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: 811-04920

WASATCH FUNDS TRUST

(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 Trust 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, 2011

Item 1. Schedule of Investments.

WASATCH CORE GROWTH FUND (WGROX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 95.2%
		Airlines 2.4%
	214,419	Allegiant Travel Co.*	$	11,437,110
		Apparel Retail 0.8%
	162,193	Body Central Corp.*		4,048,337
		Application Software 4.6%
	169,044	ANSYS, Inc.*		9,682,841
	153,392	Tyler Technologies, Inc.*		4,618,633
	120,600	Ultimate Software Group, Inc.*		7,853,472
				22,154,946
		Asset Management & Custody Banks 2.1%
	104,999	Affiliated Managers Group, Inc.*		10,074,654
		Automotive Retail 4.0%
	353,263	Monro Muffler Brake, Inc.		13,703,072
	69,269	O’Reilly Automotive, Inc.*		5,538,056
				19,241,128
		Commercial Printing 1.6%
	806,363	InnerWorkings, Inc.*		7,507,240
		Consumer Finance 4.7%
	679,014	DFC Global Corp.*		12,262,993
	253,870	First Cash Financial Services, Inc.*		8,908,298
	135,000	Mahindra & Mahindra Financial Services Ltd. (India)		1,527,950
				22,699,241
		Data Processing & Outsourced Services 4.4%
	147,669	Alliance Data Systems Corp.*		15,333,949
	320,469	Higher One Holdings, Inc.*		5,909,448
				21,243,397
		Distributors 3.8%
	369,191	LKQ Corp.*		11,105,265
	239,077	Pool Corp.		7,196,218
				18,301,483
		Diversified Banks 2.9%
	1,630,720	Yes Bank Ltd. (India)		7,336,014
	7,941,426	City Union Bank Ltd. (India)		6,505,075
				13,841,089
		Diversified Support Services 6.5%
	604,567	Copart, Inc.*		28,952,713
	158,871	LPS Brasil-Consultoria de Imoveis S.A. (Brazil)		2,214,527
				31,167,240
		Electrical Components & Equipment 2.6%
	281,326	Polypore International, Inc.*		12,375,531
		Environmental & Facilities Services 3.7%
	185,395	Tetra Tech, Inc.*		4,002,678
	412,395	Waste Connections, Inc.		13,666,770
				17,669,448
		Health Care Distributors 2.3%
	467,667	PSS World Medical, Inc.*		11,312,865
		Health Care Facilities 2.7%
	291,590	Emeritus Corp.*		5,105,741
	327,657	Ensign Group, Inc. (The)		8,027,597
				13,133,338

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

December 31, 2011 (Unaudited)

Shares			Value
		Health Care Services 5.2%
	113,417	Catalyst Health Solutions, Inc.*	$	5,897,684
	87,532	IPC The Hospitalist Co., Inc.*		4,001,963
	211,509	MEDNAX, Inc.*		15,230,763
				25,130,410
		Home Improvement Retail 0.6%
	154,025	Lumber Liquidators Holdings, Inc.*		2,720,082
		Homefurnishing Retail 1.9%
	343,477	Aaron’s, Inc.		9,163,966
		Industrial Machinery 4.5%
	130,720	Graco, Inc.		5,345,141
	444,145	IDEX Corp.		16,482,221
				21,827,362
		Internet Retail 0.6%
	67,590	Blue Nile, Inc.*		2,763,079
		Internet Software & Services 2.8%
	247,566	DealerTrack Holdings, Inc.*		6,748,649
	223,960	Vistaprint N.V.*		6,853,176
				13,601,825
		IT Consulting & Other Services 1.1%
	84,025	Cognizant Technology Solutions Corp., Class A*		5,403,648
		Leisure Facilities 3.9%
	400,023	Life Time Fitness, Inc.*		18,701,075
		Life Sciences Tools & Services 1.9%
	278,130	ICON plc ADR* (Ireland)		4,758,804
	68,040	Techne Corp.		4,644,411
				9,403,215
		Oil & Gas Equipment & Services 1.6%
	117,555	Dril-Quip, Inc.*		7,737,470
		Oil & Gas Exploration & Production 0.5%
	320,020	SandRidge Energy, Inc.*		2,611,363
		Personal Products 2.1%
	193,396	Herbalife Ltd.		9,992,771
		Research & Consulting Services 2.7%
	98,125	Corporate Executive Board Co. (The)		3,738,562
	262,493	CRA International, Inc.*		5,207,861
	405,052	Resources Connection, Inc.		4,289,501
				13,235,924
		Semiconductors 5.4%
	133,940	Hittite Microwave Corp.*		6,613,957
	387,065	Melexis N.V. (Belgium)		5,201,765
	378,644	Micrel, Inc.		3,828,091
	108,525	Power Integrations, Inc.		3,598,689
	151,643	Silicon Laboratories, Inc.*		6,584,339
				25,826,841
		Specialized Finance 5.1%
	402,640	Crisil Ltd. (India)		6,672,125
	344,680	MSCI, Inc., Class A*		11,350,313
	97,185	Portfolio Recovery Associates, Inc.*		6,561,931
				24,584,369

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

December 31, 2011 (Unaudited)

Shares			Value
		Specialty Stores 1.7%
	180,640	Hibbett Sports, Inc.*	$	8,161,315
		Trading Companies & Distributors 2.8%
	151,922	MSC Industrial Direct Co., Inc., Class A		10,870,019
	143,605	Rush Enterprises, Inc., Class B*		2,465,698
				13,335,717
		Trucking 1.7%
	201,657	Old Dominion Freight Line, Inc.*		8,173,158
		Total Common Stocks (cost $324,173,592)		458,580,637
		PREFERRED STOCKS 0.8%
		Regional Banks 0.8%
	797,675	Banco Daycoval S.A. Pfd. (Brazil)		4,019,914
		Total Preferred Stocks (cost $5,303,461)		4,019,914
Principal Amount			Value
		SHORT-TERM INVESTMENTS 4.1%
		Repurchase Agreement 4.1%
$	19,764,360	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $18,245,000 of United States Treasury Notes 2.750% due 2/15/19; value: $20,160,725; repurchase proceeds: $19,764,382 (cost $19,764,360)	$	19,764,360
		Total Short-Term Investments (cost $19,764,360)		19,764,360
		Total Investments (cost $349,241,413) 100.1%		482,364,911
		Liabilities less Other Assets (0.1%)		(664,054	)
		NET ASSETS 100.0%	$	481,700,857
		*Non-income producing.
		ADR American Depositary Receipt.
		See Notes to Schedules of Investments.

At December 31, 2011, Wasatch Core Growth Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Belgium		1.1
Brazil		1.4
India		4.8
Ireland		1.0
United States		91.7
Total		100.0	%

WASATCH EMERGING INDIA FUND (WAINX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 100.6%
		Aerospace & Defense 0.9%
	3,075	Bharat Electronics Ltd. (India)	$	78,344
		Air Freight & Logistics 1.3%
	3,700	Blue Dart Express Ltd. (India)		111,129
		Apparel, Accessories & Luxury Goods 4.6%
	4,080	Page Industries Ltd. (India)		188,231
	33,120	Titan Industries Ltd. (India)		105,961
	68,650	VIP Industries Ltd. (India)		99,540
				393,732
		Application Software 1.1%
	2,775	Oracle Financial Services Software Ltd.* (India)		96,959
		Auto Parts & Equipment 5.3%
	1,585	Bosch Ltd. (India)		202,926
	39,395	Exide Industries Ltd. (India)		77,596
	7,685	WABCO India Ltd. (India)		169,170
				449,692
		Automobile Manufacturers 1.2%
	7,865	Mahindra & Mahindra Ltd. (India)		100,710
		Building Products 0.4%
	28,690	Sintex Industries Ltd. (India)		34,090
		Cable & Satellite 1.2%
	91,900	Dish TV India Ltd.* (India)		102,275
		Commodity Chemicals 3.4%
	67,915	Berger Paints India Ltd. (India)		111,135
	10,335	Castrol India Ltd. (India)		81,738
	5,905	Kansai Nerolac Paints Ltd. (India)		94,515
				287,388
		Construction & Farm Machinery & Heavy Trucks 1.6%
	4,955	Eicher Motors Ltd. (India)		137,906
		Consumer Finance 2.9%
	22,010	Mahindra & Mahindra Financial Services Ltd. (India)		249,112
		Diversified Banks 7.5%
	283,360	City Union Bank Ltd. (India)		232,109
	26,550	IndusInd Bank Ltd. (India)		112,365
	311,080	South Indian Bank Ltd. (India)		118,328
	39,426	Yes Bank Ltd. (India)		177,363
				640,165
		Diversified Chemicals 2.8%
	8,405	BASF India Ltd. (India)		71,222
	61,420	Pidilite Industries Ltd. (India)		168,224
				239,446
		Diversified Metals & Mining 1.0%
	39,040	Hindustan Zinc Ltd. (India)		88,144
		Electrical Components & Equipment 1.8%
	38,702	Amara Raja Batteries Ltd. (India)		150,056
		Fertilizers & Agricultural Chemicals 1.2%
	47,390	Rallis India Ltd. (India)		106,952

WASATCH EMERGING INDIA FUND (WAINX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

Shares			Value
		Footwear 1.9%
	16,000	Bata India Ltd. (India)	$	158,328
		Gas Utilities 4.7%
	25,373	Gujarat Gas Co., Ltd. (India)		170,189
	32,905	Indraprastha Gas Ltd. (India)		231,986
				402,175
		Industrial Machinery 4.9%
	13,860	AIA Engineering Ltd. (India)		69,946
	12,047	Cummins India Ltd. (India)		78,389
	6,100	FAG Bearings India Ltd. (India)		120,604
	8,065	SKF India Ltd. (India)		88,084
	8,560	Thermax Ltd. (India)		63,735
				420,758
		Internet Retail 2.7%
	9,740	MakeMyTrip Ltd.* (India)		234,150
		Internet Software & Services 1.1%
	8,661	Info Edge India Ltd. (India)		92,147
		IT Consulting & Other Services 5.3%
	6,005	CMC Ltd. (India)		89,331
	5,605	Cognizant Technology Solutions Corp., Class A*		360,458
				449,789
		Life Sciences Tools & Services 1.7%
	9,715	Divi’s Laboratories Ltd. (India)		142,803
		Oil & Gas Exploration & Production 0.4%
	7,655	Selan Exploration Technology Ltd. (India)		33,010
		Packaged Foods & Meats 4.6%
	4,130	GlaxoSmithKline Consumer Healthcare Ltd. (India)		199,870
	1,645	Nestle India Ltd. (India)		126,969
	8,815	Zydus Wellness Ltd. (India)		63,426
				390,265
		Personal Products 6.4%
	7,595	Colgate-Palmolive India Ltd. (India)		141,603
	65,920	Dabur India Ltd. (India)		123,883
	15,360	Godrej Consumer Products Ltd. (India)		111,559
	37,575	Marico Ltd. (India)		103,304
	1,855	Procter & Gamble Hygiene and Health Care Ltd. (India)		66,258
				546,607
		Pharmaceuticals 3.2%
	6,360	Cadila Healthcare Ltd. (India)		84,433
	14,935	IPCA Laboratories Ltd. (India)		79,871
	13,120	Lupin Ltd. (India)		110,929
				275,233
		Publishing 1.2%
	27,765	D.B. Corp. Ltd. (India)		98,423
		Research & Consulting Services 1.9%
	12,515	eClerx Services Ltd. (India)		162,609
		Restaurants 3.1%
	18,439	Jubilant Foodworks Ltd.* (India)		261,472
		Specialized Finance 2.7%
	14,000	Crisil Ltd. (India)		231,993
		Specialty Chemicals 1.8%
	3,215	Asian Paints Ltd. (India)		156,437

WASATCH EMERGING INDIA FUND (WAINX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

Shares			Value
		Steel 0.5%
	9,680	MOIL Ltd. (India)	$	41,378
		Systems Software 1.2%
	35,460	KPIT Cummins Infosystems Ltd. (India)		99,392
		Thrifts & Mortgage Finance 11.6%
	47,360	Dewan Housing Finance Corp. Ltd. (India)		160,527
	27,060	Gruh Finance Ltd. (India)		303,186
	21,554	Housing Development Finance Corp. Ltd. (India)		263,332
	62,801	LIC Housing Finance Ltd. (India)		261,646
				988,691
		Tobacco 1.5%
	6,205	VST Industries Ltd. (India)		126,419
		Total Common Stocks (cost $10,878,286)		8,578,179
		Total Investments (cost $10,878,286) 100.6%		8,578,179
		Liabilities less Other Assets (0.6%)		(50,909	)
		NET ASSETS 100.0%	$	8,527,270
		*Non-income producing.
		See Notes to Schedules of Investments.

At December 31, 2011, Wasatch Emerging India Fund’s investments were in the following countries:

Country	%
India		95.8
United States		4.2
Total		100.0	%

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

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 86.3%
		Airport Services 1.0%
	2,019,629	TAV Havalimanlari Holding AS* (Turkey)	$	8,607,117
		Apparel Retail 4.8%
	527,665	Cia. Hering (Brazil)		9,182,686
	15,991,000	Giordano International Ltd. (Hong Kong)		11,571,940
	1,678,335	Mr Price Group Ltd. (South Africa)		16,596,381
	13,150,000	Padini Holdings Berhad (Malaysia)		4,521,609
				41,872,616
		Apparel, Accessories & Luxury Goods 2.4%
	12,320	LPP S.A. (Poland)		7,204,804
	939,500	Restoque Comercio e Confeccoes de Roupas S.A.* (Brazil)		13,750,623
				20,955,427
		Asset Management & Custody Banks 1.6%
	960,321	CETIP S.A. (Brazil)		13,875,165
		Auto Parts & Equipment 1.4%
	2,243,410	Exide Industries Ltd. (India)		4,418,806
	393,941	Thai Stanley Electric Public Co. Ltd. NVDR (Thailand)		1,835,478
	306,059	Thai Stanley Electric Public Co. Ltd.*** (Thailand)		1,426,012
	191,997	WABCO India Ltd. (India)		4,226,428
				11,906,724
		Brewers 0.8%
	1,681,020	Guinness Anchor Berhad (Malaysia)		7,137,706
		Building Products 2.2%
	4,967,983	Dynasty Ceramic Public Co. Ltd.*** (Thailand)		9,526,560
	26,276,994	Home Product Center Public Co. Ltd.*** (Thailand)		9,161,551
				18,688,111
		Catalog Retail 0.6%
	43,300	Hyundai Home Shopping Network Corp. (Korea)		5,007,893
		Coal & Consumable Fuels 2.2%
	13,660,438	PT Harum Energy Tbk (Indonesia)		10,319,713
	12,686,205	PT Resource Alam Indonesia Tbk (Indonesia)		9,024,100
				19,343,813
		Commodity Chemicals 1.7%
	3,183,429	Berger Paints India Ltd. (India)		5,209,302
	883,414	Castrol India Ltd. (India)		6,986,797
	173,061	Kansai Nerolac Paints Ltd. (India)		2,770,019
				14,966,118
		Computer & Electronics Retail 0.8%
	1,277,785	M Video OJSC*** (Russia)		7,201,213
		Computer Storage & Peripherals 1.0%
	1,500,160	Simplo Technology Co. Ltd. (Taiwan)		8,769,389
		Construction & Farm Machinery & Heavy Trucks 1.4%
	687,535	Turk Traktor ve Ziraat Makineleri AS (Turkey)		12,287,473
		Construction Materials 2.0%
	24,944,405	Holcim Philippines, Inc. (Philippines)		5,332,985
	50,453,192	PT Holcim Indonesia Tbk (Indonesia)		12,102,089
				17,435,074

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

December 31, 2011 (Unaudited)

Shares			Value
		Consumer Finance 1.1%
	876,166	Mahindra & Mahindra Financial Services Ltd. (India)	$	9,916,572
		Department Stores 0.3%
	314,300	Marisa Lojas S.A. (Brazil)		2,881,399
		Distillers & Vintners 0.1%
	77,255	Distell Group Ltd. (South Africa)		717,992
		Distributors 1.2%
	8,886,300	Dah Chong Hong Holdings Ltd. (China)		10,469,749
		Diversified Banks 5.3%
	372,472	Capitec Bank Holdings Ltd. (South Africa)		8,215,717
	1,179,343	IndusInd Bank Ltd. (India)		4,991,194
	29,681,945	PT Bank Tabungan Pensiunan Nasional Tbk (Indonesia)		11,129,706
	4,143,023	Security Bank Corp. (Philippines)		9,219,210
	5,037,917	Turkiye Sinai Kalkinma Bankasi AS (Turkey)		4,874,759
	1,742,475	Yes Bank Ltd. (India)		7,838,759
				46,269,345
		Diversified Chemicals 0.9%
	2,935,823	Pidilite Industries Ltd. (India)		8,040,965
		Drug Retail 1.5%
	2,299,495	Clicks Group Ltd. (South Africa)		13,173,107
		Electronic Equipment & Instruments 0.8%
	3,682,872	Chroma ATE, Inc. (Taiwan)		7,224,895
		Food Retail 0.6%
	636,745	Eurocash S.A. (Poland)		5,271,576
		Footwear 1.6%
	1,151,525	Bata India Ltd. (India)		11,394,904
	1,066,610	Forus S.A. (Chile)		2,833,549
				14,228,453
		Gas Utilities 1.1%
	1,308,125	Indraprastha Gas Ltd. (India)		9,222,521
		General Merchandise Stores 2.1%
	32,320,331	PT Mitra Adiperkasa Tbk (Indonesia)		18,356,736
		Gold 2.3%
	2,360,607	Highland Gold Mining Ltd. (United Kingdom)		6,884,361
	986,499	Koza Altin Isletmeleri AS (Turkey)		13,092,465
				19,976,826
		Health Care Facilities 2.4%
	7,827,402	KPJ Healthcare Berhad (Malaysia)		11,605,296
	3,482,285	Life Healthcare Group Holdings Ltd. (South Africa)		8,906,475
				20,511,771
		Health Care Services 1.4%
	642,200	Diagnosticos da America S.A. (Brazil)		5,336,604
	593,400	Fleury S.A. (Brazil)		6,808,074
				12,144,678
		Health Care Supplies 0.9%
	710,500	St. Shine Optical Co. Ltd. (Taiwan)		7,508,835
		Highways & Railtracks 1.9%
	285,600	Obrascon Huarte Lain Brasil S.A. (Brazil)		9,340,089
	14,557,755	PT Jasa Marga (Indonesia)		6,743,046
				16,083,135

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

December 31, 2011 (Unaudited)

Shares			Value
		Home Improvement Retail 0.7%
	13,575,250	Ace Hardware Indonesia (Indonesia)	$	6,138,244
		Homefurnishing Retail 1.1%
	977,800	Lewis Group Ltd. (South Africa)		9,711,480
		Household Appliances 0.4%
	66,455	TTK Prestige Ltd. (India)		3,162,259
		Human Resource & Employment Services 0.1%
	1,703,000	Jobstreet Corp. Berhad (Malaysia)		1,198,009
		Hypermarkets & Super Centers 3.9%
	2,722,779	Big C Supercenter Public Co. Ltd.*** (Thailand)		10,356,053
	25,272,500	Puregold Price Club, Inc.* (Philippines)		10,303,781
	1,316,130	Siam Makro Public Co. Ltd.*** (Thailand)		9,970,050
	1,664,427	Wumart Stores, Inc. (China)		3,480,527
				34,110,411
		Industrial Gases 0.6%
	70,000	OCI Materials Co. Ltd.* (Korea)		4,840,352
		Industrial Machinery 0.5%
	119,154	Cummins India Ltd. (India)		775,326
	292,718	SKF India Ltd. (India)		3,196,995
				3,972,321
		Internet Software & Services 1.4%
	95,370	Daum Communications Corp. (Korea)		9,947,717
	5,390,000	Pacific Online Ltd. (China)		2,574,879
				12,522,596
		IT Consulting & Other Services 0.5%
	32,824,500	PT Astra Graphia Tbk (Indonesia)		4,126,819
		Life & Health Insurance 1.1%
	6,298,479	Bangkok Life Assurance Public Co. Ltd. NVDR (Thailand)		9,233,111
		Marine Ports & Services 3.3%
	501,000	Global Ports Investment Ltd., GDR (Cyprus)		7,014,000
	10,608,464	International Container Terminal Services, Inc. (Philippines)		12,838,935
	662,240	Santos Brasil Participacoes S.A.** (Brazil)		8,758,858
				28,611,793
		Oil & Gas Exploration & Production 4.3%
	3,477,580	Afren plc* (Nigeria)		4,623,172
	717,410	Bankers Petroleum Ltd.* (Albania)		3,132,825
	571,940	Coastal Energy Co.* (United Kingdom)		8,550,271
	928,461	Exillon Energy plc* (United Arab Emirates)		3,616,533
	1,569,480	Gran Tierra Energy, Inc.* (Colombia)		7,533,504
	5,856,473	PetroNeft Resources plc* (Ireland)		1,623,919
	533,265	Transglobe Energy Corp.* (Canada)		4,232,553
	418,450	Zhaikmunai L.P. GDR* (Kazakhstan)		4,058,965
				37,371,742
		Other Diversified Financial Services 1.0%
	342,830	Intergroup Financial Services Corp. (Peru)		8,862,156
		Packaged Foods & Meats 3.7%
	172,448	GlaxoSmithKline Consumer Healthcare Ltd. (India)		8,345,567
	61,700	Nestle Malaysia Berhad (Malaysia)		1,093,861
	1,040,130	Pinar Sut Mamulleri Sanayii A.S. (Turkey)		8,579,526
	5,613,795	PT Mayora Indah Tbk (Indonesia)		8,822,341
	4,567,400	Universal Robina Corp. (Philippines)		5,004,272
				31,845,567

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

December 31, 2011 (Unaudited)

Shares			Value
		Personal Products 1.7%
	794,800	Colgate-Palmolive India Ltd. (India)	$	14,818,407
	211,565	PT Mandom Indonesia Tbk (Indonesia)		179,658
				14,998,065
		Pharmaceuticals 0.5%
	2,072,213	Genomma Lab Internacional S.A.B. de C.V., Class B* (Mexico)		3,990,658
	9,625	Pharmstandard* *** (Russia)		501,036
				4,491,694
		Railroads 0.9%
	567,521	Globaltrans Investment plc GDR (Russia)		7,803,414
		Regional Banks 0.4%
	23,788,950	PT Bank Tabungan Negara Tbk (Indonesia)		3,174,484
		Research & Consulting Services 0.7%
	3,002,053	Sporton International, Inc. (Taiwan)		6,097,502
		Restaurants 1.8%
	5,997,873	Ajisen China Holdings Ltd. (China)		6,603,248
	7,430,965	KFC Holdings Malaysia Berhad (Malaysia)		9,001,547
				15,604,795
		Specialized Finance 1.0%
	3,720,190	Bolsa Mexicana de Valores S.A.B. de C.V. (Mexico)		5,889,068
	33,357	JSE Ltd. (South Africa)		293,479
	249,557	Warsaw Stock Exchange (Poland)		2,551,819
				8,734,366
		Specialty Chemicals 0.8%
	290,103	Akzo Nobel India Ltd. (India)		4,310,164
	237,118	Clariant Chemicals India Ltd. (India)		2,522,546
				6,832,710
		Steel 0.2%
	384,010	MOIL Ltd. (India)		1,641,470
		Thrifts & Mortgage Finance 3.1%
	836,670	Dewan Housing Finance Corp. Ltd. (India)		2,835,903
	1,009,511	Gruh Finance Ltd. (India)		11,310,781
	2,960,335	LIC Housing Finance Ltd. (India)		12,333,568
				26,480,252
		Trading Companies & Distributors 2.2%
	395,535	iMarketKorea, Inc. (Korea)		5,578,264
	13,262,987	PT Hexindo Adiperkasa Tbk (Indonesia)		13,091,120
				18,669,384
		Trucking 1.0%
	623,100	Tegma Gestao Logistica (Brazil)		8,568,565
		Total Common Stocks (cost $735,889,310)		748,855,955
		PREFERRED STOCKS 1.2%
		Construction & Farm Machinery & Heavy Trucks 1.2%
	2,889,115	Marcopolo S.A. Pfd. (Brazil)		10,981,812
		Total Preferred Stocks (cost $9,225,235)		10,981,812

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

December 31, 2011 (Unaudited)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 12.4%
		Repurchase Agreement 12.4%
$	107,203,583	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $98,960,000 of United States Treasury Notes 2.750% due 2/15/19; value: $109,350,800; repurchase proceeds: $107,203,703 (cost $107,203,583)	$	107,203,583
		Total Short-Term Investments (cost $107,203,583)		107,203,583
		Total Investments (cost $852,318,128) 99.9%§		867,041,350
		Other Assets less Liabilities 0.1%		971,717
		NET ASSETS 100.0%	$	868,013,067
		*Non-income producing.
		**Common units.
		***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10).
		§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 6.66%.
		GDR Global Depositary Receipt.
		See Notes to Schedules of Investments.

