-----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, KfuEUr9VqSARQ0eJTtPJdra/wDiqwq1MQLDF3LBGZUvbv/dbujif8iznBmYVTxDw AYV/wxGjKLVPBnkdCHyiyQ== 0000950135-05-005056.txt : 20050829 0000950135-05-005056.hdr.sgml : 20050829 20050829170253 ACCESSION NUMBER: 0000950135-05-005056 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050630 FILED AS OF DATE: 20050829 DATE AS OF CHANGE: 20050829 EFFECTIVENESS DATE: 20050829 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: 051056161 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 b56535wfnvq.txt WASATCH FUND, 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. Eric F. Fess, Esq. Wasatch Funds, Inc. Chapman & Cutler LLP 150 Social Hall Avenue, 4th Floor 111 West Monroe Street Salt Lake City, Utah 84111 Chicago, IL 60603 Registrant's telephone number, including area code: (801) 553-0777 Date of fiscal year end: September 30 Date of reporting period: June 30, 2005 CORE GROWTH FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
SHARES VALUE - --------- -------------- COMMON STOCKS 95.4% AUTO PARTS - AFTER MARKET 0.6% 580,125 Aftermarket Technology Corp.* $ 10,111,579 -------------- BANKS 8.8% 1,786,700 Commerce Bancorp, Inc. 54,154,877 375,400 First Community Bancorp 17,831,500 2,109,675 HDFC Bank Ltd. 30,770,441 1,258,025 UCBH Holding, Inc. 20,430,326 5,285,562 UTI Bank Ltd. 30,047,766 -------------- 153,234,910 -------------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 1.0% 356,459 Charles River Laboratories International, Inc.* 17,199,147 -------------- COMMERCIAL SERVICES AND SUPPLIES 6.4% 2,098,271 Copart, Inc.* 49,938,850 280,650 Regis Corp. 10,967,802 724,262 Waste Connections, Inc.* 27,007,730 750,225 WCA Waste Corp.* 6,564,469 461,195 West Corp.* 17,709,888 -------------- 112,188,739 -------------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 5.2% 569,675 CACI International, Inc., Class A* 35,980,673 797,550 QLogic Corp.* 24,620,369 865,200 SRA International, Inc., Class A* 30,039,744 -------------- 90,640,786 -------------- CONSUMER PRODUCTS 0.5% 352,450 Helen of Troy Ltd.* 8,973,377 -------------- DIVERSIFIED FINANCIAL SERVICES 2.7% 1,411,175 Housing Development Finance Corp. Ltd. 28,692,539 1,396,975 U.S.I. Holdings Corp.* 17,993,038 -------------- 46,685,577 -------------- EDUCATION SERVICES 1.1% 411,250 Laureate Education, Inc.* 19,682,425 -------------- ELECTRONICS 0.5% 489,325 Semtech Corp.* 8,147,261 -------------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 6.4% 1,048,999 AMIS Holdings, Inc.* 13,993,647 3,135,479 ASE Test Ltd.* 20,192,485 852,875 Integrated Circuit Systems, Inc.* 17,603,340 1,659,150 National Semiconductor Corp. 36,551,074 308,775 SigmaTel, Inc.* 5,298,579 313,250 Silicon Laboratories, Inc.* 8,210,282 270,050 Tessera Technologies, Inc.* 9,022,371 -------------- 110,871,778 --------------
SHARES VALUE - ------------ -------------- FINANCE COMPANIES 1.9% 430,250 Accredited Home Lenders Holding Co.* $ 18,931,000 495,525 United PanAm Financial Corp.* 13,582,340 -------------- 32,513,340 -------------- FINANCE - SMALL LOAN 4.5% 3,052,331 AmeriCredit Corp.* 77,834,440 -------------- FINANCIAL INFORMATION SERVICES 0.9% 425,600 Factset Research Systems, Inc. 15,253,504 -------------- FINANCIAL - MISCELLANEOUS 6.3% 490,100 Brown & Brown, Inc. 22,025,094 1,256,506 Fidelity National Financial, Inc. 44,844,699 1,069,575 First American Corp. 42,932,741 -------------- 109,802,534 -------------- FOOD AND DRUG RETAILING 0.5% 250,000 Shoppers Drug Mart Corp.* 8,657,215 -------------- FOODS 2.0% 1,315,300 NBTY, Inc.* 34,118,882 -------------- HEALTH CARE FACILITIES 3.0% 635,275 Pharmaceutical Product Development, Inc.* 29,768,987 193,740 Sunrise Senior Living, Inc.* 10,458,085 224,450 United Surgical Partners International, Inc.* 11,689,356 -------------- 51,916,428 -------------- HEALTH CARE MANAGEMENT SERVICES 5.2% 853,575 AMERIGROUP Corp.* 34,313,715 410,325 Pacificare Health Systems* 29,317,721 366,475 Pediatrix Medical Group, Inc.* 26,950,572 -------------- 90,582,008 -------------- HEALTH CARE SERVICES 2.2% 579,148 Express Scripts, Inc.* 28,945,817 209,375 Lincare Holdings, Inc.* 8,550,875 -------------- 37,496,692 -------------- HOME BUILDING 7.9% 501,633 D.R. Horton, Inc. 18,866,417 441,350 Hovnanian Enterprises, Inc., Class A* 28,776,020 685,435 M.D.C. Holdings, Inc. 56,377,029 40,373 NVR, Inc.* 32,702,130 -------------- 136,721,596 -------------- INVESTMENT MANAGEMENT COMPANIES 0.9% 600 Brantley Mezzanine Finance, LLC* ** *** + 60,000 441,900 SEI Investments Co. 16,504,965 -------------- 16,564,965 --------------
CORE GROWTH FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- LEISURE TIME 2.5% 388,800 Life Time Fitness, Inc.* $ 12,756,528 854,520 SCP Pool Corp. 29,985,107 --------------- 42,741,635 --------------- MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 1.9% 393,963 ICU Medical, Inc.* 12,673,789 1,576,975 PSS World Medical, Inc.* 19,633,339 --------------- 32,307,128 --------------- MEDICAL SERVICES 0.5% 302,380 PRA International* 8,097,736 --------------- REAL ESTATE INVESTMENT TRUSTS (REIT) 7.7% 1,307,850 Anworth Mortgage Asset Corp. 12,869,244 657,675 Bimini Mortgage Management, Inc., Class A 9,273,218 1,307,750 HomeBanc Corp. 11,887,447 858,400 MortgageIT Holdings, Inc. 15,665,800 685,825 Redwood Trust, Inc. 35,388,570 1,542,000 Saxon Capital, Inc. 26,321,940 753,475 Thornburg Mortgage, Inc. 21,948,727 --------------- 133,354,946 --------------- RENTAL AND LEASING SERVICES - CONSUMER 0.9% 670,115 Rent-A-Center, Inc.* 15,606,978 --------------- RETAIL 10.1% 968,920 Dollar Tree Stores, Inc.* 23,254,080 795,475 Global Imaging Systems, Inc.* 25,343,833 309,825 Group 1 Automotive, Inc.* 7,448,193 311,275 Lithia Motors, Inc., Class A 8,980,284 296,400 Michaels Stores, Inc. 12,262,068 331,175 MSC Industrial Direct Co., Inc. 11,177,156 2,056,170 O'Reilly Automotive, Inc.* 61,294,428 323,300 PETCO Animal Supplies, Inc.* 9,479,156 737,695 Sonic Automotive, Inc. 15,683,396 --------------- 174,922,594 --------------- SAVINGS AND LOANS 2.2% 1,405,298 Commercial Capital Bancorp, Inc. 23,482,530 1,519,416 W Holding Co., Inc. 15,528,431 --------------- 39,010,961 --------------- TEXTILES, APPAREL AND LUXURY GOODS 0.6% 174,475 Carter's, Inc.* 10,185,850 --------------- TRUCKERS 0.5% 368,550 Knight Transportation, Inc. 8,966,822 --------------- TOTAL COMMON STOCKS (COST $1,230,165,183) 1,654,391,833 ---------------
PRINCIPAL AMOUNT VALUE - ------------ --------------- CORPORATE BONDS 0.2% INVESTMENT MANAGEMENT COMPANIES 0.2% $3,000,000 Brantley Mezzanine Finance, LLC, 10.00%, 9/21/09*** + $ 2,947,439 --------------- TOTAL CORPORATE BONDS (COST $2,947,439) 2,947,439 --------------- SHORT-TERM INVESTMENTS 4.6% REPURCHASE AGREEMENT 4.6% 80,964,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $57,090,000 of United States Treasury Bonds 8.00% due 11/15/21; value: $82,584,282; repurchase proceeds: $80,968,723 (cost $80,964,000) 80,964,000 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $80,964,000) 80,964,000 --------------- TOTAL INVESTMENTS (COST $1,314,076,622) 100.2% 1,738,303,272 LIABILITIES LESS OTHER ASSETS (0.2)% (3,603,953) --------------- NET ASSETS 100.0% $1,734,699,319 =============== *Non-income producing. **Common units. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 5). See notes to schedules of investments.
GLOBAL SCIENCE & TECHNOLOGY FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- COMMON STOCKS 89.0% AEROSPACE 1.2% 26,000 MTC Technologies, Inc.* $ 957,580 --------------- AUTO COMPONENTS 0.5% 21,000 Sundaram Clayton Ltd. (India) 348,197 --------------- BANKS 1.4% 71,225 HDFC Bank Ltd. (India) 1,038,845 --------------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 1.0% 17,275 Isolagen, Inc.* 70,827 33,375 Neurochem, Inc.* (Canada) 335,419 29,175 QIAGEN N.V.* (Netherlands) 336,680 --------------- 742,926 --------------- BUILDING PRODUCTS 0.7% 43,175 IVRCL Infrastructure and Projects Ltd. (India) 483,242 --------------- CASINOS AND GAMBLING 0.2% 6,187 Shuffle Master, Inc.* 173,422 --------------- CHEMICALS 0.4% 11,350 Cabot Microelectronics Corp.* 329,036 --------------- COMMERCIAL INFORMATION SERVICES 0.1% 5,000 Fastclick, Inc.* 45,500 --------------- COMMERCIAL SERVICES AND SUPPLIES 1.2% 200,800 Allen-Vanguard Corp.* (Canada) 660,989 4,350 CoStar Group, Inc.* 189,660 --------------- 850,649 --------------- COMMUNICATIONS TECHNOLOGY 0.9% 19,250 QUALCOMM, Inc. 635,442 --------------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 11.3% 6,550 CACI International, Inc., Class A* 413,698 28,650 Cognizant Technology Solutions Corp., Class A* 1,350,274 54,017 EPIQ Systems, Inc.* 883,718 40,000 Kanbay International, Inc.* 924,400 127,850 Kintera, Inc.* 435,969 24,400 Open Solutions, Inc.* 495,564 32,550 Opnet Technologies, Inc.* 263,655 36,375 PDF Solutions, Inc.* 477,240 41,975 QLogic Corp.* 1,295,768 47,300 SRA International, Inc., Class A* 1,642,256 --------------- 8,182,542 ---------------
SHARES VALUE - ------------ --------------- COMPUTER TECHNOLOGY 1.0% 31,525 Trident Microsystems, Inc.* $ 715,302 --------------- DIVERSIFIED FINANCIAL SERVICES 2.4% 84,825 Housing Development Finance Corp. Ltd. (India) 1,724,694 --------------- DIVERSIFIED TELECOMMUNICATION SERVICES 0.9% 20,400 Astra Microwave Products Ltd. (India) 658,313 --------------- DRUGS AND PHARMACEUTICALS 3.9% 21,400 Angiotech Pharmaceuticals, Inc.* (Canada) 296,604 14,589 Docpharma N.V.* (Belgium) 590,651 56,525 ISTA Pharmaceuticals, Inc.* 470,288 14,950 NeoPharm, Inc.* 149,351 7,000 Northwest Biotherapeutics, Inc.* 1,260 12,250 Taro Pharmaceuticals Industries Ltd.* (Israel) 356,108 14,500 Teva Pharmaceutical Industries Ltd. ADR (Israel) 451,530 120,318 United Drug plc (Ireland) 516,356 --------------- 2,832,148 --------------- ELECTRICAL AND ELECTRONICS 2.4% 36,250 Multi-Fineline Electronix, Inc.* 667,000 36,250 Power Integrations, Inc.* 781,912 34,575 TTM Technologies, Inc.* 263,116 --------------- 1,712,028 --------------- ELECTRICAL EQUIPMENT 1.1% 776,300 Unisteel Technology Ltd. (Singapore) 783,211 --------------- ELECTRONIC EQUIPMENT AND INSTRUMENTS 2.3% 1,016,000 Innovalues Precision Ltd. (Singapore) 331,632 360,000 MFS Technology Ltd. (Singapore) 132,463 24,500 Phoenix PDE Co. Ltd. (Korea) 141,861 3,475 Samsung Electronics Co., Ltd. GDR (Korea) 831,394 21,000 Venture Corp. Ltd. (Singapore) 199,406 --------------- 1,636,756 --------------- ELECTRONICS 1.2% 29,375 CyberOptics Corp.* 381,875 24,925 Nu Horizons Electronics Corp.* 159,520 17,925 Supertex, Inc.* 316,556 --------------- 857,951 --------------- ELECTRONICS - MEDICAL SYSTEMS 1.2% 20,350 EPIX Pharmaceuticals, Inc.* 180,098 15,025 Intuitive Surgical, Inc.* 700,766 --------------- 880,864 ---------------
GLOBAL SCIENCE & TECHNOLOGY FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 24.3% 84,125 Advanced Power Technology, Inc.* $ 593,081 18,725 Altera Corp.* 371,130 4,325 AMIS Holdings, Inc.* 57,696 159,250 ASE Test Ltd.* (Taiwan) 1,025,570 74,575 Integrated Circuit Systems, Inc.* 1,539,228 98,575 Leadis Technology, Inc.* 793,529 128,800 Micrel, Inc.* 1,483,776 44,800 MIPS Technologies, Inc.* 322,560 70,325 National Semiconductor Corp. 1,549,260 33,325 Nova Measuring Instruments Ltd.* (Israel) 78,914 196,825 O2Micro International Ltd.* (Cayman Islands) 2,765,391 147,050 PLX Technology, Inc.* 1,494,028 8,475 PortalPlayer, Inc.* 176,449 13,550 SigmaTel, Inc.* 232,518 52,000 Silicon Laboratories, Inc.* 1,362,920 126,719 SiRF Technology Holdings, Inc.* 2,240,389 43,250 Tessera Technologies, Inc.* 1,444,982 -------------- 17,531,421 -------------- ELECTRONICS - TECHNOLOGY 0.4% 40,750 EFJ, Inc.* 275,062 -------------- FOOD AND DRUG RETAILING 1.0% 23,600 Sugi Pharmacy Co. Ltd. (Japan) 706,574 -------------- HEALTH CARE EQUIPMENT AND SUPPLIES 2.5% 14,800 Biacore International AB (Sweden) 386,463 63,925 Cytori Therapeutics, Inc.* (Germany) 197,061 27,400 RaySearch Laboratories AB* (Sweden) 368,261 3,975 Straumann Holding AG (Switzerland) 827,060 -------------- 1,778,845 -------------- HEALTH CARE FACILITIES 0.3% 4,075 Pharmaceutical Product Development, Inc.* 190,954 -------------- HEALTH CARE MANAGEMENT SERVICES 0.5% 9,550 Computer Programs & Systems, Inc. 355,928 -------------- HEALTH CARE PROVIDERS AND SERVICES 0.7% 15,500 Icon plc ADR* (Ireland) 537,850 -------------- INTERNET SOFTWARE AND SERVICES 0.5% 230,625 Opera Software ASA* (Norway) 329,585 -------------- MACHINERY 3.3% 14,750 ADP Engineering Co. Ltd* (Korea) 163,255 21,850 Bharat Forge Ltd. (India) 728,802 2,738,000 MMI Holdings Ltd. (Singapore) 658,095 47,700 Pason Systems, Inc. (Canada) 827,842 -------------- 2,377,994 --------------
SHARES VALUE - ------------ --------------- MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 7.5% 106,950 Abaxis, Inc.* $ 1,163,616 19,500 Cyberonics, Inc.* 846,105 144,125 Enpath Medical, Inc.* 785,481 18,150 ICU Medical, Inc.* 583,885 5,300 Kinetic Concepts, Inc.* 318,000 43,225 NuVasive, Inc.* 718,400 15,325 Techne Corp.* 703,571 22,600 VNUS Medical Technologies, Inc.* 271,878 ---------------- 5,390,936 ---------------- MEDICAL SERVICES 0.5% 14,350 PRA International* 384,293 ---------------- MISCELLANEOUS MATERIALS AND COMMODITIES 1.0% 26,625 Symyx Technologies, Inc.* 744,968 ---------------- PRODUCTION TECHNOLOGY EQUIPMENT 2.6% 162,930 inTEST Corp.* 586,548 69,725 Intevac, Inc.* 730,021 24,325 Nanometrics, Inc.* 303,819 19,850 Rudolph Technologies, Inc.* 284,450 ---------------- 1,904,838 ---------------- REAL ESTATE 0.3% 58,550 Mahindra Gesco Developers Ltd.* (India) 188,680 ---------------- SECURITIES BROKERAGE AND SERVICES 0.2% 7,475 optionsXpress, Inc. 113,620 ---------------- SEMICONDUCTOR EQUIPMENT AND PRODUCTS 3.4% 5,750 austriamicrosystems AG* (Austria) 215,079 55,525 CSR plc* (United Kingdom) 384,961 28,325 PSi Technologies Holdings, Inc. ADR* (Philippines) 35,973 18,525 SEZ Holding AG* (Switzerland) 448,960 488,000 Solomon Systech International Ltd. (Hong Kong) 172,684 131,606 Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) 1,200,243 ---------------- 2,457,900 ---------------- SOFTWARE 3.0% 113,000 Hexaware Tech. Ltd. (India) 350,242 27,900 Infosys Technologies Ltd. (India) 1,513,017 45,275 Ninetowns Digital World Trade Holdings Ltd. ADR* (China) 312,398 ---------------- 2,175,657 ---------------- TELECOMMUNICATIONS EQUIPMENT 0.4% 15,425 Applied Signal Technology, Inc. 293,692 ----------------
GLOBAL SCIENCE & TECHNOLOGY FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- TEXTILES, APPAREL AND LUXURY GOODS 0.3% 31,700 Bombay Dyeing and Manufacturing Company Ltd. (India) $ 245,142 --------------- UTILITIES - TELECOMMUNICATIONS 1.0% 28,250 Nextel Partners, Inc., Class A* 711,052 --------------- TOTAL COMMON STOCKS (COST $58,898,319) 64,283,639 --------------- PREFERRED STOCKS 0.1% COMMUNICATIONS TECHNOLOGY 0.0% 6,528 Xtera Communications, Inc., Series A-1 Pfd.* *** + 7,076 --------------- DRUGS AND PHARMACEUTICALS 0.1% 283,018 Point Biomedical Corp., Series F Pfd.* *** + 120,000 --------------- TOTAL PREFERRED STOCKS (COST $157,076) 127,076 --------------- LIMITED PARTNERSHIP INTEREST 0.1% OTHER 0.1% Montagu Newhall Global Partners II-B, L.P.* *** + 62,043 --------------- TOTAL LIMITED PARTNERSHIP INTEREST (COST $72,144) 62,043 --------------- WARRANTS 0.0% DRUGS AND PHARMACEUTICALS 0.0% 3,832 Acusphere, Inc. expiring 8/2/08* *** + - 768 Acusphere, Inc. expiring 10/20/08* *** + - 84,905 Point Biomedical Corp. expiring 2/16/12* *** + - --------------- TOTAL WARRANTS (COST $0) - ---------------
PRINCIPAL AMOUNT VALUE - ------------ --------------- SHORT-TERM INVESTMENTS 10.5% REPURCHASE AGREEMENT 10.5% $7,571,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $5,340,000 of United States Treasury Bonds 8.00% due 11/15/21; value: $7,724,646; repurchase proceeds: $7,571,442+++ (cost $7,571,000) $ 7,571,000 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $7,571,000) 7,571,000 --------------- TOTAL INVESTMENTS (COST $66,698,539) 99.7% 72,043,758 OTHER ASSETS LESS LIABILITIES 0.3% 185,073 --------------- NET ASSETS 100.0% $ 72,228,831 ===============
SHARES VALUE - ------------ --------------- SECURITIES SOLD SHORT 10,000 Ceramic Protection Corp. (Canada) (proceeds $176,227) $ 176,078 =============== *Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors. (see Note 2). +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 5). +++All or a portion of this security has been designated as collateral for open short positions or purchase commitments (see Note 6). ADR American Depositary Receipt. GDR Global Depositary Receipt. See notes to schedules of investments.
