WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.8%
		Apparel Retail 0.8%
	278,530	Boot Barn Holdings, Inc.*	$	35,910,873
		Application Software 10.2%
	5,674,433	CCC Intelligent Solutions Holdings, Inc.*		63,042,951
	5,850,867	Clearwater Analytics Holdings, Inc., Class A*		108,358,057
	858,973	Five9, Inc.*		37,880,709
	1,103,666	Guidewire Software, Inc.*		152,184,505
	1,389,392	Q2 Holdings, Inc.*		83,822,019
				445,288,241
		Asset Management & Custody Banks 4.6%
	1,342,438	Cohen & Steers, Inc.		97,407,301
	822,300	Hamilton Lane, Inc., Class A		101,619,834
				199,027,135
		Automotive Parts & Equipment 1.7%
	718,651	Fox Factory Holding Corp.*		34,631,792
	1,090,859	XPEL, Inc.*		38,790,946
				73,422,738
		Automotive Retail 3.1%
	3,117,479	Valvoline, Inc.*		134,675,093
		Broadline Retail 2.2%
	964,168	Ollie’s Bargain Outlet Holdings, Inc.*		94,652,372
		Building Products 4.5%
	149,213	AAON, Inc.		13,017,342
	343,758	CSW Industrials, Inc.		91,202,435
	1,218,629	Trex Co., Inc.*		90,324,782
				194,544,559
		Cargo Ground Transportation 2.4%
	224,627	Saia, Inc.*		106,538,340
		Distributors 2.1%
	293,231	Pool Corp.		90,118,683
		Electronic Equipment & Instruments 2.2%
	584,034	Novanta, Inc.*		95,261,786
		Electronic Manufacturing Services 2.0%
	363,825	Fabrinet*		89,060,722
		Environmental & Facilities Services 2.0%
	891,928	Casella Waste Systems, Inc., Class A*		88,497,096
		Financial Exchanges & Data 4.8%
	389,574	MarketAxess Holdings, Inc.		78,121,274
	357,593	Morningstar, Inc.		105,793,889
	4,171,907	Open Lending Corp., Class A*		23,279,241
				207,194,404
		Health Care Equipment 1.1%
	358,990	Inspire Medical Systems, Inc.*		48,043,632
		Health Care Facilities 3.2%
	952,696	Ensign Group, Inc.		117,838,968
	787,822	PACS Group, Inc.*		23,240,749
				141,079,717

WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Technology 1.4%
	4,320,689	Certara, Inc.*	$	59,841,543
		Home Furnishing Retail 1.4%
	3,561,195	Arhaus, Inc.‡‡		60,326,643
		Home Improvement Retail 1.3%
	580,620	Floor & Decor Holdings, Inc., Class A*		57,719,434
		Human Resource & Employment Services 2.3%
	755,939	Paylocity Holding Corp.*		99,670,557
		Industrial Machinery & Supplies & Components 7.2%
	971,270	Helios Technologies, Inc.		46,378,143
	440,026	Kadant, Inc.		129,270,838
	517,568	RBC Bearings, Inc.*		139,629,495
				315,278,476
		Insurance Brokers 1.0%
	774,342	Goosehead Insurance, Inc., Class A*		44,478,204
		Investment Banking & Brokerage 2.0%
	1,517,487	Moelis & Co., Class A		86,284,311
		IT Consulting & Other Services 2.2%
	543,764	Globant SA*		96,931,371
		Leisure Products 1.0%
	1,194,083	YETI Holdings, Inc.*		45,554,266
		Life Sciences Tools & Services 2.2%
	237,004	Medpace Holdings, Inc.*		97,610,097
		Managed Health Care 3.8%
	1,923,133	HealthEquity, Inc.*		165,774,065
		Other Specialty Retail 1.9%
	761,416	Five Below, Inc.*		82,971,501
		Packaged Foods & Meats 1.5%
	516,580	Freshpet, Inc.*		66,840,286
		Personal Care Products 2.1%
	1,581,593	BellRing Brands, Inc.*		90,372,224
		Pharmaceuticals 1.2%
	759,125	Intra-Cellular Therapies, Inc.*		51,992,471
		Regional Banks 2.7%
	1,766,887	Bank OZK		72,442,367
	586,617	Pinnacle Financial Partners, Inc.		46,952,825
				119,395,192
		Research & Consulting Services 1.5%
	440,152	ICF International, Inc.		65,344,966
		Self-Storage REITs 2.8%
	2,936,844	National Storage Affiliates Trust		121,056,710
		Semiconductor Materials & Equipment 2.5%
	459,871	Nova Ltd.*		107,853,546
		Specialty Chemicals 4.5%
	691,808	Balchem Corp.		106,503,842
	731,716	Innospec, Inc.		90,432,780
				196,936,622

WASATCH CORE GROWTH FUND (WGROX / WIGRX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Systems Software 1.6%
	262,238	CyberArk Software Ltd.*	$	71,701,114
		Trading Companies & Distributors 1.2%
	415,309	SiteOne Landscape Supply, Inc.*		50,422,666
		Transaction & Payment Processing Services 2.6%
	1,536,764	Shift4 Payments, Inc., Class A*		112,721,639
		Total Common Stocks (cost $3,231,200,289)		4,310,393,295
		WARRANTS 0.0%
		Insurance Brokers 0.0%
	540,000	Hagerty, Inc., expiring 12/2/2026* *** §§		1,123,200
		Total Warrants (cost $1,859,173)		1,123,200
		Total Investments (cost $3,233,059,462) 98.8%		4,311,516,495
		Other Assets less Liabilities 1.2%		53,546,050
		NET ASSETS 100.0%	$	4,365,062,545
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. ‡‡Affiliated company (see Note 6). §§The aggregate value of illiquid holdings at June 30, 2024 amounted to approximately $1,123,200 and represented 0.03% of net assets. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Core Growth Fund’s investments were in the following countries:

COUNTRY	%
Israel		4.2
United States		95.8
TOTAL		100.0	%

WASATCH EMERGING INDIA FUND (WAINX / WIINX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.1%
		Apparel Retail 8.6%
	865,256	Trent Ltd.	$	56,777,644
		Asset Management & Custody Banks 0.2%
	67,309	Prudent Corporate Advisory Services Ltd.		1,528,744
		Automotive Parts & Equipment 2.7%
	347,937	Tube Investments of India Ltd.		17,753,214
		Commodity Chemicals 5.0%
	2,630,974	Berger Paints India Ltd.		15,893,787
	235,298	Supreme Industries Ltd.		16,769,342
				32,663,129
		Construction Machinery & Heavy Transportation Equipment 1.5%
	559,279	Action Construction Equipment Ltd.		9,932,950
		Consumer Finance 17.8%
	688,573	Bajaj Finance Ltd.		58,682,271
	2,763,192	Cholamandalam Investment & Finance Co. Ltd.		47,085,845
	1,188,775	Five-Star Business Finance Ltd.*		11,302,571
				117,070,687
		Diversified Banks 10.3%
	2,487,174	HDFC Bank Ltd.		50,226,467
	797,718	Kotak Mahindra Bank Ltd.		17,198,479
				67,424,946
		Diversified Chemicals 0.9%
	153,633	Pidilite Industries Ltd.		5,813,090
		Diversified Support Services 2.4%
	2,684,221	CMS Info Systems Ltd.		15,836,814
		Food Retail 4.3%
	499,615	Avenue Supermarts Ltd.*		28,259,661
		Footwear 0.2%
	405,597	Campus Activewear Ltd.*		1,416,821
		Health Care Facilities 6.1%
	2,713,094	Max Healthcare Institute Ltd.		30,555,787
	655,496	Rainbow Children’s Medicare Ltd.*		9,793,430
				40,349,217
		Health Care Services 8.4%
	790,928	Dr. Lal PathLabs Ltd.		26,339,173
	3,245,700	Vijaya Diagnostic Centre Pvt. Ltd.		29,149,510
				55,488,683
		Heavy Electrical Equipment 0.8%
	310,446	Elecon Engineering Co. Ltd.		4,914,681
		Industrial Machinery & Supplies & Components 5.5%
	4,231,240	Elgi Equipments Ltd.		36,385,668
		Interactive Media & Services 3.1%
	253,535	Info Edge India Ltd.		20,611,033
		IT Consulting & Other Services 3.3%
	105,909	LTIMindtree Ltd.		6,822,858
	286,818	Persistent Systems Ltd.		14,564,153
				21,387,011

WASATCH EMERGING INDIA FUND (WAINX / WIINX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 6.7%
	803,380	Divi’s Laboratories Ltd.	$	44,227,637
		Metal, Glass & Plastic Containers 0.5%
	302,395	Mold-Tek Packaging Ltd.		2,904,552
		Regional Banks 5.5%
	4,510,234	AU Small Finance Bank Ltd.		36,320,708
		Research & Consulting Services 1.0%
	111,007	L&T Technology Services Ltd.		6,520,446
		Restaurants 0.8%
	2,805,761	Devyani International Ltd.*		5,532,192
		Soft Drinks & Non-Alcoholic Beverages 0.5%
	177,316	Varun Beverages Ltd.		3,458,145
		Specialty Chemicals 3.0%
	464,623	Asian Paints Ltd.		16,222,204
	64,234	Fine Organic Industries Ltd.		3,762,268
				19,984,472
		Steel 0.5%
	190,612	APL Apollo Tubes Ltd.		3,549,866
		Systems Software 0.5%
	35,072	Tata Elxsi Ltd.		2,940,312
		Total Common Stocks (cost $408,228,020)		659,052,323
		Total Investments (cost $408,228,020) 100.1%§		659,052,323
		Liabilities less Other Assets (0.1%)		(727,247	)
		NET ASSETS 100.0%	$	658,325,076
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 94.20%. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Emerging India Fund’s investments were in the following countries:

COUNTRY	%
India		100.0
TOTAL		100.0	%

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.1%
		Airport Services 1.7%
	525,675	Grupo Aeroportuario del Pacifico SAB de CV, Class B	$	8,222,885
		Apparel Retail 3.8%
	273,648	Trent Ltd.		17,956,638
		Broadline Retail 8.2%
	21,139	MercadoLibre, Inc.*		34,739,832
	31,944	PDD Holdings, Inc., ADR*		4,246,955
				38,986,787
		Consumer Finance 8.1%
	358,805	Bajaj Finance Ltd.		30,578,446
	447,146	Cholamandalam Investment & Finance Co. Ltd.		7,619,538
				38,197,984
		Diversified Banks 11.3%
	969,469	HDFC Bank Ltd.		19,577,642
	2,631,812	NU Holdings Ltd., Class A*		33,924,057
				53,501,699
		Drug Retail 3.8%
	2,993,463	Raia Drogasil SA		13,751,476
	1,320,864	Yifeng Pharmacy Chain Co. Ltd., Class A		4,454,217
				18,205,693
		Electrical Components & Equipment 9.1%
	405,765	Voltronic Power Technology Corp.		24,023,878
	2,509,402	WEG SA		18,939,137
				42,963,015
		Electronic Equipment & Instruments 1.3%
	248,478	Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		6,309,122
		Health Care Equipment 0.9%
	111,392	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		4,456,604
		Health Care Facilities 2.6%
	1,107,712	Max Healthcare Institute Ltd.		12,475,429
		Health Care Services 1.9%
	267,985	Dr. Lal PathLabs Ltd.		8,924,331
		Industrial Machinery & Supplies & Components 4.4%
	342,691	Airtac International Group		10,401,473
	460,342	Elgi Equipments Ltd.		3,958,615
	545,678	Techtronic Industries Co. Ltd.		6,220,670
				20,580,758
		Interactive Home Entertainment 2.7%
	177,137	Sea Ltd., ADR*		12,651,125
		Interactive Media & Services 1.9%
	186,300	Tencent Holdings Ltd.		8,838,133
		IT Consulting & Other Services 4.5%
	120,501	Globant SA*		21,480,508
		Life Sciences Tools & Services 6.4%
	523,983	Divi’s Laboratories Ltd.		28,846,287
	895,313	Wuxi Biologics Cayman, Inc.*		1,317,617
				30,163,904

WASATCH EMERGING MARKETS SELECT FUND (WAESX / WIESX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Property & Casualty Insurance 2.1%
	990,219	Qualitas Controladora SAB de CV	$	10,064,024
		Regional Banks 2.7%
	1,562,407	AU Small Finance Bank Ltd.		12,581,992
		Restaurants 1.7%
	565,400	Meituan, Class B*		8,036,753
		Semiconductor Materials & Equipment 4.2%
	88,150	Lasertec Corp.		19,787,938
		Semiconductors 13.0%
	167,883	ASPEED Technology, Inc.		24,912,286
	88,018	LEENO Industrial, Inc.		14,877,769
	1,525,836	Silergy Corp.		21,642,932
				61,432,987
		Specialized Finance 1.0%
	972,944	Chailease Holding Co. Ltd.		4,592,283
		Specialty Chemicals 1.8%
	242,266	Asian Paints Ltd.		8,458,661
		Total Common Stocks (cost $407,422,806)		468,869,253
		Total Investments (cost $407,422,806) 99.1%§		468,869,253
		Other Assets less Liabilities 0.9%		4,306,314
		NET ASSETS 100.0%	$	473,175,567
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 65.69%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Emerging Markets Select Fund’s investments were in the following countries:

COUNTRY	%
Brazil		14.2
China		8.0
Hong Kong		1.3
India		32.2
Japan		4.2
Mexico		3.9
Singapore		2.7
South Korea		3.2
Taiwan		18.3
United States		12.0
TOTAL		100.0	%

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.9%
		Airport Services 1.0%
	397,425	Grupo Aeroportuario del Centro Norte SAB de CV	$	3,370,564
		Apparel Retail 6.7%
	348,115	Trent Ltd.		22,843,123
		Application Software 0.1%
	22,802	Text SA		433,876
		Asset Management & Custody Banks 0.1%
	9,936	Prudent Corporate Advisory Services Ltd.		225,670
		Commercial & Residential Mortgage Finance 1.4%
	222,209	Aavas Financiers Ltd.*		4,929,400
		Commodity Chemicals 0.9%
	529,436	Berger Paints India Ltd.		3,198,338
		Communications Equipment 1.3%
	264,000	Accton Technology Corp.		4,493,137
		Construction Machinery & Heavy Transportation Equipment 1.3%
	259,724	Action Construction Equipment Ltd.		4,612,770
		Consumer Finance 2.9%
	586,770	Five-Star Business Finance Ltd.*		5,578,861
	8,480,150	Ngern Tid Lor PCL		4,275,026
				9,853,887
		Diversified Banks 0.5%
	53,603	TBC Bank Group PLC		1,741,420
		Diversified Support Services 3.1%
	346,994	CMS Info Systems Ltd.		2,047,253
	9,045,400	Frontken Corp. Bhd.		8,531,330
				10,578,583
		Drug Retail 5.0%
	254,510	Clicks Group Ltd.		4,844,366
	1,722,768	Raia Drogasil SA		7,914,113
	1,318,255	Yifeng Pharmacy Chain Co. Ltd., Class A		4,445,419
				17,203,898
		Electrical Components & Equipment 6.8%
	395,863	Voltronic Power Technology Corp.		23,437,616
		Electronic Components 1.0%
	368,000	Sinbon Electronics Co. Ltd.		3,310,929
		Electronic Equipment & Instruments 2.2%
	761,616	Chroma ATE, Inc.		7,446,827
		Electronic Manufacturing Services 2.9%
	41,241	Fabrinet*		10,095,384
		Health Care Facilities 2.0%
	13,417,800	Mitra Keluarga Karyasehat Tbk. PT		2,474,611
	281,821	Rainbow Children’s Medicare Ltd.*		4,210,543
				6,685,154
		Health Care Services 2.4%
	181,655	Dr. Lal PathLabs Ltd.		6,049,403
	233,014	Vijaya Diagnostic Centre Pvt. Ltd.		2,092,690
				8,142,093

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Heavy Electrical Equipment 1.8%
	382,152	Elecon Engineering Co. Ltd.	$	6,049,861
		Home Improvement Retail 1.1%
	12,715,787	Wilcon Depot, Inc.		3,883,577
		Human Resource & Employment Services 1.4%
	6,899	Benefit Systems SA		4,970,561
		Industrial Machinery & Supplies & Components 5.2%
	195,500	Airtac International Group		5,933,882
	1,378,725	Elgi Equipments Ltd.		11,856,059
				17,789,941
		Interactive Media & Services 4.1%
	3,416,426	Baltic Classifieds Group PLC		10,290,586
	47,024	Info Edge India Ltd.		3,822,799
				14,113,385
		IT Consulting & Other Services 11.0%
	1,150,115	FPT Corp.		5,886,423
	95,972	Globant SA*		17,107,969
	288,315	Persistent Systems Ltd.		14,640,168
				37,634,560
		Life & Health Insurance 0.3%
	145,665	Discovery Ltd.		1,078,371
		Metal, Glass & Plastic Containers 0.5%
	164,244	Mold-Tek Packaging Ltd.		1,577,590
		Multi-Line Insurance 1.0%
	87,190	Co. for Cooperative Insurance		3,359,860
		Oil & Gas Refining & Marketing 1.1%
	113,257	Aldrees Petroleum & Transport Services Co.		3,686,722
		Packaged Foods & Meats 0.7%
	7,658,957	Cisarua Mountain Dairy Tbk. PT		2,338,613
		Personal Care Products 1.9%
	421,367	Proya Cosmetics Co. Ltd., Class A		6,422,084
		Property & Casualty Insurance 4.2%
	1,402,408	Qualitas Controladora SAB de CV		14,253,279
		Regional Banks 6.1%
	2,130,467	AU Small Finance Bank Ltd.		17,156,553
	512,962	Regional SAB de CV		3,827,799
				20,984,352
		Research & Consulting Services 3.0%
	21,696,900	CTOS Digital Bhd.		6,799,696
	59,656	L&T Technology Services Ltd.		3,504,137
				10,303,833
		Semiconductor Materials & Equipment 3.3%
	145,000	Gudeng Precision Industrial Co. Ltd.		1,989,345
	399,000	Materials Analysis Technology, Inc.		3,542,720
	58,271	Tokai Carbon Korea Co. Ltd.		5,632,605
				11,164,670

