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2013-01-31 pure iso4217:USD 2013-01-31 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchMicroCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchMicroCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchMicroCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchMicroCapValueFund column period compact * ~</div> 485BPOS WASATCH FUNDS TRUST 0000806633 false 2013-01-28 2013-01-31 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchStrategicIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchStrategicIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchStrategicIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchStrategicIncomeFund column period compact * ~</div> WASATCH HERITAGE GROWTH FUND — Summary INVESTMENT OBJECTIVE 2012-09-30 The Fund’s primary investment objective is long-term growth of capital. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchFrontierEmergingSmallCountriesFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchFrontierEmergingSmallCountriesFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchFrontierEmergingSmallCountriesFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchEmergingMarketsSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchEmergingMarketsSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchEmergingMarketsSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchEmergingMarketsSmallCapFund column period compact * ~</div> WASATCH EMERGING MARKETS SELECT FUND — Summary FEES AND EXPENSES OF THE FUND The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchMicroCapFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchMicroCapFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchMicroCapFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchMicroCapFund column period compact * ~</div> INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. 0 0 0 FEES AND EXPENSES OF THE FUND WASATCH EMERGING MARKETS SMALL CAP FUND — Summary The tables below describe the fees and expenses that you may pay if you buy, sell or hold shares of the Fund. INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. SHAREHOLDER FEES (fees paid directly from your investment) 0 0 FEES AND EXPENSES OF THE FUND 0 The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchInternationalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchInternationalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchInternationalGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchInternationalGrowthFund column period compact * ~</div> SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0125 0 0 0.0102 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.007 0 0.0033 0.0103 0.0227 -0.0008 0.0095 -0.0058 0.0169 -0.02 EXAMPLE 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 97 320 561 1253 WASATCH CORE GROWTH FUND — Summary PORTFOLIO TURNOVER 0.0175 0 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 26% of the average value of its portfolio. 0.0038 0.0213 -0.0018 PRINCIPAL STRATEGIES 0.0195 INVESTMENT OBJECTIVE The Fund’s primary investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND The Fund invests primarily in growing mid cap companies at reasonable prices. Under normal market conditions, the Fund will invest in the equity securities of growing companies with market capitalizations of between $2.5 billion and $15 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. We focus on companies that we consider to be high quality, and we use a process of “bottom up” fundamental analysis to look for individual companies that we believe are stable and have the potential to grow steadily for long periods of time. Our analysis may include studying a company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company’s long term earnings growth rate. The Fund may invest a large percentage of its assets in a few sectors, including information technology, industrials, consumer discretionary, financials, health care and energy. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) PRINCIPAL RISKS 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. EXAMPLE January 31, 2014 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 198 650 EXAMPLE 1128 2447 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. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. 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. HISTORICAL PERFORMANCE 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. EXAMPLE Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 9/30/11</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">36.15%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/10</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-11.47%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> WASATCH LONG/SHORT FUND — Summary 0.0458 0.0601 This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invested $10,000 in 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 Fund’s operating expenses (as a percentage of net assets) 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: 0.0385 -0.376 172 0.4306 0.2167 654 0.0244 0.0945 INVESTMENT OBJECTIVE The Fund’s investment objective is capital appreciation. FEES AND EXPENSES OF THE FUND The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. PORTFOLIO TURNOVER SHAREHOLDER FEES (fees paid directly from your investment) PORTFOLIO TURNOVER ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) EXAMPLE 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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 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. 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 39% of the average value of its portfolio. 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 71% of the average value of its portfolio. PRINCIPAL STRATEGIES PRINCIPAL RISKS 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. Market Direction Risk. Since the Fund has both a “long” and a “short” portfolio, an investment in the Fund will involve market risks associated with different types of investment decisions than those made for a typical “long only” stock fund. The Fund’s results will suffer both when there is a general stock market advance and the Fund holds significant “short” equity positions, or when there is a general stock market decline and the Fund holds significant “long” equity positions. 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. Short Sales Risk. The Fund may make short sales of securities, which means it may experience a loss if the market price of the security increases between the date of the short sale and the date the security is replaced. Short sales may reduce the Fund’s returns or increase volatility. 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. Early Stage Companies Risk. Early stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more volatile and speculative than the securities of larger companies. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. Non-Diversification Risk. The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies. 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. Interest Rate Risk. Interest rate risk is the risk that a debt security’s value will decline due to changes in market interest rates. Even though some interest-bearing securities offer a stable stream of income, their prices will fluctuate with changes in interest rates. Credit Risk. Credit risk is the risk that the issuer of a debt security will fail to repay principal and interest on the security when due. Credit risk is affected by the issuer’s credit status, and is generally higher for non-investment grade securities. Non-Investment Grade Securities Risk. Non-investment grade securities (also known as “high yield” or “junk bonds”), those rated below investment grade by the primary rating agencies (e.g., below BB/Ba by S&P/Moody’s), tend to have more volatile prices and increased price sensitivity to changing interest rates and adverse economic and business developments than investment grade securities. In addition, compared to investments in investment grade securities, investments in non-investment grade securities are subject to greater risk of loss due to default or decline in credit quality. There is a greater likelihood that adverse economic or company-specific events will make the issuer unable to make interest and/or principal payments, and more susceptible to negative market sentiment, leading to depressed prices and decreased liquidity. 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. Energy Sector Risk. 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. 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. Information Technology Risk. 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. Portfolio Turnover Rate. The Fund’s portfolio turnover rate is expected to exceed 200%. This type of Fund has a high portfolio turnover that necessarily results in greater transaction costs and causes more short-term capital gains (or losses) to be realized. Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws. HISTORICAL PERFORMANCE The Fund commenced operations on December 15, 2008, upon the reorganization of the 1st Source Monogram Long/Short Fund, the Fund’s 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 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 for the years shown in the bar chart. The average annual total returns table allows you to compare the Fund’s (and Predecessor Fund’s for periods prior to December 15, 2008) performance over the time periods indicated to that of a broad-based securities market index and an additional comparison 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 portfolio managers of the Fund, however, were also the portfolio managers of the Predecessor Fund. Performance information is updated regularly and is available on the Fund’s website www.WasatchFunds.com. WASATCH LONG/SHORT FUND — INVESTOR CLASS Year by Year Total Returns Average Annual Total Returns — (as of 12/31/12) 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. The Fund’s 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. 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PRINCIPAL STRATEGIES 0.39 PRINCIPAL STRATEGIES WASATCH HERITAGE GROWTH FUND — INVESTOR CLASS Year by Year Total Returns The Fund invests primarily in companies of all market capitalizations that are tied economically to emerging market countries. Under normal market conditions, we will invest at least 80% of the Fund’s assets in the equity securities (including common stock, preferred stock and securities convertible into common stock) of companies that are tied economically to emerging market countries. Emerging market countries are those currently included in the Morgan Stanley Capital International (MSCI) Emerging Markets Index. We will generally consider qualifying investments to be in companies that are listed on an exchange in an emerging market country, that have at least 50% of their assets in an emerging market country, or that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country. We travel extensively outside the U.S. to visit companies and expect to meet with senior management. We use a process of quantitative screening followed by “bottom up” fundamental analysis with the goal of owning the highest quality growth companies tied economically to emerging market countries. Our analysis may include studying a company’s financial statements, visiting company facilities, and meeting with executive management, suppliers and customers. We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries. The Fund may invest a large percentage of its assets in a few sectors. The Fund may invest in initial public offerings (IPOs) and early stage companies. The Fund is non-diversified, meaning that it can concentrate investments in a more limited number of issuers than a diversified fund. Under normal market conditions, the Fund will generally invest in 30 to 50 companies; however, we may invest in fewer or more companies when we believe it is necessary to achieve the Fund’s investment objective. PRINCIPAL RISKS The Fund invests primarily in small companies tied economically to emerging markets. Under normal market conditions, we will invest at least 80% of the Fund’s assets in the equity securities (including common stock, preferred stock and securities convertible into common stock) of companies with market capitalizations of less than US$3 billion at the time of purchase that are tied economically to emerging market countries. Emerging market countries are those currently included in the Morgan Stanley Capital International (MSCI) Emerging Markets Index. We will generally consider qualifying investments to be in companies that are listed on an exchange in an emerging market country, that have at least 50% of their assets in an emerging market country, or that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country. We travel extensively outside of the U.S. to visit companies and expect to meet with senior management. We use a process of quantitative screening followed by “bottom up” fundamental analysis to identify individual companies that we believe have above average revenue and earnings growth potential. We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries. The Fund may invest a large percentage of its assets in a few sectors, including consumer discretionary, financials, industrials, consumer staples, materials, energy, information technology and health care. Best 2009-06-30 0.1791 Worst 2008-12-31 -0.2331 PRINCIPAL RISKS PORTFOLIO TURNOVER 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 28% of the average value of its portfolio. The Fund invests primarily in equity securities by maintaining long equity positions and short equity positions. We seek to achieve higher risk-adjusted returns with lower volatility compared to the equity markets in general (as represented by the S&P 500 Index). Under normal market conditions, we will invest the Fund’s assets in the equity securities of companies with market capitalizations of at least $100 million at the time of purchase that we have identified as being undervalued (long equity positions) and we will sell short those securities (short equity positions) that we have identified as being overvalued. The equity securities in which the Fund invests include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, warrants and any rights to purchase common stocks and other securities with equity characteristics. The Fund may at any time have either a net long exposure or a net short exposure to the equity markets and the Fund will not be managed to maintain either net long or net short market exposure. The Fund may invest in early stage companies and initial public offerings (IPOs). We believe that the best opportunities to make both short and long equity investments are when the market’s perception of the values of individual companies (measured by the stock price) differs widely from our assessment of the intrinsic values of such companies. We further believe that opportunities to invest in undervalued and overvalued stocks arise due to a variety of market inefficiencies including:<ul type="square"><li>Changes in market participant psychology and circumstances.</li><li>Imperfect information.</li><li>Forecasts and projections by Wall Street analysts and company representatives that differ from experienced reality.</li></ul>When evaluating a potential long or short investment for the Fund, we employ a comprehensive valuation analysis intended to establish a range for fair valuation or intrinsic company value, with particular emphasis on company fundamentals. Along with long positions, the Long/Short Fund intends to engage in short sales of securities of companies that we believe:<ul type="square"><li>Have earnings that appear to be reflected in the current price.</li><li>Are likely to fall short of market expectations.</li><li>Are in industries exhibiting weaknesses.</li><li> Have poor management.</li><li>Are likely to suffer an event affecting long-term earnings.</li></ul>The Fund may invest in fixed income securities of any maturity consisting of corporate notes, bonds and debentures, including those that are rated less than investment grade at the time of purchase. The Fund is non-diversified meaning that it can concentrate investments in a more limited number of issuers than a diversified fund. The Fund may invest a large percentage of its assets in a few sectors, including information technology, financials, energy, consumer discretionary, materials, industrials and consumer staples. The Fund is expected to have a high portfolio turnover rate. 0 -0.02 0.0945 0.0875 0.0707 0.1581 0.16 0 0.0402 0.0375 0.034 0.0323 0.0166 0 0.0537 0.0489 0.0456 0.0714 0.049 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">16.00%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-15.94%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> PRINCIPAL STRATEGIES The Fund invests primarily in smaller growing companies at reasonable prices. Under normal market conditions, we will invest at least 65% of the Fund’s net assets in the equity securities of growing companies. These companies are usually small to mid-size with market capitalizations of less than $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. We focus on companies that we consider to be high quality. We use a process of “bottom-up” fundamental analysis to look for individual companies that we believe are stable and have the potential to grow steadily for long periods of time. Our analysis may include studying a company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company’s long term earnings growth rate. The Fund may invest a large percentage of its assets in a few sectors, including industrials, financials, consumer discretionary, information technology and health care. WASATCH-HOISINGTON U.S. TREASURY FUND — Summary 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 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. