Wasatch Funds Trust

2016 SEMI-ANNUAL REPORT
AND QUARTERLY COMMENTARIES
March 31, 2016
2016
WASATCH
FUNDS
EQUITY FUNDS / Wasatch Core Growth Fund • Wasatch Emerging India Fund • Wasatch Emerging Markets Select Fund • Wasatch Emerging Markets Small Cap Fund • Wasatch Frontier Emerging Small Countries Fund • Wasatch Global Opportunities Fund • Wasatch International Growth Fund • Wasatch International Opportunities Fund • Wasatch Large Cap Value Fund • Wasatch Long/Short Fund • Wasatch Micro Cap Fund • Wasatch Micro Cap Value Fund • Wasatch Small Cap Growth Fund • Wasatch Small Cap Value Fund • Wasatch Strategic Income Fund • Wasatch Ultra Growth Fund • Wasatch World Innovators Fund BOND FUNDS / Wasatch-1st Source Income Fund • Wasatch-Hoisington U.S. Treasury Fund •

Investors have been left to battle their emotions, waffling in their views as to whether the glass is half empty or half full. But for the economy as a whole, the level in the glass really hasn’t changed much. What does change is the tenor of the financial headlines, which can meaningfully influence investor psychology. I believe this is what accounted for the market reversal that began mid-quarter.

As we consider economies around the world, the big concerns recently have been the slowdown in China and the decline in commodity prices. For years, economists have worried that China’s development has been grossly unbalanced — even as the country’s economy has grown to be the world’s second-largest. Now, with economic growth slowing, China’s government is finding it necessary to work on developing a more balanced economy — one that will rely more on Chinese consumption and less on manufacturing goods to export to the rest of the world.

As the economy shifts, the decline in production of goods exported from China gives economists a new worry — that the flattening use of commodities in Chinese manufacturing will trigger turmoil in countries and industries that are dependent on Chinese demand for petroleum and metals.

But I think China and other emerging markets are simply going through the normal phases of economic development that many other countries, including the United States, experienced in the past. Along with these phases, there may be further adjustments in the Chinese yuan now that it will be pegged to a basket of currencies, rather than just to the U.S. dollar. However, I don’t expect to see a global crisis as the yuan and other emerging-market currencies reach new equilibriums.

Declining prices for commodities — particularly oil — also have some beneficial impacts. Consumers are receiving what is, in effect, a tax cut. So despite the often apocalyptic headlines, the real story of weak energy prices is that the winners vastly outnumber the losers.

In addition to the constructive overall effects of lower commodity prices, there were other favorable economic conditions in the United States that continued during the quarter. These conditions included the spread of information-age businesses and high-tech industries, still positive gross domestic product (GDP) growth, falling unemployment, modest wage increases, and the progress consumers have made in repairing their balance sheets since the GFC.

As I’ve already discussed, the economic story hasn’t changed much in the last several years. And stock markets throughout most developed countries have generally performed remarkably well during this period. The past year was an exception. The majority of indices across countries, sectors and industries were down for the 12 months ended March 31, 2016.

Similarly, the first quarter of 2016 started with powerful declines across most stock markets. But later in the quarter, stocks staged encouraging rebounds as commodity prices firmed, the U.S. Federal Reserve (Fed) backed off its rhetoric regarding future interest-rate increases, and investors regained their optimism.

The large-cap S&P 500^® Index rose 1.35% for the quarter. And the Russell 2000^® Index of small caps fell only -1.52%, after having been down almost -16%. As for international stocks, the MSCI World Ex-U.S.A. Index declined -1.95% for the quarter — which was much improved from an interim loss of over -12%.

Meanwhile, high-quality bonds moved up nicely. The intermediate-term Barclays Capital U.S. Aggregate Bond Index returned 3.03%. Similarly, the long-term Barclays U.S. 20+ Year Treasury Bond Index gained 8.49% for the quarter.

For stocks, an important concern is the possibility that the declines in the past year and early in the first quarter indicate the type of vulnerability we may see going forward. This concern is heightened because the low-single-digit annual GDP growth over the last several years hasn’t remotely kept pace with stocks, many of which have had annual returns approaching or exceeding double digits. Market observers frequently attribute the high stock prices we have seen to the unorthodox experiments in monetary policy by central banks around the world.

The classic role of central banks is to ensure that adequate liquidity exists in times of panic so the panic doesn’t feed on itself. The first round of quantitative easing during the height of the GFC was a prime example of this classic role. Subsequent easings by the U.S. Fed and other central banks have essentially been experiments in trying to stimulate economies that haven’t been in a state of panic. But the lackluster growth rates of economies around the world suggest that the intended improvement hasn’t been achieved.

So here we are with very modest global economic growth, seemingly excessive gains in stocks over the past several years and potentially flawed monetary policies around the world. Although this may sound like a prescription for flat — or possibly even falling — stock prices, I continue to be the “nervous bull” that I’ve been for quite a few years. In hindsight, I should have been a “raging bull” for most of that time. But while I don’t feel comfortable abandoning my caution now given the challenges described above, I have taken note of several favorable conditions — including the availability of some stocks at fairly reasonable valuations, the recent tightening of credit spreads between high-quality and lower-quality bonds of the same maturity, and the prevalence of stock yields that exceed 30-year Treasury bond yields. This last condition is particularly noteworthy because when you buy a stock, the dividend can rise. But when you buy a Treasury bond, the yield is fixed until maturity.

As discussed, especially in the short term (which may last for several years), investment returns can be influenced by factors that are more psychological than logical. This means that investors who chase the performance of stocks that have done well in the past may be ignoring valuations and may be missing opportunities in areas of the markets where company fundamentals are strong and valuations are more reasonable.

At Wasatch Advisors, we believe one of the best examples of negative psychology creating attractive valuations is the recent situation in emerging markets — where, in stark contrast to developed markets, stock returns have generally been uninspiring over the past five years. We think this has largely been due to fears regarding the economic slowdown in China, negative sentiment surrounding the commodities rout that tainted the entire emerging-market category, and currency movements — namely, strength in the U.S. dollar and weakness in emerging-market currencies.

Our outlook is that these conditions won’t persist. We believe well-chosen emerging-market companies will stand on their own merits and will decouple from the problems in China and the commodities complex. Therefore, we believe the stock prices of these companies have the potential to rise. Moreover, many of the companies in our emerging-market portfolios pay significant dividends. And for U.S. dollar-based investors, we think there’s strong potential for appreciation from currency adjustments.

Information in this report regarding market or economic trends, or the factors influencing historical or future performance, reflects the opinions of management as of the date of this report. These statements should not be relied upon for any other purpose. Past performance is no guarantee of future results, and there is no guarantee that the market forecasts discussed will be realized.

Someone who is “bullish” or “a bull” is optimistic with regard to the stock market’s prospects.

The financial crisis of 2007-09, also known as the Global Financial Crisis (GFC) and 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.

Gross domestic product (GDP) is a basic measure of a country’s economic performance, and is the market value of all final goods and services made within the borders of a country in a year.

A credit spread is the difference in yield between two bonds of similar maturity but different credit quality. For example, if the 10-year Treasury note is trading at a yield of 6% and a 10-year corporate bond is trading at a yield of 8%, the corporate bond is said to offer a spread over the Treasury of two percentage points.

Quantitative easing is a government monetary policy used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding financial institutions with capital in an effort to promote increased lending and liquidity.

Valuation is the process of determining the current worth of an asset or company.

The S&P 500 Index includes 500 of the United States’ largest stocks from a broad variety of industries. The Index is unmanaged, but is a commonly used measure of common stock total-return performance.

The MSCI World Ex-U.S.A. Index captures large and mid cap representation across 22 of 23 developed market countries — excluding the United States. With 1,004 constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

The Russell 2000 Index is an unmanaged total-return index of the smallest 2,000 companies in the Russell 3000 Index, as ranked by total market capitalization. The Russell 2000 is widely used in the industry to measure the performance of small-company stocks. Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell indices. Russell^® is a trademark of Russell Investment Group.

The Barclays Capital U.S. Aggregate Bond Index covers the U.S. investment grade fixed rate bond market, including government and corporate securities, agency mortgage pass-through securities, and asset-backed securities.

The Barclays U.S. 20+ Year Treasury Bond Index measures the performance of U.S. Treasury securities that have remaining maturities of 20 or more years.

The Wasatch Core Growth Fund is managed by a team of Wasatch portfolio managers led by JB Taylor and Paul Lambert.

LOGO

JB Taylor

Lead Portfolio Manager

LOGO

Paul Lambert Portfolio Manager

OVERVIEW

It was a volatile start to the quarter for small-cap stocks. Through the first week of February, the Russell 2000 Index and Russell 2000 Growth Index were down -16% and -19%, respectively.

For small-cap investors, the January Effect was conspicuously missing. Perhaps it was delayed to February, as both indices posted strong rallies to finish the quarter and erased most of their losses. As for reasons for the pivot in the quarter, market commentators have pointed to the U.S. Federal Reserve backing off its rhetoric of steady interest-rate increases, a reversal in the strong U.S. dollar, and a bottoming of commodity prices. At quarter’s end, the Russell 2000 finished with a modest decline of -1.52% and the Russell 2000 Growth declined -4.68%. The Wasatch Core Growth Fund — Investor Class was down -3.19%.

When parsing the quarter’s results, the strongest theme to emerge was the market’s changing appetite for higher-growth stocks. This was most apparent when looking at the indices by industry. The fastest-growing industries of the economy — technology services, health technology and health services — delivered the worst stock returns during the first quarter of 2016. In 2015, these were a few of the only industries to contribute positively to Index performance. Conversely, stocks from the non-energy materials, utilities, process industries and producer-manufacturing industries, produced the best returns in the quarter after underperforming for all of 2015.

DETAILS OF THE QUARTER

The Fund finished the quarter ahead of the Russell 2000 Growth but behind the Russell 2000. This is mostly explained by our large underweight in one high-growth industry, biotechnology, offset by our relatively large weight in another high-growth industry, technology services. Being underweight in biotech was positive for relative performance, especially versus the Russell 2000 Growth Index that had over two times our weight in biotechnology stocks.

Our decision to overweight technology-services stocks hurt us disproportionately in the quarter. Information-technology stocks were among our worst detractors in the first quarter. While biotech and technology services comprise companies with entirely different fundamental drivers, it appears technology stocks, and specifically the higher-growth companies within the sector, were thrown into the same basket as biotech stocks as the market appeared to have associated higher growth with higher risk.

The selloff in these higher-growth stocks isn’t surprising in that valuations were fairly expensive entering the quarter.

But it also seems that high-growth stocks have been painted with the same broad brush, irrespective of the underlying fundamentals or business-model differences.

We don’t see reasons to believe the recent rotation out of high-growth stocks will be long lived. To us, the shift appears to have been driven by changes in short-term sentiment, rather than by improving fundamentals for the average company. In contrast to the anemic growth provided by the broader economy, and revenue growth of just 3.7% for the average U.S. small cap company, our companies reported average revenue growth of 14.2% and average earnings growth of 20.9% during the quarter.

As of March 31st, high-growth companies were only about 20% of the Fund. We’re attracted to these companies because they stand out so sharply in a lower-growth economy. It’s in this group that we are currently seeing the most volatility but we are also seeing some of the greatest potential returns going forward.

The average return of the rest of the Fund, which is made up of our more stable, consistent growers was slightly positive for the quarter. Examples are companies that are steady compound growth stories like Waste Connections, Inc. and Copart, Inc. We have owned Waste Connections and Copart for over 12 and 19 years, respectively. Waste Connections grew revenues 1.5% in the quarter and Copart grew revenues 8.5%, but the stocks were up 15% and 7%, respectively, so there is evidence the Fund also benefited from the market’s pivot away from the highest-growth companies.

OUTLOOK

Through the market’s volatility, we remained steadfast in owning what we believe are the highest-quality growth businesses in the small-cap universe. In a macroeconomic environment where growth is scarce, we think outstanding growth will be disproportionately rewarded over the long term. Throughout our history, we have observed that the market occasionally goes through periods where it underestimates the ultimate earnings power of companies with high and sustainable earnings growth. Valuation resets like the one we saw during the quarter in biotechnology and technology create great opportunities for investors focused on the long term. When these high-growth companies are combined with a portfolio of our more stable growth companies, we believe the Core Growth Fund can continue to offer a portfolio that has better growth and quality metrics when compared to the indices, but with similar overall valuations.

Thank you for the opportunity to manage your very important assets.

Current and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
Core Growth (WGROX) — Investor		-0.34%		-6.24%		10.29%		6.25%
Core Growth (WIGRX) — Institutional		-0.28%		-6.17%		10.36%		6.28%
Russell 2000^® Index		2.02%		-9.76%		7.20%		5.26%
Russell 2000^® Growth Index		-0.57%		-11.84%		7.70%		6.00%

Data shows past performance, which is not indicative of future performance. Current performance may be lower or higher than the performance quoted. To obtain the most recent month-end performance data available, please visit www.WasatchFunds.com. The Advisor may absorb certain Fund expenses, without which total return would have been lower. Investment returns and principal value will fluctuate and shares, when redeemed, may be worth more or less than their original cost.

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Core Growth Fund are Investor Class: 1.17% / Institutional Class — Gross: 1.13%, Net: 1.05%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Wasatch Funds will deduct a 2.00% redemption proceeds fee on Fund shares held 60 days or less. Performance data does not reflect the deduction of fees, including sales charges, or the taxes you would pay on fund distributions or the redemption of fund shares. Fees and taxes, if reflected, would reduce the performance quoted. Wasatch does not charge any sales fees. For more complete information, including charges, risks and expenses, read the prospectus carefully.

Performance for the Institutional Class prior to 1/31/2012 is based on the performance of the Investor Class. Performance of the Fund’s Institutional Class prior to 1/31/2012 uses the actual expenses of the Fund’s Investor Class without any adjustments. For any such period of time, the performance of the Fund’s Institutional Class would have been substantially similar to, yet higher than, the performance of the Fund’s Investor Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Cimpress N.V.		3.4%
Waste Connections, Inc.		3.3%
Spirit Airlines, Inc.		3.0%
Allegiant Travel Co.		2.9%
ICON plc (Ireland)		2.8%


Company	% of Net Assets
Credit Acceptance Corp.		2.6%
Copart, Inc.		2.5%
MEDNAX, Inc.		2.5%
Cornerstone OnDemand, Inc.		2.4%
Ensign Group, Inc. (The)		2.4%

As of March 31, 2016, there were 67 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The Russell 2000 Index is an unmanaged total return index of the smallest 2,000 companies in the Russell 3000 Index, as ranked by total market capitalization. The Russell 2000 Index is widely regarded in the industry as accurately capturing the universe of small company stocks. The Russell 2000 Growth Index is an unmanaged total return index that measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. You cannot invest directly in these or any indices.

The Wasatch Emerging India Fund is managed by a team of Wasatch portfolio managers led by Ajay Krishnan and Matthew Dreith.

LOGO

Ajay Krishnan, CFA

Lead Portfolio Manager

LOGO

Matthew Dreith, CFA

Associate Portfolio Manager

OVERVIEW

The Wasatch Emerging India Fund — Investor Class declined -5.94% in what was a difficult first quarter for Indian equities. The Fund underperformed its benchmark, the MSCI India

Investable Market Index, which fell -3.73%.

Indian stocks declined during January and February, as concerns about the global economy and fears of higher U.S. interest rates weighed on emerging markets. Higher interest rates in the U.S. make the dollar more attractive to global investors, while lower rates increase the appeal of emerging-market currencies such as the Indian rupee. Although India’s stock market reversed course in March as the rupee firmed on signs that the U.S. Federal Reserve may hike rates more slowly than previously expected, major Indian averages ended the quarter in the red.

Stocks of large companies led the rebound in equities during the final month of the quarter. Top performers included India’s information-technology (IT) services companies that account for nearly 20% of the benchmark, but only around 5% of the Fund. The Fund’s underexposure to this top-performing industry group was a headwind to performance — as was our lack of investments in the energy sector, which also rose.

Besides IT and energy, the materials sector was the only other sector of the benchmark to finish the quarter with a gain. As improving investor sentiment lifted risk appetite, however, the materials stocks held in the Fund lagged the cyclical, more-speculative issues represented in the Index. Consequently, the materials sector was an additional source of underperformance for the Fund.

Increased scrutiny from U.S. and United Kingdom (U.K.) regulators in India negatively affected the health-care sector, which was the worst-performing sector of the Index and the Fund’s greatest source of underperformance in the first quarter. Likewise, stricter regulations from the Indian government with respect to non-performing loans sent Indian banking shares lower.

Considering the obstacles the Fund had to overcome, we think it performed reasonably well in what proved to be a weak and unusually volatile quarter for Indian stocks.

DETAILS OF THE QUARTER

Our greatest contributor to Fund performance for the quarter was Dr. Lal PathLabs Ltd. A recent addition the Fund, Dr. Lal Path is one of the largest chains of diagnostic pathology labs in India. The company has been benefiting from its trusted brand reputation and increased demand for

diagnostic testing, which is one of the fastest-growing segments of the Indian health-care market. As it continues to formalize the market by gaining share from unorganized, standalone competitors, we think Dr. Lal Path has the potential to become the dominant consumer brand in diagnostics in India and one of the top health-care service companies in emerging markets.

Bajaj Finance Ltd. is the lending arm of the Bajaj Group, a well-regarded Indian industrial house founded in 1926. Bajaj Finance is a non-bank financial company offering a broad spectrum of lending services, including vehicle loans, mortgage loans, consumer loans and commercial loans. Its greater focus on the consumer enabled the company to avoid much of the first-quarter fallout from tighter regulation of the lending industry that affected stocks of other Indian financials. As a result, Bajaj Finance was the Fund’s second-best contributor to performance for the quarter.

The pharmaceutical industry accounted for our three worst detractors from performance for the quarter: Marksans Pharma Ltd., Natco Pharma Ltd. and Caplin Point Laboratories Ltd., respectively.

Marksans markets its branded prescription and over-the-counter drugs both in India and internationally, with the U.K. accounting for approximately 40% of revenues. The company’s stock price tumbled in January on news that its manufacturing plant in Goa had failed a good manufacturing practice (GMP) inspection by the U.K. Medicines & Healthcare products Regulatory Agency (MHRA). In mid-March, however, Marksans announced that it had received a “Restricted GMP Certificate” that will allow the company to continue manufacturing and selling the majority of its products into U.K. markets until the MHRA’s next inspection. Shares of Natco and Caplin Point also fell as the U.S. Food and Drug Administration stepped up its regulatory activity in India.

OUTLOOK

Although the Fund’s overweight position in health care relative to the benchmark hurt performance in the first quarter, we don’t plan to reduce exposure to this important sector. As a developing economy broadens its focus beyond such mainstays as commodity production and other basic industries, health care becomes one of the next logical areas for growth.

Regulatory scrutiny is not new to the pharmaceutical industry, and exists everywhere in the world that drugs are manufactured for the U.S. and other developed markets. However, the stringency with which minor infractions are enforced tends to be cyclical, and we believe the industry appears to be at or near the peak of regulatory intensity in India.

Longer term, we believe structural trends remain favorable for India’s pharmaceutical industry. In particular, we think Indian companies’ substantial cost advantages are likely to drive further market-share gains as the companies continue to supply low-cost, high-quality medicine to the world.

Thank you for the opportunity to manage your assets.

Current

and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS	SINCE INCEPTION 4/26/11
Emerging India (WAINX) — Investor		-5.86%		-7.37%	N/A		7.96%
Emerging India (WIINX) — Institutional		-5.86%		-7.37%	N/A		7.96%
MSCI India IMI		-3.76%		-13.04%	N/A		-1.92%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Emerging India Fund are Investor Class — Gross: 1.87%, Net: 1.75% / Institutional Class — Gross: 1.75%, Net: 1.50%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Performance for the Institutional Class prior to 2/1/2016 is based on the performance of the Investor Class. Performance of the Fund’s Institutional Class prior to 2/1/2016 uses the actual expenses of the Fund’s Investor Class without any adjustments. For any such period of time, the performance of the Fund’s Institutional Class would have been substantially similar to, yet higher than, the performance of the Fund’s Investor Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as unstable currencies, highly volatile securities markets and political and social instability, which are described in more detail in the prospectus.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Dr. Lal PathLabs Ltd. (India)		4.0%
Bajaj Finance Ltd. (India)		4.0%
MakeMyTrip Ltd. (India)		3.4%
Berger Paints India Ltd. (India)		2.8%
Welspun India Ltd. (India)		2.8%


Company	% of Net Assets
Natco Pharma Ltd. (India)		2.6%
Glenmark Pharmaceuticals Ltd. (India)		2.6%
UPL Ltd. (India)		2.4%
Godrej Consumer Products Ltd. (India)		2.3%
Somany Ceramics Ltd. (India)		2.2%

As of March 31, 2016, there were 64 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. ‡Inception: April 26, 2011. The MSCI India IMI (Investable Market Index) is designed to measure the performance of the large-, mid- and small-cap segments of the Indian market. The Index covers approximately 99% of the free-float adjusted market capitalization of the Indian equity universe. You cannot invest directly in this or any index.

The Wasatch Emerging Markets Select Fund is managed by a team of Wasatch portfolio managers led by Ajay Krishnan, Roger Edgley and Scott Thomas.

LOGO

Ajay Krishnan, CFA

Lead Portfolio Manager

LOGO

Roger Edgley, CFA

Portfolio Manager

LOGO

Scott Thomas, CFA

Associate Portfolio
Manager

OVERVIEW

The Wasatch Emerging Markets Select Fund — Investor Class gained 2.13% in what was a positive first quarter for emerging-market equities. The Fund rose less than its benchmark, the MSCI Emerging Markets Index, which increased 5.71%.

After a weak start, investors’ appetite for risk returned during the latter part of the quarter on signs that the U.S. Federal Reserve may raise interest rates more slowly than previously expected. Lower interest rates in the U.S. enhance the appeal of emerging markets by making dollar-denominated investments less attractive to global investors.

As the rebound from early-quarter losses unfolded, investors appeared to seek exposure to the emerging-market asset class itself. Shares of the large companies held in exchange-traded funds and market indices led the advance, while mid-size and smaller companies lagged. Although the Fund invests in companies of all sizes, its holdings of lesser-known and less-widely followed companies generally hurt performance relative to the benchmark.

The energy and materials sectors were the quarter’s biggest gainers within the Index. Energy and materials companies tend to score poorly on our measures of financial quality because the capital-intensive nature of their businesses typically requires substantial amounts of debt. Consequently, in an environment in which energy and materials companies outperformed, our focus on companies with what we consider to be strong balance sheets and sustainable competitive advantages was an additional headwind for the Fund.

Of the significantly weighted countries in the Index, China declined the most, with India posting a somewhat smaller loss. Although our near-zero weighting in China provided a strong tailwind for the Fund, our significantly overweight position in India hurt. Considering the variety of obstacles the Fund had to overcome, we think it performed reasonably well in what was a volatile three months for world equity markets.

DETAILS OF THE QUARTER

The Fund’s greatest contributor to performance for the quarter was Raia Drogasil S.A., a Brazilian drug-store chain. The company recently completed its acquisition of 4Bio, Brazil’s second-largest specialty pharmacy. It also launched a

proprietary pharmacy-benefits manager focused on capturing demand from corporations and health-care operators to drive volume to its stores.

Universal Robina Corp. was our second-largest contributor. Universal Robina is the leading branded convenience-food and beverage company in the Philippines and a major player throughout Southeast Asia and greater China. Although revenue growth in the company’s most-recently reported quarter was unimpressive, investors cheered as widening margins, better cost controls and a series of one-time items boosted profits.

The health-care sector accounted for the four greatest detractors from Fund performance for the quarter. South Korea-based Medytox, Inc. develops injectable neurotoxins for cosmetic applications and for the treatment of muscular disorders. In what we view as normal fluctuation, the company’s share price declined approximately 10% in apparent sympathy with the Chinese stock market. As the Fund’s largest holding, however, Medytox was its greatest detractor from performance.

Stock prices of Indian pharmaceutical manufacturers fell as the U.S. Food and Drug Administration stepped up its regulatory activity in India and spooked investors. This group included the Fund’s three other large detractors in the health-care sector: Divi’s Laboratories Ltd., Lupin Ltd. and Glenmark Pharmaceuticals Ltd. Although the declines in these holdings caused the Fund’s Indian stocks to underperform as a group, we observed no structural changes in their businesses.

OUTLOOK

While the benchmark largely sidestepped first-quarter weakness in the health-care sector, the Fund felt its full impact. The second-most heavily weighted sector of the Fund, health care traditionally has been the smallest sector of the benchmark. During the first quarter, for example, health-care stocks represented only about 2.8% of the Index on average. Although this difference in weightings hurt performance relative to the Index during the period, we have no plans to reduce our exposure to a sector whose outlook we believe is among the brightest in emerging markets.

The aerospace-and-defense industry is another non-traditional area in which a new class of innovative Korean companies has begun to make inroads — both in the domestic Korean market and throughout the region. With aerospace-and-defense companies currently accounting for less than 1% of the benchmark, we have begun exploring this industry as a potentially rewarding theme for future investment.

Despite recent gains against the dollar, a number of emerging-market currencies remain undervalued in our view. We believe low energy prices are likely to provide an additional boost to emerging economies that are net importers of oil. While we remain cautious toward countries tied to the production of oil and other natural resources, we continue to favor countries such as India, Mexico and the Philippines. Our view toward China also remains cautious on structural concerns.

Thank you for the opportunity to manage your assets.

Current

and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*	1 YEAR		5 YEARS	SINCE INCEPTION 12/13/12
Emerging Markets Select (WAESX) — Investor	3.47%		-14.89%	N/A		-4.25%
Emerging Markets Select (WIESX) — Institutional	3.57%		-14.69%	N/A		-3.90%
MSCI Emerging Markets Index	6.41%		-12.03%	N/A		-4.17%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Emerging Markets Select Fund are Investor Class — Gross: 1.75%, Net: 1.51% / Institutional Class — Gross: 1.52%, Net: 1.21%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Promotora y Operadora de Infraestructura S.A.B. de C.V. (Mexico)		4.5%
Gentera S.A.B. de C.V. (Mexico)		4.5%
Medytox, Inc. (Korea)		4.4%
Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B (Mexico)		3.8%
Bajaj Finance Ltd. (India)		3.7%


Company	% of Net Assets
Grupo Financiero Interacciones S.A. de C.V., Class O (Mexico)		3.7%
Bangkok Dusit Medical Services Public Co. Ltd., Class F (Thailand)		3.6%
GT Capital Holdings, Inc. (Philippines)		3.6%
Universal Robina Corp. (Philippines)		3.5%
MercadoLibre, Inc. (Brazil)		3.4%

As of March 31, 2016, there were 39 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. ‡Inception: December 13, 2012. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index designed to measure the equity market performance of emerging markets. You cannot invest directly in this or any index.

The Wasatch Emerging Markets Small Cap Fund is managed by a team of Wasatch portfolio managers led by Roger Edgley, Andrey Kutuzov and Scott Thomas.

LOGO

Roger Edgley, CFA

Lead Portfolio Manager

LOGO

Andrey Kutuzov, CFA

Associate Portfolio
Manager

LOGO

Scott Thomas, CFA

Associate Portfolio
Manager

OVERVIEW

The Wasatch Emerging Markets Small Cap Fund ended the first quarter of 2016 with flat performance, while the benchmark, the MSCI Emerging Markets Small Cap Index, was up 0.97%.

From late 2015 into February 2016, the outlook for emerging markets was clouded by investor fears and short-term volatility. Stocks were hit hard globally, as concerns about China’s economy and its jittery currency multiplied.

During the quarter’s second half, signs that the U.S. Federal Reserve may raise interest rates more slowly than previously expected heartened investors. Lower interest rates in the U.S. enhance the appeal of emerging markets by making dollar-denominated investments less attractive to global investors who can invest elsewhere at higher rates.

In addition, we believe that most emerging-market currencies have seriously overshot in their weakness against the U.S. dollar. A reversal of this trend, which has lasted five years, may have already started. This would be positive for emerging-market investors because it would raise the value of their holdings when converted back into U.S. dollars.

DETAILS OF THE QUARTER

Taiwan is one of the Fund’s largest market weightings, at approximately 20%. Lately, we have been finding interesting companies in health care, the auto supply chain for electric vehicles, automation and robotics. Although the Fund’s holdings in Taiwan slightly underperformed those in the benchmark during the quarter, we remain confident in the long-run story here. Two of the Fund’s top contributors were from Taiwan: Tung Thih Electronic Co. Ltd., a manufacturer of automobile electronic components and parts; and Silergy Corp., which designs and manufactures a broad range of analog integrated circuits.

India is also a large weighting in the Fund at roughly 20%. In late 2015 and February 2016, we visited 77 companies in and around Mumbai, New Delhi, Bangalore and Kolkata. While we saw no obvious groundswell of economic activity, we found pockets of strength and a number of interesting companies with attractive fundamentals, based on our metrics. During the quarter, stock prices of Indian pharmaceutical

manufacturers fell as the U.S. Food and Drug Administration stepped up its regulatory activity in India. Fund holdings Marksans Pharma Ltd., Natco Pharma Ltd. and Glenmark Pharmaceuticals Ltd. all suffered. Looking ahead, we believe India’s substantial cost advantage is likely to drive further market-share gains for its pharmaceutical industry as it continues to supply low-cost, high-quality medicine to the world.

The Fund’s weight in China remains substantially below that of the benchmark, which aided relative performance during the quarter, despite the Fund’s holdings being down more. We believe the economic and market trends in China are poor and we see a very difficult environment for equities to do well.

In contrast, Mexico has a strong, emerging middle class and a growing economy. An influx of manufacturing once done in China has expanded Mexico’s export base and created well-paying jobs. Strong export demand from the U.S. helped make Mexico a source of positive performance during the period.

Performance has stabilized and even rebounded in some areas of the Brazilian stock market. We see this as part of a broader phenomenon of stocks in several emerging markets bouncing back after having been oversold. In Brazil, the Fund holds only three companies that we see as high quality. One of these is Raia Drogasil S.A., a Brazilian drug-store chain that was a top contributor for the quarter. The company recently completed an acquisition and launched a proprietary pharmacy-benefits manager.

OUTLOOK

Manufacturing was the driver of emerging-market growth in the last up cycle when China and its demand for commodities played a big role. If emerging markets are now starting a new up cycle, we think manufacturing, innovation and political reform will likely be the drivers.

We strongly believe that the fundamental case for investing in emerging markets has not changed and remains attractive. We have seen the macroeconomic environment becoming more supportive for emerging-market stocks. Emerging-market equities have outperformed developed-market equities since January. Asset flows into emerging markets improved in February and March following a very difficult 2015. More specifically for the Fund, the valuations of quality growth companies appear more attractive after last year’s selloff in emerging markets.

Despite recent gains against the U.S. dollar, our view is that a number of emerging-market currencies remain undervalued. We believe low energy prices are likely to provide an additional boost to emerging economies that are net importers of oil. While we remain cautious toward countries tied to the production of oil and other natural resources, we continue to favor countries such as India, Taiwan, Mexico and the Philippines. Our view toward China remains cautious due to structural concerns.

Thank you for the opportunity to manage your assets.

Current

and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		SINCE INCEPTION 10/1/07
Emerging Markets Small Cap (WAEMX) — Investor		1.27%		-9.69%		0.07%		2.71%
Emerging Markets Small Cap (WIEMX) — Institutional		1.27%		-9.69%		0.07%		2.71%
MSCI Emerging Markets Small Cap Index		4.28%		-9.20%		-2.56%		-0.51%
MSCI Emerging Markets Index		6.41%		-12.03%		-4.13%		-1.92%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Emerging Markets Small Cap Fund are Investor Class: 1.91% / Institutional Class — Gross: 1.82%, Net: 1.80%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		2.0%
Silergy Corp. (Taiwan)		1.9%
Raia Drogasil S.A. (Brazil)		1.9%
Poya Co. Ltd. (Taiwan)		1.9%
Voltronic Power Technology Corp. (Taiwan)		1.9%


Company	% of Net Assets
Security Bank Corp. (Philippines)		1.8%
Unifin Financiera SAPI de C.V. SOFOM (Mexico)		1.8%
Medytox, Inc. (Korea)		1.8%
Minor International Public Co. Ltd. (Thailand)		1.7%
Tung Thih Electronic Co. Ltd. (Taiwan)		1.7%

As of March 31, 2016, there were 108 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. ‡Inception: October 1, 2007. The MSCI Emerging Markets and Emerging Markets Small Cap indices are free float-adjusted market capitalization indices designed to measure the equity market performance of emerging markets. You cannot invest directly in these or any indices.

The Wasatch Frontier Emerging Small Countries Fund is managed by a team of Wasatch portfolio managers led by Laura Geritz and Jared Whatcott.

LOGO

Laura Geritz, CFA

Lead Portfolio Manager

Jared Whatcott, CFA

Associate Portfolio Manager

OVERVIEW

The Wasatch Frontier Emerging Small Countries Fund — Investor Class fell -2.57% for the quarter ended March 31, 2016 and underperformed the MSCI Frontier Emerging Markets Index (Frontier

Index), which gained 5.03%. Emerging markets experienced one of their best months on record in March, as evidenced by the 13.23% return of the MSCI Emerging Markets Index (Emerging Markets Index). In contrast, March was one of the worst months of performance for the Frontier Index relative to the Emerging Markets Index. Although heavyweights in the Frontier Index — Kuwait, Nigeria and Pakistan — managed small gains, what is more astonishing is that some of the stalwart countries — Argentina, Bangladesh and Sri Lanka — actually put up negative returns during what turned out to be a big rally.

Since the Fund is overweight in what we consider to be the real frontier countries (Vietnam, Bangladesh, Pakistan, Kenya and Sri Lanka) and substantially underweight in some of the emerging markets that rallied (the Philippines, Colombia and Peru), the performance discrepancy is pretty simple — we were sitting in the wrong countries during the rally and in some cases our stocks underperformed. While this was disappointing, it should not be startling — frontier markets usually lag emerging markets in rallies. If the rally continues, we would expect liquidity and fundamental improvement to support stocks in frontier markets. In essence, we would expect better days ahead for frontier markets relative to emerging markets.

DETAILS OF THE QUARTER

Frontier and emerging markets began the year with sharp declines. By late January, however, global markets had started rebounding, which continued throughout the quarter. The rally was largely confined to energy and materials companies that benefited from strengthening commodity prices. We do not believe, however, that the higher property and infrastructure spending in China, presumably among the primary drivers of the rebound in commodity prices, is likely to prove sustainable. As such, we do not expect to change our view of countries like Peru and Colombia, where materials and energy names make up roughly 40% and 34% of each country’s benchmark, respectively. So while the Fund took what we believe is a short-term hit relative to its benchmark due to lack of exposure to, and the underperformance of our holdings in, these often volatile sectors, we remain confident that by focusing on companies with

long-term competitive advantages and sustainable earnings and cash flows, our process will provide the potential to generate healthy long-term returns for shareholders.

In addition to Peru and Colombia, where we mostly lacked exposure to the rebounds in their equity markets, the Fund also suffered from heavy weightings in poor-performing countries like Nigeria and Sri Lanka where we own what we consider to be a stable of strong consumer brand companies including global brands like Nestlé, Unilever and Guinness.

Vietnam continued to be a source of strength for the Fund. The country is one of Southeast Asia’s fastest-growing economies and is a signatory to the Trans-Pacific Partnership, which is expected to continue to boost foreign investment in the country. The Fund’s second-largest overall contributor was Vietnam Dairy Products. The company continues to grow both its top and bottom lines by double digits by maintaining its dominant market position in the country.

The Fund’s gain in the consumer-discretionary sector was more than double that of the benchmark. This was primarily due to Kuwait Foods Americana, a leading restaurant company operating in the Middle East and North Africa.

The sector of the Fund that detracted the most was consumer staples. Our weighting in consumer staples, which was nearly eight times that of the benchmark, hurt even though our stocks were not down as much. Within the sector, the Fund holds a number of what we consider to be high-quality African and South Asian companies, including food, breweries and consumer brand companies. Although many of these holdings detracted from performance in the quarter, we believe they are still very well positioned for long-term success.

OUTLOOK

Our view is that the stocks of companies with sustainable earnings growth, strong cash-flow generation, dominant market positions, strong competitive advantages and excellent management teams have the best potential to be rewarded in the long run.

In the first quarter of 2016, we were on the road again visiting companies in Malaysia, Thailand, Mexico, Indonesia, the Philippines, Vietnam, the United Arab Emirates and Pakistan. In each of these markets, we continued to find companies that we believe are positioned to flourish for years to come. In particular, we spent a combined six weeks in Southeast Asia scouring the markets for companies that meet our rigorous investment standards.

The turbulence witnessed this past quarter is part and parcel of investing in frontier and emerging markets. Yet market volatility often belies the underlying stability of the companies we own. While some markets are struggling for growth, others have pushed forward reforms and are taking steps that we believe could prove beneficial to investors.

We remain grateful for your continued trust with your investment.

Current

and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS	SINCE INCEPTION 1/31/12
Frontier Emerging Small Countries (WAFMX) — Investor		-4.17%		-10.32%	N/A		7.62%
Frontier Emerging Small Countries (WIFMX) — Institutional		-3.80%		-9.98%	N/A		7.72%
MSCI Frontier Emerging Markets Index		2.25%		-12.07%	N/A		2.47%
MSCI Frontier Markets Index		-2.16%		-12.54%	N/A		5.27%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Frontier Emerging Small Countries Fund are Investor Class — Gross: 2.28%, Net: 2.25% / Institutional Class — Gross: 2.09%, Net: 2.05%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in frontier and emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

*Not

annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Vietnam Dairy Products JSC (Vietnam)		5.7%
Square Pharmaceuticals Ltd. (Bangladesh)		3.8%
East African Breweries Ltd. (Kenya)		3.2%
Tanzania Breweries Ltd. (Tanzania, United Republic of)		3.2%
Nestlé Nigeria plc (Nigeria)		2.3%


Company	% of Net Assets
Kuwait Foods Americana (Kuwait)		2.2%
PriceSmart, Inc. (Costa Rica)		2.0%
FPT Corp. (Vietnam)		1.9%
Universal Robina Corp. (Philippines)		1.8%
British American Tobacco Bangladesh Co. Ltd. (Bangladesh)		1.8%

As of March 31, 2016, there were 133 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. ‡Inception: January 31, 2012. The MSCI Frontier Emerging Markets and MSCI Frontier Markets indices are free float-adjusted market capitalization indices designed to measure the equity market performance of the global frontier and emerging markets. You cannot invest directly in these or any indices.

The Wasatch Global Opportunities Fund is managed by a team of Wasatch portfolio managers led by JB Taylor and Ajay Krishnan.

LOGO

JB Taylor

Lead Portfolio Manager

LOGO

Ajay Krishnan, CFA

Lead Portfolio Manager

OVERVIEW

The Wasatch Global Opportunities Fund — Investor Class declined
-5.33% during the first quarter of 2016. The Fund underperformed its benchmark, the MSCI All Country

(AC) World Small Cap Index, which gained 0.70%.

In January, investors’ nervousness intensified sending most stocks sharply lower. The downward spiral continued until mid-February, when stocks began a dramatic recovery. As a result, the benchmark’s modest increase masks much more significant volatility during the quarter.

Unfortunately, the specific nature of the decline and recovery didn’t favor the Fund relative to the benchmark. During the beginning of the quarter, growth-oriented stocks tended to suffer disproportionately, reflecting investors’ fears of a slowdown in China and potentially in developed markets as well. Then, as the markets recovered, investors’ ongoing caution meant that some growth-oriented industries — such as biotech and software — didn’t fully participate in the broader rally. This was particularly true in the U.S., where many of the slowest-growing companies actually performed the best in the stock market. Therefore, the Fund’s holdings in areas with high potential for growth, but with less-established businesses, lost ground on a relative basis even as economic conditions supported continued optimism for their future prospects.

DETAILS OF THE QUARTER

DIO Corp., based in South Korea, was the leading contributor to Fund performance during the quarter. DIO has developed a completely new procedure for dental implants that involves a 3-D scan of the patient’s jaw, relying more on technology than on the dentist’s skill. The procedure is a win-win for both dentists and patients. Dentists can see twice as many patients because of the procedure’s increased speed — while also charging 20% more. Patients benefit from much faster recovery times.

Another strong contributor to Fund performance was Seria Co. Ltd., which operates a chain of dollar stores (called 100-yen shops in Japan). The company continued to benefit from industry consolidation and a stronger yen, which has the effect of lowering the cost of many imported goods that are sold by Seria.

Additional contributors included a trio of U.S.-based industrials that were responsible for a substantial portion of our outperformance in the sector: Echo Global Logistics, Inc., Trex Co., Inc. and Spirit Airlines, Inc. In the case of Spirit, the airline had been taking advantage of sharply lower

fuel costs to improve margins and finance growth during the past two years. That growth orientation proved problematic, however, as customer complaints about reliability increased and other airlines, notably American, began competing aggressively on price to take share from Spirit. With a recent change in leadership at Spirit, the airline intends to pare growth to a more-manageable level of potentially 15% to 20% annually, while increasing expenditures to improve customer service. So far, investors have responded favorably.

Among detractors from the Fund’s performance, the most significant were several health-care companies including India’s Marksans Pharma Ltd. Based in Mumbai, Marksans markets its branded prescription and over-the-counter drugs in India and internationally, with the United Kingdom (U.K.) accounting for approximately 40% of revenues. The company’s stock tumbled in January on news that its manufacturing plant in Goa had failed a good manufacturing practice (GMP) inspection by the U.K. Medicines & Healthcare products Regulatory Agency (MHRA). In mid-March, the company announced that the U.K. regulator had issued a “Restricted GMP Certificate” that will allow Marksans to continue manufacturing and selling products considered critical for U.K. markets until the MHRA’s next inspection.

Two U.S.-based biotechs, Seattle Genetics, Inc. and Sangamo BioSciences, Inc., were also significant detractors. Both illustrate the general case of growth-oriented companies selling off during the beginning of the quarter and failing to fully participate in the recovery later in the quarter. We don’t see any company-specific problems, and we remain optimistic about future growth in these names and in the biotech industry.

OUTLOOK

During the first quarter, we trimmed our exposure to Japan — moving from a notable overweight to a near-neutral weight relative to the benchmark. In our view, corporate fundamentals for Japanese companies remain strong. However, we see the country’s risk profile as higher due to increased stock-price volatility and macroeconomic uncertainties.

Also, valuations have increased as other investors have come to recognize the opportunities in Japan. Based on how valuations have risen, we suspect we were early among institutional investors to opt for a substantially overweight position in Japan. Now, we think we’re in the first wave to reduce that exposure in favor of broad-based growth opportunities elsewhere. That said, we continue to hold key investments in Japanese companies.

As always, our analysis focuses heavily on firsthand research (including meetings with management teams), fundamental due diligence and attention to macroeconomic factors. Although the first quarter didn’t bring a significant rebound in the high-quality growth stocks favored by the Fund, we remain confident in our positioning for the future. In particular, we expect our companies’ quarter-end earnings results to be strong and have the potential to ultimately be reflected in their stock prices.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		SINCE INCEPTION 11/17/08
Global Opportunities (WAGOX) — Investor		3.39%		-5.99%		5.67%		16.94%
Global Opportunities (WIGOX) — Institutional		3.39%		-5.99%		5.67%		16.94%
MSCI AC World Small Cap Index		4.87%		-4.50%		5.39%		14.99%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Global Opportunities Fund are Investor Class: 1.56% / Institutional Class — Gross: 1.46%, Net: 1.35%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in small and micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Patrizia Immobilien AG (Germany)		3.2%
Unifin Financiera SAPI de C.V. SOFOM (Mexico)		2.3%
Cornerstone OnDemand, Inc.		2.2%
Rightmove plc (United Kingdom)		2.0%
Medytox, Inc. (Korea)		2.0%
Allegiant Travel Co.		2.0%


Company	% of Net Assets
Voltronic Power Technology Corp. (Taiwan)		2.0%
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		2.0%
Ultimate Software Group, Inc.		1.9%
Frutarom Industries Ltd. (Israel)		1.8%

As of March 31, 2016, there were 96 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. ‡Inception: November 17, 2008. The MSCI AC (All Country) World Small Cap Index is a free float-adjusted market capitalization index designed to measure the performance of small capitalization securities in developed and emerging markets. You cannot invest directly in this or any index.

The Wasatch International Growth Fund is managed by a team of Wasatch portfolio managers led by Roger Edgley, Ken Applegate, Linda Lasater and Kabir Goyal.

LOGO

Roger Edgley, CFA

Lead Portfolio Manager

LOGO

Ken Applegate, CFA

Portfolio Manager

OVERVIEW

Quality growth stocks did not have a strong start to 2016. Many stocks seemed to be reverting toward their historical average prices. For example, health care was the leading sector in the MSCI All Country (AC) World Ex-U.S.A. Small Cap Index in 2015, rising over 21%, and the performance of the Fund’s health-care stocks was even stronger. In the first quarter of 2016, health care was one of the worst-performing sectors in the Index, dropping

LOGO

Linda Lasater, CFA

Associate Portfolio

Manager

LOGO

Kabir Goyal, CFA

Associate Portfolio Manager

2%, and our stocks declined more. In addition to investors taking profits, the U.S. political arena and drug-pricing pressures have been negatively affecting the health-care sector globally. The Fund’s overweight position in the United Kingdom (U.K.) and the underperformance of our U.K. stocks also detracted from performance relative to the Index as concern over the country’s potential exit from the European Union (Brexit) dragged down stock prices.

The Wasatch International Growth Fund — Investor Class lost -2.78% in the first quarter of 2016 and underperformed the 0.68% return of its benchmark, the MSCI AC World Ex-U.S.A. Small Cap Index.

DETAILS OF THE QUARTER

Japanese stocks have been a great source of performance for the Fund in recent years. We have benefited relative to the Index from strong stock selection and a significantly overweight position in the country. More recently, we have identified a number of developments in Japan that are cause for concern and have led us to decrease our weight to a neutral stance versus the benchmark.

In particular, we reduced weights or exited some of 2015’s strongest-performing Japanese stocks such as online maintenance, repair and operations business MonotaRO Co. Ltd., real estate Internet portal Next Co. Ltd., retailer Ryohin Keikaku Co. Ltd. and payment-processing company GMO Payment Gateway, Inc. While the long-term fundamentals

of many Japanese companies continue to be positive, we believe today’s risk-reward tradeoff for the overall market is not as compelling.

We have used the proceeds from selling Japanese equities to fund purchases in a handful of emerging-market companies. While returns over the last five years for emerging markets have been uninspiring, we believe that selectively chosen emerging-market companies offer growth potential, reasonable valuations, attractive dividend payouts, and the chance to benefit from stabilizing commodity prices and from strengthening currencies.

We have focused our emerging-market investments in countries like Mexico where we added Grupo Aeroportuario del Centro Norte S.A.B. de C.V., an airport operator benefiting from increased travel, and Promotora y Operadora de Infraestructura S.A.B. de C.V., a leading infrastructure company. We also added GT Capital Holdings, Inc., operator of Toyota dealerships and a leading bank in the Philippines. In Taiwan, a strong source of small and innovative engineering companies, we increased our weight in Voltronic Power Technology Corp. and introduced Ennoconn Corp. to the Fund.

