W
ASATCH
L
ARGE
C
AP
V
ALUE
F
UND
®
(Investor Class Shares)
|
|
|
Summary Prospectus
January 31, 2013, as amended August 19, 2013
|
|
T
ICKER
: FMIEX
|
|
|
|
Before you invest, you may want to review the Funds prospectus, which contains more information
about the Fund and its risks. You can find the Funds prospectus and other information about the Fund online at
www.WasatchFunds.com.
You can also get this information at no cost by calling
800.551.1700
or by sending an
email to shareholderservice@wasatchfunds.com. The Funds prospectus and statement of additional information, each dated January 31, 2013, are incorporated by reference into this summary prospectus.
I
NVESTMENT
O
BJECTIVES
The Funds investment objectives are to seek capital appreciation and income.
F
EES
AND
E
XPENSES
OF
THE
F
UND
The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund.
|
|
|
S
HAREHOLDER
F
EES
(fees paid directly from your
investment)
|
|
Investor Class Shares
|
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
|
|
None
|
Redemption Fee (as a % of amount redeemed on shares held 60 days or less)
|
|
2.00%
|
Exchange Fee
|
|
None
|
Maximum Account Fee
|
|
None
|
|
|
A
NNUAL
F
UND
O
PERATING
E
XPENSES
(expenses that you pay each year as a percentage of the value of your investment)
|
|
Investor Class Shares
|
Management Fee
|
|
0.90%
|
Distribution/Service (12b-1) Fee
|
|
None
|
Other Expenses
|
|
0.25%
|
|
|
|
Total Annual Fund Operating Expenses
1
|
|
1.15%
|
Expense Reimbursement
|
|
(0.05)%
|
|
|
|
Total Annual Fund Operating Expenses After Expense Reimbursement
|
|
1.10%
|
1
|
The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.10%
until at least January 31, 2014 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). The Advisor may rescind the contractual limitation on
expenses at any time after its expiration date.
|
E
XAMPLE
This example is intended to help you compare the cost of investing in the Investor Class of the Fund with the cost of investing in other
mutual funds. The example assumes that you invested $10,000 in the Investor Class of the Fund for the time periods indicated and then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5%
return each year and that the operating expenses (as a percentage of net assets) of the Funds Investor Class remained the same. The example reflects contractual fee waivers and reimbursements through January 31, 2014. Although your actual
costs may be higher or lower, based on these assumptions your costs would be:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year
|
|
|
3 Years
|
|
|
5 Years
|
|
|
10 Years
|
|
Large Cap Value Fund
Investor Class
|
|
$
|
112
|
|
|
$
|
360
|
|
|
$
|
627
|
|
|
$
|
1,393
|
|
1
P
ORTFOLIO
T
URNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). Higher
portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds
performance. During the most recent fiscal year, the Funds portfolio turnover rate was 14% of the average value of its portfolio.
P
RINCIPAL
S
TRATEGIES
The Fund invests primarily in equity securities.
Under normal market
conditions, we will invest at least 80% of the Funds net assets in equity securities (including common stock, preferred stock and securities convertible into common stock) of companies with market capitalizations of over $5 billion at the time
of purchase.
The Fund typically invests in the securities of companies that we believe will pay above average dividends or
interest.
When evaluating a potential investment for the Fund, we employ a comprehensive valuation analysis intended to
establish a range for fair valuation or intrinsic company value, with a particular emphasis on company fundamentals. The initial valuation review may include:
|
|
Calculating and reviewing standard ratios, such as price-to-sales, price-to-book, price-to-earnings, and price/earnings-to-growth.
|
|
|
Modified discounted cash flow models with sensitivity analysis for changes to revenue growth rates, operating margins, outstanding share counts,
earnings multiples, and tangible book value.
|
|
|
Changing sector and company specific outlooks due to subjective factors, including globalization of capital, labor and process knowledge, as well as
increasing information and price transparency.
|
The Fund may invest a large percentage of its assets in a few
sectors, including energy, financials, information technology, consumer staples, health care and industrials.
P
RINCIPAL
R
ISKS
All investments carry some degree of risk that will affect the value of the Fund, its investment
performance and the price of its shares. As a result, you may lose money if you invest in the Fund.
The Fund is subject to the
following principal investment risks:
Stock Market Risk.
The Funds investments may decline in value due to
movements in the overall stock market.
Stock Selection Risk.
