N-Q 1 worldussect5486.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 Financials Index Fund
Schedule of Investments
May 31, 2005
  Shares Market
Value
($000)

   COMMON STOCKS (100.0%)    

   Banks-New York City (5.4%)
  JPMorgan Chase & Co. 42,691  $1,526 
  The Bank of New York Co., Inc. 9,363  270 
* Signature Bank 324  8 

       1,804 

   
   Banks-Outside New York City (29.4%)
  Bank of America Corp. 48,410  2,242 
  Wells Fargo & Co. 20,277  1,225 
  Wachovia Corp. 19,222  976 
  U.S. Bancorp 22,378  656 
  SunTrust Banks, Inc. 4,263  314 
  National City Corp. 7,752  268 
  BB&T Corp. 6,664  266 
  Fifth Third Bancorp 5,731  244 
  State Street Corp. 4,036  194 
  PNC Financial Services Group 3,509  192 
  Regions Financial Corp. 5,360  181 
  KeyCorp 4,866  159 
  Mellon Financial Corp. 5,090  141 
  North Fork Bancorp, Inc. 5,111  139 
  Comerica, Inc. 2,079  116 
  AmSouth Bancorp 4,314  115 
  Marshall & Ilsley Corp. 2,349  102 
  Northern Trust Corp. 2,109  97 
  Synovus Financial Corp. 3,008  87 
  M & T Bank Corp. 847  87 
  Zions Bancorp 1,023  72 
  Popular, Inc. 3,023  71 
  Compass Bancshares Inc. 1,468  65 
  Huntington Bancshares Inc. 2,690  63 
  First Horizon National Corp. 1,434  61 
  Hibernia Corp. Class A 1,807  58 
  Mercantile Bankshares Corp. 989  52 
  Associated Banc-Corp 1,509  50 
  Commerce Bancorp, Inc. 1,804  50 
  UnionBanCal Corp. 712  45 
  TCF Financial Corp. 1,547  40 
  Colonial BancGroup, Inc. 1,661  37 
  Commerce Bancshares, Inc. 725  35 
  City National Corp. 494  35 
  Fulton Financial Corp. 1,580  34 
  Investors Financial Services Corp. 810  34 
  Sky Financial Group, Inc. 1,155  33 
  Bank of Hawaii Corp. 653  32 
  TD Banknorth, Inc. 995  30 
  Valley National Bancorp 1,202  29 
  Wilmington Trust Corp. 741  27 
  Cullen/Frost Bankers, Inc. 579  26 
  FirstMerit Corp. 968  25 
  The South Financial Group, Inc. 831  23 
  Whitney Holdings Corp. 709  22 
  East West Bancorp, Inc. 641  22 
  Westamerica Bancorporation 388  20 
* SVB Financial Group 421  20 
  Pacific Capital Bancorp 554  19 
  BancorpSouth, Inc. 806  18 
  UCBH Holdings, Inc. 1,049  18 
  First BanCorp Puerto Rico 463  18 
  Hudson United Bancorp 517  18 
  Trustmark Corp. 595  17 
  Old National Bancorp 855  17 
  Cathay General Bancorp 495  17 
  First Midwest Bancorp, Inc. 483  17 
  Greater Bay Bancorp 632  16 
  United Bankshares, Inc. 443  15 
  International Bancshares Corp. 408  15 
  Chittenden Corp. 531  14 
  Park National Corp. 132  14 
  Wintrust Financial Corp. 266  13 
  Texas Regional Bancshares, Inc. 455  13 
  Citizens Banking Corp. 439  13 
  Doral Financial Corp. 1,097  13 
  Amegy Bancorporation, Inc. 696  12 
  Susquehanna Bancshares, Inc. 542  12 
  Republic Bancorp, Inc. 885  12 
  Provident Bankshares Corp. 384  12 
  Umpqua Holdings Corp. 484  11 
  BOK Financial Corp. 238  11 
  Central Pacific Financial Co. 302  11 
  First Commonwealth Financial Corp. 792  11 
  CVB Financial Corp. 573  11 
  MB Financial, Inc. 265  10 
  Corus Bankshares Inc. 191  10 
