0001193125-13-062889.txt : 20130219 0001193125-13-062889.hdr.sgml : 20130219 20130215170626 ACCESSION NUMBER: 0001193125-13-062889 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130215 DATE AS OF CHANGE: 20130215 EFFECTIVENESS DATE: 20130215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WASATCH FUNDS TRUST CENTRAL INDEX KEY: 0000806633 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 033-10451 FILM NUMBER: 13620487 BUSINESS ADDRESS: STREET 1: 150 SOCIAL HALL AVENUE STREET 2: 4TH FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84111 BUSINESS PHONE: 8015330777 MAIL ADDRESS: STREET 1: 150 SOCIAL HALL AVENUE STREET 2: 4TH FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84111 FORMER COMPANY: FORMER CONFORMED NAME: WASATCH FUNDS INC DATE OF NAME CHANGE: 19990714 FORMER COMPANY: FORMER CONFORMED NAME: WASATCH ADVISORS FUNDS INC DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WASATCH FUNDS TRUST CENTRAL INDEX KEY: 0000806633 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04920 FILM NUMBER: 13620488 BUSINESS ADDRESS: STREET 1: 150 SOCIAL HALL AVENUE STREET 2: 4TH FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84111 BUSINESS PHONE: 8015330777 MAIL ADDRESS: STREET 1: 150 SOCIAL HALL AVENUE STREET 2: 4TH FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84111 FORMER COMPANY: FORMER CONFORMED NAME: WASATCH FUNDS INC DATE OF NAME CHANGE: 19990714 FORMER COMPANY: FORMER CONFORMED NAME: WASATCH ADVISORS FUNDS INC DATE OF NAME CHANGE: 19920703 0000806633 S000000877 Wasatch Core Growth Fund C000002495 Investor Class shares WGROX C000110016 Institutional Class Shares WIGRX 0000806633 S000000878 Wasatch Small Cap Value Fund C000002496 Investor Class shares WMCVX C000110017 Institutional Class Shares WICVX 0000806633 S000000879 Wasatch Ultra Growth Fund C000002497 Investor Class shares WAMCX 0000806633 S000000880 Wasatch World Innovators Fund C000002498 Investor Class shares WAGTX 0000806633 S000000881 Wasatch Heritage Growth Fund C000002499 Investor Class shares WAHGX 0000806633 S000000882 Wasatch-Hoisington U.S. Treasury Fund C000002500 Investor Class shares WHOSX 0000806633 S000000883 Wasatch International Growth Fund C000002501 Investor Class shares WAIGX 0000806633 S000000884 Wasatch International Opportunities Fund C000002502 Investor Class shares WAIOX 0000806633 S000000885 Wasatch Micro Cap Fund C000002503 Investor Class shares WMICX 0000806633 S000000886 Wasatch Micro Cap Value Fund C000002504 Investor Class shares WAMVX 0000806633 S000000887 Wasatch Small Cap Growth Fund C000002505 Investor Class shares WAAEX 0000806633 S000009843 Wasatch Strategic Income Fund C000027264 Investor Class shares WASIX 0000806633 S000018772 Wasatch Emerging Markets Small Cap Fund C000051938 Investor Class shares WAEMX 0000806633 S000022592 Wasatch Global Opportunities Fund C000065330 Investor Class shares WAGOX 0000806633 S000024178 Wasatch-1st Source Income Fund C000070969 Investor Class shares FMEQX 0000806633 S000024179 Wasatch Large Cap Value Fund C000070970 Investor Class shares FMIEX C000110018 Institutional Class Shares WILCX 0000806633 S000024180 Wasatch Long/Short Fund C000070971 Investor Class shares FMLSX C000121224 Institutional Class Shares WILSX 0000806633 S000031426 Wasatch Emerging India Fund C000097757 Investor Class shares WAINX 0000806633 S000035891 Wasatch Frontier Emerging Small Countries Fund C000110019 Investor Class Shares WAFMX 0000806633 S000038937 Wasatch Emerging Markets Select Fund C000119725 Investor Class shares WAESX C000119726 Institutional Class shares WIESX 485BPOS 1 d448392d485bpos.htm WASATCH FUNDS TRUST Wasatch Funds Trust

As filed with the Securities and Exchange Commission on February 15, 2013

Securities Act Registration No. 33-10451

Investment Company Act Registration No. 811-4920

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

    REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933                                 X

  

Post-Effective Amendment No. 73

  

                     X

  

and/or

    REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940         X

  

Amendment No. 75

  

                       X

  

(Check appropriate box or boxes)

WASATCH FUNDS TRUST

(Exact Name of Registrant as Specified in Charter)

150 Social Hall Avenue

4th Floor

Salt Lake City, Utah 84111

(Address of Principal Executive Offices)

Registrant’s Telephone Number, including Area Code: (801) 533-0777

 

(Name and Address of Agent for Service)   Copy to:

Samuel S. Stewart, Jr.

Wasatch Advisors, Inc.

150 Social Hall Avenue, 4th Floor

Salt Lake City, Utah 84111

 

Eric F. Fess

Chapman and Cutler LLP

111 West Monroe Street

Chicago, IL 60603

    Approximate Date of Proposed Public Offering: As soon as practicable following effectiveness.

 

It is proposed that this filing will become effective:

 

(X)   immediately upon filing pursuant to paragraph (b)
(  )   on             pursuant to paragraph (b)
(  )   60 days after filing pursuant to paragraph (a)(1)
(  )   on             pursuant to paragraph (a)(1)
(  )   75 days after filing pursuant to paragraph (a)(2)
(  )   on             pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

(  ) this Post-Effective Amendment designates a new effective date for a previously filed Post-Effective Amendment.


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended and the Investment Company Act of 1940, as amended, the Registrant certifies that this Post-Effective Amendment No. 73 to the Registration Statement meets all the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act of 1933, as amended, and the Registrant has duly caused this Post-Effective Amendment No. 73 under the Securities Act of 1933, as amended and Post-Effective Amendment No. 75 under the Investment Company Act of 1940, as amended to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Salt Lake City, and the State of Utah on the 15th day of February 2013.

WASATCH FUNDS TRUST

By         /s/ Samuel S. Stewart, Jr.

             Samuel S. Stewart, Jr., Ph.D.,

             President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

 

Signature

  

Title

   Date

/s/ Samuel S. Stewart, Jr.

Samuel S. Stewart, Jr., Ph.D.

  

President and Trustee (principal
executive officer)

   February 15, 2013

/s/ Cindy B. Firestone

Cindy B. Firestone

  

Treasurer

  (principal financial and
accounting officer)

   February 15, 2013

James U. Jensen*

James U. Jensen, Esquire

  

Trustee

   February 15, 2013

William R. Swinyard*

William R. Swinyard

  

Trustee

   February 15, 2013

D. James Croft*

D. James Croft

  

Trustee

   February 15, 2013

Miriam M. Allison*

Miriam M. Allison

  

Trustee

   February 15, 2013

Heikki Rinne*

Heikki Rinne

  

Trustee

   February 15, 2013

/s/ Russell L. Biles

Russell L. Biles

*Attorney-in-Fact

February 15, 2013

*Signed pursuant to powers of attorney are incorporated herein by reference to Exhibit (q) in Post-Effective Amendment No. 50 to the Registrant’s Registration Statement on Form N-1A filed with the Commission on March 31, 2010 and a power of attorney incorporated herein by reference to Exhibit q-1 in Post-Effective Amendment No. 65 to the Registrant’s Registration Statement on Form N-1A filed with the Commission on October 2, 2012.


Exhibit Index

 

Exhibit No.    

