# EDGAR Filing Document

**Accession Number:** 0000806633
**File Stem:** 0001193125-25-135638
**Filing Date:** 2025-6
**Character Count:** 630630
**Document Hash:** 92814dcbaf888704b2d7f5d904470b2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-135638.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001193125-25-135638

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04920
- **FILM NUMBER:** 251026442

**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: March 31, 2025

------

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

(a) Report to Shareholders is filed herewith.

#### Wasatch Core Growth Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WIGRX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Core Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $50 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4292491683 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $24247038 |

---

# 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. | 4.2% |
| Casella Waste Systems, Inc., Class A | 3.7% |
| Shift4 Payments, Inc., Class A | 3.2% |
| Paylocity Holding Corp. | 2.9% |
| Kadant, Inc. | 2.8% |
| Morningstar, Inc. | 2.7% |
| Valvoline, Inc. | 2.7% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.7% |
| Trex Co., Inc. | 2.6% |
| RBC Bearings, Inc. | 2.6% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 11.2% |
| Industrial Machinery & Supplies & Components | 7.6% |
| Building Products | 7.1% |
| Financial Exchanges & Data | 4.8% |
| Regional Banks | 4.4% |
| Managed Health Care | 4.2% |
| Asset Management & Custody Banks | 4.2% |
| Environmental & Facilities Services | 3.7% |
| Transaction & Payment Processing Services | 3.2% |
| Human Resource & Employment Services | 2.9% |

---

#### 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% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Core Growth Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Core Growth Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WGROX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Core Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $55 | 1.16% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4292491683 |
| # of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $24247038 |

---

# 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. | 4.2% |
| Casella Waste Systems, Inc., Class A | 3.7% |
| Shift4 Payments, Inc., Class A | 3.2% |
| Paylocity Holding Corp. | 2.9% |
| Kadant, Inc. | 2.8% |
| Morningstar, Inc. | 2.7% |
| Valvoline, Inc. | 2.7% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.7% |
| Trex Co., Inc. | 2.6% |
| RBC Bearings, Inc. | 2.6% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 11.2% |
| Industrial Machinery & Supplies & Components | 7.6% |
| Building Products | 7.1% |
| Financial Exchanges & Data | 4.8% |
| Regional Banks | 4.4% |
| Managed Health Care | 4.2% |
| Asset Management & Custody Banks | 4.2% |
| Environmental & Facilities Services | 3.7% |
| Transaction & Payment Processing Services | 3.2% |
| Human Resource & Employment Services | 2.9% |

---

#### 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% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Core Growth Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Emerging India Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WIINX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Emerging India Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $66 | 1.39% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $569913655 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $3869235 |

---

# 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. | 9.1% |
| Max Healthcare Institute Ltd. | 8.2% |
| Five-Star Business Finance Ltd. | 7.9% |
| Divi's Laboratories Ltd. | 7.8% |
| Kotak Mahindra Bank Ltd. | 5.0% |
| HDFC Bank Ltd. | 5.1% |
| AU Small Finance Bank Ltd. | 4.9% |
| Vijaya Diagnostic Centre Ltd. | 4.7% |
| Elgi Equipments Ltd. | 4.3% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Consumer Finance | 27.2% |
| Health Care Facilities | 10.1% |
| Diversified Banks | 9.9% |
| Life Sciences Tools & Services | 7.8% |
| Health Care Services | 6.6% |
| Regional Banks | 4.9% |
| Industrial Machinery & Supplies & Components | 4.3% |
| IT Consulting & Other Services | 4.2% |
| Diversified Support Services | 4.0% |
| Apparel Retail | 3.3% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.7% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Emerging India Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Emerging India Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAINX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Emerging India Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $72 | 1.52% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $569913655 |
| # of Portfolio Holdings | 26 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $3869235 |

---

# 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. | 9.1% |
| Max Healthcare Institute Ltd. | 8.2% |
| Five-Star Business Finance Ltd. | 7.9% |
| Divi's Laboratories Ltd. | 7.8% |
| Kotak Mahindra Bank Ltd. | 5.0% |
| HDFC Bank Ltd. | 5.1% |
| AU Small Finance Bank Ltd. | 4.9% |
| Vijaya Diagnostic Centre Ltd. | 4.7% |
| Elgi Equipments Ltd. | 4.3% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Consumer Finance | 27.2% |
| Health Care Facilities | 10.1% |
| Diversified Banks | 9.9% |
| Life Sciences Tools & Services | 7.8% |
| Health Care Services | 6.6% |
| Regional Banks | 4.9% |
| Industrial Machinery & Supplies & Components | 4.3% |
| IT Consulting & Other Services | 4.2% |
| Diversified Support Services | 4.0% |
| Apparel Retail | 3.3% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.7% |
| Other Assets and Liabilities, Net | 1.3% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Emerging India Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Emerging Markets Select Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WIESX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Emerging Markets Select Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $53 | 1.13% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $377414128 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $2050678 |

---

# 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. | 10.2% |
| MercadoLibre, Inc. | 7.8% |
| Sea Ltd. | 5.9% |
| Divi's Laboratories Ltd. | 5.3% |
| NU Holdings Ltd., Class A | 4.9% |
| WEG SA | 4.6% |
| Silergy Corp. | 4.6% |
| Voltronic Power Technology Corp. | 4.4% |
| Max Healthcare Institute Ltd. | 4.3% |
| ASPEED Technology, Inc. | 4.0% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Consumer Finance | 15.5% |
| Semiconductors | 11.3% |
| Electrical Components & Equipment | 9.0% |
| Broadline Retail | 8.9% |
| Diversified Banks | 8.2% |
| Interactive Home Entertainment | 5.9% |
| IT Consulting & Other Services | 5.4% |
| Life Sciences Tools & Services | 5.3% |
| Hotels, Resorts & Cruise Lines | 5.2% |
| Health Care Facilities | 4.3% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 101.1% |
| Other Assets and Liabilities, Net | (1.1%) |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Emerging Markets Select Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Emerging Markets Select Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAESX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Emerging Markets Select Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $64 | 1.37% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $377414128 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $2050678 |

---

# 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. | 10.2% |
| MercadoLibre, Inc. | 7.8% |
| Sea Ltd. | 5.9% |
| Divi's Laboratories Ltd. | 5.3% |
| NU Holdings Ltd., Class A | 4.9% |
| WEG SA | 4.6% |
| Silergy Corp. | 4.6% |
| Voltronic Power Technology Corp. | 4.4% |
| Max Healthcare Institute Ltd. | 4.3% |
| ASPEED Technology, Inc. | 4.0% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Consumer Finance | 15.5% |
| Semiconductors | 11.3% |
| Electrical Components & Equipment | 9.0% |
| Broadline Retail | 8.9% |
| Diversified Banks | 8.2% |
| Interactive Home Entertainment | 5.9% |
| IT Consulting & Other Services | 5.4% |
| Life Sciences Tools & Services | 5.3% |
| Hotels, Resorts & Cruise Lines | 5.2% |
| Health Care Facilities | 4.3% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 101.1% |
| Other Assets and Liabilities, Net | (1.1%) |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Emerging Markets Select Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Emerging Markets Small Cap Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WIEMX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Emerging Markets Small Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $83 | 1.82% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $242874424 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $2423866 |

---

# 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. | 6.5% |
| Baltic Classifieds Group PLC | 5.6% |
| Silergy Corp. | 5.1% |
| Voltronic Power Technology Corp. | 4.4% |
| Qualitas Controladora SAB de CV | 4.1% |
| Persistent Systems Ltd. | 3.7% |
| ASPEED Technology, Inc. | 3.7% |
| Globant SA | 3.6% |
| Aavas Financiers Ltd. | 3.4% |
| LEENO Industrial, Inc. | 2.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Semiconductors | 11.7% |
| IT Consulting & Other Services | 9.5% |
| Consumer Finance | 8.8% |
| Interactive Media & Services | 6.9% |
| Drug Retail | 4.6% |
| Electrical Components & Equipment | 4.4% |
| Diversified Support Services | 4.3% |
| Property & Casualty Insurance | 4.1% |
| Industrial Machinery & Supplies & Components | 3.9% |
| Commercial & Residential Mortgage Finance | 3.4% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Emerging Markets Small Cap Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Emerging Markets Small Cap Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAEMX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Emerging Markets Small Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $90 | 1.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $242874424 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $2423866 |

---

# 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. | 6.5% |
| Baltic Classifieds Group PLC | 5.6% |
| Silergy Corp. | 5.1% |
| Voltronic Power Technology Corp. | 4.4% |
| Qualitas Controladora SAB de CV | 4.1% |
| Persistent Systems Ltd. | 3.7% |
| ASPEED Technology, Inc. | 3.7% |
| Globant SA | 3.6% |
| Aavas Financiers Ltd. | 3.4% |
| LEENO Industrial, Inc. | 2.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Semiconductors | 11.7% |
| IT Consulting & Other Services | 9.5% |
| Consumer Finance | 8.8% |
| Interactive Media & Services | 6.9% |
| Drug Retail | 4.6% |
| Electrical Components & Equipment | 4.4% |
| Diversified Support Services | 4.3% |
| Property & Casualty Insurance | 4.1% |
| Industrial Machinery & Supplies & Components | 3.9% |
| Commercial & Residential Mortgage Finance | 3.4% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.1% |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Emerging Markets Small Cap Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Frontier Emerging Small Countries Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WIFMX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Frontier Emerging Small Countries Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $94 | 1.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34722058 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $262831 |

---

# 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. | 10.3% |
| FPT Corp. | 8.1% |
| MercadoLibre, Inc. | 7.8% |
| Sea Ltd., Class ADR | 6.7% |
| Akdital Holding | 6.1% |
| Baltic Classifieds Group PLC | 5.8% |
| TBC Bank Group PLC | 4.8% |
| Cholamandalam Investment & Finance Co. Ltd. | 4.7% |
| NU Holdings Ltd., Class A | 4.1% |
| Bank for Foreign Trade of Vietnam JSC | 3.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 20.9% |
| Consumer Finance | 17.3% |
| IT Consulting & Other Services | 11.1% |
| Health Care Facilities | 8.4% |
| Broadline Retail | 7.8% |
| Interactive Home Entertainment | 6.7% |
| Interactive Media & Services | 5.8% |
| Life & Health Insurance | 4.8% |
| Property & Casualty Insurance | 3.7% |
| Distillers & Vintners | 2.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.3% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Frontier Emerging Small Countries Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Frontier Emerging Small Countries Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAFMX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Frontier Emerging Small Countries Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $104 | 2.16% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $34722058 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 28% |
| Total Advisory Fees Paid | $262831 |

---

# 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. | 10.3% |
| FPT Corp. | 8.1% |
| MercadoLibre, Inc. | 7.8% |
| Sea Ltd., Class ADR | 6.7% |
| Akdital Holding | 6.1% |
| Baltic Classifieds Group PLC | 5.8% |
| TBC Bank Group PLC | 4.8% |
| Cholamandalam Investment & Finance Co. Ltd. | 4.7% |
| NU Holdings Ltd., Class A | 4.1% |
| Bank for Foreign Trade of Vietnam JSC | 3.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 20.9% |
| Consumer Finance | 17.3% |
| IT Consulting & Other Services | 11.1% |
| Health Care Facilities | 8.4% |
| Broadline Retail | 7.8% |
| Interactive Home Entertainment | 6.7% |
| Interactive Media & Services | 5.8% |
| Life & Health Insurance | 4.8% |
| Property & Casualty Insurance | 3.7% |
| Distillers & Vintners | 2.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.3% |
| Other Assets and Liabilities, Net | (0.3%) |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Frontier Emerging Small Countries Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Global Opportunities Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WIGOX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Global Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $64 | 1.35% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $192318572 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $1307014 |

---

# 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 |
| BayCurrent, Inc. | 4.8% |
| HealthEquity, Inc. | 4.0% |
| MonotaRO Co. Ltd. | 3.3% |
| Ensign Group, Inc. | 2.9% |
| Shift4 Payments, Inc., Class A | 3.0% |
| RBC Bearings, Inc. | 3.0% |
| Voltronic Power Technology Corp. | 3.0% |
| Five-Star Business Finance Ltd. | 2.7% |
| Trex Co., Inc. | 2.6% |
| AU Small Finance Bank Ltd. | 2.4% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 8.5% |
| Semiconductors | 5.9% |
| Industrial Machinery & Supplies & Components | 5.7% |
| Health Care Facilities | 5.4% |
| Trading Companies & Distributors | 5.3% |
| IT Consulting & Other Services | 4.8% |
| Research & Consulting Services | 4.8% |
| Regional Banks | 4.2% |
| Consumer Finance | 4.1% |
| Managed Health Care | 4.0% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.9% |
| Other Assets and Liabilities, Net | (0.9%) |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Global Opportunities Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Global Opportunities Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAGOX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Global Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $70 | 1.47% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $192318572 |
| # of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $1307014 |

---

# 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 |
| BayCurrent, Inc. | 4.8% |
| HealthEquity, Inc. | 4.0% |
| MonotaRO Co. Ltd. | 3.3% |
| Ensign Group, Inc. | 2.9% |
| Shift4 Payments, Inc., Class A | 3.0% |
| RBC Bearings, Inc. | 3.0% |
| Voltronic Power Technology Corp. | 3.0% |
| Five-Star Business Finance Ltd. | 2.7% |
| Trex Co., Inc. | 2.6% |
| AU Small Finance Bank Ltd. | 2.4% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 8.5% |
| Semiconductors | 5.9% |
| Industrial Machinery & Supplies & Components | 5.7% |
| Health Care Facilities | 5.4% |
| Trading Companies & Distributors | 5.3% |
| IT Consulting & Other Services | 4.8% |
| Research & Consulting Services | 4.8% |
| Regional Banks | 4.2% |
| Consumer Finance | 4.1% |
| Managed Health Care | 4.0% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 100.9% |
| Other Assets and Liabilities, Net | (0.9%) |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Global Opportunities Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Global Select Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WGGSX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Global Select Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $47 | 0.96% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13211784 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $8643 |