  TrustCo Bank NY 784  10 
  Alabama National BanCorporation 154  10 
  S & T Bancorp, Inc. 269  9 
  First Charter Corp. 409  9 
  United Community Banks, Inc. 349  9 
  Boston Private Financial Holdings, Inc. 347  9 
  Westbanco Inc. 284  8 
  Hancock Holding Co. 252  8 
  NBT Bancorp, Inc. 336  8 
  First Citizens BancShares Class A 61  8 
  First Financial Bancorp 441  8 
  Chemical Financial Corp. 248  8 
  National Penn Bancshares Inc. 320  8 
  UMB Financial Corp. 136  8 
  Glacier Bancorp, Inc. 316  7 
* Piper Jaffray Cos., Inc. 255  7 
  Amcore Financial, Inc. 257  7 
  Frontier Financial Corp. 282  7 
  First Community Bancorp 158  7 
  Community Bank System, Inc. 299  7 
  Hanmi Financial Corp. 426  7 
  PrivateBancorp, Inc. 198  7 
  Mid-State Bancshares 248  7 
  Sterling Bancshares, Inc. 469  6 
  First Financial Bankshares, Inc. 152  6 
  Sterling Financial Corp. (PA) 237  6 
  Harleysville National Corp. 261  6 
  City Holding Co. 178  6 
  Unizan Financial Corp. 230  6 
  Gold Banc Corp., Inc. 417  6 
  Independent Bank Corp. (MI) 204  6 
  Prosperity Bancshares, Inc. 190  5 
  Sandy Spring Bancorp, Inc. 155  5 
  Main Street Banks, Inc. 193  5 
  Bank of the Ozarks, Inc. 152  5 
  First Merchants Corp. 192  5 
  R & G Financial Corp. Class B 310  4 
  Capitol Bancorp Ltd. 143  4 
  Community Trust Bancorp Inc. 149  4 
  Irwin Financial Corp. 210  4 
  Independent Bank Corp. (MA) 152  4 
* Franklin Bank Corp. 235  4 
  First Source Corp. 184  4 
  Washington Trust Bancorp, Inc. 142  4 
  Old Second Bancorp, Inc. 142  4 
  Integra Bank Corp. 179  4 
  First Busey Corp. 198  4 
  Suffolk Bancorp 117  4 
  Columbia Banking System, Inc. 149  4 
  First Financial Corp. (IN) 134  4 
  Tompkins Trustco, Inc. 87  4 
  Simmons First National Corp. 146  4 
  CoBiz Inc. 198  4 
  First Community Bancshares, Inc. 116  3 
  West Coast Bancorp 160  3 
  Omega Financial Corp. 118  3 
  Midwest Banc Holdings, Inc. 168  3 
  Capital City Bank Group, Inc. 83  3 
  Republic Bancorp, Inc. Class A 146  3 
  Oriental Financial Group Inc. 228  3 
  Banner Corp. 119  3 
  Community Banks, Inc. 126  3 
  U.S.B. Holding Co., Inc. 145  3 
  CityBank Lynnwood (WA) 98  3 
  Union Bankshares Corp. 84  3 
  Peoples Bancorp, Inc. 108  3 
  S.Y. Bancorp, Inc. 136  3 
  First Bancorp (NC) 139  3 
  Seacoast Banking Corp. of Florida 142  3 
  Arrow Financial Corp. 102  3 
  Clifton Savings Bancorp, Inc. 261  3 
  Camden National Corp. 77  3 
  Renasant Corp. 86  3 
  First Oak Brook Bancshares, Inc. 94  3 
  Lakeland Bancorp, Inc. 166  3 
  BancFirst Corp. 32  3 
  Bank of Granite Corp. 138  3 
  Royal Bancshares of Pennsylvania, Inc. 88  2 
  SCBT Financial Corp. 70  2 
  Peapack Gladstone Financial Corp. 74  2 
  Financial Institutions, Inc. 108  2 
  Farmers Capital Bank Corp. 53  2 
  NBC Capital Corp. 70  2 
  Pennrock Financial Services Corp. 46  2 
* Texas Capital Bancshares, Inc. 74  1 
  Virginia Financial Group, Inc. 36  1 
  German American Bancorp 86  1 
  Univest Corp. of Pennsylvania 18  1 
  Placer Sierra Bancshares 4  0 

