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	Ollie’s 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 Fund’s 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	Divi’s 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. collateralized by $4,930,000 of United States Treasury Notes 1.875% due 3/31/22; value: $4,972,901; repurchase proceeds: $4,874,833 (cost $4,874,630)	$	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 Fund’s 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 Fund’s 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. collateralized by $675,000 of United States Treasury Notes 1.875% due 3/31/22; value: $680,874; repurchase proceeds: $662,695 (cost $662,668)	$	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 Fund’s 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 Fund’s 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	Ollie’s 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	Domino’s 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 Fund’s 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	Domino’s 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 Fund’s 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	Kohl’s 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. collateralized by $6,275,000 of United States Treasury Notes 1.875% due 3/31/22; value: $6,329,605; repurchase proceeds: $6,205,545 (cost $6,205,286)	$	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 Fund’s 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 Fund’s 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	People’s 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	Chuy’s 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 Fund’s 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 Fund’s 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	Ollie’s 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	Chuy’s 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
		SELLER’S NOTE 0.1%
		Oil & Gas Equipment & Services 0.1%
	1,728,000	Drilling Info Holdings, Inc., Series B, 7.25%*** †		1,728,000
		Total Seller’s 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 Fund’s 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. collateralized by $17,275,000 of United States Treasury Notes 1.875% due 3/31/22; value: $17,425,327; repurchase proceeds: $17,083,727 (cost $17,083,015)	$	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 Fund’s 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	Ollie’s 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	Chuy’s 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
		SELLER’S NOTE 0.0%
		Oil & Gas Equipment & Services 0.0%
	132,000	Drilling Info Holdings, Inc., Series B, 7.25%*** †		132,000
		Total Seller’s 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. collateralized by $46,330,000 of United States Treasury Notes 1.875% due 3/31/22; value: $46,733,164; repurchase proceeds: $45,816,626 (cost $45,814,717)	$	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 Fund’s 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 security’s price. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. If a Fund shorts a security when also holding a long position in the security (a “short against the box”), as the security’s price declines, the short position increases in value, offsetting the long position’s decrease in value. The opposite effect occurs if the security’s price rises. A Fund realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Possible losses from short sales may be unlimited, whereas losses from security purchases cannot exceed the total amount invested. The Funds are liable to the buyer for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Funds. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of short positions.

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
Cost	$	1,656,680,456		$	216,892,549		$	35,913,971		$	262,700,509		$	56,223,456
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	)
Net appreciation	$	723,240,602		$	67,692,057		$	10,335,506		$	117,323,559		$	7,867,252
	Global Opportunities Fund			Global Value Fund			International Growth Fund			International Opportunities Fund			Micro Cap Fund
Cost	$	85,724,038		$	151,485,120		$	914,620,101		$	343,820,791		$	349,659,156
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	)
Net appreciation	$	41,166,322		$	13,777,546		$	373,404,293		$	153,178,926		$	122,724,288
	Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Treasury Fund
Cost	$	194,896,282		$	1,213,281,979		$	672,372,086		$	536,581,319		$	339,554,991
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	)
Net appreciation (depreciation)	$	67,863,133		$	603,244,898		$	103,764,761		$	88,306,184		$	(13,455,043	)

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 Fund’s holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the period ended 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
	Balance 9/30/2018		Purchases/ Additions		Sales/ Reductions		Balance 6/30/2019
Micro Cap Fund
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	)
		1,605,030		1,793,539		98,259		3,300,310	$	—	$	—	$	(3,945,685	)
Micro Cap Value Fund
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	)
		977,783		233,217		118,332		1,092,668	$	—	$	—	$	(3,453,511	)

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
Micro Cap Fund
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
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
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%		Seller’s 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
Drilling Info Holdings, Inc., Series B, 7.25%		Seller’s 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 day’s price as provided by a pricing service. In some instances, particularly on foreign exchanges, an official close or evaluated price may be used if the pricing service is unable to provide the last trade or most recent mean price. To the extent that these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Additionally, a fund’s investments are valued at fair value by the Pricing Committee if the Advisor determines that an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the fund’s share price is calculated. Significant events include, but are not limited to the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Pricing Committee determines the fair value of affected securities by considering factors including, but not limited to: index options and futures traded subsequent to the close; American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or other related receipts; currency spot or forward markets that trade after pricing of the foreign exchange; other derivative securities traded after the close such as Standard & Poor’s Depositary Receipts (“SPDRs”) and other exchange-traded funds (“ETFs”); and alternative market quotes on the affected securities. When applicable, the Funds use a systematic fair valuation model provided by an independent third party to assist in adjusting the valuation of foreign securities. When a Fund uses this fair value pricing method, the values assigned to the Fund’s foreign securities may not be the quoted or published prices of the investments on their primary markets or exchanges, and the securities are categorized in Level 2 of the fair value hierarchy. These valuation procedures apply equally to long or short equity positions in a fund.

Participation Notes – Investments are valued at the market price of the underlying security. Counterparty risk is regularly reviewed and considered for valuation. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy.

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

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 fund’s portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the fund for financial reporting purposes.

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
Core Growth Fund
Assets
Common Stocks			$	2,289,596,278	$	—	$	—	$	2,289,596,278
Short-Term Investments				—		90,324,780		—		90,324,780
			$	2,289,596,278	$	90,324,780	$	—	$	2,379,921,058
Emerging India Fund
Assets
Common Stocks			$	279,709,976	$	—	$	—	$	279,709,976
Short-Term Investments				—		4,874,630		—		4,874,630
			$	279,709,976	$	4,874,630	$	—	$	284,584,606
Emerging Markets Select Fund
Assets
Common Stocks			$	44,916,956	$	—	$	—	$	44,916,956
Preferred Stocks				1,332,521		—		—		1,332,521
			$	46,249,477	$	—	$	—	$	46,249,477
Emerging Markets Small Cap Fund
Assets
Common Stocks
		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
			$	354,962,234	$	25,045,170	$	16,664	$	380,024,068
Frontier Emerging Small Countries Fund
Assets
Common Stocks
		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
		Real Estate Operating Companies		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
			$	53,328,253	$	10,762,455	$	—	$	64,090,708
Global Opportunities Fund
Assets
Common Stocks
		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
			$	125,064,375	$	1,825,985	$	—	$	126,890,360
Global Value Fund
Assets
Common Stocks
		Commodity Chemicals	$	—	$	2,243,417	$	—	$	2,243,417
		Other		156,813,963		—		—		156,813,963
Short-Term Investments				—		6,205,286		—		6,205,286
			$	156,813,963	$	8,448,703	$	—	$	165,262,666

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
International Growth Fund
Assets
Common Stocks
		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
			$	1,274,521,653	$	13,502,740	$	—	$	1,288,024,393
International Opportunities Fund
Assets
Common Stocks
		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
			$	462,373,373	$	34,618,343	$	8,001	$	496,999,717
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
Seller’s 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
Seller’s 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 Fund’s Limited Partner’s 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	)	$	—	$	—
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	$	—
	$	—	$	—	$	—	$	—	$	—	$	—		$	8,001	$	—		$	8,001	$	—
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	)

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
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

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	Seller’s 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 company’s enterprise value to its revenue.

Changes in EV/R multiples may change the fair value of an investment. Generally, a decrease in this multiple will result in a decrease in the fair value of an investment.

The Funds’ other Level 3 investments have been valued using observable inputs, unadjusted third-party transactions and quotations or unadjusted historical third party information. No unobservable inputs internally developed by the Funds have been applied to these investments, thus they have been excluded from the above table.

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 Commission’s website at www.sec.gov.