GLOBAL SCIENCE & TECHNOLOGY FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited) At June 30, 2005, Wasatch Global Science & Technology Fund's investments, excluding securities sold short and short-term investments, were in the following countries:
COUNTRY % --------------------------------------------------------- Austria 0.3 Belgium 0.9 Canada 3.3 Cayman Islands 4.3 China 0.5 Germany 0.3 Hong Kong 0.3 India 11.3 Ireland 1.6 Israel 1.4 Japan 1.1 Korea 1.7 Netherlands 0.5 Norway 0.5 Philippines 0.1 Singapore 3.3 Sweden 1.2 Switzerland 2.0 Taiwan 3.4 United Kingdom 0.6 United States 61.4 ------------ TOTAL 100.0% ===========
HERITAGE GROWTH FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- COMMON STOCKS 93.3% AIR TRANSPORT 0.6% 72,025 JetBlue Airways Corp.* $ 1,472,191 -------------- BANKS 9.4% 246,300 Commerce Bancorp, Inc. 7,465,353 206,025 Doral Financial Corp. 3,407,654 219,225 New York Community Bancorp, Inc. 3,972,357 259,325 North Fork Bancorporation, Inc. 7,284,439 101,600 TCF Financial Corp. 2,629,408 -------------- 24,759,211 -------------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 1.3% 68,875 Charles River Laboratories International, Inc.* 3,323,219 -------------- COMMERCIAL SERVICES AND SUPPLIES 1.8% 22,375 Corporate Executive Board Co. 1,752,634 21,900 eBay, Inc.* 722,919 93,825 IAC/InterActive Corp.* 2,256,491 -------------- 4,732,044 -------------- COMMUNICATIONS TECHNOLOGY 0.5% 17,250 L-3 Communications Holdings, Inc. 1,321,005 -------------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 4.8% 107,550 Affiliated Computer Services, Inc., Class A* 5,495,805 30,850 NAVTEQ Corp.* 1,147,003 195,175 QLogic Corp.* 6,025,052 -------------- 12,667,860 -------------- DIVERSIFIED FINANCIAL SERVICES 1.6% 39,500 Countrywide Financial Corp. 1,525,095 135,000 Housing Development Finance Corp. Ltd. 2,744,871 -------------- 4,269,966 -------------- DRUGS AND PHARMACEUTICALS 3.7% 31,600 Forest Laboratories, Inc.* 1,227,660 275,825 Teva Pharmaceutical Industries Ltd. ADR 8,589,190 -------------- 9,816,850 -------------- EDUCATION SERVICES 4.6% 129,825 Apollo Group, Inc., Class A* 10,154,911 154,000 Corinthian Colleges, Inc.* 1,966,580 -------------- 12,121,491 -------------- ELECTRONICS 1.2% 80,100 Amphenol Corp., Class A 3,217,617 -------------- ELECTRONICS - MEDICAL SYSTEMS 0.8% 16,500 Medtronic, Inc. 854,535 34,750 Varian Medical Systems, Inc.* 1,297,217 -------------- 2,151,752 --------------
SHARES VALUE - ------------ --------------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 6.2% 143,175 Linear Technology Corp. $ 5,253,090 117,975 Maxim Integrated Products, Inc. 4,507,825 59,350 Microchip Technology, Inc. 1,757,947 223,725 National Semiconductor Corp. 4,928,662 ---------------- 16,447,524 ---------------- ENERGY - MISCELLANEOUS 0.6% 73,500 Chesapeake Energy Corp. 1,675,800 ---------------- FINANCE COMPANIES 1.5% 48,000 Capital One Financial Corp. 3,840,480 ---------------- FINANCE - SMALL LOAN 1.4% 149,250 AmeriCredit Corp.* 3,805,875 ---------------- FINANCIAL DATA PROCESSING SERVICES AND SYSTEMS 1.1% 66,450 Fiserv, Inc.* 2,854,027 ---------------- FINANCIAL INFORMATION SERVICES 0.6% 32,750 Moody's Corp. 1,472,440 ---------------- FINANCIAL - MISCELLANEOUS 1.8% 67,500 Brown & Brown, Inc. 3,033,450 31,750 Fidelity National Financial, Inc. 1,133,158 16,500 First American Corp. 662,310 ---------------- 4,828,918 ---------------- HEALTH CARE EQUIPMENT AND SUPPLIES 1.0% 12,725 Straumann Holding AG 2,647,633 ---------------- HEALTH CARE FACILITIES 2.4% 140,775 Health Management Associates, Inc., Class A 3,685,490 50,750 Quest Diagnostics, Inc. 2,703,452 ---------------- 6,388,942 ---------------- HEALTH CARE MANAGEMENT SERVICES 4.8% 116,675 Caremark Rx, Inc.* 5,194,371 31,000 Pacificare Health Systems* 2,214,950 74,000 WellPoint, Inc.* 5,153,360 ---------------- 12,562,681 ---------------- HEALTH CARE SERVICES 0.6% 31,850 Express Scripts, Inc.* 1,591,863 ---------------- HOME BUILDING 8.0% 121,976 D.R. Horton, Inc. 4,587,518 41,375 Hovnanian Enterprises, Inc., Class A* 2,697,650 74,525 Lennar Corp., Class A 4,728,611 25,475 M.D.C. Holdings, Inc. 2,095,319 5,795 NVR, Inc.* 4,693,950 27,325 Pulte Homes, Inc. 2,302,131 ---------------- 21,105,179 ----------------
HERITAGE GROWTH FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- INVESTMENT MANAGEMENT COMPANIES 0.7% 49,425 SEI Investments Co. $ 1,846,024 -------------- MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 3.0% 38,275 Biomet, Inc. 1,325,463 46,875 Kinetic Concepts, Inc.* 2,812,500 39,350 St. Jude Medical, Inc.* 1,716,053 25,950 Zimmer Holdings, Inc.* 1,976,612 -------------- 7,830,628 -------------- OIL AND GAS 1.3% 109,750 Ultra Petroleum Corp.* 3,332,010 -------------- PRODUCTION TECHNOLOGY EQUIPMENT 1.4% 85,050 KLA-Tencor Corp. 3,716,685 -------------- REAL ESTATE INVESTMENT TRUSTS (REIT) 1.5% 64,100 iStar Financial, Inc. 2,665,919 23,000 New Century Financial Corp. 1,183,350 -------------- 3,849,269 -------------- RECREATIONAL VEHICLES AND BOATS 2.2% 119,500 Harley-Davidson, Inc. 5,927,200 -------------- RETAIL 15.0% 72,825 Amazon.com, Inc.* 2,409,051 42,400 AutoZone, Inc.* 3,920,304 155,475 Bed Bath & Beyond, Inc.* 6,495,746 67,475 Best Buy Co., Inc. 4,625,411 70,800 CDW Corp. 4,041,972 72,500 Chico's FAS, Inc.* 2,485,300 156,575 Dollar Tree Stores, Inc.* 3,757,800 728,500 Esprit Holdings Ltd. 5,272,940 67,250 Home Depot, Inc. 2,616,025 45,250 Lowe's Companies, Inc. 2,634,455 49,200 TJX Companies, Inc. 1,198,020 -------------- 39,457,024 -------------- SAVINGS AND LOANS 1.4% 57,275 Golden West Financial Corp. 3,687,364 -------------- SOFTWARE 2.0% 75,500 Infosys Technologies Ltd. 4,094,366 16,425 Infosys Technologies Ltd. ADR 1,272,445 -------------- 5,366,811 -------------- TEXTILES, APPAREL AND LUXURY GOODS 1.7% 67,300 Coach, Inc.* 2,259,261 9,000 Puma AG Rudolf Dassler Sport 2,226,940 -------------- 4,486,201 --------------
SHARES VALUE - ------------ --------------- UTILITIES - TELECOMMUNICATIONS 2.8% 66,325 Nextel Communications, Inc., Class A* $ 2,142,961 204,800 Nextel Partners, Inc., Class A* 5,154,816 --------------- 7,297,777 --------------- TOTAL COMMON STOCKS (COST $227,863,514) 245,871,561 ---------------
PRINCIPAL AMOUNT VALUE - ------------ --------------- SHORT-TERM INVESTMENTS 8.2% REPURCHASE AGREEMENT 8.2% $21,678,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $15,290,000 of United States Treasury Bonds 8.00% due 11/15/21; value: $22,117,948; repurchase proceeds: $21,679,265 (cost $21,678,000) $ 21,678,000 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $21,678,000) 21,678,000 --------------- TOTAL INVESTMENTS (COST $249,541,514) 101.5% 267,549,561 LIABILITIES LESS OTHER ASSETS (1.5)% (4,002,592) --------------- NET ASSETS 100.0% $ 263,546,969 =============== *Non-income producing. ADR American Depositary Receipt. See notes to schedules of investments.
