Transcription of Vanguard U.S. Government Bond Funds
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Vanguard U.S. Government Bond Funds
Vanguard Government Bond FundsVanguard Short-Term treasury FundVanguard Short-Term Federal FundVanguard Intermediate-Term treasury FundVanguard GNMA FundVanguard Long-Term treasury FundAnnual Report | January 31, 2018 ContentsPlease note: The opinions expressed in this report are just that informed opinions. They should not be considered promisesor advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of thisreport. Of course, the risks of investing in your fund are spelled out in the the Glossary for definitions of investment terms used in this the cover: Nautical images have been part of Vanguard s rich heritage since its start in 1975. For anincoming ship, a lighthouse offers a beacon and safe path to shore. You can similarly depend on Vanguard to putyou first and light the way as you strive to meet your financial goals.
2 • 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
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