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

Rating downgraded

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

L&G Dynamic Bond fund - Downgraded

Since the departure of Richard Hodges was announced in April we have had the opportunity to meet with Martin Reeves, who has been appointed the new manager on the L&G Dynamic Bond fund. Reeves is Head of High Yield Bonds at L&G and currently manages their High Income Trust, a dedicated high yield corporate bond mandate. As we previously mentioned Reeves has experience managing strategic bond mandates at his previous employer, AllianceBernstein. Under Reeves’s leadership, the Dynamic Bond Fund will continue to be managed in the same conservative (relative to peer group) investment style, although we expect to see more input from the broader L&G Fixed Income team. As a result we are prepared to back the new management to deliver the same performance attributes, although we have given the fund a lower 2 star hold rating. This comes at a time when the collapse in bond yields has reduced the opportunities available to managers to add significant value - going forward we believe the asset class is unlikely to be a driver of material positive returns, more a moderator of volatility.

The value of investments can go down as well as up, and you can get back less than you originally invested. Funds may carry different levels of risk depending on the industry sector(s) in which they invest. You should ensure that you understand the nature of any fund before you invest in it. Current or past yield figures provided should not be considered a reliable indicator of future performance.