Wasatch Micro Cap Fund (WMICX) NPORT-P Wasatch Emerging Markets Small Cap Fund (Dec 2021 report)

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.5%
		Airlines 1.1%
	249,856	Allegiant Travel Co.*	$	46,733,066
		Application Software 7.1%
	256,938	Avalara, Inc.*		33,173,265
	1,492,120	Clearwater Analytics Holdings, Inc., Class A*		34,288,918
	281,604	Five9, Inc.*		38,669,861
	499,726	Guidewire Software, Inc.*		56,733,893
	220,049	Paylocity Holding Corp.*		51,966,772
	1,071,958	Q2 Holdings, Inc.*		85,156,343
				299,989,052
		Asset Management & Custody Banks 6.9%
	923,171	Cohen & Steers, Inc.		85,402,549
	1,422,122	Focus Financial Partners, Inc., Class A*		84,929,126
	1,179,317	Hamilton Lane, Inc., Class A		122,200,828
				292,532,503
		Auto Parts & Equipment 2.2%
	3,632,747	Holley, Inc.*		47,189,383
	666,813	XPEL, Inc.*		45,529,992
				92,719,375
		Automotive Retail 1.4%
	1,002,609	Monro, Inc.		58,422,027
		Building Products 4.7%
	4,890,604	Janus International Group, Inc.*		61,230,362
	1,008,293	Trex Co., Inc.*		136,149,804
				197,380,166
		Commodity Chemicals 1.3%
	1,466,685	Valvoline, Inc.		54,692,684
		Data Processing & Outsourced Services 1.2%
	415,761	Euronet Worldwide, Inc.*		49,546,238
		Distillers & Vintners 1.4%
	2,456,980	Duckhorn Portfolio, Inc.*		57,345,913
		Distributors 2.5%
	186,597	Pool Corp.		105,613,902
		Education Services 0.7%
	357,744	Grand Canyon Education, Inc.*		30,662,238
		Electronic Equipment & Instruments 2.7%
	648,627	Novanta, Inc.*		114,372,399
		Electronic Manufacturing Services 2.3%
	804,383	Fabrinet*		95,295,254
		Financial Exchanges & Data 5.1%
	431,029	Morningstar, Inc.		147,407,608
	3,028,373	Open Lending Corp., Class A*		68,077,825
				215,485,433
		General Merchandise Stores 1.6%
	1,315,277	Ollie’s Bargain Outlet Holdings, Inc.*		67,329,030
		Health Care Facilities 2.3%
	1,141,543	Ensign Group, Inc.		95,843,950

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 2.1%
	1,987,296	Neogen Corp.*	$	90,243,111
		Home Improvement Retail 1.9%
	630,222	Floor & Decor Holdings, Inc., Class A*		81,935,162
		Homebuilding 1.3%
	406,451	Installed Building Products, Inc.		56,789,334
		Industrial Machinery 10.4%
	2,051,236	Altra Industrial Motion Corp.		105,782,240
	943,387	Barnes Group, Inc.		43,952,400
	1,001,548	Helios Technologies, Inc.		105,332,803
	491,597	Kadant, Inc.		113,303,277
	358,274	RBC Bearings, Inc.*		72,360,600
				440,731,320
		Insurance Brokers 0.9%
	307,440	Goosehead Insurance, Inc., Class A		39,991,795
		Interactive Media & Services 1.9%
	3,261,139	ZipRecruiter, Inc., Class A*		81,332,807
		Internet & Direct Marketing Retail 0.2%
	390,406	1-800-Flowers.com, Inc., Class A*		9,123,788
		IT Consulting & Other Services 1.9%
	253,210	Globant SA*		79,530,729
		Leisure Products 2.9%
	1,809,026	Callaway Golf Co.*		49,639,673
	890,926	YETI Holdings, Inc.*		73,795,401
				123,435,074
		Life Sciences Tools & Services 6.2%
	410,779	ICON PLC*		127,218,257
	613,444	Medpace Holdings, Inc.*		133,509,952
				260,728,209
		Managed Health Care 1.7%
	1,620,612	HealthEquity, Inc.*		71,695,875
		Metal & Glass Containers 1.5%
	1,755,996	TriMas Corp.		64,971,852
		Packaged Foods & Meats 1.0%
	426,418	Freshpet, Inc.*		40,624,843
		Pharmaceuticals 1.0%
	844,477	Intra-Cellular Therapies, Inc.*		44,199,926
		Property & Casualty Insurance 1.0%
	3,000,000	Hagertyl, Inc. PIPE* *** †		40,200,000
		Regional Banks 6.2%
	2,678,600	Bank OZK		124,635,258
	881,523	Eagle Bancorp, Inc.		51,428,052
	1,523,628	Webster Financial Corp.		85,079,387
				261,142,697
		Semiconductors 1.7%
	146,178	Monolithic Power Systems, Inc.		72,113,993
		Specialized Consumer Services 1.1%
	2,551,907	Mister Car Wash, Inc.*		46,470,227

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialized REITs 1.4%
	839,412	National Storage Affiliates Trust	$	58,087,310
		Specialty Chemicals 2.8%
	688,487	Balchem Corp.		116,078,908
		Specialty Stores 3.1%
	480,737	Five Below, Inc.*		99,459,678
	626,123	National Vision Holdings, Inc.*		30,047,643
				129,507,321
		Systems Software 2.8%
	670,418	CyberArk Software Ltd.*		116,170,031
		Total Common Stocks (cost $2,618,989,785)		4,199,067,542
		WARRANTS 0.1%
		Property & Casualty Insurance 0.1%
	540,000	Hagerty, Inc., expiring, 12/02/26* *** †		3,326,400
		Total Warrants (cost $1,859,173)		3,326,400
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.9%
		Repurchase Agreement 0.9%
	$37,231,576	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $38,131,100 of United States Treasury Notes 1.375% due 12/31/28; value: $37,976,211; repurchase proceeds: $37,231,576 (cost $37,231,576)	$	37,231,576
		Total Short-Term Investments (cost $37,231,576)		37,231,576
		Total Investments (cost $2,658,080,534) 100.5%		4,239,625,518
		Other Assets less Liabilities (0.5%)		(19,472,131	)
		NET ASSETS 100.0%	$	4,220,153,387
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2021, amounted to approximately $43,526,400, and represented 1.03% of net assets. PIPE Private Investment in Public Equity. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2021, Wasatch Core Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Ireland		3.0
Israel		2.8
United States		94.2
Total		100.0	%

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 103.5%
		Apparel, Accessories & Luxury Goods 3.1%
	38,894	Page Industries Ltd.	$	21,233,212
		Brewers 2.0%
	638,527	United Breweries Ltd.		13,614,804
		Commodity Chemicals 3.1%
	1,991,288	Berger Paints India Ltd.		20,688,213
		Consumer Finance 8.9%
	640,325	Bajaj Finance Ltd.		60,022,568
		Department Stores 4.8%
	2,267,655	Trent Ltd.		32,454,928
		Diversified Banks 7.6%
	1,790,201	HDFC Bank Ltd.		35,666,436
	663,917	Kotak Mahindra Bank Ltd.		16,056,764
				51,723,200
		Food Retail 4.8%
	519,514	Avenue Supermarts Ltd.*		32,602,564
		Health Care Services 7.5%
	716,833	Dr. Lal PathLabs Ltd.		36,798,423
	300,831	Metropolis Healthcare Ltd.		13,929,323
				50,727,746
		Industrial Conglomerates 2.5%
	50,799	3M India Ltd.*		17,186,839
		Industrial Machinery 6.1%
	9,275,113	Elgi Equipments Ltd.		37,432,025
	55,242	GMM Pfaudler Ltd.		3,598,817
				41,030,842
		Interactive Media & Services 5.0%
	450,585	Info Edge India Ltd.		33,720,387
		IT Consulting & Other Services 18.0%
	609,172	Larsen & Toubro Infotech Ltd.		60,109,471
	966,516	Mindtree Ltd.		62,084,799
				122,194,270
		Life Sciences Tools & Services 5.5%
	589,527	Divi’s Laboratories Ltd.		37,091,460
		Personal Products 0.9%
	30,117	Procter & Gamble Hygiene & Health Care Ltd.		6,239,292
		Property & Casualty Insurance 3.2%
	1,136,286	ICICI Lombard General Insurance Co. Ltd.		21,401,764
		Regional Banks 4.1%
	2,012,815	AU Small Finance Bank Ltd.*		28,137,464
		Research & Consulting Services 7.5%
	673,083	L&T Technology Services Ltd.		50,704,207
		Specialty Chemicals 2.5%
	369,186	Asian Paints Ltd.		16,806,545
		Systems Software 2.6%
	221,930	Tata Elxsi Ltd.		17,554,813

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Thrifts & Mortgage Finance 3.8%
	730,770	Aavas Financiers Ltd.*	$	25,559,768
		Total Common Stocks (cost $373,443,089)		700,694,886
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.8%
		Repurchase Agreement 1.8%
	$12,426,054	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $12,726,300 of United States Treasury Notes 1.375% due 12/31/28; value: $12,674,606; repurchase proceeds: $12,426,054 (cost $12,426,054)	$	12,426,054
		Total Short-Term Investments (cost $12,426,054)		12,426,054
		Total Investments (cost $385,869,143) 105.3%		713,120,940
		Liabilities less Other Assets (5.3%)		(35,947,862	)
		NET ASSETS 100.0%	$	677,173,078
		*Non-income producing. See Notes to Schedules of Investments.

At December 31, 2021, Wasatch Emerging India Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
India		100.0
Total		100.0	%

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.8%
		Airport Services 3.4%
	1,013,013	Grupo Aeroportuario del Pacifico SAB de CV, Class B*	$	13,990,370
		Apparel, Accessories & Luxury Goods 2.3%
	17,875	Page Industries Ltd.		9,758,412
		Consumer Finance 6.0%
	268,408	Bajaj Finance Ltd.		25,159,938
		Data Processing & Outsourced Services 2.2%
	252,543	Dlocal Ltd.*		9,013,260
		Department Stores 3.0%
	885,058	Trent Ltd.		12,667,048
		Diversified Banks 9.1%
	1,044,220	HDFC Bank Ltd.		20,804,148
	201,051	TCS Group Holding PLC, GDR		16,952,620
				37,756,768
		Drug Retail 1.7%
	1,657,230	Raia Drogasil SA		7,215,097
		Electrical Components & Equipment 5.6%
	297,170	Voltronic Power Technology Corp.		16,578,512
	1,109,002	WEG SA		6,532,196
				23,110,708
		General Merchandise Stores 0.2%
	654,200	Magazine Luiza SA		843,252
		Industrial Machinery 2.7%
	558,722	Techtronic Industries Co. Ltd.		11,120,628
		Interactive Home Entertainment 4.8%
	89,204	Sea Ltd., ADR*		19,955,827
		Internet & Direct Marketing Retail 9.6%
	196,800	Meituan, Class B*		5,688,802
	14,771	MercadoLibre, Inc.*		19,917,216
	242,300	momo.com, Inc.		14,185,651
				39,791,669
		IT Consulting & Other Services 13.1%
	79,003	Globant SA*		24,814,052
	301,036	Larsen & Toubro Infotech Ltd.		29,704,443
				54,518,495
		Life & Health Insurance 2.1%
	962,454	Discovery Ltd.*		8,671,448
		Life Sciences Tools & Services 3.8%
	1,345,813	Wuxi Biologics Cayman, Inc.*		15,973,606
		Managed Health Care 0.5%
	1,144,400	Hapvida Participacoes e Investimentos SA		2,124,305
		Pharmaceuticals 0.8%
	429,128	Jiangsu Hengrui Medicine Co. Ltd., Class A		3,414,387
		Property & Casualty Insurance 2.5%
	386,217	ICICI Lombard General Insurance Co. Ltd.		7,274,335
	622,286	Qualitas Controladora SAB de CV		3,150,407
				10,424,742

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 2.3%
	675,466	AU Small Finance Bank Ltd.*	$	9,442,448
		Semiconductor Equipment 5.4%
	73,200	Lasertec Corp.		22,421,265
		Semiconductors 12.0%
	149,297	ASPEED Technology, Inc.		19,250,924
	168,959	Silergy Corp.		30,580,947
				49,831,871
		Specialized Finance 4.2%
	1,846,223	Chailease Holding Co. Ltd.		17,560,940
		Specialty Chemicals 1.8%
	167,146	Asian Paints Ltd.		7,609,028
		Systems Software 1.7%
	87,455	Tata Elxsi Ltd.		6,917,749
		Total Common Stocks (cost $357,640,578)		419,293,261
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.3%
		Repurchase Agreement 0.3%
	$1,324,687	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $1,356,700 of United States Treasury Notes 1.375% due 12/31/28; value: $1,351,189; repurchase proceeds: $1,324,687 (cost $1,324,687)	$	1,324,687
		Total Short-Term Investments (cost $1,324,687)		1,324,687
		Total Investments (cost $358,965,265) 101.1%§		420,617,948
		Liabilities less Other Assets (1.1%)		(4,582,943	)
		NET ASSETS 100.0%	$	416,035,005
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 33.00%. ADR American Depositary Receipt. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2021, Wasatch Emerging Markets Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Brazil		4.0
China		6.0
Hong Kong		2.7
India		30.8
Japan		5.3
Mexico		4.1
Russia		4.0
Singapore		4.8
South Africa		2.1
Taiwan		23.4
United States		10.7
Uruguay		2.1
Total		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 101.2%
		Airport Services 2.0%
	2,078,025	Grupo Aeroportuario del Centro Norte SAB de CV	$	13,964,799
		Asset Management & Custody Banks 1.4%
	14,979,824	VEF AB*		10,029,430
		Commodity Chemicals 1.8%
	1,197,391	Berger Paints India Ltd.		12,440,129
		Communications Equipment 1.7%
	1,237,000	Accton Technology Corp.		11,590,933
		Consumer Finance 5.5%
	204,641	Bajaj Finance Ltd.		19,182,569
	2,110,475	Muangthai Capital Public Co. Ltd.		3,711,732
	2,414,829	Srisawad Corp. Public Co. Ltd.		4,463,873
	5,849,808	Unifin Financiera SAB de CV*		10,742,242
				38,100,416
		Data Processing & Outsourced Services 0.9%
	7,928,940	Fawry for Banking & Payment Technology Services SAE*		6,469,306
		Department Stores 2.5%
	1,218,324	Trent Ltd.		17,436,787
		Diversified Banks 3.2%
	259,390	TCS Group Holding PLC, GDR		21,871,765
		Drug Retail 3.3%
	536,146	Clicks Group Ltd.		10,616,263
	2,795,550	Raia Drogasil SA		12,171,011
				22,787,274
		Electrical Components & Equipment 5.3%
	659,863	Voltronic Power Technology Corp.		36,812,421
		Electronic Equipment & Instruments 1.3%
	1,203,616	Chroma ATE, Inc.		8,680,052
		Electronic Manufacturing Services 1.7%
	101,910	Fabrinet*		12,073,278
		Footwear 1.3%
	516,426	Relaxo Footwears Ltd.		9,066,120
		Health Care Facilities 1.2%
	27,060,361	Cleopatra Hospital*		8,440,214
		Health Care Services 2.9%
	384,446	Dr. Lal PathLabs Ltd.		19,735,429
		Health Care Supplies 0.1%
	252,547	Shanghai Kindly Medical Instruments Co. Ltd., Class H		744,924
		Home Improvement Retail 1.6%
	17,962,097	Wilcon Depot, Inc.		10,743,618
		Hotels, Resorts & Cruise Lines 0.8%
	1,394,570	Huazhu Group Ltd.*		5,213,396
		Human Resource & Employment Services 3.3%
	451,859	HeadHunter Group PLC, ADR		23,085,476
		Insurance Brokers 1.3%
	2,995,679	TQM Corp. Public Co. Ltd.		8,698,724

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Interactive Media & Services 1.7%
	153,978	Info Edge India Ltd.	$	11,523,237
		Internet & Direct Marketing Retail 3.6%
	422,500	momo.com, Inc.		24,735,606
		IT Consulting & Other Services 15.0%
	95,972	Globant SA*		30,143,845
	335,075	Larsen & Toubro Infotech Ltd.		33,063,209
	624,789	Mindtree Ltd.		40,133,738
				103,340,792
		Life & Health Insurance 1.9%
	1,429,202	Discovery Ltd.*		12,876,720
		Pharmaceuticals 0.0%
	13,017,213	China Animal Healthcare Ltd.* *** §§		16,694
		Property & Casualty Insurance 2.8%
	536,821	ICICI Lombard General Insurance Co. Ltd.		10,110,937
	1,819,584	Qualitas Controladora SAB de CV		9,211,891
				19,322,828
		Regional Banks 3.0%
	1,227,827	AU Small Finance Bank Ltd.*		17,163,991
	726,462	Regional SAB de CV		3,767,576
				20,931,567
		Research & Consulting Services 5.0%
	10,690,600	CTOS Digital Bhd		4,644,740
	400,585	L&T Technology Services Ltd.		30,176,582
				34,821,322
		Semiconductor Equipment 2.8%
	868,000	Advanced Wireless Semiconductor Co.		4,445,324
	118,886	Tokai Carbon Korea Co. Ltd.		14,829,721
				19,275,045
		Semiconductors 19.4%
	248,774	ASPEED Technology, Inc.		32,077,867
	144,761	LEENO Industrial, Inc.*		24,107,455
	83,735	Parade Technologies Ltd.		6,370,564
	311,143	Silergy Corp.		56,315,720
	1,446,240	Sino Wealth Electronic Ltd., Class A		15,407,862
				134,279,468
		Specialty Stores 0.9%
	2,061,000	Pet Center Comercio e Participacoes SA		6,033,674
		Thrifts & Mortgage Finance 2.0%
	403,323	Aavas Financiers Ltd.*		14,106,822
		Total Common Stocks (cost $346,034,083)		699,248,266
		Total Investments (cost $346,034,083) 101.2%§		699,248,266
		Liabilities less Other Assets (1.2%)		(8,595,646	)
		NET ASSETS 100.0%	$	690,652,620

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

*Non-income producing.

***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).

^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 35.42%.

^§§The aggregate value of illiquid holdings at December 31, 2021, amounts to approximately $16,694, and represented 0.00% of net assets.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

See Notes to Schedules of Investments.

