WASATCH CORE GROWTH FUND (WGROX / WIGRX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 97.4% | ||||||||
Airlines 1.1% | ||||||||
183,144 | Allegiant Travel Co. |
$ | 26,281,164 | |||||
|
|
|||||||
Application Software 12.8% | ||||||||
628,592 | Altair Engineering, Inc., Class A* |
25,388,831 | ||||||
355,112 | DocuSign, Inc.* |
17,652,617 | ||||||
651,048 | Envestnet, Inc.* |
44,512,152 | ||||||
555,523 | Five9, Inc.* |
28,492,775 | ||||||
523,865 | Guidewire Software, Inc.* |
53,109,434 | ||||||
428,382 | Paylocity Holding Corp.* |
40,190,799 | ||||||
427,601 | Q2 Holdings, Inc.* |
32,651,612 | ||||||
275,738 | Tyler Technologies, Inc.* |
59,564,923 | ||||||
|
|
|||||||
301,563,143 | ||||||||
|
|
|||||||
Asset Management & Custody Banks 3.7% | ||||||||
712,242 | Cohen & Steers, Inc. |
36,637,728 | ||||||
899,996 | Hamilton Lane, Inc., Class A |
51,353,772 | ||||||
|
|
|||||||
87,991,500 | ||||||||
|
|
|||||||
Automotive Retail 3.8% | ||||||||
1,372,067 | Camping World Holdings, Inc., Class A |
17,041,072 | ||||||
843,509 | Monro, Inc. |
71,951,318 | ||||||
|
|
|||||||
88,992,390 | ||||||||
|
|
|||||||
Biotechnology 2.1% | ||||||||
1,889,430 | Abcam plc (United Kingdom) |
35,368,340 | ||||||
1,202,934 | Sangamo Therapeutics, Inc.* |
12,955,599 | ||||||
|
|
|||||||
48,323,939 | ||||||||
|
|
|||||||
Building Products 2.7% | ||||||||
887,760 | Trex Co., Inc.* |
63,652,392 | ||||||
|
|
|||||||
Commercial Printing 1.3% | ||||||||
325,217 | Cimpress N.V.* |
29,558,973 | ||||||
|
|
|||||||
Commodity Chemicals 1.6% | ||||||||
1,973,104 | Valvoline, Inc. |
38,534,721 | ||||||
|
|
|||||||
Consumer Finance 2.0% | ||||||||
96,850 | Credit Acceptance Corp.* |
46,858,936 | ||||||
|
|
|||||||
Data Processing & Outsourced Services 3.1% | ||||||||
427,132 | Euronet Worldwide, Inc.* |
71,860,688 | ||||||
|
|
|||||||
Distributors 3.4% | ||||||||
413,621 | Pool Corp. |
79,001,611 | ||||||
|
|
|||||||
Diversified Banks 1.3% | ||||||||
9,378,173 | City Union Bank Ltd. (India) |
29,617,786 | ||||||
|
|
|||||||
Diversified Support Services 4.5% | ||||||||
909,866 | Copart, Inc.* |
68,003,385 | ||||||
1,260,732 | Healthcare Services Group, Inc. |
38,225,394 | ||||||
|
|
|||||||
106,228,779 | ||||||||
|
|
|||||||
Electronic Equipment & Instruments 0.8% | ||||||||
209,829 | Novanta, Inc.* |
19,786,875 | ||||||
|
|
|||||||
General Merchandise Stores 1.6% | ||||||||
436,580 | Ollies Bargain Outlet Holdings, Inc.* |
38,030,484 | ||||||
|
|
|||||||
Health Care Equipment 2.0% | ||||||||
582,223 | Cantel Medical Corp. |
46,950,463 | ||||||
|
|
WASATCH CORE GROWTH FUND (WGROX / WIGRX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Health Care Facilities 2.1% | ||||||||
877,503 | Ensign Group, Inc. (The) |
$ | 49,947,471 | |||||
|
|
|||||||
Health Care Supplies 2.0% | ||||||||
743,693 | Neogen Corp.* |
46,190,772 | ||||||
|
|
|||||||
Home Improvement Retail 1.1% | ||||||||
605,897 | Floor & Decor Holdings, Inc., Class A* |
25,387,084 | ||||||
|
|
|||||||
Industrial Machinery 10.3% | ||||||||
1,283,374 | Altra Industrial Motion Corp. |
46,047,459 | ||||||
816,756 | Barnes Group, Inc. |
46,016,033 | ||||||
763,037 | Helios Technologies, Inc. |
35,412,547 | ||||||
400,716 | Kadant, Inc. |
36,389,020 | ||||||
467,703 | RBC Bearings, Inc.* |
78,017,538 | ||||||
|
|
|||||||
241,882,597 | ||||||||
|
|
|||||||
Industrial REITs 2.0% | ||||||||
3,522,940 | Monmouth Real Estate Investment Corp. |
47,735,837 | ||||||
|
|
|||||||
IT Consulting & Other Services 4.5% | ||||||||
288,964 | EPAM Systems, Inc.* |
50,019,668 | ||||||
744,399 | InterXion Holding N.V.* (Netherlands) |
56,641,320 | ||||||
|
|
|||||||
106,660,988 | ||||||||
|
|
|||||||
Leisure Facilities 1.3% | ||||||||
419,085 | Planet Fitness, Inc., Class A* |
30,358,517 | ||||||
|
|
|||||||
Life Sciences Tools & Services 5.0% | ||||||||
525,335 | ICON plc* (Ireland) |
80,885,830 | ||||||
554,087 | Medpace Holdings, Inc.* |
36,248,371 | ||||||
|
|
|||||||
117,134,201 | ||||||||
|
|
|||||||
Managed Health Care 1.1% | ||||||||
400,599 | HealthEquity, Inc.* |
26,199,175 | ||||||
|
|
|||||||
Regional Banks 6.2% | ||||||||
1,013,416 | Eagle Bancorp, Inc. |
54,856,208 | ||||||
2,553,985 | Metro Bank plc* (United Kingdom) |
17,044,232 | ||||||
538,770 | Texas Capital Bancshares, Inc.* |
33,064,315 | ||||||
854,105 | Webster Financial Corp. |
40,800,596 | ||||||
|
|
|||||||
145,765,351 | ||||||||
|
|
|||||||
Research & Consulting Services 0.8% | ||||||||
1,238,664 | Clarivate Analytics plc* (Jersey) |
19,050,652 | ||||||
|
|
|||||||
Semiconductors 1.9% | ||||||||
324,245 | Monolithic Power Systems, Inc. |
44,025,986 | ||||||
|
|
|||||||
Specialty Chemicals 2.9% | ||||||||
678,507 | Balchem Corp. |
67,830,345 | ||||||
|
|
|||||||
Specialty Stores 1.4% | ||||||||
275,130 | Five Below, Inc.* |
33,021,103 | ||||||
|
|
|||||||
Systems Software 1.5% | ||||||||
297,004 | Proofpoint, Inc.* |
35,714,731 | ||||||
|
|
|||||||
Trading Companies & Distributors 1.6% | ||||||||
545,802 | SiteOne Landscape Supply, Inc.* |
37,824,079 | ||||||
|
|
|||||||
Trucking 3.9% | ||||||||
1,373,610 | Knight-Swift Transportation Holdings, Inc. |
45,109,352 |
WASATCH CORE GROWTH FUND (WGROX / WIGRX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
311,699 | Old Dominion Freight Line, Inc. |
$ | 46,524,193 | |||||
|
|
|||||||
91,633,545 | ||||||||
|
|
|||||||
Total Common Stocks (cost $1,565,473,688) |
2,289,596,278 | |||||||
|
|
|||||||
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 3.8% | ||||||||
Repurchase Agreement 3.8% | ||||||||
$90,324,780 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing Corp. collateralized by $91,340,000 of United States Treasury Notes 1.875% due 3/31/22; value: $92,134,841; repurchase proceeds: $90,328,544 (cost $90,324,780) |
$ | 90,324,780 | |||||
|
|
|||||||
Total Short-Term Investments (cost $90,324,780) |
90,324,780 | |||||||
|
|
|||||||
Total Investments (cost $1,655,798,468) 101.2% |
2,379,921,058 | |||||||
Liabilities less Other Assets (1.2%) | (28,550,434 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 2,351,370,624 | ||||||
|
|
|||||||
*Non-income producing.
REIT Real Estate Investment Trust.
See Notes to Schedules of Investments. |
At June 30, 2019, Wasatch Core Growth Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
India |
1.3 | |||
Ireland |
3.5 | |||
Jersey |
0.8 | |||
Netherlands |
2.5 | |||
United Kingdom |
2.3 | |||
United States |
89.6 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH EMERGING INDIA FUND (WAINX / WIINX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 100.0% | ||||||||
Apparel, Accessories & Luxury Goods 2.1% | ||||||||
19,810 | Page Industries Ltd. (India) |
$ | 5,955,556 | |||||
|
|
|||||||
Auto Parts & Equipment 3.8% | ||||||||
527,516 | Endurance Technologies Ltd. (India) |
8,429,251 | ||||||
1,342,512 | Minda Corp. Ltd. (India) |
2,146,191 | ||||||
|
|
|||||||
10,575,442 | ||||||||
|
|
|||||||
Brewers 1.9% | ||||||||
280,080 | United Breweries Ltd. (India) |
5,438,082 | ||||||
|
|
|||||||
Building Products 2.9% | ||||||||
960,126 | Kajaria Ceramics Ltd. (India) |
8,095,228 | ||||||
|
|
|||||||
Commodity Chemicals 4.3% | ||||||||
1,673,508 | Berger Paints India Ltd. (India) |
7,708,404 | ||||||
341,856 | Gulf Oil Lubricants India Ltd. (India) |
4,258,869 | ||||||
|
|
|||||||
11,967,273 | ||||||||
|
|
|||||||
Consumer Finance 9.1% | ||||||||
476,305 | Bajaj Finance Ltd. (India) |
25,429,384 | ||||||
|
|
|||||||
Department Stores 4.1% | ||||||||
358,711 | V-Mart Retail Ltd. (India) |
11,458,589 | ||||||
|
|
|||||||
Diversified Banks 10.3% | ||||||||
1,420,878 | City Union Bank Ltd. (India) |
4,487,362 | ||||||
443,404 | HDFC Bank Ltd. (India) |
15,679,971 | ||||||
269,765 | Kotak Mahindra Bank Ltd. (India) |
5,772,234 | ||||||
312,552 | RBL Bank Ltd. (India) |
2,906,934 | ||||||
|
|
|||||||
28,846,501 | ||||||||
|
|
|||||||
Diversified Chemicals 3.9% | ||||||||
621,305 | Pidilite Industries Ltd. (India) |
10,945,013 | ||||||
|
|
|||||||
Electrical Components & Equipment 3.6% | ||||||||
1,113,643 | Amara Raja Batteries Ltd. (India) |
10,002,661 | ||||||
|
|
|||||||
Financial Exchanges & Data 1.4% | ||||||||
177,980 | CRISIL Ltd. (India) |
3,792,816 | ||||||
|
|
|||||||
Health Care Services 4.0% | ||||||||
717,165 | Dr. Lal PathLabs Ltd. (India) |
11,137,603 | ||||||
|
|
|||||||
Hotels, Resorts & Cruise Lines 0.8% | ||||||||
2,367,895 | Lemon Tree Hotels Ltd.* (India) |
2,298,344 | ||||||
|
|
|||||||
Industrial Conglomerates 2.2% | ||||||||
17,898 | 3M India Ltd.* (India) |
6,028,445 | ||||||
|
|
|||||||
Industrial Machinery 3.6% | ||||||||
2,677,712 | Elgi Equipments Ltd. (India) |
10,085,910 | ||||||
|
|
|||||||
Interactive Media & Services 3.4% | ||||||||
294,860 | Info Edge India Ltd. (India) |
9,602,626 | ||||||
|
|
|||||||
Internet & Direct Marketing Retail 2.6% | ||||||||
293,029 | MakeMyTrip Ltd.* (India) |
7,267,119 | ||||||
|
|
|||||||
IT Consulting & Other Services 3.5% | ||||||||
276,472 | Larsen & Toubro Infotech Ltd. (India) |
7,381,665 | ||||||
186,278 | Mindtree Ltd. (India) |
2,501,743 | ||||||
|
|
|||||||
9,883,408 | ||||||||
|
|
WASATCH EMERGING INDIA FUND (WAINX / WIINX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Life & Health Insurance 2.0% | ||||||||
617,916 | ICICI Prudential Life Insurance Co. Ltd. (India) |
$ | 3,486,701 | |||||
361,319 | Max Financial Services Ltd.* (India) |
2,125,175 | ||||||
|
|
|||||||
5,611,876 | ||||||||
|
|
|||||||
Life Sciences Tools & Services 3.9% | ||||||||
472,472 | Divis Laboratories Ltd. (India) |
10,930,974 | ||||||
|
|
|||||||
Packaged Foods & Meats 3.1% | ||||||||
215,854 | Britannia Industries Ltd. (India) |
8,590,381 | ||||||
|
|
|||||||
Personal Products 3.4% | ||||||||
675,689 | Godrej Consumer Products Ltd. (India) |
6,486,967 | ||||||
20,409 | Procter & Gamble Hygiene & Health Care Ltd. (India) |
3,163,613 | ||||||
|
|
|||||||
9,650,580 | ||||||||
|
|
|||||||
Pharmaceuticals 0.5% | ||||||||
296,945 | Amrutanjan Health Care Ltd. (India) |
1,289,690 | ||||||
|
|
|||||||
Property & Casualty Insurance 5.7% | ||||||||
991,295 | ICICI Lombard General Insurance Co. Ltd. (India) |
15,926,206 | ||||||
|
|
|||||||
Regional Banks 4.4% | ||||||||
1,212,443 | AU Small Finance Bank Ltd. (India) |
12,347,940 | ||||||
|
|
|||||||
Specialty Chemicals 1.0% | ||||||||
142,863 | Asian Paints Ltd. (India) |
2,812,555 | ||||||
|
|
|||||||
Thrifts & Mortgage Finance 8.5% | ||||||||
558,493 | Aavas Financiers Ltd.* (India) |
12,139,551 | ||||||
364,899 | Housing Development Finance Corp. Ltd. (India) |
11,600,223 | ||||||
|
|
|||||||
23,739,774 | ||||||||
|
|
|||||||
Total Common Stocks (cost $211,566,272) |
279,709,976 | |||||||
|
|
|||||||
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 1.7% | ||||||||
Repurchase Agreement 1.7% | ||||||||
$4,874,630 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing
Corp. |
$ | 4,874,630 | |||||
|
|
|||||||
Total Short-Term Investments (cost $4,874,630) |
4,874,630 | |||||||
|
|
|||||||
Total Investments (cost $216,440,902) 101.7% |
284,584,606 | |||||||
Liabilities less Other Assets (1.7%) | (4,798,028 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 279,786,578 | ||||||
|
|
|||||||
*Non-income producing.
See Notes to Schedules of Investments. |
WASATCH EMERGING INDIA FUND (WAINX / WIINX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
At June 30, 2019, Wasatch Emerging India Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
India |
100.0 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 97.5% | ||||||||
Airport Services 4.2% | ||||||||
96,626 | Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B (Mexico) |
$ | 1,006,244 | |||||
57,843 | Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Mexico) |
938,688 | ||||||
|
|
|||||||
1,944,932 | ||||||||
|
|
|||||||
Apparel, Accessories & Luxury Goods 1.9% | ||||||||
2,862 | Page Industries Ltd. (India) |
860,414 | ||||||
|
|
|||||||
Application Software 2.9% | ||||||||
13,094 | Globant S.A.* (Argentina) |
1,323,149 | ||||||
|
|
|||||||
Biotechnology 3.3% | ||||||||
3,895 | Medytox, Inc. (Korea) |
1,517,992 | ||||||
|
|
|||||||
Consumer Finance 8.7% | ||||||||
74,769 | Bajaj Finance Ltd. (India) |
3,991,832 | ||||||
|
|
|||||||
Diversified Banks 10.2% | ||||||||
54,218 | HDFC Bank Ltd. (India) |
1,917,296 | ||||||
72,576 | Kasikornbank Public Co. Ltd. (Thailand) |
448,460 | ||||||
743,564 | PT Bank Central Asia Tbk (Indonesia) |
1,577,656 | ||||||
39,785 | TCS Group Holding plc (Russia) |
779,786 | ||||||
|
|
|||||||
4,723,198 | ||||||||
|
|
|||||||
Diversified Chemicals 1.6% | ||||||||
42,671 | Pidilite Industries Ltd. (India) |
751,700 | ||||||
|
|
|||||||
Drug Retail 4.0% | ||||||||
91,966 | Raia Drogasil S.A. (Brazil) |
1,822,579 | ||||||
|
|
|||||||
Electrical Components & Equipment 6.0% | ||||||||
83,866 | Amara Raja Batteries Ltd. (India) |
753,278 | ||||||
47,000 | Voltronic Power Technology Corp. (Taiwan) |
1,024,453 | ||||||
173,501 | Weg S.A. (Brazil) |
965,112 | ||||||
|
|
|||||||
2,742,843 | ||||||||
|
|
|||||||
Food Retail 3.8% | ||||||||
9,569 | BGF Retail Co. Ltd. (Korea) |
1,748,633 | ||||||
|
|
|||||||
Health Care Equipment 1.4% | ||||||||
892,116 | Microport Scientific Corp. (China) |
662,375 | ||||||
|
|
|||||||
Human Resource & Employment Services 2.8% | ||||||||
17,355 | 51job, Inc. ADR* (China) |
1,310,303 | ||||||
|
|
|||||||
Industrial Machinery 3.3% | ||||||||
196,000 | Techtronic Industries Co. Ltd. (Hong Kong) |
1,500,416 | ||||||
|
|
|||||||
Interactive Media & Services 2.7% | ||||||||
27,425 | Tencent Holdings Ltd. (China) |
1,237,894 | ||||||
|
|
|||||||
Internet & Direct Marketing Retail 13.5% | ||||||||
7,146 | Alibaba Group Holding Ltd. ADR* (China) |
1,210,890 | ||||||
44,367 | Ctrip.com International Ltd. ADR* (China) |
1,637,586 | ||||||
35,770 | MakeMyTrip Ltd.* (India) |
887,096 | ||||||
4,097 | MercadoLibre, Inc.* (Brazil) |
2,506,421 | ||||||
|
|
|||||||
6,241,993 | ||||||||
|
|
|||||||
IT Consulting & Other Services 1.1% | ||||||||
19,092 | Larsen & Toubro Infotech Ltd. (India) |
509,747 | ||||||
|
|
|||||||
Life & Health Insurance 2.7% | ||||||||
64,763 | Discovery Ltd. (South Africa) |
685,610 |
WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
96,626 | ICICI Prudential Life Insurance Co. Ltd. (India) |
$ | 545,229 | |||||
|
|
|||||||
1,230,839 | ||||||||
|
|
|||||||
Packaged Foods & Meats 7.2% | ||||||||
26,832 | Britannia Industries Ltd. (India) |
1,067,838 | ||||||
46,300 | M Dias Branco S.A. (Brazil) |
469,758 | ||||||
367,393 | Vitasoy International Holdings Ltd. (China) |
1,766,019 | ||||||
|
|
|||||||
3,303,615 | ||||||||
|
|
|||||||
Personal Products 3.9% | ||||||||
96,446 | Godrej Consumer Products Ltd. (India) |
925,932 | ||||||
765 | LG Household & Health Care Ltd. (Korea) |
869,913 | ||||||
|
|
|||||||
1,795,845 | ||||||||
|
|
|||||||
Property & Casualty Insurance 3.5% | ||||||||
101,474 | ICICI Lombard General Insurance Co. Ltd. (India) |
1,630,287 | ||||||
|
|
|||||||
Semiconductors 6.2% | ||||||||
51,297 | ASPEED Technology, Inc. (Taiwan) |
977,731 | ||||||
96,959 | Silergy Corp. (Taiwan) |
1,898,004 | ||||||
|
|
|||||||
2,875,735 | ||||||||
|
|
|||||||
Specialty Chemicals 2.6% | ||||||||
60,478 | Asian Paints Ltd. (India) |
1,190,635 | ||||||
|
|
|||||||
Total Common Stocks (cost $34,763,158) |
44,916,956 | |||||||
|
|
|||||||
PREFERRED STOCK 2.9% | ||||||||
Diversified Banks 2.9% | ||||||||
105,782 | Banco Davivienda S.A., 2.03% (Colombia) |
1,332,521 | ||||||
|
|
|||||||
Total Preferred Stock (cost $1,015,047) |
1,332,521 | |||||||
|
|
|||||||
Total Investments (cost $35,778,205) 100.4% |
46,249,477 | |||||||
Liabilities less Other Assets (0.4%) | (165,563 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 46,083,914 | ||||||
|
|
|||||||
*Non-income producing.
ADR American Depositary Receipt.
