WASATCH FUNDS - Curian Clearing

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) — Portfolio Summary
MARCH 31, 2015 (UNAUDITED)
AVERAGE ANNUAL TOTAL RETURNS
SIX MONTHS* 1YEAR 5YEARS 10 YEARS
Small Cap Value (WMCVX) — Investor 13.18% 10.84% 15.97% 8.38%
Small Cap Value (WICVX) — Institutional 13.11% 10.79% 16.08% 8.43%
Russell 2000 ® Value Index 11.56% 4.43% 12.54% 7.53%
Russell 2000 ® Index 14.46% 8.21% 14.57% 8.82%
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 Small
Cap Value Fund are Investor Class — 1.20% / Institutional Class — Gross: 1.44%, Net: 1.15%. The expense
ratio shown elsewhere in this report may be different. Net Expenses are based on Fund expenses, net of
waivers and reimbursements. 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 1/31/2012 is based on the performance of the Investor Class.
Performance of the Fund’s Institutional Class prior to 1/31/2012 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.
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. Investments in value stocks can perform differently from the market as
a whole and from other types of stocks and can continue to be undervalued by the market for long periods
of time. Investing in foreign securities, especially in emerging markets, entails special risks, such as
currency fluctuations and political uncertainties, which are described in more detail in the prospectus.
*Not annualized.
% of Net
Company
Assets
Ensign Group, Inc. (The) 3.1%
AVG Technologies N.V. 3.0%
Allegiant Travel Co. 2.9%
CareTrust REIT, Inc. 2.8%
Nu Skin Enterprises, Inc., Class A 2.8%
TOP 10 EQUITY HOLDINGS**
% of Net
Company
Assets
World Fuel Services Corp. 2.6%
Mallinckrodt plc 2.5%
Customers Bancorp, Inc. 2.5%
Arbor Realty Trust, Inc. 2.5%
HEICO Corp., Class A 2.5%
**As of March 31, 2015, there were 60 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 †
Financials
28.2%
Information Technology
19.6%
Industrials
17.0%
Consumer Discretionary
14.0%
Health Care
11.6%
Energy
4.7%
Consumer Staples
2.8%
Materials
1.3%
Cash & Cash Equivalents †† 0.8%
† Excludes securities sold short and options
written, if any.
†† Also includes Other Assets & Liabilities.
$6,000
GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT
$24,000 $23,280
Wasatch Small Cap Value Fund
$21,000
Russell 2000 Value Index
$22,363
Russell 2000 Index
$20,674
$18,000
$15,000
$12,000
$9,000
’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 payon
fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The Russell 2000 Value Index measures the performance of those
Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index is an unmanaged total return index
of the smallest 2,000 companies in the Russell 3000 Index, as ranked by total market capitalization. The Russell 2000 Index is widely regarded in the industry
as accurately capturing the universe of small company stocks. You cannot invest directly in these or any indices.
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