Wasatch Core Growth Fund (WGROX) NPORT-P Wasatch Long/Short Alpha Fund (Dec 2023 report)

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.4%
		Application Software 9.1%
	4,338,133	Clearwater Analytics Holdings, Inc., Class A*	$	86,892,804
	639,379	Five9, Inc.*		50,312,734
	1,072,176	Guidewire Software, Inc.*		116,910,071
	2,051,465	PowerSchool Holdings, Inc., Class A*		48,332,515
	1,141,930	Q2 Holdings, Inc.*		49,571,181
				352,019,305
		Asset Management & Custody Banks 5.1%
	1,076,665	Cohen & Steers, Inc.		81,535,840
	1,014,268	Hamilton Lane, Inc., Class A		115,058,562
				196,594,402
		Automotive Parts & Equipment 2.5%
	655,096	Fox Factory Holding Corp.*		44,205,878
	998,103	XPEL, Inc.*		53,747,847
				97,953,725
		Automotive Retail 2.4%
	2,455,162	Valvoline, Inc.*		92,264,988
		Broadline Retail 1.2%
	632,166	Ollie’s Bargain Outlet Holdings, Inc.*		47,975,078
		Building Products 5.1%
	318,823	CSW Industrials, Inc.		66,127,078
	1,578,011	Trex Co., Inc.*		130,643,531
				196,770,609
		Cargo Ground Transportation 2.1%
	187,875	Saia, Inc.*		82,330,583
		Distributors 2.5%
	246,241	Pool Corp.		98,178,749
		Electronic Equipment & Instruments 2.3%
	520,320	Novanta, Inc.*		87,627,091
		Electronic Manufacturing Services 1.9%
	383,246	Fabrinet*		72,943,211
		Financial Exchanges & Data 5.0%
	244,572	MarketAxess Holdings, Inc.		71,622,910
	314,046	Morningstar, Inc.		89,892,527
	3,596,673	Open Lending Corp., Class A*		30,607,687
				192,123,124
		Health Care Equipment 1.3%
	190,809	Inspire Medical Systems, Inc.*		38,816,275
	917,887	Silk Road Medical, Inc.*		11,262,473
				50,078,748
		Health Care Facilities 3.1%
	1,063,421	Ensign Group, Inc.		119,326,470
		Health Care Supplies 1.0%
	2,006,040	Neogen Corp.*		40,341,464
		Health Care Technology 1.1%
	2,346,279	Certara, Inc.*		41,271,048
		Home Furnishing Retail 0.3%
	970,274	Arhaus, Inc.*		11,497,747

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Home Improvement Retail 1.7%
	597,205	Floor & Decor Holdings, Inc., Class A*	$	66,624,190
		Homebuilding 1.0%
	204,165	Installed Building Products, Inc.		37,325,445
		Human Resource & Employment Services 1.6%
	382,993	Paylocity Holding Corp.*		63,136,396
		Industrial Machinery & Supplies & Components 7.3%
	780,931	Helios Technologies, Inc.		35,415,221
	378,736	Kadant, Inc.		106,163,488
	499,820	RBC Bearings, Inc.*		142,393,720
				283,972,429
		Insurance Brokers 0.8%
	391,179	Goosehead Insurance, Inc., Class A*		29,651,368
		Investment Banking & Brokerage 1.9%
	1,279,955	Moelis & Co., Class A		71,843,874
		IT Consulting & Other Services 2.7%
	433,874	Globant SA*		103,253,335
		Leisure Products 1.5%
	1,111,818	YETI Holdings, Inc.*		57,569,936
		Life Sciences Tools & Services 4.6%
	363,437	ICON PLC*		102,878,112
	247,268	Medpace Holdings, Inc.*		75,795,060
				178,673,172
		Managed Health Care 2.8%
	1,621,473	HealthEquity, Inc.*		107,503,660
		Metal, Glass & Plastic Containers 0.9%
	1,395,000	TriMas Corp.		35,335,350
		Other Specialty Retail 2.6%
	481,829	Five Below, Inc.*		102,706,670
		Packaged Foods & Meats 1.2%
	535,207	Freshpet, Inc.*		46,434,559
		Personal Care Products 2.6%
	1,815,877	BellRing Brands, Inc.*		100,654,062
		Pharmaceuticals 1.1%
	576,170	Intra-Cellular Therapies, Inc.*		41,265,295
		Regional Banks 2.6%
	2,020,614	Bank OZK		100,687,196
		Self-Storage REITs 2.3%
	2,175,984	National Storage Affiliates Trust		90,238,057
		Semiconductor Materials & Equipment 1.7%
	471,739	Nova Ltd.*		64,812,221
		Semiconductors 1.5%
	94,688	Monolithic Power Systems, Inc.		59,727,297
		Specialized Consumer Services 0.9%
	3,941,226	Mister Car Wash, Inc.*		34,052,193
		Specialty Chemicals 5.2%
	731,549	Balchem Corp.		108,817,914

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	756,661	Innospec, Inc.	$	93,250,901
				202,068,815
		Systems Software 2.1%
	364,961	CyberArk Software Ltd.*		79,944,707
		Transaction & Payment Processing Services 1.8%
	954,079	Shift4 Payments, Inc., Class A*		70,926,233
		Total Common Stocks (cost $2,489,197,128)		3,807,702,802
		WARRANTS 0.0%
		Insurance Brokers 0.0%
	540,000	Hagerty, Inc., expiring 12/2/2026* *** §§		745,200
		Total Warrants (cost $1,859,172)		745,200
		Total Investments (cost $2,491,056,300) 98.4%		3,808,448,002
		Other Assets less Liabilities 1.6%		62,152,200
		NET ASSETS 100.0%	$	3,870,600,202
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. §§The aggregate value of illiquid holdings at December 31, 2023 amounted to approximately $745,200 and represented 0.02% of net assets. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Core Growth Fund’s investments were in the following countries:

COUNTRY	%
Ireland		2.7
Israel		3.8
United States		93.5
TOTAL		100.0	%

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.6%
		Apparel Retail 8.3%
	1,366,619	Trent Ltd.	$	50,144,436
		Apparel, Accessories & Luxury Goods 1.4%
	18,223	Page Industries Ltd.		8,429,742
		Automotive Parts & Equipment 1.5%
	211,980	Tube Investments of India Ltd.		9,018,058
		Commercial & Residential Mortgage Finance 1.6%
	530,489	Aavas Financiers Ltd.*		9,759,298
		Commodity Chemicals 4.5%
	2,630,974	Berger Paints India Ltd.		19,117,254
	152,663	Supreme Industries Ltd.		8,330,736
				27,447,990
		Construction Machinery & Heavy Transportation Equipment 1.0%
	603,991	Action Construction Equipment Ltd.		6,011,136
		Consumer Finance 11.9%
	550,043	Bajaj Finance Ltd.		48,398,996
	1,545,470	Cholamandalam Investment & Finance Co. Ltd.		23,375,894
				71,774,890
		Diversified Banks 10.3%
	2,146,837	HDFC Bank Ltd.		43,958,676
	797,718	Kotak Mahindra Bank Ltd.		18,277,746
				62,236,422
		Diversified Chemicals 0.8%
	153,633	Pidilite Industries Ltd.		5,009,984
		Food Retail 3.5%
	430,659	Avenue Supermarts Ltd.*		21,121,600
		Footwear 0.2%
	351,318	Campus Activewear Ltd.*		1,181,227
		Health Care Facilities 2.4%
	1,737,429	Max Healthcare Institute Ltd.		14,328,289
		Health Care Services 9.3%
	849,097	Dr Lal PathLabs Ltd.		26,290,937
	3,670,860	Vijaya Diagnostic Centre Pvt. Ltd.		29,807,575
				56,098,512
		Heavy Electrical Equipment 0.5%
	267,070	Elecon Engineering Co. Ltd.		2,973,208
		Industrial Machinery & Supplies & Components 7.4%
	6,808,323	Elgi Equipments Ltd.		44,530,612
		Interactive Media & Services 2.6%
	253,535	Info Edge India Ltd.		15,648,691
		IT Consulting & Other Services 9.9%
	313,780	LTIMindtree Ltd.		23,710,562
	404,288	Persistent Systems Ltd.		35,860,371
				59,570,933
		Life Sciences Tools & Services 6.2%
	803,380	Divi’s Laboratories Ltd.		37,666,876

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Metal, Glass & Plastic Containers 0.5%
	260,332	Mold-Tek Packaging Ltd.	$	2,868,933
		Property & Casualty Insurance 0.9%
	311,655	ICICI Lombard General Insurance Co. Ltd.		5,315,682
		Regional Banks 7.0%
	4,510,234	AU Small Finance Bank Ltd.		42,639,558
		Research & Consulting Services 3.4%
	330,149	L&T Technology Services Ltd.		20,823,689
		Specialty Chemicals 3.4%
	464,623	Asian Paints Ltd.		18,987,534
	24,052	Fine Organic Industries Ltd.		1,437,868
				20,425,402
		Systems Software 1.1%
	65,345	Tata Elxsi Ltd.		6,869,952
		Total Common Stocks (cost $347,620,591)		601,895,120
		Total Investments (cost $347,620,591) 99.6%§		601,895,120
		Other Assets less Liabilities 0.4%		2,277,650
		NET ASSETS 100.0%	$	604,172,770
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 89.15%. See Notes to Schedules of Investments.

At December 31, 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) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.7%
		Airport Services 2.2%
	587,440	Grupo Aeroportuario del Pacifico SAB de CV, Class B	$	10,254,687
		Apparel Retail 1.9%
	243,336	Trent Ltd.		8,928,565
		Apparel, Accessories & Luxury Goods 1.0%
	10,058	Page Industries Ltd.		4,652,711
		Broadline Retail 9.6%
	24,956	MercadoLibre, Inc.*		39,219,352
	345,937	momo.com, Inc.		5,727,722
				44,947,074
		Consumer Finance 7.7%
	354,376	Bajaj Finance Ltd.		31,182,003
	340,137	Cholamandalam Investment & Finance Co. Ltd.		5,144,718
				36,326,721
		Diversified Banks 12.0%
	1,283,581	HDFC Bank Ltd.		26,282,630
	3,606,286	NU Holdings Ltd., Class A*		30,040,362
				56,322,992
		Diversified Chemicals 0.8%
	107,784	Pidilite Industries Ltd.		3,514,844
		Drug Retail 4.2%
	3,228,863	Raia Drogasil SA		19,546,245
		Electrical Components & Equipment 9.3%
	422,765	Voltronic Power Technology Corp.		23,511,153
	2,674,902	WEG SA		20,320,510
				43,831,663
		Health Care Facilities 1.4%
	817,585	Max Healthcare Institute Ltd.		6,742,488
		Health Care Services 2.0%
	308,349	Dr Lal PathLabs Ltd.		9,547,536
		Industrial Machinery & Supplies & Components 2.7%
	342,691	Airtac International Group		11,260,186
	120,222	Techtronic Industries Co. Ltd.		1,432,455
				12,692,641
		Interactive Home Entertainment 2.0%
	234,110	Sea Ltd., ADR*		9,481,455
		Interactive Media & Services 1.5%
	192,300	Tencent Holdings Ltd.		7,260,258
		IT Consulting & Other Services 6.9%
	135,564	Globant SA*		32,261,521
		Life Sciences Tools & Services 4.2%
	297,527	Divi’s Laboratories Ltd.		13,949,703
	303,438	Hangzhou Tigermed Consulting Co. Ltd., Class A		2,349,770
	959,313	Wuxi Biologics Cayman, Inc.*		3,628,365
				19,927,838
		Property & Casualty Insurance 1.2%
	547,144	Qualitas Controladora SAB de CV		5,528,471

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares				Value
		Regional Banks 3.2%
	1,612,909	AU Small Finance Bank Ltd.		$	15,248,372
		Restaurants 1.0%
	434,000	Meituan, Class B*			4,556,469
		Semiconductor Materials & Equipment 5.4%
	95,844	Lasertec Corp.			25,161,584
		Semiconductors 10.6%
	135,883	ASPEED Technology, Inc.			13,765,078
	81,845	LEENO Industrial, Inc.*			12,809,154
	1,221,836	Silergy Corp.			19,831,501
	1,099,042	Sino Wealth Electronic Ltd., Class A			3,532,673
					49,938,406
		Specialized Finance 2.6%
	1,959,008	Chailease Holding Co. Ltd.			12,309,902
		Specialty Chemicals 2.2%
	258,244	Asian Paints Ltd.			10,553,538
		Systems Software 0.6%
	25,338	Tata Elxsi Ltd.			2,663,874
		Transaction & Payment Processing Services 1.5%
	390,500	Dlocal Ltd.*			6,907,945
		Total Common Stocks (cost $451,067,939)			459,107,800
		Total Investments (cost $451,067,939) 97.7%§			459,107,800
		Other Assets less Liabilities 2.3%			10,707,396
		NET ASSETS 100.0%		$	469,815,196
			��
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 67.83%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Emerging Markets Select Fund’s investments were in the following countries:

COUNTRY	%
Brazil		15.2
China		4.6
Hong Kong		0.3
India		30.2
Japan		5.5
Mexico		3.4
Singapore		2.1
South Korea		2.8
Taiwan		18.8
United States		15.6
Uruguay		1.5
TOTAL		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 101.0%
		Airport Services 2.4%
	818,325	Grupo Aeroportuario del Centro Norte SAB de CV	$	8,662,747
		Apparel Retail 4.9%
	489,492	Trent Ltd.		17,960,602
		Application Software 1.1%
	138,832	Text SA		4,085,837
		Asset Management & Custody Banks 0.3%
	5,580,277	VEF AB*		1,016,904
		Broadline Retail 1.6%
	345,960	momo.com, Inc.		5,728,103
		Commercial & Residential Mortgage Finance 2.0%
	391,986	Aavas Financiers Ltd.*		7,211,286
		Commodity Chemicals 1.4%
	681,024	Berger Paints India Ltd.		4,948,475
		Communications Equipment 2.5%
	535,000	Accton Technology Corp.		9,093,277
		Construction Machinery & Heavy Transportation Equipment 1.2%
	438,262	Action Construction Equipment Ltd.		4,361,742
		Consumer Finance 1.2%
	6,684,988	Ngern Tid Lor PCL		4,406,716
		Diversified Support Services 1.3%
	7,016,200	Frontken Corp. Bhd.		4,941,523
		Drug Retail 4.3%
	254,510	Clicks Group Ltd.		4,531,718
	1,864,668	Raia Drogasil SA		11,287,955
				15,819,673
		Electrical Components & Equipment 6.0%
	395,863	Voltronic Power Technology Corp.		22,015,057
		Electronic Components 1.2%
	461,000	Sinbon Electronics Co. Ltd.		4,486,930
		Electronic Equipment & Instruments 1.4%
	761,616	Chroma ATE, Inc.		5,273,057
		Electronic Manufacturing Services 2.1%
	41,241	Fabrinet*		7,849,400
		Health Care Facilities 0.7%
	13,532,100	Mitra Keluarga Karyasehat Tbk. PT		2,504,805
		Health Care Services 3.2%
	316,551	Dr Lal PathLabs Ltd.		9,801,498
	233,014	Vijaya Diagnostic Centre Pvt. Ltd.		1,892,086
				11,693,584
		Heavy Electrical Equipment 1.2%
	382,152	Elecon Engineering Co. Ltd.		4,254,380
		Home Improvement Retail 1.4%
	13,221,397	Wilcon Depot, Inc.		4,990,107
		Hotels, Resorts & Cruise Lines 0.9%
	957,670	H World Group Ltd.		3,202,102

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Human Resource & Employment Services 0.5%
	4,067	Benefit Systems SA	$	2,015,541
		Industrial Machinery & Supplies & Components 4.2%
	167,500	Airtac International Group		5,503,737
	1,507,520	Elgi Equipments Ltd.		9,860,106
				15,363,843
		Interactive Media & Services 3.8%
	3,416,426	Baltic Classifieds Group PLC		10,298,979
	57,878	Info Edge India Ltd.		3,572,346
				13,871,325
		IT Consulting & Other Services 12.7%
	921,900	FPT Corp.		3,648,657
	95,972	Globant SA*		22,839,417
	225,765	Persistent Systems Ltd.		20,025,369
				46,513,443
		Life & Health Insurance 1.2%
	580,774	Discovery Ltd.		4,561,739
		Metal, Glass & Plastic Containers 0.5%
	164,244	Mold-Tek Packaging Ltd.		1,810,016
		Multi-Line Insurance 0.4%
	40,679	Co. for Cooperative Insurance		1,414,544
		Oil & Gas Refining & Marketing 1.3%
	104,523	Aldrees Petroleum & Transport Services Co.		4,920,859
		Packaged Foods & Meats 0.5%
	6,927,600	Cisarua Mountain Dairy Tbk. PT		1,804,227
		Personal Care Products 1.3%
	331,107	Proya Cosmetics Co. Ltd., Class A		4,640,800
		Property & Casualty Insurance 4.5%
	1,612,284	Qualitas Controladora SAB de CV		16,290,895
		Regional Banks 8.7%
	2,572,278	AU Small Finance Bank Ltd.		24,318,206
	791,362	Regional SAB de CV		7,562,235
				31,880,441
		Research & Consulting Services 4.1%
	21,696,900	CTOS Digital Bhd.		6,653,190
	131,558	L&T Technology Services Ltd.		8,297,838
				14,951,028
		Semiconductor Materials & Equipment 1.7%
	399,000	Materials Analysis Technology, Inc.		3,015,548
	36,415	Tokai Carbon Korea Co. Ltd.		3,134,957
				6,150,505
		Semiconductors 10.9%
	87,651	ASPEED Technology, Inc.		8,879,130
	97,161	LEENO Industrial, Inc.*		15,206,185
	976,201	Silergy Corp.		15,844,623
				39,929,938
		Specialized Finance 1.3%
	770,100	Chailease Holding Co. Ltd.		4,839,110

