The Vanguard Group announced that Paul D. Kaplan, portfolio manager of Vanguard GNMA Fund and co-manager of Vanguard Wellington(TM) Fund, will retire on June 30, 2006.

Kaplan is senior vice president and partner at Wellington Management Company, LLP, which advises 16 Vanguard mutual funds and annuity portfolios.

"For more than a decade, Paul has ably managed two of Vanguard's largest funds, guiding them through challenging market environments and delivering superior returns for our shareholders," said Vanguard Chairman and CEO John J. Brennan. "We're very grateful for his efforts on our clients' behalf."

Kaplan joined Wellington Management in 1978, and has been managing Vanguard GNMA Fund as well as the fixed income segments of both Vanguard Wellington Fund and the Balanced Portfolio of Vanguard Variable Insurance Fund since 1994.

Kaplan's replacement for the GNMA Fund will be Thomas L. Pappas, who brings 18 years of experience in investment management to Vanguard. Pappas joined Wellington in 1987 and has worked on the fund's portfolio management since 1994. He is currently the senior vice president at Wellington.

 John C. Keogh will take over fixed income portions of the Wellington Fund and the Balanced Portfolio. Keogh has 26 years of experience in his field and as been working closely with Kaplan on the portfolios he will now oversee. Keogh is the senior vice president and partner at Wellington Management, and has been with the company for the past 22 years. 

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