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

New Rating

Unicorn UK income - New rating

Following the announcement of the death of John McClure in June we have since met with his co-managers on the fund, Simon Moon and Fraser Mackersie. Whilst Moon and Mackersie were formally appointed as co-managers as recently as January 2014, they had been working closely with McClure on the UK Income Fund and other Unicorn smaller company mandates for many years and have already met senior company management on all the UK Income portfolio’s underlying holdings. As well as undergoing a thorough indoctrination into the McClure investment philosophy since joining Unicorn in 2008, both managers have cut their teeth on their own respective Unicorn mandates. There will be no changes to the investment style, nor the investment process behind this fund. Paul Harwood, Unicorn’s Investment Committee Chairman and Chris Hutchinson, senior portfolio manager, will continue to retain oversight of the fund through the investment committee which convenes twice a month. The fund is reinstated on our buy list with a 3 star rating.

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.