Rating upgraded

JO Hambro CM UK Dynamic - Rating upgraded

Rating downgraded

BlackRock UK Special Situations - Downgraded

Rating downgraded

JPM US - Downgraded

Rating downgraded

M&G American - Downgraded

Rating downgraded

GAM Star GAMCO US Equity - Downgraded

Suspended

Findlay Park American - Rating suspended

New Rating

Cullen North American High Dividend Value - New rating

New Rating

Dodge & Cox Worldwide US Stock - New rating

New Rating

Invesco Perpetual Global Targeted Returns - New rating

Suspended

Henderson European Selected Opportunities - Rating suspended

Rating downgraded

Henderson UK Property - Downgraded

Rating downgraded

Starwood European Real Estate Finance (SWEF) - Downgraded

Rating downgraded

TR Property IT (TRY) - Downgraded

Rating downgraded

Premier Pan European Property Share - Downgraded

New Rating

UK Commercial property trust - New rating

Rating downgraded

Aviva Investors Property - Downgraded

Rating downgraded

Investec Enhanced Natural Resources - Downgraded

Rating downgraded

Gold Bullion Securities - Downgraded

Rating downgraded

ETFS Physical Gold - Downgraded

Rating downgraded

BlackRock World Mining Investment Trust - Downgraded

Rating downgraded

City Natural Resources High Yield Investment Trust - Downgraded

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First State Global Resources - Downgraded

Rating downgraded

BlackRock Gold & General - Downgraded

Rating downgraded

Threadneedle Enhanced Commodities - Downgraded

Rating downgraded

Fulcrum Commodity - Downgraded

Rating downgraded

JPM Natural Resources - Downgraded

Suspended

LXB Retail Properties - Rating suspended

Rating downgraded

Schroder Global Real Estate Securities (SGRE) - Downgraded

Rating downgraded

Schroder Global Property Income Maximiser - Downgraded

Rating downgraded

Schroder Global Property Securities - Downgraded

Rating downgraded

Legg Mason US Smaller Companies - Downgraded

Suspended

Legg Mason US Smaller Companies - Rating suspended

New Rating

Legal & General All Stock Gilt - New rating

Suspended

Ignis Absolute Return Government Bond - Rating suspended

Rating downgraded

M&G Recovery - Downgraded

Rating upgraded

F&C UK Real Estate Investments (FCRE) - Rating upgraded

New Rating

Kames Property Income - New rating

Suspended

Ediston Property (EPIC) - Rating suspended

Suspended

Veritas Global Equity Income - Rating suspended

New Rating

Ediston Property - New rating

New Rating

Standard Life Equity Income IT - New rating

Rating downgraded

Schroder Global Property Income Maximiser - Downgraded

Rating downgraded

Schroder Global Property Securities - Downgraded

New Rating

Unicorn UK income - New rating

New Rating

JO Hambro CM UK Dynamic - New rating

New Rating

Majedie UK Equity - New rating

Suspended

Unicorn UK Income - Rating suspended

New launch

Woodford Equity Income

New Rating

JPM Europe Dynamic ex UK - New rating

New Rating

Woodford Equity Income - New rating

New Rating

JO Hambro CM UK Equity Income - New rating

New Rating

Ignis Absolute Return Government Bond - New rating

Suspended

F&C Macro Global Bond - Rating suspended

Rating downgraded

L&G Dynamic Bond fund - Downgraded

Suspended

Legal & General bond funds - Rating suspended

New launch

John Laing Environmental Assets Group (JLEN)

New Rating

GAM Star Technology - New rating

Suspended

Newton Higher Income Fund - Rating suspended

New launch

Renewables Infrastructure Group C-share (TRGC)

New Rating

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

New Rating

John Laing Environmental Assets Group (JLEN) - New rating

New launch

TwentyFour Select Monthly Income (LSE:SMIF)

Rating upgraded

Standard Life UK Equity Income Unconstrained - Rating upgraded

Rating downgraded

Artemis Income - Downgraded

New Rating

TwentyFour Select Monthly Income (LSE:SMIF) - New rating

New Rating

GCP Infrastructure C-shares - New rating

New Rating

iShares £ Corporate Bond 1 to 5 years - New rating

Suspended

3i Infrastructure (3IN) - Rating suspended

Suspended

Schroder UK Core - Rating suspended

New Rating

HSBC FTSE 250 Index - New rating

New Rating

Morgan Stanley Diversified Alpha Plus - New rating

New Rating

Edinburgh Investment Trust - New rating

Rating downgraded

Redefine International (RDI) - Downgraded

Suspended

Investec UK Alpha and UK Smaller Companies - Suspended

Suspended

BlackRock Commodities Income - Suspended

New Rating

F&C Global Real Estate Securities - New rating

Rating downgraded

Schroder Global Property Securities - Downgraded

Rating upgraded

SWIP Property Trust - Rating upgraded

Rating upgraded

M&G Property Portfolio - Rating upgraded

Rating upgraded

Henderson UK Property - Rating upgraded

Rating downgraded

Schroder Global Property Income Maximiser - Downgraded

Rating downgraded

Legg Mason US Smaller Companies - Downgraded

Management of this fund is outsourced to Royce & Associates. Whitney George, former co-CIO of Royce and deputy manager of the Legg Mason US Smaller Companies, is to leave the firm in the first quarter of 2015. He will be taking the management of two listed closed-ended funds with him, totaling US$250 million. We suspended the rating on this fund when George’s departure was announced, pending an update from the company.

The sole fund manager is now Lauren Romeo. She has been involved with the fund since it was launched in 2004, initially as an analyst, she then became co-manager in 2007 and lead manager in 2011. She thus has continuity on the fund for 10 years and she knows the stocks in her portfolio in detail. She runs U$1.5 billion in the same quality small-cap mandate as this fund and Royce as a whole runs $10 billion.

We have been impressed with manager Romeo over the years and we have re-instated a positive rating. However, to reflect the changes at the senior operational level within the management group at Royce we have reduced the rating on this fund from five to three stars. The fund remains on our Premier Selection list of funds.

Investment trusts are similar to funds in that they provide a means of pooling your money but they are publicly listed companies whose shares are traded on the London Stock Exchange. The price of their shares will fluctuate according to investor demand and changes in the value of their underlying assets.