N-Q

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. Wasatch Funds, Inc. 150 Social Hall Avenue, 4th Floor Salt Lake City, Utah 84111	Eric F. Fess, Esq. Chapman & Cutler LLP 111 West Monroe Street Chicago, IL 60603

Registrant’s telephone number, including area code: (801) 533-0777

Date of fiscal year end: September 30

Date of reporting period: December 31, 2009

Item 1. Schedule of Investments.

WASATCH CORE GROWTH FUND (WGROX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 94.9%
	Agricultural Products 2.3%
4,544,346	Chaoda Modern Agriculture Holdings Ltd. (China)	$	4,849,074
4,183,990	China Green Holdings Ltd. (China)		3,967,541
			8,816,615
	Airlines 2.0%
164,349	Allegiant Travel Co.*		7,752,342
	Apparel, Accessories & Luxury Goods 2.0%
2,440,007	Ports Design Ltd. (China)		7,554,310
	Application Software 1.6%
299,300	Tyler Technologies, Inc.*		5,959,063
	Asset Management & Custody Banks 4.2%
45,994	Affiliated Managers Group, Inc.*		3,097,696
364,279	SEI Investments Co.		6,382,168
880,060	Solar Capital, LLC** *** +		6,811,664
			16,291,528
	Automotive Retail 3.8%
154,141	Monro Muffler Brake, Inc.		5,154,475
244,674	O’Reilly Automotive, Inc.*		9,326,973
			14,481,448
	Construction & Engineering 1.0%
87,693	URS Corp.*		3,904,092
	Consumer Finance 3.9%
462,099	Dollar Financial Corp.*		10,933,262
187,235	First Cash Financial Services, Inc.*		4,154,745
			15,088,007
	Data Processing & Outsourced Services 4.2%
136,314	Alliance Data Systems Corp.*		8,804,521
306,865	Fidelity National Information Services, Inc.		7,192,916
			15,997,437
	Distributors 1.8%
356,855	LKQ Corp.*		6,990,789
	Diversified Banks 1.5%
271,326	Axis Bank Ltd. (India)		5,723,946
	Diversified Support Services 6.7%
554,517	Copart, Inc.*		20,311,958
390,471	LPS Brasil – Consultoria de Imoveis S.A.* (Brazil)		5,472,425
			25,784,383
	Environmental & Facilities Services 2.5%
285,940	Waste Connections, Inc.*		9,533,240
	Footwear 0.9%
26,994,340	China Hongxing Sports Ltd. (China)		3,601,929
	Health Care Distributors 3.0%
511,282	PSS World Medical, Inc.*		11,539,635
	Health Care Facilities 4.8%
700,782	Emeritus Corp.*		13,139,662
204,740	VCA Antech, Inc.*		5,102,121
			18,241,783
	Health Care Services 4.2%
270,044	MEDNAX, Inc.*		16,232,345
	Homefurnishing Retail 3.6%
498,035	Aaron’s, Inc.		13,810,511
	Industrial Machinery 2.2%
112,705	Graco, Inc.		3,219,982
163,700	IDEX Corp.		5,099,255
			8,319,237
	Insurance Brokers 1.7%
358,065	Brown & Brown, Inc.		6,434,428
	Internet Software & Services 1.0%
117,346	DealerTrack Holdings, Inc.*		2,204,931
179,210	ValueClick, Inc.*		1,813,605
			4,018,536
	IT Consulting & Other Services 1.5%
129,935	Cognizant Technology Solutions Corp., Class A*		5,886,056
	Leisure Facilities 3.0%
463,313	Life Time Fitness, Inc.*		11,550,393
	Leisure Products 1.2%
251,314	Pool Corp.		4,795,071
	Life Sciences Tools & Services 2.8%
451,515	Pharmaceutical Product Development, Inc.		10,583,512
	Mortgage REITs 1.3%
349,406	Redwood Trust, Inc.		5,052,411
	Oil & Gas Equipment & Services 3.0%
116,215	Dril-Quip, Inc.*		6,563,823
437,565	TETRA Technologies, Inc.*		4,848,220
			11,412,043

WASATCH CORE GROWTH FUND (WGROX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Oil & Gas Exploration & Production 1.7%
273,370	Petrohawk Energy Corp.*	$	6,558,146
	Personal Products 2.3%
218,015	Herbalife Ltd.		8,844,869
	Research & Consulting Services 4.6%
262,493	CRA International, Inc.*		6,995,438
511,532	Resources Connection, Inc.*		10,854,709
			17,850,147
	Semiconductors 4.4%
133,940	Hittite Microwave Corp.*		5,458,055
387,065	Melexis N.V.* (Belgium)		3,769,184
378,644	Micrel, Inc.		3,104,881
95,913	Silicon Laboratories, Inc.*		4,636,434
			16,968,554
	Specialized Finance 3.4%
21,979	Crisil Ltd. (India)		2,104,712
253,215	MSCI, Inc., Class A*		8,052,237
64,585	Portfolio Recovery Associates, Inc.*		2,898,575
			13,055,524
	Specialty Stores 1.6%
271,425	Hibbett Sports, Inc.*		5,968,636
	Thrifts & Mortgage Finance 1.4%
90,280	Housing Development Finance Corp. Ltd. (India)		5,188,924
	Trading Companies & Distributors 2.4%
132,177	MSC Industrial Direct Co., Inc., Class A		6,212,319
283,633	Rush Enterprises, Inc., Class B*		2,978,147
			9,190,466
	Trucking 1.4%
179,335	Old Dominion Freight Line, Inc.*		5,505,584
	Total Common Stocks (cost $316,341,918)		364,485,940
	PREFERRED STOCKS 1.6%
	Regional Banks 1.6%
1,062,475	Banco Daycoval S.A. Pfd. (Brazil)		5,968,412
	Total Preferred Stocks (cost $7,702,883)		5,968,412
Principal Amount		Value
	SHORT-TERM INVESTMENTS 3.7%
	Repurchase Agreement 3.7%
$14,286,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $14,685,000 of United States Treasury Notes 3.25% due 12/31/16; value: $14,574,863; repurchase proceeds: $14,286,008 (cost $14,286,008)	$	14,286,000
	Total Short-Term Investments (cost $14,286,000)		14,286,000
	Total Investments (cost $338,330,801) 100.2%^^		384,740,352
	Liabilities less Other Assets (0.2)%		(765,841	)
	NET ASSETS 100.0%	$	383,974,511
	*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). ^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 9.57%. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Core Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Belgium	1.0
Brazil	3.1
China	5.4
India	3.5
United States	87.0
Total	100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 88.4%
	Aerospace & Defense 1.6%
33,250	Bharat Electronics Ltd. (India)	$	1,386,978
	Agricultural Products 2.8%
970,779	Chaoda Modern Agriculture Holdings Ltd. (China)		1,035,876
434,065	China Green Holdings Ltd. (China)		411,609
3,189,960	PT Sampoerna Agro (Indonesia)		907,249
			2,354,734
	Air Freight & Logistics 1.0%
2,017,389	Aramex PJSC* (United Arab Emirates)		862,160
	Aluminum 0.7%
911,000	Midas Holdings Ltd. (Singapore)		592,847
	Apparel Retail 1.1%
261,200	Padini Holdings Berhad (Malaysia)		286,832
111,110	Truworths International Ltd. (South Africa)		653,011
			939,843
	Apparel, Accessories & Luxury Goods 2.9%
199,295	Anta Sports Products Ltd. (China)		295,941
366,815	China Dongxiang Group Co. (China)		283,501
29,430	Cia. Hering (Brazil)		496,135
266,000	Lilang China Co. Ltd.* (Hong Kong)		184,918
391,895	Ports Design Ltd. (China)		1,213,315
			2,473,810
	Application Software 0.4%
1,694,255	Kingdee International Software Group Co. Ltd. (China)		377,291
	Brewers 2.3%
42,730	Anadolu Efes Biracilik ve Malt Sanayii AS (Turkey)		477,247
192,120	Guinness Anchor Berhad (Malaysia)		390,032
16,900	PT Multi Bintang Indonesia Tbk (Indonesia)		270,004
30,950	United Spirits Ltd. (India)		833,268
			1,970,551
	Broadcasting 0.5%
575,000	BEC World Public Co. Ltd. (Thailand)		424,265
	Building Products 1.1%
682,415	Dynasty Ceramic Co. (Thailand)		598,699
2,246,560	Home Product Center Public Co. Ltd. (Thailand)		308,616
			907,315
	Coal & Consumable Fuels 1.8%
275,780	PT Indo Tambangraya Megah (Indonesia)		932,203
341,400	PT Tambang Batubara Bukit Asam Tbk (Indonesia)		621,651
			1,553,854
	Commodity Chemicals 1.1%
38,765	Castrol India (India)		502,091
55,523	Paints & Chemical Industries Co. S.A.E (Egypt)		411,888
			913,979
	Construction & Engineering 0.8%
67,808	Heerim Architects & Planners* (Korea)		639,045
	Construction Materials 5.5%
284,451	Adana Cimento Sanayii Turk Anonim Sirketi (Turkey)		975,382
8,146	Ceramic Industries Ltd. (South Africa)		115,692
218,700	Corp Moctezuma S.A.B de C.V. (Mexico)		501,529
1,875	HOLCIM Maroc S.A. (Morocco)		445,354
151,465	Pretoria Portland Cement Co. Ltd. (South Africa)		709,284
237,000	PT Indocement Tunggal Prakarsa Tbk (Indonesia)		342,593
1,049,280	PT Semen Gresik Tbk (Indonesia)		835,723
7,900	Shree Cement Ltd. (India)		327,295
23,400	Ultra Tech Cement Ltd. (India)		456,602
			4,709,454
	Consumer Finance 1.2%
202,605	Banco Compartamos S.A. de C.V. (Mexico)		1,045,703
	Department Stores 4.1%
437,170	Golden Eagle Retail Group Ltd. (China)		885,638
49,395	Lojas Renner S.A. (Brazil)		1,115,005
1,104,100	PCD Stores Ltd.* (China)		428,630
14,118,315	PT Ramayana Lestari Sentosa Tbk (Indonesia)		915,901
595,000	Robinson Department Store Public Co. Ltd. (Thailand)		185,603
			3,530,777
	Distillers & Vintners 0.3%
31,995	Distell Group Ltd. (South Africa)		271,887
	Diversified Banks 3.4%
294,020	Allahabad Bank Ltd. (India)		791,062
311,380	Asya Katilim Bankasi AS* (Turkey)		719,344
39,860	Bank of Baroda (India)		432,848
39,815	Commercial International Bank GDR (Egypt)		398,150
107,800	National Societe Generale Bank (Egypt)		587,225
			2,928,629

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Diversified Metals & Mining 1.8%
4,130	Assore Ltd. (South Africa)	$	391,724
18,555	Hindustan Zinc Ltd. (India)		481,208
3,459,405	Merafe Resource Ltd.* (South Africa)		653,426
			1,526,358
	Drug Retail 0.3%
27,000	Corporativo Fragua S.A.B., Class B (Mexico)		268,287
	Education Services 0.5%
2,080	MegaStudy Co. Ltd.* (Korea)		427,578
	Electrical Components & Equipment 2.7%
32,790	Voltamp Transformers Ltd. (India)		641,017
732,230	Wasion Group Holdings Ltd. (China)		760,135
426,240	Zhuzhou CSR Times Electric Co. Ltd., Series H (China)		869,790
			2,270,942
	Electronic Equipment & Instruments 0.4%
140,000	Chroma ATE, Inc. (Taiwan)		318,106
	Environmental & Facilities Services 0.6%
14,190	Korea Plant Service & Engineering Co. Ltd.* (Korea)		517,462
	Food Retail 3.9%
17,125	BIM Birlesik Magazalar AS (Turkey)		796,369
1,450,930	CP ALL PCL (Thailand)		1,079,276
113,425	Eurocash S.A. (Poland)		619,786
30,515	Magnit OJSC GDR (Russia)		483,663
37,135	Shoprite Holdings Ltd. (South Africa)		326,492
			3,305,586
	Footwear 1.6%
148,410	Bata India Ltd.* (India)		622,066
22,625	NG2 S.A. (Poland)		382,072
572,050	Peak Sport Products Ltd.* (China)		316,519
			1,320,657
	Gas Utilities 0.8%
153,980	Indraprastha Gas Ltd.* (India)		658,107
	Gold 0.5%
55,585	Kingsgate Consolidated Ltd. (Australia)		458,293
	Health Care Equipment 0.2%
4,915	Mindray Medical International Ltd. ADR (China)		166,717
	Health Care Facilities 1.1%
504,310	KPJ Healthcare Berhad (Malaysia)		957,009
	Health Care Services 0.2%
15,000	Fleury S.A.* (Brazil)		158,443
	Health Care Supplies 0.6%
154,960	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (China)		516,438
	Heavy Electrical Equipment 0.4%
156,830	China High Speed Transmission Equipment Group Co. Ltd. (China)		379,974
	Highways & Railtracks 1.1%
4,850,545	PT Jasa Marga (Indonesia)		931,545
	Home Entertainment Software 1.0%
4,545	NCsoft Corp.* (Korea)		581,937
5,825	Shanda Interactive Entertainment Ltd. ADR* (China)		306,453
			888,390
	Home Improvement Retail 1.6%
3,893,750	Ace Hardware Indonesia (Indonesia)		626,333
76,480	Cashbuild Ltd. (South Africa)		773,782
			1,400,115
	Hotels, Resorts & Cruise Lines 0.7%
35,448	City Lodge Hotels Ltd. (South Africa)		383,585
704,335	Minor International PCL (Thailand)		238,722
			622,307
	Industrial Gases 0.6%
167,205	African Oxygen Ltd. (South Africa)		496,657
	Industrial Machinery 4.2%
138,857	AIA Engineering Ltd. (India)		1,110,891
1,320,470	China Automation Group Ltd. (China)		1,082,290
55,910	Cummins India Ltd. (India)		511,961
24,515	Thermax India Ltd. (India)		317,483
55,340	Weg S.A. (Brazil)		584,868
			3,607,493
	Investment Banking & Brokerage 0.5%
43,610	Egyptian Financial Group-Hermes Holding GDR (Egypt)		401,212
	Life & Health Insurance 0.8%
63,800	Amil Participacoes S.A. (Brazil)		502,045
39,930	Discovery Holdings Ltd. (South Africa)		172,738
			674,783
	Managed Health Care 1.0%
22,435	OdontoPrev S.A. (Brazil)		824,593

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Marine Ports & Services 2.0%
962,714	International Container Terminal Services, Inc. (Philippines)	$	465,899
118,590	Santos Brasil Participacoes S.A.* ** (Brazil)		1,192,031
			1,657,930
	Motorcycle Manufacturers 0.4%
9,000	Bajaj Auto Ltd. (India)		338,757
	Oil & Gas Exploration & Production 2.0%
208,550	Afren plc* (United Kingdom)		285,505
48,055	Gran Tierra Energy, Inc.*		275,355
63,285	JKX Oil and Gas plc (United Kingdom)		288,481
925	Total Gabon (Gabon)		346,648
60,220	Zhaikmunai L.P. GDR* (Kazakhstan)		511,870
			1,707,859
	Other Diversified Financial Services 2.2%
150,300	CETIP S.A. (Brazil)		1,230,198
29,640	Intergroup Financial Services Corp. (Peru)		644,670
			1,874,868
	Packaged Foods & Meats 1.4%
25,400	Nestle (Malaysia) Berhad (Malaysia)		245,543
1,901,990	PT Mayora Indah Tbk (Indonesia)		913,269
			1,158,812
	Personal Products 2.0%
71,290	Colgate-Palmolive (India) Ltd. (India)		1,012,901
200,980	Dabur India Ltd. (India)		680,921
			1,693,822
	Pharmaceuticals 2.7%
69,900	Egyptian International Pharmaceutical Industries Co. (Egypt)		420,560
197,800	Genomma Lab Internacional S.A.* (Mexico)		435,305
50,660	Pharmstandard GDR* (Russia)		1,027,900
53,990	Piramal Healthcare Ltd. (India)		427,433
			2,311,198
	Precious Metals & Minerals 0.9%
123,900	Northam Platinum Ltd. (South Africa)		802,176
	Railroads 0.7%
20,005	Container Corp. of India (India)		570,405
	Restaurants 1.6%
281,570	Ajisen China Holdings Ltd. (China)		240,563
583,755	Alsea de Mexico S.A.B. de C.V. (Mexico)		450,690
231,600	FU JI Food & Catering Services Holdings Ltd.* *** (China)		299
271,700	Jollibee Foods Corp. (Philippines)		321,897
175,985	KFC Holdings (Malaysia) Berhad (Malaysia)		380,341
			1,393,790
	Soft Drinks 1.7%
142,755	Coca-Cola Icecek AS (Turkey)		1,427,417
	Specialized Finance 3.1%
71,620	BM&F BOVESPA S.A. (Brazil)		503,932
691,300	Bolsa Mexicana de Valores S.A., Series A* (Mexico)		811,678
5,281	Crisil Ltd. (India)		505,709
101,660	JSE Ltd. (South Africa)		828,691
			2,650,010
	Specialty Chemicals 0.7%
8,320	Asian Paints Ltd. (India)		320,007
108,390	China Steel Chemical Corp. (Taiwan)		294,672
			614,679
	Specialty Stores 0.9%
37,705	Dufry South America Ltd. (Brazil)		779,655
	Steel 1.4%
137,640	Sesa Goa Ltd. (India)		1,196,066
	Technology Distributors 0.5%
2,780,745	Inspur International Ltd. (China)		395,319
	Thrifts & Mortgage Finance 1.5%
94,935	Dewan Housing Finance Corp. Ltd (India)		381,361
48,505	LIC Housing Finance Ltd. (India)		852,469
			1,233,830
	Tobacco 2.5%
19,410	Eastern Tobacco (Egypt)		402,380
1,380	Phillip Morris CR a.s. (Czech Republic)		664,525
480,600	PT Gudang Garam Tbk (Indonesia)		1,097,751
			2,164,656
	Water Utilities 0.5%
1,337,000	Manila Water Co., Inc. (Philippines)		452,917
	Total Common Stocks (cost $58,280,460)		75,404,340

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	PREFERRED STOCKS 3.6%
	Diversified Banks 2.4%
153,900	Banco do Estado do Rio Grande do Sul S.A., Series B Pfd (Brazil)	$	1,299,443
105,900	Banco Industrial e Comercial S.A. (Bic Banco) Pfd. (Brazil)		739,049
			2,038,492
	Fertilizers & Agricultural Chemicals 0.4%
35,550	Fertilizantes Fosfatados S.A. Pfd.* (Brazil)		336,919
	Regional Banks 0.8%
125,145	Banco Daycoval S.A. Pfd. (Brazil)		702,997
	Total Preferred Stocks (cost $2,102,602)		3,078,408
Principal Amount		Value
	SHORT-TERM INVESTMENTS 9.4%
	Repurchase Agreement 9.4%
$7,960,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $8,130,000 of United States Treasury Notes 2.625% due 12/31/14; value: $8,119,838; repurchase proceeds: $7,960,004 (cost $7,960,000)	$	7,960,000
	Total Short-Term Investments (cost $7,960,000)		7,960,000
	Total Investments (cost $68,343,062) 101.4% ^^		86,442,748
	Liabilities less Other Assets (1.4)%		(1,177,957	)
	NET ASSETS 100.0%	$	85,264,791
	*Non-income producing. **Common units. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). ^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 66.11%. ADR American Depositary Receipt. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Emerging Markets Small Cap Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia	0.6
Brazil	13.3
China	12.7
Czech Republic	0.8
Egypt	3.3
Gabon	0.4
Hong Kong	0.2
India	19.6
Indonesia	10.7
Kazakhstan	0.6
Korea	2.8
Malaysia	2.9
Mexico	4.5
Morocco	0.6
Peru	0.8
Philippines	1.6
Poland	1.3
Russia	1.9
Singapore	0.8
South Africa	8.4
Taiwan	0.8
Thailand	3.6
Turkey	5.6
United Arab Emirates	1.1
United Kingdom	0.7
United States	0.4
Total	100.0	%

WASATCH GLOBAL OPPORTUNITIES (WAGOX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 94.8%
	Advertising 0.3%
9,900	1000mercis* (France)	$	413,020
	Aerospace & Defense 0.4%
13,500	Bharat Electronics Ltd. (India)		563,134
	Agricultural Products 0.6%
718,920	Chaoda Modern Agriculture Holdings Ltd. (China)		767,128
167,000	China Green Holdings Ltd. (China)		158,361
			925,489
	Air Freight & Logistics 0.7%
2,017,400	Aramex PJSC* (United Arab Emirates)		862,164
3,200	Forward Air Corp.		80,160
83,000	Goodpack Ltd. (Singapore)		66,658
			1,008,982
	Airlines 0.2%
5,200	Allegiant Travel Co.*		245,284
	Alternative Carriers 0.2%
11,300	Neutral Tandem, Inc.*		257,075
	Aluminum 0.2%
486,000	Midas Holdings Ltd. (Singapore)		316,272
	Apparel Retail 1.1%
1,220	Camaieu (France)		243,455
42,217	Esprit Holdings Ltd. (Hong Kong)		280,096
9,500	JOS. A. Bank Clothiers, Inc.*		400,805
17,000	Ross Stores, Inc.		726,070
			1,650,426
	Apparel, Accessories & Luxury Goods 6.0%
491,000	Anta Sports Products Ltd. (China)		729,106
4,950	Bijou Brigitte AG (Germany)		833,917
23,121	Billabong International Ltd. (Australia)		226,221
1,040,000	China Dongxiang Group Co. (China)		803,787
6,700	Fossil, Inc.*		224,852
20,700	Gerry Weber International AG (Germany)		667,199
38,500	Gildan Activewear, Inc.* (Canada)		938,630
53,000	Li Ning Co. Ltd. (China)		200,966
275,000	Lilang China Co. Ltd.* (Hong Kong)		191,174
18,953	Odd Molly International AB (Sweden)		382,132
529,000	Ports Design Ltd. (China)		1,637,795
203,400	Ted Baker plc (United Kingdom)		1,661,990
6,000	Volcom, Inc.*		100,440
275,000	Xtep International Holdings Ltd. (China)		154,584
			8,752,793
	Application Software 1.9%
4,500	Aveva Group plc (United Kingdom)		73,196
5,000	Computer Modelling Group Ltd. (Canada)		71,903
3,300	Ebix, Inc.*		161,139
4,200	FactSet Research Systems, Inc.		276,654
2,531,000	Kingdee International Software Group Co. Ltd. (China)		563,625
15,004	Longtop Financial Technologies Ltd. ADR* (China)		555,448
3,900	SimCorp A/S (Denmark)		731,444
13,635	Tyler Technologies, Inc.*		271,473
			2,704,882
	Asset Management & Custody Banks 1.9%
5,500	Bank of New York Mellon Corp.		153,835
5,900	Diamond Hill Investment Group, Inc.		378,957
9,800	Eaton Vance Corp.		298,018
57,200	SEI Investments Co.		1,002,144
2,492	T. Rowe Price Group, Inc.		132,699
47,109	Treasury Group Ltd. (Australia)		225,190
10,645	Waddell & Reed Financial, Inc., Class A		325,098
5,900	Westwood Holdings Group, Inc.		214,406
			2,730,347
	Auto Parts & Equipment 0.1%
1,235,000	Norstar Founders Group Ltd.* *** (Hong Kong)		29,069
13,200	Wonder Auto Technology, Inc.*		155,232
			184,301
	Automotive Retail 0.6%
59,000	Halfords Group plc (United Kingdom)		379,681
13,100	O’Reilly Automotive, Inc.*		499,372
			879,053
	Biotechnology 1.6%
17,500	China Nuokang Bio-Pharmaceutical, Inc. ADR* (China)		137,375
30,400	Myriad Genetics, Inc.*		793,440
35,115	Orexigen Therapeutics, Inc.*		261,256
3,367,971	Sino Biopharmaceutical Ltd. (China)		1,073,188
			2,265,259
	Commodity Chemicals 0.1%
22,000	Tokai Carbon Korea Co. Ltd.* (Korea)		169,064
	Communications Equipment 0.3%
19,550	Riverbed Technology, Inc.*		449,063
	Computer Storage & Peripherals 0.6%
40,000	Intevac, Inc.*		458,800
205	Wacom Co. Ltd. (Japan)		447,085
			905,885

WASATCH GLOBAL OPPORTUNITIES (WAGOX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Construction & Engineering 0.9%
23,500	Aecon Group, Inc. (Canada)	$	337,047
28,080	Heerim Architects & Planners* (Korea)		264,635
52,000	Lycopodium Ltd. (Australia)		141,411
4,200	Outotec Oyj (Finland)		148,076
195,000	Rotary Engineering Ltd. (Singapore)		144,456
27,500	SWECO AB (Sweden)		205,569
			1,241,194
	Construction & Farm Machinery & Heavy Trucks 0.2%
4,400	Faiveley S.A. (France)		350,220
	Construction Materials 0.5%
95,500	Corp Moctezuma S.A.B de C.V. (Mexico)		219,003
52,000	Pretoria Portland Cement Co. Ltd. (South Africa)		243,507
410,000	PT Semen Gresik Tbk (Indonesia)		326,554
			789,064
	Consumer Finance 1.4%
76,000	Banco Compartamos S.A. de C.V. (Mexico)		392,258
24,616	Dollar Financial Corp.*		582,415
36,000	First Cash Financial Services, Inc.*		798,840
10,000	United PanAm Financial Corp.*		31,900
7,400	World Acceptance Corp.*		265,142
			2,070,555
	Data Processing & Outsourced Services 3.5%
59,200	Cielo S.A. (Brazil)		521,613
27,200	DIBS Payment Services AB (Sweden)		250,316
13,000	Fidelity National Information Services, Inc.		304,720
5,300	NeuStar, Inc., Class A*		122,112
42,900	Redecard S.A. (Brazil)		714,589
550	SBI VeriTrans Co. Ltd. (Japan)		290,122
4,850	Syntel, Inc.		184,445
192,450	Wirecard AG (Germany)		2,661,026
			5,048,943
	Department Stores 0.6%
6,600	Lojas Renner S.A. (Brazil)		148,983
1,786,100	PCD Stores Ltd.* (China)		693,394
			842,377
	Distributors 0.3%
20,900	LKQ Corp.*		409,431
	Diversified Banks 1.2%
195,039	Allahabad Bank Ltd. (India)		524,753
22,100	Axis Bank Ltd. (India)		466,226
15,000	Bank of Baroda (India)		162,888
1,030	HDFC Bank Ltd. ADR (India)		133,982
81,800	Union Bank of India Ltd. (India)		460,197
			1,748,046
	Diversified Support Services 1.1%
17,600	Copart, Inc.*		644,688
240	Prestige International, Inc. (Japan)		358,519
41,040	STR Holdings, Inc.*		644,738
			1,647,945
	Drug Retail 0.9%
68,635	Create SD Holdings Co. Ltd. (Japan)		1,310,040
	Education Services 1.3%
18,100	Apollo Group, Inc., Class A*		1,096,498
6,275	Capella Education Co.*		472,508
1,400	MegaStudy Co. Ltd.* (Korea)		287,793
			1,856,799
	Electrical Components & Equipment 0.7%
6,400	Emerson Electric Co.		272,640
365,000	Wasion Group Holdings Ltd. (China)		378,910
157,000	Zhuzhou CSR Times Electric Co. Ltd., Series H (China)		320,376
			971,926
	Electronic Components 0.4%
12,884	Amphenol Corp., Class A		594,983
	Electronic Equipment & Instruments 0.5%
600	KEYENCE Corp. (Japan)		124,526
28,400	Rotork plc (United Kingdom)		542,670
16,675	Viscom AG* (Germany)		85,817
			753,013
	Electronic Manufacturing Services 0.7%
16,000	IPG Photonics Corp.*		267,840
173,000	Ju Teng International Holdings Ltd. (China)		172,519
20,000	TTM Technologies, Inc.*		230,600
53,000	Venture Corp. Ltd. (Singapore)		332,484
			1,003,443
	Environmental & Facilities Services 0.1%
10,300	Daiseki Co. Ltd. (Japan)		207,728
	Food Retail 0.9%
948,000	BreadTalk Group Ltd. (Singapore)		450,870
20,200	Daikokutenbussan Co. Ltd. (Japan)		556,273
45,365	QKL Stores, Inc.*		303,946
			1,311,089
	Footwear 0.4%
3,815,000	China Hongxing Sports Ltd. (China)		509,046
	General Merchandise Stores 1.3%
37,500	Dollar Tree, Inc.*		1,811,250
	Gold 0.1%
10,000	Petropavlovsk plc* (United Kingdom)		163,927

