# EDGAR Filing Document

**Accession Number:** 0001004655
**File Stem:** 0001683863-23-001392
**Filing Date:** 2023-2
**Character Count:** 12552
**Document Hash:** e2e740c0eac05899d37ec593b60ca9ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683863-23-001392.hdr.sgml**: 20230227

**ACCESSION NUMBER**: 0001683863-23-001392

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230227

**DATE AS OF CHANGE**: 20230224

**EFFECTIVENESS DATE**: 20230227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VANGUARD WHITEHALL FUNDS
- **CENTRAL INDEX KEY:** 0001004655
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-64845
- **FILM NUMBER:** 23668935

**BUSINESS ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482
- **BUSINESS PHONE:** 6106691000

**MAIL ADDRESS:**
- **STREET 1:** PO BOX 2600
- **STREET 2:** V26
- **CITY:** VALLEY FORGE
- **STATE:** PA
- **ZIP:** 19482

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VANGUARD WHITEHALL FUNDS INC
- **DATE OF NAME CHANGE:** 19951207

## Series and Classes Contracts Data

### Vanguard Advice Select Global Value Fund (Series ID: S000074282)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000231927 | Admiral Shares | VAGVX           |

![](vanguard.jpg)

Vanguard Advice Select Global Value Fund

Summary Prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;February 27, 2023

**Admiral™ Shares**

Vanguard Advice Select Global Value Fund Admiral Shares (VAGVX)

**The Fund's statutory Prospectus and Statement of Additional Information dated February 27, 2023, as may be amended or supplemented, are incorporated into and made part of this Summary Prospectus by reference.**

**Before you invest, you may want to review the Fund's Prospectus, which contains more information about the Fund and its risks. You can find the Fund's Prospectus and other information about the Fund online at www.vanguard.com/prospectus and https://personal.vanguard.com/us/literature/reports/MFs. You can also obtain this information at no cost by calling 800-662-7447 or by sending an email request to online@vanguard.com.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

------

**Investment Objective**

The Fund seeks to provide long-term capital appreciation.

**Fees and Expenses**

The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.

**Shareholder Fees**

(Fees paid directly from your investment)

---

| | |
|:---|:---|
| Sales Charge (Load) Imposed on Purchases |  |
| Purchase Fee |  |
| Sales Charge (Load) Imposed on Reinvested Dividends |  |
| Redemption Fee |  |
| Account Service Fee Per Year<br> (for certain fund account balances below $1,000,000)<br>| $20 |

---

**Annual Fund Operating Expenses**

(Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| Management Fees | 0.24% |
| 12b-1 Distribution Fee |  |
| Other Expenses | 0.16% |
| Total Annual Fund Operating Expenses | 0.40% |

---

------

Example

The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you were to invest $10,000 in the Fund's shares. This example assumes that the Fund provides a return of 5% each year and that total annual fund operating expenses remain as stated in the preceding table. You would incur these hypothetical expenses whether or not you were to redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| 1 Year | 3 Years | 5 Years | 10 Years |
| $41 | $128 | $224 | $505 |

---

Portfolio Turnover

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund's performance. During the fiscal period from November 9, 2021, to October 31, 2022, the Fund's portfolio turnover rate was 56% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund invests mainly in common stocks of companies which may be located anywhere in the world that are considered by the advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and that the advisor believes are trading at prices that are below average in relation to measures such as earnings and book value. The Fund invests in large-, mid-, and small-capitalization companies and is expected to diversify its assets in countries across developed and emerging markets.

**Principal Risks**

An investment in the Fund could lose money over short or long periods of time. You should expect the Fund's share price and total return to fluctuate within a wide range. The Fund is subject to the following risks, which could affect the Fund's performance:

• *Stock market risk*, which is the chance that stock prices overall will decline. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. The Fund's investments in foreign stocks can be riskier than U.S.

------

stock investments. Foreign stocks may be more volatile and less liquid than U.S. stocks. The prices of foreign stocks and the prices of U.S. stocks may move in opposite directions.

• *Investment style risk*, which is the chance that returns from the types of stocks in which the Fund invests will trail returns from global stock markets. Small-, mid-, and large-cap stocks, as well as non-U.S. value stocks, each tend to go through cycles of doing better—or worse—than other segments of the stock market or the global market in general. These periods have, in the past, lasted for as long as several years. Historically, small- and mid-cap stocks have been more volatile in price than large-cap stocks. The stock prices of small and mid-size companies tend to experience greater volatility because, among other things, these companies tend to be more sensitive to changing economic conditions.

