Private equity firm, Vanguard, is set to merge Vanguard US Value Fund into the $77.2bn Vanguard Value Index Fund, a broadly diversified, large-capitalization US value portfolio. Vanguard US Value Fund is closed to new shareholder accounts. The firm also announced plans to seek shareholder approval to change the diversification status of five funds. "We encourage shareholders of the six funds to vote on these important proposals. We believe the proposed changes will enable Vanguard to manage these funds more efficiently and effectively, and continue to deliver strong outcomes for investors," Tim Buckley, Vanguard Chairman and CEO.