WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.9%
		Application Software 8.3%
	499,595	Avalara, Inc.*	$	35,271,407
	2,040,198	Clearwater Analytics Holdings, Inc., Class A*		24,563,984
	631,348	Five9, Inc.*		57,541,057
	457,172	Guidewire Software, Inc.*		32,454,640
	297,989	Paylocity Holding Corp.*		51,975,241
	868,005	Q2 Holdings, Inc.*		33,478,953
				235,285,282
		Asset Management & Custody Banks 6.6%
	888,453	Cohen & Steers, Inc.		56,496,726
	1,534,887	Focus Financial Partners, Inc., Class A*		52,278,251
	1,166,961	Hamilton Lane, Inc., Class A		78,396,440
				187,171,417
		Auto Parts & Equipment 4.3%
	377,254	Fox Factory Holding Corp.*		30,384,037
	5,246,418	Holley, Inc.*		55,087,389
	795,608	XPEL, Inc.*		36,542,275
				122,013,701
		Building Products 4.5%
	4,839,362	Janus International Group, Inc.*		43,699,439
	1,545,828	Trex Co., Inc.*		84,123,960
				127,823,399
		Commodity Chemicals 1.4%
	1,390,548	Valvoline, Inc.		40,089,499
		Data Processing & Outsourced Services 1.6%
	457,359	Euronet Worldwide, Inc.*		46,005,742
		Distillers & Vintners 1.9%
	2,589,832	Duckhorn Portfolio, Inc.*		54,541,862
		Distributors 2.5%
	205,083	Pool Corp.		72,031,302
		Electronic Equipment & Instruments 2.6%
	616,070	Novanta, Inc.*		74,710,809
		Electronic Manufacturing Services 1.5%
	514,052	Fabrinet*		41,689,617
		Financial Exchanges & Data 4.3%
	379,222	Morningstar, Inc.		91,707,256
	2,996,643	Open Lending Corp., Class A*		30,655,658
				122,362,914
		General Merchandise Stores 1.7%
	814,460	Ollie’s Bargain Outlet Holdings, Inc.*		47,849,525
		Health Care Facilities 2.7%
	1,023,187	Ensign Group, Inc.		75,173,549
		Health Care Supplies 1.8%
	2,096,025	Neogen Corp.*		50,493,242
		Home Improvement Retail 1.6%
	719,608	Floor & Decor Holdings, Inc., Class A*		45,306,520
		Homebuilding 1.0%
	351,806	Installed Building Products, Inc.		29,256,187

WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Industrial Machinery 11.5%
	2,159,865	Altra Industrial Motion Corp.	$	76,135,241
	991,054	Helios Technologies, Inc.		65,657,327
	501,183	Kadant, Inc.		91,390,720
	622,824	Kornit Digital Ltd.*		19,743,521
	401,641	RBC Bearings, Inc.*		74,283,503
				327,210,312
		Insurance Brokers 2.3%
	695,033	Goosehead Insurance, Inc., Class A		31,742,157
	3,000,000	Hagerty, Inc., Class A*		34,470,000
				66,212,157
		Interactive Media & Services 1.2%
	2,335,385	ZipRecruiter, Inc., Class A*		34,610,406
		Investment Banking & Brokerage 0.9%
	668,489	Moelis & Co., Class A		26,305,042
		IT Consulting & Other Services 1.9%
	312,556	Globant SA*		54,384,744
		Leisure Products 2.8%
	1,602,696	Callaway Golf Co.*		32,694,999
	1,038,075	YETI Holdings, Inc.*		44,917,505
				77,612,504
		Life Sciences Tools & Services 5.7%
	406,475	ICON PLC*		88,083,133
	496,129	Medpace Holdings, Inc.*		74,255,627
				162,338,760
		Managed Health Care 2.9%
	1,313,953	HealthEquity, Inc.*		80,663,575
		Metal & Glass Containers 1.3%
	1,329,813	TriMas Corp.		36,822,522
		Packaged Foods & Meats 1.0%
	546,765	Freshpet, Inc.*		28,371,636
		Pharmaceuticals 1.3%
	662,717	Intra-Cellular Therapies, Inc.*		37,827,886
		Regional Banks 5.1%
	2,430,561	Bank OZK		91,218,954
	1,253,910	Webster Financial Corp.		52,852,307
				144,071,261
		Research & Consulting Services 0.9%
	2,303,814	Legalzoom.com, Inc.*		25,318,916
		Semiconductors 1.2%
	86,166	Monolithic Power Systems, Inc.		33,091,191
		Specialized Consumer Services 1.5%
	3,874,565	Mister Car Wash, Inc.*		42,155,267
		Specialized REITs 1.4%
	798,772	National Storage Affiliates Trust		39,994,514
		Specialty Chemicals 3.9%
	602,230	Balchem Corp.		78,133,320
	341,328	Innospec, Inc.		32,695,809
				110,829,129

WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialty Stores 2.6%
	648,644	Five Below, Inc.*	$	73,575,689
		Systems Software 2.1%
	467,209	CyberArk Software Ltd.*		59,784,064
		Total Common Stocks (cost $2,537,107,927)		2,832,984,142
		WARRANTS 0.1%
		Insurance Brokers 0.1%
	540,000	Hagerty, Inc., expiring 12/2/2026* *** †		1,317,600
		Total Warrants (cost $1,859,172)		1,317,600
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.2%
		Repurchase Agreement 0.2%
	$6,361,208	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $6,577,900 of United States Treasury Notes 2.625% 4/15/2025; value: $6,488,480; repurchase proceeds: $6,361,208 (cost $6,361,208)	$	6,361,208
		Total Short-Term Investments (cost $6,361,208)		6,361,208
		Total Investments (cost $2,545,328,307) 100.1%		2,840,662,950
		Liabilities less Other Assets (0.1%)		(3,889,644	)
		NET ASSETS 100.0%	$	2,836,773,306
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2022 amounted to approximately $1,317,600 and represented 0.05% of net assets. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2022, Wasatch Core Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Ireland		3.1
Israel		2.8
United States		94.1
Total		100.0	%

WASATCH EMERGING INDIA FUND (WAINX / WIINX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.5%
		Apparel, Accessories & Luxury Goods 3.9%
	37,503	Page Industries Ltd.	$	19,074,542
		Commodity Chemicals 3.0%
	2,031,705	Berger Paints India Ltd.		14,620,507
		Consumer Finance 8.4%
	599,154	Bajaj Finance Ltd.		40,972,885
		Department Stores 5.5%
	1,979,365	Trent Ltd.		26,922,472
		Diversified Banks 9.9%
	1,883,991	HDFC Bank Ltd.		32,158,281
	780,288	Kotak Mahindra Bank Ltd.		16,412,503
				48,570,784
		Food Retail 4.9%
	560,980	Avenue Supermarts Ltd.*		24,195,182
		Health Care Services 7.7%
	884,017	Dr. Lal PathLabs Ltd.		24,183,486
	3,178,246	Vijaya Diagnostic Centre Pvt. Ltd.*		13,409,624
				37,593,110
		Industrial Machinery 9.0%
	9,071,045	Elgi Equipments Ltd.		41,178,507
	58,136	GMM Pfaudler Ltd.		3,199,035
				44,377,542
		Interactive Media & Services 2.2%
	227,333	Info Edge India Ltd.		10,820,213
		IT Consulting & Other Services 15.1%
	559,911	Larsen & Toubro Infotech Ltd.		28,185,738
	832,179	Mindtree Ltd.		30,422,519
	363,294	Persistent Systems Ltd.		15,649,163
				74,257,420
		Life Sciences Tools & Services 4.4%
	466,853	Divi’s Laboratories Ltd.		21,461,434
		Property & Casualty Insurance 3.5%
	1,226,812	ICICI Lombard General Insurance Co. Ltd.		17,413,592
		Regional Banks 7.2%
	4,692,444	AU Small Finance Bank Ltd.*		35,158,050
		Research & Consulting Services 4.7%
	605,893	L&T Technology Services Ltd.		23,252,911
		Specialty Chemicals 2.9%
	415,677	Asian Paints Ltd.		14,186,364
		Systems Software 2.8%
	131,942	Tata Elxsi Ltd.		13,650,812
		Thrifts & Mortgage Finance 4.4%
	839,803	Aavas Financiers Ltd.*		21,432,536
		Total Common Stocks (cost $358,129,045)		487,960,356

WASATCH EMERGING INDIA FUND (WAINX / WIINX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.8%
		Repurchase Agreement 2.8%
	$13,977,796	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $4,091,700 of United States Treasury Notes 2.625% due 4/15/2025; value: $4,036,077; repurchase proceeds: $13,977,796 (cost $13,977,796)	$	13,977,796
		Total Short-Term Investments (cost $13,977,796)		13,977,796
		Total Investments (cost $372,106,841) 102.3%		501,938,152
		Liabilities less Other Assets (2.3%)		(11,423,853	)
		NET ASSETS 100.0%	$	490,514,299
		*Non-income producing. See Notes to Schedules of Investments.

At June 30, 2022, Wasatch Emerging India Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
India		100.0
Total		100.0	%

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 92.8%
		Airport Services 3.9%
	982,113	Grupo Aeroportuario del Pacifico SAB de CV, Class B	$	13,679,108
		Apparel, Accessories & Luxury Goods 2.4%
	16,872	Page Industries Ltd.		8,581,331
		Consumer Finance 5.2%
	269,450	Bajaj Finance Ltd.		18,426,221
		Data Processing & Outsourced Services 4.1%
	558,585	Dlocal Ltd.*		14,662,856
		Department Stores 2.4%
	634,615	Trent Ltd.		8,631,760
		Diversified Banks 8.7%
	1,226,097	HDFC Bank Ltd.		20,928,535
	2,632,379	NU Holdings Ltd., Class A*		9,845,098
				30,773,633
		Drug Retail 0.8%
	793,330	Raia Drogasil SA		2,910,496
		Electrical Components & Equipment 7.5%
	393,765	Voltronic Power Technology Corp.		19,136,342
	1,436,902	WEG SA		7,262,142
				26,398,484
		Industrial Machinery 2.3%
	152,691	Airtac International Group*		5,089,101
	294,222	Techtronic Industries Co. Ltd.		3,069,031
				8,158,132
		Interactive Home Entertainment 3.4%
	178,743	Sea Ltd., ADR*		11,950,757
		Internet & Direct Marketing Retail 8.1%
	170,500	Meituan, Class B*		4,219,695
	24,461	MercadoLibre, Inc.*		15,578,477
	405,825	momo.com, Inc.		8,707,900
				28,506,072
		IT Consulting & Other Services 7.8%
	105,393	Globant SA*		18,338,382
	182,497	Larsen & Toubro Infotech Ltd.		9,186,840
				27,525,222
		Life & Health Insurance 2.8%
	1,274,555	Discovery Ltd.*		10,035,835
		Life Sciences Tools & Services 4.7%
	120,663	Divi’s Laboratories Ltd.		5,546,930
	1,196,813	Wuxi Biologics Cayman, Inc.*		10,951,111
				16,498,041
		Property & Casualty Insurance 1.7%
	236,510	ICICI Lombard General Insurance Co. Ltd.		3,357,066
	593,544	Qualitas Controladora SAB de CV		2,730,783
				6,087,849
		Regional Banks 3.2%
	1,521,110	AU Small Finance Bank Ltd.*		11,396,889

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductor Equipment 3.6%
	106,500	Lasertec Corp.	$	12,676,702
		Semiconductors 12.4%
	223,894	ASPEED Technology, Inc.		14,307,048
	79,800	SG Micro Corp., Class A		2,169,786
	257,959	Silergy Corp.		20,778,307
	915,042	Sino Wealth Electronic Ltd., Class A		6,808,515
				44,063,656
		Specialized Finance 4.9%
	2,492,391	Chailease Holding Co. Ltd.		17,477,375
		Specialty Chemicals 1.4%
	149,434	Asian Paints Ltd.		5,099,934
		Systems Software 1.5%
	52,659	Tata Elxsi Ltd.		5,448,137
		Total Common Stocks (cost $419,412,822)		328,988,490
Principal Amount			Value
		SHORT-TERM INVESTMENTS 6.9%
		Repurchase Agreement 6.9%
	$24,450,801	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $25,283,600 of United States Treasury Notes 2.625% due 4/15/2025; value: $24,939,895; repurchase proceeds: $24,450,801 (cost $24,450,801)	$	24,450,801
		Total Short-Term Investments (cost $24,450,801)		24,450,801
		Total Investments (cost $443,863,623) 99.7%		353,439,291
		Other Assets less Liabilities 0.3%		978,073
		NET ASSETS 100.0%	$	354,417,364
		*Non-income producing. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2022, Wasatch Emerging Markets Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Brazil		6.1
China		7.3
Hong Kong		0.9
India		29.4
Japan		3.9
Mexico		5.0
Singapore		3.6
South Africa		3.0
Taiwan		26.0
United States		10.3
Uruguay		4.5
Total		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 101.3%
		Airport Services 3.4%
	2,276,625	Grupo Aeroportuario del Centro Norte SAB de CV	$	14,561,253
		Asset Management & Custody Banks 0.9%
	17,554,351	VEF AB*		3,981,143
		Commodity Chemicals 1.1%
	620,385	Berger Paints India Ltd.		4,464,400
		Communications Equipment 2.5%
	1,328,000	Accton Technology Corp.		10,652,227
		Consumer Finance 3.4%
	3,802,075	Muangthai Capital Public Co. Ltd.		4,597,333
	7,189,323	Ngern Tid Lor Public Co. Ltd.		5,947,891
	4,675,608	Unifin Financiera SAB de CV*		4,045,629
				14,590,853
		Data Processing & Outsourced Services 1.1%
	170,990	Dlocal Ltd.*		4,488,488
		Department Stores 4.1%
	1,276,523	Trent Ltd.		17,362,717
		Drug Retail 3.3%
	386,146	Clicks Group Ltd.		6,487,134
	2,021,650	Raia Drogasil SA		7,416,844
				13,903,978
		Electrical Components & Equipment 6.8%
	590,863	Voltronic Power Technology Corp.		28,714,986
		Electronic Equipment & Instruments 2.7%
	1,255,616	Chroma ATE, Inc.*		6,461,037
	11,780	Honeywell Automation India Ltd.		5,039,971
				11,501,008
		Electronic Manufacturing Services 1.0%
	54,296	Fabrinet*		4,403,406
		Health Care Facilities 1.2%
	20,999,347	Cleopatra Hospital*		5,244,644
		Health Care Services 3.6%
	563,726	Dr. Lal PathLabs Ltd.		15,421,490
		Home Improvement Retail 2.4%
	5,341,500	MR DIY Group M Bhd		2,508,657
	17,962,097	Wilcon Depot, Inc.		7,774,810
				10,283,467
		Hotels, Resorts & Cruise Lines 1.3%
	1,394,570	Huazhu Group Ltd.		5,402,830
		Human Resource & Employment Services 0.4%
	127,813	Grupa Pracuj SA*		1,600,016
		Industrial Machinery 2.2%
	68,000	Airtac International Group*		2,266,400
	1,523,365	Elgi Equipments Ltd.		6,915,399
				9,181,799
		Interactive Media & Services 1.5%
	1,099,586	Baltic Classifieds Group PLC*		1,745,438

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	98,651	Info Edge India Ltd.	$	4,695,424
				6,440,862
		Internet & Direct Marketing Retail 3.4%
	660,600	momo.com, Inc.		14,174,678
		IT Consulting & Other Services 11.6%
	95,972	Globant SA*		16,699,128
	230,570	Larsen & Toubro Infotech Ltd.		11,606,819
	347,935	Mindtree Ltd.		12,719,691
	190,277	Persistent Systems Ltd.		8,196,325
				49,221,963
		Life & Health Insurance 2.5%
	1,367,913	Discovery Ltd.*		10,770,935
		Personal Products 1.9%
	328,605	Proya Cosmetics Co. Ltd., Class A		8,108,237
		Pharmaceuticals 0.0%
	13,017,213	China Animal Healthcare Ltd.* *** §§		16,589
		Property & Casualty Insurance 3.5%
	430,826	ICICI Lombard General Insurance Co. Ltd.		6,115,222
	1,870,584	Qualitas Controladora SAB de CV		8,606,203
				14,721,425
		Regional Banks 6.9%
	3,468,124	AU Small Finance Bank Ltd.*		25,984,855
	726,462	Regional SAB de CV		3,435,156
				29,420,011
		Research & Consulting Services 3.6%
	10,690,600	CTOS Digital Bhd		3,080,445
	312,680	L&T Technology Services Ltd.		12,000,007
				15,080,452
		Semiconductor Equipment 2.2%
	108,853	Tokai Carbon Korea Co. Ltd.		9,431,579
		Semiconductors 16.1%
	273,651	ASPEED Technology, Inc.		17,486,569
	136,761	LEENO Industrial, Inc.		13,692,953
	311,143	Silergy Corp.		25,062,219
	1,590,864	Sino Wealth Electronic Ltd., Class A		11,837,076
				68,078,817
		Specialty Stores 1.8%
	4,042,300	Pet Center Comercio e Participacoes SA		7,669,900
		Thrifts & Mortgage Finance 4.0%
	658,823	Aavas Financiers Ltd.*		16,813,762
		Trucking 0.9%
	1,636,247	Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		3,661,151
		Total Common Stocks (cost $365,292,663)		429,369,066

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Total Investments (cost $365,292,663) 101.3%§	$	429,369,066
Liabilities less Other Assets (1.3%)		(5,583,708	)
NET ASSETS 100.0%	$	423,785,358
*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.24%. §§The aggregate value of illiquid holdings at June 30, 2022, amounts to approximately $16,589, and represents 0.00% of net assets. See Notes to Schedules of Investments.

