WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.3%
		Application Software 9.0%
	2,907,359	Clearwater Analytics Holdings, Inc., Class A*	$	54,512,981
	724,504	Five9, Inc.*		49,164,842
	962,816	Guidewire Software, Inc.*		60,233,769
	285,073	Paylocity Holding Corp.*		55,378,281
	894,022	Q2 Holdings, Inc.*		24,022,371
				243,312,244
		Asset Management & Custody Banks 6.5%
	887,409	Cohen & Steers, Inc.		57,291,125
	1,236,228	Focus Financial Partners, Inc., Class A*		46,074,218
	1,116,381	Hamilton Lane, Inc., Class A		71,314,418
				174,679,761
		Auto Parts & Equipment 3.0%
	436,850	Fox Factory Holding Corp.*		39,853,825
	662,010	XPEL, Inc.*		39,760,321
				79,614,146
		Building Products 3.7%
	3,060,239	Janus International Group, Inc.*		29,133,475
	1,667,972	Trex Co., Inc.*		70,605,255
				99,738,730
		Commodity Chemicals 2.4%
	1,950,295	Valvoline, Inc.		63,677,132
		Data Processing & Outsourced Services 2.1%
	608,512	Euronet Worldwide, Inc.*		57,431,363
		Distillers & Vintners 1.0%
	1,687,981	Duckhorn Portfolio, Inc.*		27,969,845
		Distributors 2.4%
	216,943	Pool Corp.		65,588,377
		Electronic Equipment & Instruments 2.7%
	540,696	Novanta, Inc.*		73,464,366
		Electronic Manufacturing Services 2.1%
	442,037	Fabrinet*		56,677,984
		Financial Exchanges & Data 3.6%
	351,396	Morningstar, Inc.		76,108,859
	2,891,061	Open Lending Corp., Class A*		19,514,662
				95,623,521
		General Merchandise Stores 1.6%
	911,154	Ollie’s Bargain Outlet Holdings, Inc.*		42,678,453
		Health Care Facilities 3.8%
	1,076,377	Ensign Group, Inc.		101,836,028
		Health Care Supplies 2.3%
	4,112,207	Neogen Corp.*		62,628,913
		Home Improvement Retail 1.5%
	590,386	Floor & Decor Holdings, Inc., Class A*		41,108,577
		Homebuilding 1.1%
	336,558	Installed Building Products, Inc.		28,809,365
		Industrial Machinery 9.0%
	948,099	Helios Technologies, Inc.		51,614,510

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	502,986	Kadant, Inc.	$	89,345,403
	848,988	Kornit Digital Ltd.*		19,501,254
	389,626	RBC Bearings, Inc.*		81,568,203
				242,029,370
		Insurance Brokers 0.8%
	594,100	Goosehead Insurance, Inc., Class A*		20,401,394
		Interactive Media & Services 1.3%
	2,198,670	ZipRecruiter, Inc., Class A*		36,102,161
		Investment Banking & Brokerage 1.9%
	1,348,393	Moelis & Co., Class A		51,737,839
		IT Consulting & Other Services 2.2%
	351,449	Globant SA*		59,099,664
		Leisure Products 1.6%
	1,026,313	YETI Holdings, Inc.*		42,396,990
		Life Sciences Tools & Services 5.6%
	383,540	ICON PLC*		74,502,645
	355,770	Medpace Holdings, Inc.*		75,569,106
				150,071,751
		Managed Health Care 2.8%
	1,202,849	HealthEquity, Inc.*		74,143,612
		Metal & Glass Containers 1.2%
	1,174,614	TriMas Corp.		32,583,792
		Packaged Foods & Meats 0.9%
	483,515	Freshpet, Inc.*		25,515,087
		Pharmaceuticals 1.1%
	584,917	Intra-Cellular Therapies, Inc.*		30,953,808
		Regional Banks 5.2%
	2,228,415	Bank OZK		89,270,305
	1,085,514	Webster Financial Corp.		51,388,233
				140,658,538
		Research & Consulting Services 0.6%
	2,065,334	Legalzoom.com, Inc.*		15,985,685
		Semiconductors 1.5%
	110,566	Monolithic Power Systems, Inc.		39,097,243
		Specialized Consumer Services 1.0%
	2,856,900	Mister Car Wash, Inc.*		26,369,187
		Specialized REITs 1.7%
	1,232,800	National Storage Affiliates Trust		44,528,736
		Specialty Chemicals 5.0%
	570,710	Balchem Corp.		69,689,398
	623,100	Innospec, Inc.		64,092,066
				133,781,464
		Specialty Stores 4.1%
	620,530	Five Below, Inc.*		109,753,141
		Systems Software 2.1%
	426,016	CyberArk Software Ltd.*		55,232,974
		Trucking 1.9%
	245,120	Saia, Inc.*		51,396,762

WASATCH CORE GROWTH FUND (WGROX / WIGRX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Total Common Stocks (cost $2,313,622,962)	$	2,696,678,003
		WARRANTS 0.0%
		Insurance Brokers 0.0%
	540,000	Hagerty, Inc., expiring 12/2/2026* *** †		966,600
		Total Warrants (cost $1,859,173)		966,600
		Total Investments (cost $2,315,482,135) 100.3%		2,697,644,603
		Liabilities less Other Assets (0.3%)		(9,181,024	)
		NET ASSETS 100.0%	$	2,688,463,579
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2022 amounted to approximately $966,600 and represented 0.04% of net assets. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Core Growth Fund’s investments, were in the following countries:

COUNTRY	%
Ireland		2.7
Israel		2.8
United States		94.5
TOTAL		100.0	%

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 93.2%
		Apparel Retail 4.9%
	1,487,571	Trent Ltd.	$	24,298,671
		Apparel, Accessories & Luxury Goods 1.9%
	17,825	Page Industries Ltd.		9,229,593
		Auto Parts & Equipment 0.5%
	79,682	Tube Investments of India Ltd.		2,673,291
		Commodity Chemicals 3.0%
	2,144,573	Berger Paints India Ltd.		15,070,078
		Consumer Finance 9.7%
	605,840	Bajaj Finance Ltd.		48,150,842
		Diversified Banks 12.0%
	2,152,948	HDFC Bank Ltd.		42,370,631
	780,288	Kotak Mahindra Bank Ltd.		17,234,150
				59,604,781
		Food Retail 5.6%
	560,980	Avenue Supermarts Ltd.*		27,589,597
		Footwear 0.2%
	250,947	Campus Activewear Ltd.*		1,253,825
		Health Care Services 8.4%
	830,544	Dr. Lal PathLabs Ltd.		22,693,137
	3,590,652	Vijaya Diagnostic Centre Pvt. Ltd.		18,973,208
				41,666,345
		Industrial Machinery 8.9%
	7,765,793	Elgi Equipments Ltd.		39,378,099
	243,302	GMM Pfaudler Ltd.		4,608,563
				43,986,662
		Interactive Media & Services 2.2%
	227,333	Info Edge India Ltd.		10,804,844
		IT Consulting & Other Services 9.7%
	615,178	LTIMindtree Ltd.		32,460,994
	336,249	Persistent Systems Ltd.		15,732,942
				48,193,936
		Life Sciences Tools & Services 4.3%
	516,982	Divi’s Laboratories Ltd.		21,329,179
		Metal & Glass Containers 0.1%
	43,276	Mold-Tek Packaging Ltd.		492,733
		Property & Casualty Insurance 2.2%
	719,013	ICICI Lombard General Insurance Co. Ltd.		10,749,127
		Regional Banks 7.5%
	4,692,444	AU Small Finance Bank Ltd.		37,120,391
		Research & Consulting Services 4.6%
	519,226	L&T Technology Services Ltd.		23,118,517
		Specialty Chemicals 3.1%
	419,231	Asian Paints Ltd.		15,647,811
		Systems Software 0.8%
	54,729	Tata Elxsi Ltd.		4,158,359

WASATCH EMERGING INDIA FUND (WAINX / WIINX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Thrifts & Mortgage Finance 3.6%
	802,305	Aavas Financiers Ltd.*	$	17,900,818
		Total Common Stocks (cost $309,617,196)		463,039,400
		Total Investments (cost $309,617,196) 93.2%		463,039,400
		Other Assets less Liabilities 6.8%		33,532,950
		NET ASSETS 100.0%	$	496,572,350
		*Non-income producing. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Emerging India Fund’s investments, were in the following countries:

COUNTRY	%
India		100.0
TOTAL		100.0	%

WASATCH EMERGING MARKETS SELECT FUND
(WAESX / WIESX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 95.2%
		Airport Services 3.7%
	974,740	Grupo Aeroportuario del Pacifico SAB de CV, Class B	$	13,963,445
		Apparel Retail 1.3%
	299,702	Trent Ltd.		4,895,471
		Apparel, Accessories & Luxury Goods 2.0%
	14,921	Page Industries Ltd.		7,725,932
		Consumer Finance 6.3%
	304,177	Bajaj Finance Ltd.		24,175,325
		Data Processing & Outsourced Services 1.3%
	317,077	Dlocal Ltd.*		4,936,889
		Diversified Banks 10.1%
	1,315,308	HDFC Bank Ltd.		25,885,636
	3,108,925	NU Holdings Ltd., Class A*		12,653,325
				38,538,961
		Drug Retail 2.7%
	2,276,730	Raia Drogasil SA		10,253,571
		Electrical Components & Equipment 9.6%
	393,765	Voltronic Power Technology Corp.		19,793,624
	2,333,902	WEG SA		16,954,130
				36,747,754
		Health Care Services 1.9%
	266,675	Dr. Lal PathLabs Ltd.		7,286,420
		Industrial Machinery 3.1%
	257,691	Airtac International Group		7,805,643
	372,722	Techtronic Industries Co. Ltd.		4,159,156
				11,964,799
		Interactive Home Entertainment 2.4%
	178,743	Sea Ltd., ADR*		9,299,998
		Internet & Direct Marketing Retail 10.1%
	406,300	Meituan, Class B*		9,093,724
	24,909	MercadoLibre, Inc.*		21,078,992
	405,825	momo.com, Inc.		8,476,832
				38,649,548
		IT Consulting & Other Services 6.1%
	107,637	Globant SA*		18,100,238
	99,768	LTIMindtree Ltd.		5,264,441
				23,364,679
		Life & Health Insurance 2.4%
	1,274,555	Discovery Ltd.*		9,252,784
		Life Sciences Tools & Services 5.1%
	144,779	Divi’s Laboratories Ltd.		5,973,162
	292,538	Hangzhou Tigermed Consulting Co. Ltd., Class A		4,410,142
	1,213,813	Wuxi Biologics Cayman, Inc.*		9,307,177
				19,690,481
		Property & Casualty Insurance 0.7%
	593,544	Qualitas Controladora SAB de CV		2,617,058

WASATCH EMERGING MARKETS SELECT FUND
(WAESX / WIESX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 3.1%
	1,521,110	AU Small Finance Bank Ltd.	$	12,033,004
		Semiconductor Equipment 4.5%
	104,300	Lasertec Corp.		17,281,343
		Semiconductors 11.1%
	208,894	ASPEED Technology, Inc.		11,452,112
	52,260	LEENO Industrial, Inc		6,457,771
	112,050	SG Micro Corp., Class A		2,782,029
	1,120,836	Silergy Corp.		15,917,910
	1,115,742	Sino Wealth Electronic Ltd., Class A		5,676,855
				42,286,677
		Specialized Finance 5.2%
	2,793,891	Chailease Holding Co. Ltd.		19,725,540
		Specialty Chemicals 2.3%
	237,470	Asian Paints Ltd.		8,863,576
		Systems Software 0.2%
	10,520	Tata Elxsi Ltd.		799,319
		Total Common Stocks (cost $447,139,707)		364,352,574
		Total Investments (cost $447,139,707) 95.2%§		364,352,574
		Other Assets less Liabilities 4.8%		18,284,171
		NET ASSETS 100.0%	$	382,636,745
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 8.80%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Emerging Markets Select Fund’s investments, were in the following countries:

COUNTRY	%
Brazil		10.9
China		8.6
Hong Kong		1.1
India		28.2
Japan		4.7
Mexico		4.6
Singapore		2.6
South Africa		2.5
South Korea		1.8
Taiwan		22.8
United States		10.8
Uruguay		1.4
TOTAL		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.7%
		Airport Services 3.5%
	1,538,925	Grupo Aeroportuario del Centro Norte SAB de CV	$	11,851,614
		Apparel Retail 3.0%
	631,245	Trent Ltd.		10,311,047
		Asset Management & Custody Banks 1.2%
	17,554,351	VEF AB*		4,124,953
		Commodity Chemicals 1.2%
	567,520	Berger Paints India Ltd.		3,988,006
		Communications Equipment 2.3%
	1,043,000	Accton Technology Corp.		7,957,687
		Consumer Finance 1.8%
	7,189,323	Ngern Tid Lor Public Co. Ltd.		6,123,431
		Data Processing & Outsourced Services 1.3%
	296,764	Dlocal Ltd.*		4,620,616
		Drug Retail 4.2%
	386,146	Clicks Group Ltd.		6,137,884
	1,792,950	Raia Drogasil SA		8,074,800
				14,212,684
		Electrical Components & Equipment 6.1%
	417,863	Voltronic Power Technology Corp.		21,004,973
		Electronic Components 0.0%
	4,405	Sinbon Electronics Co. Ltd.		39,413
		Electronic Equipment & Instruments 3.6%
	1,255,616	Chroma ATE, Inc.		7,394,267
	9,840	Honeywell Automation India Ltd.		4,960,077
				12,354,344
		Electronic Manufacturing Services 1.6%
	43,422	Fabrinet*		5,567,569
		Health Care Facilities 0.4%
	6,705,000	PT Mitra Keluarga Karyasehat Tbk		1,373,949
		Health Care Services 3.6%
	445,779	Dr. Lal PathLabs Ltd.		12,180,118
		Home Improvement Retail 3.4%
	8,758,100	MR DIY Group M Bhd		3,976,436
	14,770,396	Wilcon Depot, Inc.		7,830,171
				11,806,607
		Hotels, Resorts & Cruise Lines 1.8%
	1,394,570	H World Group Ltd.		6,012,117
		Human Resource & Employment Services 0.3%
	127,813	Grupa Pracuj SA		1,193,137
		Industrial Machinery 3.7%
	167,500	Airtac International Group		5,073,694
	1,523,365	Elgi Equipments Ltd.		7,724,545
				12,798,239
		Interactive Media & Services 1.9%
	2,219,828	Baltic Classifieds Group PLC		3,778,595

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	57,878	Info Edge India Ltd.	$	2,750,867
				6,529,462
		Internet & Direct Marketing Retail 2.9%
	478,600	momo.com, Inc.		9,996,948
		IT Consulting & Other Services 11.6%
	95,972	Globant SA*		16,138,651
	311,090	LTIMindtree Ltd.		16,415,234
	151,817	Persistent Systems Ltd.		7,103,450
				39,657,335
		Life & Health Insurance 2.3%
	1,070,913	Discovery Ltd.*		7,774,420
		Packaged Foods & Meats 0.5%
	6,500,700	PT Cisarua Mountain Dairy Tbk		1,774,721
		Personal Products 1.7%
	236,505	Proya Cosmetics Co. Ltd., Class A		5,697,866
		Property & Casualty Insurance 2.1%
	1,624,884	Qualitas Controladora SAB de CV		7,164,449
		Regional Banks 7.5%
	2,572,278	AU Small Finance Bank Ltd.		20,348,451
	726,462	Regional SAB de CV		5,222,593
				25,571,044
		Research & Consulting Services 4.5%
	13,670,334	CTOS Digital Bhd		4,406,782
	247,989	L&T Technology Services Ltd.		11,041,701
				15,448,483
		Semiconductor Equipment 2.1%
	93,778	Tokai Carbon Korea Co. Ltd.		7,067,997
		Semiconductors 14.8%
	220,651	ASPEED Technology, Inc.		12,096,661
	116,276	LEENO Industrial, Inc.		14,368,231
	1,244,572	Silergy Corp.		17,675,186
	1,290,864	Sino Wealth Electronic Ltd., Class A		6,567,870
				50,707,948
		Specialized Finance 1.6%
	755,000	Chailease Holding Co. Ltd.		5,330,481
		Specialty Stores 1.1%
	3,242,300	Pet Center Comercio e Participacoes SA		3,825,274
		Thrifts & Mortgage Finance 3.1%
	475,366	Aavas Financiers Ltd.*		10,606,241
		Total Common Stocks (cost $268,159,961)		344,673,173
		Total Investments (cost $268,159,961) 100.7%§		344,673,173
		Liabilities less Other Assets (0.7%)		(2,228,874	)
		NET ASSETS 100.0%	$	342,444,299
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 12.02%. See Notes to Schedules of Investments.

