Vanguard High Dividend Yield Index Fund Admiral Shares (VHYAX) is an open-end mutual fund that employs an indexing investment approach designed to track the performance of the FTSE High Dividend Yield Index. The fund invests all or substantially all of its assets in common stocks of large- and mid-cap U.S. companies characterized by high dividend yields, excluding real estate investment trusts; it holds approximately 400-450 stocks in proportions mirroring the index's weightings, with a portfolio turnover rate of 13%; sector allocations emphasize defensive areas such as financials, healthcare, and consumer staples. Admiral Shares require a minimum initial investment of $3,000, with subsequent investments of $1, and feature a low expense ratio of 0.08%, comprising a 0.07% management fee and 0.01% other expenses. The fund, domiciled in the United States and managed by The Vanguard Group, Inc., from its headquarters in Malvern, Pennsylvania, was incepted on February 7, 2019, with total net assets exceeding $84 billion as of late 2025. In recent developments, Chris Nieves and Jena Stenger joined as co-portfolio managers in February 2025 alongside Gerard C. O’Reilly and Nick Birkett; the prospectus was updated on February 28, 2025, reflecting ongoing refinements to operations and disclosures.