New Rating

TM Hearthstone UK Residential Fund - New rating

Rating downgraded

Newton Global Income - Downgraded

New Rating

Fundsmith Equity - New rating

New Rating

CC Japan Income & Growth Trust (CCJI) - New rating

New Rating

Legg Mason IF Japan Equity - New rating

New Rating

Old Mutual North American Equity - New rating

New Rating

AXA Framlington Japan - New rating

New Rating

T Rowe Price US Smaller Companies Equity - New rating

Suspended

City Natural Resources High Yield Trust - Rating suspended

New Rating

Vanguard FTSE Developed Europe ex-UK Equity Index - New rating

New Rating

Vanguard FTSE Developed World ex-UK Equity Index - New rating

New Rating

Vanguard FTSE UK Equity Income Index - New rating

New Rating

Vanguard UK Government Bond Index - New rating

New Rating

Vanguard UK Inflation-Linked Gilt Index - New rating

New Rating

Vanguard US Equity Index - New rating

New Rating

Fidelity Index Pacific ex Japan - New rating

New Rating

Fidelity Index Japan - New rating

New Rating

Fidelity Index Emerging Markets - New rating

New Rating

Insight Strategic Bond - New rating

New Rating

Henderson Fixed Interest Monthly Income - New rating

New Rating

Fulcrum Diversified Core Absolute Return - New rating

New Rating

JPM Multi-Asset Macro - New rating

New Rating

F&C Responsible Global Equity - New rating

Rating downgraded

Aberdeen Ethical World Equity - Downgraded

New Rating

Standard Life Investments Property Income Trust - New rating

New Rating

ETFS Physical Gold GBP - New Rating

Rating upgraded

BlackRock Gold & General - Upgraded

New Rating

JPM Emerging Markets Income - New rating

New Rating

Loomis Sayles US Equity Leaders - New Rating

New Rating

Old Mutual Global Equity - New rating

New Rating

Jo Hambro CM Global Opportunities - New rating

New Rating

Fidelity Global Enhanced Income - New rating

New Rating

Ardevora Global Long Only Equity - New rating

Rating downgraded

British Empire IT - Downgraded

New Rating

F&C Real Estate Securities - New rating

Rating downgraded

Morgan Stanley Diversified Alpha Plus - Downgraded

New Rating

Ardevora UK Income - New rating

New Rating

Old Mutual UK Equity Income - New rating

New Rating

Newton Global Emerging Markets W - New rating

New Rating

RobecoSAM Smart Materials Fund - New rating

Rating downgraded

Blackrock World Mining Trust - Downgraded

Rating downgraded

Aberdeen Global Indian Equity - Downgraded

Rating downgraded

Aberdeen Asian Income Fund - Downgraded

Rating downgraded

Aberdeen Global Asian Smaller Companies - Downgraded

Rating downgraded

Aberdeen Asian Smaller Companies IT - Downgraded

Rating downgraded

Edinburgh Dragon IT - Downgraded

Rating downgraded

Aberdeen New Dawn IT - Downgraded

Rating downgraded

Aberdeen Asia Pacific & Japan Equity - Downgraded

Rating downgraded

Aberdeen Asia Pacific Equity - Downgraded

Rating downgraded

Aberdeen Global Asia Pacific Equity - Downgraded

New launch

P2P Global Investments C-share issue

Rating downgraded

Murray International - Downgraded

Rating downgraded

Aberdeen World Equity Income - Downgraded

Rating downgraded

Aberdeen World Equity - Downgraded

Rating upgraded

Artemis Global Income - Rating upgraded

New Rating

Threadneedle Dynamic Real Return - New rating

Suspended

BlackRock UK Special Situations - Rating suspended

Rating downgraded

Templeton Emerging Markets Trust (TEM) - Downgraded

Rating downgraded

iShares S&P SmallCap 600 UCITS ETF - New rating

New Rating

SSGA SPDR Barclays 1-5 year Gilt UCITS ETF - New rating

Rating downgraded

Standard Life UK Smaller Companies IT - Downgraded

Rating downgraded

Standard Life UK Smaller Companies - Downgraded

Rating downgraded

Schroder UK 250 Mid Cap - Downgraded

Rating downgraded

Montanaro UK Smaller Companies - Downgraded

Rating downgraded

Artemis UK Smaller Companies - Downgraded

Rating downgraded

Old Mutual UK Smaller Companies - Downgraded

Rating upgraded

Franklin UK Smaller Companies - Rating upgraded

Rating downgraded

Newton Asian Income - Downgraded

New Rating

F&C UK Property fund - New rating

Rating downgraded

Lazard Emerging Markets - Downgraded

New Rating

Fidelity Emerging Markets - New rating

New Rating

F&C European Small Cap ex UK Fund - New rating

Rating downgraded

Templeton Emerging Markets Investment Trust - Downgraded

New Rating

Fidelity UK Smaller Companies - New rating

New Rating

AXA Framlington UK Smaller Companies - New rating

New Rating

Tritax Big Box - New rating

New Rating

Woodford Patient Capital Trust - New rating

New Rating

Artemis Global Income - New rating

New Rating

Empiric Student Property - New rating

Rating downgraded

TM Sanditon European fund - New rating

Suspended

UK Commercial Property Trust - Rating suspended

Rating downgraded

BlueCrest BlueTrend (BBTS) - Downgraded

Rating downgraded

Montanaro UK Smaller Companies - Downgraded

The new manager, Anna Lunden, replaced David Lindley in October 2014. She previously managed a European smaller companies fund between 2006 and 2011. Due to the team-based approach at Montanaro, there were no major changes to the investment process or the investment style. The portfolio remains invested primarily in UK-listed smaller companies with a focus on businesses with market capitalisation of between £100m and £2.5bn. The investment universe excludes AIM listed stocks and any unlisted investments, with the portfolio holding between 55-80 quality growth stocks. Given no direct experience in the UK smaller companies sector per se, we would need the new manager to establish a minimum performance track record prior to considering the trust for a higher rating.