WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.3%
		Airlines 1.4%
	341,521	Allegiant Travel Co.	$	37,297,508
		Application Software 15.5%
	446,532	Avalara, Inc.*		59,428,944
	224,065	DocuSign, Inc.*		38,586,234
	563,971	Five9, Inc.*		62,414,670
	369,092	Guidewire Software, Inc.*		40,913,848
	200,752	HubSpot, Inc.*		45,038,711
	1,401,108	Medallia, Inc.*		35,363,966
	488,711	Paylocity Holding Corp.*		71,298,048
	541,724	Q2 Holdings, Inc.*		46,474,502
				399,518,923
		Asset Management & Custody Banks 4.4%
	746,888	Cohen & Steers, Inc.		50,825,729
	933,119	Hamilton Lane, Inc., Class A		62,864,227
				113,689,956
		Auto Parts & Equipment 1.0%
	298,290	Fox Factory Holding Corp.*		24,641,737
		Automotive Retail 3.5%
	1,375,149	Camping World Holdings, Inc., Class A		37,349,047
	944,095	Monro, Inc.		51,868,579
				89,217,626
		Biotechnology 1.5%
	354,522	Ligand Pharmaceuticals, Inc.*		39,653,286
		Building Products 2.9%
	567,387	Trex Co., Inc.*		73,800,027
		Commercial Printing 1.0%
	343,269	Cimpress plc*		26,205,156
		Commodity Chemicals 2.3%
	3,003,376	Valvoline, Inc.		58,055,258
		Data Processing & Outsourced Services 2.8%
	571,161	Euronet Worldwide, Inc.*		54,728,647
	111,211	WEX, Inc.*		18,350,927
				73,079,574
		Distributors 3.3%
	313,505	Pool Corp.		85,232,604
		Diversified Banks 0.6%
	9,399,239	City Union Bank Ltd. (India)		15,131,135
		Electronic Equipment & Instruments 1.9%
	464,503	Novanta, Inc.*		49,594,985
		Electronic Manufacturing Services 2.2%
	890,409	Fabrinet*		55,579,330
		Financial Exchanges & Data 1.9%
	347,998	Morningstar, Inc.		49,057,278
		General Merchandise Stores 1.8%
	474,625	Ollie’s Bargain Outlet Holdings, Inc.*		46,347,131
		Health Care Equipment 0.6%
	337,951	Cantel Medical Corp.		14,947,573

WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Facilities 3.2%
	1,150,917	Ensign Group, Inc. (The)	$	48,165,877
	646,000	Pennant Group, Inc. (The)*		14,599,600
	245,971	U.S. Physical Therapy, Inc.		19,928,570
				82,694,047
		Health Care Supplies 1.5%
	511,537	Neogen Corp.*		39,695,271
		Home Improvement Retail 2.3%
	1,023,045	Floor & Decor Holdings, Inc., Class A*		58,978,544
		Homebuilding 0.6%
	239,274	Installed Building Products, Inc.*		16,457,266
		Industrial Machinery 9.2%
	1,558,279	Altra Industrial Motion Corp.		49,646,769
	1,271,580	Barnes Group, Inc.		50,303,705
	1,009,773	Helios Technologies, Inc.		37,614,044
	495,634	Kadant, Inc.		49,394,885
	377,455	RBC Bearings, Inc.*		50,594,068
				237,553,471
		Industrial REITs 2.0%
	3,524,702	Monmouth Real Estate Investment Corp.		51,072,932
		IT Consulting & Other Services 1.8%
	179,529	EPAM Systems, Inc.*		45,243,103
		Leisure Facilities 1.2%
	513,482	Planet Fitness, Inc., Class A*		31,101,605
		Leisure Products 1.3%
	783,230	YETI Holdings, Inc.*		33,467,418
		Life Sciences Tools & Services 5.5%
	450,552	ICON plc* (Ireland)		75,899,990
	694,880	Medpace Holdings, Inc.*		64,637,738
				140,537,728
		Managed Health Care 1.7%
	736,075	HealthEquity, Inc.*		43,185,520
		Regional Banks 3.4%
	1,178,382	Bank OZK		27,656,626
	888,762	Eagle Bancorp, Inc.		29,106,955
	1,050,428	Webster Financial Corp.		30,052,745
				86,816,326
		Research & Consulting Services 1.4%
	1,567,060	Clarivate plc*		34,992,450
		Semiconductors 2.5%
	269,805	Monolithic Power Systems, Inc.		63,943,785
		Specialized REITs 1.7%
	1,518,644	National Storage Affiliates Trust		43,524,337
		Specialty Chemicals 1.3%
	355,726	Balchem Corp.		33,744,168
		Specialty Stores 3.3%
	495,790	Five Below, Inc.*		53,004,909
	1,036,249	National Vision Holdings, Inc.*		31,626,319
				84,631,228

WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Systems Software 4.1%
	438,772	CyberArk Software Ltd.* (Israel)	$	43,556,897
	560,561	Proofpoint, Inc.*		62,289,538
				105,846,435
		Trading Companies & Distributors 1.2%
	278,588	SiteOne Landscape Supply, Inc.*		31,750,674
		Trucking 1.5%
	222,714	Old Dominion Freight Line, Inc.		37,770,067
		Total Common Stocks (cost $1,875,807,617)		2,554,055,462
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.1%
		Repurchase Agreement 1.1%
	$27,632,047	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $26,937,700 of United States Treasury Notes 1.250% due 8/31/24; value: $28,184,701; repurchase proceeds: $27,632,047 (cost $27,632,047)	$	27,632,047
		Total Short-Term Investments (cost $27,632,047)		27,632,047
		Total Investments (cost $1,903,439,664) 100.4%§		2,581,687,509
		Liabilities less Other Assets (0.4%)		(10,689,560	)
		NET ASSETS 100.0%	$	2,570,997,949
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 0.59%. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Core Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
India		0.6
Ireland		3.0
Israel		1.7
United States		94.7
Total		100.0	%

WASATCH EMERGING INDIA FUND (WAINX / WIINX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 101.3%
		Apparel, Accessories & Luxury Goods 2.9%
	26,351	Page Industries Ltd. (India)	$	6,928,144
		Brewers 3.0%
	527,854	United Breweries Ltd. (India)		7,247,195
		Commodity Chemicals 5.1%
	1,442,284	Berger Paints India Ltd. (India)		9,447,742
	352,291	Gulf Oil Lubricants India Ltd. (India)		2,677,856
				12,125,598
		Consumer Finance 12.0%
	624,554	Bajaj Finance Ltd. (India)		23,482,135
	640,805	SBI Cards & Payment Services Ltd. (India)		5,367,013
				28,849,148
		Department Stores 3.9%
	1,150,669	Trent Ltd. (India)		9,473,357
		Diversified Banks 11.5%
	2,165,710	City Union Bank Ltd. (India)		3,486,415
	972,876	HDFC Bank Ltd. (India)		13,681,976
	576,840	Kotak Mahindra Bank Ltd. (India)		10,349,590
				27,517,981
		Diversified Chemicals 3.8%
	501,664	Pidilite Industries Ltd. (India)		9,122,026
		Food Retail 3.3%
	256,446	Avenue Supermarts Ltd.* (India)		7,863,081
		Health Care Services 4.3%
	495,154	Dr. Lal PathLabs Ltd. (India)		10,262,160
		Industrial Conglomerates 2.5%
	23,629	3M India Ltd.* (India)		5,886,503
		Industrial Machinery 2.2%
	2,710,153	Elgi Equipments Ltd. (India)		5,242,548
		Interactive Media & Services 4.6%
	304,402	Info Edge India Ltd. (India)		11,108,740
		Internet & Direct Marketing Retail 1.7%
	259,312	MakeMyTrip Ltd.* (India)		3,972,660
		IT Consulting & Other Services 9.1%
	426,645	Larsen & Toubro Infotech Ltd. (India)		11,059,965
	882,442	Mindtree Ltd. (India)		10,842,079
				21,902,044
		Life & Health Insurance 2.5%
	1,056,152	ICICI Prudential Life Insurance Co. Ltd. (India)		5,945,521
		Life Sciences Tools & Services 5.7%
	455,178	Divi’s Laboratories Ltd. (India)		13,736,586
		Packaged Foods & Meats 4.9%
	243,402	Britannia Industries Ltd. (India)		11,641,095
		Personal Products 1.2%
	21,672	Procter & Gamble Hygiene & Health Care Ltd. (India)		2,915,445
		Property & Casualty Insurance 4.7%
	662,849	ICICI Lombard General Insurance Co. Ltd. (India)		11,156,168

WASATCH EMERGING INDIA FUND (WAINX / WIINX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 4.7%
	1,590,265	AU Small Finance Bank Ltd. (India)	$	11,341,866
		Specialty Chemicals 2.2%
	232,627	Asian Paints Ltd. (India)		5,199,496
		Thrifts & Mortgage Finance 5.5%
	458,583	Aavas Financiers Ltd.* (India)		8,040,749
	215,457	Housing Development Finance Corp. Ltd. (India)		5,027,962
				13,068,711
		Total Common Stocks (cost $202,267,860)		242,506,073
		Total Investments (cost $202,267,860) 101.3%§		242,506,073
		Liabilities less Other Assets (1.3%)		(3,007,339	)
		NET ASSETS 100.0%	$	239,498,734
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 99.60%. See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Emerging India Fund’s investments were in the following countries:

COUNTRY	%
India		100.0
Total		100.0	%

WASATCH EMERGING MARKETS SELECT FUND
(WAESX / WIESX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.1%
		Airport Services 1.2%
	85,926	Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B (Mexico)	$	620,281
		Apparel, Accessories & Luxury Goods 1.5%
	2,871	Page Industries Ltd. (India)		754,837
		Application Software 4.7%
	16,240	Globant S.A.* (Argentina)		2,433,564
		Consumer Finance 6.9%
	96,426	Bajaj Finance Ltd. (India)		3,625,448
		Department Stores 1.4%
	89,195	Trent Ltd. (India)		734,335
		Diversified Banks 8.3%
	154,013	HDFC Bank Ltd. (India)		2,165,952
	567,364	PT Bank Central Asia Tbk (Indonesia)		1,135,182
	51,382	TCS Group Holding plc GDR (Russia)		1,043,141
				4,344,275
		Diversified Chemicals 1.6%
	44,514	Pidilite Industries Ltd. (India)		809,422
		Drug Retail 3.8%
	98,266	Raia Drogasil S.A. (Brazil)		1,998,894
		Electrical Components & Equipment 4.8%
	1,288	Amara Raja Batteries Ltd. (India)		11,090
	59,661	Voltronic Power Technology Corp. (Taiwan)		1,719,139
	84,601	WEG S.A. (Brazil)		787,344
				2,517,573
		General Merchandise Stores 1.5%
	57,900	Magazine Luiza S.A. (Brazil)		762,865
		Health Care Equipment 2.5%
	317,339	Microport Scientific Corp. (Hong Kong)		1,280,227
		Health Care Technology 1.5%
	51,900	Ping An Healthcare & Technology Co. Ltd.* (China)		795,707
		Human Resource & Employment Services 2.1%
	15,427	51job, Inc. ADR* (China)		1,107,504
		Industrial Machinery 2.6%
	139,000	Techtronic Industries Co. Ltd. (Hong Kong)		1,375,342
		Interactive Home Entertainment 3.7%
	18,045	Sea Ltd. ADR* (Singapore)		1,935,146
		Interactive Media & Services 3.0%
	24,425	Tencent Holdings Ltd. (China)		1,565,102
		Internet & Direct Marketing Retail 11.9%
	5,304	Alibaba Group Holding Ltd. ADR* (China)		1,144,073
	31,797	MakeMyTrip Ltd.* (India)		487,130
	3,601	MercadoLibre, Inc.*		3,549,758
	40,408	Trip.com Group Ltd. ADR* (China)		1,047,375
				6,228,336
		IT Consulting & Other Services 2.7%
	53,591	Larsen & Toubro Infotech Ltd. (India)		1,389,245
		Life & Health Insurance 2.2%
	110,272	Discovery Ltd. (South Africa)		666,144

WASATCH EMERGING MARKETS SELECT FUND
(WAESX / WIESX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	85,892	ICICI Prudential Life Insurance Co. Ltd. (India)	$	483,522
				1,149,666
		Life Sciences Tools & Services 2.4%
	69,500	Wuxi Biologics Cayman, Inc.* (China)		1,275,714
		Managed Health Care 1.6%
	75,100	Hapvida Participacoes e Investimentos S.A. (Brazil)		858,566
		Packaged Foods & Meats 5.4%
	23,851	Britannia Industries Ltd. (India)		1,140,713
	435,393	Vitasoy International Holdings Ltd. (Hong Kong)		1,673,522
				2,814,235
		Personal Products 1.7%
	798	LG Household & Health Care Ltd. (South Korea)		894,406
		Pharmaceuticals 1.8%
	71,640	Jiangsu Hengrui Medicine Co. Ltd., Class A (China)		936,266
		Property & Casualty Insurance 3.9%
	90,201	ICICI Lombard General Insurance Co. Ltd. (India)		1,518,140
	134,840	Qualitas Controladora S.A.B. de C.V. (Mexico)		530,337
				2,048,477
		Regional Banks 1.1%
	80,528	AU Small Finance Bank Ltd. (India)		574,331
		Semiconductors 9.2%
	33,297	ASPEED Technology, Inc. (Taiwan)		1,409,968
	51,959	Silergy Corp. (Taiwan)		3,403,745
				4,813,713
		Specialized Finance 1.3%
	160,160	Chailease Holding Co. Ltd. (Taiwan)		682,779
		Specialty Chemicals 2.1%
	47,766	Asian Paints Ltd. (India)		1,067,628
		Thrifts & Mortgage Finance 0.7%
	20,124	Aavas Financiers Ltd.* (India)		352,852
		Total Common Stocks (cost $35,457,829)		51,746,736
		PREFERRED STOCKS 1.3%
		Diversified Banks 1.3%
	94,031	Banco Davivienda S.A., 3.31% (Colombia)		700,604
		Total Preferred Stocks (cost $886,979)		700,604
		Total Investments (cost $36,344,808) 100.4%§		52,447,340
		Liabilities less Other Assets (0.4%)		(216,694	)
		NET ASSETS 100.0%	$	52,230,646
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 66.02%. ADR American Depositary Receipt. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Emerging Markets Select Fund’s investments were in the following countries:

COUNTRY	%
Argentina		4.6
Brazil		8.4
China		15.0
Colombia		1.3
Hong Kong		8.2
India		28.8
Indonesia		2.2
Mexico		2.2
Russia		2.0
Singapore		3.7
South Africa		1.3
South Korea		1.7
Taiwan		13.8
United States		6.8
Total		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.1%
		Airport Services 1.8%
	1,374,525	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* (Mexico)	$	6,388,675
		Application Software 4.1%
	95,972	Globant S.A.* (Argentina)		14,381,404
		Commodity Chemicals 2.5%
	1,347,747	Berger Paints India Ltd. (India)		8,828,473
		Consumer Finance 6.0%
	265,148	Bajaj Finance Ltd. (India)		9,969,100
	2,110,475	Muangthai Capital Public Co. Ltd. (Thailand)		3,550,747
	2,414,829	Srisawad Corp. Public Co. Ltd. * (Thailand)		4,023,738
	4,601,345	Unifin Financiera S.A.B de C.V. * (Mexico)		3,445,328
				20,988,913
		Data Processing & Outsourced Services 0.9%
	601,660	Network International Holdings plc* (United Kingdom)		3,293,675
		Department Stores 1.2%
	215,946	Poya International Co. Ltd. (Taiwan)		4,267,414
		Distillers & Vintners 1.5%
	608,057	Sichuan Swellfun Co. Ltd. Class A (China)		5,384,779
		Diversified Banks 3.2%
	1,704,936	City Union Bank Ltd. (India)		2,744,650
	408,104	TCS Group Holding plc GDR (Russia)		8,285,198
				11,029,848
		Diversified Chemicals 1.7%
	322,860	Pidilite Industries Ltd. (India)		5,870,737
		Drug Retail 4.9%
	481,648	Clicks Group Ltd. (South Africa)		5,847,516
	559,110	Raia Drogasil S.A. (Brazil)		11,373,227
				17,220,743
		Electrical Components & Equipment 5.2%
	193,755	Amara Raja Batteries Ltd. (India)		1,668,210
	573,694	Voltronic Power Technology Corp. (Taiwan)		16,531,065
				18,199,275
		Electronic Equipment & Instruments 1.6%
	1,096,616	Chroma ATE, Inc. (Taiwan)		5,675,196
		General Merchandise Stores 4.6%
	1,210,266	Magazine Luiza S.A. (Brazil)		15,945,930
		Health Care Equipment 3.5%
	1,176,000	AK Medical Holdings Ltd. (China)		3,748,773
	2,055,076	Microport Scientific Corp. (Hong Kong)		8,290,707
				12,039,480
		Health Care Facilities 1.6%
	16,606,200	Cleopatra Hospital* (Egypt)		5,411,934
		Health Care Services 2.5%
	427,496	Dr. Lal PathLabs Ltd. (India)		8,859,935
		Home Improvement Retail 1.3%
	41,666,224	PT Ace Hardware Indonesia Tbk * (Indonesia)		4,412,365