EX-101.INS

  XBRL Instance Document

EX-101.SCH

  XBRL Taxonomy Extension Schema Document

EX-101.CAL

  XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

  XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

  XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

  XBRL Taxonomy Extension Presentation Linkbase
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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> <b>WASATCH HERITAGE GROWTH FUND &#8212; Summary</b> <b>INVESTMENT OBJECTIVE</b> 2012-09-30 <b>The Fund&#8217;s primary investment objective is long-term growth of capital.</b> <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> <b>WASATCH EMERGING MARKETS SELECT FUND &#8212; Summary</b> <b>FEES AND EXPENSES OF THE FUND</b> 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> <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s investment objective is long-term growth of capital.</b> 0 0 0 <b>FEES AND EXPENSES OF THE FUND</b> <b>WASATCH EMERGING MARKETS SMALL CAP FUND &#8212; Summary</b> The tables below describe the fees and expenses that you may pay if you buy, sell or hold shares of the Fund. <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s investment objective is long-term growth of capital.</b> <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> 0 0 <b>FEES AND EXPENSES OF THE FUND</b> 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. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <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> <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 0.0125 0 0 0.0102 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 0.007 0 0.0033 0.0103 0.0227 -0.0008 0.0095 -0.0058 0.0169 -0.02 <b>EXAMPLE</b> 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&#8217;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 <b>WASATCH CORE GROWTH FUND &#8212; Summary</b> <b>PORTFOLIO TURNOVER</b> 0.0175 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 26% of the average value of its portfolio. 0.0038 0.0213 -0.0018 <b>PRINCIPAL STRATEGIES</b> 0.0195 <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s primary investment objective is long-term growth of capital. </b> <b>FEES AND EXPENSES OF THE FUND</b> <b>The Fund invests primarily in growing mid cap companies at reasonable prices.</b><br/>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.<br/>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.<br/>We focus on companies that we consider to be high quality, and we use a process of &#8220;bottom up&#8221; 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&#8217;s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers.<br/>The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company&#8217;s long term earnings growth rate.<br/>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. <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> <b>PRINCIPAL RISKS</b> <b>Income is a secondary objective, but only when consistent with long-term growth of capital.</b> Currently, we do not expect the Fund&#8217;s investments to generate substantial income. <b>EXAMPLE</b> 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&#8217;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. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 198 650 <b>EXAMPLE</b> 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.<br/>The Fund is subject to the following principal investment risks:<br/><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/><b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/><b>Foreign Securities Risk.</b> 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.<br/><b>Emerging Markets Risk.</b> 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.<br/><b>Small Company Stock Risk.</b> Small cap stocks may be very sensitive to changing economic conditions and market downturns.<br/><b>Growth Stock Risk.</b> 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.<br/><b>Sector Weightings Risk.</b> 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.<br/><b>Financials Sector Risk.</b> 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. <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;s website www.WasatchFunds.com. <b>EXAMPLE</b> <b>Best and Worst Quarterly Returns</b><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 &#151; 9/30/11</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">36.15%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/10</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-11.47%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> <b>WASATCH LONG/SHORT FUND &#8212; Summary</b> 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&#8217;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 <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s investment objective is capital appreciation.</b> <b>FEES AND EXPENSES OF THE FUND</b> The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. <b>PORTFOLIO TURNOVER</b> <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>PORTFOLIO TURNOVER</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> <b>EXAMPLE</b> 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&#8217;s Investor Class remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;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 &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 71% of the average value of its portfolio. <b>PRINCIPAL STRATEGIES</b> <b>PRINCIPAL RISKS</b> 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. <br/>The Fund is subject to the following principal investment risks:<br/><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/><b>Market Direction Risk.</b> Since the Fund has both a &#8220;long&#8221; and a &#8220;short&#8221; portfolio, an investment in the Fund will involve market risks associated with different types of investment decisions than those made for a typical &#8220;long only&#8221; stock fund. The Fund&#8217;s results will suffer both when there is a general stock market advance and the Fund holds significant &#8220;short&#8221; equity positions, or when there is a general stock market decline and the Fund holds significant &#8220;long&#8221; equity positions.<br/><b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/><b>Short Sales Risk.</b> 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&#8217;s returns or increase volatility.<br/><b>Small Company Stock Risk.</b> 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.<br/><b>Early Stage Companies Risk.</b> 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.<br/><b>Initial Public Offerings (IPOs) Risk.</b> 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.<br/><b>Non-Diversification Risk.</b> 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.<br/><b>Value Investing Risk.</b> 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&#8217; 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.<br/><b>Interest Rate Risk.</b> Interest rate risk is the risk that a debt security&#8217;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.<br/><b>Credit Risk.</b> 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&#8217;s credit status, and is generally higher for non-investment grade securities.<br/><b>Non-Investment Grade Securities Risk.</b> Non-investment grade securities (also known as &#8220;high yield&#8221; or &#8220;junk bonds&#8221;), those rated below investment grade by the primary rating agencies (e.g., below BB/Ba by S&amp;P/Moody&#8217;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.<br/><b>Sector Weightings Risk.</b> 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.<br/><b>Energy Sector Risk.</b> 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.<br/><b>Financials Sector Risk.</b> 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.<br/><b>Information Technology Risk.</b> 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.<br/><b>Portfolio Turnover Rate.</b> The Fund&#8217;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. <b>HISTORICAL PERFORMANCE</b> The Fund commenced operations on December 15, 2008, upon the reorganization of the 1st Source Monogram Long/Short Fund, the Fund&#8217;s predecessor fund (the &#8220;Predecessor Fund&#8221;), 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&#8217;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&#8217;s (and Predecessor Fund&#8217;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&#8217;s website www.WasatchFunds.com. <b>WASATCH LONG/SHORT FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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&#8217;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.<br/><br/>The Fund&#8217;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&#8217;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: <b>PRINCIPAL STRATEGIES</b> 0.39 <b>PRINCIPAL STRATEGIES</b> <b>WASATCH HERITAGE GROWTH FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> <b>The Fund invests primarily in companies of all market capitalizations that are tied economically to emerging market countries.</b><br/>Under normal market conditions, we will invest at least 80% of the Fund&#8217;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.<br/>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.<br/>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 &#8220;bottom up&#8221; 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&#8217;s financial statements, visiting company facilities, and meeting with executive management, suppliers and customers.<br/>We do not use allocation models to restrict the Fund&#8217;s investments to certain regions, countries or industries.<br/>The Fund may invest a large percentage of its assets in a few sectors.<br/>The Fund may invest in initial public offerings (IPOs) and early stage companies.<br/>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&#8217;s investment objective. <b>PRINCIPAL RISKS</b> <b>The Fund invests primarily in small companies tied economically to emerging markets.</b><br/>Under normal market conditions, we will invest at least 80% of the Fund&#8217;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.<br/>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.<br/>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 &#8220;bottom up&#8221; fundamental analysis to identify individual companies that we believe have above average revenue and earnings growth potential.<br/>We do not use allocation models to restrict the Fund&#8217;s investments to certain regions, countries or industries.<br/>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 <b>PRINCIPAL RISKS</b> <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 28% of the average value of its portfolio. <b>The Fund invests primarily in equity securities by maintaining long equity positions and short equity positions. </b><br />We seek to achieve higher risk-adjusted returns with lower volatility compared to the equity markets in general (as represented by the S&amp;P 500 Index). Under normal market conditions, we will invest the Fund&#8217;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. <br />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. <br />The Fund may invest in early stage companies and initial public offerings (IPOs). <br />We believe that the best opportunities to make both short and long equity investments are when the market&#8217;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.<br/>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. <br />The Fund is non-diversified meaning that it can concentrate investments in a more limited number of issuers than a diversified fund. <br />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. <br /> 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 <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">16.00%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-15.94%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> <b>PRINCIPAL STRATEGIES</b> <b>The Fund invests primarily in smaller growing companies at reasonable prices. </b><br />Under normal market conditions, we will invest at least 65% of the Fund&#8217;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. <br />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. <br />We focus on companies that we consider to be high quality. We use a process of &#8220;bottom-up&#8221; 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&#8217;s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. <br />The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company&#8217;s long term earnings growth rate. <br />The Fund may invest a large percentage of its assets in a few sectors, including industrials, financials, consumer discretionary, information technology and health care. <b>WASATCH-HOISINGTON U.S. TREASURY FUND &#8212; Summary</b> 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.<br/>The Fund is subject to the following principal investment risks:<br/><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/><b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/><b>Foreign Securities Risk.</b> 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.<br/><b>Emerging Markets Risk.</b> 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.<br/><b>Small Company Stock Risk.</b> 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.<br/><b>Growth Stock Risk.</b> 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.<br/><b>Convertible Securities Risk.</b> 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.<br/><b>Sector Weightings Risk.</b> 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.<br/><b>Initial Public Offerings (IPOs) Risk.</b> 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.<br/><b>Early Stage Companies Risk.</b> 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.<br/><b>Non-Diversification Risk.</b> 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&#8217;s total return and net asset value could fluctuate more than if a greater number of securities were held. <b>PRINCIPAL RISKS</b> <b>INVESTMENT OBJECTIVE</b> 0.011 <b>The Fund&#8217;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.</b> <b>FEES AND EXPENSES OF THE FUND</b> <b>WASATCH INTERNATIONAL GROWTH FUND &#8212; Summary</b> <b>WASATCH GLOBAL OPPORTUNITIES FUND &#8212; Summary</b> 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. <br/>The Fund is subject to the following principal investment risks:<br/><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/><b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/><b>Foreign Securities Risk.</b> 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.<br/><b>Emerging Markets Risk.</b> 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.<br/><b>Small Company Stock Risk.</b> Small cap stocks may be very sensitive to changing economic conditions and market downturns.<br/><b>Growth Stock Risk.</b> 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.<br/><b>Sector Weightings Risk.</b> 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.<br/><b>Financials Sector Risk.</b> 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. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> <b>EXAMPLE</b> <b>PERFORMANCE</b> 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&#8217;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: <b>PORTFOLIO TURNOVER</b> Ordinarily, this section of the prospectus contains information that would allow you to evaluate the performance of the Fund&#8217;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. <br/> The Fund is subject to the following principal investment risks:<br/> <b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/> <b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/> <b>Foreign Securities Risk.</b> 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.<br/> <b>Emerging Markets Risk.</b> 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.<br/> <b>Smaller Company Stock Risk.</b> Small and mid cap stocks may be very sensitive to changing economic conditions and market downturns.<br/> <b>Growth Stock Risk.</b> 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.<br/> <b>Sector Weightings Risk.</b> 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.<br/> <b>Financials Sector Risk.</b> 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. <b>INVESTMENT OBJECTIVE</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 13% of the average value of its portfolio. <b>PRINCIPAL STRATEGIES</b> <b>INVESTMENT OBJECTIVE</b> <b>PRINCIPAL RISKS</b> 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. <b>Non-Diversification Risk.</b> 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. <b>HISTORICAL PERFORMANCE</b> <b>The Fund&#8217;s investment objective is long-term growth of capital.</b> <b>The Fund&#8217;s investment objective is long-term growth of capital.</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;s website www.WasatchFunds.com. <b>WASATCH-HOISINGTON U.S. TREASURY FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> 0.0017 <b>HISTORICAL PERFORMANCE</b> 2004-06-18 2004-06-18 2004-06-18 January 31, 2014 <b>FEES AND EXPENSES OF THE FUND</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;s website www.WasatchFunds.com. <b>FEES AND EXPENSES OF THE FUND</b> 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&#8217;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&#8217;s (and Predecessor Fund&#8217;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 <b>HISTORICAL PERFORMANCE</b> <b>Non-Diversification Risk.</b> 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&#8217;s total return and net asset value could fluctuate more than if a greater number of securities were held. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;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&#8217;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&#8217;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. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> The past performance, before and after taxes, of the Fund&#8217;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&#8217;s Investor Class is not necessarily an indication of how these shares will perform in the future. 0.0447 0.0382 154 0.1472 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 0.0498 -0.2093 0.3007 0.0941 0.0177 0.0867 0.015 0 <b>WASATCH EMERGING MARKETS SMALL CAP FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> <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&#8217;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.<br/>The Fund&#8217;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 <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> <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&#8217;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.<br/>The Fund&#8217;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 <b>WASATCH MICRO CAP FUND &#8212; Summary</b> <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s investment objective is long-term growth of capital. Income is an objective only when consistent with long-term growth of capital. </b>Currently, we do not expect the Fund&#8217;s investments to generate substantial income. <b>FEES AND EXPENSES OF THE FUND</b> 0.0447 0.0425 <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">17.91%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-23.31%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</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. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 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&#8217;s Investor Class is not necessarily an indication of how these shares will perform in the future. January 31, 2014 www.WasatchFunds.com <b>PORTFOLIO TURNOVER</b> <b>EXAMPLE</b> 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 &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 25% of the average value of its portfolio. 0.28 <b>Income is a secondary objective, but only when consistent with long-term growth of capital.</b> Currently, we do not expect the Fund&#8217;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&#8217;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 <b>EXAMPLE</b> 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&#8217;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 <b>PRINCIPAL STRATEGIES</b> 0.26 <b>The Fund invests primarily in growing micro cap companies. </b><br/>Under normal market conditions, we will invest at least 80% of the Fund&#8217;s net assets in the equity securities of micro cap companies with market capitalizations of less than $1 billion at the time of purchase. <br /> 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. <br /> We focus on companies that we consider to be high quality, and we use a process of &#8220;bottom up&#8221; fundamental analysis to look for individual companies that we believe have superior growth potential. Our analysis may include studying a company&#8217;s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. <br /> The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company&#8217;s long term earnings growth rate. <br /> The Fund may invest a large percentage of its assets in a few sectors, including information technology, health care, industrials, financials and consumer discretionary. <br /> The Fund may invest in initial public offerings (IPOs). <b>PRINCIPAL RISKS</b> 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. <br /> The Fund is subject to the following principal investment risks:<br /> <b>Stock Market Risk. </b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br /> <b>Stock Selection Risk. </b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /> <b>Foreign Securities</b> <b>Risk.</b> 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.<br /> <b>Emerging Markets Risk.</b> 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.<br /> <b>Micro Cap Company Stock Risk. </b> 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.<br /> <b>Growth Stock Risk. </b> 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.<br /> <b>Sector Weightings Risk.</b> 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.<br /> <b>Financials Sector Risk. </b> 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.<br /> <b>Initial Public Offerings (IPOs) Risk.</b> 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. <b>WASATCH CORE GROWTH FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> 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&#8217;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 <b>HISTORICAL PERFORMANCE</b> <b>EXAMPLE</b> 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&#8217;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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;s website www.WasatchFunds.com. 160 496 856 www.WasatchFunds.com 1868 <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 38% of the average value of its portfolio. <b>PORTFOLIO TURNOVER</b> The past performance, before and after taxes, of the Fund&#8217;s Investor Class is not necessarily an indication of how these shares will perform in the future. <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;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 <b>PRINCIPAL STRATEGIES</b> 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. <b>PRINCIPAL STRATEGIES</b> <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">29.50%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-27.03%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> The Fund&#8217;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. <b>WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND &#8212; Summary</b> <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s investment objective is long-term growth of capital.</b> <b>FEES AND EXPENSES OF THE FUND</b> The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> -0.02 January 31, 2014 <b>The Fund invests primarily in foreign growth companies.</b><br/>Under normal market conditions, we will invest the Fund&#8217;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.<br/>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.<br/>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 &#8220;bottom up&#8221; 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.<br/>We do not use allocation models to restrict the Fund&#8217;s investments to certain regions, countries or industries.<br/>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. <b>EXAMPLE</b> 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&#8217;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: <b>WASATCH MICRO CAP FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> <b>PRINCIPAL RISKS</b> <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> <b>PRINCIPAL STRATEGIES</b> 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&#8217;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.<br/>The Fund&#8217;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. <b>PRINCIPAL RISKS</b> <b>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. </b><br />Under normal market conditions, we will invest at least 80% of the Fund&#8217;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. <br />&#8220;Frontier markets&#8221; 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&amp;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. <br />&#8220;Emerging markets&#8221; include those countries currently considered to be developing as per their inclusion in the MSCI Emerging Markets Index. We consider a &#8220;small emerging market country&#8221; to be any country that individually constitutes not more than 7% of the MSCI Emerging Markets Index or the S&amp;P Emerging BMI. <br />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. <br />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&#8217;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. <br />The Fund may invest in the equity securities of companies of any size, although we expect a significant portion of the Fund&#8217;s assets to be invested in the equity securities of companies under US$3 billion at the time of purchase. <br />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 &#8220;bottom up&#8221; fundamental analysis with the goal of owning the highest quality growth companies tied economically to frontier markets and small emerging market countries. <br />We do not use allocation models to restrict the Fund&#8217;s investments to certain regions, countries or industries. <br />The Fund may invest a large percentage of its assets in a few sectors, including financials. <br />We may also invest in initial public offerings (IPOs). <br />The Fund is non-diversified, meaning that it can concentrate investments in a more limited number of issuers than a diversified fund. <b>WASATCH STRATEGIC INCOME FUND &#8212; Summary</b> 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. <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s primary investment objective is to capture current income.</b> 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. <br />The Fund is subject to the following principal investment risks:<br /><b>Stock Market Risk. </b>The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br /><b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /><b>Foreign Securities Risk. </b>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.<br /><b>Emerging Markets Risk.</b> 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.<br /><b>Frontier Markets Risk. </b>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.<br /><b>Small Company Stock Risk.</b> Small cap stocks may be very sensitive to changing economic conditions and market downturns.<br /><b>Growth Stock Risk. </b>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.<br /><b>Initial Public Offerings (IPOs) Risk. </b>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.<br /><b>Financials Sector Risk. </b>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.<br /><b>Liquidity Risk.</b> 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&#8217;s ability to sell such securities when necessary to meet the Fund&#8217;s liquidity needs or in response to a specific economic event. Market quotations for such securities may be volatile.<br /><b>Sector Weightings Risk.</b> 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.<br /><b>Non-Diversification Risk. </b>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&#8217;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. <b>Non-Diversification Risk. </b>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. <b>PERFORMANCE</b> Ordinarily, this section of the prospectus contains information that would allow you to evaluate the performance of the Fund&#8217;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&#8217;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&#8217;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.<br/> The Fund is subject to the following principal investment risks:<br/> <b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/> <b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/> <b>Foreign Securities Risk.</b> 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.<br/> <b>Emerging and Frontier Markets Risk.</b> 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.<br/> <b>Small Company Stock Risk. </b> Small cap stocks may be very sensitive to changing economic conditions and market downturns.<br/> <b>Growth Stock Risk. </b> 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.<br/> <b>Early Stage Companies Risk.</b> 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.<br/> <b>Sector Weightings Risk.</b> 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.<br/> <b>Financials Sector Risk.</b> 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. <b>HISTORICAL PERFORMANCE</b> <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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;s website www.WasatchFunds.com. <b>The Fund invests primarily in small and micro cap foreign and domestic companies.</b><br/> Under normal market conditions, we will invest the Fund&#8217;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).<br/> 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 &#8220;foreign companies&#8221; and are not subject to this limitation.<br/> 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.<br/> We use a process of quantitative screening followed by &#8220;bottom up&#8221; fundamental analysis to identify individual companies that we believe are the World&#8217;s Best Growth Companies.<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline">&#174;</sup> We travel extensively to visit companies and expect to meet with senior management.<br/> 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.<br/> 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).<br/> We do not use allocation models to restrict the Fund&#8217;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 <b>In pursuit of the Fund&#8217;s investment objective, Hoisington Investment Management Company (HIMCO), the Fund&#8217;s Sub-Advisor will: </b><br/> <ul type="square"><li>Typically invest at least 90% of the Fund&#8217;s total assets in U.S. Treasury securities and in repurchase agreements collateralized by such securities.<br/></li> <li>Adjust the average maturity and effective duration of the Fund&#8217;s portfolio based on HIMCO&#8217;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.<br/></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.<br/></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.<br/></li></ul> <b>Over the course of a business cycle, under normal market conditions: </b><br/> <ul type="square"><li>The effective duration of the Fund&#8217;s holdings is expected to vary from less than a year to a maximum of 25 years.<br/></li> <li>The Fund&#8217;s holdings will range in maturity from less than a year to a maximum of the longest maturity Treasury bonds available.<br/></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.<br/></li> <li>The Fund&#8217;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.<br/></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.<br/></li></ul> 0.0175 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchHeritageGrowthFundBarChart column period compact * ~</div> <b>PRINCIPAL RISKS</b> 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&#8217;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 <b>WASATCH INTERNATIONAL GROWTH FUND &#8212; INVESTOR CLASS <br/<br/>Year by Year Total Returns</b> <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.<br/> The Fund is subject to the following principal investment risks:<br/> <b>Credit Risk.</b> 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.<br/> <b>Interest Rate Risk. </b>Interest rate risk is the risk that a debt security&#8217;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.<br/> <b>Income Risk. </b>Income risk is the potential for a decline in the Fund&#8217;s income due to falling interest rates.<br/> <b>Effective Duration.</b> Effective duration is a measure of the responsiveness of a bond&#8217;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%.<br/> <b>Risks of Repurchase Agreements.</b> 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.<br/> <b>Risks of Zero Coupon Treasury Securities. </b>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.<br/> 0.1837 0.2379 217 0.1247 670 -0.5393 0.6419 1149 0.3424 2472 -0.1204 0.3308 <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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&#8217;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.<br/>The Fund&#8217;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&#8217;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 <b>FEES AND EXPENSES OF THE FUND</b> 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. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 0 0.01 0 0.0023 0 0.0123 January 31, 2014 <b>EXAMPLE</b> 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&#8217;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 <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;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.<br/> The Fund is subject to the following principal investment risks:<br/> <b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/> <b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/> <b>Region Risk.</b> 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.<br/> <b>Foreign Securities</b> <b>Risk.</b> 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.<br/> <b>Emerging and Frontier Markets Risk.</b> 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.<br/> <b>Micro Cap and Small Company Stock Risk.</b> Micro cap and small company stocks may be very sensitive to changing economic conditions and market downturns.<br/> <b>Early Stage Companies Risk.</b> 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.<br/> <b>Initial Public Offerings (IPOs) Risk.</b> 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.<br/> <b>Growth Stock Risk.</b> 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.<br/> <b>Value Investing Risk.</b> 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&#8217; 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.<br/> <b>Sector Weightings Risk.</b> 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.<br/> <b>Financials Sector Risk.</b> 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 <b>PRINCIPAL STRATEGIES</b> 0.1018 -0.0019 0.0481 0.4123 0.0471 <b>The Fund invests primarily in income-producing securities.</b><br />Under normal market conditions, we will invest the Fund&#8217;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. <br />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. <br />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 &#8212; meaning that at least 25% of the Fund&#8217;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. <br />The Fund may invest a large percentage of its assets in a few sectors, including financials, information technology and health care. <br />The Fund may invest in exchange-traded funds (ETFs). <br />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. <br />In the selection of equity securities, we use &#8220;bottom up&#8221; 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&#8217;s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. <br />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&#8217;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. <br />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 <b>PRINCIPAL RISKS</b> 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. <br />The Fund is subject to the following principal investment risks:<br /><b>Stock Market Risk. </b>The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br /><b>Stock Selection Risk. </b>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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /><b>Foreign Securities Risk.</b> 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.<br /><b>Emerging Markets Risk.</b> 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.<br /><b>Smaller Company Stock Risk. </b>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.<br /><b>Sector Weightings Risk.</b> 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.<br /><b>Financials Sector Risk.</b> 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.<br /><b>Derivatives Risk.</b> 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.<br /><b>Short Sales Risk.</b> 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&#8217;s returns or increase volatility.<br /><b>Investment Companies Risk. </b>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&#8217;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.<br /><b>Exchange-Traded Funds (ETFs) Risk. </b>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&#8217;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&#8217;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.<br /><b>REIT Risk. </b>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.<br /><b>Credit Risk. </b>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&#8217;s credit status, and is generally higher for non-investment grade securities.<br /><b>Interest Rate Risk. </b>Interest rate risk is the risk that a debt security&#8217;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.<br /><b>Non-Investment Grade Securities Risk.</b> Non-investment grade securities (also known as &#8220;high yield&#8221; or &#8220;junk bonds&#8221;), those rated below investment grade by the primary rating agencies (e.g., below BB/Ba by S&amp;P/Moody&#8217;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 <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;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&#8217;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 <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;s website www.WasatchFunds.com. <b>WASATCH STRATEGIC INCOME FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> 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&#8217;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 <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">21.21%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-28.22%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</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 <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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&#8217;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.<br/>The Fund&#8217;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 <b>Best and Worst Quarterly Returns*</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">41.88%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 9/30/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-28.61%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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&#8217;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.<br/>The Fund&#8217;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&#8217;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&#8217;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.<br/><br/> The Fund&#8217;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. <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> <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&#8217;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 <b>WASATCH GLOBAL OPPORTUNITIES FUND &#8212; INVESTOR CLASS</b><br/><b>Year by Year Total Returns</b> <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&#8217;s first full fiscal year. <b>WASATCH LARGE CAP VALUE FUND &#8212; Summary</b> 0.0453 0.0273 0.0284 0.0378 0.0593 <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/03</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">27.44%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 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">&nbsp;&nbsp;</td></tr></table> 0.1248 0.1635 0.1459 0.0407 0.0356 0.0349 0.0828 0.0972 0.098 <b>WASATCH SMALL CAP GROWTH FUND &#8212; Summary</b> <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s primary investment objective is long-term growth of capital.</b> <b>Income is a secondary objective, but only when consistent with long-term growth of capital.</b> Currently, we do not expect the Fund&#8217;s investments to generate substantial income. <b>FEES AND EXPENSES OF THE FUND</b> <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">56.10%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-32.16%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</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. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> 0 0 0 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 0.01 0 0.0024 2006-02-01 2006-02-01 2006-02-01 0.0002 0.0126 <b>EXAMPLE</b> 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&#8217;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: <b>WASATCH WORLD INNOVATORS FUND &#8212; Summary</b> 128 399 <b>INVESTMENT OBJECTIVE</b> 691 -0.02 1522 <b>The Fund&#8217;s investment objective is long-term growth of capital.</b> <b>FEES AND EXPENSES OF THE FUND</b> The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. <b>PORTFOLIO TURNOVER</b> 0 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 20% of the average value of its portfolio. 0 0 <b>PRINCIPAL STRATEGIES</b> 0 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatch-HoisingtonU.S.TreasuryFundBarChart column period compact * ~</div> 0 <b>The Fund invests primarily in small growth companies.</b><br/>Under normal market conditions, we will invest at least 80% of the Fund&#8217;s net assets in the equity securities of small companies with market capitalizations of less than $2.5 billion at the time of purchase.<br/>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.<br/>Within the Fund&#8217;s portfolio, we seek to create a blend of &#8220;core&#8221; companies that we believe have the potential to grow steadily over long periods of time at faster rates than average large companies, and &#8220;high growth&#8221; companies that we believe have the potential to grow faster and more aggressively than core companies.<br/>We use a &#8220;bottom up&#8221; process of fundamental analysis to look for individual companies that we believe have superior growth prospects. Our analysis may include studying a company&#8217;s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers.<br/>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.<br/>The Fund may invest in initial public offerings (IPOs). <b>PRINCIPAL RISKS</b> 0.0195 <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>A secondary objective is long-term growth of capital.</b> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAverageAnnualTotalReturnsTransposedWasatch-HoisingtonU.S.TreasuryFund column period compact * ~</div> 0 0.0036 0.0001 0.0232 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> -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&#8217;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> <b>EXAMPLE</b> 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&#8217;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.<br/>The Fund is subject to the following principal investment risks:<br/><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/><b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/><b>Foreign Securities Risk.</b> 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.<br/><b>Emerging Markets Risk.</b> 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.<br/><b>Small Company Stock Risk.</b> 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.<br/><b>Growth Stock Risk.</b> 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.<br/><b>Sector Weightings Risk.</b> 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.<br/><b>Initial Public Offerings (IPOs) Risk.</b> 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 <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;s website www.WasatchFunds.com. <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;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 <b>PRINCIPAL STRATEGIES</b> 0.1336 0.0514 0.084 0.0836 -0.4166 0.4874 0.2892 -0.0006 0.1695 <b>The Fund invests primarily in domestic and foreign growth companies that we believe are innovators in their respective sectors or industries.</b><br/>Typically, the Fund&#8217;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&#8217;s assets (typically between 40% and 80% at the time of purchase) will be invested outside the U.S.<br/>We will use a process of &#8220;bottom up&#8221; 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&#8217;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.<br/>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.<br/>The Fund may invest a large percentage of its assets in a few sectors, including information technology, health care, consumer discretionary, industrials and financials. <b>PRINCIPAL RISKS</b> 0 <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/03</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">25.79%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-22.04%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualTotalReturnsWasatchGlobalOpportunitiesFundBarChart column period compact * ~</div> <b>INVESTMENT OBJECTIVES </b> <b>The Fund&#8217;s investment objectives are to seek capital appreciation and income. </b> 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.<br/>The Fund is subject to the following principal investment risks:<br/><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/><b>Stock Selection Risk.</b> The Fund&#8217;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).<br/><b>Foreign Securities Risk.</b> 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.<br/><b>Emerging Markets Risk.</b> 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.<br/><b>Small Company Stock Risk.</b> 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.<br/><b>Technology and Science Stock Risk.</b> 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.<br/><b>Health Care Stock Risk.</b> 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.<br/><b>Sector Weightings Risk.</b> 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. <b>FEES AND EXPENSES OF THE FUND</b> The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> <b>EXAMPLE </b> 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&#8217;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: <b>PORTFOLIO TURNOVER </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 14% of the average value of its portfolio. 0.1695 0.1579 <b>PRINCIPAL STRATEGIES</b> 0.1254 0.1459 0.1635 <b>The Fund invests primarily in equity securities.</b><br/>Under normal market conditions, we will invest at least 80% of the Fund&#8217;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. <br />The Fund typically invests in the securities of companies that we believe will pay above average dividends or interest. <br />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. <b>PRINCIPAL RISKS</b> 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. <br />The Fund is subject to the following principal investment risks:<br /><b>Stock Market Risk. </b>The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br /><b>Stock Selection Risk. </b>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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /><b>Value Investing Risk. </b>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&#8217; 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.<br /><b>Sector Weightings Risk.</b> 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.<br /><b>Financials Sector Risk.</b> 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 <b>HISTORICAL PERFORMANCE</b> 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&#8217;s predecessor fund (the &#8220;Predecessor Fund&#8221;), 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&#8217;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&#8217;s (and Predecessor Fund&#8217;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&#8217;s website www.WasatchFunds.com. 0.0356 <b>WASATCH LARGE CAP VALUE FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/03</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">15.78%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-19.38%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> <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&#8217;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.<br/><br/>The Fund&#8217;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 <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;s website www.WasatchFunds.com. Effective April 1, 2011, the Wasatch World Innovators Fund changed its name from the Wasatch Global Science &amp; 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&#8217;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.<br/>The Fund&#8217;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&#8217;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 <b>WASATCH WORLD INNOVATORS FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> The past performance, before and after taxes, of the Fund&#8217;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. <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/03</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">28.94%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-30.07%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</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&#8217;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&#8217;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 <b>WASATCH INTERNATIONAL OPPORTUNITIES FUND &#8212; Summary</b> <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s investment objective is long-term growth of capital.</b> <b>FEES AND EXPENSES OF THE FUND</b> -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. <b>WASATCH MICRO CAP VALUE FUND &#8212; Summary</b> <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s investment objective is long-term growth of capital.</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> <b>EXAMPLE</b> <b>FEES AND EXPENSES OF THE FUND</b> 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&#8217;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 <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;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. <b>PRINCIPAL STRATEGIES</b> <b>PRINCIPAL RISKS</b> <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;s website www.WasatchFunds.com. <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund&#8217;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 <b>EXAMPLE</b> 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&#8217;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: <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;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&#8217;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.<br/>The Fund&#8217;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. <b>PRINCIPAL STRATEGIES</b> <b>The Fund invests primarily in micro cap companies.</b><br/> Under normal market conditions, we will invest at least 80% of the Fund&#8217;s net assets in the equity securities of micro cap companies with market capitalizations of less than $1 billion at the time of purchase. <br/> 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. <br/> The Fund may invest in initial public offerings (IPOs).<br/> 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. <br/> We use a &#8220;bottom up&#8221; 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&#8217;s financial statements, visiting company facilities, and meeting with executive management, suppliers and customers. <br/> We typically look for companies that we believe fall into one of these three categories at the time of purchase:<ul type="square"><li><b>Undiscovered Gems</b> &#8212; 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><b>Fallen Angels</b> &#8212; High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.</li><li><b>Value Momentum</b> &#8212; 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 <b>PRINCIPAL RISKS</b> The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund&#8217;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&#8217;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&#8217;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&#8217;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&#8217;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. <br/> The Fund is subject to the following principal investment risks:<br/> <b>Stock Market Risk. </b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/> <b>Stock Selection Risk. </b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/> <b>Foreign Securities</b> <b>Risk.</b> 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.<br/> <b>Emerging Markets Risk.</b> 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.<br/> <b>Micro Cap Company Stock Risk. </b> 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.<br/> <b>Value Investing Risk. </b> 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&#8217; 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.<br/> <b>Initial Public Offerings (IPOs) Risk.</b> 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.<br/> <b>Sector Weightings Risk.</b> 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.<br/> <b>Financials Sector Risk.</b> 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&#8217;s Investor Class is not necessarily an indication of how these shares will perform in the future. www.WasatchFunds.com <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;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 <b>WASATCH MICRO CAP VALUE FUND &#8212; INVESTOR CLASS<br/> Year by Year Total Returns </b> 0.315 0.1517 <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">32.73%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 9/30/11</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-18.94%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</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 <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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&#8217;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.<br/>The Fund&#8217;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. <b>WASATCH SMALL CAP GROWTH FUND &#8212; INVESTOR CLASS</b><br/><b>Year by Year Total Returns </b> 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&#8217;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 <b>The Fund invests primarily in foreign micro cap companies.</b><br/>Under normal market conditions, we will invest the Fund&#8217;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.<br/>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.<br/>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 &#8220;bottom up&#8221; 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.<br/>We do not use allocation models to restrict the Fund&#8217;s investments to certain regions, countries or industries.<br/>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.<br/>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. <br/> The Fund is subject to the following principal investment risks: <br/> <b>Stock Market Risk. </b>The Fund&#8217;s investments may decline in value due to movements in the overall stock market. <br/> <b>Stock Selection Risk. </b>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&#8217;s investments may decline in value even when the overall stock market is not in a general decline. <br/> <b>Foreign Securities</b> <b>Risk.</b> 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. <br/> <b>Emerging and Frontier Markets Risk.</b> 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. <br/> <b>Micro Cap Company Stock Risk. </b>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. <br/> <b>Early Stage Companies Risk.</b> 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. <br/> <b>Growth Stock Risk. </b>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. <br/> <b>Sector Weightings Risk.</b> 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. <br/> <b>Initial Public Offerings (IPOs) Risk.</b> 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. <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">44.35%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 9/30/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-27.60%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</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 <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">40.00%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-26.67%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> Best 2009-06-30 0.4 Worst 2008-12-31 -0.2667 <b>WASATCH LARGE CAP VALUE FUND &#8212; Summary</b> <b>INVESTMENT OBJECTIVE</b> <b>FEES AND EXPENSES OF THE FUND</b> The tables below describe the fees and expenses that you may pay if you buy, sell or hold Institutional Class shares of the Fund. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> January 31, 2014 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;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&#8217;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: <b>The Fund invests primarily in equity securities. </b><br /> Under normal market conditions, we will invest at least 80% of the Fund&#8217;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. <br /> The Fund typically invests in the securities of companies that we believe will pay above average dividends or interest. <br /> 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. <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;s (and Predecessor Fund&#8217;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. <b>WASATCH LARGE CAP VALUE FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/03</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">15.78%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp; </td><td nowrap="nowrap" valign="bottom" align="right">-19.38%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> <b>Average Annual Total Returns &#8212 (as of 12/31/12)</b> 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&#8217;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 <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> -0.02 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchInternationalOpportunitiesFund column period compact * ~</div> <b>WASATCH INTERNATIONAL OPPORTUNITIES FUND &#8212; INVESTOR CLASS</b><br/><b>Year by Year Total Returns </b> 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 <b>WASATCH CORE GROWTH FUND &#8212; Summary <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s primary investment objective is long-term growth of capital.</b> <b>FEES AND EXPENSES OF THE FUND</b> The tables below describe the fees and expenses that you may pay if you buy, sell or hold Institutional Class shares of the Fund. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> <b>EXAMPLE </b> 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&#8217;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: <b>PORTFOLIO TURNOVER </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 28% of the average value of its portfolio. <b>PRINCIPAL STRATEGIES</b> <b>The Fund invests primarily in smaller growing companies at reasonable prices. </b><br />Under normal market conditions, we will invest at least 65% of the Fund&#8217;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. <br />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. <br />We focus on companies that we consider to be high quality. We use a process of &#8220;bottom-up&#8221; 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&#8217;s financial statements, building proprietary financial models, visiting company facilities, and meeting with executive management, suppliers and customers. <br />The Fund seeks to purchase stocks at prices we believe are reasonable relative to our projection of a company&#8217;s long term earnings growth rate. <br />The Fund may invest a large percentage of its assets in a few sectors, including industrials, financials, consumer discretionary, information technology and health care. <b>PRINCIPAL RISKS</b> 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. <br />The Fund is subject to the following principal investment risks:<br /><b>Stock Market Risk. </b>The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br /><b>Stock Selection Risk. </b>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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /><b>Foreign Securities Risk.</b> 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.<br /><b>Emerging Markets Risk.</b> 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.<br /><b>Smaller Company Stock Risk. </b>Small and mid cap stocks may be very sensitive to changing economic conditions and market downturns.<br /><b>Growth Stock Risk. </b>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.<br /><b>Sector Weightings Risk.</b> 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.<br /><b>Financials Sector Risk. </b>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. <b>HISTORICAL PERFORMANCE</b> The following tables provide information on how the Fund has performed over time. The Fund&#8217;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&#8217;s performance from year to year, as represented by the Investor Class of the Fund<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"></sup>. The table below is designed to help you evaluate your risk tolerance by showing the Fund&#8217;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&#8217;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&#8217;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&#8217;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&#8217;s website www.WasatchFunds.com. <b>WASATCH CORE GROWTH FUND &#8212; INVESTOR CLASS <br/>Year by Year Total Returns</b> <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">29.50%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-27.03%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> 0.78 <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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&#8217;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.<br/><br/>The Fund&#8217;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&#8217;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&#8217;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&#8217;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&#8217;s (and Predecessor Fund&#8217;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&#8217;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. <b>WASATCH ULTRA GROWTH FUND &#8212; Summary<b/> Best 2003-06-30 0.1578 Worst 2008-12-31 -0.1938 <b>INVESTMENT OBJECTIVE</b> <b>EXAMPLE</b> <b>PRINCIPAL STRATEGIES</b> <b>PRINCIPAL RISKS</b> 0 <b>The Fund&#8217;s primary investment objective is long-term growth of capital.</b> <b>FEES AND EXPENSES OF THE FUND</b> <b>WASATCH-1ST SOURCE INCOME FUND &#8212; Summary</b> <b>INVESTMENT OBJECTIVE</b> 0 0 <b>The Fund&#8217;s investment objective is to seek current income consistent with the preservation of capital.</b> 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&#8217;s Investor Class shares commenced operations on December 15, 2008 upon the reorganization of the 1st Source Monogram Income Equity Fund, the Fund&#8217;s predecessor fund (the &#8220;Predecessor Fund&#8221;), 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&#8217;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&#8217;s (and Predecessor Fund&#8217;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&#8217;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&#8217;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&#8217;s website www.WasatchFunds.com. <b>FEES AND EXPENSES OF THE FUND</b> The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> -0.02 0 -0.02 0.01 0 0.0055 0.0155 -0.0043 <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 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 <b>WASATCH EMERGING MARKETS SELECT FUND &#8212; Summary</b> <b>INVESTMENT OBJECTIVE</b> <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchWorldInnovatorsFund column period compact * ~</div> <b>The Fund&#8217;s investment objective is long-term growth of capital. </b> 0.1919 0.1919 0.1248 <b>FEES AND EXPENSES OF THE FUND</b> 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. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> 0.0471 0.0407 0.0356 0.0349 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> <b>EXAMPLE</b> 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&#8217;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: <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. <b>PRINCIPAL STRATEGIES</b> 0.088 0.0828 <b>The Fund invests primarily in companies of all market capitalizations that are tied economically to emerging market countries.</b><br/>Under normal market conditions, we will invest at least 80% of the Fund&#8217;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. <br/>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. <br/>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 &#8220;bottom up&#8221; 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&#8217;s financial statements, visiting company facilities, and meeting with executive management, supplies and customers. <br/>We do not use allocation models to restrict the Fund&#8217;s investments to certain regions, countries or industries. <br/>The Fund may invest a large percentage of its assets in a few sectors. <br/>The Fund may invest in initial public offerings (IPOs) and early stage companies. <br/>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&#8217;s investment objective. 0.0972 0.098 <b>PRINCIPAL RISKS</b> 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.<br />The Fund is subject to the following principal investment risks:<br /><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br /><b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /><b>Foreign Securities Risk.</b> 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.<br /><b>Emerging Markets Risk.</b> 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.<br /><b>Small Company Stock Risk.</b> 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.<br /><b>Growth Stock Risk.</b> 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.<br /><b>Convertible Securities Risk.</b> 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.<br /><b>Sector Weightings Risk.</b> 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.<br /><b>Initial Public Offerings (IPOs) Risk.</b> 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.<br /><b>Early Stage Companies Risk.</b> 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.<br /><b>Non-Diversification Risk.</b> 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&#8217;s total return and net asset value could fluctuate more than if a greater number of securities were held. <b>EXAMPLE</b> <b>PERFORMANCE</b> Ordinarily, this section of the prospectus contains information that would allow you to evaluate the performance of the Fund&#8217;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> <b>EXAMPLE</b> 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&#8217;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&#8217;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 <b>PORTFOLIO TURNOVER</b> <b>Non-Diversification Risk.</b> 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&#8217;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 &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;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&#8217;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> <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;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 <b>PRINCIPAL STRATEGIES</b> 0.0229 0.0958 -0.0079 0.015 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleShareholderFeesWasatchEmergingMarketsSelectFundInstitutionalClass column period compact * ~</div> -0.02 <b>The Fund invests primarily in smaller high growth companies. </b><br/> Under normal market conditions, we will invest the Fund&#8217;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.<br/> 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.<br/> We use a process of &#8220;bottom up&#8221; 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&#8217;s financial statements, visiting company facilities, and meeting with executive management, suppliers and customers.<br/> The Fund may invest a large percentage of its assets in a few sectors, including information technology, financials, health care, consumer discretionary and industrials.<br/> The Fund may invest in initial public offerings (IPOs). <b>PRINCIPAL RISKS</b> <b>PRINCIPAL STRATEGIES</b> 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.<br/> The Fund is subject to the following principal investment risks:<br/> <b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/> <b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/> <b>Foreign Securities</b> <b>Risk.</b> 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.<br/> <b>Emerging Markets Risk.</b> 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.<br/> <b>Small Company Stock Risk.</b> 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.<br/> <b>Growth Stock Risk.</b> 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.<br/> <b>Sector Weightings Risk.</b> 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.<br/> <b>Financials Sector Risk.</b> 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.<br/> <b>Initial Public Offerings (IPOs) Risk.</b> 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. <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;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&#8217;s Investor Class is not necessarily an indication of how these shares will perform in the future. <b>WASATCH ULTRA GROWTH FUND &#8212; INVESTOR CLASS</b><br/><b>Year by Year Total Returns</b> <b>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.</b><br/>Consistent with the Wasatch-1st Source Income Fund&#8217;s (Income Fund) investment objective, 1st Source Corporation Investment Advisors, Inc. (1st Source), the Fund&#8217;s Sub-Advisor, expects the Fund to:<ul type="square"><li>Invest substantially all, but in no event less than 65%, of the Fund&#8217;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.<br/>The Fund may purchase securities on a when-issued or delayed delivery basis, in which a security&#8217;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.<br/>It is anticipated that the Fund will have an average maturity of 3<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 1</sup>/<sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">2</sub> years to 5 years and a duration of 2<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 1</sup>/<sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">2</sub> years to 4<sup style="POSITION: relative; BOTTOM: 0.8ex; VERTICAL-ALIGN: baseline"> 1</sup>/<sub style="POSITION: relative; VERTICAL-ALIGN: baseline; TOP: 0.1ex">2</sub> years. <b>PRINCIPAL RISKS</b> 0.4452 -0.0082 0.0358 0.0731 0.1511 -0.554 0.5501 0.3585 -0.0537 0.1245 <b>Best and Worst Quarterly Returns</b><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 &#151; 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 &#151; 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.<br/> The Fund is subject to the following principal investment risks:<br/><b>Interest Rate Risk. </b> Interest rate risk is the risk that a debt security&#8217;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.<br/><b>Credit Risk. </b> 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&#8217;s credit status, and is generally higher for non-investment grade securities.<br/> <b>Income Risk.</b> Income risk is the potential for a decline in the Fund&#8217;s income due to falling interest rates.<br/><b>Non-Investment Grade Securities Risk.</b> Non-investment grade securities (also known as &#8220;high yield&#8221; or &#8220;junk bonds&#8221;), those rated below investment grade by the primary rating agencies (e.g., below BB/Ba by S&amp;P/Moody&#8217;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.<br/><b>Convertible Securities Risk. </b>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.<br/><b>Ratings Agency Risk. </b> 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&#8217;s investment objective by investments in such securities may be more dependent on 1st Source&#8217;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.<br/><b>Repurchase Agreements Risk. </b> 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.<br/><b>When-Issued Securities Risk. </b> The Fund may purchase securities on a &#8220;when-issued&#8221; basis (i.e., for delivery beyond the normal settlement date at a stated price and yield). When the Fund engages in &#8220;when-issued&#8221; transactions, it relies on the seller to consummate the trade. Failure of the seller to do so may result in the Fund&#8217;s incurring a loss or missing the opportunity to obtain a price considered to be advantageous. The Fund will engage in &#8220;when-issued&#8221; delivery transactions only for the purpose of acquiring portfolio securities consistent with the Fund&#8217;s investment objective and strategies and not for investment leverage.<br/><b>Investment Companies Risk. </b> 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&#8217;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.<br/><b>Derivatives Risk.</b> 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.<br/><b>Credit Default Swaps Risk. </b> The Fund may enter into credit default swaps, interest rate swaps and currency swaps. Swap agreements will tend to shift a Fund&#8217;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&#8217;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.<br/><b>Stock Market Risk. </b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/><b>Stock Selection Risk. </b> The Fund&#8217;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. <b>HISTORICAL PERFORMANCE </b> The Fund commenced operations on December 15, 2008 upon the reorganization of the 1st Source Monogram Income Fund, the Fund&#146;s predecessor fund (the &#147;Predecessor Fund&#148;), 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&#146;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 bar chart. The average annual total returns table allows you to compare the Fund&#146;s (and Predecessor Fund&#146;s 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 Fund&#146;s 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 Fund&#146;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 bar chart. The average annual total returns table allows you to compare the Fund&#146;s (and Predecessor Fund&#146;s for periods prior to December 15, 2008) performance over the time periods indicated to that of a broad-based bond market index. The Fund&#8217;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 <b>WASATCH-1ST SOURCE INCOME FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> 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 <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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 <b>Best and Worst Quarterly Returns</b><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 &#151; 9/30/06</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">2.85%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 6/30/04</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-2.20%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> 2003-08-01 2003-08-01 2003-07-28 <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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&#146;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.<br/>The Fund&#146;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&#146;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. 0.0408 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&#8217;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.<br/>The Fund&#8217;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. <b>PORTFOLIO TURNOVER</b> 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&#8217;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. <br /> The Fund is subject to the following principal investment risks:<br /> <b>Stock Market Risk. </b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br /> <b>Stock Selection Risk. </b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /> <b>Value Investing Risk. </b> 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&#8217; 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.<br /> <b>Sector Weightings Risk.</b> 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.<br /> <b>Financials Sector Risk. </b> 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. <b>The Fund&#8217;s investment objectives are to seek capital appreciation and income. </b> <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 <b>INVESTMENT OBJECTIVE</b> <b>Income is a secondary objective, but only when consistent with long-term growth of capital.</b> Currently, we do not expect the Fund&#8217;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&#8217;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 <b>WASATCH LONG/SHORT FUND &#8212; Summary</b> <b>The Fund&#8217;s investment objective is capital appreciation.</b> <b>FEES AND EXPENSES OF THE FUND</b> The tables below describe the fees and expenses that you may pay if you buy, sell or hold shares of the Fund. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 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 <b>EXAMPLE</b> 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&#8217;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: <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 71% of the average value of its portfolio. 0.71 <b>PRINCIPAL STRATEGIES</b> <b>The Fund invests primarily in equity securities by maintaining long equity positions and short equity positions. </b><br />We seek to achieve higher risk-adjusted returns with lower volatility compared to the equity markets in general (as represented by the S&amp;P 500 Index). Under normal market conditions, we will invest the Fund&#8217;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. <br />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. <br />The Fund may invest in early stage companies and initial public offerings (IPOs). <br />We believe that the best opportunities to make both short and long equity investments are when the market&#8217;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: <br /><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.<br/>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.<br/>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.<br />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. <br />The Fund is non-diversified, meaning that it can concentrate investments in a more limited number of issuers than a diversified fund. <br />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. <br />The Fund is expected to have a high portfolio turnover rate.</li></ul> <b>PRINCIPAL RISKS</b> <b>WASATCH SMALL CAP VALUE FUND &#8212; Summary</b> <b>HISTORICAL PERFORMANCE</b> 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. <br />The Fund is subject to the following principal investment risks:<br /><b>Stock Market Risk. </b>The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br /><b>Market Direction Risk. </b>Since the Fund has both a &#8220;long&#8221; and a &#8220;short&#8221; portfolio, an investment in the Fund will involve market risks associated with different types of investment decisions than those made for a typical &#8220;long only&#8221; stock fund. The Fund&#8217;s results will suffer both when there is a general stock market advance and the Fund holds significant &#8220;short&#8221; equity positions, or when there is a general stock market decline and the Fund holds significant &#8220;long&#8221; equity positions.<br /><b>Stock Selection Risk. </b>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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /><b>Short Sales Risk. </b>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&#8217;s returns or increase volatility.<br /><b>Small Company Stock Risk. </b>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.<br /><b>Early Stage Companies Risk. </b>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.<br /><b>Initial Public Offerings (IPOs) Risk. </b>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.<br /><b>Non-Diversification Risk. </b>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.<br /><b>Value Investing Risk. </b>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&#8217; 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.<br /><b>Interest Rate Risk. </b>Interest rate risk is the risk that a debt security&#8217;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.<br /><b>Credit Risk. </b>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&#8217;s credit status, and is generally higher for non-investment grade securities.<br /><b>Non-Investment Grade Securities Risk. </b>Non-investment grade securities (also known as &#8220;junk bonds&#8221;), those rated below investment grade by the primary rating agencies (e.g., below BB/Ba by S&amp;P/Moody&#8217;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.<br /><b>Sector Weightings Risk. </b>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.<br /><b>Energy Sector Risk. </b>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.<br /><b>Financials Sector Risk. </b>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.<br /><b>Information Technology Risk. </b>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.<br /><b>Portfolio Turnover Rate. </b>The Fund&#8217;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&#8217;s Investor Class shares commenced operations on December 15, 2008, upon the reorganization of the 1st Source Monogram Long/Short Fund, the Fund&#8217;s predecessor fund (the &#8220;Predecessor Fund&#8221;), 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&#8217;s Investor Class. <b>Institutional Class shares are new and do not have any performance history.</b> 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&#8217;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&#8217;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&#8217;s (and Predecessor Fund&#8217;s for periods prior to December 15, 2008) performance, as represented by the Fund&#8217;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&#8217;s website www.WasatchFunds.com <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s investment objective is long-term growth of capital.</b> <b>Income is a secondary objective, but only when consistent with long-term growth of capital. </b>Currently, we do not expect the Fund&#8217;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. <b>FEES AND EXPENSES OF THE FUND</b> <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 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 <b>Non-Diversification Risk. </b>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&#8217;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&#8217;s Investor Class. <b>Institutional Class shares are new and do not have any performance history.</b> 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&#8217;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&#8217;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&#8217;s (and Predecessor Fund&#8217;s for periods prior to December 15, 2008) performance, as represented by the Fund&#8217;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. <b>EXAMPLE</b> 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&#8217;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. <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 55% of the average value of its portfolio. 0.55 <b>PRINCIPAL STRATEGIES</b> <b>INVESTMENT OBJECTIVE</b> <b>PRINCIPAL RISKS</b> 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. <br />The Fund is subject to the following principal investment risks:<br /><b>Stock Market Risk. </b>The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br /><b>Stock Selection Risk. </b>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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /><b>Foreign Securities Risk.</b> 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.<br /><b>Emerging Markets Risk.</b> 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.<br /><b>Small Company Stock Risk. </b>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.<br /><b>Value Investing Risk. </b>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&#8217; 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.<br /><b>Sector Weightings Risk.</b> 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.<br /><b>Financials Sector Risk. </b>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. <b>WASATCH LONG/SHORT FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> 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 <b>HISTORICAL PERFORMANCE</b> 0.0382 <b>The Fund&#8217;s investment objective is long-term growth of capital.</b> 0.1472 The following tables provide information on how the Fund has performed over time. The Fund&#8217;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&#8217;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&#8217;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&#8217;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&#8217;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&#8217;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&#8217;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&#8217;s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 0.3007 <b>Income is a secondary objective, but only when consistent with long-term growth of capital.</b> Currently, we do not expect the Fund&#8217;s investments to generate substantial income. <b>WASATCH SMALL CAP VALUE FUND &#8212; INVESTOR CLASS<br/>Year by Year Total Returns</b> 0.0941 0.0177 <b>FEES AND EXPENSES OF THE FUND</b> 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. <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">16.00%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-15.94%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> 0.2158 <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> 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 <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">33.91%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-34.04%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr></table> Best 2009-06-30 0 0.3391 Worst <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> 2008-12-31 -0.3404 <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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&#8217;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.<br/>The Fund&#8217;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&#8217;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. <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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&#8217;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.<br/>The Fund&#8217;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&#8217;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. <b>EXAMPLE</b> 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&#8217;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 <b>The Fund invests primarily in small companies.<br/></b>Under normal market conditions, we will invest at least 80% of the Fund&#8217;s net assets in the equity securities of small companies with market capitalizations of less than $2.5 billion at the time of purchase. <br />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. <br />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. <br />We use a &#8220;bottom-up&#8221; 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&#8217;s financial statements, visiting company facilities, and meeting with executive management, suppliers and customers. <br />We typically look for companies that we believe fall into one of these three categories at the time of purchase:<ul type="square"><li><b>Undiscovered Gems</b> &#8212; 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><b>Fallen Angels</b> &#8212; High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.</li><li><b>Quality Value</b> &#8212; 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 <b>PORTFOLIO TURNOVER</b> 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 &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 55% of the average value of its portfolio. -0.02 <b>PRINCIPAL STRATEGIES</b> 0 0 The Total Annual Fund Operating Expenses may not equal the expense ratio stated in the Fund&#8217;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&#8217;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.<br/>The Fund&#8217;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. <b>The Fund invests primarily in small companies.</b><br/>Under normal market conditions, we will invest at least 80% of the Fund&#8217;s net assets in the equity securities of small companies with market capitalizations of less than $2.5 billion at the time of purchase.<br/>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.<br/>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.<br/>We use a &#8220;bottom-up&#8221; 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&#8217;s financial statements, visiting company facilities, and meeting with executive management, suppliers and customers.<br/>We typically look for companies that we believe fall into one of these three categories at the time of purchase: <ul type="square"><li><b>Undiscovered Gems</b> &#8212; 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> <b>Fallen Angels</b> &#8212; High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.</li><li><b>Quality Value</b> &#8212; 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. <b>PRINCIPAL RISKS</b> 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.<br/>The Fund is subject to the following principal investment risks:<br/><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br/><b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br/><b>Foreign Securities Risk.</b> 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.<br/><b>Emerging Markets Risk.</b> 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.<br/><b>Small Company Stock Risk.</b> 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.<br/><b>Value Investing Risk.</b> 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&#8217; 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.<br/><b>Sector Weightings Risk.</b> 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.<br/><b>Financials Sector Risk.</b> 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. <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;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&#8217;s Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Fund&#8217;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&#8217;s website www.WasatchFunds.com. 0.0867 0.0863 <b>Best and Worst Quarterly Returns</b><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 &#151; 6/30/09</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">33.91%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 12/31/08</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-34.04%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</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 <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> <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&#8217;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.<br/>The Fund&#8217;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&#8217;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.<br/>The Fund&#8217;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&#8217;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.<br/>The Fund&#8217;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&#8217;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&#8217;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&#8217;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> <b>WASATCH SMALL CAP VALUE FUND &#8212; Summary</b> <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 0.01 0 0.0029 0.0129 0.0211 <div style="display:none">~ http://www.wasatchfunds.com/role/ScheduleAnnualFundOperatingExpensesWasatchSmallCapValueFund column period compact * ~</div> <b>WASATCH SMALL CAP VALUE FUND &#8212; INVESTOR CLASS</b><br/><b>Year by Year Total Returns</b> <b>Institutional Class shares are new and do not have any performance history.</b> 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&#8217;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&#8217;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&#8217;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 <b>WASATCH EMERGING INDIA FUND &#8212; Summary</b> <b>INVESTMENT OBJECTIVE</b> <b>The Fund&#8217;s investment objective is long-term appreciation of capital. </b> <b>FEES AND EXPENSES OF THE FUND</b> The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor Class shares of the Fund. <b>SHAREHOLDER FEES (fees paid directly from your investment)</b> <b>EXAMPLE</b> 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&#8217;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: <b>PORTFOLIO TURNOVER</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; 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&#8217;s performance. During the most recent fiscal year, the Fund&#8217;s portfolio turnover rate was 17% of the average value of its portfolio. <b>PRINCIPAL STRATEGIES</b> <b>The Fund invests primarily in companies tied economically to India. </b><br/>Under normal market conditions, we will invest at least 80% of the Fund&#8217;s assets in the equity securities (including common stock, preferred stock and securities convertible into common stock) of companies tied economically to India.<br/>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. <br/>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.<br/>We use a process of quantitative screening followed by &#8220;bottom up&#8221; fundamental analysis to identify individual companies that we believe have above average revenue and earnings growth potential.<br/>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.<br/>We may also invest in initial public offerings (IPOs).<br/>The Fund is non-diversified, meaning that it can concentrate investments in a more limited number of issuers than a diversified fund. <b>PRINCIPAL RISKS</b> 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. <br /> The Fund is subject to the following principal investment risks:<br /><b>Stock Market Risk.</b> The Fund&#8217;s investments may decline in value due to movements in the overall stock market.<br /><b>Stock Selection Risk.</b> 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&#8217;s investments may decline in value even when the overall stock market is not in a general decline.<br /><b>Foreign Securities Risk. </b> 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.<br /> <b>Indian Market Risk.</b> 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. <br /> Because the Fund will concentrate its investments in a single region of the world, the value of the Fund&#8217;s shares may be affected by events that adversely affect India and may fluctuate more than the value of a less concentrated fund&#8217;s shares.<br /><b>Emerging Markets Risk.</b> 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.<br /><b>Small Company Stock Risk.</b> Small cap stocks may be very sensitive to changing economic conditions and market downturns.<br /> <b>Growth Stock Risk. </b>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.<br /> <b>Initial Public Offerings (IPOs) Risk. </b> 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.<br /> <b>Financials Sector Risk.</b> 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.<br /> <b>Sector Weightings Risk.</b> 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.<br /> <b>Non-Diversification Risk.</b> 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. <b>HISTORICAL PERFORMANCE</b> 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&#8217;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&#8217;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&#8217;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&#8217;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&#8217;s website www.WasatchFunds.com. <b>WASATCH EMERGING INDIA FUND &#8212; INVESTOR CLASS</b><br/><b>Calendar Year Total Return </b> <b>Average Annual Total Returns &#8212; (as of 12/31/12)</b> 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&#8217;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.<br/><br/>The Fund&#8217;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.<br/> <b>Income is a secondary objective, but only when consistent with long-term growth of capital.</b> Currently, we do not expect the Fund&#8217;s investments to generate substantial income. 0 0 0 The Fund&#8217;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&#8217;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&#8217;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&#8217;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 <b>Best and Worst Quarterly Returns</b><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 &#151; 3/31/12</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">21.43%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</td></tr><tr><td valign="top">Worst &#151; 6/30/12</td><td valign="bottom">&nbsp;&nbsp;</td><td nowrap="nowrap" valign="bottom">&nbsp;</td><td nowrap="nowrap" valign="bottom" align="right">-6.95%</td><td nowrap="nowrap" valign="bottom">&nbsp;&nbsp;</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. <b>Non-Diversification Risk.</b> 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&#8217;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&#8217;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> <b>ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)</b> <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. 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Schedule - Annual Total Returns - Wasatch-1st Source Income Fund [BarChart] link:presentationLink link:calculationLink link:definitionLink 000187 - Schedule - Average Annual Total Returns {Transposed} {- Wasatch-1st Source Income Fund} link:presentationLink link:calculationLink link:definitionLink 000188 - Document - Risk/Return Detail {Unlabeled} - Wasatch-1st Source Income Fund link:presentationLink link:calculationLink link:definitionLink 000189 - Disclosure - Risk/Return Detail Data {Elements} - (Wasatch-1st Source Income Fund) link:presentationLink link:calculationLink link:definitionLink 000191 - Document - Risk/Return Summary {Unlabeled} - (Wasatch-Hoisington U.S. Treasury Fund) link:presentationLink link:calculationLink link:definitionLink 000192 - Schedule - Shareholder Fees {- Wasatch-Hoisington U.S. Treasury Fund} link:presentationLink link:calculationLink link:definitionLink 000193 - Schedule - Annual Fund Operating Expenses {- Wasatch-Hoisington U.S. Treasury Fund} link:presentationLink link:calculationLink link:definitionLink 000194 - 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(Wasatch Core Growth Fund) (Institutional Class) link:presentationLink link:calculationLink link:definitionLink 000202 - Schedule - Shareholder Fees {- Wasatch Core Growth Fund Institutional Class} link:presentationLink link:calculationLink link:definitionLink 000203 - Schedule - Annual Fund Operating Expenses {- Wasatch Core Growth Fund Institutional Class} link:presentationLink link:calculationLink link:definitionLink 000204 - Schedule - Expense Example {Transposed} {- Wasatch Core Growth Fund Institutional Class} link:presentationLink link:calculationLink link:definitionLink 000205 - Schedule - Expense Example, No Redemption {Transposed} {- Wasatch Core Growth Fund Institutional Class} link:presentationLink link:calculationLink link:definitionLink 000206 - Schedule - Annual Total Returns - Wasatch Core Growth Fund Institutional Class [BarChart] link:presentationLink link:calculationLink link:definitionLink 000207 - Schedule - Average Annual Total Returns {Transposed} {- Wasatch Core Growth Fund Institutional Class} link:presentationLink link:calculationLink link:definitionLink 000208 - Document - Risk/Return Detail {Unlabeled} - Wasatch Core Growth Fund Institutional Class link:presentationLink link:calculationLink link:definitionLink 000209 - Disclosure - Risk/Return Detail Data {Elements} - (Wasatch Core Growth Fund) (Institutional Class) link:presentationLink link:calculationLink link:definitionLink 000211 - Document - Risk/Return Summary {Unlabeled} - (Wasatch Emerging Markets Select Fund) (Institutional Class) link:presentationLink link:calculationLink link:definitionLink 000212 - Schedule - Shareholder Fees {- Wasatch Emerging Markets Select Fund Institutional Class} link:presentationLink link:calculationLink link:definitionLink 000213 - Schedule - Annual Fund Operating Expenses {- Wasatch Emerging Markets Select Fund Institutional Class} link:presentationLink link:calculationLink link:definitionLink 000214 - Schedule - Expense Example {Transposed} {- Wasatch Emerging Markets Select Fund Institutional Class} link:presentationLink link:calculationLink link:definitionLink 000215 - 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Wasatch World Innovators Fund
WASATCH WORLD INNOVATORS 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)
Shareholder Fees
Wasatch World Innovators Fund
Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Wasatch World Innovators Fund
Investor Class Shares
Management Fee 1.50%
Distribution/Service (12b-1) Fee none
Other Expenses 0.35%
Acquired Fund Fees and Expenses 0.02%
Total Annual Fund Operating Expenses [1] 1.87%
[1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Wasatch World Innovators Fund Investor Class
190 588 1,012 2,193
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.
PRINCIPAL STRATEGIES
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
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.
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.
WASATCH WORLD INNOVATORS FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/03   28.94%  
Worst — 12/31/08   -30.07%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Wasatch World Innovators Fund
1 Year
5 Years
10 Years
Investor Class
18.04% 3.98% 10.18%
Investor Class Return after taxes on distributions
18.04% 3.97% 9.86%
Investor Class Return after taxes on distributions and sale of Fund shares
11.72% 3.41% 8.98%
MSCI All Country (AC) World Investable Markets Index (IMI) (reflects no deductions for fees, expenses or taxes)
[1] 16.38% (0.73%) 8.60%
[1] 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.
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.
XML 9 R152.htm IDEA: XBRL DOCUMENT v2.4.0.6
Institutional Class | Wasatch Small Cap Value Fund
WASATCH SMALL CAP VALUE FUND — Summary
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.
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)
Shareholder Fees
Institutional Class
Wasatch Small Cap Value Fund
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Institutional Class
Wasatch Small Cap Value Fund
Institutional Class Shares
Management Fee [1] 1.00%
Distribution/Service (12b-1) Fee [1] none
Other Expenses [1] 0.66%
Total Annual Fund Operating Expenses [1][2] 1.66%
Expense Reimbursement [1] (0.51%)
Total Annual Fund Operating Expenses After Expense Reimbursement [1] 1.15%
[1] The Fund's operating expenses have been restated to reflect a reduction in the management fee, effective January 31, 2012, as if such changes had been in effect during the fiscal year ended September 30, 2012. The information has been restated to better reflect anticipated expenses of the Fund.
[2] The Advisor has contractually agreed to reimburse the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.15% until at least January 31, 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Institutional Class Wasatch Small Cap Value Fund
117 473 853 1,922
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.
PRINCIPAL STRATEGIES
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:
  • Undiscovered Gems — Companies with good growth potential which have yet to be broadly discovered by Wall Street analysts, thus leaving them attractively undervalued relative to their expected growth.
  • Fallen Angels — High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.
  • Quality Value — Quality companies with earnings potential that is not fully reflected in their stock prices.
The Fund may invest a large percentage of its assets in a few sectors, including industrials, information technology, financials, consumer discretionary, health care and energy.
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 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.
WASATCH SMALL CAP VALUE FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/09   33.91%  
Worst — 12/31/08   -34.04%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Institutional Class Wasatch Small Cap Value Fund
1 Year
5 Years
10 Years
Investor Class
16.52% 2.46% 9.49%
Investor Class Return after taxes on distributions
16.52% 2.46% 8.05%
Investor Class Return after taxes on distributions and sale of Fund shares
10.74% 2.11% 7.96%
Russell 2000® Value Index (reflects no deductions for fees, expenses or taxes)
18.05% 3.55% 9.50%
Russell 2000® Index (reflects no deductions for fees, expenses or taxes)
16.35% 3.56% 9.72%
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
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.
XML 10 R48.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Wasatch International Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH INTERNATIONAL GROWTH FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 44.00%
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
Bar Chart [Heading] rr_BarChartHeading WASATCH INTERNATIONAL GROWTH FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns*
Best — 6/30/09   41.88%  
Worst — 9/30/08   -28.61%  
[1]
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Wasatch International Growth Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.25%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Interest Expense rr_Component1OtherExpensesOverAssets 0.01%
Other Expenses rr_OtherExpensesOverAssets 0.31%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.57% [2]
1 Year rr_ExpenseExampleYear01 160
3 Years rr_ExpenseExampleYear03 496
5 Years rr_ExpenseExampleYear05 856
10 Years rr_ExpenseExampleYear10 1,868
2003 rr_AnnualReturn2003 44.96%
2004 rr_AnnualReturn2004 22.93%
2005 rr_AnnualReturn2005 18.37%
2006 rr_AnnualReturn2006 23.79%
2007 rr_AnnualReturn2007 12.47%
2008 rr_AnnualReturn2008 (53.93%)
2009 rr_AnnualReturn2009 64.19%
2010 rr_AnnualReturn2010 34.24%
2011 rr_AnnualReturn2011 (12.04%)
2012 rr_AnnualReturn2012 33.08%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 41.88%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (28.61%)
1 Year rr_AverageAnnualReturnYear01 33.08%
5 Years rr_AverageAnnualReturnYear05 3.52%
10 Years rr_AverageAnnualReturnYear10 13.32%
Wasatch International Growth Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 33.01%
5 Years rr_AverageAnnualReturnYear05 3.48%
10 Years rr_AverageAnnualReturnYear10 12.68%
Wasatch International Growth Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 21.60%
5 Years rr_AverageAnnualReturnYear05 3.00%
10 Years rr_AverageAnnualReturnYear10 11.83%
Wasatch International Growth Fund | MSCI AC World Ex-U.S.A. Small Cap Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.52% [3]
5 Years rr_AverageAnnualReturnYear05 (0.39%) [3]
10 Years rr_AverageAnnualReturnYear10 13.16% [3]
Wasatch International Growth Fund | MSCI World Ex-U.S.A. Small Cap Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.48% [3]
5 Years rr_AverageAnnualReturnYear05 (0.70%) [3]
10 Years rr_AverageAnnualReturnYear10 12.04% [3]
[1] 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.
[2] 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.
[3] 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.
XML 11 R70.htm IDEA: XBRL DOCUMENT v2.4.0.6
Wasatch Micro Cap Fund
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
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
Wasatch Micro Cap Fund
Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Wasatch Micro Cap Fund
Investor Class Shares
Management Fee 1.95%
Distribution/Service (12b-1) Fee none
Other Expenses 0.19%
Total Annual Fund Operating Expenses [1] 2.14%
[1] 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Wasatch Micro Cap Fund Investor Class
217 670 1,149 2,472
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 25% of the average value of its portfolio.
PRINCIPAL STRATEGIES
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.
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.
WASATCH MICRO CAP FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/03   27.44%  
Worst — 12/31/08 -31.16%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Wasatch Micro Cap Fund
1 Year
5 Years
10 Years
Investor Class
11.85% (0.11%) 8.36%
Investor Class Return after taxes on distributions
11.85% (0.13%) 7.13%
Investor Class Return after taxes on distributions and sale of Fund shares
7.70% (0.11%) 7.16%
Russell Microcap® Index (reflects no deductions for fees, expenses or taxes)
19.75% 1.46% 8.42%
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.
XML 12 R55.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Wasatch International Opportunities Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH INTERNATIONAL OPPORTUNITIES FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 41.00%
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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).
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
Bar Chart [Heading] rr_BarChartHeading WASATCH INTERNATIONAL OPPORTUNITIES FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/09   44.35%  
Worst — 9/30/08   -27.60%  
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Wasatch International Opportunities Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.95%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.53%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.48% [1]
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.23%)
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 2.25%
1 Year rr_ExpenseExampleYear01 228
3 Years rr_ExpenseExampleYear03 751
5 Years rr_ExpenseExampleYear05 1,300
10 Years rr_ExpenseExampleYear10 2,799
2006 rr_AnnualReturn2006 31.50%
2007 rr_AnnualReturn2007 15.17%
2008 rr_AnnualReturn2008 (54.73%)
2009 rr_AnnualReturn2009 75.05%
2010 rr_AnnualReturn2010 26.10%
2011 rr_AnnualReturn2011 (16.01%)
2012 rr_AnnualReturn2012 31.79%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 44.35%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.60%)
1 Year rr_AverageAnnualReturnYear01 31.79%
5 Years rr_AverageAnnualReturnYear05 2.04%
Since Inception rr_AverageAnnualReturnSinceInception 9.20%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 27, 2005
Wasatch International Opportunities Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 31.79%
5 Years rr_AverageAnnualReturnYear05 1.49%
Since Inception rr_AverageAnnualReturnSinceInception 8.09%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 27, 2005
Wasatch International Opportunities Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 20.67%
5 Years rr_AverageAnnualReturnYear05 1.59%
Since Inception rr_AverageAnnualReturnSinceInception 7.74%
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 27, 2005
Wasatch International Opportunities Fund | MSCI AC World Ex-U.S.A. Small Cap Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.52% [2]
5 Years rr_AverageAnnualReturnYear05 (0.39%) [2]
Since Inception rr_AverageAnnualReturnSinceInception 6.76% [2]
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 27, 2005 [2]
Wasatch International Opportunities Fund | MSCI World Ex-U.S.A. Small Cap Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.48% [2]
5 Years rr_AverageAnnualReturnYear05 (0.70%) [2]
Since Inception rr_AverageAnnualReturnSinceInception 5.00% [2]
Inception Date rr_AverageAnnualReturnInceptionDate Jan. 27, 2005 [2]
[1] 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.
[2] 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.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Wasatch Strategic Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH STRATEGIC INCOME FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s primary investment objective is to capture current income.
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock A secondary objective is long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 57.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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:
  • Attractive, sustainable dividend yields or the potential for dividend growth.
  • Experienced top management.
  • Sustainable competitive advantage.
  • Stable demand for products and services.
  • Ability to capitalize on favorable long-term trends.
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:
  • Rates of current income.
  • Credit quality of the issuer.
  • Maturity, duration and other characteristics of the obligation.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
Bar Chart [Heading] rr_BarChartHeading WASATCH STRATEGIC INCOME FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/09   21.21%  
Worst — 12/31/08   -28.22%  
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Wasatch Strategic Income Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 0.70%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.44%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.09%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.23% [1]
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.19%)
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.04%
1 Year rr_ExpenseExampleYear01 106
3 Years rr_ExpenseExampleYear03 373
5 Years rr_ExpenseExampleYear05 660
10 Years rr_ExpenseExampleYear10 1,477
2007 rr_AnnualReturn2007 (2.02%)
2008 rr_AnnualReturn2008 (40.57%)
2009 rr_AnnualReturn2009 38.04%
2010 rr_AnnualReturn2010 19.87%
2011 rr_AnnualReturn2011 6.35%
2012 rr_AnnualReturn2012 11.29%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 21.21%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (28.22%)
1 Year rr_AverageAnnualReturnYear01 11.29%
5 Years rr_AverageAnnualReturnYear05 3.08%
Since Inception rr_AverageAnnualReturnSinceInception 4.53%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 01, 2006
Wasatch Strategic Income Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.73%
5 Years rr_AverageAnnualReturnYear05 2.05%
Since Inception rr_AverageAnnualReturnSinceInception 2.73%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 01, 2006
Wasatch Strategic Income Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.58%
5 Years rr_AverageAnnualReturnYear05 2.04%
Since Inception rr_AverageAnnualReturnSinceInception 2.84%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 01, 2006
Wasatch Strategic Income Fund | S&P 500 Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.00%
5 Years rr_AverageAnnualReturnYear05 1.66%
Since Inception rr_AverageAnnualReturnSinceInception 3.78%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 01, 2006
Wasatch Strategic Income Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 4.22%
5 Years rr_AverageAnnualReturnYear05 5.95%
Since Inception rr_AverageAnnualReturnSinceInception 5.93%
Inception Date rr_AverageAnnualReturnInceptionDate Feb. 01, 2006
[1] 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.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Wasatch World Innovators Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH WORLD INNOVATORS FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 66.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
Bar Chart [Heading] rr_BarChartHeading WASATCH WORLD INNOVATORS FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/03   28.94%  
Worst — 12/31/08   -30.07%  
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Wasatch World Innovators Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.50%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.35%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.87% [1]
1 Year rr_ExpenseExampleYear01 190
3 Years rr_ExpenseExampleYear03 588
5 Years rr_ExpenseExampleYear05 1,012
10 Years rr_ExpenseExampleYear10 2,193
2003 rr_AnnualReturn2003 48.04%
2004 rr_AnnualReturn2004 (4.05%)
2005 rr_AnnualReturn2005 16.43%
2006 rr_AnnualReturn2006 15.95%
2007 rr_AnnualReturn2007 13.17%
2008 rr_AnnualReturn2008 (52.75%)
2009 rr_AnnualReturn2009 67.48%
2010 rr_AnnualReturn2010 24.46%
2011 rr_AnnualReturn2011 4.53%
2012 rr_AnnualReturn2012 18.04%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 28.94%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (30.07%)
1 Year rr_AverageAnnualReturnYear01 18.04%
5 Years rr_AverageAnnualReturnYear05 3.98%
10 Years rr_AverageAnnualReturnYear10 10.18%
Wasatch World Innovators Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.04%
5 Years rr_AverageAnnualReturnYear05 3.97%
10 Years rr_AverageAnnualReturnYear10 9.86%
Wasatch World Innovators Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.72%
5 Years rr_AverageAnnualReturnYear05 3.41%
10 Years rr_AverageAnnualReturnYear10 8.98%
Wasatch World Innovators Fund | MSCI All Country (AC) World Investable Markets Index (IMI) (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.38% [2]
5 Years rr_AverageAnnualReturnYear05 (0.73%) [2]
10 Years rr_AverageAnnualReturnYear10 8.60% [2]
[1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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.
[2] 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.
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Institutional Class | Wasatch Core Growth Fund
WASATCH CORE 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
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)
Shareholder Fees
Institutional Class
Wasatch Core Growth Fund
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Institutional Class
Wasatch Core Growth Fund
Institutional Class Shares
Management Fee 1.00%
Distribution/Service (12b-1) Fee none
Other Expenses 0.55%
Total Annual Fund Operating Expenses [1] 1.55%
Expense Reimbursement (0.43%)
Total Annual Fund Operating Expenses After Expense Reimbursement 1.12%
[1] 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Institutional Class Wasatch Core Growth Fund
114 447 803 1,809
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
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/09   29.50%  
Worst — 12/31/08   -27.03%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Institutional Class Wasatch Core Growth Fund
1 Year
5 Years
10 Years
Investor Class
19.19% 4.81% 9.58%
Investor Class Return after taxes on distributions
19.19% 4.71% 8.80%
Investor Class Return after taxes on distributions and sale of Fund shares
12.48% 4.07% 8.28%
Russell 2000® Index (reflects no deductions for fees, expenses or taxes)
16.35% 3.56% 9.72%
Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)
14.59% 3.49% 9.80%
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.

