UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

SCHEDULE 14A

(Rule14a-101)

INFORMATION REQUIRED IN PROXY STATEMENT

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities

Exchange Act of 1934 (Amendment No. [    ] )

Filed by the Registrant [X]

Filed by a Party other than the Registrant [_][]

Check the appropriate box:

[X]] Preliminary Proxy Statement

[_]] Confidential, For Use of the Commission Only (as permitted by Rule14a-6(e)(2))

[  ]X] Definitive Proxy Statement

[_]] Definitive Additional Materials

[_]] Soliciting Material Pursuant toSection 240.14a-11(c) orSection 240.14a-12

WASATCH FUNDS TRUST

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

[X] No fee required

[_]] Fee computed on table below per Exchange Act Rules14a-6(i)(4) and0-11.

(1) Title of each class of securities to which transaction applies:

(2) Aggregate number of securities to which transaction applies:

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[_]] Check box if any part of the fee is offset as provided by Exchange Act Rule0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.

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WASATCH FUNDS TRUST

(each, a “Fund”, collectively, the “Funds”)

505 Wakara Way, 3rd Floor

Salt Lake City, Utah 84108

June 26,July 14, 2020

Dear Wasatch Funds Shareholder:

Please take note that a Joint Special Meeting of Shareholders of Wasatch Emerging India Fund, Wasatch Emerging Markets Select Fund, Wasatch Emerging Markets Small Cap Fund and Wasatch Frontier Emerging Small Countries Fund, each a separate series of Wasatch Funds Trust (the “Trust”), will be held on Monday, August 31, 2020, at the offices of Wasatch Funds Trust, 505 Wakara Way, 3^rd Floor, Salt Lake City, Utah 84108 at 10:00 a.m., Mountain time (the “Meeting”). However, as we are concerned about your health and safety during the current coronavirus(COVID-19) pandemic, we intend to monitor the recommendations of public health officials and governmental restrictions as the situation continues to evolve. If we decide to hold a meeting at a different time, in a different location, or partially or entirely by means of remote communication (i.e., a virtual meeting), we will make anannounce any such updates by means of a press release, which will be posted on our website at wasatchglobal.com. We encourage you to check the website prior to the Meeting if you plan to attend the Meeting. An announcement inof any change will also be filed with the manner discussed in these materials.Securities and Exchange Commission via its EDGAR system.

The purpose of the Meeting is to ask shareholders to consider and vote upon the proposal(s) applicable to their Fund(s):

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The Board of Trustees of the Trust (referred to as the “Board”) has unanimously approved each Proposal to change the respective Fund’s classification to non-diversified and determined that shareholderseach Proposal is in the best interests of eachthe applicable Fund will benefit fromand their respective shareholders. Accordingly, the changeBoard of classification of their fund and unanimouslyTrustees recommends that youshareholders vote “FOR” the proposal for your Fund. Proposal 1, Proposal 2, Proposal 3 and Proposal 4, as applicable.

We strongly invite your participation by asking you to review these materials and complete and return your proxy card as soon as possible.

Detailed information about each proposal is contained in the enclosed materials. Please exercise your right to vote by completing, dating and signing the enclosed proxy card. Aself-addressed,postage-paid envelope has been enclosed for your convenience. Alternatively, you may vote by telephone or via the internet following the instructions on the proxy card.It is very important that you vote and that your voting instructions be received no later than 8:00 a.m. Mountain time on August 31, 2020.

NOTE: You may receive more than one proxy package if you hold shares in more than one account. You must return separate proxy cards for separate holdings. We have providedpostage-paid return envelopes for each, which require no postage if mailed in the United States.

If you have any questions after considering the enclosed materials, please call [800.469.4414].800.769.4414.

Sincerely,

/s/ Russell L. Biles

Russell L. Biles

Secretary

Wasatch Funds Trust

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WASATCH FUNDS TRUST

(each, a “Fund”, collectively, the “Funds”)

505 Wakara Way, 3rd Floor

Salt Lake City, Utah 84108

NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS

TO BE HELD AUGUST 31, 2020

To the Shareholders:

Wasatch Funds Trust (the “Trust”), on behalf of Wasatch Emerging India Fund, Wasatch Emerging Markets Select Fund, Wasatch Emerging Markets Small Cap Fund, and Wasatch Frontier Emerging Small Countries Fund, each a series of the Trust, will be held on Monday, August 31, 2020, at the offices of Wasatch Funds Trust, 505 Wakara Way, 3^rd Floor, Salt Lake City, Utah 84108 at 10:00 a.m., Mountain time (the “Meeting”) for the following purposes:

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However, as we are concerned about your health and safety during the current coronavirus(COVID-19) pandemic, we intend to monitor the recommendations of public health officials and governmental restrictions as the situation continues to evolve. If we decide to hold a meeting at a different time, in a different location, or partially or entirely by means of remote communication (i.e., a virtual meeting), we will announce any such updates by means of a press release, which will be posted on our website at wasatchglobal.com. We encourage you to check the website prior to the Meeting if you plan to attend the Meeting. An announcement of any change will also be filed with the Securities and Exchange Commission via its EDGAR system.

