# EDGAR Filing Document

**Accession Number:** 0000806633
**File Stem:** 0001193125-25-306598
**Filing Date:** 2025-12
**Character Count:** 828362
**Document Hash:** 2cc31a930ab4ad16529c819bd4f3ea4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-306598.hdr.sgml**: 20251203

**ACCESSION NUMBER**: 0001193125-25-306598

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 59

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251203

**DATE AS OF CHANGE**: 20251203

**EFFECTIVENESS DATE**: 20251203

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WASATCH FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000806633

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04920
- **FILM NUMBER:** 251546325

**BUSINESS ADDRESS:**
- **STREET 1:** 505 WAKARA WAY
- **STREET 2:** SUITE 300
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84108
- **BUSINESS PHONE:** 8015330777

**MAIL ADDRESS:**
- **STREET 1:** 505 WAKARA WAY
- **STREET 2:** SUITE 300
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84108

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WASATCH FUNDS INC
- **DATE OF NAME CHANGE:** 19990714

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WASATCH ADVISORS FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Wasatch Core Growth Fund (Series ID: S000000877)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002495 | Investor Class shares      | WGROX           |
| C000110016 | Institutional Class Shares | WIGRX           |

### Wasatch Small Cap Value Fund (Series ID: S000000878)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002496 | Investor Class shares      | WMCVX           |
| C000110017 | Institutional Class Shares | WICVX           |

### Wasatch Ultra Growth Fund (Series ID: S000000879)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002497 | Investor Class shares      | WAMCX           |
| C000217854 | Institutional Class Shares | WGMCX           |

### Wasatch-Hoisington U.S. Treasury Fund (Series ID: S000000882)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000002500 | Investor Class shares | WHOSX           |

### Wasatch International Growth Fund (Series ID: S000000883)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002501 | Investor Class shares      | WAIGX           |
| C000166036 | Institutional Class Shares | WIIGX           |

### Wasatch International Opportunities Fund (Series ID: S000000884)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002502 | Investor Class shares      | WAIOX           |
| C000166037 | Institutional Class Shares | WIIOX           |

### Wasatch Micro Cap Fund (Series ID: S000000885)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002503 | Investor Class shares      | WMICX           |
| C000217855 | Institutional Class Shares | WGICX           |

### Wasatch Micro Cap Value Fund (Series ID: S000000886)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002504 | Investor Class shares      | WAMVX           |
| C000217856 | Institutional Class Shares | WGMVX           |

### Wasatch Small Cap Growth Fund (Series ID: S000000887)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000002505 | Investor Class shares      | WAAEX           |
| C000166038 | Institutional Class Shares | WIAEX           |

### Wasatch Emerging Markets Small Cap Fund (Series ID: S000018772)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000051938 | Investor Class shares      | WAEMX           |
| C000166039 | Institutional Class Shares | WIEMX           |

### Wasatch Global Opportunities Fund (Series ID: S000022592)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000065330 | Investor Class shares      | WAGOX           |
| C000166040 | Institutional Class Shares | WIGOX           |

### Wasatch Global Value Fund (Series ID: S000024179)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000070970 | Investor Class shares      | FMIEX           |
| C000110018 | Institutional Class Shares | WILCX           |

### Wasatch Emerging India Fund (Series ID: S000031426)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000097757 | Investor Class shares      | WAINX           |
| C000166041 | Institutional Class Shares | WIINX           |

### Wasatch Frontier Emerging Small Countries Fund (Series ID: S000035891)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000110019 | Investor Class Shares      | WAFMX           |
| C000166042 | Institutional Class Shares | WIFMX           |

### Wasatch Emerging Markets Select Fund (Series ID: S000038937)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000119725 | Investor Class shares      | WAESX           |
| C000119726 | Institutional Class shares | WIESX           |

### Wasatch Global Select Fund (Series ID: S000066240)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000214012 | Institutional Class Shares | WGGSX           |
| C000214013 | Investor Class Shares      | WAGSX           |

### Wasatch International Select Fund (Series ID: S000066241)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000214014 | Institutional Class Shares | WGISX           |
| C000214015 | Investor Class Shares      | WAISX           |

### Wasatch Long/Short Alpha Fund (Series ID: S000073482)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000230418 | Investor Class Shares      | WALSX           |
| C000230419 | Institutional Class Shares | WGLSX           |

### Wasatch U.S. Select Fund (Series ID: S000076417)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000236276 | Investor Class      | WAUSX           |
| C000236277 | Institutional Class | WGUSX           |

### Wasatch International Value Fund (Series ID: S000088934)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000255334 | Investor Class      | WAIVX           |
| C000255335 | Institutional Class | WGIVX           |

?xml version='1.0' encoding='ASCII'? Wasatch Funds Trust

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-04920

#### WASATCH FUNDS TRUST
(Exact name of registrant as specified in charter)

#### 505 Wakara Way, 3rd Floor

#### Salt Lake City, UT 84108
(Address of principal executive offices) (Zip code)

---

| | |
|:---|:---|
| (Name and Address of Agent for Service) | Copy to: |
| Eric S. Bergeson<br> Wasatch Advisors LP<br> d/b/a Wasatch Global Investors<br> 505 Wakara Way, 3<sup>rd</sup> Floor<br> Salt Lake City, UT 84108 | Eric F. Fess, Esq.<br> Chapman & Cutler LLP<br> 320 S. Canal Street<br> Chicago, IL 60606 |

---

Registrant's telephone number, including area code: (801) 533-0777

Date of fiscal year end: September 30

Date of reporting period: September 30, 2025

------

**Item 1.** **<u>Report to Shareholders.</u>** <br>

(a) Report to Shareholders is filed herewith.

#### Wasatch Core Growth Fund
![Image](g73947g67n92.jpg)

#### Investor Class WGROX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Core Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $112 | 1.16% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. U.S. small-cap equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

Amid this backdrop, the Fund underperformed its benchmark. Broadly speaking, what we perceived as lower quality stocks tended to outperform during the market's rebound that began in April. This was a headwind for our investment process, which tends to focus on high-quality businesses. We also owned a few companies that produced disappointing results in the period, which led the stocks lower. Those positions had a large effect on performance.

During the period, the Fund's stock selection in the industrials, financials and information-technology sectors were the largest sources of underperformance relative to the benchmark. However, the Fund's holdings in the health-care sector and its lack of exposure to the communication-services sector contributed to relative performance.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g11m18.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10344 | $10790 | $10567 | $10563 |
| **11/30/2015** | $10643 | $10850 | $10955 | $10907 |
| **12/31/2015** | $10295 | $10627 | $10432 | $10359 |
| **1/31/2016** | $9484 | $10027 | $9302 | $9448 |
| **2/29/2016** | $9375 | $10024 | $9236 | $9448 |
| **3/31/2016** | $9966 | $10730 | $9943 | $10202 |
| **4/30/2016** | $10087 | $10796 | $10043 | $10362 |
| **5/31/2016** | $10302 | $10990 | $10313 | $10596 |
| **6/30/2016** | $10172 | $11012 | $10266 | $10589 |
| **7/31/2016** | $10656 | $11449 | $10937 | $11221 |
| **8/31/2016** | $10816 | $11478 | $11053 | $11420 |
| **9/30/2016** | $11069 | $11496 | $11212 | $11547 |
| **10/31/2016** | $10760 | $11248 | $10516 | $10998 |
| **11/30/2016** | $11370 | $11751 | $11456 | $12224 |
| **12/31/2016** | $11380 | $11980 | $11613 | $12567 |
| **1/31/2017** | $11696 | $12206 | $11801 | $12616 |
| **2/28/2017** | $11865 | $12660 | $12091 | $12860 |
| **3/31/2017** | $11859 | $12668 | $12234 | $12877 |
| **4/30/2017** | $12009 | $12803 | $12459 | $13018 |
| **5/31/2017** | $12136 | $12934 | $12346 | $12753 |
| **6/30/2017** | $12432 | $13050 | $12771 | $13194 |
| **7/31/2017** | $12484 | $13296 | $12879 | $13292 |
| **8/31/2017** | $12442 | $13322 | $12864 | $13123 |
| **9/30/2017** | $13137 | $13647 | $13565 | $13942 |
| **10/31/2017** | $13497 | $13945 | $13775 | $14061 |
| **11/30/2017** | $14129 | $14368 | $14170 | $14466 |
| **12/31/2017** | $14144 | $14512 | $14187 | $14407 |
| **1/31/2018** | $14703 | $15277 | $14740 | $14784 |
| **2/28/2018** | $14440 | $14714 | $14320 | $14211 |
| **3/31/2018** | $14728 | $14418 | $14513 | $14395 |
| **4/30/2018** | $14513 | $14473 | $14527 | $14520 |
| **5/31/2018** | $15396 | $14882 | $15442 | $15401 |
| **6/30/2018** | $15707 | $14979 | $15563 | $15511 |
| **7/31/2018** | $16123 | $15476 | $15830 | $15782 |
| **8/31/2018** | $17162 | $16020 | $16816 | $16462 |
| **9/30/2018** | $16771 | $16046 | $16422 | $16066 |
| **10/31/2018** | $15061 | $14865 | $14344 | $14321 |
| **11/30/2018** | $15587 | $15162 | $14569 | $14549 |
| **12/31/2018** | $13638 | $13751 | $12866 | $12821 |
| **1/31/2019** | $14967 | $14931 | $14352 | $14263 |
| **2/28/2019** | $15960 | $15457 | $15279 | $15004 |
| **3/31/2019** | $15734 | $15682 | $15072 | $14690 |
| **4/30/2019** | $16890 | $16309 | $15531 | $15189 |
| **5/31/2019** | $15978 | $15253 | $14379 | $14008 |
| **6/30/2019** | $16931 | $16325 | $15486 | $14998 |
| **7/31/2019** | $17182 | $16567 | $15638 | $15084 |
| **8/31/2019** | $16588 | $16229 | $14963 | $14340 |
| **9/30/2019** | $16709 | $16514 | $14840 | $14638 |
| **10/31/2019** | $16935 | $16870 | $15262 | $15024 |
| **11/30/2019** | $17917 | $17511 | $16161 | $15642 |
| **12/31/2019** | $18173 | $18017 | $16531 | $16093 |
| **1/31/2020** | $18289 | $17997 | $16349 | $15577 |
| **2/29/2020** | $17053 | $16524 | $15169 | $14266 |
| **3/31/2020** | $13825 | $14251 | $12272 | $11166 |
| **4/30/2020** | $15971 | $16139 | $14100 | $12700 |
| **5/31/2020** | $17852 | $17002 | $15432 | $13526 |
| **6/30/2020** | $18403 | $17390 | $16025 | $14004 |
| **7/31/2020** | $19649 | $18378 | $16576 | $14392 |
| **8/31/2020** | $20468 | $19709 | $17548 | $15203 |
| **9/30/2020** | $19619 | $18992 | $17172 | $14695 |
| **10/31/2020** | $20104 | $18582 | $17303 | $15003 |
| **11/30/2020** | $22933 | $20842 | $20354 | $17768 |
| **12/31/2020** | $24818 | $21780 | $22256 | $19305 |
| **1/31/2021** | $25092 | $21683 | $23329 | $20277 |
| **2/28/2021** | $26437 | $22361 | $24100 | $21541 |
| **3/31/2021** | $26204 | $23162 | $23341 | $21757 |
| **4/30/2021** | $28062 | $24356 | $23850 | $22214 |
| **5/31/2021** | $27641 | $24467 | $23169 | $22260 |
| **6/30/2021** | $28458 | $25071 | $24256 | $22691 |
| **7/31/2021** | $28903 | $25495 | $23372 | $21871 |
| **8/31/2021** | $29377 | $26222 | $23797 | $22361 |
| **9/30/2021** | $28414 | $25045 | $22885 | $21701 |
| **10/31/2021** | $30137 | $26739 | $23956 | $22625 |
| **11/30/2021** | $29147 | $26332 | $22786 | $21682 |
| **12/31/2021** | $30038 | $27369 | $22887 | $22166 |
| **1/31/2022** | $26248 | $25759 | $19820 | $20032 |
| **2/28/2022** | $25808 | $25110 | $19906 | $20246 |
| **3/31/2022** | $25256 | $25924 | $19997 | $20498 |
| **4/30/2022** | $22854 | $23598 | $17544 | $18466 |
| **5/31/2022** | $22442 | $23566 | $17212 | $18494 |
| **6/30/2022** | $20675 | $21595 | $16147 | $16973 |
| **7/31/2022** | $22784 | $23621 | $17955 | $18745 |
| **8/31/2022** | $21597 | $22739 | $17786 | $18362 |
| **9/30/2022** | $19472 | $20630 | $16186 | $16602 |
| **10/31/2022** | $21265 | $22322 | $17722 | $18430 |
| **11/30/2022** | $22337 | $23487 | $18011 | $18860 |
| **12/31/2022** | $20774 | $22112 | $16855 | $17636 |
| **1/31/2023** | $23774 | $23635 | $18531 | $19355 |
| **2/28/2023** | $23122 | $23083 | $18331 | $19028 |
| **3/31/2023** | $22621 | $23700 | $17878 | $18119 |
| **4/30/2023** | $22078 | $23952 | $17671 | $17793 |
| **5/31/2023** | $21718 | $24046 | $17674 | $17629 |
| **6/30/2023** | $24086 | $25688 | $19139 | $19062 |
| **7/31/2023** | $25258 | $26608 | $20034 | $20228 |
| **8/31/2023** | $24915 | $26095 | $18991 | $19216 |
| **9/30/2023** | $23662 | $24852 | $17738 | $18085 |
| **10/31/2023** | $22072 | $24193 | $16370 | $16851 |
| **11/30/2023** | $24677 | $26449 | $17861 | $18377 |
| **12/31/2023** | $27719 | $27852 | $20000 | $20622 |
| **1/31/2024** | $26842 | $28160 | $19358 | $19820 |
| **2/29/2024** | $28709 | $29685 | $20931 | $20940 |
| **3/31/2024** | $28956 | $30642 | $21516 | $21690 |
| **4/30/2024** | $26505 | $29294 | $19859 | $20163 |
| **5/31/2024** | $27954 | $30678 | $20923 | $21175 |
| **6/30/2024** | $27995 | $31628 | $20888 | $20979 |
| **7/31/2024** | $29656 | $32216 | $22598 | $23111 |
| **8/31/2024** | $29961 | $32917 | $22348 | $22765 |
| **9/30/2024** | $31140 | $33598 | $22645 | $22924 |
| **10/31/2024** | $31053 | $33351 | $22344 | $22593 |
| **11/30/2024** | $34353 | $35570 | $25084 | $25072 |
| **12/31/2024** | $31376 | $34483 | $23030 | $23001 |
| **1/31/2025** | $33213 | $35571 | $23759 | $23604 |
| **2/28/2025** | $30971 | $34890 | $22150 | $22342 |
| **3/31/2025** | $28335 | $32854 | $20470 | $20821 |
| **4/30/2025** | $27836 | $32634 | $20339 | $20340 |
| **5/31/2025** | $29044 | $34703 | $21645 | $21426 |
| **6/30/2025** | $29913 | $36466 | $22920 | $22590 |
| **7/31/2025** | $30081 | $37269 | $23310 | $22982 |
| **8/31/2025** | $29669 | $38131 | $24689 | $24624 |
| **9/30/2025** | $29009 | $39447 | $25715 | $25391 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | (6.84%) | 8.14% | 11.24% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4221563533 |
| # of Portfolio Holdings | 52 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $45911753 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| HealthEquity, Inc. | 3.8% |
| Procore Technologies, Inc. | 3.7% |
| Casella Waste Systems, Inc., Class A | 3.6% |
| RBC Bearings, Inc. | 3.6% |
| Ensign Group, Inc. | 3.6% |
| Nova Ltd. | 3.6% |
| Fabrinet | 3.4% |
| Shift4 Payments, Inc., Class A | 3.1% |
| Medpace Holdings, Inc. | 2.9% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 12.1% |
| Industrial Machinery & Supplies & Components | 8.3% |
| Semiconductor Materials & Equipment | 5.9% |
| Building Products | 5.7% |
| Transaction & Payment Processing Services | 4.1% |
| Broadline Retail | 4.0% |
| Managed Health Care | 3.8% |
| Environmental & Facilities Services | 3.6% |
| Health Care Facilities | 3.6% |
| Automotive Parts & Equipment | 3.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 99.3% |
| Other Assets and Liabilities, Net | 0.7% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Core Growth Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Core Growth Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WIGRX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Core Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $102 | 1.05% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. U.S. small-cap equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

Amid this backdrop, the Fund underperformed its benchmark. Broadly speaking, what we perceived as lower quality stocks tended to outperform during the market's rebound that began in April. This was a headwind for our investment process, which tends to focus on high-quality businesses. We also owned a few companies that produced disappointing results in the period, which led the stocks lower. Those positions had a large effect on performance.

During the period, the Fund's stock selection in the industrials, financials and information-technology sectors were the largest sources of underperformance relative to the benchmark. However, the Fund's holdings in the health-care sector and its lack of exposure to the communication-services sector contributed to relative performance.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g82d14.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10345 | $10790 | $10567 | $10563 |
| **11/30/2015** | $10645 | $10850 | $10955 | $10907 |
| **12/31/2015** | $10297 | $10627 | $10432 | $10359 |
| **1/31/2016** | $9487 | $10027 | $9302 | $9448 |
| **2/29/2016** | $9378 | $10024 | $9236 | $9448 |
| **3/31/2016** | $9972 | $10730 | $9943 | $10202 |
| **4/30/2016** | $10092 | $10796 | $10043 | $10362 |
| **5/31/2016** | $10311 | $10990 | $10313 | $10596 |
| **6/30/2016** | $10181 | $11012 | $10266 | $10589 |
| **7/31/2016** | $10668 | $11449 | $10937 | $11221 |
| **8/31/2016** | $10831 | $11478 | $11053 | $11420 |
| **9/30/2016** | $11083 | $11496 | $11212 | $11547 |
| **10/31/2016** | $10776 | $11248 | $10516 | $10998 |
| **11/30/2016** | $11389 | $11751 | $11456 | $12224 |
| **12/31/2016** | $11400 | $11980 | $11613 | $12567 |
| **1/31/2017** | $11717 | $12206 | $11801 | $12616 |
| **2/28/2017** | $11888 | $12660 | $12091 | $12860 |
| **3/31/2017** | $11884 | $12668 | $12234 | $12877 |
| **4/30/2017** | $12036 | $12803 | $12459 | $13018 |
| **5/31/2017** | $12164 | $12934 | $12346 | $12753 |
| **6/30/2017** | $12461 | $13050 | $12771 | $13194 |
| **7/31/2017** | $12517 | $13296 | $12879 | $13292 |
| **8/31/2017** | $12477 | $13322 | $12864 | $13123 |
| **9/30/2017** | $13174 | $13647 | $13565 | $13942 |
| **10/31/2017** | $13537 | $13945 | $13775 | $14061 |
| **11/30/2017** | $14173 | $14368 | $14170 | $14466 |
| **12/31/2017** | $14190 | $14512 | $14187 | $14407 |
| **1/31/2018** | $14752 | $15277 | $14740 | $14784 |
| **2/28/2018** | $14490 | $14714 | $14320 | $14211 |
| **3/31/2018** | $14780 | $14418 | $14513 | $14395 |
| **4/30/2018** | $14566 | $14473 | $14527 | $14520 |
| **5/31/2018** | $15455 | $14882 | $15442 | $15401 |
| **6/30/2018** | $15767 | $14979 | $15563 | $15511 |
| **7/31/2018** | $16188 | $15476 | $15830 | $15782 |
| **8/31/2018** | $17232 | $16020 | $16816 | $16462 |
| **9/30/2018** | $16840 | $16046 | $16422 | $16066 |
| **10/31/2018** | $15125 | $14865 | $14344 | $14321 |
| **11/30/2018** | $15655 | $15162 | $14569 | $14549 |
| **12/31/2018** | $13700 | $13751 | $12866 | $12821 |
| **1/31/2019** | $15035 | $14931 | $14352 | $14263 |
| **2/28/2019** | $16034 | $15457 | $15279 | $15004 |
| **3/31/2019** | $15811 | $15682 | $15072 | $14690 |
| **4/30/2019** | $16973 | $16309 | $15531 | $15189 |
| **5/31/2019** | $16059 | $15253 | $14379 | $14008 |
| **6/30/2019** | $17019 | $16325 | $15486 | $14998 |
| **7/31/2019** | $17271 | $16567 | $15638 | $15084 |
| **8/31/2019** | $16678 | $16229 | $14963 | $14340 |
| **9/30/2019** | $16803 | $16514 | $14840 | $14638 |
| **10/31/2019** | $17028 | $16870 | $15262 | $15024 |
| **11/30/2019** | $18020 | $17511 | $16161 | $15642 |
| **12/31/2019** | $18280 | $18017 | $16531 | $16093 |
| **1/31/2020** | $18398 | $17997 | $16349 | $15577 |
| **2/29/2020** | $17155 | $16524 | $15169 | $14266 |
| **3/31/2020** | $13910 | $14251 | $12272 | $11166 |
| **4/30/2020** | $16071 | $16139 | $14100 | $12700 |
| **5/31/2020** | $17965 | $17002 | $15432 | $13526 |
| **6/30/2020** | $18524 | $17390 | $16025 | $14004 |
| **7/31/2020** | $19779 | $18378 | $16576 | $14392 |
| **8/31/2020** | $20607 | $19709 | $17548 | $15203 |
| **9/30/2020** | $19756 | $18992 | $17172 | $14695 |
| **10/31/2020** | $20247 | $18582 | $17303 | $15003 |
| **11/30/2020** | $23097 | $20842 | $20354 | $17768 |
| **12/31/2020** | $24999 | $21780 | $22256 | $19305 |
| **1/31/2021** | $25276 | $21683 | $23329 | $20277 |
| **2/28/2021** | $26633 | $22361 | $24100 | $21541 |
| **3/31/2021** | $26401 | $23162 | $23341 | $21757 |
| **4/30/2021** | $28278 | $24356 | $23850 | $22214 |
| **5/31/2021** | $27855 | $24467 | $23169 | $22260 |
| **6/30/2021** | $28680 | $25071 | $24256 | $22691 |
| **7/31/2021** | $29133 | $25495 | $23372 | $21871 |
| **8/31/2021** | $29613 | $26222 | $23797 | $22361 |
| **9/30/2021** | $28645 | $25045 | $22885 | $21701 |
| **10/31/2021** | $30385 | $26739 | $23956 | $22625 |
| **11/30/2021** | $29387 | $26332 | $22786 | $21682 |
| **12/31/2021** | $30290 | $27369 | $22887 | $22166 |
| **1/31/2022** | $26470 | $25759 | $19820 | $20032 |
| **2/28/2022** | $26030 | $25110 | $19906 | $20246 |
| **3/31/2022** | $25473 | $25924 | $19997 | $20498 |
| **4/30/2022** | $23053 | $23598 | $17544 | $18466 |
| **5/31/2022** | $22641 | $23566 | $17212 | $18494 |
| **6/30/2022** | $20863 | $21595 | $16147 | $16973 |
| **7/31/2022** | $22992 | $23621 | $17955 | $18745 |
| **8/31/2022** | $21799 | $22739 | $17786 | $18362 |
| **9/30/2022** | $19660 | $20630 | $16186 | $16602 |
| **10/31/2022** | $21470 | $22322 | $17722 | $18430 |
| **11/30/2022** | $22556 | $23487 | $18011 | $18860 |
| **12/31/2022** | $20980 | $22112 | $16855 | $17636 |
| **1/31/2023** | $24013 | $23635 | $18531 | $19355 |
| **2/28/2023** | $23357 | $23083 | $18331 | $19028 |
| **3/31/2023** | $22850 | $23700 | $17878 | $18119 |
| **4/30/2023** | $22305 | $23952 | $17671 | $17793 |
| **5/31/2023** | $21945 | $24046 | $17674 | $17629 |
| **6/30/2023** | $24338 | $25688 | $19139 | $19062 |
| **7/31/2023** | $25526 | $26608 | $20034 | $20228 |
| **8/31/2023** | $25179 | $26095 | $18991 | $19216 |
| **9/30/2023** | $23914 | $24852 | $17738 | $18085 |
| **10/31/2023** | $22308 | $24193 | $16370 | $16851 |
| **11/30/2023** | $24943 | $26449 | $17861 | $18377 |
| **12/31/2023** | $28024 | $27852 | $20000 | $20622 |
| **1/31/2024** | $27138 | $28160 | $19358 | $19820 |
| **2/29/2024** | $29028 | $29685 | $20931 | $20940 |
| **3/31/2024** | $29279 | $30642 | $21516 | $21690 |
| **4/30/2024** | $26804 | $29294 | $19859 | $20163 |
| **5/31/2024** | $28269 | $30678 | $20923 | $21175 |
| **6/30/2024** | $28317 | $31628 | $20888 | $20979 |
| **7/31/2024** | $29999 | $32216 | $22598 | $23111 |
| **8/31/2024** | $30312 | $32917 | $22348 | $22765 |
| **9/30/2024** | $31506 | $33598 | $22645 | $22924 |
| **10/31/2024** | $31424 | $33351 | $22344 | $22593 |
| **11/30/2024** | $34763 | $35570 | $25084 | $25072 |
| **12/31/2024** | $31753 | $34483 | $23030 | $23001 |
| **1/31/2025** | $33613 | $35571 | $23759 | $23604 |
| **2/28/2025** | $31349 | $34890 | $22150 | $22342 |
| **3/31/2025** | $28684 | $32854 | $20470 | $20821 |
| **4/30/2025** | $28183 | $32634 | $20339 | $20340 |
| **5/31/2025** | $29406 | $34703 | $21645 | $21426 |
| **6/30/2025** | $30291 | $36466 | $22920 | $22590 |
| **7/31/2025** | $30464 | $37269 | $23310 | $22982 |
| **8/31/2025** | $30049 | $38131 | $24689 | $24624 |
| **9/30/2025** | $29382 | $39447 | $25715 | $25391 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | (6.75%) | 8.26% | 11.38% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4221563533 |
| # of Portfolio Holdings | 52 |
| Portfolio Turnover Rate | 46% |
| Total Advisory Fees Paid | $45911753 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| HealthEquity, Inc. | 3.8% |
| Procore Technologies, Inc. | 3.7% |
| Casella Waste Systems, Inc., Class A | 3.6% |
| RBC Bearings, Inc. | 3.6% |
| Ensign Group, Inc. | 3.6% |
| Nova Ltd. | 3.6% |
| Fabrinet | 3.4% |
| Shift4 Payments, Inc., Class A | 3.1% |
| Medpace Holdings, Inc. | 2.9% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 12.1% |
| Industrial Machinery & Supplies & Components | 8.3% |
| Semiconductor Materials & Equipment | 5.9% |
| Building Products | 5.7% |
| Transaction & Payment Processing Services | 4.1% |
| Broadline Retail | 4.0% |
| Managed Health Care | 3.8% |
| Environmental & Facilities Services | 3.6% |
| Health Care Facilities | 3.6% |
| Automotive Parts & Equipment | 3.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 99.3% |
| Other Assets and Liabilities, Net | 0.7% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Core Growth Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Emerging India Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAINX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Emerging India Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $141 | 1.51% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, Indian small-cap equities experienced losses. Early in the period, concern about inflation weighed on stocks, though those concerns eventually ebbed. Additionally, the U.S. announced tariffs on a range of Indian exports, which stoked concerns about how economic momentum might be impacted. While most small companies in India have limited direct exposure to U.S. markets, the measures heightened investor worries about supply-chain disruptions, margin pressure and slower order flow to related industries.

The Fund ended the year slightly underperforming its benchmark. Underperformance was largely due to stock selection in the industrials and materials sectors. Within those sectors, we owned a few companies that suffered setbacks during the period and were large detractors from performance. Our financials holdings outperformed those of the benchmark and contributed to relative performance. Several of our bank and nonbank financial holdings demonstrated strong fundamentals during the period. The stocks also benefited as the Reserve Bank of India (RBI) began a round of monetary easing. In addition, the RBI rolled back some lending restrictions.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g58y15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI Emerging Markets Index** | **MSCI India IMI Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $9870 | $10713 | $10181 |
| **11/30/2015** | $9707 | $10295 | $9770 |
| **12/31/2015** | $10008 | $10066 | $9997 |
| **1/31/2016** | $9315 | $9413 | $9244 |
| **2/29/2016** | $8390 | $9398 | $8478 |
| **3/31/2016** | $9414 | $10641 | $9624 |
| **4/30/2016** | $9645 | $10699 | $9719 |
| **5/31/2016** | $9711 | $10300 | $9872 |
| **6/30/2016** | $9975 | $10711 | $10068 |
| **7/31/2016** | $10867 | $11250 | $10647 |
| **8/31/2016** | $11065 | $11530 | $10814 |
| **9/30/2016** | $11198 | $11678 | $10750 |
| **10/31/2016** | $11462 | $11706 | $10791 |
| **11/30/2016** | $10372 | $11167 | $9920 |
| **12/31/2016** | $10016 | $11192 | $9889 |
| **1/31/2017** | $10885 | $11804 | $10365 |
| **2/28/2017** | $11385 | $12166 | $11046 |
| **3/31/2017** | $12287 | $12473 | $11753 |
| **4/30/2017** | $13155 | $12746 | $12084 |
| **5/31/2017** | $13122 | $13123 | $12200 |
| **6/30/2017** | $13422 | $13255 | $12184 |
| **7/31/2017** | $13990 | $14045 | $13046 |
| **8/31/2017** | $14023 | $14358 | $12970 |
| **9/30/2017** | $13622 | $14301 | $12532 |
| **10/31/2017** | $13923 | $14803 | $13492 |
| **11/30/2017** | $14657 | $14832 | $13498 |
| **12/31/2017** | $15365 | $15365 | $14212 |
| **1/31/2018** | $14987 | $16645 | $14548 |
| **2/28/2018** | $14575 | $15878 | $13610 |
| **3/31/2018** | $14643 | $15582 | $13073 |
| **4/30/2018** | $15056 | $15513 | $13644 |
| **5/31/2018** | $14953 | $14964 | $13061 |
| **6/30/2018** | $14678 | $14342 | $12781 |
| **7/31/2018** | $15400 | $14657 | $13552 |
| **8/31/2018** | $15572 | $14261 | $13679 |
| **9/30/2018** | $13578 | $14185 | $12232 |
| **10/31/2018** | $12890 | $12950 | $11449 |
| **11/30/2018** | $14197 | $13483 | $12591 |
| **12/31/2018** | $14520 | $13126 | $12623 |
| **1/31/2019** | $14152 | $14276 | $12279 |
| **2/28/2019** | $14299 | $14308 | $12257 |
| **3/31/2019** | $15291 | $14428 | $13463 |
| **4/30/2019** | $15255 | $14732 | $13453 |
| **5/31/2019** | $15585 | $13663 | $13517 |
| **6/30/2019** | $15512 | $14515 | $13435 |
| **7/31/2019** | $14924 | $14338 | $12647 |
| **8/31/2019** | $14593 | $13639 | $12234 |
| **9/30/2019** | $15622 | $13899 | $12630 |
| **10/31/2019** | $16284 | $14485 | $13167 |
| **11/30/2019** | $16247 | $14465 | $13123 |
| **12/31/2019** | $16521 | $15544 | $13295 |
| **1/31/2020** | $17222 | $14820 | $13326 |
| **2/29/2020** | $16632 | $14038 | $12364 |
| **3/31/2020** | $11874 | $11876 | $9069 |
| **4/30/2020** | $13165 | $12964 | $10523 |
| **5/31/2020** | $12575 | $13063 | $10237 |
| **6/30/2020** | $13571 | $14023 | $11020 |
| **7/31/2020** | $14640 | $15277 | $12119 |
| **8/31/2020** | $15304 | $15614 | $12653 |
| **9/30/2020** | $15562 | $15364 | $12769 |
| **10/31/2020** | $15820 | $15680 | $12881 |
| **11/30/2020** | $17738 | $17131 | $14081 |
| **12/31/2020** | $19434 | $18390 | $15443 |
| **1/31/2021** | $18770 | $18954 | $15166 |
| **2/28/2021** | $19656 | $19099 | $16128 |
| **3/31/2021** | $20504 | $18810 | $16510 |
| **4/30/2021** | $20430 | $19279 | $16406 |
| **5/31/2021** | $21463 | $19726 | $17821 |
| **6/30/2021** | $21868 | $19760 | $17834 |
| **7/31/2021** | $22974 | $18430 | $18140 |
| **8/31/2021** | $25335 | $18912 | $19810 |
| **9/30/2021** | $25630 | $18161 | $20088 |
| **10/31/2021** | $26072 | $18340 | $19911 |
| **11/30/2021** | $25925 | $17592 | $19353 |
| **12/31/2021** | $26729 | $17923 | $20132 |
| **1/31/2022** | $25728 | $17583 | $19831 |
| **2/28/2022** | $24419 | $17058 | $18847 |
| **3/31/2022** | $24765 | $16672 | $19570 |
| **4/30/2022** | $23494 | $15745 | $19292 |
| **5/31/2022** | $21530 | $15814 | $18071 |
| **6/30/2022** | $19874 | $14764 | $16839 |
| **7/31/2022** | $22300 | $14727 | $18389 |
| **8/31/2022** | $22801 | $14789 | $19182 |
| **9/30/2022** | $21838 | $13055 | $18088 |
| **10/31/2022** | $21761 | $12650 | $18437 |
| **11/30/2022** | $22339 | $14526 | $19312 |
| **12/31/2022** | $20916 | $14322 | $18306 |
| **1/31/2023** | $20215 | $15453 | $17847 |
| **2/28/2023** | $20215 | $14451 | $17090 |
| **3/31/2023** | $19864 | $14888 | $17218 |
| **4/30/2023** | $20721 | $14719 | $17982 |
| **5/31/2023** | $21773 | $14472 | $18554 |
| **6/30/2023** | $22941 | $15022 | $19528 |
| **7/31/2023** | $22669 | $15957 | $20249 |
| **8/31/2023** | $22707 | $14974 | $20146 |
| **9/30/2023** | $22980 | $14582 | $20453 |
| **10/31/2023** | $22591 | $14016 | $19855 |
| **11/30/2023** | $23954 | $15137 | $21277 |
| **12/31/2023** | $25274 | $15729 | $22906 |
| **1/31/2024** | $24665 | $14999 | $23615 |
| **2/29/2024** | $24746 | $15712 | $24085 |
| **3/31/2024** | $24868 | $16102 | $24028 |
| **4/30/2024** | $25234 | $16174 | $24902 |
| **5/31/2024** | $25437 | $16265 | $25026 |
| **6/30/2024** | $27509 | $16907 | $26914 |
| **7/31/2024** | $27875 | $16957 | $28062 |
| **8/31/2024** | $28606 | $17231 | $28339 |
| **9/30/2024** | $29947 | $18381 | $28955 |
| **10/31/2024** | $28281 | $17564 | $26808 |
| **11/30/2024** | $28119 | $16933 | $26682 |
| **12/31/2024** | $27646 | $16910 | $25992 |
| **1/31/2025** | $26820 | $17212 | $24681 |
| **2/28/2025** | $25509 | $17295 | $22451 |
| **3/31/2025** | $27161 | $17405 | $24646 |
| **4/30/2025** | $27646 | $17633 | $25714 |
| **5/31/2025** | $28424 | $18386 | $26347 |
| **6/30/2025** | $29298 | $19491 | $27214 |
| **7/31/2025** | $27015 | $19871 | $25886 |
| **8/31/2025** | $26140 | $20126 | $25060 |
| **9/30/2025** | $26043 | $21566 | $25178 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | (13.04%) | 10.85% | 10.04% |
| MSCI Emerging Markets Index | 17.32% | 7.02% | 7.99% |
| MSCI India IMI Index | (13.04%) | 14.54% | 9.67% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $522385056 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid | $7497241 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Bajaj Finance Ltd. | 10.4% |
| Cholamandalam Investment & Finance Co. Ltd. | 8.9% |
| Max Healthcare Institute Ltd. | 8.8% |
| Divi's Laboratories Ltd. | 8.1% |
| AU Small Finance Bank Ltd. | 7.4% |
| Five-Star Business Finance Ltd. | 6.6% |
| Kotak Mahindra Bank Ltd. | 4.8% |
| Elgi Equipments Ltd. | 4.5% |
| Vijaya Diagnostic Centre Ltd. | 3.6% |
| Aditya Vision Ltd. | 3.6% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Consumer Finance | 25.9% |
| Health Care Facilities | 9.4% |
| Life Sciences Tools & Services | 8.1% |
| Diversified Banks | 7.9% |
| Regional Banks | 7.5% |
| Asset Management & Custody Banks | 5.5% |
| Industrial Machinery & Supplies & Components | 4.5% |
| Building Products | 4.2% |
| Health Care Services | 3.6% |
| Computer & Electronics Retail | 3.6% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.4% |
| Other Assets and Liabilities, Net | (0.4%) |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Emerging India Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Emerging India Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WIINX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Emerging India Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $130 | 1.39% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, Indian small-cap equities experienced losses. Early in the period, concern about inflation weighed on stocks, though those concerns eventually ebbed. Additionally, the U.S. announced tariffs on a range of Indian exports, which stoked concerns about how economic momentum might be impacted. While most small companies in India have limited direct exposure to U.S. markets, the measures heightened investor worries about supply-chain disruptions, margin pressure and slower order flow to related industries.

The Fund ended the year slightly underperforming its benchmark. Underperformance was largely due to stock selection in the industrials and materials sectors. Within those sectors, we owned a few companies that suffered setbacks during the period and were large detractors from performance. Our financials holdings outperformed those of the benchmark and contributed to relative performance. Several of our bank and nonbank financial holdings demonstrated strong fundamentals during the period. The stocks also benefited as the Reserve Bank of India (RBI) began a round of monetary easing. In addition, the RBI rolled back some lending restrictions.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g00n96.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI Emerging Markets Index** | **MSCI India IMI Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $9870 | $10713 | $10181 |
| **11/30/2015** | $9707 | $10295 | $9770 |
| **12/31/2015** | $10008 | $10066 | $9997 |
| **1/31/2016** | $9315 | $9413 | $9244 |
| **2/29/2016** | $8390 | $9398 | $8478 |
| **3/31/2016** | $9414 | $10641 | $9624 |
| **4/30/2016** | $9678 | $10699 | $9719 |
| **5/31/2016** | $9744 | $10300 | $9872 |
| **6/30/2016** | $10008 | $10711 | $10068 |
| **7/31/2016** | $10900 | $11250 | $10647 |
| **8/31/2016** | $11098 | $11530 | $10814 |
| **9/30/2016** | $11231 | $11678 | $10750 |
| **10/31/2016** | $11495 | $11706 | $10791 |
| **11/30/2016** | $10405 | $11167 | $9920 |
| **12/31/2016** | $10049 | $11192 | $9889 |
| **1/31/2017** | $10918 | $11804 | $10365 |
| **2/28/2017** | $11452 | $12166 | $11046 |
| **3/31/2017** | $12353 | $12473 | $11753 |
| **4/30/2017** | $13221 | $12746 | $12084 |
| **5/31/2017** | $13154 | $13123 | $12200 |
| **6/30/2017** | $13488 | $13255 | $12184 |
| **7/31/2017** | $14056 | $14045 | $13046 |
| **8/31/2017** | $14089 | $14358 | $12970 |
| **9/30/2017** | $13689 | $14301 | $12532 |
| **10/31/2017** | $13956 | $14803 | $13492 |
| **11/30/2017** | $14724 | $14832 | $13498 |
| **12/31/2017** | $15430 | $15365 | $14212 |
| **1/31/2018** | $15052 | $16645 | $14548 |
| **2/28/2018** | $14640 | $15878 | $13610 |
| **3/31/2018** | $14709 | $15582 | $13073 |
| **4/30/2018** | $15121 | $15513 | $13644 |
| **5/31/2018** | $15018 | $14964 | $13061 |
| **6/30/2018** | $14743 | $14342 | $12781 |
| **7/31/2018** | $15499 | $14657 | $13552 |
| **8/31/2018** | $15637 | $14261 | $13679 |
| **9/30/2018** | $13643 | $14185 | $12232 |
| **10/31/2018** | $12956 | $12950 | $11449 |
| **11/30/2018** | $14262 | $13483 | $12591 |
| **12/31/2018** | $14619 | $13126 | $12623 |
| **1/31/2019** | $14215 | $14276 | $12279 |
| **2/28/2019** | $14399 | $14308 | $12257 |
| **3/31/2019** | $15391 | $14428 | $13463 |
| **4/30/2019** | $15391 | $14732 | $13453 |
| **5/31/2019** | $15721 | $13663 | $13517 |
| **6/30/2019** | $15611 | $14515 | $13435 |
| **7/31/2019** | $15023 | $14338 | $12647 |
| **8/31/2019** | $14693 | $13639 | $12234 |
| **9/30/2019** | $15721 | $13899 | $12630 |
| **10/31/2019** | $16382 | $14485 | $13167 |
| **11/30/2019** | $16382 | $14465 | $13123 |
| **12/31/2019** | $16656 | $15544 | $13295 |
| **1/31/2020** | $17356 | $14820 | $13326 |
| **2/29/2020** | $16730 | $14038 | $12364 |
| **3/31/2020** | $11976 | $11876 | $9069 |
| **4/30/2020** | $13266 | $12964 | $10523 |
| **5/31/2020** | $12676 | $13063 | $10237 |
| **6/30/2020** | $13671 | $14023 | $11020 |
| **7/31/2020** | $14777 | $15277 | $12119 |
| **8/31/2020** | $15477 | $15614 | $12653 |
| **9/30/2020** | $15698 | $15364 | $12769 |
| **10/31/2020** | $15956 | $15680 | $12881 |
| **11/30/2020** | $17909 | $17131 | $14081 |
| **12/31/2020** | $19641 | $18390 | $15443 |
| **1/31/2021** | $18941 | $18954 | $15166 |
| **2/28/2021** | $19862 | $19099 | $16128 |
| **3/31/2021** | $20710 | $18810 | $16510 |
| **4/30/2021** | $20636 | $19279 | $16406 |
| **5/31/2021** | $21705 | $19726 | $17821 |
| **6/30/2021** | $22110 | $19760 | $17834 |
| **7/31/2021** | $23215 | $18430 | $18140 |
| **8/31/2021** | $25611 | $18912 | $19810 |
| **9/30/2021** | $25905 | $18161 | $20088 |
| **10/31/2021** | $26348 | $18340 | $19911 |
| **11/30/2021** | $26200 | $17592 | $19353 |
| **12/31/2021** | $27042 | $17923 | $20132 |
| **1/31/2022** | $26004 | $17583 | $19831 |
| **2/28/2022** | $24658 | $17058 | $18847 |
| **3/31/2022** | $25004 | $16672 | $19570 |
| **4/30/2022** | $23773 | $15745 | $19292 |
| **5/31/2022** | $21772 | $15814 | $18071 |
| **6/30/2022** | $20118 | $14764 | $16839 |
| **7/31/2022** | $22580 | $14727 | $18389 |
| **8/31/2022** | $23080 | $14789 | $19182 |
| **9/30/2022** | $22080 | $13055 | $18088 |
| **10/31/2022** | $22003 | $12650 | $18437 |
| **11/30/2022** | $22580 | $14526 | $19312 |
| **12/31/2022** | $21159 | $14322 | $18306 |
| **1/31/2023** | $20459 | $15453 | $17847 |
| **2/28/2023** | $20459 | $14451 | $17090 |
| **3/31/2023** | $20109 | $14888 | $17218 |
| **4/30/2023** | $21004 | $14719 | $17982 |
| **5/31/2023** | $22054 | $14472 | $18554 |
| **6/30/2023** | $23260 | $15022 | $19528 |
| **7/31/2023** | $22948 | $15957 | $20249 |
| **8/31/2023** | $22987 | $14974 | $20146 |
| **9/30/2023** | $23260 | $14582 | $20453 |
| **10/31/2023** | $22910 | $14016 | $19855 |
| **11/30/2023** | $24271 | $15137 | $21277 |
| **12/31/2023** | $25589 | $15729 | $22906 |
| **1/31/2024** | $24981 | $14999 | $23615 |
| **2/29/2024** | $25062 | $15712 | $24085 |
| **3/31/2024** | $25184 | $16102 | $24028 |
| **4/30/2024** | $25589 | $16174 | $24902 |
| **5/31/2024** | $25752 | $16265 | $25026 |
| **6/30/2024** | $27860 | $16907 | $26914 |
| **7/31/2024** | $28225 | $16957 | $28062 |
| **8/31/2024** | $28996 | $17231 | $28339 |
| **9/30/2024** | $30375 | $18381 | $28955 |
| **10/31/2024** | $28671 | $17564 | $26808 |
| **11/30/2024** | $28509 | $16933 | $26682 |
| **12/31/2024** | $28040 | $16910 | $25992 |
| **1/31/2025** | $27170 | $17212 | $24681 |
| **2/28/2025** | $25865 | $17295 | $22451 |
| **3/31/2025** | $27557 | $17405 | $24646 |
| **4/30/2025** | $28040 | $17633 | $25714 |
| **5/31/2025** | $28862 | $18386 | $26347 |
| **6/30/2025** | $29732 | $19491 | $27214 |
| **7/31/2025** | $27460 | $19871 | $25886 |
| **8/31/2025** | $26542 | $20126 | $25060 |
| **9/30/2025** | $26445 | $21566 | $25178 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | (12.94%) | 10.99% | 10.21% |
| MSCI Emerging Markets Index | 17.32% | 7.02% | 7.99% |
| MSCI India IMI Index | (13.04%) | 14.54% | 9.67% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $522385056 |
| # of Portfolio Holdings | 24 |
| Portfolio Turnover Rate | 34% |
| Total Advisory Fees Paid | $7497241 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Bajaj Finance Ltd. | 10.4% |
| Cholamandalam Investment & Finance Co. Ltd. | 8.9% |
| Max Healthcare Institute Ltd. | 8.8% |
| Divi's Laboratories Ltd. | 8.1% |
| AU Small Finance Bank Ltd. | 7.4% |
| Five-Star Business Finance Ltd. | 6.6% |
| Kotak Mahindra Bank Ltd. | 4.8% |
| Elgi Equipments Ltd. | 4.5% |
| Vijaya Diagnostic Centre Ltd. | 3.6% |
| Aditya Vision Ltd. | 3.6% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Consumer Finance | 25.9% |
| Health Care Facilities | 9.4% |
| Life Sciences Tools & Services | 8.1% |
| Diversified Banks | 7.9% |
| Regional Banks | 7.5% |
| Asset Management & Custody Banks | 5.5% |
| Industrial Machinery & Supplies & Components | 4.5% |
| Building Products | 4.2% |
| Health Care Services | 3.6% |
| Computer & Electronics Retail | 3.6% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.4% |
| Other Assets and Liabilities, Net | (0.4%) |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Emerging India Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Emerging Markets Select Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAESX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Emerging Markets Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $134 | 1.37% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, emerging-market equities had sharp gains. Expectations of economic growth in select emerging-market economies such as China and a weakening dollar were catalysts for markets.

Amid this backdrop, the Fund underperformed its benchmark, and we were disappointed with our results. Relative to its benchmark, stock selection in Taiwan was a large source of underperformance for the Fund. Within Taiwan, the Fund did not have exposure to several companies tied to the buildout of artificial intelligence, which was a drag on relative results. Stock selection in Brazil and China also detracted from relative performance. The strategy's underweight to China—one of the top-performing markets within the index—also detracted from performance relative to the benchmark.

At the sector level, stock selection within the information-technology (IT) sector was the largest source of underperformance. The Fund owned some IT-service companies and a semiconductor company that suffered losses during the period and were a drag on performance. While we were disappointed with performance during the period, we continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g22g99.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Mid Cap Growth Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10455 | $10713 | $10615 |
| **11/30/2015** | $10275 | $10295 | $10382 |
| **12/31/2015** | $10120 | $10066 | $10206 |
| **1/31/2016** | $9713 | $9413 | $9681 |
| **2/29/2016** | $9389 | $9398 | $9514 |
| **3/31/2016** | $10335 | $10641 | $10544 |
| **4/30/2016** | $10395 | $10699 | $10628 |
| **5/31/2016** | $10383 | $10300 | $10344 |
| **6/30/2016** | $10683 | $10711 | $10697 |
| **7/31/2016** | $11054 | $11250 | $11224 |
| **8/31/2016** | $11234 | $11530 | $11351 |
| **9/30/2016** | $11054 | $11678 | $11417 |
| **10/31/2016** | $10838 | $11706 | $11409 |
| **11/30/2016** | $9820 | $11167 | $10588 |
| **12/31/2016** | $9605 | $11192 | $10488 |
| **1/31/2017** | $10132 | $11804 | $11121 |
| **2/28/2017** | $10527 | $12166 | $11531 |
| **3/31/2017** | $11018 | $12473 | $11933 |
| **4/30/2017** | $11677 | $12746 | $12288 |
| **5/31/2017** | $12144 | $13123 | $12646 |
| **6/30/2017** | $12132 | $13255 | $12639 |
| **7/31/2017** | $12814 | $14045 | $13312 |
| **8/31/2017** | $12790 | $14358 | $13630 |
| **9/30/2017** | $12527 | $14301 | $13649 |
| **10/31/2017** | $12443 | $14803 | $13752 |
| **11/30/2017** | $12802 | $14832 | $14000 |
| **12/31/2017** | $13222 | $15365 | $14765 |
| **1/31/2018** | $13820 | $16645 | $15769 |
| **2/28/2018** | $13281 | $15878 | $15063 |
| **3/31/2018** | $13461 | $15582 | $15168 |
| **4/30/2018** | $13353 | $15513 | $15004 |
| **5/31/2018** | $13401 | $14964 | $14661 |
| **6/30/2018** | $13305 | $14342 | $13927 |
| **7/31/2018** | $13593 | $14657 | $13945 |
| **8/31/2018** | $13162 | $14261 | $13668 |
| **9/30/2018** | $12455 | $14185 | $13393 |
| **10/31/2018** | $10994 | $12950 | $12347 |
| **11/30/2018** | $11904 | $13483 | $13127 |
| **12/31/2018** | $11701 | $13126 | $13035 |
| **1/31/2019** | $12347 | $14276 | $13876 |
| **2/28/2019** | $12719 | $14308 | $13854 |
| **3/31/2019** | $13246 | $14428 | $13823 |
| **4/30/2019** | $13437 | $14732 | $14115 |
| **5/31/2019** | $12886 | $13663 | $13453 |
| **6/30/2019** | $13641 | $14515 | $14235 |
| **7/31/2019** | $13593 | $14338 | $14100 |
| **8/31/2019** | $13150 | $13639 | $13449 |
| **9/30/2019** | $13557 | $13899 | $13600 |
| **10/31/2019** | $14192 | $14485 | $14234 |
| **11/30/2019** | $14251 | $14465 | $13980 |
| **12/31/2019** | $14982 | $15544 | $15035 |
| **1/31/2020** | $15222 | $14820 | $14648 |
| **2/29/2020** | $14611 | $14038 | $13335 |
| **3/31/2020** | $11473 | $11876 | $10427 |
| **4/30/2020** | $12874 | $12964 | $12026 |
| **5/31/2020** | $13892 | $13063 | $12627 |
| **6/30/2020** | $15485 | $14023 | $13508 |
| **7/31/2020** | $16659 | $15277 | $14883 |
| **8/31/2020** | $17413 | $15614 | $15119 |
| **9/30/2020** | $17234 | $15364 | $14595 |
| **10/31/2020** | $17940 | $15680 | $14233 |
| **11/30/2020** | $20120 | $17131 | $15728 |
| **12/31/2020** | $22228 | $18390 | $17131 |
| **1/31/2021** | $22347 | $18954 | $16847 |
| **2/28/2021** | $22587 | $19099 | $16819 |
| **3/31/2021** | $22299 | $18810 | $16952 |
| **4/30/2021** | $23305 | $19279 | $17766 |
| **5/31/2021** | $24299 | $19726 | $18392 |
| **6/30/2021** | $25150 | $19760 | $19101 |
| **7/31/2021** | $24838 | $18430 | $18078 |
| **8/31/2021** | $27449 | $18912 | $18612 |
| **9/30/2021** | $26958 | $18161 | $17628 |
| **10/31/2021** | $27617 | $18340 | $17601 |
| **11/30/2021** | $26263 | $17592 | $17268 |
| **12/31/2021** | $26969 | $17923 | $17452 |
| **1/31/2022** | $24154 | $17583 | $16510 |
| **2/28/2022** | $22265 | $17058 | $16391 |
| **3/31/2022** | $22554 | $16672 | $16398 |
| **4/30/2022** | $19282 | $15745 | $15132 |
| **5/31/2022** | $18729 | $15814 | $15304 |
| **6/30/2022** | $16961 | $14764 | $13939 |
| **7/31/2022** | $18200 | $14727 | $14105 |
| **8/31/2022** | $18115 | $14789 | $14244 |
| **9/30/2022** | $16046 | $13055 | $12549 |
| **10/31/2022** | $16335 | $12650 | $12908 |
| **11/30/2022** | $17803 | $14526 | $14127 |
| **12/31/2022** | $16888 | $14322 | $13944 |
| **1/31/2023** | $18440 | $15453 | $14638 |
| **2/28/2023** | $18055 | $14451 | $14038 |
| **3/31/2023** | $18440 | $14888 | $14323 |
| **4/30/2023** | $18091 | $14719 | $14485 |
| **5/31/2023** | $18007 | $14472 | $14214 |
| **6/30/2023** | $18536 | $15022 | $14769 |
| **7/31/2023** | $18572 | $15957 | $15615 |
| **8/31/2023** | $17766 | $14974 | $14906 |
| **9/30/2023** | $17718 | $14582 | $14461 |
| **10/31/2023** | $16949 | $14016 | $13754 |
| **11/30/2023** | $18993 | $15137 | $15055 |
| **12/31/2023** | $19847 | $15729 | $15614 |
| **1/31/2024** | $18464 | $14999 | $14932 |
| **2/29/2024** | $19030 | $15712 | $15711 |
| **3/31/2024** | $19402 | $16102 | $15697 |
| **4/30/2024** | $19162 | $16174 | $15606 |
| **5/31/2024** | $19763 | $16265 | $15497 |
| **6/30/2024** | $20220 | $16907 | $15864 |
| **7/31/2024** | $19751 | $16957 | $16057 |
| **8/31/2024** | $21387 | $17231 | $16288 |
| **9/30/2024** | $21856 | $18381 | $17278 |
| **10/31/2024** | $21411 | $17564 | $16347 |
| **11/30/2024** | $20677 | $16933 | $15919 |
| **12/31/2024** | $19823 | $16910 | $15788 |
| **1/31/2025** | $20425 | $17212 | $16091 |
| **2/28/2025** | $19751 | $17295 | $16083 |
| **3/31/2025** | $19330 | $17405 | $16316 |
| **4/30/2025** | $19992 | $17633 | $17044 |
| **5/31/2025** | $20834 | $18386 | $17787 |
| **6/30/2025** | $21736 | $19491 | $19232 |
| **7/31/2025** | $20401 | $19871 | $19395 |
| **8/31/2025** | $21255 | $20126 | $19916 |
| **9/30/2025** | $21098 | $21566 | $20680 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | (3.47%) | 4.13% | 7.75% |
| MSCI Emerging Markets Index | 17.32% | 7.02% | 7.99% |
| MSCI Emerging Markets Mid Cap Growth Index | 19.69% | 7.22% | 7.54% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $301362704 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $3887398 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Bajaj Finance Ltd. | 8.5% |
| MercadoLibre, Inc. | 8.1% |
| Sea Ltd., ADR | 7.5% |
| ASPEED Technology, Inc. | 6.2% |
| Tencent Holdings Ltd. | 5.1% |
| Divi's Laboratories Ltd. | 5.0% |
| Max Healthcare Institute Ltd. | 5.0% |
| NU Holdings Ltd., Class A | 4.8% |
| Trip.com Group Ltd. | 4.7% |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | 4.3% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Broadline Retail | 15.6% |
| Consumer Finance | 13.6% |
| Semiconductors | 12.3% |
| Hotels, Resorts & Cruise Lines | 6.9% |
| Diversified Banks | 6.8% |
| Electrical Components & Equipment | 6.3% |
| Airport Services | 6.0% |
| Electronic Equipment & Instruments | 5.5% |
| Interactive Media & Services | 5.1% |
| Life Sciences Tools & Services | 5.0% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 106.9% |
| Other Assets and Liabilities, Net | (6.9%) |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Emerging Markets Select Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Emerging Markets Select Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WIESX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Emerging Markets Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $112 | 1.13% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, emerging-market equities had sharp gains. Expectations of economic growth in select emerging-market economies such as China and a weakening dollar were catalysts for markets.

Amid this backdrop, the Fund underperformed its benchmark, and we were disappointed with our results. Relative to its benchmark, stock selection in Taiwan was a large source of underperformance for the Fund. Within Taiwan, the Fund did not have exposure to several companies tied to the buildout of artificial intelligence, which was a drag on relative results. Stock selection in Brazil and China also detracted from relative performance. The strategy's underweight to China—one of the top-performing markets within the index—also detracted from performance relative to the benchmark.

At the sector level, stock selection within the information-technology (IT) sector was the largest source of underperformance. The Fund owned some IT-service companies and a semiconductor company that suffered losses during the period and were a drag on performance. While we were disappointed with performance during the period, we continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g06s05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Mid Cap Growth Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10464 | $10713 | $10615 |
| **11/30/2015** | $10285 | $10295 | $10382 |
| **12/31/2015** | $10131 | $10066 | $10206 |
| **1/31/2016** | $9715 | $9413 | $9681 |
| **2/29/2016** | $9394 | $9398 | $9514 |
| **3/31/2016** | $10357 | $10641 | $10544 |
| **4/30/2016** | $10404 | $10699 | $10628 |
| **5/31/2016** | $10404 | $10300 | $10344 |
| **6/30/2016** | $10702 | $10711 | $10697 |
| **7/31/2016** | $11082 | $11250 | $11224 |
| **8/31/2016** | $11260 | $11530 | $11351 |
| **9/30/2016** | $11082 | $11678 | $11417 |
| **10/31/2016** | $10880 | $11706 | $11409 |
| **11/30/2016** | $9845 | $11167 | $10588 |
| **12/31/2016** | $9643 | $11192 | $10488 |
| **1/31/2017** | $10178 | $11804 | $11121 |
| **2/28/2017** | $10571 | $12166 | $11531 |
| **3/31/2017** | $11058 | $12473 | $11933 |
| **4/30/2017** | $11724 | $12746 | $12288 |
| **5/31/2017** | $12200 | $13123 | $12646 |
| **6/30/2017** | $12188 | $13255 | $12639 |
| **7/31/2017** | $12889 | $14045 | $13312 |
| **8/31/2017** | $12866 | $14358 | $13630 |
| **9/30/2017** | $12604 | $14301 | $13649 |
| **10/31/2017** | $12521 | $14803 | $13752 |
| **11/30/2017** | $12878 | $14832 | $14000 |
| **12/31/2017** | $13306 | $15365 | $14765 |
| **1/31/2018** | $13912 | $16645 | $15769 |
| **2/28/2018** | $13377 | $15878 | $15063 |
| **3/31/2018** | $13555 | $15582 | $15168 |
| **4/30/2018** | $13448 | $15513 | $15004 |
| **5/31/2018** | $13496 | $14964 | $14661 |
| **6/30/2018** | $13413 | $14342 | $13927 |
| **7/31/2018** | $13710 | $14657 | $13945 |
| **8/31/2018** | $13270 | $14261 | $13668 |
| **9/30/2018** | $12556 | $14185 | $13393 |
| **10/31/2018** | $11082 | $12950 | $12347 |
| **11/30/2018** | $12010 | $13483 | $13127 |
| **12/31/2018** | $11807 | $13126 | $13035 |
| **1/31/2019** | $12461 | $14276 | $13876 |
| **2/28/2019** | $12830 | $14308 | $13854 |
| **3/31/2019** | $13377 | $14428 | $13823 |
| **4/30/2019** | $13567 | $14732 | $14115 |
| **5/31/2019** | $13008 | $13663 | $13453 |
| **6/30/2019** | $13781 | $14515 | $14235 |
| **7/31/2019** | $13746 | $14338 | $14100 |
| **8/31/2019** | $13294 | $13639 | $13449 |
| **9/30/2019** | $13710 | $13899 | $13600 |
| **10/31/2019** | $14352 | $14485 | $14234 |
| **11/30/2019** | $14423 | $14465 | $13980 |
| **12/31/2019** | $15161 | $15544 | $15035 |
| **1/31/2020** | $15398 | $14820 | $14648 |
| **2/29/2020** | $14792 | $14038 | $13335 |
| **3/31/2020** | $11617 | $11876 | $10427 |
| **4/30/2020** | $13044 | $12964 | $12026 |
| **5/31/2020** | $14067 | $13063 | $12627 |
| **6/30/2020** | $15696 | $14023 | $13508 |
| **7/31/2020** | $16885 | $15277 | $14883 |
| **8/31/2020** | $17658 | $15614 | $15119 |
| **9/30/2020** | $17467 | $15364 | $14595 |
| **10/31/2020** | $18193 | $15680 | $14233 |
| **11/30/2020** | $20404 | $17131 | $15728 |
| **12/31/2020** | $22545 | $18390 | $17131 |
| **1/31/2021** | $22675 | $18954 | $16847 |
| **2/28/2021** | $22925 | $19099 | $16819 |
| **3/31/2021** | $22628 | $18810 | $16952 |
| **4/30/2021** | $23650 | $19279 | $17766 |
| **5/31/2021** | $24661 | $19726 | $18392 |
| **6/30/2021** | $25529 | $19760 | $19101 |
| **7/31/2021** | $25220 | $18430 | $18078 |
| **8/31/2021** | $27872 | $18912 | $18612 |
| **9/30/2021** | $27372 | $18161 | $17628 |
| **10/31/2021** | $28038 | $18340 | $17601 |
| **11/30/2021** | $26671 | $17592 | $17268 |
| **12/31/2021** | $27371 | $17923 | $17452 |
| **1/31/2022** | $24516 | $17583 | $16510 |
| **2/28/2022** | $22606 | $17058 | $16391 |
| **3/31/2022** | $22892 | $16672 | $16398 |
| **4/30/2022** | $19585 | $15745 | $15132 |
| **5/31/2022** | $19023 | $15814 | $15304 |
| **6/30/2022** | $17232 | $14764 | $13939 |
| **7/31/2022** | $18498 | $14727 | $14105 |
| **8/31/2022** | $18402 | $14789 | $14244 |
| **9/30/2022** | $16312 | $13055 | $12549 |
| **10/31/2022** | $16599 | $12650 | $12908 |
| **11/30/2022** | $18104 | $14526 | $14127 |
| **12/31/2022** | $17172 | $14322 | $13944 |
| **1/31/2023** | $18761 | $15453 | $14638 |
| **2/28/2023** | $18378 | $14451 | $14038 |
| **3/31/2023** | $18761 | $14888 | $14323 |
| **4/30/2023** | $18402 | $14719 | $14485 |
| **5/31/2023** | $18319 | $14472 | $14214 |
| **6/30/2023** | $18868 | $15022 | $14769 |
| **7/31/2023** | $18904 | $15957 | $15615 |
| **8/31/2023** | $18092 | $14974 | $14906 |
| **9/30/2023** | $18044 | $14582 | $14461 |
| **10/31/2023** | $17268 | $14016 | $13754 |
| **11/30/2023** | $19346 | $15137 | $15055 |
| **12/31/2023** | $20229 | $15729 | $15614 |
| **1/31/2024** | $18820 | $14999 | $14932 |
| **2/29/2024** | $19393 | $15712 | $15711 |
| **3/31/2024** | $19776 | $16102 | $15697 |
| **4/30/2024** | $19537 | $16174 | $15606 |
| **5/31/2024** | $20170 | $16265 | $15497 |
| **6/30/2024** | $20623 | $16907 | $15864 |
| **7/31/2024** | $20158 | $16957 | $16057 |
| **8/31/2024** | $21830 | $17231 | $16288 |
| **9/30/2024** | $22319 | $18381 | $17278 |
| **10/31/2024** | $21865 | $17564 | $16347 |
| **11/30/2024** | $21125 | $16933 | $15919 |
| **12/31/2024** | $20253 | $16910 | $15788 |
| **1/31/2025** | $20874 | $17212 | $16091 |
| **2/28/2025** | $20194 | $17295 | $16083 |
| **3/31/2025** | $19752 | $17405 | $16316 |
| **4/30/2025** | $20444 | $17633 | $17044 |
| **5/31/2025** | $21304 | $18386 | $17787 |
| **6/30/2025** | $22236 | $19491 | $19232 |
| **7/31/2025** | $20874 | $19871 | $19395 |
| **8/31/2025** | $21746 | $20126 | $19916 |
| **9/30/2025** | $21591 | $21566 | $20680 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | (3.26%) | 4.33% | 8.00% |
| MSCI Emerging Markets Index | 17.32% | 7.02% | 7.99% |
| MSCI Emerging Markets Mid Cap Growth Index | 19.69% | 7.22% | 7.54% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $301362704 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $3887398 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Bajaj Finance Ltd. | 8.5% |
| MercadoLibre, Inc. | 8.1% |
| Sea Ltd., ADR | 7.5% |
| ASPEED Technology, Inc. | 6.2% |
| Tencent Holdings Ltd. | 5.1% |
| Divi's Laboratories Ltd. | 5.0% |
| Max Healthcare Institute Ltd. | 5.0% |
| NU Holdings Ltd., Class A | 4.8% |
| Trip.com Group Ltd. | 4.7% |
| Grupo Aeroportuario del Pacifico SAB de CV, Class B | 4.3% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Broadline Retail | 15.6% |
| Consumer Finance | 13.6% |
| Semiconductors | 12.3% |
| Hotels, Resorts & Cruise Lines | 6.9% |
| Diversified Banks | 6.8% |
| Electrical Components & Equipment | 6.3% |
| Airport Services | 6.0% |
| Electronic Equipment & Instruments | 5.5% |
| Interactive Media & Services | 5.1% |
| Life Sciences Tools & Services | 5.0% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 106.9% |
| Other Assets and Liabilities, Net | (6.9%) |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Emerging Markets Select Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Emerging Markets Small Cap Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAEMX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Emerging Markets Small Cap Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $186 | 1.95% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, emerging-market equities had sharp gains. Expectations of economic growth in select emerging-market economies such as China and a weakening dollar were catalysts for markets.

Amid this backdrop, the Fund underperformed its benchmark, and we were disappointed with our results. Small-cap equities in India lagged other emerging markets, and the Fund's overweight to the country detracted from performance relative to the benchmark. Separately, the Fund was underweighted in Korea and China—two of the top-performing markets within the index—and this positioning was a source of underperformance.

Stock selection in a couple of large markets—Taiwan and India—also detracted from performance relative to the benchmark. Within India, the Fund held several Indian financial companies. Those stocks were weak due to a mix of margin, credit and regulatory pressures during the period. Within Taiwan, the Fund did not have exposure to several companies tied to the buildout of artificial intelligence, which was a drag on relative results.

Additionally, the Fund held a couple of information-technology service companies that suffered losses and detracted from performance. While we were disappointed with performance during the period, we continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g36g17.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Small Cap Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10460 | $10713 | $10591 |
| **11/30/2015** | $10209 | $10295 | $10319 |
| **12/31/2015** | $10127 | $10066 | $10327 |
| **1/31/2016** | $9667 | $9413 | $9514 |
| **2/29/2016** | $9332 | $9398 | $9480 |
| **3/31/2016** | $10127 | $10641 | $10428 |
| **4/30/2016** | $10253 | $10699 | $10583 |
| **5/31/2016** | $10127 | $10300 | $10210 |
| **6/30/2016** | $10336 | $10711 | $10469 |
| **7/31/2016** | $10880 | $11250 | $10917 |
| **8/31/2016** | $11090 | $11530 | $11119 |
| **9/30/2016** | $11173 | $11678 | $11265 |
| **10/31/2016** | $10964 | $11706 | $11098 |
| **11/30/2016** | $9918 | $11167 | $10580 |
| **12/31/2016** | $9750 | $11192 | $10563 |
| **1/31/2017** | $10169 | $11804 | $11057 |
| **2/28/2017** | $10504 | $12166 | $11632 |
| **3/31/2017** | $10755 | $12473 | $11938 |
| **4/30/2017** | $11257 | $12746 | $12073 |
| **5/31/2017** | $11675 | $13123 | $12157 |
| **6/30/2017** | $11717 | $13255 | $12252 |
| **7/31/2017** | $12387 | $14045 | $12689 |
| **8/31/2017** | $12554 | $14358 | $12937 |
| **9/30/2017** | $12512 | $14301 | $12942 |
| **10/31/2017** | $12638 | $14803 | $13397 |
| **11/30/2017** | $13015 | $14832 | $13633 |
| **12/31/2017** | $13475 | $15365 | $14137 |
| **1/31/2018** | $13810 | $16645 | $14956 |
| **2/28/2018** | $13266 | $15878 | $14343 |
| **3/31/2018** | $13517 | $15582 | $14161 |
| **4/30/2018** | $13182 | $15513 | $14145 |
| **5/31/2018** | $12973 | $14964 | $13851 |
| **6/30/2018** | $12554 | $14342 | $12942 |
| **7/31/2018** | $12512 | $14657 | $13100 |
| **8/31/2018** | $12136 | $14261 | $12824 |
| **9/30/2018** | $11634 | $14185 | $12398 |
| **10/31/2018** | $10169 | $12950 | $11091 |
| **11/30/2018** | $10964 | $13483 | $11697 |
| **12/31/2018** | $10921 | $13126 | $11509 |
| **1/31/2019** | $11347 | $14276 | $12128 |
| **2/28/2019** | $11678 | $14308 | $12286 |
| **3/31/2019** | $12056 | $14428 | $12402 |
| **4/30/2019** | $12339 | $14732 | $12428 |
| **5/31/2019** | $11867 | $13663 | $11817 |
| **6/30/2019** | $12387 | $14515 | $12280 |
| **7/31/2019** | $12339 | $14338 | $12097 |
| **8/31/2019** | $12056 | $13639 | $11492 |
| **9/30/2019** | $12481 | $13899 | $11717 |
| **10/31/2019** | $13427 | $14485 | $12165 |
| **11/30/2019** | $13332 | $14465 | $12094 |
| **12/31/2019** | $13916 | $15544 | $12833 |
| **1/31/2020** | $14367 | $14820 | $12320 |
| **2/29/2020** | $13616 | $14038 | $11451 |
| **3/31/2020** | $10612 | $11876 | $8808 |
| **4/30/2020** | $11864 | $12964 | $10035 |
| **5/31/2020** | $12965 | $13063 | $10272 |
| **6/30/2020** | $13966 | $14023 | $11198 |
| **7/31/2020** | $14967 | $15277 | $12232 |
| **8/31/2020** | $15067 | $15614 | $12734 |
| **9/30/2020** | $15117 | $15364 | $12525 |
| **10/31/2020** | $15468 | $15680 | $12456 |
| **11/30/2020** | $16819 | $17131 | $14211 |
| **12/31/2020** | $18469 | $18390 | $15308 |
| **1/31/2021** | $18630 | $18954 | $15320 |
| **2/28/2021** | $19274 | $19099 | $16233 |
| **3/31/2021** | $19060 | $18810 | $16481 |
| **4/30/2021** | $19758 | $19279 | $17476 |
| **5/31/2021** | $20670 | $19726 | $17917 |
| **6/30/2021** | $21583 | $19760 | $18336 |
| **7/31/2021** | $21905 | $18430 | $18095 |
| **8/31/2021** | $23086 | $18912 | $18304 |
| **9/30/2021** | $22710 | $18161 | $17940 |
| **10/31/2021** | $23516 | $18340 | $17972 |
| **11/30/2021** | $23408 | $17592 | $17444 |
| **12/31/2021** | $24028 | $17923 | $18178 |
| **1/31/2022** | $21745 | $17583 | $17374 |
| **2/28/2022** | $19690 | $17058 | $16940 |
| **3/31/2022** | $19633 | $16672 | $17390 |
| **4/30/2022** | $17464 | $15745 | $16518 |
| **5/31/2022** | $16894 | $15814 | $16247 |
| **6/30/2022** | $15010 | $14764 | $14536 |
| **7/31/2022** | $15866 | $14727 | $14938 |
| **8/31/2022** | $15923 | $14789 | $15308 |
| **9/30/2022** | $14097 | $13055 | $13773 |
| **10/31/2022** | $14154 | $12650 | $13763 |
| **11/30/2022** | $15809 | $14526 | $15057 |
| **12/31/2022** | $14725 | $14322 | $14902 |
| **1/31/2023** | $15844 | $15453 | $15785 |
| **2/28/2023** | $15785 | $14451 | $15335 |
| **3/31/2023** | $15844 | $14888 | $15478 |
| **4/30/2023** | $15550 | $14719 | $15581 |
| **5/31/2023** | $15962 | $14472 | $15754 |
| **6/30/2023** | $16374 | $15022 | $16467 |
| **7/31/2023** | $16315 | $15957 | $17542 |
| **8/31/2023** | $16080 | $14974 | $17305 |
| **9/30/2023** | $15844 | $14582 | $16949 |
| **10/31/2023** | $14843 | $14016 | $16130 |
| **11/30/2023** | $16728 | $15137 | $17685 |
| **12/31/2023** | $17847 | $15729 | $18466 |
| **1/31/2024** | $17022 | $14999 | $18147 |
| **2/29/2024** | $17552 | $15712 | $18646 |
| **3/31/2024** | $17317 | $16102 | $18660 |
| **4/30/2024** | $17317 | $16174 | $19030 |
| **5/31/2024** | $17729 | $16265 | $19154 |
| **6/30/2024** | $18259 | $16907 | $19767 |
| **7/31/2024** | $17965 | $16957 | $19758 |
| **8/31/2024** | $18730 | $17231 | $20109 |
| **9/30/2024** | $19260 | $18381 | $20850 |
| **10/31/2024** | $18377 | $17564 | $19994 |
| **11/30/2024** | $17965 | $16933 | $19551 |
| **12/31/2024** | $17467 | $16910 | $19351 |
| **1/31/2025** | $17091 | $17212 | $18811 |
| **2/28/2025** | $16340 | $17295 | $18314 |
| **3/31/2025** | $15902 | $17405 | $18287 |
| **4/30/2025** | $16465 | $17633 | $18784 |
| **5/31/2025** | $16903 | $18386 | $20270 |
| **6/30/2025** | $18093 | $19491 | $21428 |
| **7/31/2025** | $17154 | $19871 | $21563 |
| **8/31/2025** | $17529 | $20126 | $22134 |
| **9/30/2025** | $17467 | $21566 | $22577 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | (9.31%) | 2.93% | 5.74% |
| MSCI Emerging Markets Index | 17.32% | 7.02% | 7.99% |
| MSCI Emerging Markets Small Cap Index | 8.28% | 12.51% | 8.48% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $210467496 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 38% |
| Total Advisory Fees Paid | $4285974 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Cholamandalam Financial Holdings Ltd. | 6.8% |
| ASPEED Technology, Inc. | 6.0% |
| Chroma ATE, Inc. | 5.4% |
| Baltic Classifieds Group PLC | 5.1% |
| AU Small Finance Bank Ltd. | 4.5% |
| Grupo Aeroportuario del Centro Norte SAB de CV | 4.4% |
| Fabrinet | 3.7% |
| Prudent Corporate Advisory Services Ltd. | 3.5% |
| TBC Bank Group PLC | 3.3% |
| United Integrated Services Co. Ltd. | 3.2% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Semiconductors | 9.9% |
| Electronic Equipment & Instruments | 8.1% |
| Consumer Finance | 7.6% |
| Diversified Banks | 6.9% |
| Interactive Media & Services | 5.1% |
| Asset Management & Custody Banks | 5.0% |
| Regional Banks | 4.5% |
| Health Care Services | 4.4% |
| Airport Services | 4.4% |
| Electronic Manufacturing Services | 3.7% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.1% |
| Other Assets and Liabilities, Net | 1.9% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Emerging Markets Small Cap Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Emerging Markets Small Cap Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WIEMX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Emerging Markets Small Cap Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $172 | 1.80% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, emerging-market equities had sharp gains. Expectations of economic growth in select emerging-market economies such as China and a weakening dollar were catalysts for markets.

Amid this backdrop, the Fund underperformed its benchmark, and we were disappointed with our results. Small-cap equities in India lagged other emerging markets, and the Fund's overweight to the country detracted from performance relative to the benchmark. Separately, the Fund was underweighted in Korea and China—two of the top-performing markets within the index—and this positioning was a source of underperformance.

Stock selection in a couple of large markets—Taiwan and India—also detracted from performance relative to the benchmark. Within India, the Fund held several Indian financial companies. Those stocks were weak due to a mix of margin, credit and regulatory pressures during the period. Within Taiwan, the Fund did not have exposure to several companies tied to the buildout of artificial intelligence, which was a drag on relative results.

Additionally, the Fund held a couple of information-technology service companies that suffered losses and detracted from performance. While we were disappointed with performance during the period, we continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g29o12.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Small Cap Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10460 | $10713 | $10591 |
| **11/30/2015** | $10209 | $10295 | $10319 |
| **12/31/2015** | $10127 | $10066 | $10327 |
| **1/31/2016** | $9667 | $9413 | $9514 |
| **2/29/2016** | $9332 | $9398 | $9480 |
| **3/31/2016** | $10127 | $10641 | $10428 |
| **4/30/2016** | $10294 | $10699 | $10583 |
| **5/31/2016** | $10127 | $10300 | $10210 |
| **6/30/2016** | $10336 | $10711 | $10469 |
| **7/31/2016** | $10880 | $11250 | $10917 |
| **8/31/2016** | $11090 | $11530 | $11119 |
| **9/30/2016** | $11173 | $11678 | $11265 |
| **10/31/2016** | $10964 | $11706 | $11098 |
| **11/30/2016** | $9918 | $11167 | $10580 |
| **12/31/2016** | $9792 | $11192 | $10563 |
| **1/31/2017** | $10169 | $11804 | $11057 |
| **2/28/2017** | $10504 | $12166 | $11632 |
| **3/31/2017** | $10755 | $12473 | $11938 |
| **4/30/2017** | $11257 | $12746 | $12073 |
| **5/31/2017** | $11675 | $13123 | $12157 |
| **6/30/2017** | $11717 | $13255 | $12252 |
| **7/31/2017** | $12387 | $14045 | $12689 |
| **8/31/2017** | $12596 | $14358 | $12937 |
| **9/30/2017** | $12554 | $14301 | $12942 |
| **10/31/2017** | $12680 | $14803 | $13397 |
| **11/30/2017** | $13056 | $14832 | $13633 |
| **12/31/2017** | $13517 | $15365 | $14137 |
| **1/31/2018** | $13851 | $16645 | $14956 |
| **2/28/2018** | $13349 | $15878 | $14343 |
| **3/31/2018** | $13559 | $15582 | $14161 |
| **4/30/2018** | $13224 | $15513 | $14145 |
| **5/31/2018** | $13015 | $14964 | $13851 |
| **6/30/2018** | $12596 | $14342 | $12942 |
| **7/31/2018** | $12596 | $14657 | $13100 |
| **8/31/2018** | $12178 | $14261 | $12824 |
| **9/30/2018** | $11675 | $14185 | $12398 |
| **10/31/2018** | $10211 | $12950 | $11091 |
| **11/30/2018** | $11006 | $13483 | $11697 |
| **12/31/2018** | $10963 | $13126 | $11509 |
| **1/31/2019** | $11388 | $14276 | $12128 |
| **2/28/2019** | $11719 | $14308 | $12286 |
| **3/31/2019** | $12144 | $14428 | $12402 |
| **4/30/2019** | $12380 | $14732 | $12428 |
| **5/31/2019** | $11908 | $13663 | $11817 |
| **6/30/2019** | $12428 | $14515 | $12280 |
| **7/31/2019** | $12428 | $14338 | $12097 |
| **8/31/2019** | $12144 | $13639 | $11492 |
| **9/30/2019** | $12522 | $13899 | $11717 |
| **10/31/2019** | $13467 | $14485 | $12165 |
| **11/30/2019** | $13420 | $14465 | $12094 |
| **12/31/2019** | $14003 | $15544 | $12833 |
| **1/31/2020** | $14454 | $14820 | $12320 |
| **2/29/2020** | $13703 | $14038 | $11451 |
| **3/31/2020** | $10703 | $11876 | $8808 |
| **4/30/2020** | $11953 | $12964 | $10035 |
| **5/31/2020** | $13053 | $13063 | $10272 |
| **6/30/2020** | $14053 | $14023 | $11198 |
| **7/31/2020** | $15054 | $15277 | $12232 |
| **8/31/2020** | $15204 | $15614 | $12734 |
| **9/30/2020** | $15204 | $15364 | $12525 |
| **10/31/2020** | $15554 | $15680 | $12456 |
| **11/30/2020** | $16954 | $17131 | $14211 |
| **12/31/2020** | $18599 | $18390 | $15308 |
| **1/31/2021** | $18759 | $18954 | $15320 |
| **2/28/2021** | $19403 | $19099 | $16233 |
| **3/31/2021** | $19242 | $18810 | $16481 |
| **4/30/2021** | $19939 | $19279 | $17476 |
| **5/31/2021** | $20850 | $19726 | $17917 |
| **6/30/2021** | $21761 | $19760 | $18336 |
| **7/31/2021** | $22082 | $18430 | $18095 |
| **8/31/2021** | $23262 | $18912 | $18304 |
| **9/30/2021** | $22886 | $18161 | $17940 |
| **10/31/2021** | $23690 | $18340 | $17972 |
| **11/30/2021** | $23583 | $17592 | $17444 |
| **12/31/2021** | $24219 | $17923 | $18178 |
| **1/31/2022** | $21940 | $17583 | $17374 |
| **2/28/2022** | $19888 | $17058 | $16940 |
| **3/31/2022** | $19831 | $16672 | $17390 |
| **4/30/2022** | $17666 | $15745 | $16518 |
| **5/31/2022** | $17039 | $15814 | $16247 |
| **6/30/2022** | $15158 | $14764 | $14536 |
| **7/31/2022** | $16013 | $14727 | $14938 |
| **8/31/2022** | $16070 | $14789 | $15308 |
| **9/30/2022** | $14246 | $13055 | $13773 |
| **10/31/2022** | $14303 | $12650 | $13763 |
| **11/30/2022** | $15956 | $14526 | $15057 |
| **12/31/2022** | $14874 | $14322 | $14902 |
| **1/31/2023** | $15991 | $15453 | $15785 |
| **2/28/2023** | $15932 | $14451 | $15335 |
| **3/31/2023** | $15991 | $14888 | $15478 |
| **4/30/2023** | $15756 | $14719 | $15581 |
| **5/31/2023** | $16108 | $14472 | $15754 |
| **6/30/2023** | $16520 | $15022 | $16467 |
| **7/31/2023** | $16520 | $15957 | $17542 |
| **8/31/2023** | $16285 | $14974 | $17305 |
| **9/30/2023** | $16049 | $14582 | $16949 |
| **10/31/2023** | $14991 | $14016 | $16130 |
| **11/30/2023** | $16931 | $15137 | $17685 |
| **12/31/2023** | $18048 | $15729 | $18466 |
| **1/31/2024** | $17225 | $14999 | $18147 |
| **2/29/2024** | $17813 | $15712 | $18646 |
| **3/31/2024** | $17519 | $16102 | $18660 |
| **4/30/2024** | $17519 | $16174 | $19030 |
| **5/31/2024** | $17931 | $16265 | $19154 |
| **6/30/2024** | $18460 | $16907 | $19767 |
| **7/31/2024** | $18225 | $16957 | $19758 |
| **8/31/2024** | $18930 | $17231 | $20109 |
| **9/30/2024** | $19518 | $18381 | $20850 |
| **10/31/2024** | $18636 | $17564 | $19994 |
| **11/30/2024** | $18225 | $16933 | $19551 |
| **12/31/2024** | $17732 | $16910 | $19351 |
| **1/31/2025** | $17295 | $17212 | $18811 |
| **2/28/2025** | $16608 | $17295 | $18314 |
| **3/31/2025** | $16108 | $17405 | $18287 |
| **4/30/2025** | $16670 | $17633 | $18784 |
| **5/31/2025** | $17107 | $18386 | $20270 |
| **6/30/2025** | $18294 | $19491 | $21428 |
| **7/31/2025** | $17419 | $19871 | $21563 |
| **8/31/2025** | $17794 | $20126 | $22134 |
| **9/30/2025** | $17732 | $21566 | $22577 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | (9.15%) | 3.12% | 5.89% |
| MSCI Emerging Markets Index | 17.32% | 7.02% | 7.99% |
| MSCI Emerging Markets Small Cap Index | 8.28% | 12.51% | 8.48% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $210467496 |
| # of Portfolio Holdings | 45 |
| Portfolio Turnover Rate | 38% |
| Total Advisory Fees Paid | $4285974 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Cholamandalam Financial Holdings Ltd. | 6.8% |
| ASPEED Technology, Inc. | 6.0% |
| Chroma ATE, Inc. | 5.4% |
| Baltic Classifieds Group PLC | 5.1% |
| AU Small Finance Bank Ltd. | 4.5% |
| Grupo Aeroportuario del Centro Norte SAB de CV | 4.4% |
| Fabrinet | 3.7% |
| Prudent Corporate Advisory Services Ltd. | 3.5% |
| TBC Bank Group PLC | 3.3% |
| United Integrated Services Co. Ltd. | 3.2% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Semiconductors | 9.9% |
| Electronic Equipment & Instruments | 8.1% |
| Consumer Finance | 7.6% |
| Diversified Banks | 6.9% |
| Interactive Media & Services | 5.1% |
| Asset Management & Custody Banks | 5.0% |
| Regional Banks | 4.5% |
| Health Care Services | 4.4% |
| Airport Services | 4.4% |
| Electronic Manufacturing Services | 3.7% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.1% |
| Other Assets and Liabilities, Net | 1.9% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Emerging Markets Small Cap Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Frontier Emerging Small Countries Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAFMX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Frontier Emerging Small Countries Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $217 | 2.15% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, frontier emerging market equities had sharp gains. Signs of economic growth in select frontier- and emerging-market economies and a weakening dollar were catalysts for markets.

While the Fund ended the period with gains, it did not keep pace with the benchmark. A few large positions in the portfolio reported lighter-than-expected results and weighed on performance. Additionally, as the dollar weakened some of the top performers in the index were cyclical companies or other businesses that we believe are more dependent on exogenous factors such as a commodity price for growth. We were generally underexposed to such businesses. Instead, we believe the companies in our portfolio are tied to secular growth drivers and are spearheading domestic transformations within their local countries. We see a higher capacity for long-term earnings growth in these businesses.