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Transaction & Payment Processing Services 1.1%
	227,674	Dlocal Ltd.*	$	4,027,553
		Total Common Stocks (cost $219,000,404)		369,492,114
		Total Investments (cost $219,000,404) 101.0%§		369,492,114
		Liabilities less Other Assets (1.0%)		(3,634,772	)
		NET ASSETS 100.0%	$	365,857,342
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 69.37%. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Emerging Markets Small Cap Fund’s investments were in the following countries:

COUNTRY	%
Brazil		3.1
China		2.1
India		32.0
Indonesia		1.2
Malaysia		3.1
Mexico		8.8
Philippines		1.3
Poland		1.6
Saudi Arabia		1.7
South Africa		2.5
South Korea		5.0
Sweden		0.3
Taiwan		22.9
Thailand		1.2
United Kingdom		2.8
United States		8.3
Uruguay		1.1
Vietnam		1.0
TOTAL		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.2%
		Airport Services 1.9%
	20,759	Grupo Aeroportuario del Centro Norte SAB de CV	$	219,754
	27,300	Grupo Aeroportuario del Pacifico SAB de CV, Class B		476,564
				696,318
		Application Software 0.8%
	9,910	Text SA		291,652
		Asset Management & Custody Banks 3.5%
	1,070,600	DCVFMVN Diamond ETF		1,165,848
	559,567	VEF AB*		101,971
				1,267,819
		Broadline Retail 9.0%
	2,097	MercadoLibre, Inc.*		3,295,519
		Consumer Finance 12.9%
	34,176	Bajaj Finance Ltd.		3,007,190
	80,474	Cholamandalam Investment & Finance Co. Ltd.		1,217,204
	756,978	Ngern Tid Lor PCL		498,997
				4,723,391
		Distillers & Vintners 1.4%
	165,310	Ginebra San Miguel, Inc.		503,617
		Diversified Banks 16.3%
	1,090,600	Bank Central Asia Tbk PT		666,029
	593,089	Bank for Foreign Trade of Vietnam JSC*		1,962,247
	2,789	Credicorp Ltd.		418,155
	293,766	NU Holdings Ltd., Class A*		2,447,071
	12,350	TBC Bank Group PLC		445,496
				5,938,998
		Diversified Support Services 1.1%
	566,600	Frontken Corp. Bhd.		399,057
		Drug Retail 5.0%
	12,500	Corporativo Fragua SAB de CV		368,059
	243,048	Raia Drogasil SA		1,471,315
				1,839,374
		Electrical Components & Equipment 2.3%
	110,900	WEG SA		842,477
		Electronic Manufacturing Services 2.2%
	4,144	Fabrinet*		788,728
		Food Retail 0.7%
	2,142	Dino Polska SA*		250,797
		Health Care Facilities 0.5%
	2,228	Dr Sulaiman Al Habib Medical Services Group Co.		168,626
		Home Improvement Retail 1.7%
	1,692,800	Wilcon Depot, Inc.		638,908
		Human Resource & Employment Services 1.1%
	806	Benefit Systems SA		399,441
		Interactive Home Entertainment 1.1%
	9,813	Sea Ltd., ADR*		397,427
		Interactive Media & Services 3.8%
	455,512	Baltic Classifieds Group PLC		1,373,163

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		IT Consulting & Other Services 15.1%
	995,366	FPT Corp.	$	3,939,418
	6,691	Globant SA*		1,592,324
				5,531,742
		Life & Health Insurance 2.1%
	3,274	Bupa Arabia for Cooperative Insurance Co.		186,138
	74,357	Discovery Ltd.		584,043
				770,181
		Multi-Line Insurance 1.3%
	13,767	Co. for Cooperative Insurance		478,724
		Oil & Gas Refining & Marketing 2.5%
	19,533	Aldrees Petroleum & Transport Services Co.		919,598
		Property & Casualty Insurance 7.2%
	261,022	Qualitas Controladora SAB de CV		2,637,427
		Regional Banks 2.6%
	98,900	Regional SAB de CV		945,086
		Research & Consulting Services 1.8%
	2,133,100	CTOS Digital Bhd.		654,099
		Semiconductors 2.3%
	52,000	Silergy Corp.		844,007
		Total Common Stocks (cost $28,522,619)		36,596,176
		Total Investments (cost $28,522,619) 100.2%§		36,596,176
		Liabilities less Other Assets (0.2%)		(85,105	)
		NET ASSETS 100.0%	$	36,511,071
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 47.95%. ADR American Depositary Receipt. ETF Exchange-Traded Fund. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Frontier Emerging Small Countries Fund’s investments were in the following countries:

COUNTRY	%
Brazil		13.0
India		11.5
Indonesia		1.8
Malaysia		2.9
Mexico		12.7
Peru		1.1
Philippines		3.1
Poland		2.6
Saudi Arabia		4.8
Singapore		1.1
South Africa		1.6
Sweden		0.3
Taiwan		2.3
Thailand		1.4

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

COUNTRY	%
United Kingdom		5.0
United States		15.5
Vietnam		19.3
TOTAL		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.5%
		Apparel Retail 1.0%
	26,647	Boot Barn Holdings, Inc.*	$	2,045,424
		Application Software 7.1%
	33,704	Five9, Inc.*		2,652,168
	44,706	Guidewire Software, Inc.*		4,874,742
	79,093	Q2 Holdings, Inc.*		3,433,427
	120,600	Rakus Co. Ltd.		2,225,691
	189,498	Technology One Ltd.		1,983,510
				15,169,538
		Asset Management & Custody Banks 2.5%
	36,307	Hamilton Lane, Inc., Class A		4,118,666
	116,507	Netwealth Group Ltd.		1,223,541
				5,342,207
		Automotive Parts & Equipment 0.9%
	34,462	XPEL, Inc.*		1,855,779
		Automotive Retail 1.3%
	75,916	Valvoline, Inc.*		2,852,923
		Biotechnology 0.4%
	127,976	C4 Therapeutics, Inc.*		723,064
	125,288	Sangamo Therapeutics, Inc.*		68,069
				791,133
		Broadline Retail 1.8%
	50,316	Ollie’s Bargain Outlet Holdings, Inc.*		3,818,481
		Building Products 2.9%
	74,520	Trex Co., Inc.*		6,169,511
		Cargo Ground Transportation 2.6%
	12,543	Saia, Inc.*		5,496,593
		Commercial & Residential Mortgage Finance 0.7%
	82,402	Aavas Financiers Ltd.*		1,515,933
		Diversified Real Estate Activities 0.3%
	60,746	Patrizia SE		548,249
		Drug Retail 1.3%
	59,200	Sugi Holdings Co. Ltd.		2,717,664
		Electrical Components & Equipment 2.9%
	111,896	Voltronic Power Technology Corp.		6,222,852
		Financial Exchanges & Data 0.9%
	230,486	Open Lending Corp., Class A*		1,961,436
		Health Care Equipment 2.4%
	10,779	DiaSorin SpA		1,110,923
	14,636	Inspire Medical Systems, Inc.*		2,977,402
	90,431	Silk Road Medical, Inc.*		1,109,588
				5,197,913
		Health Care Facilities 3.3%
	53,336	Ensign Group, Inc.		5,984,833
	141,184	Max Healthcare Institute Ltd.		1,164,321
				7,149,154
		Health Care Services 1.2%
	86,276	Dr Lal PathLabs Ltd.		2,671,399

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 0.7%
	76,553	Neogen Corp.*	$	1,539,481
		Health Care Technology 1.2%
	85,450	JMDC, Inc.		2,577,079
		Home Furnishing Retail 0.3%
	53,417	Arhaus, Inc.*		632,991
		Home Improvement Retail 1.3%
	25,268	Floor & Decor Holdings, Inc., Class A*		2,818,898
		Homebuilding 0.9%
	14,671	LGI Homes, Inc.*		1,953,590
		Human Resource & Employment Services 3.9%
	25,078	Paylocity Holding Corp.*		4,134,108
	209,703	SMS Co. Ltd.		4,299,257
				8,433,365
		Industrial Machinery & Supplies & Components 3.8%
	32,878	Helios Technologies, Inc.		1,491,017
	23,417	RBC Bearings, Inc.*		6,671,269
				8,162,286
		IT Consulting & Other Services 8.9%
	48,604	Endava PLC, ADR*		3,783,822
	32,509	Globant SA*		7,736,492
	23,086	LTIMindtree Ltd.		1,744,477
	64,182	Persistent Systems Ltd.		5,692,947
				18,957,738
		Leisure Products 1.2%
	50,689	YETI Holdings, Inc.*		2,624,676
		Life Sciences Tools & Services 3.5%
	52,935	Divi’s Laboratories Ltd.		2,481,884
	16,039	Medpace Holdings, Inc.*		4,916,435
				7,398,319
		Managed Health Care 2.7%
	87,582	HealthEquity, Inc.*		5,806,687
		Other Specialty Retail 2.8%
	27,816	Five Below, Inc.*		5,929,259
		Packaged Foods & Meats 1.9%
	46,740	Freshpet, Inc.*		4,055,162
		Personal Care Products 1.7%
	67,153	BellRing Brands, Inc.*		3,722,291
		Pharmaceuticals 1.5%
	146,161	Esperion Therapeutics, Inc.*		437,021
	39,716	Intra-Cellular Therapies, Inc.*		2,844,460
				3,281,481
		Regional Banks 6.1%
	794,435	AU Small Finance Bank Ltd.		7,510,554
	109,874	Bank OZK		5,475,022
				12,985,576
		Research & Consulting Services 4.1%
	164,970	BayCurrent Consulting, Inc.		5,774,939
	45,808	L&T Technology Services Ltd.		2,889,276
				8,664,215

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductor Materials & Equipment 1.9%
	29,361	Nova Ltd.*	$	4,033,908
		Semiconductors 6.3%
	27,400	ASPEED Technology, Inc.		2,775,646
	28,052	Melexis NV		2,827,300
	6,626	Monolithic Power Systems, Inc.		4,179,548
	230,000	Silergy Corp.		3,733,108
				13,515,602
		Specialty Chemicals 2.3%
	33,807	Balchem Corp.		5,028,791
		Systems Software 3.0%
	17,619	CyberArk Software Ltd.*		3,859,442
	23,561	Tata Elxsi Ltd.		2,477,052
				6,336,494
		Trading Companies & Distributors 2.6%
	70,119	Diploma PLC		3,202,454
	214,200	MonotaRO Co. Ltd.		2,330,769
				5,533,223
		Transaction & Payment Processing Services 3.4%
	59,100	GMO Payment Gateway, Inc.		4,095,877
	42,736	Shift4 Payments, Inc., Class A*		3,176,994
				7,272,871
		Total Common Stocks (cost $147,616,303)		212,790,172
		Total Investments (cost $147,616,303) 99.5%§		212,790,172
		Other Assets less Liabilities 0.5%		966,037
		NET ASSETS 100.0%	$	213,756,209
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 34.91%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Global Opportunities Fund’s investments were in the following countries:

COUNTRY	%
Australia		1.5
Belgium		1.3
Germany		0.3
India		13.2
Israel		3.7
Italy		0.5
Japan		11.3
Taiwan		6.0
United Kingdom		3.3
United States		58.9
TOTAL		100.0	%

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.3%
		Application Software 16.1%
	8,872	Dassault Systemes SE	$	434,260
	6,604	Descartes Systems Group, Inc.*		554,865
	3,094	Five9, Inc.*		243,467
	668	HubSpot, Inc.*		387,801
	1,383	Roper Technologies, Inc.		753,970
	3,470	Xero Ltd.*		264,721
				2,639,084
		Broadline Retail 3.5%
	365	MercadoLibre, Inc.*		573,612
		Building Products 6.5%
	18,048	Assa Abloy AB, Class B		520,128
	6,652	Trex Co., Inc.*		550,719
				1,070,847
		Cargo Ground Transportation 3.0%
	1,198	Old Dominion Freight Line, Inc.		485,585
		Consumer Finance 3.8%
	7,140	Bajaj Finance Ltd.		628,258
		Distributors 3.5%
	1,432	Pool Corp.		570,953
		Diversified Banks 3.4%
	26,984	HDFC Bank Ltd.		552,525
		Diversified Support Services 4.4%
	14,695	Copart, Inc.*		720,055
		Drug Retail 2.9%
	10,200	Sugi Holdings Co. Ltd.		468,246
		Electrical Components & Equipment 2.1%
	45,100	WEG SA		342,613
		Electronic Components 5.0%
	8,256	Amphenol Corp., Class A		818,417
		Financial Exchanges & Data 5.8%
	1,578	MarketAxess Holdings, Inc.		462,117
	1,724	Morningstar, Inc.		493,478
				955,595
		Health Care Equipment 1.7%
	2,644	DiaSorin SpA		272,500
		Health Care Technology 1.4%
	7,800	JMDC, Inc.		235,240
		Hotels, Resorts & Cruise Lines 3.2%
	7,311	Amadeus IT Group SA		525,087
		Industrial Machinery & Supplies & Components 3.7%
	2,104	RBC Bearings, Inc.*		599,409
		Interactive Media & Services 2.5%
	5,882	Scout24 SE		415,923
		IT Consulting & Other Services 2.4%
	1,661	Globant SA*		395,285

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 3.8%
	2,229	ICON PLC*	$	630,963
		Managed Health Care 2.7%
	6,725	HealthEquity, Inc.*		445,868
		Other Specialty Retail 3.4%
	2,586	Five Below, Inc.*		551,232
		Research & Consulting Services 2.0%
	9,180	BayCurrent Consulting, Inc.		321,355
		Semiconductor Materials & Equipment 2.3%
	1,436	Lasertec Corp.		376,988
		Semiconductors 4.5%
	695	Monolithic Power Systems, Inc.		438,392
	18,419	Silergy Corp.		298,957
				737,349
		Specialized Finance 1.4%
	37,882	Chailease Holding Co. Ltd.		238,041
		Transaction & Payment Processing Services 4.3%
	3,088	Block, Inc.*		238,857
	6,738	GMO Payment Gateway, Inc.		466,971
				705,828
		Total Common Stocks (cost $13,577,312)		16,276,858
		Total Investments (cost $13,577,312) 99.3%§		16,276,858
		Other Assets less Liabilities 0.7%		112,668
		NET ASSETS 100.0%	$	16,389,526
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 38.82%. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Global Select Fund’s investments were in the following countries:

COUNTRY	%
Australia		1.6
Brazil		2.1
Canada		3.4
France		2.7
Germany		2.6
India		7.2
Ireland		3.9
Italy		1.7
Japan		11.5
Spain		3.2
Sweden		3.2
Taiwan		3.3
United States		53.6
TOTAL		100.0	%