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Convertible Securities Risk. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising stock market than other equity securities. They tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than the markets for common stocks or bonds. The value of convertible securities is susceptible to the risk of market losses attributable to changes in interest rates. An issuer may have the right to buy back certain convertible securities at a time and price that is unfavorable to the Fund. 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. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. Early Stage Companies Risk. Early stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more volatile and speculative than the securities of larger companies. Non-Diversification Risk. Because the Fund is non-diversified and generally invests in 30 to 50 companies, the Fund will have more exposure to the price movements of a single security or a small group of securities than funds that diversify their investments among many companies. The Fund’s total return and net asset value could fluctuate more than if a greater number of securities were held. PRINCIPAL RISKS INVESTMENT OBJECTIVE 0.011 The Fund’s investment objective is to 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. FEES AND EXPENSES OF THE FUND WASATCH INTERNATIONAL GROWTH FUND — Summary WASATCH GLOBAL OPPORTUNITIES FUND — Summary 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. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. 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. 0 0.71 The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) EXAMPLE PERFORMANCE 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 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PORTFOLIO TURNOVER Ordinarily, this section of the prospectus contains information that would allow you to evaluate the performance of the Fund’s Investor Class using several different measures such as yearly changes in performance, best and worst quarterly returns and average annual total returns before and after taxes compared to a relevant benchmark. However, the Wasatch Emerging Markets Select Fund has only recently commenced operations and does not have a full calendar year of performance. 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. Smaller Company Stock Risk. Small and mid cap stocks may be very sensitive to changing economic conditions and market downturns. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. 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. INVESTMENT OBJECTIVE 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 13% of the average value of its portfolio. PRINCIPAL STRATEGIES INVESTMENT OBJECTIVE PRINCIPAL RISKS 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. Non-Diversification Risk. The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies. 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. HISTORICAL PERFORMANCE The Fund’s investment objective is long-term growth of capital. The Fund’s investment objective is long-term growth of capital. 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 bond market index. Performance information is updated regularly and is available on the Fund’s website www.WasatchFunds.com. WASATCH-HOISINGTON U.S. TREASURY FUND — INVESTOR CLASS Year by Year Total Returns 0.0017 HISTORICAL PERFORMANCE 2004-06-18 2004-06-18 2004-06-18 January 31, 2014 FEES AND EXPENSES OF THE FUND 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. FEES AND EXPENSES OF THE FUND Other Expenses are based on estimated expenses for the Investor Class of the Fund for its first full fiscal year. The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the 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 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 for the years shown in the bar chart. The average annual total returns table allows you to compare the Fund’s (and Predecessor Fund’s for periods prior to December 15, 2008) performance over the time periods indicated to that of a broad-based securities market index and an additional comparison index. www.WasatchFunds.com Past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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. 0 HISTORICAL PERFORMANCE Non-Diversification Risk. Because the Fund is non-diversified and generally invests in 30 to 50 companies, the Fund will have more exposure to the price movements of a single security or a small group of securities than funds that diversify their investments among many companies. The Fund’s total return and net asset value could fluctuate more than if a greater number of securities were held. SHAREHOLDER FEES (fees paid directly from your investment) 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. The following tables provide information on how the Investor Class of the Fund has performed over time. 0 0 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. Ordinarily, this section of the prospectus contains information that would allow you to evaluate the performance of the Fund’s Investor Class using several different measures such as yearly changes in performance, best and worst quarterly returns and average annual total returns before and after taxes compared to a relevant benchmark. However, the Wasatch Emerging Markets Select Fund has only recently commenced operations and does not have a full calendar year of performance. 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. 0 The Fund’s 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. SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. 0.0125 0 January 31, 2014 0.0031 0.13 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 following tables provide information on how the Investor Class of the Fund has performed over time. www.WasatchFunds.com <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchEmergingMarketsSelectFund column period compact * ~</div> 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. 0.0447 0.0382 154 0.1472 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.0498 -0.2093 0.3007 0.0941 0.0177 0.0867 0.015 0 WASATCH EMERGING MARKETS SMALL CAP FUND — INVESTOR CLASS Year by Year Total Returns <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchEmergingMarketsSelectFund column period compact * ~</div> 0.0034 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. The Fund’s 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. 478 824 1801 www.WasatchFunds.com Average Annual Total Returns — (as of 12/31/12) Average Annual Total Returns — (as of 12/31/12) <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchEmergingMarketsSelectFund column period compact * ~</div> -0.5708 1.1772 0.4122 -0.1401 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. The Fund’s 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. 0.0867 0.0863 0.0569 0.2775 0.16 0.0007 0.0157 0.0184 WASATCH MICRO CAP FUND — Summary INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. Income is an objective only when consistent with long-term growth of capital. Currently, we do not expect the Fund’s investments to generate substantial income. FEES AND EXPENSES OF THE FUND 0.0447 0.0425 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">17.91%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-23.31%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> 0.037 0.0166 0.0045 The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) January 31, 2014 The following tables provide information on how the Investor Class of the Fund has performed over time. 0.06 0.0523 0.0476 0.061 0.0172 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. January 31, 2014 www.WasatchFunds.com PORTFOLIO TURNOVER EXAMPLE 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 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 25% of the average value of its portfolio. 0.28 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. 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Best 0.25 2009-06-30 0.561 EXAMPLE Worst 2008-12-31 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: -0.3216 January 31, 2014 PRINCIPAL STRATEGIES 0.26 The Fund invests primarily in growing micro cap companies. Under normal market conditions, we will invest at least 80% of the Fund’s net assets in the equity securities of micro cap companies with market capitalizations of less than $1 billion at the time of purchase. The Fund may invest up to 30% 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. We focus on companies that we consider to be high quality, and we use a process of “bottom up” fundamental analysis to look for individual companies that we believe have superior growth potential. Our analysis may include studying a company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company’s long term earnings growth rate. The Fund may invest a large percentage of its assets in a few sectors, including information technology, health care, industrials, financials and consumer discretionary. The Fund may invest in initial public offerings (IPOs). PRINCIPAL RISKS 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. Micro Cap Company Stock Risk. Micro 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. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. 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. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. WASATCH CORE GROWTH FUND — INVESTOR CLASS Year by Year Total Returns 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. 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 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. 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’s 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. 187 HISTORICAL PERFORMANCE EXAMPLE 579 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 996 2158 The following tables provide information on how the Investor Class of the Fund has performed over time. 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. Performance information is updated regularly and is available on the Fund’s website www.WasatchFunds.com. 160 496 856 www.WasatchFunds.com 1868 PORTFOLIO TURNOVER 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 38% of the average value of its portfolio. PORTFOLIO TURNOVER 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. Average Annual Total Returns — (as of 12/31/12) 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 44% of the average value of its portfolio. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchLargeCapValueFund column period compact * ~</div> 0.44 January 31, 2014 PRINCIPAL STRATEGIES 0.38 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. 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. PRINCIPAL STRATEGIES Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">29.50%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-27.03%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> The Fund’s 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. WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND — Summary INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) -0.02 January 31, 2014 The Fund invests primarily in foreign growth companies. Under normal market conditions, we will invest the Fund’s assets in the equity securities of foreign companies with market capitalizations of less than US$5 billion at the time of purchase. Under normal market conditions, the Fund will invest in at least five of the countries included in the Morgan Stanley Capital International (MSCI) All Country (AC) World Ex-U.S.A. Small Cap Index. The Fund may invest a significant amount of its total assets (5% to 70% under normal market conditions) at the time of purchase in securities issued by companies domiciled in emerging markets. Emerging market countries are those currently included in the MSCI EFM (Emerging + Frontier Markets) Index. These companies typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa. We travel extensively outside of the U.S. to visit companies and expect to meet with senior management. We use a process of quantitative screening followed by “bottom up” fundamental analysis to identify individual companies that we believe have above average revenue and earnings growth potential. We may invest in early stage companies if we believe they have outstanding long-term growth potential. We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries. The Fund may invest a large percentage of its assets in a few sectors, including consumer discretionary, financials, industrials, information technology, materials, consumer staples, health care and energy. EXAMPLE This example is intended to help you compare the cost of investing in 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: WASATCH MICRO CAP FUND — INVESTOR CLASS Year by Year Total Returns PRINCIPAL RISKS 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 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. Average Annual Total Returns — (as of 12/31/12) PRINCIPAL STRATEGIES 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. The Fund’s 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. PRINCIPAL RISKS The Fund invests primarily in the equity securities of companies of all market capitalizations that are tied economically to frontier markets and small emerging market countries. Under normal market conditions, we will invest at least 80% of the Fund’s assets in the equity securities (including common stock, preferred stock and securities convertible into common stock, warrants and rights and other securities with equity characteristics) of companies that are tied economically to frontier markets and small emerging market countries. “Frontier markets” include any country that is outside the Morgan Stanley Capital International (MSCI) All Country World Index, and also any country that is currently included in the Russell Frontier Index, the S&P Frontier Broad Market Index (BMI), the MSCI Frontier Markets Index, or similar market indices, or that, in our opinion, have similar characteristics regardless of their inclusion in an index. “Emerging markets” include those countries currently considered to be developing as per their inclusion in the MSCI Emerging Markets Index. We consider a “small emerging market country” to be any country that individually constitutes not more than 7% of the MSCI Emerging Markets Index or the S&P Emerging BMI. We will generally consider qualifying investments to be in companies that are listed on an exchange in a frontier market or small emerging market country, that are legally domiciled in a frontier market or small emerging market country, that have at least 50% of their assets in a frontier market or small emerging market country, or that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services provided in a frontier market or small emerging market country. The Fund will not be required to sell a security because the market to which it is economically tied is no longer what we consider to be a frontier market or a small emerging market country. In general, frontier markets and small emerging market countries, with the exception of the oil-producing Persian Gulf States, tend to have relatively low gross national product per capita compared to the larger traditionally-recognized emerging markets and the world’s major developed economies. Frontier and small emerging market countries include the least developed markets even by emerging market standards. We believe frontier markets and small emerging market countries offer investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing and improving corporate governance. The Fund may invest in the equity securities of companies of any size, although we expect a significant portion of the Fund’s assets to be invested in the equity securities of companies under US$3 billion at the time of purchase. We travel extensively outside the U.S. to visit companies and expect to meet with senior management. We use a process of quantitative screening followed by “bottom up” fundamental analysis with the goal of owning the highest quality growth companies tied economically to frontier markets and small emerging market countries. We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries. The Fund may invest a large percentage of its assets in a few sectors, including financials. We may also invest in initial public offerings (IPOs). The Fund is non-diversified, meaning that it can concentrate investments in a more limited number of issuers than a diversified fund. WASATCH STRATEGIC INCOME FUND — Summary Best 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. INVESTMENT OBJECTIVE The Fund’s primary investment objective is to capture current income. 2009-06-30 0.295 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. 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. Frontier Markets Risk. In addition to the risks of investing in foreign securities and emerging markets, frontier market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets generally receive less investor attention than developed markets and larger emerging markets. These risks can result in the potential for extreme price volatility and illiquidity. Small Company Stock Risk. Small cap stocks may be very sensitive to changing economic conditions and market downturns. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. 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. Liquidity Risk. From time to time, the trading market for a particular security or type of security in which the Fund invests may become less liquid or even illiquid. Reduced liquidity will have an adverse impact on the Fund’s ability to sell such securities when necessary to meet the Fund’s liquidity needs or in response to a specific economic event. Market quotations for such securities may be volatile. 