At June 30, 2022, Wasatch Emerging Markets Small Cap Fund’s investments, were in the following countries:

COUNTRY	%
Brazil		4.4
China		5.9
Egypt		1.2
India		34.3
Malaysia		1.3
Mexico		7.1
Philippines		1.8
Poland		0.4
South Africa		4.0
South Korea		5.4
Sweden		0.9
Taiwan		24.4
Thailand		2.5
United Kingdom		0.4
United States		4.9
Uruguay		1.1
Total		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX)  JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.5%
		Airport Services 5.8%
	185,400	Grupo Aeroportuario del Centro Norte SAB de CV	$	1,185,815
	89,600	Grupo Aeroportuario del Pacifico SAB de CV, Class B		1,247,971
				2,433,786
		Asset Management & Custody Banks 8.8%
	2,089,200	DCVFMVN Diamond ETF*		2,477,586
	5,317,394	VEF AB*		1,205,929
				3,683,515
		Computer & Electronics Retail 3.6%
	498,500	Mobile World Investment Corp.		1,532,033
		Consumer Finance 11.8%
	53,486	Bajaj Finance Ltd. (India)		3,657,617
	1,230,569	Ngern Tid Lor Public Co. Ltd.		1,018,078
	349,746	Unifin Financiera SAB de CV*		302,622
				4,978,317
		Data Processing & Outsourced Services 5.8%
	563	Adyen NV*		818,914
	61,021	Dlocal Ltd.*		1,601,801
				2,420,715
		Distillers & Vintners 1.1%
	269,860	Ginebra San Miguel, Inc.		480,973
		Diversified Banks 6.6%
	571,771	Bank for Foreign Trade of Vietnam JSC		1,838,318
	1,859	Credicorp Ltd.		222,913
	194,584	NU Holdings Ltd., Class A*		727,744
				2,788,975
		Drug Retail 1.1%
	123,600	Raia Drogasil SA		453,452
		Electrical Components & Equipment 2.7%
	224,800	WEG SA		1,136,145
		Food Retail 1.5%
	8,992	Dino Polska SA*		640,079
		Health Care Facilities 1.7%
	2,806,134	Cleopatra Hospital*		700,840
		Home Improvement Retail 3.3%
	3,232,200	Wilcon Depot, Inc.		1,399,043
		Human Resource & Employment Services 0.4%
	11,641	Grupa Pracuj SA*		145,727
		Interactive Home Entertainment 3.5%
	22,223	Sea Ltd., ADR*		1,485,830
		Interactive Media & Services 0.4%
	107,108	Baltic Classifieds Group PLC*		170,019
		Internet & Direct Marketing Retail 5.1%
	3,383	MercadoLibre, Inc.*		2,154,531
		IT Consulting & Other Services 14.8%
	1,063,336	FPT Corp.		3,939,805
	13,185	Globant SA*		2,294,190
				6,233,995

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX)  JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life & Health Insurance 4.4%
	233,972	Discovery Ltd.*	$	1,842,293
		Property & Casualty Insurance 4.5%
	408,822	Qualitas Controladora SAB de CV		1,880,913
		Regional Banks 1.0%
	84,100	Regional SAB de CV		397,676
		Semiconductor Equipment 3.1%
	28,241	Camtek Ltd.*		702,071
	6,834	Nova Ltd.*		605,014
				1,307,085
		Semiconductors 3.8%
	8,800	ASPEED Technology, Inc.		562,329
	13,000	Silergy Corp.		1,047,135
				1,609,464
		Specialty Stores 1.7%
	386,565	Pet Center Comercio e Participacoes SA		733,472
		Trucking 2.0%
	380,180	Vamos Locacao de Caminhoes Maquinas e Equipamentos SA		850,664
		Total Common Stocks (cost $44,746,373)		41,459,542
		Total Investments (cost $44,746,373) 98.5%§		41,459,542
		Other Assets less Liabilities 1.5%		627,141
		NET ASSETS 100.0%	$	42,086,683
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.67%. ADR American Depositary Receipt. ETF Exchange-Traded Fund. See Notes to Schedules of Investments.

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX)  JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2022, Wasatch Frontier Emerging Small Countries Fund’s investments, were in the following countries:

COUNTRY	%
Brazil		9.4
Egypt		1.7
India		8.8
Israel		3.2
Mexico		12.1
Netherlands		2.0
Peru		0.5
Philippines		4.5
Poland		1.9
Singapore		3.6
South Africa		4.4
Sweden		2.9
Taiwan		3.9
Thailand		2.5
United Kingdom		0.4
United States		10.7
Uruguay		3.9
Vietnam		23.6
Total		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.4%
		Apparel Retail 0.9%
	21,643	Boot Barn Holdings, Inc.*	$	1,491,419
		Application Software 6.5%
	32,857	Five9, Inc.*		2,994,587
	12,723	Paylocity Holding Corp.*		2,219,146
	46,032	Q2 Holdings, Inc.*		1,775,454
	851,272	Systena Corp.		2,472,002
	222,898	Technology One Ltd.		1,647,791
				11,108,980
		Asset Management & Custody Banks 3.0%
	68,794	Focus Financial Partners, Inc., Class A*		2,343,124
	42,350	Hamilton Lane, Inc., Class A		2,845,073
				5,188,197
		Biotechnology 3.7%
	373,283	Abcam PLC*		5,352,803
	71,398	C4 Therapeutics, Inc.*		538,341
	125,288	Sangamo Therapeutics, Inc.*		518,692
				6,409,836
		Building Products 2.3%
	71,828	Trex Co., Inc.*		3,908,880
		Commodity Chemicals 0.8%
	46,188	Valvoline, Inc.		1,331,600
		Data Processing & Outsourced Services 1.4%
	17,563	Euronet Worldwide, Inc.*		1,766,662
	10,000	GMO Payment Gateway, Inc.		703,862
				2,470,524
		Diversified Real Estate Activities 1.0%
	143,221	Patrizia AG		1,692,998
		Drug Retail 1.0%
	39,300	Sugi Holdings Co. Ltd.		1,723,430
		Electrical Components & Equipment 3.0%
	104,896	Voltronic Power Technology Corp.		5,097,776
		Financial Exchanges & Data 1.3%
	213,683	Open Lending Corp., Class A*		2,185,977
		General Merchandise Stores 2.0%
	58,863	Ollie’s Bargain Outlet Holdings, Inc.*		3,458,201
		Health Care Equipment 0.4%
	5,084	DiaSorin SpA		667,038
		Health Care Facilities 3.1%
	73,212	Ensign Group, Inc.		5,378,886
		Health Care Services 1.1%
	71,876	Dr. Lal PathLabs Ltd.		1,966,266
		Health Care Supplies 1.3%
	61,481	Silk Road Medical, Inc.*		2,237,293
		Health Care Technology 2.9%
	113,550	JMDC, Inc.		4,946,053
		Home Improvement Retail 1.3%
	35,119	Floor & Decor Holdings, Inc., Class A*		2,211,092

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Homebuilding 1.6%
	32,064	LGI Homes, Inc.*	$	2,786,362
		Human Resource & Employment Services 1.0%
	85,000	SMS Co. Ltd.		1,675,192
		Industrial Machinery 5.3%
	81,026	Altra Industrial Motion Corp.		2,856,166
	28,248	Helios Technologies, Inc.		1,871,430
	68,470	Kornit Digital Ltd.*		2,170,499
	12,100	RBC Bearings, Inc.*		2,237,895
				9,135,990
		Interactive Media & Services 1.2%
	146,029	ZipRecruiter, Inc., Class A*		2,164,150
		IT Consulting & Other Services 8.0%
	18,411	Endava PLC, ADR*		1,625,139
	29,634	Globant SA*		5,156,316
	100,242	Mindtree Ltd.		3,664,613
	77,894	Persistent Systems Ltd.		3,355,343
				13,801,411
		Life Sciences Tools & Services 1.6%
	18,468	Medpace Holdings, Inc.*		2,764,105
		Managed Health Care 2.7%
	75,397	HealthEquity, Inc.*		4,628,622
		Packaged Foods & Meats 1.7%
	56,226	Freshpet, Inc.*		2,917,567
		Pharmaceuticals 2.6%
	185,849	Esperion Therapeutics, Inc.*		1,181,999
	58,096	Intra-Cellular Therapies, Inc.*		3,316,120
				4,498,119
		Regional Banks 7.2%
	1,092,756	AU Small Finance Bank Ltd.*		8,187,454
	109,874	Bank OZK		4,123,571
				12,311,025
		Research & Consulting Services 6.3%
	28,607	BayCurrent Consulting, Inc.		7,611,385
	84,122	L&T Technology Services Ltd.		3,228,427
				10,839,812
		Restaurants 0.6%
	21,310	Domino’s Pizza Enterprises Ltd.		1,000,228
		Semiconductor Equipment 1.6%
	31,702	Nova Ltd.*		2,806,578
		Semiconductors 7.7%
	59,400	ASPEED Technology, Inc.		3,795,719
	28,052	Melexis NV		2,012,231
	6,626	Monolithic Power Systems, Inc.		2,544,649
	61,000	Silergy Corp.		4,913,481
				13,266,080
		Soft Drinks 0.4%
	44,662	Fevertree Drinks PLC		663,278
		Specialty Chemicals 1.3%
	16,766	Balchem Corp.		2,175,221

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialty Stores 2.9%
	43,405	Five Below, Inc.*	$	4,923,429
		Systems Software 4.6%
	21,615	CyberArk Software Ltd.*		2,765,855
	26,829	Rapid7, Inc.*		1,792,177
	31,760	Tata Elxsi Ltd.		3,285,912
				7,843,944
		Thrifts & Mortgage Finance 2.0%
	136,611	Aavas Financiers Ltd.*		3,486,437
		Trading Companies & Distributors 3.1%
	81,140	Diploma PLC		2,200,634
	69,700	MonotaRO Co. Ltd.		1,035,637
	195,547	RS GROUP PLC		2,068,563
				5,304,834
		Total Common Stocks (cost $161,312,576)		172,466,830
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.6%
		Repurchase Agreement 0.6%
	$1,073,046	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $1,109,600 of United States Treasury Notes 2.625% due 4/15/2025; value: $1,094,516; repurchase proceeds: $1,073,046 (cost $1,073,046)	$	1,073,046
		Total Short-Term Investments (cost $1,073,046)		1,073,046
		Total Investments (cost $162,385,622) 101.0%		173,539,876
		Liabilities less Other Assets (1.0%)		(1,790,572	)
		NET ASSETS 100.0%	$	171,749,304
		*Non-income producing. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2022, Wasatch Global Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		1.5
Belgium		1.2
Germany		1.0
India		15.7
Israel		4.5
Italy		0.4
Japan		11.7
Taiwan		8.0
United Kingdom		6.9
United States		49.1
Total		100.0	%

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.8%
		Application Software 11.9%
	10,826	Dassault Systemes SE	$	398,383
	2,441	Five9, Inc.*		222,473
	570	HubSpot, Inc.*		171,370
	1,589	Roper Technologies, Inc.		627,099
	3,064	Xero Ltd.*		162,765
				1,582,090
		Biotechnology 4.3%
	39,616	Abcam PLC*		568,085
		Building Products 6.1%
	23,134	Assa Abloy AB, Class B		491,412
	5,769	Trex Co., Inc.*		313,949
				805,361
		Consumer Finance 3.8%
	7,476	Bajaj Finance Ltd.		511,243
		Data Processing & Outsourced Services 4.5%
	7,840	Amadeus IT Group SA*		436,758
	2,569	Block, Inc.*		157,891
				594,649
		Distributors 3.4%
	1,276	Pool Corp.		448,169
		Diversified Banks 4.3%
	33,784	HDFC Bank Ltd.		576,667
		Diversified Support Services 4.4%
	5,318	Copart, Inc.*		577,854
		Drug Retail 1.4%
	3,400	Tsuruha Holdings, Inc.		184,685
		Electronic Components 4.7%
	9,629	Amphenol Corp., Class A		619,915
		Financial Exchanges & Data 7.8%
	1,595	MarketAxess Holdings, Inc.		408,336
	2,607	Morningstar, Inc.		630,451
				1,038,787
		Health Care Equipment 2.4%
	2,457	DiaSorin SpA		322,367
		Health Care Supplies 3.6%
	4,213	Coloplast A/S, Class B		479,854
		Health Care Technology 2.7%
	8,300	JMDC, Inc.		361,534
		Interactive Home Entertainment 1.1%
	2,090	Sea Ltd., ADR*		139,737
		Internet & Direct Marketing Retail 1.6%
	341	MercadoLibre, Inc.*		217,173
		IT Consulting & Other Services 4.2%
	1,651	Globant SA*		287,274
	5,323	Larsen & Toubro Infotech Ltd.		267,958
				555,232

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 4.2%
	2,569	ICON PLC*	$	556,702
		Managed Health Care 3.5%
	7,641	HealthEquity, Inc.*		469,081
		Regional Banks 4.3%
	15,364	Bank OZK		576,611
		Research & Consulting Services 3.7%
	1,868	BayCurrent Consulting, Inc.		497,014
		Semiconductors 3.8%
	745	Monolithic Power Systems, Inc.		286,110
	2,698	Silergy Corp.		217,321
				503,431
		Specialized Finance 2.3%
	44,100	Chailease Holding Co. Ltd.		309,242
		Specialty Stores 2.3%
	2,681	Five Below, Inc.*		304,106
		Trucking 3.5%
	1,811	Old Dominion Freight Line, Inc.		464,123
		Total Common Stocks (cost $15,527,835)		13,263,712
		Total Investments (cost $15,527,835) 99.8%		13,263,712
		Other Assets less Liabilities 0.2%		22,550
		NET ASSETS 100.0%	$	13,286,262
		* Non-income producing. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2022, Wasatch Global Select Fund’s investments, were in the following countries:

COUNTRY	%
Australia		1.2
Denmark		3.6
France		3.0
India		10.2
Ireland		4.2
Italy		2.4
Japan		7.9
Singapore		1.1
Spain		3.3
Sweden		3.7
Taiwan		4.0
United Kingdom		4.3
United States		51.1
Total		100.0	%

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.6%
		Aerospace & Defense 2.2%
	295,000	BAE Systems PLC	$	2,981,278
		Casinos & Gaming 2.6%
	182,000	Kangwon Land, Inc.*		3,560,382
		Communications Equipment 2.0%
	59,000	Ciena Corp.*		2,696,300
		Construction Materials 1.2%
	35,000	HeidelbergCement AG		1,681,331
		Diversified Banks 10.1%
	55,000	Citigroup, Inc.		2,529,450
	390,000	ING Groep NV, ADR		3,868,800
	34,000	JPMorgan Chase & Co.		3,828,740
	180,041	United Overseas Bank Ltd.		3,401,768
				13,628,758
		Diversified Metals & Mining 2.3%
	85,000	Anglo American PLC		3,038,929
		Electric Utilities 6.7%
	48,000	Duke Energy Corp.		5,146,080
	86,000	Exelon Corp.		3,897,520
				9,043,600
		Electrical Components & Equipment 1.9%
	20,000	Eaton Corp. PLC		2,519,800
		Electronic Manufacturing Services 3.5%
	1,280,000	Hon Hai Precision Industry Co. Ltd.		4,692,350
		Food Retail 2.0%
	68,000	Seven & i Holdings Co. Ltd.		2,639,711
		Health Care Equipment 1.6%
	154,000	Smith & Nephew PLC		2,151,152
		Health Care Services 3.3%
	17,000	Cigna Corp.		4,479,840
		Homebuilding 2.0%
	102,000	Bellway PLC		2,664,573
		Industrial REITs 2.6%
	1,900,000	Mapletree Industrial Trust		3,555,748
		Integrated Oil & Gas 7.8%
	140,000	Suncor Energy, Inc.		4,911,746
	107,000	TotalEnergies SE		5,648,021
				10,559,767
		Integrated Telecommunication Services 5.3%
	140,000	Verizon Communications, Inc.		7,105,000
		Interactive Media & Services 2.3%
	19,200	Meta Platforms, Inc., Class A*		3,096,000
		Multi-Line Insurance 1.9%
	113,000	AXA SA		2,564,942
		Office REITs 2.0%
	200,000	Piedmont Office Realty Trust, Inc., Class A		2,624,000

