Vanguard today reopened its High-Yield Corporate Fund and Intermediate-Term Tax-Exempt Fund to all investors and also closed its Capital Opportunity Fund.

The $16.1 billion High-Yield Corporate Fund, which is managed by Wellington Management Company LLP, was closed in May 2012.

The $33.7 billion Intermediate-Term Tax-Exempt Fund, a municipal bond fund that is managed by Vanguard Fixed Income Group, was closed in February 2013.

Vanguard closed the funds to address concerns that continued asset growth could harm the interests of current shareholders, said the firm.

“These funds were closed to reduce cash flow, with the aim of preserving the advisors’ ability to implement their investment strategies and produce competitive long-term returns,” said Bill McNabb, CEO of Vanguard. “Cash flow to the funds has subsided which, along with a change in market conditions, has enabled us to reopen the funds.”

The Valley Forge, Pa.-based firm also announced today that it has closed its Capital Opportunity Fund to most new accounts.

The $11.4 billion fund is managed by PRIMECAP Management Company. It was closed in 2004 and reopened to select investors in 2007, and to all retail investors in April 2013. Since this past April, the fund’s assets have grown by more than $2 billion.

“While the size of the fund is currently manageable, continued strong cash inflows and growth resulting from market appreciation could pose challenges for PRIMECAP Management in the future. We feel closing the fund is the appropriate step at this time,” said McNabb.

In addition, the board of trustees of Vanguard Long-Term Investment-Grade Fund has approved the addition of Vanguard Fixed Income Group to its advisory team. Wellington Management Company has managed the $13.4 billion fund since its inception in 1973 and will continue to serve as the lead advisor.