At December 31, 2021, Wasatch Emerging Markets Small Cap Fund’s investments, were in the following countries:

COUNTRY	%
Brazil		2.6
China		3.1
Egypt		2.1
India		33.5
Malaysia		0.7
Mexico		5.4
Philippines		1.5
Russia		6.4
South Africa		3.4
South Korea		5.6
Sweden		1.4
Taiwan		25.9
Thailand		2.4
United States		6.0
Total		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.2%
		Airport Services 1.6%
	167,200	Grupo Aeroportuario del Centro Norte SAB de CV	$	1,123,622
		Asset Management & Custody Banks 10.1%
	2,089,200	DCVFMVN Diamond ETF*		2,571,394
	6,545,108	VEF AB*		4,382,141
				6,953,535
		Computer & Electronics Retail 1.9%
	220,550	Mobile World Investment Corp.		1,315,171
		Consumer Finance 11.8%
	55,970	Bajaj Finance Ltd.		5,246,497
	431,600	Srisawad Corp. Public Co. Ltd.		797,824
	1,121,551	Unifin Financiera SAB de CV*		2,059,550
				8,103,871
		Data Processing & Outsourced Services 5.8%
	677	Adyen NV*		1,781,622
	36,937	Dlocal Ltd.*		1,318,281
	1,126,235	Fawry for Banking & Payment Technology Services SAE*		918,907
				4,018,810
		Diversified Banks 10.1%
	467,271	Bank for Foreign Trade of Vietnam JSC		1,615,663
	63,152	TCS Group Holding PLC, GDR		5,324,976
				6,940,639
		Drug Retail 0.7%
	113,800	Raia Drogasil SA		495,452
		Electrical Components & Equipment 1.4%
	164,800	WEG SA		970,698
		Food Retail 2.1%
	15,605	Dino Polska SA*		1,418,809
		General Merchandise Stores 0.2%
	22,451	Fix Price Group Ltd., GDR		169,505
		Health Care Facilities 3.3%
	7,184,837	Cleopatra Hospital*		2,240,974
		Home Improvement Retail 3.4%
	3,939,100	Wilcon Depot, Inc.		2,356,083
		Human Resource & Employment Services 4.1%
	12,809	Grupa Pracuj SA*		230,483
	50,356	HeadHunter Group PLC, ADR		2,572,688
				2,803,171
		Hypermarkets & Super Centers 0.2%
	4,778	InRetail Peru Corp.		166,991
		Insurance Brokers 1.2%
	293,905	TQM Corp. Public Co. Ltd.		853,429
		Interactive Home Entertainment 6.3%
	19,487	Sea Ltd., ADR*		4,359,437
		Interactive Media & Services 1.5%
	294,250	Baltic Classifieds Group PLC*		1,007,654

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX / WIFMX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Internet & Direct Marketing Retail 6.6%
	3,383	MercadoLibre, Inc.*	$	4,561,637
		IT Consulting & Other Services 11.3%
	886,114	FPT Corp.		3,615,998
	13,185	Globant SA*		4,141,277
				7,757,275
		Life & Health Insurance 2.9%
	224,327	Discovery Ltd.*		2,021,125
		Property & Casualty Insurance 2.3%
	306,428	Qualitas Controladora SAB de CV		1,551,333
		Semiconductor Equipment 4.2%
	33,700	Camtek Ltd.*		1,551,548
	9,314	Nova Ltd.*		1,364,501
				2,916,049
		Semiconductors 4.0%
	6,000	ASPEED Technology, Inc.		773,663
	11,000	Silergy Corp.		1,990,959
				2,764,622
		Specialty Stores 0.5%
	108,265	Pet Center Comercio e Participacoes SA		316,951
		Wireless Telecommunication Services 2.7%
	5,432,538	Safaricom PLC		1,824,449
		Total Common Stocks (cost $47,724,692)		69,011,292
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.9%
		Repurchase Agreement 0.9%
	$653,156	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $669,000 of United States Treasury Notes 1.375% due 12/31/28; value: $666,283; repurchase proceeds: $653,156 (cost $653,156)	$	653,156
		Total Short-Term Investments (cost $653,156)		653,156
		Total Investments (cost $48,377,848) 101.1%§		69,664,448
		Liabilities less Other Assets (1.1%)		(747,507	)
		NET ASSETS 100.0%	$	68,916,941
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 9.99%. ADR American Depositary Receipt. ETF Exchange-Traded Fund. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2021, Wasatch Frontier Emerging Small Countries Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Brazil		2.6
Egypt		4.6
India		7.6
Israel		4.2
Kenya		2.6
Mexico		6.9
Netherlands		2.6
Peru		0.2
Philippines		3.4
Poland		2.4
Russia		11.7
Singapore		6.3
South Africa		2.9
Sweden		6.4
Taiwan		4.0
Thailand		2.4
United Kingdom		1.5
United States		12.6
Uruguay		1.9
Vietnam		13.2
Total		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.9%
		Airlines 0.8%
	12,835	Allegiant Travel Co.*	$	2,400,658
		Application Software 7.2%
	3,842	HubSpot, Inc.*		2,532,454
	13,124	Paylocity Holding Corp.*		3,099,364
	78,057	Q2 Holdings, Inc.*		6,200,848
	920,872	Systena Corp.		3,436,469
	310,872	Technology One Ltd.		2,897,301
	19,281	Zendesk, Inc.*		2,010,816
				20,177,252
		Asset Management & Custody Banks 3.5%
	56,406	Focus Financial Partners, Inc., Class A*		3,368,567
	44,873	Hamilton Lane, Inc., Class A		4,649,740
	105,700	WealthNavi, Inc.*		1,875,869
				9,894,176
		Automotive Retail 0.9%
	43,023	Monro, Inc.		2,506,950
		Biotechnology 2.0%
	209,604	Abcam PLC*		4,916,685
	83,399	Sangamo Therapeutics, Inc.*		625,493
				5,542,178
		Building Products 2.5%
	52,579	Trex Co., Inc.*		7,099,742
		Commodity Chemicals 1.0%
	77,767	Valvoline, Inc.		2,899,931
		Consumer Finance 0.8%
	25,479	Bajaj Finance Ltd.		2,388,342
		Data Processing & Outsourced Services 1.3%
	18,609	Euronet Worldwide, Inc.*		2,217,634
	10,800	GMO Payment Gateway, Inc.		1,344,888
				3,562,522
		Diversified Real Estate Activities 1.3%
	154,920	PATRIZIA AG		3,615,715
		Diversified Support Services 1.0%
	18,082	Copart, Inc.*		2,741,593
		Drug Retail 0.9%
	42,500	Sugi Holdings Co. Ltd.		2,574,971
		Electrical Components & Equipment 2.5%
	126,896	Voltronic Power Technology Corp.		7,079,271
		Financial Exchanges & Data 1.6%
	196,024	Open Lending Corp., Class A*		4,406,620
		General Merchandise Stores 1.8%
	99,412	Ollie’s Bargain Outlet Holdings, Inc.*		5,088,900
		Health Care Facilities 2.6%
	86,999	Ensign Group, Inc.		7,304,436
		Health Care Services 1.0%
	56,573	Dr. Lal PathLabs Ltd.		2,904,159

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 1.9%
	85,400	Menicon Co. Ltd.	$	2,526,114
	65,145	Silk Road Medical, Inc.*		2,775,829
				5,301,943
		Health Care Technology 2.6%
	98,155	JMDC, Inc.*		7,307,425
		Home Improvement Retail 0.8%
	16,641	Floor & Decor Holdings, Inc., Class A*		2,163,496
		Homebuilding 1.6%
	29,901	LGI Homes, Inc.*		4,619,107
		Human Resource & Employment Services 1.9%
	136,100	SMS Co. Ltd.		5,352,249
		Industrial Machinery 8.1%
	93,242	Altra Industrial Motion Corp.		4,808,490
	29,139	Helios Technologies, Inc.		3,064,549
	65,457	Kornit Digital Ltd.*		9,965,828
	59,400	MISUMI Group, Inc.		2,440,269
	12,482	RBC Bearings, Inc.*		2,520,990
				22,800,126
		Interactive Media & Services 1.7%
	196,288	ZipRecruiter, Inc., Class A*		4,895,423
		Internet & Direct Marketing Retail 0.7%
	1,451	MercadoLibre, Inc.*		1,956,528
		IT Consulting & Other Services 8.1%
	19,508	Endava PLC, ADR*		3,275,783
	23,393	Globant SA*		7,347,508
	188,916	Mindtree Ltd.		12,135,145
				22,758,436
		Life Sciences Tools & Services 1.5%
	19,051	Medpace Holdings, Inc.*		4,146,260
		Managed Health Care 0.7%
	42,290	HealthEquity, Inc.*		1,870,910
		Packaged Foods & Meats 1.4%
	40,489	Freshpet, Inc.*		3,857,387
		Pharmaceuticals 1.7%
	46,314	Esperion Therapeutics, Inc.*		231,570
	88,450	Intra-Cellular Therapies, Inc.*		4,629,473
				4,861,043
		Property & Casualty Insurance 0.9%
	136,141	ICICI Lombard General Insurance Co. Ltd.		2,564,194
		Regional Banks 4.1%
	364,704	AU Small Finance Bank Ltd.*		5,098,256
	52,870	Bank OZK		2,460,041
	68,168	Eagle Bancorp, Inc.		3,976,921
				11,535,218
		Research & Consulting Services 6.8%
	17,500	BayCurrent Consulting, Inc.		6,745,039
	140,647	L&T Technology Services Ltd.		10,595,119
	70,000	Nihon M&A Center Holdings, Inc.		1,717,040
				19,057,198

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Restaurants 0.7%
	23,051	Domino’s Pizza Enterprises Ltd.	$	1,979,452
		Semiconductor Equipment 1.7%
	33,591	Nova Ltd.*		4,921,082
		Semiconductors 10.2%
	61,000	ASPEED Technology, Inc.		7,865,572
	30,344	Melexis NV		3,620,487
	10,112	Monolithic Power Systems, Inc.		4,988,553
	67,000	Silergy Corp.		12,126,750
				28,601,362
		Soft Drinks 1.3%
	99,509	Fevertree Drinks PLC		3,643,375
		Specialty Stores 1.1%
	14,926	Five Below, Inc.*		3,088,040
		Systems Software 2.8%
	26,550	CyberArk Software Ltd.*		4,600,584
	27,675	Rapid7, Inc.*		3,257,071
				7,857,655
		Thrifts & Mortgage Finance 1.8%
	145,478	Aavas Financiers Ltd.*		5,088,310
		Trading Companies & Distributors 3.1%
	87,767	Diploma PLC		4,008,211
	211,521	Electrocomponents PLC		3,452,829
	75,400	MonotaRO Co. Ltd.		1,356,144
				8,817,184
		Total Common Stocks (cost $160,128,645)		281,230,819
Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.0%
		Repurchase Agreement 2.0%
	$5,521,054	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $5,654,500 of United States Treasury Notes 1.375% due 12/31/28; value: $5,631,531; repurchase proceeds: $5,521,054 (cost $5,521,054)	$	5,521,054
		Total Short-Term Investments (cost $5,521,054)		5,521,054
		Total Investments (cost $165,649,699) 101.9%§		286,751,873
		Liabilities less Other Assets (1.9%)		(5,407,947	)
		NET ASSETS 100.0%	$	281,343,926
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 22.66%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2021, Wasatch Global Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		1.7
Belgium		1.3
Germany		1.3
India		14.5
Israel		6.9
Japan		13.1
Taiwan		9.6
United Kingdom		6.9
United States		44.7
Total		100.0	%

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.9%
		Application Software 8.9%
	11,653	Dassault Systemes SE	$	693,994
	2,685	Five9, Inc.*		368,704
	589	HubSpot, Inc.*		388,239
	3,165	Xero Ltd.*		325,693
				1,776,630
		Biotechnology 3.0%
	25,080	Abcam PLC*		588,302
		Building Products 3.6%
	23,240	Assa Abloy AB, Class B		708,378
		Consumer Finance 4.2%
	8,967	Bajaj Finance Ltd.		840,546
		Data Processing & Outsourced Services 5.6%
	10,840	Amadeus IT Group SA*		733,480
	2,357	Block, Inc.*		380,679
				1,114,159
		Distributors 3.8%
	1,326	Pool Corp.		750,516
		Diversified Banks 4.7%
	26,817	HDFC Bank Ltd.		534,279
	4,799	TCS Group Holding PLC, GDR		404,652
				938,931
		Diversified Support Services 4.2%
	5,494	Copart, Inc.*		833,000
		Drug Retail 1.7%
	3,600	Tsuruha Holdings, Inc.		345,667
		Electronic Components 4.5%
	10,144	Amphenol Corp., Class A		887,194
		Financial Exchanges & Data 6.7%
	1,157	MarketAxess Holdings, Inc.		475,840
	2,476	Morningstar, Inc.		846,767
				1,322,607
		Health Care Equipment 2.4%
	2,539	DiaSorin SpA		483,035
		Health Care Supplies 2.6%
	2,903	Coloplast A/S, Class B		511,146
		Health Care Technology 2.4%
	6,300	JMDC, Inc.*		469,021
		Industrial Conglomerates 3.4%
	1,362	Roper Technologies, Inc.		669,913
		Industrial Machinery 3.1%
	15,100	MISUMI Group, Inc.		620,338
		Interactive Home Entertainment 2.0%
	1,783	Sea Ltd., ADR*		398,875
		Internet & Direct Marketing Retail 2.4%
	352	MercadoLibre, Inc.*		474,637
		IT Consulting & Other Services 5.1%
	1,706	Globant SA*		535,838

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	4,730	Larsen & Toubro Infotech Ltd.	$	466,728
				1,002,566
		Life Sciences Tools & Services 4.1%
	2,655	ICON PLC*		822,254
		Managed Health Care 1.8%
	8,160	HealthEquity, Inc.*		360,998
		Regional Banks 3.8%
	16,277	Bank OZK		757,369
		Research & Consulting Services 2.7%
	1,403	BayCurrent Consulting, Inc.		540,760
		Semiconductors 5.0%
	907	Monolithic Power Systems, Inc.		447,450
	3,000	Silergy Corp.		542,989
				990,439
		Specialty Stores 2.9%
	2,770	Five Below, Inc.*		573,085
		Trucking 5.3%
	9,144	Lyft, Inc., Class A*		390,723
	1,871	Old Dominion Freight Line, Inc.		670,529
				1,061,252
		Total Common Stocks (cost $15,881,014)		19,841,618
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.6%
		Repurchase Agreement 0.6%
	$122,003	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $125,000 of United States Treasury Notes 1.375% due 12/31/28; value: $124,492; repurchase proceeds: $122,003 (cost $122,003)	$	122,003
		Total Short-Term Investments (cost $122,003)		122,003
		Total Investments (cost $16,003,017) 100.5%§		19,963,621
		Liabilities less Other Assets (0.5%)		(99,693	)
		NET ASSETS 100.0%	$	19,863,928
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 24.94%. ADR American Depositary Receipt. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2021, Wasatch Global Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		1.6
Denmark		2.6
France		3.5
India		9.3
Ireland		4.1
Italy		2.4
Japan		10.0
Russia		2.0
Singapore		2.0
Spain		3.7
Sweden		3.6
Taiwan		2.7
United Kingdom		3.0
United States		49.5
Total		100.0	%

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.5%
		Aerospace & Defense 1.8%
	325,000	BAE Systems PLC	$	2,418,591
		Airlines 2.2%
	155,000	Japan Airlines Co. Ltd.*		2,942,412
		Automobile Manufacturers 2.4%
	55,000	General Motors Co.*		3,224,650
		Casinos & Gaming 2.1%
	140,000	Kangwon Land, Inc.*		2,827,954
		Communications Equipment 2.5%
	44,000	Ciena Corp.*		3,386,680
		Construction Materials 1.6%
	33,000	HeidelbergCement AG		2,233,342
		Diversified Banks 12.8%
	64,000	Citigroup, Inc.		3,864,960
	300,000	ING Groep NV, ADR		4,176,000
	31,000	JPMorgan Chase & Co.		4,908,850
	220,000	United Overseas Bank Ltd.		4,391,511
				17,341,321
		Diversified Metals & Mining 2.9%
	95,000	Anglo American PLC		3,878,191
		Electric Utilities 5.5%
	38,000	Duke Energy Corp.		3,986,200
	59,000	Exelon Corp.		3,407,840
				7,394,040
		Electrical Components & Equipment 2.8%
	22,000	Eaton Corp. PLC		3,802,040
		Electronic Manufacturing Services 2.1%
	750,000	Hon Hai Precision Industry Co. Ltd.		2,812,604
		Food Retail 2.7%
	84,000	Seven & i Holdings Co. Ltd.		3,694,991
		Health Care Equipment 2.1%
	160,000	Smith & Nephew PLC		2,801,307
		Health Care Services 2.8%
	16,500	Cigna Corp.		3,788,895
		Homebuilding 4.0%
	59,000	Bellway PLC		2,664,111
	48,000	PulteGroup, Inc.		2,743,680
				5,407,791
		Industrial REITs 2.5%
	1,650,000	Mapletree Industrial Trust		3,318,121
		Integrated Oil & Gas 6.8%
	173,000	Suncor Energy, Inc.		4,328,590
	95,000	TotalEnergies SE		4,827,068
				9,155,658
		Integrated Telecommunication Services 4.7%
	295,000	Telekom Austria AG*		2,565,030

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	73,000	Verizon Communications, Inc.	$	3,793,080
				6,358,110
		Multi-Line Insurance 2.7%
	124,000	AXA SA		3,696,640
		Office REITs 2.3%
	170,000	Piedmont Office Realty Trust, Inc., Class A		3,124,600
		Oil & Gas Equipment & Services 1.1%
	110,000	NOV, Inc.		1,490,500
		Oil & Gas Exploration & Production 2.8%
	43,000	EOG Resources, Inc.		3,819,690
		Pharmaceuticals 7.2%
	54,000	Bristol-Myers Squibb Co.		3,366,900
	37,500	Johnson & Johnson		6,415,125
				9,782,025
		Property & Casualty Insurance 3.0%
	74,000	Axis Capital Holdings Ltd.		4,030,780
		Railroads 3.7%
	20,000	Union Pacific Corp.		5,038,600
		Regional Banks 3.1%
	90,000	Bank OZK		4,187,700
		Reinsurance 3.7%
	17,000	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		5,018,547
		Retail REITs 2.0%
	111,000	Kimco Realty Corp.		2,736,150
		Tobacco 2.6%
	52,000	KT&G Corp.		3,454,767
		Total Common Stocks (cost $105,282,605)		133,166,697
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.1%
		Repurchase Agreement 1.1%
	$1,540,622	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $1,577,900 of United States Treasury Notes 1.375% due 12/31/28; value: $1,571,491; repurchase proceeds: $1,540,622 (cost $1,540,622)	$	1,540,622
		Total Short-Term Investments (cost $1,540,622)		1,540,622
		Total Investments (cost $106,823,227) 99.6%§		134,707,319
		Other Assets less Liabilities 0.4%		600,381
		NET ASSETS 100.0%	$	135,307,700
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 18.88%. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2021, Wasatch Global Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Austria		1.9
Canada		3.3
France		6.4
Germany		5.5
Japan		5.0
Netherlands		3.1
Singapore		5.8
South Korea		4.7
Taiwan		2.1
United Kingdom		8.8
United States		53.4
Total		100.0	%

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.6%
		Apparel, Accessories & Luxury Goods 2.2%
	12,400	Shenzhou International Group Holdings Ltd.	$	238,377
		Application Software 1.3%
	14,500	Glodon Co. Ltd., Class A		145,561
		Commodity Chemicals 2.5%
	12,740	Skshu Paint Co. Ltd., Class A		278,154
		Distillers & Vintners 4.6%
	900	Kweichow Moutai Co. Ltd., Class A		289,487
	6,000	Wuliangye Yibin Co. Ltd., Class A		209,616
				499,103
		Diversified Banks 3.2%
	45,500	China Merchants Bank Co. Ltd., Class H		353,319
		Drug Retail 2.4%
	30,570	Yifeng Pharmacy Chain Co. Ltd., Class A		264,337
		Electrical Components & Equipment 0.8%
	1,000	Contemporary Amperex Technology Co. Ltd., Class A		92,259
		Health Care Equipment 4.5%
	8,300	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		495,915
		Health Care Supplies 0.3%
	9,300	Shanghai Kindly Medical Instruments Co. Ltd., Class H		27,432
		Hotels, Resorts & Cruise Lines 2.4%
	69,300	Huazhu Group Ltd.*		259,068
		Industrial Machinery 6.1%
	33,278	Techtronic Industries Co. Ltd.		662,355
		Interactive Media & Services 2.6%
	4,900	Tencent Holdings Ltd.		287,054
		Internet & Direct Marketing Retail 4.9%
	15,900	Alibaba Group Holding Ltd.*		242,449
	10,300	Meituan, Class B*		297,737
				540,186
		Life & Health Insurance 5.9%
	42,800	AIA Group Ltd.		431,428
	29,500	Ping An Insurance Group Co. of China Ltd., Class H		212,429
				643,857
		Life Sciences Tools & Services 10.2%
	20,600	Hangzhou Tigermed Consulting Co. Ltd., Class A		413,077
	59,187	Wuxi Biologics Cayman, Inc.*		702,497
				1,115,574
		Packaged Foods & Meats 5.4%
	45,000	Chongqing Fuling Zhacai Group Co. Ltd., Class A		266,893
	19,460	Foshan Haitian Flavouring & Food Co. Ltd., Class A		320,936
				587,829
		Personal Products 4.6%
	10,658	Proya Cosmetics Co. Ltd., Class A		348,352
	5,200	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		156,881
				505,233

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 1.6%
	21,520	Jiangsu Hengrui Medicine Co. Ltd., Class A	$	171,225
		Semiconductors 19.0%
	8,700	SG Micro Corp., Class A		421,803
	6,000	Silergy Corp.		1,085,978
	54,024	Sino Wealth Electronic Ltd., Class A		575,557
				2,083,338
		Specialized Finance 8.5%
	97,800	Chailease Holding Co. Ltd.		930,256
		Specialty Stores 2.3%
	7,400	China Tourism Group Duty Free Corp. Ltd., Class A		254,754
		Systems Software 3.3%
	31,300	Hangzhou Dptech Technologies Co. Ltd., Class A		202,582
	5,300	Sangfor Technologies, Inc., Class A		158,833
				361,415
		Total Common Stocks (cost $11,020,868)		10,796,601
		Total Investments (cost $11,020,868) 98.6%§		10,796,601
		Other Assets less Liabilities 1.4%		155,311
		NET ASSETS 100.0%	$	10,951,912
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 18.41%. See Notes to Schedules of Investments.

