Wasatch Micro Cap Value Fund (WAMVX) NPORT-P Wasatch Core Growth Fund (Dec 2024 report)

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.6%
		Application Software 10.9%
	8,317,329	CCC Intelligent Solutions Holdings, Inc.*	$	97,562,269
	3,733,352	Clearwater Analytics Holdings, Inc., Class A*		102,741,847
	662,407	Guidewire Software, Inc.*		111,668,572
	1,498,697	nCino, Inc.*		50,326,246
	1,080,903	Procore Technologies, Inc.*		80,992,062
	757,168	Q2 Holdings, Inc.*		76,208,959
				519,499,955
		Asset Management & Custody Banks 3.4%
	784,100	Cohen & Steers, Inc.		72,403,794
	606,054	Hamilton Lane, Inc., Class A		89,726,295
				162,130,089
		Automotive Parts & Equipment 2.7%
	703,382	Modine Manufacturing Co.*		81,543,075
	1,137,208	XPEL, Inc.*		45,420,088
				126,963,163
		Automotive Retail 2.2%
	2,865,191	Valvoline, Inc.*		103,662,610
		Broadline Retail 2.3%
	982,338	Ollie’s Bargain Outlet Holdings, Inc.*		107,791,949
		Building Products 5.6%
	452,183	AAON, Inc.		53,212,896
	250,380	CSW Industrials, Inc.		88,334,064
	1,834,514	Trex Co., Inc.*		126,636,501
				268,183,461
		Cargo Ground Transportation 2.1%
	218,643	Saia, Inc.*		99,642,174
		Distributors 2.1%
	292,871	Pool Corp.		99,851,439
		Electronic Equipment & Instruments 1.8%
	575,188	Novanta, Inc.*		87,871,471
		Electronic Manufacturing Services 2.1%
	447,930	Fabrinet*		98,490,848
		Environmental & Facilities Services 2.7%
	1,198,578	Casella Waste Systems, Inc., Class A*		126,821,538
		Financial Exchanges & Data 4.7%
	274,153	MarketAxess Holdings, Inc.		61,969,544
	404,258	Morningstar, Inc.		136,137,924
	4,108,715	Open Lending Corp.*		24,529,029
				222,636,497
		Health Care Equipment 1.6%
	405,753	Inspire Medical Systems, Inc.*		75,218,491
		Health Care Facilities 2.3%
	822,524	Ensign Group, Inc.		109,280,539
		Health Care Technology 1.2%
	5,240,939	Certara, Inc.*		55,816,000
		Home Furnishing Retail 0.8%
	4,302,423	Arhaus, Inc.‡‡		40,442,776

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Home Improvement Retail 1.3%
	642,666	Floor & Decor Holdings, Inc., Class A*	$	64,073,800
		Human Resource & Employment Services 2.8%
	671,522	Paylocity Holding Corp.*		133,948,493
		Industrial Machinery & Supplies & Components 6.6%
	1,123,967	Helios Technologies, Inc.		50,173,887
	396,164	Kadant, Inc.		136,672,618
	421,998	RBC Bearings, Inc.*		126,236,482
				313,082,987
		Insurance Brokers 1.8%
	806,585	Goosehead Insurance, Inc., Class A*		86,482,044
		Investment Banking & Brokerage 1.6%
	1,053,286	Moelis & Co., Class A		77,816,770
		IT Consulting & Other Services 2.5%
	554,428	Globant SA*		118,880,452
		Leisure Products 1.0%
	1,262,631	YETI Holdings, Inc.*		48,623,920
		Life Sciences Tools & Services 1.6%
	228,296	Medpace Holdings, Inc.*		75,846,780
		Managed Health Care 4.2%
	2,089,585	HealthEquity, Inc.*		200,495,681
		Other Specialty Retail 1.1%
	522,557	Five Below, Inc.*		54,847,583
		Packaged Foods & Meats 1.6%
	508,756	Freshpet, Inc.*		75,351,851
		Personal Care Products 2.6%
	1,648,747	BellRing Brands, Inc.*		124,216,599
		Pharmaceuticals 1.5%
	850,379	Intra-Cellular Therapies, Inc.*		71,023,654
		Regional Banks 3.3%
	2,173,280	Bank OZK		96,776,159
	536,465	Pinnacle Financial Partners, Inc.		61,366,231
				158,142,390
		Research & Consulting Services 1.9%
	760,459	ICF International, Inc.		90,654,317
		Restaurants 1.2%
	1,099,048	Dutch Bros, Inc., Class A*		57,568,134
		Self-Storage REITs 2.1%
	2,641,361	National Storage Affiliates Trust		100,133,995
		Semiconductor Materials & Equipment 2.2%
	544,881	Nova Ltd.*		107,314,313
		Specialty Chemicals 3.2%
	495,063	Balchem Corp.		80,692,794
	639,992	Innospec, Inc.		70,437,519
				151,130,313
		Systems Software 1.3%
	181,186	CyberArk Software Ltd.*		60,362,116

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Trading Companies & Distributors 1.5%
	559,051	SiteOne Landscape Supply, Inc.*	$	73,666,150
		Transaction & Payment Processing Services 4.2%
	1,910,059	Shift4 Payments, Inc., Class A*		198,225,923
		Total Common Stocks (cost $3,358,793,777)		4,746,191,265
		Total Investments (cost $3,358,793,777) 99.6%		4,746,191,265
		Other Assets less Liabilities 0.4%		19,035,452
		NET ASSETS 100.0%	$	4,765,226,717
		*Non-income producing. ‡‡Affiliated company (see Note 6). REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch Core Growth Fund’s investments were in the following countries:

Country	%
Israel		3.5
United States		96.5
TOTAL		100.0	%

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 102.6%
		Apparel Retail 4.1%
	304,276	Trent Ltd.	$	25,245,817
		Asset Management & Custody Banks 1.3%
	247,039	Prudent Corporate Advisory Services Ltd.		7,886,521
		Automotive Parts & Equipment 1.9%
	276,711	Tube Investments of India Ltd.		11,537,260
		Commodity Chemicals 2.7%
	1,220,447	Berger Paints India Ltd.		6,382,359
	184,220	Supreme Industries Ltd.		10,096,893
				16,479,252
		Construction Machinery & Heavy Transportation Equipment 1.3%
	442,280	Action Construction Equipment Ltd.		7,763,630
		Consumer Finance 24.6%
	785,648	Bajaj Finance Ltd.		62,473,581
	2,922,947	Cholamandalam Investment & Finance Co. Ltd.		40,407,921
	5,245,164	Five-Star Business Finance Ltd.*		47,328,643
				150,210,145
		Diversified Banks 9.6%
	2,028,362	HDFC Bank Ltd.		41,947,151
	797,718	Kotak Mahindra Bank Ltd.		16,604,774
				58,551,925
		Diversified Chemicals 0.8%
	153,633	Pidilite Industries Ltd.		5,209,135
		Diversified Support Services 4.0%
	4,284,721	CMS Info Systems Ltd.		24,481,567
		Electrical Components & Equipment 0.9%
	65,407	Polycab India Ltd.		5,542,163
		Food Retail 1.6%
	232,142	Avenue Supermarts Ltd.*		9,646,167
		Health Care Facilities 9.0%
	3,339,441	Max Healthcare Institute Ltd.		43,897,350
	655,496	Rainbow Children’s Medicare Ltd.		11,481,205
				55,378,555
		Health Care Services 9.0%
	750,044	Dr. Lal PathLabs Ltd.		26,250,043
	2,324,176	Vijaya Diagnostic Centre Ltd.		28,641,344
				54,891,387
		Heavy Electrical Equipment 0.6%
	495,583	Elecon Engineering Co. Ltd.		3,664,436
		Hotels, Resorts & Cruise Lines 2.4%
	131,596	MakeMyTrip Ltd.*		14,775,599
		Industrial Machinery & Supplies & Components 4.8%
	4,332,906	Elgi Equipments Ltd.		29,283,953
		Interactive Media & Services 2.6%
	145,980	Info Edge India Ltd.		14,760,987
	89,290	Just Dial Ltd.*		1,033,651
				15,794,638

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		IT Consulting & Other Services 3.5%
	286,818	Persistent Systems Ltd.	$	21,560,639
		Life Sciences Tools & Services 9.1%
	783,884	Divi’s Laboratories Ltd.		55,789,560
		Metal, Glass & Plastic Containers 0.2%
	168,625	Mold-Tek Packaging Ltd.		1,308,486
		Regional Banks 4.8%
	4,510,234	AU Small Finance Bank Ltd.		29,383,391
		Research & Consulting Services 1.0%
	111,007	L&T Technology Services Ltd.		6,121,388
		Specialty Chemicals 2.8%
	518,165	Asian Paints Ltd.		13,786,364
	64,234	Fine Organic Industries Ltd.		3,340,176
				17,126,540
		Total Common Stocks (cost $423,919,406)		627,632,154
		Total Investments (cost $423,919,406) 102.6%§		627,632,154
		Liabilities less Other Assets (2.6%)		(15,918,795	)
		NET ASSETS 100.0%	$	611,713,359
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 97.02%. See Notes to Schedules of Investments.

At December 31, 2024, the 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, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.9%
		Airport Services 3.1%
	689,375	Grupo Aeroportuario del Pacifico SAB de CV, Class B	$	12,118,532
		Apparel Retail 3.0%
	143,718	Trent Ltd.		11,924,300
		Broadline Retail 7.7%
	15,795	MercadoLibre, Inc.*		26,858,450
	34,005	PDD Holdings, Inc., ADR*		3,298,145
				30,156,595
		Consumer Finance 11.7%
	388,161	Bajaj Finance Ltd.		30,865,995
	480,134	Cholamandalam Investment & Finance Co. Ltd.		6,637,554
	914,386	Five-Star Business Finance Ltd.*		8,250,771
				45,754,320
		Diversified Banks 6.2%
	615,086	HDFC Bank Ltd.		12,720,168
	1,099,302	NU Holdings Ltd., Class A*		11,388,769
				24,108,937
		Drug Retail 1.8%
	2,014,263	Raia Drogasil SA		7,169,754
		Electrical Components & Equipment 10.3%
	382,707	Voltronic Power Technology Corp.		21,663,152
	2,174,102	WEG SA		18,570,759
				40,233,911
		Electronic Equipment & Instruments 1.5%
	217,086	Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		5,776,030
		Health Care Facilities 4.3%
	1,264,314	Max Healthcare Institute Ltd.		16,619,558
		Health Care Services 1.5%
	170,429	Dr. Lal PathLabs Ltd.		5,964,675
		Hotels, Resorts & Cruise Lines 4.7%
	43,717	MakeMyTrip Ltd.*		4,908,545
	197,724	Trip.com Group Ltd., ADR*		13,575,730
				18,484,275
		Industrial Machinery & Supplies & Components 4.9%
	164,016	Airtac International Group		4,212,911
	1,249,606	Elgi Equipments Ltd.		8,445,464
	494,178	Techtronic Industries Co. Ltd.		6,496,436
				19,154,811
		Interactive Home Entertainment 4.6%
	169,202	Sea Ltd., ADR*		17,952,332
		Interactive Media & Services 2.7%
	196,300	Tencent Holdings Ltd.		10,477,085
		IT Consulting & Other Services 5.5%
	100,518	Globant SA*		21,553,070
		Life Sciences Tools & Services 5.7%
	313,214	Divi’s Laboratories Ltd.		22,291,654

WASATCH EMERGING MARKETS SELECT FUND
(WAESX / WIESX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Property & Casualty Insurance 1.9%
	870,819	Qualitas Controladora SAB de CV	$	7,325,805
		Regional Banks 2.3%
	1,353,683	AU Small Finance Bank Ltd.		8,819,010
		Restaurants 3.4%
	685,100	Meituan, Class B*		13,320,645
		Semiconductor Materials & Equipment 2.1%
	543,325	Gudeng Precision Industrial Co. Ltd.		8,065,070
		Semiconductors 11.0%
	162,816	ASPEED Technology, Inc.		16,478,284
	78,920	LEENO Industrial, Inc.		10,079,561
	1,321,836	Silergy Corp.		16,224,828
				42,782,673
		Specialty Chemicals 1.0%
	146,101	Asian Paints Ltd.		3,887,182
		Total Common Stocks (cost $338,165,797)		393,940,224
		Total Investments (cost $338,165,797) 100.9%§		393,940,224
		Liabilities less Other Assets (0.9%)		(3,465,092	)
		NET ASSETS 100.0%	$	390,475,132
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 65.66%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch Emerging Markets Select Fund’s investments were in the following countries:

Country	%
Brazil		9.4
China		11.8
Hong Kong		1.6
India		35.9
Mexico		4.9
Singapore		4.6
South Korea		2.6
Taiwan		16.9
United States		12.3
TOTAL		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 101.4%
		Airport Services 1.2%
	423,025	Grupo Aeroportuario del Centro Norte SAB de CV	$	3,640,884
		Apparel Retail 2.6%
	94,299	Trent Ltd.		7,823,999
		Asset Management & Custody Banks 1.5%
	137,775	Prudent Corporate Advisory Services Ltd.		4,398,356
		Automotive Retail 1.2%
	113,257	Aldrees Petroleum & Transport Services Co.		3,617,343
		Commercial & Residential Mortgage Finance 1.3%
	190,668	Aavas Financiers Ltd.*		3,731,752
		Commodity Chemicals 0.8%
	429,436	Berger Paints India Ltd.		2,245,746
		Communications Equipment 1.3%
	159,000	Accton Technology Corp.		3,737,101
		Computer & Electronics Retail 0.1%
	60,525	Aditya Vision Ltd.		360,043
		Construction Machinery & Heavy Transportation Equipment 1.3%
	223,367	Action Construction Equipment Ltd.		3,920,907
		Consumer Finance 6.6%
	775,099	Cholamandalam Financial Holdings Ltd.		12,647,004
	531,313	Five-Star Business Finance Ltd.*		4,794,192
	4,279,450	Ngern Tid Lor PCL		2,133,763
				19,574,959
		Diversified Banks 1.4%
	103,272	TBC Bank Group PLC		4,033,729
		Diversified Support Services 4.0%
	651,470	CMS Info Systems Ltd.		3,722,298
	8,176,200	Frontken Corp. Bhd.		8,142,334
				11,864,632
		Drug Retail 4.5%
	206,717	Clicks Group Ltd.		4,086,964
	60,665	Corporativo Fragua SAB de CV		2,035,948
	1,197,968	Raia Drogasil SA		4,264,158
	854,819	Yifeng Pharmacy Chain Co. Ltd., Class A		2,827,307
				13,214,377
		Electrical Components & Equipment 6.6%
	342,863	Voltronic Power Technology Corp.		19,407,780
		Electronic Components 1.0%
	384,850	Sinbon Electronics Co. Ltd.		3,069,249
		Electronic Equipment & Instruments 2.8%
	525,616	Chroma ATE, Inc.		6,539,891
	60,234	Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		1,602,652
				8,142,543
		Electronic Manufacturing Services 1.6%
	21,499	Fabrinet*		4,727,200
		Food Retail 1.1%
	2,807,577	Philippine Seven Corp.		3,290,755

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Facilities 2.1%
	359,910	Rainbow Children’s Medicare Ltd.	$	6,303,929
		Health Care Services 4.0%
	163,805	Dr. Lal PathLabs Ltd.		5,732,848
	483,037	Vijaya Diagnostic Centre Ltd.		5,952,574
				11,685,422
		Heavy Electrical Equipment 0.9%
	349,876	Elecon Engineering Co. Ltd.		2,587,050
		Home Improvement Retail 0.5%
	6,459,520	Wilcon Depot, Inc.		1,591,663
		Human Resource & Employment Services 1.8%
	7,676	Benefit Systems SA		5,380,374
		Industrial Machinery & Supplies & Components 5.6%
	155,500	Airtac International Group		3,994,169
	1,378,725	Elgi Equipments Ltd.		9,318,116
	557,400	Shenzhen Envicool Technology Co. Ltd., Class A		3,079,275
				16,391,560
		Interactive Media & Services 6.0%
	3,416,426	Baltic Classifieds Group PLC		13,472,622
	42,524	Info Edge India Ltd.		4,299,878
				17,772,500
		IT Consulting & Other Services 14.0%
	1,150,115	FPT Corp.		6,873,371
	95,972	Globant SA*		20,578,316
	183,493	Persistent Systems Ltd.		13,793,508
				41,245,195
		Life & Health Insurance 1.8%
	87,190	Co. for Cooperative Insurance		3,426,119
	192,697	Discovery Ltd.		1,988,824
				5,414,943
		Packaged Foods & Meats 0.9%
	7,658,957	Cisarua Mountain Dairy Tbk. PT		2,569,641
		Personal Care Products 1.9%
	485,151	Proya Cosmetics Co. Ltd., Class A		5,631,725
		Property & Casualty Insurance 3.5%
	1,231,052	Qualitas Controladora SAB de CV		10,356,282
		Regional Banks 3.7%
	1,655,072	AU Small Finance Bank Ltd.		10,782,507
		Research & Consulting Services 0.3%
	3,023,638	CTOS Digital Bhd.		810,843
		Semiconductor Materials & Equipment 2.8%
	555,312	Gudeng Precision Industrial Co. Ltd.		8,243,004
		Semiconductors 10.3%
	95,983	ASPEED Technology, Inc.		9,714,249
	61,083	LEENO Industrial, Inc.		7,801,442
	1,057,728	Silergy Corp.		12,983,044
				30,498,735