---

# 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. | 5.7% |
| BayCurrent, Inc. | 4.9% |
| MercadoLibre, Inc. | 4.7% |
| Scout24 SE | 4.6% |
| Roper Technologies, Inc. | 4.6% |
| HealthEquity, Inc. | 4.2% |
| RBC Bearings, Inc. | 4.2% |
| Copart, Inc. | 4.1% |
| Morningstar, Inc. | 4.0% |
| MonotaRO Co. Ltd. | 3.8% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 14.6% |
| Broadline Retail | 6.4% |
| Consumer Finance | 5.7% |
| Research & Consulting Services | 4.9% |
| Interactive Media & Services | 4.6% |
| Transaction & Payment Processing Services | 4.5% |
| Diversified Banks | 4.5% |
| Semiconductors | 4.3% |
| Managed Health Care | 4.2% |
| Industrial Machinery & Supplies & Components | 4.2% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 101.5% |
| Other Assets and Liabilities, Net | (1.5%) |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Global Select Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Global Select Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAGSX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Global Select Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $66 | 1.36% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $13211784 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $8643 |

---

# 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. | 5.7% |
| BayCurrent, Inc. | 4.9% |
| MercadoLibre, Inc. | 4.7% |
| Scout24 SE | 4.6% |
| Roper Technologies, Inc. | 4.6% |
| HealthEquity, Inc. | 4.2% |
| RBC Bearings, Inc. | 4.2% |
| Copart, Inc. | 4.1% |
| Morningstar, Inc. | 4.0% |
| MonotaRO Co. Ltd. | 3.8% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 14.6% |
| Broadline Retail | 6.4% |
| Consumer Finance | 5.7% |
| Research & Consulting Services | 4.9% |
| Interactive Media & Services | 4.6% |
| Transaction & Payment Processing Services | 4.5% |
| Diversified Banks | 4.5% |
| Semiconductors | 4.3% |
| Managed Health Care | 4.2% |
| Industrial Machinery & Supplies & Components | 4.2% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 101.5% |
| Other Assets and Liabilities, Net | (1.5%) |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Global Select Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Global Value Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WILCX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Global Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $49 | 0.95% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $131178755 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $518220 |

---

# 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 | 4.9% |
| Duke Energy Corp. | 4.1% |
| Exelon Corp. | 4.0% |
| Novartis AG | 4.0% |
| TotalEnergies SE | 3.8% |
| JPMorgan Chase & Co. | 3.7% |
| United Overseas Bank Ltd. | 3.5% |
| Union Pacific Corp. | 3.3% |
| VICI Properties, Inc. | 3.3% |
| Evergy, Inc. | 3.3% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 14.6% |
| Electric Utilities | 11.4% |
| Pharmaceuticals | 10.7% |
| Integrated Oil & Gas | 8.8% |
| Integrated Telecommunication Services | 7.8% |
| Rail Transportation | 3.3% |
| Other Specialized REIT's | 3.3% |
| Multi-Line Insurance | 3.2% |
| Food Retail | 3.0% |
| Tobacco | 2.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.4% |
| Other Assets and Liabilities, Net | 1.6% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Global Value Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Global Value Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class FMIEX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Global Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $56 | 1.10% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $131178755 |
| # of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $518220 |

---

# 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 | 4.9% |
| Duke Energy Corp. | 4.1% |
| Exelon Corp. | 4.0% |
| Novartis AG | 4.0% |
| TotalEnergies SE | 3.8% |
| JPMorgan Chase & Co. | 3.7% |
| United Overseas Bank Ltd. | 3.5% |
| Union Pacific Corp. | 3.3% |
| VICI Properties, Inc. | 3.3% |
| Evergy, Inc. | 3.3% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 14.6% |
| Electric Utilities | 11.4% |
| Pharmaceuticals | 10.7% |
| Integrated Oil & Gas | 8.8% |
| Integrated Telecommunication Services | 7.8% |
| Rail Transportation | 3.3% |
| Other Specialized REIT's | 3.3% |
| Multi-Line Insurance | 3.2% |
| Food Retail | 3.0% |
| Tobacco | 2.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.4% |
| Other Assets and Liabilities, Net | 1.6% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Global Value Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch International Growth Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WIIGX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch International Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $65 | 1.36% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $197773562 |
| # of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $1515396 |

---

# 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 |
| BayCurrent, Inc. | 4.6% |
| MonotaRO Co. Ltd. | 4.6% |
| Definity Financial Corp. | 3.7% |
| Diploma PLC | 3.7% |
| Ryohin Keikaku Co. Ltd. | 3.6% |
| Scout24 SE | 3.6% |
| Technology One Ltd. | 3.6% |
| Cholamandalam Financial Holdings Ltd. | 3.2% |
| Halma PLC | 3.3% |
| Sugi Holdings Co. Ltd. | 3.0% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Interactive Media & Services | 9.1% |
| Trading Companies & Distributors | 8.3% |
| Application Software | 8.2% |
| IT Consulting & Other Services | 6.3% |
| Property & Casualty Insurance | 5.3% |
| Electronic Equipment & Instruments | 4.7% |
| Research & Consulting Services | 4.6% |
| Consumer Finance | 4.1% |
| Asset Management & Custody Banks | 3.8% |
| Semiconductors | 3.7% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.5% |
| Other Assets and Liabilities, Net | 1.5% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch International Growth Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch International Growth Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAIGX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch International Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $71 | 1.49% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $197773562 |
| # of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 24% |
| Total Advisory Fees Paid | $1515396 |

---

# 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 |
| BayCurrent, Inc. | 4.6% |
| MonotaRO Co. Ltd. | 4.6% |
| Definity Financial Corp. | 3.7% |
| Diploma PLC | 3.7% |
| Ryohin Keikaku Co. Ltd. | 3.6% |
| Scout24 SE | 3.6% |
| Technology One Ltd. | 3.6% |
| Cholamandalam Financial Holdings Ltd. | 3.2% |
| Halma PLC | 3.3% |
| Sugi Holdings Co. Ltd. | 3.0% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Interactive Media & Services | 9.1% |
| Trading Companies & Distributors | 8.3% |
| Application Software | 8.2% |
| IT Consulting & Other Services | 6.3% |
| Property & Casualty Insurance | 5.3% |
| Electronic Equipment & Instruments | 4.7% |
| Research & Consulting Services | 4.6% |
| Consumer Finance | 4.1% |
| Asset Management & Custody Banks | 3.8% |
| Semiconductors | 3.7% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.5% |
| Other Assets and Liabilities, Net | 1.5% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch International Growth Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch International Opportunities Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WIIOX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch International Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $96 | 2.02% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $57925901 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $689353 |

---

# 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 |
| Mortgage Advice Bureau Holdings Ltd. | 4.1% |
| Japan Elevator Service Holdings Co. Ltd. | 4.1% |
| Baltic Classifieds Group PLC | 3.8% |
| Hemnet Group AB | 3.9% |
| Vijaya Diagnostic Centre Ltd. | 3.7% |
| Aavas Financiers Ltd. | 3.5% |
| Atoss Software SE | 3.3% |
| baudroie, Inc. | 3.0% |
| SIGMAXYZ Holdings, Inc. | 2.8% |
| JTC PLC | 2.7% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 12.3% |
| Diversified Support Services | 11.1% |
| Interactive Media & Services | 8.9% |
| Commercial & Residential Mortgage Finance | 7.6% |
| Asset Management & Custody Banks | 6.8% |
| IT Consulting & Other Services | 4.4% |
| Food Retail | 4.1% |
| Electronic Equipment & Instruments | 3.7% |
| Health Care Services | 3.7% |
| Research & Consulting Services | 3.5% |

---

#### 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% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch International Opportunities Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch International Opportunities Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAIOX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch International Opportunities Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $110 | 2.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $57925901 |
| # of Portfolio Holdings | 51 |
| Portfolio Turnover Rate | 14% |
| Total Advisory Fees Paid | $689353 |

---

# 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 |
| Mortgage Advice Bureau Holdings Ltd. | 4.1% |
| Japan Elevator Service Holdings Co. Ltd. | 4.1% |
| Baltic Classifieds Group PLC | 3.8% |
| Hemnet Group AB | 3.9% |
| Vijaya Diagnostic Centre Ltd. | 3.7% |
| Aavas Financiers Ltd. | 3.5% |
| Atoss Software SE | 3.3% |
| baudroie, Inc. | 3.0% |
| SIGMAXYZ Holdings, Inc. | 2.8% |
| JTC PLC | 2.7% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 12.3% |
| Diversified Support Services | 11.1% |
| Interactive Media & Services | 8.9% |
| Commercial & Residential Mortgage Finance | 7.6% |
| Asset Management & Custody Banks | 6.8% |
| IT Consulting & Other Services | 4.4% |
| Food Retail | 4.1% |
| Electronic Equipment & Instruments | 3.7% |
| Health Care Services | 3.7% |
| Research & Consulting Services | 3.5% |

---

#### 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% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch International Opportunities Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch International Select Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WGISX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch International Select Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $45 | 0.91% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3784301 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 23% |
| 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 |
| Dollarama, Inc. | 6.7% |
| Halma PLC | 5.0% |
| Scout24 SE | 5.0% |
| FirstService Corp. | 4.7% |
| Ferrari NV | 4.5% |
| Definity Financial Corp. | 4.5% |
| Spotify Technology SA | 4.3% |
| Constellation Software, Inc. | 4.0% |
| Sumitomo Realty & Development Co. Ltd. | 4.0% |
| Rakuten Bank Ltd. | 3.8% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Interactive Media & Services | 8.5% |
| Application Software | 8.4% |
| Broadline Retail | 8.4% |
| Research & Consulting Services | 6.5% |
| Electronic Equipment & Instruments | 5.0% |
| Real Estate Services | 4.7% |
| Automobile Manufacturers | 4.5% |
| Property & Casualty Insurance | 4.5% |
| Movies & Entertainment | 4.3% |
| Diversified Real Estate Activities | 4.0% |

---

#### 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% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch International Select Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch International Select Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAISX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch International Select Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $65 | 1.31% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $3784301 |
| # of Portfolio Holdings | 33 |
| Portfolio Turnover Rate | 23% |
| 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 |
| Dollarama, Inc. | 6.7% |
| Halma PLC | 5.0% |
| Scout24 SE | 5.0% |
| FirstService Corp. | 4.7% |
| Ferrari NV | 4.5% |
| Definity Financial Corp. | 4.5% |
| Spotify Technology SA | 4.3% |
| Constellation Software, Inc. | 4.0% |
| Sumitomo Realty & Development Co. Ltd. | 4.0% |
| Rakuten Bank Ltd. | 3.8% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Interactive Media & Services | 8.5% |
| Application Software | 8.4% |
| Broadline Retail | 8.4% |
| Research & Consulting Services | 6.5% |
| Electronic Equipment & Instruments | 5.0% |
| Real Estate Services | 4.7% |
| Automobile Manufacturers | 4.5% |
| Property & Casualty Insurance | 4.5% |
| Movies & Entertainment | 4.3% |
| Diversified Real Estate Activities | 4.0% |

---

#### 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% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch International Select Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Long/Short Alpha Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WGLSX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Long/Short Alpha Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $89 | 1.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $70295421 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $476733 |

---

# 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 |
| Roper Technologies, Inc. | 4.2% |
| Ensign Group, Inc. | 4.1% |
| Morningstar, Inc. | 3.7% |
| HealthEquity, Inc. | 3.4% |
| Workday, Inc., Class A | 3.1% |
| RBC Bearings, Inc. | 3.0% |
| Kadant, Inc. | 3.1% |
| Bank OZK | 2.9% |
| Guidewire Software, Inc. | 2.9% |
| Hamilton Lane, Inc., Class A | 2.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 12.8% |
| Financial Exchanges & Data | 6.1% |
| Industrial Machinery & Supplies & Components | 5.9% |
| Health Care Facilities | 4.1% |
| Transaction & Payment Processing Services | 3.9% |
| Managed Health Care | 3.4% |
| Health Care Services | 3.2% |
| Regional Banks | 2.9% |
| Packaged Foods & Meats | 2.9% |
| Asset Management & Custody Banks | 2.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 105.3% |
| Warrants | 0.0% |
| Other Assets and Liabilities, Net | (5.3%) |
| Total | 100.0% |

---

*All tables above exclude securities sold short.*

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Long/Short Alpha Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Long/Short Alpha Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WALSX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Long/Short Alpha Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $92 | 1.97% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $70295421 |
| # of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $476733 |

---

# 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 |
| Roper Technologies, Inc. | 4.2% |
| Ensign Group, Inc. | 4.1% |
| Morningstar, Inc. | 3.7% |
| HealthEquity, Inc. | 3.4% |
| Workday, Inc., Class A | 3.1% |
| RBC Bearings, Inc. | 3.0% |
| Kadant, Inc. | 3.1% |
| Bank OZK | 2.9% |
| Guidewire Software, Inc. | 2.9% |
| Hamilton Lane, Inc., Class A | 2.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 12.8% |
| Financial Exchanges & Data | 6.1% |
| Industrial Machinery & Supplies & Components | 5.9% |
| Health Care Facilities | 4.1% |
| Transaction & Payment Processing Services | 3.9% |
| Managed Health Care | 3.4% |
| Health Care Services | 3.2% |
| Regional Banks | 2.9% |
| Packaged Foods & Meats | 2.9% |
| Asset Management & Custody Banks | 2.9% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 105.3% |
| Warrants | 0.0% |
| Other Assets and Liabilities, Net | (5.3%) |
| Total | 100.0% |

---

*All tables above exclude securities sold short.*

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Long/Short Alpha Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Micro Cap Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WGICX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Micro Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $74 | 1.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $555286082 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $5039472 |

---

# 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 |
| HCI Group, Inc. | 3.4% |
| Esquire Financial Holdings, Inc. | 3.4% |
| GCM Grosvenor, Inc., Class A | 3.3% |
| Addus HomeCare Corp. | 3.1% |
| Vita Coco Co., Inc. | 2.9% |
| EZCORP, Inc., Class A | 2.9% |
| Standex International Corp. | 2.7% |
| Mama's Creations, Inc. | 2.6% |
| Limbach Holdings, Inc. | 2.4% |
| Red Violet, Inc. | 2.5% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 9.4% |
| Health Care Services | 6.6% |
| Packaged Foods & Meats | 6.1% |
| Property & Casualty Insurance | 5.9% |
| Industrial Machinery & Supplies & Components | 5.2% |
| Construction & Engineering | 4.8% |
| Health Care Supplies | 3.9% |
| Regional Banks | 3.4% |
| Asset Management & Custody Banks | 3.3% |
| Education Services | 3.2% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.3% |
| Preferred Stocks | 1.7% |
| Warrants | 0.0% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Micro Cap Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Micro Cap Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WMICX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Micro Cap Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $76 | 1.64% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $555286082 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 43% |
| Total Advisory Fees Paid | $5039472 |