The Fund invests primarily in equity securities (including
common stock, preferred stock and securities convertible into common stock, warrants and rights, and other securities with equity characteristics). The Funds investments may decline in value even when the overall stock market is not in a
general decline.
Value Investing Risk.
Value investing attempts to identify strong companies whose stocks are selling
at a discount from their perceived true worth. It is subject to the risk that the stocks intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually
be appropriately priced.
Sector Weightings Risk.
Market conditions, interest rates, and economic, regulatory, or
financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors it may have increased exposure to the price movements of those sectors.
Financials Sector Risk.
The financials sector is subject to extensive government regulation, can be subject to relatively rapid
change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price
competition.
2
H
ISTORICAL
P
ERFORMANCE
The Fund commenced operations on December 15, 2008 upon the reorganization of the 1st Source Monogram Income Equity Fund, the
Funds predecessor fund (the Predecessor Fund), into the Fund. With the reorganization, the Fund assumed the financial and performance history of the Predecessor Fund. The following tables provide an indication of the historical
risk of an investment in the Fund (and Predecessor Fund for periods prior to December 15, 2008). The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by showing changes in the Funds
performance from year to year, as represented by the Investor Class of the Fund. The table below is designed to help you evaluate your risk tolerance by showing the best and worst quarterly performance for the years shown in the bar chart. The
average annual total returns table allows you to compare the Funds (and Predecessor Funds for periods prior to December 15, 2008) performance over the time periods indicated to that of a broad-based market index. Past performance, before
and after taxes, is not necessarily an indication of how the Investor Class of the Fund will perform in the future. In addition, the Predecessor Fund was advised by a different investment advisor and subject to different expenses, which may have
produced different investment results. The Fund, however, has two portfolio managers, one of which was also the portfolio manager of the Predecessor Fund. Performance information is updated regularly and is available on the Funds website
www.WasatchFunds.com.
W
ASATCH
L
ARGE
C
AP
V
ALUE
F
UND
I
NVESTOR
C
LASS
Year by Year Total Returns
Best and Worst Quarterly Returns
|
|
|
|
|
Best 6/30/03
|
|
|
15.78%
|
|
Worst 12/31/08
|
|
|
-19.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns (as of 12/31/12)
|
|
1 Year
|
|
|
5 Years
|
|
|
10 Years
|
|
Wasatch Large Cap Value Fund Investor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
Return before taxes
|
|
|
10.55%
|
|
|
|
0.22%
|
|
|
|
8.58%
|
|
Return after taxes on distributions
|
|
|
10.17%
|
|
|
|
-0.18%
|
|
|
|
7.64%
|
|
Return after taxes on distributions and sale of Fund shares
|
|
|
7.35%
|
|
|
|
0.02%
|
|
|
|
7.23%
|
|
Russell
1000
®
Value Index (reflects no deductions for fees, expenses or
taxes)
|
|
|
17.51%
|
|
|
|
0.59%
|
|
|
|
7.38%
|
|
After-tax
returns are calculated using the historical highest individual
federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual
after-tax
returns depend on the investors tax situation and may differ from those shown. The
after-tax
returns are not relevant to investors who hold Fund shares through
tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
The Funds returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes and after taxes on distributions
because they include the effect of a tax benefit an investor may receive from the capital losses that would have been incurred.
P
ORTFOLIO
M
ANAGEMENT
Investment Advisor
Wasatch Advisors, Inc.
Portfolio Managers
|
|
|
David R. Powers, CFA
Lead
Portfolio Manager
Since 2013
|
|
Ralph C. Shive, CFA
Portfolio Manager
Since
2008
|
3
P
URCHASE
AND
S
ALE
OF
F
UND
S
HARES
|
|
|
|
|
I
NVESTMENT
M
INIMUMS
|
|
I
NVESTOR
C
LASS
|
|
New Accounts
|
|
$
|
2,000
|
|
New Accounts with an Automatic Investment Plan
|
|
$
|
1,000
|
|
Individual Retirement Accounts (IRAs)
|
|
$
|
2,000
|
|
Coverdell Education Savings Accounts
|
|
$
|
1,000
|
|
|
|
S
UBSEQUENT
P
URCHASES
|
|
I
NVESTOR
C
LASS
|
|
Regular Accounts and IRAs
|
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$
|
100
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|
Automatic Investment Plan
|
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|
$50 per month
and/or $100 per quarter
|
|
|
|
You may purchase, redeem or exchange Fund shares on any day the New York Stock Exchange is open for business.