XML 20 R76.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Wasatch Micro Cap Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH MICRO CAP FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock 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.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 25.00%
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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).
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
Bar Chart [Heading] rr_BarChartHeading WASATCH MICRO CAP FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/03   27.44%  
Worst — 12/31/08 -31.16%  
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Wasatch Micro Cap Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.95%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.19%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.14% [1]
1 Year rr_ExpenseExampleYear01 217
3 Years rr_ExpenseExampleYear03 670
5 Years rr_ExpenseExampleYear05 1,149
10 Years rr_ExpenseExampleYear10 2,472
2003 rr_AnnualReturn2003 49.84%
2004 rr_AnnualReturn2004 12.70%
2005 rr_AnnualReturn2005 11.02%
2006 rr_AnnualReturn2006 17.05%
2007 rr_AnnualReturn2007 2.23%
2008 rr_AnnualReturn2008 (49.29%)
2009 rr_AnnualReturn2009 44.37%
2010 rr_AnnualReturn2010 29.76%
2011 rr_AnnualReturn2011 (6.39%)
2012 rr_AnnualReturn2012 11.85%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 27.44%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (31.16%)
1 Year rr_AverageAnnualReturnYear01 11.85%
5 Years rr_AverageAnnualReturnYear05 (0.11%)
10 Years rr_AverageAnnualReturnYear10 8.36%
Wasatch Micro Cap Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.85%
5 Years rr_AverageAnnualReturnYear05 (0.13%)
10 Years rr_AverageAnnualReturnYear10 7.13%
Wasatch Micro Cap Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.70%
5 Years rr_AverageAnnualReturnYear05 (0.11%)
10 Years rr_AverageAnnualReturnYear10 7.16%
Wasatch Micro Cap Fund | Russell Microcap® Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 19.75%
5 Years rr_AverageAnnualReturnYear05 1.46%
10 Years rr_AverageAnnualReturnYear10 8.42%
[1] 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.
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Institutional Class | Wasatch Large Cap Value Fund
WASATCH LARGE CAP VALUE FUND — Summary
INVESTMENT OBJECTIVE
The Fund’s investment objectives are to seek capital appreciation and income.
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)
Shareholder Fees
Institutional Class
Wasatch Large Cap Value Fund
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Institutional Class
Wasatch Large Cap Value Fund
Institutional Class Shares
Management Fee 0.90%
Distribution/Service (12b-1) Fee none
Other Expenses 0.41%
Total Annual Fund Operating Expenses [1] 1.31%
Expense Reimbursement (0.33%)
Total Annual Fund Operating Expenses After Expense Reimbursement 0.98%
[1] The Advisor has contractually agreed to reimburse Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 0.98% until at least January 31, 2014 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). The Advisor may rescind the contractual limitation on expenses at any time after its expiration date.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Institutional Class Wasatch Large Cap Value Fund
100 383 687 1,550
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.
PRINCIPAL STRATEGIES
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:
  • Calculating and reviewing standard ratios such as price-to-sales, price-to-book, price-to-earnings, and price/earnings-to-growth.
  • Modified discounted cash flow models with sensitivity analysis for changes to revenue growth rates, operating margins, outstanding share counts, earnings multiples, and tangible book value.
  • Changing sector and company specific outlooks due to subjective factors, including globalization of capital, labor and process knowledge, as well as increasing information and price transparency.
The Fund may invest a large percentage of its assets in a few sectors, including energy, financials, information technology, consumer staples, health care and industrials.
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.
HISTORICAL PERFORMANCE
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.
WASATCH LARGE CAP VALUE FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/03   15.78%  
Worst — 12/31/08    -19.38%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Institutional Class Wasatch Large Cap Value Fund
1 Year
5 Years
10 Years
Investor Class
10.55% 0.22% 8.58%
Investor Class Return after taxes on distributions
10.17% (0.18%) 7.64%
Investor Class Return after taxes on distributions and sale of Fund shares
7.35% 0.02% 7.23%
Russell 1000® Value Index (reflects no deductions for fees, expenses or taxes)
17.51% 0.59% 7.38%
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the 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.
XML 23 R77.htm IDEA: XBRL DOCUMENT v2.4.0.6
Wasatch Micro Cap Value Fund
WASATCH MICRO CAP VALUE 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)
Shareholder Fees
Wasatch Micro Cap Value Fund
Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Wasatch Micro Cap Value Fund
Investor Class Shares
Management Fee 1.95%
Distribution/Service (12b-1) Fee none
Other Expenses 0.36%
Acquired Fund Fees and Expenses 0.01%
Total Annual Fund Operating Expenses [1] 2.32%
Expense Reimbursement (0.06%)
Total Annual Fund Operating Expenses After Expense Reimbursement 2.26%
[1] 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Wasatch Micro Cap Value Fund Investor Class
229 719 1,235 2,651
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.
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:
  • Undiscovered Gems — Companies with good growth potential which have yet to be broadly discovered by Wall Street analysts, thus leaving them attractively undervalued relative to their expected growth.
  • Fallen Angels — High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.
  • Value Momentum — Cheap valuation relative to history, but catalyst for future growth has been identified.
  • 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.
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.
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.
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.
WASATCH MICRO CAP VALUE FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/09   40.00%  
Worst — 12/31/08   -26.67%  
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.
Average Annual Total Returns Wasatch Micro Cap Value Fund
1 Year
5 Years
Since Inception
Inception Date
Investor Class
22.10% 3.40% 10.66% Jul. 28, 2003
Return after taxes on distributions Investor Class
20.34% 3.07% 9.03% Jul. 28, 2003
Return after taxes on distributions and sale of Fund shares Investor Class
16.67% 2.89% 8.74% Jul. 28, 2003
Russell Microcap® Index (reflects no deductions for fees, expenses or taxes)
19.75% 1.46% 5.73% Jul. 28, 2003
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Wasatch International Growth Fund
WASATCH INTERNATIONAL GROWTH 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)
Shareholder Fees
Wasatch International Growth Fund
Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Wasatch International Growth Fund
Investor Class Shares
Management Fee 1.25%
Distribution/Service (12b-1) Fee none
Other Expenses 0.31%
Interest Expense 0.01%
Total Annual Fund Operating Expenses [1] 1.57%
[1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.75% 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Wasatch International Growth Fund Investor Class
160 496 856 1,868
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 44% of the average value of its portfolio.
PRINCIPAL STRATEGIES
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.
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 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
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 INTERNATIONAL GROWTH FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns*
Best — 6/30/09   41.88%  
Worst — 9/30/08   -28.61%  
[1]
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Wasatch International Growth Fund
1 Year
5 Years
10 Years
Investor Class
33.08% 3.52% 13.32%
Investor Class Return after taxes on distributions
33.01% 3.48% 12.68%
Investor Class Return after taxes on distributions and sale of Fund shares
21.60% 3.00% 11.83%
MSCI AC World Ex-U.S.A. Small Cap Index (reflects no deductions for fees, expenses or taxes)
[1] 18.52% (0.39%) 13.16%
MSCI World Ex-U.S.A. Small Cap Index (reflects no deductions for fees, expenses or taxes)
[1] 17.48% (0.70%) 12.04%
[1] 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.
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.
[1] 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.
XML 27 R97.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Investor Class | Wasatch Small Cap Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH SMALL CAP VALUE FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock 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.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 55.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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:
  • Undiscovered Gems — Companies with good growth potential which have yet to be broadly discovered by Wall Street analysts, thus leaving them attractively undervalued relative to their expected growth.
  • Fallen Angels — High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.
  • Quality Value — Quality companies with earnings potential that is not fully reflected in their stock prices.
The Fund may invest a large percentage of its assets in a few sectors, including industrials, information technology, financials, consumer discretionary, health care and energy.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
Bar Chart [Heading] rr_BarChartHeading WASATCH SMALL CAP VALUE FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/09   33.91%  
Worst — 12/31/08   -34.04%  
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Investor Class | Wasatch Small Cap Value Fund | Investor Class shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption (2.00%)
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.29% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.29% [1],[2]
1 Year rr_ExpenseExampleYear01 131
3 Years rr_ExpenseExampleYear03 408
5 Years rr_ExpenseExampleYear05 707
10 Years rr_ExpenseExampleYear10 1,556
2003 rr_AnnualReturn2003 54.57%
2004 rr_AnnualReturn2004 21.58%
2005 rr_AnnualReturn2005 4.76%
2006 rr_AnnualReturn2006 14.84%
2007 rr_AnnualReturn2007 (3.00%)
2008 rr_AnnualReturn2008 (47.75%)
2009 rr_AnnualReturn2009 55.91%
2010 rr_AnnualReturn2010 25.52%
2011 rr_AnnualReturn2011 (5.22%)
2012 rr_AnnualReturn2012 16.52%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 33.91%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (34.04%)
1 Year rr_AverageAnnualReturnYear01 16.52%
5 Years rr_AverageAnnualReturnYear05 2.46%
10 Years rr_AverageAnnualReturnYear10 9.49%
Investor Class | Wasatch Small Cap Value Fund | Return after taxes on distributions | Investor Class shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.52%
5 Years rr_AverageAnnualReturnYear05 2.46%
10 Years rr_AverageAnnualReturnYear10 8.05%
Investor Class | Wasatch Small Cap Value Fund | Return after taxes on distributions and sale of Fund shares | Investor Class shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.74%
5 Years rr_AverageAnnualReturnYear05 2.11%
10 Years rr_AverageAnnualReturnYear10 7.96%
Investor Class | Wasatch Small Cap Value Fund | Russell 2000® Value Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.05%
5 Years rr_AverageAnnualReturnYear05 3.55%
10 Years rr_AverageAnnualReturnYear10 9.50%
Investor Class | Wasatch Small Cap Value Fund | Russell 2000® Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.35%
5 Years rr_AverageAnnualReturnYear05 3.56%
10 Years rr_AverageAnnualReturnYear10 9.72%
[1] The Fund's operating expenses have been restated to reflect a reduction in the management fee, effective January 31, 2012, as if such changes had been in effect during the fiscal year ended September 30, 2012. The information has been restated to better reflect anticipated expenses of the Fund.
[2] 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.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Institutional Class | Wasatch Small Cap Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH SMALL CAP VALUE FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock 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.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 55.00%
Expenses Restated to Reflect Current [Text] rr_ExpensesRestatedToReflectCurrent 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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:
  • Undiscovered Gems — Companies with good growth potential which have yet to be broadly discovered by Wall Street analysts, thus leaving them attractively undervalued relative to their expected growth.
  • Fallen Angels — High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.
  • Quality Value — Quality companies with earnings potential that is not fully reflected in their stock prices.
The Fund may invest a large percentage of its assets in a few sectors, including industrials, information technology, financials, consumer discretionary, health care and energy.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading WASATCH SMALL CAP VALUE FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/09   33.91%  
Worst — 12/31/08   -34.04%  
Bar Chart, Returns for Class Not Offered in Prospectus [Text] rr_BarChartReturnsForClassNotOfferedInProspectus 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 Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Institutional Class | Wasatch Small Cap Value Fund | Institutional Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.00% [1]
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none [1]
Other Expenses rr_OtherExpensesOverAssets 0.66% [1]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.66% [1],[2]
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.51%) [1]
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.15% [1]
1 Year rr_ExpenseExampleYear01 117
3 Years rr_ExpenseExampleYear03 473
5 Years rr_ExpenseExampleYear05 853
10 Years rr_ExpenseExampleYear10 1,922
Institutional Class | Wasatch Small Cap Value Fund | Investor Class shares
 