At December 31, 2011, Wasatch Emerging Markets Small Cap Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Albania		0.4
Brazil		11.8
Canada		0.6
Chile		0.4
China		3.0
Colombia		1.0
Cyprus		0.9
Hong Kong		1.5
India		18.5
Indonesia		13.6
Ireland		0.2
Kazakhstan		0.5
Korea		3.3
Malaysia		4.6
Mexico		1.3
Nigeria		0.6
Peru		1.2
Philippines		5.6
Poland		2.0
Russia		2.0
South Africa		7.6
Taiwan		3.9
Thailand		6.8
Turkey		6.2
United Arab Emirates		0.5
United Kingdom		2.0
Total		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 105.3%
		Advertising 0.4%
	10,400	1000mercis (France)	$	612,839
		Air Freight & Logistics 0.6%
	1,985,915	Aramex PJSC (United Arab Emirates)		973,183
		Apparel Retail 1.5%
	17,250	Jos. A. Bank Clothiers, Inc.*		841,110
	87,240	Mr Price Group Ltd. (South Africa)		862,681
	83,125	Truworths International Ltd. (South Africa)		760,701
				2,464,492
		Apparel, Accessories & Luxury Goods 3.5%
	90,000	Gerry Weber International AG (Germany)		2,749,098
	36,000	LG Fashion Corp. (Korea)		1,264,173
	337	LPP S.A. (Poland)		197,079
	134,272	Ted Baker plc (United Kingdom)		1,349,196
				5,559,546
		Application Software 1.7%
	32,709	Fidessa Group plc (United Kingdom)		767,694
	20,550	Interactive Intelligence Group, Inc.*		471,006
	23,410	Ultimate Software Group, Inc.*		1,524,459
				2,763,159
		Asset Management & Custody Banks 3.9%
	566,400	Aberdeen Asset Management plc (United Kingdom)		1,862,693
	15,850	Affiliated Managers Group, Inc.*		1,520,808
	126,200	CETIP S.A. (Brazil)		1,823,396
	5,967	Partners Group Holding AG (Switzerland)		1,046,610
				6,253,507
		Auto Parts & Equipment 0.4%
	354,525	Exide Industries Ltd. (India)		698,302
		Automotive Retail 1.2%
	22,275	Monro Muffler Brake, Inc.		864,047
	13,100	O’Reilly Automotive, Inc.*		1,047,345
				1,911,392
		Biotechnology 1.6%
	443,805	Abcam plc (United Kingdom)		2,512,853
		Catalog Retail 0.5%
	7,000	Hyundai Home Shopping Network Corp. (Korea)		809,590
		Coal & Consumable Fuels 0.9%
	700,000	PT Harum Energy Tbk (Indonesia)		528,812
	504,500	PT Tambang Batubara Bukit Asam Tbk (Indonesia)		965,324
				1,494,136
		Commercial Printing 0.9%
	162,490	InnerWorkings, Inc.*		1,512,782
		Commodity Chemicals 1.5%
	401,365	Berger Paints India Ltd. (India)		656,786
	76,400	Castrol India Ltd. (India)		604,237
	66,210	Tikkurila Oyj (Finland)		1,106,024
				2,367,047

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

December 31, 2011 (Unaudited)

Shares			Value
		Communications Equipment 0.9%
	21,105	Polycom, Inc.*	$	344,011
	43,652	Riverbed Technology, Inc.*		1,025,822
				1,369,833
		Construction & Engineering 0.9%
	216,015	Kentz Corp. Ltd. (United Kingdom)		1,414,095
		Construction Materials 1.6%
	641,000	PT Indocement Tunggal Prakarsa Tbk (Indonesia)		1,205,299
	1,137,000	PT Semen Gresik (Persero) Tbk (Indonesia)		1,435,749
				2,641,048
		Consumer Finance 2.6%
	59,333	DFC Global Corp.*		1,071,554
	32,100	First Cash Financial Services, Inc.*		1,126,389
	173,870	Mahindra & Mahindra Financial Services Ltd. (India)		1,967,886
				4,165,829
		Data Processing & Outsourced Services 2.2%
	265	GMO Payment Gateway, Inc. (Japan)		1,082,300
	155,508	Wirecard AG (Germany)		2,503,009
				3,585,309
		Distributors 1.3%
	68,605	LKQ Corp.*		2,063,638
		Diversified Banks 1.3%
	462,200	Yes Bank Ltd. (India)		2,079,269
		Diversified Chemicals 0.7%
	423,735	Pidilite Industries Ltd. (India)		1,160,574
		Diversified Support Services 2.0%
	68,725	Copart, Inc.*		3,291,240
		Drug Retail 0.9%
	258,500	Clicks Group Ltd. (South Africa)		1,480,868
		Electrical Components & Equipment 0.6%
	22,582	Polypore International, Inc.*		993,382
		Electronic Equipment & Instruments 1.1%
	121,615	Oxford Instruments plc (United Kingdom)		1,792,226
		Environmental & Facilities Services 3.1%
	1,214,300	RPS Group plc (United Kingdom)		3,390,631
	70,205	Tetra Tech, Inc.*		1,515,726
				4,906,357
		Food Retail 0.3%
	978,600	BreadTalk Group Ltd. (Singapore)		407,530
		Footwear 0.4%
	66,170	Bata India Ltd. (India)		654,785
		General Merchandise Stores 2.3%
	32,904	Dollar Tree, Inc.*		2,734,652
	1,700,000	PT Mitra Adiperkasa Tbk (Indonesia)		965,536
				3,700,188
		Gold 1.0%
	123,150	Koza Altin Isletmeleri AS (Turkey)		1,634,403
		Health Care Equipment 4.1%
	79,000	AtriCure, Inc.*		876,900
	36,500	Cyberonics, Inc.*		1,222,750
	29,400	DiaSorin S.p.A. (Italy)		742,587
	63,895	Elekta AB, Class B (Sweden)		2,774,427
	89,145	Immunodiagnostic Systems Holdings plc (United Kingdom)		636,117
	954,161	LMA International N.V. (Singapore)		261,222
				6,514,003

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

December 31, 2011 (Unaudited)

Shares			Value
		Health Care Facilities 1.2%
	731,210	Life Healthcare Group Holdings Ltd. (South Africa)	$	1,870,181
		Health Care Services 3.8%
	33,480	Catalyst Health Solutions, Inc.*		1,740,960
	25,608	CorVel Corp.*		1,324,190
	74,700	Diagnosticos da America S.A. (Brazil)		620,748
	36,375	IPC The Hospitalist Co., Inc.*		1,663,065
	9,900	MEDNAX, Inc.*		712,899
				6,061,862
		Health Care Technology 1.0%
	22,500	athenahealth, Inc.*		1,105,200
	10,600	Computer Programs and Systems, Inc.		541,766
				1,646,966
		Home Improvement Retail 0.8%
	2,850,000	Ace Hardware Indonesia (Indonesia)		1,288,668
		Human Resource & Employment Services 0.6%
	176,802	Michael Page International plc (United Kingdom)		956,634
		Industrial Machinery 3.9%
	4,100	Burckhardt Compression Holding AG (Switzerland)		1,027,186
	31,996	Graco, Inc.		1,308,316
	39,255	IDEX Corp.		1,456,753
	83,604	Rotork plc (United Kingdom)		2,503,032
				6,295,287
		Internet Retail 1.8%
	64,088	MakeMyTrip Ltd.* (India)		1,540,675
	41,500	Start Today Co. Ltd. (Japan)		970,606
	40,000	Yoox S.p.A.* (Italy)		432,329
				2,943,610
		Internet Software & Services 2.9%
	46,365	Akamai Technologies, Inc.*		1,496,662
	12,100	Daum Communications Corp. (Korea)		1,262,109
	106,512	Envestnet, Inc.*		1,273,884
	20,415	Vistaprint N.V.*		624,699
				4,657,354
		Leisure Facilities 1.2%
	40,380	Life Time Fitness, Inc.*		1,887,765
		Life & Health Insurance 1.1%
	313,491	Discovery Holdings Ltd. (South Africa)		1,689,842
		Life Sciences Tools & Services 2.9%
	43,700	CMIC Co. Ltd. (Japan)		707,100
	41,835	Covance, Inc.*		1,912,696
	520	EPS Co. Ltd. (Japan)		1,000,766
	15,490	Techne Corp.		1,057,347
				4,677,909
		Oil & Gas Equipment & Services 1.5%
	6,900	Core Laboratories N.V.		786,255
	28,950	ShawCor Ltd., Class A (Canada)		822,303
	38,700	TGS-NOPEC Geophysical Co. ASA (Norway)		858,912
				2,467,470

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

December 31, 2011 (Unaudited)

Shares			Value
		Oil & Gas Exploration & Production 3.3%
	486,000	Afren plc* (Nigeria)	$	646,099
	100,000	Coastal Energy Co.* (United Kingdom)		1,494,959
	135,352	Gran Tierra Energy, Inc.* (Colombia)		649,690
	57,030	Northern Oil and Gas, Inc.*		1,367,579
	96,700	Premier Oil plc* (United Kingdom)		544,522
	70,133	Zhaikmunai L.P. GDR* (Kazakhstan)		680,290
				5,383,139
		Packaged Foods & Meats 1.2%
	38,626	GlaxoSmithKline Consumer Healthcare Ltd. (India)		1,869,293
		Pharmaceuticals 0.7%
	1,815,000	PT Kalbe Farma Tbk (Indonesia)		680,562
	1,695,471	Sino Biopharmaceutical Ltd. (China)		504,309
				1,184,871
		Real Estate Operating Companies 0.7%
	55,400	Multiplan Empreendimentos Imobiliarios S.A. (Brazil)		1,136,662
		Regional Banks 0.7%
	8,500	Canadian Western Bank (Canada)		215,687
	15,265	Signature Bank*		915,748
				1,131,435
		Research & Consulting Services 2.9%
	5,525	Campbell Brothers Ltd. (Australia)		277,193
	43,500	Huron Consulting Group, Inc.*		1,685,190
	22,605	IHS, Inc., Class A*		1,947,647
	150	Nihon M&A Center, Inc. (Japan)		782,092
				4,692,122
		Restaurants 2.0%
	387,000	Ajisen China Holdings Ltd. (China)		426,061
	1,035,000	KFC Holdings Malaysia Berhad (Malaysia)		1,253,754
	14,028	Peet’s Coffee & Tea, Inc.*		879,275
	12,100	Tim Hortons, Inc. (Canada)		587,426
				3,146,516
		Semiconductors 6.0%
	24,950	Hittite Microwave Corp.*		1,232,031
	74,900	Linear Technology Corp.		2,249,247
	129,555	Melexis N.V. (Belgium)		1,741,089
	43,000	Microchip Technology, Inc.		1,575,090
	34,658	O2Micro International Ltd. ADR* (China)		138,286
	80,100	Power Integrations, Inc.		2,656,116
				9,591,859
		Specialized Finance 2.7%
	18,000	Crisil Ltd. (India)		298,277
	47,918	JSE Ltd. (South Africa)		421,588
	35,305	MSCI, Inc., Class A*		1,162,594
	139,395	Oslo Bors VPS Holding ASA (Norway)		1,354,245
	16,300	Portfolio Recovery Associates, Inc.*		1,100,576
				4,337,280
		Specialty Chemicals 0.4%
	514,000	EcoGreen Fine Chemical Group Ltd. (Hong Kong)		106,557
	15,700	Soulbrain Co. Ltd. (Korea)		526,845
				633,402
		Specialty Stores 1.2%
	34,618	Hibbett Sports, Inc.*		1,564,041
	196,515	L’Occitane International S.A. (Luxembourg)		394,743
				1,958,784

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

December 31, 2011 (Unaudited)

Shares			Value
		Steel 0.5%
	12,845	Haynes International, Inc.	$	701,337
	19,272	MOIL Ltd. (India)		82,379
				783,716
		Systems Software 1.7%
	49,279	OPNET Technologies, Inc.		1,807,061
	29,201	Sourcefire, Inc.*		945,528
				2,752,589
		Thrifts & Mortgage Finance 1.6%
	18,475	Home Capital Group, Inc. (Canada)		892,178
	421,050	LIC Housing Finance Ltd. (India)		1,754,210
				2,646,388
		Trading Companies & Distributors 6.2%
	11,982	Indutrade AB (Sweden)		318,965
	263,460	MonotaRO Co. Ltd. (Japan)		2,791,810
	45,520	MSC Industrial Direct Co., Inc., Class A		3,256,956
	81,605	Richelieu Hardware Ltd. (Canada)		2,304,283
	8,928	Thermador Groupe (France)		1,237,552
				9,909,566
		Trucking 4.9%
	36,600	J.B. Hunt Transport Services, Inc.		1,649,562
	175,290	Knight Transportation, Inc.		2,741,536
	40,685	Old Dominion Freight Line, Inc.*		1,648,963
	128,000	Tegma Gestao Logistica (Brazil)		1,760,193
				7,800,254
		Total Common Stocks (cost $143,560,146)		169,188,829
		WARRANTS 0.0%
		Health Care Equipment 0.0%
	40,000	Cardica, Inc., expiring 9/29/14* *** †		35,600
		Restaurants 0.0%
	29,600	KFC Holdings Malaysia Berhad, expiring 9/14/15* (Malaysia)		8,964
		Total Warrants (cost $5,000)		44,564
		Total Investments (cost $143,565,146) 105.3%§		169,233,393
		Liabilities less Other Assets (5.3%)		(8,518,399	)
		NET ASSETS 100.0%	$	160,714,994
		*Non-income producing.
		***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10).
		†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8).
		§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.40%.
		ADR American Depositary Receipt.
		GDR Global Depositary Receipt.
		See Notes to Schedules of Investments.

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

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch Global Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Australia		0.2
Belgium		1.0
Brazil		3.2
Canada		2.8
China		0.6
Colombia		0.4
Finland		0.6
France		1.1
Germany		3.1
Hong Kong		0.1
India		7.9
Indonesia		4.2
Italy		0.7
Japan		4.3
Kazakhstan		0.4
Korea		2.3
Luxembourg		0.2
Malaysia		0.7
Nigeria		0.4
Norway		1.3
Poland		0.1
Singapore		0.4
South Africa		4.2
Sweden		1.8
Switzerland		1.2
Turkey		1.0
United Arab Emirates		0.6
United Kingdom		11.4
United States		43.8
Total		100.0	%

WASATCH HERITAGE GROWTH FUND (WAHGX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 95.6%
		Aerospace & Defense 1.7%
	15,030	TransDigm Group, Inc.*	$	1,438,070
		Air Freight & Logistics 4.6%
	17,537	C.H. Robinson Worldwide, Inc.		1,223,732
	65,092	Expeditors International of Washington, Inc.		2,666,168
				3,889,900
		Apparel Retail 3.4%
	60,203	Ross Stores, Inc.		2,861,449
		Application Software 3.4%
	50,900	ANSYS, Inc.*		2,915,552
		Asset Management & Custody Banks 3.0%
	59,010	SEI Investments Co.		1,023,824
	26,140	T. Rowe Price Group, Inc.		1,488,673
				2,512,497
		Automotive Retail 1.0%
	11,003	O’Reilly Automotive, Inc.*		879,690
		Communications Equipment 2.1%
	8,731	F5 Networks, Inc.*		926,534
	34,904	Riverbed Technology, Inc.*		820,244
				1,746,778
		Data Processing & Outsourced Services 2.3%
	18,595	Alliance Data Systems Corp.*		1,930,905
		Distributors 3.1%
	86,408	LKQ Corp.*		2,599,153
		Diversified Metals & Mining 0.8%
	11,790	BHP Billiton plc ADR (United Kingdom)		688,418
		Diversified Support Services 4.2%
	74,009	Copart, Inc.*		3,544,291
		Electrical Components & Equipment 1.4%
	26,503	Polypore International, Inc.*		1,165,867
		Electronic Components 3.7%
	68,390	Amphenol Corp., Class A		3,104,222
		Environmental & Facilities Services 1.2%
	12,621	Stericycle, Inc.*		983,428
		Health Care Equipment 3.0%
	73,079	St. Jude Medical, Inc.		2,506,610
		Health Care Services 2.6%
	41,912	Catalyst Health Solutions, Inc.*		2,179,424
		Industrial Machinery 2.3%
	53,285	IDEX Corp.		1,977,406
		IT Consulting & Other Services 4.9%
	64,026	Cognizant Technology Solutions Corp., Class A*		4,117,512
		Life Sciences Tools & Services 2.9%
	54,152	Covance, Inc.*		2,475,829
		Oil & Gas Equipment & Services 4.1%
	13,344	CARBO Ceramics, Inc.		1,645,715
	15,802	Core Laboratories N.V.		1,800,638
				3,446,353

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

December 31, 2011 (Unaudited)

Shares			Value
		Oil & Gas Exploration & Production 3.7%
	126,530	SandRidge Energy, Inc.*	$	1,032,485
	72,368	Ultra Petroleum Corp.*		2,144,264
				3,176,749
		Personal Products 1.0%
	15,858	Herbalife Ltd.		819,383
		Pharmaceuticals 1.0%
	21,235	Teva Pharmaceutical Industries Ltd. ADR (Israel)		857,045
		Regional Banks 2.3%
	31,825	Signature Bank*		1,909,182
		Research & Consulting Services 4.6%
	45,500	IHS, Inc., Class A*		3,920,280
		Restaurants 3.4%
	58,655	Tim Hortons, Inc. (Canada)		2,840,075
		Semiconductors 9.6%
	85,586	Altera Corp.		3,175,241
	89,083	Linear Technology Corp.		2,675,162
	28,113	Microchip Technology, Inc.		1,029,779
	29,431	Silicon Laboratories, Inc.*		1,277,894
				8,158,076
		Specialized Finance 5.7%
	149,700	BM&F BOVESPA S.A. (Brazil)		786,522
	13,271	IntercontinentalExchange, Inc.*		1,599,819
	52,435	MSCI, Inc., Class A*		1,726,684
	288,831	Power Finance Corp. Ltd. (India)		745,125
				4,858,150
		Trading Companies & Distributors 5.0%
	59,684	MSC Industrial Direct Co., Inc., Class A		4,270,390
		Trucking 2.1%
	40,034	J.B. Hunt Transport Services, Inc.		1,804,332
		Wireless Telecommunication Services 1.5%
	59,783	NII Holdings, Inc.*		1,273,378
		Total Common Stocks (cost $65,886,114)		80,850,394
Principal Amount			Value
		SHORT-TERM INVESTMENTS 4.1%
		Repurchase Agreement 4.1%
	$3,424,938	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $3,165,000 of United States Treasury Notes 2.750% due 2/15/19; value: $3,497,325; repurchase proceeds: $3,424,942 (cost $3,424,938)	$	3,424,938
		Total Short-Term Investments (cost $3,424,938)		3,424,938

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

December 31, 2011 (Unaudited)

	Value
Total Investments (cost $69,311,052) 99.7%	$	84,275,332
Other Assets less Liabilities 0.3%		228,122
NET ASSETS 100.0%	$	84,503,454
*Non-income producing.
ADR American Depositary Receipt.
See Notes to Schedules of Investments.

At December 31, 2011, Wasatch Heritage Growth Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Brazil		1.0
Canada		3.5
India		0.9
Israel		1.1
United Kingdom		0.8
United States		92.7
Total		100.0	%

WASATCH INTERNATIONAL GROWTH FUND (WAIGX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 98.7%
		Advertising 1.2%
	263,746	REA Group Ltd. (Australia)	$	3,376,279
		Agricultural Products 1.1%
	1,229,400	PT Astra Agro Lestari Tbk (Indonesia)		2,942,154
		Apparel Retail 2.3%
	204,220	Cia. Hering (Brazil)		3,553,937
	310,160	Truworths International Ltd. (South Africa)		2,838,364
				6,392,301
		Application Software 2.0%
	194,662	Computer Modelling Group Ltd. (Canada)		2,938,836
	103,855	Fidessa Group plc (United Kingdom)		2,437,521
				5,376,357
		Asset Management & Custody Banks 4.1%
	1,012,665	Aberdeen Asset Management plc (United Kingdom)		3,330,303
	220,645	CETIP S.A. (Brazil)		3,187,982
	15,070	Partners Group Holding AG (Switzerland)		2,633,233
	20,210	VZ Holding AG (Switzerland)		2,079,174
				11,230,692
		Auto Parts & Equipment 1.0%
	21,195	Bosch Ltd. (India)		2,713,583
		Automotive Retail 1.4%
	330,743	ARB Corp. Ltd. (Australia)		2,618,259
	13,783	Delticom AG (Germany)		1,191,400
				3,809,659
		Biotechnology 2.0%
	983,250	Abcam plc (United Kingdom)		5,567,227
		Brewers 1.2%
	275,590	Anadolu Efes Biracilik ve Malt Sanayii A.S. (Turkey)		3,322,380
		Casinos & Gaming 3.5%
	1,900,169	Galaxy Entertainment Group Ltd.* (Hong Kong)		3,474,360
	269,297	Melco Crown Entertainment Ltd. ADR* (China)		2,590,637
	2,078,370	SJM Holdings Ltd. (Hong Kong)		3,372,000
				9,436,997
		Catalog Retail 1.4%
	32,755	Hyundai Home Shopping Network Corp. (Korea)		3,788,304
		Coal & Consumable Fuels 3.2%
	2,503,700	PT Harum Energy Tbk (Indonesia)		1,891,408
	809,245	PT Indo Tambangraya Megah (Indonesia)		3,449,387
	1,721,385	PT Tambang Batubara Bukit Asam Tbk (Indonesia)		3,293,745
				8,634,540
		Commodity Chemicals 0.9%
	1,030,100	TSRC Corp. (Taiwan)		2,527,707
		Construction & Engineering 1.0%
	413,152	Kentz Corp. Ltd. (United Kingdom)		2,704,608
		Construction Materials 4.0%
	2,545,000	PT Indocement Tunggal Prakarsa Tbk (Indonesia)		4,785,470
	4,900,335	PT Semen Gresik (Persero) Tbk (Indonesia)		6,187,906
				10,973,376

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

December 31, 2011 (Unaudited)

Shares			Value
		Consumer Finance 2.0%
	481,100	Mahindra & Mahindra Financial Services Ltd. (India)	$	5,445,159
		Data Processing & Outsourced Services 1.7%
	285,139	Wirecard AG (Germany)		4,589,510
		Department Stores 2.3%
	87,500	Lojas Renner S.A. (Brazil)		2,270,942
	124,187	Marisa Lojas S.A. (Brazil)		1,138,506
	595,023	Woolworths Holdings Ltd. (South Africa)		2,875,611
				6,285,059
		Distributors 1.2%
	2,717,607	Dah Chong Hong Holdings Ltd. (China)		3,201,857
		Diversified Banks 2.4%
	8,886,019	PT Bank Tabungan Pensiunan Nasional Tbk* (Indonesia)		3,331,951
	1,496,374	Security Bank Corp. (Philippines)		3,329,787
				6,661,738
		Drug Retail 1.1%
	499,940	Clicks Group Ltd. (South Africa)		2,864,004
		Electronic Components 1.0%
	226,240	Partron Co. Ltd. (Korea)		2,843,055
		Electronic Equipment & Instruments 3.5%
	1,462,520	Chroma ATE, Inc. (Taiwan)		2,869,107
	550,463	Halma plc (United Kingdom)		2,821,306
	251,842	Oxford Instruments plc (United Kingdom)		3,711,367
				9,401,780
		Fertilizers & Agricultural Chemicals 0.4%
	500,900	Rallis India Ltd. (India)		1,130,456
		Food Retail 2.9%
	102,270	BIM Birlesik Magazalar AS (Turkey)		2,838,956
	1,682,000	CP ALL Public Co. Ltd.*** (Thailand)		2,758,906
	263,590	Eurocash S.A. (Poland)		2,182,247
				7,780,109
		Gold 2.1%
	320,450	Koza Altin Isletmeleri AS (Turkey)		4,252,899
	319,665	Medusa Mining Ltd. (Australia)		1,456,792
				5,709,691
		Health Care Equipment 3.2%
	48,733	DiaSorin S.p.A. (Italy)		1,230,901
	128,077	Elekta AB, Class B (Sweden)		5,561,315
	269,726	Immunodiagnostic Systems Holdings plc (United Kingdom)		1,924,699
				8,716,915
		Health Care Supplies 0.9%
	224,005	St. Shine Optical Co. Ltd. (Taiwan)		2,367,370
		Health Care Technology 0.1%
	183,554	RaySearch Laboratories AB (Sweden)		385,828
		Human Resource & Employment Services 0.9%
	448,658	Michael Page International plc (United Kingdom)		2,427,582
		Hypermarkets & Super Centers 1.1%
	806,760	Big C Supercenter Public Co. Ltd.*** (Thailand)		3,068,501
		Industrial Gases 0.8%
	30,690	OCI Materials Co. Ltd. (Korea)		2,122,149

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

December 31, 2011 (Unaudited)