At December 31, 2021, Wasatch Greater China Fund’s investments, were in the following countries:

COUNTRY	%
China		71.2
Hong Kong		10.1
Taiwan		18.7
Total		100.0	%

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.9%
		Aerospace & Defense 1.5%
	747,715	CAE, Inc.*	$	18,862,078
		Airport Services 1.4%
	2,509,160	Grupo Aeroportuario del Centro Norte SAB de CV		16,862,124
		Apparel, Accessories & Luxury Goods 1.5%
	498,257	Canada Goose Holdings, Inc.*		18,465,780
		Application Software 7.8%
	346,520	Descartes Systems Group, Inc.*		28,659,570
	107,875	Freee KK*		5,930,976
	126,214	Kinaxis, Inc.*		17,693,607
	478,600	Rakus Co. Ltd.		12,843,610
	3,763,100	Systena Corp.		14,042,969
	1,833,926	Technology One Ltd.		17,092,035
				96,262,767
		Asset Management & Custody Banks 1.7%
	1,030,713	Netwealth Group Ltd.		13,265,646
	411,700	WealthNavi, Inc.*		7,306,483
				20,572,129
		Biotechnology 2.6%
	1,355,074	Abcam PLC*		31,785,999
		Brewers 1.2%
	131,953	Royal Unibrew A/S		14,842,451
		Commodity Chemicals 0.8%
	948,077	Berger Paints India Ltd.		9,849,915
		Construction & Engineering 0.9%
	1,740,546	Johns Lyng Group Ltd.		11,561,631
		Data Processing & Outsourced Services 0.9%
	93,000	GMO Payment Gateway, Inc.		11,580,977
		Diversified Real Estate Activities 1.3%
	704,248	PATRIZIA AG		16,436,615
		Diversified Support Services 0.8%
	63,148	Boyd Group Services, Inc.		9,965,298
		Drug Retail 2.9%
	222,095	Ain Holdings, Inc.		11,070,330
	353,157	Clicks Group Ltd.		6,992,885
	1,199,200	Raia Drogasil SA		5,220,968
	217,100	Sugi Holdings Co. Ltd.		13,153,559
				36,437,742
		Electrical Components & Equipment 2.4%
	539,485	Voltronic Power Technology Corp.		30,096,776
		Electronic Equipment & Instruments 2.2%
	624,827	Halma PLC		27,063,506
		General Merchandise Stores 0.6%
	881,864	B&M European Value Retail SA		7,567,722
		Health Care Equipment 1.7%
	113,780	DiaSorin SpA		21,646,189
		Health Care Services 1.4%
	337,026	Dr. Lal PathLabs Ltd.		17,301,136

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 1.2%
	492,728	Menicon Co. Ltd.	$	14,574,792
		Health Care Technology 4.4%
	557,427	JMDC, Inc.*		41,499,223
	187,000	MedPeer, Inc.*		5,822,168
	155,764	Pro Medicus Ltd.		7,076,081
				54,397,472
		Human Resource & Employment Services 5.0%
	202,111	Benefit One, Inc.		8,683,604
	277,221	HeadHunter Group PLC, ADR		14,163,221
	536,136	SMS Co. Ltd.		21,084,008
	320,600	TechnoPro Holdings, Inc.		9,718,426
	223,800	UT Group Co. Ltd.		8,405,383
				62,054,642
		Industrial Machinery 1.2%
	360,515	MISUMI Group, Inc.		14,810,667
		Insurance Brokers 0.9%
	3,970,530	TQM Corp. Public Co. Ltd.		11,529,454
		Interactive Home Entertainment 0.4%
	967,334	Kahoot! ASA*		5,060,925
		Interactive Media & Services 3.7%
	153,325	Info Edge India Ltd.		11,474,368
	505,700	Kakaku.com, Inc.		13,519,010
	1,915,244	Rightmove PLC		20,609,409
				45,602,787
		Investment Banking & Brokerage 0.9%
	2,102,243	AJ Bell PLC		10,795,793
		IT Consulting & Other Services 10.4%
	155,796	Endava PLC, ADR*		26,161,264
	56,294	Globant SA*		17,681,382
	395,273	Larsen & Toubro Infotech Ltd.		39,003,190
	155,705	Reply SpA		31,624,881
	623,589	Softcat PLC		15,226,822
				129,697,539
		Life Sciences Tools & Services 1.5%
	123,376	PolyPeptide Group AG*		18,476,289
		Movies & Entertainment 1.7%
	286,059	CTS Eventim AG & Co. KGaA*		20,908,888
		Pharmaceuticals 1.0%
	636,600	JCR Pharmaceuticals Co. Ltd.		12,330,800
		Property & Casualty Insurance 1.6%
	632,697	ICICI Lombard General Insurance Co. Ltd.		11,916,746
	1,656,605	Qualitas Controladora SAB de CV		8,386,788
				20,303,534
		Publishing 1.6%
	385,333	Future PLC		19,976,034
		Regional Banks 2.5%
	1,128,332	AU Small Finance Bank Ltd.*		15,773,135
	535,199	Canadian Western Bank		15,358,491
				31,131,626

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Research & Consulting Services 3.3%
	69,100	BayCurrent Consulting, Inc.	$	26,633,269
	497,488	NICE Information Service Co. Ltd. *		7,522,260
	262,056	Nihon M&A Center Holdings, Inc.		6,428,008
				40,583,537
		Restaurants 1.6%
	111,136	Domino’s Pizza Enterprises Ltd.		9,543,551
	1,679,383	Domino’s Pizza Group PLC		10,429,115
				19,972,666
		Semiconductors 7.6%
	127,000	ASPEED Technology, Inc.		16,375,864
	120,591	LEENO Industrial, Inc.*		20,082,357
	182,567	Melexis NV		21,782,938
	198,249	Silergy Corp.		35,882,327
				94,123,486
		Soft Drinks 1.5%
	511,902	Fevertree Drinks PLC		18,742,537
		Specialty Stores 0.3%
	1,288,900	Pet Center Comercio e Participacoes SA		3,773,315
		Systems Software 1.5%
	111,067	CyberArk Software Ltd.*		19,245,690
		Thrifts & Mortgage Finance 1.9%
	319,289	Equitable Group, Inc.		17,393,735
	808,128	OSB Group PLC		6,065,352
				23,459,087
		Trading Companies & Distributors 8.6%
	617,357	Diploma PLC		28,193,938
	1,868,464	Electrocomponents PLC		30,500,456
	1,445,977	Howden Joinery Group PLC		17,638,305
	94,800	IMCD NV		21,013,925
	555,048	MonotaRO Co. Ltd.		9,983,089
				107,329,713
		Total Common Stocks (cost $683,497,396)		1,216,042,108
Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.6%
		Repurchase Agreement 2.6%
	$31,693,890	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $32,459,700 of United States Treasury Notes 1.375% due 12/31/28; value: $32,327,849; repurchase proceeds: $31,693,890 (cost $31,693,890)	$	31,693,890
		Total Short-Term Investments (cost $31,693,890)		31,693,890

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Total Investments (cost $715,191,286) 100.5%§	$	1,247,735,998
Liabilities less Other Assets (0.5%)		(6,683,238	)
NET ASSETS 100.0%	$	1,241,052,760
*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 40.36%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2021, Wasatch International Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		4.8
Belgium		1.8
Brazil		0.7
Canada		10.4
Denmark		1.2
Germany		3.1
India		8.7
Israel		1.6
Italy		4.4
Japan		22.1
Mexico		2.1
Netherlands		1.7
Norway		0.4
Russia		1.2
South Africa		0.6
South Korea		2.3
Switzerland		1.5
Taiwan		6.8
Thailand		0.9
United Kingdom		22.3
United States		1.4
Total		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 30, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.8%
		Advertising 5.7%
	255,800	Direct Marketing MiX, Inc.	$	3,704,721
	339,400	ValueCommerce Co. Ltd.		13,206,893
	1,186,669	YouGov PLC		25,699,452
				42,611,066
		Alternative Carriers 1.0%
	736,163	Chief Telecom, Inc.		7,431,449
		Application Software 17.2%
	58,192	Atoss Software AG		14,356,823
	1,296,625	Bytes Technology Group PLC		9,959,890
	58,863	cBrain A/S		2,538,845
	129,100	Cybozu, Inc.		2,053,086
	3,701,669	dotdigital group PLC		9,910,559
	952,862	Elmo Software Ltd.*		3,133,512
	66,735	Esker SA		27,465,965
	164,319	Fortnox AB		10,581,353
	125,000	Freee KK*		6,872,510
	77,328	Mensch und Maschine Software SE		5,831,676
	465,032	Rakus Co. Ltd.		12,479,502
	2,543,600	Systena Corp.		9,492,093
	225,735	Vitec Software Group AB, Class B		13,912,350
				128,588,164
		Asset Management & Custody Banks 3.9%
	1,335,203	JTC PLC		16,554,538
	9,654,619	VEF AB*		6,464,050
	329,600	WealthNavi, Inc.*		5,849,445
				28,868,033
		Brewers 0.6%
	40,486	Royal Unibrew A/S		4,553,981
		Commodity Chemicals 2.2%
	826,601	Berger Paints India Ltd.		8,587,857
	124,447	Gulf Oil Lubricants India Ltd.		756,620
	242,951	Supreme Industries Ltd.		7,288,303
				16,632,780
		Construction & Engineering 1.4%
	1,631,866	Johns Lyng Group Ltd.		10,839,721
		Consumer Finance 1.5%
	224,976	Gruppo MutuiOnline SpA		11,326,882
		Data Processing & Outsourced Services 1.0%
	9,512,876	Fawry for Banking & Payment Technology Services SAE*		7,761,656
		Department Stores 0.8%
	389,245	Poya International Co. Ltd.		5,964,750
		Diversified Banks 0.9%
	3,850,355	City Union Bank Ltd.		6,987,400
		Diversified Support Services 3.7%
	645,700	Japan Elevator Service Holdings Co. Ltd.		12,061,700
	5,834,195	Johnson Service Group PLC*		11,655,787
	624,162	Prestige International, Inc.		3,628,844
				27,346,331

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 30, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Drug Retail 0.2%
	93,869	Medplus Health Services Ltd.*	$	1,303,055
		Electrical Components & Equipment 5.3%
	1,033,819	DiscoverIE Group PLC		14,357,081
	326,471	Voltronic Power Technology Corp.		18,213,156
	1,009,003	Zaptec AS*		6,864,933
				39,435,170
		Electronic Components 0.8%
	495,863	M3 Technology, Inc.		5,964,954
		Electronic Equipment & Instruments 1.5%
	3,102,161	Nayax Ltd.*		11,168,727
		Food Retail 1.3%
	67,164	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		5,039,316
	4,289,100	Sheng Siong Group Ltd.		4,646,843
				9,686,159
		Health Care Equipment 1.0%
	171,785	Medistim ASA		7,140,955
		Health Care Services 4.8%
	243,105	Dr. Lal PathLabs Ltd.		12,479,728
	498,469	Metropolis Healthcare Ltd.		23,080,519
				35,560,247
		Health Care Supplies 0.1%
	389,437	Shanghai Kindly Medical Instruments Co. Ltd., Class H		1,148,701
		Health Care Technology 3.8%
	72,600	MedPeer, Inc.*		2,260,371
	170,558	Nexus AG		13,895,323
	261,159	Pro Medicus Ltd.		11,863,989
				28,019,683
		Human Resource & Employment Services 4.4%
	338,225	HeadHunter Group PLC, ADR		17,279,915
	171,262	SMS Co. Ltd.		6,735,025
	229,300	UT Group Co. Ltd.		8,611,950
				32,626,890
		Insurance Brokers 1.2%
	3,120,686	TQM Corp. Public Co. Ltd.		9,061,713
		Interactive Media & Services 0.9%
	66,823	Atrae, Inc.*		1,408,753
	1,463,984	Baltic Classifieds Group PLC*		5,013,386
				6,422,139
		Internet & Direct Marketing Retail 0.5%
	77,300	Temairazu, Inc.		3,439,446
		Internet Services & Infrastructure 0.6%
	268,180	Hennge KK*		4,496,279
		Investment Banking & Brokerage 1.4%
	228,200	Strike Co. Ltd.		10,146,627
		IT Consulting & Other Services 5.7%
	20,233	Adesso SE		4,794,799
	93,528	Aubay		6,665,748
	617,084	Avant Corp.		6,441,323
	152,200	Comture Corp.		4,766,184

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 30, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	379,364	FDM Group Holdings PLC	$	6,531,569
	1,123,438	Kin & Carta PLC*		4,425,032
	96,433	KNOW IT AB		4,007,281
	318,800	SERAKU Co. Ltd.		4,685,198
				42,317,134
		Personal Products 0.8%
	588,400	Sarantis SA		5,962,049
		Property & Casualty Insurance 1.9%
	2,826,267	Qualitas Controladora SAB de CV		14,308,361
		Publishing 2.8%
	409,120	Future PLC		21,209,175
		Research & Consulting Services 6.7%
	8,491,400	CTOS Digital Bhd		3,689,255
	378,667	Funai Soken Holdings, Inc.		8,614,929
	63,600	IR Japan Holdings Ltd.		3,793,434
	75,400	Makuake, Inc.*		2,837,839
	521,089	NICE Information Service Co. Ltd.*		7,879,118
	829,400	SIGMAXYZ Holdings, Inc.		18,858,566
	342,933	Talenom Oyj		4,568,020
				50,241,161
		Restaurants 0.0%
	630,045	Patisserie Holdings PLC* *** §§		8,528
		Semiconductors 3.5%
	79,873	Elmos Semiconductor SE		5,301,276
	124,531	LEENO Industrial, Inc.*		20,738,496
				26,039,772
		Specialized Finance 1.0%
	364,500	eGuarantee, Inc.		7,333,832
		Specialty Stores 0.8%
	160,543	Musti Group Oyj *		5,683,218
		Systems Software 2.5%
	102,209	Digital Value SpA*		13,260,917
	1,475,035	Ideagen plc		5,490,467
				18,751,384
		Thrifts & Mortgage Finance 5.4%
	507,914	Aavas Financiers Ltd.*		17,765,048
	206,794	Equitable Group, Inc.		11,265,405
	576,376	Mortgage Advice Bureau Holdings Ltd.		11,312,229
				40,342,682
		Total Common Stocks (cost $437,622,494)		736,730,254

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.5%
		Repurchase Agreement 1.5%
	$10,939,858	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $11,204,200 of United States Treasury Notes 1.375% due 12/31/28; value: $11,158,689; repurchase proceeds: $10,939,858 (cost $10,939,858)	$	10,939,858
		Total Short-Term Investments (cost $10,939,858)		10,939,858
		Total Investments (cost $448,562,352) 100.3%§		747,670,112
		Liabilities less Other Assets (0.3%)		(2,051,175	)
		NET ASSETS 100.0%	$	745,618,937
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 50.16%. §§The aggregate value of illiquid holdings at December 31, 2021, amounts to approximately $8,528 and represented 0.00% of net assets. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2021, Wasatch International Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		3.5
Canada		1.5
China		0.2
Denmark		1.0
Egypt		1.1
Finland		1.4
France		4.6
Germany		6.0
Greece		0.8
India		10.6
Israel		2.2
Italy		3.3
Japan		22.2
Malaysia		0.5
Mexico		1.9
Norway		1.9
Russia		2.4
Singapore		0.6
South Korea		3.9
Sweden		4.8
Taiwan		5.1
Thailand		1.2
United Kingdom		19.3
Total		100.0	%

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.2%
		Aerospace & Defense 3.4%
	12,941	CAE, Inc.*	$	326,453
		Apparel, Accessories & Luxury Goods 3.8%
	206	Hermes International		360,240
		Application Software 8.5%
	8,052	Dassault Systemes SE		479,536
	3,168	Xero Ltd.*		326,002
				805,538
		Asset Management & Custody Banks 5.0%
	287	Partners Group Holding AG		473,782
		Biotechnology 3.8%
	15,135	Abcam PLC*		355,022
		Building Products 4.9%
	15,235	Assa Abloy AB, Class B		464,378
		Data Processing & Outsourced Services 10.9%
	115	Adyen NV*		302,639
	8,401	Amadeus IT Group SA*		568,447
	2,819	Worldline SA*		157,294
				1,028,380
		Drug Retail 2.2%
	2,200	Tsuruha Holdings, Inc.		211,241
		Electronic Equipment & Instruments 4.5%
	9,826	Halma PLC		425,599
		Health Care Equipment 3.0%
	1,490	DiaSorin SpA		283,467
		Health Care Supplies 3.2%
	1,716	Coloplast A/S, Class B		302,145
		Health Care Technology 7.5%
	7,401	JMDC, Inc.*		550,989
	3,100	M3, Inc.		156,306
				707,295
		Industrial Machinery 9.4%
	12,700	MISUMI Group, Inc.		521,741
	361	Rational AG		369,218
				890,959
		Interactive Media & Services 8.6%
	8,600	Kakaku.com, Inc.		229,906
	2,502	REA Group Ltd.		305,160
	3,991	Scout24 SE		278,677
				813,743
		IT Consulting & Other Services 3.0%
	1,500	Obic Co. Ltd.		280,724
		Life Sciences Tools & Services 9.3%
	1,625	ICON PLC*		503,262
	692	Sartorius Stedim Biotech		380,055
				883,317

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Real Estate Services 3.9%
	1,897	FirstService Corp.	$	372,816
		Research & Consulting Services 5.3%
	1,300	BayCurrent Consulting, Inc.		501,060
		Total Common Stocks (cost $7,706,453)		9,486,159
		Total Investments (cost $7,706,453) 100.2%§		9,486,159
		Liabilities less Other Assets (0.2%)		(17,385	)
		NET ASSETS 100.0%	$	9,468,774
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 54.83%. See Notes to Schedules of Investments.