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Hotels, Resorts & Cruise Lines 1.4%
	139,457	Huazhu Group Ltd. ADR (China)	$	4,887,968
		Human Resource & Employment Services 3.7%
	120,668	51job, Inc. ADR* (China)		8,662,756
	189,249	HeadHunter Group plc ADR (Russia)		4,424,641
				13,087,397
		Industrial Conglomerates 1.6%
	22,180	3M India Ltd.* (India)		5,525,526
		Insurance Brokers 2.2%
	1,773,285	TQM Corp. Public Co. Ltd. (Thailand)		7,659,421
		Interactive Media & Services 2.4%
	231,533	Info Edge India Ltd. (India)		8,449,484
		Internet & Direct Marketing Retail 1.6%
	183,648	MakeMyTrip Ltd.* (India)		2,813,487
	118,000	momo.com, Inc. (Taiwan)		2,869,448
				5,682,935
		IT Consulting & Other Services 4.7%
	335,075	Larsen & Toubro Infotech Ltd. (India)		8,686,186
	625,061	Mindtree Ltd. (India)		7,679,781
				16,365,967
		Packaged Foods & Meats 4.8%
	135,161	Britannia Industries Ltd. (India)		6,464,294
	2,687,755	Vitasoy International Holdings Ltd. (Hong Kong)		10,330,935
				16,795,229
		Pharmaceuticals 0.0%
	13,017,213	China Animal Healthcare Ltd.* *** §§ (China)		16,795
		Property & Casualty Insurance 5.1%
	631,929	ICICI Lombard General Insurance Co. Ltd. (India)		10,635,765
	1,819,584	Qualitas Controladora S.A.B. de C.V. (Mexico)		7,156,579
				17,792,344
		Regional Banks 4.5%
	850,219	AU Small Finance Bank Ltd. (India)		6,063,813
	34,167,900	PT Bank BTPN Syariah Tbk (Indonesia)		7,655,253
	782,362	Regional S.A.B. de C.V.* (Mexico)		2,093,038
				15,812,104
		Semiconductors 15.2%
	233,374	ASPEED Technology, Inc. (Taiwan)		9,882,272
	98,262	LEENO Industrial, Inc. (South Korea)		9,302,844
	174,735	Parade Technologies Ltd. (Taiwan)		5,856,763
	364,143	Silergy Corp. (Taiwan)		23,854,382
	408,000	Win Semiconductors Corp. (Taiwan)		4,165,710
				53,061,971
		Systems Software 1.8%
	72,533	Douzone Bizon Co. Ltd. (South Korea)		6,197,258
		Thrifts & Mortgage Finance 1.0%
	195,327	Aavas Financiers Ltd.* (India)		3,424,845
		Total Common Stocks (cost $207,928,298)		342,958,020

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		PREFERRED STOCKS 1.9%
		Personal Products 1.9%
	10,702	LG Household & Health Care Ltd., 1.52% (South Korea)	$	6,483,356
		Total Preferred Stocks (cost $5,002,852)		6,483,356
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.1%
		Repurchase Agreement 0.1%
	$196,495	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $188,500 of United States Treasury Notes 1.375% due 8/31/26; value: $200,448; repurchase proceeds: $196,495 (cost $196,495)	$	196,495
		Total Short-Term Investments (cost $196,495)		196,495
		Total Investments (cost $213,127,645) 100.1%§		349,637,871
		Liabilities less Other Assets (0.1%)		(203,666	)
		NET ASSETS 100.0%	$	349,434,205
		*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 70.74%. §§The aggregate value of illiquid holdings at June 30, 2020, amounts to approximately $16,795, and represents 0.00% of net assets. ADR American Depositary Receipt. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Emerging Markets Small Cap Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		4.1
Brazil		7.8
China		6.5
Egypt		1.5
Hong Kong		5.3
India		28.0
Indonesia		3.5
Mexico		5.5
Russia		3.6
South Africa		1.7
South Korea		6.3
Taiwan		20.9
Thailand		4.4
United Kingdom		0.9
Total		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.6%
		Airport Services 1.9%
	197,400	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* (Mexico)	$	917,498
		Application Software 4.8%
	15,575	Globant S.A.* (Argentina)		2,333,914
		Asset Management & Custody Banks 2.5%
	5,154,275	Vostok Emerging Finance Ltd.* (Sweden)		1,185,063
		Brewers 0.7%
	48,450	Saigon Beer Alcohol Beverage Corp. (Vietnam)		328,591
		Consumer Finance 10.0%
	289,466	ASA International Group plc* (United Kingdom)		475,248
	52,874	Bajaj Finance Ltd. (India)		1,987,970
	483,039	Delta Brac Housing Finance Corp. Ltd.§§ (Bangladesh)		525,120
	189,600	Muangthai Capital Public Co. Ltd. (Thailand)		318,991
	460,100	Srisawad Corp. Public Co. Ltd., Class A* (Thailand)		766,647
	1,016,515	Unifin Financiera S.A.B. de C.V.* (Mexico)		761,131
				4,835,107
		Data Processing & Outsourced Services 1.2%
	88,306	Fawry for Banking & Payment Technology Services S.A.E.* (Egypt)		90,877
	84,933	Network International Holdings plc* (United Kingdom)		464,950
				555,827
		Diversified Banks 12.6%
	521,520	Bank for Foreign Trade of Vietnam JSC (Vietnam)		1,824,879
	125,235	Commercial International Bank S.A.E. (Egypt)		503,904
	1,583	Credicorp Ltd. (Peru)		211,600
	825,600	PT Bank Central Asia Tbk (Indonesia)		1,651,861
	91,448	TCS Group Holding plc GDR (Russia)		1,856,548
				6,048,792
		Drug Retail 5.9%
	41,251	Clicks Group Ltd. (South Africa)		500,814
	114,300	Raia Drogasil S.A. (Brazil)		2,325,052
				2,825,866
		Electrical Components & Equipment 1.1%
	56,100	WEG S.A. (Brazil)		522,098
		Food Retail 4.6%
	312,400	CP ALL Public Co. Ltd. (Thailand)		684,789
	595,704	Philippine Seven Corp. (Philippines)		1,542,314
				2,227,103
		General Merchandise Stores 2.6%
	95,100	Magazine Luiza S.A. (Brazil)		1,252,996
		Health Care Distributors 1.1%
	938,429	Ibnsina Pharma S.A.E. (Egypt)		530,756
		Health Care Facilities 5.4%
	7,983,144	Cleopatra Hospital* (Egypt)		2,601,694
		Home Improvement Retail 0.7%
	1,095,900	Wilcon Depot, Inc. (Philippines)		340,513
		Human Resource & Employment Services 1.0%
	20,884	HeadHunter Group plc ADR (Russia)		488,268

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Hypermarkets & Super Centers 1.0%
	14,351	InRetail Peru Corp. (Peru)	$	487,934
		Insurance Brokers 5.2%
	579,715	TQM Corp. Public Co. Ltd. (Thailand)		2,503,986
		Interactive Home Entertainment 6.5%
	29,421	Sea Ltd. ADR* (Singapore)		3,155,108
		Internet & Direct Marketing Retail 13.6%
	3,521	MercadoLibre, Inc.*		3,470,896
	11,040	Naspers Ltd., Class N (South Africa)		2,028,935
	11,040	Prosus N.V.* (Netherlands)		1,029,341
				6,529,172
		Life & Health Insurance 1.3%
	106,702	Discovery Ltd. (South Africa)		644,578
		Property & Casualty Insurance 5.2%
	639,028	Qualitas Controladora S.A.B. de C.V. (Mexico)		2,513,352
		Regional Banks 4.0%
	109,881	AU Small Finance Bank Ltd. (India)		783,678
	4,356,800	PT Bank BTPN Syariah Tbk (Indonesia)		976,133
	69,400	Regional S.A.B. de C.V.* (Mexico)		185,664
				1,945,475
		Technology Distributors 3.2%
	770,534	FPT Corp. (Vietnam)		1,526,431
		Wireless Telecommunication Services 3.5%
	6,248,038	Safaricom plc (Kenya)		1,690,768
		Total Common Stocks (cost $43,337,943)		47,990,890
		PREFERRED STOCKS 2.8%
		Diversified Banks 2.8%
	183,559	Banco Davivienda S.A., 3.31% (Colombia)		1,367,656
		Total Preferred Stocks (cost $2,032,420)		1,367,656
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.7%
		Repurchase Agreement 0.7%
	$346,809	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $332,700 of United States Treasury Notes 1.375% due 8/31/26; value: $353,789; repurchase proceeds: $346,809 (cost $346,809)	$	346,809
		Total Short-Term Investments (cost $346,809)		346,809

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

	Value
Total Investments (cost $45,717,172) 103.1%§	$	49,705,355
Liabilities less Other Assets (3.1%)		(1,512,650	)
NET ASSETS 100.0%	$	48,192,705
*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 42.29%. §§The aggregate value of illiquid holdings at June 30,2020 amounted to approximately $525,120, and represented 1.09% of net assets. ADR American Depositary Receipt. GDR Global Depositary Receipt See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Frontier Emerging Small Countries Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		4.7
Bangladesh		1.1
Brazil		8.3
Colombia		2.8
Egypt		7.6
India		5.6
Indonesia		5.3
Kenya		3.4
Mexico		8.9
Netherlands		2.1
Peru		1.4
Philippines		3.8
Russia		4.7
Singapore		6.4
South Africa		6.4
Sweden		2.4
Thailand		8.7
United Kingdom		1.9
United States		7.0
Vietnam		7.5
Total		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.7%
		Airlines 0.9%
	10,330	Allegiant Travel Co.	$	1,128,139
		Application Software 18.6%
	26,111	Five9, Inc.*		2,889,704
	27,196	Globant S.A.* (Argentina)		4,075,321
	12,293	HubSpot, Inc.*		2,757,934
	111,130	Infomart Corp. (Japan)		769,116
	65,399	Medallia, Inc.*		1,650,671
	17,441	Paylocity Holding Corp.*		2,544,467
	15,948	Q2 Holdings, Inc.*		1,368,179
	112,618	Systena Corp. (Japan)		1,495,831
	145,144	Technology One Ltd. (Australia)		889,492
	7,595	Tyler Technologies, Inc.*		2,634,554
	28,885	Zendesk, Inc.*		2,557,189
				23,632,458
		Automotive Retail 1.0%
	22,052	Monro, Inc.		1,211,537
		Biotechnology 2.5%
	98,143	Abcam plc (United Kingdom)		1,621,049
	16,524	Esperion Therapeutics, Inc.*		847,846
	84,584	Sangamo Therapeutics, Inc.*		757,873
				3,226,768
		Building Products 2.9%
	28,442	Trex Co., Inc.*		3,699,451
		Consumer Finance 3.3%
	48,379	Bajaj Finance Ltd. (India)		1,818,965
	758,408	Srisawad Corp. Public Co. Ltd., Class A* (Thailand)		1,263,707
	1,450,700	Unifin Financiera S.A.B. de C.V.* (Mexico)		1,086,234
				4,168,906
		Data Processing & Outsourced Services 2.6%
	22,674	Euronet Worldwide, Inc.*		2,172,623
	11,000	GMO Payment Gateway, Inc. (Japan)		1,150,528
				3,323,151
		Diversified Chemicals 1.0%
	71,002	Pidilite Industries Ltd. (India)		1,291,068
		Diversified Real Estate Activities 0.8%
	41,300	Patrizia AG* (Germany)		1,001,784
		Diversified Support Services 1.7%
	25,234	Copart, Inc.*		2,101,235
		Drug Retail 2.5%
	23,423	Ain Holdings, Inc. (Japan)		1,537,684
	23,400	Sugi Holdings Co. Ltd. (Japan)		1,586,852
				3,124,536
		Electrical Components & Equipment 2.1%
	92,281	Voltronic Power Technology Corp. (Taiwan)		2,659,089
		Financial Exchanges & Data 0.3%
	21,480	Open Lending Corp., Class A*		324,348
		General Merchandise Stores 2.0%
	25,578	Ollie’s Bargain Outlet Holdings, Inc.*		2,497,692

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Equipment 2.4%
	20,751	Cantel Medical Corp.	$	917,817
	16,472	Cochlear Ltd. (Australia)		2,162,592
				3,080,409
		Health Care Facilities 2.3%
	52,141	Ensign Group, Inc. (The)		2,182,101
	30,321	Pennant Group, Inc. (The)*		685,254
				2,867,355
		Health Care Services 0.9%
	57,377	Dr. Lal PathLabs Ltd. (India)		1,189,149
		Health Care Supplies 1.0%
	44,200	Asahi Intecc Co. Ltd. (Japan)		1,261,483
		Home Improvement Retail 0.8%
	16,877	Floor & Decor Holdings, Inc., Class A*		972,959
		Homebuilding 1.7%
	24,768	LGI Homes, Inc.*		2,180,327
		Human Resource & Employment Services 1.3%
	22,100	en-japan, Inc. (Japan)		550,104
	49,030	SMS Co. Ltd. (Japan)		1,103,348
				1,653,452
		Industrial Conglomerates 0.8%
	4,085	3M India Ltd.* (India)		1,017,663
		Industrial Machinery 6.8%
	34,960	Altra Industrial Motion Corp.		1,113,826
	22,462	Barnes Group, Inc.		888,597
	29,553	Helios Technologies, Inc.		1,100,849
	42,560	Kornit Digital Ltd.* (Israel)		2,271,853
	60,200	MISUMI Group, Inc. (Japan)		1,511,524
	12,659	RBC Bearings, Inc.*		1,696,812
				8,583,461
		Internet & Direct Marketing Retail 4.6%
	37,565	MakeMyTrip Ltd.* (India)		575,496
	4,131	MercadoLibre, Inc.*		4,072,216
	217,114	Trainline plc* (United Kingdom)		1,170,118
				5,817,830
		IT Consulting & Other Services 0.7%
	19,785	Endava plc ADR* (United Kingdom)		955,615
		Leisure Facilities 0.6%
	13,041	Planet Fitness, Inc., Class A*		789,893
		Life & Health Insurance 0.6%
	135,698	ICICI Prudential Life Insurance Co. Ltd. (India)		763,901
		Managed Health Care 1.0%
	22,731	HealthEquity, Inc.*		1,333,628
		Other Diversified Financial Services 0.7%
	2,025	Hypoport SE* (Germany)		900,789
		Packaged Foods & Meats 4.1%
	25,904	Freshpet, Inc.*		2,167,129
	794,000	Vitasoy International Holdings Ltd. (Hong Kong)		3,051,901
				5,219,030

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 1.2%
	61,465	Intra-Cellular Therapies, Inc.*	$	1,577,807
		Property & Casualty Insurance 1.8%
	138,075	ICICI Lombard General Insurance Co. Ltd. (India)		2,323,890
		Regional Banks 3.0%
	369,885	AU Small Finance Bank Ltd. (India)		2,638,042
	34,508	Eagle Bancorp, Inc.		1,130,137
				3,768,179
		Research & Consulting Services 1.3%
	35,500	Nihon M&A Center, Inc. (Japan)		1,614,468
		Restaurants 0.9%
	23,378	Domino’s Pizza Enterprises Ltd. (Australia)		1,120,717
		Semiconductor Equipment 1.3%
	34,068	Nova Measuring Instruments Ltd.* (Israel)		1,641,737
		Semiconductors 9.4%
	46,000	ASPEED Technology, Inc. (Taiwan)		1,947,880
	21,851	Melexis N.V. (Belgium)		1,662,168
	14,792	Monolithic Power Systems, Inc.		3,505,704
	73,000	Silergy Corp. (Taiwan)		4,782,104
				11,897,856
		Soft Drinks 1.3%
	64,374	Fevertree Drinks plc (United Kingdom)		1,631,846
		Specialty Stores 1.3%
	15,138	Five Below, Inc.*		1,618,404
		Systems Software 1.6%
	9,718	CyberArk Software Ltd.* (Israel)		964,706
	21,281	Rapid7, Inc.*		1,085,756
				2,050,462
		Technology Distributors 0.7%
	107,553	Electrocomponents plc (United Kingdom)		895,311
		Thrifts & Mortgage Finance 0.8%
	57,579	Aavas Financiers Ltd.* (India)		1,009,584
		Trading Companies & Distributors 2.6%
	80,921	Diploma plc (United Kingdom)		1,798,931
	38,200	MonotaRO Co. Ltd. (Japan)		1,534,816
				3,333,747
		Total Common Stocks (cost $82,798,743)		126,461,114
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.3%
		Repurchase Agreement 0.3%
	$404,923	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $394,800 of United States Treasury Notes 1.250% due 8/31/24; value: $413,076; repurchase proceeds: $404,923 (cost $404,923)	$	404,923

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

	Value
Total Short-Term Investments (cost $404,923)	$	404,923
Total Investments (cost $83,203,666) 100.0%§		126,866,037
Liabilities less Other Assets (<0.1%)		(19,595	)
NET ASSETS 100.0%	$	126,846,442
*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 40.87%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Global Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		3.2
Australia		3.3
Belgium		1.3
Germany		1.5
Hong Kong		2.4
India		10.0
Israel		3.8
Japan		11.2
Mexico		0.9
Taiwan		7.4
Thailand		1.0
United Kingdom		6.4
United States		47.6
Total		100.0	%

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.3%
		Aerospace & Defense 2.6%
	3,473	HEICO Corp., Class A	$	282,146
		Application Software 16.5%
	2,135	Dassault Systemes SE (France)		370,621
	2,287	DocuSign, Inc.*		393,844
	1,412	Guidewire Software, Inc.*		156,520
	1,920	Paylocity Holding Corp.*		280,109
	810	Tyler Technologies, Inc.*		280,973
	5,392	Xero Ltd.* (New Zealand)		338,699
				1,820,766
		Building Products 3.5%
	18,574	Assa Abloy AB, Class B (Sweden)		380,163
		Consumer Finance 3.5%
	10,361	Bajaj Finance Ltd. (India)		389,555
		Data Processing & Outsourced Services 16.4%
	184	Adyen N.V.* (Netherlands)		267,811
	7,170	Amadeus IT Group S.A. (Spain)		376,440
	3,565	Euronet Worldwide, Inc.*		341,598
	1,452	Jack Henry & Associates, Inc.		267,212
	2,446	Square, Inc., Class A*		256,683
	1,767	WEX, Inc.*		291,573
				1,801,317
		Distributors 4.2%
	1,698	Pool Corp.		461,635
		Diversified Support Services 3.9%
	5,211	Copart, Inc.*		433,920
		Drug Retail 3.0%
	2,400	Tsuruha Holdings, Inc. (Japan)		331,471
		Electrical Components & Equipment 2.6%
	3,248	AMETEK, Inc.		290,274
		Electronic Components 3.3%
	3,836	Amphenol Corp., Class A		367,527
		Electronic Equipment & Instruments 2.8%
	5,062	Cognex Corp.		302,303
		Financial Exchanges & Data 3.1%
	676	MarketAxess Holdings, Inc.		338,622
		Health Care Equipment 3.8%
	3,177	Cochlear Ltd. (Australia)		417,105
		Health Care Supplies 6.5%
	11,800	Asahi Intecc Co. Ltd. (Japan)		336,776
	2,425	Coloplast A/S, Class B (Denmark)		377,980
				714,756
		Health Care Technology 3.5%
	1,617	Veeva Systems, Inc., Class A*		379,057
		Industrial Conglomerates 3.4%
	966	Roper Technologies, Inc.		375,059
		Industrial Machinery 2.7%
	11,900	MISUMI Group, Inc. (Japan)		298,790

