Wasatch Micro Cap Fund (WMICX) NPORT-P Wasatch Micro Cap Value Fund (Jun 2023 report)

WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.0%
		Application Software 7.7%
	3,754,775	Clearwater Analytics Holdings, Inc., Class A*	$	59,588,279
	765,485	Five9, Inc.*		63,114,239
	1,120,010	Guidewire Software, Inc.*		85,210,361
	1,368,628	Q2 Holdings, Inc.*		42,290,605
				250,203,484
		Asset Management & Custody Banks 4.5%
	905,630	Cohen & Steers, Inc.		52,517,484
	1,178,472	Hamilton Lane, Inc., Class A		94,254,190
				146,771,674
		Automotive Parts & Equipment 3.8%
	612,441	Fox Factory Holding Corp.*		66,455,973
	677,878	XPEL, Inc.*		57,090,885
				123,546,858
		Automotive Retail 2.1%
	1,811,670	Valvoline, Inc.		67,955,742
		Broadline Retail 1.4%
	774,441	Ollie’s Bargain Outlet Holdings, Inc.*		44,863,367
		Building Products 4.2%
	2,839,435	Janus International Group, Inc.*		30,268,377
	1,610,954	Trex Co., Inc.*		105,614,144
				135,882,521
		Cargo Ground Transportation 2.5%
	233,328	Saia, Inc.*		79,893,841
		Distributors 2.7%
	236,505	Pool Corp.		88,604,233
		Electronic Equipment & Instruments 2.8%
	497,475	Novanta, Inc.*		91,585,148
		Electronic Manufacturing Services 1.5%
	383,246	Fabrinet*		49,775,990
		Financial Exchanges & Data 2.7%
	295,461	Morningstar, Inc.		57,931,038
	2,891,061	Open Lending Corp., Class A*		30,385,051
				88,316,089
		Health Care Equipment 0.8%
	794,725	Silk Road Medical, Inc.*		25,820,615
		Health Care Facilities 2.9%
	982,040	Ensign Group, Inc.		93,745,538
		Health Care Supplies 1.6%
	2,441,945	Neogen Corp.*		53,112,304
		Health Care Technology 0.9%
	1,542,673	Certara, Inc.*		28,092,075
		Home Improvement Retail 1.6%
	506,935	Floor & Decor Holdings, Inc., Class A*		52,700,963
		Homebuilding 1.5%
	336,558	Installed Building Products, Inc.		47,171,969

WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Human Resource & Employment Services 1.9%
	337,781	Paylocity Holding Corp.*	$	62,330,728
		Industrial Machinery & Supplies & Components 7.6%
	850,316	Helios Technologies, Inc.		56,197,385
	465,844	Kadant, Inc.		103,463,952
	405,742	RBC Bearings, Inc.*		88,236,713
				247,898,050
		Insurance Brokers 1.2%
	594,100	Goosehead Insurance, Inc., Class A*		37,362,949
		Interactive Media & Services 1.2%
	2,198,670	ZipRecruiter, Inc., Class A*		39,048,379
		Investment Banking & Brokerage 2.3%
	1,671,094	Moelis & Co., Class A		75,767,402
		IT Consulting & Other Services 2.5%
	457,804	Globant SA*		82,276,535
		Leisure Products 1.2%
	1,026,313	YETI Holdings, Inc.*		39,861,997
		Life Sciences Tools & Services 5.3%
	383,540	ICON PLC*		95,961,708
	312,609	Medpace Holdings, Inc.*		75,079,304
				171,041,012
		Managed Health Care 3.3%
	1,673,517	HealthEquity, Inc.*		105,665,863
		Metal, Glass & Plastic Containers 1.3%
	1,475,360	TriMas Corp.		40,557,646
		Other Specialty Retail 2.4%
	390,957	Five Below, Inc.*		76,838,689
		Packaged Foods & Meats 1.0%
	483,515	Freshpet, Inc.*		31,820,122
		Personal Care Products 1.2%
	1,071,743	BellRing Brands, Inc.*		39,225,794
		Pharmaceuticals 1.0%
	497,723	Intra-Cellular Therapies, Inc.*		31,515,820
		Regional Banks 4.0%
	2,183,998	Bank OZK		87,709,360
	1,085,514	Webster Financial Corp.		40,978,153
				128,687,513
		Self Storage REIT’s 1.8%
	1,633,614	National Storage Affiliates Trust		56,898,776
		Semiconductor Materials & Equipment 1.6%
	440,886	Nova Ltd.*		51,715,928
		Semiconductors 2.0%
	117,808	Monolithic Power Systems, Inc.		63,643,416
		Specialized Consumer Services 0.8%
	2,856,900	Mister Car Wash, Inc.*		27,569,085
		Specialty Chemicals 5.2%
	717,897	Balchem Corp.		96,779,695

WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	720,728	Innospec, Inc.	$	72,389,920
				169,169,615
		Systems Software 2.1%
	426,016	CyberArk Software Ltd.*		66,599,081
		Transaction & Payment Processing Services 2.9%
	421,338	Euronet Worldwide, Inc.*		49,452,441
	679,912	Shift4 Payments, Inc., Class A*		46,172,824
				95,625,265
		Total Common Stocks (cost $2,393,363,331)		3,209,162,076
		WARRANTS 0.1%
		Insurance Brokers 0.1%
	540,000	Hagerty, Inc., expiring 12/1/2026* *** † §§		1,058,400
		Total Warrants (cost $1,859,173)		1,058,400
		Total Investments (cost $2,395,222,504) 99.1%		3,210,220,476
		Other Assets less Liabilities 0.9%		30,514,953
		NET ASSETS 100.0%	$	3,240,735,429
		*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 June 30, 2023 amounted to approximately $1,058,400 and represented 0.03% of net assets. §§The aggregate value of illiquid holdings at June 30, 2023, amounted to approximately $1,058,400 and represented 0.03% of net assets. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Core Growth Fund’s investments were in the following countries:

COUNTRY	%
Ireland		3.0
Israel		3.7
United States		93.3
TOTAL		100.0	%

WASATCH EMERGING INDIA FUND (WAINX / WIINX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.0%
		Apparel Retail 5.7%
	1,336,758	Trent Ltd.	$	28,795,550
		Apparel, Accessories & Luxury Goods 1.6%
	17,825	Page Industries Ltd.		8,196,321
		Automotive Parts & Equipment 1.6%
	207,348	Tube Investments of India Ltd.		8,042,709
		Commercial & Residential Mortgage Finance 2.1%
	561,862	Aavas Financiers Ltd.*		10,544,964
		Commodity Chemicals 4.7%
	2,144,573	Berger Paints India Ltd.		17,755,382
	149,327	Supreme Industries Ltd.		5,827,060
				23,582,442
		Consumer Finance 11.3%
	427,431	Bajaj Finance Ltd.		37,436,963
	1,396,266	Cholamandalam Investment & Finance Co. Ltd.		19,480,271
				56,917,234
		Diversified Banks 12.1%
	2,099,929	HDFC Bank Ltd.		43,579,412
	780,288	Kotak Mahindra Bank Ltd.		17,598,205
				61,177,617
		Diversified Chemicals 0.9%
	150,276	Pidilite Industries Ltd.		4,766,427
		Food Retail 4.0%
	421,249	Avenue Supermarts Ltd.*		20,018,453
		Footwear 0.3%
	351,318	Campus Activewear Ltd.*		1,329,806
		Health Care Facilities 1.5%
	1,030,022	Max Healthcare Institute Ltd.*		7,536,859
		Health Care Services 8.6%
	830,544	Dr Lal PathLabs Ltd.		22,909,640
	3,590,652	Vijaya Diagnostic Centre Pvt. Ltd.		20,711,394
				43,621,034
		Industrial Machinery & Supplies & Components 9.8%
	6,659,561	Elgi Equipments Ltd.		44,072,638
	306,402	GMM Pfaudler Ltd.		5,538,039
				49,610,677
		Interactive Media & Services 2.5%
	227,333	Info Edge India Ltd.		12,466,257
		IT Consulting & Other Services 8.8%
	313,780	LTIMindtree Ltd.		19,959,628
	395,454	Persistent Systems Ltd.		24,249,070
				44,208,698
		Life Sciences Tools & Services 5.5%
	630,047	Divi’s Laboratories Ltd.		27,570,120
		Metal, Glass & Plastic Containers 0.6%
	254,644	Mold-Tek Packaging Ltd.		3,146,422

WASATCH EMERGING INDIA FUND (WAINX / WIINX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Property & Casualty Insurance 1.0%
	311,655	ICICI Lombard General Insurance Co. Ltd.	$	5,112,289
		Regional Banks 8.1%
	4,411,685	AU Small Finance Bank Ltd.		40,649,322
		Research & Consulting Services 2.9%
	302,940	L&T Technology Services Ltd.		14,600,152
		Specialty Chemicals 3.4%
	419,231	Asian Paints Ltd.		17,215,236
		Systems Software 1.0%
	54,729	Tata Elxsi Ltd.		5,082,042
		Total Common Stocks (cost $307,754,533)		494,190,631
		Total Investments (cost $307,754,533) 98.0%§		494,190,631
		Other Assets less Liabilities 2.0%		10,212,846
		NET ASSETS 100.0%	$	504,403,477
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 97.98%. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Emerging India Fund’s investments were in the following countries:

COUNTRY	%
India		100.0
TOTAL		100.0	%

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.2%
		Airport Services 3.5%
	925,040	Grupo Aeroportuario del Pacifico SAB de CV, Class B	$	16,603,379
		Apparel Retail 1.3%
	283,041	Trent Ltd.		6,097,081
		Apparel, Accessories & Luxury Goods 1.3%
	13,790	Page Industries Ltd.		6,340,940
		Broadline Retail 8.7%
	28,014	MercadoLibre, Inc.*		33,185,384
	380,825	momo.com, Inc.		8,439,607
				41,624,991
		Consumer Finance 8.0%
	382,440	Bajaj Finance Ltd.		33,496,382
	369,022	Cholamandalam Investment & Finance Co. Ltd.		5,148,481
				38,644,863
		Diversified Banks 13.0%
	1,564,742	HDFC Bank Ltd.		32,472,782
	3,807,651	NU Holdings Ltd., Class A*		30,042,366
				62,515,148
		Diversified Chemicals 1.0%
	147,625	Pidilite Industries Ltd.		4,682,343
		Drug Retail 4.0%
	3,070,163	Raia Drogasil SA		18,979,329
		Electrical Components & Equipment 10.0%
	437,765	Voltronic Power Technology Corp.		27,685,119
	2,560,902	WEG SA		20,190,061
				47,875,180
		Health Care Facilities 0.8%
	554,684	Max Healthcare Institute Ltd.*		4,058,724
		Health Care Services 1.6%
	284,287	Dr Lal PathLabs Ltd.		7,841,743
		Hotels, Resorts & Cruise Lines 0.7%
	884,500	H World Group Ltd.*		3,427,762
		Industrial Machinery & Supplies & Components 2.9%
	371,691	Airtac International Group		12,283,883
	130,222	Techtronic Industries Co. Ltd.		1,424,056
				13,707,939
		Interactive Home Entertainment 2.9%
	241,962	Sea Ltd., ADR*		14,043,475
		Interactive Media & Services 1.9%
	220,000	Tencent Holdings Ltd.		9,328,258
		IT Consulting & Other Services 5.9%
	137,287	Globant SA*		24,673,220
	56,153	LTIMindtree Ltd.		3,571,907
				28,245,127
		Life & Health Insurance 0.2%
	148,983	Discovery Ltd.*		1,154,502

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 3.5%
	206,053	Divi’s Laboratories Ltd.	$	9,016,638
	330,138	Hangzhou Tigermed Consulting Co. Ltd., Class A*		2,938,202
	1,040,813	Wuxi Biologics Cayman, Inc.*		5,002,199
				16,957,039
		Property & Casualty Insurance 0.9%
	593,544	Qualitas Controladora SAB de CV		4,404,508
		Regional Banks 4.0%
	2,085,937	AU Small Finance Bank Ltd.		19,219,850
		Restaurants 1.6%
	501,500	Meituan, Class B*		7,863,980
		Semiconductor Materials & Equipment 3.7%
	119,100	Lasertec Corp.		17,997,976
		Semiconductors 9.2%
	126,894	ASPEED Technology, Inc.		11,687,540
	79,527	LEENO Industrial, Inc.		8,936,153
	200,586	SG Micro Corp., Class A		2,273,754
	1,325,836	Silergy Corp.		16,516,192
	1,192,542	Sino Wealth Electronic Ltd., Class A*		4,598,967
				44,012,606
		Specialized Finance 3.3%
	2,403,891	Chailease Holding Co. Ltd.*		15,805,088
		Specialty Chemicals 2.3%
	263,061	Asian Paints Ltd.		10,802,296
		Systems Software 0.2%
	10,520	Tata Elxsi Ltd.		976,869
		Transaction & Payment Processing Services 0.8%
	317,077	Dlocal Ltd.*		3,869,925
		Total Common Stocks (cost $504,035,973)		467,080,921
		Total Investments (cost $504,035,973) 97.2%§		467,080,921
		Other Assets less Liabilities 2.8%		13,502,698
		NET ASSETS 100.0%	$	480,583,619
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 62.41%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Emerging Markets Select Fund’s investments were in the following countries:

COUNTRY	%
Brazil		14.8
China		7.6
Hong Kong		0.3
India		30.8
Japan		3.9
Mexico		4.5

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

COUNTRY	%
Singapore		3.0
South Africa		0.2
South Korea		1.9
Taiwan		19.8
United States		12.4
Uruguay		0.8
TOTAL		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.0%
		Airport Services 3.7%
	1,295,125	Grupo Aeroportuario del Centro Norte SAB de CV	$	13,761,602
		Apparel Retail 2.9%
	489,492	Trent Ltd.		10,544,310
		Application Software 1.2%
	138,832	LiveChat Software SA		4,401,126
		Asset Management & Custody Banks 0.6%
	11,427,400	VEF AB*		2,160,798
		Broadline Retail 2.6%
	437,600	momo.com, Inc.		9,697,819
		Commercial & Residential Mortgage Finance 2.6%
	509,672	Aavas Financiers Ltd.*		9,565,468
		Commodity Chemicals 1.3%
	567,520	Berger Paints India Ltd.		4,698,621
		Communications Equipment 1.9%
	612,000	Accton Technology Corp.		6,883,898
		Consumer Finance 1.4%
	8,087,988	Ngern Tid Lor PCL		5,269,568
		Diversified Support Services 1.0%
	5,527,100	Frontken Corp. Bhd.		3,747,892
		Drug Retail 5.0%
	509,646	Clicks Group Ltd.		7,075,269
	1,864,668	Raia Drogasil SA		11,527,123
				18,602,392
		Electrical Components & Equipment 6.8%
	395,863	Voltronic Power Technology Corp.		25,035,154
		Electronic Components 2.4%
	733,000	Sinbon Electronics Co. Ltd.		8,708,317
		Electronic Equipment & Instruments 3.0%
	761,616	Chroma ATE, Inc.		6,146,420
	9,840	Honeywell Automation India Ltd.		5,007,615
				11,154,035
		Electronic Manufacturing Services 1.7%
	48,287	Fabrinet*		6,271,516
		Health Care Facilities 0.9%
	17,967,300	Mitra Keluarga Karyasehat Tbk PT		3,222,155
		Health Care Services 2.4%
	316,551	Dr Lal PathLabs Ltd.		8,731,710
		Home Improvement Retail 1.9%
	16,151,297	Wilcon Depot, Inc.		7,072,008
		Hotels, Resorts & Cruise Lines 1.5%
	1,394,570	H World Group Ltd.*		5,404,470
		Industrial Machinery & Supplies & Components 4.7%
	167,500	Airtac International Group		5,535,648
	1,523,365	Elgi Equipments Ltd.		10,081,552
	105,329	GMM Pfaudler Ltd.		1,903,761
				17,520,961

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Interactive Media & Services 2.3%
	2,219,828	Baltic Classifieds Group PLC	$	5,187,292
	57,878	Info Edge India Ltd.		3,173,855
				8,361,147
		IT Consulting & Other Services 9.5%
	95,972	Globant SA*		17,248,088
	61,798	LTIMindtree Ltd.		3,930,987
	225,765	Persistent Systems Ltd.		13,843,813
				35,022,888
		Life & Health Insurance 2.2%
	1,070,913	Discovery Ltd.*		8,298,740
		Metal, Glass & Plastic Containers 0.5%
	164,244	Mold-Tek Packaging Ltd.		2,029,425
		Movies & Entertainment 1.0%
	36,854	JYP Entertainment Corp.		3,678,212
		Other Specialty Retail 1.3%
	3,600,200	Pet Center Comercio e Participacoes SA		4,947,437
		Packaged Foods & Meats 1.0%
	12,958,800	Cisarua Mountain Dairy PT TBK		3,621,636
		Personal Care Products 1.4%
	331,107	Proya Cosmetics Co. Ltd., Class A		5,130,303
		Property & Casualty Insurance 2.8%
	1,399,284	Qualitas Controladora SAB de CV		10,383,657
		Regional Banks 7.8%
	2,572,278	AU Small Finance Bank Ltd.		23,701,003
	718,662	Regional SAB de CV		5,207,014
				28,908,017
		Research & Consulting Services 3.3%
	21,696,900	CTOS Digital Bhd.		6,479,775
	115,874	L&T Technology Services Ltd.		5,584,532
				12,064,307
		Semiconductor Materials & Equipment 1.6%
	68,491	Tokai Carbon Korea Co. Ltd.		6,021,789
		Semiconductors 11.5%
	108,651	ASPEED Technology, Inc.		10,007,273
	63,000	Global Unichip Corp.		3,260,770
	116,276	LEENO Industrial, Inc.		13,065,502
	926,572	Silergy Corp.		11,542,484
	1,231,764	Sino Wealth Electronic Ltd., Class A*		4,750,224
				42,626,253
		Specialized Finance 1.3%
	755,000	Chailease Holding Co. Ltd.*		4,963,969
		Transaction & Payment Processing Services 1.0%
	296,764	Dlocal Ltd.*		3,622,005
		Total Common Stocks (cost $264,401,231)		362,133,605

