Shareholder Report
Jun. 30, 2026
USD ($)
Holding
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class K Shares | $85 | 0.80% |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Class K Shares returned 11.31%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 20.23%.
What contributed to performance?
The Fund’s semiconductor-related holdings including Taiwan Semiconductor Manufacturing Company Limited, Advantest Corp. and BE Semiconductor Industries NV led positive contributions over the period. Sentiment towards the industry improved in the fourth quarter of 2025 following impressive earnings reports. These businesses play an integral role in the global supply chain for advanced nodes and test equipment needed to meet accelerating AI-related chip demand. Murata Manufacturing Co., Ltd. benefited as demand for electronic components used in AI servers and data center infrastructure strengthened.
Holdings of European banks ABN Amro Bank N.V., CaixaBank S.A. and Lloyds Banking Group plc also contributed as the sector delivered resilient earnings, supported by healthy deposit and loan growth. The Fund remains overweight European banks reflecting conviction in their earnings outlook.
What detracted from performance?
Cochlear Limited was among the leading detractors after reducing earnings guidance, citing softer-than-expected sales growth and weaker services revenue. Investors reacted negatively to the weaker earnings outlook. Holdings of London Stock Exchange Group plc detracted concerns over AI-driven disruption to its data and analytics franchise. The Fund exited both positions.
MTU Aero Engines AG was another laggard as questions were raised regarding earnings durability after a strong rise in the share price. The conflict in Iran weighed on the stock as higher oil prices sparked concerns around aircraft utilization. However, the company continues to appear attractively valued despite near-term uncertainty.
Class K Shares | MSCI EAFE Index (Net) | |
|---|---|---|
Jul 16 | $10,295 | $10,507 |
Aug 16 | $10,174 | $10,514 |
Sep 16 | $10,242 | $10,643 |
Oct 16 | $9,804 | $10,426 |
Nov 16 | $9,539 | $10,218 |
Dec 16 | $9,915 | $10,567 |
Jan 17 | $10,278 | $10,874 |
Feb 17 | $10,255 | $11,030 |
Mar 17 | $10,634 | $11,333 |
Apr 17 | $11,152 | $11,622 |
May 17 | $11,561 | $12,048 |
Jun 17 | $11,422 | $12,027 |
Jul 17 | $11,778 | $12,374 |
Aug 17 | $11,793 | $12,369 |
Sep 17 | $12,187 | $12,677 |
Oct 17 | $12,125 | $12,869 |
Nov 17 | $12,025 | $13,004 |
Dec 17 | $12,138 | $13,213 |
Jan 18 | $12,936 | $13,876 |
Feb 18 | $12,099 | $13,249 |
Mar 18 | $12,115 | $13,011 |
Apr 18 | $12,193 | $13,308 |
May 18 | $11,927 | $13,009 |
Jun 18 | $11,794 | $12,850 |
Jul 18 | $12,021 | $13,166 |
Aug 18 | $11,802 | $12,912 |
Sep 18 | $11,755 | $13,024 |
Oct 18 | $10,621 | $11,987 |
Nov 18 | $10,339 | $11,972 |
Dec 18 | $9,750 | $11,391 |
Jan 19 | $10,389 | $12,139 |
Feb 19 | $10,761 | $12,449 |
Mar 19 | $10,995 | $12,527 |
Apr 19 | $11,496 | $12,880 |
May 19 | $10,817 | $12,261 |
Jun 19 | $11,593 | $12,988 |
Jul 19 | $11,197 | $12,824 |
Aug 19 | $11,019 | $12,491 |
Sep 19 | $11,173 | $12,849 |
Oct 19 | $11,569 | $13,311 |
Nov 19 | $11,868 | $13,461 |
Dec 19 | $12,223 | $13,899 |
Jan 20 | $12,028 | $13,608 |
Feb 20 | $11,255 | $12,378 |
Mar 20 | $9,385 | $10,726 |
Apr 20 | $10,109 | $11,419 |
May 20 | $10,865 | $11,916 |
Jun 20 | $11,597 | $12,322 |
Jul 20 | $12,142 | $12,609 |
Aug 20 | $12,857 | $13,257 |
Sep 20 | $12,532 | $12,913 |
Oct 20 | $11,833 | $12,397 |
Nov 20 | $13,955 | $14,319 |
Dec 20 | $14,614 | $14,985 |
Jan 21 | $14,077 | $14,825 |
Feb 21 | $14,622 | $15,158 |
Mar 21 | $14,955 | $15,506 |
Apr 21 | $16,013 | $15,973 |
May 21 | $16,810 | $16,494 |
Jun 21 | $16,509 | $16,308 |
Jul 21 | $17,094 | $16,431 |
Aug 21 | $17,338 | $16,721 |
Sep 21 | $16,338 | $16,235 |
Oct 21 | $17,289 | $16,635 |
Nov 21 | $16,818 | $15,860 |
Dec 21 | $17,493 | $16,673 |
Jan 22 | $15,736 | $15,867 |
Feb 22 | $14,703 | $15,586 |
Mar 22 | $14,866 | $15,687 |
Apr 22 | $13,402 | $14,672 |
May 22 | $13,549 | $14,782 |
Jun 22 | $11,922 | $13,410 |
Jul 22 | $13,223 | $14,078 |
Aug 22 | $11,930 | $13,410 |
Sep 22 | $10,816 | $12,155 |
Oct 22 | $11,751 | $12,809 |
Nov 22 | $13,638 | $14,252 |
Dec 22 | $13,326 | $14,263 |
Jan 23 | $15,000 | $15,418 |
Feb 23 | $14,828 | $15,096 |