INTERNATIONAL GROWTH FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- COMMON STOCKS 93.3% AIRLINES 2.2% 124,300 Gol Linhas Aereas Inteligentes S.A. ADR (Brazil) $ 3,736,458 256,675 WestJet Airlines Ltd.* (Canada) 2,854,733 -------------- 6,591,191 -------------- BANKS 3.6% 129,400 Doral Financial Corp. (Puerto Rico) 2,140,276 389,480 HDFC Bank Ltd. (India) 5,680,719 62,275 Musashino Bank Ltd. (Japan) 2,678,797 -------------- 10,499,792 -------------- BEVERAGES 1.3% 148,490 Kibun Food Chemifa Co. Ltd. (Japan) 3,749,409 -------------- BIOTECHNOLOGY RESEARCH AND PRODUCTIONS 3.5% 35,660 Actelion Ltd.* (Switzerland) 3,698,692 775,000 Ark Therapeutics Group plc* (United Kingdom) 1,423,124 155,000 Neurochem, Inc.* (Canada) 1,557,750 312,625 QIAGEN N.V.* (Netherlands) 3,607,692 -------------- 10,287,258 -------------- COMMERCIAL SERVICES AND SUPPLIES 7.4% 13,999 Acadomia Group (France) 474,025 154,950 Allen-Vanguard Corp.* (Canada) 510,061 555,900 Bloomsbury Publishing plc (United Kingdom) 3,749,547 1,250 En-Japan, Inc. (Japan) 5,692,578 1,875,000 Linmark Group Ltd. (Hong Kong) 536,824 323,200 Park24 Co. Ltd. (Japan) 6,412,120 107,125 Techem AG* (Germany) 4,532,621 -------------- 21,907,776 -------------- COMPUTERS AND PERIPHERALS 1.5% 137,800 Logitech International S.A.* (Switzerland) 4,424,204 -------------- DIVERSIFIED FINANCIAL SERVICES 4.9% 175,000 AWD Holding AG (Germany) 7,351,625 146,850 Home Capital Group, Inc., Class B (Canada) 4,368,527 1,496,350 Nissin Co Ltd. (Japan) 2,806,753 -------------- 14,526,905 -------------- DIVERSIFIED TELECOMMUNICATION SERVICES 1.8% 52,066 Option N.V.* (Belgium) 1,795,753 1,504,250 Zyxel Communications Corp. (Taiwan) 3,566,509 -------------- 5,362,262 --------------
SHARES VALUE - ------------ --------------- DRUGS AND PHARMACEUTICALS 6.2% 336,575 Angiotech Pharmaceuticals, Inc.* (Canada) $ 4,626,432 43,475 Fuji Pharmaceutical Co. Ltd. (Japan) 441,062 96,600 Sawai Pharmaceutical Co. Ltd. (Japan) 2,918,298 2,870,000 SkyePharma plc* (United Kingdom) 2,853,593 120,000 Sun Pharmaceutical Industries Ltd. (India) 1,592,778 1,330,662 United Drug plc (Ireland) 5,710,664 -------------- 18,142,827 -------------- ELECTRIC UTILITIES 1.4% 152,150 Red Electrica de Espana (Spain) 4,210,254 -------------- ELECTRICAL EQUIPMENT 2.2% 5,715 SAIA-Burgess Electronics AG (Switzerland) 4,121,747 2,406,700 Unisteel Technology Ltd. (Singapore) 2,428,125 -------------- 6,549,872 -------------- ELECTRONIC EQUIPMENT AND INSTRUMENTS 0.6% 4,675,000 MFS Technology Ltd. (Singapore) 1,720,178 -------------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 1.2% 98,800 ASM International N.V.* (Netherlands) 1,570,920 134,375 O2Micro International Ltd.* (Cayman Islands) 1,887,969 -------------- 3,458,889 -------------- FOOD AND DRUG RETAILING 2.0% 26,575 NIHON CHOUZAI Co., Inc. (Japan) 730,938 51,750 Sugi Pharmacy Co. Ltd. (Japan) 1,549,373 2,248,175 Wumart Stores, Inc. (China) 3,616,104 -------------- 5,896,415 -------------- HEALTH CARE EQUIPMENT AND SUPPLIES 5.6% 164,740 Elekta AB, Class B* (Sweden) 6,832,185 3,099,300 LMA International N.V.* (Singapore) 1,471,478 2,016,000 Moulin International Holdings Ltd.*** (Hong Kong) 2,594 23,480 Nakanishi, Inc. (Japan) 2,363,033 28,415 Straumann Holding AG (Switzerland) 5,912,180 -------------- 16,581,470 -------------- HEALTH CARE PROVIDERS AND SERVICES 4.2% 45,750 Eurofins Scientific* (France) 1,504,356 109,325 Icon plc ADR* (Ireland) 3,793,577 158,365 Orpea* (France) 7,016,551 -------------- 12,314,484 -------------- HOTELS, RESTAURANTS AND LEISURE 1.7% 97,675 Fairmont Hotels & Resorts, Inc. (Canada) 3,379,191 393,984 Hotel Leelaventure Ltd. (India) 1,702,355 -------------- 5,081,546 --------------
INTERNATIONAL GROWTH FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- HOUSEHOLD DURABLES 4.9% 59,700 Citizen Electronics Co. Ltd. (Japan) $ 3,074,100 229,200 Desarrolladora Homex, S.A. de C.V. ADR* (Mexico) 6,284,664 2,419,950 HTL International Holdings Ltd. (Singapore) 1,981,918 1,210,675 Techtronic Industries Company Ltd. (Hong Kong) 3,053,405 -------------- 14,394,087 -------------- HOUSEHOLD PRODUCTS 1.0% 99,700 Milbon Co. Ltd. (Japan) 3,038,921 -------------- INFORMATION TECHNOLOGY CONSULTING AND SERVICE 3.5% 249,915 Indra Sistemas, S.A. (Spain) 4,945,743 229,500 Intec, Inc. (Japan) 2,421,454 2,150 NIWS Co. Ltd. (Japan) 2,830,733 -------------- 10,197,930 -------------- INTERNET AND CATALOG RETAIL 2.7% 1,903,390 Carphone Warehouse Group plc (United Kingdom) 6,282,789 119,675 Submarino SA GDR* (Brazil) 1,794,870 -------------- 8,077,659 -------------- LEISURE EQUIPMENT AND PRODUCTS 3.0% 288,375 Mega Bloks, Inc.* (Canada) 5,639,208 59,675 Rodriguez Group (France) 3,128,761 -------------- 8,767,969 -------------- MACHINERY 1.0% 57,908 Bharat Forge Ltd. (India) 1,931,510 25,000 Takeuchi Manufacturing Co. Ltd. (Japan) 969,429 -------------- 2,900,939 -------------- MEDIA 1.9% 149,300 Alliance Atlantis Communications, Inc., Class B* (Canada) 3,503,496 61,575 JC Decaux S.A.* (France) 1,559,477 2,048,350 Sanctuary Group plc (United Kingdom) 697,228 -------------- 5,760,201 -------------- OFFICE ELECTRONICS 1.5% 49,050 Neopost S.A. (France) 4,313,825 -------------- OIL AND GAS 4.4% 253,520 Cairn Energy plc* (United Kingdom) 6,122,366 645,575 Soco International plc* (United Kingdom) 6,910,378 -------------- 13,032,744 --------------
SHARES VALUE - ------------ --------------- REAL ESTATE 1.3% 5,428,000 Far East Consortium International Ltd. (Hong Kong) $ 2,287,451 56,287 Foncia Groupe (France) 1,485,431 --------------- 3,772,882 --------------- RETAIL 7.4% 26,840 Bijou Brigitte AG (Germany) 4,964,374 4,423,400 Bonjour Holdings Ltd. (Hong Kong) 2,134,461 567,000 Esprit Holdings Ltd. (Hong Kong) 4,103,990 30,270 Gulliver International Co. Ltd. (Japan) 4,214,706 11,907,900 Peace Mark Holdings Ltd. (Hong Kong) 3,179,465 1,534,670 Pumpkin Patch Ltd. (New Zealand) 3,204,622 --------------- 21,801,618 --------------- SEMICONDUCTOR EQUIPMENT AND PRODUCTS 3.1% 498,400 CSR plc* (United Kingdom) 3,455,462 71,925 Disco Corp. (Japan) 2,996,605 112,165 SEZ Holding AG* (Switzerland) 2,718,357 --------------- 9,170,424 --------------- SOFTWARE 0.9% 440,000 Hexaware Tech. Ltd. (India) 1,363,772 172,625 Ninetowns Digital World Trade Holdings Ltd. ADR* (China) 1,191,113 --------------- 2,554,885 --------------- TEXTILES, APPAREL AND LUXURY GOODS 4.0% 1,525,000 Li Ning Co. Ltd. (Hong Kong) 726,060 116,310 Pantaloon Retail India Ltd. (India) 3,686,338 20,300 Puma AG Rudolf Dassler Sport (Germany) 5,022,986 268,425 Ted Baker plc (United Kingdom) 2,406,823 --------------- 11,842,207 --------------- WIRELESS TELECOMMUNICATION SERVICES 1.4% 901,900 Virgin Mobile Holdings plc (United Kingdom) 4,168,648 --------------- TOTAL COMMON STOCKS (COST $218,123,948) 275,099,671 --------------- WARRANTS 0.0% MACHINERY 0.0% 1,379 Bharat Forge Ltd. expiring 9/30/06* (India) 9,674 --------------- TOTAL WARRANTS (COST $0) 9,674 ---------------
INTERNATIONAL GROWTH FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
PRINCIPAL AMOUNT VALUE - ------------ --------------- SHORT-TERM INVESTMENTS 7.8% REPURCHASE AGREEMENT 7.8% $23,007,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $16,225,000 of United States Treasury Bonds 8.00% due 11/15/21; value: $23,470,485; repurchase proceeds: $23,008,342 (cost $23,007,000) $23,007,000 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $23,007,000) 23,007,000 -------------- TOTAL INVESTMENTS (COST $241,130,948) 101.1% 298,116,345 LIABILITIES LESS OTHER ASSETS (1.1)% (3,125,586) -------------- NET ASSETS 100.0% $294,990,759 ============== *Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). ADR American Depositary Receipts. GDR Global Depositary Receipts. See notes to schedules of investments.
At June 30, 2005, Wasatch International Growth Fund's investments, excluding short-term investments, were in the following countries: COUNTRY % --------------------------------------------------------------- Belgium 0.7 Brazil 2.0 Canada 9.6 Cayman Islands 0.7 China 1.7 France 7.1 Germany 7.9 Hong Kong 5.8 India 5.8 Ireland 3.4 Japan 17.8 Mexico 2.3 Netherlands 1.9 New Zealand 1.2 Puerto Rico 0.8 Singapore 2.8 Spain 3.3 Sweden 2.5 Switzerland 7.6 Taiwan 1.3 United Kingdom 13.8 --------------- TOTAL 100.0% ===============
INTERNATIONAL OPPORTUNITIES FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- COMMON STOCKS 83.8% AUTO COMPONENTS 1.8% 58,750 ARB Corp. Ltd. (Australia) $ 136,389 93,050 Super Cheap Auto Group Ltd. (Australia) 199,726 6,000 Yutaka Giken Co. Ltd. (Japan) 132,293 -------------- 468,408 -------------- AUTOMOBILES 0.7% 38,775 European Motor Holdings plc (United Kingdom) 187,557 -------------- BANKS 0.7% 8,450 Kas Bank NA (Netherlands) 175,701 -------------- BEVERAGES 1.1% 11,325 Kibun Food Chemifa Co. Ltd. (Japan) 285,959 -------------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 0.6% 53,600 Ark Therapeutics Group plc* (United Kingdom) 98,425 6,800 Neurochem, Inc.* (Canada) 68,340 -------------- 166,765 -------------- BUILDING PRODUCTS 0.9% 24,900 Fleetwood Corp. Ltd. (Australia) 117,696 8,300 Kitagawa Industries Co. Ltd. (Japan) 133,231 -------------- 250,927 -------------- CHEMICALS 0.2% 5,000 MARKTEC Corp. (Japan) 45,766 -------------- COMMERCIAL SERVICES AND SUPPLIES 7.2% 3,275 Acadomia Group (France) 110,896 55,175 Allen-Vanguard Corp.* (Canada) 181,624 41,075 Bloomsbury Publishing plc (United Kingdom) 277,051 21,875 Carter & Carter Group plc* (United Kingdom) 140,101 171,500 Environmental Management Solutions, Inc.* (Canada) 62,882 6,000 KG Intelligence Co. Ltd. (Japan) 61,683 446,000 Linmark Group Ltd. (Hong Kong) 127,693 7,950 MegaStudy Co. Ltd.* (Korea) 341,977 50 OUTSOURCING, Inc. (Japan) 59,067 849,000 Raffles Education Corp Ltd. (Singapore) 377,893 29,525 Semcon AB* (Sweden) 178,758 -------------- 1,919,625 -------------- COMPUTERS AND PERIPHERALS 0.5% 998,000 Anwell Technologies Ltd. (Singapore) 118,457 -------------- CONSTRUCTION AND ENGINEERING 0.4% 86,050 Lycopodium Ltd.* (Australia) 117,895 --------------
SHARES VALUE - ------------ --------------- CONSTRUCTION MATERIALS 0.8% 650 Getaz Romang Holding SA (Switzerland) $ 210,208 --------------- DISTRIBUTORS 0.7% 76,525 Commercial Solutions, Inc.* (Canada) 187,057 --------------- DIVERSIFIED FINANCIAL SERVICES 6.4% 238,600 Acta Holdings ASA (Norway) 470,446 19,925 Caliber Global Investment Ltd.* (United Kingdom) 201,840 46,175 Credit Corp. Group Ltd. (Australia) 105,438 5,600 International Maritime Exchange ASA (Norway) 64,195 28,475 IOOF Holdings Ltd. (Australia) 144,347 53,450 New Zealand Exchange Ltd.* (New Zealand) 290,934 65 Osaka Securities Exchange Co. (Japan) 244,432 4,150 Oslo Bors ASA*** (Norway) 177,605 --------------- 1,699,237 --------------- DRUGS AND PHARMACEUTICALS 2.0% 3,675 Docpharma N.V.* (Belgium) 148,786 20,125 Meda AB (Sweden) 204,795 4,100 Sawai Pharmaceutical Co. Ltd. (Japan) 123,861 10 Sosei Co. Ltd.* (Japan) 47,615 --------------- 525,057 --------------- ELECTRICAL EQUIPMENT 2.8% 7,100 Chiyoda Integre Co. Ltd. (Japan) 172,874 5,400 Optoelectronics Co. Ltd. (Japan) 205,501 6,200 Phoenix Electric Co. Ltd. (Japan) 109,306 257,000 Unisteel Technology Ltd. (Singapore) 259,288 --------------- 746,969 --------------- ELECTRONIC EQUIPMENT AND INSTRUMENTS 5.9% 200,000 Chroma ATE, Inc. (Taiwan) 182,478 3,725 Core Logic, Inc. (Korea) 127,467 4,500 Enplas Corp. (Japan) 121,742 4,025 Funkwerk AG (Germany) 144,758 11,000 Horiba Ltd. (Japan) 237,578 265,000 MFS Technology Ltd. (Singapore) 97,508 18,600 Phoenix PDE Co. Ltd. (Korea) 107,698 60,100 TRL Electronics plc* (United Kingdom) 226,106 252,000 Varitronix International Ltd. (Hong Kong) 220,501 66,650 zed.i solutions, Inc.* (Canada) 96,122 --------------- 1,561,958 --------------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 0.6% 24,725 ASE Test Ltd.* (Taiwan) 159,229 ---------------
INTERNATIONAL OPPORTUNITIES FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- FOOD AND DRUG RETAILING 2.0% 328,000 Convenience Retail Asia Ltd. (Hong Kong) $ 108,681 3,400 Daikokutenbussan Company Ltd. (Japan) 110,380 5,900 Green Cross Coa Co. Ltd. (Japan) 194,733 4,500 NIHON CHOUZAI Co., Inc. (Japan) 123,771 -------------- 537,565 -------------- FOOD PRODUCTS 0.4% 28,125 CoolBrands International, Inc.* (Canada) 94,415 -------------- HEALTH CARE EQUIPMENT AND SUPPLIES 4.6% 11,500 Fujirebio, Inc. (Japan) 216,746 244,000 LMA International N.V.* (Singapore) 115,846 2,900 MANI, Inc. (Japan) 143,836 1,600 Nakanishi, Inc. (Japan) 161,025 42,750 RaySearch Laboratories AB* (Sweden) 574,567 -------------- 1,212,020 -------------- HOUSEHOLD DURABLES 3.1% 5,225 Beter Bed Holding NV (Netherlands) 151,912 40,800 Homebuy Group plc* (United Kingdom) 99,772 182,000 HTL International Holdings Ltd. (Singapore) 149,056 6,200 Joint Corp. (Japan) 233,150 7,680 Nihon Eslead Corp. (Japan) 180,417 -------------- 814,307 -------------- HOUSEHOLD PRODUCTS 0.5% 5,000 Suruga Co. Ltd. (Japan) 123,546 -------------- INSURANCE 1.1% 80,678 OAMPS Ltd. (Australia) 156,591 310,000 Pacific Century Insurance Holdings Ltd. (Hong Kong) 127,647 -------------- 284,238 -------------- INTERNET SOFTWARE AND SERVICES 0.5% 83,000 Opera Software ASA* (Norway) 118,615 -------------- LEISURE EQUIPMENT AND PRODUCTS 1.4% 1,775 CTS Eventim* (Germany) 74,545 19,175 KABE Husvagnar AB (Sweden) 299,441 -------------- 373,986 -------------- MACHINERY 6.5% 11,350 ADP Engineering Co. Ltd* (Korea) 125,624 21,000 Asahi Diamond Industrial Co. (Japan) 139,571 82,000 Awea Mechantronic Co. Ltd. (Taiwan) 136,429 47,000 BASSO INDUSTRY Corp. (Taiwan) 110,248 225,000 First Engineering Ltd. (Singapore) 164,243 1,239,625 MMI Holdings Ltd. (Singapore) 297,951 17,500 Pason Systems, Inc. (Canada) 303,716 8,100 Takeuchi Manufacturing Co. Ltd. (Japan) 314,095 32,075 Titan Europe plc (United Kingdom) 116,936 -------------- 1,708,813 --------------
SHARES VALUE - ------------ --------------- MARINE 0.9% 339,000 Ezra Holdings Ltd. (Singapore) $ 245,448 --------------- MEDIA 0.7% 15,700 Arbeit-Times Co. Ltd. (Japan) 186,322 --------------- METALS AND MINING 3.9% 71,325 Agincourt Resources Ltd.* (Australia) 70,576 38,375 Avocet Mining plc* (United Kingdom) 51,905 674,625 CBH Resources Ltd. (Australia) 123,238 94,475 Consolidated Minerals Ltd. (Australia) 289,077 95,975 Equigold NL (Australia) 78,896 44,750 Jubilee Mines NL (Australia) 242,858 80,250 Mincor Resources NL (Australia) 38,176 15,525 Shore Gold, Inc.* (Canada) 61,984 46,475 Troy Resources NL (Australia) 82,776 --------------- 1,039,486 --------------- OIL AND GAS 7.0% 86,325 ARC Energy Ltd.* (Australia) 127,470 15,750 Blackrock Ventures, Inc.* (Canada) 126,534 75,225 Bow Valley Energy Ltd.* (Canada) 199,203 98,197 Det Norske Oljeselskap ASA* (Norway) 379,724 77,450 Dragon Oil plc (Ireland) 148,811 44,125 JKX Oil and Gas plc (United Kingdom) 120,946 17,225 Melrose Resources plc (United Kingdom) 96,896 68,750 Saxon Energy Services, Inc.* (Canada) 218,467 12,550 Soco International plc* (United Kingdom) 134,338 18,900 Sondex plc (United Kingdom) 70,428 130,975 Tap Oil Ltd.* (Australia) 239,260 --------------- 1,862,077 --------------- PERSONAL PRODUCTS 0.6% 6,800 HABA Laboratories, Inc. (Japan) 166,796 --------------- REAL ESTATE 1.6% 125 Apamanshop Network Co. Ltd. (Japan) 137,524 25 CRESCENDO Investment Corp.* (Japan) 131,211 16,500 Takara Leben Co. Ltd. (Japan) 154,897 --------------- 423,632 --------------- RETAIL 5.6% 5,600 Able C&C* (Korea) 241,431 11,200 Jeans Mate Corp. (Japan) 130,796 11,950 New Wave Group AB, Class B (Sweden) 211,088 540,000 Peace Mark Holdings Ltd. (Hong Kong) 144,183 567,000 Pertama Holdings Ltd. (Singapore) 95,902 100,271 Pumpkin Patch Ltd. (New Zealand) 209,381 3,300 Tamron Co Ltd. (Japan) 54,013 3,300 Tamron Co Ltd. Bonus Shares* (Japan) 54,013 52,325 Topps Tiles plc (United Kingdom) 170,607 15 Village Vanguard Co. Ltd.* (Japan) 174,497 --------------- 1,485,911 ---------------
INTERNATIONAL OPPORTUNITIES FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- SEMICONDUCTOR EQUIPMENT AND PRODUCTS 2.2% 5,125 austriamicrosystems AG* (Austria) $ 191,701 17 Chip One Stop, Inc.* (Japan) 55,190 122,000 Holtek Semiconductor, Inc. (Taiwan) 143,088 1,850 Mtekvision Co. Ltd. (Korea) 52,397 16,000 New Japan Radio Co., Ltd. (Japan) 139,958 -------------- 582,334 -------------- SOFTWARE 3.1% 487,000 DMX Technologies* (Singapore) 215,321 11,200 Isra Vision Systems AG* (Germany) 245,745 16,000 Lectra (France) 77,370 9,100 Profdoc ASA (Norway) 115,443 83,000 SpringSoft, Inc. (Taiwan) 172,944 -------------- 826,823 -------------- TEXTILES, APPAREL AND LUXURY GOODS 2.5% 378,500 Ports Design Ltd. (Hong Kong) 275,179 12,900 Ted Baker plc (United Kingdom) 115,667 8,600 United Arrows Ltd. (Japan) 270,665 -------------- 661,511 -------------- TRANSPORTATION INFRASTRUCTURE 2.3% 10,300 Alps Logistics Co. Ltd. (Japan) 221,530 238,000 Goodpack Ltd. (Singapore) 193,507 10,000 Trancom Co Ltd. (Japan) 204,257 -------------- 619,294 -------------- TOTAL COMMON STOCKS (COST $22,075,493) 22,193,914 -------------- WARRANTS 0.0% METALS AND MINING 0.0% 23,994 Equigold NL expiring 5/31/07* (Australia) 2,922 -------------- TRANSPORTATION INFRASTRUCTURE 0.0% 17,875 Goodpack Ltd. expiring 4/13/07* (Singapore) 3,872 -------------- TOTAL WARRANTS (COST $646) 6,794 --------------
PRINCIPAL AMOUNT VALUE - ------------ --------------- SHORT-TERM INVESTMENTS 1.1% REPURCHASE AGREEMENT 1.1% $289,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $295,000 of United States Treasury Bonds 3.50% due 2/15/10; value: $295,369; repurchase proceeds: $289,017 (cost $289,000) $ 289,000 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $289,000) 289,000 --------------- TOTAL INVESTMENTS (COST $22,365,139) 84.9% 22,489,708 OTHER ASSETS LESS LIABILITIES 15.1% 4,008,800 --------------- NET ASSETS 100.0% $ 26,498,508 =============== *Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). See notes to schedules of investments.