Looking at performance from a geographic perspective, stock selection in Vietnam was the largest detractor from performance relative to the benchmark. However, the Fund's underweight to the Philippines, which is a large weight in the index, contributed to relative results. From a sector perspective, stock selection in the financials and information-technology sectors detracted most from relative results, while the Fund benefited from strong stock selection in the consumer-discretionary sector.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g80v74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI Frontier Emerging Markets Index** | **MSCI Frontier Markets Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10072 | $10366 | $10366 |
| **11/30/2015** | $9783 | $9721 | $9907 |
| **12/31/2015** | $9837 | $9736 | $9877 |
| **1/31/2016** | $9294 | $9178 | $9201 |
| **2/29/2016** | $9294 | $9445 | $9523 |
| **3/31/2016** | $9583 | $10225 | $9784 |
| **4/30/2016** | $9692 | $10502 | $10083 |
| **5/31/2016** | $9583 | $10482 | $10185 |
| **6/30/2016** | $9475 | $10598 | $9830 |
| **7/31/2016** | $9547 | $10789 | $9952 |
| **8/31/2016** | $9547 | $10733 | $9839 |
| **9/30/2016** | $9511 | $10680 | $10091 |
| **10/31/2016** | $9330 | $10588 | $10051 |
| **11/30/2016** | $8824 | $9963 | $9872 |
| **12/31/2016** | $8716 | $10223 | $10140 |
| **1/31/2017** | $8860 | $10843 | $10816 |
| **2/28/2017** | $8824 | $10779 | $10776 |
| **3/31/2017** | $9041 | $10980 | $11042 |
| **4/30/2017** | $9366 | $11165 | $11171 |
| **5/31/2017** | $9764 | $11633 | $11648 |
| **6/30/2017** | $9764 | $11615 | $11719 |
| **7/31/2017** | $9656 | $11880 | $11966 |
| **8/31/2017** | $9764 | $12107 | $12407 |
| **9/30/2017** | $9945 | $12339 | $12661 |
| **10/31/2017** | $10090 | $12355 | $12816 |
| **11/30/2017** | $10379 | $12497 | $12965 |
| **12/31/2017** | $10560 | $12961 | $13371 |
| **1/31/2018** | $11030 | $13566 | $14137 |
| **2/28/2018** | $10705 | $13178 | $13927 |
| **3/31/2018** | $10741 | $13168 | $14053 |
| **4/30/2018** | $10560 | $13068 | $13610 |
| **5/31/2018** | $9620 | $12104 | $12355 |
| **6/30/2018** | $9258 | $11716 | $11918 |
| **7/31/2018** | $9547 | $12126 | $12355 |
| **8/31/2018** | $9222 | $11734 | $11689 |
| **9/30/2018** | $9077 | $11529 | $11682 |
| **10/31/2018** | $8499 | $11066 | $11269 |
| **11/30/2018** | $8824 | $11241 | $11514 |
| **12/31/2018** | $8607 | $11069 | $11177 |
| **1/31/2019** | $9511 | $11852 | $11708 |
| **2/28/2019** | $9547 | $11917 | $11802 |
| **3/31/2019** | $9439 | $12114 | $11945 |
| **4/30/2019** | $9837 | $12163 | $11965 |
| **5/31/2019** | $9620 | $12100 | $12224 |
| **6/30/2019** | $10234 | $12687 | $12505 |
| **7/31/2019** | $10307 | $12731 | $12818 |
| **8/31/2019** | $9909 | $11944 | $12614 |
| **9/30/2019** | $9909 | $11831 | $12368 |
| **10/31/2019** | $10343 | $12140 | $12468 |
| **11/30/2019** | $10451 | $12078 | $12638 |
| **12/31/2019** | $10885 | $12629 | $13187 |
| **1/31/2020** | $10994 | $12224 | $13180 |
| **2/29/2020** | $10307 | $11414 | $12405 |
| **3/31/2020** | $7486 | $8643 | $9680 |
| **4/30/2020** | $8390 | $9337 | $10333 |
| **5/31/2020** | $9330 | $9707 | $10925 |
| **6/30/2020** | $10054 | $10033 | $11108 |
| **7/31/2020** | $10705 | $10030 | $11031 |
| **8/31/2020** | $11102 | $10589 | $11940 |
| **9/30/2020** | $10885 | $10469 | $12029 |
| **10/31/2020** | $11175 | $10697 | $12155 |
| **11/30/2020** | $12838 | $11479 | $12652 |
| **12/31/2020** | $13959 | $12293 | $13375 |
| **1/31/2021** | $13851 | $11728 | $13426 |
| **2/28/2021** | $14502 | $11957 | $13444 |
| **3/31/2021** | $14176 | $11545 | $13483 |
| **4/30/2021** | $14466 | $11790 | $14406 |
| **5/31/2021** | $14863 | $12272 | $14984 |
| **6/30/2021** | $15478 | $12375 | $15384 |
| **7/31/2021** | $15442 | $11902 | $15335 |
| **8/31/2021** | $16455 | $12722 | $15716 |
| **9/30/2021** | $15912 | $12576 | $15902 |
| **10/31/2021** | $16382 | $13234 | $16541 |
| **11/30/2021** | $15044 | $12731 | $15779 |
| **12/31/2021** | $15160 | $12821 | $16015 |
| **1/31/2022** | $13410 | $12917 | $15450 |
| **2/28/2022** | $12317 | $12753 | $14770 |
| **3/31/2022** | $12427 | $12883 | $14749 |
| **4/30/2022** | $10969 | $12050 | $14349 |
| **5/31/2022** | $10459 | $11821 | $13435 |
| **6/30/2022** | $9183 | $10524 | $12718 |
| **7/31/2022** | $9693 | $10684 | $12876 |
| **8/31/2022** | $9766 | $10811 | $13109 |
| **9/30/2022** | $8928 | $9610 | $11895 |
| **10/31/2022** | $9038 | $9818 | $11382 |
| **11/30/2022** | $9220 | $10689 | $11972 |
| **12/31/2022** | $8928 | $10490 | $11796 |
| **1/31/2023** | $9985 | $11004 | $12327 |
| **2/28/2023** | $9912 | $10577 | $12022 |
| **3/31/2023** | $10058 | $10741 | $12161 |
| **4/30/2023** | $10021 | $10853 | $12224 |
| **5/31/2023** | $10167 | $10583 | $12145 |
| **6/30/2023** | $10532 | $10955 | $12420 |
| **7/31/2023** | $10896 | $11656 | $13285 |
| **8/31/2023** | $10677 | $11149 | $13165 |
| **9/30/2023** | $10422 | $10917 | $12666 |
| **10/31/2023** | $9912 | $10346 | $11931 |
| **11/30/2023** | $10860 | $11131 | $12779 |
| **12/31/2023** | $11443 | $11731 | $13168 |
| **1/31/2024** | $11370 | $11896 | $13300 |
| **2/29/2024** | $11953 | $12076 | $13307 |
| **3/31/2024** | $12062 | $12386 | $13860 |
| **4/30/2024** | $11916 | $12001 | $13446 |
| **5/31/2024** | $12354 | $12234 | $13952 |
| **6/30/2024** | $12536 | $12127 | $13950 |
| **7/31/2024** | $12536 | $12420 | $14209 |
| **8/31/2024** | $13447 | $12838 | $14492 |
| **9/30/2024** | $13666 | $13137 | $14578 |
| **10/31/2024** | $13192 | $12879 | $14495 |
| **11/30/2024** | $13010 | $12546 | $14382 |
| **12/31/2024** | $12665 | $12466 | $14408 |
| **1/31/2025** | $13215 | $12561 | $14845 |
| **2/28/2025** | $13068 | $12829 | $15120 |
| **3/31/2025** | $12701 | $13309 | $15551 |
| **4/30/2025** | $13362 | $13421 | $15368 |
| **5/31/2025** | $13803 | $14107 | $16386 |
| **6/30/2025** | $14170 | $14745 | $17284 |
| **7/31/2025** | $13656 | $15349 | $18461 |
| **8/31/2025** | $13949 | $16257 | $19623 |
| **9/30/2025** | $13839 | $16560 | $19857 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | 1.27% | 4.92% | 3.30% |
| MSCI Frontier Emerging Markets Index | 26.06% | 9.61% | 5.17% |
| MSCI Frontier Markets Index | 36.22% | 10.55% | 7.10% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34854994 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid | $499828 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Bajaj Finance Ltd. | 8.6% |
| MercadoLibre, Inc. | 8.1% |
| Sea Ltd., ADR | 8.0% |
| Akdital Holding | 6.7% |
| Baltic Classifieds Group PLC | 6.7% |
| Grupo Aeroportuario del Centro Norte SAB de CV | 4.7% |
| Military Commercial Joint Stock Bank | 4.6% |
| Cholamandalam Investment & Finance Co. Ltd. | 4.5% |
| TBC Bank Group PLC | 3.9% |
| FPT Digital Retail JSC | 3.8% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 24.5% |
| Broadline Retail | 16.0% |
| Consumer Finance | 15.0% |
| Health Care Facilities | 7.8% |
| Interactive Media & Services | 6.7% |
| Airport Services | 4.7% |
| Computer & Electronics Retail | 3.8% |
| Health Care Services | 2.8% |
| Property & Casualty Insurance | 2.7% |
| Distillers & Vintners | 2.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.6% |
| Other Assets and Liabilities, Net | (0.6%) |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Frontier Emerging Small Countries Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Frontier Emerging Small Countries Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WIFMX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Frontier Emerging Small Countries Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $197 | 1.95% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, frontier emerging market equities had sharp gains. Signs of economic growth in select frontier- and emerging-market economies and a weakening dollar were catalysts for markets.

While the Fund ended the period with gains, it did not keep pace with the benchmark. A few large positions in the portfolio reported lighter-than-expected results and weighed on performance. Additionally, as the dollar weakened some of the top performers in the index were cyclical companies or other businesses that we believe are more dependent on exogenous factors such as a commodity price for growth. We were generally underexposed to such businesses. Instead, we believe the companies in our portfolio are tied to secular growth drivers and are spearheading domestic transformations within their local countries. We see a higher capacity for long-term earnings growth in these businesses.

Looking at performance from a geographic perspective, stock selection in Vietnam was the largest detractor from performance relative to the benchmark. However, the Fund's underweight to the Philippines, which is a large weight in the index, contributed to relative results. From a sector perspective, stock selection in the financials and information-technology sectors detracted most from relative results, while the Fund benefited from strong stock selection in the consumer-discretionary sector.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g89v19.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI Frontier Emerging Markets Index** | **MSCI Frontier Markets Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10072 | $10366 | $10366 |
| **11/30/2015** | $9783 | $9721 | $9907 |
| **12/31/2015** | $9837 | $9736 | $9877 |
| **1/31/2016** | $9294 | $9178 | $9201 |
| **2/29/2016** | $9330 | $9445 | $9523 |
| **3/31/2016** | $9620 | $10225 | $9784 |
| **4/30/2016** | $9728 | $10502 | $10083 |
| **5/31/2016** | $9620 | $10482 | $10185 |
| **6/30/2016** | $9475 | $10598 | $9830 |
| **7/31/2016** | $9547 | $10789 | $9952 |
| **8/31/2016** | $9547 | $10733 | $9839 |
| **9/30/2016** | $9547 | $10680 | $10091 |
| **10/31/2016** | $9366 | $10588 | $10051 |
| **11/30/2016** | $8860 | $9963 | $9872 |
| **12/31/2016** | $8752 | $10223 | $10140 |
| **1/31/2017** | $8860 | $10843 | $10816 |
| **2/28/2017** | $8860 | $10779 | $10776 |
| **3/31/2017** | $9077 | $10980 | $11042 |
| **4/30/2017** | $9403 | $11165 | $11171 |
| **5/31/2017** | $9800 | $11633 | $11648 |
| **6/30/2017** | $9800 | $11615 | $11719 |
| **7/31/2017** | $9728 | $11880 | $11966 |
| **8/31/2017** | $9837 | $12107 | $12407 |
| **9/30/2017** | $9981 | $12339 | $12661 |
| **10/31/2017** | $10126 | $12355 | $12816 |
| **11/30/2017** | $10451 | $12497 | $12965 |
| **12/31/2017** | $10632 | $12961 | $13371 |
| **1/31/2018** | $11102 | $13566 | $14137 |
| **2/28/2018** | $10777 | $13178 | $13927 |
| **3/31/2018** | $10813 | $13168 | $14053 |
| **4/30/2018** | $10632 | $13068 | $13610 |
| **5/31/2018** | $9656 | $12104 | $12355 |
| **6/30/2018** | $9330 | $11716 | $11918 |
| **7/31/2018** | $9620 | $12126 | $12355 |
| **8/31/2018** | $9294 | $11734 | $11689 |
| **9/30/2018** | $9150 | $11529 | $11682 |
| **10/31/2018** | $8571 | $11066 | $11269 |
| **11/30/2018** | $8860 | $11241 | $11514 |
| **12/31/2018** | $8643 | $11069 | $11177 |
| **1/31/2019** | $9583 | $11852 | $11708 |
| **2/28/2019** | $9620 | $11917 | $11802 |
| **3/31/2019** | $9511 | $12114 | $11945 |
| **4/30/2019** | $9909 | $12163 | $11965 |
| **5/31/2019** | $9692 | $12100 | $12224 |
| **6/30/2019** | $10307 | $12687 | $12505 |
| **7/31/2019** | $10379 | $12731 | $12818 |
| **8/31/2019** | $10017 | $11944 | $12614 |
| **9/30/2019** | $9981 | $11831 | $12368 |
| **10/31/2019** | $10415 | $12140 | $12468 |
| **11/30/2019** | $10524 | $12078 | $12638 |
| **12/31/2019** | $10958 | $12629 | $13187 |
| **1/31/2020** | $11102 | $12224 | $13180 |
| **2/29/2020** | $10379 | $11414 | $12405 |
| **3/31/2020** | $7558 | $8643 | $9680 |
| **4/30/2020** | $8462 | $9337 | $10333 |
| **5/31/2020** | $9403 | $9707 | $10925 |
| **6/30/2020** | $10162 | $10033 | $11108 |
| **7/31/2020** | $10813 | $10030 | $11031 |
| **8/31/2020** | $11247 | $10589 | $11940 |
| **9/30/2020** | $11030 | $10469 | $12029 |
| **10/31/2020** | $11319 | $10697 | $12155 |
| **11/30/2020** | $12983 | $11479 | $12652 |
| **12/31/2020** | $14104 | $12293 | $13375 |
| **1/31/2021** | $13995 | $11728 | $13426 |
| **2/28/2021** | $14683 | $11957 | $13444 |
| **3/31/2021** | $14321 | $11545 | $13483 |
| **4/30/2021** | $14646 | $11790 | $14406 |
| **5/31/2021** | $15044 | $12272 | $14984 |
| **6/30/2021** | $15659 | $12375 | $15384 |
| **7/31/2021** | $15623 | $11902 | $15335 |
| **8/31/2021** | $16635 | $12722 | $15716 |
| **9/30/2021** | $16129 | $12576 | $15902 |
| **10/31/2021** | $16563 | $13234 | $16541 |
| **11/30/2021** | $15225 | $12731 | $15779 |
| **12/31/2021** | $15362 | $12821 | $16015 |
| **1/31/2022** | $13611 | $12917 | $15450 |
| **2/28/2022** | $12479 | $12753 | $14770 |
| **3/31/2022** | $12625 | $12883 | $14749 |
| **4/30/2022** | $11129 | $12050 | $14349 |
| **5/31/2022** | $10618 | $11821 | $13435 |
| **6/30/2022** | $9305 | $10524 | $12718 |
| **7/31/2022** | $9816 | $10684 | $12876 |
| **8/31/2022** | $9889 | $10811 | $13109 |
| **9/30/2022** | $9049 | $9610 | $11895 |
| **10/31/2022** | $9195 | $9818 | $11382 |
| **11/30/2022** | $9414 | $10689 | $11972 |
| **12/31/2022** | $9086 | $10490 | $11796 |
| **1/31/2023** | $10181 | $11004 | $12327 |
| **2/28/2023** | $10108 | $10577 | $12022 |
| **3/31/2023** | $10254 | $10741 | $12161 |
| **4/30/2023** | $10217 | $10853 | $12224 |
| **5/31/2023** | $10363 | $10583 | $12145 |
| **6/30/2023** | $10728 | $10955 | $12420 |
| **7/31/2023** | $11129 | $11656 | $13285 |
| **8/31/2023** | $10874 | $11149 | $13165 |
| **9/30/2023** | $10618 | $10917 | $12666 |
| **10/31/2023** | $10108 | $10346 | $11931 |
| **11/30/2023** | $11056 | $11131 | $12779 |
| **12/31/2023** | $11677 | $11731 | $13168 |
| **1/31/2024** | $11604 | $11896 | $13300 |
| **2/29/2024** | $12187 | $12076 | $13307 |
| **3/31/2024** | $12297 | $12386 | $13860 |
| **4/30/2024** | $12187 | $12001 | $13446 |
| **5/31/2024** | $12625 | $12234 | $13952 |
| **6/30/2024** | $12808 | $12127 | $13950 |
| **7/31/2024** | $12808 | $12420 | $14209 |
| **8/31/2024** | $13756 | $12838 | $14492 |
| **9/30/2024** | $13975 | $13137 | $14578 |
| **10/31/2024** | $13501 | $12879 | $14495 |
| **11/30/2024** | $13319 | $12546 | $14382 |
| **12/31/2024** | $12961 | $12466 | $14408 |
| **1/31/2025** | $13514 | $12561 | $14845 |
| **2/28/2025** | $13366 | $12829 | $15120 |
| **3/31/2025** | $12998 | $13309 | $15551 |
| **4/30/2025** | $13661 | $13421 | $15368 |
| **5/31/2025** | $14139 | $14107 | $16386 |
| **6/30/2025** | $14508 | $14745 | $17284 |
| **7/31/2025** | $13955 | $15349 | $18461 |
| **8/31/2025** | $14287 | $16257 | $19623 |
| **9/30/2025** | $14176 | $16560 | $19857 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | 1.44% | 5.15% | 3.55% |
| MSCI Frontier Emerging Markets Index | 26.06% | 9.61% | 5.17% |
| MSCI Frontier Markets Index | 36.22% | 10.55% | 7.10% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34854994 |
| # of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 60% |
| Total Advisory Fees Paid | $499828 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Bajaj Finance Ltd. | 8.6% |
| MercadoLibre, Inc. | 8.1% |
| Sea Ltd., ADR | 8.0% |
| Akdital Holding | 6.7% |
| Baltic Classifieds Group PLC | 6.7% |
| Grupo Aeroportuario del Centro Norte SAB de CV | 4.7% |
| Military Commercial Joint Stock Bank | 4.6% |
| Cholamandalam Investment & Finance Co. Ltd. | 4.5% |
| TBC Bank Group PLC | 3.9% |
| FPT Digital Retail JSC | 3.8% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 24.5% |
| Broadline Retail | 16.0% |
| Consumer Finance | 15.0% |
| Health Care Facilities | 7.8% |
| Interactive Media & Services | 6.7% |
| Airport Services | 4.7% |
| Computer & Electronics Retail | 3.8% |
| Health Care Services | 2.8% |
| Property & Casualty Insurance | 2.7% |
| Distillers & Vintners | 2.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.6% |
| Other Assets and Liabilities, Net | (0.6%) |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Frontier Emerging Small Countries Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Global Select Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAGSX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $136 | 1.36% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. At points during the period, economic uncertainty and concern that high U.S. interest rates may persist weighed on equities. Global equities fell precipitously in early April after President Donald Trump unveiled tariff rates for countries that were much higher than investors had anticipated. However, stocks then rebounded sharply after the president's economic team appeared to be softening its stance on tariffs. Monetary stimulus from several key central banks around the world was also supportive of equities.

Amid this backdrop, the Fund underperformed its benchmark. Our selection of stocks within the U.S. was a large reason for the underperformance. Broadly speaking, what we perceived as lower quality stocks tended to outperform in U.S. markets during the rebound that began in April. We saw stocks of companies with weaker balance sheets and no current earnings that rebounded sharply. This was a headwind for our investment process, which tends to focus on high-quality businesses. We also owned a few companies that produced disappointing results in the period, which led those stocks lower. And given that we run a concentrated portfolio, those relatively few positions had a large effect on performance. While disappointed with the Fund's performance, we continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g20m63.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI ACWI Index** | **MSCI ACWI Mid Cap Growth Index** |
| **10/1/2019** | $10000 | $10000 | $10000 |
| **10/31/2019** | $10360 | $10274 | $10310 |
| **11/30/2019** | $10810 | $10524 | $10645 |
| **12/31/2019** | $10940 | $10895 | $10908 |
| **1/31/2020** | $11020 | $10775 | $10891 |
| **2/29/2020** | $10260 | $9904 | $9984 |
| **3/31/2020** | $8990 | $8567 | $8526 |
| **4/30/2020** | $10040 | $9485 | $9636 |
| **5/31/2020** | $11150 | $9898 | $10480 |
| **6/30/2020** | $11480 | $10214 | $10807 |
| **7/31/2020** | $12190 | $10754 | $11552 |
| **8/31/2020** | $12750 | $11412 | $12002 |
| **9/30/2020** | $12600 | $11044 | $11837 |
| **10/31/2020** | $12420 | $10776 | $11711 |
| **11/30/2020** | $14110 | $12104 | $13179 |
| **12/31/2020** | $14734 | $12666 | $13958 |
| **1/31/2021** | $13962 | $12608 | $13790 |
| **2/28/2021** | $13992 | $12901 | $13966 |
| **3/31/2021** | $13912 | $13245 | $13918 |
| **4/30/2021** | $14824 | $13824 | $14636 |
| **5/31/2021** | $15164 | $14039 | $14754 |
| **6/30/2021** | $15475 | $14224 | $15186 |
| **7/31/2021** | $15966 | $14322 | $15311 |
| **8/31/2021** | $16647 | $14681 | $15733 |
| **9/30/2021** | $15855 | $14074 | $15014 |
| **10/31/2021** | $16577 | $14793 | $15745 |
| **11/30/2021** | $15926 | $14437 | $15262 |
| **12/31/2021** | $15918 | $15014 | $15527 |
| **1/31/2022** | $13766 | $14277 | $13765 |
| **2/28/2022** | $13403 | $13908 | $13595 |
| **3/31/2022** | $13233 | $14209 | $13766 |
| **4/30/2022** | $11828 | $13072 | $12367 |
| **5/31/2022** | $11375 | $13087 | $12206 |
| **6/30/2022** | $10378 | $11984 | $11129 |
| **7/31/2022** | $11534 | $12821 | $12102 |
| **8/31/2022** | $10899 | $12349 | $11666 |
| **9/30/2022** | $9868 | $11167 | $10478 |
| **10/31/2022** | $10469 | $11841 | $11029 |
| **11/30/2022** | $11182 | $12759 | $11959 |
| **12/31/2022** | $10650 | $12257 | $11581 |
| **1/31/2023** | $11794 | $13135 | $12547 |
| **2/28/2023** | $11636 | $12759 | $12220 |
| **3/31/2023** | $11681 | $13152 | $12460 |
| **4/30/2023** | $11432 | $13341 | $12417 |
| **5/31/2023** | $11522 | $13198 | $12277 |
| **6/30/2023** | $12338 | $13965 | $12927 |
| **7/31/2023** | $12565 | $14476 | $13441 |
| **8/31/2023** | $12134 | $14071 | $12922 |
| **9/30/2023** | $11624 | $13490 | $12274 |
| **10/31/2023** | $11103 | $13084 | $11540 |
| **11/30/2023** | $12655 | $14292 | $12843 |
| **12/31/2023** | $13607 | $14978 | $13712 |
| **1/31/2024** | $12973 | $15066 | $13483 |
| **2/29/2024** | $13505 | $15712 | $14259 |
| **3/31/2024** | $13675 | $16206 | $14583 |
| **4/30/2024** | $12780 | $15671 | $13879 |
| **5/31/2024** | $13233 | $16308 | $14114 |
| **6/30/2024** | $13120 | $16671 | $14183 |
| **7/31/2024** | $13596 | $16940 | $14538 |
| **8/31/2024** | $13913 | $17370 | $14891 |
| **9/30/2024** | $14230 | $17773 | $15429 |
| **10/31/2024** | $13732 | $17374 | $14960 |
| **11/30/2024** | $14649 | $18024 | $15813 |
| **12/31/2024** | $13675 | $17598 | $15163 |
| **1/31/2025** | $14672 | $18188 | $15881 |
| **2/28/2025** | $14174 | $18079 | $15574 |
| **3/31/2025** | $13460 | $17365 | $15010 |
| **4/30/2025** | $14094 | $17526 | $15641 |
| **5/31/2025** | $14672 | $18534 | $16781 |
| **6/30/2025** | $15057 | $19366 | $17712 |
| **7/31/2025** | $14479 | $19629 | $17838 |
| **8/31/2025** | $14479 | $20113 | $18123 |
| **9/30/2025** | $14366 | $20842 | $18414 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *Since Inception 10/1/19* |
| Investor Class | 0.96% | 2.66% | 6.22% |
| MSCI ACWI Index | 17.27% | 13.54% | 13.02% |
| MSCI ACWI Mid Cap Growth Index | 19.35% | 9.24% | 10.71% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12795921 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $0 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Bajaj Finance Ltd. | 4.6% |
| HealthEquity, Inc. | 4.4% |
| Monolithic Power Systems, Inc. | 4.2% |
| Scout24 SE | 4.1% |
| BayCurrent, Inc. | 4.1% |
| HEICO Corp., Class A | 4.1% |
| Halma PLC | 4.0% |
| Dollarama, Inc. | 3.8% |
| RBC Bearings, Inc. | 3.8% |
| Sugi Holdings Co. Ltd. | 3.8% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 11.9% |
| Research & Consulting Services | 7.5% |
| Broadline Retail | 7.4% |
| Semiconductors | 4.8% |
| Consumer Finance | 4.6% |
| Managed Health Care | 4.4% |
| Interactive Media & Services | 4.1% |
| Aerospace & Defense | 4.1% |
| Electronic Equipment & Instruments | 4.0% |
| Industrial Machinery & Supplies & Components | 3.8% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.2% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Global Select Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Global Select Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WGGSX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Global Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $96 | 0.96% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. At points during the period, economic uncertainty and concern that high U.S. interest rates may persist weighed on equities. Global equities fell precipitously in early April after President Donald Trump unveiled tariff rates for countries that were much higher than investors had anticipated. However, stocks then rebounded sharply after the president's economic team appeared to be softening its stance on tariffs. Monetary stimulus from several key central banks around the world was also supportive of equities.

Amid this backdrop, the Fund underperformed its benchmark. Our selection of stocks within the U.S. was a large reason for the underperformance. Broadly speaking, what we perceived as lower quality stocks tended to outperform in U.S. markets during the rebound that began in April. We saw stocks of companies with weaker balance sheets and no current earnings that rebounded sharply. This was a headwind for our investment process, which tends to focus on high-quality businesses. We also owned a few companies that produced disappointing results in the period, which led those stocks lower. And given that we run a concentrated portfolio, those relatively few positions had a large effect on performance. While disappointed with the Fund's performance, we continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g00k92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI ACWI Index** | **MSCI ACWI Mid Cap Growth Index** |
| **10/1/2019** | $10000 | $10000 | $10000 |
| **10/31/2019** | $10360 | $10274 | $10310 |
| **11/30/2019** | $10820 | $10524 | $10645 |
| **12/31/2019** | $10940 | $10895 | $10908 |
| **1/31/2020** | $11040 | $10775 | $10891 |
| **2/29/2020** | $10280 | $9904 | $9984 |
| **3/31/2020** | $9010 | $8567 | $8526 |
| **4/30/2020** | $10060 | $9485 | $9636 |
| **5/31/2020** | $11170 | $9898 | $10480 |
| **6/30/2020** | $11510 | $10214 | $10807 |
| **7/31/2020** | $12220 | $10754 | $11552 |
| **8/31/2020** | $12790 | $11412 | $12002 |
| **9/30/2020** | $12640 | $11044 | $11837 |
| **10/31/2020** | $12470 | $10776 | $11711 |
| **11/30/2020** | $14170 | $12104 | $13179 |
| **12/31/2020** | $14794 | $12666 | $13958 |
| **1/31/2021** | $14022 | $12608 | $13790 |
| **2/28/2021** | $14052 | $12901 | $13966 |
| **3/31/2021** | $13982 | $13245 | $13918 |
| **4/30/2021** | $14904 | $13824 | $14636 |
| **5/31/2021** | $15244 | $14039 | $14754 |
| **6/30/2021** | $15565 | $14224 | $15186 |
| **7/31/2021** | $16066 | $14322 | $15311 |
| **8/31/2021** | $16757 | $14681 | $15733 |
| **9/30/2021** | $15966 | $14074 | $15014 |
| **10/31/2021** | $16697 | $14793 | $15745 |
| **11/30/2021** | $16046 | $14437 | $15262 |
| **12/31/2021** | $16050 | $15014 | $15527 |
| **1/31/2022** | $13877 | $14277 | $13765 |
| **2/28/2022** | $13515 | $13908 | $13595 |
| **3/31/2022** | $13357 | $14209 | $13766 |
| **4/30/2022** | $11942 | $13072 | $12367 |
| **5/31/2022** | $11489 | $13087 | $12206 |
| **6/30/2022** | $10481 | $11984 | $11129 |
| **7/31/2022** | $11647 | $12821 | $12102 |
| **8/31/2022** | $11013 | $12349 | $11666 |
| **9/30/2022** | $9983 | $11167 | $10478 |
| **10/31/2022** | $10583 | $11841 | $11029 |
| **11/30/2022** | $11308 | $12759 | $11959 |
| **12/31/2022** | $10776 | $12257 | $11581 |
| **1/31/2023** | $11930 | $13135 | $12547 |
| **2/28/2023** | $11783 | $12759 | $12220 |
| **3/31/2023** | $11828 | $13152 | $12460 |
| **4/30/2023** | $11591 | $13341 | $12417 |
| **5/31/2023** | $11681 | $13198 | $12277 |
| **6/30/2023** | $12508 | $13965 | $12927 |
| **7/31/2023** | $12745 | $14476 | $13441 |
| **8/31/2023** | $12315 | $14071 | $12922 |
| **9/30/2023** | $11806 | $13490 | $12274 |
| **10/31/2023** | $11274 | $13084 | $11540 |
| **11/30/2023** | $12859 | $14292 | $12843 |
| **12/31/2023** | $13821 | $14978 | $13712 |
| **1/31/2024** | $13187 | $15066 | $13483 |
| **2/29/2024** | $13730 | $15712 | $14259 |
| **3/31/2024** | $13900 | $16206 | $14583 |
| **4/30/2024** | $13006 | $15671 | $13879 |
| **5/31/2024** | $13458 | $16308 | $14114 |
| **6/30/2024** | $13357 | $16671 | $14183 |
| **7/31/2024** | $13843 | $16940 | $14538 |
| **8/31/2024** | $14172 | $17370 | $14891 |
| **9/30/2024** | $14500 | $17773 | $15429 |
| **10/31/2024** | $13990 | $17374 | $14960 |
| **11/30/2024** | $14941 | $18024 | $15813 |
| **12/31/2024** | $13945 | $17598 | $15163 |
| **1/31/2025** | $14975 | $18188 | $15881 |
| **2/28/2025** | $14466 | $18079 | $15574 |
| **3/31/2025** | $13741 | $17365 | $15010 |
| **4/30/2025** | $14398 | $17526 | $15641 |
| **5/31/2025** | $14987 | $18534 | $16781 |
| **6/30/2025** | $15394 | $19366 | $17712 |
| **7/31/2025** | $14794 | $19629 | $17838 |
| **8/31/2025** | $14805 | $20113 | $18123 |
| **9/30/2025** | $14692 | $20842 | $18414 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *Since Inception 10/1/19* |
| Institutional Class | 1.33% | 3.05% | 6.62% |
| MSCI ACWI Index | 17.27% | 13.54% | 13.02% |
| MSCI ACWI Mid Cap Growth Index | 19.35% | 9.24% | 10.71% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $12795921 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $0 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Bajaj Finance Ltd. | 4.6% |
| HealthEquity, Inc. | 4.4% |
| Monolithic Power Systems, Inc. | 4.2% |
| Scout24 SE | 4.1% |
| BayCurrent, Inc. | 4.1% |
| HEICO Corp., Class A | 4.1% |
| Halma PLC | 4.0% |
| Dollarama, Inc. | 3.8% |
| RBC Bearings, Inc. | 3.8% |
| Sugi Holdings Co. Ltd. | 3.8% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 11.9% |
| Research & Consulting Services | 7.5% |
| Broadline Retail | 7.4% |
| Semiconductors | 4.8% |
| Consumer Finance | 4.6% |
| Managed Health Care | 4.4% |
| Interactive Media & Services | 4.1% |
| Aerospace & Defense | 4.1% |
| Electronic Equipment & Instruments | 4.0% |
| Industrial Machinery & Supplies & Components | 3.8% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.2% |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Global Select Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Global Opportunities Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAGOX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Global Opportunities Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $145 | 1.48% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. At points during the period, economic uncertainty and concern that high U.S. interest rates may persist were factors that weighed on equities. Global equities fell precipitously in early April after President Donald Trump unveiled tariff rates for countries that were much higher than investors had anticipated. However, stocks rebounded sharply after the president's economic team appeared to be softening its stance on tariffs. Monetary stimulus from several key central banks around the world was also supportive of equities.

Amid this backdrop, the Fund underperformed its benchmark. Our selection of stocks within the U.S. was a large reason for the underperformance. Broadly speaking, what we perceived as lower quality stocks tended to outperform in U.S. markets during the rebound that began in April. We saw stocks of companies with weaker balance sheets and no current earnings that rebounded sharply. This was a headwind for our investment process, which tends to focus on high-quality businesses. We also owned a few companies that produced disappointing results in the period, which led those stocks lower. Those positions had a large effect on performance. While disappointed with performance during the period, we continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g02n73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI ACWI Index** | **MSCI ACWI Small Cap Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10570 | $10785 | $10576 |
| **11/30/2015** | $10883 | $10696 | $10654 |
| **12/31/2015** | $10920 | $10503 | $10414 |
| **1/31/2016** | $9886 | $9869 | $9604 |
| **2/29/2016** | $9596 | $9802 | $9659 |
| **3/31/2016** | $10339 | $10528 | $10487 |
| **4/30/2016** | $10371 | $10683 | $10724 |
| **5/31/2016** | $10629 | $10697 | $10800 |
| **6/30/2016** | $10500 | $10632 | $10645 |
| **7/31/2016** | $11146 | $11090 | $11218 |
| **8/31/2016** | $11114 | $11128 | $11255 |
| **9/30/2016** | $11373 | $11196 | $11421 |
| **10/31/2016** | $10888 | $11006 | $11028 |
| **11/30/2016** | $10629 | $11089 | $11380 |
| **12/31/2016** | $10440 | $11329 | $11621 |
| **1/31/2017** | $11110 | $11639 | $11917 |
| **2/28/2017** | $11321 | $11965 | $12208 |
| **3/31/2017** | $11674 | $12112 | $12322 |
| **4/30/2017** | $12133 | $12300 | $12559 |
| **5/31/2017** | $12450 | $12572 | $12639 |
| **6/30/2017** | $12662 | $12629 | $12825 |
| **7/31/2017** | $12944 | $12982 | $13134 |
| **8/31/2017** | $12803 | $13032 | $13155 |
| **9/30/2017** | $13261 | $13284 | $13616 |
| **10/31/2017** | $13473 | $13559 | $13845 |
| **11/30/2017** | $14143 | $13822 | $14140 |
| **12/31/2017** | $14369 | $14045 | $14388 |
| **1/31/2018** | $15152 | $14837 | $14934 |
| **2/28/2018** | $14995 | $14214 | $14335 |
| **3/31/2018** | $15230 | $13910 | $14320 |
| **4/30/2018** | $14878 | $14042 | $14435 |
| **5/31/2018** | $15347 | $14060 | $14741 |
| **6/30/2018** | $15465 | $13984 | $14598 |
| **7/31/2018** | $15739 | $14406 | $14775 |
| **8/31/2018** | $16404 | $14519 | $15038 |
| **9/30/2018** | $16013 | $14582 | $14797 |
| **10/31/2018** | $14134 | $13489 | $13322 |
| **11/30/2018** | $14838 | $13686 | $13465 |
| **12/31/2018** | $13344 | $12722 | $12317 |
| **1/31/2019** | $14557 | $13727 | $13523 |
| **2/28/2019** | $15490 | $14094 | $13998 |
| **3/31/2019** | $15584 | $14271 | $13931 |
| **4/30/2019** | $16517 | $14753 | $14326 |
| **5/31/2019** | $16004 | $13878 | $13413 |
| **6/30/2019** | $16797 | $14787 | $14166 |
| **7/31/2019** | $16704 | $14830 | $14218 |
| **8/31/2019** | $16237 | $14478 | $13710 |
| **9/30/2019** | $16144 | $14783 | $13990 |
| **10/31/2019** | $16564 | $15188 | $14392 |
| **11/30/2019** | $17310 | $15558 | $14802 |
| **12/31/2019** | $17758 | $16106 | $15354 |
| **1/31/2020** | $17859 | $15928 | $14908 |
| **2/29/2020** | $16591 | $14642 | $13570 |
| **3/31/2020** | $13242 | $12665 | $10718 |
| **4/30/2020** | $15373 | $14022 | $12163 |
| **5/31/2020** | $17301 | $14632 | $12965 |
| **6/30/2020** | $17910 | $15099 | $13381 |
| **7/31/2020** | $18874 | $15898 | $13980 |
| **8/31/2020** | $19889 | $16871 | $14752 |
| **9/30/2020** | $19889 | $16327 | $14441 |
| **10/31/2020** | $20599 | $15930 | $14430 |
| **11/30/2020** | $23389 | $17894 | $16629 |
| **12/31/2020** | $25255 | $18724 | $17861 |
| **1/31/2021** | $25255 | $18639 | $18189 |
| **2/28/2021** | $26445 | $19071 | $19117 |
| **3/31/2021** | $25928 | $19580 | $19508 |
| **4/30/2021** | $27274 | $20436 | $20312 |
| **5/31/2021** | $27377 | $20754 | $20523 |
| **6/30/2021** | $28464 | $21028 | $20617 |
| **7/31/2021** | $28930 | $21173 | $20461 |
| **8/31/2021** | $30379 | $21703 | $20928 |
| **9/30/2021** | $30172 | $20806 | $20305 |
| **10/31/2021** | $31465 | $21868 | $20955 |
| **11/30/2021** | $30430 | $21342 | $19984 |
| **12/31/2021** | $30686 | $22195 | $20735 |
| **1/31/2022** | $26311 | $21105 | $19245 |
| **2/28/2022** | $25693 | $20560 | $19223 |
| **3/31/2022** | $25693 | $21006 | $19440 |
| **4/30/2022** | $22832 | $19324 | $17988 |
| **5/31/2022** | $21823 | $19347 | $17919 |
| **6/30/2022** | $19803 | $17716 | $16118 |
| **7/31/2022** | $21710 | $18953 | $17461 |
| **8/31/2022** | $21205 | $18255 | $17009 |
| **9/30/2022** | $19018 | $16508 | $15269 |
| **10/31/2022** | $19803 | $17504 | $16341 |
| **11/30/2022** | $21262 | $18862 | $17410 |
| **12/31/2022** | $19954 | $18119 | $16864 |
| **1/31/2023** | $22191 | $19418 | $18356 |
| **2/28/2023** | $21617 | $18862 | $17963 |
| **3/31/2023** | $21216 | $19443 | $17580 |
| **4/30/2023** | $21101 | $19723 | $17579 |
| **5/31/2023** | $21101 | $19511 | $17179 |
| **6/30/2023** | $22821 | $20644 | $18217 |
| **7/31/2023** | $23223 | $21400 | $19150 |
| **8/31/2023** | $22535 | $20802 | $18484 |
| **9/30/2023** | $21445 | $19942 | $17596 |
| **10/31/2023** | $19668 | $19342 | $16549 |
| **11/30/2023** | $22477 | $21127 | $18098 |
| **12/31/2023** | $25058 | $22142 | $19704 |
| **1/31/2024** | $23681 | $22272 | $19187 |
| **2/29/2024** | $25000 | $23228 | $19811 |
| **3/31/2024** | $24886 | $23957 | $20474 |
| **4/30/2024** | $23108 | $23167 | $19620 |
| **5/31/2024** | $24083 | $24108 | $20400 |
| **6/30/2024** | $24828 | $24644 | $20155 |
| **7/31/2024** | $25688 | $25042 | $21326 |
| **8/31/2024** | $26491 | $25678 | $21470 |
| **9/30/2024** | $27351 | $26274 | $21928 |
| **10/31/2024** | $26663 | $25685 | $21293 |
| **11/30/2024** | $28441 | $26645 | $22401 |
| **12/31/2024** | $26736 | $26015 | $21213 |
| **1/31/2025** | $28290 | $26888 | $21762 |
| **2/28/2025** | $26487 | $26726 | $21061 |
| **3/31/2025** | $24560 | $25670 | $20371 |
| **4/30/2025** | $24933 | $25909 | $20571 |
| **5/31/2025** | $26176 | $27399 | $21827 |
| **6/30/2025** | $27544 | $28629 | $22890 |
| **7/31/2025** | $27047 | $29017 | $23146 |
| **8/31/2025** | $26674 | $29734 | $24256 |
| **9/30/2025** | $25990 | $30811 | $24738 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | (4.98%) | 5.50% | 10.02% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |
| MSCI ACWI Small Cap Index | 12.82% | 11.37% | 9.48% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $182843254 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $2512938 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| HealthEquity, Inc. | 3.6% |
| Ensign Group, Inc. | 3.4% |
| ASPEED Technology, Inc. | 3.4% |
| Nova Ltd. | 3.3% |
| Shift4 Payments, Inc., Class A | 3.3% |
| AU Small Finance Bank Ltd. | 3.0% |
| RBC Bearings, Inc. | 3.0% |
| BayCurrent, Inc. | 2.9% |
| Diploma PLC | 2.5% |
| Rakus Co. Ltd. | 2.5% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 8.3% |
| Industrial Machinery & Supplies & Components | 6.8% |
| Semiconductors | 6.5% |
| Health Care Facilities | 5.8% |
| Trading Companies & Distributors | 5.4% |
| Semiconductor Materials & Equipment | 5.0% |
| Regional Banks | 4.9% |
| Asset Management & Custody Banks | 4.1% |
| Building Products | 4.0% |
| Transaction & Payment Processing Services | 3.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.7% |
| Other Assets and Liabilities, Net | (0.7%) |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Global Opportunities Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Global Opportunities Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WIGOX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Global Opportunities Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $132 | 1.35% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. At points during the period, economic uncertainty and concern that high U.S. interest rates may persist were factors that weighed on equities. Global equities fell precipitously in early April after President Donald Trump unveiled tariff rates for countries that were much higher than investors had anticipated. However, stocks rebounded sharply after the president's economic team appeared to be softening its stance on tariffs. Monetary stimulus from several key central banks around the world was also supportive of equities.

Amid this backdrop, the Fund underperformed its benchmark. Our selection of stocks within the U.S. was a large reason for the underperformance. Broadly speaking, what we perceived as lower quality stocks tended to outperform in U.S. markets during the rebound that began in April. We saw stocks of companies with weaker balance sheets and no current earnings that rebounded sharply. This was a headwind for our investment process, which tends to focus on high-quality businesses. We also owned a few companies that produced disappointing results in the period, which led those stocks lower. Those positions had a large effect on performance. While disappointed with performance during the period, we continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g05l18.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI ACWI Index** | **MSCI ACWI Small Cap Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10570 | $10785 | $10576 |
| **11/30/2015** | $10883 | $10696 | $10654 |
| **12/31/2015** | $10920 | $10503 | $10414 |
| **1/31/2016** | $9886 | $9869 | $9604 |
| **2/29/2016** | $9596 | $9802 | $9659 |
| **3/31/2016** | $10339 | $10528 | $10487 |
| **4/30/2016** | $10371 | $10683 | $10724 |
| **5/31/2016** | $10629 | $10697 | $10800 |
| **6/30/2016** | $10500 | $10632 | $10645 |
| **7/31/2016** | $11146 | $11090 | $11218 |
| **8/31/2016** | $11114 | $11128 | $11255 |
| **9/30/2016** | $11373 | $11196 | $11421 |
| **10/31/2016** | $10920 | $11006 | $11028 |
| **11/30/2016** | $10629 | $11089 | $11380 |
| **12/31/2016** | $10433 | $11329 | $11621 |
| **1/31/2017** | $11105 | $11639 | $11917 |
| **2/28/2017** | $11317 | $11965 | $12208 |
| **3/31/2017** | $11671 | $12112 | $12322 |
| **4/30/2017** | $12130 | $12300 | $12559 |
| **5/31/2017** | $12484 | $12572 | $12639 |
| **6/30/2017** | $12696 | $12629 | $12825 |
| **7/31/2017** | $12979 | $12982 | $13134 |
| **8/31/2017** | $12838 | $13032 | $13155 |
| **9/30/2017** | $13297 | $13284 | $13616 |
| **10/31/2017** | $13510 | $13559 | $13845 |
| **11/30/2017** | $14181 | $13822 | $14140 |
| **12/31/2017** | $14408 | $14045 | $14388 |
| **1/31/2018** | $15193 | $14837 | $14934 |
| **2/28/2018** | $15036 | $14214 | $14335 |
| **3/31/2018** | $15271 | $13910 | $14320 |
| **4/30/2018** | $14957 | $14042 | $14435 |
| **5/31/2018** | $15389 | $14060 | $14741 |
| **6/30/2018** | $15507 | $13984 | $14598 |
| **7/31/2018** | $15821 | $14406 | $14775 |
| **8/31/2018** | $16488 | $14519 | $15038 |
| **9/30/2018** | $16096 | $14582 | $14797 |
| **10/31/2018** | $14211 | $13489 | $13322 |
| **11/30/2018** | $14918 | $13686 | $13465 |
| **12/31/2018** | $13420 | $12722 | $12317 |
| **1/31/2019** | $14635 | $13727 | $13523 |
| **2/28/2019** | $15570 | $14094 | $13998 |
| **3/31/2019** | $15664 | $14271 | $13931 |
| **4/30/2019** | $16599 | $14753 | $14326 |
| **5/31/2019** | $16085 | $13878 | $13413 |
| **6/30/2019** | $16880 | $14787 | $14166 |
| **7/31/2019** | $16833 | $14830 | $14218 |
| **8/31/2019** | $16319 | $14478 | $13710 |
| **9/30/2019** | $16272 | $14783 | $13990 |
| **10/31/2019** | $16646 | $15188 | $14392 |
| **11/30/2019** | $17441 | $15558 | $14802 |
| **12/31/2019** | $17893 | $16106 | $15354 |
| **1/31/2020** | $17995 | $15928 | $14908 |
| **2/29/2020** | $16724 | $14642 | $13570 |
| **3/31/2020** | $13318 | $12665 | $10718 |
| **4/30/2020** | $15453 | $14022 | $12163 |
| **5/31/2020** | $17436 | $14632 | $12965 |
| **6/30/2020** | $18046 | $15099 | $13381 |
| **7/31/2020** | $19012 | $15898 | $13980 |
| **8/31/2020** | $20028 | $16871 | $14752 |
| **9/30/2020** | $20028 | $16327 | $14441 |
| **10/31/2020** | $20791 | $15930 | $14430 |
| **11/30/2020** | $23587 | $17894 | $16629 |
| **12/31/2020** | $25508 | $18724 | $17861 |
| **1/31/2021** | $25508 | $18639 | $18189 |
| **2/28/2021** | $26700 | $19071 | $19117 |
| **3/31/2021** | $26130 | $19580 | $19508 |
| **4/30/2021** | $27530 | $20436 | $20312 |
| **5/31/2021** | $27633 | $20754 | $20523 |
| **6/30/2021** | $28722 | $21028 | $20617 |
| **7/31/2021** | $29241 | $21173 | $20461 |
| **8/31/2021** | $30640 | $21703 | $20928 |
| **9/30/2021** | $30485 | $20806 | $20305 |
| **10/31/2021** | $31781 | $21868 | $20955 |
| **11/30/2021** | $30744 | $21342 | $19984 |
| **12/31/2021** | $30969 | $22195 | $20735 |
| **1/31/2022** | $26585 | $21105 | $19245 |
| **2/28/2022** | $25967 | $20560 | $19223 |
| **3/31/2022** | $25967 | $21006 | $19440 |
| **4/30/2022** | $23044 | $19324 | $17988 |
| **5/31/2022** | $22033 | $19347 | $17919 |
| **6/30/2022** | $20009 | $17716 | $16118 |
| **7/31/2022** | $21920 | $18953 | $17461 |
| **8/31/2022** | $21414 | $18255 | $17009 |
| **9/30/2022** | $19222 | $16508 | $15269 |
| **10/31/2022** | $20009 | $17504 | $16341 |
| **11/30/2022** | $21527 | $18862 | $17410 |
| **12/31/2022** | $20160 | $18119 | $16864 |
| **1/31/2023** | $22457 | $19418 | $18356 |
| **2/28/2023** | $21883 | $18862 | $17963 |
| **3/31/2023** | $21481 | $19443 | $17580 |
| **4/30/2023** | $21366 | $19723 | $17579 |
| **5/31/2023** | $21366 | $19511 | $17179 |
| **6/30/2023** | $23089 | $20644 | $18217 |
| **7/31/2023** | $23491 | $21400 | $19150 |
| **8/31/2023** | $22859 | $20802 | $18484 |
| **9/30/2023** | $21711 | $19942 | $17596 |
| **10/31/2023** | $19930 | $19342 | $16549 |
| **11/30/2023** | $22802 | $21127 | $18098 |
| **12/31/2023** | $25386 | $22142 | $19704 |
| **1/31/2024** | $24008 | $22272 | $19187 |
| **2/29/2024** | $25329 | $23228 | $19811 |
| **3/31/2024** | $25214 | $23957 | $20474 |
| **4/30/2024** | $23434 | $23167 | $19620 |
| **5/31/2024** | $24410 | $24108 | $20400 |
| **6/30/2024** | $25157 | $24644 | $20155 |
| **7/31/2024** | $26018 | $25042 | $21326 |
| **8/31/2024** | $26822 | $25678 | $21470 |
| **9/30/2024** | $27741 | $26274 | $21928 |
| **10/31/2024** | $26995 | $25685 | $21293 |
| **11/30/2024** | $28890 | $26645 | $22401 |
| **12/31/2024** | $27126 | $26015 | $21213 |
| **1/31/2025** | $28744 | $26888 | $21762 |
| **2/28/2025** | $26877 | $26726 | $21061 |
| **3/31/2025** | $24948 | $25670 | $20371 |
| **4/30/2025** | $25259 | $25909 | $20571 |
| **5/31/2025** | $26566 | $27399 | $21827 |
| **6/30/2025** | $27997 | $28629 | $22890 |
| **7/31/2025** | $27437 | $29017 | $23146 |
| **8/31/2025** | $27064 | $29734 | $24256 |
| **9/30/2025** | $26379 | $30811 | $24738 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | (4.91%) | 5.66% | 10.19% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |
| MSCI ACWI Small Cap Index | 12.82% | 11.37% | 9.48% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $182843254 |
| # of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 37% |
| Total Advisory Fees Paid | $2512938 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| HealthEquity, Inc. | 3.6% |
| Ensign Group, Inc. | 3.4% |
| ASPEED Technology, Inc. | 3.4% |
| Nova Ltd. | 3.3% |
| Shift4 Payments, Inc., Class A | 3.3% |
| AU Small Finance Bank Ltd. | 3.0% |
| RBC Bearings, Inc. | 3.0% |
| BayCurrent, Inc. | 2.9% |
| Diploma PLC | 2.5% |
| Rakus Co. Ltd. | 2.5% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 8.3% |
| Industrial Machinery & Supplies & Components | 6.8% |
| Semiconductors | 6.5% |
| Health Care Facilities | 5.8% |
| Trading Companies & Distributors | 5.4% |
| Semiconductor Materials & Equipment | 5.0% |
| Regional Banks | 4.9% |
| Asset Management & Custody Banks | 4.1% |
| Building Products | 4.0% |
| Transaction & Payment Processing Services | 3.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.7% |
| Other Assets and Liabilities, Net | (0.7%) |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Global Opportunities Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Global Value Fund
![Image](g73947g67n92.jpg)

#### Investor Class FMIEX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Global Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $120 | 1.10% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, U.S. equities experienced sizeable gains but were volatile. Initially, equities were up following the results of the U.S. presidential election. Stocks then traded lower due to concerns about slow growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities then rebounded sharply after the president's economic team appeared to be softening its stance on tariffs. During the period, monetary stimulus from several central banks around the world was also supportive of equities.

In this environment, the Fund outperformed its benchmark. The Fund was positioned defensively heading into the market downturn that occurred in the first quarter of 2025 with a higher-than-normal allocation to sectors such as consumer staples, utilities and telecommunications. The defensive positioning at the time helped performance relative to the benchmark. Additionally, some of the Fund's companies in Europe, South Korea and China had positive results, and those stocks were large contributors to performance. While the Fund outperformed its benchmark, its lack of exposure to the United Kingdom and Spain detracted from relative performance as did its overweight to the real-estate sector.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g91m51.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI ACWI Index** | **MSCI ACWI Value Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10769 | $10785 | $10761 |
| **11/30/2015** | $10747 | $10696 | $10622 |
| **12/31/2015** | $10510 | $10503 | $10407 |
| **1/31/2016** | $10024 | $9869 | $9803 |
| **2/29/2016** | $9986 | $9802 | $9747 |
| **3/31/2016** | $10715 | $10528 | $10488 |
| **4/30/2016** | $10902 | $10683 | $10736 |
| **5/31/2016** | $11028 | $10697 | $10689 |
| **6/30/2016** | $11139 | $10632 | $10618 |
| **7/31/2016** | $11403 | $11090 | $11033 |
| **8/31/2016** | $11479 | $11128 | $11148 |
| **9/30/2016** | $11392 | $11196 | $11183 |
| **10/31/2016** | $11417 | $11006 | $11124 |
| **11/30/2016** | $11821 | $11089 | $11357 |
| **12/31/2016** | $12260 | $11329 | $11715 |
| **1/31/2017** | $12221 | $11639 | $11911 |
| **2/28/2017** | $12746 | $11965 | $12205 |
| **3/31/2017** | $12641 | $12112 | $12284 |
| **4/30/2017** | $12575 | $12300 | $12356 |
| **5/31/2017** | $12588 | $12572 | $12483 |
| **6/30/2017** | $12754 | $12629 | $12634 |
| **7/31/2017** | $13046 | $12982 | $12962 |
| **8/31/2017** | $12953 | $13032 | $12899 |
| **9/30/2017** | $13228 | $13284 | $13215 |
| **10/31/2017** | $13321 | $13559 | $13382 |
| **11/30/2017** | $13601 | $13822 | $13617 |
| **12/31/2017** | $13635 | $14045 | $13854 |
| **1/31/2018** | $14231 | $14837 | $14518 |
| **2/28/2018** | $13543 | $14214 | $13788 |
| **3/31/2018** | $13410 | $13910 | $13491 |
| **4/30/2018** | $13657 | $14042 | $13664 |
| **5/31/2018** | $13487 | $14060 | $13418 |
| **6/30/2018** | $13565 | $13984 | $13317 |
| **7/31/2018** | $14030 | $14406 | $13810 |
| **8/31/2018** | $14217 | $14519 | $13708 |
| **9/30/2018** | $14383 | $14582 | $13847 |
| **10/31/2018** | $13682 | $13489 | $13081 |
| **11/30/2018** | $13885 | $13686 | $13313 |
| **12/31/2018** | $12882 | $12722 | $12360 |
| **1/31/2019** | $13825 | $13727 | $13262 |
| **2/28/2019** | $14133 | $14094 | $13556 |
| **3/31/2019** | $14125 | $14271 | $13583 |
| **4/30/2019** | $14252 | $14753 | $13949 |
| **5/31/2019** | $13577 | $13878 | $13089 |
| **6/30/2019** | $14321 | $14787 | $13894 |
| **7/31/2019** | $14026 | $14830 | $13828 |
| **8/31/2019** | $13732 | $14478 | $13349 |
| **9/30/2019** | $14326 | $14783 | $13848 |
| **10/31/2019** | $14455 | $15188 | $14156 |
| **11/30/2019** | $14622 | $15558 | $14398 |
| **12/31/2019** | $15105 | $16106 | $14904 |
| **1/31/2020** | $14710 | $15928 | $14399 |
| **2/29/2020** | $13316 | $14642 | $13070 |
| **3/31/2020** | $10897 | $12665 | $10866 |
| **4/30/2020** | $11843 | $14022 | $11815 |
| **5/31/2020** | $12070 | $14632 | $12100 |
| **6/30/2020** | $12182 | $15099 | $12250 |
| **7/31/2020** | $12468 | $15898 | $12619 |
| **8/31/2020** | $13078 | $16871 | $13143 |
| **9/30/2020** | $12447 | $16327 | $12736 |
| **10/31/2020** | $12409 | $15930 | $12427 |
| **11/30/2020** | $14691 | $17894 | $14258 |
| **12/31/2020** | $15411 | $18724 | $14854 |
| **1/31/2021** | $15430 | $18639 | $14739 |
| **2/28/2021** | $16584 | $19071 | $15394 |
| **3/31/2021** | $17709 | $19580 | $16171 |
| **4/30/2021** | $18134 | $20436 | $16664 |
| **5/31/2021** | $18888 | $20754 | $17174 |
| **6/30/2021** | $18430 | $21028 | $16953 |
| **7/31/2021** | $18275 | $21173 | $16940 |
| **8/31/2021** | $18488 | $21703 | $17239 |
| **9/30/2021** | $18017 | $20806 | $16719 |
| **10/31/2021** | $18953 | $21868 | $17391 |
| **11/30/2021** | $18036 | $21342 | $16725 |
| **12/31/2021** | $19279 | $22195 | $17769 |
| **1/31/2022** | $19842 | $21105 | $17554 |
| **2/28/2022** | $19561 | $20560 | $17267 |
| **3/31/2022** | $19736 | $21006 | $17599 |
| **4/30/2022** | $18886 | $19324 | $16710 |
| **5/31/2022** | $19635 | $19347 | $17035 |
| **6/30/2022** | $18143 | $17716 | $15576 |
| **7/31/2022** | $18327 | $18953 | $16193 |
| **8/31/2022** | $17836 | $18255 | $15749 |
| **9/30/2022** | $16477 | $16508 | $14383 |
| **10/31/2022** | $17919 | $17504 | $15603 |
| **11/30/2022** | $19608 | $18862 | $16824 |
| **12/31/2022** | $19283 | $18119 | $16427 |
| **1/31/2023** | $20135 | $19418 | $17239 |
| **2/28/2023** | $19348 | $18862 | $16688 |
| **3/31/2023** | $19348 | $19443 | $16631 |
| **4/30/2023** | $19680 | $19723 | $16921 |
| **5/31/2023** | $18795 | $19511 | $16195 |
| **6/30/2023** | $19484 | $20644 | $17126 |
| **7/31/2023** | $20041 | $21400 | $17833 |
| **8/31/2023** | $19662 | $20802 | $17279 |
| **9/30/2023** | $19140 | $19942 | $16825 |
| **10/31/2023** | $18758 | $19342 | $16240 |
| **11/30/2023** | $19746 | $21127 | $17428 |
| **12/31/2023** | $20372 | $22142 | $18367 |
| **1/31/2024** | $20169 | $22272 | $18341 |
| **2/29/2024** | $20350 | $23228 | $18813 |
| **3/31/2024** | $21263 | $23957 | $19625 |
| **4/30/2024** | $20670 | $23167 | $19036 |
| **5/31/2024** | $21263 | $24108 | $19599 |
| **6/30/2024** | $20910 | $24644 | $19510 |
| **7/31/2024** | $22084 | $25042 | $20359 |
| **8/31/2024** | $23236 | $25678 | $20910 |
| **9/30/2024** | $23496 | $26274 | $21349 |
| **10/31/2024** | $22708 | $25685 | $20818 |
| **11/30/2024** | $23427 | $26645 | $21469 |
| **12/31/2024** | $22139 | $26015 | $20343 |
| **1/31/2025** | $23148 | $26888 | $21198 |
| **2/28/2025** | $24133 | $26726 | $21524 |
| **3/31/2025** | $24717 | $25670 | $21313 |
| **4/30/2025** | $24668 | $25909 | $21065 |
| **5/31/2025** | $25138 | $27399 | $21730 |
| **6/30/2025** | $26124 | $28629 | $22558 |
| **7/31/2025** | $25898 | $29017 | $22679 |
| **8/31/2025** | $26950 | $29734 | $23413 |
| **9/30/2025** | $27784 | $30811 | $23940 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | 18.13% | 17.42% | 10.76% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |
| MSCI ACWI Value Index | 12.14% | 13.45% | 9.12% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $141444246 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $1066126 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Johnson & Johnson | 5.1% |
| JPMorgan Chase & Co. | 4.2% |
| Citigroup, Inc. | 3.9% |
| Duke Energy Corp. | 3.5% |
| KT&G Corp. | 3.4% |
| TotalEnergies SE | 3.4% |
| Evergy, Inc. | 3.3% |
| Novartis AG | 3.3% |
| ING Groep NV, ADR | 3.2% |
| Exelon Corp. | 3.2% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 17.2% |
| Pharmaceuticals | 10.6% |
| Electric Utilities | 9.9% |
| Integrated Oil & Gas | 8.0% |
| Integrated Telecommunication Services | 6.7% |
| Tobacco | 3.4% |
| Technology Hardware, Storage & Peripherals | 3.0% |
| Other Specialized REIT's | 3.0% |
| Multi-Line Insurance | 2.9% |
| Rail Transportation | 2.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.1% |
| Other Assets and Liabilities, Net | 2.9% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Global Value Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Global Value Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WILCX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Global Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $104 | 0.95% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, U.S. equities experienced sizeable gains but were volatile. Initially, equities were up following the results of the U.S. presidential election. Stocks then traded lower due to concerns about slow growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities then rebounded sharply after the president's economic team appeared to be softening its stance on tariffs. During the period, monetary stimulus from several central banks around the world was also supportive of equities.

In this environment, the Fund outperformed its benchmark. The Fund was positioned defensively heading into the market downturn that occurred in the first quarter of 2025 with a higher-than-normal allocation to sectors such as consumer staples, utilities and telecommunications. The defensive positioning at the time helped performance relative to the benchmark. Additionally, some of the Fund's companies in Europe, South Korea and China had positive results, and those stocks were large contributors to performance. While the Fund outperformed its benchmark, its lack of exposure to the United Kingdom and Spain detracted from relative performance as did its overweight to the real-estate sector.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g70z83.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI ACWI Index** | **MSCI ACWI Value Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10758 | $10785 | $10761 |
| **11/30/2015** | $10747 | $10696 | $10622 |
| **12/31/2015** | $10503 | $10503 | $10407 |
| **1/31/2016** | $10017 | $9869 | $9803 |
| **2/29/2016** | $9979 | $9802 | $9747 |
| **3/31/2016** | $10711 | $10528 | $10488 |
| **4/30/2016** | $10899 | $10683 | $10736 |
| **5/31/2016** | $11024 | $10697 | $10689 |
| **6/30/2016** | $11127 | $10632 | $10618 |
| **7/31/2016** | $11404 | $11090 | $11033 |
| **8/31/2016** | $11480 | $11128 | $11148 |
| **9/30/2016** | $11397 | $11196 | $11183 |
| **10/31/2016** | $11410 | $11006 | $11124 |
| **11/30/2016** | $11827 | $11089 | $11357 |
| **12/31/2016** | $12259 | $11329 | $11715 |
| **1/31/2017** | $12220 | $11639 | $11911 |
| **2/28/2017** | $12759 | $11965 | $12205 |
| **3/31/2017** | $12645 | $12112 | $12284 |
| **4/30/2017** | $12579 | $12300 | $12356 |
| **5/31/2017** | $12605 | $12572 | $12483 |
| **6/30/2017** | $12776 | $12629 | $12634 |
| **7/31/2017** | $13069 | $12982 | $12962 |
| **8/31/2017** | $12976 | $13032 | $12899 |
| **9/30/2017** | $13256 | $13284 | $13215 |
| **10/31/2017** | $13350 | $13559 | $13382 |
| **11/30/2017** | $13630 | $13822 | $13617 |
| **12/31/2017** | $13669 | $14045 | $13854 |
| **1/31/2018** | $14268 | $14837 | $14518 |
| **2/28/2018** | $13577 | $14214 | $13788 |
| **3/31/2018** | $13449 | $13910 | $13491 |
| **4/30/2018** | $13697 | $14042 | $13664 |
| **5/31/2018** | $13527 | $14060 | $13418 |
| **6/30/2018** | $13609 | $13984 | $13317 |
| **7/31/2018** | $14077 | $14406 | $13810 |
| **8/31/2018** | $14264 | $14519 | $13708 |
| **9/30/2018** | $14437 | $14582 | $13847 |
| **10/31/2018** | $13732 | $13489 | $13081 |
| **11/30/2018** | $13936 | $13686 | $13313 |
| **12/31/2018** | $12933 | $12722 | $12360 |
| **1/31/2019** | $13881 | $13727 | $13262 |
| **2/28/2019** | $14190 | $14094 | $13556 |
| **3/31/2019** | $14188 | $14271 | $13583 |
| **4/30/2019** | $14316 | $14753 | $13949 |
| **5/31/2019** | $13637 | $13878 | $13089 |
| **6/30/2019** | $14391 | $14787 | $13894 |
| **7/31/2019** | $14095 | $14830 | $13828 |
| **8/31/2019** | $13799 | $14478 | $13349 |
| **9/30/2019** | $14401 | $14783 | $13848 |
| **10/31/2019** | $14532 | $15188 | $14156 |
| **11/30/2019** | $14681 | $15558 | $14398 |
| **12/31/2019** | $15190 | $16106 | $14904 |
| **1/31/2020** | $14792 | $15928 | $14399 |
| **2/29/2020** | $13408 | $14642 | $13070 |
| **3/31/2020** | $10958 | $12665 | $10866 |
| **4/30/2020** | $11911 | $14022 | $11815 |
| **5/31/2020** | $12140 | $14632 | $12100 |
| **6/30/2020** | $12257 | $15099 | $12250 |
| **7/31/2020** | $12545 | $15898 | $12619 |
| **8/31/2020** | $13160 | $16871 | $13143 |
| **9/30/2020** | $12529 | $16327 | $12736 |
| **10/31/2020** | $12490 | $15930 | $12427 |
| **11/30/2020** | $14791 | $17894 | $14258 |
| **12/31/2020** | $15521 | $18724 | $14854 |
| **1/31/2021** | $15541 | $18639 | $14739 |
| **2/28/2021** | $16705 | $19071 | $15394 |
| **3/31/2021** | $17827 | $19580 | $16171 |
| **4/30/2021** | $18276 | $20436 | $16664 |
| **5/31/2021** | $19036 | $20754 | $17174 |
| **6/30/2021** | $18562 | $21028 | $16953 |
| **7/31/2021** | $18425 | $21173 | $16940 |
| **8/31/2021** | $18640 | $21703 | $17239 |
| **9/30/2021** | $18171 | $20806 | $16719 |
| **10/31/2021** | $19096 | $21868 | $17391 |
| **11/30/2021** | $18191 | $21342 | $16725 |
| **12/31/2021** | $19452 | $22195 | $17769 |
| **1/31/2022** | $20000 | $21105 | $17554 |
| **2/28/2022** | $19736 | $20560 | $17267 |
| **3/31/2022** | $19922 | $21006 | $17599 |
| **4/30/2022** | $19063 | $19324 | $16710 |
| **5/31/2022** | $19820 | $19347 | $17035 |
| **6/30/2022** | $18298 | $17716 | $15576 |
| **7/31/2022** | $18505 | $18953 | $16193 |
| **8/31/2022** | $18009 | $18255 | $15749 |
| **9/30/2022** | $16642 | $16508 | $14383 |
| **10/31/2022** | $18100 | $17504 | $15603 |
| **11/30/2022** | $19807 | $18862 | $16824 |
| **12/31/2022** | $19480 | $18119 | $16427 |
| **1/31/2023** | $20343 | $19418 | $17239 |
| **2/28/2023** | $19547 | $18862 | $16688 |
| **3/31/2023** | $19539 | $19443 | $16631 |
| **4/30/2023** | $19897 | $19723 | $16921 |
| **5/31/2023** | $19002 | $19511 | $16195 |
| **6/30/2023** | $19683 | $20644 | $17126 |
| **7/31/2023** | $20248 | $21400 | $17833 |
| **8/31/2023** | $19864 | $20802 | $17279 |
| **9/30/2023** | $19343 | $19942 | $16825 |
| **10/31/2023** | $18956 | $19342 | $16240 |
| **11/30/2023** | $19980 | $21127 | $17428 |
| **12/31/2023** | $20599 | $22142 | $18367 |
| **1/31/2024** | $20416 | $22272 | $18341 |
| **2/29/2024** | $20599 | $23228 | $18813 |
| **3/31/2024** | $21532 | $23957 | $19625 |
| **4/30/2024** | $20931 | $23167 | $19036 |
| **5/31/2024** | $21509 | $24108 | $19599 |
| **6/30/2024** | $21159 | $24644 | $19510 |
| **7/31/2024** | $22350 | $25042 | $20359 |
| **8/31/2024** | $23541 | $25678 | $20910 |
| **9/30/2024** | $23815 | $26274 | $21349 |
| **10/31/2024** | $23015 | $25685 | $20818 |
| **11/30/2024** | $23744 | $26645 | $21469 |
| **12/31/2024** | $22422 | $26015 | $20343 |
| **1/31/2025** | $23447 | $26888 | $21198 |
| **2/28/2025** | $24447 | $26726 | $21524 |
| **3/31/2025** | $25049 | $25670 | $21313 |
| **4/30/2025** | $24999 | $25909 | $21065 |
| **5/31/2025** | $25502 | $27399 | $21730 |
| **6/30/2025** | $26461 | $28629 | $22558 |
| **7/31/2025** | $26258 | $29017 | $22679 |
| **8/31/2025** | $27326 | $29734 | $23413 |
| **9/30/2025** | $28185 | $30811 | $23940 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | 18.35% | 17.60% | 10.92% |
| MSCI ACWI Index | 17.27% | 13.54% | 11.91% |
| MSCI ACWI Value Index | 12.14% | 13.45% | 9.12% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $141444246 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $1066126 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Johnson & Johnson | 5.1% |
| JPMorgan Chase & Co. | 4.2% |
| Citigroup, Inc. | 3.9% |
| Duke Energy Corp. | 3.5% |
| KT&G Corp. | 3.4% |
| TotalEnergies SE | 3.4% |
| Evergy, Inc. | 3.3% |
| Novartis AG | 3.3% |
| ING Groep NV, ADR | 3.2% |
| Exelon Corp. | 3.2% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 17.2% |
| Pharmaceuticals | 10.6% |
| Electric Utilities | 9.9% |
| Integrated Oil & Gas | 8.0% |
| Integrated Telecommunication Services | 6.7% |
| Tobacco | 3.4% |
| Technology Hardware, Storage & Peripherals | 3.0% |
| Other Specialized REIT's | 3.0% |
| Multi-Line Insurance | 2.9% |
| Rail Transportation | 2.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.1% |
| Other Assets and Liabilities, Net | 2.9% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Global Value Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch International Growth Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAIGX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch International Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $153 | 1.47% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, international equities experienced substantial gains, powered primarily by a weaker U.S. dollar, interest-rate cuts and policy support across Europe. Renewed investor interest in non-U.S. assets also played a role in driving international markets.

While the Fund had gains during the period, it underperformed the benchmark. The underperformance relative to the benchmark was due largely to our stocks in Taiwan and Sweden. More specifically, we held an industrial company and a semiconductor company both based in Taiwan that experienced sizeable losses and were large detractors from results. While the Fund underperformed the benchmark, our selection of stocks in Japan and Australia were bright spots and contributed to relative performance.

At the sector level, the Fund's underperformance was due primarily to stock selection within the industrials and information-technology sectors. However, the Fund's holdings in the consumer-discretionary and consumer-staples sectors outperformed those of the benchmark and contributed to relative results.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g41b30.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA Small Cap Index** | **MSCI World ex USA Small Cap Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10473 | $10744 | $10593 | $10593 |
| **11/30/2015** | $10621 | $10523 | $10517 | $10570 |
| **12/31/2015** | $10839 | $10324 | $10528 | $10582 |
| **1/31/2016** | $10047 | $9622 | $9720 | $9776 |
| **2/29/2016** | $9857 | $9512 | $9753 | $9828 |
| **3/31/2016** | $10538 | $10286 | $10600 | $10646 |
| **4/30/2016** | $10402 | $10556 | $10896 | $10982 |
| **5/31/2016** | $10742 | $10378 | $10824 | $10996 |
| **6/30/2016** | $10707 | $10219 | $10507 | $10509 |
| **7/31/2016** | $11166 | $10725 | $11092 | $11133 |
| **8/31/2016** | $10864 | $10793 | $11065 | $11040 |
| **9/30/2016** | $11273 | $10926 | $11338 | $11350 |
| **10/31/2016** | $10861 | $10769 | $11040 | $11013 |
| **11/30/2016** | $10047 | $10519 | $10712 | $10741 |
| **12/31/2016** | $9922 | $10789 | $10939 | $11039 |
| **1/31/2017** | $10343 | $11171 | $11358 | $11436 |
| **2/28/2017** | $10515 | $11349 | $11658 | $11656 |
| **3/31/2017** | $10877 | $11637 | $11899 | $11879 |
| **4/30/2017** | $11343 | $11886 | $12256 | $12299 |
| **5/31/2017** | $11847 | $12271 | $12589 | $12703 |
| **6/30/2017** | $11828 | $12309 | $12641 | $12743 |
| **7/31/2017** | $12298 | $12763 | $13088 | $13192 |
| **8/31/2017** | $12466 | $12830 | $13230 | $13303 |
| **9/30/2017** | $12630 | $13068 | $13514 | $13668 |
| **10/31/2017** | $12578 | $13314 | $13766 | $13861 |
| **11/30/2017** | $12832 | $13422 | $13971 | $14057 |
| **12/31/2017** | $13197 | $13722 | $14401 | $14464 |
| **1/31/2018** | $13875 | $14486 | $15109 | $15139 |
| **2/28/2018** | $13591 | $13803 | $14514 | $14551 |
| **3/31/2018** | $13825 | $13560 | $14350 | $14392 |
| **4/30/2018** | $13706 | $13776 | $14516 | $14611 |
| **5/31/2018** | $13913 | $13458 | $14369 | $14507 |
| **6/30/2018** | $13963 | $13205 | $13977 | $14257 |
| **7/31/2018** | $14170 | $13521 | $14075 | $14338 |
| **8/31/2018** | $14274 | $13238 | $13938 | $14239 |
| **9/30/2018** | $14163 | $13298 | $13766 | $14135 |
| **10/31/2018** | $12169 | $12217 | $12427 | $12788 |
| **11/30/2018** | $12116 | $12332 | $12458 | $12662 |
| **12/31/2018** | $11123 | $11774 | $11780 | $11850 |
| **1/31/2019** | $12110 | $12664 | $12703 | $12856 |
| **2/28/2019** | $12504 | $12911 | $12969 | $13152 |
| **3/31/2019** | $12649 | $12988 | $12989 | $13145 |
| **4/30/2019** | $13346 | $13331 | $13276 | $13504 |
| **5/31/2019** | $12812 | $12616 | $12591 | $12796 |
| **6/30/2019** | $13224 | $13375 | $13146 | $13377 |
| **7/31/2019** | $12966 | $13214 | $13059 | $13317 |
| **8/31/2019** | $12567 | $12805 | $12682 | $13009 |
| **9/30/2019** | $12780 | $13135 | $12990 | $13341 |
| **10/31/2019** | $13418 | $13593 | $13516 | $13889 |
| **11/30/2019** | $14106 | $13713 | $13743 | $14204 |
| **12/31/2019** | $14397 | $14307 | $14421 | $14862 |
| **1/31/2020** | $14114 | $13923 | $13971 | $14432 |
| **2/29/2020** | $12898 | $12822 | $12686 | $13024 |
| **3/31/2020** | $11204 | $10966 | $10238 | $10643 |
| **4/30/2020** | $12698 | $11797 | $11482 | $11888 |
| **5/31/2020** | $14146 | $12183 | $12179 | $12722 |
| **6/30/2020** | $14090 | $12733 | $12575 | $12948 |
| **7/31/2020** | $14917 | $13301 | $13204 | $13445 |
| **8/31/2020** | $15631 | $13870 | $14073 | $14426 |
| **9/30/2020** | $15812 | $13529 | $13895 | $14258 |
| **10/31/2020** | $15849 | $13238 | $13526 | $13798 |
| **11/30/2020** | $16973 | $15019 | $15398 | $15698 |
| **12/31/2020** | $17917 | $15831 | $16475 | $16761 |
| **1/31/2021** | $17679 | $15865 | $16446 | $16719 |
| **2/28/2021** | $17875 | $16179 | $17041 | $17203 |
| **3/31/2021** | $17628 | $16384 | $17386 | $17578 |
| **4/30/2021** | $18381 | $16866 | $18185 | $18306 |
| **5/31/2021** | $18526 | $17394 | $18606 | $18718 |
| **6/30/2021** | $18959 | $17281 | $18491 | $18423 |
| **7/31/2021** | $19233 | $16996 | $18639 | $18702 |
| **8/31/2021** | $20502 | $17320 | $19070 | $19205 |
| **9/30/2021** | $20017 | $16765 | $18490 | $18556 |
| **10/31/2021** | $20409 | $17165 | $18779 | $18930 |
| **11/30/2021** | $19687 | $16392 | $17849 | $17871 |
| **12/31/2021** | $19857 | $17070 | $18604 | $18628 |
| **1/31/2022** | $17065 | $16441 | $17443 | $17354 |
| **2/28/2022** | $16570 | $16115 | $17217 | $17199 |
| **3/31/2022** | $16496 | $16141 | $17392 | $17281 |
| **4/30/2022** | $14667 | $15127 | $16269 | $16081 |
| **5/31/2022** | $14074 | $15236 | $16119 | $15973 |
| **6/30/2022** | $12741 | $13925 | $14340 | $14182 |
| **7/31/2022** | $13880 | $14402 | $15169 | $15150 |
| **8/31/2022** | $13214 | $13939 | $14771 | $14494 |
| **9/30/2022** | $11413 | $12546 | $13140 | $12841 |
| **10/31/2022** | $11886 | $12921 | $13567 | $13416 |
| **11/30/2022** | $13385 | $14446 | $14864 | $14705 |
| **12/31/2022** | $12581 | $14338 | $14889 | $14793 |
| **1/31/2023** | $13709 | $15501 | $15960 | $15925 |
| **2/28/2023** | $13185 | $14957 | $15553 | $15535 |
| **3/31/2023** | $13345 | $15322 | $15588 | $15531 |
| **4/30/2023** | $13151 | $15589 | $15817 | $15805 |
| **5/31/2023** | $13071 | $15022 | $15379 | $15149 |
| **6/30/2023** | $13436 | $15696 | $15907 | $15607 |
| **7/31/2023** | $13447 | $16334 | $16715 | $16312 |
| **8/31/2023** | $12815 | $15596 | $16249 | $15766 |
| **9/30/2023** | $12308 | $15104 | $15637 | $15064 |
| **10/31/2023** | $11265 | $14481 | $14763 | $14175 |
| **11/30/2023** | $13014 | $15784 | $16192 | $15549 |
| **12/31/2023** | $14046 | $16577 | $17220 | $16661 |
| **1/31/2024** | $13350 | $16412 | $16924 | $16376 |
| **2/29/2024** | $13356 | $16828 | $17094 | $16424 |
| **3/31/2024** | $13510 | $17354 | $17583 | $17091 |
| **4/30/2024** | $12895 | $17042 | $17327 | $16597 |
| **5/31/2024** | $13356 | $17537 | $17888 | $17324 |
| **6/30/2024** | $13493 | $17520 | $17699 | $16825 |
| **7/31/2024** | $14216 | $17926 | $18373 | $17760 |
| **8/31/2024** | $14644 | $18436 | $18711 | $18092 |
| **9/30/2024** | $15077 | $18933 | $19274 | $18582 |
| **10/31/2024** | $14068 | $18004 | $18266 | $17519 |
| **11/30/2024** | $14507 | $17841 | $18186 | $17582 |
| **12/31/2024** | $13988 | $17494 | $17798 | $17122 |
| **1/31/2025** | $14610 | $18199 | $18035 | $17665 |
| **2/28/2025** | $14262 | $18452 | $17843 | $17595 |
| **3/31/2025** | $13859 | $18410 | $17912 | $17703 |
| **4/30/2025** | $15184 | $19075 | $18753 | $18679 |
| **5/31/2025** | $16106 | $19948 | $19967 | $19780 |
| **6/30/2025** | $16987 | $20625 | $20945 | $20681 |
| **7/31/2025** | $16495 | $20566 | $20979 | $20674 |
| **8/31/2025** | $16393 | $21280 | $21874 | $21700 |
| **9/30/2025** | $16208 | $22046 | $22344 | $22179 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | 7.50% | 0.50% | 4.95% |
| MSCI ACWI ex USA Index | 16.45% | 10.26% | 8.23% |
| MSCI ACWI ex USA Small Cap Index | 15.93% | 9.97% | 8.37% |
| MSCI World ex USA Small Cap Index | 19.35% | 9.24% | 8.29% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $206819163 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $2851958 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Definity Financial Corp. | 3.6% |
| Rakus Co. Ltd. | 3.4% |
| BayCurrent, Inc. | 3.3% |
| Cholamandalam Financial Holdings Ltd. | 3.3% |
| MonotaRO Co. Ltd. | 3.1% |
| Halma PLC | 2.9% |
| Diploma PLC | 2.8% |
| AJ Bell PLC | 2.8% |
| Scout24 SE | 2.7% |
| Japan Elevator Service Holdings Co. Ltd. | 2.7% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Interactive Media & Services | 10.1% |
| Trading Companies & Distributors | 8.6% |
| Application Software | 6.1% |
| Electronic Equipment & Instruments | 5.4% |
| Property & Casualty Insurance | 5.0% |
| Investment Banking & Brokerage | 4.2% |
| Diversified Banks | 3.9% |
| Research & Consulting Services | 3.8% |
| Drug Retail | 3.8% |
| Asset Management & Custody Banks | 3.6% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.7% |
| Other Assets and Liabilities, Net | 2.3% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch International Growth Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch International Growth Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WIIGX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch International Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $141 | 1.36% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, international equities experienced substantial gains, powered primarily by a weaker U.S. dollar, interest-rate cuts and policy support across Europe. Renewed investor interest in non-U.S. assets also played a role in driving international markets.

While the Fund had gains during the period, it underperformed the benchmark. The underperformance relative to the benchmark was due largely to our stocks in Taiwan and Sweden. More specifically, we held an industrial company and a semiconductor company both based in Taiwan that experienced sizeable losses and were large detractors from results. While the Fund underperformed the benchmark, our selection of stocks in Japan and Australia were bright spots and contributed to relative performance.