You are entitled to vote at the Meeting and any adjournment(s) or postponement(s) thereof if you owned shares of a Fund at the close of business on June 22, 2020.

All shareholders are cordially invited to attend the Meeting. Whether or not you plan to attend the Meeting, please vote your shares. In order that your shares may be represented at the Meeting, please vote your proxy as soon as possible either by mail, telephone, or via the internet as indicated on the enclosed proxy card. If voting by mail, you are requested to:

In addition to voting by mail, you may also vote by either telephone or via the internet, as follows:

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We encourage you to vote by telephone or via the internet using the control number that appears on your enclosed proxy card. Use of telephone or internet voting will reduce the time and costs associated with this proxy solicitation. Whichever method you choose, please read the enclosed proxy statement carefully before you vote.

IMPORTANT NOTICE REGARDINGTHE AVAILABILITYOF PROXY MATERIALSFORTHE SPECIAL SHAREHOLDER MEETING TO BE HELDON AUGUST 31, 2020. The Proxy Statement is available on the internet at:

https://vote.proxyonline.com/wasatch/docs/proxy2020.pdf

PLEASE NOTE: If the Funds decide to hold the Meeting at a different time, in a different location, or partially or entirely by means of remote communication (i.e., a virtual meeting), an announcement of any such updates will be provided by means of a press release, which will be posted on our website at wasatchglobal.com. We encourage you to check the website prior to the Meeting if you plan to attend the Meeting. An announcement of any change will also be filed with the Securities and Exchange Commission via its EDGAR system. You do not need to attend the Meeting if you submit your votes on the proposals by proxy promptly.

PLEASE RESPOND — WE ASK THAT YOU VOTE PROMPTLY IN ORDER TO AVOID THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION. YOUR VOTE IS IMPORTANT.

By Order of the Board of Trustees,

/s/ Russell L. Biles

Russell L. Biles

Secretary

June 26,July 14, 2020

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WASATCH FUNDS TRUST

(each, a “Fund”, collectively, the “Funds”)

505 Wakara Way, 3rd Floor

Salt Lake City, Utah 84108

Proxy Statement

Joint Special Meeting of Shareholders

to be held on August 31, 2020

This Proxy Statement is being furnished to you in connection with the solicitation of proxies by the Board of Trustees (the “Board” or “Trustees”) of Wasatch Funds Trust (the “Trust”), on behalf of each of the Funds named above, each a series of the Trust, to be voted at a Joint Special Meeting of Shareholders to be held on Monday, August 31, 2020, at the offices of Wasatch Funds Trust, 505 Wakara Way, 3^rd Floor, Salt Lake City, Utah 84108 at 10:00 a.m., Mountain time (the “Meeting”) and at any and all adjournments, postponements or delays thereof, for the purposes set forth below and described in greater detail in this Proxy Statement. The date of the first mailing of proxy cards and this Proxy Statement to shareholders will be on or about June 30,July 16, 2020.

At the Meeting, shareholders of a Fund will be asked to consider and vote upon the proposals applicable to their Fund. The table below shows each proposal and the Fund whose shareholders are entitled to vote on it. The proposals are discussed in detail in the Proxy Statement.

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Proposal 1, Proposal 2, Proposal 3 and Proposal 4 are each considered a “Proposal” and collectively, the “Proposals”.

You are entitled to vote at the Meeting and any adjournment(s) or postponement(s) if you owned shares of the applicable Fund at the close of business on June 22, 2020 (the “Record Date”). Each shareholder is entitled to one vote for each whole share owned on the Record Date and proportionate fractional vote for any fraction of a share owned.

Only shareholders of record at the close of business on the Record Date will be entitled to notice of, and to vote at, the Meeting. Shares represented by proxies, unless previously revoked, will be voted at the Meeting in accordance with the instructions of the shareholders. If no instructions are given, the proxies will be voted in favor of athe Proposal for the respective Fund. To revoke a proxy, the shareholder giving such proxy must either (1) submit to the respective Fund a subsequently dated proxy, (2) deliver to the respective Fund a written notice of revocation, or (3) otherwise give notice of revocation inattend the open Meeting or adjournment or postponement thereof and vote his or her shares in person, in all cases prior to the exercise of the authority granted in the proxy. A subsequently dated proxy or written notice of revocation shall be submitted to the Secretary of the Trust, 505 Wakara Way, 3^rd Floor, Salt Lake City, Utah 84108.

For each Proposal, the presenceholders of outstanding shares entitled to vote and present in person or by proxy representing thirty percent (30%) of the holders of record of 30% of the shares outstanding and entitled to vote on such proposalvoting power of the respective Fund at the Meeting shall constitute a quorum for purposes of voting upon the Proposal at the Meeting.Meeting for that Fund. A quorum of shareholders is necessary to take action at the Meeting for such Fund.