---

# 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 |
| HCI Group, Inc. | 3.4% |
| Esquire Financial Holdings, Inc. | 3.4% |
| GCM Grosvenor, Inc., Class A | 3.3% |
| Addus HomeCare Corp. | 3.1% |
| Vita Coco Co., Inc. | 2.9% |
| EZCORP, Inc., Class A | 2.9% |
| Standex International Corp. | 2.7% |
| Mama's Creations, Inc. | 2.6% |
| Limbach Holdings, Inc. | 2.4% |
| Red Violet, Inc. | 2.5% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 9.4% |
| Health Care Services | 6.6% |
| Packaged Foods & Meats | 6.1% |
| Property & Casualty Insurance | 5.9% |
| Industrial Machinery & Supplies & Components | 5.2% |
| Construction & Engineering | 4.8% |
| Health Care Supplies | 3.9% |
| Regional Banks | 3.4% |
| Asset Management & Custody Banks | 3.3% |
| Education Services | 3.2% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.3% |
| Preferred Stocks | 1.7% |
| Warrants | 0.0% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Micro Cap Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Micro Cap Value Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WGMVX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Micro Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $78 | 1.60% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $305689254 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $2532778 |

---

# 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 |
| HCI Group, Inc. | 3.7% |
| Champion Homes, Inc. | 3.5% |
| Red Violet, Inc. | 2.7% |
| Skyward Specialty Insurance Group, Inc. | 2.6% |
| Bowhead Specialty Holdings, Inc. | 2.4% |
| Limbach Holdings, Inc. | 2.4% |
| Weave Communications, Inc. | 2.1% |
| EZCORP, Inc., Class A | 2.2% |
| GCM Grosvenor, Inc., Class A | 1.9% |
| VSE Corp. | 1.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Property & Casualty Insurance | 8.7% |
| Application Software | 7.0% |
| Regional Banks | 6.7% |
| Construction & Engineering | 6.2% |
| Packaged Foods & Meats | 5.0% |
| Health Care Equipment | 4.0% |
| Health Care Services | 3.7% |
| Investment Banking & Brokerage | 3.7% |
| Homebuilding | 3.5% |
| Electronic Equipment & Instruments | 3.2% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 96.9% |
| Other Assets and Liabilities, Net | 3.1% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Micro Cap Value Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Micro Cap Value Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAMVX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Micro Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $81 | 1.67% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $305689254 |
| # of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 31% |
| Total Advisory Fees Paid | $2532778 |

---

# 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 |
| HCI Group, Inc. | 3.7% |
| Champion Homes, Inc. | 3.5% |
| Red Violet, Inc. | 2.7% |
| Skyward Specialty Insurance Group, Inc. | 2.6% |
| Bowhead Specialty Holdings, Inc. | 2.4% |
| Limbach Holdings, Inc. | 2.4% |
| Weave Communications, Inc. | 2.1% |
| EZCORP, Inc., Class A | 2.2% |
| GCM Grosvenor, Inc., Class A | 1.9% |
| VSE Corp. | 1.9% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Property & Casualty Insurance | 8.7% |
| Application Software | 7.0% |
| Regional Banks | 6.7% |
| Construction & Engineering | 6.2% |
| Packaged Foods & Meats | 5.0% |
| Health Care Equipment | 4.0% |
| Health Care Services | 3.7% |
| Investment Banking & Brokerage | 3.7% |
| Homebuilding | 3.5% |
| Electronic Equipment & Instruments | 3.2% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 96.9% |
| Other Assets and Liabilities, Net | 3.1% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Micro Cap Value Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Small Cap Growth Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WIAEX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Small Cap Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $50 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1792046445 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $10630783 |

---

# 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 |
| Ollie's Bargain Outlet Holdings, Inc. | 4.4% |
| Paylocity Holding Corp. | 4.2% |
| RBC Bearings, Inc. | 4.2% |
| BellRing Brands, Inc. | 4.1% |
| HealthEquity, Inc. | 3.8% |
| Pinnacle Financial Partners, Inc. | 3.7% |
| Ensign Group, Inc. | 3.5% |
| Nova Ltd. | 3.4% |
| Shift4 Payments, Inc., Class A | 3.2% |
| Addus HomeCare Corp. | 3.1% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 8.0% |
| Broadline Retail | 5.6% |
| Semiconductor Materials & Equipment | 4.8% |
| Human Resource & Employment Services | 4.2% |
| Industrial Machinery & Supplies & Components | 4.2% |
| Personal Care Products | 4.1% |
| Transaction & Payment Processing Services | 4.0% |
| Systems Software | 4.0% |
| Trading Companies & Distributors | 3.8% |
| Managed Health Care | 3.8% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 95.3% |
| Preferred Stocks | 1.4% |
| Other Assets and Liabilities, Net | 3.3% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Small Cap Growth Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Small Cap Growth Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAAEX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Small Cap Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $54 | 1.14% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1792046445 |
| # of Portfolio Holdings | 47 |
| Portfolio Turnover Rate | 17% |
| Total Advisory Fees Paid | $10630783 |

---

# 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 |
| Ollie's Bargain Outlet Holdings, Inc. | 4.4% |
| Paylocity Holding Corp. | 4.2% |
| RBC Bearings, Inc. | 4.2% |
| BellRing Brands, Inc. | 4.1% |
| HealthEquity, Inc. | 3.8% |
| Pinnacle Financial Partners, Inc. | 3.7% |
| Ensign Group, Inc. | 3.5% |
| Nova Ltd. | 3.4% |
| Shift4 Payments, Inc., Class A | 3.2% |
| Addus HomeCare Corp. | 3.1% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 8.0% |
| Broadline Retail | 5.6% |
| Semiconductor Materials & Equipment | 4.8% |
| Human Resource & Employment Services | 4.2% |
| Industrial Machinery & Supplies & Components | 4.2% |
| Personal Care Products | 4.1% |
| Transaction & Payment Processing Services | 4.0% |
| Systems Software | 4.0% |
| Trading Companies & Distributors | 3.8% |
| Managed Health Care | 3.8% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 95.3% |
| Preferred Stocks | 1.4% |
| Other Assets and Liabilities, Net | 3.3% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Small Cap Growth Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Small Cap Value Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WICVX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Small Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $49 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1486390757 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $8170591 |

---

# 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 |
| Valvoline, Inc. | 3.0% |
| National Storage Affiliates Trust | 2.8% |
| Kadant, Inc. | 2.6% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.4% |
| Bank OZK | 2.4% |
| Pinnacle Financial Partners, Inc. | 2.4% |
| Allison Transmission Holdings, Inc. | 2.3% |
| HealthEquity, Inc. | 2.3% |
| Euronet Worldwide, Inc. | 2.3% |
| UFP Industries, Inc. | 2.3% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Regional Banks | 10.6% |
| Industrial Machinery & Supplies & Components | 6.8% |
| Electronic Manufacturing Services | 5.6% |
| Asset Management & Custody Banks | 5.5% |
| Oil & Gas Exploration & Production | 3.7% |
| Semiconductor Materials & Equipment | 3.6% |
| Education Services | 3.6% |
| Homebuilding | 3.4% |
| Building Products | 3.2% |
| Automotive Retail | 3.0% |

---

#### 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% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Small Cap Value Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Small Cap Value Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WMCVX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Small Cap Value Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $54 | 1.16% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $1486390757 |
| # of Portfolio Holdings | 58 |
| Portfolio Turnover Rate | 29% |
| Total Advisory Fees Paid | $8170591 |

---

# 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 |
| Valvoline, Inc. | 3.0% |
| National Storage Affiliates Trust | 2.8% |
| Kadant, Inc. | 2.6% |
| Ollie's Bargain Outlet Holdings, Inc. | 2.4% |
| Bank OZK | 2.4% |
| Pinnacle Financial Partners, Inc. | 2.4% |
| Allison Transmission Holdings, Inc. | 2.3% |
| HealthEquity, Inc. | 2.3% |
| Euronet Worldwide, Inc. | 2.3% |
| UFP Industries, Inc. | 2.3% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Regional Banks | 10.6% |
| Industrial Machinery & Supplies & Components | 6.8% |
| Electronic Manufacturing Services | 5.6% |
| Asset Management & Custody Banks | 5.5% |
| Oil & Gas Exploration & Production | 3.7% |
| Semiconductor Materials & Equipment | 3.6% |
| Education Services | 3.6% |
| Homebuilding | 3.4% |
| Building Products | 3.2% |
| Automotive Retail | 3.0% |

---

#### 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% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Small Cap Value Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch U.S. Select Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WGUSX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch U.S. Select Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $41 | 0.85% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $29049019 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $58171 |

---

# 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 |
| Roper Technologies, Inc. | 4.6% |
| Copart, Inc. | 4.3% |
| HealthEquity, Inc. | 4.2% |
| AMETEK, Inc. | 4.1% |
| HEICO Corp., Class A | 4.1% |
| Morningstar, Inc. | 4.0% |
| RBC Bearings, Inc. | 3.6% |
| BellRing Brands, Inc. | 3.5% |
| Ensign Group, Inc. | 3.4% |
| Shift4 Payments, Inc., Class A | 3.4% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 22.2% |
| Financial Exchanges & Data | 6.8% |
| Transaction & Payment Processing Services | 5.4% |
| Diversified Support Services | 4.3% |
| Managed Health Care | 4.2% |
| Life Sciences Tools & Services | 4.1% |
| Electrical Components & Equipment | 4.1% |
| Aerospace & Defense | 4.1% |
| Industrial Machinery & Supplies & Components | 3.6% |
| Personal Care Products | 3.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.6% |
| Other Assets and Liabilities, Net | 1.4% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch U.S. Select Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch U.S. Select Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAUSX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch U.S. Select Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $48 | 1.00% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $29049019 |
| # of Portfolio Holdings | 34 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $58171 |

---

# 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 |
| Roper Technologies, Inc. | 4.6% |
| Copart, Inc. | 4.3% |
| HealthEquity, Inc. | 4.2% |
| AMETEK, Inc. | 4.1% |
| HEICO Corp., Class A | 4.1% |
| Morningstar, Inc. | 4.0% |
| RBC Bearings, Inc. | 3.6% |
| BellRing Brands, Inc. | 3.5% |
| Ensign Group, Inc. | 3.4% |
| Shift4 Payments, Inc., Class A | 3.4% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Application Software | 22.2% |
| Financial Exchanges & Data | 6.8% |
| Transaction & Payment Processing Services | 5.4% |
| Diversified Support Services | 4.3% |
| Managed Health Care | 4.2% |
| Life Sciences Tools & Services | 4.1% |
| Electrical Components & Equipment | 4.1% |
| Aerospace & Defense | 4.1% |
| Industrial Machinery & Supplies & Components | 3.6% |
| Personal Care Products | 3.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 98.6% |
| Other Assets and Liabilities, Net | 1.4% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch U.S. Select Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch Ultra Growth Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WGMCX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Ultra Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $49 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $733957537 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $4637396 |

---

# 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 |
| Freshpet, Inc. | 3.6% |
| HealthEquity, Inc. | 3.5% |
| Casella Waste Systems, Inc., Class A | 3.5% |
| Paylocity Holding Corp. | 3.1% |
| Shift4 Payments, Inc., Class A | 3.0% |
| Inspire Medical Systems, Inc. | 2.8% |
| CyberArk Software Ltd. | 2.8% |
| PDF Solutions, Inc. | 2.6% |
| Exact Sciences Corp. | 2.7% |
| Goosehead Insurance, Inc., Class A | 2.7% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Semiconductor Materials & Equipment | 9.2% |
| Health Care Equipment | 9.0% |
| Systems Software | 7.9% |
| Biotechnology | 7.4% |
| Application Software | 5.4% |
| Packaged Foods & Meats | 3.6% |
| Managed Health Care | 3.5% |
| Environmental & Facilities Services | 3.5% |
| Human Resource & Employment Services | 3.1% |
| Transaction & Payment Processing Services | 3.0% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.7% |
| Preferred Stocks | 1.9% |
| Warrants | 0.1% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Ultra Growth Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch Ultra Growth Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAMCX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch Ultra Growth Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $56 | 1.20% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $733957537 |
| # of Portfolio Holdings | 60 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $4637396 |

---

# 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 |
| Freshpet, Inc. | 3.6% |
| HealthEquity, Inc. | 3.5% |
| Casella Waste Systems, Inc., Class A | 3.5% |
| Paylocity Holding Corp. | 3.1% |
| Shift4 Payments, Inc., Class A | 3.0% |
| Inspire Medical Systems, Inc. | 2.8% |
| CyberArk Software Ltd. | 2.8% |
| PDF Solutions, Inc. | 2.6% |
| Exact Sciences Corp. | 2.7% |
| Goosehead Insurance, Inc., Class A | 2.7% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Semiconductor Materials & Equipment | 9.2% |
| Health Care Equipment | 9.0% |
| Systems Software | 7.9% |
| Biotechnology | 7.4% |
| Application Software | 5.4% |
| Packaged Foods & Meats | 3.6% |
| Managed Health Care | 3.5% |
| Environmental & Facilities Services | 3.5% |
| Human Resource & Employment Services | 3.1% |
| Transaction & Payment Processing Services | 3.0% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 97.7% |
| Preferred Stocks | 1.9% |
| Warrants | 0.1% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch Ultra Growth Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch International Value Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Institutional Class WGIVX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch International Value Fund for the period of November 29, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $32 | 0.90% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4761533 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 5% |
| 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% |
| Engie SA | 3.6% |
| British American Tobacco PLC | 3.3% |
| Deutsche Telekom AG | 3.3% |
| Japan Tobacco, Inc. | 3.1% |
| ING Groep NV | 2.9% |
| Telekom Austria AG | 3.0% |
| AXA SA | 2.8% |
| Nordea Bank Abp | 2.8% |
| Novartis AG | 2.8% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 15.7% |
| Pharmaceuticals | 9.5% |
| Integrated Oil & Gas | 9.3% |
| Multi-Utilities | 7.7% |
| Tobacco | 6.4% |
| Integrated Telecommunication Services | 6.1% |
| Reinsurance | 4.8% |
| Multi-Line Insurance | 3.0% |
| Soft Drinks & Non-Alcoholic Beverages | 2.7% |
| Food Retail | 2.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 95.9% |
| Other Assets and Liabilities, Net | 4.1% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch International Value Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Institutional Class

#### Wasatch International Value Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Investor Class WAIVX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch International Value Fund for the period of November 29, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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 | $37 | 1.05% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $4761533 |
| # of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 5% |
| 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% |
| Engie SA | 3.6% |
| British American Tobacco PLC | 3.3% |
| Deutsche Telekom AG | 3.3% |
| Japan Tobacco, Inc. | 3.1% |
| ING Groep NV | 2.9% |
| Telekom Austria AG | 3.0% |
| AXA SA | 2.8% |
| Nordea Bank Abp | 2.8% |
| Novartis AG | 2.8% |

---

#### Top 10 Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Diversified Banks | 15.7% |
| Pharmaceuticals | 9.5% |
| Integrated Oil & Gas | 9.3% |
| Multi-Utilities | 7.7% |
| Tobacco | 6.4% |
| Integrated Telecommunication Services | 6.1% |
| Reinsurance | 4.8% |
| Multi-Line Insurance | 3.0% |
| Soft Drinks & Non-Alcoholic Beverages | 2.7% |
| Food Retail | 2.5% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| Common Stocks | 95.9% |
| Other Assets and Liabilities, Net | 4.1% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch International Value Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Investor Class

#### Wasatch-Hoisington U.S. Treasury Fund
![Image](g921589i3c4b34248434108b4a77.jpg)

#### Single Class WHOSX

#### Semi-Annual Shareholder Report - March 31, 2025
This Semi-Annual shareholder report contains important information about Wasatch-Hoisington U.S. Treasury Fund for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at www.wasatchglobal.com. You can also request this information by contacting us at 800-551-1700.