At the sector level, the Fund's underperformance was due primarily to stock selection within the industrials and information-technology sectors. However, the Fund's holdings in the consumer-discretionary and consumer-staples sectors outperformed those of the benchmark and contributed to relative results.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g86q86.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA Small Cap Index** | **MSCI World ex USA Small Cap Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10473 | $10744 | $10593 | $10593 |
| **11/30/2015** | $10621 | $10523 | $10517 | $10570 |
| **12/31/2015** | $10839 | $10324 | $10528 | $10582 |
| **1/31/2016** | $10047 | $9622 | $9720 | $9776 |
| **2/29/2016** | $9860 | $9512 | $9753 | $9828 |
| **3/31/2016** | $10542 | $10286 | $10600 | $10646 |
| **4/30/2016** | $10409 | $10556 | $10896 | $10982 |
| **5/31/2016** | $10750 | $10378 | $10824 | $10996 |
| **6/30/2016** | $10714 | $10219 | $10507 | $10509 |
| **7/31/2016** | $11176 | $10725 | $11092 | $11133 |
| **8/31/2016** | $10879 | $10793 | $11065 | $11040 |
| **9/30/2016** | $11284 | $10926 | $11338 | $11350 |
| **10/31/2016** | $10872 | $10769 | $11040 | $11013 |
| **11/30/2016** | $10061 | $10519 | $10712 | $10741 |
| **12/31/2016** | $9934 | $10789 | $10939 | $11039 |
| **1/31/2017** | $10356 | $11171 | $11358 | $11436 |
| **2/28/2017** | $10531 | $11349 | $11658 | $11656 |
| **3/31/2017** | $10894 | $11637 | $11899 | $11879 |
| **4/30/2017** | $11364 | $11886 | $12256 | $12299 |
| **5/31/2017** | $11868 | $12271 | $12589 | $12703 |
| **6/30/2017** | $11850 | $12309 | $12641 | $12743 |
| **7/31/2017** | $12324 | $12763 | $13088 | $13192 |
| **8/31/2017** | $12492 | $12830 | $13230 | $13303 |
| **9/30/2017** | $12656 | $13068 | $13514 | $13668 |
| **10/31/2017** | $12604 | $13314 | $13766 | $13861 |
| **11/30/2017** | $12858 | $13422 | $13971 | $14057 |
| **12/31/2017** | $13227 | $13722 | $14401 | $14464 |
| **1/31/2018** | $13910 | $14486 | $15109 | $15139 |
| **2/28/2018** | $13622 | $13803 | $14514 | $14551 |
| **3/31/2018** | $13860 | $13560 | $14350 | $14392 |
| **4/30/2018** | $13741 | $13776 | $14516 | $14611 |
| **5/31/2018** | $13952 | $13458 | $14369 | $14507 |
| **6/30/2018** | $14002 | $13205 | $13977 | $14257 |
| **7/31/2018** | $14213 | $13521 | $14075 | $14338 |
| **8/31/2018** | $14316 | $13238 | $13938 | $14239 |
| **9/30/2018** | $14205 | $13298 | $13766 | $14135 |
| **10/31/2018** | $12206 | $12217 | $12427 | $12788 |
| **11/30/2018** | $12153 | $12332 | $12458 | $12662 |
| **12/31/2018** | $11160 | $11774 | $11780 | $11850 |
| **1/31/2019** | $12147 | $12664 | $12703 | $12856 |
| **2/28/2019** | $12546 | $12911 | $12969 | $13152 |
| **3/31/2019** | $12695 | $12988 | $12989 | $13145 |
| **4/30/2019** | $13393 | $13331 | $13276 | $13504 |
| **5/31/2019** | $12858 | $12616 | $12591 | $12796 |
| **6/30/2019** | $13270 | $13375 | $13146 | $13377 |
| **7/31/2019** | $13012 | $13214 | $13059 | $13317 |
| **8/31/2019** | $12618 | $12805 | $12682 | $13009 |
| **9/30/2019** | $12831 | $13135 | $12990 | $13341 |
| **10/31/2019** | $13474 | $13593 | $13516 | $13889 |
| **11/30/2019** | $14167 | $13713 | $13743 | $14204 |
| **12/31/2019** | $14458 | $14307 | $14421 | $14862 |
| **1/31/2020** | $14179 | $13923 | $13971 | $14432 |
| **2/29/2020** | $12958 | $12822 | $12686 | $13024 |
| **3/31/2020** | $11254 | $10966 | $10238 | $10643 |
| **4/30/2020** | $12758 | $11797 | $11482 | $11888 |
| **5/31/2020** | $14216 | $12183 | $12179 | $12722 |
| **6/30/2020** | $14165 | $12733 | $12575 | $12948 |
| **7/31/2020** | $14991 | $13301 | $13204 | $13445 |
| **8/31/2020** | $15711 | $13870 | $14073 | $14426 |
| **9/30/2020** | $15897 | $13529 | $13895 | $14258 |
| **10/31/2020** | $15934 | $13238 | $13526 | $13798 |
| **11/30/2020** | $17062 | $15019 | $15398 | $15698 |
| **12/31/2020** | $18016 | $15831 | $16475 | $16761 |
| **1/31/2021** | $17778 | $15865 | $16446 | $16719 |
| **2/28/2021** | $17974 | $16179 | $17041 | $17203 |
| **3/31/2021** | $17732 | $16384 | $17386 | $17578 |
| **4/30/2021** | $18490 | $16866 | $18185 | $18306 |
| **5/31/2021** | $18635 | $17394 | $18606 | $18718 |
| **6/30/2021** | $19073 | $17281 | $18491 | $18423 |
| **7/31/2021** | $19347 | $16996 | $18639 | $18702 |
| **8/31/2021** | $20626 | $17320 | $19070 | $19205 |
| **9/30/2021** | $20141 | $16765 | $18490 | $18556 |
| **10/31/2021** | $20538 | $17165 | $18779 | $18930 |
| **11/30/2021** | $19806 | $16392 | $17849 | $17871 |
| **12/31/2021** | $19982 | $17070 | $18604 | $18628 |
| **1/31/2022** | $17175 | $16441 | $17443 | $17354 |
| **2/28/2022** | $16674 | $16115 | $17217 | $17199 |
| **3/31/2022** | $16606 | $16141 | $17392 | $17281 |
| **4/30/2022** | $14762 | $15127 | $16269 | $16081 |
| **5/31/2022** | $14169 | $15236 | $16119 | $15973 |
| **6/30/2022** | $12832 | $13925 | $14340 | $14182 |
| **7/31/2022** | $13982 | $14402 | $15169 | $15150 |
| **8/31/2022** | $13310 | $13939 | $14771 | $14494 |
| **9/30/2022** | $11500 | $12546 | $13140 | $12841 |
| **10/31/2022** | $11972 | $12921 | $13567 | $13416 |
| **11/30/2022** | $13486 | $14446 | $14864 | $14705 |
| **12/31/2022** | $12672 | $14338 | $14889 | $14793 |
| **1/31/2023** | $13816 | $15501 | $15960 | $15925 |
| **2/28/2023** | $13287 | $14957 | $15553 | $15535 |
| **3/31/2023** | $13452 | $15322 | $15588 | $15531 |
| **4/30/2023** | $13259 | $15589 | $15817 | $15805 |
| **5/31/2023** | $13173 | $15022 | $15379 | $15149 |
| **6/30/2023** | $13543 | $15696 | $15907 | $15607 |
| **7/31/2023** | $13555 | $16334 | $16715 | $16312 |
| **8/31/2023** | $12923 | $15596 | $16249 | $15766 |
| **9/30/2023** | $12410 | $15104 | $15637 | $15064 |
| **10/31/2023** | $11363 | $14481 | $14763 | $14175 |
| **11/30/2023** | $13128 | $15784 | $16192 | $15549 |
| **12/31/2023** | $14169 | $16577 | $17220 | $16661 |
| **1/31/2024** | $13469 | $16412 | $16924 | $16376 |
| **2/29/2024** | $13475 | $16828 | $17094 | $16424 |
| **3/31/2024** | $13634 | $17354 | $17583 | $17091 |
| **4/30/2024** | $13014 | $17042 | $17327 | $16597 |
| **5/31/2024** | $13481 | $17537 | $17888 | $17324 |
| **6/30/2024** | $13623 | $17520 | $17699 | $16825 |
| **7/31/2024** | $14352 | $17926 | $18373 | $17760 |
| **8/31/2024** | $14790 | $18436 | $18711 | $18092 |
| **9/30/2024** | $15223 | $18933 | $19274 | $18582 |
| **10/31/2024** | $14204 | $18004 | $18266 | $17519 |
| **11/30/2024** | $14648 | $17841 | $18186 | $17582 |
| **12/31/2024** | $14124 | $17494 | $17798 | $17122 |
| **1/31/2025** | $14757 | $18199 | $18035 | $17665 |
| **2/28/2025** | $14403 | $18452 | $17843 | $17595 |
| **3/31/2025** | $13994 | $18410 | $17912 | $17703 |
| **4/30/2025** | $15336 | $19075 | $18753 | $18679 |
| **5/31/2025** | $16269 | $19948 | $19967 | $19780 |
| **6/30/2025** | $17161 | $20625 | $20945 | $20681 |
| **7/31/2025** | $16664 | $20566 | $20979 | $20674 |
| **8/31/2025** | $16568 | $21280 | $21874 | $21700 |
| **9/30/2025** | $16385 | $22046 | $22344 | $22179 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | 7.59% | 0.60% | 5.06% |
| MSCI ACWI ex USA Index | 16.45% | 10.26% | 8.23% |
| MSCI ACWI ex USA Small Cap Index | 15.93% | 9.97% | 8.37% |
| MSCI World ex USA Small Cap Index | 19.35% | 9.24% | 8.29% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $206819163 |
| # of Portfolio Holdings | 62 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $2851958 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Definity Financial Corp. | 3.6% |
| Rakus Co. Ltd. | 3.4% |
| BayCurrent, Inc. | 3.3% |
| Cholamandalam Financial Holdings Ltd. | 3.3% |
| MonotaRO Co. Ltd. | 3.1% |
| Halma PLC | 2.9% |
| Diploma PLC | 2.8% |
| AJ Bell PLC | 2.8% |
| Scout24 SE | 2.7% |
| Japan Elevator Service Holdings Co. Ltd. | 2.7% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Interactive Media & Services | 10.1% |
| Trading Companies & Distributors | 8.6% |
| Application Software | 6.1% |
| Electronic Equipment & Instruments | 5.4% |
| Property & Casualty Insurance | 5.0% |
| Investment Banking & Brokerage | 4.2% |
| Diversified Banks | 3.9% |
| Research & Consulting Services | 3.8% |
| Drug Retail | 3.8% |
| Asset Management & Custody Banks | 3.6% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.7% |
| Other Assets and Liabilities, Net | 2.3% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch International Growth Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch International Opportunities Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAIOX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch International Opportunities Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $223 | 2.25% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, international equities experienced gains, supported by a weaker U.S. dollar, interest-rate cuts and policy support across Europe. Renewed investor interest in non-U.S. assets also played a role in driving international markets.

However, the Fund ended the period with losses, and we were disappointed with our results. The Fund's underperformance relative to the benchmark was due in part to its overweight to Indian stocks, as small-cap equities in India lagged other emerging markets. Our selection of specific stocks in India also hurt performance, as the Fund owned a few industrials and materials companies that experienced sharp losses. Additionally, the Fund's holdings in Taiwan and Japan underperformed those of the benchmark and were sources of underperformance.

At the sector level, the Fund's underperformance was due primarily to stock selection within the industrials and financials sectors. However, the Fund's underweight to the real-estate sector and stock selection within the consumer-staples sector contributed to relative performance.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g10f78.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA Small Cap Index** | **MSCI World ex USA Small Cap Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10219 | $10744 | $10593 | $10593 |
| **11/30/2015** | $10584 | $10523 | $10517 | $10570 |
| **12/31/2015** | $10705 | $10324 | $10528 | $10582 |
| **1/31/2016** | $10246 | $9622 | $9720 | $9776 |
| **2/29/2016** | $10017 | $9512 | $9753 | $9828 |
| **3/31/2016** | $10934 | $10286 | $10600 | $10646 |
| **4/30/2016** | $10973 | $10556 | $10896 | $10982 |
| **5/31/2016** | $11087 | $10378 | $10824 | $10996 |
| **6/30/2016** | $11087 | $10219 | $10507 | $10509 |
| **7/31/2016** | $11470 | $10725 | $11092 | $11133 |
| **8/31/2016** | $11775 | $10793 | $11065 | $11040 |
| **9/30/2016** | $12273 | $10926 | $11338 | $11350 |
| **10/31/2016** | $11890 | $10769 | $11040 | $11013 |
| **11/30/2016** | $11126 | $10519 | $10712 | $10741 |
| **12/31/2016** | $11164 | $10789 | $10939 | $11039 |
| **1/31/2017** | $11508 | $11171 | $11358 | $11436 |
| **2/28/2017** | $11546 | $11349 | $11658 | $11656 |
| **3/31/2017** | $11967 | $11637 | $11899 | $11879 |
| **4/30/2017** | $12311 | $11886 | $12256 | $12299 |
| **5/31/2017** | $12846 | $12271 | $12589 | $12703 |
| **6/30/2017** | $12922 | $12309 | $12641 | $12743 |
| **7/31/2017** | $13228 | $12763 | $13088 | $13192 |
| **8/31/2017** | $13267 | $12830 | $13230 | $13303 |
| **9/30/2017** | $13267 | $13068 | $13514 | $13668 |
| **10/31/2017** | $13343 | $13314 | $13766 | $13861 |
| **11/30/2017** | $13725 | $13422 | $13971 | $14057 |
| **12/31/2017** | $14244 | $13722 | $14401 | $14464 |
| **1/31/2018** | $14776 | $14486 | $15109 | $15139 |
| **2/28/2018** | $14366 | $13803 | $14514 | $14551 |
| **3/31/2018** | $14489 | $13560 | $14350 | $14392 |
| **4/30/2018** | $14244 | $13776 | $14516 | $14611 |
| **5/31/2018** | $14448 | $13458 | $14369 | $14507 |
| **6/30/2018** | $14530 | $13205 | $13977 | $14257 |
| **7/31/2018** | $14366 | $13521 | $14075 | $14338 |
| **8/31/2018** | $14776 | $13238 | $13938 | $14239 |
| **9/30/2018** | $14653 | $13298 | $13766 | $14135 |
| **10/31/2018** | $12688 | $12217 | $12427 | $12788 |
| **11/30/2018** | $13220 | $12332 | $12458 | $12662 |
| **12/31/2018** | $12155 | $11774 | $11780 | $11850 |
| **1/31/2019** | $13081 | $12664 | $12703 | $12856 |
| **2/28/2019** | $13585 | $12911 | $12969 | $13152 |
| **3/31/2019** | $13796 | $12988 | $12989 | $13145 |
| **4/30/2019** | $14342 | $13331 | $13276 | $13504 |
| **5/31/2019** | $14427 | $12616 | $12591 | $12796 |
| **6/30/2019** | $14931 | $13375 | $13146 | $13377 |
| **7/31/2019** | $14805 | $13214 | $13059 | $13317 |
| **8/31/2019** | $14889 | $12805 | $12682 | $13009 |
| **9/30/2019** | $14889 | $13135 | $12990 | $13341 |
| **10/31/2019** | $15478 | $13593 | $13516 | $13889 |
| **11/30/2019** | $15773 | $13713 | $13743 | $14204 |
| **12/31/2019** | $16067 | $14307 | $14421 | $14862 |
| **1/31/2020** | $15981 | $13923 | $13971 | $14432 |
| **2/29/2020** | $15163 | $12822 | $12686 | $13024 |
| **3/31/2020** | $13052 | $10966 | $10238 | $10643 |
| **4/30/2020** | $14990 | $11797 | $11482 | $11888 |
| **5/31/2020** | $16886 | $12183 | $12179 | $12722 |
| **6/30/2020** | $17316 | $12733 | $12575 | $12948 |
| **7/31/2020** | $18264 | $13301 | $13204 | $13445 |
| **8/31/2020** | $19685 | $13870 | $14073 | $14426 |
| **9/30/2020** | $19987 | $13529 | $13895 | $14258 |
| **10/31/2020** | $19987 | $13238 | $13526 | $13798 |
| **11/30/2020** | $21365 | $15019 | $15398 | $15698 |
| **12/31/2020** | $22769 | $15831 | $16475 | $16761 |
| **1/31/2021** | $22681 | $15865 | $16446 | $16719 |
| **2/28/2021** | $22813 | $16179 | $17041 | $17203 |
| **3/31/2021** | $22285 | $16384 | $17386 | $17578 |
| **4/30/2021** | $23472 | $16866 | $18185 | $18306 |
| **5/31/2021** | $23077 | $17394 | $18606 | $18718 |
| **6/30/2021** | $23252 | $17281 | $18491 | $18423 |
| **7/31/2021** | $23296 | $16996 | $18639 | $18702 |
| **8/31/2021** | $24219 | $17320 | $19070 | $19205 |
| **9/30/2021** | $23121 | $16765 | $18490 | $18556 |
| **10/31/2021** | $22989 | $17165 | $18779 | $18930 |
| **11/30/2021** | $22198 | $16392 | $17849 | $17871 |
| **12/31/2021** | $22446 | $17070 | $18604 | $18628 |
| **1/31/2022** | $19016 | $16441 | $17443 | $17354 |
| **2/28/2022** | $17805 | $16115 | $17217 | $17199 |
| **3/31/2022** | $17452 | $16141 | $17392 | $17281 |
| **4/30/2022** | $15788 | $15127 | $16269 | $16081 |
| **5/31/2022** | $15737 | $15236 | $16119 | $15973 |
| **6/30/2022** | $13568 | $13925 | $14340 | $14182 |
| **7/31/2022** | $15082 | $14402 | $15169 | $15150 |
| **8/31/2022** | $14275 | $13939 | $14771 | $14494 |
| **9/30/2022** | $12660 | $12546 | $13140 | $12841 |
| **10/31/2022** | $13114 | $12921 | $13567 | $13416 |
| **11/30/2022** | $14779 | $14446 | $14864 | $14705 |
| **12/31/2022** | $14224 | $14338 | $14889 | $14793 |
| **1/31/2023** | $15031 | $15501 | $15960 | $15925 |
| **2/28/2023** | $14275 | $14957 | $15553 | $15535 |
| **3/31/2023** | $14476 | $15322 | $15588 | $15531 |
| **4/30/2023** | $14375 | $15589 | $15817 | $15805 |
| **5/31/2023** | $13921 | $15022 | $15379 | $15149 |
| **6/30/2023** | $14325 | $15696 | $15907 | $15607 |
| **7/31/2023** | $14678 | $16334 | $16715 | $16312 |
| **8/31/2023** | $14476 | $15596 | $16249 | $15766 |
| **9/30/2023** | $13720 | $15104 | $15637 | $15064 |
| **10/31/2023** | $13014 | $14481 | $14763 | $14175 |
| **11/30/2023** | $14628 | $15784 | $16192 | $15549 |
| **12/31/2023** | $15737 | $16577 | $17220 | $16661 |
| **1/31/2024** | $15435 | $16412 | $16924 | $16376 |
| **2/29/2024** | $15586 | $16828 | $17094 | $16424 |
| **3/31/2024** | $15586 | $17354 | $17583 | $17091 |
| **4/30/2024** | $14930 | $17042 | $17327 | $16597 |
| **5/31/2024** | $15636 | $17537 | $17888 | $17324 |
| **6/30/2024** | $15283 | $17520 | $17699 | $16825 |
| **7/31/2024** | $15990 | $17926 | $18373 | $17760 |
| **8/31/2024** | $16141 | $18436 | $18711 | $18092 |
| **9/30/2024** | $16494 | $18933 | $19274 | $18582 |
| **10/31/2024** | $15283 | $18004 | $18266 | $17519 |
| **11/30/2024** | $15737 | $17841 | $18186 | $17582 |
| **12/31/2024** | $15031 | $17494 | $17798 | $17122 |
| **1/31/2025** | $15233 | $18199 | $18035 | $17665 |
| **2/28/2025** | $14880 | $18452 | $17843 | $17595 |
| **3/31/2025** | $14981 | $18410 | $17912 | $17703 |
| **4/30/2025** | $15990 | $19075 | $18753 | $18679 |
| **5/31/2025** | $16797 | $19948 | $19967 | $19780 |
| **6/30/2025** | $17604 | $20625 | $20945 | $20681 |
| **7/31/2025** | $16645 | $20566 | $20979 | $20674 |
| **8/31/2025** | $16444 | $21280 | $21874 | $21700 |
| **9/30/2025** | $16141 | $22046 | $22344 | $22179 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | (2.14%) | (4.18%) | 4.90% |
| MSCI ACWI ex USA Index | 16.45% | 10.26% | 8.23% |
| MSCI ACWI ex USA Small Cap Index | 15.93% | 9.97% | 8.37% |
| MSCI World ex USA Small Cap Index | 19.35% | 9.24% | 8.29% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $48509444 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $1202769 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Japan Elevator Service Holdings Co. Ltd. | 5.1% |
| Prudent Corporate Advisory Services Ltd. | 3.4% |
| Chief Telecom, Inc. | 3.2% |
| Vijaya Diagnostic Centre Ltd. | 3.2% |
| AJ Bell PLC | 3.2% |
| Sarantis SA | 3.1% |
| Nayax Ltd. | 3.1% |
| Baltic Classifieds Group PLC | 3.0% |
| m-up Holdings, Inc. | 2.9% |
| Rakus Co. Ltd. | 2.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 11.8% |
| Diversified Support Services | 10.3% |
| Asset Management & Custody Banks | 8.4% |
| Electronic Equipment & Instruments | 5.7% |
| Food Retail | 5.6% |
| Semiconductors | 4.6% |
| Interactive Media & Services | 4.4% |
| Research & Consulting Services | 4.3% |
| Health Care Services | 4.3% |
| Commercial & Residential Mortgage Finance | 3.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.3% |
| Other Assets and Liabilities, Net | 2.7% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch International Opportunities Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch International Opportunities Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WIIOX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch International Opportunities Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $197 | 1.99% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, international equities experienced gains, supported by a weaker U.S. dollar, interest-rate cuts and policy support across Europe. Renewed investor interest in non-U.S. assets also played a role in driving international markets.

However, the Fund ended the period with losses, and we were disappointed with our results. The Fund's underperformance relative to the benchmark was due in part to its overweight to Indian stocks, as small-cap equities in India lagged other emerging markets. Our selection of specific stocks in India also hurt performance, as the Fund owned a few industrials and materials companies that experienced sharp losses. Additionally, the Fund's holdings in Taiwan and Japan underperformed those of the benchmark and were sources of underperformance.

At the sector level, the Fund's underperformance was due primarily to stock selection within the industrials and financials sectors. However, the Fund's underweight to the real-estate sector and stock selection within the consumer-staples sector contributed to relative performance.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g87b78.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI ACWI ex USA Index** | **MSCI ACWI ex USA Small Cap Index** | **MSCI World ex USA Small Cap Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10219 | $10744 | $10593 | $10593 |
| **11/30/2015** | $10584 | $10523 | $10517 | $10570 |
| **12/31/2015** | $10705 | $10324 | $10528 | $10582 |
| **1/31/2016** | $10246 | $9622 | $9720 | $9776 |
| **2/29/2016** | $10055 | $9512 | $9753 | $9828 |
| **3/31/2016** | $10973 | $10286 | $10600 | $10646 |
| **4/30/2016** | $11011 | $10556 | $10896 | $10982 |
| **5/31/2016** | $11126 | $10378 | $10824 | $10996 |
| **6/30/2016** | $11126 | $10219 | $10507 | $10509 |
| **7/31/2016** | $11546 | $10725 | $11092 | $11133 |
| **8/31/2016** | $11814 | $10793 | $11065 | $11040 |
| **9/30/2016** | $12349 | $10926 | $11338 | $11350 |
| **10/31/2016** | $11967 | $10769 | $11040 | $11013 |
| **11/30/2016** | $11202 | $10519 | $10712 | $10741 |
| **12/31/2016** | $11240 | $10789 | $10939 | $11039 |
| **1/31/2017** | $11584 | $11171 | $11358 | $11436 |
| **2/28/2017** | $11623 | $11349 | $11658 | $11656 |
| **3/31/2017** | $12043 | $11637 | $11899 | $11879 |
| **4/30/2017** | $12425 | $11886 | $12256 | $12299 |
| **5/31/2017** | $12961 | $12271 | $12589 | $12703 |
| **6/30/2017** | $13037 | $12309 | $12641 | $12743 |
| **7/31/2017** | $13305 | $12763 | $13088 | $13192 |
| **8/31/2017** | $13381 | $12830 | $13230 | $13303 |
| **9/30/2017** | $13381 | $13068 | $13514 | $13668 |
| **10/31/2017** | $13458 | $13314 | $13766 | $13861 |
| **11/30/2017** | $13840 | $13422 | $13971 | $14057 |
| **12/31/2017** | $14358 | $13722 | $14401 | $14464 |
| **1/31/2018** | $14931 | $14486 | $15109 | $15139 |
| **2/28/2018** | $14481 | $13803 | $14514 | $14551 |
| **3/31/2018** | $14604 | $13560 | $14350 | $14392 |
| **4/30/2018** | $14399 | $13776 | $14516 | $14611 |
| **5/31/2018** | $14604 | $13458 | $14369 | $14507 |
| **6/30/2018** | $14645 | $13205 | $13977 | $14257 |
| **7/31/2018** | $14481 | $13521 | $14075 | $14338 |
| **8/31/2018** | $14890 | $13238 | $13938 | $14239 |
| **9/30/2018** | $14808 | $13298 | $13766 | $14135 |
| **10/31/2018** | $12845 | $12217 | $12427 | $12788 |
| **11/30/2018** | $13336 | $12332 | $12458 | $12662 |
| **12/31/2018** | $12270 | $11774 | $11780 | $11850 |
| **1/31/2019** | $13194 | $12664 | $12703 | $12856 |
| **2/28/2019** | $13741 | $12911 | $12969 | $13152 |
| **3/31/2019** | $13951 | $12988 | $12989 | $13145 |
| **4/30/2019** | $14539 | $13331 | $13276 | $13504 |
| **5/31/2019** | $14581 | $12616 | $12591 | $12796 |
| **6/30/2019** | $15127 | $13375 | $13146 | $13377 |
| **7/31/2019** | $15001 | $13214 | $13059 | $13317 |
| **8/31/2019** | $15043 | $12805 | $12682 | $13009 |
| **9/30/2019** | $15043 | $13135 | $12990 | $13341 |
| **10/31/2019** | $15632 | $13593 | $13516 | $13889 |
| **11/30/2019** | $15926 | $13713 | $13743 | $14204 |
| **12/31/2019** | $16263 | $14307 | $14421 | $14862 |
| **1/31/2020** | $16134 | $13923 | $13971 | $14432 |
| **2/29/2020** | $15317 | $12822 | $12686 | $13024 |
| **3/31/2020** | $13208 | $10966 | $10238 | $10643 |
| **4/30/2020** | $15144 | $11797 | $11482 | $11888 |
| **5/31/2020** | $17124 | $12183 | $12179 | $12722 |
| **6/30/2020** | $17511 | $12733 | $12575 | $12948 |
| **7/31/2020** | $18500 | $13301 | $13204 | $13445 |
| **8/31/2020** | $19920 | $13870 | $14073 | $14426 |
| **9/30/2020** | $20264 | $13529 | $13895 | $14258 |
| **10/31/2020** | $20221 | $13238 | $13526 | $13798 |
| **11/30/2020** | $21641 | $15019 | $15398 | $15698 |
| **12/31/2020** | $23087 | $15831 | $16475 | $16761 |
| **1/31/2021** | $22955 | $15865 | $16446 | $16719 |
| **2/28/2021** | $23087 | $16179 | $17041 | $17203 |
| **3/31/2021** | $22560 | $16384 | $17386 | $17578 |
| **4/30/2021** | $23745 | $16866 | $18185 | $18306 |
| **5/31/2021** | $23394 | $17394 | $18606 | $18718 |
| **6/30/2021** | $23526 | $17281 | $18491 | $18423 |
| **7/31/2021** | $23613 | $16996 | $18639 | $18702 |
| **8/31/2021** | $24535 | $17320 | $19070 | $19205 |
| **9/30/2021** | $23394 | $16765 | $18490 | $18556 |
| **10/31/2021** | $23306 | $17165 | $18779 | $18930 |
| **11/30/2021** | $22472 | $16392 | $17849 | $17871 |
| **12/31/2021** | $22719 | $17070 | $18604 | $18628 |
| **1/31/2022** | $19251 | $16441 | $17443 | $17354 |
| **2/28/2022** | $18044 | $16115 | $17217 | $17199 |
| **3/31/2022** | $17693 | $16141 | $17392 | $17281 |
| **4/30/2022** | $15984 | $15127 | $16269 | $16081 |
| **5/31/2022** | $15933 | $15236 | $16119 | $15973 |
| **6/30/2022** | $13722 | $13925 | $14340 | $14182 |
| **7/31/2022** | $15280 | $14402 | $15169 | $15150 |
| **8/31/2022** | $14476 | $13939 | $14771 | $14494 |
| **9/30/2022** | $12817 | $12546 | $13140 | $12841 |
| **10/31/2022** | $13269 | $12921 | $13567 | $13416 |
| **11/30/2022** | $14978 | $14446 | $14864 | $14705 |
| **12/31/2022** | $14426 | $14338 | $14889 | $14793 |
| **1/31/2023** | $15230 | $15501 | $15960 | $15925 |
| **2/28/2023** | $14476 | $14957 | $15553 | $15535 |
| **3/31/2023** | $14677 | $15322 | $15588 | $15531 |
| **4/30/2023** | $14576 | $15589 | $15817 | $15805 |
| **5/31/2023** | $14074 | $15022 | $15379 | $15149 |
| **6/30/2023** | $14526 | $15696 | $15907 | $15607 |
| **7/31/2023** | $14878 | $16334 | $16715 | $16312 |
| **8/31/2023** | $14677 | $15596 | $16249 | $15766 |
| **9/30/2023** | $13873 | $15104 | $15637 | $15064 |
| **10/31/2023** | $13169 | $14481 | $14763 | $14175 |
| **11/30/2023** | $14828 | $15784 | $16192 | $15549 |
| **12/31/2023** | $15933 | $16577 | $17220 | $16661 |
| **1/31/2024** | $15682 | $16412 | $16924 | $16376 |
| **2/29/2024** | $15833 | $16828 | $17094 | $16424 |
| **3/31/2024** | $15833 | $17354 | $17583 | $17091 |
| **4/30/2024** | $15129 | $17042 | $17327 | $16597 |
| **5/31/2024** | $15833 | $17537 | $17888 | $17324 |
| **6/30/2024** | $15481 | $17520 | $17699 | $16825 |
| **7/31/2024** | $16235 | $17926 | $18373 | $17760 |
| **8/31/2024** | $16336 | $18436 | $18711 | $18092 |
| **9/30/2024** | $16687 | $18933 | $19274 | $18582 |
| **10/31/2024** | $15481 | $18004 | $18266 | $17519 |
| **11/30/2024** | $15933 | $17841 | $18186 | $17582 |
| **12/31/2024** | $15230 | $17494 | $17798 | $17122 |
| **1/31/2025** | $15481 | $18199 | $18035 | $17665 |
| **2/28/2025** | $15129 | $18452 | $17843 | $17595 |
| **3/31/2025** | $15230 | $18410 | $17912 | $17703 |
| **4/30/2025** | $16285 | $19075 | $18753 | $18679 |
| **5/31/2025** | $17089 | $19948 | $19967 | $19780 |
| **6/30/2025** | $17894 | $20625 | $20945 | $20681 |
| **7/31/2025** | $16939 | $20566 | $20979 | $20674 |
| **8/31/2025** | $16738 | $21280 | $21874 | $21700 |
| **9/30/2025** | $16386 | $22046 | $22344 | $22179 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | (1.81%) | (4.16%) | 5.06% |
| MSCI ACWI ex USA Index | 16.45% | 10.26% | 8.23% |
| MSCI ACWI ex USA Small Cap Index | 15.93% | 9.97% | 8.37% |
| MSCI World ex USA Small Cap Index | 19.35% | 9.24% | 8.29% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $48509444 |
| # of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $1202769 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Japan Elevator Service Holdings Co. Ltd. | 5.1% |
| Prudent Corporate Advisory Services Ltd. | 3.4% |
| Chief Telecom, Inc. | 3.2% |
| Vijaya Diagnostic Centre Ltd. | 3.2% |
| AJ Bell PLC | 3.2% |
| Sarantis SA | 3.1% |
| Nayax Ltd. | 3.1% |
| Baltic Classifieds Group PLC | 3.0% |
| m-up Holdings, Inc. | 2.9% |
| Rakus Co. Ltd. | 2.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 11.8% |
| Diversified Support Services | 10.3% |
| Asset Management & Custody Banks | 8.4% |
| Electronic Equipment & Instruments | 5.7% |
| Food Retail | 5.6% |
| Semiconductors | 4.6% |
| Interactive Media & Services | 4.4% |
| Research & Consulting Services | 4.3% |
| Health Care Services | 4.3% |
| Commercial & Residential Mortgage Finance | 3.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.3% |
| Other Assets and Liabilities, Net | 2.7% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch International Opportunities Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch International Select Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAISX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch International Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $138 | 1.30% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, international equities experienced substantial gains, powered primarily by a weaker U.S. dollar, interest-rate cuts and policy support across Europe. Renewed investor interest in non-U.S. assets also played a role in driving international markets.

While the Fund had gains during the period, it underperformed the benchmark. The Fund aims to hold a concentrated, yet diversified, high-conviction portfolio of 20 to 40 stocks. Given the concentrated nature of the Fund, a few positions can have a large effect on performance. During the period, we owned a few companies that produced disappointing results, which led those stocks lower. The largest detractors from Fund performance included an Ireland-based health-care company and a Switzerland-based industrials company. While disappointed with the performance of a few stocks, we continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g19j32.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **MSCI ACWI ex USA Index** | **MSCI EAFE Index** | **MSCI EAFE Mid Cap Growth Index** |
| **10/1/2019** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2019** | $10500 | $10349 | $10359 | $10407 |
| **11/30/2019** | $10960 | $10440 | $10476 | $10705 |
| **12/31/2019** | $11200 | $10892 | $10817 | $11016 |
| **1/31/2020** | $11020 | $10600 | $10591 | $10891 |
| **2/29/2020** | $10350 | $9762 | $9633 | $9915 |
| **3/31/2020** | $9470 | $8348 | $8348 | $8589 |
| **4/30/2020** | $10290 | $8981 | $8887 | $9408 |
| **5/31/2020** | $11470 | $9275 | $9274 | $10143 |
| **6/30/2020** | $11740 | $9694 | $9590 | $10394 |
| **7/31/2020** | $12130 | $10126 | $9813 | $10876 |
| **8/31/2020** | $12730 | $10560 | $10318 | $11494 |
| **9/30/2020** | $12610 | $10300 | $10049 | $11435 |
| **10/31/2020** | $12310 | $10079 | $9648 | $11106 |
| **11/30/2020** | $13700 | $11434 | $11144 | $12389 |
| **12/31/2020** | $14230 | $12053 | $11662 | $13015 |
| **1/31/2021** | $13790 | $12079 | $11538 | $12873 |
| **2/28/2021** | $13510 | $12318 | $11796 | $12650 |
| **3/31/2021** | $13280 | $12474 | $12068 | $12850 |
| **4/30/2021** | $14190 | $12841 | $12431 | $13483 |
| **5/31/2021** | $14350 | $13242 | $12836 | $13819 |
| **6/30/2021** | $14520 | $13157 | $12692 | $13841 |
| **7/31/2021** | $15050 | $12940 | $12787 | $14088 |
| **8/31/2021** | $15830 | $13186 | $13013 | $14362 |
| **9/30/2021** | $14960 | $12764 | $12635 | $13736 |
| **10/31/2021** | $15320 | $13068 | $12946 | $14017 |
| **11/30/2021** | $14890 | $12480 | $12343 | $13504 |
| **12/31/2021** | $14940 | $12995 | $12975 | $13928 |
| **1/31/2022** | $12500 | $12517 | $12348 | $12185 |
| **2/28/2022** | $12210 | $12269 | $12130 | $11964 |
| **3/31/2022** | $12030 | $12288 | $12208 | $12005 |
| **4/30/2022** | $10860 | $11517 | $11418 | $10959 |
| **5/31/2022** | $10570 | $11599 | $11504 | $10789 |
| **6/30/2022** | $9770 | $10602 | $10436 | $9746 |
| **7/31/2022** | $11000 | $10965 | $10957 | $10467 |
| **8/31/2022** | $10090 | $10612 | $10436 | $9860 |
| **9/30/2022** | $8900 | $9551 | $9460 | $8785 |
| **10/31/2022** | $9600 | $9837 | $9969 | $9217 |
| **11/30/2022** | $10480 | $10998 | $11091 | $10192 |
| **12/31/2022** | $9730 | $10916 | $11100 | $10051 |
| **1/31/2023** | $10830 | $11801 | $11999 | $10938 |
| **2/28/2023** | $10490 | $11387 | $11749 | $10651 |
| **3/31/2023** | $10820 | $11665 | $12040 | $11034 |
| **4/30/2023** | $10850 | $11868 | $12380 | $11245 |
| **5/31/2023** | $10870 | $11436 | $11856 | $10927 |
| **6/30/2023** | $11400 | $11950 | $12396 | $11129 |
| **7/31/2023** | $11430 | $12435 | $12797 | $11567 |
| **8/31/2023** | $10860 | $11874 | $12306 | $11076 |
| **9/30/2023** | $10250 | $11499 | $11886 | $10431 |
| **10/31/2023** | $9570 | $11024 | $11404 | $9812 |
| **11/30/2023** | $10950 | $12017 | $12463 | $10983 |
| **12/31/2023** | $11820 | $12620 | $13125 | $11773 |
| **1/31/2024** | $11300 | $12495 | $13200 | $11647 |
| **2/29/2024** | $11510 | $12811 | $13442 | $12012 |
| **3/31/2024** | $11700 | $13212 | $13884 | $12266 |
| **4/30/2024** | $10830 | $12975 | $13528 | $11673 |
| **5/31/2024** | $11370 | $13351 | $14052 | $12022 |
| **6/30/2024** | $11240 | $13339 | $13826 | $11820 |
| **7/31/2024** | $11870 | $13647 | $14231 | $12173 |
| **8/31/2024** | $12360 | $14036 | $14694 | $12688 |
| **9/30/2024** | $12550 | $14414 | $14830 | $13029 |
| **10/31/2024** | $11940 | $13707 | $14023 | $12140 |
| **11/30/2024** | $12510 | $13583 | $13944 | $12351 |
| **12/31/2024** | $11960 | $13319 | $13627 | $12016 |
| **1/31/2025** | $12610 | $13855 | $14343 | $12582 |
| **2/28/2025** | $12730 | $14048 | $14621 | $12609 |
| **3/31/2025** | $12450 | $14016 | $14562 | $12458 |
| **4/30/2025** | $13620 | $14522 | $15229 | $13264 |
| **5/31/2025** | $14250 | $15187 | $15926 | $14006 |
| **6/30/2025** | $14830 | $15702 | $16276 | $14455 |
| **7/31/2025** | $14180 | $15658 | $16048 | $14209 |
| **8/31/2025** | $14320 | $16201 | $16732 | $14691 |
| **9/30/2025** | $14180 | $16784 | $17052 | $14914 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *Since Inception 10/1/19* |
| Investor Class | 12.99% | 2.37% | 5.99% |
| MSCI ACWI ex USA Index | 16.45% | 10.26% | 9.01% |
| MSCI EAFE Index | 14.99% | 11.15% | 9.30% |
| MSCI EAFE Mid Cap Growth Index | 14.47% | 5.46% | 6.89% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4984577 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $0 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Spotify Technology SA | 5.8% |
| Definity Financial Corp. | 4.8% |
| Ferrari NV | 4.6% |
| Nintendo Co. Ltd. | 4.5% |
| Sumitomo Realty & Development Co. Ltd. | 4.4% |
| FirstService Corp. | 4.4% |
| BAE Systems PLC | 4.2% |
| Dollarama, Inc. | 4.0% |
| AtkinsRealis Group, Inc. | 3.9% |
| Halma PLC | 3.6% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Interactive Media & Services | 6.6% |
| Movies & Entertainment | 5.8% |
| Casinos & Gaming | 5.1% |
| Semiconductor Materials & Equipment | 4.8% |
| Property & Casualty Insurance | 4.8% |
| Automobile Manufacturers | 4.6% |
| Interactive Home Entertainment | 4.5% |
| Diversified Real Estate Activities | 4.4% |
| Real Estate Services | 4.4% |
| Application Software | 4.3% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 94.9% |
| Other Assets and Liabilities, Net | 5.1% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch International Select Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch International Select Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WGISX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch International Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $96 | 0.90% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, international equities experienced substantial gains, powered primarily by a weaker U.S. dollar, interest-rate cuts and policy support across Europe. Renewed investor interest in non-U.S. assets also played a role in driving international markets.

While the Fund had gains during the period, it underperformed the benchmark. The Fund aims to hold a concentrated, yet diversified, high-conviction portfolio of 20 to 40 stocks. Given the concentrated nature of the Fund, a few positions can have a large effect on performance. During the period, we owned a few companies that produced disappointing results, which led those stocks lower. The largest detractors from Fund performance included an Ireland-based health-care company and a Switzerland-based industrials company. While disappointed with the performance of a few stocks, we continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g06u10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI ACWI ex USA Index** | **MSCI EAFE Index** | **MSCI EAFE Mid Cap Growth Index** |
| **10/1/2019** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2019** | $10500 | $10349 | $10359 | $10407 |
| **11/30/2019** | $10970 | $10440 | $10476 | $10705 |
| **12/31/2019** | $11200 | $10892 | $10817 | $11016 |
| **1/31/2020** | $11040 | $10600 | $10591 | $10891 |
| **2/29/2020** | $10370 | $9762 | $9633 | $9915 |
| **3/31/2020** | $9520 | $8348 | $8348 | $8589 |
| **4/30/2020** | $10350 | $8981 | $8887 | $9408 |
| **5/31/2020** | $11530 | $9275 | $9274 | $10143 |
| **6/30/2020** | $11800 | $9694 | $9590 | $10394 |
| **7/31/2020** | $12200 | $10126 | $9813 | $10876 |
| **8/31/2020** | $12800 | $10560 | $10318 | $11494 |
| **9/30/2020** | $12690 | $10300 | $10049 | $11435 |
| **10/31/2020** | $12390 | $10079 | $9648 | $11106 |
| **11/30/2020** | $13790 | $11434 | $11144 | $12389 |
| **12/31/2020** | $14320 | $12053 | $11662 | $13015 |
| **1/31/2021** | $13880 | $12079 | $11538 | $12873 |
| **2/28/2021** | $13600 | $12318 | $11796 | $12650 |
| **3/31/2021** | $13380 | $12474 | $12068 | $12850 |
| **4/30/2021** | $14300 | $12841 | $12431 | $13483 |
| **5/31/2021** | $14470 | $13242 | $12836 | $13819 |
| **6/30/2021** | $14640 | $13157 | $12692 | $13841 |
| **7/31/2021** | $15180 | $12940 | $12787 | $14088 |
| **8/31/2021** | $15970 | $13186 | $13013 | $14362 |
| **9/30/2021** | $15100 | $12764 | $12635 | $13736 |
| **10/31/2021** | $15470 | $13068 | $12946 | $14017 |
| **11/30/2021** | $15040 | $12480 | $12343 | $13504 |
| **12/31/2021** | $15090 | $12995 | $12975 | $13928 |
| **1/31/2022** | $12630 | $12517 | $12348 | $12185 |
| **2/28/2022** | $12340 | $12269 | $12130 | $11964 |
| **3/31/2022** | $12160 | $12288 | $12208 | $12005 |
| **4/30/2022** | $10980 | $11517 | $11418 | $10959 |
| **5/31/2022** | $10690 | $11599 | $11504 | $10789 |
| **6/30/2022** | $9880 | $10602 | $10436 | $9746 |
| **7/31/2022** | $11140 | $10965 | $10957 | $10467 |
| **8/31/2022** | $10220 | $10612 | $10436 | $9860 |
| **9/30/2022** | $9010 | $9551 | $9460 | $8785 |
| **10/31/2022** | $9720 | $9837 | $9969 | $9217 |
| **11/30/2022** | $10620 | $10998 | $11091 | $10192 |
| **12/31/2022** | $9860 | $10916 | $11100 | $10051 |
| **1/31/2023** | $10980 | $11801 | $11999 | $10938 |
| **2/28/2023** | $10640 | $11387 | $11749 | $10651 |
| **3/31/2023** | $10990 | $11665 | $12040 | $11034 |
| **4/30/2023** | $11020 | $11868 | $12380 | $11245 |
| **5/31/2023** | $11040 | $11436 | $11856 | $10927 |
| **6/30/2023** | $11580 | $11950 | $12396 | $11129 |
| **7/31/2023** | $11620 | $12435 | $12797 | $11567 |
| **8/31/2023** | $11050 | $11874 | $12306 | $11076 |
| **9/30/2023** | $10430 | $11499 | $11886 | $10431 |
| **10/31/2023** | $9740 | $11024 | $11404 | $9812 |
| **11/30/2023** | $11140 | $12017 | $12463 | $10983 |
| **12/31/2023** | $12030 | $12620 | $13125 | $11773 |
| **1/31/2024** | $11510 | $12495 | $13200 | $11647 |
| **2/29/2024** | $11730 | $12811 | $13442 | $12012 |
| **3/31/2024** | $11930 | $13212 | $13884 | $12266 |
| **4/30/2024** | $11040 | $12975 | $13528 | $11673 |
| **5/31/2024** | $11600 | $13351 | $14052 | $12022 |
| **6/30/2024** | $11470 | $13339 | $13826 | $11820 |
| **7/31/2024** | $12110 | $13647 | $14231 | $12173 |
| **8/31/2024** | $12620 | $14036 | $14694 | $12688 |
| **9/30/2024** | $12810 | $14414 | $14830 | $13029 |
| **10/31/2024** | $12200 | $13707 | $14023 | $12140 |
| **11/30/2024** | $12790 | $13583 | $13944 | $12351 |
| **12/31/2024** | $12230 | $13319 | $13627 | $12016 |
| **1/31/2025** | $12900 | $13855 | $14343 | $12582 |
| **2/28/2025** | $13020 | $14048 | $14621 | $12609 |
| **3/31/2025** | $12740 | $14016 | $14562 | $12458 |
| **4/30/2025** | $13940 | $14522 | $15229 | $13264 |
| **5/31/2025** | $14600 | $15187 | $15926 | $14006 |
| **6/30/2025** | $15190 | $15702 | $16276 | $14455 |
| **7/31/2025** | $14530 | $15658 | $16048 | $14209 |
| **8/31/2025** | $14670 | $16201 | $16732 | $14691 |
| **9/30/2025** | $14530 | $16784 | $17052 | $14914 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *Since Inception 10/1/19* |
| Institutional Class | 13.43% | 2.75% | 6.43% |
| MSCI ACWI ex USA Index | 16.45% | 10.26% | 9.01% |
| MSCI EAFE Index | 14.99% | 11.15% | 9.30% |
| MSCI EAFE Mid Cap Growth Index | 14.47% | 5.46% | 6.89% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4984577 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 57% |
| Total Advisory Fees Paid | $0 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Spotify Technology SA | 5.8% |
| Definity Financial Corp. | 4.8% |
| Ferrari NV | 4.6% |
| Nintendo Co. Ltd. | 4.5% |
| Sumitomo Realty & Development Co. Ltd. | 4.4% |
| FirstService Corp. | 4.4% |
| BAE Systems PLC | 4.2% |
| Dollarama, Inc. | 4.0% |
| AtkinsRealis Group, Inc. | 3.9% |
| Halma PLC | 3.6% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Interactive Media & Services | 6.6% |
| Movies & Entertainment | 5.8% |
| Casinos & Gaming | 5.1% |
| Semiconductor Materials & Equipment | 4.8% |
| Property & Casualty Insurance | 4.8% |
| Automobile Manufacturers | 4.6% |
| Interactive Home Entertainment | 4.5% |
| Diversified Real Estate Activities | 4.4% |
| Real Estate Services | 4.4% |
| Application Software | 4.3% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 94.9% |
| Other Assets and Liabilities, Net | 5.1% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch International Select Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch International Value Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAIVX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch International Value Fund (the "Fund") for the period of November 29, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Investor Class | $102 | 1.05% |

---

# How did the fund perform last year and what affected its performance?
During the period ended September 30, 2025, international equities experienced sizeable gains but were volatile. Uncertainty around U.S. tariffs weighed on global equity markets in the first quarter of 2025 and also in early April when President Trump proposed initial tariff rates for different countries. However, equities then rebounded sharply after the president's economic team appeared to be softening its stance on tariffs. During the period, monetary stimulus from several central banks around the world was also supportive of equities. And in Europe, Germany announced a massive spending plan for defense and infrastructure. This drove many European markets higher as investors anticipated what that spending might mean for the broader European economy.

The Fund was well positioned for this environment and outperformed its benchmark. The Fund was overweight in a handful of European markets, which boosted relative performance. Stock selection in some of those markets was also additive to relative results. The Fund also benefited from the decision to invest in a couple of stocks in China and South Korea that were standout performers for the Fund. While the Fund outperformed its benchmark, its overweight to the health-care sector was a drag on relative performance during the period. A lack of exposure to Spain also detracted from relative results.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g00o01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **MSCI World Ex USA** | **MSCI World Ex USA Value** |
| **11/29/2024** | $10000 | $10000 | $10000 |
| **11/30/2024** | $10000 | $10000 | $10000 |
| **12/31/2024** | $9761 | $9732 | $9785 |
| **1/31/2025** | $10201 | $10216 | $10248 |
| **2/28/2025** | $10672 | $10395 | $10588 |
| **3/31/2025** | $11172 | $10335 | $10792 |
| **4/30/2025** | $11623 | $10806 | $11235 |
| **5/31/2025** | $11883 | $11315 | $11702 |
| **6/30/2025** | $12254 | $11580 | $11929 |
| **7/31/2025** | $12314 | $11440 | $11969 |
| **8/31/2025** | $12864 | $11944 | $12653 |
| **9/30/2025** | $13255 | $12198 | $12869 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | |
|:---|:---|
| Fund | *Since Inception 11/29/24* |
| Investor Class | 32.65% |
| MSCI World Ex USA | 21.98% |
| MSCI World Ex USA Value | 28.69% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $11788007 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $0 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| National Grid PLC | 4.1% |
| Nordea Bank Abp | 3.5% |
| ING Groep NV | 3.5% |
| HSBC Holdings PLC | 3.4% |
| Sino Land Co. Ltd. | 3.0% |
| TotalEnergies SE | 2.9% |
| Samsung Electronics Co. Ltd. | 2.8% |
| Suntory Beverage & Food Ltd. | 2.8% |
| Venture Corp. Ltd. | 2.6% |
| Krung Thai Bank PCL | 2.6% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 20.8% |
| Integrated Oil & Gas | 9.0% |
| Pharmaceuticals | 8.5% |
| Multi-Utilities | 6.4% |
| Integrated Telecommunication Services | 5.6% |
| Tobacco | 4.6% |
| Reinsurance | 4.4% |
| Real Estate Development | 3.0% |
| Technology Hardware, Storage & Peripherals | 2.8% |
| Soft Drinks & Non-Alcoholic Beverages | 2.8% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 93.7% |
| Other Assets and Liabilities, Net | 6.3% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch International Value Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch International Value Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WGIVX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch International Value Fund (the "Fund") for the period of November 29, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment<sup>Footnote Reference1</sup>** |
| Institutional Class | $88 | 0.90% |

---

# How did the fund perform last year and what affected its performance?
During the period ended September 30, 2025, international equities experienced sizeable gains but were volatile. Uncertainty around U.S. tariffs weighed on global equity markets in the first quarter of 2025 and also in early April when President Trump proposed initial tariff rates for different countries. However, equities then rebounded sharply after the president's economic team appeared to be softening its stance on tariffs. During the period, monetary stimulus from several central banks around the world was also supportive of equities. And in Europe, Germany announced a massive spending plan for defense and infrastructure. This drove many European markets higher as investors anticipated what that spending might mean for the broader European economy.

The Fund was well positioned for this environment and outperformed its benchmark. The Fund was overweight in a handful of European markets, which boosted relative performance. Stock selection in some of those markets was also additive to relative results. The Fund also benefited from the decision to invest in a couple of stocks in China and South Korea that were standout performers for the Fund. While the Fund outperformed its benchmark, its overweight to the health-care sector was a drag on relative performance during the period. A lack of exposure to Spain also detracted from relative results.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g28m08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI World Ex USA** | **MSCI World Ex USA Value** |
| **11/29/2024** | $10000 | $10000 | $10000 |
| **11/30/2024** | $10000 | $10000 | $10000 |
| **12/31/2024** | $9762 | $9732 | $9785 |
| **1/31/2025** | $10203 | $10216 | $10248 |
| **2/28/2025** | $10663 | $10395 | $10588 |
| **3/31/2025** | $11174 | $10335 | $10792 |
| **4/30/2025** | $11614 | $10806 | $11235 |
| **5/31/2025** | $11885 | $11315 | $11702 |
| **6/30/2025** | $12255 | $11580 | $11929 |
| **7/31/2025** | $12315 | $11440 | $11969 |
| **8/31/2025** | $12866 | $11944 | $12653 |
| **9/30/2025** | $13266 | $12198 | $12869 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | |
|:---|:---|
| Fund | *Since Inception 11/29/24* |
| Institutional Class | 32.66% |
| MSCI World Ex USA | 21.98% |
| MSCI World Ex USA Value | 28.69% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $11788007 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $0 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| National Grid PLC | 4.1% |
| Nordea Bank Abp | 3.5% |
| ING Groep NV | 3.5% |
| HSBC Holdings PLC | 3.4% |
| Sino Land Co. Ltd. | 3.0% |
| TotalEnergies SE | 2.9% |
| Samsung Electronics Co. Ltd. | 2.8% |
| Suntory Beverage & Food Ltd. | 2.8% |
| Venture Corp. Ltd. | 2.6% |
| Krung Thai Bank PCL | 2.6% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 20.8% |
| Integrated Oil & Gas | 9.0% |
| Pharmaceuticals | 8.5% |
| Multi-Utilities | 6.4% |
| Integrated Telecommunication Services | 5.6% |
| Tobacco | 4.6% |
| Reinsurance | 4.4% |
| Real Estate Development | 3.0% |
| Technology Hardware, Storage & Peripherals | 2.8% |
| Soft Drinks & Non-Alcoholic Beverages | 2.8% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 93.7% |
| Other Assets and Liabilities, Net | 6.3% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch International Value Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Long/Short Alpha Fund
![Image](g73947g67n92.jpg)

#### Investor Class WALSX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Long/Short Alpha Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $191 | 2.10% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. U.S. small-cap equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

Amid this backdrop, the Fund underperformed its benchmark. We seek to invest in a carefully considered combination of longs and shorts, aiming to reduce risk. But in a rising market, our short positions were a drag on performance relative to the benchmark. Our long positions also detracted from relative performance. Our long positions represent what we believe are high-quality, long-duration growth companies. This positioning was a direct headwind to performance during the year, as what we perceived as lower quality stocks tended to outperform during the market's rebound that began in April.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g41y25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Index** | **FTSE U.S. 3-Month Treasury Bill Index** |
| **10/1/2021** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2021** | $10640 | $10676 | $10490 | $10000 |
| **11/30/2021** | $10820 | $10514 | $10053 | $10001 |
| **12/31/2021** | $11220 | $10928 | $10382 | $10001 |
| **1/31/2022** | $10290 | $10285 | $9518 | $10002 |
| **2/28/2022** | $10110 | $10026 | $9625 | $10002 |
| **3/31/2022** | $10040 | $10351 | $9778 | $10004 |
| **4/30/2022** | $9700 | $9422 | $8945 | $10007 |
| **5/31/2022** | $9590 | $9409 | $8976 | $10012 |
| **6/30/2022** | $9110 | $8622 | $8118 | $10018 |
| **7/31/2022** | $9960 | $9431 | $8958 | $10029 |
| **8/31/2022** | $9570 | $9079 | $8720 | $10044 |
| **9/30/2022** | $9010 | $8237 | $7889 | $10063 |
| **10/31/2022** | $9890 | $8913 | $8646 | $10088 |
| **11/30/2022** | $10570 | $9378 | $9011 | $10117 |
| **12/31/2022** | $10280 | $8829 | $8475 | $10151 |
| **1/31/2023** | $10830 | $9437 | $9323 | $10189 |
| **2/28/2023** | $10730 | $9216 | $9104 | $10224 |
| **3/31/2023** | $10730 | $9463 | $8763 | $10265 |
| **4/30/2023** | $10680 | $9564 | $8648 | $10306 |
| **5/31/2023** | $10550 | $9601 | $8497 | $10350 |
| **6/30/2023** | $11070 | $10256 | $9220 | $10394 |
| **7/31/2023** | $11271 | $10624 | $9679 | $10441 |
| **8/31/2023** | $11841 | $10419 | $9299 | $10490 |
| **9/30/2023** | $11511 | $9923 | $8779 | $10537 |
| **10/31/2023** | $10940 | $9660 | $8246 | $10587 |
| **11/30/2023** | $11891 | $10560 | $8989 | $10635 |
| **12/31/2023** | $13132 | $11121 | $9952 | $10685 |
| **1/31/2024** | $13112 | $11244 | $9692 | $10735 |
| **2/29/2024** | $14464 | $11852 | $10219 | $10782 |
| **3/31/2024** | $14534 | $12235 | $10640 | $10832 |
| **4/30/2024** | $13823 | $11696 | $9928 | $10880 |
| **5/31/2024** | $14183 | $12249 | $10341 | $10931 |
| **6/30/2024** | $14113 | $12628 | $10186 | $10980 |
| **7/31/2024** | $15034 | $12863 | $10942 | $11031 |
| **8/31/2024** | $15224 | $13143 | $10914 | $11082 |
| **9/30/2024** | $15354 | $13415 | $11077 | $11131 |
| **10/31/2024** | $15074 | $13316 | $10974 | $11179 |
| **11/30/2024** | $15324 | $14202 | $12054 | $11223 |
| **12/31/2024** | $14083 | $13768 | $11146 | $11267 |
| **1/31/2025** | $14644 | $14203 | $11541 | $11310 |
| **2/28/2025** | $14023 | $13931 | $10999 | $11349 |
| **3/31/2025** | $13463 | $13118 | $10309 | $11391 |
| **4/30/2025** | $13312 | $13030 | $10097 | $11432 |
| **5/31/2025** | $13312 | $13856 | $10701 | $11475 |
| **6/30/2025** | $13523 | $14560 | $11195 | $11516 |
| **7/31/2025** | $12942 | $14880 | $11411 | $11559 |
| **8/31/2025** | $12912 | $15225 | $12010 | $11602 |
| **9/30/2025** | $12542 | $15750 | $12202 | $11643 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since Inception 10/1/21* |
| Investor Class | (18.42%) | 5.83% |
| Russell 3000<sup>®</sup> Index | 17.41% | 12.03% |
| Russell 2500™ Index | 10.16% | 5.10% |
| FTSE U.S. 3-Month Treasury Bill Index | 4.61% | 3.88% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $42803174 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $836549 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Ensign Group, Inc. | 6.2% |
| HealthEquity, Inc. | 5.9% |
| RBC Bearings, Inc. | 5.9% |
| Monolithic Power Systems, Inc. | 5.3% |
| Fabrinet | 5.3% |
| Medpace Holdings, Inc. | 4.9% |
| Bank OZK | 4.7% |
| Guidewire Software, Inc. | 4.7% |
| Valvoline, Inc. | 4.3% |
| UL Solutions, Inc., Class A | 3.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 10.2% |
| Industrial Machinery & Supplies & Components | 9.7% |
| Research & Consulting Services | 7.0% |
| Health Care Facilities | 6.2% |
| Managed Health Care | 5.9% |
| Transaction & Payment Processing Services | 5.5% |
| Health Care Services | 5.4% |
| Semiconductors | 5.3% |
| Electronic Manufacturing Services | 5.3% |
| Life Sciences Tools & Services | 4.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 134.7% |
| Warrants | 0.1% |
| Other Assets and Liabilities, Net | (34.8%) |
| Total | 100.0% |

---

*All tables above exclude securities sold short.*

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Long/Short Alpha Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Long/Short Alpha Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WGLSX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Long/Short Alpha Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $183 | 2.01% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. U.S. small-cap equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

Amid this backdrop, the Fund underperformed its benchmark. We seek to invest in a carefully considered combination of longs and shorts, aiming to reduce risk. But in a rising market, our short positions were a drag on performance relative to the benchmark. Our long positions also detracted from relative performance. Our long positions represent what we believe are high-quality, long-duration growth companies. This positioning was a direct headwind to performance during the year, as what we perceived as lower quality stocks tended to outperform during the market's rebound that began in April.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g01z45.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2500™ Index** | **FTSE U.S. 3-Month Treasury Bill Index** |
| **10/1/2021** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2021** | $10640 | $10676 | $10490 | $10000 |
| **11/30/2021** | $10820 | $10514 | $10053 | $10001 |
| **12/31/2021** | $11230 | $10928 | $10382 | $10001 |
| **1/31/2022** | $10290 | $10285 | $9518 | $10002 |
| **2/28/2022** | $10110 | $10026 | $9625 | $10002 |
| **3/31/2022** | $10040 | $10351 | $9778 | $10004 |
| **4/30/2022** | $9710 | $9422 | $8945 | $10007 |
| **5/31/2022** | $9600 | $9409 | $8976 | $10012 |
| **6/30/2022** | $9130 | $8622 | $8118 | $10018 |
| **7/31/2022** | $9970 | $9431 | $8958 | $10029 |
| **8/31/2022** | $9580 | $9079 | $8720 | $10044 |
| **9/30/2022** | $9030 | $8237 | $7889 | $10063 |
| **10/31/2022** | $9910 | $8913 | $8646 | $10088 |
| **11/30/2022** | $10590 | $9378 | $9011 | $10117 |
| **12/31/2022** | $10310 | $8829 | $8475 | $10151 |
| **1/31/2023** | $10860 | $9437 | $9323 | $10189 |
| **2/28/2023** | $10760 | $9216 | $9104 | $10224 |
| **3/31/2023** | $10760 | $9463 | $8763 | $10265 |
| **4/30/2023** | $10710 | $9564 | $8648 | $10306 |
| **5/31/2023** | $10590 | $9601 | $8497 | $10350 |
| **6/30/2023** | $11110 | $10256 | $9220 | $10394 |
| **7/31/2023** | $11311 | $10624 | $9679 | $10441 |
| **8/31/2023** | $11891 | $10419 | $9299 | $10490 |
| **9/30/2023** | $11561 | $9923 | $8779 | $10537 |
| **10/31/2023** | $10990 | $9660 | $8246 | $10587 |
| **11/30/2023** | $11951 | $10560 | $8989 | $10635 |
| **12/31/2023** | $13192 | $11121 | $9952 | $10685 |
| **1/31/2024** | $13182 | $11244 | $9692 | $10735 |
| **2/29/2024** | $14534 | $11852 | $10219 | $10782 |
| **3/31/2024** | $14604 | $12235 | $10640 | $10832 |
| **4/30/2024** | $13893 | $11696 | $9928 | $10880 |
| **5/31/2024** | $14253 | $12249 | $10341 | $10931 |
| **6/30/2024** | $14183 | $12628 | $10186 | $10980 |
| **7/31/2024** | $15114 | $12863 | $10942 | $11031 |
| **8/31/2024** | $15304 | $13143 | $10914 | $11082 |
| **9/30/2024** | $15444 | $13415 | $11077 | $11131 |
| **10/31/2024** | $15154 | $13316 | $10974 | $11179 |
| **11/30/2024** | $15404 | $14202 | $12054 | $11223 |
| **12/31/2024** | $14163 | $13768 | $11146 | $11267 |
| **1/31/2025** | $14724 | $14203 | $11541 | $11310 |
| **2/28/2025** | $14103 | $13931 | $10999 | $11349 |
| **3/31/2025** | $13543 | $13118 | $10309 | $11391 |
| **4/30/2025** | $13393 | $13030 | $10097 | $11432 |
| **5/31/2025** | $13393 | $13856 | $10701 | $11475 |
| **6/30/2025** | $13603 | $14560 | $11195 | $11516 |
| **7/31/2025** | $13012 | $14880 | $11411 | $11559 |
| **8/31/2025** | $12982 | $15225 | $12010 | $11602 |
| **9/30/2025** | $12612 | $15750 | $12202 | $11643 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since Inception 10/1/21* |
| Institutional Class | (18.39%) | 5.97% |
| Russell 3000<sup>®</sup> Index | 17.41% | 12.03% |
| Russell 2500™ Index | 10.16% | 5.10% |
| FTSE U.S. 3-Month Treasury Bill Index | 4.61% | 3.88% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $42803174 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $836549 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Ensign Group, Inc. | 6.2% |
| HealthEquity, Inc. | 5.9% |
| RBC Bearings, Inc. | 5.9% |
| Monolithic Power Systems, Inc. | 5.3% |
| Fabrinet | 5.3% |
| Medpace Holdings, Inc. | 4.9% |
| Bank OZK | 4.7% |
| Guidewire Software, Inc. | 4.7% |
| Valvoline, Inc. | 4.3% |
| UL Solutions, Inc., Class A | 3.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 10.2% |
| Industrial Machinery & Supplies & Components | 9.7% |
| Research & Consulting Services | 7.0% |
| Health Care Facilities | 6.2% |
| Managed Health Care | 5.9% |
| Transaction & Payment Processing Services | 5.5% |
| Health Care Services | 5.4% |
| Semiconductors | 5.3% |
| Electronic Manufacturing Services | 5.3% |
| Life Sciences Tools & Services | 4.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 134.7% |
| Warrants | 0.1% |
| Other Assets and Liabilities, Net | (34.8%) |
| Total | 100.0% |

---

*All tables above exclude securities sold short.*

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Long/Short Alpha Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Micro Cap Fund
![Image](g73947g67n92.jpg)

#### Investor Class WMICX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Micro Cap Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $169 | 1.64% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, U.S. micro-cap stocks experienced gains but were volatile. Initially, equities were up following the results of the U.S. presidential election but then traded lower due to concerns about slow growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities then rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

In this "risk-on" environment, we found that stocks of some lower quality companies tended to outperform. This was a headwind for our investment strategy, as we tend to focus on businesses we perceive as higher quality. Additionally, we also owned a few stocks of companies that produced disappointing results in the period, which led the stocks lower. Given these headwinds, the Fund underperformed its benchmark.

Looking at performance across sectors, our information-technology holdings underperformed the benchmark's, and this was the largest reason for our underperformance. Our consumer-discretionary stocks also underperformed. While we were disappointed with performance during the period, we continue to like the growth potential of the companies in our portfolio.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g86t91.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **Russell 3000<sup>®</sup> Index** | **Russell Microcap<sup>®</sup> Growth Index** | **Russell Microcap<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10319 | $10790 | $10626 | $10538 |
| **11/30/2015** | $10846 | $10850 | $11126 | $10939 |
| **12/31/2015** | $10587 | $10627 | $10470 | $10374 |
| **1/31/2016** | $9457 | $10027 | $9002 | $9301 |
| **2/29/2016** | $9280 | $10024 | $8915 | $9161 |
| **3/31/2016** | $10054 | $10730 | $9551 | $9811 |
| **4/30/2016** | $10280 | $10796 | $9783 | $10128 |
| **5/31/2016** | $10426 | $10990 | $10040 | $10260 |
| **6/30/2016** | $10700 | $11012 | $9853 | $10200 |
| **7/31/2016** | $11200 | $11449 | $10387 | $10734 |
| **8/31/2016** | $11313 | $11478 | $10593 | $11023 |
| **9/30/2016** | $11604 | $11496 | $11027 | $11347 |
| **10/31/2016** | $11039 | $11248 | $10134 | $10700 |
| **11/30/2016** | $11523 | $11751 | $10973 | $11943 |
| **12/31/2016** | $11412 | $11980 | $11189 | $12487 |
| **1/31/2017** | $11764 | $12206 | $11066 | $12299 |
| **2/28/2017** | $11888 | $12660 | $11294 | $12427 |
| **3/31/2017** | $12241 | $12668 | $11483 | $12535 |
| **4/30/2017** | $12540 | $12803 | $11609 | $12664 |
| **5/31/2017** | $12576 | $12934 | $11463 | $12373 |
| **6/30/2017** | $13334 | $13050 | $12091 | $13015 |
| **7/31/2017** | $13705 | $13296 | $12024 | $12943 |
| **8/31/2017** | $13705 | $13322 | $12120 | $12835 |
| **9/30/2017** | $14516 | $13647 | $12932 | $13881 |
| **10/31/2017** | $14763 | $13945 | $12765 | $13859 |
| **11/30/2017** | $15327 | $14368 | $13019 | $14198 |
| **12/31/2017** | $15526 | $14512 | $13052 | $14131 |
| **1/31/2018** | $15974 | $15277 | $13424 | $14478 |
| **2/28/2018** | $15811 | $14714 | $13114 | $14020 |
| **3/31/2018** | $16360 | $14418 | $13181 | $14227 |
| **4/30/2018** | $16461 | $14473 | $13298 | $14406 |
| **5/31/2018** | $17925 | $14882 | $14308 | $15445 |
| **6/30/2018** | $18514 | $14979 | $14465 | $15645 |
| **7/31/2018** | $18412 | $15476 | $14458 | $15635 |
| **8/31/2018** | $20648 | $16020 | $15472 | $16308 |
| **9/30/2018** | $20038 | $16046 | $14921 | $15776 |
| **10/31/2018** | $17721 | $14865 | $12903 | $14056 |
| **11/30/2018** | $17925 | $15162 | $12840 | $13966 |
| **12/31/2018** | $15926 | $13751 | $11201 | $12283 |
| **1/31/2019** | $17654 | $14931 | $12366 | $13571 |
| **2/28/2019** | $18877 | $15457 | $13187 | $14315 |
| **3/31/2019** | $18930 | $15682 | $12993 | $13892 |
| **4/30/2019** | $19914 | $16309 | $13109 | $14157 |
| **5/31/2019** | $19223 | $15253 | $12270 | $13197 |
| **6/30/2019** | $20286 | $16325 | $13049 | $14020 |
| **7/31/2019** | $20552 | $16567 | $12729 | $13829 |
| **8/31/2019** | $20233 | $16229 | $11985 | $12960 |
| **9/30/2019** | $19808 | $16514 | $11738 | $13256 |
| **10/31/2019** | $20260 | $16870 | $12023 | $13596 |
| **11/30/2019** | $21456 | $17511 | $12939 | $14226 |
| **12/31/2019** | $22651 | $18017 | $13814 | $15038 |
| **1/31/2020** | $23008 | $17997 | $13542 | $14337 |
| **2/29/2020** | $21552 | $16524 | $12826 | $13357 |
| **3/31/2020** | $17033 | $14251 | $10140 | $10228 |
| **4/30/2020** | $20689 | $16139 | $12056 | $11785 |
| **5/31/2020** | $23811 | $17002 | $13230 | $12567 |
| **6/30/2020** | $25327 | $17390 | $14078 | $13352 |
| **7/31/2020** | $26902 | $18378 | $14517 | $13494 |
| **8/31/2020** | $28537 | $19709 | $15308 | $14297 |
| **9/30/2020** | $28418 | $18992 | $14931 | $13845 |
| **10/31/2020** | $28656 | $18582 | $14709 | $14023 |
| **11/30/2020** | $33650 | $20842 | $17886 | $16890 |
| **12/31/2020** | $37309 | $21780 | $19357 | $18190 |
| **1/31/2021** | $39226 | $21683 | $21847 | $20776 |
| **2/28/2021** | $42967 | $22361 | $23353 | $22027 |
| **3/31/2021** | $41395 | $23162 | $22621 | $22536 |
| **4/30/2021** | $42590 | $24356 | $22420 | $22595 |
| **5/31/2021** | $41269 | $24467 | $21945 | $22965 |
| **6/30/2021** | $42684 | $25071 | $23339 | $23468 |
| **7/31/2021** | $41207 | $25495 | $21732 | $22174 |
| **8/31/2021** | $41112 | $26222 | $22314 | $22969 |
| **9/30/2021** | $39446 | $25045 | $21218 | $22300 |
| **10/31/2021** | $40987 | $26739 | $21432 | $22794 |
| **11/30/2021** | $39195 | $26332 | $20042 | $21599 |
| **12/31/2021** | $39272 | $27369 | $19527 | $21708 |
| **1/31/2022** | $33507 | $25759 | $16693 | $19586 |
| **2/28/2022** | $32630 | $25110 | $16710 | $19786 |
| **3/31/2022** | $31752 | $25924 | $16851 | $20058 |
| **4/30/2022** | $27741 | $23598 | $14489 | $17978 |
| **5/31/2022** | $27156 | $23566 | $14141 | $17908 |
| **6/30/2022** | $24859 | $21595 | $13076 | $16256 |
| **7/31/2022** | $26989 | $23621 | $14611 | $17875 |
| **8/31/2022** | $27073 | $22739 | $14731 | $17904 |
| **9/30/2022** | $23898 | $20630 | $13356 | $16177 |
| **10/31/2022** | $25276 | $22322 | $14443 | $17712 |
| **11/30/2022** | $24733 | $23487 | $14318 | $17697 |
| **12/31/2022** | $23313 | $22112 | $13716 | $16941 |
| **1/31/2023** | $26404 | $23635 | $15095 | $18611 |
| **2/28/2023** | $26321 | $23083 | $14680 | $18070 |
| **3/31/2023** | $25861 | $23700 | $13821 | $16463 |
| **4/30/2023** | $24691 | $23952 | $13633 | $16037 |
| **5/31/2023** | $25527 | $24046 | $13976 | $16263 |
| **6/30/2023** | $27532 | $25688 | $14698 | $17334 |
| **7/31/2023** | $28702 | $26608 | $14947 | $18260 |
| **8/31/2023** | $27658 | $26095 | $14002 | $17046 |
| **9/30/2023** | $25360 | $24852 | $12942 | $15959 |
| **10/31/2023** | $23062 | $24193 | $11851 | $14807 |
| **11/30/2023** | $25569 | $26449 | $13164 | $16209 |
| **12/31/2023** | $28577 | $27852 | $14965 | $18523 |
| **1/31/2024** | $28034 | $28160 | $14478 | $17805 |
| **2/29/2024** | $30833 | $29685 | $15755 | $18912 |
| **3/31/2024** | $31669 | $30642 | $15953 | $19390 |
| **4/30/2024** | $29621 | $29294 | $14666 | $17884 |
| **5/31/2024** | $31167 | $30678 | $15431 | $18790 |
| **6/30/2024** | $30875 | $31628 | $15065 | $18367 |
| **7/31/2024** | $33758 | $32216 | $16601 | $20547 |
| **8/31/2024** | $33340 | $32917 | $16285 | $19983 |
| **9/30/2024** | $33674 | $33598 | $16355 | $19889 |
| **10/31/2024** | $33047 | $33351 | $16947 | $20025 |
| **11/30/2024** | $36975 | $35570 | $19061 | $22356 |
| **12/31/2024** | $34551 | $34483 | $18245 | $21061 |
| **1/31/2025** | $34969 | $35571 | $18143 | $21089 |
| **2/28/2025** | $31251 | $34890 | $16891 | $19937 |
| **3/31/2025** | $28828 | $32854 | $15007 | $18031 |
| **4/30/2025** | $28786 | $32634 | $15392 | $17947 |
| **5/31/2025** | $31501 | $34703 | $16785 | $19376 |
| **6/30/2025** | $32462 | $36466 | $18147 | $20829 |
| **7/31/2025** | $32462 | $37269 | $18672 | $21262 |
| **8/31/2025** | $34593 | $38131 | $20453 | $23230 |
| **9/30/2025** | $35554 | $39447 | $21764 | $24376 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | 5.58% | 4.58% | 13.52% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Microcap<sup>®</sup> Growth Index | 33.07% | 7.83% | 8.09% |
| Russell Microcap<sup>®</sup> Index | 22.56% | 11.98% | 9.32% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $622757958 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 87% |
| Total Advisory Fees Paid | $9450411 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Mama's Creations, Inc. | 3.6% |
| Esquire Financial Holdings, Inc. | 3.5% |
| Vita Coco Co., Inc. | 3.4% |
| Climb Global Solutions, Inc. | 3.3% |
| Red Violet, Inc. | 3.3% |
| Standex International Corp. | 2.8% |
| Veeco Instruments, Inc. | 2.8% |
| TAT Technologies Ltd. | 2.8% |
| EZCORP, Inc., Class A | 2.4% |
| Addus HomeCare Corp. | 2.3% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 8.5% |
| Electronic Equipment & Instruments | 7.3% |
| Packaged Foods & Meats | 5.7% |
| Health Care Services | 5.6% |
| Construction & Engineering | 4.9% |
| Research & Consulting Services | 4.7% |
| Education Services | 4.5% |
| Property & Casualty Insurance | 4.1% |
| Aerospace & Defense | 4.0% |
| Regional Banks | 3.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.5% |
| Preferred Stocks | 1.2% |
| Warrants | 0.0% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Micro Cap Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Micro Cap Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WGICX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Micro Cap Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $164 | 1.59% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, U.S. micro-cap stocks experienced gains but were volatile. Initially, equities were up following the results of the U.S. presidential election but then traded lower due to concerns about slow growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities then rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

In this "risk-on" environment, we found that stocks of some lower quality companies tended to outperform. This was a headwind for our investment strategy, as we tend to focus on businesses we perceive as higher quality. Additionally, we also owned a few stocks of companies that produced disappointing results in the period, which led the stocks lower. Given these headwinds, the Fund underperformed its benchmark.

Looking at performance across sectors, our information-technology holdings underperformed the benchmark's, and this was the largest reason for our underperformance. Our consumer-discretionary stocks also underperformed. While we were disappointed with performance during the period, we continue to like the growth potential of the companies in our portfolio.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g09t81.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 3000<sup>®</sup> Index** | **Russell Microcap<sup>®</sup> Growth Index** | **Russell Microcap<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10319 | $10790 | $10626 | $10538 |
| **11/30/2015** | $10846 | $10850 | $11126 | $10939 |
| **12/31/2015** | $10587 | $10627 | $10470 | $10374 |
| **1/31/2016** | $9457 | $10027 | $9002 | $9301 |
| **2/29/2016** | $9280 | $10024 | $8915 | $9161 |
| **3/31/2016** | $10054 | $10730 | $9551 | $9811 |
| **4/30/2016** | $10280 | $10796 | $9783 | $10128 |
| **5/31/2016** | $10426 | $10990 | $10040 | $10260 |
| **6/30/2016** | $10700 | $11012 | $9853 | $10200 |
| **7/31/2016** | $11200 | $11449 | $10387 | $10734 |
| **8/31/2016** | $11313 | $11478 | $10593 | $11023 |
| **9/30/2016** | $11604 | $11496 | $11027 | $11347 |
| **10/31/2016** | $11039 | $11248 | $10134 | $10700 |
| **11/30/2016** | $11523 | $11751 | $10973 | $11943 |
| **12/31/2016** | $11412 | $11980 | $11189 | $12487 |
| **1/31/2017** | $11764 | $12206 | $11066 | $12299 |
| **2/28/2017** | $11888 | $12660 | $11294 | $12427 |
| **3/31/2017** | $12241 | $12668 | $11483 | $12535 |
| **4/30/2017** | $12540 | $12803 | $11609 | $12664 |
| **5/31/2017** | $12576 | $12934 | $11463 | $12373 |
| **6/30/2017** | $13334 | $13050 | $12091 | $13015 |
| **7/31/2017** | $13705 | $13296 | $12024 | $12943 |
| **8/31/2017** | $13705 | $13322 | $12120 | $12835 |
| **9/30/2017** | $14516 | $13647 | $12932 | $13881 |
| **10/31/2017** | $14763 | $13945 | $12765 | $13859 |
| **11/30/2017** | $15327 | $14368 | $13019 | $14198 |
| **12/31/2017** | $15526 | $14512 | $13052 | $14131 |
| **1/31/2018** | $15974 | $15277 | $13424 | $14478 |
| **2/28/2018** | $15811 | $14714 | $13114 | $14020 |
| **3/31/2018** | $16360 | $14418 | $13181 | $14227 |
| **4/30/2018** | $16461 | $14473 | $13298 | $14406 |
| **5/31/2018** | $17925 | $14882 | $14308 | $15445 |
| **6/30/2018** | $18514 | $14979 | $14465 | $15645 |
| **7/31/2018** | $18412 | $15476 | $14458 | $15635 |
| **8/31/2018** | $20648 | $16020 | $15472 | $16308 |
| **9/30/2018** | $20038 | $16046 | $14921 | $15776 |
| **10/31/2018** | $17721 | $14865 | $12903 | $14056 |
| **11/30/2018** | $17925 | $15162 | $12840 | $13966 |
| **12/31/2018** | $15926 | $13751 | $11201 | $12283 |
| **1/31/2019** | $17654 | $14931 | $12366 | $13571 |
| **2/28/2019** | $18877 | $15457 | $13187 | $14315 |
| **3/31/2019** | $18930 | $15682 | $12993 | $13892 |
| **4/30/2019** | $19914 | $16309 | $13109 | $14157 |
| **5/31/2019** | $19223 | $15253 | $12270 | $13197 |
| **6/30/2019** | $20286 | $16325 | $13049 | $14020 |
| **7/31/2019** | $20552 | $16567 | $12729 | $13829 |
| **8/31/2019** | $20233 | $16229 | $11985 | $12960 |
| **9/30/2019** | $19808 | $16514 | $11738 | $13256 |
| **10/31/2019** | $20260 | $16870 | $12023 | $13596 |
| **11/30/2019** | $21456 | $17511 | $12939 | $14226 |
| **12/31/2019** | $22651 | $18017 | $13814 | $15038 |
| **1/31/2020** | $23008 | $17997 | $13542 | $14337 |
| **2/29/2020** | $21552 | $16524 | $12826 | $13357 |
| **3/31/2020** | $17033 | $14251 | $10140 | $10228 |
| **4/30/2020** | $20660 | $16139 | $12056 | $11785 |
| **5/31/2020** | $23781 | $17002 | $13230 | $12567 |
| **6/30/2020** | $25297 | $17390 | $14078 | $13352 |
| **7/31/2020** | $26873 | $18378 | $14517 | $13494 |
| **8/31/2020** | $28508 | $19709 | $15308 | $14297 |
| **9/30/2020** | $28389 | $18992 | $14931 | $13845 |
| **10/31/2020** | $28626 | $18582 | $14709 | $14023 |
| **11/30/2020** | $33620 | $20842 | $17886 | $16890 |
| **12/31/2020** | $37281 | $21780 | $19357 | $18190 |
| **1/31/2021** | $39167 | $21683 | $21847 | $20776 |
| **2/28/2021** | $42908 | $22361 | $23353 | $22027 |
| **3/31/2021** | $41368 | $23162 | $22621 | $22536 |
| **4/30/2021** | $42562 | $24356 | $22420 | $22595 |
| **5/31/2021** | $41242 | $24467 | $21945 | $22965 |
| **6/30/2021** | $42656 | $25071 | $23339 | $23468 |
| **7/31/2021** | $41179 | $25495 | $21732 | $22174 |
| **8/31/2021** | $41085 | $26222 | $22314 | $22969 |
| **9/30/2021** | $39450 | $25045 | $21218 | $22300 |
| **10/31/2021** | $40959 | $26739 | $21432 | $22794 |
| **11/30/2021** | $39167 | $26332 | $20042 | $21599 |
| **12/31/2021** | $39245 | $27369 | $19527 | $21708 |
| **1/31/2022** | $33519 | $25759 | $16693 | $19586 |
| **2/28/2022** | $32600 | $25110 | $16710 | $19786 |
| **3/31/2022** | $31764 | $25924 | $16851 | $20058 |
| **4/30/2022** | $27710 | $23598 | $14489 | $17978 |
| **5/31/2022** | $27167 | $23566 | $14141 | $17908 |
| **6/30/2022** | $24868 | $21595 | $13076 | $16256 |
| **7/31/2022** | $26958 | $23621 | $14611 | $17875 |
| **8/31/2022** | $27083 | $22739 | $14731 | $17904 |
| **9/30/2022** | $23907 | $20630 | $13356 | $16177 |
| **10/31/2022** | $25286 | $22322 | $14443 | $17712 |
| **11/30/2022** | $24743 | $23487 | $14318 | $17697 |
| **12/31/2022** | $23363 | $22112 | $13716 | $16941 |
| **1/31/2023** | $26414 | $23635 | $15095 | $18611 |
| **2/28/2023** | $26331 | $23083 | $14680 | $18070 |
| **3/31/2023** | $25871 | $23700 | $13821 | $16463 |
| **4/30/2023** | $24701 | $23952 | $13633 | $16037 |
| **5/31/2023** | $25537 | $24046 | $13976 | $16263 |
| **6/30/2023** | $27543 | $25688 | $14698 | $17334 |
| **7/31/2023** | $28755 | $26608 | $14947 | $18260 |
| **8/31/2023** | $27710 | $26095 | $14002 | $17046 |
| **9/30/2023** | $25369 | $24852 | $12942 | $15959 |
| **10/31/2023** | $23113 | $24193 | $11851 | $14807 |
| **11/30/2023** | $25578 | $26449 | $13164 | $16209 |
| **12/31/2023** | $28629 | $27852 | $14965 | $18523 |
| **1/31/2024** | $28086 | $28160 | $14478 | $17805 |
| **2/29/2024** | $30845 | $29685 | $15755 | $18912 |
| **3/31/2024** | $31722 | $30642 | $15953 | $19390 |
| **4/30/2024** | $29632 | $29294 | $14666 | $17884 |
| **5/31/2024** | $31221 | $30678 | $15431 | $18790 |
| **6/30/2024** | $30928 | $31628 | $15065 | $18367 |
| **7/31/2024** | $33812 | $32216 | $16601 | $20547 |
| **8/31/2024** | $33394 | $32917 | $16285 | $19983 |
| **9/30/2024** | $33728 | $33598 | $16355 | $19889 |
| **10/31/2024** | $33101 | $33351 | $16947 | $20025 |
| **11/30/2024** | $37030 | $35570 | $19061 | $22356 |
| **12/31/2024** | $34606 | $34483 | $18245 | $21061 |
| **1/31/2025** | $35066 | $35571 | $18143 | $21089 |
| **2/28/2025** | $31304 | $34890 | $16891 | $19937 |
| **3/31/2025** | $28880 | $32854 | $15007 | $18031 |
| **4/30/2025** | $28838 | $32634 | $15392 | $17947 |
| **5/31/2025** | $31555 | $34703 | $16785 | $19376 |
| **6/30/2025** | $32558 | $36466 | $18147 | $20829 |
| **7/31/2025** | $32516 | $37269 | $18672 | $21262 |
| **8/31/2025** | $34690 | $38131 | $20453 | $23230 |
| **9/30/2025** | $35609 | $39447 | $21764 | $24376 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | 5.58% | 4.64% | 13.54% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Microcap<sup>®</sup> Growth Index | 33.07% | 7.83% | 8.09% |
| Russell Microcap<sup>®</sup> Index | 22.56% | 11.98% | 9.32% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $622757958 |
| # of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 87% |
| Total Advisory Fees Paid | $9450411 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Mama's Creations, Inc. | 3.6% |
| Esquire Financial Holdings, Inc. | 3.5% |
| Vita Coco Co., Inc. | 3.4% |
| Climb Global Solutions, Inc. | 3.3% |
| Red Violet, Inc. | 3.3% |
| Standex International Corp. | 2.8% |
| Veeco Instruments, Inc. | 2.8% |
| TAT Technologies Ltd. | 2.8% |
| EZCORP, Inc., Class A | 2.4% |
| Addus HomeCare Corp. | 2.3% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 8.5% |
| Electronic Equipment & Instruments | 7.3% |
| Packaged Foods & Meats | 5.7% |
| Health Care Services | 5.6% |
| Construction & Engineering | 4.9% |
| Research & Consulting Services | 4.7% |
| Education Services | 4.5% |
| Property & Casualty Insurance | 4.1% |
| Aerospace & Defense | 4.0% |
| Regional Banks | 3.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.5% |
| Preferred Stocks | 1.2% |
| Warrants | 0.0% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Micro Cap Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Micro Cap Value Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAMVX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Micro Cap Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $181 | 1.68% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, U.S. micro-cap stocks experienced strong gains. Initially, equities were up following the results of the U.S. presidential election but then traded lower due to concerns about slow growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

In this "risk-on" investment environment, we found that stocks of some lower quality companies with more speculative business models tended to outperform. This was a headwind for our investment strategy, as we tend to focus on businesses we perceive as higher quality.

