UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT
OF
REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-01027
| Name of Registrant: |
|
Vanguard World Fund |
| Address of Registrant: |
|
P.O. Box 2600 |
| |
|
Valley Forge, PA 19482 |
| Name
and address of agent for service: |
|
Natalie Lamarque, Esquire |
| |
|
P.O. Box 876 |
| |
|
Valley Forge, PA 19482 |
Registrant’s telephone number, including area code: (610) 669-1000
Date of fiscal year end: September 30
Date of reporting period: October 1, 2025—March 31, 2026
Item 1: Reports to Shareholders.
TABLE OF CONTENTS
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Vanguard Mega Cap Growth Index Fund
ETF Shares (MGK) NYSE Arca
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Mega Cap Growth Index Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryShare Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
ETF Shares | $3 | 0.06%Footnote Reference1 |
|---|
| Footnote | Description |
Footnote1 | Annualized. |
Fund Statistics
(as of March 31, 2026)
Table SummaryFund Net Assets (in millions) | $27,852 |
|---|
Number of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 6% |
|---|
Portfolio Composition % of Net Assets
(as of March 31, 2026)
Table SummaryBasic Materials | 0.5% |
|---|
Consumer Discretionary | 15.6% |
|---|
Consumer Staples | 0.4% |
|---|
Financials | 1.2% |
|---|
Health Care | 5.2% |
|---|
Industrials | 6.3% |
|---|
Real Estate | 1.3% |
|---|
Technology | 68.2% |
|---|
Telecommunications | 1.1% |
|---|
Other Assets and Liabilities—Net | 0.2% |
|---|
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Direct Investor Account Services • 800-662-2739
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR3138
Vanguard Mega Cap Growth Index Fund
Institutional Shares (VMGAX)
Semi-Annual Shareholder Report | March 31, 2026
This semi-annual shareholder report contains important information about Vanguard Mega Cap Growth Index Fund (the "Fund") for the period of October 1, 2025, to March 31, 2026. You can find additional information about the Fund at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature. You can also request this information by contacting us at 800-662-7447. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last six months?
(based on a hypothetical $10,000 investment)
Table SummaryShare Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
Institutional Shares | $3 | 0.06%Footnote Reference1 |
|---|
| Footnote | Description |
Footnote1 | Annualized. |
Fund Statistics
(as of March 31, 2026)
Table SummaryFund Net Assets (in millions) | $27,852 |
|---|
Number of Portfolio Holdings | 64 |
|---|
Portfolio Turnover Rate | 6% |
|---|
Portfolio Composition % of Net Assets
(as of March 31, 2026)
Table SummaryBasic Materials | 0.5% |
|---|
Consumer Discretionary | 15.6% |
|---|
Consumer Staples | 0.4% |
|---|
Financials | 1.2% |
|---|
Health Care | 5.2% |
|---|
Industrials | 6.3% |
|---|
Real Estate | 1.3% |
|---|
Technology | 68.2% |
|---|
Telecommunications | 1.1% |
|---|
Other Assets and Liabilities—Net | 0.2% |
|---|
This table reflects the Fund's investments, including short-term investments, derivatives and other assets and liabilities.
How has the Fund changed?
Effective January 12, 2026, The Vanguard Group, Inc. exercises portfolio management responsibilities for the fund through its wholly-owned subsidiary, Vanguard Portfolio Management, LLC.
This is a summary of certain changes to the Fund since September 1, 2024. For more complete information, you may review the Fund’s prospectus, at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature or upon request at 800-662-7447.
Where can I find additional information about the Fund?
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information is available at https://personal1.vanguard.com/ngf-next-gen-form-webapp/fund-literature.
Connect with Vanguard® • vanguard.com
Fund Information • 800-662-7447
Institutional Investor Services • 800-523-1036
Text Telephone for People Who Are Deaf or Hard of Hearing •
800-749-7273
© 2026 The Vanguard Group, Inc.
All rights reserved.
Vanguard Marketing Corporation, Distributor.
SR838
Item 2: Code of Ethics.
Not applicable.
Item 3: Audit Committee Financial Expert.
Not applicable.
Item 4: Principal Accountant Fees and Services.
Not applicable.
Item 5: Audit Committee of Listed Registrants.
Not applicable.
Item 6: Investments.
Not applicable. The complete schedule of investments is included in
the financial statements filed under Item 7 of this Form.
Item 7: Financial Statements and Financial Highlights for
Open-End Management Investment Companies.
Financial Statements
For the six-months ended March 31, 2026
Vanguard Mega Cap Growth Index Fund
Mega Cap Growth Index Fund
Financial Statements (unaudited)
Schedule of Investments
As of March 31, 2026
The fund files its complete
schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The fund’s Form N-PORT reports
are available on the SEC’s website at www.sec.gov.
|
|
| Shares
| Market
Value•
($000)
|
| Common Stocks (99.8%)
|
| Basic Materials (0.5%)
|
|
| Ecolab Inc.
| 487,230
| 129,613
|
| Consumer Discretionary (15.6%)
|
| *
| Amazon.com Inc.
| 6,142,387
| 1,279,275
|
| *
| Tesla Inc.
| 3,133,401
| 1,164,842
|
| *
| Netflix Inc.
| 5,091,209
| 489,520
|
|
| TJX Cos. Inc.
| 1,562,928
| 249,600
|
| *
| Uber Technologies Inc.
| 3,000,670
| 215,838
|
|
| Booking Holdings Inc.
| 47,105
| 198,327
|
|
| McDonald's Corp.
| 564,271
| 175,370
|
| *
| O'Reilly Automotive Inc.
| 1,544,497
| 142,572
|
|
| Marriott International Inc. Class A
| 415,242
| 135,813
|
| *
| Airbnb Inc. Class A
| 867,473
| 109,544
|
|
| Hilton Worldwide Holdings Inc.
