Cálculo de probabilidades y concepto de probabilidad

The unrealised gain or loss on open forward foreign exchange contracts is calculated as the difference between the contracted rate and the rate to close out the contract and is disclosed in the Statement of Net Assets (see note 7 for details). Realised gains or losses include net results on contracts which have been settled or offset on other contracts and are recorded in the Statement of Operations and Changes in Net Assets.

(j) Futures contracts

Derivative financial instruments are initially recognized at cost and subsequently are re-measured at market value. Market values are obtained from quoted market prices and exchange rates. All derivatives are carried in assets when amounts are receivable by the Fund and in liabilities when amounts are payable by the Fund. Changes in market values of future contracts are included in the Statement of Net Assets (see note 8 for details). (k) Credit default swaps, Equity variance swaps & Inflation linked swaps

Credit default swaps

A credit default swap is a credit derivative transaction in which two parties enter into an agreement, whereby one party pays the other a fixed periodic coupon for the specified life of the agreement. The other party makes no payments unless a credit event, relating to a predetermined reference asset occurs. If such an event occurs, the party will then make a payment to the first party and the swap will terminate. Interest received/paid on Credit default swaps are recorded as net interest received on swaps/net interest paid on Swaps in the Statement of Operations and Changes in Net Assets. Realised gains/losses, including initial payments related to the acquisition of Credit default swaps, are recorded within net realised surplus/(deficit) on disposal of investments, derivatives and foreign currencies in the Statement of Operations and Changes in Net Assets.The credit default swaps are marked to market daily based upon quotations from market makers and recorded in the Statement of Net Assets (see note 9 for details). Equity variance swaps

An equity variance swap is a bilateral agreement in which each party agrees to exchange cash flows based on the measured variance of a specified underlying asset. One party agrees to exchange a “fixed rate” or strike price payment for the “floating rate” or realised price variance on the underlying asset with respect to the variance notional amount. At the maturity date, a net cash flow is exchanged, where the payoff amount is equivalent to the difference between the realised price variance of the underlying asset and the strike price multiplied by the variance notional amount. Equity variance swaps are marked to market at each NAV calculation date. The estimated market value is based on the valuation elements laid down in the contracts, and is obtained from third party pricing agents, market makers or internal models. The unrealised

appreciation/(depreciation) is disclosed in the statement of net assets under “Unrealised gain/(loss) on equity variance swaps”. Realised

gains/(losses) and changes in unrealised appreciation/(depreciation) as a result thereof are included in the statement of operations and changes in net assets respectively under “Net realised surplus/(deficit) on disposal of investments, derivatives and foreign currencies” and “Net change in unrealised appreciation/(depreciation) on equity variance swaps”.

Inflation linked swaps

An inflation linked swap is a swap used to transfer inflation risk from one party to another through an exchange of cash flows. In an inflation linked swap, one party pays a fixed rate on a notional principal amount, while the other party pays a floating rate linked to an inflation index. Inflation linked swaps are marked to market at each NAV calculation date. The estimated market value is based on the valuation elements laid down in the contracts, and is obtained from third party pricing agents, market makers or internal models. The unrealised appreciation/(depreciation) is disclosed in the statement of net assets under “Unrealised gain/(loss) on inflation swaps”. Realised gains/(losses) and changes in unrealised appreciation/(depreciation) as a result thereof are included in the statement of operations and changes in net assets respectively under “Net realised surplus/(deficit) on disposal of investments, derivatives and foreign currencies” and “Net change in unrealised appreciation/(depreciation) on inflation swaps”.

(l) Interest rate swaps

An interest rate swap is a bilateral agreement in which each of the parties agrees to exchange a series of interest payments for another series of payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged. Interest received/paid on Interest rate swaps are recorded as net interest received on swaps/net interest paid on Swaps in the Statement of Operations and Changes in Net Assets. The interest rate swaps are marked to market daily based upon quotations from market makers and recorded in the Statement of Net Assets (see note 10 for details).

(m) Equity swaps

An Equity Swap is a derivative transaction in which the Fund and the counterparty enter into an agreement whereby one party pays the returns generated by an equity or a basket of equities. The other party pays interest based on the agreed notional amount of the transaction. Interest received/paid on Equity swaps are recorded as net interest received on swaps/net interest paid on Swaps in the Statement of Operations and Changes in Net Assets. The value of equity swap transactions is the net present value of all cash flows, both inflows and outflows. Equity swaps are recorded in the Statement of Net Assets (see note 11 for details).

(n) Options

A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price (“strike price”) to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

Purchased Options – Premiums paid by the Fund for purchased options are included in the Statement of Net Assets as an investment. The option is adjusted daily to reflect the current market value of the option and the change is recorded as unrealised appreciation or depreciation. If the option is allowed to expire the Fund will lose the entire premium it paid and record a realised loss for the premium amount. Premiums paid for purchased options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realised gain/loss or cost basis of the security.

Written Options - Premiums received by the Fund for written options are included in the Statement of Net Assets. The amount of the liability is adjusted daily to reflect the current market value of the written option and the change in market value is recorded as unrealised appreciation or depreciation. Premiums received from written options that expire are treated as realised gains. The Fund records a realised gain or loss on written options based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realised gain or loss. If a put option is exercised by an option buyer, the premium received

142 Invesco Funds 2. Summary of Significant Accounting Policies (continued) (n) Options (continued)

by the option seller reduces the cost basis of the purchased security. Written uncovered call options subject the Fund to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Fund to risk of loss if the value of the security declines below the exercise price minus the put premium. Outstanding options traded on a regulated market are valued based on the closing price or the last available market price of the instruments. OTC options are marked to market based upon daily prices obtained from third party pricing agents and verified against the value from the counterparty. The unrealised gain/(loss) on options is included in the Statement of Net Assets. The change in unrealised appreciation/ depreciation on options is disclosed in the Statement of Operations and Changes in Net Assets under the heading Net change in unrealised appreciation/depreciation on options. Realised gains/(losses) on options are included under the heading Net realised surplus on disposal of investments, derivatives and foreign currencies in the Statement of Operations and Changes in Net Assets.

(o) Margin Accounts

Margin accounts represent the cash collateral held at brokers for futures contracts. (p) Cross Investments

Cross Sub-Fund investment holdings were not eliminated from the consolidated figures. At February 28, 2014, the total cross Sub-Fund investment holdings on Invesco Global Targeted Returns Fund amounted to USD 3,532,393 and on Invesco Capital Shield 90 (EUR) Fund amounted to EUR 8,993,965 (USD equivalent (using year end rate 1 USD = EUR 0.7250) is USD 12,405,469). Therefore the total consolidated net assets at year-end, if these cross investment holdings were eliminated would have amounted to USD 33,122,092,303.