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Oil & Gas Exploration & Production 3.0%
	36,000	EOG Resources, Inc.	$	3,975,840
		Packaged Foods & Meats 2.5%
	88,000	Kraft Heinz Co.		3,356,320
		Pharmaceuticals 9.1%
	66,000	Bristol-Myers Squibb Co.		5,082,000
	40,500	Johnson & Johnson		7,189,155
				12,271,155
		Property & Casualty Insurance 3.2%
	76,000	Axis Capital Holdings Ltd.		4,338,840
		Railroads 3.3%
	21,000	Union Pacific Corp.		4,478,880
		Regional Banks 2.1%
	76,000	Bank OZK		2,852,280
		Reinsurance 3.7%
	21,000	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,933,958
		Retail REITs 1.6%
	108,000	Kimco Realty Corp.		2,135,160
		Soft Drinks 2.4%
	85,000	Suntory Beverage & Food Ltd.		3,213,812
		Tobacco 3.4%
	73,000	KT&G Corp.		4,621,534
		Total Common Stocks (cost $120,072,862)		131,461,240
Principal Amount			Value
		SHORT-TERM INVESTMENTS 2.3%
		Repurchase Agreement 2.3%
	$3,089,721	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $3,195,000 of United States Treasury Notes 2.625% due 4/15/2025; value: $3,151,567; repurchase proceeds: $3,089,721 (cost $3,089,721)	$	3,089,721
		Total Short-Term Investments (cost $3,089,721)		3,089,721
		Total Investments (cost $123,162,583) 99.9%		134,550,961
		Other Assets less Liabilities 0.1%		91,283
		NET ASSETS 100.0%	$	134,642,244
		*Non-income producing. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2022, Wasatch Global Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Canada		3.7
France		6.3
Germany		5.0
Japan		4.5
Netherlands		2.9
Singapore		5.3
South Korea		6.2
Taiwan		3.6
United Kingdom		8.2
United States		54.3
Total		100.0	%

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.3%
		Apparel, Accessories & Luxury Goods 1.8%
	9,300	Shenzhou International Group Holdings Ltd.	$	112,653
		Application Software 1.9%
	14,800	Glodon Co. Ltd., Class A		120,358
		Construction Materials 1.0%
	8,500	Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		65,353
		Distillers & Vintners 5.5%
	700	Kweichow Moutai Co. Ltd., Class A		213,839
	4,500	Wuliangye Yibin Co. Ltd., Class A		135,740
				349,579
		Diversified Banks 1.8%
	17,500	China Merchants Bank Co. Ltd., Class H		117,086
		Drug Retail 2.8%
	22,770	Yifeng Pharmacy Chain Co. Ltd., Class A		179,696
		Electrical Components & Equipment 2.2%
	1,800	Contemporary Amperex Technology Co. Ltd., Class A		143,585
		Electronic Components 3.0%
	36,400	Shenzhen H&T Intelligent Control Co. Ltd., Class A		103,638
	10,000	Sinbon Electronics Co. Ltd.		85,425
				189,063
		Health Care Equipment 4.1%
	5,600	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		262,002
		Hotels, Resorts & Cruise Lines 3.1%
	51,700	Huazhu Group Ltd.		200,296
		Industrial Machinery 9.6%
	5,000	Airtac International Group*		166,647
	17,463	Shenzhen Inovance Technology Co. Ltd., Class A		171,831
	20,278	Techtronic Industries Co. Ltd.		211,520
	6,700	Wuxi Lead Intelligent Equipment Co. Ltd., Class A		63,234
				613,232
		Internet & Direct Marketing Retail 2.3%
	5,900	Meituan, Class B*		146,019
		Life & Health Insurance 6.6%
	25,200	AIA Group Ltd.		273,138
	22,000	Ping An Insurance Group Co. of China Ltd., Class H		149,577
				422,715
		Life Sciences Tools & Services 8.5%
	15,400	Hangzhou Tigermed Consulting Co. Ltd., Class A		263,288
	30,687	Wuxi Biologics Cayman, Inc.*		280,793
				544,081
		Packaged Foods & Meats 7.6%
	52,000	Chongqing Fuling Zhacai Group Co. Ltd., Class A		268,144
	16,006	Foshan Haitian Flavouring & Food Co. Ltd., Class A		216,050
				484,194
		Personal Products 8.2%
	12,641	Proya Cosmetics Co. Ltd., Class A		311,913
	6,582	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A		213,881
				525,794

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 1.4%
	17,200	Bank of Ningbo Co. Ltd., Class A	$	92,008
		Semiconductors 14.4%
	9,750	SG Micro Corp., Class A		265,105
	4,000	Silergy Corp.		322,196
	44,356	Sino Wealth Electronic Ltd., Class A		330,038
				917,339
		Specialized Finance 7.2%
	65,940	Chailease Holding Co. Ltd.		462,390
		Specialty Stores 3.0%
	5,500	China Tourism Group Duty Free Corp. Ltd., Class A		191,374
		Systems Software 2.3%
	35,100	Hangzhou Dptech Technologies Co. Ltd., Class A		84,679
	4,000	Sangfor Technologies, Inc., Class A		62,011
				146,690
		Total Common Stocks (cost $7,453,905)		6,285,507
		Total Investments (cost $7,453,905) 98.3%		6,285,507
		Other Assets less Liabilities 1.7%		105,905
		NET ASSETS 100.0%	$	6,391,412
		*Non-income producing. See Notes to Schedules of Investments.

At June 30, 2022, Wasatch Greater China Fund’s investments, were in the following countries:

COUNTRY	%
China		75.8
Hong Kong		7.7
Taiwan		16.5
Total		100.0	%

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.3%
		Aerospace & Defense 2.3%
	673,702	CAE, Inc.*	$	16,601,793
		Airport Services 2.0%
	2,260,760	Grupo Aeroportuario del Centro Norte SAB de CV		14,459,780
		Apparel, Accessories & Luxury Goods 1.1%
	441,917	Canada Goose Holdings, Inc.*		7,971,809
		Application Software 8.5%
	312,219	Descartes Systems Group, Inc.*		19,402,111
	435,291	Fortnox AB		1,999,920
	131,287	Kinaxis, Inc.*		14,173,121
	306,700	Rakus Co. Ltd.		3,614,485
	3,952,018	Systena Corp.		11,476,232
	1,352,936	Technology One Ltd.		10,001,687
				60,667,556
		Asset Management & Custody Banks 1.8%
	928,687	Netwealth Group Ltd.		7,794,881
	371,000	WealthNavi, Inc.*		4,834,375
				12,629,256
		Biotechnology 3.5%
	1,735,561	Abcam PLC*		24,887,593
		Brewers 0.9%
	74,128	Royal Unibrew A/S		6,563,115
		Commodity Chemicals 0.8%
	854,231	Berger Paints India Ltd.		6,147,197
		Construction & Engineering 0.9%
	1,646,418	Johns Lyng Group Ltd.		6,523,168
		Data Processing & Outsourced Services 0.8%
	83,800	GMO Payment Gateway, Inc.		5,898,364
		Diversified Real Estate Activities 1.0%
	634,538	Patrizia AG		7,500,795
		Diversified Support Services 0.6%
	39,077	Boyd Group Services, Inc.		4,209,460
		Drug Retail 5.1%
	316,965	Ain Holdings, Inc.		16,936,883
	318,200	Clicks Group Ltd.		5,345,662
	1,080,400	Raia Drogasil SA		3,963,672
	228,320	Sugi Holdings Co. Ltd.		10,012,559
				36,258,776
		Electrical Components & Equipment 2.4%
	348,585	Voltronic Power Technology Corp.		16,940,667
		Electronic Equipment & Instruments 1.9%
	564,634	Halma PLC		13,808,442
		General Merchandise Stores 0.5%
	794,573	B&M European Value Retail SA		3,546,847
		Health Care Equipment 1.9%
	102,518	DiaSorin SpA		13,450,704
		Health Care Services 1.1%
	303,665	Dr. Lal PathLabs Ltd.		8,307,168

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 1.4%
	444,028	Menicon Co. Ltd.	$	10,194,186
		Health Care Technology 4.4%
	626,427	JMDC, Inc.		27,286,141
	140,346	Pro Medicus Ltd.		4,092,920
				31,379,061
		Human Resource & Employment Services 2.6%
	483,136	SMS Co. Ltd.		9,521,710
	467,100	TechnoPro Holdings, Inc.		9,353,705
				18,875,415
		Interactive Media & Services 2.9%
	341,500	Kakaku.com, Inc.		5,632,938
	1,725,662	Rightmove PLC		11,940,088
	61,263	Scout24 SE		3,145,185
				20,718,211
		Investment Banking & Brokerage 0.9%
	1,894,151	AJ Bell PLC		6,193,246
		IT Consulting & Other Services 8.1%
	140,374	Endava PLC, ADR*		12,390,813
	50,722	Globant SA*		8,825,628
	219,781	Larsen & Toubro Infotech Ltd.		11,063,704
	140,293	Reply SpA		17,010,220
	561,863	Softcat PLC		9,007,700
				58,298,065
		Life Sciences Tools & Services 1.5%
	155,673	PolyPeptide Group AG*		10,632,043
		Movies & Entertainment 1.9%
	257,744	CTS Eventim AG & Co. KGaA*		13,505,141
		Pharmaceuticals 1.4%
	573,500	JCR Pharmaceuticals Co. Ltd.		9,785,175
		Property & Casualty Insurance 2.4%
	141,651	Definity Financial Corp.		3,661,225
	361,062	ICICI Lombard General Insurance Co. Ltd.		5,124,979
	1,866,305	Qualitas Controladora SAB de CV		8,586,516
				17,372,720
		Publishing 1.4%
	468,467	Future PLC		9,825,666
		Regional Banks 3.6%
	2,105,860	AU Small Finance Bank Ltd.*		15,778,117
	482,222	Canadian Western Bank		9,751,584
				25,529,701
		Research & Consulting Services 3.7%
	79,850	BayCurrent Consulting, Inc.		21,245,467
	448,244	NICE Information Service Co. Ltd.		4,971,283
				26,216,750
		Restaurants 1.7%
	145,841	Domino’s Pizza Enterprises Ltd.		6,845,341
	1,513,148	Domino’s Pizza Group PLC		5,142,740
				11,988,081

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductors 6.3%
	126,500	ASPEED Technology, Inc.	$	8,083,475
	108,655	LEENO Industrial, Inc.		10,878,889
	164,496	Melexis NV		11,799,656
	179,249	Silergy Corp.		14,438,306
				45,200,326
		Soft Drinks 0.7%
	335,225	Fevertree Drinks PLC		4,978,448
		Specialty Chemicals 1.4%
	1,167,992	Hexpol AB		9,939,021
		Specialty Stores 1.0%
	3,690,500	Pet Center Comercio e Participacoes SA		7,002,391
		Systems Software 1.8%
	100,073	CyberArk Software Ltd.*		12,805,341
		Thrifts & Mortgage Finance 3.7%
	312,345	EQB, Inc.		12,897,092
	2,358,294	OSB Group PLC		13,785,351
				26,682,443
		Trading Companies & Distributors 8.4%
	556,247	Diploma PLC		15,086,225
	1,302,846	Howden Joinery Group PLC		9,556,964
	72,916	IMCD NV		10,006,194
	500,148	MonotaRO Co. Ltd.		7,431,444
	1,683,513	RS GROUP PLC		17,808,772
				59,889,599
		Total Common Stocks (cost $599,320,197)		703,383,520
Principal Amount			Value
		SHORT-TERM INVESTMENTS 3.0%
		Repurchase Agreement 3.0%
	$21,151,681	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $21,872,100 of United States Treasury Notes 2.625% 4/15/2025; value: $21,574,771; repurchase proceeds: $21,151,681 (cost $21,151,681)	$	21,151,681
		Total Short-Term Investments (cost $21,151,681)		21,151,681
		Total Investments (cost $620,471,878) 101.3%		724,535,201
		Liabilities less Other Assets (1.3%)		(9,134,511	)
		NET ASSETS 100.0%	$	715,400,690
		*Non-income producing. ADR American Depositary Receipt. See Notes to Schedules of Investments.

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2022, Wasatch International Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		5.0
Belgium		1.7
Brazil		1.6
Canada		12.6
Denmark		0.9
Germany		3.4
India		6.6
Israel		1.8
Italy		4.3
Japan		21.8
Mexico		3.3
Netherlands		1.4
South Africa		0.8
South Korea		2.2
Sweden		1.7
Switzerland		1.5
Taiwan		5.6
United Kingdom		22.5
United States		1.3
Total		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.5%
		Advertising 5.6%
	402,300	Direct Marketing MiX, Inc.	$	5,102,877
	339,400	ValueCommerce Co. Ltd.		7,842,121
	1,186,669	YouGov PLC		12,422,979
				25,367,977
		Air Freight & Logistics 1.7%
	794,719	Maruwa Unyu Kikan Co. Ltd.		7,842,930
		Alternative Carriers 1.4%
	679,927	Chief Telecom, Inc.		6,402,864
		Application Software 14.5%
	58,192	Atoss Software AG		7,378,859
	1,832,770	Bytes Technology Group PLC		9,334,635
	58,863	cBrain A/S		1,404,077
	952,862	Elmo Software Ltd.*		1,479,855
	40,850	Esker SA		5,449,555
	1,643,190	Fortnox AB		7,549,542
	96,800	Freee KK*		2,340,094
	191,528	LiveChat Software SA		4,209,735
	77,328	Mensch und Maschine Software SE		3,857,308
	285,232	Rakus Co. Ltd.		3,361,483
	3,223,800	Systena Corp.		9,361,565
	225,735	Vitec Software Group AB, Class B		9,784,296
				65,511,004
		Asset Management & Custody Banks 3.2%
	1,335,203	JTC PLC		9,589,524
	9,654,619	VEF AB*		2,189,566
	199,000	WealthNavi, Inc.*		2,593,101
				14,372,191
		Brewers 0.8%
	40,486	Royal Unibrew A/S		3,584,533
		Commodity Chemicals 1.8%
	632,124	Berger Paints India Ltd.		4,548,876
	159,176	Supreme Industries Ltd.		3,561,241
				8,110,117
		Construction & Engineering 2.2%
	2,503,879	Johns Lyng Group Ltd.		9,920,459
		Consumer Finance 3.0%
	224,976	Gruppo MutuiOnline SpA		5,686,618
	267,050	Premium Group Co. Ltd.		7,666,272
				13,352,890
		Diversified Banks 0.9%
	2,414,215	City Union Bank Ltd.		4,067,382
		Diversified Support Services 4.2%
	667,700	Japan Elevator Service Holdings Co. Ltd.		6,948,647
	5,834,195	Johnson Service Group PLC*		7,073,559
	1,000,762	Prestige International, Inc.		4,986,108
				19,008,314
		Electrical Components & Equipment 4.9%
	1,453,534	DiscoverIE Group PLC		10,970,202

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	234,471	Voltronic Power Technology Corp.	$	11,394,911
				22,365,113
		Electronic Components 0.6%
	630,863	M3 Technology, Inc.		2,917,371
		Electronic Equipment & Instruments 0.7%
	1,665,399	Nayax Ltd.*		3,075,287
		Food Retail 2.1%
	67,164	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		4,799,420
	4,289,100	Sheng Siong Group Ltd.		4,692,602
				9,492,022
		Health Care Services 2.6%
	243,105	Dr. Lal PathLabs Ltd.		6,650,467
	1,243,005	Vijaya Diagnostic Centre Pvt. Ltd.*		5,244,475
				11,894,942
		Health Care Technology 3.9%
	192,308	Nexus AG		10,076,458
	261,159	Pro Medicus Ltd.		7,616,199
				17,692,657
		Human Resource & Employment Services 1.8%
	122,937	Grupa Pracuj SA*		1,538,976
	363,300	S-Pool, Inc.		3,009,649
	171,262	SMS Co. Ltd.		3,375,255
				7,923,880
		Industrial Machinery 1.5%
	897,588	Elgi Equipments Ltd.		4,074,650
	47,871	GMM Pfaudler Ltd.		2,634,185
				6,708,835
		Interactive Media & Services 1.6%
	2,956,169	Baltic Classifieds Group PLC*		4,692,503
	192,480	Hemnet Group AB		2,365,135
				7,057,638
		Internet & Direct Marketing Retail 0.5%
	60,400	Temairazu, Inc.		2,288,149
		Investment Banking & Brokerage 0.8%
	150,700	Strike Co. Ltd.		3,776,386
		IT Consulting & Other Services 9.1%
	28,200	Adesso SE		4,326,441
	93,528	Aubay		4,743,813
	140,591	Avant Corp.		1,392,647
	302,650	Comture Corp.		5,891,057
	133,628	Digital Value SpA*		8,122,057
	379,364	FDM Group Holdings PLC		3,920,681
	3,417,005	Kin & Carta PLC*		7,295,800
	96,433	KNOW IT AB		2,692,271
	318,800	SERAKU Co. Ltd.		2,577,562
				40,962,329
		Life Sciences Tools & Services 0.5%
	197,149	Ergomed PLC*		2,409,495
		Movies & Entertainment 0.9%
	163,480	NexTone, Inc.*		3,915,905