# What were the Fund costs for last six months?

#### Semi-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<sup>Footnote Reference1</sup>** |
| Wasatch-Hoisington U.S. Treasury Fund | $35 | 0.74% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Costs paid as a percentage of a $10,000 investment is an annualized figure. |

---

# Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets | $148627897 |
| # of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $395745 |

---

# 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 | 37.3% |
| U.S. Treasury Bond, 1.375%, due 8/15/50 | 16.4% |
| U.S. Treasury Bond, 1.875%, due 11/15/51 | 15.8% |
| U.S. Treasury Bond, 1.250%, due 5/15/50 | 15.3% |
| U.S. Treasury STRIPS Principal, 2.000%, due 8/15/51 | 6.6% |
| U.S. Treasury STRIPS Principal, 3.625%, due 5/15/53 | 6.5% |

---

#### Top Industries (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Industry | &nbsp;&nbsp;&nbsp;Value |
| Sovereign | 97.7% |

---

#### Portfolio Compositions (%)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Asset Type | &nbsp;&nbsp;&nbsp;Value |
| U.S. Government Obligations | 97.7% |
| Other Assets and Liabilities, Net | 2.3% |
| Total | 100.0% |

---

# Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: https://wasatchglobal.com/](g921589ia3d98f113d42268ee3d0.jpg)

If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.wasatchglobal.com.

Phone: 800-551-1700

Email: shareholderservice@wasatchfunds.com

![Image](g921589i3c4b34248434108b4a77.jpg)

#### Wasatch-Hoisington U.S. Treasury Fund

#### Semi-Annual Shareholder Report

#### March 31, 2025

#### Single Class

------

(b) Not applicable.

**Item 2.** **<u>Code of Ethics.</u>** <br>

Not required.

**Item 3.** **<u>Audit Committee Financial Expert.</u>** <br>

Not required.

**Item 4.** **<u>Principal Accountant Fees and Services.</u>** <br>

Not required.

**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) Wasatch Funds Trust's (the "Registrant") Financial Statements are attached herewith.

(b) The Registrant's Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.

------

---

| | |
|:---|:---|
| ![LOGO](g921589g68m69.jpg) | WASATCHGLOBAL.COM |

---

MARCH 31, 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](#tx921589_1) [Item 6 of Form N-CSR] | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Core Growth Fund](#tx921589_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging India Fund](#tx921589_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging Markets Select Fund](#tx921589_4) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging Markets Small Cap Fund](#tx921589_5) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Frontier Emerging Small Countries Fund](#tx921589_6) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Opportunities Fund](#tx921589_7) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Select Fund](#tx921589_8) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Value Fund](#tx921589_9) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Growth Fund](#tx921589_11) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Opportunities Fund](#tx921589_12) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Select Fund](#tx921589_13) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Value Fund](#tx921589_54) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Long/Short Alpha Fund](#tx921589_14) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Micro Cap Fund](#tx921589_15) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Micro Cap Value Fund](#tx921589_16) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Small Cap Growth Fund](#tx921589_17) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Small Cap Value Fund](#tx921589_18) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Ultra Growth Fund](#tx921589_19) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch U.S. Select Fund](#tx921589_20) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch-Hoisington U.S. Treasury Fund](#tx921589_21) | 37 |
|  [Financial Statements and Financial Highlights for Open-End Management Investment Companies \[Item 7 of Form N-CSR\]](#tx921589_21a) | 38 |
|  [Financial Statements](#tx921589_23) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#tx921589_24) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#tx921589_25) | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx921589_26) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Cash Flows](#tx921589_27) | 58 |
|  [Financial Highlights](#tx921589_28) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Core Growth Fund](#tx921589_29) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging India Fund](#tx921589_30) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging Markets Select Fund](#tx921589_31) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Emerging Markets Small Cap Fund](#tx921589_32) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Frontier Emerging Small Countries Fund](#tx921589_33) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Opportunities Fund](#tx921589_34) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Select Fund](#tx921589_35) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Global Value Fund](#tx921589_36) | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Growth Fund](#tx921589_38) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Opportunities Fund](#tx921589_39) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Select Fund](#tx921589_40) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch International Value Fund](#tx921589_55) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Long/Short Alpha Fund](#tx921589_41) | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Micro Cap Fund](#tx921589_42) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Micro Cap Value Fund](#tx921589_43) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Small Cap Growth Fund](#tx921589_44) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Small Cap Value Fund](#tx921589_45) | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch Ultra Growth Fund](#tx921589_46) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch U.S. Select Fund](#tx921589_47) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Wasatch-Hoisington U.S. Treasury Fund](#tx921589_48) | 68 |
|  [Notes to Financial Highlights](#tx921589_48a) | 70 |
|  [Notes to Financial Statements](#tx921589_49) | 71 |
|  [Supplemental Information (Unaudited)](#tx921589_51) | 101 |
|  [Service Providers](#tx921589_52) | 121 |
|  [Contact Wasatch](#tx921589_53) | 121 |
|  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 \[Item 10 of Form N-CSR\]](#tx921589_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 above. |  |
|  [Statement Regarding Basis for Approval of Investment Advisory Contract<br>\[Item 11 of Form N-CSR\]](#tx921589_51a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Statement Regarding Basis for Approval of Investment Advisory Contract is included under Supplemental Information (Unaudited) under Item 7 above. |  |

---

*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.* 

------

---

| | |
|:---|:---|
| Wasatch Core Growth Fund (WGROX / WIGRX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 99.3% | COMMON STOCKS 99.3% |
|  | Application Software 11.2% |  |
| 9976766 | CCC Intelligent Solutions Holdings, Inc.\* | $90090197 |
| 2653996 | Clearwater Analytics Holdings, Inc., Class A\* | 71127093 |
| 564960 | Guidewire Software, Inc.\* | 105850906 |
| 1683616 | nCino, Inc.\* | 46248931 |
| 1593238 | Procore Technologies, Inc.\* | 105185573 |
| 767044 | Q2 Holdings, Inc.\* | 61371190 |
|  |  | 479873890 |
|  | Asset Management & Custody<br>Banks 4.2% |  |
| 899208 | Cohen & Steers, Inc. | 72161442 |
| 726785 | Hamilton Lane, Inc., Class A | 108051126 |
|  |  | 180212568 |
|  | Automotive Parts & Equipment 2.1% |  |
| 750242 | Modine Manufacturing Co.\* | 57581074 |
| 1137208 | XPEL, Inc.\* | 33411171 |
|  |  | 90992245 |
|  | Automotive Retail 2.7% |  |
| 3329561 | Valvoline, Inc.\* | 115902018 |
|  | Broadline Retail 2.7% |  |
| 982338 | Ollie's Bargain Outlet Holdings, Inc.\* | 114304850 |
|  | Building Products 7.1% |  |
| 541786 | AAON, Inc. | 42329740 |
| 347875 | CSW Industrials, Inc. | 101412520 |
| 1949611 | Trex Co., Inc.\* | 113272399 |
| 444281 | UFP Industries, Inc. | 47555839 |
|  |  | 304570498 |
|  | Cargo Ground Transportation 1.9% |  |
| 229995 | Saia, Inc.\* | 80367153 |
|  | Distributors 2.4% |  |
| 318262 | Pool Corp. | 101318708 |
|  | Electronic Equipment &<br>Instruments 1.7% |  |
| 575188 | Novanta, Inc.\* | 73549290 |
|  | Electronic Manufacturing<br>Services 2.3% |  |
| 491751 | Fabrinet\* | 97125740 |
|  | Environmental & Facilities<br>Services 3.7% |  |
| 1432593 | Casella Waste Systems, Inc., Class A\* | 159748445 |
|  | Financial Exchanges & Data 4.8% |  |
| 362919 | MarketAxess Holdings, Inc. | 78517526 |
| 389677 | Morningstar, Inc. | 116852442 |
| 4108715 | Open Lending Corp.\* | 11340053 |
|  |  | 206710021 |
|  | Health Care Equipment 1.6% |  |
| 433493 | Inspire Medical Systems, Inc.\* | 69046765 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Health Care Facilities 2.4% |  |
| 788240 | Ensign Group, Inc. | $101998256 |
|  | Health Care Technology 1.2% |  |
| 5240939 | Certara, Inc.\* | 51885296 |
|  | Home Furnishing Retail 0.9% |  |
| 4302423 | Arhaus, Inc.\* ‡‡ | 37431080 |
|  | Home Improvement Retail 1.2% |  |
| 642666 | Floor & Decor Holdings, Inc., Class A\* | 51715333 |
|  | Human Resource & Employment<br>Services 2.9% |  |
| 671522 | Paylocity Holding Corp.\* | 125802932 |
|  | Industrial Machinery & Supplies &<br>Components 7.6% |  |
| 362147 | Enpro, Inc. | 58591763 |
| 1083031 | Helios Technologies, Inc. | 34754465 |
| 356835 | Kadant, Inc. | 120221280 |
| 348365 | RBC Bearings, Inc.\* | 112093406 |
|  |  | 325660914 |
|  | Insurance Brokers 1.8% |  |
| 665885 | Goosehead Insurance, Inc., Class A | 78614383 |
|  | Investment Banking & Brokerage 1.5% |  |
| 1105466 | Moelis & Co., Class A | 64514996 |
|  | IT Consulting & Other Services 1.5% |  |
| 554428 | Globant SA\* | 65267264 |
|  | Leisure Products 1.0% |  |
| 1346211 | YETI Holdings, Inc.\* | 44559584 |
|  | Life Sciences Tools & Services 1.3% |  |
| 185705 | Medpace Holdings, Inc.\* | 56582456 |
|  | Managed Health Care 4.2% |  |
| 2056917 | HealthEquity, Inc.\* | 181769755 |
|  | Other Specialty Retail 0.9% |  |
| 522557 | Five Below, Inc.\* | 39152583 |
|  | Packaged Foods & Meats 1.1% |  |
| 570246 | Freshpet, Inc.\* | 47427360 |
|  | Personal Care Products 2.6% |  |
| 1473232 | BellRing Brands, Inc.\* | 109696855 |
|  | Regional Banks 4.4% |  |
| 2356052 | Bank OZK | 102370459 |
| 821539 | Pinnacle Financial Partners, Inc. | 87115996 |
|  |  | 189486455 |
|  | Research & Consulting Services 1.7% |  |
| 827555 | ICF International, Inc. | 70317348 |
|  | Self-Storage REITs 2.1% |  |
| 2323057 | National Storage Affiliates Trust | 91528446 |

---

------

---

| | |
|:---|:---|
| Wasatch Core Growth Fund (WGROX / WIGRX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Semiconductor Materials &<br>Equipment 2.8% |  |
| 632021 | Camtek Ltd. | $37055391 |
| 446505 | Nova Ltd.\* | 82304267 |
|  |  | 119359658 |
|  | Specialty Chemicals 1.6% |  |
| 422763 | Balchem Corp. | 70178658 |
|  | Systems Software 1.1% |  |
| 133280 | CyberArk Software Ltd.\* | 45048640 |
|  | Trading Companies &<br>Distributors 1.9% |  |
| 678451 | SiteOne Landscape Supply, Inc.\* | 82391089 |
|  | Transaction & Payment Processing<br>Services 3.2% |  |
| 1686561 | Shift4 Payments, Inc., Class A\* | 137808899 |
|  | Total Common Stocks <br>(cost $3,570,235,156) | 4261920431 |
|  | Total Investments <br>(cost $3,570,235,156) 99.3% | 4261920431 |
|  | Other Assets less Liabilities 0.7% | 30571252 |
|  | Net Assets 100.0% | $4292491683 |
|  | \*Non-income producing.<br>‡‡Affiliated company (see Note 8).<br>REIT Real Estate Investment Trust. | \*Non-income producing.<br>‡‡Affiliated company (see Note 8).<br>REIT Real Estate Investment Trust. |
|  | See Notes to Financial Statements. |  |