At December 31, 2021, Wasatch International Select Fund’s investments, were in the following countries:

COUNTRY	%
Australia		6.7
Canada		7.4
Denmark		3.2
France		14.5
Germany		6.8
Ireland		5.3
Italy		3.0
Japan		25.8
Netherlands		3.2
Spain		6.0
Sweden		4.9
Switzerland		5.0
United Kingdom		8.2
Total		100.0	%

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 118.2%
		Agricultural & Farm Machinery 2.1%
	19,187	Hydrofarm Holdings Group, Inc.*	$	542,800
		Application Software 9.5%
	2,862	DocuSign, Inc.*		435,911
	4,374	Five9, Inc.*		600,638
	3,653	Guidewire Software, Inc.*		414,725
	754	HubSpot, Inc.*		496,999
	2,048	Paylocity Holding Corp.*		483,656
				2,431,929
		Asset Management & Custody Banks 2.0%
	5,443	Cohen & Steers, Inc.		503,532
		Auto Parts & Equipment 1.5%
	7,222	Standard Motor Products, Inc.		378,361
		Building Products 1.8%
	5,830	AAON, Inc.		463,077
		Casinos & Gaming 1.8%
	16,636	NEOGAMES SA*		462,148
		Commercial Printing 0.8%
	2,904	Cimpress PLC*		207,956
		Commodity Chemicals 2.1%
	14,015	Valvoline, Inc.		522,619
		Construction Machinery & Heavy Trucks 1.3%
	2,163	Alamo Group, Inc.		318,350
		Distributors 2.4%
	1,091	Pool Corp.		617,506
		Education Services 1.9%
	5,783	Grand Canyon Education, Inc.*		495,661
		Electronic Equipment & Instruments 5.9%
	5,961	Cognex Corp.		463,527
	5,942	Novanta, Inc.*		1,047,753
				1,511,280
		Electronic Manufacturing Services 4.8%
	5,789	Fabrinet*		685,823
	12,738	Sanmina Corp.*		528,117
				1,213,940
		Environmental & Facilities Services 2.1%
	12,861	ABM Industries, Inc.		525,372
		Financial Exchanges & Data 6.9%
	1,780	MarketAxess Holdings, Inc.		732,061
	3,040	Morningstar, Inc.		1,039,649
				1,771,710
		Food Distributors 1.4%
	10,383	Chefs’ Warehouse, Inc.*		345,754
		General Merchandise Stores 1.7%
	8,394	Ollie’s Bargain Outlet Holdings, Inc.*		429,689
		Health Care Facilities 3.5%
	5,453	Ensign Group, Inc.		457,834

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	4,563	U.S. Physical Therapy, Inc.	$	435,995
				893,829
		Health Care Services 1.8%
	4,885	Addus HomeCare Corp.*		456,796
		Health Care Supplies 2.2%
	12,501	Neogen Corp.*		567,670
		Home Improvement Retail 2.2%
	4,294	Floor & Decor Holdings, Inc., Class A*		558,263
		Homebuilding 2.4%
	7,887	Skyline Champion Corp.*		622,915
		Industrial Machinery 3.1%
	7,459	Altra Industrial Motion Corp.		384,661
	8,744	Barnes Group, Inc.		407,383
				792,044
		Insurance Brokers 2.3%
	4,550	Goosehead Insurance, Inc., Class A		591,864
		Interactive Media & Services 1.8%
	18,663	ZipRecruiter, Inc., Class A*		465,455
		Investment Banking & Brokerage 1.8%
	7,377	Moelis & Co., Class A		461,136
		IT Consulting & Other Services 3.9%
	3,170	Globant SA*		995,665
		Leisure Products 2.3%
	7,227	YETI Holdings, Inc.*		598,613
		Life Sciences Tools & Services 4.1%
	4,825	Medpace Holdings, Inc.*		1,050,113
		Managed Health Care 1.7%
	9,970	HealthEquity, Inc.*		441,073
		Oil & Gas Equipment & Services 1.4%
	9,483	Cactus, Inc., Class A		361,587
		Oil & Gas Exploration & Production 1.4%
	18,934	Magnolia Oil & Gas Corp., Class A		357,285
		Packaged Foods & Meats 2.0%
	5,220	Freshpet, Inc.*		497,309
		Paper Products 2.1%
	34,316	Resolute Forest Products, Inc.		524,005
		Personal Products 1.6%
	9,159	Edgewell Personal Care Co.		418,658
		Pharmaceuticals 2.7%
	12,997	Intra-Cellular Therapies, Inc.*		680,263
		Regional Banks 5.7%
	20,641	Bank OZK		960,426
	3,401	Silvergate Capital Corp., Class A*		504,028
				1,464,454
		Research & Consulting Services 1.9%
	4,695	ICF International, Inc.		481,472
		Semiconductors 3.5%
	1,829	Monolithic Power Systems, Inc.		902,301

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialty Chemicals 6.2%
	5,295	Balchem Corp.	$	892,737
	3,784	Innospec, Inc.		341,847
	4,794	Minerals Technologies, Inc.		350,681
				1,585,265
		Specialty Stores 2.0%
	2,433	Five Below, Inc.*		503,363
		Systems Software 2.4%
	3,480	CyberArk Software Ltd.*		603,014
		Trucking 2.2%
	13,077	Lyft, Inc., Class A*		558,780
		Total Common Stocks (cost $29,509,834)		30,174,876
		Total Investments, Before Investments Sold Short (cost $29,509,834) 118.2%		30,174,876
		INVESTMENTS SOLD SHORT (43.5%)
		COMMON STOCKS SOLD SHORT (43.5%)
		Advertising (1.0%)
	(3,747)	Cardlytics, Inc.*		(247,639	)
		Aerospace & Defense (1.0%)
	(5,794)	Spirit AeroSystems Holdings, Inc., Class A		(249,663	)
		Airlines (0.8%)
	(11,823)	Hawaiian Holdings, Inc.*		(217,189	)
		Aluminum (1.0%)
	(15,341)	Century Aluminum Co.*		(254,047	)
		Application Software (6.5%)
	(14,535)	8x8, Inc.*		(243,607	)
	(4,575)	Alteryx, Inc., Class A*		(276,787	)
	(4,227)	Digital Turbine, Inc.*		(257,805	)
	(4,048)	Domo, Inc., Class B*		(200,781	)
	(431)	MicroStrategy, Inc., Class A*		(234,675	)
	(8,141)	Nutanix, Inc., Class A*		(259,372	)
	(20,145)	Yext, Inc.*		(199,838	)
				(1,672,865	)
		Auto Parts & Equipment (1.7%)
	(11,252)	Cooper-Standard Holdings, Inc.*		(252,157	)
	(54,322)	XL Fleet Corp.*		(179,806	)
				(431,963	)
		Automotive Retail (1.1%)
	(21,724)	Shift Technologies, Inc.*		(74,079	)
	(19,529)	Vroom, Inc.*		(210,718	)
				(284,797	)
		Communications Equipment (1.9%)
	(30,489)	Infinera Corp.*		(292,390	)
	(6,506)	Plantronics, Inc.*		(190,886	)
				(483,276	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Consumer Finance (1.4%)
	(5,712)	LendingClub Corp.*	$	(138,116	)
	(1,721)	LendingTree, Inc.*		(210,995	)
				(349,111	)
		Education Services (0.8%)
	(10,389)	2U, Inc.*		(208,507	)
		Electrical Components & Equipment (1.8%)
	(7,845)	Plug Power, Inc.*		(221,464	)
	(6,932)	Sunrun, Inc.*		(237,768	)
				(459,232	)
		Electronic Equipment & Instruments (1.9%)
	(6,292)	908 Devices, Inc.*		(162,774	)
	(29,750)	Arlo Technologies, Inc.*		(312,078	)
				(474,852	)
		Health Care Equipment (0.7%)
	(16,488)	Alphatec Holdings, Inc.*		(188,458	)
		Health Care Services (1.2%)
	(7,828)	Accolade, Inc.*		(206,346	)
	(16,172)	Ontrak, Inc.*		(101,722	)
				(308,068	)
		Health Care Supplies (0.8%)
	(6,704)	Pulmonx Corp.*		(214,997	)
		Heavy Electrical Equipment (0.7%)
	(8,105)	Bloom Energy Corp., Class A*		(177,743	)
		Hotel & Resort REITs (0.8%)
	(10,580)	Park Hotels & Resorts, Inc.*		(199,750	)
		Hotels, Resorts & Cruise Lines (1.9%)
	(2,109)	Hyatt Hotels Corp., Class A*		(202,253	)
	(17,961)	Lindblad Expeditions Holdings, Inc.*		(280,192	)
				(482,445	)
		Insurance Brokers (1.0%)
	(9,683)	eHealth, Inc.*		(246,917	)
		Interactive Media & Services (0.6%)
	(15,488)	Angi, Inc.*		(142,644	)
		Internet & Direct Marketing Retail (2.5%)
	(8,129)	Farfetch Ltd., Class A*		(271,752	)
	(1,705)	Fiverr International Ltd.*		(193,859	)
	(15,168)	RealReal, Inc.*		(176,100	)
				(641,711	)
		Internet Services & Infrastructure (0.7%)
	(6,483)	Switch, Inc., Class A		(185,673	)
		Leisure Products (0.8%)
	(37,242)	AMMO, Inc.*		(202,969	)
		Mortgage REITs (0.5%)
	(12,012)	New Residential Investment Corp.		(128,649	)
		Multi-Sector Holdings (0.9%)
	(6,254)	Cannae Holdings, Inc.*		(219,828	)
		Multi-Utilities (0.9%)
	(8,438)	CenterPoint Energy, Inc.		(235,505	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Oil & Gas Exploration & Production (0.5%)
	(6,657)	Range Resources Corp.*	$	(118,694	)
		Oil & Gas Refining & Marketing (1.0%)
	(15,458)	Par Pacific Holdings, Inc.*		(254,902	)
		Oil & Gas Storage & Transportation (1.1%)
	(7,943)	Golar LNG Ltd.*		(98,414	)
	(14,047)	Scorpio Tankers, Inc.		(179,942	)
				(278,356	)
		Packaged Foods & Meats (0.2%)
	(843)	Beyond Meat, Inc.*		(54,930	)
		Personal Products (0.9%)
	(20,883)	Coty, Inc., Class A*		(219,271	)
		Pharmaceuticals (1.3%)
	(28,159)	Tilray, Inc.*		(197,958	)
	(9,828)	Viatris, Inc.		(132,973	)
				(330,931	)
		Precious Metals & Minerals (0.8%)
	(41,336)	Coeur Mining, Inc.*		(208,333	)
		Real Estate Development (0.8%)
	(2,100)	Howard Hughes Corp.*		(213,738	)
		Soft Drinks (0.7%)
	(2,241)	Celsius Holdings, Inc.*		(167,111	)
		Steel (0.4%)
	(4,752)	United States Steel Corp.		(113,145	)
		Trading Companies & Distributors (0.9%)
	(8,393)	Fortress Transportation and Infrastructure Investors LLC		(242,726	)
		Total Investments Sold Short (Proceeds $12,092,107) (43.5%)		(11,110,635	)
		Total Investments, Net of Investments Sold Short (cost $17,417,726) 74.7%		19,064,241
		Liabilities less Other Assets 25.3%		6,465,677
		NET ASSETS 100.0%	$	25,529,918
		*Non-income producing.
		REIT Real Estate Investment Trust.
		See Notes to Schedules of Investments.

At December 31, 2021, Wasatch Long/Short Alpha Fund investments, excluding Investments sold short, were in the following countries:

COUNTRY	%
Canada		1.8
Israel		3.5
United States		94.7
Total		100.0	%

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.6%
		Advertising 3.0%
	902,652	Thryv Holdings, Inc.*	$	37,126,077
		Agricultural & Farm Machinery 1.2%
	536,203	Hydrofarm Holdings Group, Inc.*		15,169,183
		Apparel, Accessories & Luxury Goods 1.6%
	877,427	Superior Group of Cos., Inc.‡‡		19,250,748
		Application Software 2.6%
	349,091	Agilysys, Inc.*		15,520,586
	441,878	CS Disco, Inc.*		15,797,138
				31,317,724
		Auto Parts & Equipment 5.8%
	187,473	Stoneridge, Inc.*		3,700,717
	3,362,181	Holley, Inc.*		43,674,731
	335,704	XPEL, Inc.*		22,921,869
				70,297,317
		Biotechnology 5.6%
	237,295	Atara Biotherapeutics, Inc.*		3,739,769
	167,711	C4 Therapeutics, Inc.*		5,400,294
	202,981	ChemoCentryx, Inc.*		7,390,538
	179,426	Cytokinetics, Inc.*		8,178,237
	351,606	Frequency Therapeutics, Inc.*		1,803,739
	573,146	Inovio Pharmaceuticals, Inc.*		2,859,999
	631,787	MacroGenics, Inc.*		10,140,181
	2,518,236	MEI Pharma, Inc.*		6,723,690
	264,258	Nkarta, Inc.*		4,056,360
	178,870	Nurix Therapeutics, Inc.*		5,178,287
	1,253,070	Sangamo Therapeutics, Inc.*		9,398,025
	423,422	Silverback Therapeutics, Inc.*		2,819,991
				67,689,110
		Building Products 1.4%
	1,389,098	Janus International Group, Inc.*		17,391,507
		Casinos & Gaming 2.6%
	489,551	NEOGAMES SA*		13,599,727
	565,049	Pollard Banknote Ltd.		17,800,864
				31,400,591
		Construction & Engineering 2.2%
	891,025	Construction Partners, Inc., Class A*		26,205,045
		Construction Machinery & Heavy Trucks 1.0%
	86,632	Alamo Group, Inc.		12,750,498
		Data Processing & Outsourced Services 1.6%
	2,263,604	Cantaloupe, Inc.*		20,100,804
		Distillers & Vintners 4.2%
	4,298,243	Vintage Wine Estates, Inc.* ‡‡		50,805,232
		Electrical Components & Equipment 1.8%
	598,876	Allied Motion Technologies, Inc.		21,852,985
		Electronic Equipment & Instruments 6.5%
	452,406	Identiv, Inc.*		12,730,705
	530,583	Napco Security Technologies, Inc.*		26,518,538
	948,269	nLight, Inc.*		22,711,043

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	322,398	PAR Technology Corp.*	$	17,012,942
				78,973,228
		Environmental & Facilities Services 2.3%
	858,813	Heritage-Crystal Clean, Inc.*		27,499,192
		Financial Exchanges & Data 1.1%
	611,844	Open Lending Corp., Class A*		13,754,253
		Food Distributors 1.5%
	558,180	Chefs’ Warehouse, Inc.*		18,587,394
		Health Care Equipment 2.3%
	371,643	CryoLife, Inc.*		7,562,935
	591,536	Paragon 28, Inc.*		10,464,272
	111,284	Semler Scientific, Inc.*		10,199,178
				28,226,385
		Health Care Facilities 2.6%
	807,566	Pennant Group, Inc.*		18,638,623
	141,252	U.S. Physical Therapy, Inc.		13,496,629
				32,135,252
		Health Care Services 3.4%
	247,811	Addus HomeCare Corp.*		23,172,807
	429,529	Castle Biosciences, Inc.*		18,413,908
				41,586,715
		Health Care Supplies 3.0%
	306,043	OrthoPediatrics Corp.*		18,319,734
	439,726	Silk Road Medical, Inc.*		18,736,725
				37,056,459
		Health Care Technology 1.5%
	396,365	Simulations Plus, Inc.		18,748,064
		Home Furnishings 0.9%
	864,275	Purple Innovation, Inc.*		11,468,929
		Homebuilding 3.2%
	1,110,437	Dream Finders Homes, Inc., Class A*		21,597,999
	216,114	Skyline Champion Corp.*		17,068,684
				38,666,683
		Industrial Machinery 7.1%
	236,467	Helios Technologies, Inc.		24,869,235
	98,000	Kadant, Inc.		22,587,041
	254,485	Kornit Digital Ltd.*		38,745,341
				86,201,617
		Interactive Home Entertainment 0.5%
	1,214,226	Motorsport Games, Inc., Class A* ‡‡		4,128,368
	838,521	Versus Systems, Inc.* ‡‡		1,760,894
				5,889,262
		Internet & Direct Marketing Retail 0.3%
	158,526	1-800-Flowers.com, Inc., Class A*		3,704,753
		IT Consulting & Other Services 2.4%
	779,860	Grid Dynamics Holdings, Inc.*		29,611,284
		Leisure Products 2.9%
	829,442	MasterCraft Boat Holdings, Inc.*		23,498,092

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	775,442	Solo Brands, Inc., Class A*	$	12,120,158
				35,618,250
		Oil & Gas Equipment & Services 2.1%
	639,542	DMC Global, Inc.*		25,332,259
		Paper Packaging 2.0%
	353,388	UFP Technologies, Inc.*		24,829,041
		Pharmaceuticals 3.9%
	328,602	Athira Pharma, Inc.*		4,281,684
	663,658	Esperion Therapeutics, Inc.*		3,318,290
	4,208,221	IM Cannabis Corp.* ‡‡		14,040,881
	352,045	Intra-Cellular Therapies, Inc.*		18,426,035
	9,786,972	PharmaCielo Ltd.* ‡‡		7,582,302
				47,649,192
		Regional Banks 0.6%
	241,860	Esquire Financial Holdings, Inc.*		7,647,613
		Research & Consulting Services 1.6%
	184,884	ICF International, Inc.		18,959,854
		Semiconductor Equipment 4.4%
	426,414	Camtek Ltd.*		19,632,101
	185,342	Nova Ltd.*		27,152,603
	236,832	Veeco Instruments, Inc.*		6,742,607
				53,527,311
		Semiconductors 1.4%
	192,453	Impinj, Inc.*		17,070,581
		Systems Software 3.0%
	146,549	CyberArk Software Ltd.*		25,394,011
	95,335	Rapid7, Inc.*		11,219,976
				36,613,987
		Trading Companies & Distributors 3.5%
	457,139	Transcat, Inc.* ‡‡		42,253,358
		Total Common Stocks (cost $945,951,015)		1,202,967,737
		WARRANTS 0.1%
		Interactive Home Entertainment 0.1%
	192,000	Versus Systems, Inc., expiring, 1/15/2026* *** † ‡‡		176,640
	640,000	Versus Systems, Inc., expiring, 1/15/2022* *** † ‡‡		—
	448,000	Versus Systems, Inc., expiring, 1/15/2026* ‡‡ §§		436,845
				613,485
		Pharmaceuticals 0.0%
	691,416	Esperion Therapeutics, Inc., expiring, 12/7/2023* *** †		193,596
	450,000	IM Cannabis Corp., expiring, 05/07/2026* *** † ‡‡		184,500
				378,096
		Total Warrants (cost $940,353)		991,581

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.9%
		Repurchase Agreement 0.9%
	$11,244,013	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $11,515,700 of United States Treasury Notes 1.375% due 12/31/28; value: $11,468,923; repurchase proceeds: $11,244,013 (cost $11,244,013)	$	11,244,013
		Total Short-Term Investments (cost $11,244,013)		11,244,013
		Total Investments (cost $958,135,381) 99.6%		1,215,203,331
		Other Assets less Liabilities 0.4%		4,923,808
		NET ASSETS 100.0%	$	1,220,127,139
		*Non-income producing.
		***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).
		†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2021, amounted to approximately $554,736, and represented 0.05% of net assets.
		‡‡Affiliated company (see Note 6).
		§§The aggregate value of illiquid holdings at December 31, 2021, amounted to approximately $436,845, and represented 0.04% of net assets.
		1The Fund entered into a commitment with a SPAC to purchase PIPE shares if and when the SPAC completes its merger or acquisition. Unfunded commitments with SPACs are not reflected in the Schedule of Investments. An unfunded commitment with a SPAC is recorded at net unrealized appreciation (depreciation) and is included in Other Assets less Liabilities.