Looking at performance across sectors, our information-technology holdings underperformed those of the benchmark, and this was the largest reason for our underperformance. Our consumer-discretionary stocks also underperformed those of the benchmark. However, our holdings in the financials and industrials sectors outperformed those of the benchmark and contributed to relative performance.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g59m16.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Russell 3000<sup>®</sup> Index** | **Russell Microcap<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10209 | $10790 | $10538 |
| **11/30/2015** | $10488 | $10850 | $10939 |
| **12/31/2015** | $10345 | $10627 | $10374 |
| **1/31/2016** | $9642 | $10027 | $9301 |
| **2/29/2016** | $9603 | $10024 | $9161 |
| **3/31/2016** | $10111 | $10730 | $9811 |
| **4/30/2016** | $10189 | $10796 | $10128 |
| **5/31/2016** | $10306 | $10990 | $10260 |
| **6/30/2016** | $10228 | $11012 | $10200 |
| **7/31/2016** | $10618 | $11449 | $10734 |
| **8/31/2016** | $11009 | $11478 | $11023 |
| **9/30/2016** | $11204 | $11496 | $11347 |
| **10/31/2016** | $10775 | $11248 | $10700 |
| **11/30/2016** | $11399 | $11751 | $11943 |
| **12/31/2016** | $11630 | $11980 | $12487 |
| **1/31/2017** | $11709 | $12206 | $12299 |
| **2/28/2017** | $11948 | $12660 | $12427 |
| **3/31/2017** | $12146 | $12668 | $12535 |
| **4/30/2017** | $12384 | $12803 | $12664 |
| **5/31/2017** | $12384 | $12934 | $12373 |
| **6/30/2017** | $12821 | $13050 | $13015 |
| **7/31/2017** | $13059 | $13296 | $12943 |
| **8/31/2017** | $13059 | $13322 | $12835 |
| **9/30/2017** | $13813 | $13647 | $13881 |
| **10/31/2017** | $13972 | $13945 | $13859 |
| **11/30/2017** | $14448 | $14368 | $14198 |
| **12/31/2017** | $14701 | $14512 | $14131 |
| **1/31/2018** | $14830 | $15277 | $14478 |
| **2/28/2018** | $14315 | $14714 | $14020 |
| **3/31/2018** | $14444 | $14418 | $14227 |
| **4/30/2018** | $14487 | $14473 | $14406 |
| **5/31/2018** | $15130 | $14882 | $15445 |
| **6/30/2018** | $15644 | $14979 | $15645 |
| **7/31/2018** | $15773 | $15476 | $15635 |
| **8/31/2018** | $16630 | $16020 | $16308 |
| **9/30/2018** | $16415 | $16046 | $15776 |
| **10/31/2018** | $14658 | $14865 | $14056 |
| **11/30/2018** | $14572 | $15162 | $13966 |
| **12/31/2018** | $13430 | $13751 | $12283 |
| **1/31/2019** | $14748 | $14931 | $13571 |
| **2/28/2019** | $15725 | $15457 | $14315 |
| **3/31/2019** | $15286 | $15682 | $13892 |
| **4/30/2019** | $16165 | $16309 | $14157 |
| **5/31/2019** | $15676 | $15253 | $13197 |
| **6/30/2019** | $16604 | $16325 | $14020 |
| **7/31/2019** | $16409 | $16567 | $13829 |
| **8/31/2019** | $15920 | $16229 | $12960 |
| **9/30/2019** | $15676 | $16514 | $13256 |
| **10/31/2019** | $16067 | $16870 | $13596 |
| **11/30/2019** | $16751 | $17511 | $14226 |
| **12/31/2019** | $17438 | $18017 | $15038 |
| **1/31/2020** | $17385 | $17997 | $14337 |
| **2/29/2020** | $15998 | $16524 | $13357 |
| **3/31/2020** | $12479 | $14251 | $10228 |
| **4/30/2020** | $14718 | $16139 | $11785 |
| **5/31/2020** | $16692 | $17002 | $12567 |
| **6/30/2020** | $17438 | $17390 | $13352 |
| **7/31/2020** | $18451 | $18378 | $13494 |
| **8/31/2020** | $19785 | $19709 | $14297 |
| **9/30/2020** | $19465 | $18992 | $13845 |
| **10/31/2020** | $19625 | $18582 | $14023 |
| **11/30/2020** | $22558 | $20842 | $16890 |
| **12/31/2020** | $24561 | $21780 | $18190 |
| **1/31/2021** | $25949 | $21683 | $20776 |
| **2/28/2021** | $28242 | $22361 | $22027 |
| **3/31/2021** | $28181 | $23162 | $22536 |
| **4/30/2021** | $29328 | $24356 | $22595 |
| **5/31/2021** | $30474 | $24467 | $22965 |
| **6/30/2021** | $30655 | $25071 | $23468 |
| **7/31/2021** | $30293 | $25495 | $22174 |
| **8/31/2021** | $30837 | $26222 | $22969 |
| **9/30/2021** | $30837 | $25045 | $22300 |
| **10/31/2021** | $32043 | $26739 | $22794 |
| **11/30/2021** | $30776 | $26332 | $21599 |
| **12/31/2021** | $31138 | $27369 | $21708 |
| **1/31/2022** | $27711 | $25759 | $19586 |
| **2/28/2022** | $27339 | $25110 | $19786 |
| **3/31/2022** | $26594 | $25924 | $20058 |
| **4/30/2022** | $24285 | $23598 | $17978 |
| **5/31/2022** | $23912 | $23566 | $17908 |
| **6/30/2022** | $21454 | $21595 | $16256 |
| **7/31/2022** | $23912 | $23621 | $17875 |
| **8/31/2022** | $23093 | $22739 | $17904 |
| **9/30/2022** | $20784 | $20630 | $16177 |
| **10/31/2022** | $23018 | $22322 | $17712 |
| **11/30/2022** | $22497 | $23487 | $17697 |
| **12/31/2022** | $22124 | $22112 | $16941 |
| **1/31/2023** | $24061 | $23635 | $18611 |
| **2/28/2023** | $24061 | $23083 | $18070 |
| **3/31/2023** | $23018 | $23700 | $16463 |
| **4/30/2023** | $22199 | $23952 | $16037 |
| **5/31/2023** | $22273 | $24046 | $16263 |
| **6/30/2023** | $23614 | $25688 | $17334 |
| **7/31/2023** | $24657 | $26608 | $18260 |
| **8/31/2023** | $23614 | $26095 | $17046 |
| **9/30/2023** | $22124 | $24852 | $15959 |
| **10/31/2023** | $20858 | $24193 | $14807 |
| **11/30/2023** | $22869 | $26449 | $16209 |
| **12/31/2023** | $25030 | $27852 | $18523 |
| **1/31/2024** | $24359 | $28160 | $17805 |
| **2/29/2024** | $26222 | $29685 | $18912 |
| **3/31/2024** | $26892 | $30642 | $19390 |
| **4/30/2024** | $25179 | $29294 | $17884 |
| **5/31/2024** | $26743 | $30678 | $18790 |
| **6/30/2024** | $26594 | $31628 | $18367 |
| **7/31/2024** | $29052 | $32216 | $20547 |
| **8/31/2024** | $29276 | $32917 | $19983 |
| **9/30/2024** | $29425 | $33598 | $19889 |
| **10/31/2024** | $28978 | $33351 | $20025 |
| **11/30/2024** | $33224 | $35570 | $22356 |
| **12/31/2024** | $31138 | $34483 | $21061 |
| **1/31/2025** | $31511 | $35571 | $21089 |
| **2/28/2025** | $29723 | $34890 | $19937 |
| **3/31/2025** | $28009 | $32854 | $18031 |
| **4/30/2025** | $27786 | $32634 | $17947 |
| **5/31/2025** | $29797 | $34703 | $19376 |
| **6/30/2025** | $30766 | $36466 | $20829 |
| **7/31/2025** | $31064 | $37269 | $21262 |
| **8/31/2025** | $33149 | $38131 | $23230 |
| **9/30/2025** | $33969 | $39447 | $24376 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | 15.44% | 11.78% | 13.01% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Microcap<sup>®</sup> Index | 22.56% | 11.98% | 9.32% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $352842849 |
| # of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $4978463 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Red Violet, Inc. | 3.3% |
| Digi International, Inc. | 2.7% |
| Standex International Corp. | 2.6% |
| Bel Fuse, Inc., Class B | 2.6% |
| Champion Homes, Inc. | 2.5% |
| Veeco Instruments, Inc. | 2.5% |
| EZCORP, Inc., Class A | 2.5% |
| JDC Group AG | 2.5% |
| TAT Technologies Ltd. | 2.4% |
| Climb Global Solutions, Inc. | 2.4% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 9.1% |
| Trading Companies & Distributors | 5.7% |
| Regional Banks | 5.6% |
| Construction & Engineering | 5.5% |
| Packaged Foods & Meats | 5.0% |
| Investment Banking & Brokerage | 4.5% |
| Electronic Equipment & Instruments | 4.4% |
| Aerospace & Defense | 4.2% |
| Property & Casualty Insurance | 4.1% |
| Semiconductor Materials & Equipment | 3.8% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.8% |
| Other Assets and Liabilities, Net | 2.2% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Micro Cap Value Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Micro Cap Value Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WGMVX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Micro Cap Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $173 | 1.60% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, U.S. micro-cap stocks experienced strong gains. Initially, equities were up following the results of the U.S. presidential election but then traded lower due to concerns about slow growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

In this "risk-on" investment environment, we found that stocks of some lower quality companies with more speculative business models tended to outperform. This was a headwind for our investment strategy, as we tend to focus on businesses we perceive as higher quality.

Looking at performance across sectors, our information-technology holdings underperformed those of the benchmark, and this was the largest reason for our underperformance. Our consumer-discretionary stocks also underperformed those of the benchmark. However, our holdings in the financials and industrials sectors outperformed those of the benchmark and contributed to relative performance.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g06x14.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 3000<sup>®</sup> Index** | **Russell Microcap<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10209 | $10790 | $10538 |
| **11/30/2015** | $10488 | $10850 | $10939 |
| **12/31/2015** | $10345 | $10627 | $10374 |
| **1/31/2016** | $9642 | $10027 | $9301 |
| **2/29/2016** | $9603 | $10024 | $9161 |
| **3/31/2016** | $10111 | $10730 | $9811 |
| **4/30/2016** | $10189 | $10796 | $10128 |
| **5/31/2016** | $10306 | $10990 | $10260 |
| **6/30/2016** | $10228 | $11012 | $10200 |
| **7/31/2016** | $10618 | $11449 | $10734 |
| **8/31/2016** | $11009 | $11478 | $11023 |
| **9/30/2016** | $11204 | $11496 | $11347 |
| **10/31/2016** | $10775 | $11248 | $10700 |
| **11/30/2016** | $11399 | $11751 | $11943 |
| **12/31/2016** | $11630 | $11980 | $12487 |
| **1/31/2017** | $11709 | $12206 | $12299 |
| **2/28/2017** | $11948 | $12660 | $12427 |
| **3/31/2017** | $12146 | $12668 | $12535 |
| **4/30/2017** | $12384 | $12803 | $12664 |
| **5/31/2017** | $12384 | $12934 | $12373 |
| **6/30/2017** | $12821 | $13050 | $13015 |
| **7/31/2017** | $13059 | $13296 | $12943 |
| **8/31/2017** | $13059 | $13322 | $12835 |
| **9/30/2017** | $13813 | $13647 | $13881 |
| **10/31/2017** | $13972 | $13945 | $13859 |
| **11/30/2017** | $14448 | $14368 | $14198 |
| **12/31/2017** | $14701 | $14512 | $14131 |
| **1/31/2018** | $14830 | $15277 | $14478 |
| **2/28/2018** | $14315 | $14714 | $14020 |
| **3/31/2018** | $14444 | $14418 | $14227 |
| **4/30/2018** | $14487 | $14473 | $14406 |
| **5/31/2018** | $15130 | $14882 | $15445 |
| **6/30/2018** | $15644 | $14979 | $15645 |
| **7/31/2018** | $15773 | $15476 | $15635 |
| **8/31/2018** | $16630 | $16020 | $16308 |
| **9/30/2018** | $16415 | $16046 | $15776 |
| **10/31/2018** | $14658 | $14865 | $14056 |
| **11/30/2018** | $14572 | $15162 | $13966 |
| **12/31/2018** | $13430 | $13751 | $12283 |
| **1/31/2019** | $14748 | $14931 | $13571 |
| **2/28/2019** | $15725 | $15457 | $14315 |
| **3/31/2019** | $15286 | $15682 | $13892 |
| **4/30/2019** | $16165 | $16309 | $14157 |
| **5/31/2019** | $15676 | $15253 | $13197 |
| **6/30/2019** | $16604 | $16325 | $14020 |
| **7/31/2019** | $16409 | $16567 | $13829 |
| **8/31/2019** | $15920 | $16229 | $12960 |
| **9/30/2019** | $15676 | $16514 | $13256 |
| **10/31/2019** | $16067 | $16870 | $13596 |
| **11/30/2019** | $16751 | $17511 | $14226 |
| **12/31/2019** | $17438 | $18017 | $15038 |
| **1/31/2020** | $17385 | $17997 | $14337 |
| **2/29/2020** | $15998 | $16524 | $13357 |
| **3/31/2020** | $12479 | $14251 | $10228 |
| **4/30/2020** | $14718 | $16139 | $11785 |
| **5/31/2020** | $16692 | $17002 | $12567 |
| **6/30/2020** | $17491 | $17390 | $13352 |
| **7/31/2020** | $18505 | $18378 | $13494 |
| **8/31/2020** | $19838 | $19709 | $14297 |
| **9/30/2020** | $19518 | $18992 | $13845 |
| **10/31/2020** | $19678 | $18582 | $14023 |
| **11/30/2020** | $22611 | $20842 | $16890 |
| **12/31/2020** | $24614 | $21780 | $18190 |
| **1/31/2021** | $26062 | $21683 | $20776 |
| **2/28/2021** | $28354 | $22361 | $22027 |
| **3/31/2021** | $28294 | $23162 | $22536 |
| **4/30/2021** | $29440 | $24356 | $22595 |
| **5/31/2021** | $30586 | $24467 | $22965 |
| **6/30/2021** | $30767 | $25071 | $23468 |
| **7/31/2021** | $30405 | $25495 | $22174 |
| **8/31/2021** | $30888 | $26222 | $22969 |
| **9/30/2021** | $30888 | $25045 | $22300 |
| **10/31/2021** | $32155 | $26739 | $22794 |
| **11/30/2021** | $30888 | $26332 | $21599 |
| **12/31/2021** | $31323 | $27369 | $21708 |
| **1/31/2022** | $27826 | $25759 | $19586 |
| **2/28/2022** | $27380 | $25110 | $19786 |
| **3/31/2022** | $26710 | $25924 | $20058 |
| **4/30/2022** | $24404 | $23598 | $17978 |
| **5/31/2022** | $24032 | $23566 | $17908 |
| **6/30/2022** | $21576 | $21595 | $16256 |
| **7/31/2022** | $24032 | $23621 | $17875 |
| **8/31/2022** | $23213 | $22739 | $17904 |
| **9/30/2022** | $20907 | $20630 | $16177 |
| **10/31/2022** | $23139 | $22322 | $17712 |
| **11/30/2022** | $22618 | $23487 | $17697 |
| **12/31/2022** | $22246 | $22112 | $16941 |
| **1/31/2023** | $24180 | $23635 | $18611 |
| **2/28/2023** | $24180 | $23083 | $18070 |
| **3/31/2023** | $23139 | $23700 | $16463 |
| **4/30/2023** | $22320 | $23952 | $16037 |
| **5/31/2023** | $22395 | $24046 | $16263 |
| **6/30/2023** | $23734 | $25688 | $17334 |
| **7/31/2023** | $24850 | $26608 | $18260 |
| **8/31/2023** | $23734 | $26095 | $17046 |
| **9/30/2023** | $22246 | $24852 | $15959 |
| **10/31/2023** | $20981 | $24193 | $14807 |
| **11/30/2023** | $22990 | $26449 | $16209 |
| **12/31/2023** | $25222 | $27852 | $18523 |
| **1/31/2024** | $24478 | $28160 | $17805 |
| **2/29/2024** | $26338 | $29685 | $18912 |
| **3/31/2024** | $27008 | $30642 | $19390 |
| **4/30/2024** | $25371 | $29294 | $17884 |
| **5/31/2024** | $26933 | $30678 | $18790 |
| **6/30/2024** | $26784 | $31628 | $18367 |
| **7/31/2024** | $29240 | $32216 | $20547 |
| **8/31/2024** | $29463 | $32917 | $19983 |
| **9/30/2024** | $29612 | $33598 | $19889 |
| **10/31/2024** | $29165 | $33351 | $20025 |
| **11/30/2024** | $33406 | $35570 | $22356 |
| **12/31/2024** | $31323 | $34483 | $21061 |
| **1/31/2025** | $31769 | $35571 | $21089 |
| **2/28/2025** | $29909 | $34890 | $19937 |
| **3/31/2025** | $28198 | $32854 | $18031 |
| **4/30/2025** | $27975 | $32634 | $17947 |
| **5/31/2025** | $29984 | $34703 | $19376 |
| **6/30/2025** | $31025 | $36466 | $20829 |
| **7/31/2025** | $31248 | $37269 | $21262 |
| **8/31/2025** | $33406 | $38131 | $23230 |
| **9/30/2025** | $34224 | $39447 | $24376 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | 15.58% | 11.89% | 13.09% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell Microcap<sup>®</sup> Index | 22.56% | 11.98% | 9.32% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $352842849 |
| # of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 69% |
| Total Advisory Fees Paid | $4978463 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Red Violet, Inc. | 3.3% |
| Digi International, Inc. | 2.7% |
| Standex International Corp. | 2.6% |
| Bel Fuse, Inc., Class B | 2.6% |
| Champion Homes, Inc. | 2.5% |
| Veeco Instruments, Inc. | 2.5% |
| EZCORP, Inc., Class A | 2.5% |
| JDC Group AG | 2.5% |
| TAT Technologies Ltd. | 2.4% |
| Climb Global Solutions, Inc. | 2.4% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 9.1% |
| Trading Companies & Distributors | 5.7% |
| Regional Banks | 5.6% |
| Construction & Engineering | 5.5% |
| Packaged Foods & Meats | 5.0% |
| Investment Banking & Brokerage | 4.5% |
| Electronic Equipment & Instruments | 4.4% |
| Aerospace & Defense | 4.2% |
| Property & Casualty Insurance | 4.1% |
| Semiconductor Materials & Equipment | 3.8% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.8% |
| Other Assets and Liabilities, Net | 2.2% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Micro Cap Value Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Small Cap Growth Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAAEX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Small Cap Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $113 | 1.14% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. U.S. small-cap equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

Amid this backdrop, the Fund underperformed its benchmark. Broadly speaking, what we perceived as lower quality stocks tended to outperform during the market's rebound that began in April. This was a headwind for our investment process, which tends to focus on high-quality businesses. We also owned a few companies that produced disappointing results in the period, which led the stocks lower. Those positions had a large effect on performance.

During the period, the Fund's stock selection in the industrials, consumer-staples and financials sectors were the largest sources of underperformance relative to the benchmark. However, the Fund's holdings in the health-care sector and our lack of exposure to the communication-services sector contributed to relative performance.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g61z39.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10483 | $10790 | $10567 | $10563 |
| **11/30/2015** | $10909 | $10850 | $10955 | $10907 |
| **12/31/2015** | $10614 | $10627 | $10432 | $10359 |
| **1/31/2016** | $9591 | $10027 | $9302 | $9448 |
| **2/29/2016** | $9390 | $10024 | $9236 | $9448 |
| **3/31/2016** | $10151 | $10730 | $9943 | $10202 |
| **4/30/2016** | $10207 | $10796 | $10043 | $10362 |
| **5/31/2016** | $10369 | $10990 | $10313 | $10596 |
| **6/30/2016** | $10297 | $11012 | $10266 | $10589 |
| **7/31/2016** | $10986 | $11449 | $10937 | $11221 |
| **8/31/2016** | $10966 | $11478 | $11053 | $11420 |
| **9/30/2016** | $11187 | $11496 | $11212 | $11547 |
| **10/31/2016** | $10863 | $11248 | $10516 | $10998 |
| **11/30/2016** | $11313 | $11751 | $11456 | $12224 |
| **12/31/2016** | $11125 | $11980 | $11613 | $12567 |
| **1/31/2017** | $11539 | $12206 | $11801 | $12616 |
| **2/28/2017** | $11597 | $12660 | $12091 | $12860 |
| **3/31/2017** | $11720 | $12668 | $12234 | $12877 |
| **4/30/2017** | $12014 | $12803 | $12459 | $13018 |
| **5/31/2017** | $12112 | $12934 | $12346 | $12753 |
| **6/30/2017** | $12218 | $13050 | $12771 | $13194 |
| **7/31/2017** | $12269 | $13296 | $12879 | $13292 |
| **8/31/2017** | $12269 | $13322 | $12864 | $13123 |
| **9/30/2017** | $12786 | $13647 | $13565 | $13942 |
| **10/31/2017** | $12943 | $13945 | $13775 | $14061 |
| **11/30/2017** | $13505 | $14368 | $14170 | $14466 |
| **12/31/2017** | $13542 | $14512 | $14187 | $14407 |
| **1/31/2018** | $14282 | $15277 | $14740 | $14784 |
| **2/28/2018** | $14361 | $14714 | $14320 | $14211 |
| **3/31/2018** | $14607 | $14418 | $14513 | $14395 |
| **4/30/2018** | $14357 | $14473 | $14527 | $14520 |
| **5/31/2018** | $15216 | $14882 | $15442 | $15401 |
| **6/30/2018** | $15625 | $14979 | $15563 | $15511 |
| **7/31/2018** | $15916 | $15476 | $15830 | $15782 |
| **8/31/2018** | $17668 | $16020 | $16816 | $16462 |
| **9/30/2018** | $17271 | $16046 | $16422 | $16066 |
| **10/31/2018** | $15454 | $14865 | $14344 | $14321 |
| **11/30/2018** | $16000 | $15162 | $14569 | $14549 |
| **12/31/2018** | $14016 | $13751 | $12866 | $12821 |
| **1/31/2019** | $15775 | $14931 | $14352 | $14263 |
| **2/28/2019** | $16893 | $15457 | $15279 | $15004 |
| **3/31/2019** | $16888 | $15682 | $15072 | $14690 |
| **4/30/2019** | $17827 | $16309 | $15531 | $15189 |
| **5/31/2019** | $17338 | $15253 | $14379 | $14008 |
| **6/30/2019** | $18377 | $16325 | $15486 | $14998 |
| **7/31/2019** | $18687 | $16567 | $15638 | $15084 |
| **8/31/2019** | $18132 | $16229 | $14963 | $14340 |
| **9/30/2019** | $17560 | $16514 | $14840 | $14638 |
| **10/31/2019** | $17678 | $16870 | $15262 | $15024 |
| **11/30/2019** | $18962 | $17511 | $16161 | $15642 |
| **12/31/2019** | $19643 | $18017 | $16531 | $16093 |
| **1/31/2020** | $19919 | $17997 | $16349 | $15577 |
| **2/29/2020** | $18866 | $16524 | $15169 | $14266 |
| **3/31/2020** | $15017 | $14251 | $12272 | $11166 |
| **4/30/2020** | $17641 | $16139 | $14100 | $12700 |
| **5/31/2020** | $20030 | $17002 | $15432 | $13526 |
| **6/30/2020** | $21093 | $17390 | $16025 | $14004 |
| **7/31/2020** | $22303 | $18378 | $16576 | $14392 |
| **8/31/2020** | $23918 | $19709 | $17548 | $15203 |
| **9/30/2020** | $23401 | $18992 | $17172 | $14695 |
| **10/31/2020** | $23918 | $18582 | $17303 | $15003 |
| **11/30/2020** | $27762 | $20842 | $20354 | $17768 |
| **12/31/2020** | $30344 | $21780 | $22256 | $19305 |
| **1/31/2021** | $30488 | $21683 | $23329 | $20277 |
| **2/28/2021** | $32651 | $22361 | $24100 | $21541 |
| **3/31/2021** | $31583 | $23162 | $23341 | $21757 |
| **4/30/2021** | $33393 | $24356 | $23850 | $22214 |
| **5/31/2021** | $32229 | $24467 | $23169 | $22260 |
| **6/30/2021** | $33579 | $25071 | $24256 | $22691 |
| **7/31/2021** | $34060 | $25495 | $23372 | $21871 |
| **8/31/2021** | $34428 | $26222 | $23797 | $22361 |
| **9/30/2021** | $33345 | $25045 | $22885 | $21701 |
| **10/31/2021** | $35501 | $26739 | $23956 | $22625 |
| **11/30/2021** | $32613 | $26332 | $22786 | $21682 |
| **12/31/2021** | $32870 | $27369 | $22887 | $22166 |
| **1/31/2022** | $27634 | $25759 | $19820 | $20032 |
| **2/28/2022** | $27016 | $25110 | $19906 | $20246 |
| **3/31/2022** | $26897 | $25924 | $19997 | $20498 |
| **4/30/2022** | $23411 | $23598 | $17544 | $18466 |
| **5/31/2022** | $22122 | $23566 | $17212 | $18494 |
| **6/30/2022** | $20155 | $21595 | $16147 | $16973 |
| **7/31/2022** | $22003 | $23621 | $17955 | $18745 |
| **8/31/2022** | $21359 | $22739 | $17786 | $18362 |
| **9/30/2022** | $19201 | $20630 | $16186 | $16602 |
| **10/31/2022** | $20484 | $22322 | $17722 | $18430 |
| **11/30/2022** | $20819 | $23487 | $18011 | $18860 |
| **12/31/2022** | $19635 | $22112 | $16855 | $17636 |
| **1/31/2023** | $22207 | $23635 | $18531 | $19355 |
| **2/28/2023** | $21517 | $23083 | $18331 | $19028 |
| **3/31/2023** | $21102 | $23700 | $17878 | $18119 |
| **4/30/2023** | $20852 | $23952 | $17671 | $17793 |
| **5/31/2023** | $20273 | $24046 | $17674 | $17629 |
| **6/30/2023** | $22385 | $25688 | $19139 | $19062 |
| **7/31/2023** | $23529 | $26608 | $20034 | $20228 |
| **8/31/2023** | $22839 | $26095 | $18991 | $19216 |
| **9/30/2023** | $21240 | $24852 | $17738 | $18085 |
| **10/31/2023** | $19339 | $24193 | $16370 | $16851 |
| **11/30/2023** | $21339 | $26449 | $17861 | $18377 |
| **12/31/2023** | $23806 | $27852 | $20000 | $20622 |
| **1/31/2024** | $23128 | $28160 | $19358 | $19820 |
| **2/29/2024** | $24463 | $29685 | $20931 | $20940 |
| **3/31/2024** | $24766 | $30642 | $21516 | $21690 |
| **4/30/2024** | $23016 | $29294 | $19859 | $20163 |
| **5/31/2024** | $23694 | $30678 | $20923 | $21175 |
| **6/30/2024** | $23812 | $31628 | $20888 | $20979 |
| **7/31/2024** | $24871 | $32216 | $22598 | $23111 |
| **8/31/2024** | $25371 | $32917 | $22348 | $22765 |
| **9/30/2024** | $26062 | $33598 | $22645 | $22924 |
| **10/31/2024** | $26049 | $33351 | $22344 | $22593 |
| **11/30/2024** | $29325 | $35570 | $25084 | $25072 |
| **12/31/2024** | $27496 | $34483 | $23030 | $23001 |
| **1/31/2025** | $28805 | $35571 | $23759 | $23604 |
| **2/28/2025** | $26200 | $34890 | $22150 | $22342 |
| **3/31/2025** | $23792 | $32854 | $20470 | $20821 |
| **4/30/2025** | $23806 | $32634 | $20339 | $20340 |
| **5/31/2025** | $25680 | $34703 | $21645 | $21426 |
| **6/30/2025** | $26608 | $36466 | $22920 | $22590 |
| **7/31/2025** | $25996 | $37269 | $23310 | $22982 |
| **8/31/2025** | $26082 | $38131 | $24689 | $24624 |
| **9/30/2025** | $25621 | $39447 | $25715 | $25391 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | (1.69%) | 1.83% | 9.87% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1724930498 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $19756436 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Ensign Group, Inc. | 4.7% |
| Nova Ltd. | 4.5% |
| RBC Bearings, Inc. | 4.5% |
| Fabrinet | 4.3% |
| HealthEquity, Inc. | 4.2% |
| Medpace Holdings, Inc. | 4.0% |
| Ollie's Bargain Outlet Holdings, Inc. | 3.7% |
| JFrog Ltd. | 3.5% |
| Construction Partners, Inc., Class A | 3.4% |
| SiteOne Landscape Supply, Inc. | 3.2% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 10.1% |
| Semiconductor Materials & Equipment | 7.2% |
| Broadline Retail | 5.0% |
| Construction & Engineering | 4.8% |
| Health Care Facilities | 4.7% |
| Industrial Machinery & Supplies & Components | 4.5% |
| Electronic Manufacturing Services | 4.3% |
| Transaction & Payment Processing Services | 4.3% |
| Systems Software | 4.2% |
| Managed Health Care | 4.2% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.3% |
| Preferred Stocks | 0.8% |
| Other Assets and Liabilities, Net | 1.9% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Small Cap Growth Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Small Cap Growth Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WIAEX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Small Cap Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $104 | 1.05% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. U.S. small-cap equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

Amid this backdrop, the Fund underperformed its benchmark. Broadly speaking, what we perceived as lower quality stocks tended to outperform during the market's rebound that began in April. This was a headwind for our investment process, which tends to focus on high-quality businesses. We also owned a few companies that produced disappointing results in the period, which led the stocks lower. Those positions had a large effect on performance.

During the period, the Fund's stock selection in the industrials, consumer-staples and financials sectors were the largest sources of underperformance relative to the benchmark. However, the Fund's holdings in the health-care sector and our lack of exposure to the communication-services sector contributed to relative performance.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g91i41.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** | **Russell 2000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10483 | $10790 | $10567 | $10563 |
| **11/30/2015** | $10909 | $10850 | $10955 | $10907 |
| **12/31/2015** | $10614 | $10627 | $10432 | $10359 |
| **1/31/2016** | $9591 | $10027 | $9302 | $9448 |
| **2/29/2016** | $9390 | $10024 | $9236 | $9448 |
| **3/31/2016** | $10151 | $10730 | $9943 | $10202 |
| **4/30/2016** | $10210 | $10796 | $10043 | $10362 |
| **5/31/2016** | $10375 | $10990 | $10313 | $10596 |
| **6/30/2016** | $10305 | $11012 | $10266 | $10589 |
| **7/31/2016** | $10997 | $11449 | $10937 | $11221 |
| **8/31/2016** | $10981 | $11478 | $11053 | $11420 |
| **9/30/2016** | $11202 | $11496 | $11212 | $11547 |
| **10/31/2016** | $10881 | $11248 | $10516 | $10998 |
| **11/30/2016** | $11333 | $11751 | $11456 | $12224 |
| **12/31/2016** | $11148 | $11980 | $11613 | $12567 |
| **1/31/2017** | $11567 | $12206 | $11801 | $12616 |
| **2/28/2017** | $11626 | $12660 | $12091 | $12860 |
| **3/31/2017** | $11752 | $12668 | $12234 | $12877 |
| **4/30/2017** | $12048 | $12803 | $12459 | $13018 |
| **5/31/2017** | $12149 | $12934 | $12346 | $12753 |
| **6/30/2017** | $12255 | $13050 | $12771 | $13194 |
| **7/31/2017** | $12308 | $13296 | $12879 | $13292 |
| **8/31/2017** | $12311 | $13322 | $12864 | $13123 |
| **9/30/2017** | $12831 | $13647 | $13565 | $13942 |
| **10/31/2017** | $12990 | $13945 | $13775 | $14061 |
| **11/30/2017** | $13558 | $14368 | $14170 | $14466 |
| **12/31/2017** | $13596 | $14512 | $14187 | $14407 |
| **1/31/2018** | $14342 | $15277 | $14740 | $14784 |
| **2/28/2018** | $14423 | $14714 | $14320 | $14211 |
| **3/31/2018** | $14673 | $14418 | $14513 | $14395 |
| **4/30/2018** | $14420 | $14473 | $14527 | $14520 |
| **5/31/2018** | $15287 | $14882 | $15442 | $15401 |
| **6/30/2018** | $15699 | $14979 | $15563 | $15511 |
| **7/31/2018** | $15993 | $15476 | $15830 | $15782 |
| **8/31/2018** | $17756 | $16020 | $16816 | $16462 |
| **9/30/2018** | $17357 | $16046 | $16422 | $16066 |
| **10/31/2018** | $15531 | $14865 | $14344 | $14321 |
| **11/30/2018** | $16083 | $15162 | $14569 | $14549 |
| **12/31/2018** | $14087 | $13751 | $12866 | $12821 |
| **1/31/2019** | $15858 | $14931 | $14352 | $14263 |
| **2/28/2019** | $16986 | $15457 | $15279 | $15004 |
| **3/31/2019** | $16986 | $15682 | $15072 | $14690 |
| **4/30/2019** | $17930 | $16309 | $15531 | $15189 |
| **5/31/2019** | $17438 | $15253 | $14379 | $14008 |
| **6/30/2019** | $18487 | $16325 | $15486 | $14998 |
| **7/31/2019** | $18800 | $16567 | $15638 | $15084 |
| **8/31/2019** | $18243 | $16229 | $14963 | $14340 |
| **9/30/2019** | $17669 | $16514 | $14840 | $14638 |
| **10/31/2019** | $17786 | $16870 | $15262 | $15024 |
| **11/30/2019** | $19083 | $17511 | $16161 | $15642 |
| **12/31/2019** | $19767 | $18017 | $16531 | $16093 |
| **1/31/2020** | $20052 | $17997 | $16349 | $15577 |
| **2/29/2020** | $18993 | $16524 | $15169 | $14266 |
| **3/31/2020** | $15121 | $14251 | $12272 | $11166 |
| **4/30/2020** | $17759 | $16139 | $14100 | $12700 |
| **5/31/2020** | $20167 | $17002 | $15432 | $13526 |
| **6/30/2020** | $21241 | $17390 | $16025 | $14004 |
| **7/31/2020** | $22459 | $18378 | $16576 | $14392 |
| **8/31/2020** | $24093 | $19709 | $17548 | $15203 |
| **9/30/2020** | $23568 | $18992 | $17172 | $14695 |
| **10/31/2020** | $24093 | $18582 | $17303 | $15003 |
| **11/30/2020** | $27969 | $20842 | $20354 | $17768 |
| **12/31/2020** | $30571 | $21780 | $22256 | $19305 |
| **1/31/2021** | $30714 | $21683 | $23329 | $20277 |
| **2/28/2021** | $32897 | $22361 | $24100 | $21541 |
| **3/31/2021** | $31824 | $23162 | $23341 | $21757 |
| **4/30/2021** | $33651 | $24356 | $23850 | $22214 |
| **5/31/2021** | $32483 | $24467 | $23169 | $22260 |
| **6/30/2021** | $33842 | $25071 | $24256 | $22691 |
| **7/31/2021** | $34331 | $25495 | $23372 | $21871 |
| **8/31/2021** | $34698 | $26222 | $23797 | $22361 |
| **9/30/2021** | $33614 | $25045 | $22885 | $21701 |
| **10/31/2021** | $35786 | $26739 | $23956 | $22625 |
| **11/30/2021** | $32876 | $26332 | $22786 | $21682 |
| **12/31/2021** | $33137 | $27369 | $22887 | $22166 |
| **1/31/2022** | $27859 | $25759 | $19820 | $20032 |
| **2/28/2022** | $27239 | $25110 | $19906 | $20246 |
| **3/31/2022** | $27128 | $25924 | $19997 | $20498 |
| **4/30/2022** | $23612 | $23598 | $17544 | $18466 |
| **5/31/2022** | $22313 | $23566 | $17212 | $18494 |
| **6/30/2022** | $20336 | $21595 | $16147 | $16973 |
| **7/31/2022** | $22196 | $23621 | $17955 | $18745 |
| **8/31/2022** | $21557 | $22739 | $17786 | $18362 |
| **9/30/2022** | $19377 | $20630 | $16186 | $16602 |
| **10/31/2022** | $20669 | $22322 | $17722 | $18430 |
| **11/30/2022** | $21009 | $23487 | $18011 | $18860 |
| **12/31/2022** | $19821 | $22112 | $16855 | $17636 |
| **1/31/2023** | $22418 | $23635 | $18531 | $19355 |
| **2/28/2023** | $21720 | $23083 | $18331 | $19028 |
| **3/31/2023** | $21309 | $23700 | $17878 | $18119 |
| **4/30/2023** | $21054 | $23952 | $17671 | $17793 |
| **5/31/2023** | $20474 | $24046 | $17674 | $17629 |
| **6/30/2023** | $22607 | $25688 | $19139 | $19062 |
| **7/31/2023** | $23762 | $26608 | $20034 | $20228 |
| **8/31/2023** | $23064 | $26095 | $18991 | $19216 |
| **9/30/2023** | $21452 | $24852 | $17738 | $18085 |
| **10/31/2023** | $19534 | $24193 | $16370 | $16851 |
| **11/30/2023** | $21557 | $26449 | $17861 | $18377 |
| **12/31/2023** | $24049 | $27852 | $20000 | $20622 |
| **1/31/2024** | $23364 | $28160 | $19358 | $19820 |
| **2/29/2024** | $24721 | $29685 | $20931 | $20940 |
| **3/31/2024** | $25028 | $30642 | $21516 | $21690 |
| **4/30/2024** | $23259 | $29294 | $19859 | $20163 |
| **5/31/2024** | $23951 | $30678 | $20923 | $21175 |
| **6/30/2024** | $24068 | $31628 | $20888 | $20979 |
| **7/31/2024** | $25145 | $32216 | $22598 | $23111 |
| **8/31/2024** | $25647 | $32917 | $22348 | $22765 |
| **9/30/2024** | $26345 | $33598 | $22645 | $22924 |
| **10/31/2024** | $26339 | $33351 | $22344 | $22593 |
| **11/30/2024** | $29647 | $35570 | $25084 | $25072 |
| **12/31/2024** | $27807 | $34483 | $23030 | $23001 |
| **1/31/2025** | $29131 | $35571 | $23759 | $23604 |
| **2/28/2025** | $26502 | $34890 | $22150 | $22342 |
| **3/31/2025** | $24068 | $32854 | $20470 | $20821 |
| **4/30/2025** | $24081 | $32634 | $20339 | $20340 |
| **5/31/2025** | $25987 | $34703 | $21645 | $21426 |
| **6/30/2025** | $26920 | $36466 | $22920 | $22590 |
| **7/31/2025** | $26306 | $37269 | $23310 | $22982 |
| **8/31/2025** | $26391 | $38131 | $24689 | $24624 |
| **9/30/2025** | $25928 | $39447 | $25715 | $25391 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | (1.59%) | 1.93% | 10.00% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1724930498 |
| # of Portfolio Holdings | 42 |
| Portfolio Turnover Rate | 39% |
| Total Advisory Fees Paid | $19756436 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Ensign Group, Inc. | 4.7% |
| Nova Ltd. | 4.5% |
| RBC Bearings, Inc. | 4.5% |
| Fabrinet | 4.3% |
| HealthEquity, Inc. | 4.2% |
| Medpace Holdings, Inc. | 4.0% |
| Ollie's Bargain Outlet Holdings, Inc. | 3.7% |
| JFrog Ltd. | 3.5% |
| Construction Partners, Inc., Class A | 3.4% |
| SiteOne Landscape Supply, Inc. | 3.2% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 10.1% |
| Semiconductor Materials & Equipment | 7.2% |
| Broadline Retail | 5.0% |
| Construction & Engineering | 4.8% |
| Health Care Facilities | 4.7% |
| Industrial Machinery & Supplies & Components | 4.5% |
| Electronic Manufacturing Services | 4.3% |
| Transaction & Payment Processing Services | 4.3% |
| Systems Software | 4.2% |
| Managed Health Care | 4.2% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.3% |
| Preferred Stocks | 0.8% |
| Other Assets and Liabilities, Net | 1.9% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Small Cap Growth Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Small Cap Value Fund
![Image](g73947g67n92.jpg)

#### Investor Class WMCVX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Small Cap Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $116 | 1.17% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. U.S. small-cap equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

The market rebound was characterized by strength in companies on the lower end of the quality range, including those with weaker balance sheets and no current earnings. Speculative stocks, in particular, performed well in this time. This was a headwind for our investment process, which focuses on companies we believe are higher quality, and was a key factor that led to our underperformance of the benchmark.

During the period, the Fund's stock selection in the industrials, information-technology and financials sectors were the largest sources of underperformance relative to the benchmark. However, the Fund's holdings in the health-care and energy sectors contributed to relative performance.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g97v64.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 2000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10171 | $10790 | $10560 | $10563 |
| **11/30/2015** | $10529 | $10850 | $10860 | $10907 |
| **12/31/2015** | $10154 | $10627 | $10288 | $10359 |
| **1/31/2016** | $9296 | $10027 | $9596 | $9448 |
| **2/29/2016** | $9348 | $10024 | $9662 | $9448 |
| **3/31/2016** | $9914 | $10730 | $10463 | $10202 |
| **4/30/2016** | $10120 | $10796 | $10684 | $10362 |
| **5/31/2016** | $10223 | $10990 | $10880 | $10596 |
| **6/30/2016** | $10325 | $11012 | $10913 | $10589 |
| **7/31/2016** | $10909 | $11449 | $11502 | $11221 |
| **8/31/2016** | $11217 | $11478 | $11788 | $11420 |
| **9/30/2016** | $11337 | $11496 | $11881 | $11547 |
| **10/31/2016** | $10960 | $11248 | $11490 | $10998 |
| **11/30/2016** | $11835 | $11751 | $13016 | $12224 |
| **12/31/2016** | $12169 | $11980 | $13553 | $12567 |
| **1/31/2017** | $12186 | $12206 | $13456 | $12616 |
| **2/28/2017** | $12272 | $12660 | $13651 | $12860 |
| **3/31/2017** | $12461 | $12668 | $13535 | $12877 |
| **4/30/2017** | $12427 | $12803 | $13589 | $13018 |
| **5/31/2017** | $12392 | $12934 | $13165 | $12753 |
| **6/30/2017** | $12856 | $13050 | $13626 | $13194 |
| **7/31/2017** | $12959 | $13296 | $13712 | $13292 |
| **8/31/2017** | $12804 | $13322 | $13375 | $13123 |
| **9/30/2017** | $13628 | $13647 | $14322 | $13942 |
| **10/31/2017** | $13748 | $13945 | $14341 | $14061 |
| **11/30/2017** | $14418 | $14368 | $14756 | $14466 |
| **12/31/2017** | $14549 | $14512 | $14615 | $14407 |
| **1/31/2018** | $14878 | $15277 | $14795 | $14784 |
| **2/28/2018** | $14274 | $14714 | $14056 | $14211 |
| **3/31/2018** | $14219 | $14418 | $14229 | $14395 |
| **4/30/2018** | $14329 | $14473 | $14476 | $14520 |
| **5/31/2018** | $15043 | $14882 | $15318 | $15401 |
| **6/30/2018** | $15207 | $14979 | $15411 | $15511 |
| **7/31/2018** | $15336 | $15476 | $15683 | $15782 |
| **8/31/2018** | $16013 | $16020 | $16057 | $16462 |
| **9/30/2018** | $15610 | $16046 | $15658 | $16066 |
| **10/31/2018** | $14512 | $14865 | $14256 | $14321 |
| **11/30/2018** | $14933 | $15162 | $14486 | $14549 |
| **12/31/2018** | $13174 | $13751 | $12735 | $12821 |
| **1/31/2019** | $14551 | $14931 | $14128 | $14263 |
| **2/28/2019** | $15090 | $15457 | $14677 | $15004 |
| **3/31/2019** | $14711 | $15682 | $14254 | $14690 |
| **4/30/2019** | $15569 | $16309 | $14793 | $15189 |
| **5/31/2019** | $14431 | $15253 | $13585 | $14008 |
| **6/30/2019** | $15469 | $16325 | $14450 | $14998 |
| **7/31/2019** | $15589 | $16567 | $14473 | $15084 |
| **8/31/2019** | $14890 | $16229 | $13666 | $14340 |
| **9/30/2019** | $15190 | $16514 | $14367 | $14638 |
| **10/31/2019** | $15409 | $16870 | $14715 | $15024 |
| **11/30/2019** | $15908 | $17511 | $15060 | $15642 |
| **12/31/2019** | $16286 | $18017 | $15587 | $16093 |
| **1/31/2020** | $15680 | $17997 | $14746 | $15577 |
| **2/29/2020** | $14026 | $16524 | $13313 | $14266 |
| **3/31/2020** | $10272 | $14251 | $10029 | $11166 |
| **4/30/2020** | $11846 | $16139 | $11266 | $12700 |
| **5/31/2020** | $13097 | $17002 | $11589 | $13526 |
| **6/30/2020** | $13501 | $17390 | $11925 | $14004 |
| **7/31/2020** | $14227 | $18378 | $12171 | $14392 |
| **8/31/2020** | $14853 | $19709 | $12826 | $15203 |
| **9/30/2020** | $14106 | $18992 | $12229 | $14695 |
| **10/31/2020** | $14470 | $18582 | $12667 | $15003 |
| **11/30/2020** | $17012 | $20842 | $15112 | $17768 |
| **12/31/2020** | $18324 | $21780 | $16309 | $19305 |
| **1/31/2021** | $18970 | $21683 | $17167 | $20277 |
| **2/28/2021** | $20665 | $22361 | $18780 | $21541 |
| **3/31/2021** | $21149 | $23162 | $19762 | $21757 |
| **4/30/2021** | $21694 | $24356 | $20161 | $22214 |
| **5/31/2021** | $22280 | $24467 | $20789 | $22260 |
| **6/30/2021** | $22300 | $25071 | $20663 | $22691 |
| **7/31/2021** | $21957 | $25495 | $19923 | $21871 |
| **8/31/2021** | $22098 | $26222 | $20457 | $22361 |
| **9/30/2021** | $21553 | $25045 | $20047 | $21701 |
| **10/31/2021** | $22602 | $26739 | $20811 | $22625 |
| **11/30/2021** | $22199 | $26332 | $20100 | $21682 |
| **12/31/2021** | $22975 | $27369 | $20920 | $22166 |
| **1/31/2022** | $21251 | $25759 | $19700 | $20032 |
| **2/28/2022** | $20880 | $25110 | $20026 | $20246 |
| **3/31/2022** | $20706 | $25924 | $20418 | $20498 |
| **4/30/2022** | $19026 | $23598 | $18834 | $18466 |
| **5/31/2022** | $19353 | $23566 | $19195 | $18494 |
| **6/30/2022** | $17302 | $21595 | $17299 | $16973 |
| **7/31/2022** | $19288 | $23621 | $18974 | $18745 |
| **8/31/2022** | $18393 | $22739 | $18374 | $18362 |
| **9/30/2022** | $16342 | $20630 | $16501 | $16602 |
| **10/31/2022** | $18306 | $22322 | $18579 | $18430 |
| **11/30/2022** | $19462 | $23487 | $19146 | $18860 |
| **12/31/2022** | $18022 | $22112 | $17890 | $17636 |
| **1/31/2023** | $20345 | $23635 | $19597 | $19355 |
| **2/28/2023** | $19809 | $23083 | $19146 | $19028 |
| **3/31/2023** | $19027 | $23700 | $17773 | $18119 |
| **4/30/2023** | $18826 | $23952 | $17329 | $17793 |
| **5/31/2023** | $18156 | $24046 | $16989 | $17629 |
| **6/30/2023** | $20367 | $25688 | $18338 | $19062 |
| **7/31/2023** | $21774 | $26608 | $19722 | $20228 |
| **8/31/2023** | $21506 | $26095 | $18773 | $19216 |
| **9/30/2023** | $20412 | $24852 | $17795 | $18085 |
| **10/31/2023** | $19094 | $24193 | $16734 | $16851 |
| **11/30/2023** | $20791 | $26449 | $18240 | $18377 |
| **12/31/2023** | $23720 | $27852 | $20510 | $20622 |
| **1/31/2024** | $23095 | $28160 | $19579 | $19820 |
| **2/29/2024** | $24693 | $29685 | $20219 | $20940 |
| **3/31/2024** | $25319 | $30642 | $21105 | $21690 |
| **4/30/2024** | $23419 | $29294 | $19761 | $20163 |
| **5/31/2024** | $25110 | $30678 | $20685 | $21175 |
| **6/30/2024** | $25064 | $31628 | $20336 | $20979 |
| **7/31/2024** | $27311 | $32216 | $22815 | $23111 |
| **8/31/2024** | $26801 | $32917 | $22386 | $22765 |
| **9/30/2024** | $27172 | $33598 | $22401 | $22924 |
| **10/31/2024** | $26430 | $33351 | $22050 | $22593 |
| **11/30/2024** | $29048 | $35570 | $24177 | $25072 |
| **12/31/2024** | $26525 | $34483 | $22163 | $23001 |
| **1/31/2025** | $27304 | $35571 | $22618 | $23604 |
| **2/28/2025** | $25719 | $34890 | $21752 | $22342 |
| **3/31/2025** | $23972 | $32854 | $20447 | $20821 |
| **4/30/2025** | $22897 | $32634 | $19625 | $20340 |
| **5/31/2025** | $24375 | $34703 | $20450 | $21426 |
| **6/30/2025** | $25343 | $36466 | $21462 | $22590 |
| **7/31/2025** | $25584 | $37269 | $21841 | $22982 |
| **8/31/2025** | $26713 | $38131 | $23691 | $24624 |
| **9/30/2025** | $26579 | $39447 | $24167 | $25391 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | (2.18%) | 13.51% | 10.27% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.23% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1603657720 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid | $15802897 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Ensign Group, Inc. | 2.8% |
| Medpace Holdings, Inc. | 2.8% |
| Bank OZK | 2.8% |
| Camtek Ltd. | 2.5% |
| Nova Ltd. | 2.4% |
| Vita Coco Co., Inc. | 2.4% |
| Granite Construction, Inc. | 2.3% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.2% |
| Hawkins, Inc. | 2.2% |
| Standex International Corp. | 2.2% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Regional Banks | 8.4% |
| Industrial Machinery & Supplies & Components | 7.4% |
| Semiconductor Materials & Equipment | 4.9% |
| Electronic Manufacturing Services | 4.7% |
| Asset Management & Custody Banks | 4.4% |
| Building Products | 4.2% |
| Education Services | 3.8% |
| Transaction & Payment Processing Services | 3.4% |
| Health Care Facilities | 2.8% |
| Life Sciences Tools & Services | 2.8% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.3% |
| Other Assets and Liabilities, Net | 2.7% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Small Cap Value Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Small Cap Value Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WICVX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Small Cap Value Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $104 | 1.05% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. U.S. small-cap equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

The market rebound was characterized by strength in companies on the lower end of the quality range, including those with weaker balance sheets and no current earnings. Speculative stocks, in particular, performed well in this time. This was a headwind for our investment process, which focuses on companies we believe are higher quality, and was a key factor that led to our underperformance of the benchmark.

During the period, the Fund's stock selection in the industrials, information-technology and financials sectors were the largest sources of underperformance relative to the benchmark. However, the Fund's holdings in the health-care and energy sectors contributed to relative performance.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g47c03.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 2000<sup>®</sup> Index** |
| **9/30/2015** | $10000 | $10000 | $10000 | $10000 |
| **10/31/2015** | $10170 | $10790 | $10560 | $10563 |
| **11/30/2015** | $10526 | $10850 | $10860 | $10907 |
| **12/31/2015** | $10159 | $10627 | $10288 | $10359 |
| **1/31/2016** | $9288 | $10027 | $9596 | $9448 |
| **2/29/2016** | $9340 | $10024 | $9662 | $9448 |
| **3/31/2016** | $9920 | $10730 | $10463 | $10202 |
| **4/30/2016** | $10125 | $10796 | $10684 | $10362 |
| **5/31/2016** | $10228 | $10990 | $10880 | $10596 |
| **6/30/2016** | $10330 | $11012 | $10913 | $10589 |
| **7/31/2016** | $10911 | $11449 | $11502 | $11221 |
| **8/31/2016** | $11235 | $11478 | $11788 | $11420 |
| **9/30/2016** | $11354 | $11496 | $11881 | $11547 |
| **10/31/2016** | $10979 | $11248 | $11490 | $10998 |
| **11/30/2016** | $11850 | $11751 | $13016 | $12224 |
| **12/31/2016** | $12185 | $11980 | $13553 | $12567 |
| **1/31/2017** | $12219 | $12206 | $13456 | $12616 |
| **2/28/2017** | $12288 | $12660 | $13651 | $12860 |
| **3/31/2017** | $12476 | $12668 | $13535 | $12877 |
| **4/30/2017** | $12442 | $12803 | $13589 | $13018 |
| **5/31/2017** | $12424 | $12934 | $13165 | $12753 |
| **6/30/2017** | $12869 | $13050 | $13626 | $13194 |
| **7/31/2017** | $12989 | $13296 | $13712 | $13292 |
| **8/31/2017** | $12835 | $13322 | $13375 | $13123 |
| **9/30/2017** | $13657 | $13647 | $14322 | $13942 |
| **10/31/2017** | $13794 | $13945 | $14341 | $14061 |
| **11/30/2017** | $14461 | $14368 | $14756 | $14466 |
| **12/31/2017** | $14598 | $14512 | $14615 | $14407 |
| **1/31/2018** | $14927 | $15277 | $14795 | $14784 |
| **2/28/2018** | $14305 | $14714 | $14056 | $14211 |
| **3/31/2018** | $14269 | $14418 | $14229 | $14395 |
| **4/30/2018** | $14379 | $14473 | $14476 | $14520 |
| **5/31/2018** | $15091 | $14882 | $15318 | $15401 |
| **6/30/2018** | $15255 | $14979 | $15411 | $15511 |
| **7/31/2018** | $15402 | $15476 | $15683 | $15782 |
| **8/31/2018** | $16078 | $16020 | $16057 | $16462 |
| **9/30/2018** | $15676 | $16046 | $15658 | $16066 |
| **10/31/2018** | $14579 | $14865 | $14256 | $14321 |
| **11/30/2018** | $15000 | $15162 | $14486 | $14549 |
| **12/31/2018** | $13225 | $13751 | $12735 | $12821 |
| **1/31/2019** | $14619 | $14931 | $14128 | $14263 |
| **2/28/2019** | $15157 | $15457 | $14677 | $15004 |
| **3/31/2019** | $14779 | $15682 | $14254 | $14690 |
| **4/30/2019** | $15655 | $16309 | $14793 | $15189 |
| **5/31/2019** | $14500 | $15253 | $13585 | $14008 |
| **6/30/2019** | $15536 | $16325 | $14450 | $14998 |
| **7/31/2019** | $15675 | $16567 | $14473 | $15084 |
| **8/31/2019** | $14978 | $16229 | $13666 | $14340 |
| **9/30/2019** | $15277 | $16514 | $14367 | $14638 |
| **10/31/2019** | $15496 | $16870 | $14715 | $15024 |
| **11/30/2019** | $16014 | $17511 | $15060 | $15642 |
| **12/31/2019** | $16375 | $18017 | $15587 | $16093 |
| **1/31/2020** | $15770 | $17997 | $14746 | $15577 |
| **2/29/2020** | $14116 | $16524 | $13313 | $14266 |
| **3/31/2020** | $10345 | $14251 | $10029 | $11166 |
| **4/30/2020** | $11918 | $16139 | $11266 | $12700 |
| **5/31/2020** | $13189 | $17002 | $11589 | $13526 |
| **6/30/2020** | $13592 | $17390 | $11925 | $14004 |
| **7/31/2020** | $14318 | $18378 | $12171 | $14392 |
| **8/31/2020** | $14963 | $19709 | $12826 | $15203 |
| **9/30/2020** | $14217 | $18992 | $12229 | $14695 |
| **10/31/2020** | $14560 | $18582 | $12667 | $15003 |
| **11/30/2020** | $17141 | $20842 | $15112 | $17768 |
| **12/31/2020** | $18452 | $21780 | $16309 | $19305 |
| **1/31/2021** | $19117 | $21683 | $17167 | $20277 |
| **2/28/2021** | $20811 | $22361 | $18780 | $21541 |
| **3/31/2021** | $21315 | $23162 | $19762 | $21757 |
| **4/30/2021** | $21860 | $24356 | $20161 | $22214 |
| **5/31/2021** | $22445 | $24467 | $20789 | $22260 |
| **6/30/2021** | $22485 | $25071 | $20663 | $22691 |
| **7/31/2021** | $22142 | $25495 | $19923 | $21871 |
| **8/31/2021** | $22263 | $26222 | $20457 | $22361 |
| **9/30/2021** | $21739 | $25045 | $20047 | $21701 |
| **10/31/2021** | $22808 | $26739 | $20811 | $22625 |
| **11/30/2021** | $22384 | $26332 | $20100 | $21682 |
| **12/31/2021** | $23162 | $27369 | $20920 | $22166 |
| **1/31/2022** | $21417 | $25759 | $19700 | $20032 |
| **2/28/2022** | $21069 | $25110 | $20026 | $20246 |
| **3/31/2022** | $20894 | $25924 | $20418 | $20498 |
| **4/30/2022** | $19193 | $23598 | $18834 | $18466 |
| **5/31/2022** | $19520 | $23566 | $19195 | $18494 |
| **6/30/2022** | $17470 | $21595 | $17299 | $16973 |
| **7/31/2022** | $19476 | $23621 | $18974 | $18745 |
| **8/31/2022** | $18560 | $22739 | $18374 | $18362 |
| **9/30/2022** | $16488 | $20630 | $16501 | $16602 |
| **10/31/2022** | $18473 | $22322 | $18579 | $18430 |
| **11/30/2022** | $19651 | $23487 | $19146 | $18860 |
| **12/31/2022** | $18190 | $22112 | $17890 | $17636 |
| **1/31/2023** | $20533 | $23635 | $19597 | $19355 |
| **2/28/2023** | $19997 | $23083 | $19146 | $19028 |
| **3/31/2023** | $19216 | $23700 | $17773 | $18119 |
| **4/30/2023** | $19015 | $23952 | $17329 | $17793 |
| **5/31/2023** | $18324 | $24046 | $16989 | $17629 |
| **6/30/2023** | $20578 | $25688 | $18338 | $19062 |
| **7/31/2023** | $22006 | $26608 | $19722 | $20228 |
| **8/31/2023** | $21738 | $26095 | $18773 | $19216 |
| **9/30/2023** | $20622 | $24852 | $17795 | $18085 |
| **10/31/2023** | $19306 | $24193 | $16734 | $16851 |
| **11/30/2023** | $21024 | $26449 | $18240 | $18377 |
| **12/31/2023** | $23973 | $27852 | $20510 | $20622 |
| **1/31/2024** | $23325 | $28160 | $19579 | $19820 |
| **2/29/2024** | $24945 | $29685 | $20219 | $20940 |
| **3/31/2024** | $25593 | $30642 | $21105 | $21690 |
| **4/30/2024** | $23673 | $29294 | $19761 | $20163 |
| **5/31/2024** | $25385 | $30678 | $20685 | $21175 |
| **6/30/2024** | $25315 | $31628 | $20336 | $20979 |
| **7/31/2024** | $27606 | $32216 | $22815 | $23111 |
| **8/31/2024** | $27097 | $32917 | $22386 | $22765 |
| **9/30/2024** | $27468 | $33598 | $22401 | $22924 |
| **10/31/2024** | $26727 | $33351 | $22050 | $22593 |
| **11/30/2024** | $29365 | $35570 | $24177 | $25072 |
| **12/31/2024** | $26829 | $34483 | $22163 | $23001 |
| **1/31/2025** | $27607 | $35571 | $22618 | $23604 |
| **2/28/2025** | $26024 | $34890 | $21752 | $22342 |
| **3/31/2025** | $24253 | $32854 | $20447 | $20821 |
| **4/30/2025** | $23153 | $32634 | $19625 | $20340 |
| **5/31/2025** | $24682 | $34703 | $20450 | $21426 |
| **6/30/2025** | $25648 | $36466 | $21462 | $22590 |
| **7/31/2025** | $25917 | $37269 | $21841 | $22982 |
| **8/31/2025** | $27043 | $38131 | $23691 | $24624 |
| **9/30/2025** | $26909 | $39447 | $24167 | $25391 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | (2.12%) | 13.61% | 10.41% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Value Index | 7.88% | 14.59% | 9.23% |
| Russell 2000<sup>®</sup> Index | 10.76% | 11.56% | 9.77% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1603657720 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 65% |
| Total Advisory Fees Paid | $15802897 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Ensign Group, Inc. | 2.8% |
| Medpace Holdings, Inc. | 2.8% |
| Bank OZK | 2.8% |
| Camtek Ltd. | 2.5% |
| Nova Ltd. | 2.4% |
| Vita Coco Co., Inc. | 2.4% |
| Granite Construction, Inc. | 2.3% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.2% |
| Hawkins, Inc. | 2.2% |
| Standex International Corp. | 2.2% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Regional Banks | 8.4% |
| Industrial Machinery & Supplies & Components | 7.4% |
| Semiconductor Materials & Equipment | 4.9% |
| Electronic Manufacturing Services | 4.7% |
| Asset Management & Custody Banks | 4.4% |
| Building Products | 4.2% |
| Education Services | 3.8% |
| Transaction & Payment Processing Services | 3.4% |
| Health Care Facilities | 2.8% |
| Life Sciences Tools & Services | 2.8% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.3% |
| Other Assets and Liabilities, Net | 2.7% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Small Cap Value Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch Ultra Growth Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAMCX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Ultra Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $114 | 1.20% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. U.S. small-cap equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

Amid this backdrop, the Fund underperformed its benchmark. One of the largest sources of underperformance was our stock selection in the industrials sector. Stock selection in the consumer-staples sector also detracted from performance. Specifically, we owned a pet food company and a company making nutritional shakes whose setbacks during the year weighed heavily on performance.

Stock selection in the health-care sector also detracted from relative performance. Several of our biotechnology stocks suffered steep losses due to company-specific setbacks. However, we continue to like the innovation taking place among many of our biotech companies. We were disappointed with performance during the period but continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g87v69.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10493 | $10790 | $10567 |
| **11/30/2015** | $11168 | $10850 | $10955 |
| **12/31/2015** | $10855 | $10627 | $10432 |
| **1/31/2016** | $9436 | $10027 | $9302 |
| **2/29/2016** | $9152 | $10024 | $9236 |
| **3/31/2016** | $10022 | $10730 | $9943 |
| **4/30/2016** | $10203 | $10796 | $10043 |
| **5/31/2016** | $10529 | $10990 | $10313 |
| **6/30/2016** | $10686 | $11012 | $10266 |
| **7/31/2016** | $11392 | $11449 | $10937 |
| **8/31/2016** | $11688 | $11478 | $11053 |
| **9/30/2016** | $12008 | $11496 | $11212 |
| **10/31/2016** | $11392 | $11248 | $10516 |
| **11/30/2016** | $11917 | $11751 | $11456 |
| **12/31/2016** | $11727 | $11980 | $11613 |
| **1/31/2017** | $12184 | $12206 | $11801 |
| **2/28/2017** | $12292 | $12660 | $12091 |
| **3/31/2017** | $12628 | $12668 | $12234 |
| **4/30/2017** | $12924 | $12803 | $12459 |
| **5/31/2017** | $13125 | $12934 | $12346 |
| **6/30/2017** | $13764 | $13050 | $12771 |
| **7/31/2017** | $13986 | $13296 | $12879 |
| **8/31/2017** | $14013 | $13322 | $12864 |
| **9/30/2017** | $14665 | $13647 | $13565 |
| **10/31/2017** | $14813 | $13945 | $13775 |
| **11/30/2017** | $15425 | $14368 | $14170 |
| **12/31/2017** | $15428 | $14512 | $14187 |
| **1/31/2018** | $16052 | $15277 | $14740 |
| **2/28/2018** | $15999 | $14714 | $14320 |
| **3/31/2018** | $16466 | $14418 | $14513 |
| **4/30/2018** | $16842 | $14473 | $14527 |
| **5/31/2018** | $18376 | $14882 | $15442 |
| **6/30/2018** | $18865 | $14979 | $15563 |
| **7/31/2018** | $18918 | $15476 | $15830 |
| **8/31/2018** | $21272 | $16020 | $16816 |
| **9/30/2018** | $20821 | $16046 | $16422 |
| **10/31/2018** | $18263 | $14865 | $14344 |
| **11/30/2018** | $19151 | $15162 | $14569 |
| **12/31/2018** | $17057 | $13751 | $12866 |
| **1/31/2019** | $19062 | $14931 | $14352 |
| **2/28/2019** | $20507 | $15457 | $15279 |
| **3/31/2019** | $20280 | $15682 | $15072 |
| **4/30/2019** | $21376 | $16309 | $15531 |
| **5/31/2019** | $20353 | $15253 | $14379 |
| **6/30/2019** | $21319 | $16325 | $15486 |
| **7/31/2019** | $21141 | $16567 | $15638 |
| **8/31/2019** | $20816 | $16229 | $14963 |
| **9/30/2019** | $20540 | $16514 | $14840 |
| **10/31/2019** | $20759 | $16870 | $15262 |
| **11/30/2019** | $22293 | $17511 | $16161 |
| **12/31/2019** | $23549 | $18017 | $16531 |
| **1/31/2020** | $24344 | $17997 | $16349 |
| **2/29/2020** | $23152 | $16524 | $15169 |
| **3/31/2020** | $19490 | $14251 | $12272 |
| **4/30/2020** | $23905 | $16139 | $14100 |
| **5/31/2020** | $27575 | $17002 | $15432 |
| **6/30/2020** | $29497 | $17390 | $16025 |
| **7/31/2020** | $31021 | $18378 | $16576 |
| **8/31/2020** | $32263 | $19709 | $17548 |
| **9/30/2020** | $32768 | $18992 | $17172 |
| **10/31/2020** | $32628 | $18582 | $17303 |
| **11/30/2020** | $36695 | $20842 | $20354 |
| **12/31/2020** | $40360 | $21780 | $22256 |
| **1/31/2021** | $41631 | $21683 | $23329 |
| **2/28/2021** | $44337 | $22361 | $24100 |
| **3/31/2021** | $42254 | $23162 | $23341 |
| **4/30/2021** | $44909 | $24356 | $23850 |
| **5/31/2021** | $42715 | $24467 | $23169 |
| **6/30/2021** | $44798 | $25071 | $24256 |
| **7/31/2021** | $43927 | $25495 | $23372 |
| **8/31/2021** | $45020 | $26222 | $23797 |
| **9/30/2021** | $43500 | $25045 | $22885 |
| **10/31/2021** | $45847 | $26739 | $23956 |
| **11/30/2021** | $42562 | $26332 | $22786 |
| **12/31/2021** | $42612 | $27369 | $22887 |
| **1/31/2022** | $36062 | $25759 | $19820 |
| **2/28/2022** | $36303 | $25110 | $19906 |
| **3/31/2022** | $35502 | $25924 | $19997 |
| **4/30/2022** | $30572 | $23598 | $17544 |
| **5/31/2022** | $28932 | $23566 | $17212 |
| **6/30/2022** | $26414 | $21595 | $16147 |
| **7/31/2022** | $29087 | $23621 | $17955 |
| **8/31/2022** | $28276 | $22739 | $17786 |
| **9/30/2022** | $25363 | $20630 | $16186 |
| **10/31/2022** | $26183 | $22322 | $17722 |
| **11/30/2022** | $27234 | $23487 | $18011 |
| **12/31/2022** | $25691 | $22112 | $16855 |
| **1/31/2023** | $28643 | $23635 | $18531 |
| **2/28/2023** | $27987 | $23083 | $18331 |
| **3/31/2023** | $27456 | $23700 | $17878 |
| **4/30/2023** | $26829 | $23952 | $17671 |
| **5/31/2023** | $26964 | $24046 | $17674 |
| **6/30/2023** | $28981 | $25688 | $19139 |
| **7/31/2023** | $30457 | $26608 | $20034 |
| **8/31/2023** | $28286 | $26095 | $18991 |
| **9/30/2023** | $25604 | $24852 | $17738 |
| **10/31/2023** | $23047 | $24193 | $16370 |
| **11/30/2023** | $26337 | $26449 | $17861 |
| **12/31/2023** | $30621 | $27852 | $20000 |
| **1/31/2024** | $29723 | $28160 | $19358 |
| **2/29/2024** | $32521 | $29685 | $20931 |
| **3/31/2024** | $32502 | $30642 | $21516 |
| **4/30/2024** | $29540 | $29294 | $19859 |
| **5/31/2024** | $30563 | $30678 | $20923 |
| **6/30/2024** | $30447 | $31628 | $20888 |
| **7/31/2024** | $31981 | $32216 | $22598 |
| **8/31/2024** | $32531 | $32917 | $22348 |
| **9/30/2024** | $32839 | $33598 | $22645 |
| **10/31/2024** | $33312 | $33351 | $22344 |
| **11/30/2024** | $36515 | $35570 | $25084 |
| **12/31/2024** | $33148 | $34483 | $23030 |
| **1/31/2025** | $35116 | $35571 | $23759 |
| **2/28/2025** | $32212 | $34890 | $22150 |
| **3/31/2025** | $28238 | $32854 | $20470 |
| **4/30/2025** | $27562 | $32634 | $20339 |
| **5/31/2025** | $28739 | $34703 | $21645 |
| **6/30/2025** | $29849 | $36466 | $22920 |
| **7/31/2025** | $29463 | $37269 | $23310 |
| **8/31/2025** | $29318 | $38131 | $24689 |
| **9/30/2025** | $29550 | $39447 | $25715 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Investor Class | (10.02%) | (2.05%) | 11.44% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $516800860 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $7763725 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| HealthEquity, Inc. | 4.1% |
| Casella Waste Systems, Inc., Class A | 3.5% |
| Nova Ltd. | 3.5% |
| RBC Bearings, Inc. | 3.4% |
| JFrog Ltd. | 3.3% |
| Shift4 Payments, Inc., Class A | 3.1% |
| Procore Technologies, Inc. | 3.0% |
| Fabrinet | 2.7% |
| SiTime Corp. | 2.7% |
| Trex Co., Inc. | 2.6% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Semiconductor Materials & Equipment | 13.3% |
| Biotechnology | 9.2% |
| Health Care Equipment | 9.1% |
| Pharmaceuticals | 5.4% |
| Systems Software | 5.2% |
| Application Software | 5.0% |
| Managed Health Care | 4.1% |
| Broadline Retail | 4.0% |
| Transaction & Payment Processing Services | 3.8% |
| Environmental & Facilities Services | 3.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.6% |
| Preferred Stocks | 2.1% |
| Warrants | 0.1% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Ultra Growth Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch Ultra Growth Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WGMCX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch Ultra Growth Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $100 | 1.05% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. U.S. small-cap equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

Amid this backdrop, the Fund underperformed its benchmark. One of the largest sources of underperformance was our stock selection in the industrials sector. Stock selection in the consumer-staples sector also detracted from performance. Specifically, we owned a pet food company and a company making nutritional shakes whose setbacks during the year weighed heavily on performance.

Stock selection in the health-care sector also detracted from relative performance. Several of our biotechnology stocks suffered steep losses due to company-specific setbacks. However, we continue to like the innovation taking place among many of our biotech companies. We were disappointed with performance during the period but continue to like the growth potential of the companies in our portfolio going forward.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g19h27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 3000<sup>®</sup> Index** | **Russell 2000<sup>®</sup> Growth Index** |
| **9/30/2015** | $10000 | $10000 | $10000 |
| **10/31/2015** | $10493 | $10790 | $10567 |
| **11/30/2015** | $11168 | $10850 | $10955 |
| **12/31/2015** | $10855 | $10627 | $10432 |
| **1/31/2016** | $9436 | $10027 | $9302 |
| **2/29/2016** | $9152 | $10024 | $9236 |
| **3/31/2016** | $10022 | $10730 | $9943 |
| **4/30/2016** | $10203 | $10796 | $10043 |
| **5/31/2016** | $10529 | $10990 | $10313 |
| **6/30/2016** | $10686 | $11012 | $10266 |
| **7/31/2016** | $11392 | $11449 | $10937 |
| **8/31/2016** | $11688 | $11478 | $11053 |
| **9/30/2016** | $12008 | $11496 | $11212 |
| **10/31/2016** | $11392 | $11248 | $10516 |
| **11/30/2016** | $11917 | $11751 | $11456 |
| **12/31/2016** | $11727 | $11980 | $11613 |
| **1/31/2017** | $12184 | $12206 | $11801 |
| **2/28/2017** | $12292 | $12660 | $12091 |
| **3/31/2017** | $12628 | $12668 | $12234 |
| **4/30/2017** | $12924 | $12803 | $12459 |
| **5/31/2017** | $13125 | $12934 | $12346 |
| **6/30/2017** | $13764 | $13050 | $12771 |
| **7/31/2017** | $13986 | $13296 | $12879 |
| **8/31/2017** | $14013 | $13322 | $12864 |
| **9/30/2017** | $14665 | $13647 | $13565 |
| **10/31/2017** | $14813 | $13945 | $13775 |
| **11/30/2017** | $15425 | $14368 | $14170 |
| **12/31/2017** | $15428 | $14512 | $14187 |
| **1/31/2018** | $16052 | $15277 | $14740 |
| **2/28/2018** | $15999 | $14714 | $14320 |
| **3/31/2018** | $16466 | $14418 | $14513 |
| **4/30/2018** | $16842 | $14473 | $14527 |
| **5/31/2018** | $18376 | $14882 | $15442 |
| **6/30/2018** | $18865 | $14979 | $15563 |
| **7/31/2018** | $18918 | $15476 | $15830 |
| **8/31/2018** | $21272 | $16020 | $16816 |
| **9/30/2018** | $20821 | $16046 | $16422 |
| **10/31/2018** | $18263 | $14865 | $14344 |
| **11/30/2018** | $19151 | $15162 | $14569 |
| **12/31/2018** | $17057 | $13751 | $12866 |
| **1/31/2019** | $19062 | $14931 | $14352 |
| **2/28/2019** | $20507 | $15457 | $15279 |
| **3/31/2019** | $20280 | $15682 | $15072 |
| **4/30/2019** | $21376 | $16309 | $15531 |
| **5/31/2019** | $20353 | $15253 | $14379 |
| **6/30/2019** | $21319 | $16325 | $15486 |
| **7/31/2019** | $21141 | $16567 | $15638 |
| **8/31/2019** | $20816 | $16229 | $14963 |
| **9/30/2019** | $20540 | $16514 | $14840 |
| **10/31/2019** | $20759 | $16870 | $15262 |
| **11/30/2019** | $22293 | $17511 | $16161 |
| **12/31/2019** | $23549 | $18017 | $16531 |
| **1/31/2020** | $24344 | $17997 | $16349 |
| **2/29/2020** | $23152 | $16524 | $15169 |
| **3/31/2020** | $19490 | $14251 | $12272 |
| **4/30/2020** | $23905 | $16139 | $14100 |
| **5/31/2020** | $27583 | $17002 | $15432 |
| **6/30/2020** | $29497 | $17390 | $16025 |
| **7/31/2020** | $31021 | $18378 | $16576 |
| **8/31/2020** | $32271 | $19709 | $17548 |
| **9/30/2020** | $32785 | $18992 | $17172 |
| **10/31/2020** | $32636 | $18582 | $17303 |
| **11/30/2020** | $36711 | $20842 | $20354 |
| **12/31/2020** | $40384 | $21780 | $22256 |
| **1/31/2021** | $41665 | $21683 | $23329 |
| **2/28/2021** | $44378 | $22361 | $24100 |
| **3/31/2021** | $42296 | $23162 | $23341 |
| **4/30/2021** | $44959 | $24356 | $23850 |
| **5/31/2021** | $42765 | $24467 | $23169 |
| **6/30/2021** | $44856 | $25071 | $24256 |
| **7/31/2021** | $43986 | $25495 | $23372 |
| **8/31/2021** | $45087 | $26222 | $23797 |
| **9/30/2021** | $43568 | $25045 | $22885 |
| **10/31/2021** | $45923 | $26739 | $23956 |
| **11/30/2021** | $42637 | $26332 | $22786 |
| **12/31/2021** | $42679 | $27369 | $22887 |
| **1/31/2022** | $36130 | $25759 | $19820 |
| **2/28/2022** | $36371 | $25110 | $19906 |
| **3/31/2022** | $35570 | $25924 | $19997 |
| **4/30/2022** | $30642 | $23598 | $17544 |
| **5/31/2022** | $29002 | $23566 | $17212 |
| **6/30/2022** | $26485 | $21595 | $16147 |
| **7/31/2022** | $29166 | $23621 | $17955 |
| **8/31/2022** | $28356 | $22739 | $17786 |
| **9/30/2022** | $25434 | $20630 | $16186 |
| **10/31/2022** | $26263 | $22322 | $17722 |
| **11/30/2022** | $27324 | $23487 | $18011 |
| **12/31/2022** | $25778 | $22112 | $16855 |
| **1/31/2023** | $28744 | $23635 | $18531 |
| **2/28/2023** | $28097 | $23083 | $18331 |
| **3/31/2023** | $27556 | $23700 | $17878 |
| **4/30/2023** | $26938 | $23952 | $17671 |
| **5/31/2023** | $27073 | $24046 | $17674 |
| **6/30/2023** | $29101 | $25688 | $19139 |
| **7/31/2023** | $30588 | $26608 | $20034 |
| **8/31/2023** | $28415 | $26095 | $18991 |
| **9/30/2023** | $25721 | $24852 | $17738 |
| **10/31/2023** | $23161 | $24193 | $16370 |
| **11/30/2023** | $26464 | $26449 | $17861 |
| **12/31/2023** | $30782 | $27852 | $20000 |
| **1/31/2024** | $29883 | $28160 | $19358 |
| **2/29/2024** | $32694 | $29685 | $20931 |
| **3/31/2024** | $32675 | $30642 | $21516 |
| **4/30/2024** | $29700 | $29294 | $19859 |
| **5/31/2024** | $30733 | $30678 | $20923 |
| **6/30/2024** | $30627 | $31628 | $20888 |
| **7/31/2024** | $32172 | $32216 | $22598 |
| **8/31/2024** | $32723 | $32917 | $22348 |
| **9/30/2024** | $33042 | $33598 | $22645 |
| **10/31/2024** | $33515 | $33351 | $22344 |
| **11/30/2024** | $36751 | $35570 | $25084 |
| **12/31/2024** | $33360 | $34483 | $23030 |
| **1/31/2025** | $35350 | $35571 | $23759 |
| **2/28/2025** | $32424 | $34890 | $22150 |
| **3/31/2025** | $28435 | $32854 | $20470 |
| **4/30/2025** | $27749 | $32634 | $20339 |
| **5/31/2025** | $28946 | $34703 | $21645 |
| **6/30/2025** | $30067 | $36466 | $22920 |
| **7/31/2025** | $29681 | $37269 | $23310 |
| **8/31/2025** | $29536 | $38131 | $24689 |
| **9/30/2025** | $29777 | $39447 | $25715 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Institutional Class | (9.88%) | (1.91%) | 11.53% |
| Russell 3000<sup>®</sup> Index | 17.41% | 15.74% | 14.71% |
| Russell 2000<sup>®</sup> Growth Index | 13.56% | 8.41% | 9.91% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $516800860 |
| # of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 30% |
| Total Advisory Fees Paid | $7763725 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| HealthEquity, Inc. | 4.1% |
| Casella Waste Systems, Inc., Class A | 3.5% |
| Nova Ltd. | 3.5% |
| RBC Bearings, Inc. | 3.4% |
| JFrog Ltd. | 3.3% |
| Shift4 Payments, Inc., Class A | 3.1% |
| Procore Technologies, Inc. | 3.0% |
| Fabrinet | 2.7% |
| SiTime Corp. | 2.7% |
| Trex Co., Inc. | 2.6% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Semiconductor Materials & Equipment | 13.3% |
| Biotechnology | 9.2% |
| Health Care Equipment | 9.1% |
| Pharmaceuticals | 5.4% |
| Systems Software | 5.2% |
| Application Software | 5.0% |
| Managed Health Care | 4.1% |
| Broadline Retail | 4.0% |
| Transaction & Payment Processing Services | 3.8% |
| Environmental & Facilities Services | 3.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.6% |
| Preferred Stocks | 2.1% |
| Warrants | 0.1% |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch Ultra Growth Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch U.S. Select Fund
![Image](g73947g67n92.jpg)

#### Investor Class WAUSX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch U.S. Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $100 | 1.01% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. Equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

Amid this backdrop, the Fund underperformed its benchmark. Broadly speaking, what we perceived as lower quality stocks tended to outperform during the market's rebound that began in April. This was a headwind for our investment process, which tends to focus on high-quality businesses. We also owned a few stocks of companies that produced disappointing results in the period, which led the stocks lower. And given that we run a concentrated portfolio, those relatively few positions had a large effect on performance.

Looking across sectors, the Fund's stock selection in information-technology, financials and industrials were the largest sources of underperformance relative to the benchmark.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g55q25.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Growth Index** |
| **6/13/2022** | $10000 | $10000 | $10000 | $10000 |
| **6/30/2022** | $10110 | $10092 | $10216 | $10258 |
| **7/31/2022** | $11350 | $11038 | $11467 | $11485 |
| **8/31/2022** | $10730 | $10626 | $11091 | $10975 |
| **9/30/2022** | $9740 | $9641 | $10150 | $9913 |
| **10/31/2022** | $10540 | $10432 | $10947 | $10514 |
| **11/30/2022** | $11180 | $10976 | $11543 | $10974 |
| **12/31/2022** | $10550 | $10333 | $10850 | $10142 |
| **1/31/2023** | $11880 | $11045 | $11797 | $10998 |
| **2/28/2023** | $11600 | $10787 | $11681 | $10868 |
| **3/31/2023** | $11780 | $11075 | $11841 | $11547 |
| **4/30/2023** | $11480 | $11193 | $11670 | $11647 |
| **5/31/2023** | $11580 | $11237 | $11677 | $12147 |
| **6/30/2023** | $12680 | $12004 | $12580 | $12987 |
| **7/31/2023** | $13140 | $12435 | $12960 | $13434 |
| **8/31/2023** | $12840 | $12195 | $12533 | $13283 |
| **9/30/2023** | $12070 | $11614 | $11923 | $12553 |
| **10/31/2023** | $11550 | $11306 | $11314 | $12335 |
| **11/30/2023** | $12850 | $12360 | $12694 | $13670 |
| **12/31/2023** | $14070 | $13016 | $13657 | $14322 |
| **1/31/2024** | $13720 | $13160 | $13583 | $14639 |
| **2/29/2024** | $14800 | $13872 | $14605 | $15646 |
| **3/31/2024** | $14930 | $14320 | $14954 | $15930 |
| **4/30/2024** | $13970 | $13690 | $14085 | $15227 |
| **5/31/2024** | $14150 | $14336 | $14235 | $16135 |
| **6/30/2024** | $14160 | $14780 | $14473 | $17171 |
| **7/31/2024** | $14710 | $15055 | $14561 | $16954 |
| **8/31/2024** | $15040 | $15383 | $14923 | $17281 |
| **9/30/2024** | $15320 | $15701 | $15420 | $17758 |
| **10/31/2024** | $15290 | $15586 | $15689 | $17691 |
| **11/30/2024** | $16630 | $16623 | $17781 | $18886 |
| **12/31/2024** | $15357 | $16114 | $16675 | $18970 |
| **1/31/2025** | $16213 | $16623 | $17739 | $19356 |
| **2/28/2025** | $15501 | $16305 | $16728 | $18633 |
| **3/31/2025** | $14305 | $15354 | $15488 | $17074 |
| **4/30/2025** | $14429 | $15251 | $16008 | $17370 |
| **5/31/2025** | $14903 | $16217 | $17543 | $18884 |
| **6/30/2025** | $15480 | $17041 | $18307 | $20071 |
| **7/31/2025** | $15635 | $17416 | $18679 | $20811 |
| **8/31/2025** | $15357 | $17819 | $18866 | $21085 |
| **9/30/2025** | $15181 | $18434 | $18816 | $22161 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since Inception 6/13/22* |
| Investor Class | (0.97%) | 13.47% |
| Russell 3000<sup>®</sup> Index | 17.41% | 20.37% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 21.12% |
| Russell 3000<sup>®</sup> Growth Index | 24.79% | 27.28% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $20409503 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $102866 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Nova Ltd. | 5.1% |
| RBC Bearings, Inc. | 5.0% |
| HealthEquity, Inc. | 5.0% |
| Ensign Group, Inc. | 4.9% |
| Fabrinet | 4.8% |
| Medpace Holdings, Inc. | 4.7% |
| Guidewire Software, Inc. | 4.0% |
| HEICO Corp., Class A | 3.8% |
| Procore Technologies, Inc. | 3.8% |
| AMETEK, Inc. | 3.7% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 16.4% |
| Building Products | 6.1% |
| Semiconductor Materials & Equipment | 5.1% |
| Industrial Machinery & Supplies & Components | 5.0% |
| Managed Health Care | 5.0% |
| Health Care Facilities | 4.9% |
| Electronic Manufacturing Services | 4.8% |
| Life Sciences Tools & Services | 4.7% |
| Aerospace & Defense | 3.8% |
| Electrical Components & Equipment | 3.7% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 99.3% |
| Other Assets and Liabilities, Net | 0.7% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch U.S. Select Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Investor Class

#### Wasatch U.S. Select Fund
![Image](g73947g67n92.jpg)

#### Institutional Class WGUSX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch U.S. Select Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $86 | 0.86% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, stocks were volatile. Equities were up following the results of the U.S. presidential election but then traded lower due to concerns about potentially slower growth and high interest rates. Stocks fell precipitously in early April after President Donald Trump unveiled tariff rates that were much higher than investors had anticipated. However, equities rebounded sharply after the president's economic team appeared to be softening its stance on tariffs, and they continued to climb higher for much of the rest of the period.

Amid this backdrop, the Fund underperformed its benchmark. Broadly speaking, what we perceived as lower quality stocks tended to outperform during the market's rebound that began in April. This was a headwind for our investment process, which tends to focus on high-quality businesses. We also owned a few stocks of companies that produced disappointing results in the period, which led the stocks lower. And given that we run a concentrated portfolio, those relatively few positions had a large effect on performance.

Looking across sectors, the Fund's stock selection in information-technology, financials and industrials were the largest sources of underperformance relative to the benchmark.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g64z88.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Russell 3000<sup>®</sup> Index** | **Russell Midcap<sup>®</sup> Growth Index** | **Russell 3000<sup>®</sup> Growth Index** |
| **6/13/2022** | $10000 | $10000 | $10000 | $10000 |
| **6/30/2022** | $10110 | $10092 | $10216 | $10258 |
| **7/31/2022** | $11350 | $11038 | $11467 | $11485 |
| **8/31/2022** | $10730 | $10626 | $11091 | $10975 |
| **9/30/2022** | $9730 | $9641 | $10150 | $9913 |
| **10/31/2022** | $10540 | $10432 | $10947 | $10514 |
| **11/30/2022** | $11180 | $10976 | $11543 | $10974 |
| **12/31/2022** | $10550 | $10333 | $10850 | $10142 |
| **1/31/2023** | $11880 | $11045 | $11797 | $10998 |
| **2/28/2023** | $11600 | $10787 | $11681 | $10868 |
| **3/31/2023** | $11790 | $11075 | $11841 | $11547 |
| **4/30/2023** | $11490 | $11193 | $11670 | $11647 |
| **5/31/2023** | $11590 | $11237 | $11677 | $12147 |
| **6/30/2023** | $12690 | $12004 | $12580 | $12987 |
| **7/31/2023** | $13160 | $12435 | $12960 | $13434 |
| **8/31/2023** | $12850 | $12195 | $12533 | $13283 |
| **9/30/2023** | $12090 | $11614 | $11923 | $12553 |
| **10/31/2023** | $11570 | $11306 | $11314 | $12335 |
| **11/30/2023** | $12870 | $12360 | $12694 | $13670 |
| **12/31/2023** | $14090 | $13016 | $13657 | $14322 |
| **1/31/2024** | $13750 | $13160 | $13583 | $14639 |
| **2/29/2024** | $14830 | $13872 | $14605 | $15646 |
| **3/31/2024** | $14960 | $14320 | $14954 | $15930 |
| **4/30/2024** | $14000 | $13690 | $14085 | $15227 |
| **5/31/2024** | $14180 | $14336 | $14235 | $16135 |
| **6/30/2024** | $14190 | $14780 | $14473 | $17171 |
| **7/31/2024** | $14740 | $15055 | $14561 | $16954 |
| **8/31/2024** | $15080 | $15383 | $14923 | $17281 |
| **9/30/2024** | $15360 | $15701 | $15420 | $17758 |
| **10/31/2024** | $15330 | $15586 | $15689 | $17691 |
| **11/30/2024** | $16680 | $16623 | $17781 | $18886 |
| **12/31/2024** | $15397 | $16114 | $16675 | $18970 |
| **1/31/2025** | $16263 | $16623 | $17739 | $19356 |
| **2/28/2025** | $15551 | $16305 | $16728 | $18633 |
| **3/31/2025** | $14355 | $15354 | $15488 | $17074 |
| **4/30/2025** | $14479 | $15251 | $16008 | $17370 |
| **5/31/2025** | $14953 | $16217 | $17543 | $18884 |
| **6/30/2025** | $15541 | $17041 | $18307 | $20071 |
| **7/31/2025** | $15696 | $17416 | $18679 | $20811 |
| **8/31/2025** | $15407 | $17819 | $18866 | $21085 |
| **9/30/2025** | $15242 | $18434 | $18816 | $22161 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | |
|:---|:---|:---|
| Fund | *1 Year* | *Since Inception 6/13/22* |
| Institutional Class | (0.84%) | 13.61% |
| Russell 3000<sup>®</sup> Index | 17.41% | 20.37% |
| Russell Midcap<sup>®</sup> Growth Index | 22.02% | 21.12% |
| Russell 3000<sup>®</sup> Growth Index | 24.79% | 27.28% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $20409503 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 59% |
| Total Advisory Fees Paid | $102866 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top 10 Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| Nova Ltd. | 5.1% |
| RBC Bearings, Inc. | 5.0% |
| HealthEquity, Inc. | 5.0% |
| Ensign Group, Inc. | 4.9% |
| Fabrinet | 4.8% |
| Medpace Holdings, Inc. | 4.7% |
| Guidewire Software, Inc. | 4.0% |
| HEICO Corp., Class A | 3.8% |
| Procore Technologies, Inc. | 3.8% |
| AMETEK, Inc. | 3.7% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 16.4% |
| Building Products | 6.1% |
| Semiconductor Materials & Equipment | 5.1% |
| Industrial Machinery & Supplies & Components | 5.0% |
| Managed Health Care | 5.0% |
| Health Care Facilities | 4.9% |
| Electronic Manufacturing Services | 4.8% |
| Life Sciences Tools & Services | 4.7% |
| Aerospace & Defense | 3.8% |
| Electrical Components & Equipment | 3.7% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 99.3% |
| Other Assets and Liabilities, Net | 0.7% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch U.S. Select Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Institutional Class

#### Wasatch-Hoisington U.S. Treasury Fund
![Image](g73947g67n92.jpg)

#### Single Class WHOSX

#### Annual Shareholder Report - September 30, 2025
This Annual shareholder report contains important information about Wasatch-Hoisington U.S. Treasury Fund (the "Fund") for the period of October 1, 2024 to September 30, 2025. You can find additional information about the Fund at wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last year?

