Fund and Asset Manager Ratings. Summary as of 1 November 2015

Fund and Asset Manager Ratings Summary as of 1 November 2015

Fund Quality Ratings Fund Quality Ratings are transparent, forward-looking insights into a fund's key risk and return attributes as well as the manager's ability to deliver solid performance relative to peers over the longer term. Leveraging performance data from Lipper, a Thomson Reuters company, each rating is actively monitored and accompanied by institutional quality research that provides an in-depth understanding of the fund's investment processes, risk management framework, performance drivers, and operational framework. Asset Manager Ratings Fitch Ratings issues Asset Manager Ratings to provide investors with an independent assessment of an asset management operational framework relative to institutional standards. An Asset Manager Rating from Fitch involves an in-depth analysis of an asset manager s investment and operational platform, focusing on five core pillars Company, Controls, Investments, Operations, and Technology. Asset Manager Ratings may be assigned to a diverse set of managers offering a wide range of investment strategies, including small as well as larger players, diversified and specialist managers, and managers operating globally or in domestic markets. Fitch Ratings' Fund and Asset Management Team Fitch Ratings' team is dedicated to providing investors with the insight and context necessary to assess the quality and risk of nearly every type of fund and asset manager. Located in London, Paris, New York, Chicago and other major commercial centers across Europe, Latin America and Asia, our analysts leverage independent thinking and years of experience in fund analysis and investment management to provide insightful and comprehensive opinions on more than 800 funds and 70 asset managers around the globe. It's that world of knowledge combined with our unique, proprietary rating methodologies and rating scales for asset managers, money market funds, bond funds, and closed-end funds that has established Fitch Ratings as a thought leader in funds and asset management.

Fund Ratings by Fund Category Fund name Asset Manager Fitch Rating Domicile Rating Fixed Income Global Fixed Income AllianceBernstein Global High Yield Portfolio AllianceBernstein L.P. Strong Luxembourg Apr-15 BlueBay Global Convertible Bond Fund BlueBay Asset Management Strong Luxembourg Oct-14 Bluebay Global Diversified Corporate Bond Fund BlueBay Asset Management Strong Luxembourg Dec-14 BlueBay Global High Income Loan Fund BlueBay Asset Management Strong Luxembourg Dec-14 BlueBay Global High Yield Bond Fund BlueBay Asset Management Strong Luxembourg Dec-14 BlueBay Global Investment Grade Corporate Bond Fund BlueBay Asset Management Strong Luxembourg Aug-15 BlueBay Global Unconstrained High Yield Fund BlueBay Asset Management Strong Luxembourg Dec-14 BlueBay Total Return Credit Fund BlueBay Asset Management Strong Luxembourg Dec-14 LO Funds Convertible Bond Lombard Odier Investment Managers Strong Luxembourg Mar-15 Petercam L Bonds Government Sustainable Petercam Institutional Asset Management Strong Luxembourg Nov-14 Regional Fixed Income AllianceBernstein European Income Portfolio AllianceBernstein L.P. Strong Luxembourg Aug-15 AllianceBernstein Euro High Yield Portfolio AllianceBernstein L.P. Strong Luxembourg Aug-15 BlueBay High Income Loan Fund BlueBay Asset Management Strong Luxembourg Dec-14 BlueBay High Yield Bond Fund BlueBay Asset Management Strong Luxembourg Dec-14 BlueBay Investment Grade Euro Aggregate Bond Fund BlueBay Asset