WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.5%
		Airlines 1.4%
	249,856	Allegiant Travel Co.	$	47,282,749
		Application Software 11.7%
	284,381	Avalara, Inc.*		46,891,583
	517,604	Five9, Inc.*		90,270,137
	366,086	Guidewire Software, Inc.*		47,126,251
	132,261	HubSpot, Inc.*		52,433,551
	1,389,696	Medallia, Inc.*		46,165,701
	327,382	Paylocity Holding Corp.*		67,411,228
	372,354	Q2 Holdings, Inc.*		47,113,952
				397,412,403
		Asset Management & Custody Banks 4.2%
	923,171	Cohen & Steers, Inc.		68,591,605
	980,130	Hamilton Lane, Inc., Class A		76,499,147
				145,090,752
		Automotive Retail 2.2%
	936,092	Camping World Holdings, Inc., Class A		24,385,197
	936,405	Monro, Inc.		49,910,386
				74,295,583
		Biotechnology 1.1%
	386,219	Ligand Pharmaceuticals, Inc.*		38,409,480
		Building Products 2.7%
	1,084,475	Trex Co., Inc.*		90,792,247
		Commercial Printing 0.9%
	343,145	Cimpress plc*		30,107,542
		Commodity Chemicals 2.1%
	3,169,709	Valvoline, Inc.		73,347,066
		Data Processing & Outsourced Services 4.6%
	657,201	Euronet Worldwide, Inc.*		95,241,569
	296,682	WEX, Inc.*		60,383,687
				155,625,256
		Distributors 2.8%
	259,105	Pool Corp.		96,516,612
		Diversified Banks 0.7%
	9,322,681	City Union Bank Ltd. (India)		23,049,130
		Electronic Equipment & Instruments 1.7%
	505,351	Novanta, Inc.*		59,742,595
		Electronic Manufacturing Services 2.2%
	973,662	Fabrinet*		75,546,435
		Financial Exchanges & Data 4.4%
	438,955	Morningstar, Inc.		101,648,809
	1,379,648	Open Lending Corp., Class A*		48,232,494
				149,881,303
		General Merchandise Stores 1.5%
	612,447	Ollie’s Bargain Outlet Holdings, Inc.*		50,079,791
		Health Care Facilities 3.6%
	1,141,543	Ensign Group, Inc. (The)		83,241,316

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	666,487	Pennant Group, Inc. (The)*	$	38,696,235
				121,937,551
		Health Care Supplies 1.7%
	722,490	Neogen Corp.*		57,293,457
		Home Improvement Retail 2.1%
	762,634	Floor & Decor Holdings, Inc., Class A*		70,810,567
		Homebuilding 1.3%
	441,970	Installed Building Products, Inc.*		45,050,002
		Industrial Machinery 10.2%
	1,707,732	Altra Industrial Motion Corp.		94,659,585
	943,387	Barnes Group, Inc.		47,820,287
	1,001,548	Helios Technologies, Inc.		53,372,493
	491,597	Kadant, Inc.		69,305,345
	374,381	RBC Bearings, Inc.*		67,029,174
	496,252	TriMas Corp.*		15,716,301
				347,903,185
		Industrial REITs 1.8%
	3,495,993	Monmouth Real Estate Investment Corp.		60,550,599
		Internet & Direct Marketing Retail 1.0%
	1,270,873	1-800-Flowers.com, Inc., Class A*		33,042,698
		IT Consulting & Other Services 1.1%
	107,388	EPAM Systems, Inc.*		38,482,490
		Leisure Facilities 1.0%
	420,207	Planet Fitness, Inc., Class A*		32,620,669
		Leisure Products 2.0%
	976,351	YETI Holdings, Inc.*		66,850,753
		Life Sciences Tools & Services 5.5%
	446,882	ICON plc* (Ireland)		87,133,052
	729,877	Medpace Holdings, Inc.*		101,598,879
				188,731,931
		Managed Health Care 2.3%
	1,118,331	HealthEquity, Inc.*		77,958,854
		Regional Banks 4.4%
	2,269,829	Bank OZK		70,977,553
	881,523	Eagle Bancorp, Inc.		36,406,900
	1,041,872	Webster Financial Corp.		43,914,905
				151,299,358
		Semiconductors 2.0%
	185,765	Monolithic Power Systems, Inc.		68,032,716
		Specialized Consumer Services 1.9%
	1,280,718	Terminix Global Holdings, Inc.*		65,329,425
		Specialized REITs 1.6%
	1,506,274	National Storage Affiliates Trust		54,271,052
		Specialty Chemicals 2.0%
	592,519	Balchem Corp.		68,270,039
		Specialty Stores 3.0%
	408,450	Five Below, Inc.*		71,470,581
	703,762	National Vision Holdings, Inc.*		31,873,381
				103,343,962

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Systems Software 5.3%
	659,542	CyberArk Software Ltd.* (Israel)	$	106,575,392
	555,995	Proofpoint, Inc.*		75,843,278
				182,418,670
		Trading Companies & Distributors 0.9%
	197,558	SiteOne Landscape Supply, Inc.*		31,338,626
		Trucking 0.6%
	108,009	Old Dominion Freight Line, Inc.		21,081,197
		Total Common Stocks (cost $2,031,916,534)		3,393,796,745
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.8%
		Repurchase Agreement 0.8%
	$26,094,892	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $26,646,600 of United States Treasury Notes 0.125% due 12/15/23; value: $26,616,834; repurchase proceeds: $26,094,892 (cost $26,094,892)	$	26,094,892
		Total Short-Term Investments (cost $26,094,892)		26,094,892
		Total Investments (cost $2,058,011,426) 100.3%		3,419,891,637
		Liabilities less Other Assets (0.3%)		(10,999,947	)
		NET ASSETS 100.0%	$	3,408,891,690
		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Core Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
India		0.7
Ireland		2.6
Israel		3.1
United States		93.6
Total		100.0	%

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 102.5%
		Apparel, Accessories & Luxury Goods 3.3%
	32,049	Page Industries Ltd. (India)	$	12,100,743
		Brewers 2.9%
	652,349	United Breweries Ltd. (India)		10,591,771
		Commodity Chemicals 4.2%
	1,491,411	Berger Paints India Ltd. (India)		15,471,852
		Consumer Finance 13.8%
	554,376	Bajaj Finance Ltd. (India)		40,117,194
	910,917	SBI Cards & Payment Services Ltd. (India)		10,607,990
				50,725,184
		Department Stores 3.9%
	1,521,425	Trent Ltd. (India)		14,284,019
		Diversified Banks 13.6%
	1,791,925	City Union Bank Ltd. (India)		4,430,304
	1,479,202	HDFC Bank Ltd.* (India)		29,120,445
	596,488	Kotak Mahindra Bank Ltd.* (India)		16,289,488
				49,840,237
		Food Retail 4.7%
	454,374	Avenue Supermarts Ltd.* (India)		17,163,202
		Health Care Services 4.2%
	495,154	Dr. Lal PathLabs Ltd. (India)		15,599,884
		Industrial Conglomerates 1.9%
	24,166	3M India Ltd.* (India)		6,895,153
		Industrial Machinery 4.0%
	5,868,490	Elgi Equipments Ltd. (India)		12,256,223
	44,363	GMM Pfaudler Ltd. (India)		2,292,936
				14,549,159
		Interactive Media & Services 5.4%
	302,213	Info Edge India Ltd. (India)		19,807,685
		Internet & Direct Marketing Retail 1.1%
	143,578	MakeMyTrip Ltd.* (India)		4,239,858
		IT Consulting & Other Services 12.0%
	471,914	Larsen & Toubro Infotech Ltd. (India)		23,618,466
	912,500	Mindtree Ltd. (India)		20,668,389
				44,286,855
		Life & Health Insurance 0.7%
	360,978	ICICI Prudential Life Insurance Co. Ltd.* (India)		2,466,216
		Life Sciences Tools & Services 6.8%
	476,501	Divi’s Laboratories Ltd. (India)		25,029,060
		Packaged Foods & Meats 3.7%
	279,396	Britannia Industries Ltd. (India)		13,660,550
		Personal Products 1.1%
	28,024	Procter & Gamble Hygiene & Health Care Ltd. (India)		4,245,357
		Property & Casualty Insurance 4.6%
	807,346	ICICI Lombard General Insurance Co. Ltd.* (India)		16,834,740
		Regional Banks 2.7%
	863,737	AU Small Finance Bank Ltd.* (India)		10,065,652

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Research & Consulting Services 2.5%
	289,750	L&T Technology Services Ltd. (India)	$	9,275,331
		Specialty Chemicals 2.4%
	232,627	Asian Paints Ltd. (India)		8,788,839
		Thrifts & Mortgage Finance 3.0%
	474,203	Aavas Financiers Ltd.* (India)		10,939,751
		Total Common Stocks (cost $219,775,722)		376,861,098
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.8%
		Repurchase Agreement 1.8%
	$6,618,287	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $6,758,300 of United States Treasury Notes 0.125% due 12/15/23; value: $6,750,751; repurchase proceeds: $6,618,287 (cost $6,618,287)	$	6,618,287
		Total Short-Term Investments (cost $6,618,287)		6,618,287
		Total Investments (cost $226,394,009) 104.3%		383,479,385
		Liabilities less Other Assets (4.3%)		(15,885,040	)
		NET ASSETS 100.0%	$	367,594,345
		*Non-income producing. See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Emerging India Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
India		100.0
Total		100.0	%

WASATCH EMERGING MARKETS SELECT FUND
(WAESX / WIESX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.9%
		Airport Services 3.4%
	248,924	Grupo Aeroportuario del Pacifico S.A.B. de C.V., Class B* (Mexico)	$	2,777,011
		Apparel, Accessories & Luxury Goods 3.2%
	7,026	Page Industries Ltd. (India)		2,652,807
		Consumer Finance 7.9%
	90,007	Bajaj Finance Ltd. (India)		6,513,320
		Department Stores 1.8%
	160,142	Trent Ltd. (India)		1,503,506
		Diversified Banks 8.8%
	213,219	HDFC Bank Ltd.* (India)		4,197,555
	557,664	PT Bank Central Asia Tbk (Indonesia)		1,344,266
	51,572	TCS Group Holding plc, GDR (Russia)		1,696,719
				7,238,540
		Drug Retail 2.8%
	482,930	Raia Drogasil S.A. (Brazil)		2,321,481
		Electrical Components & Equipment 6.2%
	90,939	Voltronic Power Technology Corp. (Taiwan)		3,624,873
	100,301	Weg S.A. (Brazil)		1,464,879
				5,089,752
		General Merchandise Stores 2.8%
	485,300	Magazine Luiza S.A. (Brazil)		2,327,093
		Health Care Equipment 0.2%
	35,795	Microport Scientific Corp. (China)		193,694
		Health Care Technology 0.8%
	51,900	Ping An Healthcare & Technology Co. Ltd.* (China)		629,298
		Industrial Machinery 2.4%
	136,500	Techtronic Industries Co. Ltd. (Hong Kong)		1,947,371
		Interactive Home Entertainment 4.5%
	18,484	Sea Ltd., ADR* (Singapore)		3,679,240
		Interactive Media & Services 1.6%
	17,900	Tencent Holdings Ltd. (China)		1,302,246
		Internet & Direct Marketing Retail 9.8%
	23,317	MakeMyTrip Ltd.* (India)		688,551
	34,200	Meituan, Class B* (China)		1,299,630
	2,827	MercadoLibre, Inc.*		4,735,847
	39,715	Trip.com Group Ltd., ADR* (China)		1,339,587
				8,063,615
		Internet & Direct Marketing Retail 1.4%
	38,188	Alibaba Group Holding Ltd.* (China)		1,145,771
		IT Consulting & Other Services 7.5%
	11,986	Globant S.A.* (Argentina)		2,608,273
	71,838	Larsen & Toubro Infotech Ltd. (India)		3,595,366
				6,203,639
		Life & Health Insurance 2.9%
	231,631	Discovery Ltd. (South Africa)		2,420,185
		Life Sciences Tools & Services 3.7%
	229,500	Wuxi Biologics Cayman, Inc.* (China)		3,043,244

WASATCH EMERGING MARKETS SELECT FUND
(WAESX / WIESX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Managed Health Care 1.3%
	375,500	Hapvida Participacoes e Investimentos S.A. (Brazil)	$	1,107,821
		Packaged Foods & Meats 3.4%
	23,442	Britannia Industries Ltd. (India)		1,146,153
	427,393	Vitasoy International Holdings Ltd. (Hong Kong)		1,664,928
				2,811,081
		Personal Products 1.1%
	582	LG Household & Health Care Ltd. (South Korea)		868,649
		Pharmaceuticals 1.7%
	82,140	Jiangsu Hengrui Medicine Co. Ltd., Class A (China)		1,399,940
		Property & Casualty Insurance 3.7%
	81,126	ICICI Lombard General Insurance Co. Ltd.* (India)		1,691,635
	248,586	Qualitas Controladora S.A.B. de C.V. (Mexico)		1,335,278
				3,026,913
		Regional Banks 1.9%
	133,641	AU Small Finance Bank Ltd.* (India)		1,557,400
		Semiconductor Equipment 1.3%
	9,500	Lasertec Corp. (Japan)		1,115,042
		Semiconductors 7.2%
	27,297	ASPEED Technology, Inc. (Taiwan)		1,666,110
	49,959	Silergy Corp. (Taiwan)		4,285,045
				5,951,155
		Specialized Finance 2.5%
	342,403	Chailease Holding Co. Ltd. (Taiwan)		2,047,253
		Specialty Chemicals 2.1%
	46,947	Asian Paints Ltd. (India)		1,773,696
		Thrifts & Mortgage Finance 1.0%
	34,199	Aavas Financiers Ltd.* (India)		788,963
		Total Common Stocks (cost $44,870,466)		81,499,726
		PREFERRED STOCKS 1.2%
		Diversified Banks 1.2%
	95,732	Banco Davivienda S.A., 2.54% (Colombia)		1,023,810
		Total Preferred Stocks (cost $904,736)		1,023,810
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.9%
		Repurchase Agreement 1.9%
	$1,549,709	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $1,580,300 of United States Treasury Notes 0.375% due 12/31/25; value: $1,580,793; repurchase proceeds: $1,549,709 (cost $1,549,709)	$	1,549,709
		Total Short-Term Investments (cost $1,549,709)		1,549,709
		Total Investments (cost $47,324,911) 102.0%§		84,073,245
		Liabilities less Other Assets (2.0%)		(1,641,836	)
		NET ASSETS 100.0%	$	82,431,409

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

*Non-income producing.

^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 14.04%.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Emerging Markets Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		3.2
Brazil		8.7
China		12.5
Colombia		1.2
Hong Kong		4.4
India		31.6
Indonesia		1.6
Japan		1.4
Mexico		5.0
Russia		2.1
Singapore		4.5
South Africa		2.9
South Korea		1.1
Taiwan		14.1
United States		5.7
Total		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.7%
		Airport Services 2.4%
	1,734,425	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* (Mexico)	$	11,188,630
		Application Software 0.8%
	92,631	Agora, Inc., ADR* (China)		3,664,482
		Commodity Chemicals 2.7%
	1,197,391	Berger Paints India Ltd. (India)		12,421,697
		Communications Equipment 1.3%
	518,000	Accton Technology Corp. (Taiwan)		5,825,610
		Consumer Finance 8.3%
	265,148	Bajaj Finance Ltd. (India)		19,187,328
	2,110,475	Muangthai Capital Public Co. Ltd.* (Thailand)		4,156,142
	2,414,829	Srisawad Corp. Public Co. Ltd. * (Thailand)		5,299,566
	6,671,723	Unifin Financiera S.A.B. de C.V. * (Mexico)		9,219,950
				37,862,986
		Data Processing & Outsourced Services 1.3%
	2,848,758	Fawry for Banking & Payment Technology Services S.A.E.* (Egypt)		6,094,133
		Department Stores 2.9%
	215,946	Poya International Co. Ltd. (Taiwan)		4,426,824
	960,506	Trent Ltd. (India)		9,017,786
				13,444,610
		Diversified Banks 1.9%
	259,390	TCS Group Holding plc, GDR (Russia)		8,533,931
		Drug Retail 4.0%
	282,185	Clicks Group Ltd. (South Africa)		4,851,969
	2,795,550	Raia Drogasil S.A. (Brazil)		13,438,420
				18,290,389
		Electrical Components & Equipment 5.2%
	602,388	Voltronic Power Technology Corp. (Taiwan)		24,011,480
		Electronic Equipment & Instruments 1.4%
	1,096,616	Chroma ATE, Inc. (Taiwan)		6,556,747
		Electronic Manufacturing Services 1.6%
	92,851	Fabrinet*		7,204,309
		General Merchandise Stores 4.6%
	4,375,464	Magazine Luiza S.A. (Brazil)		20,981,063
		Health Care Equipment 2.1%
	2,084,000	AK Medical Holdings Ltd. (China)		3,618,293
	1,118,354	Microport Scientific Corp. (China)		6,051,629
				9,669,922
		Health Care Facilities 1.1%
	16,606,200	Cleopatra Hospital* (Egypt)		4,898,460
		Health Care Services 2.6%
	384,446	Dr. Lal PathLabs Ltd. (India)		12,112,016
		Health Care Supplies 0.8%
	658,666	Shanghai Kindly Medical Instruments Co. Ltd., Class H (China)		3,487,703
		Home Improvement Retail 1.1%
	41,666,224	PT Ace Hardware Indonesia Tbk (Indonesia)		5,092,586

