Historical Asset Class Returns

The following tables demonstrate the challenges investors face when attempting to
predict the next top-performing asset class. Given the volatility in today’s market,
no one can know which one will be this year’s success story. However, investors may
reduce downside risk and increase upside potential by investing in a diversified group
of asset classes based on individual risk tolerance and financial goals.

Fixed Income Asset Class Returns

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Avg.

Corporate Intl. High Intl. Equity Equity Intl. Govt. High High High
Bond Bond Yield Bond Bond Bond Yield Yield Yield
Best Performers

10.31% 22.37% 28.97% 12.55% 4.91% 15.78% 11.03% 12.39% 58.21% 15.12% 10.76%

Short-Term Govt. Equity High Senior High Govt. Mortgage Senior Equity Intl.
Treasury Bond Yield Loan Yield Bond Loan Bond

8.78% 11.50% 28.67% 11.13% 4.19% 11.85% 8.66% 8.52% 41.04% 15.08% 7.79%

Mortgage Corporate Intl. Equity Municipal Intl. Mortgage Short-Term Equity Senior Corporate
Bond Bond Bond Bond Treasury Loan Bond

8.22% 10.12% 19.36% 10.87% 3.51% 8.16% 6.96% 4.97% 26.47% 9.35% 6.73%

Govt. Municipal Corporate Corporate High Senior Short-Term Intl. Corporate Corporate Mortgage
Bond Bond Bond Bond Yield Loan Treasury Bond Bond Bond

7.23% 9.60% 8.24% 5.39% 2.74% 6.35% 6.83% 4.40% 18.68% 9.00% 5.93%

High Mortgage Senior Mortgage Govt. Mortgage Equity Municipal Municipal Govt. Govt.
Yield Loan Bond Bond Bond Bond Bond

5.28% 8.75% 7.37% 4.70% 2.65% 5.22% 5.49% –2.47% 12.91% 5.52% 5.51%

Municipal Short-Term Municipal Municipal Mortgage Municipal Corporate Corporate Intl. Mortgage Senior
Bond Treasury Bond Bond Bond Bond Bond Bond Loan

5.13% 6.28% 5.31% 4.48% 2.61% 4.84% 4.56% –4.94% 7.53% 5.50% 5.05%

Senior Senior Mortgage Senior Short-Term Corporate Municipal High Mortgage Intl. Municipal
Loan Loan Loan Treasury Bond Bond Yield Bond Bond

2.09% 1.46% 3.07% 4.31% 1.77% 4.30% 3.36% –26.16% 5.75% 4.94% 4.91%

Intl. High Short-Term Govt. Corporate Short-Term High Senior Short-Term Short-Term Short-Term
Bond Yield Treasury Bond Bond Treasury Yield Loan Treasury Treasury Treasury
Worst Performers

–3.75% –1.41% 2.81% 3.48% 1.68% 4.25% 1.87% –26.91% 3.82% 2.80% 4.36%

Equity Equity Govt. Short-Term Intl. Govt. Senior Equity Govt. Municipal Equity
Bond Treasury Bond Bond Loan Bond Bond

–11.88% –22.09% 2.36% 1.30% –8.65% 3.48% 1.29% –36.99% –2.20% 2.38% 3.63%

• Senior Loan — Lipper Loan Participation Category Average
• Short-Term Treasury — Barclays Capital 1-3 Year
Government/Credit Index
• High Yield — Barclays Capital U.S. Corporate High Yield Index
• Mortgage — Barclays Capital U.S. MBS Fixed Rate Index
Source: Lipper Inc.
• Corporate Bond — Barclays Capital Corporate Investment Grade Index
• Government Bond — Barclays Capital U.S. Government Index
• Municipal Bond — Barclays Capital Municipal Bond Index
• International Bond — Barclays Capital Global Aggregate ex-U.S. Index
• Equity — S&P 500 Index

The table depicts annual returns for eight fixed income asset classes and one equity benchmark over the past 10 years, ranked from best to
worst each year. Each asset class is color coded for easy tracking. Well-known, industry-standard indexes are used as proxies for each asset
class. This chart is for illustrative purposes and does not reflect the performance of any Invesco portfolio.
Equity Asset Class Returns
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001

Small Small Intl. Intl. Large-Cap Real Large-Cap Large-Cap Comm. Comm. Real
Caps Caps Equity Equity Value Estate Value Growth Estate

Best Performers
46.04% 18.41% 32.56% 7.78% 38.36% 35.27% 35.18% 38.71% 40.92% 49.74% 13.93%

