N-Q 1 worldussect5482.htm NQ FORM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED MANAGEMENT COMPANY


Investment Company Act file number: 811-1027

Name of Registrant: Vanguard World Funds

Address of Registrant: P.O. Box 2600
Valley Forge, PA 19482

Name and address of agent for service: R. Gregory Barton, Esquire
P.O. Box 876
Valley Forge, PA 19482

Registrant’s telephone number, including area code: (610) 669-1000


Date of fiscal year end: August 31

Date of reporting period: May 31, 2005

Item 1: Schedule of Investments




Vanguard Industrials Index Fund
Schedule of Investments
May 31, 2005
   
 
Shares
Market
Value
($000)

   COMMON STOCKS (98.6%)    

   Aerospace (11.9%)
  United Technologies Corp. 3,747  $400 
  The Boeing Co. 5,521  353 
  Lockheed Martin Corp. 2,815  183 
  Northrop Grumman Corp. 2,400  134 
  Rockwell Collins, Inc. 1,346  66 
  Goodrich Corp. 864  36 
  United Defense Industries Inc. 438  33 
* Alliant Techsystems, Inc. 310  22 
  Curtiss-Wright Corp. 174  10 
* Moog Inc. 270 
* Teledyne Technologies, Inc. 238 
* Orbital Sciences Corp. 562 
  United Industrial Corp. 146 
* MTC Technologies, Inc. 110 
* Argon ST, Inc. 105 
  HEICO Corp. Class A 198 
  HEICO Corp. 92 

       1,276 

   
   Air Transportation (3.8%)
  FedEx Corp. 2,135  191 
  Southwest Airlines Co. 5,298  77 
  Expeditors International of Washington, Inc. 800  41 
* AMR Corp. 1,398  18 
* JetBlue Airways Corp. 618  13 
  Skywest, Inc. 485 
* Aviall Inc. 284 
* Continental Airlines, Inc. Class B 594 
* AirTran Holdings, Inc. 758 
* Alaska Air Group, Inc. 233 
* EGL, Inc. 354 
* Frontier Airlines, Inc. 415 
* Delta Air Lines, Inc. 1,091 
* Northwest Airlines Corp. Class A 682 
* ExpressJet Holdings, Inc. 442 
* America West Holdings Corp. Class B 607 
* Mesa Air Group Inc. 404 

       410 

   
   Auto Parts-Aftermarket (0.0%)
* Commercial Vehicle Group Inc. 95 

   
   Auto Trucks & Parts (1.3%)
  PACCAR, Inc. 1,252  89 
  Oshkosh Truck Corp. 292  23 
* Navistar International Corp. 518  16 
  Wabash National Corp. 338 

       136 

   
   Building-Air Conditioning (0.2%)
  York International Corp. 376  16 
  Lennox International Inc. 436 

       25 

   
   Building-Heating & Plumbing (0.1%)
* Jacuzzi Brands, Inc. 786 
* AAON, Inc. 111 
* Interline Brands, Inc. 18 

       10 

   
   Building--Miscellaneous (0.0%)
* Griffon Corp. 224 

   
   Building-Roof & Wallboard (0.2%)
* USG Corp. 295  14 
  ElkCorp 220 
* Beacon Roofing Supply, Inc. 59 

       22 

   
   Building Materials (1.5%)
  Masco Corp. 3,377  108 
  Hughes Supply, Inc. 542  14 
  Watsco, Inc. 230  10 
  Simpson Manufacturing Co. 273 
* NCI Building Systems, Inc. 216 
* Trex Co., Inc. 108 
  Ameron International Corp. 116 
  Bluelinx Holdings Inc. 27 

       155 

   
   Chemicals (0.0%)
* Energy Conversion Devices, Inc. 254 
* EnerSys 40 

      

   
   Commercial Information Services (0.1%)
* LECG Corp. 228 
* SOURCECORP, Inc. 184 

      

   
   Communications Technology (0.6%)
  L-3 Communications Holdings, Inc. 839  59 

   
   Computer Services Software & Systems (0.1%)
* Mercury Computer Systems, Inc. 234 

   
   Construction (0.3%)
* Washington Group International, Inc. 252  12 
* EMCOR Group, Inc. 176 
  Granite Construction Co. 348 

