The Markets January 19, 2007

Vanguard Adds Structured Value Fund

The Vanguard Group on Thursday announced the launch of the Vanguard Structured Large-Cap Value Fund.
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The fund, which seeks to outperform the Russell 1000 Value Index by using a quantitative approach to identify the most attractive stocks in the benchmark, increases Vanguard’s lineup of structured equity portfolios to four offerings, according to a news release.

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Both Institutional and Institutional Plus shares are offered for the new fund, with investment minimums of $5 million and $200 million, respectively. Investors who have $1 billion invested at Vanguard are eligible for the Institutional Plus shares with a $100 million investment.

The expense ratio for the Institutional Shares is 0.25% of average net assets; the expense ratio for the Institutional Plus shares is 0.15% of average net assets, Vanguard said.

Vanguard Quantitative Equity Group, which oversees $478 billion in index and quantitatively managed assets, serves as the fund’s manager.

Vanguard managed $300 billion for employer-sponsored retirement plans as of year-end 2006, according to the news release.

Products January 19, 2007

State Street Gives Retirees Access to Financial Information

State Street Corporation has come out with a Web-based tool that gives retirement plan participants direct and secure access to personal payment information and account transactions.
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According to a company press release, through the new tool, mypenpay.com, State Street will provide online 1099R tax forms instead of participants having to call a benefits administrator for lost forms.

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Also, the Automated Stop and Reissue function allows participants to initiate a stop payment on checks that remain outstanding for a minimum amount of days from the payable date as determined by the plan sponsor, and the Online Check Images feature provides retirees with the ability to view a front-and-back image of a paid check issued within the prior 18 months.

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