Vanguard Group of Malvern, Pa. has closed its Vanguard Capital Opportunity Fund to new money. The closure is expected to last at least six months. No new accounts or exchange requests to purchase fund shares will be allowed. But existing fund shareholders will be able to continue investing up to an additional $25,000 annually.

The fund, with $5.6 billion currently under management, has had twice the cash inflow in the first three months of 2000 than in all of 1999. This has occurred even though in September, Vanguard attempted to stem the flow of new money by imposing a substantially higher minimum initial investment of $25,000. In 1999, the fund returned 97.8 percent, according to Morningstar in Chicago. The fund has returned an additional 34.4 percent year-to-date.

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