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Funds Under Management The Vanguard Group had over A$956 billion in funds under management worldwide as at 1 December 2003. Mandate Index based global shares Corporate overview The Vanguard Group is based in the US and has been managing funds in an indexed style since 1976. The firm was one of the pioneers of the indexed approach to investing and is the world's second largest provider of mutual funds. Vanguard set up operations in Melbourne, Australia in 1996 as Vanguard Investments Australia Limited. It has over $13.5 billion in index-based funds under management and over 70 staff covering all aspects of the investment management function. MLC's indexed-based portfolio is managed from the Melbourne office, working in conjunction with the US operation. Investment style and specialisation Vanguard passively manages a portfolio of approximately 900 global stocks on behalf of MLC Investors using an optimisation technique designed to replicate the performance of the MSCI World Index. This strategy achieves very broad global diversification with a low level of turnover (typically around 5% pa), reducing the impact of transaction costs and taxation. MLC utilise The Vanguard Group because they are a world leader in index based equity management. The information contained in this document was prepared by MLC Investments Limited (ABN 30 002 641 661) and MLC Limited (ABN 90 000 000 402) based on information supplied by Vanguard Investments Australia Limited and is current as at 30 September 2001. This document has been published as an information service without assuming a duty of care. Accordingly reliance should not be placed by anyone on this document as the basis for making any investment, financial or other decision. An investment with MLC does not represent a deposit with or a liability of National Australia Bank Limited, MLC Investments Limited, MLC Limited or other member company of the National Group of companies and is subject to investment risk including possible delays in repayment and loss of income and capital invested. None of National Australia Bank Limited, MLC Investments Limited, MLC Limited, other member companies in the National Group of companies, or appointed investment managers guarantee the income or performance of any MLC product.
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