Paul Kaplan manager of the $24 billion Vanguard GNMA Fund and co-manager running the bond portfolio of the $38 billion Vanguard Wellington Fund will retire next summer. The 58-year-old senior vice president at Wellington Management said that he plans to step down on June 30, 2006.

He did not elaborate on his reasons for his early retirement.

Vanguard officials said that Thomas Pappas, a ten-year member of the GNMA Fund's portfolio management team would take over that fund. Meanwhile, John Keogh will manage the portion of the Wellington Fund now handled by Kaplan.

Both Pappas and Keogh are employed by Boston-based Wellington Management.  

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