Vanguard U.S. Government Bond Funds

period for the U.S. bond market. The returns of the four U.S. Government Bond Funds managed by Vanguard’s Fixed Income Group ranged from 2.05% for Vanguard Long-Term Treasury Fund to 3.20% for Vanguard Intermediate-Term Treasury Fund. (The returns and yields cited in this report are for Investor Shares.) Each fund underperformed its benchmark ... ................
................