W
ASATCH
S
MALL
C
AP
V
ALUE
F
UND
®
(Investor Class Shares)
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Summary Prospectus —
January 31, 2013
,
as amended August 30, 2013
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T
ICKER
:
WMCVX
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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.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 Fund’s prospectus and statement of additional information, each dated January 31, 2013, are incorporated by reference into this summary prospectus.
I
NVESTMENT
O
BJECTIVE
The Fund’s investment objective is long-term growth of capital. Income is a secondary objective, but only when consistent with
long-term growth of capital.
Currently, we do not expect the Fund’s investments to generate substantial 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.
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S
HAREHOLDER
F
EES
(fees paid directly from your
investment)
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Investor Class Shares
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Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
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None
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Redemption Fee (as a % of amount redeemed on shares held 60 days or less)
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2.00%
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Exchange Fee
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None
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Maximum Account Fee
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None
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A
NNUAL
F
UND
O
PERATING
E
XPENSES
1
(expenses that you pay each year as a percentage of the value of your
investment)
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Investor Class Shares
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Management Fee
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1.00%
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Distribution/Service (12b-1) Fee
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None
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Other Expenses
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0.29%
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Total Annual Fund Operating Expenses
2
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1.29%
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1
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The Fund’s operating expenses have been restated to reflect a reduction in the management fee, effective January 31, 2012, as if such changes
had been in effect during the fiscal year ended September 30, 2012. The information has been restated to better reflect anticipated expenses of the Fund.
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2
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The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50%
until at least January 31, 2015 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). The Board of Trustees is the only party that may
terminate the contractual limitation prior to the contract’s expiration. The Advisor may rescind the contractual limitation on expenses at any time after its expiration date. There were no reimbursements for the Investor Class shares of the
Fund during 2012.
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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 $10,000 in the Investor Class of the Fund for the time periods indicated and then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5%
return each year and that the operating expenses (as a percentage of net assets) of the Fund’s Investor Class remained the same. The example reflects contractual fee waivers and reimbursements through January 31, 2015. Although your actual
costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Small Cap Value Fund — Investor Class
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$
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131
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$
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408
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$
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707
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$
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1,556
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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 Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 55% of the average value of its portfolio.
P
RINCIPAL
S
TRATEGIES
The Fund invests primarily in small companies.
Under normal market conditions, we will invest at least 80% of the Fund’s net assets in the equity securities of small companies with market capitalizations of less than $2.5 billion at the time of
purchase.
The Fund may invest up to 20% of its total assets at the time of purchase in securities issued by foreign companies
in developed or emerging markets. Securities issued by companies incorporated outside the United States whose securities are publicly traded in the United States are not defined as foreign companies and are not subject to this limitation.
The Fund may also invest in growth companies if the Advisor believes that current valuation is at a sufficient discount to the
projected long-term earnings growth rate. The secondary objective of income is achieved when fast growing portfolio companies pay dividends, generated by cash flow, typically after achieving growth targets.
We use a
“bottom-up”
process of fundamental analysis to look for individual companies
that we believe are temporarily undervalued but have significant potential for stock price appreciation. Our analysis may include studying a company’s financial statements, visiting company facilities, and meeting with executive management,
suppliers and customers.
We typically look for companies that we believe fall into one of these three categories at the time
of purchase:
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•
|
|
Undiscovered Gems
— Companies with good growth potential which have yet to be broadly discovered by Wall Street analysts, thus
leaving them attractively undervalued relative to their expected growth.
|
|
•
|
|
Fallen Angels
— High quality growth companies that have experienced a temporary setback and therefore have appealing valuations
relative to their long term growth potential.
|
|
•
|
|
Quality Value
— Quality companies with earnings potential that is not fully reflected in their stock prices.
|
The Fund may invest a large percentage of its assets in a few sectors, including industrials, information
technology, financials, consumer discretionary, health care and energy.
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 Fund’s 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 Fund’s investments may decline in value even when the overall stock market is not in a general decline.
Foreign Securities
Risk.
Foreign securities are generally more volatile and less liquid than U.S. securities. Further,
foreign securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and
financial reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates.
Emerging Markets Risk.
In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include
increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for
investors against parties that fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.
Small Company Stock Risk.
Small cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets, fewer product lines, and limited
managerial and financial resources, resulting in volatile stock prices and a limited ability to sell them at a desirable time or price.
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.
Consumer Discretionary Sector Risk.