| 328,358
| 99,847
|
| *
| AutoZone Inc.
| 25,752
| 86,985
|
|
|
|
| 4,347,533
|
| Consumer Staples (0.4%)
|
| *
| Monster Beverage Corp.
| 1,541,507
| 111,697
|
| Financials (1.2%)
|
|
| Moody's Corp.
| 290,486
| 126,725
|
|
| S&P Global Inc.
| 290,300
| 123,476
|
|
| Interactive Brokers Group Inc. Class A
| 1,152,497
| 77,298
|
|
|
|
| 327,499
|
| Health Care (5.2%)
|
|
| Eli Lilly & Co.
| 960,628
| 883,556
|
| *
| Intuitive Surgical Inc.
| 501,900
| 231,371
|
| *
| Vertex Pharmaceuticals Inc.
| 404,174
| 180,480
|
| *
| Boston Scientific Corp.
| 2,436,940
| 152,918
|
|
|
|
| 1,448,325
|
| Industrials (6.3%)
|
|
| Visa Inc. Class A
| 1,813,309
| 548,054
|
|
| Mastercard Inc. Class A
| 961,228
| 480,287
|
|
| GE Vernova Inc.
| 363,473
| 317,276
|
| *
| Boeing Co.
| 1,098,393
| 218,613
|
|
| Sherwin-Williams Co.
| 312,003
| 100,013
|
|
| Cintas Corp.
| 483,522
| 81,783
|
|
|
|
| 1,746,026
|
| Real Estate (1.3%)
|
|
| Welltower Inc.
| 1,040,923
| 205,801
|
|
| Equinix Inc.
| 169,913
| 166,555
|
|
|
|
| 372,356
|
| Technology (68.2%)
|
|
| NVIDIA Corp.
| 21,954,606
| 3,828,883
|
|
| Apple Inc.
| 13,827,068
| 3,509,172
|
|
| Microsoft Corp.
| 6,782,733
| 2,510,764
|
|
| Alphabet Inc. Class A
| 5,339,630
| 1,535,464
|
|
| Broadcom Inc.
| 3,963,205
| 1,226,651
|
|
| Alphabet Inc. Class C
| 4,239,359
| 1,216,102
|
|
| Meta Platforms Inc. Class A
| 2,030,783
| 1,161,872
|
| *
| Advanced Micro Devices Inc.
| 2,046,268
| 416,272
|
| *
| Palantir Technologies Inc. Class A
| 2,696,548
| 394,451
|
|
| Lam Research Corp.
| 1,631,258
| 348,535
|
|
| Oracle Corp.
| 2,228,203
| 327,791
|
|
| KLA Corp.
| 184,658
| 271,892
|
|
| Amphenol Corp. Class A
| 1,769,442
| 223,569
|
| *
| Palo Alto Networks Inc.
| 1,238,209
| 198,510
|
|
| Intuit Inc.
| 422,970
| 182,884
|
Mega Cap Growth Index Fund
|
|
| Shares
| Market
Value•
($000)
|
| *
| Sandisk Corp.
| 271,771
| 172,667
|
| *
| ServiceNow Inc.
| 1,604,167
| 167,716
|
| *
| Crowdstrike Holdings Inc. Class A
| 397,567
| 155,214
|
| *
| AppLovin Corp. Class A
| 383,092
| 152,471
|
|
| Salesforce Inc.
| 761,372
| 142,125
|
| *
| Cadence Design Systems Inc.
| 500,175
| 138,984
|
| *
| Synopsys Inc.
| 344,075
| 136,419
|
|
| Corning Inc.
| 911,200
| 123,896
|
|
| Marvell Technology Inc.
| 1,152,228
| 114,128
|
| *
| Adobe Inc.
| 434,985
| 105,736
|
| *
| Fortinet Inc.
| 1,052,337
| 85,997
|
| *
| Autodesk Inc.
| 349,030
| 83,558
|
| *
| Snowflake Inc.
| 514,752
| 77,635
|
|
|
|
| 19,009,358
|
| Telecommunications (1.1%)
|
| *
| Arista Networks Inc.
| 1,595,378
| 195,881
|
|
| T-Mobile US Inc.
| 512,256
| 107,589
|
|
|
|
| 303,470
|
| Total Common Stocks (Cost $20,900,063)
| 27,795,877
|
| Temporary Cash Investments (0.2%)
|
| Money Market Fund (0.2%)
|
| 1
| Vanguard Market Liquidity Fund, 3.687% (Cost $43,574)
| 435,752
| 43,571
|
| Total Investments (100.0%) (Cost $20,943,637)
| 27,839,448
|
| Other Assets and Liabilities—Net (0.0%)
| 12,346
|
| Net Assets (100%)
| 27,851,794
|
| Cost is in $000.
|
| •
| See Note A in Notes to Financial Statements.
|
| *
| Non-income-producing security.
|
| 1
| Affiliated money market fund available only to Vanguard funds and certain trusts and accounts managed by Vanguard. Rate shown is the 7-day yield.
|
Derivative Financial
Instruments Outstanding as of Period End
| Futures Contracts
|
|
|
|
| ($000)
|
|
| Expiration
| Number of
Long (Short)
Contracts
| Notional
Amount
| Value and
Unrealized
Appreciation
(Depreciation)
|
| Long Futures Contracts
|
|
|
|
|
| E-mini NASDAQ 100 Index
| June 2026
| 9
| 4,305
| 22
|
| E-mini S&P 500 Index
| June 2026
| 3
| 986
| (17)
|
|
|
|
|
| 5
|
| Over-the-Counter Total Return Swaps
|
| Reference Entity
| Termination
Date
| Counterparty
| Notional
Amount
($000)
| Floating
Interest Rate
Received
(Paid)1
(%)
| Value and
Unrealized
Appreciation
($000)
| Value and
Unrealized
(Depreciation)
($000)
|
| Salesforce Inc.
| 8/31/2026
| BANA
| 2,729
| (3.590)
| 69
| —
|
| Visa Inc. Class A
| 8/31/2026
| BANA
| 48,786
| (3.630)
| —
| (457)
|
|
|
|
|
|
| 69
| (457)
|
| 1
| Based on Overnight Bank Funding Rate as of the most recent reset date. Floating interest payment received/(paid) monthly.
|
|
| BANA—Bank of America, N.A.
|
See accompanying Notes, which
are an integral part of the Financial Statements.