#### Annual Fund Operating Expenses

#### (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Wasatch-Hoisington U.S. Treasury Fund | $70 | 0.73% |

---

# How did the fund perform last year and what affected its performance?
During the 12 months ended September 30, 2025, the Fund returned -8.32% compared to 2.88% for the Bloomberg U.S. Aggregate Index. The underperformance over the fiscal year was the result of long-term Treasury yields rising over the course of the fiscal year. The duration of the Fund at the end of the fiscal year was approximately 20, compared with 6 for the Bloomberg Index. Duration is a measure of the sensitivity of a fixed income asset's change in price relative to changes in its yield. The higher the duration, the more sensitive a fixed income portfolio's value is to changes in yields. The higher duration of the Fund is purposefully set at this high level due to the manager's expectations of yields trending lower in the future.

# Fund Performance
Total return based on a $10,000 investment.

![Growth of 10K Chart](g73947g69t01.jpg)

---

| | | |
|:---|:---|:---|
| | **Wasatch-Hoisington U.S. Treasury** | **Bloomberg US Aggregate Bond Index** |
| **9/30/2015** | $10000 | $10000 |
| **10/31/2015** | $9919 | $10002 |
| **11/30/2015** | $9821 | $9975 |
| **12/31/2015** | $9815 | $9943 |
| **1/31/2016** | $10366 | $10080 |
| **2/29/2016** | $10710 | $10151 |
| **3/31/2016** | $10716 | $10244 |
| **4/30/2016** | $10629 | $10284 |
| **5/31/2016** | $10733 | $10286 |
| **6/30/2016** | $11549 | $10471 |
| **7/31/2016** | $11896 | $10537 |
| **8/31/2016** | $11815 | $10525 |
| **9/30/2016** | $11549 | $10519 |
| **10/31/2016** | $10927 | $10439 |
| **11/30/2016** | $9915 | $10192 |
| **12/31/2016** | $9861 | $10206 |
| **1/31/2017** | $9886 | $10226 |
| **2/28/2017** | $10083 | $10295 |
| **3/31/2017** | $9979 | $10290 |
| **4/30/2017** | $10138 | $10369 |
| **5/31/2017** | $10394 | $10449 |
| **6/30/2017** | $10485 | $10438 |
| **7/31/2017** | $10363 | $10483 |
| **8/31/2017** | $10818 | $10577 |
| **9/30/2017** | $10525 | $10527 |
| **10/31/2017** | $10525 | $10533 |
| **11/30/2017** | $10635 | $10519 |
| **12/31/2017** | $10892 | $10568 |
| **1/31/2018** | $10470 | $10446 |
| **2/28/2018** | $10042 | $10347 |
| **3/31/2018** | $10426 | $10413 |
| **4/30/2018** | $10185 | $10336 |
| **5/31/2018** | $10458 | $10410 |
| **6/30/2018** | $10503 | $10397 |
| **7/31/2018** | $10286 | $10399 |
| **8/31/2018** | $10457 | $10466 |
| **9/30/2018** | $10055 | $10399 |
| **10/31/2018** | $9613 | $10317 |
| **11/30/2018** | $9811 | $10378 |
| **12/31/2018** | $10473 | $10569 |
| **1/31/2019** | $10526 | $10681 |
| **2/28/2019** | $10354 | $10675 |
| **3/31/2019** | $11035 | $10880 |
| **4/30/2019** | $10755 | $10883 |
| **5/31/2019** | $11648 | $11076 |
| **6/30/2019** | $11784 | $11215 |
| **7/31/2019** | $11804 | $11240 |
| **8/31/2019** | $13384 | $11531 |
| **9/30/2019** | $12944 | $11470 |
| **10/31/2019** | $12790 | $11504 |
| **11/30/2019** | $12736 | $11498 |
| **12/31/2019** | $12269 | $11490 |
| **1/31/2020** | $13255 | $11711 |
| **2/29/2020** | $14301 | $11922 |
| **3/31/2020** | $15479 | $11852 |
| **4/30/2020** | $15648 | $12063 |
| **5/31/2020** | $15248 | $12119 |
| **6/30/2020** | $15272 | $12195 |
| **7/31/2020** | $16060 | $12377 |
| **8/31/2020** | $15190 | $12277 |
| **9/30/2020** | $15282 | $12271 |
| **10/31/2020** | $14716 | $12216 |
| **11/30/2020** | $14948 | $12336 |
| **12/31/2020** | $14732 | $12353 |
| **1/31/2021** | $14010 | $12264 |
| **2/28/2021** | $12894 | $12087 |
| **3/31/2021** | $12234 | $11936 |
| **4/30/2021** | $12608 | $12030 |
| **5/31/2021** | $12681 | $12070 |
| **6/30/2021** | $13330 | $12155 |
| **7/31/2021** | $13888 | $12290 |
| **8/31/2021** | $13829 | $12267 |
| **9/30/2021** | $13335 | $12161 |
| **10/31/2021** | $13829 | $12158 |
| **11/30/2021** | $14345 | $12193 |
| **12/31/2021** | $14004 | $12162 |
| **1/31/2022** | $13368 | $11900 |
| **2/28/2022** | $13021 | $11768 |
| **3/31/2022** | $12329 | $11441 |
| **4/30/2022** | $11045 | $11006 |
| **5/31/2022** | $10733 | $11077 |
| **6/30/2022** | $10636 | $10904 |
| **7/31/2022** | $10957 | $11170 |
| **8/31/2022** | $10345 | $10854 |
| **9/30/2022** | $9409 | $10385 |
| **10/31/2022** | $8711 | $10251 |
| **11/30/2022** | $9349 | $10628 |
| **12/31/2022** | $9223 | $10580 |
| **1/31/2023** | $9820 | $10905 |
| **2/28/2023** | $9344 | $10623 |
| **3/31/2023** | $9795 | $10893 |
| **4/30/2023** | $9863 | $10959 |
| **5/31/2023** | $9529 | $10840 |
| **6/30/2023** | $9557 | $10801 |
| **7/31/2023** | $9304 | $10794 |
| **8/31/2023** | $8998 | $10725 |
| **9/30/2023** | $8203 | $10452 |
| **10/31/2023** | $7794 | $10287 |
| **11/30/2023** | $8535 | $10753 |
| **12/31/2023** | $9348 | $11165 |
| **1/31/2024** | $9022 | $11134 |
| **2/29/2024** | $8820 | $10977 |
| **3/31/2024** | $8917 | $11078 |
| **4/30/2024** | $8188 | $10798 |
| **5/31/2024** | $8447 | $10982 |
| **6/30/2024** | $8711 | $11086 |
| **7/31/2024** | $8940 | $11344 |
| **8/31/2024** | $9264 | $11507 |
| **9/30/2024** | $9407 | $11662 |
| **10/31/2024** | $8833 | $11372 |
| **11/30/2024** | $9008 | $11493 |
| **12/31/2024** | $8327 | $11305 |
| **1/31/2025** | $8303 | $11364 |
| **2/28/2025** | $8818 | $11615 |
| **3/31/2025** | $8661 | $11619 |
| **4/30/2025** | $8523 | $11665 |
| **5/31/2025** | $8133 | $11581 |
| **6/30/2025** | $8427 | $11759 |
| **7/31/2025** | $8304 | $11728 |
| **8/31/2025** | $8247 | $11868 |
| **9/30/2025** | $8625 | $11998 |

---

Fund performance shown in this graph represents past performance, which is not necessarily indicative of how the Fund will perform in the future.

# Average Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| Fund | *1 Year* | *5 Years* | *10 Years* |
| Wasatch-Hoisington U.S. Treasury | (8.32%) | (10.81%) | (1.47%) |
| Bloomberg US Aggregate Bond Index | 2.88% | (0.45%) | 1.84% |

---

The performance graph and total returns table do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $143639368 |
| # of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 4% |
| Total Advisory Fees Paid | $743402 |

---

# What did the Fund invest in?
The Fund invested in a variety of equity and debt securities. Opportunities continue to fluctuate with the volatility of the market and as banks continue to encounter risks.

#### Top Holdings (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;Value |
| U.S. Treasury STRIPS Principal, 0.00%, due 8/15/47 | 42.4% |
| U.S. Treasury Bond, 1.875%, due 11/15/51 | 16.2% |
| U.S. Treasury Bond, 1.375%, due 8/15/50 | 14.4% |
| U.S. Treasury Bond, 1.250%, due 5/15/50 | 12.3% |
| U.S. Treasury STRIPS Principal, 2.000%, due 8/15/51 | 6.7% |
| U.S. Treasury STRIPS Principal, 3.625%, due 5/15/53 | 6.5% |

---

#### Top Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Sovereign | 98.6% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| U.S. Government Obligations | 98.6% |
| Other Assets and Liabilities, Net | 1.4% |
| Total | 100.0% |

---

# **Householding** 
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communications to shareholders with the same residential address. If you would like to receive individual mailings, please call 800-551-1700 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

ALPS Distributors, Inc. serves as the Fund's distributor.

# **Additional Information**![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g73947g87c83.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements, holdings, the Fund's prospectus, and proxy voting policies and procedures, please visit wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g73947g67n92.jpg)

#### Wasatch-Hoisington U.S. Treasury Fund

#### Annual Shareholder Report

#### September 30, 2025

#### Single Class

------

(b) Not applicable.

**Item 2.** **<u>Code of Ethics.</u>** <br>

(a) Wasatch Funds Trust (the "Registrant") has adopted a Code of Ethics that applies to the Registrant's principal executive officer and principal financial officer.

(b) No disclosures are required by this Item 2(b).

(c) There have been no amendments to the Registrant's Code of Ethics during the reporting period for this Form N-CSR.

(d) There have been no waivers granted by the Registrant to individuals covered by the Registrant's Code of Ethics during the reporting period for this Form N-CSR.

(e) Not applicable.

(f) A copy of the Registrant's Code of Ethics is attached as an exhibit to this Form N-CSR.

**Item 3.** **<u>Audit Committee Financial Expert.</u>** <br>

(1) The Board of Trustees of the Registrant has determined that the Registrant has at least one member serving on the Registrant's Audit Committee that possesses the attributes identified in Instruction 2(b) of Item 3 to Form N-CSR to qualify as an "audit committee financial expert."

(2) The name of the audit committee financial experts are Kate Fleming, Kristen Fletcher, and Mark Robinson. Each is deemed to be "independent" as that term is defined in Item 3(a)(2) of Form N-CSR.

(3) Not applicable.

**Item 4.** **<u>Principal Accountant Fees and Services.</u>** <br>

(a) <u>Audit Fees</u> - The aggregate fees billed for professional services rendered by the independent registered public accounting firm for the audit of the Registrant's annual financial statements or services normally provided in connection with statutory and regulatory filings or engagements for the last two fiscal years ended September 30, 2025 and 2024 were $677,580 and $711,265, respectively.

(b) <u>Audit Related Fees</u> – During the fiscal years ended September 30, 2025 and 2024, the Registrant was not billed any fees by the independent registered public accounting firm for assurance and related services rendered by the independent registered public accounting firm to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item 4.

During the fiscal years ended September 30, 2025 and 2024, no fees for assurance and related services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Registrant's investment adviser (the "Advisor") or any other entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant.

(c) <u>Tax Fees</u> - The aggregate fees billed for professional services rendered by the independent registered public accounting firm to the Registrant for tax compliance, tax advice, tax planning, and tax return preparation for the last two fiscal years ended September 30, 2025 and 2024 were $148,011 and $146,500, respectively. These services consisted of the independent registered public accounting firm reviewing the Registrant's excise tax returns, distribution requirements, and RIC tax returns.

------

During the fiscal years ended September 30, 2025 and 2024, no fees for tax compliance, tax advice or tax planning services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Advisor or any other entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant.

(d) <u>All Other Fees</u> – The aggregate fees billed for products and services provided by the independent registered public accounting firm to the Registrant, other than the services reported in paragraphs (a) – (c) of this Item 4, for the fiscal years ended September 30, 2025 and 2024 were $0 and $0, respectively.

During the fiscal years ended September 30, 2025 and 2024, no fees for other services that relate directly to the operations and financial reporting of the Registrant were billed by the independent registered public accounting firm to the Advisor or any other entity controlling, controlled by, or under common control with the Advisor that provides ongoing services to the Registrant.

(e) <u>Pre-Approval Policies and Procedures</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant to the Registrant's Audit Committee Charter, the Audit Committee shall evaluate the independence of the independent public accountants, including evaluating whether the independent public accountants provide audit services or consulting services to the Registrant or consulting services to the Advisor, and to receive the specific representations of the independent registered public accounting firm as to their independence. Specifically, the Audit Committee will be responsible for evaluating the provision of non-audit services to the Registrant as required by Section 201 of the Sarbanes-Oxley Act, any pre-approval requests submitted by the independent registered public accounting firm as required by Section 202 of the Sarbanes-Oxley Act or as otherwise required under Section 2-01 of Regulation S-X, and shall monitor the conflict of interest requirements in Section 206 of the Sarbanes-Oxley Act, and the prohibitions on improper influence on the conduct of audits in Section 303 of the Sarbanes-Oxley Act. The Audit Committee shall pre-approve any engagement of the independent registered public accounting firm to provide any services (other than prohibited non-audit services) including the fees and other compensation to be paid to the independent registered public accounting firm.

The independent registered public accounting firm is authorized by the Audit Committee to provide non-audit services to the extent allowable under the Sarbanes-Oxley Act of 2002 for the Registrant provided that (i) the fees payable with respect to such services do not exceed $5,000 in any calendar quarter and (ii) such fees are ratified by the Audit Committee at its next meeting. The fees payable with respect to non-audit services may be increased by the affirmative vote of a majority of the members of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) There were no pre-approval requirements waived for the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X (the "De Minimis Rule"). There were no fees billed for services provided to the Advisor described in paragraphs (b)-(d) of Item 4 that were required to be pre-approved by the Audit Committee as described in paragraph (e)(1) of Item 4.

(f) No disclosures are required by this Item 4(f).

(g) For the fiscal years ended September 30, 2025 and 2024, the aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant and the Advisor and any entity controlling, controlled by, or under common control with the Advisor that provided ongoing services to the Registrant were approximately $0 and $0, respectively.

(h) No disclosures are required by this Item 4(h).

(i) Not applicable.

(j) Not applicable.

------

**Item 5.** **<u>Audit Committee of Listed Registrants.</u>** <br>

Not applicable.

**Item 6.** **<u>Investments.</u>** <br>

(a) Schedule of Investments is included as a part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

(b) Not applicable.

**Item 7.** **<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>** <br>

(a) The Registrant's Financial Statements are attached herewith.

------

---

| | |
|:---|:---|
| ![LOGO](g73947g68m69.jpg) | WASATCHGLOBAL.COM |

---

SEPTEMBER 30, 2025

## 2025 Financial Statements and Supplemental Information

---

| | | |
|:---|:---|:---|
| Fund<br> Name | Investor<br> Class | Institutional<br> Class |
| Wasatch Core Growth Fund | WGROX | WIGRX |
| Wasatch Emerging India Fund | WAINX | WIINX |
| Wasatch Emerging Markets Select Fund | WAESX | WIESX |
| Wasatch Emerging Markets Small Cap Fund | WAEMX | WIEMX |
| Wasatch Frontier Emerging Small Countries Fund | WAFMX | WIFMX |
| Wasatch Global Opportunities Fund | WAGOX | WIGOX |
| Wasatch Global Select Fund | WAGSX | WGGSX |
| Wasatch Global Value Fund | FMIEX | WILCX |
| Wasatch International Growth Fund | WAIGX | WIIGX |
| Wasatch International Opportunities Fund | WAIOX | WIIOX |

---

---

| | | |
|:---|:---|:---|
| Fund<br> Name | Investor<br> Class | Institutional<br> Class |
| Wasatch International Select Fund | WAISX | WGISX |
| Wasatch International Value Fund | WAIVX | WGIVX |
| Wasatch Long/Short Alpha Fund | WALSX | WGLSX |
| Wasatch Micro Cap Fund | WMICX | WGICX |
| Wasatch Micro Cap Value Fund | WAMVX | WGMVX |
| Wasatch Small Cap Growth Fund | WAAEX | WIAEX |
| Wasatch Small Cap Value Fund | WMCVX | WICVX |
| Wasatch Ultra Growth Fund | WAMCX | WGMCX |
| Wasatch U.S. Select Fund | WAUSX | WGUSX |
| Wasatch-Hoisington U.S. Treasury Fund | WHOSX |  |

---

------

## Wasatch Funds
Salt Lake City, Utah

**wasatchglobal.com** 

800.551.1700 ------

<u>**Table of Contents**</u>    

---

| | |
|:---|:---|
|  [Schedules of Investments](#tx73947_1) [Item 6 of Form N-CSR] | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Core Growth Fund](#tx73947_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging India Fund](#tx73947_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging Markets Select Fund](#tx73947_4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging Markets Small Cap Fund](#tx73947_5) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Frontier Emerging Small Countries Fund](#tx73947_6) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Opportunities Fund](#tx73947_7) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Select Fund](#tx73947_8) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Value Fund](#tx73947_9) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Growth Fund](#tx73947_11) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Opportunities Fund](#tx73947_12) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Select Fund](#tx73947_13) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Value Fund](#tx73947_54) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Long/Short Alpha Fund](#tx73947_14) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Micro Cap Fund](#tx73947_15) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Micro Cap Value Fund](#tx73947_16) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Small Cap Growth Fund](#tx73947_17) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Small Cap Value Fund](#tx73947_18) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Ultra Growth Fund](#tx73947_19) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch U.S. Select Fund](#tx73947_20) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch-Hoisington U.S. Treasury Fund](#tx73947_21) | 36 |
|  [Financial Statements and Financial Highlights for Open-End Management Investment Companies \[Item 7 of Form N-CSR\]](#tx73947_21a) | 38 |
|  [Financial Statements](#tx73947_23) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx73947_24) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx73947_25) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx73947_26) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Cash Flows](#tx73947_27) | 58 |
|  [Financial Highlights](#tx73947_28) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Core Growth Fund](#tx73947_29) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging India Fund](#tx73947_30) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging Markets Select Fund](#tx73947_31) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging Markets Small Cap Fund](#tx73947_32) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Frontier Emerging Small Countries Fund](#tx73947_33) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Opportunities Fund](#tx73947_34) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Select Fund](#tx73947_35) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Value Fund](#tx73947_36) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Growth Fund](#tx73947_38) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Opportunities Fund](#tx73947_39) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Select Fund](#tx73947_40) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Value Fund](#tx73947_55) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Long/Short Alpha Fund](#tx73947_41) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Micro Cap Fund](#tx73947_42) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Micro Cap Value Fund](#tx73947_43) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Small Cap Growth Fund](#tx73947_44) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Small Cap Value Fund](#tx73947_45) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Ultra Growth Fund](#tx73947_46) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch U.S. Select Fund](#tx73947_47) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch-Hoisington U.S. Treasury Fund](#tx73947_48) | 66 |
|  [Notes to Financial Highlights](#tx73947_48a) | 68 |
|  [Notes to Financial Statements](#tx73947_49) | 69 |
|  [Report of Independent Registered Public Accounting Firm](#tx73947_49a) | 100 |
|  [Supplemental Information (Unaudited)](#tx73947_51) | 101 |
|  [Service Providers](#tx73947_52) | 102 |
|  [Contact Wasatch](#tx73947_53) | 102 |
|  Changes in and Disagreements with Accountants for Open-End Management Investment Companies [Item 8 of Form N-CSR]<br>Not applicable |  |
|  Proxy Disclosures for Open-End Management Investment Companies [Item 9 of Form N-CSR] Not applicable |  |
|  [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies \[Item 10 of Form N-CSR\]](#tx73947_25a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included under Statements of Operations in the Financial Statements under Item 7. |  |
|  [Statement Regarding Basis for Approval of Investment Advisory Contract \[Item 11 of Form N-CSR\]](#tx73947_51a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Not applicable |  |

---

*This material must be accompanied or preceded by a prospectus.* 

*Please read the prospectus carefully before you invest.* 

*Wasatch Funds are distributed by ALPS Distributors, Inc.* 

------

<u>Wasatch Core Growth Fund (WGROX / WIGRX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 99.3% | COMMON STOCKS 99.3% |
|  | Aerospace & Defense 2.0% |  |
| 1031112 | Loar Holdings, Inc.\* | $82488960 |
|  | Application Software 12.1% |  |
| 8505367 | CCC Intelligent Solutions Holdings, Inc.\* | 77483893 |
| 2425622 | Clearwater Analytics Holdings, Inc., Class A\* | 43709708 |
| 394623 | Guidewire Software, Inc.\* | 90708043 |
| 1477096 | nCino, Inc.\* | 40044073 |
| 2155863 | Procore Technologies, Inc.\* | 157205530 |
| 835771 | Q2 Holdings, Inc.\* | 60501463 |
| 1584008 | Vertex, Inc., Class A\* | 39267558 |
|  |  | 508920268 |
|  | Asset Management & Custody<br>Banks 2.5% |  |
| 571522 | Cohen & Steers, Inc. | 37497559 |
| 502809 | Hamilton Lane, Inc., Class A | 67773625 |
|  |  | 105271184 |
|  | Automotive Parts & Equipment 3.5% |  |
| 757895 | Modine Manufacturing Co.\* | 107742353 |
| 1158639 | XPEL, Inc.\* | 38316192 |
|  |  | 146058545 |
|  | Automotive Retail 2.1% |  |
| 2417626 | Valvoline, Inc.\* | 86816950 |
|  | Broadline Retail 4.0% |  |
| 1199408 | Global-e Online Ltd.\* | 42890830 |
| 967736 | Ollie's Bargain Outlet Holdings, Inc.\* | 124257302 |
|  |  | 167148132 |
|  | Building Products 5.7% |  |
| 653305 | AAON, Inc. | 61044819 |
| 240600 | CSW Industrials, Inc. | 58405650 |
| 1531648 | Trex Co., Inc.\* | 79140252 |
| 428101 | UFP Industries, Inc. | 40023163 |
|  |  | 238613884 |
|  | Cargo Ground Transportation 1.7% |  |
| 242148 | Saia, Inc.\* | 72489425 |
|  | Construction Machinery & Heavy<br>Transportation Equipment 2.4% |  |
| 848272 | Federal Signal Corp. | 100935885 |
|  | Distributors 1.5% |  |
| 210851 | Pool Corp. | 65378570 |
|  | Diversified Support Services 0.7% |  |
| 3165733 | ACV Auctions, Inc., Class A\* | 31372414 |
|  | Electronic Equipment &<br>Instruments 1.1% |  |
| 472830 | Novanta, Inc.\* | 47353925 |
|  | Electronic Manufacturing<br>Services 3.4% |  |
| 394318 | Fabrinet\* | 143776229 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Environmental & Facilities<br>Services 3.6% |  |
| 1617681 | Casella Waste Systems, Inc., Class A\* | $153485573 |
|  | Financial Exchanges & Data 1.2% |  |
| 211242 | Morningstar, Inc. | 49010256 |
|  | Health Care Facilities 3.6% |  |
| 873478 | Ensign Group, Inc. | 150910794 |
|  | Health Care Technology 1.7% |  |
| 6010038 | Certara, Inc.\* | 73442664 |
|  | Home Furnishing Retail 1.3% |  |
| 4980644 | Arhaus, Inc.\* ‡‡ | 52944246 |
|  | Home Improvement Retail 1.2% |  |
| 708040 | Floor & Decor Holdings, Inc., Class A\* | 52182548 |
|  | Human Resource & Employment<br>Services 1.0% |  |
| 257178 | Paylocity Holding Corp.\* | 40960740 |
|  | Industrial Machinery & Supplies &<br>Components 8.3% |  |
| 496021 | Enpro, Inc. | 112100746 |
| 296539 | Kadant, Inc. | 88244076 |
| 389378 | RBC Bearings, Inc.\* | 151970339 |
|  |  | 352315161 |
|  | Insurance Brokers 1.1% |  |
| 605491 | Goosehead Insurance, Inc., Class A | 45060640 |
|  | Investment Banking & Brokerage 2.2% |  |
| 1327612 | Moelis & Co., Class A | 94685288 |
|  | Life Sciences Tools & Services 2.9% |  |
| 241809 | Medpace Holdings, Inc.\* | 124328515 |
|  | Managed Health Care 3.8% |  |
| 1672208 | HealthEquity, Inc.\* | 158475152 |
|  | Other Specialty Retail 1.6% |  |
| 430508 | Five Below, Inc.\* | 66599588 |
|  | Packaged Foods & Meats 1.0% |  |
| 791936 | Freshpet, Inc.\* | 43643593 |
|  | Personal Care Products 1.2% |  |
| 1433716 | BellRing Brands, Inc.\* | 52115577 |
|  | Property & Casualty Insurance 1.0% |  |
| 678567 | RLI Corp. | 44256140 |
|  | Regional Banks 2.9% |  |
| 2421158 | Bank OZK | 123430635 |
|  | Research & Consulting Services 1.8% |  |
| 821483 | ICF International, Inc. | 76233622 |
|  | Restaurants 1.3% |  |
| 215465 | Wingstop, Inc. | 54228231 |

---

------

<u>Wasatch Core Growth Fund (WGROX / WIGRX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Semiconductor Materials &<br>Equipment 5.9% |  |
| 941085 | Camtek Ltd.\* | $98860980 |
| 468914 | Nova Ltd.\* | 149893049 |
|  |  | 248754029 |
|  | Specialty Chemicals 1.6% |  |
| 442315 | Balchem Corp. | 66373789 |
|  | Trading Companies &<br>Distributors 2.3% |  |
| 740558 | SiteOne Landscape Supply, Inc.\* | 95383870 |
|  | Transaction & Payment Processing<br>Services 4.1% |  |
| 1446845 | Paymentus Holdings, Inc., Class A\* | 44273457 |
| 1691042 | Shift4 Payments, Inc., Class A\* | 130886651 |
|  |  | 175160108 |
|  | Total Common Stocks<br>(cost $3,257,402,054) | 4190605130 |
|  | Total Investments<br>(cost $3,257,402,054) 99.3% | 4190605130 |
|  | Other Assets less Liabilities 0.7% | 30958403 |
|  | Net Assets 100.0% | $4221563533 |
|  | \*Non-income producing.<br><sub>‡‡Affiliated company (see Note 8).</sub> | \*Non-income producing.<br><sub>‡‡Affiliated company (see Note 8).</sub> |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Core Growth Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 7.0 |
|  United States | 93.0 |
|  TOTAL | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>Wasatch Emerging India Fund (WAINX / WIINX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 100.4% | COMMON STOCKS 100.4% |
|  | Apparel Retail 3.1% |  |
| 304276 | Trent Ltd. | $16018155 |
|  | Asset Management & Custody<br>Banks 5.5% |  |
| 1162734 | Kfin Technologies Ltd. | 13754203 |
| 507883 | Prudent Corporate Advisory Services Ltd. | 14761265 |
|  |  | 28515468 |
|  | Building Products 4.2% |  |
| 965922 | Astral Ltd. | 14859266 |
| 765368 | KRN Heat Exchanger & Refrigeration Ltd.\* | 7251733 |
|  |  | 22110999 |
|  | Commodity Chemicals 0.9% |  |
| 31611 | Solar Industries India Ltd. | 4748235 |
|  | Computer & Electronics Retail 3.6% |  |
| 2995412 | Aditya Vision Ltd. | 18947665 |
|  | Construction Machinery & Heavy<br>Transportation Equipment 1.0% |  |
| 442280 | Action Construction Equipment Ltd. | 5343345 |
|  | Consumer Finance 25.9% |  |
| 4821127 | Bajaj Finance Ltd. | 54244816 |
| 2576689 | Cholamandalam Investment & Finance Co. Ltd. | 46691065 |
| 5717830 | Five-Star Business Finance Ltd. | 34522832 |
|  |  | 135458713 |
|  | Diversified Banks 7.9% |  |
| 1540040 | HDFC Bank Ltd. | 16504142 |
| 1110193 | Kotak Mahindra Bank Ltd. | 24891944 |
|  |  | 41396086 |
|  | Diversified Support Services 3.5% |  |
| 4284721 | CMS Info Systems Ltd. | 18013508 |
|  | Electrical Components &<br>Equipment 1.4% |  |
| 91162 | Polycab India Ltd. | 7480180 |
|  | Health Care Facilities 9.4% |  |
| 3641787 | Max Healthcare Institute Ltd. | 45720882 |
| 231766 | Rainbow Children's Medicare Ltd. | 3538866 |
|  |  | 49259748 |
|  | Health Care Services 3.6% |  |
| 1685689 | Vijaya Diagnostic Centre Ltd. | 19036669 |
|  | Health Care Supplies 3.5% |  |
| 823252 | Poly Medicure Ltd. | 18071675 |
|  | Hotels, Resorts & Cruise Lines 3.2% |  |
| 180103 | MakeMyTrip Ltd.\* | 16857641 |
|  | Industrial Machinery & Supplies &<br>Components 4.5% |  |
| 4332906 | Elgi Equipments Ltd. | 23526617 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Life Sciences Tools & Services 8.1% |  |  |
| 656469 | Divi's Laboratories Ltd. | $| 42204610 |
|  | Managed Health Care 3.6% |  |  |
| 3176039 | Medi Assist Healthcare Services Ltd.\* |  | 18671023 |
|  | Regional Banks 7.5% |  |  |
| 4718336 | AU Small Finance Bank Ltd. |  | 38896313 |
|  | Total Common Stocks<br>(cost $397,948,594) |  | 524556650 |
|  | Total Investments<br>(cost $397,948,594) 100.4%<sup>§</sup> |  | 524556650 |
|  | Liabilities less Other Assets (0.4%) |  | (2171594) |
|  | Net Assets 100.0% | $| 522385056 |
|  | \*Non-income producing. | \*Non-income producing. | \*Non-income producing. |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 88.44%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 88.44%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 88.44%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Emerging India Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  India | 100.0 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Emerging Markets Select Fund (WAESX / WIESX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 106.9% | COMMON STOCKS 106.9% |
|  | Airport Services 6.0% |  |
| 389572 | Grupo Aeroportuario del Centro Norte SAB de CV | $5041132 |
| 545400 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | 12892329 |
|  |  | 17933461 |
|  | Apparel Retail 1.5% |  |
| 86876 | Trent Ltd. | 4573457 |
|  | Asset Management & Custody<br>Banks 0.8% |  |
| 199879 | Kfin Technologies Ltd. | 2364407 |
|  | Broadline Retail 15.6% |  |
| 10402 | MercadoLibre, Inc.\* | 24308850 |
| 126163 | Sea Ltd., ADR\* | 22549113 |
|  |  | 46857963 |
|  | Construction & Engineering 1.5% |  |
| 148973 | United Integrated Services Co. Ltd. | 4400616 |
|  | Consumer Finance 13.6% |  |
| 2266817 | Bajaj Finance Ltd. | 25505047 |
| 548870 | Cholamandalam Investment & Finance Co. Ltd. | 9945835 |
| 911502 | Five-Star Business Finance Ltd. | 5503422 |
|  |  | 40954304 |
|  | Diversified Banks 6.8% |  |
| 557102 | HDFC Bank Ltd. | 5970293 |
| 901843 | NU Holdings Ltd., Class A\* | 14438507 |
|  |  | 20408800 |
|  | Electrical Components &<br>Equipment 6.3% |  |
| 211710 | Voltronic Power Technology Corp. | 6465023 |
| 1814602 | WEG SA | 12475229 |
|  |  | 18940252 |
|  | Electronic Equipment &<br>Instruments 5.5% |  |
| 551007 | Chroma ATE, Inc. | 10515404 |
| 276075 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A††† <sup>§§</sup> | 5979566 |
|  |  | 16494970 |
|  | Food Retail 1.9% |  |
| 213640 | BBB Foods, Inc., Class A\* | 5759734 |
|  | Health Care Facilities 5.0% |  |
| 1208519 | Max Healthcare Institute Ltd. | 15172374 |
|  | Hotels, Resorts & Cruise Lines 6.9% |  |
| 73519 | MakeMyTrip Ltd.\* | 6881378 |
| 185074 | Trip.com Group Ltd. | 14035558 |
|  |  | 20916936 |
|  | Industrial Machinery & Supplies &<br>Components 1.5% |  |
| 844729 | Elgi Equipments Ltd. | 4586672 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Interactive Media & Services 5.1% |  |  |
| 178700 | Tencent Holdings Ltd. | $| 15226954 |
|  | IT Consulting & Other Services 3.7% |  |  |
| 27255 | EPAM Systems, Inc.\* |  | 4109781 |
| 748075 | FPT Corp. |  | 2634979 |
| 75439 | Globant SA\* |  | 4328690 |
|  |  |  | 11073450 |
|  | Life Sciences Tools & Services 5.0% |  |  |
| 236335 | Divi's Laboratories Ltd. |  | 15194056 |
|  | Property & Casualty Insurance 2.7% |  |  |
| 901519 | Qualitas Controladora SAB de CV |  | 8243064 |
|  | Regional Banks 2.3% |  |  |
| 848109 | AU Small Finance Bank Ltd. |  | 6991514 |
|  | Semiconductors 12.3% |  |  |
| 42893 | Alchip Technologies Ltd. |  | 4927334 |
| 111826 | ASPEED Technology, Inc. |  | 18599171 |
| 84986 | Jentech Precision Industrial Co. Ltd. |  | 6779554 |
| 143769 | LEENO Industrial, Inc. |  | 5285988 |
| 173984 | Silergy Corp. |  | 1481752 |
|  |  |  | 37073799 |
|  | Technology Hardware, Storage &<br>Peripherals 2.9% |  |  |
| 272972 | Asia Vital Components Co. Ltd. |  | 8878868 |
|  | Total Common Stocks<br>(cost $231,453,732) |  | 322045651 |
|  | Total Investments<br>(cost $231,453,732) 106.9%<sup>§</sup> |  | 322045651 |
|  | Liabilities less Other Assets (6.9%) |  | (20682947) |
|  | Net Assets 100.0% | $| 301362704 |
|  | \*Non-income producing. | \*Non-income producing. | \*Non-income producing. |
|  | †††Variable rate securities. | †††Variable rate securities. | †††Variable rate securities. |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 61.67%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 61.67%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 61.67%. |
|  | <sup>§</sup><sup>§</sup>The aggregate value of illiquid holdings at September 30, 2025 amounted to approximately $5,979,566 and represented 1.98% of net assets. | <sup>§</sup><sup>§</sup>The aggregate value of illiquid holdings at September 30, 2025 amounted to approximately $5,979,566 and represented 1.98% of net assets. | <sup>§</sup><sup>§</sup>The aggregate value of illiquid holdings at September 30, 2025 amounted to approximately $5,979,566 and represented 1.98% of net assets. |
|  | ADR American Depositary Receipt. | ADR American Depositary Receipt. | ADR American Depositary Receipt. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Emerging Markets Select Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 8.4 |
|  China | 10.9 |
|  India | 31.9 |
|  Mexico | 9.9 |
|  Singapore | 7.0 |
|  South Korea | 1.6 |
|  Taiwan | 19.3 |
|  United States | 10.2 |
|  Vietnam | 0.8 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 98.1% | COMMON STOCKS 98.1% |
|  | Airport Services 4.4% |  |
| 716725 | Grupo Aeroportuario del Centro Norte SAB de CV | $9274551 |
|  | Alternative Carriers 1.2% |  |
| 191201 | Chief Telecom, Inc. | 2581217 |
|  | Asset Management & Custody<br>Banks 5.0% |  |
| 264279 | Kfin Technologies Ltd. | 3126207 |
| 256542 | Prudent Corporate Advisory Services Ltd. | 7456214 |
|  |  | 10582421 |
|  | Automotive Retail 1.5% |  |
| 95242 | Aldrees Petroleum & Transport Services Co. | 3185295 |
|  | Building Products 1.2% |  |
| 256779 | KRN Heat Exchanger & Refrigeration Ltd.\* | 2432938 |
|  | Commercial & Residential Mortgage<br>Finance 3.0% |  |
| 344343 | Aavas Financiers Ltd.\* | 6338778 |
|  | Communications Equipment 2.6% |  |
| 159000 | Accton Technology Corp. | 5498412 |
|  | Computer & Electronics Retail 1.1% |  |
| 375118 | Aditya Vision Ltd. | 2372832 |
|  | Construction & Engineering 3.2% |  |
| 229959 | United Integrated Services Co. Ltd. | 6792918 |
|  | Consumer Finance 7.6% |  |
| 678480 | Cholamandalam Financial Holdings Ltd. | 14405526 |
| 272537 | Five-Star Business Finance Ltd. | 1645510 |
|  |  | 16051036 |
|  | Diversified Banks 6.9% |  |
| 580799 | Inter & Co., Inc., Class A | 5360775 |
| 217436 | Optima bank SA | 2154571 |
| 113293 | TBC Bank Group PLC | 6934834 |
|  |  | 14450180 |
|  | Diversified Support Services 2.3% |  |
| 168390 | CMS Info Systems Ltd. | 707933 |
| 4112109 | Frontken Corp. Bhd. | 4066002 |
|  |  | 4773935 |
|  | Drug Retail 1.1% |  |
| 110226 | Clicks Group Ltd. | 2249453 |
|  | Electrical Components &<br>Equipment 1.0% |  |
| 68575 | Voltronic Power Technology Corp. | 2094086 |
|  | Electronic Equipment &<br>Instruments 8.1% |  |
| 600616 | Chroma ATE, Inc. | 11462141 |
| 18626 | Park Systems Corp. | 3435582 |
| 95138 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A<sup>§</sup><sup>§</sup> | 2060614 |
|  |  | 16958337 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Electronic Manufacturing<br>Services 3.7% |  |
| 21499 | Fabrinet\* | $7838965 |
|  | Food Retail 0.8% |  |
| 63064 | BBB Foods, Inc., Class A\* | 1700206 |
|  | Health Care Facilities 1.2% |  |
| 164137 | Rainbow Children's Medicare Ltd. | 2506230 |
|  | Health Care Services 4.4% |  |
| 57897 | Diagnostyka SA | 3036602 |
| 554629 | Vijaya Diagnostic Centre Ltd. | 6263485 |
|  |  | 9300087 |
|  | Human Resource & Employment<br>Services 2.8% |  |
| 6959 | Benefit Systems SA\* | 5817861 |
|  | Industrial Machinery & Supplies &<br>Components 3.1% |  |
| 419541 | Elgi Equipments Ltd. | 2278005 |
| 384230 | Shenzhen Envicool Technology Co. Ltd., Class A<sup>§</sup><sup>§</sup> | 4317051 |
|  |  | 6595056 |
|  | Interactive Media & Services 5.1% |  |
| 2554426 | Baltic Classifieds Group PLC | 10649883 |
|  | IT Consulting & Other Services 1.9% |  |
| 581957 | FPT Corp. | 2049854 |
| 33500 | Globant SA\* | 1922230 |
|  |  | 3972084 |
|  | Life & Health Insurance 2.2% |  |
| 33694 | Co. for Cooperative Insurance | 1221904 |
| 291359 | Discovery Ltd. | 3323551 |
|  |  | 4545455 |
|  | Managed Health Care 0.5% |  |
| 190694 | Medi Assist Healthcare Services Ltd.\* | 1121035 |
|  | Packaged Foods & Meats 1.4% |  |
| 10475549 | Cisarua Mountain Dairy Tbk. PT | 2891541 |
|  | Property & Casualty Insurance 3.1% |  |
| 720252 | Qualitas Controladora SAB de CV | 6585644 |
|  | Regional Banks 4.5% |  |
| 1150825 | AU Small Finance Bank Ltd. | 9486999 |
|  | Semiconductor Materials &<br>Equipment 1.8% |  |
| 116646 | Anji Microelectronics Technology Shanghai Co. Ltd., Class A<sup>§</sup><sup>§</sup> | 3751166 |
|  | Semiconductors 9.9% |  |
| 76333 | ASPEED Technology, Inc. | 12695890 |
| 69000 | Jentech Precision Industrial Co. Ltd. | 5504309 |
| 52797 | LEENO Industrial, Inc. | 1941200 |
| 89728 | Silergy Corp. | 764177 |
|  |  | 20905576 |

---

------

<u>Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Technology Hardware, Storage &<br>Peripherals 1.5% |  |
| 117000 | AURAS Technology Co. Ltd. | $3251547 |
|  | Total Common Stocks <br>(cost $140,043,826) | 206555724 |
|  | Total Investments <br>(cost $140,043,826) 98.1%<sup>§</sup> | 206555724 |
|  | Other Assets less Liabilities 1.9% | 3911772 |
|  | Net Assets 100.0% | $210467496 |
|  | \*Non-income producing. |  |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 69.88%. |  |
|  | <sup>§</sup><sup>§</sup>The aggregate value of illiquid holdings at September 30, 2025, amounts to approximately $10,128,831 and represents 4.81% of net assets. |  |
|  | See Notes to Financial Statements. |  |

---

At September 30, 2025, the Wasatch Emerging Markets Small Cap Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 2.6 |
|  China | 4.9 |
|  Greece | 1.1 |
|  India | 29.1 |
|  Indonesia | 1.4 |
|  Malaysia | 2 |
|  Mexico | 8.5 |
|  Poland | 4.3 |
|  Saudi Arabia | 2.1 |
|  South Africa | 2.7 |
|  South Korea | 2.6 |
|  Taiwan | 24.5 |
|  United Kingdom | 8.5 |
|  United States | 4.7 |
|  Vietnam | 1 |
|  TOTAL | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>Wasatch Frontier Emerging Small Countries Fund (WAFMX / WIFMX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 100.6% | COMMON STOCKS 100.6% |
|  | Aerospace & Defense 1.8% |  |
| 16485 | Theon International PLC | $630255 |
|  | Airport Services 4.7% |  |
| 126600 | Grupo Aeroportuario del Centro Norte SAB de CV | 1638227 |
|  | Automotive Retail 1.4% |  |
| 14317 | Aldrees Petroleum & Transport Services Co. | 478821 |
|  | Broadline Retail 16.0% |  |
| 1201 | MercadoLibre, Inc.\* | 2806665 |
| 15575 | Sea Ltd., ADR\* | 2783720 |
|  |  | 5590385 |
|  | Computer & Electronics Retail 3.8% |  |
| 276350 | FPT Digital Retail JSC\* | 1339565 |
|  | Consumer Finance 15.0% |  |
| 264976 | Bajaj Finance Ltd. | 2981372 |
| 31604 | Cholamandalam Financial Holdings Ltd. | 671018 |
| 86844 | Cholamandalam Investment & Finance Co. Ltd. | 1573663 |
|  |  | 5226053 |
|  | Distillers & Vintners 2.5% |  |
| 181250 | Ginebra San Miguel, Inc. | 871370 |
|  | Diversified Banks 24.5% |  |
| 114277 | Banca Transilvania SA | 741294 |
| 339028 | Bank for Foreign Trade of Vietnam JSC | 795419 |
| 876630 | HD Bank\* | 1027785 |
| 54936 | Inter & Co., Inc., Class A | 507059 |
| 6211 | Lion Finance Group PLC | 640554 |
| 1617790 | Military Commercial Joint Stock Bank | 1603360 |
| 62156 | NU Holdings Ltd., Class A\* | 995117 |
| 22018 | TBC Bank Group PLC | 1347755 |
| 606600 | Vietnam Technological & Commercial Joint Stock Bank | 868703 |
|  |  | 8527046 |
|  | Diversified Support Services 1.4% |  |
| 486702 | Frontken Corp. Bhd. | 481245 |
|  | Electronic Manufacturing Services 1.5% |  |
| 1475 | Fabrinet\* | 537814 |
|  | Food Retail 0.3% |  |
| 3458 | BBB Foods, Inc., Class A\* | 93228 |
|  | Health Care Facilities 7.8% |  |
| 15380 | Akdital Holding | 2344917 |
| 5281 | Dr. Sulaiman Al Habib Medical Services Group Co. | 380211 |
|  |  | 2725128 |
|  | Health Care Services 2.8% |  |
| 18694 | Diagnostyka SA | 980469 |
|  | Human Resource & Employment<br>Services 1.4% |  |
| 597 | Benefit Systems SA\* | 499104 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Interactive Media & Services 6.7% |  |  |
| 556035 | Baltic Classifieds Group PLC | $| 2318215 |
|  | IT Consulting & Other Services 1.0% |  |  |
| 487 | Elm Co. |  | 116290 |
| 68838 | FPT Corp. |  | 242471 |
|  |  |  | 358761 |
|  | Life & Health Insurance 2.5% |  |  |
| 2141 | Bupa Arabia for Cooperative Insurance Co. |  | 94142 |
| 6022 | Co. for Cooperative Insurance |  | 218386 |
| 47966 | Discovery Ltd. |  | 547151 |
|  |  |  | 859679 |
|  | Packaged Foods & Meats 0.3% |  |  |
| 4595 | Kri-Kri Milk Industry SA |  | 97106 |
|  | Property & Casualty Insurance 2.7% |  |  |
| 103422 | Qualitas Controladora SAB de CV |  | 945642 |
|  | Semiconductor Materials &<br>Equipment 2.5% |  |  |
| 8177 | Camtek Ltd.\* |  | 858994 |
|  | Total Common Stocks<br>(cost $26,381,621) |  | 35057107 |
|  | Total Investments<br>(cost $26,381,621) 100.6%<sup>§</sup> |  | 35057107 |
|  | Liabilities less Other Assets (0.6%) |  | (202113) |
|  | Net Assets 100.0% | $| 34854994 |
|  | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 46.00%.<br>ADR American Depositary Receipt. | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 46.00%.<br>ADR American Depositary Receipt. | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 46.00%.<br>ADR American Depositary Receipt. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Frontier Emerging Small Countries Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 4.3 |
|  Cyprus | 1.8 |
|  Greece | 0.3 |
|  India | 14.9 |
|  Israel | 2.4 |
|  Malaysia | 1.4 |
|  Mexico | 7.6 |
|  Morocco | 6.7 |
|  Philippines | 2.5 |
|  Poland | 4.2 |
|  Romania | 2.1 |
|  Saudi Arabia | 3.7 |
|  Singapore | 7.9 |
|  South Africa | 1.6 |
|  United Kingdom | 12.3 |
|  United States | 9.5 |
|  Vietnam | 16.8 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Global Opportunities Fund (WAGOX / WIGOX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 100.7% | COMMON STOCKS 100.7% |
|  | Application Software 8.3% |  |
| 149374 | Clearwater Analytics Holdings, Inc., Class A\* | $2691719 |
| 6549 | Guidewire Software, Inc.\* | 1505353 |
| 59772 | nCino, Inc.\* | 1620419 |
| 33504 | Q2 Holdings, Inc.\* | 2425354 |
| 492580 | Rakus Co. Ltd. | 4527417 |
| 93319 | Technology One Ltd. | 2375750 |
|  |  | 15146012 |
|  | Asset Management & Custody<br>Banks 4.1% |  |
| 27666 | Cohen & Steers, Inc. | 1815166 |
| 16244 | Hamilton Lane, Inc., Class A | 2189529 |
| 176739 | Kfin Technologies Ltd. | 2090680 |
| 76693 | Netwealth Group Ltd. | 1492137 |
|  |  | 7587512 |
|  | Automotive Parts & Equipment 2.6% |  |
| 26121 | Modine Manufacturing Co.\* | 3713362 |
| 29218 | XPEL, Inc.\* | 966239 |
|  |  | 4679601 |
|  | Automotive Retail 1.9% |  |
| 97415 | Valvoline, Inc.\* | 3498173 |
|  | Biotechnology 0.2% |  |
| 112280 | C4 Therapeutics, Inc.\* | 249262 |
| 109923 | Sangamo Therapeutics, Inc.\* | 74022 |
|  |  | 323284 |
|  | Broadline Retail 1.6% |  |
| 23349 | Ollie's Bargain Outlet Holdings, Inc.\* | 2998012 |
|  | Building Products 4.0% |  |
| 19954 | AAON, Inc. | 1864501 |
| 34164 | Carel Industries SpA | 897890 |
| 86479 | Trex Co., Inc.\* | 4468370 |
|  |  | 7230761 |
|  | Cargo Ground Transportation 2.3% |  |
| 13801 | Saia, Inc.\* | 4131467 |
|  | Consumer Finance 3.7% |  |
| 153419 | Cholamandalam Financial Holdings Ltd. | 3257401 |
| 589651 | Five-Star Business Finance Ltd. | 3560165 |
|  |  | 6817566 |
|  | Diversified Support Services 2.1% |  |
| 300800 | Japan Elevator Service Holdings Co. Ltd. | 3818022 |
|  | Drug Retail 2.1% |  |
| 160700 | Sugi Holdings Co. Ltd. | 3875012 |
|  | Electrical Components &<br>Equipment 1.3% |  |
| 78897 | Voltronic Power Technology Corp. | 2409291 |
|  | Environmental & Facilities Services 1.9% |  |
| 37166 | Casella Waste Systems, Inc., Class A\* | 3526310 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Health Care Facilities 5.8% |  |
| 36366 | Ensign Group, Inc. | $6282954 |
| 338699 | Max Healthcare Institute Ltd. | 4252203 |
|  |  | 10535157 |
|  | Health Care Services 0.9% |  |
| 148531 | Vijaya Diagnostic Centre Ltd. | 1677377 |
|  | Home Furnishing Retail 1.1% |  |
| 186834 | Arhaus, Inc.\* | 1986045 |
|  | Home Improvement Retail 1.0% |  |
| 24859 | Floor & Decor Holdings, Inc., Class A\* | 1832108 |
|  | Homebuilding 1.1% |  |
| 19102 | LGI Homes, Inc.\* | 987764 |
| 57425 | Smith Douglas Homes Corp.\* | 1014126 |
|  |  | 2001890 |
|  | Human Resource & Employment<br>Services 2.4% |  |
| 14168 | Paylocity Holding Corp.\* | 2256537 |
| 197800 | SMS Co. Ltd. | 2084571 |
|  |  | 4341108 |
|  | Industrial Machinery & Supplies &<br>Components 6.8% |  |
| 7941 | Kadant, Inc. | 2363083 |
| 14047 | RBC Bearings, Inc.\* | 5482404 |
| 21295 | Standex International Corp. | 4512410 |
|  |  | 12357897 |
|  | Insurance Brokers 0.8% |  |
| 20029 | Goosehead Insurance, Inc., Class A | 1490558 |
|  | Interactive Media & Services 0.7% |  |
| 49525 | Hemnet Group AB | 1248985 |
|  | Investment Banking & Brokerage 1.2% |  |
| 291172 | AJ Bell PLC | 2138035 |
|  | IT Consulting & Other Services 1.9% |  |
| 28731 | Persistent Systems Ltd. | 1563483 |
| 89385 | Softcat PLC | 1901381 |
|  |  | 3464864 |
|  | Life Sciences Tools & Services 2.9% |  |
| 52029 | Divi's Laboratories Ltd. | 3344962 |
| 3953 | Medpace Holdings, Inc.\* | 2032474 |
|  |  | 5377436 |
|  | Managed Health Care 3.6% |  |
| 70303 | HealthEquity, Inc.\* | 6662615 |
|  | Other Specialty Retail 1.2% |  |
| 14750 | Five Below, Inc.\* | 2281825 |
|  | Packaged Foods & Meats 1.8% |  |
| 58642 | Freshpet, Inc.\* | 3231761 |
|  | Personal Care Products 1.5% |  |
| 75649 | BellRing Brands, Inc.\* | 2749841 |

---

------

<u>Wasatch Global Opportunities Fund (WAGOX / WIGOX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Pharmaceuticals 0.2% |  |  |
| 128235 | Esperion Therapeutics, Inc.\* | $| 339823 |
|  | Regional Banks 4.9% |  |  |
| 674608 | AU Small Finance Bank Ltd. |  | 5561233 |
| 65251 | Bank OZK |  | 3326496 |
|  |  |  | 8887729 |
|  | Research & Consulting Services 2.9% |  |  |
| 89627 | BayCurrent, Inc. |  | 5267106 |
|  | Semiconductor Materials &<br>Equipment 5.0% |  |  |
| 29107 | Camtek Ltd.\* |  | 3057690 |
| 19010 | Nova Ltd.\* |  | 6076737 |
|  |  |  | 9134427 |
|  | Semiconductors 6.5% |  |  |
| 37347 | ASPEED Technology, Inc. |  | 6211644 |
| 55529 | LEENO Industrial, Inc. |  | 2041648 |
| 32458 | Melexis NV |  | 2587412 |
| 131455 | Silergy Corp. |  | 1119549 |
|  |  |  | 11960253 |
|  | Specialty Chemicals 1.1% |  |  |
| 13692 | Balchem Corp. |  | 2054621 |
|  | Trading Companies &<br>Distributors 5.4% |  |  |
| 63496 | Diploma PLC |  | 4544799 |
| 304900 | MonotaRO Co. Ltd. |  | 4426765 |
| 64729 | OEM International AB, Class B |  | 984746 |
|  |  |  | 9956310 |
|  | Transaction & Payment Processing<br>Services 3.9% |  |  |
| 34043 | Paymentus Holdings, Inc., Class A\* |  | 1041716 |
| 78020 | Shift4 Payments, Inc., Class A\* |  | 6038748 |
|  |  |  | 7080464 |
|  | Total Common Stocks<br>(cost $135,470,011) |  | 184099258 |
|  | Total Investments<br>(cost $135,470,011) 100.7%<sup>§</sup> |  | 184099258 |
|  | Liabilities less Other Assets (0.7%) |  | (1256004) |
|  | Net Assets 100.0% | $| 182843254 |
|  | \*Non-income producing. <br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 38.90%. | \*Non-income producing. <br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 38.90%. | \*Non-income producing. <br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 38.90%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Global Opportunities Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.1 |
|  Belgium | 1.4 |
|  India | 13.7 |
|  Israel | 5.0 |
|  Italy | 0.5 |
|  Japan | 13.0 |
|  South Korea | 1.1 |
|  Sweden | 1.2 |
|  Taiwan | 5.3 |
|  United Kingdom | 4.7 |
|  United States | 52.0 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Global Select Fund (WAGSX / WGGSX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 100.2% | COMMON STOCKS 100.2% |
|  | Aerospace & Defense 4.1% |  |
| 2054 | HEICO Corp., Class A | $521901 |
|  | Application Software 11.9% |  |
| 4367 | Descartes Systems Group, Inc.\* | 411189 |
| 726 | HubSpot, Inc.\* | 339623 |
| 1840 | Manhattan Associates, Inc.\* | 377163 |
| 5446 | Procore Technologies, Inc.\* | 397122 |
|  |  | 1525097 |
|  | Broadline Retail 7.4% |  |
| 3728 | Dollarama, Inc. | 491656 |
| 194 | MercadoLibre, Inc.\* | 453366 |
|  |  | 945022 |
|  | Building Products 2.1% |  |
| 5234 | Trex Co., Inc.\* | 270441 |
|  | Cargo Ground Transportation 2.6% |  |
| 1119 | Saia, Inc.\* | 334984 |
|  | Consumer Finance 4.6% |  |
| 52179 | Bajaj Finance Ltd. | 587091 |
|  | Distributors 2.7% |  |
| 1102 | Pool Corp. | 341697 |
|  | Diversified Banks 2.7% |  |
| 21226 | NU Holdings Ltd., Class A\* | 339828 |
|  | Diversified Support Services 2.4% |  |
| 6832 | Copart, Inc.\* | 307235 |
|  | Drug Retail 3.8% |  |
| 19900 | Sugi Holdings Co. Ltd. | 479855 |
|  | Electrical Components & Equipment 2.3% |  |
| 42000 | WEG SA | 288746 |
|  | Electronic Equipment & Instruments 4.0% |  |
| 11080 | Halma PLC | 515782 |
|  | Financial Exchanges & Data 3.0% |  |
| 1671 | Morningstar, Inc. | 387689 |
|  | Health Care Equipment 1.7% |  |
| 2476 | DiaSorin SpA | 219970 |
|  | Home Improvement Retail 2.1% |  |
| 3628 | Floor & Decor Holdings, Inc., Class A\* | 267384 |
|  | Hotels, Resorts & Cruise Lines 2.4% |  |
| 4117 | Trip.com Group Ltd. | 312223 |
|  | Industrial Machinery & Supplies &<br>Components 3.8% |  |
| 1257 | RBC Bearings, Inc.\* | 490595 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Interactive Media & Services 4.1% |  |  |
| 4205 | Scout24 SE | $| 527548 |
|  | Life Sciences Tools & Services 2.7% |  |  |
| 5421 | Divi's Laboratories Ltd. |  | 348518 |
|  | Managed Health Care 4.4% |  |  |
| 5878 | HealthEquity, Inc.\* |  | 557058 |
|  | Movies & Entertainment 2.0% |  |  |
| 370 | Spotify Technology SA\* |  | 258260 |
|  | Property & Casualty Insurance 3.0% |  |  |
| 7563 | Definity Financial Corp. |  | 388720 |
|  | Research & Consulting Services 7.5% |  |  |
| 8917 | BayCurrent, Inc. |  | 524025 |
| 6148 | UL Solutions, Inc., Class A |  | 435647 |
|  |  |  | 959672 |
|  | Semiconductor Materials &<br>Equipment 3.3% |  |  |
| 701 | ASM International NV |  | 422808 |
|  | Semiconductors 4.8% |  |  |
| 582 | Monolithic Power Systems, Inc. |  | 535812 |
| 8641 | Silergy Corp. |  | 73592 |
|  |  |  | 609404 |
|  | Trading Companies & Distributors 2.0% |  |  |
| 17276 | MonotaRO Co. Ltd. |  | 250826 |
|  | Transaction & Payment Processing<br>Services 2.8% |  |  |
| 4639 | Shift4 Payments, Inc., Class A\* |  | 359059 |
|  | Total Common Stocks<br>(cost $10,381,458) |  | 12817413 |
|  | Total Investments<br>(cost $10,381,458) 100.2%<sup>§</sup> |  | 12817413 |
|  | Liabilities less Other Assets (0.2%) |  | (21492) |
|  | Net Assets 100.0% | $| 12795921 |
|  | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 29.56%. | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 29.56%. | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 29.56%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

------

<u>Wasatch Global Select Fund (WAGSX / WGGSX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

At September 30, 2025, the Wasatch Global Select Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 4.9 |
|  Canada | 10.1 |
|  China | 2.4 |
|  Germany | 4.1 |
|  India | 7.3 |
|  Italy | 1.7 |
|  Japan | 9.8 |
|  Netherlands | 3.3 |
|  Sweden | 2.0 |
|  Taiwan | 0.6 |
|  United Kingdom | 4.0 |
|  United States | 49.8 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Global Value Fund (FMIEX / WILCX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.1% | COMMON STOCKS 97.1% |
|  | Broadline Retail 2.0% |  |
| 126000 | Alibaba Group Holding Ltd. | $2817877 |
|  | Cargo Ground Transportation 1.5% |  |
| 31000 | ArcBest Corp. | 2165970 |
|  | Consumer Staples Merchandise<br>Retail 2.0% |  |
| 27000 | Dollar General Corp. | 2790450 |
|  | Diversified Banks 17.2% |  |
| 55000 | Citigroup, Inc. | 5582500 |
| 175000 | ING Groep NV, ADR | 4564000 |
| 19000 | JPMorgan Chase & Co. | 5993170 |
| 47500 | Toronto-Dominion Bank | 3798089 |
| 162000 | United Overseas Bank Ltd. | 4350581 |
|  |  | 24288340 |
|  | Diversified Metals & Mining 2.3% |  |
| 40000 | Rio Tinto Ltd. | 3226521 |
|  | Electric Utilities 9.9% |  |
| 40000 | Duke Energy Corp. | 4950000 |
| 61000 | Evergy, Inc. | 4637220 |
| 99000 | Exelon Corp. | 4455990 |
|  |  | 14043210 |
|  | Food Retail 2.6% |  |
| 90000 | Koninklijke Ahold Delhaize NV | 3641804 |
|  | Health Care Services 2.3% |  |
| 17000 | Quest Diagnostics, Inc. | 3239860 |
|  | Integrated Oil & Gas 8.0% |  |
| 24000 | Chevron Corp. | 3726960 |
| 69000 | Suncor Energy, Inc. | 2887519 |
| 78000 | TotalEnergies SE | 4750872 |
|  |  | 11365351 |
|  | Integrated Telecommunication<br>Services 6.7% |  |
| 110000 | AT&T, Inc. | 3106400 |
| 17000000 | Telkom Indonesia Persero Tbk. PT | 3130152 |
| 75000 | Verizon Communications, Inc. | 3296250 |
|  |  | 9532802 |
|  | IT Consulting & Other Services 2.5% |  |
| 42500 | Amdocs Ltd. | 3487125 |
|  | Managed Health Care 1.1% |  |
| 43000 | Centene Corp.\* | 1534240 |
|  | Multi-Line Insurance 2.9% |  |
| 87000 | AXA SA | 4172088 |
|  | Other Specialized REITs 3.0% |  |
| 132000 | VICI Properties, Inc. | 4304520 |
|  | Paper & Plastic Packaging Products &<br>Materials 1.5% |  |
| 50000 | Sonoco Products Co. | 2154500 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Paper Products 1.8% |  |  |
| 92000 | UPM-Kymmene OYJ | $| 2519570 |
|  | Pharmaceuticals 10.6% |  |  |
| 38900 | Johnson & Johnson |  | 7212838 |
| 36000 | Novartis AG |  | 4628820 |
| 180000 | Shionogi & Co. Ltd. |  | 3171573 |
|  |  |  | 15013231 |
|  | Property & Casualty Insurance 1.4% |  |  |
| 21000 | Axis Capital Holdings Ltd. |  | 2011800 |
|  | Rail Transportation 2.9% |  |  |
| 17500 | Union Pacific Corp. |  | 4136475 |
|  | Reinsurance 2.5% |  |  |
| 5500 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  | 3511608 |
|  | Retail REITs 2.4% |  |  |
| 153000 | Kimco Realty Corp. |  | 3343050 |
|  | Semiconductors 1.8% |  |  |
| 75000 | Intel Corp.\* |  | 2516250 |
|  | Technology Hardware, Storage &<br>Peripherals 3.0% |  |  |
| 72000 | Samsung Electronics Co. Ltd. |  | 4316422 |
|  | Tobacco 3.4% |  |  |
| 50000 | KT&G Corp. |  | 4762908 |
|  | Trading Companies &<br>Distributors 1.8% |  |  |
| 90000 | Toyota Tsusho Corp. |  | 2491409 |
|  | Total Common Stocks<br>(cost $95,581,644) |  | 137387381 |
|  | Total Investments<br>(cost $95,581,644) 97.1%<sup>§</sup> |  | 137387381 |
|  | Other Assets less Liabilities 2.9% |  | 4056865 |
|  | Net Assets 100.0% | $| 141444246 |
|  | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 36.40%.<br>ADR American Depositary Receipt.<br>REIT Real Estate Investment Trust. | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 36.40%.<br>ADR American Depositary Receipt.<br>REIT Real Estate Investment Trust. | \*Non-income producing.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 36.40%.<br>ADR American Depositary Receipt.<br>REIT Real Estate Investment Trust. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

------

<u>Wasatch Global Value Fund (FMIEX / WILCX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

At September 30, 2025, the Wasatch Global Value Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.3 |
|  Canada | 4.9 |
|  China | 2.0 |
|  Finland | 1.8 |
|  France | 6.5 |
|  Germany | 2.6 |
|  Indonesia | 2.3 |
|  Japan | 4.1 |
|  Netherlands | 6.0 |
|  Singapore | 3.2 |
|  South Korea | 6.6 |
|  Switzerland | 3.4 |
|  United States | 54.3 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch International Growth Fund (WAIGX / WIIGX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.7% | COMMON STOCKS 97.7% |
|  | Aerospace & Defense 1.2% |  |
| 30914 | Exosens SAS | $1569611 |
| 41764 | Mildef Group AB | 904379 |
|  |  | 2473990 |
|  | Airport Services 2.6% |  |
| 418468 | Grupo Aeroportuario del Centro Norte SAB de CV | 5415052 |
|  | Apparel Retail 2.1% |  |
| 72586 | Aritzia, Inc.\* | 4390522 |
|  | Application Software 6.1% |  |
| 20567 | Descartes Systems Group, Inc.\* | 1936553 |
| 765000 | Rakus Co. Ltd. | 7031292 |
| 146478 | Technology One Ltd. | 3729091 |
|  |  | 12696936 |
|  | Asset Management & Custody<br>Banks 3.6% |  |
| 288711 | JTC PLC | 5143265 |
| 24644 | Kfin Technologies Ltd. | 291519 |
| 101516 | Netwealth Group Ltd. | 1975093 |
|  |  | 7409877 |
|  | Building Products 2.5% |  |
| 198740 | Carel Industries SpA | 5223236 |
|  | Casinos & Gaming 1.6% |  |
| 52869 | Lottomatica Group SpA | 1422665 |
| 73332 | Sportradar Group AG, Class A\* | 1972631 |
|  |  | 3395296 |
|  | Commercial & Residential Mortgage<br>Finance 2.1% |  |
| 3177 | Aavas Financiers Ltd.\* | 58483 |
| 548272 | OSB Group PLC | 4193333 |
|  |  | 4251816 |
|  | Communications Equipment 1.3% |  |
| 3149781 | Plover Bay Technologies Ltd. | 2775142 |
|  | Consumer Finance 3.3% |  |
| 321301 | Cholamandalam Financial Holdings Ltd. | 6821881 |
|  | Diversified Banks 3.9% |  |
| 452514 | Inter & Co., Inc., Class A | 4176704 |
| 21600 | Rakuten Bank Ltd.\* | 1205699 |
| 45321 | TBC Bank Group PLC | 2774167 |
|  |  | 8156570 |
|  | Diversified Real Estate Activities 1.1% |  |
| 263489 | Patrizia SE | 2228900 |
|  | Diversified Support Services 2.7% |  |
| 436386 | Japan Elevator Service Holdings Co. Ltd. | 5539000 |
|  | Drug Retail 3.8% |  |
| 255579 | Apotea AB\* | 2436290 |
| 224000 | Sugi Holdings Co. Ltd. | 5401386 |
|  |  | 7837676 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Electrical Components &<br>Equipment 0.4% |  |
| 24970 | Voltronic Power Technology Corp. | $762513 |
|  | Electronic Equipment &<br>Instruments 5.4% |  |
| 127509 | Halma PLC | 5935635 |
| 165250 | Lagercrantz Group AB, Class B | 3563901 |
| 8821 | Park Systems Corp. | 1627041 |
|  |  | 11126577 |
|  | Health Care Equipment 1.0% |  |
| 22913 | DiaSorin SpA | 2035608 |
|  | Health Care Facilities 1.4% |  |
| 227612 | Max Healthcare Institute Ltd. | 2857559 |
|  | Health Care Services 1.0% |  |
| 39893 | Diagnostyka SA | 2092322 |
|  | Health Care Technology 0.8% |  |
| 53427 | JMDC, Inc. | 1619571 |
|  | Human Resource & Employment<br>Services 3.2% |  |
| 3152 | Benefit Systems SA\* | 2635134 |
| 378054 | SMS Co. Ltd. | 3984228 |
|  |  | 6619362 |
|  | Industrial Machinery & Supplies &<br>Components 3.1% |  |
| 18000 | Airtac International Group | 447083 |
| 13547 | Kardex Holding AG | 5293283 |
| 26491 | Stabilus SE | 769938 |
|  |  | 6510304 |
|  | Interactive Media & Services 10.1% |  |
| 1220792 | Baltic Classifieds Group PLC | 5089712 |
| 81024 | Hemnet Group AB | 2043367 |
| 155700 | Kakaku.com, Inc. | 2674125 |
| 570737 | Rightmove PLC | 5450445 |
| 44979 | Scout24 SE | 5642950 |
|  |  | 20900599 |
|  | Investment Banking & Brokerage 4.2% |  |
| 778230 | AJ Bell PLC | 5714432 |
| 91304 | flatexDEGIRO AG | 2999472 |
|  |  | 8713904 |
|  | IT Consulting & Other Services 1.4% |  |
| 135911 | Softcat PLC | 2891073 |
|  | Life & Health Insurance 1.4% |  |
| 255271 | Discovery Ltd. | 2911893 |
|  | Movies & Entertainment 1.1% |  |
| 22618 | CTS Eventim AG & Co. KGaA | 2220511 |
|  | Other Specialty Retail 0.5% |  |
| 222529 | Watches of Switzerland Group PLC\* | 1100914 |

---

------

<u>Wasatch International Growth Fund (WAIGX / WIIGX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Property & Casualty Insurance 5.0% |  |  |
| 146675 | Definity Financial Corp. | $| 7538739 |
| 305318 | Qualitas Controladora SAB de CV |  | 2791683 |
|  |  |  | 10330422 |
|  | Regional Banks 2.1% |  |  |
| 521842 | AU Small Finance Bank Ltd. |  | 4301883 |
|  | Research & Consulting Services 3.8% |  |  |
| 116800 | BayCurrent, Inc. |  | 6863981 |
| 146700 | Rise Consulting Group, Inc. |  | 984047 |
|  |  |  | 7848028 |
|  | Semiconductor Materials &<br>Equipment 2.4% |  |  |
| 20102 | Camtek Ltd.\* |  | 2111715 |
| 228652 | Japan Material Co. Ltd. |  | 2818916 |
|  |  |  | 4930631 |
|  | Semiconductors 2.0% |  |  |
| 10479 | ASPEED Technology, Inc. |  | 1742893 |
| 22717 | Melexis NV |  | 1810901 |
| 64793 | Silergy Corp. |  | 551816 |
|  |  |  | 4105610 |
|  | Specialty Chemicals 0.9% |  |  |
| 10018 | AlzChem Group AG |  | 1772882 |
|  | Trading Companies &<br>Distributors 8.6% |  |  |
| 80203 | Diploma PLC |  | 5740622 |
| 448048 | MonotaRO Co. Ltd. |  | 6505094 |
| 358936 | OEM International AB, Class B |  | 5460623 |
|  |  |  | 17706339 |
|  | Total Common Stocks<br>(cost $142,783,058) |  | 201974399 |
|  | Total Investments<br>(cost $142,783,058) 97.7%<sup>§</sup> |  | 201974399 |
|  | Other Assets less Liabilities 2.3% |  | 4844764 |
|  | Net Assets 100.0% | $| 206819163 |
|  | \*Non-income producing. | \*Non-income producing. | \*Non-income producing. |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 74.44%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 74.44%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 74.44%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch International Growth Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.8 |
|  Belgium | 0.9 |
|  Brazil | 2.1 |
|  Canada | 6.9 |
|  France | 0.8 |
|  Germany | 7.7 |
|  Hong Kong | 1.4 |
|  India | 7.1 |
|  Israel | 1.1 |
|  Italy | 4.3 |
|  Japan | 22.1 |
|  Mexico | 4.1 |
|  Poland | 2.3 |
|  South Africa | 1.4 |
|  South Korea | 0.8 |
|  Sweden | 7.1 |
|  Switzerland | 3.6 |
|  Taiwan | 1.7 |
|  United Kingdom | 21.8 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch International Opportunities Fund (WAIOX / WIIOX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.3% | COMMON STOCKS 97.3% |
|  | Aerospace & Defense 0.6% |  |
| 12926 | Mildef Group AB | $279906 |
|  | Alternative Carriers 3.2% |  |
| 116307 | Chief Telecom, Inc. | 1570147 |
|  | Application Software 11.8% |  |
| 8373 | Atoss Software SE | 1083013 |
| 98618 | m-up Holdings, Inc. | 1411428 |
| 153264 | Rakus Co. Ltd. | 1408685 |
| 3142 | Sidetrade\* | 871816 |
| 46900 | Smaregi, Inc. | 946590 |
|  |  | 5721532 |
|  | Asset Management & Custody<br>Banks 8.4% |  |
| 62186 | JTC PLC | 1107817 |
| 57463 | Prudent Corporate Advisory Services Ltd. | 1670122 |
| 139827 | Tatton Asset Management PLC | 1308851 |
|  |  | 4086790 |
|  | Building Products 0.8% |  |
| 42510 | KRN Heat Exchanger & Refrigeration Ltd.\* | 402775 |
|  | Commercial & Residential Mortgage<br>Finance 3.5% |  |
| 46387 | Aavas Financiers Ltd.\* | 853907 |
| 87107 | Mortgage Advice Bureau Holdings Ltd. | 841930 |
|  |  | 1695837 |
|  | Communications Equipment 1.8% |  |
| 965618 | Plover Bay Technologies Ltd. | 850766 |
|  | Construction Machinery & Heavy<br>Transportation Equipment 1.0% |  |
| 41663 | Action Construction Equipment Ltd. | 503346 |
|  | Consumer Finance 1.3% |  |
| 41950 | Premium Group Co. Ltd. | 609732 |
|  | Data Processing & Outsourced<br>Services 1.4% |  |
| 295300 | Infomart Corp. | 665917 |
|  | Distributors 1.8% |  |
| 37966 | Supply Network Ltd. | 854843 |
|  | Diversified Banks 1.1% |  |
| 51497 | Optima bank SA | 510283 |
|  | Diversified Support Services 10.3% |  |
| 156374 | CMS Info Systems Ltd. | 657416 |
| 802131 | Frontken Corp. Bhd. | 793137 |
| 194800 | Japan Elevator Service Holdings Co. Ltd. | 2472575 |
| 239997 | Prestige International, Inc. | 1070174 |
|  |  | 4993302 |
|  | Drug Retail 1.3% |  |
| 64734 | Apotea AB\* | 617073 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Electrical Components & Equipment 0.8% |  |
| 12631 | Voltronic Power Technology Corp. | $385715 |
|  | Electronic Equipment & Instruments 5.7% |  |
| 96000 | Blackline Safety Corp.\* | 504247 |
| 31002 | Nayax Ltd.\* | 1480642 |
| 4288 | Park Systems Corp. | 790925 |
|  |  | 2775814 |
|  | Food Retail 5.6% |  |
| 15001 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1382708 |
| 814300 | Sheng Siong Group Ltd. | 1313910 |
|  |  | 2696618 |
|  | Health Care Facilities 0.9% |  |
| 28790 | Rainbow Children's Medicare Ltd. | 439598 |
|  | Health Care Services 4.3% |  |
| 9485 | Diagnostyka SA | 497472 |
| 138893 | Vijaya Diagnostic Centre Ltd. | 1568534 |
|  |  | 2066006 |
|  | Health Care Technology 1.1% |  |
| 27000 | eWeLL Co. Ltd. | 521289 |
|  | Human Resource & Employment<br>Services 2.7% |  |
| 1571 | Benefit Systems SA\* | 1313387 |
|  | Industrial Machinery & Supplies &<br>Components 1.0% |  |
| 87406 | Elgi Equipments Ltd. | 474593 |
|  | Interactive Media & Services 4.4% |  |
| 347659 | Baltic Classifieds Group PLC | 1449456 |
| 27904 | Hemnet Group AB | 703719 |
|  |  | 2153175 |
|  | Investment Banking & Brokerage 3.2% |  |
| 213601 | AJ Bell PLC | 1568442 |
|  | IT Consulting & Other Services 1.7% |  |
| 45758 | baudroie, Inc.\* | 848480 |
|  | Packaged Foods & Meats 0.9% |  |
| 21700 | Kri-Kri Milk Industry SA | 458584 |
|  | Personal Care Products 3.1% |  |
| 97687 | Sarantis SA | 1486376 |
|  | Property & Casualty Insurance 1.9% |  |
| 103098 | Qualitas Controladora SAB de CV | 942679 |
|  | Real Estate Services 2.8% |  |
| 39888 | AZOOM Co. Ltd. | 1380177 |
|  | Research & Consulting Services 4.3% |  |
| 43371 | Elixirr International PLC | 515634 |
| 90000 | Rise Consulting Group, Inc. | 603710 |
| 151800 | SIGMAXYZ Holdings, Inc. | 949189 |
|  |  | 2068533 |

---

------

<u>Wasatch International Opportunities Fund (WAIOX / WIIOX) </u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Semiconductors 4.6% |  |  |
| 12628 | Elmos Semiconductor SE | $| 1221581 |
| 28050 | LEENO Industrial, Inc. |  | 1031321 |
|  |  |  | 2252902 |
|  | Total Common Stocks<br>(cost $28,194,132) |  | 47194617 |
|  | Total Investments<br>(cost $28,194,132) 97.3%<sup>§</sup> |  | 47194617 |
|  | Other Assets less Liabilities 2.7% |  | 1314827 |
|  | Net Assets 100.0% | $| 48509444 |
|  | \*Non-income producing. | \*Non-income producing. | \*Non-income producing. |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 79.65%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 79.65%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 79.65%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch International Opportunities Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 1.8 |
|  Canada | 1.1 |
|  France | 1.8 |
|  Germany | 4.9 |
|  Greece | 5.2 |
|  Hong Kong | 1.8 |
|  India | 13.9 |
|  Israel | 6.1 |
|  Japan | 27.3 |
|  Malaysia | 1.7 |
|  Mexico | 2.0 |
|  Poland | 3.8 |
|  Singapore | 2.8 |
|  South Korea | 3.9 |
|  Sweden | 3.4 |
|  Taiwan | 4.1 |
|  United Kingdom | 14.4 |
|  TOTAL | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

<u>Wasatch International Select Fund (WAISX / WGISX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 94.9% | COMMON STOCKS 94.9% |
|  | Aerospace & Defense 4.2% |  |
| 7475 | BAE Systems PLC | $208077 |
|  | Apparel, Accessories & Luxury Goods 1.7% |  |
| 34 | Hermes International SCA | 83607 |
|  | Application Software 4.3% |  |
| 40 | Constellation Software, Inc. | 108586 |
| 1102 | Descartes Systems Group, Inc.\* | 103762 |
|  |  | 212348 |
|  | Asset Management & Custody Banks 1.0% |  |
| 38 | Partners Group Holding AG | 49720 |
|  | Automobile Manufacturers 4.6% |  |
| 472 | Ferrari NV | 228788 |
|  | Automotive Retail 2.7% |  |
| 4002 | Auto1 Group SE\* | 136906 |
|  | Broadline Retail 4.0% |  |
| 1511 | Dollarama, Inc. | 199274 |
|  | Building Products 3.5% |  |
| 166 | Belimo Holding AG | 174583 |
|  | Casinos & Gaming 5.1% |  |
| 5714 | Lottomatica Group SpA | 153760 |
| 3719 | Sportradar Group AG, Class A\* | 100041 |
|  |  | 253801 |
|  | Construction & Engineering 3.8% |  |
| 2660 | AtkinsRealis Group, Inc. | 191974 |
|  | Diversified Banks 3.2% |  |
| 2834 | Rakuten Bank Ltd.\* | 158192 |
|  | Diversified Real Estate Activities 4.4% |  |
| 5000 | Sumitomo Realty & Development Co. Ltd. | 220547 |
|  | Drug Retail 2.0% |  |
| 4200 | Sugi Holdings Co. Ltd. | 101276 |
|  | Electronic Equipment & Instruments 3.6% |  |
| 3898 | Halma PLC | 181455 |
|  | Health Care Equipment 1.2% |  |
| 677 | DiaSorin SpA | 60145 |
|  | Interactive Home Entertainment 4.5% |  |
| 2600 | Nintendo Co. Ltd. | 224950 |
|  | Interactive Media & Services 6.6% |  |
| 959 | REA Group Ltd. | 146648 |
| 1438 | Scout24 SE | 180408 |
|  |  | 327056 |
|  | Movies & Entertainment 5.8% |  |
| 413 | Spotify Technology SA\* | 288274 |
|  | Other Specialty Retail 2.4% |  |
| 3478 | Jumbo SA | 119315 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Pharmaceuticals 2.4% |  |  |
| 5400 | Daiichi Sankyo Co. Ltd. | $| 121501 |
|  | Property & Casualty Insurance 4.8% |  |  |
| 4648 | Definity Financial Corp. |  | 238896 |
|  | Real Estate Services 4.4% |  |  |
| 1142 | FirstService Corp. |  | 217585 |
|  | Research & Consulting Services 2.8% |  |  |
| 2350 | BayCurrent, Inc. |  | 138102 |
|  | Semiconductor Materials &<br>Equipment 4.8% |  |  |
| 244 | ASM International NV |  | 147169 |
| 623 | BE Semiconductor Industries NV |  | 93282 |
|  |  |  | 240451 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 2.7% |  |  |
| 2860 | Coca-Cola HBC AG |  | 134931 |
|  | Trading Companies & Distributors 2.1% |  |  |
| 7200 | MonotaRO Co. Ltd. |  | 104535 |
|  | Transaction & Payment Processing<br>Services 2.3% |  |  |
| 70 | Adyen NV\* |  | 112636 |
|  | Total Common Stocks<br> (cost $3,692,445) |  | 4728925 |
|  | Total Investments<br>(cost $3,692,445) 94.9%<sup>§</sup> |  | 4728925 |
|  | Other Assets less Liabilities 5.1% |  | 255652 |
|  | Net Assets 100.0% | $| 4984577 |
|  | \*Non-income producing. | \*Non-income producing. | \*Non-income producing. |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 58.30%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 58.30%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 58.30%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch International Select Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 3.1 |
|  Canada | 22.4 |
|  France | 1.8 |
|  Germany | 6.7 |
|  Greece | 2.5 |
|  Italy | 9.4 |
|  Japan | 22.6 |
|  Netherlands | 7.5 |
|  Sweden | 6.1 |
|  Switzerland | 6.8 |
|  United Kingdom | 11.1 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch International Value Fund (WAIVX / WGIVX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 93.7% | COMMON STOCKS 93.7% |
|  | Automotive Parts & Equipment 2.4% |  |
| 6038 | Magna International, Inc. | $286086 |
|  | Broadline Retail 1.9% |  |
| 10000 | Alibaba Group Holding Ltd. | 223641 |
|  | Construction & Engineering 1.6% |  |
| 4171 | Bouygues SA | 188127 |
|  | Diversified Banks 20.8% |  |
| 520000 | Bank Rakyat Indonesia Persero Tbk. PT | 121879 |
| 28763 | HSBC Holdings PLC | 405935 |
| 15699 | ING Groep NV | 411561 |
| 394800 | Krung Thai Bank PCL | 302422 |
| 25347 | Nordea Bank Abp | 416713 |
| 26900 | Piraeus Financial Holdings SA | 228495 |
| 3678 | Toronto-Dominion Bank | 294092 |
| 10000 | United Overseas Bank Ltd. | 268554 |
|  |  | 2449651 |
|  | Diversified Metals & Mining 2.5% |  |
| 3600 | Rio Tinto Ltd. | 290387 |
|  | Electronic Manufacturing Services 2.6% |  |
| 28600 | Venture Corp. Ltd. | 309313 |
|  | Food Retail 1.9% |  |
| 5434 | Koninklijke Ahold Delhaize NV | 219884 |
|  | Health Care Distributors 2.0% |  |
| 13700 | Medipal Holdings Corp. | 235713 |
|  | Industrial Machinery & Supplies &<br>Components 2.0% |  |
| 3294 | ANDRITZ AG | 232401 |
|  | Integrated Oil & Gas 9.0% |  |
| 36526 | BP PLC | 209720 |
| 15919 | Eni SpA | 278520 |
| 5720 | Suncor Energy, Inc. | 239371 |
| 5583 | TotalEnergies SE | 340053 |
|  |  | 1067664 |
|  | Integrated Telecommunication<br>Services 5.6% |  |
| 6888 | Deutsche Telekom AG | 234670 |
| 24046 | Telekom Austria AG | 256904 |
| 952000 | Telkom Indonesia Persero Tbk. PT | 175289 |
|  |  | 666863 |
|  | Multi-Line Insurance 2.1% |  |
| 5069 | AXA SA | 243084 |
|  | Multi-Utilities 6.4% |  |
| 12739 | Engie SA | 273844 |
| 33813 | National Grid PLC | 485848 |
|  |  | 759692 |
|  | Paper Products 2.3% |  |
| 9914 | UPM-Kymmene OYJ | 271511 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Pharmaceuticals 8.5% |  |
| 1764 | Novartis AG | $226812 |
| 8453 | Richter Gedeon Nyrt | 257267 |
| 3131 | Sanofi SA | 296487 |
| 12400 | Shionogi & Co. Ltd. | 218486 |
|  |  | 999052 |
|  | Real Estate Development 3.0% | Real Estate Development 3.0% |
| 281000 | Sino Land Co. Ltd. | 355275 |
|  | Regional Banks 2.2% | Regional Banks 2.2% |
| 18900 | Shizuoka Financial Group, Inc. | 258537 |
|  | Reinsurance 4.4% | Reinsurance 4.4% |
| 417 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 266244 |
| 1350 | Swiss Re AG | 250731 |
|  |  | 516975 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 2.8% |  |
| 10400 | Suntory Beverage & Food Ltd. | 325041 |
|  | Technology Hardware, Storage &<br>Peripherals 2.8% |  |
| 5543 | Samsung Electronics Co. Ltd. | 332305 |
|  | Tobacco 4.6% | Tobacco 4.6% |
| 4940 | British American Tobacco PLC | 262745 |
| 8400 | Japan Tobacco, Inc. | 275495 |
|  |  | 538240 |
|  | Trading Companies & Distributors 2.3% |  |
| 9800 | Toyota Tsusho Corp. | 271287 |
|  | Total Common Stocks<br>(cost $9,480,419) | 11040729 |
|  | Total Investments<br>(cost $9,480,419) 93.7%<sup>§</sup> | 11040729 |
|  | Other Assets less Liabilities 6.3% | 747278 |
|  | Net Assets 100.0% | $11788007 |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 79.78%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 79.78%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

------

<u>Wasatch International Value Fund (WAIVX / WGIVX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