See Notes to Schedules of Investments. |
At June 30, 2019, Wasatch Emerging Markets Select Funds investments, were in the following countries:
COUNTRY |
% | |||
Argentina |
2.9 | |||
Brazil |
12.5 | |||
China |
16.9 | |||
Colombia |
2.9 | |||
Hong Kong |
3.2 | |||
India |
32.5 | |||
Indonesia |
3.4 | |||
Korea |
8.9 | |||
Mexico |
4.2 | |||
Russia |
1.7 | |||
South Africa |
1.5 | |||
Taiwan |
8.4 | |||
Thailand |
1.0 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 98.5% | ||||||||
Air Freight & Logistics 0.9% | ||||||||
3,111,925 | Aramex PJSC (United Arab Emirates) |
$ | 3,512,769 | |||||
|
|
|||||||
Airport Services 3.3% | ||||||||
1,417,325 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico) |
8,661,051 | ||||||
224,866 | Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Mexico) |
3,649,170 | ||||||
|
|
|||||||
12,310,221 | ||||||||
|
|
|||||||
Application Software 3.3% | ||||||||
122,958 | Globant S.A.* (Argentina) |
12,424,906 | ||||||
|
|
|||||||
Auto Parts & Equipment 1.2% | ||||||||
1,653,768 | Minth Group Ltd. (Hong Kong) |
4,456,369 | ||||||
|
|
|||||||
Biotechnology 2.8% | ||||||||
27,302 | Medytox, Inc. (Korea) |
10,640,367 | ||||||
|
|
|||||||
Building Products 2.0% | ||||||||
882,617 | Kajaria Ceramics Ltd. (India) |
7,441,717 | ||||||
|
|
|||||||
Commodity Chemicals 3.2% | ||||||||
1,544,104 | Berger Paints India Ltd. (India) |
7,112,352 | ||||||
4,248,502 | TOA Paint Thailand Public Co. Ltd. (Thailand) |
5,056,503 | ||||||
|
|
|||||||
12,168,855 | ||||||||
|
|
|||||||
Consumer Finance 9.8% | ||||||||
273,405 | Bajaj Finance Ltd. (India) |
14,596,783 | ||||||
2,992,375 | Muangthai Capital Public Co. Ltd. (Thailand) |
5,512,976 | ||||||
3,405,329 | Srisawad Corp. Public Co. Ltd. (Thailand) |
6,246,018 | ||||||
4,744,545 | Unifin Financiera S.A.B. de C.V. SOFOM ENR (Mexico) |
10,547,691 | ||||||
|
|
|||||||
36,903,468 | ||||||||
|
|
|||||||
Department Stores 1.0% | ||||||||
289,946 | Poya International Co. Ltd. (Taiwan) |
3,920,775 | ||||||
|
|
|||||||
Distillers & Vintners 1.8% | ||||||||
917,857 | Sichuan Swellfun Co. Ltd., Class A (China) |
6,791,417 | ||||||
|
|
|||||||
Diversified Banks 4.2% | ||||||||
1,758,032 | City Union Bank Ltd. (India) |
5,552,149 | ||||||
334,651 | RBL Bank Ltd. (India) |
3,112,469 | ||||||
375,132 | TCS Group Holding plc (Russia) |
7,352,587 | ||||||
|
|
|||||||
16,017,205 | ||||||||
|
|
|||||||
Diversified Chemicals 1.6% | ||||||||
332,915 | Pidilite Industries Ltd. (India) |
5,864,686 | ||||||
|
|
|||||||
Drug Retail 5.4% | ||||||||
604,829 | Clicks Group Ltd. (South Africa) |
8,815,431 | ||||||
576,410 | Raia Drogasil S.A.* (Brazil) |
11,423,274 | ||||||
|
|
|||||||
20,238,705 | ||||||||
|
|
|||||||
Electrical Components & Equipment 4.5% | ||||||||
408,296 | Amara Raja Batteries Ltd. (India) |
3,667,285 | ||||||
608,021 | Voltronic Power Technology Corp.* (Taiwan) |
13,252,957 | ||||||
|
|
|||||||
16,920,242 | ||||||||
|
|
|||||||
Electronic Equipment & Instruments 0.9% | ||||||||
737,616 | Chroma ATE, Inc. (Taiwan) |
3,277,291 | ||||||
|
|
|||||||
Food Retail 1.4% | ||||||||
28,441 | BGF Retail Co. Ltd. (Korea) |
5,197,290 | ||||||
|
|
WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
General Merchandise Stores 3.4% | ||||||||
234,038 | Magazine Luiza S.A. (Brazil) |
$ | 12,867,382 | |||||
|
|
|||||||
Health Care Equipment 1.3% | ||||||||
6,593,194 | Microport Scientific Corp. (China) |
4,895,289 | ||||||
|
|
|||||||
Health Care Facilities 1.1% | ||||||||
10,802,815 | Cleopatra Hospital* (Egypt) |
4,054,236 | ||||||
|
|
|||||||
Health Care Services 2.2% | ||||||||
533,341 | Dr. Lal PathLabs Ltd. (India) |
8,282,808 | ||||||
|
|
|||||||
Highways & Railtracks 1.2% | ||||||||
5,680,875 | Yuexiu Transport Infrastructure Ltd. (China) |
4,639,705 | ||||||
|
|
|||||||
Hotels, Resorts & Cruise Lines 1.7% | ||||||||
179,331 | Huazhu Group Ltd. ADR (China) |
6,500,749 | ||||||
|
|
|||||||
Human Resource & Employment Services 2.8% | ||||||||
142,377 | 51job, Inc. ADR* (China) |
10,749,464 | ||||||
|
|
|||||||
Industrial Conglomerates 2.0% | ||||||||
22,871 | 3M India Ltd.* (India) |
7,703,462 | ||||||
|
|
|||||||
Industrial Machinery 0.8% | ||||||||
270,583 | Airtac International Group (Taiwan) |
3,031,693 | ||||||
|
|
|||||||
Interactive Media & Services 3.4% | ||||||||
394,036 | Info Edge India Ltd. (India) |
12,832,464 | ||||||
|
|
|||||||
Internet & Direct Marketing Retail 1.2% | ||||||||
187,282 | MakeMyTrip Ltd.* (India) |
4,644,594 | ||||||
|
|
|||||||
IT Consulting & Other Services 1.9% | ||||||||
274,707 | Larsen & Toubro Infotech Ltd. (India) |
7,334,541 | ||||||
|
|
|||||||
Life & Health Insurance 1.4% | ||||||||
193,012 | Discovery Ltd. (South Africa) |
2,043,310 | ||||||
551,418 | Max Financial Services Ltd.* (India) |
3,243,283 | ||||||
|
|
|||||||
5,286,593 | ||||||||
|
|
|||||||
Packaged Foods & Meats 6.5% | ||||||||
139,371 | Britannia Industries Ltd. (India) |
5,546,573 | ||||||
552,539 | M Dias Branco S.A. (Brazil) |
5,606,042 | ||||||
2,771,755 | Vitasoy International Holdings Ltd. (China) |
13,323,527 | ||||||
|
|
|||||||
24,476,142 | ||||||||
|
|
|||||||
Pharmaceuticals 0.7% | ||||||||
13,017,213 | China Animal Healthcare Ltd.* *** (China) |
16,664 | ||||||
6,998 | Hanmi Pharm Co. Ltd. (Korea) |
2,448,527 | ||||||
|
|
|||||||
2,465,191 | ||||||||
|
|
|||||||
Property & Casualty Insurance 4.0% | ||||||||
936,623 | ICICI Lombard General Insurance Co. Ltd. (India) |
15,047,842 | ||||||
|
|
|||||||
Real Estate Operating Companies 1.0% | ||||||||
1,311,366 | Parque Arauco S.A. (Chile) |
3,639,990 | ||||||
|
|
|||||||
Regional Banks 3.3% | ||||||||
832,027 | AU Small Finance Bank Ltd. (India) |
8,473,651 | ||||||
806,762 | Regional S.A.B. de C.V. (Mexico) |
4,155,757 | ||||||
|
|
|||||||
12,629,408 | ||||||||
|
|
|||||||
Semiconductor Equipment 0.7% | ||||||||
34,682 | Koh Young Technology, Inc. (Korea) |
2,496,059 | ||||||
|
|
|||||||
Semiconductors 7.8% | ||||||||
503,374 | ASPEED Technology, Inc. (Taiwan) |
9,594,405 |
WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) | JUNE 30, 2019 (UNADITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
77,792 | LEENO Industrial, Inc. (Korea) |
$ | 4,042,368 | |||||
178,735 | Parade Technologies Ltd. (Taiwan) |
3,038,429 | ||||||
646,126 | Silergy Corp. (Taiwan) |
12,648,130 | ||||||
|
|
|||||||
29,323,332 | ||||||||
|
|
|||||||
Systems Software 1.9% | ||||||||
133,178 | Douzone Bizon Co. Ltd. (Korea) |
7,174,184 | ||||||
|
|
|||||||
Thrifts & Mortgage Finance 0.9% | ||||||||
164,803 | Aavas Financiers Ltd.* (India) |
3,582,202 | ||||||
|
|
|||||||
Total Common Stocks (cost $254,356,695) |
371,743,613 | |||||||
|
|
|||||||
PREFERRED STOCK 2.0% | ||||||||
Personal Products 2.0% | ||||||||
10,913 | LG Household & Health Care Ltd., 1.15% (Korea) |
7,617,787 | ||||||
|
|
|||||||
Total Preferred Stock (cost $5,149,452) |
7,617,787 | |||||||
|
|
|||||||
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 0.2% | ||||||||
Repurchase Agreement 0.2% | ||||||||
$662,668 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing
Corp. |
$ | 662,668 | |||||
|
|
|||||||
Total Short-Term Investments (cost $662,668) |
662,668 | |||||||
|
|
|||||||
Total Investments (cost $260,168,815) 100.7%§ |
380,024,068 | |||||||
Liabilities less Other Assets (0.7%) | (2,540,899 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 377,483,169 | ||||||
|
|
|||||||
*Non-income producing.
***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).
§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.00%.
ADR American Depositary Receipt.
See Notes to Schedules of Investments. |
WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
At June 30, 2019, Wasatch Emerging Markets Small Cap Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
Argentina |
3.3 | |||
Brazil |
7.9 | |||
Chile |
1.0 | |||
China |
12.4 | |||
Egypt |
1.1 | |||
Hong Kong |
1.2 | |||
India |
32.7 | |||
Korea |
10.4 | |||
Mexico |
7.1 | |||
Russia |
1.9 | |||
South Africa |
2.9 | |||
Taiwan |
12.8 | |||
Thailand |
4.4 | |||
United Arab Emirates |
0.9 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX / WIFMX) |
JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 96.0% | ||||||||
Air Freight & Logistics 1.9% | ||||||||
1,078,587 | Aramex PJSC (United Arab Emirates) |
$ | 1,217,519 | |||||
|
|
|||||||
Airport Services 4.9% | ||||||||
148,500 | Airports Corp. of Vietnam JSC (Vietnam) |
618,086 | ||||||
157,364 | Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Mexico) |
2,553,735 | ||||||
|
|
|||||||
3,171,821 | ||||||||
|
|
|||||||
Application Software 4.2% | ||||||||
27,116 | Globant S.A.* (Argentina) |
2,740,072 | ||||||
|
|
|||||||
Commodity Chemicals 1.6% | ||||||||
887,900 | TOA Paint Thailand Public Co. Ltd. (Thailand) |
1,056,765 | ||||||
|
|
|||||||
Consumer Finance 10.2% | ||||||||
407,468 | ASA International Group plc (United Kingdom) |
1,816,298 | ||||||
552,189 | Delta Brac Housing Finance Corp. Ltd. (Bangladesh) |
812,736 | ||||||
466,200 | Muangthai Capital Public Co. Ltd. (Thailand) |
858,899 | ||||||
597,300 | Srisawad Corp. Public Co. Ltd. (Thailand) |
1,095,561 | ||||||
894,920 | Unifin Financiera S.A.B. de C.V. SOFOM ENR (Mexico) |
1,989,514 | ||||||
|
|
|||||||
6,573,008 | ||||||||
|
|
|||||||
Data Processing & Outsourced Services 1.3% | ||||||||
109,857 | Network International Holdings plc* (United Arab Emirates) |
827,311 | ||||||
|
|
|||||||
Diversified Banks 19.1% | ||||||||
311,720 | Bank for Foreign Trade of Vietnam JSC (Vietnam) |
942,985 | ||||||
576,761 | Commercial International Bank S.A.E (Egypt) |
2,521,926 | ||||||
6,178 | Credicorp Ltd. (Peru) |
1,414,206 | ||||||
20,038 | Grupo Financiero Galicia S.A. ADR (Argentina) |
711,349 | ||||||
472,850 | National Bank of Kuwait SAK (Kuwait) |
1,517,482 | ||||||
1,292,200 | PT Bank Central Asia Tbk (Indonesia) |
2,741,723 | ||||||
125,215 | TCS Group Holding plc (Russia) |
2,454,214 | ||||||
|
|
|||||||
12,303,885 | ||||||||
|
|
|||||||
Drug Retail 7.6% | ||||||||
143,058 | Clicks Group Ltd. (South Africa) |
2,085,082 | ||||||
143,100 | Raia Drogasil S.A. (Brazil) |
2,835,951 | ||||||
|
|
|||||||
4,921,033 | ||||||||
|
|
|||||||
Electrical Components & Equipment 2.1% | ||||||||
239,000 | Weg S.A. (Brazil) |
1,329,455 | ||||||
|
|
|||||||
Financial Exchanges & Data 1.3% | ||||||||
93,337 | Bolsas y Mercados Argentinos S.A. (Argentina) |
817,371 | ||||||
|
|
|||||||
Food Retail 6.3% | ||||||||
551,600 | CP ALL Public Co. Ltd. (Thailand) |
1,546,837 | ||||||
961,484 | Philippine Seven Corp. (Philippines) |
2,552,197 | ||||||
|
|
|||||||
4,099,034 | ||||||||
|
|
|||||||
Health Care Distributors 2.1% | ||||||||
1,940,962 | Ibnsina Pharma S.A.E.* (Egypt) |
1,366,120 | ||||||
|
|
|||||||
Health Care Facilities 3.8% | ||||||||
6,612,880 | Cleopatra Hospital* (Egypt) |
2,481,777 | ||||||
|
|
|||||||
Home Improvement Retail 0.8% | ||||||||
3,992,932 | PT Ace Hardware Indonesia Tbk (Indonesia) |
511,570 | ||||||
|
|
|||||||
Hypermarkets & Super Centers 4.0% | ||||||||
65,616 | InRetail Peru Corp. (Peru) |
2,560,336 | ||||||
|
|
WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX / WIFMX) |
JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Internet & Direct Marketing Retail 8.9% | ||||||||
4,998 | MercadoLibre, Inc.* (Brazil) |
$ | 3,057,626 | |||||
11,040 | Naspers Ltd., Class N (South Africa) |
2,680,263 | ||||||
|
|
|||||||
5,737,889 | ||||||||
|
|
|||||||
Life & Health Insurance 2.3% | ||||||||
138,074 | Discovery Ltd. (South Africa) |
1,461,712 | ||||||
|
|
|||||||
Pharmaceuticals 1.2% | ||||||||
251,849 | Square Pharmaceuticals Ltd. (Bangladesh) |
784,555 | ||||||
|
|
|||||||
Property & Casualty Insurance 1.1% | ||||||||
245,000 | Qualitas Controladora S.A.B. de C.V. (Mexico) |
687,500 | ||||||
|
|
|||||||
Real Estate Operating Companies 1.6% | ||||||||
133,400 | Central Pattana Public Co. Ltd. (Thailand) |
326,241 | ||||||
245,215 | Parque Arauco S.A. (Chile) |
680,649 | ||||||
|
|
|||||||
1,006,890 | ||||||||
|
|
|||||||
Regional Banks 3.7% | ||||||||
125,705 | AU Small Finance Bank Ltd. (India) |
1,280,223 | ||||||
4,682,300 | PT Bank Tabungan Pensiunan Nasional Syariah Tbk* (Indonesia) |
1,143,439 | ||||||
|
|
|||||||
2,423,662 | ||||||||
|
|
|||||||
Technology Distributors 2.0% | ||||||||
667,390 | FPT Corp. (Vietnam) |
1,302,993 | ||||||
|
|
|||||||
Wireless Telecommunication Services 4.0% | ||||||||
9,398,138 | Safaricom plc (Kenya) |
2,566,045 | ||||||
|
|
|||||||
Total Common Stocks (cost $54,334,518) |
61,948,323 | |||||||
|
|
|||||||
PREFERRED STOCK 3.3% | ||||||||
Diversified Banks 3.3% | ||||||||
170,073 | Banco Davivienda S.A., 2.03% (Colombia) |
2,142,385 | ||||||
|
|
|||||||
Total Preferred Stock (cost $1,852,963) |
2,142,385 | |||||||
|
|
|||||||
Total Investments (cost $56,187,481) 99.3%§ |
64,090,708 | |||||||
Other Assets less Liabilities 0.7% | 442,404 | |||||||
|
|
|||||||
NET ASSETS 100.0% | $ | 64,533,112 | ||||||
|
|
|||||||
*Non-income producing.
§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 9.11%.
ADR American Depositary Receipt.
See Notes to Schedules of Investments. |
WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX / WIFMX) |
JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
At June 30, 2019, Wasatch Frontier Emerging Small Countries Funds investments, were in the following countries:
COUNTRY |
% | |||
Argentina |
6.7 | |||
Bangladesh |
2.5 | |||
Brazil |
11.3 | |||
Chile |
1.1 | |||
Colombia |
3.3 | |||
Egypt |
9.9 | |||
India |
2.0 | |||
Indonesia |
6.8 | |||
Kenya |
4.0 | |||
Kuwait |
2.4 | |||
Mexico |
8.2 | |||
Peru |
6.2 | |||
Philippines |
4.0 | |||
Russia |
3.8 | |||
South Africa |
9.7 | |||
Thailand |
7.6 | |||
United Arab Emirates |
3.2 | |||
United Kingdom |
2.8 | |||
Vietnam |
4.5 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 99.9% | ||||||||
Airlines 1.2% | ||||||||
10,950 | Allegiant Travel Co. |
$ | 1,571,325 | |||||
|
|
|||||||
Application Software 15.0% | ||||||||
27,605 | Envestnet, Inc.* |
1,887,354 | ||||||
21,978 | Five9, Inc.* |
1,127,251 | ||||||
34,834 | Globant S.A.* (Argentina) |
3,519,976 | ||||||
13,031 | HubSpot, Inc.* |
2,222,046 | ||||||
63,465 | Infomart Corp. (Japan) |
989,516 | ||||||
18,490 | Paylocity Holding Corp.* |
1,734,732 | ||||||
16,906 | Q2 Holdings, Inc.* |
1,290,942 | ||||||
104,918 | Systena Corp. (Japan) |
1,714,655 | ||||||
8,052 | Tyler Technologies, Inc.* |
1,739,393 | ||||||
30,621 | Zendesk, Inc.* |
2,726,188 | ||||||
|
|
|||||||
18,952,053 | ||||||||
|
|
|||||||
Automotive Retail 2.0% | ||||||||
29,414 | Monro, Inc. |
2,509,014 | ||||||
|
|
|||||||
Biotechnology 6.3% | ||||||||
104,041 | Abcam plc (United Kingdom) |
1,947,549 | ||||||
24,370 | Exact Sciences Corp.* |
2,876,635 | ||||||
5,682 | Medytox, Inc. (Korea) |
2,214,437 | ||||||
88,426 | Sangamo Therapeutics, Inc.* |
952,348 | ||||||
|
|
|||||||
7,990,969 | ||||||||
|
|
|||||||
Building Products 2.4% | ||||||||
42,529 | Trex Co., Inc.* |
3,049,329 | ||||||
|
|
|||||||
Commercial Printing 0.8% | ||||||||
11,711 | Cimpress N.V.* |
1,064,413 | ||||||
|
|
|||||||
Consumer Finance 5.2% | ||||||||
33,630 | Bajaj Finance Ltd. (India) |
1,795,468 | ||||||
4,007 | Credit Acceptance Corp.* |
1,938,707 | ||||||
784,708 | Srisawad Corp. Public Co. Ltd. (Thailand) |
1,439,303 | ||||||
644,500 | Unifin Financiera S.A.B. de C.V. SOFOM ENR (Mexico) |
1,432,800 | ||||||
|
|
|||||||
6,606,278 | ||||||||
|
|
|||||||
Data Processing & Outsourced Services 4.0% | ||||||||
25,109 | Euronet Worldwide, Inc.* |
4,224,338 | ||||||
12,800 | GMO Payment Gateway, Inc. (Japan) |
879,729 | ||||||
|
|
|||||||
5,104,067 | ||||||||
|
|
|||||||
Diversified Chemicals 1.0% | ||||||||
73,457 | Pidilite Industries Ltd. (India) |
1,294,031 | ||||||
|
|
|||||||
Diversified Real Estate Activities 0.7% | ||||||||
43,781 | Patrizia AG (Germany) |
906,058 | ||||||
|
|
|||||||
Diversified Support Services 3.0% | ||||||||
51,029 | Copart, Inc.* |
3,813,907 | ||||||
|
|
|||||||
Drug Retail 0.6% | ||||||||
11,990 | Ain Holdings, Inc. (Japan) |
697,281 | ||||||
|
|
|||||||
Electrical Components & Equipment 2.2% | ||||||||
93,878 | Amara Raja Batteries Ltd. (India) |
843,205 | ||||||
90,744 | Voltronic Power Technology Corp. (Taiwan) |
1,977,936 | ||||||
|
|
|||||||
2,821,141 | ||||||||
|
|
|||||||
General Merchandise Stores 1.6% | ||||||||
23,093 | Ollies Bargain Outlet Holdings, Inc.* |
2,011,631 | ||||||
|
|
WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Health Care Equipment 2.8% | ||||||||
21,998 | Cantel Medical Corp. |
$ | 1,773,919 | |||||
11,790 | Cochlear Ltd. (Australia) |
1,712,049 | ||||||
|
|
|||||||
3,485,968 | ||||||||
|
|
|||||||
Health Care Facilities 2.7% | ||||||||
60,716 | Ensign Group, Inc. (The) |
3,455,955 | ||||||
|
|
|||||||
Health Care Services 1.0% | ||||||||
84,902 | Dr. Lal PathLabs Ltd. (India) |
1,318,532 | ||||||
|
|
|||||||
Health Care Supplies 1.6% | ||||||||
81,600 | Asahi Intecc Co. Ltd. (Japan) |
2,008,685 | ||||||
|
|
|||||||
Homebuilding 1.5% | ||||||||
26,256 | LGI Homes, Inc.* |
1,875,466 | ||||||
|
|
|||||||
Household Products 0.7% | ||||||||
21,700 | Pigeon Corp. (Japan) |
872,508 | ||||||
|
|
|||||||
Human Resource & Employment Services 1.8% | ||||||||
25,200 | en-japan, Inc. (Japan) |
980,513 | ||||||
57,230 | SMS Co. Ltd. (Japan) |
1,340,312 | ||||||
|
|
|||||||
2,320,825 | ||||||||
|
|
|||||||
Industrial Conglomerates 1.1% | ||||||||
4,226 | 3M India Ltd.* (India) |
1,423,411 | ||||||
|
|
|||||||
Industrial Machinery 7.9% | ||||||||
36,548 | Altra Industrial Motion Corp. |
1,311,342 | ||||||
17,697 | Barnes Group, Inc. |
997,049 | ||||||
31,329 | Helios Technologies, Inc. |
1,453,979 | ||||||
44,032 | Kornit Digital Ltd.* (Israel) |
1,394,053 | ||||||
70,100 | MISUMI Group, Inc. (Japan) |
1,756,807 | ||||||
18,328 | RBC Bearings, Inc.* |
3,057,294 | ||||||
|
|
|||||||
9,970,524 | ||||||||
|
|
|||||||
Interactive Media & Services 1.0% | ||||||||
2,805 | XING SE (Germany) |
1,197,682 | ||||||
|
|
|||||||
Internet & Direct Marketing Retail 3.6% | ||||||||
62,227 | MakeMyTrip Ltd.* (India) |
1,543,230 | ||||||
4,847 | MercadoLibre, Inc.* (Brazil) |
2,965,249 | ||||||
|
|
|||||||
4,508,479 | ||||||||
|
|
|||||||
Life & Health Insurance 1.3% | ||||||||
284,505 | ICICI Prudential Life Insurance Co. Ltd. (India) |
1,605,370 | ||||||
|
|
|||||||
Managed Health Care 1.4% | ||||||||
27,701 | HealthEquity, Inc.* |
1,811,645 | ||||||
|
|
|||||||
Other Diversified Financial Services 1.2% | ||||||||
5,509 | Hypoport AG* (Germany) |
1,506,561 | ||||||
|
|
|||||||
Packaged Foods & Meats 1.5% | ||||||||
406,000 | Vitasoy International Holdings Ltd. (China) |
1,951,598 | ||||||
|
|
|||||||
Pharmaceuticals 0.3% | ||||||||
25,188 | Intra-Cellular Therapies, Inc.* |
326,940 | ||||||
|
|
|||||||
Property & Casualty Insurance 1.4% | ||||||||
108,691 | ICICI Lombard General Insurance Co. Ltd. (India) |
1,746,236 | ||||||
|
|
|||||||
Regional Banks 5.5% | ||||||||
316,913 | AU Small Finance Bank Ltd. (India) |
3,227,552 | ||||||
42,437 | Canadian Western Bank (Canada) |
967,961 | ||||||
35,208 | Eagle Bancorp, Inc. |
1,905,809 |
WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
133,626 | Metro Bank plc* (United Kingdom) |
$ | 891,764 | |||||
|
|
|||||||
6,993,086 | ||||||||
|
|
|||||||
Research & Consulting Services 2.1% | ||||||||
38,000 | Funai Soken Holdings, Inc. (Japan) |
919,204 | ||||||
72,700 | Nihon M&A Center, Inc. (Japan) |
1,742,400 | ||||||
|
|
|||||||
2,661,604 | ||||||||
|
|
|||||||
Restaurants 0.8% | ||||||||
37,066 | Dominos Pizza Enterprises Ltd. (Australia) |
979,475 | ||||||
|
|
|||||||
Semiconductor Equipment 0.8% | ||||||||
71,800 | Japan Material Co. Ltd. (Japan) |
1,021,576 | ||||||
|
|
|||||||
Semiconductors 4.8% | ||||||||
48,000 | ASPEED Technology, Inc. (Taiwan) |
914,889 | ||||||
23,164 | Melexis N.V. (Belgium) |
1,567,218 | ||||||
15,681 | Monolithic Power Systems, Inc. |
2,129,166 | ||||||
75,000 | Silergy Corp. (Taiwan) |
1,468,150 | ||||||
|
|
|||||||
6,079,423 | ||||||||
|
|
|||||||
Soft Drinks 1.0% | ||||||||
41,499 | Fevertree Drinks plc (United Kingdom) |
1,221,624 | ||||||
|
|
|||||||
Specialty Stores 1.5% | ||||||||
16,048 | Five Below, Inc.* |
1,926,081 | ||||||
|
|
|||||||
Technology Distributors 0.7% | ||||||||
113,051 | Electrocomponents plc (United Kingdom) |
908,505 | ||||||
|
|
|||||||
Trading Companies & Distributors 2.2% | ||||||||
85,783 | Diploma plc (United Kingdom) |
1,668,962 | ||||||
44,500 | MonotaRO Co. Ltd. (Japan) |
1,083,866 | ||||||
|
|
|||||||
2,752,828 | ||||||||
|
|
|||||||
Trucking 1.7% | ||||||||
66,431 | Knight-Swift Transportation Holdings, Inc. |
2,181,594 | ||||||
|
|
|||||||
Total Common Stocks (cost $85,248,621) |
126,503,678 | |||||||
|
|
|||||||
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 0.3% | ||||||||
Repurchase Agreement 0.3% | ||||||||
$386,682 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing Corp. collateralized by $395,000 of United States Treasury Notes 1.875% due 3/31/22; value: $398,437; repurchase proceeds: $386,698 (cost $386,682) |
$ | 386,682 | |||||
|
|
|||||||
Total Short-Term Investments (cost $386,682) |
386,682 | |||||||
|
|
|||||||
Total Investments (cost $85,635,303) 100.2% |
126,890,360 | |||||||
Liabilities less Other Assets (0.2%) | (267,438 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% | $ | 126,622,922 | ||||||
|
|
WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
*Non-income producing.
