WASATCH FUNDS - Curian Clearing

WASATCH LONG/SHORT FUND (FMLSX / WILSX) — Portfolio Summary
MARCH 31, 2015 (UNAUDITED)
AVERAGE ANNUAL TOTAL RETURNS
SIX MONTHS* 1YEAR 5YEARS 10 YEARS
Long/Short (FMLSX) — Investor -4.38% -4.56% 6.05% 6.00%
Long/Short (WILSX) — Institutional -4.31% -4.37% 6.11% 6.03%
S&P 500 Index 5.93% 12.73% 14.47% 8.01%
Citigroup U.S. Domestic 3-Month Treasury Bills Index 0.01% 0.03% 0.07% 1.41%
Data shows past performance, which is not indicative of future performance. Current performance may be lower
or higher than the performance quoted. To obtain the most recent month-end performance data available, please
visit www.WasatchFunds.com. The Advisor may absorb certain Fund expenses, without which total return would
have been lower. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth
more or less than their original cost.
As of the January 31, 2015 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Long/
Short Fund are — Investor Class: 1.53% / Institutional Class: 1.42%, Net: 1.42%. The expense ratio shown
elsewhere in this report may be different. Net Expenses are based on Fund expenses, net of waivers and
reimbursements. Expenses include dividend expense on short sales and interest expense. See the prospectus
for additional information regarding Fund expenses.
Wasatch Funds will deduct a 2.00% redemption proceeds fee on Fund shares held 60 days or less. Performance data
does not reflect the deduction of fees, including sales charges, or the taxes you would pay on fund distributions or the
redemption of fund shares. Fees and taxes, if reflected, would reduce the performance quoted. Wasatch does not charge
any sales fees. For more complete information including charges, risks and expenses, read the prospectus carefully.
Performance for the Institutional Class prior to 12/13/2012 is based on the performance of the Investor
Class. Performance of the Fund’s Institutional Class prior to 12/13/2012 uses the actual expenses of the
Fund’s Investor Class without any adjustments. For any such period of time, the performance of the Fund’s
Institutional Class would have been substantially similar to, yet higher than, the performance of the Fund’s
Investor Class, because the shares of both classes are invested in the same portfolio of securities, but the
classes bear different expenses.
The Fund makes short sales of securities, which involve the risk that losses may exceed the original amount
invested. Equity investing involves risks, including potential loss of the principal amount invested.
*Not annualized.
% of Net
Company
Assets
Wal-Mart Stores, Inc. 4.1%
Iron Mountain, Inc. 4.0%
Loews Corp. 4.0%
Mosaic Co. (The) 3.7%
Oracle Corp. 3.5%
TOP 10 EQUITY HOLDINGS**
% of Net
Company
Assets
Denbury Resources, Inc. 3.3%
NOW, Inc. 2.9%
Express Scripts Holding Co. 2.8%
Halliburton Co. 2.6%
General Motors Co. 2.6%
**As of March 31, 2015, there were 45 long and 18 short holdings in the Fund. Foreign currency contracts, written
options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings
are subject to change at any time. References to specific securities should not be construed as recommendations
by the Funds or their Advisor. Current and future holdings are subject to risk.
SECTOR BREAKDOWN † 22.1%
Financials
Cash & Cash Equivalents †† 16.5%
Energy
14.1%
Information Technology
Consumer Discretionary
Health Care
Industrials
Consumer Staples
Materials
Telecommunication Services
Utilities
† Excludes securities sold short and options
written, if any.
†† Also includes Other Assets & Liabilities.
13.4%
10.9%
7.8%
5.8%
4.1%
3.7%
1.1%
0.5%
$22,000
$19,000
$16,000
$13,000
$10,000
$7,000
Wasatch Long/Short Fund
S&P 500 Index
Citigroup U.S. Domestic 3-Month
Treasury Bills Index
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
$21,611
$17,906
$11,501
’05 ’06 ’07 ’08 ’09 ’10 ’11 ’12 ’13 ’14 ’15
Years Ended March 31
Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions
or the redemption of fund shares. Wasatch does not charge any sales fees. The S&P 500 Index includes 500 of the United States’ largest stocks from a broad variety of
industries. The Index is unmanaged and is a commonly used measure of common stock total return performance. The Citigroup U.S. Domestic 3-Month Treasury Bills
Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months. U.S. Treasury bills, which are short-term loans to the U.S. government, are
full-faith-and-credit obligations of the U.S. Treasury and are generally regarded as being free of any risk of default. You cannot invest directly in these or any indices.
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