WASATCH GLOBAL OPPORTUNITIES (WAGOX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Health Care Distributors 0.3%
9,600	MWI Veterinary Supply, Inc.*	$	361,920
	Health Care Equipment 5.8%
24,000	Abaxis, Inc.*		613,200
40,250	Audika S.A. (France)		1,278,786
116,800	Cardica, Inc.*		135,488
80,000	Cardica, Inc. PIPE* +		92,800
63,100	Cyberonics, Inc.*		1,289,764
20,000	DexCom, Inc.*		161,600
28,400	DiaSorin S.p.A. (Italy)		1,009,322
5,300	Edwards Lifesciences Corp.*		460,305
3,400	IDEXX Laboratories, Inc.*		181,696
6,465,900	LMA International N.V.* (Singapore)		864,866
5,150	Nakanishi, Inc. (Japan)		411,293
10,600	NuVasive, Inc.*		338,988
43,700	Somanetics Corp.*		766,935
5,500	St. Jude Medical, Inc.*		202,290
14,100	STRATEC Biomedical Systems AG (Germany)		534,744
			8,342,077
	Health Care Facilities 1.8%
48,261	AmSurg Corp.*		1,062,707
97,000	CVS Group plc* (United Kingdom)		277,842
67,750	NovaMed, Inc.*		262,870
479,000	Raffles Medical Group Ltd. (Singapore)		492,706
18,000	VCA Antech, Inc.*		448,560
			2,544,685
	Health Care Services 2.1%
12,800	Bio-Reference Laboratories, Inc.*		501,632
68,000	Clarient, Inc.*		180,200
8,612	CorVel Corp.*		288,847
15,000	Fleury S.A.* (Brazil)		158,443
11,800	Genoptix, Inc.*		419,254
31,642	Healthways, Inc.*		580,314
12,700	LHC Group, Inc.*		426,847
7,400	MEDNAX, Inc.*		444,814
			3,000,351
	Health Care Supplies 1.4%
77,625	Abcam plc (United Kingdom)		1,191,772
5,300	ICU Medical, Inc.*		193,132
111,500	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (China)		371,598
10,000	Standard Diagnostics, Inc. (Korea)		274,367
			2,030,869
	Health Care Technology 0.2%
49,917	RaySearch Laboratories AB* (Sweden)		206,217
6,535	Vital Images, Inc.*		82,929
			289,146
	Home Entertainment Software 0.5%
176	GameOn Co. Ltd. (Japan)		139,282
30,300	Hudson Soft Co. Ltd. (Japan)		160,307
5,000	Perfect World Co. Ltd., Class B ADR* (China)		197,200
12,840	Shanda Games Ltd. ADR* (China)		130,840
2,800	Shanda Interactive Entertainment Ltd. ADR* (China)		147,308
			774,937
	Home Improvement Retail 1.4%
2,600,000	Ace Hardware Indonesia (Indonesia)		418,226
22,000	Cashbuild Ltd. (South Africa)		222,584
27,500	Clas Ohlson AB (Sweden)		550,890
16,800	Lumber Liquidators, Inc.*		450,240
73,100	Swedol AB, Class B (Sweden)		368,311
			2,010,251
	Homefurnishing Retail 0.4%
20,200	Aaron’s, Inc.		560,146
	Household Appliances 0.3%
2,800	Rational AG (Germany)		473,771
	Household Products 0.1%
27,000	Kimberly-Clark de Mexico S.A.B de C.V. (Mexico)		120,883
	Human Resource & Employment Services 1.8%
233	Benefit One, Inc. (Japan)		183,392
172,800	Michael Page International plc (United Kingdom)		1,052,074
39,800	Robert Half International, Inc.		1,063,854
55,700	Sthree plc (United Kingdom)		264,438
			2,563,758
	Industrial Machinery 2.9%
48,000	AIA Engineering Ltd. (India)		384,012
3,700	Burckhardt Compression Holding AG (Switzerland)		656,815
921,000	China Automation Group Ltd. (China)		754,875
36,500	China Valves Technology, Inc.*		337,260
3,900	Danaher Corp.		293,280
6,700	Graco, Inc.		191,419
6,400	Illinois Tool Works, Inc.		307,136
7,500	Konecranes Oyj (Finland)		204,714
50,500	ODIM ASA (Norway)		259,526
5,613	technotrans AG* (Germany)		47,224
22,000	Thermax India Ltd. (India)		284,912
41,100	Weg S.A. (Brazil)		434,371
			4,155,544
	Insurance Brokers 0.7%
47,100	Brown & Brown, Inc.		846,387
11,000	eHealth, Inc.*		180,730
			1,027,117

WASATCH GLOBAL OPPORTUNITIES (WAGOX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Internet Retail 1.1%
154,655	ASOS plc* (United Kingdom)	$	1,214,994
215	START TODAY Co. Ltd. (Japan)		393,421
			1,608,415
	Internet Software & Services 1.4%
13,800	Akamai Technologies, Inc.*		349,554
10,800	Daum Communications Corp.* (Korea)		650,254
135	Macromill, Inc. (Japan)		196,474
4,800	NetEase.com, Inc. ADR* (China)		180,528
33,600	Neurones (France)		291,930
6,115	VistaPrint N.V.*		346,476
			2,015,216
	Investment Banking & Brokerage 0.4%
8,500	Charles Schwab Corp. (The)		159,970
180	GCA Savvian Group Corp. (Japan)		191,285
19,400	optionsXpress Holdings, Inc.		299,730
			650,985
	IT Consulting & Other Services 1.9%
19,375	Alten* (France)		538,620
9,600	Cognizant Technology Solutions Corp., Class A*		434,880
20,000	Connecta AB (Sweden)		185,608
880,000	CSE Global Ltd. (Singapore)		539,754
320	Future Architect, Inc. (Japan)		127,141
78,200	HiQ International AB* (Sweden)		318,401
8,700	Infosys Technologies Ltd. ADR (India)		480,849
16,770	Yucheng Technologies Ltd.* (China)		143,048
			2,768,301
	Leisure Products 0.2%
10,200	Pool Corp.		194,616
3,500	Shimano, Inc. (Japan)		141,302
			335,918
	Life Sciences Tools & Services 3.7%
1,620	CMIC Co. Ltd. (Japan)		315,335
12,600	Covance, Inc.*		687,582
445	EPS Co. Ltd. (Japan)		1,745,657
30,900	ICON plc ADR* (Ireland)		671,457
41,183	LINICAL Co. Ltd. (Japan)		277,459
49,700	Pharmaceutical Product Development, Inc.		1,164,968
3,200	Techne Corp.		219,392
4,000	Waters Corp.*		247,840
			5,329,690
	Managed Health Care 0.6%
12,800	AMERIGROUP Corp.*		345,088
13,300	OdontoPrev S.A. (Brazil)		488,838
			833,926
	Mortgage REITs 0.4%
9,500	Annaly Capital Management, Inc.		164,825
20,000	Anworth Mortgage Asset Corp.		140,000
18,300	MFA Financial, Inc.		134,505
10,000	Redwood Trust, Inc.		144,600
			583,930
	Multi-Line Insurance 0.4%
18,600	HCC Insurance Holdings, Inc.		520,242
	Oil & Gas Drilling 0.5%
27,000	Cathedral Energy Services Income Trust (Canada)		129,082
18,000	Ensign Energy Services, Inc. (Canada)		258,163
43,400	Phoenix Technology Income Fund** (Canada)		341,523
			728,768
	Oil & Gas Equipment & Services 1.4%
311,000	Anhui Tianda Oil Pipe Co. Ltd., Class H (China)		163,518
1,196,915	Anton Oilfield Services Group (China)		128,462
1,200	Core Laboratories N.V.		141,744
15,000	Gulf Island Fabrication, Inc.		315,450
47,800	Lamprell plc (United Arab Emirates)		141,726
26,900	Pason Systems, Inc. (Canada)		299,646
16,000	Petrofac Ltd. (United Kingdom)		267,839
8,000	Schoeller-Bleckmann Oilfield Equipment AG (Austria)		382,102
14,100	TGS-NOPEC Geophysical Co. ASA* (Norway)		254,674
			2,095,161
	Oil & Gas Exploration & Production 1.3%
201,000	Afren plc* (United Kingdom)		275,170
62,000	Dragon Oil plc* (Ireland)		386,954
41,600	Gran Tierra Energy, Inc.*		238,368
27,500	JKX Oil and Gas plc (United Kingdom)		125,357
4,500	Petrominerales Ltd.* (Canada)		80,891
24,475	Premier Oil plc* (United Kingdom)		434,804
326	Total Gabon (Gabon)		122,170
30,000	Zhaikmunai L.P. GDR* (Kazakhstan)		255,000
			1,918,714
	Other Diversified Financial Services 0.4%
51,900	CETIP S.A. (Brazil)		424,799
104,000	Count Financial Ltd. (Australia)		121,965
			546,764
	Packaged Foods & Meats 0.3%
5,500	Glaxo SmithKline Consumer Healthcare Ltd. (India)		153,527
20,500	Zhongpin, Inc.*		320,005
			473,532

WASATCH GLOBAL OPPORTUNITIES (WAGOX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Personal Products 0.4%
12,000	Atrium Innovations, Inc.* (Canada)	$	180,829
706,000	Beauty China Holdings Ltd.* *** (Singapore)		5,026
11,105	Natura Cosmeticos S.A. (Brazil)		231,604
5,000	Proctor & Gamble Hygiene and Healthcare Ltd. (India)		186,848
			604,307
	Pharmaceuticals 1.3%
173,000	China Shineway Pharmaceutical Group Ltd. (China)		322,941
8,600	Daewoong Pharmaceutical Co. Ltd. (Korea)		371,193
80,400	Dechra Pharmaceuticals plc (United Kingdom)		637,330
41,000	Egypt International Pharmaceutical Industries Co. (Egypt)		246,681
26,100	Whanin Pharmaceutical Co. Ltd.* (Korea)		294,064
			1,872,209
	Property & Casualty Insurance 0.3%
293,725	Beazley Group plc (United Kingdom)		472,788
	Publishing 0.1%
3,300	Morningstar, Inc.*		159,522
	Regional Banks 1.4%
35,800	Boston Private Financial Holdings, Inc.		206,566
8,500	Canadian Western Bank (Canada)		178,314
6,000	City National Corp.		273,600
14,600	First of Long Island Corp. (The)		368,650
61,220	Nara Bancorp, Inc.*		694,235
180	Seven Bank Ltd. (Japan)		359,344
			2,080,709
	Research & Consulting Services 3.8%
14,375	Bureau Veritas S.A. (France)		749,337
5,318	Campbell Brothers Ltd. (Australia)		143,346
42,500	CRA International, Inc.*		1,132,625
5,000	Exponent, Inc.*		139,200
17,000	Intertek Group plc (United Kingdom)		343,606
100	Nihon M&A Center, Inc. (Japan)		370,881
68,135	Resources Connection, Inc.*		1,445,825
130	SGS S.A. (Switzerland)		169,712
32,000	Stantec, Inc.* (Canada)		930,153
5,030	Verisk Analytics, Inc.*		152,308
			5,576,993
	Restaurants 0.9%
513,000	Ajisen China Holdings Ltd. (China)		438,288
25,300	Tim Hortons, Inc.		771,903
90	Toridoll.corporation (Japan)		153,973
			1,364,164
	Semiconductor Equipment 0.8%
24,100	Cabot Microelectronics Corp.*		794,336
1,300	Disco Corp. (Japan)		81,429
4,700	KLA-Tencor Corp.		169,952
5,200	Tessera Technologies, Inc.*		121,004
			1,166,721
	Semiconductors 6.8%
40,300	Advanced Analogic Technologies, Inc.*		158,782
14,000	CSR plc* (United Kingdom)		92,050
32,000	ELMOS Semiconductor AG* (Germany)		301,371
12,150	Hittite Microwave Corp.*		495,112
18,000	Linear Technology Corp.		549,720
11,700	Maxim Integrated Products, Inc.		237,510
168,500	Melexis N.V.* (Belgium)		1,640,829
132,500	Micrel, Inc.		1,086,500
33,100	Microchip Technology, Inc.		961,886
92,500	Microtune, Inc.*		209,050
377,099	O2Micro International Ltd. ADR* (China)		1,972,228
194,700	PLX Technology, Inc.*		628,881
9,300	Power Integrations, Inc.		338,148
9,000	Semtech Corp.*		153,090
9,300	Silicon Laboratories, Inc.*		449,562
8,300	Supertex, Inc.*		247,340
129,500	Wolfson Microelectronics plc* (United Kingdom)		276,367
			9,798,426
	Soft Drinks 0.2%
21,700	Coca-Cola Icecek AS (Turkey)		216,980
	Specialized Consumer Services 0.2%
55	Best Bridal, Inc. (Japan)		159,724
230	NOVARESE, Inc. (Japan)		144,452
			304,176
	Specialized Finance 1.9%
187,000	Bolsa Mexicana de Valores S.A., Series A* (Mexico)		219,563
1,800	Crisil Ltd. (India)		172,368
9,600	IMAREX ASA* (Norway)		94,522
1,600	IntercontinentalExchange, Inc.*		179,680
19,600	MSCI, Inc., Class A*		623,280
14,500	NASDAQ OMX Group, Inc. (The)*		287,390
5,400	NYSE Euronext		136,620
45	Osaka Securities Exchange Co. Ltd. (Japan)		214,493
13,043	Oslo Bors VPS Holding ASA (Norway)		135,165
9,800	Portfolio Recovery Associates, Inc.*		439,824
6,000	TMX Group, Inc. (Canada)		190,065
			2,692,970

WASATCH GLOBAL OPPORTUNITIES (WAGOX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Specialty Chemicals 1.1%
10,370	C. Uyemura & Co. Ltd. (Japan)	$	401,484
1,585,000	EcoGreen Fine Chemical Group Ltd. (Hong Kong)		388,138
80	Japan Pure Chemical Co. Ltd. (Japan)		249,424
42,600	MEC Co. Ltd. (Japan)		278,814
15,700	TechnoSemiChem Co. Ltd.* (Korea)		292,890
			1,610,750
	Specialty Stores 1.5%
67,300	Big 5 Sporting Goods Corp.		1,156,214
48,200	easyhome Ltd. (Canada)		391,739
27,618	Hibbett Sports, Inc.*		607,320
			2,155,273
	Systems Software 1.4%
46,700	Integrated Device Technology, Inc.*		302,149
36,000	Opnet Technologies, Inc.		438,840
2,210	Simplex Technology, Inc. (Japan)		1,018,237
7,815	Trend Micro, Inc.* (Japan)		296,847
			2,056,073
	Thrifts & Mortgage Finance 1.1%
18,475	Home Capital Group, Inc. (Canada)		739,283
4,600	Housing Development Finance Corp. Ltd. (India)		264,389
20,700	LIC Housing Finance Ltd. (India)		363,800
8,300	Washington Federal, Inc.		160,522
			1,527,994
	Trading Companies & Distributors 3.2%
9,600	Fastenal Co.		399,744
50,380	Houston Wire & Cable Co.		599,522
28,700	Indutrade AB (Sweden)		540,506
21,500	MISUMI Group, Inc. (Japan)		368,024
10,500	MSC Industrial Direct Co., Inc., Class A		493,500
63,800	Richelieu Hardware Ltd. (Canada)		1,372,568
4,780	Thermador Groupe (France)		657,470
2,700	W.W. Grainger, Inc.		261,441
			4,692,775
	Trucking 0.8%
33,000	Knight Transportation, Inc.		636,570
1,300	Landstar System, Inc.		50,401
10,500	Old Dominion Freight Line, Inc.*		322,350
9,600	Universal Truckload Services, Inc.		173,760
			1,183,081
	Wireless Telecommunication Services 0.1%
5,400	NII Holdings, Inc.*		181,332
	Total Common Stocks (cost $103,762,100)		137,443,608
	PREFERRED STOCKS 0.6%
	Diversified Banks 0.2%
49,000	Parana Banco S.A. Pfd. (Brazil)		287,921
	Regional Banks 0.4%
88,000	Banco Daycoval S.A. Pfd. (Brazil)		494,337
	Total Preferred Stocks (cost $440,592)		782,258
	WARRANTS 0.0%
	Air Freight & Logistics 0.0%
16,600	Goodpack Ltd., expiring 11/30/12* (Singapore)		5,376
	Health Care Equipment 0.0%
40,000	Cardica, Inc., Expiring 9/29/14* *** +		5,000
	Total Warrants (cost $7,629)		10,376

WASATCH GLOBAL OPPORTUNITIES (WAGOX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal Amount		Value
	SHORT-TERM INVESTMENTS 4.5%
	Repurchase Agreement 4.5%
$6,577,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $6,720,000 of United States Treasury Notes 2.625% due 12/31/14; value: $6,711,600; repurchase proceeds: $6,577,004 (cost $6,577,000)	$	6,577,000
	Total Short-Term Investments (cost $6,577,000)		6,577,000
	Total Investments (cost $110,787,321) 99.9%^^		144,813,242
	Other Assets less Liabilities 0.1%		123,422
	NET ASSETS 100.0%	$	144,936,664
	*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). ^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 44.29%. ADR American Depositary Receipt. GDR Global Depositary Receipt. PIPE Private Investment in a Public Equity. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Global Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia	0.6
Austria	0.3
Belgium	1.2
Brazil	2.8
Canada	4.7
China	10.0
Denmark	0.5
Egypt	0.2
Finland	0.3
France	3.3
Gabon	0.1
Germany	4.1
Hong Kong	0.6
India	3.3
Indonesia	0.5
Ireland	0.8
Italy	0.7
Japan	8.4
Kazakhstan	0.2
Korea	1.9
Mexico	0.7
Norway	0.5
Singapore	2.3
South Africa	0.3
Sweden	2.2
Switzerland	0.6
Turkey	0.2
United Arab Emirates	0.7
United Kingdom	7.1
United States	40.9
Total	100.0	%

WASATCH GLOBAL SCIENCE & TECHNOLOGY FUND (WAGTX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 89.7%
	Advertising 1.1%
16,110	1000mercis* (France)	$	672,096
	Air Freight & Logistics 0.8%
639,205	Goodpack Ltd. (Singapore)		513,348
	Application Software 3.6%
8,795	FactSet Research Systems, Inc.		579,327
29,550	Interactive Intelligence, Inc.*		544,902
2,475,510	Kingdee International Software Group Co. Ltd. (China)		551,267
3,100	SimCorp A/S (Denmark)		581,405
			2,256,901
	Biotechnology 2.1%
25,000	Myriad Genetics, Inc.*		652,500
2,063,028	Sino Biopharmaceutical Ltd. (China)		657,374
			1,309,874
	Communications Equipment 2.8%
24,705	Cisco Systems, Inc.*		591,438
21,145	F5 Networks, Inc.*		1,120,262
			1,711,700
	Computer Hardware 1.0%
4,800	International Business Machines Corp.		628,320
	Computer Storage & Peripherals 0.9%
46,405	Intevac, Inc.*		532,265
	Data Processing & Outsourced Services 6.9%
8,270	Alliance Data Systems Corp.*		534,159
63,600	Cielo S.A. (Brazil)		560,382
25,600	Fidelity National Information Services, Inc.		600,064
27,000	NeuStar, Inc., Class A*		622,080
38,200	Redecard S.A. (Brazil)		636,301
94,450	Wirecard AG (Germany)		1,305,970
			4,258,956
	Education Services 1.0%
10,000	Apollo Group, Inc., Class A*		605,800
	Electrical Components & Equipment 1.1%
668,835	Wasion Group Holdings Ltd. (China)		694,324
	Electronic Equipment & Instruments 1.0%
33,900	Rotork plc (United Kingdom)		647,765
	Health Care Distributors 1.1%
29,000	PSS World Medical, Inc.*		654,530
	Health Care Equipment 7.8%
15,450	Abaxis, Inc.*		394,748
130,414	Cardica, Inc.*		151,280
143,000	Cardica, Inc. PIPE* +		165,880
30,000	Cyberonics, Inc.*		613,200
24,005	DiaSorin S.p.A (Italy)		853,126
27,875	Invacare Corp.		695,203
4,235,440	LMA International N.V.* (Singapore)		566,524
21,635	NuVasive, Inc.*		691,887
20,000	St. Jude Medical, Inc.*		735,600
			4,867,448
	Health Care Facilities 2.0%
674,000	Raffles Medical Group Ltd. (Singapore)		693,286
21,000	VCA Antech, Inc.*		523,320
			1,216,606
	Health Care Services 6.3%
17,325	Bio-Reference Laboratories, Inc.*		678,967
20,987	CorVel Corp.*		703,904
7,800	Express Scripts, Inc.*		674,310
38,000	Healthways, Inc.*		696,920
18,865	MEDNAX, Inc.*		1,133,975
			3,888,076
	Health Care Supplies 2.9%
86,158	Abcam plc (United Kingdom)		1,322,779
149,240	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (China)		497,375
			1,820,154
	Health Care Technology 2.4%
7,675	Cerner Corp.*		632,727
199,100	RaySearch Laboratories AB* (Sweden)		822,521
			1,455,248
	Home Entertainment Software 1.0%
11,900	Shanda Interactive Entertainment Ltd. ADR* (China)		626,059
	Industrial Machinery 2.5%
1,068,345	China Automation Group Ltd. (China)		875,642
62,500	Weg S.A. (Brazil)		660,540
			1,536,182
	Integrated Telecommunication Services 0.9%
37,000	Cbeyond, Inc.*		582,750
	Internet Software & Services 4.0%
52,000	Akamai Technologies, Inc.*		1,317,160
26,905	DealerTrack Holdings, Inc.*		505,545
1,030	Google, Inc., Class A*		638,579
6,528	Xtera* *** +		2,220
			2,463,504

WASATCH GLOBAL SCIENCE & TECHNOLOGY FUND (WAGTX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	IT Consulting & Other Services 4.4%
34,300	Cognizant Technology Solutions Corp., Class A*	$	1,553,790
13,410	Infosys Technologies Ltd. (India)		747,368
16,015	NCI, Inc., Class A*		442,815
			2,743,973
	Life Sciences Tools & Services 5.4%
10,590	Covance, Inc.*		577,896
141	EPS Co. Ltd. (Japan)		553,118
8,800	Eurofins Scientific (France)		479,410
25,730	ICON plc ADR* (Ireland)		559,113
27,000	Pharmaceutical Product Development, Inc.		632,880
7,730	Techne Corp.		529,969
			3,332,386
	Managed Health Care 1.2%
20,495	OdontoPrev S.A. (Brazil)		753,288
	Oil & Gas Equipment & Services 2.4%
55,510	Pason Systems, Inc. (Canada)		618,341
47,750	TGS-NOPEC Geophysical Co. ASA* (Norway)		862,458
			1,480,799
	Other Diversified Financial Services 1.2%
90,600	CETIP S.A. (Brazil)		741,557
	Pharmaceuticals 3.3%
89,500	Dechra Pharmaceuticals plc (United Kingdom)		709,466
63,000	Meda AB (Sweden)		565,829
13,250	Teva Pharmaceutical Industries Ltd. ADR (Israel)		744,385
			2,019,680
	Semiconductor Equipment 0.5%
14,503	Tessera Technologies, Inc.*		337,485
	Semiconductors 13.2%
27,400	Altera Corp.		620,062
13,880	Hittite Microwave Corp.*		565,610
18,140	Linear Technology Corp.		553,996
60,134	Melexis N.V.* (Belgium)		585,576
57,815	Micrel, Inc.		474,083
22,525	Microchip Technology, Inc.		654,576
13,731	Netlogic Microsystems, Inc.*		635,196
161,879	O2Micro International Ltd. ADR* (China)		846,627
56,750	Pericom Semiconductor Corp.*		654,328
25,968	Power Integrations, Inc.		944,196
14,505	Silicon Laboratories, Inc.*		701,172
83,420	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		954,325
			8,189,747
	Systems Software 4.9%
15,170	BMC Software, Inc.*		608,317
380,000	GuestLogix, Inc.* (Canada)		330,640
40,900	NetSuite, Inc.*		653,582
79,235	Opnet Technologies, Inc.		965,875
19,675	Oracle Corp.		482,824
			3,041,238
	Total Common Stocks (cost $46,455,750)		55,582,059
	PREFERRED STOCKS 1.3%
	Computer Storage & Peripherals 1.3%
78,502	BlueArc Corp., Series DD Pfd.* *** +		287,318
138,725	BlueArc Corp., Series FF Pfd.* *** +		534,091
			821,409
	Internet Software & Services 0.0%
30,265	Incipient, Inc., Series D Pfd.* *** +		—
	Total Preferred Stocks (cost $1,092,283)		821,409
	EXCHANGE TRADED FUNDS 0.6%
	Asset Management & Custody Banks 0.6%
45,220	Direxionshares Technology Bear 3X Shares		395,227
	Total Exchange Traded Funds (cost $706,130)		395,227
	LIMITED PARTNERSHIP INTEREST 0.6%
	Other 0.6%
	Montagu Newhall Global Partners II-B, L.P.*** +		369,624
	Total Limited Partnership Interest (cost $414,387)		369,624
	WARRANTS 0.0%
	Computer Storage & Peripherals 0.0%
1	BlueArc Corp., expiring 4/2/18* *** +		—
	Health Care Equipment 0.0%
71,500	Cardica, Inc., expiring 9/29/14* *** +		8,937
	Total Warrants (cost $8,937)		8,937

WASATCH GLOBAL SCIENCE & TECHNOLOGY FUND (WAGTX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal Amount		Value
	SHORT-TERM INVESTMENTS 6.4%
	Repurchase Agreement 6.4%
$3,950,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $4,060,000 of United States Treasury Notes 3.25% due 12/31/16; value: $4,029,550; repurchase proceeds: $3,950,002 +++ (cost $3,950,000)	$	3,950,000
	Total Short-Term Investments (cost $3,950,000)		3,950,000
	Total Investments (cost $52,627,487) 98.6%^^		61,127,256
	Other Assets less Liabilities 1.4%		881,910
	NET ASSETS 100.0%	$	62,009,166
	*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 future commitments (see Note 6). ^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 25.41%. ADR American Depositary Receipt. PIPE Private Investment in a Public Equity. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Global Science & Technology Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Belgium	1.0
Brazil	5.9
Canada	1.6
China	8.3
Denmark	1.0
France	2.0
Germany	2.3
India	1.3
Ireland	1.0
Israel	1.3
Italy	1.5
Japan	1.0
Norway	1.5
Singapore	3.1
Sweden	2.4
Taiwan	1.7
United Kingdom	4.7
United States	58.4
Total	100.0	%

WASATCH HERITAGE GROWTH FUND (WAHGX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 95.8%
	Aerospace & Defense 2.9%
12,085	L-3 Communications Holdings, Inc.	$	1,050,791
26,350	TransDigm Group, Inc.		1,251,361
			2,302,152
	Air Freight & Logistics 3.0%
20,760	C.H. Robinson Worldwide, Inc.		1,219,235
33,665	Expeditors International of Washington, Inc.		1,169,185
			2,388,420
	Apparel Retail 3.1%
119,721	Esprit Holdings Ltd. (Hong Kong)		794,309
38,775	Ross Stores, Inc.		1,656,080
			2,450,389
	Asset Management & Custody Banks 2.6%
42,735	SEI Investments Co.		748,717
24,635	T. Rowe Price Group, Inc.		1,311,814
			2,060,531
	Automotive Retail 1.0%
19,958	O’Reilly Automotive, Inc.*		760,799
	Communications Equipment 2.1%
30,805	F5 Networks, Inc.*		1,632,049
	Data Processing & Outsourced Services 11.4%
21,990	Alliance Data Systems Corp.*		1,420,334
61,305	Fidelity National Information Services, Inc.		1,436,989
8,155	Mastercard, Inc., Class A		2,087,517
36,525	Paychex, Inc.		1,119,126
171,830	Redecard S.A. (Brazil)		2,862,189
			8,926,155
	Diversified Metals & Mining 2.2%
16,580	BHP Billiton plc ADR (United Kingdom)		1,058,633
2,984	Rio Tinto plc ADR (United Kingdom)		642,724
			1,701,357
	Diversified Support Services 3.3%
70,075	Copart, Inc.*		2,566,847
	Education Services 4.1%
52,955	Apollo Group, Inc., Class A*		3,208,014
	Electronic Components 2.7%
46,455	Amphenol Corp., Class A		2,145,292
	Health Care Equipment 3.3%
69,455	St. Jude Medical, Inc.*		2,554,555
	Health Care Services 3.2%
28,960	Express Scripts, Inc.*		2,503,592
	Investment Banking & Brokerage 1.3%
52,800	TD Ameritrade Holding Corp.*		1,023,264
	IT Consulting & Other Services 3.7%
63,210	Cognizant Technology Solutions Corp., Class A*		2,863,413
	Life Sciences Tools & Services 2.4%
34,475	Covance, Inc.*		1,881,301
	Mortgage REITs 1.5%
67,559	Annaly Capital Management, Inc.		1,172,149
	Multi-Line Insurance 1.3%
37,205	HCC Insurance Holdings, Inc.		1,040,624
	Oil & Gas Equipment & Services 1.4%
25,975	Cameron International Corp.*		1,085,755
	Oil & Gas Exploration & Production 4.5%
53,295	Petrohawk Energy Corp.*		1,278,547
45,475	Ultra Petroleum Corp.*		2,267,383
			3,545,930
	Personal Products 1.5%
29,125	Herbalife Ltd.		1,181,601
	Pharmaceuticals 1.9%
27,120	Teva Pharmaceutical Industries Ltd. ADR (Israel)		1,523,601
	Restaurants 2.2%
56,315	Tim Hortons, Inc.		1,718,171
	Semiconductors 10.3%
146,435	Altera Corp.		3,313,824
53,335	Linear Technology Corp.		1,628,851
43,450	Maxim Integrated Products, Inc.		882,035
28,345	Microchip Technology, Inc.		823,706
126,957	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		1,452,388
			8,100,804
	Specialized Finance 4.0%
112,300	BM&F BOVESPA S.A. (Brazil)		790,164
10,443	IntercontinentalExchange, Inc.*		1,172,749
36,135	MSCI, Inc., Class A*		1,149,093
			3,112,006
	Specialty Chemicals 1.3%
22,893	Ecolab, Inc.		1,020,570