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 3.4%
	2,248	ICON plc* (Ireland)	$	378,698
		Packaged Foods & Meats 3.0%
	6,984	Britannia Industries Ltd. (India)		334,021
		Specialty Chemicals 2.7%
	2,861	Chr. Hansen Holding A/S (Denmark)		295,099
		Trucking 3.9%
	2,495	Old Dominion Freight Line, Inc.		423,127
		Total Common Stocks (cost $9,321,979)		10,815,411
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.5%
		Repurchase Agreement 1.5%
	$163,972	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $159,900 of United States Treasury Notes 1.250% due 8/31/24; value: $167,302; repurchase proceeds: $163,972 (cost $163,972)	$	163,972
		Total Short-Term Investments (cost $163,972)		163,972
		Total Investments (cost $9,485,951) 99.8%§		10,979,383
		Other Assets less Liabilities 0.2%		26,371
		NET ASSETS 100.0%	$	11,005,754
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 38.59%. See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Global Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		3.9
Denmark		6.2
France		3.4
India		6.7
Ireland		3.5
Japan		8.9
Netherlands		2.5
New Zealand		3.1
Spain		3.5
Sweden		3.5
United States		54.8
Total		100.0	%

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.8%
		Automobile Manufacturers 2.1%
	90,000	General Motors Co.	$	2,277,000
		Construction Materials 1.3%
	25,000	HeidelbergCement AG (Germany)		1,338,293
		Diversified Banks 11.7%
	60,000	Citigroup, Inc.		3,066,000
	410,000	ING Groep N.V. ADR (Netherlands)		2,829,000
	25,000	JPMorgan Chase & Co.		2,351,500
	480,000	Kasikornbank Public Co. Ltd., Class A (Thailand)		1,451,026
	180,000	United Overseas Bank Ltd. (Singapore)		2,630,135
				12,327,661
		Diversified Metals & Mining 1.2%
	50,000	BHP Group Ltd. (Australia)		1,244,894
		Electric Utilities 8.1%
	54,000	Duke Energy Corp.		4,314,060
	117,000	Exelon Corp.		4,245,930
				8,559,990
		Electrical Components & Equipment 3.6%
	43,000	Eaton Corp. plc		3,761,640
		Electronic Manufacturing Services 2.5%
	900,000	Hon Hai Precision Industry Co. Ltd. (Taiwan)		2,642,539
		Food Retail 5.9%
	105,000	Koninklijke Ahold Delhaize N.V. (Netherlands)		2,861,676
	102,000	Seven & i Holdings Co. Ltd. (Japan)		3,336,779
				6,198,455
		Health Care Facilities 2.3%
	26,000	Universal Health Services, Inc., Class B		2,415,140
		Homebuilding 2.4%
	74,000	PulteGroup, Inc.		2,518,220
		Household Appliances 2.1%
	17,500	Whirlpool Corp.		2,266,775
		Industrial Conglomerates 1.2%
	1,500,000	NWS Holdings Ltd. (Hong Kong)		1,304,773
		Integrated Oil & Gas 6.9%
	900,000	BP plc (United Kingdom)		3,447,937
	225,000	Suncor Energy, Inc. (Canada)		3,793,643
				7,241,580
		Integrated Telecommunication Services 2.1%
	75,000	AT&T, Inc.		2,267,250
		IT Consulting & Other Services 3.2%
	44,000	Science Applications International Corp.		3,417,920
		Multi-Line Insurance 3.0%
	150,000	AXA S.A.* (France)		3,156,437
		Office Services & Supplies 1.3%
	115,000	Kimball International, Inc., Class B		1,329,400
		Oil & Gas Equipment & Services 0.9%
	70,000	Halliburton Co.		908,600

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 7.6%
	34,000	Johnson & Johnson	$	4,781,420
	37,000	Novartis AG (Switzerland)		3,223,478
				8,004,898
		Property & Casualty Insurance 3.3%
	85,000	Axis Capital Holdings Ltd.		3,447,600
		Railroads 2.3%
	14,500	Union Pacific Corp.		2,451,515
		Regional Banks 2.9%
	130,000	Bank OZK		3,051,100
		Reinsurance 3.1%
	12,500	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		3,254,935
		Specialty Chemicals 2.3%
	23,000	PPG Industries, Inc.		2,439,380
		Steel 3.5%
	1,250,000	NMDC Ltd. (India)		1,359,235
	56,000	Nucor Corp.		2,318,960
				3,678,195
		Technology Hardware, Storage & Peripherals 3.8%
	90,000	Samsung Electronics Co. Ltd. (South Korea)		3,984,087
		Tobacco 3.2%
	52,000	KT&G Corp. (South Korea)		3,395,932
		Wireless Telecommunication Services 5.0%
	790,000	China Mobile Ltd. (China)		5,334,123
		Total Common Stocks (cost $111,185,228)		104,218,332
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.3%
		Repurchase Agreement 1.3%
	$1,319,344	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $1,265,600 of United States Treasury Notes 1.375% due 8/31/26; value: $1,345,822; repurchase proceeds: $1,319,344 (cost $1,319,344)	$	1,319,344
		Total Short-Term Investments (cost $1,319,344)		1,319,344
		Total Investments (cost $112,504,572) 100.1%§		105,537,676
		Liabilities less Other Assets (0.1%)		(127,852	)
		NET ASSETS 100.0%	$	105,409,824
		§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 41.71%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2020, Wasatch Global Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		1.2
Canada		3.6
China		5.1
France		3.0
Germany		4.4
Hong Kong		1.3
India		1.3
Japan		3.2
Netherlands		5.5
Singapore		2.5
South Korea		7.1
Switzerland		3.1
Taiwan		2.5
Thailand		1.4
United Kingdom		3.3
United States		51.5
Total		100.0	%

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.1%
		Aerospace & Defense 0.8%
	444,259	CAE, Inc. (Canada)	$	7,205,792
		Airport Services 1.3%
	2,750,960	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* (Mexico)		12,786,228
		Application Software 10.1%
	302,702	Descartes Systems Group, Inc. (The)* (Canada)		15,980,151
	76,799	Globant S.A.* (Argentina)		11,508,330
	1,055,864	Infomart Corp. (Japan)		7,307,491
	68,148	Kinaxis, Inc.* (Canada)		9,741,309
	201,423	Lightspeed POS, Inc.* (Canada)		4,811,541
	421,801	Miroku Jyoho Service Co. Ltd. (Japan)		8,880,241
	141,225	Nemetschek SE (Germany)		9,703,886
	887,050	Systena Corp. (Japan)		11,782,105
	2,324,901	Technology One Ltd. (Australia)		14,247,781
	146,115	WiseTech Global Ltd. (Australia)		1,976,639
				95,939,474
		Asset Management & Custody Banks 1.9%
	1,623,195	AJ Bell plc (United Kingdom)		7,799,334
	1,664,236	Netwealth Group Ltd. (Australia)		10,388,034
				18,187,368
		Biotechnology 1.0%
	599,321	Abcam plc (United Kingdom)		9,899,111
		Brewers 1.4%
	254,041	Carlsberg Brewery Malaysia Bhd (Malaysia)		1,477,026
	144,662	Royal Unibrew A/S* (Denmark)		12,059,293
				13,536,319
		Commodity Chemicals 0.7%
	1,039,406	Berger Paints India Ltd. (India)		6,808,672
		Construction Machinery & Heavy Trucks 0.4%
	200,902	Takeuchi Manufacturing Co. Ltd. (Japan)		3,351,814
		Data Processing & Outsourced Services 1.3%
	120,000	GMO Payment Gateway, Inc. (Japan)		12,551,216
		Department Stores 0.5%
	258,574	Poya International Co. Ltd. (Taiwan)		5,109,807
		Diversified Real Estate Activities 1.7%
	672,656	Patrizia AG* (Germany)		16,316,132
		Diversified Support Services 2.2%
	777,522	HomeServe plc (United Kingdom)		12,570,182
	1,094,852	Prestige International, Inc. (Japan)		8,249,331
				20,819,513
		Drug Retail 7.0%
	261,995	Ain Holdings, Inc. (Japan)		17,199,575
	787,193	Clicks Group Ltd. (South Africa)		9,557,028
	117,700	Kusuri no Aoki Holdings Co. Ltd. (Japan)		9,252,714
	258,600	Raia Drogasil S.A. (Brazil)		5,260,354
	238,100	Sugi Holdings Co. Ltd. (Japan)		16,146,556
	66,500	Tsuruha Holdings, Inc. (Japan)		9,184,518
				66,600,745

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electrical Components & Equipment 1.7%
	562,740	Voltronic Power Technology Corp. (Taiwan)	$	16,215,423
		Electronic Equipment & Instruments 2.0%
	677,899	Halma plc (United Kingdom)		19,313,478
		Financial Exchanges & Data 0.2%
	378,166	IntegraFin Holdings plc (United Kingdom)		2,144,160
		General Merchandise Stores 1.5%
	2,891,628	B&M European Value Retail S.A. (United Kingdom)		14,233,764
		Health Care Equipment 5.6%
	1,382,000	AK Medical Holdings Ltd. (China)		4,405,447
	174,659	Cochlear Ltd. (Australia)		22,930,803
	134,478	DiaSorin S.p.A. (Italy)		25,825,889
				53,162,139
		Health Care Services 0.5%
	209,093	Dr. Lal PathLabs Ltd. (India)		4,333,492
		Health Care Supplies 2.9%
	439,000	Asahi Intecc Co. Ltd. (Japan)		12,529,208
	272,934	Bioteque Corp. (Taiwan)		1,455,203
	255,414	Menicon Co. Ltd. (Japan)		12,624,195
	76,549	Shanghai Kindly Medical Instruments Co. Ltd., Class H (China)		637,651
				27,246,257
		Health Care Technology 0.4%
	71,200	JMDC, Inc.* (Japan)		4,218,465
		Home Improvement Retail 0.3%
	23,287,525	PT Ace Hardware Indonesia Tbk* (Indonesia)		2,466,099
		Household Appliances 1.2%
	746,230	Breville Group Ltd. (Australia)		11,795,644
		Human Resource & Employment Services 3.4%
	73,745	51job, Inc., ADR* (China)		5,294,153
	382,711	Benefit One, Inc. (Japan)		7,716,764
	410,680	en-japan, Inc. (Japan)		10,222,481
	395,892	SMS Co. Ltd. (Japan)		8,908,963
				32,142,361
		Industrial Conglomerates 0.2%
	8,785	3M India Ltd.* (India)		2,188,537
		Industrial Machinery 2.1%
	395,315	MISUMI Group, Inc. (Japan)		9,925,719
	2,924,830	Rotork plc (United Kingdom)		10,122,851
				20,048,570
		Insurance Brokers 0.6%
	1,321,700	TQM Corp. Public Co. Ltd. (Thailand)		5,708,872
		Interactive Media & Services 3.4%
	159,268	Atrae, Inc.* (Japan)		4,667,338
	228,705	Info Edge India Ltd. (India)		8,346,280
	193,700	Kakaku.com, Inc. (Japan)		4,934,360
	2,099,739	Rightmove plc (United Kingdom)		14,193,273
				32,141,251
		Internet & Direct Marketing Retail 2.8%
	3,368,360	Trainline plc* (United Kingdom)		18,153,501

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	3,775,013	Webjet Ltd. (Australia)	$	8,826,145
				26,979,646
		Investment Banking & Brokerage 1.5%
	1,010,300	Avanza Bank Holding AB (Sweden)		14,394,925
		IT Consulting & Other Services 3.9%
	170,805	Endava plc ADR* (United Kingdom)		8,249,881
	343,574	Larsen & Toubro Infotech Ltd. (India)		8,906,507
	170,704	Reply S.p.A. (Italy)		13,852,545
	475,933	Softcat plc (United Kingdom)		6,437,056
				37,445,989
		Life Sciences Tools & Services 1.4%
	38,446	Tecan Group AG (Switzerland)		13,625,626
		Movies & Entertainment 1.4%
	313,616	CTS Eventim AG & Co. KGaA* (Germany)		13,095,352
		Other Diversified Financial Services 1.3%
	27,983	Hypoport SE* (Germany)		12,447,791
		Packaged Foods & Meats 3.0%
	281,914	Morinaga & Co. Ltd. (Japan)		10,947,578
	4,603,449	Vitasoy International Holdings Ltd. (Hong Kong)		17,694,296
				28,641,874
		Pharmaceuticals 0.5%
	42,600	JCR Pharmaceuticals Co. Ltd. (Japan)		4,493,092
		Property & Casualty Insurance 1.2%
	693,642	ICICI Lombard General Insurance Co. Ltd. (India)		11,674,434
		Publishing 0.5%
	296,779	Future plc (United Kingdom)		4,684,251
		Regional Banks 2.9%
	1,237,024	AU Small Finance Bank Ltd. (India)		8,822,530
	719,072	Canadian Western Bank (Canada)		12,526,556
	28,866,880	PT Bank BTPN Syariah Tbk (Indonesia)		6,467,569
				27,816,655
		Research & Consulting Services 1.7%
	485,312	NICE Information Service Co. Ltd. (South Korea)		7,415,608
	199,028	Nihon M&A Center, Inc. (Japan)		9,051,390
				16,466,998
		Restaurants 1.6%
	318,789	Domino’s Pizza Enterprises Ltd. (Australia)		15,282,415
		Semiconductor Equipment 0.1%
	48,764	Japan Material Co. Ltd. (Japan)		769,178
		Semiconductors 5.0%
	304,730	Elmos Semiconductor AG (Germany)		7,420,598
	110,193	LEENO Industrial, Inc. (South Korea)		10,432,397
	171,219	Melexis N.V. (Belgium)		13,024,335
	259,249	Silergy Corp. (Taiwan)		16,982,957
				47,860,287
		Soft Drinks 2.0%
	737,344	Fevertree Drinks plc (United Kingdom)		18,691,274
		Specialty Chemicals 1.4%
	130,534	Chr. Hansen Holding A/S (Denmark)		13,463,988

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Systems Software 0.5%
	54,882	Douzone Bizon Co. Ltd. (South Korea)	$	4,689,147
		Technology Distributors 1.3%
	1,496,982	Electrocomponents plc (United Kingdom)		12,461,427
		Textiles 0.3%
	94,505	Brunello Cucinelli S.p.A.* (Italy)		2,815,292
		Trading Companies & Distributors 5.5%
	604,304	Diploma plc (United Kingdom)		13,434,108
	2,016,418	Howden Joinery Group plc (United Kingdom)		13,804,744
	123,035	IMCD N.V.* (Netherlands)		11,602,127
	350,124	MonotaRO Co. Ltd. (Japan)		14,067,429
				52,908,408
		Total Common Stocks (cost $624,571,685)		917,178,752
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.8%
		Repurchase Agreement 1.8%
	$17,078,925	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $16,649,800 of United States Treasury Notes 1.250% due 8/31/24; value: $17,420,553; repurchase proceeds: $17,078,925 (cost $17,078,925)	$	17,078,925
		Total Short-Term Investments (cost $17,078,925)		17,078,925
		Total Investments (cost $641,650,610) 97.9%§		934,257,677
		Other Assets less Liabilities 2.1%		20,041,698
		NET ASSETS 100.0%	$	954,299,375
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 84.69%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2020, Wasatch International Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		1.2
Australia		9.3
Belgium		1.4
Brazil		0.6
Canada		5.5
China		1.1
Denmark		2.8
Germany		6.4
Hong Kong		1.9
India		5.6
Indonesia		1.0
Italy		4.6
Japan		23.9
Malaysia		0.2
Mexico		1.4
Netherlands		1.3
South Africa		1.0
South Korea		2.5
Sweden		1.6
Switzerland		1.5
Taiwan		4.3
Thailand		0.6
United Kingdom		20.3
Total		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 94.6%
		Advertising 3.0%
	240,593	4imprint Group plc (United Kingdom)	$	7,335,051
	1,105,327	YouGov plc (United Kingdom)		10,546,007
				17,881,058
		Aerospace & Defense 2.0%
	307,531	Avon Rubber plc (United Kingdom)		12,166,640
		Alternative Carriers 1.5%
	703,000	Chief Telecom, Inc.* (Taiwan)		8,951,129
		Application Software 16.3%
	69,242	Atoss Software AG (Germany)		8,050,416
	1,000,180	Elmo Software Ltd.* (Australia)		4,968,619
	88,882	Esker S.A. (France)		11,741,697
	565,957	Fortnox AB (Sweden)		15,487,866
	138,000	Freee KK* (Japan)		6,281,687
	791,092	GB Group plc (United Kingdom)		6,607,867
	1,036,400	Infomart Corp. (Japan)		7,172,783
	59,290	Mensch und Maschine Software SE (Germany)		3,147,483
	287,206	Miroku Jyoho Service Co. Ltd. (Japan)		6,046,592
	1,021,149	Pexip Holding ASA* (Norway)		8,911,614
	556,372	Rakus Co. Ltd. (Japan)		9,833,869
	667,500	Systena Corp. (Japan)		8,865,966
				97,116,459
		Brewers 1.2%
	607,145	Carlsberg Brewery Malaysia Bhd (Malaysia)		3,530,015
	42,497	Royal Unibrew A/S* (Denmark)		3,542,629
				7,072,644
		Commodity Chemicals 2.5%
	867,649	Berger Paints India Ltd. (India)		5,683,571
	672,437	Gulf Oil Lubricants India Ltd. (India)		5,111,370
	255,016	Supreme Industries Ltd. (India)		3,831,125
				14,626,066
		Consumer Finance 1.2%
	236,148	Gruppo MutuiOnline S.p.A. (Italy)		5,035,151
	306,537	Spandana Sphoorty Financial Ltd.* (India)		2,224,185
				7,259,336
		Data Processing & Outsourced Services 0.1%
	568,935	Fawry for Banking & Payment Technology Services S.A.E* (Egypt)		585,503
		Department Stores 1.3%
	396,908	Poya International Co. Ltd. (Taiwan)		7,843,493
		Diversified Banks 0.9%
	3,215,411	City Union Bank Ltd. (India)		5,176,251
		Diversified Support Services 4.6%
	300,400	Japan Elevator Service Holdings Co. Ltd. (Japan)		9,717,807
	5,279,657	Johnson Service Group plc (United Kingdom)		7,556,289
	1,354,362	Prestige International, Inc. (Japan)		10,204,649
				27,478,745
		Drug Retail 1.4%
	50,000	Kusuri no Aoki Holdings Co. Ltd. (Japan)		3,930,635
	188,300	YAKUODO Holdings Co. Ltd. (Japan)		4,601,142
				8,531,777