---

At March 31, 2025, the Wasatch Core Growth Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 3.9 |
|  United States | 96.1 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Emerging India Fund (WAINX / WIINX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 98.7% | COMMON STOCKS 98.7% |
|  | Apparel Retail 3.3% |  |
| 304276 | Trent Ltd. | $18861837 |
|  | Asset Management & Custody<br>Banks 2.4% |  |
| 507883 | Prudent Corporate Advisory Services Ltd. | 13883928 |
|  | Automotive Parts & Equipment 1.6% |  |
| 276711 | Tube Investments of India Ltd. | 8919845 |
|  | Building Products 0.5% |  |
| 170938 | Astral Ltd. | 2581796 |
|  | Commodity Chemicals 0.0% |  |
| 1 | Berger Paints India Ltd. | 6 |
|  | Computer & Electronics Retail 2.3% |  |
| 2483458 | Aditya Vision Ltd. | 12884202 |
|  | Construction Machinery & Heavy<br>Transportation Equipment 1.1% |  |
| 442280 | Action Construction Equipment Ltd. | 6457338 |
|  | Consumer Finance 27.2% |  |
| 568078 | Bajaj Finance Ltd. | 59187338 |
| 2922947 | Cholamandalam Investment & Finance Co. Ltd. | 51754276 |
| 5245164 | Five-Star Business Finance Ltd.\* | 44242753 |
|  |  | 155184367 |
|  | Diversified Banks 9.9% |  |
| 1323858 | HDFC Bank Ltd. | 28219629 |
| 1115460 | Kotak Mahindra Bank Ltd. | 28238623 |
|  |  | 56458252 |
|  | Diversified Support Services 4.0% |  |
| 4284721 | CMS Info Systems Ltd. | 23031247 |
|  | Electrical Components &<br>Equipment 1.4% |  |
| 130106 | Polycab India Ltd. | 7799294 |
|  | Food Retail 1.9% |  |
| 232142 | Avenue Supermarts Ltd.\* | 11069237 |
|  | Health Care Facilities 10.1% |  |
| 3641787 | Max Healthcare Institute Ltd. | 46581059 |
| 655496 | Rainbow Children's Medicare Ltd. | 10697182 |
|  |  | 57278241 |
|  | Health Care Services 6.6% |  |
| 372712 | Dr. Lal PathLabs Ltd. | 10772679 |
| 2302052 | Vijaya Diagnostic Centre Ltd. | 27042395 |
|  |  | 37815074 |
|  | Hotels, Resorts & Cruise Lines 2.3% |  |
| 131596 | MakeMyTrip Ltd.\* | 12895092 |
|  | Industrial Machinery & Supplies &<br>Components 4.3% |  |
| 4332906 | Elgi Equipments Ltd. | 24319633 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Interactive Media & Services 1.9% |  |  |
| 130134 | Info Edge India Ltd. | $| 10865107 |
|  | IT Consulting & Other Services 4.2% |  |  |
| 374099 | Persistent Systems Ltd. |  | 24007982 |
|  | Life Sciences Tools & Services 7.8% |  |  |
| 656469 | Divi's Laboratories Ltd. |  | 44235389 |
|  | Regional Banks 4.9% |  |  |
| 4510234 | AU Small Finance Bank Ltd. |  | 28071733 |
|  | Research & Consulting Services 1.0% |  |  |
| 111007 | L&T Technology Services Ltd. |  | 5801958 |
|  | Total Common Stocks <br>(cost $381,232,595) |  | 562421558 |
|  | Total Investments <br>(cost $381,232,595) 98.7%<sup>§</sup> |  | 562421558 |
|  | Other Assets less Liabilities 1.3% |  | 7492097 |
|  | Net Assets 100.0% | $| 569913655 |
|  | <br> \*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 93.99%. | <br> \*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 93.99%. | <br> \*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 93.99%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch Emerging India Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  India | 100.0 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Emerging Markets Select Fund (WAESX / WIESX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 101.1% | COMMON STOCKS 101.1% |
|  | Airport Services 3.4% |  |
| 689375 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | $12746928 |
|  | Apparel Retail 2.0% |  |
| 122333 | Trent Ltd. | 7583330 |
|  | Broadline Retail 8.9% |  |
| 15137 | MercadoLibre, Inc.\* | 29530319 |
| 34005 | PDD Holdings, Inc., ADR\* | 4024492 |
|  |  | 33554811 |
|  | Consumer Finance 15.5% |  |
| 368786 | Bajaj Finance Ltd. | 38423354 |
| 600210 | Cholamandalam Investment & Finance Co. Ltd. | 10627436 |
| 1139638 | Five-Star Business Finance Ltd.\* | 9612802 |
|  |  | 58663592 |
|  | Diversified Banks 8.2% |  |
| 3550540 | Bank Central Asia Tbk. PT | 1822439 |
| 503578 | HDFC Bank Ltd. | 10734372 |
| 1812700 | NU Holdings Ltd., Class A\* | 18562048 |
|  |  | 31118859 |
|  | Electrical Components &<br>Equipment 9.0% |  |
| 357707 | Voltronic Power Technology Corp. | 16727190 |
| 2174102 | WEG SA | 17251240 |
|  |  | 33978430 |
|  | Electronic Equipment &<br>Instruments 1.5% |  |
| 217086 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 5467598 |
|  | Food Retail 0.4% |  |
| 53627 | BBB Foods, Inc., Class A\* | 1430768 |
|  | Health Care Facilities 4.3% |  |
| 1264314 | Max Healthcare Institute Ltd. | 16171480 |
|  | Hotels, Resorts & Cruise Lines 5.2% |  |
| 72716 | MakeMyTrip Ltd.\* | 7125441 |
| 197724 | Trip.com Group Ltd., ADR | 12571292 |
|  |  | 19696733 |
|  | Industrial Machinery & Supplies &<br>Components 1.8% |  |
| 1223999 | Elgi Equipments Ltd. | 6870033 |
|  | Interactive Home Entertainment 5.9% |  |
| 169202 | Sea Ltd., ADR\* | 22079169 |
|  | Interactive Media & Services 3.3% |  |
| 196300 | Tencent Holdings Ltd. | 12542766 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | IT Consulting & Other Services 5.4% |  |  |
| 27255 | EPAM Systems, Inc.\* | $| 4601734 |
| 338300 | FPT Corp. |  | 1609441 |
| 91016 | Globant SA\* |  | 10714404 |
| 55013 | Persistent Systems Ltd. |  | 3530485 |
|  |  |  | 20456064 |
|  | Life Sciences Tools & Services 5.3% |  |  |
| 298667 | Divi's Laboratories Ltd. |  | 20125323 |
|  | Property & Casualty Insurance 2.0% |  |  |
| 870819 | Qualitas Controladora SAB de CV |  | 7567140 |
|  | Regional Banks 2.2% |  |  |
| 1353683 | AU Small Finance Bank Ltd. |  | 8425334 |
|  | Restaurants 3.7% |  |  |
| 685100 | Meituan, Class B\* |  | 13785901 |
|  | Semiconductor Materials &<br>Equipment 1.8% |  |  |
| 543325 | Gudeng Precision Industrial Co. Ltd. |  | 6603524 |
|  | Semiconductors 11.3% |  |  |
| 162816 | ASPEED Technology, Inc. |  | 15077669 |
| 78920 | LEENO Industrial, Inc. |  | 10269028 |
| 1484836 | Silergy Corp. |  | 17247526 |
|  |  |  | 42594223 |
|  | Total Common Stocks <br>(cost $334,642,943) |  | 381462006 |
|  | Total Investments <br>(cost $334,642,943) 101.1%<sup>§</sup> |  | 381462006 |
|  | Liabilities less Other Assets (1.1%) |  | (4047878) |
|  | Net Assets 100.0% | $| 377414128 |
|  | \*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 61.32%.<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 61.32%.<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 61.32%.<br>ADR American Depositary Receipt. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch Emerging Markets Select Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 9.4 |
|  China | 12.7 |
|  India | 36.5 |
|  Indonesia | 0.5 |
|  Mexico | 5.7 |
|  Singapore | 5.8 |
|  South Korea | 2.7 |
|  Taiwan | 14.6 |
|  United States | 11.7 |
|  Vietnam | 0.4 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 100.1% | COMMON STOCKS 100.1% |
|  | Airport Services 2.1% |  |
| 507125 | Grupo Aeroportuario del Centro Norte SAB de CV | $4984394 |
|  | Apparel Retail 1.7% |  |
| 66643 | Trent Ltd. | 4131149 |
|  | Asset Management & Custody<br>Banks 2.5% |  |
| 218795 | Prudent Corporate Advisory Services Ltd. | 5981169 |
|  | Automotive Retail 1.4% |  |
| 95242 | Aldrees Petroleum & Transport Services Co. | 3523309 |
|  | Commercial & Residential Mortgage<br>Finance 3.4% |  |
| 344343 | Aavas Financiers Ltd.\* | 8358103 |
|  | Commodity Chemicals 1.0% |  |
| 429436 | Berger Paints India Ltd. | 2503263 |
|  | Communications Equipment 1.2% |  |
| 159000 | Accton Technology Corp. | 2817003 |
|  | Computer & Electronics Retail 0.5% |  |
| 255285 | Aditya Vision Ltd. | 1324421 |
|  | Construction Machinery & Heavy<br>Transportation Equipment 1.2% |  |
| 196617 | Action Construction Equipment Ltd. | 2870630 |
|  | Consumer Finance 8.8% |  |
| 775099 | Cholamandalam Financial Holdings Ltd. | 15817987 |
| 531313 | Five-Star Business Finance Ltd.\* | 4481605 |
| 2745950 | Ngern Tid Lor PCL | 1084620 |
|  |  | 21384212 |
|  | Diversified Banks 2.3% |  |
| 103272 | TBC Bank Group PLC | 5509484 |
|  | Diversified Support Services 4.3% |  |
| 651470 | CMS Info Systems Ltd. | 3501784 |
| 8176200 | Frontken Corp. Bhd. | 6908254 |
|  |  | 10410038 |
|  | Drug Retail 4.6% |  |
| 177447 | Clicks Group Ltd. | 3278245 |
| 40760 | Corporativo Fragua SAB de CV | 1031742 |
| 1197968 | Raia Drogasil SA | 3999210 |
| 854819 | Yifeng Pharmacy Chain Co. Ltd., Class A | 2934299 |
|  |  | 11243496 |
|  | Electrical Components &<br>Equipment 4.4% |  |
| 229154 | Voltronic Power Technology Corp. | 10715760 |
|  | Electronic Components 1.2% |  |
| 384850 | Sinbon Electronics Co. Ltd. | 2996844 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Electronic Equipment &<br>Instruments 2.8% |  |
| 525616 | Chroma ATE, Inc. | $4592995 |
| 89124 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A | 2244706 |
|  |  | 6837701 |
|  | Electronic Manufacturing Services 1.7% |  |
| 21499 | Fabrinet\* | 4246267 |
|  | Food Retail 0.8% |  |
| 1927292 | Philippine Seven Corp. | 1944205 |
|  | Health Care Facilities 2.4% |  |
| 359910 | Rainbow Children's Medicare Ltd. | 5873449 |
|  | Health Care Services 3.1% |  |
| 44071 | Dr. Lal PathLabs Ltd. | 1273806 |
| 539054 | Vijaya Diagnostic Centre Ltd. | 6332312 |
|  |  | 7606118 |
|  | Human Resource & Employment<br>Services 2.1% |  |
| 6711 | Benefit Systems SA | 4999057 |
|  | Industrial Machinery & Supplies &<br>Components 3.9% |  |
| 84500 | Airtac International Group | 2146010 |
| 781660 | Elgi Equipments Ltd. | 4387283 |
| 557400 | Shenzhen Envicool Technology Co. Ltd., Class A | 3027229 |
|  |  | 9560522 |
|  | Interactive Media & Services 6.9% |  |
| 3416426 | Baltic Classifieds Group PLC | 13261564 |
| 42524 | Info Edge India Ltd. | 3550400 |
|  |  | 16811964 |
|  | IT Consulting & Other Services 9.5% |  |
| 1150115 | FPT Corp. | 5471600 |
| 73418 | Globant SA\* | 8642767 |
| 140917 | Persistent Systems Ltd. | 9043416 |
|  |  | 23157783 |
|  | Life & Health Insurance 2.8% |  |
| 61432 | Co. for Cooperative Insurance | 2338204 |
| 401701 | Discovery Ltd. | 4370840 |
|  |  | 6709044 |
|  | Packaged Foods & Meats 0.9% |  |
| 7658957 | Cisarua Mountain Dairy Tbk. PT | 2099738 |
|  | Personal Care Products 2.3% |  |
| 485151 | Proya Cosmetics Co. Ltd., Class A | 5530092 |
|  | Property & Casualty Insurance 4.1% |  |
| 1147952 | Qualitas Controladora SAB de CV | 9975338 |
|  | Regional Banks 2.5% |  |
| 957528 | AU Small Finance Bank Ltd. | 5959662 |