WASATCH HERITAGE GROWTH FUND (WAHGX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Specialty Stores 1.0%
31,455	Staples, Inc.	$	773,478
	Systems Software 2.8%
55,290	BMC Software, Inc.*		2,217,129
	Thrifts & Mortgage Finance 3.2%
13,025	Housing Development Finance Corp. Ltd. (India)		748,624
123,430	New York Community Bancorp, Inc.		1,790,969
			2,539,593
	Trading Companies & Distributors 2.7%
29,670	Fastenal Co.		1,235,459
18,265	MSC Industrial Direct Co., Inc., Class A		858,455
			2,093,914
	Trucking 1.1%
26,605	J.B. Hunt Transport Services, Inc.		858,543
	Wireless Telecommunication Services 2.8%
65,485	NII Holdings, Inc.*		2,198,986
	Total Common Stocks (cost $64,924,410)		75,150,984
Principal Amount		Value
	SHORT-TERM INVESTMENTS 4.2%
	Repurchase Agreement 4.2%
$3,312,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $3,405,000 of United States Treasury Notes 3.25% due 12/31/16; value: $3,379,463; repurchase proceeds: $3,312,002 (cost $3,312,000)	$	3,312,000
	Total Short-Term Investments (cost $3,312,000)		3,312,000
	Total Investments (cost $68,236,410) 100.0%^^		78,462,984
	Liabilities less Other Assets (<0.1)%		(26,789	)
	NET ASSETS 100.0%	$	78,436,195
	*Non-income producing. ^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 1.97%. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Heritage Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Brazil	4.9
Hong Kong	1.0
India	1.0
Israel	2.0
Taiwan	1.9
United Kingdom	2.3
United States	86.9
Total	100.0	%

WASATCH HERITAGE VALUE FUND (WAHVX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 89.1%
	Aerospace & Defense 2.1%
1,600	Raytheon Co.	$	82,432
	Agricultural Products 5.9%
1,600	Bunge Ltd.		102,128
116,000	Chaoda Modern Agriculture Holdings Ltd. (China)		123,778
			225,906
	Apparel, Accessories & Luxury Goods 3.1%
4,800	Gildan Activewear, Inc.* (Canada)		117,024
	Biotechnology 4.3%
1,400	Cephalon, Inc.* +++		87,374
3,000	Myriad Genetics, Inc.*		78,300
			165,674
	Construction & Engineering 2.0%
2,800	Aecom Technology Corp.*		77,000
	Data Processing & Outsourced Services 7.8%
9,800	Cielo S.A. (Brazil)		86,348
3,900	Fidelity National Information Services, Inc.		91,416
1,400	Visa, Inc., Class A		122,444
			300,208
	Diversified Support Services 1.9%
2,000	Copart, Inc.*		73,260
	Health Care Equipment 3.5%
2,800	Covidien plc		134,092
	Heavy Electrical Equipment 2.5%
5,000	ABB Ltd. ADR* +++ (Switzerland)		95,500
	Home Improvement Retail 2.9%
1,800	Sherwin-Williams Co. (The)		110,970
	Industrial Machinery 2.3%
8,200	Weg S.A. (Brazil)		86,663
	Internet Software & Services 5.4%
4,900	Akamai Technologies, Inc.*		124,117
2,000	Open Text Corp.* (Canada)		81,300
			205,417
	Life Sciences Tools & Services 2.3%
3,700	Pharmaceutical Product Development, Inc.		86,728
	Managed Health Care 1.9%
2,400	UnitedHealth Group, Inc.+++		73,152
	Oil & Gas Drilling 5.0%
2,500	Fred Olsen Energy ASA (Norway)		95,744
2,400	Noble Corp.		97,680
			193,424
	Oil & Gas Exploration & Production 2.6%
5,200	ARC Energy Trust** (Canada)		99,142
	Oil & Gas Storage & Transportation 2.9%
5,500	Spectra Energy Corp.		112,805
	Packaged Foods & Meats 2.5%
1,600	Ralcorp Holdings, Inc.*		95,536
	Paper Packaging 3.0%
3,900	Sonoco Products Co.		114,075
	Pharmaceuticals 8.3%
5,200	Mylan, Inc.*		95,836
2,700	Perrigo Co.		107,568
6,400	Pfizer, Inc.		116,416
			319,820
	Property & Casualty Insurance 4.4%
3,300	Allstate Corp. (The)		99,132
6,800	Old Republic International Corp.		68,272
			167,404
	Specialized Finance 2.0%
3,900	NASDAQ OMX Group, Inc. (The)*		77,298
	Specialty Chemicals 2.8%
5,300	RPM International, Inc.		107,749
	Steel 2.7%
2,200	Nucor Corp.+++		102,630
	Water Utilities 3.1%
5,300	American Water Works Co., Inc.		118,773
	Wireless Telecommunication Services 1.9%
1,600	China Mobile Ltd. ADR (China)		74,288
	Total Common Stocks (cost $2,842,485)		3,416,970

WASATCH HERITAGE VALUE FUND (WAHVX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	PREFERRED STOCKS 2.7%
	Regional Banks 2.7%
5,000	Fifth Third Capital Trust VI, 7.25%, 11/15/67 Pfd.* ^^^	$	101,950
	Total Preferred Stocks (cost $71,300)		101,950
Principal Amount		Value
	SHORT-TERM INVESTMENTS 9.2%
	Repurchase Agreement 9.2%
$354,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $365,000 of United States Treasury Notes 3.25% due 12/31/16; value: $362,263; repurchase proceeds: $354,000+++ (cost $354,000)	$	354,000
	Total Short-Term Investments (cost $354,000)		354,000
	Total Investments (cost $3,267,785) 101.0%^^		3,872,920
	Liabilities less Other Assets (1.0)%		(36,524	)
	NET ASSETS 100.0%	$	3,836,396
Number of Contracts		Value
	CALL OPTIONS WRITTEN 0.3%
	Biotechnology 0.1%
14	Cephalon, Inc., expiring 1/16/10, exercise price $60	$	4,760
	Managed Health Care 0.1%
24	UnitedHealth Group, Inc., expiring 1/16/10, exercise price $31		1,560
	Steel 0.1%
22	Nucor Corp., expiring 1/16/10, exercise price $46		3,388
	Total Call Options Written (premium $6,500)		9,708
Contracts		Net Unrealized (Depreciation)
	FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS SHORT 0.1%
300,000 BRL	USD, settlement date 3/16/10, (cost $168,729 value $169,883)	$	(1,154	)
104,000 CAD	USD, settlement date 3/16/10, (cost $98,187 value $99,439)		(1,252	)
535,000 NOK	USD, settlement date 3/17/10, (cost $91,469 value $92,103)		(634	)
	Total Forward Foreign Currency Exchange Contracts (cost $358,385 value $361,425)		(3,040	)
	*Non-income producing. **Common units. +++All or a portion of this security has been designated as collateral for call options written and forward foreign currency contracts (see Note 2). ^^The aggregate amount of foreign securities and fair valued pursuant to a systematic fair valuation model as a percent of net assets was 5.72%. ^^^Variable Rate Securities ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Heritage Value Fund’s investments, excluding short-term investments, written options, and forward foreign currrency exchange contracts, were in the following countries:

COUNTRY	%
Brazil	4.9
Canada	8.5
China	5.6
Norway	2.7
Switzerland	2.7
United States	75.6
Total	100.0	%

WASATCH INTERNATIONAL GROWTH FUND (WAIGX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 96.7%
	Aerospace & Defense 3.2%
41,850	Chemring Group plc (United Kingdom)	$	1,975,466
141,230	Kongsberg Gruppen ASA (Norway)		2,150,689
81,700	Ultra Electronics Holdings plc (United Kingdom)		1,805,899
			5,932,054
	Agricultural Products 2.2%
2,687,340	Chaoda Modern Agriculture Holdings Ltd. (China)		2,867,544
1,319,280	China Green Holdings Ltd. (China)		1,251,030
			4,118,574
	Aluminum 1.2%
3,500,000	Midas Holdings Ltd. (Singapore)		2,277,677
	Apparel Retail 0.8%
25,054	Point, Inc. (Japan)		1,399,889
	Apparel, Accessories & Luxury Goods 6.3%
1,378,199	Anta Sports Products Ltd. (China)		2,046,545
2,648,515	China Dongxiang Group Co. (China)		2,046,965
543,655	Li Ning Co. Ltd. (China)		2,061,437
1,252,595	Ports Design Ltd. (China)		3,878,059
197,495	Ted Baker plc (United Kingdom)		1,613,740
			11,646,746
	Application Software 2.0%
20,152	SimCorp A/S (Denmark)		3,779,505
	Asset Management & Custody Banks 0.7%
10,430	Partners Group Holding AG (Switzerland)		1,315,077
	Brewers 0.8%
124,400	Anadolu Efes Biracilik ve Malt Sanayii AS (Turkey)		1,389,412
	Coal & Consumable Fuels 0.8%
855,385	PT Tambang Batubara Bukit Asam Tbk (Indonesia)		1,557,560
	Construction & Farm Machinery & Heavy Trucks 0.5%
25,904	Demag Cranes AG (Germany)		861,657
	Construction Materials 3.8%
719,900	Corp Moctezuma S.A.B de C.V. (Mexico)		1,650,894
1,687,000	PT Indocement Tunggal Prakarsa Tbk (Indonesia)		2,438,624
3,816,435	PT Semen Gresik (Persero) Tbk (Indonesia)		3,039,688
			7,129,206
	Consumer Finance 0.7%
243,300	Banco Compartamos S.A. de C.V. (Mexico)		1,255,742
	Data Processing & Outsourced Services 3.0%
407,798	Wirecard AG (Germany)		5,638,665
	Department Stores 0.6%
2,640,400	PCD Stores Ltd.* (China)		1,025,048
	Diversified Banks 3.7%
425,090	Allahabad Bank Ltd. (India)		1,143,706
102,671	Axis Bank Ltd. (India)		2,165,968
117,875	Bank of Baroda (India)		1,280,028
390,679	Bank of N.T. Butterfield & Son Ltd. (Bermuda)		1,523,648
85,000	Commercial International Bank (Egypt)		842,676
			6,956,026
	Diversified Metals & Mining 1.6%
57,870	Hindustan Zinc Ltd. (India)		1,500,808
23,320	Inmet Mining Corp. (Canada)		1,422,144
			2,922,952
	Drug Retail 0.4%
37,820	Create SD Holdings Co. Ltd. (Japan)		721,873
	Electrical Components & Equipment 1.1%
1,926,985	Wasion Group Holdings Ltd. (China)		2,000,422
	Electronic Equipment & Instruments 1.9%
190,214	Rotork plc (United Kingdom)		3,634,629
	Environmental & Facilities Services 1.4%
268,245	Connaught plc (United Kingdom)		1,536,154
55,045	Daiseki Co. Ltd. (Japan)		1,110,133
			2,646,287
	Food Retail 3.3%
42,845	BIM Birlesik Magazalar AS (Turkey)		1,992,434
31,530	Magnit Co.*** (Russia)		2,248,720
210,450	Shoprite Holdings Ltd. (South Africa)		1,850,282
			6,091,436
	Gold 1.3%
119,500	Kingsgate Consolidated Ltd. (Australia)		985,267
92,170	Petropavlovsk plc* (United Kingdom)		1,510,912
			2,496,179
	Health Care Equipment 4.3%
138,888	DiaSorin S.p.A (Italy)		4,936,010
59,250	Mindray Medical International Ltd. ADR (China)		2,009,760
28,320	STRATEC Biomedical Systems AG (Germany)		1,074,038
			8,019,808

WASATCH INTERNATIONAL GROWTH FUND (WAIGX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Health Care Services 0.2%
35,300	Fleury S.A.* (Brazil)	$	372,870
	Health Care Supplies 3.3%
339,280	Abcam plc (United Kingdom)		5,208,947
258,815	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (China)		862,558
			6,071,505
	Health Care Technology 1.2%
558,244	RaySearch Laboratories AB* (Sweden)		2,306,215
	Home Entertainment Software 1.0%
35,330	Shanda Interactive Entertainment Ltd. ADR* (China)		1,858,711
	Industrial Machinery 5.1%
123,890	AIA Engineering Ltd. (India)		991,151
31,490	Andritz AG (Austria)		1,815,435
9,963	Burckhardt Compression Holding AG (Switzerland)		1,768,607
35,325	Konecranes Oyj (Finland)		964,203
70,125	Thermax India Ltd. (India)		908,157
289,800	Weg S.A. (Brazil)		3,062,792
			9,510,345
	Internet Retail 2.0%
322,855	ASOS plc* (United Kingdom)		2,536,400
610	START TODAY Co. Ltd. (Japan)		1,116,219
			3,652,619
	Internet Software & Services 2.3%
460	Gourmet Navigator, Inc. (Japan)		983,784
193,000	Net Entertainment NE AB* (Sweden)		1,641,639
10,415	NHN Corp.* (Korea)		1,721,369
			4,346,792
	Life Sciences Tools & Services 2.5%
405	EPS Co. Ltd. (Japan)		1,588,744
27,609	Eurofins Scientific (France)		1,504,094
61,605	MorphoSys AG* (Germany)		1,500,680
			4,593,518
	Oil & Gas Equipment & Services 4.3%
105,195	Pason Systems, Inc. (Canada)		1,171,795
138,125	Petrofac Ltd. (United Kingdom)		2,312,207
37,385	Schoeller-Bleckmann Oilfield Equipment AG (Austria)		1,785,613
154,785	TGS-NOPEC Geophysical Co. ASA* (Norway)		2,795,719
			8,065,334
	Oil & Gas Exploration & Production 4.3%
1,070,075	Afren plc* (United Kingdom)		1,464,935
214,045	Dragon Oil plc* (Ireland)		1,335,898
171,555	Gran Tierra Energy, Inc.*		983,010
250,442	JKX Oil and Gas plc (United Kingdom)		1,141,626
96,149	Premier Oil plc* (United Kingdom)		1,708,109
2,290	Total Gabon (Gabon)		858,187
61,565	Zhaikmunai L.P. GDR* (Kazakhstan)		523,302
			8,015,067
	Other Diversified Financial Services 1.5%
345,900	CETIP S.A. (Brazil)		2,831,175
	Packaged Foods & Meats 0.4%
24,776	Unicharm PetCare Corp. (Japan)		756,776
	Personal Products 3.2%
191,970	Natura Cosmeticos S.A. (Brazil)		4,003,694
31,655	Oriflame Cosmetics S.A. (Sweden)		1,887,362
			5,891,056
	Pharmaceuticals 1.3%
201,239	Dechra Pharmaceuticals plc (United Kingdom)		1,595,220
97,235	Meda AB (Sweden)		873,308
			2,468,528
	Precious Metals & Minerals 0.9%
251,645	Northam Platinum Ltd. (South Africa)		1,629,245
	Regional Banks 0.6%
595	Seven Bank Ltd. (Japan)		1,187,830
	Research & Consulting Services 2.6%
98,540	Campbell Brothers Ltd. (Australia)		2,656,133
386	Nihon M&A Center, Inc. (Japan)		1,431,600
29,305	Stantec, Inc.* (Canada)		851,816
			4,939,549
	Semiconductors 0.6%
122,224	Melexis N.V.* (Belgium)		1,190,200
	Specialized Finance 7.7%
544,355	BM&F BOVESPA S.A. (Brazil)		3,830,183
82,950	IMAREX ASA* (Norway)		816,725
490,550	Infrastructure Development Finance Co. Ltd. (India)		1,625,154
128,845	JSE Ltd. (South Africa)		1,050,292
780	Osaka Securities Exchange Co. Ltd. (Japan)		3,717,878
302,035	Rural Electrification Corp. Ltd. (India)		1,584,890
296,000	Singapore Exchange Ltd. (Singapore)		1,742,899
			14,368,021

WASATCH INTERNATIONAL GROWTH FUND (WAIGX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Systems Software 1.8%
204,440	F-Secure Oyj (Finland)	$	800,649
5,597	Simplex Technology, Inc. (Japan)		2,578,767
			3,379,416
	Thrifts & Mortgage Finance 3.4%
378,755	Dewan Housing Finance Corp. (India)		1,521,486
50,555	Home Capital Group, Inc. (Canada)		2,022,973
157,000	LIC Housing Finance Ltd. (India)		2,759,255
			6,303,714
	Wireless Telecommunication Services 0.9%
38,800	Egyptian Co. for Mobile Services (Egypt)		1,702,432
	Total Common Stocks (cost $141,744,177)		180,257,342
	PREFERRED STOCKS 1.3%
	Diversified Banks 0.6%
132,100	Banco do Estado do Rio Grande do Sul S.A., Series B Pfd (Brazil)		1,115,376
	Regional Banks 0.7%
251,125	Banco Daycoval S.A. Pfd. (Brazil)		1,410,685
	Total Preferred Stocks (cost $2,900,058)		2,526,061
Principal Amount		Value
	SHORT-TERM INVESTMENTS 1.7%
	Repurchase Agreement 1.7%
$3,187,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $3,280,000 of United States Treasury Notes 3.25% due 12/31/16; value: $3,255,400; repurchase proceeds: $3,187,002 (cost $3,187,000)	$	3,187,000
	Total Short-Term Investments (cost $3,187,000)		3,187,000
	Total Investments (cost $147,831,235) 99.7%^^		185,970,403
	Other Assets less Liabilities 0.3%		481,586
	NET ASSETS 100.0%	$	186,451,989
	*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). ^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 79.17%. ADR American Depositary Receipt. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch International Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia	2.0
Austria	2.0
Belgium	0.6
Bermuda	0.8
Brazil	9.1
Canada	3.0
China	12.0
Denmark	2.1
Egypt	1.4
Finland	1.0
France	0.8
Gabon	0.5
Germany	5.0
India	8.5
Indonesia	3.8
Ireland	0.7
Italy	2.7
Japan	9.1
Kazakhstan	0.3
Korea	0.9
Mexico	1.6
Norway	3.1
Russia	1.2
Singapore	2.2
South Africa	2.5
Sweden	3.7
Switzerland	1.7
Turkey	1.9
United Kingdom	15.3
United States	0.5
Total	100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 91.4%
	Advertising 0.9%
13,580	1000mercis* (France)	$	566,547
13,590	Tri-Stage, Inc.* (Japan)		427,994
			994,541
	Aerospace & Defense 0.6%
15,165	Chemring Group plc (United Kingdom)		715,841
	Agricultural Products 1.7%
1,045,000	Chaoda Modern Agriculture Holdings Ltd. (China)		1,115,074
874,430	China Green Holdings Ltd. (China)		829,193
			1,944,267
	Air Freight & Logistics 2.9%
5,050,281	Aramex PJSC* (United Arab Emirates)		2,158,309
1,455,183	Goodpack Ltd. (Singapore)		1,168,662
			3,326,971
	Aluminum 1.3%
2,231,960	Midas Holdings Ltd. (Singapore)		1,452,481
	Apparel, Accessories & Luxury Goods 6.3%
748,836	Anta Sports Products Ltd. (China)		1,111,978
4,150	Bijou Brigitte AG (Germany)		699,142
700,000	China Dongxiang Group Co. (China)		541,011
15,110	Gerry Weber International AG (Germany)		487,023
20,000	LG Fashion Corp.* (Korea)		542,951
1,098,145	Lilang China Co. Ltd.* (Hong Kong)		763,407
12,704	Odd Molly International AB (Sweden)		256,139
488,503	Ports Design Ltd. (China)		1,512,415
134,865	Ted Baker plc (United Kingdom)		1,101,988
409,735	Xtep International Holdings Ltd. (China)		230,322
			7,246,376
	Application Software 3.0%
29,040	Computer Modelling Group Ltd. (Canada)		417,614
76,320	ICSA Ltd. (India)		296,809
3,321,000	Kingdee International Software Group Co. Ltd. (China)		739,549
8,935	Longtop Financial Technologies Ltd. ADR* (China)		330,774
175	MTI Ltd. (Japan)		330,814
7,000	SimCorp A/S (Denmark)		1,312,849
			3,428,409
	Asset Management & Custody Banks 0.5%
28,680	Tata Investment Corp. Ltd. (India)		293,902
50,314	Treasury Group Ltd. (Australia)		240,510
			534,412
	Auto Parts & Equipment 0.0%
2,500,000	Norstar Founders Group Ltd.* *** (Hong Kong)		58,845
	Biotechnology 1.5%
34,845	China Nuokang Bio-Pharmaceutical, Inc. ADR* (China)		273,533
4,448,940	Sino Biopharmaceutical Ltd. (China)		1,417,634
			1,691,167
	Commodity Chemicals 0.3%
43,810	Tokai Carbon Korea Co. Ltd.* (Korea)		336,667
	Communications Equipment 0.3%
387,000	Sepura Ltd. (United Kingdom)		288,764
	Construction & Engineering 2.9%
62,100	Aecon Group, Inc. (Canada)		890,663
70,512	Heerim Architects & Planners* (Korea)		664,529
174,300	Lycopodium Ltd. (Australia)		473,998
20,820	Outotec Oyj (Finland)		734,036
772,000	Rotary Engineering Ltd. (Singapore)		571,897
			3,335,123
	Construction & Farm Machinery & Heavy Trucks 0.9%
12,380	Faiveley S.A. (France)		985,390
	Construction Materials 0.1%
6,086	Ceramic Industries Ltd. (South Africa)		86,435
	Consumer Finance 1.1%
235,235	Banco Compartamos S.A. de C.V. (Mexico)		1,214,116
	Data Processing & Outsourced Services 3.3%
80	GMO Payment Gateway, Inc. (Japan)		104,222
946	SBI VeriTrans Co. Ltd. (Japan)		499,010
229,790	Wirecard AG (Germany)		3,177,330
			3,780,562
	Department Stores 0.4%
1,296,900	PCD Stores Ltd.* (China)		503,478
	Diversified Banks 1.4%
370,294	Allahabad Bank Ltd. (India)		996,277
69,865	Corporation Bank (India)		628,492
			1,624,769
	Diversified Metals & Mining 0.2%
1,521,540	Merafe Resource Ltd.* (South Africa)		287,394
	Diversified Support Services 0.2%
185	Prestige International, Inc. (Japan)		276,358
	Drug Retail 0.9%
53,055	Create SD Holdings Co. Ltd. (Japan)		1,012,664

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Education Services 1.4%
98,040	China Education Alliance, Inc.*	$	604,907
4,765	MegaStudy Co. Ltd.* (Korea)		979,525
1,040,150	Oriental Century Ltd.* *** (China)		7,404
			1,591,836
	Electrical Components & Equipment 4.3%
49,320	Harbin Electric, Inc.*		1,013,033
38,000	Voltamp Transformers Ltd. (India)		742,868
1,582,157	Wasion Group Holdings Ltd. (China)		1,642,452
777,000	Zhuzhou CSR Times Electric Co. Ltd., Series H (China)		1,585,555
			4,983,908
	Electronic Equipment & Instruments 0.2%
11,000	Smartrac N.V.* (Netherlands)		237,447
	Electronic Manufacturing Services 0.3%
346,000	Ju Teng International Holdings Ltd. (China)		345,038
	Environmental & Facilities Services 0.4%
22,400	Daiseki Co. Ltd. (Japan)		451,757
	Food Retail 1.8%
1,496,397	BreadTalk Group Ltd. (Singapore)		711,689
29,695	Daikokutenbussan Co. Ltd. (Japan)		817,749
78,450	QKL Stores, Inc.*		525,615
			2,055,053
	Footwear 1.7%
9,726,395	China Hongxing Sports Ltd. (China)		1,297,820
784,935	Daphne International Holdings Ltd. (China)		630,368
			1,928,188
	Health Care Equipment 2.7%
12,674	Audika S.A. (France)		402,667
39,671	DiaSorin S.p.A (Italy)		1,409,887
8,762	Infopia Co. Ltd.* (Korea)		106,316
1,546,660	LMA International N.V.* (Singapore)		206,878
13,280	Mindray Medical International Ltd. ADR (China)		450,458
2,900	Nakanishi, Inc. (Japan)		231,602
8,090	STRATEC Biomedical Systems AG (Germany)		306,814
			3,114,622
	Health Care Facilities 1.3%
61,740	CVS Group plc* (United Kingdom)		176,844
1,298,670	Raffles Medical Group Ltd. (Singapore)		1,335,831
			1,512,675
	Health Care Services 0.3%
28,400	Fleury S.A.* (Brazil)		299,986
	Health Care Supplies 1.2%
79,620	Abcam plc (United Kingdom)		1,222,401
62,000	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (China)		206,629
			1,429,030
	Health Care Technology 1.1%
90	M3, Inc. (Japan)		272,221
253,230	RaySearch Laboratories AB* (Sweden)		1,046,142
			1,318,363
	Home Entertainment Software 0.7%
205	GameOn Co. Ltd. (Japan)		162,232
29,540	Hudson Soft Co. Ltd. (Japan)		156,286
11,055	Perfect World Co. Ltd., Class B* ADR (China)		436,009
			754,527
	Home Improvement Retail 0.5%
56,895	Cashbuild Ltd. (South Africa)		575,632
	Human Resource & Employment Services 0.1%
107	Benefit One, Inc. (Japan)		84,218
	Industrial Gases 0.2%
74,950	African Oxygen Ltd. (South Africa)		222,628
	Industrial Machinery 4.5%
23,385	AIA Engineering Ltd. (India)		187,086
5,955	Burckhardt Compression Holding AG (Switzerland)		1,057,117
3,076,395	China Automation Group Ltd. (China)		2,521,490
111,760	China Valves Technology, Inc.*		1,032,662
6,500	Taewoong Co. Ltd.* (Korea)		417,788
			5,216,143
	Internet Retail 2.2%
222,485	ASOS plc* (United Kingdom)		1,747,877
431	START TODAY Co. Ltd. (Japan)		788,673
			2,536,550
	Internet Software & Services 1.2%
20,200	Daum Communications Corp.* (Korea)		1,216,216
290,500	Vendtek Systems, Inc.* *** (Canada)		213,878
			1,430,094
	Investment Banking & Brokerage 0.2%
173	GCA Savvian Group Corp. (Japan)		183,847

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	IT Consulting & Other Services 2.6%
11,850	Alten* (France)	$	329,427
89,575	China Information Security Technology, Inc.*		551,782
350,000	CSE Global Ltd. (Singapore)		214,675
565	Future Architect, Inc. (Japan)		224,484
43,085	MindTree Ltd. (India)		639,143
75,000	Rolta India Ltd. (India)		313,488
77,640	Yucheng Technologies Ltd.* (China)		662,269
			2,935,268
	Life Sciences Tools & Services 3.6%
2,514	CMIC Co. Ltd. (Japan)		489,354
427	EPS Co. Ltd. (Japan)		1,675,046
7,600	Eurofins Scientific (France)		414,036
18,965	ICON plc ADR* (Ireland)		412,109
58,611	LINICAL Co. Ltd. (Japan)		394,875
30,720	MorphoSys AG* (Germany)		748,330
			4,133,750
	Managed Health Care 0.8%
23,600	OdontoPrev S.A. (Brazil)		867,412
	Oil & Gas Drilling 0.5%
80,260	Phoenix Technology Income Fund** (Canada)		631,582
	Oil & Gas Equipment & Services 1.7%
1,750,750	Anton Oilfield Services Group (China)		187,903
141,425	Lamprell plc (United Arab Emirates)		419,323
78,710	Pason Systems, Inc. (Canada)		876,772
75,000	Total Energy Services, Inc. (Canada)		498,399
			1,982,397
	Oil & Gas Exploration & Production 3.9%
635,865	Afren plc* (United Kingdom)		870,501
129,170	Dragon Oil plc* (Ireland)		806,176
112,972	Gran Tierra Energy, Inc.*		647,329
42,000	Ithaca Energy, Inc.* (Canada)		59,033
97,125	JKX Oil and Gas plc (United Kingdom)		442,739
48,320	Premier Oil plc* (United Kingdom)		858,416
88,490	Zhaikmunai L.P. GDR* (Kazakhstan)		752,165
			4,436,359
	Other Diversified Financial Services 0.4%
56,900	CETIP S.A. (Brazil)		465,724
	Packaged Foods & Meats 1.7%
1,807,765	Agthia Group PJSC* (United Arab Emirates)		904,939
67,500	Zhongpin, Inc.*		1,053,675
			1,958,614
	Personal Products 1.1%
42,190	Atrium Innovations, Inc.* (Canada)		635,765
1,200,000	Beauty China Holdings Ltd.* *** (Singapore)		8,542
17,205	Proctor & Gamble Hygiene and Healthcare Ltd. (India)		642,944
			1,287,251
	Pharmaceuticals 2.3%
206,000	China Shineway Pharmaceutical Group Ltd. (China)		384,542
21,000	CKD Bio Corp.* (Korea)		298,704
8,560	Daewoong Pharmaceutical Co. Ltd. (Korea)		369,467
64,619	Dechra Pharmaceuticals plc (United Kingdom)		512,234
506,600	Genomma Lab Internacional S.A.* (Mexico)		1,114,892
			2,679,839
	Property & Casualty Insurance 0.8%
552,535	Beazley Group plc (United Kingdom)		889,375
	Regional Banks 0.6%
31,590	Canadian Western Bank (Canada)		662,700
	Research & Consulting Services 0.6%
180	Nihon M&A Center, Inc. (Japan)		667,585
	Restaurants 1.4%
803,950	Ajisen China Holdings Ltd. (China)		686,865
581,950	FU JI Food & Catering Services Holdings Ltd.* *** (China)		750
200,000	KFC Holdings (Malaysia) Berhad (Malaysia)		432,243
10,800	Saint Marc Holdings Co. Ltd. (Japan)		294,767
142	Toridoll.corporation (Japan)		242,936
			1,657,561
	Semiconductor Equipment 0.2%
27,915	Solmics Co., Ltd.* (Korea)		175,139
	Semiconductors 1.6%
20,790	Hana Micron, Inc.* (Korea)		114,116
75,145	Melexis N.V.* (Belgium)		731,751
128,497	O2Micro International Ltd. ADR* (China)		672,039
144	THine Electronics, Inc. (Japan)		284,787
			1,802,693
	Specialized Consumer Services 0.1%
185	NOVARESE, Inc. (Japan)		116,190

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Specialized Finance 3.0%
668,600	Bolsa Mexicana de Valores S.A., Series A* (Mexico)	$	785,025
62,880	IMAREX ASA* (Norway)		619,116
57,200	JSE Ltd. (South Africa)		466,271
266	Osaka Securities Exchange Co. Ltd. (Japan)		1,267,892
32,625	Oslo Bors VPS Holding ASA (Norway)		338,095
			3,476,399
	Specialty Chemicals 0.8%
9,575	C. Uyemura & Co. Ltd. (Japan)		370,705
1,624,260	EcoGreen Fine Chemical Group Ltd. (Hong Kong)		397,752
6,240	TechnoSemiChem Co. Ltd.* (Korea)		116,410
			884,867
	Specialty Stores 1.1%
14,500	Dufry South America Ltd. (Brazil)		299,828
74,240	easyhome Ltd. (Canada)		603,375
1,000,000	Water Oasis Group Ltd. (Hong Kong)		376,931
			1,280,134
	Steel 0.3%
94,285	Ferrexpo plc (United Kingdom)		300,346
	Systems Software 2.1%
595,172	GuestLogix, Inc.* (Canada)		517,862
4,074	Simplex Technology, Inc. (Japan)		1,877,059
			2,394,921
	Technology Distributors 0.4%
3,359,040	Inspur International Ltd. (China)		477,531
	Thrifts & Mortgage Finance 2.2%
210,220	Dewan Housing Finance Corp. Ltd. (India)		844,469
43,130	Home Capital Group, Inc. (Canada)		1,725,860
			2,570,329
	Trading Companies & Distributors 0.6%
16,235	Richelieu Hardware Ltd. (Canada)		349,274
2,519	Thermador Groupe (France)		346,478
			695,752
	Total Common Stocks (cost $80,172,353)		104,826,290
	PREFERRED STOCKS 1.1%
	Diversified Banks 0.2%
48,300	Parana Banco S.A. Pfd. (Brazil)		283,807
	Regional Banks 0.9%
177,410	Banco Daycoval S.A. Pfd. (Brazil)		996,594
	Total Preferred Stocks (cost $766,565)		1,280,401
	EXCHANGE TRADED FUNDS 1.0%
	Asset Management & Custody Banks 1.0%
27,595	iShares MSCI Emerging Markets Index Fund (China)		1,145,193
	Total Exchange Traded Funds (cost $599,363)		1,145,193

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal Amount		Value
	SHORT-TERM INVESTMENTS 6.2%
	Repurchase Agreement 6.2%
$7,082,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $7,280,000 of United States Treasury Notes 3.25% due 12/31/16; value: $7,225,400; repurchase proceeds: $7,082,004+++ (cost $7,082,000)	$	7,082,000
	Total Short-Term Investments (cost $7,082,000)		7,082,000
	Total Investments (cost $88,620,281) 99.7%^^		114,333,884
	Other Assets less Liabilities 0.3%		341,152
	NET ASSETS 100.0%	$	114,675,036
Contracts		Net Unrealized Appreciation
	FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
319,032,000 JPY	USD, settlement date 3/29/10, (cost $3,500,000 value $3,426,967)	$	73,033
318,752,000 JPY	USD, settlement date 6/28/10, (cost $3,500,000 value $3,427,024)		72,976
	Total Forward Foreign Currency Exchange Contracts (cost $7,000,000 value $6,853,991)		146,009
	*Non-income producing.
	**Common units.
	***Security was fair valued under procedures adopted by the Board of Directors (see Note 2).
	+++All or a portion of this security has been designated as collateral for forward foreign currency contracts (see Note 2).
	^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 69.91%.
	ADR American Depositary Receipt.
	GDR Global Depositary Receipt.
	See Notes to Schedules of Investments.