       9,734 

   
   Diversified Financial Services (18.5%)
  Citigroup, Inc. 62,199  2,930 
  American Express Co. 13,539  729 
  Morgan Stanley 11,907  583 
  Merrill Lynch & Co., Inc. 10,573  574 
  The Goldman Sachs Group, Inc. 4,772  465 
  MetLife, Inc. 8,779  392 
  Marsh & McLennan Cos., Inc. 6,055  176 
  CIT Group Inc. 2,519  107 
  The Chicago Mercantile Exchange 410  89 
  Leucadia National Corp. 928  37 
* CB Richard Ellis Group, Inc. 578  22 
* Jones Lang Lasalle Inc. 388  16 
  F.N.B. Corp. 613  11 
* USI Holdings Corp. 465  5 
  Greenhill & Co., Inc. 81  3 

       6,139 

   
   Finance Companies (0.7%)
  Capital One Financial Corp. 2,948  222 
* Accredited Home Lenders Holding Co. 200  8 
* Credit Acceptance Corp. 72  1 
  MortgageIT Holdings Inc. REIT 47  1 

       232 

   Financial Data Processing Services (0.0%)
* CompuCredit Corp. 158  5 
* TNS Inc. 145  3 
* eSPEED, Inc. Class A 320  3 

       11 

   Financial Information Services (0.4%)
  Moody's Corp. 3,038  131 

   Finance-Small Loan (1.0%)
  SLM Corp. 5,188  250 
* AmeriCredit Corp. 1,853  46 
* The First Marblehead Corp. 386  17 
  Student Loan Corp. 47  10 
* Nelnet, Inc. 208  8 
  Advance America Cash Advance Centers Inc. 228  3 
* Encore Capital Group, Inc. 167  3 
* Collegiate Funding Services, Inc. 6  0 

       337 

   Financial Miscellaneous (6.6%)
  Fannie Mae 11,600  687 
  Freddie Mac 8,252  537 
  MBNA Corp. 14,661  309 
  MBIA, Inc. 1,715  96 
  Ambac Financial Group, Inc. 1,302  94 
  MGIC Investment Corp. 1,177  72 
  Fidelity National Financial, Inc. 1,994  72 
* Providian Financial Corp. 3,560  63 
  Radian Group, Inc. 1,097  50 
  First American Corp. 946  37 
  Brown & Brown, Inc. 699  31 
  Nationwide Financial Services, Inc. 663  25 
  MoneyGram International, Inc. 1,031  19 
* CapitalSource Inc. 754  14 
  LandAmerica Financial Group, Inc. 193  11 
* Metris Cos., Inc. 781  10 
  Stewart Information Services Corp. 235  9 
  Financial Federal Corp. 190  7 
  Cash America International Inc. 373  6 
* Triad Guaranty, Inc. 108  6 
  WFS Financial, Inc. 95  5 
  Advanta Corp. Class B 182  4 
  WSFS Financial Corp. 74  4 
  Sterling Bancorp 190  4 
  Federal Agricultural Mortgage Corp. Class C 106  2 
* Primus Guaranty, Ltd. 11  0 

       2,174 

   Insurance-Life (2.2%)
  Prudential Financial, Inc. 6,164  390 
  The Principal Financial Group, Inc. 3,705  148 
  Jefferson-Pilot Corp. 1,643  83 
* Conseco, Inc. 1,803  36 
  AmerUs Group Co. 493  23 
  Delphi Financial Group, Inc. 332  14 
  The Phoenix Cos., Inc. 1,156  13 
  Scottish Re Group Ltd. 362  8 
* Universal American Financial Corp. 266  5 
* National Western Life Insurance Co. Class A 25  5 
  Presidential Life Corp. 282  4 
  American Equity Investment Life Holding Co. 407  4 
* Citizens, Inc. 374  2 

