We are delighted to announce that we have upgraded the AXA Global Short Duration Bonds fund from a positive prospect to a A. Whilst this is a relatively new fund, we believe that it has got off to a good start, with the manager applying a considered process and making good use of the extensive resources in short-dated fixed income which are available at AXA IM. In addition, we are very pleased to reinstate the ratings on the Fidelity Moneybuilder Income and Fidelity Extra Income funds, both at A. These ratings were suspended at the end of last year following the announcement that long-standing manager, Ian Spreadbury, was to retire. The new managers have continued to follow the same tried and tested process, which has always been used on these funds, and we are confident that they are in good hands going forward.