       28 

   
   Consumer Products (0.2%)
  The Toro Co. 382  16 

   
   Container & Package-Metal & Glass (0.0%)
* Mobile Mini, Inc. 138 

   
   Copper (0.1%)
  Mueller Industries Inc. 268 

   
   Diversified Financial Services (0.0%)
* Huron Consulting Group Inc. 36 

   
   Diversified Manufacturing (1.1%)
  American Standard Cos., Inc. 1,364  58 
  Clarcor Inc. 464  13 
* Armor Holdings, Inc. 286  11 
  Brady Corp. Class A 328  10 
* Hexcel Corp. 536 
  Acuity Brands, Inc. 351 
  Barnes Group, Inc. 200 
  Tredegar Corp. 294 

       121 

   
   Diversified Production (2.0%)
  Danaher Corp. 1,867  103 
  Dover Corp. 1,526  58 
  Pentair, Inc. 716  32 
* Thomas & Betts Corp. 518  16 

       209 

   
   Education-Services (0.1%)
* Universal Technical Institute Inc. 143 
* Learning Tree International, Inc. 228 

      

   
   Electrical Equipment & Components (3.0%)
  Emerson Electric Co. 3,135  208 
  Cooper Industries, Inc. Class A 684  47 
  Ametek, Inc. 562  22 
* Genlyte Group, Inc. 208 
  Baldor Electric Co. 308 
* Triumph Group, Inc. 188 
* General Cable Corp. 472 
  Franklin Electric, Inc. 158 
  A.O. Smith Corp. 178 
* Power-One, Inc. 608 
* Color Kinetics Inc. 177 

       325 

   
   Electronics (0.0%)
* II-VI, Inc. 304 

   
   Electronics-Technology (3.4%)
  General Dynamics Corp. 1,279  138 
  Raytheon Co. 3,397  133 
  Rockwell Automation, Inc. 1,373  71 
* DRS Technologies, Inc. 236  11 
  EDO Corp. 202 
  Cubic Corp. 222 
* Herley Industries Inc. 220 

       367 

   
   Energy Equipment (0.1%)
* Plug Power, Inc. 692 
* Global Power Equipment Group Inc. 368 

      

   
   Energy Miscellaneous (0.0%)
* FuelCell Energy, Inc. 528 

   
   Engineering & Contracting Services (0.9%)
  Fluor Corp. 650  37 
* Jacobs Engineering Group Inc. 411  22 
* URS Corp. 360  12 
* Quanta Services, Inc. 1,080  10 
* Dycom Industries, Inc. 430 
* Infrasource Services Inc. 341 

       93 

   
   Financial Data Processing Services (0.3%)
  Deluxe Corp. 414  17 
  John H. Harland Co. 238 
* PRG-Schultz International, Inc. 526 

       28 

   
   Financial Information Services (0.7%)
  Equifax, Inc. 1,088  38 
* The Dun & Bradstreet Corp. 528  32 

       70 

   
   Financial Miscellaneous (0.1%)
* Asset Acceptance Capital Corp. 246 
* Portfolio Recovery Associates, Inc. 132 

       11 

   
   Forest Products (0.1%)
  Universal Forest Products, Inc. 152 

   
   Forms & Bulk Print Services (0.1%)
  Ennis, Inc. 220 
  The Standard Register Co. 189 

      

   
   Glass (0.0%)
  Apogee Enterprises, Inc. 378 

   
   Health & Personal Care (0.2%)
* Stericycle, Inc. 336  17 

   
   Household Furnishings (0.0%)
  American Woodmark Corp. 119 

   
   Identification Control & Filter Devices (2.6%)
  Parker Hannifin Corp. 919  55 
  American Power Conversion Corp. 1,372  35 
  Pall Corp. 1,006  29 
  Roper Industries Inc. 346  24 
  Donaldson Co., Inc. 646  21 
  Hubbell Inc. Class B 420  19 
  IDEX Corp. 396  15 
* Flowserve Corp. 482  14 
* CUNO Inc. 166  12 
  Crane Co. 430  11 
* ESCO Technologies Inc. 130  11 
  Mine Safety Appliances Co. 224  10 
  Watts Water Technologies, Inc. 213 
  Robbins & Myers, Inc. 206 
  Vicor Corp. 344 
  Gorman-Rupp Co. 173 
  C & D Technologies, Inc. 302 