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialized Finance 0.4%
	376,482	Chailease Holding Co. Ltd.	$	1,295,447
		Total Common Stocks (cost $189,241,402)		299,362,175
		Total Investments (cost $189,241,402) 101.4%§		299,362,175
		Liabilities less Other Assets (1.4%)		(4,009,553	)
		NET ASSETS 100.0%	$	295,352,622
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 71.22%. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch Emerging Markets Small Cap Fund’s investments were in the following countries:

Country	%
Brazil		1.4
China		4.4
India		34.2
Indonesia		0.9
Malaysia		3.0
Mexico		5.4
Philippines		1.6
Poland		1.8
Saudi Arabia		2.4
South Africa		2.0
South Korea		2.6
Taiwan		23.0
Thailand		0.7
United Kingdom		5.8
United States		8.5
Vietnam		2.3
TOTAL		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX / WIFMX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.1%
		Asset Management & Custody Banks 0.3%
	542,935	VEF AB*	$	108,206
		Automotive Retail 2.0%
	23,148	Aldrees Petroleum & Transport Services Co.		739,330
		Broadline Retail 7.5%
	1,589	MercadoLibre, Inc.*		2,701,999
		Consumer Finance 13.7%
	34,178	Bajaj Finance Ltd.		2,717,785
	39,227	Cholamandalam Financial Holdings Ltd.		640,052
	92,820	Cholamandalam Investment & Finance Co. Ltd.		1,283,179
	568,611	Ngern Tid Lor PCL		283,513
				4,924,529
		Distillers & Vintners 2.6%
	193,860	Ginebra San Miguel, Inc.		921,627
		Diversified Banks 14.1%
	31,098	Banca Transilvania SA		174,772
	780,700	Bank Central Asia Tbk. PT		469,293
	405,989	Bank for Foreign Trade of Vietnam JSC*		1,452,114
	5,104	Credicorp Ltd.		935,665
	258,700	Military Commercial Joint Stock Bank		254,417
	87,794	NU Holdings Ltd., Class A*		909,546
	23,201	TBC Bank Group PLC		906,214
				5,102,021
		Diversified Support Services 3.1%
	1,105,800	Frontken Corp. Bhd.		1,101,220
		Drug Retail 1.4%
	15,534	Corporativo Fragua SAB de CV		521,329
		Electrical Components & Equipment 1.6%
	68,300	WEG SA		583,405
		Electronic Manufacturing Services 1.9%
	3,189	Fabrinet*		701,197
		Food Retail 3.0%
	605,759	Philippine Seven Corp.		710,009
	2,157,000	Sumber Alfaria Trijaya Tbk. PT		381,948
				1,091,957
		Health Care Facilities 4.3%
	9,738	Akdital Holding		1,011,116
	7,120	Dr. Sulaiman Al Habib Medical Services Group Co.		531,338
				1,542,454
		Human Resource & Employment Services 0.3%
	166	Benefit Systems SA		116,355
		Interactive Home Entertainment 5.1%
	17,175	Sea Ltd., ADR*		1,822,267
		Interactive Media & Services 5.4%
	489,902	Baltic Classifieds Group PLC		1,931,921
		IT Consulting & Other Services 18.1%
	1,775	Elm Co.		526,727
	664,225	FPT Corp.		3,969,573
	9,445	Globant SA*		2,025,197
				6,521,497

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX / WIFMX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life & Health Insurance 5.2%
	5,073	Bupa Arabia for Cooperative Insurance Co.	$	279,478
	15,587	Co. for Cooperative Insurance		612,489
	95,188	Discovery Ltd.		982,434
				1,874,401
		Property & Casualty Insurance 3.4%
	147,922	Qualitas Controladora SAB de CV		1,244,401
		Regional Banks 0.2%
	10,200	Regional SAB de CV		57,264
		Semiconductor Materials & Equipment 1.4%
	6,153	Camtek Ltd.		496,978
		Semiconductors 1.5%
	45,000	Silergy Corp.		552,351
		Soft Drinks & Non-Alcoholic Beverages 1.0%
	3,637,200	Sariguna Primatirta Tbk. PT		355,923
		Total Common Stocks (cost $28,041,419)		35,012,632
		EXCHANGE-TRADED FUNDS 2.7%
		Asset Management & Custody Banks 2.7%
	751,600	DCVFMVN Diamond ETF		988,045
		Total Exchange-Traded Funds (cost $911,687)		988,045
		Total Investments (cost $28,953,106) 99.8%§		36,000,677
		Other Assets less Liabilities 0.2%		57,044
		NET ASSETS 100.0%	$	36,057,721
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 40.17%. ADR American Depositary Receipt. ETF Exchange-Traded Fund. See Notes to Schedules of Investments.

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX / WIFMX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2024, the Wasatch Frontier Emerging Small Countries Fund’s investments were in the following countries:

Country	%
Brazil		4.1
India		12.9
Indonesia		3.3
Israel		1.4
Malaysia		3.1
Mexico		5.1
Morocco		2.8
Peru		2.6
Philippines		4.5
Poland		0.3
Romania		0.5
Saudi Arabia		7.5
Singapore		5.1
South Africa		2.7
Sweden		0.3
Taiwan		1.5
Thailand		0.8
United Kingdom		7.9
United States		15.1
Vietnam		18.5
TOTAL		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 94.5%
		Application Software 8.0%
	122,437	Clearwater Analytics Holdings, Inc., Class A*	$	3,369,466
	18,668	Guidewire Software, Inc.*		3,147,052
	50,999	nCino, Inc.*		1,712,547
	36,419	Q2 Holdings, Inc.*		3,665,572
	170,200	Rakus Co. Ltd.		1,981,431
	174,993	Technology One Ltd.		3,380,232
				17,256,300
		Asset Management & Custody Banks 2.3%
	20,586	Hamilton Lane, Inc., Class A		3,047,757
	107,588	Netwealth Group Ltd.		1,908,731
				4,956,488
		Automotive Parts & Equipment 1.5%
	17,643	Modine Manufacturing Co.*		2,045,353
	31,759	XPEL, Inc.*		1,268,454
				3,313,807
		Automotive Retail 1.7%
	98,550	Valvoline, Inc.*		3,565,539
		Biotechnology 0.3%
	122,045	C4 Therapeutics, Inc.*		439,362
	119,482	Sangamo Therapeutics, Inc.*		121,872
				561,234
		Broadline Retail 1.6%
	32,137	Ollie’s Bargain Outlet Holdings, Inc.*		3,526,393
		Building Products 2.4%
	75,334	Trex Co., Inc.*		5,200,306
		Cargo Ground Transportation 2.0%
	9,285	Saia, Inc.*		4,231,453
		Consumer Finance 2.2%
	532,012	Five-Star Business Finance Ltd.*		4,800,499
		Diversified Support Services 1.2%
	146,200	Japan Elevator Service Holdings Co. Ltd.		2,682,721
		Drug Retail 1.3%
	180,400	Sugi Holdings Co. Ltd.		2,826,428
		Electrical Components & Equipment 3.2%
	121,896	Voltronic Power Technology Corp.		6,899,930
		Financial Exchanges & Data 0.6%
	212,332	Open Lending Corp.*		1,267,622
		Health Care Equipment 1.9%
	10,280	DiaSorin SpA		1,060,325
	16,244	Inspire Medical Systems, Inc.*		3,011,313
				4,071,638
		Health Care Facilities 4.5%
	38,870	Ensign Group, Inc.		5,164,268
	349,775	Max Healthcare Institute Ltd.		4,597,834
				9,762,102
		Health Care Services 1.1%
	69,843	Dr. Lal PathLabs Ltd.		2,444,366

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Technology 0.6%
	48,050	JMDC, Inc.	$	1,189,982
		Home Furnishing Retail 0.8%
	188,237	Arhaus, Inc.		1,769,428
		Home Improvement Retail 0.4%
	9,372	Floor & Decor Holdings, Inc., Class A*		934,388
		Homebuilding 1.6%
	20,764	LGI Homes, Inc.*		1,856,301
	62,420	Smith Douglas Homes Corp.*		1,600,449
				3,456,750
		Human Resource & Employment Services 3.0%
	22,145	Paylocity Holding Corp.*		4,417,263
	197,700	SMS Co. Ltd.		1,960,801
				6,378,064
		Industrial Machinery & Supplies & Components 5.2%
	235,964	Elgi Equipments Ltd.		1,594,763
	36,810	Helios Technologies, Inc.		1,643,199
	7,590	Kadant, Inc.		2,618,474
	18,009	RBC Bearings, Inc.*		5,387,212
				11,243,648
		IT Consulting & Other Services 6.0%
	50,051	Endava PLC, ADR*		1,546,576
	29,476	Globant SA*		6,320,244
	52,247	Persistent Systems Ltd.		3,927,503
	62,401	Softcat PLC		1,190,546
				12,984,869
		Leisure Products 0.8%
	41,782	YETI Holdings, Inc.*		1,609,025
		Life Sciences Tools & Services 3.2%
	53,730	Divi’s Laboratories Ltd.		3,824,001
	8,882	Medpace Holdings, Inc.*		2,950,867
				6,774,868
		Managed Health Care 4.0%
	89,296	HealthEquity, Inc.*		8,567,951
		Other Specialty Retail 1.5%
	31,056	Five Below, Inc.*		3,259,638
		Packaged Foods & Meats 1.6%
	22,868	Freshpet, Inc.*		3,386,979
		Personal Care Products 2.2%
	61,456	BellRing Brands, Inc.*		4,630,095
		Pharmaceuticals 1.5%
	139,387	Esperion Therapeutics, Inc.*		306,652
	36,010	Intra-Cellular Therapies, Inc.*		3,007,555
				3,314,207
		Regional Banks 3.8%
	733,626	AU Small Finance Bank Ltd.		4,779,446
	75,324	Bank OZK		3,354,178
				8,133,624

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Research & Consulting Services 3.1%
	196,558	BayCurrent, Inc.	$	6,613,348
		Restaurants 0.6%
	23,086	Dutch Bros, Inc., Class A*		1,209,245
		Semiconductor Materials & Equipment 2.8%
	87,000	Gudeng Precision Industrial Co. Ltd.		1,291,421
	23,920	Nova Ltd.*		4,711,044
				6,002,465
		Semiconductors 5.3%
	38,347	ASPEED Technology, Inc.		3,881,024
	17,536	LEENO Industrial, Inc.		2,239,675
	25,904	Melexis NV		1,514,536
	305,448	Silergy Corp.		3,749,211
				11,384,446
		Specialty Chemicals 1.2%
	15,561	Balchem Corp.		2,536,365
		Systems Software 1.3%
	8,674	CyberArk Software Ltd.*		2,889,743
		Trading Companies & Distributors 4.3%
	64,752	Diploma PLC		3,430,377
	341,500	MonotaRO Co. Ltd.		5,803,388
				9,233,765
		Transaction & Payment Processing Services 3.9%
	29,000	GMO Payment Gateway, Inc.		1,461,415
	67,477	Shift4 Payments, Inc., Class A*		7,002,763
				8,464,178
		Total Common Stocks (cost $144,286,106)		203,333,897
		Total Investments (cost $144,286,106) 94.5%§		203,333,897
		Other Assets less Liabilities 5.5%		11,842,569
		NET ASSETS 100.0%	$	215,176,466
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 37.11%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch Global Opportunities Fund’s investments were in the following countries:

Country	%
Australia		2.6
Belgium		0.7
India		12.8
Israel		3.7
Italy		0.5
Japan		12.1
South Korea		1.1
Taiwan		7.8
United Kingdom		3.0
United States		55.7
TOTAL		100.0	%

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.2%
		Application Software 16.2%
	4,981	Descartes Systems Group, Inc.*	$	566,208
	596	HubSpot, Inc.*		415,275
	1,096	Roper Technologies, Inc.		569,756
	846	Tyler Technologies, Inc.*		487,837
	3,197	Xero Ltd.*		332,689
				2,371,765
		Broadline Retail 5.3%
	2,116	Dollarama, Inc.		206,499
	338	MercadoLibre, Inc.*		574,749
				781,248
		Building Products 5.7%
	15,614	Assa Abloy AB, Class B		461,180
	5,307	Trex Co., Inc.*		366,342
				827,522
		Cargo Ground Transportation 2.8%
	2,330	Old Dominion Freight Line, Inc.		411,012
		Consumer Finance 3.6%
	6,581	Bajaj Finance Ltd.		523,311
		Distributors 2.9%
	1,256	Pool Corp.		428,221
		Diversified Banks 4.5%
	20,556	HDFC Bank Ltd.		425,104
	22,597	NU Holdings Ltd., Class A*		234,105
				659,209
		Diversified Support Services 4.1%
	10,343	Copart, Inc.*		593,585
		Drug Retail 2.4%
	22,700	Sugi Holdings Co. Ltd.		355,654
		Electrical Components & Equipment 2.8%
	48,000	WEG SA		410,007
		Electronic Components 3.3%
	6,863	Amphenol Corp., Class A		476,635
		Electronic Equipment & Instruments 2.9%
	12,546	Halma PLC		420,905
		Financial Exchanges & Data 3.8%
	1,643	Morningstar, Inc.		553,297
		Health Care Equipment 2.0%
	2,823	DiaSorin SpA		291,177
		Hotels, Resorts & Cruise Lines 2.2%
	4,671	Trip.com Group Ltd., ADR*		320,711
		Industrial Machinery & Supplies & Components 3.8%
	1,839	RBC Bearings, Inc.*		550,118
		Interactive Media & Services 3.7%
	6,194	Scout24 SE		546,552
		IT Consulting & Other Services 2.4%
	1,648	Globant SA*		353,364

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 2.7%
	1,895	ICON PLC*	$	397,400
		Managed Health Care 4.7%
	7,146	HealthEquity, Inc.*		685,659
		Movies & Entertainment 1.7%
	564	Spotify Technology SA*		252,322
		Research & Consulting Services 3.4%
	14,880	BayCurrent, Inc.		500,649
		Semiconductors 3.3%
	366	Monolithic Power Systems, Inc.		216,562
	21,419	Silergy Corp.		262,907
				479,469
		Trading Companies & Distributors 3.1%
	27,076	MonotaRO Co. Ltd.		460,125
		Transaction & Payment Processing Services 4.9%
	3,425	Block, Inc.*		291,091
	4,033	Shift4 Payments, Inc., Class A*		418,544
				709,635
		Total Common Stocks (cost $11,148,487)		14,359,552
		Total Investments (cost $11,148,487) 98.2%§		14,359,552
		Other Assets less Liabilities 1.8%		263,543
		NET ASSETS 100.0%	$	14,623,095
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 31.32%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch Global Select Fund’s investments were in the following countries:

Country	%
Australia		2.3
Brazil		4.5
Canada		5.4
China		2.2
Germany		3.8
India		6.6
Ireland		2.8
Italy		2.0
Japan		9.2
Sweden		5.0
Taiwan		1.8
United Kingdom		2.9
United States		51.5
TOTAL		100.0	%

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.1%
		Broadline Retail 1.9%
	216,000	Alibaba Group Holding Ltd.	$	2,286,005
		Consumer Staples Merchandise Retail 1.7%
	26,500	Dollar General Corp.		2,009,230
		Diversified Banks 13.9%
	42,000	Citigroup, Inc.		2,956,380
	180,000	ING Groep NV, ADR		2,820,600
	18,500	JPMorgan Chase & Co.		4,434,635
	41,500	Toronto-Dominion Bank		2,209,464
	162,000	United Overseas Bank Ltd.		4,302,051
				16,723,130
		Diversified Metals & Mining 2.1%
	105,000	BHP Group Ltd.		2,561,449
		Electric Utilities 11.9%
	52,000	Duke Energy Corp.		5,602,480
	62,000	Evergy, Inc.		3,816,100
	130,500	Exelon Corp.		4,912,020
				14,330,600
		Food Retail 3.4%
	125,000	Koninklijke Ahold Delhaize NV		4,077,364
		Health Care Services 3.8%
	30,000	Quest Diagnostics, Inc.		4,525,800
		Industrial Machinery & Supplies & Components 1.5%
	45,000	Hoshizaki Corp.		1,769,358
		Industrial REITs 2.1%
	1,582,900	Mapletree Industrial Trust		2,559,039
		Integrated Oil & Gas 8.3%
	20,800	Chevron Corp.		3,012,672
	74,000	Suncor Energy, Inc.		2,641,441
	77,000	TotalEnergies SE		4,290,043
				9,944,156
		Integrated Telecommunication Services 8.5%
	165,000	AT&T, Inc.		3,757,050
	16,250,000	Telkom Indonesia Persero Tbk. PT		2,720,021
	95,000	Verizon Communications, Inc.		3,799,050
				10,276,121
		IT Consulting & Other Services 2.8%
	40,000	Amdocs Ltd.		3,405,600
		Managed Health Care 2.6%
	52,500	Centene Corp.*		3,180,450
		Multi-Line Insurance 2.9%
	97,000	AXA SA		3,452,192
		Other Specialized REITs 3.2%
	130,000	VICI Properties, Inc.		3,797,300
		Personal Care Products 2.3%
	132,700	Kenvue, Inc.		2,833,145

