We are delighted to announce the upgrade of the Schroder European Alpha Income fund from a Positive Prospect rating to an A rating.

Mr James Sym has held sole responsibility for the fund since the departure of the previous manager in 2013 and the change in rating reflects our increased conviction in his ability to deliver his stated objective. Since initiating coverage of the fund, we have observed the manager's diligence and desire to succeed. Coupled with the consistent application of the Schroder's business cycle approach, he has successfully delivered impressive returns from the European equity market. We believe the outlook for the fund to be a promising one.