At September 30, 2025, the Wasatch International Value fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.6 |
|  Austria | 4.4 |
|  Canada | 7.4 |
|  China | 2.0 |
|  Finland | 6.2 |
|  France | 12.2 |
|  Germany | 4.6 |
|  Greece | 2.1 |
|  Hong Kong | 3.2 |
|  Hungary | 2.3 |
|  Indonesia | 2.7 |
|  Italy | 2.5 |
|  Japan | 14.4 |
|  Netherlands | 5.7 |
|  Singapore | 5.2 |
|  South Korea | 3.0 |
|  Switzerland | 4.3 |
|  Thailand | 2.8 |
|  United Kingdom | 12.4 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Long/Short Alpha Fund (WALSX / WGLSX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 134.8% | COMMON STOCKS 134.8% |
|  | Agricultural & Farm Machinery 2.3% |  |
| 5200 | Alamo Group, Inc.†† | $992680 |
|  | Application Software 10.2% |  |
| 108789 | CCC Intelligent Solutions Holdings, Inc.\* †† | 991068 |
| 8662 | Guidewire Software, Inc.\* †† | 1991047 |
| 2928 | HubSpot, Inc.\* †† | 1369718 |
|  |  | 4351833 |
|  | Asset Management & Custody<br>Banks 3.5% |  |
| 11153 | Hamilton Lane, Inc., Class A†† | 1503313 |
|  | Automotive Parts & Equipment 1.2% |  |
| 15522 | XPEL, Inc.\* †† | 513313 |
|  | Automotive Retail 4.3% |  |
| 50668 | Valvoline, Inc.\* | 1819488 |
|  | Biotechnology 2.8% |  |
| 243988 | C4 Therapeutics, Inc.\* | 541653 |
| 148585 | MacroGenics, Inc.\* | 249623 |
| 57441 | Nkarta, Inc.\* | 118903 |
| 13308 | Nurix Therapeutics, Inc.\* †† | 122966 |
| 5573 | Viking Therapeutics, Inc.\* †† | 146458 |
|  |  | 1179603 |
|  | Building Products 2.1% |  |
| 17060 | Trex Co., Inc.\* †† | 881490 |
|  | Cargo Ground Transportation 2.3% |  |
| 3304 | Saia, Inc.\* †† | 989085 |
|  | Construction Machinery & Heavy<br>Transportation Equipment 2.8% |  |
| 9131 | Oshkosh Corp.†† | 1184291 |
|  | Consumer Finance 2.5% |  |
| 57251 | EZCORP, Inc., Class A\* | 1090059 |
|  | Distributors 3.4% |  |
| 4695 | Pool Corp.†† | 1455779 |
|  | Electronic Equipment & Instruments 1.7% |  |
| 7297 | Novanta, Inc.\* †† | 730795 |
|  | Electronic Manufacturing Services 5.3% |  |
| 6218 | Fabrinet\* | 2267207 |
|  | Financial Exchanges & Data 2.8% |  |
| 5217 | Morningstar, Inc.†† | 1210396 |
|  | Health Care Equipment 0.7% |  |
| 4317 | Inspire Medical Systems, Inc.\* †† | 320321 |
|  | Health Care Facilities 6.2% |  |
| 15434 | Ensign Group, Inc.†† | 2666532 |
|  | Health Care Services 5.4% |  |
| 11265 | Addus HomeCare Corp.\* †† | 1329157 |
| 39034 | Pennant Group, Inc.\* | 984437 |
|  |  | 2313594 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Health Care Supplies 1.9% |  |
| 3996 | UFP Technologies, Inc.\* †† | $797602 |
|  | Home Improvement Retail 2.6% |  |
| 15132 | Floor & Decor Holdings, Inc., Class A\* †† | 1115228 |
|  | Homebuilding 2.8% |  |
| 15492 | Champion Homes, Inc.\* †† | 1183124 |
|  | Industrial Machinery & Supplies &<br>Components 9.7% |  |
| 5520 | Kadant, Inc.†† | 1642642 |
| 6465 | RBC Bearings, Inc.\* †† | 2523225 |
|  |  | 4165867 |
|  | Investment Banking & Brokerage 3.5% |  |
| 20918 | Moelis & Co., Class A†† | 1491872 |
|  | Leisure Products 1.1% |  |
| 14242 | YETI Holdings, Inc.\* †† | 472550 |
|  | Life Sciences Tools & Services 4.9% |  |
| 4057 | Medpace Holdings, Inc.\* †† | 2085947 |
|  | Managed Health Care 5.9% |  |
| 26812 | HealthEquity, Inc.\* †† | 2540973 |
|  | Oil & Gas Storage & Transportation 1.8% |  |
| 63441 | DHT Holdings, Inc.†† | 758120 |
|  | Other Specialty Retail 4.6% |  |
| 3678 | Five Below, Inc.\* †† | 568987 |
| 85451 | Sally Beauty Holdings, Inc.\* | 1391142 |
|  |  | 1960129 |
|  | Packaged Foods & Meats 1.4% |  |
| 10584 | Freshpet, Inc.\* †† | 583284 |
|  | Passenger Airlines 2.5% |  |
| 9051 | Copa Holdings SA, Class A | 1075440 |
|  | Pharmaceuticals 3.5% |  |
| 341805 | Esperion Therapeutics, Inc.\* †† | 905783 |
| 48525 | Phathom Pharmaceuticals, Inc.\* †† | 571139 |
|  |  | 1476922 |
|  | Property & Casualty Insurance 1.5% |  |
| 6837 | Axis Capital Holdings Ltd.†† | 654985 |
|  | Regional Banks 4.7% |  |
| 39642 | Bank OZK†† | 2020949 |
|  | Research & Consulting Services 7.0% |  |
| 14040 | ICF International, Inc.†† | 1302912 |
| 23860 | UL Solutions, Inc., Class A†† | 1690720 |
|  |  | 2993632 |
|  | Self-Storage REITs 2.2% |  |
| 30640 | National Storage Affiliates Trust†† | 925941 |
|  | Semiconductor Materials &<br>Equipment 1.5% |  |
| 24853 | PDF Solutions, Inc.\* †† | 641704 |

---

------

<u>Wasatch Long/Short Alpha Fund (WALSX / WGLSX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Semiconductors 5.3% |  |  |
| 2472 | Monolithic Power Systems, Inc.†† | $| 2275822 |
|  | Technology Distributors 1.4% |  |  |
| 14094 | ScanSource, Inc.\* †† |  | 619995 |
|  | Transaction & Payment Processing<br>Services 5.5% |  |  |
| 11104 | Euronet Worldwide, Inc.\* †† |  | 975042 |
| 17831 | Shift4 Payments, Inc., Class A\* †† |  | 1380120 |
|  |  |  | 2355162 |
|  | Total Common Stocks<br>(cost $48,041,272) |  | 57665027 |
|  | WARRANTS 0.1% | WARRANTS 0.1% | WARRANTS 0.1% |
|  | Biotechnology 0.1% |  |  |
| 178571 | Sangamo Therapeutics, Inc., expiring 9/26/2029\* \*\*\* † |  | 26786 |
|  | Total Warrants<br>(cost $36,977) |  | 26786 |
|  | COMMON STOCKS SOLD SHORT (52.7%) | COMMON STOCKS SOLD SHORT (52.7%) | COMMON STOCKS SOLD SHORT (52.7%) |
|  | Advertising 1.3% |  |  |
| (46465) | Thryv Holdings, Inc.\* |  | (560368) |
|  | Aerospace & Defense 0.7% |  |  |
| (6593) | Rocket Lab Corp.\* |  | (315871) |
|  | Alternative Carriers 1.2% |  |  |
| (13699) | Globalstar, Inc.\* |  | (498507) |
|  | Apparel Retail 1.1% |  |  |
| (23060) | Revolve Group, Inc.\* |  | (491178) |
|  | Apparel, Accessories & Luxury<br>Goods 0.5% |  |  |
| (34998) | Figs, Inc., Class A\* |  | (234137) |
|  | Application Software 6.2% |  |  |
| (33133) | Asana, Inc., Class A\* |  | (442657) |
| (27998) | Confluent, Inc., Class A\* |  | (554360) |
| (69277) | CS Disco, Inc.\* |  | (447529) |
| (24875) | Domo, Inc., Class B\* |  | (394020) |
| (29646) | SoundHound AI, Inc., Class A\* |  | (476708) |
| (46140) | Sprinklr, Inc., Class A\* |  | (356201) |
|  |  |  | (2671475) |
|  | Asset Management & Custody<br>Banks 0.6% |  |  |
| (1589) | ARES Management Corp., Class A |  | (254065) |
|  | Communications Equipment 1.1% |  |  |
| (2954) | Lumentum Holdings, Inc.\* |  | (480645) |
|  | Electrical Components &<br>Equipment 1.2% |  |  |
| (29177) | Sunrun, Inc.\* |  | (504470) |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Electronic Equipment &<br>Instruments 1.0% |  |
| (308257) | SmartRent, Inc.<sup>\*</sup> | $(434642) |
|  | Health Care Equipment 1.1% |  |
| (26135) | Alphatec Holdings, Inc.\* | (380003) |
| (64583) | Pulmonx Corp.\* | (104624) |
|  |  | (484627) |
|  | Health Care Facilities 1.7% |  |
| (21966) | Acadia Healthcare Co., Inc.\* | (543878) |
| (1531) | National HealthCare Corp. | (186032) |
|  |  | (729910) |
|  | Health Care Services 1.2% |  |
| (179201) | Talkspace, Inc.\* | (494595) |
|  | Health Care Technology 0.8% |  |
| (13755) | Phreesia, Inc.\* | (323518) |
|  | Heavy Electrical Equipment 1.7% |  |
| (4502) | Bloom Energy Corp., Class A\* | (380734) |
| (9880) | NuScale Power Corp.\* | (355680) |
|  |  | (736414) |
|  | Homebuilding 1.1% |  |
| (17752) | Legacy Housing Corp.\* | (488358) |
|  | Hotels, Resorts & Cruise Lines 1.5% |  |
| (2819) | Hyatt Hotels Corp., Class A | (400100) |
| (20001) | Lindblad Expeditions Holdings, Inc.\* | (256013) |
|  |  | (656113) |
|  | Interactive Home Entertainment 0.7% |  |
| (2041) | ROBLOX Corp., Class A\* | (282719) |
|  | Interactive Media & Services 3.3% |  |
| (25434) | Angi, Inc.\* | (413557) |
| (239300) | Nextdoor Holdings, Inc.\* | (500137) |
| (66370) | Snap, Inc., Class A\* | (511713) |
|  |  | (1425407) |
|  | Internet Services & Infrastructure 2.3% |  |
| (18489) | Applied Digital Corp.\* | (424137) |
| (1128) | MongoDB, Inc.\* | (350109) |
| (2039) | Twilio, Inc., Class A\* | (204084) |
|  |  | (978330) |
|  | Investment Banking & Brokerage 1.0% |  |
| (2893) | Robinhood Markets, Inc., Class A\* | (414220) |
|  | IT Consulting & Other Services 0.8% |  |
| (55547) | BigBear.ai Holdings, Inc.\* | (362166) |
|  | Leisure Facilities 0.6% |  |
| (9321) | Life Time Group Holdings, Inc.\* | (257260) |
|  | Leisure Products 1.0% |  |
| (48780) | Peloton Interactive, Inc., Class A\* | (439020) |
|  | Life Sciences Tools & Services 1.2% |  |
| (5659) | Revvity, Inc. | (496011) |

---

------

<u>Wasatch Long/Short Alpha Fund (WALSX / WGLSX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Multi-Family Residential REITs 0.8% |  |
| (19394) | Elme Communities | $(326983) |
|  | Other Specialty Retail 0.1% |  |
| (8663) | Leslie's, Inc.\* | (47645) |
|  | Packaged Foods & Meats 2.5% |  |
| (367999) | BRC, Inc., Class A\* | (574078) |
| (1823) | J.M. Smucker Co. | (197978) |
| (1656) | Marzetti Co. | (286140) |
|  |  | (1058196) |
|  | Passenger Airlines 2.0% |  |
| (94003) | Frontier Group Holdings, Inc.\* | (415023) |
| (26915) | Joby Aviation, Inc.\* | (434408) |
|  |  | (849431) |
|  | Personal Care Products 1.0% |  |
| (102542) | Coty, Inc., Class A\* | (414270) |
|  | Real Estate Development 1.1% |  |
| (5600) | Howard Hughes Holdings, Inc.\* | (460152) |
|  | Real Estate Services 1.6% |  |
| (104923) | Real Brokerage, Inc.\* (Canada) | (438578) |
| (3162) | Zillow Group, Inc., Class C\* | (243632) |
|  |  | (682210) |
|  | Restaurants 1.9% |  |
| (6964) | Cava Group, Inc.\* | (420695) |
| (51743) | Sweetgreen, Inc., Class A\* | (412909) |
|  |  | (833604) |
|  | Semiconductors 1.2% |  |
| (27383) | SkyWater Technology, Inc.\* | (510967) |
|  | Specialty Chemicals 1.2% |  |
| (6423) | Albemarle Corp. | (520777) |
|  | Telecom Tower REITs 0.6% |  |
| (1334) | SBA Communications Corp. | (257929) |
|  | Trading Companies & Distributors 0.7% |  |
| (5595) | Xometry, Inc., Class A\* | (304760) |
|  | Transaction & Payment Processing<br>Services 2.0% |  |
| (4043) | Affirm Holdings, Inc.\* | (295462) |
| (61371) | Payoneer Global, Inc.\* | (371295) |
| (11216) | Remitly Global, Inc.\* | (182821) |
|  |  | (849578) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Water Utilities 1.0% |  |  |
| (9141) | California Water Service Group | $| (419480) |
|  | Total Investments Sold Short (proceeds $21,806,458) (52.7%) |  | (22550008) |
|  | Total Investments, Net of Investments Sold Short<br>(cost $26,271,791) 82.1% |  | 35141805 |
|  | Other Assets less Liabilities 17.9% |  | 7661369 |
|  | Net Assets 100.0% | $| 42803174 |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $26,786 and represented 0.06% of net assets. | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $26,786 and represented 0.06% of net assets. | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $26,786 and represented 0.06% of net assets. |
|  | ††All or a portion of this security has been designated as collateral for short sales. | ††All or a portion of this security has been designated as collateral for short sales. | ††All or a portion of this security has been designated as collateral for short sales. |
|  | REIT Real Estate Investment Trust. | REIT Real Estate Investment Trust. | REIT Real Estate Investment Trust. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Long/Short Alpha Fund's investments, excluding securities sold short, were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Norway | 1.3 |
|  Panama | 1.9 |
|  United States | 96.8 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Micro Cap Fund (WMICX / WGICX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.5% | COMMON STOCKS 97.5% |
|  | Aerospace & Defense 4.0% |  |
| 149619 | Exosens SAS | $7596675 |
| 389108 | TAT Technologies Ltd.\* | 17132425 |
|  |  | 24729100 |
|  | Application Software 8.5% |  |
| 101035 | Agilysys, Inc.\* | 10633934 |
| 291520 | Alkami Technology, Inc.\* | 7241357 |
| 590422 | AudioEye, Inc.\* | 8183249 |
| 388270 | Red Violet, Inc. | 20287107 |
| 968667 | Weave Communications, Inc.\* | 6470696 |
|  |  | 52816343 |
|  | Automotive Parts & Equipment 3.2% |  |
| 2862740 | Holley, Inc.\* | 8989004 |
| 336361 | XPEL, Inc.\* | 11123458 |
|  |  | 20112462 |
|  | Biotechnology 0.0% |  |
| 609978 | BriaPro Therapeutics Corp.\* \*\*\* † | 6100 |
|  | Construction & Engineering 4.9% |  |
| 92522 | Construction Partners, Inc., Class A\* | 11750294 |
| 122353 | Limbach Holdings, Inc.\* | 11882923 |
| 815441 | Orion Group Holdings, Inc.\* | 6784469 |
|  |  | 30417686 |
|  | Consumer Finance 2.4% |  |
| 786824 | EZCORP, Inc., Class A\* | 14981129 |
|  | Education Services 4.5% |  |
| 598020 | Lincoln Educational Services Corp.\* | 14053470 |
| 421074 | Universal Technical Institute, Inc.\* | 13705959 |
|  |  | 27759429 |
|  | Electronic Components 2.0% |  |
| 87343 | Bel Fuse, Inc., Class B | 12317110 |
|  | Electronic Equipment &<br>Instruments 7.3% |  |
| 789772 | Arlo Technologies, Inc.\* | 13386636 |
| 2457347 | Blackline Safety Corp.\* | 12907384 |
| 215338 | Napco Security Technologies, Inc. | 9248767 |
| 203485 | Nayax Ltd.\* | 9718323 |
|  |  | 45261110 |
|  | Financial Exchanges & Data 1.0% |  |
| 2973836 | Open Lending Corp.\* | 6274794 |
|  | Health Care Equipment 2.6% |  |
| 7217000 | AOTI, Inc.\* ‡‡ | 4125109 |
| 665331 | Axogen, Inc.\* | 11869505 |
|  |  | 15994614 |
|  | Health Care Services 5.6% |  |
| 122262 | Addus HomeCare Corp.\* | 14425694 |
| 356974 | Castle Biosciences, Inc.\* | 8128298 |
| 485338 | Pennant Group, Inc.\* | 12240224 |
|  |  | 34794216 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Health Care Supplies 2.2% |  |
| 301684 | OrthoPediatrics Corp.\* | $5590204 |
| 39966 | UFP Technologies, Inc.\* | 7977214 |
|  |  | 13567418 |
|  | Home Furnishings 0.8% |  |
| 5068889 | Purple Innovation, Inc.\* | 4735356 |
|  | Homebuilding 2.7% |  |
| 157676 | LGI Homes, Inc.\* | 8153426 |
| 477928 | Smith Douglas Homes Corp.\* ‡‡ | 8440208 |
|  |  | 16593634 |
|  | Industrial Machinery & Supplies &<br>Components 3.5% |  |
| 323384 | Kornit Digital Ltd.\* | 4365684 |
| 83229 | Standex International Corp. | 17636225 |
|  |  | 22001909 |
|  | Internet Services & Infrastructure 2.6% |  |
| 839511 | Backblaze, Inc., Class A\* | 7790662 |
| 306146 | Whitefiber, Inc.\* | 8317987 |
|  |  | 16108649 |
|  | Investment Banking & Brokerage 2.1% |  |
| 611286 | Perella Weinberg Partners | 13032618 |
|  | Leisure Products 1.7% |  |
| 1378425 | Latham Group, Inc.\* | 10489814 |
|  | Packaged Foods & Meats 5.7% |  |
| 493334 | Mama's Creation, Inc. PIPE\* \*\*\* † | 4874140 |
| 1698055 | Mama's Creations, Inc.\* | 17846558 |
| 317799 | Vital Farms, Inc.\* | 13077429 |
|  |  | 35798127 |
|  | Pharmaceuticals 1.3% |  |
| 697974 | Phathom Pharmaceuticals, Inc.\* | 8215154 |
|  | Property & Casualty Insurance 4.1% |  |
| 340057 | American Integrity Insurance Group, Inc.\* | 7586672 |
| 335201 | Bowhead Specialty Holdings, Inc.\* | 9063835 |
| 44977 | HCI Group, Inc. | 8632435 |
|  |  | 25282942 |
|  | Regional Banks 3.5% |  |
| 215674 | Esquire Financial Holdings, Inc. | 22010610 |
|  | Research & Consulting Services 4.7% |  |
| 407173 | BlackSky Technology, Inc.\* | 8204536 |
| 144930 | ICF International, Inc. | 13449504 |
| 77384 | Willdan Group, Inc.\* | 7482259 |
|  |  | 29136299 |
|  | Restaurants 2.2% |  |
| 366655 | First Watch Restaurant Group, Inc.\* | 5734484 |
| 136762 | Kura Sushi USA, Inc., Class A\* | 8125031 |
|  |  | 13859515 |
|  | Semiconductor Materials &<br>Equipment 2.8% |  |
| 569457 | Veeco Instruments, Inc.\* | 17328576 |

---

------

<u>Wasatch Micro Cap Fund (WMICX / WGICX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Semiconductors 2.1% |  |
| 144329 | Ambiq Micro, Inc.\* | $4318324 |
| 30044 | SiTime Corp.\* | 9052557 |
|  |  | 13370881 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 3.4% |  |
| 500706 | Vita Coco Co., Inc.\* | 21264984 |
|  | Systems Software 0.9% |  |
| 230756 | TECSYS, Inc. | 5896158 |
|  | Technology Distributors 3.3% |  |
| 154568 | Climb Global Solutions, Inc. | 20841949 |
|  | Trading Companies &<br>Distributors 1.9% |  |
| 1059818 | NPK International, Inc.\* | 11986542 |
|  | Total Common Stocks (cost $483,657,343) | 606985228 |
|  | PREFERRED STOCKS 1.2% | PREFERRED STOCKS 1.2% |
|  | Textiles 1.2% |  |
| 339559 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* † | 7368430 |
|  | Total Preferred Stocks (cost $10,000,013) | 7368430 |
|  | WARRANTS 0.0% | WARRANTS 0.0% |
|  | Biotechnology 0.0% |  |
| 1556949 | Sangamo Therapeutics, Inc., expiring 9/26/2029\* \*\*\* † | 233542 |
|  | Pharmaceuticals 0.0% |  |
| 7500 | IM Cannabis Corp., expiring 5/7/2026\* \*\*\* † |  |
|  | Total Warrants<br>(cost $939,374) | 233542 |
|  | Total Investments<br>(cost $494,596,730) 98.7%<sup>§</sup> | 614587200 |
|  | Other Assets less Liabilities 1.3% | 8170758 |
|  | Net Assets 100.0% | $622757958 |
|  | \*Non-income producing. | \*Non-income producing. |
|  | \*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable. | \*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable. |
|  | †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $12,482,212 and represented 2.00% of net assets. | †Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $12,482,212 and represented 2.00% of net assets. |
|  | ‡‡Affiliated company (see Note 8). | ‡‡Affiliated company (see Note 8). |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.78%. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.78%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Micro Cap Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Canada | 3.1 |
|  France | 1.2 |
|  Israel | 5.1 |
|  United States | 90.6 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Micro Cap Value Fund (WAMVX / WGMVX) </u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.8% | COMMON STOCKS 97.8% |
|  | Aerospace & Defense 4.2% |  |
| 45036 | Optex Systems Holdings, Inc.\* | $580514 |
| 196181 | TAT Technologies Ltd.\* | 8637849 |
| 34527 | VSE Corp. | 5739769 |
|  |  | 14958132 |
|  | Apparel Retail 1.0% |  |
| 173800 | Shoe Carnival, Inc. | 3613302 |
|  | Application Software 9.1% |  |
| 321088 | AudioEye, Inc.\* | 4450280 |
| 137269 | I3 Verticals, Inc., Class A\* | 4455752 |
| 154275 | PROS Holdings, Inc.\* | 3534440 |
| 224352 | Red Violet, Inc. | 11722392 |
| 243230 | SoundThinking, Inc.\* | 2933354 |
| 757393 | Weave Communications, Inc.\* | 5059385 |
|  |  | 32155603 |
|  | Asset Management & Custody<br>Banks 1.1% |  |
| 356357 | P10, Inc., Class A | 3877164 |
|  | Automotive Parts & Equipment 2.2% |  |
| 1305096 | Holley, Inc.\* | 4098002 |
| 36210 | Patrick Industries, Inc. | 3745200 |
|  |  | 7843202 |
|  | Cargo Ground Transportation 0.8% |  |
| 41512 | ArcBest Corp. | 2900443 |
|  | Communications Equipment 2.7% |  |
| 264738 | Digi International, Inc.\* | 9652347 |
|  | Construction & Engineering 5.5% |  |
| 58208 | Granite Construction, Inc. | 6382507 |
| 82582 | Limbach Holdings, Inc.\* | 8020364 |
| 607958 | Orion Group Holdings, Inc.\* | 5058211 |
|  |  | 19461082 |
|  | Consumer Finance 2.5% |  |
| 468000 | EZCORP, Inc., Class A\* | 8910720 |
|  | Education Services 1.7% |  |
| 249729 | Lincoln Educational Services Corp.\* | 5868632 |
|  | Electronic Components 2.6% |  |
| 64436 | Bel Fuse, Inc., Class B | 9086765 |
|  | Electronic Equipment &<br>Instruments 4.4% |  |
| 383935 | Arlo Technologies, Inc.\* | 6507698 |
| 1029184 | Blackline Safety Corp.\* | 5405860 |
| 670251 | Powerfleet, Inc. NJ\* | 3512115 |
|  |  | 15425673 |
|  | Electronic Manufacturing Services 1.5% |  |
| 132466 | CTS Corp. | 5290692 |
|  | Financial Exchanges & Data 0.9% |  |
| 1499977 | Open Lending Corp.\* | 3164951 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Food Distributors 2.0% |  |
| 117862 | Chefs' Warehouse, Inc.\* | $6874890 |
|  | Health Care Equipment 2.8% |  |
| 4049567 | AOTI, Inc.\* | 2314661 |
| 432881 | Axogen, Inc.\* | 7722597 |
|  |  | 10037258 |
|  | Health Care Services 1.4% |  |
| 41119 | Addus HomeCare Corp.\* | 4851631 |
|  | Health Care Supplies 1.5% |  |
| 26749 | UFP Technologies, Inc.\* | 5339100 |
|  | Home Furnishing Retail 1.2% |  |
| 398423 | Arhaus, Inc.\* | 4235236 |
|  | Homebuilding 3.6% |  |
| 116910 | Champion Homes, Inc.\* | 8928417 |
| 72100 | LGI Homes, Inc.\* | 3728291 |
|  |  | 12656708 |
|  | Industrial Machinery & Supplies &<br>Components 3.7% |  |
| 71823 | Graham Corp.\* | 3943083 |
| 43505 | Standex International Corp. | 9218709 |
|  |  | 13161792 |
|  | Internet Services & Infrastructure 1.2% |  |
| 438514 | Backblaze, Inc., Class A\* | 4069410 |
|  | Investment Banking & Brokerage 4.5% |  |
| 251000 | JDC Group AG\* | 8840601 |
| 321500 | Perella Weinberg Partners | 6854380 |
|  |  | 15694981 |
|  | Leisure Products 1.7% |  |
| 763508 | Latham Group, Inc.\* | 5810296 |
|  | Mortgage REITs 1.0% |  |
| 328668 | Sunrise Realty Trust, Inc. | 3414861 |
|  | Packaged Foods & Meats 5.0% |  |
| 1021519 | LT Foods Ltd. | 4666140 |
| 333333 | Mama's Creation, Inc. PIPE\* \*\*\* † | 3293330 |
| 465567 | Mama's Creations, Inc.\* | 4893109 |
| 116892 | Vital Farms, Inc.\* | 4810106 |
|  |  | 17662685 |
|  | Pharmaceuticals 1.2% |  |
| 588172 | Journey Medical Corp.\* | 4187785 |
|  | Property & Casualty Insurance 4.1% |  |
| 257443 | American Integrity Insurance Group, Inc.\* | 5743554 |
| 123000 | Bowhead Specialty Holdings, Inc.\* | 3325920 |
| 116447 | Skyward Specialty Insurance Group, Inc.\* | 5538219 |
|  |  | 14607693 |
|  | Regional Banks 5.6% |  |
| 35455 | Axos Financial, Inc.\* | 3001266 |
| 67790 | Esquire Financial Holdings, Inc. | 6918308 |
| 338459 | Finwise Bancorp\* | 6562720 |

---

------

<u>Wasatch Micro Cap Value Fund (WAMVX / WGMVX) </u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Regional Banks 5.6% *(continued)* |  |  |
| 88996 | Third Coast Bancshares, Inc.\* | $| 3379178 |
|  |  |  | 19861472 |
|  | Research & Consulting Services 3.7% |  |  |
| 91536 | ICF International, Inc. |  | 8494541 |
| 46655 | Willdan Group, Inc.\* |  | 4511072 |
|  |  |  | 13005613 |
|  | Semiconductor Materials &<br>Equipment 3.8% |  |  |
| 42413 | Camtek Ltd.\* |  | 4455486 |
| 293268 | Veeco Instruments, Inc.\* |  | 8924145 |
|  |  |  | 13379631 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 1.4% |  |  |
| 117125 | Vita Coco Co., Inc.\* |  | 4974299 |
|  | Technology Distributors 2.5% |  |  |
| 63985 | Climb Global Solutions, Inc. |  | 8627737 |
|  | Trading Companies &<br>Distributors 5.7% |  |  |
| 205564 | ADENTRA, Inc. |  | 5203722 |
| 58312 | DXP Enterprises, Inc.\* |  | 6943210 |
| 114747 | Karat Packaging, Inc. |  | 2892772 |
| 462059 | NPK International, Inc.\* |  | 5225887 |
|  |  |  | 20265591 |
|  | Total Common Stocks<br>(cost $241,756,998) |  | 344927377 |
|  | Total Investments<br>(cost $241,756,998) 97.8%<sup>§</sup> |  | 344927377 |
|  | Other Assets less Liabilities 2.2% |  | 7915472 |
|  | Net Assets 100.0% | $| 352842849 |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $3,293,330 and represented 0.93% of net assets.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.32%. | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $3,293,330 and represented 0.93% of net assets.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.32%. | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $3,293,330 and represented 0.93% of net assets.<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.32%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Micro Cap Value Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Canada | 3.1 |
|  Germany | 2.6 |
|  India | 1.3 |
|  Israel | 3.8 |
|  United States | 89.2 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Small Cap Growth Fund (WAAEX / WIAEX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.3% | COMMON STOCKS 97.3% |
|  | Aerospace & Defense 2.1% |  |
| 459458 | Loar Holdings, Inc.\* | $36756640 |
|  | Application Software 10.1% |  |
| 409366 | Agilysys, Inc.\* | 43085772 |
| 892493 | Alkami Technology, Inc.\* | 22169526 |
| 3017676 | CCC Intelligent Solutions Holdings, Inc.\* | 27491028 |
| 1468942 | Clearwater Analytics Holdings, Inc., Class A\* | 26470335 |
| 606083 | nCino, Inc.\* | 16430910 |
| 539357 | Procore Technologies, Inc.\* | 39329912 |
|  |  | 174977483 |
|  | Asset Management & Custody<br>Banks 2.4% |  |
| 626648 | StepStone Group, Inc., Class A | 40926381 |
|  | Automotive Retail 2.6% |  |
| 1264469 | Valvoline, Inc.\* | 45407082 |
|  | Broadline Retail 5.0% |  |
| 587641 | Global-e Online Ltd.\* | 21014042 |
| 502792 | Ollie's Bargain Outlet Holdings, Inc.\* | 64558493 |
|  |  | 85572535 |
|  | Building Products 3.6% |  |
| 400993 | AAON, Inc. | 37468786 |
| 479681 | Trex Co., Inc.\* | 24785117 |
|  |  | 62253903 |
|  | Construction & Engineering 4.8% |  |
| 468582 | Construction Partners, Inc., Class A\* | 59509914 |
| 230636 | Limbach Holdings, Inc.\* | 22399368 |
|  |  | 81909282 |
|  | Electronic Manufacturing<br>Services 4.3% |  |
| 203912 | Fabrinet\* | 74350393 |
|  | Health Care Equipment 0.9% |  |
| 136198 | TransMedics Group, Inc.\* | 15281416 |
|  | Health Care Facilities 4.7% |  |
| 470663 | Ensign Group, Inc. | 81316447 |
|  | Health Care Services 2.7% |  |
| 398000 | Addus HomeCare Corp.\* | 46960020 |
|  | Health Care Supplies 2.0% |  |
| 170049 | UFP Technologies, Inc.\* | 33941780 |
|  | Health Care Technology 1.4% |  |
| 2041093 | Certara, Inc.\* | 24942156 |
|  | Home Improvement Retail 1.8% |  |
| 427970 | Floor & Decor Holdings, Inc., Class A\* | 31541389 |
|  | Human Resource & Employment<br>Services 2.9% |  |
| 309504 | Paylocity Holding Corp.\* | 49294702 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Industrial Machinery & Supplies &<br>Components 4.5% |  |  |
| 199124 | RBC Bearings, Inc.\* | $| 77716106 |
|  | Insurance Brokers 1.7% |  |  |
| 400071 | Goosehead Insurance, Inc., Class A |  | 29773284 |
|  | Investment Banking &<br>Brokerage 2.1% |  |  |
| 206608 | PJT Partners, Inc., Class A |  | 36720440 |
|  | Life Sciences Tools & Services 4.0% |  |  |
| 134615 | Medpace Holdings, Inc.\* |  | 69213648 |
|  | Managed Health Care 4.2% |  |  |
| 757258 | HealthEquity, Inc.\* |  | 71765341 |
|  | Other Specialty Retail 2.3% |  |  |
| 254255 | Five Below, Inc.\* |  | 39333249 |
|  | Packaged Foods & Meats 3.8% |  |  |
| 461447 | Freshpet, Inc.\* |  | 25430344 |
| 975255 | Vital Farms, Inc.\* |  | 40131743 |
|  |  |  | 65562087 |
|  | Personal Care Products 2.0% |  |  |
| 925030 | BellRing Brands, Inc.\* |  | 33624841 |
|  | Restaurants 2.5% |  |  |
| 255986 | Dutch Bros, Inc., Class A\* |  | 13398307 |
| 314397 | Shake Shack, Inc., Class A\* |  | 29430703 |
|  |  |  | 42829010 |
|  | Semiconductor Materials &<br>Equipment 7.2% |  |  |
| 437282 | Camtek Ltd.\* |  | 45936474 |
| 243443 | Nova Ltd.\* |  | 77818989 |
|  |  |  | 123755463 |
|  | Systems Software 4.2% |  |  |
| 1270121 | JFrog Ltd.\* |  | 60114827 |
| 709860 | Onestream, Inc.\* |  | 13082720 |
|  |  |  | 73197547 |
|  | Trading Companies &<br>Distributors 3.2% |  |  |
| 429821 | SiteOne Landscape Supply, Inc.\* |  | 55360945 |
|  | Transaction & Payment Processing<br>Services 4.3% |  |  |
| 855887 | Paymentus Holdings, Inc., Class A\* |  | 26190142 |
| 621134 | Shift4 Payments, Inc., Class A\* |  | 48075772 |
|  |  |  | 74265914 |
|  | Total Common Stocks (cost $1,129,259,746) |  | 1678549484 |
|  | PREFERRED STOCKS 0.8% | PREFERRED STOCKS 0.8% | PREFERRED STOCKS 0.8% |
|  | Textiles 0.8% |  |  |
| 611205 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* † ‡‡ |  | 13263149 |

---

------

<u>Wasatch Small Cap Growth Fund (WAAEX / WIAEX)</u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Total Preferred Stocks<br>(cost $17,999,987) | $| 13263149 |
|  | Total Investments<br>(cost $1,147,259,733) 98.1% |  | 1691812633 |
|  | Other Assets less Liabilities 1.9% |  | 33117865 |
|  | Net Assets 100.0% | $| 1724930498 |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $13,263,149 and represented 0.77% of net assets.<br>‡‡Affiliated company (see Note 8). | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $13,263,149 and represented 0.77% of net assets.<br>‡‡Affiliated company (see Note 8). | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $13,263,149 and represented 0.77% of net assets.<br>‡‡Affiliated company (see Note 8). |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Small Cap Growth Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 8.6 |
|  United States | 91.4 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Small Cap Value Fund (WMCVX / WICVX) </u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.3% | COMMON STOCKS 97.3% |
|  | Agricultural & Farm Machinery 1.8% |  |
| 147882 | Alamo Group, Inc. | $28230674 |
|  | Agricultural Products & Services 1.9% |  |
| 875353 | Fresh Del Monte Produce, Inc. | 30392256 |
|  | Application Software 0.7% |  |
| 1590473 | Weave Communications, Inc.\* | 10624360 |
|  | Asset Management & Custody<br>Banks 4.4% |  |
| 716619 | Artisan Partners Asset Management, Inc., Class A | 31101265 |
| 310482 | Cohen & Steers, Inc. | 20370724 |
| 137913 | Hamilton Lane, Inc., Class A | 18589293 |
|  |  | 70061282 |
|  | Automotive Retail 2.1% |  |
| 956498 | Valvoline, Inc.\* | 34347843 |
|  | Broadline Retail 2.2% |  |
| 279906 | Ollie's Bargain Outlet Holdings, Inc.\* | 35939930 |
|  | Building Products 4.2% |  |
| 84991 | CSW Industrials, Inc. | 20631565 |
| 2426147 | Janus International Group, Inc.\* | 23946071 |
| 250511 | UFP Industries, Inc. | 23420274 |
|  |  | 67997910 |
|  | Cargo Ground Transportation 1.2% |  |
| 64890 | Saia, Inc.\* | 19425470 |
|  | Commodity Chemicals 2.2% |  |
| 193024 | Hawkins, Inc. | 35269345 |
|  | Construction & Engineering 2.3% |  |
| 332036 | Granite Construction, Inc. | 36407747 |
|  | Construction Machinery & Heavy<br>Transportation Equipment 1.9% |  |
| 350376 | Allison Transmission Holdings, Inc. | 29739915 |
|  | Education Services 3.8% |  |
| 147838 | Grand Canyon Education, Inc.\* | 32453398 |
| 887834 | Universal Technical Institute, Inc.\* | 28898997 |
|  |  | 61352395 |
|  | Electronic Equipment &<br>Instruments 1.9% |  |
| 1746852 | Arlo Technologies, Inc.\* | 29609141 |
|  | Electronic Manufacturing<br>Services 4.7% |  |
| 404556 | Benchmark Electronics, Inc. | 15595634 |
| 690058 | CTS Corp. | 27560916 |
| 86005 | Fabrinet\* | 31359143 |
|  |  | 74515693 |
|  | Health Care Equipment 1.3% |  |
| 458757 | CONMED Corp. | 21575342 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Health Care Facilities 2.8% |  |
| 264172 | Ensign Group, Inc. | $45640996 |
|  | Health Care Supplies 1.3% |  |
| 107304 | UFP Technologies, Inc.\* | 21417878 |
|  | Health Care Technology 1.2% |  |
| 1545308 | Certara, Inc.\* | 18883664 |
|  | Homebuilding 1.9% |  |
| 395662 | Champion Homes, Inc.\* | 30216707 |
|  | Industrial Machinery & Supplies &<br>Components 7.4% |  |
| 129944 | Enpro, Inc. | 29367344 |
| 385921 | Helios Technologies, Inc. | 20118062 |
| 116084 | Kadant, Inc. | 34544277 |
| 165807 | Standex International Corp. | 35134503 |
|  |  | 119164186 |
|  | Investment Banking & Brokerage 2.0% |  |
| 456579 | Moelis & Co., Class A | 32563214 |
|  | Leisure Products 1.1% |  |
| 553616 | YETI Holdings, Inc.\* | 18368979 |
|  | Life Sciences Tools & Services 2.8% |  |
| 86880 | Medpace Holdings, Inc.\* | 44670221 |
|  | Managed Health Care 1.8% |  |
| 303757 | HealthEquity, Inc.\* | 28787051 |
|  | Mortgage REITs 1.4% |  |
| 1781413 | Arbor Realty Trust, Inc. | 21751053 |
|  | Oil & Gas Equipment & Services 0.8% |  |
| 322669 | Cactus, Inc., Class A | 12735745 |
|  | Oil & Gas Exploration &<br>Production 1.1% |  |
| 398140 | Matador Resources Co. | 17888430 |
|  | Oil & Gas Storage &<br>Transportation 0.8% |  |
| 1050741 | DHT Holdings, Inc. | 12556355 |
|  | Other Specialty Retail 2.1% |  |
| 2063027 | Sally Beauty Holdings, Inc.\* | 33586080 |
|  | Packaged Foods & Meats 1.8% |  |
| 1304949 | Flowers Foods, Inc. | 17029585 |
| 208246 | Freshpet, Inc.\* | 11476437 |
|  |  | 28506022 |
|  | Paper Products 1.2% |  |
| 431332 | Sylvamo Corp. | 19073501 |
|  | Passenger Airlines 1.9% |  |
| 253214 | Copa Holdings SA, Class A | 30086888 |
|  | Personal Care Products 1.3% |  |
| 578874 | BellRing Brands, Inc.\* | 21042070 |

---

------

<u>Wasatch Small Cap Value Fund (WMCVX / WICVX) </u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Regional Banks 8.4% |  |
| 371397 | Axos Financial, Inc.\* | $31438756 |
| 873080 | Bank OZK | 44509618 |
| 368567 | FB Financial Corp. | 20543925 |
| 236179 | Hancock Whitney Corp. | 14787167 |
| 296366 | ServisFirst Bancshares, Inc. | 23866354 |
|  |  | 135145820 |
|  | Research & Consulting Services 2.1% |  |
| 359811 | ICF International, Inc. | 33390461 |
|  | Self-Storage REITs 1.5% |  |
| 816478 | National Storage Affiliates Trust | 24673965 |
|  | Semiconductor Materials &<br>Equipment 4.9% |  |
| 379466 | Camtek Ltd.\* | 39862903 |
| 121886 | Nova Ltd.\* | 38962079 |
|  |  | 78824982 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 2.4% |  |
| 898588 | Vita Coco Co., Inc.\* | 38163032 |
|  | Specialized Consumer Services 1.9% |  |
| 444779 | Frontdoor, Inc.\* | 29929179 |
|  | Technology Distributors 1.4% |  |
| 519817 | ScanSource, Inc.\* | 22866750 |
|  | Transaction & Payment Processing<br>Services 3.4% |  |
| 338476 | Euronet Worldwide, Inc.\* | 29721578 |
| 324421 | Shift4 Payments, Inc., Class A\* | 25110185 |
|  |  | 54831763 |
|  | Total Common Stocks (cost $1,260,273,462) | 1560254295 |
|  | Total Investments (cost $1,260,273,462) 97.3% | 1560254295 |
|  | Other Assets less Liabilities 2.7% | 43403425 |
|  | Net Assets 100.0% | $1603657720 |
|  | \*Non-income producing.<br>REIT Real Estate Investment Trust. | \*Non-income producing.<br>REIT Real Estate Investment Trust. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Small Cap Value Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 5.1 |
|  Norway | 0.8 |
|  Panama | 1.9 |
|  United States | 92.2 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch Ultra Growth Fund (WAMCX / WGMCX) </u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.6% | COMMON STOCKS 97.6% |
|  | Application Software 5.0% |  |
| 211696 | Procore Technologies, Inc.\* | $15436872 |
| 141695 | Q2 Holdings, Inc.\* | 10257301 |
|  |  | 25694173 |
|  | Biotechnology 9.1% |  |
| 3115155 | C4 Therapeutics, Inc.\* | 6915644 |
| 47631 | Cidara Therapeutics, Inc.\* | 4561145 |
| 484054 | Dyne Therapeutics, Inc.\* | 6123283 |
| 219844 | Exact Sciences Corp.\* | 12027665 |
| 679276 | Immatics NV\* | 5787432 |
| 1662048 | MacroGenics, Inc.\* | 2792241 |
| 1487369 | Nkarta, Inc.\* | 3078854 |
| 276251 | Nurix Therapeutics, Inc.\* | 2552559 |
| 113055 | Viking Therapeutics, Inc.\* | 2971085 |
|  |  | 46809908 |
|  | Broadline Retail 4.0% |  |
| 236516 | Global-e Online Ltd.\* | 8457812 |
| 96978 | Ollie's Bargain Outlet Holdings, Inc.\* | 12451975 |
|  |  | 20909787 |
|  | Building Products 2.6% |  |
| 258427 | Trex Co., Inc.\* | 13352923 |
|  | Distributors 1.4% |  |
| 23685 | Pool Corp. | 7344008 |
|  | Diversified Support Services 1.1% |  |
| 591610 | ACV Auctions, Inc., Class A\* | 5862855 |
|  | Electronic Manufacturing Services 2.7% |  |
| 38794 | Fabrinet\* | 14145068 |
|  | Environmental & Facilities<br>Services 3.5% |  |
| 189970 | Casella Waste Systems, Inc., Class A\* | 18024354 |
|  | Footwear 1.2% |  |
| 148718 | On Holding AG, Class A\* | 6298207 |
|  | Health Care Equipment 9.1% |  |
| 261367 | Artivion, Inc.\* | 11066279 |
| 376153 | AtriCure, Inc.\* | 13259393 |
| 121570 | Inspire Medical Systems, Inc.\* | 9020494 |
| 145260 | PROCEPT BioRobotics Corp.\* | 5184330 |
| 73406 | TransMedics Group, Inc.\* | 8236153 |
|  |  | 46766649 |
|  | Health Care Services 1.2% |  |
| 280284 | Castle Biosciences, Inc.\* | 6382067 |
|  | Health Care Supplies 1.6% |  |
| 5052338 | Cerus Corp.\* | 8033217 |
|  | Home Improvement Retail 1.6% |  |
| 114328 | Floor & Decor Holdings, Inc., Class A\* | 8425974 |
|  | Human Resource & Employment<br>Services 2.5% |  |
| 80022 | Paylocity Holding Corp.\* | 12745104 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Industrial Machinery & Supplies &<br>Components 3.4% |  |
| 44749 | RBC Bearings, Inc.\* | $17465087 |
|  | Insurance Brokers 1.7% |  |
| 120111 | Goosehead Insurance, Inc., Class A | 8938661 |
|  | Managed Health Care 4.1% |  |
| 222801 | HealthEquity, Inc.\* | 21114851 |
|  | Oil & Gas Exploration &<br>Production 0.8% |  |
| 96758 | Matador Resources Co. | 4347337 |
|  | Other Specialty Retail 1.8% |  |
| 59388 | Five Below, Inc.\* | 9187324 |
|  | Packaged Foods & Meats 2.5% |  |
| 232651 | Freshpet, Inc.\* | 12821397 |
|  | Personal Care Products 1.4% |  |
| 199041 | BellRing Brands, Inc.\* | 7235140 |
|  | Pharmaceuticals 5.4% |  |
| 670192 | Aquestive Therapeutics, Inc.\* | 3746373 |
| 470385 | Arvinas, Inc.\* | 4007680 |
| 4432098 | Esperion Therapeutics, Inc.\* | 11745060 |
| 718818 | Phathom Pharmaceuticals, Inc.\* | 8460488 |
|  |  | 27959601 |
|  | Regional Banks 2.4% |  |
| 243552 | Bank OZK | 12416281 |
|  | Restaurants 0.8% |  |
| 75210 | Dutch Bros, Inc., Class A\* | 3936491 |
|  | Semiconductor Materials &<br>Equipment 13.3% |  |
| 57962 | BE Semiconductor Industries NV | 8678685 |
| 88994 | Camtek Ltd.\* | 9348820 |
| 254505 | Kulicke & Soffa Industries, Inc. | 10343083 |
| 55892 | Nova Ltd.\* | 17866437 |
| 477800 | PDF Solutions, Inc.\* | 12336796 |
| 330427 | Veeco Instruments, Inc.\* | 10054893 |
|  |  | 68628714 |
|  | Semiconductors 2.7% |  |
| 46344 | SiTime Corp.\* | 13963911 |
|  | Specialty Chemicals 1.7% |  |
| 59382 | Balchem Corp. | 8910863 |
|  | Systems Software 5.2% |  |
| 364991 | JFrog Ltd.\* | 17275023 |
| 50008 | Monday.com Ltd.\* | 9686049 |
|  |  | 26961072 |
|  | Transaction & Payment Processing<br>Services 3.8% |  |
| 111747 | Paymentus Holdings, Inc., Class A\* | 3419458 |
| 210037 | Shift4 Payments, Inc., Class A\* | 16256864 |
|  |  | 19676322 |
|  | Total Common Stocks (cost $382,158,388) | 504357346 |

---

------

<u>Wasatch Ultra Growth Fund (WAMCX / WGMCX) </u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | PREFERRED STOCKS 2.1% | PREFERRED STOCKS 2.1% |
|  | Textiles 2.1% |  |
| 509338 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* † ‡‡ | $11052635 |
|  | Total Preferred Stocks (cost $15,000,004) | $11052635 |
|  | WARRANTS 0.1% | WARRANTS 0.1% |
|  | Biotechnology 0.1% |  |
| 3026385 | Sangamo Therapeutics, Inc., expiring 9/26/2029\* \*\*\* † | 453958 |
|  | Total Warrants<br>(cost $626,686) | 453958 |
|  | Total Investments (cost $397,785,078) 99.8%<sup>§</sup> | 515863939 |
|  | Other Assets less Liabilities 0.2% | 936921 |
|  | Net Assets 100.0% | $516800860 |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $11,506,593 and represented 2.23% of net assets.<br>‡‡Affiliated company (see Note 8). <br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.68%. | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees using unobservable inputs as described in Note 12, as applicable.<br>†Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 9). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at September 30, 2025 amounted to approximately $11,506,593 and represented 2.23% of net assets.<br>‡‡Affiliated company (see Note 8). <br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 1.68%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch Ultra Growth Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Germany | 1.1 |
|  Israel | 8.8 |
|  Netherlands | 1.7 |
|  Switzerland | 1.2 |
|  United States | 87.2 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch U.S. Select Fund (WAUSX / WGUSX) </u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 99.3% | COMMON STOCKS 99.3% |
|  | Aerospace & Defense 3.8% |  |
| 3078 | HEICO Corp., Class A | $782089 |
|  | Application Software 16.4% |  |
| 3564 | Guidewire Software, Inc.\* | 819221 |
| 1072 | HubSpot, Inc.\* | 501482 |
| 2852 | Manhattan Associates, Inc.\* | 584603 |
| 10687 | Procore Technologies, Inc.\* | 779296 |
| 1256 | Tyler Technologies, Inc.\* | 657089 |
|  |  | 3341691 |
|  | Asset Management & Custody Banks 2.5% |  |
| 3833 | Hamilton Lane, Inc., Class A | 516650 |
|  | Automotive Retail 3.3% |  |
| 18932 | Valvoline, Inc.\* | 679848 |
|  | Broadline Retail 1.9% |  |
| 11012 | Global-e Online Ltd.\* | 393789 |
|  | Building Products 6.1% |  |
| 4824 | AAON, Inc. | 450754 |
| 2984 | Builders FirstSource, Inc.\* | 361810 |
| 8216 | Trex Co., Inc.\* | 424521 |
|  |  | 1237085 |
|  | Cargo Ground Transportation 2.1% |  |
| 1417 | Saia, Inc.\* | 424193 |
|  | Distributors 3.0% |  |
| 1950 | Pool Corp. | 604636 |
|  | Diversified Support Services 2.1% |  |
| 9680 | Copart, Inc.\* | 435310 |
|  | Electrical Components & Equipment 3.7% |  |
| 4028 | AMETEK, Inc. | 757264 |
|  | Electronic Equipment & Instruments 2.1% |  |
| 4272 | Novanta, Inc.\* | 427841 |
|  | Electronic Manufacturing Services 4.8% |  |
| 2675 | Fabrinet\* | 975358 |
|  | Financial Exchanges & Data 2.8% |  |
| 2461 | Morningstar, Inc. | 570977 |
|  | Health Care Facilities 4.9% |  |
| 5804 | Ensign Group, Inc. | 1002757 |
|  | Home Improvement Retail 2.2% |  |
| 6094 | Floor & Decor Holdings, Inc., Class A\* | 449128 |
|  | Industrial Machinery & Supplies &<br>Components 5.0% |  |
| 2602 | RBC Bearings, Inc.\* | 1015535 |
|  | Investment Banking & Brokerage 3.1% |  |
| 3592 | PJT Partners, Inc., Class A | 638406 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Life Sciences Tools & Services 4.7% |  |
| 1883 | Medpace Holdings, Inc.\* | $968163 |
|  | Managed Health Care 5.0% |  |
| 10647 | HealthEquity, Inc.\* | 1009016 |
|  | Personal Care Products 2.2% |  |
| 12090 | BellRing Brands, Inc.\* | 439472 |
|  | Research & Consulting Services 3.6% |  |
| 10442 | UL Solutions, Inc., Class A | 739920 |
|  | Restaurants 2.0% |  |
| 1622 | Wingstop, Inc. | 408225 |
|  | Semiconductor Materials &<br>Equipment 5.1% |  |
| 3279 | Nova Ltd.\* | 1048165 |
|  | Semiconductors 3.6% |  |
| 790 | Monolithic Power Systems, Inc. | 727306 |
|  | Transaction & Payment Processing<br>Services 3.3% |  |
| 8716 | Shift4 Payments, Inc., Class A\* | 674618 |
|  | Total Common Stocks (cost $16,794,338) | 20267442 |
|  | Total Investments<br>(cost $16,794,338) 99.3% | 20267442 |
|  | Other Assets less Liabilities 0.7% | 142061 |
|  | Net Assets 100.0% | $20409503 |
|  | \*Non-income producing. | \*Non-income producing. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At September 30, 2025, the Wasatch U.S. Select Fund's investments were in the following countries (unaudited):

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 7.1 |
|  United States | 92.9 |
|  TOTAL | 100.0% |

---

------

<u>Wasatch-Hoisington U.S. Treasury Fund (WHOSX) </u>   <u>SEPTEMBER 30, 2025</u>

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  | U.S. GOVERNMENT<br>OBLIGATIONS 98.6% | U.S. GOVERNMENT<br>OBLIGATIONS 98.6% |
| $36200000 | U.S. Treasury Bond, 1.25%, 5/15/50 | $17736586 |
| 41300000 | U.S. Treasury Bond, 1.375%, 8/15/50 | 20741957 |
| 41100000 | U.S. Treasury Bond, 1.875%, 11/15/51 | 23231133 |
| 176000000 | U.S. Treasury STRIPS Principal, 0.00%, 8/15/47 | 60923687 |
| 33700000 | U.S. Treasury STRIPS Principal, 2.00%, 8/15/51 | 9645506 |
| 35200000 | U.S. Treasury STRIPS Principal, 3.625%, 5/15/53 | 9350870 |
|  | Total U.S. Government Obligations<br>(cost $169,378,652) | 141629739 |
|  | Total Investments (cost $169,378,652) 98.6% | 141629739 |
|  | Other Assets less Liabilities 1.4% | 2009629 |
|  | Net Assets 100.0% | $143639368 |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

*(This page intentionally left blank.)* 

------

<u>Wasatch Funds</u>    

Statements of Assets and Liabilities

---

| | | | |
|:---|:---|:---|:---|
|  | Core<br>Growth<br>Fund | Emerging<br>India<br>Fund | Emerging<br>Markets<br>Select<br>Fund |
|  Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $3200571723 | $397948594 | $231453732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> | 56830331 |  |  |
|  | $3257402054 | $397948594 | $231453732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at market value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $4137660884 | $524556650 | $322045651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> | 52944246 |  |  |
|  | 4190605130 | 524556650 | 322045651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 32607107 | 18960881 | 61881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency on deposit (cost of $0, $0, $42,356, $43,872, $2, $5,572, $865 and $0, respectively) |  |  | 42356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 4920307 |  | 309137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares receivable | 2999234 | 108705 | 110068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable | 441967 | 339459 | 235902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 120740 | 29472 | 18528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4231694485 | 543995167 | 322823523 |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 2185752 |  | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares payable | 3553451 | 963657 | 210820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends payable to shareholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Advisor | 3593257 | 553202 | 283049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fund administration fees | 115788 | 13582 | 10277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 682704 | 245225 | 151412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes payable |  | 19834445 | 5301944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit payable |  |  | 15503274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 10130952 | 21610111 | 21460819 |
|  Commitments and contingent liabilities |  |  |  |
|  Net Assets | $4221563533 | $522385056 | $301362704 |
|  Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock | $501302 | $962597 | $167471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital in excess of par | 3113960015 | 369015239 | 335365291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | 1107102216 | 152407220 | (34170058) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $4221563533 | $522385056 | $301362704 |
|  Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1716728685 | 217005714 | 48006715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2504834848 | 305379342 | 253355989 |
|  Capital Stock Issued and Outstanding (Unlimited number of<br>shares authorized, $0.01 par value) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 20661599 | 40453213 | 2736574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 29468609 | 55806493 | 14010522 |
|  Net Asset Value, Redemption Price and Offering Price Per Share |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $83.09 | $5.36 | $17.54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | $85.00 | $5.47 | $18.08 |

---

<sup>1</sup> See Note 8 for information on affiliated issuers.

See Notes to Financial Statements.

------

    <u>SEPTEMBER 30, 2025</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Emerging<br>Markets<br>Small Cap<br>Fund | Frontier<br>Emerging<br>Small Countries<br>Fund | Global<br>Opportunities<br>Fund | Global<br>Select<br>Fund | Global<br>Value<br>Fund |
| $140043826 | $26381621 | $135470011 | $10381458 | $95581644 |
| $140043826 | $26381621 | $135470011 | $10381458 | $95581644 |
| $206555724 | $35057107 | $184099258 | $12817413 | $137387381 |
| 206555724 | 35057107 | 184099258 | 12817413 | 137387381 |
| 5303421 | 742830 | 282867 | 83954 | 3844557 |
| 44250 | 1 | 5572 | 866 |  |
| 379968 |  | 5658802 | 15349 |  |
| 140115 |  | 40628 |  | 39915 |
| 155370 | 54573 | 120294 | 10053 | 547000 |
|  |  |  | 7789 |  |
| 23581 | 12370 | 15048 | 23960 | 13903 |
| 212602429 | 35866881 | 190222469 | 12959384 | 141832756 |
| 485986 |  | 766144 | 3 |  |
| 70227 | 50 | 323986 |  | 163213 |
|  |  |  |  | 18564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287857 | 38304 | 192668 |  | 91510 |
| 7317 | 1249 | 5531 | 180 | 3231 |
| 186848 | 70047 | 80119 | 40294 | 111992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096698 | 902237 | 818500 | 122986 |  |
|  |  | 5192267 |  |  |
| 2134933 | 1011887 | 7379215 | 163463 | 388510 |
| $210467496 | $34854994 | $182843254 | $12795921 | $141444246 |
| $745894 | $91939 | $435113 | $9903 | $128052 |
| 95233215 | 123216564 | 127322954 | 10953710 | 253023206 |
| 114488387 | (88453509) | 55085187 | 1832308 | (111707012) |
| $210467496 | $34854994 | $182843254 | $12795921 | $141444246 |
| 88270487 | 27199737 | 106464100 | 2622711 | 122602387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122197009 | 7655257 | 76379154 | 10173210 | 18841859 |
| 31595945 | 7206515 | 25489566 | 206839 | 11096311 |
| 42993475 | 1987345 | 18021689 | 783483 | 1708910 |
| $2.79 | $3.77 | $4.18 | $12.68 | $11.05 |
| $2.84 | $3.85 | $4.24 | $12.98 | $11.03 |

---

------

<u>Wasatch Funds</u>    

Statements of Assets and Liabilities (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | International<br>Growth<br>Fund | International<br>Opportunities<br>Fund | International<br>Select<br>Fund |
|  Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $142783058 | $28194132 | $3692445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> |  |  |  |
|  | $142783058 | $28194132 | $3692445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at market value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $201974399 | $47194617 | $4728925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> |  |  |  |
|  | 201974399 | 47194617 | 4728925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 2499581 | 325269 | 188213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency on deposit (cost of $3,109, $1,428, $685, $9,403, $0, $0, $0 and $0, respectively) | 3109 | 1420 | 685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 3636802 | 1322611 | 92101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares receivable | 1172 | 1432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable | 884089 | 400393 | 8989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor |  |  | 11942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 20955 | 12543 | 24018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 209020107 | 49258285 | 5054873 |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short, at value (proceeds of $0, $0, $0, $0, $21,806,458, $0, $0, and $0, respectively) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 1381619 | 420323 | 39155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares payable | 49632 | 20028 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Advisor | 220428 | 84811 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fund administration fees | 6766 | 2759 | 380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 130113 | 117525 | 30761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes payable | 412386 | 103395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends payable on securities sold short |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 2200944 | 748841 | 70296 |
|  Commitments and contingent liabilities |  |  |  |
|  Net Assets | $206819163 | $48509444 | $4984577 |
|  Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock | $87032 | $151068 | $3494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital in excess of par | 91753153 | 15280359 | 4729394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | 114978978 | 33078017 | 251689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $206819163 | $48509444 | $4984577 |
|  Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 182812859 | 38758223 | 3704108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 24006304 | 9751221 | 1280469 |
|  Capital Stock Issued and Outstanding (Unlimited number of<br>shares authorized, $0.01 par value) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 7705123 | 12119883 | 261276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 998081 | 2986877 | 88144 |
|  Net Asset Value, Redemption Price and Offering Price Per Share |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $23.73 | $3.20 | $14.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | $24.05 | $3.26 | $14.53 |

---

<sup>1</sup> See Note 8 for information on affiliated issuers. <sup></sup>

<sup>2</sup> Fund inception date was November 29, 2024.

See Notes to Financial Statements.

------

    <u>SEPTEMBER 30, 2025</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| International<br>Value<br>Fund<sup>2</sup> | Long/Short<br>Alpha<br>Fund | Micro<br>Cap<br>Fund | Micro Cap<br>Value<br>Fund | Small Cap<br>Growth<br>Fund |
| $9480419 | $48078249 | $476659013 | $241756998 | $1129259746 |
|  |  | 17937717 |  | 17999987 |
| $9480419 | $48078249 | $494596730 | $241756998 | $1147259733 |
| $11040729 | $57691813 | $602021882 | $344927377 | $1678549484 |
|  |  | 12565318 |  | 13263149 |
| 11040729 | 57691813 | 614587200 | 344927377 | 1691812633 |
| 988978 | 7919341 | 9460316 | 8943743 | 35648173 |
| 9427 |  |  |  |  |
| 18152 | 7548 | 63185 | 18438 | 1296604 |
| 22062 | 15817 | 62417 | 144062 | 29416 |
| 22317 |  |  |  |  |
| 11905 | 26200 | 27937 | 30027 | 52134 |
| 12113570 | 65660719 | 624201055 | 354063647 | 1728838960 |
|  | 22550008 |  |  |  |
| 290536 |  |  | 57015 |  |
|  | 200302 | 499483 | 183862 | 2119049 |
|  | 45057 | 792039 | 447784 | 1462754 |
| 679 | 1522 | 14193 | 7510 | 47295 |
| 34348 | 53128 | 137382 | 96226 | 279364 |
|  |  |  | 428401 |  |
|  | 7528 |  |  |  |
| 325563 | 22857545 | 1443097 | 1220798 | 3908462 |
| $11788007 | $42803174 | $622757958 | $352842849 | $1724930498 |
| $8899 | $34086 | $731784 | $772221 | $437681 |
| 9994950 | 38412251 | 534448280 | 219281441 | 1223907295 |
| 1784158 | 4356837 | 87577894 | 132789187 | 500585522 |
| $11788007 | $42803174 | $622757958 | $352842849 | $1724930498 |
| 6390918 | 24262269 | 539526082 | 286905161 | 717011538 |
| 5397089 | 18540905 | 83231876 | 65937688 | 1007918960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482477 | 1936974 | 63412585 | 62893371 | 18406217 |
| 407419 | 1471581 | 9765791 | 14328746 | 25361866 |
| $13.25 | $12.53 | $8.51 | $4.56 | $38.95 |
| $13.25 | $12.60 | $8.52 | $4.60 | $39.74 |

---

------

<u>Wasatch Funds</u>    

Statements of Assets and Liabilities (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap<br>Value<br>Fund | Ultra<br>Growth<br>Fund | U.S.<br>Select<br>Fund |
|  Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $1260273462 | $382785074 | $16794338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> |  | 15000004 |  |
|  | $1260273462 | $397785078 | $16794338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at market value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $1560254295 | $504811304 | $20267442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> |  | 11052635 |  |
|  | 1560254295 | 515863939 | 20267442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 34061544 | 2562790 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 17129607 | 530250 | 2251990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares receivable | 737677 | 16874 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable | 366565 | 54824 | 4519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 55616 | 31733 | 19365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1612605304 | 519060410 | 22544196 |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 6307651 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares payable | 1046255 | 1583669 | 46758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends payable to shareholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Advisor | 1310140 | 465252 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fund administration fees | 39709 | 22643 | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 243829 | 187986 | 34668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit payable |  |  | 2052197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 8947584 | 2259550 | 2134693 |
|  Commitments and contingent liabilities |  |  |  |
|  Net Assets | $1603657720 | $516800860 | $20409503 |
|  Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock | $1606243 | $168435 | $13836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital in excess of par | 1262098813 | 478343370 | 16179018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | 339952664 | 38289055 | 4216649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1603657720 | $516800860 | $20409503 |
|  Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 527651262 | 386788044 | 5733179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1076006458 | 130012816 | 14676324 |
|  Capital Stock Issued and Outstanding (Unlimited number of<br>shares authorized, $0.01 par value) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 53347373 | 12626261 | 389783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 107276929 | 4217276 | 993827 |
|  Net Asset Value, Redemption Price and Offering Price Per Share |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $9.89 | $30.63 | $14.71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | $10.03 | $30.83 | $14.77 |

---

<sup>1</sup> See Note 8 for information on affiliated issuers.

See Notes to Financial Statements.

------

    <u>SEPTEMBER 30, 2025</u>

---

| |
|:---|
| U.S.<br>Treasury<br>Fund |
| $169378652 |
| $169378652 |
| $141629739 |
| 141629739 |
| 2124074 |
| 43175 |
| 534523 |
| 11690 |
| 144343201 |
| 516490 |
| 62282 |
| 58660 |
| 3989 |
| 62412 |
| 703833 |
| $143639368 |
| $137922 |
| 349417423 |
| (205915977) |
| $143639368 |
| 143639368 |
| 13792178 |
| $10.41 |
| $— |

---

------

<u>Wasatch Funds</u>    

Statements of Operations

---

| | | | |
|:---|:---|:---|:---|
|  | Core<br>Growth<br>Fund | Emerging<br>India<br>Fund | Emerging<br>Markets<br>Select<br>Fund |
|  Investment Income: | Investment Income: | Investment Income: | Investment Income: |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $1806041 | $930557 | $91222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 18610625 | 2026814 | 3359307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 20416666 | 2957371 | 3450529 |
|  Expenses: | Expenses: | Expenses: | Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 46099001 | 7497241 | 3887398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Investor Class | 2137404 | 322900 | 105219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Institutional Class | 51724 | 23672 | 8056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 481687 | 65074 | 42867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 344890 | 46975 | 32034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Investor Class | 126476 | 28436 | 12333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Institutional Class | 190896 | 15838 | 31645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 59416 | 300463 | 122558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Investor Class | 57587 | 25341 | 19079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Institutional Class | 82422 | 21817 | 26935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 347640 | 44940 | 29144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 553216 | 74296 | 48329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 121659 | 37958 | 47532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 44530 | 44530 | 44530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 224877 | 104338 | 77138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reimbursement | 50923425 | 8653819 | 4534797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement of expenses by Advisor | (187248) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 50736177 | 8653819 | 4534797 |
|  Net Investment Income (Loss) | (30319511) | (5696448) | (1084268) |
|  Realized Gain: | Realized Gain: | Realized Gain: | Realized Gain: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 305306810 | 101738637 | 4474384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (490549) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (764488) | (271172) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes |  | (14054442) | (2109026) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 304816261 | 86919707 | 2094186 |
|  Change in Unrealized Appreciation (Depreciation): | Change in Unrealized Appreciation (Depreciation): | Change in Unrealized Appreciation (Depreciation): | Change in Unrealized Appreciation (Depreciation): |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (586064176) | (188560664) | (16585875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (5026625) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | (18966) | (8836) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxes |  | 18941715 | 1446979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (591090801) | (169637915) | (15147732) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | (286274540) | (82718208) | (13053546) |
|  Net Increase (Decrease) in Net Assets Resulting from Operations | $(316594051) | $(88414656) | $(14137814) |

---

<sup>1</sup> Net of $0, $555,294, $512,043, $401,754, $60,939, $122,490, $7,334 and $328,487 in foreign withholding taxes, respectively. 

See Notes to Financial Statements.

------

    <u>YEAR ENDED SEPTEMBER 30, 2025</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| Emerging<br>Markets<br>Small Cap<br>Fund | Frontier<br>Emerging Small<br>Countries<br>Fund | Global<br>Opportunities<br>Fund | Global<br>Select<br>Fund | Global<br>Value<br>Fund |
| $139700 | $15700 | $95391 | $4927 | $230363 |
| 3001340 | 469956 | 1064743 | 71758 | 4481191 |
| 3141040 | 485656 | 1160134 | 76685 | 4711554 |
| 4451842 | 604406 | 2562845 | 121516 | 1170753 |
| 225202 | 59685 | 123410 | 20430 | 139695 |
| 3622 | 7007 | 4021 | 6484 | 3222 |
| 33585 | 7199 | 24672 | 3122 | 14874 |
| 23680 | 6362 | 19069 | 4750 | 14345 |
| 20322 | 17447 | 15511 | 11490 | 24768 |
| 18576 | 6087 | 18923 | 6535 | 4544 |
| 169702 | 63839 | 31383 | 5534 | 28492 |
| 19093 | 17427 | 17068 | 16538 | 17848 |
| 19905 | 16880 | 25595 | 16510 | 17276 |
| 20905 | 2891 | 15304 | 1262 | 9514 |
| 35881 | 4323 | 23983 | 1698 | 14726 |
| 7089 | 1001 | 10008 | 1012 | 2339 |
| 44530 | 44530 | 44530 | 44530 | 44530 |
| 98427 | 19411 | 43256 | 21351 | 5795 |
| 5192361 | 878495 | 2979578 | 282762 | 1512721 |
| (165868) | (104578) | (49907) | (132051) | (104627) |
| 5026493 | 773917 | 2929671 | 150711 | 1408094 |
| (1885453) | (288261) | (1769537) | (74026) | 3303460 |
| 62884311 | 3756873 | 11418866 | 1731340 | 6347773 |
| (267227) | (12576) | (26590) | (2516) | (15447) |
| (4900185) | (81752) | (122926) | (21786) |  |
| 57716899 | 3662545 | 11269350 | 1707038 | 6332326 |
| (97169353) | (2789017) | (21121426) | (1401711) | 12427734 |
| 2662 | 34 | 799 | 201 | 20925 |
| 8542519 | (223459) | 571258 | (72227) |  |
| (88624172) | (3012442) | (20549369) | (1473737) | 12448659 |
| (30907273) | 650103 | (9280019) | 233301 | 18780985 |
| $(32792726) | $361842 | $(11049556) | $159275 | $22084445 |

---

------

<u>Wasatch Funds</u>    

Statements of Operations (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | International<br>Growth<br>Fund | International<br>Opportunities<br>Fund | International<br>Select<br>Fund |
|  Investment Income: | Investment Income: | Investment Income: | Investment Income: |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $140020 | $70173 | $7029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 2794117 | 1052678 | 28026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2934137 | 1122851 | 35055 |
|  Expenses: | Expenses: | Expenses: | Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 2886751 | 1285436 | 33848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Investor Class | 146581 | 61357 | 22236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Institutional Class | 3812 | 23049 | 4172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 29202 | 13085 | 3807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 19888 | 8278 | 4335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Investor Class | 26834 | 10451 | 14314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Institutional Class |  | 13440 | 3761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 64888 | 52406 | 3663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Investor Class | 21203 | 17234 | 16444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Institutional Class | 18729 | 19842 | 16207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 17282 | 6253 | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 29488 | 12008 | 449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends on securities sold short |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 241 | 15348 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 44530 | 44530 | 44530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 77692 | 74673 | 5869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reimbursement | 3387121 | 1657390 | 174102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement of expenses by Advisor | (34793) | (82667) | (124169) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 3352328 | 1574723 | 49933 |
|  Net Investment Income (Loss) | (418191) | (451872) | (14878) |
|  Realized Gain (Loss): | Realized Gain (Loss): | Realized Gain (Loss): | Realized Gain (Loss): |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 67857374 | 33673946 | 256969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (103436) | (56910) | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on short positions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | (621035) | (752525) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 67132903 | 32864511 | 257720 |
|  Change in Unrealized Appreciation (Depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (56344428) | (40870000) | 252888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 30950 | 16383 | (395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Short positions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxes | 1055603 | 1159307 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (55257875) | (39694310) | 252493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | 11875028 | (6829799) | 510213 |
|  Net Increase (Decrease) in Net Assets Resulting from Operations | $11456837 | $(7281671) | $495335 |

---

<sup>1</sup> Net of $256,362, $97,899, $8,055, $29,137, $0, $8,577, $19,475 and $0 in foreign withholding taxes, respectively. 

<sup>2</sup> Fund inception date was November 29, 2024.

See Notes to Financial Statements.

------

    <u>YEAR ENDED SEPTEMBER 30, 2025</u>

---

| | | | | |
|:---|:---|:---|:---|:---|
| International<br>Value<br>Fund<sup>2</sup> | Long/Short<br>Alpha<br>Fund | Micro<br>Cap<br>Fund | Micro Cap<br>Value<br>Fund | Small Cap<br>Growth<br>Fund |
| $12087 | $705434 | $638639 | $362183 | $1499382 |
| 221232 | 506701 | 1961671 | 1667240 | 3939751 |
|  |  | 28617 |  |  |
| 233319 | 1212135 | 2628927 | 2029423 | 5439133 |
| 40285 | 837676 | 9450411 | 4990269 | 19835922 |
| 3448 | 41723 | 413306 | 242958 | 668293 |
| 7253 | 11982 | 2990 | 3478 | 11690 |
| 5631 | 7893 | 64743 | 34394 | 203934 |
| 8597 | 10085 | 49709 | 27903 | 148054 |
| 15027 | 15755 | 44019 | 30702 | 44018 |
| 13742 | 4027 | 5585 | 7880 | 59987 |
| 16933 | 3972 | 19616 | 22876 | 27207 |
| 16102 | 17996 | 24877 | 23443 | 28350 |
| 16096 | 16696 | 18664 | 17500 | 44408 |
| 111306 | 5398 | 48058 | 24822 | 150471 |
| 307 | 8716 | 76839 | 38429 | 243705 |
|  | 86907 |  |  |  |
| 123 | 260252 | 14663 | 7740 | 42101 |
| 44030 | 44530 | 44530 | 44530 | 44530 |
| 6654 | 9211 | 42888 | 28997 | 108877 |
| 305534 | 1382819 | 10320898 | 5545921 | 21661547 |
| (256695) | (1127) |  | (11806) | (79486) |
| 48839 | 1381692 | 10320898 | 5534115 | 21582061 |
| 184480 | (169557) | (7691971) | (3504692) | (16142928) |
| 46849 | 2385354 | 73039427 | 54779699 | 246122174 |
|  |  | (390246) |  |  |
| (1654) |  | (22131) | (8776) |  |
|  | (6149616) |  |  |  |
|  |  |  | (123537) |  |
| 45195 | (3764262) | 72627050 | 54647386 | 246122174 |
| 1560310 | (7759162) | (23184597) | (3987230) | (254694365) |
|  |  | (11382159) | 680025 | (3434972) |
| 226 |  | (157) | 470 |  |
|  | (1652986) |  |  |  |
|  |  |  | 150119 |  |
| 1560536 | (9412148) | (34566913) | (3156616) | (258129337) |
| 1605731 | (13176410) | 38060137 | 51490770 | (12007163) |
| $1790211 | $(13345967) | $30368166 | $47986078 | $(28150091) |

---

------

<u>Wasatch Funds</u>    

Statements of Operations (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap<br>Value<br>Fund | Ultra<br>Growth<br>Fund | U.S.<br>Select<br>Fund |
|  Investment Income: | Investment Income: | Investment Income: | Investment Income: |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | $945694 | $252159 | $15020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 18738023 | 2835420 | 71748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 19683717 | 3087579 | 86768 |
|  Expenses: | Expenses: | Expenses: | Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 15903674 | 7833666 | 214045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Investor Class | 621229 | 676183 | 29372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Institutional Class | 19530 | 4444 | 3554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 165392 | 87646 | 3176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 120932 | 65801 | 6180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Investor Class | 45418 | 43530 | 10814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Institutional Class | 57795 | 22207 | 8142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 27387 | 14894 | 2446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Investor Class | 44429 | 28634 | 16110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Institutional Class | 51140 | 25233 | 16581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 118766 | 61609 | 2095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 187695 | 105634 | 3213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest |  | 14649 | 2894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 44530 | 44530 | 44530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 84444 | 56253 | 7141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reimbursement | 17492361 | 9084913 | 370293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement of expenses by Advisor | (100777) | (69941) | (111179) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 17391584 | 9014972 | 259114 |
|  Net Investment Income (Loss) | 2292133 | (5927393) | (172346) |
|  Realized Gain (Loss): | Realized Gain (Loss): | Realized Gain (Loss): | Realized Gain (Loss): |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 74790975 | (527827) | 1063632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) | 74790975 | (526923) | 1063632 |
|  Change in Unrealized Appreciation (Depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (113471793) | (113499037) | (1049231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  | 30298805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation | (113471793) | (83200232) | (1049231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | (38680818) | (83727155) | 14401 |
|  Net Decrease in Net Assets Resulting from Operations | $(36388685) | $(89654548) | $(157945) |

---

<sup>1</sup> Net of $0, $19,405, $0 and $0 in foreign withholding taxes, respectively. 

See Notes to Financial Statements.

------

    <u>YEAR ENDED SEPTEMBER 30, 2025</u>

---

| |
|:---|
| U.S.<br>Treasury<br>Fund |
| $6730629 |
| 6730629 |
| 743402 |
| 178879 |
| 16101 |
| 12069 |
| 26889 |
| 2854 |
| 25119 |
| 11189 |
| 18693 |
| 2841 |
| 44530 |
| 10097 |
| 1092663 |
| 1092663 |
| 5637966 |
| (15425935) |
| (15425935) |
| (5915241) |
| (5915241) |
| (21341176) |
| $(15703210) |

---

------

<u>Wasatch Funds</u>    

Statements of Changes in Net Assets

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Core Growth<br>Fund | Core Growth<br>Fund | Emerging India<br>Fund | Emerging India<br>Fund |
|  | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(30319511) | $(20220981) | $(5696448) | $(5606553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes | 304816261 | 368457766 | 86919707 | 69024072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes | (591090801) | 756491619 | (169637915) | 102413423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (316594051) | 1104728404 | (88414656) | 165830942 |
|  Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (179457939) |  | (48983862) | (11365507) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (225112584) |  | (57079015) | (12771820) |
|  Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 307171048 | 409355131 | 44815210 | 72872140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 168137220 |  | 48604761 | 11221774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (557076583) | (398175281) | (106160805) | (83986788) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 59985 | 61144 | 46030 | 25143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (81708330) | 11240994 | (12694804) | 132269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 727122182 | 954587176 | 51951472 | 96686841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 208767815 |  | 55108532 | 11967778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (758763611) | (442294984) | (100225202) | (66808177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 82209 | 15160 | 7678 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 177208595 | 512307352 | 6842480 | 41847500 |
|  Total increase (decrease) in net assets | (625664309) | 1628276750 | (200329857) | 183673384 |
|  Net assets: | Net assets: | Net assets: | Net assets: | Net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 4847227842 | 3218951092 | 722714913 | 539041529 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4221563533 | $4847227842 | $522385056 | $722714913 |
|  Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3498487 | 4870007 | 7684905 | 11604335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 1762999 |  | 8280198 | 1842656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (6387477) | (4720438) | (18657193) | (13392218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1125991) | 149569 | (2692090) | 54773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8125721 | 11022746 | 8839031 | 14815897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 2141648 |  | 9215474 | 1936534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8455017) | (5018951) | (16275048) | (10360460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1812352 | 6003795 | 1779457 | 6391971 |

---

See Notes to Financial Statements.

------

    <u>SEPTEMBER 30, 2025</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Emerging Markets Select<br>Fund | Emerging Markets Select<br>Fund | Emerging Markets Small Cap<br>Fund | Emerging Markets Small Cap<br>Fund | Frontier Emerging Small Countries<br>Fund | Frontier Emerging Small Countries<br>Fund |
| Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 |
| $(1084268) | $(1507267) | $(1885453) | $(2346257) | $(288261) | $(316965) |
| 2094186 | (65344356) | 57716899 | 11714251 | 3662545 | 4219904 |
| (15147732) | 158811855 | (88624172) | 57045130 | (3012442) | 6065493 |
| (14137814) | 91960232 | (32792726) | 66413124 | 361842 | 9968432 |
|  |  | (7426127) |  | (220988) |  |
|  |  | (10952207) |  | (66965) |  |
| 10012384 | 17605556 | 9306161 | 15807054 | 1948866 | 2106230 |
|  |  | 7221842 |  | 206402 |  |
| (22420640) | (26625603) | (43709778) | (36736394) | (7032235) | (9479446) |
| 7335 | 2480 | 905 | 665 | 5937 | 1975 |
| (12400921) | (9017567) | (27180870) | (20928675) | (4871030) | (7371241) |
| 72905343 | 129828878 | 21410961 | 29843844 | 1637978 | 2822794 |
|  |  | 10853848 |  | 56437 |  |
| (196058054) | (214010886) | (98160842) | (56472410) | (1641170) | (828988) |
| 5186 | 4865 | 1846 | 740 | 17 | 237 |
| (123147525) | (84177143) | (65894187) | (26627826) | 53262 | 1994043 |
| (149686260) | (1234478) | (144246117) | 18856623 | (4743879) | 4591234 |
| 451048964 | 452283442 | 354713613 | 335856990 | 39598873 | 35007639 |
| $301362704 | $451048964 | $210467496 | $354713613 | $34854994 | $39598873 |
| 574111 | 1094036 | 3311667 | 5220365 | 541117 | 639993 |
|  |  | 2507584 |  | 57494 |  |
| (1307827) | (1660578) | (15821274) | (12633615) | (1922333) | (2955723) |
| (733716) | (566542) | (10002023) | (7413250) | (1323722) | (2315730) |
| 4154813 | 7923787 | 7515012 | 10080000 | 435502 | 859971 |
|  |  | 3717071 |  | 15420 |  |
| (10903110) | (13159886) | (34229975) | (18940524) | (450356) | (257924) |
| (6748297) | (5236099) | (22997892) | (8860524) | 566 | 602047 |

---

------

<u>Wasatch Funds</u>    

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Global Opportunities<br>Fund | Global Opportunities<br>Fund | Global Select<br>Fund | Global Select<br>Fund |
|  | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(1769537) | $(1769343) | $(74026) | $(78180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes | 11269350 | 14532658 | 1707038 | (383719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes | (20549369) | 35128717 | (1473737) | 3481142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (11049556) | 47892032 | 159275 | 3019243 |
|  Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | (9949233) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (6294483) |  |  |  |
|  Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5253447 | 8915951 | 705985 | 281767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 9789166 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (19313000) | (28445065) | (2179230) | (1669206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 2363 | 1144 | 429 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease | (4268024) | (19527970) | (1472816) | (1387288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 31659118 | 22536310 | 1378886 | 267572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 6167666 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (31810325) | (29282727) | (2414846) | (1266441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 445 | 70 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 6016904 | (6746347) | (1035960) | (998869) |
|  Total increase (decrease) in net assets | (25544392) | 21617715 | (2349501) | 633086 |
|  Net assets: | Net assets: | Net assets: | Net assets: | Net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 208387646 | 186769931 | 15145422 | 14512336 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $182843254 | $208387646 | $12795921 | $15145422 |
|  Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1207904 | 2144745 | 56278 | 25340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 2175370 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (4453537) | (7006417) | (175766) | (149246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net decrease in shares outstanding | (1070263) | (4861672) | (119488) | (123906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7182848 | 5324025 | 107554 | 23099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 1352558 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (7397877) | (6720824) | (186483) | (109558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1137529 | (1396799) | (78929) | (86459) |

---

See Notes to Financial Statements.

------

    <u>SEPTEMBER 30, 2025</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Global Value<br>Fund | Global Value<br>Fund | International Growth<br>Fund | International Growth<br>Fund | International Opportunities<br>Fund | International Opportunities<br>Fund |
| Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 |
| $3303460 | $4111150 | $(418191) | $(223350) | $(451872) | $(1646378) |
| <br>6332326 | 7708349 | 67132903 | 42243186 | 32864511 | 23142386 |
| <br>12448659 | 16005212 | (55257875) | 29348847 | (39694310) | 25899567 |
| <br>22084445 | 27824711 | 11456837 | 71368683 | (7281671) | 47395575 |
| (8872339) | (3461516) | (31190381) |  |  |  |
| (1321244) | (933930) | (11108889) |  |  |  |
| 5308717 | 3536036 | 7858038 | 11667220 | 1627647 | 1006399 |
| <br>8582882 | 3341952 | 29379154 |  |  |  |
| (16775991) | (23626912) | (47422328) | (74156160) | (12977919) | (14200148) |
| 2906 | 1637 | 10868 | 478 | 97 | 28 |
| (2881486) | (16747287) | (10174268) | (62488462) | (11350175) | (13193721) |
| 1659572 | 8093577 | 3342300 | 14716613 | 2495865 | 25855981 |
| <br>1318755 | 932998 | 11037132 |  |  |  |
| (2574766) | (27916990) | (64615318) | (180179807) | (81728978) | (194952279) |
| 5 |  | 4 |  |  | 582 |
| 403566 | (18890415) | (50235882) | (165463194) | (79233113) | (169095716) |
| 9412942 | (12208437) | (91252583) | (156582973) | (97864959) | (134893862) |
| 132031304 | 144239741 | 298071746 | 454654719 | 146374403 | 281268265 |
| $141444246 | $132031304 | $206819163 | $298071746 | $48509444 | $146374403 |
| 530713 | 387626 | 345634 | 499146 | 527971 | 338277 |
| <br>900770 | 358956 | 1384503 |  |  |  |
| (1686789) | (2609353) | (2036430) | (3186863) | (4238607) | (4744307) |
| (255306) | (1862771) | (306293) | (2687717) | (3710636) | (4406030) |
| 165758 | 911475 | 146401 | 629153 | 794720 | 8556176 |
| <br>138410 | 101262 | 513594 |  |  |  |
| (260427) | (3069196) | (2883817) | (7662183) | (26273862) | (62020991) |
| 43741 | (2056459) | (2223822) | (7033030) | (25479142) | (53464815) |

---

------

<u>Wasatch Funds</u>    

Statements of Changes in Net Assets (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | International Select<br>Fund | International Select<br>Fund | International<br>Value Fund<sup>1</sup> |
|  | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Period Ended<br>September 30, 2025 |
|  Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(14878) | $(10557) | $184480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes | 257720 | (9895) | 45195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on short positions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes | 252493 | 831165 | 1560536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 495335 | 810713 | 1790211 |
|  Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  | (1105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  | (1216) |
|  Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1142130 | 444971 | 6081640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of<br>dividends |  |  | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (405790) | (802412) | (445472) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 2211 | 46 | 2157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 738551 | (357395) | 5639430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2002 | 50099 | 4359481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of<br>dividends |  |  | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (218646) | (542426) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (216644) | (492327) | 4360687 |
|  Total increase (decrease) in net assets | 1017242 | (39009) | 11788007 |
|  Net assets: | Net assets: | Net assets: | Net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3967335 | 4006344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $4984577 | $3967335 | $11788007 |
|  Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 82023 | 39097 | 521898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of<br>dividends |  |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (30125) | (71617) | (39533) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | 51898 | (32520) | 482477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 163 | 4887 | 407297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of<br>dividends |  |  | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (16637) | (46543) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | (16474) | (41656) | 407419 |

---

<sup>1</sup> Fund inception date was November 29, 2024.

See Notes to Financial Statements.

------

    <u>SEPTEMBER 30, 2025</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long/Short<br>Alpha Fund | Long/Short<br>Alpha Fund | Micro Cap<br>Fund | Micro Cap<br>Fund | Micro Cap Value<br>Fund | Micro Cap Value<br>Fund |
| Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 |
| $(169557) | $(172348) | $(7691971) | $(8600636) | $(3504692) | $(1352452) |
| <br>2385354 | 674487 | 72627050 | 50648343 | 54647386 | 24835343 |
| (6149616) | (986116) |  |  |  |  |
| <br>(9412148) | 15187667 | (34566913) | 133224676 | (3156616) | 61540978 |
| (13345967) | <br>14703690 | 30368166 | 175272383 | 47986078 | 85023869 |
| 5634655 | 17321162 | 27109567 | 42879566 | 31243864 | 29192386 |
| (18277170) | (4918404) | (105205813) | (114456828) | (48453323) | (69346071) |
| 3538 | 12196 | 21124 | 20313 | 12623 | 11331 |
| (12638977) | 12414954 | (78075122) | (71556949) | (17196836) | (40142354) |
| 5043055 | 22361984 | 10708062 | 23716143 | 13131897 | 17342523 |
| (15125166) | (5085032) | (22138931) | (29491200) | (19348874) | (10947881) |
| 115 | 247 | 400 | 22 | 1060 | 3 |
| (10081996) | 17277199 | (11430469) | (5775035) | (6215917) | 6394645 |
| (36066940) | 44395843 | (59137425) | 97940399 | 24573325 | 51276160 |
| 78870114 | 34474271 | 681895383 | 583954984 | 328269524 | 276993364 |
| $42803174 | $78870114 | $622757958 | $681895383 | $352842849 | $328269524 |
| 395464 | 1264303 | 3436013 | 6014495 | 7528549 | 8514560 |
| (1355128) | (356616) | (13429302) | (16490471) | (11867038) | (20314338) |
| (959664) | 907687 | (9993289) | (10475976) | (4338489) | (11799778) |
| 341737 | 1584313 | 1357917 | 3332582 | 3237866 | 4748377 |
| (1096984) | (359196) | (2804720) | (4443462) | (4661122) | (3198450) |
| (755247) | 1225117 | (1446803) | (1110880) | (1423256) | 1549927 |

---

------

<u>Wasatch Funds</u>    

Statements of Changes in Net Assets (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Small Cap Growth<br>Fund | Small Cap Growth<br>Fund | Small Cap Value<br>Fund | Small Cap Value<br>Fund |
|  | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(16142928) | $(19452186) | $2292133 | $1048572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes | 246122174 | (11567701) | 74790975 | 224280302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes | (258129337) | 470554828 | (113471793) | 177777367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (28150091) | 439534941 | (36388685) | 403106241 |
|  Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings | Distributions to shareholders from distributable earnings |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  | (88543286) | (21366448) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  | (150322748) | (29326831) |
|  Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: | Capital share transactions: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 80957173 | 55961450 | 74618675 | 125806693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 85643937 | 20731145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (217817136) | (195396129) | (135485461) | (213541277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 13997 | 14578 | 22448 | 32797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (136845966) | (139420101) | 24799599 | (66970642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 143621063 | 213947021 | 329981592 | 280181042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 145291008 | 28015241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (404212419) | (462607801) | (283966371) | (163876254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 26441 | 21938 | 12784 | 6126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (260564915) | (248638842) | 191319013 | 144326155 |
|  Total increase (decrease) in net assets | (425560972) | 51475998 | (59136107) | 429768475 |
|  Net assets: | Net assets: | Net assets: | Net assets: | Net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 2150491470 | 2099015472 | 1662793827 | 1233025352 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $1724930498 | $2150491470 | $1603657720 | $1662793827 |
|  Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: | Capital share transactions — shares: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2022067 | 1585340 | 7443583 | 12028537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 8086520 | 2056661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5569864) | (5555837) | (13979129) | (21091956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3547797) | (3970497) | 1550974 | (7006758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3550052 | 6014600 | 32822879 | 26628392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 13553266 | 2746592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9902945) | (12674580) | (27948847) | (15805756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | (6352893) | (6659980) | 18427298 | 13569228 |

---

See Notes to Financial Statements.