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Hotels, Resorts & Cruise Lines 1.4%
	139,457	Huazhu Group Ltd.* (China)	$	6,224,113
		Human Resource & Employment Services 1.3%
	189,249	HeadHunter Group plc, ADR (Russia)		5,724,782
		Industrial Conglomerates 1.2%
	19,676	3M India Ltd.* (India)		5,614,045
		Insurance Brokers 1.7%
	1,773,285	TQM Corp. Public Co. Ltd. (Thailand)		7,960,842
		Interactive Media & Services 2.5%
	172,867	Info Edge India Ltd. (India)		11,330,072
		Internet & Direct Marketing Retail 2.3%
	183,648	MakeMyTrip Ltd.* (India)		5,423,125
	225,000	momo.com, Inc. (Taiwan)		5,100,897
				10,524,022
		IT Consulting & Other Services 10.7%
	95,972	Globant S.A.* (Argentina)		20,884,467
	335,075	Larsen & Toubro Infotech Ltd. (India)		16,769,915
	509,496	Mindtree Ltd. (India)		11,540,232
				49,194,614
		Packaged Foods & Meats 3.7%
	135,161	Britannia Industries Ltd. (India)		6,608,447
	2,687,755	Vitasoy International Holdings Ltd. (Hong Kong)		10,470,264
				17,078,711
		Pharmaceuticals 0.0%
	13,017,213	China Animal Healthcare Ltd.* *** §§ (China)		16,791
		Property & Casualty Insurance 5.0%
	631,929	ICICI Lombard General Insurance Co. Ltd.* (India)		13,176,953
	1,819,584	Qualitas Controladora S.A.B. de C.V. (Mexico)		9,773,881
				22,950,834
		Regional Banks 6.2%
	1,127,181	AU Small Finance Bank Ltd.* (India)		13,135,726
	34,167,900	PT Bank BTPN Syariah Tbk (Indonesia)		9,126,368
	1,282,362	Regional S.A.B. de C.V.* (Mexico)		5,931,234
				28,193,328
		Research & Consulting Services 0.7%
	96,140	L&T Technology Services Ltd. (India)		3,077,585
		Semiconductors 13.4%
	174,374	ASPEED Technology, Inc. (Taiwan)		10,643,156
	91,933	LEENO Industrial, Inc. (South Korea)		11,433,182
	174,735	Parade Technologies Ltd. (Taiwan)		6,902,835
	320,143	Silergy Corp. (Taiwan)		27,459,059
	408,000	Win Semiconductors Corp. (Taiwan)		5,024,130
				61,462,362
		Systems Software 1.5%
	72,533	Douzone Bizon Co. Ltd.* (South Korea)		6,949,408
		Thrifts & Mortgage Finance 1.0%
	195,327	Aavas Financiers Ltd.* (India)		4,506,148
		Total Common Stocks (cost $226,518,447)		452,148,411

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		PREFERRED STOCKS 1.6%
		Personal Products 1.6%
	10,702	LG Household & Health Care Ltd. (South Korea)	$	7,079,506
		Total Preferred Stocks (cost $5,002,853)		7,079,506
		WARRANTS 0.0%
		Consumer Finance 0.0%
	96,593	Srisawad Corp. Public Co. Ltd., 08/29/2025* (Thailand)		32,563
		Total Warrants (cost $0)		32,563
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.8%
		Repurchase Agreement 0.8%
	$3,686,067	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $3,764,000 of United States Treasury Notes 0.125% due 12/15/23; value: $3,759,795; repurchase proceeds: $3,686,067 (cost $3,686,067)	$	3,686,067
		Total Short-Term Investments (cost $3,686,067)		3,686,067
		Total Investments (cost $235,207,367) 101.1%§		462,946,547
		Liabilities less Other Assets (1.1%)		(4,915,121	)
		NET ASSETS 100.0%	$	458,031,426
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). §§The aggregate value of illiquid holdings at December 31, 2020, amounts to approximately $16,791, and represents 0.00% of net assets. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 16.18%. ADR American Depositary Receipt. GDR Global Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Emerging Markets Small Cap Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		4.5
Brazil		7.5
China		5.0
Egypt		2.4
Hong Kong		2.3
India		31.3
Indonesia		3.1
Mexico		7.9
Russia		3.1
South Africa		1.1
South Korea		5.5
Taiwan		20.9
Thailand		3.8
United States		1.6
Total		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 95.8%
		Airport Services 2.3%
	224,500	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* (Mexico)	$	1,448,231
		Asset Management & Custody Banks 4.4%
	5,829,693	VEF Ltd.* (Sweden)		2,835,987
		Brewers 0.2%
	16,630	Saigon Beer Alcohol Beverage Corp. (Vietnam)		140,490
		Consumer Finance 13.1%
	289,466	ASA International Group plc* (United Kingdom)		928,257
	57,572	Bajaj Finance Ltd. (India)		4,166,174
	189,600	Muangthai Capital Public Co. Ltd.* (Thailand)		373,378
	419,500	Srisawad Corp. Public Co. Ltd. * (Thailand)		920,632
	1,475,116	Unifin Financiera S.A.B. de C.V. * (Mexico)		2,038,528
				8,426,969
		Data Processing & Outsourced Services 3.3%
	987,858	Fawry for Banking & Payment Technology Services S.A.E.* (Egypt)		2,113,250
		Diversified Banks 11.2%
	560,000	Bank for Foreign Trade of Vietnam JSC (Vietnam)		2,375,133
	2,030	Credicorp Ltd. (Peru)		332,960
	825,600	PT Bank Central Asia Tbk (Indonesia)		1,990,133
	76,321	TCS Group Holding plc, GDR (Russia)		2,510,961
				7,209,187
		Drug Retail 2.8%
	380,600	Raia Drogasil S.A. (Brazil)		1,829,573
		Electrical Components & Equipment 1.5%
	67,300	Weg S.A. (Brazil)		982,905
		Food Retail 3.5%
	405,200	CP ALL Public Co. Ltd.* (Thailand)		787,814
	6,117	Dino Polska S.A.* (Poland)		474,395
	395,444	Philippine Seven Corp. (Philippines)		986,479
				2,248,688
		General Merchandise Stores 3.1%
	411,000	Magazine Luiza S.A. (Brazil)		1,970,812
		Health Care Facilities 2.4%
	5,242,570	Cleopatra Hospital* (Egypt)		1,546,441
		Home Improvement Retail 1.2%
	2,160,000	Wilcon Depot, Inc. (Philippines)		761,762
		Human Resource & Employment Services 1.2%
	25,068	HeadHunter Group plc, ADR (Russia)		758,307
		Hypermarkets & Super Centers 0.5%
	7,445	InRetail Peru Corp. (Peru)		291,844
		Insurance Brokers 3.1%
	441,488	TQM Corp. Public Co. Ltd. (Thailand)		1,981,981
		Interactive Home Entertainment 7.5%
	24,390	Sea Ltd., ADR* (Singapore)		4,854,829
		Internet & Direct Marketing Retail 12.4%
	2,832	MercadoLibre, Inc.*		4,744,223
	8,545	Naspers Ltd., Class N (South Africa)		1,755,723

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	13,849	Prosus N.V.* (Netherlands)	$	1,494,930
				7,994,876
		IT Consulting & Other Services 5.7%
	770,534	FPT Corp. (Vietnam)		1,972,861
	7,844	Globant S.A.* (Argentina)		1,706,933
				3,679,794
		Life & Health Insurance 3.0%
	186,856	Discovery Ltd. (South Africa)		1,952,356
		Property & Casualty Insurance 4.7%
	558,328	Qualitas Controladora S.A.B. de C.V. (Mexico)		2,999,054
		Regional Banks 6.3%
	176,252	AU Small Finance Bank Ltd.* (India)		2,053,972
	3,281,100	PT Bank BTPN Syariah Tbk (Indonesia)		876,393
	247,600	Regional S.A.B. de C.V.* (Mexico)		1,145,210
				4,075,575
		Wireless Telecommunication Services 2.4%
	4,919,838	Safaricom plc (Kenya)		1,538,576
		Total Common Stocks (cost $42,187,887)		61,641,487
		PREFERRED STOCKS 4.1%
		Diversified Banks 4.1%
	248,535	Banco Davivienda S.A., 2.54% (Colombia)		2,657,968
		Total Preferred Stocks (cost $2,623,051)		2,657,968
		WARRANTS 0.0%
		Consumer Finance 0.0%
	16,780	Srisawad Corp. Public Co. Ltd., 8/29/2025* (Thailand)		5,657
		Total Warrants (cost $0)		5,657
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.4%
		Repurchase Agreement 1.4%
	$874,623	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $893,200 of United States Treasury Notes 0.125% due 12/15/23; value: $892,202; repurchase proceeds: $874,623 (cost $874,623)	$	874,623
		Total Short-Term Investments (cost $874,623)		874,623
		Total Investments (cost $45,685,561) 101.3%§		65,179,735
		Liabilities less Other Assets (1.3%)		(833,182	)
		NET ASSETS 100.0%	$	64,346,553

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

*Non-income producing.

^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 22.35%.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Frontier Emerging Small Countries Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		2.7
Brazil		7.4
Colombia		4.1
Egypt		5.7
India		9.7
Indonesia		4.5
Kenya		2.4
Mexico		11.9
Netherlands		2.3
Peru		1.0
Philippines		2.7
Poland		0.7
Russia		5.1
Singapore		7.5
South Africa		5.8
Sweden		4.4
Thailand		6.3
United Kingdom		1.4
United States		7.4
Vietnam		7.0
Total		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.5%
		Airlines 1.0%
	10,185	Allegiant Travel Co.	$	1,927,409
		Application Software 12.5%
	25,745	Five9, Inc.*		4,489,928
	10,535	HubSpot, Inc.*		4,176,496
	64,483	Medallia, Inc.*		2,142,125
	17,197	Paylocity Holding Corp.*		3,541,034
	15,725	Q2 Holdings, Inc.*		1,989,684
	133,018	Systena Corp. (Japan)		2,792,983
	143,111	Technology One Ltd. (Australia)		904,718
	23,306	Zendesk, Inc.*		3,335,555
				23,372,523
		Automotive Retail 1.0%
	34,954	Monro, Inc.		1,863,048
		Biotechnology 2.9%
	136,742	Abcam plc (United Kingdom)		2,898,419
	46,314	Esperion Therapeutics, Inc.*		1,204,164
	83,399	Sangamo Therapeutics, Inc.*		1,301,442
				5,404,025
		Building Products 2.3%
	52,579	Trex Co., Inc.*		4,401,914
		Commodity Chemicals 1.0%
	77,767	Valvoline, Inc.		1,799,528
		Consumer Finance 3.8%
	47,701	Bajaj Finance Ltd. (India)		3,451,863
	747,808	Srisawad Corp. Public Co. Ltd.* (Thailand)		1,641,134
	1,450,700	Unifin Financiera S.A.B. de C.V.* (Mexico)		2,004,787
				7,097,784
		Data Processing & Outsourced Services 3.1%
	22,356	Euronet Worldwide, Inc.*		3,239,832
	10,800	GMO Payment Gateway, Inc. (Japan)		1,451,340
	109,530	Infomart Corp. (Japan)		1,046,038
				5,737,210
		Diversified Real Estate Activities 1.8%
	102,720	Patrizia AG (Germany)		3,299,759
		Diversified Support Services 1.5%
	22,084	Copart, Inc.*		2,810,189
		Drug Retail 1.9%
	23,123	Ain Holdings, Inc. (Japan)		1,428,544
	31,900	Sugi Holdings Co. Ltd. (Japan)		2,130,885
				3,559,429
		Electrical Components & Equipment 2.1%
	96,896	Voltronic Power Technology Corp. (Taiwan)		3,862,322
		Financial Exchanges & Data 1.7%
	89,505	Open Lending Corp., Class A*		3,129,095
		General Merchandise Stores 1.1%
	25,220	Ollie’s Bargain Outlet Holdings, Inc.*		2,062,239
		Health Care Equipment 0.2%
	2,670	Cochlear Ltd. (Australia)		389,044

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Facilities 3.1%
	51,411	Ensign Group, Inc. (The)	$	3,748,890
	36,785	Pennant Group, Inc. (The)*		2,135,737
				5,884,627
		Health Care Services 0.9%
	56,573	Dr. Lal PathLabs Ltd. (India)		1,782,339
		Health Care Supplies 0.8%
	43,600	Asahi Intecc Co. Ltd. (Japan)		1,592,503
		Health Care Technology 1.6%
	51,818	JMDC, Inc.* (Japan)		2,942,155
		Home Improvement Retail 0.8%
	16,641	Floor & Decor Holdings, Inc., Class A*		1,545,117
		Homebuilding 1.4%
	24,421	LGI Homes, Inc.*		2,584,963
		Industrial Conglomerates 0.6%
	3,832	3M India Ltd.* (India)		1,093,364
		Industrial Machinery 7.2%
	34,470	Altra Industrial Motion Corp.		1,910,672
	29,139	Helios Technologies, Inc.		1,552,817
	65,457	Kornit Digital Ltd.* (Israel)		5,834,183
	59,400	MISUMI Group, Inc. (Japan)		1,949,942
	12,482	RBC Bearings, Inc.*		2,234,777
				13,482,391
		Internet & Direct Marketing Retail 4.3%
	48,109	MakeMyTrip Ltd.* (India)		1,420,659
	3,952	MercadoLibre, Inc.*		6,620,469
				8,041,128
		IT Consulting & Other Services 5.8%
	19,508	Endava plc, ADR* (United Kingdom)		1,497,239
	23,393	Globant S.A.* (Argentina)		5,090,551
	188,916	Mindtree Ltd. (India)		4,279,002
				10,866,792
		Life Sciences Tools & Services 1.0%
	13,406	Medpace Holdings, Inc.*		1,866,115
		Managed Health Care 1.6%
	42,290	HealthEquity, Inc.*		2,948,036
		Other Diversified Financial Services 0.7%
	1,997	Hypoport SE* (Germany)		1,269,050
		Packaged Foods & Meats 3.6%
	25,541	Freshpet, Inc.*		3,626,567
	782,000	Vitasoy International Holdings Ltd. (Hong Kong)		3,046,314
				6,672,881
		Pharmaceuticals 1.2%
	69,100	Intra-Cellular Therapies, Inc.*		2,197,380
		Property & Casualty Insurance 1.5%
	136,141	ICICI Lombard General Insurance Co. Ltd.* (India)		2,838,805
		Regional Banks 3.0%
	364,704	AU Small Finance Bank Ltd.* (India)		4,250,117

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	34,025	Eagle Bancorp, Inc.	$	1,405,233
				5,655,350
		Research & Consulting Services 1.2%
	35,000	Nihon M&A Center, Inc. (Japan)		2,340,563
		Restaurants 0.8%
	23,051	Domino’s Pizza Enterprises Ltd. (Australia)		1,540,405
		Semiconductor Equipment 1.3%
	33,591	Nova Measuring Instruments Ltd.* (Israel)		2,371,525
		Semiconductors 7.9%
	45,000	ASPEED Technology, Inc. (Taiwan)		2,746,637
	21,545	Melexis N.V. (Belgium)		2,103,004
	10,112	Monolithic Power Systems, Inc.		3,703,318
	72,000	Silergy Corp. (Taiwan)		6,175,528
				14,728,487
		Soft Drinks 1.2%
	63,472	Fevertree Drinks plc (United Kingdom)		2,193,386
		Specialty Stores 1.4%
	14,926	Five Below, Inc.*		2,611,751
		Systems Software 3.0%
	19,486	CyberArk Software Ltd.* (Israel)		3,148,743
	27,675	Rapid7, Inc.*		2,495,178
				5,643,921
		Thrifts & Mortgage Finance 1.0%
	81,932	Aavas Financiers Ltd.* (India)		1,890,152
		Trading Companies & Distributors 3.7%
	87,767	Diploma plc (United Kingdom)		2,630,870
	208,166	Electrocomponents plc (United Kingdom)		2,478,028
	37,700	MonotaRO Co. Ltd. (Japan)		1,914,738
				7,023,636
		Total Common Stocks (cost $93,100,198)		184,322,340
		WARRANTS 0.0%
		Consumer Finance 0.0%
	30,336	Srisawad Corp. Public Co. Ltd., 8/29/2025* (Thailand)		10,227
		Total Warrants (cost $0)		10,227
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.4%
		Repurchase Agreement 1.4%
	$2,604,753	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $2,659,900 of United States Treasury Notes 0.125% due 12/15/23; value: $2,656,929; repurchase proceeds: $2,604,753 (cost $2,604,753)	$	2,604,753
		Total Short-Term Investments (cost $2,604,753)		2,604,753
		Total Investments (cost $95,704,951) 99.9%§		186,937,320
		Other Assets less Liabilities 0.1%		115,801
		NET ASSETS 100.0%	$	187,053,121

WASATCH GLOBAL OPPORTUNITIES FUND
(WAGOX / WIGOX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

*Non-income producing.

^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 12.92%.

ADR American Depositary Receipt.

