Wasatch Advisors(R) Announces Two New Funds That Build on Existing Expertise: Wasatch Heritage Value Fund(TM) Opened August 30 Wasatch Emerging Markets Small Cap Fund(TM) to Open October 1

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Wasatch Advisors announced the launch of two new funds - the Wasatch Heritage Value Fund and the Wasatch Emerging Markets Small Cap Fund - leveraging the experience and expertise of its investment team. The Heritage Value Fund opened on August 30 and is managed by a team of Wasatch research professionals, led by Brian Bythrow. The Emerging Markets Small Cap Fund will open on October 1 and will be managed by a team of Wasatch research professionals, led by Roger Edgley.

This fund helps to fill an important gap for investors by investing in lesser-known companies that are part of the increasingly global economy. We believe we can add real value for shareholders in this space as we apply our expertise in evaluating these small, dynamic companies.

    The Heritage Value Fund builds on the value investing tradition that Wasatch has developed and refined over the past ten years with the Wasatch Small Cap Value Fund(R) (WMCVX, open to all investors) and the Wasatch Micro Cap Value Fund(R) (WAMVX, closed to all investors). The Heritage Value Fund will focus on mid and large cap companies.

Says lead Portfolio Manager Brian Bythrow, who also co-manages the Wasatch Micro Cap Value Fund, "Wasatch's value investing process is driven by fundamental research to find companies that are mis-priced. We find value in multiple, sometimes non-traditional places: growth companies that have stumbled, spin-offs, companies trading at a good value relative to history with a catalyst for future growth, etc. We will leverage the existing Wasatch value investing discipline, along with the deep due diligence of the Wasatch research team, to construct a portfolio of roughly thirty larger cap holdings that we believe are under valued."

The Emerging Markets Small Cap Fund is a natural extension from our international investment team which currently manages the Wasatch International Growth Fund(R) (WAIGX, closed to new investors) and the Wasatch International Opportunities Fund (WAIOX, closed to all investors).

"Like all Wasatch Funds, this Fund will rely upon our trademark fundamental investment process with deep due diligence and multiple eyes(TM) collaboration," says lead Portfolio Manager and Director of International Research Roger Edgley. "As we travel the globe looking for the World's Best Growth Companies(a) we are increasingly finding interesting and under-followed small companies in emerging markets."

There are currently very few Emerging Market funds focused on small cap companies. Says Edgley, "This fund helps to fill an important gap for investors by investing in lesser-known companies that are part of the increasingly global economy. We believe we can add real value for shareholders in this space as we apply our expertise in evaluating these small, dynamic companies."

Due to the limited investments available in emerging market small cap companies, we believe it may become necessary to limit the assets under management in this Fund.

About Wasatch Advisors

Wasatch Advisors, Inc. is an employee-owned investment adviser registered with the Securities and Exchange Commission under the Investment Advisers Act of 1940. Wasatch Advisors is the investment manager to Wasatch Funds(R), a family of no-load mutual funds, as well as separately managed institutional and individual portfolios. Wasatch Advisors pursues a disciplined approach to investing, focused on bottom-up, fundamental analysis to develop a deep understanding of the investment potential of individual companies. The Portfolio Managers employ a uniquely collaborative multiple eyes process to leverage the knowledge and skill of the entire Wasatch Advisors research team in making investment decisions. Founded in 1975 and headquartered in Salt Lake City, Wasatch Advisors has roughly $9 billion under management as of July 31, 2007.

(a) Wasatch Advisors defines the World's Best Growth Companies(R) (WBGCs) as companies that we believe possess an identifiable, sustainable competitive advantage, are well managed, undervalued and are producing above average earnings growth relative to their industry and country of origin.

Wasatch Funds are subject to risks, including loss of principal. Investments in value stocks can perform differently from the market as a whole and other types of stocks and can continue to be undervalued by the market for long periods of time. Loss of principal is a risk of investing.

Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap funds.

An investor should consider investment objectives, risks and expenses carefully before investing. To obtain a prospectus, which contains this and other information, visit http://www.wasatchfunds.com or call 800.551.1700. Please read it carefully before investing.

Wasatch Funds are distributed by ALPS Distributors, Inc.

Wasatch Funds

P. O. Box 2172

Milwaukee, WI 53201-2172

WAS000637 12/31/2007

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