To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund
will be subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation, than a fund without the same focus. Industries in the consumer discretionary segment, such as consumer durables, hotels,
restaurants,
2
media, retailing and automobiles, may be significantly impacted by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in
demographics and consumer tastes.
Energy Sector Risk.
To the extent the Fund emphasizes, from time to time, investments
in a market segment, the Fund will be subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation, than a fund without the same focus. The value of energy companies is particularly vulnerable to
developments in the energy sector, fluctuations in price and supply of energy fuels, energy conservation, supply of and demand for specific energy-related products or services, and tax policy and other government regulation.
Health Care Stock Risk.
To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be
subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation, than a fund without the same focus. Health care companies are strongly affected by worldwide scientific or technological
developments. Their products may rapidly become obsolete. Many health care companies are also subject to significant government regulation and may be affected by changes in government policies.
Industrials Sector Risk.
To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be
subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation, than a fund without the same focus. Industries in the industrial segment, such as companies engaged in the production, distribution
or service of products or equipment for manufacturing, agriculture, forestry, mining and construction, can be significantly affected by general economic trends, including such factors as employment and economic growth, interest rate changes, changes
in consumer spending, legislative and government regulation and spending, import controls, commodity prices, and worldwide competition.
Information Technology Risk.
To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be subject to a greater degree to the risks particular to that
segment, and may experience greater market fluctuation, than a fund without the same focus. Stocks of information technology companies may be volatile because issuers are sensitive to rapid obsolescence of existing technology, short product cycles,
falling prices and profits, competition from new market entrants, and general economic conditions. Information technology stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.
H
ISTORICAL
P
ERFORMANCE
The following tables provide information on how the Investor Class of the Fund has performed over time. The past performance, before and after taxes, of the Fund’s Investor Class is not necessarily
an indication of how these shares will perform in the future. 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 Fund’s 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 of the Fund’s Investor Class for the years shown in the bar chart. The average annual
total return table below allows you to compare the Fund’s performance over the time periods indicated to that of a broad-based market index and an additional index composed of securities similar to those held by the Fund. Performance
information is updated regularly and is available on the Fund’s website www.WasatchFunds.com.
W
ASATCH
S
MALL
C
AP
V
ALUE
F
UND
— I
NVESTOR
C
LASS
Year by Year Total Returns
Year-to-date return through 6/30/13 was 17.41%.
Best and Worst Quarterly Returns
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Best — 6/30/09
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33.91%
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Worst — 12/31/08
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-34.04%
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3
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Average Annual Total Returns — (as of 12/31/12)
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1 Year
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5 Years
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10 Years
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Wasatch Small Cap Value Fund — Investor Class
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Return before taxes
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16.52%
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2.46%
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9.49%
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Return after taxes on distributions
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16.52%
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2.46%
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8.05%
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Return after taxes on distributions and sale of Fund shares
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10.74%
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2.11%
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7.96%
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Russell
2000
®
Value Index (reflects no deductions for fees,
expenses
or taxes)
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18.05%
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3.55%
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9.50%
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Russell
2000
®
Index (reflects no deductions for fees, expenses or
taxes)
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16.35%
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3.56%
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9.72%
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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 investor’s 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.
P
ORTFOLIO
M
ANAGEMENT
Investment Advisor
Wasatch Advisors, Inc.
Portfolio Manager
Jim
Larkins, MBA
Lead Portfolio Manager
Since 1999
P
URCHASE
AND
S
ALE
OF
F
UND
S
HARES
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I
NVESTMENT
M
INIMUMS
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I
NVESTOR
C
LASS
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New Accounts
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$
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2,000
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New Accounts with an Automatic Investment Plan
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$
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1,000
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Individual Retirement Accounts (IRAs)
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$
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2,000
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Coverdell Education Savings Accounts
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$
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1,000
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S
UBSEQUENT
P
URCHASES
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I
NVESTOR
C
LASS
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Regular Accounts and IRAs
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$
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100
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Automatic Investment Plan
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$50 per month
and/or $100 per quarter
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•
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You may purchase, redeem or exchange Fund shares on any day the New York Stock Exchange is open for business.
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•
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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.
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•
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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.
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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 intermediary’s website for more information.
WMCVX
4
W
ASATCH
S
MALL
C
AP
V
ALUE
F
UND®
(Institutional Class Shares)
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Summary Prospectus —
January 31, 2013
, as amended August 30, 2013
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T
ICKER
:
WICVX
|
|
|
|
|
|
|
Before you invest, you may want to review the Fund’s Institutional Class 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.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 Fund’s prospectus and statement of additional information, each dated January 31, 2013, are incorporated by reference into this summary prospectus.