Shares			Value
		Industrial Machinery 4.9%
	46,490	Andritz AG (Austria)	$	3,849,822
	316,429	Rotork plc (United Kingdom)		9,473,614
				13,323,436
		Internet Retail 3.6%
	421,846	CDON Group AB* (Sweden)		2,319,572
	216,030	Start Today Co. Ltd. (Japan)		5,052,529
	236,554	Yoox S.p.A.* (Italy)		2,556,727
				9,928,828
		Internet Software & Services 1.3%
	97,800	Kakaku.com, Inc. (Japan)		3,584,074
		Life & Health Insurance 1.2%
	187,600	Bangkok Life Assurance Public Co. Ltd. (Thailand)		274,724
	539,825	Discovery Holdings Ltd. (South Africa)		2,909,874
				3,184,598
		Marine Ports & Services 2.5%
	3,999,600	International Container Terminal Services, Inc. (Philippines)		4,840,531
	146,800	Santos Brasil Participacoes S.A.** (Brazil)		1,941,593
				6,782,124
		Multi-Sector Holdings 2.1%
	5,453,990	First Pacific Co. Ltd. (Hong Kong)		5,688,445
		Oil & Gas Equipment & Services 2.5%
	16,025	Core Laboratories N.V.		1,826,049
	107,135	ShawCor Ltd., Class A (Canada)		3,043,087
	90,140	TGS-NOPEC Geophysical Co. ASA (Norway)		2,000,578
				6,869,714
		Oil & Gas Exploration & Production 4.1%
	1,174,300	Afren plc* (Nigeria)		1,561,141
	341,056	Exillon Energy plc* (United Arab Emirates)		1,328,478
	378,245	Gran Tierra Energy, Inc.* (Colombia)		1,815,576
	82,030	Petrominerales Ltd. (Colombia)		1,336,038
	1,850,511	PetroNeft Resources plc* (Ireland)		513,121
	274,496	Premier Oil plc* (United Kingdom)		1,545,698
	148,940	Transglobe Energy Corp.* (Canada)		1,182,145
	182,385	Zhaikmunai L.P. GDR* (Kazakhstan)		1,769,135
				11,051,332
		Packaged Foods & Meats 2.2%
	62,642	GlaxoSmithKline Consumer Healthcare Ltd. (India)		3,031,540
	4,199,765	Vitasoy International Holdings Ltd. (Hong Kong)		3,093,252
				6,124,792
		Personal Products 1.0%
	357,070	Godrej Consumer Products Ltd. (India)		2,593,389
		Pharmaceuticals 1.3%
	9,376,810	PT Kalbe Farma Tbk (Indonesia)		3,515,981
		Precious Metals & Minerals 0.5%
	63,878	Pan American Silver Corp. (Canada)		1,399,756
		Publishing 1.3%
	177,420	Rightmove plc (United Kingdom)		3,423,774
		Research & Consulting Services 2.0%
	107,815	Campbell Brothers Ltd. (Australia)		5,409,150
		Specialized Finance 0.7%
	11,900	JSE Ltd. (South Africa)		104,698
	175,900	Oslo Bors VPS Holding ASA (Norway)		1,708,897
				1,813,595

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

December 31, 2011 (Unaudited)

Shares			Value
		Specialty Chemicals 1.1%
	86,560	Soulbrain Co. Ltd. (Korea)	$	2,904,691
		Specialty Stores 1.8%
	1,332,970	L’Occitane International S.A. (Luxembourg)		2,677,560
	4,071,244	Sa Sa International Holdings Ltd. (Hong Kong)		2,248,944
				4,926,504
		Thrifts & Mortgage Finance 4.7%
	506,401	Dewan Housing Finance Corp. Ltd. (India)		1,716,452
	529,301	Gruh Finance Ltd. (India)		5,930,404
	1,255,995	LIC Housing Finance Ltd. (India)		5,232,819
				12,879,675
		Trading Companies & Distributors 2.0%
	99,185	iMarketKorea, Inc. (Korea)		1,398,814
	379,880	MonotaRO Co. Ltd. (Japan)		4,025,480
				5,424,294
		Total Common Stocks (cost $250,813,063)		268,625,079
		PREFERRED STOCKS 1.1%
		Diversified Banks 0.5%
	128,451	Banco do Estado do Rio Grande do Sul S.A.,Series B Pfd. (Brazil)		1,377,306
	74,058	Bank of N.T. Butterfield & Son Ltd. (The) Pfd.* *** (Bermuda)		85,167
				1,462,473
		Footwear 0.6%
	231,100	Alpargatas S.A. Pfd. (Brazil)		1,536,330
		Total Preferred Stocks (cost $2,442,078)		2,998,803
		Total Investments (cost $253,255,141) 99.8%§		271,623,882
		Other Assets less Liabilities 0.2%		623,313
		NET ASSETS 100.0%	$	272,247,195
		*Non-income producing.
		**Common units.
		***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10).
		§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 9.21%.
		ADR American Depositary Receipt.
		GDR Global Depositary Receipt.
		See Notes to Schedules of Investments.

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

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch International Growth Fund’s investments were in the following countries:

Country	%
Australia		4.7
Austria		1.4
Bermuda		0.0
Brazil		5.5
Canada		3.2
China		2.1
Colombia		1.2
Germany		2.1
Hong Kong		6.6
India		10.2
Indonesia		10.8
Ireland		0.2
Italy		1.4
Japan		4.7
Kazakhstan		0.7
Korea		4.8
Luxembourg		1.0
Nigeria		0.6
Norway		1.4
Philippines		3.0
Poland		0.8
South Africa		4.3
Sweden		3.0
Switzerland		1.7
Taiwan		2.9
Thailand		2.2
Turkey		3.8
United Arab Emirates		0.5
United Kingdom		14.5
United States		0.7
Total		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 101.2%
		Advertising 0.8%
	19,406	1000mercis (France)	$	1,143,534
		Agricultural Products 0.5%
	2,250,000	PT Sampoerna Agro Tbk (Indonesia)		738,213
		Apparel Retail 1.1%
	1,415,905	IT Ltd. (Hong Kong)		780,319
	2,435,225	Padini Holdings Berhad (Malaysia)		837,349
				1,617,668
		Apparel, Accessories & Luxury Goods 4.8%
	36,908	Gerry Weber International AG (Germany)		1,127,374
	44,909	LG Fashion Corp. (Korea)		1,577,021
	142,870	Lovable Lingerie Ltd. (India)		831,312
	171,700	Restoque Comercio e Confeccoes de Roupas S.A.* (Brazil)		2,513,020
	109,025	Ted Baker plc (United Kingdom)		1,095,508
				7,144,235
		Application Software 3.8%
	163,000	Computer Modelling Group Ltd. (Canada)		2,460,831
	64,288	Fidessa Group plc (United Kingdom)		1,508,867
	1,539,295	Technology One Ltd. (Australia)		1,576,392
				5,546,090
		Auto Parts & Equipment 1.0%
	69,407	WABCO India Ltd. (India)		1,527,856
		Biotechnology 2.4%
	614,468	Abcam plc (United Kingdom)		3,479,158
		Brewers 2.0%
	362,475	Carlsberg Brewery Malaysia Berhad (Malaysia)		976,510
	102,990	Olvi Oyj, Class A (Finland)		1,968,680
				2,945,190
		Building Products 1.1%
	816,500	Dynasty Ceramic Public Co. Ltd.*** (Thailand)		1,565,713
		Catalog Retail 1.1%
	14,240	Hyundai Home Shopping Network Corp. (Korea)		1,646,938
		Coal & Consumable Fuels 1.8%
	3,842,115	PT Resource Alam Indonesia Tbk (Indonesia)		2,733,018
		Commodity Chemicals 3.3%
	1,224,627	Berger Paints India Ltd. (India)		2,003,956
	130,700	Tikkurila Oyj (Finland)		2,183,316
	48,810	Tokai Carbon Korea Co. Ltd. (Korea)		649,476
				4,836,748
		Construction & Engineering 1.7%
	190,615	Kentz Corp. Ltd. (United Kingdom)		1,247,819
	144,478	Lycopodium Ltd. (Australia)		884,801
	489,660	Shaft Sinkers Holdings plc (South Africa)		406,378
				2,538,998
		Construction & Farm Machinery & Heavy Trucks 1.7%
	32,345	Eicher Motors Ltd. (India)		900,215
	18,305	Faiveley Transport (France)		1,141,045
	68,308	VST Tillers Tractors Ltd. (India)		536,315
				2,577,575

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

December 31, 2011 (Unaudited)

Shares			Value
		Construction Materials 0.9%
	6,997,973	Diamond Building Products Public Co. Ltd.*** (Thailand)	$	1,275,383
		Data Processing & Outsourced Services 3.1%
	400	GMO Payment Gateway, Inc. (Japan)		1,633,660
	183,361	Wirecard AG (Germany)		2,951,323
				4,584,983
		Diversified Banks 1.0%
	3,713,575	South Indian Bank Ltd. (India)		1,412,564
		Diversified Support Services 0.5%
	256,000	Vicom Ltd. (Singapore)		712,701
		Drug Retail 1.3%
	37,353	Cosmos Pharmaceutical Corp. (Japan)		1,928,163
		Electrical Components & Equipment 1.4%
	515,270	Amara Raja Batteries Ltd. (India)		1,997,817
		Electronic Equipment & Instruments 1.8%
	39,500	Beijer Electronics AB (Sweden)		349,064
	6,450	Honeywell Automation India Ltd. (India)		208,312
	143,460	Oxford Instruments plc (United Kingdom)		2,114,153
				2,671,529
		Environmental & Facilities Services 0.9%
	465,656	RPS Group plc (United Kingdom)		1,300,229
		Food Retail 2.7%
	1,595,676	BreadTalk Group Ltd. (Singapore)		664,506
	2,382,000	PT Sumber Alfaria Trijaya Tbk (Indonesia)		1,037,651
	75,942	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. (Israel)		2,347,407
				4,049,564
		Footwear 0.9%
	139,320	Bata India Ltd. (India)		1,378,640
		General Merchandise Stores 2.2%
	5,701,500	PT Mitra Adiperkasa Tbk (Indonesia)		3,238,238
		Gold 2.4%
	570,985	Highland Gold Mining Ltd. (United Kingdom)		1,665,193
	139,704	Koza Altin Isletmeleri AS (Turkey)		1,854,102
				3,519,295
		Health Care Equipment 0.6%
	117,472	Immunodiagnostic Systems Holdings plc (United Kingdom)		838,251
		Health Care Facilities 2.8%
	1,719,730	KPJ Healthcare Berhad (Malaysia)		2,549,758
	944,385	Raffles Medical Group Ltd. (Singapore)		1,543,993
				4,093,751
		Health Care Supplies 0.8%
	19,706	Sartorius Stedim Biotech (France)		1,251,361
		Health Care Technology 0.9%
	171,466	Craneware plc (United Kingdom)		1,316,635
		Homefurnishing Retail 0.5%
	81,205	Lewis Group Ltd. (South Africa)		806,526
		Hypermarkets & Super Centers 1.4%
	4,919,300	Puregold Price Club, Inc.* (Philippines)		2,005,634
		Industrial Gases 0.4%
	102,640	SOL S.p.A. (Italy)		545,367

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

December 31, 2011 (Unaudited)

Shares			Value
		Industrial Machinery 2.4%
	3,726	Burckhardt Compression Holding AG (Switzerland)	$	933,486
	39,200	FAG Bearings India Ltd. (India)		775,031
	26,256	Kennametal India Ltd. (India)		326,315
	132,047	SKF India Ltd. (India)		1,442,186
				3,477,018
		Internet Retail 3.4%
	289,320	CDON Group AB* (Sweden)		1,590,861
	864,000	Webjet Ltd. (Australia)		2,203,208
	117,608	Yoox S.p.A.* (Italy)		1,271,133
				5,065,202
		Internet Software & Services 3.6%
	18,647	Daum Communications Corp. (Korea)		1,945,005
	76,000	Kakaku.com, Inc. (Japan)		2,785,170
	1,289,680	Pacific Online Ltd. (China)		616,098
				5,346,273
		IT Consulting & Other Services 2.9%
	73,692	CMC Ltd. (India)		1,096,256
	612,325	EOH Holdings Ltd. (South Africa)		2,143,544
	3,935,000	PT Astra Graphia Tbk (Indonesia)		494,723
	130,420	SMS Management & Technology Ltd. (Australia)		603,705
				4,338,228
		Oil & Gas Equipment & Services 0.4%
	55,134	Pason Systems, Inc. (Canada)		650,709
		Oil & Gas Exploration & Production 4.2%
	766,591	Afren plc* (Nigeria)		1,019,123
	99,210	Coastal Energy Co.* (United Kingdom)		1,483,149
	190,095	Exillon Energy plc* (United Arab Emirates)		740,456
	269,711	Gran Tierra Energy, Inc.* (Colombia)		1,294,613
	1,497,446	PetroNeft Resources plc* (Ireland)		415,221
	149,050	Transglobe Energy Corp.* (Canada)		1,183,018
				6,135,580
		Oil & Gas Refining & Marketing 0.6%
	4,839	Hankook Shell Oil Co. Ltd. (Korea)		856,913
		Packaged Foods & Meats 9.2%
	157,500	Biostime International Holdings Ltd. (China)		277,840
	400,000	Grupo Herdez S.A.B. (Mexico)		712,494
	1,253,000	Petra Foods Ltd. (Singapore)		1,787,653
	183,660	Pinar Sut Mamulleri Sanayii A.S. (Turkey)		1,514,922
	4,799,000	PT Nippon Indosari Corpindo Tbk (Indonesia)		1,759,766
	810,237	Standard Foods Corp. (Taiwan)		2,461,832
	2,228,000	Super Group Ltd. (Singapore)		2,259,443
	3,743,120	Vitasoy International Holdings Ltd. (Hong Kong)		2,756,919
				13,530,869
		Photographic Products 1.9%
	61,863	Mobotix AG (Germany)		1,763,769
	2,829,500	PT Modern Internasional Tbk (Indonesia)		998,555
				2,762,324
		Research & Consulting Services 1.3%
	45,987	eClerx Services Ltd. (India)		597,515
	638,531	Sporton International, Inc. (Taiwan)		1,296,927
				1,894,442
		Restaurants 3.1%
	228,953	Domino’s Pizza Enterprises Ltd. (Australia)		1,852,320
	136,000	Famous Brands Ltd. (South Africa)		766,800
	1,610,744	KFC Holdings Malaysia Berhad (Malaysia)		1,951,185
				4,570,305

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

December 31, 2011 (Unaudited)

Shares			Value
		Specialized Finance 2.1%
	84,107	JSE Ltd. (South Africa)	$	739,984
	132,600	Oslo Bors VPS Holding ASA (Norway)		1,288,230
	106,146	Warsaw Stock Exchange (Poland)		1,085,385
				3,113,599
		Specialty Chemicals 2.4%
	673,719	DuluxGroup Ltd. (Australia)		1,993,972
	44,609	Soulbrain Co. Ltd. (Korea)		1,496,943
				3,490,915
		Specialty Stores 0.8%
	892,000	Kathmandu Holdings Ltd. (New Zealand)		1,196,682
		Steel 0.4%
	127,344	MOIL Ltd. (India)		544,338
		Thrifts & Mortgage Finance 1.2%
	346,704	Dewan Housing Finance Corp. Ltd. (India)		1,175,157
	13,629	Home Capital Group, Inc. (Canada)		658,160
				1,833,317
		Tires & Rubber 0.8%
	199,183	Goodyear India Ltd. (India)		1,124,847
		Tobacco 0.4%
	13,669	Godfrey Phillips India Ltd. (India)		663,296
		Trading Companies & Distributors 5.4%
	33,727	Indutrade AB (Sweden)		897,823
	305,460	MonotaRO Co. Ltd. (Japan)		3,236,873
	2,507,500	PT Hexindo Adiperkasa Tbk (Indonesia)		2,475,007
	10,242	Thermador Groupe (France)		1,419,692
				8,029,395
		Trucking 1.1%
	113,766	Tegma Gestao Logistica (Brazil)		1,564,454
		Total Common Stocks (cost $153,048,033)		149,156,271
		Total Investments (cost $153,048,033) 101.2%§		149,156,271
		Liabilities less Other Assets (1.2%)		(1,816,615	)
		NET ASSETS 100.0%	$	147,339,656
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 5.55%. See Notes to Schedules of Investments.

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

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch International Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Australia		6.1
Brazil		2.7
Canada		3.3
China		0.6
Colombia		0.9
Finland		2.8
France		3.3
Germany		3.9
Hong Kong		2.4
India		12.4
Indonesia		9.0
Ireland		0.3
Israel		1.6
Italy		1.2
Japan		6.4
Korea		5.5
Malaysia		4.2
Mexico		0.5
New Zealand		0.8
Nigeria		0.7
Norway		0.9
Philippines		1.3
Poland		0.7
Singapore		4.7
South Africa		3.3
Sweden		1.9
Switzerland		0.6
Taiwan		2.5
Thailand		1.9
Turkey		2.3
United Arab Emirates		0.5
United Kingdom		10.8
Total		100.0	%

WASATCH LARGE CAP VALUE FUND (FMIEX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 97.0%
		Aerospace & Defense 4.3%
	355,920	L-3 Communications Holdings, Inc.	$	23,732,745
	524,605	Raytheon Co.		25,380,390
	399,040	Rockwell Collins, Inc.		22,094,845
				71,207,980
		Agricultural Products 1.7%
	1,008,670	Archer Daniels Midland Co.		28,847,962
		Asset Management & Custody Banks 2.8%
	153,857	BlackRock, Inc.		27,423,472
	496,290	Northern Trust Corp.		19,682,861
				47,106,333
		Auto Parts & Equipment 1.4%
	731,990	Johnson Controls, Inc.		22,882,007
		Coal & Consumable Fuels 0.8%
	728,360	Cameco Corp. (Canada)		13,146,898
		Communications Equipment 1.3%
	576,593	Harris Corp.		20,780,412
		Computer & Electronics Retail 1.3%
	893,430	Best Buy Co., Inc.		20,879,459
		Computer Hardware 1.1%
	715,870	Hewlett-Packard Co.		18,440,811
		Construction & Engineering 1.1%
	377,200	Fluor Corp.		18,954,300
		Construction & Farm Machinery & Heavy Trucks 1.2%
	250,700	Deere & Co.		19,391,645
		Data Processing & Outsourced Services 0.9%
	626,650	Computer Sciences Corp.		14,851,605
		Diversified Chemicals 0.9%
	341,875	E.I. du Pont de Nemours and Co.		15,651,038
		Drug Retail 3.1%
	701,870	CVS Caremark Corp.		28,622,259
	685,220	Walgreen Co.		22,653,373
				51,275,632
		Electric Utilities 2.6%
	975,620	Duke Energy Corp.		21,463,640
	350,980	NextEra Energy, Inc.		21,367,662
				42,831,302
		Electrical Components & Equipment 1.2%
	441,230	Emerson Electric Co.		20,556,906
		Electronic Components 0.7%
	859,600	Corning, Inc.		11,157,608
		Environmental & Facilities Services 1.4%
	727,090	Waste Management, Inc.		23,783,114
		Food Distributors 1.5%
	843,700	Sysco Corp.		24,745,721
		Gold 1.6%
	574,500	Barrick Gold Corp. (Canada)		25,996,125

WASATCH LARGE CAP VALUE FUND (FMIEX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

Shares			Value
		Health Care Distributors 1.5%
	326,910	McKesson Corp.	$	25,469,558
		Health Care Equipment 4.1%
	243,650	C. R. Bard, Inc.		20,832,075
	641,995	Medtronic, Inc.		24,556,309
	437,457	Zimmer Holdings, Inc.*		23,368,953
				68,757,337
		Home Improvement Retail 1.7%
	687,820	Home Depot, Inc. (The)		28,915,953
		Household Products 1.5%
	330,920	Kimberly-Clark Corp.		24,342,475
		Hypermarkets & Super Centers 1.9%
	535,680	Wal-Mart Stores, Inc.		32,012,237
		Industrial Machinery 1.4%
	312,880	Parker Hannifin Corp.		23,857,100
		Insurance Brokers 1.6%
	813,460	Marsh & McLennan Cos., Inc.		25,721,605
		Integrated Oil & Gas 4.2%
	308,860	Chevron Corp.		32,862,704
	503,310	ConocoPhillips		36,676,200
				69,538,904
		Integrated Telecommunication Services 1.7%
	953,760	AT&T, Inc.		28,841,702
		Investment Banking & Brokerage 0.9%
	159,450	Goldman Sachs Group, Inc. (The)		14,419,064
		Life & Health Insurance 2.5%
	735,950	MetLife, Inc.		22,946,921
	867,610	Unum Group		18,280,543
				41,227,464
		Managed Health Care 0.8%
	202,250	WellPoint, Inc.		13,399,063
		Multi-Line Insurance 2.1%
	768,470	Genworth Financial, Inc., Class A*		5,033,479
	775,430	Loews Corp.		29,194,939
				34,228,418
		Oil & Gas Drilling 2.0%
	335,210	Ensco plc ADR (United Kingdom)		15,728,053
	447,995	Transocean Ltd. (Switzerland)		17,198,528
				32,926,581
		Oil & Gas Equipment & Services 2.6%
	176,560	Halliburton Co.		6,093,085
	294,985	National Oilwell Varco, Inc.		20,056,030
	239,670	Schlumberger Ltd.		16,371,858
				42,520,973
		Oil & Gas Exploration & Production 3.9%
	207,819	Anadarko Petroleum Corp.		15,862,824
	1,108,940	Marathon Oil Corp.		32,458,674
	559,526	Ultra Petroleum Corp.*		16,578,755
				64,900,253
		Oil & Gas Storage & Transportation 2.8%
	902,420	Spectra Energy Corp.		27,749,415
	574,560	Williams Cos., Inc. (The)		18,971,971
				46,721,386

WASATCH LARGE CAP VALUE FUND (FMIEX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

Shares			Value
		Other Diversified Financial Services 1.9%
	924,450	JPMorgan Chase & Co.	$	30,737,962
		Packaged Foods & Meats 1.4%
	424,665	HJ Heinz Co.		22,948,897
		Personal Products 0.5%
	463,116	Avon Products, Inc.		8,090,637
		Pharmaceuticals 7.8%
	520,350	Abbott Laboratories		29,259,281
	391,090	Johnson & Johnson		25,647,682
	794,120	Merck & Co., Inc.		29,938,324
	1,217,300	Pfizer, Inc.		26,342,372
	461,342	Teva Pharmaceutical Industries Ltd. ADR (Israel)		18,619,763
				129,807,422
		Property & Casualty Insurance 3.1%
	739,830	Allstate Corp. (The)		20,278,740
	539,410	Travelers Cos., Inc. (The)		31,916,890
				52,195,630
		Regional Banks 1.5%
	436,120	PNC Financial Services Group, Inc.		25,151,040
		Semiconductors 2.4%
	1,623,330	Intel Corp.		39,365,752
		Soft Drinks 1.7%
	418,140	PepsiCo, Inc.		27,743,589
		Specialized REITs 1.3%
	1,132,350	Weyerhaeuser Co.		21,140,975
		Steel 1.3%
	565,520	Nucor Corp.		22,377,626
		Systems Software 2.9%
	957,870	Microsoft Corp.		24,866,305
	1,439,220	Symantec Corp.*		22,523,793
				47,390,098
		Technology Distributors 1.7%
	911,480	Avnet, Inc.*		28,337,913
		Water Utilities 1.4%
	709,965	American Water Works Co., Inc.		22,619,485
		Total Common Stocks (cost $1,448,387,382)		1,608,193,957
Principal Amount			Value
		SHORT-TERM INVESTMENTS 3.0%
		Repurchase Agreement 3.0%
$	49,602,124	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $45,790,000 of United States Treasury Notes 2.750% due 2/15/19; value: $50,597,950; repurchase proceeds: $49,602,179 (cost $49,602,124)	$	49,602,124

WASATCH LARGE CAP VALUE FUND (FMIEX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

	Value
Total Short-Term Investments (cost $49,602,124)	$	49,602,124
Total Investments (cost $1,497,989,506) 100.0%		1,657,796,081
Other Assets less Liabilities <0.1%		530,524
NET ASSETS 100.0%	$	1,658,326,605
*Non-income producing. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2011, Wasatch Large Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Canada		2.4
Israel		1.1
Switzerland		1.1
United Kingdom		1.0
United States		94.4
Total		100.0	%