WASATCH EMERGING MARKETS SMALL CAP FUND (WAEMX / WIEMX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductors 12.1%
	87,651	ASPEED Technology, Inc.	$	13,006,599
	80,506	LEENO Industrial, Inc.		13,608,008
	1,057,728	Silergy Corp.		15,003,143
				41,617,750
		Specialized Finance 0.5%
	369,100	Chailease Holding Co. Ltd.		1,742,147
		Total Common Stocks (cost $195,701,257)		345,573,825
		Total Investments (cost $195,701,257) 100.9%§		345,573,825
		Liabilities less Other Assets (0.9%)		(3,046,832	)
		NET ASSETS 100.0%	$	342,526,993
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 77.80%. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Emerging Markets Small Cap Fund’s investments were in the following countries:

COUNTRY	%
Brazil		2.3
China		3.2
India		33.1
Indonesia		1.4
Malaysia		4.4
Mexico		6.2
Philippines		1.1
Poland		1.6
Saudi Arabia		2.0
South Africa		1.7
South Korea		5.6
Taiwan		23.1
Thailand		1.2
United Kingdom		3.5
United States		7.9
Vietnam		1.7
TOTAL		100.0	%

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX / WIFMX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 102.6%
		Asset Management & Custody Banks 5.2%
	1,348,300	DCVFMVN Diamond ETF	$	1,702,448
	960,899	VEF AB*		219,396
				1,921,844
		Broadline Retail 8.6%
	1,923	MercadoLibre, Inc.*		3,160,258
		Consumer Finance 15.1%
	37,086	Bajaj Finance Ltd.		3,160,581
	103,173	Cholamandalam Investment & Finance Co. Ltd.		1,758,107
	1,221,711	Ngern Tid Lor PCL		615,891
				5,534,579
		Distillers & Vintners 1.8%
	180,230	Ginebra San Miguel, Inc.		667,917
		Diversified Banks 18.2%
	1,090,600	Bank Central Asia Tbk. PT		659,912
	485,789	Bank for Foreign Trade of Vietnam JSC*		1,623,835
	4,694	Credicorp Ltd.		757,283
	193,800	Military Commercial Joint Stock Bank		168,574
	238,286	NU Holdings Ltd., Class A*		3,071,506
	11,864	TBC Bank Group PLC		385,430
				6,666,540
		Diversified Support Services 2.9%
	1,143,700	Frontken Corp. Bhd.		1,078,701
		Drug Retail 3.7%
	16,955	Corporativo Fragua SAB de CV		860,067
	106,348	Raia Drogasil SA		488,545
				1,348,612
		Electrical Components & Equipment 1.5%
	73,300	WEG SA		553,215
		Electronic Manufacturing Services 2.5%
	3,814	Fabrinet*		933,629
		Food Retail 3.9%
	639,030	Philippine Seven Corp.		1,433,246
		Health Care Facilities 1.9%
	4,870	Akdital Holding		337,530
	4,859	Dr Sulaiman Al Habib Medical Services Group Co.		372,773
				710,303
		Home Improvement Retail 1.0%
	1,188,500	Wilcon Depot, Inc.		362,984
		Human Resource & Employment Services 1.6%
	832	Benefit Systems SA		599,436
		Interactive Home Entertainment 2.2%
	11,222	Sea Ltd., ADR*		801,475
		Interactive Media & Services 3.2%
	386,403	Baltic Classifieds Group PLC		1,163,881

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX /WIFMX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		IT Consulting & Other Services 15.7%
	998	Elm Co.	$	228,074
	797,025	FPT Corp.		4,079,267
	8,052	Globant SA*		1,435,350
				5,742,691
		Life & Health Insurance 1.5%
	6,124	Bupa Arabia for Cooperative Insurance Co.		419,519
	15,255	Discovery Ltd.		112,934
				532,453
		Multi-Line Insurance 1.4%
	13,767	Co. for Cooperative Insurance		530,510
		Oil & Gas Refining & Marketing 2.3%
	26,044	Aldrees Petroleum & Transport Services Co.		847,780
		Property & Casualty Insurance 3.7%
	131,622	Qualitas Controladora SAB de CV		1,337,731
		Regional Banks 1.1%
	53,100	Regional SAB de CV		396,240
		Research & Consulting Services 1.1%
	1,247,700	CTOS Digital Bhd.		391,023
		Semiconductors 2.0%
	52,000	Silergy Corp.		737,584
		Soft Drinks & Non-Alcoholic Beverages 0.5%
	2,322,900	Sariguna Primatirta Tbk. PT		179,449
		Total Common Stocks (cost $28,766,002)		37,632,081
		Total Investments (cost $28,766,002) 102.6%§		37,632,081
		Liabilities less Other Assets (2.6%)		(969,698	)
		NET ASSETS 100.0%	$	36,662,383
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 56.01%. ADR American Depositary Receipt. ETF Exchange-Traded Fund. See Notes to Schedules of Investments.

WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND
(WAFMX /WIFMX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2024, the Wasatch Frontier Emerging Small Countries Fund’s investments were in the following countries:

COUNTRY	%
Brazil		10.9
India		13.1
Indonesia		2.2
Malaysia		3.9
Mexico		6.9
Morocco		0.9
Peru		2.0
Philippines		6.6
Poland		1.6
Saudi Arabia		6.4
Singapore		2.1
South Africa		0.3
Sweden		0.6
Taiwan		2.0
Thailand		1.6
United Kingdom		4.1
United States		14.7
Vietnam		20.1
TOTAL		100.0	%

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.8%
		Apparel Retail 1.5%
	22,508	Boot Barn Holdings, Inc.*	$	2,901,956
		Application Software 8.3%
	119,770	Clearwater Analytics Holdings, Inc., Class A*		2,218,141
	31,810	Five9, Inc.*		1,402,821
	36,243	Guidewire Software, Inc.*		4,997,547
	67,137	Q2 Holdings, Inc.*		4,050,375
	115,900	Rakus Co. Ltd.		1,503,795
	182,157	Technology One Ltd.		2,245,830
				16,418,509
		Asset Management & Custody Banks 2.6%
	27,803	Hamilton Lane, Inc., Class A		3,435,895
	111,993	Netwealth Group Ltd.		1,648,024
				5,083,919
		Automotive Parts & Equipment 0.6%
	33,060	XPEL, Inc.*		1,175,614
		Automotive Retail 2.1%
	94,862	Valvoline, Inc.*		4,098,038
		Biotechnology 0.3%
	125,039	C4 Therapeutics, Inc.*		577,680
	122,413	Sangamo Therapeutics, Inc.*		43,861
				621,541
		Broadline Retail 2.4%
	47,490	Ollie’s Bargain Outlet Holdings, Inc.*		4,662,093
		Building Products 1.9%
	49,042	Trex Co., Inc.*		3,634,993
		Cargo Ground Transportation 2.6%
	10,924	Saia, Inc.*		5,181,144
		Consumer Finance 1.1%
	229,772	Five-Star Business Finance Ltd.*		2,184,614
		Diversified Support Services 1.1%
	138,300	Japan Elevator Service Holdings Co. Ltd.		2,229,742
		Drug Retail 1.2%
	174,700	Sugi Holdings Co. Ltd.		2,400,757
		Electrical Components & Equipment 3.2%
	106,896	Voltronic Power Technology Corp.		6,328,925
		Financial Exchanges & Data 0.6%
	217,541	Open Lending Corp., Class A*		1,213,879
		Health Care Equipment 1.5%
	10,532	DiaSorin SpA		1,047,722
	13,814	Inspire Medical Systems, Inc.*		1,848,728
				2,896,450
		Health Care Facilities 4.9%
	44,579	Ensign Group, Inc.		5,513,977
	364,094	Max Healthcare Institute Ltd.		4,100,550
				9,614,527
		Health Care Services 1.4%
	82,934	Dr. Lal PathLabs Ltd.		2,761,835

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Technology 0.7%
	61,450	JMDC, Inc.	$	1,273,729
		Home Furnishing Retail 1.5%
	178,898	Arhaus, Inc.		3,030,532
		Home Improvement Retail 0.7%
	12,962	Floor & Decor Holdings, Inc., Class A*		1,288,552
		Homebuilding 0.8%
	18,293	LGI Homes, Inc.*		1,637,041
		Human Resource & Employment Services 3.3%
	26,817	Paylocity Holding Corp.*		3,535,822
	234,700	SMS Co. Ltd.		2,981,181
				6,517,003
		Industrial Machinery & Supplies & Components 5.9%
	245,623	Elgi Equipments Ltd.		2,112,184
	38,316	Helios Technologies, Inc.		1,829,589
	8,499	Kadant, Inc.		2,496,836
	19,415	RBC Bearings, Inc.*		5,237,779
				11,676,388
		IT Consulting & Other Services 5.7%
	52,099	Endava PLC, ADR*		1,523,375
	30,683	Globant SA*		5,469,551
	54,386	Persistent Systems Ltd.		2,761,633
	64,955	Softcat PLC		1,491,979
				11,246,538
		Leisure Products 0.8%
	43,492	YETI Holdings, Inc.*		1,659,220
		Life Sciences Tools & Services 3.6%
	59,117	Divi’s Laboratories Ltd.		3,254,506
	9,245	Medpace Holdings, Inc.*		3,807,553
				7,062,059
		Managed Health Care 4.0%
	91,254	HealthEquity, Inc.*		7,866,095
		Other Specialty Retail 2.0%
	36,595	Five Below, Inc.*		3,987,757
		Packaged Foods & Meats 1.9%
	29,407	Freshpet, Inc.*		3,804,972
		Personal Care Products 1.7%
	59,011	BellRing Brands, Inc.*		3,371,889
		Pharmaceuticals 1.5%
	142,806	Esperion Therapeutics, Inc.*		317,029
	37,485	Intra-Cellular Therapies, Inc.*		2,567,348
				2,884,377
		Regional Banks 5.0%
	763,658	AU Small Finance Bank Ltd.		6,149,703
	91,387	Bank OZK		3,746,867
				9,896,570
		Research & Consulting Services 1.3%
	128,770	BayCurrent Consulting, Inc.		2,606,883

WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductor Materials & Equipment 2.5%
	74,000	Gudeng Precision Industrial Co. Ltd.	$	1,015,252
	16,696	Nova Ltd.*		3,915,713
				4,930,965
		Semiconductors 7.6%
	32,400	ASPEED Technology, Inc.		4,807,861
	19,320	LEENO Industrial, Inc.		3,265,679
	26,965	Melexis NV		2,312,820
	318,448	Silergy Corp.		4,516,965
				14,903,325
		Specialty Chemicals 1.7%
	22,029	Balchem Corp.		3,391,365
		Systems Software 1.6%
	11,646	CyberArk Software Ltd.*		3,184,249
		Trading Companies & Distributors 3.7%
	67,403	Diploma PLC		3,523,274
	317,600	MonotaRO Co. Ltd.		3,719,597
				7,242,871
		Transaction & Payment Processing Services 4.0%
	61,300	GMO Payment Gateway, Inc.		3,393,963
	61,304	Shift4 Payments, Inc., Class A*		4,496,648
				7,890,611
		Total Common Stocks (cost $145,159,992)		194,761,527
		Total Investments (cost $145,159,992) 98.8%§		194,761,527
		Other Assets less Liabilities 1.2%		2,312,737
		NET ASSETS 100.0%	$	197,074,264
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 38.38%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Global Opportunities Fund’s investments were in the following countries:

COUNTRY	%
Australia		2.0
Belgium		1.2
India		12.0
Israel		3.6
Italy		0.5
Japan		10.3
South Korea		1.7
Taiwan		8.6
United Kingdom		3.4
United States		56.7
TOTAL		100.0	%

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.4%
		Application Software 18.4%
	8,399	Dassault Systemes SE	$	315,811
	5,773	Descartes Systems Group, Inc.*		559,344
	612	HubSpot, Inc.*		360,951
	1,126	Roper Technologies, Inc.		634,681
	919	Tyler Technologies, Inc.*		462,055
	3,285	Xero Ltd.*		297,084
				2,629,926
		Broadline Retail 4.0%
	346	MercadoLibre, Inc.*		568,616
		Building Products 5.8%
	17,086	Assa Abloy AB, Class B		483,885
	4,752	Trex Co., Inc.*		352,218
				836,103
		Cargo Ground Transportation 2.8%
	2,268	Old Dominion Freight Line, Inc.		400,529
		Consumer Finance 4.0%
	6,760	Bajaj Finance Ltd.		576,108
		Distributors 2.9%
	1,356	Pool Corp.		416,740
		Diversified Banks 4.1%
	29,424	HDFC Bank Ltd.		594,194
		Diversified Support Services 4.9%
	12,832	Copart, Inc.*		694,981
		Drug Retail 2.4%
	25,400	Sugi Holdings Co. Ltd.		349,051
		Electrical Components & Equipment 2.2%
	42,700	WEG SA		322,269
		Electronic Components 4.6%
	9,774	Amphenol Corp., Class A		658,474
		Electronic Equipment & Instruments 3.1%
	12,824	Halma PLC		437,113
		Financial Exchanges & Data 5.5%
	1,494	MarketAxess Holdings, Inc.		299,592
	1,632	Morningstar, Inc.		482,827
				782,419
		Health Care Equipment 1.7%
	2,503	DiaSorin SpA		248,998
		Industrial Machinery & Supplies & Components 3.6%
	1,890	RBC Bearings, Inc.*		509,884
		Interactive Media & Services 3.4%
	6,363	Scout24 SE		486,157
		IT Consulting & Other Services 2.1%
	1,694	Globant SA*		301,972
		Life Sciences Tools & Services 4.6%
	2,110	ICON PLC*		661,422

WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Managed Health Care 4.4%
	7,341	HealthEquity, Inc.*	$	632,794
		Other Specialty Retail 2.2%
	2,897	Five Below, Inc.*		315,686
		Research & Consulting Services 1.7%
	11,880	BayCurrent Consulting, Inc.		240,505
		Semiconductor Materials & Equipment 2.1%
	1,336	Lasertec Corp.		299,906
		Semiconductors 4.5%
	411	Monolithic Power Systems, Inc.		337,710
	21,419	Silergy Corp.		303,814
				641,524
		Trading Companies & Distributors 2.5%
	30,376	MonotaRO Co. Ltd.		355,751
		Transaction & Payment Processing Services 2.9%
	3,108	Block, Inc.*		200,435
	3,938	GMO Payment Gateway, Inc.		218,033
				418,468
		Total Common Stocks (cost $11,955,634)		14,379,590
		Total Investments (cost $11,955,634) 100.4%§		14,379,590
		Liabilities less Other Assets (0.4%)		(52,480	)
		NET ASSETS 100.0%	$	14,327,110
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 36.34%. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Global Select Fund’s investments were in the following countries:

COUNTRY	%
Australia		2.1
Brazil		2.2
Canada		3.9
France		2.2
Germany		3.4
India		8.1
Ireland		4.6
Italy		1.7
Japan		10.2
Sweden		3.4
Taiwan		2.1
United Kingdom		3.0
United States		53.1
TOTAL		100.0	%

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.9%
		Broadline Retail 2.1%
	315,000	Alibaba Group Holding Ltd.	$	2,839,044
		Diversified Banks 13.1%
	53,000	Citigroup, Inc.		3,363,380
	190,000	ING Groep NV, ADR		3,256,600
	21,500	JPMorgan Chase & Co.		4,348,590
	34,000	Toronto-Dominion Bank		1,868,937
	210,000	United Overseas Bank Ltd.		4,843,927
				17,681,434
		Diversified Metals & Mining 2.2%
	105,000	BHP Group Ltd.		3,001,105
		Electric Utilities 11.5%
	66,000	Duke Energy Corp.		6,615,180
	68,500	Evergy, Inc.		3,628,445
	154,000	Exelon Corp.		5,329,940
				15,573,565
		Electronic Manufacturing Services 0.6%
	130,000	Hon Hai Precision Industry Co. Ltd.		855,910
		Food Retail 5.5%
	151,000	Koninklijke Ahold Delhaize NV		4,443,490
	243,000	Seven & i Holdings Co. Ltd.		2,969,499
				7,412,989
		Health Care Services 3.5%
	35,000	Quest Diagnostics, Inc.		4,790,800
		Industrial REITs 2.0%
	1,730,000	Mapletree Industrial Trust		2,689,729
		Integrated Oil & Gas 9.0%
	20,000	Chevron Corp.		3,128,400
	92,000	Suncor Energy, Inc.		3,507,036
	82,000	TotalEnergies SE		5,490,206
				12,125,642
		Integrated Telecommunication Services 8.4%
	225,000	AT&T, Inc.		4,299,750
	15,700,000	Telkom Indonesia Persero Tbk. PT		2,982,797
	100,000	Verizon Communications, Inc.		4,124,000
				11,406,547
		IT Consulting & Other Services 2.1%
	36,500	Amdocs Ltd.		2,880,580
		Multi-Line Insurance 2.4%
	100,000	AXA SA		3,277,124
		Other Specialized REITs 2.4%
	115,000	VICI Properties, Inc.		3,293,600
		Packaged Foods & Meats 2.6%
	111,000	Kraft Heinz Co.		3,576,420
		Personal Care Products 2.0%
	145,000	Kenvue, Inc.		2,636,100