We slightly reduced our weight in the U.K., partly to fund our emerging-market purchases and partly due to uncertainty surrounding Brexit. While the odds remain against Brexit, if it were to be approved, there would be negative implications for the U.K. economy and markets. U.K. markets sold off indiscriminately during the quarter and our stocks were not immune. Our investment team will travel to Europe in May and the U.K. in June, which should provide a fresh perspective of company and market fundamentals.

In other portfolio moves, we sold our shares in Korean power plant maintenance service provider KEPCO Plant Service & Engineering Co. Ltd. What we had previously identified as delays in international projects, a key driver of growth for the company, have now become cancellations, a development we think is likely to persist. We also sold our shares in New Zealand software company Diligent Corp. after the company received an acquisition offer.

OUTLOOK

We have been observing several developments in global markets and are repositioning the Fund to potentially benefit from them. For example, in emerging markets we are starting to see more compelling risk/reward profiles for a number of countries. Although we currently have a neutral weight in emerging markets overall, we remain significantly underweight versus the benchmark in China. We are much more positive on investment opportunities in countries like Mexico, India and the Philippines.

We continue to focus our research efforts on deep due diligence and open debate with our Wasatch colleagues regarding our investment thesis for each company. The level of conviction we have in our portfolio companies remains extremely high.

We thank you for the opportunity to manage your assets.

Current

and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
International Growth (WAIGX) — Investor		5.38%		5.46%		8.20%		6.60%
International Growth (WIIGX) — Institutional		5.42%		5.49%		8.20%		6.60%
MSCI AC World Ex-U.S.A. Small Cap Index		6.00%		-0.60%		2.39%		3.88%
MSCI World Ex-U.S.A. Small Cap Index		6.46%		1.99%		3.84%		3.09%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch International Growth Fund are Investor Class: 1.50% / Institutional Class — Gross: 1.37%, Net: 1.35%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in foreign securities, especially in frontier and emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.

*Not	annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Domino’s Pizza Enterprises Ltd. (Australia)		3.7%
Patrizia Immobilien AG (Germany)		3.6%
Ai Holdings Corp. (Japan)		2.2%
Vitasoy International Holdings Ltd. (Hong Kong)		2.2%
Sartorius Stedim Biotech (France)		2.2%


Company	% of Net Assets
Rightmove plc (United Kingdom)		2.1%
Auto Trader Group plc (United Kingdom)		2.1%
Chr. Hansen Holding A/S (Denmark)		2.1%
Abcam plc (United Kingdom)		2.0%
Medytox, Inc. (Korea)		2.0%

As of March 31, 2016, there were 92 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The MSCI AC (All Country) World Ex-U.S.A. Small Cap Index is a free float-adjusted market capitalization index designed to measure the performance of small capitalization securities in developed markets, excluding the United States, and in emerging markets. The MSCI World Ex-U.S.A. Small Cap Index is a free float-adjusted market capitalization index designed to measure the performance of small capitalization securities in developed markets, excluding the United States. You cannot invest directly in these or any indices.

The Wasatch International Opportunities Fund is managed by a team of Wasatch portfolio managers led by Laura Geritz and Jared Whatcott.

LOGO

Laura Geritz, CFA

Lead Portfolio Manager

Jared Whatcott, CFA

Associate Portfolio Manager

OVERVIEW

The Wasatch International Opportunities Fund — Investor Class gained 2.14% during the first quarter of 2016 and continued to outperform its benchmark, the MSCI All Country (AC) World Ex-

U.S.A. Small Cap Index, which gained 0.68%.

Global markets were a bit unnerved coming out of the gate in the new year, first by numbers that pointed to slower economic growth in China, and then by the tripping of multiple circuit breakers on China’s main stock exchanges. In addition, investors grappled with uncertainty over whether the U.S. Federal Reserve would continue raising interest rates and whether the European Central Bank would continue lowering interest rates, and fears that the United Kingdom (U.K.) might leave the European Union.

Global markets rebounded strongly in the back half of the quarter mainly led by the energy and materials sectors, as commodity prices stabilized presumably due to higher property and infrastructure spending in China. And although the Fund trailed during the rally, it managed to end the quarter well ahead of the Index.

DETAILS OF THE QUARTER

The Fund’s outperformance of the Index came down to stock picking. We faced headwinds from emerging markets where the Fund continued to be overweight relative to the developed markets in the Index. Nevertheless, we want exposure to emerging markets because we believe these countries have tremendous headroom for growth. In addition, stocks with market caps under $1 billion like those in which the Fund invests generally continued to underperform those with market caps over that threshold. Despite these challenges, the Fund outperformed the developed- and emerging-market portions of the Index, as well as market-cap segments of over and under $1 billion. In short, Wasatch’s process of investing in companies that we consider to be high quality did not disappoint.

The main source of strength for the Fund’s performance relative to the Index was our Japanese stocks. Top contributors included Gurunavi, Inc., an Internet company; Dip Corp., an operator of online websites focused on part-time and seasonal jobs in Japan; and Seria Co. Ltd., the second largest “100-yen” discount retail chain in the country.

Our significant underweight of U.K. stocks contributed to results versus the Index, since the U.K. portion of the Index fell short of global returns over the first three months of the year.

Unlike previous quarters when our lack of exposure to Canadian energy and materials companies benefited the Fund, the rally in these volatile stocks over the last few weeks of the quarter meant that the Fund did not benefit from Canada’s strong performance. Likewise, even though it is a small part of the Index, our lack of exposure to South African materials stocks hurt.

Information technology was a top-contributing sector to performance during the quarter. In addition to the Japanese Internet names already mentioned, Logo Yazilim Sanayi Ve Ticaret AS, a Turkish software firm for small to medium-size enterprises, offered a significant boost to performance.

Australian online travel company Webjet Ltd. was the clear leader among our consumer-discretionary holdings. The company has profited from strong travel momentum aided by a cheaper Australian dollar, and its stock price has more than doubled in the last nine months.

The health-care sector was another sound contributor to the Fund’s performance. Despite poor performance by Lee’s Pharmaceutical Holdings Ltd., both Indonesian pharmaceutical company PT Kimia Farma (Persero) Tbk and United Arab Emirates hospital operator NMC Health plc helped produce a positive return in a sector that was down over 2% in the Index.

The industrials sector detracted the most from the Fund’s performance. Some of our portfolio companies in the air freight and logistics and transportation infrastructure industries struggled with economic headwinds.

OUTLOOK

As central bankers have reached for ways to squeeze growth out of the world’s economies, some have even embarked on a new experiment of negative interest rates. In a world stuck on a path of slowing growth and approaching what seems to be the limit of monetary-policy effectiveness, where do we go from here? Let us tell you where our team went. In the first three months of 2016, members of our team were on the road visiting companies in Malaysia, Thailand, Mexico, Indonesia, the Philippines, Vietnam, Singapore, the United Arab Emirates, Pakistan, India, Japan, Korea and China.

The point is that while the global economy may well be in uncharted waters, we have continued to find companies that we believe are high quality with the potential to flourish for years to come — companies that have strong balance sheets, solid cash flows, innovative management teams, and the ability to navigate the uncertainties that are, and will continue to be, part of the global landscape.

And while we don’t know exactly how economies will react to the current efforts of central bankers and politicians, or exactly where global markets are headed, we remain confident in the quality of our portfolio companies and are excited for the journey forward.

Thank you again for the opportunity to manage your assets.

Current

and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
International Opportunities (WAIOX) — Investor		9.34%		6.24%		8.27%		7.15%
International Opportunities (WIIOX) — Institutional		9.73%		6.61%		8.35%		7.19%
MSCI AC World Ex-U.S.A. Small Cap Index		6.00%		-0.60%		2.39%		3.88%
MSCI World Ex-U.S.A. Small Cap Index		6.46%		1.99%		3.84%		3.09%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch International Opportunities Fund are Investor Class: 2.23% / Institutional Class — Gross: 1.96%, Net: 1.95%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in foreign securities, especially in frontier and emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Investing in micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds.

*Not

annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Webjet Ltd. (Australia)		2.6%
Gurunavi, Inc. (Japan)		2.6%
Collins Foods Ltd. (Australia)		2.0%
Dip Corp. (Japan)		2.0%
Next Co. Ltd. (Japan)		1.9%


Company	% of Net Assets
Australian Pharmaceutical Industries Ltd. (Australia)		1.7%
Logo Yazilim Sanayi Ve Ticaret AS (Turkey)		1.7%
Voltronic Power Technology Corp. (Taiwan)		1.6%
Trade Me Group Ltd. (New Zealand)		1.6%
Sigma Pharmaceuticals Ltd. (Australia)		1.5%

**As

of March 31, 2016, there were 146 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The MSCI AC (All Country) World Ex-U.S.A. Small Cap Index is a free float-adjusted market capitalization index designed to measure the performance of small capitalization securities in developed markets, excluding the United States, and in emerging markets. The MSCI World Ex-U.S.A. Small Cap Index is a free float-adjusted market capitalization index designed to measure the performance of small capitalization securities in developed markets, excluding the United States. You cannot invest directly in these or any indices.

The Wasatch Large Cap Value Fund is managed by a team of Wasatch portfolio managers led by David Powers.

LOGO

David Powers, CFA

Lead Portfolio Manager

OVERVIEW

The Wasatch Large Cap Value Fund — Investor Class gained 1.95% while slightly outperforming the Russell 1000 Value Index, which returned 1.64% in the first quarter of 2016.

Entering 2016, investors were closely monitoring global growth and stability in the wake of ongoing weakness in prices for oil and other commodities. Nonetheless, markets were prepared overall for continued reasonable

growth in the economy, and for the U.S. Federal Reserve (Fed) to implement additional modest increases in short-term rates. However, the new year opened with data showing a contraction in China’s manufacturing sector, leading Chinese stock exchanges to hit their circuit breakers and dragging down stocks globally. In addition, crude oil prices slid to $30 a barrel as January progressed. Equities turned upward in mid-February and eventually recovered the ground lost aided by supportive central-bank policies globally and a rebound in oil prices to the $40 range.

Performance for the Fund was principally driven by stock selection rather than any thematic exposures. From a sector perspective, utilities, consumer staples and industrials were the main contributors to results relative to the benchmark. Stock selection within financials was the most significant detractor. Our health-care holdings also acted as a slight drag on the Fund’s return.

DETAILS OF THE QUARTER

Leading individual contributors to the Fund’s performance in the quarter included electrical-equipment and industrial-components manufacturer Eaton Corp. plc. Eaton’s results in the fourth quarter of 2015 exceeded expectations and were accompanied by improved forward guidance. Additionally, investors have taken a positive view of management’s ability to deal with an uncertain economy by managing costs and finding efficiencies. We continue to view the stock as relatively attractive from a valuation standpoint.

A position we initiated in the fourth quarter of 2015 in electric utility Exelon Corp. was also a significant contributor. Exelon is the leading U.S. operator of nuclear power plants. The company has seen its earnings and stock price suffer as low natural gas prices eroded its competitive position within the power-generation market. Exelon’s stock price benefited during the quarter as a proposed merger gained approval and energy prices came off of their recent lows. We have maintained the position as Exelon continues to trade at a valuation below that of the broader utilities group.

Retailer Macy’s, Inc. was another contributor, as its stock rebounded off of recent lows. The stock had struggled as the strengthening U.S. dollar led to lower international tourist traffic at its flagship Manhattan store. In addition, unseasonably warm winter weather took a toll on apparel and

accessory sales. More broadly, Macy’s has suffered along with other brick-and-mortar retailers from growing e-commerce competition. Our patience in continuing to hold the stock was rewarded in the quarter as Macy’s fourth quarter 2015 sales came in above expectations. We continue to hold the stock believing it remains reasonably valued given our outlook for the company.

On the downside, banking giant Citigroup, Inc. was the leading individual detractor. Global banks as a group lagged in the quarter, in part due to a scaled-back outlook for Fed rate hikes, as any rise in interest rates would stand to improve net interest margins for lenders. Additionally, Citi’s stock seemed to be punished for the bank’s relatively high exposure to emerging markets, given the flaring up of China concerns in January. We view the stock as having been oversold based on the market’s memory of the impact of emerging-market exposure during the last financial crisis.

Another leading detractor was financial-services provider Voya Financial, Inc. Pushed-back expectations for Fed action on interest rates negatively affected Voya’s stock. The company is also viewed as vulnerable to financial-market volatility due to annuity business it wrote in the mid-2000s, which was based on guaranteeing a certain return to retirement investors. We have reduced our position size due to the stock’s volatility, but view the company as undervalued given Voya’s high capital levels and the prospect of its annuity exposure rolling off over time.

Outside of financials, specialty pharmaceutical company Shire plc performed poorly, in part due to a selloff in the broader pharmaceutical space, but also due to uncertainties raised by a proposed acquisition. We view the stock as trading at a significant discount based on our growth projections for the company, and have maintained the position.

OUTLOOK

There appears to be enough forward momentum in the economy to support some further moderate upward progress for stocks, all else being equal. Given this outlook, we modestly increased the Fund’s exposure to cyclical companies in the wake of the global equity market selloff in early 2016, based on where we saw oversold valuations.

That said, we continue to believe that the current stock-market cycle is in its later stages. As a result, the Fund has a bias toward larger market capitalization companies positioned to weather a shift in sentiment. As always, we believe we have positioned the Fund with an overall emphasis on the inexpensive stocks of companies we consider to be high quality with strong balance sheets and higher-than-average dividend yields.

We believe the Fund is well-positioned for the longer term, and thank you for your continued investment.

Current

and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
Large Cap Value (FMIEX) — Investor		7.15%		-0.94%		5.62%		5.13%
Large Cap Value (WILCX) — Institutional		7.11%		-0.91%		5.71%		5.18%
Russell 1000^® Value Index		7.37%		-1.54%		10.25%		5.72%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Large Cap Value Fund are Investor Class — Gross: 1.12%, Net: 1.10% / Institutional Class — Gross: 1.44%, Net: 0.95%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investments in value stocks can perform differently from the market as a whole and from other types of stocks and can continue to be undervalued by the market for long periods of time. Loss of principal is a risk of investing.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Duke Energy Corp.		5.0%
General Electric Co.		4.8%
Cisco Systems, Inc.		4.2%
Johnson & Johnson		4.2%
JPMorgan Chase & Co.		4.1%


Company	% of Net Assets
Citigroup, Inc.		4.0%
Pfizer, Inc.		3.8%
Wells Fargo & Co.		3.8%
Procter & Gamble Co. (The)		3.8%
Wal-Mart Stores, Inc.		3.5%

As of March 31, 2016, there were 33 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The Russell 1000 Value Index measures the performance of Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values. You cannot invest directly in these or any indices.

The Wasatch Long/Short Fund is managed by a team of Wasatch portfolio managers led by Michael Shinnick and Terry Lally.

LOGO

Michael Shinnick

Lead Portfolio Manager

LOGO

Terry Lally, CFA

Portfolio Manager

OVERVIEW

As 2015 drew to a close, investors were closely monitoring global growth and stability conditions in the wake of ongoing price weakness for oil and other commodities. On

balance, however, markets were anticipating continued reasonable progress in the economy. Investors were also expecting the U.S. Federal Reserve (Fed) to continue implementing modest increases in short-term interest rates. These expectations were thwarted as data showing a contraction in China’s manufacturing sector led Chinese stock exchanges to plummet. Global equities quickly followed suit. In addition, crude-oil prices slid to $30 a barrel. Equities turned upward in mid-February and eventually recovered the ground lost, driven by the Fed signaling it would pause rate increases and by a rebound in oil prices to the $40 range.

For the quarter, the Wasatch Long/Short Fund — Investor Class gained 6.58%, significantly outperforming the 1.35% return of the S&P 500 Index. The Fund’s long positions were the source of outperformance relative to the Index, aided by a rebound in some longstanding energy-related holdings. In addition, our consumer-discretionary holdings performed well, buoyed by a stronger-than-expected holiday season. The short side of the Fund detracted from performance, with a single holding accounting for much of the weakness.

DETAILS OF THE QUARTER

A pair of longstanding positions in exploration and production (E&P) firms Bill Barrett Corp. and Denbury Resources, Inc. rose sharply in the quarter and were among the Fund’s top contributors to performance. Both stocks were supported by the rebound in energy prices. While the energy sector as a whole continues to operate against an uncertain backdrop, we believe the market is beginning to recognize companies, such as Bill Barrett and Denbury, with the financial wherewithal to weather commodity-price volatility.

Another leading contributor was luxury-apparel designer Michael Kors Holdings Ltd., whose shares benefited as the company posted strong operating results despite a challenging environment for retailers.

Finally, our overall positioning within financials added to performance versus the Index, as we had a lack of exposure to global banks, which suffered early in the quarter as the expected timetable for higher interest rates was delayed.

As always, we seek to benefit by shorting stocks we believe are trading at unsustainably high multiples. The top

contributor among our short positions for the quarter was specialty health-care company, Zeltiq Aesthetics, Inc.

Prescription drug benefits manager Express Scripts Holding Co. was the leading detractor among the Fund’s long positions. The company’s share price declined as a dispute with its largest client over pricing became public. We trimmed the position based on the uncertain near-term outlook for the stock.

Not all energy stocks participated in the rally and shares of Unit Corp. dropped notably in the quarter. Unit’s business is divided roughly equally between E&P and oil-field services. While the stock was hurt in the quarter by soft demand for oil-rig rentals, Unit’s balance sheet benefits from the company’s assets in the form of rig ownership, and we have maintained our exposure there.

Department-store chain JC Penney Co., Inc. was the leading detractor among the Fund’s short positions by a wide margin. The company’s shares rose on favorable same-store sales results for the fourth quarter of 2015, but JC Penney continues to lose money and faces daunting competition from both online retailers and traditional brick-and-mortar peers. Food-services provider Sysco Corp. also detracted on the short side of the Fund.

We re-entered Citigroup, Inc., shares of which dropped on heightened concerns over the outlook for banks in a world of persistently low interest rates and soft loan demand. In a similar vein, we added a position in PNC Financial Services Group, Inc. We also quickly re-established Apple, Inc. as our largest position following a period of weak performance, and were quickly rewarded as the stock rebounded.

OUTLOOK AND POSITIONING

The year 2015 was very challenging for the Long/Short Fund. Throughout this period and into 2016, we have continued to adhere to our valuation discipline. In the most-recent quarter, we began to see some unwinding of the market dislocations that provided such a headwind to the Fund’s performance last year. In broad terms, the performance of momentum- versus value-oriented stocks has shown signs of normalizing.

Within energy, investors appear more willing to make the effort to separate long-term winners from companies not as well-positioned to withstand a volatile pricing environment. We continue to believe that exposure to energy-related companies and others with tangible assets has the potential to be highly beneficial, given a global backdrop where central banks lack a clear path to addressing deflation.

We have asked for your patience as we manage through this unprecedented market cycle, and we thank you for your continued confidence in and investment with us. We remain excited about the opportunities we are seeing, and we feel confident that the Fund is well-positioned to over time play a valuable role in your portfolio.

Thank you for the opportunity to manage your assets.

Current

and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
Long/Short (FMLSX) — Investor		7.64%		-9.19%		1.34%		4.10%
Long/Short (WILSX) — Institutional		7.87%		-8.90%		1.45%		4.16%
S&P 500^® Index		8.49%		1.78%		11.58%		7.01%
Citigroup U.S. Domestic 3-Month Treasury Bills Index		0.07%		0.08%		0.06%		1.07%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Long/Short Fund are — Investor Class: 1.61% / Institutional Class — Gross: 1.47%, Net: 1.46%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. Expenses include dividend expense on short sales and interest expense. See the prospectus for additional information regarding Fund expenses.

Performance for the Institutional Class prior to 12/13/2012 is based on the performance of the Investor Class. Performance of the Fund’s Institutional Class prior to 12/13/2012 uses the actual expenses of the Fund’s Investor Class without any adjustments. For any such period of time, the performance of the Fund’s Institutional Class would have been substantially similar to, yet higher than, the performance of the Fund’s Investor Class, because the shares of both classes are invested in the same portfolio of securities, but the classes bear different expenses.

The Fund makes short sales of securities, which involve the risk that losses may exceed the original amount invested. Equity investing involves risks, including potential loss of the principal amount invested.

*Not	annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Apple, Inc.		4.2%
Iron Mountain, Inc.		4.0%
Cisco Systems, Inc.		3.9%
Oracle Corp.		3.8%
Macy’s, Inc.		3.4%


Company	% of Net Assets
Steel Dynamics, Inc.		3.4%
Bill Barrett Corp.		3.3%
QUALCOMM, Inc.		3.1%
United Continental Holdings, Inc.		3.1%
Mosaic Co. (The)		3.1%

As of March 31, 2016, there were 40 long and 16 short holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The S&P 500 Index includes 500 of the United States’ largest stocks from a broad variety of industries. The Index is unmanaged and is a commonly used measure of common stock total return performance. The Citigroup U.S. Domestic 3-Month Treasury Bills Index tracks the performance of U.S. Treasury bills with a remaining maturity of three months. U.S. Treasury bills, which are short-term loans to the U.S. government, are full-faith-and-credit obligations of the U.S. Treasury and are generally regarded as being free of any risk of default. You cannot invest directly in these or any indices.

The Wasatch Micro Cap Fund is managed by a team of Wasatch portfolio managers led by Dan Chace.

LOGO

Dan Chace, CFA

Lead Portfolio Manager

OVERVIEW

U.S. equities got off to a volatile start in the first quarter of 2016. The Wasatch Micro Cap Fund declined -5.03%, while its benchmark, the Russell Microcap Index fell -5.43%. Before rebounding from its February low, the Index had been down nearly 18% on the year. While positive U.S. economic data helped the large-cap averages eke out modest gains for the quarter, micro caps finished lower.

During market declines, the Fund has frequently outperformed its benchmark. That pattern continued, with the Fund holding up better than the Index in what was a weak quarter for micro caps.

DETAILS OF THE QUARTER

One of the primary reasons the Fund outperformed in the quarter was stock selection in the financials sector, especially banking. The Index’s financials holdings were down more than 3% while the Fund’s holdings were up close to 5%. Given the lackluster growth profile of many financial companies, we are significantly underweight in the sector relative to our benchmark.

The Fund’s outperformance in financials was led by the announced acquisition of Avenue Financial Holdings, Inc. by Pinnacle Financial Partners, Inc., two banks held in the Fund. Both banks operate in areas of Tennessee with favorable demographics and strong economic growth in the markets they serve. Because proceeds from the sale of Avenue will be paid primarily in Pinnacle stock rather than in cash, we liquidated our position in Pinnacle to maintain our desired weight in Avenue.

The consumer-discretionary sector was another area of outperformance attributable to stock selection and our overweight versus the benchmark. Our retail and restaurant holdings generally performed well, as gains in U.S. employment and wages have supported our investment thesis and provided a positive backdrop for consumer stocks.

During the quarter, we added LendingTree, Inc. and Trex Co., Inc. Both stocks were strong contributors to performance during the first quarter. LendingTree is a marketing channel for banks and other lenders to find borrowers. Although the stock was already well off its highs of 2015, it fell sharply in January and February on what we viewed as minimal negative news. After stepping up our research on the company, we began buying the stock in January. We bought Trex, a manufacturer of non-wood decking, after discussing its fundamentals and valuation with one of our Wasatch team members who knows the company well. Soon afterward, Trex announced strong quarterly earnings and the stock outperformed.

USA Technologies, Inc. was the Fund’s second-largest contributor to performance during the quarter. We first discovered this provider of cashless systems for vending

machines in June 2014 when its market cap was $66 million — small even by micro-cap standards. We established and added to our position later that year. Though we trimmed our position in USA Technologies late last year, recent performance has been solid in our view, and conversations with its customers have increased our confidence.

Notable areas of weakness in the market and the Fund were information technology and health care, two sectors where we are typically overweight versus the Index given their growth and innovation relative to other sectors. Software companies accounted for our two greatest detractors from performance for the quarter. SPS Commerce, Inc., a provider of software that helps retail suppliers manage their supply chains, posted disappointing earnings. We reduced our position on concerns that the company’s growth may be slowing. Tyler Technologies, Inc. provides software for state and municipal governments. Although Tyler’s quarterly earnings and full-year guidance for 2016 fell short of expectations, we remain excited about the company’s long-term prospects. Tyler is a leader in a very large market still in need of significant modernization.

Within health care, biotechnology companies Cempra, Inc. and Intra-Cellular Therapies, Inc. were two of the biggest detractors. Both companies have large market opportunities and drugs with reasonable likelihood of approval in our view. We consider biotechnology an important industry for growth-oriented micro-cap investors. Deep due diligence — led by a doctorate-level analyst with clinical research experience — helps us to identify biotech companies with a strong combination of science, management, and a clear plan for delivering products to market.

Volatility can provide opportunities to cull weaker holdings and free up cash for other investments. The nine positions we sold during the quarter consisted mainly of investments that failed to meet our growth expectations. We added 10 companies that we think have better prospects.

OUTLOOK

While optimism about the pace of U.S. economic growth has improved in recent weeks, the global economic environment is still quite unsettled. Our base scenario is that the U.S. economy is not headed into recession and that growth in key areas of the Fund — such as health care and technology — will persist. We also anticipate a modestly stronger U.S. consumer and pockets of growth globally.

As bottom-up investors, our goal is to discover and invest in micro-cap companies that have strong growth potential and are not dependent upon broader macroeconomic factors. While valuation is always an essential consideration in equity investing, we believe the current unpredictable environment makes assessing the fundamental momentum of a business more important than ever. While surprises will always occur, we are optimistic about the prospects for growth and profitability of the companies we hold in the Fund.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
Micro Cap		0.54%		-12.13%		5.98%		3.72%
Russell Microcap^® Index		-1.89%		-13.05%		6.61%		3.18%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Micro Cap Fund are 1.90%. The expense ratio shown elsewhere in this report may be different. See the prospectus for additional information regarding Fund expenses.

Investing in micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

*Not

annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
LGI Homes, Inc.		2.7%
CareTrust REIT, Inc.		2.5%
Avenue Financial Holdings, Inc.		2.5%
ICON plc (Ireland)		2.2%
Ensign Group, Inc. (The)		2.2%


Company	% of Net Assets
Ultimate Software Group, Inc.		2.2%
Superior Uniform Group, Inc.		1.9%
HealthEquity, Inc.		1.9%
MakeMyTrip Ltd. (India)		1.8%
ExamWorks Group, Inc.		1.8%

As of March 31, 2016, there were 94 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The Russell Microcap Index is an unmanaged total return index of the smallest 1,000 securities in the small-cap Russell 2000 Index along with the next smallest 1,000 companies, based on a ranking of all U.S. equities by market capitalization. The Russell 2000 Index is an unmanaged total return index of the smallest 2,000 companies in the Russell 3000 Index, as ranked by total market capitalization. You cannot invest directly in these or any indices.

The Wasatch Micro Cap Value Fund is managed by a team of Wasatch portfolio managers led by Brian Bythrow.

LOGO

Brian Bythrow, CFA

Lead Portfolio Manager

OVERVIEW

The Wasatch Micro Cap Value Fund lost -2.26% in what was a volatile period for U.S. equities. The Fund fell less than its benchmark, the Russell Microcap Index, which lost -5.43% in the first quarter of 2016.

Stocks began the quarter with a steep decline as concerns about global economic growth weighed on investor sentiment. Uncertainty about looming interest-rate hikes from the U.S.

Federal Reserve (Fed) also hung over the market. In an unusual and dramatic reversal, equities rallied strongly during the latter part of the quarter as investor fears abated.

Heavily weighted in small banks, the Microcap Index did not fare as well as many other indices. Because the loan revenues of banks are linked to long-term interest rates, bank stocks did not benefit as much from the more-accommodative outlook for interest rates that fueled much of the rebound in equities. Our underweight position in banks not only mitigated our relatively poor stock selection in the financials sector, it allowed us to invest more in other areas where our stock selection was beneficial.

With health care the worst-performing sector of the Index by far, our underweight position in the sector was a tailwind for the Fund. In addition, our health-care stocks held up better than those in the Index. As a result, health care was our greatest source of outperformance and a main reason the Fund declined less than its benchmark during the quarter.

DETAILS OF THE QUARTER

One of the strongest contributors to Fund performance for the quarter was John B. Sanfilippo & Son, Inc. (JBSS). The company distributes peanut and tree-nut products in the U.S. under the Fisher, Orchard Valley Harvest and other brand names. It also processes nut products for private-label retailers. JBSS is experiencing strong demand for its products and gaining market share in key segments of its business.

Specialty food-products distributor The Chefs’ Warehouse, Inc. was another top contributor. The company sells primarily to chefs who own or operate restaurants, catering services and fine-dining establishments. The Chefs’ Warehouse is beginning to reap the benefits of its recent acquisitions, as evidenced by increases in net sales and earnings per share.

The weak health-care sector accounted for eight of the Fund’s 10 largest detractors from performance during the first quarter. Our greatest detractor for the quarter was India’s Marksans Pharma Ltd. Based in Mumbai, Marksans markets its branded prescription and over-the-counter drugs in India and internationally, with the United Kingdom (U.K.) accounting for approximately 40% of revenues. Marksans’ stock tumbled in January on news that its manufacturing plant in Goa had failed a good manufacturing

practice (GMP) inspection by the U.K. Medicines & Healthcare products Regulatory Agency (MHRA). In mid-March, the company announced that the U.K. regulator had issued a “Restricted GMP Certificate” that will allow Marksans to continue manufacturing and selling products considered critical for U.K. markets until the MHRA’s next inspection.

Other significant detractors in health care included Universal Health International Group Holding Ltd. and Cempra, Inc. Universal Health sells pharmaceutical products in China through its retail chain and distribution centers. Cempra is a clinical-stage biopharmaceutical company that develops antibiotics. We sold Universal Health in response to deteriorating company fundamentals. Cempra and several of its peers in the Fund were sold on concerns about valuations in the biotechnology and pharmaceutical industries.

OUTLOOK

Just as concerns about tighter U.S. monetary policy and slower growth in China appeared to trigger the rapid retreat in equity prices at the quarter’s outset, the subsequent rebound unfolded nearly as swiftly on signs of Chinese stabilization and a less-aggressive path for U.S. interest rates. We sought to take advantage of the volatility by establishing new positions for the Fund in stocks that we believe had been beaten down excessively. In particular, we added several industrial companies that stand to benefit from looser Fed policy and from the weaker dollar that may follow. We also added to existing Fund positions in cyclical growth companies that we believe are well-positioned for a continuation of the low-interest-rate, muddle-through economy of the past several years.

We think recently stepped-up efforts by the world’s central bankers to depress long-term interest rates are likely to restrain bank earnings by holding down market interest rates for loans. Until the spread between short-term and long-term interest rates is allowed to normalize, we expect the Fund to remain underweighted in banks and for the industry to lag the broader market.

Despite our cautious outlook for banking overall, we continue to find a few micro-cap banks that we consider attractive. Our approach has been to seek reasonably priced, well-managed banks that are growing faster than the industry as a whole in metropolitan areas that are experiencing above-average population growth. We expect banks with these characteristics to either be rewarded with higher earnings multiples or to be acquired by competitors.

Our investment template for micro caps in general follows very much along the same lines. In keeping with the Fund’s value orientation, we look for reasonably priced or undervalued small companies with the potential for attractive growth. As the sales and earnings of these undiscovered growers increase, our experience has been that increased attention from investors has resulted in higher valuations for the stocks.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
Micro Cap Value		1.11%		-0.96%		9.30%		7.51%
Russell Microcap^® Index		-1.89%		-13.05%		6.61%		3.18%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Micro Cap Value Fund are Gross: 2.09%, Net: 2.03%. The expense ratio shown elsewhere in this report may be different. Expenses include direct expenses paid to the Advisor as well as indirect expenses incurred by the Fund as a result of its investments in other investment companies (each an “Acquired Fund”), before any expense reimbursements by the Advisor. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in micro cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investments in value stocks can perform differently from the market as a whole and from other types of stocks and can continue to be undervalued by the market for long periods of time. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Fabrinet		1.5%
LGI Homes, Inc.		1.3%
Ebix, Inc.		1.3%
Atlas Financial Holdings, Inc.		1.2%
Chefs’ Warehouse, Inc. (The)		1.2%


Company	% of Net Assets
Customers Bancorp, Inc.		1.2%
John B. Sanfilippo & Son, Inc.		1.2%
Turk Tuborg Bira ve Malt Sanayii A.S. (Turkey)		1.1%
NV5 Global, Inc.		1.1%
Perficient, Inc.		1.1%

As of March 31, 2016, there were 119 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The Russell Microcap Index is an unmanaged total return index of the smallest 1,000 securities in the small-cap Russell 2000 Index along with the next smallest 1,000 companies, based on a ranking of all U.S. equities by market capitalization. The Russell 2000 Index is an unmanaged total return index of the smallest 2,000 companies in the Russell 3000 Index, as ranked by total market capitalization. You cannot invest directly in these or any indices.

The Wasatch Small Cap Growth Fund is managed by a team of Wasatch portfolio managers led by JB Taylor and Jeff Cardon.

LOGO

JB Taylor

Lead Portfolio Manager

LOGO

Jeff Cardon, CFA

Portfolio Manager

OVERVIEW

Small-cap stocks got off to a volatile start in the first quarter of 2016. Through the first week of February, the Russell 2000 Growth and Russell 2000 indices were down -19% and -16%,

respectively. For small-cap investors, perhaps the January Effect was delayed to February, as both indices rallied strongly to finish the quarter and erased most of their losses. Market commentators have pointed to the U.S. Federal Reserve backing off its rhetoric of steady interest-rate increases, a reversal in the strong U.S. dollar, and a bottoming of commodity prices as reasons for the market’s pivot in the quarter. At quarter’s end, the Russell 2000 Growth declined -4.68% while the Russell 2000 finished down -1.52%. The Wasatch Small Cap Growth Fund — Investor Class fell -4.36%.

DETAILS OF THE QUARTER

The strongest theme to emerge when parsing the quarter’s results was the market’s changing appetite for higher-growth stocks. This was most apparent when looking at the indices by industry. The fastest-growing industries of the economy — technology services, health technology and health services — delivered the worst stock returns during the first quarter of 2016. In 2015, these were a few of the only industries to contribute positively to index performance. Conversely, stocks from the non-energy materials, utilities, process industries and producer manufacturing industries, produced the best returns in the quarter after underperforming for all of 2015.

The Fund finished the quarter with performance in line with the Russell 2000 Growth but behind the Russell 2000. This is mostly explained by our large underweight in one high-growth industry, biotechnology, offset by our relatively large weight in another high-growth industry, technology services. Being underweight in biotech was positive for relative performance, especially versus the Russell 2000 Growth Index that had nearly twice our weight in biotechnology stocks.

On the other hand, our decision to overweight technology-services stocks hurt us disproportionately in the quarter. Information-technology stocks were among the Fund’s worst detractors in the first quarter. While biotech and technology services comprise companies with entirely different fundamental drivers, it appears technology stocks, and specifically the higher-growth companies within the sector, were thrown into the same basket as biotech stocks as the market seems to have associated higher growth with higher risk.

The selloff in these higher-growth stocks isn’t surprising in that valuations were fairly expensive entering the quarter. In our view, high-growth stocks have been painted with the same broad brush, irrespective of the underlying fundamentals or business-model differences.

The recent rotation out of high-growth stocks appears to have been driven by changes in investor sentiment, rather than by improving fundamentals for the average company. We don’t see reasons to believe this shift will be long lived. We like investing in the small-cap space because there are over 2,200 companies to consider as we search for companies with outstanding growth prospects. In contrast to the anemic growth provided by the broader economy, and revenue growth of just 3.7% for the average U.S. small-cap company, our companies reported average revenue growth of 17.4% and average earnings growth of 17.7% during the quarter.

High-growth companies are only a portion of the high-quality growth portfolio we believe we have assembled. As of March 31st, about 40% of the Fund was positioned in higher-growth companies. We’re attracted to these companies because they stand out so sharply in a lower-growth economy. It’s in this group that we are currently seeing the most volatility but we are also seeing some of the greatest potential for returns.

The average return for the rest of the Fund, which is made up of our more stable, consistent growers, was slightly positive for the quarter. Examples of steady compound growth companies include Copart, Inc. and O’Reilly Automotive, Inc. We have owned Copart and O’Reilly for over 16 and 18 years, respectively. Copart grew revenues 8.5% and O’Reilly grew revenues 10.5% during the quarter, and the stocks were up 7% and 8%, respectively, so there is evidence the Fund also benefited from the market’s pivot away from the highest-growth companies.

OUTLOOK

We remain steadfast in owning what we believe are the highest-quality growth businesses in the small-cap universe. In a macroeconomic environment where growth is scarce, we think the stocks of companies with outstanding growth will be disproportionately rewarded over the long term. Throughout our history, we have observed that the market occasionally goes through periods where it underestimates the ultimate earnings power of companies with high and sustainable earnings growth. Valuation resets like the one we saw during the quarter in biotechnology and technology create great opportunities for investors focused on the long term. When higher-growth companies are combined with a portfolio of our more stable growth companies, we believe the Small Cap Growth Fund can continue to offer a portfolio that has better growth and quality metrics when compared to the indices, but with similar overall valuations.

Thank you for the opportunity to manage your assets.

Current

and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
Small Cap Growth (WAAEX) — Investor		1.51%		-11.59%		7.03%		6.10%
Small Cap Growth (WIAEX) — Institutional		1.51%		-11.59%		7.03%		6.10%
Russell 2000^® Growth Index		-0.57%		-11.84%		7.70%		6.00%
Russell 2000^® Index		2.02%		-9.76%		7.20%		5.26%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Small Cap Growth Fund — Investor Class: 1.22% / Institutional Class — Gross: 1.09%, Net: 1.05%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

*Not

annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Ultimate Software Group, Inc.		4.5%
Knight Transportation, Inc.		3.9%
Cornerstone OnDemand, Inc.		3.7%
Spirit Airlines, Inc.		2.5%
ExamWorks Group, Inc.		2.4%


Company	% of Net Assets
ICON plc (Ireland)		2.3%
Copart, Inc.		2.2%
Echo Global Logistics, Inc.		2.1%
Chefs’ Warehouse, Inc. (The)		2.1%
O’Reilly Automotive, Inc.		2.0%

As of March 31, 2016, there were 106 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The Russell 2000 Growth Index is an unmanaged total return index that measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index is an unmanaged total return index of the smallest 2,000 companies in the Russell 3000 Index, as ranked by total market capitalization. The Russell 2000 Index is widely regarded in the industry as accurately capturing the universe of small company stocks. You cannot invest directly in these or any indices.

The Wasatch Small Cap Value Fund is managed by a team of Wasatch portfolio managers led by Jim Larkins.

LOGO

Jim Larkins

Lead Portfolio Manager

OVERVIEW

Despite poor performance early in the quarter, small-cap value stocks staged a strong recovery and ultimately finished with a gain of 1.70%, as gauged by the Russell 2000 Value Index. While the broader asset class ended the quarter in positive territory, the Wasatch Small Cap Value Fund — Investor Class finished down -2.36%. This marks a reversal from 2015, during which we outpaced the benchmark

by a wide margin, as well as a departure from the Fund’s strength relative to the Index over the past five- and 10-year periods.

We believe the Fund’s underperformance in the first quarter was largely the result of short-term factors. During the quarter, we exited or reduced weights in holdings where we saw fundamental deterioration. One of the more notable aspects of the rally that occurred from mid-February onward was significant outperformance by the types of companies we consider to be low quality. For many of these stocks, we think they simply had been oversold.

DETAILS OF THE QUARTER

The Fund’s results relative to the Index were adversely affected by our overweight position in the health-care sector given that it was, by far, the worst-performing sector in the Index for the quarter. Our selection of health-care stocks further detracted from performance. With this said, an important element of our approach is our effort to capitalize on market inefficiencies by buying growth stocks when they fall into value territory. Such opportunities have presented themselves in the pharmaceuticals and biotechnology industries, and have resulted in our overweight positions in these groups. Marksans Pharma Ltd., a manufacturer of medications packaged in “soft gels,” saw its stock price fall sharply due to worries related to regulatory concerns in the United Kingdom as well as the acquisition of a new packaging facility in the United States. We believe these issues are transitory, but we are digging deeper — including a due-diligence visit to the new facility — to ensure that our investment thesis for Marksans remains intact. Clinical-stage pharmaceutical company Cempra, Inc. reported weaker-than-expected data on a key drug. The decline in Cempra’s stock price was amplified by the selloff in the overall sector. Believing the market overreacted to the news, we chose to maintain our position in Cempra.

The financials sector was another source of weakness for the Fund. Some banks that performed well for us last year, such as Customers Bancorp, Inc., pulled back in the first three months of 2016. After meeting with Customers’ management, we remain confident the company is on a path for growth and is likely to recognize value from a mobile banking platform it has been quietly developing for over two years. Asset-management firms Virtus Investment Partners,

Inc. and Artisan Partners Asset Management, Inc. also underperformed. We eliminated Virtus after the company lost a key portfolio manager. Together with other missteps, this led us to conclude that the turnaround we had been expecting has become less likely to materialize. We maintained the position in Artisan. We like Artisan’s platform and believe the company is poised to capitalize on growing investor interest in emerging markets. On the positive side, shares of Avenue Financial Holdings, Inc. rallied after a proposed acquisition by Pinnacle Financial Partners, Inc., another company held in the Fund.

Information technology was our top-contributing sector in the first quarter, thanks in part to the substantial contribution from Fabrinet. We believe the company is well-positioned to capitalize on the rapidly growing demand for next-generation optical network components via its “pick and shovel” business model. We see increasing upside potential for Fabrinet and added to our position. Ebix, Inc. also made a strong contribution to the Fund’s performance, as investors gained a better appreciation of the company’s ability to participate in the modernization of the insurance industry in the United Kingdom.

OUTLOOK AND POSITIONING

We believe the elevated volatility in the stock market over the past three months is a reflection of the constantly shifting outlook regarding economic growth and Federal Reserve policy. Although volatile conditions can be unnerving for investors, we view price swings as providing important longer-term opportunities. Throughout our lengthy tenure as managers of the Wasatch Small Cap Value Fund, we have sought to take advantage of market downturns by adding to positions in our favored companies. We believe we were able to do so in the quarter, when the Russell 2000 Value Index was down nearly 13% at its low. We added to our existing weighting in trucking-related stocks and initiated a new position. The U.S. government is implementing stricter limits next year for hours worked by truck drivers. It will also require trucking companies to switch from paper tracking logs to electronic logging devices to monitor compliance. The new methodology should reduce truckers’ ability to misrepresent data, a shift we expect to essentially remove capacity from the industry. We believe the new requirements, together with the continued health of the U.S. economy, will benefit larger, well-managed operators such as those in which the Fund invests.

Our willingness to buy undervalued companies on market weakness has held the Fund in good stead on a long-term basis, and we believe it will continue to do so in the months and years ahead.

Thank you for the opportunity to manage your assets.

Current

and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
Small Cap Value (WMCVX) — Investor		-0.86%		-9.79%		8.24%		5.02%
Small Cap Value (WICVX) — Institutional		-0.80%		-9.69%		8.37%		5.08%
Russell 2000^® Value Index		4.63%		-7.72%		6.67%		4.42%
Russell 2000^® Index		2.02%		-9.76%		7.20%		5.26%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Small Cap Value Fund are Investor Class: 1.21% / Institutional Class — Gross: 1.20%, Net: 1.05%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investments in value stocks can perform differently from the market as a whole and from other types of stocks and can continue to be undervalued by the market for long periods of time. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Fabrinet		4.8%
Ensign Group, Inc. (The)		3.2%
Spirit Airlines, Inc.		3.2%
Ebix, Inc.		3.0%
LGI Homes, Inc.		2.8%


Company	% of Net Assets
CareTrust REIT, Inc.		2.7%
HEICO Corp., Class A		2.6%
Allegiant Travel Co.		2.5%
Customers Bancorp, Inc.		2.3%
Arbor Realty Trust, Inc.		2.3%

**As

of March 31, 2016, there were 62 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The Russell 2000 Value Index measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2000 Index is an unmanaged total return index of the smallest 2,000 companies in the Russell 3000 Index, as ranked by total market capitalization. The Russell 2000 Index is widely regarded in the industry as accurately capturing the universe of small company stocks. You cannot invest directly in these or any indices.

The Wasatch Strategic Income Fund is managed by a team of Wasatch portfolio managers led by Sam Stewart.

LOGO

Samuel S. Stewart, Jr. PhD, CFA

Lead Portfolio Manager

QUARTERLY RESULTS

Disappointingly, the first quarter of 2016 saw the Wasatch Strategic Income Fund continue along the same rocky path it has been traveling on for the past year. The Fund ended the quarter with a gain of 0.55%, but fell short of its stock and bond benchmarks. The S&P 500 Index rose 1.35%, while the Barclays Capital U.S. Aggregate Bond Index increased 3.03%.

The continuation of this sub-par performance over the past year is

frustrating to me. It’s frustrating because I don’t have a good handle on the underlying drivers of the performance beyond the simplistic observation that the Fund has held too many weak stocks and not enough strong ones. There isn’t an obvious business reason to account for the declines in most of our weak stocks. On the other hand, many of these declining stocks are supported by yields that were high and closed the quarter even higher. This has been a theme for the past year. Many of our stocks continue to yield above 5% (including several higher than 10%), while most consumer savings alternatives provide yields close to zero. For that reason, these stocks should be in high demand from investors but, instead, they have continued to stagnate.

While the Fund’s performance did fall short of both benchmarks, in some ways the quarter was a victory as many mutual funds failed to earn a positive return for the quarter. Further, our heavy weighting in financials and the weak performance of the financials sector within the S&P 500 (-5.12%) made it feel like we were running against the wind. So, even the Fund’s small positive return felt like a minor win.

In assessing quarterly results, I like to call out stocks that have hit our performance by more than 0.50 of a percentage point. NorthStar Realty Finance Corp. was our biggest

detractor, despite announcing significant restructuring moves, a meaningful share buyback, a yield over 12% and a stock price discounted by 40% to net asset value (NAV). Go figure.

Colony Capital, Inc. was our second-worst detractor. During the quarter, the company announced an on-target quarter, a new fund, yielded almost 10% and also traded at a discount to NAV. Again, go figure.

The Fund’s top contributors included CBS Corp. and Medallion Financial Corp. Comcast Corp. was the third-best contributor. All of these companies had incrementally positive business developments. CBS had better-than-expected advertising revenues, while the sky continued to not fall on Medallion, so it continued paying its dividend, which provided an 11% yield. Comcast reported an on-target quarter.

During the quarter, we sold several companies including long-time holdings Two Harbors Investment Corp. and Evolution Petroleum Corp. The main reason for selling Two Harbors is that I have been paring back the Fund’s exposure to financials because I don’t fully understand why these

stocks have been punished so much. The company’s lines of business are not that different from the business lines of several of our other holdings so, to some extent, holding Two Harbors was duplicative. I sold Evolution as energy prices bounced because I preferred to have our energy exposure in larger and what I see as more stable companies — Suncor Energy, Inc. and Magellan Midstream Partners, L.P. We reversed course and sold Capitala Finance Corp. as its results have fallen short of our other business development company (BDC) holdings. We also exited TAL International Group, Inc. as prospects for container demand diminished as world trade continues to bump along the bottom.

