WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 101.5%
		Airlines 1.8%
	255,904	Allegiant Travel Co.	$	44,537,532
		Application Software 13.4%
	355,112	DocuSign, Inc.*		26,317,350
	680,117	Five9, Inc.*		44,602,073
	561,276	Guidewire Software, Inc.*		61,611,267
	952,295	Medallia, Inc.*		29,625,897
	484,938	Paylocity Holding Corp.*		58,590,209
	403,656	Q2 Holdings, Inc.*		32,728,429
	254,218	Tyler Technologies, Inc.*		76,270,484
				329,745,709
		Asset Management & Custody Banks 4.1%
	894,530	Cohen & Steers, Inc.		56,140,703
	731,257	Hamilton Lane, Inc., Class A		43,582,917
				99,723,620
		Automotive Retail 3.8%
	1,372,067	Camping World Holdings, Inc., Class A		20,224,267
	942,634	Monro, Inc.		73,713,979
				93,938,246
		Biotechnology 1.7%
	1,729,540	Abcam plc (United Kingdom)		30,973,622
	1,202,934	Sangamo Therapeutics, Inc.*		10,068,557
				41,042,179
		Building Products 3.0%
	832,119	Trex Co., Inc.*		74,790,856
		Commercial Printing 1.7%
	323,074	Cimpress plc*		40,633,017
		Commodity Chemicals 1.9%
	2,205,559	Valvoline, Inc.		47,221,018
		Consumer Finance 1.7%
	96,850	Credit Acceptance Corp.*		42,839,660
		Data Processing & Outsourced Services 2.8%
	435,228	Euronet Worldwide, Inc.*		68,574,524
		Distributors 3.0%
	344,844	Pool Corp.		73,237,969
		Diversified Banks 1.3%
	9,378,173	City Union Bank Ltd. (India)		30,843,138
		Diversified Support Services 1.2%
	1,260,732	Healthcare Services Group, Inc.		30,661,002
		Electronic Equipment & Instruments 1.5%
	423,920	Novanta, Inc.*		37,491,485
		Electronic Manufacturing Services 1.8%
	679,862	Fabrinet*		44,082,252
		General Merchandise Stores 1.9%
	728,318	Ollie’s Bargain Outlet Holdings, Inc.*		47,566,449
		Health Care Equipment 1.7%
	582,223	Cantel Medical Corp.		41,279,611

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Facilities 2.5%
	1,035,930	Ensign Group, Inc. (The)	$	47,000,144
	438,751	Pennant Group, Inc. (The)*		14,509,496
				61,509,640
		Health Care Supplies 2.0%
	743,693	Neogen Corp.*		48,533,405
		Home Improvement Retail 1.3%
	624,001	Floor & Decor Holdings, Inc., Class A*		31,705,491
		Industrial Machinery 10.9%
	1,283,374	Altra Industrial Motion Corp.		46,470,972
	1,125,482	Barnes Group, Inc.		69,734,865
	763,037	Helios Technologies, Inc.		35,275,200
	432,850	Kadant, Inc.		45,596,419
	443,908	RBC Bearings, Inc.*		70,288,393
				267,365,849
		Industrial REITs 2.1%
	3,522,940	Monmouth Real Estate Investment Corp.		51,012,171
		IT Consulting & Other Services 2.1%
	245,594	EPAM Systems, Inc.*		52,105,223
		Leisure Facilities 1.3%
	419,085	Planet Fitness, Inc., Class A*		31,297,268
		Life Sciences Tools & Services 4.7%
	475,504	ICON plc* (Ireland)		81,896,054
	413,502	Medpace Holdings, Inc.*		34,758,978
				116,655,032
		Managed Health Care 1.4%
	472,393	HealthEquity, Inc.*		34,990,150
		Regional Banks 4.7%
	902,876	Eagle Bancorp, Inc.		43,906,860
	448,455	Texas Capital Bancshares, Inc.*		25,458,790
	854,105	Webster Financial Corp.		45,575,043
				114,940,693
		Research & Consulting Services 1.7%
	2,460,868	Clarivate Analytics plc*		41,342,582
		Semiconductors 2.0%
	275,226	Monolithic Power Systems, Inc.		48,995,733
		Specialized REITs 1.9%
	1,367,019	National Storage Affiliates Trust		45,959,179
		Specialty Chemicals 3.0%
	717,937	Balchem Corp.		72,963,937
		Specialty Stores 4.0%
	411,188	Five Below, Inc.*		52,574,497
	1,406,511	National Vision Holdings, Inc.*		45,613,152
				98,187,649
		Systems Software 3.4%
	278,519	CyberArk Software Ltd.* (Israel)		32,469,745
	439,309	Proofpoint, Inc.*		50,423,887
				82,893,632
		Trading Companies & Distributors 1.4%
	376,755	SiteOne Landscape Supply, Inc.*		34,152,841

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Trucking 2.8%
	766,399	Knight-Swift Transportation Holdings, Inc.	$	27,467,740
	223,670	Old Dominion Freight Line, Inc.		42,448,093
				69,915,833
		Total Common Stocks (cost $1,708,526,785)		2,492,734,575
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.1%
		Repurchase Agreement 0.1%
	$3,663,809	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $3,755,000 of United States Treasury Notes 1.250% due 10/31/21; value: $3,739,563; repurchase proceeds: $3,663,833 (cost $3,663,809)	$	3,663,809
		Total Short-Term Investments (cost $3,663,809)		3,663,809
		Total Investments (cost $1,712,190,594) 101.6%		2,496,398,384
		Liabilities less Other Assets (1.6%)		(38,876,134	)
		NET ASSETS 100.0%	$	2,457,522,250
		*Non-income producing.
		REIT Real Estate Investment Trust.
		See Notes to Schedules of Investments.

At December 31, 2019, Wasatch Core Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
India		1.2
Ireland		3.3
Israel		1.3
United Kingdom		1.3
United States		92.9
Total		100.0	%

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.9%
		Apparel, Accessories & Luxury Goods 2.2%
	21,804	Page Industries Ltd. (India)	$	7,099,161
		Auto Parts & Equipment 2.7%
	440,077	Endurance Technologies Ltd. (India)		6,584,988
	1,408,095	Minda Corp. Ltd. (India)		1,988,507
				8,573,495
		Brewers 2.6%
	466,671	United Breweries Ltd. (India)		8,294,445
		Commodity Chemicals 5.5%
	1,841,888	Berger Paints India Ltd. (India)		13,315,198
	376,252	Gulf Oil Lubricants India Ltd. (India)		4,259,169
				17,574,367
		Consumer Finance 8.1%
	433,893	Bajaj Finance Ltd. (India)		25,682,900
		Department Stores 1.5%
	230,013	Trent Ltd. (India)		1,691,468
	125,401	V-Mart Retail Ltd. (India)		2,902,323
				4,593,791
		Diversified Banks 10.6%
	1,563,839	City Union Bank Ltd. (India)		5,143,188
	907,391	HDFC Bank Ltd. (India)		16,214,727
	512,075	Kotak Mahindra Bank Ltd. (India)		12,088,382
				33,446,297
		Diversified Chemicals 4.2%
	683,817	Pidilite Industries Ltd. (India)		13,287,738
		Electrical Components & Equipment 3.9%
	1,225,692	Amara Raja Batteries Ltd. (India)		12,448,703
		Financial Exchanges & Data 2.9%
	338,170	CRISIL Ltd. (India)		9,015,889
		Health Care Services 5.1%
	770,313	Dr. Lal PathLabs Ltd. (India)		16,134,040
		Hotels, Resorts & Cruise Lines 0.7%
	2,606,139	Lemon Tree Hotels Ltd.* (India)		2,333,099
		Industrial Conglomerates 2.3%
	24,651	3M India Ltd.* (India)		7,331,946
		Industrial Machinery 3.2%
	2,792,466	Elgi Equipments Ltd. (India)		10,103,293
		Interactive Media & Services 3.6%
	324,527	Info Edge India Ltd. (India)		11,546,968
		Internet & Direct Marketing Retail 2.3%
	322,512	MakeMyTrip Ltd.* (India)		7,385,525
		IT Consulting & Other Services 6.0%
	369,274	Larsen & Toubro Infotech Ltd. (India)		9,053,604
	891,106	Mindtree Ltd. (India)		9,999,922
				19,053,526
		Life & Health Insurance 2.4%
	680,087	ICICI Prudential Life Insurance Co. Ltd. (India)		4,592,945

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	397,673	Max Financial Services Ltd.* (India)	$	2,979,561
				7,572,506
		Life Sciences Tools & Services 4.2%
	520,010	Divi’s Laboratories Ltd. (India)		13,391,442
		Packaged Foods & Meats 4.0%
	294,497	Britannia Industries Ltd. (India)		12,526,143
		Personal Products 1.1%
	22,463	Procter & Gamble Hygiene & Health Care Ltd. (India)		3,575,039
		Pharmaceuticals 0.6%
	311,451	Amrutanjan Health Care Ltd. (India)		1,919,893
		Property & Casualty Insurance 6.5%
	1,064,759	ICICI Lombard General Insurance Co. Ltd. (India)		20,602,084
		Regional Banks 5.3%
	1,477,211	AU Small Finance Bank Ltd. (India)		16,639,233
		Specialty Chemicals 1.9%
	242,682	Asian Paints Ltd. (India)		6,086,587
		Thrifts & Mortgage Finance 7.5%
	587,832	Aavas Financiers Ltd.* (India)		16,461,452
	218,173	Housing Development Finance Corp. Ltd. (India)		7,375,680
				23,837,132
		Total Common Stocks (cost $233,451,442)		320,055,242
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.3%
		Repurchase Agreement 1.3%
	$4,126,660	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $4,095,000 of United States Treasury Notes 2.875% due 10/15/21; value: $4,211,069; repurchase proceeds: $4,126,687 (cost $4,126,660)	$	4,126,660
		Total Short-Term Investments (cost $4,126,660)		4,126,660
		Total Investments (cost $237,578,102) 102.2%		324,181,902
		Liabilities less Other Assets (2.2%)		(6,920,442	)
		NET ASSETS 100.0%	$	317,261,460
		*Non-income producing. See Notes to Schedules of Investments.

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 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) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.5%
		Airport Services 4.3%
	85,926	Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B (Mexico)	$	1,021,387
	51,418	Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Mexico)		963,338
				1,984,725
		Apparel, Accessories & Luxury Goods 2.0%
	2,871	Page Industries Ltd. (India)		934,768
		Application Software 2.8%
	12,077	Globant S.A.* (Argentina)		1,280,766
		Biotechnology 2.3%
	3,965	Medy-Tox, Inc. (South Korea)		1,031,124
		Consumer Finance 7.3%
	55,987	Bajaj Finance Ltd. (India)		3,313,970
		Diversified Banks 8.6%
	100,592	HDFC Bank Ltd. (India)		1,797,540
	567,364	PT Bank Central Asia Tbk (Indonesia)		1,364,514
	35,365	TCS Group Holding plc, GDR (Russia)		760,348
				3,922,402
		Diversified Chemicals 1.6%
	37,930	Pidilite Industries Ltd. (India)		737,045
		Drug Retail 4.8%
	78,766	Raia Drogasil S.A. (Brazil)		2,194,114
		Electrical Components & Equipment 7.5%
	74,550	Amara Raja Batteries Ltd. (India)		757,165
	56,350	Voltronic Power Technology Corp. (Taiwan)		1,344,039
	154,301	Weg S.A. (Brazil)		1,334,593
				3,435,797
		Food Retail 2.0%
	6,287	BGF Retail Co. Ltd.* (South Korea)		919,901
		Health Care Equipment 1.7%
	670,339	Microport Scientific Corp. (China)		794,018
		Hotels, Resorts & Cruise Lines 1.5%
	17,231	Huazhu Group Ltd. ADR* (China)		690,446
		Human Resource & Employment Services 2.9%
	15,427	51job, Inc. ADR* (China)		1,309,752
		Industrial Machinery 2.5%
	139,000	Techtronic Industries Co. Ltd. (Hong Kong)		1,133,613
		Interactive Media & Services 2.6%
	24,425	Tencent Holdings Ltd. (China)		1,177,320
		Internet & Direct Marketing Retail 12.2%
	5,304	Alibaba Group Holding Ltd. ADR* (China)		1,124,979
	31,797	MakeMyTrip Ltd.* (India)		728,151
	4,234	MercadoLibre, Inc.* (Brazil)		2,421,594
	39,439	Trip.com Group Ltd. ADR* (China)		1,322,784
				5,597,508
		IT Consulting & Other Services 2.0%
	37,850	Larsen & Toubro Infotech Ltd. (India)		927,980
		Life & Health Insurance 3.0%
	90,665	Discovery Ltd. (South Africa)		780,874

WASATCH EMERGING MARKETS SELECT FUND
(WAESX / WIESX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	85,892	ICICI Prudential Life Insurance Co. Ltd. (India)	$	580,069
				1,360,943
		Life Sciences Tools & Services 1.1%
	40,500	Wuxi Biologics Cayman, Inc.* (China)		512,727
		Packaged Foods & Meats 5.3%
	23,851	Britannia Industries Ltd. (India)		1,014,479
	387,393	Vitasoy International Holdings Ltd. (China)		1,404,445
				2,418,924
		Personal Products 1.6%
	680	LG Household & Health Care Ltd. (South Korea)		738,651
		Pharmaceuticals 0.5%
	16,600	Jiangsu Hengrui Medicine Co. Ltd., Class A (China)		208,569
		Property & Casualty Insurance 3.8%
	90,201	ICICI Lombard General Insurance Co. Ltd. (India)		1,745,304
		Semiconductors 8.4%
	43,297	ASPEED Technology, Inc. (Taiwan)		1,385,123
	77,959	Silergy Corp. (Taiwan)		2,470,596
				3,855,719
		Specialty Chemicals 3.0%
	53,760	Asian Paints Ltd. (India)		1,348,328
		Thrifts & Mortgage Finance 1.2%
	20,124	Aavas Financiers Ltd.* (India)		563,546
		Total Common Stocks (cost $30,693,046)		44,137,960
		PREFERRED STOCKS 2.9%
		Diversified Banks 2.9%
	94,031	Banco Davivienda S.A., 1.82% (Colombia)		1,318,034
		Total Preferred Stocks (cost $886,979)		1,318,034
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.5%
		Repurchase Agreement 1.5%
	$684,086	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $680,000 of United States Treasury Notes 2.875% due 10/15/21; value $699,274; repurchase proceeds: $684,091 (cost $684,086)	$	684,086
		Total Short-Term Investments (cost $684,086)		684,086
		Total Investments (cost $32,264,111) 100.9%§		46,140,080
		Liabilities less Other Assets (0.9%)		(418,504	)
		NET ASSETS 100.0%	$	45,721,576
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 19.47%. ADR American Depositary Receipt. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

WASATCH EMERGING MARKETS SELECT FUND
(WAESX / WIESX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2019, Wasatch Emerging Markets Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		2.8
Brazil		13.1
China		18.8
Colombia		2.9
Hong Kong		2.5
India		31.8
Indonesia		3.0
Mexico		4.4
Russia		1.7
South Africa		1.7
South Korea		5.9
Taiwan		11.4
Total		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.7%
		Air Freight & Logistics 0.2%
	869,605	Aramex PJSC (United Arab Emirates)	$	845,185
		Airport Services 3.7%
	1,402,425	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)		10,499,922
	222,511	Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Mexico)		4,168,838
				14,668,760
		Application Software 2.8%
	103,303	Globant S.A.* (Argentina)		10,955,283
		Auto Parts & Equipment 1.4%
	1,523,768	Minth Group Ltd. (Hong Kong)		5,377,568
		Biotechnology 1.8%
	27,826	Medy-Tox, Inc. (South Korea)		7,236,332
		Building Products 0.8%
	453,790	Kajaria Ceramics Ltd. (India)		3,344,706
		Commodity Chemicals 4.9%
	1,527,921	Berger Paints India Ltd. (India)		11,045,498
	6,260,102	TOA Paint Thailand Public Co. Ltd. (Thailand)		8,202,947
				19,248,445
		Consumer Finance 8.6%
	270,540	Bajaj Finance Ltd. (India)		16,013,745
	2,153,375	Muangthai Capital Public Co. Ltd. (Thailand)		4,582,987
	2,463,929	Srisawad Corp. Public Co. Ltd. (Thailand)		5,634,658
	4,694,845	Unifin Financiera S.A.B. de C.V. SOFOM ENR (Mexico)		7,697,485
				33,928,875
		Department Stores 1.0%
	289,946	Poya International Co. Ltd. (Taiwan)		4,076,867
		Distillers & Vintners 1.1%
	608,057	Sichuan Swellfun Co. Ltd., Class A (China)		4,517,414
		Diversified Banks 3.7%
	1,739,607	City Union Bank Ltd. (India)		5,721,257
	416,403	TCS Group Holding plc, GDR (Russia)		8,952,664
				14,673,921
		Diversified Chemicals 1.6%
	329,426	Pidilite Industries Ltd. (India)		6,401,313
		Drug Retail 6.8%
	598,490	Clicks Group Ltd. (South Africa)		10,964,340
	570,410	Raia Drogasil S.A. (Brazil)		15,889,401
				26,853,741
		Electrical Components & Equipment 4.9%
	404,017	Amara Raja Batteries Ltd. (India)		4,103,386
	631,422	Voltronic Power Technology Corp. (Taiwan)		15,060,438
				19,163,824
		Electronic Equipment & Instruments 1.4%
	1,118,616	Chroma ATE, Inc. (Taiwan)		5,410,792
		General Merchandise Stores 4.0%
	1,314,866	Magazine Luiza S.A. (Brazil)		15,685,842