I
NVESTMENT
O
BJECTIVE
The Fund’s investment objective is long-term growth of capital. Income is a secondary objective, but only when consistent with
long-term growth of capital.
Currently, we do not expect the Fund’s investments to generate substantial 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.
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S
HAREHOLDER
F
EES
(fees paid directly from your
investment)
|
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Institutional Class Shares
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Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
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None
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Redemption Fee (as a % of amount redeemed on shares held 60 days or less)
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2.00%
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Exchange Fee
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None
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Maximum Account Fee
|
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None
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A
NNUAL
F
UND
O
PERATING
E
XPENSES
1
(expenses that you pay each year as a percentage of the value of your
investment)
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Institutional Class Shares
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Management Fee
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1.00%
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Distribution/Service
(12b-1)
Fee
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None
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Other Expenses
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0.66%
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Total Annual Fund Operating Expenses
2
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1.66%
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Expense Reimbursement
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(0.51)%
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Total Annual Fund Operating Expenses After Expense Reimbursement
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1.15%
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1
|
The Fund’s operating expenses have been restated to reflect a
reduction in the management fee, effective January 31, 2012, as if such changes had been in effect during the fiscal year ended September 30, 2012. The information has been restated to better reflect anticipated expenses of the Fund.
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2
|
The Advisor has contractually agreed to reimburse the
Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.15% until at least January 31, 2015 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other
investment related costs and extraordinary expenses). The Board of Trustees is the only party that may terminate the contractual limitation prior to the contract’s expiration. The Advisor may rescind the contractual limitation on expenses at
any time after its expiration date.
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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 $10,000 in the Institutional Class of the Fund for the time periods indicated and then redeemed all of your shares at the end of those periods. The example also assumes that your investment
had a 5% return each year and that the operating expenses (as a percentage of net assets) of the Fund’s Institutional Class
1
remained the same. The example reflects contractual fee waivers and reimbursements through January 31, 2015. Although your actual costs may be higher or lower, based on these assumptions
your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Small Cap Value Fund
—
Institutional Class
|
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$
|
117
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$
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473
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$
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853
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$
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1,922
|
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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 Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 55% of the average value of its portfolio.
P
RINCIPAL
S
TRATEGIES
The Fund invests primarily in small companies.
Under normal market
conditions, we will invest at least 80% of the Fund’s net assets in the equity securities of small companies with market capitalizations of less than $2.5 billion at the time of purchase.
The Fund may invest up to 20% of its total assets at the time of purchase in securities issued by foreign companies in developed or
emerging markets. Securities issued by companies incorporated outside the United States whose securities are publicly traded in the United States are not defined as foreign companies and are not subject to this limitation.
The Fund may also invest in growth companies if the Advisor believes that current valuation is at a sufficient discount to the projected
long-term earnings growth rate. The secondary objective of income is achieved when fast growing companies pay dividends, generated by cash flow, typically after achieving growth targets.
We use a
“bottom-up”
process of fundamental analysis to look for individual companies
that we believe are temporarily undervalued but have significant potential for stock price appreciation. Our analysis may include studying a company’s financial statements, visiting company facilities, and meeting with executive management,
suppliers and customers.
We typically look for companies that we believe fall into one of these three categories at the time
of purchase:
|
•
|
|
Undiscovered Gems
— Companies with good growth potential which have yet to be broadly discovered by Wall Street analysts, thus
leaving them attractively undervalued relative to their expected growth.
|
|
•
|
|
Fallen Angels
— High quality growth companies that have experienced a temporary setback and therefore have appealing valuations
relative to their long term growth potential.
|
|
•
|
|
Quality Value
— Quality companies with earnings potential that is not fully reflected in their stock prices.
|
The Fund may invest a large percentage of its assets in a few sectors, including industrials, information
technology, financials, consumer discretionary, health care and energy.
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 Fund’s 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 Fund’s investments may decline in value even when the overall stock market is not in a general decline.
Foreign Securities Risk.
Foreign securities are generally more volatile and less liquid than U.S. securities. Further, foreign
securities may be subject to additional risks not associated with investment in U.S. securities due to differences in the economic and political environment, the amount of available public information, the degree of market regulation, and financial
reporting, accounting and auditing standards, and, in the case of foreign currency-denominated securities, fluctuations in currency exchange rates.
Emerging Markets Risk.
