HDEF targets high-yield equity in developed markets, ex-North America. The fund selects stocks with consistent, above average dividends, and applies further screens for sustainability. HDEF draws its holdings from MSCI's EAFE index but is otherwise representative of international developed markets. The index is market cap weighted and rebalanced semi-annually. Prior to Feb. 13, 2018, the fund tracked a similar index with a currency hedge, the MSCI EAFE High Dividend Yield US Dollar Hedged Index.