If a quorum is not present either in person or by proxy for a matter to be considered at the Meeting for a respective Fund, it may, by actionthe Chair of the TrusteeBoard or her designee

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presiding at the Meeting or if the Chair is not present at the Meeting and there is no such designee, the most senior officer of the Trust presiding overpresent at the Meeting be adjournedshall preside at the Meeting and may adjourn the Meeting with respect to anyone or more matters for a Fund to a date that may be considered atmore than 120 days after the Meetingdate set for such Fund.the original Meeting. The Meeting for a Fund may, by motion of the presiding Trustee or officer of the Trust thereat, be adjourned with respect to one or more matters to be considered at such Meeting for such Fund, even if a quorum is present with respect

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to such matters, when such adjournment is approved by the vote of holders of shares representing a majority of the voting power of the shares present and entitled to vote of the respective Fund with respect to the matter or matters adjourned. Unless a proxy is otherwise limited in this regard, any shares present and entitled to vote at a meeting that are represented by brokernon-votes may, at the discretion of the proxies named therein, be voted in favor of such adjournment.

If a shareholder wishes to participate in the Meeting, but does not wish to authorize the execution of a proxy by telephone or through the internet, the shareholder may still submit the proxy form included with this Proxy Statement by mail or attend the Meeting in person.

THE MOST RECENT ANNUAL REPORT OF THE TRUST, INCLUDING FINANCIAL STATEMENTS, FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2019 AND THE MOST RECENT SEMI-ANNUAL REPORT OF THE TRUST, INCLUDING FINANCIAL STATEMENTS, FOR THE PERIOD ENDED MARCH 31, 2020 HAVE BEEN MAILED PREVIOUSLY TO SHAREHOLDERS. IF YOU WOULD LIKE TO RECEIVE ADDITIONAL COPIES OF THESE SHAREHOLDER REPORTS FREE OF CHARGE, OR COPIES OF ANY SUBSEQUENT SHAREHOLDER REPORT, PLEASE CONTACT THE TRUST BY WRITING TO THE ADDRESS SET FORTH ON THE FIRST PAGE OF THIS PROXY STATEMENT OR BY CALLING 800.551.1700 OR WRITING TO WASATCH FUNDS AT P.O. BOX 2172, MILWAUKEE, WISCONSIN53201-2172. REQUESTED SHAREHOLDER REPORTS WILL BE SENT BY FIRST CLASS MAIL WITHIN THREE BUSINESS DAYS OF THE RECEIPT OF THE REQUEST.

IMPORTANT NOTICE REGARDINGTHE AVAILABILITYOF PROXY MATERIALSFORTHE SHAREHOLDER MEETING TO BE HELDON AUGUST 31, 2020. This Proxy Statement is available on the internet at: https://vote.proxyonline.com/wasatch/docs/proxy2020.pdf. The Trust’s most recent annual and semi-annual reports are also available on the internet at: wasatchglobal.com by selecting the tab labeled “Resources-Mutual Funds Literature.”

PLEASE NOTE: We are concerned about your health and safety during the current coronavirus (COVID-19) pandemic, we intend to monitor the recommendations of public health officials and governmental restrictions as the situation continues to evolve. If the Fundswe decide to hold the Meetinga meeting at a different time, in a different location, or partially or entirely by means of remote communication (i.e., a virtual meeting), an announcement ofwe will

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announce any such updates will be provided by means of a press release, which will be posted on our website at wasatchglobal.com. We encourage you to check the website prior to the Meeting if you plan to attend the Meeting. An announcement of any change will also be filed with the Securities and Exchange Commission via its EDGAR system. You do not need to attend the Meeting if you submit your votes on a Proposal by proxy promptly.

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PROPOSAL 1, PROPOSAL 2, PROPOSAL 3 AND PROPOSAL 4

Change in Classification from

“Diversified” Company to“Non-Diversified” “Non-Diversified” Company

Discussion of the Proposals

Q.               What are shareholders of the Funds being asked to approve?

Background

Wasatch Advisors, Inc. (the “Advisor”) andA.               Shareholders of each Fund are being asked to approve a change in the Board seek shareholder approvalclassification of their respective Fund from a “diversified” Fund to reclassify youra “non-diversified” Fund as“non-diversified” under the securities laws.laws as described in the table above. Each Fund’s shareholders will only be voting on the Proposal affecting their respective Fund.