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Equipment 1.5%
	5,143,076	Microport Scientific Corp. (China)	$	6,091,987
		Health Care Facilities 1.6%
	16,943,890	Cleopatra Hospital* (Egypt)		6,144,140
		Health Care Services 2.8%
	527,751	Dr. Lal PathLabs Ltd. (India)		11,053,631
		Highways & Railtracks 1.3%
	5,620,875	Yuexiu Transport Infrastructure Ltd. (China)		4,998,866
		Home Improvement Retail 1.2%
	42,513,524	PT Ace Hardware Indonesia Tbk (Indonesia)		4,578,417
		Hotels, Resorts & Cruise Lines 1.8%
	177,452	Huazhu Group Ltd. ADR* (China)		7,110,502
		Human Resource & Employment Services 2.6%
	123,122	51job, Inc. ADR* (China)		10,453,058
		Industrial Conglomerates 1.7%
	22,631	3M India Ltd.* (India)		6,731,137
		Industrial Machinery 1.1%
	270,583	Airtac International Group (Taiwan)		4,210,794
		Insurance Brokers 0.5%
	979,685	TQM Corp. Public Co. Ltd. (Thailand)		2,158,635
		Interactive Media & Services 2.5%
	282,208	Info Edge India Ltd. (India)		10,041,219
		Internet & Direct Marketing Retail 1.1%
	185,319	MakeMyTrip Ltd.* (India)		4,243,805
		IT Consulting & Other Services 3.0%
	312,076	Larsen & Toubro Infotech Ltd. (India)		7,651,263
	362,299	Mindtree Ltd. (India)		4,065,691
				11,716,954
		Life & Health Insurance 0.4%
	193,012	Discovery Ltd. (South Africa)		1,662,362
		Packaged Foods & Meats 4.0%
	137,910	Britannia Industries Ltd. (India)		5,865,867
	2,741,755	Vitasoy International Holdings Ltd. (China)		9,939,887
				15,805,754
		Pharmaceuticals 0.0%
	13,017,213	China Animal Healthcare Ltd.* *** §§ (China)		16,705
		Property & Casualty Insurance 4.6%
	644,779	ICICI Lombard General Insurance Co. Ltd. (India)		12,475,866
	1,314,593	Qualitas Controladora S.A.B. de C.V. (Mexico)		5,537,178
				18,013,044
		Regional Banks 5.6%
	1,144,539	AU Small Finance Bank Ltd. (India)		12,892,032
	15,867,500	PT Bank Tabungan Pensiunan Nasional Syariah Tbk* (Indonesia)		4,854,386
	798,262	Regional S.A.B. de C.V. (Mexico)		4,475,249
				22,221,667
		Semiconductor Equipment 0.6%
	27,625	Koh Young Technology, Inc.* (South Korea)		2,517,366
		Semiconductors 8.4%
	258,374	ASPEED Technology, Inc. (Taiwan)		8,265,693

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	76,977	LEENO Industrial, Inc. (South Korea)	$	4,278,797
	178,735	Parade Technologies Ltd. (Taiwan)		3,666,879
	541,126	Silergy Corp. (Taiwan)		17,148,804
				33,360,173
		Systems Software 2.3%
	131,782	Douzone Bizon Co. Ltd.* (South Korea)		9,212,323
		Thrifts & Mortgage Finance 1.4%
	197,811	Aavas Financiers Ltd.* (India)		5,539,433
		Total Common Stocks (cost $239,998,317)		390,270,840
		PREFERRED STOCKS 1.9%
		Personal Products 1.9%
	10,799	LG Household & Health Care Ltd. (South Korea)		7,194,814
		Total Preferred Stocks (cost $5,070,247)		7,194,814
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.4%
		Repurchase Agreement 0.4%
	$1,744,949	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $1,735,000 of United States Treasury Notes 2.875% due 10/15/21; value: $1,784,177; repurchase proceeds: $1,744,961 (cost $1,744,949)	$	1,744,949
		Total Short-Term Investments (cost $1,744,949)		1,744,949
		Total Investments (cost $246,813,513) 101.0%§		399,210,603
		Liabilities less Other Assets (1.0%)		(3,785,437	)
		NET ASSETS 100.0%	$	395,425,166
		*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 18.07%. §§The aggregate value of illiquid holdings at December 31, 2019, amounts to approximately $16,705, and represents 0.00% of net assets. ADR American Depositary Receipt. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2019, Wasatch Emerging Markets Small Cap Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		2.8
Brazil		7.9
China		10.8
Egypt		1.5
Hong Kong		1.4
India		32.0
Indonesia		2.4
Mexico		8.1
Russia		2.3
South Africa		3.2
South Korea		7.7
Taiwan		14.5
Thailand		5.2
United Arab Emirates		0.2
Total		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.0%
		Air Freight & Logistics 0.3%
	199,857	Aramex PJSC (United Arab Emirates)	$	194,245
		Airport Services 4.8%
	148,500	Airports Corp. of Vietnam JSC (Vietnam)		480,634
	137,529	Grupo Aeroportuario del Sureste S.A.B. de C.V., Class B (Mexico)		2,576,664
				3,057,298
		Application Software 3.8%
	22,911	Globant S.A.* (Argentina)		2,429,712
		Brewers 0.3%
	17,200	Saigon Beer Alcohol Beverage Corp. (Vietnam)		169,235
		Commodity Chemicals 2.2%
	1,085,100	TOA Paint Thailand Public Co. Ltd. (Thailand)		1,421,865
		Consumer Finance 10.0%
	369,688	ASA International Group plc (Bangladesh)		1,300,123
	455,525	Delta Brac Housing Finance Corp. Ltd. (Bangladesh)		615,211
	240,400	Muangthai Capital Public Co. Ltd. (Thailand)		511,639
	87,431	Spandana Sphoorty Financial Ltd.* (India)		1,468,653
	460,100	Srisawad Corp. Public Co. Ltd., Class A (Thailand)		1,052,184
	894,920	Unifin Financiera S.A.B. de C.V. (Mexico)		1,467,276
				6,415,086
		Data Processing & Outsourced Services 2.3%
	176,741	Network International Holdings plc* (United Arab Emirates)		1,500,652
		Diversified Banks 17.5%
	333,260	Bank for Foreign Trade of Vietnam JSC (Vietnam)		1,297,230
	481,816	Commercial International Bank S.A.E (Egypt)		2,491,634
	3,553	Credicorp Ltd. (Peru)		757,251
	1,279,300	Equity Group Holdings plc (Kenya)		675,309
	373,507	National Bank of Kuwait SAKP (Kuwait)		1,318,115
	926,900	PT Bank Central Asia Tbk (Indonesia)		2,229,200
	114,789	TCS Group Holding plc, GDR (Russia)		2,467,963
				11,236,702
		Drug Retail 8.3%
	99,752	Clicks Group Ltd. (South Africa)		1,827,457
	125,900	Raia Drogasil S.A. (Brazil)		3,507,084
				5,334,541
		Electrical Components & Equipment 1.6%
	115,900	Weg S.A. (Brazil)		1,002,452
		Food Retail 5.2%
	294,600	CP ALL Public Co. Ltd. (Thailand)		710,591
	928,874	Philippine Seven Corp. (Philippines)		2,604,405
				3,314,996
		Health Care Distributors 2.0%
	2,149,887	Ibnsina Pharma S.A.E. (Egypt)		1,272,519
		Health Care Facilities 5.0%
	8,779,244	Cleopatra Hospital* (Egypt)		3,183,502
		Hypermarkets & Super Centers 2.8%
	50,249	InRetail Peru Corp. (Peru)		1,808,964
		Insurance Brokers 2.6%
	769,015	TQM Corp. Public Co. Ltd. (Thailand)		1,694,445

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Internet & Direct Marketing Retail 8.9%
	5,360	MercadoLibre, Inc.* (Brazil)	$	3,065,598
	11,040	Naspers Ltd., Class N (South Africa)		1,805,678
	11,040	Prosus N.V.* (Netherlands)		823,879
				5,695,155
		Life & Health Insurance 1.8%
	134,435	Discovery Ltd. (South Africa)		1,157,853
		Pharmaceuticals 0.1%
	17,629	Square Pharmaceuticals Ltd. (Bangladesh)		39,662
		Property & Casualty Insurance 4.0%
	612,200	Qualitas Controladora S.A.B. de C.V. (Mexico)		2,578,638
		Regional Banks 4.7%
	164,784	AU Small Finance Bank Ltd. (India)		1,856,119
	3,906,400	PT Bank Tabungan Pensiunan Nasional Syariah Tbk* (Indonesia)		1,195,095
				3,051,214
		Technology Distributors 3.4%
	865,070	FPT Corp. (Vietnam)		2,176,441
		Wireless Telecommunication Services 4.4%
	9,023,838	Safaricom plc (Kenya)		2,813,550
		Total Common Stocks (cost $50,265,350)		61,548,727
		PREFERRED STOCKS 4.0%
		Diversified Banks 4.0%
	183,559	Banco Davivienda S.A., 1.82% (Colombia)		2,572,950
		Total Preferred Stocks (cost $2,032,420)		2,572,950
		Total Investments (cost $52,297,770) 100.0%§		64,121,677
		Liabilities less Other Assets (<0.1%)		(19,780	)
		NET ASSETS 100.0%	$	64,101,897
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 17.35%. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND (WAFMX / WIFMX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2019, Wasatch Frontier Emerging Small Countries Fund’s investments, were in the following countries:

COUNTRY	%
Argentina		3.8
Bangladesh		3.1
Brazil		11.8
Colombia		4.0
Egypt		10.8
India		5.2
Indonesia		5.3
Kenya		5.4
Kuwait		2.1
Mexico		10.3
Netherlands		1.3
Peru		4.0
Philippines		4.1
Russia		3.9
South Africa		7.5
Thailand		8.4
United Arab Emirates		2.6
Vietnam		6.4
Total		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.8%
		Airlines 1.4%
	10,687	Allegiant Travel Co.	$	1,859,965
		Application Software 15.2%
	30,444	Five9, Inc.*		1,996,517
	34,834	Globant S.A.* (Argentina)		3,694,146
	12,718	HubSpot, Inc.*		2,015,803
	123,930	Infomart Corp. (Japan)		1,118,375
	49,797	Medallia, Inc.*		1,549,185
	18,045	Paylocity Holding Corp.*		2,180,197
	16,499	Q2 Holdings, Inc.*		1,337,739
	102,418	Systena Corp. (Japan)		1,663,314
	7,858	Tyler Technologies, Inc.*		2,357,557
	29,884	Zendesk, Inc.*		2,290,011
				20,202,844
		Automotive Retail 1.7%
	28,706	Monro, Inc.		2,244,809
		Biotechnology 4.4%
	101,538	Abcam plc (United Kingdom)		1,818,402
	18,994	Exact Sciences Corp.*		1,756,565
	5,852	Medy-Tox, Inc. (South Korea)		1,521,851
	86,299	Sangamo Therapeutics, Inc.*		722,323
				5,819,141
		Building Products 2.8%
	41,506	Trex Co., Inc.*		3,730,559
		Commercial Printing 1.1%
	11,429	Cimpress plc*		1,437,425
		Commodity Chemicals 1.0%
	1,047,900	TOA Paint Thailand Public Co. Ltd. (Thailand)		1,373,119
		Consumer Finance 4.9%
	33,630	Bajaj Finance Ltd. (India)		1,990,620
	3,911	Credit Acceptance Corp.*		1,729,953
	784,708	Srisawad Corp. Public Co. Ltd., Class A (Thailand)		1,794,516
	644,500	Unifin Financiera S.A.B. de C.V. SOFOM ENR (Mexico)		1,056,697
				6,571,786
		Data Processing & Outsourced Services 3.4%
	23,458	Euronet Worldwide, Inc.*		3,696,043
	12,500	GMO Payment Gateway, Inc. (Japan)		856,016
				4,552,059
		Diversified Chemicals 1.1%
	73,457	Pidilite Industries Ltd. (India)		1,427,396
		Diversified Real Estate Activities 0.7%
	42,728	Patrizia AG (Germany)		952,397
		Diversified Support Services 1.8%
	26,107	Copart, Inc.*		2,374,171
		Drug Retail 1.2%
	11,690	Ain Holdings, Inc. (Japan)		743,451
	17,000	Sugi Holdings Co. Ltd. (Japan)		896,829
				1,640,280

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electrical Components & Equipment 1.7%
	95,281	Voltronic Power Technology Corp. (Taiwan)	$	2,272,606
		General Merchandise Stores 1.1%
	22,538	Ollie’s Bargain Outlet Holdings, Inc.*		1,471,957
		Health Care Equipment 2.5%
	21,469	Cantel Medical Corp.		1,522,152
	11,506	Cochlear Ltd. (Australia)		1,814,545
				3,336,697
		Health Care Facilities 2.5%
	53,944	Ensign Group, Inc. (The)		2,447,439
	26,972	Pennant Group, Inc. (The)*		891,964
				3,339,403
		Health Care Services 1.3%
	84,902	Dr. Lal PathLabs Ltd. (India)		1,778,254
		Health Care Supplies 1.1%
	50,200	Asahi Intecc Co. Ltd. (Japan)		1,469,918
		Homebuilding 1.4%
	25,624	LGI Homes, Inc.*		1,810,336
		Human Resource & Employment Services 2.0%
	24,600	en-japan, Inc. (Japan)		1,069,208
	55,830	SMS Co. Ltd. (Japan)		1,542,076
				2,611,284
		Industrial Conglomerates 0.9%
	4,226	3M India Ltd.* (India)		1,256,939
		Industrial Machinery 7.5%
	35,669	Altra Industrial Motion Corp.		1,291,575
	24,393	Barnes Group, Inc.		1,511,390
	30,575	Helios Technologies, Inc.		1,413,482
	44,032	Kornit Digital Ltd.* (Israel)		1,507,216
	68,400	MISUMI Group, Inc. (Japan)		1,692,908
	16,345	RBC Bearings, Inc.*		2,588,067
				10,004,638
		Interactive Media & Services 0.7%
	2,738	New Work SE (Germany)		896,795
		Internet & Direct Marketing Retail 4.0%
	62,227	MakeMyTrip Ltd.* (India)		1,424,998
	4,274	MercadoLibre, Inc.* (Brazil)		2,444,472
	224,623	Trainline plc* (United Kingdom)		1,508,505
				5,377,975
		Life & Health Insurance 1.4%
	284,505	ICICI Prudential Life Insurance Co. Ltd. (India)		1,921,395
		Managed Health Care 1.3%
	23,517	HealthEquity, Inc.*		1,741,904
		Other Diversified Financial Services 1.4%
	5,376	Hypoport AG* (Germany)		1,896,534
		Packaged Foods & Meats 1.5%
	542,000	Vitasoy International Holdings Ltd. (China)		1,964,953
		Pharmaceuticals 0.9%
	36,201	Intra-Cellular Therapies, Inc.*		1,242,056

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Property & Casualty Insurance 1.6%
	108,691	ICICI Lombard General Insurance Co. Ltd. (India)	$	2,103,068
		Regional Banks 5.3%
	382,677	AU Small Finance Bank Ltd. (India)		4,310,455
	41,416	Canadian Western Bank (Canada)		1,017,101
	35,208	Eagle Bancorp, Inc.		1,712,165
				7,039,721
		Research & Consulting Services 2.5%
	37,100	Funai Soken Holdings, Inc. (Japan)		839,399
	71,000	Nihon M&A Center, Inc. (Japan)		2,443,304
				3,282,703
		Restaurants 1.0%
	36,174	Domino’s Pizza Enterprises Ltd. (Australia)		1,329,164
		Semiconductors 6.3%
	48,000	ASPEED Technology, Inc. (Taiwan)		1,535,578
	22,607	Melexis N.V. (Belgium)		1,700,272
	15,304	Monolithic Power Systems, Inc.		2,724,418
	75,000	Silergy Corp. (Taiwan)		2,376,822
				8,337,090
		Soft Drinks 1.4%
	66,600	Fevertree Drinks plc (United Kingdom)		1,846,410
		Specialty Stores 1.5%
	15,662	Five Below, Inc.*		2,002,543
		Technology Distributors 0.7%
	110,332	Electrocomponents plc (United Kingdom)		990,284
		Thrifts & Mortgage Finance 1.3%
	59,570	Aavas Financiers Ltd.* (India)		1,668,178
		Trading Companies & Distributors 2.6%
	83,720	Diploma plc (United Kingdom)		2,244,525
	43,400	MonotaRO Co. Ltd. (Japan)		1,155,350
				3,399,875
		Trucking 1.7%
	64,833	Knight-Swift Transportation Holdings, Inc.		2,323,615
		Total Common Stocks (cost $84,721,823)		132,902,246

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.6%
		Repurchase Agreement 0.6%
	$837,383	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $835,000 of United States Treasury Notes 2.875% due 10/15/21; value: $858,667; repurchase proceeds: $837,389 (cost $837,383)	$	837,383
		Total Short-Term Investments (cost $837,383)		837,383
		Total Investments (cost $85,559,206) 100.4%§		133,739,629
		Liabilities less Other Assets (0.4%)		(578,013	)
		NET ASSETS 100.0%	$	133,161,616
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 14.91%. See Notes to Schedules of Investments.