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Personal Products 0.9%
	588,400	Sarantis SA	$	4,069,651
		Property & Casualty Insurance 2.9%
	2,826,267	Qualitas Controladora SAB de CV		13,003,119
		Publishing 1.9%
	406,748	Future PLC		8,531,167
		Research & Consulting Services 7.4%
	8,491,400	CTOS Digital Bhd		2,446,756
	333,167	Funai Soken Holdings, Inc.		5,296,589
	74,100	Management Solutions Co. Ltd.*		1,242,464
	521,089	NICE Information Service Co. Ltd.		5,779,176
	1,658,800	SIGMAXYZ Holdings, Inc.		13,277,247
	546,670	Talenom Oyj		5,556,963
				33,599,195
		Restaurants 0.0%
	630,045	Patisserie Holdings PLC* *** §§		7,669
		Semiconductor Equipment 0.7%
	37,019	Tokai Carbon Korea Co. Ltd.		3,207,515
		Semiconductors 3.0%
	79,873	Elmos Semiconductor SE		3,046,786
	107,178	LEENO Industrial, Inc.		10,731,007
				13,777,793
		Specialized Finance 1.3%
	364,500	eGuarantee, Inc.		5,765,161
		Specialty Stores 1.2%
	109,467	Musti Group Oyj*		1,954,760
	1,884,500	Pet Center Comercio e Participacoes SA		3,575,669
				5,530,429
		Systems Software 2.6%
	2,457,631	Ideagen PLC		10,440,945
	52,838	TECSYS, Inc.		1,374,724
				11,815,669
		Thrifts & Mortgage Finance 6.8%
	507,914	Aavas Financiers Ltd.*		12,962,427
	214,212	EQB, Inc.		8,845,065
	825,845	Mortgage Advice Bureau Holdings Ltd.		9,047,712
				30,855,204
		Total Common Stocks (cost $444,887,494)		450,183,242
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.8%
		Repurchase Agreement 0.8%
	$3,655,400	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $3,327,000 of United States Treasury Notes 0.125% due 4/15/2025; value: $3,728,619; repurchase proceeds: $3,655,400 (cost $3,655,400)	$	3,655,400

WASATCH INTERNATIONAL OPPORTUNITIES FUND(WAIOX / WIIOX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Total Short-Term Investments (cost $3,655,400)	$	3,655,400
Total Investments (cost $448,542,894) 100.3%		453,838,642
Liabilities less Other Assets (0.3%)		(1,474,570	)
NET ASSETS 100.0%	$	452,364,072
*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 June 30, 2022, amounts to approximately $7,669 and represented 0.00% of net assets. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2022, Wasatch International Opportunities Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		4.2
Brazil		0.8
Canada		2.3
Denmark		1.1
Finland		1.7
France		2.3
Germany		6.4
Greece		0.9
India		9.7
Israel		1.7
Italy		3.1
Japan		24.4
Malaysia		0.5
Mexico		2.9
Poland		1.3
Singapore		1.0
South Korea		4.4
Sweden		5.4
Taiwan		4.6
United Kingdom		21.3
Total		100.0	%

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.5%
		Aerospace & Defense 5.9%
	13,767	CAE, Inc.*	$	339,255
		Apparel, Accessories & Luxury Goods 3.5%
	181	Hermes International		202,388
		Application Software 9.9%
	7,093	Dassault Systemes SE		261,014
	2,516	Descartes Systems Group, Inc.*		156,351
	2,791	Xero Ltd.* (Australia)		148,262
				565,627
		Asset Management & Custody Banks 3.2%
	201	Partners Group Holding AG		181,114
		Biotechnology 3.8%
	15,267	Abcam PLC*		218,926
		Building Products 5.0%
	13,421	Assa Abloy AB, Class B		285,088
		Data Processing & Outsourced Services 9.8%
	101	Adyen NV*		146,910
	5,603	Amadeus IT Group SA*		312,137
	1,400	GMO Payment Gateway, Inc.		98,541
				557,588
		Drug Retail 1.4%
	1,857	Sugi Holdings Co. Ltd.		81,435
		Electronic Equipment & Instruments 3.7%
	8,684	Halma PLC		212,372
		General Merchandise Stores 3.8%
	3,766	Dollarama, Inc.		216,855
		Health Care Equipment 3.0%
	1,313	DiaSorin SpA		172,270
		Health Care Supplies 3.6%
	1,803	Coloplast A/S, Class B		205,359
		Health Care Technology 7.5%
	8,001	JMDC, Inc.		348,511
	2,700	M3, Inc.		77,569
				426,080
		Industrial Machinery 3.2%
	318	Rational AG		184,786
		Interactive Media & Services 7.6%
	5,000	Kakaku.com, Inc.		82,474
	2,204	REA Group Ltd.		170,128
	3,516	Scout24 SE		180,508
				433,110
		IT Consulting & Other Services 3.2%
	1,300	Obic Co. Ltd.		183,867
		Life Sciences Tools & Services 8.3%
	1,432	ICON PLC*		310,314
	517	Sartorius Stedim Biotech		162,158
				472,472

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Real Estate Services 3.6%
	1,671	FirstService Corp.	$	202,696
		Research & Consulting Services 6.5%
	1,400	BayCurrent Consulting, Inc.		372,494
		Total Common Stocks (cost $6,311,119)		5,513,782
Principal Amount			Value
		SHORT-TERM INVESTMENTS 3.4%
		Repurchase Agreement 3.4%
	$195,460	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $177,900 of United States Treasury Notes 0.125% due 4/15/2025; value: $199,375; repurchase proceeds: $195,460 (cost $195,460)	$	195,460
		Total Short-Term Investments (cost $195,460)		195,460
		Total Investments (cost $6,506,579) 99.9%		5,709,242
		Other Assets less Liabilities 0.1%		3,187
		NET ASSETS 100.0%	$	5,712,429
		*Non-income producing. See Notes to Schedules of Investments.

At June 30, 2022, Wasatch International Select Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		5.8
Canada		16.6
Denmark		3.7
France		11.3
Germany		6.6
Ireland		5.6
Italy		3.1
Japan		22.6
Netherlands		2.7
Spain		5.7
Sweden		5.2
Switzerland		3.3
United Kingdom		7.8
Total		100.0	%

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 103.4%
		Agricultural & Farm Machinery 0.4%
	27,839	Hydrofarm Holdings Group, Inc.*	$	96,880
		Application Software 11.2%
	4,276	DocuSign, Inc.*		245,357
	6,700	Five9, Inc.*		610,638
	4,508	Guidewire Software, Inc.*		320,023
	1,081	HubSpot, Inc.*		325,003
	2,048	Paylocity Holding Corp.*		357,212
	1,696	Roper Technologies, Inc.		669,326
				2,527,559
		Asset Management & Custody Banks 3.8%
	6,877	Cohen & Steers, Inc.		437,308
	6,376	Hamilton Lane, Inc., Class A		428,340
				865,648
		Biotechnology 1.5%
	20,858	C4 Therapeutics, Inc.*		157,269
	44,440	Sangamo Therapeutics, Inc.*		183,982
				341,251
		Casinos & Gaming 1.8%
	30,204	NEOGAMES SA*		405,036
		Commodity Chemicals 2.3%
	18,092	Valvoline, Inc.		521,592
		Construction Machinery & Heavy Trucks 2.1%
	43,340	REV Group, Inc.		471,106
		Distributors 1.9%
	1,197	Pool Corp.		420,422
		Education Services 2.4%
	5,691	Grand Canyon Education, Inc.*		536,035
		Electronic Equipment & Instruments 4.7%
	11,924	Cognex Corp.		507,009
	4,461	Novanta, Inc.*		540,985
				1,047,994
		Electronic Manufacturing Services 3.2%
	4,727	Fabrinet*		383,360
	8,048	Sanmina Corp.*		327,795
				711,155
		Environmental & Facilities Services 1.7%
	8,871	ABM Industries, Inc.		385,179
		Financial Exchanges & Data 5.3%
	1,780	MarketAxess Holdings, Inc.		455,698
	3,017	Morningstar, Inc.		729,601
				1,185,299
		Food Distributors 2.0%
	11,660	Chefs’ Warehouse, Inc.*		453,457
		Food Retail 1.8%
	16,134	Sprouts Farmers Market, Inc.*		408,513
		Health Care Facilities 3.0%
	9,161	Ensign Group, Inc.		673,059

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Services 2.6%
	6,971	Addus HomeCare Corp.*	$	580,545
		Health Care Supplies 1.0%
	6,510	Silk Road Medical, Inc.*		236,899
		Home Improvement Retail 1.4%
	4,909	Floor & Decor Holdings, Inc., Class A*		309,071
		Homebuilding 1.5%
	7,017	Skyline Champion Corp.*		332,746
		Industrial Machinery 3.4%
	14,824	Altra Industrial Motion Corp.		522,546
	7,324	Kornit Digital Ltd.*		232,171
				754,717
		Insurance Brokers 1.3%
	6,609	Goosehead Insurance, Inc., Class A		301,833
		Interactive Media & Services 1.2%
	18,663	ZipRecruiter, Inc., Class A*		276,586
		Investment Banking & Brokerage 2.2%
	12,466	Moelis & Co., Class A		490,537
		IT Consulting & Other Services 2.9%
	2,684	Globant SA*		467,016
	11,452	Grid Dynamics Holdings, Inc.*		192,622
				659,638
		Leisure Products 1.4%
	7,227	YETI Holdings, Inc.*		312,712
		Life Sciences Tools & Services 3.2%
	4,825	Medpace Holdings, Inc.*		722,158
		Managed Health Care 2.6%
	9,707	HealthEquity, Inc.*		595,913
		Oil & Gas Equipment & Services 1.5%
	8,259	Cactus, Inc., Class A		332,590
		Oil & Gas Exploration & Production 2.1%
	22,828	Magnolia Oil & Gas Corp., Class A		479,160
		Packaged Foods & Meats 1.0%
	4,170	Freshpet, Inc.*		216,381
		Paper Products 1.8%
	32,083	Resolute Forest Products, Inc.*		409,379
		Pharmaceuticals 2.0%
	7,948	Intra-Cellular Therapies, Inc.*		453,672
		Regional Banks 4.5%
	20,475	Bank OZK		768,427
	4,729	Silvergate Capital Corp., Class A*		253,143
				1,021,570
		Research & Consulting Services 2.5%
	5,904	ICF International, Inc.		560,880
		Semiconductors 2.3%
	1,344	Monolithic Power Systems, Inc.		516,150
		Specialty Chemicals 6.4%
	6,059	Balchem Corp.		786,094

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	6,791	Innospec, Inc.	$	650,510
				1,436,604
		Specialty Stores 1.6%
	3,206	Five Below, Inc.*		363,656
		Steel 1.7%
	11,406	Schnitzer Steel Industries, Inc., Class A		374,573
		Systems Software 1.1%
	1,852	CyberArk Software Ltd.*		236,982
		Trucking 1.1%
	18,529	Lyft, Inc., Class A*		246,065
		Total Common Stocks (cost $30,995,723)		23,271,202
		Total Investments, Before Investments Sold Short (cost $30,995,723) 103.4%		23,271,202
		INVESTMENTS SOLD SHORT (32.5%)
		COMMON STOCKS SOLD SHORT (32.5%)
		Advertising 0.4%
	(3,747)	Cardlytics, Inc.*		(83,596	)
		Aerospace & Defense 0.8%
	(5,794)	Spirit AeroSystems Holdings, Inc., Class A		(169,764	)
		Airlines 1.0%
	(16,096)	Hawaiian Holdings, Inc.*		(230,334	)
		Alternative Carriers 1.0%
	(188,596)	Globalstar, Inc.*		(231,973	)
		Aluminum 0.3%
	(8,549)	Century Aluminum Co.*		(63,006	)
		Application Software 4.1%
	(26,531)	8x8, Inc.*		(136,635	)
	(4,100)	Alteryx, Inc., Class A*		(198,522	)
	(7,242)	Domo, Inc., Class B*		(201,327	)
	(15,856)	Nutanix, Inc., Class A*		(231,973	)
	(32,710)	Yext, Inc.*		(156,354	)
				(924,811	)
		Asset Management & Custody Banks 0.9%
	(3,415)	Ares Management Corp., Class A		(194,177	)
		Auto Parts & Equipment 0.5%
	(18,403)	Luminar Technologies, Inc.*		(109,130	)
		Electrical Components & Equipment 1.7%
	(9,673)	Plug Power, Inc.*		(160,282	)
	(9,960)	Sunrun, Inc.*		(232,665	)
				(392,947	)
		Electronic Equipment & Instruments 0.5%
	(19,339)	Arlo Technologies, Inc.*		(121,255	)
		Health Care Equipment 1.5%
	(32,054)	Alphatec Holdings, Inc.*		(209,633	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	(2,662)	Nevro Corp.*	$	(116,676	)
				(326,309	)
		Health Care Supplies 0.7%
	(9,926)	Pulmonx Corp.*		(146,111	)
		Health Care Technology 1.1%
	(11,175)	Definitive Healthcare Corp.*		(256,243	)
		Heavy Electrical Equipment 0.9%
	(11,954)	Bloom Energy Corp., Class A*		(197,241	)
		Hotel & Resort REITs 0.6%
	(10,580)	Park Hotels & Resorts, Inc.		(143,571	)
		Hotels, Resorts & Cruise Lines 1.7%
	(2,395)	Hyatt Hotels Corp., Class A*		(177,014	)
	(25,089)	Lindblad Expeditions Holdings, Inc.*		(203,221	)
				(380,235	)
		Interactive Home Entertainment 0.8%
	(5,259)	ROBLOX Corp., Class A*		(172,811	)
		Interactive Media & Services 0.7%
	(35,971)	Angi, Inc.*		(164,747	)
		Internet & Direct Marketing Retail 1.6%
	(19,202)	Farfetch Ltd., Class A*		(137,486	)
	(6,811)	Xometry, Inc., Class A*		(231,097	)
				(368,583	)
		Leisure Products 0.9%
	(53,857)	AMMO, Inc.*		(207,349	)
		Mortgage REITs 0.7%
	(17,681)	New Residential Investment Corp.		(164,787	)
		Multi-Sector Holdings 1.1%
	(13,169)	Cannae Holdings, Inc.*		(254,688	)
		Multi-Utilities 0.8%
	(6,067)	CenterPoint Energy, Inc.		(179,462	)
		Oil & Gas Refining & Marketing 1.1%
	(15,458)	Par Pacific Holdings, Inc.*		(240,990	)
		Oil & Gas Storage & Transportation 0.8%
	(7,943)	Golar LNG Ltd.*		(180,703	)
		Packaged Foods & Meats 0.8%
	(1,462)	J M Smucker Co.		(187,151	)
		Personal Products 1.4%
	(39,961)	Coty, Inc., Class A*		(320,088	)
		Pharmaceuticals 1.1%
	(28,006)	Tilray Brands, Inc.*		(87,379	)
	(15,147)	Viatris, Inc.		(158,589	)
				(245,968	)
		Real Estate Development 0.8%
	(2,591)	Howard Hughes Corp.*		(176,317	)
		Semiconductors 0.6%
	(1,990)	Wolfspeed, Inc.*		(126,265	)
		Soft Drinks 0.9%
	(2,960)	Celsius Holdings, Inc.*		(193,170	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Trading Companies & Distributors 0.7%
	(8,393)	Fortress Transportation & Infrastructure Investors LLC	$	(162,321	)
		Total Investments Sold Short (proceeds $10,756,856) (32.5%)		(7,316,103	)
		Total Investments, Net of Investments Sold Short (cost $20,238,867) 70.9%		15,955,099
		Other Assets less Liabilities 29.1%		6,540,432
		NET ASSETS 100.0%	$	22,495,531
		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2022, Wasatch Long/Short Alpha Fund’s investments, excluding Investments sold short, were in the following countries:

COUNTRY	%
Canada		1.8
Israel		3.7
United States		94.5
Total		100.0	%

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.0%
		Advertising 1.9%
	574,596	Thryv Holdings, Inc.*	$	12,865,204
		Agricultural & Farm Machinery 0.2%
	393,376	Hydrofarm Holdings Group, Inc.*		1,368,948
		Apparel Retail 1.4%
	140,102	Boot Barn Holdings, Inc.*		9,654,429
		Apparel, Accessories & Luxury Goods 2.0%
	787,652	Superior Group of Cos., Inc.		13,980,823
		Application Software 5.7%
	384,843	Agilysys, Inc.*		18,191,529
	624,636	CS Disco, Inc.*		11,268,433
	167,426	Sprout Social, Inc., Class A*		9,722,428
				39,182,390
		Auto Parts & Equipment 6.0%
	2,670,279	Holley, Inc.*		28,037,929
	286,848	XPEL, Inc.*		13,174,929
				41,212,858
		Biotechnology 4.5%
	442,063	Atara Biotherapeutics, Inc.*		3,443,671
	345,131	BriaCell Therapeutics Corp.*		1,991,406
	277,956	C4 Therapeutics, Inc.*		2,095,788
	188,880	ChemoCentryx, Inc.*		4,680,446
	63,566	Cytokinetics, Inc.*		2,497,508
	99,065	Denali Therapeutics, Inc.*		2,915,483
	644,329	MacroGenics, Inc.*		1,900,771
	288,093	Nkarta, Inc.*		3,549,306
	241,162	Nurix Therapeutics, Inc.*		3,055,522
	1,080,377	Sangamo Therapeutics, Inc.*		4,472,761
				30,602,662
		Building Products 1.9%
	1,414,144	Janus International Group, Inc.*		12,769,720
		Casinos & Gaming 2.0%
	625,644	NEOGAMES SA*		8,389,886
	335,501	Pollard Banknote Ltd.		5,257,190
				13,647,076
		Construction & Engineering 2.6%
	791,322	Construction Partners, Inc., Class A*		16,570,283
	904,582	QualTek Services, Inc., Class A*		1,338,781
				17,909,064
		Data Processing & Outsourced Services 1.3%
	1,586,611	Cantaloupe, Inc.*		8,885,022
		Distillers & Vintners 3.8%
	3,329,564	Vintage Wine Estates, Inc.* ‡‡		26,170,373
		Electrical Components & Equipment 1.7%
	497,138	Allied Motion Technologies, Inc.		11,354,632
		Electronic Equipment & Instruments 4.6%
	585,609	Identiv, Inc.*		6,781,352
	833,925	Napco Security Technologies, Inc.*		17,170,516