Q.               What is the difference between a “diversified” and a “non-diversified” fund?

A.               Under the Investment Company Act of 1940, as amended (the “1940 Act”), every mutual fund must be classified as either a “diversified” fund or a“non-diversified” “non-diversified” fund” within the meaning of the 1940 Act. The 1940 Act also requires shareholders to approve a change in a fund’s classification from a diversified fund to anon-diversified fund. A diversified fund is limited as to the amount of assets it may invest in any single issuer. Under the 1940 Act, a diversified fund may not, with respect to 75% of its total assets, invest in securities of any issuer if, as a result of such investment, (i) more than 5% of the value of the fund’s total assets would be invested in securities of any one issuer, or (ii) the fund would hold more than 10% of the outstanding voting securities of any one issuer. These percentages do not apply to securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, or to repurchase agreements fully collateralized by U.S. government obligations. These limits apply at the time a diversified fund purchases a security; a diversified fund may exceed these limits if positions it already holds increase in value relative to the rest of the fund’s holdings. In contrast, anon-diversified fund is not subject to the limits of a diversified fund; it may invest a greater percentage of its assets in a single issuer or a fewer number of issuers than a diversified fund.

Each Fund is currently classified as a diversified fund, and the 1940 Act requires shareholders to approve a change in a fund’s classification from a diversified fund to a non-diversified fund. If shareholders of a Fund approve the reclassification for their Fund, such Fund will no longer be subject to the above investment restrictions for a diversified fund under the 1940 Act.

Q.               Why are shareholders being asked to approve changing the classification of their Fund to “non-diversified”?

A.               Wasatch Advisors, Inc. (the “Advisor”) and the Board seek shareholder approval to reclassify their Fund as “non-diversified” under the securities laws.

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When each Fund commenced operations, the respective Fund was originally classified as anon-diversified fund. However, each Fund has operated as diversified for more than three consecutive years. According to the rules under the 1940 Act, anon-diversified fund that operates as a diversified fund for three consecutive years will automatically become diversified notwithstanding its original classification as anon-diversified fund. In such case, shareholder approval is required to change a fund’s classification from diversified tonon-diversified.

ReasonsThe Advisor believes, based on its review of its investment process, that each Fund and its shareholders may benefit if the Fund is operated as a “non-diversified” Fund. Based on its experience and investment analysis, the Advisor believes that generally the ability for a Fund to invest more significantly in fewer securities may enhance the probability of improved performance over the long term. As a result, the Advisor has noted that it has over the past few years generally trended toward investing a larger percentage of a Fund’s assets in the securities of fewer companies in which the Advisor has the most conviction (subject to exception for the Proposals

As described above,Wasatch Emerging Markets Select Fund which generally maintained a similar number of holdings in its portfolio). In developing its recommendation, the Advisor considered, among other things, the decreasing number of holdings in each Fund’s portfolios (except the Wasatch Emerging Markets Select Fund) from December 1, 2010 through April 1, 2020 (or such shorter period to the extent the Fund is currently classifiedwas not in existence during such period)(the “Review Period”); the relative weight allocated to the top 30 names in the Fund’s portfolio over the Review Period; the relative percentage of performance that was derived from the top 10 securities held in the respective Fund for each of the calendar years since 2011 (or such shorter periods to the extent the respective Fund was not in existence); the performance of the top 30 securities held in the Fund’s portfolio compared to the performance of the entire Fund for certain periods; and certain data reflecting the current weights of any securities representing over 5% of a Fund’s portfolio as of June 1, 2020. The Advisor also has recognized that as a “diversified”result of market appreciation, the Advisor at times has reduced the size of certain Funds’ holdings in particular securities to maintain compliance with the investment company, as that term is defined inlimitations imposed on diversified funds by the 1940 Act and is asking for shareholder approval to restore itsnon-diversified classification. when it would not otherwise have reduced these holdings.

If shareholders approve the reclassification of their respective Fund, the Advisor will have greater flexibility in pursuing investment opportunities and will be able to focus the respective Fund’s investments more heavily in the securities of fewer issuers. The Advisor believes that this increased flexibility willthe non-diversification classification may benefit the respective Fund over time because it willmay provide more opportunities for the Advisor to seek to enhance the applicable Fund’s performance by allowing the Advisor to direct more assets to investments it considers more advantageous or desirable for the

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respective Fund.

The Advisor considers the ability at times to concentrateinvest a large portion of a Fund’s assets in a relatively few companies as an important strategy in pursuing a Fund’s investment objective. The Advisor intends to use this increased investment flexibility to take larger positions in the securities of fewer issuers and operate asnon-diversified when it believes doing so will benefit the respective Fund in pursuing its investment objective. Nevertheless,In pursuing the Fund’s investment

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objective, the Advisor may at times operatetake or maintain smaller positions in portfolio companies, but it is the Advisor’s intention to maintain each Fund’s classification as a non-diversified fund even if at times a Fund asmay satisfy the requirements of being a “diversified” fund if it deems it in the best interests of the Fund to do so.diversified fund. However, if the Advisor does not operate the respective Fund asnon-diversified within three years of the approval of the Fund’s reclassification tonon-diversified, such Fund will revert back to diversified per the rules under the 1940 Act, and the Advisor will be required to again seek shareholder approval to reserve the freedom to operate the Fund asnon-diversified in the future. No assurance can be given that operating a Fund asnon-diversified will improve its investment performance.