At December 31, 2019, Wasatch Global Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		2.8
Australia		2.4
Belgium		1.3
Brazil		1.8
Canada		0.8
China		1.5
Germany		2.8
India		13.5
Israel		1.1
Japan		11.7
Mexico		0.8
South Korea		1.1
Taiwan		4.7
Thailand		2.4
United Kingdom		6.3
United States		45.0
Total		100.0	%

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.5%
		Aerospace & Defense 2.8%
	1,708	HEICO Corp., Class A	$	152,917
		Application Software 8.3%
	896	Guidewire Software, Inc.*		98,354
	777	Tyler Technologies, Inc.*		233,115
	2,212	Xero Ltd.* (New Zealand)		124,182
				455,651
		Building Products 4.5%
	10,443	Assa Abloy AB, Class B (Sweden)		244,110
		Consumer Finance 4.6%
	4,269	Bajaj Finance Ltd. (India)		252,690
		Data Processing & Outsourced Services 13.6%
	2,526	Amadeus IT Group S.A. (Spain)		206,272
	1,251	Euronet Worldwide, Inc.*		197,108
	1,215	Jack Henry & Associates, Inc.		176,989
	790	WEX, Inc.*		165,473
				745,842
		Distributors 4.7%
	1,211	Pool Corp.		257,192
		Diversified Support Services 4.3%
	2,617	Copart, Inc.*		237,990
		Drug Retail 4.2%
	1,800	Tsuruha Holdings, Inc. (Japan)		231,116
		Electrical Components & Equipment 3.8%
	2,062	AMETEK, Inc.		205,664
		Electronic Components 4.1%
	2,076	Amphenol Corp., Class A		224,685
		Electronic Equipment & Instruments 2.4%
	2,304	Cognex Corp.		129,116
		Financial Exchanges & Data 2.5%
	356	MarketAxess Holdings, Inc.		134,963
		Health Care Equipment 6.3%
	971	Cochlear Ltd. (Australia)		153,131
	832	Sonova Holding AG (Switzerland)		190,202
				343,333
		Health Care Supplies 7.1%
	6,200	Asahi Intecc Co. Ltd. (Japan)		181,544
	1,688	Coloplast A/S, Class B (Denmark)		209,415
				390,959
		Health Care Technology 2.0%
	771	Veeva Systems, Inc., Class A*		108,449
		Industrial Conglomerates 3.8%
	581	Roper Technologies, Inc.		205,808
		Industrial Machinery 2.3%
	5,000	MISUMI Group, Inc. (Japan)		123,751
		Life Sciences Tools & Services 4.8%
	1,524	ICON plc* (Ireland)		262,478

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Packaged Foods & Meats 2.3%
	2,928	Britannia Industries Ltd. (India)	$	124,540
		Regional Banks 2.3%
	2,399	Webster Financial Corp.		128,011
		Specialty Chemicals 2.6%
	1,817	Chr. Hansen Holding A/S (Denmark)		144,442
		Trucking 4.2%
	1,220	Old Dominion Freight Line, Inc.		231,532
		Total Common Stocks (cost $4,953,794)		5,335,239
		Total Investments (cost $4,953,794) 97.5%§		5,335,239
		Other Assets less Liabilities 2.5%		138,953
		NET ASSETS 100.0%	$	5,474,192
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 24.20%. See Notes to Schedules of Investments.

At December 31, 2019, Wasatch Global Select Fund’s investments, were in the following countries:

COUNTRY	%
Australia		2.9
Denmark		6.6
India		7.1
Ireland		4.9
Japan		10.1
New Zealand		2.3
Spain		3.9
Sweden		4.6
Switzerland		3.6
United States		54.0
Total		100.0	%

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.4%
		Airlines 2.9%
	138,000	Japan Airlines Co. Ltd. (Japan)	$	4,296,751
		Broadcasting 1.3%
	45,000	ViacomCBS, Inc., Class B		1,888,650
		Commodity Chemicals 1.1%
	900,000	PTT Global Chemical Public Co. Ltd. (Thailand)		1,712,640
		Construction & Engineering 1.0%
	2,475,000	Sinopec Engineering Group Co. Ltd., Class H (China)		1,480,115
		Department Stores 1.0%
	30,000	Kohl’s Corp.		1,528,500
		Diversified Banks 13.1%
	51,000	Citigroup, Inc.		4,074,390
	285,000	ING Groep N.V. ADR (Netherlands)		3,434,250
	370,000	Nordea Bank Abp (Sweden)		2,993,367
	165,000	United Overseas Bank Ltd. (Singapore)		3,240,009
	112,000	Wells Fargo & Co.		6,025,600
				19,767,616
		Diversified Metals & Mining 1.5%
	85,000	BHP Group Ltd. (Australia)		2,321,529
		Electric Utilities 8.6%
	71,000	Duke Energy Corp.		6,475,910
	142,000	Exelon Corp.		6,473,780
				12,949,690
		Electrical Components & Equipment 2.1%
	33,000	Eaton Corp. plc		3,125,760
		Food Retail 2.3%
	140,000	Koninklijke Ahold Delhaize N.V. (Netherlands)		3,501,162
		Hypermarkets & Super Centers 2.1%
	26,000	WalMart, Inc.		3,089,840
		Integrated Oil & Gas 8.2%
	1,015,000	BP plc (United Kingdom)		6,340,515
	185,000	Suncor Energy, Inc. (Canada)		6,063,378
				12,403,893
		Integrated Telecommunication Services 2.9%
	110,000	AT&T, Inc.		4,298,800
		IT Consulting & Other Services 3.3%
	37,000	International Business Machines Corp.		4,959,480
		Life & Health Insurance 2.2%
	2,100,000	Fubon Financial Holding Co. Ltd. (Taiwan)		3,250,492
		Managed Health Care 2.7%
	65,000	Centene Corp.*		4,086,550
		Multi-Line Insurance 2.4%
	131,000	AXA S.A. (France)		3,689,731
		Oil & Gas Equipment & Services 2.0%
	76,000	Schlumberger Ltd.		3,055,200
		Packaged Foods & Meats 1.5%
	3,100,000	Dali Foods Group Co. Ltd. (China)		2,295,471

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 10.2%
	37,000	Johnson & Johnson	$	5,397,190
	33,000	Novartis AG (Switzerland)		3,124,756
	177,000	Pfizer, Inc.		6,934,860
				15,456,806
		Property & Casualty Insurance 3.2%
	82,000	Axis Capital Holdings Ltd.		4,874,080
		Reinsurance 4.5%
	23,000	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		6,787,138
		Specialized REITs 5.5%
	56,000	EPR Properties		3,955,840
	170,000	VICI Properties, Inc.		4,343,500
				8,299,340
		Systems Software 2.6%
	75,000	Oracle Corp.		3,973,500
		Technology Hardware, Storage & Peripherals 2.7%
	85,000	Samsung Electronics Co. Ltd. (South Korea)		4,095,882
		Tobacco 2.8%
	53,000	KT&G Corp. (South Korea)		4,288,099
		Wireless Telecommunication Services 4.7%
	850,000	China Mobile Ltd. (China)		7,144,874
		Total Common Stocks (cost $133,298,099)		148,621,589
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.8%
		Repurchase Agreement 0.8%
	$1,225,228	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $1,220,000 of United States Treasury Notes 2.875% due 10/15/21; value: $1,254,580; repurchase proceeds: $1,225,236 (cost $1,225,228)	$	1,225,228
		Total Short-Term Investments (cost $1,225,228)		1,225,228
		Total Investments (cost $134,523,327) 99.2%§		149,846,817
		Other Assets less Liabilities 0.8%		1,280,901
		NET ASSETS 100.0%	$	151,127,718
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 16.93%. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2019, Wasatch Global Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		1.6
Canada		4.1
China		7.3
France		2.5
Germany		4.6
Japan		2.9
Netherlands		4.7
Singapore		2.2
South Korea		5.6
Sweden		2.0
Switzerland		2.1
Taiwan		2.2
Thailand		1.2
United Kingdom		4.3
United States		52.7
Total		100.0	%

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.3%
		Airport Services 1.5%
	2,473,172	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Mexico)	$	18,516,580
		Application Software 9.0%
	140,553	Descartes Systems Group, Inc. (The)* (Canada)		6,007,232
	1,009,267	GB Group plc (United Kingdom)		10,427,624
	1,366,822	Infomart Corp. (Japan)		12,334,546
	182,506	Kinaxis, Inc.* (Canada)		14,057,410
	174,247	Lightspeed POS, Inc.* (Canada)		4,840,083
	549,801	Miroku Jyoho Service Co. Ltd. (Japan)		16,529,638
	182,421	Nemetschek SE (Germany)		12,017,615
	1,072,700	Systena Corp. (Japan)		17,421,122
	2,476,452	Technology One Ltd. (Australia)		14,406,777
	233,749	WiseTech Global Ltd. (Australia)		3,833,459
				111,875,506
		Asset Management & Custody Banks 2.3%
	615,793	AJ Bell plc (United Kingdom)		3,499,264
	2,031,969	Ashmore Group plc (United Kingdom)		13,942,207
	2,149,716	Netwealth Group Ltd. (Australia)		11,781,878
				29,223,349
		Auto Parts & Equipment 0.5%
	1,726,000	Minth Group Ltd. (Hong Kong)		6,091,270
		Biotechnology 1.6%
	881,357	Abcam plc (United Kingdom)		15,783,860
	16,759	Medy-Tox, Inc. (South Korea)		4,358,287
				20,142,147
		Brewers 1.8%
	244,960	Royal Unibrew A/S (Denmark)		22,438,031
		Commodity Chemicals 0.8%
	1,342,615	Berger Paints India Ltd. (India)		9,705,902
		Construction Machinery & Heavy Trucks 0.7%
	578,800	Takeuchi Manufacturing Co. Ltd. (Japan)		8,654,800
		Data Processing & Outsourced Services 0.9%
	161,000	GMO Payment Gateway, Inc. (Japan)		11,025,488
		Diversified Real Estate Activities 1.6%
	876,819	Patrizia AG (Germany)		19,544,094
		Diversified Support Services 2.7%
	1,013,515	HomeServe plc (United Kingdom)		16,969,222
	1,899,452	Prestige International, Inc. (Japan)		17,147,322
				34,116,544
		Drug Retail 6.3%
	180,628	Ain Holdings, Inc. (Japan)		11,487,433
	1,026,120	Clicks Group Ltd. (South Africa)		18,798,524
	153,300	Kusuri no Aoki Holdings Co. Ltd. (Japan)		9,598,861
	324,900	Raia Drogasil S.A. (Brazil)		9,050,448
	258,000	Sugi Holdings Co. Ltd. (Japan)		13,610,690
	123,700	Tsuruha Holdings, Inc. (Japan)		15,882,825
				78,428,781
		Electrical Components & Equipment 1.4%
	735,740	Voltronic Power Technology Corp. (Taiwan)		17,548,591

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electronic Equipment & Instruments 2.0%
	881,096	Halma plc (United Kingdom)	$	24,695,827
		Financial Exchanges & Data 0.9%
	1,858,061	IntegraFin Holdings plc (United Kingdom)		10,952,283
		General Merchandise Stores 1.5%
	3,495,052	B&M European Value Retail S.A. (United Kingdom)		18,962,617
		Health Care Equipment 5.5%
	225,399	Cellavision AB (Sweden)		7,688,692
	164,966	Cochlear Ltd. (Australia)		26,015,842
	175,295	DiaSorin S.p.A. (Italy)		22,702,103
	604,664	Nakanishi, Inc. (Japan)		11,523,593
				67,930,230
		Health Care Supplies 2.0%
	658,300	Asahi Intecc Co. Ltd. (Japan)		19,275,834
	149,125	Menicon Co. Ltd. (Japan)		6,240,661
				25,516,495
		Health Care Technology 1.2%
	328,020	M3, Inc. (Japan)		9,891,641
	495,670	RaySearch Laboratories AB* (Sweden)		5,673,056
				15,564,697
		Highways & Railtracks 0.5%
	6,388,000	Yuexiu Transport Infrastructure Ltd. (China)		5,681,101
		Household Appliances 1.3%
	1,286,976	Breville Group Ltd. (Australia)		15,768,743
		Household Products 0.9%
	317,884	Pigeon Corp. (Japan)		11,639,700
		Human Resource & Employment Services 4.3%
	120,656	51job, Inc. ADR* (China)		10,243,694
	437,300	Benefit One, Inc. (Japan)		9,026,451
	416,180	en-japan, Inc. (Japan)		18,088,735
	579,142	SMS Co. Ltd. (Japan)		15,996,434
				53,355,314
		Industrial Machinery 2.2%
	612,515	MISUMI Group, Inc. (Japan)		15,159,820
	2,763,056	Rotork plc (United Kingdom)		12,260,811
				27,420,631
		Interactive Media & Services 4.2%
	437,572	Info Edge India Ltd. (India)		15,569,213
	63,184	New Work SE (Germany)		20,695,059
	1,882,520	Rightmove plc (United Kingdom)		15,799,358
				52,063,630
		Internet & Direct Marketing Retail 2.7%
	2,888,070	Trainline plc* (United Kingdom)		19,395,472
	1,514,055	Webjet Ltd. (Australia)		13,833,594
				33,229,066
		Investment Banking & Brokerage 1.1%
	1,316,946	Avanza Bank Holding AB (Sweden)		13,751,068
		IT Consulting & Other Services 3.2%
	220,631	Endava plc, ADR* (United Kingdom)		10,281,404
	197,043	Larsen & Toubro Infotech Ltd. (India)		4,830,964
	222,518	Reply S.p.A. (Italy)		17,344,613

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	443,668	Softcat plc (United Kingdom)	$	6,770,103
				39,227,084
		Life Sciences Tools & Services 1.5%
	66,919	Tecan Group AG (Switzerland)		18,800,613
		Movies & Entertainment 1.3%
	258,238	CTS Eventim AG & Co KGaA (Germany)		16,202,714
		Oil & Gas Equipment & Services 1.3%
	514,934	TGS-NOPEC Geophysical Co. ASA (Norway)		15,666,441
		Other Diversified Financial Services 1.7%
	61,354	Hypoport AG* (Germany)		21,644,337
		Packaged Foods & Meats 2.9%
	295,214	Morinaga & Co. Ltd. (Japan)		14,176,807
	6,001,449	Vitasoy International Holdings Ltd. (China)		21,757,496
				35,934,303
		Pharmaceuticals 0.5%
	74,500	JCR Pharmaceuticals Co. Ltd. (Japan)		6,023,140
		Property & Casualty Insurance 1.6%
	1,059,524	ICICI Lombard General Insurance Co. Ltd. (India)		20,500,792
		Regional Banks 3.2%
	1,910,065	AU Small Finance Bank Ltd. (India)		21,514,879
	753,255	Canadian Western Bank (Canada)		18,498,558
				40,013,437
		Research & Consulting Services 3.1%
	580,544	Funai Soken Holdings, Inc. (Japan)		13,134,990
	728,428	Nihon M&A Center, Inc. (Japan)		25,067,199
				38,202,189
		Restaurants 1.4%
	490,186	Domino’s Pizza Enterprises Ltd. (Australia)		18,011,212
		Semiconductor Equipment 0.7%
	519,005	Japan Material Co. Ltd. (Japan)		8,594,904
		Semiconductors 3.5%
	298,126	Elmos Semiconductor AG (Germany)		9,477,197
	177,780	Melexis N.V. (Belgium)		13,370,830
	658,165	Silergy Corp. (Taiwan)		20,857,883
				43,705,910
		Soft Drinks 1.5%
	679,011	Fevertree Drinks plc (United Kingdom)		18,824,815
		Specialty Chemicals 1.2%
	194,441	Chr. Hansen Holding A/S (Denmark)		15,457,070
		Systems Software 1.0%
	175,480	Douzone Bizon Co. Ltd.* (South Korea)		12,267,066
		Technology Distributors 1.3%
	1,789,555	Electrocomponents plc (United Kingdom)		16,062,130
		Textiles 1.1%
	376,935	Brunello Cucinelli S.p.A. (Italy)		13,353,627
		Trading Companies & Distributors 5.9%
	245,062	Beijer Ref AB (Sweden)		7,189,891
	913,291	Diploma plc (United Kingdom)		24,485,240