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares		Value
	Total Investments (cost $264,401,231) 98.0%§	$	362,133,605
	Other Assets less Liabilities 2.0%		7,207,039
	NET ASSETS 100.0%	$	369,340,644
	*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 70.32%. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Emerging Markets Small Cap Fund’s investments were in the following countries:

COUNTRY	%
Brazil		4.6
China		4.2
India		28.4
Indonesia		1.9
Malaysia		2.8
Mexico		8.1
Philippines		2.0
Poland		1.2
South Africa		4.2
South Korea		6.3
Sweden		0.6
Taiwan		25.3
Thailand		1.5
United Kingdom		1.4
United States		6.5
Uruguay		1.0
TOTAL		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.0%
		Airport Services 3.8%
	60,300	Grupo Aeroportuario del Centro Norte SAB de CV	$	640,729
	42,100	Grupo Aeroportuario del Pacifico SAB de CV, Class B		755,646
				1,396,375
		Application Software 0.9%
	9,910	LiveChat Software SA		314,158
		Asset Management & Custody Banks 3.2%
	924,100	DCVFMVN Diamond ETF		946,853
	1,077,054	VEF AB*		203,659
				1,150,512
		Broadline Retail 7.7%
	2,375	MercadoLibre, Inc.*		2,813,425
		Commercial & Residential Mortgage Finance 0.5%
	8,705	Aavas Financiers Ltd.*		163,374
		Consumer Finance 13.2%
	36,548	Bajaj Finance Ltd.		3,201,093
	80,474	Cholamandalam Investment & Finance Co. Ltd.		1,122,748
	756,978	Ngern Tid Lor PCL		493,194
				4,817,035
		Distillers & Vintners 1.0%
	129,290	Ginebra San Miguel, Inc.		353,677
		Diversified Banks 15.1%
	742,500	Bank Central Asia Tbk PT		455,374
	549,271	Bank for Foreign Trade of Vietnam JSC*		2,332,754
	2,028	Credicorp Ltd.		299,414
	306,515	NU Holdings Ltd., Class A*		2,418,403
				5,505,945
		Drug Retail 4.9%
	18,958	Clicks Group Ltd.		263,188
	243,048	Raia Drogasil SA		1,502,490
				1,765,678
		Electrical Components & Equipment 4.1%
	188,600	WEG SA		1,486,916
		Electronic Manufacturing Services 1.7%
	4,784	Fabrinet*		621,346
		Food Retail 1.9%
	5,781	Dino Polska SA*		675,414
		Health Care Facilities 1.2%
	2,474,700	Mitra Keluarga Karyasehat Tbk PT		443,799
		Home Improvement Retail 2.7%
	2,256,700	Wilcon Depot, Inc.		988,119
		Interactive Home Entertainment 2.7%
	16,594	Sea Ltd., ADR*		963,116
		Interactive Media & Services 1.1%
	176,362	Baltic Classifieds Group PLC		412,122
		IT Consulting & Other Services 12.8%
	865,536	FPT Corp.		3,161,572

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	8,354	Globant SA*	$	1,501,381
				4,662,953
		Life & Health Insurance 3.7%
	174,998	Discovery Ltd.*		1,356,098
		Other Specialty Retail 1.3%
	351,965	Pet Center Comercio e Participacoes SA		483,674
		Property & Casualty Insurance 5.8%
	286,322	Qualitas Controladora SAB de CV		2,124,708
		Regional Banks 3.4%
	42,734	AU Small Finance Bank Ltd.		393,751
	117,300	Regional SAB de CV		849,889
				1,243,640
		Research & Consulting Services 2.4%
	2,973,400	CTOS Digital Bhd.		888,005
		Semiconductors 2.8%
	3,800	ASPEED Technology, Inc.		349,998
	52,000	Silergy Corp.		647,774
				997,772
		Transaction & Payment Processing Services 1.1%
	220	Adyen NV*		380,967
		Total Common Stocks (cost $31,632,731)		36,008,828
		Total Investments (cost $31,632,731) 99.0%§		36,008,828
		Other Assets less Liabilities 1.0%		374,545
		NET ASSETS 100.0%	$	36,383,373
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 45.82%. ADR American Depositary Receipt. ETF Exchange-Traded Fund. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Frontier Emerging Small Countries Fund’s investments were in the following countries:

COUNTRY	%
Brazil		16.4
India		13.5
Indonesia		2.5
Malaysia		2.5
Mexico		12.1
Netherlands		1.1
Peru		0.8
Philippines		3.7
Poland		2.7
Singapore		2.7
South Africa		4.5
Sweden		0.6
Taiwan		2.8
Thailand		1.4

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

COUNTRY	%
United Kingdom		1.1
United States		13.7
Vietnam		17.9
TOTAL		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.6%
		Apparel Retail 1.2%
	26,647	Boot Barn Holdings, Inc.*	$	2,256,734
		Application Software 6.9%
	53,299	Five9, Inc.*		4,394,503
	33,927	Guidewire Software, Inc.*		2,581,166
	99,817	Q2 Holdings, Inc.*		3,084,345
	61,700	Rakus Co. Ltd.		1,051,837
	222,898	Technology One Ltd.		2,337,350
				13,449,201
		Asset Management & Custody Banks 2.4%
	43,951	Hamilton Lane, Inc., Class A		3,515,201
	116,507	Netwealth Group Ltd.		1,081,818
				4,597,019
		Automotive Parts & Equipment 2.6%
	28,175	Fox Factory Holding Corp.*		3,057,269
	23,800	XPEL, Inc.*		2,004,436
				5,061,705
		Automotive Retail 1.4%
	71,300	Valvoline, Inc.		2,674,463
		Biotechnology 0.3%
	127,976	C4 Therapeutics, Inc.*		351,934
	125,288	Sangamo Therapeutics, Inc.*		162,874
				514,808
		Broadline Retail 1.5%
	49,617	Ollie’s Bargain Outlet Holdings, Inc.*		2,874,313
		Building Products 2.8%
	82,400	Trex Co., Inc.*		5,402,144
		Cargo Ground Transportation 2.8%
	16,159	Saia, Inc.*		5,533,003
		Commercial & Residential Mortgage Finance 1.1%
	113,741	Aavas Financiers Ltd.*		2,134,679
		Diversified Real Estate Activities 1.0%
	163,740	PATRIZIA SE		1,948,186
		Drug Retail 1.1%
	48,668	Sugi Holdings Co. Ltd.		2,174,503
		Electrical Components & Equipment 2.8%
	86,896	Voltronic Power Technology Corp.		5,495,474
		Financial Exchanges & Data 1.4%
	260,014	Open Lending Corp., Class A*		2,732,747
		Health Care Equipment 2.0%
	10,779	DiaSorin SpA		1,122,837
	86,113	Silk Road Medical, Inc.*		2,797,811
				3,920,648
		Health Care Facilities 3.9%
	69,453	Ensign Group, Inc.		6,629,984
	141,184	Max Healthcare Institute Ltd.*		1,033,069
				7,663,053

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Services 1.2%
	86,276	Dr Lal PathLabs Ltd.	$	2,379,828
		Health Care Supplies 1.2%
	105,738	Neogen Corp.*		2,299,801
		Health Care Technology 1.7%
	85,450	JMDC, Inc.		3,413,074
		Home Improvement Retail 1.8%
	33,287	Floor & Decor Holdings, Inc., Class A*		3,460,517
		Homebuilding 1.3%
	18,776	LGI Homes, Inc.*		2,532,695
		Human Resource & Employment Services 2.5%
	14,535	Paylocity Holding Corp.*		2,682,143
	113,800	SMS Co. Ltd.		2,288,673
				4,970,816
		Industrial Machinery & Supplies & Components 2.5%
	32,878	Helios Technologies, Inc.		2,172,907
	12,464	RBC Bearings, Inc.*		2,710,546
				4,883,453
		Interactive Media & Services 0.9%
	96,538	ZipRecruiter, Inc., Class A*		1,714,515
		IT Consulting & Other Services 7.1%
	36,958	Endava PLC, ADR*		1,914,055
	32,509	Globant SA*		5,842,517
	32,276	LTIMindtree Ltd.		2,053,085
	64,182	Persistent Systems Ltd.		3,935,613
				13,745,270
		Leisure Products 1.2%
	61,855	YETI Holdings, Inc.*		2,402,448
		Life Sciences Tools & Services 2.6%
	21,302	Medpace Holdings, Inc.*		5,116,101
		Managed Health Care 3.1%
	95,315	HealthEquity, Inc.*		6,018,189
		Other Specialty Retail 2.7%
	26,329	Five Below, Inc.*		5,174,702
		Packaged Foods & Meats 1.6%
	46,740	Freshpet, Inc.*		3,075,959
		Pharmaceuticals 1.5%
	146,161	Esperion Therapeutics, Inc.*		203,164
	43,973	Intra-Cellular Therapies, Inc.*		2,784,370
				2,987,534
		Regional Banks 7.0%
	999,455	AU Small Finance Bank Ltd.		9,208,991
	109,874	Bank OZK		4,412,540
				13,621,531
		Research & Consulting Services 5.6%
	229,370	BayCurrent Consulting, Inc.		8,624,755
	45,808	L&T Technology Services Ltd.		2,207,710
				10,832,465

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductor Materials & Equipment 1.8%
	29,361	Nova Ltd.*	$	3,444,045
		Semiconductors 6.1%
	20,400	ASPEED Technology, Inc.		1,878,937
	28,052	Melexis NV		2,754,656
	6,626	Monolithic Power Systems, Inc.		3,579,564
	300,000	Silergy Corp.		3,737,157
				11,950,314
		Specialty Chemicals 2.0%
	29,632	Balchem Corp.		3,994,690
		Systems Software 2.9%
	21,615	CyberArk Software Ltd.*		3,379,073
	23,561	Tata Elxsi Ltd.		2,187,834
				5,566,907
		Trading Companies & Distributors 2.6%
	70,119	Diploma PLC		2,661,491
	191,400	MonotaRO Co. Ltd.		2,444,257
				5,105,748
		Transaction & Payment Processing Services 2.5%
	14,744	Euronet Worldwide, Inc.*		1,730,503
	41,000	GMO Payment Gateway, Inc.		3,216,020
				4,946,523
		Total Common Stocks (cost $150,696,940)		192,069,805
		Total Investments (cost $150,696,940) 98.6%§		192,069,805
		Other Assets less Liabilities 1.4%		2,788,985
		NET ASSETS 100.0%	$	194,858,790
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 36.63%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Global Opportunities Fund’s investments were in the following countries:

COUNTRY	%
Australia		1.8
Belgium		1.4
Germany		1.0
India		13.1
Israel		3.5
Italy		0.6
Japan		12.1
Taiwan		5.8
United Kingdom		2.4
United States		58.3
TOTAL		100.0	%

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.2%
		Application Software 15.4%
	9,377	Dassault Systemes SE	$	415,504
	3,136	Descartes Systems Group, Inc.*		251,211
	3,270	Five9, Inc.*		269,612
	675	HubSpot, Inc.*		359,161
	1,593	Roper Technologies, Inc.		765,914
	3,667	Xero Ltd.*		293,800
				2,355,202
		Broadline Retail 3.0%
	386	MercadoLibre, Inc.*		457,256
		Building Products 5.6%
	19,076	Assa Abloy AB, Class B		458,529
	6,156	Trex Co., Inc.*		403,587
				862,116
		Cargo Ground Transportation 4.0%
	1,667	Old Dominion Freight Line, Inc.		616,373
		Consumer Finance 4.3%
	7,546	Bajaj Finance Ltd.		660,924
		Distributors 3.7%
	1,514	Pool Corp.		567,205
		Diversified Banks 3.9%
	28,522	HDFC Bank Ltd.		591,911
		Diversified Support Services 4.6%
	7,766	Copart, Inc.*		708,337
		Drug Retail 3.2%
	10,800	Sugi Holdings Co. Ltd.		482,548
		Electrical Components & Equipment 2.2%
	43,500	WEG SA		342,952
		Electronic Components 4.9%
	8,726	Amphenol Corp., Class A		741,274
		Financial Exchanges & Data 5.5%
	1,668	MarketAxess Holdings, Inc.		436,049
	2,078	Morningstar, Inc.		407,433
				843,482
		Health Care Equipment 1.7%
	2,422	DiaSorin SpA		252,297
		Health Care Supplies 1.9%
	2,316	Coloplast AS, Class B		289,815
		Health Care Technology 2.1%
	8,200	JMDC, Inc.		327,527
		Hotels, Resorts & Cruise Lines 3.9%
	7,727	Amadeus IT Group SA*		588,414
		IT Consulting & Other Services 2.1%
	1,755	Globant SA*		315,409
		Life Sciences Tools & Services 4.2%
	2,532	ICON PLC*		633,506

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Managed Health Care 3.5%
	8,358	HealthEquity, Inc.*	$	527,724
		Other Specialty Retail 2.6%
	2,003	Five Below, Inc.*		393,670
		Regional Banks 3.4%
	13,011	Bank OZK		522,522
		Research & Consulting Services 4.2%
	17,180	BayCurrent Consulting, Inc.		646,001
		Semiconductor Materials & Equipment 1.7%
	1,700	Lasertec Corp.		256,898
		Semiconductors 4.0%
	734	Monolithic Power Systems, Inc.		396,529
	17,419	Silergy Corp.		216,992
				613,521
		Specialized Finance 1.7%
	39,100	Chailease Holding Co. Ltd.*		257,074
		Transaction & Payment Processing Services 2.9%
	3,036	Block, Inc.*		202,107
	3,138	GMO Payment Gateway, Inc.		246,143
				448,250
		Total Common Stocks (cost $14,022,647)		15,302,208
		Total Investments (cost $14,022,647) 100.2%§		15,302,208
		Liabilities less Other Assets (0.2%)		(29,967	)
		NET ASSETS 100.0%	$	15,272,241
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 39.18%. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Global Select Fund’s investments were in the following countries:

COUNTRY	%
Australia		1.9
Brazil		2.2
Canada		1.6
Denmark		1.9
France		2.7
India		8.2
Ireland		4.1
Italy		1.7
Japan		12.8
Spain		3.9
Sweden		3.0
Taiwan		3.1
United States		52.9
TOTAL		100.0	%

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.0%
		Aerospace & Defense 1.9%
	240,000	BAE Systems PLC	$	2,829,896
		Biotechnology 2.1%
	40,000	Gilead Sciences, Inc.		3,082,800
		Casinos & Gaming 2.0%
	222,500	Kangwon Land, Inc.		2,946,509
		Diversified Banks 11.8%
	63,000	Citigroup, Inc.		2,900,520
	200,000	ING Groep NV, ADR		2,694,000
	31,500	JPMorgan Chase & Co.		4,581,360
	43,500	Toronto-Dominion Bank		2,696,196
	215,000	United Overseas Bank Ltd.		4,461,517
				17,333,593
		Diversified Metals & Mining 2.2%
	110,000	BHP Group Ltd.		3,306,815
		Electric Utilities 9.6%
	67,000	Duke Energy Corp.		6,012,580
	30,000	Eversource Energy		2,127,600
	147,000	Exelon Corp.		5,988,780
				14,128,960
		Electrical Components & Equipment 1.1%
	8,000	Eaton Corp. PLC		1,608,800
		Electronic Manufacturing Services 2.4%
	975,000	Hon Hai Precision Industry Co. Ltd.		3,544,844
		Food Retail 5.1%
	140,000	Koninklijke Ahold Delhaize NV		4,773,022
	64,000	Seven & i Holdings Co. Ltd.		2,764,937
				7,537,959
		Industrial Conglomerates 1.3%
	1,650,000	NWS Holdings Ltd.		1,874,635
		Industrial REITs 2.1%
	1,900,000	Mapletree Industrial Trust		3,108,387
		Integrated Oil & Gas 7.0%
	106,000	Suncor Energy, Inc.		3,109,387
	124,000	TotalEnergies SE		7,118,173
				10,227,560
		Integrated Telecommunication Services 5.5%
	258,000	AT&T, Inc.		4,115,100
	108,000	Verizon Communications, Inc.		4,016,520
				8,131,620
		Multi-Line Insurance 2.0%
	101,000	AXA SA		2,984,684
		Oil & Gas Drilling 1.9%
	69,000	Noble Corp. PLC*		2,850,390
		Oil & Gas Exploration & Production 1.1%
	14,000	EOG Resources, Inc.		1,602,160
		Packaged Foods & Meats 2.4%
	98,000	Kraft Heinz Co.		3,479,000

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 17.6%
	76,000	Bristol-Myers Squibb Co.	$	4,860,200
	47,500	Johnson & Johnson		7,862,200
	62,000	Novartis AG		6,250,803
	70,000	Otsuka Holdings Co. Ltd.		2,567,716
	117,000	Pfizer, Inc.		4,291,560
				25,832,479
		Property & Casualty Insurance 2.7%
	74,000	Axis Capital Holdings Ltd.		3,983,420
		Rail Transportation 4.0%
	29,000	Union Pacific Corp.		5,933,980
		Reinsurance 3.3%
	13,000	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,880,364
		Retail REITs 2.1%
	155,000	Kimco Realty Corp.		3,056,600
		Technology Hardware, Storage & Peripherals 2.0%
	53,000	Samsung Electronics Co. Ltd.		2,918,351
		Tobacco 3.8%
	89,000	KT&G Corp.		5,590,665
		Total Common Stocks (cost $125,468,314)		142,774,471
		Total Investments (cost $125,468,314) 97.0%§		142,774,471
		Other Assets less Liabilities 3.0%		4,396,105
		NET ASSETS 100.0%	$	147,170,576
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 42.07%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Global Value Fund’s investments were in the following countries:

COUNTRY	%
Australia		2.3
Canada		4.1
France		7.1
Germany		3.4
Hong Kong		1.3
Japan		3.7
Netherlands		5.2
Singapore		5.3
South Korea		8.0
Switzerland		4.4
Taiwan		2.5
United Kingdom		2.0
United States		50.7
TOTAL		100.0	%

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.8%
		Apparel, Accessories & Luxury Goods 1.5%
	7,300	Shenzhou International Group Holdings Ltd.	$	70,113
		Application Software 3.3%
	34,064	Glodon Co. Ltd., Class A		152,589
		Construction Materials 0.5%
	6,500	Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		24,433
		Distillers & Vintners 6.8%
	800	Kweichow Moutai Co. Ltd., Class A		186,483
	5,500	Wuliangye Yibin Co. Ltd., Class A		124,165
				310,648
		Diversified Banks 1.2%
	11,500	China Merchants Bank Co. Ltd., Class H		52,453
		Drug Retail 3.5%
	31,598	Yifeng Pharmacy Chain Co. Ltd., Class A		161,249
		Electrical Components & Equipment 3.5%
	5,040	Contemporary Amperex Technology Co. Ltd., Class A		159,245
		Electronic Components 6.1%
	23,300	Shenzhen H&T Intelligent Control Co. Ltd., Class A		54,576
	19,000	Sinbon Electronics Co. Ltd.		225,727
				280,303
		Health Care Equipment 4.4%
	4,900	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		202,771
		Hotels, Resorts & Cruise Lines 5.1%
	60,800	H World Group Ltd.*		235,622
		Industrial Machinery & Supplies & Components 12.3%
	6,000	Airtac International Group		198,292
	20,763	Shenzhen Inovance Technology Co. Ltd., Class A		184,036
	16,778	Techtronic Industries Co. Ltd.		183,477
				565,805
		Interactive Media & Services 4.8%
	5,200	Tencent Holdings Ltd.		220,486
		Life & Health Insurance 7.0%
	18,600	AIA Group Ltd.		188,911
	21,000	Ping An Insurance Group Co. of China Ltd., Class H		134,125
				323,036
		Life Sciences Tools & Services 6.2%
	15,300	Hangzhou Tigermed Consulting Co. Ltd., Class A*		136,169
	30,687	Wuxi Biologics Cayman, Inc.*		147,483
				283,652
		Other Specialty Retail 2.2%
	6,500	China Tourism Group Duty Free Corp. Ltd., Class A		99,210
		Packaged Foods & Meats 4.6%
	15,340	Chongqing Fuling Zhacai Group Co. Ltd., Class A		38,742
	19,087	Foshan Haitian Flavouring & Food Co. Ltd., Class A		123,322
	12,500	Inner Mongolia Yili Industrial Group Co. Ltd., Class A		48,776
				210,840
		Personal Care Products 3.5%
	8,037	Proya Cosmetics Co. Ltd., Class A		124,528

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	2,782	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A	$	34,101
				158,629
		Regional Banks 2.0%
	26,500	Bank of Ningbo Co. Ltd., Class A		92,474
		Restaurants 3.2%
	9,300	Meituan, Class B*		145,833
		Semiconductors 10.1%
	1,814	3peak, Inc., Class A		54,502
	4,225	SG Micro Corp., Class A		47,893
	17,000	Silergy Corp.		211,772
	38,256	Sino Wealth Electronic Ltd., Class A*		147,532
				461,699
		Specialized Finance 4.6%
	31,940	Chailease Holding Co. Ltd.*		209,999
		Systems Software 3.4%
	34,700	Hangzhou Dptech Technologies Co. Ltd., Class A		79,441
	5,000	Sangfor Technologies, Inc., Class A*		78,169
				157,610
		Total Common Stocks (cost $6,921,179)		4,578,699
		Total Investments (cost $6,921,179) 99.8%§		4,578,699
		Other Assets less Liabilities 0.2%		10,224
		NET ASSETS 100.0%	$	4,588,923
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 99.78%. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Greater China Fund’s investments were in the following countries:

COUNTRY	%
China		73.4
Hong Kong		8.1
Taiwan		18.5
TOTAL		100.0	%

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.6%
		Aerospace & Defense 2.3%
	545,913	CAE, Inc.*	$	12,218,396
		Airport Services 2.1%
	1,069,260	Grupo Aeroportuario del Centro Norte SAB de CV		11,361,629
		Apparel, Accessories & Luxury Goods 1.6%
	488,968	Canada Goose Holdings, Inc.*		8,703,427
		Application Software 10.9%
	232,628	Descartes Systems Group, Inc.*		18,634,824
	265,519	Fortnox AB		1,567,859
	119,766	Kinaxis, Inc.*		17,113,949
	502,900	Rakus Co. Ltd.		8,573,238
	2,334,244	Systena Corp.		4,760,793
	793,886	Technology One Ltd.		8,324,836
				58,975,499
		Asset Management & Custody Banks 1.8%
	1,069,982	Netwealth Group Ltd.		9,935,252
		Brewers 0.6%
	38,980	Royal Unibrew AS		3,489,230
		Broadline Retail 0.6%
	434,973	B&M European Value Retail SA		3,080,618
		Commercial & Residential Mortgage Finance 2.6%
	134,760	Aavas Financiers Ltd.*		2,529,161
	1,910,965	OSB Group PLC		11,696,532
				14,225,693
		Commodity Chemicals 0.5%
	334,500	Berger Paints India Ltd.		2,769,398
		Construction & Engineering 1.4%
	2,065,363	Johns Lyng Group Ltd.		7,352,900
		Diversified Real Estate Activities 1.9%
	870,164	PATRIZIA SE		10,353,249
		Drug Retail 5.1%
	108,186	Ain Holdings, Inc.		3,821,063
	283,016	Clicks Group Ltd.		3,929,030
	1,121,332	Raia Drogasil SA		6,931,922
	290,000	Sugi Holdings Co. Ltd.		12,957,300
				27,639,315
		Electrical Components & Equipment 3.3%
	282,585	Voltronic Power Technology Corp.		17,871,231
		Electronic Equipment & Instruments 2.5%
	461,515	Halma PLC		13,358,702
		Health Care Equipment 1.6%
	83,073	DiaSorin SpA		8,653,624
		Health Care Services 1.0%
	192,735	Dr Lal PathLabs Ltd.		5,316,382
		Health Care Supplies 1.0%
	311,528	Menicon Co. Ltd.		5,465,808
		Health Care Technology 3.3%
	363,127	JMDC, Inc.		14,504,146

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	75,171	Pro Medicus Ltd.	$	3,308,329
				17,812,475
		Human Resource & Employment Services 3.5%
	513,336	SMS Co. Ltd.		10,323,884
	252,100	TechnoPro Holdings, Inc.		5,484,262
	51,800	Visional, Inc.*		2,878,044
				18,686,190
		Industrial Machinery & Supplies & Components 3.6%
	160,000	Airtac International Group		5,287,783
	986,665	Elgi Equipments Ltd.		6,529,699
	125,633	Stabilus SE		7,552,077
				19,369,559
		Interactive Media & Services 3.1%
	128,100	Kakaku.com, Inc.		1,845,288
	847,544	Rightmove PLC		5,630,444
	147,125	Scout24 SE		9,322,678
				16,798,410
		Investment Banking & Brokerage 1.1%
	1,436,430	AJ Bell PLC		5,855,891
		IT Consulting & Other Services 6.7%
	172,854	Endava PLC, ADR*		8,952,109
	36,893	Globant SA*		6,630,410
	26,697	Persistent Systems Ltd.		1,637,049
	113,683	Reply SpA		12,924,923
	353,566	Softcat PLC		6,370,166
				36,514,657
		Movies & Entertainment 2.4%
	208,857	CTS Eventim AG & Co. KGaA		13,209,397
		Other Specialty Retail 1.8%
	4,096,900	Pet Center Comercio e Participacoes SA		5,630,007
	188,266	Pet Valu Holdings Ltd.		4,320,277
				9,950,284
		Pharmaceuticals 0.6%
	346,071	JCR Pharmaceuticals Co. Ltd.		3,067,477
		Property & Casualty Insurance 2.6%
	111,394	Definity Financial Corp.		2,955,651
	1,502,105	Qualitas Controladora SAB de CV		11,146,660
				14,102,311
		Publishing 0.5%
	290,779	Future PLC		2,490,672
		Regional Banks 5.4%
	1,706,413	AU Small Finance Bank Ltd.		15,722,911
	252,616	EQB, Inc.		13,348,270
				29,071,181
		Research & Consulting Services 4.6%
	663,700	BayCurrent Consulting, Inc.		24,956,401
		Semiconductor Materials & Equipment 0.4%
	22,520	Tokai Carbon Korea Co. Ltd.		1,979,978
		Semiconductors 5.3%
	31,500	ASPEED Technology, Inc.		2,901,300

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	69,924	LEENO Industrial, Inc.	$	7,857,100
	133,296	Melexis NV		13,089,425
	376,996	Silergy Corp.		4,696,311
				28,544,136
		Soft Drinks & Non-alcoholic Beverages 0.4%
	138,868	Fevertree Drinks PLC		2,147,622
		Specialty Chemicals 1.6%
	797,530	Hexpol AB		8,468,134
		Systems Software 2.3%
	81,089	CyberArk Software Ltd.*		12,676,643
		Trading Companies & Distributors 6.6%
	498,979	Diploma PLC		18,939,631
	556,725	Howden Joinery Group PLC		4,548,644
	38,343	IMCD NV		5,517,979
	514,548	MonotaRO Co. Ltd.		6,570,990
				35,577,244
		Transaction & Payment Processing Services 2.0%
	136,100	GMO Payment Gateway, Inc.		10,675,617
		Total Common Stocks (cost $403,416,008)		532,724,632
		Total Investments (cost $403,416,008) 98.6%§		532,724,632
		Other Assets less Liabilities 1.4%		7,527,133
		NET ASSETS 100.0%	$	540,251,765
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 70.77%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch International Growth Fund’s investments were in the following countries:

COUNTRY	%
Australia		5.4
Belgium		2.5
Brazil		2.4
Canada		14.5
Denmark		0.7
Germany		7.6
India		6.5
Israel		2.4
Italy		4.0
Japan		21.8
Mexico		4.2
Netherlands		1.0
South Africa		0.7
South Korea		1.8
Sweden		1.9
Taiwan		5.8
United Kingdom		15.6
United States		1.2
TOTAL		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.7%
		Advertising 2.4%
	583,099	YouGov PLC	$	7,405,353
		Air Freight & Logistics 1.5%
	344,619	AZ-COM MARUWA Holdings, Inc.		4,640,690
		Alternative Carriers 1.3%
	347,727	Chief Telecom, Inc.		4,147,650
		Application Software 15.4%
	31,672	Atoss Software AG		7,171,848
	1,281,055	Bytes Technology Group PLC		8,582,103
	21,710	Esker SA		3,286,607
	1,154,674	Fortnox AB		6,818,216
	142,219	LiveChat Software SA		4,508,498
	251,400	m-up Holdings, Inc.		1,970,851
	52,757	Mensch und Maschine Software SE		3,146,466
	271,732	Rakus Co. Ltd.		4,632,378
	1,374,000	Systena Corp.		2,802,333
	93,049	Vitec Software Group AB, Class B		4,675,688
				47,594,988
		Asset Management & Custody Banks 3.5%
	1,040,149	JTC PLC		9,359,204
	7,278,148	VEF AB*		1,376,219
				10,735,423
		Brewers 0.8%
	28,296	Royal Unibrew AS		2,532,869
		Commercial & Residential Mortgage Finance 3.4%
	254,932	Aavas Financiers Ltd.*		4,784,536
	775,666	Mortgage Advice Bureau Holdings Ltd.		5,812,062
				10,596,598
		Commodity Chemicals 2.6%
	441,836	Berger Paints India Ltd.		3,658,055
	111,258	Supreme Industries Ltd.		4,341,526
				7,999,581
		Construction & Engineering 2.4%
	2,095,017	Johns Lyng Group Ltd.		7,458,471
		Consumer Finance 3.1%
	80,333	Gruppo MutuiOnline SpA*		2,704,292
	575,150	Premium Group Co. Ltd.		6,947,292
				9,651,584
		Diversified Support Services 5.0%
	597,300	Japan Elevator Service Holdings Co. Ltd.		7,858,420
	2,727,250	Johnson Service Group PLC		3,574,441
	925,637	Prestige International, Inc.		3,927,101
				15,359,962
		Drug Retail 0.5%
	43,000	Ain Holdings, Inc.		1,518,734
		Electrical Components & Equipment 5.2%
	988,319	DiscoverIE Group PLC		10,568,305
	88,631	Voltronic Power Technology Corp.		5,605,199
				16,173,504

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electronic Equipment & Instruments 1.0%
	170,690	Nayax Ltd.*	$	3,245,717
		Food Retail 1.9%
	47,335	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		2,807,670
	2,458,400	Sheng Siong Group Ltd.		2,982,664
				5,790,334
		Health Care Services 3.0%
	139,105	Dr Lal PathLabs Ltd.		3,837,058
	944,740	Vijaya Diagnostic Centre Pvt. Ltd.		5,449,395
				9,286,453
		Health Care Technology 5.3%
	136,186	Nexus AG		8,389,433
	182,542	Pro Medicus Ltd.		8,033,803
				16,423,236
		Hotels, Resorts & Cruise Lines 0.3%
	28,500	Temairazu, Inc.		795,204
		Human Resource & Employment Services 1.1%
	163,562	SMS Co. Ltd.		3,289,454
		Industrial Machinery & Supplies & Components 2.0%
	657,298	Elgi Equipments Ltd.		4,349,965
	100,380	GMM Pfaudler Ltd.		1,814,310
				6,164,275
		Interactive Media & Services 3.7%
	2,212,622	Baltic Classifieds Group PLC		5,170,452
	355,555	Hemnet Group AB		6,224,071
				11,394,523
		Investment Banking & Brokerage 1.7%
	447,492	AJ Bell PLC		1,824,290
	146,000	Strike Co. Ltd.		3,535,270
				5,359,560
		IT Consulting & Other Services 7.8%
	24,339	Adesso SE		3,289,469
	38,589	Aubay		2,005,383
	300,602	Avant Group Corp.		2,958,502
	99,489	Base Co. Ltd.		3,957,518
	156,653	Cigniti Technologies Ltd.		1,630,658
	96,342	Digital Value SpA		6,266,438
	1,947,576	Kin & Carta PLC*		1,558,255
	26,261	Nagarro SE*		2,283,934
				23,950,157
		Life Sciences Tools & Services 1.0%
	137,800	Ergomed PLC*		1,705,808
	172,824	Tarsons Products Ltd.*		1,271,755
				2,977,563
		Metal, Glass & Plastic Containers 0.9%
	221,553	Mold-Tek Packaging Ltd.		2,737,545
		Movies & Entertainment 0.2%
	46,880	NexTone, Inc.*		761,361
		Other Specialty Retail 1.1%
	76,512	Musti Group Oyj*		1,494,113

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	1,317,200	Pet Center Comercio e Participacoes SA	$	1,810,111
				3,304,224
		Packaged Foods & Meats 0.4%
	728,879	Cloetta AB, Class B		1,326,093
		Personal Care Products 1.1%
	436,989	Sarantis SA		3,566,782
		Pharmaceuticals 0.4%
	137,829	JCR Pharmaceuticals Co. Ltd.		1,221,678
		Property & Casualty Insurance 2.1%
	865,198	Qualitas Controladora SAB de CV		6,420,369
		Publishing 0.9%
	322,198	Future PLC		2,759,792
		Regional Banks 1.9%
	111,203	EQB, Inc.		5,875,984
		Research & Consulting Services 6.9%
	8,037,618	CTOS Digital Bhd.		2,400,433
	155,715	Funai Soken Holdings, Inc.		2,760,846
	119,100	Management Solutions Co. Ltd.		3,400,402
	287,214	NICE Information Service Co. Ltd.		2,236,228
	778,400	SIGMAXYZ Holdings, Inc.		7,525,016
	373,588	Talenom Oyj		2,967,468
				21,290,393
		Restaurants 0.0%
	630,045	Patisserie Holdings PLC* *** §§		8,002
		Semiconductor Materials & Equipment 2.0%
	522,000	Materials Analysis Technology, Inc.*		3,910,585
	25,875	Tokai Carbon Korea Co. Ltd.		2,274,953
				6,185,538
		Semiconductors 3.6%
	45,298	Elmos Semiconductor SE		3,721,164
	64,904	LEENO Industrial, Inc.		7,293,021
				11,014,185
		Systems Software 0.3%
	39,655	TECSYS, Inc.		833,960
		Total Common Stocks (cost $253,447,638)		301,797,789
		Total Investments (cost $253,447,638) 97.7%§		301,797,789
		Other Assets less Liabilities 2.3%		6,996,847
		NET ASSETS 100.0%	$	308,794,636
		*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 74.83%. §§The aggregate value of illiquid holdings at June 30, 2023, amounted to approximately $8,002 and represented 0.00% of net assets. See Notes to Schedules of Investments.