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	776,404	nLight, Inc.*	$	7,934,849
				31,886,717
		Environmental & Facilities Services 2.2%
	555,436	Heritage-Crystal Clean, Inc.*		14,974,555
		Financial Exchanges & Data 1.4%
	907,979	Open Lending Corp., Class A*		9,288,625
		Food Distributors 1.3%
	232,608	Chefs’ Warehouse, Inc.*		9,046,125
		Health Care Equipment 2.9%
	647,809	Artivion, Inc.*		12,230,634
	485,587	Paragon 28, Inc.*		7,706,266
				19,936,900
		Health Care Facilities 2.7%
	799,735	Pennant Group, Inc.*		10,244,605
	73,179	U.S. Physical Therapy, Inc.		7,991,147
				18,235,752
		Health Care Services 4.9%
	203,472	Addus HomeCare Corp.*		16,945,148
	754,276	Castle Biosciences, Inc.*		16,556,358
				33,501,506
		Health Care Supplies 6.4%
	258,272	OrthoPediatrics Corp.*		11,144,437
	410,768	Silk Road Medical, Inc.*		14,947,848
	226,306	UFP Technologies, Inc.*		18,007,168
				44,099,453
		Health Care Technology 1.9%
	259,478	Simulations Plus, Inc.		12,800,050
		Homebuilding 1.3%
	852,449	Dream Finders Homes, Inc., Class A*		9,070,057
		Industrial Machinery 5.9%
	205,298	Helios Technologies, Inc.		13,600,993
	63,231	Kadant, Inc.		11,530,173
	355,342	Kornit Digital Ltd.*		11,264,341
	2,270,337	Markforged Holding Corp.*		4,200,123
				40,595,630
		Insurance Brokers 3.2%
	224,074	Goosehead Insurance, Inc., Class A		10,233,460
	995,645	Hagerty, Inc., Class A*		11,439,961
				21,673,421
		Interactive Home Entertainment 0.1%
	1,705,192	Versus Systems, Inc.* ‡‡		721,296
		IT Consulting & Other Services 2.6%
	1,060,525	Grid Dynamics Holdings, Inc.*		17,838,031
		Leisure Products 1.7%
	552,565	MasterCraft Boat Holdings, Inc.*		11,631,493
		Oil & Gas Equipment & Services 1.3%
	480,206	DMC Global, Inc.*		8,658,114
		Packaged Foods & Meats 1.3%
	175,368	Freshpet, Inc.*		9,099,846

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 2.7%
	798,376	Esperion Therapeutics, Inc.*	$	5,077,672
	3,539,452	IM Cannabis Corp.* ‡‡		2,254,778
	153,341	Intra-Cellular Therapies, Inc.*		8,752,704
	7,995,671	PharmaCielo Ltd.* ‡‡		2,702,080
				18,787,234
		Regional Banks 1.1%
	235,749	Esquire Financial Holdings, Inc.		7,850,442
		Research & Consulting Services 2.0%
	146,940	ICF International, Inc.		13,959,300
		Semiconductor Equipment 3.9%
	115,380	Nova Ltd.*		10,214,591
	337,964	PDF Solutions, Inc.*		7,269,606
	480,887	Veeco Instruments, Inc.*		9,329,208
				26,813,405
		Semiconductors 1.4%
	162,311	Impinj, Inc.*		9,522,786
		Systems Software 4.3%
	123,246	CyberArk Software Ltd.*		15,770,558
	101,796	Ping Identity Holding Corp.*		1,846,579
	173,516	Rapid7, Inc.*		11,590,869
				29,208,006
		Trading Companies & Distributors 1.9%
	224,028	Transcat, Inc.*		12,727,031
		Total Common Stocks (cost $752,334,117)		671,528,976
		PREFERRED STOCKS 1.0%
		Textiles 1.0%
	339,559	Johnnie-O Holdings, Inc., Series A Pfd.* *** †		6,937,191
		Total Preferred Stocks (cost $10,000,013)		6,937,191
		WARRANTS 0.1%
		Interactive Home Entertainment 0.0%
	448,000	Versus Systems, Inc., expiring 1/15/2026* ‡‡ §§		50,646
	192,000	Versus Systems, Inc., expiring 1/15/2026* *** † ‡‡		21,120
	937,500	Versus Systems, Inc., expiring 2/28/2027* *** † ‡‡		18,750
				90,516
		Pharmaceuticals 0.1%
	691,416	Esperion Therapeutics, Inc., expiring 12/7/2023* *** †		380,279
	450,000	IM Cannabis Corp., expiring 5/7/2026* *** † ‡‡		—
				380,279
		Total Warrants (cost $1,248,861)		470,795

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.8%
		Repurchase Agreement 0.8%
	$5,552,543	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $5,741,700 of United States Treasury Notes 2.625% due 4/15/2025; value: $5,663,647; repurchase proceeds: $5,552,543 (cost $5,552,543)	$	5,552,543
		Total Short-Term Investments (cost $5,552,543)		5,552,543
		Total Investments (cost $769,135,534) 99.9%		684,489,505
		Other Assets less Liabilities 0.1%		727,815
		NET ASSETS 100.0%	$	685,217,320
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2022 amounted to approximately $ 7,357,340 and represented 1.07% of net assets. ‡‡Affiliated company (see Note 6). §§The aggregate value of illiquid holdings at June 30, 2022, amounted to approximately $50,646, and represented 0.01% of net assets. See Notes to Schedules of Investments.

At June 30, 2022, Wasatch Micro Cap Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Canada		1.5
Israel		7.0
United States		91.5
Total		100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 93.4%
		Advertising 0.5%
	137,000	YouGov PLC	$	1,434,223
		Agricultural Products 0.5%
	81,101	Winfarm SAS*		1,466,074
		Air Freight & Logistics 1.8%
	756,000	Radiant Logistics, Inc.*		5,609,520
		Application Software 1.3%
	137,000	Ebix, Inc.		2,315,300
	763,000	Kaleyra, Inc.*		1,556,520
				3,871,820
		Asset Management & Custody Banks 1.4%
	856,365	Fiducian Group Ltd.		4,309,164
		Auto Parts & Equipment 1.2%
	71,000	Patrick Industries, Inc.		3,680,640
		Casinos & Gaming 1.3%
	671,000	Full House Resorts, Inc.*		4,079,680
		Communications Equipment 1.7%
	220,235	Digi International, Inc.*		5,334,092
		Construction & Engineering 4.4%
	348,023	Bowman Consulting Group Ltd.*		4,294,604
	216,000	Construction Partners, Inc., Class A*		4,523,040
	222,000	Sterling Infrastructure, Inc.*		4,866,240
				13,683,884
		Consumer Finance 2.2%
	914,000	EZCORP, Inc., Class A*		6,864,140
		Data Processing & Outsourced Services 1.5%
	188,100	i3 Verticals, Inc., Class A*		4,706,262
		Diversified Metals & Mining 0.9%
	6,786,000	Talon Metals Corp.*		2,688,673
		Diversified Support Services 1.1%
	2,769,000	Johnson Service Group PLC*		3,357,222
		Electronic Components 0.0%
	48,413	VIA Optronics AG, ADR*		102,635
		Electronic Equipment & Instruments 3.7%
	63,000	FARO Technologies, Inc.*		1,942,290
	556,000	Luna Innovations, Inc.*		3,241,480
	295,000	Napco Security Technologies, Inc.*		6,074,050
				11,257,820
		Electronic Manufacturing Services 0.8%
	32,000	Fabrinet*		2,595,200
		Financial Exchanges & Data 0.6%
	191,000	Open Lending Corp., Class A*		1,953,930
		Food Distributors 1.4%
	114,000	Chefs’ Warehouse, Inc.*		4,433,460
		Health Care Distributors 0.8%
	149,000	PetIQ, Inc.*		2,501,710

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Equipment 2.0%
	643,000	Brainsway Ltd., ADR*	$	3,195,710
	2,907,000	Conformis, Inc.*		1,028,497
	85,000	Inmode Ltd.*		1,904,850
				6,129,057
		Health Care Services 5.2%
	74,000	Addus HomeCare Corp.*		6,162,720
	454,925	InfuSystem Holdings, Inc.*		4,380,928
	496,300	Sharps Compliance Corp.*		1,449,196
	774,000	Viemed Healthcare, Inc.*		4,164,120
				16,156,964
		Health Care Supplies 2.1%
	362,000	Bioventus, Inc., Class A*		2,468,840
	94,000	OrthoPediatrics Corp.*		4,056,100
				6,524,940
		Health Care Technology 3.2%
	647,237	Instem PLC*		5,869,719
	79,000	Nexus AG		4,139,403
				10,009,122
		Home Furnishings 0.9%
	102,000	Lovesac Co.*		2,805,000
		Homebuilding 2.1%
	138,004	Skyline Champion Corp.*		6,544,150
		Human Resource & Employment Services 0.8%
	168,387	Creek & River Co. Ltd.		2,542,932
		Industrial Machinery 3.6%
	30,000	John Bean Technologies Corp.		3,312,600
	22,000	Kadant, Inc.		4,011,700
	34,000	Kornit Digital Ltd.*		1,077,800
	221,000	va-Q-tec AG*		2,816,219
				11,218,319
		Integrated Telecommunication Services 1.2%
	323,000	Ooma, Inc.*		3,824,320
		Interactive Media & Services 0.6%
	193,000	VerticalScope Holdings, Inc.*		1,829,242
		Internet Services & Infrastructure 0.8%
	57,000	Tucows, Inc., Class A*		2,537,070
		Investment Banking & Brokerage 2.3%
	365,060	JDC Group AG*		7,153,958
		IT Consulting & Other Services 3.7%
	984,000	AgileThought, Inc.*		5,087,280
	182,000	Grid Dynamics Holdings, Inc.*		3,061,240
	1,321,000	Pivotree, Inc.* ‡‡		3,386,653
				11,535,173
		Leisure Facilities 0.9%
	1,175,000	Gym Group PLC*		2,720,484
		Leisure Products 1.1%
	188,000	American Outdoor Brands, Inc.*		1,787,880
	77,000	Clarus Corp.		1,462,230
				3,250,110

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 1.5%
	252,000	Ergomed PLC*	$	3,079,867
	167,000	Inotiv, Inc.*		1,603,200
				4,683,067
		Mortgage REITs 1.4%
	286,567	AFC Gamma, Inc.		4,393,072
		Movies & Entertainment 1.5%
	1,665,953	Thunderbird Entertainment Group, Inc.*		4,723,997
		Oil & Gas Exploration & Production 3.3%
	1,192,000	Evolution Petroleum Corp.		6,508,320
	377,153	New Stratus Energy, Inc.*		225,612
	1,478,921	Yangarra Resources Ltd.*		3,331,938
				10,065,870
		Packaged Foods & Meats 0.6%
	36,000	Freshpet, Inc.*		1,868,040
		Pharmaceuticals 1.1%
	461,000	Harrow Health, Inc.*		3,356,080
		Regional Banks 3.8%
	182,000	California BanCorp*		3,459,820
	190,000	Esquire Financial Holdings, Inc.		6,327,000
	218,692	Finwise Bancorp*		2,040,396
				11,827,216
		Research & Consulting Services 3.2%
	54,815	ICF International, Inc.		5,207,425
	1,830,000	Knights Group Holdings PLC		1,915,787
	151,450	Red Violet, Inc.*		2,883,608
				10,006,820
		Restaurants 0.8%
	530,000	Noodles & Co.*		2,491,000
		Semiconductor Equipment 1.4%
	228,000	Veeco Instruments, Inc.*		4,423,200
		Semiconductors 3.0%
	96,867	Impinj, Inc.*		5,683,187
	22,000	SiTime Corp.*		3,586,660
				9,269,847
		Specialized Finance 1.5%
	140,000	A-Mark Precious Metals, Inc.		4,515,000
		Specialty Chemicals 1.3%
	401,000	Neo Performance Materials, Inc.		3,872,304
		Steel 1.3%
	118,000	Haynes International, Inc.		3,866,860
		Thrifts & Mortgage Finance 5.8%
	109,000	Axos Financial, Inc.*		3,907,650
	416,000	Mortgage Advice Bureau Holdings Ltd.		4,557,572
	776,000	Sterling Bancorp, Inc.*		4,423,200
	464,000	Velocity Financial, Inc.*		5,099,360
				17,987,782
		Trading Companies & Distributors 4.0%
	142,000	Global Industrial Co.		4,795,340
	167,000	Hardwoods Distribution, Inc.		3,666,423

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	225,000	Karat Packaging, Inc.*	$	3,838,500
				12,300,263
		Total Common Stocks (cost $287,109,934)		288,361,407
		LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 0.0%
		Pharmaceuticals 0.0%
	50,528	Regenacy Pharmaceuticals LLC* *** †		22,232
		Total Limited Liability Company Membership Interest (cost $30,001)		22,232
		WARRANTS 0.0%
		Trading Companies & Distributors 0.0%
	289,536	Greenlane Holdings, Inc., expiring 2/24/2026* *** †		0
		Total Warrants (cost $396,902)		0
Principal Amount			Value
		SHORT-TERM INVESTMENTS 6.5%
		Repurchase Agreement 6.5%
	$20,113,527	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $20,113,527 of United States Treasury Notes 2.625% due 4/15/2025; value: $6,488,480; repurchase proceeds: $20,515,863 (cost $20,515,864)	$	20,113,527
		Total Short-Term Investments (cost $20,113,527)		20,113,527
		Total Investments (cost $307,650,364) 99.9%		308,497,167
		Other Assets less Liabilities 0.1%		374,125
		NET ASSETS 100.0%	$	308,871,292
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). ‡‡Affiliated company (see Note 6). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2022 amounted to approximately $22,232 and represented 0.01% of net assets. ADR American Depositary Receipt. PIK Payment In Kind. See Notes to Schedules of Investments.

At June 30, 2022, Wasatch Micro Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Australia		1.5
Canada		9.7
France		0.5

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

COUNTRY	%
Germany		4.9
Israel		2.1
Italy		0.5
Japan		0.9
United Kingdom		8.0
United States		71.9
Total		100.0	%

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.5%
		Apparel Retail 2.3%
	701,504	Boot Barn Holdings, Inc.*	$	48,340,641
		Application Software 9.0%
	981,771	CS Disco, Inc.*		17,711,149
	562,990	Five9, Inc.*		51,310,909
	913,845	nCino, Inc.*		28,256,087
	279,910	Paylocity Holding Corp.*		48,821,902
	458,375	Q2 Holdings, Inc.*		17,679,524
	452,285	Sprout Social, Inc., Class A*		26,264,190
				190,043,761
		Asset Management & Custody Banks 4.2%
	1,346,262	Focus Financial Partners, Inc., Class A*		45,853,684
	1,644,311	StepStone Group, Inc., Class A		42,801,415
				88,655,099
		Auto Parts & Equipment 1.7%
	757,028	XPEL, Inc.*		34,770,296
		Biotechnology 3.7%
	1,526,628	Atara Biotherapeutics, Inc.*		11,892,432
	1,646,145	C4 Therapeutics, Inc.*		12,411,933
	677,343	ChemoCentryx, Inc.*		16,784,560
	168,848	Cytokinetics, Inc.*		6,634,038
	43,531	Kymera Therapeutics, Inc.*		857,125
	1,160,786	MacroGenics, Inc.*		3,424,319
	399,075	Nkarta, Inc.*		4,916,604
	702,738	Nurix Therapeutics, Inc.*		8,903,691
	2,982,602	Sangamo Therapeutics, Inc.*		12,347,972
				78,172,674
		Building Products 2.6%
	454,618	AAON, Inc.		24,894,882
	1,768,814	AZEK Co., Inc.*		29,609,946
				54,504,828
		Data Processing & Outsourced Services 4.7%
	453,904	Euronet Worldwide, Inc.*		45,658,203
	2,128,403	Repay Holdings Corp.*		27,349,979
	1,485,962	TaskUS, Inc., Class A* ‡‡		25,053,319
				98,061,501
		Distillers & Vintners 2.1%
	5,500,000	Vintage Wine Estates, Inc.* ‡‡		43,230,000
		Financial Exchanges & Data 1.0%
	2,089,753	Open Lending Corp., Class A*		21,378,173
		General Merchandise Stores 3.0%
	1,056,216	Ollie’s Bargain Outlet Holdings, Inc.*		62,052,690
		Health Care Facilities 4.7%
	984,215	Ensign Group, Inc.		72,310,276
	2,019,805	Pennant Group, Inc.* ‡‡		25,873,702
				98,183,978
		Health Care Services 1.0%
	1,004,634	Castle Biosciences, Inc.*		22,051,716

