Vanguard is revising redemption fee policies for its five Tax-Managed funds. Investors will be charged a two percent redemption fee for shares held less than one year and a one percent fee for shares held less than five years.

The changes apply to Vanguard's Tax-Managed Balanced Fund, Tax-Managed Growth and Income Fund, Tax-Managed Capital Appreciation Fund, Tax-Managed Small-Cap Fund; and Tax-Managed International Fund.

Previously, Vanguard assessed a two percent redemption fee on shares held for less than five years. The changes were effective at the close of business on September 14.  

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