Our new investments included FS Investment Corp., BlackRock Capital Investment Corp. and Hercules Capital, Inc. These holdings are BDCs that make loans to middle market companies. BDCs are attractive to us because banks have been forced to exit this market due to new, more stringent capital regulations. I also returned to CVS Health Corp., which is an old favorite consistent dividend grower.

ANNUAL RESULTS

The Fund’s annual performance was negative and fell short of its stock and bond benchmarks. Almost all of the shortfall can be chalked up to the horrendous quarter ended September 30, 2015, during which our holdings in financials took a severe beating. The combined performance during the other three quarters was much closer to the performance of our benchmarks. Considering the trailing three-year returns of the Fund and its benchmarks provides a longer-term perspective. I include these returns mostly to remind us that last year’s shortfall was a near inevitable response to the extraordinarily strong performance of the market from mid-2012 to mid-2015. For the trailing three years, the Fund returned 6.18% annually which, as is our goal, falls in the middle of our stock and bond benchmarks, although the return did fall a bit short of our high single-digit goal.

LOOKING FORWARD

While the past year proved to be a challenging time for the Fund, I remain confident that our strategy of owning companies that have the ability and willingness to pay a growing stream of dividends has the potential to be rewarding in the long run. I would also like to remind fellow shareholders that the bulk of my personal stock market holdings are invested alongside yours in the Fund. I appreciate your vote of confidence by continuing to own the Wasatch Strategic Income Fund as we navigate through these difficult times.

Current and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
Strategic Income		2.05%		-11.98%		8.28%		6.07%
S&P 500^® Index		8.49%		1.78%		11.58%		7.01%
Barclays Capital U.S. Aggregate Bond Index		2.44%		1.96%		3.78%		4.90%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Strategic Income Fund are 1.51%. The expense ratio shown elsewhere in this report may be different. Expenses include direct expenses paid to the Advisor as well as indirect expenses incurred by the Fund as a result of its investments in other investment companies (each an “Acquired Fund”), before any expense reimbursements by the Advisor. See the prospectus for additional information regarding Fund expenses.

The Fund has a concentration in the financials sector. Investing in concentrated funds can be more volatile and loss of principal could be greater than investing in more diversified funds. The financials sector can be significantly affected by various market factors, which are described in more detail in the prospectus.

With respect to the Fund’s assets invested in fixed income securities, you are subject, but not limited to, the same interest rate, inflation and credit risk associated with the underlying fixed-income securities owned by the Fund. Return of principal is not guaranteed. Investing in small cap funds will be more volatile and loss of principal could be greater than investing in large cap or more diversified funds. Investing in foreign securities, especially in emerging markets, entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Comcast Corp., Class A		6.2%
CBS Corp., Class B		5.0%
Magellan Midstream Partners L.P.		3.9%
MasterCard, Inc., Class A		3.8%
Visa, Inc., Class A		3.8%


Company	% of Net Assets
Suncor Energy, Inc. (Canada)		3.5%
Great Ajax Corp.		3.2%
Canadian National Railway Co. (Canada)		3.1%
KKR & Co. L.P.		3.0%
Blackstone Group L.P.		2.9%

**As

of March 31, 2016, there were 46 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The S&P 500 Index represents 500 of the United States’ largest stocks from a broad variety of industries. The Index is unmanaged and is a commonly used measure of common stock total return performance. The Barclays Capital U.S. Aggregate Bond Index covers the U.S. investment grade fixed rate bond market, including government and corporate securities, agency mortgage pass-through securities, and asset-backed securities. You cannot invest directly in these or any indices.

The Wasatch Ultra Growth Fund is managed by a team of Wasatch portfolio managers led by John Malooly.

LOGO

John Malooly, CFA

Lead Portfolio Manager

OVERVIEW

In a weak first quarter for small-capitalization U.S. growth stocks, the Wasatch Ultra Growth Fund lost -7.68%, underperforming its benchmark, the Russell 2000 Growth Index, which fell -4.68%.

Equity prices retreated during the beginning of the quarter on concerns about global economic growth and potentially higher U.S. interest rates. Growth stocks fell more than value

stocks, and stocks of small companies fared worse than those of larger companies as investors became more averse to risk. Caution persisted even as stocks rebounded during the latter part of the quarter, with small-company growth stocks continuing to underperform. The end result was that the Fund and its benchmark finished well behind the large-cap averages.

Investors’ waning appetite for risk during the quarter had an outsized effect on health-care and information-technology stocks. Both sectors have enjoyed outsized returns since the end of the Global Financial Crisis and entered the quarter at historically high valuations. Biotechnology stocks, an industry within the health-care sector, represented the extreme valuation example having outperformed the broader Index in 16 of the past 17 quarters. As risk aversion increased, health-care and technology stocks lost 18% and 4%, respectively. Biotech stocks fell even further, losing 32% for the quarter.

Against that backdrop, our above-benchmark weighting in technology — particularly in software companies — was a headwind for the Fund. Our health-care weighting was in line with the Index but our companies underperformed. As a result, the Fund underperformed its benchmark during the quarter.

Our substantial investments in health care and technology are the natural result of our focus on growth. Outside those sectors, the sluggish U.S. economy has produced fewer companies that meet our investment criteria. Our decision to own health-care and technology companies is based on what we believe to be a solid understanding of fundamentals, together with a long-term approach and a realistic assessment of the risks and potential rewards.

DETAILS OF THE QUARTER

Despite overall weakness in health care and technology, our holdings in those sectors reflected their upside potential as well. Our two strongest contributors to performance for the quarter were Argos Therapeutics, Inc., a health-care company, and PDF Solutions, Inc., a technology company.

Argos develops personalized immunotherapies based on its proprietary platform. The company’s lead product is currently in Phase-3 clinical trials for the treatment of a common form of kidney cancer. Argos also has a product in Phase-2 trials for the treatment of HIV. The company’s shares soared on optimism about its technology and its potential to treat a variety of other diseases.

PDF Solutions provides technologies to optimize the design and manufacture of integrated-circuit chips. After underperforming last year, PDF’s stock rebounded on firmer fundamentals and a more-attractive valuation from what we considered its depressed levels of 2015.

Health-care and technology stocks accounted for all of our biggest detractors from performance. The majority declined on little or no significant news while underlying fundamentals continued to improve.

SPS Commerce, Inc. provides cloud-based software for supply-chain management. The company’s shares tumbled in February after management reported disappointing earnings. SPS also reduced guidance for 2016 citing turnover in its sales force.

FleetMatics Group plc offers solutions to help service and distribution companies operate fleets of commercial vehicles and improve the productivity of their mobile workforces. In what we view as a temporary setback, the company reported that flagging demand from energy-related industries hurt its revenue growth.

OUTLOOK

During periods of market turbulence, we want to maintain our discipline and use gyrations in equity prices to the Fund’s advantage. With much of the recent volatility driven by sentiment and global uncertainty, we believe opportunities for company-focused stock-picking are likely to continue.

Biotech stocks, for example, present more than their fair share of opportunity and uncertainty for investors. At more than 9% of the Index, biotechnology is an important area for small-cap growth investors. Against a backdrop where the vast majority of biotechs lose money and the science is often complex and nuanced, sentiment and misinformation can drive short-term stock performance making biotech a challenging area in which to invest.

Our approach to biotech investing is the same process we use across the firm. We focus on deep due diligence — led by a doctorate-level analyst with clinical-research experience — in order to find those companies that we believe have the best science and a strong management team capable of delivering outsized growth. We maintain close contact with those management teams to ensure we know the primary endpoints of clinical trials, and more importantly to understand why these endpoints were selected. We then come to our own conclusions as to whether the available clinical evidence supports or creates doubt on the scientific thesis. We ignore the noise from Wall Street that can move stock prices for little or no reason in the short term. While not all biotechs will enjoy long-term success, we believe our process will help us identify enough of the successful ones to make our efforts worthwhile for the Fund.

This bottom-up, long-term approach has been in practice at Wasatch for over 40 years. We believe it will serve our investors well as we work to find what we consider to be the best growth companies in an uncertain world.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
Ultra Growth		0.22%		-11.41%		5.90%		4.03%
Russell 2000^® Growth Index		-0.57%		-11.84%		7.70%		6.00%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Ultra Growth Fund are 1.38%. The expense ratio shown elsewhere in this report may be different. Expenses include direct expenses paid to the Advisor as well as indirect expenses incurred by the Fund as a result of its investments in other investment companies (each an “Acquired Fund”), before any expense reimbursements by the Advisor. See the prospectus for additional information regarding Fund expenses.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Proto Labs, Inc.		3.1%
Greenspring Global Partners II-B, L.P.		2.9%
PDF Solutions, Inc.		2.6%
Ultimate Software Group, Inc.		2.6%
FleetMatics Group plc		2.4%


Company	% of Net Assets
Cornerstone OnDemand, Inc.		2.1%
Paylocity Holding Corp.		2.0%
Seattle Genetics, Inc.		1.9%
AtriCure, Inc.		1.9%
Sangamo BioSciences, Inc.		1.8%

As of March 31, 2016, there were 98 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The Russell 2000 Growth Index is an unmanaged total return index that measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000 Index is an unmanaged total return index of the smallest 2,000 companies in the Russell 3000 Index, as ranked by total market capitalization. You cannot invest directly in these or any indices.

The Wasatch World Innovators Fund is managed by a team of Wasatch portfolio managers led by Josh Stewart and Sam Stewart.

LOGO

Josh Stewart

Lead Portfolio Manager

LOGO

Samuel S. Stewart, Jr. PhD, CFA

Portfolio Manager

OVERVIEW

The “new normal” for global economies and equities is a quixotic mix of slower economic growth and higher stock prices. Perhaps not surprisingly, the new normal has resulted in greater anxiety and vola-

tility in equity markets. Despite finishing 0.30% higher at quarter-end, it was anything but smooth flying for our benchmark, the MSCI All Country World Investable Market Index.

Breaking our outperformance streak of four consecutive quarters, the Wasatch World Innovators Fund — Investor Class declined -3.03% and lagged the benchmark during the quarter ended March 31, 2016. The Fund did continue to maintain its spread of outperformance on an annual basis, however, returning 0.06% over the 12 months ended March 31st compared to a -4.36% decline for the benchmark.

We had become accustomed to the Fund outperforming in volatile markets over the previous 18 months. Indeed, the largest relative gain we made versus the benchmark in that period was during the air-pocket drop in the quarter ended September 30, 2015. For that reason, we were initially surprised to fall short of the benchmark in the choppy market during the quarter ended March 31, 2016.

Investigating beyond the headlines, we found that some secular trends — ones that had been consistently driving the markets over the past few years — reversed, at least temporarily. In the most recent quarter, stocks of companies with more debt tended to do better than those with less debt. Emerging-market assets and currencies outperformed those of developed countries. For example, Brazil — deep in recession and on the verge of impeaching its president — was home to the second-best-performing stock market in the Index.

DETAILS OF THE QUARTER

When vetting candidates for the Fund, we consider abstract characteristics such as interactions with management, the company’s stated strategy, and the “vibe” we get from visiting a store or factory. However, we believe we learn the true nature of a quality company from the story told by the numbers. We insist that our companies demonstrably take market share from competitors. We expect the management teams of our companies to invest in their products, services, brands and infrastructure in order to ensure and accelerate future market-share gains. Just as important, we refuse to overpay for growth.

To ensure we’re delivering on our mission, we look at some simple metrics each quarter to see how our companies compare to benchmark alternatives. These metrics include both the P/E (price-to-earnings) ratio and the EV (enterprise value)-to-EBITDA (earnings before interest, taxes, depreciation and amortization) ratio for the Fund and the benchmark. The Fund ended the quarter with a P/E ratio of 26 versus the benchmark’s ratio of 29. At the end of December, the ratios were 24 and 29, respectively. On an EV-to-EBITDA basis, the Fund’s valuation is more attractive at a ratio of 11 versus 14 for the benchmark. Both of these figures are virtually the same as the previous quarter, with our advantage mostly a reflection of the outstanding balance sheets of our portfolio companies.

During the quarter ended March 31st, we had one significant contributor and one large detractor. On the positive side of the ledger was Majestic Wine plc, a United Kingdom-based wine merchant that has reinforced its efforts to sell online and via business-to-business channels. The stock gained about 38% after the company reported holiday same-stores sales well above market expectations.

On the negative side of the ledger was video-game developer Activision Blizzard, Inc., which detracted from the Fund’s return due to poor timing on our part. Because we sold our entire position the day after the Index dropped to its low point in early February, we were unable to participate when the stock subsequently bounced back. We decided to sell our position in the stock following Activision’s large King Digital acquisition, which increases debt and is likely to disrupt day-to-day operations as Activision focuses on integration issues.

OUTLOOK

Global equities rallied back during the latter part of the quarter, which helped keep valuations above average. Meanwhile, statistical measures indicate that the economy remains stuck at low “new normal” levels. We think these are the reasons markets have been volatile and unable to break out of a range over the past 18 months.

When stock prices are high, investors tend to magnify the importance of each piece of political and economic news that hits the wires, producing zig-zagging charts. In 2015, we invested cautiously — valuing balance-sheet strength, stable cash flows and self-funded businesses over fast sales growth. That served us well.

Despite underperforming in the quarter ended March 31, 2016, we don’t think markets have changed all that much if we take a longer view — and the issue of pricey equities is certainly not resolved. Therefore, we’ll stick with the same cautious playbook, relying on our flexibility to go anywhere in the world in an effort to find reasonably priced stocks of long-term-focused innovators taking market share.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
World Innovators (WAGTX) — Investor		2.99%		0.06%		8.95%		6.45%
World Innovators (WIGTX) — Institutional		3.05%		0.12%		8.96%		6.46%
MSCI AC World IMI		5.22%		-4.36%		5.24%		4.26%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch World Innovators Fund are Investor Class: 1.76% / Institutional Class — Gross: 1.65%, Net: 1.55%. The expense ratio shown elsewhere in this report may be different. Net expenses are based on Fund expenses, net of waivers and reimbursements. See the prospectus for additional information regarding Fund expenses.

*	Not annualized.

TOP 10 EQUITY HOLDINGS**


Company	% of Net Assets
Photo-Me International plc (United Kingdom)		4.0%
Majestic Wine plc (United Kingdom)		3.9%
DiaSorin S.p.A. (Italy)		3.3%
Take-Two Interactive Software, Inc.		3.3%
Mekonomen AB (Sweden)		3.2%
Gamma Communications plc (United Kingdom)		2.8%


Company	% of Net Assets
Avon Rubber plc (United Kingdom)		2.8%
Advanced Medical Solutions Group plc (United Kingdom)		2.8%
Fenix Outdoor International AG (Sweden)		2.4%
Abcam plc (United Kingdom)		2.2%

As of March 31, 2016, there were 88 holdings in the Fund. Foreign currency contracts, written options and repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The MSCI AC World IMI (All Country World Investable Market Index) is designed to measure the equity market performance of large, mid, and small cap securities across developed and emerging markets throughout the world. You cannot invest directly in this or any index.

LOGO

Paul Gifford, CFA

Lead Portfolio Manager

LOGO

Erik Clapsaddle, CFA

Associate Portfolio Manager

OVERVIEW

The Wasatch-1st Source Income Fund returned 1.77% in the first quarter of 2016. The Barclays Capital U.S. Intermediate Government/Credit Bond Index, the Fund’s benchmark, gained 2.45%. The Federal

Reserve (Fed) made no changes to its federal-funds target rate (target rate) during the quarter, as it maintained a target rate of between 0.25% and 0.50%. As the Fed became more concerned with global risks, Fed Chair Janet Yellen indicated that the pace of rate increases would be somewhat slower than expected.

ECONOMIC ACTIVITY

Even though inflation has recently moved upward, the Fed has not been persuaded to move more rapidly in raising its target rate. In March, the personal consumption expenditures (PCE) core inflation rate for goods (excluding food and energy) increased 1.7% over the past year. Janet Yellen stated that the Fed feels comfortable with an inflation rate of plus or minus 1% from the 2% target inflation rate. Central banks around the world continue to do almost anything under the sun — in terms of quantitative easing and low-to-negative interest rates — to create inflation.

The most-recent unemployment rate came in at 4.9% (February 2016), which is close to what the Fed considers to be the current rate of full employment. The underemployment rate stands at 9.7%, which includes individuals who are employed part-time for economic reasons and those who have looked for work sometime in the past 12 months. The largest industries driving the multi-year decline in unemployment have been education and health, leisure and hospitality, and retail sales.

Despite an 11.5% year-over-year decline in corporate profits, the most-recent quarterly increase of 1.4% in gross domestic product (GDP) was greater than forecast, and was driven by personal consumption in health care and recreation. Consumer spending remains tepid, as the U.S. consumer has been saving more. The personal-saving rate in the U.S. reached a multi-year high of 5.4% in February.

INTEREST RATES

In the first quarter, the yield on the 10-year U.S. Treasury note declined from 2.27% to 1.77%, and the yield on the two-year U.S. Treasury note declined to 0.72%. We believe very low to negative interest rates in developed countries will continue to put a ceiling over U.S. Treasury yields. On March 31st, more than 10 nations had negative yields on their five-year sovereign debt.

Corporate bonds, whether investment grade or high yield (non-investment grade), performed exceptionally well in the first quarter. Corporate-bond spreads, the difference between

the yield on the corporate bond and the Treasury security with a comparable maturity, widened in late 2015 and into early 2016. In the latter half of the quarter, we saw assets flow into corporate bonds as they experienced strong performance relative to other fixed-income segments.

STRATEGY

As an aggregate bond portfolio with a cautious approach, the Fund maintains a duration that is significantly shorter than its benchmark, which leaves it less exposed to rising interest rates. At the end of the first quarter, the Fund’s effective duration was 2.92 years compared to the benchmark’s duration of 4.02 years — an 8% decrease in the Fund’s duration relative to the fourth quarter. Duration was driven lower by agency mortgage-backed securities as prepayment speeds increased. While we added duration in the Fund’s other fixed-income asset classes, duration in its agency-mortgage segment declined by approximately 15%. The Fund’s corporate-credit exposure declined slightly in the first quarter. We began adding corporates in early March as fixed-income spreads became undeniably attractive to us.

Though the Fund held 17.5% of its assets in bonds with a duration of five years or more at the start of the quarter, that percentage had fallen to 14.7% by quarter’s end. The core of the Fund is currently focused in durations of less than five years, with 98% of its positions having effective durations of less than seven years. As mortgage-prepayment speeds moderate, we expect the core of the Fund to be invested in fixed-income securities with durations of between two and four years.

To offset the interest-rate risk of bonds with longer maturities, we have overweighted the Fund in bonds with durations of less than three years. Shorter-duration bonds make up 55.2% of the portfolio — a three-percentage point increase from the previous quarter.

As of March 31, 2016, the Fund held 13.5% of its assets in credits rated BBB — down from 15.5% on December 31, 2015. Although the Fund’s credit-rating allocation was negatively affected by the decision of Standard & Poor’s on December 2, 2015 to lower the ratings of major banks by one notch, we still believe the largest domestic banks have created fortress balance sheets and are prepared for future capital requirements. We anticipate that we will continue to overweight credit in the Fund and buy where we believe there is opportunity for credit spreads to tighten — or where holding unsystematic credit risk has the potential to provide a sizable pickup in yield.

Thank you for the opportunity to manage your assets.

A credit rating is an assessment of the credit worthiness of individuals and corporations. It is based upon the history of borrowing and repayment, as well as the availability of assets and extent of liabilities. Ratings are issued by S&P or Moody’s and typically range from AAA (highest) to D (lowest). The credit quality of the investments in the Fund’s portfolio does not apply to the safety or stability of the Fund. Ratings and portfolio credit quality may change over time. Unrated securities do not necessarily indicate low quality. The Fund itself has not been rated by an independent rating agency. For information on the rating agency’s methodology visit: http://www.standardandpoors.com/home/en/us and http://www.moodys.com.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
Income		1.27%		1.48%		2.03%		3.35%
Barclays Capital U.S. Intermediate Government/Credit Bond Index		1.74%		2.06%		3.01%		4.34%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch-1st Source Income Fund are 0.73%. The expense ratio shown elsewhere in this report may be different. Expenses include direct expenses paid to the Advisor as well as indirect expenses incurred by the Fund as a result of its investments in other investment companies (each an “Acquired Fund”). See the prospectus for additional information regarding Fund expenses.

Investments in fixed income funds are subject to the same interest rate, inflation, credit and other risks associated with the underlying bonds. Return of principal is not guaranteed.

*	Not annualized.

TOP 10 FIXED INCOME HOLDINGS**


Holding	Maturity Date		% of Net Assets
U.S. Treasury Note, 3.625%		8/15/19		4.2%
U.S. Treasury Note, 3.250%		12/31/16		3.0%
Federal Farm Credit Banks, 2.290%		4/14/22		1.9%
Morgan Stanley, MTN, 5.500%		7/24/20		1.8%
U.S. Treasury Note, 3.125%		5/15/21		1.8%
U.S. Treasury Note, 3.625%		2/15/20		1.5%


Holding	Maturity Date		% of Net Assets
Citibank Credit Card Issuance Trust, Series 2007-A8, Class A8, 5.650%		9/20/19		1.5%
BB&T Corp., MTN, 2.150%		3/22/17		1.4%
Federal Home Loan Mortgage Corp., 2.500%		5/27/16		1.4%
Federal Farm Credit Banks, 1.970%		4/21/21		1.4%

As of March 31, 2016, there were 148 holdings in the Fund. Repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The Barclays Capital U.S. Intermediate Government/Credit Bond Index is an unmanaged index considered representative of the performance of government and corporate bonds with maturities of less than 10 years. You cannot invest directly in this or any index.

The Wasatch-Hoisington U.S. Treasury Fund is sub-advised by Hoisington Investment Management Company. Van Hoisington is the lead portfolio manager. Van R. Hoisington, Jr. and David Hoisington are portfolio managers.

LOGO

Van Hoisington

Lead Portfolio Manager

OVERVIEW

A second consecutive quarter of tepid economic activity and minimal inflation led to a strong rally in the long end of the U.S. Treasury bond market (bonds with maturities longer than 20 years) in the first calendar quarter of 2016. This more than offset weak performance in long Treasury bonds in the final calendar quarter of 2015, resulting in an excellent return for the Wasatch-Hoisington U.S. Treasury Fund in the

six months ended March 31, 2016. In the first quarter of 2016, retail spending was subdued and capital spending contracted. The trade deficit widened and inventory investment was reduced. Average employment gains in the first quarter were considerably lower than in 2015 and 2014. In its March 2016 meeting, the Federal Open Market Committee lowered nominal and inflation projections for 2016 and 2017, confirming that thus far in 2016 the economy has been much weaker than expected.

DETAILS OF THE PERIOD

The 30-year Treasury bond yield closed the six-month period at 2.61%, down from 3.02% on December 31, 2015 and 2.85% on September 30, 2015. For the last three months, the Fund advanced 9.18%, versus a 3.03% increase for its benchmark, the Barclays Capital U.S. Aggregate Bond Index. For the past six months, the Fund returned 7.16% while the Index returned 2.44%. In addition, the Fund maintained its substantial outperformance over the Index for the five- and 10-year periods ended March 31, 2016.

OUTLOOK FOR THE YEAR

The striking aspect of the U.S. economy’s 2015 performance was weaker economic growth coinciding with a massive advance in nonfinancial debt. Nominal gross domestic product (GDP), the broadest and most reliable indicator of economic performance, rose $549 billion in 2015 while U.S. nonfinancial debt surged $1.912 trillion. Accordingly, nonfinancial debt rose 3.5 times faster than GDP last year. This means that we can expect continued subpar growth for the U.S. economy.

The ratio of nonfinancial debt to GDP rose to a record year-end level of 248.6%, up from the previous record set in 2009 of 245.5%, and well above the average of 167.5% since the series originated in 1952. During the four and a half decades prior to 2000, it took about $1.70 of debt to generate $1.00 of GDP. Since 2000, however, when the nonfinancial debt-to-GDP ratio reached deleterious levels, it has taken on average $3.30 of debt to generate $1.00 of GDP. This suggests that the type and efficiency of the new debt is increasingly nonproductive.

Most significant for future economic growth, however, is that the additional layer of debt in 2015 is a liability going forward since debt is always a shift from future spending to the present. The negative impact, historically, has occurred more swiftly and more seriously when economies were extremely overindebted. Thus, while the debt helped to prop up economic growth in 2015, this small plus will be turned into a longer-lasting negative that will diminish any benefit from last year’s debt bulge.

Our economic view for 2016 remains unchanged. The composition of last year’s debt gain indicates that velocity, the rate at which money circulates through an economy, will decline more sharply in 2016 than 2015. The modest interest-rate increase by the U.S. Federal Reserve in December is a slight negative for both M2 money supply growth and velocity. Additionally, velocity appears to have dropped even faster in the first quarter of 2016 than in the fourth quarter of 2015. Thus, nominal GDP growth should slow to a range of 2.3% to 2.8% for the year. The slower pace in nominal GDP growth would continue the 2014-15 pattern, when the rate of rise in nominal GDP decelerated from 3.9% to 3.1%. Such slow top-line growth suggests that spurts in inflation will simply reduce real GDP growth and will thus be transitory in nature.

Accordingly, we believe the prospects for long-term Treasury bonds remain bright for patient investors operating with a multi-year investment horizon. Numerous factors can cause intermittent increases in yields. But in our view, the domestic and global economic environments are too weak for yields to remain elevated. We believe conditions continue to be favorable for the Wasatch-Hoisington U.S. Treasury Fund.

Thank you for the opportunity to manage your assets.

AVERAGE ANNUAL TOTAL RETURNS


	SIX MONTHS*		1 YEAR		5 YEARS		10 YEARS
U.S. Treasury		7.16%		0.87%		11.69%		8.83%
Barclays Capital U.S. Aggregate Bond Index		2.44%		1.96%		3.78%		4.90%

As of the January 31, 2016 prospectus, the Total Annual Fund Operating Expenses for the Wasatch-Hoisington U.S. Treasury Fund are 0.67%. The expense ratio shown elsewhere in this report may be different. See the prospectus for additional information regarding Fund expenses.

Investments in fixed income funds are subject to the same interest rate, inflation, credit and other risks associated with the underlying bonds. Return of principal is not guaranteed.

*	Not annualized.

TOP U.S. TREASURY HOLDINGS**


Holding	Maturity Date		% of Net Assets
U.S. Treasury Bond, 2.500%		2/15/45		39.1%
U.S. Treasury Bond, 2.875%		8/15/45		19.7%
U.S. Treasury Strip, principal only		5/15/44		10.4%
U.S. Treasury Bond, 2.875%		5/15/43		10.2%


Holding	Maturity Date		% of Net Assets
U.S. Treasury Bond, 3.125%		8/15/44		8.1%
U.S. Treasury Bond, 3.750%		11/15/43		5.9%
U.S. Treasury Bond, 3.125%		2/15/42		2.3%
U.S. Treasury Bond, 3.000%		5/15/45		2.0%

**As

of March 31, 2016, there were 8 holdings in the Fund. Repurchase agreements, if any, are not included in the number of holdings. Portfolio holdings are subject to change at any time. References to specific securities should not be construed as recommendations by the Funds or their Advisor. Current and future holdings are subject to risk.

Past performance does not predict future performance. The graph above does not reflect the deduction of fees, sales charges, or taxes that you would pay on fund distributions or the redemption of fund shares. Wasatch does not charge any sales fees. The Barclays Capital U.S. Aggregate Bond Index covers the U.S. investment grade fixed rate bond market, including government and corporate securities, agency mortgage pass-through securities, and asset-backed securities. You cannot invest directly in this or any index.

The “cloud” is the Internet. Cloud-computing is a model for delivering information technology services in which resources are retrieved from the Internet through web-based tools and applications, rather than from a direct connection to a server.

A corporate bond is a debt security issued by a corporation for the purpose of raising money to expand its business.

A credit rating is an assessment of the credit worthiness of individuals and corporations. It is based upon the history of borrowing and repayment, as well as the availability of assets and extent of liabilities. Ratings are issued by S&P or Moody’s and typically range from AAA (highest) to D (lowest). Ratings and portfolio credit quality may change over time. Unrated securities do not necessarily indicate low quality. For information on the rating agency’s methodology visit: http://www.standardandpoors.com/home/en/us and http://www.moodys.com.

The debt-to-GDP ratio is a measure of a country’s federal debt in relation to its gross domestic product (GDP). The higher the debt-to-GDP ratio, the less likely the country will be to pay back its debt, and the higher its risk of default.

Dividend yield is a company’s annual dividend payments divided by its market capitalization, or the dividend per share divided by the price per share. For example, a company whose stock sells for $30 per share that pays an annual dividend of $3 per share has a dividend yield of 10%.

Earnings growth is a measure of growth in a company’s net income over a specific period, often one year.

Earnings-per-share or EPS is the portion of a company’s profit allocated to each outstanding share of common stock. EPS growth rates help investors identify companies that are increasing or decreasing in profitability.

Effective duration is a measure of the responsiveness of a bond’s price to market interest rate changes. For example, if the interest rate increased 1%, a bond with an effective duration of five years would experience a decline in price of 5%.

Enterprise value (EV) is a measure of a company’s value calculated as market capitalization plus debt, minority interest and preferred shares, minus total cash and cash equivalents.

The EV (enterprise value)-to-EBITDA (earnings before interest, taxes, depreciation and amortization) Ratio is enterprise value, as defined above, divided by annual EBITDA. The ratio is a measure of a company’s expensiveness.

An Exchange-Traded Fund (ETF) is a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on a securities exchange. ETFs experience price changes throughout the day as they are bought and sold.

The Federal Funds Target Rate (also known as The Fed Funds Target Rate) is set by a committee within the Federal Reserve system called The Federal Open Market Committee (FOMC). The FOMC usually meets every six weeks, and it is at these meetings that the FOMC votes on whether or not to make changes to the Federal Funds Target Rate.

The Federal Open Market Committee (FOMC), a component of the Federal Reserve System, is charged under United States law with overseeing the nation’s open market operations. Open market operations are the means of implementing monetary policy by which a central bank controls the short term interest rate and the supply of base money in an economy, and thus indirectly the total money supply.

The financial crisis of 2007-09, also known as the Global Financial Crisis and 2008 financial crisis, is considered by many economists to have been the worst financial crisis since the Great Depression of the 1930s.

Gross domestic product (GDP) is a basic measure of a country’s economic performance and is the market value of all final goods and services made within the borders of a country in a year.

The January Effect is a general increase in stock prices during the month of January. This rally is generally attributed to an increase in buying, which follows the drop in price that typically happens in December when investors, seeking to create tax losses to offset capital gains, prompt a sell-off. The January Effect is said to affect small caps more than mid or large caps. This historical trend, however, has been less pronounced in recent years because the markets have adjusted for it. Another reason the January Effect is now considered less important is that more people are using tax-sheltered retirement plans and therefore have no reason to sell at the end of the year for a tax loss. Source: Investopedia.

M2 money supply consists of currency and checking accounts, consumer-type time and savings accounts and equivalent near monies, while M3 money supply consists of M2 plus business-type time deposits and less liquid near monies. Both M2 and M3 exclude monies and near monies owned by the Treasury, depository institutions and foreign banks and official institutions and IRA and Keogh balances owned by consumers.

Mortgage-backed securities are debt issues backed by a pool of mortgages. Investors receive payments from the interest and principal payments made on the underlying mortgages. Agency mortgage-backed securities are issued by government-sponsored enterprises such as Ginnie Mae, Fannie Mae or Freddie Mac.

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index designed to measure the equity market performance of emerging markets. You cannot invest in this or any index.

Nonfinancial debt refers to the aggregate debt owed by households, government agencies, nonprofit organizations, or any corporation not in the financials sector. This can include loans made to households in the form of mortgages, or amounts owed on credit cards.

The Personal Consumption Expenditures (PCE) deflator is part of the National Income and Products Accounts developed by the Bureau of Economic Analysis of the U.S. Commerce Department. The PCE deflator is a variable weighted index and is widely considered to be the most reliable of all the price indices.

The price-to-earnings (P/E) multiple, also known as the P/E ratio, is the price of a stock divided by its earnings per share.

Quantitative easing is a government monetary policy used to increase the money supply by buying government securities or other securities from the market. Quantitative easing increases the money supply by flooding financial institutions with capital in an effort to promote increased lending and liquidity.

The S&P 500 Index includes 500 of the United States’ largest stocks from a broad variety of industries. The Index is unmanaged but is a commonly used measure of common stock total return performance.

The Trans-Pacific Partnership agreement is a free trade agreement currently being negotiated by nine countries: The United States, Australia, Brunei Darussalam, Chile, Malaysia, New Zealand, Peru, Singapore and Vietnam.

Valuation is the process of determining the current worth of an asset or company.

Pertaining to the use of MSCI information. Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be

relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties or originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

Pertaining to the use of Russell information. Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. This is a presentation of Wasatch Advisors, Inc. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in Wasatch Advisors, Inc.’s presentation thereof.

EXPENSE EXAMPLE

As a shareholder of Wasatch Funds, you incur two types of costs: (1) transaction costs, including redemption fees and (2) ongoing costs, including management fees and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Wasatch Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000.00 invested at the beginning of the period and held for the entire six-month period ended March 31, 2016.

ACTUAL EXPENSES

The first line of the table below provides information about actual account values and actual expenses, based upon the actual total return of the fund during the most recent six-month period ended March 31, 2016. You may use the information in this line, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

In addition, the Funds charge a $12.50 IRA annual maintenance fee and a $15.00 fee for redemptions paid by wire. To the extent these fees apply to your account, your expenses paid during the period would be higher and your ending account value would be lower than the amounts shown in the table below.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the table on the next page provides information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and

an assumed rate of return of 5% per year before expenses, which is not the fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Wasatch Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

In addition, the Funds charge a $12.50 IRA annual maintenance fee and a $15.00 fee for redemptions paid by wire. To the extent these fees apply to your account, your expe-nses paid during the period would be higher and your ending account value would be lower than the amounts shown in the table on the next page. If another fund’s fees differ from those listed above, your expenses paid and your ending account value could be higher or lower than those of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

A Fund’s annualized expense ratio may vary as a result of various factors including expenses that are not reimbursable under the contractual agreement between the Fund and the Advisor such as interest, taxes, brokerage commissions, other investment related costs, dividend expense on short sales, and extraordinary expenses. The Long/Short Fund — Investor Class and the Income Fund have no contractual limitation on expenses.

*Expenses are equal to a fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the full fiscal year (183/366), except for the Institutional Class of Emerging India Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, International Opportunities Fund, Small Cap Growth Fund, and World Innovators Fund, which have 59 days in the most recent fiscal period due to their inception date of February 1, 2016.


Shares			Value

		COMMON STOCKS 93.6%

		Airlines 5.9%
	192,940	Allegiant Travel Co.	$	34,354,896
	746,372	Spirit Airlines, Inc.*		35,810,929

				70,165,825

		Apparel Retail 0.8%
	485,770	Zumiez, Inc.*		9,676,538

		Application Software 6.9%
	126,956	ANSYS, Inc.*		11,357,484
	287,457	Globant S.A.* (Argentina)		8,870,923
	207,328	Tyler Technologies, Inc.*		26,664,454
	126,501	Ultimate Software Group, Inc.*		24,477,943
	525,719	Zendesk, Inc.*		11,003,299

				82,374,103

		Asset Management & Custody Banks 2.3%
	368,969	SEI Investments Co.		15,884,115
	1,000,195	WisdomTree Investments, Inc.		11,432,229

				27,316,344

		Automotive Retail 1.1%
	184,053	Monro Muffler Brake, Inc.		13,154,268

		Biotechnology 4.1%
	1,908,420	Abcam plc (United Kingdom)		16,185,233
	1,582,827	Sangamo BioSciences, Inc.*		9,576,103
	651,027	Seattle Genetics, Inc.*		22,844,538

				48,605,874

		Building Products 1.7%
	424,029	Trex Co., Inc.*		20,323,710

		Consumer Finance 3.9%
	169,210	Credit Acceptance Corp.*		30,720,075
	548,345	PRA Group, Inc.*		16,115,860

				46,835,935

		Distributors 1.2%
	163,176	Pool Corp.		14,317,062

		Diversified Banks 2.0%
	6,656,038	City Union Bank Ltd. (India)		9,528,369
	1,100,909	Yes Bank Ltd. (India)		14,413,350

				23,941,719

		Diversified Capital Markets 1.5%
	660,390	HFF, Inc., Class A		18,180,537

		Diversified Support Services 2.5%
	726,462	Copart, Inc.*		29,617,856

		Environmental & Facilities Services 3.3%
	600,152	Waste Connections, Inc.		38,763,818

		General Merchandise Stores 0.3%
	128,117	Ollie’s Bargain Outlet Holdings, Inc.*		3,001,781

		Health Care Facilities 2.4%
	1,250,069	Ensign Group, Inc. (The)		28,301,562

		Health Care REITs 1.6%
	1,536,988	CareTrust REIT, Inc.		19,519,748

		Health Care Services 4.4%
	764,265	ExamWorks Group, Inc.*		22,591,673
	452,343	MEDNAX, Inc.*		29,230,405

				51,822,078

		Homebuilding 1.2%
	556,133	Installed Building Products, Inc.*		14,798,699


Shares			Value

		Homefurnishing Retail 1.4%
	379,827	Mattress Firm Holding Corp.*	$	16,100,867

		Internet Retail 2.2%
	155,634	Blue Nile, Inc.		4,001,350
	508,640	MakeMyTrip Ltd.* (India)		9,201,297
	305,676	Wayfair, Inc., Class A*		13,211,317

				26,413,964

		Internet Software & Services 7.0%
	448,282	Cimpress N.V.*		40,654,694
	870,722	Cornerstone OnDemand, Inc.*		28,533,560
	372,214	Envestnet, Inc.*		10,124,221
	114,292	Shutterstock, Inc.*		4,197,945

				83,510,420

		IT Consulting & Other Services 3.1%
	335,413	EPAM Systems, Inc.*		25,045,289
	222,533	Luxoft Holding, Inc.*		12,245,991

				37,291,280

		Life Sciences Tools & Services 4.2%
	1,147,000	Divi’s Laboratories Ltd. (India)		17,129,873
	436,437	ICON plc* (Ireland)		32,776,418

				49,906,291

		Managed Health Care 0.6%
	300,389	HealthEquity, Inc.*		7,410,597

		Personal Products 0.9%
	283,139	Nu Skin Enterprises, Inc., Class A		10,830,067

		Real Estate Services 0.3%
	114,470	Marcus & Millichap, Inc.*		2,906,393

		Regional Banks 7.5%
	346,902	Eagle Bancorp, Inc.*		16,651,296
	340,636	Independent Bank Corp.		15,655,630
	522,000	Metro Bank plc* (United Kingdom)		14,106,567
	220,804	South State Corp.		14,182,241
	340,992	Texas Capital Bancshares, Inc.*		13,087,273
	444,763	Webster Financial Corp.		15,966,992

				89,649,999

		Research & Consulting Services 1.3%
	244,015	CEB, Inc.		15,795,091

		Restaurants 2.9%
	544,568	Fiesta Restaurant Group, Inc.*		17,850,939
	410,739	Zoe’s Kitchen, Inc.*		16,014,714

				33,865,653

		Semiconductors 3.6%
	306,942	Cavium, Inc.*		18,772,573
	301,196	Monolithic Power Systems, Inc.		19,168,113
	86,312	Power Integrations, Inc.		4,286,254

				42,226,940

		Specialized Consumer Services 0.8%
	823,349	LifeLock, Inc.*		9,937,822

		Specialized Finance 0.5%
	230,065	CRISIL Ltd. (India)		6,253,245

		Specialty Chemicals 2.1%
	406,646	Balchem Corp.		25,220,185

		Specialty Stores 1.1%
	322,333	Five Below, Inc.*		13,325,246

		Systems Software 3.4%
	64,805	CyberArk Software Ltd.* (Israel)		2,762,637
	166,471	FleetMatics Group plc*		6,777,035
	540,922	Fortinet, Inc.*		16,568,441
	852,032	Infoblox, Inc.*		14,569,747

				40,677,860


Shares			Value

		Trucking 3.6%
	627,240	Knight Transportation, Inc.	$	16,402,326
	375,268	Old Dominion Freight Line, Inc.*		26,126,158

				42,528,484


		Total Common Stocks (cost $835,170,165)		1,114,567,861


		PREFERRED STOCKS 0.3%

		Systems Software 0.3%
	209,500	DocuSign, Inc., Series F Pfd.* *** †		3,496,555


		Total Preferred Stocks (cost $4,000,004)		3,496,555


Principal Amount			Value

		SHORT-TERM INVESTMENTS 6.2%

		Repurchase Agreement 6.2%
	$74,234,256	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $72,720,000 of United States Treasury Notes 2.125% due 12/31/22; value $75,719,700; repurchase proceeds: $74,234,318 (cost $74,234,256)	$	74,234,256


		Total Short-Term Investments (cost $74,234,256)		74,234,256


		Total Investments (cost $913,404,425) 100.1%		1,192,298,672

		Liabilities less Other Assets (0.1%)		(1,564,953	)


		NET ASSETS 100.0%	$	1,190,733,719


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). REIT Real Estate Investment Trust. See Notes to Financial Statements.


Shares			Value

		COMMON STOCKS 97.9%

		Air Freight & Logistics 2.0%
	13,930	Blue Dart Express Ltd. (India)	$	1,286,089

		Apparel, Accessories & Luxury Goods 1.6%
	5,455	Page Industries Ltd. (India)		988,486

		Auto Parts & Equipment 3.0%
	2,393	Bosch Ltd. (India)		754,695
	12,480	WABCO India Ltd. (India)		1,162,771

				1,917,466

		Building Products 4.4%
	96,482	Kajaria Ceramics Ltd. (India)		1,403,030
	240,394	Somany Ceramics Ltd. (India)		1,415,737

				2,818,767

		Cable & Satellite 0.8%
	364,854	Dish TV India Ltd.* (India)		484,838

		Commodity Chemicals 4.4%
	483,634	Berger Paints India Ltd. (India)		1,775,400
	131,101	Gulf Oil Lubricants India Ltd. (India)		1,007,868

				2,783,268

		Construction Machinery & Heavy Trucks 1.2%
	2,566	Eicher Motors Ltd. (India)		743,965

		Consumer Finance 8.1%
	24,287	Bajaj Finance Ltd. (India)		2,534,965
	153,115	Repco Home Finance Ltd. (India)		1,338,029
	27,469	Shriram City Union Finance Ltd. (India)		624,272
	79,062	SKS Microfinance Ltd.* (India)		654,249

				5,151,515

		Department Stores 1.3%
	119,338	V-Mart Retail Ltd. (India)		846,976

		Diversified Banks 4.4%
	181,253	Axis Bank Ltd. (India)		1,219,347
	10,096	HDFC Bank Ltd. ADR (India)		622,217
	66,069	IndusInd Bank Ltd. (India)		964,110

				2,805,674

		Diversified Chemicals 2.1%
	148,835	Pidilite Industries Ltd. (India)		1,326,024

		Electrical Components & Equipment 1.7%
	82,147	Amara Raja Batteries Ltd. (India)		1,094,714

		Fertilizers & Agricultural Chemicals 3.7%
	13,992	Bayer CropScience Ltd. (India)		801,837
	211,386	UPL Ltd. (India)		1,525,803

				2,327,640

		Health Care Facilities 1.0%
	31,306	Apollo Hospitals Enterprise Ltd. (India)		633,518

		Health Care Services 4.0%
	183,640	Dr. Lal PathLabs Ltd.* (India)		2,556,914

		Housewares & Specialties 1.9%
	135,242	LA Opala RG Ltd. (India)		1,227,384

		Industrial Machinery 1.7%
	38,563	AIA Engineering Ltd. (India)		549,744
	8,219	FAG Bearings India Ltd. (India)		468,175
	35,875	Max Ventures & Industries Ltd.* *** (India)		37,883

				1,055,802


Shares			Value

		Internet Retail 3.3%
	117,549	MakeMyTrip Ltd.* (India)	$	2,126,461

		IT Consulting & Other Services 2.1%
	20,982	Cognizant Technology Solutions Corp., Class A*		1,315,571

		Life & Health Insurance 1.9%
	179,375	Max Financial Services Ltd. (India)		925,011
	179,375	Max India Ltd.* *** (India)		277,802

				1,202,813

		Life Sciences Tools & Services 2.8%
	80,340	Divi’s Laboratories Ltd. (India)		1,199,838
	97,743	Syngene International Ltd. (India)		566,776

				1,766,614

		Marine Ports & Services 0.8%
	204,923	Gujarat Pipavav Port Ltd.* (India)		541,531

		Packaged Foods & Meats 7.0%
	30,352	Britannia Industries Ltd. (India)		1,233,834
	3,132	GlaxoSmithKline Consumer Healthcare Ltd. (India)		284,669
	187,240	Manpasand Beverages Ltd. (India)		1,337,237
	3,948	Nestlé India Ltd. (India)		339,818
	745,189	Prabhat Dairy Ltd.* (India)		1,227,681

				4,423,239

		Personal Products 8.3%
	126,612	Bajaj Corp. Ltd. (India)		739,912
	104,221	Colgate-Palmolive India Ltd. (India)		1,298,464
	271,006	Dabur India Ltd. (India)		1,026,158
	69,854	Godrej Consumer Products Ltd. (India)		1,456,678
	8,013	Procter & Gamble Hygiene & Health Care Ltd. (India)		762,187

				5,283,399

		Pharmaceuticals 11.1%
	117,116	Aurobindo Pharma Ltd. (India)		1,317,550
	66,895	Caplin Point Laboratories Ltd. (India)		1,020,257
	134,902	Glenmark Pharmaceuticals Ltd. (India)		1,619,496
	24,414	Lupin Ltd. (India)		545,810
	1,326,678	Marksans Pharma Ltd. (India)		925,554
	261,485	Natco Pharma Ltd. (India)		1,629,580

				7,058,247

		Restaurants 1.1%
	34,996	Jubilant Foodworks Ltd. (India)		673,259

		Specialized Finance 1.0%
	23,530	CRISIL Ltd. (India)		639,553

		Specialty Chemicals 1.8%
	44,918	Asian Paints Ltd. (India)		591,468
	162,695	SH Kelkar & Co. Ltd. (India)		557,447

				1,148,915

		Systems Software 1.9%
	41,531	Tata Elxsi Ltd. (India)		1,184,047

		Textiles 2.8%
	1,180,870	Welspun India Ltd. (India)		1,765,354

		Thrifts & Mortgage Finance 4.7%
	199,915	Gruh Finance Ltd. (India)		720,446
	74,102	Housing Development Finance Corp. Ltd. (India)		1,238,717
	66,170	Indiabulls Housing Finance Ltd. (India)		649,485
	54,403	LIC Housing Finance Ltd. (India)		403,365

				3,012,013


		Total Common Stocks (cost $51,516,461)		62,190,056


Principal Amount			Value

		CORPORATE BONDS 0.0%

		Air Freight & Logistics 0.0%
	$ 532,980	Blue Dart Express Ltd., 9.30%, 11/20/17 (India)	$	8,169
	304,560	Blue Dart Express Ltd., 9.40%, 11/20/18 (India)		4,608
	228,420	Blue Dart Express Ltd., 9.50%, 11/20/19 (India)		3,470

				16,247


		Total Corporate Bonds (cost $10,039)		16,247


		SHORT-TERM INVESTMENTS 2.2%

		Repurchase Agreement 2.2%
	1,400,883	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $1,375,000 of United States Treasury Notes 2.125% due 12/31/22; value: $1,431,719; repurchase proceeds: $1,400,884 (cost $1,400,883)		1,400,883


		Total Short-Term Investments (cost $1,400,883)		1,400,883


		Total Investments (cost $52,927,383) 100.1%		63,607,186

		Liabilities less Other Assets (0.1%)		(48,613	)


		NET ASSETS 100.0%	$	63,558,573


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). ADR American Depositary Receipt. See Notes to Financial Statements.