Mar 23 | $15,344 | $15,471 |
Apr 23 | $15,459 | $15,907 |
May 23 | $15,139 | $15,234 |
Jun 23 | $15,788 | $15,927 |
Jul 23 | $16,116 | $16,443 |
Aug 23 | $15,213 | $15,813 |
Sep 23 | $14,081 | $15,273 |
Oct 23 | $13,662 | $14,654 |
Nov 23 | $15,484 | $16,014 |
Dec 23 | $16,094 | $16,864 |
Jan 24 | $16,210 | $16,961 |
Feb 24 | $17,457 | $17,272 |
Mar 24 | $18,081 | $17,840 |
Apr 24 | $17,258 | $17,383 |
May 24 | $18,180 | $18,056 |
Jun 24 | $17,573 | $17,765 |
Jul 24 | $17,740 | $18,286 |
Aug 24 | $18,380 | $18,881 |
Sep 24 | $18,596 | $19,055 |
Oct 24 | $17,665 | $18,019 |
Nov 24 | $17,274 | $17,917 |
Dec 24 | $17,263 | $17,509 |
Jan 25 | $18,610 | $18,429 |
Feb 25 | $18,981 | $18,787 |
Mar 25 | $17,853 | $18,711 |
Apr 25 | $18,678 | $19,568 |
May 25 | $19,865 | $20,463 |
Jun 25 | $20,850 | $20,914 |
Jul 25 | $19,977 | $20,621 |
Aug 25 | $20,104 | $21,500 |
Sep 25 | $20,821 | $21,911 |
Oct 25 | $20,939 | $22,169 |
Nov 25 | $20,322 | $22,307 |
Dec 25 | $20,726 | $22,976 |
Jan 26 | $21,798 | $24,175 |
Feb 26 | $21,488 | $25,293 |
Mar 26 | $19,344 | $22,691 |
Apr 26 | $21,140 | $24,381 |
May 26 | $21,864 | $25,129 |
Jun 26 | $23,209 | $25,146 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class K Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.31% | 7.05% | 8.78% |
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 20.23 | 9.05 | 9.66 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $122,679,857 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 46 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $412,378 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 84% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.7% |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.5 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.4 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.7 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.4 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.4 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.9 |
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.1 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0% |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.7 |
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 |
Fujikura Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.6 |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.4 |
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.4 |
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Class R Shares | $142 | 1.35% |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Class R Shares returned 10.65%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 20.23%.
What contributed to performance?
The Fund’s semiconductor-related holdings including Taiwan Semiconductor Manufacturing Company Limited, Advantest Corp. and BE Semiconductor Industries NV led positive contributions over the period. Sentiment towards the industry improved in the fourth quarter of 2025 following impressive earnings reports. These businesses play an integral role in the global supply chain for advanced nodes and test equipment needed to meet accelerating AI-related chip demand. Murata Manufacturing Co., Ltd. benefited as demand for electronic components used in AI servers and data center infrastructure strengthened.
Holdings of European banks ABN Amro Bank N.V., CaixaBank S.A. and Lloyds Banking Group plc also contributed as the sector delivered resilient earnings, supported by healthy deposit and loan growth. The Fund remains overweight European banks reflecting conviction in their earnings outlook.
What detracted from performance?
Cochlear Limited was among the leading detractors after reducing earnings guidance, citing softer-than-expected sales growth and weaker services revenue. Investors reacted negatively to the weaker earnings outlook. Holdings of London Stock Exchange Group plc detracted concerns over AI-driven disruption to its data and analytics franchise. The Fund exited both positions.
MTU Aero Engines AG was another laggard as questions were raised regarding earnings durability after a strong rise in the share price. The conflict in Iran weighed on the stock as higher oil prices sparked concerns around aircraft utilization. However, the company continues to appear attractively valued despite near-term uncertainty.
