Wasatch Funds Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-04920

WASATCH FUNDS TRUST

(Exact name of registrant as specified in charter)

505 Wakara Way, 3rd Floor

Salt Lake City, UT 84108

(Address of principal executive offices)(Zip code)


(Name and Address of Agent for Service)		Copy to:

Eric S. Bergeson 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

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

Date of fiscal year end: September 30

Date of reporting period: September 30, 2021

Item 1. Report to Shareholders.

(a)	A copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (the “1940 Act”) is filed herewith.

LOGO

WASATCHGLOBAL.COM SEPTEMBER 30, 2021 2021 Annual Report Fund Investor Institutional Fund Investor Institutional Name Class Class Name Class Class Wasatch Core Growth Fund WGROX WIGRX Wasatch International Opportunities Fund WAIOX WIIOX Wasatch Emerging India Fund WAINX WIINX Wasatch International Select Fund WAISX WGISX Wasatch Emerging Markets Select Fund WAESX WIESX Wasatch Micro Cap Fund WMICX WGICX Wasatch Emerging Markets Small Cap Fund WAEMX WIEMX Wasatch Micro Cap Value Fund WAMVX WGMVX Wasatch Frontier Emerging Small Wasatch Small Cap Growth Fund WAAEX WIAEX WAFMX WIFMX Countries Fund Wasatch Small Cap Value Fund WMCVX WICVX Wasatch Global Opportunities Fund WAGOX WIGOX Wasatch Ultra Growth Fund WAMCX WGMCX Wasatch Global Select Fund WAGSX WGGSX Wasatch-Hoisington U.S. Treasury Fund WHOSX —Wasatch Global Value Fund FMIEX WILCX Wasatch Greater China Fund WAGCX WGGCX Wasatch International Growth Fund WAIGX WIIGX

Wasatch Funds

Salt Lake City, Utah

wasatchglobal.com

800.551.1700


Table of Contents


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 Global Select Fund^® Management Discussion			16

Portfolio Summary .			17

Wasatch Global Value Fund^® Management Discussion			18

Portfolio Summary			19

Wasatch Greater China Fund^TM Management Discussion			20

Portfolio Summary			21

Wasatch International Growth Fund^® Management Discussion			22

Portfolio Summary			23

Wasatch International Opportunities Fund^® Management Discussion			24

Portfolio Summary			25

Wasatch International Select Fund^® Management Discussion			26

Portfolio Summary			27

Wasatch Micro Cap Fund^® Management Discussion			28

Portfolio Summary			29

Wasatch Micro Cap Value Fund^® Management Discussion			30

Portfolio Summary			31

Wasatch Small Cap Growth Fund^® Management Discussion			32

Portfolio Summary			33

Wasatch Small Cap Value Fund^® Management Discussion			34

Portfolio Summary			35

Wasatch Ultra Growth Fund^® Management Discussion			36

Portfolio Summary			37

Wasatch-Hoisington U.S. Treasury Fund^® Management Discussion			38

Portfolio Summary			39

Management Discussions — Definitions of Financial Terms and Index Descriptions			40

Operating Expenses			42

Schedule of Investments			45

Statements of Assets and Liabilities			82

Statements of Operations			88

Statements of Changes in Net Assets			94

Financial Highlights			102

Notes to Financial Highlights			110

Notes to Financial Statements			111

Report of Independent Registered Public Accounting Firm			138

Supplemental Information			139

Management of the Trust			139

Proxy Voting Policies, Procedures and Record			141

Quarterly Portfolio Holdings Disclosure on Form N-PORT			141

Statement Regarding Liquidity Risk Management Program			141

Service Providers			142

Contact Wasatch			142

This material must be accompanied or preceded by a prospectus.

Please read the prospectus carefully before you invest.

Wasatch Funds are distributed by ALPS Distributors, Inc.


Letter to Shareholders — Our Take on China and India

LOGO

Ajay Krishnan, CFA

Head of Emerging Markets Investing and Portfolio Manager

LOGO

Dan Chace, CFA Portfolio Manager

DEAR FELLOW SHAREHOLDERS:

Recent clampdowns by Chinese regulators in areas such as technology and private education have caused some investors to rethink their China allocations. Investors began to ponder the implications in November 2020 when regulators suspended the initial public offering (IPO) of Ant Group, a financial-technology (fintech) firm whose chairman and majority shareholder is renowned tech titan Jack Ma. This year, restrictions announced during the summer rattled financial markets. Pundits have even begun to question the Chinese government’s commitment to capitalism.

CHINESE CAPITALISM VERSUS WESTERN CAPITALISM

Chinese capitalism isn’t the same as Western capitalism. In its modern form,

Western capitalism rests largely on the free-market principles laid out by eighteenth-century philosopher and economist Adam Smith. In The Theory of Moral Sentiments, Smith introduced the concept of the “Invisible Hand” to describe the unintended social good brought about by individuals acting in their own self-interest.

In contrast, the Chinese believe capital allocation driven by self-interest and greed inevitably leads to inequality, exploitation and the dangerous accumulation of power by large corporations. Because these things undermine the Chinese Communist Party’s (CCP’s) objectives of common prosperity and social cohesion, capitalism must be kept on a tight leash. Therefore, Adam Smith’s Invisible Hand is replaced by the not-so-invisible and sometimes-heavy hand of the Chinese government.

IMPLICATIONS FOR RETURNS ON CAPITAL: A COMPARISON TO INDIA

Primarily due to heightened competition, returns on capital have generally been less sustainable in China than in some Western-style economies. In India, for example, competitive advantages such as proprietary technologies, barriers to entry and economies of scale have tended to be more enduring. Additionally, business-friendly reforms enacted by a coalition led by India’s Prime Minister Narendra Modi have allowed long-running investment themes to play out more fully and with less regulatory interference than might otherwise have been the case. For these reasons, Wasatch’s emerging markets funds have typically been structurally overweight in India and underweight in China compared to their respective benchmarks.

To the extent recent events in China foreshadow a more activist role for the government in determining how businesses are run, returns on capital may become compressed somewhat further. However, we believe companies will still be permitted reasonable levels of profitability. Capitalism has enabled China to bring hundreds of millions of its citizens out of abject poverty. So the government clearly understands the profit motive’s essential role in spurring the innovation necessary for China’s continued growth and development.

THE NEED FOR A COMMON-SENSE APPROACH TO INVESTING IN CHINA

We think the government’s willingness to flex its regulatory muscle in pursuit of its policy goals makes it more important than ever to take a pragmatic approach to investing in China. Certain consumer-facing businesses may be especially at risk of finding themselves at odds with the government. Among these are companies such as payment and social-media platforms that collect large amounts of proprietary data on Chinese citizens and companies that may be perceived as failing to promote socially responsible behavior. Also at risk are firms the government deems important to China’s competitiveness and may therefore be less able to operate freely.

Because China’s economy has matured to the point of becoming self-sustaining, exports and capital from overseas are no longer vital to its survival. As a result, companies are encouraged to emulate the CCP’s vision of what their business models should look like. Today, the government has additional scope to regulate industries without fear of alienating international investors.

CHINESE VARIABLE INTEREST ENTITIES (VIEs)

VIEs are companies controlled through contracts designed to mimic the rights and economic interests of direct ownership. Because VIEs are used to circumvent restrictions on foreign investment in China, we think VIEs that are traded in the form of depositary receipts are the most likely to draw the ire of Chinese regulators. Rather than providing clear commentary on the legality of the VIE structure, recent legislation simply doesn’t mention VIEs. In view of what appears to be a deliberately gray area of Chinese law, no Wasatch fund has more than a modest exposure to VIEs — and we don’t own VIEs listed on stock exchanges outside Hong Kong and mainland China.

LONG-TERM OPPORTUNITIES IN CHINA REMAIN INTACT

Despite sensationalistic headlines declaring that China has abandoned capitalism, we believe the long-term opportunities there remain intact. China’s self-sustaining economy and relatively stable currency provide advantages found in few other emerging markets. Measured in terms of the number of IPOs, the rate of capital formation in Greater China (China, Hong Kong and Taiwan) is the highest in the world.

That said, investing in China has become more complex. Besides evaluating a company’s underlying fundamentals, investors must now weigh the extent to which business practices align with the Chinese government’s policy objectives. We think this


		SEPTEMBER 30, 2021

creates opportunities for actively managed funds to outperform. We also believe our legacy in small-cap investing provides Wasatch with an additional advantage, as smaller companies may be better-positioned to grow for longer periods without attracting unwanted attention from the government.

Once the regulatory dust has settled, we believe China’s health-care sector will present additional investment opportunities. We’re much less optimistic about Chinese financial companies. In addition to being subject to government control, Chinese financials lack transparency and tend to be highly leveraged. Because this combination of traits makes risks difficult to assess, we expect our exposure to Chinese financial stocks to remain somewhat limited. For more about our views on China, please see the Greater China Fund management discussion on page 20.

TIME AND AGAIN, INDIA FINDS WAYS TO IMPRESS US

Our unenthusiastic position toward Chinese financials stands in stark contrast to our optimism about financial firms in India. In our view, Indian financials offer more attractive long-term growth prospects with significantly less uncertainty than their Chinese counterparts. The financialization of India has been one of our long-running investment themes.

During the fiscal year, investors — encouraged by record-low interest rates, hopes for a pickup in consumer demand and an improved outlook for manufacturing — drove India’s major stock averages to new all-time highs. Inflationary pressures from food and housing have eased in recent months, providing India’s central bankers with additional scope to keep interest rates low in support of economic growth.

INDIAN IPOs SIGNAL A HEALTHY ENVIRONMENT

Robust demand from retail, institutional and foreign investors is encouraging Indian firms to go public at a record pace, with new listings expected to add about $400 billion of capital to India’s equity market over the next several years. Besides the large number and size of India’s recent IPOs, their nature is also quite remarkable. Compared to the past when IPOs consisted almost exclusively of traditional businesses, recent IPOs show better representation of new-economy industries such as e-commerce, software and fintech.

Although IPO participation isn’t a major part of our investment process, we believe our fundamental approach naturally lends itself to the analysis of companies seeking to go public. For more about our views on India, please see the Emerging India Fund management discussion on page 6.

With sincere thanks for your continuing investment and for your trust,

Ajay Krishnan and Dan Chace

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.

CFA^® is a trademark owned by the CFA Institute.

Wasatch Advisors, Inc., doing business as Wasatch Global Investors, is the investment advisor to Wasatch Funds.

Wasatch Funds are distributed by ALPS Distributors, Inc. (ADI). ADI is not affiliated with Wasatch Global Investors.

Definitions of financial terms and index descriptions and disclosures begin on page 40.


Wasatch Core Growth Fund (WGROX / WIGRX)		SEPTEMBER 30, 2021

Management Discussion

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

LOGO

JB Taylor

Lead Portfolio Manager

LOGO

Paul Lambert Portfolio Manager

LOGO

Mike Valentine

Portfolio Manager

OVERVIEW

During the 12-month period ended September 30, 2021, stocks rose amid optimism that the economy is on track to recover from the pandemic. For the full period, the Wasatch Core Growth Fund — Investor Class gained 44.83% while the benchmark Russell 2000 Index increased 47.68% and the Russell 2000 Growth Index rose 33.27%.

We think the best way to summarize events of the period is that we stuck to our knitting and the Fund performed exactly as we would have expected. While we were certainly aware of macro events, they didn’t drive our investment decisions because we don’t believe they change the long-term prospects for our companies. Instead, we focused on staying diversified across many high-quality businesses with significant returns on capital, low debt, great management teams, and innovative products and services in expanding markets.

DETAILS OF THE YEAR

From a sector perspective relative to the benchmark, the Fund’s stock selections were favorable in health care, consumer staples, communication services, real estate, financials, industrials and information technology. Stock selections in consumer discretionary and materials, and lack of exposure to energy were drags on relative performance.

The Fund’s top contributor was Medpace Holdings, Inc. — which provides services to life-sciences companies and organizations. Services include management and monitoring of clinical trials, regulatory submissions, quality assurance and other services designed to increase the efficiency of organizations’ research processes. The company reported significant year-on-year increases in revenues on the back of outstanding net new business wins. We believe Medpace is well-positioned to continue its dynamic growth.

Another significant contributor was Bank OZK — a full-service bank offering financial services such as savings accounts, personal and business loans, debit and credit cards, letters of credit, certificates of deposit, mortgages, equipment financing, cash management and online banking. Bank OZK specializes in commercial real estate. While loan growth hasn’t accelerated yet, loss provisions should decline and credit conditions should get stronger as the

economy continues to reopen. The stock bounced higher in anticipation of these improvements.

The largest detractor from Fund performance was Ollie’s Bargain Outlet Holdings, Inc. The company’s retail stores offer a continually changing selection of close-out items and brand-name merchandise at deeply discounted prices. Over the next few quarters, Ollie’s faces difficult comparisons to 2020 — when stimulus payments and enhanced unemployment benefits boosted the disposable income of consumers. Longer term, we think the company’s unique treasure-hunt shopping experience and still-limited national footprint offer attractive prospects for expansion. We added to the Fund’s holdings of Ollie’s in the belief the stock price already reflects future negative developments that may occur.

Another significant detractor was Grand Canyon Education, Inc. — which offers graduate and undergraduate degree programs and certifications in fields related to teaching, business and health care. Grand Canyon provides instruction via online classes, and it operates a full-service campus in Arizona complete with dormitories and Division I sports. While the use of online education was especially strong during the height of the pandemic, recent on-campus enrollments have been somewhat weaker partially because admissions counselors were unable to visit many high schools due to the pandemic. As a result, the stock was down during the period. But we believe the issue is transitory and Grand Canyon’s growth trajectory will resume in 2022.

OUTLOOK

Late in the 12-month period, concerns arose regarding higher interest rates, inflation, political stalemates, Fed policies, ongoing supply-chain disruptions, the Delta variant of Covid-19 and problems in the Chinese property market. While these concerns clearly affected the performance of stocks in the final three months of the period, we don’t have much to say about them going forward because macro forecasting isn’t one of our strengths.

What we can say, however, is we haven’t detected any significant trends that we believe warrant major changes to our holdings. For instance, consider the possibility of continually rising interest rates and inflation. If that happens, it will likely mean the economy is growing reasonably well. In such an environment, we’ll be comfortable owning our industry-leading companies that have pricing power and the ability to deal effectively with supply-chain challenges. On the other hand, if economic growth falters, we’ll be pleased to have the diversification of our less economically sensitive information-technology and health-care names.

In closing, we’re pleased to report that we’ve already begun to resume our face-to-face research meetings with company management teams.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Core Growth Fund (WGROX / WIGRX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

Core Growth (WGROX) — Investor		44.82%		20.75%		18.00%

Core Growth (WIGRX) — Institutional		44.98%		20.92%		18.12%

Russell 2000^® Index		47.68%		13.45%		14.63%

Russell 2000^® Growth Index		33.27%		15.34%		15.74%

Data show 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 wasatchglobal.com. The Advisor may absorb certain Fund expenses, without which total returns 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, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Core Growth Fund are Investor Class: 1.19% / Institutional Class — Gross: 1.08%, 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 will deduct a 2.00% redemption fee on Fund shares held 60 days or less. Performance data do 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

CyberArk Software Ltd.		3.1%

ICON PLC		2.9%

Medpace Holdings, Inc.		2.9%

Bank OZK		2.9%

Morningstar, Inc.		2.8%



Company	% of Net Assets

Balchem Corp.		2.7%

Novanta, Inc.		2.7%

Trex Co., Inc.		2.6%

Kadant, Inc.		2.5%

Hamilton Lane, Inc., Class A		2.5%

As of September 30, 2021, there were 58 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO

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.


Wasatch Emerging India Fund (WAINX / WIINX)		SEPTEMBER 30, 2021

Management Discussion

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

Portfolio Manager

OVERVIEW

Despite India’s battle with a larger, more deadly second wave of Covid-19, Indian stocks finished with outsized gains for the 12 months ended

September 30, 2021. The benchmark MSCI India Investable Market Index (IMI) rose 57.32% during the period. Outperforming its benchmark, the Wasatch Emerging India Fund — Investor Class generated a total return of 64.69%.

Fallout from India’s second outbreak of the coronavirus was less significant than had been feared. By early May, signs that fresh lockdown measures in the country’s hardest-hit regions were gaining traction touched off a powerful rally in Indian stocks. As the number of daily new cases receded, India’s major equity averages soared to record levels. High-frequency indicators of business and consumer activity recovery of lost ground more rapidly than they did during the first wave of the virus. Gross domestic product rose 20.1% in the three months to June 30 versus the year-ago period — boosted by rising factory orders, robust demand from overseas and a rebound in the services sector.

DETAILS OF THE YEAR

Improving business conditions and solid company fundamentals helped the Fund surpass its benchmark, with the information-technology (IT) sector providing the largest source of relative outperformance. The IT stocks owned in the Fund logged gains well ahead of the IT stocks in the Index, significantly enhancing the Fund’s return. Other areas in which the Fund outperformed included health care, consumer staples, industrials and communication services. The Fund also benefited from its lack of investments in energy, which allowed it to sidestep the lowest-returning sector of the Index during the period.

The materials sector was the largest source of weakness against the benchmark. Our materials stocks rose less than those in the Index, and the Fund’s underweight position in this high-flying sector was a headwind to performance. Our financials also lagged the lofty returns posted by the financials in the Index, but the Fund’s structural overexposure to financial firms more than offset the negative impact on relative performance.

Bajaj Finance Ltd. and Mindtree Ltd. were the Fund’s strongest contributors during the period. A non-bank financial company offering a broad spectrum of lending services, Bajaj saw its stock price move higher amid an explosion of

interest in digital banking and financial technology (fintech). The company is increasingly viewed as a disruptor in the Indian financial space, and its expanding digital presence has encouraged investors. Mindtree is an IT-services firm that has benefited as the Covid-19 pandemic accelerated large-scale migration of corporate clients to digital platforms and the cloud. We believe the IT-services industry may be undergoing structural gains in profitability as the shift to working from home allows more offshoring of business to India.

The greatest detractor from performance was Britannia Industries Ltd. A producer of fast-moving consumer goods, Britannia experienced exceptionally strong demand early in the coronavirus pandemic as citizens under lockdown stocked their pantries and ate more of the company’s products. As panic buying of food staples eased and sales growth slowed, however, we sold the stock to seek better opportunities elsewhere. Coforge Ltd. was the only other detractor in what was an exceptionally strong period for Indian equities. The Fund owned this provider of IT consulting and software services only briefly and exited the position at a small loss.

OUTLOOK

Robust demand from retail, institutional and foreign investors is encouraging Indian firms to go public at a record pace in what’s shaping up to be the best year ever for local initial public offerings (IPOs). The surge of new listings is expected to add about $400 billion of new capital to India’s equity market over the coming two to three years. And based on recent announcements, the IPO pipeline is likely to remain strong for at least the next year or so.

Compared to past periods when the IPO calendar consisted almost exclusively of traditional businesses, this time around there’s better representation from new-economy industries such as e-commerce, software and fintech. Examples include Zomato Ltd., an online restaurant guide and food-delivery company that went public in July, and digital-payments startup Paytm, which has filed to raise as much as $2.2 billion.

Although IPO participation isn’t a major part of our investment process, we believe our fundamental approach naturally lends itself to the analysis of companies seeking to go public. Moreover, we believe a healthy IPO calendar filled with new-economy businesses helps to sustain investor enthusiasm and increase the flow of international capital into India’s financial markets.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Emerging India Fund (WAINX / WIINX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

Emerging India (WAINX) — Investor		64.69%		18.01%		15.82%

Emerging India (WIINX) — Institutional		65.02%		18.19%		15.94%

MSCI India IMI		57.32%		13.32%		9.49%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Emerging India Fund are Investor Class: 1.64% / Institutional Class: 1.45%. 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 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. 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. Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Bajaj Finance Ltd.		10.7%

Mindtree Ltd.		9.6%

Larsen & Toubro Infotech Ltd.		7.7%

L&T Technology Services Ltd.		6.9%

Info Edge India Ltd.		6.3%



Company	% of Net Assets

HDFC Bank Ltd.		6.2%

Divi’s Laboratories Ltd.		6.2%

Dr. Lal PathLabs Ltd.		5.8%

Trent Ltd.		5.1%

Avenue Supermarts Ltd.		4.8%

As of September 30, 2021, there were 24 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Emerging Markets Select Fund (WAESX / WIESX)		SEPTEMBER 30, 2021

Management Discussion

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

LOGO

Ajay Krishnan, CFA

Lead Portfolio Manager

LOGO

Scott Thomas, CFA Associate Portfolio
Manager

LOGO

Matthew Dreith, CFA

Associate Portfolio
Manager

OVERVIEW

For the 12-month period ended September 30, 2021, the Wasatch Emerging Markets Select Fund — Investor Class gained 56.43%. The Fund significantly outperformed the benchmark MSCI Emerging Markets Index, which rose 18.20%.

Despite strong overall performance for emerging markets during the period, the Delta variant of Covid-19 has raised doubts about whether China’s attempts to tightly contain the virus can be sustained. Sudden lockdowns of entire cities and the mass testing of millions of people in response to a few dozen cases have imposed enormous economic and quality-of-life costs.

Even so, it seems unlikely that the government will abandon its zero-Covid approach until after the Winter Olympics in Beijing — and perhaps not until the National Party Congress meets in October of next year. In the meantime, virus containment and regulatory crackdowns will continue to pose short-term headwinds for China.

DETAILS OF THE YEAR

India, the Fund’s most heavily weighted country, was the largest source of outperformance relative to the benchmark. Our Indian holdings outgained the Indian stocks in the Index, and our overweight position in India was a tailwind for the Fund. Encouraged by record-low interest rates, hopes for a pickup in consumer demand and an improved outlook for the manufacturing sector, investors pushed India’s major stock averages to new all-time highs.

Chinese stocks produced uninspiring returns amid ongoing concerns about earnings, valuations, stimulus withdrawal and a government crackdown on the country’s tech giants. Our Chinese stocks substantially outgained the China component of the Index, boosting the Fund’s relative performance. Manufacturing activity in China has grown at a slower pace in recent months as supply bottlenecks and higher input costs crimped output.

Taiwan was another source of Fund outperformance relative to the benchmark. Surging overseas demand for computer chips and other electronic goods are helping the island’s economy. According to a government report released in June, gross domestic product expanded at the fastest pace in over 10 years.

On the negative side of the ledger, the Fund’s Korean and Brazilian stocks lagged their counterparts in the Index.

Bajaj Finance Ltd. was the Fund’s top contributor for the period. An Indian non-bank financial company, Bajaj offers a broad spectrum of lending services. The company’s stock price moved higher amid an explosion of interest in digital banking and financial technology (fintech). Bajaj is increasingly viewed as a disruptor in the Indian financial space, and the company’s expanding digital presence has encouraged investors.

Another strong contributor was Taiwan-listed Silergy Corp. Silergy manufactures high-performance mixed-signal and analog integrated circuits used in a wide array of electronic devices. Because Silergy’s business model — which is based on analog design engineering — is difficult to replicate, we believe the company has ample headroom for future growth.

The largest detractor from Fund performance for the period was Magazine Luiza SA — which operates a multi-channel retail platform of mobile, website and physical stores in Brazil. Investor enthusiasm for the company appeared to wane amid difficult year-over-year comparisons to 2020, when homebound shoppers flocking to the internet drove strong growth in the company’s e-commerce business.

One of the highest profile examples of volatility induced by regulatory developments in China was Alibaba Group Holding Ltd., which also detracted from Fund performance. In December 2020, one month after the suspension of the initial public offering of Ant Group (also owned by Alibaba founder Jack Ma), Alibaba saw its recent stock gains largely wiped away following the announcement by Chinese regulators of an antitrust investigation into alleged monopolistic business practices. The matter appears to have been resolved by payment of a $2.8 billion fine in April.

OUTLOOK

Once the regulatory dust has settled, we believe China’s health-care sector will present additional investment opportunities that are potentially attractive for the Fund. We’re much less optimistic about Chinese financial companies, however. In addition to being subject to government control, Chinese financials lack transparency and tend to be highly leveraged. Because this combination of traits makes risks difficult to assess, we expect the Fund’s exposure to Chinese financial stocks to remain somewhat limited.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Emerging Markets Select Fund (WAESX / WIESX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		Since Inception 12/13/2012

Emerging Markets Select (WAESX) — Investor		56.18%		19.52%		9.71%

Emerging Markets Select (WIESX) — Institutional		56.42%		19.82%		10.02%

MSCI Emerging Markets Index		18.20%		9.23%		4.58%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Emerging Markets Select Fund are Investor Class — Gross: 1.80%, Net: 1.51% / Institutional Class — Gross: 1.41%, 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. Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Bajaj Finance Ltd.		7.0%

Larsen & Toubro Infotech Ltd.		5.9%

Sea Ltd. ADR		5.6%

Silergy Corp.		5.3%

Globant SA		5.1%



Company	% of Net Assets

HDFC Bank Ltd.		4.8%

Voltronic Power Technology Corp.		4.6%

MercadoLibre, Inc.		4.4%

TCS Group Holding PLC GDR		4.3%

Lasertec Corp.		4.2%

As of September 30, 2021, there were 32 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO

††Inception: December 13, 2012. 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.


Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX)		SEPTEMBER 30, 2021

Management Discussion

The Wasatch Emerging Markets Small Cap Fund is managed by a team of Wasatch portfolio managers led by Ajay Krishnan, Dan Chace, Scott Thomas and Kevin Unger.

LOGO

Ajay Krishnan, CFA

Lead Portfolio Manager

LOGO

Scott Thomas, CFA

Associate Portfolio Manager

LOGO

Dan Chace, CFA

Portfolio Manager

LOGO

Kevin Unger, CFA

Associate Portfolio Manager

OVERVIEW

For the 12-month period ended September 30, 2021, the Wasatch Emerging Markets Small Cap Fund — Investor Class gained 50.23%. The Fund meaningfully outperformed the benchmark MSCI Emerging Markets Small Cap Index, which rose 43.24%.

Despite the extraordinary performance during the period, concerns have grown that an

end to the U.S. Federal Reserve’s extremely accommodative monetary policy might trigger an exodus of foreign capital from certain emerging markets, driving their currencies lower. Inflationary pressures already building in these countries might then be exacerbated as imports become more expensive. One of the ways we address such a scenario is to apply a higher hurdle rate to investments in countries where the structural backdrop is weaker. Our goal in these situations is to find businesses that we believe will generate earnings growth sufficient to offset potential declines in the currency, while still providing attractive rates of return.

DETAILS OF THE YEAR

Taiwan was the Fund’s largest source of outperformance relative to the benchmark. Surging overseas demand for computer chips and other electronic goods are helping the island’s economy. According to a government report released in June, gross domestic product expanded at the fastest pace in over 10 years.

India, the Fund’s most heavily weighted country, was also a large source of outperformance relative to the benchmark. Our Indian holdings outgained the Indian stocks in the Index, and our overweight position in India was a strong tailwind for the Fund. Encouraged by record-low interest rates, hopes for a pickup in consumer demand and an improved outlook for the manufacturing sector, investors pushed India’s major stock averages to new all-time highs.

China was a significant source of weakness against the benchmark. Although our group of Chinese holdings underperformed the Chinese component of the Index, the Fund’s below-benchmark weighting in China mitigated part of the effect on performance. Our Korean and Brazilian stocks also lagged their counterparts in the Index.

The top contributor to Fund performance for the period was Taiwan-listed Silergy Corp. Silergy manufactures high-performance mixed-signal and analog integrated circuits used in a wide array of electronic devices. Because Silergy’s business model — which is based on analog-design engineering — is difficult to replicate, we believe the company has ample headroom for future growth.

Mindtree Ltd., an Indian IT-services firm, was also a strong contributor. The company focuses mainly on the hospitality and retail industries. We believe the IT-services industry may be undergoing structural improvements in profitability as the shift to working from home allows more offshoring of business to India.

AK Medical Holdings Ltd. was the largest detractor from Fund performance for the period. The company sells orthopedic implants, spinal interbody cages and artificial vertebral bodies in China. The stock price fell in July after the company issued a profit warning disclosing that customers had temporarily reduced their purchases in anticipation of potentially lower prices arising from China’s national volume-based procurement policy for joint implants. We sold our position in AK Medical to seek better opportunities elsewhere.

Tokai Carbon Korea Co. Ltd. was also a significant detractor. The company produces silicon wafers and semiconductor materials for industrial applications. Unfavorable court decisions in patent litigation initiated by Tokai against competitors have resulted in the loss of some of the company’s intellectual property. Even so, key patents and trade secrets surrounding the manufacturing processes remain in place. We added to the Fund’s position in the belief that the loss of intellectual property won’t significantly increase competition for Tokai in the markets it serves.

OUTLOOK

We believe our focus on high-quality companies tends to be helpful in inflationary environments. We think talented, innovative management teams are more likely to find ways to adapt to rising costs for materials and shortages of labor. In addition, our companies typically have strong market positions that afford them a certain degree of pricing power — which allows them to pass on higher costs to their customers.

During past periods of inflation, we saw high-quality companies gain market share and widen their competitive advantages compared to lower-quality companies that were less able to cope with inflationary challenges. To the extent that a well-managed company can weather bouts of inflation better than its competitors, we think such periods offer the potential to enhance the long-term growth trajectory of the business.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

Emerging Markets Small Cap (WAEMX) — Investor		50.23%		15.24%		9.96%

Emerging Markets Small Cap (WIEMX) — Institutional		50.53%		15.42%		10.04%

MSCI Emerging Markets Small Cap Index		43.24%		9.75%		7.21%

MSCI Emerging Markets Index		18.20%		9.23%		6.09%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Emerging Markets Small Cap Fund are Investor Class: 1.95% / Institutional Class: 1.81%. 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Silergy Corp.		7.2%

Voltronic Power Technology Corp.		6.3%

Mindtree Ltd.		5.5%

Globant SA		4.2%

Larsen & Toubro Infotech Ltd.		4.0%



Company	% of Net Assets

L&T Technology Services Ltd.		3.9%

momo.com, Inc.		3.8%

TCS Group Holding PLC GDR		3.7%

Bajaj Finance Ltd.		3.5%

HeadHunter Group PLC ADR		3.4%

As of September 30, 2021, there were 47 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Frontier Emerging Small Countries Fund (WAFMX / WIFMX)		SEPTEMBER 30, 2021

Management Discussion

The Wasatch Frontier Emerging Small Countries Fund is managed by a team of Wasatch portfolio managers led by Scott Thomas.

LOGO

Scott Thomas, CFA

Lead Portfolio Manager

OVERVIEW

The Wasatch Frontier Emerging Small Countries Fund — Investor Class finished the 12-month period ended September 30, 2021 with a gain of 46.18%, significantly outperforming its primary benchmark, the MSCI Frontier Emerging Markets Index, which gained 20.13% over the same period.

Stock selection in countries and sectors overwhelmingly accounted for the Fund’s outperformance of its benchmark during the period. On a country basis, Russia, India and Singapore contributed the most to Fund performance. On a sector basis, stock selection was particularly impactful in financials, communication services, industrials and information-technology (IT). The Fund significantly outperformed the benchmark in each of these sectors. Health care was the only sector of the Fund that meaningfully lagged its benchmark counterpart.

The Fund is overweight versus the benchmark in financials, which is our most heavily weighted sector. Fintech companies — businesses operating at the crossroads of financials and information technology — such as those enabling digital banking, payments and shopping have seen demand spike during the pandemic and their stocks generally performed well during the 12-month period.

DETAILS OF THE YEAR

Three companies that operate in the fintech space — TCS Group Holding PLC, Sea Ltd. and MercadoLibre, Inc — finished among the Fund’s top contributors for the period. In our view, all three companies are well-positioned to facilitate and benefit from trends in digital finance.

The largest contributor to Fund performance was TCS, the holding company for Tinkoff Bank, Russia’s largest digital bank. Serving over 13 million customers with its branchless business model, the bank has thrived during the pandemic. Also helping shares of TCS has been growing optimism about the company’s investment-brokerage business.

We added Singapore-based Sea Ltd. in the second calendar quarter of 2020, and it has been one of the best contributors to Fund performance since then. Beyond its digital-payments platform, SeaMoney, the company’s other business segments include mobile-game developer Garena and online-shopping platform Shopee. We believe Sea has an opportunity to become a dominant force, if not the dominant force, in Southeast Asia in each of the spaces in which it operates. The company’s prospects for long-term growth are also supported by its expansion into Latin America.

E-commerce powerhouse MercadoLibre operates the largest digital payments system across 18 countries in Latin

America. Although the company is already a market leader, we believe it has headroom for years of growth as the region boasts a population of approximately 635 million people that are increasingly embracing the internet for everything from banking to operating online businesses and shopping.

One of the Fund’s largest detractors during the period was Thailand-based TQM Corp. Public Co. Ltd. An insurance provider, TQM has faced challenges stemming from the pandemic, including impacts on the company’s own staff and on its revenue. We maintained the position as we believe the company is well-run and we like its strong balance sheet.

Another significant detractor was Magazine Luiza SA. The company operates a multi-channel retail platform of mobile, online and physical stores in Brazil. Investor enthusiasm waned as Magazine Luiza has faced difficult year-over-year comparisons to 2020 — when homebound shoppers flocking to the internet drove strong growth in the company’s e-commerce business. Recent economic conditions have weighed on Brazilian stocks in general.

Cleopatra Hospital Co. was also a detractor. The company operates Egypt’s largest private hospital network by number of hospital beds and number of operating hospitals. Although the company has faced challenges during the year, including an acquisition deal that fell through, we believe Cleopatra’s fundamentals remain strong. We expect growth to continue and be supported by its acquisitions pipeline.

OUTLOOK

We are pleased with the Fund’s strong performance during the 12-month period. From an investing standpoint, the pandemic appears to have accelerated multiple secular trends. In addition to highlighting the need for many businesses to modernize their operations, which has led to a massive shift toward cloud-based platforms, the pandemic also appears to have dramatically increased consumers’ appetites for all manner of goods and services. In many instances, we believe these trends may help drive companies’ growth for years to come.

While the pandemic and ongoing efforts to vaccinate the global population, along with macro concerns including inflation, interest rates and the eventual withdrawal of economic stimulus measures, are certain to influence investor sentiment in the months ahead, we believe that earnings growth is ultimately the primary factor that drives stock prices over the long-term. So rather than worry about macro events over which we have no control, we think it’s more productive to use our bottom-up research process to find exciting companies in frontier and emerging small countries that we believe are well-positioned to grow over coming years. One reason for our optimism regarding these countries is their young populations compared to more highly developed nations.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Frontier Emerging Small Countries Fund (WAFMX / WIFMX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		Since Inception 1/31/2012

Frontier Emerging Small Countries (WAFMX) — Investor		45.70%		10.84%		8.77%

Frontier Emerging Small Countries (WIFMX) — Institutional		46.23%		11.06%		8.93%

MSCI Frontier Emerging Markets Index		20.13%		3.32%		3.24%

MSCI Frontier Markets Index		32.20%		9.52%		7.51%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Frontier Emerging Small Countries Fund are Investor Class — Gross: 2.38%, Net: 2.15% / Institutional Class — Gross: 2.18%, Net: 1.96%. 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. Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Sea Ltd. ADR		8.9%

TCS Group Holding PLC GDR		8.7%

Bajaj Finance Ltd.		8.3%

MercadoLibre, Inc.		6.5%

VEF AB		6.0%



Company	% of Net Assets

FPT Corp.		5.2%

Globant SA		4.9%

HeadHunter Group PLC ADR		3.5%

Wilcon Depot, Inc.		3.0%

DCVFMVN Diamond ETF		2.8%

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO

††Inception: January 31, 2012. 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.


Wasatch Global Opportunities Fund (WAGOX / WIGOX)		SEPTEMBER 30, 2021

Management Discussion

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

LOGO

JB Taylor

Lead Portfolio Manager

LOGO

Ken Applegate, CFA

Portfolio Manager

LOGO

Ajay Krishnan, CFA

Lead Portfolio Manager

LOGO

Paul Lambert

Portfolio Manager

OVERVIEW

The Wasatch Global Opportunities Fund — Investor Class finished the 12-month period ended September 30, 2021 with a gain of 51.70% and significantly outperformed its benchmark, the MSCI AC (All Country) World Small Cap Index, which gained 40.61%.

Over the past 12 months, the Fund’s performance gained

a substantial benefit from our holdings in emerging markets. Led by India and Taiwan, our emerging-market investments outperformed the benchmark’s emerging-market position by a wide margin. Approximately one-quarter of the Fund’s net assets are invested in emerging markets, and we are overweight compared to the benchmark. Our holdings in developed markets added the most to the Fund’s return and outperformed their benchmark counterparts. Japan was our top-contributing developed market, followed by Israel.

Despite a short-lived shift to value-oriented names that began late in 2020 amid widespread optimism for a post-Covid economic rebound, over the entire 12-month period, investors generally preferred high-quality growth companies such as those in which the Fund seeks to invest. The Fund’s performance relative to the benchmark was helped to a large extent by our holdings in the information-technology and industrials sectors. These two sectors are often where we find companies that meet our strict criteria for quality and that have strong long-term growth potential.

DETAILS OF THE YEAR

For a second-consecutive annual period, Taiwan-listed semiconductor manufacturer Silergy Corp. was the Fund’s top contributor. In addition to benefiting from the global semiconductor shortage, we think Silergy’s business model — which is based on analog design engineering — is difficult to replicate and is likely to provide the company with significant headroom for growth over the coming decade.

India contributed the most to the Fund’s outperformance of the benchmark for the 12-month period led by Mindtree Ltd. A global software-development firm, Mindtree offers business software solutions and product-development services, focusing mainly on the hospitality and retail industries. The company also designs reusable “building blocks” that can

be easily deployed by other high-tech firms. Mindtree has benefited as the Covid-19 pandemic accelerated the large-scale migration of corporate clients to digital platforms and the cloud.

Our top developed-market contributor was Israel-based Kornit Digital Ltd. The company makes machines that enable on-demand printing of designs and images on clothing and fabrics. The Covid-19 pandemic has highlighted the advantages of Kornit’s on-demand technology, which greatly reduces the need for inventory on hand and in supply chains. Kornit’s equipment is also environmentally friendly. It uses no water — whereas traditional printing methods consume vast amounts of water — and the inks it uses are biodegradable. The stock also benefited from growing optimism about the KornitX operating system.

While the U.S. added the most to the Fund’s return, our U.S. holdings underperformed their benchmark counterparts. The largest detractor for the 12-month period was Ollie’s Bargain Outlet Holdings, Inc., a discount retailer that offers a continually changing selection of close-out items and brand-name merchandise at deeply discounted prices. Over the next few quarters, Ollie’s faces difficult comparisons to 2020 — when stimulus payments and enhanced unemployment benefits boosted the disposable income of consumers. Longer term, we think the company’s unique treasure-hunt shopping experience and still-limited national footprint offer attractive prospects for expansion.

Vitasoy International Holdings Ltd., a position we ultimately exited, was also a significant detractor. The company is headquartered in Hong Kong and produces numerous food and beverage items. On the heels of rapid growth, a combination of competitive and regulatory pressures caused us to believe our original investment thesis might be impaired.

OUTLOOK

Some small-company growth stocks remain richly priced by historical standards. In addition to currently high valuations, inflation and higher interest rates rank among possible challenges the Fund may encounter in the quarters ahead. Beyond these risks, the Covid-19 pandemic and continuing efforts to vaccinate the global population are certain to influence investor sentiment.

While we attempt to mitigate the potential impacts of these risks, we make no forecasts as to when or if they might come into play. Instead, our core focus remains on finding new companies that fit our model for long-term investments and on conducting thorough and ongoing due diligence for the companies we already hold. We feel confident in the makeup of the Fund and believe its outperformance of the benchmark during a volatile year provides some vindication of our long-term, quality-oriented investment approach.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Global Opportunities Fund (WAGOX / WIGOX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

Global Opportunities (WAGOX) — Investor		51.70%		21.55%		16.85%

Global Opportunities (WIGOX) — Institutional		52.21%		21.80%		16.97%

MSCI AC World Small Cap Index		40.61%		12.20%		12.33%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Global Opportunities Fund are Investor Class: 1.53% / Institutional Class — Gross: 1.48%, 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Mindtree Ltd.		4.2%

Silergy Corp.		3.8%

Kornit Digital Ltd.		3.7%

L&T Technology Services Ltd.		3.5%

BayCurrent Consulting, Inc.		3.4%



Company	% of Net Assets

Voltronic Power Technology Corp.		2.7%

Open Lending Corp., Class A		2.6%

Globant SA		2.6%

JMDC, Inc.		2.4%

Ollie’s Bargain Outlet Holdings, Inc.		2.3%

As of September 30, 2021, there were 68 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Global Select Fund (WAGSX / WGGSX)		SEPTEMBER 30, 2021

Management Discussion

The Wasatch Global Select Fund is managed by a team of Wasatch portfolio managers led by Ken Applegate, Paul Lambert, Linda Lasater and Mike Valentine.

LOGO

Ken Applegate, CFA

Portfolio Manager

LOGO

Linda Lasater, CFA

Portfolio Manager

LOGO

Paul Lambert

Portfolio Manager

LOGO

Mike Valentine

Portfolio Manager

OVERVIEW

The Wasatch Global Select Fund — Investor Class gained 25.84% for the 12 months ended September 30, 2021 and underperformed its benchmark, the MSCI AC (All Country) World Index, which gained 27.44%.

Although our developed-market investments

produced a double-digit gain and added the most to the Fund’s return for the 12-month period, they underperformed the benchmark’s developed-market holdings. On the other hand, the Fund’s investments in emerging markets gained substantially more than the benchmark’s emerging-markets position. India was the top-contributing emerging market. Among developed markets, Japan contributed the most to performance relative to the Index.

Despite a short-lived shift to value-oriented names that began late in 2020 amid widespread optimism for a post-Covid economic rebound, over the entire 12-month period, investors generally preferred high-quality growth companies such as those in which the Fund seeks to invest. The Fund’s performance was aided significantly by our holdings in the information-technology (IT) and industrials sectors. These two sectors are often where we find companies that meet our strict criteria for quality and that have strong long-term growth potential.

DETAILS OF THE YEAR

The Fund’s strong showing in India was overwhelmingly driven by the stock-price gain of Bajaj Finance Ltd., the top contributor for the 12-month period. A non-bank financial company, Bajaj offers a broad spectrum of lending services. The company’s stock price moved higher amid an explosion of interest in digital banking and financial technology (fintech). Bajaj is increasingly viewed as a disruptor in the Indian financial space, and the company’s expanding digital presence has encouraged investors.

Outperformance in Japan was led by the Fund’s position in BayCurrent Consulting, Inc. BayCurrent operates in the digital transformation space, offering comprehensive consulting services including a specialization in IT consulting

and integration. We believe Japan is a particularly attractive market for the company’s offerings thanks to a large pool of cash-rich corporations that lag their peers in other markets in terms of digital modernization. We also believe BayCurrent may continue to benefit from an “early mover” advantage.

Our U.S. investments added the most to the Fund’s return but underperformed the benchmark’s U.S. position. The Fund’s top U.S. contributor was Old Dominion Freight Line, Inc., a trucking company that transports goods across the U.S. A long-time Wasatch holding, we believe the company has been firing on all cylinders.

Recent economic conditions have weighed on Brazilian stocks in general, as currency weakness and surging inflation force the country’s central bank to extend the world’s most aggressive series of interest-rate hikes this year. Unsurprisingly, Brazil subtracted the most from the Fund’s return. The largest detractor was Magazine Luiza SA, which operates a multi-channel retail platform of mobile, web-based and physical stores in Brazil. Investor enthusiasm waned as Magazine Luiza faced difficult year-over-year comparisons to 2020 — when homebound shoppers flocking to the internet drove strong growth in the company’s e-commerce business.

Another significant detractor was Chr. Hansen Holding AS, a Denmark-based bioscience company that makes specialized medical components. We sold the stock in favor of new opportunities we believe are more promising.

Vitasoy International Holdings Ltd., another position we ultimately exited, also detracted. The company is headquartered in Hong Kong and produces numerous food and beverage items. On the heels of rapid growth, a combination of competitive and regulatory pressures caused us to believe our original investment thesis might be impaired.

OUTLOOK

Various macro themes, including the ongoing pandemic and efforts to vaccinate the global population, inflation, higher interest rates and the eventual withdrawal of monetary stimulus by central banks around the world, will continue to play out and will likely produce short-term waves of volatility in global equity markets. We believe we’ve assembled a portfolio of strong companies that are well-positioned to weather uncertain environments and grow over the long term, in part thanks to the strong underlying balance sheets we look for as a fundamental feature of any investment.

We remain focused on finding new companies that meet our strict criteria for quality and have outstanding potential for long-term growth. We also continue to conduct thorough due diligence on the companies we already hold.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Global Select Fund (WAGSX / WGGSX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		Since Inception 10/1/2019

Global Select (WAGSX) — Investor		25.84%		25.92%

Global Select (WGGSX) — Institutional		26.31%		26.35%

MSCI AC World Index		27.44%		18.62%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Global Select Fund are Investor Class — Gross: 4.70%, Net: 1.36% / Institutional Class — Gross: 2.79%, Net: 0.96%. 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 and frontier 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. Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Bajaj Finance Ltd.		4.8%

ICON PLC		4.4%

Amphenol Corp., Class A		4.1%

Copart, Inc.		3.9%

Morningstar, Inc.		3.8%



Company	% of Net Assets

Amadeus IT Group SA		3.7%

BayCurrent Consulting, Inc.		3.6%

Bank OZK		3.6%

Assa Abloy AB, Class B		3.5%

MISUMI Group, Inc.		3.3%

As of September 30, 2021, there were 36 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO

††Inception: October 1, 2019. 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.


Wasatch Global Value Fund (FMIEX / WILCX)		SEPTEMBER 30, 2021

Management Discussion

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

LOGO

David Powers, CFA

Lead Portfolio Manager

OVERVIEW

For the 12-month period ended September 30, 2021, the Wasatch Global Value Fund — Investor Class increased 44.74% and outperformed its benchmark, the MSCI AC (All Country) World Value Index, which rose 31.27%.

Global equities gained meaningfully

from January through June 2021 despite concerns about a resurgence of Covid-19 cases in Europe and South America. Market sentiment was bolstered by the rollout of multiple vaccines and massive stimulus from governments and central banks around the world.

During the July through September quarter, however, the U.S. Federal Reserve Bank took a more hawkish tone and investors began to rotate out of more economically sensitive companies. Risk appetites were particularly weak in September as markets confronted stubbornly high inflation, ongoing supply-chain bottlenecks and concerns that a crisis in China’s debt-fueled property market could destabilize the global financial system.

DETAILS OF THE YEAR

The Fund’s outperformance of its benchmark for the 12-month period was driven by our U.S. positions, which surpassed their benchmark counterparts. Energy was the Index’s strongest-performing sector, and our overweight position in the sector benefited the Fund’s relative return. That said, stock selection was by far the main driver of the Fund’s outperformance — with holdings in all but two sectors faring better than the benchmark’s positions.

Financials took the top two spots among the Fund’s performance contributors during the period. One of these was ING Groep NV. Sentiment regarding this Dutch multinational benefited from an improved macroeconomic outlook for lenders. ING also announced it would pay the dividends that it missed in 2020 when the Covid-19 pandemic emerged and the European Central Bank restricted banks from paying dividends.

General Motors Co. was another top contributor, showing strength early in the period when the company reported earnings and free cash flows that were well above expectations. Sales were especially robust in both the U.S. and China. These positive factors early in the period outweighed challenges later, when GM’s share price was negatively impacted by a battery-module recall on the Chevrolet Bolt and the shuttering of GM’s Malaysia plants due to Covid-19.

A few health-care names were among the handful of holdings that weighed on performance during the period. For example, sentiment with respect to insurer Cigna Corp. took a negative turn as investors anticipated that clearing the

backlog of patients who had delayed procedures due to the pandemic would lead to increased medical claims. We expect this dynamic will affect Cigna’s results for no more than a quarter or two, and we added to our position on the stock’s weakness. Cigna was a new addition during the period — as was another health-care holding, Bristol-Myers Squibb Co.

China Mobile Ltd. was also among the detractors from Fund performance. Early in the period, President Trump signed an order banning U.S. investments in securities of companies with links to China’s military. Questions about the applicability of the order put pressure on the stock. We no longer believed we had any informational advantage with respect to the company, and we exited our position.

OUTLOOK

The Fund remains positioned for a sustained phase of economic strength — with a tilt toward more cyclical areas of the market such as energy, financials and industrials. That said, we have continued to take profits on some of the Fund’s highly cyclical holdings in sectors that have recently led the benchmark’s performance. We have added exposure on the margins to areas such as real estate investment trusts and health care, where returns have lagged and valuations appear attractive relative to an overall expensive market.

While the supply-chain issues that have contributed to recent inflation will work themselves out, this process may take a few more quarters. The emergence of the Covid-19 Delta variant has slowed the process of economic reopening globally, has impacted the operation of ports and manufacturing facilities, and has driven shortages of labor and materials. These near-term conditions may weigh on otherwise strong businesses and lead to opportunities for us to take positions in their stocks at more attractive levels.

While market leadership may continue to gyrate based on shifts in the near-term outlook for fiscal and monetary policy along with macroeconomic factors such as growth, inflation and interest rates, we will continue to adhere to our value-oriented discipline in selecting stocks. We believe the Fund is well-positioned for this environment of elevated equity valuations.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Global Value Fund (FMIEX / WILCX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

Global Value (FMIEX) — Investor		43.20%		9.60%		10.56%

Global Value (WILCX) — Institutional		43.26%		9.78%		10.70%

MSCI AC World Value Index		31.27%		8.38%		8.91%

MSCI AC World Index		27.44%		13.20%		11.90%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Global Value Fund are Investor Class — Gross: 1.30%, Net: 1.10% / Institutional Class — Gross: 1.38%, 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. Investing in foreign securities entails special risks, such as currency fluctuations and political uncertainties, which are described in more detail in the prospectus. Loss of principal is a risk of investing.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Johnson & Johnson		4.1%

JPMorgan Chase & Co.		3.9%

ING Groep NV		3.9%

TotalEnergies SE		3.8%

Exelon Corp.		3.6%



Company	% of Net Assets

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		3.5%

Citigroup, Inc.		3.5%

EOG Resources, Inc.		3.5%

Suncor Energy, Inc.		3.3%

United Overseas Bank Ltd.		3.3%

As of September 30, 2021, there were 35 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Greater China Fund (WAGCX / WGGCX)		SEPTEMBER 30, 2021

Management Discussion

The Wasatch Greater China Fund is managed by a team of Wasatch portfolio managers led by Dan Chace, Allison He, Pedro Huerta, Kai Pan and Kevin Unger.