       279 

   
   Insurance-Multiline (0.1%)
* Alleghany Corp. 46  13 

   
   Machine Tools (0.1%)
  Lincoln Electric Holdings, Inc. 312  10 

   
   Machinery & Engineering (0.1%)
  Applied Industrial Technology, Inc. 226 

   
   Machinery--Agricultural (1.3%)
  Deere & Co. 1,861  123 
* AGCO Corp. 748  14 
  Lindsay Manufacturing Co. 168 

       140 

   
   Machinery-Construction & Handling (2.6%)
  Caterpillar, Inc. 2,546  240 
* Terex Corp. 402  16 
  The Manitowoc Co., Inc. 252  10 
  Stewart & Stevenson Services, Inc. 344 
  NACCO Industries, Inc. Class A 49 
* Astec Industries, Inc. 218 

       284 

   
   Machinery-Engines (0.3%)
  Cummins Inc. 274  19 
  Briggs & Stratton Corp. 445  15 

       34 

   
   Machinery-Industrial/Special (3.3%)
  Illinois Tool Works, Inc. 1,883  159 
  Ingersoll-Rand Co. 1,301  101 
  Joy Global Inc. 594  22 
  Kennametal, Inc. 318  14 
* Actuant Corp. 234  11 
* Gardner Denver Inc. 243 
  Nordson Corp. 290 
  Woodward Governor Co. 110 
  Thomas Industries, Inc. 148 
* Kadant Inc. 226 
  Tennant Co. 112 
  Tecumseh Products Co. Class A 140 
* EnPro Industries, Inc. 49 
  Tecumseh Products Co. Class B 28 

       355 

   
   Machinery-Specialty (0.5%)
  Graco, Inc. 552  19 
  Engineered Support Systems, Inc. 360  14 
  JLG Industries, Inc. 484  12 
  Bucyrus International, Inc. 116 

       49 

   
   Manufacturing (0.1%)
  Federal Signal Corp. 466 
  Standex International Corp. 168 

       12 

   
   Metal Fabricating (0.8%)
  Precision Castparts Corp. 506  39 
  The Timken Co. 576  14 
* Shaw Group, Inc. 647  13 
  Kaydon Corp. 284 
  Valmont Industries, Inc. 236 
  CIRCOR International, Inc. 228 
* Encore Wire Corp. 272 

       89 

   
   Metals & Minerals & Commodities (0.1%)
* Ceradyne, Inc. 249 

   
   Metals & Minerals Miscellaneous (0.0%)
* GrafTech International Ltd. 900 

   
   Miscellaneous Equipment (0.3%)
  W.W. Grainger, Inc. 600  33 
   
   Miscellaneous Materials & Processing (0.0%)
* Insituform Technologies Inc. Class A 248 

   
   Miscellaneous Producer Durables (0.0%)
* BE Aerospace, Inc. 340 

   
   Multi-Sector Companies (32.5%)
  General Electric Co. 58,054  2,118 
  Tyco International Ltd. 14,726  426 
  3M Co. 5,368  411 
  Honeywell International Inc. 5,942  215 
  Textron, Inc. 926  72 
  Eaton Corp. 1,103  66 
  ITT Industries, Inc. 634  60 
  SPX Corp. 618  27 
  Carlisle Co., Inc. 256  18 
  Teleflex Inc. 283  16 
  Walter Industries, Inc. 318  14 
* McDermott International, Inc. 548  12 
  Trinity Industries, Inc. 354  10 
* GenCorp, Inc. 478 
  Kaman Corp. Class A 348 
* Sequa Corp. Class A 72 