Class R Shares | MSCI EAFE Index (Net) | |
|---|---|---|
Jul 16 | $10,283 | $10,507 |
Aug 16 | $10,162 | $10,514 |
Sep 16 | $10,222 | $10,643 |
Oct 16 | $9,778 | $10,426 |
Nov 16 | $9,515 | $10,218 |
Dec 16 | $9,883 | $10,567 |
Jan 17 | $10,235 | $10,874 |
Feb 17 | $10,203 | $11,030 |
Mar 17 | $10,576 | $11,333 |
Apr 17 | $11,083 | $11,622 |
May 17 | $11,487 | $12,048 |
Jun 17 | $11,342 | $12,027 |
Jul 17 | $11,694 | $12,374 |
Aug 17 | $11,694 | $12,369 |
Sep 17 | $12,077 | $12,677 |
Oct 17 | $12,014 | $12,869 |
Nov 17 | $11,901 | $13,004 |
Dec 17 | $12,006 | $13,213 |
Jan 18 | $12,799 | $13,876 |
Feb 18 | $11,954 | $13,249 |
Mar 18 | $11,965 | $13,011 |
Apr 18 | $12,038 | $13,308 |
May 18 | $11,766 | $13,009 |
Jun 18 | $11,620 | $12,850 |
Jul 18 | $11,829 | $13,166 |
Aug 18 | $11,610 | $12,912 |
Sep 18 | $11,558 | $13,024 |
Oct 18 | $10,431 | $11,987 |
Nov 18 | $10,139 | $11,972 |
Dec 18 | $9,562 | $11,391 |
Jan 19 | $10,174 | $12,139 |
Feb 19 | $10,539 | $12,449 |
Mar 19 | $10,754 | $12,527 |
Apr 19 | $11,237 | $12,880 |
May 19 | $10,571 | $12,261 |
Jun 19 | $11,312 | $12,988 |
Jul 19 | $10,915 | $12,824 |
Aug 19 | $10,732 | $12,491 |
Sep 19 | $10,872 | $12,849 |
Oct 19 | $11,258 | $13,311 |
Nov 19 | $11,537 | $13,461 |
Dec 19 | $11,870 | $13,899 |
Jan 20 | $11,677 | $13,608 |
Feb 20 | $10,915 | $12,378 |
Mar 20 | $9,090 | $10,726 |
Apr 20 | $9,798 | $11,419 |
May 20 | $10,528 | $11,916 |
Jun 20 | $11,226 | $12,322 |
Jul 20 | $11,741 | $12,609 |
Aug 20 | $12,428 | $13,257 |
Sep 20 | $12,117 | $12,913 |
Oct 20 | $11,430 | $12,397 |
Nov 20 | $13,480 | $14,319 |
Dec 20 | $14,102 | $14,985 |
Jan 21 | $13,576 | $14,825 |
Feb 21 | $14,091 | $15,158 |
Mar 21 | $14,413 | $15,506 |
Apr 21 | $15,411 | $15,973 |
May 21 | $16,173 | $16,494 |
Jun 21 | $15,873 | $16,308 |
Jul 21 | $16,420 | $16,431 |
Aug 21 | $16,646 | $16,721 |
Sep 21 | $15,669 | $16,235 |
Oct 21 | $16,570 | $16,635 |
Nov 21 | $16,109 | $15,860 |
Dec 21 | $16,742 | $16,673 |
Jan 22 | $15,057 | $15,867 |
Feb 22 | $14,048 | $15,586 |
Mar 22 | $14,199 | $15,687 |
Apr 22 | $12,793 | $14,672 |
May 22 | $12,932 | $14,782 |
Jun 22 | $11,365 | $13,410 |
Jul 22 | $12,600 | $14,078 |
Aug 22 | $11,365 | $13,410 |
Sep 22 | $10,292 | $12,155 |
Oct 22 | $11,183 | $12,809 |
Nov 22 | $12,975 | $14,252 |
Dec 22 | $12,675 | $14,263 |
Jan 23 | $14,263 | $15,418 |
Feb 23 | $14,081 | $15,096 |
Mar 23 | $14,564 | $15,471 |
Apr 23 | $14,682 | $15,907 |
May 23 | $14,360 | $15,234 |
Jun 23 | $14,971 | $15,927 |
Jul 23 | $15,272 | $16,443 |
Aug 23 | $14,413 | $15,813 |
Sep 23 | $13,340 | $15,273 |
Oct 23 | $12,932 | $14,654 |
Nov 23 | $14,649 | $16,014 |
Dec 23 | $15,211 | $16,864 |
Jan 24 | $15,320 | $16,961 |
Feb 24 | $16,497 | $17,272 |
Mar 24 | $17,074 | $17,840 |
Apr 24 | $16,290 | $17,383 |
May 24 | $17,150 | $18,056 |
Jun 24 | $16,573 | $17,765 |
Jul 24 | $16,725 | $18,286 |
Aug 24 | $17,314 | $18,881 |
Sep 24 | $17,510 | $19,055 |
Oct 24 | $16,627 | $18,019 |
Nov 24 | $16,257 | $17,917 |
Dec 24 | $16,232 | $17,509 |
Jan 25 | $17,493 | $18,429 |
Feb 25 | $17,836 | $18,787 |
Mar 25 | $16,763 | $18,711 |
Apr 25 | $17,537 | $19,568 |
May 25 | $18,644 | $20,463 |
Jun 25 | $19,562 | $20,914 |
Jul 25 | $18,721 | $20,621 |
Aug 25 | $18,844 | $21,500 |
Sep 25 | $19,505 | $21,911 |
Oct 25 | $19,603 | $22,169 |
Nov 25 | $19,015 | $22,307 |
Dec 25 | $19,389 | $22,976 |
Jan 26 | $20,382 | $24,175 |
Feb 26 | $20,085 | $25,293 |
Mar 26 | $18,061 | $22,691 |
Apr 26 | $19,737 | $24,381 |
May 26 | $20,407 | $25,129 |
Jun 26 | $21,645 | $25,146 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Class R Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.65% | 6.40% | 8.03% |
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 20.23 | 9.05 | 9.66 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $122,679,857 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 46 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $412,378 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 84% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.7% |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.5 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.4 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.7 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.4 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.4 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.9 |
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.1 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0% |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.7 |
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 |
Fujikura Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.6 |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.4 |
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.4 |
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Institutional Shares | $90 | 0.85% |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Institutional Shares returned 11.19%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 20.23%.
