Dec. 4, 2003 — Vanguard Group closed Vanguard Global Equity (VHGEX) to new investors today and will reopen Vanguard High Yield Corporate/Inv (VWEHX) Friday.

A Vanguard spokeswoman said London-based Marathon Asset Management Ltd., which runs Vanguard Global Equity, asked that it be closed because Marathon did not want to stretch its resources thin by taking on more clients. Marathon has stopped offering its own global stock fund to new investors, Vanguard said.

The $745 million fund’s asset size and cash inflows are not hindering Marathon’s ability to manage the portfolio, Vanguard said, adding that it has no timetable for reopening the fund.

Vanguard said it is reopening the High Yield Corporate Fund, which invests in junk bonds, because its cash inflows have moderated since it stopped accepting new investors in June. The fund’s assets have declined to $9.3 billion from $9.5 billion when it was closed, the spokeswoman said.

Vanguard is also lifting a restriction it imposed in June limiting additional investments in the fund by shareholders to $100,000 per year.

Vanguard closed the fund and capped additional investments in it because it feared the fund was attracting performance-chasing investors who would rapidly jump in and out of it.