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

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Artemis European Growth

Rating downgraded

Invesco Perpetual European Equity - Downgraded

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GAM UK Diversified - Downgraded

Rating downgraded

Investec European - Downgraded

Rating downgraded

Rensburg UK Select Growth - Downgraded

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Fidelity European - Downgraded

Rating downgraded

Ignis European Income - Downgraded

Rating downgraded

BlackRock UK Dynamic Downgraded

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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

First State Indian Subcontinent - New Rating

The First State Indian Subcontinent Fund invests primarily in the Indian stock market, but also those of Pakistan, Sri Lanka and Bangladesh. This fund was previously on the buy list until July 2008, when it was removed due to the fund’s manager departing First State.

We have since been monitoring the fund’s progress under its latest manager David Gait. He has now managed the fund for over 2.5 years and has delivered strong returns. Like his predecessor, Gait focuses primarily on quality companies where his objective is long term capital growth, although he is also concerned with capital preservation.

Please note that the Indian, as well as the other markets the fund invests in have additional risks in terms of politics, corporate governance etc. Therefore, the fund is likely to be subject to large fluctuations, however, we believe that the Indian subcontinent is an attractive long term investment.

The fund has been awarded four stars.