WASATCH LONG/SHORT FUND (FMLSX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 79.6%
		Advertising 1.1%
	1,100,000	Interpublic Group of Cos., Inc. (The)	$	10,703,000
		Agricultural Products 0.8%
	270,000	Archer Daniels Midland Co.‡		7,722,000
		Apparel Retail 0.9%
	800,000	Chico’s FAS, Inc.		8,912,000
		Automobile Manufacturers 0.6%
	300,000	General Motors Co.*		6,081,000
		Automotive Retail 2.2%
	150,000	Advance Auto Parts, Inc.		10,444,500
	1,000,000	Pep Boys-Manny, Moe, & Jack (The)		11,000,000
				21,444,500
		Coal & Consumable Fuels 0.4%
	100,000	CONSOL Energy, Inc.‡		3,670,000
		Communications Equipment 1.4%
	750,000	Cisco Systems, Inc.‡		13,560,000
		Computer & Electronics Retail 2.8%
	1,150,000	Best Buy Co., Inc.‡		26,875,500
		Computer Hardware 2.2%
	1,900,000	Silicon Graphics International Corp.* ‡ ‡‡		21,774,000
		Computer Storage & Peripherals 0.3%
	200,000	Electronics for Imaging, Inc.*		2,850,000
		Construction & Engineering 1.2%
	750,000	Aegion Corp.*		11,505,000
		Data Processing & Outsourced Services 6.1%
	3,850,000	Convergys Corp.*		49,164,500
	100,000	Visa, Inc., Class A‡		10,153,000
				59,317,500
		Electronic Equipment & Instruments 0.5%
	140,000	Itron, Inc.*		5,007,800
		Environmental & Facilities Services 2.3%
	500,000	Republic Services, Inc.‡		13,775,000
	275,000	Waste Management, Inc.‡		8,995,250
				22,770,250
		Fertilizers & Agricultural Chemicals 1.9%
	140,000	Monsanto Co.‡		9,809,800
	170,000	Mosaic Co. (The)‡		8,573,100
				18,382,900
		General Merchandise Stores 1.9%
	365,000	Target Corp.‡		18,695,300
		Gold 4.7%
	400,000	Newmont Mining Corp.‡		24,004,000
	1,500,000	Yamana Gold, Inc.‡ (Canada)		22,035,000
				46,039,000
		Health Care Equipment 2.9%
	331,472	Hologic, Inc.*		5,804,075
	200,000	Medtronic, Inc.‡		7,650,000

WASATCH LONG/SHORT FUND (FMLSX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

Shares			Value
	100,000	Stryker Corp.	$	4,971,000
	1,200,000	Symmetry Medical, Inc.*		9,588,000
				28,013,075
		Heavy Electrical Equipment 0.5%
	187,300	General Cable Corp.*		4,684,373
		Hypermarkets & Super Centers 2.3%
	375,000	Wal-Mart Stores, Inc.‡		22,410,000
		Integrated Oil & Gas 1.5%
	200,000	ConocoPhillips‡		14,574,000
		Internet Software & Services 4.3%
	1,300,000	Akamai Technologies, Inc.* ‡		41,964,000
		Life & Health Insurance 2.7%
	1,275,000	Unum Group‡		26,864,250
		Multi-Line Insurance 4.0%
	1,030,000	Loews Corp.‡		38,779,500
		Oil & Gas Drilling 7.9%
	575,000	Ensco plc ADR (United Kingdom)		26,979,000
	1,000,000	Noble Corp.*		30,220,000
	1,000,000	Patterson-UTI Energy, Inc.		19,980,000
				77,179,000
		Oil & Gas Exploration & Production 5.4%
	431,809	Devon Energy Corp.‡		26,772,158
	125,000	Energen Corp.‡		6,250,000
	300,000	Range Resources Corp.		18,582,000
	60,999	Rex Energy Corp.*		900,345
				52,504,503
		Property & Casualty Insurance 4.2%
	285,000	Allstate Corp. (The)‡		7,811,850
	1,250,000	CNA Financial Corp.‡		33,437,500
				41,249,350
		Regional Banks 1.5%
	615,000	Fifth Third Bancorp‡		7,822,800
	1,200,000	Huntington Bancshares, Inc.		6,588,000
				14,410,800
		Research & Consulting Services 1.1%
	1,000,000	Resources Connection, Inc.		10,590,000
		Restaurants 1.5%
	285,000	Cracker Barrel Old Country Store, Inc.*		14,366,850
		Semiconductors 2.0%
	800,000	Intel Corp.‡		19,400,000
		Steel 2.6%
	600,000	Commercial Metals Co.		8,298,000
	440,000	Nucor Corp.‡		17,410,800
				25,708,800
		Systems Software 2.4%
	650,000	Microsoft Corp.‡		16,874,000
	265,000	Oracle Corp.‡		6,797,250
				23,671,250
		Trucking 1.5%
	910,000	Knight Transportation, Inc.		14,232,400

WASATCH LONG/SHORT FUND (FMLSX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

Shares			Value
		Total Common Stocks (cost $746,504,558)	$	775,911,901
		PREFERRED STOCKS 0.4%
		Cable & Satellite 0.2%
	75,000	Comcast Corp., 7.00%, Series B Pfd.		1,919,250
		Specialized REITs 0.2%
	75,000	Public Storage, 6.625% Series M Pfd.§§§		1,908,750
		Total Preferred Stocks (cost $3,094,882)		3,828,000
Principal Amount			Value
		SHORT-TERM INVESTMENTS 21.7%
		Repurchase Agreement 21.7%
	$211,795,603	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $195,505,000 of United States Treasury Notes 2.750% due 2/15/19; value: $216,033,025; repurchase proceeds: $211,795,838‡ (cost $211,795,603)	$	211,795,603
		Total Short-Term Investments (cost $211,795,603)		211,795,603
		Total Investments (cost $961,395,043) 101.7%		991,535,504
		Liabilities less Other Assets (1.7%)		(16,199,714	)
		NET ASSETS 100.0%	$	975,335,790
Number of Contracts			Value
		CALL OPTIONS WRITTEN 0.8%
		Communications Equipment 0.0%
	3,500	Cisco Systems, Inc., expiring 1/21/12, exercise price $17.5	$	290,500
		Computer Hardware 0.0%
	1,400	Silicon Graphics International Corp., expiring 3/17/12, exercise price $15		63,000
		Data Processing & Outsourced Services 0.1%
	1,000	Visa, Inc., Class A, expiring 1/21/12, exercise price $92.5		990,000
		Fertilizers & Agricultural Chemicals 0.1%
	1,400	Monsanto Co., expiring 1/21/12, exercise price $67.5		532,000
		Gold 0.0%
	1,500	Newmont Mining Corp., expiring 1/21/12, exercise price $70		12,000
	5,000	Yamana Gold, Inc., expiring 1/21/12, exercise price $16		80,000
				92,000
		Internet Software & Services 0.5%
	4,000	Akamai Technologies, Inc., expiring 1/21/12, exercise price $25		2,980,000
	2,000	Akamai Technologies, Inc., expiring 1/21/12, exercise price $29		710,000
	4,000	Akamai Technologies, Inc., expiring 2/18/12, exercise price $30		1,540,000
				5,230,000

WASATCH LONG/SHORT FUND (FMLSX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

Shares			Value
		Oil & Gas Exploration & Production 0.0%
	167	Range Resources Corp., expiring 3/17/12, exercise price $65	$	73,186
		Semiconductors 0.1%
	4,000	Intel Corp., expiring 1/21/12, exercise price $24		312,000
	4,000	Intel Corp., expiring 1/21/12, exercise price $25		132,000
				444,000
		Systems Software 0.0%
	2,650	Oracle Corp., expiring 1/21/12, exercise price $30		7,950
		Total Call Options Written (premium $8,135,705)		7,722,636
Shares			Value
		SECURITIES SOLD SHORT 11.5%
		Aerospace & Defense 0.8%
	112,213	Boeing Co. (The)	$	8,230,823
		Cable & Satellite 1.5%
	250,765	Charter Communications, Inc.*		14,278,559
		Casinos & Gaming 1.0%
	250,000	Penn National Gaming, Inc.*		9,517,500
		Diversified Support Services 0.7%
	225,000	Iron Mountain, Inc.		6,930,000
		Motorcycle Manufacturers 1.0%
	250,000	Harley-Davidson, Inc.		9,717,500
		Office REITs 0.6%
	90,000	Digital Realty Trust, Inc.		6,000,300
		Packaged Foods & Meats 1.8%
	200,000	General Mills, Inc.		8,082,000
	150,000	Hershey Co. (The)		9,267,000
				17,349,000
		Retail REITs 2.0%
	200,000	Regency Centers Corp.		7,524,000
	90,000	Simon Property Group, Inc.		11,604,600
				19,128,600
		Specialty Stores 1.2%
	181,514	Tiffany & Co.		12,027,118
		Tires & Rubber 0.9%
	650,000	Goodyear Tire & Rubber Co. (The)*		9,210,500
		Total Securities Sold Short (proceeds $104,164,841)		112,389,900
		*Non-income producing.
		‡All or a portion of this security has been designated as collateral for call options written and short sales (see Notes 5, 4 and 3 respectively).
		‡‡Affiliated Company (see Note 7).
		§§§Perpetual Maturity. Callable any time after first call date. Maturity date is next call date.
		ADR American Depositary Receipt.
		REIT Real Estate Investment Trust.
		See Notes to Schedules of Investments.

WASATCH LONG/SHORT FUND (FMLSX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch Long/Short Fund’s investments, excluding short-term investments, options written and securities sold short, were in the following countries:

Country	%
Canada		2.8
United Kingdom		3.5
United States		93.7
Total		100.0	%

WASATCH MICRO CAP FUND (WMICX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 98.0%
		Air Freight & Logistics 0.5%
	1,335,381	Goodpack Ltd. (Singapore)	$	1,421,166
		Apparel Retail 3.0%
	167,159	Body Central Corp.*		4,172,289
	98,046	Rue21, Inc.*		2,117,793
	75,400	Zumiez, Inc.*		2,093,104
				8,383,186
		Application Software 7.5%
	245,629	Convio, Inc.*		2,716,657
	212,785	Interactive Intelligence Group, Inc.*		4,877,032
	60,422	RealPage, Inc.*		1,526,864
	320,567	Tangoe, Inc.*		4,936,732
	85,793	Tyler Technologies, Inc.*		2,583,227
	64,326	Ultimate Software Group, Inc.*		4,188,909
				20,829,421
		Asset Management & Custody Banks 4.0%
	57,049	Diamond Hill Investment Group, Inc.		4,220,485
	60,282	Virtus Investment Partners, Inc.*		4,582,035
	62,107	Westwood Holdings Group, Inc.		2,270,011
				11,072,531
		Automotive Retail 1.6%
	116,260	Monro Muffler Brake, Inc.		4,509,725
		Biotechnology 2.0%
	496,548	Abcam plc (United Kingdom)		2,811,488
	258,770	Exact Sciences Corp.*		2,101,212
	295,586	NeurogesX, Inc.*		251,248
	290,698	NeurogesX, Inc. PIPE* ***		247,093
				5,411,041
		Commercial Printing 1.0%
	290,563	InnerWorkings, Inc.*		2,705,142
		Computer Storage & Peripherals 0.8%
	290,211	Intevac, Inc.*		2,147,561
		Consumer Finance 2.1%
	320,494	DFC Global Corp.*		5,788,122
		Data Processing & Outsourced Services 3.1%
	56,456	ExlService Holdings, Inc.*		1,262,921
	160,195	Higher One Holdings, Inc.*		2,953,996
	266,630	Wirecard AG (Germany)		4,291,594
				8,508,511
		Diversified Banks 1.0%
	3,424,569	City Union Bank Ltd. (India)		2,805,174
		Diversified Support Services 0.9%
	300,450	STR Holdings, Inc.*		2,472,704
		Electronic Manufacturing Services 0.5%
	44,420	IPG Photonics Corp.*		1,504,505
		Environmental & Facilities Services 1.7%
	185,549	Heritage-Crystal Clean, Inc.*		3,072,692
	594,574	RPS Group plc (United Kingdom)		1,660,200
				4,732,892

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

December 31, 2011 (Unaudited)

Shares			Value
		General Merchandise Stores 1.5%
	322,552	Gordmans Stores, Inc.*	$	4,054,479
		Health Care Distributors 1.2%
	50,901	MWI Veterinary Supply, Inc.*		3,381,862
		Health Care Equipment 5.6%
	93,380	Abaxis, Inc.*		2,583,825
	367,533	AtriCure, Inc.*		4,079,616
	658,686	Cardica, Inc.*		1,416,175
	266,460	Cardiovascular Systems, Inc.*		2,624,631
	12,011,735	LMA International N.V. (Singapore)		3,288,475
	123,741	NuVasive, Inc.*		1,557,899
				15,550,621
		Health Care Facilities 1.1%
	124,022	Ensign Group, Inc. (The)		3,038,539
		Health Care Services 6.5%
	154,347	Bio-Reference Laboratories, Inc.*		2,511,225
	206,869	CorVel Corp.*		10,697,196
	106,790	IPC The Hospitalist Co., Inc.*		4,882,439
				18,090,860
		Health Care Technology 1.7%
	41,625	Computer Programs and Systems, Inc.		2,127,454
	136,410	HealthStream, Inc.*		2,516,764
				4,644,218
		Human Resource & Employment Services 0.4%
	216,181	CTPartners Executive Search Inc.*		1,147,921
		Internet Retail 0.4%
	46,437	MakeMyTrip Ltd.* (India)		1,116,345
		Internet Software & Services 7.8%
	100,953	Angie’s List, Inc.*		1,625,343
	217,595	DealerTrack Holdings, Inc.*		5,931,640
	355,198	Envestnet, Inc.*		4,248,168
	195,045	SciQuest, Inc.*		2,783,292
	156,620	SPS Commerce, Inc.*		4,064,289
	478,156	TechTarget, Inc.*		2,792,431
				21,445,163
		IT Consulting & Other Services 3.0%
	2,040,773	CSG Ltd. (Australia)		1,243,524
	296,083	hiSoft Technology International Ltd. ADR* (China)		2,732,846
	269,301	ServiceSource International, Inc.*		4,225,333
				8,201,703
		Life Sciences Tools & Services 3.8%
	118,621	Fluidigm Corp.*		1,561,052
	187,499	ICON plc ADR* (Ireland)		3,208,108
	302,929	MEDTOX Scientific, Inc.*		4,256,153
	188,440	ShangPharma Corp. ADR* (China)		1,369,959
				10,395,272
		Oil & Gas Equipment & Services 0.8%
	180,915	Pason Systems, Inc. (Canada)		2,135,215
		Oil & Gas Exploration & Production 1.4%
	820,710	Ithaca Energy, Inc.* (Canada)		1,751,602
	368,795	Triangle Petroleum Corp.*		2,201,706
				3,953,308

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

December 31, 2011 (Unaudited)

Shares			Value
		Pharmaceuticals 2.7%
	483,245	Akorn, Inc.*	$	5,373,684
	281,301	ISTA Pharmaceuticals, Inc.*		1,983,172
				7,356,856
		Regional Banks 3.2%
	352,730	BBCN Bancorp, Inc.*		3,333,298
	167,403	Encore Bancshares, Inc.*		2,263,289
	349,902	First California Financial Group, Inc.*		1,140,680
	253,381	Pacific Continental Corp.		2,242,422
				8,979,689
		Research & Consulting Services 3.2%
	128,331	CRA International, Inc.*		2,546,087
	206,865	eClerx Services Ltd. (India)		2,687,823
	348,835	Resources Connection, Inc.		3,694,163
				8,928,073
		Restaurants 1.7%
	74,550	Peet’s Coffee & Tea, Inc.*		4,672,794
		Semiconductors 8.1%
	225,226	BCD Semiconductor Manufacturing Ltd. ADR* (China)		896,399
	231,313	Melexis N.V. (Belgium)		3,108,615
	288,385	Micrel, Inc.		2,915,572
	42,979	NVE Corp.*		2,386,624
	602,132	O2Micro International Ltd. ADR* (China)		2,402,507
	259,823	Pericom Semiconductor Corp.*		1,977,253
	264,483	Power Integrations, Inc.		8,770,256
				22,457,226
		Specialized Finance 1.0%
	132,803	Encore Capital Group, Inc.*		2,823,392
	154,000	Goldwater Bank, N.A.* *** † ‡‡		14,784
				2,838,176
		Specialty Stores 4.3%
	262,805	Big 5 Sporting Goods Corp.		2,743,684
	200,622	Hibbett Sports, Inc.*		9,064,102
				11,807,786
		Systems Software 1.7%
	124,270	OPNET Technologies, Inc.		4,556,981
		Thrifts & Mortgage Finance 1.2%
	578,300	Dewan Housing Finance Corp. Ltd. (India)		1,960,155
	116,773	Gruh Finance Ltd. (India)		1,308,350
				3,268,505
		Trading Companies & Distributors 2.5%
	200,328	CAI International, Inc.*		3,097,071
	220,363	Rush Enterprises, Inc., Class B*		3,783,633
				6,880,704
		Trucking 3.5%
	231,512	Marten Transport, Ltd.		4,164,901
	110,422	Old Dominion Freight Line, Inc.*		4,475,404
	201,253	Vitran Corp., Inc.* (Canada)		1,159,217
				9,799,522
		Total Common Stocks (cost $224,744,337)		270,993,499

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

December 31, 2011 (Unaudited)

Shares			Value
		PREFERRED STOCKS 0.8%
		Regional Banks 0.8%
	434,600	Banco Daycoval S.A. Pfd. (Brazil)	$	2,190,184
		Total Preferred Stocks (cost $1,639,882)		2,190,184
		WARRANTS 0.1%
		Biotechnology 0.0%
	145,349	NeurogesX, Inc., expiring 7/22/16* *** †		18,169
		Health Care Equipment 0.1%
	121,124	Cardica, Inc., expiring 6/7/12* *** †		1,211
	322,500	Cardica, Inc., expiring 9/29/14* *** †		287,025
				288,236
		Total Warrants (cost $77,861)		306,405
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.5%
		Repurchase Agreement 1.5%
	$4,141,628	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $3,825,000 of United States Treasury Notes 2.750% due 2/15/19; value: $4,226,625; repurchase proceeds: $4,141,632 (cost $4,141,628)	$	4,141,628
		Total Short-Term Investments (cost $4,141,628)		4,141,628
		Total Investments (cost $230,603,708) 100.4%		277,631,716
		Liabilities less Other Assets (0.4%)		(1,135,630	)
		NET ASSETS 100.0%	$	276,496,086
		*Non-income producing.
		***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10).
		†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8).
		‡‡Affiliated Company (see Note 7).
		ADR American Depositary Receipt.
		PIPE Private Investment in a Public Equity.
		See Notes to Schedules of Investments.

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

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch Micro Cap Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Australia		0.5
Belgium		1.1
Brazil		0.8
Canada		1.8
China		2.7
Germany		1.6
India		3.6
Ireland		1.2
Singapore		1.7
United Kingdom		1.6
United States		83.4
Total		100.0	%

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

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 91.4%
		Aerospace & Defense 0.7%
	85,000	CPI Aerostructures, Inc.*	$	998,750
		Air Freight & Logistics 0.6%
	1,800,000	Aramex PJSC (United Arab Emirates)		882,077
		Airlines 1.5%
	40,000	Allegiant Travel Co.*		2,133,600
		Apparel Retail 2.6%
	104,000	Body Central Corp.*		2,595,840
	3,600,000	Padini Holdings Berhad (Malaysia)		1,237,855
				3,833,695
		Apparel, Accessories & Luxury Goods 2.3%
	80,000	Maidenform Brands, Inc.*		1,464,000
	130,000	Ted Baker plc (United Kingdom)		1,306,270
	1,000,000	Zhulian Corp. Berhad (Malaysia)		552,050
				3,322,320
		Application Software 3.9%
	227,000	Clicksoftware Technologies Ltd. (Israel)		2,176,930
	90,000	Convio, Inc.*		995,400
	1,400,000	GuestLogix, Inc.* (Canada)		619,621
	80,000	Interactive Intelligence Group, Inc.*		1,833,600
				5,625,551
		Asset Management & Custody Banks 3.2%
	61,000	Virtus Investment Partners, Inc.* ‡		4,636,610
		Automotive Retail 1.7%
	15,000	Delticom AG (Germany)		1,296,597
	110,000	Pep Boys-Manny Moe & Jack (The)		1,210,000
				2,506,597
		Biotechnology 0.1%
	100,000	NeurogesX, Inc. PIPE***		85,000
		Commercial Printing 1.5%
	230,000	InnerWorkings, Inc.*		2,141,300
		Commodity Chemicals 0.7%
	72,000	Tokai Carbon Korea Co. Ltd. (Korea)		958,047
		Computer Hardware 0.9%
	120,000	Silicon Graphics International Corp.*		1,375,200
		Computer Storage & Peripherals 1.0%
	99,000	Electronics for Imaging, Inc.*		1,410,750
		Construction Materials 0.7%
	6,000,000	Diamond Building Products Public Co. Ltd.*** (Thailand)		1,093,502
		Consumer Finance 5.5%
	313,000	Advance America Cash Advance Centers, Inc.		2,801,350
	136,000	DFC Global Corp.*		2,456,160
	80,000	First Cash Financial Services, Inc.*		2,807,200
				8,064,710
		Data Processing & Outsourced Services 1.4%
	107,000	Higher One Holdings, Inc.*		1,973,080
		Diversified Banks 1.2%
	2,000,000	City Union Bank Ltd. (India)		1,638,264
	55,556	Idaho Trust Bancorp* *** †		170,557
				1,808,821

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

December 31, 2011 (Unaudited)

Shares			Value
		Diversified Chemicals 0.8%
	42,000	LSB Industries, Inc.*	$	1,177,260
		Diversified REITs 0.5%
	95,000	Hamborner REIT AG (Germany)		787,937
		Education Services 1.3%
	83,000	Bridgepoint Education, Inc.*		1,909,000
		Electrical Components & Equipment 1.3%
	44,000	Franklin Electric Co., Inc.		1,916,640
		Electronic Equipment & Instruments 0.7%
	100,000	GSI Group, Inc.*		1,023,000
		Electronic Manufacturing Services 1.9%
	100,000	Fabrinet* ‡		1,368,000
	132,000	TTM Technologies, Inc.*		1,446,720
				2,814,720
		Environmental & Facilities Services 1.1%
	99,800	Heritage-Crystal Clean, Inc.*		1,652,688
		Footwear 0.7%
	85,000	Skechers U.S.A., Inc., Class A*		1,030,200
		Gas Utilities 0.8%
	170,000	Indraprastha Gas Ltd. (India)		1,198,531
		General Merchandise Stores 0.9%
	105,000	Gordmans Stores, Inc.*		1,319,850
		Gold 0.8%
	400,000	Highland Gold Mining Ltd. (United Kingdom)		1,166,541
		Health Care Equipment 4.2%
	160,000	AtriCure, Inc.*		1,776,000
	180,000	Cardica, Inc.*		387,000
	88,000	NuVasive, Inc.*		1,107,920
	500,000	Solta Medical, Inc.*		1,570,000
	20,000	Zoll Medical Corp.* ‡		1,263,600
				6,104,520
		Health Care Facilities 1.9%
	500,000	CVS Group plc (United Kingdom)		798,894
	1,300,000	KPJ Healthcare Berhad (Malaysia)		1,927,445
				2,726,339
		Health Care Services 3.5%
	59,000	Bio-Reference Laboratories, Inc.*		959,930
	40,000	CorVel Corp.*		2,068,400
	210,000	MedQuist Holdings, Inc.* ‡		2,020,200
	25,396	Servizi Italia S.p.A. (Italy)		120,458
				5,168,988
		Health Care Supplies 1.3%
	30,000	Sartorius Stedim Biotech (France)		1,905,046
		Health Care Technology 2.5%
	30,000	Computer Programs and Systems, Inc.		1,533,300
	50,000	MedAssets, Inc.*		462,500
	70,000	Transcend Services, Inc.*		1,661,100
				3,656,900

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

December 31, 2011 (Unaudited)

Shares			Value
		Hotels, Resorts & Cruise Lines 0.9%
	170,000	Orient-Express Hotels Ltd., Class A*	$	1,269,900
		Industrial Machinery 0.9%
	60,355	Hurco Cos., Inc.*		1,267,455
		Internet Software & Services 1.2%
	176,100	Perficient, Inc.*		1,762,761
		IT Consulting & Other Services 0.1%
	7,200	Virtusa Corp.*		104,256
		Life Sciences Tools & Services 0.9%
	92,000	MEDTOX Scientific, Inc.*		1,292,600
		Mortgage REITs 4.6%
	195,000	Colony Financial, Inc.		3,063,450
	450,000	NorthStar Realty Finance Corp.		2,146,500
	140,000	Redwood Trust, Inc.		1,425,200
				6,635,150
		Oil & Gas Equipment & Services 1.7%
	100,000	Matrix Service Co.*		944,000
	117,000	Tesco Corp.*		1,478,880
				2,422,880
		Oil & Gas Exploration & Production 0.7%
	57,000	Sanchez Energy Corp.*		983,820
		Other Diversified Financial Services 0.4%
	63,317	Hypoport AG* (Germany)		590,801
		Packaged Foods & Meats 1.3%
	900,000	Super Group Ltd. (Singapore)		912,701
	1,400,000	Vitasoy International Holdings Ltd. (Hong Kong)		1,031,142
				1,943,843
		Regional Banks 4.0%
	200,000	First California Financial Group, Inc.*		652,000
	62,000	First of Long Island Corp. (The)		1,631,840
	75,000	Lakeland Financial Corp.		1,940,250
	110,000	OBA Financial Services, Inc.*		1,577,400
				5,801,490
		Research & Consulting Services 1.8%
	68,000	Huron Consulting Group, Inc.*		2,634,320
		Restaurants 2.7%
	170,000	Caribou Coffee Co., Inc.*		2,371,500
	204,000	Krispy Kreme Doughnuts, Inc.*		1,334,160
	140,000	Oishi Group Public Co. Ltd.*** (Thailand)		285,103
				3,990,763
		Semiconductors 1.6%
	140,000	TriQuint Semiconductor, Inc.*		681,800
	67,000	Volterra Semiconductor Corp.*		1,715,870
				2,397,670
		Specialized Finance 2.0%
	135,000	Encore Capital Group, Inc.* ‡		2,870,100
	41,900	Goldwater Bank, N.A.*** †		4,022
				2,874,122
		Specialty Chemicals 0.9%
	78,000	KMG Chemicals, Inc.		1,347,060