INTERNATIONAL OPPORTUNITIES FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited) At June 30, 2005, Wasatch International Opportunities Fund's investments, excluding short-term investments, were in the following countries: COUNTRY % ---------------------------------------------------------------- Australia 10.2 Austria 0.9 Belgium 0.7 Canada 7.2 France 0.8 Germany 2.1 Hong Kong 4.5 Ireland 0.7 Japan 27.0 Korea 4.5 Netherlands 1.5 New Zealand 2.3 Norway 6.0 Singapore 10.5 Sweden 6.6 Switzerland 0.9 Taiwan 4.1 United Kingdom 9.5 -------------- TOTAL 100.0% ==============
MICRO CAP FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- COMMON STOCKS 98.8% AEROSPACE 0.9% 131,650 MTC Technologies, Inc.* $ 4,848,669 -------------- AUTO PARTS - AFTER MARKET 1.9% 196,575 Aftermarket Technology Corp.* 3,426,302 294,475 Keystone Automotive Industries, Inc.* 7,282,367 -------------- 10,708,669 -------------- BANKS 2.6% 81,000 Bank of the Ozarks, Inc. 2,660,040 190,550 Franklin Bank Corp.* 3,574,718 207,125 Placer Sierra Bancshares 5,648,299 20,525 Western Alliance Bancorp* 521,335 186,300 Wilshire Bancorp, Inc. 2,669,679 -------------- 15,074,071 -------------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 0.2% 390,875 Discovery Partners International, Inc.* 1,117,902 -------------- CHEMICALS 0.5% 87,825 Cabot Microelectronics Corp.* 2,546,047 -------------- COMMERCIAL INFORMATION SERVICES 0.4% 89,550 Morningstar, Inc.* 2,520,832 -------------- COMMERCIAL SERVICES AND SUPPLIES 9.0% 57,035 Acadomia Group 1,931,279 972,825 Allen-Vanguard Corp.* 3,202,325 994,060 AMN Healthcare Services, Inc.* 14,940,722 60,125 CRA International, Inc.* 3,237,731 110,200 Keith Cos, Inc.* 2,389,136 137,075 Monro Muffler, Inc.* 4,045,083 251,050 Providence Service Corp. (The)* 6,233,572 9,565,600 Raffles Education Corp Ltd. 4,257,685 114,450 Resources Connection, Inc.* 2,658,674 857,000 SM&A* 7,687,290 -------------- 50,583,497 -------------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 3.9% 197,375 Captiva Software Corp.* 2,850,095 190,325 EPIQ Systems, Inc.* 3,113,717 189,235 Kanbay International, Inc.* 4,373,221 352,915 Kintera, Inc.* 1,203,440 229,950 Open Solutions, Inc.* 4,670,285 491,475 Opnet Technologies, Inc.* 3,980,948 95,907 Retalix Ltd.* 2,062,000 -------------- 22,253,706 --------------
SHARES VALUE - ------------ --------------- COMPUTER TECHNOLOGY 1.2% 273,430 FARGO Electronics, Inc.* $ 5,465,866 294,950 Qualstar Corp.* 1,168,002 --------------- 6,633,868 --------------- DISTRIBUTORS 0.4% 1,000,000 Commercial Solutions, Inc. PIPE* *** + ++ 2,206,600 --------------- DIVERSIFIED FINANCIAL SERVICES 2.4% 2,525,300 Acta Holdings ASA 4,979,117 147,100 Home Capital Group, Inc., Class B 4,375,964 347,336 U.S.I. Holdings Corp.* 4,473,688 --------------- 13,828,769 -------------- DRUGS AND PHARMACEUTICALS 2.2% 101,038 Docpharma N.V.* 4,090,632 345,303 ISTA Pharmaceuticals, Inc.* 2,872,921 227,650 Salix Pharmaceuticals Ltd.* 4,020,299 197,125 ViroPharma, Inc.* 1,370,019 -------------- 12,353,871 -------------- EDUCATION SERVICES 0.3% 78,800 Lincoln Educational Services* 1,595,700 -------------- ELECTRICAL AND ELECTRONICS 1.0% 133,972 Power Integrations, Inc.* 2,889,776 328,850 TTM Technologies, Inc.* 2,502,549 -------------- 5,392,325 -------------- ELECTRICAL EQUIPMENT 0.5% 2,824,400 Unisteel Technology Ltd. 2,849,543 -------------- ELECTRICAL EQUIPMENT AND COMPONENTS 0.1% 55,750 Color Kinetics, Inc.* 593,180 -------------- ELECTRONIC EQUIPMENT AND INSTRUMENTS 0.5% 7,203,225 MFS Technology Ltd. 2,650,445 -------------- ELECTRONICS 1.1% 531,600 Nu Horizons Electronics Corp.* 3,402,240 148,625 Supertex, Inc.* 2,624,718 -------------- 6,026,958 -------------- ELECTRONICS - MEDICAL SYSTEMS 1.3% 399,525 EPIX Pharmaceuticals, Inc.* 3,535,796 650,575 IRIDEX Corp.* ++ 3,935,979 -------------- 7,471,775 -------------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 14.6% 788,225 Advanced Power Technology, Inc.* ++ 5,556,986 453,025 ASE Test Ltd.* 2,917,481 288,125 Excel Technology, Inc.* 7,001,438 112,200 Integrated Circuit Systems, Inc.* 2,315,808 466,650 Leadis Technology, Inc.* 3,756,532
MICRO CAP FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS (CONTINUED) 940,975 Micrel, Inc.* $ 10,840,032 303,175 Nova Measuring Instruments Ltd.* 717,918 1,103,650 O2Micro International Ltd.* 15,506,282 726,976 Pericom Semiconductor Corp.* 5,917,585 1,138,400 PLX Technology, Inc.* 11,566,144 70,100 SigmaTel, Inc.* 1,202,916 55,675 Silicon Laboratories, Inc.* 1,459,242 329,300 SiRF Technology Holdings, Inc.* 5,822,024 242,450 Tessera Technologies, Inc.* 8,100,255 -------------- 82,680,643 -------------- ELECTRONICS - TECHNOLOGY 0.4% 301,350 EFJ, Inc.* 2,034,112 -------------- FINANCE COMPANIES 1.3% 272,705 United PanAm Financial Corp.* 7,474,844 -------------- FINANCE - SMALL LOAN 0.4% 138,697 Encore Capital Group, Inc.* 2,357,849 -------------- FINANCIAL INFORMATION SERVICES 0.4% 106,850 Huron Consulting Group, Inc.* 2,516,317 -------------- FINANCIAL - MISCELLANEOUS 1.2% 112,500 Asset Acceptance Capital Corp.* 2,914,875 111,200 First Cash Financial Services, Inc.* 2,376,344 34,150 Portfolio Recovery Associates, Inc.* 1,434,983 -------------- 6,726,202 -------------- FOOD AND DRUG RETAILING 0.3% 5,937,875 Convenience Retail Asia Ltd. 1,967,474 -------------- HEALTH CARE EQUIPMENT AND SUPPLIES 1.5% 193,925 Biacore International AB 5,063,834 6,697,900 LMA International N.V.* 3,180,012 -------------- 8,243,846 -------------- HEALTH CARE FACILITIES 2.0% 122,525 American Healthways, Inc.* 5,179,132 469,125 Capital Senior Living Corp.* 3,326,096 170,975 LHC Group, Inc.* 3,108,326 -------------- 11,613,554 -------------- HEALTH CARE MANAGEMENT SERVICES 6.8% 65,150 AMERIGROUP Corp.* 2,619,030 823,525 AmSurg Corp.* 22,803,407 76,725 Computer Programs & Systems, Inc. 2,859,541 276,931 CorVel Corp.* 6,956,507 74,728 Mediware Information Systems, Inc.* 745,038 53,300 Molina Healthcare, Inc.* 2,359,058 -------------- 38,342,581 -------------- HEALTH CARE PROVIDERS AND SERVICES 1.7% 279,500 Icon plc ADR* 9,698,650 --------------
SHARES VALUE - ------------ --------------- HEALTH CARE SERVICES 0.1% 19,145 DrugMax, Inc.* $ 50,370 ---------------- HOME BUILDING 0.9% 60,950 Meritage Homes Corp.* 4,845,525 ---------------- HOUSEHOLD DURABLES 0.2% 117,188 easyhome Ltd. 1,355,873 ---------------- HOUSEHOLD FURNISHINGS 0.6% 121,625 Kirkland's, Inc.* 1,135,977 100,650 Select Comfort Corp.* 2,156,930 ---------------- 3,292,907 ---------------- MACHINERY 2.0% 191,100 Gulf Island Fabrication, Inc. 3,799,068 21,566,825 MMI Holdings Ltd. 5,183,718 126,400 Pason Systems, Inc. 2,193,693 ---------------- 11,176,479 ---------------- MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 6.5% 578,275 Abaxis, Inc.* 6,291,632 126,750 Cyberonics, Inc.* 5,499,682 340,000 Encision, Inc.* ++ 870,400 436,825 Enpath Medical, Inc.* ++ 2,380,696 151,710 ICU Medical, Inc.* 4,880,511 205,350 IntraLase Corp.* 4,028,967 254,765 NuVasive, Inc.* 4,234,194 290,025 Thoratec Corp.* 4,448,984 343,150 VNUS Medical Technologies, Inc.* 4,128,095 ---------------- 36,763,161 ---------------- MEDICAL SERVICES 3.2% 97,825 PRA International* 2,619,754 340,410 Stratagene Corp.* 2,958,163 652,862 U.S. Physical Therapy, Inc.* ++ 12,521,893 ---------------- 18,099,810 ---------------- MISCELLANEOUS MATERIALS AND COMMODITIES 0.6% 116,800 Symyx Technologies, Inc.* 3,268,064 ---------------- OIL AND GAS 0.3% 518,425 Saxon Energy Services, Inc.* 1,647,403 ---------------- PRODUCTION TECHNOLOGY EQUIPMENT 3.3% 47,275 ADE Corp.* 1,326,064 279,525 Entegris, Inc.* 2,767,298 528,550 inTEST Corp.* ++ 1,902,780 525,150 Intevac, Inc.* 5,498,320 641,000 LogicVision, Inc.* 1,301,294 259,600 Mattson Technology, Inc.* 1,858,736 165,400 Nanometrics, Inc.* 2,065,846 128,100 Rudolph Technologies, Inc.* 1,835,673 ---------------- 18,556,011 ----------------
MICRO CAP FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE - ------------ --------------- REAL ESTATE INVESTMENT TRUSTS (REIT) 0.6% 88,950 Bimini Mortgage Management, Inc., Class A $ 1,254,195 116,200 Saxon Capital, Inc. 1,983,534 -------------- 3,237,729 -------------- RECREATIONAL VEHICLES AND BOATS 0.3% 239,050 National R.V. Holdings, Inc.* 1,910,009 -------------- RETAIL 11.9% 93,825 AC Moore Arts & Crafts, Inc.* 2,965,808 640,175 Big 5 Sporting Goods Corp. 18,168,167 54,475 Bijou Brigitte AG 10,075,792 61,325 Citi Trends, Inc.* 1,108,756 154,900 Cost Plus, Inc.* 3,863,206 44,841 GiFi 1,337,861 138,150 Global Imaging Systems, Inc.* 4,401,459 147,925 Guitar Center, Inc.* 8,634,382 70,868 Hibbett Sporting Goods, Inc.* 2,681,645 224,225 Lithia Motors, Inc., Class A 6,468,891 95,025 Monsoon plc* 557,528 48,100 O'Reilly Automotive, Inc.* 1,433,861 1,351,948 Pumpkin Patch Ltd. 2,823,071 60,950 School Specialty, Inc.* 2,834,175 -------------- 67,354,602 -------------- SAVINGS AND LOANS 0.5% 173,782 Commercial Capital Bancorp, Inc. 2,903,897 -------------- SEMICONDUCTOR EQUIPMENT AND PRODUCTS 0.9% 381,400 CSR plc* 2,644,288 585,020 PSi Technologies Holdings, Inc. ADR* 742,975 79,178 SEZ Holding AG* 1,918,906 -------------- 5,306,169 -------------- SHOES 1.0% 177,875 Kenneth Cole Productions, Inc., Class A 5,535,470 -------------- TELECOMMUNICATIONS EQUIPMENT 0.4% 126,000 Applied Signal Technology, Inc. 2,399,040 -------------- TEXTILES, APPAREL AND LUXURY GOODS 0.6% 4,004,500 Ports Design Ltd. 2,911,370 19,350 Volcom, Inc.* 517,999 -------------- 3,429,369 -------------- TRUCKERS 3.1% 201,875 PAM Transportation Services* 3,393,519 192,525 Transport Corporation of America, Inc.* 1,309,170 405,625 USA Truck, Inc.* 10,039,219 175,800 Vitran Corp., Inc.* 2,777,640 -------------- 17,519,548 --------------
SHARES VALUE - ------------ --------------- WHOLESALERS 0.8% 167,500 Beacon Roofing Supply, Inc.* $ 4,405,250 --------------- TOTAL COMMON STOCKS (COST $427,385,996) 557,969,185 --------------- PREFERRED STOCKS 0.5% DRUGS AND PHARMACEUTICALS 0.1% 1,886,792 Point Biomedical Corp., Series F Pfd.* *** + 800,000 --------------- HEALTH CARE SERVICES 0.4% 3,200 DrugMax, Inc. Convertible Pfd. PIPE, Series A*** + 2,419,310 --------------- TOTAL PREFERRED STOCKS (COST $4,200,000) 3,219,310 --------------- WARRANTS 0.0% DRUGS AND PHARMACEUTICALS 0.0% 566,037 Point Biomedical Corp. expiring 2/16/12* *** + - --------------- HEALTH CARE SERVICES 0.0% 259,459 DrugMax, Inc. expiring 11/30/09* *** + - --------------- TOTAL WARRANTS (COST $0) - ---------------
MICRO CAP FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
PRINCIPAL AMOUNT VALUE - ------------ --------------- SHORT-TERM INVESTMENTS 1.2% REPURCHASE AGREEMENT 1.2% $6,790,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $4,790,000 of United States Treasury Bonds 8.00% due 11/15/21; value: $6,929,037; repurchase proceeds: $6,790,396 (cost $6,790,000) $ 6,790,000 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $6,790,000) 6,790,000 -------------- TOTAL INVESTMENTS (COST $438,375,996) 100.5% 567,978,495 LIABILITIES LESS OTHER ASSETS (0.5)% (3,037,222) -------------- NET ASSETS 100.0% $ 564,941,273 ============== *Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 5). ++Affiliated company (see Note 4). ADR American Depositary Receipt. PIPE Private Investment in a Public Equity. See notes to schedules of investments.