What contributed to performance?
The Fund’s semiconductor-related holdings including Taiwan Semiconductor Manufacturing Company Limited, Advantest Corp. and BE Semiconductor Industries NV led positive contributions over the period. Sentiment towards the industry improved in the fourth quarter of 2025 following impressive earnings reports. These businesses play an integral role in the global supply chain for advanced nodes and test equipment needed to meet accelerating AI-related chip demand. Murata Manufacturing Co., Ltd. benefited as demand for electronic components used in AI servers and data center infrastructure strengthened.
Holdings of European banks ABN Amro Bank N.V., CaixaBank S.A. and Lloyds Banking Group plc also contributed as the sector delivered resilient earnings, supported by healthy deposit and loan growth. The Fund remains overweight European banks reflecting conviction in their earnings outlook.
What detracted from performance?
Cochlear Limited was among the leading detractors after reducing earnings guidance, citing softer-than-expected sales growth and weaker services revenue. Investors reacted negatively to the weaker earnings outlook. Holdings of London Stock Exchange Group plc detracted concerns over AI-driven disruption to its data and analytics franchise. The Fund exited both positions.
MTU Aero Engines AG was another laggard as questions were raised regarding earnings durability after a strong rise in the share price. The conflict in Iran weighed on the stock as higher oil prices sparked concerns around aircraft utilization. However, the company continues to appear attractively valued despite near-term uncertainty.
Institutional Shares | MSCI EAFE Index (Net) | |
|---|---|---|
Jul 16 | $10,295 | $10,507 |
Aug 16 | $10,174 | $10,514 |
Sep 16 | $10,242 | $10,643 |
Oct 16 | $9,804 | $10,426 |
Nov 16 | $9,539 | $10,218 |
Dec 16 | $9,915 | $10,567 |
Jan 17 | $10,278 | $10,874 |
Feb 17 | $10,255 | $11,030 |
Mar 17 | $10,634 | $11,333 |
Apr 17 | $11,152 | $11,622 |
May 17 | $11,561 | $12,048 |
Jun 17 | $11,422 | $12,027 |
Jul 17 | $11,778 | $12,374 |
Aug 17 | $11,793 | $12,369 |
Sep 17 | $12,187 | $12,677 |
Oct 17 | $12,125 | $12,869 |
Nov 17 | $12,025 | $13,004 |
Dec 17 | $12,138 | $13,213 |
Jan 18 | $12,944 | $13,876 |
Feb 18 | $12,099 | $13,249 |
Mar 18 | $12,107 | $13,011 |
Apr 18 | $12,193 | $13,308 |
May 18 | $11,919 | $13,009 |
Jun 18 | $11,786 | $12,850 |
Jul 18 | $12,005 | $13,166 |
Aug 18 | $11,786 | $12,912 |
Sep 18 | $11,739 | $13,024 |
Oct 18 | $10,605 | $11,987 |
Nov 18 | $10,324 | $11,972 |
Dec 18 | $9,738 | $11,391 |
Jan 19 | $10,373 | $12,139 |
Feb 19 | $10,743 | $12,449 |
Mar 19 | $10,976 | $12,527 |
Apr 19 | $11,474 | $12,880 |
May 19 | $10,799 | $12,261 |
Jun 19 | $11,570 | $12,988 |
Jul 19 | $11,168 | $12,824 |
Aug 19 | $10,992 | $12,491 |
Sep 19 | $11,144 | $12,849 |
Oct 19 | $11,538 | $13,311 |
Nov 19 | $11,843 | $13,461 |
Dec 19 | $12,189 | $13,899 |
Jan 20 | $11,995 | $13,608 |
Feb 20 | $11,220 | $12,378 |
Mar 20 | $9,347 | $10,726 |
Apr 20 | $10,074 | $11,419 |
May 20 | $10,833 | $11,916 |
Jun 20 | $11,551 | $12,322 |
Jul 20 | $12,092 | $12,609 |
Aug 20 | $12,810 | $13,257 |
Sep 20 | $12,479 | $12,913 |
Oct 20 | $11,777 | $12,397 |
Nov 20 | $13,892 | $14,319 |
Dec 20 | $14,546 | $14,985 |
Jan 21 | $14,013 | $14,825 |
Feb 21 | $14,546 | $15,158 |
Mar 21 | $14,885 | $15,506 |
Apr 21 | $15,926 | $15,973 |
May 21 | $16,725 | $16,494 |
Jun 21 | $16,419 | $16,308 |
Jul 21 | $17,008 | $16,431 |
Aug 21 | $17,242 | $16,721 |
Sep 21 | $16,249 | $16,235 |
Oct 21 | $17,194 | $16,635 |
Nov 21 | $16,725 | $15,860 |
Dec 21 | $17,387 | $16,673 |
Jan 22 | $15,644 | $15,867 |
Feb 22 | $14,610 | $15,586 |
Mar 22 | $14,772 | $15,687 |
Apr 22 | $13,319 | $14,672 |
May 22 | $13,472 | $14,782 |
Jun 22 | $11,850 | $13,410 |
Jul 22 | $13,141 | $14,078 |
Aug 22 | $11,858 | $13,410 |
Sep 22 | $10,744 | $12,155 |
Oct 22 | $11,672 | $12,809 |
Nov 22 | $13,553 | $14,252 |
Dec 22 | $13,240 | $14,263 |
Jan 23 | $14,908 | $15,418 |
Feb 23 | $14,729 | $15,096 |
Mar 23 | $15,241 | $15,471 |
Apr 23 | $15,363 | $15,907 |
May 23 | $15,038 | $15,234 |
Jun 23 | $15,680 | $15,927 |
Jul 23 | $16,006 | $16,443 |