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.8%
		Aerospace & Defense 2.1%
	220,000	BAE Systems PLC	$	3,114,098
		Broadline Retail 1.5%
	230,000	Alibaba Group Holding Ltd.		2,215,483
		Diversified Banks 12.7%
	67,000	Citigroup, Inc.		3,446,480
	211,000	ING Groep NV, ADR		3,169,220
	27,000	JPMorgan Chase & Co.		4,592,700
	46,000	Toronto-Dominion Bank		2,972,356
	210,000	United Overseas Bank Ltd.		4,532,471
				18,713,227
		Diversified Metals & Mining 2.2%
	97,000	BHP Group Ltd.		3,313,967
		Electric Utilities 10.6%
	69,000	Duke Energy Corp.		6,695,760
	55,500	Eversource Energy		3,425,460
	152,000	Exelon Corp.		5,456,800
				15,578,020
		Electronic Manufacturing Services 2.1%
	900,000	Hon Hai Precision Industry Co. Ltd.		3,062,012
		Food Retail 5.0%
	147,000	Koninklijke Ahold Delhaize NV		4,229,403
	81,000	Seven & i Holdings Co. Ltd.		3,203,513
				7,432,916
		Industrial REITs 2.1%
	1,600,000	Mapletree Industrial Trust		3,039,814
		Integrated Oil & Gas 7.5%
	120,000	Suncor Energy, Inc.		3,844,383
	105,000	TotalEnergies SE		7,139,893
				10,984,276
		Integrated Telecommunication Services 7.3%
	220,000	AT&T, Inc.		3,691,600
	12,700,000	Telkom Indonesia Persero Tbk. PT		3,258,135
	100,000	Verizon Communications, Inc.		3,770,000
				10,719,735
		Multi-Line Insurance 2.4%
	107,000	AXA SA		3,494,240
		Oil & Gas Drilling 2.0%
	61,000	Noble Corp. PLC		2,937,760
		Other Specialized REIT’s 1.0%
	49,000	VICI Properties, Inc.		1,562,120
		Packaged Foods & Meats 2.8%
	111,000	Kraft Heinz Co.		4,104,780
		Personal Care Products 2.6%
	180,000	Kenvue, Inc.		3,875,400
		Pharmaceuticals 15.3%
	86,000	Bristol-Myers Squibb Co.		4,412,660
	44,655	Johnson & Johnson		6,999,225
	63,000	Novartis AG		6,363,660
	165,000	Pfizer, Inc.		4,750,350
				22,525,895

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Property & Casualty Insurance 2.8%
	74,000	Axis Capital Holdings Ltd.	$	4,097,380
		Rail Transportation 3.8%
	23,000	Union Pacific Corp.		5,649,260
		Reinsurance 3.4%
	12,000	Muenchener Rueckversicherungs-Gesellschaft AG		4,977,762
		Retail REITs 2.5%
	172,000	Kimco Realty Corp.		3,665,320
		Technology Hardware, Storage & Peripherals 1.9%
	46,000	Samsung Electronics Co. Ltd.		2,792,052
		Tobacco 4.2%
	91,000	KT&G Corp.		6,130,498
		Total Common Stocks (cost $124,655,701)		143,986,015
		Total Investments (cost $124,655,701) 97.8%§		143,986,015
		Other Assets less Liabilities 2.2%		3,184,986
		NET ASSETS 100.0%	$	147,171,001
		§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 39.24%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Global Value Fund’s investments were in the following countries:

COUNTRY	%
Australia		2.3
Canada		4.7
China		1.5
France		7.4
Germany		3.5
Indonesia		2.3
Japan		2.2
Netherlands		5.1
Singapore		5.3
South Korea		6.2
Switzerland		4.4
Taiwan		2.1
United Kingdom		2.2
United States		50.8
TOTAL		100.0	%

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.3%
		Apparel, Accessories & Luxury Goods 3.4%
	13,400	Shenzhou International Group Holdings Ltd.	$	137,469
		Construction Materials 0.8%
	11,800	Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		31,945
		Distillers & Vintners 8.3%
	1,000	Kweichow Moutai Co. Ltd., Class A		243,422
	4,500	Wuliangye Yibin Co. Ltd., Class A		89,079
				332,501
		Diversified Banks 1.0%
	11,500	China Merchants Bank Co. Ltd., Class H		40,003
		Drug Retail 4.4%
	31,598	Yifeng Pharmacy Chain Co. Ltd., Class A		178,422
		Electrical Components & Equipment 2.9%
	5,040	Contemporary Amperex Technology Co. Ltd., Class A		116,024
		Electronic Components 5.1%
	33,300	Shenzhen H&T Intelligent Control Co. Ltd., Class A		67,107
	14,000	Sinbon Electronics Co. Ltd.		136,263
				203,370
		Electronic Equipment & Instruments 0.9%
	1,000	Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		35,688
		Health Care Equipment 4.2%
	4,100	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		168,120
		Hotels, Resorts & Cruise Lines 5.1%
	60,800	H World Group Ltd.		203,293
		Industrial Machinery & Supplies & Components 17.8%
	7,100	Airtac International Group		233,293
	18,000	Shenzhen Envicool Technology Co. Ltd., Class A		69,714
	24,163	Shenzhen Inovance Technology Co. Ltd., Class A		215,226
	16,778	Techtronic Industries Co. Ltd.		199,911
				718,144
		Interactive Media & Services 5.8%
	6,200	Tencent Holdings Ltd.		234,080
		Life & Health Insurance 5.4%
	14,100	AIA Group Ltd.		122,711
	21,000	Ping An Insurance Group Co. of China Ltd., Class H		95,073
				217,784
		Life Sciences Tools & Services 5.5%
	13,800	Hangzhou Tigermed Consulting Co. Ltd., Class A		106,865
	30,687	Wuxi Biologics Cayman, Inc.*		116,066
				222,931
		Other Specialty Retail 1.1%
	3,900	China Tourism Group Duty Free Corp. Ltd., Class A		46,036
		Packaged Foods & Meats 1.1%
	8,187	Foshan Haitian Flavouring & Food Co. Ltd., Class A		43,823
		Personal Care Products 3.5%
	10,037	Proya Cosmetics Co. Ltd., Class A		140,679

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 1.3%
	18,500	Bank of Ningbo Co. Ltd., Class A	$	52,501
		Restaurants 2.7%
	10,300	Meituan, Class B*		108,137
		Semiconductors 11.5%
	1,814	3peak, Inc., Class A		37,434
	18,700	Silergy Corp.		303,518
	38,256	Sino Wealth Electronic Ltd., Class A		122,967
				463,919
		Specialized Finance 3.4%
	22,078	Chailease Holding Co. Ltd.		138,732
		Systems Software 3.1%
	34,700	Hangzhou Dptech Technologies Co. Ltd., Class A		72,257
	5,000	Sangfor Technologies, Inc., Class A*		50,952
				123,209
		Total Common Stocks (cost $6,223,768)		3,956,810
		Total Investments (cost $6,223,768) 98.3%§		3,956,810
		Other Assets less Liabilities 1.7%		67,717
		NET ASSETS 100.0%	$	4,024,527
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 97.43%. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Greater China Fund’s investments were in the following countries:

COUNTRY	%
China		71.3
Hong Kong		8.2
Taiwan		20.5
TOTAL		100.0	%

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.7%
		Aerospace & Defense 1.8%
	354,018	CAE, Inc.*	$	7,641,157
		Airport Services 0.6%
	241,360	Grupo Aeroportuario del Centro Norte SAB de CV		2,555,025
		Application Software 7.7%
	170,481	Descartes Systems Group, Inc.*		14,323,723
	41,896	Kinaxis, Inc.*		4,701,977
	460,600	Rakus Co. Ltd.		8,500,440
	569,491	Technology One Ltd.		5,960,967
				33,487,107
		Asset Management & Custody Banks 1.7%
	722,066	Netwealth Group Ltd.		7,583,040
		Brewers 1.0%
	67,169	Royal Unibrew AS		4,487,291
		Broadline Retail 2.2%
	291,956	B&M European Value Retail SA		2,081,777
	452,900	Ryohin Keikaku Co. Ltd.		7,564,615
				9,646,392
		Building Products 1.7%
	465,402	Munters Group AB		7,589,104
		Commercial & Residential Mortgage Finance 2.0%
	1,475,454	OSB Group PLC		8,712,744
		Commodity Chemicals 0.7%
	411,699	Berger Paints India Ltd.		2,991,498
		Construction & Engineering 1.3%
	1,370,852	Johns Lyng Group Ltd.		5,717,680
		Diversified Real Estate Activities 1.2%
	579,648	Patrizia SE		5,231,479
		Diversified Support Services 2.5%
	663,510	Japan Elevator Service Holdings Co. Ltd.		10,974,064
		Drug Retail 3.6%
	878,632	Raia Drogasil SA		5,318,887
	223,900	Sugi Holdings Co. Ltd.		10,278,463
				15,597,350
		Electrical Components & Equipment 3.0%
	237,969	Voltronic Power Technology Corp.		13,234,127
		Electronic Equipment & Instruments 2.0%
	294,202	Halma PLC		8,554,185
		Health Care Equipment 1.5%
	64,141	DiaSorin SpA		6,610,606
		Health Care Facilities 1.0%
	508,061	Max Healthcare Institute Ltd.		4,189,895
		Health Care Services 1.6%
	221,119	Dr Lal PathLabs Ltd.		6,846,598
		Health Care Supplies 0.9%
	245,828	Menicon Co. Ltd.		4,084,648

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Technology 3.4%
	309,127	JMDC, Inc.	$	9,322,934
	86,961	Pro Medicus Ltd.		5,674,546
				14,997,480
		Human Resource & Employment Services 5.3%
	659,360	SMS Co. Ltd.		13,517,964
	205,922	TechnoPro Holdings, Inc.		5,405,725
	65,800	Visional, Inc.*		4,180,203
				23,103,892
		Industrial Machinery & Supplies & Components 3.9%
	148,000	Airtac International Group		4,863,003
	810,239	Elgi Equipments Ltd.		5,299,460
	96,999	Stabilus SE		6,605,609
				16,768,072
		Interactive Media & Services 3.1%
	115,200	Kakaku.com, Inc.		1,423,348
	428,679	Rightmove PLC		3,151,214
	128,565	Scout24 SE		9,090,989
				13,665,551
		Investment Banking & Brokerage 1.0%
	1,082,268	AJ Bell PLC		4,317,876
		IT Consulting & Other Services 9.5%
	153,017	Endava PLC, ADR*		11,912,373
	33,746	Globant SA*		8,030,873
	38,468	Persistent Systems Ltd.		3,412,114
	91,969	Reply SpA		12,155,451
	324,114	Softcat PLC		5,618,595
				41,129,406
		Life Sciences Tools & Services 0.7%
	28,300	Gerresheimer AG		2,944,208
		Movies & Entertainment 1.5%
	95,846	CTS Eventim AG & Co. KGaA		6,629,213
		Pharmaceuticals 0.7%
	380,271	JCR Pharmaceuticals Co. Ltd.		3,152,347
		Property & Casualty Insurance 4.0%
	201,634	Definity Financial Corp.		5,712,494
	1,177,005	Qualitas Controladora SAB de CV		11,892,734
				17,605,228
		Regional Banks 5.5%
	1,131,227	AU Small Finance Bank Ltd.		10,694,572
	197,925	EQB, Inc.		13,029,695
				23,724,267
		Research & Consulting Services 2.6%
	317,500	BayCurrent Consulting, Inc.		11,114,403
		Semiconductor Materials & Equipment 0.4%
	19,647	Tokai Carbon Korea Co. Ltd.		1,691,405
		Semiconductors 6.3%
	25,500	ASPEED Technology, Inc.		2,583,174
	53,990	LEENO Industrial, Inc.*		8,449,707
	86,467	Melexis NV		8,714,822
	458,768	Silergy Corp.		7,446,218
				27,193,921

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Soft Drinks & Non-Alcoholic Beverages 0.4%
	118,025	Fevertree Drinks PLC	$	1,578,122
		Specialty Chemicals 1.0%
	361,472	Hexpol AB		4,379,479
		Systems Software 2.9%
	57,643	CyberArk Software Ltd.*		12,626,699
		Trading Companies & Distributors 6.7%
	333,080	Diploma PLC		15,212,333
	590,393	Howden Joinery Group PLC		6,112,201
	13,106	IMCD NV		2,282,588
	508,148	MonotaRO Co. Ltd.		5,529,297
				29,136,419
		Transaction & Payment Processing Services 2.8%
	172,500	GMO Payment Gateway, Inc.		11,954,970
		Total Common Stocks (cost $300,317,274)		433,446,948
		Total Investments (cost $300,317,274) 99.7%§		433,446,948
		Other Assets less Liabilities 0.3%		1,360,138
		NET ASSETS 100.0%	$	434,807,086
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 74.13%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch International Growth Fund’s investments were in the following countries:

COUNTRY	%
Australia		5.8
Belgium		2.0
Brazil		1.2
Canada		10.5
Denmark		1.0
Germany		7.0
India		7.7
Israel		2.9
Italy		4.3
Japan		24.7
Mexico		3.3
Netherlands		0.5
South Korea		2.4
Sweden		2.8
Taiwan		6.5
United Kingdom		15.5
United States		1.9
TOTAL		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.6%
		Advertising 2.8%
	576,324	YouGov PLC	$	8,668,415
		Air Freight & Logistics 1.0%
	295,819	AZ-COM MARUWA Holdings, Inc.		3,200,013
		Alternative Carriers 1.3%
	360,307	Chief Telecom, Inc.		3,837,654
		Application Software 15.0%
	31,304	Atoss Software AG		7,220,272
	1,294,978	Bytes Technology Group PLC		10,084,686
	16,414	Esker SA		2,898,008
	658,304	Fortnox AB		3,938,324
	251,400	m-up Holdings, Inc.		1,915,211
	71,120	Mensch und Maschine Software SE		4,318,211
	268,532	Rakus Co. Ltd.		4,955,797
	140,567	Text SA		4,136,898
	111,931	Vitec Software Group AB, Class B		6,508,908
				45,976,315
		Asset Management & Custody Banks 3.4%
	926,131	JTC PLC		9,622,414
	4,632,920	VEF AB*		844,266
				10,466,680
		Brewers 0.6%
	28,296	Royal Unibrew AS		1,890,342
		Commercial & Residential Mortgage Finance 4.5%
	251,970	Aavas Financiers Ltd.*		4,635,440
	887,870	Mortgage Advice Bureau Holdings Ltd.		9,280,134
				13,915,574
		Commodity Chemicals 2.5%
	524,042	Berger Paints India Ltd.		3,807,808
	68,607	Supreme Industries Ltd.		3,743,846
				7,551,654
		Construction & Engineering 2.8%
	2,070,675	Johns Lyng Group Ltd.		8,636,569
		Consumer Finance 2.7%
	132,357	Gruppo MutuiOnline SpA		4,670,338
	276,550	Premium Group Co. Ltd.		3,562,693
				8,233,031
		Data Processing & Outsourced Services 0.8%
	678,500	Infomart Corp.		2,379,214
		Diversified Support Services 6.0%
	638,400	Japan Elevator Service Holdings Co. Ltd.		10,558,759
	2,695,562	Johnson Service Group PLC		4,865,232
	674,837	Prestige International, Inc.		2,865,206
				18,289,197
		Electrical Components & Equipment 2.9%
	407,524	DiscoverIE Group PLC		4,100,786
	87,631	Voltronic Power Technology Corp.		4,873,407
				8,974,193

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electronic Equipment & Instruments 0.5%
	87,391	Nayax Ltd.*	$	1,662,888
		Food Retail 1.8%
	46,785	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		2,606,604
	2,429,800	Sheng Siong Group Ltd.		2,944,627
				5,551,231
		Health Care Services 4.3%
	137,489	Dr Lal PathLabs Ltd.		4,257,128
	1,096,545	Vijaya Diagnostic Centre Pvt. Ltd.		8,904,003
				13,161,131
		Health Care Technology 5.4%
	119,506	Nexus AG		7,664,565
	135,493	Pro Medicus Ltd.		8,841,450
				16,506,015
		Heavy Electrical Equipment 0.6%
	168,769	Elecon Engineering Co. Ltd.		1,878,853
		Human Resource & Employment Services 3.5%
	7,424	Benefit Systems SA		3,679,217
	348,162	SMS Co. Ltd.		7,137,894
				10,817,111
		Industrial Machinery & Supplies & Components 1.4%
	649,661	Elgi Equipments Ltd.		4,249,182
		Interactive Media & Services 5.1%
	2,397,807	Baltic Classifieds Group PLC		7,228,303
	351,424	Hemnet Group AB		8,432,985
				15,661,288
		Investment Banking & Brokerage 2.7%
	447,492	AJ Bell PLC		1,785,339
	189,700	Strike Co. Ltd.		6,462,959
				8,248,298
		IT Consulting & Other Services 3.9%
	12,962	Adesso SE		1,536,407
	444,502	Avant Group Corp.		4,472,208
	68,160	Digital Value SpA		4,652,402
	12,464	Nagarro SE*		1,200,997
				11,862,014
		Metal, Glass & Plastic Containers 0.8%
	218,979	Mold-Tek Packaging Ltd.		2,413,211
		Personal Care Products 1.3%
	431,912	Sarantis SA		3,995,662
		Pharmaceuticals 0.6%
	237,983	JCR Pharmaceuticals Co. Ltd.		1,972,817
		Property & Casualty Insurance 2.8%
	855,098	Qualitas Controladora SAB de CV		8,640,110
		Real Estate Services 0.7%
	44,244	AZOOM Co. Ltd.		2,253,557
		Regional Banks 2.4%
	109,911	EQB, Inc.		7,235,604