LOGO

Dan Chace, CFA

Lead Portfolio Manager

LOGO

Kai Pan, PhD

Associate Portfolio Manager

LOGO

Allison He, CFA

Associate Portfolio Manager

LOGO

Kevin Unger, CFA

Associate Portfolio Manager

LOGO

Pedro Huerta, CFA

Associate Portfolio Manager

OVERVIEW

The Wasatch Greater China Fund — Investor Class declined -1.70% from the period since its inception on November 30, 2020 through September 30, 2021, but held up better than the benchmark MSCI China Index, which fell -14.36%.

China’s economy and markets bounced back more quickly than those of most countries following the emergence of the Covid-19 pandemic in late 2020. Recently, however, efforts by the Chinese government to tightly contain the coronavirus, increase regulation of certain industries and curb speculation in the real-estate sector have begun to take an economic toll.

In the past few weeks, a deepening liquidity crisis at real-estate development firm China Evergrande Group captured headlines. Although it seemed likely that Chinese authorities would be able to limit the amount of spillover into other segments of the economy, Evergrande’s massive size made it a potential source of systemic risk. Investors feared that even if a worst-case scenario could be avoided, a slowdown in China’s real-estate sector might cause the country’s growth to sputter, impacting the global economy as well.

DETAILS OF THE YEAR

Alibaba Group Holding Ltd. was the Fund’s largest individual detractor for the since-inception period. Alibaba’s stock turned down following the late 2020 announcement by Chinese regulators of an investigation into the company’s alleged monopolistic business practices. Payment of a fine appears to have resolved the matter, and we believe the company will continue to grow over coming years.

We continually monitor the Fund’s holdings and do not hesitate to act when we believe a new development has impaired our investment thesis. Such was the case with two of the Fund’s detractors. TAL Education Group and AK

Medical Holdings Ltd. were positions we sold when we came to regard their long-term prospects as less certain. For TAL, which offers after-school care for K-12 students, our altered view was due to the government’s clampdown on for-profit education companies. Medical-device producer AK Medical saw its stock fall after the company disclosed that customers had reduced their purchases in anticipation of potentially lower prices arising from China’s national joint implant volume-based procurement policy.

One of the Fund’s top contributors for the period was Wuxi Biologics Cayman, Inc. Wuxi develops biological medicines and provides services to pharmaceutical firms. Recently, however, concerns that more stringent rules for the approval of new drugs in China might hurt the company’s business weighed on Wuxi’s stock. Although the rules may make drug research more expensive and time-consuming, we believe more established names, like Wuxi, are better-positioned to absorb the change without affecting fundamental profitability. In our view, the company’s strong lineup of drug offerings and China’s large addressable market bode well for Wuxi’s growth.

Taiwan-listed Silergy Corp. was the Fund’s top contributor for the period. Silergy manufactures high-performance mixed-signal and analog integrated circuits. Because Silergy’s business model — which is based on analog design engineering — is difficult to replicate, we believe the company has ample headroom for growth.

Another top contributor was Chailease Holding Co. Ltd., a financial-services provider that has benefited from increased leasing penetration in Taiwan and mainland China. The company also has seen cost improvements and increased diversity of funding sources. Moreover, Chailease has had success reducing risk from non-performing loans in its mainland China segment, bringing the numbers more in line with its Taiwan segment.

OUTLOOK

The emergence of the Delta variant of Covid-19 has raised strong doubts about whether China’s attempts to tightly contain the virus can be sustained. Sudden lockdowns of entire cities and the mass testing of millions of people in response to a few dozen cases have imposed enormous economic and quality-of-life costs.

Even so, it seems unlikely that the government will abandon its zero-Covid approach until after the Winter Olympics in Beijing — and perhaps not until the National Party Congress of the Chinese Communist Party meets in October of next year. In the meantime, virus containment and regulatory crackdowns will continue to pose short-term headwinds for China, with the situation at Evergrande an additional wild card whose impact is yet to be fully determined.

In light of these concerns, we believe the high-quality companies the Fund holds are well-positioned to endure stock-price volatility that may occur.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Greater China Fund (WAGCX / WGGCX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	Since Inception (11/30/2020) (Not annualized)

Greater China (WAGCX) — Investor		-1.70%

Greater China (WGGCX) — Institutional		-1.80%

MSCI China Index		-14.36%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Greater China Fund are Investor Class — Gross: 2.02%, Net: 1.50% / Institutional Class — Gross: 1.71%, Net: 1.25%. 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 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. Being non-diversified, the Fund can invest a larger portion of its assets in the stocks of a limited number of companies than a diversified fund. Non-diversification increases the risk of loss to the Fund if the values of these securities decline.

The Fund is subject to risks associated with investments in the Greater China Region that could affect the value of your investment. The Fund may invest in securities through the China Stock Connect programs, which subject the Fund to unique accessibility risks affecting the Fund’s ability to efficiently execute its strategy. These risks are described in more detail in the prospectus.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Silergy Corp.		9.6%

Chailease Holding Co. Ltd.		8.4%

Wuxi Biologics Cayman, Inc.		8.1%

Techtronic Industries Co. Ltd.		6.6%

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		5.0%



Company	% of Net Assets

AIA Group Ltd.		4.8%

Hangzhou Tigermed Consulting Co. Ltd., Class A		4.4%

Meituan, Class B		4.4%

Alibaba Group Holding Ltd.		4.2%

Tencent Holdings Ltd.		4.2%

As of September 30, 2021, there were 27 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO

††Inception: November 30, 2020. 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.


Wasatch International Growth Fund (WAIGX / WIIGX)		SEPTEMBER 30, 2021

Management Discussion

The Wasatch International Growth Fund is managed by a team of Wasatch portfolio managers led by Ken Applegate, Linda Lasater and Derrick Tzau.

LOGO

Ken Applegate, CFA

Lead Portfolio Manager

LOGO

Linda Lasater, CFA

Portfolio Manager

LOGO

Derrick Tzau, CFA

Associate Portfolio Manager

OVERVIEW

The Wasatch International Growth Fund — Investor Class finished the fiscal year ended September 30, 2021 with a gain of 26.59% and underperformed its benchmark, the MSCI AC (All Country) World ex USA Small Cap Index, which gained 33.07% over the same period.

The Fund’s underperformance of the benchmark for the fiscal year was largely due to declines in the stock prices of our holdings in China and Hong Kong. Although the benchmark’s position in China produced a gain for the 12-month period, it was one of the weaker-performing markets, and it weakened significantly in the last three months of the period. Contributing factors included ongoing concerns about earnings, valuations, stimulus withdrawal, supply-chain bottlenecks, rising input costs and a government crackdown on the country’s tech giants.

A more recent concern is the deepening liquidity crisis at real-estate development firm China Evergrande Group. Although it seemed likely that Chinese authorities would be able to limit spillover to other segments of the economy, Evergrande’s massive size made it a potential source of systemic risk. Investors feared that even if a worst-case scenario could be avoided, a slowdown in China’s real-estate sector might cause the country’s growth to sputter, impacting the global economy as well.

DETAILS OF THE YEAR

Two of the largest detractors from Fund performance for the 12-month period were China-based AK Medical Holdings Ltd. and Hong Kong-based Vitasoy International Holdings Ltd. AK Medical sells orthopedic implants, spinal interbody cages and artificial vertebral bodies in China. AK Medical’s stock price fell after the company issued a profit warning disclosing that customers had temporarily reduced their purchases in anticipation of potentially lower prices arising from China’s national joint implant volume-based procurement policy. With the near-term earnings picture looking increasingly cloudy, we sold the stock to seek better opportunities elsewhere. Vitasoy is a producer of numerous food and beverage items. On the heels of rapid growth, the company has faced increased competition. Ultimately, we felt our original investment thesis was impaired and decided to move on.

Our investments in the United Kingdom delivered a double-digit gain but underperformed their benchmark counterparts. U.K.-based Avon Protection PLC was the most significant detractor from Fund performance for the 12-month period. The company designs and manufactures specialized personal-protection products. Avon’s stock lagged in recent months due in part to delays in regulatory approval for its body-armor plates. However, the company has secured a contract from the U.S. Defense Logistics Agency to supply body-armor plates and we believe recent contract negotiations bode well for the company’s long-term growth potential.

In contrast, our Japanese holdings outperformed the benchmark’s position in Japan led by BayCurrent Consulting, Inc. The company operates in the digital transformation space, offering comprehensive consulting services including a specialization in information-technology (IT) consulting and integration. We believe Japan is a particularly attractive market for the company’s offerings thanks to a large pool of cash-rich corporations that lag their peers in other markets in terms of digital modernization.

Taiwan-listed semiconductor manufacturer Silergy Corp. was also a top contributor. In addition to benefiting from the global semiconductor shortage, we think Silergy’s business model — which is based on analog design engineering — is difficult to replicate and is likely to provide the company with significant headroom for growth over the coming decade.

In India, our overweight position provided a tailwind for performance relative to the benchmark. The Fund’s top contributor in India was IT-services firm Larsen & Toubro Infotech Ltd. (LTI). LTI concentrates largely on banking, financial services and insurance. We believe the IT-services industry may be undergoing structural improvements in profitability as the shift to working from home allows more offshoring of business to India.

OUTLOOK

Some small-company growth stocks remain richly priced by historical standards. In addition to currently high valuations, inflation, higher interest rates and the situation in China rank among the macro conditions investors may encounter in the months ahead. Beyond these concerns, the Covid-19 pandemic and efforts to vaccinate the global population are certain to influence investor sentiment at times.

We make no forecasts as to when or if the Fund might be affected by these factors. Instead, we remain focused on finding new companies that meet our strict criteria for quality and have the potential to produce the growth we expect over the long term. We also continue to conduct thorough due diligence on the companies we already hold. We believe the Fund’s outperformance of its benchmark over longer periods is a result of our investment discipline.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch International Growth Fund (WAIGX / WIIGX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

International Growth (WAIGX) — Investor		26.59%		12.17%		12.88%

International Growth (WIIGX) — Institutional		26.70%		12.29%		12.95%

MSCI AC World ex USA Small Cap Index		33.07%		10.28%		9.44%

MSCI World ex USA Small Cap Index		30.15%		10.33%		10.03%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch International Growth Fund are Investor Class: 1.47% / Institutional Class — Gross: 1.36%, 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

JMDC, Inc.		3.0%

BayCurrent Consulting, Inc.		2.8%

Voltronic Power Technology Corp.		2.6%

Larsen & Toubro Infotech Ltd.		2.4%

Domino’s Pizza Enterprises Ltd.		2.3%



Company	% of Net Assets

Silergy Corp.		2.3%

Reply SpA		2.3%

Descartes Systems Group, Inc.		2.2%

Canadian Western Bank		2.2%

Electrocomponents PLC		2.2%

As of September 30, 2021, there were 82 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch International Opportunities Fund (WAIOX / WIIOX)		SEPTEMBER 30, 2021

Management Discussion

The Wasatch International Opportunities Fund is managed by a team of Wasatch portfolio managers led by Linda Lasater, Dan Chace and Allison He.

LOGO

Linda Lasater, CFA

Lead Portfolio Manager

LOGO

Dan Chace, CFA

Portfolio Manager

LOGO

Allison He, CFA

Associate Portfolio Manager

OVERVIEW

The Wasatch International Opportunities Fund — Investor Class gained 15.68% for the 12-month period ended September 30, 2021 and significantly underperformed its benchmark, the MSCI AC (All Country) World ex USA Small Cap Index, which increased 33.07%.

Although many large- and small-cap stocks have had strong performance over the past 12 months, micro-cap stocks generally have not kept pace. We think one of the reasons the Fund underperformed its benchmark is that we own a sizable allocation of micro-cap companies. Some micro-cap stocks appeared to experience selling pressure as risk-averse investors became concerned about factors such as the Delta variant of Covid-19, supply-chain problems, labor shortages, inflation, and tapering of monetary and fiscal stimulus. In addition, selling pressure may have been more pronounced in micro caps — many of which are new to the public market — because investors are less familiar with them.

DETAILS OF THE YEAR

Japan was the largest detractor from the Fund’s performance relative to the benchmark for the 12-month period due to stock selection and an overweight position. BASE, Inc. and Hennge KK were among the largest individual detractors. BASE, a provider of internet-based services, is a position we sold because we became less convinced regarding the company’s vision for future growth. Hennge is an information technology (IT) services provider with cloud cybersecurity product offerings. In our view, Hennge has already established a dominant position in Japan thanks to getting an early start in its industry and offering compelling products.

The Fund’s largest detractor was United Kingdom-based Avon Protection PLC, which designs and manufactures specialized personal-protection products. Avon’s stock lagged partly due to delays in regulatory approval for its body-armor plates. However, the company has secured a contract from the U.S. Defense Logistics Agency to supply body-armor plates and we believe recent contract negotiations bode well for Avon Protection’s long-term growth potential.

Our holdings in China — notably AK Medical Holdings Ltd. — also weighed on relative performance. AK Medical sells

orthopedic implants, spinal interbody cages and artificial vertebral bodies in China. The stock price fell after the company issued a profit warning disclosing that customers had temporarily reduced their purchases in anticipation of potentially lower prices arising from China’s national joint implant volume-based procurement policy. With the near-term earnings picture looking increasingly cloudy, we sold the stock to seek better opportunities elsewhere.

All three of the Fund’s top individual contributors — Rakus Co. Ltd., Fortnox AB and Esker SA — came from the IT sector, each from a different market. As reflected by our overweight position, the IT sector is where we tend to find many companies that meet our strict criteria for quality and that we believe have strong long-term growth potential.

Top contributor Rakus provides cloud and IT outsourcing services. The company has benefited from strong demand as Japanese companies have increasingly moved their systems to cloud-based solutions, a trend that accelerated during the pandemic. Sweden’s Fortnox provides internet-based business software addressing organizational needs such as accounting, payroll and invoicing. France-based Esker offers software for a variety of back-office business-management tasks, including order-to-cash and procure-to-pay. We believe Esker has a strong position in the office-automation space. We like that many of the company’s products are offered in a software-as-a-service (SaaS) format, which we believe tends to create strong recurring revenue streams.

OUTLOOK

We continue to find information-technology companies around the world that meet our high standards for quality and growth. We believe many of these innovative IT companies are well-positioned to benefit as they help other businesses transform their operations through digitalization. In particular, we have found no shortage of attractive micro-cap IT companies in Japan, where corporations generally seem to lag their peers in other markets in terms of digital transformation.

Earlier, we mentioned concerns including the Delta variant of Covid-19, supply-chain problems, labor shortages, inflation, and tapering of monetary and fiscal stimulus. While these factors may continue to create volatility in international markets, it has been our experience that earnings growth drives stock prices over the long term. So rather than worry about macro events over which we have no control, we think it’s more productive to use our bottom-up research process to find micro-cap companies that we believe are well-positioned to grow reliably over coming years. And we continually add to our positions in stocks that we believe have been unfairly oversold. We believe our disciplined investment approach has helped the Fund outperform its benchmark over longer time periods.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch International Opportunities Fund (WAIOX / WIIOX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

International Opportunities (WAIOX) — Investor		15.68%		13.50%		14.26%

International Opportunities (WIIOX) — Institutional		15.44%		13.63%		14.39%

MSCI AC World ex USA Small Cap Index		33.07%		10.28%		9.44%

MSCI World ex USA Small Cap Index		30.15%		10.33%		10.03%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch International Opportunities Fund are Investor Class: 2.02% / Institutional Class: 1.93%. 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Rakus Co. Ltd.		3.0%

Esker SA		2.7%

Future PLC		2.7%

Metropolis Healthcare Ltd.		2.7%

YouGov PLC		2.5%



Company	% of Net Assets

SIGMAXYZ, Inc.		2.5%

Voltronic Power Technology Corp.		2.4%

LEENO Industrial, Inc.		2.3%

Aavas Financiers Ltd.		2.1%

HeadHunter Group PLC ADR		2.0%

As of September 30, 2021, there were 87 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch International Select Fund (WAISX / WGISX)		SEPTEMBER 30, 2021

Management Discussion

The Wasatch International Select Fund is managed by a team of Wasatch portfolio managers led by Ken Applegate, Linda Lasater and Derrick Tzau.

LOGO

Ken Applegate, CFA

Lead Portfolio Manager

LOGO

Linda Lasater, CFA

Lead Portfolio Manager

LOGO

Derrick Tzau, CFA Associate Portfolio Manager

OVERVIEW

For the 12 months ended September 30, 2021, the Wasatch International Select Fund — Investor Class gained 18.64% and underperformed its benchmark, the MSCI EAFE Index, which gained 25.73%. Since its inception on October 1, 2019 through September 30, 2021, the Fund gained 22.31% and outperformed the 12.40% increase in the benchmark.

Macro developments that affected investor sentiment over the past 12 months included the emergence of the Delta variant of Covid-19 and ongoing efforts to vaccinate the world’s population against the virus, supply-chain disruptions, labor shortages, rising inflation and interest rates, and expectations that the world’s major central banks could begin withdrawing monetary stimulus sooner rather than later.

Major elections in Japan and Germany, both held during the last three months of the period, were also noteworthy events. Germany’s recent election put Olaf Scholz, a member of Germany’s center-left Social Democratic Party, in a strong position to be the next chancellor. He would replace long-serving Chancellor Angela Merkel. In Japan, the Liberal Democratic Party elected former Foreign Minister Fumio Kishida as its new leader. As such, Kishida is expected to become Japan’s next prime minister. He would replace embattled Prime Minister Yoshihide Suga. Within the Fund, Japan and Germany were at opposite ends of the spectrum in terms of their performance during the 12-month period. Japan added the most to the Fund’s return and our Japanese holdings outperformed their benchmark counterparts. In contrast, Germany subtracted a small amount from absolute performance and our German holdings underperformed the benchmark’s position in Germany.

DETAILS OF THE YEAR

The Fund’s strong showing in Japan was helped significantly by our investment in BayCurrent Consulting, Inc. BayCurrent operates in the digital transformation space, offering comprehensive consulting services including a specialization in IT consulting and integration. We believe Japan is a particularly attractive market for the company’s offerings thanks to a large pool of cash-rich corporations that lag their peers in other markets in terms of digital

modernization. We also believe BayCurrent may continue to benefit from an “early mover” advantage thanks to the strong relationships it has built.

Another top contributor from Japan was MISUMI Group, Inc., which offers components and services aimed at factory automation. The company has two divisions — one focuses on manufacturing components and the other focuses on distribution of the company’s products and other brands in the category. MISUMI has benefited from strong sales growth.

Switzerland was the second-best contributor to performance relative to the benchmark led by Partners Group Holding AG, an investment-management firm with a global client base that routinely impresses us with its well-run operation.

On a country basis, the United Kingdom detracted the most from the Fund’s relative performance due to stock selection.

The largest individual detractor from Fund performance for the 12-month period was Germany-based TeamViewer AG. TeamViewer enables remote access to and remote control of electronic devices, as well as other integral device-management and monitoring capabilities. Although we still think the company has solid offerings, we sold our position, choosing to redeploy the proceeds into new investments we believe to be more promising.

We also chose to exit Chr. Hansen Holding AS and Vitasoy International Holdings Ltd. Denmark’s Chr. Hansen is a bioscience company that makes specialized medical components. We sold the stock because we believe Chr. Hansen’s growth might be slower than we originally expected. A combination of competitive and regulatory pressures caused us to believe our original investment thesis for food and beverage producer Vitasoy might be impaired.

OUTLOOK

We are committed to sticking with our investment discipline through all market environments and feel that “staying the course” is particularly important when macro events cause unwelcome volatility in the equity markets. In Wasatch’s more than 45 years of investing, experience has shown that macro events and short-term market movements are unlikely to have more than a fleeting effect on the stock-price performance of our companies. Rather than trying to predict the outcome of events or their effects on stocks, we focus on investing in high-quality companies because we believe they are most likely to produce the earnings growth that history has shown to be the ultimate driver of stock prices over the long term.

We remain committed to finding new companies that meet our strict criteria for quality and have the potential to produce the long-term growth we expect. We also continue to conduct thorough due diligence on the companies we already hold.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch International Select Fund (WAISX / WGISX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		Since Inception 10/1/2019

International Select (WAISX) — Investor		18.64%		22.31%

International Select (WGISX) — Institutional		18.99%		22.88%

MSCI EAFE Index		25.73%		12.40%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch International Select Fund are Investor Class — Gross: 6.96%, Net: 1.30% / Institutional Class — Gross: 7.68%, Net: 0.90%. 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

BayCurrent Consulting, Inc.		6.3%

MISUMI Group, Inc.		5.7%

Partners Group Holding AG		4.7%

Assa Abloy AB, Class B		4.7%

ICON PLC		4.5%



Company	% of Net Assets

Dassault Systemes SE		4.5%

JMDC, Inc.		4.3%

Amadeus IT Group SA		4.2%

Sartorius Stedim Biotech		4.1%

Halma PLC		3.9%

As of September 30, 2021, there were 28 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO

†† Inception: October 1, 2019. 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.


Wasatch Micro Cap Fund (WMICX / WGICX)		SEPTEMBER 30, 2021

Management Discussion

The Wasatch Micro Cap Fund is managed by a team of Wasatch portfolio managers led by Ken Korngiebel.

LOGO

Ken Korngiebel, CFA

Lead Portfolio Manager

OVERVIEW

For the 12 months ended September 30, 2021, the Wasatch Micro Cap Fund — Investor Class gained 38.81% and underperformed the benchmark Russell Microcap Index, which increased 61.07%. Although our stock selections were particularly strong over the past several years, our

selections were relative laggards during the 12 months through September.

For most of the 12-month period, U.S. equities advanced against a backdrop of favorable monetary and fiscal conditions. Having pledged to hold interest rates lower for longer, the Federal Reserve (Fed) kept its policy interest rate near zero at its meeting in mid-June. Moreover, Covid-19 relief programs put in place early in the pandemic remained largely intact — boosting the purchasing power of households still eager to spend what was left of the latest round of stimulus payments.

Later in the period, however, interest rates rose as inflationary pressures strengthened. Prices for food, automobiles and housing moved higher — and U.S. crude approached levels not seen since 2014. At the same time, interest rates got an extra nudge from the Fed itself as the central bank signaled plans to wind down its program of quantitative easing. The Delta variant of Covid-19 added a new wrinkle to the pandemic even as schools, businesses and other entities continued to grapple with fallout from previous waves of the virus. This exacerbated an already existing shortage of workers, snarling supply chains and disrupting the production and delivery of goods and services.

DETAILS OF THE YEAR

The top contributor to Fund performance for the period was XPEL, Inc. — which offers automotive paint and surface-protection films, automotive and architectural window films and ceramic coatings. XPEL has experienced robust growth as buyers of luxury vehicles adopt products previously sold primarily to automotive enthusiasts. Shares of XPEL moved higher after the company reported record top- and bottom-line results. Management cited strong demand across all regions — particularly in China, where the Covid-19 outbreak hampered sales during the previous year.

Kornit Digital Ltd. was also a large contributor. The company makes machines that enable on-demand printing of designs and images on clothing and fabrics. The Covid-19 pandemic has highlighted the advantages of Kornit’s on-demand technology, which greatly reduces the need for inventory on hand and in supply chains. Kornit’s equipment is also environmentally friendly. It uses no water — whereas traditional printing methods consume vast amounts of water — and the inks it uses are biodegradable.

The greatest detractor from Fund performance for the period was Esperion Therapeutics, Inc. — which develops oral therapies for people with elevated low-density lipoprotein cholesterol, or “bad cholesterol.” Esperion’s recently approved flagship medications are intended to increase the effectiveness of statins and other cholesterol-lowering drugs in high-risk patients. However, sales of these new products have been hampered as patients fearful of contracting Covid-19 postponed routine physicals and other non-urgent appointments during which the medications might have been prescribed.

Simulations Plus, Inc. was another significant detractor. The company is a maker of drug-discovery and development-simulation software, which is licensed to pharmaceutical companies and used in the conduct of drug research world-wide. The company’s other business segments are based on its proprietary software technologies. Revenues and earnings have surpassed analysts’ expectations. But the stock was down because of the company’s difficulty in winning new business due to disruption caused by the pandemic.

OUTLOOK

The surge in federal spending since the beginning of the Covid-19 pandemic has led to an explosion of the national debt. We believe the federal government’s seemingly insatiable appetite for funding makes investing in productive new technologies more important than ever.

Among our primary focuses when seeking companies for ownership in the Fund are businesses with innovative products that lead to better medical outcomes at lower costs, or that help other companies operate more efficiently and with less adverse impact on the environment. We believe these types of companies offer attractive long-term potential for shareholders while also enhancing the future prospects of the nation and the world.

The Fund’s structural underexposure to financials is likely to continue to influence short-term performance relative to the benchmark. Rather than a “bet” against the sector, our underweight position in financial companies is a natural outcome of our growth-oriented, bottom-up approach to investing. Banks currently account for the majority of the benchmark’s weighting in financials. Because small banks tend to operate similarly and be affected equally by macroeconomic factors, their undifferentiated business models don’t lend themselves to stock-picking based on fundamentals.

Instead, our bottom-up research process leads us to what we believe are more attractive growth opportunities in areas like health care, information technology, industrials and consumer discretionary. Over the long term, these sectors have represented large overweights in the Fund and have historically delivered strong performance for shareholders.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Micro Cap Fund (WMICX / WGICX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

Micro Cap (WMICX) — Investor		38.81%		27.73%		21.06%

Micro Cap (WGICX) — Institutional		38.96%		27.73%		21.06%

Russell Microcap^® Index		61.07%		14.47%		15.42%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Micro Cap Fund are Investor Class: 1.66% / Institutional Class — Gross: 1.62%, Net: 1.60%. 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 1/31/2020 is based on the performance of the Investor Class. Performance of the Fund’s Institutional Class prior to 1/31/2020 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 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Kornit Digital Ltd.		3.6%

Vintage Wine Estates, Inc.		3.3%

Holley, Inc.		3.2%

Transcat, Inc.		3.1%

Construction Partners, Inc., Class A		2.4%



Company	% of Net Assets

Napco Security Technologies, Inc.		2.2%

Grid Dynamics Holdings, Inc.		2.2%

nLight, Inc.		2.2%

Heritage-Crystal Clean, Inc.		2.1%

Castle Biosciences, Inc.		2.1%

As of September 30, 2021, there were 72 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Micro Cap Value Fund (WAMVX / WGMVX)		SEPTEMBER 30, 2021

Management Discussion

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

During the 12-month period ended September 30, 2021, the Wasatch Micro Cap Value Fund — Investor Class climbed 58.42%. The Fund’s gain was just short of the 61.07% increase in the benchmark Russell Microcap Index.

Because stock prices have risen so much and so quickly, we initiated a

research project to look at companies that have recently seen some of their highest margins ever. What we want to understand is which companies may be poised to see their margins decline and which companies are likely to maintain or improve their margins. One of the reasons for declining margins could be the inability to raise prices as input costs such as wages edge higher.

With the micro-cap market near an all-time peak, we’ve been selling companies that are likely to face margin compression and slower earnings growth. Using the proceeds of our sales, we’ve been buying companies in which we think margins will improve over the next several years.

DETAILS OF THE YEAR

From a sector perspective relative to the benchmark, our stock selections were particularly rewarding in health care and financials. At the other end of the spectrum, our selections were especially disadvantageous in consumer discretionary, information technology and communication services. Regarding countries, our U.S. holdings and our international names performed well overall. We continue to see somewhat more attractive valuations outside the United States, and countries being at varying stages of reopening provides some additional diversification.

The top contributor to Fund performance for the period was The Joint Corp., a franchisor of chiropractic clinics that operates on a non-insurance, cash-based model. The company has been growing very rapidly and has been taking market share from traditional clinics based on competitive pricing and convenience. We expect continued strong growth from The Joint, especially as economic conditions get back to normal.

Skyline Champion Corp. was another significant contributor. The company designs, manufactures and sells affordable homes and modular buildings. Skyline — which has a healthy balance sheet — focuses on the multi-family, hospitality, senior and workforce-housing segments in the United States and Canada. After an initial shock due to the coronavirus pandemic, the housing market has been remarkably strong — supported by very low interest rates and financial aid from the government. We believe Skyline will continue to benefit from the housing shortage, the need for affordable homes, and the migration out of densely populated cities and into

more rural areas. This migration has been accelerated by ramifications of the pandemic.

The largest detractor from Fund performance for the period was Nautilus, Inc. The company develops, manufactures and markets health and fitness products — including cardio and strength-training equipment and related accessories. The stock fell on news of higher freight costs due to a shortage of shipping containers. The shortage has been disrupting the international transport of raw materials, parts and finished goods.

Pivotree, Inc. — a Canadian IT-services company — was another significant detractor. The company offers cloud automation, application design and support, data management and other related services around the world. While we still have a positive view on Pivotree, the stock was down based on results that failed to meet investor expectations and a general malaise hanging over the Canadian market.

OUTLOOK

Currently, we expect our companies’ revenues and earnings to benefit from ongoing trends of strong industrial and consumer demand. On the other hand, we acknowledge that overall stock valuations are relatively high. Unfortunately, we don’t think these competing factors tell us much about the near-term direction of the market.

Having said that, we believe a consolidation in the market could be healthy. A consolidation might dissuade investors from buying on margin and speculating without regard to fundamentals. For our part, we’d welcome a consolidation that persists for a while because it would help keep investor expectations more reasonable.

As always, regardless of what the future holds, we’ll take the movements the market gives us and attempt to use them to our advantage. If prices advance significantly, we’ll take profits on companies whose stocks have gotten ahead of fundamentals. And if prices move lower, we’ll be on the lookout for high-quality companies that have become more reasonably valued.

Although we acknowledged that overall valuations are high, we should also note that micro and small caps are generally less expensive than large caps. So we feel relatively comfortable investing in our market-cap segment. For example, we recently initiated a position in Intellicheck, Inc. — a provider of identity-authentication and validation solutions for banks, credit-card issuers, and the retail, hospitality, law-enforcement, defense and transportation industries. With businesses and consumers increasingly embracing digitalization and needing to prevent fraud, we think Intellicheck will grow revenues and earnings at attractive rates for years on end.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Micro Cap Value Fund (WAMVX / WGMVX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

Micro Cap Value (WAMVX) — Investor		58.11%		22.44%		19.56%

Micro Cap Value (WGMVX) — Institutional		58.25%		22.49%		19.58%

Russell Microcap^® Index		61.07%		14.47%		15.42%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Micro Cap Value Fund are Investor Class: 1.74% / Institutional Class — Gross: 1.84%, Net: 1.60%. 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 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

JDC Group AG		2.8%

Skyline Champion Corp.		2.1%

Full House Resorts, Inc.		1.6%

Napco Security Technologies, Inc.		1.6%

Esquire Financial Holdings, Inc.		1.6%



Company	% of Net Assets

Patrick Industries, Inc.		1.5%

Kaleyra, Inc.		1.5%

American Outdoor Brands, Inc.		1.5%

Noodles & Co.		1.4%

Sterling Construction Co., Inc.		1.4%

As of September 30, 2021, there were 99 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Small Cap Growth Fund (WAAEX / WIAEX)		SEPTEMBER 30, 2021

Management Discussion

The Wasatch Small Cap Growth Fund is managed by a team of Wasatch portfolio managers led by JB Taylor, Ken Korngiebel and Ryan Snow.

LOGO

JB Taylor

Lead Portfolio Manager

LOGO

Ken Korngiebel, CFA

Portfolio Manager

LOGO

Ryan Snow

Portfolio Manager

OVERVIEW

For the 12 months ended September 30, 2021, the Wasatch Small Cap Growth Fund — Investor Class gained 42.49% while the benchmark Russell 2000 Growth Index increased 33.27% and the Russell 2000 Index rose 47.68%.

The Fund invests heavily in companies with comparatively high returns on equity (ROEs). An interesting observation during the 12-month period was that these higher-ROE companies tended to drive the Fund’s performance on an absolute basis and relative to the benchmark.

For each company in which we’re invested, we continually ask ourselves if we still think it can roughly double its sales and earnings within the next five years. Based on our answer and the company’s current valuation, we decide whether or not the stock continues to be an attractive holding for the Fund. Because we determined that the stock prices for some of our companies had gotten ahead of fundamentals, we sold several of our significant holdings over the course of the period. Having said that, we found an even greater number of companies to buy.

DETAILS OF THE YEAR

From a sector perspective relative to the benchmark, the Fund’s stock selections were most favorable in industrials, financials, communication services, information technology and consumer discretionary. Among sectors, there were no major drags on relative performance.

The Fund’s top contributor was Kornit Digital Ltd., which makes machines that enable on-demand printing of designs and images on clothing and fabrics. The Covid-19 pandemic has highlighted the advantages of Kornit’s on-demand technology, which greatly reduces the need for inventory on hand and in supply chains. Kornit’s equipment is also environmentally friendly. It uses no water — whereas traditional printing methods consume vast amounts of water — and the inks it uses are biodegradable.

Another significant contributor was Boot Barn Holdings, Inc. — a specialty retailer offering increasingly popular Western and work-related apparel, footwear and accessories. Boots are somewhat resistant to online competition because they often require specialized fitting. The company has benefited from its economies of scale and multi-channel

business model, which kept revenues flowing during virus-related shutdowns. Stimulus payments by the federal government to consumers appear to have helped as well.

Another significant detractor was Hydrofarm Holdings Group, Inc. The company sells hydroponics equipment and supplies for controlled-environment agriculture. Difficult comparisons to 2020 have dampened enthusiasm for Hydrofarm’s shares. In addition, weak crop prices in California have raised concerns about the near-term outlook for sales of the company’s products. California currently accounts for about 35% of Hydrofarm’s business.

OUTLOOK

Some of the characteristics we like to see in a business are exemplified by SiTime Corp., one of our newer holdings. The company is a developer of silicon-based timing components. SiTime manufactures oscillators, clock generators and embedded resonators used for ethernet switches, computing devices, graphics cards, disk drives, mobile phones and subscriber-identity cards. With time-keeping devices transitioning from quartz to silicon, which improves accuracy, we think SiTime is particularly well-positioned as a technology leader that’s years ahead of the competition. Recently, due to shortages of silicon chips, the company was able to raise prices by about 20%. While a price increase might ordinarily reduce demand, SiTime actually received more orders because customers are worried about even further price increases.

We’d also like to emphasize that our bottom-up, quality-oriented investment process helps us avoid being whipsawed by short-term trends in the market. For example, earlier in 2021, lower-quality value stocks experienced an upsurge after years of underperformance relative to higher-quality growth names. And certain “meme stocks,” driven by social-media posts, have skyrocketed without regard to fundamentals. We ignore such trends because we think they lack staying power, and they have nothing to do with finding great companies that have significant competitive advantages in expanding business segments.

In closing, we’re pleased to report that we’ve already begun to resume our face-to-face research meetings with company management teams.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Small Cap Growth Fund (WAAEX / WIAEX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

Small Cap Growth (WAAEX) — Investor		42.49%		24.41%		18.56%

Small Cap Growth (WIAEX) — Institutional		42.62%		24.58%		18.66%

Russell 2000^® Growth Index		33.27%		15.34%		15.74%

Russell 2000^® Index		47.68%		13.45%		14.63%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Small Cap Growth Fund are Investor Class: 1.16% / Institutional Class — Gross: 1.08%, 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. 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Kornit Digital Ltd.		4.9%

Medpace Holdings, Inc.		3.3%

Monolithic Power Systems, Inc.		3.2%

Rapid7, Inc.		3.1%

StepStone Group, Inc., Class A		3.1%



Company	% of Net Assets

CyberArk Software Ltd.		3.0%

Floor & Decor Holdings, Inc., Class A		3.0%

Freshpet, Inc.		2.7%

Pinnacle Financial Partners, Inc.		2.7%

Globant SA		2.6%

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Small Cap Value Fund (WMCVX / WICVX)		SEPTEMBER 30, 2021

Management Discussion

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

LOGO

Jim Larkins

Lead Portfolio Manager

LOGO

Austin Bone

Associate Portfolio Manager

OVERVIEW

During the 12-month period ended September 30, 2021, the Wasatch Small Cap Value Fund — Investor Class gained 52.79%. The Fund underperformed the

benchmark Russell 2000 Value Index, which rose 63.92%.

Early in the period, there was a robust appetite for risk — leading to exceptionally strong performance for small-cap value stocks as investors were less attracted to the mega-cap technology names previously viewed as “safe havens.” In general, as the anticipated reopening of the global economy fueled positive market sentiment, small caps outperformed large caps and the value investment style outperformed the growth style.

For the period as a whole, the Fund delivered a strong absolute return but did not keep pace with the benchmark. This performance profile was within our expectations given the nature of our approach. Historically, the Fund has tended to lag when value stocks are experiencing outsized rallies. But over time, the Fund has held up relatively well both during down markets and during times when the value investment style is out of favor.

DETAILS OF THE YEAR

The Fund’s underperformance was largely due to less advantageous stock selections — with holdings in consumer discretionary, materials and information technology being the weakest on a relative basis.

The largest detractor from the Fund’s return was discount retailer Ollie’s Bargain Outlet Holdings, Inc. The company generated impressive earnings early in the pandemic. More recently, however, Ollie’s has not only been dealing with tougher comparisons to 2020 but also with larger issues regarding supply chains — primarily in getting products from warehouses to stores. We added to the Fund’s position in Ollie’s on price weakness.

Grand Canyon Education, Inc. also detracted. The company offers graduate and undergraduate degree programs and certifications. While the use of online education was strong during the height of the pandemic, recent on-campus enrollments have been weaker partially because admissions counselors couldn’t visit many high schools due to the pandemic. We believe the issue is transitory.

During the latter part of the period, performance for both the benchmark and the Fund turned downward as investors wrestled with questions about the direction of U.S. Federal Reserve policy. Also, many U.S. businesses were affected by

headwinds including the aforementioned supply-chain disruptions, the Delta variant of Covid-19, lack of available labor and rising input costs.

On balance, however, the companies represented in the Fund effectively navigated the difficulties and maintained their profit margins in the face of adversity. We believe this underscores our observation that well-managed, high-quality businesses often find ways not only to overcome challenges but to turn them into competitive advantages.

Kadant, Inc. — the top contributor to Fund performance during the period — is a prime example. Kadant, while facing the same supply-chain issues as other businesses in the industrials sector, weathered the storm because the company’s dominant position in several niche markets enabled it to pass along rising costs by increasing prices.

Energy was another notable area. We typically hold a below-benchmark weighting in commodity-related sectors because it’s more challenging to find companies in these sectors that control their own destinies. However, back in 2020, a deep sell-off in the energy sector created an attractive value in Magnolia Oil & Gas Corp., which went on to end the 12-month period among the Fund’s leading contributors to performance.

OUTLOOK

Looking ahead, we see a mixed picture for stocks. The world is entering uncharted territory as extraordinary monetary and fiscal stimulus measures appear set to decline from historic highs. At this stage, it’s impossible to have a clear sense of what the post-Covid, post-stimulus world will look like.

Given the high level of uncertainty, our approach is to focus on maintaining balance instead of shifting the Fund too far in any direction. We believe we can achieve this, in part, through our longstanding tilt to the growthier side of the value category. We also seek balance by investing in Fallen Angels (growth stocks that have slid into value territory due to short-term factors), Undiscovered Gems (inexpensive growth companies flying below Wall Street’s radar) and Quality Value companies (those with characteristics such as strong fundamentals, low leverage and attractive valuations). This aspect of our approach provides exposure to both faster-growing companies with a risk profile that is somewhat above average, as well as to more conservative stocks that may perform better in a downturn.

We’re also seeking to maintain balance in terms of risk exposure by staying broadly neutral overall but keeping a close eye out for stock-specific opportunities. We think this steady approach, rather than one that attempts to chase short-term market trends, has been a key factor in the Fund’s positive long-term results.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Small Cap Value Fund (WMCVX / WICVX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

Small Cap Value (WMCVX) — Investor		52.79%		13.71%		15.01%

Small Cap Value (WICVX) — Institutional		52.91%		13.87%		15.16%

Russell 2000^® Value Index		63.92%		11.03%		13.22%

Russell 2000^® Index		47.68%		13.45%		14.63%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Small Cap Value Fund are Investor Class: 1.21% / Institutional Class — Gross: 1.08%, 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Kadant, Inc.		3.5%

Fabrinet		3.3%

Axos Financial, Inc.		3.2%

Altra Industrial Motion Corp.		3.2%

Webster Financial Corp.		2.9%



Company	% of Net Assets

Bank OZK		2.9%

Construction Partners, Inc., Class A		2.6%

Skyline Champion Corp.		2.4%

ServisFirst Bancshares, Inc.		2.4%

Ensign Group, Inc.		2.4%

As of September 30, 2021, there were 60 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Ultra Growth Fund (WAMCX / WGMCX)		SEPTEMBER 30, 2021

Management Discussion

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

For the 12-month period ended September 30, 2021, the Wasatch Ultra Growth Fund — Investor Class rose 32.75% while the benchmark Russell 2000 Growth Index gained 33.27%. Stocks rallied for much of the period based to a large extent on optimism surrounding economic reopening.

Late in the period, however, concerns over fiscal and monetary policies and rising long-term interest rates formed a weak backdrop for the equities of small-cap growth companies. Moreover, beyond its human cost, the Covid-19 pandemic continued to take a toll on the ability of companies to conduct business as usual. Supply-chain bottlenecks and shortages of workers conspired to drive up prices for basic materials, finished goods and services throughout the U.S. and global economies.

Inflation fears moved to the forefront partially based on remarks from Federal Reserve (Fed) Chairman Jerome Powell. Testifying in front of the Senate Banking Committee, Chairman Powell said reopening pressures “could again prove to be greater and more enduring than anticipated, posing upside risks to inflation.”

DETAILS OF THE YEAR

The top contributor to Fund performance for the period was Kornit Digital Ltd., which makes machines that enable on-demand printing of designs and images on clothing and fabrics. The Covid-19 pandemic has highlighted the advantages of Kornit’s on-demand technology, which greatly reduces the need for inventory on hand and in supply chains. Kornit’s equipment is also environmentally friendly. It uses no water — whereas traditional printing methods consume vast amounts of water — and the inks it uses are biodegradable.

Paylocity Holding Corp. was also a significant contributor. The company provides software for payroll and human-resources management using the software-as-a-service business model. Paylocity is experiencing robust demand from customers with fewer than 50 employees. The stock moved sharply higher after revenues and earnings topped Wall Street estimates. Management cited the momentum and overall execution of the company’s sales team across all market segments.

Covid-19 postponed routine physicals and other non-urgent appointments during which the medications might have been prescribed.

Bandwidth, Inc. was also a large detractor. The company operates a cloud-based software platform that enables enterprises to create, scale, and manage voice and text communications. Use of Bandwidth’s platform skyrocketed early in the pandemic as many corporate operations moved to home offices. While we think Bandwidth has the opportunity to grow reasonably well for years into the future, the stock was down on concerns over valuation.

OUTLOOK

Small-company growth stocks remain richly priced by historical standards. In addition to currently high valuations, ongoing inflation and supply-chain issues rank among the most identifiable challenges the Fund faces going forward. Although we think our companies have done a good job navigating these challenges so far, significant risks are still on the horizon. To address these risks, we’re sticking to our discipline — seeking strong businesses that we believe can take market share and outperform their peers on a relative basis.

Toward that end, it’s been great to get out on the road again. A critical step in our investment process is the evaluation of company management teams. Before the pandemic, on-site visits played a key role in that assessment. We’re happy to report that we’ve selectively resumed travel to companies we own in the Fund or may be considering for investment.

We’ve often found that our subjective evaluation of a company’s management has been our most accurate predictor of future stock performance. We believe our extensive experience helps us differentiate between good management teams and truly exceptional ones. In our view, that distinction is absolutely critical to delivering long-term results — and a key area where active management has the potential to outshine an approach constrained by quantitative evaluation alone.

Although we’ve been able to evaluate management team quite effectively by telephone and video conferencing over the past 18 months or so, there’s a human element that’s often missing. Our resumption of in-person visits has reminded us of how much is gained from face-to-face interaction with someone across a conference-room table. It also has provided us with an up-close look at how well the companies themselves are coping with the pandemic. After such a long period of virtual meetings, we’re finding that management teams have a lot more time available to spend with us.

Thank you for the opportunity to manage your assets.

Current and future holdings are subject to risk.


Wasatch Ultra Growth Fund (WAMCX / WGMCX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

Ultra Growth (WAMCX) — Investor		32.78%		29.36%		21.39%

Ultra Growth (WGMCX) — Institutional		32.89%		29.40%		21.41%

Russell 2000^® Growth Index		33.27%		15.34%		15.74%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch Ultra Growth Fund are Investor Class: 1.19% / Institutional Class — Gross: 1.07%, 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. 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.

TOP 10 EQUITY HOLDINGS*



Company	% of Net Assets

Kornit Digital Ltd.		3.9%

Paylocity Holding Corp.		3.2%

Freshpet, Inc.		3.1%

Intra-Cellular Therapies, Inc.		2.7%

Floor & Decor Holdings, Inc., Class A		2.6%



Company	% of Net Assets

Inspire Medical Systems, Inc.		2.5%

HubSpot, Inc.		2.3%

CyberArk Software Ltd.		2.2%

Silk Road Medical, Inc.		2.2%

Open Lending Corp., Class A		2.2%

As of September 30, 2021, there were 84 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.

SECTOR BREAKDOWN**

LOGO

**	Excludes securities sold short and options written, if any.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch-Hoisington U.S. Treasury Fund (WHOSX)		SEPTEMBER 30, 2021

Management Discussion

The Wasatch-Hoisington U.S. Treasury Fund is sub-advised by Hoisington Investment Management Company (HIMCo).

LOGO

Van Hoisington

Lead Portfolio Manager

LOGO

Van R. Hoisington, Jr.

Portfolio Manager

LOGO

David Hoisington

Portfolio Manager

OVERVIEW

For the 12 months ended September 30, 2021, the Wasatch-Hoisington U.S. Treasury Fund declined -12.74% and underperformed its benchmark, the Bloomberg Barclays US Aggregate Bond Index, which fell -0.90%. For the three-year period, the Fund’s average annual return was 9.87% compared to the benchmark’s average annual gain of 5.36%.

DETAILS OF THE YEAR

The 30-year U.S. Treasury bond yield reached its peak in the second half of March 2021 at 2.51%. Since then, the yield has declined irregularly, closing at 2.045% on September 30.

PREVAILING ECONOMIC CONDITIONS

By the mid-1980s, the marginal revenue product of both non-financial debt and total debt in the United States had fallen below the historic ranges that had prevailed. Looking at the marginal revenue product of debt helps determine how much additional gross domestic product (GDP) is added for each newly borrowed dollar. Consistent with the law of diminishing returns, numerous scholarly studies have verified the deleterious impact of debt on economic growth.

Real GDP per capita in the second calendar quarter of 2021 was $58,478. From 1870 until 2000, real per capita GDP in the U.S. rose by an average of 2.2% per annum. Since then, the growth has averaged 1.1% per annum. The historical rate of growth fell 50% in this time frame. If GDP per capita had grown at the pre-2000 pace, it would be nearly 25.6% higher or $73,474. In the fourth quarter of 2019, the quarter before the pandemic disrupted economic activity, real per capita GDP was about 17% below the trend line of the historic pre-2000 growth rate. The period of subpar performance has lasted more than two decades.

U.S. economic growth slowed sharply in the third calendar quarter of 2021. Consumer confidence fell as buying plans and expectations for increases in future income slumped just one quarter after $2 trillion of debt-financed government transfer payments were made to moderate- and lower-income households. This indicated that the government debt multiplier turned negative very quickly. Working against the economy, supply-side disruptions boosted inflation. Unfortunately, early-stage economic expansions suffer when inflation and interest rates are not declining. In inflationary periods,

prices rise faster than real wages, thereby stunting consumer spending. Faster inflation also thwarts the needed continuing cyclical decline in money-market and bond yields.

Third-quarter torpor should continue over the balance of this year and into 2022. U.S. money-supply growth decelerated sharply over the first three quarters of 2021, mirroring the pattern in the European Union, Japan and China. Moreover, the trend in the velocity of money in all four of these major economic powers continued downward. The deterioration in money supply and velocity is worse outside the U.S. in the more heavily over-indebted countries and where economic growth has consistently lagged that of the U.S. Adding to the situation, the most widely followed measure of the U.S. dollar at the end of the third quarter was at the highest level in a year, transmitting foreign economic weakness into the U.S.

The unprecedented set of supply-side disruptions serve to shift the upward-sloping aggregate supply curve inward. In a graph, with aggregate prices on the vertical axis and real GDP on the horizontal axis, this causes the aggregate supply and demand curves to intersect at a higher price level and a lower level of real GDP. The drop in real GDP, called a supply-side recession, increases what is known as the deflationary gap, which means that the level of real GDP falls further from the level of potential GDP. A process has been set in motion, a process that will eventually reverse the current rise in inflation. In the 1970s, the economy was beset by a string of such supply-curve shifts primarily because of falling oil production. Back then, the inflation rate did not fall but continued to march higher. However, until the late 1970s, Fed actions accelerated money-supply growth. With velocity of money stable then, the aggregate demand curve (M x V) also shifted steadily outward. Inflation from supply-side disruptions became entrenched. The current decline in money growth and velocity indicates that inflation-induced supply-side shocks will eventually be reversed. In this environment, Treasury bond yields could be pushed higher in response to inflation at times. However, we don’t expect these sporadic upward moves to be maintained and we believe the trend in yields for long-dated U.S. Treasury securities (maturities longer than 20 years) remains downward.

As a result of these factors, we believe the U.S. Treasury Fund is well-positioned with investments in long-dated U.S. Treasury bonds.

Thank you for the opportunity to manage your assets.


Wasatch-Hoisington U.S. Treasury Fund (WHOSX)		SEPTEMBER 30, 2021

Portfolio Summary

AVERAGE ANNUAL TOTAL RETURNS



	1 Year		5 Years		10 Years

U.S. Treasury		-12.74%		2.92%		4.38%

Bloomberg Barclays US Aggregate Bond Index		-0.90%		2.94%		3.01%

As of the January 31, 2021 prospectus, the Total Annual Fund Operating Expenses for the Wasatch-Hoisington U.S. Treasury Fund are 0.66%. 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 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.

TOP U.S. TREASURY HOLDINGS*



Holding	Maturity Date		% of Net Assets

U.S. Treasury Bond, 2.250%		8/15/2046		19.6%

U.S. Treasury Principal Strip		8/15/2049		17.5%

U.S. Treasury Bond, 1.250%		5/15/2050		16.7%

U.S. Treasury Principal Strip		5/15/2049		12.6%

U.S. Treasury Bond, 3.000%		8/15/2048		11.7%



Holding	Maturity Date		% of Net Assets

U.S. Treasury Bond, 2.500%		2/15/2045		5.9%

U.S. Treasury Bond, 1.375%		8/15/2050		5.6%

U.S. Treasury Principal Strip		2/15/2049		4.8%

U.S. Treasury Bond, 2.250%		8/15/2049		3.8%

U.S. Treasury Bond, 2.875%		5/15/2049		1.3%

As of September 30, 2021, there were 10 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.

