B) El uso del perfil racial
2. La (i)legalidad de las conducciones a Comisaría
and annual reports to shareholders. For the first and third fiscal quarters, the fund files the lists with
the Securities and Exchange Commission on Form N-Q. Shareholders can look up the fund’s Forms
N-Q on the SEC’s website at sec.gov. Forms N-Q may also be reviewed and copied at the SEC’s
Public Reference Room (see the back cover of this report for further information).
U.S. Government and Agency Obligations (104.2%) U.S. Government Securities (8.0%)
United States Treasury Note/Bond 0.625% 7/31/17 19,900 19,881 United States Treasury Note/Bond 0.750% 3/31/18 76,850 76,549 United States Treasury Note/Bond 0.750% 4/15/18 1,750 1,743 United States Treasury Note/Bond 1.000% 5/31/18 1,000 1,002 United States Treasury Note/Bond 1.125% 6/15/18 10,250 10,298 United States Treasury Note/Bond 0.875% 7/15/18 43,350 43,221 United States Treasury Note/Bond 1.375% 7/31/18 16,000 16,175
1 United States Treasury Note/Bond 1.250% 10/31/18 45,000 45,211
United States Treasury Note/Bond 1.375% 12/31/18 26,500 26,690 United States Treasury Note/Bond 1.500% 3/31/19 2,500 2,525 United States Treasury Note/Bond 1.000% 9/30/19 10,500 10,344 United States Treasury Note/Bond 1.250% 1/31/20 6,350 6,293 United States Treasury Note/Bond 1.375% 3/31/20 700 697 United States Treasury Note/Bond 1.125% 4/30/20 41,000 40,270 United States Treasury Note/Bond 1.375% 4/30/20 60 60 United States Treasury Note/Bond 1.625% 6/30/20 1,400 1,407 United States Treasury Note/Bond 1.625% 7/31/20 98,400 98,831
401,197
Agency Bonds and Notes (80.6%)
2 AID-Jordan 2.578% 6/30/22 33,500 33,904
2 AID-Tunisia 2.452% 7/24/21 15,000 15,300
2 AID-Ukraine 1.847% 5/29/20 33,000 33,096
3 Federal Farm Credit Banks 1.110% 2/20/18 14,000 14,057 3 Federal Home Loan Banks 2.000% 9/9/16 8,420 8,559 3 Federal Home Loan Banks 0.500% 9/28/16 149,000 149,003 3 Federal Home Loan Banks 0.625% 11/23/16 144,000 144,173 3 Federal Home Loan Banks 1.625% 12/9/16 15,500 15,723 3 Federal Home Loan Banks 4.750% 12/16/16 21,500 22,729 3 Federal Home Loan Banks 0.875% 3/10/17 8,500 8,530 3 Federal Home Loan Banks 0.625% 5/30/17 23,250 23,217 3 Federal Home Loan Banks 0.750% 8/28/17 110,100 110,004 3,4 Federal Home Loan Banks 1.100% 9/19/17 75,000 75,073 3 Federal Home Loan Banks 1.375% 3/9/18 75,700 76,510 3 Federal Home Loan Banks 1.125% 4/25/18 17,250 17,328 3,4 Federal Home Loan Banks 1.200% 5/24/18 50,000 49,977 3 Federal Home Loan Banks 1.750% 6/12/20 20,000 20,090 5 Federal Home Loan Mortgage Corp. 2.000% 8/25/16 21,500 21,848
Face Market
Maturity Amount Value•
Coupon Date ($000) ($000)
5 Federal Home Loan Mortgage Corp. 0.875% 10/14/16 87,000 87,438
5 Federal Home Loan Mortgage Corp. 0.500% 1/27/17 135,800 135,634 5 Federal Home Loan Mortgage Corp. 0.875% 2/22/17 123,000 123,480
5 Federal Home Loan Mortgage Corp. 1.000% 3/8/17 339,500 341,534 4,5 Federal Home Loan Mortgage Corp. 0.800% 4/28/17 28,600 28,590
4,5 Federal Home Loan Mortgage Corp. 0.875% 6/16/17 40,000 40,047 5 Federal Home Loan Mortgage Corp. 0.750% 7/14/17 87,700 87,730
5 Federal Home Loan Mortgage Corp. 1.000% 9/29/17 145,250 145,799 5 Federal Home Loan Mortgage Corp. 5.125% 11/17/17 50,000 54,783
5 Federal Home Loan Mortgage Corp. 0.750% 1/12/18 207,650 206,687 4,5 Federal Home Loan Mortgage Corp. 1.250% 1/30/18 50,000 50,096
4,5 Federal Home Loan Mortgage Corp. 1.250% 4/20/18 50,000 50,098 4,5 Federal Home Loan Mortgage Corp. 1.250% 5/25/18 50,000 50,027
4,5 Federal Home Loan Mortgage Corp. 1.400% 5/25/18 75,000 75,047 5 Federal Home Loan Mortgage Corp. 1.750% 5/30/19 95,000 96,279
5 Federal Home Loan Mortgage Corp. 1.250% 10/2/19 50,000 49,550 5 Federal National Mortgage Assn. 0.625% 8/26/16 29,650 29,699
