-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CwgjMiAM7I4wJW826A5zOuMBYuo1bjCBdvCCsNHTK3bXBxWAIv5AqfLzUygZKiXz FQf0u2N+6RMizRDQImSL2g== 0000950135-05-001123.txt : 20050301 0000950135-05-001123.hdr.sgml : 20050301 20050301152520 ACCESSION NUMBER: 0000950135-05-001123 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 FILED AS OF DATE: 20050301 DATE AS OF CHANGE: 20050301 EFFECTIVENESS DATE: 20050301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WASATCH FUNDS INC CENTRAL INDEX KEY: 0000806633 IRS NUMBER: 000000000 STATE OF INCORPORATION: MN FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04920 FILM NUMBER: 05649974 BUSINESS ADDRESS: STREET 1: 150 SOCIAL HALL AVENUE STREET 2: 4TH FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84111 BUSINESS PHONE: 4142715885 MAIL ADDRESS: STREET 1: 150 SOCIAL HALL AVENUE STREET 2: 4TH FLOOR CITY: SALT LAKE CITY STATE: UT ZIP: 84111 FORMER COMPANY: FORMER CONFORMED NAME: WASATCH ADVISORS FUNDS INC DATE OF NAME CHANGE: 19920703 N-Q 1 b53807wfnvq.txt WASATCH FUNDS, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-4920 - -------------------------------------------------------------------------------- WASATCH FUNDS, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 150 SOCIAL HALL AVENUE 4TH FLOOR SALT LAKE CITY, UTAH 84111 - -------------------------------------------------------------------------------- (Address of principal executive offices)(Zip code) (Name and Address of Agent for Service) Copy to: Samuel S. Stewart, Jr. Michael J. Radmer, Esq. Wasatch Funds, Inc. Dorsey & Whitney LLP 150 Social Hall Avenue, 4th Floor 50 South Sixth Street, Suite 1500 Salt Lake City, Utah 84111 Minneapolis, Minnesota 55402-1498 Registrant's telephone number, including area code: (801) 553-0777 Date of fiscal year end: September 30 Date of reporting period: December 31, 2004 ITEM 1. SCHEDULE OF INVESTMENTS. CORE GROWTH FUND - SCHEDULE OF INVESTMENTS December 31, 2004 (Unaudited)
SHARES VALUE - --------- ------------- COMMON STOCKS 98.5% AUTO PARTS - AFTER MARKET 0.5% 580,125 Aftermarket Technology Corp.* $ 9,340,012 ------------ BANKS 3.4% 1,704,675 HDFC Bank Ltd. 20,450,188 5,285,562 UTI Bank Ltd. 22,633,204 663,561 W Holding Co., Inc. 15,222,089 ------------ 58,305,481 ------------ BANKS - OUTSIDE NEW YORK CITY 2.3% 527,545 Commerce Bancorp, Inc. 33,973,898 114,350 First Community Bancorp 4,882,745 ------------ 38,856,643 ------------ BIOTECHNOLOGY RESEARCH AND PRODUCTION 0.9% 356,459 Charles River Laboratories International, Inc.* 16,400,679 ------------ COMMUNICATIONS TECHNOLOGY 1.0% 775,500 UTStarcom, Inc.* 17,177,325 ------------ COMPUTER SERVICES SOFTWARE AND SYSTEMS 2.5% 136,600 CACI International, Inc., Class A* 9,306,558 320,925 QLogic Corp.* 11,787,575 334,375 SRA International, Inc., Class A* 21,466,875 ------------ 42,561,008 ------------ DIVERSIFIED FINANCIAL SERVICES 0.9% 1,396,975 U.S.I. Holdings Corp.* 16,163,001 ------------ DIVERSIFIED FINANCIALS 3.7% 896,475 Doral Financial Corp. 44,151,394 1,126,175 Housing Development Finance Corp. Ltd. 19,948,270 ------------ 64,099,664 ------------ ELECTRONICS 0.9% 702,025 Semtech Corp.* 15,353,287 ------------ ELECTRONICS - SEMICONDUCTORS/ COMPONENTS 3.8% 879,699 AMIS Holdings, Inc.* 14,532,627 852,875 Integrated Circuit Systems, Inc.* 17,842,145 1,851,425 National Semiconductor Corp. 33,233,079 ------------ 65,607,851 ------------ FINANCE COMPANIES 1.4% 425,050 Accredited Home Lenders Holding Co.* 21,116,484 201,250 United PanAm Financial Corp.* 3,835,825 ------------ 24,952,309 ------------ FINANCE - SMALL LOAN 3.8% 2,687,156 AmeriCredit Corp.* 65,700,964 ------------ FINANCIAL DATA PROCESSING SERVICES AND SYSTEMS 1.4% 658,000 Fair Isaac Corp. 24,135,440 ------------ FINANCIAL - MISCELLANEOUS 6.7% 490,100 Brown & Brown, Inc. 21,343,855 1,535,506 Fidelity National Financial, Inc. 70,126,559 693,750 First American Corp. 24,378,375 ------------ 115,848,789 ------------ FOOD AND DRUG RETAILING 0.4% 250,000 Shoppers Drug Mart Corp.* $ 7,763,613 ------------ FOODS 1.9% 1,344,850 NBTY, Inc.* 32,289,848 ------------ HEALTH CARE FACILITIES 3.6% 635,275 Pharmaceutical Product Development, Inc.* 26,230,505 473,525 Renal Care Group, Inc.* 17,042,165 193,740 Sunrise Senior Living, Inc.* 8,981,786 224,450 United Surgical Partners International, Inc.* 9,359,565 ------------ 61,614,021 ------------ HEALTH CARE MANAGEMENT SERVICES 5.5% 457,300 AMERIGROUP Corp. * 34,599,318 613,575 Pacificare Health Systems* 34,679,259 405,875 Pediatrix Medical Group, Inc.* 25,996,294 ------------ 95,274,871 ------------ HEALTH CARE SERVICES 3.9% 692,350 Accredo Health, Inc.* 19,191,942 541,350 Apria Healthcare Group, Inc.* 17,837,482 289,574 Express Scripts, Inc.* 22,135,037 209,375 Lincare Holdings, Inc.* 8,929,844 ------------ 68,094,305 ------------ HOME BUILDING 8.0% 899,500 D.R. Horton, Inc. 36,258,845 505,850 Hovnanian Enterprises, Inc., Class A* 25,049,692 527,258 M.D.C. Holdings, Inc. 45,576,182 40,373 NVR, Inc.* 31,062,986 ------------ 137,947,705 ------------ INVESTMENT MANAGEMENT COMPANIES 1.0% 600 Brantley Mezzanine Finance, LLC* 60,000 ** *** + 995,900 MCG Capital Corp. 17,059,767 ------------ 17,119,767 ------------ LEISURE TIME 1.6% 854,520 SCP Pool Corp. 27,259,188 ------------ MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 1.8% 446,063 ICU Medical, Inc.* 12,195,362 1,576,975 PSS World Medical, Inc.* 19,735,842 ------------ 31,931,204 ------------ REAL ESTATE INVESTMENT TRUSTS (REIT) 11.8% 1,530,125 Anworth Mortgage Asset Corp. 16,387,639 1,251,075 Bimini Mortgage Management, Inc., Class A++ 20,092,265 883,025 Fieldstone Investment Corp.*** + 14,622,894 868,350 Friedman, Billings, Ramsey Group, Inc., Class A 16,837,306 871,200 HomeBanc Corp. 8,433,216 718,400 MortgageIT Holdings, Inc. 12,895,280 389,350 New Century Financial Corp. 24,883,358 667,825 Provident Senior Living Trust* ***+ 10,685,200 224,550 Redwood Trust, Inc. 13,942,310 1,630,500 Saxon Capital, Inc. 39,115,695 873,025 Thornburg Mortgage, Inc. 25,282,804 ------------ 203,177,967 ------------
CORE GROWTH FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE - --------- --------------- RENTAL AND LEASING SERVICES - CONSUMER 2.6% 1,672,920 Rent-A-Center, Inc.* $ 44,332,380 --------------- RESTAURANTS 0.7% 473,625 Ruby Tuesday, Inc. 12,352,140 --------------- RETAIL 11.9% 1,316,245 Dollar Tree Stores, Inc.* 37,749,907 625,425 Global Imaging Systems, Inc.* 24,704,287 756,875 Group 1 Automotive, Inc.* 23,841,562 311,275 Lithia Motors, Inc., Class A 8,348,396 625,250 Michaels Stores, Inc. 18,738,742 1,478,005 O'Reilly Automotive, Inc.* 66,584,125 737,695 Sonic Automotive, Inc., Class A 18,294,836 220,650 Tuesday Morning Corp.* 6,758,510 --------------- 205,020,365 --------------- SAVINGS AND LOANS 1.5% 1,130,798 Commercial Capital Bancorp, Inc. 26,211,898 --------------- SEMICONDUCTOR EQUIPMENT AND PRODUCTS 1.2% 3,135,479 ASE Test Ltd.* 21,195,838 --------------- SERVICES - COMMERCIAL 6.2% 2,281,796 Copart, Inc.* 60,056,871 724,262 Waste Connections, Inc.* 24,805,974 750,225 WCA Waste Corp.* ++ 7,839,851 461,195 West Corp.* 15,270,166 --------------- 107,972,862 --------------- TEXTILES - APPAREL MANUFACTURERS 0.5% 262,225 Carter's, Inc.* 8,913,028 --------------- UTILITIES - TELECOMMUNICATIONS 1.2% 1,027,650 Nextel Partners, Inc., Class A* 20,080,281 --------------- TOTAL COMMON STOCKS (COST $1,243,846,455) 1,703,053,734 ---------------
PRINCIPAL AMOUNT VALUE - --------- --------------- CORPORATE BONDS 0.2% INVESTMENT MANAGEMENT COMPANIES 0.2% $3,000,000 Brantley Mezzanine Finance, LLC, 10.00%, 9/21/09*** + $ 2,942,585 --------------- TOTAL CORPORATE BONDS (COST $2,942,585) 2,942,585 --------------- SHORT-TERM INVESTMENTS 1.3% REPURCHASE AGREEMENT 1.3% 22,202,000 Repurchase Agreement dated 12/31/04, 1.45% due 1/3/05 with State Street Bank and Trust Co. collateralized by $17,620,000 of United States Treasury Bonds 7.50% due 11/15/16; value: $22,649,946; repurchase proceeds: $22,204,683 (cost $22,202,000) 22,202,000 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $22,202,000) 22,202,000 --------------- TOTAL INVESTMENTS (COST $1,268,991,040) 100% 1,728,198,319 LIABILITIES LESS OTHER ASSETS (0.0)% (238,605) --------------- NET ASSETS 100.0% $ 1,727,959,714 ===============
*Non-income producing. **Common Units. ***Security was fair valued under procedures adopted by the Board of Directors. +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933. ++Affiliated company. See notes to Schedules of Investments. GLOBAL SCIENCE & TECHNOLOGY FUND - SCHEDULE OF INVESTMENTS December 31, 2004 (Unaudited)
SHARES VALUE - --------- --------------- COMMON AND PREFERRED STOCKS 93.7% AEROSPACE 1.1% 26,000 MTC Technologies, Inc.* $ 872,820 --------------- AUTO COMPONENTS 0.1% 5,145 Sundaram Clayton Ltd. (India) 96,915 --------------- BANKS 1.1% 71,225 HDFC Bank Ltd. (India) 854,453 --------------- BIOTECHNOLOGY 0.9% 19,425 Neurochem, Inc.* (Canada) 340,520 29,175 QIAGEN N.V.* (Netherlands) 319,466 --------------- 659,986 --------------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 0.2% 17,275 Isolagen, Inc.* 135,954 --------------- CASINOS AND GAMBLING 0.3% 4,125 Shuffle Master, Inc.* 194,288 --------------- CHEMICALS 1.3% 25,400 Cabot Microelectronics Corp.* 1,017,270 --------------- COMMERCIAL SERVICES AND SUPPLIES 1.5% 279,500 Vanguard Response Systems, Inc.* (Canada) 1,176,082 --------------- COMMUNICATIONS TECHNOLOGY 2.2% 15,650 QUALCOMM, Inc. 663,560 45,105 UTStarcom, Inc.* (China) 999,076 6,528 Xtera Communications, Inc., Series A-1 Pfd.* *** + 7,076 --------------- 1,669,712 --------------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 11.7% 28,650 Cognizant Technology Solutions Corp., Class A* 1,212,754 54,017 EPIQ Systems, Inc.* 790,809 16,325 Infosys Technologies Ltd. (India) 788,507 127,850 Kintera, Inc.* 1,151,929 20,475 Manhattan Associates, Inc.* 488,943 32,550 Opnet Technologies, Inc.* 274,071 36,375 PDF Solutions, Inc.* 586,001 53,825 QLogic Corp.* 1,976,992 13,975 SRA International, Inc., Class A* 897,195 100,650 Verisity Ltd.* 825,330 --------------- 8,992,531 --------------- COMPUTER TECHNOLOGY 1.1% 50,250 Dot Hill Systems Corp.* $ 393,960 28,925 Trident Microsytems, Inc.* 483,626 --------------- 877,586 --------------- DIVERSIFIED FINANCIALS 2.0% 84,825 Housing Development Finance Corp. Ltd. (India) 1,502,530 --------------- DRUGS AND PHARMACEUTICALS 1.9% 23,000 Acusphere, Inc.* 140,990 8,750 Connetics Corp.* 212,537 56,525 ISTA Pharmaceuticals, Inc.* 572,033 21,725 Ligand Pharmaceuticals, Inc., Class B* 252,879 20,625 NeoPharm, Inc.* 258,019 7,000 Northwest Biotherapeutics, Inc.* 273 --------------- 1,436,731 --------------- ELECTRICAL AND ELECTRONICS 2.0% 10,775 Multi-Fineline Electronix, Inc.* 196,536 18,475 Plexus Corp.* 240,360 36,250 Power Integrations, Inc.* 717,025 34,575 TTM Technologies, Inc.* 407,985 --------------- 1,561,906 --------------- ELECTRICAL EQUIPMENT 2.0% 1,683,000 Unisteel Technology Ltd. (Singapore) 1,535,810 --------------- ELECTRICAL EQUIPMENT AND COMPONENTS 0.6% 23,900 Cohu, Inc. 443,584 --------------- ELECTRONIC EQUIPMENT AND INSTRUMENTS 2.7% 10,725 Funkwerk AG (Germany) 472,709 2,330,000 Innovalues Precision Ltd. (Singapore) 806,253 360,000 MFS Technology Ltd. (Singapore) 203,944 61,000 Venture Corp. Ltd. (Singapore) 594,010 --------------- 2,076,916 --------------- ELECTRONICS 1.6% 29,375 CyberOptics Corp.* 436,806 60,525 Nu Horizons Electronics Corp.* 482,990 15,525 Semtech Corp.* 339,532 --------------- 1,259,328 --------------- ELECTRONICS - MEDICAL SYSTEMS 0.8% 20,350 EPIX Pharmaceuticals, Inc.* 364,469 5,400 Intuitive Surgical, Inc.* 216,108 --------------- 580,577 ---------------