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. Non-Diversification Risk. The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies. Worst 2008-12-31 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. -0.2703 The Fund’s 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. Non-Diversification Risk. The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies. PERFORMANCE Ordinarily, this section of the prospectus contains information that would allow you to evaluate the performance of the Fund’s Investor Class using several different measures such as yearly changes in performance, best and worst quarterly returns and average annual total returns before and after taxes compared to a relevant benchmark. However, the Wasatch Frontier Emerging Small Countries Fund commenced operations on January 31, 2012 and does not have a full calendar year of performance. 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. 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. 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. www.WasatchFunds.com Ordinarily, this section of the prospectus contains information that would allow you to evaluate the performance of the Fund’s Investor Class using several different measures such as yearly changes in performance, best and worst quarterly returns and average annual total returns before and after taxes compared to a relevant benchmark. However, the Wasatch Frontier Emerging Small Countries Fund commenced operations on January 31, 2012 and does not have a full calendar year of performance. Best 2003-06-30 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchHeritageGrowthFund column period compact * ~</div> 0.2744 Worst 2008-12-31 -0.3116 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchLargeCapValueFundBarChart column period compact * ~</div> 0 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchHeritageGrowthFund column period compact * ~</div> 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 and Frontier 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 and frontier 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. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Early Stage Companies Risk. Early stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more volatile and speculative than the securities of larger companies. 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. HISTORICAL PERFORMANCE <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchLargeCapValueFund column period compact * ~</div> 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. 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchHeritageGrowthFund column period compact * ~</div> 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. The Fund invests primarily in small and micro cap foreign and domestic companies. Under normal market conditions, we will invest the Fund’s assets in equity securities (including common stock, preferred stock and securities convertible into common stock) of foreign and domestic companies with market capitalizations of less than US$5 billion at the time of purchase. The Fund may invest a significant portion of its total assets (up to 35% under normal market conditions) in securities of companies with market capitalizations greater than US$5 billion at the time of purchase when the companies meet our investment criteria. The Fund may also invest a significant portion of its total assets in micro cap companies with market capitalizations below US$1 billion (up to 90% under normal market conditions). The Fund will typically invest in securities issued by companies domiciled in at least three countries, including the United States. The Fund may invest a significant portion of its total assets in companies domiciled in foreign countries (up to 80% under normal market conditions). Securities issued by foreign 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 invest a significant amount of its total assets (5% to 50% under normal market conditions) at the time of purchase in securities issued by companies domiciled in emerging markets. Emerging market countries are those currently included in the Morgan Stanley Capital International (MSCI) EFM (Emerging + Frontier Markets) Index. These companies typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa. We use a process of quantitative screening followed by “bottom up” fundamental analysis to identify individual companies that we believe are the World’s Best Growth Companies.® We travel extensively to visit companies and expect to meet with senior management. We may also invest in growth companies that we believe have had a temporary setback and therefore have appealing valuation relative to their long-term growth potential. At times, we may invest in early stage companies with limited or no earnings history if we believe they have outstanding long-term growth potential. We may also invest in initial public offerings (IPOs). We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries. We may significantly shift Fund assets between asset classes, sectors, and geographic regions based on where we believe the best growth opportunities and valuations currently exist. The Fund may invest a large percentage of its assets in a few regions or sectors, including industrials, information technology, consumer discretionary, health care, financials, materials and energy. 0 0 In pursuit of the Fund’s investment objective, Hoisington Investment Management Company (HIMCO), the Fund’s Sub-Advisor will: <ul type="square"><li>Typically invest at least 90% of the Fund’s total assets in U.S. Treasury securities and in repurchase agreements collateralized by such securities. </li> <li>Adjust the average maturity and effective duration of the Fund’s portfolio based on HIMCO’s assessment of multi-year trends in national and international economic conditions and interest rates, changes in inflationary pressures, and the value of long term U.S. Treasury bonds (maturities longer than 20 years) relative to inflation. </li> <li>Invest in long-term U.S. Treasury bonds, including U.S. Treasury Strips (zero coupon Treasury securities), when HIMCO determines that economic conditions suggest lower inflation and the multi-year trend is toward decreasing interest rates. </li> <li>Invest in U.S. Treasury bills or notes (maturities less than five years) when HIMCO determines that economic conditions suggest rising inflation and the multi-year trend is toward increasing interest rates. </li></ul> Over the course of a business cycle, under normal market conditions: <ul type="square"><li>The effective duration of the Fund’s holdings is expected to vary from less than a year to a maximum of 25 years. </li> <li>The Fund’s holdings will range in maturity from less than a year to a maximum of the longest maturity Treasury bonds available. </li> <li>When the Fund is invested in longer weighted average maturities it will be more sensitive to changes in market interest rates and its share price may be subject to greater volatility. </li> <li>The Fund’s portfolio turnover rate will vary substantially from year to year. During some periods, turnover will be well below 50%. At other times, turnover could exceed 200% annually. At these times, increased portfolio turnover may result in higher transaction costs and may also result in taxable capital gains. </li> <li>Portfolio adjustments may require the sale of securities prior to their maturity date. The goal of these transactions will be to increase income and/or change the duration of the overall portfolio. </li></ul> 0.0175 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchHeritageGrowthFundBarChart column period compact * ~</div> PRINCIPAL RISKS 0 0 228 0.0189 987 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. 0.0195 www.WasatchFunds.com 3809 1766 0 0.0019 0.0364 0.0214 -0.0139 0.0225 WASATCH INTERNATIONAL GROWTH FUND — INVESTOR CLASS <br/ Year by Year Total Returns <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchHeritageGrowthFund column period compact * ~</div> 0.4496 0.2293 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: Credit Risk. Credit risk is the risk that the issuer of a debt security will fail to repay principal and interest on the security when due. HIMCO seeks to limit credit risk by investing primarily in U.S. Treasury securities backed by the full faith and credit of the U.S. government which are viewed as carrying minimal credit risk. Interest Rate Risk. Interest rate risk is the risk that a debt security’s value will decline due to changes in market interest rates. Even though some interest-bearing securities offer a stable stream of income, their prices will fluctuate with changes in interest rates. Income Risk. Income risk is the potential for a decline in the Fund’s income due to falling interest rates. Effective Duration. Effective duration is a measure of the responsiveness of a bond’s price to market interest rate changes. For example, if the interest rate increased 1%, a bond with an effective duration of five years would experience a decline in price of 5%. Similarly, if the interest rate increased 1%, the price of a bond with an effective duration of 15 years would decline 15%. At a yield of 5%, the effective duration of the longest maturity U.S. Treasury bond is about 15 years. The effective duration of the longest maturity U.S. zero coupon bond is 30 years. If the interest rate increased 1%, the value of the longest maturity zero coupon bond would decline 30%. Similarly, if the interest rate decreased 1%, the value of the longest maturity zero coupon bond would increase 30%. Risks of Repurchase Agreements. The main risk of a repurchase agreement is that the original seller might default on its obligation to repurchase the securities. If the seller defaults, the Fund will seek to recover its investment by selling the collateral and could encounter restrictions, costs or delays. The Fund will suffer a loss if it sells the collateral for less than the repurchase price. Risks of Zero Coupon Treasury Securities. The market prices of zero coupon securities, which do not entitle the holder to periodic interest payments, are generally more volatile than the market prices of securities of comparable quality and similar maturity that do pay interest periodically. Zero coupon securities are more sensitive to fluctuations in interest rates than non-zero coupon securities. 0.1837 0.2379 217 0.1247 670 -0.5393 0.6419 1149 0.3424 2472 -0.1204 0.3308 Average Annual Total Returns — (as of 12/31/12) 0.1185 0.1185 0.077 0.1975 -0.0011 -0.0013 -0.0011 0.0146 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. The Fund’s 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. 0.0836 0.0713 0.0716 Best 0.0842 2011-09-30 0.3615 Worst 2010-12-31 -0.1147 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchStrategicIncomeFundBarChart column period compact * ~</div> 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. 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 Fund’s 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. 0 0 Best 0 FEES AND EXPENSES OF THE FUND 2009-06-30 0.4188 Worst The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0 0.01 0 0.0023 0 0.0123 January 31, 2014 EXAMPLE 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.007 0 0.0044 PORTFOLIO TURNOVER 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 57% of the average value of its portfolio. 125 390 675 0.0129 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. Region Risk. Social, political and economic conditions and changes in regulatory, tax, or economic policy in a country or region could significantly affect the market in that country or region. In addition, global economies and financial markets are becoming increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region. From time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region, and these companies and industries can be sensitive to adverse social, political, economic, or regulatory developments. 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 and Frontier 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 and frontier 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. Micro Cap and Small Company Stock Risk. Micro cap and small company stocks may be very sensitive to changing economic conditions and market downturns. Early Stage Companies Risk. Early stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more volatile and speculative than the securities of larger companies. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Value Investing Risk. Value investing attempts to identify strong companies whose stocks are selling at a discount from their perceived true worth, and 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. 1487 0.1022 0.0009 0.1049 0.0123 -0.0018 0.57 0.1 0.3777 0.1919 -0.2256 0.1919 PRINCIPAL STRATEGIES 0.1018 -0.0019 0.0481 0.4123 0.0471 The Fund invests primarily in income-producing securities. Under normal market conditions, we will invest the Fund’s assets in income-producing domestic and foreign securities, including equity securities (common stock, preferred stocks and securities convertible into common stock) and fixed income securities of companies of all market capitalizations. The Fund is not managed as a balanced portfolio. At times, one type of security may make up a substantial portion of the Fund, while other types may have minimal or no representation. The Fund may invest its assets in securities issued by foreign companies in developed countries without limit. To a lesser extent, the Fund may invest in foreign companies in 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. In our search for investments, we maintain the flexibility to invest in companies from a variety of industries. The Fund, however, does have a concentration in the financials sector — meaning that at least 25% of the Fund’s total assets will be invested in securities of issuers in the group of industries in the financials sector. For both domestic and foreign securities, we define the group of industries comprising the financials sector to include, among others, Banks (Commercial Banks, Thrifts and Mortgage Finance), Diversified Financial Companies (Diversified Financial Services, Consumer Finance, Capital Markets), Finance Companies, Financial Data Processing Services and Systems, Finance Companies (Small Loan), Financial Information Services, Insurance Companies (Life, Multi-Line, Property-Casualty), Investment Management Companies, Real Estate Companies (Real Estate Investment Trusts [REITs], Real Estate Management and Development Companies), Rental and Leasing Services (Commercial), Savings and Loans, and Securities Brokerage and Services. The Fund may invest a large percentage of its assets in a few sectors, including financials, information technology and health care. The Fund may invest in exchange-traded funds (ETFs). The Fund may make short sales of securities, and may also use derivatives such as put and call options and futures contracts for hedging and non-hedging purposes. The Fund may write put and call options subject to applicable law and SEC guidelines. In the selection of equity securities, we use “bottom up” fundamental analysis to identify individual companies with attractive, sustainable dividend yields or the potential for dividend growth. In certain situations, the Fund may acquire non-income producing securities if we believe the company has the potential to pay dividends in the future. Our analysis may include studying a company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. Characteristics we consider when investing in equity securities generally include:<ul type="square"><li>Attractive, sustainable dividend yields or the potential for dividend growth.</li><li>Experienced top management.</li><li>Sustainable competitive advantage.</li><li>Stable demand for products and services.</li><li>Ability to capitalize on favorable long-term trends.</li></ul>The Fund’s investments in fixed income securities may include domestic and foreign corporate bonds with a variety of maturities (e.g., long-term, intermediate or short-term) and credit qualities (e.g., investment grade or non-investment grade). At certain times the Fund may emphasize one particular maturity or credit quality. The Fund may invest in non-investment grade securities without limitation. The Fund may also invest in U.S. Treasury securities and the debt obligations of foreign governments. Characteristics we consider when investing in fixed income securities generally include:<ul type="square"><li>Rates of current income.</li><li>Credit quality of the issuer.</li><li>Maturity, duration and other characteristics of the obligation.</li></ul> 0.0278 0.0104 PRINCIPAL RISKS 0.0958 0.088 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. Smaller Company Stock Risk. Small and mid 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. 