MICRO CAP VALUE FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
SHARES VALUE ------ ----- COMMON STOCKS 96.4% AUTO PARTS - AFTER MARKET 1.5% 40,000 Aftermarket Technology Corp.* $ 697,200 110,000 IMPCO Technologies, Inc.* 529,100 ---------- 1,226,300 ---------- BANKS 6.0% 26,700 CommerceWest Bank* 347,100 23,100 Dearborn Bancorp, Inc.* 598,290 60,000 First State Financial Corp. 750,000 30,000 Placer Sierra Bancshares 818,100 40,000 Security Business Bank of San Diego* 620,000 2,950 Western Alliance Bancorp* 74,930 120,000 Wilshire Bancorp, Inc. 1,719,600 ---------- 4,928,020 ---------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 1.1% 178,200 Discovery Partners International, Inc.* 509,652 37,775 Immunicon Corp.* 191,519 20,000 Neurochem, Inc.* (Canada) 201,000 ---------- 902,171 ---------- BUILDING PRODUCTS 1.0% 70,000 IVRCL Infrastructure and Projects Ltd. (India) 783,485 ---------- COMMERCIAL INFORMATION SERVICES 0.8% 25,000 Fastclick, Inc.* 227,500 14,075 Morningstar, Inc.* 396,211 ---------- 623,711 ---------- COMMERCIAL SERVICES AND SUPPLIES 5.8% 12,000 Acadomia Group (France) 406,336 350,000 Allen-Vanguard Corp.* (Canada) 1,152,122 84,100 AMN Healthcare Services, Inc.* 1,264,023 700,000 Environmental Management Solutions, Inc.* (Canada) 256,661 15,000 MegaStudy Co. Ltd.* (Korea) 645,239 11,000 Monro Muffler, Inc.* 324,610 80,000 SM&A* 717,600 ---------- 4,766,591 ---------- COMMUNICATIONS TECHNOLOGY 0.2% 30,000 Arbinet Holdings, Inc.* 201,000 ---------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 1.9% 42,200 Interactive Intelligence, Inc.* 213,532 20,900 Merge Technologies, Inc.* 391,875 115,000 Opnet Technologies, Inc.* 931,500 ---------- 1,536,907 ---------- COMPUTER TECHNOLOGY 0.1% 17,400 Qualstar Corp.* $ 68,904 ---------- CONSTRUCTION 1.2% 60,000 Perini Corp.* 985,200 ---------- CONSTRUCTION AND ENGINEERING 0.4% 233,915 Lycopodium Ltd.* (Australia) 320,480 ---------- DISTRIBUTORS 1.2% 400,000 Commercial Solutions, Inc.* (Canada) 977,756 ---------- DIVERSIFIED FINANCIAL SERVICES 1.4% 300,000 Acta Holdings ASA (Norway) 591,508 20,000 Home Capital Group, Inc., Class B (Canada) 594,965 ---------- 1,186,473 ---------- DRUGS AND PHARMACEUTICALS 3.4% 127,166 ISTA Pharmaceuticals, Inc.* 1,058,021 22,500 NeoPharm, Inc.* 224,775 20,000 Salix Pharmaceuticals Ltd.* 353,200 20,000 Taro Pharmaceuticals Industries Ltd.* (Israel) 581,400 88,000 ViroPharma, Inc.* 611,600 ---------- 2,828,996 ---------- EDUCATION SERVICES 0.3% 11,275 Lincoln Educational Services* 228,319 ---------- ELECTRICAL AND ELECTRONICS 0.4% 22,500 Lecroy Corp.* 309,375 ---------- ELECTRICAL EQUIPMENT 1.0% 800,000 Unisteel Technology Ltd. (Singapore) 807,122 ---------- ELECTRONIC EQUIPMENT AND INSTRUMENTS 0.8% 600,000 Jurong Technologies Industrial Corp. Ltd. (Singapore) 626,706 ---------- ELECTRONICS - MEDICAL SYSTEMS 1.8% 25,000 EPIX Pharmaceuticals, Inc.* 221,250 204,900 IRIDEX Corp.* 1,239,645 ---------- 1,460,895 ---------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 9.6% 303,035 Advanced Power Technology, Inc.* 2,136,397 116,793 Aixtron AG ADR* (Germany) 418,119 158,000 Leadis Technology, Inc.* 1,271,900 165,550 Nova Measuring Instruments Ltd.* (Israel) 392,022 80,000 Pericom Semiconductor Corp.* 651,200 210,000 PLX Technology, Inc.* 2,133,600 31,500 SigmaTel, Inc.* 540,540 11,525 Tessera Technologies, Inc.* 385,050 ---------- 7,928,828 ----------
MICRO CAP VALUE FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE ------ ----- ELECTRONICS - TECHNOLOGY 0.4% 49,000 EFJ, Inc.* $ 330,750 ---------- FINANCE COMPANIES 3.2% 70,000 Dollar Financial Corp.* 742,700 67,500 Nicholas Financial, Inc. 753,300 40,000 United PanAm Financial Corp.* 1,096,400 ---------- 2,592,400 ---------- FINANCE - SMALL LOAN 0.8% 40,000 Encore Capital Group, Inc.* 680,000 ---------- FINANCIAL INFORMATION SERVICES 0.3% 10,950 Huron Consulting Group, Inc.* 257,872 ---------- FINANCIAL - MISCELLANEOUS 1.8% 50,000 First Cash Financial Services, Inc.* 1,068,500 80,000 Life Partners Holding, Inc. 400,000 ---------- 1,468,500 ---------- FOOD PRODUCTS 0.8% 200,000 CoolBrands International, Inc.* (Canada) 671,392 ---------- FOODS 0.6% 100,000 Geopharma, Inc.* 195,000 60,000 Poore Brothers, Inc.* 268,200 ---------- 463,200 ---------- HEALTH CARE EQUIPMENT AND SUPPLIES 1.0% 185,225 Cytori Therapeutics, Inc.* (Germany) 570,992 500,000 LMA International N.V.* (Singapore) 237,389 ---------- 808,381 ---------- HEALTH CARE FACILITIES 1.4% 100,000 Capital Senior Living Corp.* 709,000 24,625 LHC Group, Inc.* 447,683 ---------- 1,156,683 ---------- HEALTH CARE MANAGEMENT SERVICES 0.4% 8,000 Computer Programs and Systems, Inc. 298,160 ---------- HEALTH CARE SERVICES 0.8% 4,786 DrugMax, Inc.* 12,592 30,000 Healthcare Services Group 602,400 ---------- 614,992 ---------- HOME BUILDING 1.7% 60,000 Orleans Homebuilders, Inc. 1,407,600 ---------- HOUSEHOLD DURABLES 2.8% 150,000 easyhome Ltd. (Canada) 1,735,517 700,000 HTL International Holdings Ltd. (Singapore) 573,294 ---------- 2,308,811 ---------- MACHINERY 2.6% 300,000 Awea Mechantronic Co. Ltd. (Taiwan) $ 499,132 850,000 First Engineering Ltd. (Singapore) 620,475 60,000 Pason Systems, Inc. (Canada) 1,041,310 ---------- 2,160,917 ---------- MARINE 0.4% 500,000 Ezra Holdings Ltd. (Singapore) 362,018 ---------- MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 9.1% 12,818 AngioDynamics, Inc.* 278,663 300,000 Bioject Medical Technologies, Inc.* 345,000 32,050 Conceptus, Inc.* 181,083 21,308 Cyberonics, Inc.* 924,554 149,734 Encision, Inc.* 383,319 231,575 Enpath Medical, Inc.* 1,262,084 15,000 ICU Medical, Inc.* 482,550 220,000 MTS Medication Technologies, Inc.* 1,271,600 75,300 NuVasive, Inc.* 1,251,486 8,000 SeraCare Life Sciences, Inc.* 111,920 15,400 Shamir Optical Industry Ltd.* (Israel) 248,710 60,000 VNUS Medical Technologies, Inc.* 721,800 ---------- 7,462,769 ---------- MEDICAL SERVICES 0.7% 64,925 Stratagene Corp.* 564,198 ---------- METALS AND MINING 1.8% 500,000 Equigold NL (Australia) 411,021 2,000,000 EuroZinc Mining Corp.* (Canada) 1,075,532 ---------- 1,486,553 ---------- MULTI SECTOR COMPANIES 1.1% 45,000 GenCorp, Inc. 866,700 ---------- OIL AND GAS 3.7% 60,000 Energy Partners Ltd.* 1,572,600 240,000 Saxon Energy Services, Inc.* (Canada) 762,650 30,500 Toreador Resources Corp.* 740,845 ---------- 3,076,095 ---------- POLLUTION CONTROL AND ENVIRONMENTAL SERVICES 0.9% 145,450 Synagro Technologies, Inc.* 702,524 ---------- PRODUCTION TECHNOLOGY EQUIPMENT 5.9% 273,335 inTEST Corp.* 984,006 48,325 Intevac, Inc.* 505,963 639,000 LogicVision, Inc.* 1,297,234 126,000 Mattson Technology, Inc.* 902,160 90,000 Nanometrics, Inc.* 1,124,100 ---------- 4,813,463 ----------
MICRO CAP VALUE FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE ------ ----- REAL ESTATE INVESTMENT TRUSTS (REIT) 0.4% 36,250 Medical Properties Trust, Inc.*** + $ 333,500 ----------- RESTAURANTS 0.3% 250,000 Steakhouse Partners, Inc. 260,000 ----------- RETAIL 4.9% 30,000 Big 5 Sporting Goods Corp. 851,400 11,000 Bijou Brigitte AG (Germany) 2,034,579 1,500,000 Bonjour Holdings Ltd. (Hong Kong) 723,808 20,000 Celebrate Express, Inc.* 270,800 9,150 Citi Trends, Inc.* 165,432 ----------- 4,046,019 ----------- SAVINGS AND LOANS 1.1% 107,680 BFC Financial Corp., Class A* 918,510 ----------- SEMICONDUCTOR EQUIPMENT AND PRODUCTS 0.6% 388,000 Holtek Semiconductor, Inc. (Taiwan) 455,066 35,250 PSi Technologies Holdings, Inc. ADR* (Philippines) 44,767 ----------- 499,833 ----------- SOFTWARE 0.8% 30,000 Isra Vision Systems AG* (Germany) 658,246 ----------- TELECOMMUNICATIONS EQUIPMENT 0.7% 104,167 WPCS International, Inc.* 593,752 ----------- TEXTILES, APPAREL AND LUXURY GOODS 1.1% 1,100,000 Ports Design Ltd. (Hong Kong) 799,727 2,800 Volcom, Inc.* 74,956 ----------- 874,683 ----------- TRANSPORTATION - MISCELLANEOUS 0.3% 419,650 AutoInfo, Inc.* 209,825 ----------- TRUCKERS 3.2% 25,700 PAM Transportation Services* 432,017 78,950 Transport Corporation of America, Inc.* 536,860 35,000 USA Truck, Inc.* 866,250 50,000 Vitran Corp., Inc.* (Canada) 790,000 ----------- 2,625,127 ----------- WHOLESALERS 0.9% 27,250 Beacon Roofing Supply, Inc.* 716,675 ----------- TOTAL COMMON STOCKS (COST $69,663,830) 78,987,387 ----------- PREFERRED STOCKS 1.0% DRUGS AND PHARMACEUTICALS 0.2% 377,358 Point Biomedical Corp., Series F Pfd.* *** + $ 160,000 ----------- HEALTH CARE SERVICES 0.8% 800 DrugMax, Inc. Convertible Pfd. PIPE, Series A*** + 604,827 ----------- TOTAL PREFERRED STOCKS (COST $1,000,000) 764,827 ----------- WARRANTS 0.0% COMMERCIAL SERVICES AND SUPPLIES 0.0% 384,625 ACE Security Laminates Corp. expiring 5/23/06* *** + (Canada) - ----------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 0.0% 200,000 CorVu Corp. expiring 11/19/06* *** + - ----------- DRUGS AND PHARMACEUTICALS 0.0% 7,164 Acusphere, Inc. expiring 8/2/08* *** + - 1,436 Acusphere, Inc. expiring 10/20/08* *** + - 113,207 Point Biomedical Corp. expiring 2/16/12* *** + - ----------- - HEALTH CARE SERVICES 0.0% 64,864 DrugMax, Inc. expiring 11/30/09* *** + - ----------- METALS AND MINING 0.0% 125,000 Equigold NL expiring 5/31/07* (Australia) 15,223 ----------- OIL AND GAS 0.0% 83,335 Saxon Energy Services, Inc. expiring 6/22/06 * *** + (Canada) 10,185 ----------- TELECOMMUNICATIONS EQUIPMENT 0.0% 104,167 WPCS International, Inc. expiring 11/16/09* *** + - ----------- TOTAL WARRANTS (COST $0) 25,408 -----------
MICRO CAP VALUE FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
PRINCIPAL AMOUNT VALUE ------ ----- SHORT-TERM INVESTMENTS 1.7% REPURCHASE AGREEMENT 1.7% $1,391,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $985,000 of United States Treasury Bonds 8.00% due 11/15/21; value: $1,424,865; repurchase proceeds: $1,391,081+++ $ 1,391,000 ----------- (cost $1,391,000) TOTAL SHORT-TERM INVESTMENTS (COST $1,391,000) 1,391,000 ----------- TOTAL INVESTMENTS (COST $72,054,830) 99.1% 81,168,622 OTHER ASSETS LESS LIABILITIES 0.9% 759,616 ----------- NET ASSETS 100.0% $81,928,238 ===========
SHARES VALUE - ---------------------------------------------------------------------------- SECURITIES SOLD SHORT 35,000 Ceramic Protection Corp. (Canada) (proceeds $621,291) $ 616,271 =========== *Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 5). +++All or a portion of this security has been designated as collateral for open short positions. ADR American Depositary Receipts. PIPE Private Investment in a Public Equity. See notes to schedules of investments.