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Research & Consulting Services 7.0%
	10,848,418	CTOS Digital Bhd.	$	3,326,585
	82,015	Funai Soken Holdings, Inc.		1,487,954
	177,037	Management Solutions Co. Ltd.		4,307,351
	216,916	NICE Information Service Co. Ltd.		1,593,442
	787,500	SIGMAXYZ Holdings, Inc.		8,073,672
	174,000	Sporton International, Inc.		1,365,292
	177,232	Talenom OYJ		1,213,063
				21,367,359
		Restaurants 0.0%
	630,045	Patisserie Holdings PLC* *** §§		8,031
		Semiconductor Materials & Equipment 2.3%
	549,059	Materials Analysis Technology, Inc.		4,149,658
	35,010	Tokai Carbon Korea Co. Ltd.		3,014,001
				7,163,659
		Semiconductors 3.5%
	44,772	Elmos Semiconductor SE		3,660,527
	45,212	LEENO Industrial, Inc.*		7,075,906
				10,736,433
		Trading Companies & Distributors 1.7%
	535,540	Ashtead Technology Holdings PLC		4,191,325
	268,940	IPD Group Ltd.		883,888
				5,075,213
		Total Common Stocks (cost $214,835,595)		302,478,518
		Total Investments (cost $214,835,595) 98.6%§		302,478,518
		Other Assets less Liabilities 1.4%		4,217,669
		NET ASSETS 100.0%	$	306,696,187
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 71.63%. §§The aggregate value of illiquid holdings at December 31, 2023 amounted to approximately $8,031 and represented 0.00% of net assets. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch International Opportunities Fund’s investments were in the following countries:

COUNTRY	%
Australia		6.1
Canada		2.4
Denmark		0.6
Finland		0.4
France		0.9
Germany		8.5
Greece		1.3
India		11.2
Israel		1.4
Italy		3.1
Japan		21.7
Malaysia		1.1

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

COUNTRY	%
Mexico		2.8
Poland		2.6
Singapore		1.0
South Korea		3.9
Sweden		6.5
Taiwan		4.7
United Kingdom		19.8
TOTAL		100.0	%

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.6%
		Aerospace & Defense 3.0%
	6,138	CAE, Inc.*	$	132,483
		Apparel, Accessories & Luxury Goods 4.5%
	94	Hermes International SCA		199,798
		Application Software 13.0%
	4,502	Dassault Systemes SE		220,361
	2,526	Descartes Systems Group, Inc.*		212,233
	1,950	Xero Ltd.*		148,763
				581,357
		Asset Management & Custody Banks 4.1%
	125	Partners Group Holding AG		180,744
		Broadline Retail 3.9%
	2,381	Dollarama, Inc.		171,587
		Building Products 8.8%
	7,810	Assa Abloy AB, Class B		225,078
	1,952	Kingspan Group PLC		168,702
				393,780
		Drug Retail 4.4%
	4,300	Sugi Holdings Co. Ltd.		197,398
		Electronic Equipment & Instruments 4.2%
	6,387	Halma PLC		185,708
		Health Care Equipment 2.5%
	1,088	DiaSorin SpA		112,133
		Health Care Technology 2.6%
	3,901	JMDC, Inc.		117,650
		Hotels, Resorts & Cruise Lines 4.3%
	2,693	Amadeus IT Group SA		193,415
		Industrial Machinery & Supplies & Components 3.2%
	182	Rational AG		140,441
		Interactive Media & Services 9.3%
	1,555	REA Group Ltd.		191,746
	3,180	Scout24 SE		224,862
				416,608
		IT Consulting & Other Services 8.3%
	2,351	Endava PLC, ADR*		183,025
	1,100	Obic Co. Ltd.		189,261
				372,286
		Life Sciences Tools & Services 4.0%
	637	ICON PLC*		180,316
		Real Estate Services 4.8%
	1,328	FirstService Corp.		215,128
		Research & Consulting Services 3.8%
	4,800	BayCurrent Consulting, Inc.		168,029
		Trading Companies & Distributors 2.2%
	8,900	MonotaRO Co. Ltd.		96,843
		Transaction & Payment Processing Services 6.7%
	93	Adyen NV*		120,057

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	2,600	GMO Payment Gateway, Inc.	$	180,191
				300,248
		Total Common Stocks (cost $3,766,807)		4,355,952
		Total Investments (cost $3,766,807) 97.6%§		4,355,952
		Other Assets less Liabilities 2.4%		105,149
		NET ASSETS 100.0%	$	4,461,101
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 73.10%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch International Select Fund’s investments were in the following countries:

COUNTRY	%
Australia		7.8
Canada		16.8
France		9.6
Germany		8.4
Ireland		8.0
Italy		2.6
Japan		21.8
Netherlands		2.8
Spain		4.4
Sweden		5.2
Switzerland		4.1
United Kingdom		8.5
TOTAL		100.0	%

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 109.3%
		Apparel Retail 0.7%
	11,158	Shoe Carnival, Inc.	$	337,083
		Application Software 12.7%
	10,311	Five9, Inc.* ††		811,373
	8,428	Guidewire Software, Inc.* ††		918,989
	1,825	HubSpot, Inc.* ††		1,059,486
	2,444	Roper Technologies, Inc.††		1,332,395
	13,803	Sprout Social, Inc., Class A*		848,056
	3,082	Workday, Inc., Class A* ††		850,817
				5,821,116
		Asset Management & Custody Banks 2.5%
	10,152	Hamilton Lane, Inc., Class A††		1,151,643
		Automotive Parts & Equipment 1.4%
	11,509	XPEL, Inc.* ††		619,760
		Automotive Retail 2.9%
	20,343	Monro, Inc.		596,864
	19,230	Valvoline, Inc.*		722,663
				1,319,527
		Biotechnology 3.4%
	82,868	C4 Therapeutics, Inc.*		468,204
	20,031	Nkarta, Inc.*		132,205
	29,279	Nurix Therapeutics, Inc.* ††		302,159
	302,713	Sangamo Therapeutics, Inc.*		164,464
	26,245	Viking Therapeutics, Inc.* ††		488,420
				1,555,452
		Broadcasting 1.1%
	34,202	TEGNA, Inc.††		523,291
		Building Products 1.9%
	10,429	Trex Co., Inc.* ††		863,417
		Casinos & Gaming 0.8%
	13,260	NeoGames SA*		379,634
		Consumer Finance 1.2%
	63,216	EZCORP, Inc., Class A*		552,508
		Distributors 2.7%
	3,157	Pool Corp.††		1,258,728
		Electronic Equipment & Instruments 1.5%
	4,020	Novanta, Inc.* ††		677,008
		Electronic Manufacturing Services 1.7%
	4,058	Fabrinet*		772,359
		Financial Exchanges & Data 4.7%
	4,229	MarketAxess Holdings, Inc.††		1,238,463
	3,172	Morningstar, Inc.††		907,953
				2,146,416
		Health Care Equipment 3.7%
	5,593	Inspire Medical Systems, Inc.* ††		1,137,784
	47,257	Silk Road Medical, Inc.*		579,843
				1,717,627

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Facilities 3.1%
	12,507	Ensign Group, Inc.††	$	1,403,411
		Health Care Services 3.4%
	7,569	Addus HomeCare Corp.* ††		702,782
	62,624	Pennant Group, Inc.*		871,726
				1,574,508
		Health Care Supplies 2.1%
	5,521	UFP Technologies, Inc.* ††		949,833
		Home Improvement Retail 2.7%
	11,018	Floor & Decor Holdings, Inc., Class A* ††		1,229,168
		Homebuilding 2.2%
	13,582	Skyline Champion Corp.* ††		1,008,599
		Human Resource & Employment Services 2.7%
	7,488	Paylocity Holding Corp.* ††		1,234,397
		Industrial Machinery & Supplies & Components 5.4%
	4,414	Kadant, Inc.††		1,237,288
	4,263	RBC Bearings, Inc.* ††		1,214,486
				2,451,774
		Investment Banking & Brokerage 1.6%
	12,805	Moelis & Co., Class A		718,745
		IT Consulting & Other Services 4.3%
	4,978	Globant SA* ††		1,184,664
	60,357	Grid Dynamics Holdings, Inc.*		804,559
				1,989,223
		Leisure Products 1.4%
	12,771	YETI Holdings, Inc.* ††		661,282
		Life Sciences Tools & Services 2.6%
	3,950	Medpace Holdings, Inc.* ††		1,210,794
		Managed Health Care 3.3%
	23,118	HealthEquity, Inc.* ††		1,532,723
		Multi-Sector Holdings 0.8%
	18,607	Cannae Holdings, Inc.*		363,023
		Oil & Gas Equipment & Services 1.9%
	19,441	Cactus, Inc., Class A††		882,621
		Oil & Gas Exploration & Production 1.9%
	40,590	Magnolia Oil & Gas Corp., Class A††		864,161
		Other Specialty Retail 2.0%
	4,346	Five Below, Inc.* ††		926,393
		Packaged Foods & Meats 2.0%
	10,774	Freshpet, Inc.* ††		934,752
		Paper Products 2.5%
	32,100	Clearwater Paper Corp.* ††		1,159,452
		Pharmaceuticals 4.3%
	198,937	Esperion Therapeutics, Inc.*		594,821
	19,093	Intra-Cellular Therapies, Inc.* ††		1,367,441
				1,962,262
		Property & Casualty Insurance 2.4%
	19,485	Axis Capital Holdings Ltd.††		1,078,884

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 2.1%
	18,889	Bank OZK††	$	941,239
		Research & Consulting Services 3.1%
	10,608	ICF International, Inc.††		1,422,427
		Semiconductors 2.2%
	1,630	Monolithic Power Systems, Inc.††		1,028,171
		Specialty Chemicals 1.8%
	6,743	Innospec, Inc.††		831,007
		Technology Distributors 0.9%
	10,500	ScanSource, Inc.* ††		415,905
		Trading Companies & Distributors 2.0%
	8,516	Transcat, Inc.* ††		931,054
		Transaction & Payment Processing Services 1.7%
	9,799	Block, Inc.* ††		757,953
		Total Common Stocks (cost $42,298,371)		50,159,330
		COMMON STOCKS SOLD SHORT (35.6%)
		Aerospace & Defense 1.1%
	(15,295)	Spirit AeroSystems Holdings, Inc., Class A*		(486,075	)
		Alternative Carriers 0.9%
	(221,630)	Globalstar, Inc.*		(429,962	)
		Aluminum 0.8%
	(29,376)	Century Aluminum Co.*		(356,625	)
		Application Software 3.2%
	(11,248)	Alteryx, Inc., Class A*		(530,457	)
	(31,555)	Domo, Inc., Class B*		(324,701	)
	(6,851)	Nutanix, Inc., Class A*		(326,724	)
	(48,876)	Yext, Inc.*		(287,879	)
				(1,469,761	)
		Asset Management & Custody Banks 0.8%
	(2,958)	Ares Management Corp., Class A		(351,765	)
		Broadcasting 0.5%
	(80,355)	iHeartMedia, Inc., Class A*		(214,548	)
		Building Products 0.5%
	(11,690)	JELD-WEN Holding, Inc.*		(220,707	)
		Commercial Printing 0.3%
	(7,447)	Deluxe Corp.		(159,738	)
		Electrical Components & Equipment 1.2%
	(16,216)	Plug Power, Inc.*		(72,972	)
	(28,710)	Stem, Inc.*		(111,395	)
	(18,303)	Sunrun, Inc.*		(359,288	)
				(543,655	)
		Electronic Equipment & Instruments 0.6%
	(85,305)	SmartRent, Inc.*		(272,123	)
		Health Care Equipment 2.4%
	(8,402)	Alphatec Holdings, Inc.*		(126,954	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	(24,086)	Nevro Corp.*	$	(518,331	)
	(35,269)	Pulmonx Corp.*		(449,680	)
				(1,094,965	)
		Health Care REITs 0.8%
	(3,810)	Welltower, Inc.		(343,548	)
		Health Care Supplies 0.7%
	(12,209)	Establishment Labs Holdings, Inc.*		(316,091	)
		Heavy Electrical Equipment 0.5%
	(14,899)	Bloom Energy Corp., Class A*		(220,505	)
		Hotel & Resort REITs 0.4%
	(11,702)	Park Hotels & Resorts, Inc.		(179,041	)
		Hotels, Resorts & Cruise Lines 1.4%
	(1,899)	Hyatt Hotels Corp., Class A		(247,648	)
	(36,840)	Lindblad Expeditions Holdings, Inc.*		(415,187	)
				(662,835	)
		Human Resource & Employment Services 1.1%
	(7,495)	Ceridian HCM Holding, Inc.*		(503,064	)
		Interactive Home Entertainment 1.0%
	(9,823)	ROBLOX Corp., Class A*		(449,108	)
		Interactive Media & Services 0.5%
	(99,158)	Angi, Inc.*		(246,903	)
		Leisure Facilities 0.8%
	(24,358)	Life Time Group Holdings, Inc.*		(367,319	)
		Life Sciences Tools & Services 1.8%
	(315)	Mettler-Toledo International, Inc.*		(382,082	)
	(4,158)	Revvity, Inc.		(454,511	)
				(836,593	)
		Mortgage REITs 0.5%
	(44,604)	Chimera Investment Corp.		(222,574	)
		Movies & Entertainment 0.7%
	(13,807)	Endeavor Group Holdings, Inc., Class A		(327,640	)
		Multi-Family Residential REITs 0.6%
	(19,394)	Elme Communities		(283,152	)
		Multi-Utilities 0.2%
	(3,188)	CenterPoint Energy, Inc.		(91,081	)
		Oil & Gas Refining & Marketing 0.2%
	(2,651)	Par Pacific Holdings, Inc.*		(96,417	)
		Other Specialty Retail 0.6%
	(42,121)	Leslie’s, Inc.*		(291,056	)
		Packaged Foods & Meats 0.9%
	(646)	J M Smucker Co.		(81,642	)
	(2,031)	Lancaster Colony Corp.		(337,938	)
				(419,580	)
		Passenger Airlines 0.4%
	(30,176)	Joby Aviation, Inc.*		(200,670	)
		Personal Care Products 0.6%
	(22,725)	Coty, Inc., Class A*		(282,245	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 0.5%
	(21,731)	Viatris, Inc.	$	(235,347	)
		Real Estate Development 0.6%
	(3,323)	Howard Hughes Holdings, Inc.*		(284,283	)
		Regional Banks 1.0%
	(15,303)	CVB Financial Corp.		(308,967	)
	(11,420)	TFS Financial Corp.		(167,760	)
				(476,727	)
		Research & Consulting Services 0.7%
	(27,834)	Dun & Bradstreet Holdings, Inc.		(325,658	)
		Restaurants 1.9%
	(22,632)	Portillo’s, Inc., Class A*		(360,528	)
	(47,155)	Sweetgreen, Inc., Class A*		(532,851	)
				(893,379	)
		Semiconductors 1.3%
	(28,494)	SkyWater Technology, Inc.*		(274,112	)
	(6,909)	Wolfspeed, Inc.*		(300,611	)
				(574,723	)
		Telecom Tower REITs 1.0%
	(1,794)	SBA Communications Corp.		(455,120	)
		Trading Companies & Distributors 1.2%
	(5,105)	FTAI Aviation Ltd.		(236,872	)
	(8,505)	Xometry, Inc., Class A*		(305,415	)
				(542,287	)
		Transaction & Payment Processing Services 0.7%
	(6,209)	Affirm Holdings, Inc.*		(305,110	)
		Water Utilities 0.7%
	(5,812)	California Water Service Group		(301,468	)
		Total Investments Sold Short (proceeds $16,022,653)(35.6%)		(16,333,448	)
		Total Investments, Net of Investments Sold Short (cost $26,275,718) 73.7%		33,825,882
		Other Assets less Liabilities 26.3%		12,051,155
		NET ASSETS 100.0%	$	45,877,037
		*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 December 31, 2023, Wasatch Long/Short Alpha Fund’s investments, excluding securities sold short were in the following countries:

COUNTRY	%
Israel		0.8
United States		99.2
TOTAL		100.0	%

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.4%
		Aerospace & Defense 0.9%
	112,544	Ducommun, Inc.*	$	5,859,041
		Apparel Retail 1.8%
	148,263	Boot Barn Holdings, Inc.*		11,380,668
		Application Software 7.8%
	185,624	Agilysys, Inc.*		15,744,628
	586,589	Enfusion, Inc., Class A*		5,689,913
	197,801	Q2 Holdings, Inc.*		8,586,542
	113,310	Sprout Social, Inc., Class A*		6,961,766
	1,007,373	Weave Communications, Inc.*		11,554,568
				48,537,417
		Asset Management & Custody Banks 1.6%
	1,101,269	GCM Grosvenor, Inc., Class A		9,867,370
		Automotive Parts & Equipment 3.7%
	105,301	Patrick Industries, Inc.		10,566,955
	237,791	XPEL, Inc.*		12,805,046
				23,372,001
		Biotechnology 4.2%
	1,267,326	Allovir, Inc.*		861,528
	266,167	BriaCell Therapeutics Corp.*		1,557,077
	609,978	BriaPro Therapeutics Corp.* *** †		6,100
	601,355	C4 Therapeutics, Inc.*		3,397,656
	83,578	Denali Therapeutics, Inc.*		1,793,584
	255,345	Dyne Therapeutics, Inc.*		3,396,088
	352,768	MacroGenics, Inc.*		3,393,628
	669,726	Nkarta, Inc.*		4,420,192
	352,482	Nurix Therapeutics, Inc.*		3,637,614
	1,180,362	Sangamo Therapeutics, Inc.*		641,291
	186,903	Viking Therapeutics, Inc.*		3,478,265
				26,583,023
		Building Products 4.0%
	50,687	CSW Industrials, Inc.		10,512,991
	1,113,473	Janus International Group, Inc.*		14,530,822
				25,043,813
		Communications Equipment 1.0%
	499,304	Harmonic, Inc.*		6,510,924
		Construction & Engineering 2.6%
	374,064	Construction Partners, Inc., Class A*		16,279,265
		Consumer Finance 1.5%
	1,044,587	EZCORP, Inc., Class A*		9,129,690
		Distillers & Vintners 0.1%
	843,723	Vintage Wine Estates, Inc.*		423,802
		Electrical Components & Equipment 1.5%
	306,623	Allient, Inc.		9,263,081
		Electronic Equipment & Instruments 3.9%
	320,928	Napco Security Technologies, Inc.		10,991,784
	349,776	nLight, Inc.*		4,721,976
	66,390	OSI Systems, Inc.*		8,567,629
				24,281,389

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Financial Exchanges & Data 1.3%
	951,825	Open Lending Corp., Class A*	$	8,100,031
		Health Care Equipment 0.6%
	310,591	Silk Road Medical, Inc.*		3,810,952
		Health Care Services 5.3%
	191,416	Addus HomeCare Corp.*		17,772,976
	234,559	Castle Biosciences, Inc.*		5,061,783
	762,226	Pennant Group, Inc.*		10,610,186
				33,444,945
		Health Care Supplies 3.1%
	178,689	OrthoPediatrics Corp.*		5,809,180
	78,305	UFP Technologies, Inc.*		13,471,592
				19,280,772
		Health Care Technology 2.0%
	277,731	Simulations Plus, Inc.		12,428,462
		Home Furnishing Retail 1.1%
	598,873	Arhaus, Inc.*		7,096,645
		Home Furnishings 0.4%
	2,193,643	Purple Innovation, Inc.		2,259,452
		Homebuilding 1.9%
	334,345	Dream Finders Homes, Inc., Class A*		11,879,278
		Human Resource & Employment Services 1.8%
	309,518	Asure Software, Inc.*		2,946,612
	545,031	DLH Holdings Corp.*		8,584,238
				11,530,850
		Industrial Machinery & Supplies & Components 5.1%
	170,764	Helios Technologies, Inc.		7,744,147
	53,196	Kadant, Inc.		14,911,371
	368,678	Kornit Digital Ltd.*		7,063,871
	2,973,203	Markforged Holding Corp.*		2,438,026
				32,157,415
		Insurance Brokers 1.5%
	121,222	Goosehead Insurance, Inc., Class A*		9,188,628
		Internet Services & Infrastructure 1.3%
	235,201	Applied Digital Corp.*		1,585,255
	662,958	BigCommerce Holdings, Inc., Series 1*		6,450,581
				8,035,836
		IT Consulting & Other Services 2.0%
	947,582	Grid Dynamics Holdings, Inc.*		12,631,268
		Leisure Facilities 0.7%
	325,741	Xponential Fitness, Inc., Class A*		4,198,801
		Leisure Products 1.0%
	282,720	MasterCraft Boat Holdings, Inc.*		6,400,781
		Oil & Gas Equipment & Services 1.5%
	492,519	DMC Global, Inc.*		9,269,208
		Packaged Foods & Meats 2.7%
	105,691	Freshpet, Inc.*		9,169,751
	1,581,221	Mama’s Creations, Inc.*		7,763,795
				16,933,546

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Personal Care Products 1.2%
	426,835	Nature’s Sunshine Products, Inc.*	$	7,379,977
		Pharmaceuticals 1.5%
	90,557	Arvinas, Inc.*		3,727,326
	1,495,196	Esperion Therapeutics, Inc.*		4,470,636
	7,810,171	PharmaCielo Ltd.*		1,060,964
				9,258,926
		Regional Banks 2.9%
	364,236	Esquire Financial Holdings, Inc.		18,197,230
		Research & Consulting Services 1.8%
	82,233	ICF International, Inc.		11,026,623
		Restaurants 3.0%
	260,675	Chuy’s Holdings, Inc.*		9,965,605
	112,184	Kura Sushi USA, Inc., Class A*		8,525,984
				18,491,589
		Semiconductor Materials & Equipment 6.0%
	87,690	Nova Ltd.*		12,047,729
	318,990	PDF Solutions, Inc.*		10,252,339
	492,942	Veeco Instruments, Inc.*		15,295,990
				37,596,058
		Semiconductors 3.0%
	104,514	Impinj, Inc.*		9,409,395
	76,073	SiTime Corp.*		9,286,992
				18,696,387
		Soft Drinks & Non-Alcoholic Beverages 1.1%
	278,978	Vita Coco Co., Inc.*		7,155,786
		Specialized Consumer Services 1.7%
	1,222,541	Mister Car Wash, Inc.*		10,562,754
		Systems Software 2.8%
	49,157	CyberArk Software Ltd.*		10,767,841
	117,261	Rapid7, Inc.*		6,695,603
				17,463,444
		Trading Companies & Distributors 2.8%
	162,702	Transcat, Inc.*		17,788,210
		Transaction & Payment Processing Services 1.7%
	1,457,836	Cantaloupe, Inc.*		10,802,565
		Total Common Stocks (cost $486,263,867)		609,597,903
		PREFERRED STOCKS 1.6%
		Textiles 1.6%
	339,559	Johnnie-O Holdings, Inc., Series A Pfd.* *** †		9,741,948
		Total Preferred Stocks (cost $10,000,013)		9,741,948
		WARRANTS 0.3%
		Pharmaceuticals 0.3%
	1,202,790	Esperion Therapeutics, Inc., expiring 9/22/2026* *** †		2,020,687

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	45,000	IM Cannabis Corp., expiring 5/7/2026* *** †	$	—
				2,020,687
		Total Warrants (cost $1,230,197)		2,020,687
		Total Investments (cost $497,494,077) 99.3%		621,360,538
		Other Assets less Liabilities 0.7%		4,194,039
		NET ASSETS 100.0%	$	625,554,577
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2023 amounted to approximately $11,768,735 and represented 1.88% of net assets. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Micro Cap Fund’s investments were in the following countries:

COUNTRY	%
Canada		0.4
Israel		4.8
United States		94.8
TOTAL		100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.7%
		Aerospace & Defense 0.9%
	55,000	Ducommun, Inc.*	$	2,863,300
		Air Freight & Logistics 1.1%
	499,000	Radiant Logistics, Inc.*		3,313,360
		Apparel Retail 1.3%
	128,600	Shoe Carnival, Inc.		3,885,006
		Application Software 4.1%
	144,000	Fund Technologies PLC*		2,110,820
	197,942	Red Violet, Inc.*		3,952,902
	544,000	Weave Communications, Inc.*		6,239,680
				12,303,402
		Asset Management & Custody Banks 0.4%
	312,046	Fiducian Group Ltd.		1,317,141
		Automotive Parts & Equipment 1.0%
	29,000	Patrick Industries, Inc.		2,910,150
		Automotive Retail 0.7%
	674,000	CarParts.com, Inc.*		2,129,840
		Casinos & Gaming 0.6%
	332,264	Full House Resorts, Inc.*		1,784,258
		Commercial & Residential Mortgage Finance 1.6%
	468,029	Mortgage Advice Bureau Holdings Ltd.		4,891,901
		Communications Equipment 4.3%
	152,304	Digi International, Inc.*		3,959,904
	375,400	Harmonic, Inc.*		4,895,216
	713,000	Lantronix, Inc.*		4,178,180
				13,033,300
		Construction & Engineering 5.5%
	124,000	Bowman Consulting Group Ltd.*		4,404,480
	95,300	Construction Partners, Inc., Class A*		4,147,456
	58,000	Granite Construction, Inc.		2,949,880
	58,892	Sterling Infrastructure, Inc.*		5,178,374
				16,680,190
		Consumer Finance 1.9%
	652,000	EZCORP, Inc., Class A*		5,698,480
		Diversified Metals & Mining 0.7%
	685,000	Foran Mining Corp.*		2,016,150
		Diversified Real Estate Activities 1.5%
	160,100	RMR Group, Inc., Class A		4,519,623
		Diversified Support Services 1.2%
	2,057,000	Johnson Service Group PLC		3,712,689
		Electrical Components & Equipment 1.0%
	101,200	Allient, Inc.		3,057,252
		Electronic Equipment & Instruments 2.6%
	584,000	Luna Innovations, Inc.*		3,883,600
	112,000	Napco Security Technologies, Inc.		3,836,000
				7,719,600

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electronic Manufacturing Services 0.9%
	100,057	Kimball Electronics, Inc.*	$	2,696,536
		Environmental & Facilities Services 0.9%
	316,000	Aris Water Solutions, Inc., Class A		2,651,240
		Food Distributors 1.7%
	174,000	Chefs’ Warehouse, Inc.*		5,120,820
		Food Retail 1.2%
	116,600	Halows Co. Ltd.		3,542,505
		Health Care Equipment 0.9%
	482,557	Biomerica, Inc.*		603,196
	99,000	Inmode Ltd.*		2,201,760
				2,804,956
		Health Care Services 6.9%
	48,000	Addus HomeCare Corp.*		4,456,800
	178,985	Cross Country Healthcare, Inc.*		4,052,220
	390,700	InfuSystem Holdings, Inc.*		4,117,978
	282,000	Pennant Group, Inc.*		3,925,440
	541,000	Viemed Healthcare, Inc.*		4,246,850
				20,799,288
		Health Care Supplies 1.1%
	107,000	OrthoPediatrics Corp.*		3,478,570
		Health Care Technology 1.4%
	66,000	Nexus AG		4,232,937
		Home Furnishing Retail 1.2%
	300,633	Arhaus, Inc.*		3,562,501
		Homebuilding 3.5%
	144,000	Skyline Champion Corp.*		10,693,440
		Industrial Machinery & Supplies & Components 3.2%
	154,000	Graham Corp.*		2,921,380
	31,000	John Bean Technologies Corp.		3,082,950
	13,000	Kadant, Inc.		3,644,030
				9,648,360
		Internet Services & Infrastructure 1.5%
	474,600	BigCommerce Holdings, Inc., Series 1*		4,617,858
		Investment Banking & Brokerage 3.2%
	268,000	JDC Group AG*		5,769,244
	309,000	Perella Weinberg Partners		3,779,070
				9,548,314
		IT Consulting & Other Services 2.0%
	446,849	Grid Dynamics Holdings, Inc.*		5,956,497
		Mortgage REITs 1.1%
	265,276	AFC Gamma, Inc.		3,191,270
		Movies & Entertainment 0.4%
	758,300	Thunderbird Entertainment Group, Inc.*		1,327,690
		Oil & Gas Exploration & Production 1.0%
	206,000	HighPeak Energy, Inc.		2,933,440
		Packaged Foods & Meats 4.7%
	153,683	BRC, Inc., Class A*		557,869
	406,000	Hilton Food Group PLC		4,140,064
	1,707,000	LT Foods Ltd.		4,162,069

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	1,079,849	Mama’s Creations, Inc.*	$	5,302,059
				14,162,061
		Paper Products 1.3%
	112,261	Clearwater Paper Corp.*		4,054,867
		Pharmaceuticals 1.3%
	493,746	Biote Corp., Class A*		2,439,106
	141,401	Harrow, Inc.*		1,583,691
				4,022,797
		Property & Casualty Insurance 4.9%
	85,000	HCI Group, Inc.		7,429,000
	385,646	Kingsway Financial Services, Inc.*		3,239,426
	119,563	Skyward Specialty Insurance Group, Inc.*		4,050,795
				14,719,221
		Publishing 0.9%
	74,000	Scholastic Corp.		2,789,800
		Regional Banks 5.2%
	81,453	Axos Financial, Inc.*		4,447,334
	144,000	California BanCorp*		3,565,440
	99,000	Esquire Financial Holdings, Inc.		4,946,040
	145,498	First Western Financial, Inc.*		2,885,225
				15,844,039
		Research & Consulting Services 3.0%
	39,528	ICF International, Inc.		5,300,310
	2,644,000	Knights Group Holdings PLC		3,757,745
				9,058,055
		Restaurants 0.8%
	301,860	GEN Restaurant Group, Inc.* ‡‡		2,363,564
		Semiconductor Materials & Equipment 2.2%
	213,299	Veeco Instruments, Inc.*		6,618,668
		Semiconductors 3.1%
	55,171	Impinj, Inc.*		4,967,045
	35,163	SiTime Corp.*		4,292,699
				9,259,744
		Specialized Finance 0.9%
	89,000	A-Mark Precious Metals, Inc.		2,692,250
		Steel 1.2%
	63,533	Haynes International, Inc.		3,624,558
		Systems Software 1.7%
	92,600	Rapid7, Inc.*		5,287,460
		Technology Distributors 0.9%
	47,321	Climb Global Solutions, Inc.		2,594,610
		Trading Companies & Distributors 4.1%
	185,948	ADENTRA, Inc.		4,486,440
	103,000	Global Industrial Co.		4,000,520
	157,000	Karat Packaging, Inc.		3,901,450
				12,388,410
		Total Common Stocks (cost $219,656,920)		298,121,968

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		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 $220,083,823) 98.7%§		298,122,473
		Other Assets less Liabilities 1.3%		4,051,985
		NET ASSETS 100.0%	$	302,174,458
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 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 4.39%. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Micro Cap Value Fund’s investments were in the following countries:

COUNTRY	%
Australia		0.4
Canada		2.6
Germany		3.4
India		1.4
Israel		0.7
Japan		1.2
United Kingdom		6.3
United States		84.0
TOTAL		100.0	%

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.9%
		Apparel Retail 2.1%
	628,294	Boot Barn Holdings, Inc.*	$	48,227,847
		Application Software 8.5%
	2,892,685	Clearwater Analytics Holdings, Inc., Class A*		57,940,481
	616,977	Five9, Inc.*		48,549,920
	1,226,675	nCino, Inc.*		41,253,080
	768,815	Sprout Social, Inc., Class A*		47,235,994
				194,979,475
		Asset Management & Custody Banks 2.5%
	1,808,043	StepStone Group, Inc., Class A		57,550,009
		Automotive Parts & Equipment 3.6%
	615,201	Fox Factory Holding Corp.*		41,513,763
	758,035	XPEL, Inc.*		40,820,185
				82,333,948
		Broadline Retail 3.6%
	651,845	Global-e Online Ltd.*		25,832,617
	751,677	Ollie’s Bargain Outlet Holdings, Inc.*		57,044,768
				82,877,385
		Building Products 4.3%
	623,245	AAON, Inc.		46,039,108
	1,373,067	AZEK Co., Inc.*		52,519,813
				98,558,921
		Distillers & Vintners 0.1%
	2,274,112	Vintage Wine Estates, Inc.*		1,142,286
		Health Care Equipment 3.4%
	438,784	Axonics, Inc.*		27,305,528
	246,241	Inspire Medical Systems, Inc.*		50,092,807
				77,398,335
		Health Care Facilities 3.9%
	786,593	Ensign Group, Inc.		88,263,601
		Health Care Services 0.8%
	824,664	Castle Biosciences, Inc.*		17,796,249
		Health Care Supplies 2.0%
	2,321,311	Neogen Corp.*		46,681,564
		Home Improvement Retail 2.6%
	540,117	Floor & Decor Holdings, Inc., Class A*		60,255,453
		Homebuilding 2.4%
	420,489	LGI Homes, Inc.*		55,992,315
		Human Resource & Employment Services 2.6%
	367,028	Paylocity Holding Corp.*		60,504,566
		Industrial Machinery & Supplies & Components 6.4%
	793,052	Helios Technologies, Inc.		35,964,908
	821,290	Kornit Digital Ltd.*		15,735,916
	332,111	RBC Bearings, Inc.*		94,615,103
				146,315,927
		Insurance Brokers 1.7%
	499,308	Goosehead Insurance, Inc., Class A*		37,847,546