WASATCH GLOBAL VALUE FUND (FMIEX / WILCX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 11.2%
	80,000	Bristol-Myers Squibb Co.	$	3,322,400
	42,500	Johnson & Johnson		6,211,800
	53,000	Novartis AG		5,642,996
				15,177,196
		Property & Casualty Insurance 2.8%
	54,000	Axis Capital Holdings Ltd.		3,815,100
		Rail Transportation 3.4%
	20,500	Union Pacific Corp.		4,638,330
		Reinsurance 3.2%
	8,700	Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		4,349,611
		Retail REITs 2.5%
	172,000	Kimco Realty Corp.		3,347,120
		Technology Hardware, Storage & Peripherals 2.3%
	53,000	Samsung Electronics Co. Ltd.		3,119,250
		Tobacco 4.1%
	86,000	KT&G Corp.		5,495,129
		Total Common Stocks (cost $117,661,586)		133,982,325
		Total Investments (cost $117,661,586) 98.9%§		133,982,325
		Other Assets less Liabilities 1.1%		1,511,911
		NET ASSETS 100.0%	$	135,494,236
		§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 38.38%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Global Value Fund’s investments were in the following countries:

COUNTRY	%
Australia		2.2
Canada		4.0
China		2.1
France		6.6
Germany		3.3
Indonesia		2.2
Japan		2.2
Netherlands		5.8
Singapore		5.6
South Korea		6.4
Switzerland		4.2
Taiwan		0.6
United States		54.8
TOTAL		100.0	%

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 96.2%
		Apparel, Accessories & Luxury Goods 3.6%
	14,500	Shenzhou International Group Holdings Ltd.	$	141,642
		Broadline Retail 1.0%
	300	PDD Holdings, Inc., ADR*		39,885
		Distillers & Vintners 7.7%
	1,100	Kweichow Moutai Co. Ltd., Class A		221,630
	4,900	Wuliangye Yibin Co. Ltd., Class A*		86,138
				307,768
		Diversified Banks 1.3%
	11,500	China Merchants Bank Co. Ltd., Class H		52,258
		Drug Retail 4.1%
	48,717	Yifeng Pharmacy Chain Co. Ltd., Class A		164,283
		Electrical Components & Equipment 3.4%
	5,440	Contemporary Amperex Technology Co. Ltd., Class A		134,757
		Electronic Components 3.1%
	36,100	Shenzhen H&T Intelligent Control Co. Ltd., Class A		53,104
	8,000	Sinbon Electronics Co. Ltd.		71,977
				125,081
		Electronic Equipment & Instruments 2.7%
	4,200	Shanghai BOCHU Electronic Technology Corp. Ltd., Class A		106,643
		Health Care Equipment 4.4%
	4,400	Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		176,037
		Hotels, Resorts & Cruise Lines 5.5%
	65,800	H World Group Ltd.		218,886
		Industrial Machinery & Supplies & Components 17.9%
	8,100	Airtac International Group		245,854
	25,350	Shenzhen Envicool Technology Co. Ltd., Class A		74,289
	26,163	Shenzhen Inovance Technology Co. Ltd., Class A		184,502
	18,278	Techtronic Industries Co. Ltd.		208,367
				713,012
		Interactive Media & Services 8.0%
	6,700	Tencent Holdings Ltd.		317,850
		Life & Health Insurance 4.8%
	14,100	AIA Group Ltd.		95,397
	21,000	Ping An Insurance Group Co. of China Ltd., Class H		95,142
				190,539
		Life Sciences Tools & Services 2.1%
	6,100	Hangzhou Tigermed Consulting Co. Ltd., Class A		40,721
	30,687	Wuxi Biologics Cayman, Inc.*		45,161
				85,882
		Other Specialty Retail 0.9%
	4,200	China Tourism Group Duty Free Corp. Ltd., Class A		35,995
		Packaged Foods & Meats 1.0%
	8,187	Foshan Haitian Flavouring & Food Co. Ltd., Class A		38,766
		Personal Care Products 3.8%
	10,037	Proya Cosmetics Co. Ltd., Class A		152,975

WASATCH GREATER CHINA FUND (WAGCX / WGGCX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Regional Banks 1.4%
	18,500	Bank of Ningbo Co. Ltd., Class A	$	56,033
		Restaurants 4.7%
	13,100	Meituan, Class B*		186,207
		Semiconductors 10.8%
	1,814	3peak, Inc., Class A*		24,347
	20,700	Silergy Corp.		293,615
	41,256	Sino Wealth Electronic Ltd., Class A		111,399
				429,361
		Specialized Finance 1.7%
	14,078	Chailease Holding Co. Ltd.		66,448
		Systems Software 2.3%
	34,700	Hangzhou Dptech Technologies Co. Ltd., Class A		56,450
	5,000	Sangfor Technologies, Inc., Class A		34,676
				91,126
		Total Common Stocks (cost $6,295,881)		3,831,434
		Total Investments (cost $6,295,881) 96.2%§		3,831,434
		Other Assets less Liabilities 3.8%		150,198
		NET ASSETS 100.0%	$	3,981,632
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 95.23%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Greater China Fund’s investments were in the following countries:

COUNTRY	%
China		74.4
Hong Kong		7.9
Taiwan		17.7
TOTAL		100.0	%

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.4%
		Application Software 9.9%
	446,641	Bytes Technology Group PLC	$	3,121,536
	121,903	Descartes Systems Group, Inc.*		11,811,149
	15,208	Kinaxis, Inc.*		1,753,747
	338,600	Rakus Co. Ltd.		4,393,314
	719,158	Technology One Ltd.		8,866,565
				29,946,311
		Asset Management & Custody Banks 3.8%
	324,808	JTC PLC		3,934,232
	516,316	Netwealth Group Ltd.		7,597,806
				11,532,038
		Brewers 1.1%
	43,287	Royal Unibrew AS*		3,433,119
		Broadline Retail 1.8%
	323,900	Ryohin Keikaku Co. Ltd.		5,390,324
		Building Products 2.1%
	332,787	Munters Group AB		6,267,623
		Commercial & Residential Mortgage Finance 1.9%
	1,055,028	OSB Group PLC		5,698,525
		Commodity Chemicals 0.6%
	294,389	Berger Paints India Ltd.		1,778,412
		Construction & Engineering 0.4%
	287,122	Johns Lyng Group Ltd.		1,086,104
		Consumer Finance 0.6%
	184,532	Five-Star Business Finance Ltd.*		1,754,483
		Diversified Banks 0.5%
	87,700	Rakuten Bank Ltd.*		1,598,756
		Diversified Real Estate Activities 1.2%
	471,461	Patrizia SE		3,578,601
		Diversified Support Services 2.9%
	554,493	Japan Elevator Service Holdings Co. Ltd.		8,939,814
		Drug Retail 3.1%
	628,132	Raia Drogasil SA		2,885,535
	480,300	Sugi Holdings Co. Ltd.		6,600,365
				9,485,900
		Electrical Components & Equipment 3.5%
	177,969	Voltronic Power Technology Corp.		10,536,901
		Electronic Equipment & Instruments 3.1%
	274,285	Halma PLC		9,349,153
		Health Care Equipment 1.6%
	48,674	DiaSorin SpA		4,842,083
		Health Care Facilities 1.5%
	405,422	Max Healthcare Institute Ltd.		4,566,000
		Health Care Services 0.9%
	83,584	Dr. Lal PathLabs Ltd.		2,783,481

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Technology 2.4%
	130,927	JMDC, Inc.	$	2,713,842
	49,161	Pro Medicus Ltd.		4,668,937
				7,382,779
		Human Resource & Employment Services 2.9%
	534,305	SMS Co. Ltd.		6,786,792
	47,100	Visional, Inc.*		2,108,258
				8,895,050
		Industrial Machinery & Supplies & Components 4.0%
	118,000	Airtac International Group		3,581,576
	579,366	Elgi Equipments Ltd.		4,982,137
	76,603	Stabilus SE		3,510,089
				12,073,802
		Interactive Media & Services 4.7%
	117,838	Hemnet Group AB		3,549,901
	218,813	Rightmove PLC		1,477,000
	118,931	Scout24 SE		9,086,780
				14,113,681
		Investment Banking & Brokerage 1.6%
	1,011,051	AJ Bell PLC		4,850,272
		IT Consulting & Other Services 6.9%
	109,418	Endava PLC, ADR*		3,199,383
	28,465	Globant SA*		5,074,171
	24,875	Persistent Systems Ltd.		1,263,112
	19,868	Reply SpA		2,929,517
	364,212	Softcat PLC		8,365,739
				20,831,922
		Life Sciences Tools & Services 0.9%
	26,896	Gerresheimer AG		2,890,329
		Movies & Entertainment 1.9%
	68,534	CTS Eventim AG & Co. KGaA		5,705,416
		Property & Casualty Insurance 4.5%
	202,868	Definity Financial Corp.		6,670,080
	675,018	Qualitas Controladora SAB de CV		6,860,500
				13,530,580
		Regional Banks 3.8%
	834,624	AU Small Finance Bank Ltd.		6,721,189
	69,609	EQB, Inc.		4,744,229
				11,465,418
		Research & Consulting Services 1.4%
	214,800	BayCurrent Consulting, Inc.		4,348,517
		Semiconductor Materials & Equipment 1.1%
	145,200	Japan Material Co. Ltd.		2,008,671
	14,346	Tokai Carbon Korea Co. Ltd.		1,386,716
				3,395,387
		Semiconductors 7.9%
	39,500	ASPEED Technology, Inc.		5,861,435
	45,509	LEENO Industrial, Inc.		7,692,431
	33,474	Melexis NV		2,871,105
	18,100	Mitsui High-Tec, Inc.		708,380
	486,768	Silergy Corp.		6,904,468
				24,037,819

WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Soft Drinks & Non-Alcoholic Beverages 0.4%
	86,175	Fevertree Drinks PLC	$	1,180,842
		Specialty Chemicals 0.7%
	203,917	Hexpol AB		2,260,456
		Steel 0.3%
	50,896	APL Apollo Tubes Ltd.		947,863
		Systems Software 2.0%
	21,704	CyberArk Software Ltd.*		5,934,308
		Trading Companies & Distributors 8.2%
	238,168	Diploma PLC		12,449,463
	366,168	Howden Joinery Group PLC		4,049,795
	718,248	MonotaRO Co. Ltd.		8,411,817
				24,911,075
		Transaction & Payment Processing Services 2.3%
	123,500	GMO Payment Gateway, Inc.		6,837,755
		Total Common Stocks (cost $208,333,294)		298,160,899
		Total Investments (cost $208,333,294) 98.4%§		298,160,899
		Other Assets less Liabilities 1.6%		4,740,296
		NET ASSETS 100.0%	$	302,901,195
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 80.29%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch International Growth Fund’s investments were in the following countries:

COUNTRY	%
Australia		7.5
Belgium		1.0
Brazil		1.0
Canada		8.4
Denmark		1.2
Germany		8.3
India		8.3
Israel		2.0
Italy		2.6
Japan		20.4
Mexico		2.3
South Korea		3.0
Sweden		4.0
Taiwan		9.0
United Kingdom		19.3
United States		1.7
TOTAL		100.0	%

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 99.3%
		Advertising 0.4%
	219,746	YouGov PLC	$	1,127,790
		Alternative Carriers 1.1%
	243,307	Chief Telecom, Inc.		2,706,957
		Application Software 13.9%
	50,022	Atoss Software SE		5,982,477
	816,755	Bytes Technology Group PLC		5,708,230
	17,482	Esker SA		3,292,880
	635,931	Fortnox AB		3,825,778
	242,900	m-up Holdings, Inc.		2,177,242
	78,724	Mensch und Maschine Software SE		4,653,885
	87,400	Plus Alpha Consulting Co. Ltd.		1,031,376
	259,432	Rakus Co. Ltd.		3,366,114
	49,946	Text SA		950,372
	93,587	Vitec Software Group AB, Class B		4,848,763
				35,837,117
		Asset Management & Custody Banks 4.7%
	845,555	JTC PLC		10,241,773
	85,531	Prudent Corporate Advisory Services Ltd.		1,942,608
				12,184,381
		Commercial & Residential Mortgage Finance 4.6%
	155,334	Aavas Financiers Ltd.*		3,445,871
	822,515	Mortgage Advice Bureau Holdings Ltd.		8,505,079
				11,950,950
		Commodity Chemicals 2.4%
	506,232	Berger Paints India Ltd.		3,058,162
	43,947	Supreme Industries Ltd.		3,132,038
				6,190,200
		Construction & Engineering 1.5%
	1,017,592	Johns Lyng Group Ltd.		3,849,272
		Consumer Finance 3.7%
	127,859	Moltiply Group SpA		4,672,351
	2,431,800	Ngern Tid Lor PCL		1,225,923
	267,150	Premium Group Co. Ltd.		3,606,976
				9,505,250
		Data Processing & Outsourced Services 0.7%
	944,300	Infomart Corp.		1,821,275
		Diversified Support Services 8.2%
	400,853	CMS Info Systems Ltd.		2,365,019
	1,501,231	Frontken Corp. Bhd.		1,415,913
	569,400	Japan Elevator Service Holdings Co. Ltd.		9,180,152
	2,603,950	Johnson Service Group PLC		5,194,226
	681,697	Prestige International, Inc.		2,987,753
				21,143,063
		Electrical Components & Equipment 1.9%
	84,631	Voltronic Power Technology Corp.		5,010,695
		Electronic Equipment & Instruments 0.9%
	108,380	Nayax Ltd.*		2,292,877

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Food Retail 1.9%
	45,195	Rami Levy Chain Stores Hashikma Marketing 2006 Ltd.	$	2,373,426
	2,347,200	Sheng Siong Group Ltd.		2,579,150
				4,952,576
		Health Care Facilities 0.5%
	83,075	Rainbow Children’s Medicare Ltd.*		1,241,181
		Health Care Services 3.3%
	936,988	Vijaya Diagnostic Centre Pvt. Ltd.		8,415,054
		Health Care Technology 6.0%
	115,444	Nexus AG		6,750,461
	91,644	Pro Medicus Ltd.		8,703,648
				15,454,109
		Heavy Electrical Equipment 1.0%
	163,033	Elecon Engineering Co. Ltd.		2,580,981
		Human Resource & Employment Services 3.9%
	7,971	Benefit Systems SA		5,742,912
	336,362	SMS Co. Ltd.		4,272,501
				10,015,413
		Industrial Machinery & Supplies & Components 1.8%
	551,695	Elgi Equipments Ltd.		4,744,186
		Interactive Media & Services 7.2%
	2,356,744	Baltic Classifieds Group PLC		7,098,728
	34,100	Bengo4.com, Inc.*		717,447
	311,979	Hemnet Group AB		9,398,450
	70,439	MarkLines Co. Ltd.		1,334,222
				18,548,847
		Investment Banking & Brokerage 3.5%
	836,697	AJ Bell PLC		4,013,851
	171,100	Strike Co. Ltd.		4,911,402
				8,925,253
		IT Consulting & Other Services 3.6%
	127,300	baudroie, Inc.*		2,798,856
	54,188	Digital Value SpA*		3,493,566
	254,469	R Systems International Ltd.		1,633,835
	79,000	Simplex Holdings, Inc.		1,398,881
				9,325,138
		Metal, Glass & Plastic Containers 0.8%
	211,537	Mold-Tek Packaging Ltd.		2,031,846
		Personal Care Products 2.5%
	417,233	Sarantis SA		4,809,024
	223,043	Warpaint London PLC		1,742,442
				6,551,466
		Property & Casualty Insurance 2.3%
	588,798	Qualitas Controladora SAB de CV		5,984,209
		Real Estate Services 0.7%
	44,244	AZOOM Co. Ltd.		1,679,166
		Regional Banks 1.8%
	69,558	EQB, Inc.		4,740,754
		Research & Consulting Services 4.7%
	10,479,718	CTOS Digital Bhd.		3,284,289
	79,215	Funai Soken Holdings, Inc.		1,131,248
	294,597	NICE Information Service Co. Ltd.		2,423,938
	415,100	SIGMAXYZ Holdings, Inc.		4,106,167
	168,000	Sporton International, Inc.		1,152,158
				12,097,800

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Restaurants 0.3%
	38,100	Gift Holdings, Inc.	$	644,685
		Semiconductor Materials & Equipment 3.2%
	99,000	Gudeng Precision Industrial Co. Ltd.		1,358,242
	322,059	Materials Analysis Technology, Inc.		2,859,562
	41,615	Tokai Carbon Korea Co. Ltd.		4,022,599
				8,240,403
		Semiconductors 4.1%
	39,113	Elmos Semiconductor SE		3,188,637
	43,675	LEENO Industrial, Inc.		7,382,428
				10,571,065
		Trading Companies & Distributors 2.2%
	496,718	Ashtead Technology Holdings PLC		4,772,047
	259,800	IPD Group Ltd.		808,215
				5,580,262
		Total Common Stocks (cost $173,945,414)		255,944,221
		Total Investments (cost $173,945,414) 99.3%§		255,944,221
		Other Assets less Liabilities 0.7%		1,765,350
		NET ASSETS 100.0%	$	257,709,571
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 73.05%. See Notes to Schedules of Investments.