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	1,595,181	Howden Joinery Group plc (United Kingdom)	$	14,211,880
	160,379	IMCD N.V. (Netherlands)		13,995,996
	518,424	MonotaRO Co. Ltd. (Japan)		13,800,949
				73,683,956
		Total Common Stocks (cost $810,375,810)		1,236,018,225
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.9%
		Repurchase Agreement 0.9%
	$11,717,219	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $11,625,000 of United States Treasury Notes 2.875% due 10/15/21; value: $11,954,499; repurchase proceeds: $11,717,297 (cost $11,717,219)	$	11,717,219
		Total Short-Term Investments (cost $11,717,219)		11,717,219
		Total Investments (cost $822,093,029) 100.2%§		1,247,735,444
		Liabilities less Other Assets (0.2%)		(2,562,666	)
		NET ASSETS 100.0%	$	1,245,172,778
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 45.11%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2019, Wasatch International Growth Fund’s investments, excluding short-term investments, were in the following countries:    

COUNTRY	%
Australia		8.4
Belgium		1.1
Brazil		0.7
Canada		3.5
China		3.1
Denmark		3.1
Germany		8.1
Hong Kong		0.5
India		5.8
Italy		4.3
Japan		26.8
Mexico		1.5
Netherlands		1.1
Norway		1.3
South Africa		1.5
South Korea		1.3
Sweden		2.8
Switzerland		1.5
Taiwan		3.1
United Kingdom		20.5
Total		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.7%
		Advertising 2.4%
	141,023	4imprint Group plc (United Kingdom)	$	6,500,607
	752,082	YouGov plc (United Kingdom)		6,405,615
				12,906,222
		Aerospace & Defense 1.3%
	255,507	Avon Rubber plc (United Kingdom)		7,073,491
		Alternative Carriers 1.0%
	703,000	Chief Telecom, Inc. (Taiwan)		5,159,289
		Application Software 15.5%
	108,221	Esker S.A. (France)		11,216,574
	175,100	Fixstars Corp. (Japan)		2,494,761
	749,816	Fortnox AB* (Sweden)		13,449,112
	791,092	GB Group plc (United Kingdom)		8,173,467
	23,188,436	Humanica Public Co. Ltd. (Thailand)		5,960,888
	860,200	Infomart Corp. (Japan)		7,762,661
	59,290	Mensch und Maschine Software SE (Germany)		2,839,789
	356,306	Miroku Jyoho Service Co. Ltd. (Japan)		10,712,256
	610,572	Rakus Co. Ltd. (Japan)		11,193,208
	607,600	Systena Corp. (Japan)		9,867,692
				83,670,408
		Auto Parts & Equipment 0.6%
	2,379,262	Minda Corp. Ltd. (India)		3,359,986
		Brewers 1.5%
	607,145	Carlsberg Brewery Malaysia Berhad, Class B (Malaysia)		4,363,785
	42,497	Royal Unibrew A/S (Denmark)		3,892,672
				8,256,457
		Building Products 0.7%
	513,260	Kajaria Ceramics Ltd. (India)		3,783,036
		Commercial Printing 0.5%
	74,700	Raksul, Inc.* (Japan)		2,570,180
		Commodity Chemicals 3.3%
	867,649	Berger Paints India Ltd. (India)		6,272,324
	666,740	Gulf Oil Lubricants India Ltd. (India)		7,547,491
	255,016	Supreme Industries Ltd. (India)		4,197,976
				18,017,791
		Consumer Finance 2.1%
	207,910	Gruppo MutuiOnline S.p.A. (Italy)		4,675,914
	195,619	Spandana Sphoorty Financial Ltd.* (India)		3,285,980
	2,204,062	Unifin Financiera S.A.B. de C.V. SOFOM ENR (Mexico)		3,613,694
				11,575,588
		Department Stores 1.4%
	396,908	Poya International Co. Ltd. (Taiwan)		5,580,836
	95,789	V-Mart Retail Ltd. (India)		2,216,973
				7,797,809
		Diversified Support Services 6.1%
	1,864,804	Clipper Logistics plc (United Kingdom)		7,107,768
	328,900	Japan Elevator Service Holdings Co. Ltd. (Japan)		8,257,336
	2,026,844	Johnson Service Group plc (United Kingdom)		5,262,124
	1,354,362	Prestige International, Inc. (Japan)		12,226,516
				32,853,744

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Drug Retail 1.5%
	50,000	Kusuri no Aoki Holdings Co. Ltd. (Japan)	$	3,130,744
	219,610	YAKUODO Holdings Co. Ltd. (Japan)		4,905,160
				8,035,904
		Education Services 0.7%
	470,000	Dadi Early-Childhood Education Group Ltd. (Taiwan)		3,770,724
		Electrical Components & Equipment 1.9%
	223,393	Amara Raja Batteries Ltd. (India)		2,268,884
	326,158	Voltronic Power Technology Corp. (Taiwan)		7,779,397
				10,048,281
		Electronic Equipment & Instruments 1.0%
	129,328	Isra Vision AG (Germany)		5,626,392
		Food Retail 3.5%
	3,819,129	Philippine Seven Corp. (Philippines)		10,708,191
	70,499	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (Israel)		4,054,412
	4,502,100	Sheng Siong Group Ltd. (Singapore)		4,150,789
				18,913,392
		Health Care Equipment 4.7%
	10,178,000	AK Medical Holdings Ltd. (China)		11,468,095
	166,826	Cellavision AB (Sweden)		5,690,681
	103,691	Inmode Ltd.* (Israel)		4,064,687
	239,982	Xvivo Perfusion AB* (Sweden)		4,355,693
				25,579,156
		Health Care Facilities 1.1%
	16,782,504	Cleopatra Hospital* (Egypt)		6,085,618
		Health Care Services 3.8%
	255,177	Dr. Lal PathLabs Ltd. (India)		5,344,627
	452,900	Elan Corp. (Japan)		6,649,890
	428,935	Metropolis Healthcare Ltd.* (India)		8,713,531
				20,708,048
		Health Care Supplies 1.8%
	640,000	Bioteque Corp. (Taiwan)		2,786,136
	1,571,583	Nanosonics Ltd.* (Australia)		7,003,150
				9,789,286
		Health Care Technology 4.0%
	275,380	Craneware plc (United Kingdom)		9,411,022
	99,198	Nexus AG (Germany)		3,843,965
	354,877	Pro Medicus Ltd. (Australia)		5,565,930
	262,144	RaySearch Laboratories AB* (Sweden)		3,000,298
				21,821,215
		Home Furnishing Retail 0.4%
	450,529	Nick Scali Ltd. (Australia)		2,190,980
		Home Improvement Retail 1.6%
	3,984,055	Italtile Ltd. (South Africa)		3,726,340
	43,238,500	PT Ace Hardware Indonesia Tbk (Indonesia)		4,656,493
				8,382,833
		Human Resource & Employment Services 1.7%
	59,588	en-japan, Inc. (Japan)		2,589,917
	234,262	SMS Co. Ltd. (Japan)		6,470,531
				9,060,448

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Insurance Brokers 0.9%
	2,231,200	TQM Corp. Public Co. Ltd. (Thailand)	$	4,916,219
		Interactive Media & Services 1.6%
	80,400	Atrae, Inc.* (Japan)		2,759,052
	16,043	New Work SE (Germany)		5,254,666
	36,945	Wantedly, Inc.* (Japan)		676,821
				8,690,539
		Internet & Direct Marketing Retail 2.7%
	558,706	On the Beach Group plc (United Kingdom)		3,607,061
	234,418	Open Door, Inc.* (Japan)		3,355,591
	817,570	Webjet Ltd. (Australia)		7,469,961
				14,432,613
		Internet Services & Infrastructure 0.5%
	171,326	BASE, Inc.* (Japan)		2,767,265
		Investment Banking & Brokerage 0.5%
	374,090	HUB24 Ltd. (Australia)		2,929,697
		IT Consulting & Other Services 2.3%
	233,971	Appen Ltd. (Australia)		3,687,688
	61,681	Aubay (France)		2,314,324
	680,744	Avant Corp. (Japan)		6,498,060
				12,500,072
		Life Sciences Tools & Services 1.0%
	417,174	Biotage AB (Sweden)		5,530,246
		Oil & Gas Equipment & Services 0.7%
	583,959	Computer Modelling Group Ltd. (Canada)		3,696,541
		Other Diversified Financial Services 3.0%
	46,464	Hypoport AG* (Germany)		16,391,473
		Packaged Foods & Meats 2.3%
	2,003,120	Vitasoy International Holdings Ltd. (China)		7,262,059
	909,000	Yihai International Holding Ltd.* (China)		5,331,070
				12,593,129
		Personal Products 1.0%
	543,629	Sarantis S.A. (Greece)		5,195,399
		Property & Casualty Insurance 2.0%
	2,589,300	Qualitas Controladora S.A.B. de C.V. (Mexico)		10,906,352
		Publishing 0.8%
	218,756	Future plc (United Kingdom)		4,201,580
		Research & Consulting Services 3.2%
	40,458	Akka Technologies (France)		2,972,504
	202,400	IR Japan Holdings Ltd. (Japan)		9,000,995
	426,472	NICE Information Service Co. Ltd.* (South Korea)		5,139,174
				17,112,673
		Restaurants 0.5%
	141,500	Arcland Service Holdings Co. Ltd. (Japan)		2,441,150
	630,045	Patisserie Holdings plc* *** §§ (United Kingdom)		8,345
				2,449,495
		Semiconductor Equipment 0.8%
	266,832	Japan Material Co. Ltd. (Japan)		4,418,831
		Semiconductors 3.3%
	260,586	Elmos Semiconductor AG (Germany)		8,283,829

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	168,791	LEENO Industrial, Inc. (South Korea)	$	9,382,316
				17,666,145
		Specialized Finance 0.9%
	410,900	eGuarantee, Inc. (Japan)		4,722,072
		Systems Software 1.0%
	53,300	Digital Arts, Inc. (Japan)		2,725,172
	205,518	Minwise Co. Ltd.* (South Korea)		2,646,944
				5,372,116
		Technology Hardware, Storage & Peripherals 0.6%
	57,241	MGI Digital Graphic Technology* (France)		3,505,715
		Thrifts & Mortgage Finance 3.0%
	345,265	Aavas Financiers Ltd.* (India)		9,668,686
	78,690	Equitable Group, Inc. (Canada)		6,626,431
				16,295,117
		Total Common Stocks (cost $345,802,613)		523,329,567
Principal Amount			Value
		SHORT-TERM INVESTMENTS 3.3%
		Repurchase Agreement 3.3%
	$17,595,387	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $17,455,000 of United States Treasury Notes 2.875% due 10/15/21; value: $17,949,745; repurchase proceeds: $17,595,505 (cost $17,595,387)	$	17,595,387
		Total Short-Term Investments (cost $17,595,387)		17,595,387
		Total Investments (cost $363,398,000) 100.0%§		540,924,954
		Liabilities less Other Assets (<0.1%)		(266,002	)
		NET ASSETS 100.0%	$	540,658,952
		*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 35.29%. §§The aggregate value of illiquid holdings at December 31, 2019, amounts to approximately $8,346, and represents 0.00% of net assets. See Notes to Schedules of Investments.

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2019, Wasatch International Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		5.5
Canada		2.0
China		4.6
Denmark		0.7
Egypt		1.2
France		3.8
Germany		8.1
Greece		1.0
India		10.8
Indonesia		0.9
Israel		1.6
Italy		0.9
Japan		24.5
Malaysia		0.8
Mexico		2.8
Philippines		2.0
Singapore		0.8
South Africa		0.7
South Korea		3.3
Sweden		6.1
Taiwan		4.8
Thailand		2.1
United Kingdom		11.0
Total		100.0	%

WASATCH INTERNATIONAL SELECT FUND
(WAISX / WGISX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 93.9%
		Apparel, Accessories & Luxury Goods 3.1%
	114	Hermes International (France)	$	85,190
		Application Software 10.0%
	691	Dassault Systemes S.A. (France)		113,590
	493	Temenos AG* (Switzerland)		77,987
	1,522	Xero Ltd.* (New Zealand)		85,445
				277,022
		Asset Management & Custody Banks 3.2%
	97	Partners Group Holding AG (Switzerland)		88,903
		Building Products 4.7%
	5,572	Assa Abloy AB, Class B (Sweden)		130,248
		Data Processing & Outsourced Services 3.6%
	1,208	Amadeus IT Group S.A. (Spain)		98,645
		Drug Retail 4.7%
	1,000	Tsuruha Holdings, Inc. (Japan)		128,398
		Electronic Equipment & Instruments 4.3%
	4,203	Halma plc (United Kingdom)		117,804
		Health Care Equipment 12.0%
	685	Cochlear Ltd. (Australia)		108,027
	7,828	Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)		116,990
	462	Sonova Holding AG (Switzerland)		105,617
				330,634
		Health Care Supplies 8.0%
	2,900	Asahi Intecc Co. Ltd. (Japan)		84,916
	1,104	Coloplast A/S, Class B (Denmark)		136,963
				221,879
		Health Care Technology 2.7%
	2,500	M3, Inc. (Japan)		75,389
		Household Products 2.5%
	1,900	Pigeon Corp. (Japan)		69,571
		Industrial Machinery 5.7%
	2,100	MISUMI Group, Inc. (Japan)		51,975
	133	Rational AG (Germany)		106,549
				158,524
		Interactive Media & Services 2.3%
	877	REA Group Ltd. (Australia)		63,759
		IT Consulting & Other Services 2.4%
	500	Obic Co. Ltd. (Japan)		67,350
		Leisure Products 1.2%
	200	Shimano, Inc. (Japan)		32,446
		Life Sciences Tools & Services 7.3%
	590	ICON plc* (Ireland)		101,616
	600	Sartorius Stedim Biotech (France)		99,405
				201,021
		Packaged Foods & Meats 2.6%
	20,000	Vitasoy International Holdings Ltd. (China)		72,508

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Research & Consulting Services 7.9%
	1,597	Intertek Group plc (United Kingdom)	$	123,793
	2,700	Nihon M&A Center, Inc. (Japan)		92,914
				216,707
		Soft Drinks 2.3%
	2,291	Fevertree Drinks plc (United Kingdom)		63,515
		Specialty Chemicals 3.4%
	1,189	Chr. Hansen Holding A/S (Denmark)		94,519
		Total Common Stocks (cost $2,379,833)		2,594,032
Principal Amount			Value
		SHORT-TERM INVESTMENTS 4.3%
		Repurchase Agreement 4.3%
	$117,918	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $120,000 of United States Treasury Notes 2.875% due 10/15/21; value: $123,401; repurchase proceeds: $117,918 (cost $117,918)	$	117,918
		Total Short-Term Investments (cost $117,918)		117,918
		Total Investments (cost $2,497,751) 98.2%§		2,711,950
		Other Assets less Liabilities 1.8%		50,057
		NET ASSETS 100.0%	$	2,762,007
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 48.65%. See Notes to Schedules of Investments.