Wasatch Micro Cap Fund’s Unfunded commitment with a SPAC outstanding as of December 31, 2021:

Issuer	Shares		Unfunded Commitment Amount		Current Value		Unrealized Depreciation
Roth CH Acquisition III Co.***		1,700,000		17,000,000		16,269,000		(731,000	)

PIPE Private Investment in Public Equity.

SPAC Special Purpose Acquisition Company.

See Notes to Schedules of Investments.

At December 31, 2021, Wasatch Micro Cap Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Canada		2.1
Israel		11.5
United States		86.4
Total		100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.7%
		Advertising 1.2%
	251,000	YouGov PLC	$	5,435,857
		Agricultural Products 0.7%
	99,000	Winfarm SAS*		3,415,721
		Air Freight & Logistics 1.3%
	853,000	Radiant Logistics, Inc.*		6,218,370
		Application Software 3.7%
	132,000	Ebix, Inc.		4,012,800
	941,197	GTY Technology Holdings, Inc.*		6,306,020
	689,054	Kaleyra, Inc.*		6,918,102
				17,236,922
		Asset Management & Custody Banks 1.1%
	122,077	Ads-Tec Energy plc*		145,272
	815,268	Fiducian Group Ltd.		5,000,239
				5,145,511
		Auto Parts & Equipment 1.7%
	95,250	Patrick Industries, Inc.		7,685,722
		Biotechnology 0.4%
	300,000	MEI Pharma, Inc.*		801,000
	164,000	Sangamo Therapeutics, Inc.*		1,230,000
				2,031,000
		Casinos & Gaming 1.7%
	666,000	Full House Resorts, Inc.*		8,065,260
		Communications Equipment 1.3%
	255,000	Digi International, Inc.*		6,265,350
		Construction & Engineering 4.4%
	363,100	Bowman Consulting Group Ltd.*		7,714,059
	184,000	Construction Partners, Inc., Class A*		5,411,440
	279,000	Sterling Construction Co., Inc.*		7,337,700
				20,463,199
		Consumer Finance 1.4%
	914,000	EZCORP, Inc., Class A*		6,736,180
		Data Processing & Outsourced Services 1.4%
	277,400	I3 Verticals, Inc., Class A*		6,321,946
		Diversified Metals & Mining 0.8%
	1,804,761	FPX Nickel Corp.*		713,372
	6,682,000	Talon Metals Corp.*		3,222,278
				3,935,650
		Diversified Support Services 1.3%
	2,937,000	Johnson Service Group PLC*		5,867,655
		Electronic Components 0.4%
	266,729	VIA Optronics AG*		1,960,458
		Electronic Equipment & Instruments 4.3%
	73,000	FARO Technologies, Inc.*		5,111,460
	540,000	Intellicheck, Inc.*		2,494,800
	514,734	Luna Innovations, Inc.*		4,344,355
	164,000	Napco Security Technologies, Inc.*		8,196,720
				20,147,335

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electronic Manufacturing Services 1.0%
	39,000	Fabrinet*	$	4,620,330
		Financial Exchanges & Data 0.7%
	147,000	Open Lending Corp., Class A*		3,304,560
		Food Distributors 1.4%
	195,000	Chefs’ Warehouse, Inc.*		6,493,500
		Health Care Distributors 1.0%
	209,000	PetIQ, Inc.*		4,746,390
		Health Care Equipment 2.1%
	605,000	Brainsway Ltd., ADR*		4,652,450
	1,920,000	Conformis, Inc.*		1,461,888
	52,484	Inmode Ltd.*		3,704,321
				9,818,659
		Health Care Facilities 0.7%
	47,000	Joint Corp.*		3,087,430
		Health Care Services 2.6%
	59,750	Addus HomeCare Corp.*		5,587,222
	374,000	InfuSystem Holdings, Inc.*		6,369,220
				11,956,442
		Health Care Supplies 1.1%
	87,000	OrthoPediatrics Corp.*		5,207,820
		Health Care Technology 3.2%
	593,077	Instem PLC*		7,104,420
	61,000	Nexus AG		4,969,657
	48,913	OptimizeRx Corp.*		3,037,986
				15,112,063
		Home Furnishings 1.1%
	79,000	Lovesac Co.*		5,234,540
		Homebuilding 2.6%
	152,000	Skyline Champion Corp.*		12,004,960
		Human Resource & Employment Services 1.3%
	343,600	Creek & River Co. Ltd.		6,091,198
		Industrial Machinery 4.6%
	38,000	John Bean Technologies Corp.		5,835,280
	22,000	Kadant, Inc.		5,070,560
	34,000	Kornit Digital Ltd.*		5,176,500
	178,000	va-Q-tec AG*		5,097,568
				21,179,908
		Integrated Telecommunication Services 1.4%
	323,000	Ooma, Inc.*		6,602,120
		Interactive Media & Services 1.2%
	239,000	VerticalScope Holdings, Inc.*		5,766,457
		Internet & Direct Marketing Retail 0.3%
	605,000	iPower, Inc.*		1,439,900
		Internet Services & Infrastructure 1.4%
	76,000	Tucows, Inc., Class A*		6,370,320
		Investment Banking & Brokerage 2.6%
	434,000	JDC Group AG*		12,155,077

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		IT Consulting & Other Services 3.8%
	864,062	AgileThought, Inc.*	$	4,078,373
	283,000	Avant Corp.		2,954,046
	182,000	Grid Dynamics Holdings, Inc.*		6,910,540
	1,103,540	Pivotree, Inc.*		3,969,411
				17,912,370
		Leisure Facilities 1.2%
	1,590,000	Gym Group PLC*		5,477,208
		Leisure Products 2.3%
	295,000	American Outdoor Brands, Inc.*		5,879,350
	172,000	Clarus Corp.		4,767,840
				10,647,190
		Mortgage REITs 1.3%
	272,000	AFC Gamma, Inc.		6,190,720
		Movies & Entertainment 1.2%
	1,547,953	Thunderbird Entertainment Group, Inc.*		5,359,923
		Oil & Gas Exploration & Production 1.2%
	1,094,000	Evolution Petroleum Corp.		5,524,700
		Packaged Foods & Meats 0.5%
	23,000	Freshpet, Inc.*		2,191,210
		Personal Products 0.1%
	19,138	Intercos SpA*		306,348
		Pharmaceuticals 1.8%
	1,120,476	BioDelivery Sciences International, Inc.*		3,473,476
	326,000	Harrow Health, Inc.*		2,816,640
	38,000	Intra-Cellular Therapies, Inc.*		1,988,920
				8,279,036
		Regional Banks 4.5%
	329,803	CrossFirst Bankshares, Inc.*		5,148,225
	255,047	Esquire Financial Holdings, Inc.*		8,064,586
	272,692	Finwise Bancorp*		3,760,423
	88,000	Sound Financial Bancorp, Inc.		3,872,000
				20,845,234
		Research & Consulting Services 3.2%
	63,815	ICF International, Inc.		6,544,228
	208,839	Red Violet, Inc.*		8,288,820
				14,833,048
		Restaurants 1.0%
	525,700	Noodles & Co.*		4,768,099
		Semiconductor Equipment 3.1%
	36,000	Nova Ltd.*		5,274,000
	315,944	Veeco Instruments, Inc.*		8,994,926
				14,268,926
		Semiconductors 3.3%
	92,000	Impinj, Inc.*		8,160,400
	24,000	SiTime Corp.*		7,020,960
				15,181,360
		Specialized Finance 1.2%
	92,000	A-Mark Precious Metals, Inc.		5,621,200

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialty Chemicals 0.7%
	210,737	Neo Performance Materials, Inc.	$	3,378,589
		Technology Hardware, Storage & Peripherals 1.3%
	70,000	MGI Digital Graphic Technology*		2,932,775
	289,000	TransAct Technologies, Inc.*		3,150,100
				6,082,875
		Thrifts & Mortgage Finance 4.3%
	105,000	Axos Financial, Inc.*		5,870,550
	366,000	Mortgage Advice Bureau Holdings Ltd.		7,183,290
	495,000	Velocity Financial, Inc.*		6,781,500
				19,835,340
		Trading Companies & Distributors 3.3%
	148,000	Global Industrial Co.		6,053,200
	149,000	Hardwoods Distribution, Inc.		5,277,046
	199,161	Karat Packaging, Inc.*		4,025,044
				15,355,290
		Total Common Stocks (cost $314,969,865)		450,182,476
		LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 0.0%
		Pharmaceuticals 0.0%
	50,528	Regenacy Pharmaceuticals LLC* *** †		17,685
		Total Limited Liability Company Membership Interest (cost $30,001)		17,685
		WARRANTS 0.0%
		Diversified Metals & Mining 0.0%
	500,000	Talon Metals Corp., expiring, 3/18/2022* *** †		—
		Trading Companies & Distributors 0.0%
	289,536	Greenlane Holdings, Inc., expiring, 2/24/2026* *** †		2,895
		Total Warrants (cost $422,967)		2,895
Principal Amount			Value
		SHORT-TERM INVESTMENTS 3.7%
		Repurchase Agreement 3.7%
	$17,069,324	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $17,481,800 of United States Treasury Notes 1.375% due 12/31/28; value: $17,410,789; repurchase proceeds: $17,069,324 (cost $17,069,324)	$	17,069,324
		Total Short-Term Investments (cost $17,069,324)		17,069,324

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Total Investments (cost $332,492,157) 100.4%§	$	467,272,380
Liabilities less Other Assets (0.4%)		(2,006,262	)
NET ASSETS 100.0%	$	465,266,118
*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule144A of the Securities Act of 1933 at December 31, 2021, amounted to approximately $20,580, and represented 0.00% of net assets. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 4.11%. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2021, Wasatch Micro Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		1.1
Canada		6.1
France		1.4
Germany		5.4
Ireland		0.1
Israel		4.2
Italy		1.6
Japan		2.0
United Kingdom		6.9
United States		71.2
Total		100.0	%

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.3%
		Agricultural & Farm Machinery 0.9%
	1,052,201	Hydrofarm Holdings Group, Inc.*	$	29,766,766
		Airlines 1.3%
	249,135	Allegiant Travel Co.*		46,598,210
		Apparel Retail 2.5%
	707,657	Boot Barn Holdings, Inc.*		87,077,194
		Application Software 5.7%
	990,383	CS Disco, Inc.*		35,406,192
	336,203	Five9, Inc.*		46,167,396
	579,899	nCino, Inc.*		31,813,259
	212,987	Paylocity Holding Corp.*		50,299,010
	458,375	Q2 Holdings, Inc.*		36,413,310
				200,099,167
		Asset Management & Custody Banks 5.0%
	1,358,071	Focus Financial Partners, Inc., Class A*		81,104,000
	2,205,756	StepStone Group, Inc., Class A		91,693,277
				172,797,277
		Auto Parts & Equipment 1.1%
	539,324	XPEL, Inc.*		36,825,043
		Automotive Retail 1.0%
	606,087	Monro, Inc.		35,316,689
		Biotechnology 3.9%
	711,099	Atara Biotherapeutics, Inc.*		11,206,920
	432,539	C4 Therapeutics, Inc.*		13,927,756
	526,734	ChemoCentryx, Inc.*		19,178,385
	787,790	Cytokinetics, Inc.*		35,907,468
	1,145,884	Frequency Therapeutics, Inc.*		5,878,385
	986,783	Inovio Pharmaceuticals, Inc.*		4,924,047
	1,042,600	MacroGenics, Inc.*		16,733,730
	334,694	Nurix Therapeutics, Inc.*		9,689,391
	2,269,701	Sangamo Therapeutics, Inc.*		17,022,758
	444,951	Silverback Therapeutics, Inc.*		2,963,374
				137,432,214
		Building Products 1.3%
	554,546	AAON, Inc.		44,047,589
		Data Processing & Outsourced Services 4.4%
	546,948	Euronet Worldwide, Inc.*		65,179,793
	2,147,072	Repay Holdings Corp.*		39,227,005
	927,508	TaskUS, Inc., Class A*		50,048,332
				154,455,130
		Distillers & Vintners 1.9%
	5,500,000	Vintage Wine Estates, Inc.* ‡‡		65,010,000
		Electronic Equipment & Instruments 1.3%
	1,830,235	nLight, Inc.*		43,834,128
		Financial Exchanges & Data 1.4%
	2,108,083	Open Lending Corp., Class A*		47,389,706
		General Merchandise Stores 1.7%
	1,152,466	Ollie’s Bargain Outlet Holdings, Inc.*		58,994,735
		Health Care Facilities 4.5%
	1,304,260	Ensign Group, Inc.		109,505,670

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	2,019,805	Pennant Group, Inc.* ‡‡	$	46,617,099
				156,122,769
		Health Care Services 1.1%
	872,694	Castle Biosciences, Inc.*		37,412,392
		Health Care Supplies 3.7%
	2,097,609	Neogen Corp.*		95,252,425
	792,242	Silk Road Medical, Inc.*		33,757,431
				129,009,856
		Health Care Technology 1.5%
	234,953	Inspire Medical Systems, Inc.*		54,053,287
		Home Furnishings 0.9%
	2,473,550	Purple Innovation, Inc.*		32,824,009
		Home Improvement Retail 2.7%
	726,860	Floor & Decor Holdings, Inc., Class A*		94,499,069
		Homebuilding 2.6%
	577,165	LGI Homes, Inc.*		89,160,449
		Industrial Machinery 9.5%
	928,107	Helios Technologies, Inc.		97,609,013
	944,351	Kornit Digital Ltd.*		143,777,440
	4,189,173	Markforged Holding Corp.*		22,495,859
	324,788	RBC Bearings, Inc.*		65,597,432
				329,479,744
		Insurance Brokers 1.3%
	351,709	Goosehead Insurance, Inc., Class A		45,750,307
		Interactive Media & Services 2.0%
	2,741,609	ZipRecruiter, Inc., Class A*		68,375,728
		IT Consulting & Other Services 3.9%
	334,178	Globant SA*		104,961,968
	844,857	Grid Dynamics Holdings, Inc.*		32,079,220
				137,041,188
		Leisure Products 2.0%
	838,232	YETI Holdings, Inc.*		69,430,757
		Life Sciences Tools & Services 3.8%
	610,541	Medpace Holdings, Inc.*		132,878,143
		Managed Health Care 1.6%
	1,278,254	HealthEquity, Inc.*		56,549,957
		Oil & Gas Equipment & Services 1.4%
	1,215,402	DMC Global, Inc.* ‡‡		48,142,073
		Packaged Foods & Meats 2.0%
	747,077	Freshpet, Inc.*		71,174,026
		Pharmaceuticals 2.1%
	88,820	Arvinas, Inc.*		7,295,675
	1,836,964	Esperion Therapeutics, Inc.*		9,184,820
	1,101,203	Intra-Cellular Therapies, Inc.*		57,636,965
				74,117,460
		Regional Banks 2.2%
	814,744	Pinnacle Financial Partners, Inc.		77,808,052
		Restaurants 0.7%
	778,142	Chuy’s Holdings, Inc.*		23,437,637

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductor Equipment 1.6%
	374,949	Nova Ltd.*	$	54,930,029
		Semiconductors 2.3%
	67,694	Monolithic Power Systems, Inc.		33,395,481
	164,191	SiTime Corp.*		48,032,435
				81,427,916
		Specialized Consumer Services 1.1%
	2,110,125	Mister Car Wash, Inc.*		38,425,376
		Specialty Stores 3.6%
	358,797	Five Below, Inc.*		74,231,511
	1,052,863	National Vision Holdings, Inc.*		50,526,896
				124,758,407
		Systems Software 6.7%
	679,930	CyberArk Software Ltd.*		117,818,271
	987,499	Rapid7, Inc.*		116,218,757
				234,037,028
		Trading Companies & Distributors 1.1%
	157,606	SiteOne Landscape Supply, Inc.*		38,184,782
		Total Common Stocks (cost $2,326,634,050)		3,458,674,289
		PREFERRED STOCKS 0.4%
		Semiconductor Equipment 0.0%
	184,939	Nanosys, Inc., Series A-1 Pfd.* *** †		266,312
	991,999	Nanosys, Inc., Series A-2 Pfd.* *** †		1,428,479
				1,694,791
		Systems Software 0.4%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		12,216,125
		Total Preferred Stocks (cost $10,184,941)		13,910,916
		WARRANTS 0.0%
		Pharmaceuticals 0.0%
	1,199,678	Esperion Therapeutics, Inc., expiring, 12/7/2023* *** †		335,910
		Total Warrants (cost $538,893)		335,910

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.4%
		Repurchase Agreement 0.4%
	$14,645,081	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $14,999,000 of United States Treasury Notes 1.375% due 12/31/28; value: $14,938,074; repurchase proceeds: $14,645,081 (cost $14,645,081)	$	14,645,081
		Total Short-Term Investments (cost $14,645,081)		14,645,081
		Total Investments (cost $2,352,002,965) 100.1%	$	3,487,566,196
		Liabilities less Other Assets (0.1%)		(2,884,805	)
		NET ASSETS 100.0%	$	3,484,681,391
		*Non-income producing.
		***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).
		†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2021, amounted to approximately $14,246,826, and represented 0.41%of net assets.
		‡‡Affiliated company (see Note 6).
		See Notes to Schedules of Investments.

