Vanguard Reopens Convertible Securities Fund

The Vanguard Convertible Securities fund (VCVSX) will reopen to new investors Friday, but it will cost people more to get into and out of the fund than before.

To encourage long-term investments, Vanguard is raising the fund’s minimum initial investment to $10,000 from $3,000 on all accounts.

Also, the company is imposing a 1% redemption fee on shares bought on or after September 15 that are sold within a year. The fee will be paid directly to the fund to compensate for transaction costs stemming from short-term investments.