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 10.2%
	41,000	Johnson & Johnson	$	5,929,420
	48,500	Novartis AG		4,721,826
	115,000	Shionogi & Co. Ltd.		1,612,893
				12,264,139
		Property & Casualty Insurance 1.8%
	25,000	Axis Capital Holdings Ltd.		2,215,500
		Rail Transportation 3.5%
	18,500	Union Pacific Corp.		4,218,740
		Reinsurance 2.5%
	6,000	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3,027,374
		Retail REITs 2.2%
	113,000	Kimco Realty Corp.		2,647,590
		Semiconductors 0.4%
	24,000	Intel Corp.		481,200
		Technology Hardware, Storage & Peripherals 2.0%
	69,000	Samsung Electronics Co. Ltd.		2,462,390
		Tobacco 2.6%
	44,000	KT&G Corp.		3,183,760
		Total Common Stocks (cost $99,169,806)		118,231,632
		Total Investments (cost $99,169,806) 98.1%§		118,231,632
		Other Assets less Liabilities 1.9%		2,255,158
		NET ASSETS 100.0%	$	120,486,790
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 29.81%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch Global Value Fund’s investments were in the following countries:

Country	%
Australia		2.2
Canada		4.1
China		1.9
France		6.5
Germany		2.6
Indonesia		2.3
Japan		2.9
Netherlands		5.8
Singapore		5.8
South Korea		4.8
Switzerland		4.0
United States		57.1
TOTAL		100.0	%

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 115.2%
		Distillers & Vintners 4.6%
	6,900	Wuliangye Yibin Co. Ltd., Class A	$	132,387
		Diversified Banks 2.1%
	11,500	China Merchants Bank Co. Ltd., Class H		58,700
		Drug Retail 5.6%
	48,717	Yifeng Pharmacy Chain Co. Ltd., Class A		161,131
		Electrical Components & Equipment 5.7%
	4,440	Contemporary Amperex Technology Co. Ltd., Class A		161,841
		Electronic Components 5.4%
	36,100	Shenzhen H&T Intelligent Control Co. Ltd., Class A		89,567
	8,000	Sinbon Electronics Co. Ltd.		63,801
				153,368
		Electronic Equipment & Instruments 3.9%
	4,200	Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		111,750
		Health Care Equipment 2.3%
	1,900	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		66,363
		Hotels, Resorts & Cruise Lines 4.1%
	35,800	H World Group Ltd.		118,406
		Industrial Machinery & Supplies & Components 18.4%
	4,100	Airtac International Group		105,312
	37,350	Shenzhen Envicool Technology Co. Ltd., Class A		206,335
	11,363	Shenzhen Inovance Technology Co. Ltd., Class A		91,185
	9,278	Techtronic Industries Co. Ltd.		121,968
				524,800
		Interactive Media & Services 12.5%
	6,700	Tencent Holdings Ltd.		357,598
		Life & Health Insurance 5.6%
	10,100	AIA Group Ltd.		72,547
	15,000	Ping An Insurance Group Co. of China Ltd., Class H		88,040
				160,587
		Life Sciences Tools & Services 4.0%
	6,100	Hangzhou Tigermed Consulting Co. Ltd., Class A		45,641
	30,687	Wuxi Biologics Cayman, Inc.*		68,772
				114,413
		Other Specialty Retail 1.3%
	4,200	China Tourism Group Duty Free Corp. Ltd., Class A		38,552
		Personal Care Products 4.1%
	10,037	Proya Cosmetics Co. Ltd., Class A		116,512
		Regional Banks 2.2%
	18,500	Bank of Ningbo Co. Ltd., Class A		61,623
		Restaurants 10.0%
	14,700	Meituan, Class B*		285,817
		Semiconductor Materials & Equipment 3.6%
	6,997	Gudeng Precision Industrial Co. Ltd.		103,863
		Semiconductors 14.5%
	1,814	3peak, Inc., Class A*		22,970
	20,700	Silergy Corp.		254,081
	41,256	Sino Wealth Electronic Ltd., Class A		138,208
				415,259

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialized Finance 1.0%
	8,000	Chailease Holding Co. Ltd.	$	27,528
		Systems Software 4.3%
	34,700	Hangzhou Dptech Technologies Co. Ltd., Class A		83,163
	5,000	Sangfor Technologies, Inc., Class A		39,333
				122,496
		Total Common Stocks (cost $4,897,029)		3,292,994
		Total Investments (cost $4,897,029) 115.2%§		3,292,994
		Liabilities less Other Assets (15.2%)		(435,492	)
		NET ASSETS 100.0%	$	2,857,502
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 112.11%. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch Greater China Fund’s investments were in the following countries:

Country	%
China		77.3
Hong Kong		5.9
Taiwan		16.8
TOTAL		100.0	%

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.6%
		Application Software 8.6%
	71,488	Descartes Systems Group, Inc.*	$	8,126,292
	14,511	Planisware SA*		422,678
	221,800	Rakus Co. Ltd.		2,582,147
	450,232	Technology One Ltd.		8,696,855
				19,827,972
		Asset Management & Custody Banks 4.2%
	306,106	JTC PLC		3,770,826
	337,183	Netwealth Group Ltd.		5,982,001
				9,752,827
		Brewers 0.5%
	16,300	Royal Unibrew AS		1,147,803
		Broadline Retail 2.9%
	293,800	Ryohin Keikaku Co. Ltd.		6,689,226
		Building Products 2.6%
	106,539	Carel Industries SpA		2,046,045
	235,050	Munters Group AB		3,946,400
				5,992,445
		Commercial & Residential Mortgage Finance 0.6%
	266,046	OSB Group PLC		1,347,780
		Computer & Electronics Retail 0.1%
	26,847	Aditya Vision Ltd.		159,704
		Consumer Finance 2.1%
	194,777	Cholamandalam Financial Holdings Ltd.		3,178,104
	190,306	Five-Star Business Finance Ltd.*		1,717,187
				4,895,291
		Diversified Banks 1.6%
	134,000	Rakuten Bank Ltd.*		3,740,569
		Diversified Real Estate Activities 1.2%
	324,693	Patrizia SE		2,685,228
		Diversified Support Services 3.1%
	391,593	Japan Elevator Service Holdings Co. Ltd.		7,185,600
		Drug Retail 2.9%
	332,132	Raia Drogasil SA		1,182,221
	353,000	Sugi Holdings Co. Ltd.		5,530,650
				6,712,871
		Electrical Components & Equipment 3.2%
	128,969	Voltronic Power Technology Corp.		7,300,298
		Electronic Equipment & Instruments 3.9%
	222,091	Halma PLC		7,450,914
	85,685	Lagercrantz Group AB, Class B		1,609,533
				9,060,447
		Health Care Equipment 2.7%
	59,551	DiaSorin SpA		6,142,356
		Health Care Facilities 1.8%
	306,668	Max Healthcare Institute Ltd.		4,031,187

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Services 0.9%
	59,038	Dr. Lal PathLabs Ltd.	$	2,066,212
		Health Care Technology 1.7%
	83,027	JMDC, Inc.		2,056,205
	11,668	Pro Medicus Ltd.		1,802,385
				3,858,590
		Human Resource & Employment Services 2.0%
	426,005	SMS Co. Ltd.		4,225,144
	7,300	Visional, Inc.*		368,621
				4,593,765
		Industrial Machinery & Supplies & Components 3.3%
	70,000	Airtac International Group		1,798,018
	409,211	Elgi Equipments Ltd.		2,765,654
	8,799	Kardex Holding AG		2,627,400
	11,000	Stabilus SE		345,616
				7,536,688
		Interactive Media & Services 5.5%
	130,939	Hemnet Group AB		3,976,509
	154,550	Rightmove PLC		1,236,956
	84,002	Scout24 SE		7,412,242
				12,625,707
		Investment Banking & Brokerage 2.2%
	909,983	AJ Bell PLC		5,154,914
		IT Consulting & Other Services 9.4%
	77,282	Endava PLC, ADR*		2,388,014
	20,106	Globant SA*		4,311,129
	105,880	Grid Dynamics Holdings, Inc.*		2,354,771
	17,568	Persistent Systems Ltd.		1,320,619
	31,344	Reply SpA		4,982,518
	325,633	Softcat PLC		6,212,736
				21,569,787
		Life & Health Insurance 0.3%
	62,607	Discovery Ltd.		646,166
		Movies & Entertainment 1.8%
	48,406	CTS Eventim AG & Co. KGaA		4,092,006
		Property & Casualty Insurance 5.1%
	190,057	Definity Financial Corp.		7,728,152
	476,718	Qualitas Controladora SAB de CV		4,010,412
				11,738,564
		Regional Banks 2.4%
	466,710	AU Small Finance Bank Ltd.		3,040,535
	34,444	EQB, Inc.		2,371,507
				5,412,042
		Research & Consulting Services 3.5%
	237,600	BayCurrent, Inc.		7,994,238
		Semiconductor Materials & Equipment 1.6%
	17,787	Camtek Ltd.		1,436,656
	120,993	Gudeng Precision Industrial Co. Ltd.		1,796,010
	50,900	Japan Material Co. Ltd.		539,139
				3,771,805

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductors 5.1%
	24,479	ASPEED Technology, Inc.	$	2,477,471
	23,995	LEENO Industrial, Inc.		3,064,610
	20,771	Melexis NV		1,214,424
	395,768	Silergy Corp.		4,857,840
				11,614,345
		Specialty Chemicals 0.4%
	87,795	Hexpol AB		817,802
		Systems Software 1.1%
	7,399	CyberArk Software Ltd.*		2,464,977
		Trading Companies & Distributors 8.8%
	168,220	Diploma PLC		8,911,819
	216,695	Howden Joinery Group PLC		2,146,706
	543,248	MonotaRO Co. Ltd.		9,231,856
				20,290,381
		Transaction & Payment Processing Services 0.5%
	21,600	GMO Payment Gateway, Inc.		1,088,502
		Total Common Stocks (cost $147,893,027)		224,008,095
		Total Investments (cost $147,893,027) 97.6%§		224,008,095
		Other Assets less Liabilities 2.4%		5,411,609
		NET ASSETS 100.0%	$	229,419,704
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 72.61%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2024, the Wasatch International Growth Fund’s investments were in the following countries:

Country	%
Australia		7.4
Belgium		0.5
Brazil		0.5
Canada		8.1
Denmark		0.5
France		0.2
Germany		6.5
India		8.2
Israel		1.7
Italy		5.9
Japan		22.9
Mexico		1.8
South Africa		0.3
South Korea		1.4
Sweden		4.6
Switzerland		1.2
Taiwan		8.1
United Kingdom		17.2
United States		3.0
TOTAL		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.9%
		Alternative Carriers 2.5%
	133,307	Chief Telecom, Inc.	$	1,948,273
		Application Software 10.3%
	17,943	Atoss Software SE		2,121,796
	213,128	Bytes Technology Group PLC		1,127,560
	112,376	Fortnox AB		728,710
	141,218	m-up Holdings, Inc.		1,452,649
	18,623	Mensch und Maschine Software SE		1,021,053
	105,332	Rakus Co. Ltd.		1,226,252
	29,900	Smaregi, Inc.*		498,173
				8,176,193
		Asset Management & Custody Banks 4.9%
	149,179	JTC PLC		1,837,691
	61,554	Prudent Corporate Advisory Services Ltd.		1,965,062
	11,250	Tatton Asset Management PLC		96,733
				3,899,486
		Commercial & Residential Mortgage Finance 5.5%
	87,581	Aavas Financiers Ltd.*		1,714,135
	352,416	Mortgage Advice Bureau Holdings Ltd.		2,691,256
				4,405,391
		Commodity Chemicals 2.6%
	155,107	Berger Paints India Ltd.		811,136
	22,804	Supreme Industries Ltd.		1,249,862
				2,060,998
		Consumer Finance 1.9%
	5,906	Moltiply Group SpA		222,379
	77,850	Premium Group Co. Ltd.		1,269,933
				1,492,312
		Data Processing & Outsourced Services 0.6%
	238,000	Infomart Corp.		456,834
		Distributors 0.0%
	1,034	Supply Network Ltd.		21,081
		Diversified Support Services 10.9%
	277,589	CMS Info Systems Ltd.		1,586,057
	589,731	Frontken Corp. Bhd.		587,288
	188,200	Japan Elevator Service Holdings Co. Ltd.		3,453,407
	1,041,819	Johnson Service Group PLC		1,768,567
	299,097	Prestige International, Inc.		1,287,625
				8,682,944
		Electrical Components & Equipment 3.0%
	42,631	Voltronic Power Technology Corp.		2,413,130
		Electronic Equipment & Instruments 1.7%
	47,060	Nayax Ltd.*		1,383,778
		Food Retail 3.3%
	19,104	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		1,298,145
	1,081,500	Sheng Siong Group Ltd.		1,299,347
				2,597,492
		Health Care Facilities 1.0%
	43,530	Rainbow Children’s Medicare Ltd.		762,441

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Services 4.2%
	268,508	Vijaya Diagnostic Centre Ltd.	$	3,308,885
		Health Care Technology 3.7%
	18,872	Pro Medicus Ltd.		2,915,204
		Heavy Electrical Equipment 1.0%
	112,848	Elecon Engineering Co. Ltd.		834,420
		Human Resource & Employment Services 4.0%
	3,443	Benefit Systems SA		2,413,318
	79,162	SMS Co. Ltd.		785,134
				3,198,452
		Industrial Machinery & Supplies & Components 1.8%
	208,236	Elgi Equipments Ltd.		1,407,363
		Interactive Media & Services 9.8%
	828,815	Baltic Classifieds Group PLC		3,268,419
	18,400	Bengo4.com, Inc.*		263,351
	125,855	Hemnet Group AB		3,822,113
	32,139	MarkLines Co. Ltd.		439,922
				7,793,805
		Investment Banking & Brokerage 3.8%
	423,179	AJ Bell PLC		2,397,244
	25,900	Strike Co. Ltd.		594,345
				2,991,589
		IT Consulting & Other Services 4.9%
	77,079	baudroie, Inc.*		2,384,976
	58,999	Grid Dynamics Holdings, Inc.*		1,312,138
	12,700	Simplex Holdings, Inc.		198,967
				3,896,081
		Metal, Glass & Plastic Containers 0.7%
	71,921	Mold-Tek Packaging Ltd.		558,088
		Personal Care Products 2.9%
	115,294	Sarantis SA		1,297,170
	152,762	Warpaint London PLC		994,462
				2,291,632
		Property & Casualty Insurance 2.5%
	233,798	Qualitas Controladora SAB de CV		1,966,837
		Real Estate Services 1.1%
	19,744	AZOOM Co. Ltd.		862,921
		Regional Banks 1.3%
	15,135	EQB, Inc.		1,042,061
		Research & Consulting Services 2.8%
	296,700	SIGMAXYZ Holdings, Inc.		1,753,628
	73,000	Sporton International, Inc.		460,504
				2,214,132
		Restaurants 0.4%
	14,500	Gift Holdings, Inc.		332,115
		Semiconductor Materials & Equipment 2.8%
	106,424	Gudeng Precision Industrial Co. Ltd.		1,579,749
	20,900	Japan Material Co. Ltd.		221,375
	57,059	Materials Analysis Technology, Inc.		431,191
				2,232,315

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductors 2.7%
	14,423	Elmos Semiconductor SE	$	1,021,245
	8,732	LEENO Industrial, Inc.		1,115,240
				2,136,485
		Trading Companies & Distributors 1.3%
	143,159	Ashtead Technology Holdings PLC		1,001,844
		Total Common Stocks (cost $48,070,596)		79,284,582
		Total Investments (cost $48,070,596) 99.9%§		79,284,582
		Other Assets less Liabilities 0.1%		42,952
		NET ASSETS 100.0%	$	79,327,534
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 62.01%. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch International Opportunities Fund’s investments were in the following countries:

Country	%
Australia		3.7
Canada		1.3
Germany		5.3
Greece		1.6
India		17.9
Israel		3.4
Italy		0.3
Japan		22.1
Malaysia		0.7
Mexico		2.5
Poland		3.0
Singapore		1.6
South Korea		1.4
Sweden		5.7
Taiwan		8.6
United Kingdom		19.2
United States		1.7
TOTAL		100.0	%