GLOBAL SCIENCE & TECHNOLOGY FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE - ---------- --------------- ELECTRONICS - SEMICONDUCTORS/ COMPONENTS 15.4% 84,125 Advanced Power Technology, Inc.* $ 651,128 18,725 Altera Corp.* 387,608 23,750 AMIS Holdings, Inc.* 392,350 15,975 DSP Group, Inc.* 356,722 48,275 Integrated Circuit Systems, Inc.* 1,009,913 19,325 Leadis Technology, Inc.* 205,811 152,425 Micrel, Inc.* 1,679,723 81,975 National Semiconductor Corp. 1,471,451 116,525 PLX Technology, Inc.* 1,211,860 3,475 Samsung Electronics Co., Ltd. GDR (Korea) 761,025 32,100 Silicon Laboratories, Inc.* 1,133,451 66,800 SIPEX Corp.* 312,624 73,575 SiRF Technology Holdings, Inc.* 935,874 30,375 Tessera Technologies, Inc.* 1,130,254 4,950 Xilinx, Inc. 146,767 --------------- 11,786,561 --------------- ELECTRONICS - TECHNOLOGY 0.5% 40,750 EFJ, Inc.* 393,238 --------------- FOOD AND DRUG RETAILING 1.0% 23,600 Sugi Pharmacy Co. Ltd. (Japan) 799,105 --------------- HEALTH CARE EQUIPMENT AND SUPPLIES 2.4% 43,200 Biacore International AB (Sweden) 862,806 64,550 MacroPore Biosurgery, Inc.* 158,254 3,975 Straumann Holding AG (Switzerland) 821,993 --------------- 1,843,053 --------------- HEALTH CARE FACILITIES 0.7% 11,200 American Healthways, Inc.* 370,048 4,075 Pharmaceutical Product Development, Inc.* 168,257 --------------- 538,305 --------------- HEALTH CARE MANAGEMENT SERVICES 0.4% 13,600 Computer Programs & Systems, Inc. 314,840 --------------- HEALTH CARE PROVIDERS AND SERVICES 0.8% 15,500 Icon plc ADR* (Ireland) 599,075 --------------- HEALTH CARE SERVICES 3.1% 84,543 Accredo Health, Inc.* 2,343,532 --------------- MACHINERY 3.4% 34,000 Bharat Forge Ltd. (India) 843,789 2,000,000 MMI Holdings Ltd. (Singapore) 453,209 43,000 Pason Systems, Inc. (Canada) 1,325,668 --------------- 2,622,666 --------------- MEDIA 0.8% 408,500 Astro All Asia Networks plc* (Malaysia) 580,500 --------------- MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 8.5% 60,750 Abaxis, Inc.* $ 880,268 3,175 Biosite, Inc.* 195,390 32,050 Cyberonics, Inc.* 664,076 97,750 Enpath Medical, Inc.* 1,055,700 46,075 ICU Medical, Inc.* 1,259,690 4,450 IntraLase Corp.* 104,486 16,125 Kyphon, Inc.* 415,380 17,775 Molecular Devices Corp.* 357,278 79,800 NuVasive, Inc.* 817,950 12,925 Techne Corp.* 502,782 22,600 VNUS Medical Technologies, Inc.* 305,552 --------------- 6,558,552 --------------- MISCELLANEOUS MATERIALS AND COMMODITIES 1.4% 36,550 Symyx Technologies, Inc.* 1,099,424 --------------- PHARMACEUTICALS 3.1% 21,400 Angiotech Pharmaceuticals, Inc.* (Canada) 394,830 14,589 Docpharma N.V.* (Belgium) 586,105 12,250 Taro Pharmaceuticals Industries Ltd.* (Israel) 416,868 14,500 Teva Pharmaceutical Industries Ltd. ADR (Israel) 432,970 119,078 United Drug plc (Ireland) 561,293 --------------- 2,392,066 --------------- PRODUCTION TECHNOLOGY EQUIPMENT 4.3% 39,300 August Technology Corp.* 413,829 165,900 Genus, Inc.* 318,528 165,530 inTEST Corp.* 728,332 96,100 Intevac, Inc.* 726,516 24,325 Nanometrics, Inc.* 392,095 3,150 Nova Measuring Instruments Ltd.* (Israel) 10,836 39,850 Rudolph Technologies, Inc.* 684,224 --------------- 3,274,360 --------------- SEMICONDUCTOR EQUIPMENT AND PRODUCTS 7.8% 159,250 ASE Test Ltd.* (Taiwan) 1,076,530 55,525 CSR plc* (United Kingdom) 415,035 234,975 O2Micro International Ltd.* (Cayman Islands) 2,688,114 46,250 PSi Technologies Holdings, Inc. ADR* (Philippines) 95,275 18,525 SEZ Holding AG* (Switzerland) 456,125 142,464 Taiwan Semiconductor Manufacturing Co. Ltd.ADR (Taiwan) 1,209,519 --------------- 5,940,598 --------------- SERVICES - COMMERCIAL 2.5% 4,350 CoStar Group, Inc.* 200,883 30,775 IAC/InterActiveCorp* 850,006 95,501 Wireless Facilities, Inc.* 901,529 --------------- 1,952,418 ---------------
GLOBAL SCIENCE & TECHNOLOGY FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE - ---------- --------------- SOFTWARE 0.6% 45,275 Ninetowns Digital World Trade Holdings Ltd. ADR* (China) $ 486,706 --------------- UTILITIES - TELECOMMUNICATIONS 1.9% 74,800 Nextel Partners, Inc., Class A* 1,461,592 --------------- TOTAL COMMON AND PREFERRED STOCKS (COST $67,218,053) 71,931,570 --------------- LIMITED PARTNERSHIP INTEREST 0.0% OTHER 0.0% Montagu Newhall Global Partners II-B, L.P.* *** + 35,654 --------------- TOTAL LIMITED PARTNERSHIP INTEREST (COST $47,144) 35,654 --------------- WARRANTS 0.0% DRUGS AND PHARMACEUTICALS 0.0% 4,600 Acusphere, Inc.* *** + - --------------- ELECTRONICS - SEMICONDUCTORS/ COMPONENTS 0.0% 4,275 SiRF Technology Holdings, Inc.* *** + 26,591 --------------- TOTAL WARRANTS (COST $0) 26,591 ---------------
PRINCIPAL AMOUNT VALUE - ---------- --------------- SHORT-TERM INVESTMENTS 6.1% REPURCHASE AGREEMENT 6.1% $4,666,000 Repurchase Agreement dated 12/31/04, 1.45% due 1/3/05 with State Street Bank and Trust Co. collateralized by $3,705,000 of United States Treasury Bonds 7.50% due 11/15/16; value: $4,762,659; repurchase proceeds: $4,666,564+++ (cost $4,666,000) $ 4,666,000 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $4,666,000) 4,666,000 --------------- TOTAL INVESTMENTS (COST $71,931,197) 99.8% 76,659,815 OTHER ASSETS LESS LIABILITIES 0.2% 121,947 --------------- NET ASSETS 100.0% $ 76,781,762 ===============
*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors. +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933. +++All or a portion of this Security has been designated as collateral for open short positions, written options or purchase commitments. ADR American Depositary Receipt. GDR Global Depositary Receipt. See notes to Schedules of Investments. GLOBAL SCIENCE & TECHNOLOGY FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited) At December 31, 2004, Wasatch Global Science & Technology Fund's investments, excluding short-term investments, were in the following countries:
COUNTRY % - -------------- ------ Belgium 0.8 Canada 4.5 Cayman Islands 3.7 China 2.1 Germany 0.7 India 5.7 Ireland 1.6 Israel 1.2 Japan 1.1 Korea 1.1 Malaysia 0.8 Netherlands 0.4 Philippines 0.1 Singapore 5.0 Sweden 1.2 Switzerland 1.8 Taiwan 3.2 United Kingdom 0.6 United States 64.4 ----- TOTAL 100.0% =====
HERITAGE GROWTH FUND - SCHEDULE OF INVESTMENTS December 31, 2004 (Unaudited)
SHARES VALUE - ---------- --------------- COMMON STOCKS 91.4% AIR TRANSPORT 0.7% 62,475 JetBlue Airways Corp.* $ 1,450,669 --------------- BANKS - NEW YORK CITY 0.8% 74,875 New York Community Bancorp, Inc. 1,540,179 --------------- BANKS - OUTSIDE NEW YORK CITY 5.1% 53,550 Commerce Bancorp, Inc. 3,448,620 169,125 North Fork Bancorporation, Inc. 4,879,256 62,875 TCF Financial Corp. 2,020,803 --------------- 10,348,679 --------------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 1.2% 51,350 Charles River Laboratories International, Inc.* 2,362,613 --------------- COMMERCIAL SERVICES AND SUPPLIES 2.4% 116,075 Willis Group Holdings Ltd. 4,778,808 --------------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 5.5% 52,050 Affiliated Computer Services, Inc., Class A* 3,132,889 45,000 Infosys Technologies Ltd. 2,173,526 16,425 Infosys Technologies Ltd. ADR 1,138,417 30,850 NAVTEQ Corp.* 1,430,206 92,000 QLogic Corp.* 3,379,160 --------------- 11,254,198 --------------- DIVERSIFIED FINANCIAL SERVICES 1.2% 65,350 Countrywide Financial Corp. 2,418,603 --------------- DIVERSIFIED FINANCIALS 3.2% 98,825 Doral Financial Corp. 4,867,131 90,000 Housing Development Finance Corp. Ltd. 1,594,197 --------------- 6,461,328 --------------- DRUGS AND PHARMACEUTICALS 1.0% 47,600 Forest Laboratories, Inc.* 2,135,336 --------------- EDUCATION SERVICES 3.4% 71,325 Apollo Group, Inc., Class A* 5,756,641 61,000 Corinthian Colleges, Inc.* 1,149,545 --------------- 6,906,186 --------------- ELECTRONICS - MEDICAL SYSTEMS 0.8% 33,000 Medtronic, Inc. 1,639,110 --------------- ELECTRONICS - SEMICONDUCTORS/ COMPONENTS 6.6% 110,150 Linear Technology Corp. $ 4,269,414 81,525 Maxim Integrated Products, Inc. 3,455,845 38,950 Microchip Technology, Inc. 1,038,407 185,000 National Semiconductor Corp. 3,320,750 6,000 Samsung Electronics Co., Ltd. GDR 1,314,000 --------------- 13,398,416 --------------- ENERGY - MISCELLANEOUS 0.7% 80,750 Chesapeake Energy Corp. 1,332,375 --------------- FINANCE COMPANIES 0.9% 21,425 Capital One Financial Corp. 1,804,199 --------------- FINANCE - SMALL LOAN 1.3% 108,000 AmeriCredit Corp.* 2,640,600 --------------- FINANCIAL DATA PROCESSING SERVICES AND SYSTEMS 1.6% 50,875 Fiserv, Inc.* 2,044,667 40,325 SunGard Data Systems, Inc.* 1,142,407 --------------- 3,187,074 --------------- FINANCIAL INFORMATION SERVICES 0.5% 11,125 Moody's Corp. 966,206 --------------- FINANCIAL - MISCELLANEOUS 3.1% 51,500 Brown & Brown, Inc. 2,242,825 87,000 Fidelity National Financial, Inc. 3,973,290 --------------- 6,216,115 --------------- HEALTH CARE EQUIPMENT AND SUPPLIES 0.5% 5,150 Straumann Holding AG 1,064,973 --------------- HEALTH CARE FACILITIES 2.9% 141,375 Health Management Associates, Inc., Class A 3,212,040 28,000 Quest Diagnostics, Inc. 2,675,400 --------------- 5,887,440 --------------- HEALTH CARE MANAGEMENT SERVICES 5.3% 56,000 Caremark Rx, Inc.* 2,208,080 56,500 Pacificare Health Systems* 3,193,380 46,675 WellPoint, Inc.* 5,367,625 --------------- 10,769,085 --------------- HEALTH CARE SERVICES 0.9% 23,175 Express Scripts, Inc.* 1,771,497 ---------------
HERITAGE GROWTH FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE - --------- --------------- HOME BUILDING 9.4% 92,425 D.R. Horton, Inc. $ 3,725,652 31,400 Hovnanian Enterprises, Inc., Class A* 1,554,928 67,725 Lennar Corp., Class A 3,838,653 17,750 M.D.C. Holdings, Inc. 1,534,310 6,225 NVR, Inc.* 4,789,515 55,600 Pulte Homes, Inc. 3,547,280 --------------- 18,990,338 --------------- INVESTMENT MANAGEMENT COMPANIES 0.3% 15,463 SEI Investments Co. 648,364 --------------- MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 1.7% 28,775 Patterson Companies, Inc.* 1,248,547 27,200 St. Jude Medical, Inc.* 1,140,496 13,500 Zimmer Holdings, Inc.* 1,081,620 --------------- 3,470,663 --------------- PHARMACEUTICALS 2.8% 192,425 Teva Pharmaceutical Industries Ltd. ADR 5,745,809 --------------- PRODUCTION TECHNOLOGY EQUIPMENT 1.0% 43,050 KLA-Tencor Corp.* 2,005,269 --------------- REAL ESTATE INVESTMENT TRUSTS (REIT) 3.9% 80,000 Friedman, Billings, Ramsey Group, Inc., Class A 1,551,200 61,100 iStar Financial, Inc. 2,765,386 33,000 New Century Financial Corp. 2,109,030 92,050 Provident Senior Living Trust* ***+ 1,472,800 --------------- 7,898,416 --------------- RECREATIONAL VEHICLES AND BOATS 2.2% 74,500 Harley-Davidson, Inc. 4,525,875 --------------- RETAIL 12.3% 42,375 Amazon.com, Inc.* 1,876,789 67,800 AutoZone, Inc.* 6,190,818 95,975 Bed Bath & Beyond, Inc.* 3,822,684 53,750 Best Buy Co., Inc. 3,193,825 21,875 CDW Corp. 1,451,406 29,000 Chico's FAS, Inc.* 1,320,370 148,050 Dollar Tree Stores, Inc.* 4,246,074 12,250 Home Depot, Inc. 523,565 16,750 Lowe's Companies, Inc. 964,633 49,200 TJX Companies, Inc. 1,236,396 --------------- 24,826,560 --------------- SAVINGS AND LOANS 1.5% 49,000 Golden West Financial Corp. 3,009,580 --------------- SERVICES - COMMERCIAL 1.4% 17,650 Corporate Executive Board Co. 1,181,491 60,975 IAC/InterActiveCorp* 1,684,130 --------------- 2,865,621 --------------- SPECIALTY RETAIL 0.7% 250,000 Esprit Holdings Ltd. $ 1,511,643 --------------- TEXTILES, APPAREL AND LUXURY GOODS 0.8% 5,825 Puma AG Rudolf Dassler Sport 1,596,139 --------------- TEXTILES - APPAREL MANUFACTURERS 0.7% 26,825 Coach, Inc.* 1,512,930 --------------- UTILITIES - TELECOMMUNICATIONS 3.1% 66,325 Nextel Communications, Inc., Class A* 1,989,750 216,175 Nextel Partners, Inc., Class A* 4,224,060 --------------- 6,213,810 --------------- TOTAL COMMON STOCKS (COST $165,927,853) 185,154,706 ---------------