WASATCH EMERGING MARKETS SMALL CAP FUND
(WAEMX / WIEMX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2022, Wasatch Emerging Markets Small Cap Fund’s investments, were in the following countries:

COUNTRY	%
Brazil		3.5
China		5.3
India		31.2
Indonesia		0.9
Malaysia		2.4
Mexico		7.0
Philippines		2.3
Poland		0.4
South Africa		4.0
South Korea		6.2
Sweden		1.2
Taiwan		25.1
Thailand		1.8
United Kingdom		1.1
United States		6.3
Uruguay		1.3
TOTAL		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.0%
		Airport Services 4.2%
	75,300	Grupo Aeroportuario del Centro Norte SAB de CV	$	579,903
	53,000	Grupo Aeroportuario del Pacifico SAB de CV, Class B		759,241
				1,339,144
		Asset Management & Custody Banks 6.2%
	1,178,700	DCVFMVN Diamond ETF*		1,119,953
	3,603,629	VEF AB*		846,787
				1,966,740
		Computer & Electronics Retail 2.2%
	379,000	Mobile World Investment Corp.		689,676
		Consumer Finance 11.3%
	34,117	Bajaj Finance Ltd.		2,711,545
	999,169	Ngern Tid Lor Public Co. Ltd.		851,032
				3,562,577
		Data Processing & Outsourced Services 2.9%
	370	Adyen NV*		510,292
	25,929	Dlocal Ltd.*		403,714
				914,006
		Distillers & Vintners 1.8%
	305,740	Ginebra San Miguel, Inc.		576,518
		Diversified Banks 11.2%
	549,271	Bank for Foreign Trade of Vietnam JSC*		1,863,910
	2,541	Credicorp Ltd.		344,712
	325,656	NU Holdings Ltd., Class A*		1,325,420
				3,534,042
		Drug Retail 2.6%
	183,000	Raia Drogasil SA		824,166
		Electrical Components & Equipment 5.2%
	225,200	WEG SA		1,635,917
		Food Retail 2.4%
	8,992	Dino Polska SA*		770,241
		Health Care Facilities 1.8%
	2,821,400	PT Mitra Keluarga Karyasehat Tbk		578,145
		Home Improvement Retail 4.8%
	2,874,900	Wilcon Depot, Inc.		1,524,059
		Human Resource & Employment Services 0.4%
	11,641	Grupa Pracuj SA		108,669
		Interactive Home Entertainment 2.4%
	14,415	Sea Ltd., ADR*		750,012
		Interactive Media & Services 0.6%
	110,746	Baltic Classifieds Group PLC		188,512
		Internet & Direct Marketing Retail 7.4%
	2,779	MercadoLibre, Inc.*		2,351,701
		IT Consulting & Other Services 12.3%
	865,536	FPT Corp.		2,823,318
	6,228	Globant SA*		1,047,300
				3,870,618

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life & Health Insurance 5.1%
	220,387	Discovery Ltd.*	$	1,599,926
		Property & Casualty Insurance 4.9%
	351,622	Qualitas Controladora SAB de CV		1,550,374
		Regional Banks 2.4%
	106,900	Regional SAB de CV		768,513
		Research & Consulting Services 1.9%
	1,889,237	CTOS Digital Bhd		609,016
		Semiconductors 3.9%
	8,800	ASPEED Technology, Inc.		482,439
	52,000	Silergy Corp.		738,494
				1,220,933
		Specialty Stores 1.0%
	266,565	Pet Center Comercio e Participacoes SA		314,494
		Thrifts & Mortgage Finance 1.1%
	15,669	Aavas Financiers Ltd.*		349,603
		Total Common Stocks (cost $33,495,433)		31,597,602
		Total Investments (cost $33,495,433) 100.0%§		31,597,602
		Other Assets less Liabilities 0.0%		6,904
		NET ASSETS 100.0%	$	31,604,506
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 15.43%. ADR American Depositary Receipt. ETF Exchange-Traded Fund. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Frontier Emerging Small Countries Fund’s investments, were in the following countries:

COUNTRY	%
Brazil		13.0
India		9.7
Indonesia		1.8
Malaysia		1.9
Mexico		11.6
Netherlands		1.6
Peru		1.1
Philippines		6.6
Poland		2.8
Singapore		2.4
South Africa		5.1
Sweden		2.7
Taiwan		3.9
Thailand		2.7
United Kingdom		0.6
United States		10.7
Uruguay		1.3
Vietnam		20.5
TOTAL		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 101.2%
		Apparel Retail 1.2%
	30,742	Boot Barn Holdings, Inc.*	$	1,921,990
		Application Software 5.8%
	32,857	Five9, Inc.*		2,229,676
	11,511	Paylocity Holding Corp.*		2,236,127
	32,445	Q2 Holdings, Inc.*		871,797
	729,772	Systena Corp.		2,285,403
	222,898	Technology One Ltd.		1,994,128
				9,617,131
		Asset Management & Custody Banks 3.2%
	71,189	Focus Financial Partners, Inc., Class A*		2,653,214
	42,350	Hamilton Lane, Inc., Class A		2,705,318
				5,358,532
		Biotechnology 4.3%
	404,683	Abcam PLC*		6,296,868
	71,398	C4 Therapeutics, Inc.*		421,248
	125,288	Sangamo Therapeutics, Inc.*		393,404
				7,111,520
		Building Products 2.3%
	88,873	Trex Co., Inc.*		3,761,994
		Commodity Chemicals 1.1%
	54,792	Valvoline, Inc.		1,788,959
		Data Processing & Outsourced Services 1.5%
	17,563	Euronet Worldwide, Inc.*		1,657,596
	10,000	GMO Payment Gateway, Inc.		832,063
				2,489,659
		Diversified Real Estate Activities 1.0%
	143,221	Patrizia SE		1,588,300
		Drug Retail 1.3%
	19,500	Ain Holdings, Inc.		897,440
	28,300	Sugi Holdings Co. Ltd.		1,265,780
				2,163,220
		Electrical Components & Equipment 2.6%
	86,896	Voltronic Power Technology Corp.		4,368,054
		Financial Exchanges & Data 1.0%
	234,962	Open Lending Corp., Class A*		1,585,994
		General Merchandise Stores 1.6%
	56,541	Ollie’s Bargain Outlet Holdings, Inc.*		2,648,381
		Health Care Equipment 0.4%
	5,084	DiaSorin SpA		709,658
		Health Care Facilities 4.2%
	73,212	Ensign Group, Inc.		6,926,587
		Health Care Services 1.4%
	86,276	Dr. Lal PathLabs Ltd.		2,357,338
		Health Care Supplies 3.2%
	134,939	Neogen Corp.*		2,055,121
	61,481	Silk Road Medical, Inc.*		3,249,271
				5,304,392

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Technology 1.5%
	85,450	JMDC, Inc.	$	2,461,148
		Home Improvement Retail 1.5%
	35,119	Floor & Decor Holdings, Inc., Class A*		2,445,336
		Homebuilding 1.6%
	28,731	LGI Homes, Inc.*		2,660,491
		Human Resource & Employment Services 1.3%
	85,000	SMS Co. Ltd.		2,172,928
		Industrial Machinery 3.3%
	32,878	Helios Technologies, Inc.		1,789,878
	55,729	Kornit Digital Ltd.*		1,280,095
	11,014	RBC Bearings, Inc.*		2,305,781
				5,375,754
		Interactive Media & Services 1.0%
	96,538	ZipRecruiter, Inc., Class A*		1,585,154
		IT Consulting & Other Services 7.4%
	18,411	Endava PLC, ADR*		1,408,442
	29,634	Globant SA*		4,983,253
	62,552	LTIMindtree Ltd.		3,300,671
	55,937	Persistent Systems Ltd.		2,617,267
				12,309,633
		Life Sciences Tools & Services 2.2%
	17,213	Medpace Holdings, Inc.*		3,656,213
		Managed Health Care 2.8%
	75,397	HealthEquity, Inc.*		4,647,471
		Packaged Foods & Meats 0.8%
	24,540	Freshpet, Inc.*		1,294,976
		Pharmaceuticals 2.4%
	146,161	Esperion Therapeutics, Inc.*		910,583
	58,096	Intra-Cellular Therapies, Inc.*		3,074,440
				3,985,023
		Regional Banks 7.7%
	1,046,771	AU Small Finance Bank Ltd.		8,280,663
	109,874	Bank OZK		4,401,553
				12,682,216
		Research & Consulting Services 7.3%
	263,070	BayCurrent Consulting, Inc.		8,248,499
	84,122	L&T Technology Services Ltd.		3,745,529
				11,994,028
		Restaurants 0.6%
	21,310	Domino’s Pizza Enterprises Ltd.		961,216
		Semiconductor Equipment 1.6%
	31,702	Nova Ltd.*		2,589,419
		Semiconductors 7.2%
	59,400	ASPEED Technology, Inc.		3,256,463
	28,052	Melexis NV		2,432,288
	6,626	Monolithic Power Systems, Inc.		2,343,020
	276,000	Silergy Corp.		3,919,702
				11,951,473
		Specialty Chemicals 1.2%
	16,766	Balchem Corp.		2,047,296

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialty Stores 4.6%
	43,405	Five Below, Inc.*	$	7,677,042
		Systems Software 3.3%
	21,615	CyberArk Software Ltd.*		2,802,385
	26,829	Rapid7, Inc.*		911,649
	23,561	Tata Elxsi Ltd.		1,790,186
				5,504,220
		Thrifts & Mortgage Finance 1.8%
	136,611	Aavas Financiers Ltd.*		3,048,029
		Trading Companies & Distributors 1.9%
	65,227	Diploma PLC		2,189,048
	69,700	MonotaRO Co. Ltd.		986,230
				3,175,278
		Trucking 2.1%
	16,159	Saia, Inc.*		3,388,219
		Total Common Stocks (cost $146,838,562)		167,314,272
		Total Investments (cost $146,838,562) 101.2%		167,314,272
		Liabilities less Other Assets (1.2%)		(1,984,852	)
		NET ASSETS 100.0%	$	165,329,420
		*Non-income producing. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Global Opportunities Fund’s investments, were in the following countries:

COUNTRY	%
Australia		1.8
Belgium		1.5
Germany		1.0
India		15.0
Israel		4.0
Italy		0.4
Japan		11.4
Taiwan		6.9
United Kingdom		5.9
United States		52.1
TOTAL		100.0	%

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.3%
		Application Software 11.5%
	11,119	Dassault Systemes SE	$	398,668
	2,624	Five9, Inc.*		178,065
	670	HubSpot, Inc.*		193,717
	1,357	Roper Technologies, Inc.		586,346
	3,064	Xero Ltd.*		146,592
				1,503,388
		Biotechnology 4.6%
	38,256	Abcam PLC*		595,263
		Building Products 5.1%
	18,929	Assa Abloy AB, Class B		405,796
	6,109	Trex Co., Inc.*		258,594
				664,390
		Consumer Finance 4.0%
	6,543	Bajaj Finance Ltd.		520,023
		Data Processing & Outsourced Services 4.4%
	7,668	Amadeus IT Group SA*		398,508
	2,851	Block, Inc.*		179,157
				577,665
		Distributors 2.9%
	1,248	Pool Corp.		377,308
		Diversified Banks 4.7%
	31,173	HDFC Bank Ltd.		613,493
		Diversified Support Services 4.4%
	9,459	Copart, Inc.*		575,958
		Drug Retail 3.7%
	10,800	Sugi Holdings Co. Ltd.		483,054
		Electrical Components & Equipment 2.4%
	43,100	WEG SA		313,091
		Electronic Components 4.4%
	7,513	Amphenol Corp., Class A		572,040
		Financial Exchanges & Data 7.3%
	1,616	MarketAxess Holdings, Inc.		450,686
	2,348	Morningstar, Inc.		508,554
				959,240
		Health Care Equipment 2.6%
	2,403	DiaSorin SpA		335,427
		Health Care Supplies 2.6%
	2,859	Coloplast A/S, Class B		334,184
		Health Care Technology 1.8%
	8,100	JMDC, Inc.		233,298
		Internet & Direct Marketing Retail 2.7%
	424	MercadoLibre, Inc.*		358,806
		IT Consulting & Other Services 2.2%
	1,741	Globant SA*		292,767
		Life Sciences Tools & Services 3.7%
	2,513	ICON PLC*		488,150

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Managed Health Care 3.2%
	6,839	HealthEquity, Inc.*	$	421,556
		Regional Banks 4.0%
	12,911	Bank OZK		517,215
		Research & Consulting Services 4.4%
	18,280	BayCurrent Consulting, Inc.		573,165
		Semiconductors 3.7%
	729	Monolithic Power Systems, Inc.		257,782
	15,419	Silergy Corp.		218,978
				476,760
		Specialized Finance 2.3%
	43,100	Chailease Holding Co. Ltd.		304,296
		Specialty Stores 3.8%
	2,835	Five Below, Inc.*		501,426
		Trucking 3.9%
	1,796	Old Dominion Freight Line, Inc.		509,669
		Total Common Stocks (cost $13,958,646)		13,101,632
		Total Investments (cost $13,958,646) 100.3%§		13,101,632
		Liabilities less Other Assets (0.3%)		(40,764	)
		NET ASSETS 100.0%	$	13,060,868
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.40%. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Global Select Fund’s investments, were in the following countries:

COUNTRY	%
Australia		1.1
Brazil		2.4
Denmark		2.6
France		3.0
India		8.7
Ireland		3.7
Italy		2.6
Japan		9.8
Spain		3.0
Sweden		3.1
Taiwan		4.0
United Kingdom		4.6
United States		51.4
TOTAL		100.0	%

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.5%
		Aerospace & Defense 2.1%
	280,000	BAE Systems PLC	$	2,897,612
		Biotechnology 3.0%
	49,000	Gilead Sciences, Inc.		4,206,650
		Casinos & Gaming 2.4%
	184,000	Kangwon Land, Inc.*		3,385,835
		Diversified Banks 10.8%
	50,000	Citigroup, Inc.		2,261,500
	345,000	ING Groep NV, ADR		4,198,650
	33,000	JPMorgan Chase & Co.		4,425,300
	180,041	United Overseas Bank Ltd.		4,126,668
				15,012,118
		Diversified Metals & Mining 2.5%
	88,000	Anglo American PLC		3,443,235
		Electric Utilities 7.5%
	55,500	Duke Energy Corp.		5,715,945
	108,000	Exelon Corp.		4,668,840
				10,384,785
		Electrical Components & Equipment 2.0%
	18,000	Eaton Corp. PLC		2,825,100
		Electronic Components 1.2%
	53,000	Corning, Inc.		1,692,820
		Electronic Manufacturing Services 1.6%
	700,000	Hon Hai Precision Industry Co. Ltd.		2,275,219
		Food Retail 5.0%
	130,000	Koninklijke Ahold Delhaize NV		3,735,013
	75,000	Seven & i Holdings Co. Ltd.		3,234,532
				6,969,545
		Industrial REITs 2.3%
	1,900,000	Mapletree Industrial Trust		3,149,171
		Integrated Oil & Gas 8.1%
	129,000	Suncor Energy, Inc.		4,091,987
	113,000	TotalEnergies SE		7,094,350
				11,186,337
		Integrated Telecommunication Services 4.4%
	200,000	AT&T, Inc.		3,682,000
	60,000	Verizon Communications, Inc.		2,364,000
				6,046,000
		Multi-Line Insurance 2.1%
	102,000	AXA SA		2,844,837
		Oil & Gas Drilling 1.1%
	42,000	Noble Corp. PLC*		1,583,820
		Oil & Gas Exploration & Production 2.8%
	30,000	EOG Resources, Inc.		3,885,600
		Packaged Foods & Meats 3.0%
	102,000	Kraft Heinz Co.		4,152,420

