The rating on Zurich Investments Equity Income Fund was reduced to four stars from five, while the Merlon Australian Share Income Fund was downgraded from four stars to three.
Wingate's Global Equity and Pengana Global Resources gained a new three-star and two-star rating, respectively. S&P reaffirmed Colonial First State Equity Income Fund's five-star rating - now the highest rated within the peer group of 11 funds.