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 3.7%
	1,875,711	Neogen Corp.*	$	45,185,878
	899,354	Silk Road Medical, Inc.*		32,727,492
				77,913,370
		Health Care Technology 2.0%
	232,910	Inspire Medical Systems, Inc.*		42,545,670
		Home Improvement Retail 2.2%
	720,540	Floor & Decor Holdings, Inc., Class A*		45,365,198
		Homebuilding 1.9%
	455,993	LGI Homes, Inc.*		39,625,792
		Industrial Machinery 7.4%
	920,037	Helios Technologies, Inc.		60,952,452
	1,041,916	Kornit Digital Ltd.*		33,028,737
	4,189,173	Markforged Holding Corp.*		7,749,970
	297,320	RBC Bearings, Inc.*		54,989,334
				156,720,493
		Insurance Brokers 1.5%
	695,838	Goosehead Insurance, Inc., Class A		31,778,921
		Interactive Media & Services 2.2%
	3,069,816	ZipRecruiter, Inc., Class A*		45,494,673
		Internet & Direct Marketing Retail 1.1%
	1,169,843	Global-e Online Ltd.*		23,595,733
		IT Consulting & Other Services 4.2%
	300,160	Globant SA*		52,227,840
	2,188,538	Grid Dynamics Holdings, Inc.*		36,811,209
				89,039,049
		Leisure Products 2.4%
	1,181,588	YETI Holdings, Inc.*		51,127,313
		Life Sciences Tools & Services 3.7%
	526,929	Medpace Holdings, Inc.*		78,865,463
		Managed Health Care 3.1%
	1,063,943	HealthEquity, Inc.*		65,315,461
		Oil & Gas Equipment & Services 0.7%
	827,153	DMC Global, Inc.*		14,913,569
		Packaged Foods & Meats 2.0%
	817,036	Freshpet, Inc.*		42,395,998
		Personal Products 0.8%
	695,494	BellRing Brands, Inc.*		17,310,846
		Pharmaceuticals 2.7%
	88,820	Arvinas, Inc.*		3,738,434
	1,199,678	Esperion Therapeutics, Inc.*		7,629,952
	797,623	Intra-Cellular Therapies, Inc.*		45,528,321
				56,896,707
		Regional Banks 2.8%
	807,660	Pinnacle Financial Partners, Inc.		58,401,895
		Semiconductor Equipment 1.6%
	371,689	Nova Ltd.*		32,905,627
		Semiconductors 1.6%
	200,406	SiTime Corp.*		32,672,190

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialized Consumer Services 1.6%
	3,124,282	Mister Car Wash, Inc.*	$	33,992,188
		Specialty Stores 1.9%
	355,677	Five Below, Inc.*		40,344,442
		Systems Software 6.5%
	562,305	CyberArk Software Ltd.*		71,952,548
	978,913	Rapid7, Inc.*		65,391,388
				137,343,936
		Trading Companies & Distributors 0.9%
	157,606	SiteOne Landscape Supply, Inc.*		18,734,625
		Total Common Stocks (cost $2,149,808,229)		2,072,744,516
		PREFERRED STOCKS 1.1%
		Semiconductor Equipment 0.0%
	184,939	Nanosys, Inc., Series A-1 Pfd.* *** †		59,180
	991,999	Nanosys, Inc., Series A-2 Pfd.* *** †		317,440
				376,620
		Systems Software 0.5%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		9,652,523
		Textiles 0.6%
	611,205	Johnnie-O Holdings, Inc., Series A Pfd.* *** ‡‡ †		12,486,918
		Total Preferred Stocks (cost $27,898,331)		22,516,061
		WARRANTS 0.0%
		Pharmaceuticals 0.0%
	1,199,678	Esperion Therapeutics, Inc., expiring 12/7/2023* *** †		659,823
		Total Warrants (cost $538,893)		659,823
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.5%
		Repurchase Agreement 0.5%
	$10,231,511	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $10,580,000 of United States Treasury Notes 2.625% due 4/15/2025; value: $10,436,175; repurchase proceeds: $10,231,511 (cost $10,231,511)	$	10,231,511
		Total Short-Term Investments (cost $10,231,511)		10,231,511
		Total Investments (cost $2,188,476,964) 100.1%		2,106,151,911
		Liabilities less Other Assets (0.1%)		(1,471,896	)
		NET ASSETS 100.0%	$	2,104,680,015

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

*Non-income producing.

***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).

^‡‡Affiliated company (see Note 6).

^†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2022 amounted to approximately $23,175,884 and represented 1.10% of net assets.

See Notes to Schedules of Investments.

At June 30, 2022, Wasatch Small Cap Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Israel		7.7
United States		92.3
Total		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.1%
		Advertising 1.5%
	898,715	Thryv Holdings, Inc.*	$	20,122,229
		Aerospace & Defense 1.2%
	153,827	HEICO Corp., Class A		16,210,289
		Application Software 1.9%
	612,347	Ebix, Inc.		10,348,664
	159,611	Five9, Inc.*		14,546,947
				24,895,611
		Asset Management & Custody Banks 4.5%
	599,828	Artisan Partners Asset Management, Inc., Class A		21,335,882
	547,040	Focus Financial Partners, Inc., Class A*		18,632,182
	308,680	Hamilton Lane, Inc., Class A		20,737,123
				60,705,187
		Automotive Retail 1.7%
	521,632	Monro, Inc.		22,367,580
		Biotechnology 1.2%
	566,706	Atara Biotherapeutics, Inc.*		4,414,640
	308,461	C4 Therapeutics, Inc.*		2,325,796
	141,084	ChemoCentryx, Inc.*		3,496,061
	166,204	Kymera Therapeutics, Inc.*		3,272,557
	258,254	Nurix Therapeutics, Inc.*		3,272,078
				16,781,132
		Building Products 3.2%
	2,839,378	Janus International Group, Inc.*		25,639,583
	311,090	Trex Co., Inc.*		16,929,518
				42,569,101
		Commercial Printing 0.7%
	232,627	Cimpress PLC*		9,049,190
		Commodity Chemicals 3.2%
	371,851	AdvanSix, Inc.		12,434,697
	1,076,289	Valvoline, Inc.		31,029,412
				43,464,109
		Construction & Engineering 1.7%
	1,072,430	Construction Partners, Inc., Class A*		22,456,684
		Data Processing & Outsourced Services 3.2%
	304,073	Euronet Worldwide, Inc.*		30,586,703
	697,419	TaskUS, Inc., Class A*		11,758,484
				42,345,187
		Diversified Chemicals 0.8%
	396,889	Huntsman Corp.		11,251,803
		Education Services 2.1%
	296,956	Grand Canyon Education, Inc.*		27,970,286
		Electronic Components 1.1%
	792,957	Vishay Intertechnology, Inc.		14,130,494
		Electronic Manufacturing Services 2.1%
	343,257	Fabrinet*		27,838,143
		Financial Exchanges & Data 2.0%
	470,553	Donnelley Financial Solutions, Inc.*		13,782,497

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	1,318,290	Open Lending Corp., Class A*	$	13,486,107
				27,268,604
		Food Retail 1.7%
	880,030	Sprouts Farmers Market, Inc.*		22,282,360
		General Merchandise Stores 2.6%
	592,881	Ollie’s Bargain Outlet Holdings, Inc.*		34,831,759
		Health Care Facilities 3.9%
	717,716	Ensign Group, Inc.		52,730,594
		Home Furnishings 1.0%
	484,403	Lovesac Co.*		13,321,082
		Homebuilding 3.1%
	195,355	LGI Homes, Inc.*		16,976,349
	505,659	Skyline Champion Corp.*		23,978,350
				40,954,699
		Industrial Machinery 9.3%
	1,098,672	Altra Industrial Motion Corp.		38,728,188
	387,201	Helios Technologies, Inc.		25,652,066
	327,847	Kadant, Inc.		59,782,901
				124,163,155
		Investment Banking & Brokerage 1.8%
	627,906	Moelis & Co., Class A		24,708,101
		Leisure Products 1.4%
	421,285	YETI Holdings, Inc.*		18,229,002
		Life Sciences Tools & Services 2.0%
	179,002	Medpace Holdings, Inc.*		26,791,229
		Managed Health Care 2.7%
	596,210	HealthEquity, Inc.*		36,601,332
		Mortgage REITs 1.0%
	1,018,818	Arbor Realty Trust, Inc.		13,356,704
		Oil & Gas Equipment & Services 1.3%
	428,953	Cactus, Inc., Class A		17,273,937
		Oil & Gas Exploration & Production 4.8%
	2,122,968	Magnolia Oil & Gas Corp., Class A		44,561,099
	438,114	Matador Resources Co.		20,411,731
				64,972,830
		Paper Products 1.0%
	1,074,653	Resolute Forest Products, Inc.*		13,712,572
		Pharmaceuticals 2.1%
	491,249	Intra-Cellular Therapies, Inc.*		28,040,493
		Property & Casualty Insurance 1.0%
	226,010	Axis Capital Holdings Ltd.		12,902,911
		Real Estate Services 0.7%
	2,502,014	Compass, Inc., Class A, Class A*		9,032,271
		Regional Banks 10.5%
	1,321,482	Bank OZK		49,595,219
	920,595	FB Financial Corp.		36,105,736
	364,339	ServisFirst Bancshares, Inc.		28,753,634
	630,172	Webster Financial Corp.		26,561,750
				141,016,339

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Research & Consulting Services 0.8%
	1,033,322	Legalzoom.com, Inc.*	$	11,356,209
		Semiconductor Equipment 3.3%
	233,215	Nova Ltd.*		20,646,524
	1,193,249	Veeco Instruments, Inc.*		23,149,031
				43,795,555
		Specialized Consumer Services 0.7%
	922,854	Mister Car Wash, Inc.*		10,040,652
		Specialized REITs 1.9%
	521,384	National Storage Affiliates Trust		26,105,697
		Specialty Chemicals 3.0%
	414,800	Innospec, Inc.		39,733,692
		Steel 0.9%
	366,912	Schnitzer Steel Industries, Inc., Class A		12,049,390
		Thrifts & Mortgage Finance 2.3%
	866,757	Axos Financial, Inc.*		31,073,238
		Trading Companies & Distributors 1.1%
	311,542	Rush Enterprises, Inc., Class A		15,016,324
		Trucking 1.1%
	669,328	Schneider National, Inc., Class B		14,979,561
		Total Common Stocks (cost $1,255,192,272)		1,328,497,317
Principal Amount			Value
		SHORT-TERM INVESTMENTS 1.1%
		Repurchase Agreement 1.1%
	$15,107,572	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $15,622,100 of United States Treasury Notes 2.625% due 4/15/2025; value: $15,409,733; repurchase proceeds: $15,107,572 (cost $15,107,572)	$	15,107,572
		Total Short-Term Investments (cost $15,107,572)		15,107,572
		Total Investments (cost $1,270,299,844) 100.2%		1,343,604,889
		Liabilities less Other Assets (0.2%)		(3,099,883	)
		NET ASSETS 100.0%	$	1,340,505,006
		*Non-income producing.
		REIT Real Estate Investment Trust.
		See Notes to Schedules of Investments.

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2022, Wasatch Small Cap Value Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Canada		1.0
Israel		1.6
United States		97.4
Total		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.0%
		Application Software 11.8%
	307,163	Avalara, Inc.*	$	21,685,708
	217,738	DocuSign, Inc.*		12,493,806
	495,768	Five9, Inc.*		45,184,296
	73,553	HubSpot, Inc.*		22,113,709
	262,979	Paylocity Holding Corp.*		45,868,797
	347,746	Q2 Holdings, Inc.*		13,412,563
	247,854	Sprout Social, Inc., Class A*		14,392,882
				175,151,761
		Biotechnology 7.5%
	1,230,795	Atara Biotherapeutics, Inc.*		9,587,893
	1,289,266	C4 Therapeutics, Inc.*		9,721,066
	583,125	ChemoCentryx, Inc.*		14,449,837
	112,700	Cytokinetics, Inc.*		4,427,983
	228,476	Denali Therapeutics, Inc.*		6,724,049
	444,125	Exact Sciences Corp.*		17,494,084
	968,898	Exagen, Inc.* ‡‡		5,561,474
	611,434	Frequency Therapeutics, Inc.*		917,151
	228,260	Kymera Therapeutics, Inc.*		4,494,439
	1,826,829	MacroGenics, Inc.*		5,389,146
	682,856	Nkarta, Inc.*		8,412,786
	458,644	Nurix Therapeutics, Inc.*		5,811,019
	4,280,057	Sangamo Therapeutics, Inc.*		17,719,436
				110,710,363
		Building Products 2.3%
	639,829	Trex Co., Inc.*		34,819,494
		Data Processing & Outsourced Services 1.9%
	198,764	Block, Inc.*		12,216,036
	1,281,904	Repay Holdings Corp.*		16,472,466
				28,688,502
		Distillers & Vintners 2.4%
	4,500,000	Vintage Wine Estates, Inc.* ‡‡		35,370,000
		Electronic Equipment & Instruments 1.0%
	1,459,978	nLight, Inc.*		14,920,975
		Financial Exchanges & Data 3.6%
	49,558	MarketAxess Holdings, Inc.		12,687,343
	2,055,982	Open Lending Corp., Class A*		21,032,696
	291,356	Tradeweb Markets, Inc., Class A		19,885,047
				53,605,086
		General Merchandise Stores 3.1%
	772,978	Ollie’s Bargain Outlet Holdings, Inc.*		45,412,458
		Health Care Equipment 7.0%
	1,995,026	Artivion, Inc.*		37,666,091
	278,908	AtriCure, Inc.*		11,396,181
	13,764,042	Conformis, Inc.* ‡‡		4,869,718
	1,092,126	Outset Medical, Inc.*		16,228,993
	1,259,390	Paragon 28, Inc.*		19,986,519
	231,112	Tandem Diabetes Care, Inc.*		13,679,519
				103,827,021
		Health Care Services 1.9%
	1,278,956	Castle Biosciences, Inc.*		28,073,084

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 4.6%
	4,397,119	Cerus Corp.*	$	23,260,760
	1,219,065	Silk Road Medical, Inc.*		44,361,775
				67,622,535
		Health Care Technology 3.6%
	223,395	Inspire Medical Systems, Inc.*		40,807,565
	61,200	Veeva Systems, Inc., Class A*		12,120,048
				52,927,613
		Home Improvement Retail 3.0%
	708,453	Floor & Decor Holdings, Inc., Class A*		44,604,201
		Homebuilding 2.9%
	164,657	LGI Homes, Inc.*		14,308,693
	602,715	Skyline Champion Corp.*		28,580,746
				42,889,439
		Industrial Machinery 1.6%
	750,989	Kornit Digital Ltd.* (Israel)		23,806,351
		Insurance Brokers 2.9%
	342,371	Goosehead Insurance, Inc., Class A		15,636,084
	2,345,482	Hagerty, Inc., Class A*		26,949,588
				42,585,672
		IT Consulting & Other Services 3.7%
	402,557	Endava PLC, ADR*		35,533,706
	107,613	Globant SA*		18,724,662
				54,258,368
		Leisure Products 0.4%
	1,412,884	Solo Brands, Inc., Class A*		5,736,309
		Managed Health Care 1.9%
	454,124	HealthEquity, Inc.*		27,878,672
		Metal & Glass Containers 1.0%
	546,891	TriMas Corp.		15,143,412
		Oil & Gas Exploration & Production 1.0%
	690,315	Magnolia Oil & Gas Corp., Class A		14,489,712
		Packaged Foods & Meats 2.7%
	759,734	Freshpet, Inc.*		39,422,597
		Pharmaceuticals 4.9%
	130,037	Arvinas, Inc.*		5,473,257
	1,741,280	Esperion Therapeutics, Inc.*		11,074,541
	983,865	Intra-Cellular Therapies, Inc.*		56,159,014
				72,706,812
		Regional Banks 3.7%
	1,158,788	Bank OZK		43,489,314
	157,536	Pinnacle Financial Partners, Inc.		11,391,428
				54,880,742
		Semiconductor Equipment 5.4%
	567,327	Kulicke & Soffa Industries, Inc.		24,287,269
	362,484	Nova Ltd.*		32,090,709
	1,091,236	PDF Solutions, Inc.*		23,472,486
				79,850,464
		Semiconductors 3.7%
	77,412	Monolithic Power Systems, Inc.		29,729,304

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	332,262	Power Integrations, Inc.	$	24,922,973
				54,652,277
		Specialty Chemicals 2.5%
	287,352	Balchem Corp.		37,281,049
		Specialty Stores 3.0%
	388,165	Five Below, Inc.*		44,029,556
		Systems Software 4.0%
	309,166	CyberArk Software Ltd.*		39,560,881
	294,096	Rapid7, Inc.*		19,645,613
				59,206,494
		Total Common Stocks (cost $1,567,630,578)		1,464,551,019
		PREFERRED STOCKS 0.7%
		Semiconductor Equipment 0.0%
	46,235	Nanosys, Inc., Series A-1 Pfd.*** †		14,795
	248,000	Nanosys, Inc., Series A-2 Pfd.*** †		79,360
				94,155
		Textiles 0.7%
	509,338	Johnnie-O Holdings, Inc., Series A Pfd.*** † ‡‡		10,405,776
		Total Preferred Stocks (cost $15,546,241)		10,499,931
		WARRANTS 0.2%
		Insurance Brokers 0.1%
	450,000	Hagerty, Inc., expiring 12/2/2026 *** †		1,098,000
		Pharmaceuticals 0.1%
	1,061,689	Esperion Therapeutics, Inc., expiring 12/7/2023 *** †		583,929
		Total Warrants (cost $2,026,219)		1,681,929
Principal Amount			Value
		SHORT-TERM INVESTMENTS 0.4%
		Repurchase Agreement 0.4%
	$6,265,157	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $6,478,600 of United States Treasury Notes 2.625% due 4/15/2025; value: $6,390,530; repurchase proceeds: $6,265,157 (cost $6,265,157)	$	6,265,157
		Total Short-Term Investments (cost $6,265,157)		6,265,157
		Total Investments (cost $1,591,468,195) 100.3%		1,482,998,036
		Liabilities less Other Assets (0.3%)		(3,824,441	)
		NET ASSETS 100.0%	$	1,479,173,595

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2022 (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 June 30, 2022 amounted to approximately $12,181,860 and represented 0.82% of net assets.