Shares			Value

		COMMON STOCKS 97.8%

		Airport Services 6.8%
	163,949	Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B* (Mexico)	$	1,454,855
	77,586	Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Mexico)		1,164,590

				2,619,445

		Biotechnology 4.4%
	4,371	Medytox, Inc. (Korea)		1,687,475

		Commodity Chemicals 1.6%
	165,200	Berger Paints India Ltd. (India)		606,442

		Consumer Finance 8.3%
	13,797	Bajaj Finance Ltd. (India)		1,440,067
	883,306	Gentera S.A.B. de C.V. (Mexico)		1,737,994

				3,178,061

		Diversified Banks 8.7%
	130,323	Axis Bank Ltd. (India)		876,724
	214,176	Kasikornbank Public Co. Ltd. (Thailand)		1,065,401
	277,799	National Bank of Ras Al-Khaimah PSC (United Arab Emirates)		453,784
	1,107,512	PT Bank Rakyat Indonesia Persero Tbk (Indonesia)		954,248

				3,350,157

		Diversified Capital Markets 3.7%
	250,533	Grupo Financiero Interacciones S.A. de C.V., Class O (Mexico)		1,415,241

		Drug Retail 2.7%
	71,643	Raia Drogasil S.A. (Brazil)		1,044,554

		Fertilizers & Agricultural Chemicals 2.4%
	128,350	UPL Ltd. (India)		926,442

		Food Retail 3.8%
	39,852	BIM Birlesik Magazalar A.S. (Turkey)		862,173
	83,665	President Chain Store Corp. (Taiwan)		609,602

				1,471,775

		Health Care Facilities 4.9%
	24,300	Apollo Hospitals Enterprise Ltd. (India)		491,743
	2,092,937	Bangkok Dusit Medical Services Public Co. Ltd., Class F (Thailand)		1,392,118

				1,883,861

		Highways & Railtracks 4.5%
	131,812	Promotora y Operadora de Infraestructura S.A.B. de C.V. (Mexico)		1,741,699

		Industrial Machinery 1.4%
	134,115	Weg S.A. (Brazil)		524,810

		Internet Software & Services 3.4%
	10,998	MercadoLibre, Inc. (Brazil)		1,296,114

		Life & Health Insurance 1.9%
	90,648	Discovery Ltd. (South Africa)		746,428

		Life Sciences Tools & Services 3.3%
	83,675	Divi’s Laboratories Ltd. (India)		1,249,644

		Marine Ports & Services 1.3%
	338,623	International Container Terminal Services, Inc. (Philippines)		497,878

		Multi-Line Insurance 1.8%
	84,922	BB Seguridade Participacoes S.A. (Brazil)		704,471

		Multi-Sector Holdings 3.6%
	45,781	GT Capital Holdings, Inc. (Philippines)		1,382,030


Shares			Value

		Packaged Foods & Meats 7.5%
	21,800	Britannia Industries Ltd. (India)	$	886,188
	284,036	Universal Robina Corp. (Philippines)		1,337,366
	359,651	Vitasoy International Holdings Ltd. (Hong Kong)		670,490

				2,894,044

		Personal Products 4.6%
	43,900	Colgate-Palmolive India Ltd. (India)		546,939
	126,550	Dabur India Ltd. (India)		479,179
	36,550	Godrej Consumer Products Ltd. (India)		762,184

				1,788,302

		Pharmaceuticals 5.4%
	79,235	Glenmark Pharmaceuticals Ltd. (India)		951,215
	876	Hanmi Pharm Co. Ltd. (Korea)		535,436
	26,804	Lupin Ltd. (India)		599,242

				2,085,893

		Restaurants 2.9%
	295,625	Alsea S.A.B. de C.V. (Mexico)		1,106,200

		Specialty Chemicals 2.6%
	76,851	Asian Paints Ltd. (India)		1,011,953

		Textiles 4.9%
	81,982	Eclat Textile Co. Ltd. (Taiwan)		1,078,778
	548,000	Welspun India Ltd. (India)		819,238

				1,898,016

		Wireless Telecommunication Services 1.4%
	1,212,287	PT Tower Bersama Infrastructure Tbk* (Indonesia)		532,547


		Total Common Stocks (cost $35,213,693)		37,643,482


Principal Amount			Value

		SHORT-TERM INVESTMENTS 2.2%

		Repurchase Agreement 2.2%
	$ 850,625	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $835,000 of United States Treasury Notes 2.125% due 12/31/22; value: $869,444; repurchase proceeds: $850,626 (cost $850,625)	$	850,625


		Total Short-Term Investments (cost $850,625)		850,625


		Total Investments (cost $36,064,318) 100.0%		38,494,107


		Other Assets less Liabilities <0.1%		2,241


		NET ASSETS 100.0%	$	38,496,348


		*Non-income producing. See Notes to Financial Statements.

At March 31, 2016, Wasatch Emerging Markets Select Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Brazil		9.5
Hong Kong		1.8
India		30.9
Indonesia		4.0
Korea		5.9
Mexico		22.9
Philippines		8.5
South Africa		2.0
Taiwan		4.5
Thailand		6.5
Turkey		2.3
United Arab Emirates		1.2

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 99.5%

		Airport Services 3.0%
	2,826,323	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* (Mexico)	$	16,164,628
	552,541	Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Mexico)		8,293,814

				24,458,442

		Apparel, Accessories & Luxury Goods 0.5%
	729,888	Makalot Industrial Co. Ltd. (Taiwan)		4,388,309

		Application Software 0.5%
	304,765	Linx S.A. (Brazil)		4,080,842

		Asset Management & Custody Banks 2.3%
	1,110,920	CETIP S.A. — Mercados Organizados (Brazil)		12,458,191
	3,163,308	Peregrine Holdings Ltd. (South Africa)		5,841,998

				18,300,189

		Auto Parts & Equipment 2.8%
	750,389	Cub Elecparts, Inc. (Taiwan)		9,151,370
	827,073	Tung Thih Electronic Co. Ltd. (Taiwan)		13,620,081

				22,771,451

		Biotechnology 4.3%
	144,236	Cell Biotech Co. Ltd. (Korea)		7,983,682
	56,755	China Biologic Products, Inc.* (China)		6,497,312
	24,644	Hugel, Inc.* (Korea)		5,999,379
	37,186	Medytox, Inc. (Korea)		14,356,085

				34,836,458

		Building Products 1.1%
	617,727	Kajaria Ceramics Ltd. (India)		8,982,915

		Casinos & Gaming 0.2%
	14,224,872	Bloomberry Resorts Corp.* (Philippines)		1,591,011

		Commodity Chemicals 1.1%
	2,518,830	Berger Paints India Ltd. (India)		9,246,519

		Consumer Finance 9.5%
	95,752	Bajaj Finance Ltd. (India)		9,994,153
	4,604,371	Credito Real S.A.B. de C.V. (Mexico)		9,713,129
	160,823	KRUK S.A. (Poland)		7,763,601
	734,330	Repco Home Finance Ltd. (India)		6,417,106
	285,573	Shriram City Union Finance Ltd. (India)		6,490,050
	1,208,425	SKS Microfinance Ltd.* (India)		9,999,878
	9,879,549	Srisawad Power 1979 Public Co. Ltd. (Thailand)		11,865,007
	5,143,121	Unifin Financiera SAPI de C.V. SOFOM (Mexico)		14,366,285

				76,609,209

		Department Stores 2.5%
	1,402,203	Poya Co. Ltd. (Taiwan)		14,900,368
	3,619,293	PT Matahari Department Store Tbk (Indonesia)		5,008,599

				19,908,967

		Diversified Banks 2.1%
	7,839,101	EastWest Banking Corp.* (Philippines)		2,618,425
	3,840,314	Security Bank Corp. (Philippines)		14,595,612

				17,214,037

		Diversified Capital Markets 1.1%
	1,580,883	Grupo Financiero Interacciones S.A. de C.V., Class O (Mexico)		8,930,280

		Diversified Chemicals 1.2%
	1,131,355	Pidilite Industries Ltd. (India)		10,079,647


Shares			Value

		Diversified Support Services 0.1%
	10,106	KEPCO Plant Service & Engineering Co. Ltd. (Korea)	$	566,452

		Drug Retail 3.2%
	1,572,168	Clicks Group Ltd. (South Africa)		10,354,503
	1,035,222	Raia Drogasil S.A. (Brazil)		15,093,524

				25,448,027

		Electrical Components & Equipment 2.7%
	512,509	Amara Raja Batteries Ltd. (India)		6,829,842
	943,610	Voltronic Power Technology Corp. (Taiwan)		14,864,848

				21,694,690

		Electronic Components 1.0%
	2,841,786	Sunny Optical Technology Group Co. Ltd. (China)		7,950,487

		Electronic Manufacturing Services 0.7%
	5,377,822	Hana Microelectronics Public Co. Ltd. (Thailand)		5,464,956

		Fertilizers & Agricultural Chemicals 2.3%
	165,313	Bayer CropScience Ltd. (India)		9,473,560
	1,236,505	UPL Ltd. (India)		8,925,205

				18,398,765

		Food Retail 2.9%
	82,249	BGF Retail Co. Ltd. (Korea)		11,795,065
	781,421	Eurocash S.A. (Poland)		11,180,521

				22,975,586

		Footwear 0.9%
	161,284	CCC S.A. (Poland)		6,909,947

		Health Care Equipment 3.3%
	236,743	DIO Corp.* (Korea)		10,350,778
	171,415	InBody Co. Ltd. (Korea)		7,239,720
	67,623	Osstem Implant Co. Ltd.* (Korea)		4,653,664
	115,051	Value Added Technologies Co. Ltd. (Korea)		4,461,798

				26,705,960

		Health Care Facilities 0.7%
	365,917	NMC Health plc (United Arab Emirates)		5,559,690

		Health Care Services 0.4%
	219,644	Dr. Lal PathLabs Ltd.* (India)		3,058,217

		Highways & Railtracks 1.0%
	11,538,146	Yuexiu Transport Infrastructure Ltd. (China)		7,765,137

		Home Furnishings 2.3%
	54,143	Hanssem Co. Ltd. (Korea)		10,581,463
	6,087,676	Man Wah Holdings Ltd. (Hong Kong)		7,730,905

				18,312,368

		Home Improvement Retail 0.8%
	27,632,186	Home Product Center Public Co. Ltd. (Thailand)		6,479,975

		Hotels, Resorts & Cruise Lines 1.7%
	13,209,575	Minor International Public Co. Ltd. (Thailand)		13,892,958

		Hypermarkets & Super Centers 1.1%
	153,354	Al Meera Consumer Goods Co. (Qatar)		8,717,243

		Industrial Machinery 0.0%
	199,270	Max Ventures & Industries Ltd.* *** (India)		210,426


Shares			Value

		Internet Retail 1.1%
	1,038,738	Interpark Holdings Corp. (Korea)	$	8,556,236

		Internet Software & Services 1.6%
	524,636	Addcn Technology Co. Ltd. (Taiwan)		4,238,297
	818,685	PChome Online, Inc. (Taiwan)		9,017,644

				13,255,941

		IT Consulting & Other Services 1.9%
	690,524	EOH Holdings Ltd. (South Africa)		6,901,847
	891,278	Mindtree Ltd. (India)		8,761,705

				15,663,552

		Leisure Products 0.6%
	1,141,174	Merida Industry Co. Ltd. (Taiwan)		5,052,737

		Life & Health Insurance 0.8%
	920,623	Max Financial Services Ltd. (India)		4,747,522
	996,351	Max India Ltd.* *** (India)		1,543,067

				6,290,589

		Life Sciences Tools & Services 0.4%
	563,895	Syngene International Ltd. (India)		3,269,820

		Marine Ports & Services 1.3%
	3,217,775	International Container Terminal Services, Inc. (Philippines)		4,731,097
	5,592,974	Westports Holdings Berhad (Malaysia)		5,920,539

				10,651,636

		Movies & Entertainment 1.3%
	909,218	IMAX China Holding, Inc.* (China)		5,468,425
	77,220	Loen Entertainment, Inc.* (Korea)		5,273,594

				10,742,019

		Multi-Sector Holdings 1.0%
	269,122	GT Capital Holdings, Inc. (Philippines)		8,124,217

		Oil & Gas Equipment & Services 0.4%
	3,016,934	Gulf Marine Services plc (United Arab Emirates)		2,851,376

		Oil & Gas Exploration & Production 0.6%
	574,631	Parex Resources, Inc.* (Colombia)		4,842,210

		Other Diversified Financial Services 0.7%
	428,109	PSG Group Ltd. (South Africa)		5,817,309

		Packaged Foods & Meats 4.9%
	267,751	Britannia Industries Ltd. (India)		10,884,302
	2,779,986	Namchow Chemical Industrial Co. Ltd. (Taiwan)		5,389,980
	1,642,523	Ulker Biskuvi Sanayi A.S. (Turkey)		12,165,113
	5,931,933	Vitasoy International Holdings Ltd. (Hong Kong)		11,058,778

				39,498,173

		Pharmaceuticals 3.6%
	13,017,213	China Animal Healthcare Ltd.* *** (China)		16,783
	555,976	Glenmark Pharmaceuticals Ltd. (India)		6,674,483
	7,951,373	Marksans Pharma Ltd. (India)		5,547,260
	1,127,100	Natco Pharma Ltd. (India)		7,024,111
	1,513,834	TTY Biopharm Co. Ltd. (Taiwan)		5,221,090
	1,234,329	TWi Pharmaceuticals, Inc.* (Taiwan)		4,870,736

				29,354,463

		Property & Casualty Insurance 0.3%
	1,825,893	Qualitas Controladora S.A.B. de C.V.* ** (Mexico)		2,128,185

		Real Estate Operating Companies 0.8%
	3,464,163	Parque Arauco S.A. (Chile)		6,372,101


Shares			Value

		Regional Banks 1.3%
	1,317,176	Banregio Grupo Financiero S.A.B. de C.V. (Mexico)	$	7,649,627
	21,963,500	PT Bank Tabungan Negara Tbk (Indonesia)		2,890,370

				10,539,997

		Reinsurance 0.4%
	11,915,077	Thaire Life Assurance Public Co. Ltd. (Thailand)		3,522,365

		Research & Consulting Services 0.9%
	1,373,318	Sporton International, Inc. (Taiwan)		7,019,352

		Restaurants 2.2%
	3,167,904	Alsea S.A.B. de C.V. (Mexico)		11,853,992
	774,801	Famous Brands Ltd. (South Africa)		6,138,441

				17,992,433

		Semiconductor Equipment 1.1%
	12,472	ISC Co. Ltd. (Korea)		279,191
	240,000	Koh Young Technology, Inc. (Korea)		8,562,435

				8,841,626

		Semiconductors 4.1%
	824,322	ASPEED Technology, Inc. (Taiwan)		8,759,574
	436,612	eMemory Technology, Inc. (Taiwan)		5,046,597
	103,681	LEENO Industrial, Inc. (Korea)		3,522,216
	1,138,384	Silergy Corp. (Taiwan)		15,527,920

				32,856,307

		Specialty Chemicals 3.2%
	49,930,889	D&L Industries, Inc. (Philippines)		10,421,019
	222,455	Frutarom Industries Ltd. (Israel)		11,667,013
	983,578	SH Kelkar & Co. Ltd. (India)		3,370,061

				25,458,093

		Systems Software 2.3%
	307,445	DuzonBizon Co. Ltd. (Korea)		6,546,245
	415,840	Tata Elxsi Ltd. (India)		11,855,577

				18,401,822

		Technology Hardware, Storage & Peripherals 2.4%
	1,057,874	Ennoconn Corp. (Taiwan)		12,720,521
	713,394	TSC Auto ID Technology Co. Ltd. (Taiwan)		6,250,842

				18,971,363

		Textiles 2.1%
	564,247	Eclat Textile Co. Ltd. (Taiwan)		7,424,764
	6,114,270	Welspun India Ltd. (India)		9,140,590

				16,565,354

		Thrifts & Mortgage Finance 0.3%
	288,037	LIC Housing Finance Ltd. (India)		2,135,621

		Wireless Telecommunication Services 0.6%
	10,319,601	PT Tower Bersama Infrastructure Tbk* (Indonesia)		4,533,309


		Total Common Stocks (cost $677,986,877)		800,817,366


Shares			Value

		WARRANTS 0.1%

		Consumer Finance 0.1%
	587,195	Srisawad Power 1979 Public Co. Ltd., expiring 5/29/20* (Thailand)	$	181,933

		Hotels, Resorts & Cruise Lines 0.0%
	967,830	Minor International Public Co. Ltd., expiring 11/3/17* (Thailand)		129,851


		Total Warrants (cost $0)		311,784


Principal Amount			Value

		SHORT-TERM INVESTMENTS 0.1%

		Repurchase Agreement 0.1%
	$ 848,959	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $795,000 of United States Treasury Notes 2.750% due 11/15/23; value: $867,544; repurchase proceeds: $848,960 (cost $848,959)	$	848,959


		Total Short-Term Investments (cost $848,959)		848,959


		Total Investments (cost $678,835,836) 99.7%		801,978,109

		Other Assets less Liabilities 0.3%		2,773,899


		NET ASSETS 100.0%	$	804,752,008


		Non-income producing. Common units. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). See Notes to Financial Statements.

At March 31, 2016, Wasatch Emerging Markets Small Cap Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Brazil		3.9
Chile		0.8
China		3.5
Colombia		0.6
Hong Kong		2.3
India		20.6
Indonesia		1.5
Israel		1.5
Korea		13.8
Malaysia		0.7
Mexico		9.9
Philippines		5.3
Poland		3.2
Qatar		1.1
South Africa		4.4
Taiwan		19.2
Thailand		5.2
Turkey		1.5
United Arab Emirates		1.0

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 95.6%

		Advertising 0.0%
	103,600	WPP Scangroup Ltd. (Kenya)	$	30,125

		Agricultural & Farm Machinery 0.4%
	734,625	Millat Tractors Ltd. (Pakistan)		3,714,230

		Air Freight & Logistics 0.3%
	3,178,784	Aramex PJSC (United Arab Emirates)		2,933,783

		Airport Services 1.1%
	871,698	Airports of Thailand Public Co. Ltd. (Thailand)		9,960,847

		Automobile Manufacturers 0.4%
	386,600	Indus Motor Co. Ltd. (Pakistan)		3,480,987

		Brewers 13.5%
	873,686	Ambev S.A., ADR (Brazil)		4,525,693
	1,241,873	Carlsberg Brewery Malaysia Berhad (Malaysia)		4,449,925
	6,833,554	Delta Corp. Ltd. (Zimbabwe)		3,843,874
	10,415,087	East African Breweries Ltd. (Kenya)		29,258,746
	3,825,690	Florida Ice & Farm Co. S.A. (Costa Rica)		5,199,154
	246,581	Guinness Anchor Berhad (Malaysia)		886,086
	1,074,765	Guinness Ghana Breweries Ltd.* (Ghana)		540,886
	10,103,081	Guinness Nigeria plc (Nigeria)		5,304,854
	2,120,243	Lion Brewery Ceylon plc (Sri Lanka)		6,564,040
	612,633	Murree Brewery Co. Ltd. (Pakistan)		4,562,721
	4,600	Namibia Breweries Ltd. (Namibia)		6,241
	22,512,337	Nigerian Breweries plc (Nigeria)		12,103,407
	133,300	Phoenix Beverages Ltd. (Mauritius)		1,347,000
	76,340	Societe Des Brasseries du Maroc (Morocco)		14,299,886
	4,522,446	Tanzania Breweries Ltd. (Tanzania, United Republic of)		28,729,373
	5,852	Union de Cervecerias Peruanas Backus y Johnston S.A.A. (Peru)		24,188

				121,646,074

		Commodity Chemicals 1.7%
	119,850	Berger Paints Bangladesh Ltd. (Bangladesh)		2,944,812
	6,133,248	Chevron Lubricants Lanka plc‡‡ (Sri Lanka)		12,690,782

				15,635,594

		Construction Materials 6.1%
	3,411,560	Bamburi Cement Co. Ltd. (Kenya)		6,523,831
	72,670	HA TIEN 1 Cement JSC* (Vietnam)		84,102
	573,981	Heidelberger Cement Bangladesh Ltd. (Bangladesh)		3,652,173
	4,723,692	Kohat Cement Co. Ltd. (Pakistan)		11,726,916
	3,404,771	Lafarge Africa plc (Nigeria)		1,303,777
	3,450,000	Lafarge Cement Zambia plc (Zambia)		5,955,525
	1,922,092	Lucky Cement Ltd. (Pakistan)		9,855,470
	959,857	PT Indocement Tunggal Prakarsa Tbk (Indonesia)		1,427,842
	6,114,400	PT Semen Indonesia Persero Tbk (Indonesia)		4,691,857
	565,333	Siam City Cement Public Co. Ltd. (Thailand)		4,949,476
	1,710,600	Tanzania Portland Cement Co. Ltd.* (Tanzania, United Republic of)		2,041,924
	11,467,631	Tokyo Cement Co. Lanka plc‡‡ (Sri Lanka)		2,906,180

				55,119,073

		Consumer Finance 0.5%
	14,344,188	Letshego Holdings Ltd. (Botswana)		3,308,129
	11,792,986	People’s Leasing & Finance plc (Sri Lanka)		1,292,382

				4,600,511

		Distillers & Vintners 1.8%
	1,104,832	Distell Group Ltd. (South Africa)		11,755,722
	2,859,925	Distilleries Co. of Sri Lanka plc (Sri Lanka)		4,073,434
	955,465	Thai Beverage Public Co. Ltd. (Thailand)		506,869

				16,336,025


Shares			Value

		Diversified Banks 4.8%
	65,966	Banco Macro S.A. ADR (Argentina)	$	4,252,828
	4,842,070	Bank for Foreign Trade of Vietnam JSC (Vietnam)		8,905,256
	453,616	BLOM Bank SAL GDR (Lebanon)		4,944,414
	8,182,416	Commercial Bank of Ceylon plc (Sri Lanka)		7,039,120
	992,127	Hatton National Bank plc (Sri Lanka)		1,359,078
	9,370,595	KCB Group Ltd. (Kenya)		3,879,399
	2,196,427	MCB Bank Ltd. (Pakistan)		4,320,500
	722	Military Commercial Joint Stock Bank (Vietnam)		463
	5,566,100	PT Bank Rakyat Indonesia Persero Tbk (Indonesia)		4,795,829
	519,400	Public Bank Berhad (Malaysia)		2,500,149
	109,286,227	Stanbic Bank Uganda Ltd. (Uganda)		940,445

				42,937,481

		Electronic Components 0.1%
	246,582	Delta Electronics Thailand Public Co. Ltd. (Thailand)		609,796

		Food Retail 3.4%
	103,542	BIM Birlesik Magazalar A.S. (Turkey)		2,240,065
	987,600	Cargills Ceylon plc (Sri Lanka)		1,014,658
	210,656	Magnit PJSC GDR (Russia)		8,415,707
	2,594,138	Philippine Seven Corp. (Philippines)		5,633,919
	1,169,140	Shoprite Holdings Ltd. (South Africa)		13,756,872

				31,061,221

		Footwear 0.1%
	71,514	Bata Shoe Co. Bangladesh Ltd. (Bangladesh)		1,068,899

		Health Care Facilities 2.4%
	3,734,200	Bangkok Dusit Medical Services Public Co. Ltd., Class F (Thailand)		2,483,806
	727,800	Bumrungrad Hospital Public Co. Ltd. (Thailand)		4,385,833
	2,853,681	IHH Healthcare Berhad (Malaysia)		4,798,192
	653,429	NMC Health plc (United Arab Emirates)		9,928,105

				21,595,936

		Hotels, Resorts & Cruise Lines 0.7%
	5,403,866	Central Plaza Hotel Public Co. Ltd. (Thailand)		6,566,665

		Household Products 1.7%
	23,907	Colgate Palmolive Pakistan Ltd. (Pakistan)		336,702
	930,500	Kimberly-Clark de Mexico S.A.B. de C.V. (Mexico)		2,241,050
	1,562,219	PT Unilever Indonesia Tbk (Indonesia)		5,057,183
	975,070	Unilever Ghana Ltd.* (Ghana)		2,212,023
	35,770,859	Unilever Nigeria plc (Nigeria)		5,212,315

				15,059,273

		Hypermarkets & Super Centers 2.0%
	218,480	PriceSmart, Inc. (Costa Rica)		18,479,038

		Industrial Conglomerates 0.2%
	3,603,598	Hemas Holdings plc (Sri Lanka)		1,974,574

		Industrial Gases 0.2%
	99,525	Linde Bangladesh Ltd. (Bangladesh)		1,368,159

		Integrated Telecommunication Services 1.3%
	282,307	Sonatel (Senegal)		12,004,536

		Internet Software & Services 0.3%
	22,244	MercadoLibre, Inc. (Brazil)		2,621,455

		Life & Health Insurance 0.2%
	3,242,849	Enterprise Group Ltd. (Ghana)		2,071,703


Shares			Value

		Marine Ports & Services 1.5%
	404,230	DP World Ltd. (United Arab Emirates)	$	7,595,482
	3,791,066	International Container Terminal Services, Inc. (Philippines)		5,574,007

				13,169,489

		Multi-Line Insurance 0.8%
	2,821,700	Bao Viet Holdings (Vietnam)		6,328,668
	1,824	Wafa Assurance (Morocco)		609,136

				6,937,804

		Multi-Sector Holdings 0.5%
	277,419	Remgro Ltd. (South Africa)		4,718,017

		Oil & Gas Refining & Marketing 0.1%
	116,955	Attock Petroleum Ltd. (Pakistan)		480,193

		Packaged Foods & Meats 20.5%
	6,958,306	Agthia Group PJSC (United Arab Emirates)		14,530,017
	110,901	Alicorp S.A.* (Peru)		200,750
	26,099,415	Cadbury Nigeria plc (Nigeria)		1,940,867
	3,151	Delice Holding (Tunisia)		17,669
	97,300	Dutch Lady Milk Industries Berhad (Malaysia)		1,302,321
	134,189	Edita Food Industries-REG S GDR* (Egypt)		2,093,348
	1,556,400	Engro Foods Ltd.* (Pakistan)		2,359,938
	1,539,172	FAN Milk Ltd. (Ghana)		2,949,912
	299,488	Gruma S.A.B. de C.V. (Mexico)		4,734,747
	1,624,544	Grupo Bimbo S.A.B. de C.V.* (Mexico)		4,790,932
	535,657	Grupo Herdez S.A.B. de C.V. (Mexico)		1,178,209
	1,852,228	Grupo Lala S.A.B. de C.V. (Mexico)		5,018,861
	337,701	Grupo Nutresa S.A. (Colombia)		2,868,393
	14,062,916	Juhayna Food Industries (Egypt)		11,719,163
	345,022	National Foods Holdings (Zimbabwe)		724,546
	436,962	Nestlé Lanka plc (Sri Lanka)		6,098,463
	69,400	Nestlé Malaysia Berhad (Malaysia)		1,367,900
	5,788,168	Nestlé Nigeria plc (Nigeria)		20,358,344
	2,818,740	Olympic Industries Ltd. (Bangladesh)		10,480,554
	9,881,371	PT Indofood CBP Sukses Makmur Tbk (Indonesia)		11,327,062
	21,715	Rafhan Maize Products Co. Ltd. (Pakistan)		1,554,863
	1,333,933	Ulker Biskuvi Sanayi A.S. (Turkey)		9,879,585
	3,430,589	Universal Robina Corp. (Philippines)		16,152,714
	8,568,700	Vietnam Dairy Products JSC (Vietnam)		51,505,217

				185,154,375

		Personal Products 0.7%
	393,052	Marico Bangladesh Ltd. (Bangladesh)		6,471,850

		Pharmaceuticals 10.4%
	2,196,670	Abbott Laboratories Pakistan Ltd. (Pakistan)		14,011,034
	946,563	DHG Pharmaceutical JSC (Vietnam)		3,566,649
	1,140,542	Egyptian International Pharmaceutical Industrial Co. (Egypt)		7,706,408
	48,471	GlaxoSmithKline Bangladesh Ltd. (Bangladesh)		1,113,636
	3,195,606	GlaxoSmithKline Consumer Nigeria plc (Nigeria)		381,186
	1,854,050	GlaxoSmithKline Pakistan Ltd. (Pakistan)		4,306,289
	17,937	Krka dd Novo mesto (Slovenia)		1,255,908
	14,440,784	PT Kalbe Farma Tbk (Indonesia)		1,573,675
	761,707	Richter Gedeon Nyrt (Hungary)		15,192,913
	2,546,696	Searle Company Ltd. (The) (Pakistan)		10,698,895
	10,698,611	Square Pharmaceuticals Ltd. (Bangladesh)		34,344,255

				94,150,848

		Restaurants 3.4%
	2,169,322	Jollibee Foods Corp. (Philippines)		10,694,670
	2,484,305	Kuwait Foods Americana (Kuwait)		20,222,999

				30,917,669


Shares			Value

		Soft Drinks 3.7%
	661,900	Arca Continental S.A.B. de C.V. (Mexico)	$	4,580,394
	1,014,387	Coca-Cola Icecek A.S. (Turkey)		14,767,007
	480,500	Fomento Economico Mexicano S.A.B. de C.V.** (Mexico)		4,616,815
	755,830	Societe Frigorifique et Brasserie de Tunis (Tunisia)		9,775,654

				33,739,870

		Specialty Chemicals 0.7%
	3,531,892	Akzo Nobel Pakistan Ltd.‡‡ (Pakistan)		6,480,700

		Steel 0.7%
	4,877,505	Hoa Phat Group JSC (Vietnam)		6,454,331

		Technology Distributors 1.9%
	8,174,792	FPT Corp. (Vietnam)		17,271,462

		Tobacco 5.9%
	479,213	British American Tobacco Bangladesh Co. Ltd. (Bangladesh)		15,886,910
	1,241,941	British American Tobacco Kenya Ltd. (Kenya)		10,405,617
	1,107,059	Ceylon Tobacco Co. plc (Sri Lanka)		7,674,345
	492,709	Eastern Co. (Egypt)		10,819,684
	288,345	Pakistan Tobacco Co. Ltd. (Pakistan)		3,633,400
	479,700	PT Gudang Garam Tbk (Indonesia)		2,362,324
	293,100	PT Hanjaya Mandala Sampoerna Tbk (Indonesia)		2,175,041

				52,957,321

		Wireless Telecommunication Services 1.6%
	86,529,438	Safaricom Ltd. (Kenya)		14,329,173


		Total Common Stocks (cost $868,703,444)		864,109,087


Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.8%

		Repurchase Agreement 0.8%
	$ 7,554,746	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $7,405,000 of United States Treasury Notes 2.125% due 12/31/22; value: $7,710,456; repurchase proceeds: $7,554,752 (cost $7,554,746)	$	7,554,746


		Total Short-Term Investments (cost $7,554,746)		7,554,746


		Total Investments (cost $876,258,190) 96.4%		871,663,833

		Other Assets less Liabilities 3.6%		32,479,563


		NET ASSETS 100.0%	$	904,143,396


		Non-income producing. *Common units. ‡‡Affiliated company (see Note 8). ADR American Depositary Receipt. GDR Global Depositary Receipt. See Notes to Financial Statements.

At March 31, 2016, Wasatch Frontier Emerging Small Countries Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Argentina		0.5
Bangladesh		9.0
Botswana		0.4
Brazil		0.8
Colombia		0.3
Costa Rica		2.7
Egypt		3.7
Ghana		0.9
Hungary		1.8
Indonesia		3.9
Kenya		7.5
Kuwait		2.3
Lebanon		0.6
Malaysia		1.8
Mauritius		0.2
Mexico		3.1
Morocco		1.7
Namibia		< 0.1
Nigeria		5.4
Pakistan		9.4
Peru		< 0.1
Philippines		4.4
Russia		1.0
Senegal		1.4
Slovenia		0.1
South Africa		3.5
Sri Lanka		6.1
Tanzania, United Republic of		3.6
Thailand		3.4
Tunisia		1.1
Turkey		3.1
Uganda		0.1
United Arab Emirates		4.1
Vietnam		10.9
Zambia		0.7
Zimbabwe		0.5

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 97.6%

		Advertising 1.0%
	38,362	REA Group Ltd. (Australia)	$	1,588,413

		Air Freight & Logistics 0.8%
	48,396	Echo Global Logistics, Inc.*		1,314,435

		Airlines 3.4%
	17,312	Allegiant Travel Co.		3,082,575
	47,010	Spirit Airlines, Inc.*		2,255,540

				5,338,115

		Airport Services 2.0%
	529,725	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* (Mexico)		3,029,664

		Application Software 5.5%
	49,218	Aveva Group plc (United Kingdom)		1,114,288
	35,345	Globant S.A.* (Argentina)		1,090,747
	27,950	HubSpot, Inc.*		1,219,179
	7,805	Tyler Technologies, Inc.*		1,003,801
	15,239	Ultimate Software Group, Inc.*		2,948,747
	58,340	Zendesk, Inc.*		1,221,056

				8,597,818

		Asset Management & Custody Banks 0.7%
	89,796	WisdomTree Investments, Inc.		1,026,368

		Auto Parts & Equipment 1.4%
	75,636	Cub Elecparts, Inc. (Taiwan)		922,419
	26,820	Linamar Corp. (Canada)		1,289,762

				2,212,181

		Biotechnology 5.3%
	174,231	Abcam plc (United Kingdom)		1,477,646
	8,004	Medytox, Inc. (Korea)		3,090,037
	226,887	Sangamo BioSciences, Inc.*		1,372,666
	64,394	Seattle Genetics, Inc.*		2,259,586

				8,199,935

		Building Products 2.5%
	312,800	Somany Ceramics Ltd. (India)		1,842,153
	41,251	Trex Co., Inc.*		1,977,161

				3,819,314

		Consumer Finance 7.4%
	201,602	Arrow Global Group plc (United Kingdom)		725,207
	7,648	Bajaj Finance Ltd. (India)		798,263
	7,440	Credit Acceptance Corp.*		1,350,732
	838,212	Credito Real S.A.B. de C.V. (Mexico)		1,768,246
	34,114	PRA Group, Inc.*		1,002,611
	1,828,450	Srisawad Power 1979 Public Co. Ltd. (Thailand)		2,195,907
	1,282,617	Unifin Financiera SAPI de C.V. SOFOM (Mexico)		3,582,735

				11,423,701

		Department Stores 1.6%
	237,057	Poya Co. Ltd. (Taiwan)		2,519,062

		Diversified Chemicals 0.5%
	80,910	Pidilite Industries Ltd. (India)		720,856

		Diversified Real Estate Activities 3.2%
	174,854	Patrizia Immobilien AG* (Germany)		4,908,101

		Diversified Support Services 1.2%
	44,576	Copart, Inc.*		1,817,364

		Drug Retail 1.9%
	27,490	Ain Holdings, Inc. (Japan)		1,409,681
	9,470	Cosmos Pharmaceutical Corp. (Japan)		1,574,686

				2,984,367


Shares			Value

		Electrical Components & Equipment 2.0%
	195,086	Voltronic Power Technology Corp. (Taiwan)	$	3,073,223

		Electronic Equipment & Instruments 1.1%
	59,105	Ai Holdings Corp. (Japan)		1,715,054

		Fertilizers & Agricultural Chemicals 0.6%
	126,151	UPL Ltd. (India)		910,569

		General Merchandise Stores 1.3%
	32,692	Seria Co. Ltd. (Japan)		1,972,793

		Health Care Equipment 1.4%
	49,595	DIO Corp.* (Korea)		2,168,372

		Health Care Facilities 1.5%
	32,039	Apollo Hospitals Enterprise Ltd. (India)		648,351
	77,162	Ensign Group, Inc. (The)		1,746,948

				2,395,299

		Health Care Services 2.0%
	112,496	Dr. Lal PathLabs Ltd.* (India)		1,566,340
	50,769	ExamWorks Group, Inc.*		1,500,731

				3,067,071

		Health Care Supplies 1.8%
	7,274	Sartorius Stedim Biotech (France)		2,770,558

		Health Care Technology 1.0%
	60,280	M3, Inc. (Japan)		1,517,179

		Highways & Railtracks 1.1%
	125,003	Promotora y Operadora de Infraestructura S.A.B. de C.V. (Mexico)		1,651,728

		Homefurnishing Retail 0.7%
	26,297	Mattress Firm Holding Corp.*		1,114,730

		Industrial Machinery 0.5%
	20,864	Max Ventures & Industries Ltd.* *** (India)		22,032
	266,582	Rotork plc (United Kingdom)		700,487

				722,519

		Internet Retail 2.8%
	80,325	MakeMyTrip Ltd.* (India)		1,453,079
	32,178	Wayfair, Inc., Class A*		1,390,733
	50,017	Yoox Net-A-Porter Group S.p.A.* (Italy)		1,535,789

				4,379,601

		Internet Software & Services 12.5%
	276,110	Auto Trader Group plc (United Kingdom)		1,547,889
	16,401	Cimpress N.V.*		1,487,407
	102,134	Cornerstone OnDemand, Inc.*		3,346,931
	62,170	Dip Corp. (Japan)		1,464,188
	65,635	Envestnet, Inc.*		1,785,272
	79,898	Gurunavi, Inc. (Japan)		1,898,039
	19,315	MercadoLibre, Inc. (Brazil)		2,276,273
	51,939	Rightmove plc (United Kingdom)		3,143,922
	84,415	SMS Co. Ltd. (Japan)		1,613,728
	19,645	SPS Commerce, Inc.*		843,556

				19,407,205

		IT Consulting & Other Services 1.5%
	20,892	Luxoft Holding, Inc.*		1,149,687
	336,410	NCC Group plc (United Kingdom)		1,211,350

				2,361,037


Shares			Value

		Life & Health Insurance 0.5%
	104,322	Max Financial Services Ltd. (India)	$	537,974
	104,322	Max India Ltd.* *** (India)		161,565

				699,539

		Life Sciences Tools & Services 1.3%
	69,631	Fluidigm Corp.*		561,922
	5,995	Syngene International Ltd. (India)		34,763
	9,341	Tecan Group AG (Switzerland)		1,422,102

				2,018,787

		Managed Health Care 1.1%
	71,290	HealthEquity, Inc.*		1,758,724

		Packaged Foods & Meats 2.2%
	42,200	Calbee, Inc. (Japan)		1,676,448
	240,825	Manpasand Beverages Ltd. (India)		1,719,932

				3,396,380

		Pharmaceuticals 4.1%
	52,593	Caplin Point Laboratories Ltd. (India)		802,128
	22,785	Intra-Cellular Therapies, Inc.*		633,423
	34,801	Ipsen S.A. (France)		1,999,668
	48,643	Lupin Ltd. (India)		1,087,485
	1,320,132	Marksans Pharma Ltd. (India)		920,988
	108,370	Natco Pharma Ltd. (India)		675,364
	65,101	TWi Pharmaceuticals, Inc.* (Taiwan)		256,892

				6,375,948

		Publishing 0.8%
	98,332	Next Co. Ltd. (Japan)		1,206,865

		Regional Banks 3.9%
	23,021	Eagle Bancorp, Inc.*		1,105,008
	52,000	Metro Bank plc* (United Kingdom)		1,405,252
	18,367	Signature Bank*		2,500,116
	27,288	Texas Capital Bancshares, Inc.*		1,047,313

				6,057,689

		Restaurants 3.0%
	49,332	Domino’s Pizza Enterprises Ltd. (Australia)		2,173,064
	39,642	Fiesta Restaurant Group, Inc.*		1,299,465
	30,615	Zoe’s Kitchen, Inc.*		1,193,679

				4,666,208

		Semiconductors 2.1%
	24,909	Cavium, Inc.*		1,523,434
	9,023	U-Blox AG* (Switzerland)		1,737,561

				3,260,995

		Specialized Finance 1.1%
	49,629	Banca IFIS S.p.A. (Italy)		1,644,791

		Specialty Chemicals 1.8%
	54,343	Frutarom Industries Ltd. (Israel)		2,850,107

		Systems Software 0.8%
	32,027	FleetMatics Group plc*		1,303,819

		Trading Companies & Distributors 2.0%
	103,800	MISUMI Group, Inc. (Japan)		1,486,152
	53,600	MonotaRO Co. Ltd. (Japan)		1,593,423

				3,079,575

		Trucking 2.7%
	106,508	Knight Transportation, Inc.		2,785,184
	20,192	Old Dominion Freight Line, Inc.*		1,405,767

				4,190,951


		Total Common Stocks (cost $129,018,602)		151,237,010


Shares			Value

		WARRANTS 0.0%

		Consumer Finance 0.0%
	96,800	Srisawad Power 1979 Public Co. Ltd., expiring 5/29/20* (Thailand)	$	29,992


		Total Warrants (cost $0)		29,992


Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.4%

		Repurchase Agreement 2.4%
	$3,672,663	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $3,435,000 of United States Treasury Notes 2.750% due 11/15/23; value $3,748,444; repurchase proceeds: $3,672,666 (cost $3,672,663)	$	3,672,663


		Total Short-Term Investments (cost $3,672,663)		3,672,663


		Total Investments (cost $132,691,265) 100.0%		154,939,665

		Other Assets less Liabilities <0.1%		63,946


		NET ASSETS 100.0%	$	155,003,611


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). See Notes to Financial Statements.

At March 31, 2016, Wasatch Global Opportunities Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Argentina		0.7
Australia		2.5
Brazil		1.5
Canada		0.8
France		3.2
Germany		3.2
India		9.2
Israel		1.9
Italy		2.1
Japan		12.6
Korea		3.5
Mexico		6.6
Switzerland		2.1
Taiwan		4.5
Thailand		1.5
United Kingdom		7.5
United States		36.6

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 95.0%

		Advertising 1.0%
	351,631	REA Group Ltd. (Australia)	$	14,559,592

		Airport Services 1.3%
	3,123,800	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* (Mexico)		17,865,993

		Apparel, Accessories & Luxury Goods 1.3%
	527,025	Moncler S.p.A. (Italy)		8,910,264
	222,091	Ted Baker plc (United Kingdom)		8,693,038

				17,603,302

		Application Software 2.0%
	607,861	Aveva Group plc (United Kingdom)		13,761,882
	891,526	Computer Modelling Group Ltd. (Canada)		6,956,846
	2,050,431	Technology One Ltd. (Australia)		7,495,328

				28,214,056

		Asset Management & Custody Banks 0.1%
	1,829,699	ARA Asset Management Ltd. (Singapore)		1,588,327

		Auto Parts & Equipment 1.6%
	588,334	ARB Corp. Ltd. (Australia)		6,781,080
	326,269	Linamar Corp. (Canada)		15,690,138

				22,471,218

		Biotechnology 4.0%
	3,345,897	Abcam plc (United Kingdom)		28,376,417
	71,085	Medytox, Inc. (Korea)		27,443,186

				55,819,603

		Consumer Finance 2.0%
	1,476,191	Arrow Global Group plc (United Kingdom)		5,310,185
	7,988,690	Gentera S.A.B. de C.V. (Mexico)		15,718,554
	291,067	Shriram City Union Finance Ltd. (India)		6,614,909

				27,643,648

		Diversified Banks 0.4%
	152,623	Secure Trust Bank plc (United Kingdom)		6,235,008

		Diversified Real Estate Activities 3.6%
	1,769,716	Patrizia Immobilien AG* (Germany)		49,675,411

		Diversified Support Services 0.2%
	37,948	KEPCO Plant Service & Engineering Co. Ltd. (Korea)		2,127,026

		Drug Retail 5.2%
	330,928	Ain Holdings, Inc. (Japan)		16,969,913
	158,237	Cosmos Pharmaceutical Corp. (Japan)		26,311,894
	1,014,500	Raia Drogasil S.A. (Brazil)		14,791,397
	280,573	Sugi Holdings Co. Ltd. (Japan)		14,811,621

				72,884,825

		Electrical Components & Equipment 2.6%
	1,458,482	Amara Raja Batteries Ltd. (India)		19,436,149
	1,080,309	Voltronic Power Technology Corp. (Taiwan)		17,018,290

				36,454,439

		Electronic Equipment & Instruments 3.6%
	1,076,513	Ai Holdings Corp. (Japan)		31,237,246
	1,466,265	Halma plc (United Kingdom)		19,211,538

				50,448,784

		Food Retail 0.9%
	878,482	Eurocash S.A. (Poland)		12,569,264


Shares			Value

		Forest Products 1.0%
	376,181	Stella-Jones, Inc. (Canada)	$	13,461,400

		General Merchandise Stores 3.0%
	1,475,176	B&M European Value Retail S.A. (United Kingdom)		5,627,788
	60,199	Ryohin Keikaku Co. Ltd. (Japan)		12,733,169
	382,463	Seria Co. Ltd. (Japan)		23,079,664

				41,440,621

		Health Care Supplies 2.1%
	78,649	Sartorius Stedim Biotech (France)		29,956,228

		Health Care Technology 2.5%
	1,366,760	EMIS Group plc (United Kingdom)		19,921,553
	595,460	M3, Inc. (Japan)		14,987,049

				34,908,602

		Highways & Railtracks 1.1%
	1,194,395	Promotora y Operadora de Infraestructura S.A.B. de C.V. (Mexico)		15,782,148

		Home Improvement Retail 0.3%
	17,148,384	Home Product Center Public Co. Ltd. (Thailand)		4,021,437

		Hotels, Resorts & Cruise Lines 1.7%
	778,726	Corporate Travel Management Ltd. (Australia)		8,002,774
	15,299,135	Minor International Public Co. Ltd. (Thailand)		16,090,619

				24,093,393

		Household Products 0.5%
	274,384	Pigeon Corp. (Japan)		7,161,978

		Industrial Machinery 2.0%
	165,185	KUKA AG (Germany)		17,307,443
	311,092	Max Ventures & Industries Ltd.* *** (India)		328,508
	3,667,426	Rotork plc (United Kingdom)		9,636,749

				27,272,700

		Internet Retail 0.9%
	426,695	Yoox Net-A-Porter Group S.p.A.* (Italy)		13,101,813

		Internet Software & Services 10.3%
	5,156,119	Auto Trader Group plc (United Kingdom)		28,905,502
	644,511	carsales.com Ltd. (Australia)		5,808,510
	560,144	Dip Corp. (Japan)		13,192,158
	736,034	Gurunavi, Inc. (Japan)		17,485,059
	766,757	Infomart Corp. (Japan)		6,896,179
	763,168	Kakaku.com, Inc. (Japan)		14,175,446
	479,348	Rightmove plc (United Kingdom)		29,015,439
	758,955	SMS Co. Ltd. (Japan)		14,508,640
	75,242	XING AG (Germany)		13,804,591

				143,791,524

		Investment Banking & Brokerage 2.5%
	255,437	Avanza Bank Holding AB (Sweden)		11,394,936
	391,782	Nihon M&A Center, Inc. (Japan)		22,806,364

				34,201,300

		IT Consulting & Other Services 0.7%
	2,808,486	NCC Group plc (United Kingdom)		10,112,836

		Life & Health Insurance 0.9%
	1,929,183	Max Financial Services Ltd. (India)		9,948,522
	1,555,458	Max India Ltd.* *** (India)		2,408,966

				12,357,488


Shares			Value

		Life Sciences Tools & Services 2.4%
	672,566	Divi’s Laboratories Ltd. (India)	$	10,044,438
	153,523	Tecan Group AG (Switzerland)		23,372,803

				33,417,241

		Movies & Entertainment 1.8%
	711,588	CTS Eventim AG & Co KGaA (Germany)		25,296,705

		Multi-Sector Holdings 1.6%
	748,981	GT Capital Holdings, Inc. (Philippines)		22,610,133

		Office Services & Supplies 0.9%
	2,688,852	Regus plc (United Kingdom)		12,240,748

		Oil & Gas Equipment & Services 1.2%
	304,639	Pason Systems, Inc. (Canada)		3,868,208
	223,197	ShawCor Ltd. (Canada)		4,848,860
	502,358	TGS-NOPEC Geophysical Co. ASA (Norway)		7,671,350

				16,388,418

		Packaged Foods & Meats 3.3%
	391,577	Calbee, Inc. (Japan)		15,555,894
	16,513,449	Vitasoy International Holdings Ltd. (Hong Kong)		30,785,675

				46,341,569

		Pharmaceuticals 2.7%
	1,027,700	Glenmark Pharmaceuticals Ltd. (India)		12,337,521
	347,594	Ipsen S.A. (France)		19,972,778
	1,489,732	TWi Pharmaceuticals, Inc.* (Taiwan)		5,878,572

				38,188,871

		Property & Casualty Insurance 0.5%
	5,374,656	Qualitas Controladora S.A.B. de C.V.* ** (Mexico)		6,264,475

		Publishing 0.7%
	832,405	Next Co. Ltd. (Japan)		10,216,418

		Regional Banks 1.0%
	234,000	Metro Bank plc* (United Kingdom)		6,323,633
	1,620,046	Shawbrook Group plc* (United Kingdom)		6,995,524

				13,319,157

		Restaurants 5.7%
	732,000	Create Restaurants Holdings, Inc. (Japan)		6,863,313
	1,185,616	Domino’s Pizza Enterprises Ltd. (Australia)		52,226,137
	666,245	Domino’s Pizza Group plc (United Kingdom)		9,653,560
	2,078,099	Patisserie Holdings plc (United Kingdom)		10,910,620

				79,653,630

		Semiconductor Equipment 0.5%
	308,538	ISC Co. Ltd. (Korea)		6,906,762

		Semiconductors 2.1%
	993,999	Silergy Corp. (Taiwan)		13,558,463
	79,855	U-Blox AG* (Switzerland)		15,377,694

				28,936,157

		Specialized Finance 1.2%
	484,008	Banca IFIS S.p.A. (Italy)		16,040,859

		Specialty Chemicals 5.1%
	428,291	Chr. Hansen Holding A/S (Denmark)		28,766,937
	434,361	Frutarom Industries Ltd. (Israel)		22,780,767
	1,329,582	Hexpol AB (Sweden)		14,787,060
	52,524	SK Kaken Co. Ltd. (Japan)		4,355,216

				70,689,980

		Systems Software 0.1%
	50,086	Kinaxis, Inc.* (Canada)		1,663,174


Shares			Value

		Technology Hardware, Storage & Peripherals 1.0%
	1,118,500	Ennoconn Corp. (Taiwan)	$	13,449,525

		Textiles 0.9%
	978,258	Eclat Textile Co. Ltd. (Taiwan)		12,872,616

		Trading Companies & Distributors 3.0%
	1,518,215	MISUMI Group, Inc. (Japan)		21,736,975
	433,412	MonotaRO Co. Ltd. (Japan)		12,884,493
	435,930	Richelieu Hardware Ltd. (Canada)		7,564,909

				42,186,377


		Total Common Stocks (cost $1,027,476,352)		1,324,506,779


Principal Amount			Value

		SHORT-TERM INVESTMENTS 4.7%

		Repurchase Agreement 4.7%
	$66,237,225	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $64,890,000 of United States Treasury Notes 2.125% due 12/31/22; value: $67,566,713; repurchase proceeds: $66,237,280 (cost $66,237,225)	$	66,237,225


		Total Short-Term Investments (cost $66,237,225)		66,237,225


		Total Investments (cost $1,093,713,577) 99.7%		1,390,744,004

		Other Assets less Liabilities 0.3%		4,336,233


		NET ASSETS 100.0%	$	1,395,080,237


		Non-income producing. Common units. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). See Notes to Financial Statements.