At December 31, 2009, Wasatch International Opportunities Fund’s investments, excluding short-term investments and forward foreign currency exchange contracts, were in the following countries:

COUNTRY	%
Australia	0.7
Belgium	0.7
Brazil	3.0
Canada	7.5
China	20.5
Denmark	1.2
Finland	0.7
France	2.8
Germany	5.1
Hong Kong	1.5
India	5.2
Ireland	1.1
Italy	1.3
Japan	12.8
Kazakhstan	0.7
Korea	5.0
Malaysia	0.4
Mexico	2.9
Netherlands	0.2
Norway	0.9
Singapore	5.3
South Africa	1.5
Sweden	1.2
Switzerland	1.0
United Arab Emirates	3.2
United Kingdom	8.5
United States	5.1
Total	100.0	%

WASATCH MICRO CAP FUND (WMICX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 95.8%
	Air Freight & Logistics 1.0%
3,501,725	Goodpack Ltd. (Singapore)	$	2,812,248
	Apparel Retail 1.1%
241,958	Zumiez, Inc.*		3,077,706
	Apparel, Accessories & Luxury Goods 3.1%
1,773,285	Ports Design Ltd. (China)		5,490,126
188,192	Volcom, Inc.*		3,150,334
			8,640,460
	Application Software 3.7%
245,958	Interactive Intelligence, Inc.*		4,535,465
217,970	Tyler Technologies, Inc.*		4,339,783
47,030	Ultimate Software Group, Inc.*		1,381,271
			10,256,519
	Asset Management & Custody Banks 4.4%
63,587	Diamond Hill Investment Group, Inc.		4,084,193
794,580	Treasury Group Ltd. (Australia)		3,798,236
122,961	Westwood Holdings Group, Inc.		4,468,403
			12,350,832
	Automotive Retail 1.2%
97,725	Monro Muffler Brake, Inc.		3,267,924
	Biotechnology 0.2%
64,330	Orexigen Therapeutics, Inc.*		478,615
	Computer Storage & Peripherals 0.8%
206,525	Intevac, Inc.*		2,368,842
	Construction & Engineering 0.8%
100,360	Orion Marine Group, Inc.*		2,113,582
	Consumer Finance 4.5%
318,341	Dollar Financial Corp.*		7,531,948
542,750	United PanAm Financial Corp.*		1,731,372
90,520	World Acceptance Corp.*		3,243,332
			12,506,652
	Diversified Support Services 1.1%
195,895	STR Holdings, Inc.*		3,077,510
	Education Services 1.0%
37,315	Capella Education Co.*		2,809,819
	Electronic Manufacturing Services 0.7%
119,445	IPG Photonics Corp.*		1,999,509
	Environmental & Facilities Services 1.7%
131,530	American Ecology Corp.		2,241,271
140,205	Team, Inc.*		2,637,256
			4,878,527
	Food Retail 0.5%
202,870	QKL Stores, Inc.*		1,359,229
	Footwear 0.7%
15,469,025	China Hongxing Sports Ltd. (China)		2,064,075
	Health Care Distributors 1.2%
91,961	MWI Veterinary Supply, Inc.*		3,466,930
	Health Care Equipment 5.5%
141,400	Abaxis, Inc.*		3,612,770
277,498	AtriCure, Inc.*		1,676,088
476,001	Cardica, Inc.*		552,161
645,000	Cardica, Inc. PIPE* +		748,200
273,165	Cardiovascular Systems, Inc.*		1,253,827
23,597,360	LMA International N.V.* (Singapore)		3,156,337
70,270	NuVasive, Inc.*		2,247,235
129,130	Somanetics Corp.*		2,266,231
			15,512,849
	Health Care Facilities 2.2%
155,086	AmSurg Corp.*		3,414,994
722,700	NovaMed, Inc.*		2,804,076
			6,219,070
	Health Care Services 7.3%
319,980	American Caresource Holding, Inc.*		767,952
113,601	Bio-Reference Laboratories, Inc.*		4,452,023
555,285	Clarient, Inc.*		1,471,505
163,182	CorVel Corp.*		5,473,124
195,590	Healthways, Inc.*		3,587,121
41,950	IPC The Hospitalist Co. Inc.*		1,394,837
102,755	LHC Group, Inc.*		3,453,596
			20,600,158
	Health Care Supplies 2.6%
372,922	Abcam plc (United Kingdom)		5,725,450
63,744	Neogen Corp.*		1,504,996
			7,230,446
	Health Care Technology 1.3%
38,605	Computer Programs & Systems, Inc.		1,777,760
471,045	RaySearch Laboratories AB* (Sweden)		1,945,979
			3,723,739
	Internet Software & Services 2.0%
120,790	Constant Contact, Inc.*		1,932,640
188,690	DealerTrack Holdings, Inc.*		3,545,485
			5,478,125

WASATCH MICRO CAP FUND (WMICX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	IT Consulting & Other Services 1.5%
151,655	NCI, Inc., Class A*	$	4,193,261
	Life Sciences Tools & Services 3.0%
534	EPS Co. Ltd. (Japan)		2,094,788
197,444	ICON plc ADR* (Ireland)		4,290,458
256,141	MEDTOX Scientific, Inc.*		1,985,093
			8,370,339
	Marine Ports & Services 1.0%
325,422	CAI International, Inc.*		2,938,561
	Mortgage REITs 1.8%
343,540	MFA Financial, Inc.		2,525,019
168,247	Redwood Trust, Inc.		2,432,852
			4,957,871
	Oil & Gas Equipment & Services 1.0%
252,800	Pason Systems, Inc. (Canada)		2,816,006
	Oil & Gas Exploration & Production 1.4%
170,785	GMX Resources, Inc.*		2,346,586
1,030,430	Ithaca Energy, Inc.* + (Canada)		1,448,327
26,150	Ithaca Energy, Inc.* (Canada)		36,755
			3,831,668
	Pharmaceuticals 0.3%
326,809	Alexza Pharmaceuticals, Inc. PIPE* +		784,342
	Property & Casualty Insurance 1.0%
246,765	Seabright Insurance Holdings, Inc.*		2,835,330
	Regional Banks 2.4%
133,114	Commonwealth Bankshares, Inc.		226,294
250,510	Nara Bancorp, Inc.*		2,840,783
215,295	Pacific Continental Corp.		2,462,975
84,940	Washington Trust Bancorp PIPE +		1,323,365
			6,853,417
	Research & Consulting Services 4.8%
114,006	CRA International, Inc.*		3,038,260
350,535	Resources Connection, Inc.*		7,438,353
108,025	Stantec, Inc.* (Canada)		3,107,879
			13,584,492
	Restaurants 1.5%
122,865	Peet’s Coffee & Tea, Inc.*		4,095,090
	Semiconductor Equipment 0.5%
59,960	Tessera Technologies, Inc.*		1,395,269
	Semiconductors 11.2%
265,807	Melexis N.V.* (Belgium)		2,588,390
611,815	Micrel, Inc.		5,016,883
39,741	Netlogic Microsystems, Inc.*		1,838,419
1,305,427	O2Micro International Ltd. ADR* (China)		6,827,383
478,618	Pericom Semiconductor Corp.*		5,518,466
197,428	Power Integrations, Inc.		7,178,482
87,470	Supertex, Inc.*		2,606,606
			31,574,629
	Specialized Finance 1.3%
154,000	Goldwater Bank, N.A.* *** +		1,156,540
545	Osaka Securities Exchange Co. Ltd. (Japan)		2,597,748
			3,754,288
	Specialty Chemicals 0.7%
461,662	Neo Material Technologies, Inc.* (Canada)		2,012,888
	Specialty Stores 4.8%
377,420	Big 5 Sporting Goods Corp.		6,484,076
197,015	easyhome Ltd. (Canada)		1,601,212
247,377	Hibbett Sports, Inc.*		5,439,820
			13,525,108
	Systems Software 2.7%
107,790	ArcSight, Inc.*		2,757,268
395,405	Opnet Technologies, Inc.		4,819,987
			7,577,255
	Thrifts & Mortgage Finance 2.3%
578,300	Dewan Housing Finance Corp. Ltd. (India)		2,323,073
167,403	Encore Bancshares, Inc.*		1,330,854
70,140	Home Capital Group, Inc. (Canada)		2,806,673
			6,460,600
	Trading Companies & Distributors 0.8%
220,363	Rush Enterprises, Inc., Class B*		2,313,812
	Trucking 3.2%
114,765	Marten Transport, Ltd.*		2,060,032
103,970	Old Dominion Freight Line, Inc.*		3,191,879
350,353	Vitran Corp., Inc.*		3,808,337
			9,060,248
	Total Common Stocks (cost $259,753,042)		269,227,840

WASATCH MICRO CAP FUND (WMICX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	PREFERRED STOCKS 1.3%
	Regional Banks 1.3%
638,700	Banco Daycoval S.A. Pfd. (Brazil)	$	3,587,872
	Total Preferred Stocks (cost $2,446,922)		3,587,872
	WARRANTS 0.0%
	Health Care Equipment 0.0%
121,124	Cardica, Inc., expiring 6/7/12* *** +		—
322,500	Cardica, Inc., expiring 9/29/14* *** +		40,313
			40,313
	Pharmaceuticals 0.0%
294,128	Alexza Pharmaceuticals, Inc., expiring 10/5/16* *** +		36,766
	Total Warrants (cost $96,459)		77,079
Principal Amount		Value
	SHORT-TERM INVESTMENTS 3.2%
	Repurchase Agreement 3.2%
$8,895,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $9,145,000 of United States Treasury Notes 3.25% due 12/31/16; value: $9,076,413; repurchase proceeds: $8,895,005 (cost $8,895,000)	$	8,895,000
	Total Short-Term Investments (cost $8,895,000)		8,895,000
	Total Investments (cost $271,191,423) 100.3%^^		281,787,791
	Liabilities less Other Assets (0.3)%		(867,602	)
	NET ASSETS 100.0%	$	280,920,189
	*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). ^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 12.32%. ADR American Depositary Receipt. PIPE Private Investment in a Public Equity. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Micro Cap Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia	1.4
Belgium	0.8
Brazil	1.3
Canada	5.1
China	5.3
India	0.9
Ireland	1.6
Japan	1.7
Singapore	2.2
Sweden	0.7
United Kingdom	2.1
United States	76.9
Total	100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 84.1%
	Air Freight & Logistics 1.2%
90,000	Transat A.T., Inc.* (Canada)	$	1,815,748
	Apparel, Accessories & Luxury Goods 1.4%
52,000	LG Fashion Corp.* (Korea)		1,411,672
84,703	Ted Baker plc (United Kingdom)		692,111
			2,103,783
	Application Software 4.0%
30,000	Ebix, Inc.*		1,464,900
350,000	ICSA Ltd. (India)		1,361,154
70,000	JDA Software Group, Inc.*		1,782,900
7,000	SimCorp A/S (Denmark)		1,312,849
			5,921,803
	Asset Management & Custody Banks 1.8%
135,000	Fifth Street Finance Corp.		1,449,900
250,000	Treasury Group Ltd. (Australia)		1,195,045
			2,644,945
	Auto Parts & Equipment 0.6%
110,000	Martinrea International, Inc.* (Canada)		888,751
	Biotechnology 3.0%
600,000	Dyadic International, Inc.*		1,416,000
391,263	Luna Innovations, Inc.*		841,215
85,000	NeurogesX, Inc. PIPE* +		655,350
4,800,000	Sino Biopharmaceutical Ltd. (China)		1,529,498
			4,442,063
	Computer Storage & Peripherals 0.9%
121,000	Intevac, Inc.*		1,387,870
	Construction & Engineering 1.0%
34,000	Michael Baker Corp.*		1,407,600
	Construction & Farm Machinery & Heavy Trucks 0.9%
110,000	Titan Machinery, Inc.*		1,269,400
	Construction Materials 1.1%
250,000	Headwaters, Inc.*		1,630,000
	Consumer Finance 1.9%
67,000	First Cash Financial Services, Inc.*		1,486,730
35,000	World Acceptance Corp.*		1,254,050
			2,740,780
	Data Processing & Outsourced Services 1.8%
250,000	Online Resources Corp.*		1,315,000
100,000	Wirecard AG (Germany)		1,382,710
			2,697,710
	Department Stores 0.9%
20,000,000	PT Ramayana Lestari Sentosa Tbk (Indonesia)		1,297,465
	Distributors 0.9%
34,000	Delticom AG (Germany)		1,344,079
	Diversified Banks 0.5%
55,556	Idaho Trust Bancorp* *** +		256,669
40,000	Northwest Bancshares, Inc.		452,800
			709,469
	Diversified Metals & Mining 1.2%
100,000	Globe Specialty Metals, Inc.*		940,000
90,000	Globe Specialty Metals, Inc.* ***		812,160
			1,752,160
	Diversified Support Services 0.9%
62,000	Healthcare Services Group, Inc.		1,330,520
	Education Services 2.1%
87,000	AcadeMedia AB* (Sweden)		1,567,394
250,000	China Education Alliance, Inc.*		1,542,500
			3,109,894
	Electrical Components & Equipment 1.6%
220,000	Orion Energy Systems, Inc.*		965,800
1,300,000	Wasion Group Holdings Ltd. (China)		1,349,543
			2,315,343
	Electronic Manufacturing Services 1.2%
155,000	Sanmina-SCI Corp.*		1,709,650
	Environmental & Facilities Services 0.7%
105,000	Heritage-Crystal Clean, Inc.*		1,098,300
	Food Retail 0.8%
178,000	QKL Stores, Inc.*		1,192,600
	Footwear 0.7%
8,050,000	China Hongxing Sports Ltd. (China)		1,074,134
	Gas Utilities 1.0%
350,000	Indraprastha Gas Ltd.* (India)		1,495,892
	General Merchandise Stores 0.4%
34,399	Duckwall-ALCO Stores, Inc.*		529,057
	Health Care Distributors 1.2%
300,000	Animal Health International, Inc.*		720,000
29,000	MWI Veterinary Supply, Inc.*		1,093,300
			1,813,300

WASATCH MICRO CAP VALUE FUND (WAMVX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Health Care Equipment 3.3%
156,000	AtriCure, Inc.*	$	942,240
221,000	Cardica, Inc. PIPE* +		256,360
146,000	Cardiovascular Systems, Inc.*		670,140
40,000	Invacare Corp.		997,600
350,000	Solta Medical, Inc.*		710,500
50,000	Zoll Medical Corp.*		1,336,000
			4,912,840
	Health Care Services 3.9%
30,000	Bio-Reference Laboratories, Inc.*		1,175,700
240,000	Health Grades, Inc.*		1,029,600
64,000	Healthways, Inc.*		1,173,760
70,000	LHC Group, Inc.*		2,352,700
			5,731,760
	Health Care Technology 0.6%
600,000	iCAD, Inc.*		912,000
	Home Improvement Retail 1.0%
9,000,000	Ace Hardware Indonesia (Indonesia)		1,447,704
	Human Resource & Employment Services 0.2%
25,800	Barrett Business Services, Inc.		317,082
	Industrial Machinery 3.0%
6,000	Burckhardt Compression Holding AG (Switzerland)		1,065,105
145,000	China Valves Technology, Inc.*		1,339,800
95,000	Gencor Industries, Inc.*		712,500
85,000	Hurco Cos. Inc.*		1,258,000
			4,375,405
	Integrated Telecommunication Services 0.6%
60,000	Cbeyond, Inc.*		945,000
	Internet Software & Services 1.9%
137,000	InfoSpace, Inc.*		1,174,090
220,000	United Online, Inc.		1,581,800
			2,755,890
	Investment Banking & Brokerage 0.9%
300,000	GFI Group, Inc.		1,371,000
	IT Consulting & Other Services 2.8%
200,000	China Information Security Technology, Inc.*		1,232,000
400,000	Matrikon, Inc. (Canada)		1,086,198
45,000	Telvent GIT S.A. (Spain)		1,754,100
			4,072,298
	Life & Health Insurance 0.7%
35,000	Kansas City Life Insurance Co.		1,041,250
	Life Sciences Tools & Services 0.1%
25,526	LINICAL Co. Ltd. (Japan)		171,974
	Marine 0.6%
209,000	Euroseas Ltd. (Greece)		817,190
	Oil & Gas Equipment & Services 2.0%
700,000	Boots & Coots, Inc.*		1,155,000
165,000	TETRA Technologies, Inc.*		1,828,200
			2,983,200
	Oil & Gas Exploration & Production 2.0%
115,000	GMX Resources, Inc.*		1,580,100
230,000	Gran Tierra Energy, Inc.*		1,317,900
			2,898,000
	Packaged Foods & Meats 1.0%
98,000	Zhongpin, Inc.*		1,529,780
	Paper Products 0.7%
400,000	Verso Paper Corp.*		1,044,000
	Personal Products 1.8%
93,000	Atrium Innovations, Inc.* (Canada)		1,401,425
165,000	Prestige Brands Holdings, Inc.*		1,296,900
			2,698,325
	Pharmaceuticals 0.9%
30,000	Daewoong Pharmaceutical Co. Ltd. (Korea)		1,294,860
	Property & Casualty Insurance 0.9%
111,000	Seabright Insurance Holdings, Inc.*		1,275,390
	Regional Banks 2.8%
2,375,000	City Union Bank Ltd. (India)		1,301,559
220,653	First Bank of Delaware*		275,816
43,000	First of Long Island Corp. (The)		1,085,750
125,000	Nara Bancorp, Inc.*		1,417,500
			4,080,625
	Research & Consulting Services 1.7%
57,000	CRA International, Inc.*		1,519,050
46,000	Resources Connection, Inc.*		976,120
			2,495,170
	Residential REITs 0.8%
240,000	Education Realty Trust, Inc.		1,161,600
	Restaurants 1.2%
1,300,000	Ajisen China Holdings Ltd. (China)		1,110,672
138,028	Brazil Fast Food Corp.*		676,337
			1,787,009
	Semiconductors 2.4%
450,000	Microtune, Inc.*		1,017,000
330,000	PLX Technology, Inc.*		1,065,900
70,000	Standard Microsystems Corp.*		1,454,600
			3,537,500

WASATCH MICRO CAP VALUE FUND (WAMVX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Specialized Finance 1.8%
1,100,000	Bolsa Mexicana de Valores S.A., Series A* (Mexico)	$	1,291,546
41,900	Goldwater Bank, N.A.* *** +		314,669
104,000	IMAREX ASA* (Norway)		1,023,983
			2,630,198
	Specialty Chemicals 0.6%
200,000	Neo Material Technologies, Inc.* (Canada)		872,018
	Specialty Stores 1.5%
62,000	Big 5 Sporting Goods Corp.		1,065,160
135,220	easyhome Ltd. (Canada)		1,098,982
			2,164,142
	Steel 1.0%
47,000	Haynes International, Inc.		1,549,590
	Systems Software 2.7%
1,481,900	GuestLogix, Inc.* (Canada)		1,289,410
140,000	Opnet Technologies, Inc.		1,706,600
2,300	Simplex Technology, Inc. (Japan)		1,059,704
			4,055,714
	Thrifts & Mortgage Finance 0.9%
323,000	Dewan Housing Finance Corp. Ltd. (India)		1,297,514
	Trading Companies & Distributors 1.3%
98,245	Essex Rental Corp.*		609,119
71,000	Interline Brands, Inc.*		1,226,170
439	Thermador Groupe (France)		60,383
			1,895,672
	Trucking 1.9%
161,000	Celadon Group, Inc.*		1,746,850
104,000	Vitran Corp., Inc.*		1,130,480
			2,877,330
	Water Utilities 0.9%
2,600,000	Epure International (Singapore)		1,345,088
	Total Common Stocks (cost $100,090,893)		124,066,434
	WARRANTS 0.0%
	Biotechnology 0.0%
30,399	NeurogesX, Inc., expiring 12/28/12* *** +		—
	Health Care Equipment 0.0%
58,140	Cardica, Inc., expiring 6/7/12* *** +		—
110,500	Cardica, Inc., expiring 9/29/14* *** +		13,812
			13,812
	Total Warrants (cost $26,915)		13,812
Principal Amount		Value
	SHORT-TERM INVESTMENTS 16.9%
	Repurchase Agreement 16.9%
$24,935,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $25,470,000 of United States Treasury Notes 2.625% due 12/31/14; value: $25,438,163; repurchase proceeds: $24,935,014+++ (cost $24,935,000)	$	24,935,000
	Total Short-Term Investments (cost $24,935,000)		24,935,000
	Total Investments (cost $125,052,808) 101.0%^^		149,015,246
	Liabilities less Other Assets (1.0)%		(1,457,740	)
	NET ASSETS 100.0%	$	147,557,506
Contracts		Net Unrealized Appreciation/ (Depreciation)
	FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS SHORT 0.0%
7,600,000   CAD	USD, settlement date 3/10/10, (cost $7,166,093 value $7,266,734)	$	(100,641	)

WASATCH MICRO CAP VALUE FUND (WAMVX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Contracts		Net Unrealized Appreciation/ (Depreciation)
1,700,000 EUR	USD, settlement date 3/11/10, (cost $2,501,091 value $2,436,788)	$	64,303
25,170,000,000 IDR	USD, settlement date 3/15/10, (cost $2,637,535 value $2,641,241)		(3,706	)
233,000,000 INR	USD, settlement date 3/15/10, (cost $4,976,506 value $4,980,547)		(4,041	)
2,973,000,000 KRW	USD, settlement date 3/15/10, (cost $2,547,994 value $2,547,147)		847
10,800,000 SEK	USD, settlement date 3/17/10, (cost $1,500,636 value $1,510,086)		(9,450	)
	Total Forward Foreign Currency Exchange Contracts (cost $21,329,855 value $21,382,543)		(52,688	)
	*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 forward foreign currency contracts (see Note 2). ^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 19.11%. PIPE Private Investment in a Public Equity. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Micro Cap Value Fund’s investments, excluding short-term investments and forward foreign currency exchange contracts, were in the following countries:

COUNTRY	%
Australia	1.0
Canada	6.8
China	4.1
Denmark	1.1
France	< 0.1
Germany	2.2
Greece	0.7
India	4.4
Indonesia	2.2
Japan	1.0
Korea	2.2
Mexico	1.0
Norway	0.8
Singapore	1.1
Spain	1.4
Sweden	1.3
Switzerland	0.9
United Kingdom	0.5
United States	67.3
Total	100.0	%

WASATCH SMALL CAP GROWTH FUND (WAAEX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 92.5%
	Aerospace & Defense 1.7%
194,850	HEICO Corp.	$	8,637,701
194,451	HEICO Corp., Class A		6,992,458
			15,630,159
	Air Freight & Logistics 1.2%
24,866,692	Aramex PJSC* (United Arab Emirates)		10,627,132
	Alternative Carriers 0.9%
366,034	Neutral Tandem, Inc.*		8,327,274
	Aluminum 0.8%
11,305,282	Midas Holdings Ltd. (Singapore)		7,357,080
	Apparel Retail 1.1%
761,099	Zumiez, Inc.*		9,681,179
	Apparel, Accessories & Luxury Goods 2.4%
5,073,340	Ports Design Ltd. (China)		15,707,162
384,108	Volcom, Inc.*		6,429,968
			22,137,130
	Application Software 2.7%
62,615	Concur Technologies, Inc.*		2,676,791
76,162	FactSet Research Systems, Inc.		5,016,791
585,420	Ultimate Software Group, Inc.*		17,193,786
			24,887,368
	Asset Management & Custody Banks 1.4%
421,085	Waddell & Reed Financial, Inc., Class A		12,859,936
	Automotive Retail 1.5%
349,275	O’Reilly Automotive, Inc.* +++		13,314,363
	Biotechnology 2.7%
541,521	Myriad Genetics, Inc.*		14,133,698
4,474	Myriad Pharmaceuticals, Inc.*		22,504
225,795	Orexigen Therapeutics, Inc.*		1,679,915
146,199	Orexigen Therapeutics, Inc., Series C Pfd. PIPE* +		1,087,720
259,725	Sangamo BioSciences, Inc.*		1,537,572
469,510	Seattle Genetics, Inc.*		4,770,222
205,700	ZymoGenetics, Inc.*		1,314,423
			24,546,054
	Communications Equipment 3.0%
256,665	F5 Networks, Inc.*		13,598,112
601,120	Riverbed Technology, Inc.*		13,807,726
			27,405,838
	Computer & Electronics Retail 0.6%
250,578	hhgregg, Inc.*		5,520,233
	Construction & Farm Machinery & Heavy Trucks 2.0%
331,826	Bucyrus International, Inc., Class A		18,705,032
	Data Processing & Outsourced Services 3.0%
483,365	NeuStar, Inc., Class A*		11,136,729
1,184,760	Wirecard AG (Germany)		16,381,798
			27,518,527
	Distributors 0.9%
425,555	LKQ Corp.*		8,336,622
	Diversified Banks 2.3%
163,626	HDFC Bank Ltd. ADR (India)		21,284,470
	Diversified Support Services 2.2%
543,576	Copart, Inc.*		19,911,189
	Education Services 1.3%
157,851	Capella Education Co.*		11,886,180
	Environmental & Facilities Services 1.6%
528,645	Tetra Tech, Inc.*		14,363,285
	Footwear 0.2%
13,981,435	China Hongxing Sports Ltd. (China)		1,865,581
	Health Care Distributors 1.2%
295,456	MWI Veterinary Supply, Inc.*		11,138,691
	Health Care Equipment 1.8%
479,552	Abaxis, Inc.*		12,252,554
466,111	DexCom, Inc.*		3,766,177
1,620,220	Zonare Medical Systems, Inc.* *** +		178,224
			16,196,955
	Health Care Services 2.2%
287,910	Bio-Reference Laboratories, Inc.*		11,283,193
139,085	MEDNAX, Inc.*		8,360,399
362,782	TargetRX, Inc.* *** +		3,628
			19,647,220
	Health Care Technology 2.0%
161,960	athenahealth, Inc.*		7,327,070
234,755	Computer Programs & Systems, Inc.		10,810,468
			18,137,538
	Human Resource & Employment Services 1.0%
1,542,658	Michael Page International plc (United Kingdom)		9,392,306