^‡‡Affiliated company (see Note 6).

ADR American Depositary Receipt.

REIT Real Estate Investment Trust.

See Notes to Schedules of Investments.

At June 30, 2022, Wasatch Ultra Growth Fund’s investments, excluding short-term investments, were in the following countries:

COUNTRY	%
Israel		6.5
United Kingdom		2.4
United States		91.1
Total		100.0	%

WASATCH U.S. SELECT FUND (WAUSX / WGUSX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.3%
		Aerospace & Defense 4.0%
	858	HEICO Corp., Class A	$	90,416
		Application Software 14.2%
	506	Avalara, Inc.*		35,724
	596	Five9, Inc.*		54,320
	607	Guidewire Software, Inc.*		43,091
	112	HubSpot, Inc.*		33,673
	289	Paylocity Holding Corp.*		50,407
	256	Roper Technologies, Inc.		101,030
				318,245
		Asset Management & Custody Banks 2.2%
	722	Hamilton Lane, Inc., Class A		48,504
		Building Products 3.1%
	1,280	Trex Co., Inc.*		69,658
		Data Processing & Outsourced Services 1.4%
	530	Block, Inc.*		32,574
		Distributors 3.1%
	198	Pool Corp.		69,543
		Diversified Support Services 4.0%
	818	Copart, Inc.*		88,884
		Electrical Components & Equipment 3.9%
	787	AMETEK, Inc.		86,483
		Electronic Components 4.3%
	1,483	Amphenol Corp., Class A		95,475
		Electronic Equipment & Instruments 3.9%
	925	Cognex Corp.		39,331
	407	Novanta, Inc.*		49,357
				88,688
		Financial Exchanges & Data 6.5%
	224	MarketAxess Holdings, Inc.		57,346
	367	Morningstar, Inc.		88,752
				146,098
		Health Care Facilities 4.0%
	1,212	Ensign Group, Inc.		89,046
		Health Care Technology 3.3%
	370	Veeva Systems, Inc., Class A*		73,275
		Home Improvement Retail 2.0%
	718	Floor & Decor Holdings, Inc., Class A*		45,205
		Industrial Machinery 1.1%
	789	Kornit Digital Ltd.* (Israel)		25,011
		Insurance Brokers 1.6%
	779	Goosehead Insurance, Inc., Class A		35,577
		IT Consulting & Other Services 2.2%
	280	Globant SA*		48,720
		Leisure Products 2.2%
	1,125	YETI Holdings, Inc.*		48,679
		Life Sciences Tools & Services 7.0%
	444	ICON PLC* (Ireland)		96,215

WASATCH U.S. SELECT FUND (WAUSX / WGUSX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	400	Medpace Holdings, Inc.*	$	59,868
				156,083
		Managed Health Care 3.8%
	1,391	HealthEquity, Inc.*		85,393
		Regional Banks 3.7%
	2,221	Bank OZK		83,354
		Semiconductors 2.2%
	130	Monolithic Power Systems, Inc.		49,925
		Specialty Chemicals 4.4%
	770	Balchem Corp.		99,900
		Specialty Stores 2.6%
	523	Five Below, Inc.*		59,324
		Systems Software 2.1%
	377	CyberArk Software Ltd.* (Israel)		48,241
		Trucking 4.5%
	1,966	Lyft, Inc., Class A*		26,108
	296	Old Dominion Freight Line, Inc.		75,859
				101,967
		Total Common Stocks (cost $2,156,503)		2,184,268
		Total Investments (cost $2,156,503) 97.3%		2,184,268
		Other Assets less Liabilities 2.7%		60,786
		NET ASSETS 100.0%	$	2,245,054
		*Non-income producing.
		See Notes to Schedules of Investments.

At June 30, 2022, Wasatch U.S. Select Fund’s investments, were in the following countries:

COUNTRY	%
Ireland		4.4
Israel		3.4
United States		92.2
Total		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) JUNE 30, 2022 (UNAUDITED)

Schedule of Investments

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 98.7%
	$124,000,000	U.S. Treasury Bond, 1.25%, 5/15/50	$	79,607,032
	123,000,000	U.S. Treasury Bond, 1.375%, 8/15/50		81,713,321
	58,000,000	U.S. Treasury Bond, 1.875%, 11/15/51		43,898,750
	54,900,000	U.S. Treasury Bond, 2.25%, 8/15/46		44,601,961
	9,500,000	U.S. Treasury Bond, 2.25%, 8/15/49		7,859,766
	22,150,000	U.S. Treasury Bond, 2.50%, 2/15/45		18,910,562
	45,530,000	U.S. Treasury Bond, 3.00%, 8/15/48		43,347,761
		Total U.S. Government Obligations (cost $376,521,530)		319,939,153
		SHORT-TERM INVESTMENTS 0.8%
		Repurchase Agreement 0.8%
	2,518,594	Repurchase Agreement dated 6/30/22, 0.24% due 7/1/22 with Fixed Income Clearing Corp. collateralized by $2,604,400 of United States Treasury Notes 2.625% due 4/15/2025; value: $2,568,996; repurchase proceeds: $2,518,594 (cost $2,518,594)		2,518,594
		Total Short-Term Investments (cost $2,518,594)		2,518,594
		Total Investments (cost $379,040,124) 99.5%		322,457,747
		Other Assets less Liabilities 0.5%		1,687,687
		NET ASSETS 100.0%	$	324,145,434
		See Notes to Schedules of Investments.

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2022 (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 20 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, Long/Short Alpha 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, International Select Fund ) and Wasatch U.S Select Fund are each a non-diversified fund. Each Fund maintains its own investment objective(s).

On November 9, 2011, the Trust redesignated 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 19 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. 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. Global Select Fund and International Select Fund, which commenced operations on October 1, 2019. Micro Cap Fund, Micro Cap Value Fund and Ultra Growth Fund, which commenced operations on January 31, 2020, Greater China Fund, which commenced operations on November 30, 2020. Long/Short Alpha Fund, which commenced operations on October 1, 2021. Wasatch U.S Select Fund, which commenced operations on June 13, 2022. 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, Long/Short Alpha, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value, Ultra Growth and U.S Select Funds are referred to herein as “Equity Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant policies related to investments of the Funds held at June 30, 2022. These policies are in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The Funds are investment companies and accordingly they follow the investment company accounting and reporting guidance in accordance with the Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

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 a realized gain or loss.

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

SIGNIFICANT ACCOUNTING POLICIES (continued)

For financial reporting purposes the estimate on all real estate investment trust (REIT) rates are based on prior year average rates made public by the REITs. To obtain these rates Wasatch utilizes a service through Wall Street Concepts, which gathers and disseminates the information. Prior to filing tax returns, REIT rates are trued up for actual rates. The differences between the actual versus the trued-up rates are captured in the next fiscal year’s financial reporting process.

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.

Short Sales – The Equity Funds, the Long/Short Alpha Fund in particular, may enter into short sales whereby a fund sells a security it generally does not own (the security is borrowed), in anticipation of a decline in the security’s price. The initial amount of a short sale is recorded as a liability which is marked-to-market daily. Fluctuations in the value of the short liability are recorded as unrealized gains or losses. If a Fund shorts a security when also holding a long position in the security (a “short against the box”), as the security’s price declines, the short position increases in value, offsetting the long position’s decrease in value. The opposite effect occurs if the security’s price rises. A Fund realizes a gain or loss upon closing of the short sale (returning the security to the counterparty by way of purchase or delivery of a long position owned). Possible losses from short sales may be unlimited, whereas losses from security purchases cannot exceed the total amount invested. The Funds are liable to the lender for any dividends payable on securities while those securities are in a short position. These dividends are an expense of the Funds. The Funds designate collateral consisting of cash, U.S. government securities or other liquid assets sufficient to collateralize the market value of short positions.

Participation Notes – Certain Funds may invest in Participation Notes (P-Notes). P-Notes are promissory notes 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 Statements 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 transactions this period.

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

5. FEDERAL INCOME TAX INFORMATION

As of June 30, 2022, 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	$	2,543,362,043		$	361,780,867		$	425,483,095		$	365,958,030		$	44,942,750
Gross appreciation	$	684,197,658		$	138,956,419		$	7,403,957		$	123,569,755		$	6,154,987
Gross (depreciation)		(393,257,959	)		(12,776,930	)		(103,898,561	)		(60,158,720	)		(9,638,195	)
Net appreciation (depreciation)	$	290,939,699		$	126,179,489		$	(96,494,604	)	$	63,411,035		$	(3,483,208	)
	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Cost	$	162,142,260		$	15,677,677		$	121,274,892		$	7,547,523		$	607,196,817
Gross appreciation	$	35,483,450		$	1,164,468		$	17,157,388		$	203,281		$	166,067,313
Gross (depreciation)		(25,158,879	)		(3,578,433	)		(6,971,039	)		(1,465,297	)		(69,880,610	)
Net appreciation (depreciation)	$	10,324,571		$	(2,413,965	)	$	10,186,349		$	(1,262,016	)	$	96,186,703
	International Opportunities Fund			International Select Fund			Long/Short Alpha Fund			Micro Cap Fund			Micro Cap Value Fund
Cost	$	445,842,518		$	6,380,730		$	31,080,132		$	785,609,635		$	290,707,353
Gross appreciation	$	94,815,663		$	241,831		$	516,980		$	83,190,963		$	46,785,684
Gross (depreciation)		(90,474,939	)		(1,108,779	)		(8,325,910	)		(189,863,637	)		(49,109,397	)
Net appreciation (depreciation)	$	4,340,724		$	(866,948	)	$	(7,808,930	)	$	(106,672,674	)	$	(2,323,713	)
	Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Select Fund			U.S. Treasury Fund
Cost	$	2,187,876,699		$	1,273,272,455		$	1,607,764,966		$	2,156,503		$	377,496,420
Gross appreciation	$	471,484,680		$	195,714,299		$	269,525,263		$	59,083		$	—
Gross (depreciation)		(563,440,979	)		(140,489,437	)		(400,557,350	)		(31,318	)		(57,557,267	)
Net appreciation (depreciation)	$	(91,956,299	)	$	55,224,862		$	(131,032,087	)	$	27,765		$	(57,557,267	)

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

6. TRANSACTIONS WITH AFFILIATES

If a Fund’s holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the period ended June 30, 2022 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 6/30/2022		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2022			Change in Unrealized Appreciation for The Period ended 6/30/2022
Core Growth Fund
Common Stock
1-800-Flowers.com, Inc., Class A*	$	58,669,388	$	—	$	46,616,756	$	—	$	—	$	(8,268,400	)	$	(3,784,232	)

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

TRANSACTIONS WITH AFFILIATES (continued)

	Value, Beginning Of the Period		Purchases At Cost		Proceeds From Sales		Value, End Of the Period		Dividends Credited to Income for the Period ended 6/30/2022		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2022			Change in Unrealized Appreciation for The Period ended 6/30/2022
Micro Cap Fund
Common Stock
Allied Motion Technologies, Inc.*	$	23,140,694	$	—	$	7,714,237	$	11,354,632	$	46,740	$	(359,616	)	$	(3,712,209	)
IM Cannabis Corp.		14,940,315		—		1,188,232		2,254,778		—		(2,162,535	)		(9,334,770	)
Motorsport Games, Inc., Class A*		18,194,448		—		1,731,765		—		—		(25,167,848	)		8,705,165
PharmaCielo Ltd.		10,806,048		66,445		1,446,712		2,702,080		—		(2,615,694	)		(4,108,007	)
Superior Group of Cos., Inc.*		22,445,738		—		3,493,291		13,980,823		—		(1,046,964	)		(3,924,660	)
Transcat, Inc.*		41,283,384		—		32,091,475		12,727,031		—		19,905,531			(16,370,409	)
UFP Technologies, Inc.*		27,674,235		2,428,429		17,861,600		18,007,168		—		5,157,985			608,119
Versus Systems, Inc.		3,085,757		1,229,003		37,133		721,296		—		(365,288	)		(3,191,043	)
Vintage Wine Estates, Inc.		44,325,092		—		9,473,139		26,170,373		—		(2,303,945	)		(6,377,635	)
Warrants
IM Cannabis Corp., expiring 05/7/2026		225,000		—		—		—		—		—			(225,000	)
Versus Systems, Inc., expiring 1/15/2022		—		—		6,400		—		—		—			6,400
Versus Systems, Inc., expiring 1/15/2026		891,520		—		—		50,646		—		—			(840,874	)
Versus Systems, Inc., expiring 1/15/2026		359,040		—		—		21,120		—		—			(337,920	)
Versus Systems, Inc., expiring 2/28/2027		—		277,397		—		18,750		—		—			(258,647	)
	$	207,371,271	$	4,001,274	$	75,043,984	$	88,008,697	$	46,740	$	(8,958,374	)	$	(39,361,490	)
Micro Cap Value Fund
Common Stock
Pivotree, Inc.	$	1,339,216	$	3,105,173	$	—	$	3,386,653	$	—	$	—		$	(1,057,736	)
Small Cap Growth Fund
Common Stock
DMC Global, Inc.*	$	45,955,866	$	—	$	9,757,155	$	14,913,569	$	—	$	(9,993,850	)	$	(11,291,292	)
Johnnie-O Holdings, Inc., Series A Pfd.		—		17,999,987		—		12,486,918		—		—			(5,513,069	)
Pennant Group, Inc.		20,453,003		28,075,444		949,765		25,873,702		—		(1,939,344	)		(19,765,636	)
TaskUS, Inc., Class A		—		68,909,931		1,320,774		25,053,319		—		(824,280	)		(41,711,558	)
Vintage Wine Estates, Inc., PIPE Shares		52,800,000		—		—		43,230,000		—		—			(9,570,000	)
	$	119,208,869	$	114,985,362	$	12,027,694	$	121,557,508	$	—	$	(12,757,474	)	$	(87,851,555	)
Small Cap Value Fund
Common Stock
National CineMedia, Inc.*	$	14,495,864	$	—	$	6,202,086	$	—	$	428,534	$	(14,072,221	)	$	5,778,443
Ultra Growth Fund
Common Stock
Artivion, Inc.*	$	51,376,332	$	1,217,618	$	7,196,443	$	37,666,091	$	—	$	(3,414,145	)	$	(4,317,271	)
Conformis, Inc.		18,586,645		—		140,387		4,869,718		—		(81,036	)		(13,495,504	)
Exagen, Inc.		14,348,367		—		559,911		5,561,474		—		(1,389,585	)		(6,837,397	)
Johnnie-O Holdings, Inc., Series A Pfd.		—		15,000,004		—		10,405,775		—		—			(4,594,229	)
Vintage Wine Estates, Inc., PIPE Shares		43,200,000		—		—		35,370,000		—		—			(7,830,000	)
	$	127,511,344	$	16,217,622	$	7,896,741	$	93,873,058	$	—	$	(4,884,766	)	$	(37,074,401	)

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

TRANSACTIONS WITH AFFILIATES (continued)

	Share Activity								Dividends Credited to Income for the Period ended 6/30/2022		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2022			Change in Unrealized Appreciation for the Period ended 6/30/2022
	Balance 9/30/2021		Purchases/ Additions		Sales/ Reductions		Balance 6/30/2022
Core Growth Fund
Common Stock
1-800-Flowers.com, Inc., Class A*		1,922,956		—		1,922,956		—	$	—	$	(8,268,400	)	$	(3,784,232	)
Micro Cap Fund
Common Stock
Allied Motion Technologies, Inc.*		739,792		—		242,654		497,138	$	46,740	$	(359,616	)	$	(3,712,209	)
IM Cannabis Corp.		4,208,221		—		668,769		3,539,452		—		(2,162,535	)		(9,334,770	)
Motorsport Games, Inc., Class A*		1,275,908		—		1,275,908		—		—		(25,167,848	)		8,705,165
PharmaCielo Ltd.		10,290,933		101,500		2,396,762		7,995,671		—		(2,615,694	)		(4,108,007	)
Superior Group of Cos., Inc.*		963,750		—		176,098		787,652		—		(1,046,964	)		(3,924,660	)
Transcat, Inc.*		640,251		—		416,223		224,028		—		19,905,531			(16,370,409	)
UFP Technologies, Inc.*		449,330		38,412		261,436		226,306		—		5,157,985			608,119
Versus Systems, Inc.		838,521		937,500		70,829		1,705,192		—		(365,288	)		(3,191,043	)
Vintage Wine Estates, Inc.		4,341,341		—		1,011,777		3,329,564		—		(2,303,945	)		(6,377,635	)
Warrants						—
IM Cannabis Corp., expiring 05/7/2026		450,000		—		—		450,000		—		—			(225,000	)
Versus Systems, Inc., expiring 1/15/2022		640,000		—		640,000		—		—		—			6,400
Versus Systems, Inc., expiring 1/15/2026		448,000		—		—		448,000		—		—			(840,874	)
Versus Systems, Inc., expiring 1/15/2026		192,000		—		—		192,000		—		—			(337,920	)
Versus Systems, Inc., expiring 2/28/2027		—		937,500		—		937,500		—		—			(258,647	)
		25,478,047		2,014,912		7,160,456		20,332,503	$	46,740	$	(8,958,374	)	$	(39,361,490	)
Micro Cap Value Fund
Common Stock
Pivotree, Inc.		510,919		810,081		—		1,321,000	$	—	$	—		$	(1,057,736	)
Small Cap Growth Fund
Common Stock
DMC Global, Inc.*		1,245,079		—		417,926		827,153	$	—	$	(9,993,850	)	$	(11,291,292	)
Johnnie-O Holdings, Inc., Series A Pfd.		—		611,205		—		611,205		—		—			(5,513,069	)
Pennant Group, Inc.		728,124		1,341,000		49,319		2,019,805		—		(1,939,344	)		(19,765,636	)
TaskUS, Inc., Class A		—		1,516,675		30,713		1,485,962		—		(824,280	)		(41,711,558	)
Vintage Wine Estates, Inc., PIPE Shares		5,500,000		—		—		5,500,000		—		—			(9,570,000	)
		7,473,203		3,468,880		497,958		10,444,125	$	—	$	(12,757,474	)	$	(87,851,555	)
Small Cap Value Fund
Common Stock
National CineMedia, Inc.*		4,071,872		—		4,071,872		—	$	428,534	$	(14,072,221	)	$	5,778,443
Ultra Growth Fund
Common Stock
Artivion, Inc.*		2,304,905		69,155		379,034		1,995,026	$	—	$	(3,414,145	)	$	(4,317,271	)
Conformis, Inc.		13,974,921		—		210,879		13,764,042		—		(81,036	)		(13,495,504	)
Exagen, Inc.		1,055,027		—		86,129		968,898		—		(1,389,585	)		(6,837,397	)
Johnnie-O Holdings, Inc., Series A Pfd.		—		509,338		—		509,338		—		—			(4,594,229	)
Vintage Wine Estates, Inc., PIPE Shares		4,500,000		—		—		4,500,000		—		—			(7,830,000	)
		21,834,853		578,493		676,042		21,737,304	$	—	$	(4,884,766	)	$	(37,074,401	)

*This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total amount of the gain (loss) realized on sale of shares and the total change in unrealized appreciation for the period ended September 30, 2021 is included in the Statements of Operations even though the security was not deemed an affiliated company as of the end of the period.