See Notes to Schedules of Investments. |
At June 30, 2019, Wasatch Global Opportunities Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
Argentina |
2.8 | |||
Australia |
2.1 | |||
Belgium |
1.2 | |||
Brazil |
2.3 | |||
Canada |
0.8 | |||
China |
1.5 | |||
Germany |
2.9 | |||
India |
11.7 | |||
Israel |
1.1 | |||
Japan |
12.7 | |||
Korea |
1.8 | |||
Mexico |
1.1 | |||
Taiwan |
3.4 | |||
Thailand |
1.1 | |||
United Kingdom |
5.3 | |||
United States |
48.2 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 99.3% | ||||||||
Airport Services 1.4% | ||||||||
2,854,872 | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico) |
$ | 17,445,676 | |||||
|
|
|||||||
Apparel, Accessories & Luxury Goods 2.7% | ||||||||
504,590 | Moncler S.p.A. (Italy) |
21,573,728 | ||||||
42,999 | Page Industries Ltd. (India) |
12,926,953 | ||||||
|
|
|||||||
34,500,681 | ||||||||
|
|
|||||||
Application Software 11.5% | ||||||||
408,990 | Aveva Group plc (United Kingdom) |
20,994,009 | ||||||
1,491,683 | GB Group plc (United Kingdom) |
10,475,821 | ||||||
995,111 | Infomart Corp. (Japan) |
15,515,295 | ||||||
171,626 | Kinaxis, Inc.* (Canada) |
10,703,444 | ||||||
505,101 | Miroku Jyoho Service Co. Ltd. (Japan) |
15,858,340 | ||||||
210,579 | Nemetschek SE (Germany) |
12,678,847 | ||||||
1,238,200 | Systena Corp. (Japan) |
20,235,667 | ||||||
2,858,700 | Technology One Ltd. (Australia) |
15,814,768 | ||||||
1,266,019 | WiseTech Global Ltd. (Australia) |
24,628,887 | ||||||
7,112 | Xero Ltd.* (New Zealand) |
299,279 | ||||||
|
|
|||||||
147,204,357 | ||||||||
|
|
|||||||
Asset Management & Custody Banks 2.1% | ||||||||
661,876 | Burford Capital Ltd. (United Kingdom) |
13,028,509 | ||||||
2,481,530 | Netwealth Group Ltd. (Australia) |
13,937,265 | ||||||
|
|
|||||||
26,965,774 | ||||||||
|
|
|||||||
Biotechnology 2.8% | ||||||||
1,501,149 | Abcam plc (United Kingdom) |
28,100,088 | ||||||
18,386 | Medytox, Inc. (Korea) |
7,165,548 | ||||||
|
|
|||||||
35,265,636 | ||||||||
|
|
|||||||
Brewers 0.8% | ||||||||
139,039 | Royal Unibrew A/S (Denmark) |
10,145,972 | ||||||
|
|
|||||||
Commodity Chemicals 1.2% | ||||||||
3,267,867 | Berger Paints India Ltd. (India) |
15,052,237 | ||||||
|
|
|||||||
Construction Machinery & Heavy Trucks 0.6% | ||||||||
452,500 | Takeuchi Manufacturing Co. Ltd. (Japan) |
8,079,233 | ||||||
|
|
|||||||
Data Processing & Outsourced Services 1.9% | ||||||||
628,850 | Afterpay Touch Group Ltd.* (Australia) |
11,068,007 | ||||||
185,900 | GMO Payment Gateway, Inc. (Japan) |
12,776,692 | ||||||
|
|
|||||||
23,844,699 | ||||||||
|
|
|||||||
Diversified Real Estate Activities 1.6% | ||||||||
1,012,158 | Patrizia AG (Germany) |
20,946,836 | ||||||
|
|
|||||||
Diversified Support Services 2.4% | ||||||||
938,400 | HomeServe plc (United Kingdom) |
14,145,722 | ||||||
1,096,276 | Prestige International, Inc. (Japan) |
16,268,994 | ||||||
30,414,716 | ||||||||
|
|
|||||||
Drug Retail 5.1% | ||||||||
208,528 | Ain Holdings, Inc. (Japan) |
12,126,982 | ||||||
890,912 | Clicks Group Ltd. (South Africa) |
12,985,114 | ||||||
250,100 | Kusuri no Aoki Holdings Co. Ltd. (Japan) |
17,560,237 | ||||||
509,200 | Raia Drogasil S.A. (Brazil) |
10,091,308 | ||||||
142,800 | Tsuruha Holdings, Inc. (Japan) |
13,191,931 | ||||||
|
|
|||||||
65,955,572 | ||||||||
|
|
WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Electrical Components & Equipment 0.9% | ||||||||
528,277 | Voltronic Power Technology Corp. (Taiwan) |
$ | 11,514,787 | |||||
|
|
|||||||
Electronic Equipment & Instruments 2.0% | ||||||||
1,011,841 | Halma plc (United Kingdom) |
25,956,733 | ||||||
|
|
|||||||
General Merchandise Stores 1.1% | ||||||||
3,307,768 | B&M European Value Retail S.A. (United Kingdom) |
14,000,925 | ||||||
|
|
|||||||
Health Care Equipment 5.0% | ||||||||
87,455 | Cellavision AB (Sweden) |
2,999,566 | ||||||
202,513 | Cochlear Ltd. (Australia) |
29,407,321 | ||||||
202,351 | DiaSorin S.p.A. (Italy) |
23,492,532 | ||||||
457,164 | Nakanishi, Inc. (Japan) |
8,391,481 | ||||||
|
|
|||||||
64,290,900 | ||||||||
|
|
|||||||
Health Care Supplies 1.9% | ||||||||
967,400 | Asahi Intecc Co. Ltd. (Japan) |
23,813,751 | ||||||
|
|
|||||||
Health Care Technology 1.7% | ||||||||
779,320 | M3, Inc. (Japan) |
14,232,538 | ||||||
568,277 | RaySearch Laboratories AB* (Sweden) |
8,114,615 | ||||||
|
|
|||||||
22,347,153 | ||||||||
|
|
|||||||
Hotels, Resorts & Cruise Lines 0.8% | ||||||||
629,622 | Corporate Travel Management Ltd. (Australia) |
9,945,588 | ||||||
|
|
|||||||
Household Appliances 0.7% | ||||||||
790,644 | Breville Group Ltd. (Australia) |
9,080,971 | ||||||
|
|
|||||||
Household Products 1.4% | ||||||||
458,284 | Pigeon Corp. (Japan) |
18,426,575 | ||||||
|
|
|||||||
Human Resource & Employment Services 4.6% | ||||||||
231,824 | 51job, Inc. ADR* (China) |
17,502,712 | ||||||
696,700 | Benefit One, Inc. (Japan) |
12,006,387 | ||||||
367,397 | en-japan, Inc. (Japan) |
14,295,139 | ||||||
668,642 | SMS Co. Ltd. (Japan) |
15,659,426 | ||||||
|
|
|||||||
59,463,664 | ||||||||
|
|
|||||||
Industrial Machinery 2.8% | ||||||||
925,915 | MISUMI Group, Inc. (Japan) |
23,204,771 | ||||||
3,189,540 | Rotork plc (United Kingdom) |
12,824,054 | ||||||
|
|
|||||||
36,028,825 | ||||||||
|
|
|||||||
Interactive Media & Services 4.5% | ||||||||
371,703 | Info Edge India Ltd. (India) |
12,105,151 | ||||||
2,173,091 | Rightmove plc (United Kingdom) |
14,756,198 | ||||||
72,925 | XING SE (Germany) |
31,137,598 | ||||||
|
|
|||||||
57,998,947 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail 1.7% | ||||||||
155,152 | ASOS plc* (United Kingdom) |
5,024,397 | ||||||
1,747,752 | Webjet Ltd. (Australia) |
16,687,326 | ||||||
|
|
|||||||
21,711,723 | ||||||||
|
|
|||||||
Investment Banking & Brokerage 0.9% | ||||||||
1,520,220 | Avanza Bank Holding AB (Sweden) |
11,606,920 | ||||||
|
|
|||||||
IT Consulting & Other Services 1.6% | ||||||||
256,866 | Reply S.p.A. (Italy) |
17,510,338 | ||||||
276,992 | Softcat plc (United Kingdom) |
3,417,405 | ||||||
|
|
|||||||
20,927,743 | ||||||||
|
|
WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Life Sciences Tools & Services 1.2% | ||||||||
58,909 | Tecan Group AG (Switzerland) |
$ | 15,279,409 | |||||
|
|
|||||||
Movies & Entertainment 1.3% | ||||||||
354,973 | CTS Eventim AG & Co KGaA (Germany) |
16,516,943 | ||||||
|
|
|||||||
Oil & Gas Equipment & Services 1.7% | ||||||||
770,504 | Pason Systems, Inc. (Canada) |
11,167,322 | ||||||
400,035 | TGS-NOPEC Geophysical Co. ASA (Norway) |
11,217,271 | ||||||
|
|
|||||||
22,384,593 | ||||||||
|
|
|||||||
Other Diversified Financial Services 1.9% | ||||||||
88,630 | Hypoport AG* (Germany) |
24,237,876 | ||||||
|
|
|||||||
Packaged Foods & Meats 3.0% | ||||||||
7,985,449 | Vitasoy International Holdings Ltd. (China) |
38,385,193 | ||||||
|
|
|||||||
Property & Casualty Insurance 1.5% | ||||||||
1,223,064 | ICICI Lombard General Insurance Co. Ltd. (India) |
19,649,820 | ||||||
|
|
|||||||
Regional Banks 3.6% | ||||||||
1,840,175 | AU Small Finance Bank Ltd. (India) |
18,740,980 | ||||||
869,524 | Canadian Western Bank (Canada) |
19,833,288 | ||||||
1,109,831 | Metro Bank plc* (United Kingdom) |
7,406,550 | ||||||
|
|
|||||||
45,980,818 | ||||||||
|
|
|||||||
Research & Consulting Services 2.8% | ||||||||
670,144 | Funai Soken Holdings, Inc. (Japan) |
16,210,505 | ||||||
840,828 | Nihon M&A Center, Inc. (Japan) |
20,152,108 | ||||||
|
|
|||||||
36,362,613 | ||||||||
|
|
|||||||
Restaurants 1.2% | ||||||||
565,845 | Dominos Pizza Enterprises Ltd. (Australia) |
14,952,545 | ||||||
|
|
|||||||
Semiconductor Equipment 1.9% | ||||||||
915,000 | Japan Material Co. Ltd. (Japan) |
13,018,689 | ||||||
80,562 | Koh Young Technology, Inc. (Korea) |
5,798,036 | ||||||
152,000 | Lasertec Corp. (Japan) |
6,019,942 | ||||||
|
|
|||||||
24,836,667 | ||||||||
|
|
|||||||
Semiconductors 3.2% | ||||||||
248,470 | Melexis N.V. (Belgium) |
16,810,849 | ||||||
1,216,165 | Silergy Corp. (Taiwan) |
23,806,833 | ||||||
|
|
|||||||
40,617,682 | ||||||||
|
|
|||||||
Soft Drinks 1.5% | ||||||||
647,923 | Fevertree Drinks plc (United Kingdom) |
19,073,185 | ||||||
|
|
|||||||
Specialty Chemicals 1.6% | ||||||||
224,454 | Chr. Hansen Holding A/S (Denmark) |
21,077,130 | ||||||
|
|
|||||||
Systems Software 0.9% | ||||||||
202,567 | Douzone Bizon Co. Ltd. (Korea) |
10,912,110 | ||||||
|
|
|||||||
Technology Distributors 1.7% | ||||||||
2,737,421 | Electrocomponents plc (United Kingdom) |
21,998,570 | ||||||
|
|
|||||||
Trading Companies & Distributors 4.6% | ||||||||
903,264 | Diploma plc (United Kingdom) |
17,573,564 | ||||||
156,906 | IMCD N.V. (Netherlands) |
14,380,478 | ||||||
598,324 | MonotaRO Co. Ltd. (Japan) |
14,573,101 |
WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
759,074 | Richelieu Hardware Ltd. (Canada) |
$ | 12,792,763 | |||||
|
|
|||||||
59,319,906 | ||||||||
|
|
|||||||
Total Common Stocks (cost $893,688,098) |
1,274,521,654 | |||||||
|
|
|||||||
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 1.1% | ||||||||
Repurchase Agreement 1.1% | ||||||||
$13,502,740 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing Corp. collateralized by $13,655,000 of United States Treasury Notes 1.875% due 3/31/22; value: $13,773,826; repurchase proceeds: $13,503,303 (cost $13,502,740) |
$ | 13,502,740 | |||||
|
|
|||||||
Total Short-Term Investments (cost $13,502,740) |
13,502,740 | |||||||
|
|
|||||||
Total Investments (cost $907,190,838) 100.4% |
1,288,024,394 | |||||||
Liabilities less Other Assets (0.4%) | (4,795,538 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 1,283,228,856 | ||||||
|
|
|||||||
*Non-income producing.
ADR American Depositary Receipt.
See Notes to Schedules of Investments. |
At June 30, 2019, Wasatch International Growth Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
Australia |
11.4 | |||
Belgium |
1.3 | |||
Brazil |
0.8 | |||
Canada |
4.3 | |||
China |
4.4 | |||
Denmark |
2.4 | |||
Germany |
8.3 | |||
India |
6.2 | |||
Italy |
4.9 | |||
Japan |
26.0 | |||
Korea |
1.9 | |||
Mexico |
1.4 | |||
Netherlands |
1.1 | |||
New Zealand |
0.0 | |||
Norway |
0.9 | |||
South Africa |
1.0 | |||
Sweden |
1.8 | |||
Switzerland |
1.2 | |||
Taiwan |
2.8 | |||
United Kingdom |
17.9 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 96.9% | ||||||||
Airlines 2.3% | ||||||||
119,800 | Japan Airlines Co. Ltd. (Japan) |
$ | 3,825,733 | |||||
|
|
|||||||
Apparel Retail 0.5% | ||||||||
20,000 | Foot Locker, Inc. |
838,400 | ||||||
|
|
|||||||
Commodity Chemicals 1.4% | ||||||||
1,075,000 | PTT Global Chemical Public Co. Ltd. (Thailand) |
2,243,417 | ||||||
|
|
|||||||
Communications Equipment 2.4% | ||||||||
71,000 | Cisco Systems, Inc. |
3,885,830 | ||||||
|
|
|||||||
Department Stores 0.5% | ||||||||
17,500 | Kohls Corp. |
832,125 | ||||||
|
|
|||||||
Diversified Banks 15.2% | ||||||||
69,000 | Citigroup, Inc. |
4,832,070 | ||||||
230,000 | ING Groep N.V. ADR (Netherlands) |
2,661,100 | ||||||
2,350,000 | Mizuho Financial Group, Inc. (Japan) |
3,402,449 | ||||||
560,000 | Nordea Bank Abp (Sweden) |
4,065,754 | ||||||
190,000 | United Overseas Bank Ltd. (Singapore) |
3,669,401 | ||||||
135,000 | Wells Fargo & Co. |
6,388,200 | ||||||
|
|
|||||||
25,018,974 | ||||||||
|
|
|||||||
Electric Utilities 6.2% | ||||||||
40,000 | Entergy Corp. |
4,117,200 | ||||||
126,000 | Exelon Corp. |
6,040,440 | ||||||
|
|
|||||||
10,157,640 | ||||||||
|
|
|||||||
Electrical Components & Equipment 3.3% | ||||||||
64,000 | Eaton Corp. plc |
5,329,920 | ||||||
|
|
|||||||
Environmental & Facilities Services 1.1% | ||||||||
45,000 | ABM Industries, Inc. |
1,800,000 | ||||||
|
|
|||||||
Health Care Services 2.7% | ||||||||
26,000 | Laboratory Corp. of America Holdings* |
4,495,400 | ||||||
|
|
|||||||
Hypermarkets & Super Centers 3.4% | ||||||||
51,000 | WalMart, Inc. |
5,634,990 | ||||||
|
|
|||||||
Integrated Oil & Gas 7.7% | ||||||||
111,000 | Royal Dutch Shell plc ADR, Class A (United Kingdom) |
7,222,770 | ||||||
176,000 | Suncor Energy, Inc. (Canada) |
5,490,130 | ||||||
|
|
|||||||
12,712,900 | ||||||||
|
|
|||||||
Integrated Telecommunication Services 4.1% | ||||||||
200,000 | AT&T, Inc. |
6,702,000 | ||||||
|
|
|||||||
Life & Health Insurance 2.3% | ||||||||
2,500,000 | Fubon Financial Holding Co. Ltd. (Taiwan) |
3,690,497 | ||||||
|
|
|||||||
Multi-Utilities 1.4% | ||||||||
210,000 | National Grid plc (United Kingdom) |
2,228,990 | ||||||
|
|
|||||||
Oil & Gas Drilling 0.4% | ||||||||
83,800 | Ensco Rowan plc, Class A |
714,814 | ||||||
|
|
|||||||
Oil & Gas Equipment & Services 2.2% | ||||||||
89,000 | Schlumberger Ltd. |
3,536,860 | ||||||
|
|
|||||||
Packaged Foods & Meats 3.7% | ||||||||
2,800,000 | Dali Foods Group Co. Ltd. (China) |
1,860,287 | ||||||
50,000 | Danone S.A. (France) |
4,235,698 | ||||||
|
|
|||||||
6,095,985 | ||||||||
|
|
WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Pharmaceuticals 10.5% | ||||||||
16,400 | Johnson & Johnson |
$ | 2,284,192 | |||||
86,500 | Novartis AG (Switzerland) |
7,903,913 | ||||||
163,000 | Pfizer, Inc. |
7,061,160 | ||||||
|
|
|||||||
17,249,265 | ||||||||
|
|
|||||||
Property & Casualty Insurance 2.9% | ||||||||
81,000 | Axis Capital Holdings Ltd. |
4,831,650 | ||||||
|
|
|||||||
Reinsurance 4.4% | ||||||||
29,000 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany) |
7,277,782 | ||||||
|
|
|||||||
Specialized REITs 4.9% | ||||||||
59,500 | EPR Properties |
4,438,105 | ||||||
160,000 | VICI Properties, Inc. |
3,526,400 | ||||||
|
|
|||||||
7,964,505 | ||||||||
|
|
|||||||
Systems Software 4.6% | ||||||||
29,000 | Check Point Software Technologies Ltd.* (Israel) |
3,352,690 | ||||||
75,000 | Oracle Corp. |
4,272,750 | ||||||
|
|
|||||||
7,625,440 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 2.5% | ||||||||
99,000 | Samsung Electronics Co. Ltd. (Korea) |
4,029,793 | ||||||
|
|
|||||||
Tobacco 2.1% | ||||||||
40,000 | KT&G Corp. (Korea) |
3,412,289 | ||||||
|
|
|||||||
Wireless Telecommunication Services 4.2% | ||||||||
760,000 | China Mobile Ltd. (China) |
6,922,181 | ||||||
|
|
|||||||
Total Common Stocks (cost $144,175,691) |
159,057,380 | |||||||
|
|
|||||||
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 3.8% | ||||||||
Repurchase Agreement 3.8% | ||||||||
$6,205,286 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing
Corp. |
$ | 6,205,286 | |||||
|
|
|||||||
Total Short-Term Investments (cost $6,205,286) |
6,205,286 | |||||||
|
|
|||||||
Total Investments (cost $150,380,977) 100.7% |
165,262,666 | |||||||
|
|
|||||||
Liabilities less Other Assets (0.7%) | (1,096,055 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 164,166,611 | ||||||
|
|
|||||||
*Non-income producing.