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		IT Consulting & Other Services 5.0%
	293,615	Globant SA*	$	69,874,498
	3,257,401	Grid Dynamics Holdings, Inc.*		43,421,155
				113,295,653
		Leisure Products 2.6%
	1,129,609	YETI Holdings, Inc.*		58,491,154
		Life Sciences Tools & Services 3.6%
	268,544	Medpace Holdings, Inc.*		82,316,792
		Managed Health Care 3.4%
	1,176,788	HealthEquity, Inc.*		78,021,044
		Other Specialty Retail 3.0%
	325,686	Five Below, Inc.*		69,423,228
		Packaged Foods & Meats 1.4%
	357,818	Freshpet, Inc.*		31,044,290
		Personal Care Products 3.5%
	1,425,212	BellRing Brands, Inc.*		78,999,501
		Pharmaceuticals 2.1%
	671,903	Intra-Cellular Therapies, Inc.*		48,121,693
		Regional Banks 3.6%
	942,039	Pinnacle Financial Partners, Inc.		82,164,642
		Restaurants 1.1%
	350,362	Shake Shack, Inc., Class A*		25,968,831
		Semiconductor Materials & Equipment 3.9%
	648,113	Nova Ltd.*		89,044,245
		Semiconductors 1.3%
	234,069	SiTime Corp.*		28,575,144
		Specialized Consumer Services 1.1%
	2,956,334	Mister Car Wash, Inc.*		25,542,726
		Systems Software 7.3%
	393,311	CyberArk Software Ltd.*		86,154,775
	1,262,072	JFrog Ltd.*		43,680,312
	668,955	Rapid7, Inc.*		38,197,330
				168,032,417
		Trading Companies & Distributors 4.5%
	414,931	SiteOne Landscape Supply, Inc.*		67,426,287
	325,126	Transcat, Inc.*		35,546,026
				102,972,313
		Total Common Stocks (cost $1,560,825,281)		2,238,739,100
		PREFERRED STOCKS 1.2%
		Systems Software 0.5%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		10,923,178
		Textiles 0.7%
	611,205	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		17,535,471
		Total Preferred Stocks (cost $25,999,989)		28,458,649

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		WARRANTS 0.2%
		Pharmaceuticals 0.2%
	2,908,006	Esperion Therapeutics, Inc., expiring 9/22/2026* *** †	$	4,885,450
		Total Warrants (cost $1,411,160)		4,885,450
		Total Investments (cost $1,588,236,430) 99.3%		2,272,083,199
		Other Assets less Liabilities 0.7%		14,897,116
		NET ASSETS 100.0%	$	2,286,980,315
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2023 amounted to approximately $33,344,099 and represented 1.46% of net assets. ‡‡Affiliated company (see Note 6). See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Small Cap Growth Fund’s investments were in the following countries:

COUNTRY	%
Israel		9.5
United States		90.5
TOTAL		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.4%
		Application Software 2.6%
	218,812	Five9, Inc.*	$	17,218,316
	183,229	Guidewire Software, Inc.*		19,979,290
				37,197,606
		Asset Management & Custody Banks 6.1%
	809,571	Artisan Partners Asset Management, Inc., Class A		35,766,847
	312,291	Cohen & Steers, Inc.		23,649,798
	246,137	Hamilton Lane, Inc., Class A		27,921,781
				87,338,426
		Automotive Parts & Equipment 2.0%
	285,966	Fox Factory Holding Corp.*		19,296,986
	93,147	Patrick Industries, Inc.		9,347,301
				28,644,287
		Automotive Retail 2.0%
	749,854	Valvoline, Inc.*		28,179,513
		Biotechnology 1.7%
	1,031,624	C4 Therapeutics, Inc.*		5,828,676
	484,250	Dyne Therapeutics, Inc.*		6,440,525
	702,910	Nurix Therapeutics, Inc.*		7,254,031
	245,311	Viking Therapeutics, Inc.*		4,565,238
				24,088,470
		Broadline Retail 1.7%
	322,642	Ollie’s Bargain Outlet Holdings, Inc.*		24,485,301
		Building Products 2.6%
	1,253,024	Janus International Group, Inc.*		16,351,963
	171,727	UFP Industries, Inc.		21,560,325
				37,912,288
		Cargo Ground Transportation 1.5%
	47,830	Saia, Inc.*		20,960,063
		Construction Machinery & Heavy Transportation Equipment 2.7%
	476,667	Allison Transmission Holdings, Inc.		27,718,186
	423,253	Wabash National Corp.		10,843,742
				38,561,928
		Education Services 2.0%
	218,981	Grand Canyon Education, Inc.*		28,914,251
		Electronic Components 1.6%
	967,441	Vishay Intertechnology, Inc.		23,189,561
		Electronic Manufacturing Services 2.6%
	205,407	CTS Corp.		8,984,502
	145,575	Fabrinet*		27,707,290
				36,691,792
		Financial Exchanges & Data 1.0%
	1,755,786	Open Lending Corp., Class A*		14,941,739
		Health Care Facilities 3.0%
	377,932	Ensign Group, Inc.		42,407,750
		Health Care Services 1.5%
	924,515	Cross Country Healthcare, Inc.*		20,931,020

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 2.2%
	565,478	Neogen Corp.*	$	11,371,763
	117,831	UFP Technologies, Inc.*		20,271,645
				31,643,408
		Homebuilding 4.3%
	184,604	LGI Homes, Inc.*		24,581,869
	494,775	Skyline Champion Corp.*		36,741,991
				61,323,860
		Industrial Machinery & Supplies & Components 5.3%
	141,901	Albany International Corp., Class A		13,937,516
	310,351	Helios Technologies, Inc.		14,074,418
	171,797	Kadant, Inc.		48,156,417
				76,168,351
		Investment Banking & Brokerage 2.1%
	547,953	Moelis & Co., Class A		30,756,602
		Leisure Products 2.2%
	611,091	YETI Holdings, Inc.*		31,642,292
		Life Sciences Tools & Services 1.7%
	77,116	Medpace Holdings, Inc.*		23,638,367
		Managed Health Care 1.6%
	344,518	HealthEquity, Inc.*		22,841,543
		Mortgage REITs 1.6%
	1,545,946	Arbor Realty Trust, Inc.		23,467,460
		Oil & Gas Equipment & Services 1.6%
	493,030	Cactus, Inc., Class A		22,383,562
		Oil & Gas Exploration & Production 4.0%
	1,399,990	Magnolia Oil & Gas Corp., Class A		29,805,787
	474,399	Matador Resources Co.		26,974,327
				56,780,114
		Other Specialty Retail 2.6%
	1,661,094	Sally Beauty Holdings, Inc.*		22,059,328
	146,375	Signet Jewelers Ltd.		15,700,183
				37,759,511
		Packaged Foods & Meats 1.8%
	439,500	Cal-Maine Foods, Inc.		25,222,905
		Pharmaceuticals 0.8%
	168,946	Intra-Cellular Therapies, Inc.*		12,099,913
		Property & Casualty Insurance 1.8%
	468,583	Axis Capital Holdings Ltd.		25,945,441
		Regional Banks 11.9%
	463,916	Axos Financial, Inc.*		25,329,813
	755,312	Bank OZK		37,637,197
	559,435	FB Financial Corp.		22,293,485
	371,179	Hancock Whitney Corp.		18,035,588
	437,350	Pinnacle Financial Partners, Inc.		38,145,667
	430,898	ServisFirst Bancshares, Inc.		28,710,734
				170,152,484
		Research & Consulting Services 2.1%
	219,925	ICF International, Inc.		29,489,743

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Self-Storage REITs 2.7%
	923,923	National Storage Affiliates Trust	$	38,315,087
		Semiconductor Materials & Equipment 3.7%
	198,691	Nova Ltd.*		27,298,156
	819,097	Veeco Instruments, Inc.*		25,416,580
				52,714,736
		Semiconductors 0.9%
	101,905	SiTime Corp.*		12,440,562
		Specialized Consumer Services 1.0%
	1,679,602	Mister Car Wash, Inc.*		14,511,761
		Specialty Chemicals 2.9%
	336,533	Innospec, Inc.		41,474,327
		Steel 1.4%
	390,203	Commercial Metals Co.		19,525,758
		Technology Distributors 0.9%
	322,362	ScanSource, Inc.*		12,768,759
		Trading Companies & Distributors 0.6%
	177,555	Rush Enterprises, Inc., Class A		8,931,017
		Transaction & Payment Processing Services 2.1%
	300,947	Euronet Worldwide, Inc.*		30,543,111
		Total Common Stocks (cost $1,013,705,422)		1,406,984,669
		Total Investments (cost $1,013,705,422) 98.4%		1,406,984,669
		Other Assets less Liabilities 1.6%		22,823,911
		NET ASSETS 100.0%	$	1,429,808,580
		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Small Cap Value Fund’s investments were in the following countries:

COUNTRY	%
Israel		1.9
United States		98.1
TOTAL		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.1%
		Application Software 9.1%
	380,148	Five9, Inc.*	$	29,913,846
	52,445	HubSpot, Inc.*		30,446,420
	254,016	nCino, Inc.*		8,542,558
	451,300	Q2 Holdings, Inc.*		19,590,933
	347,654	Sprout Social, Inc., Class A*		21,359,862
				109,853,619
		Biotechnology 7.6%
	2,354,703	Allovir, Inc.*		1,600,727
	2,842,637	C4 Therapeutics, Inc.* ‡‡		16,060,899
	214,535	Denali Therapeutics, Inc.*		4,603,921
	526,904	Dyne Therapeutics, Inc.*		7,007,823
	247,544	Exact Sciences Corp.*		18,313,305
	807,953	Exagen, Inc.*		1,607,827
	890,602	MacroGenics, Inc.*		8,567,591
	1,321,438	Nkarta, Inc.*		8,721,491
	965,610	Nurix Therapeutics, Inc.*		9,965,095
	8,685,983	Sangamo Therapeutics, Inc.*		4,719,095
	554,138	Viking Therapeutics, Inc.*		10,312,508
				91,480,282
		Broadline Retail 1.4%
	217,867	Ollie’s Bargain Outlet Holdings, Inc.*		16,533,927
		Building Products 2.5%
	361,837	Trex Co., Inc.*		29,956,485
		Distillers & Vintners 0.1%
	2,224,196	Vintage Wine Estates, Inc.*		1,117,214
		Distributors 1.7%
	52,407	Pool Corp.		20,895,195
		Financial Exchanges & Data 3.3%
	79,367	MarketAxess Holdings, Inc.		23,242,626
	1,984,987	Open Lending Corp., Class A*		16,892,239
				40,134,865
		Health Care Equipment 6.3%
	469,895	Artivion, Inc.*		8,401,723
	487,489	AtriCure, Inc.*		17,398,482
	186,325	Inspire Medical Systems, Inc.*		37,904,095
	958,170	Silk Road Medical, Inc.*		11,756,746
				75,461,046
		Health Care Services 1.7%
	961,534	Castle Biosciences, Inc.*		20,749,904
		Health Care Supplies 1.1%
	6,125,598	Cerus Corp.*		13,231,292
		Home Improvement Retail 3.1%
	332,319	Floor & Decor Holdings, Inc., Class A*		37,073,508
		Homebuilding 2.9%
	119,690	LGI Homes, Inc.*		15,937,921
	251,743	Skyline Champion Corp.*		18,694,435
				34,632,356
		Human Resource & Employment Services 2.9%
	214,811	Paylocity Holding Corp.*		35,411,593

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Industrial Machinery & Supplies & Components 1.7%
	70,406	RBC Bearings, Inc.*	$	20,057,965
		Insurance Brokers 1.1%
	181,740	Goosehead Insurance, Inc., Class A*		13,775,892
		Internet Services & Infrastructure 1.7%
	2,111,715	BigCommerce Holdings, Inc., Series 1*		20,546,987
		IT Consulting & Other Services 3.7%
	170,565	Endava PLC, ADR*		13,278,486
	128,639	Globant SA*		30,613,509
				43,891,995
		Managed Health Care 2.2%
	393,433	HealthEquity, Inc.*		26,084,608
		Oil & Gas Exploration & Production 2.7%
	973,248	Magnolia Oil & Gas Corp., Class A		20,720,450
	198,604	Matador Resources Co.		11,292,623
				32,013,073
		Other Specialty Retail 2.7%
	154,888	Five Below, Inc.*		33,015,926
		Packaged Foods & Meats 3.7%
	514,546	Freshpet, Inc.*		44,642,011
		Personal Care Products 1.1%
	242,175	BellRing Brands, Inc.*		13,423,760
		Pharmaceuticals 5.4%
	126,481	Arvinas, Inc.*		5,205,958
	4,681,699	Esperion Therapeutics, Inc.*		13,998,280
	640,183	Intra-Cellular Therapies, Inc.*		45,849,906
				65,054,144
		Regional Banks 2.5%
	611,161	Bank OZK		30,454,153
		Semiconductor Materials & Equipment 7.9%
	90,716	BE Semiconductor Industries NV		13,695,933
	379,201	Kulicke & Soffa Industries, Inc.		20,749,879
	226,291	Nova Ltd.*		31,090,120
	907,515	PDF Solutions, Inc.*		29,167,532
				94,703,464
		Semiconductors 6.5%
	142,358	Impinj, Inc.*		12,816,491
	41,217	Monolithic Power Systems, Inc.		25,998,859
	248,806	Power Integrations, Inc.		20,429,461
	152,675	SiTime Corp.*		18,638,564
				77,883,375
		Specialty Chemicals 2.8%
	222,159	Balchem Corp.		33,046,151
		Systems Software 6.2%
	153,544	CyberArk Software Ltd.*		33,633,813
	424,780	JFrog Ltd.*		14,701,636
	136,377	Monday.com Ltd.*		25,612,964
				73,948,413

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Transaction & Payment Processing Services 2.5%
	402,620	Shift4 Payments, Inc., Class A*	$	29,930,771
		Total Common Stocks (cost $937,125,521)		1,179,003,974
		PREFERRED STOCKS 1.2%
		Textiles 1.2%
	509,338	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		14,612,907
		Total Preferred Stocks (cost $15,000,004)		14,612,907
		WARRANTS 0.4%
		Insurance Brokers 0.1%
	450,000	Hagerty, Inc., expiring 12/2/2026* *** §§		621,000
		Pharmaceuticals 0.3%
	2,161,987	Esperion Therapeutics, Inc., expiring 9/22/2026* *** †		3,632,138
		Total Warrants (cost $2,624,153)		4,253,138
		Total Investments (cost $954,749,678) 99.7%§		1,197,870,019
		Other Assets less Liabilities 0.3%		3,342,954
		NET ASSETS 100.0%	$	1,201,212,973
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2023 amounted to approximately $18,245,045 and represented 1.52% 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 1.14%. §§The aggregate value of illiquid holdings at December 31, 2023 amounted to approximately $621,000 and represented 0.05% of net assets. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch Ultra Growth Fund’s investments were in the following countries:

COUNTRY	%
Israel		7.5
Netherlands		1.2
United Kingdom		1.1
United States		90.2
TOTAL		100.0	%

WASATCH U.S. SELECT FUND (WAUSX / WGUSX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.1%
		Aerospace & Defense 3.2%
	5,104	HEICO Corp., Class A	$	727,014
		Application Software 22.0%
	2,046	ANSYS, Inc.*		742,452
	3,894	Five9, Inc.*		306,419
	6,157	Guidewire Software, Inc.*		671,359
	864	HubSpot, Inc.*		501,587
	3,146	Procore Technologies, Inc.*		217,766
	1,815	Roper Technologies, Inc.		989,483
	1,775	Tyler Technologies, Inc.*		742,163
	2,843	Workday, Inc., Class A*		784,839
				4,956,068
		Asset Management & Custody Banks 3.3%
	6,526	Hamilton Lane, Inc., Class A		740,310
		Automotive Parts & Equipment 1.3%
	4,161	Fox Factory Holding Corp.*		280,784
		Automotive Retail 3.1%
	18,286	Valvoline, Inc.*		687,188
		Building Products 3.2%
	8,789	Trex Co., Inc.*		727,641
		Cargo Ground Transportation 2.7%
	1,517	Old Dominion Freight Line, Inc.		614,886
		Distributors 2.8%
	1,606	Pool Corp.		640,328
		Diversified Support Services 4.0%
	18,377	Copart, Inc.*		900,473
		Electrical Components & Equipment 4.5%
	6,127	AMETEK, Inc.		1,010,281
		Electronic Components 4.5%
	10,162	Amphenol Corp., Class A		1,007,359
		Electronic Equipment & Instruments 2.3%
	3,067	Novanta, Inc.*		516,514
		Financial Exchanges & Data 4.8%
	1,691	MarketAxess Holdings, Inc.		495,209
	2,028	Morningstar, Inc.		580,495
				1,075,704
		Health Care Equipment 1.5%
	1,667	Inspire Medical Systems, Inc.*		339,118
		Health Care Facilities 4.0%
	7,925	Ensign Group, Inc.		889,264
		Home Improvement Retail 2.2%
	4,336	Floor & Decor Holdings, Inc., Class A*		483,724
		Human Resource & Employment Services 2.2%
	2,979	Paylocity Holding Corp.*		491,088
		Industrial Machinery & Supplies & Components 2.9%
	2,280	RBC Bearings, Inc.*		649,549
		IT Consulting & Other Services 2.0%
	1,905	Globant SA*		453,352

WASATCH U.S. SELECT FUND (WAUSX / WGUSX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 5.5%
	2,436	ICON PLC*	$	689,558
	1,809	Medpace Holdings, Inc.*		554,513
				1,244,071
		Managed Health Care 3.1%
	10,675	HealthEquity, Inc.*		707,753
		Other Specialty Retail 2.9%
	3,006	Five Below, Inc.*		640,759
		Personal Care Products 2.6%
	10,603	BellRing Brands, Inc.*		587,724
		Semiconductors 1.9%
	671	Monolithic Power Systems, Inc.		423,253
		Specialty Chemicals 3.1%
	4,686	Balchem Corp.		697,043
		Transaction & Payment Processing Services 1.5%
	4,426	Block, Inc.*		342,351
		Total Common Stocks (cost $18,566,012)		21,833,599
		Total Investments (cost $18,566,012) 97.1%		21,833,599
		Other Assets less Liabilities 2.9%		663,536
		NET ASSETS 100.0%	$	22,497,135
		*Non-income producing. See Notes to Schedules of Investments.