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2023, Wasatch International Opportunities Fund’s investments were in the following countries:

COUNTRY	%
Australia		5.1
Brazil		0.6
Canada		2.2
Denmark		0.8
Finland		1.5
France		1.8
Germany		9.3
Greece		1.2
India		11.2
Israel		2.0
Italy		3.0
Japan		21.4
Malaysia		0.8
Mexico		2.1
Poland		1.5
Singapore		1.0
South Korea		3.9
Sweden		6.8
Taiwan		4.5
United Kingdom		19.3
TOTAL		100.0	%

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 95.4%
		Aerospace & Defense 4.4%
	11,062	CAE, Inc.*	$	247,585
		Apparel, Accessories & Luxury Goods 4.6%
	119	Hermes International		258,673
		Application Software 12.6%
	5,700	Dassault Systemes SE		252,573
	3,210	Descartes Systems Group, Inc.*		257,139
	2,479	Xero Ltd.*		198,617
				708,329
		Asset Management & Custody Banks 2.7%
	159	Partners Group Holding AG		149,912
		Broadline Retail 3.7%
	3,026	Dollarama, Inc.		204,939
		Building Products 4.6%
	10,784	Assa Abloy AB, Class B		259,215
		Drug Retail 3.8%
	4,760	Sugi Holdings Co. Ltd.		212,678
		Electronic Equipment & Instruments 4.2%
	8,059	Halma PLC		233,270
		Health Care Equipment 2.6%
	1,383	DiaSorin SpA		144,066
		Health Care Supplies 3.2%
	1,449	Coloplast AS, Class B		181,322
		Health Care Technology 3.5%
	4,901	JMDC, Inc.		195,757
		Hotels, Resorts & Cruise Lines 5.1%
	3,721	Amadeus IT Group SA*		283,355
		Industrial Machinery & Supplies & Components 3.3%
	256	Rational AG		185,370
		Interactive Media & Services 7.9%
	1,977	REA Group Ltd.		189,917
	4,041	Scout24 SE		256,061
				445,978
		IT Consulting & Other Services 6.8%
	2,988	Endava PLC, ADR*		154,748
	1,400	Obic Co. Ltd.		224,712
				379,460
		Life Sciences Tools & Services 3.6%
	809	ICON PLC*		202,412
		Real Estate Services 4.6%
	1,688	FirstService Corp.		259,963
		Research & Consulting Services 5.2%
	7,800	BayCurrent Consulting, Inc.		293,295
		Trading Companies & Distributors 2.0%
	9,000	MonotaRO Co. Ltd.		114,934
		Transaction & Payment Processing Services 7.0%
	119	Adyen NV*		206,068

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	2,400	GMO Payment Gateway, Inc.	$	188,255
				394,323
		Total Common Stocks (cost $4,989,433)		5,354,836
		Total Investments (cost $4,989,433) 95.4%§		5,354,836
		Other Assets less Liabilities 4.6%		256,692
		NET ASSETS 100.0%	$	5,611,528
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 71.78%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch International Select Fund’s investments, were in the following countries:

COUNTRY	%
Australia		7.3
Canada		18.1
Denmark		3.4
France		9.5
Germany		8.2
Ireland		3.8
Italy		2.7
Japan		23.0
Netherlands		3.9
Spain		5.3
Sweden		4.8
Switzerland		2.8
United Kingdom		7.2
TOTAL		100.0	%

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 127.4%
		Apparel Retail 1.0%
	11,999	Shoe Carnival, Inc.	$	281,737
		Application Software 15.9%
	8,609	Five9, Inc.* ††		709,812
	10,770	Guidewire Software, Inc.*		819,381
	1,363	HubSpot, Inc.* ††		725,239
	2,935	Roper Technologies, Inc.††		1,411,148
	4,073	Workday, Inc., Class A* ††		920,050
				4,585,630
		Asset Management & Custody Banks 6.0%
	12,258	Cohen & Steers, Inc.		710,841
	12,553	Hamilton Lane, Inc., Class A††		1,003,989
				1,714,830
		Automotive Retail 1.0%
	7,956	Valvoline, Inc.		298,430
		Biotechnology 3.0%
	57,272	C4 Therapeutics, Inc.*		157,498
	7,359	Kymera Therapeutics, Inc.* ††		169,183
	39,729	Nkarta, Inc.*		87,007
	14,331	Nurix Therapeutics, Inc.*		143,167
	130,908	Sangamo Therapeutics, Inc.*		170,180
	8,963	Viking Therapeutics, Inc.* ††		145,290
				872,325
		Broadcasting 2.0%
	35,960	TEGNA, Inc.††		583,990
		Building Products 3.6%
	10,070	Apogee Enterprises, Inc.††		478,023
	8,404	Trex Co., Inc.* ††		550,966
				1,028,989
		Casinos & Gaming 0.9%
	9,992	NeoGames SA*		260,991
		Consumer Finance 1.9%
	63,216	EZCORP, Inc., Class A*		529,750
		Distributors 3.4%
	2,566	Pool Corp.††		961,326
		Electronic Equipment & Instruments 4.2%
	15,630	Cognex Corp.††		875,593
	1,820	Novanta, Inc.* ††		335,062
				1,210,655
		Electronic Manufacturing Services 3.0%
	6,579	Fabrinet*		854,481
		Financial Exchanges & Data 4.8%
	2,938	MarketAxess Holdings, Inc.††		768,052
	3,094	Morningstar, Inc.††		606,641
				1,374,693
		Health Care Equipment 5.5%
	3,152	Inspire Medical Systems, Inc.* ††		1,023,265
	16,636	Silk Road Medical, Inc.*		540,504
				1,563,769

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Facilities 4.8%
	10,475	Ensign Group, Inc.††	$	999,944
	30,300	Pennant Group, Inc.*		372,084
				1,372,028
		Health Care Services 2.4%
	7,569	Addus HomeCare Corp.* ††		701,646
		Health Care Supplies 4.2%
	23,368	Neogen Corp.* ††		508,254
	3,652	UFP Technologies, Inc.* ††		707,940
				1,216,194
		Home Improvement Retail 2.4%
	6,580	Floor & Decor Holdings, Inc., Class A* ††		684,057
		Homebuilding 2.7%
	11,960	Skyline Champion Corp.* ††		782,782
		Human Resource & Employment Services 2.7%
	4,169	Paylocity Holding Corp.* ††		769,306
		Industrial Machinery & Supplies & Components 6.5%
	4,684	Kadant, Inc.††		1,040,316
	3,823	RBC Bearings, Inc.* ††		831,388
				1,871,704
		Investment Banking & Brokerage 2.7%
	17,352	Moelis & Co., Class A††		786,740
		IT Consulting & Other Services 4.7%
	5,295	Globant SA* ††		951,617
	44,367	Grid Dynamics Holdings, Inc.*		410,395
				1,362,012
		Leisure Products 3.5%
	16,469	Vista Outdoor, Inc.*		455,697
	14,239	YETI Holdings, Inc.* ††		553,043
				1,008,740
		Life Sciences Tools & Services 3.0%
	3,562	Medpace Holdings, Inc.* ††		855,486
		Managed Health Care 3.9%
	17,654	HealthEquity, Inc.* ††		1,114,674
		Multi-Sector Holdings 1.3%
	18,607	Cannae Holdings, Inc.* ††		376,047
		Oil & Gas Equipment & Services 2.0%
	13,767	Cactus, Inc., Class A††		582,619
		Oil & Gas Exploration & Production 2.6%
	36,237	Magnolia Oil & Gas Corp., Class A††		757,353
		Packaged Foods & Meats 1.2%
	5,062	Freshpet, Inc.* ††		333,130
		Paper Products 2.3%
	20,706	Clearwater Paper Corp.* ††		648,512
		Pharmaceuticals 2.0%
	45,116	Esperion Therapeutics, Inc.*		62,711
	8,194	Intra-Cellular Therapies, Inc.* ††		518,844
				581,555

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 2.4%
	17,181	Bank OZK††	$	689,989
		Research & Consulting Services 3.6%
	8,320	ICF International, Inc.††		1,034,925
		Semiconductors 2.8%
	1,509	Monolithic Power Systems, Inc.††		815,207
		Specialty Chemicals 6.3%
	6,767	Balchem Corp.††		912,259
	8,945	Innospec, Inc.††		898,436
				1,810,695
		Transaction & Payment Processing Services 1.2%
	4,990	Block, Inc.* ††		332,184
		Total Common Stocks (cost $35,805,526)		36,609,181
		COMMON STOCKS SOLD SHORT (41.6%)
		Aerospace & Defense 1.1%
	(10,989)	Spirit AeroSystems Holdings, Inc., Class A		(320,769	)
		Alternative Carriers 0.8%
	(209,212)	Globalstar, Inc.*		(225,949	)
		Aluminum 0.7%
	(22,445)	Century Aluminum Co.*		(195,720	)
		Application Software 3.1%
	(6,052)	Alteryx, Inc., Class A*		(274,761	)
	(15,238)	Domo, Inc., Class B*		(223,389	)
	(9,538)	Nutanix, Inc., Class A*		(267,541	)
	(10,846)	Yext, Inc.*		(122,668	)
				(888,359	)
		Asset Management & Custody Banks 0.7%
	(2,168)	Ares Management Corp., Class A		(208,887	)
		Biotechnology 0.6%
	(833)	Karuna Therapeutics, Inc.*		(180,636	)
		Broadcasting 0.5%
	(37,845)	iHeartMedia, Inc., Class A*		(137,756	)
		Building Products 1.1%
	(18,458)	JELD-WEN Holding, Inc.*		(323,753	)
		Commercial & Residential Mortgage Finance 0.9%
	(19,662)	TFS Financial Corp.		(247,151	)
		Commercial Printing 1.0%
	(16,219)	Deluxe Corp.		(283,508	)
		Commodity Chemicals 0.9%
	(24,847)	PureCycle Technologies, Inc.*		(265,615	)
		Electrical Components & Equipment 1.2%
	(11,203)	Plug Power, Inc.*		(116,399	)
	(13,184)	Sunrun, Inc.*		(235,466	)
				(351,865	)
		Electronic Equipment & Instruments 1.7%
	(14,398)	Arlo Technologies, Inc.*		(157,082	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	(85,305)	SmartRent, Inc.*	$	(326,718	)
				(483,800	)
		Health Care Equipment 2.7%
	(8,402)	Alphatec Holdings, Inc.*		(151,068	)
	(14,418)	Nevro Corp.*		(366,506	)
	(19,201)	Pulmonx Corp.*		(251,725	)
				(769,299	)
		Health Care Technology 1.3%
	(106,887)	American Well Corp., Class A*		(224,463	)
	(77,715)	Multiplan Corp.*		(163,978	)
				(388,441	)
		Heavy Electrical Equipment 0.4%
	(7,733)	Bloom Energy Corp., Class A*		(126,435	)
		Hotel & Resort REITs 0.9%
	(20,092)	Park Hotels & Resorts, Inc.		(257,580	)
		Hotels, Resorts & Cruise Lines 1.6%
	(1,725)	Hyatt Hotels Corp., Class A		(197,650	)
	(25,419)	Lindblad Expeditions Holdings, Inc.*		(276,559	)
				(474,209	)
		Human Resource & Employment Services 1.0%
	(4,261)	Ceridian HCM Holding, Inc.*		(285,359	)
		Interactive Home Entertainment 1.0%
	(6,863)	ROBLOX Corp., Class A*		(276,579	)
		Interactive Media & Services 1.1%
	(99,158)	Angi, Inc.*		(327,221	)
		Mortgage REITs 1.6%
	(29,634)	Chimera Investment Corp.		(170,988	)
	(29,535)	Rithm Capital Corp.		(276,153	)
				(447,141	)
		Multi-Family Residential REIT’s 1.1%
	(19,199)	Elme Communities		(315,632	)
		Multi-Utilities 0.7%
	(6,903)	CenterPoint Energy, Inc.		(201,223	)
		Oil & Gas Refining & Marketing 0.4%
	(4,356)	Par Pacific Holdings, Inc.*		(115,913	)
		Packaged Foods & Meats 0.8%
	(1,521)	J M Smucker Co.		(224,606	)
		Passenger Airlines 1.8%
	(24,060)	Hawaiian Holdings, Inc.*		(259,126	)
	(25,343)	Joby Aviation, Inc.*		(260,019	)
				(519,145	)
		Personal Care Products 0.8%
	(17,823)	Coty, Inc., Class A*		(219,045	)
		Pharmaceuticals 0.8%
	(21,731)	Viatris, Inc.		(216,875	)
		Real Estate Development 0.7%
	(2,591)	Howard Hughes Corp.*		(204,482	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 1.1%
	(23,312)	CVB Financial Corp.	$	(309,583	)
		Research & Consulting Services 1.1%
	(27,834)	Dun & Bradstreet Holdings, Inc.		(322,039	)
		Restaurants 1.2%
	(27,411)	Sweetgreen, Inc., Class A*		(351,409	)
		Semiconductors 1.0%
	(5,207)	Wolfspeed, Inc.*		(289,457	)
		Soft Drinks & Non-alcoholic Beverages 0.9%
	(1,788)	Celsius Holdings, Inc.*		(266,752	)
		Trading Companies & Distributors 1.5%
	(7,700)	FTAI Aviation Ltd.		(243,782	)
	(8,505)	Xometry, Inc., Class A*		(180,136	)
				(423,918	)
		Transaction & Payment Processing Services 0.8%
	(14,099)	Affirm Holdings, Inc.*		(216,138	)
		Water Utilities 1.0%
	(5,819)	California Water Service Group		(300,435	)
		Total Investments Sold Short (proceeds $12,709,729) (41.6%)		(11,962,684	)
		Total Investments, Net of Investments Sold Short (cost $23,095,797) 85.8%		24,646,497
		Other Assets less Liabilities 14.2%		4,076,450
		NET ASSETS 100.0%	$	28,722,947
		*Non-income producing. ††All or a portion of this security has been designated as collateral for short sales. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Long/Short Alpha Fund’s investments, excluding securities sold short, were in the following countries:

COUNTRY	%
Israel		0.7
United States		99.3
TOTAL		100.0	%

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.5%
		Advertising 1.1%
	300,338	Thryv Holdings, Inc.*	$	7,388,315
		Apparel Retail 2.1%
	159,992	Boot Barn Holdings, Inc.*		13,549,722
		Application Software 9.0%
	186,310	Agilysys, Inc.*		12,788,318
	717,416	Applied Digital Corp.*		6,707,840
	654,540	CS Disco, Inc.*		5,380,319
	622,011	Enfusion, Inc., Class A*		6,978,963
	311,671	Q2 Holdings, Inc.*		9,630,634
	118,543	Sprout Social, Inc., Class A*		5,471,945
	1,070,637	Weave Communications, Inc.*		11,894,777
				58,852,796
		Automotive Parts & Equipment 4.0%
	124,669	Patrick Industries, Inc.		9,973,520
	193,420	XPEL, Inc.*		16,289,832
				26,263,352
		Biotechnology 3.9%
	803,916	Allovir, Inc.*		2,733,314
	340,062	Atara Biotherapeutics, Inc.*		547,500
	609,978	BriaCell Therapeutics Corp.*		3,916,059
	83,578	Denali Therapeutics, Inc.*		2,466,387
	140,110	Dyne Therapeutics, Inc.*		1,576,237
	118,822	Kymera Therapeutics, Inc.*		2,731,718
	368,325	MacroGenics, Inc.*		1,970,539
	128,313	Mirum Pharmaceuticals, Inc.*		3,319,457
	127,054	Nkarta, Inc.*		278,248
	276,809	Nurix Therapeutics, Inc.*		2,765,322
	1,180,362	Sangamo Therapeutics, Inc.*		1,534,471
	100,595	Viking Therapeutics, Inc.*		1,630,645
				25,469,897
		Building Products 3.1%
	60,332	CSW Industrials, Inc.		10,026,575
	955,159	Janus International Group, Inc.*		10,181,995
				20,208,570
		Construction & Engineering 2.1%
	432,682	Construction Partners, Inc., Class A*		13,581,888
		Consumer Finance 1.3%
	1,044,587	EZCORP, Inc., Class A*		8,753,639
		Data Processing & Outsourced Services 1.1%
	614,082	TaskUS, Inc., Class A*		6,951,408
		Distillers & Vintners 0.1%
	843,723	Vintage Wine Estates, Inc.*		721,805
		Electrical Components & Equipment 2.0%
	325,631	Allied Motion Technologies, Inc.		13,005,702
		Electronic Equipment & Instruments 3.7%
	219,328	Napco Security Technologies, Inc.		7,599,715
	494,256	nLight, Inc.*		7,621,428
	78,682	OSI Systems, Inc.*		9,271,100
				24,492,243

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Environmental & Facilities Services 3.0%
	513,079	Heritage-Crystal Clean, Inc.*	$	19,389,255
		Financial Exchanges & Data 1.2%
	761,043	Open Lending Corp., Class A*		7,998,562
		Health Care Equipment 3.0%
	441,322	Paragon 28, Inc.*		7,829,052
	353,807	Silk Road Medical, Inc.*		11,495,190
				19,324,242
		Health Care Facilities 1.4%
	763,917	Pennant Group, Inc.*		9,380,901
		Health Care Services 3.7%
	197,022	Addus HomeCare Corp.*		18,263,939
	427,239	Castle Biosciences, Inc.*		5,861,719
				24,125,658
		Health Care Supplies 3.4%
	215,339	OrthoPediatrics Corp.*		9,442,615
	66,352	UFP Technologies, Inc.*		12,862,335
				22,304,950
		Health Care Technology 2.7%
	191,027	Simulations Plus, Inc.		8,277,200
	1,143,920	Tabula Rasa HealthCare, Inc.*		9,437,340
				17,714,540
		Home Furnishings 0.7%
	1,636,593	Purple Innovation, Inc.		4,549,729
		Homebuilding 1.7%
	441,298	Dream Finders Homes, Inc., Class A*		10,851,518
		Human Resource & Employment Services 1.8%
	530,414	Asure Software, Inc.*		6,449,834
	497,674	DLH Holdings Corp.*		5,101,159
				11,550,993
		Industrial Machinery & Supplies & Components 7.1%
	192,357	Helios Technologies, Inc.		12,712,874
	77,524	Kadant, Inc.		17,218,080
	337,510	Kornit Digital Ltd.*		9,912,669
	5,549,142	Markforged Holding Corp.*		6,714,462
				46,558,085
		Insurance Brokers 1.7%
	177,270	Goosehead Insurance, Inc., Class A*		11,148,510
		Internet Services & Infrastructure 1.1%
	713,366	BigCommerce Holdings, Inc., Series 1*		7,097,992
		IT Consulting & Other Services 1.6%
	1,162,878	Grid Dynamics Holdings, Inc.*		10,756,621
		Leisure Facilities 1.3%
	505,730	Xponential Fitness, Inc., Class A*		8,723,843
		Leisure Products 1.7%
	353,269	MasterCraft Boat Holdings, Inc.*		10,827,695
		Life Sciences Tools & Services 0.5%
	651,004	Inotiv, Inc.*		3,105,289