ADR American Depositary Receipt.
REIT Real Estate Investment Trust.
See Notes to Schedules of Investments. |
|
WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
At June 30, 2019, Wasatch Global Value Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
Canada |
3.4 | |||
China |
5.5 | |||
France |
2.7 | |||
Germany |
4.6 | |||
Israel |
2.1 | |||
Japan |
4.5 | |||
Korea |
4.7 | |||
Netherlands |
1.7 | |||
Singapore |
2.3 | |||
Sweden |
2.6 | |||
Switzerland |
5.0 | |||
Taiwan |
2.3 | |||
Thailand |
1.4 | |||
United Kingdom |
5.9 | |||
United States |
51.3 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 95.9% | ||||||||
Advertising 0.8% | ||||||||
113,115 | 4imprint Group plc (United Kingdom) |
$ | 3,878,558 | |||||
28,006 | YouGov plc (United Kingdom) |
186,367 | ||||||
|
|
|||||||
4,064,925 | ||||||||
|
|
|||||||
Aerospace & Defense 0.7% | ||||||||
187,997 | Avon Rubber plc (United Kingdom) |
3,256,505 | ||||||
|
|
|||||||
Alternative Carriers 0.5% | ||||||||
397,673 | Chief Telecom, Inc. (Taiwan) |
2,592,726 | ||||||
|
|
|||||||
Apparel, Accessories & Luxury Goods 0.8% | ||||||||
2,296,990 | JNBY Design Ltd. (China) |
4,210,722 | ||||||
|
|
|||||||
Application Software 13.2% | ||||||||
108,221 | Esker S.A. (France) |
10,423,023 | ||||||
88,200 | Fixstars Corp. (Japan) |
1,623,865 | ||||||
749,816 | Fortnox AB* (Sweden) |
11,320,537 | ||||||
791,092 | GB Group plc (United Kingdom) |
5,555,696 | ||||||
19,336,462 | Humanica Public Co. Ltd. (Thailand) |
4,981,105 | ||||||
430,100 | Infomart Corp. (Japan) |
6,705,914 | ||||||
236,300 | Miroku Jyoho Service Co. Ltd. (Japan) |
7,418,963 | ||||||
305,286 | Rakus Co. Ltd. (Japan) |
7,384,741 | ||||||
607,600 | Systena Corp. (Japan) |
9,929,891 | ||||||
|
|
|||||||
65,343,735 | ||||||||
|
|
|||||||
Auto Parts & Equipment 0.8% | ||||||||
2,379,262 | Minda Corp. Ltd. (India) |
3,803,579 | ||||||
|
|
|||||||
Brewers 1.4% | ||||||||
607,145 | Carlsberg Brewery Malaysia Berhad, Class B (Malaysia) |
3,769,955 | ||||||
42,497 | Royal Unibrew A/S (Denmark) |
3,101,097 | ||||||
|
|
|||||||
6,871,052 | ||||||||
|
|
|||||||
Building Products 0.9% | ||||||||
513,260 | Kajaria Ceramics Ltd. (India) |
4,327,512 | ||||||
|
|
|||||||
Commodity Chemicals 3.3% | ||||||||
867,649 | Berger Paints India Ltd. (India) |
3,996,509 | ||||||
666,740 | Gulf Oil Lubricants India Ltd. (India) |
8,306,299 | ||||||
255,016 | Supreme Industries Ltd. (India) |
4,207,935 | ||||||
|
|
|||||||
16,510,743 | ||||||||
|
|
|||||||
Consumer Finance 2.6% | ||||||||
819,635 | ASA International Group plc (United Kingdom) |
3,653,541 | ||||||
258,271 | Gruppo MutuiOnline S.p.A. (Italy) |
4,599,029 | ||||||
2,204,062 | Unifin Financiera S.A.B. de C.V. SOFOM ENR (Mexico) |
4,899,893 | ||||||
|
|
|||||||
13,152,463 | ||||||||
|
|
|||||||
Department Stores 2.3% | ||||||||
396,908 | Poya International Co. Ltd. (Taiwan) |
5,367,162 | ||||||
184,712 | V-Mart Retail Ltd. (India) |
5,900,401 | ||||||
|
|
|||||||
11,267,563 | ||||||||
|
|
|||||||
Diversified Support Services 4.3% | ||||||||
1,199,798 | Clipper Logistics plc (United Kingdom) |
4,304,403 | ||||||
328,900 | Japan Elevator Service Holdings Co. Ltd. (Japan) |
8,318,975 | ||||||
593,281 | Prestige International, Inc. (Japan) |
8,804,430 | ||||||
|
|
|||||||
21,427,808 | ||||||||
|
|
|||||||
Drug Retail 1.2% | ||||||||
50,000 | Kusuri no Aoki Holdings Co. Ltd. (Japan) |
3,510,643 |
WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
103,400 | Yakuodo Co. Ltd. (Japan) |
$ | 2,281,581 | |||||
|
|
|||||||
5,792,224 | ||||||||
|
|
|||||||
Electrical Components & Equipment 1.8% | ||||||||
223,393 | Amara Raja Batteries Ltd. (India) |
2,006,500 | ||||||
310,627 | Voltronic Power Technology Corp. (Taiwan) |
6,770,697 | ||||||
|
|
|||||||
8,777,197 | ||||||||
|
|
|||||||
Electronic Equipment & Instruments 1.2% | ||||||||
129,328 | Isra Vision AG (Germany) |
5,761,767 | ||||||
|
|
|||||||
Electronic Manufacturing Services 1.0% | ||||||||
260,279 | HMS Networks AB (Sweden) |
4,994,720 | ||||||
|
|
|||||||
Food Retail 4.1% | ||||||||
7,315,427 | 7-Eleven Malaysia Holdings Berhad, Class B (Malaysia) |
2,637,625 | ||||||
3,819,129 | Philippine Seven Corp. (Philippines) |
10,137,632 | ||||||
70,499 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (Israel) |
3,676,695 | ||||||
4,502,100 | Sheng Siong Group Ltd. (Singapore) |
3,660,244 | ||||||
|
|
|||||||
20,112,196 | ||||||||
|
|
|||||||
Health Care Equipment 2.5% | ||||||||
10,178,000 | AK Medical Holdings Ltd. (China) |
5,211,670 | ||||||
67,110 | Cellavision AB (Sweden) |
2,301,765 | ||||||
239,982 | Xvivo Perfusion AB* (Sweden) |
5,132,420 | ||||||
|
|
|||||||
12,645,855 | ||||||||
|
|
|||||||
Health Care Facilities 0.8% | ||||||||
10,980,379 | Cleopatra Hospital* (Egypt) |
4,120,875 | ||||||
|
|
|||||||
Health Care Services 2.7% | ||||||||
255,177 | Dr. Lal PathLabs Ltd. (India) |
3,962,909 | ||||||
369,000 | Elan Corp. (Japan) |
6,057,877 | ||||||
254,654 | Metropolis Healthcare Ltd.* (India) |
3,545,659 | ||||||
|
|
|||||||
13,566,445 | ||||||||
|
|
|||||||
Health Care Supplies 2.1% | ||||||||
946,875 | Advanced Medical Solutions Group plc (United Kingdom) |
3,607,450 | ||||||
1,571,583 | Nanosonics Ltd.* (Australia) |
6,200,714 | ||||||
786,774 | Riverstone Holdings Ltd. (Singapore) |
569,873 | ||||||
|
|
|||||||
10,378,037 | ||||||||
|
|
|||||||
Health Care Technology 6.5% | ||||||||
182,533 | Craneware plc (United Kingdom) |
4,404,345 | ||||||
99,198 | Nexus AG (Germany) |
3,744,896 | ||||||
1,155,969 | Pro Medicus Ltd. (Australia) |
20,524,049 | ||||||
262,144 | RaySearch Laboratories AB* (Sweden) |
3,743,241 | ||||||
|
|
|||||||
32,416,531 | ||||||||
|
|
|||||||
Home Furnishing Retail 0.4% | ||||||||
450,529 | Nick Scali Ltd. (Australia) |
1,980,000 | ||||||
|
|
|||||||
Home Improvement Retail 2.2% | ||||||||
3,984,055 | Italtile Ltd. (South Africa) |
4,186,298 | ||||||
52,787,300 | PT Ace Hardware Indonesia Tbk (Indonesia) |
6,763,052 | ||||||
|
|
|||||||
10,949,350 | ||||||||
|
|
|||||||
Human Resource & Employment Services 1.6% | ||||||||
59,588 | en-japan, Inc. (Japan) |
2,318,524 | ||||||
234,262 | SMS Co. Ltd. (Japan) |
5,486,357 | ||||||
|
|
|||||||
7,804,881 | ||||||||
|
|
|||||||
Interactive Media & Services 2.2% | ||||||||
80,400 | Atrae, Inc.* (Japan) |
1,882,948 |
WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
60,445 | Wantedly, Inc.* (Japan) |
$ | 2,046,322 | |||||
16,043 | XING SE (Germany) |
6,850,058 | ||||||
|
|
|||||||
10,779,328 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail 3.9% | ||||||||
558,706 | On the Beach Group plc (United Kingdom) |
3,383,031 | ||||||
234,418 | Open Door, Inc.* (Japan) |
6,059,667 | ||||||
817,570 | Webjet Ltd. (Australia) |
7,806,060 | ||||||
149,721 | Yume No Machi Souzou Iinkai Co. Ltd. (Japan) |
2,189,955 | ||||||
|
|
|||||||
19,438,713 | ||||||||
|
|
|||||||
Investment Banking & Brokerage 0.6% | ||||||||
374,090 | HUB24 Ltd. (Australia) |
3,120,043 | ||||||
|
|
|||||||
IT Consulting & Other Services 2.7% | ||||||||
233,971 | Appen Ltd. (Australia) |
4,597,619 | ||||||
61,681 | Aubay (France) |
2,198,810 | ||||||
340,372 | Avant Corp. (Japan) |
6,364,513 | ||||||
|
|
|||||||
13,160,942 | ||||||||
|
|
|||||||
Life Sciences Tools & Services 1.1% | ||||||||
301,608 | Biotage AB (Sweden) |
3,537,000 | ||||||
1,029,021 | Horizon Discovery Group plc* (United Kingdom) |
2,038,615 | ||||||
|
|
|||||||
5,575,615 | ||||||||
|
|
|||||||
Oil & Gas Equipment & Services 1.7% | ||||||||
583,959 | Computer Modelling Group Ltd. (Canada) |
3,246,323 | ||||||
663,361 | Spectrum ASA (Norway) |
5,179,075 | ||||||
|
|
|||||||
8,425,398 | ||||||||
|
|
|||||||
Other Diversified Financial Services 2.6% | ||||||||
46,464 | Hypoport AG* (Germany) |
12,706,630 | ||||||
|
|
|||||||
Packaged Foods & Meats 4.3% | ||||||||
2,003,120 | Vitasoy International Holdings Ltd. (China) |
9,628,782 | ||||||
2,214,000 | Yihai International Holding Ltd.* (China) |
11,492,722 | ||||||
|
|
|||||||
21,121,504 | ||||||||
|
|
|||||||
Personal Products 2.8% | ||||||||
244,665 | Jamieson Wellness, Inc. (Canada) |
3,757,179 | ||||||
543,629 | Sarantis S.A. (Greece) |
5,495,448 | ||||||
343,474 | TCI Co. Ltd. (Taiwan) |
4,722,014 | ||||||
|
|
|||||||
13,974,641 | ||||||||
|
|
|||||||
Property & Casualty Insurance 1.5% | ||||||||
2,589,300 | Qualitas Controladora S.A.B. de C.V. (Mexico) |
7,265,891 | ||||||
|
|
|||||||
Research & Consulting Services 2.4% | ||||||||
40,458 | Akka Technologies (France) |
2,912,104 | ||||||
257,000 | IR Japan Holdings Ltd. (Japan) |
6,180,967 | ||||||
201,603 | NICE Information Service Co. Ltd. (Korea) |
2,959,486 | ||||||
|
|
|||||||
12,052,557 | ||||||||
|
|
|||||||
Restaurants 0.5% | ||||||||
141,500 | Arcland Service Holdings Co. Ltd. (Japan) |
2,424,065 | ||||||
630,045 | Patisserie Holdings plc* *** (United Kingdom) |
8,001 | ||||||
|
|
|||||||
2,432,066 | ||||||||
|
|
|||||||
Semiconductor Equipment 1.1% | ||||||||
368,532 | Japan Material Co. Ltd. (Japan) |
5,243,501 | ||||||
|
|
|||||||
Semiconductors 2.6% | ||||||||
103,000 | ASPEED Technology, Inc. (Taiwan) |
1,963,200 | ||||||
194,472 | Elmos Semiconductor AG (Germany) |
4,864,951 |
WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
121,294 | LEENO Industrial, Inc. (Korea) |
$ | 6,302,897 | |||||
|
|
|||||||
13,131,048 | ||||||||
|
|
|||||||
Specialized Finance 0.8% | ||||||||
316,500 | eGuarantee, Inc. (Japan) |
3,795,710 | ||||||
|
|
|||||||
Systems Software 2.4% | ||||||||
59,200 | Digital Arts, Inc. (Japan) |
5,216,343 | ||||||
352,897 | Minwise Co. Ltd. (Korea) |
6,830,856 | ||||||
|
|
|||||||
12,047,199 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 0.6% | ||||||||
57,241 | MGI Digital Graphic Technology* (France) |
2,893,195 | ||||||
|
|
|||||||
Thrifts & Mortgage Finance 2.4% | ||||||||
345,265 | Aavas Financiers Ltd.* (India) |
7,504,771 | ||||||
78,690 | Equitable Group, Inc. (Canada) |
4,361,886 | ||||||
|
|
|||||||
11,866,657 | ||||||||
|
|
|||||||
Total Common Stocks (cost $321,417,042) |
475,160,049 | |||||||
|
|
|||||||
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 4.4% | ||||||||
Repurchase Agreement 4.4% | ||||||||
$21,839,668 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing Corp. collateralized by $22,085,000 of United States Treasury Notes 1.875% due 3/31/22; value: $22,277,184; repurchase proceeds: $21,840,578 (cost $21,839,668) |
$ | 21,839,668 | |||||
|
|
|||||||
Total Short-Term Investments (cost $21,839,668) |
21,839,668 | |||||||
|
|
|||||||
Total Investments (cost $343,256,710) 100.3%§ |
496,999,717 | |||||||
Liabilities less Other Assets (0.3%) | (1,409,172 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 495,590,545 | ||||||
|
|
|||||||
*Non-income producing.
***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).
§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.57%.