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 will 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. Derivatives Risk. The Fund may suffer a loss from its use of put and call options and futures contracts, which are forms of derivatives. Derivatives can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative instrument, with the potential for unlimited losses on certain instruments. Derivatives may be difficult to value, may become illiquid, and may affect the timing and character of taxes payable by shareholders. Short Sales Risk. The Fund may make short sales of securities, which means it may experience a loss if the market price of the security increases between the date of the short sale and the date the security is replaced. Short sales may reduce a Fund’s returns or increase volatility. Investment Companies Risk. The Fund may invest in shares of other investment companies, including foreign and domestic registered and unregistered open-end funds, closed-end funds, and unit investment trusts and exchange-traded funds noted below. Investing in another investment company subjects the Fund to the same risks associated with investing in the securities held by the applicable investment company and the investment strategies employed by such funds (such as the use of leverage). In addition, the benefit of investing in another investment company is largely dependent on the skill of the investment advisor of the underlying company and whether the associated fees and costs involved with investing in such company are offset by the potential gains. As a shareholder in an investment company, a fund will bear its ratable share of that investment company’s expenses including advisory and administrative fees. Shareholders would therefore be subject to duplicative expenses to the extent that the Fund invests in other investment companies. Exchange-Traded Funds (ETFs) Risk. ETFs are investment companies that are bought and sold on a securities exchange. Shares of ETFs are redeemable only in larger aggregations of a specified number of shares and generally on an in-kind basis. When the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF’s operating expenses. In addition, the Fund will incur brokerage costs when purchasing and selling shares of ETFs. The risk of owning an ETF generally reflects the risks of the underlying securities held by the ETF and investment strategies employed by such ETF (such as the use of leverage). The market price may also fluctuate due to the supply and demand of the ETF’s shares on the exchange upon which its shares are traded. Lack of liquidity in an ETF could result in the ETF being more volatile than the underlying portfolio of securities. In addition, because of ETF expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. REIT Risk. Investments in real estate investment trusts (REITs) subject the Fund to risks associated with the direct ownership of real estate. The value of securities of REITs can be affected by changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements and the management skill and creditworthiness of the issuer. In addition, the value of a REIT can depend on the structure and cash flow generated by the REIT and REITs may not have diversified holdings. Because REITs are pooled investment vehicles that have expenses of their own, the Fund will indirectly bear its proportionate share of those expenses. Credit Risk. Credit risk is the risk that the issuer of a debt security will fail to repay principal and interest on the security when due. Credit risk is affected by the issuer’s credit status, and is generally higher for non-investment grade securities. Interest Rate Risk. Interest rate risk is the risk that a debt security’s value will decline due to changes in market interest rates. Even though some interest-bearing securities offer a stable stream of income, their prices will fluctuate with changes in interest rates. Non-Investment Grade Securities Risk. Non-investment grade securities (also known as “high yield” or “junk bonds”), those rated below investment grade by the primary rating agencies (e.g., below BB/Ba by S&P/Moody’s) tend to have more volatile prices and increased price sensitivity to changing interest rates and adverse economic and business developments than investment grade securities. In addition, compared to investments in investment grade securities, investments in non-investment grade securities are subject to greater risk of loss due to default or decline in credit quality. There is a greater likelihood that adverse economic or company-specific events will make the issuer unable to make interest and/or principal payments, and more susceptible to negative market sentiment, leading to depressed prices and decreased liquidity. 0 0.4984 0.127 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. 0.1102 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. 0.1705 HISTORICAL PERFORMANCE 0.3308 0.3301 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 comparison index. Performance information is updated regularly and is available on the Fund’s website www.WasatchFunds.com. 0.216 0.1852 0.1748 The following tables provide information on how the Investor Class of the Fund has performed over time. www.WasatchFunds.com 0 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. 0 2008-09-30 0.0223 -0.2861 -0.4929 0.4437 0.2976 -0.0639 0.1185 0.005 HISTORICAL PERFORMANCE 0 0.0072 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. WASATCH STRATEGIC INCOME FUND — INVESTOR CLASS Year by Year Total Returns 106 The following tables provide information on how the Investor Class of the Fund has performed over time. 373 -0.0202 660 www.WasatchFunds.com 1477 -0.4057 -0.02 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. 0.0352 0.0348 0.03 -0.0039 -0.007 0.1332 0.1268 0.1183 0.1316 0.1204 0.3804 0.1987 0.0635 0.0022 0.1129 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">21.21%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-28.22%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> Best 0.1129 0.0758 2009-06-30 0.1073 0.16 0.0422 0.2121 Worst 2008-12-31 -0.2822 0.6136 0.2631 -0.0887 0.0308 0.0205 0.0204 0.255 0.0166 0.0595 Average Annual Total Returns — (as of 12/31/12) 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. The Fund’s 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. 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. 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchLong/ShortFund column period compact * ~</div> 74 231 0.255 0.234 0.0278 0.1934 0.0169 0.1806 0.1908 0.0219 401 0.0422 896 0.2607 0.1128 0.2464 0.095 0.0892 0.2283 0.2034 0.0595 0.1944 0.0874 0.071 0.0672 0.0518 2008-11-17 2008-11-17 2008-11-17 2008-11-17 2008-11-17 Best and Worst Quarterly Returns*<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">41.88%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 9/30/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-28.61%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> Average Annual Total Returns — (as of 12/31/12) Best 2009-06-30 0.3273 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. The Fund’s 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. Worst 2011-09-30 -0.1894 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatch-HoisingtonU.S.TreasuryFund column period compact * ~</div> 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatch-HoisingtonU.S.TreasuryFund column period compact * ~</div> 0.2775 0.2766 0.1816 0.2222 0.1822 0.0771 0.0765 0.0665 0.0021 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. -0.0092 0.0696 0.0688 0.0599 -0.0005 -0.0019 0.3846 0.2165 2007-10-01 2007-10-01 2007-10-01 2007-10-01 2007-10-01 0.0326 0.0668 The Fund’s 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. 0.064 -0.4434 0.4516 0.2499 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. The Fund’s 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. 0.0509 0.1919 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. Average Annual Total Returns — (as of 12/31/12) <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchLong/ShortFund column period compact * ~</div> 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 Fund’s 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchLong/ShortFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchLong/ShortFund column period compact * ~</div> January 31, 2014 -0.02 WASATCH GLOBAL OPPORTUNITIES FUND — INVESTOR CLASS Year by Year Total Returns <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchCoreGrowthFund column period compact * ~</div> 2003-08-01 2003-08-01 2003-08-01 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchCoreGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchCoreGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchCoreGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchCoreGrowthFund column period compact * ~</div> 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchEmergingMarketsSmallCapFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchLong/ShortFund column period compact * ~</div> 0.0151 Other Expenses are based on estimated expenses for the Fund’s first full fiscal year. WASATCH LARGE CAP VALUE FUND — Summary 0.0453 0.0273 0.0284 0.0378 0.0593 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/03</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">27.44%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom"> </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-31.16%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> 0.1248 0.1635 0.1459 0.0407 0.0356 0.0349 0.0828 0.0972 0.098 WASATCH SMALL CAP GROWTH FUND — Summary INVESTMENT OBJECTIVE The Fund’s primary 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. FEES AND EXPENSES OF THE FUND Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">56.10%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-32.16%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) 0 0 0 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.01 0 0.0024 2006-02-01 2006-02-01 2006-02-01 0.0002 0.0126 EXAMPLE 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: WASATCH WORLD INNOVATORS FUND — Summary 128 399 INVESTMENT OBJECTIVE 691 -0.02 1522 The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. PORTFOLIO TURNOVER 0 0 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 20% of the average value of its portfolio. 0 0 PRINCIPAL STRATEGIES 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatch-HoisingtonU.S.TreasuryFundBarChart column period compact * ~</div> 0 The Fund invests primarily in small growth 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. Within the Fund’s portfolio, we seek to create a blend of “core” companies that we believe have the potential to grow steadily over long periods of time at faster rates than average large companies, and “high growth” companies that we believe have the potential to grow faster and more aggressively than core companies. We use a “bottom up” process of fundamental analysis to look for individual companies that we believe have superior growth prospects. Our analysis may include studying a company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. The Fund may invest a large percentage of its assets in a few sectors, including information technology, industrials, consumer discretionary, health care, energy and financials. The Fund may invest in initial public offerings (IPOs). PRINCIPAL RISKS 0.0195 SHAREHOLDER FEES (fees paid directly from your investment) A secondary objective is long-term growth of capital. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatch-HoisingtonU.S.TreasuryFund column period compact * ~</div> 0 0.0036 0.0001 0.0232 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) -0.0006 0.0226 0.015 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchGlobalOpportunitiesFund column period compact * ~</div> 0.0035 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchMicroCapFundBarChart column period compact * ~</div> The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund’s most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 0.0002 0.0187 229 719 1235 2651 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchGlobalOpportunitiesFund column period compact * ~</div> EXAMPLE 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. 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. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. 190 588 1012 HISTORICAL PERFORMANCE 2193 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchInternationalGrowthFundBarChart column period compact * ~</div> 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. PORTFOLIO TURNOVER 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 66% of the average value of its portfolio. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatch-HoisingtonU.S.TreasuryFund column period compact * ~</div> 0.3743 -0.02 PRINCIPAL STRATEGIES 0.1336 0.0514 0.084 0.0836 -0.4166 0.4874 0.2892 -0.0006 0.1695 The Fund invests primarily in domestic and foreign growth companies that we believe are innovators in their respective sectors or industries. Typically, the Fund’s assets will be invested in at least three developed countries including the U.S. The Fund may invest in securities issued by companies domiciled in emerging markets without limitation. Under normal market conditions, a significant portion of the Fund’s assets (typically between 40% and 80% at the time of purchase) will be invested outside the U.S. We will use a process of “bottom up” fundamental analysis to invest in companies of any size. However, because innovative companies are rapidly evolving, we expect to invest a significant portion of the Fund’s assets in early stage companies and small to mid-size companies with market capitalizations of less than US $5 billion at the time of purchase. We have defined two broad categories that we believe are critical to identifying companies with outstanding investment potential. The first is companies that possess valuable intellectual property. The second is companies that are innovators in their respective sectors or industries. The Fund may invest a large percentage of its assets in a few sectors, including information technology, health care, consumer discretionary, industrials and financials. PRINCIPAL RISKS 0 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/03</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">25.79%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-22.04%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> Average Annual Total Returns — (as of 12/31/12) <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchGlobalOpportunitiesFundBarChart column period compact * ~</div> INVESTMENT OBJECTIVES The Fund’s investment objectives are to seek capital appreciation and income. 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’s investments may decline in value even when the overall stock market is not in a general decline. 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). 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. Technology and Science Stock Risk. Stocks of science and 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. Science companies may be affected by the same risks as technology companies. Health Care Stock Risk. 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. 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. FEES AND EXPENSES OF THE FUND The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) EXAMPLE 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PORTFOLIO TURNOVER 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 14% of the average value of its portfolio. 0.1695 0.1579 PRINCIPAL STRATEGIES 0.1254 0.1459 0.1635 The Fund invests primarily in equity securities. Under normal market conditions, we will invest at least 80% of the Fund’s 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:<ul type="square"><li>Calculating and reviewing standard ratios, such as price-to-sales, price-to-book, price-to-earnings, and price/earnings-to-growth.</li><li>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.</li><li>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.</li></ul>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. PRINCIPAL RISKS 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. 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. 0.0551 0.0516 HISTORICAL PERFORMANCE 0.0473 0.0349 The Fund commenced operations on December 15, 2008 upon the reorganization of the 1st Source Monogram Income Equity Fund, the Fund’s 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 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 for the years shown in the bar chart. The average annual total returns table allows you to compare the Fund’s (and Predecessor Fund’s 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 Fund’s website www.WasatchFunds.com. 0.0356 WASATCH LARGE CAP VALUE FUND — INVESTOR CLASS Year by Year Total Returns Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/03</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">15.78%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-19.38%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> Average Annual Total Returns — (as of 12/31/12) <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchGlobalOpportunitiesFund column period compact * ~</div> 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. The Fund’s 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. 0.0966 0.0893 0.0846 0.098 0.0972 Best 2009-06-30 0.16 -0.02 Worst 2008-12-31 -0.1594 HISTORICAL PERFORMANCE 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. Performance information is updated regularly and is available on the Fund’s website www.WasatchFunds.com. Effective April 1, 2011, the Wasatch World Innovators Fund changed its name from the Wasatch Global Science & Technology Fund and changed its principal strategies and primary comparison benchmark index. The bar chart, best and worst quarterly returns and average annual total return table include performance prior to these changes. 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. The Fund’s 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. 0.221 0.2034 0.1667 0.1975 January 31, 2014 0.034 0.0307 0.0289 0.0146 0.2 0.1066 0.0903 0.0874 0.0573 The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund’s most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 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. 