Q.               Will being classified as “non-diversified” affect my Fund’s investment objectives or strategy?

A.               Other than operating as a non-diversified Fund, there are no changes to each Fund’s investment objective or other investment strategies. As noted above, the change in classification to “non-diversified” will eliminate the Fund’s obligation to comply with the investment limitations that are applicable to diversified funds under the 1940 Act. The Trust’s Boardchange in classification will permit the Advisor to invest a larger percentage of Trustees recommends thatthe Fund’s assets in a smaller number of issuers than a diversified fund. The Advisor may invest more of the respective Fund’s assets in issuers in which the Advisor has the most conviction or it otherwise considers beneficial for the Fund. The Advisor also will not be required to reduce the size of certain Funds’ holdings in particular securities if necessary to maintain compliance with the investment limitations imposed on diversified funds by the 1940 Act. If shareholders approve the Proposal for their Fund, the following disclosure will be added as part of its investment strategy disclosure in its prospectus:

Q.               What are the benefits and risks of the change of their respectivethe Fund’s classification from a “diversified” fund to“non-diversified.” If your Fund’s reclassification tonon-diversified is approved, you should note a “non-diversified” fund?

The Advisor believes that the change in classification to a non-diversified Fund may bebenefit the respective Fund over time because it may provide more exposedopportunities for the Advisor to seek to enhance the risks of loss and volatility from individual holdings thanapplicable Fund’s performance by allowing the Advisor to direct more assets to investments it considers more advantageous or desirable for the respective Fund. There is, however, no guarantee that operating as a diversifiednon-diversified fund that invests more broadly as described in further detail below.will improve performance.

Risks.  If shareholders of a Fund approve the respective Proposal to reclassify their Fund tonon-diversified, such Fund will no longer be subject to the investment restrictions outlined above for diversified funds under the 1940 Act. As a result, a Fund

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may take larger positions in fewer issuers than if it were diversified. Investing in anon-diversified fund could involve more risk than investing in a fund that holds a broader range of securities because a Fund’s net asset value may be more vulnerable to changes in the market value of a single issuer or group of issuers and may be relatively more susceptible to adverse effects from any single corporate, industry, economic, market, political or regulatory occurrence. To the extent a Fund invests its assets in a smaller number of issuers, such Fund will be more susceptible to negative events affecting those issuers than a diversified fund. Investing a larger percentage of a Fund’s assets in any one issuer could increase such Fund’s risk of loss and its share price volatility because the value of its shares would be more susceptible to adverse events affecting that issuer. If a Fund takes a larger position in an issuer that subsequently has an adverse return, the Fund may have a greater loss than it would have had if it had more diversified investments.

Although a Fund will not be limited by the 1940 Act with respect to the proportion of its assets that may be invested in the obligations of a single issuer if the proposal to change such Fund’s classification tonon-diversified is approved by its shareholders, the respective Fund will continue to be subject to the separate diversification requirements under the Internal Revenue Code of 1986, as amended (the “Code”). In order to qualify as a “regulated investment company” under Subchapter M of the Code, the respective Fund, with respect to 50% of its total assets, may not invest more than 5% of its total assets in securities of any one issuer and may not purchase more than 10% of the outstanding voting securities of any one issuer, except obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities and except securities of other investment companies. The remaining 50% of the applicable Fund’s total assets are not

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required to be “diversified” as just described. However, in no event may more than 25% of a Fund’s total assets be invested in the securities of any one issuer (other than U.S. Government securities; the securities of other regulated investment companies; securities of any two or more issuers controlled by the Fund which, pursuant to regulations of the Code, may be deemed to be engaged in the same, similar or related trades or businesses; or the securities of one or more qualified publicly traded partnerships as defined in the Code). These limits apply as of the end of each quarter of the respective Fund’s fiscal year so a Fund may actually have a higher concentrationlevel of investment in an issuer during periods between the ends of its fiscal quarters. Each Fund intends to continue to qualify as a “regulated investment company” under the Code and therefore intends to comply with the diversification requirements to qualify as such.

If shareholders approve the Proposal for its Fund to change its classification to non-diversified, such Fund will add the following statement as part of the Fund’s principal risk disclosure:

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Q.               When will the change in classification to “non-diversified” be effective?

A. The“non-diversified” “non-diversified” classification will become effective with respect to a Fund upon approval by its shareholders. In such case, a Fund may operate as anon-diversified fund depending on the investment opportunities available to the Fund at that point in time. The flexibilityability to take larger positions in the securities of a single issuer may be used immediately upon shareholder approval or may be implemented over time depending on market conditions. TheNevertheless, the Advisor intends to operate a Fund asnon-diversifiedmay take smaller positions in portfolio holdings when it believes it would beis in shareholders’the best interests of shareholders to do so. However, if the Advisor does not operate the respective Fund as non-diversified within three years of the approval of the Fund’s reclassification to non-diversified, such Fund will revert back to diversified per the rules under the 1940 Act, and the Advisor will be required to again seek shareholder approval to reserve the freedom to operate the Fund as non-diversified in the future. If the Proposal is not approved by the Fund’s shareholders, such Fund’s current investment company classification will remain unchanged.unchanged and the Fund would continue to operate as a diversified Fund. If the Proposal for the Fund is approved by asuch Fund’s shareholders to operate as anon-diversified Fund, any future change by asuch Fund from a“non-diversified” “non-diversified” to a “diversified” classification would not require shareholder approval under the 1940 Act.