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 94.3%
		Apparel, Accessories & Luxury Goods 1.9%
	29	Hermes International SCA	$	69,582
		Application Software 10.6%
	48	Constellation Software, Inc.		148,427
	1,629	Descartes Systems Group, Inc.*		185,174
	544	Xero Ltd.*		56,610
				390,211
		Asset Management & Custody Banks 3.8%
	102	Partners Group Holding AG		138,546
		Automobile Manufacturers 4.6%
	399	Ferrari NV		170,253
		Broadline Retail 7.8%
	2,379	Dollarama, Inc.		232,165
	2,377	Ryohin Keikaku Co. Ltd.		54,120
				286,285
		Building Products 3.5%
	3,684	Assa Abloy AB, Class B		108,812
	247	Kingspan Group PLC		17,956
				126,768
		Diversified Banks 3.1%
	4,034	Rakuten Bank Ltd.*		112,608
		Diversified Real Estate Activities 2.0%
	2,300	Sumitomo Realty & Development Co. Ltd.		71,527
		Drug Retail 2.5%
	5,800	Sugi Holdings Co. Ltd.		90,872
		Electrical Components & Equipment 2.0%
	1,154	Prysmian SpA		73,852
		Electronic Equipment & Instruments 5.1%
	5,622	Halma PLC		188,612
		Health Care Equipment 3.1%
	1,115	DiaSorin SpA		115,006
		Industrial Machinery & Supplies & Components 2.1%
	199	VAT Group AG		75,244
		Interactive Media & Services 8.1%
	959	REA Group Ltd.		137,965
	1,796	Scout24 SE		158,477
				296,442
		IT Consulting & Other Services 0.8%
	1,000	Obic Co. Ltd.		29,758
		Life Sciences Tools & Services 3.0%
	519	ICON PLC*		108,839
		Movies & Entertainment 5.4%
	445	Spotify Technology SA*		199,084
		Pharmaceuticals 1.1%
	1,500	Daiichi Sankyo Co. Ltd.		41,045
		Property & Casualty Insurance 5.8%
	5,230	Definity Financial Corp.		212,664

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Real Estate Services 5.1%
	1,026	FirstService Corp.	$	185,857
		Research & Consulting Services 4.8%
	2,750	BayCurrent, Inc.		92,526
	500	Wolters Kluwer NV		83,072
				175,598
		Semiconductor Materials & Equipment 3.5%
	140	ASM International NV		80,946
	334	BE Semiconductor Industries NV		45,781
				126,727
		Trading Companies & Distributors 2.3%
	5,000	MonotaRO Co. Ltd.		84,969
		Transaction & Payment Processing Services 2.3%
	57	Adyen NV*		84,706
		Total Common Stocks (cost $2,870,052)		3,455,055
		Total Investments (cost $2,870,052) 94.3%§		3,455,055
		Other Assets less Liabilities 5.7%		208,061
		NET ASSETS 100.0%	$	3,663,116
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 59.59%. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch International Select Fund’s investments were in the following countries:

Country	%
Australia		5.6
Canada		27.9
France		2.0
Germany		4.6
Ireland		3.7
Italy		10.4
Japan		16.7
Netherlands		8.5
Sweden		8.9
Switzerland		6.2
United Kingdom		5.5
TOTAL		100.0	%

WASATCH INTERNATIONAL VALUEFUND (WAIVX / WGIVX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.3%
		Automobile Manufacturers 2.5%
	2,800	Subaru Corp.	$	49,751
		Broadline Retail 2.4%
	4,400	Alibaba Group Holding Ltd.		46,567
		Construction & Engineering 2.5%
	1,681	Bouygues SA		49,775
		Diversified Banks 15.9%
	6,443	HSBC Holdings PLC		63,290
	3,876	ING Groep NV		60,743
	5,311	Nordea Bank Abp		57,853
	8,600	Piraeus Financial Holdings SA		34,231
	1,060	Toronto-Dominion Bank		56,435
	1,500	United Overseas Bank Ltd.		39,834
				312,386
		Diversified Metals & Mining 2.4%
	649	Rio Tinto Ltd.		47,061
		Diversified REITs 2.1%
	5,719	Land Securities Group PLC		41,766
		Electronic Manufacturing Services 2.1%
	4,350	Venture Corp. Ltd.		41,842
		Food Retail 2.9%
	1,740	Koninklijke Ahold Delhaize NV		56,757
		Health Care Distributors 1.9%
	2,500	Medipal Holdings Corp.		37,597
		Industrial Machinery & Supplies & Components 1.8%
	900	Hoshizaki Corp.		35,387
		Industrial REITs 2.0%
	24,200	Mapletree Industrial Trust		39,124
		Integrated Oil & Gas 9.0%
	9,204	BP PLC		45,495
	3,178	Eni SpA		43,470
	1,005	Suncor Energy, Inc.		35,873
	941	TotalEnergies SE		52,428
				177,266
		Integrated Telecommunication Services 7.4%
	2,501	Deutsche Telekom AG		74,938
	8,443	Telekom Austria AG		69,615
				144,553
		Multi-Line Insurance 3.6%
	1,966	AXA SA		69,969
		Multi-Utilities 8.1%
	5,021	Engie SA		79,630
	6,700	National Grid PLC		79,598
				159,228
		Pharmaceuticals 10.1%
	2,357	GSK PLC		39,756
	592	Novartis AG		57,636
	629	Sanofi SA		61,146
	2,800	Shionogi & Co. Ltd.		39,270
				197,808

WASATCH INTERNATIONAL VALUEFUND (WAIVX / WGIVX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 2.2%
	5,375	Shizuoka Financial Group, Inc.	$	43,592
		Reinsurance 5.7%
	96	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		48,438
	440	Swiss Re AG		63,727
				112,165
		Soft Drinks & Non-Alcoholic Beverages 2.1%
	1,300	Suntory Beverage & Food Ltd.		41,303
		Technology Hardware, Storage & Peripherals 1.9%
	1,030	Samsung Electronics Co. Ltd.		36,757
		Tobacco 5.5%
	1,843	British American Tobacco PLC		66,504
	1,600	Japan Tobacco, Inc.		41,045
				107,549
		Trading Companies & Distributors 2.2%
	2,500	Toyota Tsusho Corp.		44,211
		Total Common Stocks (cost $1,942,349)		1,892,414
		Total Investments (cost $1,942,349) 96.3%§		1,892,414
		Other Assets less Liabilities 3.7%		73,006
		NET ASSETS 100.0%	$	1,965,420
		§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 82.69%. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch International Value Fund’s investments were in the following countries:

Country	%
Australia		2.5
Austria		3.7
Canada		4.9
China		2.5
Finland		3.1
France		16.5
Germany		6.5
Greece		1.8
Italy		2.3
Japan		17.5
Netherlands		6.2
Singapore		6.4
South Korea		1.9
Switzerland		6.4
United Kingdom		17.8
TOTAL		100.0	%

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 112.0%
		Apparel, Accessories & Luxury Goods 0.5%
	7,109	Carter’s, Inc.	$	385,237
		Application Software 14.7%
	49,697	Clearwater Analytics Holdings, Inc., Class A* ††		1,367,661
	11,486	Guidewire Software, Inc.* ††		1,936,310
	3,184	HubSpot, Inc.* ††		2,218,516
	4,174	Roper Technologies, Inc.††		2,169,854
	37,300	Sprout Social, Inc., Class A* ††		1,145,483
	7,413	Workday, Inc., Class A* ††		1,912,776
				10,750,600
		Asset Management & Custody Banks 2.4%
	12,044	Hamilton Lane, Inc., Class A††		1,783,114
		Automotive Parts & Equipment 1.1%
	20,893	XPEL, Inc.* ††		834,466
		Automotive Retail 3.3%
	35,140	Monro, Inc.		871,472
	43,229	Valvoline, Inc.* ††		1,564,025
				2,435,497
		Biotechnology 3.0%
	178,850	C4 Therapeutics, Inc.*		643,860
	95,314	MacroGenics, Inc.*		309,770
	57,441	Nkarta, Inc.*		143,028
	25,452	Nurix Therapeutics, Inc.* ††		479,516
	279,690	Sangamo Therapeutics, Inc.*		285,284
	8,133	Viking Therapeutics, Inc.* ††		327,272
				2,188,730
		Building Products 2.1%
	22,815	Trex Co., Inc.* ††		1,574,919
		Consumer Finance 1.9%
	113,828	EZCORP, Inc., Class A* ††		1,390,978
		Distillers & Vintners 1.4%
	25,152	MGP Ingredients, Inc.††		990,234
		Distributors 2.2%
	4,767	Pool Corp.††		1,625,261
		Electronic Equipment & Instruments 2.4%
	11,273	Novanta, Inc.* ††		1,722,176
		Electronic Manufacturing Services 2.4%
	7,948	Fabrinet*		1,747,606
		Financial Exchanges & Data 5.6%
	6,865	MarketAxess Holdings, Inc.††		1,551,765
	7,581	Morningstar, Inc.††		2,552,977
				4,104,742
		Health Care Equipment 1.5%
	6,051	Inspire Medical Systems, Inc.* ††		1,121,734
		Health Care Facilities 4.0%
	22,172	Ensign Group, Inc.††		2,945,772

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Services 3.6%
	12,973	Addus HomeCare Corp.* ††	$	1,626,165
	39,034	Pennant Group, Inc.* ††		1,035,182
				2,661,347
		Health Care Supplies 1.4%
	4,298	UFP Technologies, Inc.* ††		1,050,904
		Home Improvement Retail 2.8%
	20,405	Floor & Decor Holdings, Inc., Class A* ††		2,034,379
		Homebuilding 2.1%
	17,728	Champion Homes, Inc.* ††		1,561,837
		Human Resource & Employment Services 3.2%
	11,817	Paylocity Holding Corp.* ††		2,357,137
		Industrial Machinery & Supplies & Components 5.8%
	5,677	Kadant, Inc.††		1,958,508
	7,571	RBC Bearings, Inc.* ††		2,264,789
				4,223,297
		Investment Banking & Brokerage 2.1%
	20,918	Moelis & Co., Class A††		1,545,422
		IT Consulting & Other Services 3.0%
	10,293	Globant SA* ††		2,207,025
		Leisure Products 1.6%
	30,149	YETI Holdings, Inc.* ††		1,161,038
		Life Sciences Tools & Services 2.1%
	4,677	Medpace Holdings, Inc.* ††		1,553,840
		Managed Health Care 3.9%
	29,429	HealthEquity, Inc.* ††		2,823,713
		Oil & Gas Equipment & Services 2.6%
	32,146	Cactus, Inc., Class A††		1,876,041
		Oil & Gas Storage & Transportation 1.7%
	133,607	DHT Holdings, Inc.††		1,241,209
		Other Specialty Retail 0.9%
	6,488	Five Below, Inc.*		680,980
		Packaged Foods & Meats 3.4%
	54,177	Flowers Foods, Inc.††		1,119,297
	9,488	Freshpet, Inc.* ††		1,405,268
				2,524,565
		Passenger Airlines 1.5%
	12,723	Copa Holdings SA, Class A		1,118,097
		Personal Care Products 0.7%
	33,060	Nature’s Sunshine Products, Inc.*		484,660
		Pharmaceuticals 3.8%
	324,988	Esperion Therapeutics, Inc.*		714,973
	24,490	Intra-Cellular Therapies, Inc.* ††		2,045,405
				2,760,378
		Property & Casualty Insurance 2.8%
	22,997	Axis Capital Holdings Ltd.††		2,037,994
		Regional Banks 2.8%
	46,833	Bank OZK††		2,085,474
		Research & Consulting Services 2.1%
	13,184	ICF International, Inc.††		1,571,665

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Self-Storage REITs 2.5%
	47,741	National Storage Affiliates Trust††	$	1,809,861
		Semiconductors 1.8%
	2,194	Monolithic Power Systems, Inc.††		1,298,190
		Specialty Chemicals 1.8%
	11,903	Innospec, Inc.††		1,310,044
		Technology Distributors 1.3%
	20,768	ScanSource, Inc.* ††		985,442
		Transaction & Payment Processing Services 2.2%
	18,738	Block, Inc.* ††		1,592,543
		Total Common Stocks (cost $69,891,986)		82,158,148
		WARRANTS 0.1%
		Biotechnology 0.1%
	178,571	Sangamo Therapeutics, Inc., expiring 9/26/2029* *** †		75,000
		Total Warrants (cost $36,978)		75,000
		COMMON STOCKS SOLD SHORT (43.1%)
		Advertising 0.9%
	(46,465)	Thryv Holdings, Inc.*		(687,682	)
		Aerospace & Defense 0.9%
	(24,768)	Rocket Lab USA, Inc.*		(630,841	)
		Alternative Carriers 0.8%
	(283,299)	Globalstar, Inc.*		(586,429	)
		Apparel Retail 0.9%
	(18,519)	Revolve Group, Inc.*		(620,201	)
		Application Software 6.4%
	(27,870)	Asana, Inc., Class A*		(564,925	)
	(30,732)	Confluent, Inc., Class A*		(859,267	)
	(104,429)	CS Disco, Inc.*		(521,101	)
	(77,040)	Domo, Inc., Class B*		(545,443	)
	(24,377)	Informatica, Inc., Class A*		(632,096	)
	(5,962)	Nutanix, Inc., Class A*		(364,755	)
	(78,249)	Sprinklr, Inc., Class A*		(661,204	)
	(87,995)	Yext, Inc.*		(559,648	)
				(4,708,439	)
		Asset Management & Custody Banks 0.4%
	(1,589)	ARES Management Corp., Class A		(281,301	)
		Biotechnology 0.6%
	(11,845)	CRISPR Therapeutics AG*		(466,219	)
		Communications Equipment 0.6%
	(1,318)	Ubiquiti, Inc.		(437,484	)
		Consumer Finance 0.7%
	(6,102)	Moneylion, Inc.*		(524,833	)
		Electrical Components & Equipment 0.4%
	(29,177)	Sunrun, Inc.*		(269,887	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electronic Equipment & Instruments 0.7%
	(308,257)	SmartRent, Inc.*	$	(539,450	)
		Health Care Equipment 1.9%
	(77,278)	Alphatec Holdings, Inc.*		(709,412	)
	(57,121)	Nevro Corp.*		(212,490	)
	(64,583)	Pulmonx Corp.*		(438,519	)
				(1,360,421	)
		Health Care Facilities 1.6%
	(19,609)	Acadia Healthcare Co., Inc.*		(777,497	)
	(3,932)	National HealthCare Corp.		(422,926	)
				(1,200,423	)
		Health Care REITs 0.7%
	(3,810)	Welltower, Inc.		(480,174	)
		Health Care Technology 0.9%
	(25,557)	Phreesia, Inc.*		(643,014	)
		Heavy Electrical Equipment 0.9%
	(27,988)	Bloom Energy Corp., Class A*		(621,614	)
		Homebuilding 0.6%
	(17,752)	Legacy Housing Corp.*		(438,119	)
		Hotels, Resorts & Cruise Lines 1.5%
	(3,006)	Hyatt Hotels Corp., Class A		(471,882	)
	(54,347)	Lindblad Expeditions Holdings, Inc.*		(644,555	)
				(1,116,437	)
		Human Resource & Employment Services 1.0%
	(10,492)	Dayforce, Inc.*		(762,139	)
		Interactive Home Entertainment 0.7%
	(9,403)	ROBLOX Corp., Class A*		(544,058	)
		Interactive Media & Services 1.7%
	(172,699)	Angi, Inc.*		(286,681	)
	(133,557)	Getty Images Holdings, Inc.*		(288,483	)
	(271,519)	Nextdoor Holdings, Inc.*		(643,500	)
				(1,218,664	)
		Internet Services & Infrastructure 0.7%
	(5,028)	Twilio, Inc., Class A*		(543,426	)
		Leisure Facilities 0.3%
	(9,321)	Life Time Group Holdings, Inc.*		(206,181	)
		Life Sciences Tools & Services 0.6%
	(4,158)	Revvity, Inc.		(464,074	)
		Multi-Family Residential REITs 0.4%
	(19,394)	Elme Communities		(296,146	)
		Other Specialty Retail 0.5%
	(173,254)	Leslie’s, Inc.*		(386,356	)
		Packaged Foods & Meats 1.4%
	(160,095)	BRC, Inc., Class A*		(507,501	)
	(1,823)	J.M. Smucker Co.		(200,749	)
	(2,031)	Lancaster Colony Corp.		(351,647	)
				(1,059,897	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Passenger Airlines 1.4%
	(89,934)	Frontier Group Holdings, Inc.*	$	(639,431	)
	(49,001)	Joby Aviation, Inc.*		(398,378	)
				(1,037,809	)
		Personal Care Products 1.0%
	(102,542)	Coty, Inc., Class A*		(713,692	)
		Real Estate Development 0.9%
	(8,524)	Howard Hughes Holdings, Inc.*		(655,666	)
		Real Estate Services 1.6%
	(282,531)	Opendoor Technologies, Inc.*		(452,050	)
	(9,268)	Zillow Group, Inc., Class C*		(686,295	)
				(1,138,345	)
		Restaurants 1.3%
	(58,608)	Portillo’s, Inc., Class A*		(550,915	)
	(13,206)	Sweetgreen, Inc., Class A*		(423,385	)
				(974,300	)
		Semiconductors 1.5%
	(117,976)	indie Semiconductor, Inc., Class A*		(477,803	)
	(45,654)	SkyWater Technology, Inc.*		(630,025	)
				(1,107,828	)
		Specialty Chemicals 0.9%
	(7,548)	Albemarle Corp.		(649,732	)
		Technology Hardware, Storage & Peripherals 0.5%
	(9,399)	IonQ, Inc.*		(392,596	)
		Telecom Tower REITs 0.5%
	(1,794)	SBA Communications Corp.		(365,617	)
		Trading Companies & Distributors 1.3%
	(21,828)	Xometry, Inc., Class A*		(931,182	)
		Transaction & Payment Processing Services 2.9%
	(9,488)	Affirm Holdings, Inc.*		(577,819	)
	(63,269)	Payoneer Global, Inc.*		(635,221	)
	(41,081)	Remitly Global, Inc.*		(927,198	)
				(2,140,238	)
		Water Utilities 0.6%
	(9,141)	California Water Service Group		(414,362	)
		Total Investments Sold Short (proceeds $29,615,527) (43.1%)		(31,615,276	)
		Total Investments, Net of Investments Sold Short (cost $40,313,437) 69.0%		50,617,872
		Other Assets less Liabilities 31.0%		22,764,574
		NET ASSETS 100.0%	$	73,382,446
		*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, 2024 amounted to approximately $75,000 and represented 0.10% of net assets. ††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.

