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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ETFS Physical Gold - 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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First State Global Resources - 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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Schroder Global Property Income Maximiser - Downgraded

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Schroder Global Property Securities - 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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Legal & General All Stock Gilt - New rating

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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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Standard Life Equity Income IT - New rating

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Schroder Global Property Income Maximiser - Downgraded

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Schroder Global Property Securities - Downgraded

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Unicorn UK income - New rating

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JO Hambro CM UK Dynamic - New rating

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Majedie UK Equity - New rating

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Unicorn UK Income - Rating suspended

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Woodford Equity Income

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JPM Europe Dynamic ex UK - New rating

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Woodford Equity Income - New rating

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JO Hambro CM UK Equity Income - New rating

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Ignis Absolute Return Government Bond - New rating

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F&C Macro Global Bond - Rating suspended

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L&G Dynamic Bond fund - Downgraded

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Legal & General bond funds - Rating suspended

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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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Renewables Infrastructure Group C-share (TRGC) - New rating

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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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Investec UK Alpha and UK Smaller Companies - Suspended

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BlackRock Commodities Income - Suspended

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F&C Global Real Estate Securities - New rating

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Schroder Global Property Securities - Downgraded

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SWIP Property Trust - Rating upgraded

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M&G Property Portfolio - Rating upgraded

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Henderson UK Property - Rating upgraded

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Schroder Global Property Income Maximiser - Downgraded

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Aviva Investors Property - Downgraded

This open-ended fund invests in physical UK property. It targets optimum returns via income and capital appreciation through investment in commercial property assets. The fund benefits from a large and dedicated commercial property team, who can exploit its large size, to enable it to acquire large, prime properties in all sectors of the UK property market. The portfolio is diversified across all the main property sub-sectors, and the fund may hold up to 20% of the portfolio in property shares.

It is normal practice for dual priced unit trusts such as this to move from offer basis to bid basis (and vice-versa) to reflect net flows into/out of the fund. The change in pricing basis is to safeguard the interests of the existing investors in the Trust. A price swing can be as much as 5.25%. The price of this fund is currently on the higher (offer) basis but has swung in the past without warning, which can lead to a loss in clients’ valuations. The former head of property at Aviva has left and moved to Kames and has now launched his own property fund.

Therefore whilst we remain confident that UK commercial property continues to look attractive in 2014 and beyond, we decided to move this fund to a one star SELL rating as we have higher conviction in other funds within this sector.

Different funds carry varying levels of risk depending on the geographical region and industry sector in which they invest. You should make yourself aware of these specific risks prior to investing. If you are unsure about the suitability of an investment or if you need advice on your specific requirements, we strongly suggest that you consider professional financial advice.

The value of investments, and the income derived from them, can go down as well as up and you can get back less than you originally invested. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.

Different funds carry varying levels of risk depending on the geographical region and industry sector in which they invest. You should make yourself aware of these specific risks prior to investing. Any yields quoted cannot be considered reliable indicators of future income.