The Vanguard Group of Malvern, Pa. has followed in the footsteps of the SEC and is now offering investors an Internet device that can calculate fund costs over time.

The calculator is being offered on Vanguard's redesigned Web site, which went online last week. Vanguard claims that it is the first mutual fund company to offer such a calculator.

In April, the SEC put a mutual fund cost calculator on its site and urged mutual fund companies to reveal more about long-term costs to investors.

The Vanguard calculator is more sophisticated than the SEC's model, which requires that an investor look up fee information in a fund's prospectus. The Vanguard cost calculator allows investors to compare Vanguard and non-Vanguard funds side-by-side with information supplied by Morningstar of Chicago and Pershing of Jersey City, N.J.

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