Vanguard Group today closed two funds to new investors while prepping another to launch in the second quarter.

Effective immediately, the Vanguard Wellington Fund and Vanguard Intermediate-Term Tax-Exempt Fund have stopped accepting money from institutional clients and financial advisors. The Vanguard Wellington Fund is Vanguard's oldest mutual fund $68 billion in assets, according to the firm, citing data from Lipper. The fund bests on stocks and investment-grade corporate bonds, with some holdings in U.S. Treasury, government agency, and mortgage-backed securities.

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