At December 31, 2021, Wasatch Small Cap Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Israel		9.1
United States		90.9
Total		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.3%
		Advertising 2.7%
	4,071,872	National CineMedia, Inc.‡‡	$	11,441,960
	884,639	Thryv Holdings, Inc.*		36,385,202
				47,827,162
		Aerospace & Defense 1.1%
	151,418	HEICO Corp., Class A		19,460,241
		Airlines 0.9%
	89,317	Allegiant Travel Co.*		16,705,852
		Application Software 1.0%
	537,603	Ebix, Inc.		16,343,131
	93,407	Upland Software, Inc.*		1,675,722
				18,018,853
		Asset Management & Custody Banks 4.0%
	533,088	Artisan Partners Asset Management, Inc., Class A		25,396,312
	445,928	Focus Financial Partners, Inc., Class A*		26,630,820
	191,137	Hamilton Lane, Inc., Class A		19,805,616
				71,832,748
		Auto Parts & Equipment 1.1%
	373,653	Standard Motor Products, Inc.		19,575,681
		Automobile Manufacturers 0.9%
	216,037	Winnebago Industries, Inc.		16,185,492
		Automotive Retail 1.7%
	533,617	Monro, Inc.		31,093,863
		Building Products 2.7%
	2,414,726	Janus International Group, Inc.*		30,232,370
	129,647	Trex Co., Inc.*		17,506,234
				47,738,604
		Commercial Printing 1.0%
	247,944	Cimpress PLC*		17,755,270
		Commodity Chemicals 2.4%
	1,142,951	Valvoline, Inc.		42,620,643
		Construction & Engineering 2.1%
	1,293,697	Construction Partners, Inc., Class A*		38,047,629
		Data Processing & Outsourced Services 1.8%
	270,019	Euronet Worldwide, Inc.*		32,178,164
		Education Services 1.5%
	307,409	Grand Canyon Education, Inc.*		26,348,025
		Electronic Components 1.0%
	852,307	Vishay Intertechnology, Inc.		18,639,954
		Electronic Equipment & Instruments 1.0%
	339,122	PAR Technology Corp.*		17,895,468
		Electronic Manufacturing Services 4.4%
	485,676	Fabrinet*		57,538,036
	488,575	Sanmina Corp.*		20,256,319
				77,794,355
		Environmental & Facilities Services 0.8%
	366,072	ABM Industries, Inc.		14,954,041

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Financial Exchanges & Data 2.4%
	420,509	Donnelley Financial Solutions, Inc.*	$	19,822,794
	992,992	Open Lending Corp., Class A*		22,322,460
				42,145,254
		General Merchandise Stores 1.9%
	664,446	Ollie’s Bargain Outlet Holdings, Inc.*		34,012,991
		Health Care Facilities 2.6%
	560,400	Ensign Group, Inc.		47,051,184
		Home Furnishings 1.4%
	382,270	Lovesac Co.*		25,329,210
		Homebuilding 5.0%
	259,264	LGI Homes, Inc.*		40,051,103
	612,432	Skyline Champion Corp.*		48,369,879
				88,420,982
		Industrial Machinery 10.4%
	1,026,530	Altra Industrial Motion Corp.		52,938,152
	616,258	Barnes Group, Inc.		28,711,460
	351,921	Helios Technologies, Inc.		37,011,532
	291,506	Kadant, Inc.		67,186,303
				185,847,447
		Internet & Direct Marketing Retail 0.3%
	193,377	1-800-Flowers.com, Inc., Class A*		4,519,220
		Investment Banking & Brokerage 2.0%
	560,400	Moelis & Co., Class A		35,030,604
		Leisure Products 1.5%
	314,820	YETI Holdings, Inc.*		26,076,541
		Life Sciences Tools & Services 1.2%
	70,176	ICON PLC*		21,733,507
		Managed Health Care 1.1%
	434,027	HealthEquity, Inc.*		19,201,354
		Mortgage REITs 1.3%
	1,271,290	Arbor Realty Trust, Inc.		23,290,033
		Oil & Gas Equipment & Services 1.6%
	754,061	Cactus, Inc., Class A		28,752,346
		Oil & Gas Exploration & Production 1.8%
	1,672,233	Magnolia Oil & Gas Corp., Class A		31,555,037
		Paper Products 1.4%
	1,620,877	Resolute Forest Products, Inc.		24,750,792
		Personal Products 1.8%
	349,051	Edgewell Personal Care Co.		15,955,121
	306,757	Nu Skin Enterprises, Inc., Class A		15,567,918
				31,523,039
		Pharmaceuticals 1.6%
	554,066	Intra-Cellular Therapies, Inc.*		28,999,814
		Regional Banks 9.3%
	1,164,752	Bank OZK		54,195,911
	792,638	FB Financial Corp.		34,733,397
	385,356	ServisFirst Bancshares, Inc.		32,732,139

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	805,280	Webster Financial Corp.	$	44,966,835
				166,628,282
		Research & Consulting Services 0.9%
	753,821	Nielsen Holdings plc		15,460,869
		Semiconductor Equipment 3.7%
	271,841	Nova Ltd.*		39,824,707
	915,601	Veeco Instruments, Inc.*		26,067,160
				65,891,867
		Semiconductors 2.0%
	382,655	Cirrus Logic, Inc.*		35,211,913
		Specialized Consumer Services 1.3%
	494,155	Terminix Global Holdings, Inc.*		22,350,631
		Specialized REITs 2.4%
	619,517	National Storage Affiliates Trust		42,870,576
		Specialty Chemicals 2.0%
	392,528	Innospec, Inc.		35,460,980
		Thrifts & Mortgage Finance 3.1%
	994,365	Axos Financial, Inc.*		55,594,947
		Trading Companies & Distributors 2.2%
	299,721	Boise Cascade Co.		21,340,135
	335,331	Rush Enterprises, Inc., Class A		18,657,817
				39,997,952
		Total Common Stocks (cost $1,227,104,529)		1,752,379,417
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.8%
		Repurchase Agreement 1.8%
	$32,573,326	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $33,360,400 of United States Treasury Notes 1.375% due 12/31/28; value: $33,224,890; repurchase proceeds: $32,573,326 (cost $32,573,326)	$	32,573,326
		Total Short-Term Investments (cost $32,573,326)		32,573,326
		Total Investments (cost $1,259,677,855) 100.1%		1,784,952,743
		Liabilities less Other Assets (0.1%)		(1,895,318	)
		NET ASSETS 100.0%	$	1,783,057,425
		*Non-income producing.
		‡‡Affiliated company (see Note 6).
		REIT Real Estate Investment Trust.
		See Notes to Schedules of Investments.

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2021, Wasatch Small Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Canada		1.4
Ireland		1.2
Israel		2.3
United States		95.1
Total		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.0%
		Agricultural & Farm Machinery 0.8%
	753,090	Hydrofarm Holdings Group, Inc.*	$	21,304,916
		Application Software 11.9%
	238,138	Avalara, Inc.*		30,745,997
	183,696	DocuSign, Inc.*		27,978,738
	591,740	Five9, Inc.*		81,257,737
	79,713	HubSpot, Inc.*		52,542,824
	341,387	Paylocity Holding Corp.*		80,621,954
	736,865	Q2 Holdings, Inc.*		58,536,555
				331,683,805
		Biotechnology 10.3%
	616,333	Atara Biotherapeutics, Inc.*		9,713,408
	425,317	C4 Therapeutics, Inc.*		13,695,207
	722,249	ChemoCentryx, Inc.*		26,297,086
	725,880	Cytokinetics, Inc.*		33,085,611
	167,949	Denali Therapeutics, Inc.*		7,490,525
	299,990	Exact Sciences Corp.*		23,348,222
	1,055,027	Exagen, Inc.* ‡‡		12,269,964
	902,826	Frequency Therapeutics, Inc.*		4,631,497
	2,642,670	Inovio Pharmaceuticals, Inc.*		13,186,923
	231,758	Kymera Therapeutics, Inc.*		14,714,316
	187,718	Ligand Pharmaceuticals, Inc.*		28,994,922
	1,763,395	MacroGenics, Inc.*		28,302,490
	5,842,209	MEI Pharma, Inc.*		15,598,698
	340,792	Nkarta, Inc.*		5,231,157
	465,671	Nurix Therapeutics, Inc.*		13,481,176
	4,210,342	Sangamo Therapeutics, Inc.*		31,577,565
	576,064	Silverback Therapeutics, Inc.*		3,836,586
				285,455,353
		Building Products 2.4%
	500,747	Trex Co., Inc.*		67,615,867
		Data Processing & Outsourced Services 1.9%
	124,407	Block, Inc.*		20,092,974
	1,720,977	Repay Holdings Corp.*		31,442,250
				51,535,224
		Distillers & Vintners 1.9%
	4,500,000	Vintage Wine Estates, Inc.* ‡‡		53,190,000
		Electronic Equipment & Instruments 1.4%
	1,616,832	nLight, Inc.*		38,723,126
		Financial Exchanges & Data 4.0%
	58,415	MarketAxess Holdings, Inc.		24,024,337
	2,122,796	Open Lending Corp., Class A*		47,720,454
	401,134	Tradeweb Markets, Inc., Class A		40,169,559
				111,914,350
		General Merchandise Stores 1.8%
	972,525	Ollie’s Bargain Outlet Holdings, Inc.*		49,783,555
		Health Care Equipment 6.9%
	213,795	AtriCure, Inc.*		14,865,166
	13,974,921	Conformis, Inc.* ‡‡		10,640,505
	2,304,905	CryoLife, Inc.* ‡‡		46,904,817
	887,848	Outset Medical, Inc.*		40,920,914
	1,701,421	Paragon 28, Inc.*		30,098,138

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	326,373	Tandem Diabetes Care, Inc.*	$	49,125,664
				192,555,204
		Health Care Services 1.9%
	1,233,315	Castle Biosciences, Inc.*		52,872,214
		Health Care Supplies 3.8%
	7,894,966	Cerus Corp.*		53,764,719
	1,220,146	Silk Road Medical, Inc.*		51,990,421
				105,755,140
		Health Care Technology 4.0%
	303,600	Inspire Medical Systems, Inc.*		69,846,216
	158,900	Veeva Systems, Inc., Class A*		40,595,772
				110,441,988
		Home Furnishings 1.0%
	2,056,376	Purple Innovation, Inc.*		27,288,110
		Home Improvement Retail 2.6%
	553,469	Floor & Decor Holdings, Inc., Class A*		71,956,505
		Homebuilding 3.5%
	246,388	LGI Homes, Inc.*		38,062,018
	753,150	Skyline Champion Corp.*		59,483,787
				97,545,805
		Industrial Machinery 3.9%
	703,121	Kornit Digital Ltd.*		107,050,172
		Interactive Media & Services 1.4%
	1,380,757	TripAdvisor, Inc.*		37,639,436
		IT Consulting & Other Services 3.8%
	415,639	Endava PLC, ADR*		69,794,101
	111,110	Globant SA*		34,898,540
				104,692,641
		Leisure Products 0.8%
	1,361,926	Solo Brands, Inc., Class A*		21,286,903
		Managed Health Care 1.1%
	697,327	HealthEquity, Inc.*		30,849,746
		Metal & Glass Containers 1.0%
	715,803	TriMas Corp.		26,484,711
		Oil & Gas Exploration & Production 1.1%
	1,560,059	Magnolia Oil & Gas Corp., Class A		29,438,313
		Packaged Foods & Meats 2.6%
	771,470	Freshpet, Inc.*		73,497,947
		Pharmaceuticals 5.6%
	147,183	Arvinas, Inc.*		12,089,612
	862,375	Athira Pharma, Inc.*		11,236,746
	1,938,628	Esperion Therapeutics, Inc.*		9,693,140
	2,350,971	Intra-Cellular Therapies, Inc.*		123,049,822
				156,069,320
		Property & Casualty Insurance 1.2%
	2,500,000	Hagertyl, Inc. PIPE* *** †		33,500,000
		Regional Banks 3.4%
	1,367,406	Bank OZK		63,625,401
	216,925	Eagle Bancorp, Inc.		12,655,405

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	197,467	Pinnacle Financial Partners, Inc.	$	18,858,098
				95,138,904
		Restaurants 0.4%
	346,925	Chuy’s Holdings, Inc.*		10,449,381
		Semiconductor Equipment 4.1%
	668,579	Kulicke & Soffa Industries, Inc.		40,475,773
	499,788	Nova Ltd.*		73,218,942
				113,694,715
		Semiconductors 1.9%
	105,193	Monolithic Power Systems, Inc.		51,894,863
		Specialty Chemicals 2.0%
	337,231	Balchem Corp.		56,857,147
		Specialty Stores 2.7%
	367,037	Five Below, Inc.*		75,936,285
		Systems Software 2.9%
	405,179	CyberArk Software Ltd.*		70,209,417
	82,301	Rapid7, Inc.*		9,686,005
				79,895,422
		Total Common Stocks (cost $1,985,614,918)		2,773,997,068
		PREFERRED STOCKS 0.0%
		Semiconductor Equipment 0.0%
	46,235	Nanosys, Inc., Series A-1 Pfd.* *** †		66,578
	248,000	Nanosys, Inc., Series A-2 Pfd.* *** †		357,120
				423,698
		Total Preferred Stocks (cost $546,236)		423,698
		WARRANTS 0.1%
		Pharmaceuticals 0.0%
	1,061,689	Esperion Therapeutics, Inc., expiring, 12/7/2023* *** †		297,273
		Property & Casualty Insurance 0.1%
	450,000	Hagerty, Inc., expiring, 12/2/2026* *** †		2,772,000
		Total Warrants (cost $2,026,219)		3,069,273
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.1%
		Repurchase Agreement 0.1%
	$2,858,951	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $2,928,100 of United States Treasury Notes 1.375% due 12/31/28; value: $2,916,206; repurchase proceeds: $2,858,951 (cost $2,858,951)	$	2,858,951
		Total Short-Term Investments (cost $2,858,951)		2,858,951

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments (continued)

Total Investments (cost $1,991,046,324) 100.2%	$	2,780,348,990
Liabilities less Other Assets (0.2%)		(4,540,164	)
NET ASSETS 100.0%	$	2,775,808,826
*Non-income producing.
***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).
†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2021, amounted to approximately $36,992,971, and represented 1.33% of net assets.
‡‡Affiliated company (see Note 6).
PIPE Private Investment in Public Equity.
REIT Real Estate Investment Trust.
See Notes to Schedules of Investments.

At December 31, 2021, Wasatch Ultra Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Israel		9.0
United Kingdom		2.5
United States		88.5
Total		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) DECEMBER 31, 2021 (UNAUDITED)

Schedule of Investments

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 98.9%
	$93,800,000	U.S. Treasury Bond, 1.25%, 5/15/50	$	80,037,781
	31,000,000	U.S. Treasury Bond, 1.375%, 8/15/50		27,284,844
	87,900,000	U.S. Treasury Bond, 2.25%, 8/15/46		93,307,911
	20,000,000	U.S. Treasury Bond, 2.25%, 8/15/49		21,497,656
	25,150,000	U.S. Treasury Bond, 2.50%, 2/15/45		27,760,295
	45,530,000	U.S. Treasury Bond, 3.00%, 8/15/48		55,934,316
	40,000,000	U.S. Treasury Strip, principal only, 2/15/49		23,942,125
	105,000,000	U.S. Treasury Strip, principal only, 5/15/49		62,557,243
	147,000,000	U.S. Treasury Strip, principal only, 8/15/49		86,920,331
		Total U.S. Government Obligations (cost $474,645,013)		479,242,502
		SHORT-TERM INVESTMENTS 0.8%
		Repurchase Agreement 0.8%
	3,836,725	Repurchase Agreement dated 12/31/21, 0.00% due 1/3/22 with Fixed Income Clearing Corp. collateralized by $3,929,500 of United States Treasury Notes 1.375% due 12/31/28; value $3,913,538; repurchase proceeds: $3,836,725 (cost $3,836,725)		3,836,725
		Total Short-Term Investments (cost $3,836,725)		3,836,725
		Total Investments (cost $478,481,738) 99.7%		483,079,227
		Other Assets less Liabilities 0.3%		1,348,942
		NET ASSETS 100.0%	$	484,428,169
		See Notes to Schedules of Investments.

WASATCH FUNDS – Notes to Schedule of Investments DECEMBER 31, 2021 (UNAUDITED)

1. ORGANIZATION

Wasatch Funds Trust (the “Trust”) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and consists of 19 series or funds (each a “Fund” and collectively the “Funds”). The Core Growth Fund, Global Opportunities Fund, Global Value Fund, International Growth Fund, International Opportunities Fund, Long/Short Alpha Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Ultra Growth Fund and Wasatch-Hoisington U.S. Treasury Fund (“U.S. Treasury Fund”) (sub-advised) are each a diversified fund. The Emerging India Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Select Fund, Greater China Fund and International Select Fund are each a non-diversified fund. Each Fund maintains its own investment objective(s).

On November 9, 2011, the Trust redesignated the shares of the Funds into Investor Class shares effective January 31, 2012, and authorized and designated a new Institutional Class of shares in the Funds. Currently 18 funds offer Institutional Class shares: Core Growth Fund, Global Value Fund and Small Cap Value Fund, which commenced operations on January 31, 2012, Emerging Markets Select Fund, which commenced operations on December 13, 2012, Emerging India Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, International Opportunities Fund and Small Cap Growth Fund, which commenced operations on February 1, 2016, Global Select Fund and International Select Fund, which commenced operations on October 1, 2019, Micro Cap Fund, Micro Cap Value Fund and Ultra Growth Fund, which commenced operations on January 31, 2020, Greater China Fund, which commenced operations on November 30, 2020 and Long/Short Alpha Fund, which commenced operations on October 1, 2021. Each class of shares for each Fund has identical rights and privileges except with respect to purchase minimums, distribution and service charges, shareholder services, voting rights on matters affecting a single class of shares, and the exchange and conversion features. The Funds have entered into an investment advisory agreement with Wasatch Advisors, Inc., d/b/a Wasatch Global Investors, as investment advisor (the “Advisor” or “Wasatch”).

The Core Growth, Emerging India, Emerging Markets Select, Emerging Markets Small Cap, Frontier Emerging Small Countries, Global Opportunities, Global Select, Global Value, Greater China, International Growth, International Opportunities, International Select, Long/Short Alpha Fund, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value and Ultra Growth Funds are referred to herein as the “Equity Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant policies related to investments of the Funds held at December 31, 2021. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Funds are investment companies and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Valuation of Securities – All investments in securities are recorded at their estimated fair value as described in Note 8.

Foreign Currency Translations – Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m. Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions.

Investment in Securities and Related Investment Income – Security transactions are accounted for on the trade date. Gains or losses on securities sold are determined on the identified cost basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the Fund is informed of the dividend. Interest income and estimated expenses

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

SIGNIFICANT ACCOUNTING POLICIES (continued)

are accrued daily. Bond discount and premiums are amortized using the interest method. To the extent dividends received include return of capital or capital gain distributions, such distributions are recorded as a reduction to cost of the related security or as a realized gain or loss.

For financial reporting purposes the estimate on all real estate investment trust (REIT) rates are based on prior year average rates made public by the REITs. To obtain these rates Wasatch utilizes a service through Wall Street Concepts, which gathers and disseminates the information. Prior to filing tax returns, REIT rates are trued up for actual rates. The differences between the actual versus the trued-up rates are captured in the next fiscal year’s financial reporting process.

3. SECURITIESAND OTHER INVESTMENTS

Repurchase Agreements – The Funds may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase and the fund to resell the obligation at an agreed upon price and time. The market value of the collateral must be at least equal at all times to the total amount of the repurchase obligation, including interest. Generally, in the event of counterparty default, the fund has the right to use the collateral to offset losses incurred.

Short Sales –The Equity Funds may enter into short sales whereby a fund sells a security it generally does not own (the security is borrowed), in anticipation of a decline in the security’s price. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. If a Fund shorts a security when also holding a long position in the security (a “short against the box”), as the security’s price declines, the short position increases in value, offsetting the long position’s decrease in value. The opposite effect occurs if the security’s price rises. A Fund realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Possible losses from short sales may be unlimited, whereas losses from security purchases cannot exceed the total amount invested. The Funds are liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Funds. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of short positions.

Participation Notes – Certain Funds may invest in Participation Notes (P-Notes). P-Notes are promissory notes that are designed to offer a return linked to the performance of a particular underlying equity security or market. P-Notes are issued by banks or broker-dealers and allow a fund to gain exposure to common stocks in markets in which the fund is currently not approved to directly invest, or in markets that prohibit direct investment by foreign purchasers. While the holder of a P-Note is entitled to receive from the bank or broker-dealer any dividends or other distributions paid on the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights. Income received from P-Notes is recorded as dividend income in the Statement of Operations. P-Notes are considered general unsecured contractual obligations of the bank or broker-dealer. Risks associated with P-Notes include the possible failure of a counterparty (i.e., the issuing bank or broker-dealer) to perform in accordance with the terms of the agreement, inability to transfer or liquidate the notes, potential delays or an inability to redeem the notes before maturity under certain market conditions, and limited legal recourse against the issuer of the underlying common stock.