Aug 23 | $15,103 | $15,813 |
Sep 23 | $13,989 | $15,273 |
Oct 23 | $13,574 | $14,654 |
Nov 23 | $15,371 | $16,014 |
Dec 23 | $15,980 | $16,864 |
Jan 24 | $16,095 | $16,961 |
Feb 24 | $17,331 | $17,272 |
Mar 24 | $17,957 | $17,840 |
Apr 24 | $17,141 | $17,383 |
May 24 | $18,047 | $18,056 |
Jun 24 | $17,446 | $17,765 |
Jul 24 | $17,611 | $18,286 |
Aug 24 | $18,245 | $18,881 |
Sep 24 | $18,459 | $19,055 |
Oct 24 | $17,528 | $18,019 |
Nov 24 | $17,149 | $17,917 |
Dec 24 | $17,134 | $17,509 |
Jan 25 | $18,468 | $18,429 |
Feb 25 | $18,835 | $18,787 |
Mar 25 | $17,718 | $18,711 |
Apr 25 | $18,535 | $19,568 |
May 25 | $19,711 | $20,463 |
Jun 25 | $20,696 | $20,914 |
Jul 25 | $19,822 | $20,621 |
Aug 25 | $19,948 | $21,500 |
Sep 25 | $20,658 | $21,911 |
Oct 25 | $20,774 | $22,169 |
Nov 25 | $20,155 | $22,307 |
Dec 25 | $20,564 | $22,976 |
Jan 26 | $21,625 | $24,175 |
Feb 26 | $21,318 | $25,293 |
Mar 26 | $19,186 | $22,691 |
Apr 26 | $20,964 | $24,381 |
May 26 | $21,690 | $25,129 |
Jun 26 | $23,012 | $25,146 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Institutional Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 11.19% | 6.99% | 8.69% |
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 20.23 | 9.05 | 9.66 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $122,679,857 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 46 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $412,378 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 84% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.7% |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.5 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.4 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.7 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.4 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.4 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.9 |
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.1 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0% |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.7 |
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 |
Fujikura Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.6 |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.4 |
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.4 |
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor A Shares | $116 | 1.10% |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Investor A Shares returned 10.96%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 20.23%.
What contributed to performance?
The Fund’s semiconductor-related holdings including Taiwan Semiconductor Manufacturing Company Limited, Advantest Corp. and BE Semiconductor Industries NV led positive contributions over the period. Sentiment towards the industry improved in the fourth quarter of 2025 following impressive earnings reports. These businesses play an integral role in the global supply chain for advanced nodes and test equipment needed to meet accelerating AI-related chip demand. Murata Manufacturing Co., Ltd. benefited as demand for electronic components used in AI servers and data center infrastructure strengthened.
Holdings of European banks ABN Amro Bank N.V., CaixaBank S.A. and Lloyds Banking Group plc also contributed as the sector delivered resilient earnings, supported by healthy deposit and loan growth. The Fund remains overweight European banks reflecting conviction in their earnings outlook.
What detracted from performance?
Cochlear Limited was among the leading detractors after reducing earnings guidance, citing softer-than-expected sales growth and weaker services revenue. Investors reacted negatively to the weaker earnings outlook. Holdings of London Stock Exchange Group plc detracted concerns over AI-driven disruption to its data and analytics franchise. The Fund exited both positions.
MTU Aero Engines AG was another laggard as questions were raised regarding earnings durability after a strong rise in the share price. The conflict in Iran weighed on the stock as higher oil prices sparked concerns around aircraft utilization. However, the company continues to appear attractively valued despite near-term uncertainty.