See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Global Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		2.8
Australia		1.5
Belgium		1.1
Germany		2.5
Hong Kong		1.7
India		11.4
Israel		6.2
Japan		10.6
Mexico		1.1
Taiwan		6.9
Thailand		0.9
United Kingdom		6.3
United States		47.0
Total		100.0	%

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.4%
		Aerospace & Defense 2.6%
	3,759	HEICO Corp., Class A	$	440,029
		Application Software 15.8%
	2,523	Dassault Systemes SE (France)		512,111
	1,449	DocuSign, Inc.*		322,113
	2,740	Guidewire Software, Inc.*		352,720
	2,078	Paylocity Holding Corp.*		427,881
	842	Tyler Technologies, Inc.*		367,550
	5,836	Xero Ltd.* (Australia)		660,582
				2,642,957
		Building Products 3.9%
	26,135	Assa Abloy AB, Class B (Sweden)		645,849
		Consumer Finance 4.9%
	11,216	Bajaj Finance Ltd. (India)		811,641
		Data Processing & Outsourced Services 18.6%
	200	Adyen N.V.* (Netherlands)		465,449
	8,766	Amadeus IT Group S.A. (Spain)		637,827
	3,860	Euronet Worldwide, Inc.*		559,391
	3,060	Jack Henry & Associates, Inc.		495,689
	2,546	Square, Inc., Class A*		554,112
	1,912	WEX, Inc.*		389,149
				3,101,617
		Distributors 3.8%
	1,716	Pool Corp.		639,210
		Diversified Support Services 4.3%
	5,597	Copart, Inc.*		712,218
		Drug Retail 3.1%
	3,600	Tsuruha Holdings, Inc. (Japan)		511,933
		Electrical Components & Equipment 3.8%
	5,234	AMETEK, Inc.		633,000
		Electronic Components 3.8%
	4,795	Amphenol Corp., Class A		627,042
		Electronic Equipment & Instruments 2.6%
	5,479	Cognex Corp.		439,882
		Financial Exchanges & Data 2.5%
	732	MarketAxess Holdings, Inc.		417,650
		Health Care Equipment 0.4%
	478	Cochlear Ltd. (Australia)		69,649
		Health Care Supplies 5.9%
	12,700	Asahi Intecc Co. Ltd. (Japan)		463,871
	3,368	Coloplast A/S, Class B (Denmark)		515,065
				978,936
		Health Care Technology 2.6%
	1,624	Veeva Systems, Inc., Class A*		442,134
		Industrial Conglomerates 2.7%
	1,046	Roper Technologies, Inc.		450,920
		Industrial Machinery 3.0%
	15,300	MISUMI Group, Inc. (Japan)		502,258

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 3.9%
	3,356	ICON plc* (Ireland)	$	654,353
		Packaged Foods & Meats 2.2%
	7,560	Britannia Industries Ltd. (India)		369,632
		Specialty Chemicals 2.8%
	4,453	Chr. Hansen Holding A/S* (Denmark)		460,091
		Trucking 3.2%
	2,700	Old Dominion Freight Line, Inc.		526,986
		Total Common Stocks (cost $11,309,487)		16,077,987
Principal Amount			Value
		SHORT-TERM INVESTMENTS 3.6%
		Repurchase Agreement 3.6%
	$597,439	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $609,200 of United States Treasury Notes 0.375% due 12/31/25; value: $609,390; repurchase proceeds: $597,439 (cost $597,439)	$	597,439
		Total Short-Term Investments (cost $597,439)		597,439
		Total Investments (cost $11,906,926) 100.0%§		16,675,426
		Liabilities less Other Assets (0.0%)		(869	)
		NET ASSETS 100.0%	$	16,674,557
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 18.59%. See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Global Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		4.5
Denmark		6.1
France		3.2
India		7.3
Ireland		4.1
Japan		9.2
Netherlands		2.9
Spain		4.0
Sweden		4.0
United States		54.7
Total		100.0	%

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.3%
		Aerospace & Defense 2.3%
	38,000	Raytheon Technologies Corp.	$	2,717,380
		Airlines 2.3%
	29,000	Alaska Air Group, Inc.		1,508,000
	65,000	Japan Airlines Co. Ltd.* (Japan)		1,253,480
				2,761,480
		Automobile Manufacturers 3.2%
	92,000	General Motors Co.		3,830,880
		Communications Equipment 2.2%
	50,000	Ciena Corp.*		2,642,500
		Construction Materials 1.7%
	28,000	HeidelbergCement AG (Germany)		2,084,754
		Diversified Banks 13.6%
	57,000	Citigroup, Inc.		3,514,620
	400,000	ING Groep N.V. ADR* (Netherlands)		3,776,000
	29,000	JPMorgan Chase & Co.		3,685,030
	575,000	Kasikornbank Public Co. Ltd. (Thailand)		2,188,410
	180,000	United Overseas Bank Ltd. (Singapore)		3,076,725
				16,240,785
		Diversified Metals & Mining 2.2%
	78,000	Anglo American plc (United Kingdom)		2,586,094
		Electric Utilities 6.4%
	44,000	Duke Energy Corp.		4,028,640
	86,000	Exelon Corp.		3,630,920
				7,659,560
		Electrical Components & Equipment 2.7%
	27,000	Eaton Corp. plc		3,243,780
		Electronic Manufacturing Services 3.2%
	1,150,000	Hon Hai Precision Industry Co. Ltd. (Taiwan)		3,765,393
		Food Retail 5.4%
	83,500	Koninklijke Ahold Delhaize N.V. (Netherlands)		2,357,400
	117,000	Seven & i Holdings Co. Ltd. (Japan)		4,143,036
				6,500,436
		Health Care Facilities 2.6%
	23,000	Universal Health Services, Inc., Class B		3,162,500
		Homebuilding 4.4%
	70,000	Bellway plc (United Kingdom)		2,828,675
	57,000	PulteGroup, Inc.		2,457,840
				5,286,515
		Integrated Oil & Gas 5.4%
	225,000	Suncor Energy, Inc. (Canada)		3,773,863
	61,000	TOTAL SE (France)		2,630,579
				6,404,442
		Integrated Telecommunication Services 1.3%
	194,195	Telekom Austria AG (Austria)		1,501,719
		Multi-Line Insurance 2.1%
	105,000	AXA S.A. (France)		2,502,868

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Oil & Gas Exploration & Production 2.6%
	63,000	EOG Resources, Inc.	$	3,141,810
		Pharmaceuticals 7.3%
	31,000	Johnson & Johnson		4,878,780
	41,000	Novartis AG (Switzerland)		3,860,473
				8,739,253
		Property & Casualty Insurance 2.9%
	68,000	Axis Capital Holdings Ltd.		3,426,520
		Railroads 2.5%
	14,200	Union Pacific Corp.		2,956,724
		Regional Banks 3.1%
	120,000	Bank OZK		3,752,400
		Reinsurance 2.7%
	11,000	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		3,268,388
		Retail REITs 2.1%
	168,000	Kimco Realty Corp.		2,521,680
		Specialty Chemicals 1.9%
	16,000	PPG Industries, Inc.		2,307,520
		Steel 4.4%
	1,300,000	NMDC Ltd. (India)		2,029,151
	61,000	Nucor Corp.		3,244,590
				5,273,741
		Technology Hardware, Storage & Peripherals 4.9%
	51,000	Samsung Electronics Co. Ltd. (South Korea)		3,808,449
	90,000	Xerox Holdings Corp.		2,087,100
				5,895,549
		Tobacco 2.9%
	45,000	KT&G Corp. (South Korea)		3,445,452
		Total Common Stocks (cost $98,254,604)		117,620,123
Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.5%
		Repurchase Agreement 2.5%
	$3,051,965	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $3,116,500 of United States Treasury Notes 0.125% due 12/15/23; value: $3,113,019; repurchase proceeds: $3,051,965 (cost $3,051,965)	$	3,051,965
		Total Short-Term Investments (cost $3,051,965)		3,051,965
		Total Investments (cost $101,306,569) 100.8%§		120,672,088
		Liabilities less Other Assets (0.8%)		(943,175	)
		NET ASSETS 100.0%	$	119,728,913

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

*Non-income producing.

^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 20.09%.

ADR American Depositary Receipt.

See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Global Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Austria		1.3
Canada		3.2
France		4.4
Germany		4.5
India		1.7
Japan		4.6
Netherlands		5.2
Singapore		2.6
South Korea		6.2
Switzerland		3.3
Taiwan		3.2
Thailand		1.9
United Kingdom		4.6
United States		53.3
Total		100.0	%

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 81.3%
		Airport Services 1.2%
	4,400	Shanghai International Airport Co. Ltd. (China)	$	50,904
		Apparel, Accessories & Luxury Goods 1.2%
	2,600	Shenzhou International Group Holdings Ltd. (China)		50,977
		Application Software 1.8%
	990	Agora, Inc., ADR* (China)		39,165
	2,900	Glodon Co. Ltd., Class A (China)		34,916
				74,081
		Commodity Chemicals 4.1%
	7,400	Skshu Paint Co. Ltd., Class A (China)		171,427
		Distillers & Vintners 1.5%
	200	Kweichow Moutai Co. Ltd., Class A (China)		61,103
		Diversified Banks 1.6%
	10,500	China Merchants Bank Co. Ltd., Class H (China)		66,366
		Drug Retail 1.5%
	3,400	Laobaixing Pharmacy Chain JSC, Class A (China)		32,665
	2,300	Yifeng Pharmacy Chain Co. Ltd., Class A (China)		31,719
				64,384
		Education Services 3.7%
	2,173	TAL Education Group, ADR* (China)		155,391
		Environmental & Facilities Services 0.8%
	4,000	Sunny Friend Environmental Technology Co. Ltd. (Taiwan)		33,170
		Health Care Equipment 7.5%
	60,000	AK Medical Holdings Ltd. (China)		104,174
	2,400	Guangzhou Wondfo Biotech Co. Ltd., Class A (China)		32,739
	13,000	Microport Scientific Corp. (China)		70,345
	1,600	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (China)		104,223
				311,481
		Health Care Supplies 1.1%
	9,000	Shanghai Kindly Medical Instruments Co. Ltd., Class H (China)		47,656
		Health Care Technology 1.6%
	5,600	Ping An Healthcare & Technology Co. Ltd.* (China)		67,901
		Hotels, Resorts & Cruise Lines 2.4%
	2,200	Huazhu Group Ltd.* (China)		98,188
		Household Appliances 0.8%
	1,900	Bear Electric Appliance Co. Ltd., Class A (China)		32,932
		Industrial Machinery 3.2%
	9,500	Techtronic Industries Co. Ltd. (Hong Kong)		135,531
		Interactive Media & Services 4.2%
	2,400	Tencent Holdings Ltd. (China)		174,603
		Internet & Direct Marketing Retail 11.2%
	5,700	Alibaba Group Holding Ltd.* (China)		171,020
	4,600	Meituan, Class B* (China)		174,804
	3,547	Trip.com Group Ltd., ADR* (China)		119,640
				465,464
		Life & Health Insurance 6.4%
	10,800	AIA Group Ltd. (Hong Kong)		132,345

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	11,000	Ping An Insurance Group Co. of China Ltd., Class H (China)	$	134,796
				267,141
		Life Sciences Tools & Services 6.7%
	4,000	Hangzhou Tigermed Consulting Co. Ltd., Class A (China)		98,847
	13,500	Wuxi Biologics Cayman, Inc.* (China)		179,015
				277,862
		Packaged Foods & Meats 7.5%
	7,800	Chongqing Fuling Zhacai Group Co. Ltd., Class A (China)		50,451
	3,200	Foshan Haitian Flavouring & Food Co. Ltd., Class A (China)		98,127
	34,000	Vitasoy International Holdings Ltd. (Hong Kong)		132,448
	2,000	Yihai International Holding Ltd. (China)		29,668
				310,694
		Personal Products 0.8%
	1,300	Proya Cosmetics Co. Ltd., Class A (China)		35,383
		Pharmaceuticals 3.2%
	7,900	Jiangsu Hengrui Medicine Co. Ltd., Class A (China)		134,642
		Semiconductors 4.1%
	2,000	Silergy Corp. (Taiwan)		171,543
		Specialized Finance 3.2%
	22,000	Chailease Holding Co. Ltd. (Taiwan)		131,540
		Total Common Stocks (cost $3,193,190)		3,390,364
		EXCHANGE-TRADED FUND 1.2%
	605	iShares MSCI China ETF (China)		48,987
		Total Exchange-Traded Fund (cost $48,956)		48,987
		Total Investments (cost $3,242,146) 82.5%		3,439,351
		Other Assets less Liabilities 17.5%		730,845
		NET ASSETS 100.0%	$	4,170,196
		*Non-income producing. ADR American Depositary Receipt. ETF Exchange-Traded Fund. See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Greater China Fund’s investments, were in the following countries:

COUNTRY	%
China		78.6
Hong Kong		11.6
Taiwan		9.8
Total		100.0	%

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.0%
		Aerospace & Defense 2.6%
	195,713	Avon Rubber plc (United Kingdom)	$	8,470,733
	778,902	CAE, Inc. (Canada)		21,582,114
				30,052,847
		Airport Services 1.4%
	2,613,860	Grupo Aeroportuario del Centro Norte S.A.B. de C.V.* (Mexico)		16,861,791
		Alternative Carriers 0.5%
	451,062	Chief Telecom, Inc. (Taiwan)		5,690,849
		Apparel, Accessories & Luxury Goods 0.9%
	339,983	Canada Goose Holdings, Inc.* (Canada)		10,106,809
		Application Software 8.3%
	360,973	Descartes Systems Group, Inc. (The)* (Canada)		21,112,766
	61,461	Kinaxis, Inc.* (Canada)		8,707,579
	238,717	Lightspeed POS, Inc.* (Canada)		16,848,405
	400,801	Miroku Jyoho Service Co. Ltd. (Japan)		8,138,311
	134,190	Nemetschek SE (Germany)		9,972,779
	997,950	Systena Corp. (Japan)		20,953,987
	1,910,419	Technology One Ltd. (Australia)		12,077,268
				97,811,095
		Asset Management & Custody Banks 1.7%
	1,581,321	Netwealth Group Ltd. (Australia)		19,432,763
		Biotechnology 1.7%
	967,569	Abcam plc (United Kingdom)		20,508,846
		Brewers 1.4%
	137,457	Royal Unibrew A/S (Denmark)		15,917,359
		Commodity Chemicals 0.9%
	987,621	Berger Paints India Ltd. (India)		10,245,550
		Data Processing & Outsourced Services 1.8%
	96,900	GMO Payment Gateway, Inc. (Japan)		13,021,743
	847,079	Infomart Corp. (Japan)		8,089,813
				21,111,556
		Department Stores 0.6%
	354,574	Poya International Co. Ltd. (Taiwan)		7,268,653
		Diversified Real Estate Activities 2.0%
	733,622	Patrizia AG (Germany)		23,566,744
		Diversified Support Services 1.5%
	583,539	HomeServe plc (United Kingdom)		8,179,398
	1,040,352	Prestige International, Inc. (Japan)		9,205,534
				17,384,932
		Drug Retail 4.6%
	248,895	Ain Holdings, Inc. (Japan)		15,376,785
	361,779	Clicks Group Ltd. (South Africa)		6,220,531
	137,800	Kusuri no Aoki Holdings Co. Ltd. (Japan)		11,984,486
	1,228,500	Raia Drogasil S.A. (Brazil)		5,905,492
	226,200	Sugi Holdings Co. Ltd. (Japan)		15,109,916
				54,597,210
		Electrical Components & Equipment 1.9%
	561,485	Voltronic Power Technology Corp. (Taiwan)		22,381,066

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electronic Equipment & Instruments 1.8%
	646,767	Halma plc (United Kingdom)	$	21,660,288
		General Merchandise Stores 1.5%
	2,499,168	B&M European Value Retail S.A. (United Kingdom)		17,641,725
		Health Care Equipment 3.0%
	4,108,000	AK Medical Holdings Ltd. (China)		7,132,414
	25,762	Cochlear Ltd. (Australia)		3,753,769
	118,526	DiaSorin S.p.A. (Italy)		24,747,111
				35,633,294
		Health Care Services 1.6%
	610,745	Dr. Lal PathLabs Ltd. (India)		19,241,592
		Health Care Supplies 2.7%
	351,000	Asahi Intecc Co. Ltd. (Japan)		12,820,378
	1,207,000	Bioteque Corp. (Taiwan)		5,713,254
	211,514	Menicon Co. Ltd. (Japan)		12,828,791
				31,362,423
		Health Care Technology 2.1%
	434,700	JMDC, Inc.* (Japan)		24,681,668
		Home Improvement Retail 0.5%
	50,011,425	PT Ace Hardware Indonesia Tbk (Indonesia)		6,112,564
		Household Appliances 0.9%
	525,802	Breville Group Ltd. (Australia)		10,365,235
		Human Resource & Employment Services 2.1%
	363,611	Benefit One, Inc. (Japan)		10,763,505
	376,192	SMS Co. Ltd. (Japan)		14,426,108
				25,189,613
		Industrial Conglomerates 0.5%
	21,672	3M India Ltd.* (India)		6,183,553
		Industrial Machinery 2.1%
	375,615	MISUMI Group, Inc. (Japan)		12,330,428
	2,779,115	Rotork plc (United Kingdom)		12,085,405
				24,415,833
		Insurance Brokers 1.0%
	2,693,500	TQM Corp. Public Co. Ltd. (Thailand)		12,091,981
		Interactive Media & Services 4.0%
	217,310	Info Edge India Ltd. (India)		14,242,962
	526,800	Kakaku.com, Inc. (Japan)		14,420,275
	1,995,129	Rightmove plc* (United Kingdom)		17,756,040
				46,419,277
		Investment Banking & Brokerage 2.8%
	2,189,928	AJ Bell plc (United Kingdom)		12,982,147
	717,321	Avanza Bank Holding AB (Sweden)		20,314,040
				33,296,187
		IT Consulting & Other Services 6.5%
	162,295	Endava plc, ADR* (United Kingdom)		12,456,141
	58,641	Globant S.A.* (Argentina)		12,760,868
	411,760	Larsen & Toubro Infotech Ltd. (India)		20,607,865
	162,199	Reply S.p.A. (Italy)		18,989,748
	649,599	Softcat plc (United Kingdom)		12,205,615
				77,020,237

