W
ASATCH
I
NTERNATIONAL
O
PPORTUNITIES
F
UND
®
(Investor Class Shares)
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Summary Prospectus
January 31, 2014
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T
ICKER
:
WAIOX
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Before you invest, you may want to review the Funds prospectus, which contains more information
about the Fund and its risks. You can find the Funds prospectus and other information about the Fund online at
www.WasatchFunds.com.
You can also get this information at no cost by calling
800.551.1700
or by sending an
email to shareholderservice@wasatchfunds.com. The Funds prospectus and statement of additional information, each dated January 31, 2014, are incorporated by reference into this summary prospectus.
I
NVESTMENT
O
BJECTIVE
The Funds investment objective is long-term growth of capital.
F
EES
AND
E
XPENSES
OF
THE
F
UND
The tables below describe the fees and expenses that you may pay if you buy, sell or hold Investor
Class shares of the Fund.
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S
HAREHOLDER
F
EES
(fees paid directly from your
investment)
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Investor Class Shares
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Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)
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None
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Redemption Fee (as a % of amount redeemed on shares held 60 days or less)
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2.00%
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Exchange Fee
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None
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Maximum Account Fee
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None
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A
NNUAL
F
UND
O
PERATING
E
XPENSES
(expenses that you pay each year as a percentage of the value of your investment)
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Investor Class Shares
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Management Fee
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1.95%
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Distribution/Service (12b-1) Fee
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None
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Other Expenses
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0.47%
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Total Annual Fund Operating Expenses
1
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2.42%
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Expense Reimbursement
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(0.17)%
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Total Annual Fund Operating Expenses After Expense Reimbursement
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2.25%
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1
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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%
of average daily net assets until at least January 31, 2015 (excluding interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment related costs and extraordinary expenses). The Board of Trustees is the
only party that can terminate the contractual limitation prior to the contracts expiration. The Advisor can rescind the contractual limitation on expenses at any time after its expiration date.
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E
XAMPLE
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 $10,000 in the Investor Class of the Fund for the time periods indicated and then redeemed all of your shares at the end of those periods. The example also assumes that your investment had a 5%
return each year and that the operating expenses (as a percentage of net assets) of the Funds Investor Class remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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International Opportunities Fund Investor Class
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$
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228
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$
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738
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$
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1,275
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$
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2,743
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1
P
ORTFOLIO
T
URNOVER
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 Funds
performance. During the most recent fiscal year, the Funds portfolio turnover rate was 49% of the average value of its portfolio.
P
RINCIPAL
S
TRATEGIES
The Fund invests primarily in foreign micro cap companies.
Under normal
market conditions, we will invest the Funds assets in equity securities of foreign companies with market capitalizations of less than US$1 billion at the time of purchase. Equity securities include common stock, preferred stock and securities
convertible into common stock, warrants and rights, and other securities with equity characteristics (which include any instrument tied to a specific security or basket of securities, such as equity-linked derivatives and notes, certain options on
common stock, and exchange traded funds). 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 Funds 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.
The Fund may also invest in initial public offerings (IPOs).
P
RINCIPAL
R
ISKS
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. An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency.
The Fund is subject to the following principal investment risks:
Stock Market Risk.
The Funds investments may decline in value due to movements in the overall stock market.
Stock Selection Risk.
The Funds 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 investments 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 for these products and services, and limited managerial and financial resources. The stocks of micro cap companies may therefore be more volatile and the ability to sell these stocks at a
desirable time or price may be more limited.
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.
To the
extent the Fund emphasizes, from time to time, investments in a particular sector , the Fund will be subject to a greater degree to the risks particular to that sector, including the sectors described below. 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.
Consumer Staples Sector Risk.
The consumer staples sector may be affected by marketing campaigns, changes in consumer demands,
government regulations and changes in commodity prices.
Consumer Discretionary Sector Risk.
Industries in the consumer
discretionary sector, such as consumer durables, hotels, restaurants, media, retailing and automobiles, may be significantly impacted by the performance of the overall economy, interest rates, competition, consumer confidence and spending, and
changes in demographics and consumer tastes.
2
Industrials Sector Risk.
Industries in the industrials sector, such as companies
engaged in the production, distribution or service of products or equipment for manufacturing, agriculture, forestry, mining and construction, can be significantly affected by general economic trends, including such factors as employment and
economic growth, interest rate changes, changes in consumer spending, legislative and government regulation and spending, import controls, commodity prices, and worldwide competition.