---

------

---

| | |
|:---|:---|
| Wasatch Emerging Markets Small Cap Fund (WAEMX / WIEMX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Semiconductor Materials &<br>Equipment 2.0% |  |  |
| 394380 | Gudeng Precision Industrial Co. Ltd. | $| 4793259 |
|  | Semiconductors 11.7% |  |  |
| 95983 | ASPEED Technology, Inc. |  | 8888561 |
| 54899 | LEENO Industrial, Inc. |  | 7143428 |
| 1057728 | Silergy Corp. |  | 12286334 |
|  |  |  | 28318323 |
|  | Total Common Stocks <br>(cost $166,772,413) |  | 243175797 |
|  | Total Investments <br>(cost $166,772,413) 100.1%<sup>§</sup> |  | 243175797 |
|  | Liabilities less Other Assets (0.1%) |  | (301373) |
|  | Net Assets 100.0% | $| 242874424 |
|  | <br> \*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 71.93%. | <br> \*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 71.93%. | <br> \*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 71.93%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch Emerging Markets Small Cap Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 1.6 |
|  China | 5.7 |
|  India | 35.1 |
|  Indonesia | 0.9 |
|  Malaysia | 2.8 |
|  Mexico | 6.6 |
|  Philippines | 0.8 |
|  Poland | 2.1 |
|  Saudi Arabia | 2.4 |
|  South Africa | 3.1 |
|  South Korea | 2.9 |
|  Taiwan | 20.3 |
|  Thailand | 0.4 |
|  United Kingdom | 7.7 |
|  United States | 5.3 |
|  Vietnam | 2.3 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Frontier Emerging Small Countries Fund (WAFMX / WIFMX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 100.3% | COMMON STOCKS 100.3% |
|  | Automotive Retail 1.9% |  |
| 17554 | Aldrees Petroleum & Transport Services Co. | $649379 |
|  | Broadline Retail 7.8% |  |
| 1393 | MercadoLibre, Inc.\* | 2717562 |
|  | Consumer Finance 17.3% |  |
| 34178 | Bajaj Finance Ltd. | 3560963 |
| 39227 | Cholamandalam Financial Holdings Ltd. | 800533 |
| 92820 | Cholamandalam Investment & Finance Co. Ltd. | 1643489 |
|  |  | 6004985 |
|  | Distillers & Vintners 2.9% |  |
| 193860 | Ginebra San Miguel, Inc. | 1009529 |
|  | Diversified Banks 20.9% |  |
| 77342 | Banca Transilvania SA | 481817 |
| 1330600 | Bank Central Asia Tbk. PT | 682977 |
| 545628 | Bank for Foreign Trade of Vietnam JSC\* | 1369286 |
| 491020 | HD Bank | 425747 |
| 831805 | Military Commercial Joint Stock Bank | 788744 |
| 138457 | NU Holdings Ltd., Class A\* | 1417800 |
| 31259 | TBC Bank Group PLC | 1667644 |
| 404100 | Vietnam Technological & Commercial Joint Stock Bank | 437182 |
|  |  | 7271197 |
|  | Diversified Support Services 2.7% |  |
| 1105800 | Frontken Corp. Bhd. | 934315 |
|  | Drug Retail 0.4% |  |
| 5439 | Corporativo Fragua SAB de CV | 137675 |
|  | Electrical Components &<br>Equipment 1.6% |  |
| 68300 | WEG SA | 541952 |
|  | Electronic Manufacturing Services 1.8% |  |
| 3086 | Fabrinet\* | 609516 |
|  | Health Care Facilities 8.4% |  |
| 15958 | Akdital Holding | 2104578 |
| 10882 | Dr. Sulaiman Al Habib Medical Services Group Co. | 808223 |
|  |  | 2912801 |
|  | Interactive Home Entertainment 6.7% |  |
| 17774 | Sea Ltd., ADR\* | 2319329 |
|  | Interactive Media & Services 5.8% |  |
| 519181 | Baltic Classifieds Group PLC | 2015308 |
|  | IT Consulting & Other Services 11.1% |  |
| 1104 | Elm Co. | 285484 |
| 591625 | FPT Corp. | 2814619 |
| 6396 | Globant SA\* | 752937 |
|  |  | 3853040 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Life & Health Insurance 4.8% |  |  |
| 7463 | Bupa Arabia for Cooperative Insurance Co. | $| 351354 |
| 7329 | Co. for Cooperative Insurance |  | 278954 |
| 96495 | Discovery Ltd. |  | 1049946 |
|  |  |  | 1680254 |
|  | Property & Casualty Insurance 3.7% |  |  |
| 147922 | Qualitas Controladora SAB de CV |  | 1285395 |
|  | Regional Banks 0.2% |  |  |
| 10200 | Regional SAB de CV |  | 64915 |
|  | Semiconductor Materials &<br>Equipment 1.4% |  |  |
| 8177 | Camtek Ltd. |  | 479418 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 0.9% |  |  |
| 3799149 | Sariguna Primatirta Tbk. PT |  | 327949 |
|  | Total Common Stocks <br>(cost $26,501,276) |  | 34814519 |
|  | Total Investments <br>(cost $26,501,276) 100.3%<sup>§</sup> |  | 34814519 |
|  | Liabilities less Other Assets (0.3%) |  | (92461) |
|  | Net Assets 100.0% | $| 34722058 |
|  | <br> \*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 41.80%.<br>ADR American Depositary Receipt. | <br> \*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 41.80%.<br>ADR American Depositary Receipt. | <br> \*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 41.80%.<br>ADR American Depositary Receipt. |
|  | See Notes to Financial Statements. |  |  |

---

At March 31, 2025, the Wasatch Frontier Emerging Small Countries Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Brazil | 5.6 |
|  India | 17.2 |
|  Indonesia | 2.9 |
|  Israel | 1.4 |
|  Malaysia | 2.7 |
|  Mexico | 4.3 |
|  Morocco | 6.0 |
|  Philippines | 2.9 |
|  Romania | 1.4 |
|  Saudi Arabia | 6.8 |
|  Singapore | 6.7 |
|  South Africa | 3.0 |
|  United Kingdom | 10.6 |
|  United States | 11.7 |
|  Vietnam | 16.8 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Global Opportunities Fund (WAGOX / WIGOX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 100.9% | COMMON STOCKS 100.9% |
|  | Application Software 8.5% |  |
| 123004 | Clearwater Analytics Holdings, Inc., Class A\* | $3296507 |
| 15835 | Guidewire Software, Inc.\* | 2966846 |
| 64971 | nCino, Inc.\* | 1784753 |
| 36419 | Q2 Holdings, Inc.\* | 2913884 |
| 170200 | Rakus Co. Ltd. | 2294590 |
| 174993 | Technology One Ltd. | 3077995 |
|  |  | 16334575 |
|  | Asset Management & Custody<br>Banks 2.6% |  |
| 24444 | Hamilton Lane, Inc., Class A | 3634090 |
| 79201 | Netwealth Group Ltd. | 1286548 |
|  |  | 4920638 |
|  | Automotive Parts & Equipment 2.0% |  |
| 36800 | Modine Manufacturing Co.\* | 2824400 |
| 31759 | XPEL, Inc.\* | 933079 |
|  |  | 3757479 |
|  | Automotive Retail 2.2% |  |
| 120489 | Valvoline, Inc.\* | 4194222 |
|  | Biotechnology 0.1% |  |
| 122045 | C4 Therapeutics, Inc.\* | 195272 |
| 119482 | Sangamo Therapeutics, Inc.\* | 78356 |
|  |  | 273628 |
|  | Broadline Retail 1.9% |  |
| 32137 | Ollie's Bargain Outlet Holdings, Inc.\* | 3739461 |
|  | Building Products 2.6% |  |
| 87268 | Trex Co., Inc.\* | 5070271 |
|  | Cargo Ground Transportation 1.9% |  |
| 10736 | Saia, Inc.\* | 3751480 |
|  | Consumer Finance 4.1% |  |
| 131086 | Cholamandalam Financial Holdings Ltd. | 2675164 |
| 608933 | Five-Star Business Finance Ltd.\* | 5136326 |
|  |  | 7811490 |
|  | Diversified Support Services 1.4% |  |
| 146200 | Japan Elevator Service Holdings Co. Ltd. | 2688705 |
|  | Drug Retail 1.8% |  |
| 180400 | Sugi Holdings Co. Ltd. | 3381730 |
|  | Electrical Components &<br>Equipment 3.0% |  |
| 121896 | Voltronic Power Technology Corp. | 5700133 |
|  | Financial Exchanges & Data 0.3% |  |
| 212332 | Open Lending Corp.\* | 586036 |
|  | Health Care Equipment 2.1% |  |
| 10280 | DiaSorin SpA | 1020924 |
| 18765 | Inspire Medical Systems, Inc.\* | 2988889 |
|  |  | 4009813 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Health Care Facilities 5.4% |  |
| 45166 | Ensign Group, Inc. | $5844481 |
| 349775 | Max Healthcare Institute Ltd. | 4473872 |
|  |  | 10318353 |
|  | Health Care Services 0.9% |  |
| 143928 | Vijaya Diagnostic Centre Ltd. | 1690734 |
|  | Health Care Technology 0.1% |  |
| 11599 | JMDC, Inc. | 215046 |
|  | Home Furnishing Retail 1.0% |  |
| 213147 | Arhaus, Inc.\* | 1854379 |
|  | Home Improvement Retail 0.4% |  |
| 9372 | Floor & Decor Holdings, Inc., Class A\* | 754165 |
|  | Homebuilding 1.3% |  |
| 20764 | LGI Homes, Inc.\* | 1380183 |
| 62420 | Smith Douglas Homes Corp.\* | 1218438 |
|  |  | 2598621 |
|  | Human Resource & Employment<br>Services 2.8% |  |
| 20911 | Paylocity Holding Corp.\* | 3917467 |
| 197700 | SMS Co. Ltd. | 1489200 |
|  |  | 5406667 |
|  | Industrial Machinery & Supplies &<br>Components 5.7% |  |
| 210631 | Elgi Equipments Ltd. | 1182225 |
| 35466 | Helios Technologies, Inc. | 1138104 |
| 8631 | Kadant, Inc. | 2907870 |
| 18009 | RBC Bearings, Inc.\* | 5794756 |
|  |  | 11022955 |
|  | Interactive Media & Services 0.6% |  |
| 34148 | Hemnet Group AB | 1132579 |
|  | Investment Banking & Brokerage 0.8% |  |
| 300694 | AJ Bell PLC | 1575722 |
|  | IT Consulting & Other Services 4.8% |  |
| 50051 | Endava PLC, ADR\* | 976495 |
| 30174 | Globant SA\* | 3552083 |
| 52247 | Persistent Systems Ltd. | 3352976 |
| 62401 | Softcat PLC | 1279050 |
|  |  | 9160604 |
|  | Leisure Products 0.8% |  |
| 48724 | YETI Holdings, Inc.\* | 1612764 |
|  | Life Sciences Tools & Services 3.1% |  |
| 53730 | Divi's Laboratories Ltd. | 3620533 |
| 7886 | Medpace Holdings, Inc.\* | 2402785 |
|  |  | 6023318 |
|  | Managed Health Care 4.0% |  |
| 87131 | HealthEquity, Inc.\* | 7699766 |
|  | Other Specialty Retail 1.1% |  |
| 28888 | Five Below, Inc.\* | 2164433 |

---

------

---

| | |
|:---|:---|
| Wasatch Global Opportunities Fund (WAGOX / WIGOX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Packaged Foods & Meats 1.9% |  |  |
| 43146 | Freshpet, Inc.\* | $| 3588453 |
|  | Personal Care Products 2.3% |  |  |
| 59866 | BellRing Brands, Inc.\* |  | 4457622 |
|  | Pharmaceuticals 0.1% |  |  |
| 139387 | Esperion Therapeutics, Inc.\* |  | 200717 |
|  | Regional Banks 4.2% |  |  |
| 733626 | AU Small Finance Bank Ltd. |  | 4566094 |
| 80683 | Bank OZK |  | 3505677 |
|  |  |  | 8071771 |
|  | Research & Consulting Services 4.8% |  |  |
| 211158 | BayCurrent, Inc. |  | 9150337 |
|  | Semiconductor Materials &<br>Equipment 3.5% |  |  |
| 26772 | Camtek Ltd. |  | 1569643 |
| 87000 | Gudeng Precision Industrial Co. Ltd. |  | 1057390 |
| 21864 | Nova Ltd.\* |  | 4030191 |
|  |  |  | 6657224 |
|  | Semiconductors 5.9% |  |  |
| 38347 | ASPEED Technology, Inc. |  | 3551146 |
| 17536 | LEENO Industrial, Inc. |  | 2281775 |
| 25904 | Melexis NV |  | 1458610 |
| 356734 | Silergy Corp. |  | 4143743 |
|  |  |  | 11435274 |
|  | Specialty Chemicals 1.3% |  |  |
| 15561 | Balchem Corp. |  | 2583126 |
|  | Systems Software 1.3% |  |  |
| 7496 | CyberArk Software Ltd.\* |  | 2533648 |
|  | Trading Companies &<br>Distributors 5.3% |  |  |
| 74557 | Diploma PLC |  | 3732267 |
| 341500 | MonotaRO Co. Ltd. |  | 6379470 |
|  |  |  | 10111737 |
|  | Transaction & Payment Processing<br>Services 3.0% |  |  |
| 71183 | Shift4 Payments, Inc., Class A\* |  | 5816363 |
|  | Total Common Stocks <br>(cost $158,989,241) |  | 194056039 |
|  | Total Investments <br>(cost $158,989,241) 100.9%<sup>§</sup> |  | 194056039 |
|  | Liabilities less Other Assets (0.9%) |  | (1737467) |
|  | Net Assets 100.0% | $| 192318572 |
|  | <br> \*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 43.47%.<br>ADR American Depositary Receipt. | <br> \*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 43.47%.<br>ADR American Depositary Receipt. | <br> \*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 43.47%.<br>ADR American Depositary Receipt. |
|  | See Notes to Financial Statements. |  |  |