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electrical Components & Equipment 2.6%
	676,611	Amara Raja Batteries Ltd. (India)	$	5,825,550
	326,158	Voltronic Power Technology Corp. (Taiwan)		9,398,283
				15,223,833
		Electronic Components 0.7%
	1,815,934	Strix Group plc (United Kingdom)		4,328,070
		Electronic Equipment & Instruments 0.6%
	189,470	Carel Industries S.p.A. (Italy)		3,483,438
		Food Retail 3.2%
	3,819,129	Philippine Seven Corp. (Philippines)		9,887,961
	70,499	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (Israel)		3,910,141
	4,502,100	Sheng Siong Group Ltd. (Singapore)		5,349,778
				19,147,880
		Health Care Equipment 4.2%
	4,128,000	AK Medical Holdings Ltd. (China)		13,158,960
	166,826	Cellavision AB* (Sweden)		5,032,386
	144,285	Medistim ASA* (Norway)		3,319,217
	184,891	Xvivo Perfusion AB* (Sweden)		3,570,657
				25,081,220
		Health Care Facilities 1.3%
	24,257,437	Cleopatra Hospital* (Egypt)		7,905,460
		Health Care Services 2.8%
	255,177	Dr. Lal PathLabs Ltd. (India)		5,288,591
	629,362	Metropolis Healthcare Ltd.* (India)		11,248,421
				16,537,012
		Health Care Supplies 3.0%
	1,424,730	Bioteque Corp. (Taiwan)		7,596,238
	1,259,493	Nanosonics Ltd.* (Australia)		5,972,502
	500,800	Shanghai Kindly Medical Instruments Co. Ltd., Class H (China)		4,171,650
				17,740,390
		Health Care Technology 3.6%
	197,166	Craneware plc (United Kingdom)		4,165,460
	168,200	Medley, Inc.* (Japan)		5,789,468
	99,198	Nexus AG (Germany)		4,360,655
	396,745	Pro Medicus Ltd. (Australia)		7,305,779
				21,621,362
		Home Improvement Retail 0.8%
	43,238,500	PT Ace Hardware Indonesia Tbk* (Indonesia)		4,578,865
		Human Resource & Employment Services 2.3%
	168,288	en-japan, Inc. (Japan)		4,188,957
	240,477	HeadHunter Group plc ADR (Russia)		5,622,352
	179,762	SMS Co. Ltd. (Japan)		4,045,278
				13,856,587
		Insurance Brokers 1.7%
	2,397,000	TQM Corp. Public Co. Ltd. (Thailand)		10,353,458
		Interactive Media & Services 0.7%
	145,000	Atrae, Inc.* (Japan)		4,249,215

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Internet & Direct Marketing Retail 1.7%
	860,583	Trainline plc* (United Kingdom)	$	4,638,042
	2,401,985	Webjet Ltd. (Australia)		5,615,945
				10,253,987
		Internet Services & Infrastructure 2.4%
	278,532	BASE, Inc.* (Japan)		11,737,354
	54,200	Hennge KK* (Japan)		2,453,557
				14,190,911
		Investment Banking & Brokerage 0.6%
	101,500	M&A Capital Partners Co. Ltd.* (Japan)		3,773,005
		IT Consulting & Other Services 3.3%
	233,971	Appen Ltd. (Australia)		5,555,235
	61,681	Aubay (France)		1,944,852
	891,944	Avant Corp. (Japan)		8,617,901
	284,581	FDM Group Holdings plc (United Kingdom)		3,198,254
				19,316,242
		Life Sciences Tools & Services 1.1%
	417,174	Biotage AB* (Sweden)		6,246,562
		Other Diversified Financial Services 2.0%
	26,512	Hypoport SE* (Germany)		11,793,440
		Packaged Foods & Meats 2.1%
	2,003,120	Vitasoy International Holdings Ltd. (Hong Kong)		7,699,401
	445,000	Yihai International Holding Ltd.* (China)		4,585,745
				12,285,146
		Personal Products 1.0%
	617,619	Sarantis S.A. (Greece)		5,689,936
		Property & Casualty Insurance 2.0%
	2,966,567	Qualitas Controladora S.A.B. de C.V. (Mexico)		11,667,761
		Publishing 1.5%
	569,927	Future plc (United Kingdom)		8,995,519
		Regional Banks 1.2%
	32,993,260	PT Bank BTPN Syariah Tbk (Indonesia)		7,392,077
		Research & Consulting Services 3.5%
	124,200	IR Japan Holdings Ltd. (Japan)		13,088,663
	489,119	NICE Information Service Co. Ltd. (South Korea)		7,473,779
				20,562,442
		Restaurants 0.0%
	630,045	Patisserie Holdings plc* *** §§ (United Kingdom)		7,807
		Semiconductor Equipment 0.8%
	303,565	Japan Material Co. Ltd. (Japan)		4,788,276
		Semiconductors 3.7%
	242,181	Elmos Semiconductor AG (Germany)		5,897,443
	170,757	LEENO Industrial, Inc. (South Korea)		16,166,226
				22,063,669
		Specialized Finance 1.6%
	410,900	eGuarantee, Inc. (Japan)		9,752,471
		Technology Hardware, Storage & Peripherals 0.4%
	57,241	MGI Digital Graphic Technology* (France)		2,503,227

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Thrifts & Mortgage Finance 2.2%
	424,258	Aavas Financiers Ltd.* (India)	$	7,438,898
	108,532	Equitable Group, Inc. (Canada)		5,707,204
				13,146,102
		Total Common Stocks (cost $345,220,496)		563,224,471
Principal Amount			Value
		SHORT-TERM INVESTMENTS 4.5%
		Repurchase Agreement 4.5%
	$26,728,309	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $25,935,600 of United States Treasury Notes 1.250%-1.375% due 8/31/24-8/31/26; value: $27,262,936; repurchase proceeds: $26,728,309 (cost $26,728,309)	$	26,728,309
		Total Short-Term Investments (cost $26,728,309)		26,728,309
		Total Investments (cost $371,948,805) 99.1%§		589,952,780
		Other Assets less Liabilities 0.9%		5,356,311
		NET ASSETS 100.0%	$	595,309,091
		*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 78.39%. §§The aggregate value of illiquid holdings at June 30, 2020 amounts to approximately $7,807 and represents 0.00% of net assets. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2020, Wasatch International Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		5.2
Canada		1.0
China		3.9
Denmark		0.6
Egypt		1.5
France		2.9
Germany		5.9
Greece		1.0
Hong Kong		1.4
India		9.2
Indonesia		2.1
Israel		0.7
Italy		1.5
Japan		24.7
Malaysia		0.6
Mexico		2.1
Norway		2.2
Philippines		1.8
Russia		1.0
Singapore		1.0
South Korea		4.2
Sweden		5.4
Taiwan		6.0
Thailand		1.8
United Kingdom		12.3
Total		100.0	%

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 95.3%
		Aerospace & Defense 1.6%
	3,703	CAE, Inc. (Canada)	$	60,062
		Apparel, Accessories & Luxury Goods 3.0%
	135	Hermes International (France)		113,347
		Application Software 13.7%
	826	Dassault Systemes SE (France)		143,388
	1,670	TeamViewer AG* (Germany)		90,996
	877	Temenos AG (Switzerland)		136,307
	2,453	Xero Ltd.* (New Zealand)		154,085
				524,776
		Asset Management & Custody Banks 2.8%
	118	Partners Group Holding AG (Switzerland)		107,462
		Building Products 3.6%
	6,787	Assa Abloy AB, Class B (Sweden)		138,913
		Data Processing & Outsourced Services 8.6%
	79	Adyen N.V.* (Netherlands)		114,984
	1,797	Amadeus IT Group S.A. (Spain)		94,346
	1,382	Worldline S.A.* (France)		120,496
				329,826
		Drug Retail 4.0%
	1,100	Tsuruha Holdings, Inc. (Japan)		151,924
		Electronic Equipment & Instruments 3.7%
	5,021	Halma plc (United Kingdom)		143,049
		Health Care Equipment 8.7%
	939	Cochlear Ltd. (Australia)		123,280
	9,064	Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)		208,806
				332,086
		Health Care Supplies 6.4%
	3,600	Asahi Intecc Co. Ltd. (Japan)		102,745
	919	Coloplast A/S, Class B (Denmark)		143,243
				245,988
		Health Care Technology 3.3%
	3,000	M3, Inc. (Japan)		127,443
		Industrial Machinery 5.2%
	4,000	MISUMI Group, Inc. (Japan)		100,433
	175	Rational AG (Germany)		98,068
				198,501
		Interactive Media & Services 4.8%
	4,300	Kakaku.com, Inc. (Japan)		109,539
	1,014	REA Group Ltd. (Australia)		76,409
				185,948
		Internet & Direct Marketing Retail 3.4%
	24,246	Trainline plc* (United Kingdom)		130,672
		IT Consulting & Other Services 2.3%
	500	Obic Co. Ltd. (Japan)		88,119
		Leisure Products 2.0%
	400	Shimano, Inc. (Japan)		76,915

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 6.6%
	682	ICON plc* (Ireland)	$	114,890
	547	Sartorius Stedim Biotech (France)		138,685
				253,575
		Packaged Foods & Meats 3.2%
	32,000	Vitasoy International Holdings Ltd. (Hong Kong)		122,999
		Research & Consulting Services 2.7%
	1,511	Intertek Group plc (United Kingdom)		101,767
		Soft Drinks 2.2%
	3,318	Fevertree Drinks plc (United Kingdom)		84,110
		Specialty Chemicals 3.5%
	1,307	Chr. Hansen Holding A/S (Denmark)		134,811
		Total Common Stocks (cost $3,204,982)		3,652,293
Principal Amount			Value
		SHORT-TERM INVESTMENTS 4.0%
		Repurchase Agreement 4.0%
	$153,384	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $149,600 of United States Treasury Notes 1.250% due 8/31/24; value: $156,525; repurchase proceeds: $153,384 (cost $153,384)	$	153,384
		Total Short-Term Investments (cost $153,384)		153,384
		Total Investments (cost $3,358,366) 99.3%§		3,805,677
		Other Assets less Liabilities 0.7%		27,872
		NET ASSETS 100.0%	$	3,833,549
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 87.71%. See Notes to Schedules of Investments.

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2020, Wasatch International Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		5.5
Canada		1.6
Denmark		7.6
France		14.1
Germany		5.2
Hong Kong		3.4
Ireland		3.1
Japan		20.7
Netherlands		3.2
New Zealand		9.9
Spain		2.6
Sweden		3.8
Switzerland		6.7
United Kingdom		12.6
Total		100.0	%

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.2%
		Alternative Carriers 2.0%
	108,830	Bandwidth, Inc., Class A*	$	13,821,410
		Apparel Retail 1.4%
	436,132	Boot Barn Holdings, Inc.*		9,403,006
		Apparel, Accessories & Luxury Goods 1.2%
	604,062	Superior Group of Cos., Inc.		8,094,431
		Application Software 9.4%
	128,261	Five9, Inc.*		14,194,645
	559,411	Medallia, Inc.*		14,119,534
	371,112	Model N, Inc.*		12,899,853
	1,170,711	Pexip Holding ASA* (Norway)		10,216,849
	396,207	Upland Software, Inc.*		13,772,155
				65,203,036
		Biotechnology 11.3%
	278,245	Castle Biosciences, Inc.*		10,487,054
	126,129	ChemoCentryx, Inc.*		7,257,463
	296,281	Cytokinetics, Inc.*		6,983,343
	108,442	Esperion Therapeutics, Inc.*		5,564,159
	371,336	Flexion Therapeutics, Inc.*		4,883,068
	220,486	Frequency Therapeutics, Inc.*		5,126,300
	331,286	Inovio Pharmaceuticals, Inc.*		8,928,158
	294,111	MacroGenics, Inc.*		8,211,579
	904,735	MEI Pharma, Inc.*		3,736,556
	789,938	Sangamo Therapeutics, Inc.*		7,077,844
	1,024,930	Selecta Biosciences, Inc.*		2,910,801
	146,962	Twist Bioscience Corp.*		6,657,379
				77,823,704
		Building Products 1.4%
	163,034	Patrick Industries, Inc.		9,985,833
		Casinos & Gaming 1.1%
	224,286	DraftKings, Inc., Class A*		7,459,752
		Construction & Engineering 2.0%
	776,319	Construction Partners, Inc., Class A*		13,787,425
		Data Processing & Outsourced Services 3.7%
	844,562	Paysign, Inc.*		8,200,697
	338,208	Repay Holdings Corp.*		8,330,063
	1,285,437	USA Technologies, Inc.*		9,010,913
				25,541,673
		Electronic Equipment & Instruments 2.8%
	304,765	Napco Security Technologies, Inc.*		7,128,453
	563,921	nLight, Inc.*		12,552,882
				19,681,335
		Electronic Manufacturing Services 1.2%
	128,429	Fabrinet*		8,016,538
		Environmental & Facilities Services 0.8%
	304,596	Heritage-Crystal Clean, Inc.*		5,318,246
		Financial Exchanges & Data 2.0%
	926,654	Open Lending Corp., Class A*		13,992,475
		Food Distributors 0.7%
	380,186	Chefs’ Warehouse, Inc. (The)*		5,162,926

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Equipment 6.0%
	177,568	AtriCure, Inc.*	$	7,981,682
	182,784	Cantel Medical Corp.		8,084,536
	362,037	CryoLife, Inc.*		6,940,249
	1,274,183	GenMark Diagnostics, Inc.*		18,743,232
				41,749,699
		Health Care Facilities 2.1%
	326,652	Pennant Group, Inc. (The)*		7,382,335
	84,680	U.S. Physical Therapy, Inc.		6,860,774
				14,243,109
		Health Care Services 3.0%
	108,869	Addus HomeCare Corp.*		10,076,915
	114,244	Exagen, Inc.*		1,417,768
	10,330,143	IM Cannabis Corp.* ‡‡ §§ (Canada)		9,359,219
				20,853,902
		Health Care Supplies 3.8%
	282,284	OrthoPediatrics Corp.*		12,352,748
	325,451	Silk Road Medical, Inc.*		13,633,142
				25,985,890
		Health Care Technology 4.2%
	79,781	Inspire Medical Systems, Inc.*		6,942,543
	150,114	Simulations Plus, Inc.		8,979,819
	237,064	Tabula Rasa HealthCare, Inc.*		12,974,513
				28,896,875
		Home Furnishings 2.0%
	765,647	Purple Innovation, Inc.*		13,781,646
		Homebuilding 2.5%
	99,811	LGI Homes, Inc.*		8,786,362
	356,081	Skyline Champion Corp.*		8,667,012
				17,453,374
		Industrial Machinery 7.3%
	250,785	Altra Industrial Motion Corp.		7,990,010
	267,227	Helios Technologies, Inc.		9,954,206
	121,199	Kadant, Inc.		12,078,692
	378,636	Kornit Digital Ltd.* (Israel)		20,211,590
				50,234,498
		Internet Services & Infrastructure 2.0%
	1,840,107	Limelight Networks, Inc.*		13,543,188
		Leisure Products 1.5%
	539,386	MasterCraft Boat Holdings, Inc.*		10,275,303
		Office Services & Supplies 0.3%
	183,224	Kimball International, Inc., Class B		2,118,069
		Oil & Gas Equipment & Services 0.9%
	219,538	DMC Global, Inc.		6,059,249
		Packaged Foods & Meats 2.2%
	178,744	Freshpet, Inc.*		14,953,723
		Paper Packaging 1.4%
	216,145	UFP Technologies, Inc.*		9,523,349
		Pharmaceuticals 4.6%
	742,936	BioDelivery Sciences International, Inc.*		3,239,201

