Actively Managed Fund Inception Date 10/25/1989 Performance Start Date 10/31/1989 CUSIP 46X586XX7 Tax ID (EIN)/Plan # 84-1126600/001 Share Class Class C Total Net Assets ($mil) $149.19 Share Price (NAV) $42.65 Annual Portfolio Turnover* 168.75% *As of 12/31/2009 Fund Style Intermediate-Term Maturity, Investment Grade   Performance as of 06/30/2010 QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr *Since Inception Net of Fees 3.37 6.31 16.53 6.79 5.21 6.24 6.95 Gross of Fees 3.44 6.47 16.88 7.11 5.52 6.56 7.27 Barclays Capital Aggregate Bond3 3.49 5.33 9.50 7.55 5.54 6.47 7.11 *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 7.65 Fixed Income Investments 92.35 Total 100.00     Portfolio Characteristics Duration (Years) 4.31 Average Life (Years) 6.94 Average Quality* Aa1 Average Coupon 5.62% Current Yield 5.31% Yield to Maturity 4.33% Number of Holdings 185 Quality Allocation* %TNA U.S. Treasury Securities 12.39 U.S. Government Agencies 49.22 Aaa + Cash 26.79 Aa 4.86 A 9.49 Baa 15.27 <Baa 0.89 Pending Settlements** -18.92 Total 100.00   Sector Allocation %TNA Short Term Investments 7.65 U.S. Treasury Securities 12.39 U.S. Government Agencies 1.96 Corporate Bonds 29.55 Mortgage Back Securities 43.62 Asset Back Securities 2.88 Commercial Mortgage Backed Securities 16.42 Municipal Bonds 0.30 Pending Settlements** -18.92 Other Fixed Income Securities 4.14 Total 100.00 * The Quality Allocation chart uses internal measurements calculated by taking the highest rating of the 3 major rating agencies (S&P, Moody’s & Fitch) at a security level. It is then changed into a numerical value, asset weighted and then calculated to be shown at the portfolio level in Moody’s format. Information on nonrated securities is provided in the Quality Allocation chart, if applicable. ACQ calculations may vary across the industry and should not be the only factor in analyzing a portfolio. **Pending Settlements represent funds due ("payable") for securities that have been purchased and are owned by the fund, but have a settlement ("delivery") date beyond the effective date of this report. This is a normal occurrence within investment portfolios that employ industry standard trade date accounting rules.   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. Market Risk - The prices of securities held by the Fund may fluctuate to the detriment of the Fund. 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. Inflation Risk - Inflation risk is the possibility that your principal investment will not maintain the same purchasing power in the future. 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. Yield Curve Risk - Yield curve risk refers to the risk that the Fund will be adversely impacted by changes in the differences between interest rates on shorter term and longer term debt instruments. Credit Risk - Credit risk is the risk of loss on an investment due to the deterioration of an issuer's financial health. Such a deterioration of financial health may result in a reduction of the credit rating of the issuer's securities and may lead to the issuer's inability to honor its contractual obligations including making timely payment of interest and principal. Spread Risk - Spread risk is the risk that changes in the difference between the yields of debt instruments (whether due to credit quality or otherwise) could adversely affect the fund. 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. Liquidity Risk - Liquidity risk is the risk that arises from the difficulty of selling an asset. Call Risk - Call risk is the cash flow risk resulting from the possibility that a callable bond will be redeemed before maturity. The fund may be forced to reinvest the principal sooner than expected, which may be at a lower interest rate. Prepayment Risk - Prepayment risk refers to the possibility that a borrower may repay a debt obligation before it matures, forcing the investor to reinvest the principal sooner than expected, which could be at a lower interest rate. 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. Active Trading Risk - The Fund may engage in active and frequent trading of portfolio securities to achieve its investment objective. If the Fund does trade in this way, it may incur increased costs, which can lower the actual return of the Fund. Management Risk - There is no guarantee that the investment techniques and risk analyses used by the Fund’s portfolio managers will produce the desired results. 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 0.30% YTD Expense Ratio 0.07% 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. 5 Year Risk Regression Standard Deviation (%)  5.02 Beta  0.74 Alpha (%)  1.45 R Squared (%)  30.07 Sharpe Ratio   0.58 Information Ratio  N/A Tracking Error (%)  4.31 Risk regression is gross of 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. 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. 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. 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. This collective trust fund invests in other funds. The expenses associated with those funds are not included in the operating expense ratio of this collective trust fund and are not charged individually to plans investing in this fund. Because they are reflected in the net asset values of those funds, they will indirectly reduce the investment returns realized by investors in this fund. 3 The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond market. 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.