------

    <u>SEPTEMBER 30, 2025</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Ultra Growth<br>Fund | Ultra Growth<br>Fund | U.S. Select<br>Fund | U.S. Select<br>Fund | U.S. Treasury<br>Fund | U.S. Treasury<br>Fund |
| Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 | Year Ended<br>September 30, 2025 | Year Ended<br>September 30, 2024 |
| $(5927393) | $(9373265) | $(172346) | $(126697) | $5637966 | $6352648 |
| (526923) | 49917522 | 1063632 | 930009 | (15425935) | (84009114) |
| (83200232) | <br>223152783 | (1049231) | 3601209 | (5915241) | 104219264 |
| (89654548) | <br>263697040 | (157945) | 4404521 | (15703210) | 26562798 |
|  |  | (320026) |  | (5582922) | (6385147) |
|  |  | (569990) |  |  |  |
| 30927424 | 68817925 | 2118969 | 7197299 | 30763758 | 35134728 |
|  | <br>— | 319929 |  | 5300480 | 5983323 |
| (229080206) | (409931728) | (6006666) | (3374002) | (56297904) | (113364949) |
| 17815 | 22710 | 2194 | 1586 | 24369 | 17553 |
| (198134967) | (341091093) | (3565574) | 3824883 | (20209297) | (72229345) |
| 35835356 | 88891343 | 5272232 | 10450783 |  |  |
|  | <br>— | 569990 |  |  |  |
| (197365964) | (224001931) | (7410718) | (4558508) |  |  |
| 7467 | 929 | 685 | 10 |  |  |
| (161523141) | (135109659) | (1567811) | 5892285 |  |  |
| (449312656) | (212503712) | (6181346) | 14121689 | (41495429) | (52051694) |
| 966113516 | 1178617228 | 26590849 | 12469160 | 185134797 | 237186491 |
| $516800860 | $966113516 | $20409503 | $26590849 | $143639368 | $185134797 |
| 932596 | 2294140 | 142725 | 517916 | 2923088 | 3129556 |
|  | <br>— | 20300 |  | 502968 | 519477 |
| (7169027) | (13594935) | (414842) | (236696) | (5335852) | (10254526) |
| (6236431) | (11300795) | (251817) | 281220 | (1909796) | (6605493) |
| 1088426 | 2895023 | 356956 | 735817 |  |  |
|  | <br>— | 36053 |  |  |  |
| (6340677) | (7626513) | (490331) | (315996) |  |  |
| (5252251) | (4731490) | (97322) | 419821 |  |  |

---

------

<u>Wasatch Funds</u>    

Statement of Cash Flows

---

| | |
|:---|:---|
|  | Long/Short<br>Alpha Fund<br>Year Ended<br>September 30, 2025 |
|  Cash flows from operating activities: | Cash flows from operating activities: |
|  Net decrease in net assets resulting from operations | $(13345967) |
|  Adjustments to reconcile net increase in net assets resulting from operations |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term investments purchased | (29352099) |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term investments sold | 52953571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases to cover securities sold short | (28519036) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 15251458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in dividends and interest receivable | 11173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in prepaid expenses and other assets | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in investment securities purchased payable | (405105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in dividend payable on securities sold short | (720) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued fund administration fees | (322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable to Advisor | (34072) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses and other liabilities | (14120) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from unaffiliated investments | (2385354) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss from securities sold short | 6149616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on unaffiliated investments | 7759162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on securities sold short | 1652986 |
|  Net cash from operating activities | 9721610 |
|  Cash flows from financing activities: | Cash flows from financing activities: |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 10675948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment on shares redeemed | (33218365) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 3653 |
|  Net cash from financing activities | (22538764) |
|  Net decrease in cash | (12817154) |
|  Cash at beginning of year | 20736495 |
|  Cash at end of year | $7919341 |
|  Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: |
|  Dividend on securities sold short during the year | $86907 |
|  Interest expense paid during the year | 260252 |

---

See Notes to Financial Statements.

------

*(This page intentionally left blank.)* 

------

<u>Wasatch Funds</u>    

Financial Highlights

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (Loss) from<br>Investment Operations** | **Income (Loss) from<br>Investment Operations** | | | **Less Distributions** | **Less Distributions** | |
|  | **Net Asset<br>Value<br>Beginning<br>of Period** | **Net<br>Investment<br>Income (Loss)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Total from<br>Investment<br>Operations** | **Redemption<br>Fees<br>(See Note 2)** | **Dividends<br>from Net<br>Investment<br>Income** | **Distributions<br>from Net<br>Realized<br>Gains** | **Total<br>Distributions** |
| Core Growth Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $96.94 | (0.73) | (4.84) | (5.57) | —<sup>4</sup> |  | (8.28) | (8.28) |
| Year ended 9/30/24 | $73.66 | (0.47) | 23.75 | 23.28 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $61.04 | (0.39) | 13.47 | 13.08 | —<sup>4</sup> |  | (0.46) | (0.46) |
| Year ended 9/30/22 | $104.75 | (0.48) | (27.40) | (27.88) | —<sup>4</sup> |  | (15.83) | (15.83) |
| Year ended 9/30/21 | $77.61 | (0.63) | 34.37 | 33.74 | —<sup>4</sup> |  | (6.60) | (6.60) |
| Core Growth Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $98.90 | (0.54) | (5.08) | (5.62) | —<sup>4</sup> |  | (8.28) | (8.28) |
| Year ended 9/30/24 | $75.06 | (0.37) | 24.21 | 23.84 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $62.13 | (0.28) | 13.67 | 13.39 | —<sup>4</sup> |  | (0.46) | (0.46) |
| Year ended 9/30/22 | $106.20 | (0.41) | (27.83) | (28.24) | —<sup>4</sup> |  | (15.83) | (15.83) |
| Year ended 9/30/21 | $78.53 | (0.50) | 34.77 | 34.27 | —<sup>4</sup> |  | (6.60) | (6.60) |
| Emerging India Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $7.37 | (0.09) | (0.77) | (0.86) | —<sup>4</sup> |  | (1.15) | (1.15) |
| Year ended 9/30/24 | $5.90 | (0.06) | 1.79 | 1.73 | —<sup>4</sup> |  | (0.26) | (0.26) |
| Year ended 9/30/23 | $5.67 | (0.04) | 0.33 | 0.29 | —<sup>4</sup> |  | (0.06) | (0.06) |
| Year ended 9/30/22 | $6.95 | (0.06) | (0.92) | (0.98) | —<sup>4</sup> |  | (0.30) | (0.30) |
| Year ended 9/30/21 | $4.22 | (0.05) | 2.78 | 2.73 | —<sup>4</sup> |  |  |  |
| Emerging India Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $7.49 | (0.05) | (0.82) | (0.87) | —<sup>4</sup> |  | (1.15) | (1.15) |
| Year ended 9/30/24 | $5.98 | (0.04) | 1.81 | 1.77 | —<sup>4</sup> |  | (0.26) | (0.26) |
| Year ended 9/30/23 | $5.74 | (0.05) | 0.35 | 0.30 | —<sup>4</sup> |  | (0.06) | (0.06) |
| Year ended 9/30/22 | $7.03 | (0.06) | (0.93) | (0.99) | —<sup>4</sup> |  | (0.30) | (0.30) |
| Year ended 9/30/21 | $4.26 | (0.05) | 2.82 | 2.77 | —<sup>4</sup> |  |  |  |
| Emerging Markets Select Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $18.17 | (0.21) | (0.42) | (0.63) | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $14.73 | (0.14) | 3.58 | 3.44 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $13.34 | (0.04) | 1.43 | 1.39 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $22.49 | (0.17) | (8.93) | (9.10) | 0.04 |  | (0.09) | (0.09) |
| Year ended 9/30/21 | $14.40 | 0.11 | 7.97 | 8.08 | 0.01 |  |  |  |
| Emerging Markets Select Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $18.69 | (0.11) | (0.50) | (0.61) | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $15.11 | (0.06) | 3.64 | 3.58 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $13.66 |  | 1.45 | 1.45 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $23.01 | (0.04) | (9.22) | (9.26) | —<sup>4</sup> |  | (0.09) | (0.09) |
| Year ended 9/30/21 | $14.71 | (0.03) | 8.33 | 8.30 | —<sup>4</sup> |  |  |  |
| Emerging Markets Small Cap Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $3.27 | (0.07) | (0.23) | (0.30) | —<sup>4</sup> |  | (0.18) | (0.18) |
| Year ended 9/30/24 | $2.69 | (0.04) | 0.62 | 0.58 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $2.47 | (0.05) | 0.35 | 0.30 | —<sup>4</sup> |  | (0.08) | (0.08) |
| Year ended 9/30/22 | $4.23 | (0.05) | (1.46) | (1.51) | —<sup>4</sup> | (0.01) | (0.24) | (0.25) |
| Year ended 9/30/21 | $3.02 | (0.03) | 1.49 | 1.46 | —<sup>4</sup> |  | (0.25) | (0.25) |
| Emerging Markets Small Cap Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $3.32 | (0.01) | (0.29) | (0.30) | —<sup>4</sup> |  | (0.18) | (0.18) |
| Year ended 9/30/24 | $2.73 | (0.02) | 0.61 | 0.59 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $2.50 | (0.02) | 0.33 | 0.31 | —<sup>4</sup> |  | (0.08) | (0.08) |
| Year ended 9/30/22 | $4.27 | (0.02) | (1.49) | (1.51) | —<sup>4</sup> | (0.01) | (0.25) | (0.26) |
| Year ended 9/30/21 | $3.04 | (0.03) | 1.51 | 1.48 | —<sup>4</sup> |  | (0.25) | (0.25) |
| Frontier Emerging Small Countries Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $3.75 | (0.05) | 0.10 | 0.05 | —<sup>4</sup> | (0.03) |  | (0.03) |
| Year ended 9/30/24 | $2.86 | (0.04) | 0.93 | 0.89 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $2.45 | (0.05) | 0.46 | 0.41 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $4.40 | (0.03) | (1.89) | (1.92) | —<sup>4</sup> | (0.03) |  | (0.03) |
| Year ended 9/30/21 | $3.02 | (0.07) | 1.45 | 1.38 | —<sup>4</sup> |  |  |  |

---

See Notes to Financial Highlights and Notes to Financial Statements.

------

    <u>(for a share outstanding throughout each period)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** |
| **Net Asset<br>Value<br>End of<br>Period** | **Total Return (%)<sup>1</sup>** | **Expenses<br>Net of<br>Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Expenses<br>Before<br>Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Investment<br>Income (Loss)<br>Net of Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Investment<br>Income (Loss)<br>Before Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Assets<br>End of Period<br>(000s)** | **Portfolio<br>Turnover<br>Rate<sup>1 3</sup>** |
| $83.09 | (6.84) | 1.16<sup>5 8</sup> | 1.16<sup>5 8</sup> | (0.72) | (0.72) | $1716729 | 46% |
| $96.94 | 31.60 | 1.17<sup>5</sup> | 1.17<sup>5</sup> | (0.56) | (0.56) | $2112156 | 36% |
| $73.66 | 21.51 | 1.17<sup>5 8</sup> | 1.17<sup>5 8</sup> | (0.53) | (0.53) | $1593801 | 33% |
| $61.04 | (31.47) | 1.19<sup>5 8</sup> | 1.19<sup>5 8</sup> | (0.59) | (0.59) | $1356653 | 29% |
| $104.75 | 44.82 | 1.17<sup>5</sup> | 1.17<sup>5</sup> | (0.65) | (0.65) | $2174178 | 35% |
| $85.00 | (6.75) | 1.05<sup>5 8</sup> | 1.06<sup>5 8</sup> | (0.61) | (0.62) | $2504835 | 46% |
| $98.90 | 31.75 | 1.05<sup>5</sup> | 1.06<sup>5</sup> | (0.45) | (0.46) | $2735072 | 36% |
| $75.06 | 21.64 | 1.06<sup>5 8</sup> | 1.06<sup>5 8</sup> | (0.42) | (0.42) | $1625150 | 33% |
| $62.13 | (31.37) | 1.05<sup>5 8</sup> | 1.06<sup>5 8</sup> | (0.46) | (0.46) | $1275470 | 29% |
| $106.20 | 44.98 | 1.05<sup>5</sup> | 1.05<sup>5</sup> | (0.54) | (0.55) | $1865201 | 35% |
| $5.36 | (13.04) | 1.51<sup>6 7</sup> | 1.51<sup>6 7</sup> | (1.03) | (1.03) | $217006 | 34% |
| $7.37 | 30.32 | 1.50<sup>5 8</sup> | 1.50<sup>5 8</sup> | (1.00) | (1.00) | $318082 | 29% |
| $5.90 | 5.23 | 1.50<sup>5 8</sup> | 1.50<sup>5 8</sup> | (0.92) | (0.92) | $254155 | 26% |
| $5.67 | (14.79) | 1.51<sup>5 8</sup> | 1.51<sup>5 8</sup> | (1.13) | (1.13) | $227767 | 25% |
| $6.95 | 64.69 | 1.52<sup>5</sup> | 1.52<sup>5</sup> | (1.15) | (1.15) | $258617 | 21% |
| $5.47 | (12.94) | 1.39<sup>6 7</sup> | 1.39<sup>6 7</sup> | (0.89) | (0.89) | $305379 | 34% |
| $7.49 | 30.59 | 1.37<sup>5 8</sup> | 1.37<sup>5 8</sup> | (0.86) | (0.86) | $404633 | 29% |
| $5.98 | 5.34 | 1.36<sup>5 8</sup> | 1.36<sup>5 8</sup> | (0.79) | (0.79) | $284887 | 26% |
| $5.74 | (14.77) | 1.38<sup>5 8</sup> | 1.38<sup>5 8</sup> | (1.01) | (1.01) | $313825 | 25% |
| $7.03 | 65.02 | 1.37<sup>5</sup> | 1.37<sup>5</sup> | (0.97) | (0.97) | $358401 | 21% |
| $17.54 | (3.47) | 1.37<sup>6 7</sup> | 1.37<sup>6 7</sup> | (0.48) | (0.48) | $48007 | 28% |
| $18.17 | 23.35 | 1.37<sup>6 7</sup> | 1.37<sup>6 7</sup> | (0.56) | (0.56) | $63062 | 34% |
| $14.73 | 10.42 | 1.36<sup>5 8</sup> | 1.36<sup>5 8</sup> | (0.31) | (0.31) | $59458 | 14% |
| $13.34 | (40.42) | 1.32<sup>5 8</sup> | 1.32<sup>5 8</sup> | (0.73) | (0.73) | $52571 | 31% |
| $22.49 | 56.18 | 1.37<sup>5</sup> | 1.37<sup>5</sup> | (0.55) | (0.55) | $93932 | 20% |
| $18.08 | (3.26) | 1.13<sup>6 7</sup> | 1.13<sup>6 7</sup> | (0.25) | (0.25) | $253356 | 28% |
| $18.69 | 23.69 | 1.12<sup>6 7</sup> | 1.12<sup>6 7</sup> | (0.30) | (0.30) | $387987 | 34% |
| $15.11 | 10.61 | 1.13<sup>5 8</sup> | 1.13<sup>5 8</sup> | (0.06) | (0.06) | $392825 | 14% |
| $13.66 | (40.40) | 1.14<sup>5 8</sup> | 1.14<sup>5 8</sup> | (0.40) | (0.40) | $290912 | 31% |
| $23.01 | 56.42 | 1.18<sup>5</sup> | 1.18<sup>5</sup> | (0.44) | (0.44) | $170294 | 20% |
| $2.79 | (9.31) | 1.95<sup>5 8</sup> | 2.05<sup>5 8</sup> | (0.79) | (0.89) | $88270 | 38% |
| $3.27 | 21.56 | 1.96<sup>6 7</sup> | 2.00<sup>6 7</sup> | (0.79) | (0.83) | $135893 | 27% |
| $2.69 | 12.39 | 1.96<sup>6 7</sup> | 1.96<sup>6 7</sup> | (0.72) | (0.72) | $131823 | 21% |
| $2.47 | (37.93) | 1.91<sup>6 7</sup> | 1.91<sup>6 7</sup> | (0.74) | (0.74) | $153161 | 36% |
| $4.23 | 50.23 | 1.88<sup>5</sup> | 1.88<sup>5</sup> | (1.07) | (1.07) | $322350 | 22% |
| $2.84 | (9.15) | 1.80<sup>5 8</sup> | 1.84<sup>5 8</sup> | (0.64) | (0.67) | $122197 | 38% |
| $3.32 | 21.61 | 1.81<sup>6 7</sup> | 1.81<sup>6 7</sup> | (0.63) | (0.63) | $218820 | 27% |
| $2.73 | 12.66 | 1.78<sup>6 7</sup> | 1.78<sup>6 7</sup> | (0.51) | (0.51) | $204034 | 21% |
| $2.50 | (37.75) | 1.78<sup>6 7</sup> | 1.78<sup>6 7</sup> | (0.58) | (0.58) | $224736 | 36% |
| $4.27 | 50.53 | 1.76<sup>5</sup> | 1.76<sup>5</sup> | (0.94) | (0.94) | $321008 | 22% |
| $3.77 | 1.27 | 2.15<sup>5 8</sup> | 2.37<sup>5 8</sup> | (0.83) | (1.04) | $27200 | 60% |
| $3.75 | 31.12 | 2.16<sup>6 7</sup> | 2.34<sup>6 7</sup> | (0.90) | (1.09) | $31994 | 28% |
| $2.86 | 16.73 | 2.16<sup>6 7</sup> | 2.31<sup>6 7</sup> | (0.91) | (1.05) | $30980 | 29% |
| $2.45 | (43.89) | 2.15<sup>5 8</sup> | 2.29<sup>5 8</sup> | (1.13) | (1.26) | $30132 | 44% |
| $4.40 | 45.70 | 2.12<sup>5</sup> | 2.12<sup>5</sup> | (1.33) | (1.33) | $52307 | 39% |

---

------

<u>Wasatch Funds</u>    

Financial Highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (Loss) from<br>Investment Operations** | **Income (Loss) from<br>Investment Operations** | | | **Less Distributions** | **Less Distributions** | |
|  | **Net Asset<br>Value<br>Beginning<br>of Period** | **Net<br>Investment<br>Income (Loss)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Total from<br>Investment<br>Operations** | **Redemption<br>Fees<br>(See Note 2)** | **Dividends<br>from Net<br>Investment<br>Income** | **Distributions<br>from Net<br>Realized<br>Gains** | **Total<br>Distributions** |
| Frontier Emerging Small Countries Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $3.83 | (0.03) | 0.08 | 0.05 | —<sup>4</sup> | (0.03) |  | (0.03) |
| Year ended 9/30/24 | $2.91 | (0.01) | 0.93 | 0.92 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $2.48 | (0.19) | 0.62 | 0.43 |  |  |  |  |
| Year ended 9/30/22 | $4.46 | (0.03) | (1.91) | (1.94) | —<sup>4</sup> | (0.04) |  | (0.04) |
| Year ended 9/30/21 | $3.05 | (0.04) | 1.45 | 1.41 | —<sup>4</sup> |  |  |  |
| Global Opportunities Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $4.77 | (0.05) | (0.16) | (0.21) | —<sup>4</sup> |  | (0.38) | (0.38) |
| Year ended 9/30/24 | $3.74 | (0.05) | 1.08 | 1.03 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $3.39 | (0.04) | 0.47 | 0.43 | —<sup>4</sup> |  | (0.08) | (0.08) |
| Year ended 9/30/22 | $5.83 | (0.04) | (1.96) | (2.00) | —<sup>4</sup> | (0.01) | (0.43) | (0.44) |
| Year ended 9/30/21 | $3.92 | (0.04) | 2.05 | 2.01 | —<sup>4</sup> |  | (0.10) | (0.10) |
| Global Opportunities Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $4.83 | (0.04) | (0.17) | (0.21) | —<sup>4</sup> |  | (0.38) | (0.38) |
| Year ended 9/30/24 | $3.78 | (0.04) | 1.09 | 1.05 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $3.42 | (0.02) | 0.46 | 0.44 | —<sup>4</sup> |  | (0.08) | (0.08) |
| Year ended 9/30/22 | $5.88 | (0.03) | (1.99) | (2.02) | —<sup>4</sup> | (0.01) | (0.43) | (0.44) |
| Year ended 9/30/21 | $3.94 | (0.05) | 2.09 | 2.04 | —<sup>4</sup> |  | (0.10) | (0.10) |
| Global Select Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $12.56 | (0.28) | 0.40 | 0.12 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $10.26 | (0.16) | 2.46 | 2.30 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $8.71 | (0.06) | 1.61 | 1.55 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $15.83 | (0.10) | (5.24) | (5.34) | —<sup>4</sup> |  | (1.78) | (1.78) |
| Year ended 9/30/21 | $12.60 | (0.12) | 3.36 | 3.24 | 0.01 |  | (0.02) | (0.02) |
| Global Select Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $12.81 | (0.05) | 0.22 | 0.17 |  |  |  |  |
| Year ended 9/30/24 | $10.43 | (0.05) | 2.43 | 2.38 |  |  |  |  |
| Year ended 9/30/23 | $8.82 | (0.02) | 1.63 | 1.61 |  |  |  |  |
| Year ended 9/30/22 | $15.94 | (0.05) | (5.29) | (5.34) | —<sup>4</sup> |  | (1.78) | (1.78) |
| Year ended 9/30/21 | $12.64 | (0.07) | 3.39 | 3.32 | —<sup>4</sup> |  | (0.02) | (0.02) |
| Global Value Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $10.15 | 0.26 | 1.44 | 1.70 | —<sup>4</sup> | (0.25) | (0.55) | (0.80) |
| Year ended 9/30/24 | $8.52 | 0.27 | 1.65 | 1.92 | —<sup>4</sup> | (0.29) |  | (0.29) |
| Year ended 9/30/23 | $8.00 | 0.25 | 1.05 | 1.30 | —<sup>4</sup> | (0.24) | (0.54) | (0.78) |
| Year ended 9/30/22 | $9.24 | 0.23 | (0.96) | (0.73) | —<sup>4</sup> | (0.23) | (0.28) | (0.51) |
| Year ended 9/30/21 | $6.56 | 0.18 | 2.65 | 2.83 | —<sup>4</sup> | (0.15) |  | (0.15) |
| Global Value Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $10.13 | 0.27 | 1.44 | 1.71 | —<sup>4</sup> | (0.26) | (0.55) | (0.81) |
| Year ended 9/30/24 | $8.50 | 0.25 | 1.68 | 1.93 |  | (0.30) |  | (0.30) |
| Year ended 9/30/23 | $7.99 | 0.25 | 1.05 | 1.30 |  | (0.25) | (0.54) | (0.79) |
| Year ended 9/30/22 | $9.23 | 0.25 | (0.97) | (0.72) | —<sup>4</sup> | (0.24) | (0.28) | (0.52) |
| Year ended 9/30/21 | $6.56 | 0.19 | 2.63 | 2.82 | 0.01 | (0.16) |  | (0.16) |
| International Growth Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $26.45 | (0.06) | 1.56 | 1.50 | —<sup>4</sup> |  | (4.22) | (4.22) |
| Year ended 9/30/24 | $21.60 | (0.09) | 4.94 | 4.85 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $20.03 | (0.03) | 1.60 | 1.57 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $38.79 | (0.07) | (15.16) | (15.23) | —<sup>4</sup> |  | (3.53) | (3.53) |
| Year ended 9/30/21 | $34.07 | (0.17) | 8.68 | 8.51 | —<sup>4</sup> |  | (3.79) | (3.79) |
| International Growth Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $26.74 | 1.26 | 0.27 | 1.53 | —<sup>4</sup> |  | (4.22) | (4.22) |
| Year ended 9/30/24 | $21.80 | 0.43 | 4.51 | 4.94 |  |  |  |  |
| Year ended 9/30/23 | $20.20 | 0.08 | 1.52 | 1.60 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $39.04 | (0.02) | (15.29) | (15.31) | —<sup>4</sup> |  | (3.53) | (3.53) |
| Year ended 9/30/21 | $34.24 | (0.13) | 8.72 | 8.59 | —<sup>4</sup> |  | (3.79) | (3.79) |

---

See Notes to Financial Highlights and Notes to Financial Statements.

------

    <u>(for a share outstanding throughout each period)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** |
| **Net Asset<br>Value<br>End of<br>Period** | **Total Return (%)<sup>1</sup>** | **Expenses<br>Net of<br>Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Expenses<br>Before<br>Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Investment<br>Income (Loss)<br>Net of Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Investment<br>Income (Loss)<br>Before Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Assets<br>End of Period<br>(000s)** | **Portfolio<br>Turnover<br>Rate<sup>1 3</sup>** |
| $3.85 | 1.44 | 1.95<sup>5 8</sup> | 2.52<sup>5 8</sup> | (0.62) | (1.19) | $7655 | 60% |
| $3.83 | 31.62 | 1.96<sup>6 7</sup> | 2.52<sup>6 7</sup> | (0.67) | (1.23) | $7605 | 28% |
| $2.91 | 17.34 | 1.96<sup>6 7</sup> | 2.61<sup>6 7</sup> | (0.83) | (1.47) | $4027 | 29% |
| $2.48 | (43.89) | 1.95<sup>5 8</sup> | 2.08<sup>5 8</sup> | (0.88) | (1.00) | $10416 | 44% |
| $4.46 | 46.23 | 1.95<sup>5</sup> | 2.08<sup>5</sup> | (1.13) | (1.26) | $17490 | 39% |
| $4.18 | (4.98) | 1.48<sup>5 8</sup> | 1.48<sup>5 8</sup> | (0.92) | (0.92) | $106464 | 37% |
| $4.77 | 27.54 | 1.50<sup>5 8</sup> | 1.50<sup>5 8</sup> | (0.96) | (0.96) | $126784 | 32% |
| $3.74 | 12.76 | 1.50<sup>6 7</sup> | 1.50<sup>6 7</sup> | (0.93) | (0.93) | $117596 | 30% |
| $3.39 | (36.97) | 1.50<sup>5 8</sup> | 1.50<sup>5 8</sup> | (1.00) | (1.00) | $107048 | 33% |
| $5.83 | 51.70 | 1.46<sup>5</sup> | 1.46<sup>5</sup> | (1.08) | (1.08) | $181563 | 22% |
| $4.24 | (4.91) | 1.35<sup>5 8</sup> | 1.41<sup>5 8</sup> | (0.79) | (0.84) | $76379 | 37% |
| $4.83 | 27.78 | 1.35<sup>5 8</sup> | 1.40<sup>5 8</sup> | (0.82) | (0.86) | $81604 | 32% |
| $3.78 | 12.94 | 1.36<sup>6 7</sup> | 1.40<sup>6 7</sup> | (0.79) | (0.83) | $69174 | 30% |
| $3.42 | (36.94) | 1.35<sup>5 8</sup> | 1.38<sup>5 8</sup> | (0.85) | (0.87) | $55266 | 33% |
| $5.88 | 52.21 | 1.35<sup>5</sup> | 1.40<sup>5</sup> | (0.96) | (1.01) | $74144 | 22% |
| $12.68 | 0.96 | 1.36<sup>6 7</sup> | 2.81<sup>6 7</sup> | (0.83) | (2.28) | $2623 | 43% |
| $12.56 | 22.42 | 1.36<sup>6 7</sup> | 2.57<sup>6 7</sup> | (0.81) | (2.02) | $4098 | 21% |
| $10.26 | 17.80 | 1.36<sup>5 8</sup> | 2.57<sup>5 8</sup> | (0.58) | (1.79) | $4620 | 24% |
| $8.71 | (37.76) | 1.35<sup>5 8</sup> | 2.35<sup>5 8</sup> | (0.77) | (1.77) | $3879 | 30% |
| $15.83 | 25.84 | 1.35<sup>5</sup> | 2.17<sup>5</sup> | (0.86) | (1.68) | $7054 | 58% |
| $12.98 | 1.33 | 0.96<sup>6 7</sup> | 1.71<sup>6 7</sup> | (0.42) | (1.17) | $10173 | 43% |
| $12.81 | 22.82 | 0.96<sup>6 7</sup> | 1.67<sup>6 7</sup> | (0.40) | (1.11) | $11047 | 21% |
| $10.43 | 18.25 | 0.96<sup>5 8</sup> | 1.74<sup>5 8</sup> | (0.18) | (0.96) | $9892 | 24% |
| $8.82 | (37.47) | 0.95<sup>5 8</sup> | 1.53<sup>5 8</sup> | (0.35) | (0.93) | $8828 | 30% |
| $15.94 | 26.31 | 0.95<sup>5</sup> | 1.56<sup>5</sup> | (0.46) | (1.07) | $12385 | 58% |
| $11.05 | 18.13 | 1.10<sup>5 8</sup> | 1.16<sup>5 8</sup> | 2.52 | 2.46 | $122602 | 24% |
| $10.15 | 22.88 | 1.11<sup>6 7</sup> | 1.18<sup>6 7</sup> | 2.89 | 2.81 | $115169 | 25% |
| $8.52 | 16.16 | 1.11<sup>5 8</sup> | 1.18<sup>5 8</sup> | 2.80 | 2.73 | $112591 | 43% |
| $8.00 | (8.55) | 1.10<sup>5 8</sup> | 1.20<sup>5 8</sup> | 2.46 | 2.36 | $102983 | 47% |
| $9.24 | 43.20 | 1.10<sup>5</sup> | 1.18<sup>5</sup> | 1.97 | 1.89 | $119966 | 41% |
| $11.03 | 18.35 | 0.95<sup>5 8</sup> | 1.18<sup>5 8</sup> | 2.66 | 2.44 | $18842 | 24% |
| $10.13 | 23.12 | 0.95<sup>6 7</sup> | 1.14<sup>6 7</sup> | 3.11 | 2.93 | $16862 | 25% |
| $8.50 | 16.23 | 0.96<sup>5 8</sup> | 1.12<sup>5 8</sup> | 3.00 | 2.84 | $31649 | 43% |
| $7.99 | (8.42) | 0.95<sup>5 8</sup> | 1.14<sup>5 8</sup> | 2.89 | 2.71 | $15583 | 47% |
| $9.23 | 43.26 | 0.99<sup>5</sup> | 1.43<sup>5</sup> | 2.04 | 1.60 | $7163 | 41% |
| $23.73 | 7.50 | 1.47<sup>5 8</sup> | 1.47<sup>5 8</sup> | (0.18) | (0.18) | $182813 | 57% |
| $26.45 | 22.50 | 1.49<sup>6 7</sup> | 1.49<sup>6 7</sup> | (0.11) | (0.11) | $211932 | 34% |
| $21.60 | 7.84 | 1.41<sup>5 8</sup> | 1.41<sup>5 8</sup> | 0.08 | 0.08 | $231089 | 31% |
| $20.03 | (42.98) | 1.44<sup>5 8</sup> | 1.44<sup>5 8</sup> | (0.14) | (0.14) | $279608 | 20% |
| $38.79 | 26.59 | 1.41<sup>5</sup> | 1.41<sup>5</sup> | (0.47) | (0.47) | $579102 | 25% |
| $24.05 | 7.59 | 1.36<sup>6 7</sup> | 1.43<sup>6 7</sup> | (0.18) | (0.26) | $24006 | 57% |
| $26.74 | 22.66 | 1.36<sup>6 7</sup> | 1.38<sup>6 7</sup> | 0.01 | (0.01) | $86139 | 34% |
| $21.80 | 7.92 | 1.29<sup>5 8</sup> | 1.29<sup>5 8</sup> | 0.16 | 0.16 | $223565 | 31% |
| $20.20 | (42.90) | 1.33<sup>5 8</sup> | 1.33<sup>5 8</sup> | (0.03) | (0.03) | $319936 | 20% |
| $39.04 | 26.70 | 1.32<sup>5</sup> | 1.32<sup>5</sup> | (0.38) | (0.38) | $699377 | 25% |

---

------

<u>Wasatch Funds</u>    

Financial Highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (Loss) from<br>Investment Operations** | **Income (Loss) from<br>Investment Operations** | | | **Less Distributions** | **Less Distributions** | |
|  | **Net Asset<br>Value<br>Beginning<br>of Period** | **Net<br>Investment<br>Income (Loss)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Total from<br>Investment<br>Operations** | **Redemption<br>Fees<br>(See Note 2)** | **Dividends<br>from Net<br>Investment<br>Income** | **Distributions<br>from Net<br>Realized<br>Gains** | **Total<br>Distributions** |
| International Opportunities Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $3.27 | (0.10) | 0.03 | (0.07) | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $2.72 | (0.08) | 0.63 | 0.55 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $2.51 | (0.06) | 0.27 | 0.21 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $5.26 | (0.05) | (2.06) | (2.11) | —<sup>4</sup> |  | (0.64) | (0.64) |
| Year ended 9/30/21 | $4.64 | (0.07) | 0.79 | 0.72 | —<sup>4</sup> |  | (0.10) | (0.10) |
| International Opportunities Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $3.32 | 0.42 | (0.48) | (0.06) | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $2.76 |  | 0.56 | 0.56 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $2.55 | (0.02) | 0.23 | 0.21 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $5.33 | (0.03) | (2.11) | (2.14) | —<sup>4</sup> |  | (0.64) | (0.64) |
| Year ended 9/30/21 | $4.71 | (0.05) | 0.77 | 0.72 | —<sup>4</sup> |  | (0.10) | (0.10) |
| International Select Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $12.55 | (0.03) | 1.65 | 1.62 | 0.01 |  |  |  |
| Year ended 9/30/24 | $10.25 | (0.06) | 2.36 | 2.30 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $8.90 | (0.07) | 1.42 | 1.35 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $14.96 | (0.10) | (5.97) | (6.07) | 0.01 |  |  |  |
| Year ended 9/30/21 | $12.61 | (0.07) | 2.41 | 2.34 | 0.01 |  |  |  |
| International Select Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $12.81 | 0.03 | 1.69 | 1.72 |  |  |  |  |
| Year ended 9/30/24 | $10.43 | 0.05 | 2.33 | 2.38 |  |  |  |  |
| Year ended 9/30/23 | $9.01 | 0.03 | 1.39 | 1.42 |  |  |  |  |
| Year ended 9/30/22 | $15.10 | (0.04) | (6.05) | (6.09) |  |  |  |  |
| Year ended 9/30/21 | $12.69 | —<sup>4</sup> | 2.41 | 2.41 |  |  |  |  |
| International Value Fund — Investor Class |  |  |  |  |  |  |  |  |
| Period ended 9/30/25<sup>11</sup> | $10.00 | 0.17 | 3.09 | 3.26 | —<sup>4</sup> | (0.01) |  | (0.01) |
| International Value Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Period ended 9/30/25<sup>11</sup> | $10.00 | 0.27 | 2.99 | 3.26 |  | (0.01) |  | (0.01) |
| Long/Short Alpha Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $15.36 | (0.07) | (2.76) | (2.83) | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $11.51 | (0.02) | 3.87 | 3.85 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $9.01 | (0.08) | 2.59 | 2.51 | —<sup>4</sup> |  | (0.01) | (0.01) |
| Year ended 9/30/22<sup>9</sup> | $10.00 | (0.16) | (0.83) | (0.99) | —<sup>4</sup> |  |  |  |
| Long/Short Alpha Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $15.44 | (0.04) | (2.80) | (2.84) | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $11.56 | 0.02 | 3.86 | 3.88 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $9.03 | (0.12) | 2.66 | 2.54 | —<sup>4</sup> |  | (0.01) | (0.01) |
| Year ended 9/30/22<sup>9</sup> | $10.00 | (0.13) | (0.84) | (0.97) | —<sup>4</sup> |  |  |  |
| Micro Cap Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $8.06 | (0.12) | 0.57 | 0.45 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $6.07 | (0.11) | 2.10 | 1.99 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $5.72 | (0.11) | 0.46 | 0.35 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $12.55 | (0.13) | (3.80) | (3.93) | —<sup>4</sup> |  | (2.90) | (2.90) |
| Year ended 9/30/21 | $9.56 | (0.19) | 3.85 | 3.66 | —<sup>4</sup> |  | (0.67) | (0.67) |
| Micro Cap Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $8.07 | (0.10) | 0.55 | 0.45 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $6.07 | (0.09) | 2.09 | 2.00 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $5.72 | (0.09) | 0.44 | 0.35 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $12.55 | (0.13) | (3.80) | (3.93) | —<sup>4</sup> |  | (2.90) | (2.90) |
| Year ended 9/30/21 | $9.55 | (0.19) | 3.86 | 3.67 | —<sup>4</sup> |  | (0.67) | (0.67) |
| Micro Cap Value Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $3.95 | (0.05) | 0.66 | 0.61 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $2.97 | (0.02) | 1.00 | 0.98 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $2.79 | (0.03) | 0.21 | 0.18 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $5.10 | (0.04) | (1.33) | (1.37) | —<sup>4</sup> |  | (0.94) | (0.94) |
| Year ended 9/30/21 | $3.65 | (0.04) | 2.02 | 1.98 | —<sup>4</sup> |  | (0.53) | (0.53) |

---

See Notes to Financial Highlights and Notes to Financial Statements.

------

    <u>(for a share outstanding throughout each period)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** |
| **Net Asset<br>Value<br>End of<br>Period** | **Total Return (%)<sup>1</sup>** | **Expenses<br>Net of<br>Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Expenses<br>Before<br>Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Investment<br>Income (Loss)<br>Net of Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Investment<br>Income (Loss)<br>Before Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Assets<br>End of Period<br>(000s)** | **Portfolio<br>Turnover<br>Rate<sup>1 3</sup>** |
| $3.20 | (2.14) | 2.25<sup>5 8</sup> | 2.25<sup>5 8</sup> | (0.62) | (0.62) | $38758 | 29% |
| $3.27 | 20.22 | 2.04<sup>6 7</sup> | 2.04<sup>5 8</sup> | (0.64) | (0.64) | $51745 | 25% |
| $2.72 | 8.37 | 1.97<sup>6 7</sup> | 1.97<sup>6 7</sup> | (0.52) | (0.52) | $54964 | 20% |
| $2.51 | (45.24) | 1.96<sup>5 8</sup> | 1.96<sup>5 8</sup> | (1.05) | (1.05) | $64198 | 39% |
| $5.26 | 15.68 | 1.91<sup>5</sup> | 1.91<sup>5</sup> | (1.14) | (1.14) | $139189 | 35% |
| $3.26 | (1.81) | 1.99<sup>6 7</sup> | 2.26<sup>6 7</sup> | (0.61) | (0.88) | $9751 | 29% |
| $3.32 | 20.29 | 1.96<sup>6 7</sup> | 2.02<sup>6 7</sup> | (0.62) | (0.67) | $94630 | 25% |
| $2.76 | 8.24 | 1.92<sup>6 7</sup> | 1.92<sup>6 7</sup> | (0.51) | (0.51) | $226305 | 20% |
| $2.55 | (45.21) | 1.91<sup>5 8</sup> | 1.91<sup>5 8</sup> | (0.97) | (0.97) | $354481 | 39% |
| $5.33 | 15.44 | 1.89<sup>5</sup> | 1.89<sup>5</sup> | (1.10) | (1.10) | $675768 | 35% |
| $14.18 | 12.99 | 1.30<sup>5 8</sup> | 3.96<sup>5 8</sup> | (0.46) | (3.12) | $3704 | 57% |
| $12.55 | 22.44 | 1.30<sup>5 8</sup> | 4.53<sup>5 8</sup> | (0.40) | (3.62) | $2627 | 43% |
| $10.25 | 15.17 | 1.35<sup>6 7</sup> | 3.88<sup>6 7</sup> | (0.41) | (2.95) | $2481 | 22% |
| $8.90 | (40.51) | 1.30<sup>5 8</sup> | 3.34<sup>5 8</sup> | (0.72) | (2.76) | $2514 | 27% |
| $14.96 | 18.64 | 1.30<sup>5</sup> | 3.09<sup>5</sup> | (0.68) | (2.46) | $4763 | 35% |
| $14.53 | 13.43 | 0.90<sup>5 8</sup> | 4.47<sup>5 8</sup> | (0.11) | (3.68) | $1280 | 57% |
| $12.81 | 22.82 | 0.90<sup>5 8</sup> | 4.38<sup>5 8</sup> | (0.04) | (3.51) | $1340 | 43% |
| $10.43 | 15.76 | 0.94<sup>6 7</sup> | 3.19<sup>6 7</sup> | (0.05) | (2.30) | $1526 | 22% |
| $9.01 | (40.33) | 0.90<sup>5 8</sup> | 2.37<sup>5 8</sup> | (0.30) | (1.76) | $2788 | 27% |
| $15.10 | 18.99 | 0.90<sup>5</sup> | 3.03<sup>5</sup> | (0.27) | (2.40) | $4746 | 35% |
| $13.25 | 32.65 | 1.05<sup>5 8</sup> | 6.34<sup>5 8</sup> | 3.42 | (1.87) | $6391 | 13% |
| $13.25 | 32.66 | 0.90<sup>5 8</sup> | 5.84<sup>5 8</sup> | 3.86 | (1.08) | $5397 | 13% |
| $12.53 | (18.42) | 2.10<sup>6 7 12</sup> | 2.10<sup>6 7 12</sup> | (0.29) | (0.29) | $24262 | 39% |
| $15.36 | 33.45 | 2.21<sup>6 7 12</sup> | 2.21<sup>6 7 12</sup> | (0.37) | (0.37) | $44488 | 41% |
| $11.51 | 27.87 | 2.67<sup>6 7 12</sup> | 2.85<sup>6 7 12</sup> | (1.16) | (1.34) | $22895 | 75% |
| $9.01 | (9.90) | 2.41<sup>6 7 12</sup> | 3.14<sup>6 7 12</sup> | (1.62) | (2.35) | $8184 | 55% |
| $12.60 | (18.39) | 2.01<sup>6 7 12</sup> | 2.02<sup>6 7 12</sup> | (0.20) | (0.20) | $18541 | 39% |
| $15.44 | 33.56 | 2.07<sup>6 7 12</sup> | 2.09<sup>6 7 12</sup> | (0.19) | (0.20) | $34382 | 41% |
| $11.56 | 28.14 | 2.34<sup>6 7 12</sup> | 2.71<sup>6 7 12</sup> | (0.99) | (1.37) | $11579 | 75% |
| $9.03 | (9.70) | 2.20<sup>6 7 12</sup> | 3.10<sup>6 7 12</sup> | (1.47) | (2.37) | $13782 | 55% |
| $8.51 | 5.58 | 1.64<sup>5 8</sup> | 1.64<sup>5 8</sup> | (1.23) | (1.23) | $539526 | 87% |
| $8.06 | 32.78 | 1.66<sup>5 8</sup> | 1.66<sup>5 8</sup> | (1.39) | (1.39) | $591440 | 51% |
| $6.07 | 6.12 | 1.66<sup>5 8</sup> | 1.66<sup>5 8</sup> | (1.46) | (1.46) | $509106 | 57% |
| $5.72 | (39.42) | 1.66<sup>5 8</sup> | 1.66<sup>5 8</sup> | (1.54) | (1.54) | $558093 | 59% |
| $12.55 | 38.81 | 1.63<sup>5</sup> | 1.63<sup>5</sup> | (1.52) | (1.52) | $1155133 | 63% |
| $8.52 | 5.58 | 1.59<sup>5 8</sup> | 1.59<sup>5 8</sup> | (1.18) | (1.18) | $83232 | 87% |
| $8.07 | 32.95 | 1.59<sup>5 8</sup> | 1.59<sup>5 8</sup> | (1.33) | (1.33) | $90455 | 51% |
| $6.07 | 6.12 | 1.59<sup>5 8</sup> | 1.59<sup>5 8</sup> | (1.39) | (1.39) | $74849 | 57% |
| $5.72 | (39.40) | 1.59<sup>5 8</sup> | 1.59<sup>5 8</sup> | (1.47) | (1.47) | $76558 | 59% |
| $12.55 | 38.96 | 1.56<sup>5</sup> | 1.56<sup>5</sup> | (1.45) | (1.45) | $198477 | 63% |
| $4.56 | 15.44 | 1.68<sup>5 8</sup> | 1.68<sup>5 8</sup> | (1.07) | (1.07) | $286905 | 69% |
| $3.95 | 33.00 | 1.71<sup>5 8</sup> | 1.71<sup>5 8</sup> | (0.47) | (0.47) | $265555 | 54% |
| $2.97 | 6.45 | 1.73<sup>5 8</sup> | 1.73<sup>5 8</sup> | (0.82) | (0.82) | $234553 | 59% |
| $2.79 | (32.47) | 1.70<sup>5 8</sup> | 1.70<sup>5</sup> | (1.13) | (1.13) | $249290 | 50% |
| $5.10 | 58.11 | 1.66<sup>5</sup> | 1.66<sup>5</sup> | (1.15) | (1.15) | $387236 | 82% |

---

------

<u>Wasatch Funds</u>    

Financial Highlights (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Income (Loss) from<br>Investment Operations** | **Income (Loss) from<br>Investment Operations** | | | **Less Distributions** | **Less Distributions** | |
|  | **Net Asset<br>Value<br>Beginning<br>of Period** | **Net<br>Investment<br>Income (Loss)** | **Net Realized<br>and Unrealized<br>Gains (Losses)<br>on Investments** | **Total from<br>Investment<br>Operations** | **Redemption<br>Fees<br>(See Note 2)** | **Dividends<br>from Net<br>Investment<br>Income** | **Distributions<br>from Net<br>Realized<br>Gains** | **Total<br>Distributions** |
| Micro Cap Value Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $3.98 | (0.04) | 0.66 | 0.62 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $2.99 | (0.01) | 1.00 | 0.99 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $2.81 | (0.02) | 0.20 | 0.18 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $5.12 | (0.04) | (1.33) | (1.37) | —<sup>4</sup> |  | (0.94) | (0.94) |
| Year ended 9/30/21 | $3.66 | (0.05) | 2.04 | 1.99 | —<sup>4</sup> |  | (0.53) | (0.53) |
| Small Cap Growth Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $39.62 | (0.52) | (0.15) | (0.67) | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $32.29 | (0.47) | 7.80 | 7.33 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $29.19 | (0.38) | 3.48 | 3.10 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $62.46 | (0.46) | (21.99) | (22.45) | —<sup>4</sup> |  | (10.82) | (10.82) |
| Year ended 9/30/21 | $46.64 | (0.57) | 19.94 | 19.37 | —<sup>4</sup> |  | (3.55) | (3.55) |
| Small Cap Growth Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $40.38 | (0.36) | (0.28) | (0.64) | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $32.88 | (0.36) | 7.86 | 7.50 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $29.70 | (0.28) | 3.46 | 3.18 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $63.29 | (0.42) | (22.35) | (22.77) | —<sup>4</sup> |  | (10.82) | (10.82) |
| Year ended 9/30/21 | $47.18 | (0.51) | 20.17 | 19.66 | —<sup>4</sup> |  | (3.55) | (3.55) |
| Small Cap Value Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $11.73 | 0.01 | (0.15) | (0.14) | —<sup>4</sup> | (0.01) | (1.69) | (1.70) |
| Year ended 9/30/24 | $9.14 | (—) | 2.97 | 2.97 | —<sup>4</sup> |  | (0.38) | (0.38) |
| Year ended 9/30/23 | $7.49 | (0.02) | 1.86 | 1.84 | —<sup>4</sup> |  | (0.19) | (0.19) |
| Year ended 9/30/22 | $10.68 | —<sup>4</sup> | (2.38) | (2.38) | —<sup>4</sup> | —<sup>4</sup> | (0.81) | (0.81) |
| Year ended 9/30/21 | $6.99 | (0.02) | 3.71 | 3.69 | —<sup>4</sup> |  |  |  |
| Small Cap Value Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $11.88 | 0.02 | (0.16) | (0.14) | —<sup>4</sup> | (0.02) | (1.69) | (1.71) |
| Year ended 9/30/24 | $9.24 | 0.01 | 3.01 | 3.02 | —<sup>4</sup> |  | (0.38) | (0.38) |
| Year ended 9/30/23 | $7.56 |  | 1.87 | 1.87 | —<sup>4</sup> |  | (0.19) | (0.19) |
| Year ended 9/30/22 | $10.78 | 0.01 | (2.41) | (2.40) | —<sup>4</sup> | (0.01) | (0.81) | (0.82) |
| Year ended 9/30/21 | $7.05 | —<sup>4</sup> | 3.73 | 3.73 | —<sup>4</sup> |  |  |  |
| Ultra Growth Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $34.04 | (0.54) | (2.87) | (3.41) | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $26.54 | (0.54) | 8.04 | 7.50 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $26.29 | (0.38) | 0.63 | 0.25 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/22 | $50.98 | (0.43) | (18.93) | (19.36) | —<sup>4</sup> |  | (5.33) | (5.33) |
| Year ended 9/30/21 | $39.56 | (0.48) | 13.30 | 12.82 | 0.01 |  | (1.41) | (1.41) |
| Ultra Growth Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $34.21 | (0.32) | (3.06) | (3.38) | —<sup>4</sup> |  |  |  |
| Year ended 9/30/24 | $26.63 | (0.29) | 7.87 | 7.58 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $26.37 | (0.23) | 0.53 | 0.30 | —<sup>4</sup> | (0.04) |  | (0.04) |
| Year ended 9/30/22 | $51.05 | (0.34) | (19.01) | (19.35) | —<sup>4</sup> |  | (5.33) | (5.33) |
| Year ended 9/30/21 | $39.58 | (0.41) | 13.28 | 12.87 | 0.01 |  | (1.41) | (1.41) |
| U.S. Select Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $15.32 | (0.22) | 0.09 | (0.13) | 0.01 |  | (0.49) | (0.49) |
| Year ended 9/30/24 | $12.07 | (0.07) | 3.32 | 3.25 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $9.74 | (0.03) | 2.36 | 2.33 | —<sup>4</sup> |  |  |  |
| Period ended 9/30/22<sup>10</sup> | $10.00 | (0.01) | (0.26) | (0.27) | 0.01 |  |  |  |
| U.S. Select Fund — Institutional Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $15.36 | (0.11) | 0.01 | (0.10) | —<sup>4</sup> |  | (0.49) | (0.49) |
| Year ended 9/30/24 | $12.09 | (0.06) | 3.33 | 3.27 | —<sup>4</sup> |  |  |  |
| Year ended 9/30/23 | $9.73 | (0.03) | 2.39 | 2.36 | —<sup>4</sup> |  |  |  |
| Period ended 9/30/22<sup>10</sup> | $10.00 | (0.01) | (0.26) | (0.27) |  |  |  |  |
| U.S. Treasury Fund — Investor Class |  |  |  |  |  |  |  |  |
| Year ended 9/30/25 | $11.79 | 0.40 | (1.38) | (0.98) | —<sup>4</sup> | (0.40) |  | (0.40) |
| Year ended 9/30/24 | $10.63 | 0.38 | 1.17 | 1.55 | —<sup>4</sup> | (0.39) |  | (0.39) |
| Year ended 9/30/23 | $12.53 | 0.34 | (1.91) | (1.57) | —<sup>4</sup> | (0.33) |  | (0.33) |
| Year ended 9/30/22 | $18.10 | 0.28 | (5.57) | (5.29) | 0.01 | (0.29) |  | (0.29) |
| Year ended 9/30/21 | $22.42 | 0.25 | (3.00) | (2.75) | 0.01 | (0.24) | (1.34) | (1.58) |

---

See Notes to Financial Highlights and Notes to Financial Statements.

------

    <u>(for a share outstanding throughout each period)</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **<br>Ratios to Average Net Assets** | **Supplemental Data** | **Supplemental Data** |
| **Net Asset<br>Value<br>End of<br>Period** | **Total Return (%)<sup>1</sup>** | **Expenses<br>Net of<br>Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Expenses<br>Before<br>Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Investment<br>Income (Loss)<br>Net of Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Investment<br>Income (Loss)<br>Before Waivers and<br>Reimbursements (%)<sup>2</sup>** | **Net Assets<br>End of Period<br>(000s)** | **Portfolio<br>Turnover<br>Rate<sup>1 3</sup>** |
| $4.60 | 15.58 | 1.60<sup>5 8</sup> | 1.62<sup>5 8</sup> | (0.99) | (1.01) | $65938 | 69% |
| $3.98 | 33.11 | 1.60<sup>5 8</sup> | 1.63<sup>5 8</sup> | (0.34) | (0.37) | $62714 | 54% |
| $2.99 | 6.41 | 1.61<sup>5 8</sup> | 1.65<sup>5 8</sup> | (0.69) | (0.74) | $42440 | 59% |
| $2.81 | (32.31) | 1.60<sup>5 8</sup> | 1.63<sup>8 5</sup> | (1.03) | (1.06) | $42952 | 50% |
| $5.12 | 58.25 | 1.60<sup>5</sup> | 1.61<sup>5</sup> | (1.10) | (1.10) | $56381 | 82% |
| $38.95 | (1.69) | 1.14<sup>5 8</sup> | 1.14<sup>5 8</sup> | (0.86) | (0.86) | $717012 | 39% |
| $39.62 | 22.70 | 1.15<sup>5</sup> | 1.15<sup>5</sup> | (0.97) | (0.97) | $869768 | 28% |
| $32.29 | 10.62 | 1.15<sup>5 8</sup> | 1.15<sup>5 8</sup> | (0.94) | (0.94) | $837158 | 27% |
| $29.19 | (42.42) | 1.15<sup>5 8</sup> | 1.15<sup>5 8</sup> | (1.05) | (1.05) | $848033 | 32% |
| $62.46 | 42.49 | 1.12<sup>5</sup> | 1.12<sup>5</sup> | (1.00) | (1.00) | $1744187 | 40% |
| $39.74 | (1.59) | 1.05<sup>5 8</sup> | 1.06<sup>5 8</sup> | (0.78) | (0.78) | $1007919 | 39% |
| $40.38 | 22.81 | 1.05<sup>5</sup> | 1.07<sup>5</sup> | (0.86) | (0.88) | $1280724 | 28% |
| $32.88 | 10.71 | 1.06<sup>5 8</sup> | 1.07<sup>5 8</sup> | (0.85) | (0.85) | $1261857 | 27% |
| $29.70 | (42.35) | 1.05<sup>5 8</sup> | 1.06<sup>5 8</sup> | (0.94) | (0.95) | $1138901 | 32% |
| $63.29 | 42.62 | 1.05<sup>5</sup> | 1.06<sup>5</sup> | (0.92) | (0.93) | $1898152 | 40% |
| $9.89 | (2.18) | 1.17<sup>5 8</sup> | 1.17<sup>5 8</sup> | 0.06 | 0.06 | $527651 | 65% |
| $11.73 | 33.12 | 1.18<sup>6</sup> | 1.18<sup>6</sup> |  |  | $607697 | 69% |
| $9.14 | 24.90 | 1.18<sup>6 7</sup> | 1.18<sup>6 7</sup> | (0.15) | (0.15) | $537439 | 61% |
| $7.49 | (24.18) | 1.16<sup>5 8</sup> | 1.16<sup>5 8</sup> | 0.04 | 0.04 | $570201 | 61% |
| $10.68 | 52.79 | 1.16<sup>5</sup> | 1.16<sup>5</sup> | (0.16) | (0.16) | $840022 | 50% |
| $10.03 | (2.12) | 1.05<sup>5 8</sup> | 1.06<sup>5 8</sup> | 0.19 | 0.18 | $1076006 | 65% |
| $11.88 | 33.31 | 1.06<sup>6</sup> | 1.06<sup>6</sup> | 0.12 | 0.12 | $1055097 | 69% |
| $9.24 | 25.07 | 1.07<sup>6 7</sup> | 1.07<sup>6 7</sup> | (0.06) | (0.06) | $695586 | 61% |
| $7.56 | (24.15) | 1.05<sup>5 8</sup> | 1.06<sup>5 8</sup> | 0.14 | 0.14 | $663167 | 61% |
| $10.78 | 52.91 | 1.05<sup>5</sup> | 1.06<sup>5</sup> | (0.05) | (0.06) | $849537 | 50% |
| $30.63 | (10.02) | 1.20<sup>5 8</sup> | 1.20<sup>5 8</sup> | (0.81) | (0.81) | $386788 | 30% |
| $34.04 | 28.26 | 1.22<sup>6 7</sup> | 1.22<sup>6 7</sup> | (0.93) | (0.93) | $642152 | 25% |
| $26.54 | 0.95 | 1.23<sup>5 8</sup> | 1.23<sup>5 8</sup> | (0.96) | (0.96) | $800490 | 25% |
| $26.29 | (41.70) | 1.18<sup>5 8</sup> | 1.18<sup>5 8</sup> | (1.00) | (1.00) | $984853 | 34% |
| $50.98 | 32.78 | 1.16<sup>5</sup> | 1.16<sup>5</sup> | (0.96) | (0.96) | $2255327 | 35% |
| $30.83 | (9.88) | 1.05<sup>5 8</sup> | 1.08<sup>5 8</sup> | (0.65) | (0.68) | $130013 | 30% |
| $34.21 | 28.46 | 1.06<sup>6 7</sup> | 1.08<sup>6 7</sup> | (0.77) | (0.80) | $323962 | 25% |
| $26.63 | 1.13 | 1.06<sup>5 8</sup> | 1.08<sup>5 8</sup> | (0.79) | (0.81) | $378127 | 25% |
| $26.37 | (41.62) | 1.05<sup>5 8</sup> | 1.06<sup>5 8</sup> | (0.87) | (0.88) | $389020 | 34% |
| $51.05 | 32.89 | 1.05<sup>5</sup> | 1.06<sup>5</sup> | (0.86) | (0.87) | $717666 | 35% |
| $14.71 | (0.97) | 1.01<sup>6 7</sup> | 1.61<sup>6 7</sup> | (0.71) | (1.31) | $5733 | 59% |
| $15.32 | 26.93 | 1.01<sup>6</sup> | 1.75<sup>6</sup> | (0.67) | (1.41) | $9830 | 36% |
| $12.07 | 23.92 | 1.02<sup>6 7</sup> | 4.56<sup>6 7</sup> | (0.53) | (4.07) | $4352 | 31% |
| $9.74 | (2.60) | 1.01<sup>6 7</sup> | 11.81<sup>6 7</sup> | (0.59) | (11.39) | $1779 | 4% |
| $14.77 | (0.84) | 0.86<sup>6 7</sup> | 1.15<sup>6 7</sup> | (0.55) | (0.84) | $14676 | 59% |
| $15.36 | 27.05 | 0.86<sup>6</sup> | 1.26<sup>6</sup> | (0.52) | (0.92) | $16761 | 36% |
| $12.09 | 24.25 | 0.87<sup>6 7</sup> | 2.46<sup>6 7</sup> | (0.38) | (1.98) | $8118 | 31% |
| $9.73 | (2.70) | 0.86<sup>6 7</sup> | 10.54<sup>6 7</sup> | (0.43) | (10.11) | $3566 | 4% |
| $10.41 | (8.32) | 0.73<sup>5 8</sup> | 0.73<sup>5 8</sup> | 3.79 | 3.79 | $143639 | 4% |
| $11.79 | 14.68 | 0.73<sup>5</sup> | 0.73<sup>5</sup> | 3.30 | 3.30 | $185135 | 83% |
| $10.63 | (12.82) | 0.70<sup>5 8</sup> | 0.70<sup>5 8</sup> | 2.67 | 2.67 | $237186 | 13% |
| $12.53 | (29.44) | 0.67<sup>5 8</sup> | 0.67<sup>5 8</sup> | 1.70 | 1.70 | $287523 | 47% |
| $18.10 | (12.74) | 0.66<sup>5</sup> | 0.66<sup>5</sup> | 1.30 | 1.30 | $462949 | 50% |

---

------

<u>Wasatch Funds</u>   <u>SEPTEMBER 30, 2025</u>

Notes to Financial Highlights

<sup>1</sup> Not annualized for periods less than one year.

<sup>2</sup> Annualized for periods less than one year.

<sup>3</sup> Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

 <sup>4</sup> Represents amounts less than $0.005 per share. 

 <sup>5</sup> Includes interest expenses of less than 0.005%. 

 <sup>6</sup> Includes interest expenses of more than 0.005%. 

 <sup>7</sup> Includes extraordinary expenses greater than or equal to 0.01% (see Note 7 in "Notes to Financial Statements"). 

 <sup>8</sup> Includes extraordinary expenses of less than 0.01% (see Note 7 in "Notes to Financial Statements"). 

<sup>9</sup> Fund inception date was October 1, 2021.

<sup>10</sup> Fund inception date was June 13, 2022.

<sup>11</sup> Fund inception date was November 29, 2024.

<sup>12</sup> Includes interest expense and dividend payments for securities sold short. The ratios excluding such expenses are listed below:

---

| | | |
|:---|:---|:---|
|  | **Expenses Net of<br>Waivers and<br>Reimbursements(%)<sup>2</sup>** | **Expenses Before<br>Waivers and<br>Reimbursements(%)<sup>2</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long/Short Alpha Fund — Investor Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended 9/30/25 | 1.58 | 1.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended 9/30/24 | 1.63 | 1.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended 9/30/23 | 1.76 | 1.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended 9/30/22 | 1.75 | 2.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long/Short Alpha Fund — Institutional Class |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended 9/30/25 | 1.50 | 1.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended 9/30/24 | 1.50 | 1.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended 9/30/23 | 1.50 | 1.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Year ended 9/30/22 | 1.50 | 2.40 |

---

------

<u>Wasatch Funds</u>   <u>SEPTEMBER 30, 2025</u>

Notes to Financial Statements

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, Emerging Markets Small Cap Fund, Global Opportunities Fund, Global Select Fund, Global Value Fund, International Growth Fund, International Opportunities Fund, Long/Short Alpha Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Ultra Growth Fund and Wasatch-Hoisington U.S. Treasury Fund ("U.S. Treasury Fund") (sub-advised) are each classified as a diversified fund. The Emerging India Fund, Emerging Markets Select Fund, Frontier Emerging Small Countries Fund, International Select Fund, International Value 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; Long/Short Alpha Fund, which commenced operations on October 1, 2021; U.S. Select Fund, which commenced operations on June 13, 2022; and International Value Fund, which commenced operations on November 29, 2024. 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, International Growth, International Opportunities, International Select, International Value, 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 September 30, 2025. 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 12.

Foreign Currency Translations — Values of investments denominated in foreign currencies are converted into U.S. dollars using the current spot 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 spot exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions.

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

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.

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

Expenses — The Funds contract for various services on a collective basis. Most expenses are directly attributable to each Fund and therefore are charged accordingly. Expenses not directly attributable to one or more Funds are allocated among applicable Funds on an equitable and consistent basis considering such things as the nature and type of expense and the relative net assets of the Funds.

Use of Management Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported changes in net assets during the reporting period. Actual results could differ from those estimates.

Guarantees and Indemnifications — In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. Based on experience, however, the risk of loss is expected to be remote.

Redemption Fees — The Funds deduct a fee of 2.00% from redemption proceeds on shares of the Funds held 60 days or less. Redemption fees retained by the Funds are credited to additional paid-in capital.

Other — Income, expenses, and realized and unrealized gains or losses on investments are generally allocated to each class of shares based on its relative net assets, except that each class separately bears expenses related specifically to that class, such as certain shareholder servicing fees.

New Accounting Pronouncement — In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. At this time, management is evaluating the implications of these changes on the financial statements.

Segment Reporting — In this reporting period, the Funds adopted FASB ASU Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standards impacted financial statement disclosures only and did not affect the Funds' financial position or their results of operations. The intent of the ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance and assess its potential future cash flows. The Funds' treasurer acts as the Funds' chief operating decision maker (CODM) assessing performance and making decisions about

resource allocation. The CODM has determined that the Funds have a single operating segment based on the fact that the CODM monitors the operating results of the Funds as a whole and that the Funds' long term strategic asset allocation is predetermined in accordance with the terms of their prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Funds' Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

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.

Private Investment in Public Equity — Certain Funds may acquire equity securities of an issuer that are issued through a private investment in public equity transaction, including on a when-issued basis. PIPE transactions typically involve the purchase of securities directly from a publicly traded company or its affiliates in a private placement transaction, typically at a discount to the market price of the trust's securities. A Fund's PIPE investment represents an unfunded subscription agreement in a private investment in public equity.

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>SEPTEMBER 30, 2025</u>

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 the year ended September 30, 2025.

5. PURCHASES AND SALES OF SECURITIES

The cost of investment securities purchased and proceeds from sales of investment securities, excluding U.S. government and short-term securities, for the year ended September 30, 2025 are summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core<br>Growth<br>Fund** | **Emerging<br>India<br>Fund** | **Emerging<br>Markets<br>Select<br>Fund** | **Emerging**<br> **Markets<br>Small Cap<br>Fund** | **Frontier<br>Emerging<br>Small Countries<br>Fund** |
|  Purchases | $2077426987 | $202735012 | $109630650 | $101659587 | $22081804 |
|  Sales | 2395930203 | 351570102 | 231300585 | 220720203 | 28096873 |
|  | **Global<br>Opportunities<br>Fund** | **Global<br>Select<br>Fund** | **Global<br>Value<br>Fund** | **International<br>Growth<br>Fund** | **International<br>Opportunities<br>Fund** |
|  Purchases | $74887704 | $6161768 | $31286040 | $130076712 | $21916710 |
|  Sales | 86315465 | 8655007 | 41280831 | 231145175 | 114699979 |
|  | **International<br>Select<br>Fund** | **International**<br> **Value**<br> **Fund** | **Long/Short<br>Alpha<br>Fund** | **Micro<br>Cap<br>Fund** | **Micro Cap<br>Value<br>Fund** |
|  Purchases | $2707991 | $10254287 | $29472359 | $537253468 | $225276925 |
|  Sales | 2329954 | 820719 | 52953571 | 629143177 | 245769829 |
|  | **Small Cap<br>Growth<br>Fund** | **Small Cap<br>Value<br>Fund** | **Ultra<br>Growth<br>Fund** | **U.S. Select<br>Fund** |  |
|  Purchases | $758260258 | $1014488143 | $236029540 | $16423648 |  |
|  Sales | 1192854652 | 1043602580 | 598060260 | 21750249 |  |

---

Purchases and sales of U.S. government securities in the U.S. Treasury Fund were $5,312,640 and $29,785,574, respectively.

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

6. FEDERAL INCOME TAX INFORMATION

It is the Funds' policy to qualify as regulated investment companies and distribute substantially all of their taxable income to shareholders. The Funds' tax returns are open to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return.

Management has analyzed the Funds' tax positions taken for all open federal and state income tax years and has concluded that no provision for income tax is required in the Funds' financial statements.

As of September 30, 2025, the cost and unrealized appreciation (depreciation) of securities on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core<br>Growth<br>Fund** | **Emerging<br>India<br>Fund** | **Emerging<br>Markets<br>Select<br>Fund** | **Emerging**<br> **Markets<br>Small Cap<br>Fund** | **Frontier<br>Emerging<br>Small Countries<br>Fund** |
|  Cost | $3269145498 | $413363991 | $235543200 | $140575469 | $27059488 |
|  Gross appreciation | $1187302573 | $151145238 | $108842391 | $70266724 | $9176159 |
|  Gross (depreciation) | (265842940) | (39952579) | (22339940) | (4286469) | (1178540) |
|  Net appreciation | $921459633 | $111192659 | $86502451 | $65980255 | $7997619 |
|  | **Global<br>Opportunities<br>Fund** | **Global**<br> **Select**<br> **Fund** | **Global<br>Value<br>Fund** | **International<br>Growth<br>Fund** | **International**<br> **Opportunities**<br> **Fund** |
|  Cost | $136606574 | $10503351 | $96730282 | $144776492 | $29688261 |
|  Gross appreciation | $57754757 | $3044097 | $44484038 | $60830297 | $19509124 |
|  Gross (depreciation) | (10262073) | (730035) | (3826939) | (3632390) | (2002768) |
|  Net appreciation | $47492684 | $2314062 | $40657099 | $57197907 | $17506356 |
|  | **International**<br> **Select**<br> **Fund** | **International**<br> **Value**<br> **Fund** | **Long/Short**<br> **Alpha**<br> **Fund** | **Micro**<br> **Cap<br>Fund** | **Micro Cap<br>Value<br>Fund** |
|  Cost | $3697113 | $9538234 | $48276119 | $501437762 | $242595962 |
|  Gross appreciation | $1155042 | $1606181 | $13474762 | $142185517 | $111483750 |
|  Gross (depreciation) | (123230) | (103686) | (4059068) | (29036079) | (9152335) |
|  Net appreciation | $1031812 | $1502495 | $9415694 | $113149438 | $102331415 |
|  | **Small Cap<br>Growth<br>Fund** | **Small Cap<br>Value<br>Fund** | **Ultra<br>Growth<br>Fund** | **U.S.<br>Select<br>Fund** | **U.S.<br>Treasury<br>Fund** |
|  Cost | $1152996254 | $1274001637 | $405576372 | $16940757 | $169378652 |
|  Gross appreciation | $600544386 | $370810379 | $159733242 | $4128317 | $— |
|  Gross (depreciation) | (61728004) | (84557721) | (49445675) | (801632) | (27748913) |
|  Net appreciation (depreciation) | $538816382 | $286252658 | $110287567 | $3326685 | $(27748913) |

---

The difference between book-basis and tax-basis unrealized gains (losses) is primarily attributable to the tax deferral of losses on wash sales, unrealized appreciation (depreciation) on passive foreign investment companies (PFICs) and other temporary tax adjustments.

------

    <u>SEPTEMBER 30, 2025</u>

The components of accumulated earnings on a tax basis as of September 30, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core<br>Growth<br>Fund** | **Emerging<br>India<br>Fund** | **Emerging<br>Markets<br>Select<br>Fund** | **Emerging<br>Markets<br>Small Cap<br>Fund** | **Frontier<br>Emerging<br>Small Countries<br>Fund** | **Global<br>Opportunities<br>Fund** |
|  Undistributed ordinary income | $— | $— | $— | $— | $— | $— |
|  Undistributed capital gains | 204833470 | 71514098 |  | 54057817 |  | 9805914 |
|  Accumulated earnings | 204833470 | 71514098 |  | 54057817 |  | 9805914 |
|  Accumulated capital and other losses | (19190887) | (10413339) | (115346200) | (4457843) | (95862953) | (1395673) |
|  Other undistributed ordinary losses |  | (3442) | (13785) |  | (7048) |  |
|  Net unrealized appreciation | 921459633 | 91309903 | 81189927 | 64888413 | 7416492 | 46674946 |
|  Total accumulated earnings (accumulated losses) | $1107102216 | $152407220 | $(34170058) | $114488387 | $(88453509) | $55085187 |
|  | **Global**<br> **Select**<br> **Fund** | **Global<br>Value<br>Fund** | **International<br>Growth<br>Fund** | **International<br>Opportunities<br>Fund** | **International**<br> **Select**<br> **Fund** | **International**<br> **Value**<br> **Fund** |
|  Undistributed ordinary income | $— | $5619 | $— | $— | $— | $281437 |
|  Undistributed capital gains |  | 4865030 | 58752333 | 16064664 |  |  |
|  Accumulated earnings |  | 4870649 | 58752333 | 16064664 |  | 281437 |
|  Accumulated capital and other losses | (358933) | (157215851) | (584515) | (405882) | (780478) |  |
|  Net unrealized appreciation | 2191241 | 40638190 | 56811160 | 17419235 | 1032167 | 1502721 |
|  Total accumulated earnings (accumulated losses) | $1832308 | $(111707012) | $114978978 | $33078017 | $251689 | $1784158 |
|  | **Long/Short**<br> **Alpha**<br> **Fund** | **Micro**<br> **Cap**<br> **Fund** | **Micro Cap**<br> **Value**<br> **Fund** | **Small Cap<br>Growth<br>Fund** | **Small Cap<br>Value<br>Fund** | **Ultra<br>Growth<br>Fund** |
|  Undistributed ordinary income | $— | $— | $— | $— | $— | $— |
|  Undistributed capital gains |  |  | 33638584 |  | 53700006 |  |
|  Accumulated earnings |  |  | 33638584 |  | 53700006 |  |
|  Accumulated capital and other losses | (4315306) | (25571419) | (2752929) | (38230860) |  | (71998512) |
|  Net unrealized appreciation | 8672143 | 113149313 | 101903532 | 538816382 | 286252658 | 110287567 |
|  Total accumulated earnings | $4356837 | $87577894 | $132789187 | $500585522 | $339952664 | $38289055 |
|  | **U.S.<br>Select<br>Fund** | **U.S.<br>Treasury<br>Fund** |  |  |  |  |
|  Undistributed ordinary income | $— | $138265 |  |  |  |  |
|  Undistributed capital gains | 1016479 |  |  |  |  |  |
|  Accumulated earnings | 1016479 | 138265 |  |  |  |  |
|  Accumulated capital and other losses | (126515) | (178243047) |  |  |  |  |
|  Other undistributed ordinary losses |  | (62282) |  |  |  |  |
|  Net unrealized appreciation (depreciation) | 3326685 | (27748913) |  |  |  |  |
|  Total accumulated earnings (accumulated losses) | $4216649 | $(205915977) |  |  |  |  |

---

Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined on a tax basis at the fiscal year-end and may differ from ordinary income and realized capital gains for financial reporting purposes. The Funds may utilize earnings and profits distributed to shareholders on redemption of shares as part of the dividends-paid deduction (tax equalization).

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

Differences between income and/or capital gains as determined on a book basis and a tax basis are primarily due to passive foreign investment company shares, foreign capital gains taxes, foreign currency transactions, corporate actions, wash sales and investments in REITs. These reclassifications have no effect on net assets or net asset value ("NAV") per share.

The Funds are permitted to carry forward capital losses for an unlimited period. The losses that are carried forward retain their character as either short-term or long-term capital losses.

Capital loss carryforwards as of September 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Non-expiring** | **Non-expiring** |
| **Fund** | **Short Term** | **Long Term** |
|  Emerging Markets Select Fund | $64701651 | $48880711 |
|  Frontier Emerging Small Countries Fund | 95624919 |  |
|  Global Select Fund | 291894 |  |
|  Global Value Fund\* | 23322055 | 133893796 |
|  International Select Fund | 492041 | 280778 |
|  Long/Short Alpha Fund | 4182601 |  |
|  Micro Cap Fund | 20043943 |  |
|  Small Cap Growth Fund | 27471316 |  |
|  Ultra Growth Fund | 68335170 |  |
|  U.S. Treasury Fund | 27321051 | 150921996 |

---

*\** *The Fund's capital loss carryforward is subject to an annual limitation under the Internal Revenue Code and related regulations.* 

During the tax year ended September 30, 2025, the Funds used capital loss carryforwards in the following amounts:

---

| | |
|:---|:---|
| **Fund** | **Amount Used** |
|  Emerging Markets Select Fund | $7775545 |
|  Frontier Emerging Small Countries Fund | 3628712 |
|  Global Select Fund | 1706113 |
|  Global Value Fund | 1027950 |
|  International Opportunities Fund | 14984320 |
|  International Select Fund | 252491 |
|  Micro Cap Fund | 68220839 |
|  Micro Cap Value Fund | 20248027 |
|  Small Cap Growth Fund | 245832142 |

---

Under current tax law, Post-October Capital Losses and Late-Year Ordinary Losses may be deferred and treated as occurring on the first business day of the following fiscal year for tax purposes. The Funds have elected to defer losses as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Post-October<br>Capital Losses** | **Late-Year<br>Ordinary Losses** |
|  Core Growth Fund | $– | $(19190887) |
|  Emerging India Fund | – | (10413339) |
|  Emerging Markets Select Fund | – | (1763838) |
|  Emerging Markets Small Cap Fund | – | (4457843) |
|  Frontier Emerging Small Countries Fund | – | (238034) |
|  Global Opportunities Fund | – | (1395673) |
|  Global Select Fund | – | (67039) |
|  International Growth Fund | – | (584515) |
|  International Opportunities Fund | – | (405882) |
|  International Select Fund | – | (7659) |
|  Long/Short Alpha Fund | – | (132705) |
|  Micro Cap Fund | – | (5527476) |
|  Micro Cap Value Fund | – | (2752929) |
|  Small Cap Growth Fund | – | (10759544) |
|  Ultra Growth Fund | – | (3663342) |
|  U.S. Select Fund | – | (126515) |

---

------

    <u>SEPTEMBER 30, 2025</u>

The tax character of distributions paid during the year ended September 30, 2025 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2025** | **Core<br>Growth<br>Fund** | **Emerging<br>India<br>Fund** | **Emerging<br>Markets<br>Select<br>Fund** | **Emerging**<br> **Markets<br>Small Cap<br>Fund** | **Frontier<br>Emerging<br>Small Countries<br>Fund** |
|  Ordinary Income | $— | $— | $— | $— | $287953 |
|  Capital Gain | 404570523 | 106062877 |  | 18378334 |  |
|  Total | $404570523 | $106062877 | $— | $18378334 | $287953 |
| **2025** | **Global<br>Opportunities<br>Fund** | **Global<br>Select<br>Fund** | **Global<br>Value<br>Fund** | **International<br>Growth<br>Fund** | **International<br>Opportunities<br>Fund** |
|  Ordinary Income | $— | $— | $3349640 | $— | $— |
|  Capital Gain | 16243716 |  | 6843943 | 42299270 |  |
|  Total | $16243716 | $— | $10193583 | $42299270 | $— |
| **2025** | **International<br>Select<br>Fund** | **International**<br> **Value**<br> **Fund** | **Long/Short<br>Alpha<br>Fund** | **Micro<br>Cap<br>Fund** | **Micro Cap<br>Value<br>Fund** |
|  Ordinary Income | $— | $2321 | $— | $— | $— |
|  Capital Gain |  |  |  |  |  |
|  Total | $— | $2321 | $— | $— | $— |
| **2025** | **Small Cap<br>Growth<br>Fund** | **Small Cap<br>Value<br>Fund** | **Ultra<br>Growth<br>Fund** | **U.S.**<br> **Select<br>Fund** | **U.S.<br>Treasury<br>Fund** |
|  Ordinary Income | $— | $21963496 | $— | $— | $5582922 |
|  Capital Gain |  | 216902538 |  | 890016 |  |
|  Total | $— | $238866034 | $— | $890016 | $5582922 |

---

The tax character of distributions paid during the year ended September 30, 2024 was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2024** | **Core<br>Growth<br>Fund** | **Emerging<br>India<br>Fund** | **Emerging<br>Markets<br>Select<br>Fund** | **Emerging<br>Markets<br>Small Cap<br>Fund** | **Frontier<br>Emerging<br>Small Countries<br>Fund** |
|  Ordinary Income | $— | $— | $— | $— | $— |
|  Capital Gain |  | 24137327 |  |  |  |
|  Total | $— | $24137327 | $— | $— | $— |
| **2024** | **Global<br>Opportunities<br>Fund** | **Global<br>Select<br>Fund** | **Global<br>Value<br>Fund** | **International**<br> **Growth**<br> **Fund** | **International**<br> **Opportunities**<br> **Fund** |
|  Ordinary Income | $— | $— | $4395446 | $— | $— |
|  Capital Gain |  |  |  |  |  |
|  Total | $— | $— | $4395446 | $— | $— |

---

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **2024** | **International**<br> **Select**<br> **Fund** | **Long/Short**<br> **Alpha**<br> **Fund** | **Micro**<br> **Cap**<br> **Fund** | **Micro Cap**<br> **Value**<br> **Fund** | **Small Cap**<br> **Growth**<br> **Fund** |
|  Ordinary Income | $— | $— | $— | $— | $— |
|  Capital Gain |  |  |  |  |  |
|  Total | $— | $— | $— | $— | $— |
| **2024** | **Small Cap**<br> **Value**<br> **Fund** | **Ultra**<br> **Growth**<br> **Fund** | **U.S.**<br> **Select**<br> **Fund** | **U.S.**<br> **Treasury**<br> **Fund** |  |
|  Ordinary Income | $— | $— | $— | $6385147 |  |
|  Capital Gain | 50693279 |  |  |  |  |
|  Total | $50693279 | $— | $— | $6385147 |  |

---

The tax character of distributions paid may differ from that shown in the Statements of Changes in Net Assets due to short-term gains being treated as ordinary income for tax purposes.

EU Reclaims — Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Funds' understanding of the applicable countries' tax rules and rates. Several Wasatch Funds have filed tax reclaims for previously withheld taxes on dividends earned in certain European Union ("EU") countries. These filings are subject to various administrative and judicial proceedings within these countries. Such tax reclaims received during the year, if any, are included in dividend income in the Statements of Operations and any related receivable, if any, is reflected as interest and dividends receivable in the Statements of Assets and Liabilities. When uncertainty exists as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, no amounts are reflected in the financial statements. For U.S. income tax purposes, EU reclaims received by the Funds, if any, reduce the amounts of foreign taxes Fund shareholders can use as tax credits in their individual income tax returns. In the event that EU reclaims received by the Funds during the fiscal year exceed foreign withholding taxes paid, and the Funds had previously passed foreign tax credits on to their shareholders, the Funds may enter into a closing agreement with the Internal Revenue Service (IRS) in order to pay the associated tax liability on behalf of the Funds' shareholders.

Foreign Taxes — A Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by a Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are

presented as a reduction of income, foreign taxes on stock dividends are presented as "other foreign taxes," and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) and change in unrealized appreciation (depreciation) categories. Foreign taxes payable as of September 30, 2025, if any, are disclosed in the Statements of Assets and Liabilities.

7. RELATED PARTY TRANSACTIONS

Investment Advisory Fees, Expense Limitations — As the Funds' investment advisor, the Advisor receives a monthly fee calculated on average daily net assets. The Advisor has contractually agreed to waive its fees and/or reimburse the Investor Class shares and the Institutional Class shares of certain Funds should a Fund's operating expenses exceed a specified annual limitation through at least January 31, 2026. If operating expenses are less than the specified expense limit for the Fund, the Advisor shall be entitled to recoup the fees waived or reduced to the extent that the operating expenses and the amounts reimbursed do not exceed such expense limit for the Fund, under the period of the agreement (currently through January 31, 2026). A Fund may only make a repayment to the Advisor for the amount reimbursed if such repayment does not cause the Fund's expense ratio, after the repayment is taken into account, to exceed both (i) the expense cap in place at the time such amounts were waived; and (ii) the Fund's current expense cap. All amounts not recovered at the end of the period expire on January 31, 2026. Shareholder expenses will increase if the Advisor does not renew the contractual expense cap after its expiration date. Ordinary operating expenses exclude any interest, dividend expense on short sales/interest expense, taxes, brokerage commissions, other investment-related costs, acquired fund fees and expenses, and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Funds' business in excess of such limitations. Investment advisory

------

    <u>SEPTEMBER 30, 2025</u>

fees and fees waived, if any, for the year ended September 30, 2025 are disclosed in the Statements of Operations. Investment advisory fee and expense limitation annual rates are shown below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Advisory<br>Fee** | **Expense<br>Limitation<br>Investor Class** | **Expense<br>Limitation<br>Institutional Class** | **Contractual Expense<br>Limitation/<br>Reimbursement<br>Recoverable<br>Expiration Date** | **Reimbursement<br>Recoverable** |
|  Core Growth Fund | 1.00% | 1.50% | 1.05% | 1/31/2026 | $187248 |
|  Emerging India Fund | 1.25% | 1.75% | 1.50% | 1/31/2026 |  |
|  Emerging Markets Select Fund | 1.00% | 1.50% | 1.20% | 1/31/2026 |  |
|  Emerging Markets Small Cap Fund | 1.65% | 1.95% | 1.80% | 1/31/2026 | 165868 |
|  Frontier Emerging Small Countries Fund | 1.65% | 2.15% | 1.95% | 1/31/2026 | 104578 |
|  Global Opportunities Fund | 1.25% | 1.75% | 1.35% | 1/31/2026 | 49907 |
|  Global Select Fund | 0.85% | 1.35% | 0.95% | 1/31/2026 | 132051 |
|  Global Value Fund | 0.90% | 1.10% | 0.95% | 1/31/2026 | 104627 |
|  International Growth Fund | 1.25% | 1.75% | 1.35% | 1/31/2026 | 34793 |
|  International Opportunities Fund | 1.75% | 2.25% | 1.95% | 1/31/2026 | 82667 |
|  International Select Fund | 0.80% | 1.30% | 0.90% | 1/31/2026 | 124169 |
|  International Value Fund | 0.80% | 1.05% | 0.90% | 1/31/2026 | 256695 |
|  Long/Short Alpha Fund | 1.25% | 1.75% | 1.50% | 1/31/2026 | 1127 |
|  Micro Cap Fund | 1.50% | 1.95% | 1.60% | 1/31/2026 |  |
|  Micro Cap Value Fund | 1.50% | 1.95% | 1.60% | 1/31/2026 | 11806 |
|  Small Cap Growth Fund | 1.00% | 1.50% | 1.05% | 1/31/2026 | 79486 |
|  Small Cap Value Fund | 1.00% | 1.50% | 1.05% | 1/31/2026 | 100777 |
|  Ultra Growth Fund | 1.00% | 1.50% | 1.05% | 1/31/2026 | 69941 |
|  U.S. Select Fund | 0.75% | 1.00% | 0.85% | 1/31/2026 | 111179 |
|  U.S. Treasury Fund | 0.50% | 0.75% | N/A | 1/31/2026 |  |

---

Compensation — Beginning in the calendar year 2025, the Funds' method of compensating Trustees is to pay each Independent Trustee a retainer of $160,000 per year for services rendered and a fee of $32,000 for each regularly scheduled Board of Trustees meeting, including the executive session held with respect to the investment advisory contract renewal process for the Funds, whether attended in person or telephonically (including any committee meeting attended) (collectively, the "2025 Base Compensation"). Trustees receive an additional $12,000 for in-person attendance of any special Board meeting or committee meeting (or any combination thereof), and $6,000 for telephonic attendance of any special Board meeting or committee meeting (or any combination thereof). In addition, the Chair of the Board receives an additional 25% of the 2025 Base Compensation and the Chair of a committee receives an additional 15% of the 2025 Base Compensation. Accordingly, to implement this additional compensation for services as a Chair, the Chair of the Board receives an additional fee of $80,000 a year as Chair and the Chair of the Audit Committee and the Chair of the Governance and Nominating Committee (the "Governance Committee") each receives an additional $48,000 per year as Chair.