At March 31, 2016, Wasatch International Growth Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Australia		7.2
Brazil		1.1
Canada		4.1
Denmark		2.2
France		3.8
Germany		8.0
Hong Kong		2.3
India		4.6
Israel		1.7
Italy		2.9
Japan		23.3
Korea		2.8
Mexico		4.2
Norway		0.6
Philippines		1.7
Poland		0.9
Singapore		0.1
Sweden		2.0
Switzerland		2.9
Taiwan		4.7
Thailand		1.5
United Kingdom		17.4

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 97.6%

		Aerospace & Defense 0.4%
	125,000	Avon Rubber plc (United Kingdom)	$	1,445,537
	28,680	ECA (France)		554,107

				1,999,644

		Air Freight & Logistics 2.3%
	994,120	Allcargo Global Logistics Ltd. (India)		2,311,069
	1,503,468	Freightways Ltd. (New Zealand)		6,597,945
	12,834	ID Logistics Group* (France)		1,534,062
	104,300	Yusen Logistics Co. Ltd. (Japan)		1,213,373

				11,656,449

		Airport Services 0.1%
	110,720	Swissport Tanzania Ltd.* (Tanzania, United Republic of)		369,657

		Apparel Retail 0.5%
	804,622	Apranga PVA (Lithuania)		2,409,243

		Apparel, Accessories & Luxury Goods 0.6%
	117,976	Delta-Galil Industries Ltd. (Israel)		3,200,510

		Application Software 2.2%
	204,775	Linx S.A. (Brazil)		2,741,963
	446,457	Logo Yazilim Sanayi Ve Ticaret AS (Turkey)		8,662,079

				11,404,042

		Asset Management & Custody Banks 0.3%
	923,100	Peregrine Holdings Ltd. (South Africa)		1,704,781

		Auto Parts & Equipment 0.4%
	450,000	Hu Lane Associate, Inc. (Taiwan)		2,146,253

		Automobile Manufacturers 0.7%
	966,600	PAK Suzuki Motor Co. Ltd. (Pakistan)		3,774,844

		Brewers 4.2%
	362,475	Carlsberg Brewery Malaysia Berhad (Malaysia)		1,298,834
	17,933,940	International Breweries plc (Nigeria)		1,846,379
	74,579	Kopparbergs Bryggeri AB (Sweden)		1,948,372
	197,574	Olvi Oyj, Class A (Finland)		5,645,942
	160,100	Royal UNIBREW A/S (Denmark)		7,729,927
	1,227,502	Turk Tuborg Bira ve Malt Sanayii A.S.* (Turkey)		2,927,492

				21,396,946

		Building Products 0.1%
	1,111,666	PT Surya Toto Indonesia Tbk (Indonesia)		519,783

		Cable & Satellite 0.1%
	7,434,505	Hum Network, Ltd. (Pakistan)		667,991

		Commodity Chemicals 4.7%
	967,254	Berger Paints India Ltd. (India)		3,550,748
	400,083	Gulf Oil Lubricants India Ltd. (India)		3,075,726
	306,000	Okamoto Industries, Inc. (Japan)		2,583,541
	141,954	SAMHWA Paints Industrial Co. Ltd. (Korea)		1,545,407
	134,965	Sniezka S.A. (Poland)		2,135,217
	480,857	Supreme Industries Ltd. (India)		5,351,165
	155,700	Tikkurila Oyj (Finland)		2,829,140
	1,273,500	Yung Chi Paint & Varnish Manufacturing Co. Ltd. (Taiwan)		3,070,582

				24,141,526

		Construction Materials 0.2%
	144,928	Misr Cement Co. (Egypt)		1,197,948


Shares			Value

		Department Stores 0.4%
	195,251	Poya Co. Ltd. (Taiwan)	$	2,074,815

		Distillers & Vintners 0.9%
	2,015,680	Capevin Holdings Ltd. (South Africa)		1,213,076
	39,621	Laurent-Perrier (France)		3,545,979
	752	Muhak Co. Ltd. (Korea)		23,705

				4,782,760

		Diversified Banks 1.1%
	4,050,000	BRAC Bank Ltd.* (Bangladesh)		2,295,232
	6,220,800	CRDB Bank plc (Tanzania, United Republic of)		1,109,587
	1,742,601	Hatton National Bank plc (Sri Lanka)		2,387,125

				5,791,944

		Diversified Support Services 1.1%
	193,263	Credit Corp. Group Ltd. (Australia)		1,534,389
	181,400	Prestige International, Inc. (Japan)		2,047,441
	422,800	Vicom Ltd. (Singapore)		1,891,589

				5,473,419

		Drug Retail 1.6%
	1,622,058	Green Cross Health Ltd. (New Zealand)		2,914,610
	94,400	Kusuri No Aoki Co. Ltd. (Japan)		5,159,616

				8,074,226

		Electrical Components & Equipment 2.3%
	269,840	Amara Raja Batteries Ltd. (India)		3,595,965
	535,720	Voltronic Power Technology Corp. (Taiwan)		8,439,288

				12,035,253

		Electronic Equipment & Instruments 1.1%
	42,100	Isra Vision AG (Germany)		2,912,278
	450,000	Smart Marketing Systems plc (United Kingdom)		2,671,502

				5,583,780

		Food Distributors 0.5%
	8,606,200	Premier Marketing Public Co. Ltd. (Thailand)		2,434,101

		Food Retail 6.8%
	20,350,020	7-Eleven Malaysia Holdings Berhad, Class B (Malaysia)		7,302,327
	220,344	Axial Retailing, Inc. (Japan)		7,255,372
	5,543,800	BreadTalk Group Ltd. (Singapore)		4,236,618
	3,345,000	Choppies Enterprises Ltd. (Botswana)		1,262,077
	25,300	Daikokutenbussan Co. Ltd. (Japan)		1,098,387
	2,432,810	Philippine Seven Corp. (Philippines)		5,283,549
	90,070	Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. (Israel)		3,496,141
	7,749,100	Sheng Siong Group Ltd. (Singapore)		4,829,533

				34,764,004

		General Merchandise Stores 0.9%
	78,972	Seria Co. Ltd. (Japan)		4,765,552

		Health Care Distributors 3.3%
	5,898,673	Australian Pharmaceutical Industries Ltd. (Australia)		8,837,475
	1,478,600	PT Enseval Putera Megatrading Tbk (Indonesia)		301,072
	9,679,184	Sigma Pharmaceuticals Ltd. (Australia)		7,862,700

				17,001,247

		Health Care Equipment 0.5%
	55,000	Vieworks Co. Ltd. (Korea)		2,385,449


Shares			Value

		Health Care Facilities 5.6%
	35,536,611	Asiri Hospital Holdings plc* (Sri Lanka)	$	5,841,635
	538,000	Capio AB* (Sweden)		2,850,823
	211,422	Instituto de Diagnostico S.A. (Chile)		912,317
	430,957	NMC Health plc (United Arab Emirates)		6,547,898
	390,356	Raffles Medical Group Ltd. (Singapore)		1,306,207
	8,846,957	Religare Health Trust** (Singapore)		6,432,718
	2,032,981	Shifa International Hospitals Ltd. (Pakistan)		5,144,084

				29,035,682

		Health Care Services 0.6%
	78,700	BML, Inc. (Japan)		3,049,520

		Health Care Technology 0.4%
	109,300	Nexus AG (Germany)		2,060,693

		Home Improvement Retail 2.1%
	92,300	Arcland Sakamoto Co. Ltd. (Japan)		977,796
	215,201	Clas Ohlson AB (Sweden)		4,110,508
	82,494,300	PT Ace Hardware Indonesia Tbk (Indonesia)		5,568,054

				10,656,358

		Household Products 0.5%
	627,269	Jyothy Laboratories Ltd. (India)		2,746,922

		Human Resource & Employment Services 1.2%
	775,000	104 Corp. (Taiwan)		3,383,281
	176,400	en-japan, Inc. (Japan)		2,980,238

				6,363,519

		Industrial Conglomerates 0.5%
	57,183,777	Expolanka Holdings plc (Sri Lanka)		2,741,688

		Industrial Machinery 1.5%
	461,712	CKD Corp. (Japan)		3,812,037
	750,000	Sumeeko Industries Co. Ltd. (Taiwan)		2,505,127
	79,300	Yushin Precision Equipment Co. Ltd. (Japan)		1,427,851

				7,745,015

		Internet Retail 4.2%
	2,624,167	Trade Me Group Ltd. (New Zealand)		7,997,805
	2,752,563	Webjet Ltd. (Australia)		13,352,669

				21,350,474

		Internet Software & Services 7.3%
	246,064	Addcn Technology Co. Ltd. (Taiwan)		1,987,840
	444,894	Dip Corp. (Japan)		10,477,863
	551,399	Gurunavi, Inc. (Japan)		13,098,912
	215,600	Infomart Corp. (Japan)		1,939,097
	239,443	PChome Online, Inc. (Taiwan)		2,637,414
	138,500	SMS Co. Ltd. (Japan)		2,647,649
	26,252	XING AG (Germany)		4,816,434

				37,605,209

		IT Consulting & Other Services 1.0%
	506,371	EOH Holdings Ltd. (South Africa)		5,061,222

		Leisure Products 0.6%
	175,368	Samchuly Bicycle Co. Ltd. (Korea)		2,882,930

		Marine 0.2%
	6,906,640	2GO Group, Inc.* (Philippines)		1,114,482

		Marine Ports & Services 0.5%
	19,100	Piraeus Port Authority S.A. (Greece)		241,373
	87,207	Thessaloniki Port Authority S.A. (Greece)		2,075,060

				2,316,433

		Office Services & Supplies 0.6%
	4,603,600	Riverstone Holdings Ltd. (Malaysia)		3,279,015


Shares			Value

		Oil & Gas Refining & Marketing 0.9%
	64,100	BP Castrol KK (Japan)	$	726,907
	9,294	Hankook Shell Oil Co. Ltd. (Korea)		3,998,468

				4,725,375

		Packaged Foods & Meats 8.3%
	1,293,927	Cloetta AB, Class B* (Sweden)		4,113,855
	1,262,907	Clover Industries Ltd. (South Africa)		1,472,154
	81,100	Dutch Lady Milk Industries Berhad (Malaysia)		1,085,491
	744,300	Grupo Herdez S.A.B. de C.V. (Mexico)		1,637,131
	115,800	Kotobuki Spirits Co. Ltd. (Japan)		2,600,663
	3,626,000	PT Ultrajaya Milk Industry & Trading Co. Tbk* (Indonesia)		1,052,798
	54,297,981	RFM Corp. (Philippines)		4,893,835
	105,800	Rokko Butter Co. Ltd. (Japan)		1,650,187
	11,374	S&B Foods, Inc. (Japan)		470,042
	2,363,435	TAT Gida Sanayi A.S.* (Turkey)		4,966,572
	27,800	Vigor Alimentos S.A. (Brazil)		159,256
	3,743,120	Vitasoy International Holdings Ltd. (Hong Kong)		6,978,220
	234,000	Warabeya Nichiyo Co. Ltd. (Japan)		5,155,403
	1,100,000	Watt’s Alimentos S.A. (Chile)		1,933,216
	16,450	Wawel S.A. (Poland)		4,411,725

				42,580,548

		Personal Products 1.2%
	5,026,550	Karex Berhad (Malaysia)		4,895,781
	104,832	Sarantis S.A. (Greece)		1,013,292

				5,909,073

		Pharmaceuticals 2.6%
	2,572,177	Lee’s Pharmaceutical Holdings Ltd. (China)		1,800,708
	79,714,200	PT Kimia Farma Persero Tbk (Indonesia)		7,634,769
	7,837,000	PT Tempo Scan Pacific Tbk (Indonesia)		1,164,321
	175,500	Renata Ltd. (Bangladesh)		2,766,513

				13,366,311

		Publishing 1.9%
	778,205	Next Co. Ltd. (Japan)		9,551,201

		Real Estate Services 0.2%
	106,700	Century 21 Real Estate of Japan Ltd. (Japan)		1,086,724

		Regional Banks 0.3%
	302,800	Banregio Grupo Financiero S.A.B. de C.V. (Mexico)		1,758,540

		Restaurants 12.8%
	10,800	Amiyaki Tei Co. Ltd. (Japan)		432,883
	78,048	AmRest Holdings SE* (Poland)		4,374,724
	29,500	B-R31 Ice Cream Co. Ltd. (Japan)		1,064,433
	4,908,278	Berjaya Food Berhad (Malaysia)		2,616,742
	3,260,900	Collins Foods Ltd. (Australia)		10,520,749
	109,716	Domino’s Pizza Enterprises Ltd. (Australia)		4,832,967
	447,300	Doutor Nichires Holdings Co. Ltd. (Japan)		7,227,083
	800,900	Fairwood Holdings Ltd. (Hong Kong)		2,731,156
	696,953	Famous Brands Ltd. (South Africa)		5,521,682
	149,100	Hiday Hidaka Corp. (Japan)		3,752,677
	182,260,000	Hop Hing Group Holdings Ltd. (China)		2,655,293
	107,000	KFC Holdings Japan Ltd. (Japan)		1,874,307
	109,900	Kura Corp. (Japan)		5,313,331
	369,217	Patisserie Holdings plc (United Kingdom)		1,938,496
	2,018,931	Restaurant Brands New Zealand Ltd. (New Zealand)		6,781,075
	2,269,963	Spur Corp. Ltd. (South Africa)		4,338,317

				65,975,915


Shares			Value

		Soft Drinks 1.9%
	92,010,320	Pepsi-Cola Products Philippines, Inc. (Philippines)	$	7,773,269
	2,429,313	Seven-Up Bottling Co. plc (Nigeria)		1,891,988

				9,665,257

		Specialized Finance 0.6%
	19,394	Korea Ratings Corp. (Korea)		725,834
	846,129	Morningstar Japan KK (Japan)		2,316,101

				3,041,935

		Specialized REITs 0.5%
	1,932,270	National Storage REIT* (Australia)		2,384,080

		Specialty Chemicals 0.9%
	6,229,947	Chemical and Allied Products plc (Nigeria)		1,215,813
	673,719	DuluxGroup Ltd. (Australia)		3,242,392

				4,458,205

		Tobacco 0.3%
	5,249	Karelia Tobacco Co., Inc. S.A. (Greece)		1,449,176

		Trading Companies & Distributors 1.1%
	298,400	Jalux, Inc. (Japan)		5,752,129


		Total Common Stocks (cost $425,518,948)		501,469,798


Principal Amount			Value

		SHORT-TERM INVESTMENTS 2.9%

		Repurchase Agreement 2.9%
	$15,148,791	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $14,840,000 of United States Treasury Notes 2.125% due 12/31/22; value: $15,452,150; repurchase proceeds: $15,148,803 (cost $15,148,791)	$	15,148,791


		Total Short-Term Investments (cost $15,148,791)		15,148,791


		Total Investments (cost $440,667,739) 100.5%		516,618,589

		Liabilities less Other Assets (0.5%)		(2,318,515	)


		NET ASSETS 100.0%	$	514,300,074


		Non-income producing. *Common units. REIT Real Estate Investment Trust. See Notes to Financial Statements.

At March 31, 2016, Wasatch International Opportunities Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Australia		10.5
Bangladesh		1.0
Botswana		0.3
Brazil		0.6
Chile		0.6
China		0.9
Denmark		1.5
Egypt		0.2
Finland		1.7
France		1.1
Germany		2.0
Greece		1.0
Hong Kong		1.9
India		4.1
Indonesia		3.2
Israel		1.3
Japan		22.6
Korea		2.3
Lithuania		0.5
Malaysia		4.1
Mexico		0.7
New Zealand		4.8
Nigeria		1.0
Pakistan		1.9
Philippines		3.8
Poland		2.2
Singapore		3.7
South Africa		3.9
Sri Lanka		2.2
Sweden		2.6
Taiwan		5.2
Tanzania, United Republic of		0.3
Thailand		0.5
Turkey		3.3
United Arab Emirates		1.3
United Kingdom		1.2

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 97.4%

		Communications Equipment 4.2%
	316,995	Cisco Systems, Inc.	$	9,024,848

		Department Stores 2.0%
	98,351	Macy’s, Inc.		4,336,296

		Diversified Banks 11.8%
	205,054	Citigroup, Inc.		8,561,004
	147,695	JPMorgan Chase & Co.		8,746,498
	168,153	Wells Fargo & Co.		8,131,879

				25,439,381

		Diversified Chemicals 2.6%
	77,804	Eastman Chemical Co.		5,619,783

		Diversified REITs 1.8%
	162,450	Select Income REIT		3,744,472

		Electric Utilities 7.8%
	132,305	Duke Energy Corp.		10,674,368
	167,220	Exelon Corp.		5,996,509

				16,670,877

		Electrical Components & Equipment 3.8%
	106,769	Eaton Corp. plc		6,679,469
	22,856	Regal Beloit Corp.		1,441,985

				8,121,454

		Health Care Equipment 1.8%
	52,368	Medtronic plc		3,927,600

		Household Products 3.8%
	98,383	Procter & Gamble Co. (The)		8,097,905

		Hypermarkets & Super Centers 3.5%
	110,673	Wal-Mart Stores, Inc.		7,579,994

		Industrial Conglomerates 4.8%
	326,265	General Electric Co.††		10,371,964

		Integrated Oil & Gas 9.4%
	67,123	Chevron Corp.		6,403,534
	135,182	Royal Dutch Shell plc ADR (Netherlands)		6,549,568
	259,959	Suncor Energy, Inc. (Canada)		7,229,460

				20,182,562

		Integrated Telecommunication Services 3.0%
	118,393	Verizon Communications, Inc.		6,402,693

		Investment Banking & Brokerage 2.9%
	39,878	Goldman Sachs Group, Inc. (The)		6,260,048

		Multi-Line Insurance 3.0%
	120,118	American International Group, Inc.		6,492,378

		Oil & Gas Equipment & Services 2.5%
	151,836	Halliburton Co.		5,423,582

		Other Diversified Financial Services 1.7%
	118,454	Voya Financial, Inc.		3,526,376

		Paper Packaging 2.2%
	117,089	International Paper Co.		4,805,332

		Pharmaceuticals 9.7%
	83,184	Johnson & Johnson		9,000,509
	278,646	Pfizer, Inc.		8,259,067
	20,277	Shire plc ADR (Ireland)		3,485,616

				20,745,192


Shares			Value

		Regional Banks 2.7%
	68,919	PNC Financial Services Group, Inc.	$	5,828,480

		Semiconductors 2.0%
	134,823	Intel Corp.		4,361,524

		Specialized REITs 3.3%
	106,349	EPR Properties		7,084,970

		Systems Software 4.5%
	91,800	Microsoft Corp.		5,070,114
	109,237	Oracle Corp.		4,468,886

				9,539,000

		Technology Hardware, Storage & Peripherals 2.6%
	51,716	Apple, Inc.		5,636,527


		Total Common Stocks (cost $184,840,111)		209,223,238


Principal Amount			Value

		SHORT-TERM INVESTMENTS 1.2%

		Repurchase Agreement 1.2%
	$ 2,685,030	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $2,635,000 of United States Treasury Notes 2.125% due 12/31/22; value $2,743,694; repurchase proceeds: $2,685,032†† (cost $2,685,030)	$	2,685,030


		Total Short-Term Investments (cost $2,685,030)		2,685,030


		Total Investments (cost $187,525,141) 98.6%		211,908,268

		Other Assets less Liabilities 1.4%		3,008,792


		NET ASSETS 100.0%	$	214,917,060


		††All or a portion of this security has been designated as collateral for call options written. As of March 31, 2016, the call options written were no longer held; therefore, the collateral will be subsequently released. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Financial Statements.

At March 31, 2016, Wasatch Large Cap Value Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Canada		3.5
Ireland		1.7
Netherlands		3.1
United States		91.7

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 92.6%

		Airlines 3.1%
	162,845	United Continental Holdings, Inc.* ††	$	9,747,902

		Apparel Retail 2.0%
	216,154	Chico’s FAS, Inc.		2,868,364
	120,441	DSW, Inc., Class A		3,328,989

				6,197,353

		Apparel, Accessories & Luxury Goods 2.5%
	133,579	Michael Kors Holdings Ltd.*		7,608,660

		Automobile Manufacturers 2.8%
	277,763	General Motors Co.††		8,730,091

		Automotive Retail 1.1%
	86,840	CST Brands, Inc.††		3,325,104

		Communications Equipment 3.9%
	424,360	Cisco Systems, Inc.††		12,081,529

		Department Stores 3.4%
	241,530	Macy’s, Inc.††		10,649,058

		Diversified Banks 1.5%
	112,622	Citigroup, Inc.		4,701,968

		Diversified REITs 1.4%
	577,859	Investors Real Estate Trust		4,195,256

		Electrical Components & Equipment 2.2%
	126,952	Emerson Electric Co.††		6,903,650

		Fertilizers & Agricultural Chemicals 3.1%
	353,732	Mosaic Co. (The)††		9,550,764

		Food Retail 1.0%
	101,077	Whole Foods Market, Inc.		3,144,505

		General Merchandise Stores 2.6%
	99,505	Target Corp.††		8,187,271

		Health Care Equipment 5.5%
	116,613	Medtronic plc		8,745,975
	78,729	Stryker Corp.††		8,446,834

				17,192,809

		Health Care Services 2.1%
	93,312	Express Scripts Holding Co.* ††		6,409,601

		Hypermarkets & Super Centers 2.1%
	94,696	Wal-Mart Stores, Inc.††		6,485,729

		Insurance Brokers 2.6%
	77,460	Aon plc		8,090,697

		Integrated Telecommunication Services 2.1%
	120,945	Verizon Communications, Inc.††		6,540,706

		Marine 3.0%
	152,407	Kirby Corp.* ††		9,188,618

		Multi-Line Insurance 2.3%
	185,401	Loews Corp.††		7,093,442

		Oil & Gas Drilling 1.6%
	575,059	Unit Corp.* ††		5,066,270

		Oil & Gas Exploration & Production 7.6%
	1,643,628	Bill Barrett Corp.* ††		10,223,366
	3,227,554	Denbury Resources, Inc.††		7,165,170
	779,623	Southwestern Energy Co.* ††		6,291,558

				23,680,094


Shares			Value

		Pharmaceuticals 6.6%
	67,750	Johnson & Johnson††	$	7,330,550
	94,482	Novartis AG ADR (Switzerland)		6,844,276
	144,226	Zoetis, Inc.††		6,393,539

				20,568,365

		Regional Banks 1.6%
	56,912	PNC Financial Services Group, Inc.		4,813,048

		Residential REITs 1.3%
	84,254	American Campus Communities, Inc.††		3,967,521

		Semiconductors 3.1%
	190,715	QUALCOMM, Inc.††		9,753,165

		Specialized Consumer Services 1.2%
	143,673	Sotheby’s		3,840,379

		Specialized REITs 5.6%
	363,706	Iron Mountain, Inc.††		12,333,270
	242,025	Outfront Media, Inc.††		5,106,728

				17,439,998

		Steel 3.4%
	467,762	Steel Dynamics, Inc.††		10,529,323

		Systems Software 6.0%
	290,874	Oracle Corp.††		11,899,655
	129,935	VMware, Inc., Class A* ††		6,796,900

				18,696,555

		Technology Hardware, Storage & Peripherals 4.3%
	120,227	Apple, Inc.††		13,103,541
	12,181	EMC Corp.††		324,623

				13,428,164


		Total Common Stocks (cost $348,222,815)		287,807,595


Principal Amount			Value

		SHORT-TERM INVESTMENTS 11.6%

		Repurchase Agreement 11.6%
	$35,918,095	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $35,155,000 of United States Treasury Notes 2.125% due 12/31/22; value: $35,902,300; United States Treasury Notes 2.750% due 11/15/23; value: $736,594; repurchase proceeds: $35,918,125 (cost $35,918,095)	$	35,918,095


		Total Short-Term Investments (cost $35,918,095)		35,918,095


		Total Investments (cost $384,140,910) 104.2%		323,725,690

		Liabilities less Other Assets (4.2%)		(13,158,511	)


		NET ASSETS 100.0%	$	310,567,179


Shares			Value

		SECURITIES SOLD SHORT 28.5%

		Data Processing & Outsourced Services 2.3%
	143,748	Syntel, Inc.*	$	7,177,338

		Department Stores 1.9%
	535,291	JC Penney Co., Inc.*		5,920,318

		Diversified Support Services 1.4%
	113,967	Healthcare Services Group, Inc.		4,195,125

		Food Distributors 2.5%
	168,680	Sysco Corp.		7,882,416

		Food Retail 3.5%
	170,380	Kroger Co. (The)		6,517,035
	144,601	Sprouts Farmers Market, Inc.*		4,199,213

				10,716,248

		Health Care Equipment 3.5%
	106,043	Inogen, Inc.*		4,769,814
	223,594	Zeltiq Aesthetics, Inc.*		6,072,813

				10,842,627

		Health Care Technology 0.9%
	117,219	Veeva Systems, Inc., Class A*		2,935,164

		Home Entertainment Software 1.3%
	62,498	Electronic Arts, Inc.*		4,131,743

		Housewares & Specialties 1.4%
	95,716	Newell Rubbermaid, Inc.		4,239,262

		Personal Products 2.8%
	91,402	Estee Lauder Cos., Inc. (The), Class A		8,620,123

		Pharmaceuticals 1.2%
	71,787	Prestige Brands Holdings, Inc.*		3,832,708

		Property & Casualty Insurance 2.4%
	192,319	First American Financial Corp.		7,329,277

		Specialized REITs 1.5%
	45,591	American Tower Corp.		4,667,151

		Specialty Stores 1.9%
	30,802	Ulta Salon Cosmetics & Fragrance, Inc.*		5,967,579


		Total Securities Sold Short (proceeds $83,916,404)		88,457,079


		*Non-income producing. ††All or a portion of this security has been designated as collateral for short sales (see Note 3). ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Financial Statements.

At March 31, 2016, Wasatch Long/Short Fund’s investments, excluding short-term investments and securities sold short, were in the following countries:


Country	%
Switzerland		2.4
United States		97.6

TOTAL		100.0	%

At March 31, 2016, Wasatch Long/Short Fund’s securities sold short were in the following country:


Country	%
United States		100.0

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 97.8%

		Air Freight & Logistics 1.2%
	117,168	Echo Global Logistics, Inc.*	$	3,182,283

		Apparel Retail 1.3%
	167,365	Zumiez, Inc.*		3,333,911

		Apparel, Accessories & Luxury Goods 1.9%
	272,212	Superior Uniform Group, Inc.		4,850,818

		Application Software 10.9%
	177,764	Callidus Software, Inc.*		2,965,104
	34,995	Ellie Mae, Inc.*		3,171,947
	249,716	Exa Corp.*		3,233,822
	109,386	Globant S.A.* (Argentina)		3,375,652
	39,549	HubSpot, Inc.*		1,725,127
	59,856	Interactive Intelligence Group, Inc.*		2,179,956
	32,840	Tyler Technologies, Inc.*		4,223,552
	28,838	Ultimate Software Group, Inc.*		5,580,153
	149,131	Workiva, Inc.*		1,737,376

				28,192,689

		Asset Management & Custody Banks 1.1%
	15,534	Diamond Hill Investment Group, Inc.		2,755,110

		Automotive Retail 1.2%
	41,597	Monro Muffler Brake, Inc.		2,972,937

		Biotechnology 4.2%
	278,787	Abcam plc (United Kingdom)		2,364,381
	148,904	Argos Therapeutics, Inc.*		952,986
	15,000	Argos Therapeutics, Inc. PIPE* *** †		80,640
	176,227	ChemoCentryx, Inc.*		438,805
	250,157	Cytokinetics, Inc.*		1,763,607
	62,154	Esperion Therapeutics, Inc.*		1,051,024
	221,991	Exact Sciences Corp.*		1,496,219
	43,804	Flexion Therapeutics, Inc.*		402,997
	129,918	Inovio Pharmaceuticals, Inc.*		1,131,586
	210,359	Sangamo BioSciences, Inc.*		1,272,672

				10,954,917

		Building Products 1.3%
	68,903	Trex Co., Inc.*		3,302,521

		Data Processing & Outsourced Services 1.2%
	61,474	ExlService Holdings, Inc.*		3,184,353

		Department Stores 0.9%
	317,634	V-Mart Retail Ltd. (India)		2,254,339

		Diversified Banks 1.1%
	1,918,211	City Union Bank Ltd. (India)		2,745,991

		Diversified Capital Markets 0.7%
	63,723	HFF, Inc., Class A		1,754,294

		Electronic Equipment & Instruments 1.3%
	34,211	Mesa Laboratories, Inc.		3,296,230

		Electronic Manufacturing Services 2.6%
	130,986	Fabrinet*		4,237,397
	26,759	IPG Photonics Corp.*		2,571,005

				6,808,402

		Environmental & Facilities Services 0.9%
	241,406	Heritage-Crystal Clean, Inc.*		2,399,576

		Food Distributors 1.7%
	217,154	Chefs’ Warehouse, Inc. (The)*		4,406,055


Shares			Value

		General Merchandise Stores 0.3%
	33,986	Ollie’s Bargain Outlet Holdings, Inc.*	$	796,292

		Health Care Equipment 3.5%
	24,555	Abaxis, Inc.		1,114,551
	209,478	AtriCure, Inc.*		3,525,515
	46,813	Entellus Medical, Inc.*		851,529
	151,770	Novadaq Technologies, Inc.* (Canada)		1,683,129
	71,920	Oxford Immunotec Global plc*		712,727
	142,380	Tandem Diabetes Care, Inc.*		1,240,130

				9,127,581

		Health Care Facilities 2.2%
	246,530	Ensign Group, Inc. (The)		5,581,439

		Health Care REITs 2.5%
	510,134	CareTrust REIT, Inc.		6,478,702

		Health Care Services 1.8%
	154,675	ExamWorks Group, Inc.*		4,572,193

		Homebuilding 4.1%
	133,860	Installed Building Products, Inc.*		3,562,014
	292,614	LGI Homes, Inc.*		7,084,185

				10,646,199

		Industrial Machinery 2.2%
	101,470	Arcam AB* (Sweden)		2,194,494
	46,181	Proto Labs, Inc.*		3,560,093

				5,754,587

		Internet Retail 2.4%
	82,324	Duluth Holdings, Inc.*		1,604,495
	258,154	MakeMyTrip Ltd.* (India)		4,670,006

				6,274,501

		Internet Software & Services 6.1%
	55,331	Cornerstone OnDemand, Inc.*		1,813,197
	138,187	Envestnet, Inc.*		3,758,686
	173,301	Reis, Inc.		4,081,239
	112,000	SMS Co. Ltd. (Japan)		2,141,059
	55,267	SPS Commerce, Inc.*		2,373,165
	66,755	Tucows, Inc., Class A*		1,498,650

				15,665,996

		Leisure Products 1.0%
	189,774	MCBC Holdings, Inc.*		2,672,018

		Life Sciences Tools & Services 2.6%
	122,614	Fluidigm Corp.*		989,495
	76,996	ICON plc* (Ireland)		5,782,399

				6,771,894

		Managed Health Care 3.4%
	194,139	HealthEquity, Inc.*		4,789,409
	417,436	Trupanion, Inc.*		4,111,745

				8,901,154

		Oil & Gas Equipment & Services 0.8%
	157,619	Pason Systems, Inc. (Canada)		2,001,396

		Packaged Foods & Meats 1.9%
	344,649	Freshpet, Inc.*		2,526,277
	1,500,000	Prabhat Dairy Ltd.* (India)		2,471,215

				4,997,492

		Pharmaceuticals 5.9%
	14,323	Aerie Pharmaceuticals, Inc.*		174,168
	96,749	Akorn, Inc.*		2,276,504
	261,909	Auris Medical Holding AG* (Switzerland)		953,349
	100,000	Caplin Point Laboratories Ltd. (India)		1,525,161
	127,152	Cempra, Inc.*		2,227,703
	111,933	Egalet Corp.*		767,860
	44,566	Intra-Cellular Therapies, Inc.*		1,238,935


Shares			Value

		*Pharmaceuticals (continued***)
	599,945	Natco Pharma Ltd. (India)	$	3,738,870
	83,550	Phibro Animal Health Corp., Class A		2,259,192

				15,161,742

		Publishing 1.1%
	231,412	Next Co. Ltd. (Japan)		2,840,206

		Regional Banks 5.3%
	333,308	Avenue Financial Holdings, Inc.*		6,456,176
	91,875	Cardinal Financial Corp.		1,869,656
	125,319	Customers Bancorp, Inc.*		2,961,288
	161,075	People’s Utah Bancorp		2,549,817

				13,836,937

		Restaurants 2.5%
	265,949	Papa Murphy’s Holdings, Inc.*		3,178,090
	83,103	Zoe’s Kitchen, Inc.*		3,240,186

				6,418,276

		Semiconductor Equipment 1.4%
	277,617	PDF Solutions, Inc.*		3,714,515

		Semiconductors 1.7%
	42,129	NVE Corp.		2,381,552
	41,710	Power Integrations, Inc.		2,071,319

				4,452,871

		Specialty Stores 1.8%
	205,890	DavidsTea, Inc.* (Canada)		2,493,328
	60,752	Hibbett Sports, Inc.*		2,180,997

				4,674,325

		Systems Software 3.8%
	70,258	FleetMatics Group plc*		2,860,203
	186,814	Infoblox, Inc.*		3,194,520
	283,766	TubeMogul, Inc.*		3,671,932

				9,726,655

		Technology Hardware, Storage & Peripherals 2.0%
	208,287	Intevac, Inc.*		937,291
	970,086	USA Technologies, Inc.*		4,229,575

				5,166,866

		Textiles 1.5%
	2,654,330	Welspun India Ltd. (India)		3,968,118

		Thrifts & Mortgage Finance 2.5%
	1,050,006	Gruh Finance Ltd. (India)		3,783,969
	27,605	LendingTree, Inc.*		2,699,217

				6,483,186


		Total Common Stocks (cost $186,635,514)		253,079,567


		WARRANTS 0.0%

		Biotechnology 0.0%
	11,250	Argos Therapeutics, Inc., expiring 3/14/2021* *** †		14,648


		Total Warrants (cost $1,407)		14,648


Principal Amount			Value

		SHORT-TERM INVESTMENTS 2.2%

		Repurchase Agreement 2.2%
	$5,810,343	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $5,695,000 of United States Treasury Notes 2.125% due 12/31/22; value: $5,929,919; repurchase proceeds: $5,810,348 (cost $5,810,343)	$	5,810,343


		Total Short-Term Investments (cost $5,810,343)		5,810,343


		Total Investments (cost $192,447,264) 100.0%		258,904,558

		Other Assets less Liabilities <0.1%		29,956


		NET ASSETS 100.0%	$	258,934,514

		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). PIPE Private Investment in a Public Equity. REIT Real Estate Investment Trust. See Notes to Financial Statements.

At March 31, 2016, Wasatch Micro Cap Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Argentina		1.3
Canada		2.4
India		9.9
Ireland		2.3
Japan		2.0
Sweden		0.9
Switzerland		0.4
United Kingdom		0.9
United States		79.9

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 85.8%

		Air Freight & Logistics 0.8%
	400,000	Radiant Logistics, Inc.*	$	1,428,000

		Airlines 1.1%
	10,000	Allegiant Travel Co.		1,780,600

		Alternative Carriers 0.8%
	140,000	ORBCOMM, Inc.*		1,418,200

		Apparel, Accessories & Luxury Goods 0.3%
	32,000	Cherokee, Inc.*		569,280

		Application Software 3.0%
	52,000	Ebix, Inc.		2,121,080
	30,000	ESI Group* (France)		833,382
	30,000	Globant S.A.* (Argentina)		925,800
	105,000	Model N, Inc.*		1,130,850

				5,011,112

		Asset Management & Custody Banks 0.7%
	353,012	River and Mercantile Group plc (United Kingdom)		1,240,684

		Auto Parts & Equipment 2.5%
	44,000	Gentherm, Inc.*		1,829,960
	95,000	Horizon Global Corp.*		1,195,100
	97,000	Unique Fabricating, Inc.		1,197,950

				4,223,010

		Automotive Retail 0.9%
	62,000	Mekonomen AB (Sweden)		1,535,703

		Biotechnology 0.7%
	112,000	Abcam plc (United Kingdom)		949,868
	45,000	Exact Sciences Corp.*		303,300

				1,253,168

		Brewers 1.1%
	800,000	Turk Tuborg Bira ve Malt Sanayii A.S.* (Turkey)		1,907,934

		Building Products 2.5%
	40,300	Caesarstone Sdot-Yam Ltd.* (Israel)		1,384,305
	26,000	Patrick Industries, Inc.*		1,180,140
	34,000	Trex Co., Inc.*		1,629,620

				4,194,065

		Commercial Printing 0.9%
	195,000	InnerWorkings, Inc.*		1,550,250

		Commodity Chemicals 1.0%
	200,000	Green Seal Holding Ltd. (Taiwan)		782,998
	92,199	Trecora Resources*		886,954

				1,669,952

		Communications Equipment 1.4%
	70,000	Applied Optoelectronics, Inc.*		1,043,700
	170,000	ShoreTel, Inc.*		1,264,800

				2,308,500

		Construction & Engineering 1.1%
	70,000	NV5 Global, Inc.*		1,878,100

		Construction Materials 0.6%
	1,799,000	Dongpeng Holdings Co. Ltd. (China)		981,102

		Diversified Banks 0.8%
	1,000,000	City Union Bank Ltd. (India)		1,431,538

		Diversified Support Services 0.9%
	1,100,000	Johnson Service Group plc (United Kingdom)		1,438,888


Shares			Value

		Electronic Equipment & Instruments 1.0%
	51,000	Optex Co. Ltd. (Japan)	$	1,629,444
	17,800	SuperCom Ltd.* (Israel)		70,844

				1,700,288

		Electronic Manufacturing Services 1.5%
	78,000	Fabrinet*		2,523,300

		Environmental & Facilities Services 0.7%
	379,672	Hudson Technologies, Inc.*		1,245,324

		Food Distributors 1.2%
	96,000	Chefs’ Warehouse, Inc. (The)*		1,947,840

		Food Retail 0.7%
	205,000	Majestic Wine plc* (United Kingdom)		1,246,486

		General Merchandise Stores 0.8%
	21,000	Seria Co. Ltd. (Japan)		1,267,241

		Health Care Equipment 1.6%
	65,000	AtriCure, Inc.*		1,093,950
	340,000	Bovie Medical Corp.*		567,800
	54,000	iRadimed Corp.*		1,034,640

				2,696,390

		Health Care Facilities 1.9%
	69,000	Ensign Group, Inc. (The)		1,562,160
	2,199,943	Religare Health Trust** (Singapore)		1,599,603

				3,161,763

		Health Care REITs 0.8%
	110,000	CareTrust REIT, Inc.		1,397,000

		Health Care Services 4.7%
	34,000	Air Methods Corp.*		1,231,480
	900,000	GHP Specialty Care AB* (Sweden)		859,535
	47,000	Landauer, Inc.		1,554,290
	39,000	LHC Group, Inc.*		1,386,840
	63,000	National Research Corp., Class A		979,650
	238,000	Nobilis Health Corp.* (Canada)		742,560
	350,000	Nobilis Health Corp. PIPE*		1,096,233

				7,850,588

		Health Care Supplies 1.0%
	105,000	Cerus Corp.*		622,650
	13,000	Guerbet (France)		1,000,514

				1,623,164

		Health Care Technology 1.4%
	80,000	Nexus AG (Germany)		1,508,284
	22,000	Software Service, Inc. (Japan)		836,829

				2,345,113

		Home Improvement Retail 0.7%
	36,000	Hornbach Baumarkt AG (Germany)		1,159,903

		Homebuilding 2.1%
	47,000	Installed Building Products, Inc.*		1,250,670
	92,000	LGI Homes, Inc.*		2,227,320

				3,477,990

		Homefurnishing Retail 1.4%
	62,000	Kirkland’s, Inc.		1,085,620
	63,000	Select Comfort Corp.*		1,221,570

				2,307,190

		Hotel & Resort REITs 0.6%
	90,000	Summit Hotel Properties, Inc.		1,077,300


Shares			Value

		Human Resource & Employment Services 0.9%
	80,000	Kforce, Inc.	$	1,566,400

		Industrial Machinery 1.8%
	120,000	CKD Corp. (Japan)		990,757
	21,000	Hy-Lok Corp. (Korea)		504,066
	28,000	John Bean Technologies Corp.		1,579,480

				3,074,303

		Internet Retail 0.6%
	61,993	Oisix, Inc.* (Japan)		1,013,750

		Internet Software & Services 2.5%
	150,000	inContact, Inc.*		1,333,500
	135,000	IntraLinks Holdings, Inc.*		1,063,800
	80,000	Tucows, Inc., Class A*		1,796,000

				4,193,300

		IT Consulting & Other Services 1.9%
	17,000	EPAM Systems, Inc.*		1,269,390
	86,000	Perficient, Inc.*		1,867,920

				3,137,310

		Leisure Products 2.5%
	30,700	Escalade, Inc.		361,339
	89,400	MCBC Holdings, Inc.*		1,258,752
	68,000	Nautilus, Inc.*		1,313,760
	480,000	Photo-Me International plc (United Kingdom)		1,226,433

				4,160,284

		Life Sciences Tools & Services 0.7%
	29,000	INC Research Holdings, Inc., Class A*		1,195,090

		Metal & Glass Containers 0.6%
	19,000	PSB Industries S.A. (France)		1,027,496

		Mortgage REITs 1.5%
	260,000	Arbor Realty Trust, Inc.		1,760,200
	51,000	Colony Capital, Inc., Class A		855,270

				2,615,470

		Oil & Gas Exploration & Production 0.4%
	130,236	Evolution Petroleum Corp.		632,947

		Packaged Foods & Meats 3.6%
	165,000	Freshpet, Inc.*		1,209,450
	28,000	John B. Sanfilippo & Son, Inc.		1,934,520
	2,000,000	Kawan Food BHD (Malaysia)		1,778,803
	700,000	Prabhat Dairy Ltd.* (India)		1,153,234

				6,076,007

		Pharmaceuticals 0.9%
	900,000	Marksans Pharma Ltd. (India)		627,883
	140,000	Moberg Pharma AB* (Sweden)		905,747

				1,533,630

		Property & Casualty Insurance 2.8%
	140,000	1347 Property Insurance Holdings, Inc.*		831,600
	115,000	Atlas Financial Holdings, Inc.*		2,086,100
	210,000	Kingstone Cos., Inc.		1,734,600

				4,652,300

		Regional Banks 6.9%
	61,000	Bankwell Financial Group, Inc.		1,193,770
	135,000	Blue Hills Bancorp, Inc.		1,845,450
	82,000	Customers Bancorp, Inc.*		1,937,660
	58,000	Equity Bancshares, Inc., Class A*		1,218,000
	51,000	First of Long Island Corp. (The)		1,453,500
	106,000	Investar Holding Corp.		1,555,020
	74,000	People’s Utah Bancorp		1,171,420
	93,010	Veritex Holdings, Inc.*		1,351,435

				11,726,255


Shares			Value

		Research & Consulting Services 0.5%
	52,000	Franklin Covey Co.*	$	914,680

		Residential REITs 0.7%
	105,000	Bluerock Residential Growth REIT, Inc.		1,142,400

		Restaurants 2.5%
	400,000	Collins Foods Ltd. (Australia)		1,290,533
	85,000	Krispy Kreme Doughnuts, Inc.*		1,325,150
	25,000	Red Robin Gourmet Burgers, Inc.*		1,611,750

				4,227,433

		Semiconductor Equipment 0.4%
	49,000	PDF Solutions, Inc.*		655,620

		Semiconductors 2.1%
	500,000	GigOptix, Inc.*		1,350,000
	130,000	Sigma Designs, Inc.*		884,000
	112,000	Tower Semiconductor Ltd.* (Israel)		1,357,440

				3,591,440

		Soft Drinks 0.7%
	14,000,000	Pepsi-Cola Products Philippines, Inc. (Philippines)		1,182,756

		Specialty Chemicals 1.6%
	140,000	Ferro Corp.*		1,661,800
	150,000	Flotek Industries, Inc.*		1,099,500

				2,761,300

		Systems Software 0.5%
	40,000	AVG Technologies N.V.*		830,000

		Technology Hardware, Storage & Peripherals 0.8%
	300,000	USA Technologies, Inc.*		1,308,000

		Textiles 0.7%
	2,200,000	Best Pacific International Holdings Ltd. (China)		1,213,973

		Thrifts & Mortgage Finance 3.8%
	36,000	Anchor BanCorp Wisconsin, Inc.*		1,622,160
	122,000	Beneficial Bancorp, Inc.*		1,670,180
	82,000	BofI Holding, Inc.*		1,749,880
	250,000	Mortgage Advice Bureau Holdings Ltd. (United Kingdom)		1,329,642

				6,371,862

		Trucking 0.7%
	90,000	Roadrunner Transportation Systems, Inc.*		1,121,400


		Total Common Stocks (cost $116,219,532)		144,772,372


		CONVERTIBLE PREFERRED STOCKS 0.9%

		Oil & Gas Refining & Marketing 0.9%
	515,622	Vertex Energy, Inc., Series B Pfd. *** †		1,450,187


		Total Convertible Preferred Stocks (cost $1,503,428)		1,450,187


		PREFERRED STOCKS 1.1%

		Pharmaceuticals 1.1%
	105,263	Acetylon Pharmaceuticals, Inc., Series B Pfd.* *** †		1,801,050


		Total Preferred Stocks (cost $500,000)		1,801,050


Shares			Value

		WARRANTS 0.0%

		Oil & Gas Refining & Marketing 0.0%
	250,000	Vertex Energy, Inc., expiring 12/24/20* *** †	$	47,500


		Total Warrants (cost $95,000)		47,500


		RIGHTS 0.0%

		Health Care Supplies 0.0%
	375,000	Synergetics USA, Inc.* *** †		37,500


		Total Rights (cost $71,250)		37,500


Principal Amount			Value

		SHORT-TERM INVESTMENTS 12.0%

		Repurchase Agreement 12.0%
	$20,320,067	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $19,910,000 of United States Treasury Notes 2.125% due 12/31/22; value: $20,731,288; repurchase proceeds: $20,320,084†† (cost $20,320,067)	$	20,320,067


		Total Short-Term Investments (cost $20,320,067)		20,320,067


		Total Investments (cost $138,709,277) 99.8%		168,428,676

		Other Assets less Liabilities 0.2%		379,940


		NET ASSETS 100.0%	$	168,808,616


		Non-income producing. Common units. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). ††All or a portion of this security has been designated as collateral for an unfunded loan commitment (see Note 3). PIPE Private Investment in a Public Equity. REIT Real Estate Investment Trust. See Notes to Financial Statements.