Q.               What happens if a Proposal is not approved or if not all the Proposals are approved?

A.               The Proposals are separate and not contingent upon each other. If shareholders approve the Proposal for their Fund, the change in classification will be effective for such Fund even if the shareholders of the other Funds do not approve the Proposal applicable to their Funds. If the Proposal is not approved for a Fund, such Fund will continue to operate as a diversified Fund under its current classification.

Q.               Has the Board of Trustees Recommendation

The Trust’sapproved each Fund’s change in classification from “diversified” to “non-diversified” and how does the Board of Trustees recommend that I vote?

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A.               Yes. The Advisor has recommended and the Board has unanimously approved each Proposal to change the respective Fund’s classification to non-diversified and determined that each Proposal is in the best interests of the applicable Fund. each Fund and each Fund’s respective shareholders. Accordingly, the Board of Trustees recommends that shareholders vote “FOR” Proposal 1, Proposal 2, Proposal 3 and Proposal 4, as applicable.

At a special meeting held on June 10, 2020, the Board approved the change of classification of each Fund from diversified to non-diversified and recommended that shareholders of each Fund approve the change of classification for their Fund. Leading up to the meeting, the disinterested Trustees met in executive session on June 5, 2020 to consider the Proposal for each Fund. In approving the Proposals, the Trustees considered, among other things: (a) that each Fund had commenced operations as a non-diversified fund but became diversified over time in accordance with the rules of the 1940 Act; (b) the Advisor’s recommendation for the change in classification; (c) the Advisor’s belief that the change may provide additional opportunities to enhance the applicable Fund’s performance by allowing the Advisor to direct more assets to investments it considers more advantageous or desirable for the respective Fund; (d) an analysis by the Advisor generally reflecting, in relevant part, its trend of investing the Funds’ assets in the securities of fewer companies (although the number of holdings in the Emerging Markets Select Fund generally had been consistent) and the relative weight of the Funds’ top 30 securities in their portfolios over time as well as certain performance data of a Fund reflecting the performance attributed to a Fund’s top 30 and top 10 holdings over specified time periods; (e) the additional risk associated with non-diversified Funds as they invest a larger percentage of their assets in a smaller number issuers and therefore are more susceptible to negative events affecting those issuers; (f) the Advisor’s representation that due to market appreciation, it has had to reduce the size of certain Funds’ holdings in particular securities at times to maintain compliance with the investment limitations imposed on diversified funds by the 1940 Act; (g) the liquidity profile of each Fund was not anticipated to change as a result of the change in classification; (h) the costs of the proxy solicitation and the allocation of such costs; and (i) the Advisor’s belief that taking larger positions in the securities of companies in which the Advisor has the most conviction may potentially increase the probability of better performance over the long term; however, there is no guarantee that operating as a non-diversified Fund would improve performance. Based on their review, the Trustees approved the Proposals for each Fund, determined that the change of classification of each Fund from diversified to non-diversified is in the best interests of each Fund and each Fund’s respective shareholders, and recommended that shareholders approve the Proposal applicable to their respective Fund.

GENERAL INFORMATION ABOUT THE FUNDS

Management and Other Service Providers

Set forth below is a description of the current service providers of the Trust.

Advisor.The investment advisor for the Trust is Wasatch Advisors, Inc. doing business as Wasatch Global Investors. The Advisor is located at 505 Wakara Way, 3^rd Floor, Salt Lake City, Utah 84108.

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Distributor. Shares of the Funds are offered on a continuous basis through ALPS Distributors, Inc. (“ADI”), 1290 Broadway, Suite 1100, Denver, Colorado 80203, as distributor of the Funds pursuant to a Distribution Agreement between the Trust and ADI. ADI also serves as distributor for other mutual funds. As distributor, ADI acts as the Trust’s agent to underwrite, sell and distribute shares in a continuous offering, pursuant to a best efforts arrangement.

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Administrator. The Trust has entered into an administration agreement with State Street Bank and Trust Company (“State Street”), 801 Pennsylvania Avenue, Kansas City, Missouri 64105, pursuant to which State Street provides administrative services to the Funds.

OTHER BUSINESS

The Board does not intend to present any other business at the Meeting. If, however, any other matters are properly brought before the Meeting, the persons named in the accompanying form of proxy will vote thereon in accordance with their judgment.