WASATCH INTERNATIONAL OPPORTUNITIES FUND
(WAIOX / WIIOX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2024, the Wasatch International Opportunities Fund’s investments were in the following countries:

COUNTRY	%
Australia		5.2
Canada		1.9
France		1.3
Germany		8.1
Greece		1.9
India		13.5
Israel		1.8
Italy		3.2
Japan		18.4
Malaysia		1.8
Mexico		2.3
Poland		2.6
Singapore		1.0
South Korea		5.4
Sweden		7.1
Taiwan		5.1
Thailand		0.5
United Kingdom		18.9
TOTAL		100.0	%

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 94.6%
		Apparel, Accessories & Luxury Goods 4.5%
	74	Hermes International SCA	$	170,912
		Application Software 12.2%
	1,165	Dassault Systemes SE		43,805
	2,425	Descartes Systems Group, Inc.*		234,958
	2,062	Xero Ltd.*		186,480
				465,243
		Asset Management & Custody Banks 4.4%
	132	Partners Group Holding AG		169,033
		Automobile Manufacturers 2.6%
	244	Ferrari NV		99,574
		Broadline Retail 6.7%
	2,780	Dollarama, Inc.		253,828
		Building Products 8.3%
	8,259	Assa Abloy AB, Class B		233,899
	963	Kingspan Group PLC		81,843
				315,742
		Diversified Banks 1.0%
	2,100	Rakuten Bank Ltd.*		38,283
		Drug Retail 2.5%
	6,900	Sugi Holdings Co. Ltd.		94,821
		Electrical Components & Equipment 1.4%
	866	Prysmian SpA		53,464
		Electronic Equipment & Instruments 6.1%
	6,779	Halma PLC		231,066
		Health Care Equipment 2.9%
	1,115	DiaSorin SpA		110,920
		Hotels, Resorts & Cruise Lines 1.6%
	930	Amadeus IT Group SA		61,886
		Industrial Machinery & Supplies & Components 2.3%
	156	VAT Group AG		88,087
		Interactive Media & Services 11.3%
	1,644	REA Group Ltd.		214,665
	2,829	Scout24 SE		216,146
				430,811
		IT Consulting & Other Services 1.6%
	1,217	Endava PLC, ADR*		35,585
	200	Obic Co. Ltd.		25,807
				61,392
		Life Sciences Tools & Services 5.6%
	674	ICON PLC*		211,279
		Property & Casualty Insurance 3.8%
	4,359	Definity Financial Corp.		143,319
		Real Estate Services 4.1%
	1,026	FirstService Corp.		156,144

WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Research & Consulting Services 3.7%
	2,800	BayCurrent Consulting, Inc.	$	56,685
	498	Wolters Kluwer NV		82,239
				138,924
		Semiconductor Materials & Equipment 1.5%
	75	ASM International NV		57,328
		Trading Companies & Distributors 2.3%
	7,300	MonotaRO Co. Ltd.		85,495
		Transaction & Payment Processing Services 4.2%
	98	Adyen NV*		116,392
	800	GMO Payment Gateway, Inc.		44,293
				160,685
		Total Common Stocks (cost $3,035,251)		3,598,236
		Total Investments (cost $3,035,251) 94.6%§		3,598,236
		Other Assets less Liabilities 5.4%		205,771
		NET ASSETS 100.0%	$	3,804,007
		*Non-income producing. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 67.38%. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch International Select Fund’s investments were in the following countries:

COUNTRY	%
Australia		11.2
Canada		21.9
France		6.0
Germany		6.0
Ireland		8.2
Italy		7.3
Japan		9.6
Netherlands		7.1
Spain		1.7
Sweden		6.5
Switzerland		7.1
United Kingdom		7.4
TOTAL		100.0	%

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 112.5%
		Apparel, Accessories & Luxury Goods 1.9%
	20,781	Carter’s, Inc.	$	1,287,799
		Application Software 14.5%
	68,310	Clearwater Analytics Holdings, Inc., Class A* ††		1,265,101
	31,964	Five9, Inc.* ††		1,409,612
	18,599	Guidewire Software, Inc.* ††		2,564,616
	1,691	HubSpot, Inc.* ††		997,335
	3,717	Roper Technologies, Inc.††		2,095,124
	16,470	Sprout Social, Inc., Class A*		587,650
	3,958	Workday, Inc., Class A* ††		884,851
				9,804,289
		Asset Management & Custody Banks 2.6%
	14,465	Hamilton Lane, Inc., Class A††		1,787,585
		Automotive Parts & Equipment 0.9%
	17,019	XPEL, Inc.* ††		605,196
		Automotive Retail 3.7%
	43,680	Monro, Inc.		1,042,205
	33,588	Valvoline, Inc.* ††		1,451,001
				2,493,206
		Biotechnology 2.9%
	114,109	C4 Therapeutics, Inc.*		527,184
	57,441	Nkarta, Inc.*		339,476
	25,452	Nurix Therapeutics, Inc.* ††		531,183
	434,269	Sangamo Therapeutics, Inc.*		155,599
	8,133	Viking Therapeutics, Inc.* ††		431,130
				1,984,572
		Building Products 1.7%
	15,482	Trex Co., Inc.* ††		1,147,526
		Consumer Finance 1.8%
	113,828	EZCORP, Inc., Class A*		1,191,779
		Distributors 2.3%
	5,151	Pool Corp.††		1,583,057
		Electronic Equipment & Instruments 2.4%
	9,814	Novanta, Inc.* ††		1,600,762
		Electronic Manufacturing Services 2.9%
	24,097	Benchmark Electronics, Inc.††		950,868
	4,181	Fabrinet*		1,023,467
				1,974,335
		Financial Exchanges & Data 5.0%
	6,865	MarketAxess Holdings, Inc.††		1,376,638
	6,894	Morningstar, Inc.††		2,039,590
				3,416,228
		Health Care Equipment 2.2%
	5,762	Inspire Medical Systems, Inc.* ††		771,128
	26,744	Silk Road Medical, Inc.*		723,158
				1,494,286
		Health Care Facilities 4.0%
	22,172	Ensign Group, Inc.††		2,742,455

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Services 3.6%
	12,973	Addus HomeCare Corp.* ††	$	1,506,295
	39,034	Pennant Group, Inc.*		905,198
				2,411,493
		Health Care Supplies 1.7%
	4,298	UFP Technologies, Inc.* ††		1,134,113
		Home Improvement Retail 3.0%
	20,405	Floor & Decor Holdings, Inc., Class A* ††		2,028,461
		Homebuilding 1.4%
	13,992	Skyline Champion Corp.* ††		947,958
		Human Resource & Employment Services 3.6%
	25,261	Kelly Services, Inc., Class A††		540,838
	14,311	Paylocity Holding Corp.* ††		1,886,905
				2,427,743
		Industrial Machinery & Supplies & Components 6.7%
	8,571	Kadant, Inc.††		2,517,989
	7,571	RBC Bearings, Inc.* ††		2,042,504
				4,560,493
		Investment Banking & Brokerage 2.2%
	26,476	Moelis & Co., Class A		1,505,425
		IT Consulting & Other Services 3.0%
	11,352	Globant SA* ††		2,023,607
		Leisure Products 1.7%
	30,596	YETI Holdings, Inc.* ††		1,167,237
		Life Sciences Tools & Services 2.5%
	4,069	Medpace Holdings, Inc.* ††		1,675,818
		Managed Health Care 3.0%
	23,816	HealthEquity, Inc.* ††		2,052,939
		Oil & Gas Equipment & Services 3.5%
	32,146	Cactus, Inc., Class A††		1,695,380
	109,553	RPC, Inc.		684,706
				2,380,086
		Other Specialty Retail 1.5%
	9,515	Five Below, Inc.*		1,036,850
		Packaged Foods & Meats 2.1%
	11,100	Freshpet, Inc.* ††		1,436,229
		Paper Products 1.8%
	25,552	Clearwater Paper Corp.* ††		1,238,505
		Pharmaceuticals 3.1%
	252,859	Esperion Therapeutics, Inc.*		561,347
	22,458	Intra-Cellular Therapies, Inc.* ††		1,538,148
				2,099,495
		Property & Casualty Insurance 2.4%
	22,997	Axis Capital Holdings Ltd.††		1,624,738
		Regional Banks 2.4%
	39,090	Bank OZK††		1,602,690
		Research & Consulting Services 2.9%
	13,184	ICF International, Inc.††		1,957,297

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Self-Storage REITs 3.2%
	52,399	National Storage Affiliates Trust††	$	2,159,887
		Semiconductors 1.9%
	1,549	Monolithic Power Systems, Inc.††		1,272,782
		Specialty Chemicals 2.2%
	11,903	Innospec, Inc.††		1,471,092
		Technology Distributors 1.4%
	20,768	ScanSource, Inc.* ††		920,230
		Trading Companies & Distributors 1.4%
	7,967	Transcat, Inc.* ††		953,491
		Transaction & Payment Processing Services 1.5%
	15,597	Block, Inc.* ††		1,005,851
		Total Common Stocks (cost $68,122,929)		76,207,585
		WARRANTS 0.0%
		Biotechnology 0.0%
	178,571	Sangamo Therapeutics, Inc., expiring 9/26/2029* *** †		8,929
		Total Warrants (cost $36,978)		8,929
		COMMON STOCKS SOLD SHORT (32.2%)
		Advertising 0.8%
	(29,517)	Thryv Holdings, Inc.*		(525,993	)
		Aerospace & Defense 1.7%
	(129,253)	Rocket Lab USA, Inc.*		(620,414	)
	(15,295)	Spirit AeroSystems Holdings, Inc., Class A*		(502,747	)
				(1,123,161	)
		Alternative Carriers 0.7%
	(425,630)	Globalstar, Inc.*		(476,706	)
		Aluminum 0.5%
	(20,880)	Century Aluminum Co.*		(349,740	)
		Apparel Retail 0.4%
	(18,519)	Revolve Group, Inc.*		(294,637	)
		Application Software 4.0%
	(32,681)	Asana, Inc., Class A*		(457,207	)
	(17,493)	Confluent, Inc., Class A*		(516,568	)
	(61,830)	Domo, Inc., Class B*		(477,328	)
	(7,671)	Nutanix, Inc., Class A*		(436,096	)
	(37,877)	Sprinklr, Inc., Class A*		(364,377	)
	(87,995)	Yext, Inc.*		(470,773	)
				(2,722,349	)
		Asset Management & Custody Banks 0.4%
	(2,057)	ARES Management Corp., Class A		(274,157	)
		Biotechnology 0.7%
	(9,037)	CRISPR Therapeutics AG*		(488,088	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Broadcasting 0.4%
	(265,203)	iHeartMedia, Inc., Class A*	$	(289,071	)
		Communications Equipment 0.8%
	(3,746)	Ubiquiti, Inc.		(545,642	)
		Electrical Components & Equipment 0.6%
	(36,768)	Sunrun, Inc.*		(436,069	)
		Electronic Equipment & Instruments 0.8%
	(221,958)	SmartRent, Inc.*		(530,480	)
		Health Care Equipment 2.0%
	(45,894)	Alphatec Holdings, Inc.*		(479,592	)
	(57,121)	Nevro Corp.*		(480,959	)
	(64,583)	Pulmonx Corp.*		(409,456	)
				(1,370,007	)
		Health Care REITs 0.6%
	(3,810)	Welltower, Inc.		(397,193	)
		Health Care Supplies 0.5%
	(7,106)	Establishment Labs Holdings, Inc.*		(322,897	)
		Heavy Electrical Equipment 0.5%
	(27,988)	Bloom Energy Corp., Class A*		(342,573	)
		Hotel & Resort REITs 0.3%
	(11,702)	Park Hotels & Resorts, Inc.		(175,296	)
		Hotels, Resorts & Cruise Lines 1.5%
	(1,899)	Hyatt Hotels Corp., Class A		(288,496	)
	(76,617)	Lindblad Expeditions Holdings, Inc.*		(739,354	)
				(1,027,850	)
		Human Resource & Employment Services 0.8%
	(10,298)	Dayforce, Inc.*		(510,781	)
		Interactive Home Entertainment 0.8%
	(14,685)	ROBLOX Corp., Class A*		(546,429	)
		Interactive Media & Services 1.6%
	(152,689)	Angi, Inc.*		(293,163	)
	(35,905)	Getty Images Holdings, Inc.*		(117,050	)
	(246,196)	Nextdoor Holdings, Inc.*		(684,425	)
				(1,094,638	)
		Leisure Facilities 0.8%
	(27,073)	Life Time Group Holdings, Inc.*		(509,785	)
		Life Sciences Tools & Services 0.6%
	(4,158)	Revvity, Inc.		(436,008	)
		Multi-Family Residential REITs 0.5%
	(19,394)	Elme Communities		(308,946	)
		Multi-Utilities 0.3%
	(7,585)	CenterPoint Energy, Inc.		(234,983	)
		Other Specialty Retail 0.7%
	(109,517)	Leslie’s, Inc.*		(458,876	)
		Packaged Foods & Meats 0.9%
	(1,823)	J M Smucker Co.		(198,780	)
	(2,031)	Lancaster Colony Corp.		(383,798	)
				(582,578	)

WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Passenger Airlines 0.5%
	(65,389)	Joby Aviation, Inc.*	$	(333,484	)
		Personal Care Products 0.5%
	(30,267)	Coty, Inc., Class A*		(303,275	)
		Real Estate Development 0.8%
	(8,524)	Howard Hughes Holdings, Inc.*		(552,526	)
		Real Estate Services 0.8%
	(11,714)	Zillow Group, Inc., Class C*		(543,413	)
		Restaurants 1.6%
	(58,608)	Portillo’s, Inc., Class A*		(569,670	)
	(16,724)	Sweetgreen, Inc., Class A*		(504,061	)
				(1,073,731	)
		Semiconductors 0.3%
	(28,494)	SkyWater Technology, Inc.*		(217,979	)
		Specialty Chemicals 0.6%
	(4,281)	Albemarle Corp.		(408,921	)
		Telecom Tower REITs 0.5%
	(1,794)	SBA Communications Corp.		(352,162	)
		Trading Companies & Distributors 0.6%
	(36,043)	Xometry, Inc., Class A*		(416,657	)
		Transaction & Payment Processing Services 1.1%
	(8,080)	Affirm Holdings, Inc.*		(244,097	)
	(43,449)	Remitly Global, Inc.*		(526,602	)
				(770,699	)
		Water Utilities 0.7%
	(9,141)	California Water Service Group		(443,247	)
		Total Investments Sold Short (proceeds $24,041,528) (32.2%)		(21,791,027	)
		Total Investments, Net of Investments Sold Short (cost $44,118,379) 80.3%		54,425,487
		Other Assets less Liabilities 19.7%		13,345,456
		NET ASSETS 100.0%	$	67,770,943
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2024 amounted to approximately $8,929 and represented 0.01% of net assets. ††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 June 30, 2024, the Wasatch Long/Short Alpha Fund’s investments, excluding securities sold short were in the following countries:

COUNTRY	%
United States		100.0
TOTAL		100.0	%

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.7%
		Apparel Retail 2.0%
	96,413	Boot Barn Holdings, Inc.*	$	12,430,528
		Application Software 7.1%
	159,828	Agilysys, Inc.*		16,644,488
	148,907	Q2 Holdings, Inc.*		8,983,559
	253,890	Sprout Social, Inc., Class A*		9,058,795
	1,092,990	Weave Communications, Inc.*		9,858,770
				44,545,612
		Asset Management & Custody Banks 2.9%
	1,844,930	GCM Grosvenor, Inc., Class A		18,006,517
		Automotive Parts & Equipment 2.4%
	61,205	Patrick Industries, Inc.		6,643,803
	233,701	XPEL, Inc.*		8,310,407
				14,954,210
		Biotechnology 4.5%
	609,978	BriaPro Therapeutics Corp.* *** †		6,100
	567,501	C4 Therapeutics, Inc.*		2,621,855
	82,140	Denali Therapeutics, Inc.*		1,907,291
	127,538	Dyne Therapeutics, Inc.*		4,500,816
	344,043	Immatics NV*		3,997,780
	674,997	MacroGenics, Inc.*		2,868,737
	332,999	Nkarta, Inc.*		1,968,024
	233,158	Nurix Therapeutics, Inc.*		4,866,007
	5,289,904	Sangamo Therapeutics, Inc.*		1,895,372
	72,305	Viking Therapeutics, Inc.*		3,832,888
				28,464,870
		Building Products 2.0%
	997,959	Janus International Group, Inc.*		12,604,222
		Communications Equipment 1.1%
	604,008	Harmonic, Inc.*		7,109,174
		Construction & Engineering 3.4%
	213,249	Construction Partners, Inc., Class A*		11,773,477
	163,778	Limbach Holdings, Inc.*		9,323,882
				21,097,359
		Consumer Finance 1.7%
	1,026,620	EZCORP, Inc., Class A*		10,748,712
		Distillers & Vintners 0.0%
	829,212	Vintage Wine Estates, Inc.*		115,426
		Electrical Components & Equipment 1.5%
	368,405	Allient, Inc.		9,309,594
		Electronic Equipment & Instruments 5.5%
	213,585	Napco Security Technologies, Inc.		11,095,741
	343,760	nLight, Inc.*		3,757,297
	65,249	OSI Systems, Inc.*		8,973,042
	222,081	PAR Technology Corp.*		10,457,794
				34,283,874
		Electronic Manufacturing Services 2.0%
	245,622	CTS Corp.		12,435,842