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 13.9%
	62,000	Bristol-Myers Squibb Co.	$	4,460,900
	41,000	Johnson & Johnson		7,242,650
	58,000	Novartis AG		5,243,303
	24,000	Sanofi		2,308,060
				19,254,913
		Property & Casualty Insurance 3.2%
	82,000	Axis Capital Holdings Ltd.		4,441,940
		Railroads 3.7%
	24,700	Union Pacific Corp.		5,114,629
		Regional Banks 1.4%
	49,000	Bank OZK		1,962,940
		Reinsurance 4.5%
	19,000	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		6,182,916
		Retail REITs 1.9%
	122,000	Kimco Realty Corp.		2,583,960
		Technology Hardware, Storage & Peripherals 2.9%
	90,000	Samsung Electronics Co. Ltd.		3,950,392
		Tobacco 4.1%
	78,000	KT&G Corp.*		5,637,643
		Total Common Stocks (cost $110,862,442)		135,070,437
		Total Investments (cost $110,862,442) 97.5%$		135,070,437
		Other Assets less Liabilities 2.5%		3,469,372
		NET ASSETS 100.0%	$	138,539,809
		*Non-income producing. $The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 9.36%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Global Value Fund’s investments, were in the following countries:

COUNTRY	%
Canada		3.0
France		9.0
Germany		4.6
Japan		2.4
Netherlands		5.9
Singapore		5.4
South Korea		9.6
Switzerland		3.9
Taiwan		1.7
United Kingdom		4.7
United States		49.8
TOTAL		100.0	%

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.3%
		Apparel, Accessories & Luxury Goods 1.1%
	5,300	Shenzhou International Group Holdings Ltd.	$	59,617
		Application Software 3.8%
	24,600	Glodon Co. Ltd., Class A		212,145
		Construction Materials 0.7%
	8,500	Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A		41,047
		Distillers & Vintners 6.2%
	800	Kweichow Moutai Co. Ltd., Class A		198,743
	5,500	Wuliangye Yibin Co. Ltd., Class A		142,957
				341,700
		Diversified Banks 1.2%
	11,500	China Merchants Bank Co. Ltd., Class H		64,311
		Drug Retail 3.8%
	22,770	Yifeng Pharmacy Chain Co. Ltd., Class A		209,105
		Electrical Components & Equipment 2.9%
	2,800	Contemporary Amperex Technology Co. Ltd., Class A		158,461
		Electronic Components 3.5%
	23,400	Shenzhen H&T Intelligent Control Co. Ltd., Class A		49,077
	16,000	Sinbon Electronics Co. Ltd.		143,157
				192,234
		Health Care Equipment 4.6%
	5,600	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		254,532
		Hotels, Resorts & Cruise Lines 4.5%
	57,700	H World Group Ltd.		248,750
		Industrial Machinery 10.1%
	5,000	Airtac International Group		151,454
	17,463	Shenzhen Inovance Technology Co. Ltd., Class A		174,587
	17,278	Techtronic Industries Co. Ltd.		192,803
	6,700	Wuxi Lead Intelligent Equipment Co. Ltd., Class A		38,793
				557,637
		Internet & Direct Marketing Retail 3.4%
	8,400	Meituan, Class B*		188,007
		Life & Health Insurance 6.7%
	20,200	AIA Group Ltd.		224,633
	22,000	Ping An Insurance Group Co. of China Ltd., Class H		145,578
				370,211
		Life Sciences Tools & Services 8.5%
	15,400	Hangzhou Tigermed Consulting Co. Ltd., Class A		232,162
	30,687	Wuxi Biologics Cayman, Inc.*		235,299
				467,461
		Packaged Foods & Meats 6.6%
	29,000	Chongqing Fuling Zhacai Group Co. Ltd., Class A		107,503
	16,006	Foshan Haitian Flavouring & Food Co. Ltd., Class A		183,276
	16,000	Inner Mongolia Yili Industrial Group Co. Ltd., Class A		71,349
				362,128
		Personal Products 5.5%
	9,341	Proya Cosmetics Co. Ltd., Class A		225,043

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	3,582	Yunnan Botanee Bio-Technology Group Co. Ltd., Class A	$	76,899
				301,942
		Regional Banks 2.2%
	26,000	Bank of Ningbo Co. Ltd., Class A		121,366
		Semiconductors 12.0%
	9,750	SG Micro Corp., Class A		242,078
	16,000	Silergy Corp.		227,229
	38,356	Sino Wealth Electronic Ltd., Class A		195,154
				664,461
		Specialized Finance 6.5%
	50,940	Chailease Holding Co. Ltd.		359,649
		Specialty Stores 3.1%
	5,500	China Tourism Group Duty Free Corp. Ltd., Class A		170,917
		Systems Software 2.4%
	35,100	Hangzhou Dptech Technologies Co. Ltd., Class A		66,447
	4,000	Sangfor Technologies, Inc., Class A		64,761
				131,208
		Total Common Stocks (cost $7,147,169)		5,476,889
		Total Investments (cost $7,147,169) 99.3%		5,476,889
		Other Assets less Liabilities 0.7%		38,913
		NET ASSETS 100.0%	$	5,515,802
		*Non-income producing. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Greater China Fund’s investments, were in the following countries:

COUNTRY	%
China		76.3
Hong Kong		7.6
Taiwan		16.1
TOTAL		100.0	%

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.6%
		Aerospace & Defense 2.1%
	587,537	CAE, Inc.*	$	11,364,545
		Airport Services 2.8%
	1,971,560	Grupo Aeroportuario del Centro Norte SAB de CV		15,183,435
		Apparel, Accessories & Luxury Goods 0.8%
	249,799	Canada Goose Holdings, Inc.*		4,442,511
		Application Software 10.7%
	272,286	Descartes Systems Group, Inc.*		18,981,592
	260,000	Fortnox AB		1,178,302
	128,898	Kinaxis, Inc.*		14,461,518
	173,500	Rakus Co. Ltd.		2,094,057
	3,446,618	Systena Corp.		10,793,660
	1,179,898	Technology One Ltd.		10,555,805
				58,064,934
		Asset Management & Custody Banks 1.7%
	1,151,565	Netwealth Group Ltd.		9,486,923
		Biotechnology 4.3%
	1,513,583	Abcam PLC *		23,551,352
		Brewers 0.6%
	41,952	Royal Unibrew A/S		2,991,136
		Commodity Chemicals 0.4%
	345,811	Berger Paints India Ltd.		2,430,040
		Construction & Engineering 1.7%
	2,158,515	Johns Lyng Group Ltd.		9,096,980
		Data Processing & Outsourced Services 1.8%
	119,600	GMO Payment Gateway, Inc.		9,951,478
		Diversified Real Estate Activities 1.6%
	780,768	Patrizia SE		8,658,605
		Drug Retail 6.1%
	301,586	Ain Holdings, Inc.		13,879,758
	180,083	Clicks Group Ltd.		2,862,463
	613,000	Raia Drogasil SA		2,760,731
	312,100	Sugi Holdings Co. Ltd.		13,959,364
				33,462,316
		Electrical Components & Equipment 2.8%
	303,585	Voltronic Power Technology Corp.		15,260,491
		Electronic Equipment & Instruments 2.2%
	494,924	Halma PLC		11,811,200
		General Merchandise Stores 0.4%
	449,683	B&M European Value Retail SA		2,236,009
		Health Care Equipment 2.3%
	89,407	DiaSorin SpA		12,480,020
		Health Care Services 1.0%
	207,432	Dr. Lal PathLabs Ltd.		5,667,710
		Health Care Supplies 1.0%
	251,328	Menicon Co. Ltd.		5,319,942
		Health Care Technology 2.6%
	390,827	JMDC, Inc.		11,256,675

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	79,427	Pro Medicus Ltd.	$	2,988,344
				14,245,019
		Human Resource & Employment Services 4.3%
	421,336	SMS Co. Ltd.		10,770,971
	407,400	TechnoPro Holdings, Inc.		10,942,434
	28,300	Visional, Inc.*		1,880,341
				23,593,746
		Industrial Machinery 0.3%
	362,890	Elgi Equipments Ltd.		1,840,111
		Interactive Media & Services 1.9%
	125,500	Kakaku.com, Inc.		2,019,628
	912,166	Rightmove PLC		5,639,531
	54,950	Scout24 SE		2,760,479
				10,419,638
		Investment Banking & Brokerage 1.1%
	1,355,720	AJ Bell PLC		5,870,890
		IT Consulting & Other Services 7.1%
	99,918	Endava PLC, ADR*		7,643,727
	28,696	Globant SA*		4,825,519
	123,826	LTIMindtree Ltd.		6,533,906
	122,352	Reply SpA		14,013,965
	380,523	Softcat PLC		5,446,795
				38,463,912
		Life Sciences Tools & Services 0.4%
	88,103	PolyPeptide Group AG*		2,412,554
		Movies & Entertainment 2.6%
	224,782	CTS Eventim AG & Co. KGaA*		14,340,820
		Pharmaceuticals 0.8%
	324,600	JCR Pharmaceuticals Co. Ltd.		4,157,670
		Property & Casualty Insurance 1.6%
	117,700	Definity Financial Corp.		3,344,975
	1,221,405	Qualitas Controladora SAB de CV		5,385,427
				8,730,402
		Publishing 0.9%
	312,951	Future PLC		4,793,595
		Regional Banks 3.6%
	1,836,522	AU Small Finance Bank Ltd.		14,528,125
	273,023	Canadian Western Bank		4,851,502
				19,379,627
		Research & Consulting Services 4.1%
	714,300	BayCurrent Consulting, Inc.		22,396,712
		Restaurants 0.7%
	82,536	Domino’s Pizza Enterprises Ltd.		3,722,895
		Semiconductor Equipment 0.3%
	22,052	Tokai Carbon Korea Co. Ltd.		1,662,047
		Semiconductors 6.6%
	71,500	ASPEED Technology, Inc.		3,919,816
	113,851	LEENO Industrial, Inc.		14,068,574
	143,460	Melexis NV		12,438,901

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	404,996	Silergy Corp.	$	5,751,680
				36,178,971
		Soft Drinks 0.3%
	140,035	Fevertree Drinks PLC		1,745,435
		Specialty Chemicals 2.0%
	1,018,607	Hexpol AB		10,845,124
		Specialty Stores 0.9%
	2,413,700	Pet Center Comercio e Participacoes SA		2,847,690
	71,036	Pet Valu Holdings Ltd.		2,052,909
				4,900,599
		Systems Software 2.1%
	87,273	CyberArk Software Ltd.*		11,314,944
		Thrifts & Mortgage Finance 4.6%
	74,534	Aavas Financiers Ltd.*		1,662,983
	272,398	EQB, Inc.		11,412,953
	2,056,670	OSB Group PLC		11,929,802
				25,005,738
		Trading Companies & Distributors 6.5%
	485,102	Diploma PLC		16,280,244
	599,174	Howden Joinery Group PLC		4,068,070
	41,265	IMCD NV		5,881,515
	283,048	MonotaRO Co. Ltd.		4,005,030
	464,299	RS Group PLC		5,026,570
				35,261,429
		Total Common Stocks (cost $425,442,720)		542,741,505
		Total Investments (cost $425,442,720) 99.6%§		542,741,505
		Other Assets less Liabilities 0.4%		2,451,789
		NET ASSETS 100.0%	$	545,193,294
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 3.91%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch International Growth Fund’s investments, were in the following countries:

COUNTRY	%
Australia		6.6
Belgium		2.3
Brazil		1.0
Canada		13.1
Denmark		0.6
Germany		4.8
India		6.0
Israel		2.1
Italy		4.9
Japan		22.7
Mexico		3.8

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

COUNTRY	%
Netherlands		1.1
South Africa		0.5
South Korea		2.9
Sweden		2.2
Switzerland		0.4
Taiwan		4.6
United Kingdom		19.5
United States		0.9
TOTAL		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.4%
		Advertising 4.3%
	228,900	Direct Marketing MiX, Inc.	$	2,706,894
	1,102,930	YouGov PLC		13,600,551
				16,307,445
		Air Freight & Logistics 2.3%
	741,219	AZ-COM MARUWA Holdings Inc.		8,895,306
		Alternative Carriers 1.5%
	627,552	Chief Telecom, Inc.		5,737,408
		Application Software 12.7%
	37,947	Atoss Software AG		5,654,352
	1,534,861	Bytes Technology Group PLC		7,181,057
	26,011	Esker SA		4,379,777
	1,383,441	Fortnox AB		6,269,656
	170,396	LiveChat Software SA		4,161,359
	63,209	Mensch und Maschine Software SE		3,085,389
	238,832	Rakus Co. Ltd.		2,882,581
	2,846,000	Systena Corp.		8,912,725
	152,568	Vitec Software Group AB, B Shares		6,114,505
				48,641,401
		Asset Management & Custody Banks 3.3%
	1,184,764	JTC PLC		10,713,758
	8,720,111	VEF AB*		2,049,067
				12,762,825
		Brewers 0.6%
	33,902	Royal Unibrew A/S		2,417,179
		Commodity Chemicals 2.0%
	529,374	Berger Paints India Ltd.		3,719,951
	133,301	Supreme Industries Ltd.		3,947,711
				7,667,662
		Construction & Engineering 2.4%
	2,141,416	Johns Lyng Group Ltd.		9,024,917
		Consumer Finance 3.1%
	96,249	Gruppo MutuiOnline SpA		2,711,741
	689,150	Premium Group Co. Ltd.		9,121,103
				11,832,844
		Diversified Banks 1.5%
	2,649,876	City Union Bank Ltd.		5,778,286
		Diversified Support Services 4.5%
	572,900	Japan Elevator Service Holdings Co. Ltd.		7,220,181
	3,267,580	Johnson Service Group PLC		3,827,881
	1,108,937	Prestige International, Inc.		6,134,473
				17,182,535
		Drug Retail 1.3%
	103,900	Ain Holdings, Inc.		4,781,743
		Electrical Components & Equipment 4.1%
	1,184,127	DiscoverIE Group PLC		10,464,634
	106,631	Voltronic Power Technology Corp.		5,360,085
				15,824,719