At December 31, 2023, Wasatch U.S. Select Fund’s investments were in the following countries:

COUNTRY	%
Ireland		3.2
United States		96.8
TOTAL		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) DECEMBER 31, 2023 (UNAUDITED)

Schedule of Investments

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 98.0%
	$70,600,000	U.S. Treasury Bond, 1.25%, 5/15/50	$	38,261,890
	86,000,000	U.S. Treasury Bond, 1.375%, 8/15/50		48,193,594
	68,000,000	U.S. Treasury Bond, 1.875%, 11/15/51		43,222,500
	54,900,000	U.S. Treasury Bond, 2.25%, 8/15/46		39,208,465
	13,750,000	U.S. Treasury Bond, 2.50%, 2/15/45		10,455,371
	45,530,000	U.S. Treasury Bond, 3.00%, 8/15/48		37,231,446
		Total U.S. Government Obligations (cost $285,664,072)		216,573,266
		Total Investments (cost $285,664,072) 98.0%		216,573,266
		Other Assets less Liabilities 2.0%		4,498,015
		NET ASSETS 100.0%	$	221,071,281
		See Notes to Schedules of Investments.

WASATCH FUNDS – Notes to Schedule of Investments DECEMBER 31, 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). The investment objective(s) adopted by each Fund are included in each Fund’s summary description in the Fund’s statutory Prospectus and each Fund’s Summary Prospectus.

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 December 31, 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.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2023 (UNAUDITED)

SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2023 (UNAUDITED)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

counterparty is unable or unwilling to meet the terms of the contracts or if the value of the currency changes unfavorably. In connection with these contracts, the Funds may segregate cash and/or securities in a sufficient amount as collateral in accordance with the terms of the respective contracts. None of the Funds entered into foreign currency contracts transactions during the fiscal period ended December 31, 2023.

5. FEDERAL INCOME TAX INFORMATION

As of December 31, 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	$	2,508,824,297		$	350,528,968		$	456,858,615		$	219,146,362		$	28,522,619
Gross appreciation	$	1,451,413,726		$	252,319,031		$	75,762,862		$	166,189,862		$	10,768,071
Gross (depreciation)		(151,790,021	)		(952,879	)		(73,513,677	)		(15,844,110	)		(2,694,514	)
Net appreciation	$	1,299,623,705		$	251,366,152		$	2,249,185		$	150,345,752		$	8,073,557
	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Cost	$	148,163,193		$	13,742,232		$	125,676,344		$	6,249,145		$	305,870,683
Gross appreciation	$	75,659,702		$	3,575,224		$	22,421,937		$	49,112		$	140,973,878
Gross (depreciation)		(11,032,723	)		(1,040,598	)		(4,112,266	)		(2,341,447	)		(13,397,613	)
Net appreciation (depreciation)	$	64,626,979		$	2,534,626		$	18,309,671		$	(2,292,335	)	$	127,576,265
	International Opportunities Fund			International Select Fund			Long/Short Alpha Fund			Micro Cap Fund			Micro Cap Value Fund
Cost	$	217,338,069		$	3,788,519		$	26,480,062		$	515,600,776		$	222,500,953
Gross appreciation	$	105,126,904		$	904,391		$	10,785,410		$	156,482,045		$	84,204,053
Gross (depreciation)		(19,986,455	)		(336,958	)		(3,439,590	)		(50,722,283	)		(8,582,533	)
Net appreciation	$	85,140,449		$	567,433		$	7,345,820		$	105,759,762		$	75,621,520
	Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Select Fund			U.S. Treasury Fund
Cost	$	1,594,678,666		$	1,022,421,444		$	965,227,850		$	18,719,869		$	285,955,651
Gross appreciation	$	853,735,671		$	407,017,757		$	430,413,626		$	3,307,250		$	—
Gross (depreciation)		(176,331,138	)		(22,454,532	)		(197,771,457	)		(193,520	)		(69,382,385	)
Net appreciation (depreciation)	$	677,404,533		$	384,563,225		$	232,642,169		$	3,113,730		$	(69,382,385	)

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

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2023 (UNAUDITED)

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 December 31, 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 12/31/2023		Gain (Loss) Realized on Sale of Shares For the Period ended 12/31/2023			Change in Unrealized Appreciation (Depreciation) For the Period ended 12/31/2023
Micro Cap Value Fund
Common Stock
Gen Restaurant Group Inc.	$	2,933,280	$	419,918	$	—	$	2,363,564	$	—	$	—		$	(989,634	)
Small Cap Growth Fund
Common Stock
Vintage Wine Estates, Inc. - PIPE Shares*	$	1,733,934	$	—	$	387,279	$	1,142,286	$	—	$	(7,344,961	)	$	7,140,592
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		14,925,626		—		—		17,535,471		—		—			2,609,845
	$	16,659,560	$	—	$	387,279	$	18,677,757	$	—	$	(7,344,961	)	$	9,750,437
Ultra Growth Fund
Common Stock
C4 Therapeutics Inc.	$	5,594,586	$	510,274	$	3,859,188	$	16,060,899	$	—	$	(11,632,567	)	$	25,447,794
Sangamo Therapeutics Inc.*		6,101,595		—		631,730		4,719,095		—		(1,713,605	)		962,835
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		12,438,034		—		—		14,612,907		—		—			2,174,873
	$	24,134,215	$	510,274	$	4,490,918	$	35,392,901	$	—	$	(13,346,172	)	$	28,585,502
	Share Activity								Dividends Credited to Income for the Period ended 12/31/2023		Gain (Loss) Realized on Sale of Shares For the Period ended 12/31/2023			Change in Unrealized Appreciation (Depreciation) For the Period ended 12/31/2023
	Balance 9/30/2023		Purchases/ Additions		Sales/ Reductions		Balance 12/31/2023
Micro Cap Value Fund
Common Stock
Gen Restaurant Group Inc.		252,000		49,860		—		301,860	$	—	$	—		$	(989,634	)
Small Cap Growth Fund
Common Stock
Vintage Wine Estates, Inc. - PIPE Shares*		3,047,336		—		773,224		2,274,112	$	—	$	(7,344,961	)	$	7,140,592
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		611,205		—		—		611,205		—		—			2,609,845
		3,658,541		—		773,224		2,885,317	$	—	$	(7,344,961	)	$	9,750,437
Ultra Growth Fund
Common Stock
C4 Therapeutics Inc.		3,007,842		368,204		533,409		2,842,637	$	—	$	(11,632,567	)	$	25,447,794
Sangamo Therapeutics Inc.*		10,172,716		—		1,486,733		8,685,983		—		(1,713,605	)		962,835
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		509,338		—		—		509,338		—		—			2,174,873
		13,689,896		368,204		2,020,142		12,037,958	$	—	$	(13,346,172	)	$	28,585,502

* This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total amount of the gain (loss) realized on sale of shares and the total change in unrealized appreciation (depreciation) for the period ended September 30, 2023 is included in the Statements of Operations even though the security was not deemed an affiliated company as of the end of the year.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 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 December 31, 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
BriaPro Therapeutics Corp.		Common stocks		9/5/2023	$	29	$	6,100		0.00	%
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022		10,000,013		9,741,948		1.56	%
Esperion Therapeutics, Inc., expiring 9/22/2026		Warrants		12/3/2021		613,226		2,020,687		0.32	%
IM Cannabis Corp., expiring 5/7/2026		Warrants		5/5/2021		616,971		0		0.00	%
					$	11,230,239	$	11,768,735		1.88	%
Micro Cap Value Fund
Regenacy Pharmaceuticals LLC		LLC Membership Interest		2/3/2011	$	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	$	10,923,178		0.48	%
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022		17,999,987		17,535,471		0.77	%
Esperion Therapeutics, Inc., expiring 9/22/2026		Warrants		12/3/2021		1,411,160		4,885,450		0.21	%
					$	27,411,149	$	33,344,099		1.46	%
Ultra Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022	$	15,000,004	$	14,612,907		1.22	%
Esperion Therapeutics, Inc., expiring 9/22/2026		Warrants		12/3/2021		1,074,843		3,632,138		0.30	%
					$	16,074,847	$	18,245,045		1.52	%

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

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2023 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price 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. Pursuant to Rule 2a-5, the Board has designated Wasatch Global Investors as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. Wasatch Global Investor may carry out its designated responsibilities as Valuation Designee through various teams and committees. The valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of fund investments.

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 Dealers Automated Quotations (“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.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2023 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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 publications. Although most U.S. government securities are categorized in Level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as Level 3.

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

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

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

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 12/31/2023
Core Growth Fund
Assets
Common Stocks		$	3,807,702,802	$	—	$	—	$	3,807,702,802
Warrants			—		—		745,200		745,200
		$	3,807,702,802	$	—	$	745,200	$	3,808,448,002
Emerging India Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	50,144,436	$	—	$	50,144,436
	Apparel, Accessories & Luxury Goods		—		8,429,742		—		8,429,742
	Automotive Parts & Equipment		—		9,018,058		—		9,018,058

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 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 12/31/2023
	Commercial & Residential Mortgage Finance	$	—	$	9,759,298	$	—	$	9,759,298
	Commodity Chemicals		19,117,254		8,330,736		—		27,447,990
	Construction Machinery & Heavy Transportation Equipment		—		6,011,136		—		6,011,136
	Consumer Finance		—		71,774,890		—		71,774,890
	Diversified Banks		—		62,236,422		—		62,236,422
	Diversified Chemicals		—		5,009,984		—		5,009,984
	Food Retail		—		21,121,600		—		21,121,600
	Footwear		—		1,181,227		—		1,181,227
	Health Care Services		29,807,575		26,290,937		—		56,098,512
	Heavy Electrical Equipment		—		2,973,208		—		2,973,208
	Industrial Machinery & Supplies & Components		—		44,530,612		—		44,530,612
	Interactive Media & Services		—		15,648,691		—		15,648,691
	IT Consulting & Other Services		—		59,570,933		—		59,570,933
	Life Sciences Tools & Services		—		37,666,876		—		37,666,876
	Metal, Glass & Plastic Containers		—		2,868,933		—		2,868,933
	Property & Casualty Insurance		—		5,315,682		—		5,315,682
	Regional Banks		—		42,639,558		—		42,639,558
	Research & Consulting Services		—		20,823,689		—		20,823,689
	Specialty Chemicals		—		20,425,402		—		20,425,402
	Systems Software		—		6,869,952		—		6,869,952
	Other		14,328,289		—		—		14,328,289
		$	63,253,118	$	538,642,002	$	—	$	601,895,120
Emerging Markets Select Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	8,928,565	$	—	$	8,928,565
	Apparel, Accessories & Luxury Goods		—		4,652,711		—		4,652,711
	Broadline Retail		39,219,352		5,727,722		—		44,947,074
	Consumer Finance		—		36,326,721		—		36,326,721
	Diversified Banks		30,040,362		26,282,630		—		56,322,992
	Diversified Chemicals		—		3,514,844		—		3,514,844
	Drug Retail		—		19,546,245		—		19,546,245
	Electrical Components & Equipment		—		43,831,663		—		43,831,663
	Health Care Services		—		9,547,536		—		9,547,536
	Industrial Machinery & Supplies & Components		—		12,692,641		—		12,692,641
	Interactive Media & Services		—		7,260,258		—		7,260,258
	Life Sciences Tools & Services		—		19,927,838		—		19,927,838
	Regional Banks		—		15,248,372		—		15,248,372
	Restaurants		—		4,556,469		—		4,556,469
	Semiconductor Materials & Equipment		—		25,161,584		—		25,161,584
	Semiconductors		—		49,938,406		—		49,938,406
	Specialized Finance		—		12,309,902		—		12,309,902
	Specialty Chemicals		—		10,553,538		—		10,553,538
	Systems Software		—		2,663,874		—		2,663,874
	Other		71,176,567		—		—		71,176,567
		$	140,436,281	$	318,671,519	$	—	$	459,107,800
Emerging Markets Small Cap Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	17,960,602	$	—	$	17,960,602
	Broadline Retail		—		5,728,103		—		5,728,103
	Commercial & Residential Mortgage Finance		—		7,211,286		—		7,211,286
	Communications Equipment		—		9,093,277		—		9,093,277
	Construction Machinery & Heavy Transportation Equipment		—		4,361,742		—		4,361,742
	Consumer Finance		—		4,406,716		—		4,406,716
	Diversified Support Services		—		4,941,523		—		4,941,523
	Drug Retail		4,531,718		11,287,955		—		15,819,673
	Electrical Components & Equipment		—		22,015,057		—		22,015,057
	Electronic Components		—		4,486,930		—		4,486,930

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 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 12/31/2023
	Electronic Equipment & Instruments	$	—	$	5,273,057	$	—	$	5,273,057
	Health Care Services		1,892,086		9,801,498		—		11,693,584
	Heavy Electrical Equipment		—		4,254,380		—		4,254,380
	Hotels, Resorts & Cruise Lines		—		3,202,102		—		3,202,102
	Industrial Machinery & Supplies & Components		—		15,363,843		—		15,363,843
	Interactive Media & Services		10,298,979		3,572,346		—		13,871,325
	IT Consulting & Other Services		22,839,417		23,674,026		—		46,513,443
	Metal, Glass & Plastic Containers		—		1,810,016		—		1,810,016
	Oil & Gas Refining & Marketing		—		4,920,859		—		4,920,859
	Personal Care Products		—		4,640,800		—		4,640,800
	Regional Banks		7,562,235		24,318,206		—		31,880,441
	Research & Consulting Services		—		14,951,028		—		14,951,028
	Semiconductor Materials & Equipment		—		6,150,505		—		6,150,505
	Semiconductors		—		39,929,938		—		39,929,938
	Specialized Finance		—		4,839,110		—		4,839,110
	Other		64,172,774		—		—		64,172,774
		$	111,297,209	$	258,194,905	$	—	$	369,492,114
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Asset Management & Custody Banks	$	101,971	$	1,165,848	$	—	$	1,267,819
	Consumer Finance		—		4,723,391		—		4,723,391
	Diversified Banks		3,310,722		2,628,276		—		5,938,998
	Diversified Support Services		—		399,057		—		399,057
	Drug Retail		368,059		1,471,315		—		1,839,374
	Electrical Components & Equipment		—		842,477		—		842,477
	Food Retail		—		250,797		—		250,797
	Health Care Facilities		—		168,626		—		168,626
	IT Consulting & Other Services		1,592,324		3,939,418		—		5,531,742
	Oil & Gas Refining & Marketing		—		919,598		—		919,598
	Research & Consulting Services		—		654,099		—		654,099
	Semiconductors		—		844,007		—		844,007
	Other		13,216,191		—		—		13,216,191
		$	18,589,267	$	18,006,909	$	—	$	36,596,176
Global Opportunities Fund
Assets
Common Stocks
	Application Software	$	10,960,337	$	4,209,201	$	—	$	15,169,538
	Asset Management & Custody Banks		4,118,666		1,223,541		—		5,342,207
	Commercial & Residential Mortgage Finance		—		1,515,933		—		1,515,933
	Diversified Real Estate Activities		—		548,249		—		548,249
	Drug Retail		—		2,717,664		—		2,717,664
	Electrical Components & Equipment		—		6,222,852		—		6,222,852
	Health Care Equipment		4,086,990		1,110,923		—		5,197,913
	Health Care Services		—		2,671,399		—		2,671,399
	Health Care Technology		—		2,577,079		—		2,577,079
	Human Resource & Employment Services		4,134,108		4,299,257		—		8,433,365
	IT Consulting & Other Services		11,520,314		7,437,424		—		18,957,738
	Life Sciences Tools & Services		4,916,435		2,481,884		—		7,398,319
	Regional Banks		5,475,022		7,510,554		—		12,985,576
	Research & Consulting Services		—		8,664,215		—		8,664,215
	Semiconductors		4,179,548		9,336,054		—		13,515,602
	Systems Software		3,859,442		2,477,052		—		6,336,494
	Trading Companies & Distributors		—		5,533,223		—		5,533,223
	Transaction & Payment Processing Services		3,176,994		4,095,877		—		7,272,871
	Other		81,729,935		—		—		81,729,935
		$	138,157,791	$	74,632,381	$	—	$	212,790,172

