The Investment Opportunity

Diverse Universe

Wasatch's new Fund is one of the first no-load funds to invest in what are known as frontier and emerging small countries (the newer emerging markets). Wasatch believes these markets present a significant opportunity as immature economies grow in a geographically and economically diverse way. Improved investor access to these markets has given Wasatch a universe of almost 6,000 companies to choose from.

Index-listed Frontier Countries*
Argentina
Bahrain
Bangladesh
Botswana
Bulgaria
Colombia
Cote d'Ivoire
Croatia
Cyprus
Ecuador
Estonia
Ghana
Jamaica
Jordan
Kazakhstan
Kenya
Kuwait
Latvia
Lebanon
Lithuania
Mauritius
Namibia
Nigeria
Oman
Pakistan
Panama
Qatar
Romania
Slovakia
Slovenia
Sri Lanka
Trinidad and Tobago
Tunisia
Ukraine
Vietnam
Zambia

Non-Index-listed Frontier Countries
Malawi
Swaziland
Uganda
Zimbabwe
Fiji
Georgia
Mongolia
Nepal
Uzbekistan
Armenia
Bolivia
Cayman Islands
Costa Rica
El Salvador
Guyana
Paraguay
Uruguay
Venezuela
Saudi Arabia
Emerging Small Countries
Mexico
Malaysia
Indonesia
Thailand
Chile
Poland
Turkey
Colombia
Philippines
Peru
Czech Republic
Egypt
Hungary
Morocco

RISKS

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in frontier and emerging markets, entails special risks, such as unstable currencies, highly volatile securities markets and political and social instability, which are described in more detail in the prospectus. Being non-diversified, WAFMX can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

An investor should consider investment objectives, risks, charges, and expenses carefully before investing. To obtain a prospectus containing this and other information click here or call 800.551.1700. Please read it carefully before investing.

The investment objective for the Wasatch Frontier Emerging Small Country, Emerging Markets Small Cap, and International Opporunities Fund is long-term growth of capital.

Past performance is no guarantee of future results.

CFA® is a trademark owned by CFA Institute.

* The MSCI Emerging Markets, MSCI Frontier Markets, and S&P Frontier BMI indices are free float-adjusted market capitalization indices designed to measure equity market performance in the global frontier and emerging markets.
The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index designed to measure theequity market performance of developed markets, excluding the U.S. and Canada.
The MSCI ACWI (All Country World Index) is a free float-adjusted market capitalization weighted index designed to measure theequity market performance of developed and emerging markets.
The S&P 500 Index represents 500 of the United States' largest stocks from a broad variety of industries.
You cannot invest directly in these or any indices.

"Bottom-up" is the term Wasatch uses to describe its intensive research process focused on identifying the investment potential of individual companies.

Correlation: Indicates the strength and direction of a linear relationship between two investments. The value will range between -1 and 1. A value of 1 indicates perfect positive dependency and -1 indicates perfect negative dependency between the two investments.

Gross domestic product (GDP) is the monetary value of all the finished goods and services produced within a country's borders annually