Rating downgraded

Legal & General Dynamic Bond – Downgraded

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Artemis Strategic Bond – Downgraded

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Fidelity Global Inflation Linked Bond – Downgraded

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Goldman Sachs High Yield Portfolio – Downgraded

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Invesco Perpetual High Yield – Downgraded

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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

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Templeton Global Bond – Downgraded

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Legg Mason IF Royce US Smaller Companies - Downgraded

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GAM Star GAMCO - Downgraded

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GAM International Growth & Value - Downgraded

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M&G Global Leaders - Downgraded

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Artemis Global Growth - Downgraded

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Aberdeen Global World Equity/Aberdeen World Equity - Downgraded

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CF Odey Opus - Downgraded

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Standard Life UK Equity High Income - Downgraded

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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

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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

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Lazard Global Listed Infrastructure Equity - New rating

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MedicX Fund - Downgraded

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Fidelity UK Smaller Companies - Downgraded

New Rating

Henderson UK & Irish UK Smaller Companies - New Rating

Rating upgraded

Newton Global Income - Upgraded

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Alliance Trust - Downgraded

New Rating

Fidelity Global Dividend - New rating

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Newton Asian Income - Downgraded

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Henderson European Selected Opportunities - Downgraded

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Schroder European Alpha Plus - Downgraded

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AXA distribution – Rating suspended

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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

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Jupiter Merlin Worldwide Portfolio - Downgraded

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BlueCrest AllBlue - Downgraded

New Rating

Lazard Global Listed Infrastructure Equity - New rating

The Lazard Global Listed Infrastructure Equity fund, although there are no guarantees, seeks to achieve total returns that outperform inflation (US CPI) by 5.0% per annum over rolling five-year periods. Not all infrastructure companies are equal or carry the same risks. The fund targets ‘preferred infrastructure’, which is defined as companies with monopolistic market structure, regulated and inflation-linked revenues, low demand volatility and reduced risk of capital loss. The managers also exclude commodity and power price exposure from the portfolio.

The fund invests in infrastructure equities listed on stock markets, which have a correlation of 0.75 to the wider global equity index. The managers also exclude commodity and power price exposure from the portfolio. The management team is experienced in both the infrastructure and utilities investment sectors.

There are some limits placed on the portfolio but these could result in significant divergences from the benchmark from time to time.

The fund has been given a three-star rating and will feature on our top-rated funds list – our research team’s premier selection.

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. This does not constitute personal advice. If you are in doubt as to the suitability of an investment please contact one of our advisers. Past performance is not a guide to future performance. 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. 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.