Vanguard U.S. Government Bond Funds

• For the 12 months ended January 31, 2019, the returns of the funds in this report ranged from 2.05% for Vanguard Long-Term Treasury Fund to 3.20% for Vanguard Intermediate-Term Treasury Fund. (Returns cited are for Investor Shares.) Each fund underperformed its benchmark index. • The U.S. Treasury yield curve flattened over the period. ................
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