       3,483 

   
   Office Furniture & Business Equipment (1.2%)
  Pitney Bowes, Inc. 1,716  77 
  HNI Corp. 440  23 
  Herman Miller, Inc. 612  18 
  Steelcase Inc. 466 
* Imagistics International Inc. 190 

       129 

   
   Office Supplies (0.3%)
  Avery Dennison Corp. 710  37 

   
   Paper (0.1%)
  Albany International Corp. 264 

   
   Power Transmission Equipment (0.1%)
  Regal-Beloit Corp. 282 

   
   Printing & Copying Services (0.0%)
  Bowne & Co., Inc. 394 

   
   Production Technical Equipment (0.1%)
* Esterline Technologies Corp. 241 

   
   Publishing-Miscellaneous (0.6%)
R.R. Donnelley & Sons Co. 1,552  52 
  Banta Corp. 244  11 
* Consolidated Graphics, Inc. 150 

       69 

   
   Railroad Equipment (0.1%)
  Wabtec Corp. 432 

   
   Railroads (4.3%)
  Burlington Northern Santa Fe Corp. 2,822  139 
  Union Pacific Corp. 1,856  124 
  Norfolk Southern Corp. 2,993  96 
  CSX Corp. 1,620  67 
* Kansas City Southern 618  12 
  Florida East Coast Industries, Inc. Class A 232  10 
* Genesee & Wyoming Inc. Class A 278 
* RailAmerica, Inc. 402 

       461 

   
   Rent & Lease Services-Commercial (0.5%)
  Ryder System, Inc. 494  18 
  GATX Corp. 377  13 
* United Rentals, Inc. 620  12 
  McGrath RentCorp 198 
* Electro Rent Corp. 268 

       51 

   
   Rent & Lease Services-Consumer (0.2%)
* Dollar Thrifty Automotive Group, Inc. 280  10 
  Amerco, Inc. 126 
* Wesco International, Inc. 224 

       24 

   
   Retail (0.5%)
  Fastenal Co. 504  29 
  MSC Industrial Direct Co., Inc. Class A 408  13 
* School Specialty, Inc. 174 
  Lawson Products, Inc. 88 

       53 

   
   Securities Brokers & Services (0.1%)
* NCO Group, Inc. 282 

   
   Services-Commercial (7.4%)
  Cendant Corp. 7,886  167 
  Waste Management, Inc. 4,303  127 
  Cintas Corp. 1,118  45 
  Republic Services, Inc. Class A 1,154  41 
  Robert Half International, Inc. 1,254  31 
  Manpower Inc. 700  28 
* ChoicePoint Inc. 690  27 
* Monster Worldwide Inc. 928  24 
  Aramark Corp. Class B 858  22 
  The Corporate Executive Board Co. 296  21 
* Waste Connections, Inc. 417  15 
* Copart, Inc. 581  14 
  The Brink's Co. 449  14 
* Allied Waste Industries, Inc. 1,814  14 
  IKON Office Solutions, Inc. 1,266  12 
* PHH Corp. 473  11 
* Corrections Corp. of America REIT 308  11 
* Navigant Consulting, Inc. 432  10 
* FTI Consulting, Inc. 432  10 
* West Corp. 258 
* Resources Connection, Inc. 440 
  Watson Wyatt & Co. Holdings 314 
  ABM Industries Inc. 420 
  G & K Services, Inc. Class A 200 
  Rollins, Inc. 366 
* Labor Ready, Inc. 351 
  Viad Corp. 258 
* Tetra Tech, Inc. 576 
* CoStar Group, Inc. 162 
  Kelly Services, Inc. Class A 228 
* Korn/Ferry International 396 
  Gevity HR, Inc. 334 
* Heidrick & Struggles International, Inc. 222 
* Coinstar, Inc. 256 
  Central Parking Corp. 264 
* Teletech Holdings Inc. 546 
  CDI Corp. 200 
* Hudson Highland Group, Inc. 264 
* CRA International Inc. 68 
* Geo Group Inc. 159 
* Century Business Services, Inc. 950 
* Spherion Corp. 682 
* Sirva Inc. 408 
* Volt Information Sciences Inc. 158 
* First Advantage Corp. Class A 90 
* DiamondCluster International, Inc. 90 