Risk/Return: rr_RiskReturnAbstract  
2003 rr_AnnualReturn2003 54.57%
2004 rr_AnnualReturn2004 21.58%
2005 rr_AnnualReturn2005 4.76%
2006 rr_AnnualReturn2006 14.84%
2007 rr_AnnualReturn2007 (3.00%)
2008 rr_AnnualReturn2008 (47.75%)
2009 rr_AnnualReturn2009 55.91%
2010 rr_AnnualReturn2010 25.52%
2011 rr_AnnualReturn2011 (5.22%)
2012 rr_AnnualReturn2012 16.52%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 33.91%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (34.04%)
1 Year rr_AverageAnnualReturnYear01 16.52%
5 Years rr_AverageAnnualReturnYear05 2.46%
10 Years rr_AverageAnnualReturnYear10 9.49%
Institutional Class | Wasatch Small Cap Value Fund | Return after taxes on distributions | Investor Class shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.52%
5 Years rr_AverageAnnualReturnYear05 2.46%
10 Years rr_AverageAnnualReturnYear10 8.05%
Institutional Class | Wasatch Small Cap Value Fund | Return after taxes on distributions and sale of Fund shares | Investor Class shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.74%
5 Years rr_AverageAnnualReturnYear05 2.11%
10 Years rr_AverageAnnualReturnYear10 7.96%
Institutional Class | Wasatch Small Cap Value Fund | Russell 2000® Value Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.05%
5 Years rr_AverageAnnualReturnYear05 3.55%
10 Years rr_AverageAnnualReturnYear10 9.50%
Institutional Class | Wasatch Small Cap Value Fund | Russell 2000® Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.35%
5 Years rr_AverageAnnualReturnYear05 3.56%
10 Years rr_AverageAnnualReturnYear10 9.72%
[1] The Fund's operating expenses have been restated to reflect a reduction in the management fee, effective January 31, 2012, as if such changes had been in effect during the fiscal year ended September 30, 2012. The information has been restated to better reflect anticipated expenses of the Fund.
[2] The Advisor has contractually agreed to reimburse the Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.15% until at least January 31, 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.

XML 30 R111.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Wasatch Ultra Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH ULTRA GROWTH FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s primary investment objective is long-term growth of capital.
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock 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.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 43.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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).
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com.
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
Bar Chart [Heading] rr_BarChartHeading WASATCH ULTRA GROWTH FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/03 29.29%
Worst — 12/31/08 -31.56%
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Wasatch Ultra Growth Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.32%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.20%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.52% [1]
1 Year rr_ExpenseExampleYear01 155
3 Years rr_ExpenseExampleYear03 481
5 Years rr_ExpenseExampleYear05 831
10 Years rr_ExpenseExampleYear10 1,817
2003 rr_AnnualReturn2003 44.52%
2004 rr_AnnualReturn2004 (0.82%)
2005 rr_AnnualReturn2005 3.58%
2006 rr_AnnualReturn2006 7.31%
2007 rr_AnnualReturn2007 15.11%
2008 rr_AnnualReturn2008 (55.40%)
2009 rr_AnnualReturn2009 55.01%
2010 rr_AnnualReturn2010 35.85%
2011 rr_AnnualReturn2011 (5.37%)
2012 rr_AnnualReturn2012 12.45%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 29.29%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (31.56%)
1 Year rr_AverageAnnualReturnYear01 12.45%
5 Years rr_AverageAnnualReturnYear05 (0.01%)
10 Years rr_AverageAnnualReturnYear10 6.25%
Wasatch Ultra Growth Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.16%
5 Years rr_AverageAnnualReturnYear05 (0.59%)
10 Years rr_AverageAnnualReturnYear10 5.21%
Wasatch Ultra Growth Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 11.10%
5 Years rr_AverageAnnualReturnYear05 (0.03%)
10 Years rr_AverageAnnualReturnYear10 5.29%
Wasatch Ultra Growth Fund | Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.59%
5 Years rr_AverageAnnualReturnYear05 3.49%
10 Years rr_AverageAnnualReturnYear10 9.80%
[1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% 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.
XML 31 R151.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Institutional Class | Wasatch Large Cap Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH LARGE CAP VALUE FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objectives are to seek capital appreciation and income.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 14.00%
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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:
  • Calculating and reviewing standard ratios such as price-to-sales, price-to-book, price-to-earnings, and price/earnings-to-growth.
  • Modified discounted cash flow models with sensitivity analysis for changes to revenue growth rates, operating margins, outstanding share counts, earnings multiples, and tangible book value.
  • Changing sector and company specific outlooks due to subjective factors, including globalization of capital, labor and process knowledge, as well as increasing information and price transparency.
The Fund may invest a large percentage of its assets in a few sectors, including energy, financials, information technology, consumer staples, health care and industrials.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading WASATCH LARGE CAP VALUE FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/03   15.78%  
Worst — 12/31/08    -19.38%  
Bar Chart, Returns for Class Not Offered in Prospectus [Text] rr_BarChartReturnsForClassNotOfferedInProspectus 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 Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Institutional Class | Wasatch Large Cap Value Fund | Institutional Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 0.90%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.41%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.31% [1]
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.33%)
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.98%
1 Year rr_ExpenseExampleYear01 100
3 Years rr_ExpenseExampleYear03 383
5 Years rr_ExpenseExampleYear05 687
10 Years rr_ExpenseExampleYear10 1,550
Institutional Class | Wasatch Large Cap Value Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
2003 rr_AnnualReturn2003 29.85%
2004 rr_AnnualReturn2004 17.01%
2005 rr_AnnualReturn2005 9.94%
2006 rr_AnnualReturn2006 20.02%
2007 rr_AnnualReturn2007 12.36%
2008 rr_AnnualReturn2008 (31.14%)
2009 rr_AnnualReturn2009 24.37%
2010 rr_AnnualReturn2010 11.11%
2011 rr_AnnualReturn2011 (3.92%)
2012 rr_AnnualReturn2012 10.55%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.78%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (19.38%)
1 Year rr_AverageAnnualReturnYear01 10.55%
5 Years rr_AverageAnnualReturnYear05 0.22%
10 Years rr_AverageAnnualReturnYear10 8.58%
Institutional Class | Wasatch Large Cap Value Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.17%
5 Years rr_AverageAnnualReturnYear05 (0.18%)
10 Years rr_AverageAnnualReturnYear10 7.64%
Institutional Class | Wasatch Large Cap Value Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.35%
5 Years rr_AverageAnnualReturnYear05 0.02%
10 Years rr_AverageAnnualReturnYear10 7.23%
Institutional Class | Wasatch Large Cap Value Fund | Russell 1000® Value Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.51%
5 Years rr_AverageAnnualReturnYear05 0.59%
10 Years rr_AverageAnnualReturnYear10 7.38%
[1] The Advisor has contractually agreed to reimburse Institutional Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 0.98% until at least January 31, 2014 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). The Advisor may rescind the contractual limitation on expenses at any time after its expiration date.
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XML 33 R9.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investor Class | Wasatch Emerging Markets Select Fund
WASATCH EMERGING MARKETS SELECT 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 shares of the Fund.
SHAREHOLDER FEES (fees paid directly from your investment)
Shareholder Fees
Investor Class
Wasatch Emerging Markets Select Fund
Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Class
Wasatch Emerging Markets Select Fund
Investor Class Shares
Management Fee 1.25%
Distribution/Service (12b-1) Fee none
Other Expenses [1] 1.02%
Total Annual Fund Operating Expenses [1] 2.27%
Expense Reimbursement (0.58%)
Total Annual Fund Operating Expenses After Expense Reimbursement 1.69%
[1] 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.
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 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:
Expense Example (USD $)
1 Year
3 Years
Investor Class Wasatch Emerging Markets Select Fund Investor Class Shares
172 654
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
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
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.
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 Emerging Markets Select Fund has only recently commenced operations and does not have a full calendar year of performance.
XML 34 R139.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Institutional Class | Wasatch Core Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH CORE GROWTH FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s primary investment objective is long-term growth of capital.
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock 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.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 28.00%
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading WASATCH CORE GROWTH FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/09   29.50%  
Worst — 12/31/08   -27.03%  
Bar Chart, Returns for Class Not Offered in Prospectus [Text] rr_BarChartReturnsForClassNotOfferedInProspectus 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 Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Institutional Class | Wasatch Core Growth Fund | Institutional Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.55%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.55% [1]
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.43%)
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.12%
1 Year rr_ExpenseExampleYear01 114
3 Years rr_ExpenseExampleYear03 447
5 Years rr_ExpenseExampleYear05 803
10 Years rr_ExpenseExampleYear10 1,809
Institutional Class | Wasatch Core Growth Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
2003 rr_AnnualReturn2003 38.46%
2004 rr_AnnualReturn2004 21.65%
2005 rr_AnnualReturn2005 3.26%
2006 rr_AnnualReturn2006 6.68%
2007 rr_AnnualReturn2007 6.40%
2008 rr_AnnualReturn2008 (44.34%)
2009 rr_AnnualReturn2009 45.16%
2010 rr_AnnualReturn2010 24.99%
2011 rr_AnnualReturn2011 5.09%
2012 rr_AnnualReturn2012 19.19%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 29.50%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.03%)
1 Year rr_AverageAnnualReturnYear01 19.19%
5 Years rr_AverageAnnualReturnYear05 4.81%
10 Years rr_AverageAnnualReturnYear10 9.58%
Institutional Class | Wasatch Core Growth Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 19.19%
5 Years rr_AverageAnnualReturnYear05 4.71%
10 Years rr_AverageAnnualReturnYear10 8.80%
Institutional Class | Wasatch Core Growth Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 12.48%
5 Years rr_AverageAnnualReturnYear05 4.07%
10 Years rr_AverageAnnualReturnYear10 8.28%
Institutional Class | Wasatch Core Growth Fund | Russell 2000® Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.35%
5 Years rr_AverageAnnualReturnYear05 3.56%
10 Years rr_AverageAnnualReturnYear10 9.72%
Institutional Class | Wasatch Core Growth Fund | Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.59%
5 Years rr_AverageAnnualReturnYear05 3.49%
10 Years rr_AverageAnnualReturnYear10 9.80%
[1] 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.
XML 35 R62.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Investor Class | Wasatch Large Cap Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH LARGE CAP VALUE FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVES
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objectives are to seek capital appreciation and income.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 14.00%
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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:
  • Calculating and reviewing standard ratios, such as price-to-sales, price-to-book, price-to-earnings, and price/earnings-to-growth.
  • Modified discounted cash flow models with sensitivity analysis for changes to revenue growth rates, operating margins, outstanding share counts, earnings multiples, and tangible book value.
  • Changing sector and company specific outlooks due to subjective factors, including globalization of capital, labor and process knowledge, as well as increasing information and price transparency.
The Fund may invest a large percentage of its assets in a few sectors, including energy, financials, information technology, consumer staples, health care and industrials.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance, before and after taxes, is not necessarily an indication of how the Investor Class of the Fund will perform in the future.
Bar Chart [Heading] rr_BarChartHeading WASATCH LARGE CAP VALUE FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/03   15.78%  
Worst — 12/31/08   -19.38%  
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Investor Class | Wasatch Large Cap Value Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 0.90%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.25%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.15% [1]
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.05%)
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.10%
1 Year rr_ExpenseExampleYear01 112
3 Years rr_ExpenseExampleYear03 360
5 Years rr_ExpenseExampleYear05 627
10 Years rr_ExpenseExampleYear10 1,393
2003 rr_AnnualReturn2003 29.85%
2004 rr_AnnualReturn2004 17.01%
2005 rr_AnnualReturn2005 9.94%
2006 rr_AnnualReturn2006 20.02%
2007 rr_AnnualReturn2007 12.36%
2008 rr_AnnualReturn2008 (31.14%)
2009 rr_AnnualReturn2009 24.37%
2010 rr_AnnualReturn2010 11.11%
2011 rr_AnnualReturn2011 (3.92%)
2012 rr_AnnualReturn2012 10.55%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 15.78%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (19.38%)
1 Year rr_AverageAnnualReturnYear01 10.55%
5 Years rr_AverageAnnualReturnYear05 0.22%
10 Years rr_AverageAnnualReturnYear10 8.58%
Investor Class | Wasatch Large Cap Value Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 10.17%
5 Years rr_AverageAnnualReturnYear05 (0.18%)
10 Years rr_AverageAnnualReturnYear10 7.64%
Investor Class | Wasatch Large Cap Value Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 7.35%
5 Years rr_AverageAnnualReturnYear05 0.02%
10 Years rr_AverageAnnualReturnYear10 7.23%
Investor Class | Wasatch Large Cap Value Fund | Russell 1000® Value Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 17.51%
5 Years rr_AverageAnnualReturnYear05 0.59%
10 Years rr_AverageAnnualReturnYear10 7.38%
[1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.10% until at least January 31, 2014 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). The Advisor may rescind the contractual limitation on expenses at any time after its expiration date.
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Wasatch Global Opportunities Fund
WASATCH GLOBAL OPPORTUNITIES 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)
Shareholder Fees
Wasatch Global Opportunities Fund
Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Wasatch Global Opportunities Fund
Investor Class Shares
Management Fee 1.50%
Distribution/Service (12b-1) Fee none
Other Expenses 0.34%
Total Annual Fund Operating Expenses [1] 1.84%
[1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Wasatch Global Opportunities Fund Investor Class
187 579 996 2,158
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.
PRINCIPAL STRATEGIES
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.
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.
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.
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.
WASATCH GLOBAL OPPORTUNITIES FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/09   32.73%  
Worst — 9/30/11   -18.94%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Wasatch Global Opportunities Fund
1 Year
Since Inception
Inception Date
Investor Class
25.50% 26.07% Nov. 17, 2008
Investor Class Return after taxes on distributions
23.40% 24.64% Nov. 17, 2008
Investor Class Return after taxes on distributions and sale of Fund shares
19.34% 22.83% Nov. 17, 2008
MSCI All Country (AC) World Small Cap Index (reflects no deductions for fees, expenses or taxes)
[1] 18.06% 20.34% Nov. 17, 2008
S&P Global SmallCap Index (reflects no deductions for fees, expenses or taxes)
19.08% 19.44% Nov. 17, 2008
[1] 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.
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.