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	1,757,196	Cresco Labs, Inc.* (Canada)	$	7,235,361
	950,896	Green Thumb Industries, Inc.*		9,506,583
	349,579	Intra-Cellular Therapies, Inc.*		8,973,693
	399,158	Optinose, Inc.*		2,969,735
				31,924,573
		Regional Banks 2.0%
	301,217	CBTX, Inc.		6,325,557
	318,978	People’s Utah Bancorp		7,167,436
				13,492,993
		Research & Consulting Services 1.9%
	208,064	ICF International, Inc.		13,488,789
		Restaurants 1.0%
	448,769	Chuy’s Holdings, Inc.*		6,677,683
		Semiconductor Equipment 1.9%
	272,006	Nova Measuring Instruments Ltd.* (Israel)		13,107,969
		Semiconductors 1.0%
	789,042	NeoPhotonics Corp.*		7,006,693
		Specialized Consumer Services 0.8%
	165,840	Collectors Universe, Inc.		5,684,995
		Systems Software 2.9%
	92,752	CyberArk Software Ltd.* (Israel)		9,207,491
	212,052	Rapid7, Inc.*		10,818,893
				20,026,384
		Trading Companies & Distributors 1.9%
	497,485	Transcat, Inc.* ‡‡		12,864,962
		Total Common Stocks (cost $487,890,727)		677,238,705
		WARRANTS 0.2%
		Biotechnology 0.1%
	512,465	Selecta Biosciences, Inc., 12/23/2024* *** †		819,944
		Health Care Services 0.1%
	1,897,571	IM Cannabis Corp., 10/10/2021* (Canada)		419,322
		Total Warrants (cost $64,059)		1,239,266
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.2%
		Repurchase Agreement 1.2%
	$8,549,551	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $8,334,800 of United States Treasury Notes 1.250% due 8/31/24; value: $8,720,635; repurchase proceeds: $8,549,551 (cost $8,549,551)	$	8,549,551
		Total Short-Term Investments (cost $8,549,551)		8,549,551

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

	Value
Total Investments (cost $496,504,337) 99.6%	$	687,027,522
Other Assets less Liabilities 0.4%		2,875,463
NET ASSETS 100.0%	$	689,902,985
*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 value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2020, amounted to approximately $819,944, and represented 0.12% of net assets. ‡‡Affiliated company (see Note 6). §§The aggregate value of illiquid holdings at June 30, 2020, amounts to approximately $9,359,219, and represented 1.36% of net assets. See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Micro Cap Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Canada		2.5
Israel		6.3
Norway		1.5
United States		89.7
Total		100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.7%
		Advertising 1.3%
	310,000	YouGov plc (United Kingdom)	$	2,957,733
		Air Freight & Logistics 1.0%
	568,000	Radiant Logistics, Inc.*		2,232,240
		Airlines 0.8%
	17,000	Allegiant Travel Co.		1,856,570
		Alternative Carriers 3.1%
	32,000	Bandwidth, Inc., Class A*		4,064,000
	193,000	Gamma Communications plc (United Kingdom)		3,088,188
				7,152,188
		Application Software 9.4%
	106,245	Agilysys, Inc.*		1,906,035
	346,000	eGain Corp.*		3,844,060
	24,000	Esker S.A. (France)		3,170,504
	96,000	Miroku Jyoho Service Co. Ltd. (Japan)		2,021,103
	97,000	Model N, Inc.*		3,371,720
	70,000	QAD, Inc., Class A		2,889,600
	266,244	SharpSpring, Inc.*		2,337,623
	183,000	Systena Corp. (Japan)		2,430,669
				21,971,314
		Asset Management & Custody Banks 1.9%
	648,340	Fiducian Group Ltd. (Australia)		2,256,995
	34,000	Hamilton Lane, Inc., Class A		2,290,580
				4,547,575
		Biotechnology 3.3%
	88,000	Cytokinetics, Inc.*		2,074,160
	20,000	Esperion Therapeutics, Inc.*		1,026,200
	61,000	Inovio Pharmaceuticals, Inc.*		1,643,950
	300,000	MEI Pharma, Inc.*		1,239,000
	199,000	Sangamo Therapeutics, Inc.*		1,783,040
				7,766,350
		Building Products 1.0%
	37,000	Patrick Industries, Inc.		2,266,250
		Communications Equipment 1.2%
	243,000	Digi International, Inc.*		2,830,950
		Construction & Engineering 1.5%
	138,357	Construction Partners, Inc., Class A*		2,457,220
	19,000	NV5 Global, Inc.*		965,770
				3,422,990
		Data Processing & Outsourced Services 4.7%
	79,000	I3 Verticals, Inc., Class A*		2,389,750
	390,736	Paysign, Inc.*		3,794,047
	98,899	Repay Holdings Corp.*		2,435,882
	333,000	USA Technologies, Inc.*		2,334,330
				10,954,009
		Diversified Support Services 1.2%
	1,943,000	Johnson Service Group plc (United Kingdom)		2,780,838
		Education Services 1.2%
	105,499	Dadi Early-Childhood Education Group Ltd. (Taiwan)		662,809

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	82,000	K12, Inc.*	$	2,233,680
				2,896,489
		Electronic Equipment & Instruments 1.6%
	157,000	Napco Security Technologies, Inc.*		3,672,230
		Electronic Manufacturing Services 1.7%
	64,000	Fabrinet*		3,994,880
		Financial Exchanges & Data 1.6%
	249,000	Open Lending Corp., Class A*		3,759,900
		Health Care Distributors 3.0%
	4,161,922	Ibnsina Pharma S.A.E. (Egypt)		2,353,896
	136,000	PetIQ, Inc.*		4,738,240
				7,092,136
		Health Care Equipment 4.8%
	45,000	AtriCure, Inc.*		2,022,750
	55,000	Cantel Medical Corp.		2,432,650
	107,000	Inmode Ltd.* (Israel)		3,030,240
	463,000	IRIDEX Corp.*		981,560
	67,000	Tactile Systems Technology, Inc.*		2,775,810
				11,243,010
		Health Care Facilities 2.4%
	53,000	Ensign Group, Inc. (The)		2,218,050
	218,000	Joint Corp. (The)*		3,328,860
				5,546,910
		Health Care Services 2.0%
	34,000	Addus HomeCare Corp.*		3,147,040
	152,000	Viemed Healthcare, Inc.* (Canada)		1,456,629
				4,603,669
		Health Care Supplies 2.0%
	61,000	OrthoPediatrics Corp.*		2,669,360
	670,000	RTI Surgical Holdings, Inc.*		2,130,600
				4,799,960
		Health Care Technology 3.7%
	72,000	Nexus AG (Germany)		3,165,055
	24,000	Omnicell, Inc.*		1,694,880
	283,000	OptimizeRx Corp.*		3,687,490
				8,547,425
		Heavy Electrical Equipment 1.4%
	139,000	TPI Composites, Inc.*		3,248,430
		Home Furnishings 1.8%
	158,000	Lovesac Co. (The)*		4,144,340
		Homebuilding 3.3%
	26,000	LGI Homes, Inc.*		2,288,780
	228,000	Skyline Champion Corp.*		5,549,520
				7,838,300
		Human Resource & Employment Services 0.4%
	74,321	BG Staffing, Inc.		841,314
		Industrial Machinery 4.8%
	21,000	John Bean Technologies Corp.		1,806,420
	22,000	Kadant, Inc.		2,192,520
	79,000	Kornit Digital Ltd.* (Israel)		4,217,020

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	173,000	va-Q-tec AG* (Germany)	$	3,101,190
				11,317,150
		Insurance Brokers 1.0%
	32,000	Goosehead Insurance, Inc., Class A*		2,405,120
		Integrated Telecommunication Services 1.7%
	244,098	Ooma, Inc.*		4,022,735
		Internet & Direct Marketing Retail 1.5%
	300,171	Leaf Group Ltd.*		1,101,628
	450,000	Trainline plc* (United Kingdom)		2,425,238
				3,526,866
		Internet Services & Infrastructure 1.1%
	46,000	Tucows, Inc., Class A*		2,636,720
		Investment Banking & Brokerage 1.6%
	462,000	JDC Group AG* (Germany)		3,689,948
		IT Consulting & Other Services 4.0%
	236,000	Avant Corp. (Japan)		2,280,215
	53,000	Endava plc, ADR* (United Kingdom)		2,559,900
	164,000	Hackett Group, Inc. (The)		2,220,560
	74,000	Virtusa Corp.*		2,402,780
				9,463,455
		Leisure Facilities 1.0%
	1,245,000	Gym Group plc (The) (United Kingdom)		2,350,020
		Mortgage REITs 1.1%
	273,000	Arbor Realty Trust, Inc.		2,522,520
		Office Services & Supplies 0.7%
	133,000	Kimball International, Inc., Class B		1,537,480
		Oil & Gas Equipment & Services 0.8%
	47,000	DMC Global, Inc.		1,297,200
	347,834	Mitcham Industries, Inc.*		556,534
				1,853,734
		Packaged Foods & Meats 1.6%
	45,000	Freshpet, Inc.*		3,764,700
		Pharmaceuticals 2.2%
	308,640	Green Thumb Industries, Inc.*		3,085,628
	85,000	Intra-Cellular Therapies, Inc.*		2,181,950
				5,267,578
		Regional Banks 1.8%
	169,000	Esquire Financial Holdings, Inc.*		2,856,100
	53,451	Sound Financial Bancorp, Inc.		1,269,996
				4,126,096
		Research & Consulting Services 2.7%
	37,000	IR Japan Holdings Ltd. (Japan)		3,899,199
	132,809	Red Violet, Inc.*		2,342,751
				6,241,950
		Restaurants 0.5%
	83,000	Kura Sushi USA, Inc., Class A*		1,185,240
		Semiconductor Equipment 1.5%
	71,000	Nova Measuring Instruments Ltd.* (Israel)		3,421,490

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductors 1.7%
	84,000	SiTime Corp.*	$	3,982,440
		Technology Hardware, Storage & Peripherals 0.8%
	42,000	MGI Digital Graphic Technology* (France)		1,836,717
		Thrifts & Mortgage Finance 2.2%
	84,000	Axos Financial, Inc.*		1,854,720
	427,596	Mortgage Advice Bureau Holdings Ltd. (United Kingdom)		3,194,902
				5,049,622
		Trading Companies & Distributors 2.1%
	171,000	Hardwoods Distribution, Inc. (Canada)		2,068,223
	144,000	Systemax, Inc.		2,957,760
				5,025,983
		Total Common Stocks (cost $163,901,653)		228,195,564
		CONVERTIBLE PREFERRED STOCKS 0.8%
		Oil & Gas Refining & Marketing 0.8%
	664,141	Vertex Energy, Inc., Pfd., 10.00% PIK, Series B*** †		1,939,291
		Total Convertible Preferred Stocks (cost $1,963,837)		1,939,291
		LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 0.0%
		Pharmaceuticals 0.0%
	50,528	Regenacy Pharmaceuticals, LLC* *** †		17,685
		Total Limited Liability Company Membership Interest (cost $30,001)		17,685
		WARRANTS 0.0%
		Oil & Gas Refining & Marketing 0.0%
	250,000	Vertex Energy, Inc., expiring 12/24/2020* *** †		—
		Total Warrants (cost $95,000)		—
Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.3%
		Repurchase Agreement 2.3%
	$5,382,661	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $5,247,500 of United States Treasury Notes 1.250% due 8/31/24; value: $5,490,417; repurchase proceeds: $5,382,661 (cost $5,382,661)	$	5,382,661
		Total Short-Term Investments (cost $5,382,661)		5,382,661

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

	Value
Total Investments (cost $171,373,152) 100.8%§	$	235,535,201
Liabilities less Other Assets (0.8%)		(1,811,885	)
NET ASSETS 100.0%	$	233,723,316
*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 value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2020, amounted to approximately $1,956,977, and represented 0.84% of net assets. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 17.76%. ADR American Depositary Receipt. PIK Payment In Kind. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Micro Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		1.0
Canada		1.5
Egypt		1.0
France		2.2
Germany		4.3
Israel		4.7
Japan		4.6
Taiwan		0.3
United Kingdom		8.4
United States		72.0
Total		100.0	%

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.5%
		Aerospace & Defense 1.4%
	379,488	HEICO Corp., Class A	$	30,829,605
		Airlines 1.4%
	287,817	Allegiant Travel Co.		31,432,495
		Apparel Retail 0.9%
	914,631	Boot Barn Holdings, Inc.*		19,719,444
		Application Software 17.8%
	281,258	DocuSign, Inc.*		48,435,440
	635,946	Five9, Inc.*		70,380,144
	434,708	Globant S.A.* (Argentina)		65,140,994
	261,180	HubSpot, Inc.*		58,595,733
	1,906,740	Medallia, Inc.*		48,126,117
	480,709	Paylocity Holding Corp.*		70,130,636
	385,809	Zendesk, Inc.*		34,155,671
				394,964,735
		Automotive Retail 2.2%
	875,347	Monro, Inc.		48,091,564
		Biotechnology 6.5%
	314,108	ChemoCentryx, Inc.*		18,073,774
	916,512	Cytokinetics, Inc.*		21,602,188
	588,321	Denali Therapeutics, Inc.*		14,225,602
	255,647	Esperion Therapeutics, Inc.*		13,117,248
	1,266,141	Flexion Therapeutics, Inc.*		16,649,754
	632,394	Frequency Therapeutics, Inc.*		14,703,161
	548,238	Inovio Pharmaceuticals, Inc.*		14,775,014
	700,324	MacroGenics, Inc.*		19,553,046
	1,424,171	Sangamo Therapeutics, Inc.*		12,760,572
				145,460,359
		Building Products 1.3%
	523,884	AAON, Inc.		28,441,662
		Data Processing & Outsourced Services 3.4%
	488,272	Euronet Worldwide, Inc.*		46,786,223
	1,147,510	Repay Holdings Corp.*		28,263,171
				75,049,394
		Electronic Equipment & Instruments 1.0%
	958,216	nLight, Inc.*		21,329,888
		General Merchandise Stores 2.4%
	556,405	Ollie’s Bargain Outlet Holdings, Inc.*		54,332,948
		Health Care Distributors 1.2%
	772,863	PetIQ, Inc.*		26,926,547
		Health Care Equipment 1.9%
	358,342	Cantel Medical Corp.		15,849,467
	141,219	Insulet Corp.*		27,433,203
				43,282,670
		Health Care Facilities 2.8%
	1,100,219	Ensign Group, Inc. (The)		46,044,165
	671,469	Pennant Group, Inc. (The)*		15,175,200
				61,219,365
		Health Care Supplies 3.1%
	497,305	Neogen Corp.*		38,590,868

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	701,232	Silk Road Medical, Inc.*	$	29,374,609
				67,965,477
		Health Care Technology 1.6%
	397,711	Inspire Medical Systems, Inc.*		34,608,811
		Home Improvement Retail 2.7%
	1,028,580	Floor & Decor Holdings, Inc., Class A*		59,297,637
		Homebuilding 2.6%
	648,800	LGI Homes, Inc.*		57,113,864
		Industrial Machinery 8.8%
	1,085,112	Barnes Group, Inc.		42,927,031
	977,701	Helios Technologies, Inc.		36,419,362
	1,168,658	Kornit Digital Ltd.* (Israel)		62,382,964
	401,305	RBC Bearings, Inc.*		53,790,922
				195,520,279
		Insurance Brokers 1.3%
	379,396	Goosehead Insurance, Inc., Class A*		28,515,403
		Leisure Facilities 0.9%
	315,472	Planet Fitness, Inc., Class A*		19,108,139
		Leisure Products 1.3%
	654,967	YETI Holdings, Inc.*		27,986,740
		Life Sciences Tools & Services 5.6%
	340,050	ICON plc* (Ireland)		57,284,823
	718,310	Medpace Holdings, Inc.*		66,817,196
				124,102,019
		Managed Health Care 2.3%
	865,832	HealthEquity, Inc.*		50,798,363
		Oil & Gas Equipment & Services 0.3%
	245,075	DMC Global, Inc.		6,764,070
		Packaged Foods & Meats 2.4%
	645,728	Freshpet, Inc.*		54,021,605
		Pharmaceuticals 0.8%
	740,202	Intra-Cellular Therapies, Inc.*		19,000,985
		Regional Banks 2.3%
	557,075	Eagle Bancorp, Inc.		18,244,206
	804,175	Pinnacle Financial Partners, Inc.		33,767,309
				52,011,515
		Restaurants 1.7%
	1,140,058	Chuy’s Holdings, Inc.* ‡‡		16,964,063
	413,175	Shake Shack, Inc., Class A*		21,890,012
				38,854,075
		Semiconductors 2.7%
	254,957	Monolithic Power Systems, Inc.		60,424,809
		Specialty Stores 3.8%
	425,609	Five Below, Inc.*		45,501,858
	1,294,178	National Vision Holdings, Inc.*		39,498,313
				85,000,171
		Systems Software 6.2%
	425,860	CyberArk Software Ltd.* (Israel)		42,275,122
	310,400	Proofpoint, Inc.*		34,491,648

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	858,338	Rapid7, Inc.*	$	43,792,405
	194,157	Varonis Systems, Inc.*		17,179,011
				137,738,186
		Trading Companies & Distributors 1.9%
	367,558	SiteOne Landscape Supply, Inc.*		41,890,585
		Total Common Stocks (cost $1,434,215,901)		2,141,803,409
		PREFERRED STOCKS 0.6%
		Semiconductor Equipment 0.0%
	677,966	Nanosys, Inc., Series D Pfd.* *** †		284,746
	161,519	Nanosys, Inc., Series E Pfd.* *** †		188,977
				473,723
		Systems Software 0.6%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		11,926,327
		Total Preferred Stocks (cost $10,184,941)		12,400,050
		LIMITED PARTNERSHIP INTEREST 0.0%
		Asset Management & Custody Banks 0.0%
	1	Greenspring Global Partners II-B, L.P.* *** †		149,562
	1	Greenspring Global Partners III-B, L.P.* *** †		68,675
				218,237
		Total Limited Partnership Interest (cost $1,083,091)		218,237
Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.8%
		Repurchase Agreement 2.8%
	$62,377,987	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $60,810,600 of United States Treasury Notes 1.250% due 8/31/24; value: $63,625,646; repurchase proceeds: $62,377,987 (cost $62,377,987)	$	62,377,987
		Total Short-Term Investments (cost $62,377,987)		62,377,987
		Total Investments (cost $1,507,861,920) 99.9%		2,216,799,683
		Other Assets less Liabilities 0.1%		2,495,542
		NET ASSETS 100.0%	$	2,219,295,225
		*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 value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30 , 2020, amounted to approximately $12,618,287, and represented 0.56% of net assets. ‡‡Affiliated company (see Note 6). See Notes to Schedules of Investments.