• *Country/regional risk*, which is the chance that world events—such as political upheaval, financial troubles, or natural disasters—will adversely affect the value of securities issued by companies in foreign countries or regions. Because the Fund may invest its assets in securities of companies located in emerging market countries, the Fund's performance may be hurt disproportionately by the poor performance of its investments in that country or region. Country/regional risk is especially high in emerging markets.

• *Emerging markets risk*, which is the chance that the stocks of companies located in emerging markets will be substantially more volatile, and substantially less liquid, than the stocks of companies located in more developed foreign markets because, among other factors, emerging markets can have greater custodial and operational risks; less developed legal, tax, regulatory, financial reporting, accounting, and recordkeeping systems; and greater political, social, and economic instability than developed markets.

• *Currency risk*, which is the chance that the value of a foreign investment, measured in U.S. dollars, will decrease because of unfavorable changes in currency exchange rates. Currency risk is especially high in emerging markets.

• *Manager risk*, which is the chance that poor security selection will cause the Fund to underperform relevant benchmarks or other funds with a similar investment objective.

**An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.**

**Annual Total Returns**

The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows the performance of the Fund in its first full calendar year. The table shows how the average annual total returns of

------

the Fund compare with those of a relevant market index which has investment characteristics similar to those of the Fund. MSCI All Country World Value Index returns are adjusted for withholding taxes. Keep in mind that the Fund's past performance (before and after taxes) does not indicate how the Fund will perform in the future. Updated performance information is available on our website at *vanguard.com/performance* or by calling Vanguard toll-free at 800-662-7447.

**Annual Total Returns — Vanguard Advice Select Global Value Fund Investor Shares**

------

![](a4436.jpg)

---

| | | |
|:---|:---|:---|
|  | Total Return | Quarter |
| Highest | 15.90% | December 31, 2022 |
| Lowest | -8.91% | June 30, 2022 |

---

**Average Annual Total Returns for Periods Ended December 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | 1 Year | &nbsp;&nbsp; Since <br> Fund <br> Inception<br>| &nbsp;&nbsp; Fund <br> Inception <br> Date<br>|
| **Vanguard Advice Select Global Value Fund** <br> **Admiral Shares**<br>|  |  | **11/9/2021** |
| Return Before Taxes  | -5.95% | -5.68% |  |
| Return After Taxes on Distributions  | -6.09 | -5.84 |  |
| Return After Taxes on Distributions and Sale of Fund <br> Shares <br>| -3.42 | -4.33 |  |
| **MSCI All Country World Index Value**<br> (reflects no deduction for fees or expenses)<br>| -7.55% | -6.82% |  |

---

Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned *Return After Taxes on* 

------

*Distributions and Sale of Fund Shares* may be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.

**Investment Advisor**

Wellington Management Company LLP (Wellington Management)

Portfolio Manager

David W. Palmer, CFA, Senior Managing Director and Equity Portfolio Manager at Wellington Management. He has managed the Fund since its inception in 2021.

**Purchase and Sale of Fund Shares**

Admiral Shares are generally available only to clients enrolled in certain Vanguard advice programs. Vanguard-advised clients should contact Vanguard for information on special eligibility rules that may apply to them. You may purchase or redeem shares online through our website (*vanguard.com*), by mail (The Vanguard Group, P.O. Box 982901, El Paso, TX 79998-2901), or by telephone (800-662-2739). There is no minimum investment amount required to open and maintain a Fund account for Admiral Shares. The minimum investment amount required to add to an existing Fund account is generally $1.

**Tax Information**

The Fund's distributions may be taxable as ordinary income or capital gain. If you are investing through a tax-advantaged account, such as an IRA or an employer-sponsored retirement or savings plan, special tax rules apply.

**Payments to Financial Intermediaries**

The Fund and its investment advisor do not pay financial intermediaries for sales of Fund shares.

------

This page intentionally left blank.

------

*CFA*<sup>®</sup> is a registered trademark owned by CFA Institute.

Vanguard Advice Select Global Value Fund Admiral Shares—Fund Number 4436

To request additional information about the Fund, please visit *vanguard.com* or contact us at 800-662-7447.© 2023 The Vanguard Group, Inc. All rights reserved.

Vanguard Marketing Corporation, Distributor.

SP 4436 022023

------