Mid Mid Real Comm. Large-Cap Comm. Large-Cap Intl. Large-Cap Real Fixed
Caps Caps Estate Growth Growth Equity Growth Estate Income

41.51% 16.34% 19.65% 5.29% 37.18% 33.92% 30.49% 20.00% 33.16% 26.37% 8.44%

Large-Cap Real Small Real Mid Large-Cap Mid Large-Cap Intl. Fixed Small
Growth Estate Caps Estate Caps Growth Caps Value Equity Income Caps

41.27% 14.59% 18.88% 3.17% 34.45% 23.12% 29.01% 15.63% 26.96% 11.63% 2.49%

Real Large-Cap Large-Cap Large-Cap Small Large-Cap Small Mid Small Mid Large-Cap
Estate Value Value Growth Caps Value Caps Caps Caps Caps Value

35.70% 13.58% 18.07% 2.62% 28.45% 21.64% 22.36% 10.09% 21.26% 8.25% –5.59%

Large-Cap Fixed Mid Small Comm. Mid Real Fixed Mid Large-Cap Mid
Value Income Caps Caps Caps Estate Income Caps Value Caps

24.55% 7.40% 14.30% –1.82% 20.33% 19.00% 20.26% 8.69% 18.23% 7.01% –5.62%

Fixed Large-Cap Fixed Large-Cap Fixed Small Fixed Small Large-Cap Small Large-Cap
Income Growth Income Value Income Caps Income Caps Value Caps Growth

16.00% 4.99% 9.75% –1.98% 18.47% 16.49% 9.65% –2.55% 7.35% –3.02% –20.42%

Intl. Comm. Large-Cap Mid Real Intl. Intl. Real Fixed Intl. Intl.
Equity Growth Caps Estate Equity Equity Estate Income Equity Equity
Worst Performers

12.13% 4.42% 2.87% –2.09% 15.27% 6.05% 1.78% –17.50% –0.82% –14.17% –21.44%

Comm. Intl. Comm. Fixed Intl. Fixed Comm. Comm. Real Large-Cap Comm.
Equity Income Equity Income Estate Growth

–6.13% –12.17% –12.33% –2.92% 11.21% 3.63% –14.07% –35.75% –4.62% –22.42% –31.93%

• Large-Cap Growth — Russell 1000 Growth Index
• Large-Cap Value — Russell 1000 Value Index
• Mid Caps — Russell Midcap Index
• Small Caps — Russell 2000 Index
Sources: Invesco, Bloomberg L.P., Lipper Inc.
• International Equity — MSCI EAFE Index
• Real Estate — FTSE NAREIT Equity REITs Index
• Commodities — S&P GSCI Index
• Fixed Income — Barclays Capital U.S. Aggregate Index
 2002 2003 2004 2005 2006 2007 2008 2009 2010 Avg.

Comm. Small Real Comm. Real Comm. Fixed Mid Real Mid
Caps Estate Estate Income Caps Estate Caps

32.07% 47.25% 31.58% 25.55% 35.06% 32.67% 5.24% 40.48% 27.95% 14.28%

Fixed Mid Intl. Intl. Intl. Large-Cap Small Large-Cap Small Real
Income Caps Equity Equity Equity Growth Caps Growth Caps Estate

10.25% 40.06% 20.25% 13.54% 26.34% 11.81% –33.79% 37.21% 26.85% 14.22%

Real Intl. Mid Mid Large-Cap Intl. Large-Cap Intl. Mid Small
Estate Equity Caps Caps Value Equity Value Equity Caps Caps

3.82% 38.59% 20.22% 12.65% 22.25% 11.17% –36.85% 31.78% 25.48% 12.68%

Large-Cap Real Small Real Small Fixed Real Real Large-Cap Large-Cap
Value Estate Caps Estate Caps Income Estate Estate Growth Value

–15.52% 37.13% 18.33% 12.16% 18.37% 6.97% –37.73% 27.99% 16.71% 11.61%

Intl. Large-Cap Comm. Large-Cap Mid Mid Large-Cap Small Large-Cap Large-Cap
Equity Value Value Caps Caps Growth Caps Value Growth

–15.94% 30.03% 17.28% 7.05% 15.26% 5.60% –38.44% 27.17% 15.51% 11.07%

Mid Large-Cap Large-Cap Large-Cap Large-Cap Large-Cap Mid Large-Cap Comm. Intl.
Caps Growth Value Growth Growth Value Caps Value Equity