SUBMISSION OF CERTAIN SHAREHOLDER PROPOSALS

The Trust does not hold annual shareholder meetings. Any shareholder proposal intended to be presented at any future meeting of shareholders must be received by the Trust at its principal office a reasonable time before the solicitation of proxies for such meeting in order for such proposal to be considered for inclusion in the proxy statement relating to such meeting. Shareholders wishing to submit proposals for inclusion in a proxy statement for a subsequent shareholder meeting should send their written proposals to the Secretary of the Wasatch Funds Trust, 505 Wakara Way, 3^rd Floor, Salt Lake City, Utah 84108.

DELIVERY OF ANNUAL REPORTS AND OTHER DOCUMENTS

Please note that only one annual or semi-annual report, proxy statement, or notice of internet availability of proxy materials, as applicable, may be delivered to two or more shareholders of a Fund who share an address, unless such Fund has received instructions to the contrary. To request a separate copy of an annual or semi-annual report, proxy statement, or notice of internet availability of proxy materials, as applicable, or for instructions as to how to request a separate copy of such documents or as to how to request a single copy if multiple copies of such documents are received, shareholders should contact the applicable Fund at the following address: Wasatch Funds, P.O. Box 2172, Milwaukee, Wisconsin 53201-2172 or call800-551-1700. Pursuant to a request, a separate copy will be delivered promptly free of charge.

VOTING INFORMATION

This Proxy Statement is furnished in connection with a solicitation of proxies by the Board to be used at the Meeting. This Proxy Statement, along with a Notice of the

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Meeting and proxy card, is first being mailed to shareholders of the Funds on or about June 30,July 16, 2020. Only shareholders of record as of the close of business on the Record Date, June 22, 2020, will be entitled to notice of, and to vote at, the Meeting. If the enclosed form of proxy card is properly executed and returned in time to be voted at the Meeting, the proxies named therein will vote the shares represented by the proxy in accordance with the instructions marked thereon. Unmarked but properly executed proxy cards will be voted FOR the applicable Proposal and at the discretion of the named proxies on any other matters deemed appropriate.

Revocation of Proxies

A proxy may be revoked at any time at

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or beforeby either (1) submitting to the vote onrespective Fund a subsequently dated proxy, (2) delivering to the matter byrespective Fund a written notice received byof revocation or (3) attending the Meeting or the adjournment or postponement thereof and voting his or her shares in person, in all cases prior to the exercise of the authority granted in the proxy. A subsequently dated proxy or written notice of revocation shall be submitted to the Secretary of the Trust, 505 Wakara Way, 3^rd Floor, Salt Lake City, Utah 84108 prior to the vote on the matter, by submitting a subsequently dated proxy or by attending and voting at the Meeting or the adjournment or postponement thereof. Unless revoked, all valid and executed proxies will be voted in accordance with the specifications thereon or, in the absence of such specifications, for approval of the matters contemplated thereby.84108.

Quorum

With respect to a Fund, the holders of outstanding shares entitled to vote and present in person or by proxy representing thirty percent (30%) of the shares outstanding and entitled to vote on the applicable Proposalvoting power of the respective Fund at the Meeting shall constitute a quorum for purposes of voting upon the Proposal at the Meeting for suchthat Fund.

Voting Requirement

The favorable vote of holders of a “majority of the outstanding voting securities” (as defined in the 1940 Act) of the respective Fund is required for the approval of the Proposal for such Fund.

Under the 1940 Act, the vote of the holder of a “majority of the outstanding voting securities” of a Fund means the vote of the holders of the lesser of (1) 67% or more of its voting shares present at the Meeting or represented by proxy if the holders of 50% or more of its outstanding voting shares orare so present or represented;represented by proxy; or (2) more than 50% of its outstanding voting shares. Shares of each Fund are currently held in two classes (Investor Class and Institutional Class). For purposes of each vote for a Fund, all shares of the respective Fund will vote together as one class.

All shares represented by properly submitted proxies will be counted as present for the purposes of determining a quorum. Before the Meeting, brokers holding shares of a Fund in “street name” for the benefit of their customers should request their customers’ instructions on how to vote their shares on a Proposal. Under applicable New York Stock Exchange rules, brokers are not permitted to vote on a Proposal with respect to shares for which no instructions have been received from customers. If a shareholder abstains from voting as to any matter, or if a broker returns a“non-vote” “non-vote” proxy, indicating a lack of authority to vote on a matter, then the shares represented by such abstention ornon-vote will be considered to be present at the Meeting for purposes of determining the existence of a quorum and will have the effect of a vote “AGAINST” the Proposal.