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

December 31, 2011 (Unaudited)

Shares			Value
		Specialty Stores 1.2%
	204,500	easyhome Ltd. (Canada)	$	1,055,938
	35,000	Teavana Holdings, Inc.*		657,300
				1,713,238
		Steel 2.0%
	52,121	Haynes International, Inc.‡		2,845,807
		Systems Software 1.1%
	43,000	OPNET Technologies, Inc.		1,576,810
		Thrifts & Mortgage Finance 3.3%
	170,000	Beneficial Mutual Bancorp, Inc.*		1,421,200
	90,000	BofI Holding, Inc.*		1,462,500
	174,930	Dewan Housing Finance Corp. Ltd. (India)		592,927
	123,128	Ocean Shore Holding Co.		1,255,906
				4,732,533
		Trading Companies & Distributors 3.4%
	90,000	Beacon Roofing Supply, Inc.*		1,820,700
	133,000	CAI International, Inc.*		2,056,180
	74,000	iMarketKorea, Inc. (Korea)		1,043,628
				4,920,508
		Trucking 1.0%
	80,000	Marten Transport, Ltd.		1,439,200
		Total Common Stocks (cost $119,362,720)		132,954,757
		PREFERRED STOCKS 0.9%
		Diversified Banks 0.7%
	150,000	Banco ABC Brasil S.A. Pfd. (Brazil)		1,002,815
		Pharmaceuticals 0.2%
	52,631	Acetylon Pharmaceuticals, Inc., Series B Pfd.*** †		312,628
		Total Preferred Stocks (cost $1,205,488)		1,315,443
		LIMITED PARTNERSHIP INTEREST 0.1%
		Oil & Gas Equipment & Services 0.1%
	6,250	Compressco Partners L.P.**		93,750
		Total Limited Partnership Interest (cost $93,710)		93,750
		WARRANTS 0.1%
		Biotechnology 0.0%
	30,399	NeurogesX, Inc., expiring 12/28/12* *** †		—
	50,000	NeurogesX, Inc., expiring 7/22/16* *** †		6,250
				6,250
		Health Care Equipment 0.1%
	58,140	Cardica, Inc., expiring 6/7/12* *** †		581
	110,500	Cardica, Inc., expiring 9/29/14* *** †		98,345
				98,926
		Total Warrants (cost $33,165)		105,176

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

December 31, 2011 (Unaudited)

Principal Amount				Value
			SHORT-TERM INVESTMENTS 6.7%
			Repurchase Agreement 6.7%
$	9,822,442		Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $9,070,000 of United States Treasury Notes 2.750% due 2/15/19; value: $10,022,350; repurchase proceeds: $9,822,453‡ (cost $9,822,442)	$	9,822,442
			Total Short-Term Investments (cost $9,822,442)		9,822,442
			Total Investments (cost $130,517,525) 99.2%§		144,291,568
			Other Assets less Liabilities 0.8%		1,228,909
			NET ASSETS 100.0%	$	145,520,477
Number of Contracts				Value
			CALL OPTIONS WRITTEN 0.1%
			Electronic Manufacturing Services 0.0%
	1,000		Fabrinet, expiring 1/21/12, exercise price $15	$	50,000
			Health Care Equipment 0.1%
	200		Zoll Medical Corp., expiring 1/21/12, exercise price $60		100,000
			Health Care Services 0.0%
	708		MedQuist Holdings, Inc., expiring 1/21/12, exercise price $10		28,320
			Steel 0.0%
	250		Haynes International, Inc., expiring 1/21/12, exercise price $60		33,750
			Total Call Options Written (premium $456,950)		212,070
Contracts				Net Unrealized Appreciation
			FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS SHORT 0.1%
	3,500,000	EUR	USD, State Street Bank and Trust Co., settlement date 3/8/12, (cost $4,693,570; value $4,538,224)	$	155,346
			Total Forward Foreign Currency Exchange Contracts Short (cost $4,693,570; value $4,538,224)		155,346
			*Non-income producing. **Common units. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8). ‡All or a portion of this security has been designated as collateral for call options written and forward foreign currency exchange contracts (See Notes 5 and 4, respectively). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.38%. PIPE Private Investment in a Public Equity. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

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

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch Micro Cap Value Fund’s investments, excluding short-term investments and forward foreign currency exchange contracts, were in the following countries:

Country	%
Brazil		0.7
Canada		1.2
France		1.4
Germany		2.0
Hong Kong		0.8
India		2.6
Israel		1.6
Italy		0.1
Korea		1.5
Malaysia		2.8
Singapore		0.7
Thailand		1.0
United Arab Emirates		0.7
United Kingdom		2.4
United States		80.5
Total		100.0	%

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

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 97.1%
		Aerospace & Defense 2.4%
	862,321	HEICO Corp., Class A	$	33,932,331
		Air Freight & Logistics 2.4%
	36,319,023	Aramex PJSC (United Arab Emirates)		17,797,869
	506,962	HUB Group, Inc., Class A*		16,440,777
				34,238,646
		Apparel Retail 2.8%
	923,960	Chico’s FAS, Inc.		10,292,914
	697,268	Rue21, Inc.*		15,060,989
	536,833	Zumiez, Inc.*		14,902,484
				40,256,387
		Application Software 6.9%
	441,142	Concur Technologies, Inc.*		22,405,602
	77,807	FactSet Research Systems, Inc.		6,790,995
	539,736	RealPage, Inc.*		13,639,129
	861,086	Ultimate Software Group, Inc.*		56,073,920
				98,909,646
		Asset Management & Custody Banks 0.5%
	289,855	Waddell & Reed Financial, Inc., Class A		7,179,708
		Automotive Retail 3.2%
	572,906	Monro Muffler Brake, Inc.		22,223,024
	295,833	O’Reilly Automotive, Inc.*		23,651,848
				45,874,872
		Biotechnology 2.8%
	1,794,615	Exact Sciences Corp.*		14,572,274
	398,079	Myriad Genetics, Inc.*		8,335,774
	3,882,558	NeurogesX, Inc. PIPE* *** ‡‡		3,300,174
	645,125	Sangamo BioSciences, Inc.*		1,832,155
	716,655	Seattle Genetics, Inc.*		11,978,889
				40,019,266
		Computer Storage & Peripherals 0.2%
	125,140	Fusion-io, Inc.*		3,028,388
		Data Processing & Outsourced Services 4.7%
	352,905	ExlService Holdings, Inc.*		7,894,485
	811,790	Higher One Holdings, Inc.*		14,969,407
	287,130	Syntel, Inc.		13,429,070
	1,911,100	Wirecard AG (Germany)		30,760,479
				67,053,441
		Distributors 1.3%
	619,623	LKQ Corp.*		18,638,260
		Diversified Banks 2.8%
	761,965	HDFC Bank Ltd. ADR (India)		20,024,440
	4,581,117	Yes Bank Ltd. (India)		20,608,772
				40,633,212
		Diversified Support Services 2.0%
	562,258	Copart, Inc.*		26,926,536
	66,375	Ritchie Bros. Auctioneers, Inc. (Canada)		1,465,560
				28,392,096

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

December 31, 2011 (Unaudited)

Shares			Value
		Electrical Components & Equipment 1.2%
	396,050	Polypore International, Inc.*	$	17,422,240
		Environmental & Facilities Services 1.8%
	2,232,175	RPS Group plc (United Kingdom)		6,232,795
	939,995	Tetra Tech, Inc.*		20,294,492
				26,527,287
		Health Care Distributors 1.2%
	264,672	MWI Veterinary Supply, Inc.*		17,584,808
		Health Care Equipment 1.4%
	548,950	Abaxis, Inc.*		15,189,446
	487,760	DexCom, Inc.*		4,541,046
	24,690	Zonare Medical Systems, Inc.* *** †		247
				19,730,739
		Health Care Services 0.7%
	142,820	MEDNAX, Inc.*		10,284,468
		Health Care Technology 0.8%
	215,273	Computer Programs and Systems, Inc.		11,002,603
		Industrial Machinery 1.7%
	864,388	AIA Engineering Ltd. (India)		4,362,225
	484,674	Graco, Inc.		19,818,320
				24,180,545
		Internet Retail 3.6%
	462,294	Blue Nile, Inc.*		18,898,579
	327,780	MakeMyTrip Ltd.* (India)		7,879,831
	257,684	Shutterfly, Inc.*		5,864,888
	947,283	Yoox S.p.A.* (Italy)		10,238,442
	166,195	zooplus AG* (Germany)		9,282,892
				52,164,632
		Internet Software & Services 5.0%
	844,056	Angie’s List Inc. – Private Shares* *** †		11,102,685
	800,225	DealerTrack Holdings, Inc.*		21,814,133
	484,477	LoopNet, Inc.*		8,856,240
	663,972	SciQuest, Inc.*		9,474,880
	656,681	Vistaprint N.V.*		20,094,439
				71,342,377
		IT Consulting & Other Services 2.1%
	275,737	Cognizant Technology Solutions Corp., Class A*		17,732,646
	782,975	ServiceSource International, Inc.*		12,284,878
				30,017,524
		Leisure Facilities 3.1%
	955,913	Life Time Fitness, Inc.*		44,688,933
		Life Sciences Tools & Services 4.3%
	721,002	Divi’s Laboratories Ltd. (India)		10,598,139
	709,685	Fluidigm Corp.*		9,339,455
	1,256,063	ICON plc ADR* (Ireland)		21,491,238
	287,547	Techne Corp.		19,627,958
				61,056,790
		Oil & Gas Equipment & Services 3.8%
	334,085	Dril-Quip, Inc.*		21,989,474
	903,720	Pason Systems, Inc. (Canada)		10,665,985
	354,385	ShawCor Ltd., Class A (Canada)		10,066,033
	496,825	TGS-NOPEC Geophysical Co. ASA (Norway)		11,026,593
				53,748,085

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

December 31, 2011 (Unaudited)

Shares			Value
		Oil & Gas Exploration & Production 2.6%
	529,065	Northern Oil and Gas, Inc.*	$	12,686,979
	3,387,260	Premier Oil plc* (United Kingdom)		19,073,800
	784,115	Transglobe Energy Corp.* (Canada)		6,194,509
				37,955,288
		Oil & Gas Refining & Marketing 0.2%
	203,175	Amyris, Inc.*		2,344,640
		Packaged Foods & Meats 1.4%
	411,088	GlaxoSmithKline Consumer Healthcare Ltd. (India)		19,894,476
		Personal Products 0.8%
	582,400	Colgate-Palmolive India Ltd. (India)		10,858,379
		Pharmaceuticals 0.4%
	793,037	ISTA Pharmaceuticals, Inc.*		5,590,911
		Research & Consulting Services 2.9%
	394,337	CRA International, Inc.*		7,823,646
	1,455,778	Resources Connection, Inc.‡		15,416,689
	676,759	Stantec, Inc.* (Canada)		18,340,169
				41,580,504
		Restaurants 3.2%
	614,680	Jubilant Foodworks Ltd.* (India)		8,716,407
	588,843	Peet’s Coffee & Tea, Inc.*		36,908,679
				45,625,086
		Semiconductors 7.2%
	502,260	Hittite Microwave Corp.*		24,801,599
	516,910	O2Micro International Ltd. ADR* (China)		2,062,471
	1,731,197	Power Integrations, Inc.‡‡		57,406,492
	440,959	Silicon Laboratories, Inc.*		19,146,440
				103,417,002
		Specialized Finance 1.6%
	708,325	MSCI, Inc., Class A*		23,325,142
		Specialty Stores 2.6%
	829,736	Hibbett Sports, Inc.*		37,487,473
		Systems Software 3.8%
	681,347	NetSuite, Inc.*		27,628,621
	836,530	Sourcefire, Inc.*		27,086,841
				54,715,462
		Trading Companies & Distributors 2.7%
	547,600	MSC Industrial Direct Co., Inc., Class A		39,180,780
		Trucking 5.0%
	120,800	J.B. Hunt Transport Services, Inc.		5,444,456
	4,221,115	Knight Transportation, Inc.‡ ‡‡		66,018,239
				71,462,695
		Total Common Stocks (cost $1,045,160,414)		1,391,345,122
		PREFERRED STOCKS 0.1%
		Biotechnology 0.1%
	677,966	Nanosys, Inc., Series D Pfd.* *** †		776,271

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

December 31, 2011 (Unaudited)

Shares			Value
	161,519	Nanosys, Inc., Series E Pfd.* *** †	$	184,939
				961,210
		Total Preferred Stocks (cost $2,184,939)		961,210
		LIMITED PARTNERSHIP INTEREST 0.4%
		Asset Management & Custody Banks 0.4%
		Greenspring Global Partners II-B, L.P.*** †		4,826,878
		Greenspring Global Partners III-B, L.P.*** †		1,497,374
				6,324,252
		Total Limited Partnership Interest (cost $5,878,853)		6,324,252
		WARRANTS 0.0%
		Biotechnology 0.0%
	1,941,279	NeurogesX, Inc., expiring 7/22/160/0/0* *** †		242,660
		Total Warrants (cost $242,660)		242,660
		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* *** †		—
		Total Rights (cost $406,537)		—
Principal Amount			Value
		SHORT-TERM INVESTMENTS 4.8%
		Repurchase Agreement 4.8%
$	68,094,589	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $62,860,000 of United States Treasury Notes 2.750% due 2/15/19; value: $69,460,300; repurchase proceeds: $68,094,665‡ (cost $68,094,589)	$	68,094,589
		Total Short-Term Investments (cost $68,094,589)		68,094,589
		Total Investments (cost $1,121,967,992) 102.4%		1,466,967,833
		Liabilities less Other Assets (2.4%)		(34,678,661	)
		NET ASSETS 100.0%	$	1,432,289,172
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8). ‡All or a portion of this security has been designated as collateral for purchase commitments (see Note 9). ‡‡Affiliated Company (see Note 7). ADR American Depositary Receipt. PIPE Private Investment in a Public Equity. See Notes to Schedules of Investments.

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

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch Small Cap Growth Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Canada		3.3
China		0.1
Germany		2.9
India		7.4
Ireland		1.5
Italy		0.7
Norway		0.8
United Arab Emirates		1.3
United Kingdom		1.8
United States		80.2
Total		100.0	%

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

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 99.0%
		Aerospace & Defense 2.7%
	122,655	HEICO Corp., Class A	$	4,826,474
		Airlines 1.9%
	62,755	Allegiant Travel Co.*		3,347,352
		Airport Services 1.4%
	184,430	Wesco Aircraft Holdings, Inc.*		2,580,176
		Apparel Retail 4.4%
	188,251	Body Central Corp.*		4,698,745
	289,735	Chico’s FAS, Inc.		3,227,648
				7,926,393
		Apparel, Accessories & Luxury Goods 1.4%
	139,520	Maidenform Brands, Inc.*		2,553,216
		Asset Management & Custody Banks 1.6%
	38,390	Virtus Investment Partners, Inc.*		2,918,024
		Communications Equipment 1.9%
	86,633	Finisar Corp.*		1,450,670
	121,761	Polycom, Inc.*		1,984,704
				3,435,374
		Computer Storage & Peripherals 0.8%
	189,227	Intevac, Inc.*		1,400,280
		Construction & Engineering 1.1%
	103,690	MYR Group, Inc.*		1,984,627
		Consumer Finance 4.2%
	393,253	Advance America Cash Advance Centers, Inc.		3,519,614
	219,008	DFC Global Corp.*		3,955,285
				7,474,899
		Data Processing & Outsourced Services 1.1%
	42,536	Syntel, Inc.		1,989,409
		Diversified Banks 3.1%
	2,876,000	City Union Bank Ltd. (India)		2,355,824
	5,356,975	South Indian Bank Ltd. (India)		2,037,678
	257,600	Yes Bank Ltd. (India)		1,158,848
				5,552,350
		Diversified Support Services 5.0%
	186,895	Copart, Inc.*		8,950,401
		Education Services 1.5%
	119,960	Bridgepoint Education, Inc.*		2,759,080
		Electronic Components 0.6%
	709,920	Polytronics Technology Corp. (Taiwan)		1,090,237
		Electronic Manufacturing Services 2.3%
	151,701	Fabrinet*		2,075,270
	180,245	TTM Technologies, Inc.*		1,975,485
				4,050,755
		Environmental & Facilities Services 0.7%
	429,051	RPS Group plc (United Kingdom)		1,198,018
		Footwear 1.6%
	239,525	Skechers U.S.A., Inc., Class A*		2,903,043

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

December 31, 2011 (Unaudited)

Shares			Value
		Health Care Facilities 1.8%
	87,362	Emeritus Corp.*	$	1,529,709
	69,161	Ensign Group, Inc. (The)		1,694,444
				3,224,153
		Health Care Services 6.6%
	183,159	Addus HomeCare Corp.*		653,878
	143,682	CorVel Corp.*		7,429,796
	52,025	MEDNAX, Inc.*		3,746,320
				11,829,994
		Health Care Supplies 1.0%
	29,005	Sartorius Stedim Biotech (France)		1,841,862
		Heavy Electrical Equipment 1.1%
	77,263	General Cable Corp.*		1,932,348
		Home Improvement Retail 1.3%
	134,580	Lumber Liquidators Holdings, Inc.*		2,376,683
		Industrial Machinery 0.7%
	34,685	IDEX Corp.		1,287,160
		Internet Software & Services 3.1%
	322,501	TechTarget, Inc.*		1,883,406
	116,792	Vistaprint N.V.*		3,573,835
				5,457,241
		IT Consulting & Other Services 0.7%
	2,164,635	CSG Ltd. (Australia)		1,318,998
		Life Sciences Tools & Services 1.9%
	193,829	ICON plc ADR* (Ireland)		3,316,414
		Mortgage REITs 2.3%
	338,855	MFA Financial, Inc.		2,277,106
	173,650	Redwood Trust, Inc.		1,767,757
				4,044,863
		Office Services & Supplies 1.0%
	370,820	American Reprographics Co.*		1,702,064
		Oil & Gas Equipment & Services 0.7%
	58,525	TGS-NOPEC Geophysical Co. ASA (Norway)		1,298,911
		Oil & Gas Exploration & Production 2.7%
	132,085	Northern Oil and Gas, Inc.*		3,167,398
	55,240	Ultra Petroleum Corp.*		1,636,761
				4,804,159
		Oil & Gas Refining & Marketing 1.8%
	75,385	World Fuel Services Corp.		3,164,662
		Personal Products 1.7%
	57,893	Herbalife Ltd.		2,991,331
		Property & Casualty Insurance 1.3%
	113,565	Tower Group, Inc.		2,290,606
		Regional Banks 4.0%
	217,252	BBCN Bancorp, Inc.*		2,053,031
	78,074	Community Bank System, Inc.		2,170,457
	72,896	Prosperity Bancshares, Inc.		2,941,354
				7,164,842
		Research & Consulting Services 6.9%
	101,587	Corporate Executive Board Co. (The)		3,870,465
	97,510	CRA International, Inc.*		1,934,598

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

December 31, 2011 (Unaudited)

Shares			Value
	77,532	Huron Consulting Group, Inc.*	$	3,003,590
	208,380	Resources Connection, Inc.		2,206,744
	655,000	Sporton International, Inc. (Taiwan)		1,330,377
				12,345,774
		Semiconductors 7.8%
	299,241	BCD Semiconductor Manufacturing Ltd. ADR* (China)		1,190,979
	294,419	MaxLinear, Inc., Class A*		1,398,490
	343,073	Micrel, Inc.		3,468,468
	355,175	O2Micro International Ltd. ADR* (China)		1,417,148
	229,604	Pericom Semiconductor Corp.*		1,747,287
	54,120	Power Integrations, Inc.		1,794,619
	66,765	Standard Microsystems Corp.*		1,720,534
	66,631	Supertex, Inc.*		1,257,994
				13,995,519
		Specialized Finance 1.8%
	46,720	Portfolio Recovery Associates, Inc.*		3,154,534
		Specialty Stores 0.8%
	132,268	Big 5 Sporting Goods Corp.		1,380,878
		Steel 0.8%
	26,246	Haynes International, Inc.		1,433,032
		Trading Companies & Distributors 3.5%
	111,630	Beacon Roofing Supply, Inc.*		2,258,275
	37,441	Houston Wire & Cable Co.		517,434
	49,225	MSC Industrial Direct Co., Inc., Class A		3,522,049
				6,297,758
		Trucking 6.4%
	134,680	Knight Transportation, Inc.		2,106,395
	178,084	Marten Transport, Ltd.		3,203,731
	117,149	Old Dominion Freight Line, Inc.*		4,748,049
	245,824	Vitran Corp., Inc.* (Canada)		1,415,946
				11,474,121
		Total Common Stocks (cost $154,397,406)		177,068,015
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.6%
		Repurchase Agreement 1.6%
	$2,852,624	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $2,635,000 of United States Treasury Notes 2.750% due 2/15/19; value: $2,911,675; repurchase proceeds: $2,852,627 (cost $2,852,624)	$	2,852,624
		Total Short-Term Investments (cost $2,852,624)		2,852,624
		Total Investments (cost $157,250,030) 100.6%		179,920,639
		Liabilities Less Other Assets (0.6%)		(1,127,252	)
		NET ASSETS 100.0%	$	178,793,387
		*Non-income producing.
		ADR American Depositary Receipt.
		REIT Real Estate Investment Trust.
		See Notes to Schedules of Investments.

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

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch Small Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Australia		0.7
Canada		0.8
China		1.5
France		1.0
India		3.1
Ireland		1.9
Norway		0.7
Taiwan		1.4
United Kingdom		0.7
United States		88.2
Total		100.0	%

WASATCH STRATEGIC INCOME FUND (WASIX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 73.6%
		Asset Management & Custody Banks 4.6%
	3,330	BlackRock, Inc.	$	593,539
	60,085	Solar Senior Capital Ltd.		946,339
				1,539,878
		Computer & Electronics Retail 1.4%
	19,500	Best Buy Co., Inc.		455,715
		Consumer Finance 3.1%
	24,730	Capital One Financial Corp.		1,045,832
		Data Processing & Outsourced Services 8.9%
	3,900	Mastercard, Inc., Class A		1,453,998
	14,835	Visa, Inc., Class A		1,506,197
				2,960,195
		Diversified REITs 0.8%
	177,857	Star Asia Finance Ltd.* †		266,785
		Drug Retail 0.9%
	9,500	Walgreen Co.		314,070
		Health Care Services 2.2%
	14,240	Chemed Corp.		729,230
		Hypermarkets & Super Centers 1.5%
	8,185	Wal-Mart Stores, Inc.		489,136
		Investment Banking & Brokerage 1.2%
	4,385	Goldman Sachs Group, Inc. (The)		396,535
		IT Consulting & Other Services 0.9%
	1,625	International Business Machines Corp.		298,805
		Mortgage REITs 14.1%
	22,000	American Capital Agency Corp.		617,760
	46,807	Capstead Mortgage Corp.		582,279
	95,559	Colony Financial, Inc.		1,501,232
	256,366	NorthStar Realty Finance Corp.		1,222,866
	82,604	Two Harbors Investment Corp.		763,261
				4,687,398
		Oil & Gas Drilling 1.4%
	7,800	Helmerich & Payne, Inc.		455,208
		Oil & Gas Exploration & Production 1.6%
	18,400	Ultra Petroleum Corp.*		545,192
		Personal Products 3.0%
	19,280	Herbalife Ltd.		996,198
		Pharmaceuticals 4.1%
	18,875	Teva Pharmaceutical Industries Ltd. ADR (Israel)		761,795
	13,167	Valeant Pharmaceuticals International, Inc.* (Canada)		614,767
				1,376,562
		Railroads 2.3%
	9,510	Canadian National Railway Co. (Canada)		747,106
		Regional Banks 4.8%
	238,005	CapitalSource, Inc.		1,594,633
		Restaurants 0.9%
	3,070	McDonald’s Corp.		308,013

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

December 31, 2011 (Unaudited)

Shares			Value
		Semiconductors 11.1%
	17,345	Altera Corp.	$	643,500
	36,830	Intel Corp.		893,128
	15,070	Linear Technology Corp.		452,552
	16,815	Microchip Technology, Inc.		615,933
	33,365	Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan)		430,742
	20,700	Xilinx, Inc.		663,642
				3,699,497
		Specialized Finance 2.3%
	3,200	CME Group, Inc.		779,744
		Trading Companies & Distributors 1.8%
	3,130	W.W. Grainger, Inc.		585,905
		Wireless Telecommunication Services 0.7%
	10,590	America Movil S.A.B. de C.V., Series L, ADR (Mexico)		239,334
		Total Common Stocks (cost $22,702,342)		24,510,971
		PREFERRED STOCKS 0.0%
		Diversified Banks 0.0%
	3,803	Bank of N.T. Butterfield & Son Ltd. (The), Pfd. * *** (Bermuda)		4,373
		Total Preferred Stocks (cost $4,601)		4,373
		LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 4.1%
		Asset Management & Custody Banks 0.4%
	77,279	Star Asia SPV, LLC* *** †		139,875
		Specialized Finance 3.7%
	142,300	KKR Financial Holdings, LLC		1,242,279
		Total Limited Liability Company Membership Interest (cost $1,670,290)		1,382,154
		LIMITED PARTNERSHIP INTEREST 2.0%
		Asset Management & Custody Banks 2.0%
	51,575	KKR & Co. L.P.		661,707
		Total Limited Partnership Interest (cost $587,451)		661,707
Principal Amount			Value
		CORPORATE BONDS 0.0%
		Gold 0.0%
	$210,762	Redcorp Ventures Ltd., 13.00%, 7/11/12, Series D*** †§§ (Canada)	$	3,939
		Total Corporate Bonds (cost $155,755)		3,939
Shares			Value
		MUTUAL FUNDS 0.8%
		Asset Management & Custody Banks 0.8%
	7,800	iPath US Treasury 10-year Bear ETN*	$	251,628
		Total Mutual Funds (cost $418,351)		251,628

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

December 31, 2011 (Unaudited)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 16.6%
		Repurchase Agreement 16.6%
	$5,531,110	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $5,425,000 of United States Treasury Notes 1.500% due 6/30/16; value: $5,642,000; repurchase proceeds: $5,531,116 (cost $5,531,110)	$	5,531,110
		Total Short-Term Investments (cost $5,531,110)		5,531,110
		Total Investments (cost $31,069,900) 97.1%		32,345,882
		Other Assets less Liabilities 2.9%		950,630
		NET ASSETS 100.0%	$	33,296,512
		*Non-income producing.
		***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10).
		†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8).
		§§In Default.
		ADR American Depositary Receipt.
		REIT Real Estate Investment Trust.
		See Notes to Schedules of Investments.