---

At March 31, 2025, the Wasatch Global Opportunities Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.2 |
|  Belgium | 0.8 |
|  India | 13.8 |
|  Israel | 4.2 |
|  Italy | 0.5 |
|  Japan | 13.2 |
|  South Korea | 1.2 |
|  Sweden | 0.6 |
|  Taiwan | 7.4 |
|  United Kingdom | 3.9 |
|  United States | 52.2 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Global Select Fund (WAGSX / WGGSX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 101.5% | COMMON STOCKS 101.5% |
|  | Application Software 14.6% |  |
| 4657 | Descartes Systems Group, Inc.\* | $468823 |
| 547 | HubSpot, Inc.\* | 312496 |
| 4219 | Procore Technologies, Inc.\* | 278538 |
| 1025 | Roper Technologies, Inc. | 604320 |
| 2678 | Xero Ltd.\* | 261757 |
|  |  | 1925934 |
|  | Broadline Retail 6.4% |  |
| 2116 | Dollarama, Inc. | 226267 |
| 316 | MercadoLibre, Inc.\* | 616475 |
|  |  | 842742 |
|  | Building Products 3.7% |  |
| 7065 | Assa Abloy AB, Class B | 212100 |
| 4760 | Trex Co., Inc.\* | 276556 |
|  |  | 488656 |
|  | Cargo Ground Transportation 3.2% |  |
| 2532 | Old Dominion Freight Line, Inc. | 418919 |
|  | Consumer Finance 5.7% |  |
| 7267 | Bajaj Finance Ltd. | 757140 |
|  | Distributors 2.8% |  |
| 1175 | Pool Corp. | 374061 |
|  | Diversified Banks 4.5% |  |
| 17459 | HDFC Bank Ltd. | 372159 |
| 21128 | NU Holdings Ltd., Class A\* | 216351 |
|  |  | 588510 |
|  | Diversified Support Services 4.1% |  |
| 9670 | Copart, Inc.\* | 547225 |
|  | Drug Retail 3.2% |  |
| 22700 | Sugi Holdings Co. Ltd. | 425528 |
|  | Electrical Components & Equipment 2.7% |  |
| 44800 | WEG SA | 355483 |
|  | Electronic Components 3.1% |  |
| 6269 | Amphenol Corp., Class A | 411184 |
|  | Electronic Equipment & Instruments 3.0% |  |
| 11764 | Halma PLC | 394701 |
|  | Financial Exchanges & Data 4.0% |  |
| 1782 | Morningstar, Inc. | 534368 |
|  | Health Care Equipment 2.0% |  |
| 2640 | DiaSorin SpA | 262183 |
|  | Hotels, Resorts & Cruise Lines 2.1% |  |
| 4367 | Trip.com Group Ltd., ADR | 277654 |
|  | Industrial Machinery & Supplies &<br>Components 4.2% |  |
| 1719 | RBC Bearings, Inc.\* | 553123 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Interactive Media & Services 4.6% |  |  |
| 5791 | Scout24 SE | $| 606447 |
|  | IT Consulting & Other Services 1.4% |  |  |
| 1541 | Globant SA\* |  | 181407 |
|  | Life Sciences Tools & Services 2.3% |  |  |
| 1772 | ICON PLC\* |  | 310082 |
|  | Managed Health Care 4.2% |  |  |
| 6268 | HealthEquity, Inc.\* |  | 553903 |
|  | Movies & Entertainment 2.2% |  |  |
| 527 | Spotify Technology SA\* |  | 289866 |
|  | Research & Consulting Services 4.9% |  |  |
| 14880 | BayCurrent, Inc. |  | 644811 |
|  | Semiconductors 4.3% |  |  |
| 543 | Monolithic Power Systems, Inc. |  | 314929 |
| 21419 | Silergy Corp. |  | 248799 |
|  |  |  | 563728 |
|  | Trading Companies & Distributors 3.8% |  |  |
| 27076 | MonotaRO Co. Ltd. |  | 505799 |
|  | Transaction & Payment Processing<br>Services 4.5% |  |  |
| 4325 | Block, Inc.\* |  | 234977 |
| 4413 | Shift4 Payments, Inc., Class A\* |  | 360586 |
|  |  |  | 595563 |
|  | Total Common Stocks <br>(cost $10,716,625) |  | 13409017 |
|  | Total Investments <br>(cost $10,716,625) 101.5%<sup>§</sup> |  | 13409017 |
|  | Liabilities less Other Assets (1.5%) |  | (197233) |
|  | Net Assets 100.0% | $| 13211784 |
|  | <br> \*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 35.51%.<br>ADR American Depositary Receipt. | <br> \*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 35.51%.<br>ADR American Depositary Receipt. | <br> \*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 35.51%.<br>ADR American Depositary Receipt. |
|  | See Notes to Financial Statements. |  |  |

---

------

---

| | |
|:---|:---|
| Wasatch Global Select Fund (WAGSX / WGGSX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

At March 31, 2025, the Wasatch Global Select Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 1.9 |
|  Brazil | 4.3 |
|  Canada | 5.2 |
|  China | 2.1 |
|  Germany | 4.5 |
|  India | 8.4 |
|  Ireland | 2.3 |
|  Italy | 2.0 |
|  Japan | 11.8 |
|  Sweden | 3.7 |
|  Taiwan | 1.9 |
|  United Kingdom | 2.9 |
|  United States | 49.0 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Global Value Fund (FMIEX / WILCX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 98.4% | COMMON STOCKS 98.4% |
|  | Broadline Retail 2.1% |  |
| 166300 | Alibaba Group Holding Ltd. | $2751594 |
|  | Commodity Chemicals 1.1% |  |
| 43000 | Dow, Inc. | 1501560 |
|  | Consumer Staples Merchandise<br>Retail 2.4% |  |
| 35000 | Dollar General Corp. | 3077550 |
|  | Diversified Banks 14.6% |  |
| 50000 | Citigroup, Inc. | 3549500 |
| 187000 | ING Groep NV, ADR | 3663330 |
| 19000 | JPMorgan Chase & Co. | 4660700 |
| 46000 | Toronto-Dominion Bank | 2756388 |
| 162000 | United Overseas Bank Ltd. | 4571074 |
|  |  | 19200992 |
|  | Diversified Metals & Mining 2.0% |  |
| 108000 | BHP Group Ltd. | 2620419 |
|  | Electric Utilities 11.4% |  |
| 44000 | Duke Energy Corp. | 5366680 |
| 62000 | Evergy, Inc. | 4274900 |
| 115000 | Exelon Corp. | 5299200 |
|  |  | 14940780 |
|  | Food Retail 3.0% |  |
| 106000 | Koninklijke Ahold Delhaize NV | 3959633 |
|  | Health Care Services 2.7% |  |
| 21000 | Quest Diagnostics, Inc. | 3553200 |
|  | Industrial REITs 1.9% |  |
| 1582900 | Mapletree Industrial Trust | 2468755 |
|  | Integrated Oil & Gas 8.8% |  |
| 23400 | Chevron Corp. | 3914586 |
| 69000 | Suncor Energy, Inc. | 2671679 |
| 77000 | TotalEnergies SE | 4961336 |
|  |  | 11547601 |
|  | Integrated Telecommunication<br>Services 7.8% |  |
| 137000 | AT&T, Inc. | 3874360 |
| 17000000 | Telkom Indonesia Persero Tbk. PT | 2468905 |
| 87000 | Verizon Communications, Inc. | 3946320 |
|  |  | 10289585 |
|  | IT Consulting & Other Services 2.9% |  |
| 41000 | Amdocs Ltd. | 3751500 |
|  | Managed Health Care 2.5% |  |
| 55000 | Centene Corp.\* | 3339050 |
|  | Multi-Line Insurance 3.2% |  |
| 97000 | AXA SA | 4144396 |
|  | Other Specialized REITs 3.3% |  |
| 132000 | VICI Properties, Inc. | 4305840 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Paper Products 1.4% |  |  |
| 70000 | UPM-Kymmene OYJ | $| 1877980 |
|  | Pharmaceuticals 10.7% |  |  |
| 38500 | Johnson & Johnson |  | 6384840 |
| 45500 | Novartis AG |  | 5053676 |
| 174000 | Shionogi & Co. Ltd. |  | 2626480 |
|  |  |  | 14064996 |
|  | Property & Casualty Insurance 1.6% |  |  |
| 21000 | Axis Capital Holdings Ltd. |  | 2105040 |
|  | Rail Transportation 3.3% |  |  |
| 18500 | Union Pacific Corp. |  | 4370440 |
|  | Reinsurance 2.7% |  |  |
| 5500 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  | 3474464 |
|  | Retail REITs 2.1% |  |  |
| 128000 | Kimco Realty Corp. |  | 2718720 |
|  | Semiconductors 0.7% |  |  |
| 41000 | Intel Corp. |  | 931110 |
|  | Technology Hardware, Storage &<br>Peripherals 2.2% |  |  |
| 72000 | Samsung Electronics Co. Ltd. |  | 2854473 |
|  | Tobacco 2.9% |  |  |
| 56000 | KT&G Corp. |  | 3851776 |
|  | Trading Companies &<br>Distributors 1.1% |  |  |
| 82000 | Toyota Tsusho Corp. |  | 1381524 |
|  | Total Common Stocks<br>(cost $99,897,510) |  | 129082978 |
|  | Total Investments<br>(cost $99,897,510) 98.4%<sup>§</sup> |  | 129082978 |
|  | Other Assets less Liabilities 1.6% |  | 2095777 |
|  | Net Assets 100.0% | $| 131178755 |
|  | <br> \*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 37.40%.<br>ADR American Depositary Receipt.<br>REIT Real Estate Investment Trust. | <br> \*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 37.40%.<br>ADR American Depositary Receipt.<br>REIT Real Estate Investment Trust. | <br> \*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 37.40%.<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. |

---

------

---

| | |
|:---|:---|
| Wasatch Global Value Fund (FMIEX / WILCX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

At March 31, 2025, the Wasatch Global Value Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.0 |
|  Canada | 4.2 |
|  China | 2.1 |
|  Finland | 1.5 |
|  France | 7.1 |
|  Germany | 2.7 |
|  Indonesia | 1.9 |
|  Japan | 3.1 |
|  Netherlands | 5.9 |
|  Singapore | 5.5 |
|  South Korea | 5.2 |
|  Switzerland | 3.9 |
|  United States | 54.9 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch International Growth Fund (WAIGX / WIIGX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 98.5% | COMMON STOCKS 98.5% |
|  | Airport Services 1.2% |  |
| 240668 | Grupo Aeroportuario del Centro Norte SAB de CV | $2365460 |
|  | Apparel Retail 1.3% |  |
| 70619 | Aritzia, Inc.\* | 2482130 |
|  | Application Software 8.2% |  |
| 55480 | Descartes Systems Group, Inc.\* | 5585204 |
| 264900 | Rakus Co. Ltd. | 3571309 |
| 401919 | Technology One Ltd. | 7069453 |
|  |  | 16225966 |
|  | Asset Management & Custody<br>Banks 3.8% |  |
| 264628 | JTC PLC | 3121549 |
| 267161 | Netwealth Group Ltd. | 4339788 |
|  |  | 7461337 |
|  | Broadline Retail 3.6% |  |
| 262300 | Ryohin Keikaku Co. Ltd. | 7165640 |
|  | Building Products 2.0% |  |
| 137961 | Carel Industries SpA | 2515128 |
| 137984 | Munters Group AB | 1410375 |
|  |  | 3925503 |
|  | Casinos & Gaming 2.0% |  |
| 186376 | Sportradar Group AG, Class A\* | 4029449 |
|  | Commercial & Residential Mortgage<br>Finance 0.8% |  |
| 284482 | OSB Group PLC | 1591070 |
|  | Consumer Finance 4.1% |  |
| 324298 | Cholamandalam Financial Holdings Ltd. | 6618176 |
| 169885 | Five-Star Business Finance Ltd.\* | 1432973 |
|  |  | 8051149 |
|  | Diversified Banks 2.9% |  |
| 83800 | Rakuten Bank Ltd.\* | 3643991 |
| 37904 | TBC Bank Group PLC | 2022150 |
|  |  | 5666141 |
|  | Diversified Real Estate Activities 1.2% |  |
| 280696 | Patrizia SE | 2273696 |
|  | Diversified Support Services 2.3% |  |
| 243993 | Japan Elevator Service Holdings Co. Ltd. | 4487176 |
|  | Drug Retail 3.3% |  |
| 198732 | Raia Drogasil SA | 663433 |
| 315100 | Sugi Holdings Co. Ltd. | 5906780 |
|  |  | 6570213 |
|  | Electrical Components &<br>Equipment 1.4% |  |
| 58969 | Voltronic Power Technology Corp. | 2757524 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Electronic Equipment &<br>Instruments 4.7% |  |
| 192606 | Halma PLC | $6462231 |
| 139723 | Lagercrantz Group AB, Class B | 2881740 |
|  |  | 9343971 |
|  | Health Care Equipment 2.6% |  |
| 51481 | DiaSorin SpA | 5112662 |
|  | Health Care Facilities 1.8% |  |
| 273760 | Max Healthcare Institute Ltd. | 3501586 |
|  | Health Care Services 0.2% |  |
| 14578 | Dr. Lal PathLabs Ltd. | 421355 |
|  | Health Care Technology 0.7% |  |
| 74027 | JMDC, Inc. | 1372465 |
|  | Human Resource & Employment<br>Services 2.0% |  |
| 1579 | Benefit Systems SA | 1176205 |
| 380305 | SMS Co. Ltd. | 2864694 |
|  |  | 4040899 |
|  | Industrial Machinery & Supplies &<br>Components 3.2% |  |
| 63000 | Airtac International Group | 1599984 |
| 135467 | Elgi Equipments Ltd. | 760346 |
| 11917 | Kardex Holding AG | 3152246 |
| 32131 | Stabilus SE | 844174 |
|  |  | 6356750 |
|  | Interactive Media & Services 9.1% |  |
| 806361 | Baltic Classifieds Group PLC | 3130057 |
| 142289 | Hemnet Group AB | 4719266 |
| 65400 | Kakaku.com, Inc. | 936685 |
| 236835 | Rightmove PLC | 2108574 |
| 67774 | Scout24 SE | 7097457 |
|  |  | 17992039 |
|  | Investment Banking & Brokerage 2.4% |  |
| 906454 | AJ Bell PLC | 4750076 |
|  | IT Consulting & Other Services 6.3% |  |
| 66810 | Endava PLC, ADR\* | 1303463 |
| 17381 | Globant SA\* | 2046092 |
| 15683 | Persistent Systems Ltd. | 1006464 |
| 14822 | Reply SpA | 2427891 |
| 281508 | Softcat PLC | 5770143 |
|  |  | 12554053 |
|  | Life & Health Insurance 1.3% |  |
| 242994 | Discovery Ltd. | 2643976 |
|  | Movies & Entertainment 1.7% |  |
| 34490 | CTS Eventim AG & Co. KGaA | 3460113 |
|  | Property & Casualty Insurance 5.3% |  |
| 164303 | Definity Financial Corp. | 7300326 |
| 355618 | Qualitas Controladora SAB de CV | 3090207 |
|  |  | 10390533 |