Management Strong Luxembourg Aug-15 BlueBay Investment Grade Euro Government Bond Fund BlueBay Asset Management Strong Luxembourg Aug-15 BlueBay Investment Grade Bond Fund BlueBay Asset Management Excellent Luxembourg Aug-15 BlueBay Investment Grade Libor Fund BlueBay Asset Management Strong Luxembourg Jul-15 Parvest Bond Euro BNP Paribas Investment Partners Good Luxembourg Dec-14 Parvest Bond Euro Corporate BNP Paribas Investment Partners Strong Luxembourg Dec-14 Parvest Bond Euro Medium Term BNP Paribas Investment Partners Good Luxembourg Dec-14 Tikehau Credit Plus Tikehau Investment Management Strong France Feb-15 Tikehau Taux Variables Tikehau Investment Management Strong France Feb-15 Emerging Market Fixed Income AllianceBernstein Emerging Market Debt Portfolio AllianceBernstein L.P. Excellent Luxembourg Apr-15 BlueBay Emerging Market Bond Fund BlueBay Asset Management Strong Luxembourg Mar-15 BlueBay Emerging Market Corporate Bond Fund BlueBay Asset Management Strong Luxembourg Mar-15 BlueBay Emerging Market Local Currency Bond Fund BlueBay Asset Management Strong Luxembourg Mar-15 BlueBay Emerging Market Select Bond Fund BlueBay Asset Management Strong Luxembourg Mar-15 Country Fixed Income AllianceBernstein American Income Portfolio AllianceBernstein L.P. Strong Luxembourg Aug-15 Allianz Yasam ve Emeklilik Government Debt Instrument Group Pension Fund Yapi Kredi Portfoy Yonetimi A.S. Good Turkey Sep-14 Yapi Kredi Invest Long-Term Fixed Income Bonds and Bills Fund Yapi Kredi Portfoy Yonetimi A.S. Good Turkey May-15 Equity Global Equity AllianceBernstein Thematic Research AllianceBernstein L.P. Good Luxembourg Sep-14 Petercam Equities World Sustainable Petercam Institutional Asset Management Strong Belgium Nov-14 SSgA Global Managed Volatility Equity Fund State Street Global Advisors Strong Luxembourg Jul-15 SSgA Fundamental Equity Global Spotlight Fund State Street Global Advisors Strong Luxembourg Mar-15 Regional Equity LO Funds - Europe High Conviction Lombard Odier Investment Managers Strong Luxembourg Dec-14 Sycomore Eurocap Sycomore Asset Management Strong France Oct-14 Sycomore Selection Responsable Sycomore Asset Management Good France Jun-15 Parvest Equity Best Selection Euro BNP Paribas Investment Partners Strong Luxembourg Aug-15 Parvest Equity Best Selection Europe BNP Paribas Investment Partners Strong Luxembourg Aug-15 Parvest Equity High Dividend Europe BNP Paribas Investment Partners Good Luxembourg Sep-15 Petercam Equities Euroland Petercam Institutional Asset Management Strong Belgium Nov-14 Petercam Equities Europe Petercam Institutional Asset Management Strong Belgium Nov-14 Petercam Securities Real Estate Europe Petercam Institutional Asset Management Strong Belgium Nov-14 Petercam Equities Europe Sustainable Petercam Institutional Asset Management Strong Belgium Nov-14 State Street Emerging Asia Equity Fund State Street Global Advisors Strong Luxembourg Mar-15 SSgA Emerging Markets Select Equity Fund State Street Global Advisors Strong Luxembourg Mar-15 SSgA Fundamental Equity Europe Spotlight Fund State Street Global Advisors Strong Luxembourg Mar-15 SSgA Fundamental Equity Eurozone Spotlight Fund State Street Global Advisors Strong Luxembourg Mar-15 SSgA EMU Equity Fund State Street Global Advisors Strong Luxembourg Mar-15 State Street Europe Small Cap Equity Fund State Street Global Advisors Excellent Luxembourg Mar-15