Investor A Shares | MSCI EAFE Index (Net) | |
|---|---|---|
Jul 16 | $9,745 | $10,507 |
Aug 16 | $9,636 | $10,514 |
Sep 16 | $9,694 | $10,643 |
Oct 16 | $9,278 | $10,426 |
Nov 16 | $9,030 | $10,218 |
Dec 16 | $9,386 | $10,567 |
Jan 17 | $9,721 | $10,874 |
Feb 17 | $9,699 | $11,030 |
Mar 17 | $10,057 | $11,333 |
Apr 17 | $10,541 | $11,622 |
May 17 | $10,928 | $12,048 |
Jun 17 | $10,794 | $12,027 |
Jul 17 | $11,137 | $12,374 |
Aug 17 | $11,144 | $12,369 |
Sep 17 | $11,517 | $12,677 |
Oct 17 | $11,457 | $12,869 |
Nov 17 | $11,353 | $13,004 |
Dec 17 | $11,459 | $13,213 |
Jan 18 | $12,219 | $13,876 |
Feb 18 | $11,422 | $13,249 |
Mar 18 | $11,429 | $13,011 |
Apr 18 | $11,504 | $13,308 |
May 18 | $11,248 | $13,009 |
Jun 18 | $11,121 | $12,850 |
Jul 18 | $11,331 | $13,166 |
Aug 18 | $11,121 | $12,912 |
Sep 18 | $11,075 | $13,024 |
Oct 18 | $9,999 | $11,987 |
Nov 18 | $9,729 | $11,972 |
Dec 18 | $9,176 | $11,391 |
Jan 19 | $9,771 | $12,139 |
Feb 19 | $10,126 | $12,449 |
Mar 19 | $10,342 | $12,527 |
Apr 19 | $10,805 | $12,880 |
May 19 | $10,172 | $12,261 |
Jun 19 | $10,890 | $12,988 |
Jul 19 | $10,511 | $12,824 |
Aug 19 | $10,342 | $12,491 |
Sep 19 | $10,481 | $12,849 |
Oct 19 | $10,851 | $13,311 |
Nov 19 | $11,137 | $13,461 |
Dec 19 | $11,459 | $13,899 |
Jan 20 | $11,274 | $13,608 |
Feb 20 | $10,548 | $12,378 |
Mar 20 | $8,793 | $10,726 |
Apr 20 | $9,473 | $11,419 |
May 20 | $10,177 | $11,916 |
Jun 20 | $10,857 | $12,322 |
Jul 20 | $11,367 | $12,609 |
Aug 20 | $12,031 | $13,257 |
Sep 20 | $11,722 | $12,913 |
Oct 20 | $11,065 | $12,397 |
Nov 20 | $13,051 | $14,319 |
Dec 20 | $13,654 | $14,985 |
Jan 21 | $13,152 | $14,825 |
Feb 21 | $13,654 | $15,158 |
Mar 21 | $13,971 | $15,506 |
Apr 21 | $14,944 | $15,973 |
May 21 | $15,686 | $16,494 |
Jun 21 | $15,400 | $16,308 |
Jul 21 | $15,949 | $16,431 |
Aug 21 | $16,165 | $16,721 |
Sep 21 | $15,230 | $16,235 |
Oct 21 | $16,111 | $16,635 |
Nov 21 | $15,671 | $15,860 |
Dec 21 | $16,289 | $16,673 |
Jan 22 | $14,651 | $15,867 |
Feb 22 | $13,685 | $15,586 |
Mar 22 | $13,832 | $15,687 |
Apr 22 | $12,472 | $14,672 |
May 22 | $12,603 | $14,782 |
Jun 22 | $11,088 | $13,410 |
Jul 22 | $12,294 | $14,078 |
Aug 22 | $11,088 | $13,410 |
Sep 22 | $10,045 | $12,155 |
Oct 22 | $10,911 | $12,809 |
Nov 22 | $12,665 | $14,252 |
Dec 22 | $12,379 | $14,263 |
Jan 23 | $13,925 | $15,418 |
Feb 23 | $13,762 | $15,096 |
Mar 23 | $14,235 | $15,471 |
Apr 23 | $14,344 | $15,907 |
May 23 | $14,041 | $15,234 |
Jun 23 | $14,639 | $15,927 |
Jul 23 | $14,934 | $16,443 |
Aug 23 | $14,096 | $15,813 |
Sep 23 | $13,047 | $15,273 |
Oct 23 | $12,659 | $14,654 |
Nov 23 | $14,336 | $16,014 |
Dec 23 | $14,899 | $16,864 |
Jan 24 | $15,001 | $16,961 |
Feb 24 | $16,157 | $17,272 |
Mar 24 | $16,730 | $17,840 |
Apr 24 | $15,968 | $17,383 |
May 24 | $16,809 | $18,056 |
Jun 24 | $16,251 | $17,765 |
Jul 24 | $16,392 | $18,286 |
Aug 24 | $16,982 | $18,881 |
Sep 24 | $17,178 | $19,055 |
Oct 24 | $16,306 | $18,019 |
Nov 24 | $15,952 | $17,917 |
Dec 24 | $15,932 | $17,509 |
Jan 25 | $17,172 | $18,429 |
Feb 25 | $17,514 | $18,787 |
Mar 25 | $16,464 | $18,711 |
Apr 25 | $17,227 | $19,568 |
May 25 | $18,317 | $20,463 |
Jun 25 | $19,215 | $20,914 |
Jul 25 | $18,403 | $20,621 |
Aug 25 | $18,523 | $21,500 |
Sep 25 | $19,182 | $21,911 |
Oct 25 | $19,276 | $22,169 |
Nov 25 | $18,703 | $22,307 |
Dec 25 | $19,075 | $22,976 |
Jan 26 | $20,052 | $24,175 |
Feb 26 | $19,768 | $25,293 |
Mar 26 | $17,788 | $22,691 |
Apr 26 | $19,431 | $24,381 |
May 26 | $20,096 | $25,129 |
Jun 26 | $21,321 | $25,146 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor A Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.96% | 6.72% | 8.45% |
Investor A Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 5.14 | 5.58 | 7.87 |
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 20.23 | 9.05 | 9.66 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $122,679,857 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 46 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $412,378 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 84% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.7% |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.5 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.4 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.7 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.4 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.4 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.9 |
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.1 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0% |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.7 |
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 |
Fujikura Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.6 |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.4 |
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.4 |
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
Class name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|---|---|
Investor C Shares | $195 | 1.85% |
How did the Fund perform last year?