At March 31, 2016, Wasatch Micro Cap Value Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Argentina		0.6
Australia		0.9
Canada		0.5
China		1.5
France		1.9
Germany		1.8
India		2.2
Israel		1.9
Japan		3.9
Korea		0.3
Malaysia		1.2
Philippines		0.8
Singapore		1.1
Sweden		2.2
Taiwan		0.5
Turkey		1.3
United Kingdom		5.0
United States		72.4

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 97.6%

		Aerospace & Defense 1.4%
	573,253	HEICO Corp., Class A	$	27,286,843

		Air Freight & Logistics 3.9%
	36,319,023	Aramex PJSC (United Arab Emirates)		33,519,776
	1,455,209	Echo Global Logistics, Inc.*		39,523,476

				73,043,252

		Airlines 4.0%
	159,384	Allegiant Travel Co.		28,379,915
	986,159	Spirit Airlines, Inc.*		47,315,909

				75,695,824

		Apparel Retail 1.3%
	1,265,079	Zumiez, Inc.*		25,200,374

		Application Software 9.8%
	1,262,506	Callidus Software, Inc.*		21,058,600
	373,300	Globant S.A.* (Argentina)		11,520,038
	501,314	HubSpot, Inc.*		21,867,317
	530,716	Paylocity Holding Corp.*		17,375,642
	438,803	Ultimate Software Group, Inc.*		84,908,380
	1,283,797	Zendesk, Inc.*		26,869,871

				183,599,848

		Automotive Retail 4.0%
	521,556	Monro Muffler Brake, Inc.		37,275,607
	139,313	O’Reilly Automotive, Inc.*		38,124,396

				75,400,003

		Biotechnology 5.6%
	2,124,073	Abcam plc (United Kingdom)		18,014,177
	1,162,454	Argos Therapeutics, Inc.*		7,439,706
	52,450	Argos Therapeutics, Inc. PIPE* *** †		281,971
	1,357,191	ChemoCentryx, Inc.*		3,379,406
	360,606	Esperion Therapeutics, Inc.*		6,097,847
	1,366,710	Exact Sciences Corp.*		9,211,625
	413,857	Flexion Therapeutics, Inc.*		3,807,484
	987,182	Inovio Pharmaceuticals, Inc.*		8,598,355
	2,064,571	Sangamo BioSciences, Inc.*		12,490,655
	996,987	Seattle Genetics, Inc.*		34,984,274

				104,305,500

		Consumer Finance 0.7%
	3,305,639	Mahindra & Mahindra Financial Services Ltd. (India)		12,629,041

		Data Processing & Outsourced Services 0.8%
	280,078	ExlService Holdings, Inc.*		14,508,040

		Diversified Banks 2.9%
	565,550	HDFC Bank Ltd. ADR (India)		34,854,846
	1,566,515	Yes Bank Ltd. (India)		20,509,170

				55,364,016

		Diversified Capital Markets 0.6%
	437,341	HFF, Inc., Class A		12,039,998

		Diversified Support Services 2.2%
	1,020,424	Copart, Inc.*		41,602,686

		Drug Retail 1.1%
	119,229	Cosmos Pharmaceutical Corp. (Japan)		19,825,583

		Electronic Manufacturing Services 0.8%
	157,272	IPG Photonics Corp.*		15,110,694

		Food Distributors 2.0%
	1,897,093	Chefs’ Warehouse, Inc. (The)* ‡‡		38,492,017

		General Merchandise Stores 0.3%
	205,326	Ollie’s Bargain Outlet Holdings, Inc.*		4,810,788


Shares			Value

		Health Care Equipment 0.6%
	116,566	Abaxis, Inc.	$	5,290,931
	593,260	Tandem Diabetes Care, Inc.*		5,167,294

				10,458,225

		Health Care Facilities 1.7%
	1,412,841	Ensign Group, Inc. (The)		31,986,720

		Health Care Services 2.4%
	1,517,267	ExamWorks Group, Inc.*		44,850,413

		Homefurnishing Retail 1.7%
	751,690	Mattress Firm Holding Corp.*		31,864,139

		Industrial Machinery 1.3%
	307,809	Proto Labs, Inc.*		23,728,996

		Internet Retail 4.2%
	828,553	Blue Nile, Inc.‡‡		21,302,098
	1,751,690	MakeMyTrip Ltd.* (India)		31,688,072
	297,008	Wayfair, Inc., Class A*		12,836,686
	96,295	zooplus AG* (Germany)		13,210,634

				79,037,490

		Internet Software & Services 5.7%
	2,109,982	Cornerstone OnDemand, Inc.*		69,144,110
	711,160	Envestnet, Inc.*		19,343,552
	179,336	Shutterstock, Inc.*		6,587,011
	296,139	SPS Commerce, Inc.*		12,716,209

				107,790,882

		IT Consulting & Other Services 1.3%
	429,533	Luxoft Holding, Inc.*		23,637,201

		Life Sciences Tools & Services 4.5%
	2,003,520	Divi’s Laboratories Ltd. (India)		29,921,572
	1,343,478	Fluidigm Corp.*		10,841,867
	576,523	ICON plc* (Ireland)		43,296,877

				84,060,316

		Managed Health Care 1.3%
	648,974	HealthEquity, Inc.*		16,010,189
	804,065	Trupanion, Inc.*		7,920,040

				23,930,229

		Oil & Gas Drilling 0.1%
	343,142	Seadrill Ltd.*		1,132,369

		Oil & Gas Equipment & Services 0.9%
	110,894	Archrock, Inc.		887,152
	88,407	Dril-Quip, Inc.*		5,353,928
	55,447	Exterran Corp.*		857,211
	88,632	Frank’s International N.V.		1,460,655
	78,835	Oceaneering International, Inc.		2,620,475
	414,825	RPC, Inc.		5,882,219

				17,061,640

		Oil & Gas Exploration & Production 0.3%
	456,863	EP Energy Corp., Class A*		2,065,021
	437,069	WPX Energy, Inc.*		3,055,112

				5,120,133

		Oil & Gas Refining & Marketing 0.2%
	38,475	CVR Energy, Inc.††		1,004,197
	77,771	Delek US Holdings, Inc.		1,185,230
	50,917	Western Refining, Inc.		1,481,176

				3,670,603

		Packaged Foods & Meats 1.4%
	286,067	GlaxoSmithKline Consumer Healthcare Ltd. (India)		26,000,789


Shares			Value

		Personal Products 0.6%
	945,654	Colgate-Palmolive India Ltd. (India)	$	11,781,673

		Pharmaceuticals 1.8%
	1,363,036	Auris Medical Holding AG* (Switzerland)		4,961,451
	1,038,812	Cempra, Inc.*		18,199,986
	374,723	Intra-Cellular Therapies, Inc.*		10,417,300

				33,578,737

		Regional Banks 6.0%
	515,466	Bank of Hawaii Corp.		35,196,019
	585,554	Eagle Bancorp, Inc.*		28,106,592
	758,469	Glacier Bancorp, Inc.		19,280,282
	811,000	Metro Bank plc* (United Kingdom)		21,916,524
	205,315	Texas Capital Bancshares, Inc.*		7,879,990

				112,379,407

		Research & Consulting Services 0.6%
	412,649	Stantec, Inc. (Canada)		10,464,779

		Restaurants 4.9%
	495,425	Chuy’s Holdings, Inc.*		15,392,855
	622,375	Fiesta Restaurant Group, Inc.*		20,401,452
	1,248,612	Jubilant Foodworks Ltd. (India)		24,021,015
	1,042,768	Papa Murphy’s Holdings, Inc.* ‡‡		12,461,078
	493,833	Zoe’s Kitchen, Inc.*		19,254,549

				91,530,949

		Semiconductors 4.0%
	518,312	Cavium, Inc.*		31,699,962
	438,732	Monolithic Power Systems, Inc.		27,920,905
	300,937	Power Integrations, Inc.		14,944,531

				74,565,398

		Specialty Stores 1.3%
	589,392	Five Below, Inc.*		24,365,465

		Systems Software 4.6%
	142,828	CyberArk Software Ltd.* (Israel)		6,088,758
	754,194	FleetMatics Group plc*		30,703,238
	860,002	Fortinet, Inc.*		26,341,861
	872,611	Infoblox, Inc.*		14,921,648
	711,894	TubeMogul, Inc.*		9,211,908

				87,267,413

		Trading Companies & Distributors 0.9%
	214,753	MSC Industrial Direct Co., Inc., Class A		16,387,801

		Trucking 3.9%
	2,824,230	Knight Transportation, Inc.		73,853,615


		Total Common Stocks (cost $1,413,924,935)		1,829,419,889


Shares			Value

		PREFERRED STOCKS 2.0%

		Biotechnology 0.0%
	677,966	Nanosys, Inc., Series D Pfd.* *** †	$	103,051
	161,519	Nanosys, Inc., Series E Pfd.* *** †		98,704

				201,755

		Oil & Gas Equipment & Services 0.6%
	5,818,582	Drilling Info Holdings, Inc., Series B Pfd.* *** †		10,998,865

		Systems Software 1.4%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		6,353,277
	33,296	DocuSign, Inc., Series B Pfd.* *** †		555,710
	9,974	DocuSign, Inc., Series B-1 Pfd.* *** †		166,466
	23,905	DocuSign, Inc., Series D Pfd.* *** †		398,974
	618,152	DocuSign, Inc., Series E Pfd.* *** †		10,316,957
	157,124	DocuSign, Inc., Series F Pfd.* *** †		2,622,400
	505,604	ForeScout Technologies, Inc., Series G, Pfd.* *** †		6,000,003

				26,413,787


		Total Preferred Stocks (cost $43,534,917)		37,614,407


		LIMITED PARTNERSHIP INTEREST 0.2%

		Asset Management & Custody Banks 0.2%
		Greenspring Global Partners II-B, L.P.* *** †		2,951,119
		Greenspring Global Partners III-B, L.P.* *** †		1,422,675

				4,373,794


		Total Limited Partnership Interest (cost $4,406,451)		4,373,794


		WARRANTS 0.0%

		Biotechnology 0.0%
	39,337	Argos Therapeutics, Inc., expiring 3/14/2021* *** †		51,217


		Total Warrants (cost $4,917)		51,217


Principal Amount			Value

		SHORT-TERM INVESTMENTS 0.8%

		Repurchase Agreement 0.8%
	$15,178,495	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $14,870,000 of United States Treasury Notes 2.125% due 12/31/22; value: $15,483,388; repurchase proceeds: $15,178,508†† (cost $15,178,495)	$	15,178,495


		Total Short-Term Investments (cost $15,178,495)		15,178,495


		Total Investments (cost $1,477,049,715) 100.6%		1,886,637,802

		Liabilities less Other Assets (0.6%)		(11,106,006	)


		NET ASSETS 100.0%	$	1,875,531,796


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). ††All or a portion of this security has been designated as collateral for purchase commitments (see Note 10). ‡‡Affiliated company (see Note 8). ADR American Depositary Receipt. PIPE Private Investment in a Public Equity. See Notes to Financial Statements.

At March 31, 2016, Wasatch Small Cap Growth Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Argentina		0.6
Canada		0.6
Germany		0.7
India		10.2
Ireland		2.3
Israel		0.3
Japan		1.1
Switzerland		0.3
United Arab Emirates		1.8
United Kingdom		2.1
United States		80.0

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 93.8%

		Aerospace & Defense 2.6%
	150,227	HEICO Corp., Class A	$	7,150,805

		Airlines 5.7%
	38,734	Allegiant Travel Co.		6,896,976
	182,687	Spirit Airlines, Inc.*		8,765,322

				15,662,298

		Application Software 5.0%
	203,218	Ebix, Inc.		8,289,262
	91,270	Globant S.A.* (Argentina)		2,816,592
	74,131	Interactive Intelligence Group, Inc.*		2,699,851

				13,805,705

		Asset Management & Custody Banks 3.7%
	186,030	Ares Capital Corp.		2,760,685
	113,912	Artisan Partners Asset Management, Inc.		3,513,046
	225,878	Solar Capital Ltd.		3,903,172

				10,176,903

		Auto Parts & Equipment 1.9%
	95,209	Dorman Products, Inc.*		5,181,274

		Biotechnology 0.8%
	333,394	Exact Sciences Corp.*		2,247,076

		Building Products 1.2%
	98,614	Caesarstone Sdot-Yam Ltd.* (Israel)		3,387,391

		Consumer Finance 3.9%
	30,023	Credit Acceptance Corp.*		5,450,676
	84,136	PRA Group, Inc.*		2,472,757
	122,543	Shriram City Union Finance Ltd. (India)		2,784,963

				10,708,396

		Diversified Banks 2.5%
	2,552,010	City Union Bank Ltd. (India)		3,653,298
	256,222	Yes Bank Ltd. (India)		3,354,517

				7,007,815

		Diversified Support Services 1.8%
	119,329	Copart, Inc.*		4,865,043

		Electronic Manufacturing Services 4.8%
	409,932	Fabrinet*		13,261,300

		Footwear 1.9%
	169,852	Skechers U.S.A., Inc., Class A*		5,171,993

		Health Care Facilities 3.2%
	391,630	Ensign Group, Inc. (The)		8,866,503

		Health Care REITs 4.4%
	582,553	CareTrust REIT, Inc.		7,398,423
	238,550	Sabra Health Care REIT, Inc.		4,792,470

				12,190,893

		Health Care Services 4.2%
	74,906	Air Methods Corp.*		2,713,096
	105,987	Landauer, Inc.		3,504,990
	149,429	LHC Group, Inc.*		5,313,695

				11,531,781

		Homebuilding 2.8%
	316,146	LGI Homes, Inc.*		7,653,895

		Homefurnishing Retail 1.0%
	145,334	Select Comfort Corp.*		2,818,026

		Hotel & Resort REITs 1.8%
	414,068	Summit Hotel Properties, Inc.		4,956,394


Shares			Value

		Internet Software & Services 1.8%
	54,630	Cimpress N.V.*	$	4,954,395

		IT Consulting & Other Services 2.1%
	36,987	EPAM Systems, Inc.*		2,761,819
	53,278	Luxoft Holding, Inc.*		2,931,889

				5,693,708

		Life Sciences Tools & Services 1.0%
	38,026	ICON plc* (Ireland)		2,855,753

		Mortgage REITs 5.9%
	949,169	Arbor Realty Trust, Inc.		6,425,874
	239,630	Colony Capital, Inc., Class A		4,018,595
	858,899	MFA Financial, Inc.		5,883,458

				16,327,927

		Oil & Gas Equipment & Services 0.4%
	82,203	Geospace Technologies Corp.*		1,014,385

		Oil & Gas Exploration & Production 1.1%
	1,283,739	Gran Tierra Energy, Inc.* (Colombia)		3,170,835

		Oil & Gas Refining & Marketing 1.1%
	63,466	World Fuel Services Corp.		3,083,178

		Personal Products 1.5%
	112,025	Nu Skin Enterprises, Inc., Class A		4,284,956

		Pharmaceuticals 2.4%
	136,523	Cempra, Inc.*		2,391,883
	280,914	Egalet Corp.*		1,927,070
	3,266,806	Marksans Pharma Ltd. (India)		2,279,081

				6,598,034

		Property & Casualty Insurance 1.1%
	165,477	Atlas Financial Holdings, Inc.*		3,001,753

		Regional Banks 10.5%
	244,644	Avenue Financial Holdings, Inc.*		4,738,754
	67,494	Cardinal Financial Corp.		1,373,503
	272,160	Customers Bancorp, Inc.*		6,431,141
	161,678	People’s Utah Bancorp		2,559,363
	112,729	Pinnacle Financial Partners, Inc.		5,530,485
	60,664	Prosperity Bancshares, Inc.		2,814,203
	154,706	Webster Financial Corp.		5,553,945

				29,001,394

		Research & Consulting Services 1.2%
	192,218	Franklin Covey Co.*		3,381,115

		Restaurants 1.0%
	226,712	Papa Murphy’s Holdings, Inc.*		2,709,208

		Semiconductor Equipment 1.2%
	241,041	PDF Solutions, Inc.*		3,225,129

		Semiconductors 1.7%
	238,084	Diodes, Inc.*		4,785,488

		Specialty Stores 1.0%
	75,927	Outerwall, Inc.		2,808,540

		Systems Software 1.3%
	171,597	AVG Technologies N.V.*		3,560,638

		Technology Distributors 0.6%
	172,586	Electro Rent Corp.		1,598,146

		Trucking 3.7%
	133,864	Knight Transportation, Inc.		3,500,544
	39,252	Old Dominion Freight Line, Inc.*		2,732,724
	222,440	Swift Transportation Co.*		4,144,057

				10,377,325


		Total Common Stocks (cost $213,303,172)		259,075,398


Shares			Value

		LIMITED PARTNERSHIP INTEREST 0.9%

		Oil & Gas Storage & Transportation 0.9%
	81,633	Delek Logistics Partners L.P.	$	2,563,276


		Total Limited Partnership Interest (cost $3,449,494)		2,563,276


Principal Amount			Value

		SHORT-TERM INVESTMENTS 5.7%

		Repurchase Agreement 5.7%
	$15,616,570	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $15,300,000 of United States Treasury Notes 2.125% due 12/31/22; value: $15,931,125; repurchase proceeds: $15,616,583 (cost $15,616,570)	$	15,616,570


		Total Short-Term Investments (cost $15,616,570)		15,616,570


		Total Investments (cost $232,369,236) 100.4%		277,255,244

		Liabilities less Other Assets (0.4%)		(1,122,079	)


		NET ASSETS 100.0%	$	276,133,165


		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Financial Statements.


Shares			Value

		COMMON STOCKS 72.5%

		Asset Management & Custody Banks 10.5%
	102,972	Alcentra Capital Corp.	$	1,197,564
	74,901	American Capital Senior Floating Ltd.		751,257
	12,400	Ameriprise Financial, Inc.		1,165,724
	6,500	BlackRock Capital Investment Corp.		61,165
	66,975	FS Investment Corp.		614,161
	5,000	Hercules Capital, Inc.		60,050
	159,900	Medallion Financial Corp.		1,475,877
	85,479	NorthStar Asset Management Group, Inc.		970,187
	35,055	PennantPark Investment Corp.		212,433

				6,508,418

		Automotive Retail 2.3%
	38,000	Penske Automotive Group, Inc.		1,440,200

		Broadcasting 4.9%
	55,900	CBS Corp., Class B		3,079,531

		Cable & Satellite 6.2%
	63,000	Comcast Corp., Class A		3,848,040

		Consumer Finance 3.9%
	16,000	Capital One Financial Corp.		1,108,960
	26,000	Discover Financial Services		1,323,920

				2,432,880

		Data Processing & Outsourced Services 7.5%
	24,650	MasterCard, Inc., Class A		2,329,425
	30,440	Visa, Inc., Class A		2,328,051

				4,657,476

		Diversified REITs 3.3%
	52,793	Gramercy Property Trust		446,101
	84,700	NorthStar Realty Finance Corp.		1,111,264
	355,714	Star Asia Financial Ltd.* *** †		497,999

				2,055,364

		Drug Retail 0.2%
	1,000	CVS Health Corp.		103,730

		Fertilizers & Agricultural Chemicals 1.9%
	13,200	Monsanto Co.		1,158,168

		Health Care Distributors 0.6%
	2,600	McKesson Corp.		408,850

		Integrated Oil & Gas 3.5%
	78,273	Suncor Energy, Inc. (Canada)		2,178,717

		Integrated Telecommunication Services 1.7%
	19,400	Verizon Communications, Inc.		1,049,152

		Mortgage REITs 15.4%
	39,400	American Capital Mortgage Investment Corp.		578,392
	45,000	Arbor Realty Trust, Inc.		304,650
	13,000	Blackstone Mortgage Trust, Inc., Class A		349,180
	66,191	Colony Capital, Inc., Class A		1,110,023
	177,200	Great Ajax Corp.		1,982,868
	187,100	MFA Financial, Inc.		1,281,635
	112,500	New Residential Investment Corp.		1,308,375
	84,300	PennyMac Mortgage Investment Trust		1,149,852
	61,700	Starwood Property Trust, Inc.		1,167,981
	21,981	ZAIS Financial Corp.		327,957

				9,560,913

		Personal Products 4.2%
	27,374	Herbalife Ltd.*		1,685,143
	24,300	Nu Skin Enterprises, Inc., Class A		929,475

				2,614,618


Shares			Value

		Railroads 3.1%
	30,800	Canadian National Railway Co. (Canada)	$	1,923,682

		Technology Hardware, Storage & Peripherals 1.5%
	8,725	Apple, Inc.		950,938

		Trading Companies & Distributors 1.8%
	4,830	W.W. Grainger, Inc.		1,127,467


		Total Common Stocks (cost $41,651,525)		45,098,144


		EXCHANGE-TRADED FUNDS 0.7%

		Asset Management & Custody Banks 0.7%
	6,900	PowerShares Dynamic Pharmaceuticals Portfolio		414,552


		Total Exchange-Traded Funds (cost $198,779)		414,552


		LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 1.9%

		Asset Management & Custody Banks 1.8%
	63,779	Ellington Financial, LLC		1,111,030

		Trading Companies & Distributors 0.1%
	6,000	Fortress Transportation & Infrastructure Investors, LLC		59,700


		Total Limited Liability Company Membership Interest (cost $1,205,175)		1,170,730


		LIMITED PARTNERSHIP INTEREST 9.8%

		Asset Management & Custody Banks 5.9%
	64,100	Blackstone Group L.P.		1,798,005
	126,100	KKR & Co. L.P.		1,852,409

				3,650,414

		Oil & Gas Storage & Transportation 3.9%
	35,282	Magellan Midstream Partners L.P.		2,427,402


		Total Limited Partnership Interest (cost $7,159,088)		6,077,816


Principal Amount			Value
		CORPORATE BONDS 0.0%

		Gold 0.0%
	$205,804	Redcorp Ventures Ltd., 13.00%, 7/11/12, Series D* *** † ^§§ (Canada)	$	380


		Total Corporate Bonds (cost $151,993)		380


Principal Amount			Value

		SHORT-TERM INVESTMENTS 11.5%

		Repurchase Agreement 11.5%
	$ 7,155,317	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $6,690,000 of United States Treasury Notes 2.750% due 11/15/23; value: $7,300,463; repurchase proceeds: $7,155,323 (cost $7,155,317)	$	7,155,317


		Total Short-Term Investments (cost $7,155,317)		7,155,317


		Total Investments (cost $57,521,877) 96.4%		59,916,939

		Other Assets less Liabilities 3.6%		2,269,129


		NET ASSETS 100.0%	$	62,186,068


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). ^§§In default. REIT Real Estate Investment Trust. See Notes to Financial Statements.


Shares			Value

		COMMON STOCKS 92.9%

		Air Freight & Logistics 1.6%
	54,379	Echo Global Logistics, Inc.*	$	1,476,934

		Application Software 12.3%
	112,329	Exa Corp.*		1,454,661
	39,374	Globant S.A.* (Argentina)		1,215,082
	36,065	HubSpot, Inc.*		1,573,155
	42,403	Interactive Intelligence Group, Inc.*		1,544,317
	55,860	Paylocity Holding Corp.*		1,828,856
	12,335	Ultimate Software Group, Inc.*		2,386,822
	65,346	Zendesk, Inc.*		1,367,692

				11,370,585

		Biotechnology 10.0%
	136,010	Argos Therapeutics, Inc.*		870,464
	7,300	Argos Therapeutics, Inc. PIPE* *** †		39,245
	27,107	Bellicum Pharmaceuticals, Inc.*		253,451
	153,840	ChemoCentryx, Inc.*		383,062
	168,628	Cytokinetics, Inc.*		1,188,827
	38,630	Esperion Therapeutics, Inc.*		653,233
	120,465	Exact Sciences Corp.*		811,934
	27,328	Flexion Therapeutics, Inc.*		251,418
	99,737	Inovio Pharmaceuticals, Inc.*		868,709
	193,443	MEI Pharma, Inc.*		243,738
	31,845	Pfenex, Inc.*		313,036
	267,777	Sangamo BioSciences, Inc.*		1,620,051
	50,237	Seattle Genetics, Inc.*		1,762,816

				9,259,984

		Building Products 1.3%
	24,818	Trex Co., Inc.*		1,189,527

		Communications Equipment 0.0%
	3,515	Xtera Communications, Inc.* *** †		9,440

		Department Stores 0.7%
	85,841	V-Mart Retail Ltd. (India)		609,238

		Diversified Banks 3.0%
	875,301	City Union Bank Ltd. (India)		1,253,026
	118,351	Yes Bank Ltd. (India)		1,549,478

				2,802,504

		Electronic Manufacturing Services 1.7%
	16,006	IPG Photonics Corp.*		1,537,857

		Environmental & Facilities Services 1.0%
	13,724	Waste Connections, Inc.		886,433

		Food Distributors 0.9%
	41,702	Chefs’ Warehouse, Inc. (The)*		846,134

		Footwear 1.3%
	40,370	Skechers U.S.A., Inc., Class A*		1,229,267

		General Merchandise Stores 0.8%
	33,141	Ollie’s Bargain Outlet Holdings, Inc.*		776,494

		Health Care Equipment 5.8%
	103,505	AtriCure, Inc.*		1,741,989
	70,051	Entellus Medical, Inc.*		1,274,228
	65,443	Novadaq Technologies, Inc.* (Canada)		725,763
	83,583	Oxford Immunotec Global plc*		828,308
	87,819	Tandem Diabetes Care, Inc.*		764,903

				5,335,191

		Health Care Services 0.6%
	39,000	Dr. Lal PathLabs Ltd.* (India)		543,017


Shares			Value

		Health Care Technology 0.7%
	17,234	Medidata Solutions, Inc.*	$	667,128

		Homebuilding 2.7%
	36,498	Installed Building Products, Inc.*		971,212
	63,631	LGI Homes, Inc.*		1,540,506

				2,511,718

		Industrial Machinery 3.6%
	19,799	Arcam AB* (Sweden)		428,193
	37,056	Proto Labs, Inc.*		2,856,647

				3,284,840

		Internet Retail 2.5%
	88,478	MakeMyTrip Ltd.* (India)		1,600,567
	15,513	Wayfair, Inc., Class A*		670,472

				2,271,039

		Internet Software & Services 6.3%
	59,265	Cornerstone OnDemand, Inc.*		1,942,114
	29,152	Demandware, Inc.*		1,139,843
	45,429	Reis, Inc.		1,069,853
	18,592	Shutterstock, Inc.*		682,884
	24,019	SPS Commerce, Inc.*		1,031,376

				5,866,070

		IT Consulting & Other Services 1.3%
	11,193	Cognizant Technology Solutions Corp., Class A*		701,801
	9,368	Luxoft Holding, Inc.*		515,521

				1,217,322

		Life Sciences Tools & Services 0.4%
	45,313	Fluidigm Corp.*		365,676

		Managed Health Care 2.0%
	48,575	HealthEquity, Inc.*		1,198,345
	69,467	Trupanion, Inc.*		684,250

				1,882,595

		Oil & Gas Equipment & Services 0.3%
	2,358	Core Laboratories N.V.		265,063

		Oil & Gas Exploration & Production 0.2%
	18,589	EP Energy Corp., Class A*		84,023
	20,479	WPX Energy, Inc.*		143,148

				227,171

		Oil & Gas Refining & Marketing 0.2%
	144,050	Amyris, Inc.*		159,896

		Packaged Foods & Meats 2.5%
	201,767	Freshpet, Inc.*		1,478,952
	4,809	GlaxoSmithKline Consumer Healthcare Ltd. (India)		437,093
	228,398	Prabhat Dairy Ltd.* (India)		376,280

				2,292,325

		Pharmaceuticals 3.0%
	163,506	Auris Medical Holding AG* (Switzerland)		595,162
	48,455	Cempra, Inc.*		848,931
	103,585	Egalet Corp.*		710,593
	20,966	Intra-Cellular Therapies, Inc.*		582,855

				2,737,541

		Regional Banks 3.3%
	35,222	Avenue Financial Holdings, Inc.*		682,250
	16,160	Bank of the Ozarks, Inc.		678,235
	44,397	Customers Bancorp, Inc.*		1,049,101
	23,000	Metro Bank plc* (United Kingdom)		621,554

				3,031,140


Shares			Value

		Restaurants 1.9%
	22,684	Chuy’s Holdings, Inc.*	$	704,792
	23,094	Jubilant Foodworks Ltd. (India)		444,286
	16,443	Zoe’s Kitchen, Inc.*		641,113

				1,790,191

		Semiconductor Equipment 2.6%
	181,278	PDF Solutions, Inc.*		2,425,500

		Semiconductors 4.9%
	21,858	Cavium, Inc.*		1,336,835
	19,991	Monolithic Power Systems, Inc.		1,272,227
	14,275	NVE Corp.		806,966
	22,329	Power Integrations, Inc.		1,108,858

				4,524,886

		Specialized Consumer Services 0.7%
	51,363	LifeLock, Inc.*		619,951

		Specialty Chemicals 1.7%
	20,027	Balchem Corp.		1,242,075
	409,588	EcoSynthetix, Inc.* (Canada)		378,241

				1,620,316

		Specialty Stores 2.0%
	70,013	DavidsTea, Inc.* (Canada)		847,857
	24,494	Five Below, Inc.*		1,012,582

				1,860,439

		Systems Software 7.6%
	53,561	FleetMatics Group plc*		2,180,468
	82,526	Infoblox, Inc.*		1,411,195
	13,269	NetSuite, Inc.* ††		908,794
	32,438	Qualys, Inc.*		821,006
	99,458	TubeMogul, Inc.*		1,286,986
	24,505	VASCO Data Security International, Inc.*		377,377

				6,985,826

		Technology Hardware, Storage & Peripherals 0.4%
	83,412	Intevac, Inc.*		375,354

		Trucking 1.1%
	37,241	Knight Transportation, Inc.		973,852


		Total Common Stocks (cost $74,580,468)		85,828,444


		PREFERRED STOCKS 1.4%

		Biotechnology 0.1%
	169,492	Nanosys, Inc., Series D Pfd.* *** †		25,763
	40,380	Nanosys, Inc., Series E Pfd.* *** †		24,676

				50,439

		Health Care Technology 0.4%
	253,064	Data Sciences International, Inc., Series B Pfd.* *** †		369,473

		Oil & Gas Equipment & Services 0.9%
	435,920	Drilling Info Holdings, Inc., Series B Pfd.* *** †		824,020


		Total Preferred Stocks (cost $2,171,238)		1,243,932


Shares			Value

		LIMITED PARTNERSHIP INTEREST 4.4%

		Asset Management & Custody Banks 4.4%
		Greenspring Global Partners II-B, L.P.* *** †	$	2,655,997
		Greenspring Global Partners III-B, L.P.* *** †		1,422,675

				4,078,672


		Total Limited Partnership Interest (cost $4,111,329)		4,078,672


		WARRANTS 0.0%

		Biotechnology 0.0%
	5,475	Argos Therapeutics, Inc., expiring 3/14/2021* *** †		7,128


		Total Warrants (cost $684)		7,128


Principal Amount			Value

		SHORT-TERM INVESTMENTS 1.4%

		Repurchase Agreement 1.4%
	$1,304,609	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $1,280,000 of United States Treasury Notes 2.125% due 12/31/22; value: $1,332,800; repurchase proceeds: $1,304,610†† (cost $1,304,609)	$	1,304,609


		Total Short-Term Investments (cost $1,304,609)		1,304,609


		Total Investments (cost $82,168,328) 100.1%		92,462,785

		Liabilities less Other Assets (0.1%)		(48,944	)


		NET ASSETS 100.0%	$	92,413,841


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). ††All or a portion of this security has been designated as collateral for an unfunded loan commitment and purchase commitments (see Note 3 and Note 10, respectively). PIPE Private Investment in a Public Equity. See Notes to Financial Statements.

At March 31, 2016, Wasatch Ultra Growth Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Argentina		1.3
Canada		2.1
India		7.5
Sweden		0.5
Switzerland		0.7
United Kingdom		0.7
United States		87.2

TOTAL		100.0	%


Shares			Value

		COMMON STOCKS 80.2%

		Aerospace & Defense 2.8%
	451,111	Avon Rubber plc (United Kingdom)	$	5,216,779

		Air Freight & Logistics 0.6%
	6,690	FedEx Corp.		1,088,597

		Alternative Carriers 2.8%
	882,261	Gamma Communications plc (United Kingdom)		5,291,593

		Apparel, Accessories & Luxury Goods 0.4%
	36,419	Burberry Group plc (United Kingdom)		714,585

		Application Software 0.1%
	10,080	Pro-Ship, Inc. (Japan)		178,272

		Asset Management & Custody Banks 1.1%
	7,055	Ameriprise Financial, Inc.		663,241
	78,075	NorthStar Asset Management Group, Inc.		886,151
	238,300	Tarpon Investimentos S.A. (Brazil)		445,949

				1,995,341

		Automotive Retail 4.6%
	243,044	Mekonomen AB (Sweden)		6,020,055
	50,900	Penske Automotive Group, Inc.		1,929,110
	32,182	Yellow Hat Ltd. (Japan)		647,244

				8,596,409

		Biotechnology 4.1%
	473,971	Abcam plc (United Kingdom)		4,019,729
	177,837	Bioventix plc (United Kingdom)		2,601,055
	14,000	Myriad Genetics, Inc.*		524,020
	41,655	OPKO Health, Inc.*		432,795

				7,577,599

		Broadcasting 1.5%
	37,900	CBS Corp., Class B		2,087,911
	26,045	Discovery Communications, Inc., Class A*		745,668

				2,833,579

		Cable & Satellite 1.9%
	57,982	Comcast Corp., Class A		3,541,541

		Communications Equipment 1.1%
	18,223	EVS Broadcast Equipment S.A. (Belgium)		673,963
	86,105	Infinera Corp.*		1,382,846
	251	Xtera Communications, Inc.* *** †		674

				2,057,483

		Construction Machinery & Heavy Trucks 0.4%
	65,399	Morita Holdings Corp. (Japan)		764,887

		Consumer Finance 2.8%
	10,900	Capital One Financial Corp.		755,479
	13,471	Discover Financial Services		685,944
	41,500	Encore Capital Group, Inc.*		1,068,210
	42,816	PRA Group, Inc.*		1,258,362
	232,000	SLM Corp.*		1,475,520

				5,243,515

		Data Processing & Outsourced Services 0.7%
	4,100	MasterCard, Inc., Class A		387,450
	11,300	Visa, Inc., Class A		864,224

				1,251,674

		Diversified Support Services 0.1%
	231,000	Blue Label Telecoms Ltd. (South Africa)		238,746


Shares			Value

		Drug Retail 0.1%
	2,200	Walgreens Boots Alliance, Inc.	$	185,328

		Education Services 0.6%
	301,500	Kroton Educacional S.A. (Brazil)		966,754
	4,215	TAL Education Group ADR* (China)		209,401

				1,176,155

		Electronic Equipment & Instruments 2.8%
	37,230	Barco N.V. (Belgium)		2,683,903
	67,332	Kapsch TrafficCom AG (Austria)		2,284,392
	400	KEYENCE Corp. (Japan)		218,237

				5,186,532

		Fertilizers & Agricultural Chemicals 0.4%
	9,100	Monsanto Co.		798,434

		Food Retail 3.9%
	1,193,413	Majestic Wine plc* (United Kingdom)		7,256,448

		Health Care Distributors 0.4%
	38,577	Dvx, Inc. (Japan)		371,645
	2,475	McKesson Corp.		389,194

				760,839

		Health Care Equipment 5.4%
	107,722	DiaSorin S.p.A. (Italy)		6,224,054
	64,063	LivaNova plc*		3,458,121
	16,802	Techno Medica Co. Ltd. (Japan)		319,704

				10,001,879

		Health Care Services 0.9%
	42,035	BML, Inc. (Japan)		1,628,800

		Health Care Supplies 3.3%
	1,981,919	Advanced Medical Solutions Group plc (United Kingdom)		5,170,774
	533,759	Tristel plc (United Kingdom)		897,685

				6,068,459

		Health Care Technology 1.0%
	49,551	Software Service, Inc. (Japan)		1,884,805

		Home Entertainment Software 3.3%
	162,447	Take-Two Interactive Software, Inc.*		6,119,378

		Home Improvement Retail 0.4%
	64,800	Arcland Sakamoto Co. Ltd. (Japan)		686,470

		Household Appliances 2.0%
	106,301	iRobot Corp.*		3,752,425

		Hypermarkets & Super Centers 1.4%
	16,900	Costco Wholesale Corp.		2,663,102

		Industrial Machinery 0.9%
	20,536	Arcam AB* (Sweden)		444,133
	25,197	Fukushima Industries Corp. (Japan)		585,138
	25,629	SLM Solutions Group AG* (Germany)		647,765

				1,677,036

		Internet Retail 6.2%
	4,873	Amazon.com, Inc.*		2,892,808
	712,726	AO World plc* (United Kingdom)		1,833,870
	312,809	Banzai S.p.A.* (Italy)		1,344,758
	45,421	Lastminute.com N.V.* (Switzerland)		482,774
	128,249	Ocado Group plc* (United Kingdom)		534,804
	148,774	Oisix, Inc.* (Japan)		2,432,849
	990	Priceline Group, Inc. (The)*		1,276,070
	70,650	Rakuten, Inc. (Japan)		681,573

				11,479,506


Shares			Value

		Internet Software & Services 2.9%
	13,800	Alibaba Group Holding Ltd. ADR* (China)	$	1,090,614
	3,955	Alphabet, Inc., Class A*		3,017,269
	292,017	NetGem S.A. (France)		711,467
	34,972	Twitter, Inc.*		578,787

				5,398,137

		IT Consulting & Other Services 2.0%
	59,814	Cognizant Technology Solutions Corp., Class A*		3,750,338

		Leisure Products 5.2%
	180,057	Escalade, Inc.		2,119,271
	2,944,544	Photo-Me International plc (United Kingdom)		7,523,512

				9,642,783

		Life Sciences Tools & Services 1.4%
	17,490	Tecan Group AG (Switzerland)		2,662,730

		Multi-Utilities 0.2%
	32,350	Telecom Plus plc (United Kingdom)		428,047

		Office Services & Supplies 0.5%
	29,365	Herman Miller, Inc.		907,085

		Oil & Gas Refining & Marketing 0.5%
	19,050	World Fuel Services Corp.		925,449

		Personal Products 1.3%
	24,601	Herbalife Ltd.*		1,514,438
	83,458	Sarantis S.A. (Greece)		806,693

				2,321,131

		Pharmaceuticals 1.1%
	16,700	Novo Nordisk A/S, Class B (Denmark)		906,330
	3,400	Roche Holding AG (Switzerland)		838,618
	11,763	Valeant Pharmaceuticals International, Inc.* (Canada)		309,367

				2,054,315

		Real Estate Services 1.0%
	45,550	Century 21 Real Estate of Japan Ltd. (Japan)		463,920
	6,628	Jones Lang LaSalle, Inc.		777,597
	826,300	LPS Brasil - Consultoria de Imoveis S.A. (Brazil)		604,680

				1,846,197

		Semiconductors 1.8%
	124,000	ARM Holdings plc (United Kingdom)		1,807,393
	296,000	Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		1,489,933

				3,297,326

		Specialty Stores 2.4%
	90,634	Fenix Outdoor International AG (Sweden)		4,400,549

		Systems Software 1.5%
	27,300	Check Point Software Technologies Ltd.* (Israel)		2,387,931
	178,173	WANdisco plc* (United Kingdom)		469,971

				2,857,902

		Technology Hardware, Storage & Peripherals 0.4%
	349,194	Asetek A/S* (Norway)		759,966


		Total Common Stocks (cost $133,495,479)		149,168,151


Shares			Value

		LIMITED PARTNERSHIP INTEREST 0.1%

		Asset Management & Custody Banks 0.1%
		Greenspring Global Partners II-B, L.P.* *** †	$	295,112


		Total Limited Partnership Interest (cost $295,112)		295,112


Principal Amount			Value

		SHORT-TERM INVESTMENTS 19.1%

		Repurchase Agreement 19.1%
	$35,552,034	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $34,830,000 of United States Treasury Notes 2.125% due 12/31/22; value: $36,266,738; repurchase proceeds: $35,552,064†† (cost $35,552,034)	$	35,552,034


		Total Short-Term Investments (cost $35,552,034)		35,552,034


		Total Investments (cost $169,342,625) 99.4%		185,015,297

		Other Assets less Liabilities 0.6%		1,053,778


		NET ASSETS 100.0%	$	186,069,075

		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 13). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). ††All or a portion of this security has been designated as collateral for purchase commitments (see Note 10). ADR American Depositary Receipt. See Notes to Financial Statements.

