Rating downgraded

Legal & General Dynamic Bond – Downgraded

Rating downgraded

Artemis Strategic Bond – Downgraded

Rating downgraded

Fidelity Global Inflation Linked Bond – Downgraded

Rating downgraded

Goldman Sachs High Yield Portfolio – Downgraded

Rating downgraded

Invesco Perpetual High Yield – Downgraded

Rating downgraded

Invesco Sterling Bond – Downgraded

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Newton International Bond – Downgraded

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PIMCO Diversified Income – Downgraded

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PIMCO Emerging Markets – Downgraded

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Royal London Duration Hedged Credit – Downgraded

Rating downgraded

Templeton Global Bond – Downgraded

Rating downgraded

Legg Mason IF Royce US Smaller Companies - Downgraded

Rating downgraded

GAM Star GAMCO - Downgraded

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GAM International Growth & Value - Downgraded

Rating downgraded

M&G Global Leaders - Downgraded

Rating downgraded

Artemis Global Growth - Downgraded

Rating downgraded

Aberdeen Global World Equity/Aberdeen World Equity - Downgraded

Rating downgraded

CF Odey Opus - Downgraded

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Standard Life UK Equity High Income - Downgraded

Rating downgraded

Artemis Capital - Downgraded

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Franklin UK Equity Income - Downgraded

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Fidelity Special Situations - Downgraded

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Jupiter UK Growth - Downgraded

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Old Mutual UK Mid Cap - Downgraded

New Rating

Aviva Investors Multi-Strategy Target Income - New rating

Rating downgraded

Man GLG Japan CoreAlpha Professional - Downgraded

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AXA Framlington UK Smaller Companies - Downgraded

Suspended

AXA Framlington UK Smaller Companies - Rating suspended

New Rating

Evenlode Income - New rating

New Rating

Lazard Global Listed Infrastructure Equity - New rating

Rating downgraded

MedicX Fund - Downgraded

Rating downgraded

Fidelity UK Smaller Companies - Downgraded

New Rating

Henderson UK & Irish UK Smaller Companies - New Rating

Rating upgraded

Newton Global Income - Upgraded

Rating downgraded

Alliance Trust - Downgraded

New Rating

Fidelity Global Dividend - New rating

Rating downgraded

Newton Asian Income - Downgraded

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Henderson European Selected Opportunities - Downgraded

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Schroder European Alpha Plus - Downgraded

Rating downgraded

AXA distribution – Rating suspended

New Rating

Trojan Income - New rating

New launch

Jupiter Asian Income

New Rating

Jupiter Asian Income - New rating

Rating upgraded

First State Greater China Growth - Upgraded

New Rating

Guinness Global Energy - New rating

New Rating

SSGA SPDR Barclays US Treasury Bond ETF GBP - New rating

New Rating

Vanguard US Government Bond Index GBP Hedged - New rating

Rating downgraded

Jupiter Merlin Growth Portfolio - Downgraded

Rating downgraded

Jupiter Merlin Worldwide Portfolio - Downgraded

Rating downgraded

BlueCrest AllBlue - Downgraded

Rating downgraded

Invesco Sterling Bond – Downgraded

We recently withdrew research coverage on a number of fixed income funds, in order to focus on alternative investment ideas that we have greater conviction in from the asset class.

We have greater conviction in a number of fixed income funds, including Invesco Perpetual Corporate Bond, Fidelity MoneyBuilder Income and TwentyFour Corporate Bond.

Bonds issued by major governments and companies will be more stable than those issued by emerging markets or smaller corporate issuers; in the event of an issuer experiencing financial difficulty, there may be a risk to some or all of the capital invested. Please note that historical or current yields should not be considered reliable indicators of future performance.