0.4804 -0.0405 0.1643 0.1595 0.1317 The following tables provide information on how the Investor Class of the Fund has performed over time. -0.5275 0.6748 0.2446 0.0453 0.1804 -0.02 www.WasatchFunds.com WASATCH WORLD INNOVATORS FUND — INVESTOR CLASS Year by Year Total Returns 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. 0 0 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchGlobalOpportunitiesFund column period compact * ~</div> 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. Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/03</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">28.94%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-30.07%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> 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. 0.009 The Fund’s 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. 0 Best 2003-06-30 0.2894 Worst 2008-12-31 -0.3007 The Fund’s 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. Best 2003-06-30 0.2579 Worst 2008-12-31 -0.2204 0.1804 0.1804 0.1172 0.1638 0.0398 0.0397 0.0341 -0.0073 0.1018 0.0986 0.0898 0.086 WASATCH INTERNATIONAL OPPORTUNITIES FUND — Summary INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND -0.02 The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. WASATCH MICRO CAP VALUE FUND — Summary INVESTMENT OBJECTIVE The Fund’s investment objective is long-term growth of capital. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) EXAMPLE FEES AND EXPENSES OF THE FUND 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: -0.02 PORTFOLIO TURNOVER 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 41% of the average value of its portfolio. The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. PRINCIPAL STRATEGIES PRINCIPAL RISKS SHAREHOLDER FEES (fees paid directly from your investment) HISTORICAL PERFORMANCE 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. ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund’s most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. January 31, 2014 EXAMPLE 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 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: PORTFOLIO TURNOVER 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 78% of the average value of its portfolio. 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. The Fund’s 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. PRINCIPAL STRATEGIES The Fund invests primarily in micro cap companies. Under normal market conditions, we will invest at least 80% of the Fund’s net assets in the equity securities of micro cap companies with market capitalizations of less than $1 billion at the time of purchase. The Fund may invest up to 30% 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 invest in initial public offerings (IPOs). While the Fund primarily invests in value companies, it 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. 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:<ul type="square"><li>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.</li><li>Fallen Angels — High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.</li><li>Value Momentum — Cheap valuation relative to history, but catalyst for future growth has been identified.</li><li>The Fund may invest a large percentage of its assets in a few sectors, including financials, information technology, consumer discretionary, industrials, health care and materials.</li></ul> January 31, 2014 0.66 PRINCIPAL RISKS The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund’s most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 0 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. 0 0.41 January 31, 2014 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 following tables provide information on how the Investor Class of the Fund has performed over time. www.WasatchFunds.com 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 following tables provide information on how the Investor Class of the Fund has performed over time. 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. 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. www.WasatchFunds.com The Fund’s 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. 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. 0.0195 0 0.0053 0.0248 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchSmallCapGrowthFund column period compact * ~</div> 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. -0.0023 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. 0.0225 The Fund’s 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchSmallCapGrowthFund column period compact * ~</div> 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. Micro Cap Company Stock Risk. Micro 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 value 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. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. 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. 228 751 1300 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchSmallCapGrowthFund column period compact * ~</div> 2799 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchSmallCapGrowthFundBarChart column period compact * ~</div> 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. www.WasatchFunds.com HISTORICAL PERFORMANCE 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. Performance information is updated regularly and is available on the Fund’s website www.WasatchFunds.com. Best 2009-06-30 0.4435 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchSmallCapGrowthFund column period compact * ~</div> Worst 2008-09-30 -0.276 WASATCH MICRO CAP VALUE FUND — INVESTOR CLASS Year by Year Total Returns 0.315 0.1517 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">32.73%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 9/30/11</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-18.94%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> -0.5473 0.7505 0.261 -0.1601 0.3179 0.2124 0.0909 0.2883 0.0702 -0.472 -0.02 0.704 0.2009 -0.1041 0.221 Average Annual Total Returns — (as of 12/31/12) 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. The Fund’s 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. 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. WASATCH SMALL CAP GROWTH FUND — INVESTOR CLASS Year by Year Total Returns 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 Fund’s 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. -0.02 The Fund invests primarily in foreign micro cap companies. Under normal market conditions, we will invest the Fund’s assets in equity securities of foreign companies with market capitalizations of less than US$1 billion at the time of purchase. Under normal market conditions, the Fund will invest in at least five of the countries included in the Morgan Stanley Capital International (MSCI) All Country (AC) World Ex-U.S.A. Small Cap Index. The Fund may invest a significant amount of its total assets (20% to 70% under normal market conditions) at the time of purchase in securities issued by companies domiciled in emerging markets. Emerging market countries are those currently included in the MSCI EFM (Emerging Frontier Markets) Index. These companies typically are located in the Asia-Pacific region, Eastern Europe, the Middle East, Central and South America, and Africa. We travel extensively outside of the U.S. to visit companies and expect to meet with senior management. We use a process of quantitative screening followed by “bottom up” fundamental analysis to identify individual companies that we believe have above average revenue and earnings growth potential. We may invest in early stage companies if we believe they have outstanding long-term growth potential. We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries. The Fund may invest a large percentage of its assets in a few sectors, including industrials, consumer discretionary, information technology, materials, consumer staples, energy, financials and health care. The Fund may also invest in initial public offerings (IPOs). 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 and Frontier 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 and frontier 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. Micro Cap Company Stock Risk. Micro 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. Early Stage Companies Risk. Early stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more volatile and speculative than the securities of larger companies. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. 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. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">44.35%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 9/30/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-27.60%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> 2003-07-28 2003-07-28 2003-07-28 0.3179 0.3179 0.2067 0.1852 0.1748 0.0204 0.0149 0.0159 -0.0039 -0.007 0.092 0.0809 0.0774 0.0676 0.05 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchMicroCapValueFundBarChart column period compact * ~</div> 2005-01-27 2005-01-27 2005-01-27 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">40.00%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-26.67%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> Best 2009-06-30 0.4 Worst 2008-12-31 -0.2667 WASATCH LARGE CAP VALUE FUND — Summary INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND The tables below describe the fees and expenses that you may pay if you buy, sell or hold Institutional Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) January 31, 2014 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 14% of the average value of its portfolio. 0.14 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 Fund’s 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: The Fund invests primarily in equity securities. Under normal market conditions, we will invest at least 80% of the Fund’s 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: <ul><li> Calculating and reviewing standard ratios such as price-to-sales, price-to-book, price-to-earnings, and price/earnings-to-growth.</li> <li> 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.</li> <li> 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.</li></ul> 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. 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. HISTORICAL PERFORMANCE 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 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 for the years shown in the bar chart. The average annual total returns table allows you to compare the Fund’s (and Predecessor Fund’s for periods prior to December 15, 2008) performance over the time periods indicated to that of a broad-based market index. www.WasatchFunds.com Past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. WASATCH LARGE CAP VALUE FUND — INVESTOR CLASS Year by Year Total Returns Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/03</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">15.78%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom">  </td><td nowrap="nowrap" valign="bottom" align="right">-19.38%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> Average Annual Total Returns &#8212 (as of 12/31/12) 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. 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 Fund’s 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. Best 2003-06-30 0.1578 Worst 2008-12-31 -0.1938 0.2985 0.1701 0.0994 0.2002 0.1236 -0.3114 0.2437 0.1111 -0.0392 0.1055 0 0 0 0.009 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchInternationalOpportunitiesFund column period compact * ~</div> 0.0041 0.0131 -0.0033 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchInternationalOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchInternationalOpportunitiesFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchInternationalOpportunitiesFund column period compact * ~</div> 0.0098 0 -0.02 100 383 687 1550 SHAREHOLDER FEES (fees paid directly from your investment) -0.02 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchInternationalOpportunitiesFund column period compact * ~</div> WASATCH INTERNATIONAL OPPORTUNITIES FUND — INVESTOR CLASS Year by Year Total Returns 0.0025 0.0115 -0.0005 0.011 112 360 627 1393 0.1055 0.1017 0.0735 0.1751 0.0022 -0.0018 0.0002 0.0059 0.0858 0.0764 0.0723 0.0738 WASATCH CORE GROWTH FUND — Summary INVESTMENT OBJECTIVE The Fund’s primary investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND The tables below describe the fees and expenses that you may pay if you buy, sell or hold Institutional Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) EXAMPLE 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 Fund’s 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: PORTFOLIO TURNOVER 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 28% of the average value of its portfolio. PRINCIPAL STRATEGIES The Fund invests primarily in smaller growing companies at reasonable prices. Under normal market conditions, we will invest at least 65% of the Fund’s net assets in the equity securities of growing companies. These companies are usually small to mid-size with market capitalizations of less than $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. We focus on companies that we consider to be high quality. We use a process of “bottom-up” fundamental analysis to look for individual companies that we believe are stable and have the potential to grow steadily for long periods of time. Our analysis may include studying a company’s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company’s long term earnings growth rate. The Fund may invest a large percentage of its assets in a few sectors, including industrials, financials, consumer discretionary, information technology and health care. PRINCIPAL RISKS 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. Smaller Company Stock Risk. Small and mid cap stocks may be very sensitive to changing economic conditions and market downturns. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. 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. HISTORICAL PERFORMANCE 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 returns 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. WASATCH CORE GROWTH FUND — INVESTOR CLASS Year by Year Total Returns Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">29.50%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-27.03%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> 0.78 Average Annual Total Returns — (as of 12/31/12) 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. The Fund’s 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. January 31, 2014 0.28 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. www.WasatchFunds.com 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. 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. 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 Fund’s 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. Best 2009-06-30 0.295 Worst 2008-12-31 -0.2703 0.2985 0.1701 0.0994 0.2002 0.1236 -0.3114 0.2437 0.1111 -0.0392 0.1055 0.3846 0.2165 0.0326 0.0668 0.064 -0.4434 0.4516 0.2499 January 31, 2014 0.14 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 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 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 for the years shown in the bar chart. The average annual total returns table allows you to compare the Fund’s (and Predecessor Fund’s for periods prior to December 15, 2008) performance over the time periods indicated to that of a broad-based market index. 0.0509 Past performance, before and after taxes, is not necessarily an indication of how the Investor Class of the Fund will perform in the future. www.WasatchFunds.com 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. 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. 0.1919 The Fund’s 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. WASATCH ULTRA GROWTH FUND — Summary Best 2003-06-30 0.1578 Worst 2008-12-31 -0.1938 INVESTMENT OBJECTIVE EXAMPLE PRINCIPAL STRATEGIES PRINCIPAL RISKS 0 The Fund’s primary investment objective is long-term growth of capital. FEES AND EXPENSES OF THE FUND WASATCH-1ST SOURCE INCOME FUND — Summary INVESTMENT OBJECTIVE 0 0 The Fund’s investment objective is to seek current income consistent with the preservation of capital. The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. The Fund’s Investor Class shares commenced operations on December 15, 2008 upon the reorganization of the 1st Source Monogram Income Equity Fund, the Fund’s 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 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 for the years shown in the bar chart. The average annual total returns table allows you to compare the Fund’s (and Predecessor Fund’s 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 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. FEES AND EXPENSES OF THE FUND The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) SHAREHOLDER FEES (fees paid directly from your investment) -0.02 0 -0.02 0.01 0 0.0055 0.0155 -0.0043 Average Annual Total Returns — (as of 12/31/12) 0.0112 0 0 -0.02 0 0 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchLargeCapValueFund column period compact * ~</div> 0.0055 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 0.01 0 0 0.0015 0.0001 0.0032 114 447 803 1809 0.002 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchLargeCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchCoreGrowthFundInstitutionalClass column period compact * ~</div> 0.0071 WASATCH EMERGING MARKETS SELECT FUND — Summary INVESTMENT OBJECTIVE <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchWorldInnovatorsFund column period compact * ~</div> The Fund’s investment objective is long-term growth of capital. 