       735 

   Insurance-Multiline (11.5%)
  American International Group, Inc. 26,533  1,474 
  Allstate Corp. 7,733  450 
  St. Paul Travelers Cos., Inc. 8,109  307 
  The Hartford Financial Services Group Inc. 3,558  266 
  AFLAC Inc. 6,124  254 
  Loews Corp. 1,557  117 
  Lincoln National Corp. 2,115  96 
  SAFECO Corp. 1,546  83 
  Aon Corp. 3,268  81 
  Genworth Financial Inc. 2,712  79 
  Cincinnati Financial Corp. 1,824  72 
  Torchmark Corp. 1,299  69 
  UnumProvident Corp. 3,446  63 
  Old Republic International Corp. 2,097  52 
  Assurant, Inc. 1,447  51 
* Markel Corp. 108  37 
  Arthur J. Gallagher & Co. 1,149  32 
  Protective Life Corp. 780  31 
  Unitrin, Inc. 594  30 
  StanCorp Financial Group, Inc. 338  25 
* Allmerica Financial Corp. 632  22 
  Reinsurance Group of America, Inc. 395  18 
  American Financial Group, Inc. 506  16 
  Assured Guaranty Ltd. 619  13 
  Hilb, Rogal and Hamilton Co. 345  12 
  Zenith National Insurance Corp. 183  12 
  UICI 426  11 
  Horace Mann Educators Corp. 571  10 
  Aspen Insurance Holdings Ltd. 329  9 
  Max Re Capital Ltd. 346  8 
  Alfa Corp. 393  6 
  FBL Financial Group, Inc. Class A 145  4 
* Quanta Capital Holdings Ltd. 595  4 
* CNA Surety Corp. 165  2 
  Crawford & Co. Class B 204  1 

       3,817 

   Insurance-Property-Casualty (4.1%)
  Progressive Corp. of Ohio 2,290  220 
  The Chubb Corp. 2,309  194 
  ACE Ltd. 3,417  148 
  XL Capital Ltd. Class A 1,672  126 
  White Mountains Insurance Group Inc. 92  61 
  Everest Re Group, Ltd. 675  60 
  W.R. Berkley Corp. 1,354  48 
  The PMI Group Inc. 1,165  44 
  PartnerRe Ltd. 627  41 
  RenaissanceRe Holdings Ltd. 771  36 
  HCC Insurance Holdings, Inc. 846  33 
  Axis Capital Holdings Ltd. 1,193  33 
  Montpelier Re Holdings Ltd. 636  22 
  IPC Holdings Ltd. 487  19 
  Erie Indemnity Co. Class A 351  18 
* Philadelphia Consolidated Holding Corp. 220  18 
  Commerce Group, Inc. 298  18 
  Ohio Casualty Corp. 731  17 
  Transatlantic Holdings, Inc. 305  17 
  Mercury General Corp. 313  17 
  Fremont General Corp. 776  17 
* Arch Capital Group Ltd. 360  16 
  Endurance Specialty Holdings Ltd. 428  16 
  Platinum Underwriters Holdings, Ltd. 477  15 
* ProAssurance Corp. 356  14 
  Selective Insurance Group 283  14 
  R.L.I. Corp. 257  11 
* Danielson Holdings Corp. 633  10 
  United Fire & Casualty Co. 193  8 
  Infinity Property & Casualty Corp. 222  7 
  PXRE Group Ltd. 267  6 
* Argonaut Group, Inc. 268  6 
  Midland Co. 166  5 
  Odyssey Re Holdings Corp. 201  5 
* United America Indemnity, Ltd. 282  5 
* Navigators Group, Inc. 118  4 
  Harleysville Group, Inc. 160  3 
  Bristol West Holdings, Inc. 186  3 
  State Auto Financial Corp. 118  3 
  Direct General Corp. 182  3 
  Baldwin & Lyons, Inc. Class B 112  3 
* PMA Capital Corp. Class A 306  2 
  21st Century Insurance Group 75  1 

       1,367 

   Investment Management Companies (1.1%)
  T. Rowe Price Group Inc. 1,407  84 
  Allied Capital Corp. 1,620  44 
  Janus Capital Group Inc. 2,859  44 
  Eaton Vance Corp. 1,382  34 
  Federated Investors, Inc. 959  28 
  SEI Corp. 798  28 
* Affiliated Managers Group, Inc. 365  24 
  Waddell & Reed Financial, Inc. 989  19 
  BlackRock, Inc. 225  18 
  National Financial Partners Corp. 219  8 
  MCG Capital Corp. 505  8 
  Calamos Asset Management, Inc. 173  4 
  Capital Southwest Corp. 39  3 
  Gabelli Asset Management Inc. 73  3 
  Cohen & Steers, Inc. 20  0 