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electronic Equipment & Instruments 0.8%
	155,069	Nayax Ltd.*	$	2,924,593
		Food Retail 2.2%
	56,713	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.		3,965,843
	3,591,800	Sheng Siong Group Ltd.		4,424,720
				8,390,563
		Health Care Services 3.0%
	203,587	Dr. Lal PathLabs Ltd.		5,562,652
	1,131,914	Vijaya Diagnostic Centre Pvt. Ltd.		5,981,098
				11,543,750
		Health Care Technology 4.7%
	163,168	Nexus AG		9,746,201
	218,707	Pro Medicus Ltd.		8,228,584
				17,974,785
		Human Resource & Employment Services 1.5%
	304,200	S-Pool, Inc.		2,002,658
	143,362	SMS Co. Ltd.		3,664,885
				5,667,543
		Industrial Machinery 1.6%
	787,523	Elgi Equipments Ltd.		3,993,302
	120,268	GMM Pfaudler Ltd.		2,278,085
				6,271,387
		Interactive Media & Services 2.5%
	2,650,992	Baltic Classifieds Group PLC		4,512,523
	415,299	Hemnet Group AB		4,998,783
				9,511,306
		Internet & Direct Marketing Retail 0.3%
	34,100	Temairazu, Inc.		1,299,147
		Investment Banking & Brokerage 2.2%
	536,149	AJ Bell PLC		2,321,771
	175,000	Strike Co. Ltd.		5,987,123
				8,308,894
		IT Consulting & Other Services 7.6%
	23,952	Adesso SE		3,379,274
	46,235	Aubay		2,412,746
	181,591	Avant Group Corp.		1,884,539
	72,289	Base Co. Ltd.		1,922,346
	113,073	Digital Value SpA*		8,073,297
	3,301,785	Kin & Carta PLC*		8,542,224
	24,046	Nagarro SE*		2,846,847
				29,061,273
		Life Sciences Tools & Services 1.1%
	165,102	Ergomed PLC*		2,538,913
	207,065	Tarsons Products Ltd.*		1,738,140
				4,277,053
		Metal & Glass Containers 0.4%
	149,662	Mold-Tek Packaging Ltd.		1,704,027
		Movies & Entertainment 1.4%
	159,380	NexTone, Inc.*		5,428,441

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Personal Products 1.0%
	523,566	Sarantis SA	$	3,637,327
		Property & Casualty Insurance 1.5%
	1,277,998	Qualitas Controladora SAB de CV		5,634,957
		Publishing 1.5%
	386,032	Future PLC		5,913,006
		Research & Consulting Services 7.7%
	6,865,718	CTOS Digital Bhd		2,213,239
	279,067	Funai Soken Holdings, Inc.		5,779,519
	106,400	Management Solutions Co. Ltd.		2,691,619
	344,117	NICE Information Service Co. Ltd.*		3,336,447
	1,109,800	SIGMAXYZ Holdings, Inc.		10,933,949
	447,604	Talenom Oyj		4,360,151
				29,314,924
		Restaurants 0.0%
	630,045	Patisserie Holdings PLC* *** §§		7,617
		Semiconductor Equipment 1.1%
	382,000	Materials Analysis Technology, Inc.		1,882,937
	31,001	Tokai Carbon Korea Co. Ltd.		2,336,528
				4,219,465
		Semiconductors 3.5%
	66,890	Elmos Semiconductor SE		3,837,887
	77,763	LEENO Industrial, Inc.		9,609,178
				13,447,065
		Specialized Finance 1.6%
	321,700	eGuarantee, Inc.		5,988,366
		Specialty Stores 0.9%
	91,671	Musti Group Oyj		1,531,796
	1,578,200	Pet Center Comercio e Participacoes SA		1,861,965
				3,393,761
		Systems Software 0.2%
	45,668	TECSYS, Inc.		894,809
		Thrifts & Mortgage Finance 4.5%
	305,439	Aavas Financiers Ltd.*		6,814,875
	133,234	EQB, Inc.		5,582,249
	767,823	Mortgage Advice Bureau Holdings Ltd.		4,919,776
				17,316,900
		Total Common Stocks (cost $321,449,040)		368,985,229
		Total Investments (cost $321,449,040) 96.4%§		368,985,229
		Other Assets less Liabilities 3.6%		13,795,733
		NET ASSETS 100.0%	$	382,780,962
		*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 6.28%. §§The aggregate value of illiquid holdings at December 31, 2022 amounts to approximately $7,617 and represents 0.00% of net assets. See Notes to Schedules of Investments.

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2022, Wasatch International Opportunities Fund’s investments, were in the following countries:

COUNTRY	%
Australia		4.7
Brazil		0.5
Canada		1.8
Denmark		0.7
Finland		1.6
France		1.8
Germany		7.7
Greece		1.0
India		11.3
Israel		1.9
Italy		2.9
Japan		26.6
Malaysia		0.6
Mexico		1.5
Poland		1.1
Singapore		1.2
South Korea		4.1
Sweden		5.3
Taiwan		3.5
United Kingdom		20.2
TOTAL		100.0	%

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.8%
		Aerospace & Defense 4.8%
	11,062	CAE, Inc.*	$	213,969
		Apparel, Accessories & Luxury Goods 5.0%
	145	Hermes International		224,286
		Application Software 10.1%
	5,700	Dassault Systemes SE		204,372
	2,021	Descartes Systems Group, Inc.*		140,888
	2,242	Xero Ltd.*		107,264
				452,524
		Asset Management & Custody Banks 3.1%
	159	Partners Group Holding AG		140,454
		Biotechnology 4.8%
	13,962	Abcam PLC*		217,249
		Building Products 5.1%
	10,784	Assa Abloy AB, Class B		231,185
		Data Processing & Outsourced Services 9.9%
	81	Adyen NV*		111,713
	4,502	Amadeus IT Group SA*		233,970
	1,200	GMO Payment Gateway, Inc.		99,848
				445,531
		Drug Retail 4.3%
	4,300	Sugi Holdings Co. Ltd.		192,327
		Electronic Equipment & Instruments 3.7%
	7,012	Halma PLC		167,339
		General Merchandise Stores 3.9%
	3,026	Dollarama, Inc.		176,979
		Health Care Equipment 3.3%
	1,055	DiaSorin SpA		147,264
		Health Care Supplies 3.8%
	1,449	Coloplast A/S, Class B		169,371
		Health Care Technology 4.5%
	4,901	JMDC, Inc.		141,159
	2,200	M3, Inc.		59,979
				201,138
		Industrial Machinery 3.4%
	256	Rational AG		152,089
		Interactive Media & Services 6.1%
	2,600	Kakaku.com, Inc.		41,841
	1,188	REA Group Ltd.		89,621
	2,825	Scout24 AG		141,917
				273,379
		IT Consulting & Other Services 3.6%
	1,100	Obic Co. Ltd.		162,687
		Life Sciences Tools & Services 6.6%
	1,151	ICON PLC*		223,582
	221	Sartorius Stedim Biotech		71,562
				295,144

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Real Estate Services 3.7%
	1,343	FirstService Corp.	$	164,463
		Research & Consulting Services 8.1%
	11,600	BayCurrent Consulting, Inc.		363,715
		Total Common Stocks (cost $4,722,847)		4,391,093
		Total Investments (cost $4,722,847) 97.8%		4,391,093
		Other Assets less Liabilities 2.2%		99,365
		NET ASSETS 100.0%	$	4,490,458
		*Non-income producing. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch International Select Fund’s investments, were in the following countries:

COUNTRY	%
Australia		4.5
Canada		15.8
Denmark		3.9
France		11.4
Germany		6.7
Ireland		5.1
Italy		3.3
Japan		24.2
Netherlands		2.5
Spain		5.3
Sweden		5.3
Switzerland		3.2
United Kingdom		8.8
TOTAL		100.0	%

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 109.5%
		Application Software 15.1%
	8,896	Five9, Inc.*	$	603,683
	7,818	Guidewire Software, Inc.* ††		489,094
	1,795	HubSpot, Inc.* ††		518,988
	3,611	Paylocity Holding Corp.* ††		701,473
	2,325	Roper Technologies, Inc.††		1,004,609
	3,518	Workday, Inc., Class A* ††		588,667
				3,906,514
		Asset Management & Custody Banks 4.2%
	6,877	Cohen & Steers, Inc.		443,979
	10,137	Hamilton Lane, Inc., Class A		647,552
				1,091,531
		Biotechnology 1.5%
	36,630	C4 Therapeutics, Inc.*		216,117
	51,780	Sangamo Therapeutics, Inc.* ††		162,589
				378,706
		Broadcasting 2.2%
	26,506	TEGNA, Inc.††		561,662
		Casinos & Gaming 2.1%
	43,790	NEOGAMES SA*		533,800
		Commodity Chemicals 2.7%
	5,297	AdvanSix, Inc.††		201,392
	14,971	Valvoline, Inc.††		488,803
				690,195
		Data Processing & Outsourced Services 1.8%
	7,346	Block, Inc.* ††		461,623
		Distributors 3.0%
	2,592	Pool Corp.††		783,639
		Education Services 1.3%
	3,130	Grand Canyon Education, Inc.* ††		330,716
		Electrical Components & Equipment 1.9%
	3,519	Encore Wire Corp.††		484,074
		Electronic Equipment & Instruments 4.1%
	14,609	Cognex Corp.††		688,230
	2,656	Novanta, Inc.* ††		360,871
				1,049,101
		Electronic Manufacturing Services 2.3%
	4,727	Fabrinet*		606,096
		Financial Exchanges & Data 6.0%
	3,408	MarketAxess Holdings, Inc.††		950,457
	2,827	Morningstar, Inc.††		612,300
				1,562,757
		Health Care Equipment 2.3%
	2,372	Inspire Medical Systems, Inc.* ††		597,459
		Health Care Facilities 2.9%
	8,005	Ensign Group, Inc.††		757,353
		Health Care Services 1.4%
	3,679	Addus HomeCare Corp.* ††		366,024

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 6.5%
	41,105	Neogen Corp.* ††	$	626,029
	7,850	Silk Road Medical, Inc.* ††		414,872
	5,431	UFP Technologies, Inc.* ††		640,261
				1,681,162
		Home Improvement Retail 1.8%
	6,650	Floor & Decor Holdings, Inc., Class A* ††		463,040
		Homebuilding 0.8%
	4,127	Skyline Champion Corp.* ††		212,582
		Industrial Machinery 5.1%
	4,109	Kadant, Inc.††		729,882
	2,845	RBC Bearings, Inc.* ††		595,601
				1,325,483
		Investment Banking & Brokerage 3.7%
	12,466	Moelis & Co., Class A		478,320
	23,746	Virtu Financial, Inc., Class A††		484,656
				962,976
		IT Consulting & Other Services 4.1%
	4,275	Globant SA* ††		718,884
	29,492	Grid Dynamics Holdings, Inc.*		330,900
				1,049,784
		Leisure Products 1.3%
	7,900	YETI Holdings, Inc.* ††		326,349
		Life Sciences Tools & Services 2.7%
	3,293	Medpace Holdings, Inc.* ††		699,466
		Managed Health Care 2.0%
	8,303	HealthEquity, Inc.* ††		511,797
		Multi-Sector Holdings 1.1%
	14,307	Cannae Holdings, Inc.*		295,440
		Oil & Gas Equipment & Services 1.6%
	8,259	Cactus, Inc., Class A††		415,097
		Oil & Gas Exploration & Production 1.7%
	18,770	Magnolia Oil & Gas Corp., Class A††		440,157
		Packaged Foods & Meats 1.4%
	6,851	Freshpet, Inc.* ††		361,527
		Pharmaceuticals 2.0%
	9,886	Intra-Cellular Therapies, Inc.* ††		523,167
		Property & Casualty Insurance 1.8%
	8,811	Axis Capital Holdings Ltd.††		477,292
		Regional Banks 3.7%
	15,590	Bank OZK††		624,535
	19,197	Silvergate Capital Corp., Class A* ††		334,028
				958,563
		Research & Consulting Services 2.7%
	7,087	ICF International, Inc.††		701,967
		Semiconductors 3.3%
	2,376	Monolithic Power Systems, Inc.††		840,177
		Specialty Chemicals 4.4%
	4,625	Balchem Corp.††		564,759
	5,607	Innospec, Inc.††		576,736
				1,141,495

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialty Stores 2.2%
	3,206	Five Below, Inc.* ††	$	567,045
		Trucking 0.8%
	17,604	Lyft, Inc., Class A* ††		193,996
		Total Common Stocks (cost $31,861,010)		28,309,812
		COMMON STOCKS SOLD SHORT (37.2%)
		Aerospace & Defense (0.9)%
	(7,611)	Spirit AeroSystems Holdings, Inc., Class A*		(225,286	)
		Airlines (1.5)%
	(26,053)	Hawaiian Holdings, Inc.*		(267,304	)
	(37,865)	Joby Aviation, Inc.*		(126,848	)
				(394,152	)
		Alternative Carriers (0.5)%
	(92,389)	Globalstar, Inc.*		(122,877	)
		Aluminum (0.9)%
	(27,413)	Century Aluminum Co.*		(224,238	)
		Application Software (4.6)%
	(4,100)	Alteryx, Inc., Class A*		(207,747	)
	(4,261)	Ceridian HCM Holding, Inc.*		(273,343	)
	(7,854)	Domo, Inc., Class B*		(111,841	)
	(9,538)	Nutanix, Inc., Class A*		(248,465	)
	(53,355)	Yext, Inc.*		(348,408	)
				(1,189,804	)
		Asset Management & Custody Banks (0.6)%
	(2,168)	Ares Management Corp., Class A		(148,378	)
		Auto Parts & Equipment (0.6)%
	(33,507)	Luminar Technologies, Inc.*		(165,860	)
		Automobile Manufacturers (0.6)%
	(104,767)	Workhorse Group, Inc.*		(159,246	)
		Biotechnology (0.6)%
	(833)	Karuna Therapeutics, Inc.*		(163,685	)
		Broadcasting (0.5)%
	(23,117)	iHeartMedia, Inc., Class A*		(141,707	)
		Building Products (1.0)%
	(26,283)	JELD-WEN Holding, Inc.*		(253,631	)
		Commercial Printing (0.6)%
	(9,426)	Deluxe Corp.		(160,054	)
		Commodity Chemicals (0.8)%
	(30,369)	PureCycle Technologies, Inc.*		(205,294	)
		Electrical Components & Equipment (1.6)%
	(15,533)	Plug Power, Inc.*		(192,143	)
	(8,751)	Sunrun, Inc.*		(210,199	)
				(402,342	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Electronic Equipment & Instruments (1.4)%
	(51,558)	Arlo Technologies, Inc.*	$	(180,968	)
	(71,995)	SmartRent, Inc.*		(174,948	)
				(355,916	)
		Health Care Equipment (2.1)%
	(26,342)	Alphatec Holdings, Inc.*		(325,324	)
	(5,336)	Nevro Corp.*		(211,305	)
				(536,629	)
		Health Care Supplies (0.3)%
	(9,926)	Pulmonx Corp.*		(83,676	)
		Health Care Technology (2.0)%
	(89,107)	American Well Corp., Class A*		(252,173	)
	(8,026)	Definitive Healthcare Corp.*		(88,206	)
	(156,822)	Multiplan Corp.*		(180,345	)
				(520,724	)
		Heavy Electrical Equipment (0.7)%
	(9,537)	Bloom Energy Corp., Class A*		(182,347	)
		Hotel & Resort REITs (0.9)%
	(20,092)	Park Hotels & Resorts, Inc.		(236,885	)
		Hotels, Resorts & Cruise Lines (1.9)%
	(2,395)	Hyatt Hotels Corp., Class A*		(216,628	)
	(35,020)	Lindblad Expeditions Holdings, Inc.*		(269,654	)
				(486,282	)
		Industrial Machinery (0.6)%
	(253,509)	Berkshire Grey, Inc.*		(153,094	)
		Interactive Home Entertainment (1.1)%
	(10,254)	ROBLOX Corp., Class A*		(291,829	)
		Interactive Media & Services (0.9)%
	(94,138)	Angi, Inc.*		(221,224	)
		Internet & Direct Marketing Retail (0.8)%
	(6,129)	Xometry, Inc., Class A*		(197,538	)
		Leisure Products (0.7)%
	(112,772)	AMMO, Inc.*		(195,096	)
		Mortgage REITs (0.8)%
	(26,507)	Rithm Capital Corp.		(216,562	)
		Multi-Utilities (0.5)%
	(4,192)	CenterPoint Energy, Inc.		(125,718	)
		Oil & Gas Refining & Marketing (0.6)%
	(6,246)	Par Pacific Holdings, Inc.*		(145,220	)
		Packaged Foods & Meats (0.5)%
	(801)	J M Smucker Co.		(126,926	)
		Personal Products (1.3)%
	(39,961)	Coty, Inc., Class A*		(342,066	)
		Pharmaceuticals (0.6)%
	(15,147)	Viatris, Inc.		(168,586	)
		Real Estate Development (0.8)%
	(2,591)	Howard Hughes Corp.*		(198,004	)
		Research & Consulting Services (0.7)%
	(14,708)	Dun & Bradstreet Holdings, Inc.		(180,320	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Restaurants (0.9)%
	(26,605)	Sweetgreen, Inc., Class A*	$	(228,005	)
		Semiconductors (0.3)%
	(1,028)	Wolfspeed, Inc.*		(70,973	)
		Soft Drinks (0.7)%
	(1,788)	Celsius Holdings, Inc.*		(186,024	)
		Trading Companies & Distributors (0.8)%
	(12,584)	FTAI Aviation Ltd.		(215,438	)
		Total Investments Sold Short (proceeds $13,022,025)(37.2%)		(9,621,636	)
		Total Investments, Net of Investments Sold Short (cost $18,838,985) 72.3%		18,688,176
		Other Assets less Liabilities 27.7%		7,176,021
		NET ASSETS 100.0%	$	25,864,197
		*Non-income producing. ††All or a portion of this security has been designated as collateral for short sales. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Long/Short Alpha Fund ’s investments, were in the following countries:

COUNTRY	%
Israel		1.9
United States		98.1
TOTAL		100.0	%

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.0%
		Advertising 1.7%
	516,479	Thryv Holdings, Inc.*	$	9,813,101
		Agricultural & Farm Machinery 0.2%
	880,021	Hydrofarm Holdings Group, Inc.*		1,364,033
		Alternative Carriers 0.7%
	178,236	Bandwidth, Inc., Class A*		4,090,516
		Apparel Retail 2.1%
	195,525	Boot Barn Holdings, Inc.*		12,224,223
		Application Software 7.5%
	248,262	Agilysys, Inc.*		19,647,455
	279,438	Asure Software, Inc.*		2,609,951
	652,519	CS Disco, Inc.*		4,123,920
	385,297	Enfusion, Inc., Class A*		3,725,822
	138,849	Sprout Social, Inc., Class A*		7,839,415
	1,107,780	Weave Communications, Inc.*		5,073,632
				43,020,195
		Auto Parts & Equipment 3.8%
	1,723,127	Holley, Inc.*		3,653,029
	108,347	Patrick Industries, Inc.		6,565,828
	194,879	XPEL, Inc.*		11,704,433
				21,923,290
		Biotechnology 3.0%
	359,606	Atara Biotherapeutics, Inc.*		1,179,508
	392,941	BriaCell Therapeutics Corp.*		1,717,152
	207,116	C4 Therapeutics, Inc.*		1,221,985
	92,173	Denali Therapeutics, Inc.*		2,563,331
	108,536	Dyne Therapeutics, Inc.*		1,257,932
	46,775	Kymera Therapeutics, Inc.*		1,167,504
	334,365	MacroGenics, Inc.*		2,243,589
	206,405	Nkarta, Inc.*		1,236,366
	180,591	Nurix Therapeutics, Inc.*		1,982,889
	727,544	Sangamo Therapeutics, Inc.*		2,284,488
				16,854,744
		Building Products 2.7%
	55,860	CSW Industrials, Inc.		6,475,850
	956,801	Janus International Group, Inc.*		9,108,745
				15,584,595
		Casinos & Gaming 1.4%
	661,129	NEOGAMES SA*		8,059,162
		Construction & Engineering 2.2%
	463,795	Construction Partners, Inc., Class A*		12,378,689
	1,015,353	QualTek Services, Inc., Class A*		444,521
				12,823,210
		Consumer Finance 1.2%
	803,243	EZCORP, Inc., Class A*		6,546,430
		Data Processing & Outsourced Services 2.6%
	1,878,889	Cantaloupe, Inc.*		8,173,167
	409,009	TaskUS, Inc., Class A*		6,912,252
				15,085,419

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Distillers & Vintners 0.8%
	1,358,491	Vintage Wine Estates, Inc.*	$	4,428,681
		Electrical Components & Equipment 2.7%
	446,783	Allied Motion Technologies, Inc.		15,552,516
		Electronic Equipment & Instruments 3.8%
	252,164	Identiv, Inc.*		1,825,667
	528,143	Napco Security Technologies, Inc.*		14,513,370
	541,568	nLight, Inc.*		5,491,500
				21,830,537
		Environmental & Facilities Services 3.3%
	585,132	Heritage-Crystal Clean, Inc.*		19,005,087
		Financial Exchanges & Data 0.9%
	790,237	Open Lending Corp., Class A*		5,334,100
		Health Care Equipment 1.0%
	288,126	Paragon 28, Inc.*		5,506,088
		Health Care Facilities 1.4%
	714,108	Pennant Group, Inc.*		7,840,906
		Health Care Services 4.2%
	136,047	Addus HomeCare Corp.*		13,535,316
	455,191	Castle Biosciences, Inc.*		10,715,196
				24,250,512
		Health Care Supplies 6.3%
	223,885	OrthoPediatrics Corp.*		8,894,951
	209,560	Silk Road Medical, Inc.*		11,075,246
	134,707	UFP Technologies, Inc.*		15,880,608
				35,850,805
		Health Care Technology 2.2%
	336,598	Simulations Plus, Inc.		12,309,389
		Home Furnishings 0.9%
	1,018,887	Purple Innovation, Inc.*		4,880,469
		Homebuilding 1.1%
	742,793	Dream Finders Homes, Inc., Class A*		6,432,587
		Industrial Machinery 7.4%
	284,175	Helios Technologies, Inc.		15,470,487
	87,014	Kadant, Inc.		15,456,297
	343,451	Kornit Digital Ltd.*		7,889,070
	2,807,296	Markforged Holding Corp.*		3,256,463
				42,072,317
		Insurance Brokers 2.0%
	183,900	Goosehead Insurance, Inc., Class A*		6,315,126
	619,415	Hagerty, Inc., Class A*		5,209,280
				11,524,406
		IT Consulting & Other Services 2.1%
	1,052,635	Grid Dynamics Holdings, Inc.*		11,810,565
		Leisure Products 2.5%
	545,721	MasterCraft Boat Holdings, Inc.*		14,117,802
		Life Sciences Tools & Services 0.2%
	225,185	Inotiv, Inc.*		1,112,414

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Oil & Gas Equipment & Services 1.6%
	468,316	DMC Global, Inc.*	$	9,104,063
		Packaged Foods & Meats 1.3%
	145,712	Freshpet, Inc.*		7,689,222
		Pharmaceuticals 1.0%
	377,260	Esperion Therapeutics, Inc.*		2,350,330
	140,052	IM Cannabis Corp.*		138,652
	44,553	Intra-Cellular Therapies, Inc.*		2,357,745
	7,956,171	PharmaCielo Ltd.* ‡‡		1,028,308
				5,875,035
		Regional Banks 2.9%
	387,633	Esquire Financial Holdings, Inc.		16,769,004
		Research & Consulting Services 2.4%
	140,738	ICF International, Inc.		13,940,099
		Restaurants 1.5%
	296,906	Chuy’s Holdings, Inc.*		8,402,440
		Semiconductor Equipment 5.8%
	146,311	Nova Ltd.*		11,950,683
	308,356	PDF Solutions, Inc.*		8,794,313
	667,947	Veeco Instruments, Inc.*		12,410,455
				33,155,451
		Semiconductors 2.6%
	75,565	Impinj, Inc.*		8,250,187
	63,667	SiTime Corp.*		6,469,840
				14,720,027
		Systems Software 3.1%
	76,728	CyberArk Software Ltd.*		9,947,785
	220,343	Rapid7, Inc.*		7,487,255
				17,435,040
		Trading Companies & Distributors 2.9%
	237,226	Transcat, Inc.*		16,812,207
		Total Common Stocks (cost $589,505,005)		555,150,687
		PREFERRED STOCKS 1.7%
		Textiles 1.7%
	339,559	Johnnie-O Holdings, Inc., Series A Pfd.* *** †		9,731,761
		Total Preferred Stocks (cost $10,000,013)		9,731,761
		WARRANTS 0.1%
		Pharmaceuticals 0.1%
	691,416	Esperion Therapeutics, Inc., expiring 12/7/2023* *** †		221,253
	45,000	IM Cannabis Corp., expiring 5/7/2026* *** †		—
				221,253
		Total Warrants (cost $927,553)		221,253

WASATCH MICRO CAP FUND (WMICX / WGICX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares		Value
	Total Investments (cost $600,432,571) 98.8%	$	565,103,701
	Other Assets less Liabilities 1.2%		7,022,590
	NET ASSETS 100.0%	$	572,126,291
	*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2022 amounted to approximately $9,953,014 and represented 1.74% of net assets. ‡‡Affiliated company (see Note 6). See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Micro Cap Fund’s investments, were in the following countries:

COUNTRY	%
Canada		0.5
Israel		6.7
United States		92.8
TOTAL		100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.2%
		Agricultural Products 0.4%
	81,079	Winfarm SAS*	$	1,301,864
		Air Freight & Logistics 1.1%
	670,000	Radiant Logistics, Inc.*		3,410,300
		Application Software 1.7%
	302,000	CS Disco, Inc.*		1,908,640
	692,400	Weave Communications, Inc.*		3,171,192
				5,079,832
		Asset Management & Custody Banks 1.3%
	852,774	Fiducian Group Ltd.		3,866,871
		Auto Parts & Equipment 1.3%
	66,000	Patrick Industries, Inc.		3,999,600
		Casinos & Gaming 2.5%
	599,544	Full House Resorts, Inc.*		4,508,571
	249,000	NEOGAMES SA*		3,035,310
				7,543,881
		Communications Equipment 2.4%
	115,000	Digi International, Inc.*		4,203,250
	690,000	Lantronix, Inc.*		2,980,800
				7,184,050
		Construction & Engineering 7.2%
	42,000	Argan, Inc.		1,548,960
	372,534	Bowman Consulting Group Ltd.*		8,139,868
	228,000	Construction Partners, Inc., Class A*		6,085,320
	28,772	Matrix Service Co.*		178,962
	166,700	Sterling Infrastructure, Inc.*		5,467,760
				21,420,870
		Consumer Finance 2.3%
	827,000	EZCORP, Inc., Class A*		6,740,050
		Data Processing & Outsourced Services 1.3%
	153,521	i3 Verticals, Inc., Class A*		3,736,701
		Diversified Metals & Mining 1.5%
	772,000	Critical Elements Lithium Corp.*		1,180,236
	8,795,020	Talon Metals Corp.*		3,215,314
				4,395,550
		Diversified Support Services 1.1%
	2,769,000	Johnson Service Group PLC		3,243,808
		Electrical Components & Equipment 1.2%
	100,000	Allied Motion Technologies, Inc.		3,481,000
		Electronic Equipment & Instruments 3.4%
	555,000	Luna Innovations, Inc.*		4,878,450
	193,000	Napco Security Technologies, Inc.*		5,303,640
				10,182,090
		Electronic Manufacturing Services 2.2%
	27,000	Fabrinet*		3,461,940
	133,000	Kimball Electronics, Inc.*		3,004,470
				6,466,410

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Environmental & Facilities Services 0.7%
	148,000	Aris Water Solution, Inc., Class A	$	2,132,680
		Food Distributors 1.7%
	149,000	Chefs’ Warehouse, Inc.*		4,958,720
		Health Care Equipment 2.4%
	290,151	Biomerica, Inc.*		972,006
	487,000	Brainsway Ltd., ADR*		1,202,890
	143,000	Inmode Ltd.*		5,105,100
				7,279,996
		Health Care Services 5.0%
	40,000	Addus HomeCare Corp.*		3,979,600
	73,100	Castle Biosciences, Inc.*		1,720,774
	455,425	InfuSystem Holdings, Inc.*		3,953,089
	674,139	Viemed Healthcare, Inc.*		5,096,491
				14,749,954
		Health Care Supplies 1.0%
	73,000	OrthoPediatrics Corp.*		2,900,290
		Health Care Technology 3.6%
	623,897	Instem PLC*		5,355,249
	64,000	Nexus AG		3,822,789
	87,000	OptimizeRx Corp.*		1,461,600
				10,639,638
		Home Furnishings 0.5%
	71,000	Lovesac Co.*		1,562,710
		Homebuilding 2.3%
	132,600	Skyline Champion Corp.*		6,830,226
		Industrial Machinery 4.3%
	164,000	Graham Corp.*		1,577,680
	19,000	John Bean Technologies Corp.		1,735,270
	16,000	Kadant, Inc.		2,842,080
	241,000	va-Q-tec AG*		6,501,054
				12,656,084
		Integrated Telecommunication Services 1.2%
	259,000	Ooma, Inc.*		3,527,580
		Internet & Direct Marketing Retail 0.9%
	419,000	CarParts.com, Inc.*		2,622,940
		Investment Banking & Brokerage 1.8%
	304,000	JDC Group AG*		5,450,729
		IT Consulting & Other Services 4.0%
	1,058,000	AgileThought, Inc.*		4,443,600
	376,000	Grid Dynamics Holdings, Inc.*		4,218,720
	1,321,000	Pivotree, Inc.*		3,239,084
				11,901,404
		Leisure Products 0.2%
	65,000	Clarus Corp.		509,600
		Life Sciences Tools & Services 1.3%
	131,379	Ergomed PLC*		2,020,326
	381,500	Inotiv, Inc.*		1,884,610
				3,904,936

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Mortgage REITs 1.6%
	302,000	AFC Gamma, Inc.	$	4,750,460
		Movies & Entertainment 1.5%
	1,665,953	Thunderbird Entertainment Group, Inc.*		4,515,545
		Oil & Gas Exploration & Production 3.2%
	835,000	Evolution Petroleum Corp.		6,304,250
	2,965,448	New Stratus Energy, Inc.*		394,225
	1,394,000	Yangarra Resources Ltd.*		2,893,013
				9,591,488
		Pharmaceuticals 2.0%
	196,000	Biote Corp., Class A*		731,080
	363,000	Harrow Health, Inc.*		5,357,880
				6,088,960
		Regional Banks 4.3%
	198,583	California BanCorp*		4,722,304
	190,000	Esquire Financial Holdings, Inc.		8,219,400
				12,941,704
		Research & Consulting Services 4.5%
	55,115	ICF International, Inc.		5,459,140
	2,608,000	Knights Group Holdings PLC		3,373,648
	192,345	Red Violet, Inc.*		4,427,782
				13,260,570
		Restaurants 1.7%
	147,000	El Pollo Loco Holdings, Inc.		1,464,120
	673,673	Noodles & Co.*		3,698,465
				5,162,585
		Semiconductor Equipment 1.2%
	189,000	Veeco Instruments, Inc.*		3,511,620
		Semiconductors 3.7%
	80,100	Impinj, Inc.*		8,745,318
	21,000	SiTime Corp.*		2,134,020
				10,879,338
		Specialized Finance 1.0%
	86,000	A-Mark Precious Metals, Inc.		2,986,780
		Specialty Chemicals 1.0%
	401,000	Neo Performance Materials, Inc.		2,843,131
		Steel 1.7%
	109,000	Haynes International, Inc.		4,980,210
		Systems Software 1.0%
	92,000	Rapid7, Inc.*		3,126,160
		Thrifts & Mortgage Finance 4.7%
	99,000	Axos Financial, Inc.*		3,783,780
	429,000	Mortgage Advice Bureau Holdings Ltd.		2,748,790
	833,000	Sterling Bancorp, Inc.*		5,072,970
	238,083	Velocity Financial, Inc.*		2,297,501
				13,903,041
		Trading Companies & Distributors 3.3%
	167,000	ADENTRA, Inc.		3,495,406
	101,418	Global Industrial Co.		2,386,365