0.1919 0.1919 0.1248 FEES AND EXPENSES OF THE FUND 0.1635 0.1459 0.0152 The tables below describe the fees and expenses that you may pay if you buy, sell or hold shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) 0.0471 0.0407 0.0356 0.0349 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) EXAMPLE 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 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 Fund’s operating expenses (as a percentage of net assets) 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: 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 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. PRINCIPAL STRATEGIES 0.088 0.0828 The Fund invests primarily in companies of all market capitalizations that are tied economically to emerging market countries. Under normal market conditions, we will invest at least 80% of the Fund’s assets in the equity securities (including common stock, preferred stock and securities convertible into common stock) of companies that are tied economically to emerging market countries. Emerging market countries are those currently included in the Morgan Stanley Capital International (MSCI) Emerging Markets Index. We will generally consider qualifying investments to be in companies that are listed on an exchange in an emerging market country, that have at least 50% of their assets in an emerging market country, or that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in an emerging market country. We travel extensively outside the U.S. to visit companies and expect to meet with senior management. We use a process of quantitative screening followed by “bottom up” fundamental analysis with the goal of owning the highest quality growth companies tied economically to emerging market countries. Our analysis may include studying a company’s financial statements, visiting company facilities, and meeting with executive management, supplies and customers. We do not use allocation models to restrict the Fund’s investments to certain regions, countries or industries. The Fund may invest a large percentage of its assets in a few sectors. The Fund may invest in initial public offerings (IPOs) and early stage companies. The Fund is non-diversified, meaning that it can concentrate investments in a more limited number of issuers than a diversified fund. Under normal market conditions, the Fund will generally invest in 30 to 50 companies; however, we may invest in fewer or more companies when we believe it is necessary to achieve the Fund’s investment objective. 0.0972 0.098 PRINCIPAL RISKS 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. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Convertible Securities Risk. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality and less potential for gains or capital appreciation in a rising stock market than other equity securities. They tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than the markets for common stocks or bonds. The value of convertible securities is susceptible to the risk of market losses attributable to changes in interest rates. An issuer may have the right to buy back certain convertible securities at a time and price that is unfavorable to the Fund. 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. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. Early Stage Companies Risk. Early stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more volatile and speculative than the securities of larger companies. Non-Diversification Risk. Because the Fund is non-diversified and generally invests in 30 to 50 companies, the Fund will have more exposure to the price movements of a single security or a small group of securities than funds that diversify their investments among many companies. The Fund’s total return and net asset value could fluctuate more than if a greater number of securities were held. EXAMPLE PERFORMANCE Ordinarily, this section of the prospectus contains information that would allow you to evaluate the performance of the Fund’s Institutional Class using several different measures such as yearly changes in performance, best and worst quarterly returns and average annual total returns before and after taxes compared to a relevant benchmark. However, the Wasatch Emerging Markets Select Fund has only recently commenced operations and does not have a full calendar year of performance. -0.02 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchCoreGrowthFundInstitutionalClass column period compact * ~</div> January 31, 2014 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchWorldInnovatorsFund column period compact * ~</div> EXAMPLE January 31, 2014 Other Expenses are based on estimated expenses for the Fund for its first full fiscal year. 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. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 155 481 831 1817 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. 73 0 -0.02 228 396 PORTFOLIO TURNOVER Non-Diversification Risk. Because the Fund is non-diversified and generally invests in 30 to 50 companies, the Fund will have more exposure to the price movements of a single security or a small group of securities than funds that diversify their investments among many companies. The Fund’s total return and net asset value could fluctuate more than if a greater number of securities were held. 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 43% of the average value of its portfolio. 884 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchWorldInnovatorsFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchCoreGrowthFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchWorldInnovatorsFundBarChart column period compact * ~</div> 0.43 Ordinarily, this section of the prospectus contains information that would allow you to evaluate the performance of the Fund’s Institutional Class using several different measures such as yearly changes in performance, best and worst quarterly returns and average annual total returns before and after taxes compared to a relevant benchmark. However, the Wasatch Emerging Markets Select Fund has only recently commenced operations and does not have a full calendar year of performance. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchWorldInnovatorsFund column period compact * ~</div> PORTFOLIO TURNOVER 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 48% of the average value of its portfolio. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchCoreGrowthFundInstitutionalClassBarChart column period compact * ~</div> 0.0125 0 0.0104 0.48 0.0481 PRINCIPAL STRATEGIES 0.0229 0.0958 -0.0079 0.015 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchEmergingMarketsSelectFundInstitutionalClass column period compact * ~</div> -0.02 The Fund invests primarily in smaller high growth companies. Under normal market conditions, we will invest the Fund’s assets in the equity securities of rapidly growing companies. These companies are usually small to mid-size with market capitalizations of less than $5 billion at the time of purchase. The Fund may invest up to 30% 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. We use a process of “bottom up” fundamental analysis to look for individual companies that we believe have above average potential for rapid earnings growth and stock price appreciation. Our analysis may include studying a company’s financial statements, visiting company facilities, and meeting with executive management, suppliers and customers. The Fund may invest a large percentage of its assets in a few sectors, including information technology, financials, health care, consumer discretionary and industrials. The Fund may invest in initial public offerings (IPOs). PRINCIPAL RISKS PRINCIPAL STRATEGIES 153 640 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchEmergingMarketsSelectFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchCoreGrowthFundInstitutionalClass column period compact * ~</div> 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. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. 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. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchEmergingMarketsSelectFundInstitutionalClass column period compact * ~</div> 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. HISTORICAL PERFORMANCE 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. Performance information is updated regularly and is available on the Fund’s website www.WasatchFunds.com. The following tables provide information on how the Investor Class of the Fund has performed over time. www.WasatchFunds.com. 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. WASATCH ULTRA GROWTH FUND — INVESTOR CLASS Year by Year Total Returns The Fund normally invests at least 65% of its total assets in debt securities of all types, including corporate bonds, U.S. government bonds, and variable and floating rate securities. Consistent with the Wasatch-1st Source Income Fund’s (Income Fund) investment objective, 1st Source Corporation Investment Advisors, Inc. (1st Source), the Fund’s Sub-Advisor, expects the Fund to:<ul type="square"><li>Invest substantially all, but in no event less than 65%, of the Fund’s total assets at the time of purchase in debt securities.</li><li>Invest in fixed income securities consisting of bonds, fixed income preferred stocks, debentures, notes, zero-coupon securities, mortgage-related and other asset-backed securities, state, municipal or industrial revenue bonds, obligations issued or guaranteed by agencies or instrumentalities of the U.S. government, debt securities convertible into or exchangeable for common stocks, foreign debt securities, income participation loans, guaranteed investment contracts, first mortgage loans and participation certificates in pools of mortgages issued or guaranteed by agencies or instrumentalities of the U.S. government.</li><li>Typically invest in debt securities rated at the time of purchase within the four highest rating categories assigned by one or more nationally recognized statistical rating organizations (NRSROs) or, if unrated, those which 1st Source deems to be of comparable quality. The Fund may also invest up to 10% of its total assets in non-investment grade debt securities.</li></ul>The Fund may engage in repurchase transactions, credit default swaps, forward contracts, and may also engage in futures transactions solely for hedging purposes and invest in options on futures. The Fund may also invest in other investment companies. The Fund may purchase securities on a when-issued or delayed delivery basis, in which a security’s price and yield are fixed on a specific date, but payment and delivery are scheduled for a future date beyond the standard settlement period. It is anticipated that the Fund will have an average maturity of 3 1/2 years to 5 years and a duration of 2 1/2 years to 4 1/2 years. PRINCIPAL RISKS 0.4452 -0.0082 0.0358 0.0731 0.1511 -0.554 0.5501 0.3585 -0.0537 0.1245 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/03</td><td valign="bottom"> </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">29.29%</td><td nowrap="nowrap" valign="bottom"> </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom"> </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-31.56%</td><td nowrap="nowrap" valign="bottom"> </td></tr></table> Best 2003-06-30 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: Interest Rate Risk. Interest rate risk is the risk that a debt security’s value will decline due to changes in market interest rates. Even though some interest-bearing securities offer a stable stream of income, their prices will fluctuate with changes in interest rates. Credit Risk. Credit risk is the risk that the issuer of a debt security will fail to repay principal and interest on the security when due. Credit risk is affected by the issuer’s credit status, and is generally higher for non-investment grade securities. Income Risk. Income risk is the potential for a decline in the Fund’s income due to falling interest rates. Non-Investment Grade Securities Risk. Non-investment grade securities (also known as “high yield” or “junk bonds”), those rated below investment grade by the primary rating agencies (e.g., below BB/Ba by S&P/Moody’s), tend to have more volatile prices and increased price sensitivity to changing interest rates and adverse economic and business developments than investment grade securities. In addition, compared to investments in investment grade securities, investments in non-investment grade securities are subject to greater risk of loss due to default or decline in credit quality. There is a greater likelihood that adverse economic or company-specific events will make the issuer unable to make interest and/or principal payments, and more susceptible to negative market sentiment, leading to depressed prices and decreased liquidity. Convertible Securities Risk. The Fund may invest in convertible securities. Convertible securities are preferred stocks or debt obligations that are convertible into common stock. Generally, convertible securities offer lower interest or dividend yields than non-convertible securities of similar quality, and less potential for gains or capital appreciation in a rising stock market than other equity securities. They tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than the markets for common stocks or bonds. Convertible securities have both equity and fixed income risk characteristics. Like all fixed income securities, the value of convertible securities is susceptible to the risk of market losses attributable to changes in interest rates. The market value of convertible securities tends to decline as interest rates increase. If, however, the market price of the common stock underlying a convertible security approaches or exceeds the conversion price of the convertible security, the convertible security tends to reflect the market price of the underlying common stock. In such a case, a convertible security may lose much or all of its value if the value of the underlying common stock then falls below the conversion price of the security. As the market price of the underlying common stock declines, the convertible security tends to trade increasingly based on its fixed income characteristics, and thus, may not necessarily decline in price as much as the underlying common stock. Additionally, an issuer may have the right to buy back a convertible security at a time and price that is unfavorable to the Fund. Ratings Agency Risk. Credit quality in the high yield securities market can change suddenly and unexpectedly, and even recently issued credit ratings may not fully reflect the actual risks posed by a particular high yield security. For these reasons, it is generally the policy of 1st Source not to rely exclusively on ratings issued by established NRSROs, but to supplement such ratings with its own independent and ongoing review of credit quality. The achievement of the Fund’s investment objective by investments in such securities may be more dependent on 1st Source’s credit analysis than is the case for higher quality bonds. Should the rating of a portfolio security be downgraded, 1st Source will determine whether it is in the best interests of the Fund to retain or dispose of such security. Repurchase Agreements Risk. The main risk of a repurchase agreement is that the original seller might default on its obligation to repurchase the securities. If the seller defaults, the Fund will seek to recover its investment by selling the collateral and could encounter restrictions, costs or delays. The Fund will suffer a loss if it sells the collateral for less than the repurchase price. When-Issued Securities Risk. The Fund may purchase securities on a “when-issued” basis (i.e., for delivery beyond the normal settlement date at a stated price and yield). When the Fund engages in “when-issued” transactions, it relies on the seller to consummate the trade. Failure of the seller to do so may result in the Fund’s incurring a loss or missing the opportunity to obtain a price considered to be advantageous. The Fund will engage in “when-issued” delivery transactions only for the purpose of acquiring portfolio securities consistent with the Fund’s investment objective and strategies and not for investment leverage. Investment Companies Risk. The Fund may invest in shares of other investment companies, including foreign and domestic registered and unregistered open-end funds, closed-end funds, and unit investment trusts and exchange traded funds. Investing in another investment company subjects the Fund to the same risks associated with investing in the securities held by the applicable investment company and the investment strategies employed by such funds (such as the use of leverage). In addition, the benefit of investing in another investment company is largely dependent on the skill of the investment advisor of the underlying company and whether the associated fees and costs involved with investing in such company are offset by the potential gains. As a shareholder in an investment company, the Fund will bear its ratable share of that investment company’s expenses including advisory and administrative fees. Shareholders would therefore be subject to duplicative expenses to the extent that the Fund invests in other investment companies. Derivatives Risk. The Fund may suffer a loss from its use of put and call options and futures contracts, which are forms of derivatives. Derivatives can amplify a gain or loss, potentially earning or losing substantially more money than the actual cost of the derivative instrument, with the potential for unlimited losses on certain instruments. Derivatives may be difficult to value, may become illiquid, and may affect the timing and character of taxes payable by shareholders. Credit Default Swaps Risk. The Fund may enter into credit default swaps, interest rate swaps and currency swaps. Swap agreements will tend to shift a Fund’s investment exposure from one type of investment to another. Depending on how they are used, swap agreements may increase or decrease the overall volatility of the Fund’s portfolio and its share price and yield. Swaps are subject to counterparty risk. The Fund bears the loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. For this reason, the Fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness. Stock Market Risk. The Fund’s investments may decline in value due to movements in the overall stock market. Stock Selection Risk. The Fund’s investments may decline in value even when the overall stock market is not in a general decline. 