Following today's announcement that long-standing co-manager of the Threadneedle High Yield Bond fund, Barrie Whitman, will be retiring at the end of the year, we would like to reiterate our A rating on the fund.

We acknowledge the great contribution that Mr Whitman has made to the fund and believe that he has built up a competent and very able team, including the fund's co-manager David Backhouse, who will be more than capable of managing the fund upon Mr Whitman's retirement.