INVESTMENTS & CASH

LOGO

†	Also includes Other Assets & Liabilities.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

LOGO


Wasatch Funds Management Discussions		SEPTEMBER 30, 2021

DEFINITIONS OF FINANCIAL TERMS

Aggregate demand (AD) is the total amount of goods and services demanded in the economy at a given overall price level and in a given time period.

The Aggregate demand (AD) curve illustrates the relationship between economic goods demanded and the price level, assuming all else is held constant.

Aggregate supply (AS) is the total supply of goods and services produced within an economy at a given overall price level in a given time period.

The Aggregate supply curve describes the relationship between price levels and the quantity of output that firms are willing to provide.

Alpha is a risk-adjusted measure of the so-called “excess return” on an investment. It is a common measure of assessing an active manager’s performance as it is the return in excess of a benchmark index or “risk-free” investment. The difference between the fair and actually expected rates of return on a stock is called the stock’s alpha.

Beta is a quantitative measure of the volatility of a given stock relative to the overall market. A beta above one is more volatile than the overall market, while a beta below one is less volatile.

CFA^® stands for Chartered Financial Analyst and is a trademark owned by the CFA Institute.

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.

Diversification does not eliminate the risk of experiencing investment losses.

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

The government debt multiplier takes into account all of the direct and indirect effects on the economy. Contrary to conventional wisdom, it may be positive or negative. When negative, the multiplier indicates that the adverse effects on the private sector outweighed the first-round effect of the government borrowing funds and then putting them to use. If the direct and indirect effects balance each other out and the multiplier is zero, this is known as the Ricardian equivalence.

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.

An initial public offering (IPO) is a company’s first sale of stock to the public.

The marginal revenue product of debt (MRPD) is the ratio of GDP to debt.

Per capita GDP is a universal measure for gauging the prosperity of nations. It is calculated by dividing GDP by a country’s total population.

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.

Return on capital is a measure of how effectively a company uses the money, owned or borrowed, that has been invested in its operations.

Return on equity (ROE) measures a company’s efficiency at generating profits from shareholders’ equity.

Sales growth is the increase in sales over a specified period of time, not necessarily one year.

A short sale is when an investor sells a stock that has been borrowed in anticipation of a decline in the stock’s price. If the price of the stock falls, the investor makes a profit by repurchasing the stock at the lower price and returning it to the lender. However, the risk is that if the price of the stock rises and the investor must repurchase the stock at a higher price, the investor will incur a loss.

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

The velocity of money (V) is defined as the rate at which money circulates, changes hands or turns over in an economy.

INDEX DESCRIPTIONS AND DISCLOSURES

The Bloomberg Barclays US Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid adjustable-rate mortgage [ARM] pass-throughs), asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS) (agency and non-agency).

The MSCI AC (All Country) World Index captures large- and mid-cap representation across 23 developed-market and 27 emerging-market countries.

The MSCI AC (All Country) World ex USA Small Cap Index is an unmanaged index and includes reinvestment of all dividends of issuers located in countries throughout the world representing developed and emerging markets, excluding securities of U.S. issuers. This index is a free float adjusted market capitalization index designed to measure the performance of small-capitalization securities.

The MSCI AC (All Country) World Small Cap Index is an unmanaged index and includes reinvestment of all dividends of issuers located in countries throughout the world representing developed and emerging markets. This index is a free float adjusted market capitalization index designed to measure the performance of small-capitalization securities.

The MSCI AC (All Country) World Value Index captures large- and mid-cap securities exhibiting overall value style characteristics across 23 developed-market countries and 27 emerging-market countries.

The MSCI China Index captures large- and mid-cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g. ADRs). The index covers about 85% of this China equity universe. Currently, the


Wasatch Funds Management Discussions		SEPTEMBER 30, 2021

INDEX DESCRIPTIONS AND DISCLOSURES (continued)

Index includes large-cap A and mid-cap A shares represented at 20% of their free float adjusted market capitalization.

The MSCI EAFE Index is an unmanaged index and includes reinvestment of all dividends of issuers located in 21 developed-market countries, excluding the U.S. and Canada. The Index is a free float adjusted market capitalization index designed to measure the performance of mid-cap and large-cap securities.

The MSCI Emerging Markets Index captures large- and mid-cap representation across 27 emerging-market countries.

The MSCI Emerging Markets Small Cap Index captures small-cap representation across 27 emerging-market countries.

The MSCI Frontier Emerging Markets and MSCI Frontier Markets indexes are free float adjusted market capitalization indexes designed to measure equity market performance in the global frontier and emerging markets.

The MSCI India Investable Market Index (IMI) covers all investable large-, mid- and small-cap securities across India, targeting approximately 99% of the Indian market’s free float adjusted market capitalization.

The MSCI World ex USA Index captures large- and mid-cap representation across 22 of 23 developed market countries, excluding the United States.

The MSCI World ex USA Small Cap Index is a free float adjusted market capitalization weighted index designed to measure the equity market performance of developed markets, excluding the United States.

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)

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.

The Russell 2000 Growth Index measures the performance of Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 2000 Value Index measures the performance of Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.

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.

Pertaining to the use of Russell information. All rights in the Russell 2000, Russell 2000 Growth, Russell 2000 Value and Russell Microcap vest in the relevant London Stock Exchange Group PLC (collectively, the “LSE Group”), which owns these indexes. Russell^® is a trademark of the relevant LSE Group company and is used by any other LSE Group company under license. These indexes are calculated by or on behalf of FTSE International Limited or its affiliate, agent or partner. The LSE Group does not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of any Wasatch portfolio. The LSE Group makes no claim, prediction, warranty or representation either as to the results to be obtained from any Wasatch portfolio or the suitability of these indexes for the purpose to which they are being put by Wasatch Global Investors.

You cannot invest directly in these or any indexes.


Wasatch Funds		SEPTEMBER 30, 2021

Operating Expenses

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 September 30, 2021.

ACTUAL EXPENSES

The first line of the table on the next page 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 September 30, 2021. 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.

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 expenses 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.


Wasatch Funds		SEPTEMBER 30, 2021

Operating Expenses (continued)


	Account Value
Fund/Class and Return	Beginning of Period April 1, 2021			End of Period September 30, 2021			Expenses Paid During Period*			Annualized Expense Ratio*
Core Growth Fund — Investor Class
Actual		$	1,000.00		$	1,084.30		$	6.11		1.17%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.20		$	5.92		1.17%
Core Growth Fund — Institutional Class
Actual		$	1,000.00		$	1,084.90		$	5.49		1.05%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05%
Emerging India Fund — Investor Class
Actual		$	1,000.00		$	1,250.00		$	8.46		1.50%
Hypothetical (5% before expenses)		$	1,000.00		$	1,017.55		$	7.59		1.50%
Emerging India Fund — Institutional Class
Actual		$	1,000.00		$	1,250.90		$	7.73		1.37%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.20		$	6.93		1.37%
Emerging Markets Select Fund — Investor Class
Actual		$	1,000.00		$	1,208.90		$	7.31		1.32%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.45		$	6.68		1.32%
Emerging Markets Select Fund — Institutional Class
Actual		$	1,000.00		$	1,209.70		$	6.48		1.17%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.20		$	5.92		1.17%
Emerging Markets Small Cap Fund — Investor Class
Actual		$	1,000.00		$	1,191.50		$	10.27		1.87%
Hypothetical (5% before expenses)		$	1,000.00		$	1,015.69		$	9.45		1.87%
Emerging Markets Small Cap Fund — Institutional Class
Actual		$	1,000.00		$	1,189.40		$	9.60		1.75%
Hypothetical (5% before expenses)		$	1,000.00		$	1,016.29		$	8.85		1.75%
Frontier Emerging Small Countries Fund — Investor Class
Actual		$	1,000.00		$	1,122.40		$	11.17		2.10%
Hypothetical (5% before expenses)		$	1,000.00		$	1,014.54		$	10.61		2.10%
Frontier Emerging Small Countries Fund — Institutional Class
Actual		$	1,000.00		$	1,126.30		$	10.39		1.95%
Hypothetical (5% before expenses)		$	1,000.00		$	1,015.29		$	9.85		1.95%
Global Opportunities Fund — Investor Class
Actual		$	1,000.00		$	1,163.70		$	7.92		1.46%
Hypothetical (5% before expenses)		$	1,000.00		$	1,017.75		$	7.39		1.46%
Global Opportunities Fund — Institutional Class
Actual		$	1,000.00		$	1,166.70		$	7.33		1.35%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.30		$	6.83		1.35%
Global Select Fund — Investor Class
Actual		$	1,000.00		$	1,139.70		$	7.24		1.35%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.30		$	6.83		1.35%
Global Select Fund — Institutional Class
Actual		$	1,000.00		$	1,141.80		$	5.10		0.95%
Hypothetical (5% before expenses)		$	1,000.00		$	1,020.31		$	4.81		0.95%
Global Value Fund — Investor Class
Actual		$	1,000.00		$	1,017.40		$	5.56		1.10%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.55		$	5.57		1.10%
Global Value Fund — Institutional Class
Actual		$	1,000.00		$	1,019.30		$	5.16		1.02%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.95		$	5.17		1.02%
Greater China Fund — Investor Class
Actual		$	1,000.00		$	923.90		$	7.28		1.51%
Hypothetical (5% before expenses)		$	1,000.00		$	1,017.50		$	7.64		1.51%
Greater China Fund — Institutional Class
Actual		$	1,000.00		$	925.50		$	6.08		1.26%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.75		$	6.38		1.26%


Wasatch Funds		SEPTEMBER 30, 2021

Operating Expenses (continued)


	Account Value
Fund/Class and Return	Beginning of Period April 1, 2021			End of Period September 30, 2021			Expenses Paid During Period*			Annualized Expense Ratio*
International Growth Fund — Investor Class
Actual		$	1,000.00		$	1,135.50		$	7.44		1.39%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.10		$	7.03		1.39%
International Growth Fund — Institutional Class
Actual		$	1,000.00		$	1,135.90		$	7.01		1.31%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.50		$	6.63		1.31%
International Opportunities Fund — Investor Class
Actual		$	1,000.00		$	1,037.50		$	9.60		1.88%
Hypothetical (5% before expenses)		$	1,000.00		$	1,015.64		$	9.50		1.88%
International Opportunities Fund — Institutional Class
Actual		$	1,000.00		$	1,037.00		$	9.65		1.89%
Hypothetical (5% before expenses)		$	1,000.00		$	1,015.59		$	9.55		1.89%
International Select Fund — Investor Class
Actual		$	1,000.00		$	1,126.50		$	6.98		1.31%
Hypothetical (5% before expenses)		$	1,000.00		$	1,018.50		$	6.63		1.31%
International Select Fund — Institutional Class
Actual		$	1,000.00		$	1,128.50		$	4.86		0.91%
Hypothetical (5% before expenses)		$	1,000.00		$	1,020.51		$	4.61		0.91%
Micro Cap Fund — Investor Class
Actual		$	1,000.00		$	952.90		$	8.08		1.65%
Hypothetical (5% before expenses)		$	1,000.00		$	1,016.80		$	8.34		1.65%
Micro Cap Fund — Institutional Class
Actual		$	1,000.00		$	953.60		$	7.69		1.57%
Hypothetical (5% before expenses)		$	1,000.00		$	1,017.20		$	7.94		1.57%
Micro Cap Value Fund — Investor Class
Actual		$	1,000.00		$	1,092.10		$	8.60		1.64%
Hypothetical (5% before expenses)		$	1,000.00		$	1,016.85		$	8.29		1.64%
Micro Cap Value Fund — Institutional Class
Actual		$	1,000.00		$	1,091.70		$	8.39		1.60%
Hypothetical (5% before expenses)		$	1,000.00		$	1,017.05		$	8.09		1.60%
Small Cap Growth Fund — Investor Class
Actual		$	1,000.00		$	1,055.80		$	5.77		1.12%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.45		$	5.67		1.12%
Small Cap Growth Fund — Institutional Class
Actual		$	1,000.00		$	1,056.20		$	5.41		1.05%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05%
Small Cap Value Fund — Investor Class
Actual		$	1,000.00		$	1,019.10		$	5.97		1.18%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.15		$	5.97		1.18%
Small Cap Value Fund — Institutional Class
Actual		$	1,000.00		$	1,019.90		$	5.32		1.05%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05%
Ultra Growth Fund — Investor Class
Actual		$	1,000.00		$	1,029.70		$	5.95		1.17%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.20		$	5.92		1.17%
Ultra Growth Fund — Institutional Class
Actual		$	1,000.00		$	1,030.10		$	5.39		1.06%
Hypothetical (5% before expenses)		$	1,000.00		$	1,019.75		$	5.37		1.06%
U.S. Treasury Fund
Actual		$	1,000.00		$	1,090.00		$	3.46		0.66%
Hypothetical (5% before expenses)		$	1,000.00		$	1,021.76		$	3.35		0.66%

*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 (183/365).


Wasatch Core Growth Fund (WGROX / WIGRX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 99.2%

		Airlines 1.2%
	249,856	Allegiant Travel Co.*	$	48,841,851


		Application Software 6.0%
	256,938	Avalara, Inc.*		44,905,054
	373,094	Clearwater Analytics Holdings, Inc., Class A*		9,554,937
	499,726	Guidewire Software, Inc.*		59,402,430
	220,049	Paylocity Holding Corp.*		61,701,740
	838,182	Q2 Holdings, Inc.*		67,171,905

				242,736,066


		Asset Management & Custody Banks 5.7%
	923,171	Cohen & Steers, Inc.		77,334,035
	976,899	Focus Financial Partners, Inc., Class A*		51,160,200
	1,179,317	Hamilton Lane, Inc., Class A		100,029,668

				228,523,903


		Auto Parts & Equipment 2.0%
	3,632,747	Holley, Inc.*		43,374,999
	501,270	XPEL, Inc.*		38,026,342

				81,401,341


		Automotive Retail 1.3%
	936,405	Monro, Inc.		53,852,652


		Building Products 3.8%
	4,306,322	Janus International Group, Inc.*		52,709,381
	1,008,293	Trex Co., Inc.*		102,775,306

				155,484,687


		Commercial Printing 0.7%
	343,145	Cimpress PLC*		29,795,280


		Commodity Chemicals 1.7%
	2,230,965	Valvoline, Inc.		69,561,489


		Data Processing & Outsourced Services 2.7%
	415,761	Euronet Worldwide, Inc.*		52,918,060
	322,139	WEX, Inc.*		56,741,564

				109,659,624


		Distillers & Vintners 1.4%
	2,456,980	Duckhorn Portfolio, Inc.*		56,240,272


		Distributors 2.4%
	218,854	Pool Corp.		95,072,366


		Education Services 0.9%
	406,286	Grand Canyon Education, Inc.*		35,736,917


		Electronic Equipment & Instruments 2.7%
	708,842	Novanta, Inc.*		109,516,089


		Electronic Manufacturing Services 2.5%
	973,662	Fabrinet*		99,810,092


Shares			Value


		Financial Exchanges & Data 5.1%
	431,029	Morningstar, Inc.	$	111,649,442
	2,608,219	Open Lending Corp., Class A*		94,078,459

				205,727,901


		General Merchandise Stores 2.0%
	1,315,277	Ollie’s Bargain Outlet Holdings, Inc.*		79,284,898


		Health Care Facilities 2.6%
	1,141,543	Ensign Group, Inc.		85,490,155
	737,150	Pennant Group, Inc.*		20,706,544

				106,196,699


		Health Care Supplies 2.1%
	1,987,296	Neogen Corp.*		86,308,265


		Home Improvement Retail 1.9%
	630,222	Floor & Decor Holdings, Inc., Class A*		76,124,515


		Homebuilding 1.4%
	517,061	Installed Building Products, Inc.		55,403,086


		Industrial Machinery 10.0%
	1,769,671	Altra Industrial Motion Corp.		97,951,290
	943,387	Barnes Group, Inc.		39,367,539
	1,001,548	Helios Technologies, Inc.		82,237,106
	491,597	Kadant, Inc.		100,334,948
	394,379	RBC Bearings, Inc.*		83,687,224

				403,578,107


		Interactive Media & Services 2.1%
	3,119,002	ZipRecruiter, Inc., Class A*		86,084,455


		Internet & Direct Marketing Retail 1.5%
	1,922,956	1-800-Flowers.com, Inc., Class A* ‡‡		58,669,388


		IT Consulting & Other Services 1.8%
	253,210	Globant SA*		71,154,542


		Leisure Products 3.1%
	1,809,026	Callaway Golf Co.*		49,983,388
	890,926	YETI Holdings, Inc.*		76,343,449

				126,326,837


		Life Sciences Tools & Services 5.8%
	453,408	ICON PLC*		118,801,964
	613,444	Medpace Holdings, Inc.*		116,112,680

				234,914,644


		Managed Health Care 1.9%
	1,163,352	HealthEquity, Inc.*		75,338,676


		Metal & Glass Containers 1.4%
	1,692,373	TriMas Corp.*		54,765,190


		Pharmaceuticals 0.8%
	844,477	Intra-Cellular Therapies, Inc.*		31,482,103


Wasatch Core Growth Fund (WGROX / WIGRX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value


		Regional Banks 6.0%
	2,678,600	Bank OZK	$	115,126,228
	881,523	Eagle Bancorp, Inc.		50,687,572
	1,391,439	Webster Financial Corp.		75,777,768

				241,591,568


		Semiconductors 2.2%
	180,388	Monolithic Power Systems, Inc.		87,430,456


		Specialized Consumer Services 2.3%
	1,830,786	Mister Car Wash, Inc.*		33,411,845
	1,461,318	Terminix Global Holdings, Inc.*		60,893,121

				94,304,966


		Specialized REITs 1.4%
	1,068,736	National Storage Affiliates Trust		56,418,573


		Specialty Chemicals 2.7%
	762,788	Balchem Corp.		110,657,655


		Specialty Stores 3.0%
	480,737	Five Below, Inc.*		84,999,109
	626,123	National Vision Holdings, Inc.*		35,545,003

				120,544,112


		Systems Software 3.1%
	801,653	CyberArk Software Ltd.*		126,516,876


		Total Common Stocks (cost $2,589,268,323)		4,005,056,141


Principal Amount			Value


		SHORT-TERM INVESTMENTS 1.2%

		Repurchase Agreement 1.2%
$	49,554,905	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $50,808,000 of United States Treasury Notes 1.250% due 9/30/28; value: $50,546,034; repurchase proceeds: $49,554,905 (cost $49,554,905)	$	49,554,905


		Total Short-Term Investments (cost $49,554,905)		49,554,905


		Total Investments (cost $2,638,823,228) 100.4%		4,054,611,046

		Liabilities less Other Assets (0.4%)¹		(15,232,510	)


		Net Assets 100.0%	$	4,039,378,536


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 12). ‡‡Affiliated company (see Note 8). ¹The Fund entered into a commitment with a SPAC to purchase PIPE shares if and when the SPAC completes its merger or acquisition. Unfunded commitments with SPACs are not reflected in the Schedule of Investments. An unfunded commitment with a SPAC is recorded at net unrealized appreciation (depreciation) and is included in Liabilities less Other Assets.

Wasatch Core Growth Fund’s unfunded commitment with a SPAC outstanding as of September 30, 2021:

Issuer

Shares

Unfunded

Commitment

Amount

Current

Value

Unrealized

Depreciation

Aldel Financial, Inc.***

3,000,000

30,000,000

28,260,000

(1,740,000

)


		PIPE Private Investment in Public Equity. REIT Real Estate Investment Trust. SPAC Special Purpose Acquisition Company.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Core Growth Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Argentina		1.8
Ireland		3.0
Israel		3.1
United States		92.1

TOTAL		100.0	%


Wasatch Emerging India Fund (WAINX / WIINX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 103.4%

		Apparel, Accessories & Luxury Goods 2.7%
	38,894	Page Industries Ltd.	$	16,576,854


		Brewers 2.2%
	638,527	United Breweries Ltd.		13,533,769


		Commodity Chemicals 3.5%
	1,991,288	Berger Paints India Ltd.		21,648,337


		Consumer Finance 12.9%
	640,325	Bajaj Finance Ltd.		65,939,085
	1,003,892	SBI Cards & Payment Services Ltd.*		13,820,648

				79,759,733


		Department Stores 5.1%
	2,267,655	Trent Ltd.		31,372,043


		Diversified Banks 9.1%
	1,790,201	HDFC Bank Ltd.		38,220,974
	663,917	Kotak Mahindra Bank Ltd.		17,822,628

				56,043,602


		Food Retail 4.8%
	519,514	Avenue Supermarts Ltd.*		29,591,093


		Health Care Services 5.7%
	716,833	Dr. Lal PathLabs Ltd.		35,495,672


		Industrial Conglomerates 1.4%
	25,971	3M India Ltd.*		8,567,119


		Industrial Machinery 4.7%
	9,275,113	Elgi Equipments Ltd.		25,452,389
	55,242	GMM Pfaudler Ltd.		3,277,283

				28,729,672


		Interactive Media & Services 6.3%
	450,585	Info Edge India Ltd.		38,913,592


		IT Consulting & Other Services 17.2%
	609,172	Larsen & Toubro Infotech Ltd.		47,216,029
	1,051,342	Mindtree Ltd.		59,161,220

				106,377,249


		Life Sciences Tools & Services 6.2%
	589,527	Divi’s Laboratories Ltd.		38,073,287


		Personal Products 0.9%
	30,117	Procter & Gamble Hygiene & Health Care Ltd.		5,700,229


		Property & Casualty Insurance 3.9%
	1,136,286	ICICI Lombard General Insurance Co. Ltd.		24,177,340


		Regional Banks 4.0%
	1,582,726	AU Small Finance Bank Ltd.*		24,754,199


Shares			Value


		Research & Consulting Services 6.9%
	673,083	L&T Technology Services Ltd.	$	42,361,570


		Specialty Chemicals 2.6%
	369,186	Asian Paints Ltd.		16,109,746


		Systems Software 0.3%
	21,585	Tata Elxsi Ltd.		1,626,563


		Thrifts & Mortgage Finance 3.0%
	544,896	Aavas Financiers Ltd.*		18,635,659


		Total Common Stocks (cost $335,475,068)		638,047,328


Principal Amount			Value


		SHORT-TERM INVESTMENTS 2.0%

		Repurchase Agreement 2.0%
$	12,473,809	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $12,789,300 of United States Treasury Notes 1.250% due 9/30/28; value: $12,723,358; repurchase proceeds: $12,473,809 (cost $12,473,809)	$	12,473,809


		Total Short-Term Investments (cost $12,473,809)		12,473,809


		Total Investments (cost $347,948,877) 105.4%^§		650,521,137

		Liabilities less Other Assets (5.4%)		(33,503,452	)


		Net Assets 100.0%	$	617,017,685


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 102.22%.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Emerging India Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
India		100.0

TOTAL		100.0	%


Wasatch Emerging Markets Select Fund (WAESX / WIESX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 94.1%

		Airport Services 2.5%
	563,024	Grupo Aeroportuario del Pacifico SAB de CV, Class B*	$	6,546,315


		Apparel, Accessories & Luxury Goods 1.6%
	10,054	Page Industries Ltd.		4,285,075


		Consumer Finance 7.0%
	178,579	Bajaj Finance Ltd.		18,389,624


		Data Processing & Outsourced Services 1.3%
	64,596	Dlocal Ltd.*		3,524,358


		Department Stores 2.9%
	549,674	Trent Ltd.		7,604,506


		Diversified Banks 9.1%
	591,322	HDFC Bank Ltd.		12,624,785
	125,141	TCS Group Holding PLC, GDR		11,379,256

				24,004,041


		Drug Retail 1.9%
	1,157,630	Raia Drogasil SA		4,967,876


		Electrical Components & Equipment 6.7%
	197,170	Voltronic Power Technology Corp.		12,023,363
	774,502	WEG SA		5,636,233

				17,659,596


		General Merchandise Stores 1.2%
	1,182,400	Magazine Luiza SA		3,113,550


		Industrial Machinery 2.8%
	371,000	Techtronic Industries Co. Ltd.		7,331,533


		Interactive Home Entertainment 5.6%
	46,607	Sea Ltd., ADR*		14,855,049


		Internet & Direct Marketing Retail 8.3%
	112,600	Meituan, Class B*		3,594,352
	6,970	MercadoLibre, Inc.*		11,705,418
	115,300	momo.com, Inc.		6,682,381

				21,982,151


		IT Consulting & Other Services 11.0%
	47,946	Globant SA*		13,473,306
	200,289	Larsen & Toubro Infotech Ltd.		15,524,107

				28,997,413


		Life & Health Insurance 1.7%
	497,798	Discovery Ltd.*		4,548,506


		Life Sciences Tools & Services 3.8%
	620,000	Wuxi Biologics Cayman, Inc.*		10,056,579


		Managed Health Care 1.9%
	1,987,400	Hapvida Participacoes e Investimentos SA		4,959,604


Shares			Value


		Personal Products 0.8%
	1,995	LG Household & Health Care Ltd.	$	2,249,207


		Pharmaceuticals 0.8%
	272,388	Jiangsu Hengrui Medicine Co. Ltd., Class A		2,114,797


		Property & Casualty Insurance 2.3%
	194,935	ICICI Lombard General Insurance Co. Ltd.		4,147,732
	434,686	Qualitas Controladora SAB de CV		1,999,326

				6,147,058


		Regional Banks 1.6%
	263,911	AU Small Finance Bank Ltd.*		4,127,629


		Semiconductor Equipment 4.2%
	48,700	Lasertec Corp.		11,086,922


		Semiconductors 8.4%
	98,297	ASPEED Technology, Inc.		8,095,349
	96,959	Silergy Corp.		14,103,024

				22,198,373


		Specialized Finance 3.4%
	1,034,223	Chailease Holding Co. Ltd.		9,082,645


		Specialty Chemicals 1.8%
	111,207	Asian Paints Ltd.		4,852,612


		Systems Software 1.5%
	52,845	Tata Elxsi Ltd.		3,957,925


		Total Common Stocks (cost $190,276,649)		248,642,944


Wasatch Emerging Markets Select Fund (WAESX / WIESX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Principal Amount			Value


		SHORT-TERM INVESTMENTS 15.0%

		Repurchase Agreement 15.0%
$	39,574,734	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $40,575,500 of United States Treasury Notes 1.250% due 9/30/28; value: $40,366,293; repurchase proceeds: $39,574,734 (cost $39,574,734)	$	39,574,734


		Total Short-Term Investments (cost $39,574,734)		39,574,734


		Total Investments (cost $229,851,383) 109.1%^§		288,217,678

		Liabilities less Other Assets (9.1%)		(23,991,381	)


		Net Assets 100.0%	$	264,226,297


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 67.31%. ADR American Depositary Receipt. GDR Global Depositary Receipt.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Emerging Markets Select Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Argentina		5.4
Brazil		7.5
China		6.3
Hong Kong		3.0
India		30.4
Japan		4.5
Mexico		3.4
Russia		4.6
Singapore		6.0
South Africa		1.8
South Korea		0.9
Taiwan		20.1
United States		4.7
Uruguay		1.4

TOTAL		100.0	%


Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 98.3%

		Airport Services 1.9%
	2,078,025	Grupo Aeroportuario del Centro Norte SAB de CV*	$	12,220,597


		Asset Management & Custody Banks 1.4%
	13,969,774	VEF AB*		8,969,305


		Commodity Chemicals 2.0%
	1,197,391	Berger Paints India Ltd.		13,017,466


		Communications Equipment 0.9%
	651,000	Accton Technology Corp.		6,135,387


		Consumer Finance 6.3%
	220,415	Bajaj Finance Ltd.		22,697,792
	2,110,475	Muangthai Capital Public Co. Ltd.		3,633,373
	2,414,829	Srisawad Corp. Public Co. Ltd.		4,496,356
	6,894,408	Unifin Financiera SAB de CV*		10,020,214

				40,847,735


		Data Processing & Outsourced Services 1.1%
	7,928,940	Fawry for Banking & Payment Technology Services SAE*		7,159,613


		Department Stores 2.5%
	26,926	Poya International Co. Ltd.		454,965
	1,111,681	Trent Ltd.		15,379,634

				15,834,599


		Diversified Banks 3.7%
	259,390	TCS Group Holding PLC, GDR		23,586,717


		Drug Retail 2.7%
	282,185	Clicks Group Ltd.		5,203,803
	2,795,550	Raia Drogasil SA		11,996,879

				17,200,682


		Electrical Components & Equipment 6.2%
	659,863	Voltronic Power Technology Corp.		40,238,234


		Electronic Equipment & Instruments 1.2%
	1,203,616	Chroma ATE, Inc.		7,537,789


		Electronic Manufacturing Services 1.6%
	101,910	Fabrinet*		10,446,794


		General Merchandise Stores 1.1%
	2,616,564	Magazine Luiza SA		6,890,057


		Health Care Equipment 0.0%
	667	Microport Scientific Corp.		3,740


		Health Care Facilities 1.2%
	27,060,361	Cleopatra Hospital*		7,698,733


		Health Care Services 3.0%
	384,446	Dr. Lal PathLabs Ltd.		19,036,748


Shares			Value


		Health Care Supplies 0.2%
	441,870	Shanghai Kindly Medical Instruments Co. Ltd., Class H	$	1,189,490


		Hotels, Resorts & Cruise Lines 1.0%
	1,394,570	Huazhu Group Ltd.*		6,392,234


		Human Resource & Employment Services 3.4%
	451,859	HeadHunter Group PLC, ADR		22,050,719


		Industrial Conglomerates 0.8%
	16,254	3M India Ltd.*		5,361,748


		Insurance Brokers 1.8%
	3,752,285	TQM Corp. Public Co. Ltd.		11,588,999


		Interactive Media & Services 2.3%
	172,867	Info Edge India Ltd.		14,929,205


		Internet & Direct Marketing Retail 3.8%
	422,500	momo.com, Inc.		24,486,607


		IT Consulting & Other Services 13.7%
	95,972	Globant SA*		26,969,092
	335,075	Larsen & Toubro Infotech Ltd.		25,971,172
	624,789	Mindtree Ltd.		35,158,188

				88,098,452


		Life & Health Insurance 1.1%
	773,530	Discovery Ltd.*		7,067,939


		Pharmaceuticals 0.0%
	13,017,213	China Animal Healthcare Ltd.* *** ^§§		16,722


		Property & Casualty Insurance 3.4%
	631,929	ICICI Lombard General Insurance Co. Ltd.		13,445,877
	1,819,584	Qualitas Controladora SAB de CV		8,369,126

				21,815,003


		Regional Banks 3.9%
	1,127,181	AU Small Finance Bank Ltd.*		17,629,370
	1,282,362	Regional SAB de CV		7,338,256

				24,967,626


		Research & Consulting Services 3.9%
	400,585	L&T Technology Services Ltd.		25,211,467


		Semiconductor Equipment 1.9%
	868,000	Advanced Wireless Semiconductor Co.		4,396,765
	80,000	Tokai Carbon Korea Co. Ltd.		7,736,481

				12,133,246


		Semiconductors 17.4%
	248,774	ASPEED Technology, Inc.		20,488,035
	138,006	LEENO Industrial, Inc.		20,370,725
	209,735	Parade Technologies Ltd.		12,276,909
	320,143	Silergy Corp.		46,565,914
	1,259,040	Sino Wealth Electronic Ltd., Class A		12,085,456

				111,787,039


Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value


		Specialty Stores 1.4%
	2,061,000	Pet Center Comercio e Participacoes SA	$	8,878,678


		Thrifts & Mortgage Finance 1.5%
	290,877	Aavas Financiers Ltd.*		9,948,109


		Total Common Stocks (cost $306,924,262)		632,747,479


Principal Amount			Value


		SHORT-TERM INVESTMENTS 3.5%

		Repurchase Agreement 3.5%
$	22,209,190	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $22,770,800 of United States Treasury Notes 1.250% due 9/30/28; value: $22,653,394; repurchase proceeds: $22,209,190 (cost $22,209,190)	$	22,209,190


		Total Short-Term Investments (cost $22,209,190)		22,209,190


		Total Investments (cost $329,133,452) 101.8%^§		654,956,669

		Liabilities less Other Assets (1.8%)		(11,598,313	)


		Net Assets 100.0%	$	643,358,356


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 12). ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 75.02%. ^§§The aggregate value of illiquid holdings at September 30, 2021, amounted to approximately $16,722, and represented 0.00% of net assets. ADR American Depositary Receipt. GDR Global Depositary Receipt.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Emerging Markets Small Cap Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Argentina		4.3
Brazil		4.4
China		3.1
Egypt		2.4
India		34.4
Mexico		6.0
Russia		7.2
South Africa		1.9
South Korea		4.4
Sweden		1.4
Taiwan		25.7
Thailand		3.1
United States		1.7

TOTAL		100.0	%


Wasatch Frontier Emerging Small Countries Fund (WAFMX / WIFMX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 96.2%

		Airport Services 1.7%
	197,500	Grupo Aeroportuario del Centro Norte SAB de CV*	$	1,161,472


		Asset Management & Custody Banks 8.8%
	1,691,900	DCVFMVN Diamond ETF*		1,947,184
	6,545,108	VEF AB*		4,202,292

				6,149,476


		Computer & Electronics Retail 1.6%
	197,550	Mobile World Investment Corp.		1,105,973


		Consumer Finance 11.1%
	55,970	Bajaj Finance Ltd.		5,763,652
	267,400	Srisawad Corp. Public Co. Ltd.		497,893
	1,005,651	Unifin Financiera SAB de CV*		1,461,596

				7,723,141


		Data Processing & Outsourced Services 5.8%
	472	Adyen NV*		1,319,411
	23,584	Dlocal Ltd.*		1,286,743
	1,565,767	Fawry for Banking & Payment Technology Services SAE*		1,413,844

				4,019,998


		Diversified Banks 10.9%
	366,200	Bank for Foreign Trade of Vietnam JSC		1,564,284
	66,480	TCS Group Holding PLC, GDR		6,045,125

				7,609,409


		Drug Retail 0.7%
	113,800	Raia Drogasil SA		488,364


		Electrical Components & Equipment 1.7%
	164,800	WEG SA		1,199,288


		Food Retail 1.5%
	12,601	Dino Polska SA*		1,052,499


		General Merchandise Stores 2.8%
	84,770	Fix Price Group Ltd., GDR		761,658
	436,500	Magazine Luiza SA		1,149,412

				1,911,070


		Health Care Facilities 2.7%
	6,633,162	Cleopatra Hospital*		1,887,149


		Home Improvement Retail 3.0%
	3,939,100	Wilcon Depot, Inc.		2,118,444


		Human Resource & Employment Services 3.5%
	50,356	HeadHunter Group PLC, ADR		2,457,373


		Hypermarkets & Super Centers 0.2%
	4,778	InRetail Peru Corp.		159,585


Shares			Value


		Insurance Brokers 2.0%
	457,988	TQM Corp. Public Co. Ltd.	$	1,414,504


		Interactive Home Entertainment 8.9%
	19,487	Sea Ltd., ADR*		6,211,092


		Internet & Direct Marketing Retail 6.5%
	2,705	MercadoLibre, Inc.*		4,542,777


		IT Consulting & Other Services 10.1%
	886,114	FPT Corp.		3,614,504
	12,259	Globant SA*		3,444,902

				7,059,406


		Life & Health Insurance 2.5%
	186,856	Discovery Ltd.*		1,707,351


		Property & Casualty Insurance 1.4%
	213,528	Qualitas Controladora SAB de CV		982,116


		Regional Banks 2.7%
	332,300	Regional SAB de CV		1,901,571


		Semiconductor Equipment 1.6%
	26,502	Camtek Ltd.*		1,073,596


		Specialty Stores 1.8%
	297,665	Pet Center Comercio e Participacoes SA		1,282,325


		Wireless Telecommunication Services 2.7%
	4,919,838	Safaricom PLC		1,892,245


		Total Common Stocks (cost $43,143,939)		67,110,224


Wasatch Frontier Emerging Small Countries Fund (WAFMX / WIFMX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Principal Amount			Value


		SHORT-TERM INVESTMENTS 4.8%

		Repurchase Agreement 4.8%
$	3,362,821	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $3,447,900 of United States Treasury Notes 1.250% due 9/30/28; value: $3,430,123; repurchase proceeds: $3,362,821 (cost $3,362,821)	$	3,362,821


		Total Short-Term Investments (cost $3,362,821)		3,362,821


		Total Investments (cost $46,506,760) 101.0%^§		70,473,045

		Liabilities less Other Assets (1.0%)		(676,426	)


		Net Assets 100.0%	$	69,796,619


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 46.83%. ADR American Depositary Receipt. ETF Exchange-Traded Fund. GDR Global Depositary Receipt.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Frontier Emerging Small Countries Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Argentina		5.1
Brazil		6.1
Egypt		4.9
India		8.6
Israel		1.6
Kenya		2.8
Mexico		8.2
Netherlands		2.0
Peru		0.2
Philippines		3.2
Poland		1.6
Russia		13.8
Singapore		9.3
South Africa		2.5
Sweden		6.3
Thailand		2.8
United States		6.8
Uruguay		1.9
Vietnam		12.3

TOTAL		100.0	%


Wasatch Global Opportunities Fund (WAGOX / WIGOX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 99.6%

		Airlines 1.0%
	12,835	Allegiant Travel Co.*	$	2,508,986


		Application Software 7.8%
	3,842	HubSpot, Inc.*		2,597,538
	13,124	Paylocity Holding Corp.*		3,679,970
	63,396	Q2 Holdings, Inc.*		5,080,555
	191,618	Systena Corp.		3,856,830
	310,872	Technology One Ltd.		2,509,987
	19,281	Zendesk, Inc.*		2,244,116

				19,968,996


		Asset Management & Custody Banks 2.3%
	44,873	Hamilton Lane, Inc., Class A		3,806,128
	64,800	WealthNavi, Inc.*		1,985,519

				5,791,647


		Automotive Retail 1.0%
	43,023	Monro, Inc.		2,474,253


		Biotechnology 1.7%
	182,995	Abcam PLC*		3,693,581
	83,399	Sangamo Therapeutics, Inc.*		751,425

				4,445,006


		Building Products 2.1%
	52,579	Trex Co., Inc.*		5,359,378


		Commodity Chemicals 0.9%
	77,767	Valvoline, Inc.		2,424,775


		Consumer Finance 1.0%
	25,479	Bajaj Finance Ltd.		2,623,765


		Data Processing & Outsourced Services 1.5%
	18,609	Euronet Worldwide, Inc.*		2,368,554
	10,800	GMO Payment Gateway, Inc.		1,363,623

				3,732,177


		Diversified Real Estate Activities 1.1%
	102,720	Patrizia AG		2,718,823


		Diversified Support Services 1.0%
	18,082	Copart, Inc.*		2,508,335


		Drug Retail 0.9%
	31,900	Sugi Holdings Co. Ltd.		2,325,704


		Electrical Components & Equipment 2.7%
	111,896	Voltronic Power Technology Corp.		6,823,382


		Financial Exchanges & Data 2.6%
	183,323	Open Lending Corp., Class A*		6,612,461


		General Merchandise Stores 2.3%
	99,412	Ollie’s Bargain Outlet Holdings, Inc.*		5,992,555


Shares			Value


		Health Care Facilities 2.5%
	68,905	Ensign Group, Inc.	$	5,160,296
	43,416	Pennant Group, Inc.*		1,219,555

				6,379,851


		Health Care Services 1.1%
	56,573	Dr. Lal PathLabs Ltd.		2,801,345


		Health Care Supplies 1.4%
	65,200	Menicon Co. Ltd.		2,538,941
	16,970	Silk Road Medical, Inc.*		933,859

				3,472,800


		Health Care Technology 2.4%
	88,755	JMDC, Inc.*		6,062,899


		Home Improvement Retail 0.8%
	16,641	Floor & Decor Holdings, Inc., Class A*		2,010,066


		Homebuilding 1.7%
	29,901	LGI Homes, Inc.*		4,243,251


		Human Resource & Employment Services 1.7%
	118,100	SMS Co. Ltd.		4,302,301


		Industrial Machinery 8.7%
	93,242	Altra Industrial Motion Corp.		5,160,945
	29,139	Helios Technologies, Inc.		2,392,603
	65,457	Kornit Digital Ltd.*		9,474,246
	59,400	MISUMI Group, Inc.		2,527,413
	12,482	RBC Bearings, Inc.*		2,648,680

				22,203,887


		Interactive Media & Services 1.3%
	121,973	ZipRecruiter, Inc., Class A*		3,366,455


		Internet & Direct Marketing Retail 0.9%
	1,451	MercadoLibre, Inc.*		2,436,809


		IT Consulting & Other Services 7.8%
	19,508	Endava PLC, ADR*		2,650,162
	23,393	Globant SA*		6,573,667
	188,916	Mindtree Ltd.		10,630,699

				19,854,528


		Life Sciences Tools & Services 1.4%
	19,051	Medpace Holdings, Inc.*		3,605,973


		Managed Health Care 1.1%
	42,290	HealthEquity, Inc.*		2,738,700


		Packaged Foods & Meats 1.4%
	25,541	Freshpet, Inc.*		3,644,445


		Pharmaceuticals 1.2%
	46,314	Esperion Therapeutics, Inc.*		558,084
	69,100	Intra-Cellular Therapies, Inc.*		2,576,048

				3,134,132


		Property & Casualty Insurance 1.1%
	136,141	ICICI Lombard General Insurance Co. Ltd.		2,896,742


Wasatch Global Opportunities Fund (WAGOX / WIGOX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value


		Regional Banks 4.6%
	364,704	AU Small Finance Bank Ltd.*	$	5,704,054
	52,870	Bank OZK		2,272,353
	68,168	Eagle Bancorp, Inc.		3,919,660

				11,896,067


		Research & Consulting Services 7.7%
	17,500	BayCurrent Consulting, Inc.		8,762,589
	140,647	L&T Technology Services Ltd.		8,851,847
	70,000	Nihon M&A Center, Inc.		2,055,503

				19,669,939


		Restaurants 1.0%
	23,051	Domino’s Pizza Enterprises Ltd.		2,636,533


		Semiconductor Equipment 1.3%
	33,591	Nova Ltd.*		3,436,023


		Semiconductors 8.6%
	61,000	ASPEED Technology, Inc.		5,023,717
	21,545	Melexis NV		2,287,012
	10,112	Monolithic Power Systems, Inc.		4,901,084
	67,000	Silergy Corp.		9,745,383

				21,957,196


		Soft Drinks 1.0%
	78,855	Fevertree Drinks PLC		2,474,545


		Specialty Stores 1.0%
	14,926	Five Below, Inc.*		2,639,066


		Systems Software 2.9%
	26,550	CyberArk Software Ltd.*		4,190,121
	27,675	Rapid7, Inc.*		3,127,829

				7,317,950


		Thrifts & Mortgage Finance 1.9%
	145,478	Aavas Financiers Ltd.*		4,975,405


		Trading Companies & Distributors 3.2%
	87,767	Diploma PLC		3,337,359
	211,521	Electrocomponents PLC		3,062,106
	75,400	MonotaRO Co. Ltd.		1,689,724

				8,089,189


		Total Common Stocks (cost $137,816,845)		254,556,340


Principal Amount			Value


		SHORT-TERM INVESTMENTS 3.8%

		Repurchase Agreement 3.8%
$	9,829,328	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $10,077,900 of United States Treasury Notes 1.250% due 9/30/28; value: $10,025,938; repurchase proceeds: $9,829,328 (cost $9,829,328)	$	9,829,328


		Total Short-Term Investments (cost $9,829,328)		9,829,328


		Total Investments (cost $147,646,173) 103.4%^§		264,385,668

		Liabilities less Other Assets (3.4%)		(8,678,161	)


		Net Assets 100.0%	$	255,707,507


		*Non-income producing.

		^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 43.56%.

		ADR American Depositary Receipt.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Global Opportunities Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Argentina		2.6
Australia		2.0
Belgium		0.9
Germany		1.1
India		15.1
Israel		6.7
Japan		14.7
Taiwan		8.5
United Kingdom		6.0
United States		42.4

TOTAL		100.0	%


Wasatch Global Select Fund (WAGSX / WGGSX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 100.0%

		Application Software 6.8%
	11,653	Dassault Systemes SE	$	613,245
	1,584	DocuSign, Inc.*		407,769
	3,165	Xero Ltd.*		310,577

				1,331,591


		Biotechnology 2.6%
	25,080	Abcam PLC*		506,216


		Building Products 3.5%
	23,240	Assa Abloy AB, Class B		674,114


		Consumer Finance 4.7%
	8,967	Bajaj Finance Ltd.		923,400


		Data Processing & Outsourced Services 6.3%
	10,840	Amadeus IT Group SA*		712,966
	2,125	Square, Inc., Class A*		509,660

				1,222,626


		Department Stores 2.2%
	30,693	Trent Ltd.		424,625


		Distributors 3.0%
	1,326	Pool Corp.		576,028


		Diversified Banks 2.4%
	21,839	HDFC Bank Ltd.		466,265


		Diversified Support Services 3.9%
	5,494	Copart, Inc.*		762,128


		Drug Retail 4.7%
	107,500	Raia Drogasil SA		461,328
	3,600	Tsuruha Holdings, Inc.		443,959

				905,287


		Electronic Components 4.1%
	10,913	Amphenol Corp., Class A		799,159


		Electronic Equipment & Instruments 2.1%
	5,205	Cognex Corp.		417,545


		Financial Exchanges & Data 5.7%
	899	MarketAxess Holdings, Inc.		378,200
	2,823	Morningstar, Inc.		731,242

				1,109,442


		General Merchandise Stores 1.3%
	93,700	Magazine Luiza SA		246,735


		Health Care Equipment 2.7%
	2,539	DiaSorin SpA		531,695


		Health Care Supplies 2.3%
	2,903	Coloplast A/S, Class B		453,920


		Health Care Technology 4.3%
	5,700	JMDC, Inc.*		389,370
	1,520	Veeva Systems, Inc., Class A*		438,018

				827,388


Shares			Value


		Industrial Conglomerates 3.1%
	1,362	Roper Technologies, Inc.	$	607,629


		Industrial Machinery 3.3%
	15,100	MISUMI Group, Inc.		642,490


		Internet & Direct Marketing Retail 2.7%
	308	MercadoLibre, Inc.*		517,255


		IT Consulting & Other Services 2.4%
	1,634	Globant SA*		459,170


		Life Sciences Tools & Services 4.4%
	3,266	ICON PLC*		855,757


		Managed Health Care 2.3%
	6,834	HealthEquity, Inc.*		442,570


		Regional Banks 3.6%
	16,277	Bank OZK		699,586


		Research & Consulting Services 3.6%
	1,403	BayCurrent Consulting, Inc.		702,509


		Semiconductors 4.6%
	824	Monolithic Power Systems, Inc.		399,376
	3,400	Silergy Corp.		494,542

				893,918


		Specialty Stores 2.5%
	2,770	Five Below, Inc.*		489,764


		Trucking 4.9%
	7,714	Lyft, Inc., Class A*		413,393
	1,871	Old Dominion Freight Line, Inc.		535,069

				948,462


		Total Common Stocks (cost $15,132,621)		19,437,274


Wasatch Global Select Fund (WAGSX / WGGSX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Principal Amount			Value


		SHORT-TERM INVESTMENTS 0.7%

		Repurchase Agreement 0.7%
$	132,704	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $136,100 of United States Treasury Notes 1.250% due 9/30/28; value: $135,398; repurchase proceeds: $132,704 (cost $132,704)	$	132,704


		Total Short-Term Investments (cost $132,704)		132,704


		Total Investments (cost $15,265,325) 100.7%^§		19,569,978

		Liabilities less Other Assets (0.7%)		(131,108	)


		Net Assets 100.0%	$	19,438,870


		*Non-income producing.