Fund Ratings by Fund Category Fund name Asset Manager Fitch Rating Domicile Rating Country Equity LFP JKC China Value JK Capital Management Ltd. Good Luxembourg Jul-15 Russian Prosperity Fund Luxembourg Prosperity Capital Management Strong Luxembourg Jan-15 UBS (Lux) Equity SICAV - USA Growth UBS Global Asset Management Strong Luxembourg Dec-14 Yapi Kredi Invest Koc Group Affiliates Equity Fund Yapi Kredi Portfoy Yonetimi A.S. Strong Turkey May-15 Yapi Kredi Bank Equity Fund Yapi Kredi Portfoy Yonetimi A.S. Strong Turkey May-15 Balanced Funds Global Mixed-Asset CPR Croissance Reactive CPR Asset Management Excellent France Feb-15 LFP Patrimoine Flexible La Française AM Strong France Dec-14 LO Funds - All Roads Lombard Odier Investment Managers Strong Luxembourg Feb-15 Lyxor Planet Lyxor Asset Management S.A. Strong France Jul-15 Lyxor Absolute Return Multi Assets Lyxor Asset Management S.A. Strong Luxembourg May-15 Lyxor Absolute Return Multi Assets 8 Lyxor Asset Management S.A. Strong Luxembourg May-15 Parvest Diversified Dynamic BNP Paribas Investment Partners Strong Luxembourg Mar-15 Regional Mixed-Asset DNCA Invest Evolutif DNCA Finance Strong Luxembourg Mar-15 Country Mixed-Asset Allianz Yasam Ve Emeklilik First Managed Group Pension Fund Yapi Kredi Portfoy Yonetimi A.S. Strong Turkey Sep-14 Allianz Yasam Ve Emeklilik Managed Pension Fund Yapi Kredi Portfoy Yonetimi A.S. Good Turkey Sep-14 Consorcio Ecopensiones 2011 Corpbanca, Protección and Fiduciaria Bancolombia Strong Colombia Jun-15 Unión Temporal Old Mutual GNB Old Mutual plc and GNB Strong Colombia Jun-15 Yapi Kredi Bank Fixed Income Private Banking Variable Growth Fund Yapi Kredi Portfoy Yonetimi A.S. Good Turkey May-15 Alternative and Other Funds BlueBay Investment Grade Absolute Return BlueBay Asset Management Strong Luxembourg Jul-15 Ignis Absolute Return Government Bond Fund Ignis Investment Services Limited Good Luxembourg Jan-15 LO Funds - Absolute Return Bond Lombard Odier Investment Managers Strong Luxembourg Mar-15 LFP Allocation La Française AM Good France Sep-14 Lyxor Epsilon Global Trend Lyxor Asset Management S.A. Strong Ireland Jul-15 Parvest Multi- Strategy Low Vol BNP Paribas Investment Partners Good Luxembourg Dec-14 State Street Flexible Asset Allocation Plus Fund State Street Global Advisors Strong Luxembourg Dec-14

Fund and Asset Manager Ratings by Asset Manager Fund and Asset Manager name Fund Quality Rating / Asset Manager Rating Domicile Lipper Category Rating Acciones y Valores S.A. Acciones y Valores S.A. Good Standards (Col) ROP Colombia - Sep-15 AdCap AdCap Colombia S.A. (antes Asesores en Valores S.A.) High Standards (Col) Colombia - Sep-15 Advent Capital and Organización Delima Alianza Fiduciaria S.A. Highest Standards (Col) Colombia - Jun-15 Alianza Valores S.A. High Standards (Col) Colombia - Dec-14 Afin S.A. Afin S.A. Below Standards (Col) Colombia - Aug-15 AllianceBernstein L.P. AllianceBernstein American Income Portfolio Strong Luxembourg Bond USD Aug-15 AllianceBernstein Emerging Market Debt Portfolio Excellent Luxembourg Bond Emerging Markets Global HC Apr-15 AllianceBernstein Euro High Yield Portfolio Strong Luxembourg Bond EUR High Yield Aug-15 AllianceBernstein European Income Portfolio Strong Luxembourg Bond Europe Aug-15 AllianceBernstein Global High Yield Portfolio Strong Luxembourg Bond Global High Yield Apr-15 AllianceBernstein Thematic Research Good Luxembourg Equity Global Sep-14 Allianz SE Allianz Seguros de Vida S.A. High Standards (Col) Colombia - May-15 Bancoldex Fiducoldex S.A. Highest Standards (Col) Colombia - Oct-15 Bank of New York Mellon Corporation (The) Alcentra Ltd Highest Standards United Kingdom - Dec-14 Arx Investimentos Ltda. Highest Standards Brazil - Aug-15 Banco Cooperativo do Brasil S.A. Bancoob Distribuidora de Titulos e Valores