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To: Dennis who wrote (134)	12/29/1998 2:41:00 PM
From: Michael Berkel	Respond to of 41369

ALERT: NITE +2-11/16 right now and still a bargain at this price. NITE is also involved with EGRP in a consortium to open U.S. electronic options exchange. By trading options via computer and cutting out the cost of a trading floor, it could shave the price of an options trade by 30 percent or more. This could threaten the very existence of traditional floors like the Chicago Board Options Exchange. biz.yahoo.com

To: Dennis who wrote (134)	12/29/1998 3:12:00 PM
From: Chuzzlewit	Read Replies (1) \| Respond to of 41369

Dennis, the switch-over has to be timed properly if you are to maintain yourself as an index fund. So, Vanguard's timing is no different than any other fund's. TTFN, CTC

To: Dennis who wrote (134)	12/29/1998 3:18:00 PM
From: Cosmo Daisey	Read Replies (1) \| Respond to of 41369

Dennis, Vanguard and the other index funds need to buy the stocks in the index to mirror the performance of the index. The wait until the stock is added to the index to position because their portfolio purchases also affect the index. If they tried to position early and the stock moved down or up then they wouldn't be mirroring the index. They don't necessarily care how much they pay, only that they can have the same performance as the index. cdaiseyPhD@index_research.com