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	272,118	Karat Packaging, Inc.	$	3,910,336
				9,792,107
		Total Common Stocks (cost $254,905,594)		292,014,063
		LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 0.0%
		Pharmaceuticals 0.0%
	50,528	Regenacy Pharmaceuticals LLC* *** †		506
		Total Limited Liability Company Membership Interest (cost $30,001)		506
		WARRANTS 0.0%
		Trading Companies & Distributors 0.0%
	14,476	Greenlane Holdings, Inc., expiring 2/24/2026* *** †		0
		Total Warrants (cost $396,902)		0
		Total Investments (cost $255,332,497) 98.2%		292,014,569
		Other Assets less Liabilities 1.8%		5,425,191
		NET ASSETS 100.0%	$	297,439,760
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2022 amounted to approximately $506 and represented 0.00% of net assets. ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch Micro Cap Value Fund’s investments, were in the following countries:

COUNTRY	%
Australia		1.3
Canada		7.5
France		0.5
Germany		5.4
Israel		3.2
United Kingdom		5.7
United States		76.4
TOTAL		100.0	%

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.2%
		Apparel Retail 2.2%
	681,267	Boot Barn Holdings, Inc.*	$	42,592,813
		Application Software 7.4%
	333,560	CS Disco, Inc.*		2,108,099
	471,501	Five9, Inc.*		31,996,058
	978,313	nCino, Inc.*		25,866,596
	291,478	Paylocity Holding Corp.*		56,622,516
	518,763	Sprout Social, Inc., Class A*		29,289,359
				145,882,628
		Asset Management & Custody Banks 4.7%
	1,275,899	Focus Financial Partners, Inc., Class A*		47,552,755
	1,808,043	StepStone Group, Inc., Class A		45,526,523
				93,079,278
		Auto Parts & Equipment 3.8%
	371,722	Fox Factory Holding Corp.*		33,912,198
	670,618	XPEL, Inc.*		40,277,317
				74,189,515
		Biotechnology 3.2%
	2,371,687	Atara Biotherapeutics, Inc.*		7,779,133
	1,598,658	C4 Therapeutics, Inc.*		9,432,082
	154,547	Cytokinetics, Inc.*		7,081,343
	71,044	Denali Therapeutics, Inc.*		1,975,734
	663,382	Dyne Therapeutics, Inc.*		7,688,597
	202,111	Kymera Therapeutics, Inc.*		5,044,691
	961,006	Nkarta, Inc.*		5,756,426
	809,172	Nurix Therapeutics, Inc.*		8,884,709
	3,030,155	Sangamo Therapeutics, Inc.*		9,514,687
				63,157,402
		Building Products 3.1%
	441,504	AAON, Inc.		33,254,081
	1,373,067	AZEK Co., Inc.*		27,900,722
				61,154,803
		Data Processing & Outsourced Services 3.7%
	560,995	Euronet Worldwide, Inc.*		52,946,708
	1,143,382	TaskUS, Inc., Class A*		19,323,156
				72,269,864
		Distillers & Vintners 0.9%
	5,341,339	Vintage Wine Estates, Inc.* ‡‡		17,412,765
		Financial Exchanges & Data 0.7%
	2,029,469	Open Lending Corp., Class A*		13,698,916
		General Merchandise Stores 1.9%
	801,482	Ollie’s Bargain Outlet Holdings, Inc.*		37,541,417
		Health Care Equipment 3.7%
	312,160	Axonics, Inc.*		19,519,365
	211,435	Inspire Medical Systems, Inc.*		53,256,248
				72,775,613
		Health Care Facilities 4.3%
	825,334	Ensign Group, Inc.		78,084,850

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
	513,798	Pennant Group, Inc.*	$	5,641,502
				83,726,352
		Health Care Services 1.0%
	824,664	Castle Biosciences, Inc.*		19,412,591
		Health Care Supplies 4.5%
	3,364,651	Neogen Corp.*		51,243,635
	691,738	Silk Road Medical, Inc.*		36,558,353
				87,801,988
		Home Improvement Retail 1.9%
	540,117	Floor & Decor Holdings, Inc., Class A*		37,608,347
		Homebuilding 2.1%
	442,838	LGI Homes, Inc.*		41,006,799
		Industrial Machinery 6.3%
	893,496	Helios Technologies, Inc.		48,641,922
	821,290	Kornit Digital Ltd.*		18,865,031
	264,625	RBC Bearings, Inc.*		55,399,244
				122,906,197
		Insurance Brokers 1.0%
	592,982	Goosehead Insurance, Inc., Class A*		20,363,002
		Interactive Media & Services 2.2%
	2,655,715	ZipRecruiter, Inc., Class A*		43,606,840
		Internet & Direct Marketing Retail 0.9%
	865,366	Global-e Online Ltd.*		17,861,154
		IT Consulting & Other Services 3.6%
	253,600	Globant SA*		42,645,376
	2,495,825	Grid Dynamics Holdings, Inc.*		28,003,156
				70,648,532
		Leisure Products 2.1%
	1,019,885	YETI Holdings, Inc.*		42,131,449
		Life Sciences Tools & Services 3.4%
	313,915	Medpace Holdings, Inc.*		66,678,685
		Managed Health Care 3.0%
	945,088	HealthEquity, Inc.*		58,255,224
		Packaged Foods & Meats 1.2%
	436,323	Freshpet, Inc.*		23,024,765
		Personal Products 3.1%
	2,338,527	BellRing Brands, Inc.*		59,959,832
		Pharmaceuticals 2.4%
	86,258	Arvinas, Inc.*		2,950,886
	1,165,070	Esperion Therapeutics, Inc.*		7,258,386
	682,262	Intra-Cellular Therapies, Inc.*		36,105,305
				46,314,577
		Regional Banks 3.5%
	936,960	Pinnacle Financial Partners, Inc.		68,772,864
		Semiconductor Equipment 2.9%
	701,519	Nova Ltd.*		57,300,072
		Semiconductors 1.0%
	194,624	SiTime Corp.*		19,777,691

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Specialized Consumer Services 1.6%
	3,358,364	Mister Car Wash, Inc.*	$	30,997,700
		Specialty Stores 2.9%
	318,452	Five Below, Inc.*		56,324,605
		Systems Software 5.5%
	424,624	CyberArk Software Ltd.*		55,052,502
	1,250,629	JFrog Ltd.*		26,675,917
	778,975	Rapid7, Inc.*		26,469,570
				108,197,989
		Trading Companies & Distributors 2.5%
	422,763	SiteOne Landscape Supply, Inc.*		49,598,555
		Total Common Stocks (cost $1,894,453,736)		1,926,030,824
		PREFERRED STOCKS 1.4%
		Semiconductor Equipment 0.0%
	184,939	Nanosys, Inc., Series A-1 Pfd.* *** †		79,524
	991,999	Nanosys, Inc., Series A-2 Pfd.* *** †		426,560
				506,084
		Systems Software 0.5%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †		8,571,351
		Textiles 0.9%
	611,205	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		17,517,135
		Total Preferred Stocks (cost $28,184,928)		26,594,570
		WARRANTS 0.0%
		Pharmaceuticals 0.0%
	1,199,678	Esperion Therapeutics, Inc., expiring 12/7/2023* *** †		383,897
		Total Warrants (cost $538,893)		383,897
		Total Investments (cost $1,923,177,557) 99.6%		1,953,009,291
		Other Assets less Liabilities 0.4%		7,898,255
		NET ASSETS 100.0%	$	1,960,907,546
		*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 December 31, 2022 amounted to approximately $26,978,467 and represented 1.38% of net assets. See Notes to Schedules of Investments.

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2022, Wasatch Small Cap Growth Fund’s investments, were in the following countries:

COUNTRY	%
Israel		7.6
United States		92.4
TOTAL		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.2%
		Advertising 1.3%
	887,247	Thryv Holdings, Inc.*	$	16,857,693
		Application Software 2.7%
	242,811	Five9, Inc.*		16,477,155
	308,324	Guidewire Software, Inc.*		19,288,749
				35,765,904
		Asset Management & Custody Banks 6.2%
	874,713	Artisan Partners Asset Management, Inc., Class A		25,978,976
	698,413	Focus Financial Partners, Inc., Class A*		26,029,852
	485,978	Hamilton Lane, Inc., Class A		31,044,275
				83,053,103
		Auto Parts & Equipment 1.3%
	186,464	Fox Factory Holding Corp.*		17,011,111
		Biotechnology 1.5%
	1,373,334	Atara Biotherapeutics, Inc.*		4,504,536
	500,432	C4 Therapeutics, Inc.*		2,952,549
	433,585	Dyne Therapeutics, Inc.*		5,025,250
	145,085	Kymera Therapeutics, Inc.*		3,621,322
	353,928	Nurix Therapeutics, Inc.*		3,886,129
				19,989,786
		Broadcasting 1.1%
	86,554	Nexstar Media Group, Inc.		15,149,547
		Building Products 3.6%
	2,439,843	Janus International Group, Inc.*		23,227,305
	590,099	Trex Co., Inc.*		24,978,891
				48,206,196
		Commodity Chemicals 3.7%
	350,756	AdvanSix, Inc.		13,335,743
	1,120,798	Valvoline, Inc.		36,594,055
				49,929,798
		Construction & Engineering 1.3%
	643,191	Construction Partners, Inc., Class A*		17,166,768
		Data Processing & Outsourced Services 2.9%
	282,214	Euronet Worldwide, Inc.*		26,635,357
	705,060	TaskUS, Inc., Class A*		11,915,514
				38,550,871
		Diversified Chemicals 1.2%
	584,957	Huntsman Corp.		16,074,618
		Education Services 2.0%
	254,237	Grand Canyon Education, Inc.*		26,862,681
		Electrical Components & Equipment 1.2%
	112,137	Encore Wire Corp.		15,425,566
		Electronic Components 1.2%
	737,157	Vishay Intertechnology, Inc.		15,900,477
		Electronic Manufacturing Services 2.5%
	262,025	Fabrinet*		33,596,846
		Financial Exchanges & Data 0.7%
	1,393,224	Open Lending Corp., Class A*		9,404,262

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Food Retail 0.9%
	357,703	Sprouts Farmers Market, Inc.*	$	11,578,846
		General Merchandise Stores 1.8%
	505,167	Ollie’s Bargain Outlet Holdings, Inc.*		23,662,022
		Health Care Equipment 1.4%
	519,826	Inmode Ltd.*		18,557,788
		Health Care Facilities 3.7%
	520,681	Ensign Group, Inc.		49,261,629
		Health Care Supplies 2.1%
	1,033,402	Neogen Corp.*		15,738,712
	103,750	UFP Technologies, Inc.*		12,231,088
				27,969,800
		Home Furnishings 0.8%
	455,536	Lovesac Co.*		10,026,347
		Homebuilding 3.6%
	211,081	LGI Homes, Inc.*		19,546,100
	565,776	Skyline Champion Corp.*		29,143,122
				48,689,222
		Industrial Machinery 6.7%
	161,212	Albany International Corp., Class A		15,893,891
	387,201	Helios Technologies, Inc.		21,079,222
	292,788	Kadant, Inc.		52,007,933
				88,981,046
		Investment Banking & Brokerage 3.4%
	859,349	Moelis & Co., Class A		32,973,221
	636,755	Virtu Financial, Inc., Class A		12,996,170
				45,969,391
		Leisure Products 1.7%
	544,609	YETI Holdings, Inc.*		22,497,798
		Life Sciences Tools & Services 2.2%
	5,000	Inotiv, Inc.*		24,700
	136,744	Medpace Holdings, Inc.*		29,045,793
				29,070,493
		Managed Health Care 1.4%
	303,885	HealthEquity, Inc.*		18,731,471
		Mortgage REITs 1.4%
	1,460,294	Arbor Realty Trust, Inc.		19,261,278
		Oil & Gas Equipment & Services 1.2%
	325,204	Cactus, Inc., Class A		16,344,753
		Oil & Gas Exploration & Production 3.8%
	1,201,382	Magnolia Oil & Gas Corp., Class A		28,172,408
	382,427	Matador Resources Co.		21,890,121
				50,062,529
		Paper Products 1.0%
	1,201,784	Mercer International, Inc.		13,988,766
		Pharmaceuticals 1.4%
	353,203	Intra-Cellular Therapies, Inc.*		18,691,503

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Property & Casualty Insurance 1.0%
	256,032	Axis Capital Holdings Ltd.	$	13,869,253
		Regional Banks 7.1%
	1,031,237	Bank OZK		41,311,354
	665,918	FB Financial Corp.		24,066,277
	417,733	ServisFirst Bancshares, Inc.		28,785,981
				94,163,612
		Research & Consulting Services 0.7%
	1,128,890	Legalzoom.com, Inc.*		8,737,609
		Semiconductor Equipment 3.7%
	355,252	Nova Ltd.*		29,016,983
	1,087,988	Veeco Instruments, Inc.*		20,214,817
				49,231,800
		Specialized Consumer Services 1.1%
	1,552,230	Mister Car Wash, Inc.*		14,327,083
		Specialized REITs 2.1%
	776,035	National Storage Affiliates Trust		28,030,384
		Specialty Chemicals 2.8%
	369,684	Innospec, Inc.		38,025,696
		Steel 3.3%
	293,067	Commercial Metals Co.		14,155,136
	460,329	Ryerson Holding Corp.		13,929,555
	509,478	Schnitzer Steel Industries, Inc., Class A		15,615,501
				43,700,192
		Thrifts & Mortgage Finance 2.0%
	714,558	Axos Financial, Inc.*		27,310,407
		Trucking 2.5%
	96,898	Saia, Inc.*		20,317,573
	565,300	Schneider National, Inc., Class B		13,228,020
				33,545,593
		Total Common Stocks (cost $1,210,478,648)		1,323,231,538
		Total Investments (cost $1,210,478,648) 99.2%		1,323,231,538
		Other Assets less Liabilities 0.8%		11,337,353
		NET ASSETS 100.0%	$	1,334,568,891
		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2022, Wasatch Small Cap Value Fund’s investments, were in the following countries:

COUNTRY	%
Israel		3.6
United States		96.4
TOTAL		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.8%
		Application Software 9.5%
	484,181	Five9, Inc.*	$	32,856,523
	86,520	HubSpot, Inc.*		25,015,528
	172,994	Paylocity Holding Corp.*		33,605,814
	568,261	Q2 Holdings, Inc.*		15,269,173
	322,985	Sprout Social, Inc., Class A*		18,235,733
				124,982,771
		Asset Management & Custody Banks 1.6%
	572,754	Focus Financial Partners, Inc., Class A*		21,346,542
		Biotechnology 8.0%
	1,881,974	Atara Biotherapeutics, Inc.*		6,172,875
	552,309	BioAtla, Inc.*		4,556,549
	1,202,252	C4 Therapeutics, Inc.*		7,093,287
	97,462	Cytokinetics, Inc.*		4,465,709
	226,049	Denali Therapeutics, Inc.*		6,286,423
	607,013	Dyne Therapeutics, Inc.*		7,035,281
	434,570	Exact Sciences Corp.*		21,515,561
	958,607	Exagen, Inc.* ‡‡		2,300,657
	692,729	Frequency Therapeutics, Inc.*		2,667,006
	198,117	Kymera Therapeutics, Inc.*		4,945,000
	1,807,426	MacroGenics, Inc.*		12,127,828
	922,093	Nkarta, Inc.*		5,523,337
	453,773	Nurix Therapeutics, Inc.*		4,982,427
	4,907,291	Sangamo Therapeutics, Inc.*		15,408,894
				105,080,834
		Building Products 2.0%
	633,033	Trex Co., Inc.*		26,796,287
		Data Processing & Outsourced Services 1.2%
	196,653	Block, Inc.*		12,357,674
	460,752	Repay Holdings Corp.*		3,709,054
				16,066,728
		Distillers & Vintners 1.1%
	4,207,539	Vintage Wine Estates, Inc.* ‡‡		13,716,577
		Electronic Equipment & Instruments 0.4%
	490,225	nLight, Inc.*		4,970,881
		Financial Exchanges & Data 3.8%
	66,501	MarketAxess Holdings, Inc.		18,546,464
	2,034,145	Open Lending Corp., Class A*		13,730,479
	276,333	Tradeweb Markets, Inc., Class A		17,942,301
				50,219,244
		General Merchandise Stores 1.4%
	377,606	Ollie’s Bargain Outlet Holdings, Inc.*		17,687,065
		Health Care Equipment 7.7%
	1,457,943	Artivion, Inc.*		17,670,269
	413,848	AtriCure, Inc.*		18,366,574
	544,713	Conformis, Inc.* ‡‡		1,808,447
	185,246	Inspire Medical Systems, Inc.*		46,659,763
	866,480	Paragon 28, Inc.*		16,558,433
				101,063,486
		Health Care Services 2.2%
	1,205,751	Castle Biosciences, Inc.*		28,383,378

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 4.9%
	4,642,399	Cerus Corp.*	$	16,944,756
	890,217	Silk Road Medical, Inc.*		47,047,969
				63,992,725
		Health Care Technology 1.2%
	98,743	Veeva Systems, Inc., Class A*		15,935,145
		Home Improvement Retail 3.0%
	560,239	Floor & Decor Holdings, Inc., Class A*		39,009,442
		Homebuilding 2.6%
	145,587	LGI Homes, Inc.*		13,481,356
	389,433	Skyline Champion Corp.*		20,059,694
				33,541,050
		Industrial Machinery 1.0%
	565,195	Kornit Digital Ltd.*		12,982,529
		Insurance Brokers 0.7%
	283,599	Goosehead Insurance, Inc., Class A*		9,738,790
		Internet Services & Infrastructure 1.4%
	2,129,609	BigCommerce Holdings, Inc., Series 1*		18,612,783
		IT Consulting & Other Services 3.5%
	340,204	Endava PLC, ADR*		26,025,606
	121,520	Globant SA*		20,434,803
				46,460,409
		Leisure Products 0.4%
	1,397,877	Solo Brands, Inc., Class A*		5,200,102
		Managed Health Care 1.9%
	404,545	HealthEquity, Inc.*		24,936,154
		Metal & Glass Containers 1.0%
	492,563	TriMas Corp.		13,663,698
		Oil & Gas Exploration & Production 2.1%
	989,576	Magnolia Oil & Gas Corp., Class A		23,205,557
	77,699	Matador Resources Co.		4,447,491
				27,653,048
		Packaged Foods & Meats 3.4%
	855,667	Freshpet, Inc.*		45,153,548
		Pharmaceuticals 5.4%
	128,656	Arvinas, Inc.*		4,401,322
	1,654,812	Esperion Therapeutics, Inc.*		10,309,479
	1,049,918	Intra-Cellular Therapies, Inc.*		55,561,660
				70,272,461
		Regional Banks 3.8%
	893,415	Bank OZK		35,790,205
	189,181	Pinnacle Financial Partners, Inc.		13,885,885
				49,676,090
		Semiconductor Equipment 6.4%
	596,846	Kulicke & Soffa Industries, Inc.		26,416,404
	358,634	Nova Ltd.*		29,293,225
	972,403	PDF Solutions, Inc.*		27,732,934
				83,442,563

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductors 5.2%
	92,091	Monolithic Power Systems, Inc.	$	32,564,299
	310,781	Power Integrations, Inc.		22,289,213
	132,149	SiTime Corp.*		13,428,981
				68,282,493
		Specialty Chemicals 2.7%
	284,300	Balchem Corp.		34,715,873
		Specialty Stores 3.9%
	285,786	Five Below, Inc.*		50,546,970
		Systems Software 5.4%
	238,041	CyberArk Software Ltd.*		30,862,016
	729,155	JFrog Ltd.*		15,552,876
	202,628	Monday.com Ltd.*		24,720,616
				71,135,508
		Total Common Stocks (cost $1,364,372,311)		1,295,265,174
		PREFERRED STOCKS 1.1%
		Semiconductor Equipment 0.0%
	46,235	Nanosys, Inc., Series A-1 Pfd.* *** †		19,881
	248,000	Nanosys, Inc., Series A-2 Pfd.* *** †		106,640
				126,521
		Textiles 1.1%
	509,338	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		14,597,627
		Total Preferred Stocks (cost $15,546,240)		14,724,148
		WARRANTS 0.1%
		Insurance Brokers 0.1%
	450,000	Hagerty, Inc., expiring 12/2/2026* *** †		805,500
		Pharmaceuticals 0.0%
	1,061,689	Esperion Therapeutics, Inc., expiring 12/7/2023* *** †		339,740
		Total Warrants (cost $2,026,219)		1,145,240
		Total Investments (cost $1,381,944,770) 100.0%		1,311,134,562
		Liabilities less Other Assets (0.0%)		(480,279	)
		NET ASSETS 100.0%	$	1,310,654,283
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2022 amounted to approximately $15,869,388 and represented 1.21% of net assets. ‡‡Affiliated company (see Note 6). ADR American Depositary Receipt. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

At December 31, 2022, Wasatch Ultra Growth Fund’s investments, were in the following countries:

COUNTRY	%
Israel		7.5
United Kingdom		2.0
United States		90.5
TOTAL		100.0	%

WASATCH U.S. SELECT FUND (WAUSX / WGUSX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 94.8%
		Aerospace & Defense 3.8%
	1,897	HEICO Corp., Class A	$	227,355
		Application Software 17.3%
	698	ANSYS, Inc.*		168,630
	1,504	Five9, Inc.*		102,062
	1,836	Guidewire Software, Inc.*		114,860
	324	HubSpot, Inc.*		93,678
	791	Paylocity Holding Corp.*		153,660
	536	Roper Technologies, Inc.		231,600
	1,046	Workday, Inc., Class A*		175,027
				1,039,517
		Asset Management & Custody Banks 3.0%
	2,855	Hamilton Lane, Inc., Class A		182,377
		Building Products 2.0%
	2,839	Trex Co., Inc.*		120,175
		Commodity Chemicals 3.2%
	5,797	Valvoline, Inc.		189,272
		Data Processing & Outsourced Services 1.5%
	1,422	Block, Inc.*		89,359
		Distributors 2.4%
	478	Pool Corp.		144,514
		Diversified Support Services 3.4%
	3,332	Copart, Inc.*		202,886
		Electrical Components & Equipment 4.0%
	1,740	AMETEK, Inc.		243,113
		Electronic Components 3.9%
	3,074	Amphenol Corp., Class A		234,054
		Electronic Equipment & Instruments 5.8%
	3,894	Cognex Corp.		183,446
	1,231	Novanta, Inc.*		167,256
				350,702
		Financial Exchanges & Data 5.7%
	669	MarketAxess Holdings, Inc.		186,577
	715	Morningstar, Inc.		154,862
				341,439
		Health Care Facilities 3.6%
	2,303	Ensign Group, Inc.		217,887
		Health Care Supplies 2.0%
	7,750	Neogen Corp.*		118,033
		Health Care Technology 2.5%
	937	Veeva Systems, Inc., Class A*		151,213
		Home Improvement Retail 1.6%
	1,411	Floor & Decor Holdings, Inc., Class A*		98,248
		IT Consulting & Other Services 1.8%
	635	Globant SA*		106,782
		Leisure Products 1.9%
	2,694	YETI Holdings, Inc.*		111,289

WASATCH U.S. SELECT FUND (WAUSX / WGUSX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 6.0%
	1,019	ICON PLC*	$	197,941
	767	Medpace Holdings, Inc.*		162,918
				360,859
		Managed Health Care 3.0%
	2,937	HealthEquity, Inc.*		181,037
		Regional Banks 3.4%
	5,066	Bank OZK		202,944
		Semiconductors 2.1%
	363	Monolithic Power Systems, Inc.		128,360
		Specialty Chemicals 3.4%
	1,647	Balchem Corp.		201,115
		Specialty Stores 3.2%
	1,089	Five Below, Inc.*		192,611
		Trucking 4.3%
	5,223	Lyft, Inc., Class A*		57,558
	698	Old Dominion Freight Line, Inc.		198,078
				255,636
		Total Common Stocks (cost $5,687,381)		5,690,777
		Total Investments (cost $5,687,381) 94.8%		5,690,777
		Other Assets less Liabilities 5.2%		309,304
		NET ASSETS 100.0%	$	6,000,081
		*Non-income producing. See Notes to Schedules of Investments.

At December 31, 2022, Wasatch U.S. Select Fund’s investments, were in the following countries:

COUNTRY	%
Ireland		3.5
United States		96.5
TOTAL		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) DECEMBER 31, 2022 (UNAUDITED)

Schedule of Investments

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 97.0%
	$114,000,000	U.S. Treasury Bond, 1.25%, 5/15/50	$	62,000,860
	103,300,000	U.S. Treasury Bond, 1.375%, 8/15/50		57,997,301
	97,000,000	U.S. Treasury Bond, 1.875%, 11/15/51		62,057,265
	54,900,000	U.S. Treasury Bond, 2.25%, 8/15/46		39,180,586
	9,500,000	U.S. Treasury Bond, 2.25%, 8/15/49		6,740,176
	22,150,000	U.S. Treasury Bond, 2.50%, 2/15/45		16,804,582
	45,530,000	U.S. Treasury Bond, 3.00%, 8/15/48		37,708,088
		Total U.S. Government Obligations (cost $381,373,867)		282,488,858
		Total Investments (cost $381,373,867) 97.0%		282,488,858
		Other Assets less Liabilities 3.0%		8,664,604
		NET ASSETS 100.0%	$	291,153,462
		See Notes to Schedules of Investments.

WASATCH FUNDS – Notes to Schedule of Investments DECEMBER 31, 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, 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 classified as 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, Long/Short Alpha Fund and U.S. Select Fund are each classified as 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; and 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 the “Equity Funds.”

2. SIGNIFICANT ACCOUNTING POLICIES

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

WASATCH FUNDS – Notes to Financial Statements (continued) DECEMBER 31, 2022 (UNAUDITED)

SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

For financial reporting purposes, estimates 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 during this period.

WASATCH FUNDS – Notes to Financial Statements (continued) DECEMBER 31, 2022 (UNAUDITED)

5. FEDERAL INCOME TAX INFORMATION

As of December 31, 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	$	2,335,069,291		$	312,654,337		$	453,316,730		$	268,480,361		$	34,493,428
Gross appreciation	$	710,479,105		$	155,171,209		$	16,057,616		$	121,181,040		$	5,191,840
Gross (depreciation)		(347,903,793	)		(4,786,146	)		(105,021,772	)		(44,988,228	)		(8,087,666	)
Net appreciation (depreciation)	$	362,575,312		$	150,385,063		$	(88,964,156	)	$	76,192,812		$	(2,895,826	)
	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Cost	$	147,445,330		$	14,094,045		$	111,936,400		$	7,225,028		$	433,118,169
Gross appreciation	$	38,815,206		$	1,513,805		$	25,982,731		$	162,751		$	151,087,208
Gross (depreciation)		(18,946,264	)		(2,506,218	)		(2,848,694	)		(1,910,890	)		(41,463,872	)
Net appreciation (depreciation)	$	19,868,942		$	(992,413	)	$	23,134,037		$	(1,748,139	)	$	109,623,336
	International Opportunities Fund			International Select Fund			Long/Short Alpha Fund			Micro Cap Fund			Micro Cap Value Fund
Cost	$	325,518,995		$	4,748,311		$	18,876,423		$	632,506,065		$	260,250,942
Gross appreciation	$	89,441,831		$	395,513		$	5,211,310		$	103,527,193		$	64,181,347
Gross (depreciation)		(45,975,597	)		(752,731	)		(5,399,557	)		(170,929,557	)		(32,417,720	)
Net appreciation (depreciation)	$	43,466,234		$	(357,218	)	$	(188,247	)	$	(67,402,364	)	$	31,763,627
	Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Select Fund			U.S. Treasury Fund
Cost	$	111,936,400		$	1,227,237,029		$	1,392,652,428		$	5,836,100		$	381,844,508
Gross appreciation	$	25,982,731		$	211,805,249		$	288,878,251		$	135,337		$	—
Gross (depreciation)		(2,848,694	)		(115,810,740	)		(370,396,117	)		(280,660	)		(99,355,650	)
Net appreciation (depreciation)	$	23,134,037		$	95,994,509		$	(81,517,866	)	$	(145,323	)	$	(99,355,650	)

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

6. TRANSACTIONS WITH AFFILIATES

If a Fund’s holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the period ended December 31, 2022 with an “affiliated company” as so defined:

	Value, Beginning Of the Year		Purchases At Cost		Proceeds From Sales		Value, End Of the Period		Dividends Credited to Income for the Period ended 12/31/2022		Gain (Loss) Realized on Sale of Shares For the Period ended 12/31/2022			Change in Unrealized Appreciation for The Period ended 12/31/2022
Micro Cap Fund
Common Stock
PharmaCielo Ltd.	$	2,546,853	$	—	$	8,541	$	1,028,308	$	—	$	(59,258	)	$	(1,450,746	)

WASATCH FUNDS – Notes to Financial Statements (continued) DECEMBER 31, 2022 (UNAUDITED)

TRANSACTIONS WITH AFFILIATES (continued)

	Value, Beginning Of the Year		Purchases At Cost		Proceeds From Sales		Value, End Of the Period		Dividends Credited to Income for the Period ended 12/31/2022		Gain (Loss) Realized on Sale of Shares For the Period ended 12/31/2022			Change in Unrealized Appreciation for The Period ended 12/31/2022
Small Cap Growth Fund
Common Stock
Pennant Group, Inc.*	$	20,382,041	$	—	$	15,352,270	$	5,641,502	$	—	$	(16,181,745	)	$	16,793,476
TaskUS, Inc., Class A*		23,923,988		—		6,236,593		19,323,156		—		(9,514,323	)		11,150,084
Vintage Wine Estates, Inc., PIPE Shares		15,235,000		—		476,934		17,412,765		—		(1,109,676	)		3,764,375
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		13,770,449		—		—		17,517,135		—		—			3,746,686
	$	73,311,478	$	—	$	22,065,797	$	59,894,558	$	—	$	(26,805,744	)	$	35,454,621
Ultra Growth Fund
Common Stock
Conformis, Inc.		2,631,685		—		23,756		1,808,447		—		(129,772	)		(669,710	)
Exagen, Inc.		2,625,714		—		26,421		2,300,657		—		(196,072	)		(102,564	)
Vintage Wine Estates, Inc., PIPE Shares		11,654,883		—		—		13,716,577		—		—			2,061,694
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		11,475,385		—		—		14,597,627		—		—			3,122,242
	$	28,387,667	$	—	$	50,177	$	32,423,308	$	—	$	(325,844	)	$	4,411,662

	Share Activity								Dividends Credited to Income for the Period ended 12/31/2022		Gain (Loss) Realized on Sale of Shares For the Period ended 12/31/2022			Change in Unrealized Appreciation for the Period ended 12/31/2022
	Balance 9/30/2022		Purchases/ Additions		Sales/ Reductions		Balance 12/31/2022
Micro Cap Fund
Common Stock
PharmaCielo Ltd.		7,995,671		—		39,500		7,956,171	$	—	$	(59,258	)	$	(1,450,746	)
Small Cap Growth Fund
Common Stock
Pennant Group, Inc.*		1,957,929		—		1,444,131		513,798		—		(16,181,745	)		16,793,476
TaskUS, Inc., Class A*		1,485,962		—		342,580		1,143,382		—		(9,514,323	)		11,150,084
Vintage Wine Estates, Inc., PIPE Shares		5,500,000		—		158,661		5,341,339		—		(1,109,676	)		3,764,375
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		611,205		—		—		611,205		—		—			3,746,686
		9,555,096		—		1,945,372		7,609,724	$	—	$	(26,805,744	)	$	35,454,621
Common Stock
Conformis, Inc.		13,764,042		544,713		13,764,042		544,713		—		(129,772	)		(669,710	)
Exagen, Inc.		968,898		—		10,291		958,607		—		(196,072	)		(102,564	)
Vintage Wine Estates, Inc., PIPE Shares		4,207,539		—		—		4,207,539		—		—			2,061,694
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		509,338		—		—		509,338		—		—			3,122,242
		19,449,817		544,713		13,774,333		6,220,197		—	$	(325,844	)	$	4,411,662

* 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, 2022 is included in the Statements of Operations even though the security was not deemed an affiliated company as of the end of the period.