|
|
|
You may sell shares online at
www.WasatchFunds.com
, via email at shareholderservice@wasatchfunds.com or by calling 800.551.1700 if you did not
decline the telephone redemption privilege when establishing your account.
|
|
|
You may write to: Wasatch Funds, P.O. Box 2172, Milwaukee, WI 53201-2172 or via overnight delivery to: Wasatch Funds, 803 West Michigan Street, Suite
A, Milwaukee, WI 53233-2301. The letter should include your name, Fund Name, Class of shares (i.e., Investor Class), account number, dollar amount of shares to be bought or sold, your daytime telephone number, signature(s) of account owners (sign
exactly as the account is registered) and Medallion signature guarantee (if required). For IRA accounts, please obtain an IRA Distribution Form from
www.WasatchFunds.com
or by calling a shareholder services representative.
|
T
AX
I
NFORMATION
The Fund intends to make distributions. You will generally have to pay federal income taxes, and any applicable state or local taxes, on
the distributions you receive from the Fund as ordinary income or capital gains unless you are investing through a tax exempt account such as a qualified retirement plan. Distributions on investments made through tax-deferred vehicles, such as
401(k) plans or IRAs, may be taxed later upon withdrawal of assets from those plans or accounts.
P
AYMENTS
TO
B
ROKER
-D
EALERS
AND
O
THER
F
INANCIAL
I
NTERMEDIARIES
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Advisor or its affiliates may pay the intermediary for the sale of shares and related
services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial advisor to recommend the Fund over another investment. Ask your individual financial advisor or visit
your financial intermediarys website for more information.
FMIEX
4
W
ASATCH
L
ARGE
C
AP
V
ALUE
F
UND®
(Institutional Class Shares)
|
|
|
Summary Prospectus
January 31, 2013, as amended August 19, 2013
|
|
T
ICKER
:
WILCX
|
|
|
|
Before you invest, you may want to review the Funds Institutional Class prospectus, which contains
more information about the Fund and its risks. You can find the Funds prospectus and other information about the Fund online at
www.WasatchFunds.com
. You can also get this information at no cost by calling
800.551.1700
or by
sending an email to shareholderservice@wasatchfunds.com. The Funds prospectus and statement of additional information, each dated January 31, 2013, are incorporated by reference into this summary prospectus.
I
NVESTMENT
O
BJECTIVE
The Funds investment objectives are to seek capital appreciation and income.
F
EES
AND
E
XPENSES
OF
THE
F
UND
The tables below describe the fees and expenses that you may pay if you buy, sell or hold Institutional Class shares of the Fund.
|
|
|
S
HAREHOLDER
F
EES
(fees paid directly from your
investment)
|
|
Institutional Class Shares
|
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
|
|
None
|
Redemption Fee (as a % of amount redeemed on shares held 60 days or less)
|
|
2.00%
|
Exchange Fee
|
|
None
|
Maximum Account Fee
|
|
None
|
|
|
A
NNUAL
F
UND
O
PERATING
E
XPENSES
(expenses that you pay each year as a percentage of the value of your investment)
|
|
Institutional Class Shares
|
Management Fee
|
|
0.90%
|
Distribution/Service
(12b-1)
Fee
|
|
None
|
Other Expenses
|
|
0.41%
|
|
|
|
Total Annual Fund Operating Expenses
1
|
|
1.31%
|
Expense Reimbursement
|
|
(0.33)%
|
|
|
|
Total Annual Fund Operating Expenses After Expense Reimbursement
|
|
0.98%
|
1
|
The Advisor has contractually agreed to reimburse Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 0.98%
until at least January 31, 2014 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). The Advisor may rescind the contractual limitation
on expenses at any time after its expiration date.
|
E
XAMPLE
This example is intended to help you compare the cost of investing in the Institutional Class of the Fund with the cost of investing in
other mutual funds. The example assumes that you invested $10,000 in the Institutional Class of the Fund for the time periods indicated and then redeemed all of your shares at the end of those periods. The example also assumes that your investment
had a 5% return each year and that operating expenses (as a percentage of net assets) of the Funds Institutional Class remained the same. The example reflects contractual fee waivers and reimbursements through January 31, 2014. 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
|
|
Large Cap Value Fund Institutional Class
|
|
$
|
100
|
|
|
$
|
383
|
|
|
$
|
687
|
|
|
$
|
1,550
|
|
1
P
ORTFOLIO
T
URNOVER
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). Higher
portfolio turnover may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds
performance. During the most recent fiscal year, the Funds portfolio turnover rate was 14% of the average value of its portfolio.