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Movies & Entertainment 1.7%
	297,991	CTS Eventim AG & Co. KGaA (Germany)	$	19,918,103
		Other Diversified Financial Services 1.2%
	21,218	Hypoport SE* (Germany)		13,483,581
		Packaged Foods & Meats 2.0%
	267,914	Morinaga & Co. Ltd. (Japan)		10,078,052
	3,525,449	Vitasoy International Holdings Ltd. (Hong Kong)		13,733,537
				23,811,589
		Pharmaceuticals 0.7%
	357,600	JCR Pharmaceuticals Co. Ltd. (Japan)		8,458,356
		Property & Casualty Insurance 1.7%
	659,087	ICICI Lombard General Insurance Co. Ltd.* (India)		13,743,251
	1,153,070	Qualitas Controladora S.A.B. de C.V. (Mexico)		6,193,706
				19,936,957
		Publishing 0.6%
	281,994	Future plc (United Kingdom)		6,702,198
		Regional Banks 4.4%
	1,175,394	AU Small Finance Bank Ltd.* (India)		13,697,581
	785,687	Canadian Western Bank (Canada)		17,665,458
	56,102,280	PT Bank BTPN Syariah Tbk (Indonesia)		14,985,119
	1,177,292	Regional S.A.B. de C.V.* (Mexico)		5,445,260
				51,793,418
		Research & Consulting Services 3.0%
	36,400	BayCurrent Consulting, Inc. (Japan)		6,387,928
	715,342	NICE Information Service Co. Ltd.* (South Korea)		16,362,071
	189,128	Nihon M&A Center, Inc. (Japan)		12,647,601
				35,397,600
		Restaurants 1.5%
	263,179	Domino’s Pizza Enterprises Ltd. (Australia)		17,587,185
		Semiconductors 4.4%
	125,621	LEENO Industrial, Inc. (South Korea)		15,622,767
	190,182	Melexis N.V. (Belgium)		18,563,635
	206,249	Silergy Corp. (Taiwan)		17,690,230
				51,876,632
		Soft Drinks 2.1%
	700,609	Fevertree Drinks plc (United Kingdom)		24,210,767
		Specialty Chemicals 0.9%
	106,365	Chr. Hansen Holding A/S* (Denmark)		10,989,808
		Systems Software 2.5%
	115,699	CyberArk Software Ltd.* (Israel)		18,695,801
	107,962	Douzone Bizon Co. Ltd.* (South Korea)		10,343,872
				29,039,673
		Trading Companies & Distributors 7.4%
	643,107	Diploma plc (United Kingdom)		19,277,530
	1,915,512	Electrocomponents plc (United Kingdom)		22,802,436
	1,915,958	Howden Joinery Group plc* (United Kingdom)		18,068,031
	98,754	IMCD N.V. (Netherlands)		12,577,015

WASATCH INTERNATIONAL GROWTH FUND
(WAIGX / WIIGX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	289,124	MonotaRO Co. Ltd. (Japan)	$	14,684,264
				87,409,276
		Total Common Stocks (cost $662,247,620)		1,164,868,683
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.3%
		Repurchase Agreement 1.3%
	$15,834,468	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $16,169,300 of United States Treasury Notes 0.125% due 12/15/23; value: $16,151,238; repurchase proceeds: $15,834,468 (cost $15,834,468)	$	15,834,468
		Total Short-Term Investments (cost $15,834,468)		15,834,468
		Total Investments (cost $678,082,088) 100.3%§		1,180,703,151
		Liabilities less Other Assets (0.3%)		(3,312,348	)
		NET ASSETS 100.0%	$	1,177,390,803
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 39.35%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2020, Wasatch International Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		1.1
Australia		5.4
Belgium		1.6
Brazil		0.5
Canada		8.2
China		0.6
Denmark		2.3
Germany		5.8
Hong Kong		1.2
India		8.4
Indonesia		1.8
Israel		1.6
Italy		3.8
Japan		22.0
Mexico		2.5
Netherlands		1.1
South Africa		0.5
South Korea		3.6
Sweden		1.8
Taiwan		5.0
Thailand		1.0
United Kingdom		20.2
Total		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.9%
		Advertising 2.3%
	1,245,598	YouGov plc (United Kingdom)	$	17,800,073
		Aerospace & Defense 1.8%
	307,531	Avon Rubber plc (United Kingdom)		13,310,372
		Alternative Carriers 1.9%
	812,000	Chief Telecom, Inc. (Taiwan)		10,244,644
	67,087	KINX, Inc.* (South Korea)		4,443,564
				14,688,208
		Application Software 21.6%
	84,848	Atoss Software AG (Germany)		16,384,284
	135,500	Cybozu, Inc. (Japan)		3,386,915
	2,625,322	dotdigital group plc (United Kingdom)		5,744,208
	1,000,180	Elmo Software Ltd.* (Australia)		4,973,522
	88,882	Esker S.A. (France)		19,175,705
	457,254	Fortnox AB (Sweden)		25,703,726
	125,000	Freee KK* (Japan)		12,224,211
	631,387	GB Group plc* (United Kingdom)		8,098,900
	1,382,844	LINK Mobility Group Holding ASA* (Norway)		7,493,009
	81,168	Mensch und Maschine Software SE (Germany)		5,949,694
	162,006	Miroku Jyoho Service Co. Ltd. (Japan)		3,289,551
	1,193,588	Pexip Holding ASA* (Norway)		9,143,509
	730,632	Rakus Co. Ltd. (Japan)		16,922,449
	667,500	Systena Corp. (Japan)		14,015,518
	45,139	Unifiedpost Group S.A.* (Belgium)		1,378,602
	236,945	Vitec Software Group AB, Class B (Sweden)		9,846,248
				163,730,051
		Brewers 0.6%
	42,497	Royal Unibrew A/S (Denmark)		4,921,103
		Commodity Chemicals 2.9%
	867,649	Berger Paints India Ltd. (India)		9,000,964
	755,758	Gulf Oil Lubricants India Ltd. (India)		7,426,996
	255,016	Supreme Industries Ltd. (India)		5,688,758
				22,116,718
		Consumer Finance 1.8%
	1,412,156	Arrow Global Group plc* (United Kingdom)		3,949,150
	236,148	Gruppo MutuiOnline S.p.A. (Italy)		10,053,884
				14,003,034
		Data Processing & Outsourced Services 2.7%
	5,092,380	Fawry for Banking & Payment Technology Services S.A.E.* (Egypt)		10,893,744
	1,036,400	Infomart Corp. (Japan)		9,897,875
				20,791,619
		Department Stores 1.1%
	396,908	Poya International Co. Ltd. (Taiwan)		8,136,487
		Diversified Banks 1.3%
	4,041,560	City Union Bank Ltd. (India)		9,992,238
		Diversified Support Services 5.5%
	677,800	Japan Elevator Service Holdings Co. Ltd. (Japan)		17,260,994
	6,221,404	Johnson Service Group plc* (United Kingdom)		11,910,885
	1,444,562	Prestige International, Inc. (Japan)		12,782,178
				41,954,057

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Drug Retail 1.3%
	50,000	Kusuri no Aoki Holdings Co. Ltd. (Japan)	$	4,348,507
	214,510	Yakuodo Holdings Co. Ltd. (Japan)		5,141,898
				9,490,405
		Electrical Components & Equipment 2.9%
	676,611	Amara Raja Batteries Ltd. (India)		8,547,055
	342,471	Voltronic Power Technology Corp. (Taiwan)		13,651,061
				22,198,116
		Electronic Components 0.7%
	1,815,934	Strix Group plc (United Kingdom)		5,463,241
		Electronic Equipment & Instruments 0.6%
	189,470	Carel Industries S.p.A. (Italy)		4,447,607
		Food Retail 2.6%
	3,819,129	Philippine Seven Corp. (Philippines)		9,527,245
	70,499	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. (Israel)		4,936,213
	4,502,100	Sheng Siong Group Ltd. (Singapore)		5,280,157
				19,743,615
		Health Care Equipment 2.5%
	4,128,000	AK Medical Holdings Ltd. (China)		7,167,138
	166,826	CellaVision AB* (Sweden)		6,211,965
	180,316	Medistim ASA (Norway)		5,264,789
				18,643,892
		Health Care Facilities 0.9%
	24,257,437	Cleopatra Hospital* (Egypt)		7,155,404
		Health Care Services 3.3%
	255,177	Dr. Lal PathLabs Ltd. (India)		8,039,381
	629,362	Metropolis Healthcare Ltd.* (India)		16,878,883
				24,918,264
		Health Care Supplies 2.4%
	1,537,000	Bioteque Corp. (Taiwan)		7,275,286
	887,906	Nanosonics Ltd.* (Australia)		5,496,785
	1,006,200	Shanghai Kindly Medical Instruments Co. Ltd., Class H (China)		5,327,930
				18,100,001
		Health Care Technology 3.6%
	168,200	Medley, Inc.* (Japan)		7,408,793
	151,739	Nexus AG (Germany)		9,465,371
	396,745	Pro Medicus Ltd. (Australia)		10,448,538
				27,322,702
		Home Improvement Retail 0.7%
	43,238,500	PT Ace Hardware Indonesia Tbk (Indonesia)		5,284,754
		Human Resource & Employment Services 1.9%
	240,477	HeadHunter Group plc, ADR (Russia)		7,274,429
	179,762	SMS Co. Ltd. (Japan)		6,893,464
				14,167,893
		Insurance Brokers 1.7%
	2,826,500	TQM Corp. Public Co. Ltd. (Thailand)		12,689,060
		Interactive Media & Services 0.1%
	15,559	Atrae, Inc.* (Japan)		420,855
		Internet Services & Infrastructure 2.3%
	87,906	BASE, Inc.* (Japan)		8,320,130

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	110,590	Hennge KK* (Japan)	$	8,908,735
				17,228,865
		IT Consulting & Other Services 3.4%
	233,971	Appen Ltd. (Australia)		4,453,581
	98,172	Aubay (France)		4,119,658
	1,012,650	Avant Corp. (Japan)		11,373,880
	379,364	FDM Group Holdings plc (United Kingdom)		5,831,094
				25,778,213
		Life Sciences Tools & Services 0.8%
	344,409	Biotage AB* (Sweden)		5,818,568
		Other Diversified Financial Services 2.0%
	23,532	Hypoport SE* (Germany)		14,954,078
		Packaged Foods & Meats 1.0%
	2,003,120	Vitasoy International Holdings Ltd. (Hong Kong)		7,803,240
		Personal Products 0.9%
	617,619	Sarantis S.A. (Greece)		7,054,709
		Property & Casualty Insurance 2.1%
	2,966,567	Qualitas Controladora S.A.B. de C.V. (Mexico)		15,934,890
		Publishing 1.8%
	569,927	Future plc (United Kingdom)		13,545,548
		Regional Banks 1.2%
	32,993,260	PT Bank BTPN Syariah Tbk (Indonesia)		8,812,617
		Research & Consulting Services 5.8%
	111,400	IR Japan Holdings Ltd. (Japan)		17,847,848
	918,928	JTC plc (United Kingdom)		7,012,022
	655,364	NICE Information Service Co. Ltd.* (South Korea)		14,990,189
	228,185	Talenom Oyj (Finland)		4,204,249
				44,054,308
		Restaurants 0.0%
	630,045	Patisserie Holdings plc* *** §§ (United Kingdom)		8,616
		Semiconductor Equipment 0.5%
	289,332	Japan Material Co. Ltd. (Japan)		3,975,990
		Semiconductors 3.2%
	242,181	Elmos Semiconductor SE (Germany)		8,128,556
	130,715	LEENO Industrial, Inc. (South Korea)		16,256,279
				24,384,835
		Specialized Finance 0.8%
	266,400	eGuarantee, Inc. (Japan)		5,806,847
		Specialty Stores 0.6%
	144,973	Musti Group Oyj* (Finland)		4,343,324
		Systems Software 1.0%
	216,385	Exasol AG* (Germany)		7,349,544
		Thrifts & Mortgage Finance 2.8%
	533,136	Aavas Financiers Ltd.* (India)		12,299,322
	108,532	Equitable Group, Inc. (Canada)		8,611,621
				20,910,943
		Total Common Stocks (cost $379,753,821)		749,254,904

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.1%
		Repurchase Agreement 1.1%
	$8,413,824	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $8,591,700 of United States Treasury Notes 0.125% due 12/15/23; value: $8,582,103; repurchase proceeds: $8,413,824 (cost $8,413,824)	$	8,413,824
		Total Short-Term Investments (cost $8,413,824)		8,413,824
		Total Investments (cost $388,167,645) 100.0%§		757,668,728
		Liabilities less Other Assets (<0.1%)		(172,473	)
		NET ASSETS 100.0%	$	757,496,255
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). §§The aggregate value of illiquid holdings at December 31, 2020 amounted to approximately $8,616,and represents 0.00% of net assets. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 43.65%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2020, Wasatch International Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		3.4
Belgium		0.2
Canada		1.1
China		1.7
Denmark		0.7
Egypt		2.4
Finland		1.1
France		3.1
Germany		8.3
Greece		0.9
Hong Kong		1.0
India		10.4
Indonesia		1.9
Israel		0.7
Italy		1.9
Japan		22.7
Mexico		2.1
Norway		2.9
Philippines		1.3
Russia		1.0
Singapore		0.7
South Korea		4.8
Sweden		6.4
Taiwan		5.2
Thailand		1.7
United Kingdom		12.4
Total		100.0	%

WASATCH INTERNATIONAL SELECT FUND
(WAISX / WGISX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 93.2%
		Apparel, Accessories & Luxury Goods 2.9%
	186	Hermes International (France)	$	199,869
		Application Software 13.4%
	1,172	Dassault Systemes SE (France)		237,889
	4,415	TeamViewer AG* (Germany)		237,162
	1,349	Temenos AG (Switzerland)		187,956
	2,305	Xero Ltd.* (Australia)		260,905
				923,912
		Asset Management & Custody Banks 3.6%
	210	Partners Group Holding AG (Switzerland)		246,759
		Building Products 3.6%
	10,022	Assa Abloy AB, Class B (Sweden)		247,664
		Data Processing & Outsourced Services 9.5%
	103	Adyen N.V.* (Netherlands)		239,706
	3,318	Amadeus IT Group S.A. (Spain)		241,423
	1,809	Worldline S.A.* (France)		174,808
				655,937
		Drug Retail 5.8%
	1,100	Cosmos Pharmaceutical Corp. (Japan)		177,625
	1,600	Tsuruha Holdings, Inc. (Japan)		227,526
				405,151
		Electronic Equipment & Instruments 3.4%
	7,106	Halma plc (United Kingdom)		237,981
		Health Care Equipment 5.6%
	187	Cochlear Ltd. (Australia)		27,248
	920	DiaSorin S.p.A. (Italy)		192,087
	6,992	Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)		165,864
				385,199
		Health Care Supplies 5.7%
	5,500	Asahi Intecc Co. Ltd. (Japan)		200,889
	1,248	Coloplast A/S, Class B (Denmark)		190,855
				391,744
		Health Care Technology 4.0%
	2,900	M3, Inc. (Japan)		273,955
		Industrial Machinery 6.1%
	6,400	MISUMI Group, Inc. (Japan)		210,094
	229	Rational AG (Germany)		212,823
				422,917
		Interactive Media & Services 8.6%
	7,400	Kakaku.com, Inc. (Japan)		202,563
	1,820	REA Group Ltd. (Australia)		208,870
	2,270	Scout24 AG (Germany)		185,490
				596,923
		IT Consulting & Other Services 2.6%
	900	Obic Co. Ltd. (Japan)		180,880
		Life Sciences Tools & Services 5.5%
	1,043	ICON plc* (Ireland)		203,364
	503	Sartorius Stedim Biotech (France)		178,940
				382,304

WASATCH INTERNATIONAL SELECT FUND
(WAISX / WGISX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Packaged Foods & Meats 2.4%
	42,000	Vitasoy International Holdings Ltd. (Hong Kong)	$	163,613
		Research & Consulting Services 5.3%
	2,426	Intertek Group plc (United Kingdom)		187,375
	2,159	Wolters Kluwer N.V. (Netherlands)		182,149
				369,524
		Soft Drinks 2.7%
	5,370	Fevertree Drinks plc (United Kingdom)		185,570
		Specialty Chemicals 2.5%
	1,708	Chr. Hansen Holding A/S* (Denmark)		176,473
		Total Common Stocks (cost $5,061,708)		6,446,375
Principal Amount			Value
		SHORT-TERM INVESTMENTS 6.2%
		Repurchase Agreement 6.2%
	$430,047	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $373,600 of United States Treasury Notes 2.375% due 11/15/49; value: $438,677; repurchase proceeds: $430,047 (cost $430,047)	$	430,047
		Total Short-Term Investments (cost $430,047)		430,047
		Total Investments (cost $5,491,755) 99.4%§		6,876,422
		Other Assets less Liabilities 0.6%		38,563
		NET ASSETS 100.0%	$	6,914,985
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 48.46%. See Notes to Schedules of Investments.