		^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 40.04%.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Global Select Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Argentina		2.4
Australia		1.6
Brazil		3.6
Denmark		2.3
France		3.2
India		9.3
Ireland		4.4
Italy		2.7
Japan		11.2
Spain		3.7
Sweden		3.5
Taiwan		2.6
United Kingdom		2.6
United States		46.9

TOTAL		100.0	%


Wasatch Global Value Fund (FMIEX / WILCX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 97.7%

		Aerospace & Defense 2.6%
	38,000	Raytheon Technologies Corp.	$	3,266,480


		Airlines 2.8%
	152,000	Japan Airlines Co. Ltd.*		3,618,619


		Automobile Manufacturers 2.5%
	60,000	General Motors Co.*		3,162,600


		Casinos & Gaming 2.3%
	120,000	Kangwon Land, Inc.*		2,883,222


		Communications Equipment 2.1%
	52,500	Ciena Corp.*		2,695,875


		Construction Materials 1.8%
	31,000	HeidelbergCement AG		2,312,704


		Diversified Banks 14.5%
	63,000	Citigroup, Inc.		4,421,340
	340,000	ING Groep NV, ADR		4,926,600
	30,500	JPMorgan Chase & Co.		4,992,545
	220,000	United Overseas Bank Ltd.		4,161,868

				18,502,353


		Diversified Metals & Mining 2.5%
	90,000	Anglo American PLC		3,154,378


		Electric Utilities 6.5%
	38,000	Duke Energy Corp.		3,708,420
	93,500	Exelon Corp.		4,519,790

				8,228,210


		Electrical Components & Equipment 2.7%
	23,000	Eaton Corp. PLC		3,434,130


		Electronic Manufacturing Services 2.2%
	750,000	Hon Hai Precision Industry Co. Ltd.		2,799,459


		Food Retail 5.2%
	93,000	Koninklijke Ahold Delhaize NV		3,096,726
	76,000	Seven & i Holdings Co. Ltd.		3,459,858

				6,556,584


		Health Care Services 2.6%
	16,500	Cigna Corp.		3,302,640


		Homebuilding 3.8%
	59,000	Bellway PLC		2,602,294
	48,000	PulteGroup, Inc.		2,204,160

				4,806,454


		Integrated Oil & Gas 7.0%
	202,000	Suncor Energy, Inc.		4,188,000
	100,000	TotalEnergies SE		4,779,794

				8,967,794


		Integrated Telecommunication Services 2.0%
	295,000	Telekom Austria AG*		2,549,298


Shares			Value


		Multi-Line Insurance 2.7%
	124,000	AXA SA	$	3,436,442


		Office REITs 2.3%
	166,000	Piedmont Office Realty Trust, Inc., Class A		2,893,380


		Oil & Gas Exploration & Production 3.5%
	55,000	EOG Resources, Inc.		4,414,850


		Pharmaceuticals 8.3%
	50,000	Bristol-Myers Squibb Co.		2,958,500
	32,000	Johnson & Johnson		5,168,000
	30,000	Novartis AG		2,459,975

				10,586,475


		Property & Casualty Insurance 2.7%
	74,000	Axis Capital Holdings Ltd.		3,406,960


		Railroads 3.1%
	20,000	Union Pacific Corp.		3,920,200


		Regional Banks 3.0%
	90,000	Bank OZK		3,868,200


		Reinsurance 3.5%
	16,500	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,502,342


		Retail REITs 2.8%
	174,000	Kimco Realty Corp.		3,610,500


		Tobacco 2.7%
	50,000	KT&G Corp.		3,420,673


		Total Common Stocks (cost $99,620,281)		124,300,822


Wasatch Global Value Fund (FMIEX / WILCX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Principal Amount			Value


		SHORT-TERM INVESTMENTS 2.4%

		Repurchase Agreement 2.4%
$	2,989,597	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $3,065,200 of United States Treasury Notes 1.250% due 09/30/28; value: $3,049,396; repurchase proceeds: $2,989,597 (cost $2,989,597)	$	2,989,597


		Total Short-Term Investments (cost $2,989,597)		2,989,597


		Total Investments (cost $102,609,878) 100.1%^§		127,290,419

		Liabilities less Other Assets (0.1%)		(161,718	)


		Net Assets 100.0%	$	127,128,701


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 38.73%. ADR American Depositary Receipt. REIT Real Estate Investment Trust.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Global Value Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Austria		2.0
Canada		3.4
France		6.6
Germany		5.5
Japan		5.7
Netherlands		6.5
Singapore		3.3
South Korea		5.1
Switzerland		2.0
Taiwan		2.2
United Kingdom		4.6
United States		53.1

TOTAL		100.0	%


Wasatch Greater China Fund (WAGCX / WGGCX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 97.2%

		Apparel, Accessories & Luxury Goods 2.2%
	10,900	Shenzhou International Group Holdings Ltd.	$	231,336


		Application Software 1.4%
	14,500	Glodon Co. Ltd., Class A		149,583


		Commodity Chemicals 3.1%
	21,540	Skshu Paint Co. Ltd., Class A		332,168


		Distillers & Vintners 2.1%
	800	Kweichow Moutai Co. Ltd., Class A		225,807


		Diversified Banks 3.5%
	46,000	China Merchants Bank Co. Ltd., Class H		366,074


		Drug Retail 1.8%
	24,070	Yifeng Pharmacy Chain Co. Ltd., Class A		193,411


		Health Care Equipment 6.9%
	14,430	Guangzhou Wondfo Biotech Co. Ltd., Class A		95,819
	17,727	Microport Scientific Corp.		99,399
	8,900	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		531,270

				726,488


		Health Care Supplies 1.1%
	42,600	Shanghai Kindly Medical Instruments Co. Ltd., Class H		114,677


		Hotels, Resorts & Cruise Lines 3.2%
	74,000	Huazhu Group Ltd.*		339,191


		Industrial Machinery 6.6%
	35,500	Techtronic Industries Co. Ltd.		701,535


		Interactive Media & Services 4.2%
	7,400	Tencent Holdings Ltd.		441,770


		Internet & Direct Marketing Retail 8.6%
	24,200	Alibaba Group Holding Ltd.*		448,037
	14,600	Meituan, Class B*		466,053

				914,090


		Life & Health Insurance 7.8%
	44,400	AIA Group Ltd.		510,795
	45,500	Ping An Insurance Group Co. of China Ltd., Class H		311,192

				821,987


		Life Sciences Tools & Services 12.6%
	17,400	Hangzhou Tigermed Consulting Co. Ltd., Class A		467,953
	53,000	Wuxi Biologics Cayman, Inc.*		859,675

				1,327,628


		Packaged Foods & Meats 5.2%
	45,400	Chongqing Fuling Zhacai Group Co. Ltd., Class A*		214,987
	19,760	Foshan Haitian Flavouring & Food Co. Ltd., Class A		335,062

				550,049


Shares			Value


		Personal Products 1.5%
	5,758	Proya Cosmetics Co. Ltd., Class A	$	154,086


		Pharmaceuticals 3.2%
	43,320	Jiangsu Hengrui Medicine Co. Ltd., Class A		336,333


		Semiconductors 12.5%
	7,000	Silergy Corp.		1,018,174
	32,224	Sino Wealth Electronic Ltd., Class A		309,317

				1,327,491


		Specialized Finance 8.4%
	100,800	Chailease Holding Co. Ltd.		885,235


		Specialty Stores 1.3%
	3,500	China Tourism Group Duty Free Corp. Ltd., Class A		140,226


		Total Common Stocks (cost $10,813,872)		10,279,165


		RIGHTS 0.0%

		Pharmaceuticals 0.0%
	16	Microport Scientific Corp.		0


		Total Rights (cost $0)		0


		Total Investments (cost $10,813,872) 97.2%^§		10,279,165

		Other Assets less Liabilities 2.8%		294,901


		Net Assets 100.0%	$	10,574,066


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 97.21%.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Greater China Fund’s investments, were in the following countries (unaudited):


Country	%
China		69.7
Hong Kong		11.8
Taiwan		18.5

TOTAL		100.0	%


Wasatch International Growth Fund (WAIGX / WIIGX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 99.2%

		Aerospace & Defense 2.2%
	227,165	Avon Protection PLC	$	5,944,116
	760,340	CAE, Inc.*		22,715,352

				28,659,468


		Airport Services 1.2%
	2,551,560	Grupo Aeroportuario del Centro Norte SAB de CV*		15,005,395


		Alternative Carriers 0.2%
	290,062	Chief Telecom, Inc.		2,809,768


		Apparel, Accessories & Luxury Goods 1.4%
	506,670	Canada Goose Holdings, Inc.*		18,093,071


		Application Software 8.1%
	352,371	Descartes Systems Group, Inc.*		28,682,654
	107,875	Freee KK*		7,849,609
	107,021	Kinaxis, Inc.*		15,440,563
	486,700	Rakus Co. Ltd.		17,244,009
	956,650	Systena Corp.		19,255,169
	1,864,891	Technology One Ltd.		15,057,168

				103,529,172


		Asset Management & Custody Banks 1.9%
	1,048,116	Netwealth Group Ltd.		10,818,249
	418,700	WealthNavi, Inc.*		12,829,271

				23,647,520


		Biotechnology 2.0%
	1,244,067	Abcam PLC*		25,110,317


		Brewers 1.3%
	134,181	Royal Unibrew A/S		16,139,544


		Commodity Chemicals 0.8%
	964,085	Berger Paints India Ltd.		10,481,074


		Data Processing & Outsourced Services 0.9%
	94,600	GMO Payment Gateway, Inc.		11,944,332


		Department Stores 0.1%
	64,295	Poya International Co. Ltd.		1,086,385


		Diversified Real Estate Activities 1.5%
	716,139	Patrizia AG		18,954,979


		Drug Retail 3.3%
	225,895	Ain Holdings, Inc.		14,074,354
	353,157	Clicks Group Ltd.		6,512,605
	1,199,200	Raia Drogasil SA		5,146,271
	220,800	Sugi Holdings Co. Ltd.		16,097,664

				41,830,894


Shares			Value


		Electrical Components & Equipment 2.6%
	548,485	Voltronic Power Technology Corp.	$	33,446,439


		Electronic Equipment & Instruments 1.9%
	635,377	Halma PLC		24,235,504


		General Merchandise Stores 0.6%
	896,754	B&M European Value Retail SA		7,114,317


		Health Care Equipment 1.9%
	115,701	DiaSorin SpA		24,229,102


		Health Care Services 1.8%
	476,592	Dr. Lal PathLabs Ltd.		23,599,574


		Health Care Supplies 1.6%
	185,174	Bioteque Corp.		732,225
	501,028	Menicon Co. Ltd.		19,510,439

				20,242,664


		Health Care Technology 3.5%
	566,827	JMDC, Inc.*		38,720,241
	187,000	MedPeer, Inc.*		6,345,932

				45,066,173


		Household Appliances 0.5%
	280,288	Breville Group Ltd.		5,770,309


		Human Resource & Employment Services 4.1%
	354,911	Benefit One, Inc.		16,731,681
	129,029	HeadHunter Group PLC, ADR		6,296,615
	545,236	SMS Co. Ltd.		19,862,567
	217,600	TechnoPro Holdings, Inc.		6,543,988
	92,014	UT Group Co. Ltd.		2,747,507

				52,182,358


		Industrial Machinery 1.2%
	366,615	MISUMI Group, Inc.		15,599,115


		Insurance Brokers 1.0%
	3,984,758	TQM Corp. Public Co. Ltd.		12,306,996


		Interactive Home Entertainment 0.5%
	967,334	Kahoot! ASA*		6,922,881


		Interactive Media & Services 4.1%
	212,131	Info Edge India Ltd.		18,320,137
	514,200	Kakaku.com, Inc.		16,605,079
	1,947,582	Rightmove PLC		17,892,883

				52,818,099


		Internet Services & Infrastructure 1.0%
	228,567	Hennge KK*		12,113,883


Wasatch International Growth Fund (WAIGX / WIIGX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value


		Investment Banking & Brokerage 1.4%
	2,137,739	AJ Bell PLC	$	11,492,756
	164,916	Avanza Bank Holding AB		5,810,599

				17,303,355


		IT Consulting & Other Services 9.5%
	304,600	Change, Inc.*		6,317,492
	158,427	Endava PLC, ADR*		21,522,308
	57,244	Globant SA*		16,086,136
	401,947	Larsen & Toubro Infotech Ltd.		31,154,323
	158,334	Reply SpA		29,063,774
	634,118	Softcat PLC		17,310,361

				121,454,394


		Life Sciences Tools & Services 1.2%
	125,459	PolyPeptide Group AG*		15,947,184


		Movies & Entertainment 1.7%
	290,889	CTS Eventim AG & Co. KGaA*		21,886,455


		Other Diversified Financial Services 0.8%
	15,873	Hypoport SE*		10,648,779


		Pharmaceuticals 0.7%
	349,100	JCR Pharmaceuticals Co. Ltd.		8,733,403


		Property & Casualty Insurance 1.7%
	643,380	ICICI Lombard General Insurance Co. Ltd.		13,689,526
	1,684,605	Qualitas Controladora SAB de CV		7,748,294

				21,437,820


		Publishing 1.5%
	391,839	Future PLC		19,481,870


		Real Estate Services 0.0%
	15,744	Real Matters, Inc.*		124,799


		Regional Banks 4.1%
	1,147,383	AU Small Finance Bank Ltd.*		17,945,334
	967,478	Canadian Western Bank		28,009,962
	1,149,192	Regional SAB de CV		6,576,197

				52,531,493


		Research & Consulting Services 4.5%
	70,300	BayCurrent Consulting, Inc.		35,200,570
	698,294	NICE Information Service Co. Ltd.		11,965,244
	369,256	Nihon M&A Center, Inc.		10,842,954

				58,008,768


		Restaurants 3.3%
	256,907	Domino’s Pizza Enterprises Ltd.		29,384,573
	2,364,416	Domino’s Pizza Group PLC		12,555,754

				41,940,327


		Semiconductors 5.8%
	88,000	ASPEED Technology, Inc.		7,247,329
	122,627	LEENO Industrial, Inc.		18,100,669
	185,650	Melexis NV		19,706,830
	201,249	Silergy Corp.		29,272,368

				74,327,196


Shares			Value


		Soft Drinks 1.3%
	520,545	Fevertree Drinks PLC	$	16,335,197


		Specialty Stores 0.4%
	1,288,900	Pet Center Comercio e Participacoes SA		5,552,512


		Systems Software 1.4%
	112,942	CyberArk Software Ltd.*		17,824,506


		Thrifts & Mortgage Finance 0.9%
	101,276	Equitable Group, Inc.		11,426,133


		Trading Companies & Distributors 7.8%
	627,781	Diploma PLC		23,871,507
	1,900,012	Electrocomponents PLC		27,505,723
	1,470,392	Howden Joinery Group PLC		17,701,680
	96,401	IMCD NV		18,449,223
	564,448	MonotaRO Co. Ltd.		12,649,356

				100,177,489


		Total Common Stocks (cost $699,290,858)		1,268,081,013


Principal Amount			Value


		SHORT-TERM INVESTMENTS 1.0%

		Repurchase Agreement 1.0%
$	12,645,550	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $12,965,400 of United States Treasury Notes 1.250% due 9/30/28; value: $12,898,550; repurchase proceeds: $12,645,550 (cost $12,645,550)	$	12,645,550


		Total Short-Term Investments (cost $12,645,550)		12,645,550


		Total Investments (cost $711,936,408) 100.2%^§		1,280,726,563

		Liabilities less Other Assets (0.2%)		(2,248,295	)


		Net Assets 100.0%	$	1,278,478,268


		*Non-income producing.

		^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 71.05%.

		ADR American Depositary Receipt.

		See Notes to Financial Statements.


Wasatch International Growth Fund (WAIGX / WIIGX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)

At September 30, 2021, Wasatch International Growth Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Argentina		1.3
Australia		4.8
Belgium		1.5
Brazil		0.8
Canada		9.8
Denmark		1.3
Germany		4.1
India		9.1
Israel		1.4
Italy		4.2
Japan		25.8
Mexico		2.3
Netherlands		1.4
Norway		0.5
Russia		0.5
South Africa		0.5
South Korea		2.4
Sweden		0.5
Switzerland		1.3
Taiwan		5.9
Thailand		1.0
United Kingdom		19.6

TOTAL		100.0	%


Wasatch International Opportunities Fund (WAIOX / WIIOX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 97.5%

		Advertising 4.9%
	127,900	Direct Marketing MiX, Inc.	$	4,951,352
	339,400	ValueCommerce Co. Ltd.		14,491,749
	1,186,669	YouGov PLC		20,133,151

				39,576,252


		Aerospace & Defense 0.7%
	217,836	Avon Protection PLC		5,700,008


		Alternative Carriers 0.9%
	777,927	Chief Telecom, Inc.		7,535,610


		Application Software 19.1%
	58,192	Atoss Software AG		12,079,280
	1,296,625	Bytes Technology Group PLC*		8,857,659
	58,863	cBrain A/S		3,277,807
	133,628	Commerce One Holdings, Inc.*		2,168,111
	129,100	Cybozu, Inc.		2,804,311
	3,094,145	dotdigital group PLC		10,047,414
	952,862	Elmo Software Ltd.*		3,044,555
	72,163	Esker SA		22,067,761
	164,319	Fortnox AB		9,948,034
	125,000	Freee KK*		9,095,723
	601,516	GB Group PLC		6,976,127
	77,328	Mensch und Maschine Software SE		5,207,446
	274,300	Nihon Jyoho Create Co. Ltd.		3,231,521
	898,977	Pexip Holding ASA*		7,254,860
	696,032	Rakus Co. Ltd.		24,660,739
	635,900	Systena Corp.		12,799,207
	225,735	Vitec Software Group AB, Class B		12,325,383

				155,845,938


		Asset Management & Custody Banks 3.4%
	918,928	JTC PLC		9,138,648
	9,654,619	VEF AB*		6,198,756
	414,300	WealthNavi, Inc.*		12,694,452

				28,031,856


		Brewers 0.6%
	40,486	Royal Unibrew A/S		4,869,733


		Commodity Chemicals 2.7%
	826,601	Berger Paints India Ltd.		8,986,413
	720,003	Gulf Oil Lubricants India Ltd.		5,649,957
	242,951	Supreme Industries Ltd.		7,604,674

				22,241,044


		Consumer Finance 1.4%
	224,976	Gruppo MutuiOnline SpA		11,104,583


		Data Processing & Outsourced Services 1.3%
	11,710,547	Fawry for Banking & Payment Technology Services SAE*		10,574,299


		Department Stores 0.8%
	389,245	Poya International Co. Ltd.		6,577,026


		Diversified Banks 1.0%
	3,850,355	City Union Bank Ltd.		8,143,291


Shares			Value


		Diversified Support Services 3.8%
	645,700	Japan Elevator Service Holdings Co. Ltd.	$	14,848,569
	5,834,195	Johnson Service Group PLC*		11,822,937
	624,162	Prestige International, Inc.		4,261,922

				30,933,428


		Electrical Components & Equipment 5.0%
	1,033,819	discoverIE Group PLC		14,359,577
	326,471	Voltronic Power Technology Corp.		19,908,097
	1,009,003	Zaptec AS*		6,432,327

				40,700,001


		Electronic Components 1.0%
	1,730,023	Strix Group PLC		7,960,479


		Electronic Equipment & Instruments 1.7%
	3,432,950	Nayax Ltd.*		13,565,118


		Food Retail 1.2%
	67,164	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		4,821,212
	4,289,100	Sheng Siong Group Ltd.		4,657,117

				9,478,329


		Health Care Equipment 1.3%
	98,341	CellaVision AB		4,396,722
	171,785	Medistim ASA		6,288,352

				10,685,074


		Health Care Services 4.2%
	243,105	Dr. Lal PathLabs Ltd.		12,037,916
	599,587	Metropolis Healthcare Ltd.		21,741,944

				33,779,860


		Health Care Supplies 0.7%
	966,446	Bioteque Corp.		3,821,573
	789,048	Shanghai Kindly Medical Instruments Co. Ltd., Class H		2,124,075

				5,945,648


		Health Care Technology 5.0%
	300,200	Medley, Inc.*		11,118,409
	72,600	MedPeer, Inc.*		2,463,714
	151,739	Nexus AG		12,562,178
	377,975	Pro Medicus Ltd.		14,663,252

				40,807,553


		Home Improvement Retail 0.8%
	2,277,100	Lojas Quero Quero S/A		6,794,817


		Human Resource & Employment Services 3.0%
	338,225	HeadHunter Group PLC, ADR		16,505,380
	171,262	SMS Co. Ltd.		6,238,955
	58,742	UT Group Co. Ltd.		1,754,016

				24,498,351


		Insurance Brokers 1.4%
	3,736,800	TQM Corp. Public Co. Ltd.		11,541,173


Wasatch International Opportunities Fund (WAIOX / WIIOX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value


		Interactive Media & Services 0.3%
	130,495	Atrae, Inc.*	$	2,765,021


		Internet & Direct Marketing Retail 1.1%
	319,900	Raccoon Holdings, Inc.		4,472,979
	77,300	Temairazu, Inc.		4,429,844

				8,902,823


		Internet Services & Infrastructure 1.9%
	288,290	Hennge KK*		15,279,158


		Investment Banking & Brokerage 1.1%
	228,200	Strike Co. Ltd.		8,610,023


		IT Consulting & Other Services 3.5%
	93,528	Aubay		5,261,338
	717,750	Avant Corp.		9,825,021
	379,364	FDM Group Holdings PLC		6,478,368
	318,800	SERAKU Co. Ltd.		6,608,906

				28,173,633


		Other Diversified Financial Services 1.2%
	14,070	Hypoport SE*		9,439,193


		Personal Products 0.7%
	588,400	Sarantis SA		6,052,369


		Property & Casualty Insurance 1.6%
	2,826,267	Qualitas Controladora SAB de CV		12,999,336


		Publishing 2.7%
	439,309	Future PLC		21,842,034


		Research & Consulting Services 6.8%
	199,012	Funai Soken Holdings, Inc.		5,385,162
	91,300	IR Japan Holdings Ltd.		10,055,677
	75,400	Makuake, Inc.*		3,085,424
	669,295	NICE Information Service Co. Ltd.		11,468,347
	829,400	SIGMAXYZ, Inc.		20,002,839
	342,933	Talenom Oyj		5,553,365

				55,550,814


		Restaurants 0.0%
	630,045	Patisserie Holdings PLC* *** ^§§		8,489


		Semiconductors 3.9%
	268,533	Elmos Semiconductor SE		13,655,322
	124,531	LEENO Industrial, Inc.		18,381,714

				32,037,036


		Specialized Finance 0.7%
	253,800	eGuarantee, Inc.		5,641,072


		Specialty Stores 0.7%
	160,543	Musti Group Oyj*		5,728,889


		Systems Software 1.2%
	56,760	Digital Value SpA*		5,543,714
	310,645	Exasol AG*		4,260,454

				9,804,168


Shares			Value


		Thrifts & Mortgage Finance 4.2%
	507,914	Aavas Financiers Ltd.*	$	17,370,860
	103,397	Equitable Group, Inc.		11,665,428
	360,178	Mortgage Advice Bureau Holdings Ltd.		5,532,465

				34,568,753


		Total Common Stocks (cost $470,803,620)		794,292,282


Principal Amount			Value

		SHORT-TERM INVESTMENTS 3.3%

		Repurchase Agreement 3.3%
$	27,070,632	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $27,755,200 of United States Treasury Notes 1.250% due 09/30/28; value: $27,612,094; repurchase proceeds: $27,070,632 (cost $27,070,632)	$	27,070,632


		Total Short-Term Investments (cost $27,070,632)		27,070,632


		Total Investments (cost $497,874,252) 100.8%^§		821,362,914

		Liabilities less Other Assets (0.8%)		(6,406,226	)


		Net Assets 100.0%	$	814,956,688


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 12). ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 69.10%. ^§§The aggregate value of illiquid holdings at September 30, 2021 amounted to approximately $8,489, and represented 0.00% of net assets. ADR American Depositary Receipt.

		See Notes to Financial Statements.


Wasatch International Opportunities Fund (WAIOX / WIIOX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)

At September 30, 2021, Wasatch International Opportunities Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Australia		2.2
Brazil		0.9
Canada		1.5
China		0.3
Denmark		1.0
Egypt		1.3
Finland		1.4
France		3.4
Germany		7.2
Greece		0.8
India		10.3
Israel		2.3
Italy		2.1
Japan		28.2
Mexico		1.6
Norway		2.5
Russia		2.1
Singapore		0.6
South Korea		3.8
Sweden		4.1
Taiwan		4.8
Thailand		1.4
United Kingdom		16.2

TOTAL		100.0	%


Wasatch International Select Fund (WAISX / WGISX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 97.9%

		Apparel, Accessories & Luxury Goods 3.0%
	206	Hermes International	$	284,225


		Application Software 7.7%
	8,052	Dassault Systemes SE		423,741
	3,168	Xero Ltd.*		310,871

				734,612


		Asset Management & Custody Banks 4.7%
	287	Partners Group Holding AG		447,903


		Biotechnology 3.2%
	15,135	Abcam PLC*		305,486


		Building Products 4.7%
	15,235	Assa Abloy AB, Class B		441,916


		Data Processing & Outsourced Services 10.5%
	115	Adyen NV*		321,467
	6,084	Amadeus IT Group SA*		400,155
	3,648	Worldline SA*		278,072

				999,694


		Drug Retail 4.6%
	1,000	Cosmos Pharmaceutical Corp.		169,832
	2,200	Tsuruha Holdings, Inc.		271,309

				441,141


		Electronic Equipment & Instruments 3.9%
	9,826	Halma PLC		374,798


		Health Care Equipment 4.2%
	1,264	DiaSorin SpA		264,696
	6,255	Fisher & Paykel Healthcare Corp. Ltd.		137,583

				402,279


		Health Care Supplies 2.8%
	1,716	Coloplast A/S, Class B		268,318


		Health Care Technology 6.6%
	5,948	JMDC, Inc.*		406,311
	3,100	M3, Inc.		220,931

				627,242


		Industrial Machinery 9.3%
	12,700	MISUMI Group, Inc.		540,373
	361	Rational AG		339,114

				879,487


		Interactive Media & Services 8.8%
	8,600	Kakaku.com, Inc.		277,720
	2,502	REA Group Ltd.		281,802
	3,991	Scout24 AG		276,427

				835,949


		IT Consulting & Other Services 3.0%
	1,500	Obic Co. Ltd.		285,237


		Life Sciences Tools & Services 8.6%
	1,625	ICON PLC*		425,782
	692	Sartorius Stedim Biotech		386,693

				812,475


Shares			Value


		Real Estate Services 3.6%
	1,897	FirstService Corp.	$	342,976


		Research & Consulting Services 8.7%
	1,200	BayCurrent Consulting, Inc.		600,863
	3,335	Intertek Group PLC		223,002

				823,865


		Total Common Stocks (cost $7,554,748)		9,307,603


Principal Amount			Value


		SHORT-TERM INVESTMENTS 2.7%

		Repurchase Agreement 2.7%
$	258,377	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $265,000 of United States Treasury Notes 1.250% due 9/30/28; value: $263,634; repurchase proceeds: $258,377 (cost $258,377)	$	258,377


		Total Short-Term Investments (cost $258,377)		258,377


		Total Investments (cost $7,813,125) 100.6%^§		9,565,980

		Liabilities less Other Assets (0.6%)		(57,032	)


		Net Assets 100.0%	$	9,508,948


		*Non-income producing. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 86.59%.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch International Select Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Australia		6.4
Canada		3.7
Denmark		2.9
France		14.7
Germany		6.6
Ireland		4.6
Italy		2.8
Japan		29.8
Netherlands		3.5
New Zealand		1.5
Spain		4.3
Sweden		4.7
Switzerland		4.8
United Kingdom		9.7

TOTAL		100.0	%


Wasatch Micro Cap Fund (WMICX / WGICX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value

		COMMON STOCKS 99.4%

		Advertising 2.0%
	911,803	Thryv Holdings, Inc.*	$	27,390,562


		Agricultural & Farm Machinery 1.4%
	495,880	Hydrofarm Holdings Group, Inc.*		18,769,057


		Apparel, Accessories & Luxury Goods 1.7%
	963,750	Superior Group of Cos., Inc.‡‡		22,445,738


		Application Software 4.6%
	397,718	Agilysys, Inc.*		20,824,515
	443,443	CS Disco, Inc.*		21,258,657
	590,881	Upland Software, Inc.*		19,759,061

				61,842,233


		Auto Parts & Equipment 5.9%
	3,651,953	Holley, Inc.*		43,604,319
	775,944	Stoneridge, Inc.*		15,821,498
	260,475	XPEL, Inc.*		19,759,633

				79,185,450


		Biotechnology 4.6%
	182,710	C4 Therapeutics, Inc.*		8,163,483
	363,923	ChemoCentryx, Inc.*		6,223,083
	285,739	Cytokinetics, Inc.*		10,212,312
	370,917	Frequency Therapeutics, Inc.*		2,618,674
	656,987	MacroGenics, Inc.*		13,757,308
	1,312,211	MEI Pharma, Inc.*		3,621,702
	175,229	Nkarta, Inc.*		4,873,119
	123,704	Nurix Therapeutics, Inc.*		3,706,172
	915,892	Sangamo Therapeutics, Inc.*		8,252,187
	102,678	Silverback Therapeutics, Inc.*		1,024,726

				62,452,766


		Casinos & Gaming 2.9%
	540,056	NEOGAMES SA*		19,830,856
	531,762	Pollard Banknote Ltd.		19,795,183

				39,626,039


		Construction & Engineering 2.4%
	968,460	Construction Partners, Inc., Class A*		32,317,510


		Construction Machinery & Heavy Trucks 1.2%
	120,796	Alamo Group, Inc.		16,854,666


		Data Processing & Outsourced Services 2.1%
	2,573,006	Cantaloupe, Inc.*		27,737,005


		Distillers & Vintners 3.3%
	4,341,341	Vintage Wine Estates, Inc.* ‡‡		44,325,092


		Electrical Components & Equipment 1.7%
	739,792	Allied Motion Technologies, Inc.‡‡		23,140,694


Shares			Value

		Electronic Equipment & Instruments 6.1%
	702,889	Napco Security Technologies, Inc.*	$	30,280,458
	1,046,098	nLight, Inc.*		29,489,503
	365,826	PAR Technology Corp.*		22,501,957

				82,271,918


		Environmental & Facilities Services 2.1%
	981,290	Heritage-Crystal Clean, Inc.*		28,437,784


		Financial Exchanges & Data 1.9%
	698,007	Open Lending Corp., Class A*		25,177,112


		Food Distributors 1.6%
	677,245	Chefs’ Warehouse, Inc.*		22,057,870


		Health Care Equipment 2.0%
	509,596	CryoLife, Inc.*		11,358,895
	2,876,678	Owlet, Inc.*		16,080,630

				27,439,525


		Health Care Facilities 3.5%
	801,532	Pennant Group, Inc.*		22,515,034
	230,674	U.S. Physical Therapy, Inc.		25,512,544

				48,027,578


		Health Care Services 4.1%
	336,610	Addus HomeCare Corp.*		26,844,648
	425,243	Castle Biosciences, Inc.*		28,278,659

				55,123,307


		Health Care Supplies 3.5%
	337,615	OrthoPediatrics Corp.*		22,117,158
	447,723	Silk Road Medical, Inc.*		24,638,197

				46,755,355


		Health Care Technology 0.9%
	314,193	Simulations Plus, Inc.		12,410,623


		Home Furnishings 1.5%
	939,481	Purple Innovation, Inc.*		19,747,891


		Homebuilding 2.4%
	945,464	Dream Finders Homes, Inc., Class A*		16,384,891
	278,504	Skyline Champion Corp.*		16,726,950

				33,111,841


		Industrial Machinery 7.2%
	281,963	Helios Technologies, Inc.		23,151,982
	129,504	Kadant, Inc.		26,431,766
	335,360	Kornit Digital Ltd.*		48,540,007

				98,123,755


		Interactive Home Entertainment 1.6%
	1,275,908	Motorsport Games, Inc., Class A* ‡‡		18,194,448
	838,521	Versus Systems, Inc.* ‡‡		3,085,757

				21,280,205


		Internet & Direct Marketing Retail 1.8%
	795,260	1-800-Flowers.com, Inc., Class A*		24,263,383


Wasatch Micro Cap Fund (WMICX / WGICX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value

		IT Consulting & Other Services 2.2%
	1,030,824	Grid Dynamics Holdings, Inc.*	$	30,120,677


		Leisure Products 1.7%
	934,633	MasterCraft Boat Holdings, Inc.*		23,440,596


		Movies & Entertainment 0.9%
	1,158,528	CuriosityStream, Inc.*		12,210,885


		Oil & Gas Equipment & Services 1.8%
	642,887	DMC Global, Inc.*		23,728,959


		Paper Packaging 2.0%
	449,330	UFP Technologies, Inc.* ‡‡		27,674,235


		Pharmaceuticals 3.7%
	3,486,407	BioDelivery Sciences International, Inc.*		12,585,929
	4,208,221	IM Cannabis Corp.* ‡‡		14,940,315
	332,576	Intra-Cellular Therapies, Inc.*		12,398,434
	10,290,933	PharmaCielo Ltd.* ‡‡		10,806,048

				50,730,726


		Research & Consulting Services 1.5%
	231,342	ICF International, Inc.		20,656,527


		Restaurants 0.4%
	184,017	Chuy’s Holdings, Inc.*		5,802,056


		Semiconductor Equipment 3.7%
	623,726	Camtek Ltd.*		25,267,140
	238,343	Nova Ltd.*		24,380,106

				49,647,246


		Semiconductors 1.6%
	2,467,213	NeoPhotonics Corp.*		21,489,425


		Systems Software 2.8%
	164,738	CyberArk Software Ltd.*		25,998,951
	109,627	Rapid7, Inc.*		12,390,044

				38,388,995


		Trading Companies & Distributors 3.1%
	640,251	Transcat, Inc.* ‡‡		41,283,384


		Total Common Stocks (cost $1,063,994,977)		1,345,488,670


Shares			Value

		WARRANTS 0.1%

		Interactive Home Entertainment 0.1%
	192,000	Versus Systems, Inc., expiring, 1/15/2026* *** † ‡‡	$	359,040
	448,000	Versus Systems, Inc., expiring, 1/15/2026* ‡‡^§§		891,520
	640,000	Versus Systems, Inc., expiring, 1/15/2022* *** † ‡‡		0

				1,250,560


		Pharmaceuticals 0.0%
	450,000	IM Cannabis Corp., expiring, 05/07/2026* *** † ‡‡		225,000


		Total Warrants (cost $629,771)		1,475,560


Wasatch Micro Cap Fund (WMICX / WGICX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Principal Amount			Value


		SHORT-TERM INVESTMENTS 0.3%

		Repurchase Agreement 0.3%
$	4,418,400	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $4,530,200 of United States Treasury Notes 1.250% due 9/30/28; value: $4,506,842; repurchase proceeds: $4,418,400 (cost $4,418,400)	$	4,418,400


		Total Short-Term Investments (cost $4,418,400)		4,418,400


		Total Investments (cost $1,069,043,148) 99.8%		1,351,382,630

		Other Assets less Liabilities 0.2%¹		2,227,680


		Net Assets 100.0%	$	1,353,610,310


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 12). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2021, amounted to approximately $584,040, and represented 0.04% of net assets. ‡‡Affiliated company (see Note 8). ^§§The aggregate value of illiquid holdings at September 30, 2021 amounted to approximately $891,520, and represented 0.07% of net assets. ¹The Fund entered into a commitment with a SPAC to purchase PIPE shares if and when the SPAC completes its merger or acquisition. Unfunded commitments with SPACs are not reflected in the Schedule of Investments. An unfunded commitment with a SPAC is recorded at net unrealized appreciation (depreciation) and is included in Other Assets less Liabilities.

Wasatch Micro Cap Fund’s unfunded commitment with a SPAC outstanding as of September 30, 2021:

Issuer

Shares

Unfunded

Commitment

Amount

Current
Value

Unrealized

Depreciation

Roth CH Acquisition III Co.***

1,700,000

17,000,000

16,303,000

(697,000

)


		PIPE Private Investment in Public Equity. SPAC Special Purpose Acquisition Company.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Micro Cap Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Canada		2.3
Israel		11.8
United States		85.9

TOTAL		100.0	%


Wasatch Micro Cap Value Fund (WAMVX / WGMVX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 94.7%

		Advertising 1.0%
	251,000	YouGov PLC	$	4,258,492


		Agricultural Products 0.9%
	99,000	Winfarm SAS*		4,030,884


		Air Freight & Logistics 1.2%
	850,000	Radiant Logistics, Inc.*		5,431,500


		Application Software 2.9%
	802,497	GTY Technology Holdings, Inc.*		6,034,777
	619,054	Kaleyra, Inc.*		6,815,785

				12,850,562


		Asset Management & Custody Banks 1.5%
	217,052	European Sustainable Growth Acquisition Corp., Class A*		2,153,156
	181,526	European Sustainable Growth Acquisition Corp.*		245,060
	815,268	Fiducian Group Ltd.		4,452,708

				6,850,924


		Auto Parts & Equipment 1.5%
	82,000	Patrick Industries, Inc.		6,830,600


		Biotechnology 1.2%
	42,000	Cytokinetics, Inc.*		1,501,080
	63,000	MacroGenics, Inc.*		1,319,220
	300,000	MEI Pharma, Inc.*		828,000
	164,000	Sangamo Therapeutics, Inc.*		1,477,640

				5,125,940


		Casinos & Gaming 1.6%
	668,548	Full House Resorts, Inc.*		7,093,294


		Communications Equipment 0.9%
	188,925	Digi International, Inc.*		3,971,204


		Construction & Engineering 3.8%
	401,350	Bowman Consulting Group Ltd.*		5,518,562
	154,000	Construction Partners, Inc., Class A*		5,138,980
	279,000	Sterling Construction Co., Inc.*		6,324,930

				16,982,472


		Consumer Finance 1.2%
	678,000	EZCORP, Inc., Class A*		5,132,460


		Data Processing & Outsourced Services 2.1%
	158,000	I3 Verticals, Inc., Class A*		3,825,180
	479,773	Paya Holdings, Inc.*		5,215,133
	127,076	Paysign, Inc.*		343,105

				9,383,418


		Diversified Metals & Mining 1.1%
	5,565,706	FPX Nickel Corp.*		2,197,105
	5,732,000	Talon Metals Corp.*		2,670,046

				4,867,151


Shares			Value


		Diversified Support Services 1.2%
	2,637,000	Johnson Service Group PLC*	$	5,343,854


		Education Services 1.1%
	902,000	Aspen Group, Inc.*		5,024,140


		Electronic Components 0.5%
	266,729	VIA Optronics AG*		2,043,144


		Electronic Equipment & Instruments 4.4%
	67,000	FARO Technologies, Inc.*		4,409,270
	540,000	Intellicheck, Inc.*		4,422,600
	363,434	Luna Innovations, Inc.*		3,452,623
	164,000	Napco Security Technologies, Inc.*		7,065,120

				19,349,613


		Electronic Manufacturing Services 0.9%
	39,000	Fabrinet*		3,997,890


		Financial Exchanges & Data 0.9%
	116,000	Open Lending Corp., Class A*		4,184,120


		Food Distributors 1.0%
	142,338	Chefs’ Warehouse, Inc.*		4,635,949


		Health Care Distributors 0.7%
	128,000	PetIQ, Inc.*		3,196,160


		Health Care Equipment 3.2%
	605,000	Brainsway Ltd., ADR*		4,846,050
	1,651,667	Conformis, Inc.*		2,196,717
	24,242	Inmode Ltd.*		3,865,387
	74,000	Tactile Systems Technology, Inc.*		3,289,300

				14,197,454


		Health Care Facilities 0.8%
	34,000	Joint Corp.*		3,332,680


		Health Care Services 1.4%
	52,000	Addus HomeCare Corp.*		4,147,000
	147,011	InfuSystem Holdings, Inc.*		1,915,553

				6,062,553


		Health Care Supplies 1.2%
	72,000	OrthoPediatrics Corp.*		4,716,720
	530,000	Surgalign Holdings, Inc.*		577,700

				5,294,420


		Health Care Technology 3.1%
	424,000	Instem PLC*		5,104,473
	61,000	Nexus AG		5,050,071
	41,789	OptimizeRx Corp.*		3,575,049

				13,729,593


		Home Furnishings 0.9%
	62,054	Lovesac Co.*		4,101,149


		Homebuilding 2.1%
	152,000	Skyline Champion Corp.*		9,129,120


		Hotels, Resorts & Cruise Lines 1.0%
	929,000	Dalata Hotel Group PLC*		4,331,002


Wasatch Micro Cap Value Fund (WAMVX / WGMVX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value


		Human Resource & Employment Services 1.3%
	347,000	Creek & River Co. Ltd.	$	5,696,825


		Industrial Machinery 4.4%
	35,000	John Bean Technologies Corp.		4,919,250
	22,000	Kadant, Inc.		4,490,200
	34,000	Kornit Digital Ltd.*		4,921,160
	153,000	va-Q-tec AG*		5,123,087

				19,453,697


		Integrated Telecommunication Services 1.3%
	320,000	Ooma, Inc.*		5,955,200


		Interactive Media & Services 1.2%
	198,000	VerticalScope Holdings, Inc.*		5,188,394


		Internet & Direct Marketing Retail 0.5%
	605,000	iPower, Inc.*		2,395,800


		Internet Services & Infrastructure 1.0%
	58,000	Tucows, Inc., Class A*		4,579,100


		Investment Banking & Brokerage 2.8%
	434,000	JDC Group AG*		12,316,735


		IT Consulting & Other Services 2.6%
	283,000	Avant Corp.		3,873,885
	215,000	Grid Dynamics Holdings, Inc.*		6,282,300
	510,919	Pivotree, Inc.*		1,339,216

				11,495,401


		Leisure Facilities 1.2%
	1,275,000	Gym Group PLC*		5,095,197


		Leisure Products 2.5%
	271,000	American Outdoor Brands, Inc.*		6,655,760
	169,000	Clarus Corp.		4,331,470

				10,987,230


		Mortgage REITs 1.3%
	262,400	AFC Gamma, Inc.		5,662,592


		Movies & Entertainment 1.3%
	1,547,953	Thunderbird Entertainment Group, Inc.*		5,866,236


		Oil & Gas Exploration & Production 2.1%
	747,000	Advantage Energy Ltd.*		3,774,514
	975,000	Evolution Petroleum Corp.		5,538,000

				9,312,514


		Packaged Foods & Meats 0.6%
	19,000	Freshpet, Inc.*		2,711,110


		Pharmaceuticals 1.6%
	864,000	BioDelivery Sciences International, Inc.*		3,119,040
	271,287	Harrow Health, Inc.*		2,465,999
	38,000	Intra-Cellular Therapies, Inc.*		1,416,640

				7,001,679


Shares			Value


		Regional Banks 3.2%
	328,231	CrossFirst Bankshares, Inc.*	$	4,267,003
	241,047	Esquire Financial Holdings, Inc.*		6,908,407
	70,728	Sound Financial Bancorp, Inc.		3,182,760

				14,358,170


		Research & Consulting Services 2.5%
	63,815	ICF International, Inc.		5,698,041
	207,839	Red Violet, Inc.*		5,364,325

				11,062,366


		Restaurants 1.4%
	539,000	Noodles & Co.*		6,360,200


		Semiconductor Equipment 2.4%
	43,000	Nova Ltd.*		4,398,470
	271,000	Veeco Instruments, Inc.*		6,018,910

				10,417,380


		Semiconductors 2.3%
	77,000	Impinj, Inc.*		4,399,010
	29,000	SiTime Corp.*		5,920,930

				10,319,940


		Specialized Finance 1.0%
	75,000	A-Mark Precious Metals, Inc.		4,501,500


		Specialty Chemicals 0.7%
	225,737	Neo Performance Materials, Inc.		3,133,157


		Technology Hardware, Storage & Peripherals 1.6%
	70,000	MGI Digital Graphic Technology*		3,229,699
	273,000	TransAct Technologies, Inc.*		3,794,700

				7,024,399


		Textiles 0.8%
	278,146	Culp, Inc.		3,582,520


		Thrifts & Mortgage Finance 4.7%
	99,948	Axos Financial, Inc.*		5,151,320
	366,000	Mortgage Advice Bureau Holdings Ltd.		5,621,893
	255,000	Northfield Bancorp, Inc.		4,375,800
	436,878	Velocity Financial, Inc.*		5,749,314

				20,898,327


		Trading Companies & Distributors 3.1%
	143,000	Global Industrial Co.		5,418,270
	149,000	Hardwoods Distribution, Inc.		4,316,130
	188,000	Karat Packaging, Inc.*		3,953,640

				13,688,040


		Total Common Stocks (cost $295,816,692)		419,825,451


Wasatch Micro Cap Value Fund (WAMVX / WGMVX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value


		LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 0.0%

		Pharmaceuticals 0.0%
	50,528	Regenacy Pharmaceuticals LLC* *** †	$	17,685


		Total Limited Liability Company Membership Interest (cost $30,001)		17,685


		WARRANTS 0.0%

		Diversified Metals & Mining 0.0%
	500,000	Talon Metals Corp., expiring, 3/18/2022* *** †		3,948


		Trading Companies & Distributors 0.0%
	289,536	Greenlane Holdings, Inc., expiring, 2/24/2026* *** †		52,116


		Total Warrants (cost $422,967)		56,064


Principal Amount			Value


		SHORT-TERM INVESTMENTS 5.0%

		Repurchase Agreement 5.0%
$	22,209,998	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $22,771,700 of United States Treasury Notes 1.250% due 09/30/28; value: $22,654,289; repurchase proceeds: $22,209,998 (cost $22,209,998)	$	22,209,998


		Total Short-Term Investments (cost $22,209,998)		22,209,998


		Total Investments (cost $318,479,658) 99.7%^§		442,109,198

		Other Assets less Liabilities 0.3%		1,507,746


		Net Assets 100.0%	$	443,616,944


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 12). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2021, amounted to approximately $73,749, and represented 0.02% of net assets. ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 9.44%. ADR American Depositary Receipt. REIT Real Estate Investment Trust.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Micro Cap Value Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Australia		1.1
Canada		6.8
France		1.7
Germany		5.8
Ireland		1.0
Israel		4.3
Italy		1.6
Japan		2.3
United Kingdom		6.1
United States		69.3

TOTAL		100.0	%


Wasatch Small Cap Growth Fund (WAAEX / WIAEX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 97.4%

		Agricultural & Farm Machinery 0.9%
	819,432	Hydrofarm Holdings Group, Inc.*	$	31,015,501


		Airlines 1.4%
	255,219	Allegiant Travel Co.*		49,890,210


		Apparel Retail 2.2%
	890,871	Boot Barn Holdings, Inc.*		79,171,706


		Application Software 5.0%
	1,014,566	CS Disco, Inc.*		48,638,294
	594,059	nCino, Inc.*		42,196,011
	218,187	Paylocity Holding Corp.*		61,179,635
	262,850	Zendesk, Inc.*		30,593,111

				182,607,051


		Asset Management & Custody Banks 4.4%
	889,838	Focus Financial Partners, Inc., Class A*		46,600,816
	2,627,953	StepStone Group, Inc., Class A		112,055,916

				158,656,732


		Auto Parts & Equipment 1.0%
	462,882	XPEL, Inc.*		35,114,229


		Automotive Retail 1.4%
	881,404	Monro, Inc.		50,689,544


		Biotechnology 4.3%
	1,075,600	Atara Biotherapeutics, Inc.*		19,253,240
	436,958	C4 Therapeutics, Inc.*		19,523,283
	532,115	ChemoCentryx, Inc.*		9,099,167
	807,026	Cytokinetics, Inc.*		28,843,109
	1,372,971	Flexion Therapeutics, Inc.*		8,375,123
	1,157,590	Frequency Therapeutics, Inc.*		8,172,585
	996,863	Inovio Pharmaceuticals, Inc.*		7,137,539
	1,053,251	MacroGenics, Inc.*		22,055,076
	338,113	Nurix Therapeutics, Inc.*		10,129,866
	2,292,887	Sangamo Therapeutics, Inc.*		20,658,912
	449,496	Silverback Therapeutics, Inc.*		4,485,970

				157,733,870


		Building Products 1.0%
	568,087	AAON, Inc.		37,118,805


		Data Processing & Outsourced Services 2.2%
	278,618	Euronet Worldwide, Inc.*		35,462,499
	1,960,163	Repay Holdings Corp.*		45,142,554

				80,605,053


		Distillers & Vintners 1.4%
	5,500,000	Vintage Wine Estates, Inc., PIPE Shares* *** †‡‡		52,800,000


		Electronic Equipment & Instruments 1.4%
	1,874,926	nLight, Inc.*		52,854,164


Shares			Value


		Financial Exchanges & Data 2.1%
	2,159,558	Open Lending Corp., Class A*	$	77,895,257


		General Merchandise Stores 2.0%
	1,180,606	Ollie’s Bargain Outlet Holdings, Inc.*		71,166,930


		Health Care Facilities 3.1%
	1,216,812	Ensign Group, Inc.		91,127,051
	728,124	Pennant Group, Inc.*		20,453,003

				111,580,054


		Health Care Services 1.2%
	646,185	Castle Biosciences, Inc.*		42,971,303


		Health Care Supplies 3.8%
	2,148,828	Neogen Corp.*		93,323,600
	811,587	Silk Road Medical, Inc.*		44,661,633

				137,985,233


		Health Care Technology 1.5%
	240,690	Inspire Medical Systems, Inc.*		56,051,887


		Home Furnishings 1.5%
	2,533,949	Purple Innovation, Inc.*		53,263,608


		Home Improvement Retail 3.0%
	902,483	Floor & Decor Holdings, Inc., Class A*		109,010,922


		Homebuilding 2.3%
	591,258	LGI Homes, Inc.*		83,905,423


		Industrial Machinery 10.1%
	950,769	Helios Technologies, Inc.		78,067,643
	1,230,654	Kornit Digital Ltd.*		178,124,860
	4,231,967	Markforged Holding Corp.*		27,761,703
	398,002	RBC Bearings, Inc.*		84,456,024

				368,410,230


		Insurance Brokers 1.5%
	360,297	Goosehead Insurance, Inc., Class A		54,869,630


		Interactive Media & Services 3.0%
	1,695,235	Genius Sports Ltd.*		31,633,085
	2,808,554	ZipRecruiter, Inc., Class A*		77,516,091

				109,149,176


		IT Consulting & Other Services 2.6%
	342,338	Globant SA*		96,200,401


		Leisure Products 2.0%
	858,700	YETI Holdings, Inc.*		73,582,003


		Life Sciences Tools & Services 3.2%
	625,449	Medpace Holdings, Inc.*		118,384,987


		Managed Health Care 1.8%
	1,022,430	HealthEquity, Inc.*		66,212,567


		Oil & Gas Equipment & Services 1.3%
	1,245,079	DMC Global, Inc.* ‡‡		45,955,866


Wasatch Small Cap Growth Fund (WAAEX / WIAEX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value


		Packaged Foods & Meats 2.7%
	691,872	Freshpet, Inc.*	$	98,723,216


		Pharmaceuticals 1.6%
	89,727	Arvinas, Inc.*		7,373,765
	656,051	Esperion Therapeutics, Inc.*		7,905,414
	1,128,092	Intra-Cellular Therapies, Inc.*		42,055,270

				57,334,449


		Regional Banks 2.6%
	1,023,914	Pinnacle Financial Partners, Inc.		96,329,829


		Restaurants 0.7%
	786,091	Chuy’s Holdings, Inc.*		24,785,449


		Semiconductor Equipment 1.1%
	384,104	Nova Ltd.*		39,289,998


		Semiconductors 4.3%
	243,003	Monolithic Power Systems, Inc.		117,778,694
	187,373	SiTime Corp.*		38,255,945

				156,034,639


		Specialized Consumer Services 0.9%
	1,896,545	Mister Car Wash, Inc.*		34,611,946


		Specialty Stores 3.5%
	367,558	Five Below, Inc.*		64,987,930
	1,078,572	National Vision Holdings, Inc.*		61,230,532

				126,218,462


		Systems Software 6.2%
	696,532	CyberArk Software Ltd.*		109,926,680
	1,011,612	Rapid7, Inc.*		114,332,388

				224,259,068


		Trading Companies & Distributors 1.2%
	227,013	SiteOne Landscape Supply, Inc.*		45,282,283


		Total Common Stocks (cost $2,204,582,662)		3,547,721,681


		PREFERRED STOCKS 0.4%

		Semiconductor Equipment 0.1%
	184,939	Nanosys, Inc., Series A-1 Pfd.* *** †		188,638
	991,999	Nanosys, Inc., Series A-2 Pfd.* *** †		1,011,839

				1,200,477


		Systems Software 0.3%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		12,082,372


		Total Preferred Stocks (cost $10,184,941)		13,282,849


Principal Amount			Value


		SHORT-TERM INVESTMENTS 2.5%

		Repurchase Agreement 2.5%
$	90,931,461	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $93,230,800 of United States Treasury Notes 1.250% due 9/30/28; value: $92,750,102; repurchase proceeds: $90,931,461 (cost $90,931,461)	$	90,931,461


		Total Short-Term Investments (cost $90,931,461)		90,931,461


		Total Investments (cost $2,305,699,064) 100.3%		3,651,935,991

		Liabilities less Other Assets (0.3%)		(9,596,619	)


		Net Assets 100.0%	$	3,642,339,372


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 12). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2021, amounted to approximately $66,082,849, and represented 1.81% of net assets. ‡‡Affiliated company (see Note 8). PIPE Private Investment in Public Equity.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Small Cap Growth Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Argentina		2.7
Israel		9.2
United Kingdom		0.9
United States		87.2

TOTAL		100.0	%


Wasatch Small Cap Value Fund (WMCVX / WICVX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 98.6%

		Advertising 2.2%
	4,071,872	National CineMedia, Inc.‡‡	$	14,495,864
	781,885	Thryv Holdings, Inc.*		23,487,826

				37,983,690


		Aerospace & Defense 1.1%
	151,418	HEICO Corp., Class A		17,932,434


		Airlines 1.0%
	89,317	Allegiant Travel Co.*		17,459,687


		Application Software 2.1%
	537,603	Ebix, Inc.		14,477,649
	615,612	Upland Software, Inc.*		20,586,065

				35,063,714


		Asset Management & Custody Banks 2.5%
	533,088	Artisan Partners Asset Management, Inc., Class A		26,078,665
	191,137	Hamilton Lane, Inc., Class A		16,212,240

				42,290,905


		Auto Parts & Equipment 1.0%
	373,653	Standard Motor Products, Inc.		16,332,373


		Automotive Retail 1.6%
	483,421	Monro, Inc.		27,801,542


		Building Products 2.1%
	1,790,673	Janus International Group, Inc.*		21,917,837
	136,029	Trex Co., Inc.*		13,865,436

				35,783,273


		Commercial Printing 1.4%
	270,346	Cimpress PLC*		23,474,143


		Commodity Chemicals 2.2%
	1,189,411	Valvoline, Inc.		37,085,835


		Construction & Engineering 2.6%
	1,313,036	Construction Partners, Inc., Class A*		43,816,011


		Data Processing & Outsourced Services 2.6%
	216,029	Euronet Worldwide, Inc.*		27,496,171
	677,641	Repay Holdings Corp.*		15,606,072

				43,102,243


		Education Services 1.7%
	323,570	Grand Canyon Education, Inc.*		28,461,217


		Electronic Equipment & Instruments 1.2%
	339,122	PAR Technology Corp.*		20,859,394


		Electronic Manufacturing Services 4.4%
	535,348	Fabrinet*		54,878,523
	488,575	Sanmina Corp.*		18,829,681

				73,708,204


Shares			Value

		Environmental & Facilities Services 0.9%
	332,649	ABM Industries, Inc.	$	14,972,531


		Financial Exchanges & Data 2.6%
	527,177	Donnelley Financial Solutions, Inc.*		18,250,868
	732,730	Open Lending Corp., Class A*		26,429,571

				44,680,439


		General Merchandise Stores 2.4%
	664,446	Ollie’s Bargain Outlet Holdings, Inc.*		40,052,805


		Health Care Facilities 2.4%
	541,354	Ensign Group, Inc.		40,542,001


		Home Furnishings 1.5%
	382,270	Lovesac Co.*		25,264,224


		Homebuilding 5.4%
	259,264	LGI Homes, Inc.*		36,792,154
	681,620	Skyline Champion Corp.*		40,938,097
	666,315	Tri Pointe Homes, Inc.*		14,005,942

				91,736,193


		Industrial Machinery 9.9%
	969,372	Altra Industrial Motion Corp.		53,654,740
	616,258	Barnes Group, Inc.		25,716,446
	351,921	Helios Technologies, Inc.		28,896,233
	291,506	Kadant, Inc.		59,496,375

				167,763,794


		Internet & Direct Marketing Retail 1.7%
	931,799	1-800-Flowers.com, Inc., Class A*		28,429,187


		Investment Banking & Brokerage 2.3%
	618,330	Moelis & Co., Class A		38,256,077


		Leisure Products 1.4%
	285,087	YETI Holdings, Inc.*		24,429,105


		Life Sciences Tools & Services 1.1%
	70,176	ICON PLC*		18,387,516


		Managed Health Care 1.7%
	434,027	HealthEquity, Inc.*		28,107,589


		Mortgage REITs 1.5%
	1,390,235	Arbor Realty Trust, Inc.		25,761,055


		Oil & Gas Equipment & Services 1.6%
	728,891	Cactus, Inc., Class A		27,493,769


		Oil & Gas Exploration & Production 2.3%
	2,204,840	Magnolia Oil & Gas Corp., Class A		39,224,104


Wasatch Small Cap Value Fund (WMCVX / WICVX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value

		Paper Products 1.0%
	1,398,405	Resolute Forest Products, Inc.	$	16,641,020


		Personal Products 1.5%
	298,566	Edgewell Personal Care Co.		10,837,946
	363,015	Nu Skin Enterprises, Inc., Class A		14,691,217

				25,529,163


		Pharmaceuticals 1.2%
	554,066	Intra-Cellular Therapies, Inc.*		20,655,580


		Regional Banks 10.4%
	1,124,345	Bank OZK		48,324,348
	866,960	FB Financial Corp.		37,175,245
	521,711	ServisFirst Bancshares, Inc.		40,589,116
	904,279	Webster Financial Corp.		49,247,034

				175,335,743


		Semiconductor Equipment 2.8%
	306,318	Nova Ltd.*		31,333,268
	728,053	Veeco Instruments, Inc.*		16,170,057

				47,503,325


		Semiconductors 1.9%
	382,655	Cirrus Logic, Inc.*		31,511,639


		Specialized Consumer Services 1.2%
	494,155	Terminix Global Holdings, Inc.*		20,591,439


		Specialized REITs 2.4%
	754,892	National Storage Affiliates Trust		39,850,749


		Specialty Chemicals 2.6%
	333,614	Innospec, Inc.		28,096,971
	227,419	Minerals Technologies, Inc.		15,882,943

				43,979,914


		Steel 1.0%
	534,430	Commercial Metals Co.		16,278,738


		Thrifts & Mortgage Finance 3.2%
	1,051,759	Axos Financial, Inc.*		54,207,659


		Trading Companies & Distributors 1.0%
	299,721	Boise Cascade Co.		16,178,940


		Total Common Stocks (cost $1,219,064,245)		1,664,518,963


Principal Amount			Value


		SHORT-TERM INVESTMENTS 1.6%

		Repurchase Agreement 1.6%
$	27,756,331	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $28,458,200 of United States Treasury Notes 1.250% due 9/30/28; value: $28,311,470; repurchase proceeds: $27,756,331 (cost $27,756,331)	$	27,756,331


		Total Short-Term Investments (cost $27,756,331)		27,756,331


		Total Investments (cost $1,246,820,576) 100.2%		1,692,275,294

		Liabilities less Other Assets (0.2%)		(2,716,237	)


		Net Assets 100.0%	$	1,689,559,057


		*Non-income producing.