Mega Cap Growth Index Fund
Statement of Assets and Liabilities
|
|
| ($000s, except shares and per-share amounts)
| Amount
|
| Assets
|
|
| Investments in Securities, at Value
|
|
| Unaffiliated Issuers (Cost $20,900,063)
| 27,795,877
|
| Affiliated Issuers (Cost $43,574)
| 43,571
|
| Total Investments in Securities
| 27,839,448
|
| Investment in Vanguard
| 669
|
| Cash
| 713
|
| Cash Collateral Pledged—Futures Contracts
| 410
|
| Cash Collateral Pledged—Over-the-Counter Swap Contracts
| 840
|
| Receivables for Accrued Income
| 1,869
|
| Receivables for Capital Shares Issued
| 8,894
|
| Variation Margin Receivable—Futures Contracts
| 167
|
| Unrealized Appreciation—Over-the-Counter Swap Contracts
| 69
|
| Total Assets
| 27,853,079
|
| Liabilities
|
|
| Payables for Investment Securities Purchased
| 200
|
| Payables for Capital Shares Redeemed
| 15
|
| Payables to Vanguard
| 613
|
| Unrealized Depreciation—Over-the-Counter Swap Contracts
| 457
|
| Total Liabilities
| 1,285
|
| Net Assets
| 27,851,794
|
| At March 31, 2026, net assets consisted of:
|
|
|
|
|
| Paid-in Capital
| 20,961,946
|
| Total Distributable Earnings (Loss)
| 6,889,848
|
| Net Assets
| 27,851,794
|
|
|
| ETF Shares—Net Assets1
|
|
Applicable to 377,320,959 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
| 27,738,435
|
| Net Asset Value Per Share—ETF Shares
| $73.51
|
|
|
| Institutional Shares—Net Assets
|
|
Applicable to 155,258 outstanding $.001 par value shares of
beneficial interest (unlimited authorization)
| 113,359
|
| Net Asset Value Per Share—Institutional Shares
| $730.13
|
| 1 Shares outstanding and Net Asset Value Per Share adjusted to reflect a 5-for-1 share split. See Notes to Financial Statements for further
details.
|
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Mega Cap Growth Index Fund
|
|
|
| Six Months Ended
March 31, 2026
|
|
| ($000)
|
| Investment Income
|
|
| Income
|
|
| Dividends
| 62,401
|
| Interest1
| 1,579
|
| Securities Lending—Net
| —
|
| Total Income
| 63,980
|
| Expenses
|
|
| The Vanguard Group—Note C
|
|
| Investment Advisory Services
| 208
|
| Management and Administrative—ETF Shares
| 8,878
|
| Management and Administrative—Institutional Shares
| 29
|
| Marketing and Distribution—ETF Shares
| 664
|
| Marketing and Distribution—Institutional Shares
| 2
|
| Custodian Fees
| 85
|
| Shareholders’ Reports—ETF Shares
| 74
|
| Shareholders’ Reports—Institutional Shares
| —
|
| Trustees’ Fees and Expenses
| 9
|
| Other Expenses
| 19
|
| Total Expenses
| 9,968
|
| Net Investment Income
| 54,012
|
| Realized Net Gain (Loss)
|
|
| Investment Securities Sold1,2
| 1,425,769
|
| Futures Contracts
| (1,669)
|
| Swap Contracts
| (6,055)
|
| Realized Net Gain (Loss)
| 1,418,045
|
| Change in Unrealized Appreciation (Depreciation)
|
|
| Investment Securities1
| (4,104,717)
|
| Futures Contracts
| (137)
|
| Swap Contracts
| (381)
|
| Change in Unrealized Appreciation (Depreciation)
| (4,105,235)
|
| Net Increase (Decrease) in Net Assets Resulting from Operations
| (2,633,178)
|
| 1
| Interest income, realized net gain (loss), and change in unrealized appreciation (depreciation) from an affiliated company of the fund were $1,477, ($21), and ($3), respectively.
Purchases and sales are for temporary cash investment purposes.
|
| 2
| Includes $1,793,481 of net gain (loss) resulting from in-kind redemptions.
