New Rating

Premier Pan European Property Share - New rating

Suspended

Edinburgh Worldwide - Rating suspended

New launch

F&C Global Real Estate Securities

New Rating

Henderson Asia Pacific Capital Growth - New rating

New Rating

Artemis European Opportunities - New rating

New Rating

Standard Life UK Equity Income Unconstrained - New rating

Rating downgraded

M&G Recovery - Downgraded

New Rating

Franklin UK Smaller Companies - New rating

New Rating

Investec UK Alpha - New rating

Rating upgraded

Jupiter Absolute Return - Rating upgraded

New Rating

Invesco PowerShares FTSE RAFI US 1000 - New rating

Rating downgraded

Invesco Perpetual Income and High Income - Downgraded

New Rating

Battle Against Cancer Investment Trust - New rating

New Rating

Foresight Solar Fund - New rating

New launch

Lindsell train global equity

New Rating

Aviva Investors US Equity Income Fund 2 - New rating

Rating downgraded

Aviva Investors US Equity Income - Downgraded

Rating downgraded

RENN Universal Growth - Downgraded

New launch

Fidelity global enhanced income

Rating downgraded

iShares S&P 500 ETF (Inc) - Downgraded

New Rating

Vanguard S&P 500 ETF - New rating

Suspended

Martin Currie North America - Rating suspended

Suspended

iShares S&P 500 ETF (Inc) - Rating suspended

New launch

Invesco perpetual global targeted returns

New Rating

Lazard Emerging Markets - New rating

New Rating

Old Mutual UK Alpha - New rating

New Rating

Cazenove UK Equity Income - New rating

Rating downgraded

Old Mutual UK Dynamic Equity - Downgraded

Rating downgraded

Franklin Mid Cap Fund - Downgraded

New Rating

AXA Framlington UK Mid Cap - New rating

New Rating

The Renewables Infrastructure Group (TRIG) - New rating

New Rating

BlackRock Frontiers Investment Trust - New rating

New Rating

Bluefield Solar Income - New rating

New Rating

GAM Star GAMCO US Equity - New rating

Rating upgraded

AXA US Short Duration High Yield - Rating upgraded

Rating downgraded

Jupiter Absolute Return - Downgraded

New Rating

Polar Capital Global Financials Trust - New rating

Suspended

Cazenove European - Rating suspended

New launch

Jupiter Global Equity Income

New Rating

Henderson European Focus - New rating

New Rating

Baring Europe Select - New rating

Rating downgraded

Neptune European Opportunities - Downgraded

Rating downgraded

JPM European Smaller Companies - Downgraded

New Rating

Morant Wright Nippon Yield - New rating

Rating downgraded

Blackrock UK Income - Downgraded

Rating downgraded

Fidelity UK Smaller Companies - Downgraded

Suspended

BlackRock UK Dynamic and UK Absolute Alpha - Rating suspended

New Rating

Greencoat UK Wind Investment Trust - New rating

Suspended

Schroder UK Alpha Plus and Schroder UK Growth IT - Rating suspended

New launch

TwentyFour Income fund

New Rating

Doric Nimrod Air Two - New rating

Rating downgraded

Aberdeen Emerging Markets - Rating downgraded

New Rating

Henderson Asian Growth Investment Trust - New rating

New Rating

Newton Higher Income - New rating

New Rating

Blackrock UK Income - New rating

New Rating

Threadneedle European Smaller Companies - New rating

New launch

JO Hambro CM Global Opportunities

Rating downgraded

RENN Universal Growth - Downgraded

This London-listed investment trust is advised by RENN Capital Group, based in Texas. The investment style is value, targeting microcap emerging growth companies. From April 2013 this fund is now in the process of winding up, which may take 2 years, with initial repayments from 1Q 2014. Cash will be returned to investors over time. Total assets are now less than £60m and the portfolio has only 9 investments. One third is invested in Anchor Free, the world's only free ad-supported virtual private network enabling users to access all internet content anonymously and securely from any location in the world.

We recommend that existing investors should HOLD, awaiting the cash repayments.

We have downgraded this from three stars to a two-star HOLD rating. This will no longer appear in our Premier selection list of recommended funds.

Different funds carry varying levels of risk depending on the geographical region and industry sector in which they invest. You should make yourself aware of these specific risks prior to investing. Smaller companies shares can be more volatile and less liquid than larger company shares, so smaller companies funds can carry more risk.