At June 30, 2005, Wasatch Micro Cap Value Fund's investments, excluding securities sold short and short-term investments, were in the following countries:
COUNTRY % - -------------------------------------------------------------------- Australia 0.9 Canada 11.6 France 0.5 Germany 4.6 Hong Kong 1.9 India 1.0 Israel 1.5 Korea 0.8 Norway 0.7 Philippines 0.1 Singapore 4.1 Taiwan 1.2 United States 71.1 ------ TOTAL 100.0% ======
SMALL CAP GROWTH FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
SHARES VALUE ------ ----- COMMON STOCKS 94.8% AEROSPACE 0.5% 180,325 Argon ST, Inc.* $ 6,401,537 ----------- AIRLINES 0.6% 709,650 WestJet Airlines Ltd.* 7,892,710 ----------- BANKS 4.6% 348,740 Bank of the Ozarks, Inc. 11,452,622 211,435 Doral Financial Corp. 3,497,135 223,535 First Community Bancorp 10,617,912 381,780 HDFC Bank Ltd. ADR 17,756,588 316,225 Prosperity Bancshares, Inc. 9,047,197 529,575 UCBH Holding, Inc. 8,600,298 ----------- 60,971,752 ----------- BEVERAGE - SOFT DRINKS 0.3% 119,020 Peet's Coffee & Tea, Inc.* 3,932,421 ----------- BIOTECHNOLOGY RESEARCH AND PRODUCTION 2.4% 253,810 Charles River Laboratories International, Inc.* 12,246,332 315,885 Encysive Pharmaceuticals, Inc.* 3,414,717 189,190 Myriad Genetics, Inc.* 2,960,824 430,265 Neurochem, Inc.* 4,324,163 729,290 QIAGEN N.V.* 8,416,007 ----------- 31,362,043 ----------- BUILDING MATERIALS 0.3% 143,900 Trex Company, Inc.* 3,698,230 ----------- CHEMICALS 0.5% 245,440 Cabot Microelectronics Corp.* 7,115,306 ----------- COMMERCIAL INFORMATION SERVICES 0.5% 290,080 LECG Corp.* 6,167,101 ----------- COMMERCIAL SERVICES AND SUPPLIES 6.9% 832,190 Copart, Inc.* 19,806,122 93,020 Corporate Executive Board Co. 7,286,257 72,285 CoStar Group, Inc.* 3,151,626 111,309 CRA International, Inc.* 5,993,990 281,035 Jackson Hewitt Tax Service, Inc. 6,643,667 438,150 Regis Corp. 17,122,902 507,140 Resources Connection, Inc.* 11,780,862 501,760 West Corp.* 19,267,584 ----------- 91,053,010 ----------- COMMUNICATIONS TECHNOLOGY 0.7% 261,550 j2 Global Communications, Inc.* 9,007,782 ----------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 6.5% 421,216 Cognizant Technology Solutions Corp., Class A* $19,851,910 514,745 Kanbay International, Inc.* 11,895,757 755,450 Kintera, Inc.* 2,576,085 240,060 Macrovision Corp.* 5,410,952 271,540 Manhattan Associates, Inc.* 5,216,283 144,380 NAVTEQ Corp.* 5,368,049 346,445 Open Solutions, Inc.* 7,036,298 134,202 Retalix Ltd.* 2,885,343 594,940 SRA International, Inc., Class A* 20,656,317 152,095 Verint Systems, Inc.* 4,891,375 ----------- 85,788,369 ----------- CONSUMER ELECTRONICS 0.3% 263,125 DTS, Inc.* 4,691,519 ----------- CONSUMER PRODUCTS 1.9% 768,905 Yankee Candle Co., Inc. 24,681,850 ----------- DIVERSIFIED FINANCIAL SERVICES 0.8% 253,820 AWD Holding AG 10,662,798 ----------- DRUGS AND PHARMACEUTICALS 2.6% 295,215 Ligand Pharmaceuticals, Inc., Class B* 2,051,744 109,430 Medicines Company (The)* 2,559,567 363,845 Medicis Pharmaceutical Corp., Class A 11,544,802 258,525 NeoPharm, Inc.* 2,582,665 399,150 Salix Pharmaceuticals Ltd.* 7,048,989 296,110 Taro Pharmaceuticals Industries Ltd.* 8,607,918 ----------- 34,395,685 ----------- EDUCATION SERVICES 0.7% 114,735 Strayer Education, Inc. 9,897,041 ----------- ELECTRICAL AND ELECTRONICS 1.2% 749,230 Power Integrations, Inc.* 16,160,891 ----------- ELECTRONICS 0.8% 671,345 Semtech Corp.* 11,177,894 ----------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 9.1% 1,040,365 AMIS Holdings, Inc.* 13,878,469 968,090 Integrated Circuit Systems, Inc.* 19,981,377 1,774,125 Micrel, Inc.* 20,437,920 1,281,290 O2Micro International Ltd.* 18,002,124 957,935 PLX Technology, Inc.* 9,732,620 219,200 SigmaTel, Inc.* 3,761,472 416,790 Silicon Laboratories, Inc.* 10,924,066 511,886 SiRF Technology Holdings, Inc.* 9,050,139 422,790 Tessera Technologies, Inc.* 14,125,414 ----------- 119,893,601 -----------
SMALL CAP GROWTH FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE ------ ----- ENGINEERING AND CONTRACTING SERVICES 0.2% 73,325 URS Corp.* $ 2,738,689 ------------ ENTERTAINMENT 0.3% 289,500 Outdoor Channel Holdings, Inc.* 3,983,520 ------------ FINANCIAL INFORMATION SERVICES 2.1% 771,485 Factset Research Systems, Inc. 27,650,022 34,225 Huron Consulting Group, Inc.* 805,999 ------------ 28,456,021 ------------ FINANCIAL - MISCELLANEOUS 1.5% 440,780 Brown & Brown, Inc. 19,808,653 ------------ HEALTH CARE FACILITIES 3.3% 440,730 American Healthways, Inc.* 18,629,657 249,890 Pharmaceutical Product Development, Inc.* 11,709,845 267,745 United Surgical Partners International, Inc.* 13,944,160 ------------ 44,283,662 ------------ HEALTH CARE MANAGEMENT SERVICES 5.7% 616,255 AMERIGROUP Corp.* 24,773,451 1,486,133 AmSurg Corp.* ++ 41,151,023 122,510 Pediatrix Medical Group, Inc.* 9,009,385 ------------ 74,933,859 ------------ HEALTH CARE PROVIDERS AND SERVICES 1.2% 463,405 Icon plc ADR* 16,080,153 ------------ HEALTH CARE SERVICES 0.9% 253,135 Accredo Health, Inc.* 11,492,329 ------------ HOME BUILDING 3.4% 343,815 Meritage Homes Corp.* 27,333,293 12,794 NVR, Inc.* 10,363,140 72,950 Toll Brothers, Inc.* 7,408,072 ------------ 45,104,505 ------------ HOUSEHOLD DURABLES 0.4% 194,130 Desarrolladora Homex, S.A. de C.V. ADR* 5,323,045 ------------ HOUSEHOLD FURNISHINGS 0.5% 315,815 Select Comfort Corp.* 6,767,915 ------------ INSURANCE 0.4% 290,855 Direct General Corp. 5,412,812 ------------ INVESTMENT MANAGEMENT COMPANIES 0.6% 287,877 Calamos Asset Management, Inc., Class A 7,841,769 ------------ LEISURE TIME 0.4% 147,700 Life Time Fitness, Inc.* $ 4,846,037 ------------ MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 5.3% 699,947 Abaxis, Inc.* 7,615,423 256,645 ICU Medical, Inc.* 8,256,270 98,225 Kinetic Concepts, Inc.* 5,893,500 121,355 ResMed, Inc.* 8,008,216 749,073 Techne Corp.* 34,389,941 241,875 Wright Medical Group, Inc.* 6,458,063 ------------ 70,621,413 ------------ MEDICAL SERVICES 0.6% 272,905 PRA International* 7,308,396 ------------ MISCELLANEOUS MATERIALS AND COMMODITIES 0.4% 165,974 Symyx Technologies, Inc.* 4,643,952 ------------ PRODUCTION TECHNOLOGY EQUIPMENT 0.4% 379,475 Rudolph Technologies, Inc.* 5,437,877 ------------ REAL ESTATE INVESTMENT TRUSTS (REIT) 3.2% 746,420 Capital Automotive 28,490,851 263,878 Redwood Trust, Inc. 13,616,105 ------------ 42,106,956 ------------ RECREATIONAL VEHICLES AND BOATS 0.5% 205,750 Winnebago Industries, Inc. 6,738,312 ------------ RESTAURANTS 0.1% 29,810 Texas Roadhouse, Inc., Class A* 1,035,898 ------------ RETAIL 16.0% 213,736 99 Cents Only Stores* 2,716,585 536,385 Big 5 Sporting Goods Corp. 15,222,606 60,500 Bijou Brigitte AG 11,190,187 194,395 Blue Nile, Inc.* 6,354,773 454,121 Chico's FAS, Inc.* 15,567,268 441,615 Cost Plus, Inc.* 11,013,878 258,014 Dollar Tree Stores, Inc.* 6,192,336 524,485 Guitar Center, Inc.* 30,614,189 389,991 Hibbett Sporting Goods, Inc.* 14,757,259 110,506 Jos. A. Bank Clothiers, Inc.* 4,784,910 221,425 Monsoon plc* 1,299,137 1,833,774 O'Reilly Automotive, Inc.* 54,664,803 494,210 Pacific Sunwear of California, Inc.* 11,361,888 192,175 PETCO Animal Supplies, Inc.* 5,634,571 640,155 Tuesday Morning Corp. 20,177,686 ------------ 211,552,076 ------------
SMALL CAP GROWTH FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE ------ ----- SAVINGS AND LOANS 0.7% 235,188 Harbor Florida Bancshares, Inc. $ 8,805,439 --------------- SECURITIES BROKERAGE AND SERVICES 0.4% 309,470 optionsXpress, Inc. 4,703,944 --------------- SEMICONDUCTOR EQUIPMENT AND PRODUCTS 0.5% 894,975 CSR plc* 6,204,961 --------------- TEXTILES, APPAREL AND LUXURY GOODS 0.6% 127,315 Carter's, Inc.* 7,432,650 --------------- TRUCKERS 2.5% 1,366,783 Knight Transportation, Inc. 33,253,830 --------------- UTILITIES - TELECOMMUNICATIONS 1.5% 798,770 Nextel Partners, Inc., Class A* 20,105,041 --------------- TOTAL COMMON STOCKS (COST $901,953,208) 1,251,975,254 --------------- PREFERRED STOCKS 0.5% DRUGS AND PHARMACEUTICALS 0.1% 3,773,584 Point Biomedical Corp., Series F Pfd.* *** + 1,600,000 --------------- ELECTRONICS - MEDICAL SYSTEMS 0.1% 1,620,220 Zonare Medical Systems, Inc., Series E Pfd.* *** + 1,500,000 --------------- HEALTH CARE MANAGEMENT SERVICES 0.1% 516,161 Elder Health, Inc., Series G Pfd.* *** + 571,428 362,782 TargetRX, Inc., Series D Pfd.* *** + 769,098 --------------- 1,340,526 --------------- MEDICAL SERVICES 0.2% 2,407,476 GeneOhm Sciences, Inc., Series C Pfd.* *** + 2,768,597 --------------- TOTAL PREFERRED STOCKS (COST $7,609,123) 7,209,123 --------------- LIMITED PARTNERSHIP INTEREST 0.1% OTHER 0.1% Montagu Newhall Global Partners II-B, L.P.* *** + 620,426 --------------- TOTAL LIMITED PARTNERSHIP INTEREST (COST $721,435) 620,426 --------------- WARRANTS 0.0% DRUGS AND PHARMACEUTICALS 0.0% 1,132,075 Point Biomedical Corp. expiring 2/16/12* *** + $ - --------------- ELECTRONICS - MEDICAL SYSTEMS 0.0% 243,033 Zonare Medical Systems, Inc. expiring 6/30/11* *** + - --------------- MEDICAL SERVICES 0.0% 361,121 GeneOhm Sciences, Inc. expiring 4/20/10* *** + - --------------- TOTAL WARRANTS (COST $0) - ---------------
PRINCIPAL AMOUNT VALUE ------ ----- SHORT-TERM INVESTMENTS 4.9% REPURCHASE AGREEMENT 4.9% $64,498,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $48,530,000 of United States Treasury Bonds at 6.375% and 8.00% due 8/15/27 and 11/15/21; value: $65,791,030; repurchase proceeds: $64,501,762+++ (cost $64,498,000) $ 64,498,000 --------------- TOTAL SHORT-TERM INVESTMENTS (COST $64,498,000) 64,498,000 --------------- TOTAL INVESTMENTS (COST $974,781,766) 100.3% 1,324,302,803 LIABILITIES LESS OTHER ASSETS (0.3)% (3,780,678) --------------- NET ASSETS 100.0% $1,320,522,125 =============== *Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 5). ++Affiliated company (see Note 4). +++All or a portion of this security has been designated as collateral for purchase commitments (see Note 6). ADR American Depositary Receipt. See notes to schedules of investments.
SMALL CAP VALUE FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
SHARES VALUE ------ ----- COMMON STOCKS 98.5% AEROSPACE 0.5% 209,318 HEICO Corp., Class A+++ $ 3,771,910 ----------- AUTO PARTS - AFTER MARKET 4.5% 899,789 Aftermarket Technology Corp.* 15,683,322 717,209 Keystone Automotive Industries, Inc.* 17,736,579 ----------- 33,419,901 ----------- BANKS 3.5% 600,050 Franklin Bank Corp.* 11,256,938 281,975 Placer Sierra Bancshares 7,689,458 1,238,722 UTI Bank Ltd. 7,041,982 ----------- 25,988,378 ----------- BUILDING - MISCELLANEOUS 1.6% 253,425 Drew Industries, Inc.* 11,505,495 ----------- COMMERCIAL INFORMATION SERVICES 0.7% 1,114,411 Integrated Alarm Services Group, Inc.* 4,892,264 ----------- COMMERCIAL SERVICES AND SUPPLIES 6.3% 351,500 Administaff, Inc. 8,351,640 565,350 Allen-Vanguard Corp.* 1,861,007 798,627 AMN Healthcare Services, Inc.* 12,003,364 203,250 Macquarie Infrastructure Company Trust 5,768,235 275,189 Monro Muffler, Inc.* 8,120,827 149,125 RemedyTemp, Inc., Class A* 1,319,756 622,950 SM&A* 5,587,862 154,050 World Fuel Services Corp. 3,606,311 ----------- 46,619,002 ----------- COMPUTER SERVICES SOFTWARE AND SYSTEMS 0.4% 150,775 SPSS, Inc.* 2,896,388 ----------- CONSUMER PRODUCTS 1.1% 310,278 Helen of Troy Ltd.* 7,899,678 ----------- CONTAINERS AND PACKAGING - METAL AND GLASS 1.5% 323,762 Mobile Mini, Inc.* 11,163,314 ----------- DIVERSIFIED FINANCIAL SERVICES 3.5% 724,300 Caliber Global Investment Ltd.* 7,337,159 164,575 Eurocastle Investment Ltd. 3,740,350 349,350 Housing Development Finance Corp. Ltd. 7,103,115 612,975 U.S.I. Holdings Corp.* 7,895,118 ----------- 26,075,742 ----------- EDUCATION SERVICES 0.4% 228,800 Corinthian Colleges, Inc.* $ 2,921,776 ----------- ELECTRICAL AND ELECTRONICS 1.6% 311,445 Multi-Fineline Electronix, Inc.* 5,730,588 786,275 TTM Technologies, Inc.* 5,983,553 ----------- 11,714,141 ----------- ELECTRONICS 1.8% 510,884 Nu Horizons Electronics Corp.* 3,269,658 569,525 Supertex, Inc.* 10,057,811 ----------- 13,327,469 ----------- ELECTRONICS - SEMICONDUCTORS/COMPONENTS 3.4% 656,025 ASE Test Ltd.* 4,224,801 246,575 Excel Technology, Inc.* 5,991,773 281,050 Leadis Technology, Inc.* 2,262,453 377,650 Micrel, Inc.* 4,350,528 1,026,575 Pericom Semiconductor Corp.* 8,356,320 ----------- 25,185,875 ----------- FINANCE COMPANIES 4.9% 337,950 Accredited Home Lenders Holding Co.* 14,869,800 681,825 Dollar Financial Corp.* 7,234,163 512,725 United PanAm Financial Corp.* 14,053,792 ----------- 36,157,755 ----------- FINANCE - SMALL LOAN 4.0% 1,167,400 AmeriCredit Corp.* +++ 29,768,700 ----------- FINANCIAL - MISCELLANEOUS 1.4% 295,004 Fidelity National Financial, Inc. 10,528,693 ----------- FOODS 2.3% 656,391 NBTY, Inc.* 17,026,782 ----------- HEALTH CARE FACILITIES 1.1% 624,925 Capital Senior Living Corp.* 4,430,718 223,050 LHC Group, Inc.* 4,055,049 ----------- 8,485,767 ----------- HOME BUILDING 4.0% 136,075 Hovnanian Enterprises, Inc., Class A* 8,872,090 160,897 M.D.C. Holdings, Inc. 13,233,778 74,475 Toll Brothers, Inc.* 7,562,936 ----------- 29,668,804 ----------- HOTEL, RESTAURANTS, AND LEISURE 1.0% 234,900 Orient-Express Hotels Ltd., Class A 7,439,283 ----------- HOUSEHOLD FURNISHINGS 0.5% 417,562 Kirkland's, Inc.* 3,900,029 -----------