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Mega Cap Growth Index Fund
Statement of Changes in Net Assets
|
|
|
| Six Months Ended
March 31,
2026
|
| Year Ended
September 30,
2025
|
|
| ($000)
|
| ($000)
|
| Increase (Decrease) in Net Assets
|
|
|
|
| Operations
|
|
|
|
| Net Investment Income
| 54,012
|
| 108,665
|
| Realized Net Gain (Loss)
| 1,418,045
|
| 1,981,554
|
| Change in Unrealized Appreciation (Depreciation)
| (4,105,235)
|
| 4,050,422
|
| Net Increase (Decrease) in Net Assets Resulting from Operations
| (2,633,178)
|
| 6,140,641
|
| Distributions
|
|
|
|
| ETF Shares
| (54,957)
|
| (114,693)
|
| Institutional Shares
| (208)
|
| (414)
|
| Total Distributions
| (55,165)
|
| (115,107)
|
| Capital Share Transactions
|
|
|
|
| ETF Shares
| (779,147)
|
| 2,234,761
|
| Institutional Shares
| 16,394
|
| 31,932
|
| Net Increase (Decrease) from Capital Share Transactions
| (762,753)
|
| 2,266,693
|
| Total Increase (Decrease)
| (3,451,096)
|
| 8,292,227
|
| Net Assets
|
|
|
|
| Beginning of Period
| 31,302,890
|
| 23,010,663
|
| End of Period
| 27,851,794
|
| 31,302,890
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Mega Cap Growth Index Fund
| ETF Shares
|
|
|
|
|
|
|
|
For a Share Outstanding
Throughout Each Period2
| Six Months
Ended
March 31,
| Year Ended
September 30,
| September 1, 20241 to
September 30, 2024
| Year Ended
August 31,
|
| 2026
| 2025
| 2024
| 2023
| 2022
| 2021
|
| Net Asset Value, Beginning of Period
| $80.49
| $64.37
| $62.97
| $48.25
| $39.04
| $49.70
| $39.25
|
| Investment Operations
|
|
|
|
|
|
|
|
| Net Investment Income3
| .139
| .294
| .020
| .279
| .250
| .230
| .244
|
| Net Realized and Unrealized Gain (Loss) on Investments
| (6.976)
| 16.136
| 1.455
| 14.712
| 9.208
| (10.678)
| 10.456
|
| Total from Investment Operations
| (6.837)
| 16.430
| 1.475
| 14.991
| 9.458
| (10.448)
| 10.700
|
| Distributions
|
|
|
|
|
|
|
|
| Dividends from Net Investment Income
| (.143)
| (.310)
| (.075)
| (.271)
| (.248)
| (.212)
| (.250)
|
| Distributions from Realized Capital Gains
| —
| —
| —
| —
| —
| —
| —
|
| Total Distributions
| (.143)
| (.310)
| (.075)
| (.271)
| (.248)
| (.212)
| (.250)
|
| Net Asset Value, End of Period
| $73.51
| $80.49
| $64.37
| $62.97
| $48.25
| $39.04
| $49.70
|
| Total Return
| -8.50%
| 25.58%
| 2.35%
| 31.16%
| 24.39%
| -21.08%
| 27.41%
|
| Ratios/Supplemental Data
|
|
|
|
|
|
|
|
| Net Assets, End of Period (Millions)
| $27,738
| $31,195
| $22,954
| $21,996
| $14,376
| $11,168
| $12,714
|
| Ratio of Total Expenses to Average Net Assets
| 0.06%
| 0.07%
| 0.07%4
| 0.07%5
| 0.07%5
| 0.07%
| 0.07%
|
| Ratio of Net Investment Income to Average Net Assets
| 0.35%
| 0.42%
| 0.40%4
| 0.51%
| 0.62%
| 0.51%
| 0.58%
|
| Portfolio Turnover Rate6
| 6%
| 14%
| 6%
| 14%
| 7%
| 5%
| 8%
|
| 1
| The fund's fiscal year end has been changed from August 31, to September 30.
|
| 2
| Adjusted to reflect a 5-for-1 share split. See Notes to Financial Statements for further details.
|
| 3
| Calculated based on average shares outstanding.
|
| 4
| The expense ratio and net investment income ratio for the current period have been annualized.
|
| 5
| The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.07%.
|
| 6
| Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF
Creation Units.
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Mega Cap Growth Index Fund
| Institutional Shares
|
|
|
|
|
|
|
|
For a Share Outstanding
Throughout Each Period
| Six Months
Ended
March 31,
| Year Ended
September 30,
| September 1, 20241 to
September 30, 2024
| Year Ended
August 31,
|
| 2026
| 2025
| 2024
| 2023
| 2022
| 2021
|
| Net Asset Value, Beginning of Period
| $799.42
| $639.36
| $625.40
| $479.23
| $387.74
| $493.61
| $389.78
|
| Investment Operations
|
|
|
|
|
|
|
|
| Net Investment Income2
| 1.405
| 2.976
| .202
| 2.817
| 2.517
| 2.279
| 2.498
|
| Net Realized and Unrealized Gain (Loss) on Investments
| (69.243)
| 160.240
| 14.516
| 146.093
| 91.475
| (106.001)
| 103.822
|
| Total from Investment Operations
| (67.838)
| 163.216
| 14.718
| 148.910
| 93.992
| (103.722)
| 106.320
|
| Distributions
|
|
|
|
|
|
|
|
| Dividends from Net Investment Income
| (1.452)
| (3.156)
| (.758)
| (2.740)
| (2.502)
| (2.148)
| (2.489)
|
| Distributions from Realized Capital Gains
| —
| —
| —
| —
| —
| —
| —
|
| Total Distributions
| (1.452)
| (3.156)
| (.758)
| (2.740)
| (2.502)
| (2.148)
| (2.489)
|
| Net Asset Value, End of Period
| $730.13
| $799.42
| $639.36
| $625.40
| $479.23
| $387.74
| $493.61
|
| Total Return
| -8.49%
| 25.59%
| 2.35%
| 31.17%
| 24.41%
| -21.07%
| 27.43%
|
| Ratios/Supplemental Data
|
|
|
|
|
|
|
|
| Net Assets, End of Period (Millions)
| $113
| $108
| $57
| $43
| $32
| $27
| $46
|
| Ratio of Total Expenses to Average Net Assets
| 0.06%
| 0.06%
| 0.06%3
| 0.06%4
| 0.06%4
| 0.06%
| 0.06%
|
| Ratio of Net Investment Income to Average Net Assets
| 0.36%
| 0.43%
| 0.42%3
| 0.52%
| 0.63%
| 0.50%
| 0.62%
|
| Portfolio Turnover Rate5
| 6%
| 14%
| 6%
| 14%
| 7%
| 5%
| 8%
|
| 1
| The fund's fiscal year end has been changed from August 31, to September 30.
|
| 2
| Calculated based on average shares outstanding.
|
| 3
| The expense ratio and net investment income ratio for the current period have been annualized.
|
| 4
| The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements was 0.06%.
|
| 5
| Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of the fund’s capital shares, including ETF
Creation Units.
|
See accompanying Notes,
which are an integral part of the Financial Statements.