PRINCIPAL AMOUNT VALUE - ----------- --------------- SHORT-TERM INVESTMENTS 11.2% REPURCHASE AGREEMENT 11.2% $22,626,000 Repurchase Agreement dated 12/31/04, 1.45% due 1/3/05 with State Street Bank and Trust Co. collateralized by $17,955,000 of United States Treasury Bonds 7.50% due 11/15/16; value: $23,080,578; repurchase proceeds: $22,628,734 (cost $22,626,000) $ 22,626,000 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $22,626,000) 22,626,000 --------------- TOTAL INVESTMENTS (COST $188,553,853) 102.6% 207,780,706 LIABILITIES LESS OTHER ASSETS (2.6)% (5,308,423) --------------- NET ASSETS 100.0% $ 202,472,283 ===============
*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors. +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933. ADR American Depositary Receipt. GDR Global Depositary Receipt. See notes to Schedules of Investments. INTERNATIONAL GROWTH FUND - SCHEDULE OF INVESTMENTS December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- COMMON STOCKS 91.2% AIRLINES 2.1% 107,500 Gol Linhas Aereas Inteligentes S.A. ADR* (Brazil) $ 3,427,100 193,600 WestJet Airlines Ltd.* (Canada) 1,934,145 ------------ 5,361,245 ------------ AUTO COMPONENTS 0.5% 560,000 Clarion Co. Ltd.* (Japan) 1,313,160 ------------ BANKS 1.5% 338,100 HDFC Bank Ltd. (India) 4,056,027 ------------ BIOTECHNOLOGY 3.4% 28,610 Actelion Ltd.* (Switzerland) 2,928,059 775,000 Ark Therapeutics Group plc*(United Kingdom) 1,262,561 88,000 Neurochem, Inc.* (Canada) 1,542,640 284,625 QIAGEN N.V.* (Netherlands) 3,116,644 ------------ 8,849,904 ------------ COMMERCIAL SERVICES AND SUPPLIES 9.1% 18,000 Acadomia Group (France) 914,287 8,486,900 Accord Customer Care Solutions Ltd.* (Singapore) 4,444,083 427,200 Bloomsbury Publishing plc (United Kingdom) 2,480,879 1,450 En-Japan, Inc. (Japan) 4,655,802 3,375,000 Linmark Group Ltd. (Hong Kong) 1,215,747 302,200 Park24 Co. Ltd. (Japan) 5,410,343 107,125 Techem AG* (Germany) 3,881,446 154,950 Vanguard Response Systems, Inc. * (Canada) 652,000 ------------ 23,654,587 ------------ COMMUNICATIONS TECHNOLOGY 0.7% 82,890 UTStarcom, Inc.* (China) 1,836,013 ------------ COMPUTERS AND PERIPHERALS 1.8% 53,900 Logitech International S.A.* (Switzerland) 3,282,410 2,422,000 TPV Technology Ltd. (Hong Kong) 1,448,900 ------------ 4,731,310 ------------ DIVERSIFIED FINANCIALS 6.7% 150,000 AWD Holding AG (Germany) 6,257,788 76,200 Doral Financial Corp. (Puerto Rico) 3,752,850 187,450 Home Capital Group, Inc., Class B (Canada) 4,880,900 1,070,000 Nissin Co Ltd. (Japan) 2,686,062 ------------ 17,577,600 ------------ DIVERSIFIED TELECOMMUNICATION SERVICES 1.7% 40,000 Option N.V.* (Belgium) 1,433,061 1,300,250 Zyxel Communications Corp. (Taiwan) 3,047,141 ------------ 4,480,202 ------------ ELECTRIC UTILITIES 1.3% 152,150 Red Electrica de Espana (Spain) $ 3,400,438 ------------ ELECTRICAL EQUIPMENT 2.0% 5,215 SAIA-Burgess Electronics AG (Switzerland) 3,107,295 2,406,700 Unisteel Technology Ltd. (Singapore) 2,196,217 ------------ 5,303,512 ------------ ELECTRONIC EQUIPMENT AND INSTRUMENTS 1.8% 60,350 Funkwerk AG (Germany) 2,659,952 3,475,000 MFS Technology Ltd. (Singapore) 1,968,627 ------------ 4,628,579 ------------ FOOD AND DRUG RETAILING 3.6% 1,612,100 Convenience Retail Asia Ltd. (Hong Kong) 591,083 74,000 Shoppers Drug Mart Corp.* (Canada) 2,298,029 124,000 Sugi Pharmacy Co. Ltd. (Japan) 4,198,687 1,457,000 Wumart Stores, Inc.* (China) 2,343,046 ------------ 9,430,845 ------------ HEALTH CARE EQUIPMENT AND SUPPLIES 3.4% 156,750 Elekta AB, Class B* (Sweden) 4,507,692 21,025 Straumann Holding AG (Switzerland) 4,347,777 ------------ 8,855,469 ------------ HEALTH CARE PROVIDERS AND SERVICES 3.2% 81,475 Icon Plc ADR* (Ireland) 3,149,009 145,625 Orpea* (France) 5,128,474 ------------ 8,277,483 ------------ HOTELS, RESTAURANTS AND LEISURE 1.5% 116,175 Fairmont Hotels & Resorts, Inc. (Canada) 4,020,121 ------------ HOUSEHOLD DURABLES 4.3% 59,700 Citizen Electronics Co. Ltd. (Japan) 3,136,755 175,000 Desarrolladora Homex, S.A. de C.V. ADR* (Mexico) 4,138,750 1,764,000 HTL International Holdings Ltd. (Singapore) 1,436,869 1,133,000 Techtronic Industries Company Ltd. (Hong Kong) 2,477,937 ------------ 11,190,311 ------------ HOUSEHOLD PRODUCTS 0.8% 72,700 Milbon Co. Ltd. (Japan) 1,998,321 ------------ INTERNET AND CATALOG RETAIL 1.9% 1,485,865 Carphone Warehouse Group plc (United Kingdom) 4,891,114 ------------
INTERNATIONAL GROWTH FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- INFORMATION TECHNOLOGY CONSULTING AND SERVICES 2.0% 227,915 Indra Sistemas, S.A. (Spain) $ 3,880,495 197,200 Mphasis BFL Ltd. (India) 1,271,199 ------------ 5,151,694 ------------ LEISURE EQUIPMENT AND PRODUCTS 2.2% 238,200 Mega Bloks, Inc.* (Canada) 3,780,952 39,555 Rodriguez Group (France) 2,007,539 ------------ 5,788,491 ------------ MACHINERY 1.5% 57,908 Bharat Forge Ltd. (India) 1,437,122 79,650 Singulus Technologies* (Germany) 1,391,728 25,000 Takeuchi Manufacturing Co. Ltd. (Japan) 1,131,112 ------------ 3,959,962 ------------ MEDIA 2.5% 124,300 Alliance Atlantis Communications, Inc., Class B* (Canada) 3,387,788 244,725 HIT Entertainment plc (United Kingdom) 1,285,170 61,575 JC Decaux S.A.* (France) 1,791,503 ------------ 6,464,461 ------------ MULTILINE RETAIL 0.4% 385 Can Do Co. Ltd. (Japan) 486,986 385 Can Do Co. Ltd. Bonus Shares* (Japan) 486,986 ------------ 973,972 ------------ OFFICE ELECTRONICS 1.5% 49,050 Neopost S.A. (France) 3,800,265 ------------ OIL AND GAS 3.9% 238,520 Cairn Energy plc* (United Kingdom) 4,982,910 694,000 Soco International plc* (United Kingdom) 5,160,870 ------------ 10,143,780 ------------ PERSONAL PRODUCTS 0.4% 5,300,000 Peace Mark Holdings Ltd. (Hong Kong) 1,104,593 ------------ PHARMACEUTICALS 7.0% 218,725 Angiotech Pharmaceuticals, Inc.* (Canada) 4,049,552 13,250 Docpharma N.V.* (Belgium) 532,312 625 EPS Co., Ltd. (Japan) 1,994,649 86,600 Sawai Pharmaceutical Co. Ltd. (Japan) 2,439,377 2,100,000 SkyePharma plc* (United Kingdom) 2,616,160 120,000 Sun Pharmaceutical Industries Ltd. (India) 1,538,358 1,100,256 United Drug plc (Ireland) 5,186,231 ------------ 18,356,639 ------------ REAL ESTATE 2.0% 6,000,000 Far East Consortium International Ltd. (Hong Kong) $ 2,605,172 17,235 Unibail (Union du Credit-Bail Immobilier) (France) 2,703,328 ------------ 5,308,500 ------------ SEMICONDUCTOR EQUIPMENT AND PRODUCTS 4.2% 98,400 ASE Test Ltd.* (Taiwan) 665,184 79,800 ASM International N.V.* (Netherlands) 1,309,518 383,300 CSR plc* (United Kingdom) 2,865,069 54,925 Disco Corp. (Japan) 2,506,429 105,750 O2Micro International Ltd.* (Cayman Islands) 1,209,780 92,595 SEZ Holding AG* (Switzerland) 2,279,886 ------------ 10,835,866 ------------ SOFTWARE 0.4% 95,625 Ninetowns Digital World Trade Holdings Ltd. ADR* (China) 1,027,969 ------------ SPECIALTY RETAIL 6.9% 26,840 Bijou Brigitte AG (Germany) 3,544,590 2,823,400 Bonjour Holdings Ltd. (Hong Kong) 1,489,250 23,510 Carpetright plc (United Kingdom) 513,676 567,000 Esprit Holdings Ltd. (Hong Kong) 3,428,406 27,270 Gulliver International Co. Ltd. (Japan) 3,635,116 733,000 Pumpkin Patch Ltd.* (New Zealand) 1,453,077 45,730 USS Co. Ltd. (Japan) 3,826,592 ------------ 17,890,707 ------------ TEXTILES, APPAREL AND LUXURY GOODS 3.7% 206,000 Pantaloon Retail India Ltd. (India) 3,490,807 20,300 Puma AG Rudolf Dassler Sport (Germany) 5,562,510 67,000 Ted Baker plc (United Kingdom) 620,231 ------------ 9,673,548 ------------ WIRELESS TELECOMMUNICATION SERVICES 1.3% 28,260 Mobistar S.A.* (Belgium) 2,639,279 180,000 Virgin Mobile Holdings plc* (United Kingdom) 784,848 ------------ 3,424,127 ------------ TOTAL COMMON STOCKS (COST $180,911,603) 237,760,815 ------------ WARRANTS 0.0% MACHINERY 0.0% 1,379 Bharat Forge Ltd* (India) 5,261 ------------ TOTAL WARRANTS (COST $0) 5,261 ------------
INTERNATIONAL GROWTH FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
PRINCIPAL AMOUNT VALUE --------- ----- SHORT-TERM INVESTMENTS 9.2% REPURCHASE AGREEMENT 9.2% $23,899,000 Repurchase Agreement dated 12/31/04, 1.45% due 1/3/05 with State Street Bank and Trust Co. collateralized by $19,365,000 of United States Treasury Bonds 7.25% due 5/15/16; value: $24,378,599; repurchase proceeds: $23,901,888 (cost $23,899,000) $ 23,899,000 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $23,899,000) 23,899,000 ------------ TOTAL INVESTMENTS (COST $204,810,603) 100.4% 261,665,076 LIABILITIES LESS OTHER ASSETS (0.4)% (974,840) ------------ NET ASSETS 100.0% $260,690,236 ============
*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors. ADR American Depositary Receipts. See notes to Schedules of Investments. At December 31, 2004, Wasatch International Growth Fund's investments, excluding short-term investments, were in the following countries:
COUNTRY % - ------- ----- Belgium 1.9 Brazil 1.4 Canada 11.2 Cayman Islands 0.5 China 2.2 France 6.9 Germany 9.8 Hong Kong 6.0 India 5.0 Ireland 3.5 Japan 16.8 Mexico 1.7 Netherlands 1.9 New Zealand 0.6 Puerto Rico 1.6 Singapore 4.2 Spain 3.1 Sweden 1.9 Switzerland 6.7 Taiwan 1.6 United Kingdom 11.5 ----- TOTAL 100.0% =====
MICRO CAP FUND - SCHEDULE OF INVESTMENTS December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- COMMON AND PREFERRED STOCKS 93.8% AEROSPACE 0.6% 111,800 MTC Technologies, Inc.* $ 3,753,126 ------------ AUTO PARTS - AFTER MARKET 1.1% 196,575 Aftermarket Technology Corp.* 3,164,858 139,700 Keystone Automotive Industries, Inc.* 3,248,025 ------------ 6,412,883 ------------ BANKS 0.5% 122,550 Canadian Western Bank 2,714,143 ------------ BANKS - OUTSIDE NEW YORK CITY 2.6% 81,000 Bank of the Ozarks, Inc. 2,756,430 34,832 First State Bancorporation 1,280,424 25,850 First State Financial Corp.* 336,567 190,550 Franklin Bank Corp.* 3,477,538 248,425 Placer Sierra Bancshares 7,065,207 ------------ 14,916,166 ------------ BIOTECHNOLOGY RESEARCH AND PRODUCTION 0.6% 686,700 Discovery Partners International, Inc.* 3,261,825 ------------ CHEMICALS 1.0% 147,425 Cabot Microelectronics Corp.* 5,904,371 ------------ COMMERCIAL SERVICES AND SUPPLIES 1.7% 58,925 Acadomia Group 2,993,021 4,887,300 Raffles Education Corp. Ltd. 1,751,023 1,243,575 Vanguard Response Systems, Inc.* 5,232,724 ------------ 9,976,768 ------------ COMPUTER SERVICES SOFTWARE AND SYSTEMS 3.1% 190,325 EPIQ Systems, Inc.* 2,786,358 352,915 Kintera, Inc.* 3,179,764 197,075 Opnet Technologies, Inc.* 1,659,372 207,100 PEC Solutions, Inc.* 2,934,607 510,700 Pinnacle Systems, Inc.* 3,115,270 479,925 Verisity Ltd.* 3,935,385 ------------ 17,610,756 ------------ COMPUTER TECHNOLOGY 1.4% 446,625 FARGO Electronics, Inc.* 6,694,462 294,950 Qualstar Corp.* 1,401,013 ------------ 8,095,475 ------------ DIVERSIFIED FINANCIAL SERVICES 0.8% 404,936 U.S.I. Holdings Corp.* 4,685,109 ------------ DIVERSIFIED FINANCIALS 1.0% 214,100 Home Capital Group, Inc., Class B $ 5,574,824 ------------ DRUGS AND PHARMACEUTICALS 0.5% 282,800 ISTA Pharmaceuticals, Inc.* 2,861,936 ------------ ELECTRICAL AND ELECTRONICS 0.8% 111,525 Power Integrations, Inc.* 2,205,965 225,750 TTM Technologies, Inc.* 2,663,850 ------------ 4,869,815 ------------ ELECTRICAL EQUIPMENT 0.4% 2,462,000 Unisteel Technology Ltd. 2,246,681 ------------ ELECTRONIC EQUIPMENT AND INSTRUMENTS 0.8% 7,780,225 MFS Technology Ltd. 4,407,587 ------------ ELECTRONICS 2.3% 142,800 CyberOptics Corp.* 2,123,436 520,425 Nu Horizons Electronics Corp.* 4,152,992 127,975 Semtech Corp.* 2,798,813 203,825 Supertex, Inc.* 4,423,002 ------------ 13,498,243 ------------ ELECTRONICS - MEDICAL SYSTEMS 1.0% 157,500 EPIX Pharmaceuticals, Inc.* 2,820,825 633,075 IRIDEX Corp.* ++ 2,684,238 ------------ 5,505,063 ------------ ELECTRONICS - SEMICONDUCTORS/COMPONENTS 8.2% 745,450 Advanced Power Technology, Inc.* ++ 5,769,783 171,050 Excel Technology, Inc.* 4,447,300 112,200 Integrated Circuit Systems, Inc.* 2,347,224 940,975 Micrel, Inc.* 10,369,545 320,375 Pericom Semiconductor Corp.* 3,021,136 1,032,925 PLX Technology, Inc.* 10,742,420 134,650 SiRF Technology Holdings, Inc.* 1,712,748 224,900 Tessera Technologies, Inc.* 8,368,529 ------------ 46,778,685 ------------ ELECTRONICS - TECHNOLOGY 0.5% 301,350 EFJ, Inc.* 2,908,027 ------------ FINANCE COMPANIES 1.3% 250,400 United PanAm Financial Corp.* 4,772,624 106,950 World Acceptance Corp.* 2,942,195 ------------ 7,714,819 ------------ FINANCE - SMALL LOAN 0.8% 193,947 Encore Capital Group, Inc.* 4,612,060 ------------
