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Wasatch-Hoisington U.S. Treasury Fund

Ticker WHOSX
NAV As of 12/10/19 $18.75
Daily Change As of 12/10/19 $0.05 / 0.27%
Wasatch-Hoisington U.S. Treasury Fund
Ticker WHOSX
NAV $18.75
Daily Change $0.05 / 0.27%
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Fund Overview

Objective

Provide a rate of return that exceeds the rate of inflation over a business cycle by investing in U.S. Treasury securities with an emphasis on both income and capital appreciation

Highlights
  • Long-term investment strategy that utilizes only U.S. Treasury securities
  • Adjusts maturity and duration based on assessment of economic conditions
  • Managed by sub-advisor Hoisington Investment Management Company since 1996
Investment Approach

If Hoisington expects that interest rates will decrease, the average maturity of the portfolio can be extended to the maximum maturity of any existing Treasury issue. If interest rates are expected to increase, Hoisington may determine that a defensive policy is more appropriate and reduce the average maturity of the portfolio.

The fund’s effective duration is expected to vary from less than a year to a maximum of 25 years

The turnover rate will vary substantially from year to year. Increased portfolio turnover may result in higher transaction costs and taxable capital gains.

Portfolio adjustments may require the sale of securities prior to maturity date

Fund Managers
Van R. Hoisington Van R. Hoisington Lead Portfolio Manager
23 years on fund
V.R. Hoisington Jr. V.R. Hoisington Jr. Portfolio Manager
3 years on fund
David Hoisington David Hoisington Portfolio Manager
3 years on fund
29 Cumulative PM years on fund

We typically invest in long-dated securities during a multi-year disinflationary environment and short-dated securities during a multi-year period of rising inflation.”

—Van R. Hoisington, Lead Portfolio Manager

Performance

Average Annual Total Returns AS OF 09/30/19 AS OF 11/30/19
Quarter-End Month-end
1 Month
3 Month
ytd
1 yr
3 yr
5 yr
10 yr
Since
Inception
Hoisington U.S. Treasury Fund
-0.42%
-4.84%
21.61%
29.81%
8.70%
5.56%
7.51%
7.83%
Bloomberg Barclays US Aggregate Bond Index
-0.05%
-0.28%
8.79%
10.79%
4.10%
3.08%
3.59%
6.14%

Returns for periods less than one year are not annualized. Data shows past performance and is not indicative of future performance. Current performance may be lower or higher than the data quoted. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost. The Advisor may absorb certain expenses, leading to higher total shareholder returns. Wasatch Funds will deduct a 2% redemption fee on Fund shares held 60 days or less. Performance data does not reflect this redemption fee or taxes. Total Expense Ratio: Investor Class 0.70% The Advisor has contractually agreed to limit certain expenses to 0.75% through at least 1/31/2020.

Growth of Hypothetical Investment to 09/30/19
Hoisington U.S. Treasury Fund
Bloomberg Barclays US Aggregate Bond Index

The hypothetical chart does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares.

Calendar Year Returns (%) As of 12/31/18
Hoisington U.S. Treasury Fund
Barclays Capital U.S. Aggregate Bond Index

Portfolio

Characteristics AS OF 09/30/19
Fund
Number of Holdings
8
Portfolio Turnover (%)
28.83
Active Share (%)
50
Cash and Cash Equivalents (%)
0.6
Weighted Average Maturity (Years)
26.15
Effective Duration (Years)
22.25
Performance Statistics AS OF 09/30/19
5 yr
Alpha
-3.29
Beta
4.29
R-Squared
0.86
Standard Deviation
13.95
Upside Capture
490.53
Downside Capture
395.07
Top 10 Holdings AS OF 09/30/19
Company
% of Net Assets
U.S. Treasury Strip, principal only
24.1%
U.S. Treasury Bond, 2.250%
23.7%
U.S. Treasury Strip, principal only
14.9%
U.S. Treasury Bond, 3.000%
14.3%
U.S. Treasury Bond,2.500%
9.2%
U.S. Treasury Strip, principal only
6.8%
U.S. Treasury Note, 2.250%
4.6%
U.S. Treasury Bond, 2.875%
1.9%

