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September 21, 2005 at 08:00 PM
Vanguard Group has changed the redemption fee policy for its five tax-managed mutual funds, imposing a 1% fee for shares held less than five years.
Previously, the funds imposed a fee of 2% on shares held less than one year, and 1% on shares held one year to less than five years. The fees, paid directly to the funds, are designed to discourage short-term investing.
The fee applies to all share classes of Vanguard Tax-Managed Balanced (VTMFX), Vanguard Tax-Managed Growth & Income (VTGIX), Vanguard Tax-Managed Capital Appreciation (VMCAX), Vanguard Tax-Managed Small-Cap (VTMSX) and Vanguard Tax-Managed International (VTMGX).