At December 31, 2020, Wasatch International Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		7.7
Denmark		5.7
France		12.3
Germany		9.9
Hong Kong		2.5
Ireland		3.2
Italy		3.0
Japan		22.9
Netherlands		6.5
New Zealand		2.6
Spain		3.7
Sweden		3.8
Switzerland		6.7
United Kingdom		9.5
Total		100.0	%

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 94.5%
		Agricultural Products 1.1%
	251,425	Hydrofarm Holdings Group, Inc.*	$	13,219,927
		Alternative Carriers 1.0%
	76,862	Bandwidth, Inc., Class A*		11,811,384
		Apparel Retail 1.7%
	467,584	Boot Barn Holdings, Inc.*		20,274,442
		Apparel, Accessories & Luxury Goods 0.9%
	495,609	Superior Group of Cos., Inc.		11,517,953
		Application Software 5.1%
	112,268	Five9, Inc.*		19,579,539
	559,411	Medallia, Inc.*		18,583,634
	528,900	Upland Software, Inc.*		24,271,221
				62,434,394
		Auto Parts & Equipment 3.8%
	188,343	Patrick Industries, Inc.		12,873,244
	319,601	Stoneridge, Inc.*		9,661,538
	459,982	XPEL, Inc.*		23,716,672
				46,251,454
		Biotechnology 8.0%
	122,792	ChemoCentryx, Inc.*		7,603,281
	437,461	Cytokinetics, Inc.*		9,090,440
	422,302	Esperion Therapeutics, Inc.*		10,979,852
	816,295	Flexion Therapeutics, Inc.*		9,420,044
	454,324	Frequency Therapeutics, Inc.*		16,019,464
	410,253	Inovio Pharmaceuticals, Inc.*		3,630,739
	525,186	MacroGenics, Inc.*		12,005,752
	1,372,156	MEI Pharma, Inc.*		3,622,492
	137,048	Nkarta, Inc.*		8,424,340
	1,091,167	Sangamo Therapeutics, Inc.*		17,027,661
				97,824,065
		Casinos & Gaming 1.2%
	715,344	GAN Ltd.* (United Kingdom)		14,507,176
		Construction & Engineering 1.9%
	792,991	Construction Partners, Inc., Class A*		23,083,968
		Construction Machinery & Heavy Trucks 1.3%
	111,672	Alamo Group, Inc.		15,405,152
		Data Processing & Outsourced Services 2.2%
	338,208	Repay Holdings Corp.*		9,216,168
	1,620,901	USA Technologies, Inc.*		16,987,043
				26,203,211
		Electrical Components & Equipment 1.1%
	267,573	Allied Motion Technologies, Inc.		13,672,980
		Electronic Equipment & Instruments 5.1%
	594,854	Napco Security Technologies, Inc.*		15,597,072
	640,552	nLight, Inc.*		20,914,023
	398,268	PAR Technology Corp.*		25,007,247
				61,518,342
		Environmental & Facilities Services 1.1%
	631,178	Heritage-Crystal Clean, Inc.*		13,298,920

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Financial Exchanges & Data 2.2%
	756,678	Open Lending Corp., Class A*	$	26,453,463
		Food Distributors 1.0%
	473,533	Chefs’ Warehouse, Inc. (The)*		12,165,063
		Health Care Equipment 3.2%
	536,651	CryoLife, Inc.*		12,670,330
	1,833,317	GenMark Diagnostics, Inc.*		26,766,428
				39,436,758
		Health Care Facilities 3.7%
	440,840	Pennant Group, Inc. (The)*		25,595,170
	160,171	U.S. Physical Therapy, Inc.		19,260,563
				44,855,733
		Health Care Services 3.5%
	134,083	Addus HomeCare Corp.*		15,699,779
	400,687	Castle Biosciences, Inc.*		26,906,132
				42,605,911
		Health Care Supplies 4.0%
	386,929	BioLife Solutions, Inc.*		15,434,598
	282,444	OrthoPediatrics Corp.*		11,650,815
	340,290	Silk Road Medical, Inc.*		21,431,464
				48,516,877
		Health Care Technology 1.1%
	181,582	Simulations Plus, Inc.		13,059,377
		Home Furnishings 1.8%
	683,952	Purple Innovation, Inc.*		22,529,379
		Homebuilding 1.8%
	90,357	LGI Homes, Inc.*		9,564,289
	410,826	Skyline Champion Corp.*		12,710,956
				22,275,245
		Industrial Machinery 5.9%
	298,363	Helios Technologies, Inc.		15,899,764
	152,720	Kadant, Inc.		21,530,466
	378,636	Kornit Digital Ltd.* (Israel)		33,747,827
				71,178,057
		Interactive Media & Services 0.8%
	242,697	MediaAlpha, Inc., Class A*		9,482,172
		Internet & Direct Marketing Retail 1.8%
	841,514	1-800-Flowers.com, Inc., Class A*		21,879,364
		Leisure Products 1.8%
	868,429	MasterCraft Boat Holdings, Inc.*		21,571,776
		Oil & Gas Equipment & Services 1.1%
	301,946	DMC Global, Inc.		13,059,165
		Packaged Foods & Meats 2.1%
	178,744	Freshpet, Inc.*		25,379,861
		Paper Packaging 1.3%
	346,557	UFP Technologies, Inc.*		16,149,556
		Pharmaceuticals 10.1%
	2,927,129	BioDelivery Sciences International, Inc.*		12,293,942
	2,738,723	Cresco Labs, Inc.* (Canada)		27,045,132
	950,896	Green Thumb Industries, Inc.*		23,296,952

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	12,282,143	IM Cannabis Corp.* ‡‡ §§ (Canada)	$	24,218,854
	349,579	Intra-Cellular Therapies, Inc.*		11,116,612
	2,368,969	PharmaCielo Ltd.* (Canada)		3,871,047
	2,057,256	TerrAscend Corp.* (Canada)		20,525,690
				122,368,229
		Regional Banks 1.0%
	455,391	Altabancorp		12,714,517
		Research & Consulting Services 2.0%
	327,356	ICF International, Inc.		24,332,371
		Restaurants 1.0%
	448,769	Chuy’s Holdings, Inc.*		11,887,891
		Semiconductor Equipment 1.6%
	279,686	Nova Measuring Instruments Ltd.* (Israel)		19,745,832
		Semiconductors 1.1%
	1,447,516	NeoPhotonics Corp.*		13,157,920
		Specialized Consumer Services 0.3%
	52,265	Collectors Universe, Inc.		3,940,781
		Systems Software 2.8%
	92,752	CyberArk Software Ltd.* (Israel)		14,987,796
	212,052	Rapid7, Inc.*		19,118,608
				34,106,404
		Trading Companies & Distributors 2.0%
	690,249	Transcat, Inc.* ‡‡		23,937,835
		Total Common Stocks (cost $680,790,042)		1,147,812,905
		WARRANTS 0.2%
		Pharmaceuticals 0.2%
	1,289,600	C21 Investments, Inc., 12/31/2023* *** † # (Canada)		891,545
	1,897,571	IM Cannabis Corp., 10/10/2021* §§ (Canada)		2,228,666
				3,120,211
		Total Warrants (cost $0)		3,120,211
Principal Amount			Value
		SHORT-TERM INVESTMENTS 5.9%
		Repurchase Agreement 5.9%
	$71,400,311	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $72,909,800 of United States Treasury Notes 0.125% due 12/15/23; value: $72,828,356; repurchase proceeds: $71,400,311 (cost $71,400,311)	$	71,400,311
		Total Short-Term Investments (cost $71,400,311)		71,400,311
		Total Investments (cost $752,190,353) 100.6%		1,222,333,427
		Liabilities less Other Assets (0.6%)		(7,191,601	)
		NET ASSETS 100.0%	$	1,215,141,826

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

*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 December 31, 2020, amounted to approximately $891,545, and represented 0.07% of net assets.

^‡‡Affiliated company (see Note 6).

^§§The aggregate value of illiquid holdings at December 31, 2020, amounted to approximately $26,447,520, and represented 2.18% of net assets.

^#In November 2020, the Fund entered into an equity commitment agreement to acquire common stock in C21 Investments, Inc. The remaining commitment amount at December 31, 2020 was $2,981,381 (CAD3,795,000) (see Note 9).

See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Micro Cap Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Canada		6.8
Israel		6.0
United Kingdom		1.3
United States		85.9
Total		100.0	%

WASATCH MICRO CAP VALUE FUND
(WAMVX / WGMVX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 95.0%
		Advertising 1.2%
	251,000	YouGov plc (United Kingdom)	$	3,586,886
		Air Freight & Logistics 1.1%
	568,000	Radiant Logistics, Inc.*		3,294,400
		Alternative Carriers 0.7%
	14,000	Bandwidth, Inc., Class A*		2,151,380
		Application Software 4.9%
	74,471	Agilysys, Inc.*		2,858,197
	163,000	eGain Corp.*		1,925,030
	18,000	Esker S.A. (France)		3,883,381
	57,000	QAD, Inc., Class A		3,601,260
	183,000	SharpSpring, Inc.*		2,979,240
				15,247,108
		Asset Management & Custody Banks 1.0%
	648,340	Fiducian Group Ltd. (Australia)		3,031,516
		Auto Parts & Equipment 1.2%
	54,000	Patrick Industries, Inc.		3,690,900
		Biotechnology 3.3%
	51,735	Cytokinetics, Inc.*		1,075,053
	36,000	Esperion Therapeutics, Inc.*		936,000
	71,798	Frequency Therapeutics, Inc.*		2,531,598
	85,000	MacroGenics, Inc.*		1,943,100
	300,000	MEI Pharma, Inc.*		792,000
	181,000	Sangamo Therapeutics, Inc.*		2,824,505
				10,102,256
		Communications Equipment 1.3%
	219,024	Digi International, Inc.*		4,139,554
		Construction & Engineering 2.2%
	127,000	Construction Partners, Inc., Class A*		3,696,970
	169,000	Sterling Construction Co., Inc.*		3,145,090
				6,842,060
		Data Processing & Outsourced Services 5.2%
	115,863	I3 Verticals, Inc., Class A*		3,846,652
	267,000	Paya Holdings, Inc., Class A*		3,625,860
	553,639	Paysign, Inc.*		2,568,885
	98,899	Repay Holdings Corp.*		2,694,998
	699,411	VIQ Solutions, Inc.* (Canada)		3,214,356
				15,950,751
		Diversified Support Services 1.0%
	1,578,000	Johnson Service Group plc* (United Kingdom)		3,021,083
		Education Services 1.6%
	222,000	Aspen Group, Inc.*		2,470,860
	113,000	Stride, Inc.*		2,398,990
				4,869,850
		Electronic Components 1.1%
	257,000	VIA Optronics AG, ADR* (Germany)		3,459,220
		Electronic Equipment & Instruments 4.0%
	53,000	FARO Technologies, Inc.*		3,743,390
	357,206	Luna Innovations, Inc.*		3,529,195

WASATCH MICRO CAP VALUE FUND
(WAMVX / WGMVX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	192,000	Napco Security Technologies, Inc.*	$	5,034,240
				12,306,825
		Electronic Manufacturing Services 1.4%
	55,939	Fabrinet*		4,340,307
		Financial Exchanges & Data 1.8%
	158,000	Open Lending Corp., Class A*		5,523,680
		Health Care Distributors 1.8%
	4,872,494	Ibnsina Pharma S.A.E. (Egypt)		1,561,180
	105,000	PetIQ, Inc.*		4,037,250
				5,598,430
		Health Care Equipment 3.9%
	40,000	Cantel Medical Corp.		3,154,400
	99,000	Inmode Ltd.* (Israel)		4,700,520
	92,000	Tactile Systems Technology, Inc.*		4,134,480
				11,989,400
		Health Care Facilities 2.2%
	40,000	Ensign Group, Inc. (The)		2,916,800
	145,000	Joint Corp. (The)*		3,807,700
				6,724,500
		Health Care Services 2.8%
	38,000	Addus HomeCare Corp.*		4,449,420
	451,068	Sharps Compliance Corp.*		4,262,593
				8,712,013
		Health Care Supplies 2.4%
	69,422	BioLife Solutions, Inc.*		2,769,243
	53,000	OrthoPediatrics Corp.*		2,186,250
	1,159,000	Surgalign Holdings, Inc.*		2,538,210
				7,493,703
		Health Care Technology 2.6%
	61,000	Nexus AG (Germany)		3,805,137
	141,000	OptimizeRx Corp.*		4,393,560
				8,198,697
		Heavy Electrical Equipment 1.5%
	88,607	TPI Composites, Inc.*		4,676,677
		Home Furnishings 1.2%
	84,000	Lovesac Co. (The)*		3,619,560
		Homebuilding 3.0%
	20,000	LGI Homes, Inc.*		2,117,000
	228,000	Skyline Champion Corp.*		7,054,320
				9,171,320
		Human Resource & Employment Services 0.3%
	98,968	Creek & River Co. Ltd. (Japan)		1,064,309
		Industrial Machinery 4.8%
	21,000	John Bean Technologies Corp.		2,391,270
	22,000	Kadant, Inc.		3,101,560
	53,000	Kornit Digital Ltd.* (Israel)		4,723,890
	121,000	va-Q-tec AG* (Germany)		4,566,554
				14,783,274
		Integrated Telecommunication Services 1.2%
	259,000	Ooma, Inc.*		3,729,600

WASATCH MICRO CAP VALUE FUND
(WAMVX / WGMVX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Internet & Direct Marketing Retail 0.9%
	620,000	Leaf Group Ltd.*	$	2,883,000
		Internet Services & Infrastructure 1.9%
	332,000	Pivotree, Inc.* (Canada)		3,440,239
	35,000	Tucows, Inc., Class A*		2,586,150
				6,026,389
		Investment Banking & Brokerage 1.5%
	434,000	JDC Group AG* (Germany)		4,761,161
		IT Consulting & Other Services 1.9%
	249,000	Avant Corp. (Japan)		2,796,718
	40,000	Endava plc, ADR* (United Kingdom)		3,070,000
				5,866,718
		Leisure Facilities 0.6%
	649,000	Gym Group plc (The)* (United Kingdom)		1,925,892
		Leisure Products 2.2%
	216,000	American Outdoor Brands, Inc.*		3,678,480
	199,185	Clarus Corp.		3,067,449
				6,745,929
		Mortgage REITs 0.7%
	157,000	Arbor Realty Trust, Inc.		2,226,260
		Movies & Entertainment 1.3%
	1,547,953	Thunderbird Entertainment Group, Inc.* (Canada)		3,891,468
		Office Services & Supplies 0.0%
	11,922	Kimball International, Inc., Class B		142,468
		Packaged Foods & Meats 1.0%
	21,000	Freshpet, Inc.*		2,981,790
		Pharmaceuticals 5.7%
	71,230	AYR Strategies, Inc.* (Canada)		1,693,842
	713,277	BioDelivery Sciences International, Inc.*		2,995,764
	251,000	Green Thumb Industries, Inc.*		6,149,500
	85,000	Intra-Cellular Therapies, Inc.*		2,703,000
	2,825,043	Vireo Health International, Inc* ‡‡ (Canada)		4,179,651
				17,721,757
		Regional Banks 1.7%
	181,000	Esquire Financial Holdings, Inc.*		3,473,390
	60,728	Sound Financial Bancorp, Inc.		1,928,114
				5,401,504
		Research & Consulting Services 3.5%
	56,815	ICF International, Inc.		4,223,059
	18,000	IR Japan Holdings Ltd. (Japan)		2,883,853
	141,000	Red Violet, Inc.*		3,681,510
				10,788,422
		Semiconductor Equipment 1.3%
	57,000	Nova Measuring Instruments Ltd.* (Israel)		4,024,200
		Semiconductors 2.7%
	274,000	MagnaChip Semiconductor Corp.*		3,704,480
	41,000	SiTime Corp.*		4,589,130
				8,293,610
		Specialized Finance 0.5%
	132,000	CF Finance Acquisition Corp. II, Class A*		1,454,640

WASATCH MICRO CAP VALUE FUND
(WAMVX / WGMVX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialty Chemicals 1.0%
	292,579	Neo Performance Materials, Inc. (Canada)	$	3,167,365
		Technology Hardware, Storage & Peripherals 1.0%
	54,000	MGI Digital Graphic Technology* (France)		3,150,025
		Thrifts & Mortgage Finance 2.5%
	90,981	Axos Financial, Inc.*		3,414,517
	366,000	Mortgage Advice Bureau Holdings Ltd. (United Kingdom)		4,334,376
				7,748,893
		Trading Companies & Distributors 2.4%
	168,000	Hardwoods Distribution, Inc. (Canada)		3,341,787
	9,218	Lawson Products, Inc.*		469,288
	105,029	Systemax, Inc.		3,769,491
				7,580,566
		Total Common Stocks (cost $178,123,562)		294,101,316
		CONVERTIBLE PREFERRED STOCKS 0.7%
		Oil & Gas Refining & Marketing 0.7%
	691,265	Vertex Energy, Inc., Pfd., 10.00% PIK, Series B*** †		1,942,454
		Total Convertible Preferred Stocks (cost $2,047,922)		1,942,454
		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
Principal Amount			Value
		SHORT-TERM INVESTMENTS 3.1%
		Repurchase Agreement 3.1%
	9,660,109	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $9,864,400 of United States Treasury Notes 0.125% due 12/15/23; value: $9,853,381; repurchase proceeds: $9,660,109 (cost $9,660,109)	$	9,660,109
		Total Short-Term Investments (cost $9,660,109)		9,660,109
		Total Investments (cost $189,861,594) 98.8%§		305,721,564
		Other Assets less Liabilities 1.2%		3,833,926
		NET ASSETS 100.0%	$	309,555,490

WASATCH MICRO CAP VALUE FUND
(WAMVX / WGMVX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

*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 December 31, 2020, amounted to approximately $1,960,139, and represented 0.63% of net assets.

^‡‡Affiliated company (see Note 6).

^§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 4.88%.

ADR American Depositary Receipt.

PIK Payment In Kind.

REIT Real Estate Investment Trust.