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

7. RESTRICTED SECURITIES

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the “Securities Act”) and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee of the Advisor (“Pricing Committee”), comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At June 30, 2022, the Funds held the following restricted securities:

	Security Type		Acquisition Date		Cost		Fair Value		Value as a Percent Of Net Assets
Core Growth Fund
Hagerty, Inc., expiring 12/2/2026		Warrants		12/2/2021	$	1,859,173	$	1,317,600		0.05	%
Micro Cap Fund
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022	$	10,000,013	$	6,937,191		1.01	%
Esperion Therapeutics, Inc., expiring 12/7/2023		Warrants		12/3/2021		310,583		380,279		0.06	%
IM Cannabis Corp., expiring 05/7/2026		Warrants		5/5/2021		616,971		0		0.00	%
Versus Systems, Inc., expiring 1/15/2026		Warrants		1/15/2021		1,920		21,120		0.00	%
Versus Systems, Inc., expiring 2/28/2027		Warrants		2/24/2022		277,397		18,750		0.00	%
					$	11,206,884	$	7,357,340		1.07	%
Micro Cap Value Fund
Regenacy Pharmaceuticals LLC		LLC Membership Interest		12/21/2016	$	30,001	$	22,232		0.01	%
Greenlane Holdings, Inc., expiring 2/24/2026		Warrants		2/22/2021		396,902		0		0.00	%
					$	426,903	$	22,232		0.01	%
Small Cap Growth Fund
DataStax, Inc., Series E Pfd.		Preferred Stock		8/12/2014	$	8,000,002	$	9,652,523		0.46	%
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022		17,999,987		12,486,918		0.59	%
Nanosys, Inc., Series A-1 Pfd.		Preferred Stock		8/13/2010		184,939		59,180		0.00	%
Nanosys, Inc., Series A-2 Pfd.		Preferred Stock		11/8/2005		2,000,000		317,440		0.02	%
Esperion Therapeutics, Inc., expiring 12/7/2023		Warrants		12/3/2021		538,893		659,823		0.03	%
					$	28,723,821	$	23,175,884		1.10	%
Ultra Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022	$	15,000,004	$	10,405,775		0.70	%
Nanosys, Inc., Series A-1 Pfd.		Preferred Stock		8/13/2010		46,235		14,795		0.00	%
Nanosys, Inc., Series A-2 Pfd.		Preferred Stock		11/8/2005		500,001		79,360		0.01	%
Esperion Therapeutics, Inc., expiring 12/7/2023		Warrants		12/3/2021		476,908		583,929		0.04	%
Hagerty, Inc., expiring 12/2/2026		Warrants		12/2/2021		1,549,310		1,098,000		0.07	%
					$	17,572,458	$	12,181,859		0.82	%

8. FAIR VALUE MEASUREMENTS AND INVESTMENTS

The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds use various methods to measure the fair value of their investments on a recurring basis. U.S. GAAP established a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

• Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. The inputs may include quoted prices for the identical investment on an inactive market, prices for similar investments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

• Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, represent the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether a security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

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

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

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

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

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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

U.S. Government Issuers – Investments are priced using the closing bid as supplied by a pricing service based on observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. Although most U.S. government 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.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2022 in valuing the Funds’ assets and liabilities:

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/2022
Core Growth Fund
Assets
Common Stocks		$	2,832,984,142	$	—	$	—	$	2,832,984,142
Warrants			—		—		1,317,600		1,317,600
Short-Term Investments			—		6,361,208		—		6,361,208
		$	2,832,984,142	$	6,361,208	$	1,317,600	$	2,840,662,950
Emerging India Fund
Assets
Common Stocks		$	487,960,356	$	—	$	—	$	487,960,356
Short-Term Investments			—		13,977,796		—		13,977,796
		$	487,960,356	$	13,977,796	$	—	$	501,938,152

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/2022
Emerging Markets Select Fund
Assets
Common Stocks		$	328,988,490		$	—	$	—	$	328,988,490
Short-Term Investments			—			24,450,801		—		24,450,801
		$	328,988,490		$	24,450,801	$	—	$	353,439,291
Emerging Markets Small Cap Fund
Assets
Common Stocks
	Consumer Finance	$	9,993,520		$	4,597,333	$	—	$	14,590,853
	Health Care Facilities		—			5,244,644		—		5,244,644
	Pharmaceuticals		—			—		16,589		16,589
	Other		409,516,979			—		—		409,516,979
		$	419,510,499		$	9,841,977	$	16,589	$	429,369,065
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Health Care Facilities	$	—		$	700,840	$	—	$	700,840
	Other		40,758,702			—		—		40,758,702
		$	40,758,702		$	700,840	$	—	$	41,459,542
Global Opportunities Fund
Assets
Common Stocks		$	172,466,830		$	—	$	—	$	172,466,830
Short-Term Investments			—			1,073,046		—		1,073,046
		$	172,466,830		$	1,073,046	$	—	$	173,539,876
Global Select Fund
Assets
Common Stocks		$	13,263,712		$	—	$	—	$	13,263,712
		$	13,263,712		$	—	$	—	$	13,263,712
Global Value Fund
Assets
Common Stocks		$	131,461,240		$	—	$	—	$	131,461,240
Short-Term Investments			—			3,089,721		—		3,089,721
		$	131,461,240		$	3,089,721	$	—	$	134,550,961
Greater China Fund
Assets
Common Stocks		$	6,285,507		$	—	$	—	$	6,285,507
		$	6,285,507		$	—	$	—	$	6,285,507
International Growth Fund
Assets
Common Stocks		$	703,383,520		$	—	$	—	$	703,383,520
Short-Term Investments			—			21,151,681		—		21,151,681
		$	703,383,520		$	21,151,681	$	—	$	724,535,201
International Opportunities Fund
Assets
Common Stocks
	Restaurants	$	—		$	—	$	7,670	$	7,670
	Other		450,175,572			—		—		450,175,572
Short-Term Investments			—			3,655,400		—		3,655,400
		$	450,175,572		$	3,655,400	$	7,670	$	453,838,642
International Select Fund
Assets
Common Stocks		$	5,513,782		$	—	$	—	$	5,513,782
Short-Term Investments			—			195,460		—		195,460
		$	5,513,782		$	195,460	$	—	$	5,709,242
Long/Short Alpha Fund
Assets
Common Stocks		$	23,271,202		$	—	$	—	$	23,271,202
		$	23,271,202		$	—	$	—	$	23,271,202
Other Financial Instruments*
Common Stocks Sold Short		$	(7,316,103	)	$	—	$	—	$	(7,316,103	)

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices in Active Markets for Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/2022
Micro Cap Fund
Assets
Common Stocks		$	671,528,976	$	—	$	—	$	671,528,976
Preferred Stocks			—		—		6,937,191		6,937,191
Warrants			50,646		—		420,149		470,795
Short-Term Investments			—		5,552,543		—		5,552,543
		$	671,579,622	$	5,552,543	$	7,357,340	$	684,489,505
Micro Cap Value Fund
Assets
Common Stocks		$	288,361,408	$	—	$	—	$	288,361,408
Limited Liability Company Membership Interest			—		—		22,232		22,232
Warrants			—		—		—		—
Short-Term Investments			—		20,113,527		—		20,113,527
		$	288,361,408	$	20,113,527	$	22,232	$	308,497,167
Small Cap Growth Fund
Assets
Common Stocks		$	2,072,744,516	$	—	$	—	$	2,072,744,516
Preferred Stocks			—		—		22,516,061		22,516,061
Warrants			—		—		659,823		659,823
Short-Term Investments			—		10,231,511		—		10,231,511
		$	2,072,744,516	$	10,231,511	$	23,175,884	$	2,106,151,911
Small Cap Value Fund
Assets
Common Stocks		$	1,328,497,317	$	—	$	—	$	1,328,497,317
Short-Term Investments			—		15,107,572		—		15,107,572
		$	1,328,497,317	$	15,107,572	$	—	$	1,343,604,889
Ultra Growth Fund
Assets
Common Stocks		$	1,464,551,019	$	—	$	—	$	1,464,551,019
Preferred Stocks			—		—		10,499,931		10,499,931
Warrants			—		—		1,681,929		1,681,929
Short-Term Investments			—		6,265,157		—		6,265,157
		$	1,464,551,019	$	6,265,157	$	12,181,860	$	1,482,998,036
U.S. Select Fund
Assets
Common Stocks		$	2,184,268	$	—	$	—	$	2,184,268
		$	2,184,268	$	—	$	—	$	2,184,268
U.S. Treasury Fund
Assets
U.S. Government Obligations		$	—	$	319,939,153	$	—	$	319,939,153
Short-Term Investments			—		2,518,594		—		2,518,594
		$	—	$	322,457,747	$	—	$	322,457,747

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

The valuation techniques used by the Funds to measure fair value for the period ended June 30, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

There was a transfer of $1,740,000, $697,000 and $1,450,000 in the Core Growth Fund, Micro Cap Fund and Ultra Growth Fund, respectively from Level 3 to Level 1 due to the conversion of an unlisted in to freely trading common stock. This transfer amount represents the beginning of the period for Aldel Financial, Inc. and Roth CH Acquisition III Co. which transferred to Level 1 during the period in order to properly represent the activity on the Level 3 Rollforward presented below.

There was a transfer of $52,800,000 and $43,200,000 in the Small Cap Growth Fund and Ultra Growth Fund, respectively, from Level 3 to Level 1 due to the conversion of an unlisted security into a freely trading common stock. This transfer amount represents the beginning of the period value plus the purchases for the dividends paid in kind over the reporting period for Vintage Wine Estates, Inc., PIPE shares which transferred to Level 1 during the period in order to properly represent the activity on the Level 3 Rollforward presented below.

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended June 30, 2022:

																								Net Change in Unrealized
Fund	Market Value Beginning Balance 9/30/2021			Purchases at Cost		Sales (Proceeds)			Accrued Discounts (Premiums)		Realized Gain/ (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers in at Market Value		Transfers out at Market Value			Market Value Ending Balance 6/30/2022		Appreciation (Depreciation) on Investments Held at 6/30/2022
Core Growth Fund
Warrants	$	—		$	1,859,173	$	—		$	—	$	—		$	(541,573	)	$	—	$	—		$	1,317,600	$	(541,573	)
Unfunded Commitment with a SPAC		(1,740,000	)		—		—			—		—			—			—		1,740,000			—		—
	$	(1,740,000	)	$	1,859,173	$	—		$	—	$	—		$	(541,573	)	$	—	$	1,740,000		$	1,317,600	$	(541,573	)
Emerging Markets Small Cap Fund
Common Stocks	$	16,722		$	—	$	—		$	—	$	—		$	(133	)	$	—	$	—		$	16,589	$	(133	)
	$	16,722		$	—	$	—		$	—	$	—		$	(133	)	$	—	$	—		$	16,589	$	(133	)
International Opportunities Fund
Common Stocks	$	8,489		$	—	$	—		$	—	$	—		$	(819	)	$	—	$	—		$	7,670	$	(819	)
	$	8,489		$	—	$	—		$	—	$	—		$	(819	)	$	—	$	—		$	7,670	$	(819	)
Micro Cap Fund
Preferred Stocks	$	—		$	10,000,013	$	—		$	—	$	—		$	(3,062,822	)	$	—	$	—		$	6,937,191	$	(3,062,822	)
Warrants		584,040			587,980		(6,400	)		—		—			(745,471	)		—		—			420,149		(751,871	)
Unfunded Commitment with a SPAC		(697,000	)		—		—			—		—			—			—		697,000			—		—
	$	(112,960	)	$	10,587,993	$	(6,400	)	$	—	$	—		$	(3,808,293	)	$	—	$	697,000		$	7,357,340	$	(3,814,693	)
Micro Cap Value Fund
Common Stocks	$	17,685		$	—	$	—		$	—	$	—		$	4,547		$	—	$	—		$	22,232	$	4,547
Warrants		56,064			—		—			—		(26,065	)		(29,999	)		—		—			—		(52,116	)
	$	73,749		$	—	$	—		$	—	$	(26,065	)	$	(25,452	)	$	—	$	—		$	22,232	$	(47,569	)
Small Cap Growth Fund
Common Stocks	$	52,800,000		$	—	$	—		$	—	$	—		$	—		$	—	$	(52,800,000	)	$	—	$	—
Preferred Stocks		13,282,849			17,999,987		—			—		—			(8,766,775	)		—		—			22,516,061		(8,766,775	)
Warrants		—			538,893		—			—		—			120,930			—		—			659,823		120,930
	$	66,082,849		$	18,538,880	$	—		$	—	$	—		$	(8,645,845	)	$	—	$	(52,800,000	)	$	23,175,884	$	(8,645,845	)
Ultra Growth Fund
Common Stocks	$	43,200,000		$	—	$	—		$	—	$	—		$	—		$	—	$	(43,200,000	)	$	—	$	—
Preferred Stocks		300,120			15,000,004		—			—		—			(4,800,193	)		—		—			10,499,931		(4,800,193	)
Warrants		—			2,026,219		—			—		—			(344,290	)		—		—			1,681,929		(344,290	)
Unfunded Commitment with a SPAC		(1,450,000	)		—		—			—		—			—			—		1,450,000			—		—
	$	42,050,120		$	17,026,223	$	—		$	—	$	—		$	(5,144,483	)	$	—	$	(41,750,000	)	$	12,181,860	$	(5,144,483	)

WASATCH FUNDS – Notes to Financial Statements (continued) JUNE 30, 2022 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund	Description	Fair Value at 6/30/2022		Valuation Technique	Unobservable Input	Range (Average)
Core Growth Fund	Warrant: Insurance Brokers	$	1,317,600	Discount for lack of marketability	Discount for lack of marketability		20%
Micro Cap Fund	Direct Venture Capital Investments: Textiles	$	6,937,191	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.7 - 4.9 (2.7) 46%
Micro Cap Fund	Warrant: Pharmaceuticals	$	380,279	Black Scholes	Black Scholes		100%
Small Cap Growth Fund	Direct Venture Capital Investments: Textiles	$	12,486,918	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.7 - 4.9 (2.7) 46%
Small Cap Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	376,620	Market comparable companies	EV/R* multiple Discount for lack of marketability		2.6 - 9.3 (5.5) 20%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	9,652,523	Financing round valuation	Financing round valuation		100%
Small Cap Growth Fund	Warrant: Pharmaceuticals	$	659,823	Black Scholes	Black Scholes		100%
Ultra Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	94,155	Market comparable companies	EV/R* multiple Discount for lack of marketability		2.6 - 9.3 (5.5) 20%
Ultra Growth Fund	Direct Venture Capital Investments: Textiles	$	10,405,776	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.7 - 4.9 (2.7) 46%
Ultra Growth Fund	Warrant: Insurance Brokers	$	1,098,000	Discount for lack of marketability	Discount for lack of marketability		20%
Ultra Growth Fund	Warrant: Pharmaceuticals	$	583,929	Black Scholes	Black Scholes		100%

* Enterprise-Value-To-Revenue – (“EV/R”) multiple 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.

Additional information about the Funds’ fair valuation practices is available in the Funds’ most recent Prospectus, Statement of Additional Information (SAI) and Report to Shareholders. This information is available on the Funds’ website at wasatchglobal.com and on the Securities and Exchange Commission’s website at www.sec.gov.