       349 

   Multi-Sector Companies (0.8%)
* Berkshire Hathaway Inc. Class B 97  273 

   Real Estate (0.3%)
  The St. Joe Co. 875  69 
  Forest City Enterprise Class A 379  24 
* Trammell Crow Co. 382  9 
* Tejon Ranch Co. 98  5 
* HouseValues, Inc. 34  0 

       107 

   Real Estate Investment Trusts (10.2%)
  Simon Property Group, Inc. REIT 2,554  176 
  Equity Office Properties Trust REIT 4,902  159 
  Equity Residential REIT 3,404  122 
  Vornado Realty Trust REIT 1,382  109 
  General Growth Properties Inc. REIT 2,664  104 
  ProLogis REIT 2,225  91 
  Archstone-Smith Trust REIT 2,363  87 
  Boston Properties, Inc. REIT 1,265  85 
  Plum Creek Timber Co. Inc. REIT 2,196  77 
  Host Marriott Corp. REIT 3,951  66 
  Kimco Realty Corp. REIT 1,138  66 
  Avalonbay Communities, Inc. REIT 861  64 
  Public Storage, Inc. REIT 1,026  62 
  Developers Diversified Realty Corp. REIT 1,248  57 
  Duke Realty Corp. REIT 1,728  53 
  iStar Financial Inc. REIT 1,259  53 
  The Macerich Co. REIT 726  46 
  Regency Centers Corp. REIT 793  44 
  Health Care Properties Investors REIT 1,611  44 
  Apartment Investment & Management Co. Class A REIT 1,166  43 
  Liberty Property Trust REIT 1,030  43 
  Weingarten Realty Investors REIT 1,047  40 
  AMB Property Corp. REIT 982  40 
  Mills Corp. REIT 673  39 
  United Dominion Realty Trust REIT 1,628  38 
  Catellus Development Corp. REIT 1,247  37 
  Federal Realty Investment Trust REIT 638  35 
  Hospitality Properties Trust REIT 794  35 
  New Plan Excel Realty Trust REIT 1,241  33 
  Mack-Cali Realty Corp. REIT 756  33 
  Rayonier Inc. REIT 621  33 
  Camden Property Trust REIT 622  32 
  SL Green Realty Corp. REIT 503  31 
  Reckson Associates Realty Corp. REIT 972  31 
  Thornburg Mortgage, Inc. REIT 1,010  30 
  Ventas, Inc. REIT 1,051  30 
  HRPT Properties Trust REIT 2,504  30 
  Pan Pacific Retail Properties, Inc. REIT 454  29 
  CBL & Associates Properties, Inc. REIT 347  28 
  Arden Realty Group, Inc. REIT 824  28 
  Annaly Mortgage Management Inc. REIT 1,451  27 
  New Century REIT, Inc. 503  26 
  CenterPoint Properties Corp. REIT 593  25 
  Realty Income Corp. REIT 995  25 
  BRE Properties Inc. Class A REIT 634  24 
  American Financial Realty Trust REIT 1,545  24 
  CarrAmerica Realty Corp. REIT 671  23 
  Shurgard Storage Centers, Inc. Class A REIT 519  23 
  Healthcare Realty Trust Inc. REIT 573  22 
  Health Care Inc. REIT 604  22 
  Trizec Properties, Inc. REIT 1,100  21 
  Crescent Real Estate, Inc. REIT 1,166  21 
  Essex Property Trust, Inc. REIT 263  21 
  First Industrial Realty Trust REIT 538  21 
  Friedman, Billings, Ramsey Group, Inc. REIT 1,548  20 
  Colonial Properties Trust REIT 484  20 
  Taubman Co. REIT 619  20 
  Brandywine Realty Trust REIT 666  19 
  Pennsylvania REIT 423  19 
  Capital Automotive REIT 513  18 
  Nationwide Health Properties, Inc. REIT 808  18 
  Alexandria Real Estate Equities, Inc. REIT 259  18 
  Home Properties, Inc. REIT 428  18 
  Prentiss Properties Trust REIT 500  17 