See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Micro Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		1.0
Canada		7.8
Egypt		0.5
France		2.4
Germany		5.6
Israel		4.5
Japan		2.3
United Kingdom		5.4
United States		70.5
Total		100.0	%

WASATCH SMALL CAP GROWTH FUND
(WAAEX / WIAEX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.2%
		Airlines 1.4%
	236,989	Allegiant Travel Co.	$	44,847,798
		Apparel Retail 1.7%
	1,212,613	Boot Barn Holdings, Inc.*		52,578,900
		Application Software 12.8%
	618,428	Five9, Inc.*		107,853,843
	234,551	HubSpot, Inc.*		92,985,398
	1,919,934	Medallia, Inc.*		63,780,208
	398,567	Paylocity Holding Corp.*		82,068,931
	375,181	Zendesk, Inc.*		53,695,905
				400,384,285
		Asset Management & Custody Banks 0.8%
	606,176	StepStone Group, Inc., Class A*		24,125,805
		Automotive Retail 1.5%
	881,404	Monro, Inc.		46,978,833
		Biotechnology 6.6%
	702,386	Atara Biotherapeutics, Inc.*		13,787,837
	316,282	ChemoCentryx, Inc.*		19,584,182
	749,381	Cytokinetics, Inc.*		15,572,137
	222,326	Denali Therapeutics, Inc.*		18,622,026
	609,190	Esperion Therapeutics, Inc.*		15,838,940
	1,274,902	Flexion Therapeutics, Inc.*		14,712,369
	1,062,704	Frequency Therapeutics, Inc.*		37,470,943
	1,001,894	Inovio Pharmaceuticals, Inc.*		8,866,762
	978,019	MacroGenics, Inc.*		22,357,514
	2,129,110	Sangamo Therapeutics, Inc.*		33,224,762
	136,927	Silverback Therapeutics, Inc.*		6,345,197
				206,382,669
		Building Products 1.1%
	527,509	AAON, Inc.		35,147,925
		Data Processing & Outsourced Services 3.8%
	491,650	Euronet Worldwide, Inc.*		71,249,918
	1,681,566	Repay Holdings Corp.*		45,822,674
				117,072,592
		Electronic Equipment & Instruments 1.1%
	1,060,934	nLight, Inc.*		34,639,495
		Financial Exchanges & Data 1.4%
	1,263,300	Open Lending Corp., Class A*		44,164,968
		General Merchandise Stores 1.8%
	701,408	Ollie’s Bargain Outlet Holdings, Inc.*		57,354,132
		Health Care Distributors 1.0%
	778,211	PetIQ, Inc.*		29,922,213
		Health Care Equipment 0.8%
	1,707,619	GenMark Diagnostics, Inc.*		24,931,237
		Health Care Facilities 4.1%
	1,216,812	Ensign Group, Inc. (The)		88,729,931
	676,115	Pennant Group, Inc. (The)*		39,255,237
				127,985,168

WASATCH SMALL CAP GROWTH FUND
(WAAEX / WIAEX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Services 1.0%
	465,436	Castle Biosciences, Inc.*	$	31,254,027
		Health Care Supplies 3.2%
	676,773	Neogen Corp.*		53,668,099
	753,617	Silk Road Medical, Inc.*		47,462,799
				101,130,898
		Health Care Technology 1.7%
	288,044	Inspire Medical Systems, Inc.*		54,178,196
		Home Furnishings 1.5%
	1,425,510	Purple Innovation, Inc.*		46,956,299
		Home Improvement Retail 2.7%
	920,887	Floor & Decor Holdings, Inc., Class A*		85,504,358
		Homebuilding 2.1%
	601,953	LGI Homes, Inc.*		63,716,725
		Industrial Machinery 8.8%
	816,682	Barnes Group, Inc.		41,397,611
	950,769	Helios Technologies, Inc.		50,666,480
	1,245,830	Kornit Digital Ltd.* (Israel)		111,040,828
	404,082	RBC Bearings, Inc.*		72,346,841
				275,451,760
		Insurance Brokers 1.5%
	368,945	Goosehead Insurance, Inc., Class A		46,029,578
		IT Consulting & Other Services 2.5%
	350,349	Globant S.A.* (Argentina)		76,239,446
		Leisure Facilities 1.1%
	447,562	Planet Fitness, Inc., Class A*		34,744,238
		Leisure Products 1.8%
	816,009	YETI Holdings, Inc.*		55,872,136
		Life Sciences Tools & Services 5.3%
	330,683	ICON plc* (Ireland)		64,476,571
	723,397	Medpace Holdings, Inc.*		100,696,863
				165,173,434
		Managed Health Care 2.1%
	956,240	HealthEquity, Inc.*		66,659,490
		Oil & Gas Equipment & Services 0.9%
	640,608	DMC Global, Inc.		27,706,296
		Packaged Foods & Meats 3.0%
	650,196	Freshpet, Inc.*		92,321,330
		Pharmaceuticals 1.1%
	1,047,514	Intra-Cellular Therapies, Inc.*		33,310,945
		Regional Banks 1.7%
	809,740	Pinnacle Financial Partners, Inc.		52,147,256
		Restaurants 0.9%
	1,108,654	Chuy’s Holdings, Inc.* ‡‡		29,368,245
		Semiconductors 2.9%
	247,934	Monolithic Power Systems, Inc.		90,800,869
		Specialty Stores 3.8%
	413,885	Five Below, Inc.*		72,421,597

WASATCH SMALL CAP GROWTH FUND
(WAAEX / WIAEX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	1,001,531	National Vision Holdings, Inc.*	$	45,359,339
				117,780,936
		Systems Software 7.5%
	650,866	CyberArk Software Ltd.* (Israel)		105,173,437
	301,850	Proofpoint, Inc.*		41,175,358
	956,600	Rapid7, Inc.*		86,247,056
				232,595,851
		Trading Companies & Distributors 1.2%
	237,498	SiteOne Landscape Supply, Inc.*		37,674,308
		Total Common Stocks (cost $1,567,940,046)		3,063,132,641
		PREFERRED STOCKS 0.4%
		Semiconductor Equipment 0.0%
	677,966	Nanosys, Inc., Series D Pfd.* *** †		1,240,678
	161,519	Nanosys, Inc., Series E Pfd.* *** †		197,053
				1,437,731
		Systems Software 0.4%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		11,937,473
		Total Preferred Stocks (cost $10,184,941)		13,375,204
		LIMITED PARTNERSHIP INTEREST 0.0%
		Asset Management & Custody Banks 0.0%
	1	Greenspring Global Partners II-B, L.P.* *** †		146,796
	1	Greenspring Global Partners III-B, L.P.* *** †		66,363
				213,159
		Total Limited Partnership Interest (cost $1,148,383)		213,159
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.5%
		Repurchase Agreement 1.5%
	$45,661,582	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $46,626,900 of United States Treasury Notes 0.125% due 12/15/23; value: $46,574,815; repurchase proceeds: $45,661,582 (cost $45,661,582)	$	45,661,582
		Total Short-Term Investments (cost $45,661,582)		45,661,582
		Total Investments (cost $1,624,934,952) 100.1%		3,122,382,586
		Liabilities less Other Assets (0.1%)		(4,169,105	)
		NET ASSETS 100.0%	$	3,118,213,481

WASATCH SMALL CAP GROWTH FUND
(WAAEX / WIAEX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

*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 December 31, 2020, amounted to approximately $13,588,363 and represented 0.44% of net assets.

^‡‡Affiliated company (see Note 6).

See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Small Cap Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		2.5
Ireland		2.1
Israel		7.0
United States		88.4
Total		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.8%
		Advertising 1.0%
	3,558,946	National CineMedia, Inc.	$	13,239,279
		Aerospace & Defense 1.3%
	145,308	HEICO Corp., Class A		17,009,755
		Airlines 1.2%
	85,555	Allegiant Travel Co.		16,190,428
		Application Software 3.6%
	491,931	Ebix, Inc.		18,678,620
	376,544	Medallia, Inc.*		12,508,792
	367,690	Upland Software, Inc.*		16,873,294
				48,060,706
		Asset Management & Custody Banks 3.0%
	472,467	Artisan Partners Asset Management, Inc., Class A		23,783,989
	210,566	Hamilton Lane, Inc., Class A		16,434,676
				40,218,665
		Auto Parts & Equipment 0.9%
	134,798	Dorman Products, Inc.*		11,703,162
		Automotive Retail 1.8%
	448,862	Monro, Inc.		23,924,345
		Biotechnology 1.2%
	256,374	Esperion Therapeutics, Inc.*		6,665,724
	95,835	Ligand Pharmaceuticals, Inc.*		9,530,791
				16,196,515
		Building Products 0.9%
	142,260	Trex Co., Inc.*		11,910,007
		Commercial Printing 1.3%
	201,322	Cimpress plc*		17,663,992
		Commodity Chemicals 3.0%
	1,725,660	Valvoline, Inc.		39,931,772
		Construction & Engineering 3.0%
	1,382,782	Construction Partners, Inc., Class A*		40,252,784
		Data Processing & Outsourced Services 4.4%
	275,348	Euronet Worldwide, Inc.*		39,903,432
	690,940	Repay Holdings Corp.*		18,828,115
				58,731,547
		Diversified Banks 0.7%
	3,741,795	City Union Bank Ltd. (India)		9,251,107
		Electrical Components & Equipment 1.2%
	124,193	Regal Beloit Corp.		15,252,142
		Electronic Equipment & Instruments 1.4%
	287,022	PAR Technology Corp.*		18,022,111
		Electronic Manufacturing Services 4.6%
	607,589	Fabrinet*		47,142,831
	437,289	Sanmina Corp.*		13,945,146
				61,087,977
		Financial Exchanges & Data 1.6%
	605,290	Open Lending Corp., Class A*		21,160,938

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		General Merchandise Stores 1.0%
	158,351	Ollie’s Bargain Outlet Holdings, Inc.*	$	12,948,361
		Health Care Facilities 2.9%
	525,096	Ensign Group, Inc. (The)		38,290,000
		Heavy Electrical Equipment 1.3%
	354,084	AZZ, Inc.		16,797,745
		Home Furnishings 1.3%
	387,317	Lovesac Co. (The)*		16,689,490
		Homebuilding 3.5%
	200,409	LGI Homes, Inc.*		21,213,293
	800,411	Skyline Champion Corp.*		24,764,716
				45,978,009
		Human Resource & Employment Services 1.1%
	162,387	ManpowerGroup, Inc.		14,644,060
		Industrial Machinery 12.3%
	919,483	Altra Industrial Motion Corp.		50,966,943
	444,822	Barnes Group, Inc.		22,548,027
	444,555	Flowserve Corp.		16,381,852
	368,040	Helios Technologies, Inc.		19,612,852
	379,237	Kadant, Inc.		53,464,832
				162,974,506
		Industrial REITs 1.5%
	1,173,457	Monmouth Real Estate Investment Corp.		20,324,275
		Internet & Direct Marketing Retail 1.8%
	902,787	1-800-Flowers.com, Inc., Class A*		23,472,462
		Investment Banking & Brokerage 2.6%
	719,990	Moelis & Co., Class A		33,666,732
		Leisure Products 1.7%
	329,704	YETI Holdings, Inc.*		22,574,833
		Life & Health Insurance 0.9%
	518,604	Unum Group		11,896,776
		Life Sciences Tools & Services 1.1%
	73,390	ICON plc* (Ireland)		14,309,582
		Managed Health Care 1.0%
	182,661	HealthEquity, Inc.*		12,733,298
		Mortgage REITs 1.3%
	1,170,067	Arbor Realty Trust, Inc.		16,591,550
		Office Services & Supplies 0.9%
	1,335,913	ACCO Brands Corp.		11,288,465
		Oil & Gas Equipment & Services 1.1%
	531,475	Cactus, Inc., Class A		13,855,553
		Oil & Gas Exploration & Production 1.5%
	2,747,918	Magnolia Oil & Gas Corp., Class A*		19,400,301
		Packaged Foods & Meats 0.8%
	245,128	TreeHouse Foods, Inc.*		10,415,489
		Personal Products 0.9%
	359,318	Edgewell Personal Care Co.		12,425,217
		Pharmaceuticals 1.1%
	455,070	Intra-Cellular Therapies, Inc.*		14,471,226

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 7.1%
	887,482	Bank OZK	$	27,751,562
	347,326	Eagle Bancorp, Inc.		14,344,564
	596,456	FB Financial Corp.		20,714,917
	719,104	Webster Financial Corp.		30,310,234
				93,121,277
		Semiconductor Equipment 1.6%
	304,418	Nova Measuring Instruments Ltd.* (Israel)		21,491,911
		Semiconductors 1.0%
	502,812	Tower Semiconductor Ltd.* (Israel)		12,982,606
		Specialized Consumer Services 1.4%
	357,225	Terminix Global Holdings, Inc.*		18,222,047
		Specialized REITs 2.0%
	734,411	National Storage Affiliates Trust		26,460,828
		Specialty Chemicals 3.5%
	242,946	Innospec, Inc.		22,042,491
	235,205	Minerals Technologies, Inc.		14,610,935
	135,664	Sensient Technologies Corp.		10,007,933
				46,661,359
		Technology Hardware, Storage & Peripherals 1.1%
	651,583	Xerox Holdings Corp.		15,110,210
		Thrifts & Mortgage Finance 2.3%
	825,483	Axos Financial, Inc.*		30,980,377
		Trucking 1.1%
	344,237	Knight-Swift Transportation Holdings, Inc.		14,395,991
		Total Common Stocks (cost $941,778,174)		1,304,981,768
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.1%
		Repurchase Agreement 1.1%
	$14,776,041	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $15,088,500 of United States Treasury Notes 0.125% due 12/15/23; value: $15,071,645; repurchase proceeds: $14,776,041 (cost $14,776,041)	$	14,776,041
		Total Short-Term Investments (cost $14,776,041)		14,776,041
		Total Investments (cost $956,554,215) 99.9%		1,319,757,809
		Other Assets less Liabilities 0.1%		958,951
		NET ASSETS 100.0%	$	1,320,716,760
		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2020, Wasatch Small Cap Value Fund’s investments, excluding short-term investments, were in the following countries:
COUNTRY	%
India		0.7
Ireland		1.1
Israel		2.6
United States		95.6
Total		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 93.5%
		Alternative Carriers 1.2%
	214,738	Bandwidth, Inc., Class A*	$	32,998,789
		Application Software 11.6%
	144,926	Avalara, Inc.*		23,896,848
	131,188	DocuSign, Inc.*		29,163,092
	255,230	Five9, Inc.*		44,512,112
	116,478	HubSpot, Inc.*		46,176,538
	1,014,470	Medallia, Inc.*		33,700,694
	250,603	Paylocity Holding Corp.*		51,601,664
	2,349,045	Pexip Holding ASA* (Norway)		17,994,915
	473,579	Zendesk, Inc.*		67,778,627
				314,824,490
		Automotive Retail 1.1%
	747,809	Camping World Holdings, Inc., Class A		19,480,424
	183,722	Monro, Inc.		9,792,383
				29,272,807
		Biotechnology 13.3%
	748,741	Atara Biotherapeutics, Inc.*		14,697,786
	453,123	ChemoCentryx, Inc.*		28,057,376
	696,935	Cytokinetics, Inc.*		14,482,309
	108,635	Denali Therapeutics, Inc.*		9,099,268
	1,320,747	Esperion Therapeutics, Inc.*		34,339,422
	373,966	Exact Sciences Corp.*		49,546,755
	1,084,475	Flexion Therapeutics, Inc.*		12,514,842
	1,120,938	Frequency Therapeutics, Inc.*		39,524,274
	1,713,384	Inovio Pharmaceuticals, Inc.*		15,163,449
	309,536	Ligand Pharmaceuticals, Inc.*		30,783,355
	1,273,233	MacroGenics, Inc.*		29,106,106
	3,447,274	MEI Pharma, Inc.*		9,100,803
	277,515	Nkarta, Inc.*		17,058,847
	3,619,329	Sangamo Therapeutics, Inc.*		56,479,629
				359,954,221
		Building Products 1.2%
	395,502	Trex Co., Inc.*		33,111,427
		Commodity Chemicals 1.0%
	1,150,346	Valvoline, Inc.		26,619,006
		Data Processing & Outsourced Services 2.2%
	1,110,773	Repay Holdings Corp.*		30,268,564
	137,024	Square, Inc., Class A*		29,821,904
				60,090,468
		Electronic Equipment & Instruments 1.7%
	1,438,238	nLight, Inc.*		46,958,471
		Electronic Manufacturing Services 0.6%
	75,925	IPG Photonics Corp.*		16,991,256
		Financial Exchanges & Data 3.3%
	1,685,696	Open Lending Corp., Class A*		58,931,932
	481,969	Tradeweb Markets, Inc., Class A		30,098,964
				89,030,896
		General Merchandise Stores 1.3%
	439,016	Ollie’s Bargain Outlet Holdings, Inc.*		35,898,338