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2024, the Wasatch Long/Short Alpha Fund’s investments, excluding securities sold short were in the following countries:

Country	%
Norway		1.5
Panama		1.4
United States		97.1
TOTAL		100.0	%

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 90.0%
		Aerospace & Defense 0.3%
	85,031	TAT Technologies Ltd.*	$	2,183,596
		Application Software 7.8%
	78,646	Agilysys, Inc.*		10,358,465
	106,127	Q2 Holdings, Inc.*		10,681,682
	188,824	Red Violet, Inc.*		6,835,429
	194,718	Sprout Social, Inc., Class A*		5,979,790
	1,232,611	Weave Communications, Inc.*		19,623,167
				53,478,533
		Asset Management & Custody Banks 3.3%
	1,844,930	GCM Grosvenor, Inc., Class A		22,637,291
		Automotive Parts & Equipment 2.6%
	91,807	Patrick Industries, Inc.		7,627,326
	249,775	XPEL, Inc.*		9,976,013
				17,603,339
		Biotechnology 2.6%
	609,978	BriaPro Therapeutics Corp.* *** †		6,100
	758,267	C4 Therapeutics, Inc.*		2,729,761
	117,240	Dyne Therapeutics, Inc.*		2,762,175
	376,916	Immatics NV*		2,679,873
	773,757	MacroGenics, Inc.*		2,514,710
	668,362	Nkarta, Inc.*		1,664,221
	148,751	Nurix Therapeutics, Inc.*		2,802,469
	2,339,960	Sangamo Therapeutics, Inc.*		2,386,759
				17,546,068
		Building Products 1.0%
	927,187	Janus International Group, Inc.*		6,814,824
		Construction & Engineering 3.7%
	112,044	Construction Partners, Inc., Class A*		9,911,412
	181,404	Limbach Holdings, Inc.*		15,517,298
				25,428,710
		Consumer Finance 1.7%
	946,960	EZCORP, Inc., Class A*		11,571,851
		Electronic Equipment & Instruments 3.3%
	841,518	Blackline Safety Corp.*		3,998,447
	196,494	Napco Security Technologies, Inc.		6,987,327
	343,760	nLight, Inc.*		3,606,042
	114,604	PAR Technology Corp.*		8,328,273
				22,920,089
		Electronic Manufacturing Services 2.2%
	291,584	CTS Corp.		15,375,224
		Financial Exchanges & Data 1.1%
	1,244,991	Open Lending Corp.*		7,432,596
		Health Care Equipment 1.9%
	445,380	Artivion, Inc.*		12,733,414
		Health Care Services 6.2%
	158,726	Addus HomeCare Corp.*		19,896,304
	241,020	Castle Biosciences, Inc.*		6,423,183
	617,704	Pennant Group, Inc.*		16,381,510
				42,700,997

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 3.0%
	349,658	OrthoPediatrics Corp.*	$	8,105,073
	52,265	UFP Technologies, Inc.*		12,779,315
				20,884,388
		Home Furnishing Retail 1.0%
	746,962	Arhaus, Inc.		7,021,443
		Home Furnishings 0.3%
	2,781,975	Purple Innovation, Inc.*		2,169,941
		Homebuilding 1.3%
	346,725	Smith Douglas Homes Corp.*		8,890,029
		Industrial Machinery & Supplies & Components 5.3%
	190,158	Helios Technologies, Inc.		8,488,653
	423,073	Kornit Digital Ltd.*		13,094,109
	77,629	Standex International Corp.		14,515,847
				36,098,609
		Insurance Brokers 1.3%
	82,882	Goosehead Insurance, Inc., Class A*		8,886,608
		Internet Services & Infrastructure 0.8%
	367,018	Couchbase, Inc.*		5,721,811
		Investment Banking & Brokerage 1.8%
	519,082	Perella Weinberg Partners		12,374,915
		IT Consulting & Other Services 2.6%
	809,511	Grid Dynamics Holdings, Inc.*		18,003,525
		Leisure Facilities 1.2%
	583,447	Xponential Fitness, Inc., Class A*		7,847,362
		Leisure Products 1.2%
	1,213,190	Latham Group, Inc.*		8,443,802
		Oil & Gas Equipment & Services 1.7%
	1,535,238	NPK International, Inc.*		11,775,275
		Packaged Foods & Meats 5.5%
	55,178	Freshpet, Inc.*		8,172,414
	2,230,296	Mama’s Creations, Inc.* ‡‡		17,753,156
	308,807	Vital Farms, Inc.*		11,638,936
				37,564,506
		Personal Care Products 0.9%
	441,125	Nature’s Sunshine Products, Inc.*		6,466,893
		Pharmaceuticals 2.1%
	145,933	Arvinas, Inc.*		2,797,536
	4,211,030	Esperion Therapeutics, Inc.*		9,264,266
	7,715,671	PharmaCielo Ltd.*		429,409
	258,345	Phathom Pharmaceuticals, Inc.*		2,097,761
				14,588,972
		Property & Casualty Insurance 4.3%
	379,255	Bowhead Specialty Holdings, Inc.*		13,471,138
	138,455	HCI Group, Inc.		16,134,161
				29,605,299
		Regional Banks 3.3%
	286,605	Esquire Financial Holdings, Inc.		22,785,098

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Research & Consulting Services 1.3%
	77,135	ICF International, Inc.	$	9,195,263
		Restaurants 2.4%
	467,609	First Watch Restaurant Group, Inc.*		8,702,203
	88,662	Kura Sushi USA, Inc., Class A*		8,031,004
				16,733,207
		Semiconductor Materials & Equipment 2.5%
	253,834	PDF Solutions, Inc.*		6,873,825
	388,664	Veeco Instruments, Inc.*		10,416,195
				17,290,020
		Semiconductors 1.2%
	37,668	SiTime Corp.*		8,080,916
		Soft Drinks & Non-Alcoholic Beverages 2.9%
	542,217	Vita Coco Co., Inc.*		20,013,229
		Systems Software 1.1%
	228,752	TECSYS, Inc.		7,296,448
		Technology Distributors 0.4%
	22,416	Climb Global Solutions, Inc.		2,841,228
		Trading Companies & Distributors 0.8%
	52,747	Transcat, Inc.*		5,577,468
		Transaction & Payment Processing Services 2.1%
	1,520,770	Cantaloupe, Inc.*		14,462,523
		Total Common Stocks (cost $487,050,336)		619,045,310
		PREFERRED STOCKS 1.4%
		Textiles 1.4%
	339,559	Johnnie-O Holdings, Inc., Series A Pfd.* *** †		9,840,420
		Total Preferred Stocks (cost $10,000,013)		9,840,420
		WARRANTS 0.1%
		Biotechnology 0.1%
	1,556,949	Sangamo Therapeutics, Inc., expiring 9/26/2029* *** †		653,918
		Pharmaceuticals 0.0%
	7,500	IM Cannabis Corp., expiring 5/7/2026* *** †		—
		Total Warrants (cost $939,374)		653,918
		Total Investments (cost $497,989,723) 91.5%		629,539,648
		Other Assets less Liabilities 8.5%		58,763,421
		NET ASSETS 100.0%	$	688,303,069
		*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, 2024 amounted to approximately $10,500,438 and represented 1.53% of net assets. ‡‡Affiliated company (see Note 6). See Notes to Schedules of Investments.

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2024, the Wasatch Micro Cap Fund’s investments were in the following countries:

Country	%
Canada		1.9
Germany		0.4
Israel		2.4
United States		95.3
TOTAL		100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 95.9%
		Aerospace & Defense 0.3%
	42,502	TAT Technologies Ltd.*	$	1,091,451
		Air Freight & Logistics 0.9%
	452,000	Radiant Logistics, Inc.*		3,028,400
		Apparel Retail 1.3%
	140,861	Shoe Carnival, Inc.		4,659,682
		Application Software 4.9%
	220,000	Red Violet, Inc.*		7,964,000
	564,275	Weave Communications, Inc.*		8,983,258
				16,947,258
		Asset Management & Custody Banks 2.1%
	586,895	GCM Grosvenor, Inc., Class A		7,201,202
		Automotive Parts & Equipment 0.9%
	36,210	Patrick Industries, Inc.		3,008,327
		Commercial & Residential Mortgage Finance 0.9%
	401,000	Mortgage Advice Bureau Holdings Ltd.		3,062,272
		Communications Equipment 1.0%
	116,672	Digi International, Inc.*		3,526,995
		Construction & Engineering 7.5%
	108,000	Bowman Consulting Group Ltd.*		2,694,600
	60,000	Construction Partners, Inc., Class A*		5,307,600
	74,765	Granite Construction, Inc.		6,557,638
	88,000	Limbach Holdings, Inc.*		7,527,520
	23,000	Sterling Infrastructure, Inc.*		3,874,350
				25,961,708
		Consumer Finance 1.6%
	454,000	EZCORP, Inc., Class A*		5,547,880
		Diversified Support Services 2.4%
	2,233,000	Johnson Service Group PLC		3,790,688
	48,142	VSE Corp.		4,578,304
				8,368,992
		Electronic Equipment & Instruments 4.3%
	336,684	Arlo Technologies, Inc.*		3,767,494
	418,547	Blackline Safety Corp.*		1,988,713
	1,051,000	Luna Innovations, Inc.*		2,270,160
	98,000	Napco Security Technologies, Inc.		3,484,880
	47,635	PAR Technology Corp.*		3,461,636
				14,972,883
		Electronic Manufacturing Services 1.9%
	126,000	CTS Corp.		6,643,980
		Food Distributors 1.9%
	134,641	Chefs’ Warehouse, Inc.*		6,640,494
		Health Care Equipment 3.0%
	1,795,794	AOTI, Inc.*		2,495,451
	188,673	Inmode Ltd.*		3,150,839
	285,457	Tactile Systems Technology, Inc.*		4,889,879
				10,536,169

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Services 4.5%
	50,059	Addus HomeCare Corp.*	$	6,274,896
	168,000	Pennant Group, Inc.*		4,455,360
	600,766	Viemed Healthcare, Inc.*		4,818,143
				15,548,399
		Health Care Supplies 2.5%
	158,329	OrthoPediatrics Corp.*		3,670,066
	21,000	UFP Technologies, Inc.*		5,134,710
				8,804,776
		Health Care Technology 1.3%
	61,000	Nexus AG		4,372,529
		Home Furnishing Retail 1.0%
	363,562	Arhaus, Inc.		3,417,483
		Homebuilding 3.9%
	114,000	Champion Homes, Inc.*		10,043,400
	391,000	Landsea Homes Corp.*		3,319,590
				13,362,990
		Industrial Machinery & Supplies & Components 4.3%
	137,000	Graham Corp.*		6,092,390
	10,000	Kadant, Inc.		3,449,900
	28,000	Standex International Corp.		5,235,720
				14,778,010
		Internet Services & Infrastructure 2.1%
	409,000	BigCommerce Holdings, Inc., Series 1*		2,503,080
	299,987	Couchbase, Inc.*		4,676,797
				7,179,877
		Investment Banking & Brokerage 3.8%
	263,000	JDC Group AG*		6,211,369
	296,000	Perella Weinberg Partners		7,056,640
				13,268,009
		IT Consulting & Other Services 2.0%
	305,838	Grid Dynamics Holdings, Inc.*		6,801,837
		Leisure Facilities 1.0%
	250,721	Xponential Fitness, Inc., Class A*		3,372,197
		Leisure Products 1.1%
	567,392	Latham Group, Inc.*		3,949,048
		Mortgage REITs 1.1%
	272,103	Sunrise Realty Trust, Inc.		3,831,210
		Oil & Gas Equipment & Services 1.6%
	705,000	NPK International, Inc.*		5,407,350
		Packaged Foods & Meats 5.0%
	1,307,000	LT Foods Ltd.		6,382,323
	801,044	Mama’s Creations, Inc.*		6,376,310
	119,000	Vital Farms, Inc.*		4,485,110
				17,243,743
		Pharmaceuticals 2.2%
	613,010	Biote Corp., Class A*		3,788,402
	1,043,162	Esperion Therapeutics, Inc.*		2,294,957
	105,101	Eton Pharmaceuticals, Inc.*		1,399,945
				7,483,304

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Property & Casualty Insurance 6.2%
	195,817	Bowhead Specialty Holdings, Inc.*	$	6,955,420
	70,000	HCI Group, Inc.		8,157,100
	128,000	Skyward Specialty Insurance Group, Inc.*		6,469,120
				21,581,640
		Regional Banks 6.0%
	45,000	Axos Financial, Inc.*		3,143,250
	78,000	Esquire Financial Holdings, Inc.		6,201,000
	287,438	Finwise Bancorp*		4,593,259
	145,000	First Western Financial, Inc.*		2,834,750
	118,000	Third Coast Bancshares, Inc.*		4,006,100
				20,778,359
		Research & Consulting Services 1.4%
	39,528	ICF International, Inc.		4,712,133
		Restaurants 0.9%
	443,044	GEN Restaurant Group, Inc.* ‡‡		3,313,969
		Semiconductor Materials & Equipment 1.5%
	189,758	Veeco Instruments, Inc.*		5,085,514
		Soft Drinks & Non-Alcoholic Beverages 1.6%
	146,000	Vita Coco Co., Inc.*		5,388,860
		Technology Distributors 1.6%
	44,500	Climb Global Solutions, Inc.		5,640,375
		Technology Hardware, Storage & Peripherals 1.4%
	157,244	CPI Card Group, Inc.*		4,700,023
		Trading Companies & Distributors 2.4%
	174,000	ADENTRA, Inc.		4,494,501
	125,000	Karat Packaging, Inc.		3,782,500
				8,277,001
		Water Utilities 0.6%
	77,787	Consolidated Water Co. Ltd.		2,013,905
		Total Common Stocks (cost $221,332,457)		331,510,234
		WARRANTS 0.0%
		Trading Companies & Distributors 0.0%
	131	Greenlane Holdings, Inc., expiring 2/24/2026* *** †		—
		Total Warrants (cost $396,902)		—
		Total Investments (cost $221,729,359) 95.9%§		331,510,234
		Other Assets less Liabilities 4.1%		14,266,574
		NET ASSETS 100.0%	$	345,776,808
		*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, 2024 amounted to approximately $0 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 1.85%. See Notes to Schedules of Investments.

