Well, this is a problem most fund firms would love to have. Vanguard is closing its High-Yield Corporate Fund to most new accounts, effectively immediately, citing a need to curtail strong cash inflows. The fund, which currently holds $16.9 billion in net assets, has experienced cash flow totaling $2 billion over the past six months.

“The flows into the High-Yield Corporate Fund have been particularly acute, so we are taking these proactive steps to preserve the ability of the advisor to manage the fund effectively and protect the interests of existing shareholders,” stated Vanguard CEO Bill McNabb.

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