Special Purpose Acquisition Companies(SPACs) – SPACs are collective investment structures that allow public stock market qualified investors to invest in PIPE shares. SPACs are shell companies, that have no operations but go public with the intention of merging with or acquiring a company with the proceeds of the SPAC’s initial public offering (“IPO”). The Funds may enter into a commitment with a SPAC to purchase PIPE shares if and when the SPAC completes its merger or acquisition. Purchased PIPE shares will be restricted from trading until the registration statement for the shares is declared effective. Upon registration, the shares can be freely sold. As of December 31, 2021 the Wasatch Micro Cap Fund had unfunded commitment outstanding of $17,000,000 to purchase PIPE shares.

4. FINANCIAL DERIVATIVE INSTRUMENTS

Foreign Currency Contracts – The Funds may enter into foreign currency contracts to settle planned purchases or sales of securities or to protect against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and a foreign currency involved in an underlying transaction. Foreign currency contracts are agreements between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

contract fluctuates with changes in currency exchange rates. Foreign currency contracts are marked-to-market daily and the change in market value is recorded by a fund as unrealized appreciation or depreciation. When a foreign currency contract is closed, the fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Schedule of Investments. In addition, a fund could be exposed to credit risk if a counterparty is unable or unwilling to meet the terms of the contracts or if the value of the currency changes unfavorably. In connection with these contracts, the Funds may segregate cash and/or securities in a sufficient amount as collateral in accordance with the terms of the respective contracts. None of the Funds entered into foreign currency contracts transactions during during this period.

5. FEDERAL INCOME TAX INFORMATION

As of December 31, 2021, the cost and unrealized appreciation (depreciation) of securities on a tax basis were as follows:

	Core Growth Fund			Emerging India Fund			Emerging Markets Select Fund			Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund
Cost	$	2,593,392,666		$	377,244,912		$	358,213,845		$	346,837,919		$	47,755,021
Gross appreciation	$	1,673,396,931		$	323,544,891		$	71,832,374		$	371,140,858		$	24,620,986
Gross (depreciation)		(104,595,655	)		(94,917	)		(10,752,958	)		(18,730,511	)		(3,364,715	)
Net appreciation	$	1,568,801,276		$	323,449,974		$	61,079,416		$	352,410,347		$	21,256,271
	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Cost	$	160,218,527		$	16,015,174		$	106,406,922		$	16,015,174		$	689,714,303
Gross appreciation	$	129,469,657		$	4,778,209		$	28,769,832		$	4,778,209		$	560,194,669
Gross (depreciation)		(8,457,365	)		(951,765	)		(2,010,057	)		(951,765	)		(33,866,864	)
Net appreciation	$	121,012,292		$	3,826,444		$	26,759,775		$	3,826,444		$	526,327,805
	International Opportunities Fund			International Select Fund			Long/Short Alpha Fund			Micro Cap Fund			Micro Cap Value Fund
Cost	$	437,715,059		$	7,752,031		$	29,513,140		$	960,943,583		$	316,932,165
Gross appreciation	$	322,188,392		$	2,018,958		$	1,552,685		$	328,486,802		$	150,431,600
Gross (depreciation)		(23,173,197	)		(284,830	)		(890,949	)		(85,471,067	)		(17,160,709	)
Net appreciation	$	299,015,195		$	1,734,128		$	661,736		$	243,015,735		$	133,270,891
	Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Treasury Fund
Cost	$	106,406,922		$	1,236,547,247		$	1,984,777,451		$	475,115,654
Gross appreciation	$	28,769,832		$	559,548,441		$	947,422,452		$	24,031,818
Gross (depreciation)		(2,010,057	)		(43,716,271	)		(188,209,864	)		(19,904,970	)
Net appreciation	$	26,759,775		$	515,832,170		$	759,212,588		$	4,126,848

The difference between book-basis and tax-basis unrealized gains (losses) is primarily attributable to the tax deferral of losses on wash sales.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

6. TRANSACTIONS WITH AFFILIATES

If a Fund’s holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the period ended December 31, 2021 with an “affiliated company” as so defined:

	Value, Beginning of the period		Purchases at Cost		Proceeds from Sales		Value, End of the period		Dividends Credited to Income for the period ended 12/31/2021		Gain (Loss) Realized on Sale of Shares for the period ended 12/31/2021			Change in Unrealized Appreciation for the period ended 12/31/2021
Core Growth Fund
Common Stock
1-800-Flowers.com, Inc., Class A*	$	58,669,388	$	—	$	37,187,750	$	9,123,788	$	—	$	(8,467,072	)	$	(3,890,778	)
Micro Cap Fund
Common Stock
IM Cannabis Corp.	$	14,940,315	$	—	$	—	$	14,040,881	$	—	$	—		$	(899,434	)
Transcat, Inc.		41,283,384		—		15,414,752		42,253,358		—		9,930,890			6,453,836
Versus Systems, Inc.		3,085,757		—		—		1,760,894		—		—			(1,324,863	)
Motorsport Games, Inc., Class A		18,194,448		—		623,199		4,128,368		—		(1,261,007	)		(12,181,874	)
UFP Technologies, Inc.*		27,674,235		—		6,185,108		24,829,041		—		1,693,932			1,645,982
Vintage Wine Estates, Inc.		44,325,092		—		479,775		50,805,232		—		(21,885	)		6,981,800
Superior Group of Cos., Inc.		22,445,738		—		1,848,440		19,250,748		115,650		(463,220	)		(883,330	)
PharmaCielo Ltd.		10,806,048		66,445		427,408.00		7,582,302		—		(668,128	)		(2,194,655	)
Allied Motion Technologies, Inc.*		23,140,694		—		5,185,184		21,852,985		18,297		504,999			3,392,476
Warrants				—		—
IM Cannabis Corp., expiring, 05/07/2026		225,000		—		—		184,500		—		—			(40,500	)
Versus Systems, Inc., expiring, 1/15/2022		—		—		—		—		—		—			—
Versus Systems, Inc., expiring, 1/15/2026		891,520		—		—		436,845		—		—			(454,675	)
Versus Systems, Inc., expiring, 1/15/2026		359,040		—		—		176,640		—		—			(182,400	)
	$	207,371,271	$	66,445	$	30,163,866	$	187,301,794	$	133,947	$	9,715,581		$	312,363
Small Cap Growth Fund
Common Stock
Vintage Wine Estates, Inc., PIPE Shares	$	52,800,000	$	—	$	—	$	65,010,000	$	—	$	—		$	12,210,000
DMC Global, Inc.		45,955,866		—		1,095,081		48,142,073		—		(531,373	)		3,812,661
Pennant Group, Inc. (The)		20,453,003		28,075,444		949,765		46,617,099		—		(1,939,344	)		977,761
	$	119,208,869	$	28,075,444	$	2,044,846	$	159,769,172	$	—	$	(2,470,717	)	$	17,000,422
Small Cap Value Fund
Common Stock
National CineMedia, Inc.	$	14,495,864	$	—	$	—	$	11,441,960	$	203,594	$	—		$	(3,053,904	)
Ultra Growth Fund
Common Stock
Exagen, Inc.	$	14,348,367	$	—	$	—	$	12,269,964	$	—	$	—		$	(2,078,403	)
CryoLife, Inc.		51,376,332		—		—		46,904,817		—		—			(4,471,515	)
Conformis, Inc.		18,586,645		—		—		10,640,505		—		—			(7,946,140	)
Vintage Wine Estates, Inc., PIPE Shares		43,200,000		—		—		53,190,000		—		—			9,990,000
	$	127,511,344	$	—	$	—	$	123,005,286	$	—	$	—		$	(4,506,058	)

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

TRANSACTIONS WITH AFFILIATES (continued)

	Share Activity								Dividends Credited to Income for the period ended 12/31/2021		Gain (Loss) Realized on Sale of Shares for the period ended 12/31/2021			Change in Unrealized Appreciation for the period ended 12/31/2021
	Balance 9/30/2021		Purchases/ Additions		Sales/ Reductions		Balance 12/31/2021
Core Growth Fund
Common Stock
1-800-Flowers.com Inc.*		1,922,956		—		1,532,550		390,406	$	—	$	(8,467,072	)	$	(3,890,778	)
Micro Cap Fund
Common Stock
IM Cannabis Corp.		4,208,221		—		—		4,208,221	$	—	$	—		$	(899,434	)
Transcat, Inc.		640,251		—		183,112		457,139		—		9,930,890			6,453,836
Versus Systems, Inc.		838,521		—		—		838,521		—		—			(1,324,863	)
Motorsport Games, Inc., Class A		1,275,908		—		61,682		1,214,226		—		(1,261,007	)		(12,181,874	)
UFP Technologies, Inc.*		449,330		—		95,942		353,388		—		1,693,932			1,645,982
Vintage Wine Estates, Inc.		4,341,341		—		43,098		4,298,243		—		(21,885	)		6,981,800
Superior Group of Cos., Inc.		963,750		—		86,323		877,427		115,650		(463,220	)		(883,330	)
PharmaCielo Ltd.		10,290,933		101,500		605,461		9,786,972		—		(668,128	)		(2,194,655	)
Allied Motion Technologies, Inc.*		739,792		—		140,916		598,876		18,297		504,999			3,392,476
Warrants
IM Cannabis Corp., expiring, 05/07/2026		450,000		—		—		450,000		—		—			(40,500	)
Versus Systems, Inc., expiring, 1/15/2022		640,000		—		—		640,000		—		—			—
Versus Systems, Inc., expiring, 1/15/2026		448,000		—		—		448,000		—		—			(454,675	)
Versus Systems, Inc., expiring, 1/15/2026		192,000		—		—		192,000		—		—			(182,400	)
		25,478,047		101,500		1,216,534		24,363,013	$	133,947	$	9,715,581		$	312,363
Small Cap Growth Fund
Common Stock
Vintage Wine Estates, Inc., PIPE Shares		5,500,000		—		—		5,500,000	$	—	$	—		$	12,210,000
DMC Global, Inc.		1,245,079		—		29,677		1,215,402		—		(531,373	)		3,812,661
Pennant Group, Inc. (The)		728,124		1,341,000		49,319		2,019,805		—		(1,939,344	)		977,761
		7,473,203		1,341,000		78,996		8,735,207	$	—	$	(2,470,717	)	$	17,000,422
Small Cap Value Fund
Common Stock
National CineMedia, Inc.		4,071,872		—		—		4,071,872	$	203,594	$	—		$	(3,053,904	)
Ultra Growth Fund
Common Stock
Exagen, Inc.		1,055,027		—		—		1,055,027	$	—	$	—		$	(2,078,403	)
CryoLife, Inc.		2,304,905		—		—		2,304,905		—		—			(4,471,515	)
Conformis, Inc.		13,974,921		—		—		13,974,921		—		—			(7,946,140	)
Vintage Wine Estates, Inc., PIPE Shares		4,500,000		—		—		4,500,000	$	—		—			9,990,000
		21,834,853		—		—		21,834,853	$	—	$	—		$	(4,506,058	)

*This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total amount of the gain (loss) realized on sale of shares and the total change in unrealized appreciation for the period ended September 30, 2021 is included in the Statement of Operations even though the securities were not affiliated companies as of year end.

7. RESTRICTED SECURITIES

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the “Securities Act”) and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee of the Advisor (“Pricing Committee”), comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At December 31, 2021, the Funds held the following restricted securities:

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

RESTRICTED SECURITIES (continued)

	Security Type	Acquisition Date		Cost		Fair Value		Value as a Percent of Net Assets
Core Growth Fund
Hagerty, Inc., expiring, 12/02/2026	Warrants		12/3/2021	$	1,859,173	$	3,326,400		0.08	%
Hagertyl, Inc. PIPE	PIPE		12/3/2021		28,140,827		40,200,000		0.95	%
				$	30,000,000		43,526,400		1.03	%
Micro Cap Fund
Esperion Therapeutics, Inc., expiring, 12/7/2023	Warrants		12/6/2021	$	310,583	$	193,596		0.02	%
IM Cannabis Corp., expiring, 05/07/2026	Warrants		5/5/2021		616,971		184,500		0.02	%
Versus Systems, Inc., expiring, 1/15/2026	Warrants		1/15/2021		1,920		176,640		0.01	%
Versus Systems, Inc., expiring, 1/15/2022	Warrants		1/15/2021		6,400		0		0.00	%
				$	935,874	$	554,736		0.05	%
Micro Cap Value Fund
Regenacy Pharmaceuticals LLC	LLC Membership Interest		12/21/2016	$	30,001	$	17,685		0.00	%
Greenlane Holdings, Inc., expiring, 2/24/2026	Warrants		2/22/2021		396,902		2,895		0.00	%
Talon Metals Corp., expiring, 3/18/2022	Warrants		3/16/2021		26,065		0		0.00	%
				$	452,968	$	20,580		0.00	%
Small Cap Growth Fund
DataStax, Inc., Series E Pfd.	Preferred Stock		8/12/2014	$	8,000,002	$	12,216,125		0.35	%
Nanosys, Inc., Series A-1 Pfd.	Preferred Stock		8/13/2010		184,939		266,312		0.01	%
Nanosys, Inc., Series A-2 Pfd	Preferred Stock		11/8/2005		2,000,000		1,428,479		0.04	%
Esperion Therapeutics, Inc., expiring, 12/7/2023	Warrants		12/6/2021		538,893		335,910		0.01	%
				$	10,723,834	$	14,246,826		0.41	%
Ultra Growth Fund
Nanosys, Inc., Series A-1 Pfd.	Preferred Stock		8/13/2010	$	46,235	$	66,578		0.00	%
Nanosys, Inc., Series A-2 Pfd	Preferred Stock		11/8/2005		500,001		357,120		0.01	%
Esperion Therapeutics, Inc., expiring, 12/7/2023	Warrants		12/6/2021		476,908		297,273		0.01	%
Hagerty, Inc., expiring, 12/02/2026	Warrants		12/3/2021		1,549,310		2,772,000		0.10	%
Hagertyl, Inc. PIPE	PIPE		12/3/2021		23,450,690		33,500,000		1.21	%
				$	26,023,144	$	36,992,971		1.33	%

8. FAIR VALUE MEASUREMENTS AND INVESTMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds use various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP established a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

• Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The inputs may include quoted prices for the identical investment on an inactive market, prices for similar investments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

• Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, represent the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether a security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Equity Securities (common and preferred stock) – Securities are valued as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on the valuation date. Equity securities and listed warrants are valued using a commercial pricing service at the last quoted sales price taken from the primary market in which each security trades and, with respect to equity securities traded on the National Association of Securities Dealer Automated Quotation (“NASDAQ”) system, such securities are valued using the NASDAQ Official Closing Price (“NOCP”) or last sales price if no NOCP is available. If there are no sales on the primary exchange or market on a day, then the security shall be valued at the mean of the last bid and ask price on the primary exchange or market as provided by a pricing service. If the mean cannot be calculated or there is no trade activity on a day, then the security shall be valued at the previous trading day’s price as provided by a pricing service. In some instances, particularly on foreign exchanges, an official close or evaluated price may be used if the pricing service is unable to provide the last trade or most recent mean price. To the extent that these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Additionally, a Fund’s investments are valued at fair value by the Pricing Committee if the Advisor determines that an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the Fund’s share price is calculated. Significant events include, but are not limited to the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Pricing Committee determines the fair value of affected securities by considering factors including, but not limited to: index options and futures traded subsequent to the close; American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or other related receipts; currency spot or forward markets that trade after pricing of the foreign exchange; other derivative securities traded after the close such as Standard & Poor’s Depositary Receipts (“SPDRs”) and other exchange-traded funds (“ETFs”); and alternative market quotes on the affected securities. When applicable, the Funds use a systematic fair valuation model provided by an independent third party to assist in adjusting the valuation of foreign securities. When a Fund uses this fair value pricing method, the values assigned to the Fund’s foreign securities may not be the quoted or published prices of the investments on their primary markets or exchanges, and the securities are categorized in Level 2 of the fair value hierarchy. These valuation procedures apply equally to long or short equity positions in a Fund.

Participation Notes – Investments are valued at the market price of the underlying security. Counterparty risk is regularly reviewed and considered for valuation. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy.

Corporate Debt Securities – Investments are valued at current market value by a pricing service, or by using the last sale or bid price based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. Although most corporate bonds are categorized in Level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as Level 3.

Short-Term Notes – Investments maturing in 60 days or less at the time of purchase, are generally valued at amortized cost, unless it is determined that the amortized cost method would not represent fair value, in which case the securities are marked-to-market. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy.

Asset-Backed Securities – Investments are priced using the closing bid as supplied by a pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications, new issue data, monthly payment information and collateral performance. Although most asset-backed securities are categorized in Level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as Level 3.

U.S. Government Issuers – Investments are priced using the closing bid as supplied by a pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. Although most U.S. government securities are categorized in Level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as Level 3.

Derivative Instruments – Listed derivatives that are actively traded are valued based on quoted prices from the exchange and categorized in Level 1 of the fair value hierarchy. Exchange-traded options are valued at the last sale price in the market where they are principally traded. If there are no sales on the primary exchange or market on a given day, then the option is valued at the mean of the last bid price and ask price on the primary exchange or market as provided by a pricing service. Forward foreign currency contracts are valued at the market rate provided by the pricing service and categorized as Level 2.