5 Federal National Mortgage Assn. 1.375% 11/15/16 30,000 30,327 5 Federal National Mortgage Assn. 1.250% 1/30/17 61,500 62,109
5 Federal National Mortgage Assn. 5.000% 2/13/17 23,500 25,066 5 Federal National Mortgage Assn. 1.125% 4/27/17 55,150 55,579
5 Federal National Mortgage Assn. 5.000% 5/11/17 94,500 101,639 4,5 Federal National Mortgage Assn. 2.000% 5/16/17 80,000 81,034
5 Federal National Mortgage Assn. 5.375% 6/12/17 17,800 19,326 4,5 Federal National Mortgage Assn. 1.000% 8/14/17 35,000 35,007
4,5 Federal National Mortgage Assn. 2.000% 9/26/17 100,000 101,622 5 Federal National Mortgage Assn. 1.000% 9/27/17 35,750 35,885
4,5 Federal National Mortgage Assn. 1.070% 9/27/17 27,000 27,030 4,5 Federal National Mortgage Assn. 2.000% 10/17/17 100,000 101,776
5 Federal National Mortgage Assn. 0.875% 10/26/17 88,000 88,063 5 Federal National Mortgage Assn. 1.000% 11/28/17 20,500 20,547
5 Federal National Mortgage Assn. 0.875% 12/20/17 31,000 30,973 5 Federal National Mortgage Assn. 0.875% 2/8/18 25,100 25,074
4,5 Federal National Mortgage Assn. 1.050% 4/13/18 50,000 49,996 5 Federal National Mortgage Assn. 1.125% 7/20/18 194,000 194,326
4,5 Federal National Mortgage Assn. 1.350% 8/13/18 70,000 70,020 4,5 Federal National Mortgage Assn. 1.250% 9/27/18 10,000 10,038
5 Federal National Mortgage Assn. 1.875% 2/19/19 63,000 64,257 5 Federal National Mortgage Assn. 1.750% 6/20/19 94,000 95,176
5 Federal National Mortgage Assn. 1.750% 9/12/19 30,750 31,112 5 Federal National Mortgage Assn. 0.000% 10/9/19 130,000 119,548
5 Federal National Mortgage Assn. 1.750% 11/26/19 35,500 35,864 5 Federal National Mortgage Assn. 1.625% 1/21/20 37,500 37,615
4,040,648
Conventional Mortgage-Backed Securities (15.6%)
4,5 Fannie Mae Pool 2.000% 10/1/27–7/1/28 10,797 10,688
4,5,6 Fannie Mae Pool 2.500% 12/1/27–8/1/30 88,214 89,597
4,5,6 Fannie Mae Pool 3.000% 12/1/20–8/1/30 91,697 95,302
4,5,6 Fannie Mae Pool 3.500% 8/1/20–9/1/45 223,070 232,325
4,5,6 Fannie Mae Pool 4.000% 6/1/18–9/1/45 116,650 123,749
4,5 Fannie Mae Pool 4.500% 1/1/18–10/1/25 14,428 15,067 4,5 Fannie Mae Pool 5.000% 8/1/15–6/1/25 11,470 12,008
4,5 Fannie Mae Pool 5.500% 3/1/16–1/1/25 6,098 6,366 4,5 Fannie Mae Pool 6.000% 4/1/17–5/1/24 527 550
4,5 Fannie Mae Pool 6.500% 8/1/16–9/1/16 509 521
Face Market
Maturity Amount Value•
Coupon Date ($000) ($000)
4,5 Freddie Mac Gold Pool 2.000% 9/1/28–6/1/30 10,374 10,247
4,5,6 Freddie Mac Gold Pool 2.500% 6/1/22–8/1/30 62,968 63,891
4,5,6 Freddie Mac Gold Pool 3.000% 11/1/29–8/1/30 52,397 54,403
4,5 Freddie Mac Gold Pool 3.500% 3/1/21–8/1/29 26,694 28,248 4,5 Freddie Mac Gold Pool 4.000% 6/1/18–1/1/29 20,081 21,187
4,5 Freddie Mac Gold Pool 4.500% 5/1/18–9/1/26 11,404 11,997 4,5 Freddie Mac Gold Pool 5.000% 6/1/17–6/1/25 5,797 6,089
4,5 Freddie Mac Gold Pool 5.500% 1/1/16–9/1/21 150 157
4,5 Freddie Mac Gold Pool 6.000% 10/1/18 56 57
782,449
Total U.S. Government and Agency Obligations (Cost $5,212,610) 5,224,294
Shares
Temporary Cash Investment (4.3%) Money Market Fund (4.3%)
7 Vanguard Market Liquidity Fund
(Cost $214,739) 0.152% 214,738,727 214,739
Total Investments (108.5%) (Cost $5,427,349) 5,439,033
Expiration
Date Contracts
Liabilities for Options Written (0.0%) Call Options on 10-year U.S. Treasury Note
Futures Contracts, Strike Price $127.00 8/21/15 83 (74) Call Options on 10-year U.S. Treasury Note
Futures Contracts, Strike Price $127.50 8/21/15 83 (51) Call Options on 10-year U.S. Treasury Note
Futures Contracts, Strike Price $128.00 8/21/15 149 (60) Call Options on 10-year U.S. Treasury Note
Futures Contracts, Strike Price $128.50 8/21/15 24 (6) Put Options on 10-year U.S. Treasury Note
Futures Contracts, Strike Price $125.00 8/21/15 83 (5) Put Options on 10-year U.S. Treasury Note