Commentary & Literature

Distributions

Record Date
Payable Date
Income
Short-Term Gain
Long-Term Gain
Total Per Share
Reinvest Price
09/26/19
09/27/19
$ 0.083147
--
--
$ 0.083147
$ 19.250000
06/27/19
06/28/19
$ 0.084901
--
--
$ 0.084901
$ 17.610000
03/28/19
03/29/19
$ 0.078036
--
--
$ 0.078036
$ 16.570000
12/19/18
12/20/18
$ 0.095051
--
--
$ 0.095051
$ 15.870000
09/27/18
09/28/18
$ 0.086809
--
--
$ 0.086809
$ 15.260000
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Historical Distributions and NAVs Select start and end dates
to:

Important Disclosures

Investments in fixed income funds are subject to the same interest rate, inflation, credit and other risks associated with the underlying bonds. Return of principal is not guaranteed.

The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, US dollar denominated, fixed-rate taxable bond market.  The index includes Treasuries, government-related and corporate securities, MBS (agency fixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).

You cannot invest directly in any index.

Morningstar Rating:
The Morningstar Rating for funds, or 'star rating', is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a 3-year history. Exchange–traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10 year (if applicable) Morningstar Rating metrics. The weights are 100% 3-year rating for 36-59 months of total returns, 60% 5 year rating/40% 3-year rating for 60-119 months of total returns, and 50% 10 year rating/30% 3-year rating/20% 3 year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10 year period, the most recent 3–year period actually has the greatest impact because it is included in all 3 rating periods. The Fund was rated 4, 3 and 3 stars against 29, 25 and 22 funds in the category for the for the 3-, 5- and 10-year periods, respectively. Past performance is no guarantee of future results. 2019 © Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Est. 5-year EPS Growth %: Estimated percentage increase in earnings per share (EPS) per year of the fund’s holdings over the next 5 years. Returns are not guaranteed and may be higher or lower. Source: Wasatch and FactSet. P/E Ratio (forward and trailing): Sum of stock prices of the fund’s holdings divided by the aggregate earnings per share of those holdings for the next 12 months (forward), or past 12 months (trailing), calculated as a weighted harmonic average. P/E to Growth Rate: Forward 12-month P/E ratio divided by the estimated 5-year EPS growth rate. Portfolios with a number less than 1.0 would be considered undervalued, around 1.0 would be considered fair valued and significantly greater than 1.0 would be considered overvalued. Weighted Average Market Cap: Average market capitalization of companies held by the fund, weighted by their percentage of fund net assets. Portfolio Turnover: A measure of trading activity in a fund’s portfolio over the past 12 months expressed as a percentage of the fund’s average total assets. Alpha measures a fund’s risk/reward potential. A positive alpha means the fund outperformed the index. A negative alpha means the fund underperformed the index. Beta measures a fund’s risk in relation to the market. A beta of 0.8 means the fund’s total return is likely to move up or down 80% of the market change; 1.25 means total return is likely to move up or down 25% more than the market. R-Squared measures (from 0 to 1.0) how closely a fund’s movements are correlated with movements of its benchmark. An R-squared of 1.0 would mean that the fund’s movements are completely correlated with the movements of its benchmark. Active Share measures the difference between portfolio holdings and the benchmark. It is the sum of the absolute values of the different weightings of each holding in the fund versus each holding in the benchmark, divided by 2. Standard Deviation measures the degree to which a fund’s performance has varied from its average performance over a particular time period. The greater the standard deviation, the greater a fund’s volatility (risk). Upside Capture explains how well a fund performs in time periods where the benchmark’s returns are greater than zero. Downside Capture explains how well a fund performs in time periods where the benchmark’s returns are less than zero.

Fund holdings are subject to risks and may change at any time. References to specific securities should not be construed as recommendations by the Fund or its Advisor.

Wasatch Funds are distributed by ALPS Distributors, Inc.

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