WASATCH CORE GROWTH FUND INVESTOR CLASS SHARES (WGROX) Exchange: NMFQS

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. The companies in which we invest 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 markets, emerging markets, or frontier markets. Securities issued by companies incorporated outside the United States whose securities are principally 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’s secondary objective of income is achieved when fast growing portfolio companies pay dividends, generated by cash flow, typically after achieving growth targets. The Fund may invest a large percentage of its assets in a particular region or market, including Europe and the United Kingdom. The Fund may invest a large percentage of its assets in a few sectors including industrials, information technology, consumer discretionary, heath care, and financials.