At December 31, 2011, Wasatch Strategic Income Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Bermuda		< 0.1
Canada		5.1
Israel		2.8
Mexico		0.9
Taiwan		1.6
United States		89.6
Total		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 93.1%
		Apparel Retail 1.6%
	89,061	Body Central Corp.*	$	2,222,962
		Application Software 8.2%
	30,885	Concur Technologies, Inc.*		1,568,649
	95,239	Interactive Intelligence Group, Inc.*		2,182,878
	65,058	RealPage, Inc.*		1,644,016
	188,719	Tangoe, Inc.*		2,906,273
	50,795	Ultimate Software Group, Inc.*		3,307,770
				11,609,586
		Asset Management & Custody Banks 1.3%
	65,578	CETIP S.A. (Brazil)		947,502
	12,430	Virtus Investment Partners, Inc.*		944,804
				1,892,306
		Auto Parts & Equipment 1.1%
	73,475	WABCO India Ltd. (India)		1,617,405
		Biotechnology 3.4%
	273,698	Abcam plc (United Kingdom)		1,549,696
	223,125	Exact Sciences Corp.*		1,811,775
	314,549	NeurogesX, Inc.*		267,367
	87,210	NeurogesX, Inc. PIPE* ***		74,128
	153,740	Sangamo BioSciences, Inc.*		436,622
	42,466	Seattle Genetics, Inc.*		709,819
				4,849,407
		Communications Equipment 2.3%
	16,258	F5 Networks, Inc.*		1,725,299
	67,010	Riverbed Technology, Inc.*		1,574,735
				3,300,034
		Computer Storage & Peripherals 0.7%
	133,665	Intevac, Inc.*		989,121
		Construction Materials 1.0%
	5,705,580	PT Holcim Indonesia Tbk (Indonesia)		1,368,584
		Consumer Finance 2.7%
	139,400	DFC Global Corp.*		2,517,564
	118,170	Mahindra & Mahindra Financial Services Ltd. (India)		1,337,465
				3,855,029
		Data Processing & Outsourced Services 3.5%
	44,366	ExlService Holdings, Inc.*		992,467
	68,990	Higher One Holdings, Inc.*		1,272,176
	18,340	Syntel, Inc.		857,762
	113,100	Wirecard AG (Germany)		1,820,423
				4,942,828
		Diversified Banks 3.8%
	1,311,135	City Union Bank Ltd. (India)		1,073,993
	196,050	HDFC Bank Ltd. (India)		1,573,421
	54,755	HDFC Bank Ltd. ADR (India)		1,438,961
	290,600	Yes Bank Ltd. (India)		1,307,303
				5,393,678
		Electrical Components & Equipment 2.1%
	68,603	Polypore International, Inc.*		3,017,846

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

December 31, 2011 (Unaudited)

Shares			Value
		Electronic Manufacturing Services 0.6%
	25,193	IPG Photonics Corp.*	$	853,287
		Environmental & Facilities Services 1.2%
	40,878	Heritage-Crystal Clean, Inc.*		676,940
	30,612	Waste Connections, Inc.		1,014,481
				1,691,421
		General Merchandise Stores 3.0%
	29,746	Dollar Tree, Inc.*		2,472,190
	146,347	Gordmans Stores, Inc.*		1,839,582
				4,311,772
		Health Care Equipment 5.3%
	243,628	AtriCure, Inc.*		2,704,271
	483,600	Cardica, Inc.*		1,039,740
	160,511	Cardiovascular Systems, Inc.*		1,581,033
	17,755	DiaSorin S.p.A. (Italy)		448,457
	96,899	NuVasive, Inc.*		1,219,958
	20,403	Synovis Life Technologies, Inc.*		567,815
	16,460	Zonare Medical Systems, Inc.* *** †		165
				7,561,439
		Health Care Services 0.8%
	26,211	IPC The Hospitalist Co., Inc.*		1,198,367
		Health Care Technology 2.4%
	21,550	athenahealth, Inc.*		1,058,536
	45,625	Computer Programs and Systems, Inc.		2,331,894
				3,390,430
		Industrial Machinery 0.7%
	27,342	IDEX Corp.		1,014,662
		Internet Retail 4.0%
	33,650	HomeAway, Inc.*		782,362
	120,445	MakeMyTrip Ltd.* (India)		2,895,498
	52,700	Shutterfly, Inc.*		1,199,452
	68,455	Yoox S.p.A.* (Italy)		739,877
				5,617,189
		Internet Software & Services 6.2%
	52,674	Angie’s List, Inc.*		848,051
	132,684	Envestnet, Inc.*		1,586,901
	75,041	SciQuest, Inc.*		1,070,835
	86,515	SPS Commerce, Inc.*		2,245,064
	235,787	TechTarget, Inc.*		1,376,996
	52,135	Vistaprint N.V.*		1,595,331
	91,388	Xtera Communications, Inc.* *** †		914
				8,724,092
		IT Consulting & Other Services 6.6%
	91,056	Cognizant Technology Solutions Corp., Class A*		5,855,812
	142,370	hiSoft Technology International Ltd. ADR* (China)		1,314,075
	139,354	ServiceSource International, Inc.*		2,186,464
				9,356,351
		Life Sciences Tools & Services 2.4%
	39,940	Divi’s Laboratories Ltd. (India)		587,085
	58,391	Fluidigm Corp.*		768,426
	55,138	ICON plc ADR* (Ireland)		943,411
	81,853	MEDTOX Scientific, Inc.*		1,150,035
				3,448,957

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

December 31, 2011 (Unaudited)

Shares			Value
		Oil & Gas Equipment & Services 1.2%
	25,415	Dril-Quip, Inc.*	$	1,672,815
		Oil & Gas Exploration & Production 1.1%
	62,915	Northern Oil and Gas, Inc.*		1,508,702
		Oil & Gas Refining & Marketing 0.5%
	65,300	Amyris, Inc.*		753,562
		Packaged Foods & Meats 1.7%
	50,790	GlaxoSmithKline Consumer Healthcare Ltd. (India)		2,457,966
		Personal Products 0.0%
	50,403	Ophthonix, Inc.* *** †		504
		Pharmaceuticals 1.4%
	275,230	ISTA Pharmaceuticals, Inc.*		1,940,371
		Research & Consulting Services 2.1%
	21,899	CoStar Group, Inc.*		1,461,320
	120,139	eClerx Services Ltd. (India)		1,560,981
				3,022,301
		Restaurants 1.8%
	94,700	Jubilant Foodworks Ltd.* (India)		1,342,884
	19,605	Peet’s Coffee & Tea, Inc.*		1,228,841
				2,571,725
		Semiconductors 9.0%
	58,202	Hittite Microwave Corp.*		2,874,015
	21,845	NVE Corp.*		1,213,053
	146,032	Power Integrations, Inc.††		4,842,421
	87,162	Silicon Laboratories, Inc.*		3,784,574
				12,714,063
		Specialized Finance 3.5%
	98,350	Crisil Ltd. (India)		1,629,752
	30,358	ICRA Ltd. (India)		457,900
	85,587	MSCI, Inc., Class A*		2,818,380
				4,906,032
		Systems Software 4.9%
	86,865	DemandTec, Inc.*		1,144,012
	34,972	NetSuite, Inc.*		1,418,114
	64,160	OPNET Technologies, Inc.		2,352,747
	61,365	Sourcefire, Inc.*		1,986,999
				6,901,872
		Thrifts & Mortgage Finance 1.0%
	345,825	LIC Housing Finance Ltd. (India)		1,440,802
		Total Common Stocks (cost $110,425,884)		132,117,468
		PREFERRED STOCKS 0.8%
		Biotechnology 0.2%
	169,492	Nanosys, Inc., Series D Pfd.* *** †		194,068
	40,380	Nanosys, Inc., Series E Pfd.* *** †		46,235
				240,303
		Health Care Technology 0.6%
	253,064	Data Sciences International, Inc., Series B Pfd.* *** †		807,502

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

December 31, 2011 (Unaudited)

Shares			Value
	243,902	TherOx, Inc., Series I Pfd.* *** †	$	75,610
				883,112
		Total Preferred Stocks (cost $2,021,237)		1,123,415
		LIMITED PARTNERSHIP INTEREST 4.1%
		Asset Management & Custody Banks 4.1%
		Greenspring Global Partners II-B, L.P.*** †		4,344,178
		Greenspring Global Partners III-B, L.P.*** †		1,497,374
				5,841,552
		Total Limited Partnership Interest (cost $5,424,467)		5,841,552
		WARRANTS 0.1%
		Biotechnology 0.0%
	43,605	NeurogesX, Inc., expiring 7/22/16* *** †		5,451
		Health Care Equipment 0.1%
	165,000	Cardica, Inc., expiring 9/29/14* *** †		146,850
		Total Warrants (cost $26,076)		152,301
Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.1%
		Repurchase Agreement 2.1%
$	3,034,268	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $2,805,500 of United States Treasury Notes 2.750% due 2/15/19; value: $3,099,525; repurchase proceeds: $3,034,271†† (cost $3,034,268)	$	3,034,268
		Total Short-Term Investments (cost $3,034,268)		3,034,268
		Total Investments (cost $120,931,932) 100.2%		142,269,004
		Liabilities less Other Assets (0.2%)		(281,327	)
		NET ASSETS 100.0%	$	141,987,677
		*Non-income producing.
		***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10).
		†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8).
		††All or a portion of this security has been designated as collateral for purchase commitments (see Note 9).
		ADR American Depositary Receipt.
		PIPE Private Investment in a Public Equity.
		See Notes to Schedules of Investments.

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

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch Ultra Growth Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Brazil		0.7
China		0.9
Germany		1.3
India		14.9
Indonesia		1.0
Ireland		0.7
Italy		0.8
United Kingdom		1.1
United States		78.6
Total		100.0	%

WASATCH WORLD INNOVATORS FUND (WAGTX) – Schedule of Investments

December 31, 2011 (Unaudited)

Shares			Value
		COMMON STOCKS 86.2%
		Advertising 0.8%
	12,353	1000mercis (France)	$	727,923
		Application Software 1.5%
	8,900	Aveva Group plc (United Kingdom)		197,428
	11,751	BasWare Oyj (Finland)		250,512
	14,560	Fidessa Group plc (United Kingdom)		341,729
	23,407	Orc Group AB (Sweden)		292,824
	1,678	SimCorp A/S (Denmark)		256,549
				1,339,042
		Asset Management & Custody Banks 2.0%
	93,087	CETIP S.A. (Brazil)		1,344,965
	44,472	Tata Investment Corp. Ltd. (India)		352,560
				1,697,525
		Automotive Retail 0.7%
	39,357	Halfords Group plc (United Kingdom)		176,442
	12,253	Mekonomen AB (Sweden)		401,039
				577,481
		Biotechnology 3.6%
	323,748	Abcam plc (United Kingdom)		1,833,083
	59,025	Myriad Genetics, Inc.*		1,235,983
				3,069,066
		Commercial Printing 1.2%
	111,864	InnerWorkings, Inc.*		1,041,454
		Communications Equipment 2.7%
	67,590	Finisar Corp.*		1,131,795
	20,080	JDS Uniphase Corp.*		209,635
	40,672	Riverbed Technology, Inc.*		955,792
				2,297,222
		Computer Hardware 5.7%
	10,074	Apple, Inc.*		4,079,970
	73,138	Silicon Graphics International Corp.*		838,161
				4,918,131
		Computer Storage & Peripherals 1.1%
	45,400	EMC Corp.*		977,916
		Data Processing & Outsourced Services 10.5%
	6,553	Alliance Data Systems Corp.*		680,464
	8,775	Mastercard, Inc., Class A		3,271,496
	34,795	Visa, Inc., Class A		3,532,736
	98,966	Wirecard AG (Germany)		1,592,926
				9,077,622
		Diversified Support Services 1.9%
	24,485	Copart, Inc.*		1,172,587
	20,311	Ritchie Bros. Auctioneers, Inc. (Canada)		448,467
				1,621,054
		Electronic Equipment & Instruments 0.2%
	8,987	Hologram Industries (France)		191,588
		Health Care Equipment 7.7%
	7,331	Cyberonics, Inc.*		245,589
	103,247	DiaSorin S.p.A. (Italy)		2,607,818

WASATCH WORLD INNOVATORS FUND (WAGTX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

Shares			Value
	61,442	Mindray Medical International Ltd. ADR (China)	$	1,575,373
	89,700	NuVasive, Inc.*		1,129,323
	9,185	STRATEC Biomedical AG (Germany)		377,930
	10,316	Varian Medical Systems, Inc.*		692,513
				6,628,546
		Health Care Facilities 0.5%
	277,196	CVS Group plc (United Kingdom)		442,901
		Health Care Services 3.8%
	130,588	Bio-Reference Laboratories, Inc.*		2,124,667
	134,500	Diagnosticos da America S.A. (Brazil)		1,117,678
				3,242,345
		Health Care Supplies 2.4%
	25,314	Sartorius Stedim Biotech (France)		1,607,478
	485,382	Shandong Weigao Group Medical Polymer Co. Ltd. (China)		438,123
				2,045,601
		Health Care Technology 0.5%
	198,417	RaySearch Laboratories AB (Sweden)		417,070
		Home Entertainment Software 0.2%
	31,949	UbiSoft Entertainment S.A.* (France)		214,102
		Home Improvement Retail 0.2%
	45,021	Byggmax Group AB (Sweden)		173,549
		Internet Retail 1.5%
	3,405	Amazon.com, Inc.*		589,405
	17,702	ASOS plc* (United Kingdom)		339,409
	2,934	Netflix, Inc.*		203,297
	3,341	zooplus AG* (Germany)		186,613
				1,318,724
		Internet Software & Services 9.3%
	50,856	Akamai Technologies, Inc.*		1,641,632
	62,937	eBay, Inc.*		1,908,879
	4,810	Google, Inc., Class A*		3,106,779
	49,555	NetGem S.A. (France)		144,497
	38,125	Vistaprint N.V.*		1,166,625
	6,528	Xtera Communications, Inc.* *** †		65
				7,968,477
		IT Consulting & Other Services 1.0%
	12,900	Cognizant Technology Solutions Corp., Class A*		829,599
		Life Sciences Tools & Services 1.7%
	26,175	Covance, Inc.*		1,196,721
	3,217	Eurofins Scientific (France)		234,844
				1,431,565
		Movies & Entertainment 0.8%
	23,795	CTS Eventim AG (Germany)		715,421
		Oil & Gas Refining & Marketing 1.0%
	20,300	World Fuel Services Corp.		852,194
		Other Diversified Financial Services 0.3%
	26,238	Hypoport AG* (Germany)		244,823
		Personal Products 1.9%
	27,400	Herbalife Ltd.		1,415,758
	11,475	Natura Cosmeticos S.A. (Brazil)		223,071
				1,638,829

WASATCH WORLD INNOVATORS FUND (WAGTX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

Shares			Value
		Pharmaceuticals 4.7%
	43,130	Teva Pharmaceutical Industries Ltd. ADR (Israel)	$	1,740,727
	49,600	Valeant Pharmaceuticals International, Inc.* (Canada)		2,315,824
				4,056,551
		Research & Consulting Services 0.3%
	3,533	Bertrandt AG (Germany)		232,180
		Semiconductors 9.1%
	54,812	Altera Corp.		2,033,525
	98,200	BCD Semiconductor Manufacturing Ltd. ADR* (China)		390,836
	13,880	Hittite Microwave Corp.*		685,394
	71,000	Intel Corp.		1,721,750
	34,725	Microchip Technology, Inc.		1,271,977
	52,700	Xilinx, Inc.		1,689,562
				7,793,044
		Specialized Finance 2.9%
	9,875	IntercontinentalExchange, Inc.*		1,190,431
	43,700	MarketAxess Holdings, Inc.		1,315,807
				2,506,238
		Systems Software 1.4%
	20,000	Check Point Software Technologies Ltd.* (Israel)		1,050,800
	7,728	Init Innovation In Traffic Systems AG (Germany)		142,214
				1,193,014
		Trading Companies & Distributors 1.7%
	50,270	iMarketKorea, Inc. (Korea)		708,962
	75,150	MonotaRO Co. Ltd. (Japan)		796,343
				1,505,305
		Trucking 1.4%
	52,685	Trancom Co. Ltd. (Japan)		999,581
	14,847	Zipcar, Inc.*		199,247
				1,198,828
		Total Common Stocks (cost $66,603,955)		74,184,930
		PREFERRED STOCKS 1.8%
		Health Care Equipment 1.8%
	33,200	Sartorius AG Pfd. (Germany)		1,527,406
		Total Preferred Stocks (cost $1,249,162)		1,527,406
		LIMITED PARTNERSHIP INTEREST 0.6%
		Asset Management & Custody Banks 0.6%
		Greenspring Global Partners II-B, L.P.*** †		482,687
		Total Limited Partnership Interest (cost $454,387)		482,687
		WARRANTS 0.1%
		Health Care Equipment 0.1%
	71,500	Cardica, Inc., expiring 9/29/14* *** †		63,635
		Total Warrants (cost $8,937)		63,635

WASATCH WORLD INNOVATORS FUND (WAGTX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

Number of Contracts			Value
		PUT OPTIONS PURCHASED 0.0%
		Footwear 0.0%
	10,000	Steven Madden Ltd., expiring 3/17/12, exercise price $25	$	1,000
		Total Put Options Purchased (premium $15,102)		1,000
		CALL OPTIONS PURCHASED 0.0%
		Computer Hardware 0.0%
	1,600	Apple, Inc., expiring 4/21/12, exercise price $460		15,040
		Total Call Options Purchased (cost $31,376)		15,040
Principal Amount			Value
		SHORT-TERM INVESTMENTS 10.5%
		Repurchase Agreement 10.5%
$	9,038,632	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $8,345,000 of United States Treasury Notes 2.750% due 2/15/19; value: $9,221,225; repurchase proceeds: $9,038,642†† (cost $9,038,632)	$	9,038,632
		Total Short-Term Investments (cost $9,038,632)		9,038,632
		Total Investments (cost $77,401,551) 99.2%§		85,313,330
		Other Assets less Liabilities 0.8%		712,467
		NET ASSETS 100.0%	$	86,025,797
		*Non-income producing.
		***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10).
		†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 8).
		††All or a portion of this security has been designated as collateral for purchase commitments (see Note 9).
		§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 0.82%.
		ADR American Depositary Receipt.
		See Notes to Schedules of Investments.

WASATCH WORLD INNOVATORS FUND (WAGTX) – Schedule of Investments (continued)

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch World Innovators Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Brazil		3.5
Canada		3.6
China		3.2
Denmark		0.3
Finland		0.3
France		4.1
Germany		6.6
India		0.5
Israel		3.7
Italy		3.4
Japan		2.4
Korea		0.9
Sweden		1.7
United Kingdom		4.4
United States		61.4
Total		100.0	%

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

December 31, 2011 (Unaudited)

Principal Amount			Value
		ASSET BACKED SECURITIES 2.8%
$	1,500,000	Citibank Credit Card Issuance Trust, 5.65%, 9/20/19, Series 2007-A8, Class A8	$	1,800,166
	600,000	Citibank Omni Master Trust, 4.90%, 11/15/18, Series 2009-A17, Class A17†		652,580
	1,310,000	World Financial Network Credit Card Master Trust, 3.96%, 4/15/19, Series 2010-A, Class A		1,397,876
		Total Asset Backed Securities (cost $3,819,360)		3,850,622
		COLLATERALIZED MORTGAGE OBLIGATIONS 22.6%
	250,000	Banc of America Commercial Mortgage, Inc., 5.066%, 11/10/42, Series 2005-1, Class A4†††		257,810
	24,975	Banc of America Mortgage Securities, Inc., 2.791%, 2/25/33, Series 2003-A, Class 3A1†††		18,259
	235,962	Bear Stearns Commercial Mortgage Securities, 4.735%, 9/11/42, Series 2005-PWR9, Class A2		240,050
	167,555	Countrywide Home Loans, 4.50%, 8/25/19, Series 2004-J7, Class 2A1		169,773
	795,194	Federal Home Loan Mortgage Corp., 1.50%, 9/15/22, Series 3760, Class BA		803,260
	722,231	Federal Home Loan Mortgage Corp., 1.50%, 4/15/24, Series 3780, Class TA		725,519
	64,939	Federal Home Loan Mortgage Corp., 2.275%, 11/1/35, Series 1M0010†††		68,572
	122,256	Federal Home Loan Mortgage Corp., 2.456%, 5/1/31, Series 847292†††		129,245
	97,826	Federal Home Loan Mortgage Corp., 2.496%, 12/1/32, Series 847527†††		103,205
	33,303	Federal Home Loan Mortgage Corp., 2.561%, 8/1/33, Series 847281†††		35,089
	456,203	Federal Home Loan Mortgage Corp., 3.679%, 1/1/25, Series 775629†††		464,232
	274,411	Federal Home Loan Mortgage Corp., 3.847%, 5/1/25, Series 775617†††		286,267
	761,328	Federal Home Loan Mortgage Corp., 4.00%, 6/15/17, Series 2714, Class BW		770,126
	607,874	Federal Home Loan Mortgage Corp., 4.50%, 1/15/18, Series 2903, Class BA		611,978
	454,993	Federal Home Loan Mortgage Corp., 4.50%, 12/1/18, Series G11657		485,199
	79,499	Federal Home Loan Mortgage Corp., 5.00%, 2/15/23, Series 2960, Class KP		80,615
	65,944	Federal Home Loan Mortgage Corp., 5.125%, 6/15/18, Series R016, Class AM		66,851
	378,081	Federal Home Loan Mortgage Corp., 5.50%, 5/15/15, Series 2808, Class VA		405,347
	131,139	Federal Home Loan Mortgage Corp., 5.50%, 10/1/25, Series C90925		143,295
	391,449	Federal Home Loan Mortgage Corp., 5.50%, 8/1/29, Series C46102		427,073
	417,552	Federal National Mortgage Assoc., 2.068%, 12/1/35, Series 848390†††		431,048
	378,876	Federal National Mortgage Assoc., 2.18%, 1/1/35, Series 825245†††		394,034
	179,228	Federal National Mortgage Assoc., 2.228%, 11/1/34, Series 782320†††		188,469
	16,992	Federal National Mortgage Assoc., 2.475%, 10/1/32, Series 659567†††		17,174
	206,144	Federal National Mortgage Assoc., 2.815%, 1/1/18, Series 57735†††		211,155
	216,433	Federal National Mortgage Assoc., 3.105%, 2/1/21, Series 313380†††		220,669
	393,253	Federal National Mortgage Assoc., 3.50%, 6/25/23, Series 2003-46, Class LD		410,954
	451,456	Federal National Mortgage Assoc., 3.875%, 1/25/39, Series 2009-2, Class WJ		477,514
	317,482	Federal National Mortgage Assoc., 4.00%, 10/25/32, Series 2003-28, Class GA		332,097
	216,194	Federal National Mortgage Assoc., 4.076%, 7/1/19, Series 070377†††		221,063
	434,624	Federal National Mortgage Assoc., 4.50%, 5/1/19, Series 725445		465,103
	416,859	Federal National Mortgage Assoc., 4.50%, 7/1/19, Series 725609		446,093
	583,417	Federal National Mortgage Assoc., 4.50%, 6/25/29, Series 2005-121, Class V		627,644
	135,860	Federal National Mortgage Assoc., 4.50%, 1/25/30, Series 2004-67, Class AC		136,687
	1,301,800	Federal National Mortgage Assoc., 5.00%, 7/25/23, Series 2005-4, Class VG		1,376,339
	119,862	Federal National Mortgage Assoc., 5.00%, 8/25/34, Series 2004-W10, Class A24		119,584
	250,000	Federal National Mortgage Assoc., 5.50%, 5/25/23, Series 2003-42, Class EK		285,931
	893,888	Government National Mortgage Assoc., 2.125%, 7/20/34, Series 80987†††		925,767
	323,718	Government National Mortgage Assoc., 2.25%, 1/20/30, Series 80364†††		334,225
	1,232,681	Government National Mortgage Assoc., 3.00%, 12/20/38, Series 2010-89, Class PA		1,279,420
	1,645,346	Government National Mortgage Assoc., 3.00%, 5/20/39, Series 2010-68, Class YE		1,705,871
	382,295	Government National Mortgage Assoc., 3.25%, 7/20/37, Series 2010-33, Class AP		385,801
	944,807	Government National Mortgage Assoc., 4.00%, 6/20/37, Series 2008-30, Class AC		983,986
	951,312	Government National Mortgage Assoc., 4.00%, 6/20/38, Series 2009-69, Class WC		994,504
	1,286,438	Government National Mortgage Assoc., 4.00%, 9/20/38, Series 2009-108, Class WG		1,353,743
	1,333,195	Government National Mortgage Assoc., 4.00%, 3/20/39, Series 2009-31, Class TA		1,417,223
	1,222,878	Government National Mortgage Assoc., 4.00%, 4/16/39, Series 2009-110, Class AB		1,284,044
	712,304	Government National Mortgage Assoc., 4.50%, 8/15/24, Series 717874		771,495
	58,633	Government National Mortgage Assoc., 4.50%, 1/20/31, Series 2005-38, Class A		58,820
	1,021,865	Government National Mortgage Assoc., 4.50%, 6/20/34, Series 2009-101, Class G		1,069,378