WASATCH SMALL CAP GROWTH FUND (WAAEX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Integrated Telecommunication Services 0.7%
405,190	Cbeyond, Inc.*	$	6,381,743
	Internet Retail 0.8%
416,006	Shutterfly, Inc.*		7,409,067
	Internet Software & Services 2.7%
458,170	DealerTrack Holdings, Inc.*		8,609,014
943,390	LoopNet, Inc.*		9,377,297
115,350	VistaPrint N.V.*		6,535,731
			24,522,042
	Investment Banking & Brokerage 1.0%
602,795	optionsXpress Holdings, Inc.		9,313,183
	IT Consulting & Other Services 2.8%
558,518	Cognizant Technology Solutions Corp., Class A*		25,300,865
	Leisure Facilities 1.4%
518,740	Life Time Fitness, Inc.*		12,932,188
	Life Sciences Tools & Services 2.4%
597,050	ICON plc ADR* (Ireland)		12,973,896
128,119	Techne Corp.		8,783,839
			21,757,735
	Mortgage REITs 1.1%
665,608	Redwood Trust, Inc.		9,624,692
	Oil & Gas Equipment & Services 4.7%
463,190	Dril-Quip, Inc.*		26,160,971
790,890	Pason Systems, Inc. (Canada)		8,809,933
455,035	TGS-NOPEC Geophysical Co. ASA* (Norway)		8,218,821
			43,189,725
	Oil & Gas Exploration & Production 0.6%
413,670	GMX Resources, Inc.*		5,683,826
	Other Diversified Financial Services 0.3%
2,661,038	Count Financial Ltd. (Australia)		3,120,712
	Packaged Foods & Meats 0.9%
284,209	Glaxo SmithKline Consumer Healthcare Ltd. (India)
			7,933,411
	Pharmaceuticals 0.9%
656,923	Alexza Pharmaceuticals, Inc.*		1,576,615
409,401	Alexza Pharmaceuticals, Inc. PIPE* +		982,562
680,112	Dechra Pharmaceuticals plc (United Kingdom)		5,391,243
			7,950,420
	Research & Consulting Services 5.8%
364,396	CRA International, Inc.*		9,711,154
1,399	Exponent, Inc.*		38,948
1,153,294	Resources Connection, Inc.* +++		24,472,899
645,594	Stantec, Inc.* (Canada)		18,573,739
			52,796,740
	Restaurants 2.2%
606,676	Peet’s Coffee & Tea, Inc.*		20,220,511
	Semiconductors 7.5%
356,550	Hittite Microwave Corp.*		14,529,412
189,729	Netlogic Microsystems, Inc.*		8,776,864
1,509,480	O2Micro International Ltd. ADR* (China)		7,894,580
688,621	Power Integrations, Inc.		25,038,260
258,135	Silicon Laboratories, Inc.*		12,478,246
			68,717,362
	Specialized Finance 2.7%
789,810	MSCI, Inc., Class A*		25,115,958
	Specialty Stores 3.2%
1,331,896	Hibbett Sports, Inc.*		29,288,393
	Systems Software 3.2%
451,570	ArcSight, Inc.*		11,551,161
730,937	NetSuite, Inc.*		11,680,373
217,160	Sourcefire, Inc.*		5,809,030
			29,040,564
	Trading Companies & Distributors 2.8%
534,700	MSC Industrial Direct Co., Inc., Class A		25,130,900
	Trucking 3.1%
115,170	J.B. Hunt Transport Services, Inc.		3,716,536
1,283,192	Knight Transportation, Inc.+++		24,752,774
			28,469,310
	Total Common Stocks (cost $644,178,139)		844,576,689
	PREFERRED STOCKS 0.4%
	Biotechnology 0.1%
677,966	Nanosys, Inc., Series D Pfd.* *** +		949,152
	Internet Software & Services 0.0%
404,517	Incipient, Inc., Series D Pfd.* *** +		—
	Life Sciences Tools & Services 0.3%
186,947	Fluidigm Corp., Series E Pfd.* *** +		2,617,258
	Total Preferred Stocks (cost $6,478,036)		3,566,410

WASATCH SMALL CAP GROWTH FUND (WAAEX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	LIMITED PARTNERSHIP INTEREST 0.5%
	Other 0.5%
	Montagu Newhall Global Partners II-B, L.P.*** +	$	3,696,232
	Montagu Newhall Global Partners III-B, L.P.* *** +		890,217
			4,586,449
	Total Limited Partnership Interest (cost $5,118,853)		4,586,449
	WARRANTS 0.0%
	Health Care Equipment 0.0%
243,033	Zonare Medical Systems, Inc., expiring 6/30/11* *** +		—
	Life Sciences Tools & Services 0.0%
4,049	Fluidigm Corp., expiring 8/18/19 * *** +		11
	Pharmaceuticals 0.0%
368,461	Alexza Pharmaceuticals, Inc., expiring 10/5/16* *** +		46,058
	Total Warrants (cost $46,069)		46,069
	RIGHTS 0.0%
	Life Sciences Tools & Services 0.0%
208,525	Valera Pharmaceuticals, Inc. Ureteral Stent CSR* *** +		—
	Pharmaceuticals 0.0%
208,525	Valera Pharmaceuticals, Inc. VP003 (Octreotide Implant) CSR* *** +		210,611
	Total Rights (cost $406,536)		210,611
Principal Amount		Value
	SHORT-TERM INVESTMENTS 6.5%
	Repurchase Agreement 6.5%
$59,919,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $61,580,000 of United States Treasury Notes 3.25% due 12/31/16; value: $61,118,150; repurchase proceeds: $59,919,033+++ (cost $59,919,000)	$	59,919,000
	Total Short-Term Investments (cost $59,919,000)		59,919,000
	Total Investments (cost $716,146,633) 99.9%^^		912,905,228
	Other Assets less Liabilities 0.1%		647,295
	NET ASSETS 100.0%	$	913,552,523
	*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 future commitments (see Note 6).
	^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 9.41%.
	ADR American Depositary Receipt.
	PIPE Private Investment in a Public Equity.
	REIT Real Estate Investment Trust.
	See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Small Cap Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia	0.4
Canada	3.2
China	3.0
Germany	1.9
India	3.4
Ireland	1.5
Norway	1.0
Singapore	0.9
United Arab Emirates	1.2
United Kingdom	1.7
United States	81.8
Total	100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 96.0%
	Aerospace & Defense 2.0%
124,070	HEICO Corp., Class A	$	4,461,557
	Air Freight & Logistics 1.3%
3,702,506	Goodpack Ltd. (Singapore)		2,973,496
	Apparel Retail 1.2%
210,345	Zumiez, Inc.*		2,675,588
	Apparel, Accessories & Luxury Goods 1.3%
166,795	Volcom, Inc.*		2,792,148
	Application Software 0.9%
42,842	Ebix, Inc.*		2,091,975
	Asset Management & Custody Banks 4.1%
324,591	Fifth Street Finance Corp.		3,486,107
109,625	SEI Investments Co.		1,920,630
471,940	Solar Capital, LLC** *** +		3,652,816
			9,059,553
	Automotive Retail 2.3%
107,680	Monro Muffler Brake, Inc.		3,600,819
37,590	O’Reilly Automotive, Inc.*		1,432,931
			5,033,750
	Communications Equipment 1.6%
141,395	Polycom, Inc.*		3,530,633
	Construction & Engineering 2.2%
381,086	Great Lakes Dredge & Dock Co.		2,469,437
125,805	MYR Group, Inc.*		2,274,555
			4,743,992
	Construction & Farm Machinery & Heavy Trucks 1.5%
56,760	Bucyrus International, Inc., Class A		3,199,561
	Consumer Finance 3.9%
185,813	Dollar Financial Corp.*		4,396,335
532,416	United PanAm Financial Corp.*		1,698,407
71,355	World Acceptance Corp.*		2,556,650
			8,651,392
	Data Processing & Outsourced Services 1.8%
174,535	NeuStar, Inc., Class A*		4,021,286
	Diversified Banks 1.5%
285,486	Bank of N.T. Butterfield & Son Ltd. (Bermuda)		1,113,395
828,000	Karnataka Bank Ltd. (India)		2,292,158
			3,405,553
	Diversified Metals & Mining 1.1%
183,100	Globe Specialty Metals, Inc.*		1,721,140
67,800	Globe Specialty Metals, Inc.* ***		611,827
			2,332,967
	Diversified REITs 0.0%
60,000	Star Asia Financial Ltd.* +		54,000
	Diversified Support Services 2.2%
133,245	Copart, Inc.*		4,880,764
	Electrical Components & Equipment 2.0%
116,255	Voltamp Transformers Ltd. (India)		2,272,687
2,115,868	Wasion Group Holdings Ltd. (China)		2,196,503
			4,469,190
	Footwear 0.8%
13,044,115	China Hongxing Sports Ltd. (China)		1,740,512
	Health Care Facilities 4.3%
135,356	AmSurg Corp.*		2,980,539
222,807	Emeritus Corp.*		4,177,631
94,795	VCA Antech, Inc.*		2,362,292
			9,520,462
	Health Care Services 5.9%
139,423	CorVel Corp.*		4,676,247
178,275	Healthways, Inc.*		3,269,564
64,705	LHC Group, Inc.*		2,174,735
47,730	MEDNAX, Inc.*		2,869,050
			12,989,596
	Health Care Technology 0.8%
141,070	Vital Images, Inc.*		1,790,178
	Homefurnishing Retail 1.6%
129,217	Aaron’s, Inc.		3,583,188
	Industrial Machinery 0.9%
61,725	IDEX Corp.		1,922,734
	Insurance Brokers 0.9%
108,965	Brown & Brown, Inc.		1,958,101
	Integrated Telecommunication Services 1.3%
181,745	Cbeyond, Inc.*		2,862,484
	Internet Software & Services 1.8%
111,469	DealerTrack Holdings, Inc.*		2,094,503
321,053	RADVision Ltd.* (Israel)		1,939,160
			4,033,663
	Investment Banking & Brokerage 1.7%
235,660	optionsXpress Holdings, Inc.		3,640,947

WASATCH SMALL CAP VALUE FUND (WMCVX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	IT Consulting & Other Services 1.3%
63,175	Cognizant Technology Solutions Corp., Class A*	$	2,861,828
	Life Sciences Tools & Services 2.2%
206,425	Pharmaceutical Product Development, Inc.		4,838,602
	Mortgage REITs 4.1%
602,345	MFA Financial, Inc.		4,427,236
318,640	Redwood Trust, Inc.		4,607,534
			9,034,770
	Office Services & Supplies 1.1%
350,500	American Reprographics Co.*		2,457,005
	Oil & Gas Equipment & Services 2.1%
414,691	TETRA Technologies, Inc.*		4,594,776
	Oil & Gas Exploration & Production 1.0%
95,050	Petrohawk Energy Corp.*		2,280,250
	Packaged Foods & Meats 1.2%
169,025	Zhongpin, Inc.*		2,638,480
	Personal Products 4.4%
114,580	Herbalife Ltd.		4,648,511
114,460	NBTY, Inc.*		4,983,588
			9,632,099
	Property & Casualty Insurance 2.7%
238,410	Seabright Insurance Holdings, Inc.*		2,739,331
132,815	Tower Group, Inc.		3,109,199
			5,848,530
	Regional Banks 3.8%
64,740	City National Corp.		2,952,144
167,745	Columbia Banking System, Inc.		2,714,114
216,425	Commonwealth Bankshares, Inc.		367,923
197,210	Nara Bancorp, Inc.*		2,236,361
			8,270,542
	Research & Consulting Services 3.5%
98,080	Corporate Executive Board Co.		2,238,186
92,925	CRA International, Inc.*		2,476,451
134,510	Huron Consulting Group, Inc.*		3,099,110
			7,813,747
	Semiconductors 4.8%
413,191	Pericom Semiconductor Corp.*		4,764,092
170,030	Standard Microsystems Corp.*		3,533,223
75,312	Supertex, Inc.*		2,244,298
			10,541,613
	Steel 1.3%
85,335	Haynes International, Inc.		2,813,495
	Systems Software 1.2%
212,300	Opnet Technologies, Inc.		2,587,937
	Thrifts & Mortgage Finance 0.9%
115,530	LIC Housing Finance Ltd. (India)		2,030,425
	Trading Companies & Distributors 4.2%
142,985	Beacon Roofing Supply, Inc.*		2,287,760
217,600	Interline Brands, Inc.*		3,757,952
66,085	MSC Industrial Direct Co., Inc., Class A		3,105,995
			9,151,707
	Trucking 5.3%
172,580	Marten Transport, Ltd.*		3,097,811
128,786	Old Dominion Freight Line, Inc.*		3,953,730
414,672	Vitran Corp., Inc.*		4,507,485
			11,559,026
	Total Common Stocks (cost $198,137,238)		211,374,102

WASATCH SMALL CAP VALUE FUND (WMCVX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal Amount		Value
	SHORT-TERM INVESTMENTS 2.6%
	Repurchase Agreement 2.6%
$5,817,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $5,945,000 of United States Treasury Notes 2.625% due 12/31/14; value: $5,937,569; repurchase proceeds: $5,817,003 (cost $5,817,000)	$	5,817,000
	Total Short-Term Investments (cost $5,817,000)		5,817,000
	Total Investments (cost $203,954,238) 98.6%^^		217,191,102
	Other Assets less Liabilities 1.4%		2,961,622
	NET ASSETS 100.0%	$	220,152,724
	*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). ^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 6.13%. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Small Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Bermuda	0.5
China	1.9
India	3.1
Israel	0.9
Singapore	1.4
United States	92.2
Total	100.0	%

WASATCH STRATEGIC INCOME FUND (WASIX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 86.4%
	Asset Management & Custody Banks 11.1%
19,467	Apollo Investment Corp.	$	185,521
62,554	Ares Capital Corp.		778,797
67,724	Fifth Street Finance Corp.		727,356
9,115	SEI Investments Co.		159,695
19,600	Solar Capital, LLC** *** +		151,704
			2,003,073
	Computer Hardware 3.4%
4,750	International Business Machines Corp.		621,775
	Data Processing & Outsourced Services 3.7%
17,100	Cielo S.A. (Brazil)		150,669
5,760	Paychex, Inc.		176,486
20,800	Redecard S.A. (Brazil)		346,468
			673,623
	Diversified Banks 4.5%
61,979	Bank of East Asia Ltd. (Hong Kong)		244,277
49,120	Bank of N.T. Butterfield & Son Ltd. (Bermuda)		191,568
16,164	Itau Unibanco Holding S.A. ADR (Brazil)		369,186
			805,031
	Diversified REITs 2.7%
107,515	CapLease, Inc.		470,916
17,279	Star Asia Financial Ltd.* +		15,551
			486,467
	Diversified Support Services 0.9%
7,585	Ritchie Bros. Auctioneers, Inc. (Canada)		170,132
	Fertilizers & Agricultural Chemicals 1.8%
4,100	Monsanto Co.		335,175
	Gold 0.0%
95,680	Redcorp Ventures Ltd. PIPE* *** + (Canada)		—
	Health Care Services 2.0%
7,400	Chemed Corp.		354,978
	Hypermarkets & Super Centers 2.4%
8,255	Wal-Mart Stores, Inc.		441,230
	Industrial Machinery 1.9%
32,700	Weg S.A. (Brazil)		345,594
	Leisure Products 1.8%
17,300	Pool Corp.		330,084
	Life Sciences Tools & Services 4.1%
7,100	Eurofins Scientific (France)		386,796
15,445	Pharmaceutical Product Development, Inc.		362,031
			748,827
	Mortgage REITs 21.7%
9,400	Annaly Capital Management, Inc.		163,090
49,100	Anworth Mortgage Asset Corp.		343,700
52,990	Capstead Mortgage Corp.		723,314
158,600	MFA Financial, Inc.		1,165,710
93,050	Redwood Trust, Inc.		1,345,503
13,365	Walter Investment Management Corp.		191,520
			3,932,837
	Multi-Line Insurance 2.0%
9,755	Loews Corp.		354,594
	Oil & Gas Exploration & Production 1.5%
5,300	Ultra Petroleum Corp.*		264,258
	Personal Products 3.2%
14,250	Herbalife Ltd.		578,122
	Pharmaceuticals 7.2%
11,030	Forest Laboratories, Inc.*		354,173
5,495	Johnson & Johnson		353,933
10,435	Teva Pharmaceutical Industries Ltd. ADR (Israel)		586,238
			1,294,344
	Railroads 1.2%
3,330	Union Pacific Corp.		212,787
	Restaurants 2.4%
7,000	McDonald’s Corp.		437,080
	Semiconductors 4.0%
5,970	Linear Technology Corp.		182,324
6,315	Microchip Technology, Inc.		183,514
31,165	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		356,527
			722,365
	Trading Companies & Distributors 1.0%
1,830	W.W. Grainger, Inc.		177,199
	Wireless Telecommunication Services 1.9%
7,245	America Movil S.A.B. de C.V., Series L ADR (Mexico)		340,370
	Total Common Stocks (cost $14,979,278)		15,629,945

WASATCH STRATEGIC INCOME FUND (WASIX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	EXCHANGE TRADED FUNDS 4.6%
	Asset Management & Custody Banks 4.6%
3,300	Energy Select Sector SPDR Fund	$	188,133
9,310	ProShares UltraShort 20+ Year Treasury ETF*		465,500
5,675	Utilities Select Sector SPDR Fund		175,925
			829,558
	Total Exchange Traded Funds (cost $790,793)		829,558
	LIMITED PARTNERSHIP INTEREST 1.9%
	Oil & Gas Storage & Transportation 1.9%
8,047	Magellan Midstream Partners L.P.**		348,677
	Total Limited Partnership Interest (cost $187,027)		348,677
	ROYALTY INTEREST 0.0%
	Gold 0.0%
299	Redcorp Ventures Ltd. – NSR Interest* *** + (Canada)		—
	Total Royalty Interest (cost $0)		—
Principal Amount		Value
	CORPORATE BONDS 2.0%
	Gold 0.1%
$244,116	Redcorp Ventures Ltd., 13.00%, 7/11/12*** +^ (Canada)	$	23,341
	Integrated Telecommunication Services 1.9%
347,000	Broadview Networks Holdings, Inc., 11.375%, 9/1/12		332,253
	Total Corporate Bonds (cost $582,127)		355,594
Shares		Value
	WARRANTS 0.0%
	Gold 0.0%
209,599	Redcorp Ventures Ltd., expiring 11/11/21* *** + (Canada)	$	—
	Total Warrants (cost $0)		—
Principal Amount		Value
	SHORT-TERM INVESTMENTS 3.9%
	Repurchase Agreement 3.9%
$701,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $725,000 of United States Treasury Notes 3.25% due 12/31/16; value: $719,563; repurchase proceeds: $701,000 (cost $701,000)	$	701,000
	Total Short-Term Investments (cost $701,000)		701,000
	Total Investments (cost $17,240,225) 98.8%^^		17,864,774
	Other Assets less Liabilities 1.2%		220,990
	NET ASSETS 100.0%	$	18,085,764
Shares		Value
	SECURITIES SOLD SHORT 0.3%
	Regional Banks 0.3%
3,310	Heartland Financial USA, Inc.	$	47,499
	Total Securities Sold Short (proceeds $69,494)		47,499
	*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). ^In Default ^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 3.49%. ADR American Depositary Receipt. PIPE Private Investment in a Public Equity. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

WASATCH STRATEGIC INCOME FUND (WASIX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

At December 31, 2009, Wasatch Strategic Income Fund’s investments, excluding short-term investments and securities sold short, were in the following countries:

COUNTRY	%
Bermuda	1.1
Brazil	7.1
Canada	1.1
France	2.3
Hong Kong	1.4
Israel	3.4
Mexico	2.0
Taiwan	2.1
United States	79.5
Total	100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 94.8%
	Air Freight & Logistics 0.9%
2,585,000	Aramex PJSC* (United Arab Emirates)	$	1,104,736
	Aluminum 0.6%
1,164,000	Midas Holdings Ltd. (Singapore)		757,490
	Apparel Retail 0.7%
69,935	Zumiez, Inc.*		889,573
	Apparel, Accessories & Luxury Goods 1.9%
784,000	Ports Design Ltd. (China)		2,427,280
	Application Software 5.0%
17,055	Concur Technologies, Inc.*		729,101
20,845	FactSet Research Systems, Inc.		1,373,060
44,126	Interactive Intelligence, Inc.*		813,683
83,625	Tyler Technologies, Inc.*		1,664,974
58,110	Ultimate Software Group, Inc.*		1,706,691
			6,287,509
	Asset Management & Custody Banks 1.7%
58,253	Westwood Holdings Group, Inc.		2,116,914
	Automotive Retail 1.6%
50,895	O’Reilly Automotive, Inc.*		1,940,118
	Biotechnology 0.5%
46,960	Orexigen Therapeutics, Inc.*		349,382
49,695	Sangamo BioSciences, Inc.*		294,195
			643,577
	Communications Equipment 4.2%
60,290	F5 Networks, Inc.*		3,194,164
91,305	Riverbed Technology, Inc.*		2,097,276
			5,291,440
	Construction & Engineering 1.1%
63,000	MYR Group, Inc.*		1,139,040
13,685	Orion Marine Group, Inc.*		288,206
			1,427,246
	Construction & Farm Machinery & Heavy Trucks 1.7%
37,112	Bucyrus International, Inc., Class A+++		2,092,003
	Consumer Finance 2.4%
62,265	Dollar Financial Corp.*		1,473,190
70,300	First Cash Financial Services, Inc.*		1,559,957
			3,033,147
	Data Processing & Outsourced Services 2.7%
52,000	Cielo S.A. (Brazil)		458,173
24,915	NeuStar, Inc., Class A*		574,042
167,175	Wirecard AG (Germany)		2,311,546
			3,343,761
	Distributors 1.8%
113,220	LKQ Corp.*		2,217,980
	Diversified Banks 4.0%
63,000	Axis Bank Ltd. (India)		1,329,060
53,000	Bank of Baroda (India)		575,538
45,210	HDFC Bank Ltd. (India)		1,650,190
10,951	HDFC Bank Ltd. ADR (India)		1,424,506
			4,979,294
	Diversified Support Services 2.0%
45,480	Copart, Inc.*		1,665,932
50,500	STR Holdings, Inc.*		793,355
			2,459,287
	Education Services 1.5%
24,925	Capella Education Co.*		1,876,852
	Environmental & Facilities Services 2.1%
39,240	Heritage-Crystal Clean, Inc.*		410,450
64,080	Team, Inc.*		1,205,345
36,600	Tetra Tech, Inc.*		994,422
			2,610,217
	Food Retail 0.4%
72,170	QKL Stores, Inc.*		483,539
	Footwear 0.4%
3,375,860	China Hongxing Sports Ltd. (China)		450,450
	General Merchandise Stores 1.4%
37,040	Dollar Tree, Inc.*		1,789,032
	Health Care Equipment 5.5%
61,075	Abaxis, Inc.*		1,560,466
121,548	AtriCure, Inc.*		734,150
203,255	Cardica, Inc.* +++		235,776
330,000	Cardica, Inc. PIPE* +		382,800
161,474	Cardiovascular Systems, Inc.*		741,166
56,445	DexCom, Inc.*		456,076
21,750	DiaSorin S.p.A. (Italy)		772,984
24,681	NuVasive, Inc.*		789,298
63,500	Somanetics Corp.*		1,114,425
1,080,146	Zonare Medical Systems, Inc.* *** +		118,816
			6,905,957

WASATCH ULTRA GROWTH FUND (WAMCX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Health Care Facilities 2.2%
43,905	Emeritus Corp.*	$	823,219
77,215	VCA Antech, Inc.*		1,924,198
			2,747,417
	Health Care Services 2.0%
36,120	Bio-Reference Laboratories, Inc.*		1,415,543
422,629	Clarient, Inc.*		1,119,967
108,917	TargetRX, Inc.* *** +		1,089
			2,536,599
	Health Care Supplies 1.4%
77,800	Abcam plc (United Kingdom)		1,194,459
169,705	Shandong Weigao Group Medical Polymer Co. Ltd., Class H (China)		565,579
			1,760,038
	Health Care Technology 1.9%
15,130	athenahealth, Inc.*		684,481
35,795	Computer Programs & Systems, Inc.		1,648,360
			2,332,841
	Industrial Machinery 0.5%
83,000	AIA Engineering Ltd. (India)		664,021
	Integrated Telecommunication Services 1.0%
75,195	Cbeyond, Inc.*		1,184,321
	Internet Software & Services 1.2%
27,020	Constant Contact, Inc.*		432,320
56,225	DealerTrack Holdings, Inc.*		1,056,468
91,388	Xtera* *** +		31,072
			1,519,860
	IT Consulting & Other Services 5.5%
125,496	Cognizant Technology Solutions Corp., Class A*		5,684,969
46,000	MindTree Ltd. (India)		682,385
138,110	Rolta India Ltd. (India)		577,278
			6,944,632
	Leisure Facilities 1.4%
69,800	Life Time Fitness, Inc.*		1,740,114
	Life Sciences Tools & Services 1.9%
61,353	ICON plc ADR* (Ireland)		1,333,201
15,825	Techne Corp.		1,084,962
			2,418,163
	Oil & Gas Equipment & Services 1.6%
35,735	Dril-Quip, Inc.*		2,018,313
	Oil & Gas Exploration & Production 1.5%
28,955	GMX Resources, Inc.*		397,842
61,820	Petrohawk Energy Corp.*		1,483,062
			1,880,904
	Other Diversified Financial Services 0.6%
86,500	CETIP S.A. (Brazil)		707,998
	Packaged Foods & Meats 0.8%
36,890	Glaxo SmithKline Consumer Healthcare Ltd. (India)		1,029,748
	Personal Products 0.9%
28,445	Herbalife Ltd.		1,154,014
50,403	Ophthonix, Inc.* *** +		504
			1,154,518
	Pharmaceuticals 0.3%
57,562	Alexza Pharmaceuticals, Inc.*		138,149
75,769	Alexza Pharmaceuticals, Inc. PIPE* +		181,845
			319,994
	Research & Consulting Services 3.1%
99,280	Resources Connection, Inc.*		2,106,722
63,000	Stantec, Inc.* (Canada)		1,812,510
			3,919,232
	Restaurants 1.0%
37,580	Peet’s Coffee & Tea, Inc.*		1,252,541
	Semiconductor Equipment 0.7%
39,922	Tessera Technologies, Inc.*		928,985
	Semiconductors 9.0%
31,785	Hittite Microwave Corp.*		1,295,239
25,825	Netlogic Microsystems, Inc.*		1,194,665
493,000	O2Micro International Ltd. ADR * (China)		2,578,390
94,315	Power Integrations, Inc.		3,429,293
57,650	Silicon Laboratories, Inc.*		2,786,801
			11,284,388
	Specialized Finance 3.9%
155,305	MSCI, Inc., Class A*		4,938,699
	Specialty Stores 1.4%
79,390	Hibbett Sports, Inc.*		1,745,786
	Systems Software 2.8%
24,595	ArcSight, Inc.*		629,140
80,742	NetSuite, Inc.*		1,290,257
133,500	Opnet Technologies, Inc.		1,627,365
			3,546,762
	Thrifts & Mortgage Finance 1.2%
82,510	LIC Housing Finance Ltd. (India)		1,450,103
	Trucking 2.9%
126,975	Knight Transportation, Inc.		2,449,348
39,965	Old Dominion Freight Line, Inc.*		1,226,925
			3,676,273
	Total Common Stocks (cost $91,089,507)		118,829,652

WASATCH ULTRA GROWTH FUND (WAMCX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	PREFERRED STOCKS 1.2%
	Biotechnology 0.2%
169,492	Nanosys, Inc., Series D Pfd.* *** +	$	237,289
	Health Care Technology 1.0%
253,064	Data Sciences International, Inc. Series B Pfd.* *** +		807,502
243,902	TherOx, Inc., Series I Pfd.* *** +		429,267
			1,236,769
	Total Preferred Stocks (cost $1,975,003)		1,474,058
	LIMITED PARTNERSHIP INTEREST 3.4%
	Other 3.4%
	Montagu Newhall Global Partners II-B, L.P.*** +		3,326,610
	Montagu Newhall Global Partners III-B, L.P.* *** +		890,217
			4,216,827
	Total Limited Partnership Interest (cost $4,704,467)		4,216,827
	WARRANTS 0.0%
	Health Care Equipment 0.0%
165,000	Cardica, Inc., expiring 9/29/14*** +		20,625
162,021	Zonare Medical Systems, Inc., expiring 6/30/11*** +		—
			20,625
	Pharmaceuticals 0.0%
68,192	Alexza Pharmaceuticals, Inc. expiring 10/5/16*** +		8,524
	Total Warrants (cost $29,149)		29,149
Principal Amount		Value
	SHORT-TERM INVESTMENTS 0.8%
	Repurchase Agreement 0.8%
$1,036,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $1,065,000 of United States Treasury Notes 3.25% due 12/31/16; value: $1,057,013; repurchase proceeds: $1,036,001+++ (cost $1,036,000)	$	1,036,000
	Total Short-Term Investments (cost $1,036,000)		1,036,000
	Total Investments (cost $98,834,126) 100.2%^^		125,585,686
	Liabilities less Other Assets (0.2)%		(241,432	)
	NET ASSETS 100.0%	$	125,344,254
	*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 future commitments (see Note 6).
	^^The aggregate amount of foreign securities fair valued pursuant to a systematic fair valuation model as a percent of net assets was 14.00%.
	ADR American Depositary Receipt.
	PIPE Private Investment in a Public Equity.
	See Notes to Schedules of Investments.