  Impac Mortgage Holdings, Inc. REIT 858  17 
  Washington REIT 507  16 
  Kilroy Realty Corp. REIT 347  16 
  Post Properties, Inc. REIT 470  15 
  Newcastle Investment Corp. REIT 500  15 
  Highwood Properties, Inc. REIT 524  14 
  Senior Housing Properties Trust REIT 792  14 
  American Home Mortgage Investment Corp. REIT 419  14 
  Cousins Properties, Inc. REIT 475  13 
  Maguire Properties, Inc. REIT 503  13 
  Lexington Corporate Properties Trust REIT 565  13 
  Commercial Net Lease Realty REIT 640  12 
  Redwood Trust, Inc. REIT 240  12 
  Gables Residential Trust REIT 336  12 
  Glimcher Realty Trust REIT 459  12 
  Inland Real Estate Corp. REIT 739  12 
  Entertainment Properties Trust REIT 258  11 
  Novastar Financial, Inc. REIT 306  11 
  Corporate Office Properties Trust, Inc. REIT 402  11 
  EastGroup Properties, Inc. REIT 261  11 
  LaSalle Hotel Properties REIT 332  10 
  Mid-America Apartment Communities, Inc. REIT 252  10 
  Heritage Property Investment Trust REIT 305  10 
  RAIT Investment Trust REIT 333  10 
  Saxon Inc. REIT 551  9 
  Sunstone Hotel Investors, Inc. REIT 390  9 
  Sovran Self Storage, Inc. REIT 200  9 
  Tanger Factory Outlet Centers, Inc. REIT 367  9 
  CRT Properties, Inc. REIT 382  9 
  Equity Lifestyle Properties, Inc. REIT 230  9 
  PS Business Parks, Inc. REIT 210  9 
  Equity One, Inc. REIT 401  9 
  Global Signal, Inc. REIT 246  9 
  Glenborough Realty Trust, Inc. REIT 421  9 
* MeriStar Hospitality Corp. REIT 1,005  8 
* FelCor Lodging Trust, Inc. REIT 599  8 
  Parkway Properties Inc. REIT 160  8 
  Innkeepers USA Trust REIT 558  8 
  National Health Investors REIT 273  7 
  Equity Inns, Inc. REIT 598  7 
  AMLI Residential Properties Trust REIT 246  7 
  Omega Healthcare Investors, Inc. REIT 590  7 
  Sun Communities, Inc. REIT 195  7 
  Spirit Finance Corp. REIT 625  7 
  Anthracite Capital Inc. REIT 583  7 
  BioMed Realty Trust, Inc. REIT 290  6 
  MFA Mortgage Investments, Inc. REIT 913  6 
  Arbor Realty Trust, Inc. REIT 238  6 
  Getty Realty Holding Corp. REIT 223  6 
  Anworth Mortgage Asset Corp. REIT 634  6 
  Acadia Realty Trust REIT 326  6 
  HomeBanc Corp. REIT 533  5 
  Ramco-Gershenson Properties Trust REIT 180  5 
  Highland Hospitality Corp. REIT 465  5 
  Saul Centers, Inc. REIT 148  5 
  Town & Country Trust REIT 175  5 
  Luminent Mortgage Capital, Inc. REIT 430  5 
  Universal Health Realty Income REIT 122  5 
  Affordable Residential Communities REIT 342  4 
  Strategic Hotel Capital, Inc. REIT 254  4 
  Trustreet Properties, Inc. REIT 263  4 
  GMH Communities Trust 299  4 
  U-Store-It Trust REIT 215  4 
  Bedford Property Investors, Inc. REIT 172  4 
  Investors Real Estate Trust REIT 412  4 
  Urstadt Biddle Properties Class A REIT 199  3 
  Capital Lease Funding, Inc. REIT 272  3 
  Capital Trust Class A REIT 41  1 
  Mission West Properties Inc. REIT 123  1 
  Urstadt Biddle Properties REIT 62  1 
  Aames Investment Corp. REIT 79  1 
  Gramercy Capital Corp. REIT 4  0 
  Extra Space Storage Inc. REIT 5  0 

