Rating upgraded

JO Hambro CM UK Dynamic - Rating upgraded

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BlackRock UK Special Situations - Downgraded

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JPM US - Downgraded

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M&G American - Downgraded

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GAM Star GAMCO US Equity - Downgraded

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Findlay Park American - Rating suspended

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Cullen North American High Dividend Value - New rating

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Dodge & Cox Worldwide US Stock - New rating

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Invesco Perpetual Global Targeted Returns - New rating

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Henderson European Selected Opportunities - Rating suspended

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Henderson UK Property - Downgraded

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Starwood European Real Estate Finance (SWEF) - Downgraded

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TR Property IT (TRY) - Downgraded

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Premier Pan European Property Share - Downgraded

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UK Commercial property trust - New rating

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Aviva Investors Property - Downgraded

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Investec Enhanced Natural Resources - Downgraded

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Gold Bullion Securities - Downgraded

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BlackRock World Mining Investment Trust - Downgraded

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City Natural Resources High Yield Investment Trust - Downgraded

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BlackRock Gold & General - Downgraded

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Threadneedle Enhanced Commodities - Downgraded

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Fulcrum Commodity - Downgraded

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JPM Natural Resources - Downgraded

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LXB Retail Properties - Rating suspended

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Schroder Global Real Estate Securities (SGRE) - Downgraded

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Legg Mason US Smaller Companies - Downgraded

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Legg Mason US Smaller Companies - Rating suspended

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Ignis Absolute Return Government Bond - Rating suspended

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M&G Recovery - Downgraded

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F&C UK Real Estate Investments (FCRE) - Rating upgraded

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Kames Property Income - New rating

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Ediston Property (EPIC) - Rating suspended

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Veritas Global Equity Income - Rating suspended

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Ediston Property - New rating

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Majedie UK Equity - New rating

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Woodford Equity Income

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JPM Europe Dynamic ex UK - New rating

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John Laing Environmental Assets Group (JLEN)

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GAM Star Technology - New rating

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Newton Higher Income Fund - Rating suspended

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Renewables Infrastructure Group C-share (TRGC)

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John Laing Environmental Assets Group (JLEN) - New rating

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TwentyFour Select Monthly Income (LSE:SMIF)

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Standard Life UK Equity Income Unconstrained - Rating upgraded

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Artemis Income - Downgraded

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TwentyFour Select Monthly Income (LSE:SMIF) - New rating

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GCP Infrastructure C-shares - New rating

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iShares £ Corporate Bond 1 to 5 years - New rating

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3i Infrastructure (3IN) - Rating suspended

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Schroder UK Core - Rating suspended

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HSBC FTSE 250 Index - New rating

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Morgan Stanley Diversified Alpha Plus - New rating

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Edinburgh Investment Trust - New rating

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Redefine International (RDI) - Downgraded

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BlackRock Commodities Income - Suspended

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SWIP Property Trust - Rating upgraded

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Schroder Global Property Income Maximiser - Downgraded

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3i Infrastructure (3IN) - Rating suspended

Cressida Hogg has announced her intention to leave the 3i Group at the end of March. She has worked at 3i for more than 18 years during which time she co-founded 3i’s infrastructure business in 2005 and became its Managing Partner in 2009. After her departure greater responsibility will be given to three existing members of the team that currently manages 3i Infrastructure.

Hogg was responsible for managing the investment advisory team and for all aspects of 3i Group’s infrastructure investment business, including investment appraisal, portfolio management and investor relations activities. She also had a board position at AWG, the investment company’s largest investment.

Her role was clearly significant for 3i Infrastructure and we doubt that her considerable experience will be easily matched by the proposed internal promotions. We have suspended our two-star rating pending more detailed understanding of the new management structure and of individual team members’ skills.

Historical or current yields quoted should not be considered an indication of future returns. The value of investments, and the income derived from them, can go down as well as up and you may get back less than you originally invested. Due to their nature, specialist funds can be subject to specific sector risks. Investors should ensure they read all relevant information in order to understand the nature of such investments and the specific risks involved. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.