At December 31, 2009, Wasatch Ultra Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Brazil	0.9
Canada	1.5
China	4.8
Germany	1.9
India	7.5
Ireland	1.1
Italy	0.6
Singapore	0.6
United Arab Emirates	0.9
United Kingdom	1.0
United States	79.2
Total	100.0	%

WASATCH-1ST SOURCE INCOME EQUITY FUND (FMIEX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 94.2%
	Advertising 1.1%
443,000	Omnicom Group, Inc.	$	17,343,450
	Aerospace & Defense 3.2%
360,000	Raytheon Co.		18,547,200
310,000	Rockwell Collins, Inc.		17,161,600
195,000	United Technologies Corp.		13,534,950
			49,243,750
	Agricultural Products 1.4%
705,750	Archer-Daniels-Midland Co.		22,097,032
	Aluminum 1.4%
1,361,130	Alcoa, Inc.		21,941,416
	Asset Management & Custody Banks 2.0%
450,000	Federated Investors, Inc., Class B		12,375,000
118,930	Northern Trust Corp.		6,231,932
410,000	Waddell & Reed Financial, Inc., Class A		12,521,400
			31,128,332
	Auto Parts & Equipment 1.5%
840,000	Johnson Controls, Inc.		22,881,600
	Coal & Consumable Fuels 0.9%
430,000	Cameco Corp. (Canada)		13,833,100
	Communications Equipment 2.8%
650,000	Harris Corp.		30,907,500
901,000	Nokia OYJ ADR (Finland)		11,577,850
			42,485,350
	Computer Hardware 1.6%
480,000	Hewlett-Packard Co.		24,724,800
	Construction & Engineering 1.5%
502,000	Fluor Corp.		22,610,080
	Construction & Farm Machinery & Heavy Trucks 0.6%
178,000	Deere & Co.		9,628,020
	Data Processing & Outsourced Services 1.7%
440,000	Computer Sciences Corp.*		25,313,200
	Diversified Chemicals 1.2%
556,555	El Du Pont de Nemours and Co.		18,739,207
	Diversified Metals & Mining 1.1%
783,750	Anglo American plc ADR* (United Kingdom)		16,991,700
	Drug Retail 0.4%
200,000	CVS Caremark Corp.		6,442,000
	Electric Utilities 2.0%
973,000	Duke Energy Corp.		16,745,330
249,000	FPL Group, Inc.		13,152,180
			29,897,510
	Electrical Components & Equipment 1.2%
440,000	Emerson Electric Co.		18,744,000
	Electronic Components 0.9%
710,170	Corning, Inc.		13,713,383
	Environmental & Facilities Services 2.7%
660,000	Republic Services, Inc.		18,684,600
679,000	Waste Management, Inc.		22,956,990
			41,641,590
	Fertilizers & Agricultural Chemicals 2.1%
150,000	Potash Corp. of Saskatchewan, Inc.		16,275,000
277,000	Syngenta AG ADR (Switzerland)		15,586,790
			31,861,790
	Food Distributors 1.5%
841,440	Sysco Corp.		23,509,834
	Food Retail 1.1%
1,353,200	SUPERVALU, Inc.		17,199,172
	Gold 0.5%
176,570	Barrick Gold Corp. (Canada)		6,953,327
	Health Care Distributors 1.9%
460,000	McKesson Corp.		28,750,000
	Health Care Equipment 2.7%
140,000	C. R. Bard, Inc.		10,906,000
235,000	Covidien plc		11,254,150
325,000	Zimmer Holdings, Inc.*		19,210,750
			41,370,900
	Home Improvement Retail 1.2%
620,000	Home Depot, Inc.		17,936,600
	Household Products 1.4%
330,000	Kimberly-Clark Corp.		21,024,300
	Hypermarkets & Super Centers 1.5%
423,050	Wal-Mart Stores, Inc.		22,612,022
	Industrial Machinery 1.2%
340,000	Parker Hannifin Corp.		18,319,200

WASATCH-1ST SOURCE INCOME EQUITY FUND (FMIEX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Insurance Brokers 0.9%
609,185	Marsh & McLennan Cos. Inc.	$	13,450,805
	Integrated Oil & Gas 4.1%
287,050	Chevron Corp.		22,099,979
390,000	ConocoPhillips		19,917,300
644,740	Marathon Oil Corp.		20,128,783
			62,146,062
	Integrated Telecommunication Services 3.7%
768,430	AT&T, Inc.		21,539,093
880,000	Deutsche Telekom AG ADR (Germany)		12,936,000
653,070	Verizon Communications, Inc.		21,636,209
			56,111,302
	Life & Health Insurance 0.8%
323,400	MetLife, Inc., Class A		11,432,190
	Multi-Line Insurance 1.5%
610,000	Loews Corp.		22,173,500
	Oil & Gas Drilling 1.3%
505,675	ENSCO International plc ADR (United Kingdom)		20,196,660
	Oil & Gas Equipment & Services 1.5%
355,000	Schlumberger Ltd.		23,106,950
	Oil & Gas Exploration & Production 1.1%
270,000	Anadarko Petroleum Corp.		16,853,400
	Oil & Gas Storage & Transportation 2.8%
900,000	Spectra Energy Corp.		18,459,000
1,130,000	Williams Cos. Inc. (The)		23,820,400
			42,279,400
	Other Diversified Financial Services 2.7%
1,344,000	Bank of America Corp.		20,240,640
518,000	JPMorgan Chase & Co.		21,585,060
			41,825,700
	Packaged Foods & Meats 2.5%
840,000	ConAgra Foods, Inc.		19,362,000
423,575	HJ Heinz Co.		18,112,067
			37,474,067
	Personal Products 1.5%
750,000	Avon Products, Inc.		23,625,000
	Pharmaceuticals 7.6%
385,000	Abbott Laboratories		20,786,150
440,000	Eli Lilly and Co.		15,712,400
280,000	Johnson & Johnson		18,034,800
589,000	Merck & Co., Inc.		21,522,060
450,000	Novartis AG ADR (Switzerland)		24,493,500
830,000	Pfizer, Inc.		15,097,700
			115,646,610
	Property & Casualty Insurance 3.6%
737,860	Allstate Corp. (The)		22,165,314
1,375,000	Old Republic International Corp.		13,805,000
365,000	Travelers Cos. Inc. (The)		18,198,900
			54,169,214
	Railroads 0.7%
196,000	Norfolk Southern Corp.		10,274,320
	Semiconductors 2.9%
1,110,000	Intel Corp.		22,644,000
818,000	Texas Instruments, Inc.		21,317,080
			43,961,080
	Soft Drinks 1.2%
300,000	PepsiCo, Inc.		18,240,000
	Specialized Consumer Services 0.7%
500,000	H&R Block, Inc.		11,310,000
	Specialized Finance 0.7%
421,175	NYSE Euronext		10,655,727
	Steel 2.5%
366,500	Nucor Corp.		17,097,225
372,300	United States Steel Corp.		20,521,176
			37,618,401
	Systems Software 2.5%
800,000	Microsoft Corp.		24,392,000
745,605	Symantec Corp.*		13,338,873
			37,730,873
	Technology Distributors 1.5%
780,000	Avnet, Inc.*		23,524,800
	Water Utilities 0.5%
360,355	American Water Works Co., Inc.		8,075,556
	Wireless Telecommunication Services 1.1%
350,000	China Mobile Ltd. ADR (China)		16,250,500
	Total Common Stocks (cost $1,256,352,690)		1,437,068,782

WASATCH-1ST SOURCE INCOME EQUITY FUND (FMIEX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal Amount		Value
	SHORT-TERM INVESTMENTS 5.6%
	Repurchase Agreement 5.6%
$86,293,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $88,130,000 of United States Treasury Notes 2.625% due 12/31/14; value: $88,019,838; repurchase proceeds: $86,293,048 (cost $86,293,000)	$	86,293,000
	Total Short-Term Investments (cost $86,293,000)		86,293,000
	Total Investments (cost $1,342,645,690) 99.8%		1,523,361,782
	Other Assets less Liabilities 0.2%		2,353,735
	NET ASSETS 100.0%	$	1,525,715,517
	*Non-income producing. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch-1st Source Income Equity Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Canada	1.5
China	1.1
Finland	0.8
Germany	0.9
Switzerland	2.8
United Kingdom	2.6
United States	90.3
Total	100.0	%

WASATCH-1ST SOURCE LONG/SHORT FUND (FMLSX) – Schedule of Investments

December 31, 2009 (Unaudited)

Shares		Value
	COMMON STOCKS 73.0%
	Agricultural Products 0.9%
55,000	Archer-Daniels-Midland Co.	$	1,722,050
	Airlines 0.5%
20,000	Allegiant Travel Co.*		943,400
	Application Software 1.4%
280,000	TIBCO Software, Inc.* +++		2,696,400
	Coal & Consumable Fuels 1.4%
60,000	Alpha Natural Resources, Inc.* +++		2,602,800
	Communications Equipment 1.9%
75,000	Harris Corp.+++		3,566,250
	Computer Hardware 1.1%
292,971	Silicon Graphics International Corp.*		2,053,727
	Construction & Engineering 0.7%
60,000	Chicago Bridge & Iron Co. N.V.* +++ (Netherlands)		1,213,200
	Construction & Farm Machinery & Heavy Trucks 0.4%
70,000	Titan Machinery, Inc.*		807,800
	Electrical Components & Equipment 1.0%
50,000	Thomas & Betts Corp.*		1,789,500
	Environmental & Facilities Services 3.9%
130,000	Republic Services, Inc.+++		3,680,300
110,000	Waste Management, Inc.+++		3,719,100
			7,399,400
	Food Distributors 1.5%
100,000	Sysco Corp.+++		2,794,000
	Health Care Distributors 0.7%
40,000	Cardinal Health, Inc.		1,289,600
	Health Care Equipment 5.2%
75,000	Medtronic, Inc.+++		3,298,500
50,000	St. Jude Medical, Inc.*		1,839,000
350,000	Symmetry Medical, Inc.*		2,821,000
65,000	Zoll Medical Corp.*		1,736,800
			9,695,300
	Health Care Services 1.1%
140,000	Emdeon, Inc.*		2,135,000
	Heavy Electrical Equipment 0.9%
60,000	General Cable Corp.*		1,765,200
	Home Entertainment Software 1.4%
150,000	Electronic Arts, Inc. (EA)* +++		2,662,500
	Household Products 1.6%
50,000	Clorox Co. (The)+++		3,050,000
	Hypermarkets & Super Centers 3.0%
105,000	Wal-Mart Stores, Inc.+++		5,612,250
	Insurance Brokers 0.9%
75,000	Marsh & McLennan Cos., Inc.+++		1,656,000
	Integrated Oil & Gas 1.7%
105,000	Marathon Oil Corp.+++		3,278,100
	Integrated Telecommunication Services 2.1%
65,000	AT&T, Inc.		1,821,950
65,000	Verizon Communications, Inc.+++		2,153,450
			3,975,400
	Internet Software & Services 3.3%
100,000	Akamai Technologies, Inc.* +++		2,533,000
100,000	eBay, Inc.* +++		2,354,000
180,000	United Online, Inc.		1,294,200
			6,181,200
	Leisure Products 2.4%
140,000	Hasbro, Inc.+++		4,488,400
	Life & Health Insurance 1.3%
125,000	Unum Group+++		2,440,000
	Managed Health Care 1.8%
75,000	Humana, Inc.*		3,291,750
	Multi-Line Insurance 4.8%
250,000	Loews Corp.+++		9,087,500
	Oil & Gas Drilling 4.1%
60,000	ENSCO International plc ADR (United Kingdom)		2,396,400
90,000	Noble Corp.		3,663,000
20,000	Transocean Ltd.*		1,656,000
			7,715,400
	Oil & Gas Equipment & Services 1.0%
1,100,000	Boots & Coots, Inc.*		1,815,000
	Oil & Gas Exploration & Production 2.9%
75,000	Devon Energy Corp.+++		5,512,500
	Oil & Gas Storage & Transportation 0.8%
70,000	Spectra Energy Corp.+++		1,435,700

WASATCH-1ST SOURCE LONG/SHORT FUND (FMLSX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Pharmaceuticals 5.0%
60,000	AstraZeneca plc ADR (United Kingdom)	$	2,816,400
70,000	Johnson & Johnson+++		4,508,700
115,000	Pfizer, Inc.+++		2,091,850
			9,416,950
	Property & Casualty Insurance 5.2%
155,000	Allstate Corp. (The)+++		4,656,200
150,000	CNA Financial Corp.* +++		3,600,000
80,000	United Fire & Casualty Co.		1,458,400
			9,714,600
	Restaurants 2.3%
70,000	McDonald’s Corp.+++		4,370,800
	Steel 3.2%
100,000	Nucor Corp.+++		4,665,000
80,000	Steel Dynamics, Inc.+++		1,417,600
			6,082,600
	Systems Software 1.6%
125,000	Oracle Corp.+++		3,067,500
	Total Common Stocks (cost $119,346,171)		137,327,777
	PREFERRED STOCKS 3.6%
	Cable & Satellite 1.0%
75,000	Comcast Corp., 7.00%, Series B Pfd.*		1,878,000
	Retail REITs 0.7%
22,000	Simon Property Group, Inc., 8.375%, Series J Pfd.*		1,342,000
	Specialized REITs 1.9%
75,000	Public Storage, 6.625%, Series M Pfd.*		1,746,750
75,000	Public Storage, 7.25%, Series K Pfd.*		1,882,500
			3,629,250
	Total Preferred Stocks (cost $5,681,264)		6,849,250
	LIMITED PARTNERSHIP INTEREST 1.4%
	Oil & Gas Storage & Transportation 1.4%
50,000	Plains All American Pipeline L.P.** +++		2,642,500
	Total Limited Partnership Interest (cost $1,925,300)		2,642,500
Principal Amount		Value
	SHORT-TERM INVESTMENTS 23.9%
	Repurchase Agreement 23.9%
$44,913,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $45,870,000 of United States Treasury Notes 2.625% due 12/31/14; value: $45,812,663; repurchase proceeds: $44,913,025+++ (cost $44,913,000)	$	44,913,000
	Total Short-Term Investments (cost $44,913,000)		44,913,000
	Total Investments (cost $171,865,735) 101.9%		191,732,527
	Liabilities less Other Assets (1.9)%		(3,531,469	)
	NET ASSETS 100.0%	$	188,201,058
Number of Contracts		Value
	CALL OPTIONS WRITTEN 0.3%
	Construction & Engineering 0.1%
600	Chicago Bridge & Iron Co. N.V., expiring 4/17/10, exercise price $20	$	126,000
	Internet Software & Services 0.1%
500	Akamai Technologies, Inc., expiring 5/22/10, exercise price $25		147,500
	Steel 0.1%
600	Nucor Corp., expiring 4/17/10, exercise price $48		156,000
800	Steel Dynamics, Inc., expiring 5/22/10, exercise price $18		144,000
			300,000
	Total Call Options Written (premium $645,731)		573,500
Shares		Value
	SECURITIES SOLD SHORT 19.9%
	Apparel Retail 0.4%
60,000	AnnTaylor Stores Corp.*	$	818,400
	Apparel, Accessories & Luxury Goods 0.9%
65,000	Under Armour, Inc.*		1,772,550

WASATCH-1ST SOURCE LONG/SHORT FUND (FMLSX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Shares		Value
	Application Software 1.5%
62,000	SAP AG ADR (Germany)	$	2,902,220
	Communications Equipment 0.8%
32,000	QUALCOMM, Inc.		1,480,320
	Construction & Farm Machinery & Heavy Trucks 1.2%
40,000	Caterpillar, Inc.		2,279,600
	Department Stores 2.3%
60,000	J.C. Penney Co., Inc.		1,596,600
35,000	Kohl’s Corp.*		1,887,550
22,000	Nordstrom, Inc.		826,760
			4,310,910
	Homebuilding 0.8%
75,000	Toll Brothers, Inc.*		1,410,750
	Integrated Oil & Gas 1.6%
45,000	Exxon Mobil Corp.		3,068,550
	Metal & Glass Containers 0.4%
30,000	Pactiv Corp.*		724,200
	Oil & Gas Exploration & Production 1.6%
65,000	XTO Energy, Inc.		3,038,873
	Retail REITs 5.0%
20,000	Federal Realty Investment Trust		1,354,400
100,000	Regency Centers Corp.		3,506,000
33,227	Simon Property Group, Inc.		2,651,516
50,000	Tanger Factory Outlet Centers, Inc.		1,949,500
			9,461,416
	Specialized Finance 0.6%
40,000	Moody’s Corp.		1,072,000
	Specialized REITs 2.2%
75,000	Plum Creek Timber Co., Inc.		2,832,000
30,000	Rayonier, Inc.		1,264,800
			4,096,800
	Specialty Stores 0.6%
42,000	Dick’s Sporting Goods, Inc.*		1,044,540
	Total Securities Sold Short (proceeds $34,690,369)		37,481,129
	*Non-income producing. **Common units. +++All or a portion of this security has been designated as collateral for short sales and call options written (see Note 2). ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch-1st Source Long/Short Fund’s investments, excluding short-term investments, written options and securities sold short, were in the following countries:

COUNTRY	%
Netherlands	0.8
United Kingdom	3.6
United States	95.6
Total	100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) – Schedule of Investments

December 31, 2009 (Unaudited)

Principal Amount		Value
	US GOVERNMENT OBLIGATIONS 98.9%
$9,335,000	U.S. Treasury Bond, 4.25%, 5/15/39	$	8,757,397
1,400,000	U.S. Treasury Bond, 4.375%, 2/15/38		1,344,000
16,300,000	U.S. Treasury Bond, 4.50%, 2/15/36		16,055,500
10,000,000	U.S. Treasury Bond, 4.50%, 5/15/38		9,792,190
4,500,000	U.S. Treasury Bond, 4.50%, 8/15/39		4,398,048
24,800,000	U.S. Treasury Bond, 4.75%, 2/15/37		25,342,500
3,020,000	U.S. Treasury Bond, 5.25%, 2/15/29		3,271,983
3,000,000	U.S. Treasury Bond, 5.375%, 2/15/31		3,315,000
90,000,000	U.S. Treasury Strip, principal only, 11/15/27		37,841,490
62,837,000	U.S. Treasury Strip, principal only, 2/15/37		17,422,501
40,851,000	U.S. Treasury Strip, principal only, 5/15/39		10,149,022
	Total US Government Obligations (cost $143,851,095)		137,689,631
	SHORT-TERM INVESTMENTS 0.3%
	Repurchase Agreement 0.3%
428,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $440,000 of United States Treasury Notes 3.25% due 12/31/16; value: $436,700; repurchase proceeds: $428,000 (cost $428,000)		428,000
	Total Short-Term Investments (cost $428,000)		428,000
	Total Investments (cost $144,279,095) 99.2%		138,117,631
	Other Assets less Liabilities 0.8%		1,079,106
	NET ASSETS 100.0%	$	139,196,737
	See Notes to Schedules of Investments.

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments

December 31, 2009 (Unaudited)

Principal Amount		Value
	ASSET BACKED SECURITIES 3.1%
$600,000	Capital One Multi-Asset Execution Trust, 4.70%, 6/15/15, Series 2005-A7, Class A7	$	633,911
1,500,000	Citibank Credit Card Issuance Trust, 5.45%, 5/10/13, Series 2006-A4, Class A4		1,578,760
650,000	MBNA Credit Card Master Note Trust, 4.10%, 10/15/12, Series 2005-A3, Class A3		657,678
850,000	World Financial Network Credit Card Master Note Trust, 4.60%, 9/15/15, Series 2009-A, Class A		872,139
	Total Asset Backed Securities (cost $3,627,666)		3,742,488
	COLLATERALIZED MORTGAGE OBLIGATIONS 27.4%
400,063	ABN Amro Mortgage Corp., 5.50%, 2/25/18, Series 2003-13, Class A2		402,006
40,379	Banc of America Mortgage Securities, Inc., 4.072662%, 2/25/33, Series 2003-A, Class 3A1^^^		35,285
250,000	Bank of America Commercial Mortgage, Inc., 5.141661%, 11/10/42, Series 2005-1, Class A4^^^		255,358
390,000	Bear Stearns Commercial Mortgage Securities, 4.735%, 9/11/42, Series 2005-PWR9, Class A2		389,957
436,842	Countrywide Home Loans, 4.50%, 8/25/19, Series 2004-J7, Class 2A1		413,150
106,523	Credit Suisse First Boston Mortgage Securities Corp., 4.302%, 7/15/36, Series 2004-C3, Class A3		106,742
915,770	Federal Home Loan Bank, 4.75%, 10/25/10, Class H		942,098
126,313	Federal Home Loan Mortgage Corp., 3.473%, 12/1/32, Series 847527^^^		128,997
163,196	Federal Home Loan Mortgage Corp., 3.491%, 5/1/31, Series 847292^^^		168,537
50,439	Federal Home Loan Mortgage Corp., 3.94%, 8/1/33, Series 847281^^^		51,713
211,070	Federal Home Loan Mortgage Corp., 4.00%, 12/15/11, Series 2892, Class UJ		212,563
206,676	Federal Home Loan Mortgage Corp., 4.00%, 12/15/13, Series 2584, Class LE		212,434
951,894	Federal Home Loan Mortgage Corp., 4.00%, 12/15/16, Series 2672, Class NF,		981,612
468,494	Federal Home Loan Mortgage Corp., 4.50%, 12/15/13, Series 2717, Class HP		487,336
419,314	Federal Home Loan Mortgage Corp., 4.50%, 12/15/13, Series 2723, Class AT		424,559
121,286	Federal Home Loan Mortgage Corp., 4.50%, 6/15/15, Series 2622, Class PC		122,792
505,731	Federal Home Loan Mortgage Corp., 4.50%, 7/15/15, Series 2864, Class CV		522,916
865,291	Federal Home Loan Mortgage Corp., 4.50%, 12/1/18, Pool G11657		901,082
306,001	Federal Home Loan Mortgage Corp., 5.00%, 8/1/12, Series M80984		317,403
192,632	Federal Home Loan Mortgage Corp., 5.00%, 2/15/16, Series 2541, Class JB		194,335
310,109	Federal Home Loan Mortgage Corp., 5.00%, 5/15/16, Series R007, Class AL		317,597
427,249	Federal Home Loan Mortgage Corp., 5.00%, 2/15/23, Series 2960, Class KP		443,981
175,934	Federal Home Loan Mortgage Corp., 5.125%, 12/15/13, Series 3137, Class PJ		176,637
385,723	Federal Home Loan Mortgage Corp., 5.125%, 6/15/18, Series R016, Class AM		402,061
351,566	Federal Home Loan Mortgage Corp., 5.50%, 10/15/14, Series R014, Class AL		358,509
569,682	Federal Home Loan Mortgage Corp., 5.50%, 5/15/15, Series 2808, Class VA		608,390
2,107,766	Federal Home Loan Mortgage Corp., 5.50%, 12/15/19, Series R010, Class AB		2,210,978
264,719	Federal Home Loan Mortgage Corp., 5.50%, 10/1/25, Series C90925		279,764
597,628	Federal Home Loan Mortgage Corp., 5.50%, 8/1/29, Series C46102		629,813
207,860	Federal Home Loan Mortgage Corp., 5.741%, 11/1/35, Series 1M0010^^^		219,476
496,174	Federal Home Loan Mortgage Corp., 5.875%, 5/15/16, Series R007, Class AC		509,548
619,300	Federal Home Loan Mortgage Corp., 6.00%, 2/15/27, Series 3164, Class NA		634,975
301,323	Federal National Mortgage Assoc., 2.575%, 11/1/34, Series 782320^^^		316,601
18,085	Federal National Mortgage Assoc., 3.35%, 10/1/32, Series 659657^^^		18,650
862,260	Federal National Mortgage Assoc., 3.875%, 1/25/39		874,206
219,805	Federal National Mortgage Assoc., 4.00%, 10/1/10, Series 254955		222,332
696,285	Federal National Mortgage Assoc., 4.00%, 10/25/32, Series 2003-28, Class GA		716,559
379,363	Federal National Mortgage Assoc., 4.013%, 1/1/35, Series 825245^^^		388,130
365,993	Federal National Mortgage Assoc., 4.25%, 9/25/22, Series 2003-17, Class ED		378,418
733,128	Federal National Mortgage Assoc., 4.50%, 1/1/13		752,408
809,042	Federal National Mortgage Assoc., 4.50%, 3/25/17, Series 2003-17, Class HD		830,360
804,345	Federal National Mortgage Assoc., 4.50%, 5/1/19, Series 725445		836,358

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal Amount		Value
$625,816	Federal National Mortgage Assoc., 4.50%, 6/25/29	$	625,858
728,908	Federal National Mortgage Assoc., 4.50%, 1/25/30, Series 2004-67, Class AC		755,125
1,301,800	Federal National Mortgage Assoc., 5.00%, 7/25/23, Series 2005-4, Class VG		1,346,153
250,000	Federal National Mortgage Assoc., 5.50%, 5/25/23, Series 2003-42, Class EK		263,151
163,928	Federal National Mortgage Assoc., 5.50%, 11/25/26, Series 2007-63, Class PA		167,190
252,658	Federal National Mortgage Assoc., 6.30%, 9/25/15, Series 2001-M2, Class C^^^		258,740
801,580	Federal National Mortgage Assoc., 4.50%, 7/1/19		833,484
259,886	First Horizon Mortgage, Inc., 5.75%, 2/25/33, Series 2002-9, Class 1A3		256,466
977,399	Government National Mortgage Assoc., 3.387%, 6/16/30, Series 2006-19, Class A		992,679
1,166,551	Government National Mortgage Assoc., 4.50%, 8/15/24 Pool 717874		1,212,616
476,139	Government National Mortgage Assoc., 4.50%, 1/20/31, Series 2005-38, Class A		488,338
650,000	Government National Mortgage Assoc., 4.658%, 12/16/30, Series 2005-12, Class C		675,900
175,244	Government National Mortgage Assoc., 5.00%, 11/20/28, Series 2004-1, Class TB		175,826
535,598	Government National Mortgage Assoc., 5.00%, 12/20/29, Series 2004-101, Class MA		549,874
900,000	Government National Mortgage Assoc., 5.00%, 5/20/31, Series 2004-19, Class PD		937,518
1,647,068	Government National Mortgage Assoc., 5.00%, 9/16/31, Class A		1,723,294
904,473	Government National Mortgage Assoc., 5.00%, 4/20/33, Series 2009-8, Class LA		940,276
500,000	Government National Mortgage Assoc., 5.00%, 7/20/34, Series 2004-105, Class MC		515,974
476,733	Government National Mortgage Assoc., 5.00%, 8/20/39, Pool 004513 Jumbo		486,549
105,188	LB-UBS Commercial Mortgage Trust, 4.187%, 8/15/29, Series 2004-C6, Class A2		105,191
	Total Collateralized Mortgage Obligations (cost $32,028,484)		32,706,828
	CORPORATE BONDS 27.1%
	Aerospace & Defense 0.4%
200,000	General Dynamics Corp., 4.25%, 5/15/13		210,852
250,000	Martin Marietta Corp., 7.375%, 4/15/13		283,381
			494,233
	Air Freight & Logistics 0.4%
500,000	United Parcel Service, Inc., 3.875%, 4/1/14		519,487
	Automotive Retail 0.3%
300,000	AutoZone, Inc., 5.50%, 11/15/15		318,283
	Biotechnology 0.3%
300,000	Amgen, Inc., 4.85%, 11/18/14		322,974
	Cable & Satellite 0.5%
550,000	Comcast Corp., 5.30%, 1/15/14		587,012
	Computer Hardware 0.3%
300,000	Hewlett-Packard Co., 6.50%, 7/1/12		331,428
	Construction & Farm Machinery & Heavy Trucks 1.0%
425,000	Caterpillar Financial Services Corp., 5.125%, 10/12/11 MTN		451,090
250,000	John Deere Capital Corp., 4.90%, 9/9/13 MTN		268,741
500,000	PACCAR Financial Corp., 1.95%, 12/17/12 MTN		494,825
			1,214,656
	Consumer Finance 0.4%
100,000	American Express Co., 4.875%, 7/15/13		104,338
400,000	American Express Credit Corp., 5.875%, 5/2/13 MTN		429,264
			533,602
	Distillers & Vintners 0.5%
504,000	Diageo Capital plc, 7.375%, 1/15/14 (United Kingdom)		583,034
	Diversified Banks 2.9%
500,000	HSBC Capital Funding L.P., 4.61%, 6/27/13^^^ (Jersey, C.I.)		426,794
325,000	HSBC Finance Corp., 6.375%, 10/15/11		345,645
700,000	Royal Bank of Canada, 5.65%, 7/20/11 (Canada)		747,385
500,000	SouthTrust Corp., 5.80%, 6/15/14		523,804
650,000	U.S. Bancorp, 4.20%, 5/15/14		674,727
700,000	Wells Fargo & Co., 0.59188%, 1/24/12^^^		692,128
			3,410,483
	Diversified Metals & Mining 0.4%
450,000	Rio Tinto Alcan, Inc., 4.50%, 5/15/13 (Canada)		462,070
	Drug Retail 0.9%
550,000	CVS Caremark Corp., 5.75%, 8/15/11		585,681
400,000	Walgreen Co., 4.875%, 8/1/13		429,538
			1,015,219