		‡‡Affiliated company (see Note 8).

		REIT Real Estate Investment Trust.

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Small Cap Value Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Canada		1.0
Ireland		1.1
Israel		1.9
United States		96.0

TOTAL		100.0	%


Wasatch Ultra Growth Fund (WAMCX / WGMCX)		SEPTEMBER 30, 2021

Schedule of Investments


Shares			Value


		COMMON STOCKS 99.7%

		Agricultural & Farm Machinery 0.9%
	705,400	Hydrofarm Holdings Group, Inc.*	$	26,699,390


		Alternative Carriers 0.5%
	162,387	Bandwidth, Inc., Class A*		14,660,298


		Application Software 14.2%
	179,081	Avalara, Inc.*		31,297,986
	131,188	DocuSign, Inc.*		33,771,727
	388,017	Five9, Inc.*		61,981,835
	102,619	HubSpot, Inc.*		69,379,680
	341,387	Paylocity Holding Corp.*		95,724,915
	2,415,912	Pexip Holding ASA*		19,496,721
	736,865	Q2 Holdings, Inc.*		59,052,361
	438,981	Zendesk, Inc.*		51,092,999

				421,798,224


		Automotive Retail 0.7%
	524,178	Camping World Holdings, Inc., Class A		20,374,799


		Biotechnology 10.6%
	1,097,263	Atara Biotherapeutics, Inc.*		19,641,008
	425,317	C4 Therapeutics, Inc.*		19,003,164
	1,287,151	ChemoCentryx, Inc.*		22,010,282
	914,198	Cytokinetics, Inc.*		32,673,436
	167,949	Denali Therapeutics, Inc.*		8,473,027
	299,990	Exact Sciences Corp.*		28,634,045
	1,329,918	Flexion Therapeutics, Inc.*		8,112,500
	902,826	Frequency Therapeutics, Inc.*		6,373,952
	1,827,989	Inovio Pharmaceuticals, Inc.*		13,088,401
	231,758	Kymera Therapeutics, Inc.*		13,613,465
	208,253	Ligand Pharmaceuticals, Inc.*		29,013,808
	1,763,395	MacroGenics, Inc.*		36,925,491
	4,191,905	MEI Pharma, Inc.*		11,569,658
	340,792	Nkarta, Inc.*		9,477,425
	465,671	Nurix Therapeutics, Inc.*		13,951,503
	4,103,357	Sangamo Therapeutics, Inc.*		36,971,247
	576,064	Silverback Therapeutics, Inc.*		5,749,119

				315,281,531


		Building Products 1.7%
	500,747	Trex Co., Inc.*		51,041,142


		Data Processing & Outsourced Services 2.1%
	1,255,668	Repay Holdings Corp.*		28,918,034
	137,024	Square, Inc., Class A*		32,863,836

				61,781,870


		Distillers & Vintners 1.5%
	4,500,000	Vintage Wine Estates, Inc., PIPE Shares* *** † ‡‡		43,200,000


		Electronic Equipment & Instruments 1.5%
	1,616,832	nLight, Inc.*		45,578,494


		Financial Exchanges & Data 3.5%
	1,808,794	Open Lending Corp., Class A*		65,243,199
	481,969	Tradeweb Markets, Inc., Class A		38,933,456

				104,176,655


Shares			Value


		General Merchandise Stores 2.0%
	972,525	Ollie’s Bargain Outlet Holdings, Inc.*	$	58,623,807


		Health Care Equipment 5.0%
	213,795	AtriCure, Inc.*		14,869,443
	13,974,921	Conformis, Inc.* ‡‡		18,586,645
	2,304,905	CryoLife, Inc.* ‡‡		51,376,332
	400,689	Outset Medical, Inc.*		19,810,064
	377,022	Tandem Diabetes Care, Inc.*		45,008,886

				149,651,370


		Health Care Services 2.6%
	953,984	Castle Biosciences, Inc.*		63,439,936
	1,055,027	Exagen, Inc.* ‡‡		14,348,367

				77,788,303


		Health Care Supplies 4.5%
	459,311	BioLife Solutions, Inc.*		19,438,041
	7,894,966	Cerus Corp.*		48,080,343
	1,186,995	Silk Road Medical, Inc.*		65,320,335

				132,838,719


		Health Care Technology 4.1%
	321,394	Inspire Medical Systems, Inc.*		74,846,235
	158,900	Veeva Systems, Inc., Class A*		45,790,213

				120,636,448


		Heavy Electrical Equipment 0.5%
	450,763	TPI Composites, Inc.*		15,213,251


		Home Furnishings 1.5%
	2,056,376	Purple Innovation, Inc.*		43,225,024


		Home Improvement Retail 2.6%
	636,783	Floor & Decor Holdings, Inc., Class A*		76,917,019


		Homebuilding 3.6%
	321,530	LGI Homes, Inc.*		45,628,322
	1,002,410	Skyline Champion Corp.*		60,204,745

				105,833,067


		Industrial Machinery 3.9%
	807,088	Kornit Digital Ltd.*		116,817,917


		Interactive Media & Services 1.4%
	1,241,132	TripAdvisor, Inc.*		42,012,318


		Internet Services & Infrastructure 0.9%
	481,940	GDS Holdings Ltd., ADR*		27,282,623


		IT Consulting & Other Services 2.9%
	415,639	Endava PLC, ADR*		56,464,558
	111,110	Globant SA*		31,223,021

				87,687,579


		Life Sciences Tools & Services 1.2%
	139,163	ICON PLC*		36,463,489


		Managed Health Care 1.5%
	697,327	HealthEquity, Inc.*		45,158,897


Wasatch Ultra Growth Fund (WAMCX / WGMCX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)


Shares			Value


		Metal & Glass Containers 0.2%
	141,671	TriMas Corp.*	$	4,584,474


		Oil & Gas Equipment & Services 0.3%
	1,002,664	Solaris Oilfield Infrastructure, Inc., Class A		8,362,218


		Oil & Gas Exploration & Production 1.0%
	1,728,367	Magnolia Oil & Gas Corp., Class A		30,747,649


		Packaged Foods & Meats 3.1%
	649,649	Freshpet, Inc.*		92,698,416


		Pharmaceuticals 3.9%
	147,183	Arvinas, Inc.*		12,095,499
	862,375	Athira Pharma, Inc.*		8,089,078
	1,320,747	Esperion Therapeutics, Inc.*		15,915,001
	2,142,647	Intra-Cellular Therapies, Inc.*		79,877,880

				115,977,458


		Regional Banks 3.6%
	1,367,406	Bank OZK		58,771,110
	357,478	Eagle Bancorp, Inc.		20,554,985
	288,673	Esquire Financial Holdings, Inc.*		8,273,368
	197,467	Pinnacle Financial Partners, Inc.		18,577,695

				106,177,158


		Restaurants 0.5%
	440,343	Chuy’s Holdings, Inc.*		13,884,015


		Semiconductor Equipment 3.3%
	668,579	Kulicke & Soffa Industries, Inc.		38,964,784
	580,583	Nova Ltd.*		59,387,835

				98,352,619


		Semiconductors 2.0%
	117,832	Monolithic Power Systems, Inc.		57,110,814
	42,910	NVE Corp.		2,744,953

				59,855,767


		Specialty Chemicals 1.6%
	337,231	Balchem Corp.		48,922,101


		Specialty Stores 2.2%
	367,037	Five Below, Inc.*		64,895,812


		Systems Software 2.2%
	421,837	CyberArk Software Ltd.*		66,574,315


		Trucking 0.4%
	216,058	Knight-Swift Transportation Holdings, Inc.		11,051,367


		Total Common Stocks (cost $2,007,251,990)		2,962,825,603


Shares			Value


		PREFERRED STOCKS 0.0%

		Semiconductor Equipment 0.0%
	248,000	Nanosys, Inc., Series A-1 Pfd.* *** †	$	252,960
	46,235	Nanosys, Inc., Series A-2 Pfd.* *** †		47,160

				300,120


		Total Preferred Stocks (cost $546,237)		300,120


Principal Amount			Value


		SHORT-TERM INVESTMENTS 0.9%

		Repurchase Agreement 0.9%
$	27,944,603	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $28,651,300 of United States Treasury Notes 1.250% due 9/30/28; value: $28,503,574; repurchase proceeds: $27,944,603 (cost $27,944,603)	$	27,944,603


		Total Short-Term Investments (cost $27,944,603)		27,944,603


		Total Investments (cost $2,035,742,830) 100.6%^§		2,991,070,326

		Liabilities less Other Assets (0.6%)¹		(18,077,717	)


		Net Assets 100.0%	$	2,972,992,609


		Non-income producing. **Security was fair valued under procedures adopted by the Board of Trustees (see Note 12). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2021, amounted to approximately $43,500,120, and represented 1.46% of net assets. ‡‡Affiliated company (see Note 8). ^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 0.56%. ¹The Fund entered into a commitment with a SPAC to purchase PIPE shares if and when the SPAC completes its merger or acquisition. Unfunded commitments with SPACs are not reflected in the Schedule of Investments. An unfunded commitment with a SPAC is recorded at net unrealized appreciation (depreciation) and is included in Liabilities less Other Assets.


Wasatch Ultra Growth Fund (WAMCX / WGMCX)		SEPTEMBER 30, 2021

Schedule of Investments (continued)

The Wasatch Ultra Growth Fund’s unfunded commitment with a SPAC outstanding as of September 30, 2021:

Issuer

Shares

Unfunded

Commitment

Amount

Current

Value

Unrealized

Depreciation

Aldel Financial, Inc.***

2,500,000

25,000,000

23,550,000

(1,450,000

)


		ADR American Depositary Receipt. PIPE Private Investment in Public Equity. SPAC Special Purpose Acquisition Company

		See Notes to Financial Statements.

At September 30, 2021, Wasatch Ultra Growth Fund’s investments, excluding short-term investments, were in the following countries (unaudited):


Country	%
Argentina		1.1
China		0.9
Ireland		1.2
Israel		8.2
Norway		0.7
United Kingdom		1.9
United States		86.0

TOTAL		100.0	%


Wasatch-Hoisington U.S. Treasury Fund (WHOSX)		SEPTEMBER 30, 2021

Schedule of Investments


Principal Amount			Value


		U.S. GOVERNMENT OBLIGATIONS 99.5%
$	94,800,000	U.S. Treasury Bond, 1.25%, 5/15/50	$	77,321,250
	31,000,000	U.S. Treasury Bond, 1.375%, 8/15/50		26,083,594
	87,900,000	U.S. Treasury Bond, 2.25%, 8/15/46		90,547,301
	17,200,000	U.S. Treasury Bond, 2.25%, 8/15/49		17,779,828
	25,150,000	U.S. Treasury Bond, 2.50%, 2/15/45		27,100,107
	5,300,000	U.S. Treasury Bond, 2.875%, 5/15/49		6,183,816
	45,530,000	U.S. Treasury Bond, 3.00%, 8/15/48		54,114,895
	39,800,000	U.S. Treasury Strip, principal only, 2/15/49		22,221,908
	105,000,000	U.S. Treasury Strip, principal only, 5/15/49		58,301,723
	147,000,000	U.S. Treasury Strip, principal only, 8/15/49		81,141,389


		Total U.S. Government Obligations (cost $479,000,845)		460,795,811


Principal Amount			Value


		SHORT-TERM INVESTMENTS 0.4%

		Repurchase Agreement 0.4%
$	1,814,108	Repurchase Agreement dated 9/30/21, 0.00% due 10/1/21 with Fixed Income Clearing Corp. collateralized by $1,860,000 of United States Treasury Notes 1.250% due 9/30/28; value $1,850,410; repurchase proceeds: $1,814,108 (cost $1,814,108)	$	1,814,108


		Total Short-Term Investments (cost $1,814,108)		1,814,108


		Total Investments (cost $480,814,953) 99.9%		462,609,919

		Other Assets less Liabilities 0.1%		338,764


		Net Assets 100.0%	$	462,948,683


		See Notes to Financial Statements.


Wasatch Funds

Statements of Assets and Liabilities


	Core Growth Fund			Emerging India Fund			Emerging Markets Select Fund

Assets:
Investments, at cost
Unaffiliated issuers		$	2,534,383,167		$	335,475,068		$	190,276,649
Affiliated issuers¹			54,885,156			—			—
Repurchase agreements			49,554,905			12,473,809			39,574,734

		$	2,638,823,228		$	347,948,877		$	229,851,383

Investments, at market value
Unaffiliated issuers		$	3,946,386,753		$	638,047,328		$	248,642,944
Affiliated issuers¹			58,669,388			—			—
Repurchase agreements			49,554,905			12,473,809			39,574,734

			4,054,611,046			650,521,137			288,217,678
Cash			—			—			—
Foreign currency on deposit (cost of $0, $0, $72,699, $2, $2,450,609, $2,260,957, $0 and $89,287, respectively)			—			—			72,638
Receivable for investment securities sold			—			1,213,391			323,475
Capital shares receivable			2,666,520			1,886,255			7,457,182
Interest and dividends receivable			732,496			312,997			11,644
Prepaid expenses and other assets			79,773			23,602			12,408

Total Assets			4,058,089,835			653,957,382			296,095,025

Liabilities:
Bank overdraft			—			—			—
Payable for securities purchased			10,648,435			1,634,259			29,189,458
Capital shares payable			1,794,008			73,427			100,767
Dividends payable to shareholders			—			—			—
Payable to Advisor			3,420,718			643,586			177,703
Accrued fund administration fees			537,905			72,484			16,605
Accrued expenses and other liabilities			570,233			210,728			83,567
Foreign capital gains taxes payable			—			34,305,213			2,300,628
Unrealized depreciation on an unfunded commitment with a SPAC			1,740,000			—			—

Total Liabilities			18,711,299			36,939,697			31,868,728

Net Assets		$	4,039,378,536		$	617,017,685		$	264,226,297

Net Assets Consist of:
Capital stock		$	383,174		$	881,731		$	115,773
Paid-in-capital in excess of par			2,039,464,369			335,852,913			207,073,649
Distributable earnings (accumulated loss)			1,999,530,993			280,283,041			57,036,875

Net Assets		$	4,039,378,536		$	617,017,685		$	264,226,297

Net Assets
Investor Class			2,174,177,540			258,617,054			93,932,197
Institutional Class			1,865,200,996			358,400,631			170,294,100

Capital Stock Issued and Outstanding (Unlimited number of shares authorized, $0.01 par value)
Investor Class			20,755,036			37,199,891			4,175,753
Institutional Class			17,562,388			50,973,215			7,401,517

Net Asset Value, Redemption Price and Offering Price Per Share
Investor Class		$	104.75		$	6.95		$	22.49

Institutional Class		$	106.20		$	7.03		$	23.01

¹	See Note 8 for information on affiliated issuers.

See Notes to Financial Statements.


		SEPTEMBER 30, 2021


Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund				Global Opportunities Fund			Global Select Fund			Global Value Fund



	$	306,924,262		$	43,143,939			$	137,816,845		$	15,132,621		$	99,620,281
		—			—				—			—			—
		22,209,190			3,362,821				9,829,328			132,704			2,989,597

	$	329,133,452		$	46,506,760			$	147,646,173		$	15,265,325		$	102,609,878


	$	632,747,479		$	67,110,224			$	254,556,340		$	19,437,274		$	124,300,822
		—			—				—			—			—
		22,209,190			3,362,821				9,829,328			132,704			2,989,597

		654,956,669			70,473,045				264,385,668			19,569,978			127,290,419
		—			6,307				—			—			—
		2			2,448,897				2,260,954			—			88,842

		1,311,649			3,147				—			—			249,374
		3,591,408			2,621				360,790			—			1,538
		52,021			17,061				95,352			8,465			329,224
		19,039			13,266				13,587			6,746			12,239

		659,930,788			72,964,344				267,116,351			19,585,189			127,971,636


		—			—				—			—			249,336
		—			2,191,954				7,950,067			—			189,775
		253,512			30,408				7,266			21,850			105,167
		—			—				—			—			17,940
		874,332			96,575				262,860			6,784			90,259
		99,645			14,973				35,409			2,998			34,789
		183,918			86,071				90,460			44,848			155,669
		15,161,025			747,744				3,062,782			69,839			—
		—			—				—			—			—

		16,572,432			3,167,725				11,408,844			146,319			842,935

	$	643,358,356		$	69,796,619			$	255,707,507		$	19,438,870		$	127,128,701


	$	1,513,446		$	158,065			$	437,324		$	12,223		$	137,585
		304,174,310			144,101,406				122,849,347			13,445,100			261,776,589
		337,670,600			(74,462,852	)			132,420,836			5,981,547			(134,785,473	)

	$	643,358,356		$	69,796,619			$	255,707,507		$	19,438,870		$	127,128,701


		322,350,355			52,306,863				181,563,414			7,054,008			119,965,617
		321,008,001			17,489,756				74,144,093			12,384,862			7,163,084


		76,222,821			11,882,248				31,120,565			445,484			12,982,142
		75,121,755			3,924,214				12,611,839			776,819			776,385


	$	4.23		$	4.40			$	5.83		$	15.83		$	9.24

	$	4.27		$	4.46			$	5.88		$	15.94		$	9.23


Wasatch Funds

Statements of Assets and Liabilities (continued)


	Greater China Fund¹				International Growth Fund			International Opportunities Fund

Assets:
Investments, at cost
Unaffiliated issuers		$	10,813,872			$	699,290,858		$	470,803,620
Affiliated issuers²			—				—			—
Repurchase agreements			—				12,645,550			27,070,632

		$	10,813,872			$	711,936,408		$	497,874,252

Investments, at market value
Unaffiliated issuers		$	10,279,165			$	1,268,081,013		$	794,292,282
Affiliated issuers²			—				—			—
Repurchase agreements			—				12,645,550			27,070,632

			10,279,165				1,280,726,563			821,362,914
Cash			312,649				—			—
Foreign currency on deposit (cost of $0, $90,330, $175,025, $5, $5, $16,587, $0 and $0, respectively)			—				90,329			175,048
Receivable for investment securities sold			—				8,455,608			713,022
Capital shares receivable			—				294,560			541,359
Interest and dividends receivable			5,559				1,516,449			661,494
Receivable from Investment Advisor			—				—			—
Prepaid expenses and other assets			14,292				36,604			22,647

Total Assets			10,611,665				1,291,120,113			823,476,484

Liabilities:
Payable for securities purchased			—				1,951,749			2,974,093
Capital shares payable			—				1,365,495			317,229
Payable to Advisor			14,194				1,375,188			1,231,922
Accrued fund administration fees			—				262,665			136,856
Accrued expenses and other liabilities			23,405				311,770			278,730
Foreign capital gains taxes payable			—				7,374,978			3,580,966
Unrealized depreciation on an unfunded commitment with a SPAC			—				—			—

Total Liabilities			37,599				12,641,845			8,519,796

Net Assets		$	10,574,066			$	1,278,478,268		$	814,956,688

Net Assets Consist of:
Capital stock		$	10,764			$	328,420		$	1,532,694
Paid-in-capital in excess of par			11,838,037				637,399,715			418,066,699
Distributable earnings (accumulated loss)			(1,274,735	)			640,750,133			395,357,295

Net Assets		$	10,574,066			$	1,278,478,268		$	814,956,688

Net Assets
Investor Class			3,794,680				579,101,763			139,188,823
Institutional Class			6,779,386				699,376,505			675,767,865

Capital Stock Issued and Outstanding (Unlimited number of shares authorized, $0.01 par value)
Investor Class			385,875				14,927,834			26,479,177
Institutional Class			690,537				17,914,201			126,790,238

Net Asset Value, Redemption Price and Offering Price Per Share
Investor Class		$	9.83			$	38.79		$	5.26

Institutional Class		$	9.82			$	39.04		$	5.33

¹	Fund inception date was November 30, 2020.

²	See Note 8 for information on affiliated issuers.

See Notes to Financial Statements.


		SEPTEMBER 30, 2021


International Select Fund			Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund



	$	7,554,748		$	872,587,130		$	296,269,660		$	2,109,356,242		$	1,198,789,938
		—			192,037,618			—			105,411,361			20,274,307
		258,377			4,418,400			22,209,998			90,931,461			27,756,331

	$	7,813,125		$	1,069,043,148		$	318,479,658		$	2,305,699,064		$	1,246,820,576


	$	9,307,603		$	1,139,592,959		$	419,899,200		$	3,462,248,664		$	1,650,023,099
		—			207,371,271			—			98,755,866			14,495,864
		258,377			4,418,400			22,209,998			90,931,461			27,756,331

		9,565,980			1,351,382,630			442,109,198			3,651,935,991			1,692,275,294
		—			—			343,262			—			—
		5			5			16,599			—			—
		—			7,343,233			4,178,711			—			1,151,781
		2,545			513,469			77,061			2,812,394			2,142,183
		9,555			46,662			218,993			209,684			325,899
		3,511			—			—			—			—
		8,637			52,777			65,943			84,071			43,231

		9,590,233			1,359,338,776			447,009,767			3,655,042,140			1,695,938,388


		42,275			2,544,521			2,515,477			5,369,318			3,697,914
		—			364,682			187,507			3,388,082			805,735
		—			1,738,959			549,391			3,089,883			1,418,912
		—			156,513			48,266			479,876			208,447
		39,010			226,791			92,182			375,609			248,323
		—			—			—			—			—
		—			697,000			—			—			—

		81,285			5,728,466			3,392,823			12,702,768			6,379,331

	$	9,508,948		$	1,353,610,310		$	443,616,944		$	3,642,339,372		$	1,689,559,057


	$	6,326		$	1,078,274		$	868,576		$	579,174		$	1,574,895
		7,860,425			778,946,703			237,029,466			1,711,221,505			1,138,367,163
		1,642,197			573,585,333			205,718,902			1,930,538,693			549,616,999

	$	9,508,948		$	1,353,610,310		$	443,616,944		$	3,642,339,372		$	1,689,559,057


		4,762,906			1,155,133,175			387,236,047			1,744,187,214			840,022,267
		4,746,042			198,477,135			56,380,897			1,898,152,158			849,536,790


		318,367			92,009,391			75,855,085			27,923,925			78,652,909
		314,275			15,817,989			11,002,552			29,993,483			78,836,638


	$	14.96		$	12.55		$	5.10		$	62.46		$	10.68

	$	15.10		$	12.55		$	5.12		$	63.29		$	10.78


Wasatch Funds		SEPTEMBER 30, 2021

Statements of Assets and Liabilities (continued)


	Ultra Growth Fund			U.S. Treasury Fund

Assets:
Investments, at cost
Unaffiliated issuers		$	1,880,667,137		$	479,000,845
Affiliated issuers¹			127,131,090			—
Repurchase agreements			27,944,603			1,814,108

		$	2,035,742,830		$	480,814,953

Investments, at market value
Unaffiliated issuers		$	2,835,614,379		$	460,795,811
Affiliated issuers¹			127,511,344			—
Repurchase agreements			27,944,603			1,814,108

			2,991,070,326			462,609,919
Receivable for investment securities sold			26,445,754			—
Capital shares receivable			1,926,311			103,778
Interest and dividends receivable			164,300			1,116,361
Prepaid expenses and other assets			78,272			29,215

Total Assets			3,019,684,963			463,859,273

Liabilities:
Payable for securities purchased			40,044,651			—
Capital shares payable			1,960,433			474,056
Dividends payable to shareholders			—			112,086
Payable to Advisor			2,533,887			197,841
Accrued fund administration fees			238,343			47,870
Accrued expenses and other liabilities			465,040			78,737
Unrealized depreciation on an unfunded commitment with a SPAC			1,450,000			—

Total Liabilities			46,692,354			910,590

Net Assets		$	2,972,992,609		$	462,948,683

Net Assets Consist of:
Capital stock		$	582,982		$	255,725
Paid-in-capital in excess of par			1,740,607,535			487,824,889
Distributable earnings (accumulated loss)			1,231,802,092			(25,131,931	)

Net Assets		$	2,972,992,609		$	462,948,683

Net Assets
Investor Class			2,255,326,975			462,948,683
Institutional Class			717,665,634			—

Capital Stock Issued and Outstanding (Unlimited number of shares authorized, $0.01 par value)
Investor Class			44,241,527			25,572,464
Institutional Class			14,056,721			—

Net Asset Value, Redemption Price and Offering Price Per Share
Investor Class		$	50.98		$	18.10

Institutional Class		$	51.05		$	—

¹	See Note 8 for information on affiliated issuers.

See Notes to Financial Statements.

(This page intentionally left blank.)


Wasatch Funds

Statements of Operations


	Core Growth Fund				Emerging India Fund				Emerging Markets Select Fund

Investment Income:
Interest		$	4,078			$	431			$	106
Dividends¹
Unaffiliated issuers			18,720,180				1,769,066				846,057

Total investment income			18,724,258				1,769,497				846,163

Expenses:
Investment advisory fees			36,607,710				5,704,189				1,102,923
Shareholder servicing fees — Investor Class			2,307,251				246,165				53,428
Shareholder servicing fees — Institutional Class			34,939				5,802				4,790
Fund administration fees			524,488				67,435				17,335
Fund accounting fees			297,382				55,083				30,848
Reports to shareholders — Investor Class			180,752				11,382				10,815
Reports to shareholders — Institutional Class			126,036				6,829				3,493
Custody fees			11,256				217,375				42,317
Federal and state registration fees — Investor Class			64,239				21,587				13,178
Federal and state registration fees — Institutional Class			61,584				26,585				15,105
Legal fees			139,393				16,225				3,763
Trustees’ fees			281,945				30,466				6,713
Interest			63,022				20,356				2,013
Audit fees			40,808				40,808				40,808
Other expenses			116,688				78,810				20,800

Total expenses before reimbursement			40,857,493				6,549,097				1,368,329
Reimbursement of expenses by Advisor			(37,450	)			—				—

Net Expenses			40,820,043				6,549,097				1,368,329

Net Investment Income (Loss)			(22,095,785	)			(4,779,600	)			(522,166	)

Realized Gain (Loss):
Investments sold			627,125,639				31,365,713				4,460,944
Foreign currency transactions			(26,698	)			(392,732	)			(33,529	)
Foreign capital gains taxes			(365,331	)			(3,618,124	)			(149,437	)

Net realized gain			626,733,610				27,354,857				4,277,978

Change in Unrealized Appreciation (Depreciation):
Investments			612,092,644				223,498,541				37,446,513
Investments in affiliates			3,784,232				—				—
Foreign currency translations			(152	)			(5,970	)			(15,271	)
Deferred foreign capital gains taxes			62,252				(27,379,774	)			(1,896,163	)
Unfunded commitment with a SPAC			(1,740,000	)			—				—

Net change in unrealized appreciation			614,198,976				196,112,797				35,535,079

Net gain on investments			1,240,932,586				223,467,654				39,813,057

Net Increase in Net Assets Resulting from Operations		$	1,218,836,801			$	218,688,054			$	39,290,891

¹	Net of $0, $517,787, $88,620, $615,446, $35,082, $80,858, $6,184 and $288,444 in foreign withholding taxes, respectively.

See Notes to Financial Statements.


		YEAR ENDED SEPTEMBER 30, 2021


Emerging Markets Small Cap Fund				Frontier Emerging Small Countries Fund				Global Opportunities Fund				Global Select Fund				Global Value Fund



	$	21,895			$	70			$	192			$	19			$	—
		4,117,628				507,966				790,137				86,279				3,868,817

		4,139,523				508,036				790,329				86,298				3,868,817


		8,380,280				1,049,414				2,550,980				149,069				1,135,434
		276,202				88,788				148,428				26,389				182,764
		3,782				2,778				3,011				5,479				3,106
		81,386				10,319				32,260				2,863				20,572
		67,322				24,905				41,063				18,855				28,914
		13,329				9,567				13,804				13,171				12,057
		5,275				4,870				10,523				2,260				2,005
		187,197				57,131				26,279				6,335				27,789
		31,605				14,741				20,281				13,564				15,741
		24,187				13,734				16,675				13,664				14,374
		12,573				1,582				7,687				114				980
		38,035				5,082				14,917				1,356				10,059
		11,435				1,603				3,947				371				2,075
		40,808				40,808				40,808				40,815				40,808
		83,993				19,221				21,814				17,643				13,057

		9,257,409				1,344,543				2,952,477				311,948				1,509,735
		—				(19,080	)			(29,854	)			(119,822	)			(127,302	)

		9,257,409				1,325,463				2,922,623				192,126				1,382,433

		(5,117,886	)			(817,427	)			(2,132,294	)			(105,828	)			2,486,384


		40,340,931				7,426,238				22,183,704				2,055,508				11,743,113
		(156,010	)			(79,829	)			(12,753	)			50,629				(45,641	)
		(1,208,536	)			(75,965	)			(272,431	)			(5,830	)			(285,861	)

		38,976,385				7,270,444				21,898,520				2,100,307				11,411,611


		170,127,781				16,603,004				60,052,899				1,824,847				28,323,940
		—				—				—				—				—
		(4,672	)			16,495				(471	)			(138	)			(8,797	)
		(11,088,406	)			(317,996	)			(2,561,666	)			(67,971	)			7,705
		—				—				—				—				—

		159,034,703				16,301,503				57,490,762				1,756,738				28,322,848

		198,011,088				23,571,947				79,389,282				3,857,045				39,734,459

	$	192,893,202			$	22,754,520			$	77,256,988			$	3,751,217			$	42,220,843


Wasatch Funds

Statements of Operations (continued)


	Greater China Fund¹				International Growth Fund				International Opportunities Fund

Investment Income:
Interest		$	13			$	934			$	5,032
Dividends²
Unaffiliated issuers			85,498				11,286,590				6,050,442
Affiliated issuers³			—				—				—

Total investment income			85,511				11,287,524				6,055,474

Expenses:
Investment advisory fees			93,390				14,941,293				13,512,940
Shareholder servicing fees — Investor Class			8,652				481,067				109,173
Shareholder servicing fees — Institutional Class			1,561				7,276				305,497
Fund administration fees			728				192,442				122,348
Fund accounting fees			14,604				134,934				98,278
Reports to shareholders — Investor Class			11,037				19,400				240
Reports to shareholders — Institutional Class			7,524				13,356				69,803
Custody fees			13,618				191,380				187,621
Federal and state registration fees — Investor Class			17,773				34,499				15,804
Federal and state registration fees — Institutional Class			16,904				47,284				30,386
Legal fees			85,926				25,578				16,801
Trustees’ fees			460				100,014				63,664
Interest			842				22,555				13,592
Audit fees			37,282				40,808				40,808
Other expenses			2,106				55,108				42,407

Total expenses before reimbursement			312,407				16,306,994				14,629,362
Reimbursement of expenses by Advisor			(185,880	)			—				—

Net Expenses			126,527				16,306,994				14,629,362

Net Investment Loss			(41,016	)			(5,019,470	)			(8,573,888	)

Realized Gain (Loss):
Investments sold			(691,192	)			100,667,849				94,880,981
Investments in affiliates			—				—				—
Foreign currency transactions			(10,291	)			(91,762	)			(13,725	)
Foreign capital gains taxes			—				(691,393	)			—

Net realized gain (loss)			(701,483	)			99,884,694				94,867,256

Change in Unrealized Appreciation (Depreciation):
Investments			(534,707	)			187,709,050				19,493,492
Investments in affiliates			—				—				—
Foreign currency translations			(1	)			(7,509	)			(6,081	)
Deferred foreign capital gains taxes			—				(5,341,883	)			(3,002,098	)
Unfunded commitment with a SPAC			—				—				—

Net change in unrealized appreciation (depreciation)			(534,708	)			182,359,658				16,485,313

Net gain (loss) on investments			(1,236,191	)			282,244,352				111,352,569

Net Increase (Decrease) in Net Assets Resulting from Operations		$	(1,277,207	)		$	277,224,882			$	102,778,681

¹	Fund inception date was November 30, 2020.

²	Net of $5,592, $1,285,222, $809,317, $5,880, $4,740, $41,830, $0 and $0 in foreign withholding taxes, respectively.

³	See Note 8 for information on affiliated issuers.

See Notes to Financial Statements.


		YEAR ENDED SEPTEMBER 30, 2021


International Select Fund				Micro Cap Fund				Micro Cap Value Fund				Small Cap Growth Fund				Small Cap Value Fund


	$	8			$	1,692			$	375			$	3,838			$	1,691

		44,435				1,179,738				1,863,413				4,217,477				14,411,568
		—				361,729				—				—				844,023

		44,443				1,543,159				1,863,788				4,221,315				15,257,282


		56,577				20,164,509				5,510,162				33,380,838				15,221,543
		25,667				897,877				273,756				1,229,317				772,358
		5,927				2,530				2,330				18,009				6,825
		1,292				178,551				56,437				465,683				217,762
		21,135				112,013				50,518				265,825				133,708
		12,324				82,922				14,736				69,618				115,530
		5,131				10,986				2,993				192,919				41,978
		8,403				15,743				19,211				5,352				3,203
		16,153				59,578				25,725				63,815				51,045
		16,433				20,606				12,805				75,650				74,512
		206				57,985				9,697				140,178				74,112
		522				94,790				26,279				256,905				109,405
		167				25,764				6,059				62,873				28,391
		40,815				38,217				38,217				40,808				40,808
		5,806				40,606				24,406				96,269				52,222

		216,558				21,802,677				6,073,331				36,364,059				16,943,402
		(135,564	)			—				(2,820	)			(87,720	)			(62,575	)

		80,994				21,802,677				6,070,511				36,276,339				16,880,827

		(36,551	)			(20,259,518	)			(4,206,723	)			(32,055,024	)			(1,623,545	)


		(14,743	)			322,676,109				102,049,677				630,772,626				174,738,896
		—				4,299,133				—				2,644,016				(2,269,413	)
		2,942				85,377				9,695				—				(95,255	)
		—				—				—				—				(63,918	)

		(11,801	)			327,060,619				102,059,372				633,416,642				172,310,310


		975,963				12,647,116				48,750,318				436,584,342				369,997,729
		—				8,552,318				—				528,948				(5,778,443	)
		(99	)			1,267				(938	)			—				—
		—				—				—				—				—
		—				(697,000	)			—				—				—

		975,864				20,503,701				48,749,380				437,113,290				364,219,286

		964,063				347,564,320				150,808,752				1,070,529,932				536,529,596

	$	927,512			$	327,304,802			$	146,602,029			$	1,038,474,908			$	534,906,051


Wasatch Funds		YEAR ENDED SEPTEMBER 30, 2021

Statements of Operations (continued)


	Ultra Growth Fund				U.S. Treasury Fund

Investment Income:
Interest		$	3,351			$	9,243,531
Dividends¹
Unaffiliated issuers			5,452,133				—

Total investment income			5,455,484				9,243,531

Expenses:
Investment advisory fees			28,309,957				2,357,901
Shareholder servicing fees — Investor Class			2,217,130				432,571
Shareholder servicing fees — Institutional Class			3,446				—
Fund administration fees			360,266				56,193
Fund accounting fees			211,546				32,727
Reports to shareholders — Investor Class			229,190				41,902
Reports to shareholders — Institutional Class			52,376				—
Custody fees			19,756				1,357
Federal and state registration fees — Investor Class			158,644				63,986
Federal and state registration fees — Institutional Class			56,170				—
Legal fees			143,685				23,015
Trustees’ fees			217,570				44,511
Interest			52,057				8,694
Audit fees			38,217				38,217
Other expenses			70,827				13,853

Total expenses before reimbursement			32,140,837				3,114,927
Reimbursement of expenses by Advisor			(36,820	)			—

Net Expenses			32,104,017				3,114,927

Net Investment Income (Loss)			(26,648,533	)			6,128,604

Realized Gain (Loss):
Investments sold			315,576,981				39,385,439
Foreign currency transactions			(360,295	)			—
Foreign capital gains taxes			—				—

Net realized gain			315,216,686				39,385,439

Change in Unrealized Appreciation (Depreciation):
Investments			412,914,608				(112,378,324	)
Investments in affiliates			4,447,977				—
Foreign currency translations			922				—
Unfunded commitment with a SPAC			(1,450,000	)			—

Net change in unrealized appreciation (depreciation)			415,913,507				(112,378,324	)

Net gain (loss) on investments			731,130,193				(72,992,885	)

Net Increase (Decrease) in Net Assets Resulting from Operations		$	704,481,660			$	(66,864,281	)

¹	Net of $0 and $0 in foreign withholding taxes, respectively.

See Notes to Financial Statements.

(This page intentionally left blank.)


Wasatch Funds

Statements of Changes in Net Assets


	Core Growth Fund								Emerging India Fund
	Year Ended September 30, 2021				Year Ended September 30, 2020				Year Ended September 30, 2021				Year Ended September 30, 2020

Operations:
Net investment loss		$	(22,095,785	)		$	(11,378,959	)		$	(4,779,600	)		$	(2,186,291	)
Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes			626,733,610				267,011,636				27,354,857				(10,041,738	)
Change in unrealized appreciation on investments, foreign currency translations, deferred foreign capital gains taxes and unrealized depreciation on an unfunded commitment with a SPAC			614,198,976				153,878,478				196,112,797				7,396,696

Net increase (decrease) in net assets resulting from operations			1,218,836,801				409,511,155				218,688,054				(4,831,333	)

Distributions to shareholders from distributable earnings
Investor Class			(134,139,688	)			(149,403,088	)			—				(641,437	)
Institutional Class			(96,241,665	)			(93,662,303	)			—				(372,918	)

Capital share transactions:
Investor Class
Shares sold			285,293,963				300,231,603				72,552,290				49,187,928
Shares issued to holders in reinvestment of dividends			129,567,047				145,016,231				—				638,968
Shares redeemed			(396,773,770	)			(366,379,267	)			(45,105,601	)			(93,141,751	)
Redemption fees			57,178				86,545				21,479				46,810

Net increase (decrease)			18,144,418				78,955,112				27,468,168				(43,268,045	)

Institutional Class
Shares sold			522,135,790				440,775,070				171,145,086				80,901,116
Shares issued to holders in reinvestment of dividends			88,636,169				89,581,586				—				372,838
Shares redeemed			(308,194,284	)			(331,456,790	)			(82,697,169	)			(29,618,917	)
Redemption fees			52,681				66,478				17,077				17,127

Net increase (decrease)			302,630,356				198,966,344				88,464,994				51,672,164

Total increase (decrease) in net assets			1,309,230,222				444,367,220				334,621,216				2,558,431

Net assets:
Beginning of period			2,730,148,314				2,285,781,094				282,396,469				279,838,038

End of period		$	4,039,378,536			$	2,730,148,314			$	617,017,685			$	282,396,469


Capital share transactions — shares:
Investor Class
Shares sold			2,901,779				4,313,782				13,216,525				12,159,532
Shares issued to holders in reinvestment of dividends			1,433,264				2,011,879				—				143,266
Shares redeemed			(4,142,514	)			(5,387,481	)			(8,368,087	)			(24,079,210	)

Net increase (decrease) in shares outstanding			192,529				938,180				4,848,438				(11,776,412	)

Institutional Class
Shares sold			5,305,898				6,308,855				29,268,874				20,515,166
Shares issued to holders in reinvestment of dividends			967,961				1,229,841				—				83,038
Shares redeemed			(3,155,071	)			(4,601,085	)			(12,584,440	)			(7,831,162	)

Net increase (decrease) in shares outstanding			3,118,788				2,937,611				16,684,434				12,767,042

See Notes to Financial Statements.


		SEPTEMBER 30, 2021


Emerging Markets Select Fund								Emerging Markets Small Cap Fund								Frontier Emerging Small Countries Fund
Year Ended September 30, 2021				Year Ended September 30, 2020				Year Ended September 30, 2021				Year Ended September 30, 2020				Year Ended September 30, 2021				Year Ended September 30, 2020


	$	(522,166	)		$	(223,021	)		$	(5,117,886	)		$	(3,451,627	)		$	(817,427	)		$	(590,577	)
		4,277,978				1,763,721				38,976,385				28,823,057				7,270,444				3,277,468
		35,535,079				10,483,768				159,034,703				40,499,549				16,301,503				2,039,631

		39,290,891				12,024,468				192,893,202				65,870,979				22,754,520				4,726,522


		—				—				(16,201,918	)			(11,627,154	)			—				—
		—				—				(14,450,142	)			(10,395,643	)			—				—



		74,966,286				4,233,619				67,652,710				29,769,453				4,625,113				3,402,404
		—				—				15,429,738				11,005,252				—				—
		(8,539,243	)			(1,976,142	)			(42,352,912	)			(56,935,590	)			(9,870,437	)			(10,813,720	)
		20,990				5,058				6,899				11,864				2,525				8,614

		66,448,033				2,262,535				40,736,435				(16,149,021	)			(5,242,799	)			(7,402,702	)


		107,774,616				8,078,012				84,918,309				37,383,900				2,827,190				1,168,124
		—				—				13,131,207				9,521,929				—				—
		(7,958,135	)			(7,846,119	)			(31,745,756	)			(65,995,973	)			(1,001,816	)			(8,278,645	)
		4,807				540				—				13,541				—				1,272

		99,821,288				232,433				66,303,760				(19,076,603	)			1,825,374				(7,109,249	)

		205,560,212				14,519,436				269,281,337				8,622,558				19,337,095				(9,785,429	)


		58,666,085				44,146,649				374,077,019				365,454,461				50,459,524				60,244,953

	$	264,226,297			$	58,666,085			$	643,358,356			$	374,077,019			$	69,796,619			$	50,459,524




		3,547,349				346,285				17,518,756				10,864,214				1,141,142				1,305,878
		—				—				4,551,545				4,001,910				—				—
		(412,092	)			(168,675	)			(11,317,581	)			(21,953,707	)			(2,490,690	)			(4,053,476	)

		3,135,257				177,610				10,752,720				(7,087,583	)			(1,349,548	)			(2,747,598	)


		4,811,742				666,834				21,883,056				13,643,138				721,918				412,481
		—				—				3,828,340				3,437,519				—				—
		(380,480	)			(676,956	)			(8,614,946	)			(24,611,629	)			(262,213	)			(2,901,120	)

		4,431,262				(10,122	)			17,096,450				(7,530,972	)			459,705				(2,488,639	)


Wasatch Funds

Statements of Changes in Net Assets (continued)


	Global Opportunities Fund								Global Select Fund
	Year Ended September 30, 2021				Year Ended September 30, 2020				Year Ended September 30, 2021				Year Ended September 30, 2020¹

Operations:
Net investment income (loss)		$	(2,132,294	)		$	(1,247,221	)		$	(105,828	)		$	(47,649	)
Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes			21,898,520				4,308,237				2,100,307				(174,171	)
Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes			57,490,762				22,317,868				1,756,738				2,477,943

Net increase (decrease) in net assets resulting from operations			77,256,988				25,378,884				3,751,217				2,256,123

Distributions to shareholders from distributable earnings
Investor Class			(2,570,977	)			(8,871,843	)			(8,940	)			—
Institutional Class			(995,402	)			(1,711,832	)			(16,853	)			—

Capital share transactions:
Investor Class
Shares sold			48,268,784				17,857,634				3,119,571				4,723,784
Shares issued to holders in reinvestment of dividends			2,541,567				8,792,560				8,940				—
Shares redeemed			(22,753,133	)			(41,451,598	)			(1,658,422	)			(1,063,555	)
Redemption fees			14,567				12,387				2,933				2,117

Net increase (decrease)			28,071,785				(14,789,017	)			1,473,022				3,662,346

Institutional Class
Shares sold			22,325,925				21,541,722				1,320,860				9,431,467
Shares issued to holders in reinvestment of dividends			968,419				1,626,534				16,853				—
Shares redeemed			(8,844,008	)			(6,453,459	)			(468,215	)			(1,979,132	)
Redemption fees			1,624				2,084				—				122

Net increase (decrease)			14,451,960				16,716,881				869,498				7,452,457

Total increase (decrease) in net assets			116,214,354				16,723,073				6,067,944				13,370,926

Net assets:
Beginning of period			139,493,153				122,770,080				13,370,926				—

End of period		$	255,707,507			$	139,493,153			$	19,438,870			$	13,370,926


Capital share transactions — shares:
Investor Class
Shares sold			9,385,865				5,250,318				218,046				438,061
Shares issued to holders in reinvestment of dividends			531,709				2,541,202				607				—
Shares redeemed			(4,493,298	)			(12,067,930	)			(114,926	)			(96,304	)

Net increase (decrease) in shares outstanding			5,424,276				(4,276,410	)			103,727				341,757

Institutional Class
Shares sold			4,281,400				5,824,322				90,616				909,171
Shares issued to holders in reinvestment of dividends			201,335				468,742				1,139				—
Shares redeemed			(1,707,010	)			(1,940,154	)			(32,058	)			(192,049	)

Net increase (decrease) in shares outstanding			2,775,725				4,352,910				59,697				717,122

¹	Fund inception date was October 1, 2019.

