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.

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