Mega Cap Growth Index Fund
Notes to Financial Statements
Vanguard Mega Cap Growth Index
Fund is registered under the Investment Company Act of 1940 as an open-end investment company, or mutual fund. The fund offers two classes of shares: ETF Shares and Institutional Shares. Each of the share classes has
different eligibility and minimum purchase requirements, and is designed for different types of investors. ETF Shares are listed for trading on NYSE Arca; they can be purchased and sold through a broker. In February
2026, the board of trustees approved a 5-for-1 share split of the fund's ETF share class, which occurred after the close of trading on April 20, 2026. Each ETF shareholder who owns shares as of the close of trading on
that date received four additional shares for every share held. Effective April 21, 2026 the ETF shares began trading at the new split-adjusted price. The share split had no effect on fund net assets, but decreased
the net asset value per share. Additionally, the share split had no effect on total return.
In July 2024, the board of
trustees approved a change in the fund’s fiscal year end from August 31 to September 30. This change became effective September 1, 2024.
| A.
| The following significant accounting policies conform to generally accepted accounting principles for U.S. investment companies. The fund consistently follows such policies in preparing its financial statements.
|
1. Security Valuation:
Securities are valued as of the close of trading on the New York Stock Exchange (generally 4 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 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 valuation designee to represent fair value and subject to oversight by the board of trustees. Investments in Vanguard Market Liquidity Fund are valued at that fund's net asset value.
2. Futures Contracts:
The fund uses index futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, maintaining liquidity, and minimizing transaction costs. The fund may purchase futures
contracts to immediately invest incoming cash in the market, or sell futures in response to cash outflows, thereby simulating a fully invested position in the underlying index while maintaining a cash balance for
liquidity. The primary risks associated with the use of futures contracts are imperfect correlation between changes in market values of stocks held by the fund and the prices of futures contracts, and the possibility
of an illiquid market. Counterparty risk involving futures is mitigated because a regulated clearinghouse is the counterparty instead of the clearing broker. To further mitigate counterparty risk, the fund trades
futures contracts on an exchange, monitors the financial strength of its clearing brokers and clearinghouse, and has entered into clearing agreements with its clearing brokers. The clearinghouse imposes initial margin
requirements to secure the fund’s performance and requires daily settlement of variation margin representing changes in the market value of each contract. Any securities pledged as initial margin for open
contracts are noted in the Schedule of Investments.
Futures contracts are valued
at their quoted daily settlement prices. The notional amounts of the contracts are not recorded in the Statement of Assets and Liabilities. Fluctuations in the value of the contracts are recorded in the Statement of
Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures
contracts.
During the six months ended
March 31, 2026, the fund’s average investments in long and short futures contracts represented less than 1% and 0% of net assets, respectively, based on the average of the notional amounts at each quarter-end
during the period.
3. Swap Contracts: The
fund has entered into equity swap contracts to earn the total return on selected reference stocks or indexes in the fund’s target index. Under the terms of the swaps, the fund receives the total return on the
referenced stock (i.e., receiving the increase or paying the decrease in value of the selected reference stock and receiving the equivalent of any dividends in respect of the selected referenced stock) over a
specified period of time, applied to a notional amount that represents the value of a designated number of shares of the selected reference stock at the beginning of the equity swap contract. The fund also pays a
floating rate that is based on short-term interest rates, applied to the notional amount. At the same time, the fund generally invests an amount approximating the notional amount of the swap in high-quality temporary
cash investments.
A risk associated with all
types of swaps is the possibility that a counterparty may default on its obligation to pay net amounts due to the fund. The fund’s maximum amount subject to counterparty risk is the unrealized appreciation on
the swap contract. The fund mitigates its counterparty risk by entering into swaps only with a diverse group of prequalified counterparties, monitoring their financial strength, entering into master netting
arrangements with its counterparties, and requiring its counterparties to transfer collateral as security for their performance. In the absence of a default, the collateral pledged or received by the fund cannot be
repledged, resold, or rehypothecated. In the event of a counterparty’s default (including bankruptcy), the fund may terminate any swap contracts with that counterparty, determine the net amount owed by either
party in accordance with its master netting arrangements, and sell or retain any collateral held up to the net amount owed to the fund under the master netting arrangements. The swap contracts contain provisions
whereby a counterparty may terminate open contracts if the fund’s net assets decline below a certain level, triggering a payment by the fund if the fund is in a net liability position at the time of the
termination. The payment amount would be reduced by any collateral the fund has pledged. Any securities pledged as collateral for open contracts are noted in the Schedule of Investments. The value of collateral
received or pledged is compared daily to the value of the swap contracts exposure with each counterparty, and any difference, if in excess of a specified minimum transfer amount, is adjusted and settled within two
business days.
The notional amounts of swap
contracts are not recorded in the Statement of Assets and Liabilities. Swaps are valued daily based on market quotations received from independent pricing services or recognized dealers and the change in value is
recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until periodic payments are made or the termination of the swap,
at which time realized gain (loss) is recorded.
During the six months ended
March 31, 2026, the fund’s average amounts of investments in total return swaps represented less than 1% of net assets, based on the average of notional amounts at each quarter-end during the period.