²	Fund inception date was November 30, 2020.

See Notes to Financial Statements.


		SEPTEMBER 30, 2021


Global Value Fund								Greater China Fund²				International Growth Fund
Year Ended September 30, 2021				Year Ended September 30, 2020				Period Ended September 30, 2021				Year Ended September 30, 2021				Year Ended September 30, 2020


	$	2,486,384			$	2,562,585			$	(41,016	)		$	(5,019,470	)		$	(4,678,384	)
		11,411,611				(6,595,616	)			(701,483	)			99,884,694				111,899,981
		28,322,848				(13,347,617	)			(534,708	)			182,359,658				82,315,265

		42,220,843				(17,380,648	)			(1,277,207	)			277,224,882				189,536,862


		(2,003,728	)			(4,249,075	)			—				(54,626,174	)			(14,384,249	)
		(126,976	)			(273,749	)			—				(62,832,624	)			(16,077,813	)



		6,816,083				2,404,272				8,986,007				48,872,849				38,419,767
		1,946,735				4,138,782				—				49,768,442				12,847,729
		(22,936,090	)			(36,447,748	)			(4,799,277	)			(89,623,700	)			(178,985,286	)
		10,770				2,711				18,104				3,660				22,305

		(14,162,502	)			(29,901,983	)			4,204,834				9,021,251				(127,695,485	)


		1,198,637				2,380,179				9,671,913				75,309,424				149,586,508
		126,361				272,181				—				58,970,595				15,159,166
		(2,899,730	)			(2,757,736	)			(2,025,474	)			(90,761,018	)			(269,336,480	)
		4,273				371				—				44				52,102

		(1,570,459	)			(105,005	)			7,646,439				43,519,045				(104,538,704	)

		24,357,178				(51,910,460	)			10,574,066				212,306,380				(73,159,389	)


		102,771,523				154,681,983				—				1,066,171,888				1,139,331,277

	$	127,128,701			$	102,771,523			$	10,574,066			$	1,278,478,268			$	1,066,171,888




		752,115				346,672				816,427				1,362,318				1,297,642
		215,835				577,686				—				1,467,663				417,405
		(2,664,292	)			(5,196,115	)			(430,552	)			(2,492,622	)			(6,396,738	)

		(1,696,342	)			(4,271,757	)			385,875				337,359				(4,681,691	)


		149,716				335,696				876,966				2,072,631				5,139,067
		14,054				38,237				—				1,728,836				490,429
		(371,161	)			(422,343	)			(186,429	)			(2,508,278	)			(10,024,153	)

		(207,391	)			(48,410	)			690,537				1,293,189				(4,394,657	)


Wasatch Funds

Statements of Changes in Net Assets (continued)


	International Opportunities Fund								International Select Fund
	Year Ended September 30, 2021				Year Ended September 30, 2020				Year Ended September 30, 2021				Year Ended September 30, 2020¹

Operations:
Net investment loss		$	(8,573,888	)		$	(6,027,605	)		$	(36,551	)		$	(12,597	)
Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes			94,867,256				11,889,395				(11,801	)			(81,431	)
Change in unrealized appreciation on investments, foreign currency translations, deferred foreign capital gains taxes and unrealized depreciation on an unfunded commitment with a SPAC			16,485,313				165,519,171				975,864				776,921

Net increase in net assets resulting from operations			102,778,681				171,380,961				927,512				682,893

Distributions to shareholders from distributable earnings
Investor Class			(2,818,253	)			(3,279,205	)			—				—
Institutional Class			(11,776,758	)			(9,208,298	)			—				—

Capital share transactions:
Investor Class
Shares sold			11,132,601				11,153,760				2,658,754				3,068,305
Shares issued to holders in reinvestment of dividends			2,669,546				3,145,044				—				—
Shares redeemed			(20,773,406	)			(50,837,678	)			(1,390,088	)			(640,960	)
Redemption fees			571				2,714				3,620				2,330

Net increase (decrease)			(6,970,688	)			(36,536,160	)			1,272,286				2,429,675

Institutional Class
Shares sold			165,435,970				161,755,041				2,521,298				2,471,590
Shares issued to holders in reinvestment of dividends			7,718,205				6,000,461				—				—
Shares redeemed			(113,397,293	)			(125,211,452	)			(142,274	)			(659,210	)
Redemption fees			2,116				2,900				—				5,178

Net increase			59,758,998				42,546,950				2,379,024				1,817,558

Total increase (decrease) in net assets			140,971,980				164,904,248				4,578,822				4,930,126

Net assets:
Beginning of period			673,984,708				509,080,460				4,930,126				—

End of period		$	814,956,688			$	673,984,708			$	9,508,948			$	4,930,126


Capital share transactions — shares:
Investor Class
Shares sold			2,194,333				2,967,711				191,631				283,704
Shares issued to holders in reinvestment of dividends			532,844				854,632				—				—
Shares redeemed			(4,043,325	)			(13,451,519	)			(100,099	)			(56,869	)

Net increase (decrease) in shares outstanding			(1,316,148	)			(9,629,176	)			91,532				226,835

Institutional Class
Shares sold			31,425,484				42,670,160				161,299				224,263
Shares issued to holders in reinvestment of dividends			1,519,332				1,613,027				—				—
Shares redeemed			(21,946,474	)			(33,548,262	)			(10,088	)			(61,199	)

Net increase in shares outstanding			10,998,342				10,734,925				151,211				163,064

¹	Fund inception date was October 1, 2019.

³	Institutional class inception was January 31, 2020.

See Notes to Financial Statements.


		SEPTEMBER 30, 2021


Micro Cap Fund								Micro Cap Value Fund								Small Cap Growth Fund
Year Ended September 30, 2021				Year Ended September 30, 2020³				Year Ended September 30, 2021				Year Ended September 30, 2020³				Year Ended September 30, 2021				Year Ended September 30, 2020


	$	(20,259,518	)		$	(8,855,532	)		$	(4,206,723	)		$	(2,399,304	)		$	(32,055,024	)		$	(16,886,195	)
		327,060,619				71,749,549				102,059,372				24,284,796				633,416,642				191,859,314
		20,503,701				159,260,290				48,749,380				25,781,273				437,113,290				433,216,609

		327,304,802				222,154,307				146,602,029				47,666,765				1,038,474,908				608,189,728


		(57,786,059	)			(56,926,728	)			(32,167,241	)			(22,300,292	)			(96,235,323	)			(142,862,943	)
		(5,602,699	)			—				(3,839,014	)			—				(86,937,817	)			(122,088,144	)



		377,733,208				232,967,630				82,538,633				23,219,509				266,539,467				194,535,268
		54,969,115				53,969,369				31,505,664				21,926,724				93,553,193				138,509,163
		(272,390,014	)			(166,371,042	)			(47,498,149	)			(93,886,619	)			(299,046,644	)			(236,107,117	)
		262,321				208,712				33,421				19,268				89,234				57,812

		160,574,630				120,774,669				66,579,569				(48,721,118	)			61,135,250				96,995,126


		194,062,520				50,341,604				29,301,417				23,678,349				607,073,733				475,702,556
		5,596,541				—				3,812,083				—				80,532,098				115,509,794
		(76,415,465	)			(3,988,022	)			(14,957,122	)			(1,567,206	)			(442,958,726	)			(241,973,147	)
		3,161				11,662				5,063				795				53,319				70,515

		123,246,757				46,365,244				18,161,441				22,111,938				244,700,424				349,309,718

		547,737,431				332,367,492				195,336,784				(1,242,707	)			1,161,137,442				789,543,485


		805,872,879				473,505,387				248,280,160				249,522,867				2,481,201,930				1,691,658,445

	$	1,353,610,310			$	805,872,879			$	443,616,944			$	248,280,160			$	3,642,339,372			$	2,481,201,930




		30,678,399				29,949,457				17,348,497				7,646,773				4,516,189				4,956,735
		4,674,244				7,332,795				7,798,432				6,830,755				1,684,429				3,578,123
		(21,435,378	)			(22,790,341	)			(10,376,452	)			(31,059,309	)			(5,033,375	)			(6,107,294	)

		13,917,265				14,491,911				14,770,477				(16,581,781	)			1,167,243				2,427,564


		15,024,249				6,663,273				6,275,738				7,418,609				9,932,157				11,769,214
		476,707				—				941,255				—				1,431,936				2,951,950
		(5,871,834	)			(474,406	)			(3,129,699	)			(503,351	)			(7,509,088	)			(6,139,142	)

		9,629,122				6,188,867				4,087,294				6,915,258				3,855,005				8,582,022


Wasatch Funds

Statements of Changes in Net Assets (continued)


	Small Cap Value Fund
	Year Ended September 30, 2021				Year Ended September 30, 2020

Operations:
Net investment income (loss)		$	(1,623,545	)		$	2,473,854
Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes			172,310,310				(59,248,586	)
Change in unrealized appreciation (depreciation) on investments, foreign currency translations, deferred foreign capital gains taxes and Unrealized depreciation on an unfunded commitment with a SPAC			364,219,286				(15,961,611	)

Net increase (decrease) in net assets resulting from operations			534,906,051				(72,736,343	)

Distributions to shareholders from distributable earnings
Investor Class			—				(5,460,620	)
Institutional Class			—				(5,195,933	)

Capital share transactions:
Investor Class
Shares sold			236,881,288				260,086,350
Shares issued to holders in reinvestment of dividends			—				5,350,153
Shares redeemed			(205,993,454	)			(136,954,752	)
Redemption fees			35,787				52,908

Net increase			30,923,621				128,534,659

Institutional Class
Shares sold			315,082,542				230,400,086
Shares issued to holders in reinvestment of dividends			—				5,117,346
Shares redeemed			(189,649,025	)			(105,372,734	)
Redemption fees			7,350				52,293

Net increase			125,440,867				130,196,991

Total increase (decrease) in net assets			691,270,539				175,338,754

Net assets:
Beginning of period			998,288,518				822,949,764

End of period		$	1,689,559,057			$	998,288,518


Capital share transactions — shares:
Investor Class
Shares sold			23,765,389				36,261,490
Shares issued to holders in reinvestment of dividends			—				662,968
Shares redeemed			(20,327,258	)			(21,407,115	)

Net increase in shares outstanding			3,438,131				15,517,343

Institutional Class
Shares sold			30,568,064				34,517,402
Shares issued to holders in reinvestment of dividends			—				630,215
Shares redeemed			(18,750,542	)			(16,166,230	)

Net increase in shares outstanding			11,817,522				18,981,387

³	Institutional class inception was January 31, 2020.

See Notes to Financial Statements.

100


		SEPTEMBER 30, 2021


Ultra Growth Fund								U.S. Treasury Fund
Year Ended September 30, 2021				Year Ended September 30, 2020³				Year Ended September 30, 2021				Year Ended September 30, 2020


	$	(26,648,533	)		$	(10,700,616	)		$	6,128,604			$	6,143,733
		315,216,686				81,865,177				39,385,439				5,952,590
		415,913,507				482,656,514				(112,378,324	)			51,081,119

		704,481,660				553,821,075				(66,864,281	)			63,177,442


		(61,840,753	)			(14,642,656	)			(38,402,521	)			(6,196,484	)
		(16,342,126	)			—				—				—



		599,052,364				1,071,172,841				209,948,604				321,867,445
		59,462,213				13,973,397				36,348,620				5,880,234
		(637,371,694	)			(464,495,265	)			(223,805,099	)			(219,546,431	)
		219,044				608,786				136,905				760,303

		21,361,927				621,259,759				22,629,030				108,961,551


		392,665,468				309,234,258				—				—
		16,004,270				—				—				—
		(165,082,752	)			(11,167,045	)			—				—
		77,106				8,626				—				—

		243,664,092				298,075,839				—				—

		891,324,800				1,458,514,017				(82,637,772	)			165,942,509


		2,081,667,809				623,153,792				545,586,455				379,643,946

	$	2,972,992,609			$	2,081,667,809			$	462,948,683			$	545,586,455




		12,414,162				33,985,094				11,250,430				14,604,656
		1,276,013				508,678				1,841,330				276,978
		(13,262,721	)			(15,312,466	)			(11,858,247	)			(10,255,060	)

		427,454				19,181,306				1,233,513				4,626,574


		8,228,836				9,111,555				—				—
		343,145				—				—				—
		(3,318,408	)			(308,407	)			—				—

		5,253,573				8,803,148				—				—

101


Wasatch Funds

Financial Highlights


				Income (Loss) from Investment Operations												Less Distributions
	Net Asset Value Beginning Of Period			Net Investment Income (Loss)			Net Realized And Unrealized Gains (Losses) On Investments			Total from Investment Operations			Redemption Fees (See Note 2)			Dividends From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Core Growth Fund — Investor Class
Year ended 9/30/21		$	77.61		(0.63	)		34.37			33.74			—	⁴		—			(6.60	)		(6.60	)
Year ended 9/30/20		$	73.17		(0.32	)		12.47			12.15			—	⁴		—			(7.71	)		(7.71	)
Year ended 9/30/19		$	81.04		(0.42	)		(1.40	)		(1.82	)		0.01			—			(6.06	)		(6.06	)
Year ended 9/30/18		$	67.44		(0.43	)		18.30			17.87			—	⁴		—			(4.27	)		(4.27	)
Year ended 9/30/17		$	56.90		(0.50	)		11.13			10.63			—	⁴		—			(0.09	)		(0.09	)
Core Growth Fund — Institutional Class
Year ended 9/30/21		$	78.53		(0.50	)		34.77			34.27			—	⁴		—			(6.60	)		(6.60	)
Year ended 9/30/20		$	73.86		(0.29	)		12.67			12.38			—	⁴		—			(7.71	)		(7.71	)
Year ended 9/30/19		$	81.62		(0.26	)		(1.44	)		(1.70	)		—	⁴		—			(6.06	)		(6.06	)
Year ended 9/30/18		$	67.81		(0.21	)		18.29			18.08			—	⁴		—			(4.27	)		(4.27	)
Year ended 9/30/17		$	57.16		(0.30	)		11.07			10.77			—	⁴		(0.03	)		(0.09	)		(0.12	)
Emerging India Fund — Investor Class
Year ended 9/30/21		$	4.22		(0.05	)		2.78			2.73			—	⁴		—			—			—
Year ended 9/30/20		$	4.25		(0.06	)		0.04			(0.02	)		—	⁴		—			(0.01	)		(0.01	)
Year ended 9/30/19		$	3.95		(0.05	)		0.62			0.57			—	⁴		—			(0.27	)		(0.27	)
Year ended 9/30/18		$	4.08		(0.06	)		0.06			—			—	⁴		—			(0.13	)		(0.13	)
Year ended 9/30/17		$	3.39		0.02	⁹		0.70			0.72			—	⁴		—			(0.03	)		(0.03	)
Emerging India Fund — Institutional Class
Year ended 9/30/21		$	4.26		(0.05	)		2.82			2.77			—	⁴		—			—			—
Year ended 9/30/20		$	4.28		(0.02	)		0.01			(0.01	)		—	⁴		—			(0.01	)		(0.01	)
Year ended 9/30/19		$	3.97		(0.01	)		0.59			0.58			—	⁴		—			(0.27	)		(0.27	)
Year ended 9/30/18		$	4.10		—	⁴		—	⁴		—	⁴		—	⁴		—			(0.13	)		(0.13	)
Year ended 9/30/17		$	3.40		0.02	⁹		0.71			0.73			—	⁴		—			(0.03	)		(0.03	)
Emerging Markets Select Fund — Investor Class
Year ended 9/30/21		$	14.40		0.11			7.97			8.08			0.01			—			—			—
Year ended 9/30/20		$	11.32		(0.04	)		3.12			3.08			—	⁴		—			—			—
Year ended 9/30/19		$	10.40		(0.13	)		1.05			0.92			—	⁴		—			—			—
Year ended 9/30/18		$	10.46		(0.09	)		0.03			(0.06	)		—	⁴		—			—			—
Year ended 9/30/17		$	9.23		(0.03	)		1.26			1.23			—	⁴		—			—			—
Emerging Markets Select Fund — Institutional Class
Year ended 9/30/21		$	14.71		(0.03	)		8.33			8.30			—	⁴		—			—			—
Year ended 9/30/20		$	11.53		(0.05	)		3.23			3.18			—	⁴		—			—			—
Year ended 9/30/19		$	10.56		(0.01	)		0.98			0.97			—	⁴		—			—			—
Year ended 9/30/18		$	10.60		(0.04	)		—	⁴		(0.04	)		—	⁴		—			—			—
Year ended 9/30/17		$	9.32		(0.01	)		1.29			1.28			—	⁴		—			—			—
Emerging Markets Small Cap Fund — Investor Class
Year ended 9/30/21		$	3.02		(0.03	)		1.49			1.46			—	⁴		—			(0.25	)		(0.25	)
Year ended 9/30/20		$	2.64		(0.04	)		0.58			0.54			—	⁴		—			(0.16	)		(0.16	)
Year ended 9/30/19		$	2.78		(0.05	)		0.21			0.16			—	⁴		—			(0.30	)		(0.30	)
Year ended 9/30/18		$	2.99		(0.03	)		(0.18	)		(0.21	)		—	⁴		—			—			—
Year ended 9/30/17		$	2.67		(0.04	)		0.36			0.32			—	⁴		—			—			—
Emerging Markets Small Cap Fund — Institutional Class
Year ended 9/30/21		$	3.04		(0.03	)		1.51			1.48			—	⁴		—			(0.25	)		(0.25	)
Year ended 9/30/20		$	2.65		(0.02	)		0.57			0.55			—	⁴		—			(0.16	)		(0.16	)
Year ended 9/30/19		$	2.79		(0.02	)		0.18			0.16			—	⁴		—			(0.30	)		(0.30	)
Year ended 9/30/18		$	3.00		(0.01	)		(0.20	)		(0.21	)		—	⁴		—			—			—
Year ended 9/30/17		$	2.67		0.01			0.32			0.33			—	⁴		—			—			—

See Notes to Financial Highlights and Notes to Financial Statements.

102


		(for a share outstanding throughout the period)


					Ratios to Average Net Assets												Supplemental Data
Net Asset Value End of Period		Total Return (%)¹			Expenses Net of Waivers and Reimbursements (%)²			Expenses Before Waivers and Reimbursements (%)²			Net Investment Income (Loss) Net of Waivers and Reimbursements (%)²			Net Investment Income (Loss) Before Waivers and Reimbursements (%)²			Net Assets End of Period (000’s)		Portfolio Turnover Rate^{1 3}

$	104.75		44.82			1.17	⁵		1.17	⁵		(0.65	)		(0.65	)	$	2,174,178		35%
$	77.61		17.41			1.19	⁵		1.19	⁵		(0.48	)		(0.48	)	$	1,595,920		38%
$	73.17		(0.37	)		1.19	⁵		1.19	⁵		(0.59	)		(0.59	)	$	1,435,994		31%
$	81.04		27.66			1.18	^5 8		1.18	^5 8		(0.66	)		(0.66	)	$	1,577,554		27%
$	67.44		18.69			1.21	⁵		1.21	⁵		(0.78	)		(0.78	)	$	1,211,089		26%

$	106.20		44.98			1.05	⁵		1.05	⁵		(0.54	)		(0.55	)	$	1,865,201		35%
$	78.53		17.58			1.05	⁵		1.08	⁵		(0.45	)		(0.48	)	$	1,134,229		38%
$	73.86		(0.22	)		1.05	⁵		1.09	⁵		(0.45	)		(0.48	)	$	849,787		31%
$	81.62		27.82			1.06	^5 8		1.08	^5 8		(0.53	)		(0.55	)	$	722,302		27%
$	67.81		18.87			1.05	⁵		1.10	⁵		(0.63	)		(0.67	)	$	383,159		26%

$	6.95		64.69			1.52	⁵		1.52	⁵		(1.15	)		(1.15	)	$	258,617		21%
$	4.22		(0.38	)		1.64	⁶		1.64	⁶		(0.89	)		(0.89	)	$	136,415		44%
$	4.25		15.06			1.68	⁶		1.68	⁶		(0.99	)		(0.99	)	$	187,625		21%
$	3.95		(0.33	)		1.71	^6 7		1.71	^6 7		(1.22	)		(1.22	)	$	184,733		48%
$	4.08		21.65			1.73	⁵		1.73	⁵		(0.92	)		(0.92	)	$	207,949		17%

$	7.03		65.02			1.37	⁵		1.37	⁵		(0.97	)		(0.97	)	$	358,401		21%
$	4.26		(0.15	)		1.45	⁶		1.45	⁶		(0.69	)		(0.69	)	$	145,981		44%
$	4.28		15.23			1.49	⁶		1.49	⁶		(0.75	)		(0.75	)	$	92,214		21%
$	3.97		(0.33	)		1.51	^6 8		1.60	^6 8		(0.93	)		(1.02	)	$	42,457		48%
$	4.10		21.89			1.50	⁵		1.67	⁵		(0.77	)		(0.94	)	$	23,739		17%

$	22.49		56.18			1.37	⁵		1.37	⁵		(0.55	)		(0.55	)	$	93,932		20%
$	14.40		27.21			1.51	⁶		1.80	⁶		(0.69	)		(0.99	)	$	14,984		35%
$	11.32		8.85	⁵		1.51	⁶		1.97	⁶		(0.51	)		(0.97	)	$	9,771		14%
$	10.40		(0.57	)		1.51	^6 8		1.76	^6 8		(0.67	)		(0.92	)	$	13,520		44%
$	10.46		13.33			1.51	⁶		1.90	⁶		(0.38	)		(0.76	)	$	15,273		55%

$	23.01		56.42			1.18	⁵		1.18	⁵		(0.44	)		(0.44	)	$	170,294		20%
$	14.71		27.58			1.21	⁶		1.41	⁶		(0.40	)		(0.59	)	$	43,682		35%
$	11.53		9.19			1.21	⁶		1.43	⁶		(0.14	)		(0.36	)	$	34,375		14%
$	10.56		(0.38	)		1.21	^6 8		1.45	^6 8		(0.36	)		(0.60	)	$	30,215		44%
$	10.60		13.73			1.21	⁶		1.52	⁶		(0.09	)		(0.39	)	$	28,868		55%

$	4.23		50.23			1.88	⁵		1.88	⁵		(1.07	)		(1.07	)	$	322,350		22%
$	3.02		21.12			1.95	⁶		1.95	⁶		(1.02	)		(1.02	)	$	197,524		20%
$	2.64		7.29			1.97	⁶		1.99	⁶		(0.83	)		(0.84	)	$	191,405		16%
$	2.78		(7.02	)		1.96	⁷		1.98	^6 7		(0.51	)		(0.53	)	$	285,540		40%
$	2.99		11.99			1.96	⁶		2.02	⁶		(0.49	)		(0.56	)	$	390,903		58%

$	4.27		50.53			1.76	⁵		1.76	⁵		(0.94	)		(0.94	)	$	321,008		22%
$	3.04		21.41			1.81	⁶		1.81	⁶		(0.88	)		(0.88	)	$	176,548		20%
$	2.65		7.25			1.82	⁶		1.85	⁶		(0.73	)		(0.76	)	$	174,050		16%
$	2.79		(7.00	)		1.82	^6 7		1.84	^6 7		(0.33	)		(0.35	)	$	240,892		40%
$	3.00		12.36			1.81	⁶		1.88	⁶		(0.05	)		(0.12	)	$	252,823		8%

103


Wasatch Funds

Financial Highlights (continued)


				Income (Loss) from Investment Operations												Less Distributions
	Net Asset Value Beginning Of Period			Net Investment Income (Loss)			Net Realized And Unrealized Gains (Losses) On Investments			Total from Investment Operations			Redemption Fees (See Note 2)			Dividends From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Frontier Emerging Small Countries Fund — Investor Class
Year ended 9/30/21		$	3.02		(0.07	)		1.45			1.38			—	⁴		—			—			—
Year ended 9/30/20		$	2.74		(0.07	)		0.35			0.28			—	⁴		—			—			—
Year ended 9/30/19		$	2.51		—	⁴		0.23			0.23			—	⁴		—			—			—
Year ended 9/30/18		$	2.75		(0.11	)		(0.13	)		(0.24	)		—	⁴		—			—			—
Year ended 9/30/17		$	2.63		(0.08	)		0.20			0.12			—	⁴		—			—			—
Frontier Emerging Small Countries Fund — Institutional Class
Year ended 9/30/21		$	3.05		(0.04	)		1.45			1.41			—	⁴		—			—			—
Year ended 9/30/20		$	2.76		(0.08	)		0.37			0.29			—	⁴		—			—			—
Year ended 9/30/19		$	2.53		0.03			0.20			0.23			—	⁴		—			—			—
Year ended 9/30/18		$	2.76		(0.04	)		(0.19	)		(0.23	)		—	⁴		—			—			—
Year ended 9/30/17		$	2.64		(0.06	)		0.18			0.12			—	⁴		—			—			—
Global Opportunities Fund — Investor Class
Year ended 9/30/21		$	3.92		(0.04	)		2.05			2.01			—	⁴		—			(0.10	)		(0.10	)
Year ended 9/30/20		$	3.46		(0.05	)		0.81			0.76			—	⁴		—			(0.30	)		(0.30	)
Year ended 9/30/19		$	4.09		(0.03	)		(0.06	)		(0.09	)		—	⁴		—			(0.54	)		(0.54	)
Year ended 9/30/18		$	3.76		(0.03	)		0.77			0.74			—	⁴		—			(0.41	)		(0.41	)
Year ended 9/30/17		$	3.52		(0.07	)		0.58			0.51			—	⁴		—	⁴		(0.27	)		(0.27	)
Global Opportunities Fund — Institutional Class
Year ended 9/30/21		$	3.94		(0.05	)		2.09			2.04			—	⁴		—			(0.10	)		(0.10	)
Year ended 9/30/20		$	3.48		(0.03	)		0.79			0.76			—	⁴		—			(0.30	)		(0.30	)
Year ended 9/30/19		$	4.10		(0.03	)		(0.05	)		(0.08	)		—			—			(0.54	)		(0.54	)
Year ended 9/30/18		$	3.76		(0.02	)		0.77			0.75			—			—			(0.41	)		(0.41	)
Year ended 9/30/17		$	3.52		(0.02	)		0.54			0.52			—			(0.01	)		(0.27	)		(0.28	)
Global Select Fund — Investor Class
Year ended 9/30/21		$	12.60		(0.12	)		3.36			3.24			0.01			—			(0.02	)		(0.02	)
Year ended 9/30/20¹¹		$	10.00		(0.06	)		2.65			2.59			0.01			—			—			—
Global Select Fund — Institutional Class
Year ended 9/30/21		$	12.64		(0.07	)		3.39			3.32			—	⁴		—			(0.02	)		(0.02	)
Year ended 9/30/20¹¹		$	10.00		(0.04	)		2.68			2.64			—	⁴		—			—			—
Global Value Fund — Investor Class
Year ended 9/30/21		$	6.56		0.18			2.65			2.83			—	⁴		(0.15	)		—			(0.15	)
Year ended 9/30/20		$	7.74		0.16			(1.09	)¹³		(0.93	)		—	⁴		(0.21	)		(0.04	)		(0.25	)
Year ended 9/30/19		$	9.29		0.19			(0.42	)		(0.23	)		—	⁴		(0.19	)		(1.13	)		(1.32	)
Year ended 9/30/18		$	9.93		0.19			0.65	¹⁰		0.84			—	⁴		(0.19	)		(1.29	)		(1.48	)
Year ended 9/30/17		$	9.02		0.19			1.23			1.42			—	⁴		(0.19	)		(0.32	)		(0.51	)
Global Value Fund — Institutional Class
Year ended 9/30/21		$	6.56		0.19			2.63			2.82			0.01	⁴		(0.16	)		—			(0.16	)
Year ended 9/30/20		$	7.73		0.16			(1.07	)¹³		(0.91	)		—	⁴		(0.22	)		(0.04	)		(0.26	)
Year ended 9/30/19		$	9.28		0.19			(0.41	)		(0.22	)		—	⁴		(0.20	)		(1.13	)		(1.33	)
Year ended 9/30/18		$	9.92		0.20			0.66	¹⁰		0.86			—	⁴		(0.20	)		(1.30	)		(1.50	)
Year ended 9/30/17		$	9.01		0.18			1.25			1.43			—	⁴		(0.20	)		(0.32	)		(0.52	)
Greater China Fund — Investor Class
Period ended 9/30/21¹⁴		$	10.00		(0.05	)		(0.17	)		(0.22	)		0.05			—			—			—
Greater China Fund — Institutional Class
Period ended 9/30/21¹⁴		$	10.00		(0.03	)		(0.15	)		(0.18	)		—	⁴		—			—			—

See Notes to Financial Highlights and Notes to Financial Statements.

104


		(for a share outstanding throughout each period)


					Ratios to Average Net Assets												Supplemental Data
Net Asset Value End of Period		Total Return (%)¹			Expenses Net of Waivers and Reimbursements (%)²			Expenses Before Waivers and Reimbursements (%)²			Net Investment Income (Loss) Net of Waivers and Reimbursements (%)²			Net Investment Income (Loss) Before Waivers and Reimbursements (%)²			Net Assets End of Period (000’s)		Portfolio Turnover Rate^{1 3}

$	4.40		45.70			2.12	⁵		2.12	⁵		(1.33	)		(1.33	)	$	52,307		39%
$	3.02		10.22			2.15	⁵		2.38	⁵		(1.12	)		(1.34	)	$	39,899		33%
$	2.74		9.16			2.20	⁶		2.30	⁶		0.78			0.69		$	43,789		63%
$	2.51		(8.73	)		2.22	^6 7		2.36	^6 7		(0.39	)		(0.53	)	$	57,406		42%
$	2.75		4.56			2.28	⁶		2.46	⁶		(0.48	)		(0.67	)	$	155,758		59%

$	4.46		46.23			1.95	⁵		2.08	⁵		(1.13	)		(1.26	)	$	17,490		39%
$	3.05		10.51			1.96	⁵		2.18	⁵		(0.98	)		(1.20	)	$	10,560		33%
$	2.76		9.09			2.00	⁶		2.15	⁶		1.04			0.90		$	16,456		63%
$	2.53		(8.33	)		2.02	^6 8		2.11	^6 8		(0.30	)		(0.39	)	$	20,586		42%
$	2.76		4.55			2.08	⁶		2.17	⁶		(0.34	)		(0.44	)	$	42,006		59%

$	5.83		51.70			1.46	⁵		1.46	⁵		(1.08	)		(1.08	)	$	181,563		22%
$	3.92		23.20			1.53	⁵		1.53	⁵		(1.03	)		(1.03	)	$	100,698		20%
$	3.46		0.82			1.56	⁵		1.56	⁵		(0.95	)		(0.95	)	$	103,710		24%
$	4.09		20.75			1.55	^6 8		1.55	^6 8		(0.78	)		(0.78	)	$	110,874		40%
$	3.76		16.61			1.59	⁶		1.59	⁶		(1.09	)		(1.09	)	$	95,847		27%

$	5.88		52.21			1.35	⁵		1.40	⁵		(0.96	)		(1.01	)	$	74,144		22%
$	3.94		23.09			1.35	⁵		1.48	⁵		(0.83	)		(0.96	)	$	38,795		20%
$	3.48		1.09			1.35	⁵		1.57	⁵		(0.74	)		(0.95	)	$	19,060		24%
$	4.10		21.04			1.36	^6 8		1.66	^6 8		(0.57	)		(0.86	)	$	15,879		40%
$	3.76		16.92			1.36	⁶		1.93	⁶		(0.85	)		(1.41	)	$	7,149		27%

$	15.83		25.84			1.35	⁵		2.17	⁵		(0.86	)		(1.68	)	$	7,054		58%
$	12.60		26.00			1.36	⁶		4.70	⁶		(0.81	)		(4.16	)	$	4,306		35%

$	15.94		26.31			0.95	⁵		1.56	⁵		(0.46	)		(1.07	)	$	12,385		58%
$	12.64		26.40			0.96	⁶		2.79	⁶		(0.42	)		(2.25	)	$	9,065		35%

$	9.24		43.20			1.10	⁵		1.18	⁵		1.97			1.89		$	119,966		41%
$	6.56		(12.18	)¹³		1.10	⁵		1.30	⁵		2.04			1.84		$	96,323		76%
$	7.74		(0.40	)		1.10	⁵		1.19	⁵		2.30			2.22		$	146,704		49%
$	9.29		9.56	¹⁰		1.11	^5 8		1.19	^5 8		2.17			2.08		$	192,811		72%
$	9.93		16.11			1.10	⁵		1.19	⁵		1.93			1.84		$	175,730		44%

$	9.23		43.26			0.99	⁵		1.43	⁵		2.04			1.60		$	7,163		41%
$	6.56		(11.93	)¹³		0.95	⁵		1.38	⁵		2.21			1.78		$	6,449		76%
$	7.73		(0.25	)		0.97	⁵		1.23	⁵		2.44			2.19		$	7,978		49%
$	9.28		9.61	¹⁰		0.95	^5 8		1.58	^5 8		2.39			1.76		$	9,615		72%
$	9.92		16.31			0.95	⁵		2.31	⁵		2.05			0.70		$	4,594		44%

$	9.83		(1.70	)		1.51	⁶		3.76	⁶		(0.60	)		(2.85	)	$	3,795		43%

$	9.82		(1.80	)		1.26	⁶		3.09	⁶		(0.34	)		(2.17	)	$	6,779		43%

105


Wasatch Funds

Financial Highlights (continued)


				Income (Loss) from Investment Operations												Less Distributions
	Net Asset Value Beginning Of Period			Net Investment Income (Loss)			Net Realized And Unrealized Gains (Losses) On Investments			Total from Investment Operations			Redemption Fees (See Note 2)			Dividends From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
International Growth Fund — Investor Class
Year ended 9/30/21		$	34.07		(0.17	)		8.68			8.51			—	⁴		—			(3.79	)		(3.79	)
Year ended 9/30/20		$	28.23		(0.20	)		6.82			6.62			—	⁴		—			(0.78	)		(0.78	)
Year ended 9/30/19		$	36.95		(0.08	)		(4.26	)		(4.34	)		—	⁴		—			(4.38	)		(4.38	)
Year ended 9/30/18		$	33.84		(—	)⁴		4.04			4.04			—	⁴		—			(0.93	)		(0.93	)
Year ended 9/30/17		$	31.43		(0.13	)		3.61			3.48			—	⁴		—			(1.07	)		(1.07	)
International Growth Fund — Institutional Class
Year ended 9/30/21		$	34.24		(0.13	)		8.72			8.59			—	⁴		—			(3.79	)		(3.79	)
Year ended 9/30/20		$	28.33		(0.12	)		6.81			6.69			—	⁴		—			(0.78	)		(0.78	)
Year ended 9/30/19		$	37.03		(0.04	)		(4.28	)		(4.32	)		—	⁴		—			(4.38	)		(4.38	)
Year ended 9/30/18		$	33.88		0.06			4.02			4.08			—	⁴		—			(0.93	)		(0.93	)
Year ended 9/30/17		$	31.46		(0.05	)		3.56			3.51			—	⁴		(0.02	)		(1.07	)		(1.09	)
International Opportunities Fund — Investor Class
Year ended 9/30/21		$	4.64		(0.07	)		0.79			0.72			—	⁴		—			(0.10	)		(0.10	)
Year ended 9/30/20		$	3.54		(0.09	)		1.28			1.19			—			—			(0.09	)		(0.09	)
Year ended 9/30/19		$	3.58		(0.09	)		0.13			0.04			—	⁴		—			(0.08	)		(0.08	)
Year ended 9/30/18		$	3.47		(0.05	)		0.40			0.35			—	⁴		—			(0.24	)		(0.24	)
Year ended 9/30/17		$	3.21		(0.04	)		0.30			0.26			—	⁴		—			—			—
International Opportunities Fund — Institutional Class
Year ended 9/30/21		$	4.71		(0.05	)		0.77			0.72			—	⁴		—			(0.10	)		(0.10	)
Year ended 9/30/20		$	3.58		(0.04	)		1.26			1.22			—			—			(0.09	)		(0.09	)
Year ended 9/30/19		$	3.62		(0.02	)		0.06			0.04			—	⁴		—			(0.08	)		(0.08	)
Year ended 9/30/18		$	3.50		(0.03	)		0.39			0.36			—	⁴		—			(0.24	)		(0.24	)
Year ended 9/30/17		$	3.23		(0.01	)		0.28			0.27			—	⁴		—			—			—
International Select Fund — Investor Class
Year ended 9/30/21		$	12.61		(0.07	)		2.41			2.34			0.01			—			—			—
Year ended 9/30/20¹¹		$	10.00		(0.04	)		2.64			2.60			0.01			—			—			—
International Select Fund — Institutional Class
Year ended 9/30/21		$	12.69		—	⁴		2.41			2.41			—			—			—			—
Year ended 9/30/20¹¹		$	10.00		(0.02	)		2.68			2.66			0.03			—			—			—
Micro Cap Fund — Investor Class
Year ended 9/30/21		$	9.56		(0.19	)		3.85			3.66			—	⁴		—			(0.67	)		(0.67	)
Year ended 9/30/20		$	7.45		(0.10	)		3.08			2.98			—			—			(0.87	)		(0.87	)
Year ended 9/30/19		$	9.86		(0.08	)		(0.55	)		(0.63	)		—	⁴		—			(1.78	)		(1.78	)
Year ended 9/30/18		$	8.23		(0.08	)		2.88			2.80			—	⁴		—			(1.17	)		(1.17	)
Year ended 9/30/17		$	7.19		(0.11	)		1.75			1.64			—	⁴		(0.01	)		(0.59	)		(0.60	)
Micro Cap Fund — Institutional Class
Year ended 9/30/21		$	9.55		(0.19	)		3.86			3.67			—	⁴		—			(0.67	)		(0.67	)
Period ended 9/30/20¹²		$	7.74		(0.05	)		1.86			1.81			—			—			—			—
Micro Cap Value Fund — Investor Class
Year ended 9/30/21		$	3.65		(0.04	)		2.02			1.98			—	⁴		—			(0.53	)		(0.53	)
Year ended 9/30/20		$	3.21		(0.04	)		0.78			0.74			—			—			(0.30	)		(0.30	)
Year ended 9/30/19		$	3.83		(0.03	)		(0.20	)		(0.23	)		—	⁴		(0.02	)		(0.37	)		(0.39	)
Year ended 9/30/18		$	3.48		(0.03	)		0.65			0.62			—	⁴		—			(0.27	)		(0.27	)
Year ended 9/30/17		$	2.87		(0.02	)		0.68			0.66			—	⁴		—	⁴		(0.05	)		(0.05	)
Micro Cap Value Fund — Institutional Class
Year ended 9/30/21		$	3.66		(0.05	)		2.04			1.99			—	⁴		—			(0.53	)		(0.53	)
Period ended 9/30/20¹²		$	3.26		(0.01	)		0.41			0.40			—			—			—			—

See Notes to Financial Highlights and Notes to Financial Statements.

106


		(for a share outstanding throughout each period)


					Ratios to Average Net Assets												Supplemental Data
Net Asset Value End of Period		Total Return (%)¹			Expenses Net of Waivers and Reimbursements (%)²			Expenses Before Waivers and Reimbursements (%)²			Net Investment Income (Loss) Net of Waivers and Reimbursements (%)²			Net Investment Income (Loss) Before Waivers and Reimbursements (%)²			Net Assets End of Period (000’s)		Portfolio Turnover Rate^{1 3}

$	38.79		26.59			1.41	⁵		1.41	⁵		(0.47	)		(0.47	)	$	579,102		25%
$	34.07		23.73			1.47	⁵		1.47	⁵		(0.50	)		(0.50	)	$	497,104		45%
$	28.23		(9.76	)		1.46	⁵		1.46	⁵		(0.25	)		(0.25	)	$	543,990		40%
$	36.95		12.13			1.45	^5 8		1.45	^5 8		0.01			0.01		$	748,847		44%
$	33.84		12.04			1.46	⁵		1.46	⁵		(0.28	)		(0.28	)	$	804,613		31%

$	39.04		26.70			1.32	⁵		1.32	⁵		(0.38	)		(0.38	)	$	699,377		25%
$	34.24		23.89			1.35	⁵		1.36	⁵		(0.38	)		(0.38	)	$	569,068		45%
$	28.33		(9.67	)		1.35	⁵		1.35	⁵		(0.13	)		(0.13	)	$	595,341		40%
$	37.03		12.24			1.35	^5 8		1.36	^5 8		0.16			0.16		$	816,942		44%
$	33.88		12.16			1.35	⁵		1.37	⁵		(0.14	)		(0.16	)	$	656,860		31%

$	5.26		15.68			1.91	⁵		1.91	⁵		(1.14	)		(1.14	)	$	139,189		35%
$	4.64		34.24			2.02	⁶		2.02	⁶		(1.20	)		(1.20	)	$	129,071		35%
$	3.54		1.61			2.09	⁶		2.09	⁶		(1.04	)		(1.04	)	$	132,503		46%
$	3.58		10.45			2.10	^5 7		2.10	^5 7		(1.07	)		(1.07	)	$	240,489		36%
$	3.47		8.10			2.24	⁶		2.24	⁶		(0.88	)		(0.88	)	$	265,879		59%

$	5.33		15.44			1.89	⁵		1.89	⁵		(1.10	)		(1.10	)	$	675,768		35%
$	4.71		34.71			1.93	⁵		1.93	⁵		(1.06	)		(1.06	)	$	544,914		35%
$	3.58		1.59			1.96	⁶		1.96	⁶		(0.81	)		(0.81	)	$	376,578		46%
$	3.62		10.66			1.96	^5 7		1.97	^5 7		(0.86	)		(0.87	)	$	292,345		36%
$	3.50		8.36			1.96	⁶		2.04	⁶		(0.39	)		(0.47	)	$	234,795		59%

$	14.96		18.64			1.30	⁵		3.09	⁵		(0.68	)		(2.46	)	$	4,763		35%
$	12.61		26.10			1.30	⁵		6.96	⁵		(0.55	)		(6.20	)	$	2,861		36%

$	15.10		18.99			0.90	⁵		3.03	⁵		(0.27	)		(2.40	)	$	4,746		35%
$	12.69		26.90			0.90	⁶		7.68	⁶		(0.19	)		(6.96	)	$	2,069		36%

$	12.55		38.81			1.63	⁵		1.63	⁵		(1.52	)		(1.52	)	$	1,155,133		63%
$	9.56		43.47			1.66	⁵		1.66	⁵		(1.48	)		(1.48	)	$	746,749		75%
$	7.45		(1.15	)		1.66	⁵		1.66	⁵		(1.31	)		(1.31	)	$	473,505		67%
$	9.86		38.04			1.65	^5 8		1.65	^5 8		(1.27	)		(1.27	)	$	496,128		54%
$	8.23		25.10			1.75	⁵		1.75	⁵		(1.43	)		(1.43	)	$	311,583		31%

$	12.55		38.96			1.56	⁵		1.56	⁵		(1.45	)		(1.45	)	$	198,477		63%
$	9.55		23.39			1.60	⁵		1.62	⁵		(1.43	)		(1.45	)	$	59,124		75%

$	5.10		58.11			1.66	⁵		1.66	⁵		(1.15	)		(1.15	)	$	387,236		82%
$	3.65		24.17			1.74	⁵		1.74	⁵		(1.01	)		(1.01	)	$	222,963		63%
$	3.21		(4.50	)		1.74	⁵		1.74	⁵		(0.90	)		(0.90	)	$	249,523		66%
$	3.83		18.84			1.74	^5 8		1.74	^5 8		(0.89	)		(0.89	)	$	283,623		69%
$	3.48		23.29			1.85	⁵		1.85	⁵		(0.81	)		(0.81	)	$	216,087		57%

$	5.12		58.25			1.60	⁵		1.61	⁵		(1.10	)		(1.10	)	$	56,381		82%
$	3.66		12.27			1.60	⁵		1.84	⁵		(0.99	)		(1.23	)	$	25,317		63%

107


Wasatch Funds

Financial Highlights (continued)


				Income (Loss) from Investment Operations												Less Distributions
	Net Asset Value Beginning Of Period			Net Investment Income (Loss)			Net Realized And Unrealized Gains (Losses) On Investments			Total from Investment Operations			Redemption Fees (See Note 2)			Dividends From Net Investment Income			Distributions From Net Realized Gains			Total Distributions
Small Cap Growth Fund — Investor Class
Year ended 9/30/21		$	46.64		(0.57	)		19.94			19.37			—	⁴		—			(3.55	)		(3.55	)
Year ended 9/30/20		$	40.23		(0.32	)		12.52			12.20			—			—			(5.79	)		(5.79	)
Year ended 9/30/19		$	55.30		(0.28	)		(2.33	)		(2.61	)		—	⁴		—			(12.46	)		(12.46	)
Year ended 9/30/18		$	45.72		(0.54	)		15.19			14.65			—	⁴		—			(5.07	)		(5.07	)
Year ended 9/30/17		$	43.52		(0.53	)		6.24			5.71			—	⁴		—			(3.51	)		(3.51	)
Small Cap Growth Fund — Institutional Class
Year ended 9/30/21		$	47.18		(0.51	)		20.17			19.66			—	⁴		—			(3.55	)		(3.55	)
Year ended 9/30/20		$	40.60		(0.28	)		12.65			12.37			—			—			(5.79	)		(5.79	)
Year ended 9/30/19		$	55.61		(0.24	)		(2.31	)		(2.55	)		—	⁴		—			(12.46	)		(12.46	)
Year ended 9/30/18		$	45.89		(0.31	)		15.10			14.79			—	⁴		—			(5.07	)		(5.07	)
Year ended 9/30/17		$	43.58		(0.17	)		5.99			5.82			—	⁴		—			(3.51	)		(3.51	)
Small Cap Value Fund — Investor Class
Year ended 9/30/21		$	6.99		(0.02	)		3.71			3.69			—	⁴		—			—			—
Year ended 9/30/20		$	7.61		0.01			(0.54	)		(0.53	)		—			(0.04	)		(0.05	)		(0.09	)
Year ended 9/30/19		$	8.53		0.03			(0.36	)		(0.33	)		—	⁴		—			(0.59	)		(0.59	)
Year ended 9/30/18		$	7.94		0.02			1.10			1.12			—	⁴		(0.01	)		(0.52	)		(0.53	)
Year ended 9/30/17		$	6.61		—	⁴		1.33			1.33			—	⁴		—	⁴		—			—
Small Cap Value Fund — Institutional Class
Year ended 9/30/21		$	7.05		—	⁴		3.73			3.73			—	⁴		—			—			—
Year ended 9/30/20		$	7.67		0.03			(0.55	)		(0.52	)		—			(0.05	)		(0.05	)		(0.10	)
Year ended 9/30/19		$	8.58		0.03			(0.35	)		(0.32	)		—	⁴		—			(0.59	)		(0.59	)
Year ended 9/30/18		$	7.98		0.04			1.10			1.14			—	⁴		(0.02	)		(0.52	)		(0.54	)
Year ended 9/30/17		$	6.65		0.01			1.34			1.35			—	⁴		(0.02	)		—			(0.02	)
Ultra Growth Fund — Investor Class
Year ended 9/30/21		$	39.56		(0.48	)		13.30			12.82			0.01			—			(1.41	)		(1.41	)
Year ended 9/30/20		$	25.30		(0.17	)		14.98			14.81			0.01			—			(0.56	)		(0.56	)
Year ended 9/30/19		$	27.68		(0.18	)		(0.60	)		(0.78	)		0.01			—			(1.61	)		(1.61	)
Year ended 9/30/18		$	21.81		—	⁴		8.31			8.31			—	⁴		(0.10	)		(2.34	)		(2.44	)
Year ended 9/30/17		$	19.89		(0.20	)		4.12			3.92			—	⁴		(0.11	)		(1.89	)		(2.00	)
Ultra Growth Fund — Institutional Class
Year ended 9/30/21		$	39.58		(0.41	)		13.28			12.87			0.01			—			(1.41	)		(1.41	)
Period ended 9/30/20¹²		$	29.39		(0.09	)		10.28			10.19			—	⁴		—			—			—
U.S. Treasury Fund — Investor Class
Year ended 9/30/21		$	22.42		0.25			(3.00	)		(2.75	)		0.01			(0.24	)		(1.34	)		(1.58	)
Year ended 9/30/20		$	19.26		0.30			3.13			3.43			0.03			(0.30	)		—			(0.30	)
Year ended 9/30/19		$	15.26		0.34			3.99			4.33			0.01			(0.34	)		—			(0.34	)
Year ended 9/30/18		$	16.32		0.35			(1.07	)		(0.72	)		—	⁴		(0.34	)		—			(0.34	)
Year ended 9/30/17		$	19.86		0.35			(2.23	)		(1.88	)		0.01			(0.35	)		(1.32	)		(1.67	)

See Notes to Financial Highlights and Notes to Financial Statements.