Imobiliarios Ltda. Good Standards Brazil - Oct-15 BBVA BBVA Fiduciaria S.A Highest Standards (Col) Colombia - Jun-15 BCI Asset Management Administradora General de Fondos S.A. BCI Asset Management Administradora General de Fondos S.A. Highest Standards Chile - Aug-14 BlueBay Asset Management BlueBay Emerging Market Bond Fund Strong Luxembourg Bond Emerging Markets Global HC Mar-15 BlueBay Emerging Market Corporate Bond Fund Strong Luxembourg Bond Emerging Markets Global Corp Mar-15 BlueBay Emerging Market Local Currency Bond Fund Strong Luxembourg Bond Emerging Markets Global LC Mar-15 BlueBay Emerging Market Select Bond Fund Strong Luxembourg Bond Emerging Markets Global LC Mar-15 BlueBay Global Convertible Bond Fund Strong Luxembourg Bond Convertibles Global Oct-14 Bluebay Global Diversified Corporate Bond Fund Strong Luxembourg Bond Global Corporates Dec-14 BlueBay Global High Income Loan Fund Strong Luxembourg Loan Participation Funds Dec-14 BlueBay Global High Yield Bond Fund Strong Luxembourg Bond Global High Yield Dec-14 BlueBay Global Investment Grade Corporate Bond Fund Strong Luxembourg Bond Global Corporates Aug-15 BlueBay Global Unconstrained High Yield Fund Strong Luxembourg Bond Global High Yield Dec-14 BlueBay High Income Loan Fund Strong Luxembourg Loan Participation Funds Dec-14 BlueBay High Yield Bond Fund Strong Luxembourg Bond EUR High Yield Dec-14 BlueBay Investment Grade Absolute Return Strong Luxembourg Absolute Return EUR Low Jul-15 BlueBay Investment Grade Bond Fund Excellent Luxembourg Bond EUR Corporates Aug-15 BlueBay Investment Grade Euro Aggregate Bond Fund Strong Luxembourg Bond EUR Corporates Aug-15 BlueBay Investment Grade Euro Government Bond Fund Strong Luxembourg Bond EMU Government Aug-15 BlueBay Investment Grade Libor Fund Strong Luxembourg Bond EUR Corporates Jul-15 BlueBay Total Return Credit Fund Strong Luxembourg Bond Global High Yield Dec-14 BMCE Capital Gestion BMCE Capital Gestion Highest Standards(mar) Morocco - Jul-15 BNP Paribas Invesment Partners BNP Paribas Asset Management Brasil Ltda. High Standards Brazil - Oct-14

Fund and Asset Manager Ratings by Asset Manager Fund and Asset Manager name Fund Quality Rating / Asset Manager Rating Domicile Lipper Category Rating BNP Paribas Investment Partners Highest Standards France - Sep-14 Parvest Bond Euro Good Luxembourg Bond EUR Dec-14 Parvest Bond Euro Corporate Strong Luxembourg Bond EUR Corporates Dec-14 Parvest Bond Euro Medium Term Good Luxembourg Bond Euro Medium Term Dec-14 Parvest Diversified Dynamic Strong Luxembourg Mixed Asset EUR Flex - Global Mar-15 Parvest Equity Best Selection Euro Strong Luxembourg Equity EuroZone Aug-15 Parvest Equity Best Selection Europe Strong Luxembourg Equity Europe Aug-15 Parvest Equity High Dividend Europe Good Luxembourg Equity Europe Income Sep-15 Parvest Multi- Strategy Low Vol Good Luxembourg Absolute Return EUR Low Dec-14 Brasil Plural Gestao de Recursos Ltda. Brasil Plural Gestao de Recursos Ltda. High Standards Brazil - May-15 BTG Pactual Holding S.A. BTG Pactual Asset Management DTVM S.A. Highest Standards Brazil - May-15 Caixa Economica Federal VITER Vice Presidencia de Gestao de Ativos de Terceiros da Caixa Highest Standards Brazil - Feb-15 CDG Capital Gestion CDG Capital Gestion Highest Standards(mar) Morocco - Jul-15 Compania de Profesionales de Bolsa S.A. Compañía Profesionales de Bolsa S.A. Good Standards (Col) Colombia - Aug-15 Corpbanca Helm Fiduciaria S.A. Highest Standards (Col) Colombia - Dec-14 Corpbanca, Protección and Fiduciaria Bancolombia Consorcio Ecopensiones 2011 Strong Colombia n/a Jun-15 