7. RESTRICTED SECURITIES

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the “Securities Act”) and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee of the Advisor (“Pricing Committee”), comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At December 31, 2022, the Funds held the following restricted securities:

WASATCH FUNDS – Notes to Financial Statements (continued) DECEMBER 31, 2022 (UNAUDITED)

RESTRICTED SECURITIES (continued)

	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	$	966,600		0.04	%
Micro Cap Fund
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022	$	10,000,013	$	9,731,761		1.70	%
Esperion Therapeutics, Inc., expiring 12/7/2023		Warrants		12/3/2021		310,583		221,253		0.04	%
IM Cannabis Corp., expiring 5/7/2026		Warrants		5/5/2021		616,971		0		0.00	%
					$	11,206,884	$	9,953,014		1.74	%
Micro Cap Value Fund
Regenacy Pharmaceuticals LLC		LLC Membership Interest		12/21/2016	$	30,001	$	506		0.00	%
Greenlane Holdings, Inc., expiring 2/24/2026		Warrants		2/22/2021		396,902		0		0.00	%
					$	426,903	$	506		0.00	%
Small Cap Growth Fund
DataStax, Inc., Series E Pfd.		Preferred Stock		8/12/2014	$	8,000,002	$	8,571,351		0.44	%
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022		17,999,987		17,517,135		0.89	%
Nanosys, Inc., Series A-1 Pfd.		Preferred Stock		8/13/2010		184,939		79,524		0.00	%
Nanosys, Inc., Series A-2 Pfd.		Preferred Stock		11/8/2005		2,000,000		426,560		0.02	%
Esperion Therapeutics, Inc., expiring 12/7/2023		Warrants		12/3/2021		538,893		383,897		0.02	%
					$	28,723,821	$	26,978,467		1.38	%
Ultra Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022	$	15,000,004	$	14,597,627		1.11	%
Nanosys, Inc., Series A-1 Pfd.		Preferred Stock		8/13/2010		46,235		19,881		0.00	%
Nanosys, Inc., Series A-2 Pfd.		Preferred Stock		11/8/2005		500,001		106,640		0.01	%
Esperion Therapeutics, Inc., expiring 12/7/2023		Warrants		12/3/2021		476,908		339,740		0.03	%
Hagerty, Inc., expiring 12/2/2026		Warrants		12/2/2021		1,549,310		805,500		0.06	%
					$	17,572,458	$	15,869,388		1.21	%

8. FAIR VALUE MEASUREMENTS AND INVESTMENTS

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

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

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

• Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, 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.

WASATCH FUNDS – Notes to Financial Statements (continued) DECEMBER 31, 2022 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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

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

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

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

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

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

WASATCH FUNDS – Notes to Financial Statements (continued) DECEMBER 31, 2022 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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

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

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

The following is a summary of the fair valuations according to the inputs used as of December 31, 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 12/31/2022
Core Growth Fund
Assets
Common Stocks		$	2,696,678,003	$	—	$	—	$	2,696,678,003
Warrants			—		—		966,600		966,600
		$	2,696,678,003	$	—	$	966,600	$	2,697,644,603
Emerging India Fund
Assets
Common Stocks		$	463,039,400	$	—	$	—	$	463,039,400
		$	463,039,400	$	—	$	—	$	463,039,400
Emerging Markets Select Fund
Assets
Common Stocks
	Drug Retail	$	—	$	10,253,571	$	—	$	10,253,571
	Electrical Components & Equipment		19,793,624		16,954,130		—		36,747,754
	Semiconductors		35,828,906		6,457,771				42,286,677
	Other		275,064,572		—		—		275,064,572
		$	330,687,102	$	33,665,472	$	—	$	364,352,574

WASATCH FUNDS – Notes to Financial Statements (continued) DECEMBER 31, 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 12/31/2022
Emerging Markets Small Cap Fund
Assets
Common Stocks
	Consumer Finance	$	—	$	6,123,431	$	—	$	6,123,431
	Drug Retail		6,137,884		8,074,800		—		14,212,684
	Home Improvement Retail		3,976,436		7,830,171		—		11,806,607
	Semiconductor Equipment		—		7,067,997		—		7,067,997
	Semiconductors		36,339,717		14,368,231		—		50,707,948
	Specialty Stores		—		3,825,274		—		3,825,274
	Other		250,929,232		—		—		250,929,232
		$	297,383,269	$	47,289,904	$	—	$	344,673,173
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Consumer Finance	$	2,711,545	$	851,032	$	—	$	3,562,577
	Distillers & Vintners		—		576,518		—		576,518
	Drug Retail		—		824,166		—		824,166
	Electrical Components & Equipment		—		1,635,917		—		1,635,917
	Home Improvement Retail		—		1,524,059		—		1,524,059
	Specialty Stores		—		314,494		—		314,494
	Other		23,159,871		—		—		23,159,871
		$	25,871,416	$	5,726,186	$	—	$	31,597,602
Global Opportunities Fund
Assets
Common Stocks		$	167,314,272	$	—	$	—	$	167,314,272
		$	167,314,272	$	—	$	—	$	167,314,272
Global Select Fund
Assets
Common Stocks
	Electrical Components & Equipment	$	—	$	313,091	$	—	$	313,091
	Other		12,788,541		—		—		12,788,541
		$	12,788,541	$	313,091	$	—	$	13,101,632
Global Value Fund
Assets
Common Stocks
	Casinos & Gaming	$	—	$	3,385,835	$	—	$	3,385,835
	Technology Hardware, Storage & Peripherals		—		3,950,392		—		3,950,392
	Tobacco		—		5,637,643		—		5,637,643
	Other		122,096,567		—		—		122,096,567
		$	122,096,567	$	12,973,870	$	—	$	135,070,437
Greater China Fund
Assets
Common Stocks		$	5,476,889	$	—	$	—	$	5,476,889
		$	5,476,889	$	—	$	—	$	5,476,889
International Growth Fund
Assets
Common Stocks
	Drug Retail	$	30,701,585	$	2,760,731	$	—	$	33,462,316
	Semiconductor Equipment		—		1,662,047		—		1,662,047
	Semiconductors		22,110,397		14,068,574		—		36,178,971
	Specialty Stores		2,052,909		2,847,690		—		4,900,599
	Other		466,537,572		—		—		466,537,572
		$	521,402,463	$	21,339,042	$	—	$	542,741,505

WASATCH FUNDS – Notes to Financial Statements (continued) DECEMBER 31, 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 12/31/2022
International Opportunities Fund
Assets
Common Stocks
	Electronic Equipment & Instruments	$	—		$	2,924,593	$	—	$	2,924,593
	Food Retail		4,424,720			3,965,843		—		8,390,563
	Research & Consulting Services		25,978,477			3,336,447		—		29,314,924
	Restaurants		—			—		7,617		7,617
	Semiconductor Equipment		1,882,937			2,336,528		—		4,219,465
	Semiconductors		3,837,887			9,609,178		—		13,447,065
	Specialty Stores		1,531,796			1,861,965		—		3,393,761
	Other		307,287,241			—		—		307,287,241
		$	344,943,058		$	24,034,554	$	7,617	$	368,985,229
International Select Fund
Assets
Common Stocks		$	4,391,093		$	—	$	—	$	4,391,093
		$	4,391,093		$	—	$	—	$	4,391,093
Long/Short Alpha Fund
Assets
Common Stocks		$	28,309,812		$	—	$	—	$	28,309,812
		$	28,309,812		$	—	$	—	$	28,309,812
Other Financial Instruments*
Common Stocks Sold Short		$	(9,621,636	)	$	—	$	—	$	(9,621,636	)
Micro Cap Fund
Assets
Common Stocks		$	555,150,687		$	—	$	—	$	555,150,687
Preferred Stocks			—			—		9,731,761		9,731,761
Warrants			—			—		221,253		221,253
		$	555,150,687		$	—	$	9,953,014	$	565,103,701
Micro Cap Value Fund
Assets
Common Stocks		$	292,014,063		$	—	$	—	$	292,014,063
Limited Liability Company Membership Interest			—			—		506		506
Warrants			—			—		0		0
		$	292,014,063		$	—	$	506	$	292,014,569
Small Cap Growth Fund
Assets
Common Stocks		$	1,926,030,824		$	—	$	—	$	1,926,030,824
Preferred Stocks			—			—		26,594,570		26,594,570
Warrants			—			—		383,897		383,897
		$	1,926,030,824		$	—	$	26,978,467	$	1,953,009,291
Small Cap Value Fund
Assets
Common Stocks		$	1,323,231,538		$	—	$	—	$	1,323,231,538
		$	1,323,231,538		$	—	$	—	$	1,323,231,538
Ultra Growth Fund
Assets
Common Stocks		$	1,295,265,174		$	—	$	—	$	1,295,265,174
Preferred Stocks			—			—		14,724,148		14,724,148
Warrants			—			—		1,145,240		1,145,240
		$	1,295,265,174		$	—	$	15,869,388	$	1,311,134,562
U.S. Select Fund
Assets
Common Stocks		$	5,690,777		$	—	$	—	$	5,690,777
		$	5,690,777		$	—	$	—	$	5,690,777

WASATCH FUNDS – Notes to Financial Statements (continued) DECEMBER 31, 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 12/31/2022
U.S. Treasury Fund
Assets
U.S. Government obligations		$	—	$	282,488,858	$	—	$	282,488,858
		$	—	$	282,488,858	$	—	$	282,488,858

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

The valuation techniques used by the Funds to measure fair value for the period ended December 31, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended December 31, 2022:

																						Net Change in Unrealized
Fund	Market Value Beginning Balance 9/30/2022		Purchases at Cost		Sales (Proceeds)			Accrued Discounts (Premiums)		Realized Gain/ (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers in at Market Value		Transfers out at Market Value		Market Value Ending Balance 12/31/2022		Appreciation (Depreciation) on Investments Held at 12/31/2022
Core Growth Fund
Warrants	$	1,058,400	$	—	$	—		$	—	$	—		$	(91,800	)	$	—	$	—	$	966,600	$	(91,800	)
	$	1,058,400	$	—	$	—		$	—	$	—		$	(91,800	)	$	—	$	—	$	966,600	$	(91,800	)
Emerging Markets Small Cap Fund
Common Stocks	$	16,583	$	—	$	—		$	—	$	(8,933,975	)	$	8,917,392		$	—	$	—	$	—	$	—
	$	16,583	$	—	$	—		$	—	$	(8,933,975	)	$	8,917,392		$	—	$	—	$	—	$	—
International Opportunities Fund
Common Stocks	$	7,035	$	—	$	—		$	—	$	—		$	582		$	—	$	—	$	7,617	$	582
	$	7,035	$	—	$	—		$	—	$	—		$	582		$	—	$	—	$	7,617	$	582
Micro Cap Fund
Preferred Stocks	$	7,650,264	$	—	$	—		$	—	$	—		$	2,081,497		$	—	$	—	$	9,731,761	$	2,081,497
Warrants		437,502		—		(9,855	)		—		(269,462	)		63,068			—		—		221,253		(179,768	)
	$	8,087,766	$	—	$	(9,855	)	$	—	$	(269,462	)	$	2,144,565		$	—	$	—	$	9,953,014	$	1,901,729
Micro Cap Value Fund
Common Stocks	$	21,222	$	—	$	—		$	—	$	—		$	(20,716	)	$	—	$	—	$	506	$	(20,716	)
Warrants		—		—		—			—		—			—			—		—		—		—
	$	21,222	$	—	$	—		$	—	$	—		$	(20,716	)	$	—	$	—	$	506	$	(20,716	)
Small Cap Growth Fund
Preferred Stocks	$	24,067,171	$	—	$	—		$	—	$	—		$	2,527,399		$	—	$	—	$	26,594,570	$	2,527,399
Warrants		695,813		—		—			—		—			(311,916	)		—		—		383,897		(311,916	)
	$	24,762,984	$	—	$	—		$	—	$	—		$	2,215,483		$	—	$	—	$	26,978,467	$	2,215,483
Ultra Growth Fund
Preferred Stocks	$	11,622,503	$	—	$	—		$	—	$	—		$	3,101,645		$	—	$	—	$	14,724,148	$	3,101,645
Warrants		1,497,779		—		—			—		—			(352,539	)		—		—		1,145,240		(352,539	)
	$	13,120,282	$	—	$	—		$	—	$	—		$	2,749,106		$	—	$	—	$	15,869,388	$	2,749,106

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund	Description	Fair Value at 12/31/2022		Valuation Technique	Unobservable Input	Range (Average)
Core Growth Fund	Warrant: Insurance Brokers	$	966,600	Discount for lack of marketability	Discount for lack of marketability		20%
Micro Cap Fund	Direct Venture Capital Investments: Textiles	$	9,731,761	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.6 - 4.5 (2.7) 46%
Micro Cap Fund	Warrant: Pharmaceuticals	$	221,253	Black Scholes	Black Scholes		100%

WASATCH FUNDS – Notes to Financial Statements (continued) DECEMBER 31, 2022 (UNAUDITED)

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS (continued)

Fund	Description	Fair Value at 12/31/2022		Valuation Technique	Unobservable Input	Range (Average)
Small Cap Growth Fund	Direct Venture Capital Investments: Textiles	$	17,517,135	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.6 - 4.5 (2.7) 46%
Small Cap Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	506,084	Market comparable companies	EV/R* multiple Discount for lack of marketability		3.4 - 11.7 (7.8) 21%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	8,571,351	Market comparable companies	EV/R* multiple Discount for lack of marketability		2.8 - 21.9 (8.6) 27%
Small Cap Growth Fund	Warrant: Pharmaceuticals	$	383,897	Black Scholes	Black Scholes		100%
Ultra Growth Fund	Direct Venture Capital Investments: Semiconductor Equipment	$	126,521	Market comparable companies	EV/R* multiple Discount for lack of marketability		3.4 - 11.7 (7.8) 21%
Ultra Growth Fund	Direct Venture Capital Investments: Textiles	$	14,597,627	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.6 - 4.5 (2.7) 46%
Ultra Growth Fund	Warrant: Insurance Brokers	$	805,500	Discount for lack of marketability	Discount for lack of marketability		20%
Ultra Growth Fund	Warrant: Pharmaceuticals	$	339,740	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.