0.2929 Worst 2008-12-31 -0.3156 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. HISTORICAL PERFORMANCE The Fund commenced operations on December 15, 2008 upon the reorganization of the 1st Source Monogram Income 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 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 bond 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 portfolio manager of the Fund, however, was also the portfolio manager of the Predecessor Fund. Performance information is updated regularly and is available on the Funds website www.WasatchFunds.com. Past performance, before and after taxes, is not necessarily an indication of how the Investor Class of the Fund will perform in the future. www.WasatchFunds.com 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 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 bond market index. The Fund’s 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. 0.1245 0.1016 0.111 0.1459 -0.0001 -0.0059 -0.0003 0.0349 WASATCH-1ST SOURCE INCOME FUND — INVESTOR CLASS Year by Year Total Returns 0.0625 0.0521 0.0529 0.098 0.1055 0.1017 0.0735 0.1751 0.0022 0.0002 -0.0018 0.0059 Best 0.0764 2006-09-30 0.0723 0.0738 0.0285 Worst 2004-06-30 -0.022 Average Annual Total Returns — (as of 12/31/12) 0.0243 0.0181 2004-06-18 2004-06-18 0.0101 0.0372 0.0561 0.0354 0.0598 0.0422 0.0386 0.0281 0.0858 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 9/30/06</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">2.85%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 6/30/04</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-2.20%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> 2003-08-01 2003-08-01 2003-07-28 ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) Average Annual Total Returns — (as of 12/31/12) 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. 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. 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. 0.0408 0.0307 0.029 0.0518 0.0349 0.0225 0.0224 0.0462 0.0281 0.0215 0.0184 0.0389 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. The Fund’s 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. PORTFOLIO TURNOVER 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. 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 Fund’s 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. 2005-01-27 2005-01-27 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. 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. The Fund’s investment objectives are to seek capital appreciation and income. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatch-1stSourceIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatch-1stSourceIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchUltraGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatch-1stSourceIncomeFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchUltraGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchUltraGrowthFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchUltraGrowthFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatch-1stSourceIncomeFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchUltraGrowthFund column period compact * ~</div> 0 0 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchLargeCapValueFundInstitutionalClassBarChart column period compact * ~</div> -0.02 0.01 0 117 0.0066 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchLargeCapValueFundInstitutionalClass column period compact * ~</div> 0.1652 0.1652 0.1074 0.1805 0.1635 473 0.0166 853 -0.0051 1922 0.0246 0.0246 0.0211 0.0355 0.0356 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatch-1stSourceIncomeFund column period compact * ~</div> 0.0972 0.095 0.0796 0.0805 0.0949 INVESTMENT OBJECTIVE 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchLargeCapValueFundInstitutionalClass column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchLargeCapValueFundInstitutionalClass column period compact * ~</div> The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund’s most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 0.0115 WASATCH LONG/SHORT FUND — Summary The Fund’s investment objective is capital appreciation. FEES AND EXPENSES OF THE FUND The tables below describe the fees and expenses that you may pay if you buy, sell or hold shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) January 31, 2014 Other Expenses for Institutional Class shares are estimated based on actual expenses for the Investor Class shares of the Fund during the most recent fiscal year. 2006-02-01 2006-02-01 EXAMPLE 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 Fund’s operating expenses (as a percentage of net assets) 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: 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 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 71% of the average value of its portfolio. 0.71 PRINCIPAL STRATEGIES The Fund invests primarily in equity securities by maintaining long equity positions and short equity positions. We seek to achieve higher risk-adjusted returns with lower volatility compared to the equity markets in general (as represented by the S&P 500 Index). Under normal market conditions, we will invest the Fund’s assets in the equity securities of companies with market capitalizations of at least $100 million at the time of purchase that we have identified as being undervalued (long equity positions) and we will sell short those securities (short equity positions) that we have identified as being overvalued. The equity securities in which the Fund invests include common stocks, preferred stocks, securities convertible into or exchangeable for common stocks, warrants and any rights to purchase common stocks. The Fund may at any time have either a net long exposure or a net short exposure to the equity markets and the Fund will not be managed to maintain either net long or net short market exposure. The Fund may invest in early stage companies and initial public offerings (IPOs). We believe that the best opportunities to make both short and long equity investments are when the market’s perception of the values of individual companies (measured by the stock price) differs widely from our assessment of the intrinsic values of such companies. We further believe that opportunities to invest in undervalued and overvalued stocks arise due to a variety of market inefficiencies including: <ul type="square"><li>Changes in market participant psychology and circumstances.</li><li>Imperfect information.</li><li>Forecasts and projections by Wall Street analysts and company representatives that differ from experienced reality. When evaluating a potential long or short investment for the Fund, we employ a comprehensive valuation analysis intended to establish a range for fair valuation or intrinsic company value, with particular emphasis on company fundamentals. Along with long positions, the Long/Short Fund intends to engage in short sales of securities of companies that we believe:</li><li>Have earnings that appear to be reflected in the current price.</li><li>Are likely to fall short of market expectations.</li><li>Are in industries exhibiting weaknesses.</li><li>Have poor management.</li><li>Are likely to suffer an event affecting long-term earnings. The Fund may invest in fixed income securities of any maturity consisting of corporate notes, bonds and debentures, including those that are rated less than investment grade at the time of purchase. The Fund is non-diversified, meaning that it can concentrate investments in a more limited number of issuers than a diversified fund. The Fund may invest a large percentage of its assets in a few sectors, including information technology, financials, energy, consumer discretionary, materials, industrials and consumer staples. The Fund is expected to have a high portfolio turnover rate.</li></ul> PRINCIPAL RISKS WASATCH SMALL CAP VALUE FUND — Summary HISTORICAL PERFORMANCE 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. Market Direction Risk. Since the Fund has both a “long” and a “short” portfolio, an investment in the Fund will involve market risks associated with different types of investment decisions than those made for a typical “long only” stock fund. The Fund’s results will suffer both when there is a general stock market advance and the Fund holds significant “short” equity positions, or when there is a general stock market decline and the Fund holds significant “long” equity positions. 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. Short Sales Risk. The Fund may make short sales of securities, which means it may experience a loss if the market price of the security increases between the date of the short sale and the date the security is replaced. Short sales may reduce the Fund’s returns or increase volatility. 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. Early Stage Companies Risk. Early stage companies may never obtain necessary financing, may rely on untested business plans, may not be successful in developing markets for their products or services, and may remain an insignificant part of their industry, and as such may never be profitable. Stocks of early stage companies may be illiquid, privately traded, and more volatile and speculative than the securities of larger companies. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. Non-Diversification Risk. The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies. 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. Interest Rate Risk. Interest rate risk is the risk that a debt security’s value will decline due to changes in market interest rates. Even though some interest-bearing securities offer a stable stream of income, their prices will fluctuate with changes in interest rates. Credit Risk. Credit risk is the risk that the issuer of a debt security will fail to repay principal and interest on the security when due. Credit risk is affected by the issuer’s credit status, and is generally higher for non-investment grade securities. Non-Investment Grade Securities Risk. Non-investment grade securities (also known as “junk bonds”), those rated below investment grade by the primary rating agencies (e.g., below BB/Ba by S&P/Moody’s), tend to have more volatile prices and increased price sensitivity to changing interest rates and adverse economic and business developments than investment grade securities. In addition, compared to investments in investment grade securities, investments in non-investment grade securities are subject to greater risk of loss due to default or decline in credit quality. There is a greater likelihood that adverse economic or company-specific events will make the issuer unable to make interest and/or principal payments, and more susceptible to negative market sentiment, leading to depressed prices and decreased liquidity. 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. Energy Sector Risk. 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. 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. Information Technology Risk. 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. Portfolio Turnover Rate. The Fund’s portfolio turnover rate is expected to exceed 200%. This type of Fund has a high portfolio turnover that necessarily results in greater transaction costs and causes more short-term capital gains (or losses) to be realized. Distributions to shareholders of short-term capital gains are taxed as ordinary income under federal income tax laws. The Fund’s Investor Class shares commenced operations on December 15, 2008, upon the reorganization of the 1st Source Monogram Long/Short Fund, the Fund’s 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) as represented by the Fund’s Investor Class. Institutional Class shares are new and do not have any performance history. The annual returns in the bar chart, the best and worst quarterly returns and the Average Annual Total Returns table below 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. 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 for the years shown in the bar chart. The average annual total returns table allows you to compare the Fund’s (and Predecessor Fund’s for periods prior to December 15, 2008) performance, as represented by the Fund’s Investor Class, over the time periods indicated to that of a broad-based securities market index composed of securities similar to those held by the Fund and an additional index. Past performance, before and after taxes, is not necessarily an indication of how the Institutional 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 portfolio managers of the Fund, however, were also the portfolio managers of the Predecessor Fund. Performance information is updated regularly and is available on the Fund’s website www.WasatchFunds.com INVESTMENT OBJECTIVE 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. The tables below describe the fees and expenses that you may pay if you buy, sell or hold Institutional Class shares of the Fund. FEES AND EXPENSES OF THE FUND SHAREHOLDER FEES (fees paid directly from your investment) ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 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. January 31, 2014 Non-Diversification Risk. The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies. 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. 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) as represented by the Fund’s Investor Class. Institutional Class shares are new and do not have any performance history. The annual returns in the bar chart, the best and worst quarterly returns and the Average Annual Total Returns table below 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. 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 for the years shown in the bar chart. The average annual total returns table allows you to compare the Fund’s (and Predecessor Fund’s for periods prior to December 15, 2008) performance, as represented by the Fund’s Investor Class, over the time periods indicated to that of a broad-based securities market index composed of securities similar to those held by the Fund and an additional index. EXAMPLE 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 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: www.WasatchFunds.com Past performance, before and after taxes, is not necessarily an indication of how the Institutional Class of the Fund will perform in the future. PORTFOLIO TURNOVER 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. 0.55 PRINCIPAL STRATEGIES INVESTMENT OBJECTIVE PRINCIPAL RISKS 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. WASATCH LONG/SHORT FUND — INVESTOR CLASS Year by Year Total Returns 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. 0.0447 HISTORICAL PERFORMANCE 0.0382 The Fund’s investment objective is long-term growth of capital. 0.1472 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. 0 The following tables provide information on how the Fund has performed over time. 0.0498 0 www.WasatchFunds.com -0.2093 The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 0.3007 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. WASATCH SMALL CAP VALUE FUND — INVESTOR CLASS Year by Year Total Returns 0.0941 0.0177 FEES AND EXPENSES OF THE FUND 0.0867 0.5457 The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">16.00%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-15.94%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> 0.2158 SHAREHOLDER FEES (fees paid directly from your investment) Best 0.0476 2009-06-30 0.16 0.1484 Worst -0.03 -0.1594 -0.4775 2008-12-31 0 0.5591 0.2552 -0.0522 0.1652 -0.02 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">33.91%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-34.04%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> Best 2009-06-30 0 0.3391 Worst ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) 2008-12-31 -0.3404 Average Annual Total Returns — (as of 12/31/12) 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. The Fund’s 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. 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. 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 Fund’s 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. Average Annual Total Returns — (as of 12/31/12) 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. The Fund’s 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. 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. 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 Fund’s 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. EXAMPLE 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 131 408 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. 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:<ul type="square"><li>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.</li><li>Fallen Angels — High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.</li><li>Quality Value — Quality companies with earnings potential that is not fully reflected in their stock prices.