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

Rating downgraded

Newton International Bond – Downgraded

Rating downgraded

PIMCO Diversified Income – Downgraded

Rating downgraded

PIMCO Emerging Markets – Downgraded

Rating downgraded

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

Rating downgraded

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

Rating downgraded

Standard Life UK Equity High Income - Downgraded

Rating downgraded

Artemis Capital - Downgraded

Rating downgraded

Franklin UK Equity Income - Downgraded

Rating downgraded

Fidelity Special Situations - Downgraded

Rating downgraded

Jupiter UK Growth - Downgraded

Rating downgraded

Old Mutual UK Mid Cap - Downgraded

New Rating

Aviva Investors Multi-Strategy Target Income - New rating

Rating downgraded

Man GLG Japan CoreAlpha Professional - Downgraded

Rating downgraded

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

Rating downgraded

Henderson European Selected Opportunities - Downgraded

Rating downgraded

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

MedicX Fund - Downgraded

MedicX invests in modern purpose-built primary healthcare properties leased to doctors and the NHS/Health Safety & Environment, generating Government-funded, long-term secure cash flow.

The fund was downgraded to two stars in April 2012 due to worries about an uncovered dividend and a high Total Expense Ratio. The fund has underperformed its benchmark significantly since 2010. Dividend cover for 2015 was 63.3% and for 2014 was 53.6%. Average cost of debt is 4.45% and gearing is c.50%.

Due to poor performance, high gearing and an uncovered dividend, the fund has been downgraded from two stars to one star.

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.

The property market is illiquid and this can, in exceptional circumstances, lead to times in which clients are unable to dispose of part or all of their holding. Property valuations are made by independent agents but are ultimately subjective and a matter of judgement.