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VALLEY FORGE, Pa., Jan. 3, 2019 /PRNewswire/ -- Vanguard today announced that the $962.5 million Vanguard Convertible Securities Fund has been closed to new investors in advance of a planned liquidation in late March. Shareholders of the fund are being notified and have the opportunity to exchange into another Vanguard fund or redeem shares prior to the liquidation date, at which time the fund's assets will be sold and the proceeds distributed.
After careful review of the fund's investment rationale and client usage, Vanguard determined that investors could achieve similar risk-return exposures and long-term returns by investing in a diversified, balanced portfolio of global stock and bond funds.
Vanguard introduced the fund in 1986, primarily for pension funds, endowments, and corporate and non-profit retirement plans. Despite the fund's capable advisor and prudent approach to managing convertible securities, the fund has not gained broad acceptance among these investors and remains one of the smallest offerings in terms of net assets among Vanguard's stock and balanced offerings.