At March 31, 2016, Wasatch World Innovators Fund’s investments, excluding short-term investments, were in the following countries:


Country	%
Austria		1.5
Belgium		2.2
Brazil		1.3
Canada		0.2
China		0.9
Denmark		0.6
France		0.5
Germany		0.4
Greece		0.5
Israel		1.6
Italy		5.1
Japan		7.3
Norway		0.5
South Africa		0.2
Sweden		7.3
Switzerland		2.7
Taiwan		1.0
United Kingdom		29.3
United States		36.9

TOTAL		100.0	%


Principal Amount			Value

		ASSET-BACKED SECURITIES 8.9%

	$1,000,000	Avis Budget Rental Car Funding AESOP, LLC, 2.50%, 7/20/21, Series 2015-1A, Class A	$	995,151
	500,000	Avis Budget Rental Car Funding AESOP, LLC, 2.63%, 12/20/21, Series 2015-2A, Class A		496,984
	1,500,000	Citibank Credit Card Issuance Trust, 5.65%, 9/20/19, Series 2007-A8, Class A8		1,595,725
	425,926	Cronos Containers Program I Ltd., 3.27%, 11/18/29, Series 2014-2A, Class A (Bermuda)		406,326
	495,000	DB Master Finance, LLC 2015-1, 3.262%, 2/20/45, Series 2015-1A, Class A2I		487,352
	500,000	Exeter Automobile Receivables Trust, 3.59%, 8/16/21, Series 2015-3A, Class B		503,131
	1,250,000	GE Capital Credit Card Master Note Trust, 2.22%, 1/15/22, Series 2012-2, Class A		1,264,897
	1,000,000	Hertz Vehicle Financing, LLC, 1.83%, 8/25/19, Series 2013-1A, Class A2		989,508
	746,250	Wendys Funding LLC, 3.371%, 6/15/45, Series 2015-1A, Class A2I		732,564
	585,000	World Financial Network Credit Card Master Trust, 1.76%, 5/17/21, Series 2012-B, Class A		587,483
	1,400,000	World Financial Network Credit Card Master Trust, 3.14%, 1/17/23, Series 2012-A, Class A		1,460,251


		Total Asset-Backed Securities (cost $9,610,042)		9,519,372


		COLLATERALIZED MORTGAGE OBLIGATIONS 16.8%

	294,914	Federal Home Loan Mortgage Corp., 1.50%, 9/15/22, Series 3760, Class BA		297,281
	561,677	Federal Home Loan Mortgage Corp., 1.50%, 7/15/23, Series 4221, Class HJ		567,022
	32,733	Federal Home Loan Mortgage Corp., 1.50%, 4/15/24, Series 3780, Class TA		32,928
	12,580	Federal Home Loan Mortgage Corp., 2.598%, 8/1/33, Series 847281†††		13,075
	58,981	Federal Home Loan Mortgage Corp., 2.621%, 12/1/32, Series 847527†††		62,475
	56,725	Federal Home Loan Mortgage Corp., 2.736%, 5/1/31, Series 847292†††		59,802
	147,894	Federal Home Loan Mortgage Corp., 2.935%, 1/1/25, Series 775629†††		151,531
	89,582	Federal Home Loan Mortgage Corp., 3.065%, 5/1/25, Series 775617†††		93,162
	347,934	Federal Home Loan Mortgage Corp., 3.50%, 6/15/25, Series 4057, Class VB		373,706
	497,337	Federal Home Loan Mortgage Corp., 3.50%, 2/1/33, Series C91620		524,666
	710,000	Federal Home Loan Mortgage Corp., 3.50%, 7/15/45, Series 4495, Class JC		738,556
	392,697	Federal Home Loan Mortgage Corp., 4.00%, 11/15/38, Series 3740, Class AB		414,577
	35,524	Federal Home Loan Mortgage Corp., 5.50%, 10/1/25, Series C90925		39,431
	136,988	Federal Home Loan Mortgage Corp., 5.50%, 8/1/29, Series C46102		152,879
	240,715	Federal National Mortgage Assoc., 2.188%, 12/1/35, Series 848390†††		251,395
	360,645	Federal National Mortgage Assoc., 2.228%, 1/1/35, Series 825245†††		380,888


Principal Amount			Value

		COLLATERALIZED MORTGAGE OBLIGATIONS *(continued)*
	$ 58,949	Federal National Mortgage Assoc., 2.383%, 2/1/21, Series 313380†††	$	59,801
	1,000,000	Federal National Mortgage Assoc., 2.42%, 4/1/22, Series AM8263		1,026,355
	493,093	Federal National Mortgage Assoc., 2.50%, 12/25/41, Series 2012-61, Class KD		495,546
	37,442	Federal National Mortgage Assoc., 2.758%, 1/1/18, Series 57735†††		37,479
	946,805	Federal National Mortgage Assoc., 3.00%, 1/1/28, Series AB7546		992,595
	98,721	Federal National Mortgage Assoc., 3.50%, 6/25/23, Series 2003-46, Class LD		102,580
	1,391,199	Federal National Mortgage Assoc., 3.50%, 6/1/32, Series AL2525		1,485,404
	860,745	Federal National Mortgage Assoc., 3.50%, 5/1/33, Series AB9412		910,297
	750,000	Federal National Mortgage Assoc., 3.50%, 4/25/42, Series 2015-56, Class ME		781,461
	513,719	Federal National Mortgage Assoc., 3.50%, 10/1/42, Series MA1209		530,761
	91,445	Federal National Mortgage Assoc., 3.875%, 1/25/39, Series 2009-2, Class WJ		96,957
	512,000	Federal National Mortgage Assoc., 4.00%, 9/25/33, Series 2014-67, Class VK		573,761
	331,788	Federal National Mortgage Assoc., 4.00%, 2/1/42, Series MA0988		346,591
	44,544	Federal National Mortgage Assoc., 4.082%, 7/1/19, Series 070377†††		46,184
	771,956	Federal National Mortgage Assoc., 4.55%, 10/1/33, Series 386320		771,458
	162,324	Federal National Mortgage Assoc., 5.50%, 5/25/23, Series 2003-42, Class EK		179,772
	200,032	Federal National Mortgage Assoc., 7.723%, 11/25/44, Series 2014-73, Class US†††		201,915
	498,333	Government National Mortgage Assoc., 2.30%, 3/16/56, Series 2015-183, Class A		501,798
	130,392	Government National Mortgage Assoc., 2.375%, 7/20/34, Series 80987†††		134,559
	234,040	Government National Mortgage Assoc., 3.00%, 8/20/38, Series 2010-47, Class CG		239,343
	139,810	Government National Mortgage Assoc., 3.00%, 12/20/38, Series 2010-89, Class PA		141,013
	469,700	Government National Mortgage Assoc., 3.00%, 5/20/39, Series 2010-68, Class YE		487,111
	164,611	Government National Mortgage Assoc., 3.50%, 1/20/37, Series 2009-31, Class PD		165,295
	526,554	Government National Mortgage Assoc., 3.50%, 7/20/40, Series 2012-10, Class LA		555,119
	300,000	Government National Mortgage Assoc., 3.674%, 10/16/43, Series 2010-140, Class C†††		311,983
	23,677	Government National Mortgage Assoc., 4.00%, 6/20/38, Series 2009-69, Class WC		23,775
	325,544	Government National Mortgage Assoc., 4.00%, 9/20/38, Series 2009-108, Class WG		339,199
	297,641	Government National Mortgage Assoc., 4.00%, 3/20/39, Series 2009-31, Class TA		312,143
	309,002	Government National Mortgage Assoc., 4.00%, 4/16/39, Series 2009-110, Class AB		331,604
	266,959	Government National Mortgage Assoc., 4.00%, 8/20/39, Series 2009-69, Class PV		287,829
	166,845	Government National Mortgage Assoc., 4.50%, 2/20/38, Series 2009-55, Class NP		178,359
	270,625	Government National Mortgage Assoc., 4.50%, 3/20/39, Series 2009-14, Class AG		294,400


Principal Amount			Value

		COLLATERALIZED MORTGAGE OBLIGATIONS *(continued)*
	$ 194,736	Government National Mortgage Assoc., 5.00%, 7/20/34, Series 2004-105, Class MC	$	200,488
	34,465	Government National Mortgage Assoc., 5.00%, 8/20/39, Series 004513		35,578
	364,750	Government National Mortgage Assoc., 7.286%, 1/20/44, Series 2015-82, Class SA, INV FL†††		356,844
	309,811	Government National Mortgage Assoc., 7.836%, 4/20/45, Series 2015-53, Class US, INV FL†††		317,738


		Total Collateralized Mortgage Obligations (cost $17,702,409)		18,006,469


		COMMERCIAL MORTGAGE-BACKED SECURITIES 4.8%

	1,000,000	Banc of America Commercial Mortgage Trust, 5.608%, 4/10/49, Series 2007-2, Class A4†††		1,015,261
	675,868	JP Morgan Chase Commercial Mortgage Securities Trust, 5.42%, 1/15/49, Series 2007-LDPX, Class A3		689,715
	973,711	LB-UBS Commercial Mortgage Trust, 5.858%, 7/15/40, Series 2007-C6, Class A4†††		993,619
	668,620	Merrill Lynch Mortgage Trust, 5.739%, 8/12/43, Series 2006-C2, Class A1A†††		671,869
	238,316	Morgan Stanley Capital I Trust, 5.319%, 12/15/43, Series 2006-IQ12, Class A1A		241,500
	258,585	Morgan Stanley Capital I Trust, 5.332%, 12/15/43, Series 2006-IQ12, Class A4		260,836
	200,000	RBSCF Trust, 5.692%, 4/16/49, Series 2010-RR4, Class MSCA†††		203,811
	319,242	RBSCF Trust, 5.946%, 2/16/51, Series 2010-RR3, Class WBTA†††		322,327
	759,363	Wachovia Bank Commercial Mortgage Trust Series, 5.308%, 11/15/48, Series 2006-C29, Class A4		765,938


		Total Commercial Mortgage-Backed Securities (cost $5,250,254)		5,164,876


		CORPORATE BONDS 41.5%

		Air Freight & Logistics 0.6%
	620,000	United Parcel Service, Inc., 5.50%, 1/15/18		669,833

		Automobile Manufacturers 0.5%
	500,000	Toyota Motor Credit Corp., 2.00%, 10/24/18 MTN		509,021

		Beverages — Non-alcoholic 1.2%
	500,000	PepsiAmericas, Inc., 5.00%, 5/15/17		520,829
	750,000	PepsiCo, Inc., 5.00%, 6/1/18		813,523

				1,334,352

		Construction Machinery & Heavy Trucks 1.4%
	500,000	Caterpillar Financial Services Corp., 5.85%, 9/1/17 MTN		530,714
	1,000,000	John Deere Capital Corp., 2.25%, 4/17/19		1,020,875

				1,551,589


Principal Amount			Value

		CORPORATE BONDS *(continued)*
		Consumer Finance 0.9%
	$ 1,000,000	American Express Credit Corp., 2.25%, 8/15/19 MTN	$	1,012,452

		Cosmetics & Toiletries 0.4%
	313,872	Procter & Gamble — ESOP, 9.36%, 1/1/21, Series A		377,072

		Diversified Banks 5.6%
	500,000	Bank of America Corp., 3.75%, 7/12/16, Series 1		503,646
	500,000	Bank of America Corp., 5.875%, 1/5/21		571,731
	600,000	City National Corp., 5.25%, 9/15/20		672,176
	1,250,000	Goldman Sachs Group, Inc. (The), 4.00%, 3/3/24		1,310,649
	1,000,000	US Bancorp, 2.20%, 11/15/16 MTN		1,008,461
	1,125,000	US Bancorp, 3.00%, 3/15/22 MTN		1,173,474
	700,000	Wachovia Corp., 5.75%, 2/1/18 MTN		753,619

				5,993,756

		Diversified Financial Services 3.4%
	1,000,000	General Electric Co., 4.65%, 10/17/21 MTN		1,140,837
	1,350,000	General Electric Co., 5.40%, 2/15/17 MTN		1,403,565
	1,000,000	General Electric Co., 5.625%, 5/1/18 MTN		1,095,914

				3,640,316

		Diversified Financial Services 1.5%
	750,000	Franklin Resources, Inc., 4.625%, 5/20/20		824,014
	750,000	New York Life Global Funding, 2.15%, 6/18/19		762,979

				1,586,993

		Electric Utilities 2.0%
	1,000,000	Integrys Holding, Inc., 4.17%, 11/1/20		1,080,328
	1,000,000	TECO Finance, Inc., 6.572%, 11/1/17		1,068,899

				2,149,227

		Enterprise Software & Services 2.2%
	1,000,000	CA, Inc., 5.375%, 12/1/19		1,093,780
	1,250,000	Oracle Corp., 2.50%, 10/15/22		1,271,876

				2,365,656

		Finance — Credit Card 1.0%
	975,000	American Express Co., 6.15%, 8/28/17		1,036,782

		Health Care Facilities 0.7%
	750,000	Express Scripts Holding Co., 3.90%, 2/15/22		781,971

		Integrated Telecommunication Services 1.7%
	66,549	Ameritech Capital Funding, 9.10%, 6/1/16		67,227
	750,000	AT&T, Inc., 5.20%, 3/15/20		832,763
	870,000	AT&T, Inc., 5.50%, 2/1/18		932,097

				1,832,087

		Investment Banking & Brokerage 1.8%
	1,750,000	Morgan Stanley, 5.50%, 7/24/20 MTN		1,967,537

		Medical Instruments 1.1%
	1,100,000	Medtronic, Inc., 4.45%, 3/15/20		1,222,316

		Medical — Health Maintenance Organizations 1.0%
	1,000,000	Coventry Health Care, Inc., 5.95%, 3/15/17		1,044,209

		Movies & Entertainment 0.4%
	350,000	Walt Disney Co. (The), 6.00%, 7/17/17, Series C MTN		372,900

		Multimedia 0.9%
	800,000	NBCUniversal Media, LLC, 5.15%, 4/30/20		909,436


Principal Amount			Value

		CORPORATE BONDS *(continued)*

		Office Furnishings 0.5%
	$ 500,000	Steelcase, Inc., 6.375%, 2/15/21	$	564,758

		Oil Companies — Integrated 1.0%
	1,000,000	Phillips 66, 4.30%, 4/1/22		1,064,668

		Other Diversified Financial Services 1.4%
	1,350,000	JPMorgan Chase & Co., 4.35%, 8/15/21		1,475,157

		Pharmaceuticals 2.2%
	745,000	AstraZeneca plc, 5.90%, 9/15/17 (United Kingdom)		794,730
	725,000	Pharmacia LLC, 6.50%, 12/1/18		821,851
	575,000	Pharmacia LLC, 6.75%, 12/15/27		755,774

				2,372,355

		Property & Casualty Insurance 1.1%
	1,000,000	CNA Financial Corp., 7.35%, 11/15/19		1,154,327

		Railroads 1.0%
	1,000,000	Union Pacific Corp., 5.70%, 8/15/18		1,098,828

		Regional Banks 3.0%
	1,500,000	BB&T Corp., 2.15%, 3/22/17 MTN		1,514,820
	1,200,000	Fifth Third Bancorp, 5.45%, 1/15/17		1,229,330
	500,000	SunTrust Banks, Inc., 3.50%, 1/20/17		507,822

				3,251,972

		Semiconductor Equipment 0.7%
	700,000	Applied Materials, Inc., 4.30%, 6/15/21		770,818

		Specialty Chemicals 1.3%
	1,150,000	Lubrizol Corp., 8.875%, 2/1/19		1,369,445

		Steel 1.0%
	1,000,000	Nucor Corp., 5.75%, 12/1/17		1,063,830


		Total Corporate Bonds (cost $43,847,633)		44,543,663


		MUNICIPAL BONDS 5.7%

	650,000	Arizona State Transportation Board Highway Revenue, 5.00%, 7/1/23		657,131
	730,000	City of Dublin, Ohio, 5.00%, 12/1/22, Series B		845,070
	695,000	City of Westminster, Colorado, 2.415%, 12/1/19, Series B		705,355
	500,000	Columbus-Franklin County. Finance Authority, 3.00%, 8/15/21		523,235
	541,127	Minnesota Housing Finance Agency, 2.70%, 9/1/41		540,500
	285,000	New Hampshire Housing Finance Authority, 3.469%, 7/1/23, Series B		298,649
	415,000	Richmond Joint Powers Financing Authority, 8.25%, 7/1/19, Class B		453,595
	500,000	State of Louisiana, 5.00%, 7/15/26, Series C		583,570
	1,100,000	State of New York Mortgage Agency, 3.653%, 4/1/23		1,167,639
	310,000	Township of Robbinsville, New Jersey, 4.00%, 7/15/23, Series B		345,253


		Total Municipal Bonds (cost $5,963,370)		6,119,997


Shares			Value

		EXCHANGE-TRADED FUNDS 0.8%

		Asset Management & Custody Banks 0.8%
	9,000	iShares S&P U.S. Preferred Stock Index Fund ETF	$	351,270
	25,000	Market Vectors Preferred Securities ex Financials ETF		504,250

				855,520


		Total Exchange-Traded Funds (cost $881,693)		855,520


Principal Amount			Value

		U.S. GOVERNMENT AGENCY SECURITIES 8.8%

	$1,500,000	Federal Farm Credit Banks, 1.97%, 4/21/21	$	1,500,252
	2,000,000	Federal Farm Credit Banks, 2.29%, 4/14/22		2,000,070
	1,050,000	Federal Farm Credit Banks, 2.60%, 10/6/22		1,090,218
	1,000,000	Federal Farm Credit Banks, 2.80%, 9/8/23		1,003,316
	1,500,000	Federal Home Loan Mortgage Corp., 2.50%, 5/27/16		1,505,100
	361,872	New Valley Generation IV, 4.687%, 1/15/22		396,055
	800,000	Tennessee Valley Authority, 3.875%, 2/15/21		889,690
	1,000,000	Tennessee Valley Authority, 6.25%, 12/15/17, Series E		1,089,707


		Total U.S. Government Agency Securities (cost $9,364,408)		9,474,408


		U.S. TREASURY NOTES 10.4%

	1,750,000	U.S. Treasury Note, 3.125%, 5/15/21		1,910,986
	3,125,000	U.S. Treasury Note, 3.25%, 12/31/16		3,186,525
	4,100,000	U.S. Treasury Note, 3.625%, 8/15/19		4,461,792
	1,500,000	U.S. Treasury Note, 3.625%, 2/15/20		1,646,484


		Total U.S. Treasury Notes (cost $11,018,851)		11,205,787


Shares			Value

		PREFERRED STOCKS 1.1%

		Consumer Finance 0.3%
	12,000	Capital One Financial Corp., 6.70%, Series D Ptd.^§§§	$	325,920

		Diversified Banks 0.8%
	20,000	Bank of America Corp., 6.625%, Series W Ptd.^§§§		535,800
	12,000	Citigroup, Inc., 6.875 %, Series L Pfd.^§§§		325,800

				861,600


		Total Preferred Stocks (cost $1,145,092)		1,187,520


Principal Amount			Value

		SHORT-TERM INVESTMENTS 0.7%

		Repurchase Agreement 0.7%
	$ 752,385	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $740,000 of United States Treasury Notes 2.125% due 12/31/22; value: $770,525; repurchase proceeds: $752,386 (cost $752,385)	$	752,385


		Total Short-Term Investments (cost $752,385)		752,385


		Total Investments (cost $105,536,137) 99.5%		106,829,997

		Other Assets less Liabilities 0.5%		519,468


		NET ASSETS 100.0%	$	107,349,465


		†††Variable rate securities. ^§§§Perpetual maturity. Callable any time after first call date. Maturity date is next call date. ESOP Employee Stock Ownership Plan. ETF Exchange-Traded Fund. MTN Medium Term Note. See Notes to Financial Statements.


Principal Amount			Value

		SHORT-TERM INVESTMENTS 1.8%

		Repurchase Agreement 1.8%
	$ 7,098,559	Repurchase Agreement dated 3/31/16, 0.03% due 4/1/16 with State Street Bank and Trust Co. collateralized by $6,955,000 of United States Treasury Notes 2.125% due 12/31/22; value: $7,241,894; repurchase proceeds: $7,098,565 (cost $7,098,559)	$	7,098,559


		Total Short-Term Investments (cost $7,098,559)		7,098,559


		Total Investments (cost $363,737,467) 99.5%		381,918,473

		Other Assets less Liabilities 0.5%		2,004,117


		NET ASSETS 100.0%	$	383,922,590


		See Notes to Financial Statements.

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 19 series or funds (each a “Fund” and collectively the “Funds”). The Core Growth Fund, Emerging India Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities 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, 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. Each Fund maintains its own investment objective(s).

On November 9, 2011, the Trust re-designated the shares of the Funds into Investor Class shares effective January 31, 2012, and authorized and designated a new Institutional Class of shares in the Funds. Currently 13 funds offer Institutional Class shares: Core Growth Fund, Large Cap Value Fund and Small Cap Value Fund, which commenced operations on January 31, 2012, Emerging Markets Select Fund and Long/Short Fund, which commenced operations on December 13, 2012 and Emerging India Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, International Opportunities Fund, Small Cap Growth Fund and World Innovators Fund, which commenced operations on February 1, 2016. Each class of shares for each Fund has identical rights and privileges except with respect to purchase minimums, distribution and service charges, shareholder services, voting rights on matters affecting a single class of shares, and the exchange and conversion features. The Funds have entered into an investment advisory agreement with Wasatch Advisors, Inc. (the “Advisor” or “Wasatch”) as investment advisor.

The Core Growth, Emerging India, Emerging Markets Select, Emerging Markets Small Cap, Frontier Emerging Small Countries, Global Opportunities, International Growth, International Opportunities, Large Cap Value, Long/Short, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value, Strategic Income, Ultra Growth and World Innovators Funds are referred to herein as the “Equity Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant policies related to investments of the Funds held at March 31, 2016. 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 13.

Foreign Currency Translations — Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 2:00 p.m. Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions.

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

Expenses — The Funds contract for various services on a collective basis. Most expenses are directly attributable to each Fund and therefore are charged accordingly. Expenses that are not directly attributable to one or more Funds are allocated among applicable Funds on an equitable and consistent basis considering such things as the nature and type of expense and the relative net assets of the Funds.

Use of Management Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported changes in net assets during the reporting period. Actual results could differ from those estimates.

Guarantees and Indemnifications — In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. Based on experience, however, the risk of loss is expected to be remote.

Redemption Fees — The Funds deduct a fee of 2.00% from redemption proceeds on shares of the Funds held 60 days or less. Redemption fees retained by the Funds are credited to additional paid-in capital.

New Accounting Pronouncements — In May 2015, the Financial Accounting Standards Board (“FASB”) issued ASU 2015-07 entitled Fair Value Measurement (Topic 820) — Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) which is intended to address the diversity in practice of how investments measured at net asset value with redemption dates in the future (including periodic redemption dates) are

categorized within the fair value hierarchy. The FASB guidance allows reporting entities to exclude investments measured at net asset value (NAV) per share under the existing practical expedient in ASC 820 from the fair value hierarchy. ASU 2015-07 is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2015. At this time, management is evaluating the implications of ASU 2015-07 and its impact to financial statements.

Other — Income, expenses, and realized and unrealized gains or losses on investments are generally allocated to each class of shares based on its relative net assets, except that each class separately bears expenses related specifically to that class, such as certain shareholder servicing fees.

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. Refer to Note 14 (Offsetting) for more information about the offsetting of assets and liabilities.

Short Sales — The Long/Short 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. Refer to Note 14 (Offsetting) for more information about the offsetting of assets and liabilities.

Participation Notes — The Frontier Emerging Small Countries and the Global Opportunities Funds may invest in Participation Notes (P-Notes). P-Notes are promissory notes that are designed to offer a return linked to the performance of a particular underlying equity security or market. P-Notes are issued by banks or broker-dealers and allow

a fund to gain exposure to common stocks in markets where direct investment is not allowed, such as Saudi Arabia. While the holder of a P-Note is entitled to receive from the bank or broker-dealer any dividends or other distributions paid on the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights. Income received from P-Notes is recorded as dividend income in the Statement of Operations. P-Notes are considered general unsecured contractual obligations of the bank or broker-dealer. Risks associated with P-Notes include the possible failure of a counterparty (i.e., the issuing bank or broker-dealer) to perform in accordance with the terms of the agreement, inability to transfer or liquidate the notes, potential delays or an inability to redeem the notes before maturity under certain market conditions, and limited legal recourse against the issuer of the underlying common stock.

Unfunded Commitments — The Equity Funds may participate in unfunded loan commitments. Pursuant to the terms of a Convertible Note Purchase Agreement, the Micro Cap Value and Ultra Growth Funds held unfunded loan commitments at the end of the period. The Funds are obligated to fund these loan commitments at the borrower’s discretion. The Funds reserve against such contingent obligations by segregating cash and/or other liquid assets. As of March 31, 2016, the total amount of unfunded commitments for each Fund was as follows:


	Unfunded Loan Commitment		Unrealized Appreciation (Depreciation)
Acetylon Pharmaceuticals, Inc. Convertible Promissory Note (structured as a Line of Credit), 12.00%, 12/31/17	$	500,000	$	—

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 in the Schedule of Investments. In addition, a fund could be exposed to credit risk if a counterparty is unable or unwilling to meet the terms of the contracts or if the value of the currency changes unfavorably. In connection with these contracts, the Funds may segregate cash and/or securities in a sufficient amount as collateral in accordance with the terms of the respective contracts.

Options written activity during the six months ended March 31, 2016 was as follows:

Cost of investment securities purchased and proceeds from sales of investment securities, excluding U.S. government and short-term securities for the six months ended March 31, 2016 are summarized below:

Purchases and sales of U.S. government securities in the Income Fund were $4,334,192 and $7,670,308, respectively. Purchases and sales of U.S. government securities in the U.S. Treasury Fund were $56,433,207 and $24,341,258, respectively.

It is each Fund’s policy to comply with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income to shareholders. The Funds are no longer subject to examination by tax authorities for years prior to 2012. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total of amounts of unrecognized tax benefits will significantly change in the next 12 months. Accordingly, no provision for federal income or excise taxes has been made.

As of March 31, 2016 the cost and unrealized appreciation (depreciation) of securities on a tax basis were as follows:

The difference between book-basis and tax-basis unrealized gains are primarily attributable to the tax deferral of losses on wash sales.

The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of the date of this report.

Dividends from net investment income and net realized gains, if any, are declared and paid at least annually for all Funds, except for dividends from net investment income in four funds. The Income Fund declares and pays dividends monthly. The Large Cap Value, Strategic Income and U.S. Treasury Funds declare and pay dividends quarterly. The amount of dividends and distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends paid deduction (tax equalization).

To the extent these book and tax differences are permanent in nature, such amounts are reclassified at the end of the fiscal year among additional paid-in capital, undistributed net investment income (loss), and undistributed net realized gain (loss) on investments, options and foreign currency translations.

Capital loss carryforwards are available through the date specified below to offset future realized net capital gains for federal income tax purposes. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations. To the extent future gains are offset by capital loss carryforwards, such gains will not be distributed.

Under the Regulated Investment Company Modernization Act of 2010, a Fund will be permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Post-enactment losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under previous law. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused.

The Funds have elected to defer losses incurred from November 1, 2014 through September 30, 2015 in accordance with federal income tax rules. These losses are treated as having arisen on the first day of the following fiscal year. The Funds have elected to defer losses as follows:

During the tax year ended September 30, 2015, the Funds used capital loss carryforwards in the following amounts:

Investment Advisory Fees, Expense Limitations — As the Funds’ investment advisor, the Advisor receives a monthly fee calculated on average daily net assets. The Advisor has contractually agreed to waive its fees and/or reimburse certain Funds should a Fund’s operating expenses exceed a specified annual limitation through at least January 31, 2017. If operating expenses are less than the specified expense limit for the Fund, the Advisor shall be entitled to recoup the fees waived or reduced to the extent that the operating expenses and the amounts reimbursed do not exceed such expense limit for the Fund, under the period of the agreement (currently through January 31, 2017). Such reimbursement shall be paid only while the expense limitation agreement is in effect and only if such amount paid, together with all other amounts reimbursed under this agreement in the fiscal year, do not cause the Fund to exceed the expense limitation. All amounts not recovered at the end of the period expire on January 31, 2017. Ordinary operating expenses exclude any interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Funds’ business. In late October 2013, it was discovered that the Long/Short Fund and Large Cap Value Fund had a 12b-1 receivable on the books which dated back to 2008 prior to the conversion of the 1st Source Funds to Wasatch Funds. It was determined that the amount should be written off as an extraordinary expense and posted to other expenses. The balance for the Large Cap Value Fund was $70,993 and the Long/Short Fund was $8,622. The impact of these write-offs is reflected in the

Financial Highlights. Investment advisory fees and fees waived, if any, for the six months ended March 31, 2016 are disclosed in the Statements of Operations. Investment advisory fee and expense limitation annual rates are shown below.

Affiliated Trades — Certain Funds are permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in the procedures adopted by the Board of Trustees (the “Board”). The procedures have been designed to ensure that any purchase or sale of securities by the Funds from or to another fund (or funds) that are, or could be, considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, each transaction is effected at the current market price, as that term is defined under the procedures. During the six months ended March 31, 2016, the Funds had no purchases or sales of securities pursuant to Rule 17a-7 of the 1940 Act.

Compensation — Officers serve in that capacity without compensation from the Trust. Beginning in the calendar year of 2016, the Funds’ method of compensating Trustees is to pay each Independent Trustee a retainer of $100,000 per year for services rendered and a fee of $12,000 for each Board of Trustees meeting attended in person or telephonically. Also, members of the Audit Committee receive a fee of $8,000 for each Audit Committee meeting attended in person or telephonically, and members of the Nominating Committee receive a fee of $8,000 for each Nominating Committee meeting attended in person or telephonically. In addition, each Independent Trustee receives a fee of $12,000 for attendance at an executive session held with respect to the contract renewal process for the Funds. In addition, the Chairman of the Board receives an additional fee of $25,000 a year as Chairman and $3,000 for attendance in person or telephonically at a Board meeting, the Chairman of the Audit Committee receives an additional $15,000 per year as Chairman and $1,200 for attendance in person or telephonically at an Audit Committee meeting, and the Chairman of the Nominating Committee receives an additional $15,000 per year as Chairman, and $1,200 for attendance in person or telephonically at a Nominating Committee meeting. Additionally, each Independent Trustee is entitled to reimbursement of expenses related to his or her duties as a Trustee of the Funds. The 2016 calendar year compensation is an increase of approximately 12 percent from the previous calendar year.

Institutional Class Legal Fees — As disclosed in the annual report dated September 30, 2011, the Board approved a multi-class plan pursuant to which the Board has established and designated two classes for each series known as Investor Class shares and Institutional Class shares. The Advisor paid the legal costs associated with the establishment and designation of the new share classes for existing funds.

Payments by Advisor — During the 2012 fiscal year, the Advisor discovered a trade allocation error involving several of the Wasatch Funds. In August 2012, the Advisor reimbursed the Global Opportunities Fund $1,167, the Micro Cap Fund $1,074, the Micro Cap Value Fund $1,282, the Small Cap Growth Fund $46,199, the Ultra Growth Fund $940 and the World Innovators Fund $437 as reimbursement for the error plus interest.

During the 2013 and 2014 fiscal years, the Advisor paid certain audit, legal and/or printing fees of the Core Growth, Emerging Markets Small Cap, Large Cap Value, Long/Short (Institutional Class), Small Cap Growth, Small Cap Value, Strategic Income and World Innovators Funds. The Advisor does not intend to be reimbursed for these amounts.

On February 20, 2013, the Advisor discovered a trade error involving the Frontier Emerging Small Countries Fund. The Advisor reimbursed the Fund $4,421. On October 16, 2014, the Advisor discovered a trade error involving the Ultra Growth Fund. The Advisor reimbursed the Fund $12,267.

The impact of the payments detailed above is reflected in the net expense ratios in the Financial Highlights.

10% Shareholders — As of March 31, 2016, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of the Fund as detailed below:

Affiliated Interests — As of March 31, 2016, Wasatch Advisors, Inc. and its affiliates, and the retirement plans of Wasatch Advisors, Inc. and its affiliates, held shares of the Funds which may be redeemed at any time as detailed below:

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 six months ended March 31, 2016 with an “affiliated company” as so defined:

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the “Securities Act”) and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee of the Advisor (“Pricing Committee”), comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At March 31, 2016, the Funds held the following restricted securities:

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 March 31, 2016 were $50,000, $45,000 and $5,000, respectively.

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 March 31, 2016 were $45,000 per Fund.

Securities held by the Funds have been designated to meet these purchase commitments as indicated in the Schedules of Investments.

Effective May 22, 2015, the Funds in the Trust renewed and amended agreements for two open lines of credit totaling $300,000,000, one of which is $200,000,000 uncommitted, and the other of which is $100,000,000 committed, with State Street Bank and Trust Company (together, the “Line”). The agreements, as amended, have no change in the total amounts available on the Line, an increase of $100,000,000 uncommitted and a decrease of $100,000,000 committed. The Funds incur commitment fees on the undrawn portion of the committed part of the Line, and interest expense to the extent of amounts drawn (borrowed) under the entire Line. Interest is based on the higher of (a) the federal funds rate in effect on the date of borrowing, plus a margin, or (b) the overnight London Interbank Offered Rate (LIBOR) in effect on the date of borrowing, plus a margin. Commitment fees are pro-rated among the Funds based upon relative average net assets. Interest expense is charged directly to a Fund based upon actual amounts borrowed by that Fund.

12. PRINCIPAL RISKS

Market and Credit Risk — In the normal course of business the Funds trade financial instruments and enter into financial transactions where risk of loss exists due to changes in the market (market risk) or the failure of the other party to a transaction to perform (credit risk). Similar to credit risk, the Funds may be exposed to counterparty risk, or the risk that an institution or other entity with which the Funds have unsettled or open transactions will default. The potential loss could exceed the value of the financial assets recorded in the financial statements. Financial assets, which potentially expose the Funds to credit risk, consist principally of cash due from counterparties and investments. The extent of the Funds’ exposure to credit and counterparty risks with respect to these financial assets approximates their carrying value as recorded in the Funds’ Statements of Assets and Liabilities.

Inflation Risk — Inflation risk is the possibility that inflation will reduce the purchasing power of a currency, and subsequently reduce the value of a security or asset, and may result in rising interest rates. Inflation is the overall upward price movement of goods and services in an economy that causes the value of a currency to decline.

Interest Rate Risk — Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. A rise in interest rates typically causes a fall in values. Interest rate risk should be modest for shorter-term securities, moderate for intermediate-term securities and high for longer-term securities. Generally, an increase in the average maturity of a fund will make it more sensitive to interest rate risk. The interest rate is the amount charged, expressed as a percentage of principal, by a lender to a borrower for the use of assets.

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

Region Risk — The Funds, except the U.S. Treasury Fund, invest in equity and fixed income securities of non-U.S. issuers. Because certain foreign markets are illiquid, market prices may not necessarily represent realizable value. Although the Funds maintain diversified investment portfolios, political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. These risks are exaggerated for securities of issuers tied economically to emerging and frontier market countries. Additionally, political or economic developments may have an adverse effect on the liquidity and volatility of portfolio securities and currency holdings.

Liquidity Risk — The trading market for a particular security may be less liquid than it appears and the market prices may not represent realizable value. This may be likely when a fund has a proportionately large investment in securities with small market capitalizations or securities in foreign markets that trade infrequently. Reduced liquidity will have an adverse impact on a fund’s ability to sell such securities quickly at the currently marked price if necessary to meet redemptions.

Shareholder Concentration Risk — A significant portion of the net assets of the Frontier Emerging Small Countries Fund and International Opportunities Fund are owned by a group of shareholders advised by a common investment advisor. If these shareholders simultaneously redeem on the advice of their investment advisor, Fund expenses may increase and performance may be materially affected. However, the Advisor has contractually agreed to waive its fees and/or reimburse both the Frontier Emerging Small Countries Fund and the International Opportunities Fund should the operating expenses exceed 2.25% for the Investor Class and 2.05% and 1.95%, respectively, for the Institutional Class through at least January 31, 2017. The Emerging Markets Select Fund also has a significant portion of net assets concentrated in relatively few related accounts. The Advisor has contractually agreed to waive its fees and/or reimburse the Emerging Markets Select Fund should the operating expenses exceed 1.50% for the Investor Class and 1.20% for the Institutional Class through at least January 31, 2017.

13. FAIR VALUE MEASUREMENTS AND INVESTMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds use various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP established a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

•

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

•

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

•

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, 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.

Equity Securities (common and preferred stock) — Securities are valued as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on the valuation date. Equity securities and listed warrants are valued using a commercial pricing service at the last quoted sales price taken from the primary market in which each security trades and, with respect to equity securities traded on the National Association of Securities Dealer Automated Quotation system (“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 day, then the security shall be valued at the mean of the last bid and ask price on the primary exchange or market as provided by a pricing service. If the mean cannot be calculated or there is no trade activity on a day, then the security shall be valued at the previous trading day’s price as provided by a pricing service. 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 mean 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. Additionally, a fund’s investments are valued at fair value by the Pricing Committee if the Advisor determines that an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the fund’s share price is calculated. Significant events include, but are not limited to the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Pricing Committee determines the fair value of affected securities by considering factors including, but not limited to: index options and futures traded subsequent to the close; American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or other related receipts; currency spot or forward markets that trade after pricing of the foreign exchange; other derivative securities traded after the close such as Standard & Poor’s Depositary Receipts (“SPDRs”) and other exchange-traded funds (“ETFs”); and alternative market quotes on the affected securities. When applicable, the Funds use a systematic fair valuation model provided by an independent third party to assist in adjusting the valuation of foreign securities. When a Fund uses this fair value pricing method, the values assigned to the Fund’s foreign securities may not be the quoted or published prices of the investments on their primary markets or exchanges, and the securities are categorized in Level 2 of the fair value hierarchy. These valuation procedures apply equally to long or short equity positions in a fund.

Participation Notes — Investments are valued at the market price of the underlying security. Counterparty risk is regularly reviewed and considered for valuation.

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

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

Asset-Backed Securities — Investments are priced using the closing bid as supplied by a pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids,

offers and reference data including market research publications, new issue data, monthly payment information and collateral performance. Although most asset-backed securities are categorized in Level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as Level 3.

U.S. Government Issuers — Investments are priced using the closing bid as supplied by a pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. Although most U.S. government 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 mean of the last bid price and ask price on the primary exchange or market as provided by a pricing service. Forward foreign currency contracts are valued at the market rate provided by the pricing service.

Restricted Securities — If market quotations are not readily available for the Funds’ investments in securities

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

When the last day of the reporting period is a non-business day, certain foreign markets may be open on days the NYSE is closed, which could result in differences between the value of a fund’s portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the fund for financial reporting purposes.

The following is a summary of the fair valuations according to the inputs used as of March 31, 2016 in valuing the Funds’ assets and liabilities:

If the securities of an Asset Class are all the same level, the asset class is shown in total. If the securities of an Asset Class cross levels, the level with the smallest number of categories and with multiple levels within a category is displayed by category. The remaining categories that do not cross levels are combined into the “Other” category.

The valuation techniques used by the Funds to measure fair value for the six months ended March 31, 2016 maximized the use of observable inputs and minimized the use of unobservable inputs.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period. The table below shows the significant transfers between Level 1 and Level 2 due to fair valuation in certain foreign markets pursuant to a systematic valuation model.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the six months ended March 31, 2016:

Changes in multiples may change the fair value of an investment. Generally, a decrease in this multiple will result in a decrease in the fair value of an investment.

The Funds’ other Level 3 investments have been valued using observable inputs, unadjusted third-party transactions and quotations, unadjusted historical third party information or the unadjusted NAV. No unobservable inputs internally developed by the Funds have been applied to these investments, thus they have been excluded from the above table.

Each Fund is party to various netting arrangements. The FASB requires disclosure about certain netting arrangements and similar agreements to enable users of a Fund’s financial statements to evaluate the effect or potential effect of netting arrangements on the Fund’s financial position. The scope of the disclosure is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.

The following tables present information about financial instruments that were subject to enforceable netting arrangements as of March 31, 2016:

The following is a summary of the fair valuations of the Funds’ derivative instruments categorized by risk exposure:

The Effect of Derivative Instruments on the Statement of Operations for the six months ended March 31, 2016:

For the six months ended March 31, 2016, the average monthly balance of outstanding derivative financial instruments was as follows:

Management has evaluated the possibility of subsequent events and has determined that there are no additional events that would require adjustment to or additional disclosure in the Funds’ financial statements.

Management Information. The business affairs of Wasatch Funds are overseen by its Board of Trustees. The Board consists of five Independent Trustees and one Interested Trustee. Three of the Independent Trustees and the Interested Trustee were elected by shareholders to serve until their successors are qualified, appointed or elected in accordance with the Trust’s Declaration of Trust and By-Laws. Two Independent Trustees have been appointed by the elected Independent Trustees to serve until his or her successor is qualified, appointed or elected in accordance with the Trust’s Declaration of Trust and By-Laws.

The Trustees and executive officers of Wasatch Funds and their principal occupations for at least the last five years are set forth below. The Advisor retains proprietary rights to the Trust name.

Additional information about the Funds’ trustees is provided in the Statement of Additional Information and is available without charge, upon request, by calling 800.551.1700.

ADDITIONAL TAX INFORMATION

The Funds hereby designate the following amounts or maximum amounts allowable as long term capital gain dividends for the purpose of the dividends paid deduction. The amounts designated here include the utilization of earnings and profits distributed to shareholders on the redemption of shares.


Fund	Amount
Core Growth Fund	$	24,139,661
Frontier Emerging Small Countries Fund		14,583,973
Global Opportunities Fund		27,018,684
International Growth Fund		9,181,913
International Opportunities Fund		32,985,697
Large Cap Value Fund		91,428,188
Long/Short Fund		171,032,782
Micro Cap Fund		13,800,575
Micro Cap Value Fund		21,640,698
Small Cap Growth Fund		210,961,388
Strategic Income Fund		7,422,145
Ultra Growth Fund		29,153,346
World Innovators Fund		25,428,998
U.S. Treasury Fund		11,970,866

PROXY VOTING POLICIES, PROCEDURES AND RECORD

A description of the policies and procedures that Wasatch Advisors uses to vote proxies related to the Funds’ portfolio securities is set forth in the Funds’ Statement of Additional Information which is available without charge, upon request, on the Funds’ website at www.WasatchFunds.com or by calling 800.551.1700 and on the Securities and Exchange Commission’s (SEC) website at www.sec.gov.

Wasatch Funds’ proxy voting record is available without charge on the Funds’ website at www.WasatchFunds.com

and the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ending June 30.

QUARTERLY PORTFOLIO HOLDINGS DISCLOSURE ON FORM N-Q

The Funds file their complete schedules of investments with the SEC for their first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q filings are available on the SEC’s website at www.sec.gov, and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (information on the operation of the Public Reference room may be obtained by calling 800.SEC.0330).

BOARD CONSIDERATIONS FOR ADVISORY AGREEMENTS OF THE WASATCH FUNDS FOR 2016

At a meeting held on November 10 - 11, 2015 (the “Meeting”), the Board of Trustees (the “Board”) of Wasatch Funds Trust (the “Trust”), including the Independent Trustees, unanimously approved the Advisory and Service Contract (the “Advisory Agreement”) between the Trust and Wasatch Advisors, Inc. (the “Advisor”) on behalf of each series of the Trust (each a “Fund”); the sub-advisory agreement between the Advisor and Hoisington Investment Management Company (“HIMCO”) on behalf of the Wasatch-Hoisington U.S. Treasury Fund (the “U.S. Treasury Fund”); and the sub-advisory agreement between the Advisor and 1st Source Corporation Investment Advisors, Inc. (“1st Source”) on behalf of the Wasatch-1st Source Income Fund (the “Income Fund”) (the foregoing sub-advisory agreements are each a “Sub-Advisory Agreement” and collectively, the “Sub-Advisory Agreements,” and HIMCO and 1st Source are each a “Sub-Advisor”).

In preparation for their role in the evaluation of the Advisory Agreement with the Advisor and the Sub-Advisory Agreements, the Independent Trustees met in executive session on October 28, 2015 and November 10, 2015. In addition to the executive sessions, the Board, acting directly or through its committees, met regularly throughout the year and received information on a variety of topics that was relevant to its annual consideration of the renewal of a Fund’s Advisory Agreement and Sub-Advisory Agreement (if applicable) including, among other things, Fund investment performance, compliance, risk management, valuation, trade execution and other matters relating to Fund operations. The Independent Trustees also met with management of the Advisor (including key investment personnel) at their quarterly meetings as well as with management at other times between the quarterly meetings throughout the year. The materials specifically provided in connection with the annual review of the Advisory and Sub-Advisory Agreements supplement the information received throughout the year.

At their regular Board meetings and executive sessions, the Independent Trustees were also assisted by independent legal counsel. In addition to the material provided by the Advisor and Sub-Advisors, the Independent Trustees also received from independent counsel a legal memorandum outlining, among other things, the duties of the Independent Trustees under the Investment Company Act of 1940 (the “1940 Act”), as well as the general principles of relevant state law in reviewing and approving advisory contracts; the requirements of the 1940 Act in such matters; an advisor’s fiduciary duty with respect to advisory agreements and compensation; the standards used by courts in determining whether investment company boards of trustees have fulfilled their duties and factors to be considered by the Independent Trustees in voting on advisory agreements. During the October executive session, independent legal counsel reviewed these duties and the factors set out in judicial decisions and SEC directives relating to the approval of advisory contracts.

In evaluating the Advisory Agreement and Sub-Advisory Agreements and determining the factors to be considered and the weight given to each factor, the Independent Trustees relied upon their own business judgment, the legal advice provided by legal counsel and their accumulated knowledge and experience gained from overseeing the Funds and from the information provided by management and discussions with the Funds’ portfolio managers at the Board meetings throughout the year. The Independent Trustees’ consideration of the contractual fee arrangements for the Funds are the result of several years of review and discussion between the Independent Trustees and Fund management, and the Independent Trustees’ conclusions may be based, in part, on their consideration of the fee arrangements and other factors developed in prior years. Each Independent Trustee may have accorded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreement and applicable Sub-Advisory Agreement. The Independent Trustees did not identify any single factor as all-important or controlling. The Independent Trustees’ considerations were

instead based on a comprehensive consideration of all the information presented. The material factors considered by the Independent Trustees and their conclusions are described below.

NATURE, EXTENT AND QUALITY OF SERVICES

In considering the renewal of the Advisory and Sub-Advisory Agreements, the Independent Trustees considered the nature, extent and quality of the Advisor’s and Sub-Advisors’ services, including portfolio management services (and the resulting Fund performance) and non-advisory or administrative services. The Independent Trustees reviewed information describing the Advisor’s and each Sub-Advisor’s organization, business, resources and financial health. The Independent Trustees considered information describing the Advisor’s investment process to constructing portfolios (including risk management), investment personnel and research teams. The Independent Trustees seek to meet with the portfolio managers of the various Funds during the year to discuss, among other things, their investment approach to the applicable Fund, any adjustments thereto, market conditions and investment performance. The Independent Trustees recognized the research intensive investment process followed by the Advisor and the resources, tools and capabilities the Advisor devoted to the research team to enable its members to conduct such analysis and visit companies throughout the world. The Independent Trustees considered the size of the research team and the qualifications and capabilities of the investment personnel, including their background, education and experience. The Independent Trustees further reviewed the compensation structure for the members of the research team in seeking to evaluate the ability of the Advisor to attract and retain qualified investment personnel and to provide appropriate incentives for investment personnel to invest consistently with the respective Fund’s investment parameters and to act in the best interests of the respective Fund. As a component of the investment management process, the Independent Trustees considered the Advisor’s trading capabilities and risk management process. The Independent Trustees also considered the portfolio managers’ investments, if any, in the Funds they manage. As noted below, in reviewing the Advisor’s investment management performance, the Independent Trustees also evaluated the performance of the Funds.

In addition to the portfolio management function, the Independent Trustees recognized the Funds are registered investment companies that operate in a regulated industry and considered the quality and breadth of other services the Advisor provided to manage and operate the Funds. Such services included compliance (such as evaluating the adequacies of the Funds’ compliance program, recommending changes thereto as necessary, and overseeing the training of personnel); oversight of service providers (including the Sub-Advisors, custodian, administrator and transfer agent); board administration (such as preparing or managing the preparation of board reports and other documentation necessary to assist the Independent Trustees, coordinating among service providers for timely reporting, and supporting and administering Board and committee meetings); and other

administrative services (such as preparing or overseeing the preparation of regulatory and tax reports, registration statements and shareholder reports; monitoring and evaluating cross-trades [if any]; and overseeing the valuation of portfolio securities). In connection with the support services provided to the Independent Trustees, the Trustees considered that in addition to the regular reports provided by the Advisor during regular meetings, the Advisor also provided or engaged the appropriate parties to provide special reports to the Independent Trustees during the year to enhance their understanding on topics that impact some or all of the Funds (such as presentations on cybersecurity developments, liquidity and stress testing and fund accounting) which in turn enhance the Independent Trustees’ ability to represent shareholders. The Independent Trustees also recognized the Advisor’s commitment to compliance and considered its compliance and regulatory history as well as the Advisor’s commitment to risk management and its ongoing activities to identify and manage risks.

With respect to the Sub-Advisors, the Independent Trustees recognized that the Sub-Advisors primarily provide portfolio management services and were not expected to supply other significant administrative services. In considering the Sub-Advisory Agreements, the Independent Trustees considered a report by the Advisor analyzing each Sub-Advisor with respect to, among other things, its portfolio management services; the experience and qualifications of the applicable investment personnel; the performance of the applicable Funds; its compliance program; and the Sub-Advisor’s financial strength and stability. The Independent Trustees also noted the Advisor’s recommendation to renew each Sub-Advisory Agreement.