–16.19% 29.75% 16.49% 5.26% 9.07% –0.17% –41.46% 19.69% 9.02% 8.04%

Small Comm. Large-Cap Small Fixed Small Intl. Comm. Intl. Comm.
Caps Growth Caps Income Caps Equity Equity

–20.48% 20.72% 6.30% 4.55% 4.33% –1.57% –43.38% 13.49% 7.75% 7.18%

Large-Cap Fixed Fixed Fixed Comm. Real Comm. Fixed Fixed Fixed
Growth Income Income Income Estate Income Income Income

–27.88% 4.10% 4.34% 2.43% –15.09% –15.69% –46.49% 5.93% 6.54% 7.00%

The table depicts annual returns for seven equity asset classes and one fixed income benchmark over the past 20 years,
ranked from best to worst each year. Each asset class is color coded for easy tracking. Well-known, industry-standard
indexes are used as proxies for each asset class. This chart is for illustrative purposes and does not reflect the
performance of any Invesco portfolio.

About 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.
Fixed income investments have interest rate risk, which refers to the risk that bond prices
generally fall as interest rates rise and vice versa.
Foreign securities have additional risks, including exchange rate changes, political and
economic upheaval, relative lack of information, relatively low market liquidity, and the potential
lack of strict financial and accounting controls and standards.
Investing in smaller companies involves risks not associated with investing in more established
companies, such as business risk, stock price fluctuations and illiquidity.
Invesco Advisers, Inc. is an investment advisor; it provides investment advisory services to individual and institutional
clients and does not sell securities. Invesco Distributors, Inc. is the U.S. distributor for Invesco Ltd.’s retail mutual funds,
exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
An investor should consider the investment objectives, risks, charges and expenses carefully before investing. Please read
the prospectus or other offering documents carefully before investing. For this and more complete information, contact your
financial advisor or visit the appropriate website.
For Advisory services: institutional.invesco.com
For Collective trust funds: invesconationaltrust.com
For mutual funds, exchange-traded funds, money market funds: invesco.com/fundprospectus
Past performance cannot guarantee future results.
Asset allocation/diversification does not guarantee a profit or eliminate the risk of loss.
The Russell 1000® Growth Index is an unmanaged index considered representative of large-cap growth stocks. The Russell 1000® Value Index is an
unmanaged index considered representative of large-cap value stocks. The Russell Midcap® Index is an unmanaged index considered representative of mid-cap
stocks. The Russell 2000® Index is an unmanaged index considered representative of small-cap stocks. The MSCI EAFE® Index is an unmanaged index considered
representative of stocks of Europe, Australasia and the Far East. The FTSE NAREIT Equity REITs Index is an unmanaged index considered representative of U.S.
REITs. The S&P GSCI Index is an unmanaged world production-weighted index composed of the principal physical commodities that are the subject of active, liquid
futures markets. The Barclays Capital U.S. Aggregate Index is an unmanaged index considered representative of the U.S. investment-grade, fixed-rate bond
market. The Barclays Capital 1–3 Year Government/Credit Index is an unmanaged index considered representative of short-term U.S. corporate and government
bonds with maturities from one to three years. The Barclays Capital U.S. Corporate High Yield Index is an unmanaged index that covers the universe of
fixed-rate, noninvestment-grade debt. The Barclays Capital U.S. MBS Fixed Rate Index is an unmanaged index comprising 15- and 30-year fixed-rate securities
backed by mortgage pools of Ginnie Mae, Freddie Mac and Fannie Mae. The Barclays Capital Corporate Investment Grade Index is an unmanaged index
considered representative of fixed-rate, investment-grade taxable bond debt. The Barclays Capital U.S. Government Index is an unmanaged index considered
representative of fixed income obligations issued by the U.S. Treasury, government agencies and quasi-federal corporations. The Barclays Capital Municipal Bond
Index is an unmanaged index considered representative of the tax-exempt bond market. The Barclays Capital Global Aggregate ex-U.S. Index is an unmanaged
index considered representative of bonds of foreign countries. The S&P 500® Index is an unmanaged index considered representative of the U.S. stock market.
The Lipper Closed-End Loan Participation Funds Index is an unmanaged index considered representative of closed-end loan participation funds tracked by
Lipper. The Russell 1000 Growth Index, Russell 1000 Value Index, Russell Midcap Index and Russell 2000 Index are trademarks/service marks of the Frank Russell
Co. Russell® is a trademark of the Frank Russell Co. Index performance reflects reinvestment of dividends. An investment cannot be made directly in an index.

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