P
RINCIPAL
S
TRATEGIES
The Fund invests primarily in equity securities.
Under normal market
conditions, we will invest at least 80% of the Funds net assets in equity securities (including common stock, preferred stock and securities convertible into common stocks) of companies with market capitalizations of over $5 billion at the
time of purchase.
The Fund typically invests in the securities of companies that we believe will pay above average dividends
or interest.
When evaluating a potential investment for the Fund, we employ a comprehensive valuation analysis intended to
establish a range for fair valuation or intrinsic company value, with a particular emphasis on company fundamentals. The initial valuation review may include:
|
|
Calculating and reviewing standard ratios such as
price-to-sales,
price-to-book,
price-to-earnings,
and
price/earnings-to-growth.
|
|
|
Modified discounted cash flow models with sensitivity analysis for changes to revenue growth rates, operating margins, outstanding share counts,
earnings multiples, and tangible book value.
|
|
|
Changing sector and company specific outlooks due to subjective factors, including globalization of capital, labor and process knowledge, as well as
increasing information and price transparency.
|
The Fund may invest a large percentage of its assets in a few
sectors, including energy, financials, information technology, consumer staples, health care and industrials.
P
RINCIPAL
R
ISKS
All investments carry some degree of risk that will affect the value of the Fund, its investment
performance and the price of its shares. As a result, you may lose money if you invest in the Fund.
The Fund is subject to the
following principal investment risks:
Stock Market Risk.
The Funds investments may decline in value due to
movements in the overall stock market.
Stock Selection Risk.
The Fund invests primarily in equity securities (including
common stock, preferred stock and securities convertible into common stock, warrants and rights, and other securities with equity characteristics). The Funds investments may decline in value even when the overall stock market is not in a
general decline.
Value Investing Risk.
Value investing attempts to identify strong companies whose stocks are selling
at a discount from their perceived true worth. It is subject to the risk that the stocks intrinsic values may never be fully recognized or realized by the market, their prices may go down, or that stocks judged to be undervalued may actually
be appropriately priced.
Sector Weightings Risk.
Market conditions, interest rates, and economic, regulatory, or
financial developments could significantly affect all the securities in a single sector. If the Fund invests in a few sectors it may have increased exposure to the price movements of those sectors.
Financials Sector Risk.
The financials sector is subject to extensive government regulation, can be subject to relatively rapid
change due to increasingly blurred distinctions between service segments, and can be significantly affected by the availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price
competition.
2
H
ISTORICAL
P
ERFORMANCE
The Funds Investor Class shares commenced operations on December 15, 2008 upon the reorganization of the
1st Source Monogram Income Equity Fund, the Funds predecessor fund (the Predecessor Fund), into the Fund. With the reorganization, the Fund assumed the financial and performance history of the Predecessor Fund. The following tables
provide an indication of the historical risk of an investment in the Fund (and Predecessor Fund for periods prior to December 15, 2008). The bar chart below is intended to provide you with an indication of the risks of investing in the Fund by
showing changes in the Funds performance from year to year, as represented by the Investor Class of the
Fund
. The table below is designed to help you evaluate
your risk tolerance by showing the best and worst quarterly performance for the years shown in the bar chart. The average annual total returns table allows you to compare the Funds (and Predecessor Funds for periods prior to
December 15, 2008) performance over the time periods indicated to that of a broad-based market index. Past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. In addition, the
Predecessor Fund was advised by a different investment advisor and subject to different expenses, which may have produced different investment results. The Fund, however, has two portfolio managers, one of which was also the portfolio manager of the
Predecessor Fund. The Funds Institutional Class commenced operations on January 31, 2012. The calendar year returns in the bar chart, the best and worst quarterly returns and the average annual total returns table are based on the Funds
Investor Class shares. Investor Class shares are not offered in this Prospectus. Performance for Investor Class shares would be similar because the shares are invested in the same portfolio of securities and would differ only to the extent that
Institutional Class shares have different expenses. Performance information is updated regularly and is available on the Funds website
www.WasatchFunds.com
.