MICRO CAP FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- FINANCIAL INFORMATION SERVICES 0.3% 66,175 Huron Consulting Group, Inc.* $ 1,469,085 ------------ FINANCIAL - MISCELLANEOUS 1.0% 71,350 First Cash Financial Services, Inc.* 1,905,759 89,950 Portfolio Recovery Associates, Inc.* 3,707,739 ------------ 5,613,498 ------------ FOOD AND DRUG RETAILING 0.4% 5,937,875 Convenience Retail Asia Ltd. 2,177,144 ------------ HEALTH CARE EQUIPMENT AND SUPPLIES 1.1% 307,500 Biacore International AB 6,141,503 ------------ HEALTH CARE FACILITIES 1.6% 196,625 American Healthways, Inc.* 6,496,490 469,125 Capital Senior Living Corp.* 2,655,248 ------------ 9,151,738 ------------ HEALTH CARE MANAGEMENT SERVICES 8.4% 54,925 AMERIGROUP Corp.* 4,155,626 893,225 AmSurg Corp.* 26,385,866 95,150 Centene Corp.* 2,697,502 165,000 Computer Programs & Systems, Inc. 3,819,750 279,681 CorVel Corp.* 7,489,857 39,225 IMPAC Medical Systems, Inc.* 807,643 66,000 Molina Healthcare, Inc.* 3,061,080 ------------ 48,417,324 ------------ HEALTH CARE PROVIDERS AND SERVICES 1.9% 279,500 Icon plc ADR* 10,802,675 ------------ HEALTH CARE SERVICES 1.6% 222,675 Accredo Health, Inc.* 6,172,551 3,200 DrugMax, Inc. Convertible Pfd. PIPE, Series A * *** + 3,071,264 ------------ 9,243,815 ------------ HOME BUILDING 1.5% 75,825 Meritage Homes Corp.* 8,545,477 ------------ HOUSEHOLD DURABLES 0.2% 78,125 easyhome Ltd. 1,236,825 ------------ HOUSEHOLD FURNISHINGS 0.8% 121,625 Kirkland's, Inc.* 1,494,771 173,150 Select Comfort Corp.* 3,106,311 ------------ 4,601,082 ------------ INSURANCE - LIFE 0.5% 243,625 KMG America Corp.* 2,679,875 ------------ MACHINERY 0.3% 6,469,000 MMI Holdings Ltd. 1,465,905 ------------ MACHINERY - OIL WELL EQUIPMENT AND SERVICES 0.7% 191,100 Gulf Island Fabrication, Inc. $ 4,171,713 ------------ MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 6.2% 254,525 Abaxis, Inc.* 3,688,067 23,150 Biosite, Inc.* 1,424,651 39,100 Closure Medical Corp.* 762,450 178,450 Cyberonics, Inc.* 3,697,484 375,125 Encision, Inc.* ++ 1,046,599 374,525 Enpath Medical, Inc.* ++ 4,044,870 392,090 ICU Medical, Inc.* 10,719,741 32,925 IntraLase Corp.* 773,079 379,225 NuVasive, Inc.* 3,887,056 295,300 Thoratec Corp.* 3,077,026 164,575 VNUS Medical Technologies, Inc.* 2,225,054 ------------ 35,346,077 ------------ MEDICAL SERVICES 1.8% 152,900 Covalent Group, Inc.* 389,895 652,862 U.S. Physical Therapy, Inc.* ++ 10,067,132 ------------ 10,457,027 ------------ MISCELLANEOUS MATERIALS AND COMMODITIES 0.4% 81,700 Symyx Technologies, Inc.* 2,457,536 ------------ PHARMACEUTICALS 0.7% 101,038 Docpharma N.V.* 4,059,147 ------------ PRODUCTION TECHNOLOGY EQUIPMENT 4.2% 130,075 ADE Corp.* 2,435,004 357,525 August Technology Corp.* 3,764,738 160,800 Entegris, Inc.* 1,599,960 528,550 inTEST Corp.* ++ 2,325,620 675,600 Intevac, Inc.* 5,107,536 710,500 LogicVision, Inc.* 2,081,765 141,400 Nanometrics, Inc.* 2,279,227 105,425 Nova Measuring Instruments Ltd.* 362,662 229,750 Rudolph Technologies, Inc.* 3,944,807 ------------ 23,901,319 ------------ REAL ESTATE INVESTMENT TRUSTS (REIT) 1.4% 157,150 Bimini Mortgage Management, Inc., Class A 2,523,829 174,075 Fieldstone Investment Corp.*** + 2,882,682 117,200 Saxon Capital, Inc. 2,811,628 ------------ 8,218,139 ------------ RECREATIONAL VEHICLES AND BOATS 0.4% 218,000 National R.V. Holdings, Inc.* 2,099,340 ------------
MICRO CAP FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- RETAIL 11.7% 93,825 AC Moore Arts & Crafts, Inc.* $ 2,703,098 699,650 Big 5 Sporting Goods Corp. 20,387,801 105,200 Cato Corp. (The), Class A 3,031,864 133,850 Global Imaging Systems, Inc.* 5,287,075 223,625 Guitar Center, Inc.* 11,782,801 202,668 Hibbett Sporting Goods, Inc.* 5,392,995 224,225 Lithia Motors, Inc., Class A 6,013,715 59,650 MarineMax, Inc.* 1,775,184 155,750 O'Reilly Automotive, Inc.* 7,016,538 96,950 School Specialty, Inc.* 3,738,392 ------------ 67,129,463 ------------ SAVINGS AND LOANS 0.7% 173,782 Commercial Capital Bancorp, Inc. 4,028,267 ------------ SEMICONDUCTOR EQUIPMENT AND PRODUCTS 3.4% 453,025 ASE Test Ltd.* 3,062,449 1,103,650 O2Micro International Ltd.* 12,625,755 998,445 PSi Technologies Holdings, Inc. ADR* ++ 2,056,797 79,178 SEZ Holding AG* 1,949,531 ------------ 19,694,532 ------------ SERVICES - COMMERCIAL 6.0% 889,635 AMN Healthcare Services, Inc.* 14,154,093 91,050 Charles River Associates, Inc.* 4,258,408 124,975 Monro Muffler, Inc.* 3,161,868 117,625 Providence Service Corp. (The)* 2,466,596 57,225 Resources Connection, Inc.* 3,107,890 857,000 SM&A* 7,311,067 ------------ 34,459,922 ------------ SHOES 0.5% 96,100 Kenneth Cole Productions, Inc., Class A 2,965,646 ------------ SOFTWARE 0.2% 58,607 Retalix Ltd.* 1,281,149 ------------ SPECIALTY RETAIL 2.7% 92,175 Bijou Brigitte AG 12,172,973 68,773 GiFi 3,241,725 ------------ 15,414,698 ------------ TRUCKERS 1.6% 75,675 PAM Transportation Services* 1,418,906 455,500 USA Truck, Inc.* 7,743,500 ------------ 9,162,406 ------------ WHOLESALERS 0.6% 167,500 Beacon Roofing Supply, Inc.* 3,326,550 ------------ TOTAL COMMON AND PREFERRED STOCKS (COST $391,915,822) 538,027,239 ------------ WARRANTS 0.0% HEALTH CARE SERVICES 0.0% 259,459 DrugMax, Inc.* *** + - ------------ TOTAL WARRANTS (COST $0) - ------------
PRINCIPAL AMOUNT VALUE --------- ----- SHORT-TERM INVESTMENTS 6.0% REPURCHASE AGREEMENT 6.0% $34,254,000 Repurchase Agreement dated 12/31/04, 1.45% due 1/3/05 with State Street Bank and Trust Co. collateralized by $27,185,000 of United States Treasury Bonds 7.50% due 11/15/16; value: $34,945,448; repurchase proceeds: $34,258,139 (cost $34,254,000) $ 34,254,000 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $34,254,000) 34,254,000 ------------ TOTAL INVESTMENTS (COST $426,169,822) 99.8% 572,281,239 OTHER ASSETS LESS LIABILITIES 0.2% 1,312,705 ------------ NET ASSETS 100.0% $573,593,944 ============
*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors. +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933. ++Affiliated company. ADR American Depositary Receipt. PIPE Private Investment in a Public Equity. See notes to Schedules of Investments. MICRO CAP VALUE FUND - SCHEDULE OF INVESTMENTS December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- COMMON AND PREFERRED STOCKS 94.2% AUTO PARTS - AFTER MARKET 1.9% 50,000 Aftermarket Technology Corp.* $ 805,000 132,775 IMPCO Technologies, Inc.* 1,002,451 ----------- 1,807,451 ----------- BANKS - OUTSIDE NEW YORK CITY 9.6% 50,000 CommerceWest Bank* 725,000 26,250 Dearborn Bancorp, Inc.* 765,450 80,000 First State Financial Corp.* 1,041,600 100,000 Franklin Bank Corp.* 1,825,000 25,000 MetroCorp Bancshares, Inc. 556,500 45,200 OptimumBank Holdings, Inc.* 579,012 35,000 Placer Sierra Bancshares 995,400 50,000 Security Business Bank of San Diego* 902,500 100,000 Wilshire Bancorp, Inc.* 1,654,000 ----------- 9,044,462 ----------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 1.7% 203,200 Discovery Partners International, Inc.* 965,200 74,100 United-Guardian, Inc. 618,735 ----------- 1,583,935 ----------- BUILDING PRODUCTS 0.7% 350,000 CFM Corp.* (Canada) 708,661 ----------- COMMERCIAL SERVICES AND SUPPLIES 3.9% 18,000 Acadomia Group (France) 914,287 769,250 ACE Security Laminates Corp. PIPE* *** + (Canada) 331,294 1,000,000 Environmental Management Solutions, Inc.* (Canada) 791,568 400,000 Vanguard Response Systems, Inc.* (Canada) 1,683,123 ----------- 3,720,272 ----------- COMMUNICATIONS TECHNOLOGY 0.8% 40,000 Standard Microsystems Corp.* 713,200 ----------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 1.1% 500,000 CorVu Corp.* 165,000 106,375 Opnet Technologies, Inc.* 895,678 ----------- 1,060,678 ----------- COMPUTER TECHNOLOGY 0.9% 75,000 Lexar Media, Inc.* 588,000 50,000 Qualstar Corp.* 237,500 ----------- 825,500 ----------- CONSUMER ELECTRONICS 0.5% 25,000 Digital Theater Systems, Inc.* 503,250 ----------- DISTRIBUTORS 0.7% 400,000 Commercial Solutions, Inc.* (Canada) $ 649,919 ----------- DIVERSIFIED FINANCIALS 1.0% 35,000 Home Capital Group, Inc., Class B (Canada) 911,344 ----------- DRUGS AND PHARMACEUTICALS 2.2% 43,000 Acusphere, Inc.* 263,590 112,700 ISTA Pharmaceuticals, Inc.* 1,140,524 33,500 Ligand Pharmaceuticals, Inc., Class B* 389,940 22,500 NeoPharm, Inc.* 281,475 ----------- 2,075,529 ----------- ELECTRICAL EQUIPMENT 0.8% 800,000 Unisteel Technology Ltd. (Singapore) 730,034 ----------- ELECTRONIC EQUIPMENT AND INSTRUMENTS 0.8% 900,000 Jurong Technologies Industrial Corp. Ltd. (Singapore) 771,680 ----------- ELECTRONICS 0.3% 20,000 CyberOptics Corp.* 297,400 ----------- ELECTRONICS - MEDICAL SYSTEMS 1.1% 244,950 IRIDEX Corp.* 1,038,588 ----------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 5.2% 291,035 Advanced Power Technology, Inc.* 2,252,611 50,000 Pericom Semiconductor Corp.* 471,500 210,000 PLX Technology, Inc.* 2,184,000 ----------- 4,908,111 ----------- ELECTRONICS - TECHNOLOGY 0.9% 49,000 EFJ, Inc.* 472,850 100,000 Iteris, Inc.* 345,000 ----------- 817,850 ----------- FINANCE COMPANIES 1.8% 60,000 Nicholas Financial, Inc. 859,140 45,000 United PanAm Financial Corp.* 857,700 ----------- 1,716,840 ----------- FINANCE - SMALL LOAN 1.0% 40,000 Encore Capital Group, Inc.* 951,200 ----------- FINANCIAL INFORMATION SERVICES 0.3% 10,950 Huron Consulting Group, Inc.* 243,090 ----------- FINANCIAL - MISCELLANEOUS 2.7% 50,000 First Cash Financial Services, Inc.* 1,335,500 160,000 Life Partners Holding, Inc. 1,187,200 ----------- 2,522,700 -----------