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

December 31, 2011 (Unaudited)

Principal Amount			Value
	$1,045,203	Government National Mortgage Assoc., 4.50%, 8/20/34, Series 2009-36, Class G	$	1,095,409
	1,039,870	Government National Mortgage Assoc., 4.50%, 8/16/35, Series 2009-62, Class DT		1,079,026
	600,160	Government National Mortgage Assoc., 4.50%, 2/20/38, Series 2009-55, Class NP		648,655
	935,143	Government National Mortgage Assoc., 4.50%, 3/20/39, Series 2009-14, Class AG		1,013,470
	567,951	Government National Mortgage Assoc., 4.658%, 12/16/30, Series 2005-12, Class C		597,951
	851,858	Government National Mortgage Assoc., 5.00%, 9/16/31, Series 2009-38, Class A		894,323
	500,000	Government National Mortgage Assoc., 5.00%, 7/20/34, Series 2004-105, Class MC		570,920
	217,716	Government National Mortgage Assoc., 5.00%, 8/20/39, Series 004513		235,276
		Total Collateralized Mortgage Obligations (cost $30,600,526)		31,352,630
		CORPORATE BONDS 35.6%
		Aerospace & Defense 1.1%
	200,000	General Dynamics Corp., 4.25%, 5/15/13		209,757
	250,000	Martin Marietta Corp., 7.375%, 4/15/13		268,315
	1,000,000	Raytheon Co., 1.625%, 10/15/15		1,006,850
				1,484,922
		Air Freight & Logistics 0.4%
	500,000	United Parcel Service, Inc., 3.875%, 4/1/14		533,488
		Automotive Retail 0.6%
	775,000	AutoZone, Inc., 5.50%, 11/15/15		866,531
		Beverages-Non-alcoholic 0.4%
	500,000	PepsiAmericas, Inc., 5.00%, 5/15/17		576,909
		Cable & Satellite 0.4%
	550,000	Comcast Corp., 5.30%, 1/15/14		592,654
		Commerercial Banks-Southern U.S. 0.6%
	800,000	BB&T Corp., 3.20%, 3/15/16 MTN		833,945
		Commererical Banks Non-U.S. 1.5%
	1,100,000	Royal Bank of Canada, 2.30%, 7/20/16 MTN (Canada)		1,118,198
	1,000,000	Toronto-Dominion Bank (The), 2.375%, 10/19/16 (Canada)		1,017,590
				2,135,788
		Computer Hardware 0.6%
	600,000	Hewlett-Packard Co., 2.125%, 9/13/15		589,438
	300,000	Hewlett-Packard Co., 6.50%, 7/1/12		308,161
				897,599
		Construction & Farm Machinery & Heavy Trucks 0.8%
	500,000	Caterpillar Financial Services Corp., 5.85%, 9/1/17 MTN		595,759
	500,000	PACCAR Financial Corp., 1.95%, 12/17/12 MTN		506,406
				1,102,165
		Distillers & Vintners 0.4%
	504,000	Diageo Capital plc, 7.375%, 1/15/14 (United Kingdom)		568,837
		Diversified Banks 3.1%
	1,000,000	Bank of America Corp., 7.375%, 5/15/14 MTN		1,036,859
	500,000	SouthTrust Corp., 5.80%, 6/15/14		532,909
	1,125,000	US Bancorp, 4.20%, 5/15/14		1,204,451
	750,000	Wachovia Corp., 5.25%, 8/1/14		791,080
	700,000	Wachovia Corp., 5.75%, 2/1/18 MTN		795,215
				4,360,514
		Diversified Metals & Mining 0.3%
	450,000	Rio Tinto Alcan, Inc., 4.50%, 5/15/13 (Canada)		468,768
		Drug Retail 0.3%
	400,000	Walgreen Co., 4.875%, 8/1/13		426,757

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

December 31, 2011 (Unaudited)

Principal Amount			Value
		Electric Utilities 0.9%
$	350,000	Energy East Corp., 6.75%, 6/15/12	$	357,914
	300,000	Florida Power & Light Co., 4.85%, 2/1/13		312,974
	600,000	Georgia Power Co., 5.125%, 11/15/12, Series K		621,754
				1,292,642
		Finance-Auto Loans 0.4%
	500,000	Toyota Motor Credit Corp., 1.25%, 11/17/14		502,790
		Finance-Consumer Loans 0.6%
	750,000	John Deere Capital Corp., 2.00%, 1/13/17 MTN		761,215
		Finance-Credit Card 0.8%
	975,000	American Express Co., 6.15%, 8/28/17		1,115,064
		Finance-Other Services 0.4%
	500,000	Sun Canada Financial Co., 7.25%, 12/15/15†		571,326
		Footwear 0.5%
	600,000	Nike, Inc., 5.15%, 10/15/15 MTN		683,080
		Health Care Equipment 0.2%
	250,000	Baxter International, Inc., 4.625%, 3/15/15		276,459
		Household Appliances 0.3%
	350,000	Whirlpool Corp., 8.00%, 5/1/12 MTN		357,810
		Industrial Conglomerates 3.5%
	500,000	3M Co., 4.375%, 8/15/13 MTN		531,489
	1,250,000	General Electric Capital Corp., 3.75%, 11/14/14, Series A		1,317,585
	1,000,000	General Electric Capital Corp., 5.40%, 2/15/17 MTN		1,111,061
	1,000,000	General Electric Capital Corp., 5.90%, 5/13/14		1,095,152
	740,000	Tyco International Finance Ltd. S.A., 6.00%, 11/15/13		801,666
				4,856,953
		Industrial Gases 0.5%
	600,000	Praxair, Inc., 4.625%, 3/30/15		662,298
		Industrial Machinery 0.5%
	600,000	Parker Hannifin Corp., 4.875%, 2/15/13		627,320
		Instruments-Scientific 0.4%
	600,000	Thermo Fisher Scientific, Inc., 2.15%, 12/28/12		607,201
		Integrated Oil & Gas 0.4%
	500,000	ConocoPhillips, 4.60%, 1/15/15		552,997
		Integrated Telecommunication Services 1.4%
	149,929	Ameritech Capital Funding, 9.10%, 6/1/16		177,626
	870,000	AT&T, Inc., 2.50%, 8/15/15		900,859
	520,000	Verizon Communications, Inc., 5.55%, 2/15/16		595,021
	300,000	Verizon Global Funding Corp., 4.375%, 6/1/13		314,334
				1,987,840
		Investment Banking & Brokerage 0.4%
	500,000	Goldman Sachs Group, Inc. (The), 5.35%, 1/15/16		512,573
		Life & Health Insurance 1.4%
	500,000	Principal Life Income Funding Trusts, 5.30%, 4/24/13 MTN		524,588
	850,000	Prudential Financial, Inc., 6.20%, 1/15/15		928,842
	480,000	Prudential Holdings, LLC, 7.245%, 12/18/23, Series FSA†		542,357
				1,995,787
		Medical Instruments 0.6%
	800,000	Medtronic, Inc., 4.75%, 9/15/15, Series B		895,975
		Medical-Drugs 0.6%
	575,000	Pharmacia Corp., 6.75%, 12/15/27		765,442

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

December 31, 2011 (Unaudited)

Principal Amount			Value
		Medical-Health Maintenance Organizations 0.7%
	$1,000,000	WellPoint, Inc., 2.375%, 2/15/17	$	996,976
		Movies & Entertainment 0.5%
	250,000	Walt Disney Co. (The), 4.50%, 12/15/13		269,094
	350,000	Walt Disney Co. (The), 6.00%, 7/17/17, Series C MTN		424,288
				693,382
		Oil & Gas Exploration & Production 0.2%
	300,000	Apache Corp., 6.25%, 4/15/12		304,493
		Other Diversified Financial Services 0.2%
	260,000	Source One Mortgage Services, 9.00%, 6/1/12, Series B MTN		265,146
		Personal Products 0.5%
	655,000	Avon Products, Inc., 5.625%, 3/1/14		696,841
		Pharmaceuticals 2.8%
	745,000	AstraZeneca plc, 5.90%, 9/15/17 (United Kingdom)		899,887
	795,000	Cardinal Health, Inc., 6.00%, 6/15/17		921,031
	1,000,000	Johnson & Johnson, 5.55%, 8/15/17		1,207,195
	725,000	Pharmacia Corp., 6.50%, 12/1/18		907,784
				3,935,897
		Property & Casualty Insurance 0.6%
	435,000	Allstate Corp. (The), 7.50%, 6/15/13		468,882
	325,000	Progressive Corp. (The), 6.375%, 1/15/12		325,419
				794,301
		Railroads 0.2%
	300,000	Burlington Northern Santa Fe, LLC, 4.30%, 7/1/13		313,667
		Regional Banks 0.5%
	700,000	Fifth Third Bancorp, 5.45%, 1/15/17		738,065
		Reinsurance 0.9%
	1,150,000	Berkshire Hathaway, Inc., 3.20%, 2/11/15		1,219,186
		Semiconductor Equipment 0.2%
	250,000	Applied Material, Inc., 2.65%, 6/15/16		255,936
		Soft Drinks 0.5%
	600,000	Bottling Group, LLC, 4.625%, 11/15/12		620,294
		Special Purpose Entity 0.0%
	44,000	Targeted Return Index Fund, 6.814%, 1/15/12, Series 2002-10††††		44,000
		Specialized Finance 0.5%
	600,000	CME Group, Inc., 5.40%, 8/1/13		639,380
		Steel 0.7%
	950,000	Nucor Corp., 5.00%, 12/1/12		984,218
		Super-Regional Banks-US 1.1%
	1,350,000	JPMorgan Chase Bank NA, 5.875%, 6/13/16		1,461,285
		Systems Software 0.6%
	750,000	Oracle Corp., 3.75%, 7/8/14		806,607
		Transport-Rail 0.6%
	700,000	Union Pacific Corp., 5.375%, 5/1/14		760,711
		Total Corporate Bonds (cost $47,874,028)		49,404,034
		MUNICIPAL BONDS 1.4%
	650,000	Arizona State Transportation Board Highway Revenue, 5.00%, 7/1/23		734,513
	625,000	City of Liberty MO, 4.45%, 10/1/13 (NATL-RE)		644,219

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

December 31, 2011 (Unaudited)

Principal Amount			Value
$	500,000	Richmond, CA Joint Powers Financing Authority Revenue, 8.25%, 7/1/19	$	546,480
		Total Municipal Bonds (cost $1,796,829)		1,925,212
Shares			Value
		MUTUAL FUNDS 0.5%
	44,453	Eaton Vance Short Duration Diversified Income Fund	$	720,138
		Total Mutual Funds (cost $666,443)		720,138
		EXCHANGE TRADED FUNDS 0.5%
	6,000	iShares iBoxx Investment Grade Corporate Bond Fund		682,560
		Total Exchange Traded Funds (cost $519,311)		682,560
Principal Amount			Value
		U.S. GOVERNMENT AGENCY SECURITIES 22.4%
$	1,500,000	Federal Farm Credit Bank, 0.79%, 11/7/14	$	1,500,651
	1,000,000	Federal Farm Credit Bank, 2.65%, 5/11/15		1,061,917
	1,000,000	Federal Farm Credit Bank, 3.85%, 2/11/15		1,096,000
	1,000,000	Federal Farm Credit Bank, 3.875%, 10/7/13		1,061,038
	650,000	Federal Farm Credit Bank, 4.875%, 4/1/14		713,294
	1,000,000	Federal Home Loan Bank, 2.00%, 7/17/14##		1,000,717
	1,550,000	Federal Home Loan Bank, 5.00%, 9/14/12		1,600,194
	1,500,000	Federal Home Loan Mortgage Corp., 0.875%, 12/19/14		1,500,507
	2,000,000	Federal Home Loan Mortgage Corp., 1.125%, 8/24/16 MTN##		2,002,508
	1,150,000	Federal Home Loan Mortgage Corp., 1.25%, 11/16/15 MTN		1,151,420
	1,500,000	Federal Home Loan Mortgage Corp., 2.52%, 12/9/14		1,580,325
	1,300,000	Federal Home Loan Mortgage Corp., 3.00%, 7/28/14		1,379,458
	700,000	Federal Home Loan Mortgage Corp., 4.75%, 11/17/15		801,631
	1,500,000	Federal National Mortgage Assoc., 1.125%, 12/28/16, Series 0001##		1,501,476
	1,525,000	Federal National Mortgage Assoc., 1.25%, 10/26/16, Series 4##		1,528,294
	1,050,000	Federal National Mortgage Assoc., 2.05%, 5/23/17		1,086,324
	1,000,000	Federal National Mortgage Assoc., 2.075%, 3/7/16		1,007,366
	2,200,000	Federal National Mortgage Assoc., 2.625%, 11/20/14		2,327,653
	700,000	Federal National Mortgage Assoc., 3.00%, 12/29/16		707,796
	1,800,000	Federal National Mortgage Assoc., 4.875%, 12/15/16		2,120,166
	600,000	Federal National Mortgage Assoc., 5.24%, 8/7/18		642,938
	621,349	New Valley Generation IV, 4.687%, 1/15/22***		686,591
	1,000,000	Tennessee Valley Authority, 0.00%, 11/1/18, Series C###		868,651
	800,000	Tennessee Valley Authority, 6.00%, 3/15/13, Series C		854,912
	1,000,000	Tennessee Valley Authority, 6.25%, 12/15/17, Series E		1,272,026
		Total U.S. Government Agency Securities (cost $30,235,255)		31,053,853
		U.S. TREASURY BONDS 5.1%
	6,325,000	U.S. Treasury Bond 3.25%, 12/31/16		7,062,255
		Total U.S. Treasury Bonds (cost $6,705,921)		7,062,255

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

December 31, 2011 (Unaudited)

Principal Amount			Value
		U.S. TREASURY INFLATION PROTECTED BONDS 1.6%
	$1,945,548	U.S. Treasury Bond 1.625%, 1/15/18#	$	2,215,493
		Total U.S. Treasury Inflation Protected Bonds (cost $1,894,607)		2,215,493
		U.S. TREASURY NOTES 4.6%
	5,500,000	U.S. Treasury Note 3.625%, 8/15/19		6,370,116
		Total U.S. Treasury Notes (cost $6,329,491)		6,370,116
Shares			Value
		PREFERRED STOCKS 0.8%
		Cable & Satellite 0.1%
	5,000	Comcast Corp., 7.00%, Series B Pfd.	$	127,950
		Investment Banking & Brokerage 0.3%
	20,000	Morgan Stanley Cap Tr VI, 6.60%, Pfd.		434,200
		Mortgage REITs 0.1%
	4,200	Harris Preferred Capital Corp., 7.375%, Series A Pfd.§§§		106,050
		Other Diversified Financial Services 0.3%
	20,000	Bank One Capital TR VI, 7.20%, Pfd.		510,000
		Total Preferred Stocks (cost $1,204,994)		1,178,200
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.6%
		Repurchase Agreement 1.6%
$	2,248,891	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $2,080,000 of United States Treasury Notes 2.750% due 2/15/19; value: $2,298,400; repurchase proceeds: $2,248,893 (cost $2,248,891)	$	2,248,891
		Total Short-Term Investments (cost $2,248,891)		2,248,891
		Total Investments (cost $133,895,656) 99.5%		138,064,004
		Other Assets less Liabilities 0.5%		641,738
		NET ASSETS 100.0%	$	138,705,742
		***Security was fair valued under procedures adopted by the Board of Trustees (see Note 10).
		†Liquid security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933.
		††† Variable rate securities.
		§§§ Perpetual Maturity. Callable any time after first call date. Maturity date is next call date.
		#Treasury Inflation Protected Securities. A U.S. Treasury Note or Bond that offers protection from inflation by paying a fixed rate of interest on principal amount that is adjusted for inflation based on the Consumer Price Index.
		##Step Bond. The rate shown is as of December 31, 2011 and will reset at a future date.
		###Zero Coupon Bond
		MTN Medium Term Note.
		NATL-RE National Public Finance Guarantee Corporation.
		REIT Real Estate Investment Trust.
		See Notes to Schedules of Investments.

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

December 31, 2011 (Unaudited)

At December 31, 2011, Wasatch-1st Source Income Fund’s investments, excluding short-term investments, were in the following countries:

Country	%
Canada		1.9
United Kingdom		1.1
United States		97.0
Total		100.0	%

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

December 31, 2011 (Unaudited)

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 98.5%
	$16,000,000	U.S. Treasury Bond, 3.125%, 11/15/41	$	16,762,496
	9,700,000	U.S. Treasury Bond, 3.50%, 2/15/39		10,910,987
	5,000,000	U.S. Treasury Bond, 3.875%, 8/15/40		5,993,750
	6,335,000	U.S. Treasury Bond, 4.25%, 5/15/39		8,059,311
	15,400,000	U.S. Treasury Bond, 4.25%, 11/15/40		19,639,805
	1,400,000	U.S. Treasury Bond, 4.375%, 2/15/38		1,809,937
	1,040,000	U.S. Treasury Bond, 4.375%, 5/15/40		1,351,024
	10,000,000	U.S. Treasury Bond, 4.50%, 5/15/38		13,178,120
	6,000,000	U.S. Treasury Bond, 4.50%, 8/15/39		7,935,936
	11,300,000	U.S. Treasury Bond, 4.75%, 2/15/37		15,348,575
	6,260,000	U.S. Treasury Bond, 4.75%, 2/15/41		8,627,063
	58,400,000	U.S. Treasury Strip, principal only, 5/15/30		35,306,187
	46,300,000	U.S. Treasury Strip, principal only, 2/15/31		27,390,710
	42,837,000	U.S. Treasury Strip, principal only, 2/15/37		20,340,892
	50,000,000	U.S. Treasury Strip, principal only, 5/15/39		21,939,200
	26,000,000	U.S. Treasury Strip, principal only, 5/15/40		10,991,526
		Total U.S. Government Obligations (cost $188,285,343)		225,585,519
		SHORT-TERM INVESTMENTS 1.0%
		Repurchase Agreement 1.0%
	2,242,300	Repurchase Agreement dated 12/30/11, 0.01% due 1/3/12 with State Street Bank and Trust Co. collateralized by $2,070,000 of United States Treasury Notes 2.75% due 2/15/19; value: $2,287,350; repurchase proceeds: $2,242,303 (cost $2,242,300)		2,242,300
		Total Short-Term Investments (cost $2,242,300)		2,242,300
		Total Investments (cost $190,527,643) 99.5%		227,827,819
		Other Assets less Liabilities 0.5%		1,207,690
		NET ASSETS 100.0%	$	229,035,509
		See Notes to Schedules of Investments.

1. ORGANIZATION

Wasatch Funds Trust (the “Trust”) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and consists of 18 series or funds (each a “Fund” and collectively the “Funds”). The Core Growth Fund, Emerging Markets Small Cap Fund, Heritage Growth Fund, International Growth Fund, International Opportunities Fund, Large Cap Value Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Strategic Income Fund, Ultra Growth Fund, World Innovators Fund, Wasatch-1st Source Income Fund (“Income Fund”) (sub-advised), and Wasatch-Hoisington U.S. Treasury Fund (“U.S. Treasury Fund”) (sub-advised) are each diversified funds. The Emerging India Fund, Global Opportunities Fund and Long/Short Fund are 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 India Fund, Emerging Markets Small Cap Fund, Global Opportunities Fund, Heritage Growth Fund, International Growth Fund, International Opportunities Fund, Large Cap Value Fund, Long/Short Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Strategic Income Fund, Ultra Growth Fund, and World Innovators Fund are referred to herein as the “Equity Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant policies related to investments of the Funds held at December 31, 2011. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Valuation of Securities – All investments in securities are recorded at their estimated fair value as described in Note 10.

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.

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.

3. SECURITIES AND OTHER INVESTMENTS

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

Short Sales – The Long/Short Fund, the Strategic Income Fund and to a lesser extent the other Equity Funds may enter into short sales whereby a fund sells a security it generally does not own (the security is borrowed), in anticipation of a decline in the security’s price. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. If a Fund shorts a security when also holding a long position in the security (a “short against the box”), as the security’s price declines, the short position increases in value, offsetting the long position’s decrease in value. The opposite effect occurs if the security’s price rises. A Fund realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Possible losses from short sales may be unlimited, whereas losses from security purchases cannot exceed the total amount invested. The Funds are liable to the 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.

4. FINANCIAL DERIVATIVE INSTRUMENTS

Foreign Currency Contracts – The Funds may enter into foreign currency contracts to settle planned purchases or sales of securities or to protect against a possible loss resulting from 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 on 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.

Options Transactions – The Equity Funds and the Income Fund may buy and sell put and call options and 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 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.

5. OPTIONS CONTRACTS WRITTEN

Options written activity during the period ended December 31, 2011 was as follows:

	Options Outstanding at 9/30/2011		Written		Closed			Exercised			Expired			Options Outstanding at 12/31/2011
Core Growth Fund
Premium amount	$	178,735	$	—	$	—		$	(178,735	)	$	—		$	—
Number of contracts		500		—		—			(500	)		—			—
Long/Short Fund
Premium amount	$	10,278,040	$	7,526,314	$	(794,104	)	$	(2,921,304	)	$	(5,953,241	)	$	8,135,705
Number of contracts		35,095		42,292		(4,500	)		(15,150	)		(23,120	)		34,617
Micro Cap Value Fund
Premium amount	$	762,276	$	1,323,364	$	(1,048,173	)	$	(407,446	)	$	(173,071	)	$	456,950
Number of contracts		2,600		7,241		(3,851	)		(3,139	)		(693	)		2,158

6. FEDERAL INCOME TAX INFORMATION

As of December 31, 2011, the cost and unrealized appreciation (depreciation) of securities on a tax basis were as follows:

	Core Growth Fund			Emerging India Fund			Emerging Markets Small Cap Fund			Global Opportunities Fund			Heritage Growth Fund			International Growth Fund
Cost	$	350,414,493		$	10,878,286		$	853,109,598		$	143,565,191		$	69,449,441		$	253,734,503
Gross appreciation	$	151,929,737		$	118,174		$	93,114,909		$	35,625,282		$	18,352,091		$	44,313,385
Gross (depreciation)		(19,979,319	)		(2,418,281	)		(79,183,157	)		(9,957,080	)		(3,526,200	)		(26,424,006	)
Net appreciation (depreciation)	$	131,950,418		$	(2,300,107	)	$	13,931,752		$	25,668,202		$	14,825,891		$	17,889,379
	International Opportunities Fund			Large Cap Value Fund			Long/Short Fund			Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund
Cost	$	153,129,345		$	1,498,002,288		$	964,826,534		$	232,082,123		$	131,362,412		$	1,128,014,746
Gross appreciation	$	14,981,180		$	263,490,482		$	51,654,870		$	76,775,878		$	22,020,995		$	396,759,658
Gross (depreciation)		(18,954,254	)		(103,696,689	)		(24,945,900	)		(31,226,285	)		(9,091,839	)		(57,806,571	)
Net appreciation (depreciation)	$	(3,973,074	)	$	159,793,793		$	26,708,970		$	45,549,593		$	12,929,156		$	338,953,087
	Small Cap Value Fund			Strategic Income Fund			Ultra Growth Fund			World Innovators Fund			Income Fund			U.S. Treasury Fund
Cost	$	160,305,476		$	31,127,147		$	120,933,731		$	78,064,348		$	133,895,656		$	191,034,756
Gross appreciation	$	34,762,572		$	3,074,647		$	33,576,193		$	11,012,478		$	4,368,819		$	36,793,063
Gross (depreciation)		(15,147,409	)		(1,855,912	)		(12,240,920	)		(3,763,496	)		(200,471	)		—
Net appreciation (depreciation)	$	19,615,163		$	1,218,735		$	21,335,273		$	7,248,982		$	4,168,348		$	36,793,063

The difference between book-basis and tax-basis unrealized gains are primarily attributable to the tax deferral of losses on wash sales, unrealized appreciation on passive foreign investment companies and other temporary tax adjustments.