Futures Contracts, Strike Price $125.50 8/21/15 116 (11) Put Options on 10-year U.S. Treasury Note
Futures Contracts, Strike Price $126.00 8/21/15 83 (14) Total Liability for Options Written (Premium received $211) (221) Other Assets and Liabilities (-8.5%)
Other Assets 508,536
Liabilities (934,082)
(425,546)
Net Assets (100%) 5,013,266
Face Market
Maturity Amount Value•
Coupon Date ($000) ($000)
Statement of Assets and Liabilities Assets
Investments in Securities, at Value
Unaffiliated Issuers 5,224,294
Affiliated Vanguard Funds 214,739
Total Investments in Securities 5,439,033
Receivables for Investment Securities Sold 486,727
Other Assets 21,809
Total Assets 5,947,569
Liabilities
Payables for Investment Securities Purchased 921,368
Option Contacts Written 221
Other Liabilities 12,714
Total Liabilities 934,303
Net Assets 5,013,266
At July 31, 2015, net assets consisted of:
Amount
($000)
Paid-in Capital 4,997,577
Overdistributed Net Investment Income (50)
Accumulated Net Realized Gains 5,118
Unrealized Appreciation (Depreciation)
Investment Securities 11,684
Futures Contracts (1,053)
Options on Futures Contracts (10)
Net Assets 5,013,266
Investor Shares—Net Assets
Applicable to 78,566,948 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 847,356
Net Asset Value Per Share—Investor Shares $10.79
Amount
($000)
Admiral Shares—Net Assets
Applicable to 386,263,146 outstanding $.001 par value shares of
beneficial interest (unlimited authorization) 4,165,910
Net Asset Value Per Share—Admiral Shares $10.79
Amount
($000)
• See Note A in Notes to Financial Statements.
1 Securities with a value of $2,210,000 have been segregated as initial margin for open futures contracts. 2 U.S. government-guaranteed.
3 The issuer operates under a congressional charter; its securities are generally neither guaranteed by the U.S. Treasury nor backed by the full faith and credit of the U.S. government.
4 The average or expected maturity is shorter than the final maturity shown because of the possibility of interim principal payments and prepayments or the possibility of the issue being called.
5 The issuer was placed under federal conservatorship in September 2008; since that time, its daily operations have been managed by the Federal Housing Finance Agency and it receives capital from the U.S. Treasury, as needed to maintain a positive net worth, in exchange for senior preferred stock.
6 Includes securities purchased on a when-issued or delayed-delivery basis for which the fund has not taken delivery as of July 31, 2015. 7 Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the
7-day yield.
See accompanying Notes, which are an integral part of the Financial Statements.
Six Months Ended July 31, 2015 ($000) Investment Income Income Interest1 25,486 Total Income 25,486 Expenses
The Vanguard Group—Note B
Investment Advisory Services 247
Management and Administrative—Investor Shares 666 Management and Administrative—Admiral Shares 1,256
Marketing and Distribution—Investor Shares 103
Marketing and Distribution—Admiral Shares 351
Custodian Fees 35
Shareholders’ Reports—Investor Shares 16
Shareholders’ Reports—Admiral Shares 9
Trustees’ Fees and Expenses 2
Total Expenses 2,685
Net Investment Income 22,801
Realized Net Gain (Loss)
Investment Securities Sold 3,457
Futures Contracts (746)
Options on Futures Contracts 136
Realized Net Gain (Loss) 2,847
Change in Unrealized Appreciation (Depreciation)
Investment Securities (17,531)
Futures Contracts 997
Options on Futures Contracts 611
Change in Unrealized Appreciation (Depreciation) (15,923) Net Increase (Decrease) in Net Assets Resulting from Operations 9,725 1 Interest income from an affiliated company of the fund was $173,000.