CPR Asset Management CPR Croissance Reactive Excellent France Mixed Asset EUR Bal - Global Feb-15 Credicorp Credicorp Capital Fiduciaria S.A. High Standards (Col) Colombia - May-15 Credicorp Capital Colombia S.A. Highest Standards (Col) Colombia - Oct-15 Deutsche Bank AG Deutsche Asset & Wealth Management Germany Highest Standards Germany - Oct-14 DNCA Finance DNCA Invest Evolutif Strong Luxembourg Mixed Asset EUR Flex - Europe Mar-15 Fabrica Immobiliare SGR Fabrica Immobiliare SGR Good Standards Italy - Sep-15 Fator Empreendimentos Fator Administracao de Recursos Ltda. High Standards Brazil - Feb-15 Gestion Fiduciaria SA Gestión Fiduciaria S.A Good Standards (Col) Colombia - Mar-15 Global Securities S.A. Global Securities S.A Good Standards (Col) RON Colombia - Mar-15 Grupo Aval Acciones y Valores S.A. Fiduciaria Bogotá S.A Highest Standards (Col) Colombia Jun-15 Fiduciaria Corficolombiana S.A. Highest Standards (Col) Colombia Nov-14 Fiduciaria de Occidente S.A. Highest Standards (Col) Colombia - Nov-14 Grupo Bolívar Seguridad Compañía administradora de fondos de inversión S.A. High Standards (Col) Colombia - Jul-15

Fund and Asset Manager Ratings by Asset Manager Fund and Asset Manager name Fund Quality Rating / Asset Manager Rating Domicile Lipper Category Rating Grupo de Inversiones Suramericana S.A. Protección S.A Highest Standards (Col) Colombia - Nov-14 Grupo Empresarial Antioqueno (GEA) Fiduciaria Bancolombia S.A. Highest Standards (Col) Colombia - Apr-15 Valores Bancolombia Highest Standards (Col) Colombia - Apr-15 HFT Investment Management Co., LTD HFT Investment Management Co., LTD Highest Standards(chn) China - Mar-15 HSBC Holdings PLC HSBC Gestao de Recursos Ltda. Highest Standards Brazil - Nov-14 HSBC Multimanager Funds (Brazil) Highest Standards Brazil - Nov-14 Ignis Investment Services Limited Ignis Absolute Return Government Bond Fund Good Luxembourg Absolute Return GBP Low Jan-15 Itausa Investimentos Itau SA Itau Asset Management Highest Standards Brazil - Sep-14 JK Capital Management Ltd. LFP JKC China Value Good Luxembourg Equity China Jul-15 La Française AM La Française AM High Standards France - Jul-15 LFP Allocation Good France Absolute Return EUR Medium Sep-14 LFP Patrimoine Flexible Strong France Mixed Asset EUR Flex - Global Dec-14 La Previsora Fiduciaria la Previsora S.A. Highest Standards (Col) Colombia - Sep-15 Lombard Odier Investment Managers LO Funds - Absolute Return Bond Strong Luxembourg Absolute Return EUR Low Mar-15 LO Funds - All Roads Strong Luxembourg Mixed Asset EUR Bal - Global Feb-15 LO Funds - Convertible Bond Strong Luxembourg Bond Convertibles Mar-15 LO Funds - Europe High Conviction Strong Luxembourg Equity Europe Dec-14 Lyxor Asset Management S.A. Lyxor Epsilon Global Trend Strong Ireland Alternative Managed Futures Jul-15 Lyxor Planet Strong France Mixed Asset EUR Flex - Global Jul-15 Lyxor Absolute Return Multi Assets 8 Strong Luxembourg Absolute Return EUR High May-15 Lyxor Absolute Return Multi Assets Strong Luxembourg Absolute Return EUR Low May-15 Old Mutual plc Fiduciaria Old Mutual S.A. Highest Standards (Col) Colombia Jun-15 Old Mutual Pensiones y Cesantias S.A. Highest Standards (Col) Colombia Jun-15 Old Mutual plc and GNB Unión Temporal Old Mutual GNB Strong Colombia n/a Jun-15 Operadora de Fondos Banorte IXE, S.A. de C.V. Operadora de Fondos Banorte IXE, S.A. de C.V. High Standards (mex) Mexico - Sep-14 Perfin Administracao de Recursos Ltda. Perfin Administracao de Recursos Ltda. Good Standards Brazil - Jun-15 Petercam Institutional Asset Management Petercam Equities Euroland Strong Belgium Equity EuroZone Nov-14 Petercam Equities Europe Strong Belgium Equity Europe Nov-14 Petercam Equities Europe Sustainable Strong Belgium Equity Europe Nov-14 Petercam Equities World Sustainable Strong Belgium Equity Global Nov-14 Petercam L Bonds Government Sustainable Strong Luxembourg Bond EMU Government Nov-14 Petercam Securities Real Estate Europe Strong Belgium Equity Sector Real Est Europe Nov-14