For the reporting period ended June 30, 2026, the Fund's Investor C Shares returned 10.18%.
For the same period, the Fund’s benchmark, the MSCI EAFE Index (Net) returned 20.23%.
What contributed to performance?
The Fund’s semiconductor-related holdings including Taiwan Semiconductor Manufacturing Company Limited, Advantest Corp. and BE Semiconductor Industries NV led positive contributions over the period. Sentiment towards the industry improved in the fourth quarter of 2025 following impressive earnings reports. These businesses play an integral role in the global supply chain for advanced nodes and test equipment needed to meet accelerating AI-related chip demand. Murata Manufacturing Co., Ltd. benefited as demand for electronic components used in AI servers and data center infrastructure strengthened.
Holdings of European banks ABN Amro Bank N.V., CaixaBank S.A. and Lloyds Banking Group plc also contributed as the sector delivered resilient earnings, supported by healthy deposit and loan growth. The Fund remains overweight European banks reflecting conviction in their earnings outlook.
What detracted from performance?
Cochlear Limited was among the leading detractors after reducing earnings guidance, citing softer-than-expected sales growth and weaker services revenue. Investors reacted negatively to the weaker earnings outlook. Holdings of London Stock Exchange Group plc detracted concerns over AI-driven disruption to its data and analytics franchise. The Fund exited both positions.
MTU Aero Engines AG was another laggard as questions were raised regarding earnings durability after a strong rise in the share price. The conflict in Iran weighed on the stock as higher oil prices sparked concerns around aircraft utilization. However, the company continues to appear attractively valued despite near-term uncertainty.
Investor C Shares | MSCI EAFE Index (Net) | |
|---|---|---|
Jul 16 | $10,273 | $10,507 |
Aug 16 | $10,153 | $10,514 |
Sep 16 | $10,207 | $10,643 |
Oct 16 | $9,760 | $10,426 |
Nov 16 | $9,487 | $10,218 |
Dec 16 | $9,860 | $10,567 |
Jan 17 | $10,216 | $10,874 |
Feb 17 | $10,182 | $11,030 |
Mar 17 | $10,549 | $11,333 |
Apr 17 | $11,049 | $11,622 |
May 17 | $11,450 | $12,048 |
Jun 17 | $11,305 | $12,027 |
Jul 17 | $11,650 | $12,374 |
Aug 17 | $11,650 | $12,369 |
Sep 17 | $12,028 | $12,677 |
Oct 17 | $11,961 | $12,869 |
Nov 17 | $11,839 | $13,004 |
Dec 17 | $11,951 | $13,213 |
Jan 18 | $12,731 | $13,876 |
Feb 18 | $11,895 | $13,249 |
Mar 18 | $11,895 | $13,011 |
Apr 18 | $11,962 | $13,308 |
May 18 | $11,695 | $13,009 |
Jun 18 | $11,550 | $12,850 |
Jul 18 | $11,762 | $13,166 |
Aug 18 | $11,539 | $12,912 |
Sep 18 | $11,483 | $13,024 |
Oct 18 | $10,357 | $11,987 |
Nov 18 | $10,078 | $11,972 |
Dec 18 | $9,493 | $11,391 |
Jan 19 | $10,100 | $12,139 |
Feb 19 | $10,467 | $12,449 |
Mar 19 | $10,685 | $12,527 |
Apr 19 | $11,155 | $12,880 |
May 19 | $10,490 | $12,261 |
Jun 19 | $11,224 | $12,988 |
Jul 19 | $10,834 | $12,824 |
Aug 19 | $10,651 | $12,491 |
Sep 19 | $10,788 | $12,849 |
Oct 19 | $11,167 | $13,311 |
Nov 19 | $11,442 | $13,461 |
Dec 19 | $11,763 | $13,899 |
Jan 20 | $11,568 | $13,608 |
Feb 20 | $10,823 | $12,378 |
Mar 20 | $9,011 | $10,726 |
Apr 20 | $9,699 | $11,419 |
May 20 | $10,421 | $11,916 |
Jun 20 | $11,098 | $12,322 |
Jul 20 | $11,614 | $12,609 |
Aug 20 | $12,290 | $13,257 |
Sep 20 | $11,969 | $12,913 |
Oct 20 | $11,281 | $12,397 |
Nov 20 | $13,299 | $14,319 |
Dec 20 | $13,918 | $14,985 |
Jan 21 | $13,391 | $14,825 |
Feb 21 | $13,895 | $15,158 |
Mar 21 | $14,205 | $15,506 |
Apr 21 | $15,191 | $15,973 |
May 21 | $15,936 | $16,494 |
Jun 21 | $15,626 | $16,308 |
Jul 21 | $16,177 | $16,431 |
Aug 21 | $16,383 | $16,721 |
Sep 21 | $15,431 | $16,235 |
Oct 21 | $16,314 | $16,635 |
Nov 21 | $15,856 | $15,860 |
Dec 21 | $16,475 | $16,673 |
Jan 22 | $14,801 | $15,867 |
Feb 22 | $13,815 | $15,586 |
Mar 22 | $13,952 | $15,687 |
Apr 22 | $12,577 | $14,672 |
May 22 | $12,703 | $14,782 |
Jun 22 | $11,167 | $13,410 |
Jul 22 | $12,370 | $14,078 |
Aug 22 | $11,155 | $13,410 |
Sep 22 | $10,100 | $12,155 |
Oct 22 | $10,960 | $12,809 |
Nov 22 | $12,714 | $14,252 |
Dec 22 | $12,416 | $14,263 |
Jan 23 | $13,964 | $15,418 |
Feb 23 | $13,792 | $15,096 |