XML 40 R56.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investor Class | Wasatch Large Cap Value Fund
WASATCH LARGE CAP VALUE FUND — Summary
INVESTMENT OBJECTIVES
The Fund’s investment objectives are to seek capital appreciation and income.
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
Investor Class
Wasatch Large Cap Value Fund
Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Class
Wasatch Large Cap Value Fund
Investor Class Shares
Management Fee 0.90%
Distribution/Service (12b-1) Fee none
Other Expenses 0.25%
Total Annual Fund Operating Expenses [1] 1.15%
Expense Reimbursement (0.05%)
Total Annual Fund Operating Expenses After Expense Reimbursement 1.10%
[1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.10% until at least January 31, 2014 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). The Advisor may rescind the contractual limitation on expenses at any time after its expiration date.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Investor Class Wasatch Large Cap Value Fund
112 360 627 1,393
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.
PRINCIPAL STRATEGIES
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:
  • Calculating and reviewing standard ratios, such as price-to-sales, price-to-book, price-to-earnings, and price/earnings-to-growth.
  • Modified discounted cash flow models with sensitivity analysis for changes to revenue growth rates, operating margins, outstanding share counts, earnings multiples, and tangible book value.
  • Changing sector and company specific outlooks due to subjective factors, including globalization of capital, labor and process knowledge, as well as increasing information and price transparency.
The Fund may invest a large percentage of its assets in a few sectors, including energy, financials, information technology, consumer staples, health care and industrials.
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.
HISTORICAL PERFORMANCE
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.
WASATCH LARGE CAP VALUE FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/03   15.78%  
Worst — 12/31/08   -19.38%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Investor Class
1 Year
5 Years
10 Years
Wasatch Large Cap Value Fund
10.55% 0.22% 8.58%
Wasatch Large Cap Value Fund Return after taxes on distributions
10.17% (0.18%) 7.64%
Wasatch Large Cap Value Fund Return after taxes on distributions and sale of Fund shares
7.35% 0.02% 7.23%
Wasatch Large Cap Value Fund Russell 1000® Value Index (reflects no deductions for fees, expenses or taxes)
17.51% 0.59% 7.38%
After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the 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.
XML 41 R8.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Investor Class | Wasatch Core Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH CORE GROWTH FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s primary investment objective is long-term growth of capital.
Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock 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.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 28.00%
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
Bar Chart [Heading] rr_BarChartHeading WASATCH CORE GROWTH FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/09   29.50%  
Worst — 12/31/08   -27.03%  
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Investor Class | Wasatch Core Growth Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.00%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.23%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.23% [1]
1 Year rr_ExpenseExampleYear01 125
3 Years rr_ExpenseExampleYear03 390
5 Years rr_ExpenseExampleYear05 675
10 Years rr_ExpenseExampleYear10 1,487
2003 rr_AnnualReturn2003 38.46%
2004 rr_AnnualReturn2004 21.65%
2005 rr_AnnualReturn2005 3.26%
2006 rr_AnnualReturn2006 6.68%
2007 rr_AnnualReturn2007 6.40%
2008 rr_AnnualReturn2008 (44.34%)
2009 rr_AnnualReturn2009 45.16%
2010 rr_AnnualReturn2010 24.99%
2011 rr_AnnualReturn2011 5.09%
2012 rr_AnnualReturn2012 19.19%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 29.50%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (27.03%)
1 Year rr_AverageAnnualReturnYear01 19.19%
5 Years rr_AverageAnnualReturnYear05 4.81%
10 Years rr_AverageAnnualReturnYear10 9.58%
Investor Class | Wasatch Core Growth Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 19.19%
5 Years rr_AverageAnnualReturnYear05 4.71%
10 Years rr_AverageAnnualReturnYear10 8.80%
Investor Class | Wasatch Core Growth Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 12.48%
5 Years rr_AverageAnnualReturnYear05 4.07%
10 Years rr_AverageAnnualReturnYear10 8.28%
Investor Class | Wasatch Core Growth Fund | Russell 2000® Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.35%
5 Years rr_AverageAnnualReturnYear05 3.56%
10 Years rr_AverageAnnualReturnYear10 9.72%
Investor Class | Wasatch Core Growth Fund | Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 14.59%
5 Years rr_AverageAnnualReturnYear05 3.49%
10 Years rr_AverageAnnualReturnYear10 9.80%
[1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% 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.
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Institutional Class | Wasatch Long/Short Fund
WASATCH LONG/SHORT FUND — Summary
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 shares of the Fund.
SHAREHOLDER FEES (fees paid directly from your investment)
Shareholder Fees
Institutional Class
Wasatch Long/Short Fund
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Institutional Class
Wasatch Long/Short Fund
Institutional Class Shares
Management Fee 1.10%
Distribution/Service (12b-1) Fee none
Dividend Expense on Short Sales/Interest Expense [1] 0.24%
Other Expenses [2] 0.10%
Total Annual Fund Operating Expenses [2] 1.44%
Expense Reimbursement (0.03%)
Total Annual Fund Operating Expenses After Expense Reimbursement 1.41%
[1] 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.
[2] 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Institutional Class Wasatch Long/Short Fund
144 453 785 1,723
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.
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:
  • Changes in market participant psychology and circumstances.
  • Imperfect information.
  • 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:
  • Have earnings that appear to be reflected in the current price.
  • Are likely to fall short of market expectations.
  • Are in industries exhibiting weaknesses.
  • Have poor management.
  • 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.
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 “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’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
WASATCH LONG/SHORT FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/09   16.00%  
Worst — 12/31/08   -15.94%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Institutional Class Wasatch Long/Short Fund
1 Year
5 Years
Since Inception
Inception Date
Investor Class
8.67% 4.47% 6.00% Aug. 01, 2003
Investor Class Return after taxes on distributions
8.63% 4.25% 5.23% Aug. 01, 2003
Investor Class Return after taxes on distributions and sale of Fund shares
5.69% 3.70% 4.76% Aug. 01, 2003
S&P 500 Index (reflects no deductions for fees, expenses or taxes)
16.00% 1.66% 6.10% Aug. 01, 2003
Citigroup Three Month U.S. Treasury Bills Index (reflects no deductions for fees, expenses or taxes)
0.07% 0.45% 1.72% Aug. 01, 2003
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.
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Wasatch Micro Cap Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH MICRO CAP VALUE FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 78.00%
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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.
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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:
  • Undiscovered Gems — Companies with good growth potential which have yet to be broadly discovered by Wall Street analysts, thus leaving them attractively undervalued relative to their expected growth.
  • Fallen Angels — High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.
  • Value Momentum — Cheap valuation relative to history, but catalyst for future growth has been identified.
  • 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.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
Bar Chart [Heading] rr_BarChartHeading WASATCH MICRO CAP VALUE FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/09   40.00%  
Worst — 12/31/08   -26.67%  
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Wasatch Micro Cap Value Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.95%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.36%
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.32% [1]
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.06%)
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 2.26%
1 Year rr_ExpenseExampleYear01 229
3 Years rr_ExpenseExampleYear03 719
5 Years rr_ExpenseExampleYear05 1,235
10 Years rr_ExpenseExampleYear10 2,651
2004 rr_AnnualReturn2004 21.24%
2005 rr_AnnualReturn2005 9.09%
2006 rr_AnnualReturn2006 28.83%
2007 rr_AnnualReturn2007 7.02%
2008 rr_AnnualReturn2008 (47.20%)
2009 rr_AnnualReturn2009 70.40%
2010 rr_AnnualReturn2010 20.09%
2011 rr_AnnualReturn2011 (10.41%)
2012 rr_AnnualReturn2012 22.10%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 40.00%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (26.67%)
1 Year rr_AverageAnnualReturnYear01 22.10%
5 Years rr_AverageAnnualReturnYear05 3.40%
Since Inception rr_AverageAnnualReturnSinceInception 10.66%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 28, 2003
Return after taxes on distributions | Wasatch Micro Cap Value Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 20.34%
5 Years rr_AverageAnnualReturnYear05 3.07%
Since Inception rr_AverageAnnualReturnSinceInception 9.03%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 28, 2003
Return after taxes on distributions and sale of Fund shares | Wasatch Micro Cap Value Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 16.67%
5 Years rr_AverageAnnualReturnYear05 2.89%
Since Inception rr_AverageAnnualReturnSinceInception 8.74%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 28, 2003
Russell Microcap® Index (reflects no deductions for fees, expenses or taxes) | Wasatch Micro Cap Value Fund
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 19.75%
5 Years rr_AverageAnnualReturnYear05 1.46%
Since Inception rr_AverageAnnualReturnSinceInception 5.73%
Inception Date rr_AverageAnnualReturnInceptionDate Jul. 28, 2003
[1] 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.
XML 44 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Investor Class | Wasatch Core Growth Fund
WASATCH CORE 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
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
Investor Class
Wasatch Core Growth Fund
Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Investor Class
Wasatch Core Growth Fund
Investor Class Shares
Management Fee 1.00%
Distribution/Service (12b-1) Fee none
Other Expenses 0.23%
Total Annual Fund Operating Expenses [1] 1.23%
[1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Investor Class Wasatch Core Growth Fund
125 390 675 1,487
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 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 CORE GROWTH FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/09   29.50%  
Worst — 12/31/08   -27.03%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Investor Class
1 Year
5 Years
10 Years
Wasatch Core Growth Fund
19.19% 4.81% 9.58%
Wasatch Core Growth Fund Return after taxes on distributions
19.19% 4.71% 8.80%
Wasatch Core Growth Fund Return after taxes on distributions and sale of Fund shares
12.48% 4.07% 8.28%
Wasatch Core Growth Fund Russell 2000® Index (reflects no deductions for fees, expenses or taxes)
16.35% 3.56% 9.72%
Wasatch Core Growth Fund Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)
14.59% 3.49% 9.80%
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.
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Institutional Class | Wasatch Emerging Markets Select Fund
WASATCH EMERGING MARKETS SELECT 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 shares of the Fund.
SHAREHOLDER FEES (fees paid directly from your investment)
Shareholder Fees
Institutional Class
Wasatch Emerging Markets Select Fund
Institutional Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Institutional Class
Wasatch Emerging Markets Select Fund
Institutional Class Shares
Management Fee 1.25%
Distribution/Service (12b-1) Fee none
Other Expenses [1] 1.04%
Total Annual Fund Operating Expenses [1] 2.29%
Expense Reimbursement (0.79%)
Total Annual Fund Operating Expenses After Expense Reimbursement 1.50%
[1] 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.
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:
Expense Example (USD $)
1 Year
3 Years
Institutional Class Wasatch Emerging Markets Select Fund
153 640
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
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.
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.
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.
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Wasatch Heritage Growth Fund
WASATCH HERITAGE 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
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
Wasatch Heritage Growth Fund
Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Wasatch Heritage Growth Fund
Investor Class Shares
Management Fee 0.70%
Distribution/Service (12b-1) Fee none
Other Expenses 0.33%
Total Annual Fund Operating Expenses [1] 1.03%
Expense Reimbursement (0.08%)
Total Annual Fund Operating Expenses After Expense Reimbursement 0.95%
[1] 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Wasatch Heritage Growth Fund Investor Class
97 320 561 1,253
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 26% of the average value of its portfolio.
PRINCIPAL STRATEGIES
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.
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.
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.
WASATCH HERITAGE GROWTH FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/09   17.91%  
Worst — 12/31/08   -23.31%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Wasatch Heritage Growth Fund
1 Year
5 Years
Since Inception
Inception Date
Investor Class
9.45% 4.02% 5.37% Jun. 18, 2004
Investor Class Return after taxes on distributions
8.75% 3.75% 4.89% Jun. 18, 2004
Investor Class Return after taxes on distributions and sale of Fund shares
7.07% 3.40% 4.56% Jun. 18, 2004
Russell Midcap® Growth Index (reflects no deductions for fees, expenses or taxes)
15.81% 3.23% 7.14% Jun. 18, 2004
S&P 500 Index (reflects no deductions for fees, expenses or taxes)
16.00% 1.66% 4.90% Jun. 18, 2004
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.
XML 49 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
Prospectus Date rr_ProspectusDate Jan. 31, 2013
Wasatch Emerging Markets Small Cap Fund
 
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading WASATCH EMERGING MARKETS SMALL CAP FUND — Summary
Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
Portfolio Turnover, Rate rr_PortfolioTurnoverRate 39.00%
Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
Risk Lose Money [Text] rr_RiskLoseMoney 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.
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
Bar Chart [Heading] rr_BarChartHeading WASATCH EMERGING MARKETS SMALL CAP FUND — INVESTOR CLASS
Year by Year Total Returns
Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
Best — 6/30/09   56.10%  
Worst — 12/31/08   -32.16%  
Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
Wasatch Emerging Markets Small Cap Fund | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
Exchange Fee rr_ExchangeFeeOverRedemption none
Maximum Account Fee rr_MaximumAccountFeeOverAssets none
Management Fee rr_ManagementFeesOverAssets 1.75%
Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.38%
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.13% [1]
Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.18%)
Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.95%
1 Year rr_ExpenseExampleYear01 198
3 Years rr_ExpenseExampleYear03 650
5 Years rr_ExpenseExampleYear05 1,128
10 Years rr_ExpenseExampleYear10 2,447
2008 rr_AnnualReturn2008 (57.08%)
2009 rr_AnnualReturn2009 117.72%
2010 rr_AnnualReturn2010 41.22%
2011 rr_AnnualReturn2011 (14.01%)
2012 rr_AnnualReturn2012 27.75%
Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 56.10%
Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (32.16%)
1 Year rr_AverageAnnualReturnYear01 27.75%
5 Years rr_AverageAnnualReturnYear05 7.71%
Since Inception rr_AverageAnnualReturnSinceInception 6.96%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Wasatch Emerging Markets Small Cap Fund | Return after taxes on distributions | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 27.66%
5 Years rr_AverageAnnualReturnYear05 7.65%
Since Inception rr_AverageAnnualReturnSinceInception 6.88%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Wasatch Emerging Markets Small Cap Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.16%
5 Years rr_AverageAnnualReturnYear05 6.65%
Since Inception rr_AverageAnnualReturnSinceInception 5.99%
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007
Wasatch Emerging Markets Small Cap Fund | MSCI Emerging Markets Small Cap Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 22.22% [2]
5 Years rr_AverageAnnualReturnYear05 0.21% [2]
Since Inception rr_AverageAnnualReturnSinceInception (0.05%) [2]
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007 [2]
Wasatch Emerging Markets Small Cap Fund | MSCI Emerging Markets Index (reflects no deductions for fees, expenses or taxes)
 
Risk/Return: rr_RiskReturnAbstract  
1 Year rr_AverageAnnualReturnYear01 18.22% [2]
5 Years rr_AverageAnnualReturnYear05 (0.92%) [2]
Since Inception rr_AverageAnnualReturnSinceInception (0.19%) [2]
Inception Date rr_AverageAnnualReturnInceptionDate Oct. 01, 2007 [2]
[1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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.
[2] 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.
XML 50 R98.htm IDEA: XBRL DOCUMENT v2.4.0.6
Wasatch Strategic Income Fund
WASATCH STRATEGIC INCOME FUND — Summary
INVESTMENT OBJECTIVE
The Fund’s primary investment objective is to capture current income.
A secondary 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)
Shareholder Fees
Wasatch Strategic Income Fund
Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
Exchange Fee none
Maximum Account Fee none
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses
Wasatch Strategic Income Fund
Investor Class Shares
Management Fee 0.70%
Distribution/Service (12b-1) Fee none
Other Expenses 0.44%
Acquired Fund Fees and Expenses 0.09%
Total Annual Fund Operating Expenses [1] 1.23%
Expense Reimbursement (0.19%)
Total Annual Fund Operating Expenses After Expense Reimbursement 1.04%
[1] 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.
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:
Expense Example (USD $)
1 Year
3 Years
5 Years
10 Years
Wasatch Strategic Income Fund Investor Class
106 373 660 1,477
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.
PRINCIPAL STRATEGIES
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:
  • Attractive, sustainable dividend yields or the potential for dividend growth.
  • Experienced top management.
  • Sustainable competitive advantage.
  • Stable demand for products and services.
  • Ability to capitalize on favorable long-term trends.
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:
  • Rates of current income.
  • Credit quality of the issuer.
  • Maturity, duration and other characteristics of the obligation.
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 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.
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 comparison index. 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
Bar Chart
Best and Worst Quarterly Returns
Best — 6/30/09   21.21%  
Worst — 12/31/08   -28.22%  
Average Annual Total Returns — (as of 12/31/12)
Average Annual Total Returns Wasatch Strategic Income Fund
1 Year
5 Years
Since Inception
Inception Date
Investor Class
11.29% 3.08% 4.53% Feb. 01, 2006
Investor Class Return after taxes on distributions
10.73% 2.05% 2.73% Feb. 01, 2006
Investor Class Return after taxes on distributions and sale of Fund shares
7.58% 2.04% 2.84% Feb. 01, 2006
S&P 500 Index (reflects no deductions for fees, expenses or taxes)
16.00% 1.66% 3.78% Feb. 01, 2006
Barclays Capital U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)
4.22% 5.95% 5.93% Feb. 01, 2006
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.
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'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
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    Investor Class | Wasatch Small Cap Value Fund
    WASATCH SMALL CAP VALUE FUND — Summary
    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.
    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
    Investor Class
    Wasatch Small Cap Value Fund
    Investor Class shares
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
    Exchange Fee none
    Maximum Account Fee none
    ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses
    Investor Class
    Wasatch Small Cap Value Fund
    Investor Class shares
    Management Fee [1] 1.00%
    Distribution/Service (12b-1) Fee [1] none
    Other Expenses [1] 0.29%
    Total Annual Fund Operating Expenses [1][2] 1.29%
    [1] The Fund's operating expenses have been restated to reflect a reduction in the management fee, effective January 31, 2012, as if such changes had been in effect during the fiscal year ended September 30, 2012. The information has been restated to better reflect anticipated expenses of the Fund.
    [2] 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.
    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:
    Expense Example (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Investor Class Wasatch Small Cap Value Fund
    131 408 707 1,556
    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.
    PRINCIPAL STRATEGIES
    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:
    • Undiscovered Gems — Companies with good growth potential which have yet to be broadly discovered by Wall Street analysts, thus leaving them attractively undervalued relative to their expected growth.
    • Fallen Angels — High quality growth companies that have experienced a temporary setback and therefore have appealing valuations relative to their long term growth potential.
    • Quality Value — Quality companies with earnings potential that is not fully reflected in their stock prices.
    The Fund may invest a large percentage of its assets in a few sectors, including industrials, information technology, financials, consumer discretionary, health care and energy.
    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.
    WASATCH SMALL CAP VALUE FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart
    Best and Worst Quarterly Returns
    Best — 6/30/09   33.91%  
    Worst — 12/31/08   -34.04%  
    Average Annual Total Returns — (as of 12/31/12)
    Average Annual Total Returns Investor Class
    1 Year
    5 Years
    10 Years
    Wasatch Small Cap Value Fund
    16.52% 2.46% 9.49%
    Wasatch Small Cap Value Fund Return after taxes on distributions
    16.52% 2.46% 8.05%
    Wasatch Small Cap Value Fund Return after taxes on distributions and sale of Fund shares
    10.74% 2.11% 7.96%
    Wasatch Small Cap Value Fund Russell 2000® Value Index (reflects no deductions for fees, expenses or taxes)
    18.05% 3.55% 9.50%
    Wasatch Small Cap Value Fund Russell 2000® Index (reflects no deductions for fees, expenses or taxes)
    16.35% 3.56% 9.72%
    After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
    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.