</li></ul>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. 707 1556 PORTFOLIO TURNOVER 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchLargeCapValueFundInstitutionalClass column period compact * ~</div> 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. -0.02 PRINCIPAL STRATEGIES 0 0 The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund’s most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. 0.011 0 144 0.0024 453 0.001 785 0.0144 1723 -0.0003 0.0141 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. The Fund’s 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. 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. 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: <ul type="square"><li>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.</li><li> Fallen Angels — High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.</li><li>Quality Value — Quality companies with earnings potential that is not fully reflected in their stock prices.</li></ul>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. PRINCIPAL RISKS 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. HISTORICAL PERFORMANCE 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. 0.0867 0.0863 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 6/30/09</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">33.91%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 12/31/08</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-34.04%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> 0.0569 0.16 0.0007 0.0447 0.0425 0.037 0.0166 0.0045 0.5457 0.06 0.0523 0.0476 0.2158 0.061 0.0172 0.0476 0.1484 -0.03 -0.4775 0.5591 0.2552 -0.0522 0.1652 Average Annual Total Returns — (as of 12/31/12) <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchSmallCapValueFundInstitutionalClass column period compact * ~</div> 0.1652 0.1652 0.1074 0.1805 0.1635 0.0246 0.0246 0.0355 0.0356 0.0949 0.0805 0.0796 0.095 0.0972 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchLong/ShortFundInstitutionalClassBarChart column period compact * ~</div> 0 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. The Fund’s 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchLong/ShortFundInstitutionalClass column period compact * ~</div> 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. The Fund’s 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchLong/ShortFundInstitutionalClass column period compact * ~</div> 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. The Fund’s 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. 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchSmallCapValueFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchSmallCapValueFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchSmallCapValueFundInstitutionalClass column period compact * ~</div> January 31, 2014 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchLong/ShortFundInstitutionalClass column period compact * ~</div> 0.55 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 following tables provide information on how the Investor Class of the Fund has performed over time. www.WasatchFunds.com 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchLong/ShortFundInstitutionalClass column period compact * ~</div> 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. 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 Fund’s 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. 2003-08-01 2003-08-01 2003-08-01 2003-08-01 2003-08-01 Best Worst 2009-06-30 0.3391 2008-12-31 -0.3404 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchSmallCapValueFundInstitutionalClass column period compact * ~</div> 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchSmallCapValueFundInstitutionalClass column period compact * ~</div> WASATCH SMALL CAP VALUE FUND — Summary Average Annual Total Returns — (as of 12/31/12) 0.01 0 0.0029 0.0129 0.0211 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchSmallCapValueFund column period compact * ~</div> WASATCH SMALL CAP VALUE FUND — INVESTOR CLASS Year by Year Total Returns Institutional Class shares are new and do not have any performance history. The annual returns in the bar chart, the best and worst quarterly returns and the Average Annual Total Returns table below 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. 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchSmallCapValueFundInstitutionalClassBarChart column period compact * ~</div> 0.0001 0.0024 WASATCH EMERGING INDIA FUND — Summary INVESTMENT OBJECTIVE The Fund’s investment objective is long-term appreciation of capital. FEES AND EXPENSES OF THE FUND The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. SHAREHOLDER FEES (fees paid directly from your investment) EXAMPLE 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, 2014. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 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 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 17% of the average value of its portfolio. PRINCIPAL STRATEGIES The Fund invests primarily in companies tied economically to India. Under normal market conditions, we will invest at least 80% of the Fund’s assets in the equity securities (including common stock, preferred stock and securities convertible into common stock) of companies tied economically to India. We will generally consider qualifying investments to be in companies that are listed on an Indian exchange, that have at least 50% of their assets in India, or that derive at least 50% of their revenues or profits from goods produced or sold, investments made, or services performed in India. The Fund is expected to invest across market capitalization levels, ranging from small capitalization stocks to larger capitalization stocks. However, we expect the Fund to invest a significant portion of its assets in small to mid-size companies with market capitalizations of less than $5 billion at the time of purchase. We use a process of quantitative screening followed by “bottom up” fundamental analysis to identify individual companies that we believe have above average revenue and earnings growth potential. The Fund may invest a large percentage of its assets in a few sectors, including financials, consumer discretionary, industrials, consumer staples, materials and information technology. We may also invest in initial public offerings (IPOs). The Fund is non-diversified, meaning that it can concentrate investments in a more limited number of issuers than a diversified fund. PRINCIPAL RISKS 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. Indian Market Risk. Government actions, bureaucratic obstacles and inconsistent economic and tax reform within the Indian government have had a significant effect on the economy and could adversely affect market conditions, deter economic growth and reduce the profitability of private enterprises. Global factors and foreign actions may inhibit the flow of foreign capital on which India is dependent to sustain its growth. Large portions of many Indian companies remain in the hands of their founders (including members of their families). Family-controlled companies may have weaker and less transparent corporate governance, which increases the potential for loss and unequal treatment of investors. India experiences many of the market risks associated with developing economies, including relatively low levels of liquidity, which may result in extreme volatility in the prices of Indian securities. Religious, cultural and military disputes persist in India, and between India and Pakistan (as well as sectarian groups within each country). The threat of aggression in the region could hinder development of the Indian economy, and escalating tensions could impact the broader region, including China. Because the Fund will concentrate its investments in a single region of the world, the value of the Fund’s shares may be affected by events that adversely affect India and may fluctuate more than the value of a less concentrated fund’s shares. 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 (such as India) 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. Growth Stock Risk. Growth stock prices may be more sensitive to changes in current or expected earnings than the prices of other stocks, and they may fall or not appreciate in step with the broader securities markets. Initial Public Offerings (IPOs) Risk. IPOs involve a higher degree of risk because companies involved in IPOs generally have limited operating histories and their prospects for future profitability are uncertain. Prices of IPOs may also be unstable due to the absence of a prior public market, the small number of shares available for trading and limited investor information. 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. 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. Non-Diversification Risk. The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies. HISTORICAL PERFORMANCE The following tables provide information on how the Investor Class of the Fund has performed over the last calendar year and since inception. 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 the Fund’s performance, 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 calendar year 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 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. WASATCH EMERGING INDIA FUND — INVESTOR CLASS Calendar Year Total Return Average Annual Total Returns — (as of 12/31/12) 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. The Fund’s 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. 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. 0 0 0 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. -0.02 0.015 0 0.0191 0.0341 -0.0146 0.0195 198 912 1649 3596 0.3377 0.3377 0.2195 0.2728 0.0197 0.0225 0.0234 -0.1114 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. 2011-04-26 2011-04-26 2011-04-26 2011-04-26 Best and Worst Quarterly Returns<table><tr><td width="72%"></td><td valign="bottom" width="5%"></td><td></td><td></td><td valign="bottom" width="4%"></td></tr><tr><td valign="top">Best 3/31/12</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">21.43%</td><td nowrap="nowrap" valign="bottom">  </td></tr><tr><td valign="top">Worst 6/30/12</td><td valign="bottom">  </td><td nowrap="nowrap" valign="bottom"> </td><td nowrap="nowrap" valign="bottom" align="right">-6.95%</td><td nowrap="nowrap" valign="bottom">  </td></tr></table> Best 2012-03-31 0.2143 Worst 2012-06-30 -0.0695 January 31, 2014 0.17 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. Non-Diversification Risk. The Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund, which means it may have more exposure to the price movements of a single security or small group of securities than funds that diversify their investments among many companies. The following tables provide information on how the Investor Class of the Fund has performed over the last calendar year and since inception. 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. www.WasatchFunds.com 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. 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 Fund’s 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. <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchEmergingIndiaFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleExpenseExampleTransposedWasatchEmergingIndiaFund column period compact * ~</div> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatchEmergingIndiaFund column period compact * ~</div> ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchEmergingIndiaFund column period compact * ~</div> 0.3377 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchEmergingIndiaFundBarChart column period compact * ~</div> The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 0.95% 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. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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. Other Expenses are based on estimated expenses for the Investor Class of the Fund for its first full fiscal year. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.69% (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses in excess of such limitations) until at least January 31, 2014. The Advisor may rescind the contractual limitation on expenses at any time after its expiration date. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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). There were no reimbursements for the Investor Class shares of the Fund during 2012. The Advisor may rescind the contractual limitation on expenses at any time after its expiration date. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.75% until at least January 31, 2014 (excluding interest, interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). There were no reimbursements for the Investor Class shares of the Fund during 2012. The Advisor may rescind the contractual limitation on expenses at any time after its expiration date. 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. Dividends on short sales are the dividends paid to the lenders of borrowed securities. The expenses related to dividends on short sales are estimated and will vary depending on whether the securities the Fund sells short pay dividends and on the amount of any such dividends. Expenses also include borrowing costs paid to the broker in connection with borrowing the security to be sold short. The rate paid by brokers varies by security. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 0.95% 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). Acquired Fund Fees and Expenses are not included in the expense limitation. The Advisor may rescind the contractual limitation on expenses at any time after its expiration date. The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund's most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Prior to January 31, 2007, the Fund primarily invested in companies with market capitalizations of less than US$2 billion at the time of purchase. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. 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, 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. There were no reimbursements for the Investor Class shares of the Fund during 2012. 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. Other Expenses are based on estimated expenses for the Fund's first full fiscal year. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 2.25% (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses) until at least January 31, 2014. The Advisor may rescind the contractual limitation on expenses at any time after its expiration date. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 0.75% 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). There were no reimbursements for the Investor Class shares of the Fund during 2012. The Advisor may rescind the contractual limitation on expenses at any time after its expiration date. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 2.25% 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). There were no reimbursements for the Investor Class shares of the Fund during 2012. The Advisor may rescind the contractual limitation on expenses at any time after its expiration date. 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, 2014 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). Acquired Fund Fees and Expenses are not included in the expense limitation. 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. The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund's most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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). Acquired Fund Fees and Expenses are not included in the expense limitation. 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. The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund’s most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 2.25% 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. The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 2.25% 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). Acquired Fund Fees and Expenses are not included in the expense limitation. The Advisor may rescind the contractual limitation on expenses at any time after its expiration date. The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund's most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Advisor has contractually agreed to reimburse the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.12% 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. The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund's most recent Annual Report and Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Other Expenses are based on estimated expenses for the Fund for its first full fiscal year. The Advisor has contractually agreed to reimburse the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% 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 in excess of such limitations). The Advisor may rescind the contractual limitation on expenses at any time after its expiration date. 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. 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, 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. Other Expenses for Institutional Class shares are estimated based on actual expenses for the Investor Class shares of the Fund during the most recent fiscal year. Wasatch Advisors, Inc., the Fund's investment advisor, has contractually agreed to reimburse the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.17% (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses) until at least January 31, 2014. The Advisor may rescind the contractual limitation on expenses at any time after its expiration date.