Rating downgraded

Specialist First State Funds - Downgraded

New launch

Neptune launches China Max Alpha fund

New launch

Neptune Global Long/Short Sector fund

New launch

Legg Mason US Equity Income

New launch

Acuim UK Multi Cap Income Fund

New launch

JO Hambro CM Asia ex Japan

New launch

JO Hambro CM Asia ex Japan Small and Mid Cap

Rating upgraded

Legg Mason Global Credit Absolute Return - Upgraded

New launch

GAM Star Emerging Asia Equity

New launch

MFM Slater Income

Rating downgraded

Fidelity European Opportunities - Downgraded

Rating downgraded

Rensburg UK Blue Chip Growth - Downgraded

New Rating

City Natural Resources High Yield IT - New Rating

New Rating

HSBC American Index - New Rating

Suspended

Legal and General High Income Trust - Rating suspended

New Rating

Muzinich Short Duration High Yield and Enhanced Yield Funds

Rating downgraded

AXA Short Duration High Yield - Downgraded

Rating downgraded

Schroder US Mid Cap - Downgraded

Suspended

Royal London Japan Growth - Rating Suspended

New Rating

First State Indian Subcontinent - New Rating

Rating downgraded

BlackRock European Dynamic - Upgraded

Rating downgraded

BlackRock UK Dynamic - Downgraded

New Rating

Schroder Global Property Income Maximiser - New Rating

Rating downgraded

Artemis European Growth

Rating downgraded

Invesco Perpetual European Equity - Downgraded

Rating downgraded

GAM UK Diversified - Downgraded

Rating downgraded

Investec European - Downgraded

Rating downgraded

Rensburg UK Select Growth - Downgraded

Rating downgraded

Fidelity European - Downgraded

Rating downgraded

Ignis European Income - Downgraded

Rating downgraded

BlackRock UK Dynamic Downgraded

Rating downgraded

Newton Asian Income awarded 4 stars

Rating downgraded

Henderson Asian Dividend Income Downgraded to 3 stars

New Rating

Invesco Perpetual European Equity - Downgraded

Rating downgraded

iShares S&P 500 Downgraded to 3 Star Rating

Rating downgraded

Land Securities - Downgraded

New Rating

Templeton Frontier Markets - New Rating

Rating downgraded

Jupiter Financial Opportunities - Downgraded

Rating upgraded

Fidelity South East Asia - Upgraded

New Rating

IFSL Barclays Defined Returns Autocall Fund - New Rating

New Rating

M&G UK Inflation Linked Corporate Bond - New Rating

New Rating

City Natural Resources High Yield IT - New Rating

City Natural Resources High Yield invests globally in small cap resource companies. It has been managed by Will Smith since October 2010 although he worked alongside former manager Richard Lockwood from 2008. Lockwood ran the fund on his own from 2003 and remains on the trust’s board.

The fund’s quarterly dividend, which last year amounted to 3.71p (currently 1.2% of NAV), has grown every year since it began paying a regular dividend in 2004. The dividend is fully covered. However, partly due to the NAV growth of the fund, this should not be considered a high-yield fund.

Over the long term we believe that demographic changes in Asia and increasing levels of industrialisation globally will drive commodity prices up, although we recognise that commodities have risen substantially across the board in recent years. The fund aims to invest in companies with high grade deposits and exploration stocks.

We accept that the fund carries a high level of volatility and, in particular, stock-specific risk. However, the portfolio has 180 stocks which helps to reduce this. The performance of the fund under Smith’s management has been strong. Smith boasts an MRI of 92.1%, which is high for a commodities manager given the volatility of the sector.

We have awarded the trust three stars making it one of 12 commodities investment trusts to share such a rating. There are five other trusts which enjoy a higher rating.