At December 31, 2019, Wasatch International Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		6.6
China		2.8
Denmark		8.9
France		11.5
Germany		4.1
Ireland		3.9
Japan		23.2
New Zealand		7.8
Spain		3.8
Sweden		5.0
Switzerland		10.5
United Kingdom		11.9
Total		100.0	%

WASATCH MICRO CAP FUND (WMICX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.0%
		Alternative Carriers 2.0%
	178,465	Bandwidth, Inc., Class A*	$	11,430,683
		Apparel Retail 1.5%
	190,932	Boot Barn Holdings, Inc.*		8,502,202
		Apparel, Accessories & Luxury Goods 1.3%
	539,415	Superior Group of Cos., Inc.		7,303,679
		Application Software 11.4%
	113,850	Digimarc Corp.*		3,820,806
	49,669	Esker SA (France)		5,147,947
	135,017	Five9, Inc.*		8,854,415
	255,555	Fortnox AB* (Sweden)		4,583,775
	582,694	Medallia, Inc.* *** †		17,946,975
	256,875	Model N, Inc.*		9,008,606
	402,925	Upland Software, Inc.*		14,388,452
				63,750,976
		Biotechnology 7.8%
	138,583	Atara Biotherapeutics, Inc.*		2,282,462
	159,639	Castle Biosciences, Inc.*		5,486,793
	155,393	ChemoCentryx, Inc.*		6,145,793
	252,841	Cytokinetics, Inc.*		2,682,643
	94,564	Esperion Therapeutics, Inc.*		5,638,851
	272,201	Flexion Therapeutics, Inc.*		5,634,561
	622,873	Inovio Pharmaceuticals, Inc.*		2,055,481
	266,425	MacroGenics, Inc.*		2,898,704
	937,165	MEI Pharma, Inc.*		2,324,169
	518,101	Sangamo Therapeutics, Inc.*		4,336,505
	829,394	Selecta Biosciences, Inc.*		1,973,958
	1,024,930	Selecta Biosciences, Inc. PIPE* *** †		2,244,597
				43,704,517
		Construction & Engineering 2.2%
	738,813	Construction Partners, Inc., Class A*		12,463,775
		Construction Machinery & Heavy Trucks 2.4%
	107,688	Alamo Group, Inc.		13,520,228
		Data Processing & Outsourced Services 1.3%
	941,618	USA Technologies, Inc.*		6,967,973
		Diversified Banks 0.8%
	1,305,468	City Union Bank Ltd. (India)		4,293,451
		Diversified Support Services 0.8%
	183,900	Japan Elevator Service Holdings Co. Ltd. (Japan)		4,616,978
		Electronic Equipment & Instruments 2.7%
	210,375	Napco Security Technologies, Inc.*		6,182,921
	434,152	nLight, Inc.*		8,804,603
				14,987,524
		Electronic Manufacturing Services 2.1%
	178,236	Fabrinet*		11,556,822
		Environmental & Facilities Services 1.9%
	344,303	Heritage-Crystal Clean, Inc.*		10,800,785
		Food Distributors 1.2%
	182,375	Chefs’ Warehouse, Inc. (The)*		6,950,311

WASATCH MICRO CAP FUND (WMICX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Distributors 0.8%
	184,971	PetIQ, Inc.*	$	4,633,524
		Health Care Equipment 6.3%
	202,487	AtriCure, Inc.*		6,582,853
	274,746	CryoLife, Inc.*		7,442,869
	230,637	LeMaitre Vascular, Inc.		8,291,400
	26,233	Mesa Laboratories, Inc.		6,542,510
	109,271	Tandem Diabetes Care, Inc.*		6,513,644
				35,373,276
		Health Care Services 3.0%
	110,180	Addus HomeCare Corp.*		10,711,700
	177,663	Exagen, Inc.		4,512,640
	6,573,643	IM Cannabis Corp.* §§ (Canada)		1,721,180
				16,945,520
		Health Care Supplies 3.0%
	242,147	OrthoPediatrics Corp.*		11,378,487
	140,131	Silk Road Medical, Inc.*		5,658,490
				17,036,977
		Health Care Technology 4.7%
	84,059	Inspire Medical Systems, Inc.*		6,238,019
	255,154	Simulations Plus, Inc.		7,417,327
	261,868	Tabula Rasa HealthCare, Inc.*		12,747,734
				26,403,080
		Homebuilding 2.0%
	69,203	LGI Homes, Inc.*		4,889,192
	191,188	Skyline Champion Corp.*		6,060,660
				10,949,852
		Industrial Machinery 6.5%
	152,112	Kadant, Inc.		16,023,478
	588,450	Kornit Digital Ltd.* (Israel)		20,142,644
				36,166,122
		Insurance Brokers 0.9%
	115,587	Goosehead Insurance, Inc., Class A		4,900,889
		Internet Services & Infrastructure 1.7%
	2,333,601	Limelight Networks, Inc.*		9,521,092
		IT Consulting & Other Services 1.9%
	228,789	Endava plc, ADR* (United Kingdom)		10,661,567
		Leisure Products 1.2%
	409,586	MasterCraft Boat Holdings, Inc.*		6,450,980
		Oil & Gas Equipment & Services 0.8%
	101,665	DMC Global, Inc.		4,568,825
		Oil & Gas Exploration & Production 1.1%
	2,524,023	Abraxas Petroleum Corp.*		886,184
	2,096,029	Lonestar Resources US, Inc., Class A* ‡‡		5,470,636
				6,356,820
		Packaged Foods & Meats 2.1%
	198,658	Freshpet, Inc.*		11,738,701
		Paper Packaging 2.1%
	239,743	UFP Technologies, Inc.*		11,893,650

WASATCH MICRO CAP FUND (WMICX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Personal Products 1.3%
	89,673	USANA Health Sciences, Inc.*	$	7,043,814
		Pharmaceuticals 2.7%
	671,797	BioDelivery Sciences International, Inc.*		4,245,757
	147,271	Intra-Cellular Therapies, Inc.*		5,052,868
	617,316	Optinose, Inc.*		5,691,654
				14,990,279
		Regional Banks 3.7%
	334,212	CBTX, Inc.		10,400,677
	809,075	Metro Bank plc* (United Kingdom)		2,209,847
	265,676	People’s Utah Bancorp		8,002,161
				20,612,685
		Research & Consulting Services 3.5%
	155,004	ICF International, Inc.		14,201,467
	115,500	IR Japan Holdings Ltd. (Japan)		5,136,437
				19,337,904
		Restaurants 1.6%
	350,463	Chuy’s Holdings, Inc.*		9,084,001
		Semiconductors 1.7%
	51,151	Inphi Corp.*		3,786,197
	257,654	MaxLinear, Inc.*		5,467,418
				9,253,615
		Systems Software 3.9%
	54,941	CyberArk Software Ltd.* (Israel)		6,405,022
	157,784	Rapid7, Inc.*		8,839,060
	81,764	Varonis Systems, Inc.*		6,353,880
				21,597,962
		Trading Companies & Distributors 2.1%
	375,895	Transcat, Inc.* ‡‡		11,976,015
		Total Common Stocks (cost $394,538,400)		548,347,054
		WARRANTS 0.1%
		Biotechnology 0.1%
	512,465	Selecta Biosciences, Inc.,12/23/2024* *** †		655,955
		Health Care Services 0.0%
	1,897,571	IM Cannabis Corp.,10/10/2021* *** §§ (Canada)		—
		Total Warrants (cost $64,058)		655,955

WASATCH MICRO CAP FUND (WMICX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.8%
		Repurchase Agreement 1.8%
	$10,186,870	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with State Street Bank and Trust Co. collateralized by $10,105,000 of United States Treasury Notes 2.875% due 10/15/21; value: $10,391,416; repurchase proceeds: $10,186,938 (cost $10,186,870)	$	10,186,870
		Total Short-Term Investments (cost $10,186,870)		10,186,870
		Total Investments (cost $404,789,328) 99.9%§		559,189,879
		Other Assets less Liabilities 0.1%		474,867
		NET ASSETS 100.0%	$	559,664,746
		*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 1.74%. §§The aggregate value of illiquid holdings at December 31, 2019, amounts to approximately $1,721,180, and represents 0.31% of net assets. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2019, Wasatch Micro Cap Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Canada		0.3
France		0.9
India		0.8
Israel		4.8
Japan		1.8
Sweden		0.8
United Kingdom		2.4
United States		88.2
Total		100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 95.6%
		Advertising 0.8%
	291,033	National CineMedia, Inc.	$	2,121,631
		Air Freight & Logistics 1.1%
	508,000	Radiant Logistics, Inc.*		2,829,560
		Airlines 1.2%
	18,000	Allegiant Travel Co.		3,132,720
		Alternative Carriers 2.5%
	55,693	Bandwidth, Inc., Class A*		3,567,137
	180,205	Gamma Communications plc (United Kingdom)		3,174,703
				6,741,840
		Application Software 10.1%
	55,000	Ebix, Inc.		1,837,550
	284,000	eGain Corp.*		2,249,280
	37,000	Esker S.A. (France)		3,834,868
	18,000	Globant S.A.* (Argentina)		1,908,900
	112,800	Miroku Jyoho Service Co. Ltd. (Japan)		3,391,306
	84,000	Model N, Inc.*		2,945,880
	64,000	QAD, Inc., Class A		3,259,520
	278,000	SharpSpring, Inc.*		3,188,660
	202,000	Systena Corp. (Japan)		3,280,569
	198,000	Telenav, Inc.*		962,280
				26,858,813
		Asset Management & Custody Banks 2.1%
	750,000	Fiducian Group Ltd. (Australia)		2,899,982
	44,000	Hamilton Lane, Inc., Class A		2,622,400
				5,522,382
		Biotechnology 1.5%
	94,000	Cytokinetics, Inc.*		997,340
	195,000	Inovio Pharmaceuticals, Inc.*		643,500
	460,977	MEI Pharma, Inc.*		1,143,223
	160,000	Sangamo Therapeutics, Inc.*		1,339,200
				4,123,263
		Building Products 1.1%
	55,400	Patrick Industries, Inc.		2,904,622
		Communications Equipment 1.1%
	162,000	Digi International, Inc.*		2,870,640
		Construction & Engineering 1.8%
	180,000	Construction Partners, Inc., Class A*		3,036,600
	37,000	NV5 Global, Inc.*		1,866,650
				4,903,250
		Consumer Finance 1.5%
	170,000	Spandana Sphoorty Financial Ltd.* (India)		2,855,636
	787,341	Unifin Financiera S.A.B. de C.V. (Mexico)		1,290,893
				4,146,529
		Data Processing & Outsourced Services 2.4%
	137,000	I3 Verticals, Inc., Class A*		3,870,250
	338,000	USA Technologies, Inc.*		2,501,200
				6,371,450

WASATCH MICRO CAP VALUE FUND (WAMVX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Diversified Banks 1.1%
	900,000	City Union Bank Ltd. (India)	$	2,959,939
		Diversified Support Services 1.5%
	1,500,590	Johnson Service Group plc (United Kingdom)		3,895,855
		Education Services 0.9%
	297,000	Dadi Early-Childhood Education Group Ltd. (Taiwan)		2,382,777
		Electronic Equipment & Instruments 1.3%
	115,000	Napco Security Technologies, Inc.*		3,379,850
		Electronic Manufacturing Services 2.3%
	74,000	Fabrinet*		4,798,160
	181,150	RF Industries Ltd.		1,224,574
				6,022,734
		Health Care Distributors 2.0%
	4,161,922	Ibnsina Pharma S.A.E. (Egypt)		2,463,443
	119,000	PetIQ, Inc.*		2,980,950
				5,444,393
		Health Care Equipment 3.4%
	77,000	AtriCure, Inc.*		2,503,270
	64,826	Inmode Ltd.* (Israel)		2,541,179
	351,000	IRIDEX Corp.*		786,240
	49,000	Tactile Systems Technology, Inc.*		3,307,990
				9,138,679
		Health Care Facilities 0.9%
	53,000	Ensign Group, Inc. (The)		2,404,610
		Health Care Services 0.9%
	386,000	Viemed Healthcare, Inc.* (Canada)		2,416,680
		Health Care Supplies 1.1%
	62,000	OrthoPediatrics Corp.*		2,913,380
		Health Care Technology 3.4%
	85,000	Nexus AG (Germany)		3,293,786
	31,000	Omnicell, Inc.*		2,533,320
	325,000	OptimizeRx Corp.*		3,337,750
				9,164,856
		Heavy Electrical Equipment 1.1%
	156,000	TPI Composites, Inc.*		2,887,560
		Home Furnishings 1.0%
	160,000	Lovesac Co. (The)*		2,568,000
		Homebuilding 3.3%
	40,000	LGI Homes, Inc.*		2,826,000
	188,000	Skyline Champion Corp.*		5,959,600
				8,785,600
		Human Resource & Employment Services 1.1%
	134,000	BG Staffing, Inc.		2,933,260
		Industrial Machinery 5.1%
	20,000	John Bean Technologies Corp.		2,253,200
	41,000	Kadant, Inc.		4,318,940
	107,000	Kornit Digital Ltd.* (Israel)		3,662,610
	217,336	va-Q-tec AG* (Germany)		3,285,286
				13,520,036

WASATCH MICRO CAP VALUE FUND (WAMVX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Industrial REITs 0.8%
	146,000	Monmouth Real Estate Investment Corp.	$	2,114,080
		Insurance Brokers 0.8%
	48,000	Goosehead Insurance, Inc., Class A		2,035,200
		Integrated Telecommunication Services 1.0%
	200,000	Ooma, Inc.*		2,646,000
		Internet Services & Infrastructure 1.2%
	50,000	Tucows, Inc., Class A*		3,089,000
		Investment Banking & Brokerage 1.1%
	393,000	JDC Group AG* (Germany)		3,024,081
		IT Consulting & Other Services 4.8%
	288,000	Avant Corp. (Japan)		2,749,112
	80,000	Endava plc, ADR* (United Kingdom)		3,728,000
	150,000	Hackett Group, Inc. (The)		2,421,000
	84,000	Virtusa Corp.*		3,807,720
				12,705,832
		Mortgage REITs 1.2%
	219,000	Arbor Realty Trust, Inc.		3,142,650
		Oil & Gas Equipment & Services 1.7%
	40,000	DMC Global, Inc.		1,797,600
	546,000	Mitcham Industries, Inc.*		1,567,020
	75,935	Solaris Oilfield Infrastructure, Inc., Class A		1,063,090
				4,427,710
		Packaged Foods & Meats 1.5%
	70,000	Freshpet, Inc.*		4,136,300
		Personal Products 2.2%
	26,000	Medifast, Inc.		2,849,080
	306,000	Sarantis S.A. (Greece)		2,924,406
				5,773,486
		Pharmaceuticals 0.6%
	45,600	Intra-Cellular Therapies, Inc.*		1,564,536
		Regional Banks 6.6%
	187,000	Capital Bancorp, Inc.*		2,784,430
	190,000	CrossFirst Bankshares, Inc.*		2,739,800
	192,000	Esquire Financial Holdings, Inc.*		5,005,440
	112,000	Investar Holding Corp.		2,688,000
	800,000	Metro Bank plc* (United Kingdom)		2,185,060
	61,000	Sound Financial Bancorp, Inc.		2,196,000
				17,598,730
		Research & Consulting Services 1.5%
	19,373	Forrester Research, Inc.*		807,854
	70,000	IR Japan Holdings Ltd. (Japan)		3,112,992
				3,920,846
		Restaurants 1.0%
	104,000	Kura Sushi USA, Inc., Class A*		2,646,800
		Semiconductors 3.5%
	36,181	Ambarella, Inc.*		2,191,121
	39,000	Inphi Corp.*		2,886,780
	92,000	MaxLinear, Inc.*		1,952,240

WASATCH MICRO CAP VALUE FUND (WAMVX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	95,903	SiTime Corp.* (Japan)	$	2,445,527
				9,475,668
		Systems Software 1.0%
	62,000	Cyan AG* (Germany)		1,431,118
	104,510	Minwise Co. Ltd.* (South Korea)		1,346,024
				2,777,142
		Technology Hardware, Storage & Peripherals 1.7%
	48,656	MGI Digital Graphic Technology* (France)		2,979,928
	725,000	One Stop Systems, Inc.*		1,464,500
				4,444,428
		Thrifts & Mortgage Finance 2.5%
	90,000	Axos Financial, Inc.*		2,725,200
	386,000	Mortgage Advice Bureau Holdings Ltd. (United Kingdom)		3,957,427
				6,682,627
		Trading Companies & Distributors 2.3%
	242,000	Hardwoods Distribution, Inc. (Canada)		3,037,696
	127,000	Systemax, Inc.		3,195,320
				6,233,016
		Water Utilities 1.0%
	198,233	Global Water Resources, Inc.		2,606,764
		Total Common Stocks (cost $184,107,833)		254,389,805
		CONVERTIBLE PREFERRED STOCKS 0.7%
		Oil & Gas Refining & Marketing 0.7%
	644,656	Vertex Energy, Inc., Pfd., 6.00% PIK, Series B*** †		1,991,987
		Total Convertible Preferred Stocks (cost $1,903,433)		1,991,987
		RIGHTS 0.0%
		Pharmaceuticals 0.0%
	1	Acetylon Pharmaceuticals, Inc.* *** †		—
	1	Acetylon Pharmaceuticals, Inc.* *** †		—
				0
		Total Rights (cost $0)		0
		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 0.0%
		Oil & Gas Refining & Marketing 0.0%
	250,000	Vertex Energy, Inc., expiring 12/24/2020* *** †		5,000
		Total Warrants (cost $95,000)		5,000

WASATCH MICRO CAP VALUE FUND (WAMVX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 3.2%
		Repurchase Agreement 3.2%
	$8,417,676	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $8,350,000 of United States Treasury Notes 2.875% due 10/15/21; value: $8,586,672; repurchase proceeds: $8,417,732 (cost $8,417,676)	$	8,417,676
		Total Short-Term Investments (cost $8,417,676)		8,417,676
		Total Investments (cost $194,553,943) 99.5%§		264,824,679
		Other Assets less Liabilities 0.5%		1,357,439
		NET ASSETS 100.0%	$	266,182,118
		*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 8.22%. ADR American Depositary Receipt. PIK Payment In Kind. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2019, Wasatch Micro Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		0.8
Australia		1.1
Canada		2.1
Egypt		1.0
France		2.7
Germany		4.3
Greece		1.2
India		2.3
Israel		2.4
Japan		5.8
Mexico		0.5
South Korea		0.5
Taiwan		0.9
United Kingdom		6.6
United States		67.8
Total		100.0	%