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal Amount		Value
	Electric Utilities 1.2%
$350,000	Energy East Corp., 6.75%, 6/15/12	$	382,531
300,000	Florida Power & Light Co., 4.85%, 2/1/13		317,572
600,000	Georgia Power Co., 5.125%, 11/15/12, Series K		646,873
10,000	Progress Energy, Inc., 7.10%, 3/1/11		10,585
			1,357,561
	Footwear 0.5%
600,000	Nike, Inc., 5.15%, 10/15/15 MTN		655,123
	Health Care Distributors 0.4%
400,000	Cardinal Health, Inc., 6.75%, 2/15/11		417,795
	Health Care Equipment 0.2%
250,000	Baxter International, Inc., 4.625%, 3/15/15		265,031
	Household Appliances 0.3%
350,000	Whirlpool Corp., 8.00%, 5/1/12		379,191
	Independent Power Producers & Energy Traders 0.2%
250,000	Constellation Energy Grp, Inc., 7.00%, 4/1/12		271,258
	Industrial Conglomerates 2.8%
500,000	3M Co., 4.375%, 8/15/13 MTN		538,318
1,000,000	General Electric Capital Corp., 5.40%, 2/15/17 MTN		1,020,591
887,000	General Electric Capital Corp., 5.50%, 4/28/11 MTN		935,118
525,000	General Electric Capital Corp., 5.72%, 8/22/11 MTN		533,882
240,000	Tyco International Finance Ltd. S.A., 6.00%, 11/15/13		262,892
			3,290,801
	Industrial Machinery 0.5%
600,000	Parker Hannifin Corp., 4.875%, 2/15/13		627,829
	Integrated Oil & Gas 1.5%
360,000	BP Capital Markets plc, 5.25%, 11/7/13 (United Kingdom)		392,123
500,000	ConocoPhillips, 4.60%, 1/15/15		530,995
750,000	Marathon Oil Canada Corp., 8.375%, 5/1/12 (Canada)		839,513
			1,762,631
	Integrated Telecommunication Services 0.9%
191,619	Ameritech Capital Funding, 9.10%, 6/1/16		218,687
500,000	AT&T Corp., 7.30%, 11/15/11		550,535
300,000	Verizon Communications, 4.375%, 6/1/13		314,799
			1,084,021
	Investment Banking & Brokerage 0.5%
100,000	Goldman Sachs Group, Inc. (The), 0.5475%, 3/2/10 MTN^^^		100,045
500,000	Goldman Sachs Group, Inc. (The), 5.35%, 1/15/16		519,333
			619,378
	Life & Health Insurance 1.4%
500,000	Principal Life Income Funding Trusts, 5.30%, 4/24/13 MTN		527,948
600,000	Prudential Financial, Inc., 6.20%, 1/15/15		645,524
480,000	Prudential Holdings, LLC		486,288
			1,659,760
	Movies & Entertainment 0.2%
250,000	Walt Disney Co. (The), 4.50%, 12/15/13		265,561
	Oil & Gas Exploration & Production 0.3%
300,000	Apache Corp., 6.25%, 4/15/12		327,083
	Other Diversified Financial Services 1.3%
600,000	Bear Stearns Co., LLC (The), 5.70%, 11/15/14		660,200
600,000	JPMorgan Chase & Co., 4.85%, 6/16/11		628,024
260,000	Source One Mortgage Services, 9.00%, 6/1/12, Series B		278,946
			1,567,170
	Personal Products 0.6%
655,000	Avon Products, Inc., 5.625%, 3/1/14		713,883
	Pharmaceuticals 1.1%
600,000	AstraZeneca plc, 5.40%, 9/15/12 (United Kingdom)		655,412
625,000	Pfizer, Inc., 5.35%, 3/15/15		683,065
			1,338,477
	Property & Casualty Insurance 1.3%
435,000	Allstate Corp. (The), 7.50%, 6/15/13		488,049
650,000	Berkshire Hathaway Finance Corp., 4.625%, 10/15/13		692,959
325,000	Progressive Corp. (The), 6.375%, 1/15/12		348,294
			1,529,302
	Railroads 0.7%
300,000	Burlington Northern Santa Fe, 4.30%, 7/1/13		315,259
500,000	Union Pacific Corp., 6.125%, 1/15/12		543,534
			858,793

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal Amount		Value
	Regional Banks 1.1%
$800,000	BB&T Corp., 4.75%, 10/1/12	$	832,809
200,000	Fifth Third Bancorp, 5.45%, 1/15/17		179,048
250,000	Old National Bancorp, 5.00%, 5/20/10 MTN		251,268
			1,263,125
	Soft Drinks 0.5%
600,000	Bottling Group, LLC, 4.625%, 11/15/12		643,187
	Special Purpose Entity 0.2%
244,000	Targeted Return Index Fund, 6.814%, 1/15/12, Series 2002-10*** ^^^		267,668
	Specialized Finance 0.5%
600,000	CME Group, Inc., 5.40%, 08/1/13		647,528
	Systems Software 0.6%
650,000	Oracle Corp., 4.95%, 4/15/13		697,490
	Total Corporate Bonds (cost $30,842,091)		32,302,127
	MUNICIPAL BONDS 1.9%
650,000	Arizona State Transportation Board Highway Revenue, 5.00%, 7/1/23		703,391
500,000	Iowa Student Loan Liquidity Corp., 12/1/37, 0.00% *** ^^^		486,000
600,000	Kentucky Higher Education Student Loan Corp., 6/1/36, 0.601%, Series A-2*** ^^^		583,200
500,000	Richmond, CA Joint Powers Financing Authority Revenue, 8.25%, 7/01/19		486,595
	Total Municipal Bonds (cost $2,253,187)		2,259,186
Shares		Value
	MUTUAL FUNDS 0.6%
	Mutual Funds 0.6%
42,765	Eaton Vance Short Duration Diversified Income Fund	$	689,372
	Total Mutual Funds (cost $633,077)		689,372
	EXCHANGE TRADED FUNDS 1.2%
14,000	iShares iBoxx Investment Grade Corporate Bond Fund		1,458,100
	Total Exchange Traded Funds (cost $1,253,950)		1,458,100
Principal Amount		Value
	U.S. GOVERNMENT AGENCY SECURITIES 21.8%
$1,000,000	Federal Farm Credit Bank, 2.25%, 4/24/12	$	1,016,766
1,000,000	Federal Farm Credit Bank, 3.85%, 2/11/15		1,036,229
650,000	Federal Farm Credit Bank, 4.875%, 4/1/14		708,741
500,000	Federal Farm Credit Bank, 4.875%, 1/17/17		532,063
650,000	Federal Farm Credit Bank, 5.20%, 12/27/12		678,354
1,000,000	Federal Home Loan Bank, 1.00%, 3/22/13		1,001,186
1,000,000	Federal Home Loan Bank, 1.375%, 11/19/12		995,664
1,000,000	Federal Home Loan Bank, 2.00%, 7/27/12		1,001,920
1,000,000	Federal Home Loan Bank, 2.00%, 7/17/14		1,008,291
750,000	Federal Home Loan Bank, 3.1%, 12/30/14		745,682
1,000,000	Federal Home Loan Bank, 4.875%, 11/15/11, Series RY11		1,068,267
400,000	Federal Home Loan Bank, 5.00%, 12/16/11, Series WE11		429,230
1,550,000	Federal Home Loan Bank, 5.00%, 9/14/12		1,677,565
1,000,000	Federal Home Loan Mortgage Corp., 2.125%, 9/21/12		1,010,636
850,000	Federal Home Loan Mortgage Corp., 4.75%, 11/17/15		919,673
1,400,000	Federal Home Loan Mortgage Corp., 5.50%, 3/28/16		1,463,878
700,000	Federal Home Loan Mortgage Corp., 5.55%, 10/4/16		739,162
1,000,000	Federal National Mortgage Assoc., 1.45%, 5/12/11		1,003,312
1,000,000	Federal National Mortgage Assoc., 2.05%, 5/21/14		998,059
700,000	Federal National Mortgage Assoc., 2.20%, 12/3/12		701,657
900,000	Federal National Mortgage Assoc., 2.375%, 3/23/12		909,241
600,000	Federal National Mortgage Assoc., 4.00%, 1/18/13		617,182
750,000	Federal National Mortgage Assoc., 4.375%, 9/15/12		803,092

WASATCH-1ST SOURCE INCOME FUND (FMEQX) – Schedule of Investments (continued)

December 31, 2009 (Unaudited)

Principal Amount		Value
$1,500,000	Federal National Mortgage Assoc., 4.375%, 7/17/13	$	1,608,072
700,000	Federal National Mortgage Assoc., 5.00%, 4/26/17		709,153
600,000	Federal National Mortgage Assoc., 5.24%, 8/7/18		627,670
800,000	Tennessee Valley Authority, 6.00%, 3/15/13, Series C		895,143
1,000,000	Tennessee Valley Authority, 6.25%, 12/15/17, Series E		1,140,598
	Total U.S. Government Agency Securities (cost $25,513,367)		26,046,486
	U.S. TREASURY NOTES 8.4%
5,200,000	U.S. Treasury Note, 3.75%, 11/15/18		5,199,594
4,500,000	U.S. Treasury Note, 4.25%, 8/15/15		4,816,404
	Total U.S. Treasury Notes (cost $10,017,376)		10,015,998
	U.S. TREASURY INFLATION PROTECTED BONDS 4.3%
4,952,928	U.S. Treasury Note, 1.625%, 1/15/18		5,070,174
	Total U.S. Treasury Inflation Protected Bonds (cost $4,953,691)		5,070,174
Shares		Value
	PREFERRED STOCKS 0.6%
	Diversified Banks 0.3%
19,700	CABCO TST For GS CAP 1, 3.25%, 2/15/34, Series GS Pfd.* ^^^	$	374,694
	Investment Banking & Brokerage 0.1%
5,000	Morgan Stanley Cap Tr VI , 6.60%, 2/1/46 Pfd.*		112,250
	Other Diversified Financial Services 0.2%
5,000	Bank of America Corp., 8.20%, 5/1/13, Series H, Pfd.*		120,850
8,000	ING Groep N.V., 7.375% Pfd.* (Netherlands)		157,600
			278,450
	Total Preferred Stocks (cost $906,511)		765,394
Principal Amount		Value
	SHORT-TERM INVESTMENTS 2.8%
	Repurchase Agreement 2.8%
$3,373,000	Repurchase Agreement dated 12/31/09, 0.01% due 1/4/10 with Fixed Income Clearing Corporation collateralized by $3,470,000 of United States Treasury Notes 3.25% due 12/31/16; value: $3,443,975; repurchase proceeds: $3,373,002 (cost $3,373,000)	$	3,373,000
	Total Short-Term Investments (cost $3,373,000)		3,373,000
	Total Investments (cost $115,402,400) 99.2%		118,429,153
	Other Assets less Liabilities 0.8%		900,944
	NET ASSETS 100.0%	$	119,330,097
	*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Directors (see Note 2). ^^^Variable Rate Securities. MTN Medium Term Note. See Notes to Schedules of Investments.

At December 31, 2009, Wasatch-1st Source Income Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Canada	1.8
Jersey, C.I.	0.4
Netherlands	0.1
United Kingdom	1.4
United States	96.3
Total	100.0	%

WASATCH FUNDS – Notes to Schedules of Investments DECEMBER 31, 2009 (UNAUDITED)

1. ORGANIZATION

Wasatch Funds, Inc. is a Minnesota corporation registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and consists of 18 series or “funds” (each a “Fund” and collectively the “Funds”). The Core Growth Fund, Global Science & Technology Fund, Heritage Growth Fund, International Growth Fund, International Opportunities Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Strategic Income Fund, Ultra Growth Fund, Wasatch-1st Source Income Equity Fund, Wasatch-Hoisington U.S. Treasury Fund (“U.S. Treasury Fund”) and Wasatch-1st Source Income Fund are each diversified funds. The Emerging Markets Small Cap Fund, Global Opportunities Fund, Heritage Value Fund, and Wasatch 1st Source Long/Short Fund are each non-diversified funds. Each Fund maintains its own investment objective. The Funds have entered into an investment advisory agreement with Wasatch Advisors, Inc. (the “Advisor” or “Wasatch”) as investment advisor.

The Core Growth Fund, Emerging Markets Small Cap Fund, Global Opportunities Fund, Global Science & Technology Fund, Heritage Growth Fund, Heritage Value Fund, International Growth Fund, International Opportunities Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Strategic Income Fund, Ultra Growth Fund, Wasatch-1st Source Income Equity Fund, and Wasatch-1st Source Long/Short Fund are referred to herein as the “Equity Funds.”

1st Source Corporation Investment Advisors, Inc. (“1st Source”) signed an asset purchase agreement with Wasatch relating to the acquisition by Wasatch of certain 1st Source mutual fund advisor business assets related to its management of the 1st Source Monogram Income Fund, the 1st Source Monogram Income Equity Fund and the 1st Source Monogram Long/Short Fund.

At a Special Meeting of the Shareholders of the 1st Source Monogram Income Fund, a series of The Coventry Group, held on December 11, 2008, the shareholders of 1st Source Monogram Income Fund approved the acquisition of all of the assets of the 1st Source Monogram Income Fund by the Wasatch-1st Source Income Fund in exchange for shares of the Wasatch-1st Source Income Fund and the assumption of all liabilities of the 1st Source Monogram Income Fund by the Wasatch-1st Source Income Fund and the subsequent liquidation and dissolution of the 1st Source Monogram Income Fund.

At a Special Meeting of the Shareholders of the 1st Source Monogram Income Equity Fund, a series of The Coventry Group, held on December 11, 2008, the shareholders of 1st Source Monogram Income Equity Fund approved the acquisition of all of the assets of the 1st Source Monogram Income Equity Fund by the Wasatch-1st Source Income Equity Fund in exchange for shares of the Wasatch-1st Source Income Equity Fund and the assumption of all liabilities of the 1st Source Monogram Income Equity Fund by the Wasatch-1st Source Income Equity Fund and the subsequent liquidation and dissolution of the 1st Source Monogram Income Equity Fund.

At a Special Meeting of the Shareholders of the 1st Source Monogram Long/Short Fund, a series of The Coventry Group, held on December 11, 2008, the shareholders of 1st Source Monogram Long/Short Fund approved the acquisition of all of the assets of the 1st Source Monogram Long/Short Fund by the Wasatch-1st Source Long/Short Fund in exchange for shares of the Wasatch-1st Source Long/Short Fund and the assumption of all liabilities of the 1st Source Monogram Long/Short Fund by the Wasatch-1st Source Long/Short Fund and the subsequent liquidation and dissolution of the 1st Source Monogram Long/Short Fund.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant policies related to investments of the Funds held at December 31, 2009.

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 last quoted sales price taken from the primary market in which each security trades and, with respect to equity securities traded on NASDAQ, such securities are valued using the NASDAQ Official Closing Price (“NOCP”) or last sales price if no NOCP is available. If there are no sales on the primary exchange or market on a given day, then the security is valued at the most recent bid price on the primary exchange or market as provided by a pricing service. 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 at time of purchase, are generally valued at amortized cost, unless it is determined that the amortized cost method would not represent fair value, in which case the securities are marked to market. Exchange-traded options are valued at the last sale price in the market where they are principally traded. If there are no sales on the primary exchange or market on a given day, then the option is valued at the most recent bid price on the primary exchange or market as provided by a pricing service. If market quotations are not readily available for the Funds’ investments in securities such as restricted securities, private placements, securities for which trading has been halted or other illiquid securities, these investments are valued at fair value in accordance with Board-approved Pricing Policies and Procedures by the Joint Pricing Committee of the Advisor and the Funds (“Pricing Committee”) with oversight by the Board of Directors. Fair value is defined as the price that would be received upon the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under market conditions. For each applicable investment that is fair valued, the Pricing Committee considers, to the extent applicable, various factors including, but not limited to, the financial condition of the company or

WASATCH FUNDS – Notes to Schedules of Investments DECEMBER 31, 2009 (UNAUDITED)

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 are valued at fair value by the Pricing Committee if the Advisor determines that an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the Fund’s share price is calculated. Significant events include, but are not limited to the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Pricing Committee determines the fair value of affected securities by considering factors including, but not limited to: index options and futures traded subsequent to the close; American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or other related receipts; currency spot or forward markets that trade after pricing of the foreign exchange; other derivative securities traded after the close such as Standard & Poor’s Depository Receipts (“SPDRs”) and other exchange traded funds (“ETFs”); and alternative market quotes on the affected securities. When applicable, the Funds use a systematic fair valuation model provided by an independent third party to assist in adjusting the valuation of foreign securities.

As of December 31, 2009, the aggregate amount of fair valued securities, excluding any foreign securities fair valued pursuant to a systematic fair valuation model, as a percentage of net assets for the Funds was as follows:

Core Growth Fund	1.77	%
Emerging Markets Small Cap Fund	<0.01	%
Global Opportunities Fund	0.03	%
Global Science & Technology Fund	1.94	%
Heritage Growth Fund	—
Heritage Value Fund	—
International Growth Fund	1.21	%
International Opportunities Fund	0.25	%
Micro Cap Fund	0.44	%
Micro Cap Value Fund	0.95	%
Small Cap Growth Fund	0.94	%
Small Cap Value Fund	1.94	%
Strategic Income Fund	0.97	%
Ultra Growth Fund	4.68	%
Wasatch-1st Source Income Equity Fund	—
Wasatch-1st Source Long/Short Fund	—
U.S. Treasury Fund	—
Wasatch-1st Source Income Fund	1.12	%

Foreign Currency Translations – Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day. Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions.

Foreign Currency Contracts – The Fund may enter into foreign currency contracts to settle planned purchases or sales of securities or to protect against a possible loss resulting from the adverse change in the relationship between the U.S. dollar and a foreign currency involved in an underlying transaction. Foreign currency contracts are agreements between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in currency exchange rates. Foreign currency contracts are marked-to-market daily and the change in market value is recorded by a Fund as unrealized appreciation or depreciation. When a foreign currency contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Schedule of Investments. In addition, a Fund could be exposed to a credit risk if a counterparty is unable or unwilling to meet the terms of the contracts or if the value of the currency changes unfavorably. In connection with these contracts, the Funds may segregate cash and/or securities in a sufficient amount as collateral in accordance with the terms of the respective contracts.

        Investment in Securities and Related Investment Income – Security transactions are accounted for on the trade date. Gains or losses on securities sold are determined on the identified cost basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the Fund is informed of the dividend. Interest income and estimated expenses are accrued daily. Bond discount and premiums are amortized using the interest method. To the extent dividends received from Real Estate Investment Trust securities include return of capital distributions; such distributions are recorded as income, and adjusted accordingly for tax purposes.

Short Sales – To a limited extent, the Equity Funds, except the Wasatch-1st Source Income Equity Fund, 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. (Effective January 31, 2010, the Wasatch-1st Source Income Equity Fund may enter into short sales to the same extent as the Equity Funds.) The initial amount of a short sale is recorded as a liability which is marked to market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. If a fund shorts a security when also holding a long position in the security (a “short against the box”), as the security’s price declines, the short position increases in value, offsetting the long position’s decrease in value. The opposite effect occurs if the security’s price rises. A fund realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Possible losses from short sales may be unlimited, whereas losses from purchases cannot exceed the total amount invested. The Funds are liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Funds. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of short positions.

Options Transactions – The Equity Funds and the Income Fund 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. Options are a type of derivative financial instrument. The Funds may invest in derivative financial instruments, including options, in order to manage risk or gain exposure to various other investments or markets. 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

WASATCH FUNDS – Notes to Schedules of Investments DECEMBER 31, 2009 (UNAUDITED)

option is that a Fund may incur a loss if the market price of the security decreases and the option is 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 Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of written options.

Repurchase Agreements – The Funds may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase and the fund to resell the obligation at an agreed upon price and time. The market value of the collateral must be at least equal at all times to the total amount of the repurchase obligation, including interest. Generally, in the event of counterparty default, the fund has the right to use the collateral to offset losses incurred.

3. OPTIONS CONTRACTS WRITTEN

Options written activity during the year or period ended December 31, 2009 was as follows:

	Options Outstanding at Beginning of Period		Written		Closed			Exercised			Expired			Options Outstanding at End of Period
Heritage Growth Fund
Premium amount	$	—	$	6,265	$	(6,265	)	$	—		$	—		$	—
Number of contracts		—		35		(35	)		—			—			—
Heritage Value Fund
Premium amount	$	—	$	37,504	$	(8,907	)	$	(14,392	)	$	(7,705	)	$	6,500
Number of contracts		—		244		(45	)		(81	)		(58	)		60
Micro Cap Value Fund
Premium amount	$	—	$	159,669	$	—		$	(159,669	)	$	—		$	—
Number of contracts		—		1,570		—			(1,570	)		—			—
Strategic Income Fund
Premium amount	$	20,877	$	792	$	(11,373	)	$	(6,412	)	$	(3,884	)	$	—
Number of contracts		273		33		(158	)		(63	)		(85	)		—
Wasatch-1st Source Long/Short Fund
Premium amount	$	1,604,392	$	980,672	$	(734,480	)	$	(979,609	)	$	(225,244	)	$	645,731
Number of contracts		5,262		4,560		(1,800	)		(4,222	)		(1,300	)		2,500

4. FEDERAL INCOME TAX INFORMATION

As of December 31, 2009, the cost and unrealized appreciation (depreciation) of securities, excluding written options, foreign currency contracts and securities sold short, on a tax basis were as follows:

	Core Growth Fund			Emerging Markets Small Cap Fund			Global Opportunities Fund			Global Science & Technology Fund			Heritage Growth Fund			Heritage Value Fund
Cost	$	340,116,480		$	68,845,230		$	110,797,467		$	52,646,522		$	68,652,630		$	3,306,351
Gross appreciation	$	82,375,642		$	19,399,921		$	35,152,374		$	12,897,471		$	11,756,228		$	577,414
Gross (depreciation)		(37,751,770	)		(1,802,403	)		(1,136,599	)		(4,416,737	)		(1,945,874	)		(10,845	)
Net appreciation (depreciation)	$	44,623,872		$	17,597,518		$	34,015,775		$	8,480,734		$	9,810,354		$	566,569
	International Growth Fund			International Opportunities Fund			Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund
Cost	$	148,740,052		$	88,869,137		$	272,726,048		$	127,070,049		$	723,621,132		$	208,609,589
Gross appreciation	$	49,015,600		$	30,153,945		$	57,215,479		$	25,657,011		$	235,294,606		$	38,540,866
Gross (depreciation)		(11,785,249	)		(4,689,198	)		(48,153,736	)		(3,711,814	)		(46,010,510	)		(29,959,353	)
Net appreciation (depreciation)	$	37,230,351		$	25,464,747		$	9,061,743		$	21,945,197		$	189,284,096		$	8,581,513
	Strategic Income Fund			Ultra Growth Fund			Wasatch-1st Source Income Equity Fund			Wasatch-1st Source Long/Short Fund			U.S. Treasury Fund			Wasatch-1st Source Income Fund
Cost	$	17,395,421		$	99,262,073		$	1,342,645,690		$	172,010,513		$	144,279,095		$	115,416,675
Gross appreciation	$	2,010,534		$	35,365,418		$	209,261,023		$	21,410,883		$	1,228,985		$	3,631,897
Gross (depreciation)		(1,541,181	)		(9,041,805	)		(28,544,931	)		(1,688,869	)		(7,390,449	)		(619,419	)
Net appreciation (depreciation)	$	469,353		$	26,323,613		$	180,716,092		$	19,722,014		$	(6,161,464	)	$	3,012,478

The difference between book-basis and tax-basis unrealized gains are primarily attributable to wash sales and other temporary tax adjustments.

5. RESTRICTED SECURITIES

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the “Securities Act”) and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee, comprised of personnel of the Advisor, with oversight by the Board of Directors and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At December 31, 2009, the Funds held the following restricted securities:

	Security Type	Acquisition Date	Acquisition Cost		Fair Value		Value as % of Net Assets
Core Growth Fund
Solar Capital, LLC	Common Stock	3/7/07	$	13,200,900	$	6,811,664	1.77	%
Global Opportunities Fund
Cardica, Inc.	PIPE	9/25/09	$	95,200	$	92,800	0.06	%
Cardica, Inc.	Warrants	9/25/09		5,000		5,000	—
			$	100,200	$	97,800	0.06	%
Global Science & Technology Fund
BlueArc Corp.	Warrants	5/30/08	$	—	$	—	—
BlueArc Corp., Series DD	Preferred Stock	6/6/06		324,998		287,318	0.46	%
BlueArc Corp., Series FF	Preferred Stock	5/30/08		628,067		534,091	0.86	%
Cardica, Inc.	PIPE	9/25/09		170,170		165,880	0.27	%
Cardica, Inc.	Warrants	9/25/09		8,937		8,937	0.01	%
Incipient, Inc., Series D	Preferred Stock	2/7/06		139,219		—	—
Montagu Newhall Global Partners II-B, L.P.	LP Interest	10/10/03 - 11/04/09		414,387		369,624	0.60	%
Xtera	Common Stock	9/3/03		7,076		2,220	—
			$	1,692,854	$	1,368,070	2.20	%
Micro Cap Fund
Alexza Pharmaceuticals, Inc.	PIPE	9/29/09	$	758,197	$	784,342	0.28	%
Alexza Pharmaceuticals, Inc.	Warrants	9/29/09		36,766		36,766	0.01	%
Cardica, Inc.	PIPE	9/25/09		767,550		748,200	0.27	%
Cardica, Inc.	Warrants	6/7/07		19,380		—	—
Cardica, Inc.	Warrants	9/25/09		40,313		40,313	0.01	%
Goldwater Bank, N.A.	Common Stock	2/28/07		1,540,000		1,156,540	0.41	%
Ithaca Energy, Inc.	Common Stock	6/5/06		1,965,844		1,448,327	0.52	%
Washington Trust Bancorp	PIPE	10/2/08		1,698,800		1,323,365	0.47	%
			$	6,826,850	$	5,537,853	1.97	%
Micro Cap Value Fund
Cardica, Inc.	PIPE	9/25/09	$	262,990	$	256,360	0.17	%
Cardica, Inc.	Warrants	6/7/07		9,302		—	—
Cardica, Inc.	Warrants	9/25/09		13,812		13,812	0.01	%
Goldwater Bank, N.A.	Common Stock	2/28/07		419,000		314,669	0.21	%
Idaho Trust Bancorp	Common Stock	8/30/06		500,004		256,669	0.17	%
NeurogesX, Inc.	PIPE	12/28/07		525,300		655,350	0.44	%
NeurogesX, Inc.	Warrants	12/28/07		3,800		—	—
			$	1,734,208	$	1,496,860	1.00	%

	Security Type	Acquisition Date	Acquisition Cost		Fair Value		Value as % of Net Assets
Small Cap Growth Fund
Alexza Pharmaceuticals, Inc.	PIPE	9/29/09	$	949,810	$	982,562	0.11	%
Alexza Pharmaceuticals, Inc.	Warrants	9/29/09		46,058		46,058	0.01	%
Fluidigm Corp., Series E	Preferred Stock	12/22/06 - 11/18/09		2,617,258		2,617,258	0.29	%
Fluidigm Corp.	Warrants	8/18/09		11		11	—
Incipient, Inc., Series D	Preferred Stock	2/7/06		1,860,778		—	—
Montagu Newhall Global Partners II-B, L.P.	LP Interest	10/10/03 - 11/04/09		4,143,853		3,696,232	0.40	%
Montagu Newhall Global Partners III-B, L.P.	LP Interest	3/16/06 - 11/18/09		975,000		890,217	0.10	%
Nanosys, Inc., Series D	Preferred Stock	11/8/05		2,000,000		949,152	0.10	%
Orexigen Therapeutics, Inc., Series C	PIPE	11/21/06		1,000,001		1,087,720	0.12	%
TargetRX, Inc.	Common Stock	4/8/05		769,098		3,628	—
Valera Pharmaceuticals, Inc. Ureteral Stent CSR	Rights	2/1/06 - 2/2/06		162,615		—	—
Valera Pharmaceuticals, Inc. VP003
(Octreotide Implant) CSR	Rights	2/1/06 - 2/2/06		243,922		210,611	0.02	%
Zonare Medical Systems, Inc.	Common Stock	6/30/04		1,500,000		178,224	0.02	%
Zonare Medical Systems, Inc.	Warrants	6/30/04		—		—	—
			$	16,268,404	$	10,661,673	1.17	%
Small Cap Value Fund
Solar Capital, LLC	Common Stock	3/7/07	$	7,079,100	$	3,652,816	1.66	%
Star Asia Financial Ltd.	Common Stock	2/22/07		6,000,000		54,000	0.02	%
			$	13,079,100	$	3,706,816	1.68	%
Strategic Income Fund
Redcorp Ventures Ltd.	PIPE	7/5/07	$	—	$	—	—
Redcorp Ventures Ltd.	Warrants	12/18/08		—		—	—
Redcorp Ventures Ltd., 13.00%, 7/11/12	Corporate Bond	7/5/07		231,017		23,341	0.13	%
Redcorp Ventures Ltd. - NSR Interest	Royalty Interest	12/18/08		—		—	—
Solar Capital, LLC	Common Stock	3/7/07		294,000		151,704	0.84	%
Star Asia Financial Ltd.	Common Stock	2/22/07 - 4/28/08		619,710		15,551	0.09	%
			$	1,144,727	$	190,596	1.06	%
Ultra Growth Fund
Alexza Pharmaceuticals, Inc.	PIPE	9/29/09	$	175,784	$	181,845	0.15	%
Alexza Pharmaceuticals, Inc.	Warrants	9/29/09		8,524		8,524	0.01	%
Cardica, Inc.	PIPE	9/25/09		392,700		382,800	0.31	%
Cardica, Inc.	Warrants	9/25/09		20,625		20,625	0.02	%
Data Sciences International, Inc., Series B	Preferred Stock	1/20/06		475,001		807,502	0.64	%
Montagu Newhall Global Partners II-B, L.P.	LP Interest	10/10/03 - 11/04/09		3,729,467		3,326,610	2.65	%
Montagu Newhall Global Partners III-B, L.P.	LP Interest	3/16/06 - 11/18/09		975,000		890,217	0.71	%
Nanosys, Inc., Series D	Preferred Stock	11/8/05		500,001		237,289	0.19	%
Ophthonix, Inc.	Common Stock	9/23/05		500,000		504	—
TargetRX, Inc.	Common Stock	4/8/05		230,904		1,089	—
TherOx, Inc., Series I	Preferred Stock	7/7/05		1,000,000		429,267	0.34	%
Xtera	Common Stock	9/3/03		99,065		31,072	0.02	%
Zonare Medical Systems, Inc.	Common Stock	6/30/04		1,000,000		118,816	0.09	%
Zonare Medical Systems, Inc.	Warrants	6/30/04		—		—	—
			$	9,107,071	$	6,436,160	5.13	%

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 December 31, 2009 were $80,000, $800,000 and $720,000, respectively. Securities held by the Funds have been designated to meet these purchase commitments.