    XML 54 R132.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Wasatch-Hoisington U.S. Treasury Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH-HOISINGTON U.S. TREASURY FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock 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.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 13.00%
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock In pursuit of the Fund’s investment objective, Hoisington Investment Management Company (HIMCO), the Fund’s Sub-Advisor will:
    • Typically invest at least 90% of the Fund’s total assets in U.S. Treasury securities and in repurchase agreements collateralized by such securities.
    • 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.
    • 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.
    • 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.
    Over the course of a business cycle, under normal market conditions:
    • The effective duration of the Fund’s holdings is expected to vary from less than a year to a maximum of 25 years.
    • The Fund’s holdings will range in maturity from less than a year to a maximum of the longest maturity Treasury bonds available.
    • 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.
    • 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.
    • 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.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
    Bar Chart [Heading] rr_BarChartHeading WASATCH-HOISINGTON U.S. TREASURY FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
    Best — 9/30/11   36.15%  
    Worst — 12/31/10   -11.47%  
    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
    Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
    Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
    Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
    Wasatch-Hoisington U.S. Treasury Fund | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 0.50%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 0.22%
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.72% [1]
    1 Year rr_ExpenseExampleYear01 74
    3 Years rr_ExpenseExampleYear03 231
    5 Years rr_ExpenseExampleYear05 401
    10 Years rr_ExpenseExampleYear10 896
    2003 rr_AnnualReturn2003 1.29%
    2004 rr_AnnualReturn2004 10.22%
    2005 rr_AnnualReturn2005 10.49%
    2006 rr_AnnualReturn2006 (0.18%)
    2007 rr_AnnualReturn2007 10.00%
    2008 rr_AnnualReturn2008 37.77%
    2009 rr_AnnualReturn2009 (22.56%)
    2010 rr_AnnualReturn2010 10.18%
    2011 rr_AnnualReturn2011 41.23%
    2012 rr_AnnualReturn2012 2.78%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2011
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 36.15%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2010
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (11.47%)
    1 Year rr_AverageAnnualReturnYear01 2.78%
    5 Years rr_AverageAnnualReturnYear05 11.28%
    10 Years rr_AverageAnnualReturnYear10 8.74%
    Wasatch-Hoisington U.S. Treasury Fund | Return after taxes on distributions | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 1.69%
    5 Years rr_AverageAnnualReturnYear05 9.50%
    10 Years rr_AverageAnnualReturnYear10 7.10%
    Wasatch-Hoisington U.S. Treasury Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 2.19%
    5 Years rr_AverageAnnualReturnYear05 8.92%
    10 Years rr_AverageAnnualReturnYear10 6.72%
    Wasatch-Hoisington U.S. Treasury Fund | Barclays Capital U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 4.22%
    5 Years rr_AverageAnnualReturnYear05 5.95%
    10 Years rr_AverageAnnualReturnYear10 5.18%
    [1] 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.
    XML 55 R119.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Wasatch-1st Source Income Fund
    WASATCH-1ST SOURCE INCOME FUND — Summary
    INVESTMENT OBJECTIVE
    The Fund’s investment objective is to seek current income consistent with the preservation 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)
    Shareholder Fees
    Wasatch-1st Source Income Fund
    Investor Class Shares
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
    Exchange Fee none
    Maximum Account Fee none
    ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses
    Wasatch-1st Source Income Fund
    Investor Class Shares
    Management Fee 0.55%
    Distribution/Service (12b-1) Fee none
    Other Expenses 0.15%
    Acquired Fund Fees and Expenses 0.01%
    Total Annual Fund Operating Expenses [1] 0.71%
    [1] 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.
    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:
    Expense Example (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Wasatch-1st Source Income Fund Investor Class
    73 228 396 884
    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.
    PRINCIPAL STRATEGIES
    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:
    • Invest substantially all, but in no event less than 65%, of the Fund’s total assets at the time of purchase in debt securities.
    • 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.
    • 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.
    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
    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.
    HISTORICAL PERFORMANCE
    The Fund commenced operations on December 15, 2008 upon the reorganization of the 1st Source Monogram Income 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 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 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 Fund’s website www.WasatchFunds.com.
    WASATCH-1ST SOURCE INCOME FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart
    Best and Worst Quarterly Returns
    Best — 9/30/06   2.85%  
    Worst — 6/30/04   -2.20%  
    Average Annual Total Returns — (as of 12/31/12)
    Average Annual Total Returns Wasatch-1st Source Income Fund
    1 Year
    5 Years
    10 Years
    Investor Class
    2.81% 4.08% 3.49%
    Investor Class Return after taxes on distributions
    2.15% 3.07% 2.25%
    Investor Class Return after taxes on distributions and sale of Fund shares
    1.84% 2.90% 2.24%
    Barclays Capital U.S. Intermediate Government/Credit Bond Index (reflects no deductions for fees, expenses or taxes)
    3.89% 5.18% 4.62%
    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.
    XML 56 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Document and Entity Information
    12 Months Ended
    Jan. 31, 2013
    Risk/Return:  
    Document Type 485BPOS
    Document Period End Date Sep. 30, 2012
    Registrant Name WASATCH FUNDS TRUST
    Central Index Key 0000806633
    Amendment Flag false
    Document Creation Date Jan. 28, 2013
    Document Effective Date Jan. 31, 2013
    Prospectus Date Jan. 31, 2013
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    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Wasatch-1st Source Income Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH-1ST SOURCE INCOME FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is to seek current income consistent with the preservation of capital.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 48.00%
    Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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:
    • Invest substantially all, but in no event less than 65%, of the Fund’s total assets at the time of purchase in debt securities.
    • 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.
    • 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.
    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.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock The Fund commenced operations on December 15, 2008 upon the reorganization of the 1st Source Monogram Income 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 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 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 Fund’s website www.WasatchFunds.com.
    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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 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 bond market index.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance, before and after taxes, is not necessarily an indication of how the Investor Class of the Fund will perform in the future.
    Bar Chart [Heading] rr_BarChartHeading WASATCH-1ST SOURCE INCOME FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
    Best — 9/30/06   2.85%  
    Worst — 6/30/04   -2.20%  
    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
    Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
    Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
    Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
    Wasatch-1st Source Income Fund | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 0.55%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 0.15%
    Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.01%
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 0.71% [1]
    1 Year rr_ExpenseExampleYear01 73
    3 Years rr_ExpenseExampleYear03 228
    5 Years rr_ExpenseExampleYear05 396
    10 Years rr_ExpenseExampleYear10 884
    2003 rr_AnnualReturn2003 2.43%
    2004 rr_AnnualReturn2004 1.81%
    2005 rr_AnnualReturn2005 1.01%
    2006 rr_AnnualReturn2006 3.72%
    2007 rr_AnnualReturn2007 5.61%
    2008 rr_AnnualReturn2008 3.54%
    2009 rr_AnnualReturn2009 5.98%
    2010 rr_AnnualReturn2010 4.22%
    2011 rr_AnnualReturn2011 3.86%
    2012 rr_AnnualReturn2012 2.81%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Sep. 30, 2006
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 2.85%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2004
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (2.20%)
    1 Year rr_AverageAnnualReturnYear01 2.81%
    5 Years rr_AverageAnnualReturnYear05 4.08%
    10 Years rr_AverageAnnualReturnYear10 3.49%
    Wasatch-1st Source Income Fund | Return after taxes on distributions | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 2.15%
    5 Years rr_AverageAnnualReturnYear05 3.07%
    10 Years rr_AverageAnnualReturnYear10 2.25%
    Wasatch-1st Source Income Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 1.84%
    5 Years rr_AverageAnnualReturnYear05 2.90%
    10 Years rr_AverageAnnualReturnYear10 2.24%
    Wasatch-1st Source Income Fund | Barclays Capital U.S. Intermediate Government/Credit Bond Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 3.89%
    5 Years rr_AverageAnnualReturnYear05 5.18%
    10 Years rr_AverageAnnualReturnYear10 4.62%
    [1] 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.
    XML 60 R90.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Wasatch Small Cap Growth Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH SMALL CAP GROWTH FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s primary investment objective is long-term growth of capital.
    Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock 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.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 20.00%
    Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees 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.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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).
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
    Bar Chart [Heading] rr_BarChartHeading WASATCH SMALL CAP GROWTH FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
    Best — 6/30/03   25.79%  
    Worst — 12/31/08   -22.04%  
    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
    Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
    Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
    Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
    Wasatch Small Cap Growth Fund | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption (2.00%)
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 1.00%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 0.24%
    Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.02%
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.26% [1]
    1 Year rr_ExpenseExampleYear01 128
    3 Years rr_ExpenseExampleYear03 399
    5 Years rr_ExpenseExampleYear05 691
    10 Years rr_ExpenseExampleYear10 1,522
    2003 rr_AnnualReturn2003 37.43%
    2004 rr_AnnualReturn2004 13.36%
    2005 rr_AnnualReturn2005 5.14%
    2006 rr_AnnualReturn2006 8.40%
    2007 rr_AnnualReturn2007 8.36%
    2008 rr_AnnualReturn2008 (41.66%)
    2009 rr_AnnualReturn2009 48.74%
    2010 rr_AnnualReturn2010 28.92%
    2011 rr_AnnualReturn2011 (0.06%)
    2012 rr_AnnualReturn2012 16.95%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2003
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 25.79%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (22.04%)
    1 Year rr_AverageAnnualReturnYear01 16.95%
    5 Years rr_AverageAnnualReturnYear05 5.51%
    10 Years rr_AverageAnnualReturnYear10 9.66%
    Wasatch Small Cap Growth Fund | Return after taxes on distributions | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 15.79%
    5 Years rr_AverageAnnualReturnYear05 5.16%
    10 Years rr_AverageAnnualReturnYear10 8.93%
    Wasatch Small Cap Growth Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 12.54%
    5 Years rr_AverageAnnualReturnYear05 4.73%
    10 Years rr_AverageAnnualReturnYear10 8.46%
    Wasatch Small Cap Growth Fund | Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 14.59%
    5 Years rr_AverageAnnualReturnYear05 3.49%
    10 Years rr_AverageAnnualReturnYear10 9.80%
    Wasatch Small Cap Growth Fund | Russell 2000® Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 16.35%
    5 Years rr_AverageAnnualReturnYear05 3.56%
    10 Years rr_AverageAnnualReturnYear10 9.72%
    [1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% 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.
    XML 61 R144.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Institutional Class | Wasatch Emerging Markets Select Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH EMERGING MARKETS SELECT FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy, sell or hold shares of the Fund.
    Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
    Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses are based on estimated expenses for the Fund for its first full fiscal year.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
    Performance One Year or Less [Text] rr_PerformanceOneYearOrLess 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.
    Institutional Class | Wasatch Emerging Markets Select Fund | Institutional Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 1.25%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 1.04% [1]
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.29% [1]
    Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.79%)
    Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.50%
    1 Year rr_ExpenseExampleYear01 153
    3 Years rr_ExpenseExampleYear03 640
    [1] 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.
    XML 62 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Wasatch Frontier Emerging Small Countries Fund
    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)
    Shareholder Fees
    Wasatch Frontier Emerging Small Countries Fund
    Investor Class Shares
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
    Redemption Fee (as a % of amount redeemed on shares held 90 days or less) 2.00%
    Exchange Fee none
    Maximum Account Fee none
    ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses
    Wasatch Frontier Emerging Small Countries Fund
    Investor Class Shares
    Management Fee 1.75%
    Distribution/Service (12b-1) Fee none
    Other Expenses [1] 1.89%
    Total Annual Fund Operating Expenses [1] 3.64%
    Expense Reimbursement (1.39%)
    Total Annual Fund Operating Expenses After Expense Reimbursement 2.25%
    [1] 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.
    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:
    Expense Example (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Wasatch Frontier Emerging Small Countries Fund Investor Class
    228 987 1,766 3,809
    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
    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.
    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.
    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.
    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.
    XML 63 R84.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Wasatch Small Cap Growth Fund
    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
    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
    Wasatch Small Cap Growth Fund
    Investor Class Shares
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
    Exchange Fee none
    Maximum Account Fee none
    ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses
    Wasatch Small Cap Growth Fund
    Investor Class Shares
    Management Fee 1.00%
    Distribution/Service (12b-1) Fee none
    Other Expenses 0.24%
    Acquired Fund Fees and Expenses 0.02%
    Total Annual Fund Operating Expenses [1] 1.26%
    [1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% 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.
    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:
    Expense Example (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Wasatch Small Cap Growth Fund Investor Class
    128 399 691 1,522
    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 20% of the average value of its portfolio.
    PRINCIPAL STRATEGIES
    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
    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.
    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.
    WASATCH SMALL CAP GROWTH FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart
    Best and Worst Quarterly Returns
    Best — 6/30/03   25.79%  
    Worst — 12/31/08   -22.04%  
    Average Annual Total Returns — (as of 12/31/12)
    Average Annual Total Returns Wasatch Small Cap Growth Fund
    1 Year
    5 Years
    10 Years
    Investor Class
    16.95% 5.51% 9.66%
    Investor Class Return after taxes on distributions
    15.79% 5.16% 8.93%
    Investor Class Return after taxes on distributions and sale of Fund shares
    12.54% 4.73% 8.46%
    Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)
    14.59% 3.49% 9.80%
    Russell 2000® Index (reflects no deductions for fees, expenses or taxes)
    16.35% 3.56% 9.72%
    After-tax returns are calculated using the historical highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown. The after-tax returns are not relevant to investors who hold Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
    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.
    XML 64 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Investor Class | Wasatch Emerging India Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH EMERGING INDIA FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term appreciation of capital.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 17.00%
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over the last calendar year and since inception.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
    Bar Chart [Heading] rr_BarChartHeading WASATCH EMERGING INDIA FUND — INVESTOR CLASS
    Calendar Year Total Return
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
    Best — 3/31/12   21.43%  
    Worst — 6/30/12   -6.95%  
    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
    Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
    Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
    Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
    Investor Class | Wasatch Emerging India Fund | Investor Class shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 1.50%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 1.91%
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.41% [1]
    Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.46%)
    Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.95%
    1 Year rr_ExpenseExampleYear01 198
    3 Years rr_ExpenseExampleYear03 912
    5 Years rr_ExpenseExampleYear05 1,649
    10 Years rr_ExpenseExampleYear10 3,596
    2012 rr_AnnualReturn2012 33.77%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 21.43%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Jun. 30, 2012
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (6.95%)
    1 Year rr_AverageAnnualReturnYear01 33.77%
    Since Inception rr_AverageAnnualReturnSinceInception 2.34%
    Inception Date rr_AverageAnnualReturnInceptionDate Apr. 26, 2011
    Investor Class | Wasatch Emerging India Fund | Return after taxes on distributions | Investor Class shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 33.77%
    Since Inception rr_AverageAnnualReturnSinceInception 2.25%
    Inception Date rr_AverageAnnualReturnInceptionDate Apr. 26, 2011
    Investor Class | Wasatch Emerging India Fund | Return after taxes on distributions and sale of Fund shares | Investor Class shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 21.95%
    Since Inception rr_AverageAnnualReturnSinceInception 1.97%
    Inception Date rr_AverageAnnualReturnInceptionDate Apr. 26, 2011
    Investor Class | Wasatch Emerging India Fund | MSCI India Investable Market Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 27.28% [2]
    Since Inception rr_AverageAnnualReturnSinceInception (11.14%) [2]
    Inception Date rr_AverageAnnualReturnInceptionDate Apr. 26, 2011 [2]
    [1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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.
    [2] 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.
    XML 65 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Investor Class | Wasatch Emerging Markets Select Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH EMERGING MARKETS SELECT FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy, sell or hold shares of the Fund.
    Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
    Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses are based on estimated expenses for the Investor Class of the Fund for its first full fiscal year.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
    Performance One Year or Less [Text] rr_PerformanceOneYearOrLess 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.
    Investor Class | Wasatch Emerging Markets Select Fund | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 1.25%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 1.02% [1]
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 2.27% [1]
    Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.58%)
    Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 1.69%
    1 Year rr_ExpenseExampleYear01 172
    3 Years rr_ExpenseExampleYear03 654
    [1] 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.
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    Investor Class | Wasatch Emerging India Fund
    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)
    Shareholder Fees
    Investor Class
    Wasatch Emerging India Fund
    Investor Class shares
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
    Exchange Fee none
    Maximum Account Fee none
    ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses
    Investor Class
    Wasatch Emerging India Fund
    Investor Class shares
    Management Fee 1.50%
    Distribution/Service (12b-1) Fee none
    Other Expenses 1.91%
    Total Annual Fund Operating Expenses [1] 3.41%
    Expense Reimbursement (1.46%)
    Total Annual Fund Operating Expenses After Expense Reimbursement 1.95%
    [1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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.
    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:
    Expense Example (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Investor Class Wasatch Emerging India Fund
    198 912 1,649 3,596
    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
    Bar Chart
    Best and Worst Quarterly Returns
    Best — 3/31/12   21.43%  
    Worst — 6/30/12   -6.95%  
    Average Annual Total Returns — (as of 12/31/12)
    Average Annual Total Returns Investor Class
    1 Year
    Since Inception
    Inception Date
    Wasatch Emerging India Fund
    33.77% 2.34% Apr. 26, 2011
    Wasatch Emerging India Fund Return after taxes on distributions
    33.77% 2.25% Apr. 26, 2011
    Wasatch Emerging India Fund Return after taxes on distributions and sale of Fund shares
    21.95% 1.97% Apr. 26, 2011
    Wasatch Emerging India Fund MSCI India Investable Market Index (reflects no deductions for fees, expenses or taxes)
    [1] 27.28% (11.14%) Apr. 26, 2011
    [1] 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.
    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.
    XML 68 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Wasatch Emerging Markets Small Cap Fund
    WASATCH EMERGING MARKETS SMALL CAP 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)
    Shareholder Fees
    Wasatch Emerging Markets Small Cap Fund
    Investor Class Shares
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
    Exchange Fee none
    Maximum Account Fee none
    ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses
    Wasatch Emerging Markets Small Cap Fund
    Investor Class Shares
    Management Fee 1.75%
    Distribution/Service (12b-1) Fee none
    Other Expenses 0.38%
    Total Annual Fund Operating Expenses [1] 2.13%
    Expense Reimbursement (0.18%)
    Total Annual Fund Operating Expenses After Expense Reimbursement 1.95%
    [1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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.
    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:
    Expense Example (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Wasatch Emerging Markets Small Cap Fund Investor Class
    198 650 1,128 2,447
    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 39% of the average value of its portfolio.
    PRINCIPAL STRATEGIES
    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.
    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.
    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.
    WASATCH EMERGING MARKETS SMALL CAP FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart
    Best and Worst Quarterly Returns
    Best — 6/30/09   56.10%  
    Worst — 12/31/08   -32.16%  
    Average Annual Total Returns — (as of 12/31/12)
    Average Annual Total Returns Wasatch Emerging Markets Small Cap Fund
    1 Year
    5 Years
    Since Inception
    Inception Date
    Investor Class
    27.75% 7.71% 6.96% Oct. 01, 2007
    Investor Class Return after taxes on distributions
    27.66% 7.65% 6.88% Oct. 01, 2007
    Investor Class Return after taxes on distributions and sale of Fund shares
    18.16% 6.65% 5.99% Oct. 01, 2007
    MSCI Emerging Markets Small Cap Index (reflects no deductions for fees, expenses or taxes)
    [1] 22.22% 0.21% (0.05%) Oct. 01, 2007
    MSCI Emerging Markets Index (reflects no deductions for fees, expenses or taxes)
    [1] 18.22% (0.92%) (0.19%) Oct. 01, 2007
    [1] 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.
    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.
    XML 69 R63.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Investor Class | Wasatch Long/Short Fund
    WASATCH LONG/SHORT FUND — Summary
    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.
    SHAREHOLDER FEES (fees paid directly from your investment)
    Shareholder Fees
    Investor Class
    Wasatch Long/Short Fund
    Investor Class Shares
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
    Exchange Fee none
    Maximum Account Fee none
    ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses Wasatch Long/Short Fund
    Investor Class Shares
    Investor Class
    Investor Class Shares
    Management Fee   1.10%
    Distribution/Service (12b-1) Fee   none
    Other Expenses   0.17%
    Dividend Expense on Short Sales/Interest Expense [1] 0.24%  
    Total Annual Fund Operating Expenses   1.51%
    [1] 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.
    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:
    Expense Example (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Investor Class Wasatch Long/Short Fund
    154 478 824 1,801
    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 71% of the average value of its portfolio.
    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 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:
    • Changes in market participant psychology and circumstances.
    • Imperfect information.
    • 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:
    • Have earnings that appear to be reflected in the current price.
    • Are likely to fall short of market expectations.
    • Are in industries exhibiting weaknesses.
    • Have poor management.
    • 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.
    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
    Bar Chart
    Best and Worst Quarterly Returns
    Best — 6/30/09   16.00%  
    Worst — 12/31/08   -15.94%  
    Average Annual Total Returns — (as of 12/31/12)
    Average Annual Total Returns Investor Class
    1 Year
    5 Years
    Since Inception
    Inception Date
    Wasatch Long/Short Fund
    8.67% 4.47% 6.00% Aug. 01, 2003
    Wasatch Long/Short Fund Return after taxes on distributions
    8.63% 4.25% 5.23% Aug. 01, 2003
    Wasatch Long/Short Fund Return after taxes on distributions and sale of Fund shares
    5.69% 3.70% 4.76% Aug. 01, 2003
    Wasatch Long/Short Fund S&P 500 Index (reflects no deductions for fees, expenses or taxes)
    16.00% 1.66% 6.10% Aug. 01, 2003
    Wasatch Long/Short Fund Citigroup Three Month U.S. Treasury Bills Index (reflects no deductions for fees, expenses or taxes)
    0.07% 0.45% 1.72% Aug. 01, 2003
    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.
    XML 70 R34.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Wasatch Global Opportunities Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH GLOBAL OPPORTUNITIES FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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, Rate rr_PortfolioTurnoverRate 38.00%
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
    Bar Chart [Heading] rr_BarChartHeading WASATCH GLOBAL OPPORTUNITIES FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
    Best — 6/30/09   32.73%  
    Worst — 9/30/11   -18.94%  
    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
    Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
    Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
    Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock 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.
    Wasatch Global Opportunities Fund | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 1.50%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 0.34%
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.84% [1]
    1 Year rr_ExpenseExampleYear01 187
    3 Years rr_ExpenseExampleYear03 579
    5 Years rr_ExpenseExampleYear05 996
    10 Years rr_ExpenseExampleYear10 2,158
    2009 rr_AnnualReturn2009 61.36%
    2010 rr_AnnualReturn2010 26.31%
    2011 rr_AnnualReturn2011 (8.87%)
    2012 rr_AnnualReturn2012 25.50%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 32.73%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Sep. 30, 2011
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (18.94%)
    1 Year rr_AverageAnnualReturnYear01 25.50%
    Since Inception rr_AverageAnnualReturnSinceInception 26.07%
    Inception Date rr_AverageAnnualReturnInceptionDate Nov. 17, 2008
    Wasatch Global Opportunities Fund | Return after taxes on distributions | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 23.40%
    Since Inception rr_AverageAnnualReturnSinceInception 24.64%
    Inception Date rr_AverageAnnualReturnInceptionDate Nov. 17, 2008
    Wasatch Global Opportunities Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 19.34%
    Since Inception rr_AverageAnnualReturnSinceInception 22.83%
    Inception Date rr_AverageAnnualReturnInceptionDate Nov. 17, 2008
    Wasatch Global Opportunities Fund | MSCI All Country (AC) World Small Cap Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 18.06% [2]
    Since Inception rr_AverageAnnualReturnSinceInception 20.34% [2]
    Inception Date rr_AverageAnnualReturnInceptionDate Nov. 17, 2008 [2]
    Wasatch Global Opportunities Fund | S&P Global SmallCap Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 19.08%
    Since Inception rr_AverageAnnualReturnSinceInception 19.44%
    Inception Date rr_AverageAnnualReturnInceptionDate Nov. 17, 2008
    [1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.95% 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.
    [2] 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.
    XML 71 R49.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Wasatch International Opportunities Fund
    WASATCH INTERNATIONAL OPPORTUNITIES 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)
    Shareholder Fees
    Wasatch International Opportunities Fund
    Investor Class Shares
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
    Exchange Fee none
    Maximum Account Fee none
    ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses
    Wasatch International Opportunities Fund
    Investor Class Shares
    Management Fee 1.95%
    Distribution/Service (12b-1) Fee none
    Other Expenses 0.53%
    Total Annual Fund Operating Expenses [1] 2.48%
    Expense Reimbursement (0.23%)
    Total Annual Fund Operating Expenses After Expense Reimbursement 2.25%
    [1] 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.
    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:
    Expense Example (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Wasatch International Opportunities Fund Investor Class
    228 751 1,300 2,799
    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.
    PRINCIPAL STRATEGIES
    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).
    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 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.
    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.
    WASATCH INTERNATIONAL OPPORTUNITIES FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart
    Best and Worst Quarterly Returns
    Best — 6/30/09   44.35%  
    Worst — 9/30/08   -27.60%  
    Average Annual Total Returns — (as of 12/31/12)
    Average Annual Total Returns Wasatch International Opportunities Fund
    1 Year
    5 Years
    Since Inception
    Inception Date
    Investor Class
    31.79% 2.04% 9.20% Jan. 27, 2005
    Investor Class Return after taxes on distributions
    31.79% 1.49% 8.09% Jan. 27, 2005
    Investor Class Return after taxes on distributions and sale of Fund shares
    20.67% 1.59% 7.74% Jan. 27, 2005
    MSCI AC World Ex-U.S.A. Small Cap Index (reflects no deductions for fees, expenses or taxes)
    [1] 18.52% (0.39%) 6.76% Jan. 27, 2005
    MSCI World Ex-U.S.A. Small Cap Index (reflects no deductions for fees, expenses or taxes)
    [1] 17.48% (0.70%) 5.00% Jan. 27, 2005
    [1] 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.
    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.
    XML 72 R105.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Wasatch Ultra Growth Fund
    WASATCH ULTRA 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
    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
    Wasatch Ultra Growth Fund
    Investor Class Shares
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
    Exchange Fee none
    Maximum Account Fee none
    ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses
    Wasatch Ultra Growth Fund
    Investor Class Shares
    Management Fee 1.00%
    Distribution/Service (12b-1) Fee none
    Other Expenses 0.32%
    Acquired Fund Fees and Expenses 0.20%
    Total Annual Fund Operating Expenses [1] 1.52%
    [1] The Advisor has contractually agreed to reimburse the Investor Class shares of the Fund for Total Annual Fund Operating Expenses in excess of 1.50% 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.
    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:
    Expense Example (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Wasatch Ultra Growth Fund Investor Class
    155 481 831 1,817
    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 43% of the average value of its portfolio.
    PRINCIPAL STRATEGIES
    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
    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.
    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.
    WASATCH ULTRA GROWTH FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart
    Best and Worst Quarterly Returns
    Best — 6/30/03 29.29%
    Worst — 12/31/08 -31.56%
    Average Annual Total Returns — (as of 12/31/12)
    Average Annual Total Returns Wasatch Ultra Growth Fund
    1 Year
    5 Years
    10 Years
    Investor Class
    12.45% (0.01%) 6.25%
    Investor Class Return after taxes on distributions
    10.16% (0.59%) 5.21%
    Investor Class Return after taxes on distributions and sale of Fund shares
    11.10% (0.03%) 5.29%
    Russell 2000® Growth Index (reflects no deductions for fees, expenses or taxes)
    14.59% 3.49% 9.80%
    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.
    XML 73 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Wasatch Heritage Growth Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH HERITAGE GROWTH FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s primary investment objective is long-term growth of capital.
    Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock 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.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 26.00%
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns The following tables provide information on how the Investor Class of the Fund has performed over time.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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.
    Bar Chart [Heading] rr_BarChartHeading WASATCH HERITAGE GROWTH FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
    Best — 6/30/09   17.91%  
    Worst — 12/31/08   -23.31%  
    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
    Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
    Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
    Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
    Wasatch Heritage Growth Fund | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 0.70%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 0.33%
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.03% [1]
    Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.08%)
    Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 0.95%
    1 Year rr_ExpenseExampleYear01 97
    3 Years rr_ExpenseExampleYear03 320
    5 Years rr_ExpenseExampleYear05 561
    10 Years rr_ExpenseExampleYear10 1,253
    2005 rr_AnnualReturn2005 4.58%
    2006 rr_AnnualReturn2006 6.01%
    2007 rr_AnnualReturn2007 3.85%
    2008 rr_AnnualReturn2008 (37.60%)
    2009 rr_AnnualReturn2009 43.06%
    2010 rr_AnnualReturn2010 21.67%
    2011 rr_AnnualReturn2011 2.44%
    2012 rr_AnnualReturn2012 9.45%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 17.91%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (23.31%)
    1 Year rr_AverageAnnualReturnYear01 9.45%
    5 Years rr_AverageAnnualReturnYear05 4.02%
    Since Inception rr_AverageAnnualReturnSinceInception 5.37%
    Inception Date rr_AverageAnnualReturnInceptionDate Jun. 18, 2004
    Wasatch Heritage Growth Fund | Return after taxes on distributions | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 8.75%
    5 Years rr_AverageAnnualReturnYear05 3.75%
    Since Inception rr_AverageAnnualReturnSinceInception 4.89%
    Inception Date rr_AverageAnnualReturnInceptionDate Jun. 18, 2004
    Wasatch Heritage Growth Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 7.07%
    5 Years rr_AverageAnnualReturnYear05 3.40%
    Since Inception rr_AverageAnnualReturnSinceInception 4.56%
    Inception Date rr_AverageAnnualReturnInceptionDate Jun. 18, 2004
    Wasatch Heritage Growth Fund | Russell Midcap® Growth Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 15.81%
    5 Years rr_AverageAnnualReturnYear05 3.23%
    Since Inception rr_AverageAnnualReturnSinceInception 7.14%
    Inception Date rr_AverageAnnualReturnInceptionDate Jun. 18, 2004
    Wasatch Heritage Growth Fund | S&P 500 Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 16.00%
    5 Years rr_AverageAnnualReturnYear05 1.66%
    Since Inception rr_AverageAnnualReturnSinceInception 4.90%
    Inception Date rr_AverageAnnualReturnInceptionDate Jun. 18, 2004
    [1] 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.
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    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Document Creation Date dei_DocumentCreationDate Jan. 28, 2013
    XML 76 R69.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Wasatch Long/Short Fund | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Dividend Expense on Short Sales/Interest Expense rr_Component1OtherExpensesOverAssets 0.24% [1]
    Investor Class | Wasatch Long/Short Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH LONG/SHORT FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is capital appreciation.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 71.00%
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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:
    • Changes in market participant psychology and circumstances.
    • Imperfect information.
    • 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:
    • Have earnings that appear to be reflected in the current price.
    • Are likely to fall short of market expectations.
    • Are in industries exhibiting weaknesses.
    • Have poor management.
    • 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.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.
    Bar Chart [Heading] rr_BarChartHeading WASATCH LONG/SHORT FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
    Best — 6/30/09   16.00%  
    Worst — 12/31/08   -15.94%  
    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
    Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
    Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
    Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
    Investor Class | Wasatch Long/Short Fund | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 1.10%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 0.17%
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.51%
    1 Year rr_ExpenseExampleYear01 154
    3 Years rr_ExpenseExampleYear03 478
    5 Years rr_ExpenseExampleYear05 824
    10 Years rr_ExpenseExampleYear10 1,801
    2004 rr_AnnualReturn2004 4.47%
    2005 rr_AnnualReturn2005 3.82%
    2006 rr_AnnualReturn2006 14.72%
    2007 rr_AnnualReturn2007 4.98%
    2008 rr_AnnualReturn2008 (20.93%)
    2009 rr_AnnualReturn2009 30.07%
    2010 rr_AnnualReturn2010 9.41%
    2011 rr_AnnualReturn2011 1.77%
    2012 rr_AnnualReturn2012 8.67%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.00%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (15.94%)
    1 Year rr_AverageAnnualReturnYear01 8.67%
    5 Years rr_AverageAnnualReturnYear05 4.47%
    Since Inception rr_AverageAnnualReturnSinceInception 6.00%
    Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
    Investor Class | Wasatch Long/Short Fund | Return after taxes on distributions | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 8.63%
    5 Years rr_AverageAnnualReturnYear05 4.25%
    Since Inception rr_AverageAnnualReturnSinceInception 5.23%
    Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
    Investor Class | Wasatch Long/Short Fund | Return after taxes on distributions and sale of Fund shares | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 5.69%
    5 Years rr_AverageAnnualReturnYear05 3.70%
    Since Inception rr_AverageAnnualReturnSinceInception 4.76%
    Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
    Investor Class | Wasatch Long/Short Fund | S&P 500 Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 16.00%
    5 Years rr_AverageAnnualReturnYear05 1.66%
    Since Inception rr_AverageAnnualReturnSinceInception 6.10%
    Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
    Investor Class | Wasatch Long/Short Fund | Citigroup Three Month U.S. Treasury Bills Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 0.07%
    5 Years rr_AverageAnnualReturnYear05 0.45%
    Since Inception rr_AverageAnnualReturnSinceInception 1.72%
    Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
    [1] 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.
    XML 77 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6
    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Wasatch Frontier Emerging Small Countries Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is long-term growth of capital.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
    Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Other Expenses are based on estimated expenses for the Fund’s first full fiscal year.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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.
    Performance One Year or Less [Text] rr_PerformanceOneYearOrLess 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.
    Wasatch Frontier Emerging Small Countries Fund | Investor Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 90 days or less) rr_RedemptionFeeOverRedemption 2.00%
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 1.75%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Other Expenses rr_OtherExpensesOverAssets 1.89% [1]
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 3.64% [1]
    Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (1.39%)
    Total Annual Fund Operating Expenses After Expense Reimbursement rr_NetExpensesOverAssets 2.25%
    1 Year rr_ExpenseExampleYear01 228
    3 Years rr_ExpenseExampleYear03 987
    5 Years rr_ExpenseExampleYear05 1,766
    10 Years rr_ExpenseExampleYear10 3,809
    [1] 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.
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    Label Element Value
    Risk/Return: rr_RiskReturnAbstract  
    Registrant Name dei_EntityRegistrantName WASATCH FUNDS TRUST
    Prospectus Date rr_ProspectusDate Jan. 31, 2013
    Wasatch Long/Short Fund | Investor Class
     