Mega Cap Growth Index Fund
4. Federal Income Taxes:
The fund intends to continue to qualify as a regulated investment company and distribute virtually all of its income. The fund’s tax returns are open to examination by the relevant tax authorities until
expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return. Management has analyzed the fund’s tax positions taken for all open federal and state
income tax years, and has concluded that no provision for income tax is required in the fund’s financial statements.
5. Distributions:
Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from net investment income and realized capital gains for financial
reporting purposes.
6. Securities Lending:
To earn additional income, the fund lends its securities to qualified institutional borrowers. Security loans are subject to termination by the fund at any time, and are required to be secured at all times by
collateral in an amount at least equal to the market value of securities loaned. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When
this occurs, the collateral is adjusted and settled before the opening of the market on the next business day. The fund further mitigates its counterparty risk by entering into securities lending transactions only
with a diverse group of prequalified counterparties, monitoring their financial strength, and entering into master securities lending agreements with its counterparties. The master securities lending agreements
provide that, in the event of a counterparty’s default (including bankruptcy), the fund may terminate any loans with that borrower, determine the net amount owed, and sell or retain the collateral up to the net
amount owed to the fund; however, such actions may be subject to legal proceedings. While collateral mitigates counterparty risk, in the event of a default, the fund may experience delays and costs in recovering the
securities loaned. The fund invests cash collateral received in Vanguard Market Liquidity Fund, and records a liability in the Statement of Assets and Liabilities for the return of the collateral, during the period
the securities are on loan. Collateral investments in Vanguard Market Liquidity Fund are subject to market appreciation or depreciation. Securities lending income represents fees charged to borrowers plus income
earned on invested cash collateral, less expenses associated with the loan. During the term of the loan, the fund is entitled to all distributions made on or in respect of the loaned securities.
7. Credit Facilities and
Interfund Lending Program: The fund and certain other funds managed by The Vanguard Group ("Vanguard") participate in a $4.3 billion committed credit facility provided by a syndicate of lenders pursuant to a credit
agreement and an uncommitted credit facility provided by Vanguard. Both facilities may be renewed annually. Each fund is individually liable for its borrowings, if any, under the credit facilities. Borrowings may be
utilized for temporary or emergency purposes and are subject to the fund’s regulatory and contractual borrowing restrictions. With respect to the committed credit facility, the participating funds are charged
administrative fees and an annual commitment fee of 0.10% of the undrawn committed amount of the facility, which are allocated to the funds based on a method approved by the fund’s board of trustees and included
in Management and Administrative expenses on the fund’s Statement of Operations. Any borrowings under either facility bear interest at an agreed-upon spread plus the higher of the federal funds effective rate,
the overnight bank funding rate, or the Daily Simple Secured Overnight Financing Rate inclusive of an additional agreed-upon spread. However, borrowings under the uncommitted credit facility may bear interest based
upon an alternate rate agreed to by the fund and Vanguard.
In accordance with an
exemptive order (the “Order”) from the SEC, the fund may participate in a joint lending and borrowing program that allows registered open-end Vanguard funds to borrow money from and lend money to each
other for temporary or emergency purposes (the “Interfund Lending Program”), subject to compliance with the terms and conditions of the Order, and to the extent permitted by the fund’s investment
objective and investment policies. Interfund loans and borrowings normally extend overnight but can have a maximum duration of seven days. Loans may be called on one business day’s notice. The interest rate to
be charged is governed by the conditions of the Order and internal procedures adopted by the board of trustees. The board of trustees is responsible for overseeing the Interfund Lending Program.
For the six months ended March
31, 2026, the fund did not utilize the credit facilities or the Interfund Lending Program.
8. Other: Dividend
income is recorded on the ex-dividend date. Non-cash dividends included in income, if any, are recorded at the fair value of the securities received. Interest income includes income distributions received from
Vanguard Market Liquidity Fund and is accrued daily. Security transactions are accounted for on the date securities are bought or sold. Costs used to determine realized gains (losses) on the sale of investment
securities are those of the specific securities sold.
Each class of shares has equal
rights as to assets and earnings, except that each class separately bears certain class-specific expenses related to maintenance of shareholder accounts (included in Management and Administrative expenses),
shareholder reporting, and proxy fees. Marketing and distribution expenses are allocated to each class of shares based on a method approved by the board of trustees. Income, other non-class-specific expenses, and
gains and losses on investments are allocated to each class of shares based on its relative net assets.
| B.
| Vanguard provides investment advisory services to the fund through its wholly owned subsidiary Vanguard Portfolio Management, LLC.
|
| C.
| In accordance with the terms of a Funds' Service Agreement (the “FSA”) between Vanguard and the fund, Vanguard furnishes to the fund investment advisory, corporate
management, administrative, marketing, and distribution services at Vanguard’s cost of operations (as defined by the FSA). These costs of operations are allocated to the fund based on methods and guidelines
approved by the board of trustees and are generally settled twice a month.
|
Upon the request of Vanguard,
the fund may invest up to 0.40% of its net assets as capital in Vanguard. At March 31, 2026, the fund had contributed to Vanguard capital in the amount of $669,000, representing less than 0.01% of the fund’s net
assets and 0.27% of Vanguard’s capital received pursuant to the FSA. The fund’s trustees and officers are also directors and employees, respectively, of Vanguard.
| D.
| Various inputs may be used to determine the value of the fund’s investments and derivatives. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used
to value securities are not necessarily an indication of the risk associated with investing in those securities.
|
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Mega Cap Growth Index Fund
Level 3—Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments). Any investments and derivatives valued with significant
unobservable inputs are noted on the Schedule of Investments.