See Notes to Schedules of Investments. |
WASATCH INTERNATIONAL OPPORTUNITIES FUND (WAIOX / WIIOX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
At June 30, 2019, Wasatch International Opportunities Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
Australia |
9.3 | |||
Canada |
2.4 | |||
China |
6.4 | |||
Denmark |
0.7 | |||
Egypt |
0.9 | |||
France |
3.9 | |||
Germany |
7.1 | |||
Greece |
1.2 | |||
India |
10.0 | |||
Indonesia |
1.4 | |||
Israel |
0.8 | |||
Italy |
1.0 | |||
Japan |
23.4 | |||
Korea |
3.4 | |||
Malaysia |
1.3 | |||
Mexico |
2.6 | |||
Norway |
1.1 | |||
Philippines |
2.1 | |||
Singapore |
0.9 | |||
South Africa |
0.9 | |||
Sweden |
6.5 | |||
Taiwan |
4.5 | |||
Thailand |
1.0 | |||
United Kingdom |
7.2 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH MICRO CAP FUND (WMICX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 98.1% | ||||||||
Alternative Carriers 2.1% | ||||||||
133,376 | Bandwidth, Inc., Class A* |
$ | 10,005,867 | |||||
|
|
|||||||
Apparel Retail 1.8% | ||||||||
233,992 | Boot Barn Holdings, Inc.* |
8,339,475 | ||||||
|
|
|||||||
Apparel, Accessories & Luxury Goods 1.0% | ||||||||
289,418 | Superior Group of Cos., Inc. |
4,957,730 | ||||||
|
|
|||||||
Application Software 7.5% | ||||||||
113,850 | Digimarc Corp.* |
5,053,802 | ||||||
64,600 | Esker S.A. (France) |
6,221,780 | ||||||
135,017 | Five9, Inc.* |
6,925,022 | ||||||
496,035 | Fortnox AB* (Sweden) |
7,489,014 | ||||||
207,680 | Upland Software, Inc.* |
9,455,670 | ||||||
|
|
|||||||
35,145,288 | ||||||||
|
|
|||||||
Biotechnology 6.0% | ||||||||
198,651 | ChemoCentryx, Inc.* |
1,847,454 | ||||||
359,548 | Cytokinetics, Inc.* |
4,044,915 | ||||||
94,564 | Esperion Therapeutics, Inc.* |
4,399,117 | ||||||
39,860 | Exact Sciences Corp.* |
4,705,075 | ||||||
228,584 | Flexion Therapeutics, Inc.* |
2,811,583 | ||||||
622,873 | Inovio Pharmaceuticals, Inc.* |
1,831,247 | ||||||
206,788 | MacroGenics, Inc.* |
3,509,192 | ||||||
355,567 | Sangamo Therapeutics, Inc.* |
3,829,457 | ||||||
829,394 | Selecta Biosciences, Inc.* |
1,484,615 | ||||||
|
|
|||||||
28,462,655 | ||||||||
|
|
|||||||
Construction & Engineering 2.2% | ||||||||
705,247 | Construction Partners, Inc., Class A* |
10,592,810 | ||||||
|
|
|||||||
Data Processing & Outsourced Services 1.3% | ||||||||
816,408 | USA Technologies, Inc.* |
6,065,911 | ||||||
|
|
|||||||
Department Stores 1.3% | ||||||||
194,028 | V-Mart Retail Ltd.* (India) |
6,197,990 | ||||||
|
|
|||||||
Diversified Banks 1.1% | ||||||||
1,607,909 | City Union Bank Ltd. (India) |
5,078,036 | ||||||
|
|
|||||||
Diversified Support Services 1.7% | ||||||||
313,300 | Japan Elevator Service Holdings Co. Ltd. (Japan) |
7,924,399 | ||||||
|
|
|||||||
Electronic Equipment & Instruments 2.4% | ||||||||
205,853 | Napco Security Technologies, Inc.* |
6,109,717 | ||||||
266,590 | nLight, Inc.* |
5,118,528 | ||||||
|
|
|||||||
11,228,245 | ||||||||
|
|
|||||||
Electronic Manufacturing Services 2.0% | ||||||||
185,512 | Fabrinet* |
9,214,381 | ||||||
|
|
|||||||
Environmental & Facilities Services 1.4% | ||||||||
243,587 | Heritage-Crystal Clean, Inc.* |
6,408,774 | ||||||
|
|
|||||||
Food Distributors 1.6% | ||||||||
215,409 | Chefs Warehouse, Inc. (The)* |
7,554,394 | ||||||
|
|
|||||||
Health Care Distributors 1.2% | ||||||||
164,743 | PetIQ, Inc.* |
5,429,929 | ||||||
|
|
|||||||
Health Care Equipment 8.0% | ||||||||
186,372 | AtriCure, Inc.* |
5,561,340 | ||||||
250,976 | CryoLife, Inc.* |
7,511,711 |
WASATCH MICRO CAP FUND (WMICX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
690,634 | IRIDEX Corp.* |
$ | 3,142,385 | |||||
217,253 | LeMaitre Vascular, Inc. |
6,078,739 | ||||||
28,114 | Mesa Laboratories, Inc. |
6,869,375 | ||||||
135,438 | Tandem Diabetes Care, Inc.* |
8,738,460 | ||||||
|
|
|||||||
37,902,010 | ||||||||
|
|
|||||||
Health Care Supplies 1.4% | ||||||||
166,275 | OrthoPediatrics Corp.* |
6,484,725 | ||||||
|
|
|||||||
Health Care Technology 5.6% | ||||||||
84,059 | Inspire Medical Systems, Inc.* |
5,098,178 | ||||||
59,252 | Omnicell, Inc.* |
5,097,450 | ||||||
340,465 | Simulations Plus, Inc. |
9,723,680 | ||||||
134,477 | Tabula Rasa HealthCare, Inc.* |
6,714,437 | ||||||
|
|
|||||||
26,633,745 | ||||||||
|
|
|||||||
Home Furnishings 0.9% | ||||||||
133,378 | Lovesac Co. (The)* |
4,144,054 | ||||||
|
|
|||||||
Homebuilding 2.7% | ||||||||
95,803 | LGI Homes, Inc.* |
6,843,208 | ||||||
212,791 | Skyline Champion Corp.* |
5,826,218 | ||||||
|
|
|||||||
12,669,426 | ||||||||
|
|
|||||||
Human Resource & Employment Services 1.1% | ||||||||
207,000 | UT Group Co. Ltd. (Japan) |
5,020,684 | ||||||
|
|
|||||||
Industrial Machinery 8.0% | ||||||||
145,236 | Altra Industrial Motion Corp. |
5,211,068 | ||||||
118,323 | Helios Technologies, Inc. |
5,491,370 | ||||||
108,044 | Kadant, Inc. |
9,811,476 | ||||||
542,300 | Kornit Digital Ltd.* (Israel) |
17,169,218 | ||||||
|
|
|||||||
37,683,132 | ||||||||
|
|
|||||||
Insurance Brokers 2.9% | ||||||||
177,233 | Goosehead Insurance, Inc., Class A |
8,471,737 | ||||||
208,174 | Health Insurance Innovations, Inc., Class A* |
5,395,870 | ||||||
|
|
|||||||
13,867,607 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail 2.9% | ||||||||
150,379 | Duluth Holdings, Inc., Class B* |
2,043,651 | ||||||
399,361 | Medallia, Inc.* *** |
7,160,543 | ||||||
166,800 | Open Door, Inc.* (Japan) |
4,311,752 | ||||||
|
|
|||||||
13,515,946 | ||||||||
|
|
|||||||
Internet Services & Infrastructure 1.0% | ||||||||
1,781,788 | Limelight Networks, Inc.* |
4,810,828 | ||||||
|
|
|||||||
IT Consulting & Other Services 2.1% | ||||||||
245,479 | Endava plc, ADR* (United Kingdom) |
9,878,075 | ||||||
|
|
|||||||
Leisure Products 1.2% | ||||||||
283,852 | MasterCraft Boat Holdings, Inc.* |
5,560,661 | ||||||
|
|
|||||||
Oil & Gas Exploration & Production 1.5% | ||||||||
2,524,023 | Abraxas Petroleum Corp.* |
2,599,744 | ||||||
1,904,429 | Lonestar Resources US, Inc., Class A* |
4,361,142 | ||||||
|
|
|||||||
6,960,886 | ||||||||
|
|
|||||||
Packaged Foods & Meats 2.3% | ||||||||
237,701 | Freshpet, Inc.* |
10,817,772 | ||||||
|
|
|||||||
Personal Products 1.6% | ||||||||
95,806 | USANA Health Sciences, Inc.* |
7,609,871 | ||||||
|
|
WASATCH MICRO CAP FUND (WMICX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Pharmaceuticals 1.3% | ||||||||
250,136 | Intra-Cellular Therapies, Inc.* |
$ | 3,246,765 | |||||
411,367 | Optinose, Inc.* |
2,912,479 | ||||||
|
|
|||||||
6,159,244 | ||||||||
|
|
|||||||
Regional Banks 3.6% | ||||||||
266,616 | CBTX, Inc. |
7,502,574 | ||||||
357,333 | Metro Bank plc* (United Kingdom) |
2,384,692 | ||||||
238,252 | Peoples Utah Bancorp |
7,004,609 | ||||||
|
|
|||||||
16,891,875 | ||||||||
|
|
|||||||
Research & Consulting Services 1.0% | ||||||||
191,000 | IR Japan Holdings Ltd. (Japan) |
4,593,637 | ||||||
|
|
|||||||
Restaurants 1.5% | ||||||||
310,481 | Chuys Holdings, Inc.* |
7,116,225 | ||||||
|
|
|||||||
Semiconductors 3.7% | ||||||||
103,517 | Ambarella, Inc.* |
4,568,205 | ||||||
140,075 | Inphi Corp.* |
7,017,757 | ||||||
257,654 | MaxLinear, Inc., Class A* |
6,039,410 | ||||||
|
|
|||||||
17,625,372 | ||||||||
|
|
|||||||
Systems Software 5.8% | ||||||||
60,730 | CyberArk Software Ltd.* (Israel) |
7,763,723 | ||||||
101,000 | Douzone Bizon Co. Ltd. (Korea) |
5,440,783 | ||||||
157,784 | Rapid7, Inc.* |
9,126,227 | ||||||
81,764 | Varonis Systems, Inc.* |
5,064,462 | ||||||
|
|
|||||||
27,395,195 | ||||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 0.8% | ||||||||
307,927 | Sonim Technologies, Inc.* |
3,919,911 | ||||||
|
|
|||||||
Thrifts & Mortgage Finance 0.9% | ||||||||
78,507 | Equitable Group, Inc. (Canada) |
4,351,742 | ||||||
|
|
|||||||
Trading Companies & Distributors 1.7% | ||||||||
321,456 | Transcat, Inc.* |
8,226,033 | ||||||
|
|
|||||||
Total Common Stocks (cost $336,043,400) |
462,444,540 | |||||||
|
|
|||||||
PREFERRED STOCK 0.7% | ||||||||
Internet & Direct Marketing Retail 0.7% | ||||||||
183,333 | Medallia, Inc., Series F* *** |
3,287,161 | ||||||
|
|
|||||||
Total Preferred Stock (cost $2,749,995) |
3,287,161 | |||||||
|
|
|||||||
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 1.4% | ||||||||
Repurchase Agreement 1.4% | ||||||||
$6,651,743 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing Corp. collateralized by $6,730,000 of United States Treasury Notes 1.875% due 3/31/22; value: $6,788,564; repurchase proceeds: $6,652,020 (cost $6,651,743) |
$ | 6,651,743 | |||||
|
|
WASATCH MICRO CAP FUND (WMICX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Total Short-Term Investments (cost $6,651,743) |
$ | 6,651,743 | ||||||
|
|
|||||||
Total Investments (cost $345,445,139) 100.2% |
472,383,444 | |||||||
Liabilities less Other Assets (0.2%) | (1,058,763 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 471,324,681 | ||||||
|
|
|||||||
*Non-income producing.
***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).
Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7).
Affiliated company (see Note 6).
ADR American Depositary Receipt.
See Notes to Schedules of Investments. |
At June 30, 2019, Wasatch Micro Cap Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
Canada |
0.9 | |||
France |
1.3 | |||
India |
2.4 | |||
Israel |
5.4 | |||
Japan |
4.7 | |||
Korea |
1.2 | |||
Sweden |
1.6 | |||
United Kingdom |
2.6 | |||
United States |
79.9 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH MICRO CAP VALUE FUND (WAMVX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 92.8% | ||||||||
Air Freight & Logistics 1.1% | ||||||||
484,000 | Radiant Logistics, Inc.* |
$ | 2,971,760 | |||||
|
|
|||||||
Airlines 1.0% | ||||||||
18,000 | Allegiant Travel Co. |
2,583,000 | ||||||
|
|
|||||||
Alternative Carriers 1.7% | ||||||||
190,000 | Gamma Communications plc (United Kingdom) |
2,774,839 | ||||||
258,000 | ORBCOMM, Inc.* |
1,870,500 | ||||||
|
|
|||||||
4,645,339 | ||||||||
|
|
|||||||
Apparel Retail 0.3% | ||||||||
540,000 | RTW RetailWinds, Inc.* |
918,000 | ||||||
|
|
|||||||
Apparel, Accessories & Luxury Goods 0.7% | ||||||||
110,851 | Superior Group of Cos., Inc. |
1,898,878 | ||||||
|
|
|||||||
Application Software 9.5% | ||||||||
43,000 | Ebix, Inc. |
2,159,460 | ||||||
231,500 | eGain Corp.* |
1,884,410 | ||||||
37,000 | Esker S.A. (France) |
3,563,558 | ||||||
30,000 | Everbridge, Inc.* |
2,682,600 | ||||||
25,300 | Globant S.A.* (Argentina) |
2,556,565 | ||||||
100,800 | Miroku Jyoho Service Co. Ltd. (Japan) |
3,164,754 | ||||||
277,000 | SharpSpring, Inc.* |
3,598,230 | ||||||
202,000 | Systena Corp. (Japan) |
3,301,248 | ||||||
310,000 | Telenav, Inc.* |
2,480,000 | ||||||
|
|
|||||||
25,390,825 | ||||||||
|
|
|||||||
Asset Management & Custody Banks 2.2% | ||||||||
750,000 | Fiducian Group Ltd. (Australia) |
2,716,933 | ||||||
54,000 | Hamilton Lane, Inc., Class A |
3,081,240 | ||||||
|
|
|||||||
5,798,173 | ||||||||
|
|
|||||||
Biotechnology 1.5% | ||||||||
127,000 | Cytokinetics, Inc.* |
1,428,750 | ||||||
205,000 | Sangamo Therapeutics, Inc.* |
2,207,850 | ||||||
222,002 | Selecta Biosciences, Inc.* |
397,384 | ||||||
|
|
|||||||
4,033,984 | ||||||||
|
|
|||||||
Building Products 1.0% | ||||||||
53,400 | Patrick Industries, Inc.* |
2,626,746 | ||||||
|
|
|||||||
Communications Equipment 1.1% | ||||||||
225,000 | Digi International, Inc.* |
2,853,000 | ||||||
|
|
|||||||
Construction & Engineering 3.2% | ||||||||
336,000 | Construction Partners, Inc., Class A* |
5,046,720 | ||||||
43,000 | NV5 Global, Inc.* |
3,500,200 | ||||||
|
|
|||||||
8,546,920 | ||||||||
|
|
|||||||
Consumer Finance 0.9% | ||||||||
1,050,000 | Unifin Financiera S.A.B. de C.V. SOFOM ENR (Mexico) |
2,334,275 | ||||||
|
|
|||||||
Data Processing & Outsourced Services 3.1% | ||||||||
151,000 | i3 Verticals, Inc., Class A* |
4,446,950 | ||||||
498,000 | USA Technologies, Inc.* |
3,700,140 | ||||||
|
|
|||||||
8,147,090 | ||||||||
|
|
|||||||
Diversified Banks 1.2% | ||||||||
1,000,000 | City Union Bank Ltd. (India) |
3,158,162 | ||||||
|
|
WASATCH MICRO CAP VALUE FUND (WAMVX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Diversified Support Services 1.1% | ||||||||
1,505,000 | Johnson Service Group plc (United Kingdom) |
$ | 2,847,798 | |||||
|
|
|||||||
Electronic Equipment & Instruments 1.6% | ||||||||
148,000 | Napco Security Technologies, Inc.* |
4,392,640 | ||||||
|
|
|||||||
Electronic Manufacturing Services 2.1% | ||||||||
83,000 | Fabrinet* |
4,122,610 | ||||||
181,150 | RF Industries Ltd. |
1,528,906 | ||||||
|
|
|||||||
5,651,516 | ||||||||
|
|
|||||||
Food Retail 0.1% | ||||||||
11,396 | Grocery Outlet Holding Corp.* |
374,700 | ||||||
|
|
|||||||
Health Care Distributors 1.9% | ||||||||
3,300,000 | Ibnsina Pharma S.A.E.* (Egypt) |
2,322,661 | ||||||
85,000 | PetIQ, Inc.* |
2,801,600 | ||||||
|
|
|||||||
5,124,261 | ||||||||
|
|
|||||||
Health Care Equipment 4.3% | ||||||||
80,000 | AtriCure, Inc.* |
2,387,200 | ||||||
880,000 | Ekso Bionics Holdings, Inc.* |
1,117,600 | ||||||
367,668 | IRIDEX Corp.* |
1,672,890 | ||||||
203,000 | Neuronetics, Inc.* |
2,539,530 | ||||||
90,515 | RA Medical Systems, Inc.* |
327,664 | ||||||
59,000 | Tactile Systems Technology, Inc.* |
3,358,280 | ||||||
|
|
|||||||
11,403,164 | ||||||||
|
|
|||||||
Health Care Facilities 1.1% | ||||||||
53,000 | Ensign Group, Inc. (The) |
3,016,760 | ||||||
|
|
|||||||
Health Care Services 2.1% | ||||||||
24,000 | LHC Group, Inc.* |
2,869,920 | ||||||
420,000 | Viemed Healthcare, Inc.* (Canada) |
2,864,037 | ||||||
|
|
|||||||
5,733,957 | ||||||||
|
|
|||||||
Health Care Supplies 1.4% | ||||||||
97,000 | OrthoPediatrics Corp.* |
3,783,000 | ||||||
|
|
|||||||
Health Care Technology 3.7% | ||||||||
100,000 | Nexus AG (Germany) |
3,775,173 | ||||||
31,000 | Omnicell, Inc.* |
2,666,930 | ||||||
215,330 | OptimizeRx Corp.* |
3,488,346 | ||||||
|
|
|||||||
9,930,449 | ||||||||
|
|
|||||||
Home Furnishings 1.1% | ||||||||
91,000 | Lovesac Co. (The)* |
2,827,370 | ||||||
|
|
|||||||
Homebuilding 3.6% | ||||||||
43,000 | LGI Homes, Inc.* |
3,071,490 | ||||||
234,000 | Skyline Champion Corp.* |
6,406,920 | ||||||
|
|
|||||||
9,478,410 | ||||||||
|
|
|||||||
Human Resource & Employment Services 1.5% | ||||||||
79,000 | BG Staffing, Inc. |
1,491,520 | ||||||
103,000 | UT Group Co. Ltd. (Japan) |
2,498,215 | ||||||
|
|
|||||||
3,989,735 | ||||||||
|
|
|||||||
Industrial Machinery 3.5% | ||||||||
20,000 | John Bean Technologies Corp. |
2,422,600 | ||||||
24,000 | Kadant, Inc. |
2,179,440 | ||||||
86,688 | Kornit Digital Ltd.* (Israel) |
2,744,542 | ||||||
225,000 | va-Q-tec AG* (Germany) |
2,021,196 | ||||||
|
|
|||||||
9,367,778 | ||||||||
|
|
WASATCH MICRO CAP VALUE FUND (WAMVX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Industrial REITs 1.2% | ||||||||
235,000 | Monmouth Real Estate Investment Corp. |
$ | 3,184,250 | |||||
|
|
|||||||
Insurance Brokers 1.4% | ||||||||
77,000 | Goosehead Insurance, Inc., Class A |
3,680,600 | ||||||
|
|
|||||||
Integrated Telecommunication Services 0.9% | ||||||||
240,000 | Ooma, Inc.* |
2,515,200 | ||||||
|
|
|||||||
Internet Services & Infrastructure 0.8% | ||||||||
34,000 | Tucows, Inc., Class A* |
2,074,680 | ||||||
|
|
|||||||
Investment Banking & Brokerage 0.9% | ||||||||
298,000 | JDC Group AG* (Germany) |
2,304,220 | ||||||
|
|
|||||||
IT Consulting & Other Services 3.6% | ||||||||
130,000 | Avant Corp. (Japan) |
2,430,831 | ||||||
108,000 | Endava plc, ADR* (United Kingdom) |
4,345,920 | ||||||
173,000 | Hackett Group, Inc. (The) |
2,904,670 | ||||||
|
|
|||||||
9,681,421 | ||||||||
|
|
|||||||
Mortgage REITs 1.4% | ||||||||
299,000 | Arbor Realty Trust, Inc. |
3,623,880 | ||||||
|
|
|||||||
Oil & Gas Equipment & Services 1.9% | ||||||||
546,000 | Mitcham Industries, Inc.* |
2,156,700 | ||||||
196,000 | Solaris Oilfield Infrastructure, Inc., Class A |
2,936,080 | ||||||
|
|
|||||||
5,092,780 | ||||||||
|
|
|||||||
Oil & Gas Exploration & Production 0.7% | ||||||||
163,000 | Magnolia Oil & Gas Corp., Class A* |
1,887,540 | ||||||
|
|
|||||||
Packaged Foods & Meats 2.6% | ||||||||
111,000 | Freshpet, Inc.* |
5,051,610 | ||||||
360,000 | Yihai International Holding Ltd.* (China) |
1,868,735 | ||||||
|
|
|||||||
6,920,345 | ||||||||
|
|
|||||||
Personal Products 1.2% | ||||||||
306,000 | Sarantis S.A.* (Greece) |
3,093,299 | ||||||
|
|
|||||||
Pharmaceuticals 0.7% | ||||||||
243,000 | Cocrystal Pharma, Inc.* |
571,050 | ||||||
109,000 | Intra-Cellular Therapies, Inc.* |
1,414,820 | ||||||
|
|
|||||||
1,985,870 | ||||||||
|
|
|||||||
Regional Banks 5.2% | ||||||||
170,463 | Capital Bancorp, Inc.* |
2,096,695 | ||||||
177,000 | Esquire Financial Holdings, Inc.* |
4,451,550 | ||||||
112,000 | Investar Holding Corp. |
2,671,200 | ||||||
123,533 | SmartFinancial, Inc.* |
2,679,431 | ||||||
61,000 | Sound Financial Bancorp, Inc. |
2,083,150 | ||||||
|
|
|||||||
13,982,026 | ||||||||
|
|
|||||||
Research & Consulting Services 1.0% | ||||||||
113,000 | IR Japan Holdings Ltd. (Japan) |
2,717,702 | ||||||
|
|
|||||||
Semiconductors 3.0% | ||||||||
51,000 | Ambarella, Inc.* |
2,250,630 | ||||||
62,000 | Inphi Corp.* |
3,106,200 | ||||||
116,000 | MaxLinear, Inc.* |
2,719,040 | ||||||
|
|
|||||||
8,075,870 | ||||||||
|
|
|||||||
Specialized Consumer Services 0.9% | ||||||||
199,708 | Select Interior Concepts, Inc., Class A* |
2,326,598 | ||||||
|
|
WASATCH MICRO CAP VALUE FUND (WAMVX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Specialty Chemicals 0.9% | ||||||||
144,000 | Ferro Corp.* |
$ | 2,275,200 | |||||
|
|
|||||||
Systems Software 0.9% | ||||||||
130,000 | Minwise Co. Ltd. (Korea) |
2,516,347 | ||||||
|
|
|||||||
Technology Hardware, Storage & Peripherals 1.6% | ||||||||
16,924 | MGI Digital Graphic Technology* (France) |
855,408 | ||||||
725,000 | One Stop Systems, Inc.* |
1,239,750 | ||||||
175,000 | Sonim Technologies, Inc.* |
2,227,750 | ||||||
|
|
|||||||
4,322,908 | ||||||||
|
|
|||||||
Thrifts & Mortgage Finance 1.8% | ||||||||
90,000 | Axos Financial, Inc.* |
2,452,500 | ||||||
310,000 | Mortgage Advice Bureau Holdings Ltd. (United Kingdom) |
2,342,421 | ||||||
|
|
|||||||
4,794,921 | ||||||||
|
|
|||||||
Trading Companies & Distributors 1.8% | ||||||||
283,000 | Hardwoods Distribution, Inc. (Canada) |
2,716,437 | ||||||
32,000 | SiteOne Landscape Supply, Inc.* |
2,217,600 | ||||||
|
|
|||||||
4,934,037 | ||||||||
|
|
|||||||
Water Utilities 0.8% | ||||||||
198,233 | Global Water Resources, Inc. |
2,069,552 | ||||||
|
|
|||||||
Total Common Stocks (cost $179,294,721) |
247,886,936 | |||||||
|
|
|||||||
CONVERTIBLE PREFERRED STOCK 0.7% | ||||||||
Oil & Gas Refining & Marketing 0.7% | ||||||||
625,742 | Vertex Energy, Inc., Pfd., 6.00% PIK, Series B*** |
1,927,285 | ||||||
|
|
|||||||
Total Convertible Preferred Stock (cost $1,844,800) |
1,927,285 | |||||||
|
|
|||||||
RIGHTS 0.2% | ||||||||
Pharmaceuticals 0.2% | ||||||||
1 | Acetylon Pharmaceuticals, Inc.* *** |
391,627 | ||||||
1 | Acetylon Pharmaceuticals, Inc.* *** |
| ||||||
|
|
|||||||
391,627 | ||||||||
|
|
|||||||
Total Rights (cost $0) |
391,627 | |||||||
|
|
|||||||
LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 0.0% | ||||||||
Pharmaceuticals 0.0% | ||||||||
50,528 | Regenacy Pharmaceuticals, LLC* *** |
20,211 | ||||||
|
|
|||||||
Total Limited Liability Company Membership Interest (cost $30,001) |
20,211 | |||||||
|
|
|||||||
WARRANTS 0.1% | ||||||||
Health Care Equipment 0.1% | ||||||||
880,000 | Ekso Bionics Holdings Inc., expiring 05/24/2024* *** |
255,200 | ||||||
|
|
|||||||
Oil & Gas Refining & Marketing 0.0% | ||||||||
250,000 | Vertex Energy, Inc., expiring 12/24/2020* *** |
12,500 | ||||||
|
|
|||||||
Total Warrants (cost $369,682) |
267,700 | |||||||
|
|
WASATCH MICRO CAP VALUE FUND (WAMVX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 4.6% | ||||||||
Repurchase Agreement 4.6% | ||||||||
$12,265,656 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing Corp. collateralized by $12,405,000 of United States Treasury Notes 1.875% due 3/31/22; value: $12,512,948; repurchase proceeds: $12,266,167 (cost $12,265,656) |
$ | 12,265,656 | |||||
|
|
|||||||
Total Short-Term Investments (cost $12,265,656) |
12,265,656 | |||||||
|
|
|||||||
Total Investments (cost $193,804,860) 98.4%§ |
262,759,415 | |||||||
Other Assets less Liabilities 1.6% | 4,341,128 | |||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 267,100,543 | ||||||
|
|
|||||||
*Non-income producing.