W
ASATCH
L
ARGE
C
AP
V
ALUE
F
UND
I
NVESTOR
C
LASS
Year by Year Total Returns
Best and Worst Quarterly Returns
|
|
|
|
|
Best 6/30/03
|
|
|
15.78%
|
|
Worst 12/31/08
|
|
|
-19.38%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns (as of 12/31/12)
|
|
1 Year
|
|
|
5 Years
|
|
|
10 Years
|
|
Wasatch Large Cap Value Fund Investor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
Return before taxes
|
|
|
10.55%
|
|
|
|
0.22%
|
|
|
|
8.58%
|
|
Return after taxes on distributions
|
|
|
10.17%
|
|
|
|
-0.18%
|
|
|
|
7.64%
|
|
Return after taxes on distributions and sale of Fund shares
|
|
|
7.35%
|
|
|
|
0.02%
|
|
|
|
7.23%
|
|
Russell
1000
®
Value Index
(reflects no deductions for fees, expenses
or taxes)
|
|
|
17.51%
|
|
|
|
0.59%
|
|
|
|
7.38%
|
|
After-tax
returns are calculated using the historical highest individual
federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual
after-tax
returns depend on the investors tax situation and may differ from those shown. The
after-tax
returns are not relevant to investors who hold Fund shares through
tax-deferred
arrangements such as 401(k) plans or individual retirement accounts.
The Funds returns after taxes on distributions and sale of Fund shares may be higher than returns before taxes and after taxes on distributions
because they include the effect of a tax benefit an investor may receive from the capital losses that would have been incurred.
3
P
ORTFOLIO
M
ANAGEMENT
Investment Advisor
Wasatch Advisors, Inc.
Portfolio Managers
|
|
|
David R. Powers, CFA
Lead Portfolio Manager
Since 2013
|
|
Ralph C. Shive, CFA
Portfolio Manager
Since 2008
|
P
URCHASE
AND
S
ALE
OF
F
UND
S
HARES
Institutional Class shares are offered to all types of investors, provided that the investor meets
the minimum investment threshold for Institutional Class shares. The minimum initial investment for Institutional Class shares, including Individual Retirement Accounts (IRAs), is $500,000. There is a $5,000 minimum for subsequent purchases. These
minimums may be waived for accounts held in qualified retirement or profit sharing plans opened through a third party service provider or record keeper, and/or omnibus accounts established by financial intermediaries where the investment in the Fund
is expected to meet the minimum investment amount within a reasonable time period as determined by the Advisor. Investors and/or Registered Investment Advisors (RIAs) and Broker-Dealers may generally meet the minimum investment amount by aggregating
multiple accounts with common ownership or discretionary control within the Fund.
|
|
You may purchase, redeem or exchange Fund shares on any day the New York Stock Exchange is open for business.
|
|
|
You may sell shares online at
www.
WasatchFunds.com
or by calling 800.551.1700 if you did not decline the telephone
redemption privilege when establishing your account.
|
|
|
You may write to: Wasatch Funds, P.O. Box 2172, Milwaukee, WI 53201-2172 or via overnight delivery to: Wasatch Funds, 803 West Michigan Street, Suite
A, Milwaukee, WI 53233-2301. The letter should include your name, Fund Name, Class of shares (i.e., Institutional Class), account number, dollar amount of shares to be bought or sold, your daytime telephone number, signature(s) of account owners
(sign exactly as the account is registered) and Medallion signature guarantee (if required). For IRA accounts, please obtain an IRA Distribution Form from
www.WasatchFunds.com
or by calling a shareholder services representative.
|
T
AX
I
NFORMATION
The Fund intends to make distributions. You will generally have to pay federal income taxes, and any applicable state or local taxes, on
the distributions you receive from the Fund as ordinary income or capital gains unless you are investing through a tax exempt account such as a qualified retirement plan. Distributions on investments made through tax-deferred vehicles, such as
401(k) plans or IRAs, may be taxed later upon withdrawal of assets from those plans or accounts.
P
AYMENTS
TO
B
ROKER
-D
EALERS
AND
O
THER
F
INANCIAL
I
NTERMEDIARIES
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Advisor or its affiliates may pay the intermediary for the sale of shares and related
services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your individual financial advisor to recommend the Fund over another investment. Ask your individual financial advisor or visit
your financial intermediarys website for more information.
WILCX
4
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