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PROXY SOLICITATION

Proxies are solicited primarily by mail. Additional solicitations may be made by telephone,e-mail, or other personal contact by officers or employees of the Advisor and its affiliates or by proxy soliciting firms retained by the Funds. The Funds have retained AST Fund Solutions (the “Solicitor”), to provide proxy solicitation services in connection with the Meeting at an estimated cost of $180,000.$150,000. Including proxy solicitation expenses and associated legal and other expenses, the total costs of the proxy solicitation are estimated at $200,000. The costs of the proxy solicitation may be higher or lower, depending on how long it takes and the efforts required for the Solicitor to contact shareholders. In addition, the Funds may reimburse persons holding shares in their names or names of their nominees for expenses incurred in forwarding solicitation material to their beneficial owners. With respect to the costs of the proxy solicitation of the Proposals herein, such costs shall be allocated among the

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Funds pro rata based on the number of shareholder accounts. To the extent each Fund’sthe expenses including the solicitation costs, wouldof a Fund exceed the Fund’s current expense cap,caps applicable to the classes of the Fund, the Advisor will bear the portion of the solicitation expenses necessary for such Fundclasses to operate within the current expense cap. Under the expense limitation agreement of each Fund, the Advisor may recoup certain amounts previously paid in a prior or current fiscal year. A Fund, however, may only make repayments to the Advisor for amounts reimbursed if such repayment does not cause the respective expense ratio applicable to the Fund’s classes after the repayment is taken into account to exceed (i) the expense cap in place at the time such amount was waived and (ii) the current expense cap applicable to the classes.

As the Meeting date approaches, shareholders of the Funds may receive a call from a representative of the Solicitor if the Funds have not yet received their vote. Authorization to permit the Solicitor to execute proxies may be obtained by telephonic or electronically transmitted instructions from Fund shareholders. Proxies that are obtained telephonically will be recorded in accordance with the procedures set forth below. Management of the Funds believes that these procedures are reasonably designed to ensure that the identity of the shareholder casting the vote is accurately determined and that the voting instructions of the shareholder are accurately determined. In all cases where a telephonic proxy is solicited, the Solicitor’s representative is required to ask the shareholder for the shareholder’s full name, address, social security number or employer identification number, title (if the person giving the proxy is authorized to act on behalf of an entity, such as a corporation), the number of shares owned and to confirm that the shareholder has received this Proxy Statement in the mail.

If the shareholder information solicited agrees with the information provided to the Solicitor by the Funds, the Solicitor representative has the responsibility to explain the process, read the Proposals listed on the proxy card, and ask for the shareholder’s instructions on eachthe applicable Proposal. The Solicitor representative, although permitted to answer questions about the process, is not permitted to recommend to the shareholder how to vote, other than to read any recommendation set forth in this Proxy Statement. The Solicitor will record the shareholder’s instructions on the card. Within 72 hours, the Solicitor will send the shareholder a letter or mailgram to confirm the shareholder’s vote and asking the shareholder to call the Solicitor immediately if the shareholder’s instructions are not correctly reflected in the confirmation.

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ADJOURNMENTS

If a quorum is not present at the Meeting with respect to a Fund, the ChairmanChair of the Board or hisher designee presiding at the Meeting or if the Chair is not present at the Meeting and there is no such designee, the most senior officer of the Trust present at the Meeting shall preside at the Meeting and may adjourn the Meeting with respect to one or more matters for a Fund to a date that may be more than 120 days after the date set forth for the original meeting. If a quorum is present with respect to such matters, the Trustee or officer of the Trust presiding at the Meeting may adjourn the Meeting with respect to one or more matters when such adjournment is approved by shareholders of such Fund representing a majority of the voting power of the shares present and entitled to vote with respect to the matter or matters adjourned. For the purposes of establishing whether a quorum is present, all shares present and entitled to vote, including abstentions, will be counted. Unless a proxy is otherwise limited in this regard, any shares present and entitled to vote at the Meeting that are represented by brokernon-votes, may, at the discretion of the proxies named therein, be voted in favor of such an adjournment. The persons named as proxies will vote upon such adjournment in their discretion after consideration of the best interests of the shareholders. Unless otherwise specifically limited by their terms, proxies shall entitle the holder thereof to vote at any postponement or adjournment of the Meeting.

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SHARE INFORMATION

The chart below lists the number of shares of the Funds that are outstanding as of the close of business on the Record Date. With respect to each class of shares, shareholders of record on the Record Date are entitled to one vote for each whole share of a Fund that the shareholder owns and proportionate fractional vote for any fraction of a share owned.

FUND SHARES OWNED BY CERTAIN BENEFICIAL OWNERS

For a list of persons or entities that owned beneficially or of record 5% or more of the outstanding shares of a class of each of the Funds and management’s beneficial ownership of Funds, please refer toExhibit A.

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EXHIBIT A

As of the Record Date, each of the Trustees and executive officers of the Trust beneficially owned individually and collectively as a group (the “Group”) owned less than 1% of the outstanding shares of each Fund, except as follows:

*Each beneficial owner holds sole voting and investment power with respect to all amounts shown.

The following table sets forth the name, address and share ownership of the persons or entities known to the Trust to have ownership of a controlling interest (ownership of greater than 25%) or of record 5% or more of the outstanding shares of a Fund as of the Record Date. Shareholders with a controlling interest in a Fund could affect the outcome of proxy voting or the direction of management of the applicable Fund in the Trust. An asterisk below (*) indicates a beneficial owner as well as a shareholder of record.