In the calendar year 2024, the Funds' method of compensating Trustees was to pay each Independent Trustee a retainer of $155,000 per year for services rendered and a fee of $31,000 for each regularly scheduled Board of Trustees meeting, including the executive session held with

respect to the investment advisory contract renewal process for the Funds, whether attended in person or telephonically (including any committee meeting attended) (collectively, the "2024 Base Compensation"). Trustees received an additional $12,000 for in-person attendance of any special Board meeting or committee meeting (or any combination thereof), and $6,000 for telephonic attendance of any special Board meeting or committee meeting (or any combination thereof). In addition, the Chair of the Board received an additional 25% of the 2024 Base Compensation and the Chair of a committee received an additional 15% of the 2024 Base Compensation. Accordingly, to implement this additional compensation for services as a Chair, the Chair of the Board received an additional fee of $77,500 a year as Chair and the Chair of the Audit Committee and the Chair of the Governance Committee each received an additional $46,500 per year as Chair.

The Funds also may reimburse the Independent Trustees for travel expenses incurred in order to attend meetings of the Board of Trustees and for continuing education expenses.

Payments by Sub-Advisor — Pursuant to a sub-advisory agreement entered into between the Advisor and Hoisington Investment Management Company ("HIMCo"), the Sub-Advisor for the U.S. Treasury Fund, ("HIMCo Sub-Advisory Agreement"), and subject to the supervision of the Advisor, HIMCo directs the investment of the U.S. Treasury Fund's assets and is responsible for the continuing management of the Fund's assets, including the

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

placement of orders to purchase or sell securities on behalf of the Fund. The HIMCo Sub-Advisory Agreement provides that the Advisor shall pay HIMCo a monthly management fee computed at the annual rate of 0.02% of the Fund's average daily net assets as long as and whenever the Fund has net assets less than $20 million and one-half (1/2) of the monthly fee the Advisor receives from the Fund under the Advisory and Service Contract as long as and whenever the Fund has net assets of $20 million or more. The Advisor retains the remainder of the advisory fee paid under the Advisory and Service Contract. The Sub-Advisor may reimburse the Advisor for certain expenses.

Transfer Agent Intermediary Fees Reimbursed to the Advisor — Each Fund paid fees to, and reimbursed certain out-of-pocket expenses of, the Funds' transfer agent during the period. In addition, the Advisor and the Funds' distributor have entered into selling dealer agreements and service agreements with certain financial services companies, broker-dealers, banks, advisors, retirement service providers or other authorized agents or organizations (each an "Intermediary"— together, "Intermediaries") to accept purchase, exchange and redemption orders on the Funds' behalf. For Investor Class shares of the Funds,

some Intermediaries do not charge investors a direct transaction fee but instead charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Funds' behalf. Those services typically included recordkeeping, transaction processing for shareholders' accounts, communication of tax information, income distribution and other services. Generally, the fee was either a per account charge based on the number of accounts to which the Intermediary provided such services, or was a percentage (as of September 30, 2025 up to 0.40% annually) of the average value of the Funds' Investor Class shares held in such accounts. The Advisor paid the Intermediary fees and the Funds reimbursed the Advisor for the portion of such fees, which are intended to compensate the Intermediary for provision of services of the type that would be provided by the Funds' transfer agent or other service providers if the shares were registered on the books of the Funds' transfer agent. Institutional Class shares of the Funds do not reimburse the Advisor for payments to Intermediaries. The Funds' reimbursements of expenses incurred for services provided by Intermediaries are included in "Shareholder servicing fees — Investor Class" in the Statements of Operations.

10% Shareholders — As of September 30, 2025, the Funds had individual shareholder accounts and/or omnibus shareholder accounts (comprised of a group of individual shareholders), which individually amounted to more than 10% of the total shares outstanding of each Fund as detailed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of<br>Accounts** | **Percent of Shares<br>Outstanding** |
|  Core Growth Fund | 2 | 46.85% |
|  Emerging India Fund | 3 | 71.36% |
|  Emerging Markets Select Fund | 2 | 70.36% |
|  Emerging Markets Small Cap Fund | 3 | 74.06% |
|  Frontier Emerging Small Countries Fund | 3 | 63.52% |
|  Global Opportunities Fund | 2 | 62.15% |
|  Global Select Fund | 4 | 91.68% |
|  Global Value Fund | 2 | 70.64% |
|  International Growth Fund | 2 | 36.64% |
|  International Opportunities Fund | 2 | 52.81% |
|  International Select Fund | 2 | 63.02% |
|  International Value Fund | 3 | 75.05% |
|  Long/Short Alpha Fund | 3 | 84.62% |
|  Micro Cap Fund | 2 | 38.04% |
|  Micro Cap Value Fund | 2 | 59.02% |
|  Small Cap Growth Fund | 3 | 62.66% |
|  Small Cap Value Fund | 3 | 65.94% |
|  Ultra Growth Fund | 2 | 53.47% |
|  U.S. Select Fund | 3 | 79.88% |
|  U.S. Treasury Fund | 3 | 65.00% |

---

------

    <u>SEPTEMBER 30, 2025</u>

Affiliated Interests — As of September 30, 2025, the Advisor and its affiliates, and the retirement plans of the Advisor and its affiliates, held shares of the Funds, which may be redeemed at any time as detailed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of<br>Accounts\*** | **Percent of Shares<br>Outstanding** |
|  Core Growth Fund | 25 | 0.99% |
|  Emerging India Fund | 30 | 6.43% |
|  Emerging Markets Select Fund | 24 | 4.80% |
|  Emerging Markets Small Cap Fund | 19 | 4.46% |
|  Frontier Emerging Small Countries Fund | 13 | 2.63% |
|  Global Opportunities Fund | 18 | 12.80% |
|  Global Select Fund | 15 | 80.59% |
|  Global Value Fund | 13 | 6.34% |
|  International Growth Fund | 14 | 1.91% |
|  International Opportunities Fund | 15 | 8.31% |
|  International Select Fund | 8 | 73.85% |
|  International Value Fund | 8 | 57.28% |
|  Long/Short Alpha Fund | 19 | 21.94% |
|  Micro Cap Fund | 19 | 2.58% |
|  Micro Cap Value Fund | 20 | 2.92% |
|  Small Cap Growth Fund | 21 | 0.97% |
|  Small Cap Value Fund | 18 | 0.44% |
|  Ultra Growth Fund | 19 | 4.59% |
|  U.S. Select Fund | 16 | 36.55% |
|  U.S. Treasury Fund | 6 | 1.75% |

---

*\** *Multiple accounts with the same beneficial owner are treated as one account.* 

8. 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 year ended September 30, 2025 with an "affiliated company" as so defined:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,<br>Beginning<br>Of the<br>Year** | **Purchases<br>At Cost** | **Proceeds<br>From Sales** | **Value, End<br>Of the<br>Year** | **Dividends<br>Credited to<br>Income for the<br>Year ended<br>9/30/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>For the<br>Year ended<br>9/30/2025** | **Change in<br>Unrealized<br>Appreciation<br>For the<br>Year ended<br>9/30/2025** |
|  Core Growth Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  Arhaus, Inc. | $53777392 | $5739959 | $1055931 | $52944246 | $— | $(490549) | $(5026625) |
|  Micro Cap Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  AOTI, Inc. | $— | $4770017 | $— | $4125109 | $— | $— | $(644908) |
|  Lakeland Industries, Inc.\* |  | 10536214 | 6505136 |  | 28617 | (4031078) |  |
|  Mama's Creations, Inc\* | 15589420 | 4101029 | 6806544 | 17846558 |  | 1067594 | 3895059 |
|  Smith Douglas Homes Corp. | 8051447 | 7504502 | 520884 | 8440208 |  | (390246) | (6204611) |
|  | $23640867 | $26911762 | $13832564 | $30411875 | $28617 | $(3353730) | $(2954460) |
|  Micro Cap Value Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  Gen Restaurant Group, Inc.\* | $3092771 | $632209 | $1880781 | $— | $— | $(2524224) | $680025 |
|  Small Cap Growth Fund |  |  |  |  |  |  |  |
|  Preferred Stock |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | $16698121 | $— | $— | $13263149 | $— | $— | $(3434972) |
|  Ultra Growth Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  C4 Therapeutics, Inc.\* | $14876670 | $7044151 | $4960005 | $6915644 | $— | $(3023717) | $(7021455) |
|  Sangamo Therapeutics, Inc.\* | 9504446 | 497637 | 15002939 |  |  | (28471922) | 33472778 |
|  Preferred Stock |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 13915114 |  |  | 11052635 |  |  | (2862479) |
|  Warrants |  |  |  |  |  |  |  |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029\* | 938180 |  |  | 453958 |  |  | (484222) |
|  | $39234410 | $7541788 | $19962944 | $18422237 | $— | $(31495639) | $23104622 |

---

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Activity** | **Share Activity** | **Share Activity** | **Share Activity** | **Dividends<br>Credited to**<br> **Income for the<br>Year ended<br>9/30/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>For the<br>Year ended<br>9/30/2025** | **Change in<br>Unrealized<br>Appreciation<br>For the<br>Year ended<br>9/30/2025** |
|  | **Balance<br>9/30/2024** | **Purchases/<br>Additions** | **Sales/<br>Reductions** | **Balance<br>9/30/2025** | **Dividends<br>Credited to**<br> **Income for the<br>Year ended<br>9/30/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>For the<br>Year ended<br>9/30/2025** | **Change in<br>Unrealized<br>Appreciation<br>For the<br>Year ended<br>9/30/2025** |
|  Core Growth Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  Arhaus, Inc. | 4368594 | 715034 | 102984 | 4980644 | $— | $(490549) | $5026625) |
|  Micro Cap Fund |  |  |  |  |  |  |  |
|  AOTI, Inc. |  | 7217000 |  | 7217000 | $— | $— | $(644908) |
|  Lakeland Industries, Inc.\* |  | 476944 | 476944 |  | 28617 | (4031078) |  |
|  Mama's Creations, Inc.\* | 2135537 | 508534 | 946016 | 1698055 |  | 1067594 | 3895059 |
|  Smith Douglas Homes Corp. | 213114 | 291587 | 26773 | 477928 |  | (390246) | (6204611) |
|  | 2348651 | 8494065 | 1449733 | 9392983 | $28617 | $(3353730) | $(2954460) |
|  Micro Cap Value Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  Gen Restaurant Group, Inc.\* | 366442 | 76602 | 443044 |  | $— | $(2524224) | $680025 |
|  Small Cap Growth Fund |  |  |  |  |  |  |  |
|  Preferred Stock |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 611205 |  |  | 611205 | $— | $— | $189473 |
|  Ultra Growth Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  C4 Therapeutics, Inc.\* | 2609942 | 2540006 | 2034793 | 3115155 | $— | $(3023717) | $(7021455) |
|  Sangamo Therapeutics, Inc.\* | 10973844 | 1062379 | 12036223 |  |  | (28471922) | 33472778 |
|  Preferred Stock |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 509338 |  |  | 509338 |  |  | (2862479) |
|  Warrants |  |  |  |  |  |  |  |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029\* | 3026385 |  |  | 3026385 |  |  | (484222) |
|  | 17119509 | 3602385 | 14071016 | 6650878 | $— | $(31495639) | $23104622 |

---

\* *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 year ended September 30, 2025 is included in the Statements of Operations even though the security was not deemed an affiliated company as of the end of the year.* 

9. 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 September 30, 2025, the Funds held the following restricted securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Security**<br> **Type** | **Acquisition<br>Date** | **Cost** | **Fair<br>Value** | **Value as a Percent<br>Of Net Assets** |
|  Long/Short Alpha Fund |  |  |  |  |  |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029 | Warrants | 3/22/2024 | $36977 | $26786 | 0.06% |
|  Micro Cap Fund |  |  |  |  |  |
|  BriaPro Therapeutics Corp. | Common Stocks | 9/5/2023 | $29 | $6100 | 0.00% |
|  Mama's Creations, Inc. PIPE | PIPE | 9/3/2025 | 3700005 | 4874140 | 0.78% |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | 10000013 | 7368430 | 1.18% |
|  IM Cannabis Corp., expiring 5/7/2026 | Warrants | 5/5/2021 | 616971 | 0 | 0.00% |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029 | Warrants | 3/22/2024 | 322403 | 233542 | 0.04% |
|  |  |  | $14639421 | $12482212 | 2.00% |

---

------

    <u>SEPTEMBER 30, 2025</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Security**<br> **Type** | **Acquisition<br>Date** | **Cost** | **Fair<br>Value** | **Value as a Percent<br>Of Net Assets** |
|  Micro Cap Value Fund |  |  |  |  |  |
|  Mama's Creations, Inc. PIPE | PIPE | 9/3/2025 | $2499998 | $3293330 | 0.93% |
|  Small Cap Growth Fund |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | $17999987 | $13263149 | 0.77% |
|  Ultra Growth Fund |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | $15000004 | $11052635 | 2.14% |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029 | Warrants | 3/22/2024 | 626686 | 453958 | 0.09% |
|  |  |  | $15626690 | $11506593 | 2.23% |

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10. LINE OF CREDIT

Effective May 30, 2025, the Trust and each Fund renewed and amended agreements for two open lines of credit totaling $300,000,000, one of which is $100,000,000 committed, and the other of which is $200,000,000 uncommitted, with State Street Bank and Trust Company (together, the "Line") that mature on May 29, 2026. The agreements, as amended, had no change in the committed, uncommitted and total amounts available on the Line. The Funds incur commitment fees on the undrawn portion of the committed part of the Line, and interest expense to the extent of amounts drawn (borrowed) under the entire Line. Interest is based on the overnight federal-funds rate in effect on the date of borrowing, plus a margin. Commitment fees are pro-rated among the Funds based upon relative average net assets. Interest expense is charged directly to a Fund based upon actual amounts borrowed by that Fund.

For the year ended September 30, 2025, the following Funds had borrowings:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Funds Utilizing the Line of Credit** | **Average Daily<br>Borrowings** | **Number of<br>Days<br>Outstanding** | **Interest<br>Expense** | **Weighted<br>Average<br>Annualized<br>Interest Rate** | **Balance at<br>9/30/2025** |
|  Core Growth Fund | 21235415 | 3 | 10317 | 5.83 |  |
|  Emerging India Fund | 6403434 | 21 | 21507 | 5.76 |  |
|  Emerging Markets Select Fund | 3350364 | 87 | 44735 | 5.53 | 15503274 |
|  Emerging Markets Small Cap Fund | 2896930 | 57 | 26078 | 5.69 |  |
|  Frontier Emerging Small Countries Fund | 176056 | 38 | 1047 | 5.63 |  |
|  Global Opportunities Fund | 725667 | 44 | 4914 | 5.54 | 5192267 |
|  Global Select Fund | 231632 | 27 | 975 | 5.61 |  |
|  International Growth Fund | 1002912 | 17 | 2658 | 5.61 |  |
|  International Opportunities Fund | 1720577 | 119 | 32578 | 5.73 |  |
|  Micro Cap Fund | 1974148 | 1 | 306 | 5.58 |  |
|  Micro Cap Value Fund | 1604735 | 5 | 1244 | 5.58 |  |
|  Small Cap Growth Fund | 4591505 | 2 | 1426 | 5.59 |  |
|  Small Cap Value Fund | 5649345 | 3 | 2745 | 5.83 |  |
|  Ultra Growth Fund | 1178201 | 74 | 13520 | 5.58 |  |
|  U.S. Select Fund | 978837 | 17 | 2473 | 5.35 | 2052197 |

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11. PRINCIPAL RISKS

Market Risk — Market risk is the risk that a particular security, or shares of a Fund in general, may fall in value. Securities are subject to market fluctuations caused by such factors as economic, political, regulatory or market developments, changes in interest rates and perceived trends in securities prices. Shares of a Fund could decline in value or underperform other investments due to short-term market movements or any longer periods during more prolonged market downturns. In addition, local, regional or global events such as war, acts of terrorism,

spread of infectious diseases or other public health issues, recessions, or other events could have a significant negative impact on a Fund and its investments. Such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Such events could adversely affect the prices and liquidity of a Fund's portfolio securities or other instruments and could result in disruptions in the trading markets. Any of such circumstances could have a materially negative impact on the value of a Fund's shares and result in increased market volatility.

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Notes to Financial Statements (continued)

Current Market and Economic Conditions Risk — Current market and economic conditions risk is the risk that a particular investment, or shares of a Fund in general, may fall in value due to current market and economic conditions or events. Economic events historically have resulted, and may in the future result, in an unusually high degree of volatility in the financial markets, both domestic and foreign. Relatively high market volatility and reduced liquidity in credit and fixed-income markets may adversely affect many issuers world wide. Such events have included, among other things, bankruptcies, corporate restructurings, and similar events; measures to address U.S. federal and state budget deficits; social, political and economic instability in Europe and other countries; dramatic changes in energy prices and currency exchange rates; China's economic slowdown; and regional armed conflict, such as the wars between Russia and Ukraine and Israel and Hamas.

In this regard, in late February 2022, Russia launched a large scale military attack on Ukraine. The invasion significantly amplified already existing geopolitical tension among Russia, Ukraine, Europe, NATO and the West, including the U.S. In response to the military action by Russia, various countries, including the U.S., the United Kingdom and European Union issued broad-ranging economic sanctions against Russia. Additional sanctions may be imposed in the future. Such sanctions (and any future sanctions) and other actions against Russia may adversely impact, among other things, the Russia economy and various sectors of the economy and companies, the value and liquidity of Russian securities, the value of the ruble, and the country's credit rating and may have other adverse consequences on the Russian government, economy, companies and region.

The ramifications of the hostilities and sanctions, however, may not be limited to Russia and Russian companies but may spill over to and negatively impact other regional and global economic markets of the world (including Europe and the United States), companies in other countries (particularly those that have done business with Russia) and on various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the actions discussed above and the potential for a wider conflict could increase financial market volatility, cause severe negative effects on regional and global economic markets, industries, and companies and have a negative effect on a Fund's investments and performance beyond any direct or indirect exposure a Fund may have to Russian issuers or those of adjoining geographic regions. In addition, Russia may take retaliatory actions and other countermeasures, including cyberattacks and espionage against other countries and companies in the world, which may negatively impact such countries and the companies in which a Fund invests. Accordingly, there may be heightened risk of cyberattacks which may result

in, among other things, disruptions in the functioning and operations of industries or companies around the world, including in the United States and Europe.

Similarly, in October 2023, Hamas launched an attack on Israel, which touched off a strong military response from Israel that closed borders and airspace, damaged infrastructure and resulted in significant civilian and military casualties in Israel and the Gaza Strip. The conflict has reignited regional tensions that threaten to involve other countries and factions. The continuing conflict and its escalation could have a severe adverse effect on the regional economy, currency and companies. These events may negatively impact other regional and global economic markets of the world (including Europe and the United States), companies in such countries and various sectors, industries and markets for securities and commodities globally, such as oil and natural gas. Accordingly, the hostilities may have a negative effect on a Fund's investments in issuers of Israeli securities or in Israeli markets and performance, and may extend beyond any direct or indirect exposure a Fund may have to Israeli issuers or those of adjoining geographic regions. The extent and duration of these military actions or future escalations of such hostilities, the extent and impact of any related sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of a Fund's assets may go down. If a Fund has investments in a region enduring geopolitical market disruption, it may face higher risk of loss, although the increasing interconnectivity between global economies and financial markets can lead to events or conditions in one country, region or financial market adversely impacting a different country, region or financial market.

Furthermore, the economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. Recently, the U.S. has been in the process of renegotiating many of its global trade relationships and has imposed or threatened to impose significant import tariffs. Such actions could lead to price volatility and overall declines in U.S. and global investment markets.

These and any related events could have a significant negative impact on a Fund's investments as well as a Fund's performance. Aside from the foregoing turbulence, global and domestic regulators have previously responded to serious economic disruptions with ranging fiscal and monetary policy changes, including but not limited to direct

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    <u>SEPTEMBER 30, 2025</u>

capital infusions into companies, new monetary programs and dramatically lower interest rates. Any change in these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which may adversely impact a Fund's investments and performance. Actions taken by the U.S. Federal Reserve (Fed) or foreign central banks to stimulate or stabilize economic growth, such as interventions in currency markets, could cause high volatility in the equity and fixed-income markets. Reduced liquidity may result in less money being available to purchase raw materials, goods and services from emerging markets, which may, in turn, bring down the prices of these economic staples. It may also result in emerging-market issuers having more difficulty obtaining financing, which may, in turn, cause a decline in their securities prices.

Political turmoil within the United States and abroad may also impact a Fund. The ongoing adversarial political climate in the United States, as well as political and diplomatic events abroad, such as presidential, congressional and gubernatorial elections in the U.S., global elections and governmental changes and the U.S. government's failure to agree on a long-term budget and deficit reduction plan, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on a Fund's investments and operations. Although the U.S. government has honored its credit obligations, it remains possible that the United States could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the United States would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of a Fund's investments. Similarly, political events within the United States at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of a Fund's investments and increase uncertainty in or impair the operation of the U.S. or other securities markets.

In addition, there is a risk that the present value of assets or income from investments will be less in the future as rising prices (inflation) reduce their purchasing power. Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and a Fund's investments may be affected, which may reduce a Fund's performance. While overshadowed by recent rapid inflation, there is also a risk that the prices of goods and services in the United States and many foreign economies may decline over time (deflation). Deflation may have an adverse effect on stock prices and creditworthiness and may make defaults on debt more likely. If a country's economy slips into a deflationary pattern, it could last for a prolonged period and may be difficult to reverse. Historically, securities issued in

emerging and frontier markets have been subject to a greater risk of inflationary or deflationary forces, and more developed markets have been better able to use monetary policy to normalize markets.

The value of a Fund's investments may be impacted by global health crisis or other events. The COVID-19 global pandemic or any future public health crisis and ensuing policies enacted by governments and central banks have caused and may continue to cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. While vaccines have been developed, there is no guarantee that vaccines will be effective against emerging future variants of the disease or new diseases. As the COVID-19 pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others.

Advancements in technology may also adversely impact markets and the overall performance of a Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. These events, and any other future events, may adversely affect the prices and liquidity of a Fund's portfolio investments and could result in disruptions in the trading markets. Further, the interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market.

These events, and any other future events, may adversely affect the prices and liquidity of a Fund's portfolio investments and could result in disruptions in the trading markets.

Government and Regulatory Action Risk — Government and regulatory action risks may be considered a principal risk of the Funds. Instability in the financial markets has led many governments, including the U.S. government, to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that have experienced extreme volatility and, in some cases, a lack of liquidity. Federal, state, and other governments, and their regulatory agencies or self-regulatory organizations, may take actions that affect the regulation of the instruments in which a Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Legislation or regulation may also change the way in which a Fund is regulated or operated. The effects of these actions on the markets generally, and a Fund's investment program in particular, can be uncertain. Such legislation or regulation could restrict the ability of a Fund to fully implement its investment strategies, either generally or with respect to certain securities, industries or countries, and could limit or impede a Fund's ability to achieve its investment objective. In addition, political events within the United States and abroad could negatively impact

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Notes to Financial Statements (continued)

financial markets and a Fund's performance. Volatile financial markets can expose a Fund to greater market and liquidity risk, increased transaction costs and potential difficulty in valuing portfolio instruments held by the Fund.

Region Risk — The Funds, except the U.S. Treasury Fund, invest in equity and fixed-income securities of non-U.S. issuers. Because certain foreign markets are illiquid, market prices may not necessarily represent realizable value. Although the Funds maintain diversified investment portfolios, political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. These risks are exaggerated for securities of issuers tied economically to emerging- and frontier-market countries. Additionally, political or economic developments may have an adverse effect on the liquidity and volatility of portfolio securities and currency holdings.

Indian Market and India Region Risk — The Emerging India Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, Global Select Fund, International Growth Fund, and International Opportunities Fund may invest a significant portion of their assets in securities of companies tied economically to India (the "India region"). Companies in the India region with economic ties to India may be located in India, Bangladesh, Pakistan and Sri Lanka. The securities markets in the India region are substantially smaller, less liquid and more volatile than the major securities markets in the United States and the securities markets in the India region are comparatively underdeveloped. Financial intermediaries may not perform as well as their counterparts in the United States or in other countries with more developed securities markets. A Fund may be unable to sell securities when the registration process is incomplete and may experience delays in receiving dividends. If a market's trading volume is limited by operational difficulties, the ability of a Fund to invest may be impaired. A Fund's ability to buy or sell India region securities may be impaired if the Fund's ability to transact is denied, delayed, suspended or not renewed by local regulators. In previous years, exchange-listed companies in the information-technology sector and related industries (such as software) have grown so as to represent a significant portion of the total capitalization of the Indian market. The value of these companies will generally fluctuate in response to technological and regulatory developments. In addition, governmental actions, including economic and tax reforms, can have a significant effect on economic conditions in the India region, which could adversely affect the value and liquidity of investments. The government in India has exercised and continues to exercise significant influence over many aspects of the economy. Government actions, bureaucratic obstacles and inconsistent economic reform within the Indian

government have had a significant effect on its economy and could adversely affect market conditions, economic growth and the profitability of private enterprises in India. Further, any actions or other factors that may impede the flow of foreign capital to India may also inhibit its growth. Although the governments of India, Bangladesh, Pakistan, and Sri Lanka have begun to institute economic reform policies, there can be no assurance that they will continue to pursue such policies or, if they do, that such policies will succeed. In addition, large portions of many Indian companies remain in the hands of their founders (including members of their families) and the corporate governance of such family-owned companies may be weaker and less transparent. Religious, cultural and military disputes persist in India, and between India and Pakistan (as well as sectarian groups within each country). The longstanding border dispute with Pakistan remains unresolved. Both India and Pakistan have tested nuclear arms, and the threat of deployment of such weapons could hinder development of the Indian economy, and escalating tensions could impact the broader region, including China.

Liquidity Risk — From time to time, the trading market for a particular security or securities or a type of security in which the Funds invest may become less liquid or even illiquid, particularly with respect to emerging-market and frontier-market securities, IPOs and early stage companies. Reduced liquidity will have an adverse impact on a Fund's ability to sell such securities when necessary to meet a Fund's liquidity needs or in response to a specific economic event. Market price quotations for such securities may be volatile.

Asia Region Risk — The Emerging Markets Select, Emerging Markets Small Cap, Global Opportunities, Global Select, Global Value, International Growth, International Opportunities, International Select, and International Value Funds may invest a significant portion of their assets in the securities of companies tied economically to markets in the Asia region, including, among others, Bangladesh, China, Hong Kong, Indonesia, Japan, Malaysia, the Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam. Similarly, the Frontier Emerging Small Countries Fund may invest a significant portion of its assets in the securities of companies tied economically to frontier and small emerging market countries in the Asia region including, among others, Bangladesh, Indonesia, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. The Emerging India Fund invests primarily in securities of companies tied economically to India. The Emerging India Fund considers that companies in the India region with economic ties to India may be located in India, Bangladesh, Pakistan and Sri Lanka. The value of a Fund's assets invested in countries in the Asia region may be adversely affected by, among other things, political, economic, social and religious instability, less mature or liquid securities markets, increased price

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    <u>SEPTEMBER 30, 2025</u>

volatility, inadequate investor protection, different financial reporting requirements, different or inadequate accounting standards and practices, limited government oversight and market regulations, expropriation or nationalization of assets, capital controls, less developed or diverse economies, changes in laws or regulations of countries within the Asia region, relations with other nations, natural disasters, corruption, civil unrest and military activity. In particular, China's economy has a heavy influence on the Asia region and therefore actions taken by China or developments impacting China and its economy may negatively impact the economies and companies in other countries in the Asia region, including adversely affecting the investments held by a Fund in the Asia region regardless of the direct or indirect exposure such Fund may have to issuers in China. Countries in the Asia region, particularly China, Japan and South Korea, also may be adversely affected by political, military, economic and other factors related to North Korea. In addition, China's long-running conflict over Taiwan's sovereignty, border disputes with many neighbors and historically strained relations with Japan could adversely impact economies in the region. The economies of many Asian countries differ from the economies of more developed countries in many respects, such as the rate of growth, inflation, capital reinvestment, resource self-sufficiency, financial system stability and sensitivity to changes in global trade. Certain Asian countries are highly dependent upon and may be affected by developments in the United States and Europe and other Asian economies. Global economic conditions and international trade may affect Asian economies, and companies' prospects and financials could deteriorate as a result of political instability and uncertainty as well as increased tensions with other nations, the imposition of tariffs and other protectionist trade policies and other similar actions.

In addition, the Asian region is comprised of countries in all stages of economic development, some of which may experience overextension of credit, currency devaluation and restrictions, rising unemployment, high inflation, an underdeveloped financials sector, heavy reliance on international trade and prolonged economic recessions. Deflationary factors could also reemerge in certain Asian markets which some countries may not have the capacity to address. Many Asian region countries are dependent on foreign supplies of energy and competition to claim or develop regional supplies of energy or other natural resources could lead to economic, political or military instability or disruption and adversely impact the performance of a Fund. As some countries in the Asian region are less developed and may be considered emerging or frontier markets, the risk to foreign investors of investing in such countries will be magnified and include the risks of investing in emerging or frontier markets, such as increased political and social instability; highly volatile, less mature

and less liquid securities markets; lower corporate government standards; limited government oversight and market regulation; differing financial reporting, accounting and auditing standards; capital controls; potential expropriation or nationalization of companies or industries; currency fluctuations; restrictions on foreign ownership; less legal recourse to enforce a Fund's rights; less publicly available or inaccurate information regarding companies; high taxation; less developed or diverse economies, and other political, economic or social developments. The Asia region includes, among others, Japan, China, Hong Kong, and Taiwan, the risks of which are further summarized below.

Japan Risk — The Japanese economy has only recently emerged from a prolonged economic downturn. The Japanese economy may be subject to considerable economic, political and social instability, which could have a negative impact on Japanese securities. Since the year 2000, Japan's economic growth rate has remained relatively low compared to other advanced economies, and it may remain low in the future. The economy is characterized by an aging and declining population, large government debt and a highly regulated labor market. Economic growth is dependent on domestic consumption, deregulation and consistent government policy, continued growth in international trade, relatively low commodities prices, government support of the financial services sector and other government policies. Japan is heavily dependent on oil and other commodity imports, and higher commodity prices could therefore have a negative impact on the Japanese economy. International trade, particularly with the U.S., also impacts growth and adverse economic conditions in the U.S. or other such trade partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan's economy may also be affected by economic, political or social instability in those countries (whether resulting from local or global events as well as from any deterioration in its relationship with neighboring countries). The Japanese yen has fluctuated widely at times, and any increase in its value may cause a decline in exports that could weaken the Japanese economy. In addition, the yen has had a history of unpredictable and volatile movements against the dollar. Japan is also subject to the risk of natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, which could negatively affect a Fund that has investments in Japan.

China Risk — China may be subject to considerable degrees of economic, political or social instability. China is an emerging market country and demonstrates significantly higher volatility from time to time in comparison to developed markets. Chinese governmental actions can have a significant effect on economic conditions in China, Hong Kong, and Taiwan or on a particular issuer or industry, which could adversely affect the value and liquidity of

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<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

investments. The Chinese government exercises significant control over China's economy through, among other things, its industrial policies, monetary policies, management of currency exchange rates, and management of the payment of foreign currency- denominated obligations. Changes in these policies may adversely impact industries and companies in China, particularly domestic-oriented industries. Although over the years the Chinese government has been reforming economic and market practices, the Chinese government could, at any time, alter or discontinue such economic reform programs adversely affecting industries and companies in China.

Chinese companies are also subject to the risk that Chinese authorities can intervene in their operations and business structure.

After years of steady growth, China's economy slowed prior to 2020, including in its Chinese real estate market. Although the trends began to reverse during China's initial recovery from the pandemic, it is uncertain whether the trends will continue. China's economy may experience a significant slowdown, an economic recession or periods of substantial inflation which may have a negative effect on its securities market. China's economy, particularly its export-oriented industries, may be adversely impacted by the developments in the economies and governmental actions of their principal trading partners, including the United States, such as a reduction in spending on their products and services, a downturn in the economies of their key trading partners, and the imposition of trading, restrictions, tariffs or other protectionist trade policies.

Strained relations between the U.S. and China have resulted in increased tariffs and restrictions on trade between the two countries. The level of tariffs or threatened tariffs between the countries may vary in the future, and there is no certainty as to the length of time any tariffs may be imposed. An increase in tariffs or trade restrictions, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on China's economy and export industry and a commensurately negative impact on Chinese holdings in a Fund. In addition, there is a risk that capital controls and/or sanctions may be imposed, which could include the prohibition of, or restrictions on, the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory action such as the seizure of assets. Further, any perceived actions by China to assist Russia in evading sanctions imposed as a result of the Ukraine invasion may result in new or expanded sanctions against China. Any of these actions could severely impair a Fund's ability to purchase, sell, transfer, receive, deliver or otherwise obtain exposure to Chinese securities and assets, including the ability to transfer the Fund's assets and income back into the United States, and could negatively impact the value and/or

liquidity of such assets or otherwise adversely affect a Fund's operations, causing the Fund to decline in value. Events such as these and their consequences are difficult to predict, and it is unclear whether further tariffs or escalating actions may be imposed in the future. It is further difficult to predict the outcome and impact of any trade negotiations.

In addition, on June 3, 2021, President Biden signed an executive order which, in general terms, prohibits U.S. persons from purchasing or selling publicly traded securities or derivatives of such securities in certain companies with ties to China's military and related materials sector or surveillance technology industry as listed in the order or as determined by the U.S. Secretary of the Treasury (hereafter, "Chinese Military-Industrial Complex Companies" or "CMICs"). The list of CMICs is subject to change from time to time, which could prevent a Fund from acquiring securities previously deemed suitable investments or result in a forced sale of securities in the portfolio at an inopportune time or price which may result in losses to the Fund. Such government prohibitions may affect the value of the securities held in the portfolio directly or indirectly as well as negatively impact the market for other China-based issuers resulting in reduced liquidity and price declines. The government prohibition also could lead to the inability to transact in the securities of other companies within Asia as a result of trade tensions between the U.S. and China.

Accounting, auditing, financial and other reporting standards, practices and disclosure requirements in China are different, sometimes in fundamental ways, from those in the U.S. and certain western European countries. China generally does not allow the Public Company Accounting Oversight Board to inspect the work of auditors performed in China for Chinese companies, and as a result, Chinese companies are not subject to the same degree of transparency and regulatory oversight as U.S. companies. On December 2, 2020, the U.S. Congress also passed the Holding Foreign Companies Accountable Act, which could cause the securities of foreign issuers (including Chinese issuers) to be delisted from U.S. stock exchanges if those companies do not permit U.S. oversight of the auditing of their financial information. To the extent a Fund invests in securities of Chinese companies listed in the U.S., it is possible such securities may be delisted and that delisting could decrease the Fund's ability to transact in such securities and could adversely impact their liquidity and market price. In addition, the Fund would have to seek other markets in which to transact in such securities which would also increase the Fund's costs. It is difficult to predict the consequences of these actions.

China has historically managed its currency in a tight range relative to the U.S. dollar but this may be subject to greater uncertainty as Chinese authorities may change the policies that determine the exchange rate mechanism. In

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    <u>SEPTEMBER 30, 2025</u>

addition, the Chinese government may actively attempt to influence the operation of Chinese markets through, among other things, currency controls, direct investments, limitations on specific types of transactions (such as short selling), limitations or prohibitions on investors (including foreign institutional investors) with regard to selling holdings in Chinese companies, limitations or prohibitions on foreign ownership in certain industries or the repatriation of assets by foreign investors under certain circumstances or similar actions.

Securities of Chinese companies are accessible through various securities markets and investment vehicles, including China A-Shares through the Shanghai-Hong Kong Stock Connect program and the Shenzhen-Hong Kong Stock Connect program, H-Shares and B-Shares, shares listed on U.S. exchanges, American Depositary Receipts (ADRs), and Variable Interest Entities ("VIEs") traded on a stock exchange as described below. Each Stock Connect program is a securities trading and clearing links program that aims to provide mutual stock market access between China and Hong Kong by permitting investors to trade and settle shares on each market through their local securities brokers. The foregoing instruments are all subject to various risks that could impact a Fund's performance, including, but not limited to, potential trading restrictions, quota limitations, market closures, trading suspensions, settlement delays, limitations on foreign ownership or transfer, taxes, government regulation or restrictions, accounting standards, valuation, extreme market volatility and less market liquidity. These risks could adversely impact a Fund's ability to achieve its investment objective(s) and its ability to trade China shares during such periods and could result in the Fund's limiting or suspending shareholder redemption privileges as permitted in accordance with applicable law. As a result, a Fund may have to sell securities at an inopportune time or price or may not be able to execute its investment strategy, and its performance may be negatively impacted. In addition, China prohibits direct ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as the Funds). Accordingly, to facilitate foreign ownership in these businesses, many Chinese companies have created shell companies in other jurisdictions known as variable interest entities (i.e., VIEs) which enter into service or other contracts with the China-based operating companies, and the VIEs list their securities on an exchange such as the New York Stock Exchange or Hong Kong Stock Exchange. The VIE arrangement allows U.S. investors to obtain economic exposure to the China-based company indirectly through the contractual VIE structure rather than directly through the formal equity ownership structure. Although VIEs are a common industry practice, VIEs are not formally recognized in China, and the Chinese government has provided recent guidance on and restrictions

on China-based companies raising capital offshore, including through the VIE structures. If the government of China withdraws its implicit acceptance of the VIE structure, adopts or amends laws that restrict or prohibit the VIE structure or takes other adverse actions affecting VIEs and the rights or interests of foreign shareholders, the market value of any holdings of VIEs could result in significant losses.

Chinese securities markets may be subject to, among other things, Chinese authority interventions in the securities markets, frequent trading suspensions and halts, considerable volatility, pricing anomalies including from government influences, differing and uncertain regulatory requirements, market inefficiencies, operation, clearance, and settlement risks, limits on foreign ownership, rapid reduced liquidity of securities, greater valuation risks, daily trading quotas, confiscatory taxation, nationalization, and exchange control limits (including currency blockage). Such limitations and actions could adversely impact a Fund's ability to achieve its investment objective(s), to trade Chinese securities, to meet redemptions and to force sales of portfolio Chinese securities at inopportune times and prices. Frequent intervention by the Chinese government, limits on credible corporate governance standards, limited transparency of market and accounting information, and limited oversight of accounting firms also increase the risk of insider dealing, market manipulation, improper accounting and accounting fraud and other corporate misconduct. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies.

Internal social unrest or confrontations with neighboring countries, including military conflicts in response to such events, strained international relations and security concerns such as terrorism, may also adversely impact China's economy, disrupting its economic growth and adversely affecting a Fund's investments. Any spread of an infectious illness, public health threats or similar issues could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, and generally also have a significant impact on the economies of China, Hong Kong, and Taiwan, which in turn could adversely affect a Fund's investments. Additionally, China is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. Actual and threatened responses to such activity and strained international relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese companies, may impact China's economy and Chinese issuers of securities in which a Fund invests.

Incidents involving China's or the region's security may cause uncertainty in the Chinese markets and may adversely affect the Chinese economy and a Fund's

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<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

investments. Further, China's strained relationships with certain ethnic groups in China, including Tibetans and Uighurs, have been marked with protests and violence and may adversely affect the Chinese economy.

Taiwan Risk — Taiwan is an emerging market and demonstrates significantly higher volatility from time to time in comparison to developed markets. Shareholder claims that are available in the U.S., as well as regulatory oversight and authority that is common in the U.S., including claims based on fraud, may be difficult or impossible for shareholders of securities in Taiwan or for the U.S. authorities to pursue. With respect to Taiwan, China has a complex territorial dispute regarding the sovereignty of Taiwan. Continuing hostility between China and Taiwan and any potential military conflict or future political or economic disturbances may adversely impact investments in such countries or make investments in such countries impracticable or impossible. Any escalation in these hostilities may, among other things, distort Taiwan's capital account, adversely impact other countries in the region and adversely impact the value and liquidity of a Fund's investments in the region, including China and Taiwan, and make investments in China and Taiwan impractical or impossible. Taiwan's market and economy also face increasing competition from other low-cost emerging economies and certain protectionist trade threats.

Taiwan's economy is export-oriented, so it depends on an open world trade regime and remains vulnerable to fluctuations in the world economy, currency fluctuation, and conditions that weaken demand for Taiwan's export products worldwide. Rising labor costs and increasing environmental consciousness have led some labor-intensive industries to relocate to countries with cheaper work forces, and continued labor outsourcing may adversely affect the Taiwanese economy. A disruption in Taiwan's exports could also result in broader negative economic impacts with respect to those industries and countries that rely upon them. Negative impacts of the Taiwanese economy as a whole or its industries may impact an Equity Fund's performance to the extent a Fund invests in such securities.

Hong Kong Risk — With respect to Hong Kong, the Chinese and Hong Kong economies are vulnerable to the long-standing disagreement with Hong Kong related to the former British colony's integration into a special administrative region of China. As reflected by protests in Hong Kong in recent years over political, economic and legal freedoms, and the Chinese government's response to them, considerable political uncertainty continues to exist within Hong Kong. China is Hong Kong's largest trading partner, both in terms of exports and imports, making Hong Kong's economy closely tied to the Chinese economy. Any changes in the Chinese economy, trade regulations or currency exchange rates or a tightening of China's

control over Hong Kong may have an adverse impact on Hong Kong's economy. Due to the interconnected nature of the Hong Kong and Chinese economies, instability in Hong Kong may cause uncertainty in the Hong Kong and Chinese markets. If China were to exert its authority so as to alter the economic, political or legal structures or the existing social policy of Hong Kong, such actions may have a negative impact on investor and business confidence in Hong Kong, on its markets and business performance and in turn on a Fund's investments. In addition, the Hong Kong dollar trades at a fixed exchange rate in relation to the U.S. dollar which has contributed to the growth and stability of the Hong Kong economy. However, it is uncertain how long the currency peg will continue or what effect the establishment of an alternative exchange rate system would have on Hong Kong's economy.

Because a Fund's net asset value is denominated in U.S. dollars, the establishment of an alternative exchange rate system could result in a decline in a Fund's net asset value. Additionally, Hong Kong is a small island state with few raw material resources and limited land area and is reliant on imports for its commodity needs. Any fluctuations or shortages in commodity markets could have a negative impact on the Hong Kong economy.

Europe and United Kingdom Risk — As part of their principal strategy permitting investments in foreign securities, the Global Opportunities, Global Select, Global Value, International Growth, International Opportunities, International Select, International Value and Micro Cap Value Funds may invest a significant portion of their assets in securities issued by companies in developed markets, including European countries and the United Kingdom ("U.K."), and therefore exposure to the social, political, regulatory, economic, and other events or conditions affecting Europe and the U.K. may be considered a principal risk for such Funds as of the date of this Prospectus. The Core Growth, Emerging India, Emerging Markets Select, Emerging Markets Small Cap, Frontier Emerging Small Countries, Long/Short Alpha, Micro Cap, Small Cap Growth, Small Cap Value, Ultra Growth, and U.S. Select Funds may also invest in securities issued by foreign companies in Europe and the U.K. However, it is not considered a principal risk for such Funds as of the date of this Prospectus. The U.S. Treasury Fund does not invest in European or U.K. companies.

Many countries in Europe are member states of the European Union ("EU") and will be significantly affected by the fiscal and monetary controls of the EU. Changes in regulations on trade, decreasing imports or exports, changes in the exchange rate of the euro and recessions or defaults or threats of defaults among European countries may have a significant adverse effect on the economies of other European countries. The European financial markets have experienced significant volatility, and several

------

    <u>SEPTEMBER 30, 2025</u>

European countries have been adversely affected by unemployment, budget deficits and economic downturns. As members of the EU who have adopted the euro as their currency have relinquished control of their monetary policies to the European Central Bank, such members have limited ability to implement their own monetary policies to address regional economic conditions and respond to crises.

Responses to financial problems by European governments, central banks and others, including austerity measures and reforms, may not produce the desired results, may result in social unrest, may limit future growth and economic recovery or may have other unintended consequences. Defaults or restructurings by governments and other entities of their debt could have additional adverse effects on economies, financial markets and asset valuations around the world.

Successionist movements as well as governmental or other response to such movements, may also create instability and uncertainty in the region. In addition, the national politics of countries in the EU have been unpredictable and subject to influence by disruptive political groups and ideologies. The governments in EU countries may be subject to change and such countries may experience social and political unrest. Unanticipated or sudden political or social development may result in sudden and significant investment losses. The occurrence of terrorist incidents throughout Europe or war in the region could also impact financial markets. The impact of these events is not clear but could be significant and far-reaching and could adversely affect the value and liquidity of a Fund's investments. Any of these effects could adversely affect any of the companies to which a Fund has exposure and any other assets in which a Fund invests.

Efforts by the member countries of the EU to continue to unify their economic and monetary policies may increase the potential for similarities in movements of European markets and reduce the potential investment benefits of diversification within the region. Further, while many countries in western Europe are considered to have developed markets, many eastern European countries are less developed, and investments in eastern European countries, even if denominated in euros, may involve special risks associated with investments in emerging markets. As the economies of countries in Europe are in different stages of development, the policies adopted by the EU may not address the needs of all European countries.

In addition, the U.K. has one of the largest economies in Europe, and its economy relies heavily on the export of goods and services to EU member countries and to a lesser extent the U.S. and China. Trade between the U.K. and the EU is highly integrated through supply chains and trade in services as well as through multinational companies. As a result, the economy of the U.K. may be impacted by

changes to the economic health of EU member countries, the U.S. and China. In 2020, the U.K. left the EU (referred to as "Brexit"). The U.K. and the EU reached a trade agreement that was ratified by all applicable U.K. and EU government bodies although certain aspects of the relationship remain unresolved and subject to further negotiations and agreement. The effects of Brexit are also shaped by the trade agreements that the U.K. negotiates with other countries. The precise impact on the U.K.'s economy as a result of its departure from the EU depends to a large degree on its ability to conclude favorable trade deals with the EU and other countries. While new trade deals may boost economic growth, such growth may not be able to offset the increased costs of trade with the EU resulting from the U.K.'s loss of its membership in the EU single market. Although some of the economic effects of Brexit are becoming clearer, the longer term impact on the business and financial results of companies in the U.K. and other European countries remains uncertain. The uncertainty of Brexit could have a significant impact on the business and financial results of companies in the U.K. and other European countries as well as certain sectors within the U.K.'s economy, including automotive, chemicals, financial services, and professional services. Accordingly, there remains a risk that the aftermath of Brexit, including its ongoing effect on the U.K.'s relationships with other countries and with the EU, may negatively impact the value of investments in a Fund.

Sector and Industry Weightings Risk — The Equity Funds may invest a large percentage of their assets in a few sectors, or industries within a particular sector. A Fund's investment in a particular sector will fluctuate over time based on the investment opportunities identified by the Advisor. The risks associated with investing in various sectors and industries are considered principal risks of these Funds. These sectors include communication services, consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, materials, real estate and utilities. Market conditions, interest rates, and economic, political, regulatory, or financial developments could significantly affect a single sector. If an Equity Fund invests in only a few sectors it will have more exposure to the price movements of securities in those sectors. The Funds may also from time to time make significant investments in an industry or industries within a particular sector. Adverse conditions in such industry or industries could have a correspondingly adverse effect on the financial condition of issuers. These conditions may cause the value of a Fund's shares to fluctuate more than the values of shares of funds that invest in a greater variety of investments. To the extent an Equity Fund has substantial holdings within a particular sector, or industry therein, the risks to the Fund associated with the sector or industry increase.

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

12. 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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

------

    <u>SEPTEMBER 30, 2025</u>

hierarchy. These valuation procedures apply equally to long or short equity positions in a Fund.

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

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

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

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

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

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.

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

The following is a summary of the fair valuations according to the inputs used as of September 30, 2025 in valuing the Funds' assets and liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Category** | **Quoted Prices<br>In Active Markets<br>For Identical<br>Investments<br>(Level 1)** | **Significant Other<br>Observable Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Value at<br>9/30/2025** |
|  Core Growth Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $4190605130 | $— | $— | $4190605130 |
|  |  | $4190605130 | $— | $— | $4190605130 |
|  Emerging India Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Apparel Retail | $— | $16018155 | $— | $16018155 |
|  | Asset Management & Custody Banks |  | 28515468 |  | 28515468 |
|  | Building Products |  | 22110999 |  | 22110999 |
|  | Commodity Chemicals |  | 4748235 |  | 4748235 |
|  | Computer & Electronics Retail |  | 18947665 |  | 18947665 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 5343345 |  | 5343345 |
|  | Consumer Finance |  | 135458713 |  | 135458713 |
|  | Diversified Banks |  | 41396086 |  | 41396086 |
|  | Diversified Support Services |  | 18013508 |  | 18013508 |
|  | Electrical Components & Equipment |  | 7480180 |  | 7480180 |
|  | Health Care Facilities | 45720882 | 3538866 |  | 49259748 |
|  | Health Care Services |  | 19036669 |  | 19036669 |
|  | Health Care Supplies |  | 18071675 |  | 18071675 |
|  | Industrial Machinery & Supplies & Components |  | 23526617 |  | 23526617 |
|  | Life Sciences Tools & Services |  | 42204610 |  | 42204610 |
|  | Managed Health Care |  | 18671023 |  | 18671023 |
|  | Regional Banks |  | 38896313 |  | 38896313 |
|  | Other | 16857641 |  |  | 16857641 |
|  |  | $62578523 | $461978127 | $— | $524556650 |
|  Emerging Markets Select Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Apparel Retail | $— | $4573457 | $— | $4573457 |
|  | Asset Management & Custody Banks |  | 2364407 |  | 2364407 |
|  | Construction & Engineering |  | 4400616 |  | 4400616 |
|  | Consumer Finance |  | 40954304 |  | 40954304 |
|  | Diversified Banks | 14438507 | 5970293 |  | 20408800 |
|  | Electrical Components & Equipment | 12475229 | 6465023 |  | 18940252 |
|  | Electronic Equipment & Instruments |  | 16494970 |  | 16494970 |
|  | Hotels, Resorts & Cruise Lines | 6881378 | 14035558 |  | 20916936 |
|  | Industrial Machinery & Supplies & Components |  | 4586672 |  | 4586672 |
|  | Interactive Media & Services |  | 15226954 |  | 15226954 |
|  | IT Consulting & Other Services | 8438471 | 2634979 |  | 11073450 |
|  | Life Sciences Tools & Services |  | 15194056 |  | 15194056 |
|  | Regional Banks |  | 6991514 |  | 6991514 |
|  | Semiconductors |  | 37073799 |  | 37073799 |
|  | Technology Hardware, Storage & Peripherals |  | 8878868 |  | 8878868 |
|  | Other | 93966596 |  |  | 93966596 |
|  |  | $136200181 | $185845470 | $— | $322045651 |

---

------

    <u>SEPTEMBER 30, 2025</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Category** | **Quoted Prices<br>In Active Markets<br>For Identical<br>Investments<br>(Level 1)** | **Significant Other<br>Observable Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Value at<br>9/30/2025** |
|  Emerging Markets Small Cap Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Alternative Carriers | $— | $2581217 | $— | $2581217 |
|  | Asset Management & Custody Banks |  | 10582421 |  | 10582421 |
|  | Automotive Retail |  | 3185295 |  | 3185295 |
|  | Building Products |  | 2432938 |  | 2432938 |
|  | Commercial & Residential Mortgage Finance |  | 6338778 |  | 6338778 |
|  | Communications Equipment |  | 5498412 |  | 5498412 |
|  | Computer & Electronics Retail |  | 2372832 |  | 2372832 |
|  | Construction & Engineering |  | 6792918 |  | 6792918 |
|  | Consumer Finance |  | 16051036 |  | 16051036 |
|  | Diversified Banks | 7515346 | 6934834 |  | 14450180 |
|  | Diversified Support Services |  | 4773935 |  | 4773935 |
|  | Electrical Components & Equipment |  | 2094086 |  | 2094086 |
|  | Electronic Equipment & Instruments |  | 16958337 |  | 16958337 |
|  | Health Care Facilities |  | 2506230 |  | 2506230 |
|  | Health Care Services |  | 9300087 |  | 9300087 |
|  | Human Resource & Employment Services |  | 5817861 |  | 5817861 |
|  | Industrial Machinery & Supplies & Components | 4317051 | 2278005 |  | 6595056 |
|  | IT Consulting & Other Services | 1922230 | 2049854 |  | 3972084 |
|  | Managed Health Care |  | 1121035 |  | 1121035 |
|  | Regional Banks |  | 9486999 |  | 9486999 |
|  | Semiconductor Materials & Equipment |  | 3751166 |  | 3751166 |
|  | Semiconductors |  | 20905576 |  | 20905576 |
|  | Technology Hardware, Storage & Peripherals |  | 3251547 |  | 3251547 |
|  | Other | 45735698 |  |  | 45735698 |
|  |  | $59490325 | $147065399 | $— | $206555724 |
|  Frontier Emerging Small Countries Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Aerospace & Defense | $— | $630255 | $— | $630255 |
|  | Automotive Retail |  | 478821 |  | 478821 |
|  | Computer & Electronics Retail |  | 1339565 |  | 1339565 |
|  | Consumer Finance |  | 5226053 |  | 5226053 |
|  | Diversified Banks | 2370879 | 6156167 |  | 8527046 |
|  | Diversified Support Services |  | 481245 |  | 481245 |
|  | Health Care Services |  | 980469 |  | 980469 |
|  | Human Resource & Employment Services |  | 499104 |  | 499104 |
|  | IT Consulting & Other Services | 116290 | 242471 |  | 358761 |
|  | Other | 16535788 |  |  | 16535788 |
|  |  | $19022957 | $16034150 | $— | $35057107 |
|  Global Opportunities Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Application Software | $8242845 | $6903167 | $— | $15146012 |
|  | Asset Management & Custody Banks | 4004695 | 3582817 |  | 7587512 |
|  | Building Products | 6332871 | 897890 |  | 7230761 |
|  | Consumer Finance |  | 6817566 |  | 6817566 |
|  | Diversified Support Services |  | 3818022 |  | 3818022 |
|  | Electrical Components & Equipment |  | 2409291 |  | 2409291 |
|  | Health Care Services |  | 1677377 |  | 1677377 |
|  | Human Resource & Employment Services | 2256537 | 2084571 |  | 4341108 |
|  | Interactive Media & Services |  | 1248985 |  | 1248985 |
|  | Investment Banking & Brokerage |  | 2138035 |  | 2138035 |
|  | IT Consulting & Other Services |  | 3464864 |  | 3464864 |

---

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Category** | **Quoted Prices<br>In Active Markets<br>For Identical<br>Investments<br>(Level 1)** | **Significant Other<br>Observable Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Value at<br>9/30/2025** |
|  | Life Sciences Tools & Services | $2032474 | $3344962 | $— | $5377436 |
|  | Regional Banks | 3326496 | 5561233 |  | 8887729 |
|  | Research & Consulting Services |  | 5267106 |  | 5267106 |
|  | Semiconductors |  | 11960253 |  | 11960253 |
|  | Trading Companies & Distributors |  | 9956310 |  | 9956310 |
|  | Other | 86770891 |  |  | 86770891 |
|  |  | $112966809 | $71132449 | $— | $184099258 |
|  Global Select Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Consumer Finance | $— | $587091 | $— | $587091 |
|  | Electronic Equipment & Instruments |  | 515782 |  | 515782 |
|  | Health Care Equipment |  | 219970 |  | 219970 |
|  | Hotels, Resorts & Cruise Lines |  | 312223 |  | 312223 |
|  | Interactive Media & Services |  | 527548 |  | 527548 |
|  | Life Sciences Tools & Services |  | 348518 |  | 348518 |
|  | Research & Consulting Services | 435647 | 524025 |  | 959672 |
|  | Semiconductor Materials & Equipment |  | 422808 |  | 422808 |
|  | Semiconductors | 535812 | 73592 |  | 609404 |
|  | Trading Companies & Distributors |  | 250826 |  | 250826 |
|  | Other | 8063571 |  |  | 8063571 |
|  |  | $9035030 | $3782383 | $— | $12817413 |
|  Global Value Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Broadline Retail | $— | $2817877 | $— | $2817877 |
|  | Diversified Banks | 19937759 | 4350581 |  | 24288340 |
|  | Diversified Metals & Mining |  | 3226521 |  | 3226521 |
|  | Food Retail |  | 3641804 |  | 3641804 |
|  | Integrated Oil & Gas | 6614479 | 4750872 |  | 11365351 |
|  | Integrated Telecommunication Services | 6402650 | 3130152 |  | 9532802 |
|  | Multi-Line Insurance |  | 4172088 |  | 4172088 |
|  | Paper Products |  | 2519570 |  | 2519570 |
|  | Pharmaceuticals | 7212838 | 7800393 |  | 15013231 |
|  | Reinsurance |  | 3511608 |  | 3511608 |
|  | Technology Hardware, Storage & Peripherals |  | 4316422 |  | 4316422 |
|  | Tobacco |  | 4762908 |  | 4762908 |
|  | Trading Companies & Distributors |  | 2491409 |  | 2491409 |
|  | Other | 45727450 |  |  | 45727450 |
|  |  | $85895176 | $51492205 | $— | $137387381 |
|  International Growth Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Aerospace & Defense | $— | $2473990 | $— | $2473990 |
|  | Application Software | 1936553 | 10760383 |  | 12696936 |
|  | Asset Management & Custody Banks |  | 7409877 |  | 7409877 |
|  | Building Products |  | 5223236 |  | 5223236 |
|  | Commercial & Residential Mortgage Finance |  | 4251816 |  | 4251816 |
|  | Communications Equipment |  | 2775142 |  | 2775142 |
|  | Consumer Finance |  | 6821881 |  | 6821881 |
|  | Diversified Banks | 4176704 | 3979866 |  | 8156570 |
|  | Diversified Real Estate Activities |  | 2228900 |  | 2228900 |
|  | Diversified Support Services |  | 5539000 |  | 5539000 |
|  | Drug Retail | 5401386 | 2436290 |  | 7837676 |
|  | Electrical Components & Equipment |  | 762513 |  | 762513 |
|  | Electronic Equipment & Instruments |  | 11126577 |  | 11126577 |

---

------

    <u>SEPTEMBER 30, 2025</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Category** | **Quoted Prices<br>In Active Markets<br>For Identical<br>Investments<br>(Level 1)** | **Significant Other<br>Observable Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Value at<br>9/30/2025** |
|  | Health Care Equipment | $— | $2035608 | $— | $2035608 |
|  | Health Care Services |  | 2092322 |  | 2092322 |
|  | Health Care Technology |  | 1619571 |  | 1619571 |
|  | Human Resource & Employment Services |  | 6619362 |  | 6619362 |
|  | Industrial Machinery & Supplies & Components |  | 6510304 |  | 6510304 |
|  | Interactive Media & Services | 5089712 | 15810887 |  | 20900599 |
|  | Investment Banking & Brokerage |  | 8713904 |  | 8713904 |
|  | IT Consulting & Other Services |  | 2891073 |  | 2891073 |
|  | Movies & Entertainment |  | 2220511 |  | 2220511 |
|  | Other Specialty Retail |  | 1100914 |  | 1100914 |
|  | Regional Banks |  | 4301883 |  | 4301883 |
|  | Research & Consulting Services |  | 7848028 |  | 7848028 |
|  | Semiconductor Materials & Equipment | 2111715 | 2818916 |  | 4930631 |
|  | Semiconductors |  | 4105610 |  | 4105610 |
|  | Specialty Chemicals |  | 1772882 |  | 1772882 |
|  | Trading Companies & Distributors |  | 17706339 |  | 17706339 |
|  | Other | 29300744 |  |  | 29300744 |
|  |  | $48016814 | $153957585 | $— | $201974399 |
|  International Opportunities Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Aerospace & Defense | $— | $279906 | $— | $279906 |
|  | Alternative Carriers |  | 1570147 |  | 1570147 |
|  | Application Software |  | 5721532 |  | 5721532 |
|  | Asset Management & Custody Banks | 1308851 | 2777939 |  | 4086790 |
|  | Building Products |  | 402775 |  | 402775 |
|  | Commercial & Residential Mortgage Finance |  | 1695837 |  | 1695837 |
|  | Communications Equipment |  | 850766 |  | 850766 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 503346 |  | 503346 |
|  | Consumer Finance |  | 609732 |  | 609732 |
|  | Data Processing & Outsourced Services |  | 665917 |  | 665917 |
|  | Distributors |  | 854843 |  | 854843 |
|  | Diversified Support Services |  | 4993302 |  | 4993302 |
|  | Drug Retail |  | 617073 |  | 617073 |
|  | Electrical Components & Equipment |  | 385715 |  | 385715 |
|  | Electronic Equipment & Instruments | 504247 | 2271567 |  | 2775814 |
|  | Food Retail | 1382708 | 1313910 |  | 2696618 |
|  | Health Care Facilities |  | 439598 |  | 439598 |
|  | Health Care Services |  | 2066006 |  | 2066006 |
|  | Health Care Technology |  | 521289 |  | 521289 |
|  | Human Resource & Employment Services |  | 1313387 |  | 1313387 |
|  | Industrial Machinery & Supplies & Components |  | 474593 |  | 474593 |
|  | Interactive Media & Services | 1449456 | 703719 |  | 2153175 |
|  | Investment Banking & Brokerage |  | 1568442 |  | 1568442 |
|  | IT Consulting & Other Services |  | 848480 |  | 848480 |
|  | Real Estate Services |  | 1380177 |  | 1380177 |
|  | Research & Consulting Services | 515634 | 1552899 |  | 2068533 |
|  | Semiconductors |  | 2252902 |  | 2252902 |
|  | Other | 3397922 |  |  | 3397922 |
|  |  | $8558818 | $38635799 | $— | $47194617 |

---

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Category** | **Quoted Prices<br>In Active Markets<br>For Identical<br>Investments<br>(Level 1)** | **Significant Other<br>Observable Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Value at<br>9/30/2025** |
|  International Select Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Aerospace & Defense | $— | $208077 | $— | $208077 |
|  | Apparel, Accessories & Luxury Goods |  | 83607 |  | 83607 |
|  | Asset Management & Custody Banks |  | 49720 |  | 49720 |
|  | Automobile Manufacturers |  | 228788 |  | 228788 |
|  | Automotive Retail |  | 136906 |  | 136906 |
|  | Building Products |  | 174583 |  | 174583 |
|  | Diversified Banks |  | 158192 |  | 158192 |
|  | Diversified Real Estate Activities |  | 220547 |  | 220547 |
|  | Electronic Equipment & Instruments |  | 181455 |  | 181455 |
|  | Health Care Equipment |  | 60145 |  | 60145 |
|  | Interactive Home Entertainment |  | 224950 |  | 224950 |
|  | Interactive Media & Services |  | 327056 |  | 327056 |
|  | Pharmaceuticals |  | 121501 |  | 121501 |
|  | Research & Consulting Services |  | 138102 |  | 138102 |
|  | Semiconductor Materials & Equipment |  | 240451 |  | 240451 |
|  | Soft Drinks & Non-Alcoholic Beverages |  | 134931 |  | 134931 |
|  | Trading Companies & Distributors |  | 104535 |  | 104535 |
|  | Transaction & Payment Processing Services |  | 112636 |  | 112636 |
|  | Other | 1822743 |  |  | 1822743 |
|  |  | $1822743 | $2906182 | $— | $4728925 |
|  International Value Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Broadline Retail | $— | $223641 | $— | $223641 |
|  | Construction & Engineering |  | 188127 |  | 188127 |
|  | Diversified Banks | 596514 | 1853137 |  | 2449651 |
|  | Diversified Metals & Mining |  | 290387 |  | 290387 |
|  | Electronic Manufacturing Services |  | 309313 |  | 309313 |
|  | Food Retail |  | 219884 |  | 219884 |
|  | Health Care Distributors |  | 235713 |  | 235713 |
|  | Industrial Machinery & Supplies & Components |  | 232401 |  | 232401 |
|  | Integrated Oil & Gas | 239371 | 828293 |  | 1067664 |
|  | Integrated Telecommunication Services | 256904 | 409959 |  | 666863 |
|  | Multi-Line Insurance |  | 243084 |  | 243084 |
|  | Multi-Utilities |  | 759692 |  | 759692 |
|  | Paper Products |  | 271511 |  | 271511 |
|  | Pharmaceuticals | 257267 | 741785 |  | 999052 |
|  | Real Estate Development |  | 355275 |  | 355275 |
|  | Regional Banks |  | 258537 |  | 258537 |
|  | Reinsurance |  | 516975 |  | 516975 |
|  | Soft Drinks & Non-Alcoholic Beverages |  | 325041 |  | 325041 |
|  | Technology Hardware, Storage & Peripherals |  | 332305 |  | 332305 |
|  | Tobacco |  | 538240 |  | 538240 |
|  | Trading Companies & Distributors |  | 271287 |  | 271287 |
|  | Other | 286086 |  |  | 286086 |
|  |  | $1636142 | $9404587 | $— | $11040729 |
|  Long/Short Alpha Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $57665027 | $— | $— | $57665027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 26786 | 26786 |
|  |  | $57665027 | $— | $26786 | $57691813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities Sold Short |  | $(22550008) | $— | $— | $(22550008) |

---

------

    <u>SEPTEMBER 30, 2025</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Category** | **Quoted Prices<br>In Active Markets<br>For Identical<br>Investments<br>(Level 1)** | **Significant Other<br>Observable Inputs<br>(Level 2)** | **Significant<br>Unobservable<br>Inputs<br>(Level 3)** | **Value at<br>9/30/2025** |
|  Micro Cap Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Aerospace & Defense | $17132425 | $7596675 | $— | $24729100 |
|  | Biotechnology |  |  | 6100 | 6100 |
|  | Electronic Equipment & Instruments | 35542787 | 9718323 |  | 45261110 |
|  | Packaged Foods & Meats | 30923987 |  | 4874140 | 35798127 |
|  | Other | 501190791 |  |  | 501190791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  | 7368430 | 7368430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 233542 | 233542 |
|  |  | $584789990 | $17314998 | $12482212 | $614587200 |
|  Micro Cap Value Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Packaged Foods & Meats | $9703215 | $4666140 | $3293330 | $17662685 |
|  | Other | 327264692 |  |  | 327264692 |
|  |  | $336967907 | $4666140 | $3293330 | $344927377 |
|  Small Cap Growth Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $1678549484 | $— | $— | $1678549484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  | 13263149 | 13263149 |
|  |  | $1678549484 | $— | $13263149 | $1691812633 |
|  Small Cap Value Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $1560254295 | $— | $— | $1560254295 |
|  |  | $1560254295 | $— | $— | $1560254295 |
|  Ultra Growth Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Semiconductor Materials & Equipment | $59950029 | $8678685 | $— | $68628714 |
|  | Other | 435728632 |  |  | 435728632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  | 11052635 | 11052635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 453958 | 453958 |
|  |  | $495678661 | $8678685 | $11506593 | $515863939 |
|  U.S. Select Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $20267442 | $— | $— | $20267442 |
|  |  | $20267442 | $— | $— | $20267442 |
|  U.S. Treasury Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S Government Obligations |  | $— | $141629739 | $— | $141629739 |
|  |  | $— | $141629739 | $— | $141629739 |

---

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 year ended September 30, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the year ended September 30, 2025:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market Value<br>Beginning<br>Balance<br>9/30/2024** | **Purchases<br>At Cost** | **Sales<br>(Proceeds)** | **Accrued<br>Discounts<br>(Premiums)** | **Realized<br>Gain/<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Transfers<br>In at<br>Market<br>Value** | **Transfers<br>Out at<br>Market<br>Value** | **Market Value<br>Ending<br>Balance<br>9/30/2025** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>On Investments<br>Held at<br>9/30/2025** |
|  Long/Short Alpha Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | $55357 | $— | $— | $— | $— | $(28571) | $— | $— | $26786 | $(28571) |
|  | $55357 | $— | $— | $— | $— | $(28571) | $— | $— | $26786 | $(28571) |
|  Micro Cap Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $6100 | $3700005 | $— | $— | $— | $1174135 | $— | $— | $4880240 | $1174135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 9276752 |  |  |  |  | (1908322) |  |  | 7368430 | (1908322) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 482654 |  |  |  |  | (249112) |  |  | 233542 | (249112) |
|  | $9765506 | $3700005 | $— | $— | $— | $(983299) | $— | $— | $12482212 | $(983299) |
|  Micro Cap Value Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $— | $2499998 | $— | $— | $— | $793332 | $— | $— | $3293330 | $793332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  | (396902) | 396902 |  |  |  |  |
|  | $— | $2499998 | $— | $— | $(396902) | $1190234 | $— | $— | $3293330 | $793332 |
|  Small Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $26060845 | $— | $(8000002) | $— | $— | $(4797694) | $— | $— | $13263149 | $(3434972) |
|  | $26060845 | $— | $(8000002) | $— | $— | $(4797694) | $— | $— | $13263149 | $(3434972) |
|  Ultra Growth Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $13915114 | $— | $— | $— | $— | $(2862479) | $— | $— | $11052635 | $(2862479) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 938180 |  |  |  |  | (484222) |  |  | 453958 | (484222) |
|  | $14853294 | $— | $— | $— | $— | $(3346701) | $— | $— | $11506593 | $(3346701) |

---

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Description** | **Fair Value<br>At 9/30/2025** | **Valuation Technique** | **Unobservable Input** | **Range (Average)** |
| Long/Short Alpha Fund | Warrant: Biotechnology | $26786 | Black Scholes | Volatility | 40% |
| Micro Cap Fund | Direct Venture Capital Investments:<br>Textiles | $7368430 | Market comparable companies | EV/R\* multiple<br> Discount for lack of marketability | 0.6 - 4.6 (2.3)<br>46% |
| Micro Cap Fund | Warrant: Biotechnology | $233542 | Black Scholes | Volatility | 40% |
| Micro Cap Fund | Packaged Foods & Meats:<br>Consumer Staples | $4874140 | Discount to public equity | Discount | 6% |
| Micro Cap Value Fund | Packaged Foods & Meats:<br>Consumer Staples | $3293330 | Discount to public equity | Discount | 6% |
| Small Cap Growth Fund | Direct Venture Capital Investments:<br>Textiles | $13263149 | Market comparable companies | EV/R\* multiple<br> Discount for lack of marketability | 0.6 - 4.6 (2.3)<br> 46% |
| Ultra Growth Fund | Direct Venture Capital Investments:<br>Textiles | $11052635 | Market comparable companies | EV/R\* multiple<br> Discount for lack of marketability | 0.6 - 4.6 (2.3)<br> 46% |
| Ultra Growth Fund | Warrant: Biotechnology | $453958 | Black Scholes | Volatility | 40% |

---

\* *Enterprise-Value-To-Revenue Multiple ("EV/R") is a measure of the value of a stock that compares a company's enterprise value to its revenue.* 

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

------

    <u>SEPTEMBER 30, 2025</u>

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 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*.

13. OFFSETTING

Each Fund is party to various netting arrangements. The Financial Accounting Standards Board (FASB) requires disclosure about certain netting arrangements and similar agreements to enable users of a Fund's financial statements to evaluate the effect or potential effect of netting arrangements on the Fund's financial position. The scope of the disclosure is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions.

The following tables present information about financial instruments that were subject to enforceable netting arrangements as of September 30, 2025:

Securities Borrowed for Short Sales

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the Statements of Assets and Liabilities** |
| **Fund** | **Counterparty** | **Gross Liability Amounts**<br> **Presented in Statements**<br> **Of Assets and Liabilities** | **Financial**<br> **Instrument** | **Collateral**<br> **Pledged<sup>1</sup>** | **Net Amount**<br> **(Not less**<br> **Than 0)** |
|  Long/Short Alpha Fund | Fixed Income Clearing Corp. | $22550008 | $— | $(22550008) | $— |

---

<sup>1</sup> *The market value of the collateral pledged is greater than the amount indicated in the table. For further information, see "Short Sales" under* Note 3. Securities and Other Investments and the Schedules of Investments*.* 

14. SUBSEQUENT EVENTS

Management has evaluated the possibility of subsequent events and has determined that there are no additional events that would require adjustment to or additional disclosure in the Funds' financial statements.

------

<u>Wasatch Funds</u>   <u>SEPTEMBER 30, 2025</u>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Wasatch Funds Trust and Shareholders of Wasatch Core Growth Fund, Wasatch Emerging India Fund, Wasatch Emerging Markets Select Fund, Wasatch Emerging Markets Small Cap Fund, Wasatch Frontier Emerging Small Countries Fund, Wasatch Global Opportunities Fund, Wasatch Global Select Fund, Wasatch Global Value Fund, Wasatch International Growth Fund, Wasatch International Opportunities Fund, Wasatch International Select Fund, Wasatch International Value Fund, Wasatch Long/Short Alpha Fund, Wasatch Micro Cap Fund, Wasatch Micro Cap Value Fund, Wasatch Small Cap Growth Fund, Wasatch Small Cap Value Fund, Wasatch Ultra Growth Fund, Wasatch U.S. Select Fund and Wasatch-Hoisington U.S. Treasury Fund

OPINIONS ON THE FINANCIAL STATEMENTS

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (constituting Wasatch Funds Trust, hereafter collectively referred to as the "Funds") as of September 30, 2025, the related statements of operations, of changes in net assets and, for the fund indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of September 30, 2025, the results of each of their operations, the changes in each of their net assets and, for the fund indicated in the table below, its cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

---

| |
|:---|
| Wasatch Core Growth Fund<sup>(1)</sup> |
| Wasatch Emerging Markets Select Fund<sup>(1)</sup> Wasatch Emerging Markets Small Cap Fund<sup>(1)</sup> |
| Wasatch Frontier Emerging Small Countries Fund<sup>(1)</sup> Wasatch Global Opportunities Fund<sup>(1)</sup> |
| Wasatch Global Select Fund<sup>(1)</sup> Wasatch Global Value Fund<sup>(1)</sup> |
| Wasatch International Growth Fund<sup>(1)</sup> Wasatch International Opportunities Fund<sup>(1)</sup> |
| Wasatch International Select Fund<sup>(1)</sup> Wasatch International Value Fund<sup>(2)</sup> |
| Wasatch Long/Short Alpha Fund<sup>(3)</sup> Wasatch Micro Cap Fund<sup>(1)</sup> |
| Wasatch Micro Cap Value Fund<sup>(1)</sup> Wasatch Small Cap Growth Fund<sup>(1)</sup> |
| Wasatch Small Cap Value Fund<sup>(1)</sup> Wasatch Ultra Growth Fund<sup>(1)</sup> |
| Wasatch U.S. Select Fund<sup>(1)</sup> Wasatch-Hoisington U.S. Treasury Fund<sup>(1)</sup> |

---

<sup>(1)</sup> Statement of operations for the year ended September 30, 2025 and statement of changes in net assets for the years ended September 30, 2025 and 2024

<sup>(2)</sup> Statement of operations and statement of changes in net assets for the period November 29, 2024 (inception) through September 30, 2025

<sup>(3)</sup> Statement of operations and statement of cash flows for the year ended September 30, 2025, and statement of changes in net assets for the years ended September 30, 2025 and 2024

BASIS FOR OPINIONS

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of September 30, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

November 20, 2025

We have served as the auditor of one or more investment companies in Wasatch Funds Trust since 2002.

------

<u>Wasatch Funds</u>   <u>SEPTEMBER 30, 2025</u>

Supplemental Information (Unaudited)

ADDITIONAL TAX INFORMATION

The Funds hereby designate the following amounts or maximum amounts allowable as long term capital gain dividends for the purpose of the dividends paid deduction. The amounts designated here may include the utilization of earnings and profits distributed to shareholders on the redemption of shares.

---

| | |
|:---|:---|
| **Fund** | **Amount** |
|  Core Growth Fund | $404570523 |
|  Emerging India Fund | 106062877 |
|  Emerging Markets Small Cap Fund | 18378334 |
|  Global Opportunities Fund | 16243716 |
|  Global Value Fund | 6843943 |
|  International Growth Fund | 42299270 |
|  Small Cap Value Fund | 216902538 |
|  U.S. Select Fund | 890016 |

---

For the fiscal year ended September 30, 2025, certain dividends paid by each Fund may be subject to a maximum tax rate of 20% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. To the extent dividends are paid during the calendar year 2025, complete information will be reported on shareholders' 2025 Form 1099-DIV.

The amount designated as qualified dividend income for the year ended September 30, 2025 will be at the highest amount permitted by law.

Corporate shareholders should note that for the year ended September 30, 2025, the percentage of the Funds' investment income (i.e., net investment income plus short term capital gains) that qualified for the corporate dividends received deductions.

The Funds have made an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Fund to its shareholders. For the year ended September 30, 2025, the total amount of foreign taxes paid that was passed through to its shareholders for information reporting purposes was as follows:

---

| | |
|:---|:---|
| **Fund** | **Amount** |
|  Emerging India Fund | $14609736 |
|  Emerging Markets Select Fund | 2621069 |
|  Emerging Markets Small Cap Fund | 5301940 |
|  Frontier Emerging Small Countries Fund | 145337 |
|  International Growth Fund | 877397 |
|  International Opportunities Fund | 791571 |
|  International Select Fund | 8055 |
|  International Value Fund | 28611 |

---

------

<u>Wasatch Funds</u>   <u>SEPTEMBER 30, 2025</u>

Service Providers

#### Investment Advisor
Wasatch Advisors LP d/b/a Wasatch Global Investors

505 Wakara Way, 3rd Floor

Salt Lake City, UT 84108

#### Sub-Advisor for the Wasatch-Hoisington

#### U.S. Treasury Fund
Hoisington Investment Management Co. (HIMCo)

6836 Bee Caves Road

Building 2, Suite 100

Austin, TX 78746

#### Administrator and Fund Accountant
State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

#### Distributor
ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

#### Transfer Agent
UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

#### Custodian
State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

#### Legal Counsel to Wasatch Funds and

#### Independent Trustees
Chapman and Cutler LLP

320 South Canal Street

Chicago, IL 60606

#### Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

<u>Contact Wasatch</u>    

ONLINE

#### wasatchglobal.com
or via email

#### shareholderservice@wasatchfunds.com
TELEPHONE

&nbsp;&nbsp;&nbsp;&nbsp;800.551.1700 M – F, 7:00 a.m. to 7:00 p.m. Central Time

Automated Line, 24 Hours

MAIL

#### Regular Mail Delivery
Wasatch Funds

P.O. Box 2172

Milwaukee, WI 53201-2172

#### Overnight Delivery
Wasatch Funds

235 West Galena Street

Milwaukee, WI 53212

------

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 8.** **<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>** <br>

Not applicable.

**Item 9.** **<u>Proxy Disclosures for Open-End Management Investment Companies.</u>** <br>

Not applicable.

**Item 10.** **<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>** <br>

Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

**Item 11.** **<u>Statement Regarding Basis for Approval of Investment Advisory Contract.</u>** <br>

Not Applicable.

**Item 12.** **<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>** <br>

Not applicable.

**Item 13.** **<u>Portfolio Managers of Closed-End Management Investment Companies.</u>** <br>

Not applicable.

**Item 14.** **<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>** <br>

Not applicable.

**Item 15.** **<u>Submission of Matters to a Vote of Security Holders.</u>** <br>

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's board of trustees, where those changes were implemented after the Registrant last provided disclosure in response to this item.

------

**Item 16.** **<u>Controls and Procedures.</u>** <br>

(a) The Registrant's principal executive and principal financial officers have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, as of a date within 90 days of the filing date of this Form N-CSR based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.</u>** <br>

(a) Not applicable.

(b) Not applicable.

**Item 18.** **<u>Recovery of Erroneously Awarded Compensation.</u>** <br>

Not applicable.

**Item 19.** **<u>Exhibits.</u>** <br>

(a)(1) [Code of Ethics is attached hereto.](d73947dex99a1.htm)

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (a)(3) | [The certifications required by Rule 30a-2(a) of the 1940 Act are attached hereto.](d73947dex99a3.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [The certifications required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d73947dex99b.htm)

(101) Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### WASATCH FUNDS TRUST

---

| | |
|:---|:---|
| By: | <u>/s/ Eric S. Bergeson</u> |
|  | Eric S. Bergeson |
|  | President (principal executive officer) of Wasatch Funds Trust |
| Date: | December 3, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Eric S. Bergeson</u> |
|  | Eric S. Bergeson |
|  | President (principal executive officer) of Wasatch Funds Trust |
| Date: | December 3, 2025 |
| By: | <u>/s/ Kara Becker</u> |
|  | Kara Becker |
|  | Treasurer (principal financial officer) of Wasatch Funds Trust |
| Date: | December 3, 2025 |

---

## Ex-99.A1

**Exhibit 19(a)(1)** 

**WASATCH FUNDS TRUST** 

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**SENIOR FINANCIAL OFFICERS** 

**I.** **Covered Officers/Purpose of the Code** 

This Code of Ethics (the "Code") shall apply to Wasatch Funds Trust's (the "Company") Principal Executive Officer and Principal Financial Officer (the "Covered Officers," each of whom is named in Exhibit A attached hereto), consistent with and in furtherance of their fiduciary duties, and for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● full, fair, accurate, timely and understandable disclosure in reports and documents that the Company files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest has the potential to interfere with the interests of, or his or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company. Covered Officers must avoid conduct that conflicts, or appears to conflict, with their duties to the Company. All Covered Officers should conduct themselves such that any reasonable observer would have no grounds for belief that a conflict of interest has not been appropriately addressed and resolved. Covered Officers are not permitted to self-deal or otherwise to use their positions with the Company to further their own or any other related person's business opportunities.

This Code does not, and is not intended to, repeat or replace the programs and procedures or codes of ethics of the Company's investment advisor.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Company and its investment advisor and administrator of which the Covered Officers may be officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the investment advisor or the administrator), be involved in establishing policies and implementing decisions that will have different effects on the service providers and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and its service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940, as amended ("Investment Company Act") and the Investment Advisers Act of 1940, as amended, such activities will be deemed to have been handled ethically.

------

The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should be properly disclosed to the Company and resolved by persons who do not have a personal interest.

\* \* \* \*

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● use his or her personal influence or personal relationship improperly to influence investment decisions or
financial reporting by the Company whereby the Covered Officer would benefit personally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● cause the Company to take action, or fail to take action, for the improper personal benefit of the Covered
Officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● retaliate against any other Covered Officer or any employee of the Company or its affiliated persons for
reports that are made in good faith of actual or of potential violations by the Company or such affiliated persons of applicable rules and regulations.

Each Covered Officer must discuss certain material conflict of interest situations with the Company's Audit Committee. Examples of such situations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● service as a director on the Board of a publicly traded company held by a Wasatch Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● accepting directly or indirectly investment opportunities, gifts or other gratuities from individuals
conducting or seeking to conduct business with the Company or the Company's investment advisor. However, Covered Officers may accept gifts from a single giver in aggregate amounts not exceeding $100, and may attend business meals, sporting
events and other entertainment events at the expense of a giver as long as the expense is reasonable and both the giver(s) and the Covered Officer(s) are present;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any direct or indirect ownership interest in, financial relationships with, or any consulting or employment
relationship with, any of the Company's service providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for
effecting portfolio transactions or for selling or redeeming shares.

**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Each Covered Officer should familiarize himself or herself with the disclosure requirements generally
applicable to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Each Covered Officer should not knowingly or negligently misrepresent, or cause others to misrepresent, facts
about the Company to others, whether within or outside the Company, including to the Company's Board, Audit Committee and independent auditors, and to governmental regulators, self-regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with
other officers and employees of the Company and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents that the Company files with, or submits to, the SEC and in other
public communications made by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● It is the responsibility of each Covered Officer to promote and encourage professional integrity in all
aspects of the Company's operations.

------

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), sign and return a
report in the form of Exhibit B to the person named in Exhibit A affirming that he or she has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● annually sign and return a report in the form of Exhibit C to the person named in Exhibit A affirming that he
or she has complied with the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● notify the Company's Audit Committee promptly if he or she knows of any violation of this Code. Failure
to do so is itself a violation of this Code.

The Company's Audit Committee is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation including any approvals or waivers sought by the Covered Officers.

The Audit Committee will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Audit Committee will take all appropriate actions to investigate any potential violations reported to the
Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If, after such investigation, the Audit Committee believes that no violation has occurred, the Audit Committee
is not required to take any further action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any matter that the Audit Committee believes is a violation of this Code will be reported to the full Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● If the Board concurs that a violation has occurred, it will consider appropriate action, which may include
review of, and appropriate modifications to, applicable policies and procedures; notification to the appropriate personnel of the investment advisor, administrator or its board; and possible dismissal of the Covered Officer as an officer of the
Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Audit Committee will be responsible for granting waivers of provisions of this Code, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Company for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Company or the Company's investment advisor govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Company's and the investment advisor's code of ethics under Rule 17j-1 under the Investment Company Act and the investment advisor's other policies and procedures are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

------

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Company's Board or Audit Committee.

**VIII.** **Internal Use** 

The Code is intended solely for internal use by the Company and does not constitute an admission, by or on behalf of Company, as to any fact, circumstance or legal conclusion.

Date: November 11, 2009

Originally adopted by Wasatch Funds, Inc. August 27, 2003

------

**EXHIBIT A** 

Persons Covered by this Code of Ethics:

Eric Bergeson (Principal Executive Officer)

Kara H. Becker (Principal Financial Officer)

Recipient of reports under Article IV

Russell L. Biles (Chief Compliance Officer and Vice President, Wasatch Funds Trust)

Adopted November 11, 2009

(Exhibit A Amended by Wasatch Funds, Inc.: December 23, 2008; Amended by Wasatch Funds Trust: May 10, 2011, May 30, 2018, and January 1, 2024)

------

**EXHIBIT B** 

**INITIAL CERTIFICATION FORM** 

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Wasatch Funds Trust, dated November 11, 2009, and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please sign your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please print your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please date here:  |

---

------

**EXHIBIT C** 

**ANNUAL CERTIFICATION FORM** 

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Wasatch Funds Trust dated November 11, 2009, (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policy and procedures stated therein.

This is to further certify that I have complied with the requirements of the Code during the period of _____________ through ______________.

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please sign your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please print your name here: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Please date here:  |

---

## Ex-99.A3

**Exhibit 19(a)(3)** 

I, Eric S. Bergeson, President of Wasatch Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of Wasatch Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | December 3, 2025 |
| By: | <u>/s/ Eric S. Bergeson</u> |
|  | Eric S. Bergeson |
|  | President (principal executive officer) of Wasatch Funds Trust |

---

------

I, Kara Becker, Treasurer of Wasatch Funds Trust, certify that:

1. I have reviewed this report on Form N-CSR of Wasatch Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | December 3, 2025 |
| By: | <u>/s/ Kara Becker</u> |
|  | Kara Becker |
|  | Treasurer (principal financial officer) of Wasatch Funds Trust |

---

## Ex-99.B

**Exhibit 19(b)** 

I, Eric S. Bergeson, President, and I, Kara Becker, Treasurer, of Wasatch Funds Trust (the "Registrant"), each certify that:

1. The N-CSR of the Registrant (the "Report") fully
complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | <u>/s/ Eric S. Bergeson</u> |
|  | Eric S. Bergeson |
|  | President (principal executive officer) of Wasatch Funds Trust |
| Date: | December 3, 2025 |
| By: | <u>/s/ Kara Becker</u> |
|  | Kara Becker |
|  | Treasurer (principal financial officer) of Wasatch Funds Trust |
| Date: | December 3, 2025 |

---