The following table summarizes
the market value of the fund’s investments and derivatives as of March 31, 2026, based on the inputs used to value them:
|
| Level 1
($000)
| Level 2
($000)
| Level 3
($000)
| Total
($000)
|
| Investments
|
|
|
|
|
| Assets
|
|
|
|
|
| Common Stocks
| 27,795,877
| —
| —
| 27,795,877
|
| Temporary Cash Investments
| 43,571
| —
| —
| 43,571
|
| Total
| 27,839,448
| —
| —
| 27,839,448
|
| Derivative Financial Instruments
|
|
|
|
|
| Assets
|
|
|
|
|
| Futures Contracts1
| 22
| —
| —
| 22
|
| Swap Contracts
| —
| 69
| —
| 69
|
| Total
| 22
| 69
| —
| 91
|
| Liabilities
|
|
|
|
|
| Futures Contracts1
| (17)
| —
| —
| (17)
|
| Swap Contracts
| —
| (457)
| —
| (457)
|
| Total
| (17)
| (457)
| —
| (474)
|
| 1
| Includes cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps, if any, as reported in the Schedule of Investments. Only current
day’s variation margin is reported within the Statement of Assets and Liabilities.
|
| E.
| As of March 31, 2026, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:
|
|
| Amount
($000)
|
| Tax Cost
| 20,953,006
|
| Gross Unrealized Appreciation
| 7,444,160
|
| Gross Unrealized Depreciation
| (557,713)
|
| Net Unrealized Appreciation (Depreciation)
| 6,886,447
|
The fund’s tax-basis
capital gains and losses are determined only at the end of each fiscal year. For tax purposes, at September 30, 2025, the fund had available capital losses totaling $1,415,431,000 that may be carried forward
indefinitely to offset future net capital gains. The fund will use these capital losses to offset net taxable capital gains, if any, realized during the year ending September 30, 2026; should the fund realize net
capital losses for the year, the losses will be added to the loss carryforward balance above.
| F.
| During the six months ended March 31, 2026, the fund purchased $1,993,158,000 of investment securities and sold $1,995,335,000 of investment securities, other than temporary cash investments. In addition, the fund
purchased and sold investment securities of $2,502,174,000 and $3,278,236,000, respectively, in connection with in-kind purchases and redemptions of the fund's capital shares.
|
The fund purchased securities
from and sold securities to other Vanguard funds or accounts managed by Vanguard or its affiliates, in accordance with procedures adopted by the board of trustees in compliance with Rule 17a-7 of the Investment
Company Act of 1940. For the six months ended March 31, 2026, such purchases were $1,083,317,000 and sales were $1,426,674,000, resulting in net realized loss of $308,474,000; these amounts, other than temporary cash
investments, are included in the purchases and sales of investment securities noted above.
| G.
| Capital share transactions for each class of shares were:
|
|
| Six Months Ended March 31,
|
| Year Ended September 30,
|
|
| 2026
|
| 2025
|
|
| Amount
($000)
| Shares
(000)
|
| Amount
($000)
| Shares
(000)
|
| ETF Shares1
|
|
|
|
|
|
| Issued
| 2,560,900
| 31,375
|
| 6,711,754
| 94,500
|
| Issued in Lieu of Cash Distributions
| —
| —
|
| —
| —
|
| Redeemed
| (3,340,047)
| (41,625)
|
| (4,476,993)
| (63,500)
|
| Net Increase (Decrease)—ETF Shares
| (779,147)
| (10,250)
|
| 2,234,761
| 31,000
|
Mega Cap Growth Index Fund
|
| Six Months Ended March 31,
|
| Year Ended September 30,
|
|
| 2026
|
| 2025
|
|
| Amount
($000)
| Shares
(000)
|
| Amount
($000)
| Shares
(000)
|
| Institutional Shares
|
|
|
|
|
|
| Issued
| 23,691
| 30
|
| 50,227
| 72
|
| Issued in Lieu of Cash Distributions
| 208
| —
|
| 414
| 1
|
| Redeemed
| (7,505)
| (10)
|
| (18,709)
| (27)
|
| Net Increase (Decrease)—Institutional Shares
| 16,394
| 20
|
| 31,932
| 46
|
| 1
| Shares adjusted to reflect a 5-for-1 share split.
|
| H.
| Significant market disruptions, such as those caused by pandemics, natural or environmental disasters, war, acts of terrorism, political or regulatory conditions, or other events, can adversely affect local and
global markets and normal market operations. Any such disruptions could have an adverse impact on the value of the fund’s investments and fund performance.
|
To the extent the fund’s
investment portfolio reflects concentration in a particular market, industry, sector, country or asset class, the fund may be adversely affected by the performance of these concentrations and may be subject to
increased price volatility and other risks.
The use of derivatives may
expose the fund to various risks. Derivatives can be highly volatile, and any initial investment is generally small relative to the notional amount so that transactions may be leveraged in terms of market exposure. A
relatively small market movement may have a potentially larger impact on derivatives than on standard securities. Leveraged derivatives positions can, therefore, increase volatility. Additional information regarding
the fund’s use of derivative(s) and the specific risks associated is described under significant accounting policies.
| I.
| Operating segments are components of an entity that engage in business activities, have discrete financial information available, and have their operating results regularly reviewed by a chief operating decision
maker (“CODM”). The fund is considered a single segment. Vanguard’s chief executive officer, chief investment officer, and chief financial officer, who are also officers of the fund, as well as the
fund’s chief financial officer collectively act as the CODM. Vanguard has established various management committees to assist the CODM with overseeing aspects of the fund’s daily operations. Through these
committees, the CODM manages the fund’s operations to achieve a single investment objective, as detailed in its prospectus, through the execution of the fund’s investment strategies. When assessing segment
performance and making decisions about segment resources, the CODM relies on the fund’s portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information
contained in the fund’s financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.
|
| J.
| Management has determined that no other subsequent events or transactions occurred through the date the financial statements were issued that would require recognition or disclosure
in these financial statements.
|
Q8382 052026
Item 8: Changes in and Disagreements with Accountants for Open-End
Management Investment Companies.