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2024, the Wasatch Micro Cap Value Fund’s investments were in the following countries:

Country	%
Canada		1.9
Germany		3.2
India		1.9
Israel		1.3
United Kingdom		2.1
United States		89.6
TOTAL		100.0	%

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.2%
		Aerospace & Defense 1.1%
	320,078	Loar Holdings, Inc.*	$	23,656,965
		Application Software 10.6%
	483,605	Agilysys, Inc.*		63,695,614
	923,072	Alkami Technology, Inc.*		33,858,281
	2,292,866	Clearwater Analytics Holdings, Inc., Class A*		63,099,672
	1,402,501	nCino, Inc.*		47,095,984
	702,610	Sprout Social, Inc., Class A*		21,577,153
				229,326,704
		Asset Management & Custody Banks 1.7%
	648,118	StepStone Group, Inc., Class A		37,513,070
		Automotive Parts & Equipment 1.3%
	685,506	XPEL, Inc.*		27,379,110
		Automotive Retail 2.1%
	1,249,199	Valvoline, Inc.*		45,196,020
		Broadline Retail 4.9%
	773,988	Global-e Online Ltd.*		42,205,566
	586,892	Ollie’s Bargain Outlet Holdings, Inc.*		64,399,659
				106,605,225
		Building Products 5.4%
	493,755	AAON, Inc.		58,105,089
	1,246,005	AZEK Co., Inc.*		59,147,857
				117,252,946
		Construction & Engineering 2.9%
	700,950	Construction Partners, Inc., Class A*		62,006,037
		Health Care Equipment 1.8%
	162,183	Inspire Medical Systems, Inc.*		30,065,484
	140,865	TransMedics Group, Inc.*		8,782,933
				38,848,417
		Health Care Facilities 3.4%
	559,020	Ensign Group, Inc.		74,271,397
		Health Care Services 3.4%
	437,956	Addus HomeCare Corp.*		54,897,785
	675,194	Castle Biosciences, Inc.*		17,993,920
				72,891,705
		Health Care Supplies 1.8%
	155,736	UFP Technologies, Inc.*		38,079,009
		Home Improvement Retail 2.1%
	447,540	Floor & Decor Holdings, Inc., Class A*		44,619,738
		Homebuilding 1.2%
	282,897	LGI Homes, Inc.*		25,290,992
		Human Resource & Employment Services 3.6%
	394,541	Paylocity Holding Corp.*		78,699,093
		Industrial Machinery & Supplies & Components 3.7%
	264,175	RBC Bearings, Inc.*		79,025,309
		Insurance Brokers 1.8%
	373,398	Goosehead Insurance, Inc., Class A*		40,035,734

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		IT Consulting & Other Services 5.2%
	311,211	Globant SA*	$	66,729,863
	2,095,846	Grid Dynamics Holdings, Inc.*		46,611,615
				113,341,478
		Leisure Products 1.5%
	820,575	YETI Holdings, Inc.*		31,600,343
		Life Sciences Tools & Services 2.3%
	147,667	Medpace Holdings, Inc.*		49,059,407
		Managed Health Care 3.9%
	876,122	HealthEquity, Inc.*		84,063,906
		Other Specialty Retail 1.3%
	277,919	Five Below, Inc.*		29,170,378
		Packaged Foods & Meats 1.7%
	247,260	Freshpet, Inc.*		36,621,679
		Personal Care Products 3.7%
	1,068,128	BellRing Brands, Inc.*		80,472,764
		Pharmaceuticals 2.4%
	4,353,157	Esperion Therapeutics, Inc.*		9,576,945
	508,372	Intra-Cellular Therapies, Inc.*		42,459,230
				52,036,175
		Regional Banks 3.0%
	568,791	Pinnacle Financial Partners, Inc.		65,064,002
		Restaurants 3.5%
	616,996	Dutch Bros, Inc., Class A*		32,318,250
	331,127	Shake Shack, Inc., Class A*		42,980,285
				75,298,535
		Semiconductor Materials & Equipment 4.3%
	261,254	Camtek Ltd.		21,101,485
	364,623	Nova Ltd.*		71,812,500
				92,913,985
		Systems Software 3.5%
	147,118	CyberArk Software Ltd.*		49,012,362
	902,840	JFrog Ltd.*		26,552,524
				75,564,886
		Trading Companies & Distributors 3.5%
	393,452	SiteOne Landscape Supply, Inc.*		51,845,170
	217,581	Transcat, Inc.*		23,007,015
				74,852,185
		Transaction & Payment Processing Services 4.6%
	1,569,975	Flywire Corp.*		32,372,885
	637,677	Shift4 Payments, Inc., Class A*		66,178,119
				98,551,004
		Total Common Stocks (cost $1,263,492,670)		2,099,308,198
		PREFERRED STOCKS 1.3%
		Systems Software 0.5%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		9,095,218

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Textiles 0.8%
	611,205	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡	$	17,712,721
		Total Preferred Stocks (cost $25,999,989)		26,807,939
		Total Investments (cost $1,289,492,659) 98.5%		2,126,116,137
		Other Assets less Liabilities 1.5%		33,094,601
		NET ASSETS 100.0%	$	2,159,210,738
		*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, 2024 amounted to approximately $26,807,939 and represented 1.24% of net assets. ‡‡Affiliated company (see Note 6). See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch Small Cap Growth Fund’s investments were in the following countries:

Country	%
Israel		8.7
United States		91.3
TOTAL		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.0%
		Application Software 1.4%
	1,431,509	Weave Communications, Inc.*	$	22,789,623
		Asset Management & Custody Banks 5.0%
	711,519	Artisan Partners Asset Management, Inc., Class A		30,630,893
	280,763	Cohen & Steers, Inc.		25,925,655
	160,155	Hamilton Lane, Inc., Class A		23,710,948
				80,267,496
		Automotive Retail 2.5%
	1,089,593	Valvoline, Inc.*		39,421,475
		Broadline Retail 2.3%
	326,646	Ollie’s Bargain Outlet Holdings, Inc.*		35,842,866
		Building Products 2.9%
	1,917,170	Janus International Group, Inc.*		14,091,199
	284,323	UFP Industries, Inc.		32,028,986
				46,120,185
		Cargo Ground Transportation 1.3%
	44,446	Saia, Inc.*		20,255,376
		Commodity Chemicals 1.4%
	183,982	Hawkins, Inc.		22,569,072
		Construction & Engineering 1.8%
	333,862	Granite Construction, Inc.		29,283,036
		Construction Machinery & Heavy Transportation Equipment 2.8%
	288,560	Allison Transmission Holdings, Inc.		31,181,794
	768,470	Wabash National Corp.		13,163,891
				44,345,685
		Distillers & Vintners 1.2%
	481,650	MGP Ingredients, Inc.		18,962,560
		Education Services 2.2%
	209,616	Grand Canyon Education, Inc.*		34,335,101
		Electronic Equipment & Instruments 1.4%
	1,964,331	Arlo Technologies, Inc.*		21,980,864
		Electronic Manufacturing Services 4.9%
	274,426	Benchmark Electronics, Inc.		12,458,940
	708,793	CTS Corp.		37,374,655
	125,931	Fabrinet*		27,689,708
				77,523,303
		Financial Exchanges & Data 0.6%
	1,709,108	Open Lending Corp.*		10,203,375
		Health Care Facilities 2.2%
	266,707	Ensign Group, Inc.		35,434,692
		Health Care Supplies 1.7%
	109,239	UFP Technologies, Inc.*		26,710,028
		Homebuilding 3.4%
	353,231	Champion Homes, Inc.*		31,119,651
	257,687	LGI Homes, Inc.*		23,037,218
				54,156,869

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Industrial Machinery & Supplies & Components 6.3%
	426,347	Helios Technologies, Inc.	$	19,032,130
	125,684	Kadant, Inc.		43,359,723
	206,334	Standex International Corp.		38,582,395
				100,974,248
		Investment Banking & Brokerage 2.0%
	437,234	Moelis & Co., Class A		32,302,848
		Leisure Products 1.7%
	715,753	YETI Holdings, Inc.*		27,563,648
		Life Sciences Tools & Services 1.7%
	83,163	Medpace Holdings, Inc.*		27,629,243
		Managed Health Care 2.1%
	356,635	HealthEquity, Inc.*		34,219,128
		Mortgage REITs 1.7%
	1,925,944	Arbor Realty Trust, Inc.		26,674,324
		Oil & Gas Equipment & Services 1.0%
	264,254	Cactus, Inc., Class A		15,421,863
		Oil & Gas Exploration & Production 3.6%
	1,214,381	Magnolia Oil & Gas Corp., Class A		28,392,228
	502,536	Matador Resources Co.		28,272,675
				56,664,903
		Oil & Gas Storage & Transportation 1.6%
	2,708,510	DHT Holdings, Inc.		25,162,058
		Other Specialty Retail 1.2%
	187,486	Five Below, Inc.*		19,678,530
		Packaged Foods & Meats 1.9%
	1,432,803	Flowers Foods, Inc.		29,601,710
		Property & Casualty Insurance 1.8%
	327,612	Axis Capital Holdings Ltd.		29,032,975
		Regional Banks 11.6%
	502,498	Axos Financial, Inc.*		35,099,485
	904,240	Bank OZK		40,265,807
	560,429	FB Financial Corp.		28,867,698
	236,179	Hancock Whitney Corp.		12,923,715
	348,409	Pinnacle Financial Partners, Inc.		39,854,506
	324,231	ServisFirst Bancshares, Inc.		27,475,335
				184,486,546
		Research & Consulting Services 2.1%
	276,937	ICF International, Inc.		33,013,660
		Security & Alarm Services 1.6%
	278,875	Brink’s Co.		25,871,234
		Self-Storage REITs 2.7%
	1,120,743	National Storage Affiliates Trust		42,487,367
		Semiconductor Materials & Equipment 4.2%
	190,811	Camtek Ltd.		15,411,804
	158,829	Nova Ltd.*		31,281,372
	740,065	Veeco Instruments, Inc.*		19,833,742
				66,526,918

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Soft Drinks & Non-Alcoholic Beverages 2.4%
	1,039,887	Vita Coco Co., Inc.*	$	38,382,229
		Specialized Consumer Services 1.9%
	549,804	Frontdoor, Inc.*		30,057,785
		Specialty Chemicals 1.8%
	253,228	Innospec, Inc.		27,870,274
		Steel 0.9%
	291,111	Commercial Metals Co.		14,439,106
		Technology Distributors 1.7%
	585,466	ScanSource, Inc.*		27,780,362
		Transaction & Payment Processing Services 2.5%
	384,640	Euronet Worldwide, Inc.*		39,556,378
		Total Common Stocks (cost $1,251,733,597)		1,575,598,943
		Total Investments (cost $1,251,733,597) 99.0%		1,575,598,943
		Other Assets less Liabilities 1.0%		15,196,723
		NET ASSETS 100.0%	$	1,590,795,666
		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch Small Cap Value Fund’s investments were in the following countries:

Country	%
Israel		3.0
Norway		1.6
United States		95.4
TOTAL		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.3%
		Application Software 5.9%
	407,539	nCino, Inc.*	$	13,685,160
	172,428	Procore Technologies, Inc.*		12,920,030
	172,807	Q2 Holdings, Inc.*		17,393,024
	350,122	Sprout Social, Inc., Class A*		10,752,247
				54,750,461
		Biotechnology 7.8%
	3,382,885	C4 Therapeutics, Inc.*		12,178,386
	187,252	Dyne Therapeutics, Inc.*		4,411,657
	384,972	Exact Sciences Corp.*		21,631,577
	37,849	Exagen, Inc.*		155,181
	534,153	Immatics NV*		3,797,828
	2,416,496	MacroGenics, Inc.*		7,853,612
	1,649,370	Nkarta, Inc.*		4,106,931
	392,247	Nurix Therapeutics, Inc.*		7,389,933
	4,531,718	Sangamo Therapeutics, Inc.*		4,622,352
	158,548	Viking Therapeutics, Inc.*		6,379,972
				72,527,429
		Broadline Retail 1.6%
	131,165	Ollie’s Bargain Outlet Holdings, Inc.*		14,392,735
		Building Products 1.8%
	233,983	Trex Co., Inc.*		16,151,846
		Distributors 1.7%
	44,810	Pool Corp.		15,277,521
		Environmental & Facilities Services 2.6%
	227,844	Casella Waste Systems, Inc., Class A*		24,108,174
		Financial Exchanges & Data 2.6%
	58,501	MarketAxess Holdings, Inc.		13,223,566
	1,879,778	Open Lending Corp.*		11,222,275
				24,445,841
		Footwear 2.0%
	344,693	On Holding AG, Class A*		18,878,836
		Health Care Equipment 7.1%
	544,382	Artivion, Inc.*		15,563,882
	561,645	AtriCure, Inc.*		17,163,871
	104,882	Inspire Medical Systems, Inc.*		19,443,025
	38,709	PROCEPT BioRobotics Corp.*		3,116,849
	166,738	TransMedics Group, Inc.*		10,396,114
				65,683,741
		Health Care Services 1.0%
	332,871	Castle Biosciences, Inc.*		8,871,012
		Health Care Supplies 2.4%
	7,713,340	Cerus Corp.*		11,878,544
	287,887	RxSight, Inc.*		9,897,555
				21,776,099
		Home Improvement Retail 1.5%
	134,973	Floor & Decor Holdings, Inc., Class A*		13,456,808
		Homebuilding 2.2%
	141,743	Champion Homes, Inc.*		12,487,558
	88,127	LGI Homes, Inc.*		7,878,554
				20,366,112

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Human Resource & Employment Services 2.9%
	134,369	Paylocity Holding Corp.*	$	26,802,584
		Industrial Machinery & Supplies & Components 1.9%
	58,471	RBC Bearings, Inc.*		17,491,015
		Insurance Brokers 2.0%
	175,476	Goosehead Insurance, Inc., Class A*		18,814,537
		Internet Services & Infrastructure 1.7%
	1,064,472	BigCommerce Holdings, Inc., Series 1*		6,514,569
	603,006	Couchbase, Inc.*		9,400,863
				15,915,432
		IT Consulting & Other Services 4.0%
	433,755	Endava PLC, ADR*		13,403,029
	111,587	Globant SA*		23,926,485
				37,329,514
		Managed Health Care 4.0%
	389,283	HealthEquity, Inc.*		37,351,704
		Oil & Gas Exploration & Production 2.1%
	427,740	Magnolia Oil & Gas Corp., Class A		10,000,561
	168,655	Matador Resources Co.		9,488,531
				19,489,092
		Other Specialty Retail 2.2%
	193,833	Five Below, Inc.*		20,344,712
		Packaged Foods & Meats 4.1%
	253,059	Freshpet, Inc.*		37,480,568
		Personal Care Products 2.2%
	267,882	BellRing Brands, Inc.*		20,182,230
		Pharmaceuticals 6.4%
	267,484	Arvinas, Inc.*		5,127,668
	6,675,165	Esperion Therapeutics, Inc.*		14,685,363
	359,231	Intra-Cellular Therapies, Inc.*		30,002,973
	1,200,871	Phathom Pharmaceuticals, Inc.*		9,751,073
				59,567,077
		Regional Banks 1.9%
	402,562	Bank OZK		17,926,086
		Semiconductor Materials & Equipment 9.2%
	61,318	BE Semiconductor Industries NV		8,404,744
	86,284	Camtek Ltd.		6,969,159
	390,297	Kulicke & Soffa Industries, Inc.		18,211,258
	87,199	Nova Ltd.*		17,173,843
	862,250	PDF Solutions, Inc.*		23,349,730
	397,019	Veeco Instruments, Inc.*		10,640,109
				84,748,843
		Semiconductors 2.0%
	149,240	Power Integrations, Inc.		9,208,108
	44,872	SiTime Corp.*		9,626,390
				18,834,498
		Specialty Chemicals 1.7%
	93,801	Balchem Corp.		15,289,094

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Systems Software 6.2%
	62,998	CyberArk Software Ltd.*	$	20,987,784
	584,520	JFrog Ltd.*		17,190,733
	81,769	Monday.com Ltd.*		19,251,693
				57,430,210
		Transaction & Payment Processing Services 3.6%
	324,481	Shift4 Payments, Inc., Class A*		33,674,638
		Total Common Stocks (cost $714,558,806)		909,358,449
		PREFERRED STOCKS 1.6%
		Textiles 1.6%
	509,338	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		14,760,615
		Total Preferred Stocks (cost $15,000,004)		14,760,615
		WARRANTS 0.1%
		Biotechnology 0.1%
	3,026,385	Sangamo Therapeutics, Inc., expiring 9/26/2029* *** †		1,271,082
		Total Warrants (cost $626,686)		1,271,082
		Total Investments (cost $730,185,496) 100.0%§		925,390,146
		Other Assets less Liabilities 0.0%		235,873
		NET ASSETS 100.0%	$	925,626,019
		*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, 2024 amounted to approximately $16,031,697 and represented 1.73% 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 0.91%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch Ultra Growth Fund’s investments were in the following countries:

Country	%
Germany		0.4
Israel		7.0
Netherlands		0.9
Switzerland		2.0
United Kingdom		1.5
United States		88.2
TOTAL		100.0	%