Fund and Asset Manager Ratings by Asset Manager Fund and Asset Manager name Fund Quality Rating / Asset Manager Rating Domicile Lipper Category Rating Prosperity Capital Management Russian Prosperity Fund Luxembourg Strong Luxembourg Equity Russia Jan-15 RB Capital Investimentos Ltda. RB Capital Investimentos Ltda. High Standards Brazil - Mar-15 Safra Group J. Safra Asset Management Ltda. Highest Standards Brazil - Nov-14 SCB Asset Management Co., Ltd SCB Asset Management Co., Ltd Highest Standards (tha) Thailand - Jul-15 Schroders PLC Schroder Investment Management Highest Standards United Kingdom - Mar-15 Sciens Fund of Funds Management Holdings Ltd Sciens Fund of Funds Management Holdings Ltd Good Standards Cayman Islands - Jul-15 Savills plc Savills Fund Management GmbH High Standards Germany - Oct-15 State Street Global Advisors SSgA Emerging Markets Select Equity Fund Strong Luxembourg Equity Emerging Mkts Global Mar-15 SSgA EMU Equity Fund Strong Luxembourg Equity EuroZone Mar-15 SSgA Fundamental Equity Europe Spotlight Fund Strong Luxembourg Equity Europe Mar-15 SSgA Fundamental Equity Eurozone Spotlight Fund Strong Luxembourg Equity Eurozone Mar-15 SSgA Fundamental Equity Global Spotlight Fund Strong Luxembourg Equity Global Mar-15 SSgA Global Managed Volatility Equity Fund Strong Luxembourg Equity Global Jul-15 State Street Emerging Asia Equity Fund Strong Luxembourg Equity Emerging Mkts Asia Mar-15 State Street Europe Small Cap Equity Fund Excellent Luxembourg Equity Europe Sm&Mid Cap Mar-15 State Street Flexible Asset Allocation Plus Fund Strong Luxembourg Absolute Return EUR Medium Dec-14 STK Capital Gestora de Recursos Ltda. STK Capital Gestora de Recursos Ltda. Good Standards Brazil - Jan-15 Sycomore Asset Management Sycomore Asset Management High Standards France - Sep-15 Sycomore Eurocap Strong France Equity EuroZone Oct-14 Sycomore Selection Responsable Good France Equity EuroZone Jun-15 Tikehau Investment Management Tikehau Credit Plus Strong France Bond EUR High Yield Feb-15 Tikehau Taux Variables Strong France Bond EUR Short Term Feb-15 UBS Global Asset Management UBS (Lux) Equity SICAV - USA Growth Strong Luxembourg Equity US Dec-14 Valoris Management Valoris Management High Standards (mar) Morocco - Jul-14 Vinci Equities Gestora de Recursos Ltda Vinci Equities Gestora de Recursos Ltda High Standards Brazil - Oct-14 Wafa Gestion Wafa Gestion Highest Standards (mar) Morocco - Jul-15 Yapi Kredi Portfoy Yonetimi A.S. Yapi Kredi Portfoy Yonetimi A.S. Highest Standards (tur) Turkey - May-15 Allianz Yasam Ve Emeklilik First Managed Group Pension Fund Strong Turkey Mixed Assets TRY Conservative Sep-14 Allianz Yasam Ve Emeklilik Managed Pension Fund Good Turkey Mixed Assets TRY Conservative Sep-14 Allianz Yasam ve Emeklilik Government Debt Instrument Group Pension Fund Good Turkey Bond TRY Sep-14 Yapi Kredi Bank Equity Fund Strong Turkey Equity Turkey May-15 Yapi Kredi Bank Fixed Income Private Banking Variable Growth Fund Good Turkey Mixed Asset TRY Conservative May-15 Yapi Kredi Invest Koc Group Affiliates Equity Fund Strong Turkey Equity Turkey May-15 Yapi Kredi Invest Long-Term Fixed Income Bonds and Bills Fund Good Turkey Bond TRY May-15