       791 

   
   Shipping (0.2%)
  Alexander & Baldwin, Inc. 307  14 
* Kirby Corp. 206 

       23 

   
   Steel (0.2%)
  Harsco Corp. 320  19 

   
   Telecommunications Equipment (0.0%)
* Mastec Inc. 415 

   
   Textile Products (0.0%)
* DHB Industries, Inc. 416 

   
   Transportation Miscellaneous (3.8%)
  United Parcel Service, Inc. 4,471  329 
  C.H. Robinson Worldwide, Inc. 574  33 
* Laidlaw International Inc. 865  19 
  UTI Worldwide, Inc. 171  13 
* Pacer International, Inc. 360 
  Sea Containers Ltd. Class A 308 
* Hub Group, Inc. 135 

       410 

   
   Truckers (1.4%)
* Yellow Roadway Corp. 448  24 
  CNF Inc. 422  19 
  J.B. Hunt Transport Services, Inc. 932  19 
* Landstar System, Inc. 466  16 
  Overnite Corp. 276  12 
* Swift Transportation Co., Inc. 442  11 
  Heartland Express, Inc. 492  10 
  Knight Transportation, Inc. 376 
  Forward Air Corp. 321 
  Werner Enterprises, Inc. 422 
* Old Dominion Freight Line, Inc. 222 
  Arkansas Best Corp. 188 
* Covenant Transport, Inc. 174 
* P.A.M. Transportation Services, Inc. 130 

       154 

   
   Wholesalers (0.3%)
  Adesa, Inc. 722  16 
* United Stationers, Inc. 306  15 

       31 


  TOTAL COMMON STOCKS
   (Cost $9,690)    10,572  

   TEMPORARY CASH INVESTMENT (0.5%)

  Vanguard Market Liquidity Fund, 3.018%**
   (Cost $57) 57,389  57  

   TOTAL INVESTMENTS (99.1%)
   (Cost $9,747)    10,629  

  OTHER ASSETS AND LIABILITIES-NET (0.9%)    98 

  NET ASSETS (100%)    $10,727 

  *Non-income-producing security.
**Money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
REIT — Real Estate Investment Trust.


Investment Securities: Securities are valued as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation date. Equity securities are valued at the latest quoted sales prices or official closing prices taken from the primary market in which each security trades; such securities not traded on the valuation date are valued at the mean of the latest quoted bid and asked prices. Securities for which market quotations are not readily available, or whose values have been materially affected by events occurring before the fund’s pricing time but after the close of the securities’ primary markets, are valued by methods deemed by the board of trustees to represent fair value. Investments in Vanguard Market Liquidity Fund are valued at that fund’s net asset value. Temporary cash investments acquired over 60 days to maturity are valued using the latest bid prices or using valuations based on a matrix system (which considers such factors as security prices, yields, maturities, and ratings), both as furnished by independent pricing services. Other temporary cash investments are valued at amortized cost, which approximates market value.

At May 31, 2005, the cost of investment securities for tax purposes was $9,747,000. Net unrealized appreciation of investment securities for tax purposes was $882,000, consisting of unrealized gains of $1,030,000 on securities that had risen in value since their purchase and $148,000 in unrealized losses on securities that had fallen in value since their purchase.




Item 2: Controls and Procedures.

(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant’s Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures as of a date within 90 days of the filing date of this report.

(b) Internal Control Over Financial Reporting. During the last fiscal quarter, there was no significant change in the Registrant’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3:

Exhibits.
(a) Certifications.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VANGUARD WORLD FUNDS

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: July 14, 2005

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

VANGUARD WORLD FUNDS

BY: (signature)
(HEIDI STAM)
JOHN J. BRENNAN*
CHIEF EXECUTIVE OFFICER

Date: July 14, 2005

VANGUARD WORLD FUNDS

BY: (signature)
(HEIDI STAM)
THOMAS J. HIGGINS*
TREASURER

Date: July 14, 2005

*By Power of Attorney. Filed on December 20, 2004, see File Number 002-14336. Incorporated by Reference.