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To: Investor2 who wrote (5907)	6/16/1999 12:19:00 AM
From: David Bogdanoff	Respond to of 15132

I2; Thanks for the links. I agree that the nominal maturity of the Vanguard GNMA fund is somewhat shorter than the average maturity of the Total bond index fund, and this probably accounts for the better YTD performance of the former; my point was that the nature of the mortgage contract makes it possible for the mortgagee to cancel and refinance easily. This actually shortens the actual maturity, but it does not lock in high rates for as long a period. Thus, what fund proves "better" depends on individual investment objectives and interest rate behavior. Its also interesting to look at: www.vanguard.com/daily/pricesyields.html . Best, David