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Equipment 6.2%
	534,328	AtriCure, Inc.*	$	29,746,040
	2,114,867	CryoLife, Inc.* ‡‡		49,932,010
	2,078,857	GenMark Diagnostics, Inc.*		30,351,312
	429,821	Glaukos Corp.*		32,348,328
	252,639	Tandem Diabetes Care, Inc.*		24,172,500
				166,550,190
		Health Care Services 2.6%
	852,052	Castle Biosciences, Inc.*		57,215,292
	1,030,265	Exagen, Inc.* ‡‡		13,599,498
				70,814,790
		Health Care Supplies 4.2%
	768,681	BioLife Solutions, Inc.*		30,662,685
	2,921,140	Cerus Corp.*		20,214,289
	978,464	Silk Road Medical, Inc.*		61,623,663
				112,500,637
		Health Care Technology 3.9%
	281,427	Inspire Medical Systems, Inc.*		52,933,604
	367,199	Tabula Rasa HealthCare, Inc.*		15,730,805
	132,634	Veeva Systems, Inc., Class A*		36,109,607
				104,774,016
		Heavy Electrical Equipment 1.1%
	552,215	TPI Composites, Inc.*		29,145,908
		Home Furnishings 1.9%
	1,585,331	Purple Innovation, Inc.*		52,220,803
		Home Improvement Retail 2.2%
	636,783	Floor & Decor Holdings, Inc., Class A*		59,125,302
		Homebuilding 2.3%
	294,322	LGI Homes, Inc.*		31,153,984
	1,002,410	Skyline Champion Corp.*		31,014,565
				62,168,549
		Industrial Machinery 3.1%
	79,125	John Bean Technologies Corp.		9,009,964
	845,954	Kornit Digital Ltd.* (Israel)		75,399,880
				84,409,844
		Industrial REITs 0.6%
	938,929	Monmouth Real Estate Investment Corp.		16,262,250
		Insurance Brokers 0.4%
	86,876	Goosehead Insurance, Inc., Class A		10,838,650
		Interactive Media & Services 0.6%
	412,273	MediaAlpha, Inc., Class A*		16,107,506
		Internet & Direct Marketing Retail 1.1%
	3,404,582	Trainline plc* (United Kingdom)		21,602,766
	38,751	Wayfair, Inc., Class A*		8,750,364
				30,353,130
		IT Consulting & Other Services 2.1%
	415,639	Endava plc ADR* (United Kingdom)		31,900,293
	111,110	Globant S.A.* (Argentina)		24,178,647
				56,078,940

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 1.4%
	193,292	ICON plc* (Ireland)	$	37,688,074
		Managed Health Care 1.8%
	697,327	HealthEquity, Inc.*		48,610,665
		Oil & Gas Equipment & Services 0.2%
	738,838	Solaris Oilfield Infrastructure, Inc., Class A		6,014,141
		Packaged Foods & Meats 2.3%
	442,573	Freshpet, Inc.*		62,840,940
		Pharmaceuticals 2.6%
	2,073,592	Intra-Cellular Therapies, Inc.*		65,940,226
	751,410	Optinose, Inc.*		3,110,837
				69,051,063
		Regional Banks 2.4%
	922,022	Bank OZK		28,831,628
	357,478	Eagle Bancorp, Inc.		14,763,841
	376,698	Esquire Financial Holdings, Inc.*		7,228,835
	197,467	Pinnacle Financial Partners, Inc.		12,716,875
				63,541,179
		Restaurants 0.4%
	440,343	Chuy’s Holdings, Inc.*		11,664,686
		Semiconductor Equipment 1.4%
	542,083	Nova Measuring Instruments Ltd.* (Israel)		38,271,060
		Semiconductors 1.6%
	111,268	Monolithic Power Systems, Inc.		40,749,679
	42,910	NVE Corp.		2,410,684
				43,160,363
		Specialty Chemicals 0.8%
	175,111	Balchem Corp.		20,176,289
		Specialty Stores 2.5%
	389,385	Five Below, Inc.*		68,134,587
		Systems Software 3.8%
	362,252	CyberArk Software Ltd.* (Israel)		58,536,300
	326,214	Proofpoint, Inc.*		44,498,852
				103,035,152
		Trucking 1.5%
	955,680	Knight-Swift Transportation Holdings, Inc.		39,966,538
		Total Common Stocks (cost $1,565,062,329)		2,529,255,421
		PREFERRED STOCKS 0.0%
		Semiconductor Equipment 0.0%
	169,492	Nanosys, Inc., Series D Pfd.* *** †		310,170
	40,380	Nanosys, Inc., Series E Pfd.* *** †		49,264
				359,434
		Total Preferred Stocks (cost $546,236)		359,434
		LIMITED PARTNERSHIP INTEREST 0.0%
		Asset Management & Custody Banks 0.0%
	1	Greenspring Global Partners II-B, L.P.* *** †		132,113

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	1	Greenspring Global Partners III-B, L.P.* *** †	$	66,363
				198,476
		Total Limited Partnership Interest (cost $1,037,371)		198,476
Principal Amount			Value
		SHORT-TERM INVESTMENTS 6.7%
		Repurchase Agreement 6.7%
	$180,276,334	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $184,087,500 of United States Treasury Notes 0.125% due 12/15/23; value: $183,881,865; repurchase proceeds: $180,276,334 (cost $180,276,334)	$	180,276,334
		Total Short-Term Investments (cost $180,276,334)		180,276,334
		Total Investments (cost $1,746,922,270) 100.2%§		2,710,089,665
		Liabilities less Other Assets (0.2%)		(4,327,742	)
		NET ASSETS 100.0%	$	2,705,761,923
		*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 December 31, 2020, amounted to approximately $557,910, and represented 0.02% of net assets. ‡‡Affiliated company (see Note 6). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 0.66%. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2020, Wasatch Ultra Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Argentina		1.0
Ireland		1.5
Israel		6.8
Norway		0.7
United Kingdom		2.1
United States		87.9
Total		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) DECEMBER 31, 2020 (UNAUDITED)

Schedule of Investments

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 99.3%
	$75,000,000	U.S. Treasury Bond 1.25%, 5/15/50	$	68,039,063
	87,900,000	U.S. Treasury Bond, 2.25%, 8/15/46		100,336,477
	35,000,000	U.S. Treasury Bond, 2.25%, 8/15/49		40,054,492
	25,150,000	U.S. Treasury Bond, 2.50%, 2/15/45		29,992,357
	19,000,000	U.S. Treasury Bond, 2.875%, 5/15/49		24,530,781
	45,530,000	U.S. Treasury Bond, 3.00%, 8/15/48		59,895,071
	39,800,000	U.S. Treasury Strip, principal only, 2/15/49		24,848,037
	105,000,000	U.S. Treasury Strip, principal only, 5/15/49		65,219,159
	147,000,000	U.S. Treasury Strip, principal only, 8/15/49		90,631,455
		Total U.S. Government Obligations (cost $475,972,625)		503,546,892
		SHORT-TERM INVESTMENTS 0.5%
		Repurchase Agreement 0.5%
	2,641,948	Repurchase Agreement dated 12/31/20, 0.00% due 1/4/21 with Fixed Income Clearing Corp. collateralized by $2,697,900 of United States Treasury Notes 0.125% due 12/15/23; value $2,694,886; repurchase proceeds: $2,641,948 (cost $2,641,948)	$	2,641,948
		Total Short-Term Investments (cost $2,641,948)		2,641,948
		Total Investments (cost $478,614,573) 99.8%		506,188,840
		Other Assets less Liabilities 0.2%		845,602
		NET ASSETS 100.0%	$	507,034,442
		See Notes to Schedules of Investments.

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 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 18 series or funds (each a “Fund” and collectively the “Funds”). The Core Growth Fund, Global Opportunities Fund, Global Value Fund, International Growth Fund, International Opportunities Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Ultra Growth Fund, and Wasatch-Hoisington U.S. Treasury Fund (“U.S. Treasury Fund”) (sub-advised) are each a diversified fund. The Emerging India Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Select Fund, Greater China Fund and International Select Fund are each a non-diversified fund. Each Fund maintains its own investment objective(s).

On November 9, 2011, the Trust 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 17 funds offer Institutional Class shares: Core Growth Fund, Global Value Fund and Small Cap Value Fund, which commenced operations on January 31, 2012, Emerging Markets Select Fund, which commenced operations on December 13, 2012 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, Wasatch Ultra Growth Fund, Wasatch Micro Cap Fund and Wasatch Micro Cap Value Fund, which commenced operations on January 31, 2020, and Wasatch Greater China Fund, which commenced operations on November 30, 2020. Each class of shares for each Fund has identical rights and privileges except with respect to purchase minimums, distribution and service charges, shareholder services, voting rights on matters affecting a single class of shares, and the exchange and conversion features. The Funds have entered into an investment advisory agreement with Wasatch Advisors, Inc., d/b/a Wasatch Global Investors, as investment advisor (the “Advisor” or “Wasatch”).

The Core Growth, Emerging India, Emerging Markets Select, Emerging Markets Small Cap, Frontier Emerging Small Countries, Global Opportunities, Global Select, Global Value, Greater China, International Growth, International Opportunities, International Select, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value and Ultra Growth Funds are referred to herein as the “Equity Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant policies related to investments of the Funds held at December 31, 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 DECEMBER 31, 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. None of the Funds entered into foreign currency contracts transaction during this period.

5. FEDERAL INCOME TAX INFORMATION

As of December 31, 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	$	2,059,977,750		$	232,403,468		$	47,428,084		$	236,479,518		$	45,716,029
Gross appreciation	$	1,378,890,560		$	152,315,540		$	37,263,866		$	243,398,104		$	21,644,107
Gross (depreciation)		(18,976,673	)		(1,239,623	)		(618,705	)		(16,931,075	)		(2,180,401	)
Net appreciation	$	1,359,913,887		$	151,075,917		$	36,645,161		$	226,467,029		$	19,463,706

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2020 (UNAUDITED)

5. FEDERAL INCOME TAX INFORMATION (continued)

	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Cost	$	95,819,681		$	12,113,854		$	102,230,259		$	3,242,932		$	687,927,204
Gross appreciation	$	92,844,848		$	4,561,572		$	21,883,052		$	237,845		$	502,290,913
Gross (depreciation)		(1,727,209	)		—			(3,441,223	)		(41,426	)		(9,514,966	)
Net appreciation	$	91,117,639		$	4,561,572		$	18,441,829		$	196,419		$	492,775,947
	International Opportunities Fund			International Select Fund			Micro Cap Fund			Micro Cap Value Fund			Small Cap Growth Fund
Cost	$	388,400,627		$	5,537,189		$	758,905,813		$	191,573,614		$	1,634,933,568
Gross appreciation	$	374,516,341		$	1,354,573		$	468,722,695		$	118,926,843		$	1,503,092,598
Gross (depreciation)		(5,248,240	)		(15,340	)		(5,295,081	)		(4,778,893	)		(15,643,580	)
Net appreciation	$	369,268,101		$	$1,339,233		$	463,427,614		$	114,147,950		$	1,487,449,018
	Small Cap Value Fund			Ultra Growth Fund			U.S. Treasury Fund
Cost	$	964,268,607		$	479,085,214		$	3,242,932
Gross appreciation	$	363,032,854		$	35,292,014		$	237,845
Gross (depreciation)		(7,543,652	)		(8,188,388	)		(41,426	)
Net appreciation	$	355,489,202		$	27,103,626		$	196,419

The difference between book-basis and tax-basis unrealized gains (losses) is primarily attributable to the tax deferral of losses on wash sales.

6. TRANSACTIONS WITH AFFILIATES

If a Fund’s holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the period ended December 31, 2020 with an “affiliated company” as so defined:

	Value, Beginning of the period		Purchases at Cost		Proceeds from Sales		Value, End of the period		Dividends Credited to Income for the period ended 12/31/2020		Gain (Loss) Realized on Sale of Shares for the period ended 12/31/2020			Change in Unrealized Appreciation for the period ended 12/31/2020
Micro Cap Fund
Common Stock
IM Cannabis Corp.	$	10,206,730	$	1,236,863	$	—	$	24,218,854	$	—	$	—		$	12,775,261
Transcat, Inc.		15,971,020		4,650,381		—		23,937,835		—		—			3,316,434
Warrants
IM Cannabis Corp - Warrants $1.30 10/10/2021		356,271		—		—		2,228,666		—		—			1,872,395
	$	26,534,021	$	5,887,244	$	—	$	50,385,355	$	—	$	—		$	17,964,090
Small Cap Growth Fund
Common Stock
Chuy’s Holdings Inc.	$	22,322,336	$	—	$	785,941	$	29,368,244	$	—	$	(297,221	)	$	8,129,070
Ultra Growth Fund
Common Stock
Exagen Inc.	$	10,092,300	$	1,192,877	$	—	$	13,599,498	$	—	$	—		$	2,314,321
CryoLife Inc.		31,456,959		9,006,144		—		49,932,010		—		—			9,468,907
	$	41,549,259	$	10,199,021	$	—	$	63,531,508	$	—	$	—		$	11,783,228
Micro Cap Value Fund
Common Stock
Vireo Health International Inc.	$	553,582	$	2,686,388	$	—	$	4,179,651	$	—	$	—		$	939,681

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2020 (UNAUDITED)

6. TRANSACTIONS WITH AFFILIATES (continued)

	Share Activity								Dividends Credited to Income for the		Gain (Loss) Realized on Sale of Shares for the			Change in Unrealized Appreciation for the
	Balance 9/30/2020		Purchases/ Additions		Sales/ Reductions		Balance 12/31/2020		period ended 12/31/2020		period ended 12/31/2020			period ended 12/31/2020
Micro Cap Fund
Common Stock
IM Cannabis Corp		11,325,643		956,500		—		12,282,143	$	—	$	—		$	12,775,261
Transcat, Inc.		545,086		145,163		—		690,249		—					3,316,434
Warrants
IM Cannabis Corp - Warrants $1.30 10/10/2021		1,897,571		—		—		1,897,571		—		—			1,872,395
		13,768,300		1,101,663		—		14,869,963	$	—	$	—		$	17,964,090
Small Cap Growth Fund
Common Stock
Chuy’s Holdings Inc.		1,140,058		—		31,404		1,108,654	$	—	$	(297,221	)	$	8,129,070
Ultra Growth Fund
Common Stock
Exagen Inc.		931,024		99,241		—		1,030,265	$	—	$	—		$	2,314,321
CryoLife Inc.		1,703,138		411,729		—		2,114,867		—		—			9,468,907
		2,634,162		510,970		—		3,145,132	$	—	$	—		$	11,783,228
Micro Cap Value Fund
Common Stock
Vireo Health International Inc.		532,341		2,292,702		—		2,825,043	$	—	$	—		$	939,681

7. RESTRICTED SECURITIES

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the “Securities Act”) and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee of the Advisor (“Pricing Committee”), comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At December 31, 2020, the Funds held the following restricted securities.

	Security Type		Acquisition Date		Cost		Fair Value		Value as a Percent of Net Assets
Micro Cap Fund
C21 Investments, Inc., expiring 12/31/2023#		Warrants		12/31/2020	$	—	$	891,545		0.07	%
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 – 10/29/20		2,047,922		1,942,454		0.70	%
					$	2,077,923	$	1,960,139		0.71	%
Small Cap Growth Fund
DataStax, Inc. - Series E		Preferred Stock		8/12/2014	$	8,000,002	$	11,937,473		0.40	%
Greenspring Global Partners II-B, L.P.		LP Interest		10/10/03 – 3/31/17		1,141,197		146,796		0.01	%
Greenspring Global Partners III-B, L.P.		LP Interest		3/16/06 – 6/29/17		7,186		66,363		0.00	%
Nanosys, Inc., Series D Pfd.		Preferred Stock		11/8/2005		2,000,000		1,240,678		0.04	%
Nanosys, Inc., Series E Pfd.		Preferred Stock		8/13/2010		184,939		197,053		0.01	%
					$	11,333,324	$	13,588,363		0.46	%
Ultra Growth Fund
Greenspring Global Partners II-B, L.P.		LP Interest		10/10/03 – 3/31/17	$	1,029,173	$	132,113		0.00	%
Greenspring Global Partners III-B, L.P.		LP Interest		3/16/06 – 6/29/17		8,198		66,363		0.00	%
Nanosys, Inc., Series D Pfd.		Preferred Stock		11/8/05		500,001		310,170		0.022
Nanosys, Inc., Series E Pfd.		Preferred Stock		8/13/10		46,235		49,263		0.00	%
					$	1,583,607	$	557,909		0.02	%

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2020 (UNAUDITED)

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.

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.

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2020 (UNAUDITED)

8. FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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

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

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

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

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

Derivative Instruments – Listed derivatives that are actively traded are valued based on quoted prices from the exchange and categorized in Level 1 of the fair value hierarchy. Exchange-traded options are valued at the last sale price in the market where they are principally traded. If there are no sales on the primary exchange or market on a given day, then the option is valued at the mean of the last bid price and ask price on the primary exchange or market as provided by a pricing service. Forward foreign currency contracts are valued at the market rate provided by the pricing service and categorized as Level 2.

Restricted Securities – If market quotations are not readily available for the Funds’ investments in securities such as restricted securities, private placements, securities for which trading has been halted or other illiquid securities, these investments are valued at fair value in accordance with Board-approved Pricing Policies and Procedures by the Pricing Committee with oversight by the Board of Trustees. Fair value is defined as the price that would be received upon the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date under current market conditions. For each applicable investment that is fair valued, the Pricing Committee considers, to the extent applicable, various factors including, but not limited to, the financial condition of the company or limited partnership, operating results, prices paid in follow-on rounds, comparable companies in the public market, the nature and duration of the restrictions for holding the securities, a stated net asset value (NAV) for the partnership, if applicable, and other relevant factors. Depending on the relative significance of valuation inputs, these instruments may be classified in either Level 2 or Level 3 of the fair value hierarchy.

When the last day of the reporting period is a non-business day, certain foreign markets may be open on days the NYSE is closed, which could result in differences between the value of a Fund’s portfolio securities on the last business day and the last calendar day of the reporting period. Any significant security valuation changes due to an open foreign market are adjusted and reflected by the Fund for financial reporting purposes.