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Oil & Gas Equipment & Services 1.7%
	639,094	DMC Global, Inc.*	$	11,350,309
		Packaged Foods & Meats 1.4%
	134,232	Freshpet, Inc.*		8,833,808
		Pharmaceuticals 0.4%
	1,120,896	Esperion Therapeutics, Inc.*		1,558,046
	7,810,171	PharmaCielo Ltd.* ‡‡		1,179,116
				2,737,162
		Regional Banks 2.7%
	391,029	Esquire Financial Holdings, Inc.		17,885,666
		Research & Consulting Services 2.4%
	127,188	ICF International, Inc.		15,820,915
		Restaurants 2.3%
	223,147	Chuy’s Holdings, Inc.*		9,108,861
	67,252	Kura Sushi USA, Inc., Class A*		6,251,073
				15,359,934
		Semiconductor Materials & Equipment 5.8%
	117,052	Nova Ltd.*		13,730,200
	211,199	PDF Solutions, Inc.*		9,525,075
	561,184	Veeco Instruments, Inc.*		14,411,205
				37,666,480
		Semiconductors 2.3%
	67,355	Impinj, Inc.*		6,038,376
	76,073	SiTime Corp.*		8,974,332
				15,012,708
		Systems Software 2.5%
	68,101	CyberArk Software Ltd.*		10,646,229
	127,550	Rapid7, Inc.*		5,775,464
				16,421,693
		Trading Companies & Distributors 2.5%
	190,348	Transcat, Inc.*		16,238,588
		Transaction & Payment Processing Services 2.4%
	1,499,417	Cantaloupe, Inc.*		11,935,359
	846,711	Payfare, Inc.*		3,579,228
				15,514,587
		Total Common Stocks (cost $552,875,977)		637,489,570
		PREFERRED STOCKS 1.5%
		Textiles 1.5%
	339,559	Johnnie-O Holdings, Inc., Series A Pfd.* *** †		9,460,114
		Total Preferred Stocks (cost $10,000,013)		9,460,114
		WARRANTS 0.1%
		Pharmaceuticals 0.1%
	1,202,790	Esperion Therapeutics, Inc., expiring 9/22/2026* *** †		493,144

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	45,000	IM Cannabis Corp., expiring 5/7/2026* *** †	$	—
				493,144
		Total Warrants (cost $1,230,197)		493,144
		Total Investments (cost $564,106,187) 99.1%		647,442,828
		Other Assets less Liabilities 0.9%		6,159,490
		NET ASSETS 100.0%	$	653,602,318
		*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 June 30, 2023 amounted to approximately $9,953,258 and represented 1.52% of net assets. ‡‡Affiliated company (see Note 6). See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Micro Cap Fund’s investments were in the following countries:

COUNTRY	%
Canada		1.3
Israel		5.3
United States		93.4
TOTAL		100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.2%
		Agricultural Products & Services 0.5%
	79,565	Winfarm SAS*	$	1,380,460
		Air Freight & Logistics 1.1%
	495,000	Radiant Logistics, Inc.*		3,326,400
		Apparel Retail 0.6%
	77,000	Shoe Carnival, Inc.		1,807,960
		Application Software 4.3%
	154,000	Fund Technologies PLC*		3,754,974
	195,489	Red Violet, Inc.*		4,021,209
	466,000	Weave Communications, Inc.*		5,177,260
				12,953,443
		Asset Management & Custody Banks 0.9%
	726,000	Fiducian Group Ltd.		2,825,875
		Automotive Parts & Equipment 1.3%
	47,440	Patrick Industries, Inc.		3,795,200
		Automotive Retail 0.5%
	373,000	CarParts.com, Inc.*		1,585,250
		Biotechnology 1.4%
	163,000	BioAtla, Inc.*		489,000
	40,000	Kymera Therapeutics, Inc.*		919,600
	49,000	Mirum Pharmaceuticals, Inc.*		1,267,630
	79,000	Nurix Therapeutics, Inc.*		789,210
	54,000	Viking Therapeutics, Inc.*		875,340
				4,340,780
		Casinos & Gaming 2.1%
	518,000	Full House Resorts, Inc.*		3,470,600
	109,000	NeoGames SA*		2,847,080
				6,317,680
		Commercial & Residential Mortgage Finance 1.2%
	493,000	Mortgage Advice Bureau Holdings Ltd.		3,694,047
		Communications Equipment 3.9%
	127,700	Digi International, Inc.*		5,030,103
	275,300	Harmonic, Inc.*		4,451,601
	577,000	Lantronix, Inc.*		2,429,170
				11,910,874
		Construction & Engineering 6.8%
	65,400	Argan, Inc.		2,577,414
	153,000	Bowman Consulting Group Ltd.*		4,877,640
	203,116	Construction Partners, Inc., Class A*		6,375,811
	119,200	Sterling Infrastructure, Inc.*		6,651,360
				20,482,225
		Consumer Finance 1.3%
	486,000	EZCORP, Inc., Class A*		4,072,680
		Diversified Metals & Mining 0.6%
	650,000	Foran Mining Corp.*		1,727,118
		Diversified Support Services 0.9%
	2,026,000	Johnson Service Group PLC		2,655,355

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electrical Components & Equipment 1.1%
	87,000	Allied Motion Technologies, Inc.	$	3,474,780
		Electronic Equipment & Instruments 2.1%
	302,000	Luna Innovations, Inc.*		2,754,240
	107,791	Napco Security Technologies, Inc.		3,734,958
				6,489,198
		Electronic Manufacturing Services 1.5%
	162,000	Kimball Electronics, Inc.*		4,476,060
		Environmental & Facilities Services 0.9%
	257,500	Aris Water Solutions, Inc., Class A		2,657,400
		Food Distributors 1.7%
	141,000	Chefs’ Warehouse, Inc.*		5,042,160
		Food Retail 1.1%
	125,000	Halows Co. Ltd.		3,380,906
		Health Care Equipment 1.6%
	482,557	Biomerica, Inc.*		656,277
	110,000	Inmode Ltd.*		4,108,500
				4,764,777
		Health Care Facilities 1.0%
	256,000	Pennant Group, Inc.*		3,143,680
		Health Care Services 4.0%
	43,000	Addus HomeCare Corp.*		3,986,100
	329,000	InfuSystem Holdings, Inc.*		3,168,270
	512,000	Viemed Healthcare, Inc.*		5,007,360
				12,161,730
		Health Care Supplies 1.3%
	89,000	OrthoPediatrics Corp.*		3,902,650
		Health Care Technology 3.9%
	597,539	Instem PLC*		4,740,297
	61,155	Nexus AG		3,767,317
	222,000	OptimizeRx Corp.*		3,172,380
				11,679,994
		Home Furnishings 0.8%
	87,000	Lovesac Co.*		2,344,650
		Homebuilding 3.7%
	144,000	Skyline Champion Corp.*		9,424,800
	194,000	Vistry Group PLC		1,629,193
				11,053,993
		Industrial Machinery & Supplies & Components 3.4%
	259,300	Graham Corp.*		3,443,504
	29,000	John Bean Technologies Corp.		3,517,700
	15,000	Kadant, Inc.		3,331,500
				10,292,704
		Integrated Telecommunication Services 0.8%
	171,800	Ooma, Inc.*		2,571,846
		Internet Services & Infrastructure 1.2%
	356,000	BigCommerce Holdings, Inc., Series 1*		3,542,200
		Investment Banking & Brokerage 1.8%
	268,000	JDC Group AG*		5,307,817

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		IT Consulting & Other Services 2.2%
	472,987	AgileThought, Inc.*	$	354,740
	444,000	Grid Dynamics Holdings, Inc.*		4,107,000
	1,159,300	Pivotree, Inc.*		2,170,269
				6,632,009
		Life Sciences Tools & Services 1.7%
	276,000	Ergomed PLC*		3,416,567
	381,500	Inotiv, Inc.*		1,819,755
				5,236,322
		Mortgage REITs 0.6%
	146,000	AFC Gamma, Inc.		1,817,700
		Movies & Entertainment 0.8%
	884,000	Thunderbird Entertainment Group, Inc.*		2,348,881
		Packaged Foods & Meats 2.3%
	392,000	Hilton Food Group PLC		3,106,520
	1,481,000	LT Foods Ltd.		2,383,823
	507,038	MamaMancini’s Holdings, Inc.*		1,531,255
				7,021,598
		Pharmaceuticals 2.3%
	566,000	Biote Corp., Class A*		3,826,160
	163,000	Harrow Health, Inc.*		3,103,520
				6,929,680
		Property & Casualty Insurance 3.5%
	91,986	HCI Group, Inc.		5,682,895
	339,000	Kingsway Financial Services, Inc.*		2,762,850
	85,336	Skyward Specialty Insurance Group, Inc.*		2,167,534
				10,613,279
		Regional Banks 5.6%
	124,000	Axos Financial, Inc.*		4,890,560
	128,985	California BanCorp*		1,934,775
	150,768	Esquire Financial Holdings, Inc.		6,896,128
	38,611	First Western Financial, Inc.*		718,165
	452,106	Sterling Bancorp, Inc.*		2,473,020
				16,912,648
		Research & Consulting Services 2.7%
	49,000	ICF International, Inc.		6,095,110
	2,687,674	Knights Group Holdings PLC		2,178,447
				8,273,557
		Restaurants 2.0%
	198,478	GEN Restaurant Group, Inc.* ‡‡		3,372,141
	759,000	Noodles & Co.*		2,565,420
				5,937,561
		Semiconductor Materials & Equipment 1.4%
	164,791	Veeco Instruments, Inc.*		4,231,833
		Semiconductors 3.8%
	77,400	Impinj, Inc.*		6,938,910
	38,443	SiTime Corp.*		4,535,121
				11,474,031
		Specialized Finance 1.1%
	86,000	A-Mark Precious Metals, Inc.		3,219,410

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Steel 1.3%
	80,000	Haynes International, Inc.	$	4,065,600
		Systems Software 1.2%
	78,400	Rapid7, Inc.*		3,549,952
		Trading Companies & Distributors 4.7%
	164,000	ADENTRA, Inc.		4,023,401
	111,000	Global Industrial Co.		3,082,470
	232,724	Karat Packaging, Inc.		4,247,213
	23,000	Veritiv Corp.		2,889,030
				14,242,114
		Transaction & Payment Processing Services 1.1%
	140,921	i3 Verticals, Inc., Class A*		3,221,454
		Water Utilities 0.6%
	72,489	Consolidated Water Co. Ltd.		1,756,408
		Total Common Stocks (cost $242,504,859)		296,645,929
		LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 0.0%
		Pharmaceuticals 0.0%
	50,528	Regenacy Pharmaceuticals LLC* *** †		505
		Total Limited Liability Company Membership Interest (cost $30,001)		505
		WARRANTS 0.0%
		Trading Companies & Distributors 0.0%
	1,447	Greenlane Holdings, Inc., expiring 2/24/2026* *** †		—
		Total Warrants (cost $396,902)		—
		Total Investments (cost $242,931,762) 98.2%§		296,646,434
		Other Assets less Liabilities 1.8%		5,426,919
		NET ASSETS 100.0%	$	302,073,353
		*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 June 30, 2023 amounted to approximately $505 and represented 0.00% of net assets. ‡‡Affiliated company (see Note 6). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 9.29%. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2023, Wasatch Micro Cap Value Fund’s investments were in the following countries:

COUNTRY	%
Australia		0.9
Canada		3.5
France		0.5
Germany		3.1
India		0.8
Israel		2.3
Japan		1.1
United Kingdom		8.5
United States		79.3
TOTAL		100.0	%

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.1%
		Apparel Retail 2.4%
	628,294	Boot Barn Holdings, Inc.*	$	53,210,219
		Application Software 4.9%
	591,728	Five9, Inc.*		48,787,974
	1,054,766	nCino, Inc.*		31,769,552
	643,634	Sprout Social, Inc., Class A*		29,710,145
				110,267,671
		Asset Management & Custody Banks 2.0%
	1,808,043	StepStone Group, Inc., Class A		44,857,547
		Automotive Parts & Equipment 5.2%
	555,903	Fox Factory Holding Corp.*		60,321,035
	670,618	XPEL, Inc.*		56,479,448
				116,800,483
		Biotechnology 2.8%
	2,455,450	Allovir, Inc.*		8,348,530
	2,371,687	Atara Biotherapeutics, Inc.*		3,818,416
	1,726,675	C4 Therapeutics, Inc.*		4,748,356
	308,371	Denali Therapeutics, Inc.*		9,100,028
	486,834	Dyne Therapeutics, Inc.*		5,476,883
	268,635	Kymera Therapeutics, Inc.*		6,175,919
	1,691,598	Nkarta, Inc.*		3,704,600
	921,261	Nurix Therapeutics, Inc.*		9,203,397
	4,442,232	Sangamo Therapeutics, Inc.*		5,774,902
	399,792	Viking Therapeutics, Inc.*		6,480,628
				62,831,659
		Broadline Retail 3.3%
	755,800	Global-e Online Ltd.*		30,942,452
	721,051	Ollie’s Bargain Outlet Holdings, Inc.*		41,770,484
				72,712,936
		Building Products 3.6%
	405,743	AAON, Inc.		38,468,494
	1,373,067	AZEK Co., Inc.*		41,590,199
				80,058,693
		Data Processing & Outsourced Services 0.7%
	1,363,928	TaskUS, Inc., Class A* ‡‡		15,439,665
		Distillers & Vintners 0.1%
	3,987,551	Vintage Wine Estates, Inc.* ‡‡		3,411,350
		Financial Exchanges & Data 1.0%
	2,029,469	Open Lending Corp., Class A*		21,329,719
		Health Care Equipment 5.0%
	438,784	Axonics, Inc.*		22,145,428
	193,725	Inspire Medical Systems, Inc.*		62,890,884
	852,034	Silk Road Medical, Inc.*		27,682,585
				112,718,897
		Health Care Facilities 3.8%
	890,021	Ensign Group, Inc.		84,961,405
		Health Care Services 0.5%
	824,664	Castle Biosciences, Inc.*		11,314,390

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 2.7%
	2,828,573	Neogen Corp.*	$	61,521,463
		Home Improvement Retail 2.5%
	540,117	Floor & Decor Holdings, Inc., Class A*		56,150,563
		Homebuilding 2.7%
	442,838	LGI Homes, Inc.*		59,734,418
		Human Resource & Employment Services 2.6%
	316,420	Paylocity Holding Corp.*		58,388,983
		Industrial Machinery & Supplies & Components 6.5%
	829,124	Helios Technologies, Inc.		54,796,805
	821,290	Kornit Digital Ltd.*		24,121,287
	302,354	RBC Bearings, Inc.*		65,752,925
				144,671,017
		Insurance Brokers 1.7%
	592,982	Goosehead Insurance, Inc., Class A*		37,292,638
		Interactive Media & Services 1.9%
	2,409,083	ZipRecruiter, Inc., Class A*		42,785,314
		IT Consulting & Other Services 3.6%
	284,433	Globant SA*		51,118,299
	3,257,401	Grid Dynamics Holdings, Inc.*		30,130,959
				81,249,258
		Leisure Products 2.1%
	1,217,048	YETI Holdings, Inc.*		47,270,144
		Life Sciences Tools & Services 3.5%
	329,626	Medpace Holdings, Inc.*		79,166,276
		Managed Health Care 3.1%
	1,084,172	HealthEquity, Inc.*		68,454,620
		Other Specialty Retail 2.9%
	325,686	Five Below, Inc.*		64,010,326
		Packaged Foods & Meats 1.1%
	357,818	Freshpet, Inc.*		23,548,003
		Personal Care Products 2.8%
	1,693,405	BellRing Brands, Inc.*		61,978,623
		Pharmaceuticals 1.9%
	86,258	Arvinas, Inc.*		2,140,923
	4,060,881	Esperion Therapeutics, Inc.*		5,644,625
	544,593	Intra-Cellular Therapies, Inc.*		34,483,629
				42,269,177
		Regional Banks 2.7%
	1,072,977	Pinnacle Financial Partners, Inc.		60,784,147
		Semiconductor Materials & Equipment 3.9%
	738,980	Nova Ltd.*		86,682,354
		Semiconductors 1.2%
	234,069	SiTime Corp.*		27,613,120
		Specialized Consumer Services 1.3%
	2,956,334	Mister Car Wash, Inc.*		28,528,623
		Systems Software 5.9%
	419,747	CyberArk Software Ltd.*		65,619,048
	1,419,968	JFrog Ltd.*		39,333,114