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2020, Wasatch Small Cap Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		3.0
Ireland		2.7
Israel		4.9
United States		89.4
Total		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.2%
		Advertising 1.1%
	2,894,199	National CineMedia, Inc.	$	8,595,771
		Aerospace & Defense 1.2%
	124,895	HEICO Corp., Class A		10,146,470
		Airlines 2.2%
	78,651	Allegiant Travel Co.		8,589,476
	182,188	Copa Holdings S.A., Class A (Panama)		9,211,425
				17,800,901
		Apparel Retail 1.1%
	792,642	American Eagle Outfitters, Inc.		8,639,798
		Application Software 3.7%
	438,212	Ebix, Inc.		9,798,420
	323,646	Medallia, Inc.*		8,168,825
	355,432	Upland Software, Inc.*		12,354,817
				30,322,062
		Asset Management & Custody Banks 4.4%
	595,355	Artisan Partners Asset Management, Inc., Class A		19,349,037
	238,446	Hamilton Lane, Inc., Class A		16,064,107
				35,413,144
		Auto Parts & Equipment 1.1%
	134,123	Dorman Products, Inc.*		8,995,630
		Automotive Retail 4.5%
	568,538	Camping World Holdings, Inc., Class A		15,441,492
	382,685	Monro, Inc.		21,024,714
				36,466,206
		Biotechnology 1.5%
	106,583	Ligand Pharmaceuticals, Inc.*		11,921,309
		Building Products 1.6%
	97,741	Trex Co., Inc.*		12,713,172
		Commercial Printing 1.4%
	151,826	Cimpress plc*		11,590,397
		Commodity Chemicals 3.4%
	1,423,955	Valvoline, Inc.		27,525,050
		Construction & Engineering 2.1%
	985,089	Construction Partners, Inc., Class A*		17,495,181
		Data Processing & Outsourced Services 4.0%
	218,873	Euronet Worldwide, Inc.*		20,972,411
	460,301	Repay Holdings Corp.*		11,337,213
				32,309,624
		Diversified Banks 0.6%
	3,241,795	City Union Bank Ltd. (India)		5,218,724
		Electrical Components & Equipment 1.0%
	89,087	Regal Beloit Corp.		7,779,077
		Electronic Manufacturing Services 4.2%
	473,370	Fabrinet*		29,547,756
	195,457	Sanmina Corp.*		4,894,243
				34,441,999

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Financial Exchanges & Data 1.7%
	915,552	Open Lending Corp., Class A*	$	13,824,835
		General Merchandise Stores 2.0%
	170,697	Ollie’s Bargain Outlet Holdings, Inc.*		16,668,562
		Health Care Facilities 2.7%
	523,368	Ensign Group, Inc. (The)		21,902,951
		Health Care REITs 0.9%
	194,809	LTC Properties, Inc.		7,338,455
		Health Care Services 1.6%
	73,085	LHC Group, Inc.*		12,740,177
		Heavy Electrical Equipment 0.9%
	219,804	AZZ, Inc.		7,543,673
		Home Furnishings 1.0%
	309,474	Lovesac Co. (The)*		8,117,503
		Homebuilding 3.2%
	173,668	LGI Homes, Inc.*		15,287,994
	449,512	Skyline Champion Corp.*		10,941,122
				26,229,116
		Human Resource & Employment Services 0.9%
	110,477	ManpowerGroup, Inc.		7,595,294
		Industrial Machinery 8.9%
	567,513	Altra Industrial Motion Corp.		18,080,964
	179,643	Barnes Group, Inc.		7,106,677
	318,376	Helios Technologies, Inc.		11,859,506
	350,328	Kadant, Inc.		34,913,689
				71,960,836
		Industrial REITs 2.2%
	1,231,206	Monmouth Real Estate Investment Corp.		17,840,175
		Investment Banking & Brokerage 2.1%
	556,004	Moelis & Co., Class A		17,325,085
		Leisure Facilities 1.2%
	155,285	Planet Fitness, Inc., Class A*		9,405,612
		Leisure Products 1.2%
	228,281	YETI Holdings, Inc.*		9,754,447
		Life Sciences Tools & Services 2.1%
	101,637	ICON plc* (Ireland)		17,121,769
		Mortgage REITs 1.7%
	1,465,700	Arbor Realty Trust, Inc.		13,543,068
		Office Services & Supplies 0.8%
	276,898	Herman Miller, Inc.		6,537,562
		Oil & Gas Equipment & Services 1.0%
	384,080	Cactus, Inc., Class A		7,923,570
		Oil & Gas Exploration & Production 0.7%
	979,314	Magnolia Oil & Gas Corp., Class A*		5,934,643
		Personal Products 1.1%
	232,250	Nu Skin Enterprises, Inc., Class A		8,878,917

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 0.8%
	243,854	Intra-Cellular Therapies, Inc.*	$	6,259,732
		Property & Casualty Insurance 0.8%
	207,818	Employers Holdings, Inc.		6,265,713
		Regional Banks 7.2%
	389,243	Bank OZK		9,135,533
	1,025,364	Boston Private Financial Holdings, Inc.		7,054,504
	454,165	FB Financial Corp.		11,249,667
	335,898	Pinnacle Financial Partners, Inc.		14,104,357
	599,273	Webster Financial Corp.		17,145,201
				58,689,262
		Restaurants 0.7%
	54,465	Cracker Barrel Old Country Store, Inc.		6,040,713
		Semiconductor Equipment 2.3%
	385,358	Nova Measuring Instruments Ltd.* (Israel)		18,570,402
		Semiconductors 1.5%
	641,877	Tower Semiconductor Ltd.* (Israel)		12,253,432
		Specialized REITs 2.1%
	594,439	National Storage Affiliates Trust		17,036,622
		Specialty Chemicals 2.9%
	210,923	Innospec, Inc.		16,293,802
	149,554	Minerals Technologies, Inc.		7,018,569
				23,312,371
		Technology Hardware, Storage & Peripherals 1.0%
	525,294	Xerox Holdings Corp.		8,031,745
		Thrifts & Mortgage Finance 1.5%
	543,707	Axos Financial, Inc.*		12,005,051
		Trucking 1.4%
	269,213	Knight-Swift Transportation Holdings, Inc.		11,228,874
		Total Common Stocks (cost $740,833,364)		805,254,682
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.8%
		Repurchase Agreement 0.8%
	$6,883,338	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $6,710,400 of United States Treasury Notes 1.250% due 8/31/24; value: $7,021,038; repurchase proceeds: $6,883,338 (cost $6,883,338)	$	6,883,338
		Total Short-Term Investments (cost $6,883,338)		6,883,338

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

	Value
Total Investments (cost $747,716,702) 100.0%§	$	812,138,020
Other Assets less Liabilities <0.1%		235,958
NET ASSETS 100.0%	$	812,373,978
*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 0.64%. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Small Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
India		0.7
Ireland		2.1
Israel		3.8
Panama		1.1
United States		92.3
Total		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 93.3%
		Alternative Carriers 1.7%
	214,738	Bandwidth, Inc., Class A*	$	27,271,726
		Application Software 14.7%
	187,890	Avalara, Inc.*		25,006,280
	146,896	DocuSign, Inc.*		25,296,960
	273,689	Five9, Inc.*		30,289,162
	129,192	Globant S.A.* (Argentina)		19,359,421
	121,724	HubSpot, Inc.*		27,308,780
	835,970	Medallia, Inc.*		21,099,883
	218,126	Paylocity Holding Corp.*		31,822,402
	2,349,045	Pexip Holding ASA* (Norway)		20,500,224
	325,340	Zendesk, Inc.*		28,802,350
				229,485,462
		Automotive Retail 1.8%
	632,798	Camping World Holdings, Inc., Class A		17,186,793
	183,722	Monro, Inc.		10,093,687
				27,280,480
		Biotechnology 16.3%
	554,288	Atara Biotherapeutics, Inc.*		8,075,976
	809,777	Castle Biosciences, Inc.*		30,520,495
	258,680	ChemoCentryx, Inc.*		14,884,447
	813,099	Cytokinetics, Inc.*		19,164,743
	236,486	Denali Therapeutics, Inc.*		5,718,231
	472,700	Esperion Therapeutics, Inc.*		24,254,237
	257,705	Exact Sciences Corp.*		22,404,873
	1,084,475	Flexion Therapeutics, Inc.*		14,260,846
	840,938	Frequency Therapeutics, Inc.*		19,551,809
	720,469	Inovio Pharmaceuticals, Inc.*		19,416,640
	165,426	Ligand Pharmaceuticals, Inc.*		18,502,898
	815,592	MacroGenics, Inc.*		22,771,329
	2,827,274	MEI Pharma, Inc.*		11,676,642
	2,091,649	Sangamo Therapeutics, Inc.*		18,741,175
	1,407,074	Selecta Biosciences, Inc.*		3,996,090
				253,940,431
		Building Products 1.7%
	197,751	Trex Co., Inc.*		25,721,473
		Construction & Engineering 0.6%
	176,827	NV5 Global, Inc.*		8,988,116
		Data Processing & Outsourced Services 1.3%
	203,144	Repay Holdings Corp.*		5,003,437
	144,848	Square, Inc., Class A*		15,200,349
				20,203,786
		Diversified Banks 0.3%
	2,489,169	City Union Bank Ltd. (India)		4,007,128
		Electronic Equipment & Instruments 1.7%
	1,181,533	nLight, Inc.*		26,300,925
		Electronic Manufacturing Services 0.8%
	75,925	IPG Photonics Corp.*		12,177,611
		Financial Exchanges & Data 1.5%
	258,188	Open Lending Corp., Class A*		3,898,639

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	322,862	Tradeweb Markets, Inc., Class A	$	18,771,196
				22,669,835
		Food Retail 2.8%
	1,063,544	Grocery Outlet Holding Corp.*		43,392,595
		General Merchandise Stores 1.6%
	260,399	Ollie’s Bargain Outlet Holdings, Inc.*		25,427,962
		Health Care Equipment 6.9%
	538,780	AtriCure, Inc.*		24,218,161
	1,313,238	CryoLife, Inc.*		25,174,772
	513,406	Glaukos Corp.*		19,725,059
	48,411	Insulet Corp.*		9,404,321
	294,399	Tandem Diabetes Care, Inc.*		29,121,949
				107,644,262
		Health Care Services 0.4%
	501,312	Exagen, Inc.*		6,221,282
		Health Care Supplies 2.7%
	995,187	Silk Road Medical, Inc.*		41,688,383
		Health Care Technology 5.1%
	362,377	Inspire Medical Systems, Inc.*		31,534,046
	409,315	Tabula Rasa HealthCare, Inc.*		22,401,810
	110,649	Veeva Systems, Inc., Class A*		25,938,339
				79,874,195
		Heavy Electrical Equipment 1.0%
	646,957	TPI Composites, Inc.*		15,119,385
		Home Furnishings 1.0%
	903,594	Purple Innovation, Inc.*		16,264,692
		Home Improvement Retail 2.0%
	548,117	Floor & Decor Holdings, Inc., Class A*		31,598,945
		Homebuilding 2.5%
	256,222	LGI Homes, Inc.*		22,555,223
	702,734	Skyline Champion Corp.*		17,104,545
				39,659,768
		Industrial Machinery 3.2%
	240,288	Barnes Group, Inc.		9,505,793
	79,125	John Bean Technologies Corp.		6,806,333
	632,338	Kornit Digital Ltd.* (Israel)		33,754,202
				50,066,328
		Industrial REITs 0.9%
	938,929	Monmouth Real Estate Investment Corp.		13,605,081
		Insurance Brokers 0.7%
	154,259	Goosehead Insurance, Inc., Class A*		11,594,106
		Internet & Direct Marketing Retail 2.1%
	2,378,802	Trainline plc* (United Kingdom)		12,820,359
	98,375	Wayfair, Inc., Class A*		19,439,884
				32,260,243
		IT Consulting & Other Services 1.3%
	415,639	Endava plc ADR* (United Kingdom)		20,075,364
		Life Sciences Tools & Services 1.2%
	108,334	ICON plc* (Ireland)		18,249,946

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Oil & Gas Equipment & Services 0.4%
	738,838	Solaris Oilfield Infrastructure, Inc., Class A	$	5,482,178
		Packaged Foods & Meats 2.1%
	400,500	Freshpet, Inc.*		33,505,830
		Pharmaceuticals 1.7%
	707,597	BioDelivery Sciences International, Inc.*		3,085,123
	786,020	Intra-Cellular Therapies, Inc.*		20,177,134
	526,410	Optinose, Inc.*		3,916,490
				27,178,747
		Regional Banks 2.2%
	678,448	Bank OZK		15,923,175
	110,478	Eagle Bancorp, Inc.		3,618,155
	376,698	Esquire Financial Holdings, Inc.*		6,366,196
	197,467	Pinnacle Financial Partners, Inc.		8,291,639
				34,199,165
		Restaurants 0.4%
	440,343	Chuy’s Holdings, Inc.*		6,552,304
		Semiconductor Equipment 1.0%
	337,399	Nova Measuring Instruments Ltd.* (Israel)		16,259,258
		Semiconductors 1.6%
	91,052	Monolithic Power Systems, Inc.		21,579,324
	42,910	NVE Corp.		2,653,125
				24,232,449
		Specialty Chemicals 1.0%
	157,944	Balchem Corp.		14,982,568
		Specialty Stores 2.4%
	344,101	Five Below, Inc.*		36,787,838
		Systems Software 1.8%
	257,381	Proofpoint, Inc.*		28,600,177
		Trucking 0.9%
	340,768	Knight-Swift Transportation Holdings, Inc.		14,213,433
		Total Common Stocks (cost $1,080,178,203)		1,452,783,457
		PREFERRED STOCKS 0.0%
		Semiconductor Equipment 0.0%
	169,492	Nanosys, Inc., Series D Pfd.* *** †		71,187
	40,380	Nanosys, Inc., Series E Pfd.* *** †		47,244
				118,431
		Total Preferred Stocks (cost $546,237)		118,431
		LIMITED PARTNERSHIP INTEREST 0.0%
		Asset Management & Custody Banks 0.0%
	1	Greenspring Global Partners II-B, L.P.* *** †		134,603
	1	Greenspring Global Partners III-B, L.P.* *** †		68,675
				203,278
		Total Limited Partnership Interest (cost $978,351)		203,278

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		WARRANTS 0.1%
		Biotechnology 0.1%
	636,960	Selecta Biosciences, Inc.,12/23/2024* *** †	$	1,019,136
		Total Warrants (cost $79,620)		1,019,136
Principal Amount			Value
		SHORT-TERM INVESTMENTS 7.7%
		Repurchase Agreement 7.7%
	$119,759,243	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $116,749,900 of United States Treasury Notes 1.250% due 8/31/24; value: $122,154,489; repurchase proceeds: $119,759,243 (cost $119,759,243)	$	119,759,243
		Total Short-Term Investments (cost $119,759,243)		119,759,243
		Total Investments (cost $1,201,541,654) 101.1%§		1,573,883,545
		Liabilities less Other Assets (1.1%)		(16,954,451	)
		NET ASSETS 100.0%	$	1,556,929,094
		*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 value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2020, amounted to approximately $1,340,845, and represented 0.08% of net assets. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.08%. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2020, Wasatch Ultra Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		1.3
India		0.3
Ireland		1.3
Israel		3.4
Norway		1.4
United Kingdom		2.3
United States		90.0
Total		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) JUNE 30, 2020 (UNAUDITED)

Schedule of Investments

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 97.7%
	$87,900,000	U.S. Treasury Bond, 2.25%, 8/15/46	$	104,254,207
	57,000,000	U.S. Treasury Bond, 2.25%, 8/15/49		68,549,180
	25,150,000	U.S. Treasury Bond, 2.50%, 2/15/45		31,022,918
	19,000,000	U.S. Treasury Bond, 2.875%, 5/15/49		25,704,922
	45,530,000	U.S. Treasury Bond, 3.00%, 8/15/48		62,614,421
	33,000,000	U.S. Treasury Strip, principal only, 8/15/40		25,829,793
	96,000,000	U.S. Treasury Strip, principal only, 5/15/44		67,816,576
	136,700,000	U.S. Treasury Strip, principal only, 8/15/45		94,295,821
		Total U.S. Government Obligations (cost $383,185,363)		480,087,838
		SHORT-TERM INVESTMENTS 1.6%
		Repurchase Agreement 1.6%
	7,869,109	Repurchase Agreement dated 6/30/20, 0.00% due 7/1/20 with Fixed Income Clearing Corp. collateralized by $7,671,400 of United States Treasury Notes 1.250%due 8/31/24; value $8,026,525; repurchase proceeds: $7,869,109 (cost $7,869,109)		7,869,109
		Total Short-Term Investments (cost $7,869,109)		7,869,109
		Total Investments (cost $391,054,472) 99.3%		487,956,947
		Other Assets less Liabilities 0.7%		3,512,767
		NET ASSETS 100.0%	$	491,469,714
		See Notes to Schedules of Investments.

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2020 (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 Value Fund, International Growth Fund, International Opportunities Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Ultra Growth Fund, and Wasatch-Hoisington U.S. Treasury Fund (“U.S. Treasury Fund”) (sub-advised) are each a diversified fund. The Global Select Fund and International Select Fund are each a non-diversified fund. Each Fund maintains its own investment objective(s).

On November 9, 2011, the Trust 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 Advisors, Inc., d/b/a Wasatch Global Investors, as investment advisor (the “Advisor” or “Wasatch”).

The Core Growth, Emerging India, Emerging Markets Select, Emerging Markets Small Cap, Frontier Emerging Small Countries, Global Opportunities, Global Select, Global Value, 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 June 30, 2020. 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.