SMALL CAP VALUE FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE ------ ----- INSURANCE 3.7% 528,975 Direct General Corp. $ 9,844,225 688,437 Hub International Ltd. 13,417,637 372,125 KMG America Corp.* 3,698,922 ------------ 26,960,784 ------------ INVESTMENT MANAGEMENT COMPANIES 4.0% 424,150 Apollo Investment Corp. 7,817,085 408,400 Ares Capital Corp. 7,281,772 400 Brantley Mezzanine Finance, LLC* ** *** + 40,000 543,653 MCG Capital Corp. 9,285,593 350,200 Technology Investment Capital Corp. 5,182,960 ------------ 29,607,410 ------------ MACHINERY 0.3% 81,300 Kadant, Inc.* 1,782,909 ------------ MEDICAL SERVICES 1.5% 575,425 U.S. Physical Therapy, Inc.* 11,036,651 ------------ METALS FABRICATING 0.4% 237,600 Encore Wire Corp.* 2,753,784 ------------ OIL AND GAS 3.7% 253,100 Plains Exploration & Production Co.* 8,992,643 647,075 Saxon Energy Services, Inc.* 2,056,215 375,000 Saxon Energy Services, Inc.* *** + /\ 1,130,136 375,000 Saxon Energy Services, Inc. PIPE* *** + 1,130,136 432,525 Toreador Resources Corp.* 10,506,033 113,150 Ultra Petroleum Corp.* 3,435,234 ------------ 27,250,397 ------------ PRODUCTION TECHNOLOGY EQUIPMENT 0.4% 255,900 Nanometrics, Inc.* 3,196,191 ------------ REAL ESTATE INVESTMENT TRUSTS (REIT) 14.8% 388,175 Arbor Realty Trust, Inc. 11,140,623 475,000 CBRE Realty Financial, Inc.* *** + 7,125,000 300,000 Crystal River Capital, Inc.* *** + 7,500,000 1,388,550 HomeBanc Corp. 12,621,920 402,025 JER Investors Trust, Inc.*** + 5,970,071 66,650 KKR Financial Corp. 1,666,250 180,000 KKR Financial Corp.*** + 4,182,000 525,500 Medical Properties Trust, Inc.*** + 4,834,600 408,325 MortgageIT Holdings, Inc. 7,451,931 848,675 NorthStar Realty Finance Corp. 8,902,601 395,675 Redwood Trust, Inc. 20,416,830 1,023,550 Saxon Capital, Inc. 17,471,998 ------------ 109,283,824 ------------ RECREATIONAL VEHICLES AND BOATS 0.3% 292,850 National R.V. Holdings, Inc.* 2,339,872 ------------ RENTAL AND LEASING SERVICES - COMMERCIAL 1.6% 374,015 McGrath RentCorp $ 8,864,156 564,373 MicroFinancial, Inc. 2,675,128 ------------ 11,539,284 ------------ RENTAL AND LEASING SERVICES - CONSUMER 0.4% 135,987 Rent-A-Center, Inc.* 3,167,137 ------------ RETAIL 8.3% 246,737 America's Car-Mart, Inc.* 5,554,050 185,511 Big 5 Sporting Goods Corp. 5,264,802 183,850 Dollar Tree Stores, Inc.* 4,412,400 444,675 Global Imaging Systems, Inc.* 14,167,345 624,800 Lithia Motors, Inc., Class A 18,025,480 45,175 MSC Industrial Direct Co., Inc. 1,524,656 334,192 Sonic Automotive, Inc. 7,104,922 721,643 Whitehall Jewellers, Inc.* ++ 4,943,255 ------------ 60,996,910 ------------ SAVINGS AND LOANS 2.0% 892,194 Commercial Capital Bancorp, Inc. 14,908,562 ------------ SHOES 0.5% 116,250 Kenneth Cole Productions, Inc., Class A 3,617,700 ------------ TRANSPORTATION - MISCELLANEOUS 1.0% 435,250 Sea Containers Ltd., Class A 6,950,942 ------------ TRUCKERS 4.7% 847,700 Quality Distribution, Inc.* 7,502,145 227,950 Swift Transportation Co., Inc.* 5,308,955 392,442 Transport Corporation of America, Inc. * ++ 2,668,606 403,675 USA Truck, Inc.* 9,990,956 601,900 Vitran Corp., Inc.* 9,510,020 ------------ 34,980,682 ------------ UTILITIES - CABLE TV AND RADIO 0.1% 492,450 Knology, Inc.* 960,278 ------------ WHOLESALERS 0.8% 235,775 Beacon Roofing Supply, Inc.* 6,200,882 ------------ TOTAL COMMON STOCKS (COST $578,756,497) 727,891,345 ------------ WARRANTS 0.0% OIL AND GAS 0.0% 93,750 Saxon Energy Services, Inc. expiring 4/7/06* *** + - ------------ TOTAL WARRANTS (COST $0) - ------------
SMALL CAP VALUE FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
PRINCIPAL AMOUNT VALUE ------ ----- CORPORATE BONDS 0.3% INVESTMENT MANAGEMENT COMPANIES 0.3% $ 2,000,000 Brantley Mezzanine Finance, LLC, 10.00%, 9/21/09*** + $ 1,964,959 ------------- TOTAL CORPORATE BONDS (COST $1,964,959) 1,964,959 ------------- SHORT-TERM INVESTMENTS 0.7% REPURCHASE AGREEMENT 0.7% 5,194,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $3,665,000 of United States Treasury Bonds 8.00% due 11/15/21; value: $5,301,653; repurchase proceeds: $5,194,303 (cost $5,194,000) 5,194,000 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $5,194,000) 5,194,000 ------------- TOTAL INVESTMENTS (COST $585,915,456) 99.5% 735,050,304 OTHER ASSETS LESS LIABILITIES 0.5% 3,479,005 ------------- NET ASSETS 100.0% $738,529,309 =============
SHARES VALUE ------ ----- SECURITIES SOLD SHORT 40,300 HEICO Corp. (proceeds $326,420) $ 943,423 ============= *Non-income producing. ** Common units. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 5). ++Affiliated company (see Note 4). +++All or a portion of this security has been designated as collateral for open short positions or purchase commitments (see Note 6). /\Subscription Receipts. Each subscription receipt is exchangeable for one (1) PIPE share and one-quarter (1/4) of one common share purchase warrant. PIPE Public Investment in a Private Equity. See notes to schedules of investments.
ULTRA GROWTH FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
SHARES VALUE - ------ ----- COMMON STOCKS 97.0% AEROSPACE 1.8% 185,200 MTC Technologies, Inc.* $ 6,820,916 ------------ BANKS 1.8% 128,825 HDFC Bank Ltd. ADR 5,991,651 56,275 UCBH Holding, Inc. 913,906 ------------ 6,905,557 ------------ BIOTECHNOLOGY RESEARCH AND PRODUCTION 1.7% 57,375 Celgene Corp.* 2,339,179 88,675 Encysive Pharmaceuticals, Inc.* 958,577 180,325 Isolagen, Inc.* 739,332 255,550 Neurochem, Inc.* 2,568,278 ------------ 6,605,366 ------------ CHEMICALS 0.4% 57,875 Cabot Microelectronics Corp.* 1,677,796 ------------ COMMERCIAL INFORMATION SERVICES 1.3% 140,625 LECG Corp.* 2,989,688 64,350 Morningstar, Inc.* 1,811,452 ------------ 4,801,140 ------------ COMMERCIAL SERVICES AND SUPPLIES 8.0% 155,775 Advisory Board Co. (The)* 7,592,473 253,305 AMN Healthcare Services, Inc.* 3,807,174 138,600 Corporate Executive Board Co. 10,856,538 81,300 CoStar Group, Inc.* 3,544,680 107,300 Navigant Consulting, Inc.* 1,894,918 16,500 Resources Connection, Inc.* 383,295 278,475 SM&A* 2,497,921 ------------ 30,576,999 ------------ COMMUNICATIONS TECHNOLOGY 0.1% 76,050 Arbinet Holdings, Inc.* 509,535 ------------ COMPUTER SERVICES SOFTWARE AND SYSTEMS 16.4% 205,950 Affiliated Computer Services, Inc., Class A* 10,524,045 157,975 Akamai Technologies, Inc.* 2,074,212 87,975 CACI International, Inc., Class A* 5,556,501 124,460 Cognizant Technology Solutions Corp., Class A* 5,865,800 243,679 EPIQ Systems, Inc.* 3,986,588 110,225 Kanbay International, Inc.* 2,547,300 849,696 Kintera, Inc.* 2,897,463 588,225 Lionbridge Technologies, Inc.* 3,988,165 34,050 NAVTEQ Corp.* 1,265,979 66,000 NeuStar, Inc., Class A* 1,689,600 96,125 Open Solutions, Inc.* 1,952,299 120,100 Opnet Technologies, Inc.* 972,810 149,900 PDF Solutions, Inc.* 1,966,688 90,475 QLogic Corp.* 2,792,963 342,218 SRA International, Inc., Class A* 11,881,809 60,675 Websense, Inc.* 2,915,434 ------------ 62,877,656 ------------ CONSUMER ELECTRONICS 0.2% 11,625 Harman International Industries, Inc. 945,810 ------------ DIVERSIFIED FINANCIAL SERVICES 0.3% 23,000 AWD Holding AG 966,214 ------------ DRUGS AND PHARMACEUTICALS 2.1% 147,775 NeoPharm, Inc.* 1,476,272 165,950 Salix Pharmaceuticals Ltd.* 2,930,677 129,440 Taro Pharmaceuticals Industries Ltd.* 3,762,821 ------------ 8,169,770 ------------ EDUCATION SERVICES 3.0% 425,275 Corinthian Colleges, Inc.* 5,430,762 45,850 Laureate Education, Inc.* 2,194,381 22,400 Strayer Education, Inc. 1,932,224 59,175 Universal Technical Institute, Inc.* 1,964,610 ------------ 11,521,977 ------------ ELECTRICAL AND ELECTRONICS 0.9% 159,823 Power Integrations, Inc.* 3,447,382 ------------ ELECTRONICS 0.2% 31,575 Flir Systems, Inc.* 942,198 ------------ ELECTRONICS - MEDICAL SYSTEMS 0.8% 120,300 EPIX Pharmaceuticals, Inc.* 1,064,655 42,425 Intuitive Surgical, Inc.* 1,978,702 ------------ 3,043,357 ------------ ELECTRONICS - SEMICONDUCTORS/COMPONENTS 15.6% 46,175 Integrated Circuit Systems, Inc.* 953,052 60,800 International Rectifier Corporation* 2,901,376 23,550 Marvell Technology Group Ltd.* 895,842 493,275 Micrel, Inc.* 5,682,528 363,300 Microchip Technology, Inc. 10,760,946 671,475 National Semiconductor Corp. 14,792,594 760,175 O2Micro International Ltd.* 10,680,459 42,025 SigmaTel, Inc.* 721,149 203,850 Silicon Laboratories, Inc.* 5,342,908 136,425 Sirenza Microdevices, Inc.* 469,302 163,863 SiRF Technology Holdings, Inc.* 2,897,102 112,050 Tessera Technologies, Inc.* 3,743,591 ------------ 59,840,849 ------------
ULTRA GROWTH FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE - ------ ----- ENTERTAINMENT 0.2% 55,075 Outdoor Channel Holdings, Inc.* $ 757,832 ------------ FINANCE COMPANIES 0.2% 19,775 Accredited Home Lenders Holding Co.* 870,100 ------------ FINANCE - SMALL LOAN 3.2% 394,090 AmeriCredit Corp.* 10,049,295 125,125 Encore Capital Group, Inc.* 2,127,125 ------------ 12,176,420 ------------ FINANCIAL DATA PROCESSING SERVICES AND SYSTEMS 1.3% 131,450 iPayment, Inc.* 4,800,554 ------------ FINANCIAL INFORMATION SERVICES 1.0% 59,750 Factset Research Systems, Inc. 2,141,440 67,590 Huron Consulting Group, Inc.* 1,591,745 ------------ 3,733,185 ------------ FINANCIAL - MISCELLANEOUS 1.3% 3,890 Chicago Mercantile Exchange Holdings, Inc. 1,149,495 180,964 First Cash Financial Services, Inc.* 3,867,201 ------------ 5,016,696 ------------ HEALTH CARE EQUIPMENT AND SUPPLIES 0.6% 92,025 Biacore International AB 2,402,988 ------------ HEALTH CARE FACILITIES 5.1% 200,291 American Healthways, Inc.* 8,466,301 210,006 United Surgical Partners International, Inc.* 10,937,112 ------------ 19,403,413 ------------ HEALTH CARE MANAGEMENT SERVICES 5.2% 51,025 AMERIGROUP Corp.* 2,051,205 427,629 AmSurg Corp.* 11,841,047 81,075 Pediatrix Medical Group, Inc.* 5,962,256 ------------ 19,854,508 ------------ HEALTH CARE PROVIDERS AND SERVICES 0.8% 93,075 Icon plc ADR* 3,229,702 ------------ HEALTH CARE SERVICES 3.2% 162,580 Accredo Health, Inc.* +++ 7,381,132 99,900 Express Scripts, Inc.* 4,993,002 ------------ 12,374,134 ------------ HOME BUILDING 1.1% 25,875 M.D.C. Holdings, Inc. 2,128,219 2,510 NVR, Inc.* 2,033,100 ------------ 4,161,319 ------------ INSURANCE 0.5% 100,150 Hub International Ltd. $ 1,951,923 ------------ INTERNET AND CATALOG RETAIL 0.6% 160,400 Submarino SA GDR* 2,405,658 ------------ INVESTMENT MANAGEMENT COMPANIES 0.6% 83,501 Calamos Asset Management, Inc., Class A 2,274,567 ------------ LEISURE TIME 0.3% 30,950 Life Time Fitness, Inc.* 1,015,469 ------------ MEDICAL AND DENTAL INSTRUMENTS AND SUPPLIES 5.7% 40,985 Abaxis, Inc.* 445,917 110,950 Align Technology, Inc.* 817,702 16,350 Biosite, Inc.* 899,086 165,675 Kinetic Concepts, Inc.* 9,940,500 123,411 NuVasive, Inc.* 2,051,091 106,650 Stereotaxis, Inc.* 856,400 25,150 SurModics, Inc.* 1,090,755 40,475 Techne Corp.* 1,858,207 140,500 Wright Medical Group, Inc.* 3,751,350 ------------ 21,711,008 ------------ MISCELLANEOUS MATERIALS AND COMMODITIES 0.5% 70,775 Symyx Technologies, Inc.* 1,980,284 ------------ PRODUCTION TECHNOLOGY EQUIPMENT 0.6% 164,875 Rudolph Technologies, Inc.* 2,362,659 ------------ RETAIL 5.6% 71,625 Blue Nile, Inc.* 2,341,421 148,250 Cost Plus, Inc.* 3,697,355 129,474 Dollar Tree Stores, Inc.* 3,107,376 42,225 Guitar Center, Inc.* 2,464,673 162,900 O'Reilly Automotive, Inc.* 4,856,049 219,625 Pacific Sunwear of California, Inc.* 5,049,179 ------------ 21,516,053 ------------ SAVINGS AND LOANS 1.7% 262,225 Commercial Capital Bancorp, Inc. 4,381,780 208,409 W Holding Co., Inc. 2,129,940 ------------ 6,511,720 ------------ SOFTWARE 0.3% 308,375 Hexaware Tech. Ltd. 955,803 ------------ TEXTILES, APPAREL AND LUXURY GOODS 0.1% 13,075 Volcom, Inc.* 350,018 ------------ TRUCKERS 1.1% 165,900 Knight Transportation, Inc. 4,036,347 ------------
ULTRA GROWTH FUND - SCHEDULE OF INVESTMENTS (continued) June 30, 2005 (Unaudited)
SHARES VALUE ------ ----- UTILITIES - TELECOMMUNICATIONS 1.6% 236,003 Nextel Partners, Inc., Class A* $ 5,940,196 ------------- TOTAL COMMON STOCKS (COST $310,273,413) 371,445,078 ------------- PREFERRED STOCKS 1.4% COMMERCIAL SERVICES AND SUPPLIES 0.0% 44,000 IQ4HIRE, Inc., Pfd.* *** + 440 ------------- COMMUNICATIONS TECHNOLOGY 0.0% 91,388 Xtera Communications, Inc., Series A-1 Pfd.* *** + 99,065 ------------- DRUGS AND PHARMACEUTICALS 0.3% 2,830,188 Point Biomedical Corp., Series F Pfd.* *** + 1,200,000 ------------- ELECTRONICS - MEDICAL SYSTEMS 0.7% 206,044 NXStage Medical, Inc., Series F Pfd.* *** + 1,500,000 1,080,146 Zonare Medical Systems, Inc., Series E Pfd.* *** + 999,999 ------------- 2,499,999 ------------- HEALTH CARE MANAGEMENT SERVICES 0.2% 516,161 Elder Health, Inc., Series G Pfd.* *** + 571,428 108,917 TargetRX, Inc., Series D Pfd.* *** + 230,904 ------------- 802,332 ------------- MEDICAL SERVICES 0.2% 722,932 GeneOhm Sciences, Inc., Series C Pfd.* *** + 831,372 ------------- TOTAL PREFERRED STOCKS (COST $5,842,769) 5,433,208 ------------- LIMITED PARTNERSHIP INTEREST 0.1% OTHER 0.1% Montagu Newhall Global Partners II-B, L.P.* *** + 558,383 ------------- TOTAL LIMITED PARTNERSHIP INTEREST (COST $649,292) 558,383 ------------- WARRANTS 0.0% DRUGS AND PHARMACEUTICALS 0.0% 849,056 Point Biomedical Corp. expiring 2/16/12* *** + - ------------- ELECTRONICS - MEDICAL SYSTEMS 0.0% 162,021 Zonare Medical Systems, Inc. expiring 6/30/11* *** + $ - ------------ MEDICAL SERVICES 0.0% 108,439 GeneOhm Sciences, Inc. expiring 4/20/10* *** + - ------------- TOTAL WARRANTS (COST $0) - -------------
PRINCIPAL AMOUNT VALUE ------ ----- SHORT-TERM INVESTMENTS 1.9% REPURCHASE AGREEMENT 1.9% $7,241,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $5,110,000 of United States Treasury Bonds 8.00% due 11/15/21; value: $7,391,937; repurchase proceeds: $7,241,422+++ (cost $7,241,000) $ 7,241,000 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $7,241,000) 7,241,000 ------------- TOTAL INVESTMENTS (COST $324,006,474) 100.4% 384,677,669 LIABILITIES LESS OTHER ASSETS (0.4)% (1,614,217) ------------- NET ASSETS 100.0% $383,063,452 =============
SHARES VALUE - ------ ----- SECURITIES SOLD SHORT 32,950 Headwaters, Inc. (proceeds $1,080,437) $ 1,132,821 ============= *Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). +Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 5). +++All or a portion of this security has been designated as collateral for open short positions or purchase commitments. ADR American Depositary Receipt. GDR Global Depositary Receipt. See notes to schedules of investments.