Mar 23 | $14,262 | $15,471 |
Apr 23 | $14,365 | $15,907 |
May 23 | $14,044 | $15,234 |
Jun 23 | $14,629 | $15,927 |
Jul 23 | $14,927 | $16,443 |
Aug 23 | $14,079 | $15,813 |
Sep 23 | $13,024 | $15,273 |
Oct 23 | $12,623 | $14,654 |
Nov 23 | $14,285 | $16,014 |
Dec 23 | $14,839 | $16,864 |
Jan 24 | $14,932 | $16,961 |
Feb 24 | $16,072 | $17,272 |
Mar 24 | $16,630 | $17,840 |
Apr 24 | $15,862 | $17,383 |
May 24 | $16,688 | $18,056 |
Jun 24 | $16,130 | $17,765 |
Jul 24 | $16,270 | $18,286 |
Aug 24 | $16,855 | $18,881 |
Sep 24 | $17,050 | $19,055 |
Oct 24 | $16,185 | $18,019 |
Nov 24 | $15,834 | $17,917 |
Dec 24 | $15,813 | $17,509 |
Jan 25 | $17,044 | $18,429 |
Feb 25 | $17,383 | $18,787 |
Mar 25 | $16,342 | $18,711 |
Apr 25 | $17,099 | $19,568 |
May 25 | $18,180 | $20,463 |
Jun 25 | $19,072 | $20,914 |
Jul 25 | $18,266 | $20,621 |
Aug 25 | $18,385 | $21,500 |
Sep 25 | $19,039 | $21,911 |
Oct 25 | $19,133 | $22,169 |
Nov 25 | $18,564 | $22,307 |
Dec 25 | $18,934 | $22,976 |
Jan 26 | $19,903 | $24,175 |
Feb 26 | $19,621 | $25,293 |
Mar 26 | $17,656 | $22,691 |
Apr 26 | $19,286 | $24,381 |
May 26 | $19,947 | $25,129 |
Jun 26 | $21,163 | $25,146 |
Average Annual Total Returns | 1 Year | 5 Years | 10 Years |
|---|---|---|---|
Investor C Shares ........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.18% | 5.94% | 7.78% |
Investor C Shares (with sales charge)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 9.24 | 5.94 | 7.78 |
MSCI EAFE Index (Net)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 20.23 | 9.05 | 9.66 |
Key Fund statistics
Net Assets........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $122,679,857 |
|---|---|
Number of Portfolio Holdings........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 46 |
Net Investment Advisory Fees........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | $412,378 |
Portfolio Turnover Rate........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 84% |
Geographic allocation
Ten largest holdings
Country/Geographic Region | Percent of
Net Assets |
|---|---|
Japan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 18.7% |
Netherlands........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.5 |
Germany........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 10.4 |
France........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 8.7 |
United Kingdom........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.6 |
Italy........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.4 |
Switzerland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 7.4 |
Taiwan........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.9 |
Austria........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
Ireland........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.1 |
OtherFootnote Reference(a)........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 13.1 |
Short-Term Securities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 0.3 |
Other Assets Less Liabilities........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 1.7 |
SecurityFootnote Reference(b) | Percent of
Net Assets |
|---|---|
Taiwan Semiconductor Manufacturing Co. Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 5.0% |
ASML Holding NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.4 |
Lloyds Banking Group plc........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 4.0 |
UniCredit SpA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.7 |
ABN AMRO Bank NV, CVA........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.6 |
Fujikura Ltd......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.6 |
Advantest Corp......................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................... | 3.4 |
Siemens Energy AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.4 |
Erste Group Bank AG........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
ASM International NV........................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................ | 3.2 |
| Footnote | Description |
Footnote(a) | Ten largest countries/geographic regions are presented. Additional countries/geographic regions are found in Other. |
Footnote(b) | Excludes short-term securities. |