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2020 (UNAUDITED)

8. FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

The following is a summary of the fair valuations according to the inputs used as of December 31, 2020 in valuing the Funds’ assets and liabilities:

Fund	Category		Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 9/30/20
Core Growth Fund
Assets
Common Stocks
		Diversified Banks	$	—	$	23,049,130	$	—	$	23,049,130
		Other		3,370,747,615		—		—		3,370,747,615
Short-Term Investments				—		26,094,892		—		26,094,892
			$	3,370,747,615	$	49,144,022	$	—	$	3,419,891,637
Emerging India Fund
Assets
Common Stocks
		Diversified Banks	$	45,409,933	$	4,430,304	$	—	$	49,840,237
		Other		327,020,861		—		—		327,020,861
Short-Term Investments				—		6,618,287		—		6,618,287
			$	372,430,794	$	11,048,591	$	—	$	383,479,385
Emerging Markets Select Fund
Assets
Common Stocks
		Diversified Banks	$	5,894,274	$	1,344,266	$	—	$	7,238,540
		Drug Retail		—		2,321,481		—		2,321,481
		Electrical Components & Equipment		3,624,873		1,464,879				5,089,752
		General Merchandise Stores		—		2,327,093		—		2,327,093
		Managed Health Care		—		1,107,821		—		1,107,821
		Personal Products		—		868,649		—		868,649
		Semiconductor Equipment		—		1,115,042		—		1,115,042
		Other		61,431,348		—		—		61,431,348
Preferred Stocks				—		1,023,810		—		1,023,810
Short-Term Investments				—		1,549,709		—		1,549,709
			$	70,950,495	$	13,122,750	$	—	$	84,073,245
Emerging Markets Small Cap Fund
Assets
Common Stocks
		Consumer Finance	$	28,407,277	$	9,455,709	$	—	$	37,862,986
		Drug Retail		4,851,969		13,438,420		—		18,290,389
		General Merchandise Stores		—		20,981,063		—		20,981,063
		Home Improvement Retail		—		5,092,586		—		5,092,586
		Insurance Brokers		—		7,960,842		—		7,960,842
		Pharmaceuticals		—		—		16,791		16,791
		Regional Banks		19,066,960		9,126,368		—		28,193,328
		Semiconductors		50,029,180		11,433,182		—		61,462,362
		Systems Software		—		6,949,408		—		6,949,408
		Other		265,338,656		—		—		265,338,656
Preferred Stocks				—		7,079,506		—		7,079,506
Warrants				32,563		—		—		32,563
Short-Term Investments				—		3,686,067		—		3,686,067
			$	367,726,605	$	95,203,151	$	16,791	$	462,946,547

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2020 (UNAUDITED)

8. 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 9/30/20
Frontier Emerging Small Countries Fund
Assets
Common Stocks
		Asset Management & Custody Banks	$	—	$	2,835,987	$	—	$	2,835,987
		Consumer Finance		7,132,959		1,294,010		—		8,426,969
		Diversified Banks		5,219,054		1,990,133		—		7,209,187
		Drug Retail		—		1,829,573		—		1,829,573
		Electrical Components & Equipment		—		982,905		—		982,905
		Food Retail		986,479		1,262,209		—		2,248,688
		General Merchandise Stores		—		1,970,812		—		1,970,812
		Home Improvement Retail		—		761,762		—		761,762
		Insurance Brokers		—		1,981,981		—		1,981,981
		Regional Banks		3,199,182		876,393		—		4,075,575
		Other		29,318,047		—		—		29,318,047
Preferred Stocks				—		2,657,969		—		2,657,969
Warrants				5,657		—		—		5,657
Short-Term Investments				—		874,623		—		874,623
			$	45,861,378	$	19,318,357	$	—	$	65,179,735
Global Opportunities Fund
Assets
Common Stocks
		Application Software	$	20,579,540	$	2,792,983	$	—	$	23,372,523
		Consumer Finance		5,456,650		1,641,134		—		7,097,784
		Data Processing & Outsourced Services		3,239,832		2,497,378		—		5,737,210
		Diversified Real Estate Activities		—		3,299,759				3,299,759
		Drug Retail		—		3,559,429		—		3,559,429
		Health Care Supplies		—		1,592,503		—		1,592,503
		Health Care Technology		—		2,942,155		—		2,942,155
		Industrial Machinery		11,532,449		1,949,942		—		13,482,391
		Other Diversified Financial Services		—		1,269,050		—		1,269,050
		Research & Consulting Services		—		2,340,563		—		2,340,563
		Trading Companies & Distributors		5,108,898		1,914,739		—		7,023,637
		Other		112,605,336		—		—		112,605,336
Warrants				10,227		—		—		10,227
Short-Term Investments				—		2,604,753		—		2,604,753
			$	158,532,932	$	28,404,388	$	—	$	186,937,320
Global Select Fund
Assets
Common Stocks
		Building Products	$	—	$	645,848	$	—	$	645,848
		Drug Retail		—		511,933		—		511,933
		Health Care Supplies		—		978,936		—		978,936
		Industrial Machinery		—		502,258				502,258
		Specialty Chemicals		—		460,092		—		460,092
		Others		12,978,920		—		—		12,978,920
Short-Term Investments				—		597,439		—		597,439
			$	12,978,920	$	3,696,506	$	—	$	16,675,426
Global Value Fund
Assets
Common Stocks
		Airlines	$	1,508,000	$	1,253,480	$	—	$	2,761,480
		Construction Materilas		—		2,084,754		—		2,084,754
		Diversified Banks		14,052,375		2,188,410		—		16,240,785
		Food Retail		2,357,400		4,143,036		—		6,500,436
		Pharmaceuticals		4,878,780		3,860,473		—		8,739,253
		Reinsurance		—		3,268,389		—		3,268,389
		Technology Hardware, Storage & Peripherals		2,087,100		3,808,449		—		5,895,549
		Tobacco		—		3,445,451		—		3,445,451
		Other		68,684,026		—		—		68,684,026
Short-Term Investments				—		3,051,965		—		3,051,965
			$	93,567,681	$	27,104,407	$	—	$	120,672,088

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2020 (UNAUDITED)

8. 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 9/30/20
Greater China Fund
Assets
Common Stocks			$	3,390,364	$	—	$	—	$	3,390,364
Exchange-Traded Fund				48,987		—		—		48,987
			$	3,439,351	$	—	$	—	$	3,439,351
International Growth Fund
Assets
Common Stocks
		Application Software	$	58,746,018	$	39,065,077	$	—	$	97,811,095
		Brewers		—		15,917,359		—		15,917,359
		Data Processing & Outsourced Services		—		21,111,556		—		21,111,556
		Diversified Real Estate Activities		—		23,566,744		—		23,566,744
		Diversified Support Services		8,179,398		9,205,534		—		17,384,932
		Drug Retail		6,220,531		48,376,679		—		54,597,210
		Health Care Equipment		10,886,183		24,747,111		—		35,633,294
		Health Care Supplies		5,713,254		25,649,170		—		31,362,424
		Health Care Technology		—		24,681,667		—		24,681,667
		Home Improvement Retail		—		6,112,564		—		6,112,564
		Human Resource & Employment Services		—		25,189,613		—		25,189,613
		Industrial Machinery		12,085,405		12,330,428		—		24,415,833
		Insurance Brokers		—		12,091,981		—		12,091,981
		Interactive Media & Services		31,999,001		14,420,275		—		46,419,276
		IT Consulting & Other Services		58,030,489		18,989,748		—		77,020,237
		Movies & Entertainment		—		19,918,103		—		19,918,103
		Other Diversified Financial Services		—		13,483,581		—		13,483,581
		Packaged Foods & Meats		13,733,537		10,078,052		—		23,811,589
		Pharmaceuticals		—		8,458,356		—		8,458,356
		Regional Banks		36,808,299		14,985,119		—		51,793,418
		Research & Consulting Services		—		35,397,600		—		35,397,600
		Semiconductors		36,253,865		15,622,767		—		51,876,632
		Specialty Chemicals		—		10,989,808		—		10,989,808
		Systems Software		18,695,801		10,343,872		—		29,039,673
		Trading Companies & Distributors		72,725,011		14,684,265		—		87,409,276
		Other		319,374,862		—		—		319,374,862
Short-Term Investments				—		15,834,468		—		15,834,468
			$	689,451,654	$	491,251,497	$	—	$	1,180,703,151
International Opportunities Fund
Assets
Common Stocks
		Alternative Carriers	$	10,244,644	$	4,443,564	$	—	$	14,688,208
		Application Software		72,567,673		91,162,378		—		163,730,051
		Brewers		—		4,921,103		—		4,921,103
		Data Processing & Outsourced Services		10,893,744		9,897,875		—		20,791,619
		Diversified Banks		—		9,992,238				9,992,238
		Diversified Support Services		11,910,885		30,043,172		—		41,954,057
		Drug Retail		—		9,490,405		—		9,490,405
		Electronic Equipment & Instruments		—		4,447,607		—		4,447,607
		Health Care Equipment		7,167,138		11,476,754		—		18,643,892
		Health Care Technology		10,448,538		16,874,164		—		27,322,702
		Home Improvement Retail		—		5,284,754		—		5,284,754
		Human Resource & Employment Services		7,274,429		6,893,464		—		14,167,893
		Insurance Brokers		—		12,689,060		—		12,689,060
		Interactive Media & Services		—		420,855		—		420,855
		Internet Servicess & Infrastructure		—		17,228,865				17,228,865
		IT Consulting & Other Services		14,404,333		11,373,880		—		25,778,213
		Other Diversified Financial Services		—		14,954,078		—		14,954,078
		Regional Banks		—		8,812,617		—		8,812,617
		Research & Consulting Services		7,012,022		37,042,286		—		44,054,308
		Restaurants		—		—		8,616		8,616
		Semiconductor Equipment		—		3,975,990		—		3,975,990
		Semiconductors		—		24,384,835		—		24,384,835
		Specialized Finance		—		5,806,847		—		5,806,847
		Speciality Stores		—		4,343,324		—		4,343,324
		System Software		—		7,349,544		—		7,349,544

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2020 (UNAUDITED)

8. 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 9/30/20
		Other	$	244,013,223	$	—	$	—	$	244,013,223
Short-Term Investments				—		8,413,824		—		8,413,824
			$	395,936,629	$	361,723,483	$	8,616	$	757,668,728
International Select Fund
Assets
Common Stocks
		Application Software	$	498,794	$	425,118	$	—	$	923,912
		Asset Management & Custody Banks		—		246,759		—		246,759
		Building Products		—		247,664		—		247,664
		Drug Retail		—		405,151		—		405,151
		Health Care Equipment		193,111		192,087		—		385,198
		Health Care Supplies		—		391,744		—		391,744
		Health Care Technology		—		273,955		—		273,955
		Industrial Machinery		—		422,918		—		422,918
		Interactive Media & Services		208,870		388,053		—		596,923
		IT Consulting & Other Services		—		180,880		—		180,880
		Speciality Chemicals		—		176,473		—		176,473
		Other		2,194,798		—		—		2,194,798
Short-Term Investments				—		430,047		—		430,047
			$	3,095,573	$	3,780,849	$	—	$	6,876,422
Micro Cap Fund
Assets
Common Stocks			$	1,147,812,905	$	—	$	—	$	1,147,812,905
Warrants				2,228,666		—		891,545		3,120,211
Short-Term Investments				—		71,400,311		—		71,400,311
			$	1,150,041,571	$	71,400.311	$	891,545	$	1,222,333,427
Micro Cap Value Fund
Assets
Common Stocks
		Health Care Technology	$	4,393,560	$	3,805,137	$	—	$	8,198,697
		Human Resource & Employment Services		—		1,064,309		—		1,064,309
		Industrial Machinery		10,216,720		4,566,554		—		14,783,274
		IT Consulting & Other Services		3,070,000		2,796,718		—		5,866,718
		Research & Consulting Services		7,904,569		2,883,853		—		10,788,422
		Other		253,399,896		—		—		253,399,896
Convertible Preferred Stocks				—		—		1,942,454		1,942,454
Limited Liability Company Membership Interest				—		—		17,685		17,685
Short-Term Investments				—		9,660,109		—		9,660,109
			$	278,984,745	$	24,776,680	$	1,960,139	$	305,721,564
Small Cap Growth Fund
Assets
Common Stocks
Limited Partnership Interest1			$	3,063,132,641	$	—	$	—	$	3,063,132,641
Preferred Stocks				—		—		213,159		213,159
		Semiconductor Equipment		—		—		1,437,731		1,437,731
		Systems Sottware		—		—		11,937,473		11,937,473
Short-Term Investments				—		45,661,582		—		45,661,582
			$	3,063,132,641	$	45,661,582	$	13,588,363	$	3,122,382,586
Small Cap Value Fund
Assets
Common Stocks
		Diversified Banks	$	—	$	9,251,107	$	—	$	9,251,107
		Other		1,295,730,661		—		—		1,295,730,661
Short-Term Investments				—		14,776,041		—		14,776,041
			$	1,295,730,661	$	24,027,148	$	—	$	1,319,757,809
Ultra Growth Fund
Assets
Common Stocks
		Application Software	$	296,829,574	$	17,994,915	$	—	$	314,824,489
		Other		2,214,430,932		—		—		2,214,430,932
Limited Partnership Interest1				—		—		198,476		198,476
Preferred Stocks				—		—		359,434		359,434
Short-Term Investments				—		180,276,334		—		180,276,334
			$	2,511,260,506	$	198,271,249	$	557,910	$	2,710,089,665

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2020 (UNAUDITED)

8. 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 9/30/20
U.S. Treasury Fund
Assets
U.S. Government Obligations		$	—	$	503,546,892	$	—	$	503,546,892
Short-Term Investments			—		2,641,948,		—		2,641,948
		$	—	$	506,188,840	$	—	$	506,188,840

¹  The fair values of these limited partnership interests have been estimated using the net asset value of the Fund’s Limited Partner’s Capital Account. These limited partnership interests can never be redeemed. Distributions from each limited partnership will be received as the underlying investments are liquidated. It is estimated that the underlying assets of the limited partnerships will be liquidated over the next one to five years

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

The valuation techniques used by the Funds to measure fair value for the period ended December 31, 2020 maximized the use of observable inputs and minimized the use of unobservable inputs.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended December 31, 2020:

Fund	Market Value Beginning Balance 9/30/2020		Purchases at Cost		Sales (Proceeds)		Accrued Discounts (Premiums)		Realized Gain/ (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers in at Market Value		Transfers out at Market Value		Market Value Ending Balance 12/31/2020		Net Change in Unrealized Appreciation (Depreciation) on Investments Held at 12/31/2020
Emerging Markets Small Cap Fund
Common Stocks	$	16,796	$	—	$	—	$	—	$	—		$	(5	)	$	—	$	—	$	16,791	$	(5	)
	$	16,796	$	—	$	—	$	—	$	—		$	(5	)	$	—	$	—	$	16,791	$	(5	)
International Opportunities Fund
Common Stocks	$	8,130	$	—	$	—	$	—	$	—		$	486		$	—	$	—	$	8,616	$	486
	$	8,130	$	—	$	—	$	—	$	—		$	486		$	—	$	—	$	8,616	$	486
Micro Cap Fund
Warrants	$	—	$	—	$	—	$	—	$	—		$	891,545		$	—	$	—	$	891,545	$	891,545
	$	—	$	—	$	—	$	—	$	—		$	891,545		$	—	$	—	$	891,545	$	891,545
Micro Cap Value Fund
Common Stocks	$	17,685	$	—	$	—	$	—	$			$	—		$	—	$	—	$	17,685	$	—
Preferred Stocks		1,888,331		52,269		—		—		—			1,854			—		—		1,942,454		1,854
Warrants		—		—		—		—		(95,000	)		95,000			—		—		—		—
	$	1,906,016	$	52,269	$	—	$	—	$	(95,000	)	$	96,854		$	—	$	—	$	1,960,139	$	1,854
Small Cap Growth Fund
Limited Partnership Interest	$	217,878	$	—	$	—	$	—	$	—		$	(4,719	)	$	—	$	—	$	213,159	$	(4,719	)
Preferred Stocks		10,132,225		—		—		—		—			3,242,979			—		—		13,375,204		3,242,979
	$	10,350,103	$	—	$	—	$	—	$	—		$	3,238,260		$	—	$	—	$	13,588,363	$	3,238,260
Ultra Growth Fund
Limited Partnership Interest	$	202,952	$	—	$	—	$	—	$	—		$	(4,476	)	$	—	$	—	$	198,476	$	(4,476	)
Preferred Stocks		228,601		—		—		—		—			130,833			—		—		359,434		130,833
	$	431,553	$	—	$	—	$	—	$	—		$	126,357		$	—	$	—	$	557,910	$	126,357

WASATCH FUNDS – Notes to Financial Statements DECEMBER 31, 2020 (UNAUDITED)

8. FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund	Description	Fair Value at 12/31/20		Valuation Technique	Unobservable Input	Range (Average)
Micro Cap Fund	Warrant: Pharmaceuticals	$	891,545	Black Scholes	Black Scholes		100%
Micro Cap Value Fund	Convertible Preferred Stocks: Oil & Gas Refining & Marketing	$	1,942,454	Market comparable companies	Par multiple		0.98 - 1.05 (1.00)
					Discount for lack of marketability, lower debt seniority & lower credit quality		10%
Small Cap Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	1,437,731	Market comparable companies	EV/R* multiple		0.6 - 24.2 (9.4)
					Discount for lack of marketability		20%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	11,937,473	Market comparable companies	EV/R* multiple		1.5 - 36.2 (13.8)
					Discount for lack of marketability		20%
Small Cap Growth Fund	Limited Partnership Interest: Asset Management & Custody Banks	$	213,159	Discount to NAV	Discount to NAV		25%
Ultra Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	359,434	Market comparable companies	EV/R* multiple		0.6 - 24.2 (9.4)
					Discount for lack of marketability		20%
Ultra Growth Fund	Limited Partnership Interest: Asset Management & Custody Banks	$	198,476	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..

9. PURCHASE COMMITMENTS

In November 2020, the Micro Cap Fund entered into an equity commitment agreement to acquire common stock in C21 Investments, Inc. The remaining commitment amount at December 31, 2020 was $2,981,381 (CAD 3,795,000).

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 Commission’s website at www.sec.gov