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 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 12/31/2023
Global Select Fund
Assets
Common Stocks
	Application Software	$	1,940,103	$	698,981	$	—	$	2,639,084
	Building Products		550,719		520,128		—		1,070,847
	Consumer Finance		—		628,258		—		628,258
	Diversified Banks		—		552,525		—		552,525
	Drug Retail		—		468,246		—		468,246
	Electrical Components & Equipment		—		342,613		—		342,613
	Health Care Equipment		—		272,500		—		272,500
	Health Care Technology		—		235,240		—		235,240
	Hotels, Resorts & Cruise Lines		—		525,087		—		525,087
	Interactive Media & Services		—		415,923		—		415,923
	Research & Consulting Services		—		321,355		—		321,355
	Semiconductor Materials & Equipment		—		376,988		—		376,988
	Semiconductors		438,392		298,957		—		737,349
	Specialized Finance		—		238,041		—		238,041
	Transaction & Payment Processing Services		238,857		466,971		—		705,828
	Other		6,746,974		—		—		6,746,974
		$	9,915,045	$	6,361,813	$	—	$	16,276,858
Global Value Fund
Assets
Common Stocks
	Broadline Retail	$	—	$	2,215,483	$	—	$	2,215,483
	Diversified Banks		14,180,756		4,532,471		—		18,713,227
	Diversified Metals & Mining		—		3,313,967		—		3,313,967
	Electronic Manufacturing Services		—		3,062,012		—		3,062,012
	Food Retail		—		7,432,916		—		7,432,916
	Industrial REITs		—		3,039,814		—		3,039,814
	Integrated Oil & Gas		3,844,383		7,139,893		—		10,984,276
	Integrated Telecommunication Services		7,461,600		3,258,135		—		10,719,735
	Multi-Line Insurance		—		3,494,240		—		3,494,240
	Pharmaceuticals		16,162,235		6,363,660		—		22,525,895
	Reinsurance		—		4,977,762		—		4,977,762
	Technology Hardware, Storage & Peripherals		—		2,792,052		—		2,792,052
	Tobacco		—		6,130,498		—		6,130,498
	Other		44,584,138		—		—		44,584,138
		$	86,233,112	$	57,752,903	$	—	$	143,986,015
Greater China Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods	$	—	$	137,469	$	—	$	137,469
	Construction Materials		—		31,945		—		31,945
	Distillers & Vintners		—		332,501		—		332,501
	Diversified Banks		—		40,003		—		40,003
	Drug Retail		—		178,422		—		178,422
	Electrical Components & Equipment		—		116,024		—		116,024
	Electronic Components		—		203,370		—		203,370
	Health Care Equipment		—		168,120		—		168,120
	Hotels, Resorts & Cruise Lines		—		203,293		—		203,293
	Industrial Machinery & Supplies & Components		—		718,144		—		718,144
	Interactive Media & Services		—		234,080		—		234,080
	Life & Health Insurance		—		217,784		—		217,784
	Life Sciences Tools & Services		—		222,931		—		222,931
	Other Specialty Retail		—		46,036		—		46,036
	Packaged Foods & Meats		—		43,823		—		43,823
	Personal Care Products		—		140,679		—		140,679
	Regional Banks		—	��	52,501		—		52,501
	Restaurants		—		108,137		—		108,137
	Semiconductors		—		463,919		—		463,919
	Specialized Finance		—		138,732		—		138,732
	Systems Software		—		123,209		—		123,209
	Other		35,688		—		—		35,688
		$	35,688	$	3,921,122	$	—	$	3,956,810

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 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 12/31/2023
International Growth Fund
Assets
Common Stocks
	Application Software	$	19,025,700	$	14,461,407	$	—	$	33,487,107
	Asset Management & Custody Banks		—		7,583,040		—		7,583,040
	Brewers		—		4,487,291		—		4,487,291
	Broadline Retail		—		9,646,392		—		9,646,392
	Building Products		—		7,589,104		—		7,589,104
	Commercial & Residential Mortgage Finance		—		8,712,744		—		8,712,744
	Construction & Engineering		—		5,717,680		—		5,717,680
	Diversified Real Estate Activities		—		5,231,479		—		5,231,479
	Diversified Support Services		—		10,974,064		—		10,974,064
	Drug Retail		—		15,597,350		—		15,597,350
	Electrical Components & Equipment		—		13,234,127		—		13,234,127
	Electronic Equipment & Instruments		—		8,554,185		—		8,554,185
	Health Care Equipment		—		6,610,606		—		6,610,606
	Health Care Services		—		6,846,598		—		6,846,598
	Health Care Supplies		—		4,084,648		—		4,084,648
	Health Care Technology		—		14,997,480		—		14,997,480
	Human Resource & Employment Services		—		23,103,892		—		23,103,892
	Industrial Machinery & Supplies & Components		—		16,768,072		—		16,768,072
	Interactive Media & Services		—		13,665,551		—		13,665,551
	IT Consulting & Other Services		25,561,841		15,567,565		—		41,129,406
	Life Sciences Tools & Services		—		2,944,208		—		2,944,208
	Movies & Entertainment		—		6,629,213		—		6,629,213
	Pharmaceuticals		—		3,152,347		—		3,152,347
	Regional Banks		13,029,695		10,694,572		—		23,724,267
	Research & Consulting Services		—		11,114,403		—		11,114,403
	Semiconductor Materials & Equipment		—		1,691,405		—		1,691,405
	Semiconductors		—		27,193,921		—		27,193,921
	Specialty Chemicals		—		4,379,479		—		4,379,479
	Trading Companies & Distributors		—		29,136,419		—		29,136,419
	Transaction & Payment Processing Services		—		11,954,970		—		11,954,970
	Other		53,505,500		—		—		53,505,500
		$	111,122,736	$	322,324,212	$	—	$	433,446,948
International Opportunities Fund
Assets
Common Stocks
	Air Freight & Logistics	$	—	$	3,200,013	$	—	$	3,200,013
	Alternative Carriers		—		3,837,654		—		3,837,654
	Application Software		8,455,109		37,521,206		—		45,976,315
	Asset Management & Custody Banks		844,266		9,622,414		—		10,466,680
	Brewers		—		1,890,342		—		1,890,342
	Commercial & Residential Mortgage Finance		9,280,134		4,635,440		—		13,915,574
	Commodity Chemicals		3,807,808		3,743,846		—		7,551,654
	Construction & Engineering		—		8,636,569		—		8,636,569
	Consumer Finance		—		8,233,031		—		8,233,031
	Data Processing & Outsourced Services		—		2,379,214		—		2,379,214
	Diversified Support Services		4,865,232		13,423,965		—		18,289,197
	Electrical Components & Equipment		—		8,974,193		—		8,974,193
	Electronic Equipment & Instruments		—		1,662,888		—		1,662,888
	Food Retail		—		5,551,231		—		5,551,231
	Health Care Services		8,904,003		4,257,128		—		13,161,131
	Health Care Technology		—		16,506,015		—		16,506,015
	Heavy Electrical Equipment		—		1,878,853		—		1,878,853
	Human Resource & Employment Services		3,679,217		7,137,894		—		10,817,111
	Industrial Machinery & Supplies & Components		—		4,249,182		—		4,249,182
	Interactive Media & Services		7,228,303		8,432,985		—		15,661,288

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 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 12/31/2023
	Investment Banking & Brokerage	$	1,785,339		$	6,462,959	$	—	$	8,248,298
	IT Consulting & Other Services		—			11,862,014		—		11,862,014
	Metal, Glass & Plastic Containers		—			2,413,211		—		2,413,211
	Pharmaceuticals		—			1,972,817		—		1,972,817
	Real Estate Services		—			2,253,557		—		2,253,557
	Research & Consulting Services		1,213,063			20,154,296		—		21,367,359
	Restaurants		—			—		8,031		8,031
	Semiconductor Materials & Equipment		—			7,163,659		—		7,163,659
	Semiconductors		—			10,736,433		—		10,736,433
	Trading Companies & Distributors		4,191,325			883,888		—		5,075,213
	Other		28,539,791			—		—		28,539,791
		$	82,793,590		$	219,676,897	$	8,031	$	302,478,518
International Select Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods	$	—		$	199,798	$	—	$	199,798
	Application Software		212,233			369,124		—		581,357
	Asset Management & Custody Banks		—			180,744		—		180,744
	Building Products		—			393,780		—		393,780
	Drug Retail		—			197,398		—		197,398
	Electronic Equipment & Instruments		—			185,708		—		185,708
	Health Care Equipment		—			112,133		—		112,133
	Health Care Technology		—			117,650		—		117,650
	Hotels, Resorts & Cruise Lines		—			193,415		—		193,415
	Industrial Machinery & Supplies & Components		—			140,441		—		140,441
	Interactive Media & Services		—			416,608		—		416,608
	IT Consulting & Other Services		183,025			189,261		—		372,286
	Research & Consulting Services		—			168,029		—		168,029
	Trading Companies & Distributors		—			96,843		—		96,843
	Transaction & Payment Processing Services		—			300,248		—		300,248
	Other		699,514			—		—		699,514
		$	1,094,772		$	3,261,180	$	—	$	4,355,952
Long/Short Alpha Fund
Assets
Common Stocks		$	50,159,330		$	—	$	—	$	50,159,330
		$	50,159,330		$	—	$	—	$	50,159,330
Other Financial Instruments
Securities Sold Short		$	(16,333,448	)	$	—	$	—	$	(16,333,448	)
Micro Cap Fund
Assets
Common Stocks
	Biotechnology	$	26,576,923		$	—	$	6,100	$	26,583,023
	Other		583,014,880			—		—		583,014,880
Preferred Stocks			—			—		9,741,948		9,741,948
Warrants			—			—		2,020,687		2,020,687
		$	609,591,803		$	—	$	11,768,735	$	621,360,538
Micro Cap Value Fund
Assets
Common Stocks
	Asset Management & Custody Banks	$	—		$	1,317,141	$	—	$	1,317,141
	Food Retail		—			3,542,505		—		3,542,505
	Health Care Technology		—			4,232,937		—		4,232,937
	Packaged Foods & Meats		9,999,992			4,162,069		—		14,162,061
	Other		274,867,324			—		—		274,867,324
Limited Liability Company Membership Interest			—			—		505		505
Warrants			—			—		0		0
		$	284,867,316		$	13,254,652	$	505	$	298,122,473

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 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 12/31/2023
Small Cap Growth Fund
Assets
Common Stocks		$	2,238,739,100	$	—	$	—	$	2,238,739,100
Preferred Stocks			—		—		28,458,649		28,458,649
Warrants			—		—		4,885,450		4,885,450
		$	2,238,739,100	$	—	$	33,344,099	$	2,272,083,199
Small Cap Value Fund
Assets
Common Stocks		$	1,406,984,669	$	—	$	—	$	1,406,984,669
		$	1,406,984,669	$	—	$	—	$	1,406,984,669
Ultra Growth Fund
Assets
Common Stocks
	Semiconductor Materials & Equipment	$	81,007,531	$	13,695,933	$	—	$	94,703,464
	Other		1,084,300,510		—		—		1,084,300,510
Preferred Stocks			—		—		14,612,907		14,612,907
Warrants			—		—		4,253,138		4,253,138
		$	1,165,308,041	$	13,695,933	$	18,866,045	$	1,197,870,019
U.S. Select Fund
Assets
Common Stocks		$	21,833,599	$	—	$	—	$	21,833,599
		$	21,833,599	$	—	$	—	$	21,833,599
U.S. Treasury Fund
Assets
U.S Government obligations		$	—	$	216,573,266	$	—	$	216,573,266
		$	—	$	216,573,266	$	—	$	216,573,266

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

The valuation techniques used by the Funds to measure fair value for the period ended December 31, 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 December 31, 2023:

Fund	Market Value Beginning Balance 9/30/2023		Purchases at Cost		Sales (Proceeds)		Accrued Discounts (Premiums)		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)			Transfers in at Market Value		Transfers out at Market Value		Market Value Ending Balance 12/31/2023		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 12/31/2023
Core Growth Fund
Warrants	$	982,800	$	—	$	—	$	—	$	—	$	(237,600	)	$	—	$	—	$	745,200	$	(237,600	)
	$	982,800	$	—	$	—	$	—	$	—	$	(237,600	)	$	—	$	—	$	745,200	$	(237,600	)
International Opportunities Fund
Common Stocks	$	7,687	$	—	$	—	$	—	$	—	$	344		$	—	$	—	$	8,031	$	344
	$	7,687	$	—	$	—	$	—	$	—	$	344		$	—	$	—	$	8,031	$	344
Micro Cap Fund
Common Stocks	$	24,399	$	—	$	—	$	—	$	—	$	(18,299	)	$	—	$	—	$	6,100	$	(18,299	)
Preferred Stocks		8,292,031		—		—		—		—		1,449,917			—		—		9,741,948		1,449,917
Warrants		192,446		—		—		—		—		1,828,241			—		—		2,020,687		1,828,241
	$	8,508,876	$	—	$	—	$	—	$	—	$	3,259,859		$	—	$	—	$	11,768,735	$	3,259,859

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2023 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Market Value Beginning Balance 9/30/2023		Purchases at Cost		Sales (Proceeds)		Accrued Discounts (Premiums)		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)		Transfers in at Market Value		Transfers out at Market Value		Market Value Ending Balance 12/31/2023		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 12/31/2023
Micro Cap Value Fund
Common Stocks	$	505	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	505	$	—
Warrants		—		—		—		—		—		—		—		—		—		—
	$	505	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	505	$	—
Small Cap Growth Fund
Preferred Stocks	$	23,920,529	$	—	$	—	$	—	$	—	$	4,538,120	$	—	$	—	$	28,458,649	$	4,538,120
Warrants		465,281		—		—		—		—		4,420,169		—		—		4,885,450		4,420,169
	$	24,385,810	$	—	$	—	$	—	$	—	$	8,958,289	$	—	$	—	$	33,344,099	$	8,958,289
Ultra Growth Fund
Preferred Stocks	$	12,438,034	$	—	$	—	$	—	$	—	$	2,174,873	$	—	$	—	$	14,612,907	$	2,174,873
Warrants		1,164,918		—		—		—		—		3,088,220		—		—		4,253,138		3,088,220
	$	13,602,952	$	—	$	—	$	—	$	—	$	5,263,093	$	—	$	—	$	18,866,045	$	5,263,093

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund	Description	Fair Value at 12/31/23		Valuation Technique	Unobservable Input	Range (Average)
Core Growth Fund	Warrant: Insurance Brokers	$	745,200	Discount for lack of marketability	Discount for lack of marketability		20%
Micro Cap Fund	Direct Venture Capital Investments: Textiles	$	9,741,947	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.85 - 6.6 (3.27) 46%
Micro Cap Fund	Warrant: Pharmaceuticals	$	2,020,687	Black Scholes	Volatility		40%
Small Cap Growth Fund	Direct Venture Capital Investments: Textiles	$	17,535,471	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.85 - 6.6 (3.27) 46%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	10,923,178	Market comparable companies	EV/R* multiple Discount for lack of marketability		4.2 - 22.4 (12.07) 27%
Small Cap Growth Fund	Warrant: Pharmaceuticals	$	4,885,450	Black Scholes	Volatility		40%
Ultra Growth Fund	Direct Venture Capital Investments: Textiles	$	14,612,907	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.85 - 6.6 (3.27) 46%
Ultra Growth Fund	Warrant: Insurance Brokers	$	621,000	Discount for lack of marketability	Discount for lack of marketability		20%
Ultra Growth Fund	Warrant: Pharmaceuticals	$	3,632,138	Black Scholes	Volatility		40%

^*  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.