WASATCH SMALL CAP GROWTH FUND
(WAAEX / WIAEX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.6%
		Aerospace & Defense 1.7%
	379,488	HEICO Corp., Class A	$	33,975,561
		Air Freight & Logistics 0.3%
	6,791,900	Aramex PJSC (United Arab Emirates)		6,601,169
		Airlines 1.8%
	212,072	Allegiant Travel Co.		36,909,011
		Application Software 14.1%
	2,645	Bill.Com Holdings, Inc.*		100,642
	478,225	DocuSign, Inc.*		35,441,255
	745,476	Five9, Inc.*		48,888,316
	485,745	Globant S.A.* (Argentina)		51,513,257
	180,338	HubSpot, Inc.*		28,583,573
	363,140	Medallia, Inc.*		11,297,285
	666,667	Medallia, Inc.* *** †		20,533,344
	553,986	Paylocity Holding Corp.*		66,932,588
	330,363	Zendesk, Inc.*		25,315,717
				288,605,977
		Automotive Retail 2.9%
	768,447	Monro, Inc.		60,092,555
		Biotechnology 8.7%
	2,091,711	Abcam plc (United Kingdom)		37,459,593
	468,724	Atara Biotherapeutics, Inc.*		7,719,884
	493,194	ChemoCentryx, Inc.*		19,505,823
	959,648	Cytokinetics, Inc.*		10,181,865
	570,609	Denali Therapeutics, Inc.*		9,940,009
	247,950	Esperion Therapeutics, Inc.*		14,785,259
	216,336	Exact Sciences Corp.*		20,006,753
	902,627	Flexion Therapeutics, Inc.*		18,684,379
	506,667	Frequency Therapeutics, Inc.*		8,881,873
	2,509,566	Inovio Pharmaceuticals, Inc.*		8,281,568
	811,622	MacroGenics, Inc.*		8,830,447
	1,501,530	Sangamo Therapeutics, Inc.*		12,567,806
				176,845,259
		Building Products 2.0%
	829,369	AAON, Inc.		40,979,122
		Data Processing & Outsourced Services 2.3%
	291,432	Euronet Worldwide, Inc.*		45,918,026
		Diversified Support Services 1.2%
	1,023,611	Healthcare Services Group, Inc.		24,894,219
		Food Retail 1.1%
	699,112	Grocery Outlet Holding Corp.*		22,686,184
		General Merchandise Stores 2.3%
	729,428	Ollie’s Bargain Outlet Holdings, Inc.*		47,638,943
		Health Care Distributors 0.9%
	749,595	PetIQ, Inc.*		18,777,355
		Health Care Equipment 3.5%
	589,988	Cantel Medical Corp.		41,830,149
	169,047	Insulet Corp.*		28,940,847
				70,770,996

WASATCH SMALL CAP GROWTH FUND
(WAAEX / WIAEX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Facilities 2.6%
	879,207	Ensign Group, Inc. (The)	$	39,889,621
	394,212	Pennant Group, Inc. (The)*		13,036,591
				52,926,212
		Health Care Supplies 2.7%
	827,833	Neogen Corp.*		54,024,382
		Health Care Technology 0.9%
	250,784	Inspire Medical Systems, Inc.*		18,610,681
		Home Improvement Retail 2.5%
	997,613	Floor & Decor Holdings, Inc., Class A*		50,688,716
		Homebuilding 1.7%
	484,023	LGI Homes, Inc.*		34,196,225
		Industrial Machinery 9.7%
	929,643	Barnes Group, Inc.		57,600,680
	753,960	Helios Technologies, Inc.		34,855,571
	1,044,868	Kornit Digital Ltd.* (Israel)		35,765,832
	444,165	RBC Bearings, Inc.*		70,329,086
				198,551,169
		Insurance Brokers 0.9%
	440,004	Goosehead Insurance, Inc., Class A		18,656,170
		Life Sciences Tools & Services 5.5%
	345,388	ICON plc* (Ireland)		59,486,175
	624,668	Medpace Holdings, Inc.*		52,509,592
				111,995,767
		Managed Health Care 2.2%
	611,769	HealthEquity, Inc.*		45,313,730
		Packaged Foods & Meats 1.2%
	424,293	Freshpet, Inc.*		25,071,473
		Pharmaceuticals 0.9%
	523,242	Intra-Cellular Therapies, Inc.*		17,952,433
		Regional Banks 4.8%
	557,075	Eagle Bancorp, Inc.		27,090,557
	779,964	Pinnacle Financial Partners, Inc.		49,917,696
	374,304	Texas Capital Bancshares, Inc.*		21,249,238
				98,257,491
		Restaurants 1.8%
	745,159	Chuy’s Holdings, Inc.*		19,314,521
	275,526	Shake Shack, Inc., Class A*		16,413,084
				35,727,605
		Semiconductors 2.4%
	276,984	Monolithic Power Systems, Inc.		49,308,692
		Specialty Stores 4.9%
	372,858	Five Below, Inc.*		47,673,624
	1,608,781	National Vision Holdings, Inc.*		52,172,768
				99,846,392
		Systems Software 5.9%
	327,515	CyberArk Software Ltd.* (Israel)		38,181,699
	234,036	Proofpoint, Inc.*		26,862,652
	586,405	Rapid7, Inc.*		32,850,408

WASATCH SMALL CAP GROWTH FUND
(WAAEX / WIAEX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	279,948	Varonis Systems, Inc.*	$	21,754,759
				119,649,518
		Trading Companies & Distributors 2.1%
	475,189	SiteOne Landscape Supply, Inc.*		43,075,883
		Trucking 2.1%
	1,183,025	Knight-Swift Transportation Holdings, Inc.		42,399,616
		Total Common Stocks (cost $1,371,702,171)		1,990,946,532
		PREFERRED STOCKS 0.5%
		Biotechnology 0.1%
	677,966	Nanosys, Inc., Series D Pfd.* *** †		1,267,796
	161,519	Nanosys, Inc., Series E Pfd.* *** †		208,360
				1,476,156
		Systems Software 0.4%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		9,306,993
		Total Preferred Stocks (cost $10,184,941)		10,783,149
		LIMITED PARTNERSHIP INTEREST 0.1%
		Asset Management & Custody Banks 0.1%
	1	Greenspring Global Partners II-B, L.P.* *** †		1,644,861
	1	Greenspring Global Partners III-B, L.P.* *** †		1,009,439
				2,654,300
		Total Limited Partnership Interest (cost $2,293,091)		2,654,300
		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 $1,638,526)		1,728,000

WASATCH SMALL CAP GROWTH FUND
(WAAEX / WIAEX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.8%
		Repurchase Agreement 1.8%
	$37,251,293	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $33,015,000 of United States Treasury Notes 2.875% due 10/15/21; value: $33,950,777; repurchase proceeds: $37,251,541 (cost $37,251,293)	$	37,251,293
		Total Short-Term Investments (cost $37,251,293)		37,251,293
		Total Investments (cost $1,423, 070,022) 100.1%		2,043,363,274
		Liabilities less Other Assets (0.1%)		(2,073,179	)
		NET ASSETS 100.0%	$	2,041,290,095
		*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). See Notes to Schedules of Investments.

At December 31, 2019, Wasatch Small Cap Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		2.6
Ireland		2.9
Israel		3.7
United Arab Emirates		0.3
United Kingdom		1.9
United States		88.6
Total		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.1%
		Advertising 1.2%
	1,495,894	National CineMedia, Inc.	$	10,905,067
		Aerospace & Defense 1.3%
	138,490	HEICO Corp., Class A		12,399,010
		Airlines 4.0%
	98,604	Allegiant Travel Co.		17,161,040
	182,005	Copa Holdings S.A., Class A (Panama)		19,671,101
				36,832,141
		Apparel Retail 0.8%
	472,674	American Eagle Outfitters, Inc.		6,948,308
		Application Software 1.8%
	210,750	Ebix, Inc.		7,041,158
	261,702	Upland Software, Inc.*		9,345,378
				16,386,536
		Asset Management & Custody Banks 4.3%
	622,616	Artisan Partners Asset Management, Inc., Class A		20,122,949
	336,282	Hamilton Lane, Inc., Class A		20,042,407
				40,165,356
		Auto Parts & Equipment 2.4%
	486,456	Dana, Inc.		8,853,499
	181,468	Dorman Products, Inc.*		13,740,757
				22,594,256
		Automotive Retail 6.4%
	728,861	Camping World Holdings, Inc., Class A		10,743,411
	130,202	Lithia Motors, Inc., Class A		19,139,694
	384,157	Monro, Inc.		30,041,077
				59,924,182
		Commercial Printing 2.0%
	149,734	Cimpress plc*		18,832,045
		Commodity Chemicals 2.5%
	1,085,799	Valvoline, Inc.		23,246,957
		Consumer Finance 1.4%
	29,531	Credit Acceptance Corp.*		13,062,447
		Data Processing & Outsourced Services 2.7%
	160,648	Euronet Worldwide, Inc.*		25,311,699
		Diversified Banks 0.9%
	2,575,163	City Union Bank Ltd. (India)		8,469,252
		Diversified Support Services 1.4%
	260,681	Healthcare Services Group, Inc.		6,339,762
	181,175	Matthews International Corp., Class A		6,915,450
				13,255,212
		Electronic Components 0.7%
	124,547	Belden, Inc.		6,850,085
		Electronic Manufacturing Services 3.2%
	457,536	Fabrinet*		29,666,634
		Health Care Equipment 1.9%
	247,878	Cantel Medical Corp.		17,574,550

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Facilities 2.3%
	479,475	Ensign Group, Inc. (The)	$	21,753,781
		Health Care Services 1.4%
	97,407	LHC Group, Inc.*		13,418,788
		Home Furnishing Retail 1.0%
	182,900	Sleep Number Corp.*		9,005,996
		Home Furnishings 0.8%
	485,614	Lovesac Co. (The)*		7,794,105
		Homebuilding 3.6%
	242,624	LGI Homes, Inc.*		17,141,386
	513,629	Skyline Champion Corp.*		16,282,039
				33,423,425
		Hotel & Resort REITs 0.8%
	342,326	Xenia Hotels & Resorts, Inc.		7,397,665
		Industrial Machinery 9.1%
	622,395	Altra Industrial Motion Corp.		22,536,923
	188,476	Barnes Group, Inc.		11,677,973
	319,927	Helios Technologies, Inc.		14,790,225
	340,150	Kadant, Inc.		35,831,401
				84,836,522
		Industrial REITs 1.3%
	850,950	Monmouth Real Estate Investment Corp.		12,321,756
		Investment Banking & Brokerage 1.7%
	487,474	Moelis & Co., Class A		15,560,170
		IT Consulting & Other Services 1.2%
	704,696	Hackett Group, Inc. (The)		11,373,793
		Life Sciences Tools & Services 2.1%
	110,471	ICON plc* (Ireland)		19,026,420
		Mortgage REITs 6.4%
	1,544,422	Arbor Realty Trust, Inc.		22,162,456
	1,191,211	Ladder Capital Corp.		21,489,446
	2,059,066	MFA Financial, Inc.		15,751,855
				59,403,757
		Oil & Gas Equipment & Services 0.9%
	525,725	Oil States International, Inc.*		8,574,575
		Oil & Gas Exploration & Production 0.5%
	3,638,115	Gran Tierra Energy, Inc.* (Colombia)		4,693,168
		Personal Products 1.3%
	294,557	Nu Skin Enterprises, Inc., Class A		12,070,946
		Publishing 0.6%
	164,126	Meredith Corp.		5,329,171
		Regional Banks 12.1%
	614,951	Boston Private Financial Holdings, Inc.		7,397,861
	454,165	FB Financial Corp.		17,980,392
	437,251	Pinnacle Financial Partners, Inc.		27,984,064
	272,314	South State Corp.		23,623,240
	303,953	Texas Capital Bancshares, Inc.*		17,255,412
	342,129	Webster Financial Corp.		18,256,003
				112,496,972
		Semiconductors 2.4%
	917,790	Tower Semiconductor Ltd.* (Israel)		22,082,027

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialized REITs 1.4%
	397,843	National Storage Affiliates Trust	$	13,375,482
		Specialty Chemicals 3.8%
	267,758	Innospec, Inc.		27,696,888
	127,429	Minerals Technologies, Inc.		7,343,733
				35,040,621
		Thrifts & Mortgage Finance 2.0%
	605,403	Axos Financial, Inc.*		18,331,603
		Trading Companies & Distributors 0.9%
	141,836	WESCO International, Inc.*		8,423,640
		Trucking 1.6%
	418,224	Knight-Swift Transportation Holdings, Inc.		14,989,148
		Total Common Stocks (cost $762,844,299)		913,147,268
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.9%
		Repurchase Agreement 1.9%
	$17,976,953	Repurchase Agreement dated 12/31/19,0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $17,835,000 of United States Treasury Notes 2.875% due 10/15/21; value: $18,340,515; repurchase proceeds: $17,977,073 (cost $17,976,953)	$	17,976,953
		Total Short-Term Investments (cost $17,976,953)		17,976,953
		Total Investments (cost $780,821,252) 100.0%		931,124,221
		Other Assets less Liabilities <0.1%		133,956
		NET ASSETS 100.0%	$	931,258,177
		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2019, Wasatch Small Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Colombia		0.5
India		0.9
Ireland		2.1
Israel		2.4
Panama		2.2
United States		91.9
Total		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 95.9%
		Alternative Carriers 1.5%
	186,538	Bandwidth, Inc., Class A*	$	11,947,759
		Application Software 12.8%
	935	Bill.Com Holdings, Inc.*		35,577
	164,485	DocuSign, Inc.*		12,189,983
	190,718	Five9, Inc.*		12,507,286
	107,081	Globant S.A.* (Argentina)		11,355,940
	96,078	HubSpot, Inc.*		15,228,363
	72,185	Instructure, Inc.*		3,480,039
	244,632	Medallia, Inc.*		7,610,502
	150,000	Medallia, Inc.* *** †		4,620,000
	154,807	Paylocity Holding Corp.*		18,703,782
	169,789	Zendesk, Inc.*		13,010,931
				98,742,403
		Automotive Retail 0.9%
	92,862	Monro, Inc.		7,261,808
		Biotechnology 15.0%
	176,151	Atara Biotherapeutics, Inc.*		2,901,207
	214,966	Castle Biosciences, Inc.*		7,388,381
	326,773	ChemoCentryx, Inc.*		12,923,872
	583,952	Cytokinetics, Inc.*		6,195,731
	140,361	Denali Therapeutics, Inc.*		2,445,089
	171,002	Esperion Therapeutics, Inc.*		10,196,849
	165,233	Exact Sciences Corp.*		15,280,748
	479,886	Flexion Therapeutics, Inc.*		9,933,640
	209,503	Frequency Therapeutics, Inc.*		3,672,588
	2,324,192	Inovio Pharmaceuticals, Inc.*		7,669,834
	568,427	MacroGenics, Inc.*		6,184,486
	2,609,198	MEI Pharma, Inc.*		6,470,811
	1,065,390	Sangamo Therapeutics, Inc.*		8,917,314
	91,980	Seattle Genetics, Inc.*		10,509,635
	1,275,354	Selecta Biosciences, Inc.*		3,035,342
	1,273,921	Selecta Biosciences, Inc. PIPE* *** †		2,789,887
				116,515,414
		Building Products 3.1%
	132,459	AAON, Inc.		6,544,799
	197,751	Trex Co., Inc.*		17,773,860
				24,318,659
		Construction & Engineering 0.8%
	130,491	NV5 Global, Inc.*		6,583,271
		Department Stores 0.3%
	87,828	V-Mart Retail Ltd. (India)		2,032,721
		Diversified Banks 1.1%
	2,489,169	City Union Bank Ltd. (India)		8,186,433
		Diversified Support Services 0.9%
	272,757	Healthcare Services Group, Inc.		6,633,450
		Electronic Equipment & Instruments 1.2%
	453,321	nLight, Inc.*		9,193,350
		Electronic Manufacturing Services 0.8%
	40,175	IPG Photonics Corp.*		5,822,161

WASATCH ULTRA GROWTH FUND (WAMCX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Financial Exchanges & Data 0.9%
	146,000	Tradeweb Markets, Inc., Class A	$	6,767,100
		Food Retail 1.1%
	252,155	Grocery Outlet Holding Corp.*		8,182,430
		General Merchandise Stores 1.7%
	207,461	Ollie’s Bargain Outlet Holdings, Inc.*		13,549,278
		Health Care Equipment 7.8%
	334,043	AtriCure, Inc.*		10,859,738
	515,642	CryoLife, Inc.*		13,968,742
	202,902	Glaukos Corp.*		11,052,072
	54,536	Insulet Corp.*		9,336,563
	249,610	Tandem Diabetes Care, Inc.*		14,879,252
				60,096,367
		Health Care Services 0.6%
	172,114	Exagen, Inc.*		4,371,696
		Health Care Supplies 1.6%
	299,285	Silk Road Medical, Inc.*		12,085,128
		Health Care Technology 4.5%
	160,770	Inspire Medical Systems, Inc.*		11,930,742
	262,625	Tabula Rasa HealthCare, Inc.*		12,784,585
	69,890	Veeva Systems, Inc., Class A*		9,830,727
				34,546,054
		Heavy Electrical Equipment 0.8%
	344,737	TPI Composites, Inc.*		6,381,082
		Home Improvement Retail 1.7%
	254,358	Floor & Decor Holdings, Inc., Class A*		12,923,930
		Homebuilding 1.2%
	134,675	LGI Homes, Inc.*		9,514,789
		Industrial Machinery 4.8%
	160,931	Barnes Group, Inc.		9,971,284
	476,634	Kornit Digital Ltd.* (Israel)		16,315,182
	110,796	Proto Labs, Inc.*		11,251,334
				37,537,800
		Industrial REITs 1.3%
	699,043	Monmouth Real Estate Investment Corp.		10,122,143
		Insurance Brokers 0.9%
	172,083	Goosehead Insurance, Inc., Class A		7,296,319
		Internet & Direct Marketing Retail 1.6%
	139,886	Wayfair, Inc., Class A*		12,641,498
		IT Consulting & Other Services 3.0%
	265,524	Endava plc, ADR* (United Kingdom)		12,373,418
	130,115	InterXion Holding N.V.* (Netherlands)		10,904,938
				23,278,356
		Life Sciences Tools & Services 2.4%
	108,515	ICON plc* (Ireland)		18,689,538
		Oil & Gas Equipment & Services 0.7%
	406,124	Solaris Oilfield Infrastructure, Inc., Class A		5,685,736
		Packaged Foods & Meats 1.9%
	249,137	Freshpet, Inc.*		14,721,505
		Pharmaceuticals 2.5%
	653,188	BioDelivery Sciences International, Inc.*		4,128,148