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	576,089	Rapid7, Inc.*	$	26,085,310
				131,037,472
		Trading Companies & Distributors 3.3%
	440,862	SiteOne Landscape Supply, Inc.*		73,782,664
		Transaction & Payment Processing Services 2.9%
	560,995	Euronet Worldwide, Inc.*		65,843,983
		Total Common Stocks (cost $1,884,161,051)		2,192,677,820
		PREFERRED STOCKS 1.2%
		Semiconductor Materials & Equipment 0.0%
	184,939	Nanosys, Inc., Series A-1 Pfd.* *** †		85,072
	991,999	Nanosys, Inc., Series A-2 Pfd.* *** †		456,319
				541,391
		Systems Software 0.4%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		9,318,140
		Textiles 0.8%
	611,205	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		17,028,171
		Total Preferred Stocks (cost $28,184,928)		26,887,702
		WARRANTS 0.1%
		Pharmaceuticals 0.1%
	2,908,006	Esperion Therapeutics, Inc. expiring 9/22/2026* *** †		1,192,283
		Total Warrants (cost $1,411,160)		1,192,283
		Total Investments (cost $1,913,757,139) 99.4%		2,220,757,805
		Other Assets less Liabilities 0.6%		14,007,933
		NET ASSETS 100.0%	$	2,234,765,738
		*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 June 30, 2023 amounted to approximately $28,079,985 and represented 1.26% of net assets. ‡‡Affiliated company (see Note 6). See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Small Cap Growth Fund’s investments were in the following countries:

COUNTRY	%
Israel		9.3
United States		90.7
TOTAL		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.3%
		Aerospace & Defense 0.0%
	1,000	HEICO Corp., Class A	$	140,600
		Application Software 2.9%
	197,474	Five9, Inc.*		16,281,731
	270,088	Guidewire Software, Inc.*		20,548,295
				36,830,026
		Asset Management & Custody Banks 5.7%
	891,129	Artisan Partners Asset Management, Inc., Class A		35,030,281
	457,055	Hamilton Lane, Inc., Class A		36,555,259
				71,585,540
		Automotive Parts & Equipment 3.3%
	243,861	Fox Factory Holding Corp.*		26,461,357
	183,899	Patrick Industries, Inc.		14,711,920
				41,173,277
		Automotive Retail 1.9%
	644,792	Valvoline, Inc.		24,186,148
		Biotechnology 1.8%
	1,322,255	Atara Biotherapeutics, Inc.*		2,128,831
	839,820	C4 Therapeutics, Inc.*		2,309,505
	506,615	Dyne Therapeutics, Inc.*		5,699,419
	171,536	Kymera Therapeutics, Inc.*		3,943,613
	568,855	Nurix Therapeutics, Inc.*		5,682,861
	151,412	Viking Therapeutics, Inc.*		2,454,388
				22,218,617
		Broadcasting 0.9%
	69,784	Nexstar Media Group, Inc.		11,622,525
		Broadline Retail 1.8%
	397,866	Ollie’s Bargain Outlet Holdings, Inc.*		23,048,377
		Building Products 3.0%
	1,689,703	Janus International Group, Inc.*		18,012,234
	305,569	Trex Co., Inc.*		20,033,104
				38,045,338
		Cargo Ground Transportation 2.1%
	76,484	Saia, Inc.*		26,188,887
		Commodity Chemicals 0.8%
	305,485	AdvanSix, Inc.		10,685,865
		Construction & Engineering 1.2%
	472,365	Construction Partners, Inc., Class A*		14,827,537
		Construction Machinery & Heavy Transportation Equipment 1.6%
	366,403	Allison Transmission Holdings, Inc.		20,687,113
		Education Services 2.1%
	260,549	Grand Canyon Education, Inc.*		26,891,262
		Electronic Components 0.9%
	392,165	Vishay Intertechnology, Inc.		11,529,651
		Electronic Manufacturing Services 2.4%
	229,634	Fabrinet*		29,824,864
		Financial Exchanges & Data 1.0%
	1,168,277	Open Lending Corp., Class A*		12,278,591

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Food Distributors 1.2%
	318,774	Andersons, Inc.	$	14,711,420
		Health Care Equipment 1.3%
	422,005	Inmode Ltd.*		15,761,887
		Health Care Facilities 3.2%
	419,211	Ensign Group, Inc.		40,017,882
		Health Care Supplies 3.1%
	700,321	Neogen Corp.*		15,231,982
	119,245	UFP Technologies, Inc.*		23,115,643
				38,347,625
		Home Furnishings 0.8%
	381,986	Lovesac Co.*		10,294,523
		Homebuilding 5.0%
	144,966	Century Communities, Inc.		11,107,295
	137,701	LGI Homes, Inc.*		18,574,488
	508,230	Skyline Champion Corp.*		33,263,653
				62,945,436
		Industrial Machinery & Supplies & Components 6.4%
	130,696	Albany International Corp., Class A		12,191,323
	324,684	Helios Technologies, Inc.		21,458,365
	207,609	Kadant, Inc.		46,109,959
				79,759,647
		Investment Banking & Brokerage 2.6%
	727,144	Moelis & Co., Class A		32,968,709
		Leisure Products 2.4%
	414,631	Vista Outdoor, Inc.*		11,472,840
	490,846	YETI Holdings, Inc.*		19,064,458
				30,537,298
		Life Sciences Tools & Services 2.3%
	5,000	Inotiv, Inc.*		23,850
	120,692	Medpace Holdings, Inc.*		28,986,598
				29,010,448
		Managed Health Care 1.8%
	355,368	HealthEquity, Inc.*		22,437,936
		Mortgage REITs 1.4%
	1,165,347	Arbor Realty Trust, Inc.		17,270,443
		Oil & Gas Equipment & Services 1.4%
	410,017	Cactus, Inc., Class A		17,351,920
		Oil & Gas Exploration & Production 3.8%
	1,165,900	Magnolia Oil & Gas Corp., Class A		24,367,310
	449,290	Matador Resources Co.		23,506,853
				47,874,163
		Pharmaceuticals 1.1%
	213,012	Intra-Cellular Therapies, Inc.*		13,487,920
		Regional Banks 9.7%
	673,988	Axos Financial, Inc.*		26,582,087
	824,277	Bank OZK		33,102,964
	537,497	FB Financial Corp.		15,076,791
	321,139	Hancock Whitney Corp.		12,325,315
	383,828	Pinnacle Financial Partners, Inc.		21,743,856

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	319,324	ServisFirst Bancshares, Inc.	$	13,066,738
				121,897,751
		Self Storage REIT’s 1.8%
	650,738	National Storage Affiliates Trust		22,665,205
		Semiconductor Materials & Equipment 4.9%
	308,138	Nova Ltd.*		36,144,587
	983,126	Veeco Instruments, Inc.*		25,246,676
				61,391,263
		Semiconductors 1.0%
	106,963	SiTime Corp.*		12,618,425
		Specialized Consumer Services 1.0%
	1,301,610	Mister Car Wash, Inc.*		12,560,537
		Specialty Chemicals 2.7%
	342,839	Innospec, Inc.		34,434,749
		Steel 2.3%
	243,451	Commercial Metals Co.		12,820,130
	357,327	Ryerson Holding Corp.		15,500,845
				28,320,975
		Trading Companies & Distributors 1.2%
	116,594	Veritiv Corp.		14,645,372
		Transaction & Payment Processing Services 2.5%
	266,417	Euronet Worldwide, Inc.*		31,269,363
		Total Common Stocks (cost $959,827,911)		1,234,345,115
		Total Investments (cost $959,827,911) 98.3%		1,234,345,115
		Other Assets less Liabilities 1.7%		21,476,854
		NET ASSETS 100.0%	$	1,255,821,969
		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch Small Cap Value Fund’s investments were in the following countries:

COUNTRY	%
Israel		4.2
United States		95.8
TOTAL		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.7%
		Application Software 8.5%
	497,337	Five9, Inc.*	$	41,005,436
	62,448	HubSpot, Inc.*		33,227,956
	870,867	Q2 Holdings, Inc.*		26,909,790
	388,348	Sprout Social, Inc., Class A*		17,926,144
				119,069,326
		Automotive Parts & Equipment 1.4%
	175,123	Fox Factory Holding Corp.*		19,002,597
		Biotechnology 7.2%
	1,826,476	Allovir, Inc.*		6,210,018
	1,881,974	Atara Biotherapeutics, Inc.*		3,029,978
	1,104,693	BioAtla, Inc.*		3,314,079
	1,342,841	C4 Therapeutics, Inc.*		3,692,813
	226,049	Denali Therapeutics, Inc.*		6,670,706
	469,598	Dyne Therapeutics, Inc.*		5,282,978
	307,427	Exact Sciences Corp.*		28,867,395
	958,607	Exagen, Inc.* ‡‡		2,779,960
	240,479	Kymera Therapeutics, Inc.*		5,528,612
	987,112	MacroGenics, Inc.*		5,281,049
	1,759,006	Nkarta, Inc.*		3,852,223
	867,303	Nurix Therapeutics, Inc.*		8,664,357
	6,475,465	Sangamo Therapeutics, Inc.*		8,418,105
	530,460	Viking Therapeutics, Inc.*		8,598,757
				100,191,030
		Broadline Retail 1.4%
	333,075	Ollie’s Bargain Outlet Holdings, Inc.*		19,295,035
		Building Products 2.7%
	577,827	Trex Co., Inc.*		37,882,338
		Distillers & Vintners 0.2%
	3,834,725	Vintage Wine Estates, Inc.* ‡‡		3,280,607
		Distributors 1.1%
	40,749	Pool Corp.		15,266,205
		Financial Exchanges & Data 3.0%
	47,005	MarketAxess Holdings, Inc.		12,288,047
	2,091,522	Open Lending Corp., Class A*		21,981,896
	110,897	Tradeweb Markets, Inc., Class A		7,594,227
				41,864,170
		Health Care Equipment 10.1%
	766,327	Artivion, Inc.*		13,173,161
	578,771	AtriCure, Inc.*		28,568,137
	163,207	Inspire Medical Systems, Inc.*		52,983,520
	769,525	Paragon 28, Inc.*		13,651,373
	977,595	Silk Road Medical, Inc.*		31,762,062
				140,138,253
		Health Care Services 1.3%
	1,276,068	Castle Biosciences, Inc.*		17,507,653
		Health Care Supplies 1.0%
	5,582,875	Cerus Corp.*		13,733,873
		Health Care Technology 0.9%
	64,306	Veeva Systems, Inc., Class A*		12,715,225

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Home Improvement Retail 3.4%
	456,783	Floor & Decor Holdings, Inc., Class A*	$	47,487,161
		Homebuilding 3.1%
	145,587	LGI Homes, Inc.*		19,638,230
	350,664	Skyline Champion Corp.*		22,950,959
				42,589,189
		Human Resource & Employment Services 2.6%
	199,196	Paylocity Holding Corp.*		36,757,638
		Industrial Machinery & Supplies & Components 2.3%
	565,195	Kornit Digital Ltd.*		16,599,777
	74,185	RBC Bearings, Inc.*		16,133,012
				32,732,789
		Insurance Brokers 1.3%
	283,599	Goosehead Insurance, Inc., Class A*		17,835,541
		Internet Services & Infrastructure 1.9%
	2,630,511	BigCommerce Holdings, Inc., Series 1*		26,173,584
		IT Consulting & Other Services 3.0%
	271,889	Endava PLC, ADR*		14,081,131
	154,982	Globant SA*		27,853,365
				41,934,496
		Managed Health Care 2.2%
	486,124	HealthEquity, Inc.*		30,693,869
		Metal, Glass & Plastic Containers 1.1%
	540,590	TriMas Corp.		14,860,819
		Oil & Gas Exploration & Production 2.3%
	1,025,483	Magnolia Oil & Gas Corp., Class A		21,432,595
	195,585	Matador Resources Co.		10,233,007
				31,665,602
		Other Specialty Retail 2.6%
	187,037	Five Below, Inc.*		36,760,252
		Packaged Foods & Meats 3.4%
	715,534	Freshpet, Inc.*		47,089,293
		Pharmaceuticals 3.8%
	128,656	Arvinas, Inc.*		3,193,242
	3,595,975	Esperion Therapeutics, Inc.*		4,998,405
	698,258	Intra-Cellular Therapies, Inc.*		44,213,697
				52,405,344
		Regional Banks 2.4%
	840,774	Bank OZK		33,765,484
		Semiconductor Materials & Equipment 7.7%
	505,216	Kulicke & Soffa Industries, Inc.		30,035,091
	346,067	Nova Ltd.*		40,593,659
	805,845	PDF Solutions, Inc.*		36,343,610
				106,972,360
		Semiconductors 6.0%
	66,807	Monolithic Power Systems, Inc.		36,091,145
	300,482	Power Integrations, Inc.		28,446,631
	160,869	SiTime Corp.*		18,977,716
				83,515,492

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialty Chemicals 2.7%
	281,330	Balchem Corp.	$	37,926,097
		Systems Software 6.2%
	225,190	CyberArk Software Ltd.*		35,203,953
	831,642	JFrog Ltd.*		23,036,483
	167,884	Monday.com Ltd.*		28,745,099
				86,985,535
		Transaction & Payment Processing Services 1.9%
	196,653	Block, Inc.*		13,091,190
	205,584	Shift4 Payments, Inc., Class A*		13,961,210
				27,052,400
		Total Common Stocks (cost $1,251,407,084)		1,375,149,257
		PREFERRED STOCKS 1.0%
		Semiconductor Materials & Equipment 0.0%
	46,235	Nanosys, Inc., Series A-1 Pfd.* *** †		21,268
	248,000	Nanosys, Inc., Series A-2 Pfd.* *** †		114,080
				135,348
		Textiles 1.0%
	509,338	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		14,190,157
		Total Preferred Stocks (cost $15,546,241)		14,325,505
		WARRANTS 0.1%
		Insurance Brokers 0.0%
	450,000	Hagerty, Inc., expiring 12/2/2026* *** † §§		882,000
		Pharmaceuticals 0.1%
	2,161,987	Esperion Therapeutics, Inc., expiring 9/22/2026* *** †		886,415
		Total Warrants (cost $2,624,153)		1,768,415
		Total Investments (cost $1,269,577,478) 99.8%		1,391,243,177
		Other Assets less Liabilities 0.2%		2,696,119
		NET ASSETS 100.0%	$	1,393,939,296
		*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 June 30, 2023 amounted to approximately $16,093,920 and represented 1.15% of net assets. ‡‡Affiliated company (see Note 6). §§The aggregate value of illiquid holdings at June 30, 2023, amounted to approximately $882,000 and represented 0.06% of net assets. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2023, Wasatch Ultra Growth Fund’s investments were in the following countries:

COUNTRY	%
Israel		8.7
United Kingdom		1.0
United States		90.3
TOTAL		100.0	%

WASATCH U.S. SELECT FUND (WAUSX/WGUSX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.8%
		Aerospace & Defense 3.7%
	2,939	HEICO Corp., Class A	$	413,223
		Application Software 19.9%
	1,075	ANSYS, Inc.*		355,040
	1,937	Five9, Inc.*		159,705
	3,499	Guidewire Software, Inc.*		266,204
	374	HubSpot, Inc.*		199,002
	1,031	Roper Technologies, Inc.		495,705
	788	Tyler Technologies, Inc.*		328,178
	1,711	Workday, Inc., Class A*		386,498
				2,190,332
		Asset Management & Custody Banks 3.1%
	4,275	Hamilton Lane, Inc., Class A		341,914
		Automotive Parts & Equipment 2.3%
	2,352	Fox Factory Holding Corp.*		255,216
		Automotive Retail 2.6%
	7,596	Valvoline, Inc.		284,926
		Building Products 3.1%
	5,285	Trex Co., Inc.*		346,485
		Cargo Ground Transportation 3.2%
	962	Old Dominion Freight Line, Inc.		355,699
		Distributors 3.2%
	937	Pool Corp.		351,038
		Diversified Support Services 4.0%
	4,855	Copart, Inc.*		442,825
		Electrical Components & Equipment 4.2%
	2,847	AMETEK, Inc.		460,872
		Electronic Components 4.2%
	5,446	Amphenol Corp., Class A		462,638
		Electronic Equipment & Instruments 5.4%
	5,162	Cognex Corp.		289,175
	1,638	Novanta, Inc.*		301,556
				590,731
		Financial Exchanges & Data 4.5%
	1,074	MarketAxess Holdings, Inc.		280,765
	1,096	Morningstar, Inc.		214,893
				495,658
		Health Care Equipment 2.1%
	717	Inspire Medical Systems, Inc.*		232,767
		Health Care Facilities 3.9%
	4,542	Ensign Group, Inc.		433,579
		Health Care Technology 2.6%
	1,433	Veeva Systems, Inc., Class A*		283,347
		Home Improvement Retail 2.1%
	2,202	Floor & Decor Holdings, Inc., Class A*		228,920
		Human Resource & Employment Services 2.1%
	1,256	Paylocity Holding Corp.*		231,770

WASATCH U.S. SELECT FUND (WAUSX/WGUSX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		IT Consulting & Other Services 2.0%
	1,226	Globant SA*	$	220,337
		Life Sciences Tools & Services 5.6%
	1,532	ICON PLC*		383,307
	967	Medpace Holdings, Inc.*		232,244
				615,551
		Managed Health Care 3.4%
	5,903	HealthEquity, Inc.*		372,715
		Other Specialty Retail 2.2%
	1,231	Five Below, Inc.*		241,941
		Regional Banks 2.5%
	6,883	Bank OZK		276,421
		Semiconductors 2.4%
	487	Monolithic Power Systems, Inc.		263,092
		Specialty Chemicals 3.3%
	2,692	Balchem Corp.		362,908
		Transaction & Payment Processing Services 1.2%
	2,056	Block, Inc.*		136,868
		Total Common Stocks (cost $9,363,895)		10,891,773
		Total Investments (cost $9,363,895) 98.8%		10,891,773
		Other Assets less Liabilities 1.2%		127,189
		NET ASSETS 100.0%	$	11,018,962
		*Non-income producing. See Notes to Schedules of Investments.