WASATCH U.S. SELECT FUND (WAUSX / WGUSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.4%
		Aerospace & Defense 3.4%
	5,063	HEICO Corp., Class A	$	942,123
		Application Software 23.6%
	2,744	ANSYS, Inc.*		925,634
	25,967	Clearwater Analytics Holdings, Inc., Class A*		714,612
	4,175	Guidewire Software, Inc.*		703,821
	1,079	HubSpot, Inc.*		751,815
	8,268	Procore Technologies, Inc.*		619,521
	1,964	Roper Technologies, Inc.		1,020,985
	1,072	Tyler Technologies, Inc.*		618,158
	4,397	Workday, Inc., Class A*		1,134,558
				6,489,104
		Asset Management & Custody Banks 2.7%
	4,947	Hamilton Lane, Inc., Class A		732,403
		Automotive Retail 2.3%
	17,720	Valvoline, Inc.*		641,110
		Building Products 2.1%
	8,216	Trex Co., Inc.*		567,150
		Cargo Ground Transportation 2.6%
	4,053	Old Dominion Freight Line, Inc.		714,949
		Distributors 2.6%
	2,136	Pool Corp.		728,248
		Diversified Support Services 3.9%
	18,785	Copart, Inc.*		1,078,071
		Electrical Components & Equipment 3.9%
	5,891	AMETEK, Inc.		1,061,912
		Electronic Components 2.7%
	10,587	Amphenol Corp., Class A		735,267
		Electronic Equipment & Instruments 2.3%
	4,226	Novanta, Inc.*		645,606
		Electronic Manufacturing Services 2.3%
	2,925	Fabrinet*		643,149
		Financial Exchanges & Data 5.9%
	2,562	MarketAxess Holdings, Inc.		579,114
	3,133	Morningstar, Inc.		1,055,069
				1,634,183
		Health Care Equipment 1.4%
	2,094	Inspire Medical Systems, Inc.*		388,186
		Health Care Facilities 3.4%
	6,970	Ensign Group, Inc.		926,034
		Home Improvement Retail 2.1%
	5,728	Floor & Decor Holdings, Inc., Class A*		571,082
		Human Resource & Employment Services 3.0%
	4,147	Paylocity Holding Corp.*		827,202
		Industrial Machinery & Supplies & Components 3.2%
	2,934	RBC Bearings, Inc.*		877,677
		IT Consulting & Other Services 2.4%
	3,119	Globant SA*		668,776

WASATCH U.S. SELECT FUND (WAUSX / WGUSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 4.2%
	2,820	ICON PLC*	$	591,382
	1,680	Medpace Holdings, Inc.*		558,147
				1,149,529
		Managed Health Care 4.5%
	12,986	HealthEquity, Inc.*		1,246,007
		Personal Care Products 3.6%
	13,123	BellRing Brands, Inc.*		988,687
		Semiconductor Materials & Equipment 2.8%
	3,840	Nova Ltd.*		756,288
		Semiconductors 1.9%
	868	Monolithic Power Systems, Inc.		513,596
		Transaction & Payment Processing Services 6.6%
	7,870	Block, Inc.*		668,871
	11,051	Shift4 Payments, Inc., Class A*		1,146,873
				1,815,744
		Total Common Stocks (cost $22,978,953)		27,342,083
		Total Investments (cost $22,978,953) 99.4%		27,342,083
		Other Assets less Liabilities 0.6%		161,160
		NET ASSETS 100.0%	$	27,503,243
		*Non-income producing. See Notes to Schedules of Investments.

At December 31, 2024, the Wasatch U.S. Select Fund’s investments were in the following countries:

Country	%
Ireland		2.1
Israel		2.8
United States		95.1
TOTAL		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) DECEMBER 31, 2024 (UNAUDITED)

Schedule of Investments

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 99.1%
	$55,300,000	U.S. Treasury Bond, 1.25%, 5/15/50	$	26,267,500
	47,700,000	U.S. Treasury Bond, 1.375%, 8/15/50		23,304,059
	50,000,000	U.S. Treasury Bond, 1.875%, 11/15/51		27,628,906
	160,000,000	U.S. Treasury STRIPS Principal, 0.00%, 8/15/47		53,112,869
	33,700,000	U.S. Treasury STRIPS Principal, 2.00%, 8/15/51		9,390,249
	35,200,000	U.S. Treasury STRIPS Principal, 3.625%, 5/15/53		9,307,187
		Total U.S. Government Obligations (cost $189,399,664)		149,010,770
		Total Investments (cost $189,399,664) 99.1%		149,010,770
		Other Assets less Liabilities 0.9%		1,344,198
		NET ASSETS 100.0%	$	150,354,968
		See Notes to Schedules of Investments.

WASATCH FUNDS – Notes to Schedule of Investments DECEMBER 31, 2024 (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, International Value Fund, Long/Short Alpha Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Ultra Growth Fund and Wasatch-Hoisington U.S. Treasury Fund (“U.S. Treasury Fund”) (sub-advised) are each 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 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 20 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; U.S. Select Fund, which commenced operations on June 13, 2022; and International Value Fund, which commenced operations on November 29, 2024. 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, International Value, 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, 2024. 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, 2024 (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

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (UNAUDITED)

FINANCIAL DERIVATIVE INSTRUMENTS (continued)

unrealized gain or loss reflected in the Schedule of Investments. In addition, a fund could be exposed to credit risk if a counterparty is unable or unwilling to meet the terms of the contracts or if the value of the currency changes unfavorably. In connection with these contracts, the Funds may segregate cash and/or securities in a sufficient amount as collateral in accordance with the terms of the respective contracts. None of the Funds entered into foreign currency contracts transactions during the period ended December 31, 2024.

5. FEDERAL INCOME TAX INFORMATION

As of December 31, 2024, 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	$	3,368,424,047		$	426,481,032		$	340,807,191		$	189,721,857		$	28,978,838
Gross appreciation	$	1,566,989,322		$	203,796,126		$	73,787,900		$	122,415,235		$	9,264,752
Gross (depreciation)		(189,222,104	)		(2,645,004	)		(20,654,867	)		(12,774,917	)		(2,242,913	)
Net appreciation	$	1,377,767,218		$	201,151,122		$	53,133,033		$	109,640,318		$	7,021,839
	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Cost	$	145,073,050		$	11,293,793		$	100,260,390		$	4,931,338		$	150,638,630
Gross appreciation	$	72,818,577		$	3,524,248		$	21,996,965		$	172,678		$	77,358,387
Gross (depreciation)		(14,557,730	)		(458,489	)		(4,025,723	)		(1,811,022	)		(3,988,922	)
Net appreciation (depreciation)	$	58,260,847		$	3,065,759		$	17,971,242		$	(1,638,344	)	$	73,369,465
	International Opportunities Fund			International Select Fund			International Value Fund			Long/Short Alpha Fund			Micro Cap Fund
Cost	$	49,255,026		$	2,877,829		$	1,942,349		$	40,765,192		$	506,607,643
Gross appreciation	$	32,979,493		$	742,828		$	16,016		$	19,061,317		$	165,952,034
Gross (depreciation)		(2,949,937	)		(165,602	)		(65,951	)		(9,208,637	)		(43,020,029	)
Net appreciation (depreciation)	$	30,029,556		$	577,226		$	(49,935	)	$	9,852,680		$	122,932,005
	Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Select Fund
Cost	$	222,208,910		$	1,295,981,950		$	1,258,925,599		$	741,842,024		$	23,147,240
Gross appreciation	$	119,000,208		$	925,097,919		$	378,822,426		$	306,293,977		$	4,501,023
Gross (depreciation)		(9,698,884	)		(94,963,732	)		(62,149,082	)		(122,745,855	)		(306,180	)
Net appreciation	$	109,301,324		$	830,134,187		$	316,673,344		$	183,548,122		$	4,194,843
	U.S. Treasury Fund
Cost	$	189,399,664
Gross appreciation	$	—
Gross (depreciation)		(40,388,894	)
Net depreciation	$	(40,388,894	)

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, 2024 (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, 2024 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 12/31/2024		Gain (Loss) Realized on Sale of Shares For the Period ended 12/31/2024			Change in Unrealized Appreciation (Depreciation) For the Period ended 12/31/2024
Core Growth Fund
Common Stock
Arhaus Inc.	$	53,777,392	$	—	$	654,861	$	40,442,776	$	—	$	(359,487	)	$	(12,320,268	)
Micro Cap Fund
Common Stock
Mama’s Creations Inc.	$	15,589,420	$	755,648	$	—	$	17,753,156	$	—	$	—		$	1,408,088
Micro Cap Value Fund
Common Stock
GEN Restaurant Group, Inc.	$	3,092,771	$	632,209	$	—	$	3,313,969	$	—	$	—		$	(411,011	)
Small Cap Growth Fund
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.	$	16,698,121	$	—	$	—	$	17,712,721	$	—	$	—		$	1,014,600
Ultra Growth Fund
Common Stock
Sangamo Therapeutics Inc.*	$	9,504,446	$	—	$	11,977,984	$	4,622,352	$	—	$	(28,274,642	)	$	35,370,532
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		13,915,114		—		—		14,760,615		—		—			845,501
Warrants
Sangamo Therapeutics, Inc., expiring 9/26/2029*		938,180		—		—		1,271,082		—		—			332,902
	$	24,357,740	$	—	$	11,977,984	$	20,654,049	$	—	$	(28,274,642	)	$	36,548,935

	Share Activity								Dividends Credited to Income for the Period ended 12/31/2024		Gain (Loss) Realized on Sale of Shares For the Period ended 12/31/2024			Change in Unrealized Appreciation (Depreciation) For the Period ended 12/31/2024
	Balance 9/30/2024		Purchases/ Additions		Sales/ Reductions		Balance 12/31/2024
Core Growth Fund
Common Stock
Arhaus Inc.		4,368,594		—		66,171		4,302,423	$	—	$	(359,487	)	$	(12,320,268	)
Micro Cap Fund
Common Stock
Mama’s Creations Inc.		2,135,537		94,759		—		2,230,296	$	—	$	—		$	1,408,088
Micro Cap Value Fund
Common Stock
GEN Restaurant Group, Inc.		366,442		76,602		—		443,044	$	—	$	—		$	(411,011	)
Small Cap Growth Fund
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		611,205		—		—		611,205	$	—	$	—		$	1,014,600
Ultra Growth Fund
Common Stock
Sangamo Therapeutics Inc.*		10,973,844		—		6,442,126		4,531,718	$	—	$	(28,274,642	)	$	35,370,532
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		509,338		—		—		509,338		—		—			845,501
Warrants
Sangamo Therapeutics, Inc., expiring 9/26/2029*		3,026,385		—		—		3,026,385		—		—			332,902
		14,509,567		—		6,442,126		8,067,441	$	—	$	(28,274,642	)	$	36,548,935

* This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total amount of the gain (loss) realized on sale of shares and the total change in unrealized appreciation for the period ended September 30, 2024 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, 2024 (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, 2024, the Funds held the following restricted securities:

	Security Type		Acquisition Date		Cost		Fair Value		Value as a Percent Of Net Assets
Long/Short Alpha Fund
Sangamo Therapeutics, Inc., expiring 9/26/2029		Warrants		3/22/2024	$	36,977	$	75,000		0.10	%
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		9,840,420		1.43	%
IM Cannabis Corp., expiring 5/7/2026		Warrants		5/5/2021		616,971		0		0.00	%
Sangamo Therapeutics, Inc., expiring 9/26/2029		Warrants		3/22/2024		322,404		653,918		0.10	%
					$	10,939,417	$	10,500,438		1.53	%
Micro Cap Value Fund
Greenlane Holdings, Inc., expiring 2/24/2026		Warrants		2/22/2021	$	396,902	$	0		0.00	%
Small Cap Growth Fund
DataStax, Inc., Series E Pfd.		Preferred Stock		8/12/2014	$	8,000,002	$	9,095,218		0.42	%
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022		17,999,987		17,712,721		0.82	%
					$	25,999,989	$	26,807,939		1.24	%
Ultra Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022	$	15,000,004	$	14,760,615		1.59	%
Sangamo Therapeutics, Inc., expiring 9/26/2029		Warrants		3/22/2024		626,686		1,271,082		0.14	%
					$	15,626,690	$	16,031,697		1.73	%

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.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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.

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 the Advisor as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. The Advisor 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.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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

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

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

U.S. Government Issuers – Investments are priced using the closing bid as supplied by a pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data (including market research 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 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.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

The following is a summary of the fair valuations according to the inputs used as of December 31, 2024 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 12/31/2024
Core Growth Fund
Assets
Common Stocks		$	4,746,191,265	$	—	$	—	$	4,746,191,265
		$	4,746,191,265	$	—	$	—	$	4,746,191,265
Emerging India Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	25,245,817	$	—	$	25,245,817
	Automotive Parts & Equipment		—		11,537,260		—		11,537,260
	Commodity Chemicals		—		16,479,252		—		16,479,252
	Construction Machinery & Heavy Transportation Equipment		—		7,763,630		—		7,763,630
	Consumer Finance		—		150,210,145		—		150,210,145
	Diversified Banks		—		58,551,925		—		58,551,925
	Diversified Chemicals		—		5,209,135		—		5,209,135
	Diversified Support Services		—		24,481,567		—		24,481,567
	Electrical Components & Equipment		—		5,542,163		—		5,542,163
	Food Retail		—		9,646,167		—		9,646,167
	Health Care Facilities		11,481,205		43,897,350		—		55,378,555
	Health Care Services		—		54,891,387		—		54,891,387
	Heavy Electrical Equipment		—		3,664,436		—		3,664,436
	Industrial Machinery & Supplies & Components		—		29,283,953		—		29,283,953
	Interactive Media & Services		—		15,794,638		—		15,794,638
	IT Consulting & Other Services		—		21,560,639		—		21,560,639
	Life Sciences Tools & Services		—		55,789,560		—		55,789,560
	Metal, Glass & Plastic Containers		—		1,308,486		—		1,308,486
	Regional Banks		—		29,383,391		—		29,383,391
	Research & Consulting Services		—		6,121,388		—		6,121,388
	Specialty Chemicals		—		17,126,540		—		17,126,540
	Other		22,662,120		—		—		22,662,120
		$	34,143,325	$	593,488,829	$	—	$	627,632,154
Emerging Markets Select Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	11,924,300	$	—	$	11,924,300
	Consumer Finance		—		45,754,320		—		45,754,320
	Diversified Banks		11,388,769		12,720,168		—		24,108,937
	Drug Retail		—		7,169,754		—		7,169,754
	Electrical Components & Equipment		18,570,759		21,663,152		—		40,233,911
	Electronic Equipment & Instruments		—		5,776,030		—		5,776,030
	Health Care Facilities		—		16,619,558		—		16,619,558
	Health Care Services		—		5,964,675		—		5,964,675
	Industrial Machinery & Supplies & Components		—		19,154,811		—		19,154,811
	Interactive Media & Services		—		10,477,085		—		10,477,085
	Life Sciences Tools & Services		—		22,291,654		—		22,291,654
	Regional Banks		—		8,819,010		—		8,819,010
	Restaurants		—		13,320,645		—		13,320,645
	Semiconductor Materials & Equipment		—		8,065,070		—		8,065,070
	Semiconductors		—		42,782,673		—		42,782,673
	Specialty Chemicals		—		3,887,182		—		3,887,182
	Other		107,590,609		—		—		107,590,609
		$	137,550,137	$	256,390,087	$	—	$	393,940,224

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (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 12/31/2024
Emerging Markets Small Cap Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	7,823,999	$	—	$	7,823,999
	Automotive Retail		—		3,617,343		—		3,617,343
	Commercial & Residential Mortgage Finance		—		3,731,752		—		3,731,752
	Commodity Chemicals		—		2,245,746		—		2,245,746
	Communications Equipment		—		3,737,101		—		3,737,101
	Computer & Electronics Retail		—		360,043		—		360,043
	Construction Machinery & Heavy Transportation Equipment		—		3,920,907		—		3,920,907
	Consumer Finance		—		19,574,959		—		19,574,959
	Diversified Support Services		—		11,864,632		—		11,864,632
	Drug Retail		6,122,912		7,091,465		—		13,214,377
	Electrical Components & Equipment		—		19,407,780		—		19,407,780
	Electronic Components		—		3,069,249		—		3,069,249
	Electronic Equipment & Instruments		—		8,142,543		—		8,142,543
	Health Care Services		—		11,685,422		—		11,685,422
	Heavy Electrical Equipment		—		2,587,050		—		2,587,050
	Home Improvement Retail		—		1,591,663		—		1,591,663
	Industrial Machinery & Supplies & Components		—		16,391,560		—		16,391,560
	Interactive Media & Services		13,472,622		4,299,878		—		17,772,500
	IT Consulting & Other Services		20,578,316		20,666,879		—		41,245,195
	Life & Health Insurance		1,988,824		3,426,119		—		5,414,943
	Personal Care Products		—		5,631,725		—		5,631,725
	Regional Banks		—		10,782,507		—		10,782,507
	Research & Consulting Services		—		810,843		—		810,843
	Semiconductor Materials & Equipment		—		8,243,004		—		8,243,004
	Semiconductors		—		30,498,735		—		30,498,735
	Specialized Finance		—		1,295,447		—		1,295,447
	Other		44,701,150		—		—		44,701,150
		$	86,863,824	$	212,498,351	$	—	$	299,362,175
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Automotive Retail	$	—	$	739,330	$	—	$	739,330
	Consumer Finance		—		4,924,529		—		4,924,529
	Diversified Banks		3,220,718		1,881,303		—		5,102,021
	Diversified Support Services		—		1,101,220		—		1,101,220
	IT Consulting & Other Services		2,551,924		3,969,573		—		6,521,497
	Life & Health Insurance		1,261,912		612,489		—		1,874,401
	Semiconductors		—		552,351		—		552,351
	Other		14,197,283		—		—		14,197,283
Exchange-Traded Funds			—		988,045		—		988,045
		$	21,231,837	$	14,768,840	$	—	$	36,000,677
Global Opportunities Fund
Assets
Common Stocks
	Application Software	$	11,894,637	$	5,361,663	$	—	$	17,256,300
	Asset Management & Custody Banks		3,047,757		1,908,731		—		4,956,488
	Consumer Finance		—		4,800,499		—		4,800,499
	Diversified Support Services		—		2,682,721		—		2,682,721
	Drug Retail		—		2,826,428		—		2,826,428
	Electrical Components & Equipment		—		6,899,930		—		6,899,930
	Health Care Equipment		3,011,313		1,060,325		—		4,071,638
	Health Care Facilities		5,164,268		4,597,834		—		9,762,102
	Health Care Services		—		2,444,366		—		2,444,366
	Health Care Technology		—		1,189,982		—		1,189,982
	Human Resource & Employment Services		4,417,263		1,960,801		—		6,378,064