MICRO CAP VALUE FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- FOODS 0.4% 80,000 Geopharma, Inc.* $ 373,600 ----------- HEALTH CARE EQUIPMENT AND SUPPLIES 0.7% 280,000 MacroPore Biosurgery, Inc.* (Germany) 686,460 ----------- HEALTH CARE FACILITIES 0.6% 100,000 Capital Senior Living Corp.* 566,000 ----------- HEALTH CARE MANAGEMENT SERVICES 1.8% 52,500 Computer Programs & Systems, Inc. 1,215,375 25,000 IMPAC Medical Systems, Inc.* 514,750 ----------- 1,730,125 ----------- HEALTH CARE SERVICES 1.5% 800 DrugMax, Inc. Convertible Pfd. PIPE, Series A * *** + 767,816 30,000 Healthcare Services Group 625,200 ----------- 1,393,016 ----------- HOME BUILDING 1.3% 60,000 Orleans Homebuilders, Inc.* 1,191,000 ----------- HOUSEHOLD DURABLES 2.5% 105,000 easyhome Ltd. (Canada) 1,662,293 800,000 HTL International Holdings Ltd. (Singapore) 651,641 ----------- 2,313,934 ----------- INSURANCE - LIFE 0.5% 39,875 KMG America Corp.* 438,625 ----------- INSURANCE - PROPERTY AND CASUALTY 0.7% 40,000 American Safety Insurance Holdings Ltd.* (Bermuda) 653,600 ----------- MACHINERY 1.2% 450,000 First Engineering Ltd. (Singapore) 383,084 25,000 Pason Systems, Inc. (Canada) 770,737 ----------- 1,153,821 ----------- MARINE 0.7% 900,000 Ezra Holdings Ltd. (Singapore) 622,856 ----------- MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 10.8% 27,818 AngioDynamics, Inc.* 616,169 400,000 Bioject Medical Technologies, Inc.* 639,600 32,708 Cyberonics, Inc.* 677,710 164,734 Encision, Inc.* 459,608 223,775 Enpath Medical, Inc.* 2,416,769 55,000 ICU Medical, Inc.* 1,503,700 220,000 MTS Medication Technologies, Inc.* 1,621,400 153,400 NuVasive, Inc.* 1,572,350 50,000 VNUS Medical Technologies, Inc.* 676,000 ----------- 10,183,306 ----------- MEDICAL SERVICES 0.6% 225,000 Covalent Group, Inc.* $ 573,750 ----------- METAL MINING 1.2% 2,000,000 EuroZinc Mining Corp.* (Canada) 1,166,521 ----------- MULTI SECTOR COMPANIES 1.0% 50,000 GenCorp, Inc. 928,500 ----------- OIL AND GAS 0.5% 166,670 Saxon Energy Services, Inc. PIPE* ** *** + (Canada) 506,011 ----------- PHARMACEUTICALS 1.4% 12,000 Docpharma N.V.* (Belgium) 482,094 25,000 Taro Pharmaceuticals Industries Ltd.* (Israel) 850,750 ----------- 1,332,844 ----------- PRODUCTION TECHNOLOGY EQUIPMENT 8.3% 95,000 August Technology Corp.* 1,000,350 364,300 Genus, Inc.* 699,456 273,335 inTEST Corp.* 1,202,674 101,575 Intevac, Inc.* 767,907 649,000 LogicVision, Inc.* 1,901,570 43,000 Mykrolis Corp.* 609,310 5,000 Nanometrics, Inc.* 80,595 150,000 Nova Measuring Instruments Ltd.* (Israel) 516,000 56,500 Rudolph Technologies, Inc.* 970,105 ----------- 7,747,967 ----------- REAL ESTATE INVESTMENT TRUSTS (REIT) 3.0% 50,000 Bimini Mortgage Management, Inc., Class A 803,000 48,425 Fieldstone Investment Corp.*** + 801,918 36,250 Medical Properties Trust, Inc.*** + 371,562 35,000 Saxon Capital, Inc. 839,651 ----------- 2,816,131 ----------- RECREATIONAL VEHICLES AND BOATS 0.4% 40,000 National R.V. Holdings, Inc.* 385,200 ----------- RESTAURANTS 0.5% 250,000 Steakhouse Partners, Inc.* ++ 500,000 ----------- RETAIL 1.5% 35,000 Big 5 Sporting Goods Corp. 1,019,900 80,000 Casual Male Retail Group, Inc.* 436,000 ----------- 1,455,900 ----------- SAVINGS AND LOANS 1.8% 69,100 BFC Financial Corp., Class A* 874,115 60,000 Pacific Premier Bancorp, Inc.* 795,600 ----------- 1,669,715 -----------
MICRO CAP VALUE FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- SEMICONDUCTOR EQUIPMENT AND PRODUCTS 0.1% 57,550 PSi Technologies Holdings, Inc. ADR* (Philippines) $ 118,553 ----------- SERVICES - COMMERCIAL 3.0% 60,000 AMN Healthcare Services, Inc.* 954,600 120,000 Management Network Group, Inc.* 282,000 35,000 Monro Muffler, Inc.* 885,500 80,000 SM&A* 682,480 ----------- 2,804,580 ----------- SOFTWARE 1.0% 40,000 Isra Vision Systems AG* (Germany) 758,520 17,225 Ninetowns Digital World Trade Holdings Ltd. ADR* (China) 185,169 ----------- 943,689 ----------- SPECIALTY RETAIL 3.2% 16,000 Bijou Brigitte AG (Germany) 2,113,019 1,796,600 Bonjour Holdings Ltd. (Hong Kong) 947,647 ----------- 3,060,666 ----------- TELECOMMUNICATIONS EQUIPMENT 0.4% 1,250,000 WPCS International, Inc. PIPE* *** + 366,630 ----------- TEXTILES - APPAREL MANUFACTURERS 0.6% 70,000 Phoenix Footwear Group, Inc.* 544,600 ----------- TRANSPORTATION - MISCELLANEOUS 1.0% 191,550 AutoInfo, Inc.* 116,846 35,000 SCS Transportation, Inc.* 817,950 ----------- 934,796 ----------- TRUCKERS 1.5% 62,475 Transport Corporation of America, Inc.* 524,790 53,900 USA Truck, Inc.* 916,300 ----------- 1,441,090 ----------- WHOLESALERS 0.6% 27,250 Beacon Roofing Supply, Inc.* 541,185 ----------- TOTAL COMMON AND PREFERRED STOCKS (COST $73,991,976) 88,746,365 ----------- WARRANTS 0.0% COMMERCIAL SERVICES AND SUPPLIES 0.0% 384,625 ACE Security Laminates Corp.* *** + (Canada) - ----------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 0.0% 200,000 CorVu Corp.* *** + $ - ----------- DRUGS AND PHARMACEUTICALS 0.0% 8,600 Acusphere, Inc.* *** + - ----------- HEALTH CARE SERVICES 0.0% 64,864 DrugMax, Inc.* *** + - ----------- TELECOMMUNICATIONS EQUIPMENT 0.0% 1,250,000 WPCS International, Inc.* *** + - ----------- TOTAL WARRANTS (COST $0) - -----------
PRINCIPAL AMOUNT VALUE --------- ----- SHORT-TERM INVESTMENTS 5.0% REPURCHASE AGREEMENT 5.0% $4,706,000 Repurchase Agreement dated 12/31/04, 1.45% due 1/3/05 with State Street Bank and Trust Co. collateralized by $3,735,000 of United States Treasury Bonds 7.50% due 11/15/16; value: $4,801,223; repurchase proceeds: $4,706,569 (cost $4,706,000) $ 4,706,000 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $4,706,000) 4,706,000 ------------ TOTAL INVESTMENTS (COST $78,697,976) 99.2% 93,452,365 OTHER ASSETS LESS LIABILITIES 0.8% 734,436 ------------ NET ASSETS 100.0% $ 94,186,801 ============
*Non-income producing. **Subscription receipts. Each subscription receipt is exchangable for one (1) common share and one-half (1/2) of one common share purchase warrant. ***Security was fair valued under procedures adopted by the Board of Directors. +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933. ++Affiliated company. ADR American Depositary Receipt. PIPE Private Investment in a Public Equity. See notes to Schedules of Investments. MICRO CAP VALUE FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited) At December 31, 2004, Wasatch Micro Cap Value Fund's investments, excluding short-term investments, were in the following countries:
COUNTRY % - ------- ----- Belgium 0.5 Bermuda 0.7 Canada 10.4 China 0.2 France 1.0 Germany 4.0 Hong Kong 1.1 Israel 1.6 Philippines 0.1 Singapore 3.6 United States 76.8 ----- TOTAL 100.0% =====
SMALL CAP GROWTH FUND - SCHEDULE OF INVESTMENTS December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- COMMON AND PREFERRED STOCKS 92.9% AIRLINES 0.6% 889,650 WestJet Airlines Ltd.* $ 8,887,975 ----------- BANKS 1.3% 394,400 HDFC Bank Ltd. ADR 17,889,984 ----------- BANKS - OUTSIDE NEW YORK CITY 2.1% 331,450 Bank of the Ozarks, Inc. 11,279,244 198,700 First Community Bancorp 8,484,490 288,600 Prosperity Bancshares, Inc. 8,430,006 ----------- 28,193,740 ----------- BEVERAGE - SOFT DRINKS 0.2% 122,950 Peet's Coffee & Tea, Inc.* 3,254,487 ----------- BIOTECHNOLOGY 0.9% 219,075 Neurochem, Inc.* 3,840,385 753,400 QIAGEN N.V.* 8,249,730 ----------- 12,090,115 ----------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 2.0% 262,200 Charles River Laboratories International, Inc.* 12,063,822 296,475 Encysive Pharmaceuticals, Inc.* 2,943,997 525,900 Myriad Genetics, Inc.* 11,838,009 ----------- 26,845,828 ----------- CHEMICALS 1.2% 396,900 Cabot Microelectronics Corp.* 15,895,845 ----------- COMMERCIAL INFORMATION SERVICES 0.5% 386,450 LECG Corp.* 7,207,293 ----------- COMMUNICATIONS TECHNOLOGY 0.5% 280,325 UTStarcom, Inc.* 6,209,199 ----------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 5.9% 435,146 Cognizant Technology Solutions Corp., Class A* 18,419,730 755,450 Kintera, Inc.* 6,806,605 248,000 Macrovision Corp.* 6,378,560 276,825 Manhattan Associates, Inc.* 6,610,581 690,700 Nassda Corp.* 4,765,830 149,150 NAVTEQ Corp.* 6,914,594 281,100 SRA International, Inc., Class A* 18,046,620 157,125 Verint Systems, Inc.* 5,708,351 756,875 Verisity Ltd.* 6,206,375 ----------- 79,857,246 ----------- CONSUMER ELECTRONICS 0.4% 271,825 Digital Theater Systems, Inc.* 5,471,837 ----------- CONSUMER PRODUCTS 1.9% 771,925 Yankee Candle Co., Inc.* $25,612,472 ----------- DIVERSIFIED FINANCIALS 0.8% 218,425 Doral Financial Corp. 10,757,431 ----------- DRUGS AND PHARMACEUTICALS 1.5% 230,150 Ligand Pharmaceuticals, Inc., Class B* 2,678,946 113,050 Medicines Company (The)* 3,255,840 324,150 Medicis Pharmaceutical Corp., Class A 11,380,907 267,075 NeoPharm, Inc.* 3,341,108 ----------- 20,656,801 ----------- EDUCATION SERVICES 0.5% 66,475 Strayer Education, Inc. 7,298,290 ----------- ELECTRICAL AND ELECTRONICS 1.1% 762,800 Power Integrations, Inc.* 15,088,184 ----------- ELECTRONICS 1.8% 94,083 Flir Systems, Inc.* 6,001,555 845,775 Semtech Corp.* 18,497,099 ----------- 24,498,654 ----------- ELECTRONICS - MEDICAL SYSTEMS 0.7% 558,625 CTI Molecular Imaging, Inc.* 7,926,889 1,620,220 Zonare Medical Systems, Inc., Series E Pfd.* *** + 1,499,756 ----------- 9,426,645 ----------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 7.2% 849,600 AMIS Holdings, Inc.* 14,035,392 924,505 Integrated Circuit Systems, Inc.* 19,340,644 2,226,450 Micrel, Inc.* 24,535,479 607,525 PLX Technology, Inc.* 6,318,260 214,050 Silicon Laboratories, Inc.* 7,558,105 509,905 SiRF Technology Holdings, Inc.* 6,485,992 511,075 Tessera Technologies, Inc.* 19,017,101 ----------- 97,290,973 ----------- FINANCIAL INFORMATION SERVICES 1.5% 337,900 Factset Research Systems, Inc. 19,746,876 ----------- FINANCIAL - MISCELLANEOUS 1.4% 455,350 Brown & Brown, Inc. 19,830,492 ----------- HEALTH CARE FACILITIES 4.2% 968,650 American Healthways, Inc.* 32,004,196 258,150 Pharmaceutical Product Development, Inc.* 10,659,014 332,725 United Surgical Partners International, Inc.* 13,874,632 ----------- 56,537,842 -----------
SMALL CAP GROWTH FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- HEALTH CARE MANAGEMENT SERVICES 6.2% 409,175 AMERIGROUP Corp.* $ 30,958,181 1,535,263 AmSurg Corp.* ++ 45,351,669 516,161 Elder Health, Inc., Series G Pfd.* *** + 571,428 113,275 Pediatrix Medical Group, Inc.* 7,255,264 ------------ 84,136,542 ------------ HEALTH CARE PROVIDERS AND SERVICES 1.4% 478,725 Icon plc ADR* 18,502,721 ------------ HEALTH CARE SERVICES 1.2% 593,875 Accredo Health, Inc.* 16,462,215 ------------ HOME BUILDING 4.2% 207,250 Meritage Homes Corp.* 23,357,075 32,855 NVR, Inc.* 25,278,637 131,100 Toll Brothers, Inc.* 8,994,771 ------------ 57,630,483 ------------ HOUSEHOLD DURABLES 0.3% 200,550 Desarrolladora Homex, S.A. de C.V. ADR* 4,743,008 ------------ HOUSEHOLD FURNISHINGS 0.7% 506,975 Select Comfort Corp.* 9,095,132 ------------ INSURANCE - PROPERTY AND CASUALTY 0.6% 245,025 Direct General Corp. 7,865,303 ------------ INVESTMENT MANAGEMENT COMPANIES 0.6% 297,397 Calamos Asset Management, Inc., Class A* 8,029,719 ------------ MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 5.5% 723,087 Abaxis, Inc.* 10,477,531 526,265 ICU Medical, Inc.* 14,388,085 101,475 Kinetic Concepts, Inc.* 7,742,542 103,675 ResMed, Inc.* 5,297,792 760,188 Techne Corp.* 29,571,313 249,875 Wright Medical Group, Inc.* 7,121,438 ------------ 74,598,701 ------------ MEDICAL SERVICES 0.5% 1 Genzym Corp.* 46 281,925 PRA International* 6,986,101 ------------ 6,986,147 ------------ MISCELLANEOUS MATERIALS AND COMMODITIES 0.4% 171,464 Symyx Technologies, Inc.* 5,157,637 ------------ PHARMACEUTICALS 0.8% 305,900 Taro Pharmaceuticals Industries Ltd.* 10,409,777 ------------ PRODUCTION TECHNOLOGY EQUIPMENT 0.5% 392,025 Rudolph Technologies, Inc.* $ 6,731,069 ------------ REAL ESTATE INVESTMENT TRUSTS (REIT) 3.0% 771,100 Capital Automotive 27,393,328 222,250 Redwood Trust, Inc. 13,799,502 ------------ 41,192,830 ------------ RESTAURANTS 0.1% 30,800 Texas Roadhouse, Inc., Class A* 910,140 ------------ RETAIL 14.3% 220,806 99 Cents Only Stores* 3,568,225 509,100 Big 5 Sporting Goods Corp. 14,835,174 200,825 Blue Nile, Inc.* 5,546,786 437,573 Chico's FAS, Inc.* 19,922,699 338,900 Cost Plus, Inc.* 10,888,857 698,094 Dollar Tree Stores, Inc.* 20,021,336 466,525 Guitar Center, Inc.* 24,581,202 541,436 Hibbett Sporting Goods, Inc.* 14,407,612 114,156 Jos. A. Bank Clothiers, Inc.* 3,230,615 1,295,272 O'Reilly Automotive, Inc.* 58,352,003 594,425 Tuesday Morning Corp.* 18,207,238 ------------ 193,561,747 ------------ SAVINGS AND LOANS 0.6% 242,968 Harbor Florida Bancshares, Inc. 8,409,122 ------------ SEMICONDUCTOR EQUIPMENT AND PRODUCTS 1.5% 723,900 CSR plc* 5,410,967 1,323,650 O2Micro International Ltd.* 15,142,556 ------------ 20,553,523 ------------ SERVICES - COMMERCIAL 6.7% 271,244 Charles River Associates, Inc.* 12,686,082 859,700 Copart, Inc.* 22,627,304 96,100 Corporate Executive Board Co. 6,432,934 74,675 CoStar Group, Inc.* 3,448,492 290,325 Jackson Hewitt Tax Service, Inc. 7,330,706 383,130 Resources Connection, Inc.* 20,807,790 518,350 West Corp.* 17,162,568 ------------ 90,495,876 ------------ SOFTWARE 0.2% 138,642 Retalix Ltd.* 3,030,714 ------------ TEXTILES - APPAREL MANUFACTURERS 0.8% 328,500 Carter's, Inc.* 11,165,715 ------------
