Vanguard has decided that after 15 months in the oven, Multi-Sector Income (VMSIX and VMSAX) is ready to eat.

Vanguard seeded the global income fund with $25 million when they launched it in October 2021 but didn’t allow outside investors to participate—until now. Yesterday, I was scratching my head over the fund unexpectedly paying out a mid-month distribution. Well, now I have my answer. Vanguard was effectively “clearing the decks” prior to opening to the public.

What is curious is that while Vanguard kept Multi-Sector Income in the shadows—testing the fund out with its own money first—Vanguard launched Core-Plus Bond (VCPIX) at the same time but made it available to all comers on Day One.

Why? Maybe it comes down to risk.

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