In December 2005, the Small Cap Growth and Ultra Growth Funds entered into subscription agreements to acquire limited partnership interests in Montagu Newhall Global Partners III-B, L.P. The remaining commitment amounts at December 31, 2009 were $525,000 per Fund. Securities held by the Funds have been designated to meet these purchase commitments.

7. PRINCIPAL RISKS

Market and Credit Risk – In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of

WASATCH FUNDS – Notes to Schedules of Investments DECEMBER 31, 2009 (UNAUDITED)

cash due from counterparties and investments. The extent of the Funds’ exposure to credit and counterparty risks in respect to these financial assets approximates their carrying value as recorded in the Funds’ Schedules of Investments.

Interest Rate Risk – Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. A rise in interest rates typically causes a fall in values. Interest rate risk should be modest for shorter-term securities, moderate for intermediate-term securities and high for longer-term securities. Generally, an increase in the average maturity of a Fund will make it more sensitive to interest rate risk.

Foreign Currency Risk – If a Fund invests directly in foreign currencies or in securities that trade in, and receive revenues in, foreign currencies, or in derivatives that provide exposure to foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar. This also includes the risk associated with higher transaction costs, delayed settlements, currency controls and adverse economic developments related to foreign investments.

Region Risk – Emerging Markets Small Cap Fund, Global Opportunities Fund, Global Science & Technology Fund, International Growth Fund and International Opportunities Fund each invest in equity and fixed income securities of non-U.S. issuers. Although the Funds maintain a diversified investment portfolio, political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an adverse effect on the liquidity and volatility of portfolio securities and currency holdings.

8. FAIR VALUE MEASUREMENTS

The various inputs used in determining the fair value of the Funds’ investments are summarized in the three broad levels listed below:

• Level 1 – quoted prices in active markets for identical investments

• Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The following is a summary of the fair valuations according to the inputs used as of December 31, 2009 in valuing the Fund’s assets and liabilities:

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Value at 12/31/2009
Core Growth Fund
Common Stocks	Agricultural Products	$	—		$	8,816,615		$	—	$	8,816,615
	Apparel, Accessories & Luxury Goods		—			7,554,310			—		7,554,310
	Asset Management & Custody Banks		9,479,864			—			6,811,664		16,291,528
	Diversified Banks		—			5,723,946			—		5,723,946
	Footwear		—			3,601,929			—		3,601,929
	Semiconductors		13,199,370			3,769,184			—		16,968,554
	Specialized Finance		10,950,812			2,104,712			—		13,055,524
	Thrifts & Mortgage Finance		—			5,188,924			—		5,188,924
	Other		287,284,610			—			—		287,284,610
Preferred Stocks			5,968,412			—			—		5,968,412
Short-Term Investments			—			14,286,000			—		14,286,000
		$	326,883,068		$	51,045,620		$	6,811,664	$	384,740,352
Emerging Markets Small Cap Fund
Common Stocks	Apparel Retail	$	286,832		$	653,011		$	—	$	939,843
	Apparel, Accessories & Luxury Goods		681,053			1,792,757			—		2,473,810
	Brewers		270,004			1,700,547			—		1,970,551
	Broadcasting		424,265			—			—		424,265
	Building Products		907,315			—			—		907,315
	Construction Materials		501,529			4,207,925			—		4,709,454
	Consumer Finance		1,045,703			—			—		1,045,703
	Department Stores		1,729,238			1,801,539			—		3,530,777
	Diversified Banks		398,150			2,530,479			—		2,928,629
	Drug Retail		268,287			—			—		268,287
	Food Retail		1,562,939			1,742,647			—		3,305,586
	Footwear		316,519			1,004,138			—		1,320,657
	Health Care Equipment		166,717			—			—		166,717
	Health Care Services		158,443			—			—		158,443
	Home Entertainment Software		306,453			581,937			—		888,390
	Hotels, Resorts & Cruise Lines		238,722			383,585			—		622,307
	Industrial Machinery		584,868			3,022,625			—		3,607,493
	Investment Banking & Brokerage		401,212			—			—		401,212
	Life & Health Insurance		502,045			172,738			—		674,783
	Managed Health Care		824,593			—			—		824,593
	Marine Ports & Services		1,192,031			465,899			—		1,657,930
	Oil & Gas Exploration & Production		787,225			920,634			—		1,707,859
	Other Diversified Financial Services		1,874,868			—			—		1,874,868
	Packaged Foods & Meats		245,543			913,269			—		1,158,812
	Pharmaceuticals		435,305			1,875,893			—		2,311,198
	Restaurants		831,031			562,460			299		1,393,790
	Specialized Finance		1,315,610			1,334,400			—		2,650,010
	Specialty Stores		779,655			—			—		779,655
	Other		—			30,701,403			—		30,701,403
Preferred Stocks			3,078,408			—			—		3,078,408
Short-Term Investments			—			7,960,000			—		7,960,000
Other Financial Instruments			6,065			—			—		6,065
		$	22,120,628		$	64,327,886		$	299	$	86,448,813
Global Opportunities Fund
Common Stocks	Advertising	$	—		$	413,020		$	—	$	413,020
	Aerospace & Defense		—			563,134			—		563,134
	Agricultural Products		—			925,489			—		925,489
	Air Freight & Logistics		80,160			928,822			—		1,008,982
	Aluminum		—			316,272			—		316,272
	Apparel Retail		1,126,875			523,551			—		1,650,426
	Apparel, Accessories & Luxury Goods		1,455,096			7,297,697			—		8,752,793
	Application Software		1,336,617			1,368,265			—		2,704,882
	Asset Management & Custody Banks		2,505,157			225,190			—		2,730,347
	Auto Parts & Equipment		155,232			—			29,069		184,301
	Automotive Retail		499,372			379,681			—		879,053
	Biotechnology		1,192,071			1,073,188			—		2,265,259
	Commodity Chemicals		—			169,064			—		169,064
	Computer Storage & Peripherals		458,800			447,085			—		905,885
	Construction & Engineering		337,047			904,147			—		1,241,194
	Construction & Farm Machinery & Heavy Trucks		—			350,220			—		350,220
	Construction Materials		219,003			570,061			—		789,064
	Data Processing & Outsourced Services		1,847,479			3,201,464			—		5,048,943
	Diversified Banks		133,982			1,614,064			—		1,748,046
	Diversified Support Services		1,289,426			358,519			—		1,647,945
	Drug Retail		—			1,310,040			—		1,310,040
	Education Services		1,569,006			287,793			—		1,856,799
	Electrical Components & Equipment		272,640			699,286			—		971,926
	Electronic Equipment & Instruments		85,817			667,196			—		753,013
	Electronic Manufacturing Services		498,440			505,003			—		1,003,443
	Environmental & Facilities Services		—			207,728			—		207,728
	Food Retail		303,946			1,007,143			—		1,311,089
	Footwear		—			509,046			—		509,046
	Gold		—			163,927			—		163,927
	Health Care Equipment		4,243,066			4,099,011			—		8,342,077
	Health Care Facilities		1,774,137			770,548			—		2,544,685
	Health Care Supplies		193,132			1,837,737			—		2,030,869
	Health Care Technology		82,929			206,217			—		289,146
	Home Entertainment Software		475,348			299,589			—		774,937
	Home Improvement Retail		450,240			1,560,011			—		2,010,251
	Household Appliances		—			473,771			—		473,771
	Human Resource & Employment Services		1,063,854			1,499,904			—		2,563,758
	Industrial Machinery		1,563,466			2,592,078			—		4,155,544
	Internet Retail		—			1,608,415			—		1,608,415
	Internet Software & Services		876,558			1,138,658			—		2,015,216
	Investment Banking & Brokerage		459,700			191,285			—		650,985
	IT Consulting & Other Services		1,058,777			1,709,524			—		2,768,301
	Leisure Products		194,616			141,302			—		335,918
	Life Sciences Tools & Services		2,991,239			2,338,451			—		5,329,690
	Oil & Gas Equipment & Services		756,840			1,338,321			—		2,095,161
	Oil & Gas Exploration & Production		574,259			1,344,455			—		1,918,714
	Other Diversified Financial Services		424,799			121,965			—		546,764
	Packaged Foods & Meats		320,005			153,527			—		473,532
	Personal Products		412,433			186,848			5,026		604,307
	Pharmaceuticals		—			1,872,209			—		1,872,209
	Property & Casualty Insurance		—			472,788			—		472,788
	Regional Banks		1,721,365			359,344			—		2,080,709
	Research & Consulting Services		3,800,111			1,776,882			—		5,576,993
	Restaurants		—			1,364,164			—		1,364,164
	Semiconductor Equipment		1,085,292			81,429			—		1,166,721
	Semiconductors		7,487,809			2,310,617			—		9,798,426
	Soft Drinks		—			216,980			—		216,980
	Specialized Consumer Services		—			304,176			—		304,176
	Specialized Finance		2,211,587			481,383			—		2,692,970
	Specialty Chemicals		—			1,610,750			—		1,610,750
	Systems Software		740,989			1,315,084			—		2,056,073
	Thrifts & Mortgage Finance		899,805			628,189			—		1,527,994
	Trading Companies & Distributors		3,126,775			1,566,000			—		4,692,775
	Other		18,096,509			—			—		18,096,509
Preferred Stocks			782,258			—			—		782,258
Warrants			5,376			5,000			—		10,376
Short-Term Investments			—			6,577,000			—		6,577,000
Other Financial Instruments			481			—			—		481
		$	73,239,921		$	71,539,707		$	34,095	$	144,813,723
Global Science & Technology Fund
Common Stocks	Advertising	$	—		$	672,096		$	—	$	672,096
	Air Freight & Logistics		—			513,348			—		513,348
	Application Software		1,124,229			1,132,672			—		2,256,901
	Biotechnology		652,500			657,374			—		1,309,874
	Data Processing & Outsourced Services		2,952,986			1,305,970			—		4,258,956
	Electrical Components & Equipment		—			694,324			—		694,324
	Electronic Equipment & Instruments		—			647,765			—		647,765
	Health Care Equipment		3,447,798			1,419,650			—		4,867,448
	Health Care Facilities		523,320			693,286			—		1,216,606
	Health Care Supplies		—			1,820,154			—		1,820,154
	Health Care Technology		632,727			822,521			—		1,455,248
	Industrial Machinery		660,540			875,642			—		1,536,182
	Internet Software & Services		2,461,284			—			2,220		2,463,504
	IT Consulting & Other Services		1,996,605			747,368			—		2,743,973
	Life Sciences Tools & Services		2,299,858			1,032,528			—		3,332,386
	Oil & Gas Equipment & Services		618,341			862,458			—		1,480,799
	Pharmaceuticals		744,385			1,275,295			—		2,019,680
	Semiconductors		7,604,171			585,576			—		8,189,747
	Other		14,103,068			—			—		14,103,068
Preferred Stocks			—			—			821,409		821,409
Exchange Traded Funds			395,227			—			—		395,227
Limited Partnership Interest			—			—			369,624		369,624
Warrants			—			8,937			—		8,937
Short-Term Investments			—			3,950,000			—		3,950,000
Other Financial Instruments			(697	)		—			—		(697	)
		$	40,216,342		$	19,716,964		$	1,193,253	$	61,126,559
Heritage Growth Fund
Common Stocks	Apparel Retail	$	1,656,080		$	794,309		$	—	$	2,450,389
	Thrifts & Mortgage Finance		1,790,969			748,624			—		2,539,593
	Other		70,161,002			—			—		70,161,002
Short-Term Investments			—			3,312,000			—		3,312,000
		$	73,608,051		$	4,854,933		$	—	$	78,462,984
Heritage Value Fund
Common Stocks	Agricultural Products	$	102,128		$	123,778		$	—	$	225,906
	Oil & Gas Drilling		97,680			95,744			—		193,424
	Other		2,997,640			—			—		2,997,640
Preferred Stocks			101,950			—			—		101,950
Short-Term Investments			—			354,000			—		354,000
Call Options Written			(9,708	)		—			—		(9,708	)
Other Financial Instruments			—			(3,040	)		—		(3,040	)
		$	3,289,690		$	570,482		$	—	$	3,860,172
International Growth Fund
Common Stocks	Construction Materials	$	1,650,894		$	5,478,312		$	—	$	7,129,206
	Consumer Finance		1,255,742			—			—		1,255,742
	Department Stores		1,025,048			—			—		1,025,048
	Diversified Banks		1,523,648			5,432,378			—		6,956,026
	Diversified Metals & Mining		1,422,144			1,500,808			—		2,922,952
	Food Retail		2,248,720			3,842,716			—		6,091,436
	Health Care Equipment		2,009,760			6,010,048			—		8,019,808
	Health Care Services		372,870			—			—		372,870
	Home Entertainment Software		1,858,711			—			—		1,858,711
	Industrial Machinery		3,062,792			6,447,553			—		9,510,345
	Oil & Gas Equipment & Services		1,171,795			6,893,539			—		8,065,334
	Oil & Gas Exploration & Production		1,506,312			6,508,755			—		8,015,067
	Other Diversified Financial Services		2,831,175			—			—		2,831,175
	Personal Products		4,003,694			1,887,362			—		5,891,056
	Research & Consulting Services		851,816			4,087,733			—		4,939,549
	Specialized Finance		3,830,183			10,537,838			—		14,368,021
	Thrifts & Mortgage Finance		2,022,973			4,280,741			—		6,303,714
	Other		—			84,701,282			—		84,701,282
Preferred Stocks			2,526,061			—			—		2,526,061
Short-Term Investments			—			3,187,000			—		3,187,000
		$	35,174,338		$	150,796,065		$	—	$	185,970,403
International Opportunities Fund
Common Stocks	Apparel, Accessories & Luxury Goods	$	763,407		$	6,482,969		$	—	$	7,246,376
	Application Software		748,388			2,680,021			—		3,428,409
	Auto Parts & Equipment		—			—			58,845		58,845
	Biotechnology		273,533			1,417,634			—		1,691,167
	Construction & Engineering		890,663			2,444,460			—		3,335,123
	Consumer Finance		1,214,116			—			—		1,214,116
	Department Stores		503,478			—			—		503,478
	Education Services		604,907			979,525			7,404		1,591,836
	Electrical Components & Equipment		1,013,033			3,970,875			—		4,983,908
	Food Retail		525,615			1,529,438			—		2,055,053
	Health Care Equipment		450,458			2,664,164			—		3,114,622
	Home Entertainment Software		436,009			318,518			—		754,527
	Industrial Machinery		1,032,662			4,183,481			—		5,216,143
	IT Consulting & Other Services		1,214,051			1,721,217			—		2,935,268
	Life Sciences Tools & Services		412,109			3,721,641			—		4,133,750
	Managed Health Care		867,412			—			—		867,412
	Oil & Gas Drilling		631,582			—			—		631,582
	Oil & Gas Equipment & Services		1,375,171			607,226			—		1,982,397
	Oil & Gas Exploration & Production		1,458,527			2,977,832			—		4,436,359
	Other Diversified Financial Services		465,724			—			—		465,724
	Packaged Foods & Meats		1,053,675			904,939			—		1,958,614
	Personal Products		635,765			642,944			8,542		1,287,251
	Pharmaceuticals		1,114,892			1,564,947			—		2,679,839
	Regional Banks		662,700			—			—		662,700
	Restaurants		432,243			1,224,568			750		1,657,561
	Semiconductors		672,039			1,130,654			—		1,802,693
	Specialized Finance		1,123,120			2,353,279			—		3,476,399
	Specialty Stores		903,203			376,931			—		1,280,134
	Systems Software		517,862			1,877,059			—		2,394,921
	Thrifts & Mortgage Finance		1,725,860			844,469			—		2,570,329
	Trading Companies & Distributors		349,274			346,478			—		695,752
	Other		—			33,714,002			—		33,714,002
Preferred Stocks			1,280,401			—			—		1,280,401
Exchange Traded Funds			1,145,193			—			—		1,145,193
Short-Term Investments			—			7,082,000			—		7,082,000
Other Financial Instruments			9,555			146,009			—		155,564
		$	26,506,627		$	87,907,280		$	75,541	$	114,489,448
Micro Cap Fund
Common Stocks	Air Freight & Logistics	$	—		$	2,812,248		$	—	$	2,812,248
	Apparel, Accessories & Luxury Goods		3,150,334			5,490,126			—		8,640,460
	Asset Management & Custody Banks		8,552,596			3,798,236			—		12,350,832
	Footwear		—			2,064,075			—		2,064,075
	Health Care Equipment		12,356,512			3,156,337			—		15,512,849
	Health Care Supplies		1,504,996			5,725,450			—		7,230,446
	Health Care Technology		1,777,760			1,945,979			—		3,723,739
	Life Sciences Tools & Services		6,275,551			2,094,788			—		8,370,339
	Semiconductors		28,986,239			2,588,390			—		31,574,629
	Specialized Finance		—			2,597,748			1,156,540		3,754,288
	Thrifts & Mortgage Finance		4,137,527			2,323,073			—		6,460,600
	Other		166,733,335			—			—		166,733,335
Preferred Stocks			3,587,872			—			—		3,587,872
Warrants			—			77,079			—		77,079
Short-Term Investments			—			8,895,000			—		8,895,000
Other Financial Instruments			(8,188	)		—			—		(8,188	)
		$	237,054,534		$	43,568,529		$	1,156,540	$	281,779,603
Micro Cap Value Fund
Common Stocks	Apparel, Accessories & Luxury Goods	$	—		$	2,103,783		$	—	$	2,103,783
	Application Software		3,247,800			2,674,003			—		5,921,803
	Asset Management & Custody Banks		1,449,900			1,195,045			—		2,644,945
	Biotechnology		2,912,565			1,529,498			—		4,442,063
	Data Processing & Outsourced Services		1,315,000			1,382,710			—		2,697,710
	Department Stores		—			1,297,465			—		1,297,465
	Distributors		—			1,344,079			—		1,344,079
	Diversified Banks		452,800			—			256,669		709,469
	Diversified Metals and Mining		940,000			—			812,160		1,752,160
	Education Services		1,542,500			1,567,394			—		3,109,894
	Electrical Components & Equipment		965,800			1,349,543			—		2,315,343
	Footwear		—			1,074,134			—		1,074,134
	Gas Utilities		—			1,495,892			—		1,495,892
	Home Improvement Retail		—			1,447,704			—		1,447,704
	Industrial Machinery		3,310,300			1,065,105			—		4,375,405
	Life Sciences Tools & Services		—			171,974			—		171,974
	Pharmaceuticals		—			1,294,860			—		1,294,860
	Regional Banks		2,779,066			1,301,559			—		4,080,625
	Restaurants		676,337			1,110,672			—		1,787,009
	Specialized Finance		1,291,546			1,023,983			314,669		2,630,198
	Systems Software		2,996,010			1,059,704			—		4,055,714
	Thrifts & Mortgage Finance		—			1,297,514			—		1,297,514
	Trading Companies & Distributors		1,835,289			60,383			—		1,895,672
	Water Utilities		—			1,345,088			—		1,345,088
	Other		68,775,931			—			—		68,775,931
Warrants			—			13,812			—		13,812
Short-Term Investments			—			24,935,000			—		24,935,000
Other Financial Instruments			(2,438	)		(52,688	)		—		(55,126	)
		$	94,488,406		$	53,088,216		$	1,383,498	$	148,960,120
Small Cap Growth
Common Stocks	Air Freight & Logistics	$	—		$	10,627,132		$	—	$	10,627,132
	Aluminum		—			7,357,080			—		7,357,080
	Apparel, Accessories & Luxury Goods		6,429,968			15,707,162			—		22,137,130
	Data Processing & Outsourced Services		11,136,729			16,381,798			—		27,518,527
	Footwear		—			1,865,581			—		1,865,581
	Health Care Equipment		16,018,731			—			178,224		16,196,955
	Health Care Services		19,643,592			—			3,628		19,677,220
	Human Resource & Employment Services		—			9,392,306			—		9,392,306
	Oil & Gas Equipment & Services		34,970,904			8,218,821			—		43,189,725
	Other Diversified Financial Services		—			3,120,712			—		3,120,712
	Packaged Foods & Meats		—			7,933,411			—		7,933,411
	Pharmaceuticals		2,559,177			5,391,243			—		7,950,420
	Other		687,284,082			—			—		687,284,082
Preferred Stocks			—			—			3,566,410		3,566,410
Limited Partnership Interest			—			—			4,586,449		4,586,449
Warrants			—			46,058			11		46,069
Rights			—			—			210,611		210,611
Short-Term Investments			—			59,919,000			—		59,919,000
		$	758,399,591		$	145,960,304		$	8,545,333	$	912,905,228
Small Cap Value Fund
Common Stocks	Air Freight & Logistics	$	—		$	2,973,496		$	—	$	2,973,496
	Asset Management & Custody Banks		5,406,737			—			3,652,816		9,059,553
	Diversified Banks		1,113,395			2,292,158			—		3,405,553
	Diversified Metals and Mining		1,721,140			—			611,827		2,332,967
	Diversified REITs		—			54,000			—		54,000
	Electrical Components & Equipment		—			4,469,190			—		4,469,190
	Footwear		—			1,740,512			—		1,740,512
	Thrifts & Mortgage Finance		—			2,030,425			—		2,030,425
	Other		185,308,406			—			—		185,308,406
Short-Term Investments			—			5,817,000			—		5,817,000
		$	193,549,678		$	19,376,781		$	4,264,643	$	217,191,102
Strategic Income Fund
Common Stocks	Asset Management & Custody Banks	$	1,851,369		$	—		$	151,704	$	2,003,073
	Diversified Banks		560,754			244,277			—		805,031
	Diversified REITs		470,916			15,551			—		486,467
	Life Sciences Tools & Services		362,031			386,796			—		748,827
	Other		11,586,547			—			—		11,586,547
Exchange Traded Funds			829,558			—			—		829,558
Limited Partnership Interest			348,677			—			—		348,677
Royalty Interest			—			—			—		—
Corporate Bonds			—			332,253			23,341		355,594
Warrants			—			—			—		—
Short-Term Investments			—			701,000			—		701,000
Securities Sold Short			(47,499	)		—			—		(47,499	)
		$	15,962,353		$	1,679,877		$	175,045	$	17,817,275
Ultra Growth Fund
Common Stocks	Air Freight & Logistics	$	—		$	1,104,736		$	—	$	1,104,736
	Aluminum		—			757,490			—		757,490
	Apparel, Accessories & Luxury Goods		—			2,427,280			—		2,427,280
	Data Processing & Outsourced Services		1,032,215			2,311,546			—		3,343,761
	Diversified Banks		1,424,506			3,554,788			—		4,979,294
	Footwear		—			450,450			—		450,450
	Health Care Equipment		6,014,157			772,984			118,816		6,905,957
	Health Care Services		2,535,510			—			1,089		2,536,599
	Health Care Supplies		—			1,760,038			—		1,760,038
	Industrial Machinery		—			664,021			—		664,021
	Internet Software & Services		1,488,788			—			31,072		1,519,860
	IT Consulting & Other Services		5,684,969			1,259,663			—		6,944,632
	Packaged Food & Meats		—			1,029,748			—		1,029,748
	Personal Products		1,154,014			—			504		1,154,518
	Pharmaceuticals		319,994			—			—		319,994
	Other		82,931,274			—			—		82,931,274
Preferred Stocks			—			—			1,474,058		1,474,058
Limited Partnership Interest			—			—			4,216,827		4,216,827
Warrants			—			29,149			—		29,149
Short-Term Investments			—			1,036,000			—		1,036,000
		$	102,585,427		$	17,157,893		$	5,842,366	$	125,585,686
1st Source Income Equity Fund
Common Stocks		$	1,437,068,782		$	—		$	—	$	1,437,068,782
Short-Term Investments			—			86,293,000			—		86,293,000
		$	1,437,068,782		$	86,293,000		$	—	$	1,523,361,782
1st Source Long/Short Fund
Common Stocks		$	137,327,777		$	—		$	—	$	137,327,777
Preferred Stocks			6,849,250			—			—		6,849,250
Limited Partnership Interest			2,642,500			—			—		2,642,500
Short-Term Investments			—			44,913,000			—		44,913,000
Call Options Written			(573,500	)		—			—		(573,500	)
Securities Sold Short			(37,481,129	)		—			—		(37,481,129	)
		$	108,764,898		$	44,913,000		$	—	$	153,677,898
U.S. Treasury Fund
U.S. Government Obligations		$	—		$	137,689,631		$	—	$	137,689,631
Short-Term Investments			—			428,000			—		428,000
		$	—		$	138,117,631		$	—	$	138,117,631
1st Source Income Fund
Asset Backed Securities		$	—		$	3,742,488		$	—	$	3,742,488
Collateralized Mortgage Obligations			—			32,706,828			—		32,706,828
Corporate Bonds			—			32,302,127			—		32,302,127
Municipal Bonds			—			1,189,986			1,069,200		2,259,186
Mutual Funds			689,372			—			—		689,372
Exchange Traded Funds			1,458,100			—			—		1,458,100
U.S. Government Agency Securities			—			26,046,486			—		26,046,486
U.S. Treasury Notes			—			10,015,998			—		10,015,998
U.S. Treasury Inflation Protected Securities			—			5,070,174			—		5,070,174
Preferred Stocks			765,394			—			—		765,394
Short-Term Investments			—			3,373,000			—		3,373,000
		$	2,912,866		$	114,447,087		$	1,069,200	$	118,429,153

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the fund during the period ending December 31, 2009:

Fund		Market Value Beginning Balance 10/01/2009		Purchases at Cost/ Sales (Proceeds)			Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Transfers in and/or out at Market Value			Market Value Ending Balance 12/31/2009
Core Growth Fund	Investments in Securities	$	7,304,498	$	—		$	—		$	(492,834	)	$	—		$	6,811,664
Emerging Markets Small Cap Fund	Investments in Securities		114,864		—			—			(114,565	)		—			299
Global Opportunities	Investments in Securities		140,400		—			—			(13,505	)		(92,800	)		34,095
Global Science & Technology Fund	Investments in Securities		1,484,833		15,000			—			(140,700	)		(165,880	)		1,193,253
International Opportunities Fund	Investments in Securities		363,405		—			—			(287,864	)		—			75,541
Micro Cap Fund	Investments in Securities		2,645,451		—			—			43,631			(1,532,542	)		1,156,540
Micro Cap Value Fund	Investments in Securities		2,403,636		(576,423	)		27,048			(214,403	)		(256,360	)		1,383,498
Small Cap Growth Fund	Investments in Securities		8,401,468		183,889			(1,200,000	)		2,142,538			(982,562	)		8,545,333
Small Cap Value Fund	Investments in Securities		6,894,351		(1,844,151	)		276,327			(1,061,884	)		—			4,264,643
Strategic Income Fund	Investments in Securities		162,680		(11,041	)		80			(580	)		23,906			175,045
Ultra Growth Fund	Investments in Securities		6,148,113		165,000			(2,531	)		96,430			(564,646	)		5,842,366
Wasatch - 1st Source Income Fund	Investments in Securities		1,578,555		(550,000	)		—			40,645			—			1,069,200

Item 2. Controls and Procedures.

(a) The Registrant’s principal executive and principal financial officers have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this Form N-Q based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

The certifications required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

WASATCH FUNDS, INC.
By:	/s/ Samuel S. Stewart, Jr.
	Samuel S. Stewart, Jr.
	President (principal executive officer) of Wasatch Funds, Inc.

Date: February 22, 2010

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Samuel S. Stewart, Jr.
	Samuel S. Stewart, Jr.
	President (principal executive officer) of Wasatch Funds, Inc.

Date: February 22, 2010

By:	/s/ Cindy B. Firestone
	Cindy B. Firestone
	Treasurer (principal financial officer) of Wasatch Funds, Inc.

Date: February 22, 2010

EX-99.CERT

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 officers 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) 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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 22, 2010
By:	/s/ Samuel S. Stewart, Jr.
	Samuel S. Stewart, Jr.
	President (principal executive officer) of Wasatch Funds, Inc.

I, Cindy B. Firestone, 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 officers 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) and internal control over financial reporting (as defined in Rule 30a-3(d) 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) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) 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

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the most recent fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: February 22, 2010
By:	/s/ Cindy B. Firestone
	Cindy B. Firestone
	Treasurer (principal financial officer) of Wasatch Funds, Inc.