SMALL CAP GROWTH FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- TRUCKERS 2.7% 1,497,293 Knight Transportation, Inc. $ 37,132,866 --------------- UTILITIES - TELECOMMUNICATIONS 1.9% 1,293,250 Nextel Partners, Inc., Class A* 25,270,105 --------------- TOTAL COMMON AND PREFERRED STOCKS (COST $865,747,775) 1,260,619,301 --------------- LIMITED PARTNERSHIP INTEREST 0.1% OTHER 0.1% Montagu Newhall Global Partners II-B, L.P.* *** + 356,544 --------------- TOTAL LIMITED PARTNERSHIP INTEREST (COST $471,435) 356,544 --------------- WARRANTS 0.0% ELECTRONICS - MEDICAL SYSTEMS 0.0% 243,033 Zonare Medical Systems, Inc.* *** + - --------------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 0.0% 40,248 SiRF Technology Holdings, Inc.* *** + 250,343 --------------- TOTAL WARRANTS (COST $0) 250,343 ---------------
PRINCIPAL AMOUNT VALUE - --------- ----- SHORT-TERM INVESTMENTS 7.1% REPURCHASE AGREEMENT 7.1% $96,778,000 Repurchase Agreement dated 12/31/04, 1.45% due 1/03/05 with State Street Bank and Trust Co. collateralized by $69,985,000 of United States Treasury Bonds 7.50% and 10.625% due from 11/15/16 and 8/15/15; value: $98,715,521; repurchase proceeds: $96,789,694+++ (cost $96,778,000) $ 96,778,000 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $96,778,000) 96,778,000 --------------- TOTAL INVESTMENTS (COST $962,997,210) 100.1% 1,358,004,188 LIABILITIES LESS OTHER ASSETS (0.1)% (1,257,416) --------------- NET ASSETS 100.0% $ 1,356,746,772 ===============
*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors. +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933. ++Affiliated company. +++All or a portion of this Security has been designated as collateral for open short positions, written options or purchase commitments. ADR American Depositary Receipt. See notes to Schedules of Investments. SMALL CAP VALUE FUND - SCHEDULE OF INVESTMENTS December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- COMMON STOCKS 99.1% AEROSPACE 0.9% 431,518 HEICO Corp., Class A+++ $ 7,460,946 ----------- AUTO PARTS - AFTER MARKET 3.9% 899,789 Aftermarket Technology Corp.* 14,486,603 754,284 Keystone Automotive Industries, Inc.* 17,537,103 ----------- 32,023,706 ----------- BANKS 0.7% 1,238,722 UTI Bank Ltd. 5,304,308 ----------- BANKS - OUTSIDE NEW YORK CITY 2.4% 661,650 Franklin Bank Corp.* 12,075,113 270,550 Placer Sierra Bancshares 7,694,442 ----------- 19,769,555 ----------- BUILDING - MISCELLANEOUS 0.5% 118,300 Drew Industries, Inc.* 4,278,911 ----------- COMMERCIAL INFORMATION SERVICES 0.6% 871,716 Integrated Alarm Services Group, Inc.* 4,768,287 ----------- COMMERCIAL SERVICES AND SUPPLIES 0.3% 565,350 Vanguard Response Systems, Inc.* 2,378,884 ----------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 0.8% 411,300 Concord Communications, Inc.* 4,557,204 150,775 SPSS, Inc.* 2,358,121 ----------- 6,915,325 ----------- CONSUMER PRODUCTS 0.7% 127,500 Jarden Corp.* 5,538,600 ----------- CONTAINERS AND PACKAGING - METAL AND GLASS 1.5% 363,637 Mobile Mini, Inc.* 12,014,566 ----------- DIVERSIFIED FINANCIAL SERVICES 0.7% 500,325 U.S.I. Holdings Corp.* 5,788,760 ----------- DIVERSIFIED FINANCIALS 2.3% 215,350 Doral Financial Corp. 10,605,988 90,000 Eurocastle Investment Ltd. 1,990,708 349,350 Housing Development Finance Corp. Ltd. 6,188,139 ----------- 18,784,835 ----------- ELECTRICAL AND ELECTRONICS 1.5% 255,500 Multi-Fineline Electronix, Inc.* 4,660,320 621,425 TTM Technologies, Inc.* 7,332,815 ----------- 11,993,135 ----------- ELECTRONICS 2.1% 554,609 Nu Horizons Electronics Corp.* $ 4,425,780 580,525 Supertex, Inc.* 12,597,392 ----------- 17,023,172 ----------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 2.6% 151,950 Excel Technology, Inc.* 3,950,700 432,700 Micrel, Inc.* 4,768,354 838,275 Pericom Semiconductor Corp.* 7,904,933 1,048,925 SIPEX Corp.* 4,908,969 ----------- 21,532,956 ----------- FINANCE COMPANIES 3.7% 337,950 Accredited Home Lenders Holding Co.* 16,789,356 493,500 United PanAm Financial Corp.* 9,406,110 148,061 World Acceptance Corp.* 4,073,158 ----------- 30,268,624 ----------- FINANCIAL - MISCELLANEOUS 1.8% 314,979 Fidelity National Financial, Inc. 14,385,091 ----------- FINANCE - SMALL LOAN 3.5% 1,167,400 AmeriCredit Corp.* +++ 28,542,930 ----------- FOODS 2.0% 683,441 NBTY, Inc.* 16,409,418 ----------- HEALTH CARE FACILITIES 0.4% 624,925 Capital Senior Living Corp.* 3,537,076 ----------- HEALTH CARE MANAGEMENT SERVICES 1.3% 97,388 Molina Healthcare, Inc.* 4,516,855 115,025 Pacificare Health Systems* 6,501,213 ----------- 11,018,068 ----------- HEALTH CARE SERVICES 0.6% 140,575 Apria Healthcare Group, Inc.* 4,631,946 ----------- HOME BUILDING 4.9% 167,675 Hovnanian Enterprises, Inc., Class A* 8,303,266 123,767 M.D.C. Holdings, Inc. 10,698,419 40,625 Meritage Homes Corp.* 4,578,438 10,605 NVR, Inc.* 8,159,487 123,500 Toll Brothers, Inc.* 8,473,335 ----------- 40,212,945 -----------
SMALL CAP VALUE FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- HOTELS, RESTAURANTS AND LEISURE 0.6% 234,900 Orient-Express Hotels Ltd., Class A $ 4,831,893 ------------ HOUSEHOLD FURNISHINGS 1.1% 417,562 Kirkland's, Inc.* 5,131,837 235,500 Select Comfort Corp.* 4,224,870 ------------ 9,356,707 ------------ INSURANCE 2.1% 688,437 Hub International Ltd. 12,674,125 159,875 Scottish Re Group Ltd. 4,140,763 ------------ 16,814,888 ------------ INSURANCE - LIFE 0.9% 695,575 KMG America Corp.* 7,651,325 ------------ INSURANCE - PROPERTY AND CASUALTY 2.1% 538,125 Direct General Corp. 17,273,813 ------------ INVESTMENT MANAGEMENT COMPANIES 2.6% 566,550 Apollo Investment Corp. 8,554,905 400 Brantley Mezzanine Finance, LLC* ** *** + 40,000 477,000 MCG Capital Corp. 8,171,010 288,400 Technology Investment Capital Corp. 4,328,884 ------------ 21,094,799 ------------ MEDICAL SERVICES 0.9% 502,500 U.S. Physical Therapy, Inc.* 7,748,550 ------------ OIL - CRUDE PRODUCERS 2.3% 343,000 Harvest Natural Resources, Inc.* 5,923,610 270,000 Plains Exploration & Production Co.* 7,020,000 277,850 Toreador Resources Corp.* 6,165,492 ------------ 19,109,102 ------------ OIL - INTEGRATED DOMESTIC 0.4% 608,325 Mission Resources Corp.* 3,552,618 ------------ PRODUCTION TECHNOLOGY EQUIPMENT 0.4% 196,400 Nanometrics, Inc.* 3,165,772 ------------ REAL ESTATE INVESTMENT TRUSTS (REIT) 19.5% 117,550 American Home Mortgage Investment Corp. $ 4,026,088 533,675 Arbor Realty Trust, Inc. 13,096,385 642,325 Bimini Mortgage Management, Inc., Class A 10,315,740 1,011,725 Falcon Financial Investment Trust++ 7,082,075 443,050 Fieldstone Investment Corp.*** + 7,336,908 413,536 Friedman, Billings, Ramsey Group, Inc., Class A 8,018,463 822,325 HomeBanc Corp. 7,960,106 402,025 JER Investors Trust, Inc.* *** + 6,070,578 360,000 KKR Financial Corp.* *** + 3,780,000 325,500 Medical Properties Trust, Inc.*** + 3,336,375 420,075 MortgageIT Holdings, Inc. 7,540,346 101,250 New Century Financial Corp. 6,470,887 393,375 Newcastle Investment Corp. 12,501,458 747,850 NorthStar Realty Finance Corp.* 8,562,882 697,950 Provident Senior Living Trust* *** + 11,167,200 281,125 Redwood Trust, Inc. 17,455,051 1,055,250 Saxon Capital, Inc. 25,315,447 ------------ 160,035,989 ------------ RECREATIONAL VEHICLES AND BOATS 0.2% 155,550 National R.V. Holdings, Inc.* 1,497,946 ------------ RENTAL AND LEASING SERVICES - COMMERCIAL 0.8% 93,575 McGrath RentCorp 4,080,806 564,373 MicroFinancial, Inc.* 2,116,399 ------------ 6,197,205 ------------ RENTAL AND LEASING SERVICES - CONSUMER 1.4% 433,062 Rent-A-Center, Inc.* 11,476,143 ------------ RETAIL 10.3% 89,275 America's Car-Mart, Inc.* 3,392,450 267,425 Big 5 Sporting Goods Corp. 7,792,765 1,092,625 Casual Male Retail Group, Inc.* 5,954,806 136,675 Dollar Tree Stores, Inc.* 3,919,839 426,850 Global Imaging Systems, Inc.* 16,860,575 279,075 Group 1 Automotive, Inc.* 8,790,862 624,800 Lithia Motors, Inc., Class A 16,757,136 119,175 School Specialty, Inc.* 4,595,388 407,792 Sonic Automotive, Inc. 10,113,242 795,568 Whitehall Jewellers, Inc.* ++ 6,356,588 ------------ 84,533,651 ------------ ROAD AND RAIL 1.1% 535,475 Vitran Corp., Inc.* 9,156,622 ------------ SAVINGS AND LOANS 2.0% 709,819 Commercial Capital Bancorp, Inc. 16,453,604 ------------ SEMICONDUCTOR EQUIPMENT AND PRODUCTS 0.5% 656,025 ASE Test Ltd.* 4,434,729 ------------
SMALL CAP VALUE FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- SERVICES - COMMERCIAL 6.1% 385,475 Administaff, Inc.* $ 4,860,840 769,577 AMN Healthcare Services, Inc.* 12,243,970 112,100 Gevity HR, Inc. 2,304,776 240,000 Macquarie Infrastructure Company Trust* 7,044,000 359,756 Monro Muffler, Inc,* 9,101,827 188,625 RemedyTemp, Inc., Class A* 1,933,406 622,950 SM&A* 5,314,386 148,200 World Fuel Services Corp. 7,380,360 ------------ 50,183,565 ------------ TRANSPORTATION - MISCELLANEOUS 0.3% 104,500 Sea Containers Ltd., Class A 2,057,605 ------------ TRUCKERS 3.0% 847,700 Quality Distribution, Inc.* 7,154,588 296,775 Swift Transportation Co., Inc.* 6,374,727 388,442 Transport Corporation of America, Inc.* ++ 3,262,913 472,250 USA Truck, Inc.* ++ 8,028,250 ------------ 24,820,478 ------------ UTILITIES - CABLE TV AND RADIO 0.2% 421,775 Knology, Inc.* 1,649,140 ------------ WHOLESALERS 0.6% 235,775 Beacon Roofing Supply, Inc.* 4,682,492 ------------ TOTAL COMMON STOCKS (COST $610,943,499) 812,360,680 ------------ RIGHTS 0.0% INVESTMENT MANAGEMENT COMPANIES 0.0% 288,400 Technology Investment Capital Corp.* 144,488 ------------ TOTAL RIGHTS (COST $0) 144,488 ------------
PRINCIPAL AMOUNT VALUE --------- ----- CORPORATE BONDS 0.2% INVESTMENT MANAGEMENT COMPANIES 0.2% $ 2,000,000 Brantley Mezzanine Finance, LLC, 10.00%, 09/21/09*** + $ 1,961,724 ------------ TOTAL CORPORATE BONDS (COST $1,961,724) 1,961,724 ------------ SHORT-TERM INVESTMENTS 0.6% REPURCHASE AGREEMENT 0.6% 4,559,000 Repurchase Agreement dated 12/31/04, 1.45% due 1/3/05 with State Street Bank and Trust Co. collateralized by $3,620,000 of United States Treasury Bonds 7.50% due 11/15/16; value: $4,653,394; repurchase proceeds: $4,559,551 (cost $4,559,000) 4,559,000 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $4,559,000) 4,559,000 ------------ TOTAL INVESTMENTS (COST $617,464,223) 99.9% 819,025,892 OTHER ASSETS LESS LIABILITIES 0.1% 884,731 ------------ NET ASSETS 100.0% $819,910,623 ============
SHARES VALUE - ------ ----- SECURITIES SOLD SHORT 40,300 HEICO Corp. (proceeds $326,420) $ 910,377 ===========