Not applicable.
Item 9: Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10: Remuneration Paid to Directors, Officers, and Others of
Open-End Management Investment Companies.
Not applicable. The Trustees’ Fees and Expenses are included in
the financial statements filed under Item 7 of this Form.
Item 11: Statement Regarding Basis for Approval of Investment Advisory
Contracts.
Trustees Approve Advisory Arrangement - Mega-Cap Growth Index Fund
A majority of independent trustees of the board of Vanguard Mega Cap
Growth Index Fund (Trustees) has approved a restructuring of the fund’s management structure whereby the Vanguard Group, Inc. (Vanguard)
will now provide investment advisory services to the fund through its subsidiary, Vanguard Fund Management LLC (VPM). The trustees determined
that approving the advisory arrangements was in the best interests of the fund and its shareholders.
The Trustees based their decision upon an evaluation of VPM’s
investment staff, fund management process, and performance. This evaluation included information provided by Vanguard’s Oversight
and Manager Search team, which is responsible for fund and advisor oversight and product management. The Trustees considered the factors
discussed below, among others. However, no single factor determined whether to approve the arrangement. Rather, it was the totality of
the circumstances that drove the Trustee’s decisions.
Nature, extent, and quality of services
The Trustees considered the quality of the investment management services
to be provided to the fund and took into account the organizational depth and stability of Vanguard and VPM. The Trustees considered that
Vanguard has been managing investments for more than four decades. The Strategic Equity Index Management team (SE), now within VPM, adheres
to the same sound, disciplined investment management process and has considerable experience, stability and depth. In its management of
other Vanguard passive and active equity funds and funds, the team has a track record of consistent performance as a result of its disciplined
investment processes. SE has specific expertise and experience managing U.S. style-box, sector, and smart-beta index strategies, effectively
navigating index reconstitutions and mitigating transactions costs to deliver tight tracking error while opportunistically seeking to
add excess returns through sophisticated trading strategies and superior access to corporate actions.
The Trustees concluded that VPM’s experience, stability, depth,
and performance, among other factors, warranted approval of the advisory arrangement.
Investment performance
The Trustees determined that VPM’s Strategic Equity Index Management
team, in its management of Vanguard funds, including the fund, has a track record of consistent performance and disciplined investment
processes. The Trustees concluded the performance was such that the advisory arrangements warranted approval.
Cost
The Trustees concluded that the fund’s expense ratio will remain
below the average expense ratio charged by funds in its peer group and that the fund’s advisory expenses will also continue to be
below the peer-group average.
The Trustees do not conduct a profitability analysis of Vanguard in
providing investment advisory services through VPM because of Vanguard’s unique structure. Unlike most other mutual fund management
companies, Vanguard is owned by the funds it oversees.
The benefit of economies of scale
The Trustees concluded that the fund’s arrangement with Vanguard,
and services rendered through VPM, ensure that the fund will realize economies of scale as it grows, with the cost to shareholders declining
as fund assets increase.
The Trustees will consider whether to renew the advisory arrangement
again after a one-year period.
Item 12: Disclosure of Proxy Voting Policies and Procedures for Closed-End
Management Investment Companies.
Not applicable.
Item 13: Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14: Purchase of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
Not applicable.
Item 15: Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 16: 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.
There were no changes in the Registrant’s Internal Control Over Financial Reporting that occurred during the period covered by this
report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial
reporting.
Item 17: Disclosure of Securities Lending Activities for Closed-End
Management Investment Companies.
Not applicable.
Item 18: Recovery of Erroneously Awarded Compensation
Not applicable.
Item 19: Exhibits.
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 FUND |
|
| |
|
|
| BY: |
/s/
SALIM RAMJI* |
|
| |
SALIM RAMJI |
|
| |
CHIEF
EXECUTIVE OFFICER |
|
Date: May 26, 2026
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 FUND |
|
| |
|
|
| BY: |
/s/
SALIM RAMJI* |
|
| |
SALIM RAMJI |
|
| |
CHIEF
EXECUTIVE OFFICER |
|
Date: May 26, 2026
| |
VANGUARD
WORLD FUND |
|
| |
|
|
| BY: |
/s/
CHRISTINE BUCHANAN* |
|
| |
CHRISTINE BUCHANAN |
|
| |
CHIEF
FINANCIAL OFFICER |
|
Date: May 26, 2026
| * By: |
/s/ Natalie Lamarque |
|
Natalie Lamarque, pursuant to a Power of Attorney filed on December
19, 2025 (see File Number 33-49023), and to a Power of Attorney filed on February 27, 2026 (see File Number 333-177613), Incorporated
by Reference.
Exhibit 99.CERT
CERTIFICATIONS
I, Salim Ramji, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard World
Fund;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company
Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;
(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have
disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 26, 2026
| |
/s/
Salim Ramji |
| |
Salim Ramji |
| |
Chief Executive Officer |
CERTIFICATIONS
I, Christine Buchanan, certify that:
1. I have reviewed this report on Form N-CSR of Vanguard World
Fund;
2. Based on my knowledge, this report does not contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such
statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects the financial condition, results of operations, changes in
net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and
for, the periods presented in this report;
4. The registrant’s other certifying officer(s) and I are
responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company
Act of 1940) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant,
including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared;
(b) Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure
controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures,
as of a date within 90 days prior to the filing date of this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s
internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant’s internal control over financial reporting; and
5. The registrant’s other certifying officer(s) and I have
disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
(a) All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s
ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: May 26, 2026
| |
/s/ Christine
Buchanan |
| |
Christine Buchanan |
| |
Chief Financial Officer |
