Vanguard is streamlining its investment offerings by merging five funds — including two index funds, an actively managed growth fund and two retirement income funds — the firm announced.
Vanguard plans to merge the $16.3 billion Vanguard Developed Markets Index Fund with the $18.4 billion Vanguard Tax-Managed International Fund. The funds share similar holdings and seek to track the same benchmark — the FTSE Developed ex North America Index. The merged fund, which will be called the Vanguard Developed Markets Index Fund, will offer Investor, Admiral, Institutional, Institutional Plus, and ETF Shares.
Two funds that seek to track the Standard & Poor's 500 Index also will merge. The $3 billion Vanguard Tax-Managed Growth and Income Fund will merge with the $143 billion Vanguard 500 Index Fund. Shareholders of the Tax-Managed Growth and Income Fund will benefit from the lower expense ratio (0.05 percent) of the Admiral Shares of the 500 Index Fund.
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