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Reduce database size

We are running Virtualization Manager v6.0.0.10001.  My goal is to reduce the size of the database and the length of time that the data is retained.  I have changed the "Days to Retain Performance Data Hourly Rollups" value to 60 days from the default 90 days.

My expectation is that the data that is older than 60 days will be pruned out and the database size will decrease.  Is this correct?  If so, when should I expect to see a reduction in the database size?

Thanks for the help.