    Risk/Return: rr_RiskReturnAbstract  
    Component1 Other Expenses rr_Component1OtherExpensesOverAssets 0.24% [1]
    Institutional Class | Wasatch Long/Short Fund
     
    Risk/Return: rr_RiskReturnAbstract  
    Risk/Return [Heading] rr_RiskReturnHeading WASATCH LONG/SHORT FUND — Summary
    Objective [Heading] rr_ObjectiveHeading INVESTMENT OBJECTIVE
    Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock The Fund’s investment objective is capital appreciation.
    Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND
    Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock The tables below describe the fees and expenses that you may pay if you buy, sell or hold shares of the Fund.
    Shareholder Fees Caption [Text] rr_ShareholderFeesCaption SHAREHOLDER FEES (fees paid directly from your investment)
    Operating Expenses Caption [Text] rr_OperatingExpensesCaption ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination January 31, 2014
    Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading PORTFOLIO TURNOVER
    Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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.
    Portfolio Turnover, Rate rr_PortfolioTurnoverRate 71.00%
    Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates 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.
    Expense Example [Heading] rr_ExpenseExampleHeading EXAMPLE
    Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock 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:
    Strategy [Heading] rr_StrategyHeading PRINCIPAL STRATEGIES
    Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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:
    • Changes in market participant psychology and circumstances.
    • Imperfect information.
    • 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:
    • Have earnings that appear to be reflected in the current price.
    • Are likely to fall short of market expectations.
    • Are in industries exhibiting weaknesses.
    • Have poor management.
    • 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.
    Risk [Heading] rr_RiskHeading PRINCIPAL RISKS
    Risk Narrative [Text Block] rr_RiskNarrativeTextBlock 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.
    Risk Lose Money [Text] rr_RiskLoseMoney 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.
    Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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.
    Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading HISTORICAL PERFORMANCE
    Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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
    Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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.
    Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.WasatchFunds.com
    Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture Past performance, before and after taxes, is not necessarily an indication of how the Institutional Class of the Fund will perform in the future.
    Bar Chart [Heading] rr_BarChartHeading WASATCH LONG/SHORT FUND — INVESTOR CLASS
    Year by Year Total Returns
    Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best and Worst Quarterly Returns
    Best — 6/30/09   16.00%  
    Worst — 12/31/08   -15.94%  
    Bar Chart, Returns for Class Not Offered in Prospectus [Text] rr_BarChartReturnsForClassNotOfferedInProspectus 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.
    Performance Table Heading rr_PerformanceTableHeading Average Annual Total Returns — (as of 12/31/12)
    Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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.
    Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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.
    Performance Table Explanation after Tax Higher rr_PerformanceTableExplanationAfterTaxHigher 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.
    Performance Table Narrative rr_PerformanceTableNarrativeTextBlock 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.
    Institutional Class | Wasatch Long/Short Fund | Institutional Class Shares
     
    Risk/Return: rr_RiskReturnAbstract  
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) rr_RedemptionFeeOverRedemption 2.00%
    Exchange Fee rr_ExchangeFeeOverRedemption none
    Maximum Account Fee rr_MaximumAccountFeeOverAssets none
    Management Fee rr_ManagementFeesOverAssets 1.10%
    Distribution/Service (12b-1) Fee rr_DistributionAndService12b1FeesOverAssets none
    Dividend Expense on Short Sales/Interest Expense rr_Component3OtherExpensesOverAssets 0.24% [1]
    Other Expenses rr_OtherExpensesOverAssets 0.10% [2]
    Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.44% [2]
    Expense Reimbursement rr_FeeWaiverOrReimbursementOverAssets (0.03%)
    Total Annual Fund Operating Expenses after Expense Reimbursement rr_NetExpensesOverAssets 1.41%
    1 Year rr_ExpenseExampleYear01 144
    3 Years rr_ExpenseExampleYear03 453
    5 Years rr_ExpenseExampleYear05 785
    10 Years rr_ExpenseExampleYear10 1,723
    Institutional Class | Wasatch Long/Short Fund | Investor Class
     
    Risk/Return: rr_RiskReturnAbstract  
    2004 rr_AnnualReturn2004 4.47%
    2005 rr_AnnualReturn2005 3.82%
    2006 rr_AnnualReturn2006 14.72%
    2007 rr_AnnualReturn2007 4.98%
    2008 rr_AnnualReturn2008 (20.93%)
    2009 rr_AnnualReturn2009 30.07%
    2010 rr_AnnualReturn2010 9.41%
    2011 rr_AnnualReturn2011 1.77%
    2012 rr_AnnualReturn2012 8.67%
    Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best
    Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Jun. 30, 2009
    Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 16.00%
    Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst
    Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2008
    Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (15.94%)
    1 Year rr_AverageAnnualReturnYear01 8.67%
    5 Years rr_AverageAnnualReturnYear05 4.47%
    Since Inception rr_AverageAnnualReturnSinceInception 6.00%
    Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
    Institutional Class | Wasatch Long/Short Fund | Return after taxes on distributions | Investor Class
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 8.63%
    5 Years rr_AverageAnnualReturnYear05 4.25%
    Since Inception rr_AverageAnnualReturnSinceInception 5.23%
    Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
    Institutional Class | Wasatch Long/Short Fund | Return after taxes on distributions and sale of Fund shares | Investor Class
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 5.69%
    5 Years rr_AverageAnnualReturnYear05 3.70%
    Since Inception rr_AverageAnnualReturnSinceInception 4.76%
    Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
    Institutional Class | Wasatch Long/Short Fund | S&P 500 Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 16.00%
    5 Years rr_AverageAnnualReturnYear05 1.66%
    Since Inception rr_AverageAnnualReturnSinceInception 6.10%
    Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
    Institutional Class | Wasatch Long/Short Fund | Citigroup Three Month U.S. Treasury Bills Index (reflects no deductions for fees, expenses or taxes)
     
    Risk/Return: rr_RiskReturnAbstract  
    1 Year rr_AverageAnnualReturnYear01 0.07%
    5 Years rr_AverageAnnualReturnYear05 0.45%
    Since Inception rr_AverageAnnualReturnSinceInception 1.72%
    Inception Date rr_AverageAnnualReturnInceptionDate Aug. 01, 2003
    [1] 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.
    [2] 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.
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    Wasatch-Hoisington U.S. Treasury Fund
    WASATCH-HOISINGTON U.S. TREASURY FUND — Summary
    INVESTMENT OBJECTIVE
    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
    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
    Wasatch-Hoisington U.S. Treasury Fund
    Investor Class Shares
    Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) none
    Redemption Fee (as a % of amount redeemed on shares held 60 days or less) 2.00%
    Exchange Fee none
    Maximum Account Fee none
    ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)
    Annual Fund Operating Expenses
    Wasatch-Hoisington U.S. Treasury Fund
    Investor Class Shares
    Management Fee 0.50%
    Distribution/Service (12b-1) Fee none
    Other Expenses 0.22%
    Total Annual Fund Operating Expenses [1] 0.72%
    [1] 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.
    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:
    Expense Example (USD $)
    1 Year
    3 Years
    5 Years
    10 Years
    Wasatch-Hoisington U.S. Treasury Fund Investor Class
    74 231 401 896
    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 13% of the average value of its portfolio.
    PRINCIPAL STRATEGIES
    In pursuit of the Fund’s investment objective, Hoisington Investment Management Company (HIMCO), the Fund’s Sub-Advisor will:
    • Typically invest at least 90% of the Fund’s total assets in U.S. Treasury securities and in repurchase agreements collateralized by such securities.
    • 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.
    • 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.
    • 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.
    Over the course of a business cycle, under normal market conditions:
    • The effective duration of the Fund’s holdings is expected to vary from less than a year to a maximum of 25 years.
    • The Fund’s holdings will range in maturity from less than a year to a maximum of the longest maturity Treasury bonds available.
    • 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.
    • 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.
    • 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.
    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:
    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.
    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 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
    Bar Chart
    Best and Worst Quarterly Returns
    Best — 9/30/11   36.15%  
    Worst — 12/31/10   -11.47%  
    Average Annual Total Returns — (as of 12/31/12)
    Average Annual Total Returns Wasatch-Hoisington U.S. Treasury Fund
    1 Year
    5 Years
    10 Years
    Investor Class
    2.78% 11.28% 8.74%
    Investor Class Return after taxes on distributions
    1.69% 9.50% 7.10%
    Investor Class Return after taxes on distributions and sale of Fund shares
    2.19% 8.92% 6.72%
    Barclays Capital U.S. Aggregate Bond Index (reflects no deductions for fees, expenses or taxes)
    4.22% 5.95% 5.18%
    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.
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