***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).
Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7).
Affiliated company (see Note 6).
§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 0.87%.
ADR American Depositary Receipt.
PIK PIK Payment in kind.
REIT Real Estate Investment Trust.
See Notes to Schedules of Investments. |
|
At June 30, 2019, Wasatch Micro Cap Value Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
Argentina |
1.0 | |||
Australia |
1.1 | |||
Canada |
2.2 | |||
China |
0.8 | |||
Egypt |
0.9 | |||
France |
1.8 | |||
Germany |
3.2 | |||
Greece |
1.3 | |||
India |
1.3 | |||
Israel |
1.1 | |||
Japan |
5.6 | |||
Korea |
1.0 | |||
Mexico |
0.9 | |||
United Kingdom |
4.9 | |||
United States |
72.9 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 96.9% | ||||||||
Aerospace & Defense 2.8% | ||||||||
496,294 | HEICO Corp., Class A |
$ | 51,301,911 | |||||
|
|
|||||||
Air Freight & Logistics 1.4% | ||||||||
22,829,736 | Aramex PJSC (United Arab Emirates) |
25,770,413 | ||||||
|
|
|||||||
Airlines 1.1% | ||||||||
132,243 | Allegiant Travel Co. |
18,976,871 | ||||||
|
|
|||||||
Application Software 12.3% | ||||||||
478,225 | DocuSign, Inc.* |
23,772,565 | ||||||
526,090 | Envestnet, Inc.* |
35,968,773 | ||||||
528,726 | Five9, Inc.* |
27,118,357 | ||||||
356,822 | Globant S.A.* (Argentina) |
36,056,863 | ||||||
180,338 | HubSpot, Inc.* |
30,751,236 | ||||||
417,443 | Paylocity Holding Corp.* |
39,164,502 | ||||||
330,363 | Zendesk, Inc.* |
29,412,218 | ||||||
|
|
|||||||
222,244,514 | ||||||||
|
|
|||||||
Automotive Retail 2.7% | ||||||||
564,672 | Monro, Inc. |
48,166,522 | ||||||
|
|
|||||||
Biotechnology 8.4% | ||||||||
1,910,468 | Abcam plc (United Kingdom) |
35,762,151 | ||||||
292,453 | Atara Biotherapeutics, Inc.* |
5,881,230 | ||||||
1,234,930 | ChemoCentryx, Inc.* |
11,484,849 | ||||||
1,153,665 | Cytokinetics, Inc.* |
12,978,731 | ||||||
489,735 | Denali Therapeutics, Inc.* |
10,166,899 | ||||||
212,807 | Esperion Therapeutics, Inc.* |
9,899,782 | ||||||
265,132 | Exact Sciences Corp.* |
31,296,181 | ||||||
362,824 | Flexion Therapeutics, Inc.* |
4,462,735 | ||||||
2,153,878 | Inovio Pharmaceuticals, Inc.* |
6,332,401 | ||||||
512,111 | MacroGenics, Inc.* |
8,690,524 | ||||||
1,288,714 | Sangamo Therapeutics, Inc.* |
13,879,450 | ||||||
|
|
|||||||
150,834,933 | ||||||||
|
|
|||||||
Building Products 2.0% | ||||||||
711,869 | AAON, Inc. |
35,721,586 | ||||||
|
|
|||||||
Data Processing & Outsourced Services 3.1% | ||||||||
331,602 | Euronet Worldwide, Inc.* |
55,788,720 | ||||||
|
|
|||||||
Diversified Support Services 4.1% | ||||||||
632,123 | Copart, Inc.* |
47,244,873 | ||||||
878,532 | Healthcare Services Group, Inc. |
26,637,090 | ||||||
|
|
|||||||
73,881,963 | ||||||||
|
|
|||||||
Food Retail 0.6% | ||||||||
305,713 | Grocery Outlet Holding Corp.* |
10,051,843 | ||||||
|
|
|||||||
General Merchandise Stores 2.0% | ||||||||
420,326 | Ollies Bargain Outlet Holdings, Inc.* |
36,614,598 | ||||||
|
|
|||||||
Health Care Distributors 0.9% | ||||||||
466,163 | PetIQ, Inc.* |
15,364,732 | ||||||
|
|
|||||||
Health Care Equipment 4.0% | ||||||||
506,367 | Cantel Medical Corp. |
40,833,435 | ||||||
255,068 | Insulet Corp.* |
30,450,018 | ||||||
|
|
|||||||
71,283,453 | ||||||||
|
|
|||||||
Health Care Facilities 2.1% | ||||||||
676,679 | Ensign Group, Inc. (The) |
38,516,569 | ||||||
|
|
WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Health Care Supplies 2.4% | ||||||||
710,502 | Neogen Corp.* |
$ | 44,129,279 | |||||
|
|
|||||||
Health Care Technology 0.8% | ||||||||
238,866 | Inspire Medical Systems, Inc.* |
14,487,223 | ||||||
|
|
|||||||
Home Improvement Retail 1.6% | ||||||||
677,486 | Floor & Decor Holdings, Inc., Class A* |
28,386,663 | ||||||
|
|
|||||||
Homebuilding 1.6% | ||||||||
415,421 | LGI Homes, Inc.* |
29,673,522 | ||||||
|
|
|||||||
Industrial Machinery 8.7% | ||||||||
648,785 | Barnes Group, Inc. |
36,552,547 | ||||||
647,099 | Helios Technologies, Inc. |
30,031,865 | ||||||
766,346 | Kornit Digital Ltd.* (Israel) |
24,262,514 | ||||||
392,105 | RBC Bearings, Inc.* |
65,407,035 | ||||||
|
|
|||||||
156,253,961 | ||||||||
|
|
|||||||
Insurance Brokers 1.4% | ||||||||
522,102 | Goosehead Insurance, Inc., Class A |
24,956,476 | ||||||
|
|
|||||||
IT Consulting & Other Services 2.1% | ||||||||
508,309 | InterXion Holding N.V.* (Netherlands) |
38,677,232 | ||||||
|
|
|||||||
Life Sciences Tools & Services 5.2% | ||||||||
25,476 | Adaptive Biotechnologies Corp.* |
1,230,491 | ||||||
345,388 | ICON plc* (Ireland) |
53,179,391 | ||||||
591,677 | Medpace Holdings, Inc.* |
38,707,509 | ||||||
|
|
|||||||
93,117,391 | ||||||||
|
|
|||||||
Managed Health Care 1.7% | ||||||||
462,431 | HealthEquity, Inc.* |
30,242,987 | ||||||
|
|
|||||||
Pharmaceuticals 0.5% | ||||||||
733,342 | Intra-Cellular Therapies, Inc.* |
9,518,779 | ||||||
|
|
|||||||
Regional Banks 6.0% | ||||||||
646,584 | Eagle Bancorp, Inc. |
34,999,592 | ||||||
1,958,249 | Metro Bank plc* (United Kingdom) |
13,068,538 | ||||||
650,466 | Pinnacle Financial Partners, Inc. |
37,388,786 | ||||||
378,700 | Texas Capital Bancshares, Inc.* |
23,240,819 | ||||||
|
|
|||||||
108,697,735 | ||||||||
|
|
|||||||
Restaurants 2.3% | ||||||||
639,545 | Chuys Holdings, Inc.* |
14,658,371 | ||||||
381,312 | Shake Shack, Inc., Class A* |
27,530,727 | ||||||
|
|
|||||||
42,189,098 | ||||||||
|
|
|||||||
Semiconductors 1.8% | ||||||||
241,803 | Monolithic Power Systems, Inc. |
32,832,011 | ||||||
|
|
|||||||
Specialty Stores 4.2% | ||||||||
306,421 | Five Below, Inc.* |
36,776,649 | ||||||
1,239,029 | National Vision Holdings, Inc.* |
38,075,361 | ||||||
|
|
|||||||
74,852,010 | ||||||||
|
|
|||||||
Systems Software 5.3% | ||||||||
184,920 | CyberArk Software Ltd.* (Israel) |
23,640,173 | ||||||
234,036 | Proofpoint, Inc.* |
28,142,829 | ||||||
503,292 | Rapid7, Inc.* |
29,110,409 | ||||||
240,270 | Varonis Systems, Inc.* |
14,882,324 | ||||||
|
|
|||||||
95,775,735 | ||||||||
|
|
WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Trading Companies & Distributors 1.8% | ||||||||
473,327 | SiteOne Landscape Supply, Inc.* |
$ | 32,801,561 | |||||
|
|
|||||||
Trucking 2.0% | ||||||||
1,115,152 | Knight-Swift Transportation Holdings, Inc. |
36,621,592 | ||||||
|
|
|||||||
Total Common Stocks (cost $1,147,945,836) |
1,747,731,883 | |||||||
|
|
|||||||
PREFERRED STOCKS 1.4% | ||||||||
Biotechnology 0.1% | ||||||||
677,966 | Nanosys, Inc., Series D Pfd.* *** |
915,254 | ||||||
161,519 | Nanosys, Inc., Series E Pfd.* *** |
201,899 | ||||||
|
|
|||||||
1,117,153 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail 0.6% | ||||||||
666,667 | Medallia, Inc., Series F* *** |
11,953,339 | ||||||
|
|
|||||||
Systems Software 0.7% | ||||||||
1,114,610 | DataStax, Inc., Series E Pfd.* *** |
12,606,239 | ||||||
|
|
|||||||
Total Preferred Stocks (cost $20,184,946) |
25,676,731 | |||||||
|
|
|||||||
LIMITED PARTNERSHIP INTEREST 0.1% | ||||||||
Asset Management & Custody Banks 0.1% | ||||||||
1 | Greenspring Global Partners II-B, L.P.* *** |
1,613,880 | ||||||
1 | Greenspring Global Partners III-B, L.P.* *** |
908,937 | ||||||
|
|
|||||||
2,522,817 | ||||||||
|
|
|||||||
Total Limited Partnership Interest (cost $2,357,563) |
2,522,817 | |||||||
|
|
|||||||
SELLERS NOTE 0.1% | ||||||||
Oil & Gas Equipment & Services 0.1% | ||||||||
1,728,000 | Drilling Info Holdings, Inc., Series B, 7.25%*** |
1,728,000 | ||||||
|
|
|||||||
Total Sellers Note (cost $1,119,330) |
1,728,000 | |||||||
|
|
|||||||
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 2.2% | ||||||||
Repurchase Agreement 2.2% | ||||||||
$38,867,446 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing Corp. collateralized by $39,305,000 of United States Treasury Notes 1.875% due 3/31/22; value: $39,647,032; repurchase proceeds: $38,869,066 (cost $38,867,446) |
$ | 38,867,446 | |||||
|
|
|||||||
Total Short-Term Investments (cost $38,867,446) |
38,867,446 | |||||||
|
|
WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Total Investments (cost $1,210,475,121) 100.7%§ |
$ | 1,816,526,877 | ||||||
Liabilities less Other Assets (0.7%) | (12,050,983 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 1,804,475,894 | ||||||
|
|
|||||||
*Non-income producing.
***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).
Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7).
§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.43%.
See Notes to Schedules of Investments. |
At June 30, 2019, Wasatch Small Cap Growth Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
Argentina |
2.0 | |||
Ireland |
3.0 | |||
Israel |
2.7 | |||
Netherlands |
2.2 | |||
United Arab Emirates |
1.5 | |||
United Kingdom |
2.7 | |||
United States |
85.9 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 98.3% | ||||||||
Aerospace & Defense 2.0% | ||||||||
149,751 | HEICO Corp., Class A |
$ | 15,479,761 | |||||
|
|
|||||||
Airlines 3.9% | ||||||||
82,272 | Allegiant Travel Co. |
11,806,032 | ||||||
188,946 | Copa Holdings S.A., Class A (Panama) |
18,435,461 | ||||||
|
|
|||||||
30,241,493 | ||||||||
|
|
|||||||
Application Software 1.3% | ||||||||
194,132 | Ebix, Inc. |
9,749,309 | ||||||
|
|
|||||||
Asset Management & Custody Banks 4.5% | ||||||||
644,890 | Artisan Partners Asset Management, Inc., Class A |
17,747,373 | ||||||
294,851 | Hamilton Lane, Inc., Class A |
16,824,198 | ||||||
|
|
|||||||
34,571,571 | ||||||||
|
|
|||||||
Auto Parts & Equipment 2.8% | ||||||||
244,726 | Dorman Products, Inc.* |
21,325,424 | ||||||
|
|
|||||||
Automotive Retail 6.7% | ||||||||
715,232 | Camping World Holdings, Inc., Class A |
8,883,182 | ||||||
145,214 | Lithia Motors, Inc., Class A |
17,248,519 | ||||||
296,004 | Monro, Inc. |
25,249,141 | ||||||
|
|
|||||||
51,380,842 | ||||||||
|
|
|||||||
Commercial Printing 0.9% | ||||||||
76,028 | Cimpress N.V.* |
6,910,185 | ||||||
|
|
|||||||
Commodity Chemicals 2.1% | ||||||||
820,924 | Valvoline, Inc. |
16,032,646 | ||||||
|
|
|||||||
Consumer Electronics 1.0% | ||||||||
1,078,376 | ZAGG, Inc.* |
7,505,497 | ||||||
|
|
|||||||
Consumer Finance 1.8% | ||||||||
29,531 | Credit Acceptance Corp.* |
14,287,984 | ||||||
|
|
|||||||
Data Processing & Outsourced Services 3.5% | ||||||||
160,648 | Euronet Worldwide, Inc.* |
27,027,419 | ||||||
|
|
|||||||
Diversified Banks 1.0% | ||||||||
2,575,163 | City Union Bank Ltd. (India) |
8,132,781 | ||||||
|
|
|||||||
Diversified Support Services 1.2% | ||||||||
295,912 | Healthcare Services Group, Inc. |
8,972,052 | ||||||
|
|
|||||||
Electronic Manufacturing Services 2.8% | ||||||||
442,811 | Fabrinet* |
21,994,422 | ||||||
|
|
|||||||
Health Care Equipment 2.1% | ||||||||
197,859 | Cantel Medical Corp. |
15,955,350 | ||||||
|
|
|||||||
Health Care Facilities 2.6% | ||||||||
346,871 | Ensign Group, Inc. (The) |
19,743,897 | ||||||
|
|
|||||||
Health Care Services 1.5% | ||||||||
97,407 | LHC Group, Inc.* |
11,647,929 | ||||||
|
|
|||||||
Home Furnishing Retail 1.6% | ||||||||
310,083 | Sleep Number Corp.* |
12,524,252 | ||||||
|
|
|||||||
Home Furnishings 0.9% | ||||||||
219,890 | Lovesac Co. (The)* |
6,831,982 | ||||||
|
|
|||||||
Homebuilding 3.1% | ||||||||
202,038 | LGI Homes, Inc.* |
14,431,574 |
WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
353,404 | Skyline Champion Corp.* |
$ | 9,676,202 | |||||
|
|
|||||||
24,107,776 | ||||||||
|
|
|||||||
Hotel & Resort REITs 2.6% | ||||||||
1,726,770 | Summit Hotel Properties, Inc. |
19,806,052 | ||||||
|
|
|||||||
Industrial Machinery 7.8% | ||||||||
612,440 | Altra Industrial Motion Corp. |
21,974,347 | ||||||
266,512 | Helios Technologies, Inc. |
12,368,822 | ||||||
284,031 | Kadant, Inc. |
25,792,855 | ||||||
|
|
|||||||
60,136,024 | ||||||||
|
|
|||||||
Industrial REITs 1.3% | ||||||||
768,010 | Monmouth Real Estate Investment Corp. |
10,406,535 | ||||||
|
|
|||||||
Investment Banking & Brokerage 1.4% | ||||||||
305,218 | Moelis & Co., Class A |
10,667,369 | ||||||
|
|
|||||||
IT Consulting & Other Services 1.8% | ||||||||
852,284 | Hackett Group, Inc. (The) |
14,309,848 | ||||||
|
|
|||||||
Life Sciences Tools & Services 2.1% | ||||||||
105,410 | ICON plc* (Ireland) |
16,229,978 | ||||||
|
|
|||||||
Mortgage REITs 7.0% | ||||||||
1,544,422 | Arbor Realty Trust, Inc. |
18,718,395 | ||||||
1,143,979 | Ladder Capital Corp. |
19,001,491 | ||||||
2,314,643 | MFA Financial, Inc. |
16,619,137 | ||||||
|
|
|||||||
54,339,023 | ||||||||
|
|
|||||||
Oil & Gas Equipment & Services 1.1% | ||||||||
452,389 | Oil States International, Inc.* |
8,278,719 | ||||||
|
|
|||||||
Oil & Gas Exploration & Production 0.8% | ||||||||
3,667,640 | Gran Tierra Energy, Inc.* (Colombia) |
5,831,548 | ||||||
|
|
|||||||
Personal Products 2.0% | ||||||||
314,075 | Nu Skin Enterprises, Inc., Class A |
15,490,179 | ||||||
|
|
|||||||
Regional Banks 13.2% | ||||||||
410,252 | FB Financial Corp. |
15,015,223 | ||||||
299,655 | Pinnacle Financial Partners, Inc. |
17,224,169 | ||||||
287,648 | Prosperity Bancshares, Inc. |
18,999,151 | ||||||
261,789 | South State Corp. |
19,285,996 | ||||||
246,470 | Texas Capital Bancshares, Inc.* |
15,125,864 | ||||||
342,129 | Webster Financial Corp. |
16,343,502 | ||||||
|
|
|||||||
101,993,905 | ||||||||
|
|
|||||||
Semiconductors 1.3% | ||||||||
655,586 | Tower Semiconductor Ltd.* (Israel) |
10,338,591 | ||||||
|
|
|||||||
Specialized REITs 1.3% | ||||||||
359,370 | National Storage Affiliates Trust |
10,400,168 | ||||||
|
|
|||||||
Specialty Chemicals 3.3% | ||||||||
276,055 | Innospec, Inc. |
25,187,258 | ||||||
|
|
|||||||
Thrifts & Mortgage Finance 1.3% | ||||||||
377,836 | Axos Financial, Inc.* |
10,296,031 | ||||||
|
|
|||||||
Trucking 2.7% | ||||||||
637,029 | Knight-Swift Transportation Holdings, Inc. |
20,920,032 | ||||||
|
|
|||||||
Total Common Stocks (cost $653,843,703) |
759,053,832 | |||||||
|
|
WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 2.2% | ||||||||
Repurchase Agreement 2.2% | ||||||||
$17,083,015 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing
Corp. |
$ | 17,083,015 | |||||
|
|
|||||||
Total Short-Term Investments (cost $17,083,015) |
17,083,015 | |||||||
|
|
|||||||
Total Investments (cost $670,926,718) 100.5% |
776,136,847 | |||||||
Liabilities less Other Assets (0.5%) | (4,164,712 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 771,972,135 | ||||||
|
|
|||||||
*Non-income producing. | ||||||||
REIT Real Estate Investment Trust. | ||||||||
See Notes to Schedules of Investments. |
At June 30, 2019, Wasatch Small Cap Value Funds investments, excluding short-term investments, were in the following countries:
Country |
% | |||
Colombia |
0.8 | |||
India |
1.1 | |||
Ireland |
2.1 | |||
Israel |
1.4 | |||
Panama |
2.4 | |||
United States |
92.2 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH ULTRA GROWTH FUND (WAMCX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Shares | Value | |||||||
COMMON STOCKS 91.8% | ||||||||
Alternative Carriers 1.2% | ||||||||
99,151 | Bandwidth, Inc., Class A* |
$ | 7,438,308 | |||||
|
|
|||||||
Application Software 12.8% | ||||||||
414,365 | Box, Inc., Class A* |
7,296,968 | ||||||
106,485 | DocuSign, Inc.* |
5,293,369 | ||||||
190,718 | Five9, Inc.* |
9,781,926 | ||||||
107,081 | Globant S.A.* (Argentina) |
10,820,535 | ||||||
77,578 | HubSpot, Inc.* |
13,228,601 | ||||||
173,774 | Instructure, Inc.* |
7,385,395 | ||||||
154,807 | Paylocity Holding Corp.* |
14,523,993 | ||||||
127,664 | Zendesk, Inc.* |
11,365,926 | ||||||
|
|
|||||||
79,696,713 | ||||||||
|
|
|||||||
Automotive Retail 1.3% | ||||||||
92,862 | Monro, Inc. |
7,921,129 | ||||||
|
|
|||||||
Biotechnology 11.1% | ||||||||
94,265 | Atara Biotherapeutics, Inc.* |
1,895,669 | ||||||
637,610 | ChemoCentryx, Inc.* |
5,929,773 | ||||||
583,952 | Cytokinetics, Inc.* |
6,569,460 | ||||||
140,361 | Denali Therapeutics, Inc.* |
2,913,894 | ||||||
171,002 | Esperion Therapeutics, Inc.* |
7,955,013 | ||||||
77,673 | Exact Sciences Corp.* |
9,168,521 | ||||||
260,386 | Flexion Therapeutics, Inc.* |
3,202,748 | ||||||
2,193,841 | Inovio Pharmaceuticals, Inc.* |
6,449,893 | ||||||
347,607 | MacroGenics, Inc.* |
5,898,891 | ||||||
1,280,035 | MEI Pharma, Inc.* |
3,200,087 | ||||||
931,390 | Sangamo Therapeutics, Inc.* |
10,031,070 | ||||||
45,320 | Seattle Genetics, Inc.* |
3,136,597 | ||||||
1,275,354 | Selecta Biosciences, Inc.* |
2,282,884 | ||||||
252,861 | Unum Therapeutics, Inc.* |
662,496 | ||||||
|
|
|||||||
69,296,996 | ||||||||
|
|
|||||||
Building Products 3.8% | ||||||||
132,459 | AAON, Inc. |
6,646,792 | ||||||
242,514 | Trex Co., Inc.* |
17,388,254 | ||||||
|
|
|||||||
24,035,046 | ||||||||
|
|
|||||||
Construction & Engineering 1.7% | ||||||||
134,054 | NV5 Global, Inc.* |
10,911,996 | ||||||
|
|
|||||||
Department Stores 0.5% | ||||||||
101,855 | V-Mart Retail Ltd.* (India) |
3,253,635 | ||||||
|
|
|||||||
Diversified Banks 1.3% | ||||||||
2,489,169 | City Union Bank Ltd. (India) |
7,861,198 | ||||||
|
|
|||||||
Diversified Support Services 1.3% | ||||||||
272,757 | Healthcare Services Group, Inc. |
8,269,992 | ||||||
|
|
|||||||
Electronic Equipment & Instruments 0.5% | ||||||||
174,076 | nLight, Inc.* |
3,342,259 | ||||||
|
|
|||||||
Electronic Manufacturing Services 0.7% | ||||||||
28,875 | IPG Photonics Corp.* |
4,453,969 | ||||||
|
|
|||||||
Food Retail 0.6% | ||||||||
119,192 | Grocery Outlet Holding Corp.* |
3,919,033 | ||||||
|
|
|||||||
General Merchandise Stores 1.3% | ||||||||
91,751 | Ollies Bargain Outlet Holdings, Inc.* |
7,992,430 | ||||||
|
|
WASATCH ULTRA GROWTH FUND (WAMCX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
Health Care Equipment 9.0% | ||||||||
334,043 | AtriCure, Inc.* |
$ | 9,967,843 | |||||
363,705 | CryoLife, Inc.* |
10,885,691 | ||||||
127,375 | Glaukos Corp.* |
9,604,075 | ||||||
116,634 | Insulet Corp.* |
13,923,767 | ||||||
163,951 | Tandem Diabetes Care, Inc.* |
10,578,118 | ||||||
50,000 | TransMedics Group, Inc.* |
1,449,500 | ||||||
|
|
|||||||
56,408,994 | ||||||||
|
|
|||||||
Health Care Technology 2.8% | ||||||||
179,705 | Inspire Medical Systems, Inc.* |
10,899,108 | ||||||
42,190 | Veeva Systems, Inc., Class A* |
6,839,421 | ||||||
|
|
|||||||
17,738,529 | ||||||||
|
|
|||||||
Heavy Electrical Equipment 1.4% | ||||||||
344,737 | TPI Composites, Inc.* |
8,521,899 | ||||||
|
|
|||||||
Home Improvement Retail 1.6% | ||||||||
243,548 | Floor & Decor Holdings, Inc., Class A* |
10,204,661 | ||||||
|
|
|||||||
Homebuilding 1.5% | ||||||||
134,675 | LGI Homes, Inc.* |
9,619,835 | ||||||
|
|
|||||||
Industrial Machinery 5.7% | ||||||||
115,393 | Barnes Group, Inc. |
6,501,241 | ||||||
585,851 | Kornit Digital Ltd.* (Israel) |
18,548,043 | ||||||
91,596 | Proto Labs, Inc.* |
10,626,968 | ||||||
|
|
|||||||
35,676,252 | ||||||||
|
|
|||||||
Industrial REITs 1.4% | ||||||||
628,843 | Monmouth Real Estate Investment Corp. |
8,520,823 | ||||||
|
|
|||||||
Insurance Brokers 1.8% | ||||||||
233,241 | Goosehead Insurance, Inc., Class A |
11,148,920 | ||||||
|
|
|||||||
Internet & Direct Marketing Retail 1.3% | ||||||||
53,610 | Wayfair, Inc., Class A* |
7,827,060 | ||||||
|
|
|||||||
IT Consulting & Other Services 3.5% | ||||||||
265,524 | Endava plc, ADR* (United Kingdom) |
10,684,686 | ||||||
149,278 | InterXion Holding N.V.* (Netherlands) |
11,358,563 | ||||||
|
|
|||||||
22,043,249 | ||||||||
|
|
|||||||