In addition to the risks of investing in foreign securities in general, the risks of investing in the securities of companies domiciled in emerging market countries include
increased political or social instability, economies based on only a few industries, unstable currencies, runaway inflation, highly volatile securities markets, unpredictable shifts in policies relating to foreign investments, lack of protection for
investors against parties that fail to complete transactions, and the potential for government seizure of assets or nationalization of companies.
Small Company Stock Risk.
Small cap stocks may be very sensitive to changing economic conditions and market downturns because the issuers often have narrow markets, fewer product lines, and limited
managerial and financial resources, resulting in volatile stock prices and a limited ability to sell them at a desirable time or price.
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
Consumer Discretionary Sector Risk.
To the extent the Fund emphasizes, from time to
time, investments in a market segment, the Fund will be subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation, than a fund without the same focus. Industries in the consumer discretionary
segment, such as consumer durables, hotels, restaurants, media, retailing and automobiles, may be significantly impacted by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and changes in
demographics and consumer tastes.
Energy Sector Risk.
To the extent the Fund emphasizes, from time to time, investments
in a market segment, the Fund will be subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation, than a fund without the same focus. The value of energy companies is particularly vulnerable to
developments in the energy sector, fluctuations in price and supply of energy fuels, energy conservation, supply of and demand for specific energy-related products or services, and tax policy and other government regulation.
Health Care Stock Risk.
To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be
subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation, than a fund without the same focus. Health care companies are strongly affected by worldwide scientific or technological
developments. Their products may rapidly become obsolete. Many health care companies are also subject to significant government regulation and may be affected by changes in government policies.
Industrials Sector Risk.
To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be
subject to a greater degree to the risks particular to that segment, and may experience greater market fluctuation, than a fund without the same focus. Industries in the industrial segment, such as companies engaged in the production, distribution
or service of products or equipment for manufacturing, agriculture, forestry, mining and construction, can be significantly affected by general economic trends, including such factors as employment and economic growth, interest rate changes, changes
in consumer spending, legislative and government regulation and spending, import controls, commodity prices, and worldwide competition.
Information Technology Risk.
To the extent the Fund emphasizes, from time to time, investments in a market segment, the Fund will be subject to a greater degree to the risks particular to that
segment, and may experience greater market fluctuation, than a fund without the same focus. Stocks of information technology companies may be volatile because issuers are sensitive to rapid obsolescence of existing technology, short product cycles,
falling prices and profits, competition from new market entrants, and general economic conditions. Information technology stocks, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market.
H
ISTORICAL
P
ERFORMANCE
The following tables provide information on how the Fund has performed over time. The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in
the future. 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 Fund’s 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 Fund’s best and worst quarterly performance for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund’s performance over the time periods indicated to that of a
broad-based market index and an additional index composed of securities similar to those held by the Fund. The Fund’s 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 Fund’s 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 Fund’s website www.WasatchFunds.com.
W
ASATCH
S
MALL
C
AP
V
ALUE
F
UND
— I
NVESTOR
C
LASS
Year by Year Total Returns
Year-to-date return through 6/30/13 was 17.62%.
Best and Worst Quarterly Returns
|
|
|
|
|
|
|
Best — 6/30/09
|
|
|
33.91%
|
|
|
Worst — 12/31/08
|
|
|
-34.04%
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns — (as of 12/31/12)
|
|
1 Year
|
|
|
5 Years
|
|
|
10 Years
|
|
|
Wasatch Small Cap Value Fund — Investor Class
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return before taxes
|
|
|
16.52%
|
|
|
|
2.46%
|
|
|
|
9.49%
|
|
|
Return after taxes on distributions
|
|
|
16.52%
|
|
|
|
2.46%
|
|
|
|
8.05%
|
|
|
Return after taxes on distributions and sale of Fund shares
|
|
|
10.74%
|
|
|
|
2.11%
|
|
|
|
7.96%
|
|
|
Russell
2000
®
Value Index
(reflects no deductions for fees, expenses
or taxes)
|
|
|
18.05%
|
|
|
|
3.55%
|
|
|
|
9.50%
|
|
|
Russell
2000
®
Index
(reflects no deductions for fees, expenses
or taxes)
|
|
|
16.35%
|
|
|
|
3.56%
|
|
|
|
9.72%
|
|
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 investor’s 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.
P
ORTFOLIO
M
ANAGEMENT
Investment Advisor
Wasatch Advisors, Inc.
Portfolio Manager
Jim
Larkins, MBA
Lead Portfolio Manager
Since 1999
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 intermediary’s website for more information.
WICVX
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