WASATCH ULTRA GROWTH FUND (WAMCX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	1,791,443	Cocrystal Pharma, Inc.* ‡‡	$	887,660
	297,534	Intra-Cellular Therapies, Inc.*		10,208,391
	485,662	Optinose, Inc.*		4,477,804
				19,702,003
		Regional Banks 4.1%
	221,946	Bank OZK		6,770,463
	110,478	Eagle Bancorp, Inc.		5,372,545
	253,041	Esquire Financial Holdings, Inc.*		6,596,779
	648,719	Metro Bank plc* (United Kingdom)		1,771,862
	125,083	Pinnacle Financial Partners, Inc.		8,005,312
	764,531	Republic First Bancorp, Inc.*		3,195,740
				31,712,701
		Restaurants 2.0%
	353,036	Chuy’s Holdings, Inc.*		9,150,693
	634,425	Habit Restaurants, Inc. (The), Class A*		6,617,053
				15,767,746
		Semiconductors 3.6%
	168,500	Inphi Corp.*		12,472,370
	66,526	Monolithic Power Systems, Inc.		11,842,959
	49,733	NVE Corp.		3,550,936
				27,866,265
		Specialty Chemicals 1.7%
	127,466	Balchem Corp.		12,954,369
		Specialty Stores 1.8%
	108,899	Five Below, Inc.*		13,923,826
		Systems Software 1.7%
	114,206	Proofpoint, Inc.*		13,108,565
		Trucking 1.6%
	340,768	Knight-Swift Transportation Holdings, Inc.		12,213,125
		Total Common Stocks (cost $614,351,740)		742,876,778
		PREFERRED STOCKS 0.1%
		Biotechnology 0.1%
	169,492	Nanosys, Inc., Series D Pfd.* *** †		316,950
	40,380	Nanosys, Inc., Series E Pfd.* *** †		52,090
				369,040
		Total Preferred Stocks (cost $546,236)		369,040
		LIMITED PARTNERSHIP INTEREST 0.3%
		Asset Management & Custody Banks 0.3%
	1	Greenspring Global Partners II-B, L.P.* *** †		1,480,370
	1	Greenspring Global Partners III-B, L.P.* *** †		1,009,439
				2,489,809
		Total Limited Partnership Interest (cost $2,118,351)		2,489,809

WASATCH ULTRA GROWTH FUND (WAMCX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		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 $125,064)		132,000
		WARRANTS 0.1%
		Biotechnology 0.1%
	636,960	Selecta Biosciences, Inc.,12/23/2024* *** †		815,309
		Total Warrants (cost $79,620)		815,309
Principal Amount			Value
		SHORT-TERM INVESTMENTS 5.1%
		Repurchase Agreement 5.1%
	$39,277,124	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $38,960,000 of United States Treasury Notes 2.875% due 10/15/21; value: $40,064,282; repurchase proceeds: $39,277,386 (cost $39,277,124)	$	39,277,124
		Total Short-Term Investments (cost $39,277,124)		39,277,124
		Total Investments (cost $660,329,251) 101.5%		785,960,060
		Liabilities less Other Assets (1.5%)		(11,604,194	)
		NET ASSETS 100.0%	$	774,355,866
		*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. PIPE Private Investment in a Public Equity. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2019, Wasatch Ultra Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		1.5
India		1.4
Ireland		2.5
Israel		2.2
Netherlands		1.5
United Kingdom		1.9
United States		89.0
Total		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND
(WHOSX) DECEMBER 31, 2019 (UNAUDITED)

Schedule of Investments

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 99.2%
	$87,900,000	U.S. Treasury Bond, 2.25%, 8/15/46	$	85,640,696
	18,950,000	U.S. Treasury Bond, 2.25%, 8/15/49		18,434,797
	32,400,000	U.S. Treasury Bond, 2.50%, 2/15/45		33,136,594
	3,500,000	U.S. Treasury Bond, 2.875%, 5/15/49		3,868,184
	45,530,000	U.S. Treasury Bond, 3.00%, 8/15/48		51,407,994
	39,000,000	U.S. Treasury Strip, principal only, 8/15/40		24,224,144
	96,000,000	U.S. Treasury Strip, principal only, 5/15/44		53,259,521
	159,700,000	U.S. Treasury Strip, principal only, 8/15/45		86,033,686
		Total U.S. Government Obligations (cost $334,250,235)		356,005,616
		SHORT-TERM INVESTMENTS 0.4%
		Repurchase Agreement 0.4%
	1,286,985	Repurchase Agreement dated 12/31/19, 0.12% due 1/2/20 with Fixed Income Clearing Corp. collateralized by $1,280,000 of United States Treasury Notes 2.875% due 10/15/21; value $1,316,280; repurchase proceeds: $1,286,994 (cost $1,286,985)		1,286,985
		Total Short-Term Investments (cost $1,286,985)		1,286,985
		Total Investments (cost $335,537,220) 99.6%		357,292,601
		Other Assets less Liabilities 0.4%		1,366,759
		NET ASSETS 100.0%	$	358,659,360
		See Notes to Schedules of Investments.

WASATCH FUNDS – Notes to Schedules of Investments DECEMBER 31, 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 17 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 Select Fund, Global Value Fund, International Growth Fund, International Opportunities Fund, International Select 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). Effective October 1, 2019, the Trust began offering two new series, the Wasatch Global Select Fund and the Wasatch International Select Fund.

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 16 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, International Select Fund and Global Select Fund, which commenced operations on October 1, 2019, and Wasatch Ultra Growth Fund, Wasatch Micro Cap Fund, and Wasatch Micro Cap Value Fund, which commenced operations on January 31, 2020. Each class of shares for each Fund has identical rights and privileges except with respect to purchase minimums, distribution and service charges, shareholder services, voting rights on matters affecting a single class of shares, and the exchange and conversion features. The Funds have entered into an investment advisory agreement with Wasatch Global Investors, 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 Select, Global Value, International Growth, International Opportunities, International Select, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value and Ultra Growth Funds are referred to herein as the “Equity Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant policies related to investments of the Funds held at December 31, 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.

WASATCH FUNDS – Notes to Schedules of Investments DECEMBER 31, 2019 (UNAUDITED)

3. SECURITIES AND OTHER INVESTMENTS

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

Participation Notes – Certain Funds may invest in Participation Notes (P-Notes). P-Notes are promissory notes that are designed to offer a return linked to the performance of a particular underlying equity security or market. P-Notes are issued by banks or broker-dealers and allow a fund to gain exposure to common stocks in markets in which the fund is currently not approved to directly invest, or in markets that prohibit direct investment by foreign purchasers. While the holder of a P-Note is entitled to receive from the bank or broker-dealer any dividends or other distributions paid on the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights. Income received from P-Notes is recorded as dividend income in the Statement of Operations. P-Notes are considered general unsecured contractual obligations of the bank or broker-dealer. Risks associated with P-Notes include the possible failure of a counterparty (i.e., the issuing bank or broker-dealer) to perform in accordance with the terms of the agreement, inability to transfer or liquidate the notes, potential delays or an inability to redeem the notes before maturity under certain market conditions, and limited legal recourse against the issuer of the underlying common stock.

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.

5. FEDERAL INCOME TAX INFORMATION

As of December 31, 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	$	1,713,191,209		$	237,990,045		$	32,390,172		$	248,896,358		$	52,327,286
Gross appreciation	$	861,169,428		$	91,819,212		$	15,016,099		$	168,365,601		$	14,837,629
Gross (depreciation)		(77,962,253	)		(5,627,355	)		(1,266,191	)		(18,024,356	)		(3,043,238	)
Net appreciation	$	783,207,175		$	86,191,857		$	13,749,908		$	150,341,245		$	11,794,391
	Global Opportunities Fund			Global Select Fund			Global Value Fund			International Growth Fund			International Opportunities Fund
Cost	$	85,640,680		$	4,953,794		$	135,278,686		$	828,428,155		$	363,679,001
Gross appreciation	$	51,800,604		$	407,744		$	21,302,822		$	428,071,427		$	194,465,174
Gross (depreciation)		(3,701,655	)		(26,299	)		(6,734,691	)		(8,764,138	)		(17,219,221	)
Net appreciation	$	48,098,949		$	381,445		$	14,568,131		$	419,307,289		$	177,245,953

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2019 (UNAUDITED)

FEDERAL INCOME TAX INFORMATION (continued)

	International Select Fund			Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund
Cost	$	2,497,794		$	408,963,312		$	195,827,099		$	1,428,451,173		$	783,218,574
Gross appreciation	$	233,601		$	170,446,422		$	77,531,037		$	682,385,686		$	169,154,392
Gross (depreciation)		(19,445	)		(20,219,855	)		(8,533,457	)		(67,473,585	)		(21,248,745	)
Net appreciation	$	214,156		$	150,226,567		$	68,997,580		$	614,912,101		$	147,905,647
	Ultra Growth Fund			U.S. Treasury Fund
Cost	$	661,674,198		$	335,828,799
Gross appreciation	$	164,328,451		$	24,104,617
Gross (depreciation)		(40,042,589	)		(2,640,815	)
Net appreciation	$	124,285,862		$	21,463,802

The difference between book-basis and tax-basis unrealized gains (losses) is 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 December 31, 2019 with an “affiliated company” as so defined:

	Share Activity								Dividends Credited to Income for the period ended 12/31/2019		Gain (Loss) Realized on Sale of Shares for the period ended 12/31/2019		Change in Unrealized Appreciation for the period ended 12/31/2019
	Balance 9/30/2019		Purchases/ Additions		Sales/ Reductions		Balance 12/31/2019
Micro Cap Fund
Lonestar Resources US, Inc., Class A		1,904,429		191,600		—		2,096,029	$	—	$	—	$	(172,096	)
Transcat, Inc.		391,701		—		15,806		375,895		—		130,859		2,333,259
		2,296,130		191,600		15,806		2,471,924	$	—	$	130,859	$	(2,161,163	)
Ultra Growth Fund
Cocrystal Pharma, Inc.		846,443		945,000		—		1,791,443	$	—	$	—	$	(1,642,334	)

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 December 31, 2019, the Funds held the following restricted securities:

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2019 (UNAUDITED)

RESTRICTED SECURITIES (continued)

	Security Type		Acquisition Date		Cost		Fair Value		Value as % of Net Assets
Micro Cap Fund
Medallia, Inc.		Common Stock		10/19/18 - 2/25/19	$	5,249,995	$	17,946,975		3.21	%
Selecta Biosciences, Inc., PIPE		Common Stock		12/19/19		1,496,398		2,244,597		0.40	%
Selecta Biosciences, Inc., 12/23/2024		Warrants		12/19/19		64,058		655,955		0.12	%
					$	6,810,451	$	20,847,527		3.73	%
Micro Cap Value Fund
Acetylon Pharmaceuticals, Inc.		Rights		12/21/16	$	—	$	—		—	%
Acetylon Pharmaceuticals, Inc.		Rights		12/21/16		—		—		—	%
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		6/22/15 - 10/07/19		1,903,433		1,991,987		0.75	%
Vertex Energy, Inc., expiring 12/24/2020		Warrants		6/22/15		95,000		5,000		0.00	%
					$	2,028,434	$	2,017,198		0.76	%
Small Cap Growth Fund
DataStax, Inc., Series E Pfd.		Preferred Stock		8/12/14	$	8,000,002	$	9,306,993		0.46	%
Drilling Info Holdings, Inc., Series B, 7.25%		Seller’s Note		8/3/18 - 8/23/18		1,638,526		1,728,000		0.08	%
Greenspring Global Partners II-B, L.P.		LP Interest		10/10/03 - 3/31/17		1,778,530		1,644,861		0.08	%
Greenspring Global Partners III-B, L.P.		LP Interest		3/16/06 - 6/29/17		514,561		1,009,439		0.05	%
Medallia, Inc.		Common Stock		2/25/19		10,000,005		20,533,344		1.01	%
Nanosys, Inc., Series D Pfd.		Preferred Stock		11/8/05		2,000,000		1,267,796		0.06	%
Nanosys, Inc., Series E Pfd.		Preferred Stock		8/13/10		184,939		208,360		0.01	%
					$	24,116,563	$	35,698,793		1.75	%
Ultra Growth Fund
Drilling Info Holdings, Inc., Series B, 7.25%		Seller’s Note		8/3/18 - 8/23/18	$	125,064	$	132,000		0.02	%
Greenspring Global Partners II-B, L.P.		LP Interest		10/10/03 - 3/31/17		1,602,779		1,480,370		0.19	%
Greenspring Global Partners III-B, L.P.		LP Interest		3/16/06 - 6/29/17		515,573		1,009,439		0.13	%
Medallia, Inc.		Common Stock		2/25/19		2,250,000		4,620,000		0.60	%
Nanosys, Inc., Series D Pfd.		Preferred Stock		11/8/05		500,001		316,950		0.04	%
Nanosys, Inc., Series E Pfd.		Preferred Stock		8/13/10		46,235		52,090		0.01	%
Selecta Biosciences, Inc., PIPE		Common Stock		12/19/19		1,859,925		2,789,887		0.36	%
Selecta Biosciences, Inc., 12/23/2024		Warrants		12/19/19		79,620		815,309		0.10	%
					$	6,979,197	$	11,216,045		1.45	%

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:

• 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.

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2019 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

• 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.

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.

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2019 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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.