*Non-income producing. **Common Units. ***Security was fair valued under procedures adopted by the Board of Directors. +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933. ++Affiliated company. +++All or a portion of this security has been designated as collateral for open short positions, written options or purchase commitments. See notes to Schedules of Investments. ULTRA GROWTH FUND - SCHEDULE OF INVESTMENTS December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- COMMON AND PREFERRED STOCKS 96.9% AEROSPACE 1.1% 147,425 MTC Technologies, Inc.* $ 4,949,057 ----------- AUTO PARTS - AFTER MARKET 0.4% 230,000 IMPCO Technologies, Inc.* 1,736,500 ----------- BANKS 2.0% 143,800 HDFC Bank Ltd. ADR 6,522,768 102,306 W Holding Co., Inc. 2,346,900 ----------- 8,869,668 ----------- BANKS - OUTSIDE NEW YORK CITY 0.2% 62,600 Wilshire Bancorp, Inc.* 1,035,404 ----------- BIOTECHNOLOGY 0.6% 145,375 Neurochem, Inc.* 2,548,424 ----------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 0.6% 101,675 Encysive Pharmaceuticals, Inc.* 1,009,633 178,525 Isolagen, Inc.* 1,404,992 82,675 Xcyte Therapies, Inc.* 229,010 ----------- 2,643,635 ----------- CASINOS AND GAMBLING 0.5% 44,775 Shuffle Master, Inc.* 2,108,902 ----------- CHEMICALS 1.7% 195,450 Cabot Microelectronics Corp.* 7,827,772 ----------- COMMERCIAL INFORMATION SERVICES 0.9% 214,175 LECG Corp.* 3,994,364 ----------- COMMUNICATIONS TECHNOLOGY 1.1% 215,600 UTStarcom, Inc.* 4,775,540 91,388 Xtera Communications, Inc., Series A-1 Pfd.* *** + 99,065 ----------- 4,874,605 ----------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 13.4% 190,725 Affiliated Computer Services, Inc., Class A* 11,479,738 201,835 Cognizant Technology Solutions Corp., Class A* 8,543,675 345,804 EPIQ Systems, Inc.* 5,062,570 849,696 Kintera, Inc.* 7,655,761 454,500 Lionbridge Technologies, Inc.* 3,054,240 42,950 Manhattan Associates, Inc.* 1,025,646 449,878 Nassda Corp.* 3,104,158 32,625 NAVTEQ Corp.* 1,512,495 174,100 Opnet Technologies, Inc.* 1,465,922 176,100 PDF Solutions, Inc.* 2,836,971 160,009 SRA International, Inc., Class A* 10,272,578 515,334 Verisity Ltd.* 4,225,739 ----------- 60,239,493 ----------- DIVERSIFIED FINANCIALS 1.6% 147,537 Doral Financial Corp. $ 7,266,197 ----------- DRUGS AND PHARMACEUTICALS 0.9% 151,725 Ligand Pharmaceuticals, Inc., Class B* 1,766,079 181,775 NeoPharm, Inc.* 2,274,005 29,000 Northwest Biotherapeutics, Inc.* 1,131 ----------- 4,041,215 ----------- EDUCATION SERVICES 1.0% 183,650 Corinthian Colleges, Inc.* 3,460,884 11,450 Strayer Education, Inc. 1,257,096 ----------- 4,717,980 ----------- ELECTRICAL AND ELECTRONICS 2.0% 293,150 Cherokee International Corp.* 2,817,172 86,925 Plexus Corp.* 1,130,894 244,573 Power Integrations, Inc.* 4,837,654 ----------- 8,785,720 ----------- ELECTRICAL EQUIPMENT 0.2% 78,025 Flextronics International Ltd.* 1,078,305 ----------- ELECTRONICS 1.0% 206,200 Semtech Corp.* 4,509,594 ----------- ELECTRONICS - MEDICAL SYSTEMS 1.0% 119,075 EPIX Pharmaceuticals, Inc.* 2,132,633 206,044 NXStage Medical, Inc., Series F Pfd.* *** + 1,500,000 1,080,146 Zonare Medical Systems, Inc., Series E Pfd.* *** + 999,837 ----------- 4,632,470 ----------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 10.0% 95,450 Integrated Circuit Systems, Inc.* 1,996,814 44,875 Jabil Circuit, Inc.* 1,147,903 1,001,325 Micrel, Inc.* 11,034,602 299,825 Microchip Technology, Inc. 7,993,334 642,225 National Semiconductor Corp. 11,527,939 72,750 Silicon Laboratories, Inc.* 2,568,802 200,050 Sirenza Microdevices, Inc.* 1,312,328 142,650 SiRF Technology Holdings, Inc.* 1,814,508 160,425 STATS ChipPAC Ltd. ADR* 981,801 121,450 Tessera Technologies, Inc.* 4,519,154 ----------- 44,897,185 ----------- FINANCE - SMALL LOAN 3.6% 469,340 AmeriCredit Corp.* 11,475,363 193,675 Encore Capital Group, Inc.* 4,605,592 ----------- 16,080,955 ----------- FINANCIAL DATA PROCESSING SERVICES AND SYSTEMS 1.0% 92,100 iPayment, Inc.* 4,560,792 -----------
ULTRA GROWTH FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- FINANCIAL INFORMATION SERVICES 0.6% 117,765 Huron Consulting Group, Inc.* $ 2,614,383 ------------ FINANCIAL - MISCELLANEOUS 1.0% 92,400 First Cash Financial Services, Inc.* 2,468,004 54,600 Portfolio Recovery Associates, Inc.* 2,250,612 ------------ 4,718,616 ------------ HEALTH CARE EQUIPMENT AND SUPPLIES 1.3% 283,575 Biacore International AB 5,663,664 ------------ HEALTH CARE FACILITIES 5.9% 258,866 American Healthways, Inc.* 8,552,933 429,475 United Surgical Partners International, Inc.* 17,909,107 ------------ 26,462,040 ------------ HEALTH CARE MANAGEMENT SERVICES 6.6% 565,629 AmSurg Corp.* 16,708,681 86,500 Centene Corp.* 2,452,275 516,161 Elder Health, Inc., Series G Pfd.* *** + 571,428 151,250 Pediatrix Medical Group, Inc.* 9,687,563 ------------ 29,419,947 ------------ HEALTH CARE PROVIDERS AND SERVICES 1.1% 123,525 Icon plc ADR* 4,774,241 ------------ HEALTH CARE SERVICES 5.8% 770,555 Accredo Health, Inc.* 21,359,785 60,000 Express Scripts, Inc.* 4,586,400 ------------ 25,946,185 ------------ HOUSEHOLD FURNISHINGS 1.1% 285,375 Select Comfort Corp.* 5,119,628 ------------ INSURANCE 0.6% 140,150 Hub International Ltd. 2,580,162 ------------ INSURANCE - PROPERTY AND CASUALTY 1.6% 219,133 Direct General Corp. 7,034,169 ------------ INVESTMENT MANAGEMENT COMPANIES 0.6% 102,301 Calamos Asset Management, Inc., Class A* 2,762,127 ------------ MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 5.6% 74,660 Abaxis, Inc.* 1,081,823 210,350 Align Technology, Inc.* 2,261,263 36,950 Biosite, Inc.* 2,273,903 55,765 Digirad Corp.* 493,520 153,150 Kinetic Concepts, Inc.* 11,685,345 150,775 NuVasive, Inc.* 1,545,444 37,725 SurModics, Inc.* 1,226,440 30,575 Techne Corp.* 1,189,368 125,925 Wright Medical Group, Inc.* 3,588,862 ------------ 25,345,968 ------------ MISCELLANEOUS MATERIALS AND COMMODITIES 0.6% 83,775 Symyx Technologies, Inc.* $ 2,519,952 ------------ PHARMACEUTICALS 0.6% 67,800 Angiotech Pharmaceuticals, Inc.* 1,250,910 46,550 Taro Pharmaceuticals Industries Ltd.* 1,584,097 ------------ 2,835,007 ------------ PRODUCTION TECHNOLOGY EQUIPMENT 1.0% 268,625 Rudolph Technologies, Inc.* 4,612,291 ------------ RETAIL 4.6% 81,625 Blue Nile, Inc.* 2,254,483 68,850 Cost Plus, Inc.* 2,212,150 151,474 Dollar Tree Stores, Inc.* 4,344,274 191,500 O'Reilly Automotive, Inc.* 8,627,075 142,050 Pacific Sunwear of California, Inc.* 3,162,033 ------------ 20,600,015 ------------ SAVINGS AND LOANS 1.4% 267,775 Commercial Capital Bancorp, Inc. 6,207,024 ------------ SEMICONDUCTOR EQUIPMENT AND PRODUCTS 2.8% 197,425 ASE Test Ltd.* 1,334,593 966,675 O2Micro International Ltd.* 11,058,762 ------------ 12,393,355 ------------ SERVICES - COMMERCIAL 7.5% 269,800 Advisory Board Co. (The)* 9,950,224 289,080 AMN Healthcare Services, Inc.* 4,599,263 68,700 Corporate Executive Board Co. 4,598,778 26,375 CoStar Group, Inc.* 1,217,997 44,000 IQ4HIRE, Inc. Pfd.* *** + 440 50,800 Jackson Hewitt Tax Service, Inc. 1,282,700 306,900 PeopleSupport, Inc.* 3,118,104 20,700 Resources Connection, Inc.* 1,124,217 326,475 SM&A* 2,785,158 552,499 Wireless Facilities, Inc.* 5,215,591 ------------ 33,892,472 ------------ UTILITIES - TELECOMMUNICATIONS 1.8% 420,875 Nextel Partners, Inc., Class A* 8,223,898 ------------ TOTAL COMMON AND PREFERRED STOCKS (COST $356,203,851) 435,123,381 ------------ LIMITED PARTNERSHIP INTEREST 0.1% OTHER 0.1% Montagu Newhall Global Partners II-B, L.P.* *** + 320,889 ------------ TOTAL LIMITED PARTNERSHIP INTEREST (COST $424,292) 320,889 ------------
ULTRA GROWTH FUND - SCHEDULE OF INVESTMENTS (CONTINUED) December 31, 2004 (Unaudited)
SHARES VALUE ------ ----- WARRANTS 0.0% ELECTRONICS - MEDICAL SYSTEMS 0.0% 162,021 Zonare Medical Systems, Inc.* *** + $ - ------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 0.0% 12,400 SiRF Technology Holdings, Inc.* *** + 77,128 ------- TOTAL WARRANTS (COST $0) 77,128 -------
PRINCIPAL AMOUNT VALUE --------- ----- SHORT-TERM INVESTMENTS 2.9% REPURCHASE AGREEMENT 2.9% $13,257,000 Repurchase Agreement dated 12/31/04, 1.45% due 1/03/05 with State Street Bank and Trust Co. collateralized by $10,520,000 of United States Treasury Bonds 7.50% due 11/15/16; value: $13,523,123; repurchase proceeds: $13,258,602+++ (cost $13,257,000) $ 13,257,000 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $13,257,000) 13,257,000 ------------ TOTAL INVESTMENTS (COST $369,885,143) 99.9% 448,778,398 OTHER ASSETS LESS LIABILITIES 0.1% 354,913 ------------ NET ASSETS 100.0% $449,133,311 ============
*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors. +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933. +++All or a portion of this Security has been designated as collateral for open short positions, written options or purchase commitments. ADR American Depositary Receipt. PIPE Private Investment in a Public Equity. See notes to Schedules of Investments. U.S. TREASURY FUND - SCHEDULE OF INVESTMENTS December 31, 2004 (Unaudited)
PRINCIPAL AMOUNT VALUE --------- ----- U.S. GOVERNMENT OBLIGATIONS 98.7% $1,050,000 U.S. Treasury Bond, 5.375%, 2/15/31 $ 1,135,394 3,500,000 U.S. Treasury Bond, 5.50%, 8/15/28 3,788,204 3,300,000 U.S. Treasury Bond, 6.125%, 11/15/27 3,854,169 800,000 U.S. Treasury Bond, 6.375%, 8/15/27 960,625 540,000 U.S. Treasury Bond, 6.50%, 11/15/26 656,037 1,470,000 U.S. Treasury Bond, 6.625%, 2/15/27 1,811,947 1,750,000 U.S. Treasury Bond, 6.75%, 8/15/26 2,182,852 2,755,000 U.S. Treasury Bond, 6.875%, 8/15/25 3,470,115 5,430,000 U.S. Treasury Bond, 7.50%, 11/15/24 7,257,532 30,100,000 U.S. Treasury Strip, principal only, 11/15/21 12,936,378 8,100,000 U.S. Treasury Strip, principal only, 8/15/25 2,844,979 17,415,000 U.S. Treasury Strip, principal only, 11/15/27 5,456,642 ----------- TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $41,136,087) 46,354,874 ----------- SHORT-TERM INVESTMENTS 0.8% REPURCHASE AGREEMENT 0.8% 375,000 Repurchase Agreement dated 12/31/04, 1.45% due 1/03/05 with State Street Bank and Trust Co. collateralized by $300,000 of United States Treasury Bonds 7.50% due 11/15/16; value $385,640; repurchase proceeds: $375,045 (cost $375,000) 375,000 ----------- TOTAL SHORT-TERM INVESTMENTS (COST $375,000) 375,000 ----------- TOTAL INVESTMENTS (COST $41,511,087) 99.5% 46,729,874 OTHER ASSETS LESS LIABILITIES 0.5% 243,048 ----------- NET ASSETS 100.0% $46,972,922 ===========
See notes to Schedules of Investments. WASATCH FUNDS - NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2004 (UNAUDITED) 1. ORGANIZATION Wasatch Funds, Inc. is a Minnesota corporation registered under the Investment Company Act of 1940, as amended, as an open-end management investment company and consists of 11 series or "funds" (each a "Fund" and collectively the "Funds"), ten of which are operational as of December 31, 2004. The Core Growth, Global Science & Technology, Heritage Growth, International Growth, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value and Ultra Growth Funds (collectively the "Equity Funds") are non-diversified funds and the Wasatch-Hoisington U.S. Treasury Fund ("U.S. Treasury Fund") is a diversified fund. Each Fund maintains its own investment objective. The Funds have entered into an investment advisory agreement with Wasatch Advisors, Inc. (the "Advisor") as investment advisor. 2. SIGNIFICANT ACCOUNTING POLICIES VALUATION OF SECURITIES - Securities are valued as of the close of the New York Stock Exchange (generally 4:00 p.m. Eastern Time) on the valuation date. Equity securities are valued using a commercial pricing service at the latest quoted sales price or official closing price taken from the primary market in which each security trades. Securities traded in the over-the-counter market and listed securities for which there were no transactions are valued at the closing bid price. Debt securities (other than short-term instruments) are valued at current market value by a commercial pricing service, or by using the last sale or bid price. Short-term securities, which mature in 60 days or less, are valued at amortized cost, which approximates market value. Restricted securities, private placements, other illiquid securities and other securities for which market value quotations are not readily available are valued at fair value as determined by a designated Pricing Committee, comprised of personnel of the Advisor, under the supervision of the Board of Directors, in accordance with pricing procedures approved by the Board. Fair value is defined as the amount the owner of a security might reasonably expect to receive upon a current sale. 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, and other relevant factors. Additionally, a Fund's investments will be 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 would determine the fair value of affected securities considering factors including, but not limited to: index options and futures traded subsequent to the close; ADRs, 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 WEBs and SPDRs; and alternative market quotes on the affected securities. As of December 31, 2004, the aggregate amount of fair valued securities as a percentage of net assets for the Funds was as follows: Core Growth Fund 1.64% Global Science & Technology Fund 0.09% Heritage Growth Fund 0.73% International Growth Fund - Micro Cap Fund 1.04% Micro Cap Value Fund 3.34% Small Cap Growth Fund 0.20% Small Cap Value Fund 4.11% Ultra Growth Fund 0.79% U.S. Treasury Fund -