For financial purposes the estimate on all REIT rates are based on prior year average rates made public by the REITs. To obtain these rates we utilize a service through Wall Street Concepts which gathers and disseminates the information. Prior to filing the tax returns the REIT rates are trued up for actual rates. The differences between the actual verses the trued-up rates are captured in the next fiscal year’s financial process.

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (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 June 30, 2020, 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	$	1,905,729,325		$	208,567,254		$	36,445,513		$	214,400,150		$	45,820,789
Gross appreciation	$	808,701,184		$	49,529,937		$	18,519,724		$	162,853,881		$	10,482,603
Gross (depreciation)		(132,743,000	)		(15,591,118	)		(2,517,897	)		(27,616,160	)		(6,598,037	)
Net appreciation	$	675,958,184		$	33,938,819		$	16,001,827		$	135,237,721		$	3,884,566

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FEDERAL INCOME TAX INFORMATION (continued)

	Global Opportunities Fund			Global Select Fund			Global Value Fund			International Growth Fund			International Opportunities Fund
Cost	$	83,322,345		$	9,721,566		$	114,241,691		$	657,172,754		$	372,367,253
Gross appreciation	$	51,405,283		$	1,519,563		$	8,228,600		$	296,405,609		$	233,619,525
Gross (depreciation)		(7,861,591	)		(261,746	)		(16,932,615	)		(19,320,686	)		(16,033,998	)
Net appreciation	$	43,543,692		$	1,257,817		$	(8,704,015	)	$	277,084,923		$	217,585,527
	International Select Fund			Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund			Small Cap Value Fund
Cost	$	3,409,083		$	506,179,782		$	173,899,464		$	1,511,613,977		$	753,468,072
Gross appreciation	$	516,615		$	197,595,951		$	68,821,853		$	791,690,305		$	125,221,664
Gross (depreciation)		(120,021	)		(16,748,211	)		(7,186,116	)		(86,504,599	)		(66,551,716	)
Net appreciation	$	396,594		$	180,847,740		$	61,635,737		$	705,185,706		$	58,669,948
	Ultra Growth Fund			U.S. Treasury Fund
Cost	$	1,207,792,680		$	391,525,113
Gross appreciation	$	407,024,080		$	96,431,834
Gross (depreciation)		(40,933,215	)		—
Net appreciation	$	366,090,865		$	96,431,834

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 June 30, 2020 with an “affiliated company” as so defined:

	Balance 9/30/2019		Purchases/ Additions		Sales/ Reductions			Balance 6/30/2020		Dividends Credited to Income for the period ended 6/30/2020		Gain (Loss) Realized on Sale of Shares for the period ended 6/30/2020		Change in Unrealized Appreciation for the period ended 6/30/2020
Micro Cap Fund
IM Cannabis Corp.	$	3,007,813	$	2,345,756	$	—		$	9,359,219	$	—	$	—	$	4,005,650
Transcat, Inc.		10,031,463		4,704,334		(1,818,449	)		12,864,962		—		25,007		(77,393	)
	$	13,039,276	$	7,050,090	$	(1,818,449	)	$	22,224,181	$	—	$	25,007	$	3,928,257
Small Cap Growth Fund
Chuy’s Holdings Inc.	$	15,835,134	$	9,289,276	$	—		$	16,964,063	$	—	$	—	$	(8,160,347	)

7. RESTRICTED SECURITIES

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the “Securities Act”) and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee of the Advisor (“Pricing Committee”), comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At June 30, 2020, the Funds held the following restricted securities:

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

RESTRICTED SECURITIES (continued)

	Security Type		Acquisition Date		Cost		Fair Value		Value as % of Net Assets
Micro Cap Fund
Selecta Biosciences, Inc., expiring 12/23/2024		Warrants		12/19/19	$	64,059	$	819,944		0.12	%
Micro Cap Value Fund
Regenacy Pharmaceuticals, LLC		LLC Membership Interest		12/21/16	$	30,001	$	17,685		0.01	%
Vertex Energy, Inc., Pfd., 10.00% PIK Series B		Convertible Preferred Stock		6/22/15 – 4/9/20		1,963,837		1,939,291		0.83	%
Vertex Energy, Inc., expiring 12/24/2020		Warrants		6/22/15		95,000		—		—	%
					$	2,088,838	$	1,956,976		0.84	%
Small Cap Growth Fund
DataStax, Inc., Series E Pfd.		Preferred Stock		8/12/14	$	8,000,002	$	11,926,327		0.54	%
Greenspring Global Partners II-B, L.P.		LP Interest		10/10/03 – 3/13/17		1,078,530		149,562		0.01	%
Greenspring Global Partners III-B, L.P.		LP Interest		3/16/06 –  6/29/17		4,561		68,675		0.00	%
Nanosys, Inc., Series D Pfd.		Preferred Stock		11/8/05		2,000,000		284,746		0.01	%
Nanosys, Inc., Series E Pfd.		Preferred Stock		8/13/10		184,939		188,977		0.01	%
					$	11,268,032	$	12,618,287		0.57	%
Ultra Growth Fund
Greenspring Global Partners II-B, L.P.		LP Interest		10/10/09 – 3/31/17	$	972,778	$	134,603		0.01	%
Greenspring Global Partners III-B, L.P.		LP Interest		3/16/06 – 6/29/17		5,573		68,675		0.00	%
Nanosys, Inc., Series D Pfd.		Preferred Stock		11/8/05		500,002		71,187		0.01	%
Nanosys, Inc., Series E Pfd.		Preferred Stock		8/13/10		46,235		47,244		0.00	%
Selecta Biosciences, Inc., expiring 12/23/2024		Warrants		12/19/19		79,620		1,019,136		0.07	%
					$	1,604,208	$	1,340,845		0.09	%

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.

• 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.

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Equity Securities (common and preferred stock) – Securities are valued as of the close of the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern Time) on the valuation date. Equity securities and listed warrants are valued using a commercial pricing service at the last quoted sales price taken from the primary market in which each security trades and, with respect to equity securities traded on the National Association of Securities Dealer Automated Quotation (“NASDAQ”) system, such securities are valued using the NASDAQ Official Closing Price (“NOCP”) or last sales price if no NOCP is available. If there are no sales on the primary exchange or market on a day, then the security shall be valued at the mean of the last bid and ask price on the primary exchange or market as provided by a pricing service. If the mean cannot be calculated or there is no trade activity on a day, then the security shall be valued at the previous trading day’s price as provided by a pricing service. In some instances, particularly on foreign exchanges, an official close or evaluated price may be used if the pricing service is unable to provide the last trade or most recent mean price. To the extent that these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Additionally, a fund’s investments are valued at fair value by the Pricing Committee if the Advisor determines that an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the fund’s share price is calculated. Significant events include, but are not limited to the following: significant fluctuations in domestic markets, foreign markets or foreign currencies; occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant governmental actions; and major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Pricing Committee determines the fair value of affected securities by considering factors including, but not limited to: index options and futures traded subsequent to the close; American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or other related receipts; currency spot or forward markets that trade after pricing of the foreign exchange; other derivative securities traded after the close such as Standard & Poor’s Depositary Receipts (“SPDRs”) and other exchange-traded funds (“ETFs”); and alternative market quotes on the affected securities. When applicable, the Funds use a systematic fair valuation model provided by an independent third party to assist in adjusting the valuation of foreign securities. When a Fund uses this fair value pricing method, the values assigned to the Fund’s foreign securities may not be the quoted or published prices of the investments on their primary markets or exchanges, and the securities are categorized in Level 2 of the fair value hierarchy. These valuation procedures apply equally to long or short equity positions in a fund.

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

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

Short-Term Notes – Investments maturing in 60 days or less at the time of purchase, are generally valued at amortized cost, unless it is determined that the amortized cost method would not represent fair value, in which case the securities are marked-to-market. To the extent the inputs are observable and timely, the values would be categorized in Level 2 of the fair value hierarchy.

Asset-Backed Securities – Investments are priced using the closing bid as supplied by a pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications, new issue data, monthly payment information and collateral performance. Although most asset-backed securities are categorized in Level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as Level 3.

U.S. Government Issuers – Investments are priced using the closing bid as supplied by a pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. Although most U.S. government bonds are categorized in Level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as Level 3.

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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 June 30, 2020 in valuing the Funds’ assets and liabilities:

If the securities of an Asset Class are all the same level, the asset class is shown in total. If the securities of an Asset Class cross levels, the level with the smallest number of categories and with multiple levels within a category is displayed by category. The remaining categories that do not cross levels are combined into the “Other” category.

The valuation techniques used by the Funds to measure fair value for the period ended June 30, 2020 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.

Fund	Category		Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/20
Core Growth Fund
Assets
Common Stocks
		Diversified Banks	$	—	$	15,131,135	$	—	$	15,131,135
		Other		2,538,924,327		—		—		2,538,924,327
Short-Term Investments				—		27,632,047				27,632,047
			$	2,538,924,327	$	42,763,182	$	—	$	2,581,687,509
Emerging India Fund
Assets
Common Stocks
		Apparel, Accessories & Luxury Goods	$	—	$	6,928,144	$	—	$	6,928,144
		Brewers		—		7,247,195		—		7,247,195
		Commodity Chemicals		—		12,125,598		—		12,125,598
		Consumer Finance		—		28,849,148		—		28,849,148

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category		Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/20
		Department Stores	$	—	$	9,473,357	$	—	$	9,473,357
		Diversified Banks		—		27,517,981		—		27,517,981
		Diversified Chemicals		—		9,122,026		—		9,122,026
		Food Retail		—		7,863,081		—		7,863,081
		Health Care Services		—		10,262,160		—		10,262,160
		Industrial Conglomerates		—		5,886,503		—		5,886,503
		Industrial Machinery		—		5,242,548		—		5,242,548
		Interactive Media & Services		—		11,108,740		—		11,108,740
		IT Consulting & Other Services		—		21,902,044		—		21,902,044
		Life & Health Insurance		—		5,945,521		—		5,945,521
		Life Sciences Tools & Services		—		13,736,586		—		13,736,586
		Packaged Foods & Meats		—		11,641,095		—		11,641,095
		Personal Products		—		2,915,445		—		2,915,445
		Property & Casualty Insurance		—		11,156,168		—		11,156,168
		Regional Banks		—		11,341,866		—		11,341,866
		Specialty Chemicals		—		5,199,496		—		5,199,496
		Thrifts & Mortgage Finance		—		13,068,711		—		13,068,711
		Other		3,972,660		—		—		3,972,660
			$	3,972,660	$	238,533,413	$	—	$	242,506,073
Emerging Markets Select Fund
Assets
Common Stocks
		Apparel, Accessories & Luxury Goods	$	—	$	754,837	$	—	$	754,837
		Consumer Finance		—		3,625,449		—		3,625,449
		Departmental Stores		—		734,335				734,335
		Diversified Banks		—		4,344,275		—		4,344,275
		Diversified Chemicals		—		809,422		—		809,422
		Electrical Components & Equipment		787,344		1,730,229		—		2,517,573
		Health Care Equipment		—		1,280,227		—		1,280,227
		Health Care Technology				795,707				795,707
		Industrial Machinery		—		1,375,342		—		1,375,342
		Interactive Media & Services		—		1,565,102		—		1,565,102
		IT Consulting & Other Services		—		1,389,245		—		1,389,245
		Life & Health Insurance		—		1,149,666		—		1,149,666
		Life Sciences Tools & Services		—		1,275,714		—		1,275,714
		Packaged Foods & Meats		—		2,814,235		—		2,814,235
		Personal Products		—		894,406		—		894,406
		Pharmaceuticals		—		936,266		—		936,266
		Property & Casualty Insurance		530,337		1,518,140		—		2,048,477
		Regional Banks		—		574,331		—		574,331
		Semiconductors		—		4,813,713		—		4,813,713
		Specialized Finance		—		682,779		—		682,779
		Specialty Chemicals		—		1,067,628		—		1,067,628
		Thrifts & Mortgage Finance		—		352,852		—		352,852
		Other		15,945,155		—		—		15,945,155
Preferred Stocks				700,604		—		—		700,604
			$	17,963,440	$	34,483,900	$	—	$	52,447,340
Emerging Markets Small Cap Fund
Assets
Common Stocks
		Commodity Chemicals	$	—	$	8,828,473	$	—	$	8,828,473
		Consumer Finance		3,445,328		17,543,585		—		20,988,913
		Data Processing & Outsourced Services		—		3,293,675		—		3,293,675
		Department Stores		—		4,267,414		—		4,267,414
		Distillers & Vintners		—		5,384,779		—		5,384,779
		Diversified Banks		—		11,029,848		—		11,029,848
		Diversified Chemicals		—		5,870,737		—		5,870,737
		Drug Retail		11,373,227		5,847,516		—		17,220,743
		Electrical Components & Equipment		—		18,199,274		—		18,199,274
		Electronic Equipment & Instruments		—		5,675,196		—		5,675,196
		Health Care Equipment		—		12,039,481		—		12,039,481
		Health Care Services		—		8,859,935		—		8,859,935
		Home Improvement Retail		—		4,412,365		—		4,412,365
		Industrial Conglomerates		—		5,525,526		—		5,525,526
		Insurance Brokers		—		7,659,421		—		7,659,421
		Interactive Media & Services		—		8,449,484		—		8,449,484
		Internet & Direct Marketing Retail		—		2,869,448		—		2,869,448
		IT Consulting & Other Services		—		16,365,966		—		16,365,966
		Packaged Foods & Meats		—		16,795,229		—		16,795,229

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category		Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/20
		Pharmaceuticals	$	—	$	—	$	16,795	$	16,795
		Property & Casualty Insurance		7,156,579		10,635,765		—		17,792,344
		Regional Banks		2,093,038		13,719,066		—		15,812,104
		Semiconductors		—		53,061,972		—		53,061,972
		Systems Software		—		6,197,258		—		6,197,258
		Thrifts & Mortgage Finance		—		3,424,844		—		3,424,844
		Other		62,916,796		—		—		62,916,796
Preferred Stocks				—		6,483,356		—		6,483,356
Short-Term Investments				—		196,495		—		196,495
			$	86,984,968	$	262,636,108	$	16,795	$	349,637,871
Frontier Emerging Small Countries Fund
Assets
Common Stocks
		Asset Management & Custody Banks	$	—	$	1,185,063	$	—	$	1,185,063
		Brewers		—		328,591		—		328,591
		Consumer Finance		1,236,379		3,598,728		—		4,835,107
		Data Processing & Outsourced Services		90,877		464,950		—		555,827
		Diversified Banks		211,600		5,837,193		—		6,048,793
		Drug Retail		2,325,052		500,814		—		2,825,866
		Food Retail		1,542,314		684,788		—		2,227,102
		Health Care Distributors		—		530,756		—		530,756
		Home Improvement Retail		—		340,513		—		340,513
		Insurance Brokers		—		2,503,986		—		2,503,986
		Internet & Direct Marketing Retail		—		644,578		—		644,578
		Life & Health Insurance		185,665		1,759,811		—		1,945,476
		Regional Banks		—		1,526,432		—		1,526,432
		Technology Distributors		—		1,690,768		—		1,690,768
		Wireless Telecommunication Services		14,272,861		—		—		14,272,861
		Other		1,367,656		—		—		1,367,656
Preferred Stocks				1,378,274		—		—		1,378,274
Short-Term Investments				—		346,809		—		346,809
			$	22,610,678	$	21,943,780	$	—	$	44,554,458
Global Opportunities Fund
Assets
Common Stocks
		Application Software	$	20,478,019	$	3,154,439	$	—	$	23,632,458
		Consumer Finance		1,086,234		3,082,672		—		4,168,906
		Data Processing & Outsourced Services		2,172,623		1,150,528		—		3,323,151
		Diversified Chemicals		—		1,291,068		—		1,291,068
		Diversified Real Estate Activities		—		1,001,784		—		1,001,784
		Drug Retail		—		3,124,536		—		3,124,536
		Electrical Components & Equipment		—		2,659,089		—		2,659,089
		Health Care Equipment		917,817		2,162,592		—		3,080,409
		Health Care Services		—		1,189,149		—		1,189,149
		Health Care Supplies		—		1,261,483		—		1,261,483
		Human Resource & Employment Services		—		1,653,452		—		1,653,452
		Industrial Conglomerates		—		1,017,663		—		1,017,663
		Industrial Machinery		7,071,937		1,511,524		—		8,583,461
		Internet & Direct Marketing Retail		4,647,712		1,170,118		—		5,817,830
		Life & Health Insurance		—		763,901		—		763,901
		Other Diversified Financial Services		—		900,789		—		900,789
		Packaged Foods & Meats		2,167,129		3,051,901		—		5,219,030
		Property & Casualty Insurance		—		2,323,890		—		2,323,890
		Regional Banks		1,130,137		2,638,042		—		3,768,179
		Research & Consulting Services		—		1,614,468		—		1,614,468
		Restaurants		—		1,120,717		—		1,120,717
		Semiconductors		3,505,704		8,392,152		—		11,897,856
		Soft Drinks		—		1,631,846		—		1,631,846
		Technology Distributors		—		895,311		—		895,311
		Thrifts & Mortgage Finance		—		1,009,585		—		1,009,585
		Trading Companies & Distributors		—		3,333,747		—		3,333,747
		Other		30,177,356		—		—		30,177,356
Short-Term Investments				—		404,923		—		404,923
			$	73,354,668	$	53,511,369	$	—	$	126,866,037
Global Select Fund
Assets
Common Stocks
		Application Software	$	—	$	709,320	$	—	$	709,320
		Building Products		—		380,163		—		380,163