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Financial Exchanges & Data 0.9%
	1,034,525	Open Lending Corp., Class A*	$	5,772,650
		Health Care Equipment 2.7%
	413,323	Artivion, Inc.*		10,601,735
	234,364	Silk Road Medical, Inc.*		6,337,203
				16,938,938
		Health Care Services 6.7%
	178,560	Addus HomeCare Corp.*		20,732,601
	300,678	Castle Biosciences, Inc.*		6,545,760
	637,367	Pennant Group, Inc.*		14,780,541
				42,058,902
		Health Care Supplies 3.2%
	260,076	OrthoPediatrics Corp.*		7,479,786
	48,483	UFP Technologies, Inc.*		12,793,209
				20,272,995
		Health Care Technology 2.3%
	292,923	Simulations Plus, Inc.		14,241,916
		Home Furnishing Retail 1.5%
	554,678	Arhaus, Inc.		9,396,245
		Home Furnishings 0.4%
	2,225,936	Purple Innovation, Inc.*		2,314,974
		Homebuilding 2.5%
	286,207	Dream Finders Homes, Inc., Class A*		7,389,865
	886,085	Landsea Homes Corp.*		8,143,121
				15,532,986
		Human Resource & Employment Services 0.7%
	409,181	DLH Holdings Corp.*		4,320,951
		Industrial Machinery & Supplies & Components 4.6%
	190,158	Helios Technologies, Inc.		9,080,045
	423,073	Kornit Digital Ltd.*		6,193,789
	2,878,930	Markforged Holding Corp.*		1,180,361
	77,629	Standex International Corp.		12,509,913
				28,964,108
		Insurance Brokers 1.0%
	108,251	Goosehead Insurance, Inc., Class A*		6,217,938
		Internet Services & Infrastructure 1.5%
	651,556	BigCommerce Holdings, Inc., Series 1*		5,251,541
	242,396	Couchbase, Inc.*		4,426,151
				9,677,692
		Investment Banking & Brokerage 1.9%
	744,348	Perella Weinberg Partners		12,095,655
		IT Consulting & Other Services 1.8%
	1,043,778	Grid Dynamics Holdings, Inc.*		10,970,107
		Leisure Facilities 1.5%
	583,447	Xponential Fitness, Inc., Class A*		9,101,773
		Leisure Products 1.2%
	390,205	MasterCraft Boat Holdings, Inc.*		7,367,070
		Packaged Foods & Meats 3.3%
	60,167	Freshpet, Inc.*		7,785,008
	1,920,969	Mama’s Creations, Inc.* ‡‡		12,947,331
				20,732,339

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Personal Care Products 1.3%
	560,549	Nature’s Sunshine Products, Inc.*	$	8,447,474
		Pharmaceuticals 2.2%
	77,631	Arvinas, Inc.*		2,066,537
	656,366	Athira Pharma, Inc.*		1,739,370
	4,211,030	Esperion Therapeutics, Inc.*		9,348,487
	7,715,671	PharmaCielo Ltd.* *** §§		874,185
				14,028,579
		Regional Banks 2.7%
	351,385	Esquire Financial Holdings, Inc.		16,725,926
		Research & Consulting Services 1.8%
	77,135	ICF International, Inc.		11,451,462
		Restaurants 2.6%
	309,937	Chuy’s Holdings, Inc.*		8,033,567
	126,583	Kura Sushi USA, Inc., Class A*		7,986,122
				16,019,689
		Semiconductor Materials & Equipment 5.7%
	36,782	Nova Ltd.*		8,626,482
	318,875	PDF Solutions, Inc.*		11,600,673
	336,447	Veeco Instruments, Inc.*		15,715,439
				35,942,594
		Semiconductors 2.8%
	55,680	Impinj, Inc.*		8,728,953
	73,136	SiTime Corp.*		9,096,656
				17,825,609
		Soft Drinks & Non-Alcoholic Beverages 1.7%
	393,293	Vita Coco Co., Inc.*		10,953,210
		Trading Companies & Distributors 1.7%
	90,585	Transcat, Inc.*		10,841,213
		Transaction & Payment Processing Services 1.4%
	1,332,046	Cantaloupe, Inc.*		8,791,504
		Total Common Stocks (cost $509,915,320)		613,110,439
		PREFERRED STOCKS 1.5%
		Textiles 1.5%
	339,559	Johnnie-O Holdings, Inc., Series A Pfd.* *** †		9,039,061
		Total Preferred Stocks (cost $10,000,013)		9,039,061
		WARRANTS 0.0%
		Biotechnology 0.0%
	1,556,949	Sangamo Therapeutics, Inc., expiring 9/26/2029* *** †		77,847

WASATCH MICRO CAP FUND (WMICX / WGICX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 0.0%
	45,000	IM Cannabis Corp., expiring 5/7/2026* *** †	$	—
		Total Warrants (cost $939,374)		77,847
		Total Investments (cost $520,854,707) 99.2%		622,227,347
		Other Assets less Liabilities 0.8%		5,203,801
		NET ASSETS 100.0%	$	627,431,148
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2024 amounted to approximately $9,123,008 and represented 1.45% of net assets. ‡‡Affiliated company (see Note 6). §§The aggregate value of illiquid holdings at June 30, 2024 amounted to approximately $874,185 and represented 0.14% of net assets. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Micro Cap Fund’s investments were in the following countries:

COUNTRY	%
Canada		0.1
Germany		0.7
Israel		2.4
United States		96.8
TOTAL		100.0	%

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 97.6%
		Air Freight & Logistics 1.0%
	549,000	Radiant Logistics, Inc.*	$	3,123,810
		Apparel Retail 1.6%
	135,000	Shoe Carnival, Inc.		4,980,150
		Application Software 4.7%
	307,330	Red Violet, Inc.*		7,806,182
	701,275	Weave Communications, Inc.*		6,325,500
				14,131,682
		Asset Management & Custody Banks 1.9%
	586,895	GCM Grosvenor, Inc., Class A		5,728,095
		Automotive Parts & Equipment 1.0%
	29,000	Patrick Industries, Inc.		3,147,950
		Commercial & Residential Mortgage Finance 1.4%
	406,701	Mortgage Advice Bureau Holdings Ltd.		4,205,424
		Communications Equipment 2.4%
	116,672	Digi International, Inc.*		2,675,289
	383,000	Harmonic, Inc.*		4,507,910
				7,183,199
		Construction & Engineering 7.9%
	139,157	Bowman Consulting Group Ltd.*		4,423,801
	79,500	Construction Partners, Inc., Class A*		4,389,195
	98,000	Granite Construction, Inc.		6,073,060
	82,375	Limbach Holdings, Inc.*		4,689,609
	38,000	Sterling Infrastructure, Inc.*		4,496,920
				24,072,585
		Consumer Finance 2.3%
	652,000	EZCORP, Inc., Class A*		6,826,440
		Diversified Metals & Mining 0.6%
	685,000	Foran Mining Corp.*		1,962,794
		Diversified Support Services 1.8%
	2,797,000	Johnson Service Group PLC		5,579,313
		Education Services 0.8%
	210,000	Lincoln Educational Services Corp.*		2,490,600
		Electrical Components & Equipment 0.6%
	73,000	Allient, Inc.		1,844,710
		Electronic Equipment & Instruments 3.6%
	1,051,000	Luna Innovations, Inc.*		3,363,200
	86,000	Napco Security Technologies, Inc.		4,467,700
	66,000	PAR Technology Corp.*		3,107,940
				10,938,840
		Environmental & Facilities Services 1.2%
	223,000	Aris Water Solutions, Inc., Class A		3,494,410
		Food Distributors 1.5%
	118,800	Chefs’ Warehouse, Inc.*		4,646,268
		Food Retail 1.2%
	127,000	Halows Co. Ltd.		3,534,081

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Gold 0.6%
	798,000	Osisko Mining, Inc.*	$	1,668,272
		Health Care Equipment 3.2%
	1,795,794	AOTI, Inc.*		3,087,285
	165,000	Inmode Ltd.*		3,009,600
	300,526	Tactile Systems Technology, Inc.*		3,588,280
				9,685,165
		Health Care Services 5.4%
	50,059	Addus HomeCare Corp.*		5,812,351
	239,174	InfuSystem Holdings, Inc.*		1,633,558
	199,000	Pennant Group, Inc.*		4,614,810
	679,000	Viemed Healthcare, Inc.*		4,447,450
				16,508,169
		Health Care Supplies 2.2%
	125,000	OrthoPediatrics Corp.*		3,595,000
	12,000	UFP Technologies, Inc.*		3,166,440
				6,761,440
		Health Care Technology 1.2%
	61,000	Nexus AG		3,566,908
		Home Furnishing Retail 1.4%
	255,000	Arhaus, Inc.		4,319,700
		Homebuilding 4.6%
	444,418	Landsea Homes Corp.*		4,084,201
	147,000	Skyline Champion Corp.*		9,959,250
				14,043,451
		Industrial Machinery & Supplies & Components 4.8%
	149,000	Graham Corp.*		4,195,840
	31,000	John Bean Technologies Corp.		2,944,070
	10,000	Kadant, Inc.		2,937,800
	28,000	Standex International Corp.		4,512,200
				14,589,910
		Internet Services & Infrastructure 2.0%
	369,000	BigCommerce Holdings, Inc., Series 1*		2,974,140
	174,524	Couchbase, Inc.*		3,186,808
				6,160,948
		Investment Banking & Brokerage 3.1%
	242,000	JDC Group AG*		5,442,570
	248,000	Perella Weinberg Partners		4,030,000
				9,472,570
		IT Consulting & Other Services 1.2%
	356,000	Grid Dynamics Holdings, Inc.*		3,741,560
		Mortgage REITs 1.2%
	292,276	AFC Gamma, Inc.		3,565,767
		Oil & Gas Exploration & Production 1.4%
	291,000	HighPeak Energy, Inc.		4,091,460
		Packaged Foods & Meats 5.8%
	387,000	BRC, Inc., Class A*		2,372,310
	364,000	Hilton Food Group PLC		4,136,589
	1,707,000	LT Foods Ltd.		5,229,669
	889,000	Mama’s Creations, Inc.*		5,991,860
				17,730,428

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Pharmaceuticals 1.4%
	573,789	Biote Corp., Class A*	$	4,286,204
		Property & Casualty Insurance 3.7%
	145,055	Bowhead Specialty Holdings, Inc.*		3,675,694
	31,800	HCI Group, Inc.		2,931,006
	123,563	Skyward Specialty Insurance Group, Inc.*		4,470,509
				11,077,209
		Regional Banks 3.5%
	59,000	Axos Financial, Inc.*		3,371,850
	94,000	Esquire Financial Holdings, Inc.		4,474,400
	166,000	First Western Financial, Inc.*		2,822,000
				10,668,250
		Research & Consulting Services 3.5%
	39,528	ICF International, Inc.		5,868,327
	2,644,000	Knights Group Holdings PLC		4,746,036
				10,614,363
		Restaurants 0.7%
	220,260	GEN Restaurant Group, Inc.*		1,995,556
		Semiconductor Materials & Equipment 2.6%
	166,000	Veeco Instruments, Inc.*		7,753,860
		Semiconductors 2.7%
	24,800	Impinj, Inc.*		3,887,896
	34,500	SiTime Corp.*		4,291,110
				8,179,006
		Soft Drinks & Non-Alcoholic Beverages 0.9%
	93,000	Vita Coco Co., Inc.*		2,590,050
		Technology Distributors 1.5%
	72,643	Climb Global Solutions, Inc.		4,562,707
		Trading Companies & Distributors 3.5%
	161,000	ADENTRA, Inc.		4,386,148
	79,000	Global Industrial Co.		2,477,440
	130,000	Karat Packaging, Inc.		3,845,400
				10,708,988
		Total Common Stocks (cost $210,002,457)		296,232,292
		WARRANTS 0.0%
		Trading Companies & Distributors 0.0%
	1,447	Greenlane Holdings, Inc., expiring 2/24/2026* *** †		—
		Total Warrants (cost $396,902)		—
		Total Investments (cost $210,399,359) 97.6%		296,232,292
		Other Assets less Liabilities 2.4%		7,342,627
		NET ASSETS 100.0%	$	303,574,919
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2024 amounted to approximately $0 and represented 0.00% of net assets. §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.89%. See Notes to Schedules of Investments.

WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

At June 30, 2024, the Wasatch Micro Cap Value Fund’s investments were in the following countries:

COUNTRY	%
Canada		2.7
Germany		3.0
India		1.8
Israel		1.0
Japan		1.2
United Kingdom		6.3
United States		84.0
TOTAL		100.0	%

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.8%
		Apparel Retail 2.4%
	392,499	Boot Barn Holdings, Inc.*	$	50,604,896
		Application Software 11.4%
	597,319	Agilysys, Inc.*		62,204,800
	897,277	Alkami Technology, Inc.*		25,554,449
	3,580,784	Clearwater Analytics Holdings, Inc., Class A*		66,316,120
	592,611	Five9, Inc.*		26,134,145
	1,178,231	nCino, Inc.*		37,055,365
	738,453	Sprout Social, Inc., Class A*		26,348,003
				243,612,882
		Asset Management & Custody Banks 2.2%
	1,017,328	StepStone Group, Inc., Class A		46,685,182
		Automotive Parts & Equipment 2.4%
	506,110	Fox Factory Holding Corp.*		24,389,441
	728,098	XPEL, Inc.*		25,891,165
				50,280,606
		Broadline Retail 4.9%
	822,077	Global-e Online Ltd.*		29,816,733
	763,009	Ollie’s Bargain Outlet Holdings, Inc.*		74,904,593
				104,721,326
		Building Products 5.1%
	663,524	AAON, Inc.		57,885,834
	1,179,702	AZEK Co., Inc.*		49,700,845
				107,586,679
		Construction & Engineering 2.4%
	908,359	Construction Partners, Inc., Class A*		50,150,500
		Health Care Equipment 2.6%
	211,537	Inspire Medical Systems, Inc.*		28,309,997
	179,213	TransMedics Group, Inc.*		26,993,062
				55,303,059
		Health Care Facilities 4.9%
	755,529	Ensign Group, Inc.		93,451,382
	384,552	PACS Group, Inc.*		11,344,284
				104,795,666
		Health Care Services 2.9%
	381,158	Addus HomeCare Corp.*		44,256,255
	807,023	Castle Biosciences, Inc.*		17,568,891
				61,825,146
		Home Improvement Retail 2.2%
	475,347	Floor & Decor Holdings, Inc., Class A*		47,254,245
		Homebuilding 1.7%
	403,882	LGI Homes, Inc.*		36,143,400
		Human Resource & Employment Services 2.6%
	419,053	Paylocity Holding Corp.*		55,252,138
		Industrial Machinery & Supplies & Components 5.7%
	761,732	Helios Technologies, Inc.		36,372,703
	318,995	RBC Bearings, Inc.*		86,058,471
				122,431,174

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Insurance Brokers 1.3%
	483,065	Goosehead Insurance, Inc., Class A*	$	27,747,254
		IT Consulting & Other Services 4.3%
	330,547	Globant SA*		58,923,308
	3,128,760	Grid Dynamics Holdings, Inc.*		32,883,268
				91,806,576
		Leisure Products 1.7%
	923,440	YETI Holdings, Inc.*		35,229,236
		Life Sciences Tools & Services 3.9%
	202,161	Medpace Holdings, Inc.*		83,260,008
		Managed Health Care 4.3%
	1,063,316	HealthEquity, Inc.*		91,657,839
		Other Specialty Retail 1.8%
	348,716	Five Below, Inc.*		37,999,582
		Packaged Foods & Meats 1.8%
	303,240	Freshpet, Inc.*		39,236,224
		Personal Care Products 3.9%
	1,465,707	BellRing Brands, Inc.*		83,750,498
		Pharmaceuticals 2.2%
	2,908,006	Esperion Therapeutics, Inc.*		6,455,774
	604,119	Intra-Cellular Therapies, Inc.*		41,376,110
				47,831,884
		Regional Banks 2.9%
	776,720	Pinnacle Financial Partners, Inc.		62,168,669
		Restaurants 3.0%
	768,793	Dutch Bros, Inc., Class A*		31,828,030
	351,701	Shake Shack, Inc., Class A*		31,653,090
				63,481,120
		Semiconductor Materials & Equipment 3.3%
	296,112	Nova Ltd.*		69,447,147
		Semiconductors 1.3%
	229,062	SiTime Corp.*		28,490,732
		Specialized Consumer Services 1.0%
	2,860,156	Mister Car Wash, Inc.*		20,364,311
		Systems Software 3.7%
	156,258	CyberArk Software Ltd.*		42,724,063
	958,935	JFrog Ltd.*		36,008,009
				78,732,072
		Trading Companies & Distributors 4.2%
	398,544	SiteOne Landscape Supply, Inc.*		48,387,227
	348,907	Transcat, Inc.*		41,757,190
				90,144,417
		Transaction & Payment Processing Services 0.8%
	1,032,359	Flywire Corp.*		16,920,364
		Total Common Stocks (cost $1,528,945,142)		2,104,914,832

WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		PREFERRED STOCKS 1.2%
		Systems Software 0.4%
	1,114,610	DataStax, Inc., Series E Pfd.* *** †	$	8,838,857
		Textiles 0.8%
	611,205	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		16,270,277
		Total Preferred Stocks (cost $25,999,989)		25,109,134
		Total Investments (cost $1,554,945,131) 100.0%		2,130,023,966
		Liabilities less Other Assets (0.0%)		(11,403	)
		NET ASSETS 100.0%	$	2,130,012,563
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2024 amounted to approximately $25,109,134 and represented 1.18% of net assets. ‡‡Affiliated company (see Note 6). See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Small Cap Growth Fund’s investments were in the following countries:

COUNTRY	%
Israel		6.7
United States		93.3
TOTAL		100.0	%

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.0%
		Apparel Retail 1.7%
	195,968	Boot Barn Holdings, Inc.*	$	25,266,154
		Apparel, Accessories & Luxury Goods 1.5%
	345,303	Carter’s, Inc.		21,398,427
		Application Software 2.1%
	259,644	Five9, Inc.*		11,450,301
	144,598	Guidewire Software, Inc.*		19,938,618
				31,388,919
		Asset Management & Custody Banks 6.2%
	747,741	Artisan Partners Asset Management, Inc., Class A		30,859,271
	430,854	Cohen & Steers, Inc.		31,262,767
	227,128	Hamilton Lane, Inc., Class A		28,068,478
				90,190,516
		Automotive Parts & Equipment 0.8%
	245,742	Fox Factory Holding Corp.*		11,842,307
		Automotive Retail 2.6%
	870,424	Valvoline, Inc.*		37,602,317
		Broadline Retail 2.3%
	335,695	Ollie’s Bargain Outlet Holdings, Inc.*		32,955,178
		Building Products 3.3%
	1,370,309	Janus International Group, Inc.*		17,307,003
	270,502	UFP Industries, Inc.		30,296,224
				47,603,227
		Cargo Ground Transportation 1.7%
	51,438	Saia, Inc.*		24,396,529
		Construction & Engineering 1.8%
	433,272	Granite Construction, Inc.		26,849,866
		Construction Machinery & Heavy Transportation Equipment 4.0%
	499,481	Allison Transmission Holdings, Inc.		37,910,608
	921,288	Wabash National Corp.		20,120,930
				58,031,538
		Education Services 2.2%
	229,822	Grand Canyon Education, Inc.*		32,154,396
		Electronic Equipment & Instruments 1.6%
	1,811,409	Arlo Technologies, Inc.*		23,620,773
		Electronic Manufacturing Services 4.9%
	352,975	Benchmark Electronics, Inc.		13,928,393
	708,633	CTS Corp.		35,878,089
	91,383	Fabrinet*		22,369,645
				72,176,127
		Financial Exchanges & Data 0.6%
	1,703,877	Open Lending Corp., Class A*		9,507,634
		Health Care Facilities 2.3%
	267,619	Ensign Group, Inc.		33,101,794
		Health Care Services 0.8%
	897,182	Cross Country Healthcare, Inc.*		12,416,999

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Health Care Supplies 1.6%
	90,774	UFP Technologies, Inc.*	$	23,952,535
		Homebuilding 3.4%
	261,632	LGI Homes, Inc.*		23,413,448
	378,867	Skyline Champion Corp.*		25,668,239
				49,081,687
		Industrial Machinery & Supplies & Components 5.6%
	301,176	Helios Technologies, Inc.		14,381,154
	159,045	Kadant, Inc.		46,724,240
	124,582	Standex International Corp.		20,076,389
				81,181,783
		Investment Banking & Brokerage 2.0%
	509,153	Moelis & Co., Class A		28,950,440
		Leisure Products 1.9%
	714,632	YETI Holdings, Inc.*		27,263,211
		Life Sciences Tools & Services 1.7%
	58,697	Medpace Holdings, Inc.*		24,174,359
		Managed Health Care 1.8%
	301,162	HealthEquity, Inc.*		25,960,164
		Mortgage REITs 1.4%
	1,403,263	Arbor Realty Trust, Inc.		20,136,824
		Oil & Gas Equipment & Services 1.6%
	454,408	Cactus, Inc., Class A		23,965,478
		Oil & Gas Exploration & Production 4.3%
	1,248,189	Magnolia Oil & Gas Corp., Class A		31,629,109
	533,440	Matador Resources Co.		31,793,024
				63,422,133
		Other Specialty Retail 3.5%
	122,946	Five Below, Inc.*		13,397,426
	1,662,140	Sally Beauty Holdings, Inc.*		17,834,762
	221,351	Signet Jewelers Ltd.		19,828,622
				51,060,810
		Pharmaceuticals 0.8%
	177,549	Intra-Cellular Therapies, Inc.*		12,160,331
		Property & Casualty Insurance 1.2%
	249,262	Axis Capital Holdings Ltd.		17,610,360
		Regional Banks 9.5%
	378,447	Axos Financial, Inc.*		21,628,246
	721,154	Bank OZK		29,567,314
	601,643	FB Financial Corp.		23,482,126
	235,456	Hancock Whitney Corp.		11,261,861
	409,790	Pinnacle Financial Partners, Inc.		32,799,592
	325,596	ServisFirst Bancshares, Inc.		20,574,411
				139,313,550
		Research & Consulting Services 2.3%
	226,827	ICF International, Inc.		33,674,736
		Self-Storage REITs 2.6%
	938,921	National Storage Affiliates Trust		38,702,324

WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Semiconductor Materials & Equipment 3.2%
	101,580	Nova Ltd.*	$	23,823,557
	483,401	Veeco Instruments, Inc.*		22,579,661
				46,403,218
		Semiconductors 1.4%
	162,257	SiTime Corp.*		20,181,526
		Specialized Consumer Services 0.8%
	1,629,945	Mister Car Wash, Inc.*		11,605,208
		Specialty Chemicals 2.3%
	277,825	Innospec, Inc.		34,336,392
		Steel 1.4%
	379,469	Commercial Metals Co.		20,867,000
		Technology Distributors 1.5%
	492,522	ScanSource, Inc.*		21,823,650
		Transaction & Payment Processing Services 1.8%
	254,514	Euronet Worldwide, Inc.*		26,342,199
		Total Common Stocks (cost $1,093,213,878)		1,432,672,619
		Total Investments (cost $1,093,213,878) 98.0%		1,432,672,619
		Other Assets less Liabilities 2.0%		28,779,627
		NET ASSETS 100.0%	$	1,461,452,246
		*Non-income producing. REIT Real Estate Investment Trust. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Small Cap Value Fund’s investments were in the following countries:

COUNTRY	%
Israel		1.7
United States		98.3
TOTAL		100.0	%

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 98.0%
		Application Software 6.2%
	305,323	Five9, Inc.*	$	13,464,744
	371,447	nCino, Inc.*		11,682,008
	300,733	Q2 Holdings, Inc.*		18,143,222
	496,200	Sprout Social, Inc., Class A*		17,704,416
				60,994,390
		Biotechnology 9.0%
	2,490,779	C4 Therapeutics, Inc.*		11,507,399
	297,731	Denali Therapeutics, Inc.*		6,913,314
	191,918	Dyne Therapeutics, Inc.*		6,772,786
	468,677	Exact Sciences Corp.*		19,801,603
	719,314	Exagen, Inc.*		1,309,152
	461,258	Immatics NV*		5,359,818
	1,633,873	MacroGenics, Inc.*		6,943,960
	923,930	Nkarta, Inc.*		5,460,426
	548,977	Nurix Therapeutics, Inc.*		11,457,150
	11,815,351	Sangamo Therapeutics, Inc.* ‡‡		4,233,440
	159,793	Viking Therapeutics, Inc.*		8,470,627
				88,229,675
		Broadline Retail 1.9%
	185,511	Ollie’s Bargain Outlet Holdings, Inc.*		18,211,615
		Building Products 2.0%
	258,149	Trex Co., Inc.*		19,134,004
		Distributors 1.6%
	49,298	Pool Corp.		15,150,754
		Environmental & Facilities Services 2.1%
	205,725	Casella Waste Systems, Inc., Class A*		20,412,035
		Financial Exchanges & Data 2.4%
	63,310	MarketAxess Holdings, Inc.		12,695,555
	1,879,778	Open Lending Corp., Class A*		10,489,161
				23,184,716
		Footwear 1.5%
	372,720	On Holding AG, Class A*		14,461,536
		Health Care Equipment 5.1%
	463,571	Artivion, Inc.*		11,890,596
	726,348	AtriCure, Inc.*		16,538,944
	156,305	Inspire Medical Systems, Inc.*		20,918,298
				49,347,838
		Health Care Services 1.5%
	658,628	Castle Biosciences, Inc.*		14,338,332
		Health Care Supplies 2.0%
	6,849,908	Cerus Corp.*		12,055,838
	129,837	RxSight, Inc.*		7,812,292
				19,868,130
		Home Improvement Retail 2.1%
	207,642	Floor & Decor Holdings, Inc., Class A*		20,641,691
		Homebuilding 2.3%
	88,127	LGI Homes, Inc.*		7,886,485
	213,060	Skyline Champion Corp.*		14,434,815
				22,321,300

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Human Resource & Employment Services 3.0%
	219,821	Paylocity Holding Corp.*	$	28,983,399
		Industrial Machinery & Supplies & Components 1.8%
	66,229	RBC Bearings, Inc.*		17,867,260
		Insurance Brokers 1.4%
	240,485	Goosehead Insurance, Inc., Class A*		13,813,458
		Internet Services & Infrastructure 1.5%
	1,807,009	BigCommerce Holdings, Inc., Series 1*		14,564,493
		IT Consulting & Other Services 3.6%
	390,091	Endava PLC, ADR*		11,406,261
	130,874	Globant SA*		23,329,599
				34,735,860
		Managed Health Care 3.6%
	404,336	HealthEquity, Inc.*		34,853,763
		Oil & Gas Exploration & Production 2.7%
	529,601	Magnolia Oil & Gas Corp., Class A		13,420,090
	219,162	Matador Resources Co.		13,062,055
				26,482,145
		Other Specialty Retail 1.9%
	173,772	Five Below, Inc.*		18,935,935
		Packaged Foods & Meats 4.7%
	351,263	Freshpet, Inc.*		45,449,920
		Personal Care Products 1.6%
	268,360	BellRing Brands, Inc.*		15,334,090
		Pharmaceuticals 5.3%
	181,933	Arvinas, Inc.*		4,843,057
	574,631	Athira Pharma, Inc.*		1,522,772
	6,675,165	Esperion Therapeutics, Inc.*		14,818,866
	449,031	Intra-Cellular Therapies, Inc.*		30,754,133
				51,938,828
		Regional Banks 2.1%
	511,126	Bank OZK		20,956,166
		Semiconductor Materials & Equipment 8.8%
	79,027	BE Semiconductor Industries NV		13,201,565
	334,585	Kulicke & Soffa Industries, Inc.		16,458,236
	102,299	Nova Ltd.*		23,992,184
	883,803	PDF Solutions, Inc.*		32,152,753
				85,804,738
		Semiconductors 4.5%
	55,810	Impinj, Inc.*		8,749,333
	1,779	Monolithic Power Systems, Inc.		1,461,769
	228,157	Power Integrations, Inc.		16,014,340
	140,998	SiTime Corp.*		17,537,331
				43,762,773
		Specialty Chemicals 2.3%
	148,555	Balchem Corp.		22,870,042
		Systems Software 6.6%
	82,715	CyberArk Software Ltd.*		22,615,936
	410,040	JFrog Ltd.*		15,397,002
	110,824	Monday.com Ltd.*		26,681,986
				64,694,924

WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Transaction & Payment Processing Services 2.9%
	388,411	Shift4 Payments, Inc., Class A*	$	28,489,947
		Total Common Stocks (cost $809,301,099)		955,833,757
		PREFERRED STOCKS 1.4%
		Textiles 1.4%
	509,338	Johnnie-O Holdings, Inc., Series A Pfd.* *** † ‡‡		13,558,578
		Total Preferred Stocks (cost $15,000,004)		13,558,578
		WARRANTS 0.1%
		Biotechnology 0.0%
	3,026,385	Sangamo Therapeutics, Inc., expiring 9/26/2029* *** † ‡‡		151,319
		Insurance Brokers 0.1%
	450,000	Hagerty, Inc., expiring 12/2/2026* *** §§		936,000
		Total Warrants (cost $2,175,996)		1,087,319
		Total Investments (cost $826,477,099) 99.5%§		970,479,654
		Other Assets less Liabilities 0.5%		5,281,479
		NET ASSETS 100.0%	$	975,761,133
		*Non-income producing. ***Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 8, as applicable. †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at June 30, 2024 amounted to approximately $13,709,897 and represented 1.41% of net assets. ‡‡Affiliated company (see Note 6). §The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.35%. §§The aggregate value of illiquid holdings at June 30, 2024 amounted to approximately $936,000 and represented 0.10% of net assets. ADR American Depositary Receipt. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch Ultra Growth Fund’s investments were in the following countries:

COUNTRY	%
Germany		0.5
Israel		7.5
Netherlands		1.4
Switzerland		1.5
United Kingdom		1.2
United States		87.9
TOTAL		100.0	%

WASATCH U.S. SELECT FUND (WAUSX / WGUSX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Shares			Value
		COMMON STOCKS 100.0%
		Aerospace & Defense 3.8%
	5,005	HEICO Corp., Class A	$	888,488
		Application Software 20.6%
	1,950	ANSYS, Inc.*		626,925
	6,698	Guidewire Software, Inc.*		923,587
	853	HubSpot, Inc.*		503,091
	5,784	Procore Technologies, Inc.*		383,537
	1,579	Roper Technologies, Inc.		890,019
	1,668	Tyler Technologies, Inc.*		838,637
	2,942	Workday, Inc., Class A*		657,714
				4,823,510
		Asset Management & Custody Banks 3.3%
	6,267	Hamilton Lane, Inc., Class A		774,476
		Automotive Retail 3.7%
	20,222	Valvoline, Inc.*		873,590
		Building Products 2.1%
	6,685	Trex Co., Inc.*		495,492
		Cargo Ground Transportation 2.6%
	3,433	Old Dominion Freight Line, Inc.		606,268
		Distributors 2.6%
	1,997	Pool Corp.		613,738
		Diversified Support Services 4.2%
	18,186	Copart, Inc.*		984,954
		Electrical Components & Equipment 4.1%
	5,703	AMETEK, Inc.		950,747
		Electronic Components 4.0%
	13,850	Amphenol Corp., Class A		933,075
		Electronic Equipment & Instruments 2.7%
	3,793	Novanta, Inc.*		618,676
		Financial Exchanges & Data 5.3%
	2,399	MarketAxess Holdings, Inc.		481,072
	2,571	Morningstar, Inc.		760,630
				1,241,702
		Health Care Equipment 1.1%
	1,952	Inspire Medical Systems, Inc.*		261,236
		Health Care Facilities 4.1%
	7,723	Ensign Group, Inc.		955,258
		Home Improvement Retail 2.3%
	5,484	Floor & Decor Holdings, Inc., Class A*		545,164
		Human Resource & Employment Services 2.6%
	4,617	Paylocity Holding Corp.*		608,751
		Industrial Machinery & Supplies & Components 3.4%
	2,901	RBC Bearings, Inc.*		782,632
		IT Consulting & Other Services 2.2%
	2,937	Globant SA*		523,550

WASATCH U.S. SELECT FUND (WAUSX / WGUSX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments (continued)

Shares			Value
		Life Sciences Tools & Services 6.2%
	2,372	ICON PLC*	$	743,551
	1,724	Medpace Holdings, Inc.*		710,029
				1,453,580
		Managed Health Care 4.1%
	11,231	HealthEquity, Inc.*		968,112
		Other Specialty Retail 1.9%
	4,096	Five Below, Inc.*		446,341
		Personal Care Products 3.3%
	13,470	BellRing Brands, Inc.*		769,676
		Semiconductors 2.6%
	731	Monolithic Power Systems, Inc.		600,648
		Specialty Chemicals 3.1%
	4,729	Balchem Corp.		728,030
		Transaction & Payment Processing Services 4.1%
	6,439	Block, Inc.*		415,251
	7,403	Shift4 Payments, Inc., Class A*		543,010
				958,261
		Total Common Stocks (cost $20,431,552)		23,405,955
		Total Investments (cost $20,431,552) 100.0%		23,405,955
		Liabilities less Other Assets (0.0%)		(5,944	)
		NET ASSETS 100.0%	$	23,400,011
		*Non-income producing. See Notes to Schedules of Investments.

At June 30, 2024, the Wasatch U.S. Select Fund’s investments were in the following countries:

COUNTRY	%
Ireland		3.2
United States		96.8
TOTAL		100.0	%

WASATCH-HOISINGTON U.S. TREASURY FUND (WHOSX) JUNE 30, 2024 (UNAUDITED)

Schedule of Investments

Principal Amount			Value
		U.S. GOVERNMENT OBLIGATIONS 99.1%
	$60,100,000	U.S. Treasury Bond, 1.25%, 5/15/50	$	30,007,742
	52,000,000	U.S. Treasury Bond, 1.375%, 8/15/50		26,814,531
	65,600,000	U.S. Treasury Bond, 1.875%, 11/15/51		38,355,500
	160,000,000	U.S. Treasury STRIPS Principal, 0.00%, 8/15/47		55,235,885
	33,700,000	U.S. Treasury STRIPS Principal, 2.00%, 8/15/51		10,062,506
	35,200,000	U.S. Treasury STRIPS Principal, 3.625%, 5/15/53		9,962,278
		Total U.S. Government Obligations (cost $208,044,233)		170,438,442
		Total Investments (cost $208,044,233) 99.1%		170,438,442
		Other Assets less Liabilities 0.9%		1,627,622
		NET ASSETS 100.0%	$	172,066,064
		See Notes to Schedules of Investments.