108


		(for a share outstanding throughout the period)


					Ratios to Average Net Assets												Supplemental Data
Net Asset Value End of Period		Total Return (%)¹			Expenses Net of Waivers and Reimbursements (%)²			Expenses Before Waivers and Reimbursements (%)²			Net Investment Income (Loss) Net of Waivers and Reimbursements (%)²			Net Investment Income (Loss) Before Waivers and Reimbursements (%)²			Net Assets End of Period (000’s)		Portfolio Turnover Rate^{1 3}

$	62.46		42.49			1.12	⁵		1.12	⁵		(1.00	)		(1.00	)	$	1,744,187		40%
$	46.64		33.26			1.16	⁵		1.16	⁵		(0.89	)		(0.89	)	$	1,247,871		37%
$	40.23		1.67	⁵		1.17	⁶		1.17	⁶		(0.80	)		(0.80	)	$	978,825		26%
$	55.30		35.08			1.20	^5 8		1.20	^5 8		(0.84	)		(0.84	)	$	1,170,809		36%
$	45.72		14.29			1.27	⁵		1.27	⁵		(0.88	)		(0.88	)	$	1,182,573		19%

$	63.29		42.62			1.05	⁵		1.06	⁵		(0.92	)		(0.93	)	$	1,898,152		40%
$	47.18		33.39			1.05	⁵		1.08	⁵		(0.78	)		(0.81	)	$	1,233,331		37%
$	40.60		1.80			1.06	⁶		1.09	⁶		(0.68	)		(0.72	)	$	712,833		26%
$	55.61		35.27			1.06	^5 7		1.10	^5 7		(0.70	)		(0.74	)	$	714,184		36%
$	45.89		14.54			1.05	⁵		1.11	⁵		(0.66	)		(0.72	)	$	508,373		19%

$	10.68		52.79			1.16	⁵		1.16	⁵		(0.16	)		(0.16	)	$	840,022		50%
$	6.99		(7.13	)		1.21	⁵		1.21	⁵		0.22			0.22		$	525,957		58%
$	7.61		(2.69	)		1.20	⁵		1.20	⁵		0.51			0.51		$	454,451		25%
$	8.53		14.54			1.20	^5 8		1.20	^5 8		0.29			0.29		$	347,298		46%
$	7.94		20.20			1.21	⁵		1.21	⁵		0.04			0.04		$	320,978		37%

$	10.78		52.91			1.05	⁵		1.06	⁵		(0.05	)		(0.06	)	$	849,537		50%
$	7.05		(6.94	)		1.05	⁵		1.08	⁵		0.38			0.34		$	472,331		58%
$	7.67		(2.55	)		1.05	⁵		1.09	⁵		0.70			0.66		$	368,498		25%
$	8.58		14.78			1.06	^5 8		1.13	^5 8		0.43			0.35		$	91,857		46%
$	7.98		20.28			1.05	⁵		1.16	⁵		0.21			0.11		$	49,671		37%

$	50.98		32.78			1.16	⁵		1.16	⁵		(0.96	)		(0.96	)	$	2,255,327		35%
$	39.56		59.54			1.19	⁵		1.19	⁵		(0.95	)		(0.95	)	$	1,733,280		37%
$	25.30		(1.35	)		1.24	⁵		1.24	⁵		(0.93	)		(0.93	)	$	623,154		17%
$	27.68		41.97			1.24	^5 8		1.24	^5 8		(1.00	)		(1.00	)	$	297,562		44%
$	21.81		22.13			1.30	⁵		1.30	⁵		(1.06	)		(1.06	)	$	111,366		34%

$	51.05		32.89			1.05	⁵		1.06	⁵		(0.86	)		(0.87	)	$	717,666		35%
$	39.58		34.67			1.05	⁵		1.07	⁵		(0.97	)		(0.98	)	$	348,388		37%

$	18.10		(12.74	)		0.66	⁵		0.66	⁵		1.30			1.30		$	462,949		50%
$	22.42		18.06			0.66	⁵		0.66	⁵		1.41			1.41		$	545,586		13%
$	19.26		28.73			0.69	⁵		0.69	⁵		2.05			2.05		$	379,644		29%
$	15.26		(4.47	)		0.70	^5 8		0.70	^5 8		2.13			2.13		$	303,105		6%
$	16.32		(8.86	)		0.72	⁵		0.72	⁵		2.04			2.04		$	360,866		20%

109


Wasatch Funds		SEPTEMBER 30, 2021

Notes to Financial Highlights

¹	Not annualized for periods less than one year.

²	Annualized for periods less than one year.

³	Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

⁴	Represents amounts less than $0.005 per share.

⁵	Includes interest expense of less than 0.005%.

⁶	Includes interest expense of more than 0.005%.

⁷	Includes extraordinary expenses greater than or equal to 0.01% (see Note 7 in “Notes to Financial Statements”).

⁸	Includes extraordinary expenses of less than 0.01% (see Note 7 in “Notes to Financial Statements”).

⁹	Per share amounts do not correlate to amounts reported in the Statement of Operations due to timing of share activity.

¹⁰

Net Realized and Unrealized Gains (Losses) on Investments per share reflects a large, non-recurring receivable for security litigation which amounted to $0.06 and $0.06 per share for the Investor Class and Institutional Class, respectively. Excluding this non-recurring receivable, Net Realized and Unrealized Gains (Losses) would have been $0.59 and $0.60 per share for the Investor Class and Institutional Class, respectively. Excluding this non-recurring receivable, Total Return would have been 8.74% and 8.91% for the Investor Class and Institutional Class, respectively.

¹¹	Fund inception date was October 1, 2019.

¹²	Institutional Class inception date was January 31, 2020.

¹³

Net Realized and Unrealized Gains (Losses) on Investments per share reflects a large, non-recurring receivable for security litigation which amounted to $0.07 and $0.07 per share for the Investor Class and Institutional Class, respectively. Excluding this non-recurring receivable, Net Realized and Unrealized Gains (Losses) on Investments would have been $(1.16) and $(1.14) per share for the Investor Class and Institutional Class, respectively. Excluding this non-recurring receivable, Total Return would have been (13.11)% and (13.00)% for the Investor Class and Institutional Class, respectively.

¹⁴	Fund inception date was November 30, 2020.

See Notes to Financial Statements.

110


Wasatch Funds		SEPTEMBER 30, 2021

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 18 series or funds (each a “Fund” and collectively the “Funds”). The Core Growth Fund, Global Opportunities Fund, Global Value 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 Wasatch-Hoisington U.S. Treasury Fund (“U.S. Treasury Fund”) (sub-advised) are each a diversified fund. The Emerging India Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Select Fund, Greater China Fund and International Select Fund are each a non-diversified fund. Each Fund maintains its own investment objective(s).

On November 9, 2011, the Trust redesignated 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 17 funds offer Institutional Class shares: Core Growth Fund, Global Value Fund and Small Cap Value Fund, which commenced operations on January 31, 2012, Emerging Markets Select Fund, which commenced operations on December 13, 2012, Emerging India Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, International Opportunities Fund and Small Cap Growth Fund, which commenced operations on February 1, 2016, Global Select Fund and International Select Fund, which commenced operations on October 1, 2019, Micro Cap Fund, Micro Cap Value Fund and Ultra Growth Fund, which commenced operations on January 31, 2020, and Greater China Fund, which commenced operations on November 30, 2020. 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., d/b/a Wasatch Global Investors, as investment advisor (the “Advisor” or “Wasatch”).

The Core Growth, Emerging India, Emerging Markets Select, Emerging Markets Small Cap, Frontier Emerging Small Countries, Global Opportunities, Global Select, Global Value, Greater China, International Growth, International Opportunities, International Select, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value and Ultra Growth 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 September 30, 2021. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Funds are investment companies and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services - Investment Companies.

Valuation of Securities — All investments in securities are recorded at their estimated fair value as described in Note 12.

Foreign Currency Translations — Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 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 a realized gain or loss.

For financial reporting purposes, estimates on all real estate investment trust (REIT) rates are based on prior year average rates made public by the REITs. To obtain these rates Wasatch utilizes a service through Wall Street Concepts, which gathers and disseminates the information. Prior to filing tax returns, REIT rates are trued up for actual rates. The differences between the actual versus the trued-up rates are captured in the next fiscal year’s financial reporting process.

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.

111


Wasatch Funds

Notes to Financial Statements (continued)

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.

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.

Participation Notes — Certain 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 in which the fund is currently not approved to directly invest, or in markets that prohibit direct investment by foreign purchasers. 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.

Special Purpose Acquisition Companies (SPACs) — SPACs are collective investment structures that allow public stock market qualified investors to invest in PIPE shares. SPACs are shell companies that have no operations but go public with the intention of merging with or acquiring a company with the proceeds of the SPAC’s initial public offering (“IPO”). The Funds may enter into a commitment with a SPAC to purchase PIPE shares if and when the SPAC completes its merger or acquisition. Purchased PIPE shares will be restricted from trading until the registration statement for the shares is declared effective. Upon registration, the shares can be freely sold. As of September 30, 2021, the Wasatch Core Growth Fund, Wasatch Micro Cap Fund and Wasatch Ultra Growth Fund had unfunded commitments outstanding of $30,000,000, $17,000,000 and $25,000,000, respectively, to purchase PIPE shares.

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 an 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. None of the Funds entered into foreign currency contracts transactions during the fiscal year ended September 30, 2021.

112


		SEPTEMBER 30, 2021

5. PURCHASES AND SALES OF SECURITIES

The cost of investment securities purchased and proceeds from sales of investment securities, excluding U.S. government and short-term securities, for the year ended September 30, 2021 are summarized below:


	Core Growth Fund			Emerging India Fund			Emerging Markets Select Fund			Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund			Global Opportunities Fund
Purchases		$	1,351,427,907		$	195,591,735		$	169,745,262		$	155,370,532		$	24,155,099		$	76,715,043
Sales			1,259,225,365			97,700,793			22,324,864			109,000,795			32,033,480			43,931,988

	Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund			International Opportunities Fund			International Select Fund
Purchases		$	12,538,128		$	49,596,348		$	15,942,950		$	298,127,712		$	294,025,017		$	5,970,676
Sales			9,872,243			65,396,570			4,441,665			350,940,478			265,360,814			2,406,383

	Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund
Purchases		$	1,042,501,667		$	315,478,356		$	1,320,087,455		$	890,800,611		$	1,273,224,318
Sales			820,641,997			285,447,205			1,273,021,391			742,161,558			956,438,920

Purchases and sales of U.S. government securities in the U.S. Treasury Fund were $ 235,010,603 and $ 240,916,490, respectively.

6. FEDERAL INCOME TAX INFORMATION

It is the Funds’ policy to qualify as regulated investment companies and distribute substantially all of their taxable income to shareholders. The Funds’ tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return.

Management has analyzed the Funds’ tax positions taken for all open federal and state income tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements.

As of September 30, 2021, the cost and unrealized appreciation (depreciation) of securities on a tax basis were as follows:


	Core Growth Fund				Emerging India Fund				Emerging Markets Select Fund				Emerging Markets Small Cap Fund				Frontier Emerging Small Countries Fund				Global Opportunities Fund
Cost		$	2,639,530,097			$	352,162,568			$	229,976,807			$	332,658,832			$	48,440,975			$	147,766,096

Gross appreciation		$	1,473,854,077			$	298,753,769			$	61,061,553			$	344,943,044			$	25,638,042			$	118,705,328
Gross (depreciation)			(60,513,128	)			(395,200	)			(2,820,682	)			(22,645,207	)			(3,605,972	)			(2,085,756	)

Net appreciation		$	1,413,340,949			$	298,358,569			$	58,240,871			$	322,297,837			$	22,032,070			$	116,619,572


	Global Select Fund				Global Value Fund				Greater China Fund				International Growth Fund				International Opportunities Fund				International Select Fund
Cost		$	15,399,954			$	103,723,358			$	10,822,405			$	718,124,670			$	499,389,230			$	7,863,815

Gross appreciation		$	4,609,082			$	26,393,414			$	1,132,959			$	587,180,957			$	350,287,117			$	1,837,550
Gross (depreciation)			(439,058	)			(2,826,353	)			(1,676,199	)			(24,579,064	)			(28,313,433	)			(135,385	)

Net appreciation (depreciation)		$	4,170,024			$	23,567,061			$	(543,240	)		$	562,601,893			$	321,973,684			$	1,702,165


	Micro Cap Fund				Micro Cap Value Fund				Small Cap Growth Fund				Small Cap Value Fund				Ultra Growth Fund				U.S. Treasury Fund
Cost		$	1,076,324,536			$	320,686,542			$	2,309,834,047			$	1,256,260,495			$	2,042,639,402			$	481,285,594


Gross appreciation		$	348,291,884			$	134,623,595			$	1,455,164,053			$	479,981,805			$	1,089,657,395			$	17,964,980
Gross (depreciation)			(73,930,790	)			(13,200,939	)			(113,062,109	)			(43,967,006	)			(142,676,471	)			(36,640,655	)

Net appreciation (depreciation)		$	274,361,094			$	121,422,656			$	1,342,101,944			$	436,014,799			$	946,980,924			$	(18,675,675	)

113


Wasatch Funds

Notes to Financial Statements (continued)

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

The components of accumulated earnings on a tax basis as of September 30, 2021 were as follows:


	Core Growth Fund			Emerging India Fund				Emerging Markets Select Fund				Emerging Markets Small Cap Fund				Frontier Emerging Small Countries Fund				Global Opportunities Fund
Undistributed ordinary income		$	53,191,183		$	—			$	—			$	—			$	184,321			$	—
Undistributed capital gains			532,999,013			23,688,241				1,628,008				32,809,305				—				20,588,029

Accumulated earnings			586,190,196			23,688,241				1,628,008				32,809,305				184,321				20,588,029
Accumulated capital and other losses			—			(7,436,538	)			(477,589	)			(2,272,809	)			(96,391,739	)			(1,914,666	)
Other undistributed ordinary losses			—			(27,630	)			(38,813	)			—				(28,176	)			(1,835	)
Net unrealized appreciation (depreciation)			1,413,340,797			264,058,968				55,925,269				307,134,104				21,772,742				113,749,308

Total accumulated earnings (accumulated losses)		$	1,999,530,993		$	280,283,041			$	57,036,875			$	337,670,600			$	(74,462,852	)		$	132,420,836


	Global Select Fund			Global Value Fund				Greater China Fund				International Growth Fund				International Opportunities Fund				International Select Fund
Undistributed ordinary income		$	589,852		$	2,975,830			$	—			$	—			$	—			$	—
Undistributed capital gains			1,291,643			—				—				91,611,164				82,078,156				—

Accumulated earnings			1,881,495			2,975,830				—				91,611,164				82,078,156				—
Accumulated capital and other losses			—			(161,327,651	)			(731,494	)			(6,124,780	)			(5,125,352	)			(59,898	)
Other undistributed ordinary losses			—			—				—				—				—				—
Net unrealized appreciation (depreciation)			4,100,052			23,566,348				(543,241	)			555,263,749				318,404,491				1,702,095

Total accumulated earnings (accumulated losses)		$	5,981,547		$	(134,785,473	)		$	(1,274,735	)		$	640,750,133			$	395,357,295			$	1,642,197


	Micro Cap Fund			Micro Cap Value Fund				Small Cap Growth Fund				Small Cap Value Fund				Ultra Growth Fund				U.S. Treasury Fund
Undistributed ordinary income		$	103,248,721		$	25,989,824			$	16,450,157			$	4,796,174			$	94,484,054			$	234,269
Undistributed capital gains			195,975,492			58,306,083				571,986,589				108,806,026				190,335,882				—

Accumulated earnings			299,224,213			84,295,907				588,436,746				113,602,200				284,819,936				234,269
Accumulated capital and other losses			—			—				—				—				—				(6,578,439	)
Other undistributed ordinary losses			—			—				—				—				—				(112,086	)
Net unrealized appreciation (depreciation)			274,361,120			121,422,995				1,342,101,947				436,014,799				946,982,156				(18,675,675	)

Total accumulated earnings (accumulated losses)		$	573,585,333		$	205,718,902			$	1,930,538,693			$	549,616,999			$	1,231,802,092			$	(25,131,931	)

114


		SEPTEMBER 30, 2021

Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from ordinary income and realized capital gains for financial reporting purposes. The Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends-paid deduction (tax equalization).

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily

due to differing treatments of EU reclaims, passive foreign investment company shares, foreign capital gains tax, foreign currency transactions, corporate actions, wash sales and investments in REITs. These reclassifications have no effect on net assets or net asset value per share.

The Funds’ are permitted to carry forward capital losses for an unlimited period. The losses that are carried forward retain their character as either short-term or long-term capital losses.

Capital loss carryforwards as of September 30, 2021 are as follows:


	Non-expiring
Fund	Short Term			Long Term
Frontier Emerging Small Countries Fund		$	91,976,148		$	4,415,591
Global Value Fund			23,932,015			137,395,636
Greater China Fund			682,646			—
International Select Fund			33,009			—

During the tax year ended September 30, 2021, the Funds used capital loss carryforwards in the following amounts:


Fund	Amount Used
Emerging Markets Select Fund		$	2,806,868
Frontier Emerging Small Countries Fund			6,667,282
Global Value Fund			1,027,950
U.S. Treasury Fund			13,584,324

Under current tax law, Post-October Capital Losses and Late-Year Ordinary Losses may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Funds have elected to defer losses as follows:


Fund	Post-October Capital Losses				Late-Year Ordinary Losses
Emerging India Fund		$	—			$	(7,436,538	)
Emerging Markets Select Fund			—				(477,589	)
Emerging Markets Small Cap Fund			—				(2,272,809	)
Global Opportunities Fund			—				(1,914,666	)
Greater China Fund			—				(48,848	)
International Growth Fund			—				(6,124,780	)
International Opportunities Fund			(168,826	)			(4,956,526	)
International Select Fund			—				(26,889	)
U.S. Treasury Fund			(6,578,439	)			—

The tax character of distributions paid during the year ended September 30, 2021 was as follows:


2021	Core Growth Fund			Emerging India Fund			Emerging Markets Select Fund			Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund			Global Opportunities Fund
Ordinary Income		$	—		$	—		$	—		$	—		$	—		$	—
Capital Gain			230,381,353			—			—			30,652,060			—			3,566,379

Total		$	230,381,353		$	—		$	—		$	30,652,060		$	—		$	3,566,379


2021	Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund			International Opportunities Fund			International Select Fund
Ordinary Income		$	13,795		$	2,130,704		$	—		$	—		$	—		$	—
Capital Gain			11,998			—			—			117,458,798			14,595,011			—

Total		$	25,793		$	2,130,704		$	—		$	117,458,798			14,595,011			—

115


Wasatch Funds

Notes to Financial Statements (continued)


2021	Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Treasury Fund
Ordinary Income		$	—		$	—		$	—		$	—		$	30,515,712		$	6,022,576
Capital Gain			63,388,758			36,006,255			183,173,140			—			47,667,167			32,379,945

Total			63,388,758			36,006,255			183,173,140		$	—		$	78,182,879		$	38,402,521

The tax character of distribution paid during the year ended September 30, 2020 was as follows:


2020	Core Growth Fund			Emerging India Fund			Emerging Markets Select Fund			Emerging Markets Small Cap Fund			Frontier Emerging Small Countries Fund			Global Opportunities Fund
Ordinary Income		$	—		$	—		$	—		$	—		$	—		$	—
Capital Gain			243,065,391			1,014,355			—			22,022,797			—			10,583,675

Total		$	243,065,391		$	1,014,355		$	—		$	22,022,797		$	—		$	10,583,675


2020	Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund			International Opportunities Fund			International Select Fund
Ordinary Income		$	—		$	3,749,206		$	—		$	—		$	—		$	—
Capital Gain			—			773,618			—			30,462,062			12,487,503			—

Total		$	—		$	4,522,824		$	—		$	30,462,062		$	12,487,503		$	—


2020	Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Treasury Fund
Ordinary Income		$	—		$	—		$	—		$	5,725,554		$	—		$	6,196,484
Capital Gain			56,926,728			22,300,292			264,951,087			4,930,999			14,642,656			—

Total		$	56,926,728		$	22,300,292		$	264,951,087		$	10,656,553		$	14,642,656		$	6,196,484

The tax character of distributions paid may differ from that shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes.

EU Reclaims — Withholding taxes on foreign dividends and capital gains have been recorded in accordance with the Funds’ understanding of the applicable countries’ tax rules and rates. Several Wasatch Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income in the Statement of Operations and any related receivable, if any, is reflected as interest and dividends receivable in the Statements of Assets and Liabilities. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Funds, if any, reduce the amounts of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by the Funds during the fiscal year exceed foreign withholding taxes paid, and the Funds previously passed foreign tax credit on to its shareholders, the Funds may enter into a closing agreement with the Internal Revenue Service (IRS) in

order to pay the associated tax liability on behalf of the Funds’ shareholders.

7. RELATED PARTY TRANSACTIONS

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, 2022. 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, 2022). A Fund may only make a repayment to the Advisor for the amount reimbursed if such repayment does not cause the Fund’s expense ratio, after repayment is taken into account, to exceed both (i) the expense cap at the time such amounts were waived; and (ii) the Fund’s current expense cap. All amounts not recovered at the end of the period expire on January 31, 2022. Shareholder

116


		SEPTEMBER 30, 2021

expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Ordinary operating expenses exclude any interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment-related costs, acquired fund fees and expenses, and extraordinary expenses, such as

litigation and other expenses not incurred in the ordinary course of the Funds’ business in excess of such limitations. Investment advisory fees and fees waived, if any, for the year ended September 30, 2021 are disclosed in the Statements of Operations. Investment advisory fee and expense limitation annual rates are shown below.


Fund	Advisory Fee		Expense Limitation Investor Class		Expense Limitation Institutional Class		Contractual Expense Limitation/ Reimbursement Recoverable Expiration Date		Reimbursement Recoverable
Core Growth Fund		1.00%		1.50%		1.05%		1/31/2022		$	37,450
Emerging India Fund		1.25%		1.75%		1.50%		1/31/2022			—
Emerging Markets Select Fund		1.00%		1.50%		1.20%		1/31/2022			—
Emerging Markets Small Cap Fund		1.65%		1.95%		1.80%		1/31/2022			—
Frontier Emerging Small Countries Fund		1.65%		2.15%		1.95%		1/31/2022			19,080
Global Opportunities Fund		1.25%		1.75%		1.35%		1/31/2022			29,854
Global Select Fund		0.85%		1.35%		0.95%		1/31/2022			119,822
Global Value Fund		0.90%		1.10%		0.95%		1/31/2022			127,302
Greater China Fund		1.00%		1.50%		1.25%		1/31/2022			185,880
International Growth Fund		1.25%		1.75%		1.35%		1/31/2022			—
International Opportunities Fund		1.75%		2.25%		1.95%		1/31/2022			—
International Select Fund		0.80%		1.30%		0.90%		1/31/2022			135,564
Micro Cap Fund		1.50%		1.95%		1.60%		1/31/2022			—
Micro Cap Value Fund		1.50%		1.95%		1.60%		1/31/2022			2,820
Small Cap Growth Fund		1.00%		1.50%		1.05%		1/31/2022			87,720
Small Cap Value Fund		1.00%		1.50%		1.05%		1/31/2022			62,575
Ultra Growth Fund		1.00%		1.50%		1.05%		1/31/2022			36,820
U.S. Treasury Fund		0.50%		0.75%		N/A		1/31/2022			—

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 is, 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 year ended September 30, 2021, the aggregate value of purchases and sales cross trades with other Funds or accounts were as follows:


Fund	Security Name		Purchases			Sales			Realized Gain (Loss)
Micro Cap Fund		BioDelivery Sciences International, Inc.		$	437,798			—			—
Ultra Growth Fund		BioDelivery Sciences International, Inc.			—		$	437,798		$	(215,489	)

Compensation — Officers serve in that capacity without compensation from the Trust. Beginning in the calendar year of 2021, the Funds’ method of compensating Trustees is to pay each Independent Trustee a retainer of $126,750 per year for services rendered and a fee of $25,350 for each regularly scheduled Board of Trustees meeting, including the executive session held with respect to the investment advisory contract renewal process for the Funds, whether attended in person or telephonically (including any committee meeting attended) (collectively, the “2021 Base Compensation”). Trustees will receive an

additional $12,000 for in-person attendance of any special Board meeting or committee meeting (or any combination thereof), and $6,000 for telephonic attendance of any special Board meeting or committee meeting (or any combination thereof). In addition, the Chair of the Board will receive an additional 25% of the 2021 Base Compensation and the Chair of a Committee will receive an additional 15% of the 2021 Base Compensation. Accordingly, to implement this additional compensation for services as a Chair, the Chair of the Board receives an additional fee of $31,687.50 a year as Chair and $7,921.75 for attendance

117


Wasatch Funds

Notes to Financial Statements (continued)

in person or telephonically at each regular Board meeting (four meetings per year). The Chair of the Audit Committee and the Chair of the Nominating Committee each receive an additional $19,012.50 per year as Chair and $4,753.13 for attendance in person or telephonically at each regular Board meeting (four meetings per year).

In the calendar year 2020, each Independent Trustee was paid a retainer of $125,000 per year for services rendered and a fee of $25,000 for each regularly scheduled Board of Trustees meeting, including the executive session held with respect to the investment advisory contract renewal process for the Funds, whether attended in person or telephonically (including any committee meeting attended) (collectively, the “2020 Base Compensation”). Trustees received an additional $12,000 for in-person attendance of any special Board meeting or committee meeting (or any combination thereof), and $6,000 for telephonic attendance at any special Board meeting or committee meeting (or any combination thereof). In addition, the Chair of the Board received an additional 25% of the 2020 Base Compensation and the Chair of a Committee received an additional 15% of the 2020 Base Compensation. Accordingly, to implement this additional compensation for services as a Chair, the Chair of the Board received an additional fee of $31,250 a year as Chair and $7,812.50 for attendance in person or telephonically at each regular Board meeting (four meetings per year). The Chair of the Audit Committee and the Chair of the Nominating Committee each received an additional $18,750 per year as Chair and $4,687.50 for attendance in person or telephonically at each regular Board meeting (four meetings per year).

The Funds also may reimburse the Independent Trustees for travel expenses incurred in order to attend meetings of the Board of Trustees and for continuing education expenses.

Payments by Advisor — During 2018, the Advisor paid for a portion of the expenses in connection with the merger of the Long/Short and Global Value Funds. The Advisor will not be reimbursed for these amounts.

The impact of the payments detailed above is reflected in the net expense ratios in the Financial Highlights.

Payments by Sub-Advisor — In June 2016, the Funds filed a proxy statement with the Securities and Exchange Commission to inform shareholders about a Special Meeting of Shareholders of the U.S. Treasury Fund. The purpose of the Shareholder Meeting was to ask shareholders to approve a new Sub-Advisory Agreement between the Advisor and Hoisington Investment Management Company (HIMCo) with respect to the U.S. Treasury Fund. HIMCo, the Sub-Advisor for the Fund, reimbursed the U.S. Treasury Fund for the costs associated with the proxy statement filing. The Sub-Advisor does not intend to be reimbursed for this amount.

Pursuant to a sub-advisory agreement entered into between the Advisor and HIMCo (“HIMCo Sub-Advisory Agreement”), and subject to the supervision of the Advisor, HIMCo directs the investment of the U.S. Treasury Fund’s assets and is responsible for the continuing management of the Fund’s assets, including the placement of orders to purchase or sell securities on behalf of the Fund. The HIMCo Sub-Advisory Agreement provides that the Advisor shall pay HIMCo a monthly management fee computed at the annual rate of 0.02% of the Fund’s average daily net assets as long as and whenever the Fund has net assets less than $20 million and one-half (1/2) of the monthly fee the Advisor receives from the Fund under the Advisory and Service Contract as long as and whenever the Fund has net assets of $20 million or more. The Advisor retains the remainder of the advisory fee paid under the Advisory and Service Contract. The Sub-Advisor may reimburse the Advisor for certain expenses.

Transfer Agent Intermediary Fees Reimbursed to the Advisor — Each Fund paid fees to, and reimbursed certain out-of-pocket expenses of, the Funds’ transfer agent during the period. In addition, the Advisor and the Funds’ distributor have entered into selling dealer agreements and service agreements with certain financial services companies, broker-dealers, banks, advisors, retirement service providers or other authorized agents or organizations (each an “Intermediary,” together, “Intermediaries”) to accept purchase, exchange and redemption orders on the Funds’ behalf. For Investor Class shares of the Funds, some Intermediaries do not charge investors a direct transaction fee, but instead charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Funds’ behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts, communication of tax information, income distribution and other services. Generally, the fee was either a per account charge based on the number of accounts to which the Intermediary provided such services, or was a percentage (as of September 30, 2021 up to 0.40% annually) of the average value of Fund Investor Class shares held in such accounts. The Advisor paid the Intermediary fees and the Funds reimbursed the Advisor for the portion of such fees, which are intended to compensate the Intermediary for provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. Institutional Class shares of the Funds do not reimburse the Advisor for payments to Intermediaries. The Funds’ reimbursement of expenses incurred for services provided by Intermediaries are included in “Shareholder servicing fees – Investor Class” in the Statements of Operations.

118


Wasatch Funds		SEPTEMBER 30, 2021

Notes to Financial Statements (continued)

Custodian Out-of-Pocket Expense Reimbursement — In September 2016, State Street Bank and Trust Company (“SSB”), the Funds’ custodian, provided each Fund with an offer to reimburse the Fund for certain out-of-pocket expenses it charged the Fund between 2003 and 2015. The incorrect charges were due to inaccurate billing rates used by SSB for certain out-of-pocket expenses. SSB made the reimbursements in May 2017.

10% Shareholders — As of September 30, 2021, 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 each Fund as detailed below:


Fund	Number of Accounts		Percent of Shares Outstanding
Core Growth Fund		2		41.21	%
Emerging India Fund		3		71.61	%
Emerging Markets Select Fund		2		55.23	%
Emerging Markets Small Cap Fund		2		53.85	%
Frontier Emerging Small Countries Fund		3		58.32	%
Global Opportunities Fund		3		64.86	%
Global Select Fund		3		63.77	%
Global Value Fund		2		71.40	%
Greater China Fund		2		69.75	%
International Growth Fund		2		52.38	%
International Opportunities Fund		2		44.62	%
International Select Fund		4		71.74	%
Micro Cap Fund		2		49.34	%
Micro Cap Value Fund		3		60.92	%
Small Cap Growth Fund		3		58.12	%
Small Cap Value Fund		4		67.95	%
Ultra Growth Fund		2		58.12	%
U.S. Treasury Fund		3		47.93	%

Affiliated Interests — As of September 30, 2021, the Advisor and its affiliates, and the retirement plans of the Advisor and its affiliates, held shares of the Funds, which may be redeemed at any time as detailed below:


Fund	Number of Accounts*		Percent of Shares Outstanding
Core Growth Fund		19		1.06	%
Emerging India Fund		31		6.17	%
Emerging Markets Select Fund		24		7.75	%
Emerging Markets Small Cap Fund		15		1.92	%
Frontier Emerging Small Countries Fund		14		1.65	%
Global Opportunities Fund		18		5.02	%
Global Select Fund		19		32.65	%
Global Value Fund		8		2.50	%
Greater China Fund		15		27.16	%
International Growth Fund		17		0.52	%
International Opportunities Fund		19		0.89	%
International Select Fund		15		33.16	%
Micro Cap Fund		21		0.90	%
Micro Cap Value Fund		16		2.00	%
Small Cap Growth Fund		21		0.58	%
Small Cap Value Fund		18		1.10	%
Ultra Growth Fund		16		0.34	%
U.S. Treasury Fund		11		0.89	%

*	Multiple accounts with the same beneficial owner are treated as one account.

119


Wasatch Funds

Notes to Financial Statements (continued)

8. TRANSACTIONS WITH AFFILIATES

If a Fund’s holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the year ended September 30, 2021 with an “affiliated company” as so defined:


	Value, Beginning Of the Year			Purchases At Cost			Proceeds From Sales			Value, End Of the Year			Dividends Credited to Income for the Year Ended 9/30/2021			Gain (Loss) Realized on Sale of Shares For the Year Ended 9/30/2021				Change in Unrealized Appreciation (Depreciation) For the Year Ended 9/30/2021
Core Growth Fund
Common Stock
1-800-Flowers.com, Inc., Class A		$	28,073,561		$	23,432,824		$	—		$	58,669,388		$	—		$	—			$	7,163,003

Micro Cap Fund
Common Stock
IM Cannabis Corp.		$	10,206,730		$	9,701,937		$	1,650,710		$	14,940,315		$	—		$	(571,686	)		$	(2,745,956	)
Transcat, Inc.			15,971,020			7,691,160			8,258,079			41,283,384			—			4,475,556				21,403,727
Versus Systems, Inc.			—			6,038,212			—			3,085,757			—			—				(2,952,455	)
Motorsport Games, Inc., Class A			—			27,568,142			297,225			18,194,448			—			(371,304	)			(8,705,165	)
UFP Technologies, Inc.			10,581,360			12,203,214			4,002,299			27,674,235			—			1,069,180				7,822,780
Vintage Wine Estates, Inc.			—			46,719,436			—			44,325,092			—			—				(2,394,344	)
Superior Group of Cos., Inc.			10,082,447			14,017,030			575,500			22,445,738			314,290			(114,547	)			(963,692	)
PharmaCielo Ltd.			—			16,925,297			448,197			10,806,048			—			(120,026	)			(5,551,026	)
Allied Motion Technologies, Inc.			—			24,967,697			896,388			23,140,694			47,439			(68,040	)			(862,575	)
Warrants
IM Cannabis Corp., expiring, 5/7/2026			—			616,971			—			225,000			—			—				(391,971	)
Versus Systems, Inc., expiring, 1/15/2022			—			6,400			—			—			—			—				(6,400	)
Versus Systems, Inc., expiring, 1/15/2026			—			4,480			—			891,520			—			—				887,040
Versus Systems, Inc., expiring, 1/15/2026			—			1,920			—			359,040			—			—				357,120

		$	46,841,557		$	166,461,896		$	16,128,398		$	207,371,271		$	361,729		$	4,299,133			$	5,897,083

Small Cap Growth Fund
Common Stock
Vintage Wine Estates, Inc., PIPE Shares		$	—		$	55,000,000		$	—		$	52,800,000		$	—		$	—			$	(2,200,000	)
DMC Global, Inc.			14,071,869			37,231,466			—			45,955,866			—			—				(5,347,469	)
Chuy’s Holdings Inc.*			22,322,336			3,358,923			17,765,182			24,785,449			—			2,644,016				14,225,356

		$	36,394,205		$	95,590,389		$	17,765,182		$	123,541,315		$	—		$	2,644,016			$	6,677,887

Small Cap Value Fund
Common Stock
National CineMedia, Inc.		$	8,947,369		$	6,741,879		$	2,465,519		$	14,495,864		$	844,023		$	(2,269,413	)		$	3,541,548

Ultra Growth Fund
Common Stock
Exagen, Inc.		$	10,092,300		$	1,550,440		$	—		$	14,348,367		$	—		$	—			$	2,705,627
CryoLife, Inc.			31,456,959			13,743,136			—			51,376,332			—			—				6,176,237
Conformis, Inc.			—			14,673,667			—			18,586,645			—			—				3,912,978
Vintage Wine Estates, Inc., PIPE Shares			—			45,000,000			—			43,200,000			—			—				(1,800,000	)

		$	41,549,259		$	74,967,243		$	—		$	127,511,344		$	—		$	—			$	10,994,842

120


		SEPTEMBER 30, 2021


	Share Activity									Dividends Credited to Income for the Year Ended 9/30/2021			Gain (Loss) Realized on Sale of Shares For the Year Ended 9/30/2021				Change in Unrealized Appreciation (Depreciation) For the Year Ended 9/30/2021
	Balance 9/30/2020		Purchases/ Additions		Sales/ Reductions			Balance 9/30/2021		Dividends Credited to Income for the Year Ended 9/30/2021
Core Growth Fund
Common Stock
1-800-Flowers.com Inc.		1,125,644		797,312		—			1,922,956		$	—		$	—			$	7,163,003

Micro Cap Fund
Common Stock
IM Cannabis Corp.		11,325,643		5,594,452		12,711,874			4,208,221		$	—		$	(571,686	)		$	(2,745,956	)
Transcat, Inc.		545,086		231,366		136,201			640,251			—			4,475,556				21,403,727
Versus Systems, Inc.		—		838,521		—			838,521			—			—				(2,952,455	)
Motorsport Games, Inc., Class A		—		1,297,544		21,636			1,275,908			—			(371,304	)			(8,705,165	)
UFP Technologies, Inc.		255,465		255,693		61,828			449,330			—			1,069,180				7,822,780
Vintage Wine Estates, Inc.		—		4,341,341		—			4,341,341			—			—				(2,394,344	)
Superior Group of Cos., Inc.		434,027		554,975		25,252			963,750			314,290			(114,547	)			(963,692	)
PharmaCielo Ltd.		—		10,596,262		305,329			10,290,933			—			(120,026	)			(5,551,026	)
Allied Motion Technologies, Inc.		—		535,239		(204,553	)		739,792			47,439			(68,040	)			(862,575	)
Warrants
IM Cannabis Corp., expiring, 5/7/2026		—		450,000		—			450,000			—			—				(391,971	)
Versus Systems, Inc., expiring, 1/15/2022		—		640,000		—			640,000			—			—				(6,400	)
Versus Systems, Inc., expiring, 1/15/2026		—		448,000		—			448,000			—			—				887,040
Versus Systems, Inc., expiring, 1/15/2026		—		192,000		—			192,000			—			—				357,120

		12,560,221		25,975,393		13,057,567			25,478,047		$	361,729		$	4,299,133			$	5,897,083

Small Cap Growth Fund
Common Stock
Vintage Wine Estates, Inc., PIPE Shares		—		5,500,000		—			5,500,000		$	—		$	—			$	(2,200,000	)
DMC Global, Inc.		427,197		817,882		—			1,245,079			—			—				(5,347,469	)
Chuy’s Holdings Inc. *		1,140,058		80,444		434,411			786,091			—			2,644,016				14,225,356

		1,567,255		6,398,326		434,411			7,531,170		$	—		$	2,644,016			$	6,677,887

Small Cap Value Fund
Common Stock
National CineMedia, Inc.		3,295,532		1,475,083		698,743			4,071,872		$	844,023		$	(2,269,413	)		$	3,541,548

Ultra Growth Fund
Common Stock
Exagen, Inc.		931,024		124,003		—			1,055,027		$	—		$	—			$	2,705,627
CryoLife, Inc.		1,703,138		601,767		—			2,304,905			—			—				6,176,237
Conformis, Inc.		—		13,974,921		—			13,974,921			—			—				3,912,978
Vintage Wine Estates, Inc., PIPE Shares		—		4,500,000		—			4,500,000		$	—		$	—				(1,800,000	)

		2,634,162		19,200,691		—			21,834,853		$	—		$	—			$	10,994,842

This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total amount of the gain (loss) realized on sale of shares and the total change in unrealized appreciation for the period ended September 30, 2021 is included in the Statement of Operations even though the securities were not affiliated companies as of year end.

9. RESTRICTED SECURITIES

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the “Securities Act”) and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee 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 September 30, 2021, the Funds held the following restricted securities:

121


Wasatch Funds

Notes to Financial Statements (continued)


	Security Type	Acquisition Date		Cost			Fair Value			Value as a Percent Of Net Assets
Micro Cap Fund
IM Cannabis Corp., expiring, 5/7/2026	Warrants		5/5/2021		$	616,971		$	225,000		0.01	%
Versus Systems, Inc., expiring, 1/15/2026	Warrants		1/15/2021			1,920			359,040		0.03	%
Versus Systems, Inc., expiring, 1/15/2022	Warrants		1/15/2021			6,400			0		0.00	%

					$	625,291		$	584,040		0.04	%


Micro Cap Value Fund
Regenacy Pharmaceuticals LLC	LLC Membership Interest		12/21/2016		$	30,001		$	17,685		0.01	%
Greenlane Holdings, Inc., expiring, 2/24/2026	Warrants		2/22/2021			396,902			52,116		0.01	%
Talon Metals Corp., expiring, 3/18/2022	Warrants		3/16/2021			26,065			3,948		0.00	%

					$	452,968		$	73,749		0.02	%


Small Cap Growth Fund
DataStax, Inc., Series E Pfd.	Preferred Stock		8/12/2014		$	8,000,002		$	12,082,372		0.33	%
Nanosys, Inc., Series A-1 Pfd.	Preferred Stock		8/13/2010			184,939			188,638		0.00	%
Nanosys, Inc., Series A-2 Pfd.	Preferred Stock		11/8/2005			2,000,000			1,011,839		0.03	%
Vintage Wine Estates, Inc., PIPE Shares	PIPE		6/7/2021			55,000,000			52,800,000		1.45	%

					$	65,184,941		$	66,082,849		1.81	%


Ultra Growth Fund
Nanosys, Inc., Series A-1 Pfd.	Preferred Stock		8/13/2010		$	46,235		$	47,160		0.00	%
Nanosys, Inc., Series A-2 Pfd.	Preferred Stock		11/8/2005			500,001			252,960		0.01	%
Vintage Wine Estates, Inc., PIPE Shares	PIPE		6/7/2021			45,000,000			43,200,000		1.45	%

					$	45,546,236		$	43,500,120		1.46	%

10. LINE OF CREDIT

Effective May 14, 2021, the Trust and each Fund renewed and amended agreements for two open lines of credit totaling $300,000,000, one of which is $100,000,000 committed, and the other of which is $200,000,000 uncommitted, with State Street Bank and Trust Company (together, the “Line”). The agreements, as amended, have no change in the committed, uncommitted and total amounts available on the Line. 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 overnight federal-funds rate 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.

For the year ended September 30, 2021, the following Funds had borrowings:


Funds Utilizing the Line of Credit	Average Daily Borrowings			Number of Days Outstanding		Interest Expense			Weighted Average Annualized Interest Rate			Balance at 9/30/2021
Core Growth Fund		$	964,293		1		$	37		1.40	%		—
Emerging India Fund			6,035,520		56			12,638		1.35	%		—
Emerging Markets Select Fund			318,312		21			256		1.38	%		—
Emerging Markets Small Cap Fund			1,808,556		37			2,574		1.38	%		—
Frontier Emerging Small Countries Fund			407,253		27			416		1.36	%		—
Global Opportunities Fund			494,640		22			420		1.39	%		—
Global Select Fund			161,619		8			49		1.36	%		—
Greater China Fund			209,299		88			692		1.35	%		—
International Growth Fund			3,062,449		20			2,307		1.36	%		—
International Select Fund			110,762		10			41		1.35	%		—
Micro Cap Fund			3,649,111		30			4,117		1.35	%		—
Small Cap Growth Fund			23,225,255		4			3,634		1.41	%		—
Small Cap Value Fund			17,407,362		3			1,972		1.36	%		—

122


		SEPTEMBER 30, 2021

11. PRINCIPAL RISKS

Market Risk — Market risk is the risk that a particular security, or shares of a Fund in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a Fund could decline in value or underperform other investments due to short-term market movements or any longer periods during more prolonged market downturns. In addition, local, regional or global events such as war, acts of terrorism, spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such events could adversely affect the prices and liquidity of a Fund’s portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a Fund’s shares and result in increased market volatility.

Global Pandemic Risk — The value of a Fund’s investments may be impacted by global health crises or other events. For example, an outbreak of the respiratory disease designated as Covid-19 was first detected in China in December 2019 and subsequently spread internationally. The transmission of Covid-19 and efforts to contain its spread have resulted in international, national and local border closings and other significant travel restrictions and disruptions; significant disruptions to business operations across many industries, supply chains and customer activity; event cancellations and restrictions; service cancellations, reductions and other changes; significant challenges in health care service preparation and delivery; and quarantines, as well as general concern and uncertainty that has negatively affected the economic environment. These impacts also have caused significant market volatility and disruption which may continue over extended periods. The ultimate impact of Covid-19 or other health emergencies on the domestic and global economies is impossible to predict accurately. Less developed countries and their health systems may be more vulnerable to these impacts. The impact of this Covid-19 pandemic may be short term or may last for an extended period of time, and in either case could result in a substantial economic downturn or recession and may adversely impact the value of an investment in a fund.

Credit Risk — In the normal course of business, the Funds trade financial instruments and enter into financial transactions where the other party to a transaction may fail 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 on its obligations. 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.

India Region Risk — The securities markets in the India region (India, Bangladesh, Pakistan and Sri Lanka) are substantially smaller, less liquid and more volatile than the major securities markets in the United States and the securities industries in these countries are comparatively underdeveloped. Financial intermediaries may not perform as well as their counterparts in the United States or in other countries with more developed securities markets. In

123


Wasatch Funds

Notes to Financial Statements (continued)

some cases, physical delivery of securities in small lots has been required in India and shortages of vault capacity and trained personnel have existed among qualified custodial Indian banks. A Fund may be unable to sell securities when the registration process is incomplete and may experience delays in receipt of dividends. If trading volume is limited by operational difficulties, the ability of the Fund to invest may be impaired and the Fund’s ability to buy or sell Indian securities may be impaired if the Fund’s ability to transact is denied, delayed, suspended or not renewed by local regulators. In recent years, exchange-listed companies in the information-technology sector and related industries (such as software) have grown so as to represent a significant portion of the total capitalization of the Indian market. The value of these companies will generally fluctuate in response to technological and regulatory developments. In addition, governmental actions can have a significant effect on economic conditions in the India region, which could adversely affect the value and liquidity of investments. Although the governments of India, Bangladesh, Pakistan and Sri Lanka have recently begun to institute economic reform policies, there can be no assurance that they will continue to pursue such policies or, if they do, that such policies will succeed. The region is an uncertain tax environment and it is difficult to know and predict the potential implications of future tax developments. Religious, cultural and military disputes persist in India, and between India and Pakistan (as well as sectarian groups within each country). The longstanding border dispute with Pakistan remains unresolved. In recent years, terrorists believed to be based in Pakistan struck Mumbai (India’s financial capital), further damaging relations between the two countries. If the Indian government is unable to control the violence and disruption associated with these tensions (including both domestic and external sources of terrorism), the result may be military conflict, which could destabilize the economy of India. Both India and Pakistan have tested nuclear arms, and the threat of deployment of such weapons could hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.

Liquidity Risk — The trading market for a particular security may be less liquid than it appears and 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.

Greater China Region Risk. The Greater China Fund invests primarily in the securities of companies tied to economically to the Greater China Region (China, Hong Kong and Taiwan). Each Fund, except the U.S. Treasury Fund, may invest in the securities of companies tied economically to the Greater China Region. In addition to the risks of investing in foreign securities in general, which are described in the Funds’ prospectus and Statement of

Additional Information, investing in the Greater China Region subjects a fund to unique risks that could significantly impact the value of the fund’s investments.

Chinese governmental actions can significantly affect economic conditions in China, Hong Kong and Taiwan, or a particular issuer or industry, which could adversely affect the value and liquidity of investments. The Chinese government exercises significant control over China’s economy through, among other things, its industrial policies, monetary policies, management of currency exchange rates, and management of the payment of foreign currency-denominated obligations. Changes in these policies may adversely impact industries and companies in China. Although over the years the Chinese government has been reforming economic and market practices, the Chinese government could, at any time, alter or discontinue such economic and market reform programs adversely affecting industries and companies in China.

China’s economy, particularly its export-oriented industries, may be adversely impacted by developments in the economies and by governmental actions of its principal trading partners, including the United States, such as the imposition of trading restrictions, tariffs or other protectionist trade policies. The current political climate has intensified concerns of a potential trade war between China and the United States, as each country has recently imposed tariffs on the other country’s products. In addition, on November 12, 2020, President Trump issued Executive Order 13959, which prohibits U.S. persons from transacting in publicly traded securities designated by the U.S. Department of Defense as “Communist Chinese Military Companies” or “CCMCs” or in instruments derived from, or designed to provide investment exposure to, prohibited CCMC securities. The list of CCMCs is subject to change from time to time, which could prevent a fund from acquiring securities previously deemed suitable investments or could result in a forced sale of a security in the portfolio at an inopportune time or price, which may result in losses to the fund. Such government prohibitions may affect the value of the securities held in a fund’s portfolio, directly or indirectly, as well as negatively impact the market for other China-based issuers, resulting in reduced liquidity and price declines. The government prohibition also could lead to the inability to transact in the securities of other companies within the Greater China Region as the result of escalating trade tensions between the U.S. and China. The prohibition took effect on January 11, 2021, but it is unclear whether the Executive Order will continue in effect under the new presidential administration or be amended. Additionally, on December 2, 2020, the U.S. Congress passed the Holding Foreign Companies Accountable Act, which could cause the securities of foreign issuers (including China) to be delisted from U.S. stock exchanges if those companies do not permit U.S. oversight of the auditing of their financial information. To the extent a fund invests in securities of Chinese companies listed in the U.S.,

124


		SEPTEMBER 30, 2021

delisting could impact the fund‘s ability to transact in such securities and could significantly impact their liquidity and market price. In addition, the fund would have to seek other markets in which to transact in such securities, which would also increase the Fund’s costs. It is difficult to predict the consequences of these actions or whether further tariffs will be imposed or actions will be taken.

Further, China’s domestically oriented industries may be particularly sensitive to, and adversely affected by, changes in government policy and investment cycles as China’s consumer class continues to grow. China has historically managed its currency in a tight range relative to the U.S. dollar, but this may be subject to greater uncertainty as Chinese authorities may change the policies that determine the exchange rate mechanism.

In addition, the Chinese government may actively attempt to influence the operation of China’s securities markets through, among other things, currency controls, direct investments, limitations on specific types of transactions (such as short selling), limiting or prohibiting investors (including foreign institutional investors) from selling holdings in Chinese companies, or other similar actions. Certain securities issued by companies located or operating in China, such as China A-shares are subject to trading restrictions, quota limitations, and less market liquidity. Chinese authorities may intervene in China’s securities market and halt or suspend trading of securities for short or even longer periods of time. China’s securities markets have experienced considerable volatility and have been subject to relatively frequent and excessive trading halts and suspensions which, among other things, contributes to uncertainty in the markets, reduces the liquidity of securities subject to trading halts or suspensions and leads to greater market execution and valuation risks. Such actions could adversely impact a fund’s ability to achieve its investment objective(s) and its ability to trade China A-shares during such periods and could result in a fund’s limiting or suspending shareholder redemption privileges as permitted in accordance with applicable law. China’s securities markets generally continue to experience inefficiencies, volatility and pricing anomalies resulting from governmental influence, lack of publicly available information and/or political or social instability.

Additional risks of loss from investing in China include currency fluctuations, interest rate fluctuations, less liquidity, higher rates of inflation, expropriation of property, confiscatory taxation, nationalization, imposition of tariffs, limitations on repatriation of currency, exchange control regulations (including currency blockage), trading halts and differing legal, accounting, auditing, financial and reporting standards. Financial reporting by Chinese companies does not have as much regulatory oversight as in the United States. Frequent intervention by the Chinese government, limits on credible corporate governance standards, limited transparency of market and accounting information, and limited oversight of accounting firms increase the risk of

insider dealing, market manipulation, improper accounting, accounting fraud and other types of corporate misconduct. Social unrest within China and between China and Hong Kong, or confrontations with neighboring countries, including military conflicts in response to such events, strained international relations and security concerns, such as terrorism, may also adversely impact China’s economy, disrupting its economic growth and adversely affecting a fund’s investments. Any spread of an infectious illness, public health threats or similar issues could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally also have a significant impact on the economies of the Greater China Region (China, Hong Kong and Taiwan) and other Asian countries, which in turn could adversely affect a fund’s investments. The economies of many Asian countries differ from the economies of more developed countries in many respects such as the rate of growth, inflation, capital investment, resource self-sufficiency, financial system stability, and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be affected by developments in the United States, Europe and other Asian economies, and their economies and companies could be affected if global economic conditions deteriorate as a result of political instability and uncertainty and by the imposition of tariffs and other protectionist trade policies.