       3,379 

   Savings & Loan (3.9%)
  Washington Mutual, Inc. 10,480  433 
  Golden West Financial Corp. 3,126  196 
  Sovereign Bancorp, Inc. 4,465  100 
  New York Community Bancorp, Inc. 2,854  52 
  Astoria Financial Corp. 1,224  34 
  Independence Community Bank Corp. 873  33 
  IndyMac Bancorp, Inc. 774  32 
  Webster Financial Corp. 620  29 
  Hudson City Bancorp, Inc. 776  27 
  Washington Federal Inc. 1,033  24 
  People's Bank 716  20 
  NewAlliance Bancshares, Inc. 1,339  18 
  Downey Financial Corp. 245  18 
  First Niagara Financial Group, Inc. 1,301  17 
  MAF Bancorp, Inc. 352  15 
  Provident Financial Services Inc. 738  13 
  Westcorp, Inc. 268  13 
  W Holding Co., Inc. 1,353  12 
  Brookline Bancorp, Inc. 756  11 
  Commercial Federal Corp. 454  11 
  BankAtlantic Bancorp, Inc. Class A 553  10 
  Capitol Federal Financial 292  10 
* First Federal Financial Corp. 175  9 
* Sterling Financial Corp. 259  9 
  Bank Mutual Corp. 831  9 
  Harbor Florida Bancshares, Inc. 241  9 
  Commercial Capital Bancorp, Inc. 486  8 
  First Republic Bank 237  8 
  BankUnited Financial Corp. 306  8 
  PFF Bancorp, Inc. 254  7 
  Anchor Bancorp Wisconsin Inc. 238  7 
  Flagstar Bancorp, Inc. 332  7 
  Fidelity Bankshares, Inc. 248  6 
  Provident Bancorp, Inc. 508  6 
  Dime Community Bancshares 377  6 
  Partners Trust Financial Group, Inc. 534  6 
  TierOne Corp. 218  5 
  KNBT Bancorp Inc. 341  5 
  Northwest Bancorp, Inc. 252  5 
  IBERIABANK Corp. 72  4 
  Net.Bank, Inc. 509  4 
  Great Southern Bancorp, Inc. 132  4 
  First Indiana Corp. 148  4 
  First Financial Holdings, Inc. 135  4 
  United Community Financial Corp. 340  4 
* ITLA Capital Corp. 67  3 
  Flushing Financial Corp. 194  3 
* Ocwen Financial Corp. 407  3 
  OceanFirst Financial Corp. 131  3 
  First Place Financial Corp. 140  3 
  Pennfed Financial Services, Inc. 103  2 
  Charter Financial Corp. 42  1 
  Citizens 1st Bancorp, Inc. 57  1 

       1,291 

   Securities Brokers & Services (3.9%)
  Countrywide Financial Corp. 7,027  261 
  Lehman Brothers Holdings, Inc. 2,814  259 
  Charles Schwab Corp. 12,251  139 
  Franklin Resources Corp. 1,811  131 
  Bear Stearns Co., Inc. 1,291  128 
  Legg Mason Inc. 1,230  101 
* E*TRADE Group, Inc. 4,272  53 
* Ameritrade Holding Corp. 3,383  50 
  American Capital Strategies, Ltd. 1,184  41 
  A.G. Edwards & Sons, Inc. 921  38 
  Nuveen Investments, Inc. Class A 739  27 
  Jefferies Group, Inc. 568  20 
  Raymond James Financial, Inc. 636  17 
* Investment Technology Group, Inc. 479  9 
* Knight Capital Group, Inc. Class A 1,180  9 
* Instinet Group Inc. 972  5 
* LaBranche & Co. Inc. 617  3 
  SWS Group, Inc. 175  3 
  Advanta Corp. Class A 90  2 
* MarketAxess Holdings, Inc. 110  1 

       1,297 

   Services-Commercial (0.0%)
  Clark, Inc. 178  3 


  TOTAL COMMON STOCKS
   (Cost $33,078)    33,180  

   TEMPORARY CASH INVESTMENT (0.1%)

  Vanguard Market Liquidity Fund, 3.018%**
   (Cost $35) 34,800  35  

   TOTAL INVESTMENTS (100.1%)
  (Cost $33,113)    33,215 

  OTHER ASSETS AND LIABILITIES--NET (-0.1%) (46)

  NET ASSETS (100%) $33,169 

  *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 $33,113,000. Net unrealized appreciation of investment securities for tax purposes was $102,000, consisting of unrealized gains of $1,655,000 on securities that had risen in value since their purchase and $1,553,000 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.