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (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 Select 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, 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). The investment objective(s) adopted by each Fund are included in each Fund’s summary description in the Fund’s statutory prospectus and each Fund’s summary prospectus.

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 LP, 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 June 30, 2024. 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.

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

SIGNIFICANT ACCOUNTING POLICIES (continued)

Investment in Securities and Related Investment Income – Security transactions are accounted for on the trade date. Gains or losses on securities sold are determined on the identified cost basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the Fund is informed of the dividend. Interest income and estimated expenses are accrued daily. Bond discount and premiums are amortized using the interest method. To the extent dividends received include return of capital or capital gain distributions, such distributions are recorded as a reduction to cost of the related security or as a realized gain or loss.

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 the contract 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 Schedule of Investments JUNE 30, 2024 (UNAUDITED)

5. FEDERAL INCOME TAX INFORMATION

As of June 30, 2024, 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	$	3,249,861,368		$	410,896,860		$	413,288,336		$	196,187,004		$	28,769,013
Gross appreciation	$	1,313,632,843		$	250,583,039		$	98,368,711		$	162,191,867		$	11,581,040
Gross (depreciation)		(251,977,716	)		(2,427,576	)		(42,787,794	)		(12,805,046	)		(2,717,972	)
Net appreciation	$	1,061,655,127		$	248,155,463		$	55,580,917		$	149,386,821		$	8,863,068
	Global Opportunities Fund			Global Select Fund			Global Value Fund			Greater China Fund			International Growth Fund
Cost	$	145,798,417		$	12,112,400		$	118,459,614		$	6,321,258		$	212,836,365
Gross appreciation	$	65,051,086		$	3,285,148		$	21,779,122		$	23,522		$	95,909,288
Gross (depreciation)		(16,087,976	)		(1,017,958	)		(6,256,411	)		(2,513,346	)		(10,584,754	)
Net appreciation (depreciation)	$	48,963,110		$	2,267,190		$	15,522,711		$	(2,489,824	)	$	85,324,534
	International Opportunities Fund			International Select Fund			Long/Short Alpha Fund			Micro Cap Fund			Micro Cap Value Fund
Cost	$	176,277,591		$	3,050,846		$	44,415,133		$	534,187,901		$	212,495,704
Gross appreciation	$	93,779,273		$	777,235		$	16,706,693		$	143,980,299		$	93,748,086
Gross (depreciation)		(14,112,643	)		(229,845	)		(6,696,339	)		(55,940,853	)		(10,011,498	)
Net appreciation	$	79,666,630		$	547,390		$	10,010,354		$	88,039,446		$	83,736,588
	Small Cap Growth Fund			Small Cap Value Fund			Ultra Growth Fund			U.S. Select Fund			U.S. Treasury Fund
Cost	$	1,561,645,812		$	1,102,582,676		$	841,852,249		$	20,603,139		$	208,044,233
Gross appreciation	$	779,690,896		$	396,803,606		$	298,554,229		$	3,711,057		$	353,554
Gross (depreciation)		(211,312,742	)		(66,713,663	)		(169,926,824	)		(908,241	)		(37,959,345	)
Net appreciation (depreciation)	$	568,378,154		$	330,089,943		$	128,627,405		$	2,802,816		$	(37,605,791	)

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

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

6. TRANSACTIONS WITH AFFILIATES

If a Fund’s holding represents ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined by the 1940 Act. The following Funds conducted transactions during the period ended June 30, 2024 with an “affiliated company” as so defined:

	Value, Beginning Of the Period		Purchases At Cost		Proceeds From Sales		Value, End Of the Period		Dividends Credited to Income for the Period ended 6/30/2024		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2024			Change in Unrealized Appreciation (Depreciation) For the Period ended 6/30/2024
Core Growth Fund
Common Stock
Arhaus Inc.	$	—	$	42,956,921	$	—	$	60,326,643	$	1,556,849	$	—		$	17,369,722
Micro Cap Fund
Common Stock
Mama’s Creations Inc.	$	—	$	8,104,159	$	154,021	$	12,947,331	$	—	$	(6,184	)	$	5,003,377
Micro Cap Value Fund
Common Stock
GEN Restaurant Group, Inc.*	$	2,933,280	$	419,917	$	921,902	$	1,995,556	$	—	$	(320,484	)	$	(115,255	)
Small Cap Growth Fund
Common Stock
Vintage Wine Estates, Inc., PIPE Shares*	$	1,733,934	$	—	$	1,125,974	$	—	$	—	$	(29,347,386	)	$	28,739,426
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		14,925,626		—		—		16,270,277		—		—			1,344,651
	$	16,659,560	$	—	$	1,125,974	$	16,270,277	$	—	$	(29,347,386	)	$	30,084,077
Ultra Growth Fund
Common Stock
C4 Therapeutics, Inc.*	$	5,594,586	$	2,687,860	$	10,936,872	$	11,507,399	$	—	$	(10,865,897	)	$	25,027,722
Sangamo Therapeutics Inc.		6,101,595		2,242,097		1,161,338		4,233,440		—		(5,920,865	)		2,971,951
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		12,438,034		—		—		13,558,578		—		—			1,120,544
Warrants
Sangamo Therapeutics, Inc., expiring 9/26/2029		—		626,686		—		151,319		—		—			(475,367	)
	$	24,134,215	$	5,556,643	$	12,098,210	$	29,450,736	$	—	$	(16,786,762	)	$	28,644,850
	Share Activity								Dividends Credited to Income for the Period ended 6/30/2024		Gain (Loss) Realized on Sale of Shares For the Period ended 6/30/2024			Change in Unrealized Appreciation (Depreciation) For the Period ended 6/30/2024
	Balance 9/30/2023		Purchases/ Additions		Sales/ Reductions		Balance 6/30/2024
Core Growth Fund
Common Stock
Arhaus Inc.		—		3,561,195		—		3,561,195	$	1,556,849	$	—		$	17,369,722
Micro Cap Fund
Common Stock
Mama’s Creations Inc.		—		1,950,066		29,097		1,920,969	$	—	$	(6,184	)	$	5,003,377
Micro Cap Value Fund
Common Stock
GEN Restaurant Group, Inc.*		252,000		49,860		81,600		220,260	$	—	$	(320,484	)	$	(115,255	)
Small Cap Growth Fund
Common Stock
Vintage Wine Estates, Inc., PIPE Shares*		3,047,336		—		3,047,336		—	$	—	$	(29,347,386	)	$	28,739,426
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		611,205		—		—		611,205		—		—			1,344,651
		3,658,541		—		3,047,336		611,205	$	—	$	(29,347,386	)	$	30,084,077
Ultra Growth Fund
Common Stock
C4 Therapeutics, Inc.*		3,007,842		833,218		1,350,281		2,490,779	$	—	$	(10,865,897	)	$	25,027,722
Sangamo Therapeutics Inc.		10,172,716		3,603,833		1,961,198		11,815,351		—		(5,920,865	)		2,971,951
Preferred Stock
Johnnie-O Holdings, Inc., Series A Pfd.		509,338		—		—		509,338		—		—			1,120,544
Warrants
Sangamo Therapeutics, Inc., expiring 9/26/2029		—		3,026,385		—		3,026,385		—		—			(475,367	)
		13,689,896		7,463,436		3,311,479		17,841,853	$	—	$	(16,786,762	)	$	28,644,850

* 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, 2023 is included in the Statements of Operations even though the security was not deemed an affiliated company as of the end of the year.

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

7. RESTRICTED SECURITIES

The Funds may own investments that were purchased through private placement transactions or under Rule 144A of the Securities Act of 1933 (the “Securities Act”) and cannot be sold without prior registration under the Securities Act or may be limited due to certain restrictions. These securities are generally deemed to be illiquid and are valued at fair value as determined by a designated Pricing Committee of the Advisor (“Pricing Committee”), comprised of personnel of the Advisor, with oversight by the Board of Trustees and in accordance with Board-approved Pricing Policies and Procedures. If and when such securities are registered, the costs of registering such securities are paid by the issuer. At June 30, 2024, the Funds held the following restricted securities:

	Security Type		Acquisition Date		Cost		Fair Value		Value as a Percent Of Net Assets
Long/Short Alpha Fund
Sangamo Therapeutics, Inc., expiring 9/26/2029		Warrants		3/22/2024	$	36,977	$	8,929		0.01	%
Micro Cap Fund
BriaPro Therapeutics Corp.		Common Stocks		9/5/2023	$	29	$	6,100		0.00	%
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022		10,000,013		9,039,061		1.44	%
IM Cannabis Corp., expiring 5/7/2026		Warrants		5/5/2021		616,971		0		0.00	%
Sangamo Therapeutics, Inc., expiring 9/26/2029		Warrants		3/22/2024		322,404		77,847		0.01	%
					$	10,939,417	$	9,123,008		1.45	%
Micro Cap Value Fund
Greenlane Holdings, Inc., expiring 2/24/2026		Warrants		2/22/2021	$	396,902	$	0		0.00	%
Small Cap Growth Fund
DataStax, Inc., Series E Pfd.		Preferred Stock		8/12/2014	$	8,000,002	$	8,838,857		0.41	%
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022		17,999,987		16,270,277		0.76	%
					$	25,999,989	$	25,109,134		1.17	%
Ultra Growth Fund
Johnnie-O Holdings, Inc., Series A Pfd.		Preferred Stock		3/16/2022	$	15,000,004	$	13,558,578		1.39	%
Sangamo Therapeutics, Inc., expiring 9/22/2026		Warrants		3/22/2024		626,686		151,319		0.02	%
					$	15,626,690	$	13,709,897		1.41	%

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 Schedule of Investments JUNE 30, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the 1940 Act. As a general principle, the fair value of a security or other asset is the price 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. Pursuant to Rule 2a-5, the Board has designated the Advisor as the valuation designee (“Valuation Designee”) for each Fund to perform the fair value determination relating to all Fund investments. The Advisor may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee’s policies and procedures govern the Valuation Designee’s selection and application of methodologies for determining and calculating the fair value of Fund investments.

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 Dealers Automated Quotations (“NASDAQ”) system, such securities are valued using the NASDAQ Official Closing Price (“NOCP”) or last sales price if no NOCP is available. If there are no 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.

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

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

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

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

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

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

The following is a summary of the fair valuations according to the inputs used as of June 30, 2024 in valuing the Funds’ assets and liabilities:

Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/2024
Core Growth Fund
Assets
Common Stocks		$	4,310,393,295	$	—	$	—	$	4,310,393,295
Warrants			—		—		1,123,200		1,123,200
		$	4,310,393,295	$	—	$	1,123,200	$	4,311,516,495
Emerging India Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	56,777,644	$	—	$	56,777,644
	Asset Management & Custody Banks		—		1,528,744		—		1,528,744
	Automotive Parts & Equipment		—		17,753,214		—		17,753,214
	Commodity Chemicals		—		32,663,129		—		32,663,129
	Construction Machinery & Heavy Transportation Equipment		—		9,932,950		—		9,932,950
	Consumer Finance		—		117,070,687		—		117,070,687
	Diversified Banks		—		67,424,946		—		67,424,946
	Diversified Chemicals		—		5,813,090		—		5,813,090
	Diversified Support Services		—		15,836,814		—		15,836,814

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/2024
	Food Retail	$	—	$	28,259,661	$	—	$	28,259,661
	Footwear		—		1,416,821		—		1,416,821
	Health Care Facilities		9,793,430		30,555,787		—		40,349,217
	Health Care Services		29,149,510		26,339,173		—		55,488,683
	Heavy Electrical Equipment		—		4,914,681		—		4,914,681
	Industrial Machinery & Supplies & Components		—		36,385,668		—		36,385,668
	Interactive Media & Services		—		20,611,033		—		20,611,033
	IT Consulting & Other Services		—		21,387,011		—		21,387,011
	Life Sciences Tools & Services		—		44,227,637		—		44,227,637
	Metal, Glass & Plastic Containers		—		2,904,552		—		2,904,552
	Regional Banks		—		36,320,708		—		36,320,708
	Research & Consulting Services		—		6,520,446		—		6,520,446
	Restaurants		—		5,532,192		—		5,532,192
	Soft Drinks & Non-Alcoholic Beverages		—		3,458,145		—		3,458,145
	Specialty Chemicals		—		19,984,472		—		19,984,472
	Steel		—		3,549,866		—		3,549,866
	Systems Software		—		2,940,312		—		2,940,312
		$	38,942,940	$	620,109,383	$	—	$	659,052,323
Emerging Markets Select Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	17,956,638	$	—	$	17,956,638
	Consumer Finance		—		38,197,984		—		38,197,984
	Diversified Banks		33,924,057		19,577,642		—		53,501,699
	Drug Retail		13,751,476		4,454,217		—		18,205,693
	Electrical Components & Equipment		18,939,137		24,023,878		—		42,963,015
	Electronic Equipment & Instruments		—		6,309,122		—		6,309,122
	Health Care Equipment		—		4,456,604		—		4,456,604
	Health Care Facilities		—		12,475,429		—		12,475,429
	Health Care Services		—		8,924,331		—		8,924,331
	Industrial Machinery & Supplies & Components		—		20,580,758		—		20,580,758
	Interactive Media & Services		—		8,838,133		—		8,838,133
	Life Sciences Tools & Services		—		30,163,904		—		30,163,904
	Regional Banks		—		12,581,992		—		12,581,992
	Restaurants		—		8,036,753		—		8,036,753
	Semiconductor Materials & Equipment		—		19,787,938		—		19,787,938
	Semiconductors		—		61,432,987		—		61,432,987
	Specialized Finance		—		4,592,283		—		4,592,283
	Specialty Chemicals		—		8,458,661		—		8,458,661
	Other		91,405,329		—		—		91,405,329
		$	158,019,999	$	310,849,254	$	—	$	468,869,253
Emerging Markets Small Cap Fund
Assets
Common Stocks
	Apparel Retail	$	—	$	22,843,123	$	—	$	22,843,123
	Asset Management & Custody Banks		—		225,670		—		225,670
	Commercial & Residential Mortgage Finance		—		4,929,400		—		4,929,400
	Commodity Chemicals		—		3,198,338		—		3,198,338
	Communications Equipment		—		4,493,137		—		4,493,137
	Construction Machinery & Heavy Transportation Equipment		—		4,612,770		—		4,612,770
	Consumer Finance		—		9,853,887		—		9,853,887
	Diversified Support Services		—		10,578,583		—		10,578,583
	Drug Retail		7,914,113		9,289,785		—		17,203,898
	Electrical Components & Equipment		—		23,437,616		—		23,437,616

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/2024
	Electronic Components	$	—	$	3,310,929	$	—	$	3,310,929
	Electronic Equipment & Instruments		—		7,446,827		—		7,446,827
	Health Care Services		2,092,690		6,049,403		—		8,142,093
	Heavy Electrical Equipment		—		6,049,861		—		6,049,861
	Human Resource & Employment Services		—		4,970,561		—		4,970,561
	Industrial Machinery & Supplies & Components		—		17,789,941		—		17,789,941
	Interactive Media & Services		—		14,113,385		—		14,113,385
	IT Consulting & Other Services		17,107,969		20,526,591		—		37,634,560
	Metal, Glass & Plastic Containers		—		1,577,590		—		1,577,590
	Multi-Line Insurance		—		3,359,860		—		3,359,860
	Oil & Gas Refining & Marketing		—		3,686,722		—		3,686,722
	Personal Care Products		—		6,422,084		—		6,422,084
	Regional Banks		3,827,799		17,156,553		—		20,984,352
	Research & Consulting Services		—		10,303,833		—		10,303,833
	Semiconductor Materials & Equipment		—		11,164,670		—		11,164,670
	Semiconductors		—		41,617,750		—		41,617,750
	Specialized Finance		—		1,742,147		—		1,742,147
	Other		43,880,238		—		—		43,880,238
		$	74,822,809	$	270,751,016	$	—	$	345,573,825
Frontier Emerging Small Countries Fund
Assets
Common Stocks
	Asset Management & Custody Banks	$	219,396	$	1,702,448	$	—	$	1,921,844
	Consumer Finance		—		5,534,579		—		5,534,579
	Diversified Banks		4,214,219		2,452,321		—		6,666,540
	Diversified Support Services		—		1,078,701		—		1,078,701
	Food Retail		—		1,433,246		—		1,433,246
	Health Care Facilities		337,530		372,773		—		710,303
	Human Resource & Employment Services		—		599,436		—		599,436
	Interactive Media & Services		—		1,163,881		—		1,163,881
	IT Consulting & Other Services		1,435,350		4,307,341		—		5,742,691
	Multi-Line Insurance		—		530,510		—		530,510
	Oil & Gas Refining & Marketing		—		847,780		—		847,780
	Research & Consulting Services		—		391,023		—		391,023
	Semiconductors		—		737,584		—		737,584
	Other		10,273,963		—		—		10,273,963
		$	16,480,458	$	21,151,623	$	—	$	37,632,081
Global Opportunities Fund
Assets
Common Stocks
	Application Software	$	12,668,884	$	3,749,625	$	—	$	16,418,509
	Asset Management & Custody Banks		3,435,895		1,648,024		—		5,083,919
	Consumer Finance		—		2,184,614		—		2,184,614
	Diversified Support Services		—		2,229,742		—		2,229,742
	Drug Retail		—		2,400,757		—		2,400,757
	Electrical Components & Equipment		—		6,328,925		—		6,328,925
	Health Care Equipment		1,848,728		1,047,722		—		2,896,450
	Health Care Facilities		5,513,977		4,100,550		—		9,614,527
	Health Care Services		—		2,761,835		—		2,761,835
	Health Care Technology		—		1,273,729		—		1,273,729
	Human Resource & Employment Services		3,535,822		2,981,181		—		6,517,003
	Industrial Machinery & Supplies & Components		9,564,204		2,112,184		—		11,676,388
	IT Consulting & Other Services		6,992,926		4,253,612		—		11,246,538
	Life Sciences Tools & Services		3,807,553		3,254,506		—		7,062,059
	Regional Banks		3,746,867		6,149,703		—		9,896,570
	Research & Consulting Services		—		2,606,883		—		2,606,883
	Semiconductor Materials & Equipment		3,915,713		1,015,252		—		4,930,965
	Semiconductors		—		14,903,325		—		14,903,325
	Trading Companies & Distributors		—		7,242,871		—		7,242,871
	Transaction & Payment Processing Services		4,496,648		3,393,963		—		7,890,611
	Other		59,595,307		—		—		59,595,307
		$	119,122,524	$	75,639,003	$	—	$	194,761,527