FOREIGN CURRENCY TRANSLATIONS - Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rate. Purchases and sales of investments are translated into U.S. dollars using the current exchange rate prevailing on the transaction date. Transactions in foreign denominated assets may involve greater risks than domestic transactions, including currency, political, economic, regulatory and market risks. INVESTMENT IN SECURITIES-Security transactions are accounted for on the trade date. SHORT SALES - To a limited extent, the Equity Funds may enter into short sales whereby a fund sells a security it generally does not own (the security is borrowed), in anticipation of a decline in the security's price. If a fund shorts a security when also holding a long position in the security (a "short against the box"), as the security price declines, the short position increases in value, offsetting the long position's decrease in value. The opposite effect occurs if the security price rises. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of short positions. 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 equal at all times to the total amount of the repurchase obligations, including interest. Generally, in the event of counterparty default, the fund has the right to use the collateral to offset losses incurred. WASATCH FUNDS - NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2004 (UNAUDITED) 3. TRANSACTIONS WITH AFFILIATES The following funds conducted transactions during the period ended December 31, 2004 with "affiliated companies" as defined by the Investment Company Act of 1940:
AMOUNT OF AMOUNT OF GAIN (LOSS) DIVIDENDS REALIZED ON CREDITED TO SALE OF SHARE ACTIVITY INCOME FOR SHARES FOR ------------------------------------------------- THE PERIOD THE PERIOD BALANCE BALANCE ENDED ENDED 9/30/04 PURCHASES SALES 12/31/04 12/31/04 12/31/04 --------- --------- ---------- --------- ---------- ----------- CORE GROWTH FUND Bimini Mortgage Management, Inc., Class A 1,251,075 - - 1,251,075 $ 675,581 $ - WCA Waste Corp. 432,000 318,225 - 750,225 - - ---------- ----------- $ 675,581 $ - MICRO CAP FUND Advanced Power Technology, Inc. 654,250 91,200 - 745,450 $ - $ - Covalent Group, Inc. 948,500 - 795,600 152,900* - (199,802) Encision, Inc. 375,125 - - 375,125 - - Enpath Medical, Inc. 310,200 64,325 - 374,525 - - inTEST Corp. 509,075 19,475 - 528,550 - - IRIDEX Corp. 551,300 86,775 5,000 633,075 - 14,747 PSi Technologies Holdings, Inc. ADR 1,001,445 - 3,000 998,445 - (50,351) US Physical Therapy, Inc. 492,012 160,850 - 652,862 - - Vanguard Response Systems, Inc. 1,243,575 - - 1,243,575* - - ---------- ----------- $ - $ (235,406) MICRO CAP VALUE FUND Security Business Bank of San Diego 53,000 - 3,000 50,000* $ - $ 16,869 Steakhouse Partners, Inc. 250,000 - - 250,000 - - ---------- ----------- $ - $ 16,869 SMALL CAP GROWTH FUND AmSurg Corp. 1,535,263 - - 1,535,263 $ - $ - SMALL CAP VALUE FUND Falcon Financial Investment Trust 1,011,725 - - 1,011,725 $ 50,586 $ - Supertex, Inc. 672,225 - 91,700 580,525* - 238,564 Transport Corporation of America, Inc. 315,642 72,800 - 388,442 - - USA Truck, Inc. 472,250 - - 472,250 - - Whitehall Jewellers, Inc. 845,568 - 50,000 795,568 - (358,635) ---------- ----------- $ 50,586 $ (120,071)
*No longer affiliated as of December 31, 2004. WASATCH FUNDS - NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2004 (UNAUDITED) 4. RESTRICTED AND ILLIQUID SECURITIES The Funds may own investments that were purchased through private placement transactions or under Rule 144A under 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, comprised of personnel of the Advisor, under the supervision of the Board of Directors, in accordance with pricing procedures approved by the Board. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At December 31, 2004, the Funds held the following restricted and illiquid securities:
SECURITY ACQUISITION ACQUISITION FAIR VALUE AS % TYPE DATE COST VALUE OF NET ASSETS --------------------------- ------------------- ------------ ------------- ------------- CORE GROWTH FUND Brantley Mezzanine Finance, LLC Common Units 9/21/04 $ 60,000 $ 60,000 - Brantley Mezzanine Finance, LLC, 10.00%, 9/21/09 Corporate Bond 9/21/04 2,940,000 2,942,585 0.17% Fieldstone Investment Corp. Common Stock 11/10/03 - 11/11/03 13,355,388 14,622,894 0.85% Provident Senior Living Trust Common Stock 7/26/04 - 12/21/04 10,189,391 10,685,200 0.62% ------------ ------------ --------- $ 26,544,779 $ 28,310,679 1.64% GLOBAL SCIENCE & TECHNOLOGY FUND Acusphere, Inc. Warrants 7/29/04 - 10/20/04 $ - $ - - Montagu Newhall Global Partners II-B, L.P. LP Interest 10/10/03 - 3/10/04 47,144 35,654 0.05% SiRF Technology Holdings, Inc. Warrants 1/11/02 - 26,591 0.03% Xtera Communications, Inc., Series A-1 Preferred Stock 9/3/03 7,076 7,076 0.01% ------------ ------------ --------- $ 54,220 $ 69,321 0.09% HERITAGE GROWTH FUND Provident Senior Living Trust Common Stock 7/26/04 - 12/21/04 $ 1,400,228 $ 1,472,800 0.73% MICRO CAP FUND DrugMax, Inc. PIPE, Series A Convertible Preferred Stock 12/1/04 $ 3,200,000 $ 3,071,264 0.54% DrugMax, Inc. Warrants 12/1/04 - - - Fieldstone Investment Corp. Common Stock 11/10/03 - 11/11/03 2,632,803 2,882,682 0.50% ------------ ------------ --------- $ 5,832,803 $ 5,953,946 1.04% MICRO CAP VALUE FUND Ace Security Laminates Corp. PIPE Common Stock 11/23/04 $ 420,921 $ 331,294 0.35% Ace Security Laminates Corp. Warrants 11/23/04 - - - Acusphere, Inc. Warrants 7/29/04 - 10/20/04 - - - CorVu Corp. Warrants 11/17/03 - - - DrugMax, Inc. PIPE, Series A Convertible Preferred Stock 12/1/04 800,000 767,816 0.82% DrugMax, Inc. Warrants 12/1/04 - - - Fieldstone Investment Corp. Common Stock 11/10/03 - 11/11/03 732,436 801,918 0.85% Medical Properties Trust, Inc. Common Stock 3/31/04 362,500 371,562 0.39% Saxon Energy Services, Inc. PIPE Subscription Receipt* 12/22/04 403,429 506,011 0.54% WPCS International, Inc. PIPE Common Stock 11/16/04 500,000 366,630 0.39% WPCS International, Inc. Warrants 11/16/04 - - - ------------ ------------ --------- $ 3,219,286 $ 3,145,231 3.34% SMALL CAP GROWTH FUND Elder Health, Inc., Series G Preferred Stock 11/1/04 $ 571,428 $ 571,428 0.04% Montagu Newhall Global Partners II-B, L.P. LP Interest 10/10/03 - 3/10/04 471,435 356,544 0.03% SiRF Technology Holdings, Inc. Warrants 1/11/02 - 250,343 0.02% Zonare Medical Systems, Inc., Series E Preferred Stock 6/30/04 1,500,000 1,499,756 0.11% Zonare Medical Systems, Inc. Warrants 6/30/04 - - - ------------ ------------ --------- $ 2,542,863 $ 2,678,071 0.20%
- -------- * Each Subscription Receipt is exchangeable for one (1) common share and one half (1/2) of one common share purchase warrant. WASATCH FUNDS - NOTES TO SCHEDULES OF INVESTMENTS DECEMBER 31, 2004 (UNAUDITED) RESTRICTED AND ILLIQUID SECURITIES (CONTINUED)
SECURITY ACQUISITION ACQUISITION FAIR VALUE AS % TYPE DATE COST VALUE OF NET ASSETS --------------- ------------------ ----------- ----------- ------------- SMALL CAP VALUE Brantley Mezzanine Finance, LLC Common Units 9/21/04 $ 40,000 $ 40,000 - Brantley Mezzanine Finance, LLC, 10.00%, 9/21/09 Corporate Bond 9/21/04 1,960,000 1,961,724 0.24% Fieldstone Investment Corp. Common Stock 11/10/03 - 11/11/03 6,700,984 7,336,908 0.90% JER Investors Trust, Inc. Common Stock 5/27/04 - 12/9/04 6,033,919 6,070,578 0.74% KKR Financial Corp. Common Stock 8/5/04 3,600,000 3,780,000 0.46% Medical Properties Trust, Inc. Common Stock 3/31/04 3,255,000 3,336,375 0.41% Provident Senior Living Trust Common Stock 7/26/04 - 12/21/04 10,550,756 11,167,200 1.36% ----------- ----------- ------------- $32,140,659 $33,692,785 4.11% ULTRA GROWTH FUND Elder Health, Inc., Series G Preferred Stock 11/1/04 $ 571,428 $ 571,428 0.13% IQ4HIRE, Inc. Preferred Stock 9/7/00 110,000 440 - Montagu Newhall Global Partners II-B, L.P. LP Interest 10/10/03 - 3/10/04 424,292 320,889 0.07% NXStage Medical, Inc., Series F Preferred Stock 8/18/04 1,500,000 1,500,000 0.33% SiRF Technology Holdings, Inc. Warrants 1/11/02 - 77,128 0.02% Xtera Communications, Inc., Series A-1 Preferred Stock 9/3/03 99,065 99,064 0.02% Zonare Medical Systems, Inc., Series E Preferred Stock 6/30/04 1,000,000 999,837 0.22% Zonare Medical Systems, Inc. Warrants 6/30/04 - - - ----------- ----------- ------------- $ 3,704,785 $ 3,568,786 0.79%
PIPE Private Investment in a Public Equity LP Limited Partnership Interest 5. PURCHASE COMMITMENTS In September 2003, the Global Science & Technology, Small Cap Growth and Ultra Growth Funds entered in to subscription agreements to acquire limited partnership interests in Montagu Newhall Global Partners II, L.P. The remaining commitment amounts at December 31, 2004 are $450,000, $4,500,000 and $4,050,000, respectively. Securities held by the Funds have been designated to meet these purchase commitments. In November 2004, the Small Cap Growth and Ultra Growth Funds entered into subscription agreements to acquire shares of Elder Health, Inc., Series G Pfd. The remaining commitment amounts at December 31, 2004 are $428,572 per fund. Securities held by the Funds have been designated to meet these purchase commitments. ITEM 2. CONTROLS AND PROCEDURES. (a) The Registrant's principal executive and principal financial officers have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this Form N-Q based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)). (b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. ITEM 3. EXHIBITS. The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. WASATCH FUNDS, INC. By: /s/ Samuel S. Stewart, Jr. -------------------------- Samuel S. Stewart, Jr. President (principal executive officer) of Wasatch Funds, Inc. Date: February 28, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ Samuel S. Stewart, Jr. -------------------------- Samuel S. Stewart, Jr. President (principal executive officer) of Wasatch Funds, Inc. Date: February 28, 2005 By: /s/ Venice F. Edwards -------------------------- Venice F. Edwards Vice President/Treasurer (principal financial and accounting officer) of Wasatch Funds, Inc. Date: February 28, 2005 EX-99.CERT 2 b53807wfexv99wcert.txt CERTIFICATIONS CERTIFICATIONS I, Samuel S. Stewart, Jr., President of Wasatch Funds, Inc., certify that: 1. I have reviewed this report on Form N-Q of Wasatch Funds, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 28, 2005 By: /s/ Samuel S. Stewart, Jr. -------------------------- Samuel S. Stewart, Jr. President (principal executive officer) of Wasatch Funds, Inc. I, Venice F. Edwards, Vice President/Treasurer of Wasatch Funds, Inc., certify that: 1. I have reviewed this report on Form N-Q of Wasatch Funds, Inc.; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and (c) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: February 28, 2005 By: /s/ Venice F. Edwards ---------------------- Venice F. Edwards Vice President/Treasurer (principal financial officer) of Wasatch Funds, Inc. -----END PRIVACY-ENHANCED MESSAGE-----