Higher conviction in JPMorgan High Yield R6’s JHYUX fundamental research and risk-management framework drove a Process Pillar upgrade to Above Average from Average, raising its Morningstar Medalist Rating to Gold from Silver.Since taking over in 2019, lead manager Rob Cook has strengthened the strategy through a disciplined, collaborative process rooted in deep fundamental research and robust risk management. Analysts provide high-conviction ideas through intensive credit work, while managers leverage those insights alongside proprietary risk tools to shape portfolio positioning and manage benchmark-relative risk. The team emphasizes downside protection through diversification and a preference for companies with durable free cash flow, while allowing for selective sector tilts based on conviction levels, as well as opportunistic allocations to bank loans and restructuring-related equities. Overall, the process combines strong bottom-up research, quantitative and technical inputs, and thoughtful risk controls to navigate a range of credit environments.Following comanager James Shanahan’s retirement in 2026, Cook continues to lead this experienced and collaborative team alongside veteran comanagers Tom Hauser and Jeff Lovell, each of whom has more than 30 years of industry experience. An 18-member high-yield analyst team and experienced traders provide strong research depth and continuity, helping the strategy maintain a well-resourced and disciplined investment process. Key Morningstar Metrics for JPMorgan High Yield R6Morningstar Medalist Rating: GoldProcess Pillar: Above AveragePeople Pillar: Above AverageParent Pillar: HighTeam Changes Bring Uncertainty to This International Growth FundRecent changes within Invesco International Growth R6’s OIGIX team add uncertainty to the strategy’s future, leading to a People Pillar downgrade to Average from Above Average, lowering its Medalist Rating to Bronze from Silver.After previous lead manager George Evans retired at the end of 2024, Rob Dunphy assumed leadership alongside newly promoted comanager Ananya Lodaya. Dunphy became a comanager in 2012 after eight years as an analyst, while Lodaya had served as an analyst on the team since 2016. Subsequent turnover further weakened team stability. Analyst Victor Zimmermann departed Invesco shortly after the transition, while Zachary Sacks assumed additional responsibilities as co-lead manager of Invesco International Value, stretching his attention across multiple strategies. Invesco replaced Zimmermann with Eric Spencer, whose prior research experience should help support the strategy’s developed-market focus.Key Morningstar Metrics for Invesco International Growth R6Morningstar Medalist Rating: BronzeProcess Pillar: Above AveragePeople Pillar: AverageParent Pillar: AverageDual Upgrades for This Global-Allocation FundIncreased confidence in both Vanguard Global Wellesley Income Admiral’s VGYAX experienced team and disciplined approach resulted in a People Pillar upgrade to Above Average from Average and Process Pillar upgrade to High from Above Average, elevating its overall Medalist Rating to Gold from Silver. Two experienced managers, supported by Wellington’s deep analyst bench, distinguish this strategy. Equity lead Andre Desautels has built a solid record since taking over in 2019 after more than a decade as a global industry analyst, while fixed-income lead Loren Moran has steadily expanded her responsibilities since joining the team in 2014, despite some recent turnover within the fixed-income ranks.A disciplined and consistent process inspires confidence. Managers typically keep equity exposure reasonably close to the fund’s long-standing 35% target, allowing bottom-up security selection to drive results. Desautels emphasizes high-quality dividend-payers, while Moran’s investment-grade-focused bond sleeve combines rigorous issuer research with diversified global exposure.Key Morningstar Metrics for Vanguard Global Wellesley Income AdmiralMorningstar Medalist Rating: GoldProcess Pillar: HighPeople Pillar: Above AverageParent Pillar: High