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/2024
Global Select Fund
Assets
Common Stocks
	Application Software	$	2,017,031	$	612,895	$	—	$	2,629,926
	Building Products		352,218		483,885		—		836,103
	Consumer Finance		—		576,108		—		576,108
	Diversified Banks		—		594,194		—		594,194
	Drug Retail		—		349,051		—		349,051
	Electronic Equipment & Instruments		—		437,113		—		437,113
	Health Care Equipment		—		248,998		—		248,998
	Interactive Media & Services		—		486,157		—		486,157
	Research & Consulting Services		—		240,505		—		240,505
	Semiconductor Materials & Equipment		—		299,906		—		299,906
	Semiconductors		337,710		303,814		—		641,524
	Trading Companies & Distributors		—		355,751		—		355,751
	Transaction & Payment Processing Services		200,435		218,033		—		418,468
	Other		6,265,786		—		—		6,265,786
		$	9,173,180	$	5,206,410	$	—	$	14,379,590
Global Value Fund
Assets
Common Stocks
	Broadline Retail	$	—	$	2,839,044	$	—	$	2,839,044
	Diversified Banks		12,837,507		4,843,927		—		17,681,434
	Diversified Metals & Mining		—		3,001,105		—		3,001,105
	Electronic Manufacturing Services		—		855,910		—		855,910
	Food Retail		—		7,412,989		—		7,412,989
	Industrial REITs		—		2,689,729		—		2,689,729
	Integrated Oil & Gas		6,635,436		5,490,206		—		12,125,642
	Integrated Telecommunication Services		8,423,750		2,982,797		—		11,406,547
	Multi-Line Insurance		—		3,277,124		—		3,277,124
	Pharmaceuticals		9,534,200		5,642,996		—		15,177,196
	Reinsurance		—		4,349,611		—		4,349,611
	Technology Hardware, Storage & Peripherals		—		3,119,250		—		3,119,250
	Tobacco		—		5,495,129		—		5,495,129
	Other		44,551,615		—		—		44,551,615
		$	81,982,508	$	51,999,817	$	—	$	133,982,325
Greater China Fund
Assets
Common Stocks
	Apparel, Accessories & Luxury Goods	$	—	$	141,642	$	—	$	141,642
	Distillers & Vintners		—		307,768		—		307,768
	Diversified Banks		—		52,258		—		52,258
	Drug Retail		—		164,283		—		164,283
	Electrical Components & Equipment		—		134,757		—		134,757
	Electronic Components		—		125,081		—		125,081
	Electronic Equipment & Instruments		—		106,643		—		106,643
	Health Care Equipment		—		176,037		—		176,037
	Hotels, Resorts & Cruise Lines		—		218,886		—		218,886
	Industrial Machinery & Supplies & Components		—		713,012		—		713,012
	Interactive Media & Services		—		317,850		—		317,850
	Life & Health Insurance		—		190,539		—		190,539
	Life Sciences Tools & Services		—		85,882		—		85,882
	Other Specialty Retail		—		35,995		—		35,995
	Packaged Foods & Meats		—		38,766		—		38,766

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/2024
	Personal Care Products	$	—	$	152,975	$	—	$	152,975
	Regional Banks		—		56,033		—		56,033
	Restaurants		—		186,207		—		186,207
	Semiconductors		—		429,361		—		429,361
	Specialized Finance		—		66,448		—		66,448
	Systems Software		—		91,126		—		91,126
	Other		39,885		—		—		39,885
		$	39,885	$	3,791,549	$	—	$	3,831,434
International Growth Fund
Assets
Common Stocks
	Application Software	$	13,564,896	$	16,381,415	$	—	$	29,946,311
	Asset Management & Custody Banks		—		11,532,038		—		11,532,038
	Brewers		—		3,433,119		—		3,433,119
	Broadline Retail		—		5,390,324		—		5,390,324
	Building Products		—		6,267,623		—		6,267,623
	Commercial & Residential Mortgage Finance		—		5,698,525		—		5,698,525
	Commodity Chemicals		—		1,778,412		—		1,778,412
	Construction & Engineering		—		1,086,104		—		1,086,104
	Consumer Finance		—		1,754,483		—		1,754,483
	Diversified Banks		—		1,598,756		—		1,598,756
	Diversified Real Estate Activities		—		3,578,601		—		3,578,601
	Diversified Support Services		—		8,939,814		—		8,939,814
	Drug Retail		2,885,535		6,600,365		—		9,485,900
	Electrical Components & Equipment		—		10,536,901		—		10,536,901
	Electronic Equipment & Instruments		—		9,349,153		—		9,349,153
	Health Care Equipment		—		4,842,083		—		4,842,083
	Health Care Facilities		—		4,566,000		—		4,566,000
	Health Care Services		—		2,783,481		—		2,783,481
	Health Care Technology		—		7,382,779		—		7,382,779
	Human Resource & Employment Services		—		8,895,050		—		8,895,050
	Industrial Machinery & Supplies & Components		—		12,073,802		—		12,073,802
	Interactive Media & Services		—		14,113,681		—		14,113,681
	IT Consulting & Other Services		8,273,554		12,558,368		—		20,831,922
	Life Sciences Tools & Services		—		2,890,329		—		2,890,329
	Movies & Entertainment		—		5,705,416		—		5,705,416
	Regional Banks		4,744,229		6,721,189		—		11,465,418
	Research & Consulting Services		—		4,348,517		—		4,348,517
	Semiconductor Materials & Equipment		—		3,395,387		—		3,395,387
	Semiconductors		—		24,037,819		—		24,037,819
	Specialty Chemicals		—		2,260,456		—		2,260,456
	Steel		—		947,863		—		947,863
	Trading Companies & Distributors		—		24,911,075		—		24,911,075
	Transaction & Payment Processing Services		—		6,837,755		—		6,837,755
	Other		25,496,002		—		—		25,496,002
		$	54,964,216	$	243,196,683	$	—	$	298,160,899
International Opportunities Fund
Assets
Common Stocks
	Alternative Carriers	$	—	$	2,706,957	$	—	$	2,706,957
	Application Software		5,604,257		30,232,860		—		35,837,117
	Asset Management & Custody Banks		—		12,184,381		—		12,184,381
	Commercial & Residential Mortgage Finance		8,505,079		3,445,871		—		11,950,950
	Commodity Chemicals		—		6,190,200		—		6,190,200
	Construction & Engineering		—		3,849,272		—		3,849,272
	Consumer Finance		—		9,505,250		—		9,505,250
	Data Processing & Outsourced Services		—		1,821,275		—		1,821,275
	Diversified Support Services		5,194,226		15,948,837		—		21,143,063
	Electrical Components & Equipment		—		5,010,695		—		5,010,695
	Food Retail		2,579,150		2,373,426		—		4,952,576
	Health Care Technology		6,750,461		8,703,648		—		15,454,109

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)			Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/2024
	Heavy Electrical Equipment	$	—		$	2,580,981	$	—	$	2,580,981
	Human Resource & Employment Services		—			10,015,413		—		10,015,413
	Industrial Machinery & Supplies & Components		—			4,744,186		—		4,744,186
	Interactive Media & Services		—			18,548,847		—		18,548,847
	Investment Banking & Brokerage		4,013,851			4,911,402		—		8,925,253
	IT Consulting & Other Services		3,493,566			5,831,572		—		9,325,138
	Metal, Glass & Plastic Containers		—			2,031,846		—		2,031,846
	Personal Care Products		1,742,442			4,809,024		—		6,551,466
	Real Estate Services		—			1,679,166		—		1,679,166
	Research & Consulting Services		—			12,097,800		—		12,097,800
	Restaurants		—			644,685		—		644,685
	Semiconductor Materials & Equipment		—			8,240,403		—		8,240,403
	Semiconductors		—			10,571,065		—		10,571,065
	Trading Companies & Distributors		4,772,047			808,215		—		5,580,262
	Other		23,801,865			—		—		23,801,865
		$	66,456,944		$	189,487,277	$	—	$	255,944,221
International Select Fund Assets
Common Stocks
	Apparel, Accessories & Luxury Goods	$	—		$	170,912	$	—	$	170,912
	Application Software		234,958			230,285		—		465,243
	Asset Management & Custody Banks		—			169,033		—		169,033
	Automobile Manufacturers		—			99,574		—		99,574
	Building Products		—			315,742		—		315,742
	Diversified Banks		—			38,283		—		38,283
	Drug Retail		—			94,821		—		94,821
	Electrical Components & Equipment		—			53,464		—		53,464
	Electronic Equipment & Instruments		—			231,066		—		231,066
	Health Care Equipment		—			110,920		—		110,920
	Hotels, Resorts & Cruise Lines		—			61,886		—		61,886
	Industrial Machinery & Supplies & Components		—			88,087		—		88,087
	Interactive Media & Services		—			430,811		—		430,811
	IT Consulting & Other Services		35,585			25,807		—		61,392
	Research & Consulting Services		—			138,924		—		138,924
	Semiconductor Materials & Equipment		—			57,328		—		57,328
	Trading Companies & Distributors		—			85,495		—		85,495
	Transaction & Payment Processing Services		—			160,685		—		160,685
	Other		764,570			—		—		764,570
		$	1,035,113		$	2,563,123	$	—	$	3,598,236
Long/Short Alpha Fund
Assets
Common Stocks		$	76,207,585		$	—	$	—	$	76,207,585
Warrants			—			—		8,929		8,929
		$	76,207,585		$	—	$	8,929	$	76,216,514
Other Financial Instruments
Securities Sold Short		$	(21,791,027	)	$	—	$	—	$	(21,791,027	)
Micro Cap Fund
Assets
Common Stocks
	Biotechnology	$	28,458,770		$	—	$	6,100	$	28,464,870
	Pharmaceuticals		13,154,394			874,185		—		14,028,579
	Other		570,616,990			—		—		570,616,990

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

Fund	Category	Quoted Prices In Active Markets For Identical Investments (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Value at 6/30/2024
Preferred Stocks		$	—	$	—	$	9,039,061	$	9,039,061
Warrants			—		—		77,847		77,847
		$	612,230,154	$	874,185	$	9,123,008	$	622,227,347
Micro Cap Value Fund
Assets
Common Stocks
	Food Retail	$	—	$	3,534,081	$	—	$	3,534,081
	Packaged Foods & Meats		12,500,759		5,229,669		—		17,730,428
	Other		274,967,783		—		—		274,967,783
Warrants			—		—		0		0
		$	287,468,542	$	8,763,750	$	—	$	296,232,292
Small Cap Growth Fund
Assets
Common Stocks		$	2,104,914,832	$	—	$	—	$	2,104,914,832
Preferred Stocks			—		—		25,109,134		25,109,134
		$	2,104,914,832	$	—	$	25,109,134	$	2,130,023,966
Small Cap Value Fund
Assets
Common Stocks		$	1,432,672,619	$	—	$	—	$	1,432,672,619
		$	1,432,672,619	$	—	$	—	$	1,432,672,619
Ultra Growth Fund
Assets
Common Stocks
	Semiconductor Materials & Equipment	$	72,603,173	$	13,201,565	$	—	$	85,804,738
	Other		870,029,019		—		—		870,029,019
Preferred Stocks			—		—		13,558,578		13,558,578
Warrants			—		—		1,087,319		1,087,319
		$	942,632,192	$	13,201,565	$	14,645,897	$	970,479,654
U.S. Select Fund
Assets
Common Stocks		$	23,405,955	$	—	$	—	$	23,405,955
		$	23,405,955	$	—	$	—	$	23,405,955
U.S. Treasury Fund
Assets
U.S Government obligations		$	—	$	170,438,442	$	—	$	170,438,442
		$	—	$	170,438,442	$	—	$	170,438,442

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

The valuation techniques used by the Funds to measure fair value for the period ended June 30, 2024 maximized the use of observable inputs and minimized the use of unobservable inputs.

WASATCH FUNDS – Notes to Schedule of Investments JUNE 30, 2024 (UNAUDITED)

FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the period ended June 30, 2024:

Fund	Market Value Beginning Balance 9/30/2023		Purchases At Cost		Sales (Proceeds)			Accrued Discounts (Premiums)		Realized Gain/ (Loss)			Change in Unrealized Appreciation (Depreciation)			Transfers In at Market Value		Transfers Out at Market Value		Market Value Ending Balance 6/30/2024		Net Change in Unrealized Appreciation (Depreciation) On Investments Held at 6/30/2024
Core Growth Fund
Warrants	$	982,800	$	—	$	—		$	—	$	—		$	140,400		$	—	$	—	$	1,123,200	$	140,400
	$	982,800	$	—	$	—		$	—	$	—		$	140,400		$	—	$	—	$	1,123,200	$	140,400
International Opportunities Fund
Common Stocks	$	7,687	$	—	$	—		$	—	$	(2,844,249	)	$	2,836,562		$	—	$	—	$	—	$	—
	$	7,687	$	—	$	—		$	—	$	(2,844,249	)	$	2,836,562		$	—	$	—	$	—	$	—
Long/Short Alpha Fund
Warrants	$	—	$	36,977	$	—		$	—	$	—		$	(28,048	)	$	—	$	—	$	8,929	$	(28,048	)
	$	—	$	36,977	$	—		$	—	$	—		$	(28,048	)	$	—	$	—	$	8,929	$	(28,048	)
Micro Cap Fund
Common Stocks	$	24,399	$	—	$	—		$	—	$	—		$	(18,299	)	$	—	$	—	$	6,100	$	(18,299	)
Preferred Stocks		8,292,031		—		—			—		—			747,030			—		—		9,039,061		747,030
Warrants		192,446		322,404		(613,226	)		—		—			176,223			—		—		77,847		(244,556	)
	$	8,508,876	$	322,404	$	(613,226	)	$	—	$	—		$	904,954		$	—	$	—	$	9,123,008	$	484,175
Micro Cap Value Fund
Common Stocks	$	505	$	—	$	—		$	—	$	(30,001	)	$	29,496		$	—	$	—	$	—	$	—
Warrants		—		—		—			—		—			—			—		—		—		—
	$	505	$	—	$	—		$	—	$	(30,001	)	$	29,496		$	—	$	—	$	—	$	—
Small Cap Growth Fund
Preferred Stocks	$	23,920,529	$	—	$	—		$	—	$	—		$	1,188,605		$	—	$	—	$	25,109,134	$	1,188,605
Warrants		465,281		—		(1,411,160	)		—		—			945,879			—		—		—		—
	$	24,385,810	$	—	$	(1,411,160	)	$	—	$	—		$	2,134,484		$	—	$	—	$	25,109,134	$	1,188,605
Ultra Growth Fund
Preferred Stocks	$	12,438,034	$	—	$	—		$	—	$	—		$	1,120,544		$	—	$	—	$	13,558,578	$	1,120,544
Warrants		1,164,918		626,686		(1,074,843	)		—		—			370,558			—		—		1,087,319		(358,366	)
	$	13,602,952	$	626,686	$	(1,074,843	)	$	—	$	—		$	1,491,102		$	—	$	—	$	14,645,897	$	762,178

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

Fund	Description	Fair Value at 6/30/2024		Valuation Technique	Unobservable Input	Range (Average)
Core Growth Fund	Warrant: Insurance Brokers	$	1,123,200	Common stock exchange ratio	Common stock exchange ratio		0.2X
Long/Short Alpha Fund	Warrant: Biotechnology	$	8,929	Black Scholes	Volatility		40%
Micro Cap Fund	Direct Venture Capital Investments: Textiles	$	9,039,061	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.6  - 6.4 (3.1) 46%
Micro Cap Fund	Warrant: Biotechnology	$	77,847	Black Scholes	Volatility		40%
Small Cap Growth Fund	Direct Venture Capital Investments: Textiles	$	16,270,277	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.6 - 6.4 (3.1) 46%
Small Cap Growth Fund	Direct Venture Capital Investments: Systems Software	$	8,838,857	Market comparable companies	EV/R* multiple Discount for lack of marketability		2.7 - 22.0 (9.9) 27%
Ultra Growth Fund	Direct Venture Capital Investments: Textiles	$	13,558,578	Market comparable companies	EV/R* multiple Discount for lack of marketability		0.6 - 6.4 (3.1) 46%
Ultra Growth Fund	Warrant: Insurance Brokers	$	936,000	Common stock exchange ratio	Common stock exchange ratio		0.2X
Ultra Growth Fund	Warrant: Biotechnology	$	151,319	Black Scholes	Volatility		40%

* 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.