Restricted Securities – If market quotations are not readily available for the Funds’ investments in securities such as restricted securities, private placements, securities for which trading has been halted or other illiquid securities, these investments are valued at fair value in accordance with Board-approved Pricing Policies and Procedures by the Pricing Committee with oversight by the Board of Trustees. Fair value is defined as the price that would be received upon the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions. For each applicable investment that is fair valued, the Pricing Committee considers, to the extent applicable, various factors including, but not limited to, the financial condition of the company or limited partnership, operating results, prices paid in follow-on rounds, comparable companies in the public market, the nature and duration of the restrictions for holding the securities, a stated net asset value (NAV) for the partnership, if applicable, and other relevant factors. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

When the last day of the reporting period is a non-business day, certain foreign markets may be open on days the NYSE is closed, which could result in differences between the value of a Fund’s portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

The following is a summary of the fair valuations according to the inputs used as of December 31, 2021 in valuing the Funds’ assets and liabilities:

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 12/31/21
Core Growth Fund
Assets
Common Stocks
	Property & Casualty Insurance	$	—	$	—	$	40,200,000	$	40,200,000
	Other		4,158,867,542		—		—		4,158,867,542
Warrants			—		—		3,326,400		3,326,400
Short-Term Investments			—		37,231,576		—		37,231,576
		$	4,158,867,542	$	37,231,576	$	43,526,400	$	4,239,625,518
Emerging India Fund
Assets
Common Stocks		$	700,694,886	$	—	$	—	$	700,694,886
Short-Term Investments			—		12,426,054		—		12,426,054
		$	700,694,886	$	12,426,054	$	—	$	713,120,940
Emerging Markets Select Fund
Assets
Common Stocks
	Drug Retail	$	—	$	7,215,097	$	—	$	7,215,097
	Electrical Components & Equipment		—		23,110,708		—		23,110,708
	General Merchandise Stores		—		843,252		—		843,252
	Internet & Direct Marketing Retail		25,606,018		14,185,651		—		39,791,669
	Managed Health Care		—		2,124,305		—		2,124,305
	Semiconductor Equipment		—		22,421,265		—		22,421,265
	Semiconductors		—		49,831,871		—		49,831,871
	Specialized Finance		—		17,560,940		—		17,560,940
	Other		256,394,154		—		—		256,394,154
Short-Term Investments			—		1,324,687		—		1,324,687
		$	282,000,172	$	138,617,776	$	—	$	420,617,948

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 12/31/21
Emerging Markets Small Cap Fund
Assets
Common Stocks
	Communications Equipment	$	—	$	11,590,933	$	—	$	11,590,933
	Consumer Finance		29,924,811		8,175,605		—		38,100,416
	Data Processing & Outsourced Services		—		6,469,306		—		6,469,306
	Drug Retail		10,616,263		12,171,011		—		22,787,274
	Electrical Components & Equipment		—		36,812,421		—		36,812,421
	Electronic Equipment & Instruments		—		8,680,052		—		8,680,052
	Insurance Brokers		—		8,698,724		—		8,698,724
	Internet & Direct Marketing Retail		—		24,735,606		—		24,735,606
	Pharmaceuticals		—		—		16,694		16,694
	Semiconductor Equipment		—		19,275,045		—		19,275,045
	Semiconductors		15,407,862		118,871,606		—		134,279,468
	Specialty Stores		—		6,033,674		—		6,033,674
	Other		381,768,653		—		—		381,768,653
		$	437,717,589	$	261,513,983	$	16,694	$	699,248,266
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Consumer Finance	$	7,306,047	$	797,824	$	—	$	8,103,871
	Data Processing & Outsourced Services		3,099,903		918,907				4,018,810
	Drug Retail		—		495,452				495,452
	Electrical Components & Equipment		—		970,698				970,698
	Food Retail		—		1,418,809				1,418,809
	Insurance Brokers		—		853,429				853,429
	Semiconductors		—		2,764,622				2,764,622
	Specialty Stores		—		316,951				316,951
	Other		50,068,650		—		—		50,068,650
Short-Term Investments			—		653,156		—		653,156
		$	60,474,600	$	9,189,848	$	—	$	69,664,448
Global Opportunities Fund
Assets
Common Stocks
	Application Software	$	16,740,783	$	3,436,469	$	—	$	20,177,252
	Asset Management & Custody Banks		8,018,307		1,875,869		—		9,894,176
	Data Processing & Outsourced Services		2,217,634		1,344,888		—		3,562,522
	Drug Retail		—		2,574,971		—		2,574,971
	Electrical Components & Equipment		—		7,079,271		—		7,079,271
	Health Care Supplies		2,775,829		2,526,114		—		5,301,943
	Health Care Technology		—		7,307,425		—		7,307,425
	Human Resource & Employment Services		—		5,352,249		—		5,352,249
	Industrial Machinery		20,359,857		2,440,269		—		22,800,126
	Research & Consulting Services		10,595,119		8,462,079		—		19,057,198
	Semiconductors		8,609,040		19,992,322		—		28,601,362
	Trading Companies & Distributors		7,461,040		1,356,144		—		8,817,184
	Other		140,705,140		—		—		140,705,140
Short-Term Investments			—		5,521,054		—		5,521,054
		$	217,482,749	$	69,269,124	$	—	$	286,751,873
Global Select Fund
Assets
Common Stocks
	Building Products	$	—	$	708,378	$	—	$	708,378
	Data Processing & Outsourced Services		380,679		733,480		—		1,114,159
	Drug Retail		—		345,667		—		345,667
	Health Care Equipment		—		483,035		—		483,035
	Health Care Supplies		—		511,146		—		511,146
	Health Care Technology		—		469,021		—		469,021
	Industrial Machinery		—		620,338		—		620,338
	Research & Consulting Services		—		540,760		—		540,760
	Semiconductors		447,450		542,989		—		990,439
	Other		14,058,675		—		—		14,058,675
Short-Term Investments			—		122,003		—		122,003
		$	14,886,804	$	5,076,817	$	—	$	19,963,621

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 12/31/21
Global Value Fund
Assets
Common Stocks
	Airlines	$	—	$	2,942,412	$	—	$	2,942,412
	Casinos & Gaming		—		2,827,954		—		2,827,954
	Construction Materials		—		2,233,342		—		2,233,342
	Electronic Manufacturing Services		—		2,812,604		—		2,812,604
	Food Retail		—		3,694,991		—		3,694,991
	Integrated Telecommunication Services		3,793,080		2,565,030		—		6,358,110
	Reinsurance		—		5,018,547		—		5,018,547
	Tobacco		—		3,454,767		—		3,454,767
	Other		103,823,970		—		—		103,823,970
Short-Term Investments			—		1,540,622		—		1,540,622
		$	107,617,050	$	27,090,269	$	—	$	134,707,319
Greater China Fund
Assets
Common Stocks
	Semiconductors	$	997,360	$	1,085,978	$	—	$	2,083,338
	Specialized Finance		—		930,256		—		930,256
	Other		7,783,007		—		—		7,783,007
		$	8,780,367	$	2,016,234	$	—	$	10,796,601
International Growth Fund
Assets
Common Stocks
	Application Software	$	63,445,212	$	32,817,555	$	—	$	96,262,767
	Asset Management & Custody Banks		13,265,646		7,306,483		—		20,572,129
	Brewers		—		14,842,451		—		14,842,451
	Data Processing & Outsourced Services		—		11,580,977		—		11,580,977
	Drug Retail		6,992,885		29,444,857		—		36,437,742
	Electrical Components & Equipment		—		30,096,776		—		30,096,776
	Health Care Equipment		—		21,646,189		—		21,646,189
	Health Care Supplies		—		14,574,792		—		14,574,792
	Health Care Technology		7,076,081		47,321,391		—		54,397,472
	Human Resource & Employment Services		14,163,221		47,891,421		—		62,054,642
	Industrial Machinery		—		14,810,667		—		14,810,667
	Insurance Brokers		—		11,529,454		—		11,529,454
	Interactive Home Entertainment		—		5,060,925		—		5,060,925
	Interactive Media & Services		32,083,777		13,519,010		—		45,602,787
	IT Consulting & Other Services		98,072,658		31,624,881		—		129,697,539
	Life Sciences Tools & Services		—		18,476,289		—		18,476,289
	Movies & Entertainment		—		20,908,888		—		20,908,888
	Pharmaceuticals		—		12,330,800		—		12,330,800
	Research & Consulting Services		—		40,583,537		—		40,583,537
	Semiconductors		21,782,938		72,340,548		—		94,123,486
	Specialty Stores		—		3,773,315		—		3,773,315
	Trading Companies & Distributors		97,346,624		9,983,089		—		107,329,713
	Other		349,348,771		—		—		349,348,771
Short-Term Investments			—		31,693,890		—		31,693,890
		$	703,577,813	$	544,158,185	$	—	$	1,247,735,998

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)			Value at 12/31/21
International Opportunities Fund
Assets
Common Stocks
	Advertising	$	25,699,452		$	16,911,614	$	—		$	42,611,066
	Alternative Carriers		—			7,431,449		—			7,431,449
	Application Software		50,469,925			78,118,239		—			128,588,164
	Asset Management & Custody Banks		23,018,588			5,849,445		—			28,868,033
	Brewers		—			4,553,981		—			4,553,981
	Consumer Finance		—			11,326,882		—			11,326,882
	Data Processing & Outsourced Services		—			7,761,656		—			7,761,656
	Department Stores		—			5,964,750		—			5,964,750
	Diversified Support Services		11,655,787			15,690,544		—			27,346,331
	Electrical Components & Equipment		14,357,081			25,078,089		—			39,435,170
	Electronic Components		—			5,964,954		—			5,964,954
	Electronic Equipment & Instruments		—			11,168,727		—			11,168,727
	Food Retail		4,646,843			5,039,316		—			9,686,159
	Health Care Equipment		—			7,140,955		—			7,140,955
	Health Care Technology		11,863,989			16,155,694		—			28,019,683
	Human Resource & Employment Services		17,279,915			15,346,975		—			32,626,890
	Insurance Brokers		—			9,061,713		—			9,061,713
	Interactive Media & Services		5,013,386			1,408,753		—			6,422,139
	Internet & Direct Marketing Retail		—			3,439,446		—			3,439,446
	Internet Services & Infrastructure		—			4,496,279		—			4,496,279
	Investment Banking & Brokerage		—			10,146,627		—			10,146,627
	IT Consulting & Other Services		21,629,629			20,687,505		—			42,317,134
	Research & Consulting Services		8,257,275			41,983,886		—			50,241,161
	Restaurants		—			—		8,528			8,528
	Semiconductors		—			26,039,772		—			26,039,772
	Specialized Finance		—			7,333,832		—			7,333,832
	Specialty Stores		—			5,683,218		—			5,683,218
	Systems Software		5,490,467			13,260,917		—			18,751,384
	Other		154,294,171			—		—			154,294,171
Short-Term Investments			—			10,939,858		—			10,939,858
		$	353,676,508		$	393,985,076	$	8,528		$	747,670,112
International Select Fund
Assets
Common Stocks
	Asset Management & Custody Banks	$	—		$	473,782	$	—		$	473,782
	Building Products		—			464,378		—			464,378
	Data Processing & Outsourced Services		459,933			568,447		—			1,028,380
	Drug Retail		—			211,241		—			211,241
	Health Care Equipment		—			283,467		—			283,467
	Health Care Supplies		—			302,145		—			302,145
	Health Care Technology		—			707,295		—			707,295
	Industrial Machinery		—			890,959		—			890,959
	Interactive Media & Services		305,160			508,583		—			813,743
	IT Consulting & Other Services		—			280,724		—			280,724
	Research & Consulting Services		—			501,060		—			501,060
	Other		3,528,985			—		—			3,528,985
		$	4,294,078		$	5,192,081	$	—		$	9,486,159
Long/Short Alpha Fund
Assets
Common Stocks		$	30,174,876		$	—	$	—		$	30,174,876
		$	30,174,876		$	—	$	—		$	30,174,876
Other Financial Instruments*
Common Stocks Sold Short		$	(11,110,635	)	$	—	$	—		$	(11,110,635	)
Micro Cap Fund
Assets
Common Stocks		$	1,202,967,737		$	—	$	—		$	1,202,967,737
Warrants			436,845			—		554,736			991,581
Short-Term Investments			—			11,244,013		—			11,244,013
		$	1,203,404,582			11,244,013	$	554,736		$	1,215,203,331
Other Financial Instruments*
Liabilities
Unfunded Commitment with a SPAC		$	—		$	—	$	(731,000	)	$	(731,000	)
Micro Cap Value Fund
Assets
Common Stocks
	Health Care Technology	$	10,142,406		$	4,969,657	$	—		$	15,112,063
	Human Resource & Employment Services		—			6,091,198		—			6,091,198
	Industrial Machinery		16,082,340			5,097,568		—			21,179,908
	IT Consulting & Other Services		14,958,324			2,954,046		—			17,912,370
	Other		389,886,937			—		—			389,886,937
Limited Liability Company Membership Interest			—			—		17,685			17,685
Warrants			—			—		2,895			2,895
Short-Term Investments			—			17,069,324		—			17,069,324
		$	431,070,007		$	36,181,793	$	20,580		$	467,272,380

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 12/31/21
Small Cap Growth Fund
Assets
Common Stocks		$	3,458,674,289	$	—	$	—	$	3,458,674,289
Preferred Stocks			—		—		13,910,916		13,910,916
Warrants							335,910		335,910
Short-Term Investments			—		14,645,081		—		14,645,081
		$	3,458,674,289	$	14,645,081	$	14,246,826	$	3,487,566,196
Small Cap Value Fund
Assets
Common Stocks		$	1,752,379,417	$	—	$	—	$	1,752,379,417
Short-Term Investments			—		32,573,326		—		32,573,326
		$	1,752,379,417	$	32,573,326	$	—	$	1,784,952,743
Ultra Growth Fund
Assets
Common Stocks
	Property & Casualty Insurance	$	—	$	—	$	33,500,000	$	33,500,000
	Other		2,740,497,068		—		—		2,740,497,068
Preferred Stocks			—		—		423,698		423,698
Warrants			—		—		3,069,273		3,069,273
Short-Term Investments			—		2,858,951		—		2,858,951
		$	2,740,497,068	$	2,858,951	$	36,992,971	$	2,780,348,990
U.S. Treasury Fund
Assets
U.S. Government Obligations		$	—	$	479,242,502	$	—	$	479,242,502
Short-Term Investments			—		3,836,725		—		3,836,725
		$	—	$	483,079,227	$	—	$	483,079,227

If the securities of an Asset Class are all the same level, the asset class is shown in total. If the securities of an Asset Class cross levels, the level with the smallest number of categories and with multiple levels within a category is displayed by category. The remaining categories that do not cross levels are combined into the “Other” category.

The valuation techniques used by the Funds to measure fair value for the period ended December 31, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs.

There was a transfer of $1,740,000 & $1,450,000 in the Core Growth Fund and Ultra Growth Fund respectively from Level 3 to Level 1 due to the conversion of an unlisted in to freely trading common stock. This transfer amount represents the beginning of the period value plus the purchases for the dividends paid in kind over the reported period for Aldel Financial, Inc. which transferred to Level 1 during the period in order to properly represent the activity on the Level 3 Rollforward presented below.

There was a transfer of $52,800,000 & $43,200,000 in the Small Cap Growth Fund and Ultra Growth Fund respectively from Level 3 to Level 1 due to the conversion of an unlisted in to freely trading common stock. This transfer amount represents the beginning of the period value plus the purchases for the dividends paid in kind over the reported period for Vintage Wine Estates, Inc., PIPE Shares which transferred to Level 1 during the period in order to properly represent the activity on the Level 3 Rollforward presented below.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended December 31, 2021:

Fund	Market Value Beginning Balance 9/30/2021			Purchases at Cost		Sales (Proceeds)			Accrued Discounts (Premiums)		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)			Transfers in at Market Value		Transfers out at Market Value			Market Value Ending Balance 12/31/2021			Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 12/31/2021
Core Growth Fund
Common Stoks	$	—		$	—	$	(1,859,173	)	$	—	$	—	$	13,799,173		$	28,260,000	$	—		$	40,200,000		$	13,799,173
Warrants		—			1,859,173		—			—		—		1,467,227			—		—			3,326,400			1,467,227
Unfunded Commitment with a SPAC		(1,740,000	)		—		—			—		—		—			—		1,740,000			—			—
	$	(1,740,000	)	$	1,859,173	$	(1,859,173	)	$	—	$	—	$	15,266,400,		$	28,260,000	$	1,740,000		$	43,526,400		$	15,266,400
Emerging Markets Small Cap Fund
Common Stocks	$	16,722		$	—	$	—		$	—	$	—	$	(28	)	$	—	$	—		$	16,694		$	(28	)
	$	16,722		$	—	$	—		$	—	$	—	$	(28	)	$	—	$	—		$	16,694		$	(28	)
International Opportunities Fund
Common Stocks	$	8,489		$	—	$	—		$	—	$	—	$	39		$	—	$	—		$	8,528		$	39
	$	8,489		$	—	$	—		$	—	$	—	$	39		$	—	$	—		$	8,528		$	39
Micro Cap Fund
Warrants	$	584,040		$	310,582	$	—		$	—	$	—	$	(339,886	)	$	—	$	—		$	554,736		$	(339,886	)
Unfunded Commitment with a SPAC		(697,000	)		—		—			—		—		(34,000	)		—		—			(731,000	)		(34,000	)
	$	(112,960	)	$	310,582	$	—		$	—	$	—	$	(373,886	)	$	—	$	—		$	(176,264	)	$	(373,886	)
Micro Cap Value Fund
Common Stocks	$	17,685		$	—	$	—		$	—	$	—	$	—		$	—	$	—		$	17,685		$	—
Warrants		56,064			—		—			—		—		(53,169	)		—		—			2,895			(53,169	)
	$	73,749		$	—	$	—		$	—	$	—	$	(53,169	)	$	—	$	—		$	20,580		$	(53,169	)
Small Cap Growth Fund
Common Stocks	$	52,800,000		$	—	$	—		$	—	$	—	$	—		$	—	$	(52,800,000	)	$	—		$	—
Preferred Stocks		13,282,849			—		—			—		—		628,067			—		—			13,910,916			628,067
Warrants		—			538,893		—			—		—		(202,983	)		—		—			335,910			(202,983	)
	$	66,082,849		$	538,893	$	—		$	—	$	—	$	425,084		$	—	$	(52,800,000	)	$	14,246,826		$	425,084
Ultra Growth Fund
Common Stocks	$	43,200,000		$	—	$	(1,549,310	)	$	—	$	—	$	11,499,310		$	23,550,000	$	(43,200,000	)	$	33,500,00		$	11,499,310
Preferred Stocks		300,120			—		—			—		—		123,578			—		—			423,698			123,578
Warrants		—			2,026,219		—			—		—		1,043,054			—		—			3,069,273			1,043,054
Unfunded Commitment with a SPAC		(1,450,000	)		—		—			—		—		—			—		1,450,000			—			—
	$	42,050,120		$	2,026,219	$	(1,549,310	)	$	—	$	—	$	12,665,942		$	23,550,000	$	(41,750,000	)	$	36,992,971		$	12,665,942

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund	Description	Fair Value at 12/31/21		Valuation Technique	Unobservable Input	Range (Average)
Core Growth Fund	PIPE: Insurance Brokers	$	40,200,000	Discount for lack of marketability	Discount for lack of marketability		6%
Core Growth Fund	Warrant: Insurance Brokers	$	3,326,400	Black Scholes	Black Scholes		100%
Micro Cap Fund	Unrealized Depreciation on Unfunded Commitment with a SPAC	$	(731,000)	Transaction indicative of value	Probability		90%
					Discount for lack of marketability		4%
Small Cap Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	1,694,791	Market comparable companies	EV/R* multiple		2.9 -25.4 (14.9)
					Discount for lack of marketability		20%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	12,216,125	Market comparable companies	EV/R* multiple		2.4 - 38.0 (13.3)
					Discount for lack of marketability		20%
Ultra Growth Fund	PIPE: Insurance Brokers	$	33,500,000	Discount for lack of marketability	Discount for lack of marketability		6%
Ultra Growth Fund	Warrant: Insurance Brokers	$	2,772,000	Black Scholes	Black Scholes		100%
Ultra Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	423,698	Market comparable companies	EV/R* multiple		2.9 - 25.4 (14.9)
					Discount for lack of marketability		20%

* Enterprise-Value-To-Revenue Multiple – (“EV/R”) multiple is a measure of the value of a stock that compares a company’s enterprise value to its revenue.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2021 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Changes in EV/R multiples may change the fair value of an investment. Generally, a decrease in this multiple will result in a decrease in the fair value of an investment.

The Funds’ other Level 3 investments have been valued using observable inputs, unadjusted third-party transactions and quotations or unadjusted historical third party information. No unobservable inputs internally developed by the Funds have been applied to these investments, thus they have been excluded from the above table.

Additional information about the Funds’ fair valuation practices is available in the Funds’ most recent Prospectus, Statement of Additional Information (SAI) and Report to Shareholders. This information is available on the Funds’ website at wasatchglobal.com and on the Securities and Exchange Commission’s website at www.sec.gov.