Vanguard U.S. Government Bond Funds
See the inside front cover for important information about access to your fund’s annual and semiannual shareholder reports. Annual Report | January 31, 2019 Vanguard U.S. Government Bond Funds
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across the Treasury curve, leading to the F Fund's negative returns. All of the L Funds achieved gains in September. For the month of October through October 19th, all equities were in a