Based on their review, the Independent Trustees found that, overall, the nature, extent and quality of services provided under the Advisory Agreement and the Sub-Advisory Agreements were satisfactory on behalf of each applicable Fund.

THE INVESTMENT PERFORMANCE OF THE FUNDS

In their review of the advisory arrangements, the Independent Trustees considered the performance history of each Fund over various time periods. In evaluating each Fund’s performance, the Independent Trustees considered various measurements of performance, including absolute performance, the Fund’s return compared to the performance of other peer funds, and the Fund’s performance compared to its benchmark. More specifically, the Independent Trustees reviewed, among other things, a report prepared by Broadridge/Lipper (“Lipper”) comparing the respective Fund’s total return for the one-, two-, three-, four-, five- and 10-year periods ended August 31, 2015 (or for the periods available for Funds that did not exist for part of the foregoing timeframe) compared to the performance of unaffiliated funds with similar investment objectives or classifications (a “Lipper Peer Universe”), to a more focused subset thereof, if any (a “Lipper Peer Group”) and a benchmark assigned by Lipper, if any (the “Benchmark”) for the prescribed periods. The Independent Trustees also reviewed materials reflecting the respective Fund’s historic

performance for the quarter, one-, three-, five- and 10-year periods ended September 30, 2015 (or for the periods available for Funds that did not exist for part of the foregoing timeframe together with the average annual return since inception for Funds with the shorter duration) compared to additional benchmark(s) and unaffiliated funds in the Fund’s Morningstar investment category as well as considered any Morningstar ratings of the Funds. In addition, the Independent Trustees received analyst reports provided by an unaffiliated party for the following Funds: Core Growth Fund, Emerging Markets Small Cap Fund, Global Opportunities Fund, International Growth Fund, Small Cap Growth Fund and the Long/Short Fund. This information supplemented the performance information provided to the Independent Trustees during the year. The Independent Trustees also considered the discussions with investment personnel regarding Fund performance that occur at Board meetings throughout the year.

When reviewing the performance of a Fund, the Independent Trustees recognized several factors that may impact the evaluation of the performance data as well as the weight given to particular performance data, including the following:

•

The performance data reflects a snapshot in time as of a particular period (in this case, the periods ended August 31, 2015 and September 30, 2015) and a different performance period could generate significantly different results;

•

Long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance;

•

The investment experience of a particular shareholder in the Funds will vary depending on the shareholder’s particular investment period and the Fund’s performance during that period and the class held (if multiple classes are offered in a Fund);

•

Certain Funds offer multiple classes and the performance of the classes of a Fund should be substantially similar on a relative basis because the classes are invested in the same portfolio of securities and any differences in performance between the classes could be principally attributed to the variation in the expenses of each class; and

•

The Independent Trustees evaluated Fund performance in light of the respective Fund’s investment objectives, investment parameters and guidelines and recognized that the objectives, investment parameters and guidelines and the level of risk taken to achieve performance of the peers and/or benchmarks may differ from that of the Funds and therefore the performance results may also differ. Accordingly, the usefulness of comparative performance data as a frame of reference to measure a Fund’s performance may be limited because of such differences, including, in particular, the Lipper Peer Groups for the Micro Cap Fund and the Micro Cap Value Fund (collectively, the “Micro Cap Funds”). As the Lipper Peer Group assigned to the Micro Cap Funds appeared to generally focus on companies with a larger market capitalization than those sought by the Micro Cap Funds, the Independent Trustees also reviewed

the Micro Cap Funds’ performance compared to a custom peer group provided by the Advisor for the one-, three-, five- and 10-year periods ended September 30, 2015.

Based on their review of performance, the Independent Trustees determined the following:

Core

Growth Fund

With respect to the Core Growth Fund, other than the 10-year period, the Fund outperformed the median of its Lipper Peer Group for the one-, two-, three-, four-, and five-year periods ended August 31, 2015. Similarly, the Fund outperformed its Benchmark for the one-, two-, three-, four-, five- and 10-year periods ended August 31, 2015. The Fund also outperformed the peer group average in the Morningstar small growth category for the quarter-, one-, three-, five- and 10-year periods ended September 30, 2015. The Board considered the Fund’s performance satisfactory.

Emerging

India Fund

With respect to the Emerging India Fund, the Fund outperformed the median of its Lipper Peer Group in the one-, two-, three-, and four-year periods ended August 31, 2015. The Fund also outperformed the average of its peer group in the Morningstar India equity category for the quarter, one- and three-year periods ended September 30, 2015. The Board considered the Fund’s performance to be generally favorable.

Emerging

Markets Select Fund

With respect to the Emerging Markets Select Fund, the Independent Trustees recognized that although the Fund’s absolute performance for the one- and two-year periods ended August 31, 2015 was negative, the Fund outperformed the median of its Lipper Peer Group for such periods. The Fund also provided generally comparable performance to the average of its peer group in the Morningstar diversified emerging markets category for the one-year period ended September 30, 2015. The Independent Trustees recognized that the Fund’s absolute performance was challenged; however, the Independent Trustees noted the Fund was relatively new with a limited performance history. The Independent Trustees will continue to monitor this Fund closely.

Emerging

Markets Small Cap Fund

With respect to the Emerging Markets Small Cap Fund, the Independent Trustees noted that the Fund outperformed the median of its Lipper Peer Group and its Benchmark for the one-, two-, three-, four- and five-year periods ended August 31, 2015. The Fund also outperformed the peer group average in the Morningstar diversified emerging markets category for the quarter-, one-, three- and five-year periods ended September 30, 2015. The Board determined that in light of the Fund’s investment objectives and the performance of the emerging markets category, the Fund’s performance was satisfactory.

Frontier

Emerging Small Countries Fund

With respect to the Frontier Emerging Small Countries Fund, the Independent Trustees noted that although the Fund’s absolute performance was negative for the one-year

period ended August 31, 2015, the Fund outperformed the median of its Lipper Peer Group and its Benchmark for the one-, two- and three-year periods ended August 31, 2015. The Fund also outperformed its peer group average for the Morningstar diversified emerging markets category for the quarter, one- and three-year periods ended September 30, 2015. The Board determined that in light of the Fund’s investment objective, the Fund’s performance was satisfactory.

Global

Opportunities Fund

With respect to the Global Opportunities Fund, the Independent Trustees noted that except for the two- and three-year periods ended August 31, 2015, the Fund outperformed the median of its Lipper Peer Group for the one-, four- and five-year periods. Except for the two-year period ended August 31, 2015, the Fund outperformed its Benchmark for the one-, three-, four- and five-year periods ended August 31, 2015. Except for the three-year period ended September 30, 2015, the Fund also outperformed its peer group average for the Morningstar world stock category for the one- and five-year periods ended September 30, 2015. The Board determined that the Fund’s performance was satisfactory.

U.S.

Treasury Fund

With respect to the U.S. Treasury Fund, the Independent Trustees noted that the Fund outperformed the median of its Lipper Peer Group for the one-, two-, three-, four-, five- and 10-year periods ended August 31, 2015 and its Benchmark for the one-, two-, three-, four- and five-year periods ended August 31, 2015. The Fund also outperformed its peer group average of the Morningstar long government category for the quarter-, one-, three-, five- and 10-year periods ended September 30, 2015. The Board determined that the Fund’s performance over time was generally favorable.

International

Growth Fund

With respect to the International Growth Fund, the Independent Trustees noted that except for the two- and three-year periods ended August 31, 2015, the Fund outperformed the median of its Lipper Peer Group for the one-, four-, five- and 10-year periods ended August 31, 2015. Except for the two-year period ended August 31, 2015, the Fund also outperformed its Benchmark for the one-, three-, four-, five- and 10-year periods ended August 31, 2015. The Independent Trustees further noted that the Fund also outperformed its peer group average for the Morningstar foreign small/mid growth category for the quarter, one-, three-, five- and 10-year periods ended September 30, 2015. The Board determined that the Fund’s performance over time was generally favorable.

International

Opportunities Fund

With respect to the International Opportunities Fund, the Independent Trustees noted that although the Fund underperformed the median of its Lipper Peer Group for the one-, two-, three- and five-year periods ended August 31, 2015, the Fund outperformed or matched the performance of the

median of its Lipper Peer Group in the four- and 10-year periods ended August 31, 2015. The Fund further outperformed or provided generally comparable performance to its Benchmark in the one-, two-, three-, four-, five- and 10-year periods ended August 31, 2015. Except for the one-year period ended September 30, 2015, the Fund outperformed its peer group average for the Morningstar foreign small/mid growth category for the quarter-, three-, five- and 10-year periods ended September 30, 2015. The Board determined that the Fund’s performance over time was satisfactory.

Large

Cap Value Fund

With respect to the Large Cap Value Fund, the Independent Trustees noted that except for the one-year period, the Fund had delivered positive absolute performance for the two-, three-, four-, five- and 10-year periods ended August 31, 2015. The Independent Trustees, however, recognized in comparing the Fund’s performance to peers and its Benchmark, the Fund had experienced periods of challenged performance. Except for the 10-year period ended August 31, 2015, the Fund had underperformed the median of its Lipper Peer Group and its Benchmark in the one-, two-, three-, four- and five-year periods ended August 31, 2015. Similarly, except for the 10-year period ended September 30, 2015, the Fund had underperformed the peer group average of the Morningstar large value category over the quarter, one-, three-, and five-year periods ended September 30, 2015. The Independent Trustees recognized the steps taken by the Advisor to address performance issues, including the change in the portfolio manager of this Fund in 2013. The Independent Trustees are further aware that the portfolio manager would require time to manage the Fund in seeking to enhance overall performance. The Board continues to monitor the Fund closely.

Long/Short

Fund

With respect to the Long/Short Fund, the Independent Trustees noted that although the Fund outperformed the median of its Lipper Peer Group and Benchmark for the five- and 10-year periods ended August 31, 2015, the Fund also underperformed the median of its Lipper Peer Group and Benchmark for the shorter one-, two-, three- and four-year periods ended August 31, 2015. The Fund also underperformed the peer group average of the Morningstar long/short equity category over the quarter-, one-, three-, five- and 10-year periods ended September 30, 2015. The Independent Trustees recognized that the Fund has experienced periods of challenged performance and have discussed with the Advisor the factors that detracted from performance, particularly the Fund’s position in energy related securities. The Board continues to monitor closely the progress of this Fund in seeking to improve performance.

Micro

Cap Fund

With respect to the Micro Cap Fund, the Independent Trustees noted that the Fund provided positive absolute performance over the various periods ended August 31, 2015; however, the Fund also underperformed the median

of its Lipper Peer Group and Benchmark over the various periods ended August 31, 2015. Although the Fund underperformed its peer group average for the Morningstar small growth category for the longer three-, five- and 10-year periods ended September 30, 2015, the Fund outperformed such peer group average for the one-year period ended September 30, 2015. In considering the comparative data, the Independent Trustees, however, had recognized that the Lipper Peer Group may not adequately reflect the investment strategies and investable universe of the Fund as the Lipper Peer Group may contain small cap funds that invest in larger companies than the investments of the Fund. The Independent Trustees recognized that due to these differences, the performance comparisons may be inexact and of more limited relevancy. Accordingly, the Independent Trustees also reviewed the Fund’s performance compared to a custom peer group provided by the Advisor and the Russell Microcap Index for the one-, three-, five- and 10-year periods ended September 30, 2015. In considering the foregoing, the Independent Trustees determined to continue to monitor the Fund’s performance closely.

Micro

Cap Value Fund

With respect to the Micro Cap Value Fund, the Independent Trustees noted that the Fund outperformed the median of its Lipper Peer Group and its Benchmark for the one-, two, three-, four-, five- and 10-year periods ended August 31, 2015. Similarly, the Fund outperformed the peer group average of the Morningstar small growth category for the quarter-, one-, three-, five- and 10-year periods ended September 30, 2015. In considering the comparative data, as noted above with the Micro Cap Fund, the Independent Trustees recognized that the Lipper Peer Group may not adequately reflect the investment strategies and investable universe of the Fund thereby limiting some of the usefulness of the comparative data. The Independent Trustees accordingly also reviewed the Fund’s performance compared to a custom peer group provided by the Advisor and the Russell Microcap Index for the one-, three-, five- and 10-year periods ended September 30, 2015. In considering the foregoing, the Board determined that the Fund’s performance had been generally favorable.

Small

Cap Growth Fund

With respect to the Small Cap Growth Fund, the Independent Trustees noted that although the Fund underperformed the median of its Lipper Peer Group for the one-, two-, three-, four-, five- and 10-year periods ended August 31, 2015 and its Benchmark for such periods (except the 10-year period ended August 31, 2015), the Fund had provided positive absolute performance over such periods. Similarly, although the Fund underperformed the peer group average for the Morningstar small growth category for the quarter-, one-, three-, five- and 10-year periods ended September 30, 2015, the Fund’s performance was still generally comparable to such peer group average in the five- and 10-year periods ended September 30, 2015. The Board determined that the Fund’s performance over time had been satisfactory.

Small

Cap Value Fund

With respect to the Small Cap Value Fund, the Independent Trustees noted that the Fund’s performance either matched or outperformed the performance of the median of its Lipper Peer Group for the one-, two-, three-, four-, five- and 10-year periods ended August 31, 2015. Except for the 10-year period ended August 31, 2015, the Fund outperformed its Benchmark for the one-, two-, three-, four- and five-year periods ended August 31, 2015. The Fund also outperformed the peer group average of the Morningstar small blend category for the quarter-, one-, three-, five- and 10-year periods ended September 30, 2015. The Board determined the Fund’s performance over time had been generally favorable.

Strategic

Income Fund

With respect to the Strategic Income Fund, the Independent Trustees noted that except for the one-year period ended August 31, 2015, the Fund outperformed the median of its Lipper Peer Group and its Benchmark for the two-, three-, four- and five-year periods ended August 31, 2015. Although the Fund underperformed the peer group average for the Morningstar mid-cap value category for the quarter-, one- and three-year periods, the Fund outperformed such peer group average in the five-year period ended September 30, 2015. The Board determined the Fund’s performance over time was satisfactory.

Ultra

Growth Fund

With respect to the Ultra Growth Fund, the Independent Trustees noted that the Fund had provided positive absolute performance for various periods ended August 31, 2015. With respect to the comparative performance, the Independent Trustees noted that the Fund underperformed the median of its Lipper Peer Group for the one-, two-, three-, four-, five- and 10-year periods ended August 31, 2015 and underperformed its Benchmark for all such periods except the two-year period ended August 31, 2015. Although the Fund underperformed its peer group average of the Morningstar small growth category for the three-, five- and 10-year periods, the Fund outperformed such peer group average in the one-year period ended September 30, 2015 ranking in the 34th percentile of such peers. The Independent Trustees considered that this Fund had experienced periods of challenged performance. The Independent Trustees, however, recognized that the Fund’s portfolio management team was adjusted in 2013 and the portfolio manager would require time before the results of the shift would be fully reflected in the performance. The Independent Trustees were encouraged by the performance in 2015 and will continue to monitor this Fund closely.

World

Innovators Fund

With respect to the World Innovators Fund, the Independent Trustees noted that except for the two-year period ended August 31, 2015, the Fund either outperformed or provided generally comparable performance to the median of its Lipper Peer Group and its Benchmark

for the one-, three-, four-, five- and 10-year periods ended August 31, 2015. The Fund also outperformed the peer group average for the Morningstar world stock category for the quarter-, one-, three-, five- and 10-year periods ended September 30, 2015. The Board determined that the Fund’s performance over time was generally favorable.

Income

Fund

Although the Income Fund underperformed the median of its Lipper Peer Group and its Benchmark over the three-, four-, five- and 10-year periods ended August 31, 2015, the Fund outperformed or provided generally comparable performance to the median of its Lipper Peer Group and its Benchmark for the one- and two-year periods ended August 31, 2015. The Fund also outperformed its peer group average of the Morningstar short-term bond category for the quarter-, one-, three-, five- and 10-year periods ended September 30, 2015. The Board considered the objectives of the Fund and the factors underlying performance and considered its performance satisfactory.

FEES, EXPENSES AND PROFITABILITY

1.	Fees and Expenses

The Independent Trustees considered the advisory fee rates of the Advisor and Sub-Advisors and the rationale in proposing the level of fees. The Advisor reported to the Independent Trustees the factors it considers in proposing fees for a Fund including, among other things, the value of the services provided (e.g., the potential for the strategy to deliver alpha to shareholders and the expertise of the Advisor with the strategy), the competitive marketplace for the product and the fees of competitive funds, and the economics of the product to the Advisor (e.g., the costs in operating the Fund and constraints on product capacity).

In their evaluation of fees and expenses, the Independent Trustees reviewed the Advisor’s management fees and expense ratios for each Fund in absolute terms as well as in comparison to the fee and expense data of funds in both the relevant expense group (the “Lipper Expense Group”) and/or universe of funds (“Lipper Expense Universe”) provided by Lipper. The Board was also provided with a description of the methodology Lipper followed in selecting funds included in the Expense Group and Expense Universe. In this regard, the Independent Trustees reviewed and considered, among other things, comparisons of each respective Fund’s contractual and net management fees, total expenses (including and excluding 12b-1/non-12b-1 service fees), and non-management expenses (such as transfer agency, custodian, administrative and accounting fees) with those of unaffiliated funds in its Lipper Expense Group, subject to the following. With respect to the Micro Cap Funds, the Independent Trustees recognized certain limitations with

the Lipper Expense Group and therefore also reviewed comparisons of each such Fund’s management fee and net expense ratio with those of a custom peer group provided by the Advisor, although the Advisor noted that there were still some limitations with the custom peer group as the Micro Cap Funds have few truly comparable peers available.

In reviewing fees, the Independent Trustees also considered any expense limitation agreement the Advisor has agreed to on behalf of each existing or proposed class of shares of the respective Fund and the amounts the Advisor has reimbursed to the applicable Fund for the last three fiscal years (if any). The Independent Trustees also considered a Fund’s fees in light of the performance of the Fund and comparative data of the Fund’s fees and expenses against the fees and expenses of its Lipper Expense Group. In their evaluation of the fees, the Independent Trustees determined, among other things, the following:

For the Core Growth Fund, Emerging India Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, International Opportunities Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Ultra Growth Fund and World Innovators Fund

With respect to the Emerging India Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, International Opportunities Fund, Micro Cap Fund, Micro Cap Value Fund, Ultra Growth Fund and World Innovators Fund, Independent Trustees recognized that the contractual management fee and net expense ratios for the Investor Class shares and Institutional Class shares (if any) of such Funds were above the median of their respective Lipper Expense Group. With respect to the Investor Class of the Small Cap Growth Fund, the Fund has a contractual management fee higher than the median of its Lipper Expense Group but an expense ratio equal to the median of its Lipper Expense Group. With respect to the Small Cap Value Fund (Investor Class shares and Institutional Class shares), the Independent Trustees noted that such Fund had a contractual management fee higher than the median of its Lipper Expense Group, but a net expense ratio slightly above (within 5 basis points) the median of its Lipper Expense Group for Investor Class shares and below the median of its Lipper Expense Group for Institutional Class shares. With respect to the Core Growth Fund, the Independent Trustees recognized that for the Investor Class shares and Institutional Class shares, the contractual management fee was above the median of the Lipper Expense Group; however, the net expense ratio was slightly higher (within 5 basis points) than the median of the Lipper Expense Group for the Investor Class shares and below the median of its Lipper Expense Group for the Institutional Class shares.

In reviewing fees, the Independent Trustees noted the experience and reputation of the Advisor in the small- and/or micro-cap security asset class in which the Funds may invest, the research intensive approach followed by the Advisor and the related costs in applying this approach to evaluating smaller companies. The Independent Trustees recognized that the Funds investing in smaller companies would be more costly to operate in accordance with the Advisor’s investment approach and such costs increase with respect to the international Funds as the Advisor provides the resources necessary for its investment personnel to

perform the required due diligence on foreign companies across the globe. The Independent Trustees also continued to recognize the capacity constraints of the Funds investing in smaller or micro-cap companies. The Independent Trustees understand that performance for these Funds may be hindered at higher asset levels and therefore encourage the Advisor’s practice of closing Funds to new and/or existing investors when deemed appropriate to protect performance for shareholders. The Independent Trustees further noted; however, that reducing inflows to Funds also reduces the potential revenues the Advisor could have earned on higher assets under management. The Independent Trustees also recognized that the Advisor is proposing reductions in the advisory fees for several of the Funds. More specifically, the Advisor proposed to reduce the advisory fee rate of the Global Opportunities Fund and Emerging India Fund by 25 basis points, of the International Opportunities Fund by 20 basis points and the Emerging Markets Small Cap Fund by 10 basis points.

Given the foregoing factors, among others, the Independent Trustees determined the advisory fees for the foregoing Funds were acceptable.

For

the Emerging Markets Select Fund

With respect to the Emerging Markets Select Fund, the Independent Trustees recognized that with respect to the Investor Class shares and Institutional Class shares of the Fund, the contractual management fee was above the median of its Lipper Expense Group, and after fee waivers, the net expense ratio was higher than the median of its Lipper Expense Group for Investor Class shares and slightly higher (within 5 basis points) than the median of its Lipper Expense Group for Institutional Class shares. In reviewing the advisory fees, the Independent Trustees considered the Advisor’s expertise and cost of serving the Fund in light of its international focus; however, the Independent Trustees also noted that the Advisor reported that this Fund had more capacity than Funds focused on small- and/or micro-cap companies. The Independent Trustees further noted that the Advisor proposed reducing the advisory fee rate by 25 basis points for this Fund. In light of the foregoing factors, among other things, the Independent Trustees determined the advisory fee for the foregoing Fund was acceptable.

For the Long/Short Fund, Large Cap Value Fund, Strategic Income Fund, Income Fund and U.S. Treasury Fund

With respect to Funds which had little or no capacity constraints given their investment strategies, the Independent Trustees noted the following. With respect to Investor Class shares and Institutional Class shares of the Long/Short Fund, the Trustees noted that such Fund had a contractual management fee and an expense ratio below the median of its Lipper Expense Group. With respect to Investor Class shares of the Income Fund, the Independent Trustees recognized that the Fund had a contractual management fee above the management fees of the median of its Lipper Expense Group but an expense ratio below the median of its Lipper Expense Group. With respect to the

U.S. Treasury Fund, the Trustees considered that the U.S. Treasury Fund had a contractual management fee and an expense ratio equal to the median of its Lipper Expense Group. With respect to Investor Class shares and Institutional Class shares of the Large Cap Value Fund, such Fund had a contractual management fee above the median of its Lipper Expense Group and after fee waivers, the net expense ratio for Investor Class shares was higher than the median of its Lipper Expense Group and slightly higher (within 5 basis points) than the median of its Lipper Expense Group for Institutional Class shares. With respect to Investor Class shares of the Strategic Income Fund, such Fund had a contractual management fee and net expense ratio below the median of its Lipper Expense Group. With respect to the Large Cap Value Fund and Strategic Income Fund, the Independent Trustees noted that the Advisor reported that these Funds compete in a highly developed category, and therefore the Advisor seeks to price such Funds close to the median of the Fund’s Lipper Expense Group. Based on the foregoing factors, among others, the Independent Trustees determined that the advisory fees for the foregoing Funds were acceptable.

2.	Fees Charged to Other Advisor and Sub-Advisor Clients

In reviewing fees, the Independent Trustees also considered the fee rate or the range of fees and their weighted average that the Advisor charges to separate accounts that are managed in a style similar to that used for certain Funds. Such Funds include the Core Growth Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, Large Cap Value Fund, Long/Short Fund, Micro Cap Fund, Small Cap Growth Fund, Small Cap Value Fund, Ultra Growth Fund and World Innovators Fund. The Independent Trustees noted that the fee rates and/or weighted average fee rates for separate accounts were generally lower than the fees for the comparable Fund (except in the case of the Ultra Growth Fund). The Independent Trustees also considered information regarding the management fees the Advisor assesses to other types of clients, including a unified managed account, model account, collective investment trusts and domestic and foreign funds sponsored by other sponsors.

In comparing the advisory fee rate of the Funds to that assessed to other types of clients, the Independent Trustees took into account the varying levels of service required by the different types of clients. The Independent Trustees recognized that although the Advisor may provide portfolio management services to various clients, the level of work and related costs in providing such management services will vary depending on the investment parameters of the particular client, such as the ability to invest in foreign securities. The Independent Trustees also recognized the breadth of non-advisory services necessary to operate the Funds, which were generally not required to the same extent for separate accounts or other types of clients. Such services included, among other things, fund administrative services and operations, oversight of third party service providers, oversight of shareholder servicing, Trustee support, tax

administration and compliance. Given the differences in the level of services provided to the Funds compared to other clients, the Independent Trustees concluded that the fees charged in light of the services provided to the Funds were reasonable by comparison.

In considering the fees of the Sub-Advisors for the Income Fund and U.S. Treasury Fund, the Independent Trustees considered the fees paid to the respective Sub-Advisor with respect to the applicable Fund, taking into account that the Advisor compensates the Sub-Advisor for its services from the Advisor’s revenues. The Independent Trustees compared the sub-advisory fee rate paid to the Sub-Advisors with the pricing schedule the respective Sub-Advisor charges for investment management services for other clients. The Independent Trustees noted that the fee rates paid to these Sub-Advisors for their sub-advisory services were reasonable in comparison to their respective pricing schedule. The Independent Trustees also noted that the sub-advisory fees were established through arm’s length negotiations between the Advisor and the Sub-Advisors, which are unaffiliated with the Advisor.

3.	Profitability of the Advisor

To evaluate the Advisor’s financial condition and the reasonableness of the management fees, the Independent Trustees reviewed profitability data of the Advisor both on an absolute basis and in comparison to other investment advisors. The Independent Trustees recognized the subjective nature in determining profitability. The Independent Trustees recognized that employee compensation is the primary expense of the Advisor and reviewed the structure and components of such compensation arrangements and the allocation of compensation expenses among the Funds. The Independent Trustees noted that as a privately held S corporation owned by the employees, the level of profitability is influenced, in part, by paying employees through compensation expense as opposed to dividends as shareholders. The Independent Trustees reviewed profitability information for the Advisor from its relationship with each Fund for the calendar year ended December 31, 2014 on an actual and adjusted basis which reflected certain adjustments to the compensation expense and the rationale for the adjustments. The Independent Trustees also reviewed the methodology the Advisor utilized to allocate expenses among the Funds, but noted that other reasonable methodologies could have been employed and would have derived different results. The Independent Trustees reviewed, among other things, the consolidated financial statements for the years ended December 31, 2014 and December 31, 2013 for WA Holdings, Inc., the parent of the Advisor. The Independent Trustees also considered whether the Advisor has financial resources sufficient to meet its obligations to the Funds.

In addition to the foregoing, the Trustees considered the Advisor’s revenues and profit margins compared to publicly available information of certain unaffiliated publicly traded investment managers. The Independent Trustees considered the rationale for the selection of the peer group, the limits on available information regarding other peers and noted

that the value of the comparative data may be limited as the data is affected by many different factors, including the structure and size of the other investment advisor, the types of funds it manages, the lines of business it has, the methodology employed to determine profitability, and that the disclosed operating profits and net income may be net of distribution and marketing expenses. Notwithstanding the foregoing, the Independent Trustees noted that the Advisor’s profitability (with and without the compensation adjustment) is within a reasonable range compared to the peer group of unaffiliated advisors. Based on their review, the Independent Trustees were satisfied that the Advisor’s level of profitability from its relationship with each Fund was not unreasonable in light of the services provided.

With respect to the Sub-Advisors, although a profitability analysis from their relationship with the applicable Fund was not available, the Independent Trustees received certain financial statements of the Sub-Advisors. The Trustees reviewed HIMCO’s financial statements for the years ended December 31, 2014 and 2013 and 1st Source’s income statement for the month ended September 30, 2015 and September 30, 2014. Considering the Sub-Advisors’ fee schedules and the fact that the sub-advisory fees are established through arm’s length negotiations, the Independent Trustees concluded that HIMCO’s and 1st Source’s profitability from the Sub-Advisor’s relationship with the U.S. Treasury Fund and Income Fund, respectively, is not unreasonable.

In addition to the above, the Independent Trustees also considered any indirect benefits (such as soft dollars) that the Advisor or Sub-Advisor received that were directly attributable to the management of the applicable Funds. See Section E below for additional information on indirect benefits the Advisor or Sub-Advisors may receive as a result of their relationship with the respective Funds.

ECONOMIES OF SCALE AND WHETHER FEE LEVELS REFLECT THESE ECONOMIES OF SCALE

The Independent Trustees considered the extent of any economies of scale as the Funds grow and whether Fund investors have appropriately benefited from any such economies of scale. The Independent Trustees, however, recognized that the capacity constraints on the Funds investing in small- and micro-cap companies limit the ability for the Funds to grow to achieve economies of scale as the Advisor may close such Funds to new investments in order to keep such Funds’ assets at an appropriate level to maintain or protect performance. The Independent Trustees further acknowledged the limited profit potential for the Advisor by closing Funds to new and/or existing shareholders and that the costs of the Advisor’s investment in its research intensive process also inhibit the achievement of economies of scale. With respect to the Funds without such capacity constraints, the Independent Trustees also reviewed the factors the

Advisor considered in proposing a fee level and recognized the Advisor’s position that such Funds’ are priced at a level that already reflects potential economies of scale. The Independent Trustees further noted that the Advisor has implemented expense limitations that serve to limit the overall net expense ratios of the respective classes of certain Funds to the benefit of the applicable Fund’s shareholders. Considering the factors above, the Independent Trustees concluded the absence of breakpoints in the management fee was acceptable and that such economies as exist are adequately reflected in the Advisor’s fee structure.

INDIRECT BENEFITS

The Independent Trustees received and considered information regarding indirect benefits the Advisor and Sub-Advisors may receive as a result of their relationship with the Funds. In this regard, the Independent Trustees recognized that the Advisor may receive benefits from soft dollar arrangements whereby the Advisor may use a portion of the brokerage commissions paid by the Funds to acquire research that may be useful to the Advisor in managing the Funds and other clients. The Independent Trustees recognized that the Advisor’s profitability would be lower if it paid for such research with its own revenues. The Independent Trustees reviewed information regarding the soft dollar arrangements including, among other things, the commissions paid, the services provided and the measures to determine the quality of execution received. With respect to the Sub-Advisors, the Independent Trustees recognized that the Sub-Advisors currently do not have soft dollar arrangements on behalf of their respective Funds. The Independent Trusts also recognized that the Advisor pays certain fees to 1st Source for shareholder servicing. The Independent Trustees took these indirect benefits into account when accessing the level of advisory fees paid to the Advisory and sub-advisory fee to the respective Sub-Advisor.

ANNUAL APPROVAL OF ADVISORY AND SUB-ADVISORY AGREEMENTS

The Independent Trustees did not identify any single factor discussed previously as all-important or controlling. The Board, including a majority of Independent Trustees, concluded that the terms of the Advisory Agreement for each Fund, the HIMCO Sub-Advisory Agreement for the U.S. Treasury Fund, and the 1st Source Sub-Advisory Agreement for the Income Fund were fair and reasonable, that the Advisor’s and Sub-Advisors’ fees are reasonable in light of the services provided to each respective Fund, and that the Advisory Agreement should be approved on behalf of each Fund and the Sub-Advisory Agreements should be approved on behalf of the U.S. Treasury Fund and the Income Fund, respectively.

INVESTMENT ADVISOR

Wasatch Advisors, Inc.

505 Wakara Way, 3rd Floor

Salt Lake City, UT 84108

SUB-ADVISOR FOR THE WASATCH-1ST SOURCE INCOME FUND

1st Source Corporation Investment Advisors, Inc.

100 North Michigan Street

South Bend, IN 46601

SUB-ADVISOR FOR THE U.S. TREASURY FUND

Hoisington Investment Management Co.

6836 Bee Caves Road

Building 2, Suite 100

Austin, TX 78746

ADMINISTRATOR AND FUND ACCOUNTANT

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

DISTRIBUTOR

ALPS Distributors, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

TRANSFER AGENT

UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

CUSTODIAN

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

LEGAL COUNSEL TO WASATCH FUNDS AND INDEPENDENT TRUSTEES

Chapman and Cutler, LLP

111 West Monroe Street

Chicago, IL 60603

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

WASATCH
FUNDS
2016 Semi-Annual Report
www.WasatchFunds.com • 800.551.1700
FSC
www.fsc.org
MIX
Paper from
responsible sources
FSC® C101537

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees, where those changes were implemented after the Registrant last provided disclosure in response to this item.

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.

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.


(Name and Address of Agent for Service)		Copy to:

Samuel S. Stewart, Jr. Wasatch Advisors, Inc. 505 Wakara Way, 3^rd Floor Salt Lake City, UT 84108		Eric F. Fess, Esq. Chapman & Cutler LLP 111 West Monroe Street Chicago, IL 60603


Letter to Shareholders			2
Wasatch Core Growth Fund^® Management Discussion			4
Portfolio Summary			5
Wasatch Emerging India Fund ^® Management Discussion			6
Portfolio Summary			7
Wasatch Emerging Markets Select Fund^® Management Discussion			8
Portfolio Summary			9
Wasatch Emerging Markets Small Cap Fund^® Management Discussion			10
Portfolio Summary			11
Wasatch Frontier Emerging Small Countries Fund^® Management Discussion			12
Portfolio Summary			13
Wasatch Global Opportunities Fund^® Management Discussion			14
Portfolio Summary			15
Wasatch International Growth Fund^® Management Discussion			16
Portfolio Summary			17
Wasatch International Opportunities Fund^® Management Discussion			18
Portfolio Summary			19
Wasatch Large Cap Value Fund^® Management Discussion			20
Portfolio Summary			21
Wasatch Long/Short Fund ^® Management Discussion			22
Portfolio Summary			23
Wasatch Micro Cap Fund^® Management Discussion			24
Portfolio Summary			25
Wasatch Micro Cap Value Fund^® Management Discussion			26
Portfolio Summary			27
Wasatch Small Cap Growth Fund^® Management Discussion			28
Portfolio Summary			29
Wasatch Small Cap Value Fund^® Management Discussion			30
Portfolio Summary			31
Wasatch Strategic Income Fund^® Management Discussion			32
Portfolio Summary			33
Wasatch Ultra Growth Fund^® Management Discussion			34
Portfolio Summary			35
Wasatch World Innovators Fund^® Management Discussion			36
Portfolio Summary			37
Wasatch-1st Source Income Fund^® Management Discussion			38
Portfolio Summary			39
Wasatch-Hoisington U.S. Treasury Fund^® Management Discussion			40
Portfolio Summary			41
Management Discussions — Definitions of Financial Terms			42
Operating Expenses			44
Schedule of Investments			47
Statements of Assets and Liabilities			92
Statements of Operations			98
Statements of Changes in Net Assets			104
Financial Highlights			112
Notes to Financial Highlights			118
Notes to Financial Statements			119
Supplemental Information			138
Management of the Trust			138
Additional Tax Information			139
Proxy Voting Policies, Procedures and Record			139
Quarterly Portfolio Holdings Disclosure on Form N-Q			139
Advisory and Service Contract Approvals			139
Service Providers			148
Contact Wasatch			148


Investment Company Act file number: 811-04920


WASATCH FUNDS TRUST


LETTER TO SHAREHOLDERS — 90% PSYCHOLOGICAL, 10% LOGICAL


WASATCH CORE GROWTH FUND (WGROX / WIGRX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH EMERGING INDIA FUND (WAINX / WIINX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH LARGE CAP VALUE FUND (FMIEX / WILCX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH LONG/SHORT FUND (FMLSX / WILSX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH MICRO CAP FUND (WMICX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


TABLE OF CONTENTS


WASATCH MICRO CAP FUND (WMICX) — Portfolio Summary		*MARCH 31, 2016 (UNAUDITED)*


WASATCH MICRO CAP VALUE FUND (WAMVX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH STRATEGIC INCOME FUND (WASIX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH ULTRA GROWTH FUND (WAMCX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH ULTRA GROWTH FUND (WAMCX) — Portfolio Summary		*MARCH 31, 2016 (UNAUDITED)*


WASATCH WORLD INNOVATORS FUND (WAGTX / WIGTX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH-1ST SOURCE INCOME FUND (FMEQX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) — Management Discussion		*MARCH 31, 2016 (UNAUDITED)*


WASATCH FUNDS MANAGEMENT DISCUSSIONS — Definitions of Financial Terms


	Account Value				Expenses Paid During Period*		Annualized Expense Ratio*
Fund/Class and Return	Beginning of Period October 1, 2015*		End of Period March 31, 2016		Expenses Paid During Period*		Annualized Expense Ratio*
Core Growth Fund — Investor Class
Actual		$1,000.00		$996.60		$5.99		1.20%
Hypothetical (5% before expenses)		$1,000.00		$1,019.00		$6.06		1.20%
Core Growth Fund — Institutional Class
Actual		$1,000.00		$997.20		$5.49		1.10%
Hypothetical (5% before expenses)		$1,000.00		$1,019.50		$5.55		1.10%
Emerging India Fund — Investor Class
Actual		$1,000.00		$941.40		$9.17		1.89%
Hypothetical (5% before expenses)		$1,000.00		$1,015.55		$9.52		1.89%
Emerging India Fund — Institutional Class
Actual		$1,000.00		$1,010.60		$2.45		1.51%
Hypothetical (5% before expenses)		$1,000.00		$1,005.63		$2.44		1.51%
Emerging Markets Select Fund — Investor Class
Actual		$1,000.00		$1,033.50		$8.29		1.63%
Hypothetical (5% before expenses)		$1,000.00		$1,016.85		$8.22		1.63%
Emerging Markets Select Fund — Institutional Class
Actual		$1,000.00		$1,035.70		$7.12		1.40%
Hypothetical (5% before expenses)		$1,000.00		$1,018.00		$7.06		1.40%
Emerging Markets Small Cap Fund — Investor Class
Actual		$1,000.00		$1,012.70		$9.86		1.96%
Hypothetical (5% before expenses)		$1,000.00		$1,015.20		$9.87		1.96%
Emerging Markets Small Cap Fund — Institutional Class
Actual		$1,000.00		$1,047.60		$2.99		1.81%
Hypothetical (5% before expenses)		$1,000.00		$1,005.14		$2.93		1.81%
Frontier Emerging Small Countries Fund — Investor Class
Actual		$1,000.00		$958.30		$11.02		2.25%
Hypothetical (5% before expenses)		$1,000.00		$1,013.75		$11.33		2.25%
Frontier Emerging Small Countries Fund — Institutional Class
Actual		$1,000.00		$1,031.00		$3.36		2.05%
Hypothetical (5% before expenses)		$1,000.00		$1,004.76		$3.31		2.05%
Global Opportunities Fund — Investor Class
Actual		$1,000.00		$1,033.90		$8.90		1.75%
Hypothetical (5% before expenses)		$1,000.00		$1,016.25		$8.82		1.75%
Global Opportunities Fund — Institutional Class
Actual		$1,000.00		$1,035.60		$2.21		1.35%
Hypothetical (5% before expenses)		$1,000.00		$1,005.88		$2.18		1.35%
International Growth Fund — Investor Class
Actual		$1,000.00		$1,053.80		$7.80		1.52%
Hypothetical (5% before expenses)		$1,000.00		$1,017.40		$7.67		1.52%
International Growth Fund — Institutional Class
Actual		$1,000.00		$1,032.70		$2.21		1.35%
Hypothetical (5% before expenses)		$1,000.00		$1,005.88		$2.18		1.35%
International Opportunities Fund — Investor Class
Actual		$1,000.00		$1,093.40		$11.78		2.25%
Hypothetical (5% before expenses)		$1,000.00		$1,013.75		$11.33		2.25%
International Opportunities Fund — Institutional Class
Actual		$1,000.00		$1,059.00		$3.17		1.91%
Hypothetical (5% before expenses)		$1,000.00		$1,004.98		$3.09		1.91%
Large Cap Value Fund — Investor Class
Actual		$1,000.00		$1,071.50		$5.70		1.10%
Hypothetical (5% before expenses)		$1,000.00		$1,019.50		$5.55		1.10%
Large Cap Value Fund — Institutional Class
Actual		$1,000.00		$1,071.10		$5.02		0.97%
Hypothetical (5% before expenses)		$1,000.00		$1,020.15		$4.90		0.97%


WASATCH FUNDS — OPERATING EXPENSES *(continued)*		*MARCH 31, 2016 (UNAUDITED)*


WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) — Schedule of Investments *(continued)*		*(UNAUDITED)*


WASATCH MICRO CAP FUND (WMICX) — Schedule of Investments


WASATCH ULTRA GROWTH FUND (WAMCX) — Schedule of Investments


Country	%
Bermuda		0.4
United Kingdom		0.7
United States		98.9

TOTAL		100.0	%


Principal Amount			Value

		U.S. GOVERNMENT OBLIGATIONS 97.7%

	$154,000,000	U.S. Treasury Bond, 2.50%, 2/15/45	$	150,162,012
	37,050,000	U.S. Treasury Bond, 2.875%, 5/15/43		39,039,992
	72,000,000	U.S. Treasury Bond, 2.875%, 8/15/45		75,735,000
	7,000,000	U.S. Treasury Bond, 3.00%, 5/15/45		7,549,339
	8,000,000	U.S. Treasury Bond, 3.125%, 2/15/42		8,897,184
	28,000,000	U.S. Treasury Bond, 3.125%, 8/15/44		30,975,000
	18,100,000	U.S. Treasury Bond, 3.75%, 11/15/43		22,480,761
	86,000,000	U.S. Treasury Strip, principal only, 5/15/44		39,980,626


		Total U.S. Government Obligations (cost $356,638,908)		374,819,914


	CORE GROWTH FUND			EMERGING INDIA FUND¹			EMERGING MARKETS SELECT FUND


Assets:
Investments, at cost
Unaffiliated issuers	$	839,170,169		$	51,526,500		$	35,213,693
Affiliated issuers²		—			—			—
Repurchase agreements		74,234,256			1,400,883			850,625

	$	913,404,425		$	52,927,383		$	36,064,318

Investments, at market value
Unaffiliated issuers	$	1,118,064,416		$	62,206,303		$	37,643,482
Affiliated issuers²		—			—			—
Repurchase agreements		74,234,256			1,400,883			850,625

		1,192,298,672			63,607,186			38,494,107
Cash		3			—			—
Foreign currency on deposit (cost of $0, $87,308, $0, $397,341, $16,247,651, $39,966, $1,047,760 and $230,504, respectively)		—			87,322			—
Receivable for investment securities sold		—			539,442			—
Capital shares receivable		1,041,372			157,287			39,810
Interest and dividends receivable		569,694			6,915			28,891
Prepaid expenses and other assets		57,407			19,455			19,242

Total Assets		1,193,967,148			64,417,607			38,582,050

Liabilities:
Payable for securities purchased		—			521,468			—
Capital shares payable		803,834			56,026			24,095
Payable to Advisor		977,487			59,642			20,329
Accrued fund administration fees		17,440			596			429
Accrued expenses and other liabilities		203,462			26,534			40,849
Foreign capital gains taxes payable		1,231,206			194,768			—

Total Liabilities		3,233,429			859,034			85,702

Net Assets	$	1,190,733,719		$	63,558,573		$	38,496,348

Net Assets Consist of:
Capital stock	$	232,265		$	223,328		$	44,388
Paid-in-capital in excess of par		935,969,421			54,545,063			45,208,804
Undistributed net investment loss		(10,185,995	)		(1,795,268	)		(374,800	)
Undistributed net realized gain (loss) on investments and foreign currency translations		(12,945,098	)		100,521			(8,812,513	)
Net unrealized appreciation (depreciation) on investments and foreign currency translations		277,663,126			10,484,929			2,430,469

Net Assets	$	1,190,733,719		$	63,558,573		$	38,496,348

Net Assets
Investor Class		1,015,590,058			62,342,321			18,481,130
Institutional Class		175,143,661			1,216,252			20,015,218

Capital Stock Issued and Outstanding (Unlimited number of shares authorized, $.01 par value)
Investor Class		19,820,716			21,906,295			2,140,209
Institutional Class		3,405,788			426,532			2,298,563

NET ASSET VALUE, REDEMPTION PRICE AND OFFERING PRICE PER SHARE
Investor Class	$	51.24		$	2.85		$	8.64

Institutional Class	$	51.43		$	2.85		$	8.71


EMERGING MARKETS SMALL CAP FUND¹			FRONTIER EMERGING SMALL COUNTRIES FUND¹			GLOBAL OPPORTUNITIES FUND¹			INTERNATIONAL GROWTH FUND¹			INTERNATIONAL OPPORTUNITIES FUND¹



$	677,986,877		$	838,311,453		$	129,018,602		$	1,027,476,352		$	425,518,948
	—			30,391,991			—			—			—
	848,959			7,554,746			3,672,663			66,237,225			15,148,791

$	678,835,836		$	876,258,190		$	132,691,265		$	1,093,713,577		$	440,667,739


$	801,129,150		$	842,031,425		$	151,267,002		$	1,324,506,779		$	501,469,798
	—			22,077,662			—			—			—
	848,959			7,554,746			3,672,663			66,237,225			15,148,791

	801,978,109			871,663,833			154,939,665			1,390,744,004			516,618,589
	34,359			9,246,981			—			—			5
	397,346			15,506,754			40,185			1,049,809			232,614
	4,303,084			37,600,939			—			5,137,849			959,120
	306,335			775,699			233,079			14,117,366			211,809
	1,340,177			2,610,176			134,038			2,495,328			1,411,890
	32,998			40,868			14,492			37,877			28,756

	808,392,408			937,445,250			155,361,459			1,413,582,233			519,462,783


	588,817			24,942,346			308			5,435,989			3,668,567
	584,049			1,884,502			71,771			11,065,395			393,014
	1,093,589			1,207,252			157,454			1,429,454			724,316
	14,066			15,145			2,222			21,633			7,290
	416,132			707,996			73,829			549,525			261,694
	943,747			4,544,613			52,264			—			107,828

	3,640,400			33,301,854			357,848			18,501,996			5,162,709

$	804,752,008		$	904,143,396		$	155,003,611		$	1,395,080,237		$	514,300,074


$	3,320,741		$	3,405,741		$	484,232		$	474,848		$	1,799,878
	769,092,750			999,549,815			131,788,329			1,097,354,477			439,210,979
	(18,674,431	)		(2,105,388	)		(3,596,923	)		(9,834,787	)		(2,764,052	)
	(71,210,957	)		(87,019,471	)		4,131,564			10,048,272			186,827
	122,223,905			(9,687,301	)		22,196,409			297,037,427			75,866,442

$	804,752,008		$	904,143,396		$	155,003,611		$	1,395,080,237		$	514,300,074


	677,247,666			804,449,246			153,415,986			1,210,299,857			424,528,358
	127,504,342			99,694,150			1,587,625			184,780,380			89,771,716


	279,459,184			303,092,105			47,927,067			41,198,035			148,683,811
	52,614,921			37,481,987			496,161			6,286,720			31,303,939


$	2.42		$	2.65		$	3.20		$	29.38		$	2.86

$	2.42		$	2.66		$	3.20		$	29.39		$	2.87