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 12/31/19
Core Growth Fund
Assets
Common Stocks		$	2,492,734,575	$	—	$	—	$	2,492,734,575
Short-Term Investments			—		3,663,809		—		3,663,809
		$	2,492,734,575	$	3,663,809	$	—	$	2,496,398,384
Emerging India Fund
Assets
Common Stocks		$	320,055,242	$	—	$	—	$	320,055,242
Short-Term Investments			—		4,126,660		—		4,126,660
		$	320,055,242	$	4,126,660	$	—	$	324,181,902

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 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 12/31/19
Emerging Markets Select Fund
Assets
Common Stocks
	Biotechnology	$	—	$	1,031,124	$	—	$	1,031,124
	Diversified Banks		2,557,888		1,364,514		—		3,922,402
	Drug Retail		—		2,194,114		—		2,194,114
	Electrical Components & Equipment		2,101,203		1,334,594		—		3,435,797
	Food Retail		—		919,901		—		919,901
	Personal Products		—		738,651		—		738,651
	Other		31,895,971		—		—		31,895,971
Preferred Stocks			—		1,318,034		—		1,318,034
Short-Term Investments			—		684,086		—		684,086
		$	36,555,062	$	9,585,018	$	—	$	46,140,080
Emerging Markets Small Cap Fund
Assets
Common Stocks
	Biotechnology	$	—	$	7,236,332	$	—	$	7,236,332
	Commodity Chemicals		11,045,498		8,202,947		—		19,248,445
	Consumer Finance		23,711,230		10,217,645		—		33,928,875
	Drug retail		10,964,340		15,889,401		—		26,853,741
	General Merchandise Stores		—		15,685,842		—		15,685,842
	Home Improvement Retail		—		4,578,417		—		4,578,417
	Insurance Brokers		—		2,158,635		—		2,158,635
	Pharmaceuticals		—		—		16,705		16,705
	Regional Banks		—		4,854,386		—		4,854,386
	Semiconductor Equipment		—		2,517,366		—		2517,366
	Semiconductors		29,081,375		4,278,798		—		33,360,173
	System software		—		9,212,323		—		9,212,323
	Other		230,619,600		—		—		230,619,600
Preferred Stocks			—		7,194,814		—		7,194,814
Short-Term Investments			—		1,744,949		—		1,744,949
		$	305,422,043	$	93,771,855	$	16,705	$	399,210,603
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Commodity Chemicals	$	—	$	1,421,865	$	—	$	1,421,865
	Consumer Finance		4,236,053		2,179,033		—		6,415,086
	Diversified Banks		9,007,502		2,229,200		—		11,236,702
	Drug Retail		1,827,457		3,507,084		—		5,334,541
	Electrical Components & Equipment		—		1,002,452		—		1,002,452
	Food Retail		2,604,405		710,591		—		3,314,996
	Insurance Brokers		—		1,694,445		—		1,694,445
	Regional Banks		1,856,119		1,195,095		—		3,051,214
	Other		28,077,426		—		—		28,077,426
Preferred Stocks			—		2,572,950		—		2,572,950
		$	47,608,962	$	16,512,715	$	—	$	64,121,677
Global Opportunities Fund
Assets
Common Stocks
	Application Software	$	15,871,970	$	2,781,689	$	—	$	18,653,659
	Biotechnology		4,297,290		1,521,851		—		5,819,141
	Commodity Chemicals		—		1,373,119		—		1,373,119
	Consumer Finance		4,777,269		1,794,517		—		6,571,786
	Data Processing & Outsourced Services		3,696,042		856,016		—		4,552,058
	Diversified Real Estate Activities		—		952,397		—		952,397
	Drug Retail		—		1,640,280		—		1,640,280
	Health Care Supplies		—		1,469,918		—		1,469,918

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 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 12/31/19
	Human Resource & Employment Services	$	—	$	2,611,284	$	—	$	2,611,284
	Industrial Machinery		8,311,730		1,692,908		—		10,004,638
	Other Diversified Financial Services		—		1,896,534		—		1,896,534
	Research & Consulting Services		—		3,282,703		—		3,282,703
	Trading Companies & Distributors		2,244,525		1,155,350		—		3,399,875
	Other		70,674,854		—		—		70,674,854
Short-Term Investments			—		837,383		—		837,383
		$	109,873,680	$	23,865,949	$	—	$	133,739,629
Global Select Fund
Assets
Common Stocks
	Building Products	$	—	$	244,110	$	—	$	244,110
	Drug Retail		—		231,116		—		231,116
	Health Care Equipment		153,131		190,202		—		343,333
	Health Care Supplies		—		390,959		—		390,959
	Industrial Mechinery		—		123,751		—		123,751
	Specility Chemicals		—		144,442		—		144,442
	Other		3,857,528		—		—		3,857,528
		$	4,010,659	$	1,324,580	$	—	$	5,335,239
Global Value Fund
Assets
Common Stocks
	Airlines	$	—	$	4,296,751	$	—	$	4,296,751
	Commodity Chemicals		—		1,712,640		—		1,712,640
	Diversified Banks		16,774,249		2,993,367		—		19,767,616
	Pharmaceuticals		12,332,050		3,124,756		—		15,456,806
	Reinsurance		—		6,787,138		—		6,787,138
	Technology Hardware, Storage & Peripherals		—		4,095,882		—		4,095,882
	Tobacco		—		4,288,098		—		4,288,098
	Other		92,216,658		—		—		92,216,658
Short-Term Investments			—		1,225,228		—		1,225,228
		$	121,322,957	$	28,523,860	$	—	$	149,846,817
International Growth Fund
Assets
Common Stocks
	Application Software	$	53,572,586	$	58,302,920	$	—	$	111,875,506
	Biotechnology		15,783,860		4,358,287		—		20,142,147
	Brewers		—		22,438,031		—		22,438,031
	Construction Machinery & Heavy Trucks		—		8,654,800		—		8,654,800
	Data Processing & Outsourced Services		—		11,025,488		—		11,025,488
	Diversified Real Estate Activities		—		19,544,094		—		19,544,094
	Diversified Support Services		16,969,223		17,147,321		—		34,116,544
	Drug Retail		18,798,524		59,630,257		—		78,428,781
	Health Care Equipment		33,704,534		34,225,696		—		67,930,230
	Health Care Supplies		—		25,516,495		—		25,516,495
	Health Care Technology		5,673,056		9,891,641		—		15,564,697
	Household Products		—		11,639,700		—		11,639,700
	Human Resource & Employment Services		10,243,694		43,111,620		—		53,355,314
	Industrial Machinery		12,260,811		15,159,820		—		27,420,631
	IT Consulting & Other Services		21,882,471		17,344,613		—		39,227,084
	Life Sciences Tools & Services		—		18,800,613		—		18,800,613
	Movies & Entertainment		—		16,202,714		—		16,202,714
	Oil & Gas Equipment & Services		—		15,666,441		—		15,666,441

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 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 12/31/19
	Other Diversified Financial Services	$	—	$	21,644,337	$	—	$	21,644,337
	Packaged Foods & Meats		21,757,496		14,176,807		—		35,934,303
	Pharmaceuticals		—		6,023,140		—		6,023,140
	Research & Consulting Services		—		38,202,189		—		38,202,189
	Semiconductor Equipment		—		8,594,904		—		8,594,904
	Semiconductors		34,228,713		9,477,197		—		43,705,910
	Specialty Chemicals		—		15,457,070		—		15,457,070
	Systems Software		—		12,267,066		—		12,267,066
	Textiles		—		13,353,627		—		13,353,627
	Trading Companies & Distributors		59,883,007		13,800,949		—		73,683,956
	Other		369,602,413		—		—		369,602,413
Short-Term Investments			—		11,717,219		—		11,717,219
		$	674,360,388	$	573,375,056	$	—	$	1,247,735,444
International Opportunities Fund
Assets
Common Stocks
	Application Software	$	35,678,941	$	47,991,467	$	—	$	83,670,408
	Brewers		4,363,785		3,892,672		—		8,256,457
	Commercial printing		—		2,570,180		—		2,570,180
	Diversified Support Services		12,369,892		20,483,852		—		32,853,744
	Drug Retail		—		8,035,904		—		8,035,904
	Electronic Equipment & Instruments		—		5,626,392		—		5,626,392
	Health Care Services		14,058,159		6,649,890		—		20,708,049
	Health Care Technology		17,977,250		3,843,965		—		21,821,215
	Home Improvement Retail		3,726,340		4,656,493		—		8,382,833
	Human Resource & Employment Services		—		9,060,448		—		9,060,448
	Insurance Brokers		—		4,916,219		—		4,916,219
	Interactive Media & Services		5,254,666		3,435,873		—		8,690,539
	Internet & Direct Marketing Retail		11,077,022		3,355,591		—		14,432,613
	IT Consulting & Other Services		6,002,012		6,498,060		—		12,500,072
	Life Sciences Tools & Services		—		5,530,246		—		5,530,246
	Other Diversified Financial Services		—		16,391,473		—		16,391,473
	Research & Consulting Services		2,972,504		14,140,169		—		17,112,673
	Restaurants		—		2,441,150		8,346		2,449,496
	Semiconductor Equipment		—		4,418,831		—		4,418,831
	Semiconductors		—		17,666,145		—		17,666,145
	Specialized Finance		—		4,722,072		—		4,722,072
	Systems Software		—		5,372,116		—		5,372,116
	Other		208,141,442		—		—		208,141,442
Short-Term Investments			—		17,595,387		—		17,595,387
		$	321,622,013	$	219,294,595	$	8,346	$	540,924,954
International Select Fund
Assets
Common Stocks
	Application Software	$	199,035	$	77,987	$	—	$	277,022
	Asset Management & Custody Banks		—		88,903		—		88,903
	Building Products		—		130,248		—		130,248
	Drug Retail		—		128,398		—		128,398
	Health Care Equipement		225,017		105,617		—		330,634

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 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 12/31/19
	Health Care Supplies	$	—	$	221,879	$	—	$	221,879
	Health Care Technology		—		75,389		—		75,389
	Household Products		—		69,571		—		69,571
	Industrial Machinery		—		158,524		—		158,524
	IT Consulting & Other Services		—		67,350		—		67,350
	Leisure Products		—		32,446		—		32,446
	Research & Consulting Services		—		92,914		—		92,914
	Speciality Chemicals		—		94,520		—		94,520
	Other		826,234		—		—		826,234
Short-Term Investments			—		117,918		—		117,918
		$	1,250,286	$	1,461,664	$	—	$	2,711,950
Micro Cap Fund
Assets
Common Stocks
	Application Software	$	45,804,001	$	—	$	17,946,975	$	63,750,976
	Biotechnology		41,459,920		—		2,244,597		43,704,517
	Diversified Support Services		—		4,616,978		—		4,616,978
	Research & Consulting Services		14,201,467		5,136,437		—		19,337,904
	Other		416,936,679		—		—		416,936,679
Warrants			—		—		655,955		655,955
Short-Term Investments			—		10,186,870		—		10,186,870
		$	518,402,067	$	19,940,285	$	20,847,527	$	559,189,879
Micro Cap Value Fund
Assets
Common Stocks
	Application software	$	20,186,938	$	6,671,875	$	—	$	26,858,813
	Health Care Technology		5,871,070		3,293,787		—		9,164,857
	Industrial Machinery		10,234,750		3,285,286		—		13,520,036
	IT Consulting & Other Services		9,956,720		2,749,111		—		12,705,831
	Research & Consulting Services		807,854		3,112,992		—		3,920,846
	Systems Software		—		2,777142		—		2,777,142
	Other		185,442,280		—		—		185,442,280
Preferred Stock			—		—		1,991,987		1,991,987
Right			—		—		—		—
Limited Liability Membership interes			—		—		20,211		20,211
Warrants			—		—		5,000		5,000
Short-Term Investments			—		8,417,676		—		8,417,676
		$	232,499,612	$	30,307,869	$	2,017,198	$	264,824,679
Small Cap Growth Fund
Assets
Common Stocks
	Application Software	$	268,072,634	$	—	$	20,533,344	$	288,605,978
	Other		1,702,340,554		—		—		1,702,340,554
Preferred Stocks			—		—		10,783,149		10,783,149
Limited Partnership Interest1			—		—		—		2,654,300
Seller’s Note			—		—		1,728,000		1,728,000
Short-Term Investments			—		37,251,293		—		37,251,293
		$	1,970,413,188	$	37,251,293	$	33,044,493	$	2,043,363,274
Small Cap Value Fund
Assets
Common Stocks		$	913,147,268	$	—	$	—	$	913,147,268
Short-Term Investments			—		17,976,953		—		17,976,953
		$	913,147,268	$	17,976,953	$	—	$	931,124,221

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 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 12/31/19
Ultra Growth Fund
Assets
Common Stocks
	Application Software	$	94,122,403	$	—	$	4,620,000	$	98,742,403
	Biotechnology		113,725,527		—		2,789,887		116,515,414
	Other		527,618,961		—		—		527,618,961
Preferred Stocks			—		—		369,040		369,040
Limited Partnership Interest1			—		—		—		2,489,809
Seller’s Note			—		—		132,000		132,000
Warrants			—		—		815,309		815,309
Short-Term Investments			—		39,277,124		—		39,277,124
		$	735,466,891	$	39,277,124	$	8,726,236	$	785,960,060
U.S. Treasury Fund
Assets
U.S. Government Obligations		$	—	$	356,005,616	$	—	$	356,005,616
Short-Term Investments			—		1,286,985		—		1,286,985
		$	—	$	357,292,601	$	—	$	357,292,601

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 12/31/19		Unfunded Commitments		Redemption Frequency (if currently eligible)		Redemption Notice Period
Small Cap Growth Fund
Limited Partnership Interests1	$	2,654,300	$	—		Never		N/A
Ultra Growth Fund
Limited Partnership Interests1	$	2,489,809	$	—		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 December 31, 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	Transfer Out of Level 1 into Level 2
International Growth Fund	$	555,417,175
Micro Cap Fund	$	9,753,415
Micro Cap Value Fund	$	21,890,192
International Opportunities Fund	$	190,822,100
Emerging Markets Small Cap Fund	$	71,447,679
Global Opportunities Fund	$	18,964,101
Global Value Fund	$	25,585,992
Frontier Emerging Small Countries Fund	$	11,121,991
Emerging Markets Select Fund	$	8,900,931

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2019 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Transfer Out of Level 2 into Level 1
Micro Cap Value Fund	$	2,382,777
International Opportunities Fund	$	8,930,013

There were transfers of $3,007,812 in the Micro Cap Fund from 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.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended December 31, 2019:

Fund	Market Value Beginning Balance 9/30/2019		Purchases at Cost		Sales (Proceeds)		Accrued Discounts (Premiums)		Realized Gain/ (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers  in at Market Value		Transfers out at Market Value			Market Value Ending Balance 12/31/2019		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 12/31/2019
Emerging Markets Small Cap Fund
Common Stocks	$	16,608	$	—	$	—	$	—	$	—		$	97		$	—	$	—		$	16,705	$	97
	$	16,608	$	—	$	—	$	—	$	—		$	97		$	—	$	—		$	16,705	$	97
International Opportunities Fund
Common Stocks	$	7,747	$	—	$	—	$	—	$	—		$	599		$	—	$	—		$	8,346	$	599
	$	7,747	$	—	$	—	$	—	$	—		$	599		$	—	$	—		$	8,346	$	599
Micro Cap Fund
Common Stocks	$	14,841,216	$	1,496,398	$	—	$	—	$	—		$	3,853,958		$	—	$	—		$	20,191,572	$	3,853,958
Subscription Receipt		3,007,812		—		—		—		—			—			—		(3,007,812	)		—		—
Warrants		—		64,058		—		—		—			591,897			—		—			6,55,955		591,897
	$	17,849,028	$	1,560,456	$	—	$	—	$	—		$	4,445,855		$	—	$	(3,007,812	)	$	20,847,527	$	4,445,855
Micro Cap Value Fund
Convertible Preferred Stocks	$	1,956,197	$	29,534	$	—	$	—	$	—		$	6,256		$	—	$	—		$	1,991,987	$	6,256
Rights		391,627		—		—		—		—			(391,627	)		—		—			—		(391,627	)
Limited Liability Company Membership Interest		20,211		—		—		—		—			—			—		—			20,211		—
Warrants		28,900		—		79,198		—		(195,484	)		250,782			—		—			5,000		2,500
	$	2,396,935	$	29,534	$	79,198	$	—	$	(195,484	)	$	(134,589	)	$	—	$	—		$	2,017,198	$	(382,871	)
Small Cap Growth Fund
Common Stocks	$	16,980,009	$	—	$	—	$	—	$	—		$	3,553,335		$	—	$	—		$	20,533,344	$	3,553,335
Preferred Stocks		11,141,900		—		—		—		—			(358,750	)		—		—			10,783,149		(358,750	)
Sellers Note		1,728,000		—		—		274,385		—			(274,385	)		—		—			1,728,000		(274,385	)
	$	29,849,909	$	—	$	—	$	274,385	$	—		$	2,920,200		$	—	$	—		$	33,044,493	$	2,920,200
Ultra Growth Fund
Common Stocks	$	3,820,500	$	1,859,925	$	—	$	—	$	—		$	1,729,462		$	—	$	—		$	7,409,887	$	1,729,462
Preferred Stocks		377,919		—		—		—		—			(8,878	)		—		—			369,040		(8,878	)
Warrants		—		79,620		—		—		—			735,689			—		—			815,309		735,689
Sellers Note		132,000		—		—		21,271		—			(21,271	)		—		—			132,000		(21,271	)
	$	4,330,419	$	1,939,545	$	—	$	21,271	$	—		$	2,435,002		$	—	$	—		$	8,726,236	$	2,435,002

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2019 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund	Description	Fair Value at 12/31/2019		Valuation Technique	Unobservable Input	Range (Average)
Micro Cap Fund	PIPE: Biotechnology	$	2,244,597	Discount for lack of marketability	Discount for lack of marketability		8%
Micro Cap Fund	Restricted Common Stock: Internet Software & Services	$	17,946,975	Discount for lack of marketability	Discount for lack of marketability		1%
Micro Cap Fund	Warrants: Biotechnology	$	655,955	Black Scholes	Black Scholes		100%
Micro Cap Value Fund	Convertible Preferred: Oil & Gas Refining & Marketing	$	1,991,987	Bond model with call option	Bond model with call option		100%
Small Cap Growth Fund	Direct Venture Capital Investments: Biotechnology	$	1,476,156	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.7 - 24.4 (6.5) 20%
Small Cap Growth Fund	Direct Venture Capital Investments: Internet Software & Services	$	20,533,344	Discount for lack of marketability	Discount for lack of marketability		1%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	9,306,994	Market comparable companies	EV/R* multiple Discount for lack of marketability		1.7 - 18.0 (9.1) 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	$	369,040	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.7 - 24.4 (6.5) 20%
Ultra Growth Fund	Direct Venture Capital Investments: Internet Software & Services	$	4,620,000	Discount for lack of marketability	Discount for lack of marketability		1%
Ultra Growth Fund	PIPE: Biotechnology	$	2,789,887	Discount for lack of marketability	Discount for lack of marketability		8%
Ultra Growth Fund	Sellers Note: Oil & Gas Equipment & Services	$	132,000	Par	Par		100%
Ultra Growth Fund	Warrants: Biotechnology	$	815,309	Black Scholes	Black Scholes		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.

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 wasatchglobal.com and on the Securities and Exchange Commission’s website at www.sec.gov.