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (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 12/31/2024
	Industrial Machinery & Supplies & Components	$	9,648,885	$	1,594,763	$	—	$	11,243,648
	IT Consulting & Other Services		9,057,366		3,927,503		—		12,984,869
	Life Sciences Tools & Services		2,950,867		3,824,001		—		6,774,868
	Regional Banks		3,354,178		4,779,446		—		8,133,624
	Research & Consulting Services		—		6,613,348		—		6,613,348
	Semiconductor Materials & Equipment		4,711,044		1,291,421		—		6,002,465
	Semiconductors		—		11,384,446		—		11,384,446
	Trading Companies & Distributors		—		9,233,765		—		9,233,765
	Transaction & Payment Processing Services		7,002,763		1,461,415		—		8,464,178
	Other		59,230,168		—		—		59,230,168
		$	123,490,509	$	79,843,388	$	—	$	203,333,897
Global Select Fund
Assets
Common Stocks
	Application Software	$	2,039,076	$	332,689	$	—	$	2,371,765
	Building Products		366,342		461,180		—		827,522
	Consumer Finance		—		523,311		—		523,311
	Diversified Banks		234,105		425,104		—		659,209
	Drug Retail		—		355,654		—		355,654
	Electronic Equipment & Instruments		—		420,905		—		420,905
	Health Care Equipment		—		291,177		—		291,177
	Interactive Media & Services		—		546,552		—		546,552
	Research & Consulting Services		—		500,649		—		500,649
	Semiconductors		216,562		262,907		—		479,469
	Trading Companies & Distributors		—		460,125		—		460,125
	Other		6,923,214		—		—		6,923,214
		$	9,779,299	$	4,580,253	$	—	$	14,359,552
Global Value Fund
Assets
Common Stocks
	Broadline Retail	$	—	$	2,286,005	$	—	$	2,286,005
	Diversified Banks		12,421,079		4,302,051		—		16,723,130
	Diversified Metals & Mining		—		2,561,449		—		2,561,449
	Industrial Machinery & Supplies & Components		—		1,769,358		—		1,769,358
	Industrial REITs		—		2,559,039		—		2,559,039
	Integrated Oil & Gas		5,654,113		4,290,043		—		9,944,156
	Integrated Telecommunication Services		7,556,100		2,720,021		—		10,276,121
	Multi-Line Insurance		—		3,452,192		—		3,452,192
	Pharmaceuticals		5,929,420		6,334,719		—		12,264,139
	Technology Hardware, Storage & Peripherals		—		2,462,390		—		2,462,390
	Tobacco		—		3,183,760		—		3,183,760
	Other		50,749,893		—		—		50,749,893
		$	82,310,605	$	35,921,027	$	—	$	118,231,632
Greater China Fund
Assets
Common Stocks
	Distillers & Vintners	$	—	$	132,387	$	—	$	132,387
	Diversified Banks		—		58,700		—		58,700
	Drug Retail		—		161,131		—		161,131
	Electrical Components & Equipment		—		161,841		—		161,841
	Electronic Components		89,567		63,801		—		153,368
	Electronic Equipment & Instruments		—		111,750		—		111,750
	Health Care Equipment		—		66,363		—		66,363
	Hotels, Resorts & Cruise Lines		—		118,406		—		118,406
	Industrial Machinery & Supplies & Components		—		524,800		—		524,800
	Interactive Media & Services		—		357,598		—		357,598

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (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 12/31/2024
	Life & Health Insurance	$	—	$	160,587	$	—	$	160,587
	Life Sciences Tools & Services		—		114,413		—		114,413
	Other Specialty Retail		—		38,552		—		38,552
	Personal Care Products		—		116,512		—		116,512
	Regional Banks		—		61,623		—		61,623
	Restaurants		—		285,817		—		285,817
	Semiconductor Materials & Equipment		—		103,863		—		103,863
	Semiconductors		—		415,259		—		415,259
	Specialized Finance		—		27,528		—		27,528
	Systems Software		—		122,496		—		122,496
		$	89,567	$	3,203,427	$	—	$	3,292,994
International Growth Fund
Assets
Common Stocks
	Application Software	$	8,548,970	$	11,279,002	$	—	$	19,827,972
	Asset Management & Custody Banks		3,770,826		5,982,001		—		9,752,827
	Brewers		—		1,147,803		—		1,147,803
	Broadline Retail		—		6,689,226		—		6,689,226
	Building Products		2,046,045		3,946,400		—		5,992,445
	Commercial & Residential Mortgage Finance		—		1,347,780		—		1,347,780
	Computer & Electronics Retail		—		159,704		—		159,704
	Consumer Finance		—		4,895,291		—		4,895,291
	Diversified Banks		—		3,740,569		—		3,740,569
	Diversified Real Estate Activities		—		2,685,228		—		2,685,228
	Diversified Support Services		—		7,185,600		—		7,185,600
	Drug Retail		—		6,712,871		—		6,712,871
	Electrical Components & Equipment		—		7,300,298		—		7,300,298
	Electronic Equipment & Instruments		—		9,060,447		—		9,060,447
	Health Care Equipment		—		6,142,356		—		6,142,356
	Health Care Facilities		—		4,031,187		—		4,031,187
	Health Care Services		—		2,066,212		—		2,066,212
	Health Care Technology		—		3,858,590		—		3,858,590
	Human Resource & Employment Services		—		4,593,765		—		4,593,765
	Industrial Machinery & Supplies & Components		—		7,536,688		—		7,536,688
	Interactive Media & Services		3,976,509		8,649,198		—		12,625,707
	IT Consulting & Other Services		15,266,650		6,303,137		—		21,569,787
	Movies & Entertainment		—		4,092,006		—		4,092,006
	Regional Banks		2,371,507		3,040,535		—		5,412,042
	Research & Consulting Services		—		7,994,238		—		7,994,238
	Semiconductor Materials & Equipment		1,436,656		2,335,149		—		3,771,805
	Semiconductors		—		11,614,345		—		11,614,345
	Specialty Chemicals		—		817,802		—		817,802
	Trading Companies & Distributors		—		20,290,381		—		20,290,381
	Transaction & Payment Processing Services		—		1,088,502		—		1,088,502
	Other		20,004,621		—		—		20,004,621
		$	57,421,784	$	166,586,311	$	—	$	224,008,095
International Opportunities Fund
Assets
Common Stocks
	Alternative Carriers	$	—	$	1,948,273	$	—	$	1,948,273
	Application Software		1,127,560		7,048,633		—		8,176,193
	Commercial & Residential Mortgage Finance		2,691,256		1,714,135		—		4,405,391
	Commodity Chemicals		—		2,060,998		—		2,060,998
	Consumer Finance		222,379		1,269,933		—		1,492,312
	Data Processing & Outsourced Services		—		456,834		—		456,834
	Diversified Support Services		1,768,567		6,914,377		—		8,682,944
	Electrical Components & Equipment		—		2,413,130		—		2,413,130
	Food Retail		—		2,597,492		—		2,597,492

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (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 12/31/2024
	Health Care Services	$	—	$	3,308,885	$	—	$	3,308,885
	Health Care Technology		—		2,915,204		—		2,915,204
	Heavy Electrical Equipment		—		834,420		—		834,420
	Human Resource & Employment Services		2,413,318		785,134		—		3,198,452
	Industrial Machinery & Supplies & Components		—		1,407,363		—		1,407,363
	Interactive Media & Services		7,090,532		703,273		—		7,793,805
	Investment Banking & Brokerage		2,397,244		594,345		—		2,991,589
	IT Consulting & Other Services		1,312,138		2,583,943		—		3,896,081
	Metal, Glass & Plastic Containers		—		558,088		—		558,088
	Personal Care Products		994,462		1,297,170		—		2,291,632
	Real Estate Services		—		862,921		—		862,921
	Research & Consulting Services		—		2,214,132		—		2,214,132
	Restaurants		—		332,115		—		332,115
	Semiconductor Materials & Equipment		—		2,232,315		—		2,232,315
	Semiconductors		—		2,136,485		—		2,136,485
	Other		10,077,528		—		—		10,077,528
		$	30,094,984	$	49,189,598	$	—	$	79,284,582
International Select Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods	$	—	$	69,582	$	—	$	69,582
	Application Software		333,601		56,610		—		390,211
	Asset Management & Custody Banks		—		138,546		—		138,546
	Automobile Manufacturers		—		170,253		—		170,253
	Broadline Retail		232,165		54,120		—		286,285
	Building Products		—		126,768		—		126,768
	Diversified Banks		—		112,608		—		112,608
	Diversified Real Estate Activities		—		71,527		—		71,527
	Drug Retail		—		90,872		—		90,872
	Electrical Components & Equipment		—		73,852		—		73,852
	Electronic Equipment & Instruments		—		188,612		—		188,612
	Health Care Equipment		—		115,006		—		115,006
	Industrial Machinery & Supplies & Components		—		75,244		—		75,244
	Interactive Media & Services		—		296,442		—		296,442
	IT Consulting & Other Services		—		29,758		—		29,758
	Pharmaceuticals		—		41,045		—		41,045
	Research & Consulting Services		—		175,598		—		175,598
	Semiconductor Materials & Equipment		—		126,727		—		126,727
	Trading Companies & Distributors		—		84,969		—		84,969
	Transaction & Payment Processing Services		—		84,706		—		84,706
	Other		706,444		—		—		706,444
		$	1,272,210	$	2,182,845	$	—	$	3,455,055
International Value Fund
Assets
Common Stocks
	Automobile Manufacturers	$	—	$	49,751	$	—	$	49,751
	Broadline Retail		—		46,567		—		46,567
	Construction & Engineering		—		49,775		—		49,775
	Diversified Banks		56,435		255,951		—		312,386
	Diversified Metals & Mining		—		47,061		—		47,061
	Diversified REITs		—		41,766		—		41,766
	Electronic Manufacturing Services		—		41,842		—		41,842
	Health Care Distributors		—		37,597		—		37,597
	Industrial Machinery & Supplies & Components		—		35,387		—		35,387
	Industrial REITs		—		39,124		—		39,124
	Integrated Oil & Gas		35,873		141,393		—		177,266
	Integrated Telecommunication Services		69,615		74,938		—		144,553
	Multi-Line Insurance		—		69,969		—		69,969
	Multi-Utilities		—		159,228		—		159,228

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (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 12/31/2024
	Pharmaceuticals	$	—		$	197,808	$	—	$	197,808
	Regional Banks		—			43,592		—		43,592
	Reinsurance		48,438			63,727		—		112,165
	Soft Drinks & Non-Alcoholic Beverages		—			41,303		—		41,303
	Technology Hardware, Storage & Peripherals		—			36,757		—		36,757
	Tobacco		—			107,549		—		107,549
	Trading Companies & Distributors		—			44,211		—		44,211
	Other		56,757			—		—		56,757
		$	267,118		$	1,625,296	$	—	$	1,892,414
Long/Short Alpha Fund
Assets
Common Stocks		$	82,158,148		$	—	$	—	$	82,158,148
Warrants			—			—		75,000		75,000
		$	82,158,148		$	—	$	75,000	$	82,233,148
Other Financial Instruments
Securities Sold Short		$	(31,615,276	)	$	—	$	—	$	(31,615,276	)
Micro Cap Fund
Assets
Common Stocks
	Biotechnology	$	17,539,968		$	—	$	6,100	$	17,546,068
	Other		601,499,242			—		—		601,499,242
Preferred Stocks			—			—		9,840,420		9,840,420
Warrants			—			—		653,918		653,918
		$	619,039,210		$	—	$	10,500,438	$	629,539,648
Micro Cap Value Fund
Assets
Common Stocks
	Packaged Foods & Meats	$	10,861,420		$	6,382,323	$	—	$	17,243,743
	Other		314,266,491			—		—		314,266,491
Warrants			—			—		0		0
		$	325,127,911		$	6,382,323	$	—	$	331,510,234
Small Cap Growth Fund
Assets
Common Stocks		$	2,099,308,198		$	—	$	—	$	2,099,308,198
Preferred Stocks			—			—		26,807,939		26,807,939
		$	2,099,308,198		$	—	$	26,807,939	$	2,126,116,137
Small Cap Value Fund
Assets
Common Stocks		$	1,575,598,943		$	—	$	—	$	1,575,598,943
		$	1,575,598,943		$	—	$	—	$	1,575,598,943
Ultra Growth Fund
Assets
Common Stocks
	Semiconductor Materials & Equipment	$	76,344,099		$	8,404,744	$	—	$	84,748,843
	Other		824,609,606			—		—		824,609,606
Preferred Stocks			—			—		14,760,615		14,760,615
Warrants			—			—		1,271,082		1,271,082
		$	900,953,705		$	8,404,744	$	16,031,697	$	925,390,146
U.S. Select Fund
Assets
Common Stocks		$	27,342,083		$	—	$	—	$	27,342,083
		$	27,342,083		$	—	$	—	$	27,342,083
U.S. Treasury Fund
Assets
U.S Government obligations		$	—		$	149,010,770	$	—	$	149,010,770
		$	—		$	149,010,770	$	—	$	149,010,770

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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, 2024 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, 2024:

Fund	Market Value Beginning Balance 9/30/2024		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 12/31/2024		Net Change in Unrealized Appreciation (Depreciation) On Investments Held at 12/31/2024
Long/Short Alpha Fund
Warrants	$	55,357	$	—	$	—	$	—	$	—	$	19,643	$	—	$	—	$	75,000	$	19,643
	$	55,357	$	—	$	—	$	—	$	—	$	19,643	$	—	$	—	$	75,000	$	19,643
Micro Cap Fund
Common Stocks	$	6,100	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	6,100	$	—
Preferred Stocks		9,276,752		—		—		—		—		563,668		—		—		9,840,420		563,668
Warrants		482,654		—		—		—		—		171,264		—		—		653,918		171,264
	$	9,765,506	$	—	$	—	$	—	$	—	$	734,932	$	—	$	—	$	10,500,438	$	734,932
Micro Cap Value Fund
Warrants	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Small Cap Growth Fund
Preferred Stocks	$	26,060,845	$	—	$	—	$	—	$	—	$	747,094	$	—	$	—	$	26,807,939	$	747,094
	$	26,060,845	$	—	$	—	$	—	$	—	$	747,094	$	—	$	—	$	26,807,939	$	747,094
Ultra Growth Fund
Preferred Stocks	$	13,915,114	$	—	$	—	$	—	$	—	$	845,501	$	—	$	—	$	14,760,615	$	845,501
Warrants		938,180		—		—		—		—		332,902		—		—		1,271,082		332,902
	$	14,853,294	$	—	$	—	$	—	$	—	$	1,178,403	$	—	$	—	$	16,031,697	$	1,178,403

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund	Description	Fair Value at 12/31/2024		Valuation Technique	Unobservable Input	Range (Average)
Long/Short Alpha Fund	Warrant: Biotechnology	$	75,000	Black Scholes	Volatility		40%
Micro Cap Fund	Direct Venture Capital Investments: Textiles	$	9,840,420	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.8 - 7.4 (3.1) 46%
Micro Cap Fund	Warrant: Biotechnology	$	653,918	Black Scholes	Volatility		40%
Small Cap Growth Fund	Direct Venture Capital Investments: Textiles	$	17,712,721	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.8 - 7.4 (3.1) 46%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	9,095,218	Market comparable .companies	EV/R* multiple Discount for lack of marketability		3.2 - 21 (9.9) 27%
Ultra Growth Fund	Direct Venture Capital Investments: Textiles	$	14,760,615	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.8- 7.4 (3.1) 46%
Ultra Growth Fund	Warrant: Biotechnology	$	1,271,082	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.

WASATCH FUNDS – Notes to Schedule of Investments (continued) DECEMBER 31, 2024 (UNAUDITED)

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS (continued)

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.