U.S. TREASURY FUND - SCHEDULE OF INVESTMENTS June 30, 2005 (Unaudited)
PRINCIPAL AMOUNT VALUE ------ ----- U.S. GOVERNMENT OBLIGATIONS 97.6% $ 3,500,000 U.S. Treasury Bond, 5.50%, 8/15/28 $ 4,121,660 5,800,000 U.S. Treasury Bond, 6.125%, 11/15/27 7,324,768 3,300,000 U.S. Treasury Bond, 6.375%, 8/15/27 4,278,526 3,070,000 U.S. Treasury Bond, 6.625%, 2/15/27 4,074,587 2,550,000 U.S. Treasury Bond, 6.75%, 8/15/26 3,415,903 3,755,000 U.S. Treasury Bond, 6.875%, 8/15/25 5,054,583 4,930,000 U.S. Treasury Bond, 7.50%, 11/15/24 7,004,450 14,216,000 U.S. Treasury Strip, principal only, 11/15/21 7,004,877 8,100,000 U.S. Treasury Strip, principal only, 8/15/25 3,373,950 61,700,000 U.S. Treasury Strip, principal only, 11/15/27 23,456,427 ------------ TOTAL U.S. GOVERNMENT OBLIGATIONS (COST $59,005,698) 69,109,731 ------------ SHORT-TERM INVESTMENTS 2.0% REPURCHASE AGREEMENT 2.0% 1,405,000 Repurchase Agreement dated 6/30/05, 2.10% due 7/1/05 with State Street Bank and Trust Co. collateralized by $995,000 of United States Treasury Bonds 8.00% due 11/15/21; value $1,439,330; repurchase proceeds: $1,405,082 (cost $1,405,000) 1,405,000 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $1,405,000) 1,405,000 ------------ TOTAL INVESTMENTS (COST $60,410,698) 99.6% 70,514,731 OTHER ASSETS LESS LIABILITIES 0.4% 270,916 ------------ NET ASSETS 100.0% $70,785,647 ============ See notes to schedules of investments.
WASATCH FUNDS - NOTES TO SCHEDULES OF INVESTMENTS JUNE 30, 2005 (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"). The Core Growth, Global Science & Technology, Heritage Growth, International Growth, International Opportunities, 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 The following is a summary of significant policies related to investments of the Funds held at June 30, 2005. 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 of Directors. 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. In addition, the Funds may us a systematic fair valuation model provided by an independent third party in certain circumstances to assist in adjusting the valuation of foreign securities. As of June 30, 2005, the aggregate amount of fair valued securities as a percentage of net assets for the Funds was as follows: Core Growth Fund 0.17% Global Science & Technology Fund 0.26% Heritage Growth Fund - International Growth Fund <0.01% International Opportunities Fund 0.67% Micro Cap Fund 0.96% Micro Cap Value Fund 1.35% Small Cap Growth Fund 0.59% Small Cap Value Fund 4.59% Ultra Growth Fund 1.56% 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. OPTIONS TRANSACTIONS - The Equity Funds may buy and sell put and call options, write covered put and call options, including over-the-counter options, on portfolio securities where the completion of the obligation is dependent upon the credit standing of another party. The risk in writing a call option is that a Fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a Fund may incur a loss if the market price of the security decreases and the option is WASATCH FUNDS - NOTES TO SCHEDULES OF INVESTMENTS JUNE 30, 2005 (UNAUDITED) OPTIONS TRANSACTIONS (CONTINUED) exercised. The risk in buying an option is that a Fund pays a premium whether or not the option is exercised. A Fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. A Fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of a security for a purchased put or call option is adjusted by the amount of premium received or paid. The Micro Cap Value Fund wrote 750 option contracts with premiums of $174,410 and closed 750 option contracts with premiums of $24,675 during the nine month period ended June 30, 2005. 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. 3. FEDERAL INCOME TAX INFORMATION As of June 30, 2005, the cost and unrealized appreciation (depreciation) of securities, excluding securities sold short, on a tax basis were as follows:
GLOBAL CORE SCIENCE & HERITAGE INTERNATIONAL INTERNATIONAL GROWTH TECHNOLOGY GROWTH GROWTH OPPORTUNITIES FUND FUND FUND FUND FUND(1) ---- ---- ---- ---- ------- Cost $ 1,314,076,622 $ 66,862,329 $ 249,572,894 $ 241,275,841 $ 22,365,139 ================ ================ ================ ================ ================ Gross appreciation $ 453,442,236 $ 10,646,221 $ 28,335,733 $ 68,663,617 $ 1,881,015 Gross (depreciation) (29,215,586) (5,464,792) (10,359,066) (11,823,113) (1,756,446) ---------------- ---------------- ---------------- ---------------- ---------------- Net appreciation $ 424,226,650 $ 5,181,429 $ 17,976,667 $ 56,840,504 $ 124,569 ================ ================ ================ ================ ================
MICRO SMALL SMALL MICRO CAP CAP CAP ULTRA U.S. CAP VALUE GROWTH VALUE GROWTH TREASURY FUND FUND FUND FUND FUND FUND ---- ---- ---- ---- ---- ---- Cost $ 438,501,873 $ 72,066,159 $ 976,216,053 $ 586,445,635 $ 325,478,504 $ 60,410,698 ================ ================ ================ ================ ================ ============== Gross appreciation $ 159,183,140 $ 16,308,253 $ 398,010,913 $ 174,363,785 $ 77,661,750 $ 10,104,033 Gross (depreciation) (29,706,518) (7,205,790) (49,924,163) (25,759,116) (18,462,585) - ---------------- ---------------- ---------------- ---------------- ---------------- -------------- Net appreciation $ 129,476,622 $ 9,102,463 $ 348,086,750 $ 148,604,669 $ 59,199,165 $ 10,104,033 ================ ================ ================ ================ ================ ==============
(1)Inception date of the Fund was January 27, 2005. The difference between book-basis and tax-basis unrealized gains are primarily attributable to wash sales and other temporary tax adjustments. WASATCH FUNDS - NOTES TO SCHEDULES OF INVESTMENTS JUNE 30, 2005 (UNAUDITED) 4. TRANSACTIONS WITH AFFILIATES The following Funds conducted transactions during the period ended June 30, 2005 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 INCOME FOR SHARES FOR SHARE ACTIVITY THE NINE THE NINE ------------------------------------------------------ MONTHS MONTHS BALANCE BALANCE ENDED ENDED 9/30/04 PURCHASES SALES 6/30/05 6/30/05 6/30/05 ----------- ------------- ---------- ------------ ------------- ------------- CORE GROWTH FUND Bimini Mortgage Management, Inc., Class A 1,251,075 - 593,400 657,675* $ 1,385,639 $ (149,047) WCA Waste Corp. 432,000 318,225 - 750,225* - - ------------- ------------- $ 1,385,639 $ (149,047) MICRO CAP FUND Advanced Power Technology, Inc. 654,250 133,975 - 788,225 $ - $ - Allen-Vanguard Corp. 1,243,575 - 270,750 972,825* - 71,463 Commercial Solutions, Inc. PIPE - 1,000,000 - 1,000,000 - - Covalent Group, Inc. 948,500 - 948,500 -* - (181,195) Encision, Inc. 375,125 - 35,125 340,000 - (10,542) Enpath Medical, Inc. 310,200 126,625 - 436,825 - - inTEST Corp. 509,075 19,475 - 528,550 - - IRIDEX Corp. 551,300 104,275 5,000 650,575 - 14,747 PSi Technologies Holdings, Inc. ADR 1,001,445 - 416,425 585,020* - (4,239,689) U.S. Physical Therapy, Inc. 492,012 160,850 - 652,862 - - ------------- ------------- $ - $(4,345,216) MICRO CAP VALUE FUND Security Business Bank of San Diego 53,000 - 13,000 40,000* $ - $ 49,527 Steakhouse Partners, Inc. 250,000 - - 250,000* - - ------------- ------------- $ - $ 49,527 SMALL CAP GROWTH FUND AmSurg Corp. 1,535,263 - 49,130 1,486,133 $ - $ 698,431 SMALL CAP VALUE FUND Falcon Financial Investment Trust 1,011,725 - 1,011,725 -* $ 60,721 $ (659,303) Supertex, Inc. 672,225 81,125 183,825 569,525* - 312,359 Transport Corporation of America, Inc. 315,642 76,800 - 392,442 - - USA Truck, Inc. 472,250 - 68,575 403,675* - 990,566 Whitehall Jewellers, Inc. 845,568 - 123,925 721,643 - (671,587) ------------- ------------- $ 60,721 $ (27,965)
*No longer affiliated as of June 30, 2005. ADR American Depositary Receipt PIPE Private Investment in a Public Equity WASATCH FUNDS - NOTES TO SCHEDULES OF INVESTMENTS JUNE 30, 2005 (UNAUDITED) 5. RESTRICTED 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 of Directors. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At June 30, 2005, the Funds held the following restricted securities:
VALUE AS % SECURITY ACQUISITION ACQUISITION FAIR OF NET TYPE DATE COST VALUE 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 2,947,439 0.17% ----------- ------------ ---------- $3,000,000 $ 3,007,439 0.17% 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 - 4/18/05 72,144 62,043 0.08% Point Biomedical Corp. Warrants 2/16/05 - - - Point Biomedical Corp., Series F Preferred Stock 2/16/05 150,000 120,000 0.17% Xtera Communications, Inc., Series A-1 Preferred Stock 9/3/03 7,076 7,076 0.01% ----------- ------------ ---------- $ 229,220 $ 189,119 0.26% MICRO CAP FUND Commercial Solutions, Inc. PIPE Common Stock 5/12/05 $1,998,641 $ 2,206,600 0.39% DrugMax, Inc. Warrants 12/1/04 - - - DrugMax, Inc. PIPE, Series A Convertible Preferred 12/1/04 3,200,000 2,419,310 0.43% Stock Point Biomedical Corp. Warrants 2/16/05 - - - Point Biomedical Corp., Series F Preferred Stock 2/16/05 1,000,000 800,000 0.14% ----------- ------------ ---------- $6,198,641 $ 5,425,910 0.96% MICRO CAP VALUE FUND 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. Warrants 12/1/04 - - - DrugMax, Inc. PIPE, Series A Convertible Preferred 12/1/04 800,000 604,827 0.74% Stock Medical Properties Trust, Inc. Common Stock 3/31/04 362,500 333,500 0.41% Point Biomedical Corp. Warrants 2/16/05 - - - Point Biomedical Corp., Series F Preferred Stock 2/16/05 200,000 160,000 0.19% Saxon Energy Services, Inc. Warrants 12/22/04 - 10,185 0.01% WPCS International, Inc. Warrants 11/16/04 - - - ----------- ------------ ---------- $1,362,500 $ 1,108,512 1.35% SMALL CAP GROWTH FUND Elder Health, Inc., Series G Preferred Stock 11/1/04 $ 571,428 $ 571,428 0.04% GeneOhm Sciences, Inc. Warrants 4/21/05 - - - GeneOhm Sciences, Inc., Series C Preferred Stock 4/21/05 2,768,597 2,768,597 0.21% Montagu Newhall Global Partners II-B, L.P. LP Interest 10/10/03 - 4/18/05 721,435 620,426 0.05% Point Biomedical Corp. Warrants 2/16/05 - - - Point Biomedical Corp., Series F Preferred Stock 2/16/05 2,000,000 1,600,000 0.12% TargetRX, Inc., Series D Preferred Stock 4/8/05 769,098 769,098 0.06% Zonare Medical Systems, Inc. Warrants 6/30/04 - - - Zonare Medical Systems, Inc., Series E Preferred Stock 6/30/04 1,500,000 1,500,000 0.11% ----------- ------------ ---------- $8,330,558 $ 7,829,549 0.59%
WASATCH FUNDS - NOTES TO SCHEDULES OF INVESTMENTS JUNE 30, 2005 (UNAUDITED) RESTRICTED SECURITIES (CONTINUED)
VALUE AS % SECURITY ACQUISITION ACQUISITION FAIR OF NET TYPE DATE COST VALUE ASSETS ---------------------- ------------------ ----------- ------------ ---------- SMALL CAP VALUE FUND Brantley Mezzanine Finance, LLC Common Units 9/21/04 $ 40,000 $ 40,000 0.01% Brantley Mezzanine Finance, LLC, 10.00%, 9/21/09 Corporate Bond 9/21/04 1,960,000 1,964,959 0.27% CBRE Realty Financial, Inc. Common Stock 6/2/05 7,125,000 7,125,000 0.96% Crystal River Capital, Inc. Common Stock 3/9/05 7,500,000 7,500,000 1.02% JER Investors Trust, Inc. Common Stock 5/27/04 - 12/9/04 6,033,919 5,970,071 0.81% KKR Financial Corp. Common Stock 8/5/04 3,600,000 4,182,000 0.57% Medical Properties Trust, Inc. Common Stock 3/31/04 - 4/13/05 5,305,000 4,834,600 0.65% Subscription Saxon Energy Services, Inc. Receipts 4/7/05 1,533,115 1,130,136 0.15% Saxon Energy Services, Inc. Warrants 4/7/05 - - - Saxon Energy Services, Inc. PIPE Common Stock 4/7/05 1,533,115 1,130,136 0.15% ----------- ------------ ---------- $34,630,149 $ 33,876,902 4.59% ULTRA GROWTH FUND Elder Health, Inc., Series G Preferred Stock 11/1/04 $ 571,428 $ 571,428 0.15% GeneOhm Sciences, Inc. Warrants 4/21/05 - - - GeneOhm Sciences, Inc., Series C Preferred Stock 4/21/05 831,372 831,372 0.22% IQ4HIRE, Inc. Preferred Stock 9/7/00 110,000 440 - Montagu Newhall Global Partners II-B, L.P. LP Interest 10/10/03 - 4/18/05 649,292 558,383 0.14% NXStage Medical, Inc., Series F Preferred Stock 8/18/04 1,500,000 1,500,000 0.39% Point Biomedical Corp. Warrants 2/16/05 - - - Point Biomedical Corp., Series F Preferred Stock 2/16/05 1,500,000 1,200,000 0.31% TargetRX, Inc., Series D Preferred Stock 4/8/05 230,904 230,904 0.06% Xtera Communications, Inc., Series A-1 Preferred Stock 9/3/03 99,065 99,065 0.03% Zonare Medical Systems, Inc. Warrants 6/30/04 - - - Zonare Medical Systems, Inc., Series E Preferred Stock 6/30/04 1,000,000 999,999 0.26% ----------- ------------ ---------- $ 6,492,061 $ 5,991,591 1.56%
PIPE Private Investment in a Public Equity LP Limited Partnership Interest 6. PURCHASE COMMITMENTS In September 2003, the Global Science & Technology, Small Cap Growth and Ultra Growth Funds entered into subscription agreements to acquire limited partnership interests in Montagu Newhall Global Partners II-B, L.P. The remaining commitment amounts at June 30, 2005 were $425,000, $4,250,000 and $3,825,000, 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 June 30, 2005 were $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: August 29, 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: August 29, 2005 By: /s/ Venice F. Edwards --------------------- Venice F. Edwards Vice President/Treasurer (principal financial and accounting officer) of Wasatch Funds, Inc. Date: August 29, 2005 EX-99.CERT 2 b56535wfexv99wcert.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: August 29, 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: August 29, 2005 By: /s/ Venice F. Edwards --------------------- Venice F. Edwards Vice President/Treasurer (principal financial officer) of Wasatch Funds, Inc. -----END PRIVACY-ENHANCED MESSAGE-----