Statement of Operations
See accompanying Notes, which are an integral part of the Financial Statements. 38
39
Statement of Changes in Net Assets
See accompanying Notes, which are an integral part of the Financial Statements.
Six Months Ended Year Ended July 31, January 31, 2015 2015 ($000) ($000) Increase (Decrease) in Net Assets
Operations
Net Investment Income 22,801 35,818
Realized Net Gain (Loss) 2,847 15,337
Change in Unrealized Appreciation (Depreciation) (15,923) 24,561 Net Increase (Decrease) in Net Assets Resulting from Operations 9,725 75,716 Distributions
Net Investment Income
Investor Shares (3,661) (5,942)
Admiral Shares (19,162) (29,965)
Realized Capital Gain1
Investor Shares (534) — Admiral Shares (2,437) —
Total Distributions (25,794) (35,907)
Capital Share Transactions
Investor Shares (73,173) (135,245)
Admiral Shares 56,960 (115,103)
Net Increase (Decrease) from Capital Share Transactions (16,213) (250,348) Total Increase (Decrease) (32,282) (210,539) Net Assets
Beginning of Period 5,045,548 5,256,087
End of Period2 5,013,266 5,045,548
1 Includes fiscal 2016 short-term gain distributions totaling $2,971,000. Short-term gain distributions are treated as ordinary income dividends for tax purposes.
Investor Shares
Six Months
Ended
For a Share Outstanding July 31, Year Ended January 31, Throughout Each Period 2015 2015 2014 2013 2012 2011 Net Asset Value, Beginning of Period $10.82 $10.74 $10.78 $10.89 $10.77 $10.81
Investment Operations
Net Investment Income .045 .066 .058 .061 .106 .163
Net Realized and Unrealized Gain (Loss)
on Investments (.024) .080 (.034) .022 .225 .104 Total from Investment Operations .021 .146 .024 .083 .331 .267
Distributions
Dividends from Net Investment Income (.045) (.066) (.058) (.061) (.106) (.163) Distributions from Realized Capital Gains (.006) — (.006) (.132) (.105) (.144) Total Distributions (.051) (.066) (.064) (.193) (.211) (.307) Net Asset Value, End of Period $10.79 $10.82 $10.74 $10.78 $10.89 $10.77
Total Return1 0.19% 1.36% 0.22% 0.76% 3.09% 2.50%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $847 $924 $1,051 $1,884 $2,282 $2,465 Ratio of Total Expenses to
Average Net Assets 0.19% 0.20% 0.20% 0.20% 0.20% 0.22% Ratio of Net Investment Income to
Average Net Assets 0.83% 0.61% 0.54% 0.56% 0.97% 1.49% Portfolio Turnover Rate2 357% 361% 418% 436% 411% 211%
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
2 Includes 113%, 99%, 87%, 139%, 149%, and 16% attributable to mortgage-dollar-roll activity.
Financial Highlights
See accompanying Notes, which are an integral part of the Financial Statements. 40
Admiral Shares
Six Months
Ended
For a Share Outstanding July 31, Year Ended Janurary 31, Throughout Each Period 2015 2015 2014 2013 2012 2011 Net Asset Value, Beginning of Period $10.82 $10.74 $10.78 $10.89 $10.77 $10.81
Investment Operations
Net Investment Income .050 .077 .069 .071 .117 .176 Net Realized and Unrealized Gain (Loss)
on Investments (.024) .080 (.034) .022 .225 .104 Total from Investment Operations .026 .157 .035 .093 .342 .280
Distributions
Dividends from Net Investment Income (.050) (.077) (.069) (.071) (.117) (.176) Distributions from Realized Capital Gains (.006) — (.006) (.132) (.105) (.144) Total Distributions (.056) (.077) (.075) (.203) (.222) (.320) Net Asset Value, End of Period $10.79 $10.82 $10.74 $10.78 $10.89 $10.77
Total Return1 0.24% 1.47% 0.33% 0.86% 3.20% 2.62%
Ratios/Supplemental Data
Net Assets, End of Period (Millions) $4,166 $4,122 $4,205 $3,792 $3,481 $3,419 Ratio of Total Expenses to
Average Net Assets 0.09% 0.10% 0.10% 0.10% 0.10% 0.10% Ratio of Net Investment Income to
Average Net Assets 0.93% 0.71% 0.64% 0.66% 1.07% 1.61% Portfolio Turnover Rate2 357% 361% 418% 436% 411% 211%
The expense ratio, net income ratio, and turnover rate for the current period have been annualized.
1 Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses provide information about any applicable account service fees.
2 Includes 113%, 99%, 87%, 139%, 149%, and 16% attributable to mortgage-dollar-roll activity.
Financial Highlights
See accompanying Notes, which are an integral part of the Financial Statements.