Suspended

Fidelity American - Rating suspended

Rating upgraded

Trojan Fund - Rating upgraded

Rating upgraded

Newton Global Higher Income - Rating upgraded

Suspended

Newton Higher Income

Suspended

Jupiter Income and Jupiter High Income funds - Rating suspended

Suspended

Threadneedle European Smaller Companies - Rating suspended

New Rating

Baronsmead VCT linked offer - New rating

Rating downgraded

Aberforth UK Small Companies - Downgraded

New Rating

Fidelity UK Smaller Companies - New rating

Rating downgraded

Old Mutual UK Select Smaller Companies - Downgraded

New Rating

Liontrust Special Situations - New rating

Suspended

JPM Japan fund - Rating suspended

New Rating

TR Property Sigma - New rating

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UBS US Growth - Rating suspended

New Rating

Twentyfour Dynamic Bond - New rating

New Rating

Battle Against Cancer Investment Trust ("BACIT") - New rating

Rating downgraded

Investec Global Free Enterprise - Downgraded

Rating downgraded

Skandia Global Best Ideas - Downgraded

Rating downgraded

Fidelity International - Downgraded

New launch

Jupiter Merlin Conservative Portfolio

New Rating

GCP Infrastructure - New rating

New Rating

Henderson Asia Pacific Capital Growth - New rating

New Rating

Allianz BRIC Stars - New rating

New Rating

Legg Mason UK Equity - New rating

New Rating

Artemis Capital - New rating

New Rating

JPM UK Dynamic - New rating

Rating downgraded

Henderson UK Alpha - Downgraded

New Rating

Neptune US Opportunities - New rating

New Rating

Fidelity American - New rating

New Rating

Fidelity Strategic Bond - New rating

New Rating

Henderson European Focus - New rating

New launch

Artemis Monthly Distribution

New launch

Schroder Managed Monthly High Income

Rating downgraded

Neptune European Opportunities - Downgraded

Rating downgraded

M&G Global Leaders - Downgraded

Rating downgraded

M&G American - Downgraded

Rating downgraded

Martin Currie North America - Downgraded

New Rating

UBS US Growth - New rating

Rating downgraded

Invesco Perpetual Tactical and Corporate bond Funds - Downgraded

Rating downgraded

City Merchants High Yield - Downgraded

Rating downgraded

Artemis UK Special Situations - Downgraded

Rating downgraded

M&G Recovery - Downgraded

Rating downgraded

Cazenove UK Growth and Income - Downgraded

Suspended

AXA Framlington UK Smaller Companies - Rating suspended

New Rating

Threadneedle European Select - New rating

New Rating

Schroder Tokyo - New rating

Rating downgraded

Atlantis Japan - Downgraded

Rating downgraded

Martin Currie Japan - Downgraded

Rating downgraded

Legal & General US Index - Downgraded

New Rating

Schroder UK Alpha Plus - New rating

New Rating

Fidelity MoneyBuilder Dividend - New rating

Rating downgraded

Schroder Income Maximiser - Downgraded

Rating downgraded

Fidelity Special Situations and Fidelity Special Values - Downgraded

Rating downgraded

M&G Property Portfolio - Downgraded

Rating downgraded

SWIP Property Trust - Downgraded

Rating downgraded

Henderson UK Property - Downgraded

New Rating

Schroder Asian Alpha Plus - New rating

New launch

Schroders Strategic Bond Fund

New launch

Fidelity Global High Yield Bond

New launch

Schroders Small Cap Discovery fund

Rating downgraded

Aberdeen Emerging Markets - Downgraded

Rating downgraded

Blackrock UK Absolute Alpha – Downgraded

New Rating

Standard Life European Income - New rating

Rating downgraded

Ignis European Income Fund - Downgraded

New Rating

Threadneedle UK Absolute Alpha - New rating

New launch

Fidelity Global Dividend

New Rating

SWIP Property Trust -Rating unchanged

Suspended

Baring Global Bond - Rating suspended

Rating downgraded

Standard Life UK Equity High Income - Downgraded

New launch

Invesco Perpetual Global Financial Capital Fund

New launch

Standard Life Global Smaller Companies

New launch

Baronsmead VCTs

New launch

Foresight VCT and VCT 2 Infrastructure Shares

Rating downgraded

Cazenove European - Downgraded

New Rating

Pictet Environment Megatrend Selection - New rating

New Rating

Liontrust Special Situations - New rating

Liontrust Special Situations Fund is a focused portfolio of best ideas drawn from the Liontrust UK Smaller Companies and UK Growth funds. The fund is co-managed by Anthony Cross and Julian Fosh, who each have over 20 years’ experience managing UK equities.

Their investment process is bottom up driven with an emphasis on sustainable business models - generally these are more dependable companies with less cyclicality. As a result of their investment discipline some industry sectors such as banking, retailing and mining tend not to be represented.

Historical performance has been strong, driven by astute stock selection - more recently the fund has also been a beneficiary of the market’s focus on ‘quality growth’ companies. Whilst assets under management have increased reflecting the success of the fund, we believe these are still manageable. Clients should be aware that this is a dual priced unit trust with a bid offer spread, so on investing they will experience a small drop in the value of their investment (currently around 1.3%). The fund is awarded a 5 star rating.

Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.

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. Prevailing tax rates and reliefs are dependent on your individual circumstances and are subject to change.