At June 30, 2023, Wasatch U.S. Select Fund’s investments were in the following countries:

COUNTRY	%
Ireland		3.5
United States		96.5
TOTAL		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) JUNE 30, 2023 (UNAUDITED)

Schedule of Investments

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 98.9%
	$129,000,000	U.S. Treasury Bond, 1.25%, 5/15/50	$	72,371,015
	113,300,000	U.S. Treasury Bond, 1.375%, 8/15/50		65,700,722
	68,000,000	U.S. Treasury Bond, 1.875%, 11/15/51		44,792,344
	54,900,000	U.S. Treasury Bond, 2.25%, 8/15/46		40,021,243
	22,150,000	U.S. Treasury Bond, 2.50%, 2/15/45		17,115,201
	45,530,000	U.S. Treasury Bond, 3.00%, 8/15/48		38,337,683
		Total U.S. Government Obligations (cost $363,181,999)		278,338,208
		Total Investments (cost $363,181,999) 98.9%		278,338,208
		Other Assets less Liabilities 1.1%		3,184,649
		NET ASSETS 100.0%	$	281,522,857
		See Notes to Schedules of Investments.

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (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 20 series or funds (each a “Fund” and collectively the “Funds”). The Core Growth Fund, Global Opportunities Fund, Global Select Fund, Global Value Fund, International Growth Fund, International Opportunities 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 classified as a diversified fund. The Emerging India Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Greater China Fund, International Select Fund, Long/Short Alpha Fund and U.S. Select Fund are each classified as 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 19 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; Long/Short Alpha Fund, which commenced operations on October 1, 2021; and U.S. Select Fund, which commenced operations on June 13, 2022. 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 LP, 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, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value, Ultra Growth and U.S. Select 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 June 30, 2023. 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 they follow the investment company accounting and reporting guidance in accordance with the 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 JUNE 30, 2023 (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, estimates 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 (the Long/Short Alpha Fund in particular) 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 lender 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 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 Statements 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.

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 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 the contract 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

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (UNAUDITED)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

as collateral in accordance with the terms of the respective contracts. None of the Funds entered into foreign currency contracts transactions during this period.

5. FEDERAL INCOME TAX INFORMATION

As of June 30, 2023, 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	$	2,412,801,592		$	310,662,910		$	509,222,413		$	264,656,102		$	31,632,731
Gross appreciation	$	986,114,021		$	185,266,644		$	53,191,947		$	136,914,403		$	8,632,967
Gross (depreciation)		(188,695,137	)		(1,738,923	)		(95,333,439	)		(39,436,900	)		(4,256,870	)
Net appreciation (depreciation)	$	797,418,884		$	183,527,721		$	(42,141,492	)	$	97,477,503		$	4,376,097
	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Cost	$	151,243,830		$	14,203,182		$	126,526,338		$	6,984,831		$	410,458,639
Gross appreciation	$	53,488,088		$	2,674,477		$	20,759,648		$	113,398		$	154,816,807
Gross (depreciation)		(12,662,113	)		(1,575,451	)		(4,511,515	)		(2,519,530	)		(32,550,814	)
Net appreciation (depreciation)	$	40,825,975		$	1,099,026		$	16,248,133		$	(2,406,132	)	$	122,265,993
	International Opportunities Fund			International Select Fund			Long/Short Alpha Fund			Micro Cap Fund			Micro Cap Value Fund
Cost	$	256,625,015		$	5,011,561		$	23,295,829		$	592,132,865		$	245,783,583
Gross appreciation	$	88,962,656		$	813,403		$	5,630,708		$	132,678,098		$	80,197,672
Gross (depreciation)		(43,789,882	)		(470,128	)		(4,280,040	)		(77,368,135	)		(29,334,821	)
Net appreciation (depreciation)	$	45,172,774		$	343,275		$	1,350,668		$	55,309,963		$	50,862,851
	Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Select Fund			U.S. Treasury Fund
Cost	$	1,921,329,005		$	969,568,937		$	1,278,322,786		$	9,521,857		$	363,473,578
Gross appreciation	$	696,248,790		$	314,384,386		$	406,826,649		$	1,458,746		$	—
Gross (depreciation)		(396,819,990	)		(49,608,208	)		(293,906,258	)		(88,830	)		(85,135,370	)
Net appreciation (depreciation)	$	299,428,800		$	264,776,178		$	112,920,391		$	1,369,916		$	(85,135,370	)

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

6. TRANSACTIONSWITH 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 June 30, 2023 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 6/30/2023		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2023			Change in Unrealized Appreciation for The Period ended 6/30/2023
Micro Cap Fund
Common Stock
PharmaCielo Ltd.	$	2,546,853	$	—	$	28,982	$	1,179,116	$	—	$	(289,416	)	$	(1,049,339	)
Micro Cap Value Fund
Common Stock
GEN Restaurant Group, Inc.	$	—	$	2,425,341	$	—	$	3,372,141	$	—	$	—		$	946,800

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (UNAUDITED)

TRANSACTIONSWITH AFFILIATES (continued)

	Value, Beginning Of the Period		Purchases At Cost		Proceeds From Sales		Value, End Of the Period		Dividends Credited to Income for the Period ended 6/30/2023		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2023			Change in Unrealized Appreciation for The Period ended 6/30/2023
Small Cap Growth Fund
Common Stock
Pennant Group, Inc.*	$	20,382,041	$	—	$	20,817,841	$	—	$	—	$	(15,036,554	)	$	15,472,354
TaskUS, Inc., Class A		23,923,988		3,174,795		6,236,593		15,439,665		—		(9,514,323	)		4,091,798
Vintage Wine Estates, Inc., PIPE Shares		15,235,000		—		2,353,697		3,411,350		—	$	(12,770,793	)		3,300,840
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		13,770,449		—		—		17,028,171		—		—			3,257,722
	$	73,311,478	$	3,174,795	$	29,408,131	$	35,879,186	$	—	$	(37,321,670	)	$	26,122,714
Ultra Growth Fund
Common Stock
Conformis, Inc.*		2,631,685		—		1,202,907		—		—		(13,249,337	)		11,820,559
Exagen, Inc.		2,625,714		—		26,421		2,779,960		—		(196,072	)		376,739
Vintage Wine Estates, Inc., PIPE Shares		11,654,883		—		767,477		3,280,607		—		(2,960,663	)		(4,646,136	)
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		11,475,385		—		—		14,190,157		—		—			2,714,772
	$	28,387,667	$	—	$	1,996,805	$	20,250,724	$	—	$	(16,406,072	)	$	10,265,934

	Share Activity								Dividends Credited to Income for the Period ended 6/30/2023		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2023			Change in Unrealized Appreciation for the Period ended 6/30/2023
	Balance 9/30/2022		Purchases/ Additions		Sales/ Reductions		Balance 6/30/2023
Micro Cap Fund
Common Stock
PharmaCielo Ltd.		7,995,671		—		185,500		7,810,171	$	—	$	(289,416	)	$	(1,049,339	)
Micro Cap Value Fund
Common Stock
GEN Restaurant Group, Inc.		—		198,478		—		198,478	$	—	$	—		$	946,800
Small Cap Growth Fund				—
Common Stock
Pennant Group, Inc.*		1,957,929		—		1,957,929		—		—		(15,036,554	)		15,472,354
TaskUS, Inc., Class A		1,485,962		220,546		342,580		1,363,928		—		(9,514,323	)		4,091,798
Vintage Wine Estates, Inc., PIPE Shares		5,500,000		—		1,512,449		3,987,551		—	$	(12,770,793	)		3,300,840
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		611,205		—		—		611,205		—		—			3,257,722
		9,555,096		220,546		3,812,958		5,962,684	$	—	$	(37,321,670	)	$	26,122,714
Ultra Growth Fund
Common Stock
Conformis, Inc.*		13,764,042		—		13,764,042		—		—		(13,249,337	)		11,820,559
Exagen, Inc.		968,898		—		10,291		958,607		—		(196,072	)		376,739
Vintage Wine Estates, Inc., PIPE Shares		4,207,539		—		372,814		3,834,725		—		(2,960,663	)		(4,646,136	)
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		509,338		—		—		509,338		—		—			2,714,772
		19,449,817		—		14,147,147		5,302,670	$	—	$	(16,406,072	)	$	10,265,934

* 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 the sale of shares and the total change in unrealized appreciation for the period ended September 30, 2022 is included in the Statements of Operations even though the security was not deemed an affiliated company as of the end of the year end.

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (UNAUDITED)

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 June 30, 2023, the Funds held the following restricted securities:

	Security Type	Acquisition Date	Cost		Fair Value		Value as a Percent Of Net Assets
Micro Cap Fund
Johnnie-O Holdings, Inc., Series A Pfd.	Preferred Stock	3/16/2022	$	10,000,013	$	9,460,114		1.45	%
Esperion Therapeutics, Inc., expiring 9/22/2026	Warrants	12/3/2021		613,226		493,144		0.07	%
IM Cannabis Corp., expiring 5/7/2026	Warrants	5/5/2021		616,971		0		0.00	%
			$	11,230,210	$	9,953,258		1.52	%
Micro Cap Value Fund
Regenacy Pharmaceuticals LLC	LLC Membership Interest	12/21/2016	$	30,001	$	505		0.00	%
Greenlane Holdings, Inc., expiring 2/24/2026	Warrants	2/22/2021		396,902		0		0.00	%
			$	426,903	$	505		0.00	%
Small Cap Growth Fund
DataStax, Inc., Series E Pfd.	Preferred Stock	8/12/2014	$	8,000,002	$	9,318,140		0.42	%
Johnnie-O Holdings, Inc., Series A Pfd.	Preferred Stock	3/16/2022		17,999,987		17,028,171		0.76	%
Nanosys, Inc., Series A-1 Pfd.	Preferred Stock	8/13/2010		184,939		85,072		0.01	%
Nanosys, Inc., Series A-2 Pfd.	Preferred Stock	11/8/2005		2,000,000		456,319		0.02	%
Esperion Therapeutics, Inc., expiring 9/22/2026	Warrants	12/3/2021		1,411,160		1,192,283		0.05	%
			$	29,596,088	$	28,079,985		1.26	%
Ultra Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.	Preferred Stock	3/16/2022	$	15,000,004	$	14,190,157		1.02	%
Nanosys, Inc., Series A-1 Pfd.	Preferred Stock	8/13/2010		46,235		21,268		0.00	%
Nanosys, Inc., Series A-2 Pfd.	Preferred Stock	11/8/2005		500,001		114,080		0.01	%
Esperion Therapeutics, Inc., expiring 9/22/2026	Warrants	12/3/2021		1,074,843		886,415		0.06	%
			$	16,621,083	$	15,211,920		1.09	%

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 JUNE 30, 2023 (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 official close price or 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 official close or 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. 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 spreads, two-sided markets, benchmark securities, bids, offers and reference data (including market research

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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 when 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 June 30, 2023 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 6/30/2023
Core Growth Fund
Assets
Common Stocks		$	3,209,162,076	$	—	$	—	$	3,209,162,076
Warrants			—		—		1,058,400		1,058,400
		$	3,209,162,076	$	—	$	1,058,400	$	3,210,220,476
Emerging India Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	28,795,550	$	—	$	28,795,550
	Apparel, Accessories & Luxury Goods		—		8,196,321		—		8,196,321
	Automotive Parts & Equipment		—		8,042,709		—		8,042,709
	Commercial & Residential Mortgage Finance		—		10,544,964		—		10,544,964
	Commodity Chemicals		—		23,582,442		—		23,582,442
	Consumer Finance		—		56,917,234		—		56,917,234
	Diversified Banks		—		61,177,617		—		61,177,617
	Diversified Chemicals		—		4,766,427		—		4,766,427
	Food Retail		—		20,018,453		—		20,018,453
	Footwear		—		1,329,806		—		1,329,806
	Health Care Facilities		—		7,536,859		—		7,536,859
	Health Care Services		—		43,621,034		—		43,621,034
	Industrial Machinery & Supplies & Components		—		49,610,677		—		49,610,677
	Interactive Media & Services		—		12,466,257		—		12,466,257
	IT Consulting & Other Services		—		44,208,698		—		44,208,698

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (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 6/30/2023
	Life Sciences Tools & Services	$	—	$	27,570,120	$	—	$	27,570,120
	Metal, Glass & Plastic Containers		—		3,146,422		—		3,146,422
	Property & Casualty Insurance		—		5,112,289		—		5,112,289
	Regional Banks		—		40,649,322		—		40,649,322
	Research & Consulting Services		—		14,600,152		—		14,600,152
	Specialty Chemicals		—		17,215,236		—		17,215,236
	Systems Software		—		5,082,042		—		5,082,042
		$	—	$	494,190,631	$	—	$	494,190,631
Emerging Markets Select Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	6,097,081	$	—	$	6,097,081
	Apparel, Accessories & Luxury Goods		—		6,340,940		—		6,340,940
	Broadline Retail		33,185,384		8,439,607		—		41,624,991
	Consumer Finance		—		38,644,863		—		38,644,863
	Diversified Banks		30,042,366		32,472,782		—		62,515,148
	Diversified Chemicals		—		4,682,343		—		4,682,343
	Electrical Components & Equipment		20,190,061		27,685,119		—		47,875,180
	Health Care Facilities		—		4,058,724		—		4,058,724
	Health Care Services		—		7,841,743		—		7,841,743
	Hotels, Resorts & Cruise Lines		—		3,427,762		—		3,427,762
	Industrial Machinery & Supplies & Components		—		13,707,939		—		13,707,939
	Interactive Media & Services		—		9,328,258		—		9,328,258
	IT Consulting & Other Services		24,673,220		3,571,907		—		28,245,127
	Life Sciences Tools & Services		—		16,957,039		—		16,957,039
	Regional Banks		—		19,219,850		—		19,219,850
	Restaurants		—		7,863,980		—		7,863,980
	Semiconductor Materials & Equipment		—		17,997,976		—		17,997,976
	Semiconductors		—		44,012,606		—		44,012,606
	Specialized Finance		—		15,805,088		—		15,805,088
	Specialty Chemicals		—		10,802,296		—		10,802,296
	Systems Software		—		976,869		—		976,869
	Other		59,055,118		—		—		59,055,118
		$	167,146,149	$	299,934,772	$	—	$	467,080,921
Emerging Markets Small Cap Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	10,544,310	$	—	$	10,544,310
	Application Software		—		4,401,126		—		4,401,126
	Asset Management & Custody Banks		—		2,160,798		—		2,160,798
	Broadline Retail		—		9,697,819		—		9,697,819
	Commercial & Residential Mortgage Finance		—		9,565,468		—		9,565,468
	Commodity Chemicals		—		4,698,621		—		4,698,621
	Communications Equipment		—		6,883,898		—		6,883,898
	Consumer Finance		—		5,269,568		—		5,269,568
	Diversified Support Services		—		3,747,892		—		3,747,892
	Electrical Components & Equipment		—		25,035,154		—		25,035,154
	Electronic Components		—		8,708,317		—		8,708,317
	Electronic Equipment & Instruments		—		11,154,035		—		11,154,035
	Health Care Facilities		—		3,222,155		—		3,222,155
	Health Care Services		—		8,731,710		—		8,731,710
	Home Improvement Retail		—		7,072,008		—		7,072,008
	Hotels, Resorts & Cruise Lines		—		5,404,470		—		5,404,470
	Industrial Machinery & Supplies & Components		—		17,520,961		—		17,520,961
	Interactive Media & Services		5,187,292		3,173,855		—		8,361,147
	IT Consulting & Other Services		17,248,088		17,774,800		—		35,022,888
	Metal, Glass & Plastic Containers		—		2,029,425		—		2,029,425
	Movies & Entertainment		—		3,678,212		—		3,678,212
	Personal Care Products		—		5,130,303		—		5,130,303
	Regional Banks		5,207,014		23,701,003		—		28,908,017
	Research & Consulting Services		—		12,064,307		—		12,064,307

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (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 6/30/2023
	Semiconductor Materials & Equipment	$	—	$	6,021,789	$	—	$	6,021,789
	Semiconductors		—		42,626,253		—		42,626,253
	Specialized Finance		—		4,963,969		—		4,963,969
	Other		69,508,985		—		—		69,508,985
		$	97,151,379	$	264,982,226	$	—	$	362,133,605
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Application Software	$	—	$	314,158	$	—	$	314,158
	Asset Management & Custody Banks		—		1,150,512		—		1,150,512
	Commercial & Residential Mortgage Finance		—		163,374		—		163,374
	Consumer Finance		—		4,817,035		—		4,817,035
	Diversified Banks		2,717,817		2,788,128		—		5,505,945
	Food Retail		—		675,414		—		675,414
	Health Care Facilities		—		443,799		—		443,799
	Home Improvement Retail		—		988,119		—		988,119
	IT Consulting & Other Services		1,501,381		3,161,572		—		4,662,953
	Regional Banks		849,889		393,751		—		1,243,640
	Research & Consulting Services		—		888,005		—		888,005
	Semiconductors		—		997,772		—		997,772
	Transaction & Payment Processing Services		—		380,967		—		380,967
	Other		13,777,135		—		—		13,777,135
		$	18,846,222	$	17,162,606	$	—	$	36,008,828
Global Opportunities Fund
Assets
Common Stocks
	Application Software	$	10,060,014	$	3,389,187	$	—	$	13,449,201
	Asset Management & Custody Banks		3,515,201		1,081,818		—		4,597,019
	Commercial & Residential Mortgage Finance		—		2,134,679		—		2,134,679
	Diversified Real Estate Activities		—		1,948,186		—		1,948,186
	Drug Retail		—		2,174,503		—		2,174,503
	Electrical Components & Equipment		—		5,495,474		—		5,495,474
	Health Care Equipment		2,797,811		1,122,837		—		3,920,648
	Health Care Facilities		6,629,984		1,033,069		—		7,663,053
	Health Care Services		—		2,379,828		—		2,379,828
	Health Care Technology		—		3,413,074		—		3,413,074
	Human Resource & Employment Services		2,682,143		2,288,673		—		4,970,816
	IT Consulting & Other Services		7,756,572		5,988,698		—		13,745,270
	Regional Banks		4,412,540		9,208,991		—		13,621,531
	Research & Consulting Services		—		10,832,465		—		10,832,465
	Semiconductors		3,579,564		8,370,750		—		11,950,314
	Systems Software		3,379,073		2,187,834		—		5,566,907
	Trading Companies & Distributors		—		5,105,748		—		5,105,748
	Transaction & Payment Processing Services		1,730,503		3,216,020		—		4,946,523
	Other		74,154,566		—		—		74,154,566
		$	120,697,971	$	71,371,834	$	—	$	192,069,805
Global Select Fund
Assets
Common Stocks
	Application Software	$	1,645,898	$	709,304	$	—	$	2,355,202
	Building Products		403,587		458,529		—		862,116
	Consumer Finance		—		660,924		—		660,924
	Diversified Banks		—		591,911		—		591,911
	Drug Retail		—		482,548		—		482,548
	Health Care Equipment		—		252,297		—		252,297
	Health Care Supplies		—		289,815		—		289,815
	Health Care Technology		—		327,527		—		327,527
	Hotels, Resorts & Cruise Lines		—		588,414		—		588,414