7. TRANSACTIONS WITH AFFILIATES

If a Fund’s holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the period ended December 31, 2011 with an “affiliated company” as so defined:

	Share Activity								Dividends		Gain (Loss) Realized on
	Balance 9/30/11		Purchases / Additions		Sales / Reductions		Balance 12/31/11		Credited to Income for the period ended 12/31/11		Sale of Shares for the period ended 12/31/11
Long/Short Fund
Silicon Graphics International Corp.		1,447,300		452,700		—		1,900,000	$	—	$	—
Micro Cap Fund
Goldwater Bank, N.A.		154,000		—		—		154,000	$	—	$	—
Small Cap Growth Fund
Knight Transportation, Inc.		4,139,457		81,658		—		4,221,115	$	248,367	$	—
NeurogesX, Inc. PIPE		3,882,558		—		—		3,882,558		—		—
Power Integrations, Inc.		1,731,197		—		—		1,731,197		86,560		—

8. 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 Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At December 31, 2011, the Funds held the following restricted securities:

	Security Type	Acquisition Date	Acquisition Cost		Fair Value		Value as % of Net Assets
Global Opportunities Fund
Cardica, Inc.	Warrants	9/25/09	$	5,000	$	35,600		0.02	%
Micro Cap Fund
Cardica, Inc.	Warrants	6/7/07	$	19,380	$	1,211		—
Cardica, Inc.	Warrants	9/25/09		40,312		287,025		0.10	%
Goldwater Bank, N.A.	Common Stock	2/28/07		1,540,000		14,784		0.01	%
NeurogesX, Inc.	Warrants	7/21/11		18,169		18,169		0.01	%
			$	1,617,861	$	321,189		0.12	%
Micro Cap Value Fund
Acetylon Pharmaceuticals, Inc., Series B	Preferred Stock	2/3/11	$	249,997	$	312,628		0.21	%
Cardica, Inc.	Warrants	6/7/07		9,302		581		—
Cardica, Inc.	Warrants	9/25/09		13,813		98,345		0.07	%
Goldwater Bank, N.A.	Common Stock	2/28/07		419,000		4,022		—
Idaho Trust Bancorp	Common Stock	8/30/06		500,004		170,557		0.12	%
NeurogesX, Inc.	Warrants	7/21/11		6,250		6,250		—
NeurogesX, Inc.	Warrants	12/28/07		3,800		—		—
			$	1,202,166	$	592,383		0.40	%
Small Cap Growth Fund
Angie’s List Inc. - Private Shares	Common Stock	9/3/10 - 3/15/11	$	7,254,248	$	11,102,685		0.78	%
Greenspring Global Partners II-B, L.P.	LP Interest	10/10/03 - 11/23/11		4,543,853		4,826,878		0.34	%
Greenspring Global Partners III-B, L.P.	LP Interest	3/16/06 - 10/28/11		1,335,000		1,497,374		0.10	%
Nanosys, Inc., Series D	Preferred Stock	11/8/05		2,000,000		776,271		0.05	%
Nanosys, Inc., Series E	Preferred Stock	8/13/10		184,939		184,939		0.01	%
NeurogesX, Inc.	Warrants	7/21/11		242,660		242,660		0.02	%
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		—		—
Zonare Medical Systems, Inc.	Common Stock	6/30/04		1,500,000		247		—
			$	17,467,237	$	18,631,054		1.30	%
Strategic Income Fund
Redcorp Ventures Ltd., 13.00%, 7/11/12	Corporate Bonds	7/5/07	$	155,755	$	3,939		0.01	%
Star Asia Finance Ltd.	Common Stock	2/22/07 - 3/19/10		305,812		266,785		0.80	%
Star Asia SPV, LLC	LLC Membership Interest	3/19/10		495,183		139,875		0.42	%
			$	956,750	$	410,599		1.23	%
Ultra Growth Fund
Cardica, Inc.	Warrants	9/25/09	$	20,625	$	146,850		0.10	%
Data Sciences International, Inc., Series B	Preferred Stock	1/20/06		475,001		807,502		0.57	%
Greenspring Global Partners II-B, L.P.	LP Interest	10/10/03 - 11/23/11		4,089,467		4,344,178		3.06	%
Greenspring Global Partners III-B, L.P.	LP Interest	3/16/06 - 10/28/11		1,335,000		1,497,374		1.05	%
Nanosys, Inc., Series D	Preferred Stock	11/8/05		500,001		194,068		0.14	%
Nanosys, Inc., Series E	Preferred Stock	8/13/10		46,235		46,235		0.03	%
NeurogesX, Inc.	Warrants	7/21/11		5,451		5,451		—
Ophthonix, Inc.	Common Stock	9/23/05		499,998		504		—
TherOx, Inc., Series I	Preferred Stock	7/7/05		1,000,000		75,610		0.05	%
Xtera Communications, Inc.	Common Stock	9/3/03		99,065		914		—
Zonare Medical Systems, Inc.	Common Stock	6/30/04		1,000,000		165		—
			$	9,070,843	$	7,118,851		5.00	%
World Innovators Fund
Cardica, Inc.	Warrants	9/25/09	$	8,937	$	63,635		0.07	%
Greenspring Global Partners II-B, L.P.	LP Interest	10/10/03 - 11/23/11		454,387		482,687		0.56	%
Xtera Communications, Inc.	Common Stock	9/3/03		7,076		65		—
			$	470,400	$	546,387		0.63	%

9. PURCHASE COMMITMENTS

In September 2003, the Small Cap Growth, Ultra Growth and World Innovators Funds entered into subscription agreements to acquire limited partnership interests in Greenspring Global Partners II-B, L.P. The remaining commitment amounts at December 31, 2011 were $400,000, $360,000 and $40,000, 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 Greenspring Global Partners III-B, L.P. The remaining commitment amounts at December 31, 2011 were $165,000 per Fund. Securities held by the Funds have been designated to meet these purchase commitments as indicated in the Schedules of Investments.

10. SECURITIES VALUATION

Equity securities (common and preferred stock) – 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. In some instances, particularly on foreign exchanges, an official close or evaluated price may be used if the pricing service is unable to provide the last trade or most recent bid price. To the extent that these securities are actively traded and valuation adjustments are not applied, they are categorized in level 1 of the fair value hierarchy (see Note 11). Additionally, a Fund’s investments are valued at fair value by the Pricing Committee if the Advisor determines that an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the Fund’s share price is calculated. Significant events include, but are not limited to the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Pricing Committee determines the fair value of affected securities by considering factors including, but not limited to: index options and futures traded subsequent to the close; American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or other related receipts; currency spot or forward markets that trade after pricing of the foreign exchange; other derivative securities traded after the close such as Standard & Poor’s Depositary Receipts (“SPDRs”) and other exchange traded funds (“ETFs”); and alternative market quotes on the affected securities. When applicable, the Funds use a systematic fair valuation model provided by an independent third party to assist in adjusting the valuation of foreign securities. When a Fund uses this fair value pricing method, the values assigned to the Fund’s foreign securities may not be the quoted or published prices of the investments on their primary markets or exchanges and the securities are categorized in level 2. These valuation procedures generally apply equally to long or short equity positions in a Fund. However, if there are no sales on the primary exchange or market on a given day for a short equity position, then the security is valued at the most recent ask price on the primary exchange or market as provided by a pricing service.

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

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

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

U.S. government issuers – Investments are priced using the closing bid as supplied by a commercial pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. Although most U.S. government bonds are categorized in level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as level 3.

Derivative instruments – Listed derivatives that are actively traded are valued based on quoted prices from the exchange and are categorized in level 1 of the fair value hierarchy. Exchange-traded options are valued at the last sale price in the market where they are principally traded. If there are no sales on the primary exchange or market on a given day, then the option is valued at the most recent bid price on the primary exchange or market as provided by a pricing service.

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

As of December 31, 2011, 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	—
Emerging India Fund	—
Emerging Markets Small Cap Fund	5.55	%
Global Opportunities Fund	0.02	%
Heritage Growth Fund	—
International Growth Fund	2.17	%
International Opportunities Fund	1.92	%
Large Cap Value Fund	—
Long/Short Fund	—
Micro Cap Fund	0.21	%
Micro Cap Value Fund	1.41	%
Small Cap Growth Fund	1.53	%
Small Cap Value Fund	—
Strategic Income Fund	0.45	%
Ultra Growth Fund	5.07	%
World Innovators Fund	0.64	%
Income Fund	0.49	%
U.S. Treasury Fund	—

11. FAIR VALUE MEASUREMENTS

The Funds use various methods to measure the fair value of most of their investments on a recurring basis. U.S. GAAP established a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

• Level 2 – Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. The inputs may include quoted prices for the identical investment on an inactive market, prices for similar investments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

• Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether a security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period.

The following is a summary of the fair valuations according to the inputs used as of December 31, 2011 in valuing the Funds’ assets and liabilities:

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 12/31/11
Core Growth Fund
Assets
Common Stocks		$	458,580,637	$	—	$	—	$	458,580,637
Preferred Stocks			4,019,914		—		—		4,019,914
Short-Term Investments			—		19,764,360		—		19,764,360
		$	462,600,551	$	19,764,360	$	—	$	482,364,911
Emerging India Fund
Assets
Common Stocks		$	8,578,179	$	—	$	—	$	8,578,179
		$	8,578,179	$	—	$	—	$	8,578,179
Emerging Markets Small Cap Fund
Assets
Common Stocks
	Auto Parts & Equipment	$	10,480,712	$	1,426,012	$	—	$	11,906,724
	Building Products		—		18,688,111		—		18,688,111
	Catalog Retail		—		5,007,893		—		5,007,893
	Computer & Electronics Retail		—		7,201,213		—		7,201,213
	Construction Materials		12,102,089		5,332,985		—		17,435,074
	Diversified Banks		37,050,135		9,219,210		—		46,269,345
	Hypermarkets & Super Centers		13,784,308		20,326,103		—		34,110,411
	Industrial Gases		—		4,840,352		—		4,840,352
	Internet Software & Services		2,574,879		9,947,717		—		12,522,596
	Marine Ports & Services		15,772,858		12,838,935		—		28,611,793
	Packaged Foods & Meats		26,841,295		5,004,272		—		31,845,567
	Pharmaceuticals		3,990,658		501,036		—		4,491,694
	Trading Companies & Distributors		13,091,120		5,578,264		—		18,669,384
	Other		507,255,798		—		—		507,255,798
Preferred Stocks			10,981,812		—		—		10,981,812
Short-Term Investments			—		107,203,583		—		107,203,583
		$	653,925,664	$	213,115,686	$	—	$	867,041,350

Global Opportunities Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods	$	4,295,373		$	1,264,173	$	—	$	5,559,546
	Catalog Retail		—			809,590		—		809,590
	Internet Software & Services		3,395,245			1,262,109		—		4,657,354
	Specialty Chemicals		106,557			526,845		—		633,402
	Other		157,528,937			—		—		157,528,937
Warrants			8,964			—		35,600		44,564
		$	165,335,076		$	3,862,717	$	35,600	$	169,233,393
Heritage Growth Fund
Assets
Common Stocks
Short-Term Investments		$	80,850,394		$	—	$	—	$	80,850,394
			—			3,424,938		—		3,424,938
		$	80,850,394		$	3,424,938	$	—	$	84,275,332
International Growth Fund
Assets
Common Stocks
	Catalog Retail	$	—		$	3,788,304	$	—	$	3,788,304
	Diversified Banks		3,331,951			3,329,787		—		6,661,738
	Electronic Components		—			2,843,055		—		2,843,055
	Food Retail		5,021,203			2,758,906		—		7,780,109
	Hypermarkets & Super Centers		—			3,068,501		—		3,068,501
	Industrial Gases		—			2,122,149		—		2,122,149
	Industrial Machinery		9,473,614			3,849,822		—		13,323,436
	Marine Ports & Services		1,941,593			4,840,531		—		6,782,124
	Specialty Chemicals		—			2,904,691		—		2,904,691
	Trading Companies & Distributors		4,025,480			1,398,814		—		5,424,294
	Other		213,926,678			—		—		213,926,678
Preferred Stocks
	Diversified Banks		1,377,306			85,167		—		1,462,473
	Other		1,536,330			—		—		1,536,330
		$	240,634,155		$	30,989,727	$	—	$	271,623,882
International Opportunities Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods	$	5,567,214		$	1,577,021	$	—	$	7,144,235
	Building Products		—			1,565,713		—		1,565,713
	Catalog Retail		—			1,646,938		—		1,646,938
	Commodity Chemicals		4,187,272			649,476		—		4,836,748
	Construction Materials		—			1,275,383		—		1,275,383
	Internet Software & Services		3,401,268			1,945,005		—		5,346,273
	Oil & Gas Refining & Marketing		—			856,913		—		856,913
	Specialty Chemicals		1,993,972			1,496,943		—		3,490,915
	Other		122,993,153			—		—		122,993,153
		$	138,142,879		$	11,013,392	$	—	$	149,156,271
Large Cap Value Fund
Assets
Common Stocks		$	1,608,193,957		$	—	$	—	$	1,608,193,957
Short-Term Investments			—			49,602,124		—		49,602,124
		$	1,608,193,957		$	49,602,124	$	—	$	1,657,796,081
Long/Short Fund
Assets
Common Stocks		$	775,911,901		$	—	$	—	$	775,911,901
Preferred Stocks			3,828,000			—		—		3,828,000
Short-Term Investments			—			211,795,603		—		211,795,603
		$	779,739,901		$	211,795,603	$	—	$	991,535,504
Liabilities
Equity Contracts		$	(7,722,636	)	$	—	$	—	$	(7,722,636	)
Securities Sold Short			(112,389,900	)		—		—		(112,389,900	)
		$	(120,112,536	)	$	—	$	—	$	(120,112,536	)

Micro Cap Fund
Assets
Common Stocks
	Biotechnology	$	5,163,948		$	247,093	$	—	$	5,411,041
	Specialized Finance		2,823,392			—		14,784		2,838,176
	Other		262,744,282			—		—		262,744,282
Preferred Stocks			2,190,184			—		—		2,190,184
Warrants			—			18,169		288,236		306,405
Short-Term Investments			—			4,141,628		—		4,141,628
		$	272,921,806		$	4,406,890	$	303,020	$	277,631,716
Micro Cap Value Fund
Assets
Common Stocks
	Biotechnology	$	—		$	85,000	$	—	$	85,000
	Commodity Chemicals		—			958,047		—		958,047
	Construction Materials		—			1,093,502		—		1,093,502
	Diversified Banks		1,638,264			—		170,557		1,808,821
	Restaurants		3,705,660			285,103		—		3,990,763
	Specialized Finance		2,870,100			—		4,022		2,874,122
	Trading Companies & Distributors		3,876,880			1,043,628		—		4,920,508
	Other		117,223,994			—		—		117,223,994
Preferred Stocks
	Pharmaceuticals		—			—		312,628		312,628
	Other		1,002,815			—		—		1,002,815
Limited Partnership Interest			93,750			—		—		93,750
Warrants			—			6,250		98,926		105,176
Short-Term Investments			—			9,822,442		—		9,822,442
Foreign Currency Exchange Contracts			—			155,346		—		155,346
		$	130,411,463		$	13,449,318	$	586,133	$	144,446,914
Liabilities
Equity Contracts		$	(212,070	)	$	—	$	—	$	(212,070	)
		$	(212,070	)	$	—	$	—	$	(212,070	)
Small Cap Growth Fund
Assets
Common Stocks
	Biotechnology	$	36,719,092		$	3,300,174	$	—	$	40,019,266
	Health Care Equipment		19,730,492			—		247		19,730,739
	Internet Software & Services		60,239,692			—		11,102,685		71,342,377
	Other		1,260,252,740			—		—		1,260,252,740
Preferred Stocks			—			—		961,210		961,210
Limited Partnership Interest			—			—		6,324,252		6,324,252
Warrants			—			242,660		—		242,660
Rights			—			—		—		—
Short-Term Investments			—			68,094,589		—		68,094,589
		$	1,376,942,016		$	71,637,423	$	18,388,394	$	1,466,967,833
Small Cap Value Fund
Assets
Common Stocks		$	177,068,015		$	—	$	—	$	177,068,015
Short-Term Investments			—			2,852,624		—		2,852,624
		$	177,068,015		$	2,852,624	$	—	$	179,920,639
Strategic Income Fund
Assets
Common Stocks
	Diversified REITs	$	—		$	266,785	$	—	$	266,785
	Other		24,244,186			—		—		24,244,186
Preferred Stocks			—			4,373		—		4,373
Limited Liability Company Membership Interest			1,242,279			—		139,875		1,382,154
Limited Partnership Interest			661,707			—		—		661,707
Corporate Bonds			—			—		3,939		3,939
Mutual Funds			251,628			—		—		251,628
Short-Term Investments			—			5,531,110		—		5,531,110
		$	26,399,800		$	5,802,268	$	143,814	$	32,345,882

Ultra Growth Fund
Assets
Common Stocks
	Biotechnology	$	4,775,279	$	74,128	$	—	$	4,849,407
	Health Care Equipment		7,561,274		—		165		7,561,439
	Internet Software & Services		8,723,178		—		914		8,724,092
	Personal Products		—		—		504		504
	Other		110,982,026		—		—		110,982,026
Preferred Stocks
	Biotechnology		—		—		240,303		240,303
	Health Care Technology		—		—		883,112		883,112
Limited Partnership Interest			—		—		5,841,552		5,841,552
Warrants			—		5,451		146,850		152,301
Short-Term Investments			—		3,034,268		—		3,034,268
		$	132,041,757	$	3,113,847	$	7,113,400	$	142,269,004
World Innovators Fund
Assets
Common Stocks
	Internet Software & Services	$	7,968,412	$	—	$	65	$	7,968,477
	Trading Companies & Distributors		796,343		708,962		—		1,505,305
	Other		64,711,148		—		—		64,711,148
Preferred Stocks			1,527,406		—		—		1,527,406
Limited Partnership Interest			—		—		482,687		482,687
Warrants			—		—		63,635		63,635
Equity Contracts			16,040		—		—		16,040
Short-Term Investments			—		9,038,632		—		9,038,632
		$	75,019,349	$	9,747,594	$	546,387	$	85,313,330
Wasatch-1st Source Income Fund
Assets
Asset Backed Securities		$	—	$	3,850,622	$	—	$	3,850,622
Collateralized Mortgage Obligations			—		31,352,630		—		31,352,630
Corporate Bonds			—		49,404,034		—		49,404,034
Municipal Bonds			—		1,925,212		—		1,925,212
Mutual Funds			720,138		—		—		720,138
Exchange Traded Funds			682,560		—		—		682,560
U.S. Government Agency Securities			—		30,367,262		686,591		31,053,853
U.S. Treasury Bonds			—		7,062,255		—		7,062,255
U.S. Treasury Inflation Protected Bonds			—		2,215,493		—		2,215,493
U.S. Treasury Notes			—		6,370,116		—		6,370,116
Preferred Stocks			1,178,200		—		—		1,178,200
Short-Term Investments			—		2,248,891		—		2,248,891
		$	2,580,898	$	134,796,515	$	686,591	$	138,064,004
U.S. Treasury Fund
Assets
U.S. Government Obligations		$	—	$	225,585,519	$	—	$	225,585,519
Short-Term Investments			—		2,242,300		—		2,242,300
		$	—	$	227,827,819	$	—	$	227,827,819

The valuation techniques used by the Funds to measure fair value for the period ended December 31, 2011 maximized the use of observable inputs and minimized the use of unobservable inputs.

There were significant transfers between level 1 and 2 due to fair valuation in certain foreign markets.

The following is a reconciliation of the fair valuations using significant unobservable inputs (level 3) for the Funds during the period ended December 31, 2011:

Fund	Market Value Beginning Balance 9/30/2011		Purchases at  Cost/ Sales (Proceeds)			Accrued Discounts (Premiums)			Realized Gain/(Loss)		Change in Unrealized Appreciation (Depreciation)			Transfers in at Market Value		Transfers out at Market Value		Market Value Ending Balance 12/31/2011		Net Change in Unrealized Appreciation (Depreciation) onInvestments Held at 12/31/2011
Global Opportunities Fund
Warrants	$	27,200	$	—		$	—		$	—	$	8,400		$	—	$	—	$	35,600	$	8,400
Micro Cap Fund
Common Stocks		55,440		—			—			—		(40,656	)		—		—		14,784		(40,656	)
Warrants		220,511		—			—			—		67,725			—		—		288,236		67,725
		275,951		—			—			—		27,069			—		—		303,020		27,069
Micro Cap Value Fund
Common Stocks		200,085		—			—			—		(25,506	)		—		—		174,579		(25,506	)
Preferred Stocks		249,997		—			—			—		62,631			—		—		312,628		62,631
Warrants		75,721		—			—			—		23,205			—		—		98,926		23,205
		525,803		—			—			—		60,330			—		—		586,133		60,330
Small Cap Growth Fund
Common Stocks		247		7,254,248			—			—		3,848,437			—		—		11,102,932		3,848,437
Preferred Stocks		8,424,480		(7,254,248	)		—			—		(209,022	)		—		—		961,210		—
Limited Partnership Interest		6,271,172		160,000			—			—		(106,920	)		—		—		6,324,252		(106,920	)
		14,695,899		160,000			—			—		3,532,495			—		—		18,388,394		3,741,517
Strategic Income Fund
Limited Liability Company Membership Interest		154,558		(14,683	)		—			—		—			—		—		139,875		—
Corporate Bonds		5,054		(2,885	)		—			680		1,090			—		—		3,939		(1,045	)
		159,612		(17,568	)					680		1,090			—		—		143,814		(1,045	)
Ultra Growth Fund
Common Stocks		1,583		—			—			—		—			—		—		1,583		—
Preferred Stocks		1,255,122		—			—			—		(131,707	)		—		—		1,123,415		(131,707	)
Limited Partnership Interest		5,786,902		150,000			—			—		(95,350	)		—		—		5,841,552		(95,350	)
Warrants		112,200		—			—			—		34,650			—		—		146,850		34,650
		7,155,807		150,000						—		(192,407	)		—		—		7,113,400		(192,407	)
World Innovators Fund
Common Stocks		65		—			—			—		—			—		—		65		—
Limited Partnership Interest		484,252		10,000			—			—		(11,565	)		—		—		482,687		(11,565	)
Warrants		48,620		—			—			—		15,015			—		—		63,635		15,015
		532,937		10,000			—			—		3,450			—		—		546,387		3,450
Wasatch-1st Source Income Fund
U.S. Government Agency Securities	$	674,288	$	—		$	(412	)	$	—	$	12,715		$	—	$	—	$	686,591	$	12,715

12. SUBSEQUENT EVENT

Wasatch Frontier Emerging Small Countries Fund, an additional series of the Trust, commenced operations on January 31, 2012.

On November 9, 2011, the Trust re-designated the shares of the Fund into Investor Class shares effective January 31, 2012, and authorized and designated a new Institutional Class of shares in the Funds. Currently there are only three funds offering Institutional Class shares: Wasatch Core Growth Fund, Wasatch Large Cap Value Fund and Wasatch Small Cap Value Fund, which commenced operations on January 31, 2012.

Other information regarding the Funds is available in the Funds’ most recent Prospectus and Report to Shareholders. This information is available on the Funds’ website at www.wasatchfunds.com and on the Securities and Exchange Commission’s website at www.sec.gov.

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 have materially affected, or are 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 TRUST
By:	/s/ Samuel S. Stewart, Jr.
	Samuel S. Stewart, Jr.
	President (principal executive officer) of Wasatch Funds Trust

Date:  February 17, 2012

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 Trust

Date:  February 17, 2012

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

Date:  February 17, 2012

EX-99.CERT

Certifications

I, Samuel S. Stewart, Jr., President of Wasatch Funds Trust, certify that:

1. I have reviewed this report on Form N-Q of Wasatch Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer 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 registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (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 17, 2012

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

I, Cindy B. Firestone, Treasurer of Wasatch Funds Trust, certify that:

1. I have reviewed this report on Form N-Q of Wasatch Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedule of investments included in this report, fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer 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 registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of trustees (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 17, 2012

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