The Greater China Region includes China, Hong Kong and Taiwan. With respect to Hong Kong, the Chinese and Hong Kong economies are vulnerable to China’s longstanding disagreement with Hong Kong related to the former British colony’s integration into a special administrative region of China. If China were to exert its authority so as to alter the economic, political or legal structures or the existing social policy of Hong Kong, such actions may have a negative impact on investor and business confidence in Hong Kong, its markets and business performance, and in turn on a fund’s investments. In addition, the Hong Kong dollar trades at a fixed exchange rate in relation to the U.S. dollar, which has contributed to the growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the establishment of an alternative exchange rate system would have on the Hong Kong economy. Because a fund’s net asset value is denominated in U.S. dollars, the establishment of an alternative exchange rate system could result in a decline in the fund’s net asset value. With respect to Taiwan, China has a complex territorial dispute regarding the sovereignty of Taiwan. Continuing hostility between China and Taiwan and any potential military conflict or future political or economic disturbances may adversely impact investments in such countries or make investments in such countries impracticable or impossible. Any escalation in hostilities may, among other things, distort Taiwan’s capital account, adversely impact other Asian countries and adversely impact a fund’s investments in Asia, including China and Taiwan. Taiwan’s market and economy also

125


Wasatch Funds

Notes to Financial Statements (continued)

faces increasing competition from other low-cost emerging economies and certain protectionist threats.

In China, direct ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as Wasatch Funds) is prohibited. To facilitate foreign investment in these businesses, many Chinese companies have created “Variable Interest Entities” (VIEs) to facilitate indirect foreign ownership. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange or the Hong Kong Stock Exchange. Foreign investors hold stock in the VIE shell company rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company indirectly through the contractual VIE structure rather than directly through a formal equity ownership structure.

VIEs are a common industry practice and well known to officials and regulators in China. However, VIEs are not formally recognized under Chinese law. Recently, the government of China provided new guidance to and placed restrictions on China-based companies raising capital offshore, including through VIE structures. Investors face uncertainty about future actions by the government of China that could significantly affect an operating company’s financial performance and the enforceability of the VIE shell company’s contractual arrangements. It is uncertain whether Chinese officials or regulators will withdraw their implicit acceptance of the VIE structure, or whether any new laws, rules or regulations relating to these structures will be adopted or, if adopted, what impact they would have on the interests of foreign shareholders. Under extreme circumstances, China might prohibit the existence of VIEs, or limit a VIE’s ability to pass through economic and governance rights to foreign individuals and entities. If the Chinese government takes action that affects VIEs, the market value of a fund’s associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent effects, which could result in substantial investment losses.

In addition, Chinese companies, including Chinese companies listed on U.S. exchanges, are not subject to the same regulatory requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, information about Chinese securities and VIEs in which a fund invests may be less reliable or complete. As with other Chinese companies with securities listed on U.S. exchanges, U.S.-listed VIEs and American Depositary Receipts (ADRs) may be delisted if they do not meet U.S. accounting standards and auditor oversight requirements. Delisting would significantly decrease the liquidity and value of the securities, decrease the ability of

a fund to transact in such securities and may increase the cost of the fund if it must seek other markets in which to transact in such securities. There also may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies, and shareholders may have limited legal remedies.

Shareholder Concentration Risk — A significant portion of the net assets of the Frontier Emerging Small Countries Fund is owned by a group of shareholders advised by a common investment advisor. The Emerging Markets Select Fund also has a significant portion of net assets concentrated in relatively few related accounts. In the event of significant redemption activity by these shareholders, these Funds could experience a loss when selling portfolio securities to meet such redemption requests. The Funds could be forced to sell portfolio securities at unfavorable prices in an effort to generate sufficient cash to pay redeeming shareholders. Fund expenses may increase and performance may be materially affected.

12. 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, represent 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

126


		SEPTEMBER 30, 2021

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 (“NASDAQ”) system, 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. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy.

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 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.

Derivative Instruments — Listed derivatives that are actively traded are valued based on quoted prices from the exchange and 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 and categorized as Level 2.

127


Wasatch Funds

Notes to Financial Statements (continued)

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 September 30, 2021 in valuing the Funds’ assets and liabilities:


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)				Value at 9/30/2021
Core Growth Fund
Assets
Common Stocks			$	4,005,056,141		$	—		$	—			$	4,005,056,141
Short-Term Investments				—			49,554,905			—				49,554,905

			$	4,005,056,141		$	49,554,905		$	—			$	4,054,611,046

Other Financial Instruments*
Liabilities
Unfunded Commitment with a SPAC			$	—		$	—		$	(1,740,000	)		$	(1,740,000	)

Emerging India Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods		$	—		$	16,576,854		$	—			$	16,576,854
	Brewers			—			13,533,769			—				13,533,769
	Commodity Chemicals			—			21,648,337			—				21,648,337
	Consumer Finance			—			79,759,733			—				79,759,733
	Department Stores			—			31,372,043			—				31,372,043
	Diversified Banks			—			56,043,602			—				56,043,602
	Food Retail			—			29,591,093			—				29,591,093
	Health Care Services			—			35,495,672			—				35,495,672
	Industrial Conglomerates			—			8,567,119			—				8,567,119
	Industrial Machinery			—			28,729,672			—				28,729,672
	Interactive Media & Services			—			38,913,592			—				38,913,592
	IT Consulting & Other Services			—			106,377,249			—				106,377,249
	Life Sciences Tools & Services			—			38,073,287			—				38,073,287
	Property & Casualty Insurance			—			24,177,340			—				24,177,340
	Regional Banks			—			24,754,199			—				24,754,199
	Research & Consulting Services			—			42,361,570			—				42,361,570
	Specialty Chemicals			—			16,109,746			—				16,109,746
	Thrifts & Mortgage Finance			—			18,635,659			—				18,635,659
	Other			7,326,792			—			—				7,326,792
Short-Term Investments				—			12,473,809			—				12,473,809

			$	7,326,792		$	643,194,345		$	—			$	650,521,137

128


		SEPTEMBER 30, 2021


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Value at 9/30/21
Emerging Markets Select Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods		$	—		$	4,285,075		$	—		$	4,285,075
	Consumer Finance			—			18,389,624			—			18,389,624
	Department Stores			—			7,604,506			—			7,604,506
	Diversified Banks			—			24,004,041			—			24,004,041
	Electrical Components & Equipment			5,636,233			12,023,363			—			17,659,596
	Industrial Machinery			—			7,331,533			—			7,331,533
	Internet & Direct Marketing Retail			11,705,418			10,276,733			—			21,982,151
	IT Consulting & Other Services			13,473,306			15,524,107			—			28,997,413
	Life & Health Insurance			—			4,548,506			—			4,548,506
	Life Sciences Tools & Services			—			10,056,579			—			10,056,579
	Personal Products			—			2,249,207			—			2,249,207
	Pharmaceuticals			—			2,114,797			—			2,114,797
	Property & Casualty Insurance			1,999,326			4,147,732			—			6,147,058
	Regional Banks			—			4,127,629			—			4,127,629
	Semiconductor Equipment			—			11,086,922			—			11,086,922
	Semiconductors			—			22,198,373			—			22,198,373
	Specialized Finance			—			9,082,645			—			9,082,645
	Specialty Chemicals			—			4,852,612			—			4,852,612
	Systems Software			—			3,957,925			—			3,957,925
	Other			37,966,752			—			—			37,966,752
Short-Term Investments				—			39,574,734			—			39,574,734

			$	70,781,035		$	217,436,643		$	—		$	288,217,678

Emerging Markets Small Cap Fund
Assets
Common Stocks
	Asset Management & Custody Banks		$	—		$	8,969,305		$	—		$	8,969,305
	Commodity Chemicals			—			13,017,466			—			13,017,466
	Communications Equipment			—			6,135,387			—			6,135,387
	Consumer Finance			10,020,214			30,827,521			—			40,847,735
	Data Processing & Outsourced Services			—			7,159,613			—			7,159,613
	Department Stores			—			15,834,599			—			15,834,599
	Diversified Banks			—			23,586,717			—			23,586,717
	Electrical Components & Equipment			—			40,238,234			—			40,238,234
	Electronic Equipment & Instruments			—			7,537,789			—			7,537,789
	Health Care Equipment			—			3,740			—			3,740
	Health Care Facilities			—			7,698,733			—			7,698,733
	Health Care Services			—			19,036,748			—			19,036,748
	Health Care Supplies			—			1,189,490			—			1,189,490
	Hotels, Resorts & Cruise Lines			—			6,392,234			—			6,392,234
	Industrial Conglomerates			—			5,361,748			—			5,361,748
	Insurance Brokers			—			11,588,999			—			11,588,999
	Interactive Media & Services			—			14,929,205			—			14,929,205
	Internet & Direct Marketing Retail			—			24,486,607			—			24,486,607
	IT Consulting & Other Services			26,969,092			61,129,360			—			88,098,452
	Life & Health Insurance			—			7,067,939			—			7,067,939
	Property & Casualty Insurance			8,369,126			13,445,877			—			21,815,003
	Regional Banks			7,338,255			17,629,371			—			24,967,626
	Pharmaceuticals			—			—			16,722			16,722
	Research & Consulting Services			—			25,211,467			—			25,211,467
	Semiconductor Equipment			—			12,133,246			—			12,133,246
	Semiconductors			—			111,787,039			—			111,787,039
	Thrifts & Mortgage Finance			—			9,948,109			—			9,948,109
	Other			77,687,527			—			—			77,687,527
Short-Term Investments				—			22,209,190			—			22,209,190

			$	130,384,214		$	524,555,733		$	16,722		$	654,956,669

129


Wasatch Funds

Notes to Financial Statements (continued)


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Value at 9/30/21
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Asset Management & Custody Banks		$	—		$	6,149,476		$	—		$	6,149,476
	Computer & Electronics Retail			—			1,105,973			—			1,105,973
	Consumer Finance			1,461,596			6,261,545			—			7,723,141
	Data Processing & Outsourced Services			1,286,743			2,733,255			—			4,019,998
	Diversified Banks			—			7,609,409			—			7,609,409
	Health Care Facilities			—			1,887,149			—			1,887,149
	Home Improvement Retail			—			2,118,444			—			2,118,444
	Insurance Brokers			—			1,414,504			—			1,414,504
	IT Consulting & Other Services			3,444,902			3,614,504			—			7,059,406
	Life & Health Insurance			—			1,707,351			—			1,707,351
	Other			26,315,373			—			—			26,315,373
Short-Term Investments				—			3,362,821			—			3,362,821

			$	32,508,614		$	37,964,431		$	—		$	70,473,045

Global Opportunities Fund
Assets
Common Stocks
	Application Software		$	13,602,178		$	6,366,818		$	—		$	19,968,996
	Asset Management & Custody Banks			3,806,128			1,985,519			—			5,791,647
	Consumer Finance			—			2,623,765			—			2,623,765
	Data Processing & Outsourced Services			2,368,554			1,363,623			—			3,723,177
	Drug Retail			—			2,325,704			—			2,325,704
	Electrical Components & Equipment			—			6,823,382			—			6,823,382
	Health Care Services			—			2,801,345			—			2,801,345
	Health Care Supplies			933,859			2,538,941			—			3,472,800
	Health Care Technology			—			6,062,899			—			6,062,899
	Human Resource & Employment Services			—			4,302,301			—			4,302,301
	Industrial Machinery			19,676,474			2,527,413			—			22,203,887
	IT Consulting & Other Services			9,223,829			10,630,699			—			19,854,528
	Property & Casualty Insurance			—			2,896,742			—			2,896,742
	Regional Banks			6,192,013			5,704,054			—			11,896,067
	Research & Consulting Services			—			19,669,939			—			19,669,939
	Restaurants			—			2,636,533			—			2,636,533
	Semiconductors			4,901,084			17,056,112			—			21,957,196
	Thrifts & Mortgage Finance			—			4,975,405			—			4,975,405
	Trading Companies & Distributors			—			8,089,189			—			8,089,189
	Other			82,471,838			—			—			82,471,838
Short-Term Investments				—			9,829,328			—			9,829,328

			$	143,175,957		$	121,209,711		$	—		$	264,385,668

Global Select Fund
Assets
Common Stocks
	Application Software		$	407,769		$	923,822		$	—		$	1,331,591
	Building Products			—			674,114			—			674,114
	Consumer Finance			—			923,400			—			923,400
	Data Processing & Outsourced Services			509,660			712,966			—			1,222,626
	Department Stores			—			424,625			—			424,625
	Diversified Banks			—			466,265			—			466,265
	Drug Retail			461,328			443,959			—			905,287
	Health Care Equipment			—			531,695			—			531,695
	Health Care Supplies			—			453,920			—			453,920
	Health Care Technology			438,018			389,370			—			827,388
	Industrial Machinery			—			642,490			—			642,490
	Research & Consulting Services			—			702,509			—			702,509
	Semiconductors			399,376			494,542			—			893,918
	Other			9,437,446			—			—			9,437,446
Short-Term Investments				—			132,704			—			132,704

			$	11,653,597		$	7,916,381		$	—		$	19,569,978

130


		SEPTEMBER 30, 2021


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Value at 9/30/21
Global Value Fund
Assets
Common Stocks
	Airlines		$	—		$	3,618,619		$	—		$	3,618,619
	Casinos & Gaming			—			2,883,222			—			2,883,222
	Construction Materials			—			2,312,704			—			2,312,704
	Diversified Banks			14,340,485			4,161,868			—			18,502,353
	Diversified Metals & Mining			—			3,154,378			—			3,154,378
	Electronic Manufacturing Services			—			2,799,459			—			2,799,459
	Food Retail			—			6,556,584			—			6,556,584
	Homebuilding			2,204,160			2,602,294			—			4,806,454
	Integrated Oil & Gas			4,188,000			4,779,794			—			8,967,794
	Integrated Telecommunication Services			—			2,549,298			—			2,549,298
	Multi-Line Insurance			—			3,436,442			—			3,436,442
	Pharmaceuticals			8,126,500			2,459,975			—			10,586,475
	Reinsurance			—			4,502,342			—			4,502,342
	Tobacco			—			3,420,673			—			3,420,673
	Other			46,204,025			—			—			46,204,025
Short-Term Investments				—			2,989,597			—			2,989,597

			$	75,063,170		$	52,227,249		$	—		$	127,290,419

Greater China Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods		$	—		$	231,336		$	—		$	231,336
	Application Software			—			149,583			—			149,583
	Commodity Chemicals			—			332,168			—			332,168
	Distillers & Vintners			—			225,807			—			225,807
	Diversified Banks			—			366,074			—			366,074
	Drug Retail			—			193,411			—			193,411
	Health Care Equipment			—			726,488			—			726,488
	Health Care Supplies			—			114,677			—			114,677
	Hotels, Resorts & Cruise Lines			—			339,191			—			339,191
	Industrial Machinery			—			701,535			—			701,535
	Interactive Media & Services			—			441,770			—			441,770
	Internet & Direct Marketing Retail			—			914,090			—			914,090
	Life & Health Insurance			—			821,987			—			821,987
	Life Sciences Tools & Services			—			1,327,628			—			1,327,628
	Packaged Foods & Meats			—			550,049			—			550,049
	Personal Products			—			154,086			—			154,086
	Pharmaceuticals			—			336,333			—			336,333
	Semiconductors			—			1,327,491			—			1,327,491
	Specialized Finance			—			885,235			—			885,235
	Specialty Stores			—			140,226			—			140,226
Rights				—			0			—			0

			$	—		$	10,279,165		$	—		$	10,279,165

131


Wasatch Funds

Notes to Financial Statements (continued)


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Value at 9/30/21
International Growth Fund
Assets
Common Stocks
	Alternative Carriers		$	—		$	2,809,768		$	—		$	2,809,768
	Application Software			44,123,218			59,405,954			—			103,529,172
	Asset Management & Custody Banks			—			23,647,520			—			23,647,520
	Brewers			—			16,139,544			—			16,139,544
	Commodity Chemicals			—			10,481,074			—			10,481,074
	Data Processing & Outsourced Services			—			11,944,332			—			11,944,332
	Department Stores			—			1,086,385			—			1,086,385
	Drug Retail			11,658,876			30,172,018			—			41,830,894
	Electrical Components & Equipment			—			33,446,439			—			33,446,439
	Electronic Equipment & Instruments			—			24,235,504			—			24,235,504
	General Merchandise Stores			—			7,114,317			—			7,114,317
	Health Care Equipment			—			24,229,102			—			24,229,102
	Health Care Services			—			23,599,574			—			23,599,574
	Health Care Supplies			—			20,242,664			—			20,242,664
	Health Care Technology			—			45,066173			—			45,066173
	Household Appliances			—			5,770,309			—			5,770,309
	Human Resource & Employment Services			6,296,615			45,885,743			—			52,182,358
	Industrial Machinery			—			15,599,115			—			15,599,115
	Insurance Brokers			—			12,306,996			—			12,306,996
	Interactive Home Entertainment			—			6,922,881			—			6,922,881
	Interactive Media & Services			—			52,818,099			—			52,818,099
	Internet Services & Infrastructure			—			12,113,883			—			12,113,883
	Investment Banking & Brokerage			11,492,756			5,810,599			—			17,303,355
	IT Consulting & Other Services			54,918,805			66,535,589			—			121,454,394
	Life SciencesTools & Services			—			15,947,184			—			15,947,184
	Movies & Entertainment			—			21,886,455			—			21,886,455
	Other Diversified Financial Services			—			10,648,779			—			10,648,779
	Pharmaceuticals			—			8,733,403			—			8,733,403
	Property & Casualty Insurance			7,748,294			13,689,526			—			21,437,820
	Regional Banks			34,586,159			17,945,334			—			52,531,493
	Research & Consulting Services			—			58,008,768			—			58,008,768
	Restaurants			—			41,940,327			—			41,940,327
	Semiconductors			—			74,327,196			—			74,327,196
	Trading Companies & Distributors			—			100,177,489			—			100,177,489
	Other			176,568,247			—			—			176,568,247
Short-Term Investments				—			12,645,550			—			12,645,550

			$	347,392,970		$	933,333,593		$	—		$	1,280,726,563

132


		SEPTEMBER 30, 2021


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Value at 9/30/21
International Opportunities Fund
Assets
Common Stocks
	Advertising		$	—		$	39,576,252		$	—		$	39,576,252
	Alternative Carriers			—			7,535,610			—			7,535,610
	Application Software			78,603,339			77,242,599			—			155,845,938
	Asset Management & Custody Banks			—			28,031,856			—			28,031,856
	Brewers			—			4,869,733			—			4,869,733
	Commodity Chemicals			—			22,241,044			—			22,241,044
	Consumer Finance			—			11,104,583			—			11,104,583
	Data Processing & Outsourced Services			—			10,574,299			—			10,574,299
	Department Stores			—			6,577,026			—			6,577,026
	Diversified Banks			—			8,143,291			—			8,143,291
	Diversified Support Services			11,822,937			19,110,491			—			30,933,428
	Electrical Components & Equipment			—			40,700,001			—			40,700,001
	Electronic Equipment & Instruments			—			13,565,118			—			13,565,118
	Food Retail			—			9,478,329			—			9,478,329
	Health Care Services			—			33,779,860			—			33,779,860
	Health Care Supplies			—			5,945,648			—			5,945,648
	Health Care Technology			—			40,807,553			—			40,807,553
	Human Resource & Employment Services			16,505,380			7,992,971			—			24,498,351
	Insurance Brokers			—			11,541,173			—			11,541,173
	Interactive Media & Services			—			2,765,021			—			2,765,021
	Internet & Direct Marketing Retail			—			8,902,823			—			8,902,823
	Internet Services & Infrastructure			—			15,279,158			—			15,279,158
	Investment Banking & Brokerage			—			8,610,023			—			8,610,023
	IT Consulting & Other Services			—			28,173,633			—			28,173,633
	Other Diversified Financial Services			—			9,439,193			—			9,439,193
	Research & Consulting Services			5,553,365			49,997,449			—			55,550,814
	Restaurants			—			—			8,489			8,489
	Semiconductors			13,655,322			18,381,714			—			32,037,036
	Specialized Finance			—			5,641,072			—			5,641,072
	Specialty Stores			—			5,728,889			—			5,728,889
	Systems Software			4,260,454			5,543,714			—			9,804,168
	Thrifts & Mortgage Finance			17,197,893			17,370,860			—			34,568,753
	Other			72,034,117			—			—			72,034,117
Short-Term Investments				—			27,070,632			—			27,070,632

			$	219,632,807		$	601,721,618		$	8,489		$	821,362,914

International Select Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods		$	—		$	284,225		$	—		$	284,225
	Application Software			—			734,612			—			734,612
	Asset Management & Custody Banks			—			447,903			—			447,903
	Building Products			—			441,916			—			441,916
	Data Processing & Outsourced Services			—			999,694			—			999,694
	Drug Retail			—			441,141			—			441,141
	Electronic Equipment & Instruments			—			374,798			—			374,798
	Health Care Equipment			—			402,279			—			402,279
	Health Care Supplies			—			268,318			—			268,318
	Health Care Technology			—			627,242			—			627,242
	Industrial Machinery			—			879,487			—			879,487
	Interactive Media & Services			—			835,949			—			835,949
	IT Consulting & Other Services			—			285,237			—			285,237
	Life Sciences Tools & Services			425,782			386,693			—			812,475
	Research & Consulting Services			—			823,865			—			823,865
	Other			648,462			—			—			648,462
Short-Term Investments				—			258,377			—			258,377

			$	1,074,244		$	8,491,736		$	—		$	9,565,980

133


Wasatch Funds

Notes to Financial Statements (continued)


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)				Value at 9/30/21
Micro Cap Fund
Assets
Common Stocks			$	1,345,488,670		$	—		$	—			$	1,345,488,670
Warrants				891,520			—			584,040				1,475,560
Short-Term Investments				—			4,418,400			—				4,418,400

			$	1,346,380,190		$	4,418,400		$	584,040			$	1,351,382,630

Other Financial Instruments*
Liabilities
Unfunded Commitment with a SPAC			$	—		$	—		$	(697,000	)		$	(697,000	)

Micro Cap Value Fund
Assets
Common Stocks
	Advertising		$	—		$	4,258,492		$	—			$	4,258,492
	Asset Management & Custody Banks			2,398,216			4,452,708			—				6,850,924
	Health Care Technology			3,575,049			10,154,544			—				13,729,593
	Human Resource & Employment Services			—			5,696,825			—				5,696,825
	Industrial Machinery			14,330,610			5,123,087			—				19,453,697
	IT Consulting & Other Services			7,621,516			3,873,885			—				11,495,401
	Leisure Facilities			—			5,095,197			—				5,095,197
	Technology Hardware, Storage & Peripherals			3,794,700			3,229,699			—				7,024,399
	Other			346,220,923			—			—				346,220,923
Limited Liability Company Membership Interest				—			—			17,685				17,685
Warrants				—			—			56,064				56,064
Short-Term Investments				—			22,209,998			—				22,209,998

			$	377,941,014		$	64,094,435		$	73,749			$	442,109,198

Small Cap Growth Fund
Assets
Common Stocks
	Distillers & Vinters		$	—		$	—		$	52,800,000			$	52,800,000
	Other			3,494,921,681			—			—				3,494,921,681
Preferred Stocks				—			—			13,282,849				13,282,849
Short-Term Investments				—			90,931,461			—				90,931,461

			$	3,494,921,681		$	90,931,461		$	66,082,849			$	3,651,935,991

Small Cap Value Fund
Assets
Common Stocks			$	1,664,518,963		$	—		$	—			$	1,664,518,963
Short-Term Investments				—			27,756,331			—				27,756,331

			$	1,664,518,963		$	27,756,331		$	—			$	1,692,275,294

Ultra Growth Fund
Assets
Common Stocks
	Application Software		$	402,301,503		$	19,496,721		$	—			$	421,798,224
	Distillers & Vinters			—			—			43,200,000				43,200,000
	Other			2,497,827,379			—			—				2,497,827,379
Preferred Stocks				—			—			300,120				300,120
Short-Term Investments				—			27,944,603			—				27,944,603

			$	2,900,128,882		$	47,441,324		$	43,500,120			$	2,991,070,326

Other Financial Instruments*
Liabilities
Unfunded Commitment with a SPAC			$	—		$	—		$	(1,450,000	)		$	(1,450,000	)

134


		SEPTEMBER 30, 2021


Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)			Value at 9/30/21
U.S. Treasury Fund
Assets
U.S. Government Obligations			$	—		$	460,795,811		$	—		$	460,795,811
Short-Term Investments				—			1,814,108			—			1,814,108

			$	—		$	462,609,919		$	—		$	462,609,919

*	Other financial instruments are unfunded commitments with SPACs, and are not reflected in the Schedule of Investments. An unfunded commitment with a SPAC is recorded at net unrealized appreciation (depreciation).

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 year ended September 30, 2021 maximized the use of observable inputs and minimized the use of unobservable inputs.

There was a transfer of $1,994,174 in the Micro Cap Value Fund from Level 3 to Level 1 due to the conversion of an unlisted preferred stock to a freely trading common stock. This transfer amount represents the beginning of the period value plus the purchases for the dividends paid in kind over the reporting period for Vertex Energy, Inc., which transferred to Level 1 during the period in order to properly represent the activity on the Level 3 Rollforward presented below.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the year ended September 30, 2021:


Fund	Market Value Beginning Balance 9/30/2020			Purchases At Cost			Sales (Proceeds)			Accrued Discounts (Premiums)			Realized Gain/ (Loss)				Change in Unrealized Appreciation (Depreciation)				Transfers In at Market Value			Transfers Out at Market Value				Market Value Ending Balance 9/30/2021				Net Change in Unrealized Appreciation (Depreciation) On Investments Held at 9/30/2021
Core Growth Fund
Unfunded Commitment with a SPAC		$	—		$	—		$	—		$	—		$	—			$	(1,740,000	)		$	—		$	—			$	(1,740,000	)		$	(1,740,000	)

		$	—		$	—		$	—		$	—		$	—			$	(1,740,000	)		$	—		$	—			$	(1,740,000	)		$	(1,740,000	)

Emerging Markets Small Cap Fund
Common Stocks		$	16,796		$	—		$	—		$	—		$	—			$	(74	)		$	—		$	—			$	16,722			$	(74	)

		$	16,796		$	—		$	—		$	—		$	—			$	(74	)		$	—		$	—			$	16,722			$	(74	)

International Opportunities Fund
Common Stocks		$	8,130		$	—		$	—		$	—		$	—			$	359			$	—		$	—			$	8,489			$	359

		$	8,130		$	—		$	—		$	—		$	—			$	359			$	—		$	—			$	8,489			$	359

Micro Cap Fund
Warrants		$	—		$	625,291		$	—		$	—		$	—			$	(41,251	)		$	—		$	—			$	584,040			$	(41,251	)
Unfunded Commitment with a SPAC			—			—			—			—			—				(697,000	)			—			—				(697,000	)			(697,000	)

		$	—		$	625,291		$	—		$	—		$	—			$	(738,251	)		$	—		$	—			$	(112,960	)		$	(738,251	)

Micro Cap Value Fund
Common Stocks		$	17,685		$	—		$	—		$	—		$	—			$	—			$	—		$	—			$	17,685			$	—
Preferred Stocks			1,888,331			105,843			—			—			—				—				—			(1,994,174	)			—				—
Warrants			—			422,967			—			—			(95,000	)			(271,903	)			—			—				56,064				(366,903	)

		$	1,906,016		$	528,810		$	—		$	—		$	(95,000	)		$	(271,903	)		$	—		$	(1,994,174	)		$	73,749			$	(366,903	)

135


Wasatch Funds

Notes to Financial Statements (continued)


Fund	Market Value Beginning Balance 9/30/2020			Purchases At Cost			Sales (Proceeds)				Accrued Discounts (Premiums)			Realized Gain/ (Loss)				Change in Unrealized Appreciation (Depreciation)				Transfers In at Market Value			Transfers Out at Market Value			Market Value Ending Balance 9/30/2021				Net Change in Unrealized Appreciation (Depreciation) On Investments Held at 9/30/2021
Small Cap Growth Fund
Common Stocks		$	—		$	55,000,000		$	—			$	—		$	—			$	(2,200,000	)		$	—		$	—		$	52,800,000			$	(2,200,000	)
Limited Partnership Interest			217,878			—			(284,976	)			—			(863,407	)			930,505				—			—			—				—
Preferred Stocks			10,132,225			—			—				—			—				3,150,624				—			—			13,282,849				3,150,624

		$	10,350,103		$	55,000,000		$	(284,976	)		$	—		$	(863,407	)		$	1,881,129			$	—		$	—		$	66,082,849			$	950,624

Ultra Growth Fund
Common Stocks		$	—		$	45,000,000		$	—			$	—		$	—			$	(1,800,000	)		$	—		$	—		$	43,200,000			$	(1,800,000	)
Limited Partnership Interest			202,952			—			(265,315	)			—			(772,056	)			834,419				—			—			—				—
Preferred Stocks			228,601			—			—				—			—				71,519				—			—			300,120				71,519
Unfunded Commitment with a SPAC			—			—			—				—			—				(1,450,000	)			—			—			(1,450,000	)			(1,450,000	)

		$	431,553		$	45,000,000		$	(265,315	)		$	—		$	(772,056	)		$	(2,344,062	)		$	—		$	—		$	42,050,120			$	(3,178,481	)

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS


Fund	Description	Fair Value At 9/30/21			Valuation Technique	Unobservable Input	Range (Average)
Core Growth Fund	Unrealized Depreciation on Unfunded Commitment with a SPAC	$	(1,740,000	)	Transaction indicative of value	Probability Discount for lack of marketability		90% 7%
Micro Cap Fund	Unrealized Depreciation on Unfunded Commitment with a SPAC	$	(697,000	)	Transaction indicative of value	Probability Discount for lack of marketability		90% 4%
Micro Cap Fund	Warrant: Interactive Home Entertainment	$	359,040		Discount for lack of marketability	Discount for lack of marketability		6%
Micro Cap Fund	Warrant: Pharmaceuticals	$	225,000		Black Scholes	Black Scholes		100%
Small Cap Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	1,200,477		Market comparable companies	EV/R* multiple Discount for lack of marketability		3.0 -15.5 (9.5) 20%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	12,082,372		Market comparable companies	EV/R* multiple Discount for lack of marketability		3.1 - 38.5 (13.1) 20%
Small Cap Growth Fund	PIPE: Distillers & Vintners	$	52,800,000		Discount for lack of marketability	Discount for lack of marketability		6%
Ultra Growth Fund	Unrealized Depreciation on Unfunded Commitment with a SPAC	$	(1,450,000	)	Transaction indicative of value	Probability Discount for lack of marketability		90% 7%
Ultra Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	300,120		Market comparable companies	EV/R* multiple Discount for lack of marketability		3.0 - 15.5 (9.5) 20%
Ultra Growth Fund	PIPE: Distillers & Vintners	$	43,200,000		Discount for lack of marketability	Discount for lack of marketability		6%

Enterprise-Value-To-Revenue (EV/R) multiple is a measure of the value of a stock that compares a company’s enterprise value to its revenue.

Changes in EV/R 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 or unadjusted historical third party information. No unobservable inputs internally developed by the Funds have been applied to these investments, thus they have been excluded from the above table.

136


		SEPTEMBER 30, 2021

Additional information about the Funds’ fair valuation practices is available in the Funds’ most recent Prospectus, Statement of Additional Information (SAI) and Report to Shareholders. This information is available on the Funds’ website at wasatchglobal.com and on the Securities and Exchange Commission’s website at www.sec.gov.

13. OFFSETTING

Each Fund is party to various netting arrangements. The Financial Accounting Standards Board (“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 September 30, 2021:

Repurchase Agreements


		Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Asset Amounts Presented in Statements Of Assets and Liabilities			Financial Instrument			Collateral Received¹				Net Amount (Not less Than 0)
Core Growth Fund	Fixed Income Clearing Corp.		$	49,554,905		$	—		$	(49,554,905	)		$	—
Emerging India Fund	Fixed Income Clearing Corp.			12,473,809			—			(12,473,809	)			—
Emerging Markets Select Fund	Fixed Income Clearing Corp.			39,574,734			—			(39,574,734	)			—
Emerging Markets Small Cap Fund	Fixed Income Clearing Corp.			22,209,190			—			(22,209,190	)			—
Frontier Emerging Small Countries Fund	Fixed Income Clearing Corp.			3,362,821			—			(3,362,821	)			—
Global Opportunities Fund	Fixed Income Clearing Corp.			9,829,328			—			(9,829,328	)			—
Global Select Fund	Fixed Income Clearing Corp.			132,704			—			(132,704	)			—
Global Value Fund	Fixed Income Clearing Corp.			2,989,597			—			(2,989,597	)			—
International Growth Fund	Fixed Income Clearing Corp.			12,645,550			—			(12,645,550	)			—
International Opportunities Fund	Fixed Income Clearing Corp.			27,070,632			—			(27,070,632	)			—
International Select Fund	Fixed Income Clearing Corp.			258,377			—			(258,377	)			—
Micro Cap Fund	Fixed Income Clearing Corp.			4,418,400			—			(4,418,400	)			—
Micro Cap Value Fund	Fixed Income Clearing Corp.			22,209,998			—			(22,209,998	)			—
Small Cap Growth Fund	Fixed Income Clearing Corp.			90,931,461			—			(90,931,461	)			—
Small Cap Value Fund	Fixed Income Clearing Corp.			27,756,331			—			(27,756,331	)			—
Ultra Growth Fund	Fixed Income Clearing Corp.			27,944,603			—			(27,944,603	)			—
U.S. Treasury Fund	Fixed Income Clearing Corp.			1,814,108			—			(1,814,108	)			—

Repurchase agreements are classified as short-term investments in the Statements of Assets and Liabilities. The market value of the collateral received is greater than the amounts indicated in the table above. For further information, see Note 3-Securities and Other Investments “Repurchase Agreements” and the Schedules of Investments.

14. SUBSEQUENT EVENTS

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.

137


Wasatch Funds		SEPTEMBER 30, 2021

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Wasatch Funds Trust and Shareholders of each of the eighteen funds listed in the table below

OPINIONS ON THE FINANCIAL STATEMENTS

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (constituting Wasatch Funds Trust, hereafter collectively referred to as the “Funds”) as of September 30, 2021, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2021, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.


Wasatch Core Growth Fund^®⁽¹⁾		Wasatch Emerging India Fund^®⁽¹⁾
Wasatch Emerging Markets Select Fund^®⁽¹⁾		Wasatch Emerging Markets Small Cap Fund^®⁽¹⁾
Wasatch Frontier Emerging Small Countries Fund^®⁽¹⁾		Wasatch Global Opportunities Fund^®⁽¹⁾
Wasatch Global Select Fund^®⁽²⁾		Wasatch Global Value Fund^®⁽¹⁾
Wasatch International Growth Fund^®⁽¹⁾		Wasatch Greater China Fund^®⁽³⁾
Wasatch International Select Fund^®⁽²⁾		Wasatch International Opportunities Fund^®⁽¹⁾
Wasatch Micro Cap Value Fund^®⁽²⁾		Wasatch Micro Cap Fund^®⁽²⁾
Wasatch Small Cap Value Fund^®⁽¹⁾		Wasatch Small Cap Growth Fund^®⁽¹⁾
Wasatch-Hoisington U.S. Treasury Fund^®⁽¹⁾		Wasatch Ultra Growth Fund^®⁽²⁾

^1.

Statement of operations for the year ended September 30, 2021, statement of changes in net assets for the years ended September 30, 2021 and 2020 and financial highlights for the years ended September 30, 2021, 2020, 2019, 2018 and 2017

^2.

Statement of operations for the year ended September 30, 2021, statement of changes in net assets for the years ended September 30, 2021 and 2020 and financial highlights for each of the periods indicated therein

^3.

Statement of operations, statement of changes in net assets and financial highlights for the period November 30, 2020 (inception) through September 30, 2021

BASIS FOR OPINIONS

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

November 23, 2021

We have served as the auditor of one or more investment companies in Wasatch Funds Trust since 2002.

138


Wasatch Funds		SEPTEMBER 30, 2021

Supplemental Information

MANAGEMENT OF THE TRUST

Management Information. The business affairs of Wasatch Funds are overseen by its Board of Trustees. The Board consists of four Independent Trustees. Each of the Independent Trustees will serve until their successors are qualified, appointed or elected in accordance with the Trust’s Declaration of Trust and By-Laws. Ms. Allison, Mr. Rinne and Ms. Fletcher were elected by shareholders.

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. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available, without charge, online at wasatchglobal.com or upon request by calling Wasatch Funds at 800.551.1700.

Name, Address
And Age

Position(s)
Held with
Wasatch Funds

Term of Office¹

And Length of
Time Served

Principal Occupation(s)

During Past 5 Years

Number of
Portfolios
In Fund
Complex
Overseen
By Trustee

Other Directorships

Held by Trustees

During Past 5 Years²

Independent Trustees

Miriam M. Allison

505 Wakara Way

3rd Floor

Salt Lake City, UT 84108

Age 74

Trustee and Chair of the Board

Indefinite

Served as Trustee since 2010

Rancher since 2004. From 2001 to 2005, Chairman of UMB Fund Services, Inc.

Director, Northwestern Mutual Series Fund, Inc. (27 portfolios) since 2006.

Heikki Rinne

505 Wakara Way

3rd Floor

Salt Lake City, UT 84108

Age 69

Trustee and Chair of the Governance and Nominating Committee

Indefinite

Served as
Trustee since October 2012

Chief Executive Officer of the Halton Group Ltd. (an indoor environmental control manufacturing and technology company), from 2002 to 2016. A Founder and Principal Owner of Sitoumus LLC (a training and consulting firm focusing on empowering organizational and individual engagement as well as general consulting) from January 2017 to present.

Director, Halton Group Ltd. since 2016.

Kristen M. Fletcher

505 Wakara Way

3rd Floor

Salt Lake City, UT 84108

Age 68

Trustee and Chair of
the Audit Committee

Indefinite

Served as
Trustee since October 2014

Director, Youth Sports Alliance since 2015.
Trustee, Woodlands Commercial Bank (a/k/a Lehman Brothers Commercial
Bank) from 2009 to 2012.
Chairman and CEO, ABN AMRO, Inc.
and U.S. Country Representative, ABN
AMRO Bank, NV from 2002 to 2004.

Director, Youth Sports Alliance since 2015. Trustee, Woodlands Commercial Bank (a/k/a Lehman Brothers Commercial Bank) from 2009 to 2012.
Director Emeritus, Utah Symphony/Utah Opera since September 2017. and Director, Utah Symphony/Utah Opera from 2005 to September 2017.

Mark Robinson

505 Wakara Way

3rd Floor

Salt Lake City, UT 84108

Age 62

Trustee

Indefinite

Served as

Trustee since
April 2020

Chief Financial Officer of Truckstop.com LLC from 2016 to 2019.
Chief Financial Officer of SABA Software, Inc. from 2013 to 2015.

Chairman of Vita Vis Nutrition, Inc. from 2014 to 2016.

^1.

A Trustee may serve until his/her death, resignation, removal or retirement. Each Independent Trustee shall retire as Trustee at the end of the calendar year in which he/she attains the age of 75 years. The Board of Trustees reserves the right to permit continued service after the mandatory retirement age for any individual Trustee in its sole discretion.

^2.

Directorships are those held by a Trustee in any company with a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 or subject to the requirements of Section 15(d) of the Securities Exchange Act or any company registered as an investment company under the 1940 Act.

139


Wasatch Funds

Supplemental Information (continued)


Name, Address And Age	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Officers

Eric S. Bergeson 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 Age 55	President	Indefinite Served as President since May 2018	President for Wasatch Funds since May 2018. President of the Advisor since January 2017. Vice President of Institutional Sales for the Advisor since June 1998.

Russell L. Biles 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 Age 53	Chief Compliance Officer, Vice President and Secretary	Indefinite Served as Chief Compliance Officer and Vice President since February 2007 and Secretary since November 2008	Chief Compliance Officer and Vice President for Wasatch Funds since February 2007. Secretary for Wasatch Funds since November 2008. Counsel for the Advisor since October 2006.

Michael K. Yeates 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 Age 39	Treasurer	Indefinite Served as Treasurer since May 2018	Treasurer for Wasatch Funds since May 2018. Chief Financial Officer of the Advisor since September 2007.

David Corbett 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 Age 48	Assistant Vice President	Indefinite Served as Assistant Vice President since August 2012	Assistant Vice President for Wasatch Funds since August 2012. Director of Mutual Fund Services for the Advisor since June 2007.

Cheryl Reich 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 Age 38	Assistant Secretary	Indefinite Served as Assistant Secretary since February 2017	Assistant Secretary for Wasatch Funds since February 2017. Compliance Associate for the Advisor since September 2012.

Kara H. Becker 505 Wakara Way 3rd Floor Salt Lake City, UT 84108 Age 38	Assistant Treasurer	Indefinite Served as Assistant Treasurer since May 2018	Assistant Treasurer for Wasatch Funds since May 2018. Controller for the Advisor since January 2012.

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 may include the utilization of earnings and profits distributed to shareholders on the redemption of shares.


Fund	Amount
Core Growth Fund		$	230,381,353
Emerging Markets Small Cap Fund			30,652,060
Global Opportunities Fund			3,566,379
Global Select Fund			11,998
International Growth Fund			117,458,798
International Opportunities Fund			14,595,011
Micro Cap Fund			63,388,758
Micro Cap Value Fund			36,006,255
Small Cap Growth Fund			183,173,140
Ultra Growth Fund			47,667,167
U.S. Treasury Fund			32,379,945

For the fiscal year ended September 30, 2021, certain dividends paid by each Fund may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. To the extent dividends are paid during the calendar year 2021, complete information will be reported on shareholders’ 2021 Form 1099-DIV.

The amount designated as qualified dividend income for the year ended September 30, 2021 will be at the highest

amount permitted by law.

Corporate shareholders should note that for the year ended September 30, 2021, the percentage of the Funds’ investment income (i.e., net investment income plus short term capital gains) that qualified for the corporate dividends received deductions are as follows:


Fund	Percentage
Ultra Growth Fund		11	%

140


		SEPTEMBER 30, 2021

The Funds may elect to pass-through to shareholders the income tax credit for taxes paid to foreign countries. The foreign taxes paid eligible for pass-through on September 30, 2021 are as follows:


Fund	Amount
Emerging Markets Small Cap Fund		$	1,830,017
International Opportunities Fund			792,304

If elected, the pass-through of the foreign tax credit will affect only those persons who are shareholders on the dividend record date in December 2021. These shareholders will receive more detailed information along with their 2021 Form 1099-DIV.

PROXY VOTING POLICIES, PROCEDURES AND RECORD

A description of the policies and procedures the Advisor 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 wasatchglobal.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 wasatchglobal.com and on the SEC’s website at www.sec.gov no later than August 31 for the prior 12 months ended June 30.

QUARTERLY PORTFOLIO HOLDINGS DISCLOSURE ON FORM N-PORT

The Funds file their complete schedules of investments with the SEC for their first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT filings are available on the SEC’s website at www.sec.gov.

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

Consistent with Rule 22e-4 under the Investment Company Act of 1940, the Wasatch Funds have adopted a Liquidity Risk Management Program to govern the

approach to managing liquidity risk within the Wasatch Funds (the “Program”). The Board has approved the designation of the Advisor’s Liquidity Risk Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations timely. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of a Fund’s investments into groupings that reflect the Liquidity Risk Committee’s assessment of their relative liquidity under current market conditions.

Each of the Wasatch Funds maintains a high level of liquidity and is deemed to be a fund that primarily holds assets that are defined as highly liquid investments. A Highly Liquid Investment is defined as cash and any investment reasonably expected to be convertible to cash in current market conditions in three business days or less without the conversion to cash significantly changing the market value of the investment. A fund that is deemed to primarily hold assets that are Highly Liquid Investments will have at least 55% of its net assets in Highly Liquid Investments. As a result, each Fund has not adopted a Highly Liquid Investment minimum.

There have been no liquidity events that have materially affected the performance of a Fund or its ability to timely meet redemptions without dilution to existing shareholders. The Liquidity Risk Committee has determined, and reported to the Board, that the Program has operated adequately and effectively to manage the Funds’ liquidity risk since implementation. There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Further information on liquidity risks applicable to the Funds can be found within the Prospectus.

141


Wasatch Funds		SEPTEMBER 30, 2021

Service Providers

Investment Advisor

Wasatch Advisors, Inc. d/b/a Wasatch Global Investors

505 Wakara Way, 3rd Floor

Salt Lake City, UT 84108

Sub-Advisor for the Wasatch-Hoisington U.S. Treasury Fund

Hoisington Investment Management Co. (HIMCo)

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


Contact Wasatch

ONLINE

wasatchglobal.com

or via email

shareholderservice@wasatchfunds.com

TELEPHONE

800.551.1700

M - F, 7:00 a.m. to 7:00 p.m. Central Time

Automated Line, 24 Hours

MAIL

Regular Mail Delivery

Wasatch Funds

P.O. Box 2172

Milwaukee, WI 53201-2172

Overnight Delivery

Wasatch Funds

235 West Galena Street

Milwaukee, WI 53212

142

LOGO

WASATCHGLOBAL.COM
ACTIVE MANAGEMENT FOR INEFFICIENT MARKETS
SMALL CAP MICRO CAP INTERNATIONAL EMERGING MARKETS FRONTIER MARKETS GLOBAL

(b)	Not applicable.

Item 2. Code of Ethics.

(a)	Wasatch Funds Trust (the “Registrant”) has adopted a Code of Ethics that applies to the Registrant’s principal executive officer and principal financial officer.

(b)	No disclosures are required by this Item 2(b).

(c)	There have been no amendments to the Registrant’s Code of Ethics during the reporting period for this Form N-CSR.

(d)	There have been no waivers granted by the Registrant to individuals covered by the Registrant’s Code of Ethics during the reporting period for this Form N-CSR.

(e)	Not applicable.

(f)	A copy of the Registrant’s Code of Ethics is attached as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

(1)	The Board of Trustees of the Registrant has determined that the Registrant has at least one member serving on the Registrant’s Audit Committee that possesses the attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as “audit committee financial expert.”

(2)	The name of the audit committee financial experts are Miriam M. Allison and Kristen Fletcher. Each is deemed to be “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.

(3)	Not applicable.

Item 4. Principal Accountant Fees and Services.

(a)

Audit Fees - The aggregate fees billed for professional services rendered by the independent registered public accounting firm for the audit of the Registrant’s annual financial statements or services normally provided in connection with statutory and regulatory filings or engagements for the last two fiscal years ended September 30, 2021 and 2020 were $534,400 and $543,403, respectively.

(b)

Audit Related Fees – During the fiscal years ended September 30, 2021 and 2020, the Registrant was not billed any fees by the independent registered public accounting firm for assurance and related services rendered by the independent registered public accounting firm to the Registrant that are reasonably related to the performance of the audit of the Registrant’s financial statements and are not reported under paragraph (a) of this Item 4.

During the fiscal years ended September 30, 2021 and 2020, no fees for assurance and related services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Registrant’s investment adviser (the “Advisor”) or any other entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant.

(c)

Tax Fees - The aggregate fees billed for professional services rendered by the independent registered public accounting firm to the Registrant for tax compliance, tax advice, tax planning and tax return preparation for the last two fiscal years ended September 30, 2021 and 2020 were $115,980 and $111,625, respectively. These services consisted of the independent registered public accounting firm reviewing the Registrant’s excise tax returns, distribution requirements and RIC tax returns.

During the fiscal years ended September 30, 2021 and 2020, no fees for tax compliance, tax advice or tax planning services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Advisor or any other entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant.

(d)

All Other Fees – The aggregate fees billed for products and services provided by the independent registered public accounting firm to the Registrant, other than the services reported in paragraph (a) – (c) of this Item 4, for the fiscal years ended September 30, 2021 and 2020 were $0 and $0, respectively.

During the fiscal years ended September 30, 2021 and 2020, no fees for other services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Advisor or any other entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant.

(e)	Pre-Approval Policies and Procedures

(1) Pursuant to the registrant’s Audit Committee Charter, the Audit Committee shall evaluate the independence of the independent public accountants, including evaluating whether the independent public accountants provide audit services or consulting services to the Registrant or consulting services to the Advisor, and to receive the specific representations of the independent registered public accounting firm as to their independence. Specifically, the Audit Committee will be responsible for evaluating the provision of non-audit services to the Registrant as required by Section 201 of the Sarbanes-Oxley Act, any pre-approval requests submitted by the independent registered public accounting firm as required by Section 202 of the Sarbanes-Oxley Act or as otherwise required under Section 2-01 of Regulation S-X, and shall monitor the conflict of interest requirements in Section 206 of the Sarbanes-Oxley Act, and the prohibitions on improper influence on the conduct of audits in Section 303 of the Sarbanes-Oxley Act. The Audit Committee shall pre-approve any engagement of the independent registered public accounting firm to provide any services (other than prohibited non-audit services) including the fees and other compensation to be paid to the independent registered public accounting firm.

The independent registered public accounting firm is authorized by the Audit Committee to provide non-audit services to the extent allowable under the Sarbanes-Oxley Act of 2002 for the Registrant provided that (i) the fees payable with respect to such services do not exceed $5,000 in any calendar quarter and (ii) such fees are ratified by the Audit Committee at its next meeting. The fees payable with respect to non-audit services may be increased by the affirmative vote of a majority of the members of the Audit Committee.

(2) There were no pre-approval requirements waived for the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the “De Minimis Rule”). There were no fees billed for services provided to the Advisor described in paragraphs (b)-(d) of Item 4 that were required to be pre-approved by the Audit Committee as described in paragraph (e)(1) of Item 4.

(f)	No disclosures are required by this Item 4(f).

(g)

For the fiscal years ended September 30, 2021 and 2020, the aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant and the Advisor and any entity controlling, controlled by, or under common control with the Advisor that provided ongoing services to the Registrant were approximately $0 and $0, respectively.

(h)	No disclosures are required by this Item 4(h).

(i)	Not applicable.

(j)	Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)	Schedule of Investments is included as a part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b)	Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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.

Item 11. Controls and Procedures.

(a)

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

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

(a)	Not applicable.

(b)	Not applicable.

Item 13. Exhibits.

(a)(1)

Code of Ethics is attached hereto.

(a)(2)

The certifications required by Rule 30a-2(a) of the 1940 Act are attached hereto.

(a)(3)

Not applicable.

(a)(4)

Not applicable.

(b)	The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

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


WASATCH FUNDS TRUST

By:		/s/ Eric S. Bergeson
		Eric S. Bergeson
		President (principal executive officer) of Wasatch Funds Trust

Date:

December 3, 2021

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


By:		/s/ Eric S. Bergeson
		Eric S. Bergeson
		President (principal executive officer) of Wasatch Funds Trust

Date:		December 3, 2021

By:		/s/ Michael K. Yeates
		Michael K. Yeates
		Treasurer (principal financial officer) of Wasatch Funds Trust

Date:

December 3, 2021