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/20
	Consumer Finance	$	—	$	389,555	$	—	$	389,555
	Data Processing & Outsourced Services		—		376,440		—		376,440
	Drug Retail		—		331,471		—		331,471
	Health Care Equipment		338,622		417,105		—		755,727
	Health Care Supplies		—		714,756		—		714,756
	Industrial Machinery		—		298,790		—		298,790
	Packaged Foods & Meats		—		334,021		—		334,021
	Specialty Chemicals		—		295,099		—		295,099
	Other		6,230,069		—		—		6,230,069
Short-Term Investments			—		163,972		—		163,972
		$	6,568,691	$	4,410,692	$	—	$	10,979,383
Global Value Fund
Assets
Common Stocks
	Construction Materials	$	—	$	1,338,293	$	—	$	1,338,293
	Diversified Banks		8,246,500		4,081,161		—		12,327,661
	Diversified Metals & Mining		—		1,244,894		—		1,244,894
	Electronic Manufacturing Services		—		2,642,539		—		2,642,539
	Food Retail		—		6,198,455		—		6,198,455
	Industrial Conglomerates		—		1,304,773		—		1,304,773
	Integrated Oil & Gas		3,793,643		3,447,937		—		7,241,580
	Multi-Line Insurance		—		3,156,437		—		3,156,437
	Pharmaceuticals		4,781,420		3,223,478		—		8,004,898
	Reinsurance		—		3,254,935		—		3,254,935
	Steel		2,318,960		1,359,235		—		3,678,195
	Technology Hardware, Storage & Peripherals		—		3,984,087		—		3,984,087
	Tobacco		—		3,395,932		—		3,395,932
	Wireless Telecommunication Services		—		5,334,123		—		5,334,123
	Other		41,111,530		—		—		41,111,530
Short-Term Investments			—		1,319,344		—		1,319,344
		$	60,252,053	$	45,285,623	$	—	$	105,537,676
International Growth Fund
Assets
Common Stocks
	Application Software	$	42,041,330	$	53,898,143	$	—	$	95,939,473
	Asset Management & Custody Banks		—		18,187,368		—		18,187,368
	Brewers		—		13,536,319		—		13,536,319
	Commodity Chemicals		—		6,808,672		—		6,808,672
	Construction Machinery & Heavy Trucks		—		3,351,814		—		3,351,814
	Data Processing & Outsourced Services		—		12,551,216		—		12,551,216
	Department Stores		—		5,109,807		—		5,109,807
	Diversified Real Estate Activities		—		16,316,132		—		16,316,132
	Diversified Support Services		—		20,819,513		—		20,819,513
	Drug Retail		5,260,354		61,340,391		—		66,600,745
	Electrical Components & Equipment		—		16,215,423		—		16,215,423
	Electronic Equipment & Instruments		—		19,313,478		—		19,313,478
	Financial Exchanges & Data		—		2,144,160		—		2,144,160
	General Merchandise Stores		—		14,233,764		—		14,233,764
	Health Care Equipment		—		53,162,139		—		53,162,139
	Health Care Services		—		4,333,492		—		4,333,492
	Health Care Supplies		—		27,246,257		—		27,246,257
	Health Care Technology		—		4,218,465		—		4,218,465
	Home Improvement Retail		—		2,466,099		—		2,466,099
	Household Appliances		—		11,795,645		—		11,795,645
	Human Resource & Employment Services		5,294,154		26,848,208		—		32,142,362
	Industrial Conglomerates		—		2,188,537		—		2,188,537
	Industrial Machinery		—		20,048,570		—		20,048,570
	Insurance Brokers		—		5,708,872		—		5,708,872
	Interactive Media & Services		—		32,141,250		—		32,141,250
	Internet & Direct Marketing Retail		—		26,979,646		—		26,979,646
	Investment Banking & Brokerage		—		14,394,925		—		14,394,925
	IT Consulting & Other Services		8,249,882		29,196,107		—		37,445,989
	Life Sciences Tools & Services		—		13,625,626		—		13,625,626
	Movies & Entertainment		—		13,095,352		—		13,095,352
	Other Diversified Financial Services		—		12,447,791		—		12,447,791
	Packaged Foods & Meats		—		28,641,874		—		28,641,874
	Pharmaceuticals		—		4,493,092		—		4,493,092
	Property & Casualty Insurance		—		11,674,434		—		11,674,434

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category		Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/20
		Publishing	$	—	$	4,684,251	$	—	$	4,684,251
		Regional Banks		12,526,556		15,290,099		—		27,816,655
		Research & Consulting Services		—		16,466,998		—		16,466,998
		Restaurants		—		15,282,415		—		15,282,415
		Semiconductor Equipment		—		769,178		—		769,178
		Semiconductors		—		47,860,287		—		47,860,287
		Soft Drinks		—		18,691,274		—		18,691,274
		Specialty Chemicals		—		13,463,988		—		13,463,988
		Systems Software		—		4,689,147		—		4,689,147
		Technology Distributors		—		12,461,427		—		12,461,427
		Textiles		—		2,815,292		—		2,815,292
		Trading Companies & Distributors		—		52,908,408		—		52,908,408
		Other		29,891,131		—		—		29,891,131
Short-Term Investments				—		17,078,925		—		17,078,925
			$	103,263,407	$	830,994,270	$	—	$	934,257,677
International Opportunities Fund
Assets
Common Stocks
		Advertising	$	10,546,007	$	7,335,051	$	—	$	17,881,058
		Aerospace & Defense		—		12,166,640		—		12,166,640
		Alternative Carriers		—		8,951,129		—		8,951,129
		Application Software		24,399,480		72,716,978		—		97,116,458
		Brewers		—		7,072,644		—		7,072,644
		Commodity Chemicals		—		14,626,066		—		14,626,066
		Consumer Finance		—		7,259,336		—		7,259,336
		Department Stores		—		7,843,493		—		7,843,493
		Diversified Banks		—		5,176,251		—		5,176,251
		Diversified Support Services		—		27,478,745		—		27,478,745
		Drug Retail		—		8,531,777		—		8,531,777
		Electrical Components & Equipment		—		15,223,833		—		15,223,833
		Electronic Components		—		4,328,070		—		4,328,070
		Electronic Equipment & Instruments		—		3,483,438		—		3,483,438
		Food Retail		9,887,961		9,259,919		—		19,147,880
		Health Care Equipment		—		25,081,221		—		25,081,221
		Health Care Services		—		16,537,012		—		16,537,012
		Health Care Supplies		—		17,740,390		—		17,740,390
		Health Care Technology		4,165,460		17,455,902		—		21,621,362
		Home Improvement Retail		—		4,578,866		—		4,578,866
		Human Resource & Employment Services		5,622,352		8,234,234		—		13,856,586
		Insurance Brokers		—		10,353,458		—		10,353,458
		Interactive Media & Services		—		4,249,215		—		4,249,215
		Internet & Direct Marketing Retail		—		10,253,987		—		10,253,987
		Internet Services & Infrastructure		—		14,190,911		—		14,190,911
		Investment Banking & Brokerage		—		3,773,005		—		3,773,005
		IT Consulting & Other Services		—		19,316,242		—		19,316,242
		Life Sciences Tools & Services		—		6,246,562		—		6,246,562
		Other Diversified Financial Services		—		11,793,440		—		11,793,440
		Packaged Foods & Meats		—		12,285,146		—		12,285,146
		Publishing		—		8,995,519		—		8,995,519
		Regional Banks		—		7,392,077		—		7,392,077
		Research & Consulting Services		—		20,562,442		—		20,562,442
		Restaurants		—		—		7,807		7,807
		Semiconductor Equipment		—		4,788,276		—		4,788,276
		Semiconductors		—		22,063,669		—		22,063,669
		Specialized Finance		—		9,752,471		—		9,752,471
		Technology Hardware, Storage & Peripherals		—		2,503,227		—		2,503,227
		Thrifts & Mortgage Finance		5,707,204		7,438,898		—		13,146,102
		Other		25,848,660		—		—		25,848,660
Short-Term Investments				—		26,728,309		—		26,728,309
			$	86,177,124	$	503,767,849	$	7,807	$	589,952,780
International Select Fund
Assets
Common Stocks
		Apparel, Accessories & Luxury Goods	$	—	$	113,347	$	—	$	113,347
		Application Software		—		524,776		—		524,776
		Asset Management & Custody Banks		—		107,462		—		107,462
		Building Products		—		138,913		—		138,913
		Data Processing & Outsourced Services		114,984		214,842		—		329,826

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/20
	Drug Retail	$	—	$	151,924	$	—	$	151,924
	Electronic Equipment & Instruments		—		143,049		—		143,049
	Health Care Equipment		—		332,086		—		332,086
	Health Care Supplies		—		245,988		—		245,988
	Health Care Technology		—		127,443		—		127,443
	Industrial Machinery		—		198,501		—		198,501
	Interactive Media & Services		—		185,948		—		185,948
	Internet & Direct Marketing Retail		—		130,672		—		130,672
	IT Consulting & Other Services		—		88,119		—		88,119
	Leisure Products		—		76,915		—		76,915
	Life Sciences Tools & Services		114,890		138,685		—		253,575
	Packaged Foods & Meats		—		122,999		—		122,999
	Research & Consulting Services		—		101,767		—		101,767
	Soft Drinks		—		84,110		—		84,110
	Specialty Chemicals		—		134,811		—		134,811
	Other		60,062		—		—		60,062
Short-Term Investments			—		153,384		—		153,384
		$	289,936	$	3,515,741	$	—	$	3,805,677
Micro Cap Fund
Assets
Common Stocks		$	677,238,705	$	—	$	—	$	677,238,705
Warrants
	Biotechnology		—		—		819,944		819,944
	Other		419,322		—		—		419,322
Short-Term Investments			—		8,549,551		—		8,549,551
		$	677,658,027	$	8,549,551	$	819,944	$	687,027,522
Micro Cap Value Fund
Assets
Common Stocks
	Alternative Carriers	$	4,064,000	$	3,088,188	$	—	$	7,152,188
	Application Software		14,349,038		7,622,276		—		21,971,314
	Asset Management & Custody Banks		2,290,580		2,256,995		—		4,547,575
	Diversified Support Services		—		2,780,838		—		2,780,838
	Education Services		2,233,680		662,809		—		2,896,489
	Health Care Distributors		4,738,240		2,353,896		—		7,092,136
	Health Care Technology		5,382,370		3,165,055		—		8,547,425
	Industrial Machinery		8,215,960		3,101,190		—		11,317,150
	Internet & Direct Marketing Retail		1,101,628		2,425,238		—		3,526,866
	Investment Banking & Brokerage		—		3,689,948		—		3,689,948
	IT Consulting & Other Services		7,183,240		2,280,215		—		9,463,455
	Leisure Facilities		—		2,350,020		—		2,350,020
	Research & Consulting Services		2,342,751		3,899,199		—		6,241,950
	Technology Hardware, Storage & Peripherals		—		1,836,717		—		1,836,717
	Other		134,781,493		—		—		134,781,493
Convertible Preferred Stocks			—		—		1,939,291		1,939,291
Limited Liability Company Membership Interest			—		—		17,685		17,685
Warrants			—		—		—		—
Short-Term Investments			—		5,382,661		—		5,382,661
		$	186,682,980	$	46,895,245	$	1,956,976	$	235,535,201
Small Cap Growth Fund
Assets
Common Stocks		$	2,141,803,409	$	—	$	—	$	2,141,803,409
Preferred Stocks			—		—		12,400,050		12,400,050
Limited Partnership Interest1			—		—		218,237		218,237
Short-Term Investments			—		62,377,987		—		62,377,987
		$	2,141,803,409	$	62,377,987	$	12,618,287	$	2,216,799,683
Small Cap Value Fund
Assets
Common Stocks
	Diversified Banks	$	—	$	5,218,724	$	—	$	5,218,724
	Other		800,035,958		—		—		800,035,958
Short-Term Investments			—		6,883,338		—		6,883,338
		$	800,035,958	$	12,102,062	$	—	$	812,138,020
Ultra Growth Fund
Assets
Common Stocks
	Diversified Banks	$	—	$	4,007,128	$	—	$	4,007,128

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/20
	Internet & Direct Marketing Retail	$	19,439,884	$	12,820,359	$	—	$	$32,260,243
	Other		1,416,516,086		—		—		1,416,516,086
Limited Partnership Interest1			—		—		203,278		203,278
Preferred Stocks			—		—		118,431		118,431
Warrants			—		—		1,019,136		1,019,136
Short-Term Investments			—		119,759,243		—		119,759,243
		$	1,435,955,970	$	136,586,730	$	1,340,845	$	1,573,883,545
U.S. Treasury Fund
Assets
U.S. Government Obligations		$	—	$	480,087,838	$	—	$	480,087,838
Short-Term Investments			—		7,869,109		—		7,869,109
		$	—	$	487,956,947	$	—	$	487,956,947

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 six months ended June 30, 2020 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

There was a transfer of $3,007,812 in the Micro Cap Fund from Level 3 to Level 1 due to a change in pricing strategy on a private company that came public. This transfer amount represents the beginning of the period value for IM Cannabis Corp., which transferred to Level 1 during the period in order to properly represent the activity on the Level 3 Rollforward presented below.

There were transfers of $14,841,217 in the Micro Cap Fund and $16,980,008 in the Small Cap Growth Fund

and $3,820,500 in the Ultra Growth Fund from Level 3 to Level 1 due to a change in pricing strategy on a private company that came public. This transfer amount represents the beginning of the period value for Medallia, Inc. which

transferred to Level 1 during the period in order to properly represent the activity on the Level 3 Rollforward presented below.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended June 30, 2020:

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 6/30/2020		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 6/30/2020
Emerging Markets Small Cap Fund
Common Stocks	$	16,608	$	—	$	—	$	—	$	—	$	187	$	—	$	—		$	16,795	$	187
	$	16,608	$	—	$	—	$	—	$	—	$	187	$	—	$	—		$	16,795	$	187
International Opportunities Fund
Common Stocks	$	7,747	$	—	$	—	$	—	$	—	$	60	$	—	$	—		$	7,807	$	60
	$	7,747	$	—	$	—	$	—	$	—	$	60	$	—	$	—		$	7,807	$	60
Micro Cap Fund
Common Stocks	$	17,849,029	$	—	$	—	$	—	$	—	$	—	$	—	$	(17,849,029	)	$	—	$	—
Warrants		—		64,058		—		—		—		755,886		—		—			819,944		755,886
	$	17,849,029	$	64,058	$	—	$	—	$	—	$	755,886	$	—	$	(17,849,029	)	$	819,944	$	755,886

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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 6/30/2020		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 6/30/2020
Micro Cap Value Fund
Common Stocks	$	20,211	$	—	$	—		$	—	$	—		$	(2,526	)	$	—	$	—		$	17,685	$	(2,526	)
Preferred Stocks		1,956,197		89,938		—			—		—			(106,843	)		—		—			1,939,292		(106,843	)
Warrants		28,900		—		(79,198	)		—		(195,484	)		245,782			—		—			—		(2,500	)
Rights		391,628		—		—			—		—			(391,628	)		—		—			—		—
	$	2,396,936	$	89,938	$	(79,198	)	$	—	$	(195,484	)	$	(255,215	)	$	—	$	—		$	1,956,977	$	(111,869	)
Small Cap Growth Fund
Common Stocks	$	16,980,008	$	—	$	—		$	—	$	—		$	—		$	—	$	(16,980,008	)	$	—	$	—
Preferred Stocks		11,141,900		—		—			—		—			1,258,150			—		—			12,400,050		1,258,150
Limited Partnership Interest		2,552,478		—		(1,210,000	)		—		—			(1,124,241	)		—		—			218,237		(1,124,241	)
Seller’s Note		1,728,000		—		(1,728,000	)		363,859		—			(363,859	)		—		—			—		—
	$	32,402,386	$	—	$	(2,938,000	)	$	363,859	$	—		$	(229,950	)	$	—	$	(16,980,008	)		12,618,287	$	133,909
Ultra Growth Fund
Common Stocks	$	3,820,500	$	—	$	—		$	—	$	—		$	—		$	—	$	(3,820,500	)	$	—	$	—
Preferred Stocks		377,919		—		—			—		—			(259,488	)		—		—			118,431		(259,487	)
Limited Partnership Interest		2,391,055		—		(1,140,000	)		—		—			(1,047,777	)		—		—			203,278		(1,047,777	)
Warrants		—		79,620		—			—		—			939,516			—		—			1,019,136		939,516
Seller’s Note		132,000		—		(132,000	)		28,207		—			(28,207	)		—		—			—		—
	$	6,721,474	$	79,620	$	(1,272,000	)	$	28,207	$	—		$	(395,956	)	$	—	$	(3,820,500	)	$	1,340,845	$	(367,748	)

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund	Description	Fair Value at 6/30/20		Valuation Technique	Unobservable Input	Range (Average)
Micro Cap Fund	Warrants: Biotechnology	$	819,944	Black Scholes	Black Scholes		100%
Micro Cap Value Fund	Convertible Preferred: Oil & Gas Refining & Marketing	$	1,939,291	Market comparable companies	Par multiple Discount for lack of marketability		0.97 - 1.03 (0.99) 5%
Small Cap Growth Fund	Direct Venture Capital Investments: Biotechnology	$	473,723	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.5 - 17.7 (6.9) 20%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	11,926,327	Market comparable companies	EV/R* multiple Discount for lack of marketability		1.4 - 24.4 (11.6) 20%
Small Cap Growth Fund	Limited Partnership Interest: Asset Management & Custody Banks	$	218,237	Discount to NAV	Discount to NAV		25%
Ultra Growth Fund	Direct Venture Capital Investments: Biotechnology	$	118,431	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.5 - 17.7 (6.9) 20%
Ultra Growth Fund	Warrants: Biotechnology	$	1,019,136	Black Scholes	Black Scholes		100%
Ultra Growth Fund	Limited Partnership Interest: Asset Management & Custody Banks	$	203,278	Discount to NAV	Discount to NAV		25%

* Enterprise-Value-To-Revenue Multiple – (“EV/R”) is a measure of the value of a stock that compares a company’s enterprise value to its revenue

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

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

WASATCH FUNDS – Notes to Financial Statements JUNE 30, 2020 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Other information regarding the Funds is available in the Funds’ most recent Prospectus and Report to Shareholders. This information is available on the Funds’ website at wasatchglobal.com and on the Securities and Exchange Commission’s website at www.sec.gov.