Information Technology Sector 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.
Materials Sector Risk.
Changes in world events, political,
environmental and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations may adversely
affect the companies engaged in the production and distribution of materials.
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.
H
ISTORICAL
P
ERFORMANCE
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 Funds 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 Funds 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 Funds Investor Class for the years shown in the bar chart. The average annual total return table below allows you to compare the Funds 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 Funds website
www.WasatchFunds.com.
W
ASATCH
I
NTERNATIONAL
O
PPORTUNITIES
F
UND
I
NVESTOR
C
LASS
Year by Year Total Returns
Best and Worst Quarterly Returns
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Best 6/30/09
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44.35%
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Worst 9/30/08
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-27.60%
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Average Annual Total Returns (as of 12/31/13)
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1 Year
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5 Years
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Since Inception
(1/27/05)
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Wasatch International Opportunities Fund Investor Class
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Return before taxes
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19.33%
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23.86%
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10.29%
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Return after taxes on distributions
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17.69%
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22.89%
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9.12%
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Return after taxes on distributions and sale of Fund shares
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12.26%
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19.74%
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8.38%
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MSCI AC World Ex-U.S.A. Small Cap Index* (reflects no deductions for fees, expenses or taxes)
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19.73%
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18.73%
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8.14%
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MSCI World
Ex-U.S.A.
Small Cap Index* (reflects no deductions for fees, expenses or
taxes)
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25.55%
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18.45%
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7.13%
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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 investors 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.
*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.
3
P
ORTFOLIO
M
ANAGEMENT
Investment Advisor
Wasatch Advisors, Inc.
Portfolio Managers
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Roger Edgley, CFA
Lead Portfolio Manager
Since 2005
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Laura Geritz, CFA
Portfolio Manager
Since May 24, 2011
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Jared Whatcott, CFA
Associate Portfolio Manager
Since January 31, 2014
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P
URCHASE
AND
S
ALE
OF
F
UND
S
HARES
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I
NVESTMENT
M
INIMUMS
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I
NVESTOR
C
LASS
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New Accounts
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$2,000
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New Accounts with an Automatic Investment Plan
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$1,000
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Individual Retirement Accounts (IRAs)
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$2,000
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Coverdell Education Savings Accounts
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$1,000
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S
UBSEQUENT
P
URCHASES
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I
NVESTOR
C
LASS
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Regular Accounts and IRAs
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$ 100
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Automatic Investment Plan
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$ 50 per month
and/or $100 per quarter
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You may purchase, redeem or exchange Fund shares on any day the New York Stock Exchange is open for business.
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You may sell shares online at
www.WasatchFunds.com
, via email at shareholderservice@wasatchfunds.com or by calling 800.551.1700 if you did not
decline the telephone redemption privilege when establishing your account.
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You may write to: Wasatch Funds, P.O. Box 2172, Milwaukee, WI 53201-2172 or via overnight delivery to: Wasatch Funds, 803 West Michigan Street, Suite
A, Milwaukee, WI 53233-2301. The letter should include your name, Fund Name, Class of shares (i.e., Investor Class), account number, dollar amount of shares to be bought or sold, your daytime telephone number, signature(s) of account owners (sign
exactly as the account is registered) and Medallion signature guarantee (if required). For IRA accounts, please obtain an IRA Distribution Form from
www.WasatchFunds.com
or by calling a shareholder services representative.
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You may buy or sell shares of the Fund through banks or investment professionals, including brokers, and they may charge you a transaction fee for this
service.
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T
AX
I
NFORMATION
The Fund intends to make distributions. You will generally have to pay federal income taxes, and any applicable state or local taxes, on
the distributions you receive from the Fund as ordinary income or capital gains unless you are investing through a tax exempt account such as a qualified retirement plan. Distributions on investments made through tax-deferred vehicles, such as
401(k) plans or IRAs, may be taxed later upon withdrawal of assets from those plans or accounts.
P
AYMENTS
TO
B
ROKER
-D
EALERS
AND
O
THER
F
INANCIAL
I
NTERMEDIARIES
If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Advisor or its affiliates may pay the intermediary for the sale of shares and related
services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary or your individual financial advisor to recommend the Fund over another investment. Ask your individual financial advisor or visit your
financial intermediarys website for more information.
WAIOX
4
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