Life Sciences Tools & Services 0.1% | ||||||||
8,732 | Adaptive Biotechnologies Corp.* |
421,756 | ||||||
|
|
|||||||
Managed Health Care 1.2% | ||||||||
110,566 | HealthEquity, Inc.* |
7,231,016 | ||||||
|
|
|||||||
Oil & Gas Equipment & Services 0.8% | ||||||||
350,724 | Solaris Oilfield Infrastructure, Inc., Class A |
5,253,846 | ||||||
|
|
|||||||
Packaged Foods & Meats 1.8% | ||||||||
252,284 | Freshpet, Inc.* |
11,481,445 | ||||||
|
|
|||||||
Pharmaceuticals 1.6% | ||||||||
846,443 | Cocrystal Pharma, Inc.* |
1,989,141 | ||||||
470,728 | Intra-Cellular Therapies, Inc.* |
6,110,049 | ||||||
255,000 | Optinose, Inc.* |
1,805,400 | ||||||
|
|
|||||||
9,904,590 | ||||||||
|
|
|||||||
Regional Banks 5.1% | ||||||||
181,646 | Bank OZK |
5,465,728 | ||||||
110,478 | Eagle Bancorp, Inc. |
5,980,174 | ||||||
212,041 | Esquire Financial Holdings, Inc.* |
5,332,831 | ||||||
648,719 | Metro Bank plc* (United Kingdom) |
4,329,281 |
WASATCH ULTRA GROWTH FUND (WAMCX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Shares | Value | |||||||
125,083 | Pinnacle Financial Partners, Inc. |
$ | 7,189,771 | |||||
764,531 | Republic First Bancorp, Inc.* |
3,753,847 | ||||||
|
|
|||||||
32,051,632 | ||||||||
|
|
|||||||
Restaurants 2.2% | ||||||||
353,036 | Chuys Holdings, Inc.* |
8,091,585 | ||||||
542,425 | Habit Restaurants, Inc. (The), Class A* |
5,690,038 | ||||||
|
|
|||||||
13,781,623 | ||||||||
|
|
|||||||
Semiconductors 3.4% | ||||||||
114,344 | Ambarella, Inc.* |
5,046,001 | ||||||
136,627 | Inphi Corp.* |
6,845,012 | ||||||
60,526 | Monolithic Power Systems, Inc. |
8,218,220 | ||||||
12,733 | NVE Corp. |
886,599 | ||||||
|
|
|||||||
20,995,832 | ||||||||
|
|
|||||||
Specialty Chemicals 1.2% | ||||||||
72,878 | Balchem Corp. |
7,285,614 | ||||||
|
|
|||||||
Specialty Stores 1.7% | ||||||||
90,425 | Five Below, Inc.* |
10,852,809 | ||||||
|
|
|||||||
Systems Software 2.7% | ||||||||
87,968 | Proofpoint, Inc.* |
10,578,152 | ||||||
394,642 | Zuora, Inc., Class A* |
6,045,915 | ||||||
|
|
|||||||
16,624,067 | ||||||||
|
|
|||||||
Trucking 1.9% | ||||||||
353,941 | Knight-Swift Transportation Holdings, Inc. |
11,623,422 | ||||||
|
|
|||||||
Total Common Stocks (cost $484,846,830) |
573,610,578 | |||||||
|
|
|||||||
PREFERRED STOCKS 0.5% | ||||||||
Biotechnology 0.1% | ||||||||
169,492 | Nanosys, Inc., Series D Pfd.* *** |
228,814 | ||||||
40,380 | Nanosys, Inc., Series E Pfd.* *** |
50,475 | ||||||
|
|
|||||||
279,289 | ||||||||
|
|
|||||||
Internet & Direct Marketing Retail 0.4% | ||||||||
150,000 | Medallia, Inc., Series F* *** |
2,689,500 | ||||||
|
|
|||||||
Total Preferred Stocks (cost $2,796,237) |
2,968,789 | |||||||
|
|
|||||||
LIMITED PARTNERSHIP INTEREST 0.4% | ||||||||
Asset Management & Custody Banks 0.4% | ||||||||
1 | Greenspring Global Partners II-B, L.P.* *** |
1,452,482 | ||||||
1 | Greenspring Global Partners III-B, L.P.* *** |
908,937 | ||||||
|
|
|||||||
2,361,419 | ||||||||
|
|
|||||||
Total Limited Partnership Interest (cost $2,181,384) |
2,361,419 | |||||||
|
|
|||||||
SELLERS NOTE 0.0% | ||||||||
Oil & Gas Equipment & Services 0.0% | ||||||||
132,000 | Drilling Info Holdings, Inc., Series B, 7.25%*** |
132,000 | ||||||
|
|
|||||||
Total Sellers Note (cost $84,846) |
132,000 | |||||||
|
|
WASATCH ULTRA GROWTH FUND (WAMCX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments (continued)
Principal Amount |
Value | |||||||
SHORT-TERM INVESTMENTS 7.3% | ||||||||
Repurchase Agreement 7.3% | ||||||||
$45,814,717 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing
Corp. |
$ | 45,814,717 | |||||
|
|
|||||||
Total Short-Term Investments (cost $45,814,717) |
45,814,717 | |||||||
|
|
|||||||
Total Investments (cost $535,724,014) 100.0% |
624,887,503 | |||||||
Liabilities less Other Assets (<0.1%) | (130,525 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 624,756,978 | ||||||
|
|
|||||||
*Non-income producing. | ||||||||
***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). | ||||||||
Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). | ||||||||
ADR American Depositary Receipt. | ||||||||
REIT Real Estate Investment Trust. | ||||||||
See Notes to Schedules of Investments. |
At June 30, 2019, Wasatch Ultra Growth Funds investments, excluding short-term investments, were in the following countries:
COUNTRY |
% | |||
Argentina |
1.9 | |||
India |
1.9 | |||
Israel |
3.2 | |||
Netherlands |
2.0 | |||
United Kingdom |
2.6 | |||
United States |
88.4 | |||
|
|
|||
Total |
100.0 | % | ||
|
|
WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) | JUNE 30, 2019 (UNAUDITED) |
Schedule of Investments
Principal Amount |
Value | |||||||
U.S. GOVERNMENT OBLIGATIONS 101.3% | ||||||||
$45,530,000 | U.S. Treasury Bond 3.00%, 8/15/48 |
$ | 49,933,605 | |||||
98,400,000 | U.S. Treasury Bond, 2.25%, 8/15/46 |
92,964,937 | ||||||
32,400,000 | U.S. Treasury Bond, 2.50%, 2/15/45 |
32,277,234 | ||||||
11,000,000 | U.S. Treasury Bond, 3.75%, 11/15/43 |
13,541,172 | ||||||
39,000,000 | U.S. Treasury Strip, principal only, 8/15/40 |
23,383,153 | ||||||
96,000,000 | U.S. Treasury Strip, principal only, 5/15/44 |
50,633,262 | ||||||
175,700,000 | U.S. Treasury Strip, principal only, 8/15/45 |
89,553,665 | ||||||
|
|
|||||||
Total U.S. Government Obligations (cost $338,540,406) |
352,287,028 | |||||||
|
|
|||||||
SHORT-TERM INVESTMENTS 0.2% | ||||||||
Repurchase Agreement 0.2% | ||||||||
723,006 | Repurchase Agreement dated 6/28/19, 0.50% due 7/1/19 with Fixed Income Clearing Corp. collateralized by $735,000 of United States Treasury Notes 1.875% due 3/31/22; value: $741,396; repurchase proceeds: $723,007 (cost $723,006) |
723,006 | ||||||
|
|
|||||||
Total Short-Term Investments (cost $723,006) |
723,006 | |||||||
|
|
|||||||
Total Investments (cost $339,263,412) 101.5% |
353,010,034 | |||||||
Liabilities less Other Assets (1.5%) | (5,184,428 | ) | ||||||
|
|
|||||||
NET ASSETS 100.0% |
$ | 347,825,606 | ||||||
|
|
|||||||
See Notes to Schedules of Investments. |
WASATCH FUNDS Notes to Schedule of Investments | JUNE 30, 2019 (UNAUDITED) |
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 15 series or funds (each a Fund and collectively the Funds). The Core Growth Fund, Emerging India Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, Global Value Fund (formerly Large Cap 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 diversified funds. Each Fund maintains its own investment objective(s).
On November 9, 2011, the Trust re-designated the shares of the Funds into Investor Class shares effective January 31, 2012, and authorized and designated a new Institutional Class of shares in the Funds. Currently 11 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 and 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. Each class of shares for each Fund has identical rights and privileges except with respect to purchase minimums, distribution and service charges, shareholder services, voting rights on matters affecting a single class of shares, and the exchange and conversion features. The Funds have entered into an investment advisory agreement with Wasatch Advisors, Inc. (the Advisor or Wasatch) as investment advisor.
The Core Growth, Emerging India, Emerging Markets Select, Emerging Markets Small Cap, Frontier Emerging Small Countries, Global Opportunities, Global Value, International Growth, International Opportunities, 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 June 30, 2019. These policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP).
Valuation of Securities All investments in securities are recorded at their estimated fair value as described in Note 8.
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 realized gain or loss.
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.
WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
SECURITIES AND OTHER INVESTMENTS (continued)
Short Sales The Equity Funds may enter into short sales whereby a fund sells a security it generally does not own (the security is borrowed), in anticipation of a decline in the securitys price. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. If a Fund shorts a security when also holding a long position in the security (a short against the box), as the securitys price declines, the short position increases in value, offsetting the long positions decrease in value. The opposite effect occurs if the securitys price rises. A Fund realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Possible losses from short sales may be unlimited, whereas losses from security purchases cannot exceed the total amount invested. The Funds are liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Funds. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of short positions.
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.
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.
Options Transactions The Equity Funds may buy and sell put and call options and write covered put and call options, including over-the-counter options, on portfolio securities where the completion of the obligation is dependent upon the credit standing of another party. Options are a type of derivative financial instrument. The Funds may invest in derivative financial instruments, including options, in order to manage risk or gain exposure to various other investments or markets. The risk in writing a call option is that a fund gives up the opportunity for profit if the market price of the security increases. The risk in writing a put option is that a fund may incur a loss if the market price of the security decreases and the option is exercised. The risk in buying an option is that a fund pays a premium whether or not the option is exercised. A fund also has the additional risk of not being able to enter into a closing transaction if a liquid secondary market does not exist. Possible losses from uncovered written options may be unlimited. Option contracts are valued daily and unrealized appreciation or depreciation is recorded. A fund will realize a gain or loss upon expiration or closing of the option transaction. When an option is exercised, the proceeds on sales for a written call option, the purchase cost for a written put option, or the cost of a security for a purchased put or call option is adjusted by the amount of premium received or paid. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of written options.
WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
5. FEDERAL INCOME TAX INFORMATION
As of June 30, 2019, 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 |
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Cost |
$ | 1,656,680,456 | $ | 216,892,549 | $ | 35,913,971 | $ | 262,700,509 | $ | 56,223,456 | ||||||||||
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Gross appreciation |
$ | 832,219,126 | $ | 75,819,488 | $ | 12,348,213 | $ | 137,276,465 | $ | 11,391,511 | ||||||||||
Gross (depreciation) |
(108,978,524 | ) | (8,127,431 | ) | (2,012,707 | ) | (19,952,906 | ) | (3,524,259 | ) | ||||||||||
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Net appreciation |
$ | 723,240,602 | $ | 67,692,057 | $ | 10,335,506 | $ | 117,323,559 | $ | 7,867,252 | ||||||||||
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Global Opportunities Fund |
Global Value Fund |
International Growth Fund |
International Opportunities Fund |
Micro Cap Fund |
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Cost |
$ | 85,724,038 | $ | 151,485,120 | $ | 914,620,101 | $ | 343,820,791 | $ | 349,659,156 | ||||||||||
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Gross appreciation |
$ | 47,996,686 | $ | 23,329,832 | $ | 418,137,639 | $ | 173,082,755 | $ | 147,457,170 | ||||||||||
Gross (depreciation) |
(6,830,364 | ) | (9,552,286 | ) | (44,733,346 | ) | (19,903,829 | ) | (24,732,882 | ) | ||||||||||
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Net appreciation |
$ | 41,166,322 | $ | 13,777,546 | $ | 373,404,293 | $ | 153,178,926 | $ | 122,724,288 | ||||||||||
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Micro Cap Value Fund |
Small Cap Growth Fund |
Small Cap Value Fund |
Ultra Growth Fund |
U.S. Treasury Fund |
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Cost |
$ | 194,896,282 | $ | 1,213,281,979 | $ | 672,372,086 | $ | 536,581,319 | $ | 339,554,991 | ||||||||||
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Gross appreciation |
$ | 77,263,599 | $ | 693,101,733 | $ | 122,970,578 | $ | 117,544,185 | $ | 17,915,502 | ||||||||||
Gross (depreciation) |
(9,400,466 | ) | (89,856,835 | ) | (19,205,817 | ) | (29,238,001 | ) | (4,460,459 | ) | ||||||||||
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Net appreciation (depreciation) |
$ | 67,863,133 | $ | 603,244,898 | $ | 103,764,761 | $ | 88,306,184 | $ | (13,455,043 | ) | |||||||||
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The difference between book-basis and tax-basis unrealized gains are primarily attributable to the tax deferral of losses on wash sales.
6. TRANSACTIONS WITH AFFILIATES
If a Funds holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the period ended June 30, 2019 with an affiliated company as so defined:
Share Activity | Dividends Credited to Income for the period ended 6/30/2019 |
Gain (Loss) Realized on Sale of Shares for the period ended 6/30/2019 |
Change in Unrealized Appreciation for the period ended 6/30/2019 |
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Balance 9/30/2018 |
Purchases/ Additions |
Sales/ Reductions |
Balance 6/30/2019 |
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Micro Cap Fund |
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Construction Partners, Inc., Class A |
391,500 | 319,835 | 6,088 | 705,247 | $ | | $ | | $ | 2,281,426 | ||||||||||||||||||
IRIDEX Corp. |
765,198 | 11,450 | 86,014 | 690,634 | | | (764,634 | ) | ||||||||||||||||||||
Lonestar Resources US, Inc., Class A |
448,332 | 1,462,254 | 6,157 | 1,904,429 | (5,462,477 | ) | ||||||||||||||||||||||
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1,605,030 | 1,793,539 | 98,259 | 3,300,310 | $ | | $ | | $ | (3,945,685 | ) | ||||||||||||||||||
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Micro Cap Value Fund |
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IRIDEX Corp. |
427,793 | 58,207 | 118,332 | 367,668 | $ | | $ | | $ | (729,152 | ) | |||||||||||||||||
One Stop Systems, Inc. |
549,990 | 175,010 | | 725,000 | | | (2,724,359 | ) | ||||||||||||||||||||
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977,783 | 233,217 | 118,332 | 1,092,668 | $ | | $ | | $ | (3,453,511 | ) | ||||||||||||||||||
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WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
7. 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 June 30, 2019, the Funds held the following restricted securities:
Security Type |
Acquisition Date |
Cost | Fair Value |
Value as % of Net Assets |
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Micro Cap Fund |
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Medallia, Inc. |
Common Stock | 10/19/18 | $ | 2,500,000 | $ | 7,160,543 | 1.52 | % | ||||||||||||
Medallia, Inc., Series F |
Preferred Stock | 2/25/19 | 2,749,995 | 3,287,161 | 0.70 | % | ||||||||||||||
$ | 5,249,995 | $ | 10,447,704 | 2.22 | % | |||||||||||||||
Micro Cap Value Fund |
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Acetylon Pharmaceuticals, Inc. |
Rights | 12/21/16 | $ | | $ | 391,627 | 0.15 | % | ||||||||||||
Acetylon Pharmaceuticals, Inc. |
Rights | 12/21/16 | | | 0.00 | % | ||||||||||||||
Ekso Bionics Holdings Inc., expiring 05/24/2024 |
Warrants | 05/22/19 | 274,682 | 255,200 | 0.10 | % | ||||||||||||||
Regenacy Pharmaceuticals, LLC |
LLC Membership Interest | 12/21/16 | 30,001 | 20,211 | 0.01 | % | ||||||||||||||
Vertex Energy, Inc., Pfd., 6.00% PIK Series B |
Convertible Preferred Stock | 7/15/19 | 1,844,800 | 1,927,285 | 0.72 | % | ||||||||||||||
Vertex Energy, Inc., expiring 12/24/2020 |
Warrants | 6/22/15 - 4/9/19 | 95,000 | 12,500 | 0.00 | % | ||||||||||||||
$ | 2,244,483 | $ | 2,606,823 | 0.98 | % | |||||||||||||||
Small Cap Growth Fund |
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DataStax, Inc., Series E Pfd. |
Preferred Stock | 8/12/14 | $ | 8,000,002 | $ | 12,606,239 | 0.70 | % | ||||||||||||
Drilling Info Holdings, Inc., Series B, 7.25% |
Sellers Note | 8/3/18 | 1,119,330 | 1,728,000 | 0.10 | % | ||||||||||||||
Greenspring Global Partners II-B, L.P. |
LP Interest | 10/10/03 - 3/31/17 | 1,792,945 | 1,613,880 | 0.09 | % | ||||||||||||||
Greenspring Global Partners III-B, L.P. |
LP Interest | 3/16/06 - 6/29/17 | 564,618 | 908,937 | 0.05 | % | ||||||||||||||
Medallia, Inc., Series F |
Preferred Stock | 2/25/19 | 10,000,005 | 11,953,339 | 0.66 | % | ||||||||||||||
Nanosys, Inc., Series D Pfd. |
Preferred Stock | 11/08/05 | 2,000,000 | 915,254 | 0.05 | % | ||||||||||||||
Nanosys, Inc., Series E Pfd. |
Preferred Stock | 8/13/10 | 184,939 | 201,899 | 0.01 | % | ||||||||||||||
$ | 23,661,839 | $ | 29,927,548 | 1.66 | % | |||||||||||||||
Ultra Growth Fund |
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Drilling Info Holdings, Inc., Series B, 7.25% |
Sellers Note | 8/3/18 | $ | 84,846 | $ | 132,000 | 0.02 | % | ||||||||||||
Greenspring Global Partners II-B, L.P. |
LP Interest | 10/10/03 - 3/31/17 | 1,615,754 | 1,452,482 | 0.23 | % | ||||||||||||||
Greenspring Global Partners III-B, L.P. |
LP Interest | 3/16/06 - 6/29/17 | 565,630 | 908,937 | 0.15 | % | ||||||||||||||
Medallia, Inc., Series F |
Preferred Stock | 2/25/19 | 2,250,000 | 2,689,500 | 0.43 | % | ||||||||||||||
Nanosys, Inc., Series D Pfd. |
Preferred Stock | 11/8/05 | 500,001 | 228,814 | 0.04 | % | ||||||||||||||
Nanosys, Inc., Series E Pfd. |
Preferred Stock | 8/13/10 | 46,235 | 50,475 | 0.01 | % | ||||||||||||||
$ | 5,062,466 | $ | 5,462,208 | 0.88 | % |
8. 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:
WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)
| Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access. |
| Level 2 Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The inputs may include quoted prices for the identical investment on an inactive market, prices for similar investments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
| Level 3 Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether a security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
Equity Securities (common and preferred stock) Securities are valued as of the close of the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern Time) on the valuation date. Equity securities and listed warrants are valued using a commercial pricing service at the last quoted sales price taken from the primary market in which each security trades and, with respect to equity securities traded on the National Association of Securities Dealer Automated Quotation (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 days 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 funds 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 securitys primary market or exchange (for example, a foreign exchange or market) and the time the funds 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 & Poors 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 Funds 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.
WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)
Short-Term Notes Investments maturing in 60 days or less at the time of purchase, are generally valued at amortized cost, unless it is determined that the amortized cost method would not represent fair value, in which case the securities are marked-to-market. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy.
Asset-Backed Securities Investments are priced using the closing bid as supplied by a pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications, new issue data, monthly payment information and collateral performance. Although most asset-backed securities are categorized in Level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as Level 3.
U.S. Government Issuers Investments are priced using the closing bid as supplied by a pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. Although most U.S. government bonds are categorized in Level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as Level 3.
Derivative Instruments Listed derivatives that are actively traded are valued based on quoted prices from the exchange and 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.
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 funds 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.
WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)
The following is a summary of the fair valuations according to the inputs used as of June 30, 2019 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 6/30/19 |
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Core Growth Fund |
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Assets |
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Common Stocks |
$ | 2,289,596,278 | $ | | $ | | $ | 2,289,596,278 | ||||||||||||
Short-Term Investments |
| 90,324,780 | | 90,324,780 | ||||||||||||||||
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$ | 2,289,596,278 | $ | 90,324,780 | $ | | $ | 2,379,921,058 | |||||||||||||
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Emerging India Fund |
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Assets |
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Common Stocks |
$ | 279,709,976 | $ | | $ | | $ | 279,709,976 | ||||||||||||
Short-Term Investments |
| 4,874,630 | | 4,874,630 | ||||||||||||||||
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$ | 279,709,976 | $ | 4,874,630 | $ | | $ | 284,584,606 | |||||||||||||
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Emerging Markets Select Fund |
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Assets |
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Common Stocks |
$ | 44,916,956 | $ | | $ | | $ | 44,916,956 | ||||||||||||
Preferred Stocks |
1,332,521 | | | 1,332,521 | ||||||||||||||||
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$ | 46,249,477 | $ | | $ | | $ | 46,249,477 | |||||||||||||
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Emerging Markets Small Cap Fund |
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Assets |
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Common Stocks |
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Commodity Chemicals | $ | 7,112,352 | $ | 5,056,503 | $ | | $ | 12,168,855 | ||||||||||||
Consumer Finance | 25,144,474 | 11,758,994 | | 36,903,468 | ||||||||||||||||
Pharmaceuticals | 2,448,527 | | 16,664 | 2,465,191 | ||||||||||||||||
Other | 312,639,094 | 7,567,005 | | 320,206,099 | ||||||||||||||||
Preferred Stocks |
7,617,787 | | | 7,617,787 | ||||||||||||||||
Short-Term Investments |
| 662,668 | | 662,668 | ||||||||||||||||
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$ | 354,962,234 | $ | 25,045,170 | $ | 16,664 | $ | 380,024,068 | |||||||||||||
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Frontier Emerging Small Countries Fund |
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Assets |
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Common Stocks |
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Commodity Chemicals | $ | | $ | 1,056,765 | $ | | $ | 1,056,765 | ||||||||||||
Consumer Finance | 3,805,812 | 2,767,197 | | 6,573,009 | ||||||||||||||||
Food Retail | 2,552,197 | 1,546,836 | | 4,099,033 | ||||||||||||||||
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Real Estate Operating Companies |
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680,649 | 326,241 | | 1,006,890 | ||||||||||||||
Other | 44,147,210 | 5,065,416 | | 49,212,626 | ||||||||||||||||
Preferred Stocks |
2,142,385 | | | 2,142,385 | ||||||||||||||||
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$ | 53,328,253 | $ | 10,762,455 | $ | | $ | 64,090,708 | |||||||||||||
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Global Opportunities Fund |
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Assets |
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Common Stocks |
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Consumer Finance | $ | 5,166,975 | $ | 1,439,303 | $ | | $ | 6,606,278 | ||||||||||||
Other | 119,897,400 | | | 119,897,400 | ||||||||||||||||
Short-Term Investments |
| 386,682 | | 386,682 | ||||||||||||||||
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$ | 125,064,375 | $ | 1,825,985 | $ | | $ | 126,890,360 | |||||||||||||
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Global Value Fund |
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Assets |
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Common Stocks |
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Commodity Chemicals | $ | | $ | 2,243,417 | $ | | $ | 2,243,417 | ||||||||||||
Other | 156,813,963 | | | 156,813,963 | ||||||||||||||||
Short-Term Investments |
| 6,205,286 | | 6,205,286 | ||||||||||||||||
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$ | 156,813,963 | $ | 8,448,703 | $ | | $ | 165,262,666 | |||||||||||||
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WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
FAIR VALUE MEASUREMENTS AND INVESTMENTS (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 6/30/19 |
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International Growth Fund |
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Assets |
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Common Stocks |
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Commodity Chemicals | $ | 15,052,237 | $ | | $ | | $ | 15,052,237 | ||||||||||||
Other | 1,259,469,416 | | | 1,259,469,416 | ||||||||||||||||
Short-Term Investments |
| 13,502,740 | | 13,502,740 | ||||||||||||||||
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$ | 1,274,521,653 | $ | 13,502,740 | $ | | $ | 1,288,024,393 | |||||||||||||
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International Opportunities Fund |
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Assets |
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Common Stocks |
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Application Software | $ | 60,362,630 | $ | 4,981,105 | $ | | $ | 65,343,735 | ||||||||||||
Food Retail | 16,435,501 | 3,676,695 | | 20,112,196 | ||||||||||||||||
Other | 385,575,242 | 4,120,875 | 8,001 | 389,704,118 | ||||||||||||||||
Short-Term Investments |
| 21,839,668 | | 21,839,668 | ||||||||||||||||
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$ | 462,373,373 | $ | 34,618,343 | $ | 8,001 | $ | 496,999,717 | |||||||||||||
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Micro Cap Fund |
||||||||||||||||||||
Assets |
||||||||||||||||||||
Common Stocks |
$ | 455,283,998 | $ | | $ | 7,160,542 | $ | 462,444,540 | ||||||||||||
Preferred Stocks |
| | 3,287,161 | 3,287,161 | ||||||||||||||||
Short-Term Investments |
| 6,651,743 | | 6,651,743 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | 455,283,998 | $ | 6,651,743 | $ | 10,447,703 | $ | 472,383,444 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Micro Cap Value Fund |
||||||||||||||||||||
Assets |
||||||||||||||||||||
Common Stocks |
$ | 245,564,275 | $ | 2,322,661 | $ | | $ | 247,886,936 | ||||||||||||
Convertible Preferred Stocks |
| | 1,927,285 | 1,927,285 | ||||||||||||||||
Rights |
| | 391,627 | 391,627 | ||||||||||||||||
Limited Liability Company Membership Interest |
| | 20,211 | 20,211 | ||||||||||||||||
Warrants |
| | 267,700 | 267,700 | ||||||||||||||||
Short-Term Investments |
| 12,265,656 | | 12,265,656 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | 245,564,275 | $ | 14,588,317 | $ | 2,606,823 | $ | 262,759,415 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Small Cap Growth Fund |
||||||||||||||||||||
Assets |
||||||||||||||||||||
Common Stocks |
$ | 1,721,961,470 | $ | 25,770,413 | $ | | $ | 1,747,731,883 | ||||||||||||
Preferred Stocks |
| | 25,676,731 | 25,676,731 | ||||||||||||||||
Limited Partnership Interest1 |
| | | 2,522,817 | ||||||||||||||||
Sellers Note |
| | 1,728,000 | 1,728,000 | ||||||||||||||||
Short-Term Investments |
| 38,867,446 | | 38,867,446 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | 1,721,961,470 | $ | 64,637,859 | $ | 27,404,731 | $ | 1,816,526,877 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
Small Cap Value Fund |
||||||||||||||||||||
Assets |
||||||||||||||||||||
Common Stocks |
$ | 759,053,832 | $ | | $ | | $ | 759,053,832 | ||||||||||||
Short-Term Investments |
| 17,083,015 | | 17,083,015 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | 759,053,832 | $ | 17,083,015 | $ | | $ | 776,136,847 | |||||||||||||
|
|
|
|
|
|
|
|
WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
FAIR VALUE MEASUREMENTS AND INVESTMENTS (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 6/30/19 |
|||||||||||||||
Ultra Growth Fund |
||||||||||||||||||||
Assets |
||||||||||||||||||||
Common Stocks |
$ | 573,610,578 | $ | | $ | | $ | 573,610,578 | ||||||||||||
Preferred Stocks |
| 2,968,789 | 2,968,789 | |||||||||||||||||
Limited Partnership Interest1 |
| | | 2,361,419 | ||||||||||||||||
Sellers Note |
| | 132,000 | 132,000 | ||||||||||||||||
Short-Term Investments |
| 45,814,717 | | 45,814,717 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | 573,610,578 | $ | 45,814,717 | $ | 3,100,789 | $ | 624,887,503 | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
U.S. Treasury Fund |
||||||||||||||||||||
Assets |
||||||||||||||||||||
U.S. Government Obligations |
$ | | $ | 352,287,028 | $ | | $ | 352,287,028 | ||||||||||||
Short-Term Investments |
| 723,006 | | 723,006 | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||
$ | | $ | 353,010,034 | $ | | $ | 353,010,034 | |||||||||||||
|
|
|
|
|
|
|
|
1 | Certain investments measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value levels. The fair value amounts presented in the table are intended to permit reconciliation to the amounts presented in the Schedule of Investments |
Fund |
Fair Value at 6/30/19 |
Unfunded Commitments |
Redemption Frequency (if currently eligible) |
Redemption Notice Period |
||||||||||||
Small Cap Growth Fund |
||||||||||||||||
Limited Partnership Interests1 |
$ | 2,522,817 | $ | | Never | N/A | ||||||||||
Ultra Growth Fund |
||||||||||||||||
Limited Partnership Interests1 |
$ | 2,361,419 | $ | | Never | N/A |
1 | The fair values of these limited partnership interests have been estimated using the net asset value of the Funds Limited Partners Capital Account. These limited partnership interests can never be redeemed. Distributions from each limited partnership will be received as the underlying investments are liquidated. It is estimated that the underlying assets of the limited partnerships will be liquidated over the next one to five years |
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 period ended June 30, 2019 maximized the use of observable inputs and minimized the use of unobservable inputs.
The Funds policy is to recognize transfers between levels at the end of the reporting period. The table below shows the significant transfers between Level 1 and Level 2 due to fair valuation in certain foreign markets pursuant to a systematic valuation model.
Fund |
Transfers Out Of Level 1 at Market Value |
Transfers Into Level 2 at Market Value |
||||||
Emerging Markets Small Cap Fund |
$ | 3,512,769 | $ | 3,512,769 | ||||
Frontier Emerging Small Countries Fund |
$ | 5,878,152 | $ | 5,878,152 | ||||
International Opportunities Fund |
$ | 7,797,570 | $ | 7,797,570 | ||||
Micro Cap Value Fund |
$ | 2,322,661 | $ | 2,322,661 | ||||
Small Cap Growth Fund |
$ | 25,770,413 | $ | 25,770,413 |
WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)
There were transfers of $10,632,125 in the Core Growth Fund and $42,754,388 in the Small Cap Growth Fund from Level 3 to Level 1 due to a change in pricing strategy on a private company that came public. This transfer amount represents the beginning of the period value for DocuSign Inc., which transferred to Level 1 during the period in order to properly represent the activity on the Level 3 Rollforward presented below.
There was a transfer of $2,628,758 in Emerging India Fund out of level 3 to Level 1 due to a change in pricing strategy on a private company that came public. This transfer amount represents the beginning of the period value for Aavas Financiers Ltd., which transferred to Level 1 during the period in order to properly represent the activity on the Level 3 Rollforward presented below.
There was a transfer of $1,969,821 in the Frontier Emerging Markets Fund out of level 3 to Level 1 due to an exchange of assets. This transfer represents the beginning of the period value which was transfered to Level 1 during the period to properly represent the activity on the Level 3 Rollforward presented below.
There was a transfer of $8,001 in the International Opportunities Fund from Level 1 to Level 3.
The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended June 30, 2019:
Fund |
Market Value Beginning Balance 9/30/2018 |
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 6/30/2019 |
Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 6/30/2019 |
||||||||||||||||||||||||||||||
Core Growth Fund |
||||||||||||||||||||||||||||||||||||||||
Common Stocks |
$ | 10,632,125 | $ | | $ | | $ | | $ | | $ | | $ | | $ | (10,632,125 | ) | $ | | $ | | |||||||||||||||||||
Preferred Stocks |
| | | | | | | | | | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 10,632,125 | $ | | $ | | $ | | $ | | $ | | $ | | $ | (10,632,125 | ) | $ | | $ | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Emerging India Fund |
||||||||||||||||||||||||||||||||||||||||
Common Stocks |
$ | 2,628,758 | $ | | $ | | $ | | $ | | $ | | $ | | $ | (2,628,758 | ) | $ | | $ | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 2,628,758 | $ | | $ | | $ | | $ | | $ | | $ | | $ | (2,628,758 | ) | $ | | $ | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|||||||||||||||||||||
Emerging Markets Small Cap Fund |
|
|||||||||||||||||||||||||||||||||||||||
Common Stocks |
$ | 16,628 | $ | | $ | | $ | | $ | | $ | 35 | $ | | $ | | $ | 16,664 | $ | 35 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 16,628 | $ | | $ | | $ | | $ | | $ | 35 | $ | | $ | | $ | 16,664 | $ | 35 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Frontier Emerging Small Countries Fund |
|
|||||||||||||||||||||||||||||||||||||||
Other assets less liabilities |
$ | 1,969,821 | $ | | $ | | $ | | $ | | $ | | $ | | $ | (1,969,821 | ) | $ | | $ | | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 1,969,821 | $ | | $ | | $ | | $ | | $ | | $ | | $ | (1,969,821 | ) | $ | | $ | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
International Opportunities Fund |
|
|||||||||||||||||||||||||||||||||||||||
Common Stocks |
$ | | $ | | $ | | $ | | $ | | $ | | $ | 8,001 | $ | | $ | 8,001 | $ | | ||||||||||||||||||||
|
|
|
|
|
|
|
|
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|
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|
|
|
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|
|
|||||||||||||||||||||
$ | | $ | | $ | | $ | | $ | | $ | | $ | 8,001 | $ | | $ | 8,001 | $ | | |||||||||||||||||||||
|
|
|
|
|
|
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|
|
|
|
|
|
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|
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|
|
|||||||||||||||||||||
Micro Cap Fund |
||||||||||||||||||||||||||||||||||||||||
Common Stocks |
$ | | $ | 2,500,000 | $ | | $ | | $ | | $ | 4,660,543 | $ | | $ | | $ | 7,160,543 | $ | 4,660,543 | ||||||||||||||||||||
Preferred Stocks |
| 2,749,995 | | | | 537,166 | | | 3,287,160 | 537,166 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | | $ | 5,249,995 | $ | | $ | | $ | | $ | 5,197,709 | $ | | $ | | $ | 10,447,703 | $ | 5,197,709 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Micro Cap Value Fund |
||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stocks |
$ | 1,855,059 | $ | 84,742 | $ | | $ | | $ | | $ | (12,515 | ) | $ | | $ | | $ | 1,927,285 | $ | (12,515 | ) | ||||||||||||||||||
Rights |
326,356 | | | | | 65,271 | | | 391,628 | 65,271 | ||||||||||||||||||||||||||||||
Limited Liability Company Membership Interest |
44,465 | 274,682 | | | | (24,253 | ) | | | 20,211 | (24,253 | ) | ||||||||||||||||||||||||||||
Warrants |
40,000 | | | | | (46,982 | ) | | | 267,700 | (46,982 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 2,265,880 | $ | 359,424 | $ | | $ | | $ | | $ | (18,479 | ) | $ | | $ | | $ | 2,606,824 | $ | (18,479 | ) | |||||||||||||||||||
|
|
|
|
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|
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|
|
|
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|
|
|
|
WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)
Fund |
Market Value Beginning Balance 9/30/2018 |
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 6/30/2019 |
Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 6/30/2019 |
||||||||||||||||||||||||||||||
Small Cap Growth Fund |
||||||||||||||||||||||||||||||||||||||||
Common Stocks |
$ | 42,754,388 | $ | | $ | | $ | | $ | | $ | | $ | | $ | (42,754,388 | ) | $ | | $ | | |||||||||||||||||||
Preferred Stocks |
11,530,569 | 10,000,005 | | | | 4,146,157 | | | 25,676,731 | 4,146,157 | ||||||||||||||||||||||||||||||
Sellers Note |
1,728,000 | | | 460,180 | | (460,180 | ) | | | 1,728,000 | (460,180 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 56,012,957 | $ | 10,000,005 | $ | | $ | 460,180 | $ | | $ | 3,685,977 | $ | | $ | (42,754,388 | ) | $ | 27,404,731 | $ | 3,685,977 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|||||||||||||||||||||
Ultra Growth Fund |
||||||||||||||||||||||||||||||||||||||||
Preferred Stocks |
$ | 87,758 | $ | 2,250,000 | $ | | $ | | $ | | $ | 631,031 | $ | | $ | | $ | 2,968,789 | $ | 631,031 | ||||||||||||||||||||
Sellers Note |
132,000 | | | 35,345 | | (35,345 | ) | | | 132,000 | (35,345 | ) | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
$ | 219,758 | $ | 2,250,000 | $ | | $ | 35,345 | $ | | $ | 595,686 | $ | | $ | | $ | 3,100,789 | $ | 595,686 | |||||||||||||||||||||
|
|
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|
|
QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS
Fund |
Description |
Fair Value at 6/30/2019 |
Valuation Technique |
Unobservable Input |
Range (Average) |
|||||||||
Micro Cap Fund |
Direct Venture Capital Investments: Internet Software & Services | $ | 7,160,543 | Market comparable companies | EV/R* multiple Discount for lack of marketability |
|
8.0 - 18.2 (12.0) 36% |
| ||||||
|
||||||||||||||
Micro Cap Fund |
Direct Venture Capital Investments: Internet Software & Services | $ | 3,287,161 | Market comparable companies | EV/R* multiple Discount for lack of marketability |
|
8.0 - 18.2 (12.0) 36% |
| ||||||
|
||||||||||||||
Micro Cap Value Fund |
Convertible Preferred: Oil & Gas Refining & Marketing | $ | 1,927,285 | Bond model with call option | Bond model with call option | 100% | ||||||||
|
||||||||||||||
Micro Cap Value Fund |
Rights: Pharmaceuticals | $ | 391,627 | Probability of receipt | Probability of receipt | 30% | ||||||||
|
||||||||||||||
Micro Cap Value Fund |
Warrants: Health Care Equipment | $ | 255,200 | Black Scholes | Black Scholes | 100% | ||||||||
|
||||||||||||||
Small Cap Growth Fund |
Direct Venture Capital Investments: Biotechnology | $ | 1,117,153 | Market comparable companies | EV/R* multiple Discount for lack of marketability |
|
0.9 - 23.8 (6.2) 20% |
| ||||||
|
||||||||||||||
Small Cap Growth Fund |
Direct Venture Capital Investments: Internet Software & Services | $ | 11,953,339 | Market comparable companies | EV/R* multiple Discount for lack of marketability |
|
8.0 - 18.2 (12.0) 36% |
| ||||||
|
||||||||||||||
Small Cap Growth Fund |
Direct Venture Capital Investments: Systems Software | $ | 12,606,239 | Market comparable companies | EV/R* multiple Discount for lack of marketability |
|
1.7 - 29.0 (11.5) 20% |
| ||||||
|
||||||||||||||
Small Cap Growth Fund |
Sellers Note: Oil & Gas Equipment & Services | $ | 1,728,000 | Par | Par | 100% | ||||||||
|
||||||||||||||
Ultra Growth Fund |
Direct Venture Capital Investments: Biotechnology | $ | 279,289 | Market comparable companies | EV/R* multiple Discount for lack of marketability |
|
0.9 - 23.8 (6.2) 20% |
| ||||||
|
||||||||||||||
Ultra Growth Fund |
Direct Venture Capital Investments: Internet Software & Services | $ | 2,689,500 | Market comparable companies | EV/R* multiple Discount for lack of marketability |
|
8.0 - 18.2 (12.0) 36% |
| ||||||
|
||||||||||||||
Ultra Growth Fund |
Sellers Note: Oil & Gas Equipment & Services | $ | 132,000 | Par | Par | 100% | ||||||||
|
* | Enterprise-Value-To-Revenue Multiple (EV/R) is a measure of the value of a stock that compares a companys 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.
WASATCH FUNDS Notes to Financial Statements | JUNE 30, 2019 (UNAUDITED) |
FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)
Other information regarding the Funds is available in the Funds most recent Prospectus and Report to Shareholders. This information is available on the Funds website at www.WasatchFunds.com and on the Securities and Exchange Commissions website at www.sec.gov.