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (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 6/30/2023
	Research & Consulting Services	$	—	$	646,001	$	—	$	646,001
	Semiconductor Materials & Equipment		—		256,898		—		256,898
	Semiconductors		396,529		216,992		—		613,521
	Specialized Finance		—		257,074		—		257,074
	Transaction & Payment Processing Services		202,107		246,143		—		448,250
	Other		6,669,710		—		—		6,669,710
		$	9,317,831	$	5,984,377	$	—	$	15,302,208
Global Value Fund
Assets
Common Stocks
	Aerospace & Defense	$	—	$	2,829,896	$	—	$	2,829,896
	Casinos & Gaming		—		2,946,509		—		2,946,509
	Diversified Banks		12,872,076		4,461,517		—		17,333,593
	Diversified Metals & Mining		—		3,306,815		—		3,306,815
	Electronic Manufacturing Services		—		3,544,844		—		3,544,844
	Food Retail		—		7,537,959		—		7,537,959
	Industrial Conglomerates		—		1,874,635		—		1,874,635
	Industrial REITs		—		3,108,387		—		3,108,387
	Integrated Oil & Gas		3,109,387		7,118,173		—		10,227,560
	Multi-Line Insurance		—		2,984,684		—		2,984,684
	Pharmaceuticals		17,013,960	��	8,818,519		—		25,832,479
	Reinsurance		—		4,880,364		—		4,880,364
	Technology Hardware, Storage & Peripherals		—		2,918,351		—		2,918,351
	Tobacco		—		5,590,665		—		5,590,665
	Other		47,857,730		—		—		47,857,730
		$	80,853,153	$	61,921,318	$	—	$	142,774,471
Greater China Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods	$	—	$	70,113	$	—	$	70,113
	Application Software		—		152,589		—		152,589
	Construction Materials		—		24,433		—		24,433
	Distillers & Vintners		—		310,648		—		310,648
	Diversified Banks		—		52,453		—		52,453
	Drug Retail		—		161,249		—		161,249
	Electrical Components & Equipment		—		159,245		—		159,245
	Electronic Components		—		280,303		—		280,303
	Health Care Equipment		—		202,771		—		202,771
	Hotels, Resorts & Cruise Lines		—		235,622		—		235,622
	Industrial Machinery & Supplies & Components		—		565,805		—		565,805
	Interactive Media & Services		—		220,486		—		220,486
	Life & Health Insurance		—		323,036		—		323,036
	Life Sciences Tools & Services		—		283,652		—		283,652
	Other Specialty Retail		—		99,210		—		99,210
	Packaged Foods & Meats		—		210,840		—		210,840
	Personal Care Products		—		158,629		—		158,629
	Regional Banks		—		92,474		—		92,474
	Restaurants		—		145,833		—		145,833
	Semiconductors		—		461,699		—		461,699
	Specialized Finance		—		209,999		—		209,999
	Systems Software		—		157,610		—		157,610
		$	—	$	4,578,699	$	—	$	4,578,699

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (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 6/30/2023
International Growth Fund
Assets
Common Stocks
	Application Software	$	35,748,773	$	23,226,726	$	—	$	58,975,499
	Asset Management & Custody Banks		—		9,935,252		—		9,935,252
	Brewers		—		3,489,230		—		3,489,230
	Broadline Retail		—		3,080,618		—		3,080,618
	Commercial & Residential Mortgage Finance		—		14,225,693		—		14,225,693
	Commodity Chemicals		—		2,769,398		—		2,769,398
	Construction & Engineering		—		7,352,900		—		7,352,900
	Diversified Real Estate Activities		—		10,353,249		—		10,353,249
	Drug Retail		10,860,952		16,778,363		—		27,639,315
	Electrical Components & Equipment		—		17,871,231		—		17,871,231
	Electronic Equipment & Instruments		—		13,358,702		—		13,358,702
	Health Care Equipment		—		8,653,624		—		8,653,624
	Health Care Services		—		5,316,382		—		5,316,382
	Health Care Supplies		—		5,465,808		—		5,465,808
	Health Care Technology		—		17,812,475		—		17,812,475
	Human Resource & Employment Services		—		18,686,190		—		18,686,190
	Industrial Machinery & Supplies & Components		—		19,369,559		—		19,369,559
	Interactive Media & Services		—		16,798,410		—		16,798,410
	IT Consulting & Other Services		15,582,519		20,932,138		—		36,514,657
	Movies & Entertainment		—		13,209,397		—		13,209,397
	Pharmaceuticals		—		3,067,477		—		3,067,477
	Publishing		—		2,490,672		—		2,490,672
	Regional Banks		13,348,270		15,722,911		—		29,071,181
	Research & Consulting Services		—		24,956,401		—		24,956,401
	Semiconductor Materials & Equipment		—		1,979,978		—		1,979,978
	Semiconductors		—		28,544,136		—		28,544,136
	Soft Drinks & Non-alcoholic Beverages		—		2,147,622		—		2,147,622
	Specialty Chemicals		—		8,468,134		—		8,468,134
	Trading Companies & Distributors		—		35,577,244		—		35,577,244
	Transaction & Payment Processing Services		—		10,675,617		—		10,675,617
	Other		74,868,581		—		—		74,868,581
		$	150,409,095	$	382,315,537	$	—	$	532,724,632
International Opportunities Fund
Assets
Common Stocks
	Air Freight & Logistics	$	—	$	4,640,690	$	—	$	4,640,690
	Alternative Carriers		—		4,147,650		—		4,147,650
	Application Software		8,582,103		39,012,885		—		47,594,988
	Asset Management & Custody Banks		9,359,204		1,376,219		—		10,735,423
	Brewers		—		2,532,869		—		2,532,869
	Commercial & Residential Mortgage Finance		5,812,062		4,784,536		—		10,596,598
	Commodity Chemicals		—		7,999,581		—		7,999,581
	Construction & Engineering		—		7,458,471		—		7,458,471
	Consumer Finance		2,704,292		6,947,292		—		9,651,584
	Diversified Support Services		3,574,441		11,785,521		—		15,359,962
	Drug Retail		—		1,518,734		—		1,518,734
	Electrical Components & Equipment		—		16,173,504		—		16,173,504
	Electronic Equipment & Instruments		—		3,245,717		—		3,245,717
	Food Retail		—		5,790,334		—		5,790,334
	Health Care Services		—		9,286,453		—		9,286,453
	Health Care Technology		—		16,423,236		—		16,423,236
	Hotels, Resorts & Cruise Lines		—		795,204		—		795,204
	Human Resource & Employment Services		—		3,289,454		—		3,289,454
	Industrial Machinery & Supplies & Components		—		6,164,275		—		6,164,275
	Investment Banking & Brokerage		1,824,290		3,535,270		—		5,359,560
	IT Consulting & Other Services		1,558,255		22,391,902		—		23,950,157
	Life Sciences Tools & Services		—		2,977,563		—		2,977,563

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (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 6/30/2023
	Metal, Glass & Plastic Containers	$	—		$	2,737,545	$	—	$	2,737,545
	Movies & Entertainment		—			761,361		—		761,361
	Other Specialty Retail		1,810,111			1,494,113		—		3,304,224
	Packaged Foods & Meats		—			1,326,093		—		1,326,093
	Pharmaceuticals		—			1,221,678		—		1,221,678
	Publishing		—			2,759,792		—		2,759,792
	Research & Consulting Services		—			21,290,393		—		21,290,393
	Restaurants		—			—		8,002		8,002
	Semiconductor Materials & Equipment		—			6,185,538		—		6,185,538
	Semiconductors		—			11,014,185		—		11,014,185
	Other		35,496,971			—		—		35,496,971
		$	70,721,729		$	231,068,058	$	8,002	$	301,797,789
International Select Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods	$	—		$	258,673	$	—	$	258,673
	Application Software		257,139			451,190		—		708,329
	Asset Management & Custody Banks		—			149,912		—		149,912
	Building Products		—			259,215		—		259,215
	Drug Retail		—			212,678		—		212,678
	Electronic Equipment & Instruments		—			233,270		—		233,270
	Health Care Equipment		—			144,066		—		144,066
	Health Care Supplies		—			181,322		—		181,322
	Health Care Technology		—			195,757		—		195,757
	Hotels, Resorts & Cruise Lines		—			283,355		—		283,355
	Industrial Machinery & Supplies & Components		—			185,370		—		185,370
	Interactive Media & Services		—			445,978		—		445,978
	IT Consulting & Other Services		154,748			224,712		—		379,460
	Research & Consulting Services		—			293,295		—		293,295
	Trading Companies & Distributors		—			114,934		—		114,934
	Transaction & Payment Processing Services		—			394,323		—		394,323
	Other		914,899			—		—		914,899
		$	1,326,786		$	4,028,050	$	—	$	5,354,836
Long/Short Alpha Fund
Assets
Common Stocks		$	36,609,181		$	—	$	—	$	36,609,181
		$	36,609,181		$	—	$	—	$	36,609,181
Other Financial Instruments
Securities Sold Short		$	(11,962,684	)	$	—	$	—	$	(11,962,684	)
Micro Cap Fund
Assets
Common Stocks		$	637,489,570		$	—	$	—	$	637,489,570
Preferred Stocks			—			—		9,460,114		9,460,114
Warrants			—			—		493,144		493,144
		$	637,489,570		$	—	$	9,953,258	$	647,442,828
Micro Cap Value Fund
Assets
Common Stocks
	Application Software	$	9,198,469		$	3,754,974	$	—	$	12,953,443
	Asset Management & Custody Banks		—			2,825,875		—		2,825,875
	Food Retail		—			3,380,906		—		3,380,906
	Health Care Technology		3,172,380			8,507,614		—		11,679,994
	Homebuilding		9,424,800			1,629,193		—		11,053,993
	Life Sciences Tools & Services		1,819,755			3,416,567		—		5,236,322
	Packaged Foods & Meats		4,637,775			2,383,823		—		7,021,598
	Research & Consulting Services		6,095,110			2,178,447		—		8,273,557
	Other		234,220,241			—		—		234,220,241
Limited Liability Company Membership Interest			—			—		505		505
Warrants			—			—		—		—
		$	268,568,530		$	28,077,399	$	505	$	296,646,434

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (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 6/30/2023
Small Cap Growth Fund
Assets
Common Stocks		$	2,192,677,820	$	—	$	—	$	2,192,677,820
Preferred Stocks			—		—		26,887,702		26,887,702
Warrants			—		—		1,192,283		1,192,283
		$	2,192,677,820	$	—	$	28,079,985	$	2,220,757,805
Small Cap Value Fund
Assets
Common Stocks		$	1,234,345,115	$	—	$	—	$	1,234,345,115
		$	1,234,345,115	$	—	$	—	$	1,234,345,115
Ultra Growth Fund
Assets
Common Stocks		$	1,375,149,257	$	—	$	—	$	1,375,149,257
Preferred Stocks			—		—		14,325,505		14,325,505
Warrants			—		—		1,768,415		1,768,415
		$	1,375,149,257	$	—	$	16,093,920	$	1,391,243,177
U.S. Select Fund
Assets
Common Stocks		$	10,891,773	$	—	$	—	$	10,891,773
		$	10,891,773	$	—	$	—	$	10,891,773
U.S. Treasury Fund
Assets
U.S Government obligations		$	—	$	278,338,208	$	—	$	278,338,208
		$	—	$	278,338,208	$	—	$	278,338,208

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 June 30, 2023 maximized the use of observable inputs and minimized the use of unobservable inputs.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended June 30, 2023:

																					Net Change in Unrealized
Fund	Market Value Beginning Balance 9/30/2022		Purchases at Cost		Sales (Proceeds)			Accrued Discounts (Premiums)		Realized Loss			Change in Unrealized Appreciation (Depreciation)		Transfers in at Market Value		Transfers out at Market Value		Market Value Ending Balance 6/30/2023		Appreciation (Depreciation) on Investments Held at 6/30/2023
Core Growth Fund
Warrants	$	1,058,400	$	—	$	—		$	—	$	—		$	—	$	—	$	—	$	1,058,400	$	—
	$	1,058,400	$	—	$	—		$	—	$	—		$	—	$	—	$	—	$	1,058,400	$	—
Emerging Markets Small Cap Fund
Common Stocks	$	16,583	$	—	$	—		$	—	$	(8,933,975	)	$	8,917,392	$	—	$	—	$	—	$	—
	$	16,583	$	—	$	—		$	—	$	(8,933,975	)	$	8,917,392	$	—	$	—	$	—	$	—
International Opportunities Fund
Common Stocks	$	7,035	$	—	$	—		$	—	$	—		$	967	$	—	$	—	$	8,002	$	967
	$	7,035	$	—	$	—		$	—	$	—		$	967	$	—	$	—	$	8,002	$	967
Micro Cap Fund
Preferred Stocks	$	7,650,264	$	—	$	—		$	—	$	—		$	1,809,850	$	—	$	—	$	9,460,114	$	1,809,850
Warrants		437,502		302,644		(9,855	)		—		(269,462	)		32,315		—		—		493,144		(210,521	)
	$	8,087,766	$	302,644	$	(9,855	)	$	—	$	(269,462	)	$	1,842,165	$	—	$	—	$	9,953,258	$	1,599,329

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2023 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

																				Net Change in Unrealized
Fund	Market Value Beginning Balance 9/30/2022		Purchases at Cost		Sales (Proceeds)		Accrued Discounts (Premiums)		Realized Loss		Change in Unrealized Appreciation (Depreciation)			Transfers in at Market Value		Transfers out at Market Value		Market Value Ending Balance 6/30/2023		Appreciation (Depreciation) on Investments Held at 6/30/2023
Micro Cap Value Fund
Common Stocks	$	21,222	$	—	$	—	$	—	$	—	$	(20,717	)	$	—	$	—	$	505	$	(20,717	)
Warrants		—		—		—		—		—		—			—		—		—		—
	$	21,222	$	—	$	—	$	—	$	—	$	(20,717	)	$	—	$	—	$	505	$	(20,717	)
Small Cap Growth Fund
Preferred Stocks	$	24,067,171	$	—	$	—	$	—	$	—	$	2,820,531		$	—	$	—	$	26,887,702	$	2,820,531
Warrants		695,813		872,267		—		—		—		(375,797	)		—		—		1,192,283		(375,797	)
	$	24,762,984	$	872,267	$	—	$	—	$	—	$	2,444,734		$	—	$	—	$	28,079,985	$	2,444,734
Ultra Growth Fund
Preferred Stocks	$	11,622,503	$	—	$	—	$	—	$	—	$	2,703,002		$	—	$	—	$	14,325,505	$	2,703,002
Warrants		1,497,779		597,934		—		—		—		(327,298	)		—		—		1,768,415		(327,298	)
	$	13,120,282	$	597,934	$	—	$	—	$	—	$	2,375,704		$	—	$	—	$	16,093,920	$	2,375,704

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund	Description	Fair Value at 6/30/2023		Valuation Technique	Unobservable Input	Range (Average)
Core Growth Fund	Warrant: Insurance Brokers	$	1,058,400	Discount for lack of marketability	Discount for lack of marketability		20%
Micro Cap Fund	Direct Venture Capital Investments: Textiles	$	9,460,114	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.7 - 6.1 (3.1) 46%
Micro Cap Fund	Warrant: Pharmaceuticals	$	493,144	Black Scholes	Black Scholes		100%
Small Cap Growth Fund	Direct Venture Capital Investments: Textiles	$	17,028,171	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.7 - 6.1 (3.1) 46%
Small Cap Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	541,391	Market comparable companies	EV/R* multiple Discount for lack of marketability		2.7 - 12.6 (9.6) 21%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	9,318,140	Market comparable companies	EV/R* multiple Discount for lack of marketability		2.9 - 18.9 (9.5) 27%
Small Cap Growth Fund	Warrant: Pharmaceuticals	$	1,192,283	Black Scholes	Black Scholes		100%
Ultra Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	135,348	Market comparable companies	EV/R* multiple Discount for lack of marketability		2.7 - 12.6 (9.6) 21%
Ultra Growth Fund	Direct Venture Capital Investments: Textiles	$	14,190,157	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.7 - 6.1 (3.1) 46%
Ultra Growth Fund	Warrant: Insurance Brokers	$	882,000	Discount for lack of marketability	Discount for lack of marketability		20%
Ultra Growth Fund	Warrant: Pharmaceuticals	$	886,415	Black Scholes	Black Scholes		100%

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

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.