---

------

---

| | |
|:---|:---|
| Wasatch International Growth Fund (WAIGX / WIIGX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Regional Banks 1.7% |  |  |
| 220397 | AU Small Finance Bank Ltd. | $| 1371753 |
| 29777 | EQB, Inc. |  | 2018309 |
|  |  |  | 3390062 |
|  | Research & Consulting Services 4.6% |  |  |
| 212200 | BayCurrent, Inc. |  | 9195491 |
|  | Semiconductor Materials &<br>Equipment 0.8% |  |  |
| 20184 | Camtek Ltd. |  | 1183388 |
| 46800 | Japan Material Co. Ltd. |  | 383907 |
|  |  |  | 1567295 |
|  | Semiconductors 3.7% |  |  |
| 10479 | ASPEED Technology, Inc. |  | 970414 |
| 17763 | LEENO Industrial, Inc. |  | 2311312 |
| 17956 | Melexis NV |  | 1011072 |
| 259768 | Silergy Corp. |  | 3017407 |
|  |  |  | 7310205 |
|  | Trading Companies &<br>Distributors 8.3% |  |  |
| 145426 | Diploma PLC |  | 7279916 |
| 484948 | MonotaRO Co. Ltd. |  | 9059183 |
|  |  |  | 16339099 |
|  | Total Common Stocks <br>(cost $136,613,586) |  | 194795084 |
|  | Total Investments <br>(cost $136,613,586) 98.5%<sup>§</sup> |  | 194795084 |
|  | Other Assets less Liabilities 1.5% |  | 2978478 |
|  | Net Assets 100.0% | $| 197773562 |
|  | <br> \*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 77.07%.<br>ADR American Depositary Receipt. | <br> \*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 77.07%.<br>ADR American Depositary Receipt. | <br> \*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 77.07%.<br>ADR American Depositary Receipt. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch International Growth Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 5.9 |
|  Belgium | 0.5 |
|  Brazil | 0.3 |
|  Canada | 8.9 |
|  Germany | 7 |
|  India | 7.8 |
|  Israel | 0.6 |
|  Italy | 5.2 |
|  Japan | 24.9 |
|  Mexico | 2.8 |
|  Poland | 0.6 |
|  South Africa | 1.4 |
|  South Korea | 1.2 |
|  Sweden | 4.6 |
|  Switzerland | 3.7 |
|  Taiwan | 4.3 |
|  United Kingdom | 19.3 |
|  United States | 1 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch International Opportunities Fund (WAIOX / WIIOX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.8% | COMMON STOCKS 97.8% |
|  | Alternative Carriers 2.6% |  |
| 116307 | Chief Telecom, Inc. | $1514739 |
|  | Application Software 12.3% |  |
| 13873 | Atoss Software SE | 1886699 |
| 103801 | Bytes Technology Group PLC | 655089 |
| 98390 | Fortnox AB | 857251 |
| 123618 | m-up Holdings, Inc. | 1455346 |
| 7341 | Mensch und Maschine Software SE | 400762 |
| 92232 | Rakus Co. Ltd. | 1243447 |
| 31900 | Smaregi, Inc.\* | 607820 |
|  |  | 7106414 |
|  | Asset Management & Custody Banks 6.8% |  |
| 130612 | JTC PLC | 1540698 |
| 52129 | Prudent Corporate Advisory Services Ltd. | 1425043 |
| 119827 | Tatton Asset Management PLC | 950564 |
|  |  | 3916305 |
|  | Commercial & Residential Mortgage<br>Finance 7.6% |  |
| 82681 | Aavas Financiers Ltd.\* | 2006883 |
| 246555 | Mortgage Advice Bureau Holdings Ltd. | 2402148 |
|  |  | 4409031 |
|  | Commodity Chemicals 2.0% |  |
| 110430 | Berger Paints India Ltd. | 643717 |
| 13272 | Supreme Industries Ltd. | 529188 |
|  |  | 1172905 |
|  | Construction Machinery & Heavy<br>Transportation Equipment 1.1% |  |
| 43531 | Action Construction Equipment Ltd. | 635558 |
|  | Consumer Finance 1.5% |  |
| 62850 | Premium Group Co. Ltd. | 878847 |
|  | Data Processing & Outsourced<br>Services 0.9% |  |
| 208400 | Infomart Corp. | 496285 |
|  | Distributors 1.0% |  |
| 25220 | Supply Network Ltd. | 566569 |
|  | Diversified Support Services 11.1% |  |
| 243041 | CMS Info Systems Ltd. | 1306395 |
| 516331 | Frontken Corp. Bhd. | 436260 |
| 129400 | Japan Elevator Service Holdings Co. Ltd. | 2379743 |
| 723156 | Johnson Service Group PLC | 1244269 |
| 239997 | Prestige International, Inc. | 1062676 |
|  |  | 6429343 |
|  | Electrical Components & Equipment 2.5% |  |
| 31631 | Voltronic Power Technology Corp. | 1479137 |
|  | Electronic Equipment & Instruments 3.7% |  |
| 96000 | Blackline Safety Corp.\* | 430284 |
| 41203 | Nayax Ltd.\* | 1395476 |
| 2100 | Park Systems Corp. | 300212 |
|  |  | 2125972 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Food Retail 4.1% |  |
| 16726 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | $1199180 |
| 946900 | Sheng Siong Group Ltd. | 1153508 |
|  |  | 2352688 |
|  | Health Care Facilities 1.1% |  |
| 38112 | Rainbow Children's Medicare Ltd. | 621958 |
|  | Health Care Services 3.7% |  |
| 180917 | Vijaya Diagnostic Centre Ltd. | 2125247 |
|  | Human Resource & Employment<br>Services 2.0% |  |
| 1571 | Benefit Systems SA | 1170246 |
|  | Industrial Machinery & Supplies &<br>Components 1.1% |  |
| 116657 | Elgi Equipments Ltd. | 654770 |
|  | Interactive Media & Services 8.9% |  |
| 588798 | Baltic Classifieds Group PLC | 2285541 |
| 67772 | Hemnet Group AB | 2247778 |
| 36139 | MarkLines Co. Ltd. | 599999 |
|  |  | 5133318 |
|  | Investment Banking & Brokerage 2.2% |  |
| 239498 | AJ Bell PLC | 1255037 |
|  | IT Consulting & Other Services 4.4% |  |
| 51879 | baudroie, Inc.\* | 1746001 |
| 51656 | Grid Dynamics Holdings, Inc.\* | 808416 |
|  |  | 2554417 |
|  | Personal Care Products 2.4% |  |
| 100945 | Sarantis SA | 1401509 |
|  | Property & Casualty Insurance 2.3% |  |
| 155998 | Qualitas Controladora SAB de CV | 1355573 |
|  | Real Estate Services 1.6% |  |
| 19944 | AZOOM Co. Ltd. | 926800 |
|  | Regional Banks 1.5% |  |
| 13251 | EQB, Inc. | 898164 |
|  | Research & Consulting Services 3.5% |  |
| 259800 | SIGMAXYZ Holdings, Inc. | 1643883 |
| 64000 | Sporton International, Inc. | 375482 |
|  |  | 2019365 |
|  | Semiconductor Materials &<br>Equipment 1.7% |  |
| 70443 | Gudeng Precision Industrial Co. Ltd. | 856158 |
| 18300 | Japan Material Co. Ltd. | 150117 |
|  |  | 1006275 |
|  | Semiconductors 3.1% |  |
| 12628 | Elmos Semiconductor SE | 802512 |
| 7645 | LEENO Industrial, Inc. | 994763 |
|  |  | 1797275 |

---

------

---

| | |
|:---|:---|
| Wasatch International Opportunities Fund (WAIOX / WIIOX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Trading Companies & Distributors 1.1% |  |  |
| 93342 | Ashtead Technology Holdings PLC | $| 637839 |
|  | Total Common Stocks <br>(cost $34,388,957) |  | 56641586 |
|  | Total Investments <br>(cost $34,388,957) 97.8%<sup>§</sup> |  | 56641586 |
|  | Other Assets less Liabilities 2.2% |  | 1284315 |
|  | Net Assets 100.0% | $| 57925901 |
|  | <br> \*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 77.61%. | <br> \*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 77.61%. | <br> \*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 77.61%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch International Opportunities Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 1 |
|  Canada | 2.3 |
|  Germany | 5.4 |
|  Greece | 2.5 |
|  India | 17.6 |
|  Israel | 4.6 |
|  Japan | 23.3 |
|  Malaysia | 0.8 |
|  Mexico | 2.4 |
|  Poland | 2.1 |
|  Singapore | 2 |
|  South Korea | 2.3 |
|  Sweden | 5.5 |
|  Taiwan | 7.4 |
|  United Kingdom | 19.4 |
|  United States | 1.4 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch International Select Fund (WAISX / WGISX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.8% | COMMON STOCKS 97.8% |
|  | Aerospace & Defense 1.1% |  |
| 2047 | BAE Systems PLC | $41334 |
|  | Apparel, Accessories & Luxury Goods 2.0% |  |
| 29 | Hermes International SCA | 76302 |
|  | Application Software 8.4% |  |
| 48 | Constellation Software, Inc. | 152013 |
| 1135 | Descartes Systems Group, Inc.\* | 114261 |
| 544 | Xero Ltd.\* | 53172 |
|  |  | 319446 |
|  | Asset Management & Custody Banks 3.8% |  |
| 102 | Partners Group Holding AG | 145167 |
|  | Automobile Manufacturers 4.5% |  |
| 399 | Ferrari NV | 170397 |
|  | Broadline Retail 8.4% |  |
| 2379 | Dollarama, Inc. | 254391 |
| 2377 | Ryohin Keikaku Co. Ltd. | 64936 |
|  |  | 319327 |
|  | Building Products 3.0% |  |
| 2735 | Assa Abloy AB, Class B | 82108 |
| 50 | Belimo Holding AG | 30826 |
|  |  | 112934 |
|  | Casinos & Gaming 3.4% |  |
| 5853 | Sportradar Group AG, Class A\* | 126542 |
|  | Diversified Banks 4.0% |  |
| 3434 | Rakuten Bank Ltd.\* | 149325 |
|  | Diversified Real Estate Activities 4.0% |  |
| 4000 | Sumitomo Realty & Development Co. Ltd. | 150294 |
|  | Drug Retail 2.9% |  |
| 5800 | Sugi Holdings Co. Ltd. | 108725 |
|  | Electronic Equipment & Instruments 5.0% |  |
| 5638 | Halma PLC | 189164 |
|  | Health Care Equipment 2.9% |  |
| 1115 | DiaSorin SpA | 110733 |
|  | Industrial Machinery & Supplies &<br>Components 1.4% |  |
| 146 | VAT Group AG | 52627 |
|  | Interactive Home Entertainment 1.4% |  |
| 800 | Nintendo Co. Ltd. | 54382 |
|  | Interactive Media & Services 8.5% |  |
| 959 | REA Group Ltd. | 133056 |
| 1796 | Scout24 SE | 188082 |
|  |  | 321138 |
|  | Life Sciences Tools & Services 2.4% |  |
| 519 | ICON PLC\* | 90820 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Movies & Entertainment 4.3% |  |  |
| 298 | Spotify Technology SA\* | $| 163909 |
|  | Pharmaceuticals 1.3% |  |  |
| 2100 | Daiichi Sankyo Co. Ltd. |  | 50009 |
|  | Property & Casualty Insurance 4.5% |  |  |
| 3817 | Definity Financial Corp. |  | 169597 |
|  | Real Estate Services 4.7% |  |  |
| 1079 | FirstService Corp. |  | 178917 |
|  | Research & Consulting Services 6.5% |  |  |
| 2750 | BayCurrent, Inc. |  | 119169 |
| 821 | Wolters Kluwer NV |  | 127826 |
|  |  |  | 246995 |
|  | Semiconductor Materials &<br>Equipment 2.5% |  |  |
| 107 | ASM International NV |  | 48759 |
| 454 | BE Semiconductor Industries NV |  | 47446 |
|  |  |  | 96205 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 2.1% |  |  |
| 1708 | Coca-Cola HBC AG |  | 77355 |
|  | Trading Companies & Distributors 2.5% |  |  |
| 5000 | MonotaRO Co. Ltd. |  | 93404 |
|  | Transaction & Payment Processing<br>Services 2.3% |  |  |
| 57 | Adyen NV\* |  | 87369 |
|  | Total Common Stocks<br>(cost $3,028,934) |  | 3702417 |
|  | Total Investments<br>(cost $3,028,934) 97.8%<sup>§</sup> |  | 3702417 |
|  | Other Assets less Liabilities 2.2% |  | 81884 |
|  | Net Assets 100.0% | $| 3784301 |
|  | \*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 64.79%. | \*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 64.79%. | \*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 64.79%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

------

---

| | |
|:---|:---|
| Wasatch International Select Fund (WAISX / WGISX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

At March 31, 2025, the Wasatch International Select Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 5.0 |
|  Canada | 23.5 |
|  France | 2.1 |
|  Germany | 5.1 |
|  Ireland | 2.5 |
|  Italy | 7.6 |
|  Japan | 21.3 |
|  Netherlands | 8.4 |
|  Sweden | 6.6 |
|  Switzerland | 9.6 |
|  United Kingdom | 8.3 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch International Value Fund (WAIVX / WGIVX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 95.9% | COMMON STOCKS 95.9% |
|  | Automobile Manufacturers 2.0% |  |
| 5400 | Subaru Corp. | $96709 |
|  | Broadline Retail 2.2% |  |
| 6400 | Alibaba Group Holding Ltd. | 105894 |
|  | Construction & Engineering 2.3% |  |
| 2736 | Bouygues SA | 107854 |
|  | Diversified Banks 15.7% |  |
| 10947 | HSBC Holdings PLC | 124100 |
| 7402 | ING Groep NV | 145015 |
| 10600 | Nordea Bank Abp | 135203 |
| 21000 | Piraeus Financial Holdings SA | 115390 |
| 2189 | Toronto-Dominion Bank | 131168 |
| 3400 | United Overseas Bank Ltd. | 95936 |
|  |  | 746812 |
|  | Diversified Metals & Mining 2.5% |  |
| 1650 | Rio Tinto Ltd. | 119724 |
|  | Electronic Manufacturing Services 2.0% |  |
| 10200 | Venture Corp. Ltd. | 93550 |
|  | Food Retail 2.5% |  |
| 3232 | Koninklijke Ahold Delhaize NV | 120731 |
|  | Health Care Distributors 2.1% |  |
| 6400 | Medipal Holdings Corp. | 99857 |
|  | Industrial Machinery & Supplies &<br>Components 1.9% |  |
| 1650 | ANDRITZ AG | 92575 |
|  | Industrial REITs 1.8% |  |
| 56300 | Mapletree Industrial Trust | 87808 |
|  | Integrated Oil & Gas 9.3% |  |
| 17203 | BP PLC | 96534 |
| 8341 | Eni SpA | 129006 |
| 2606 | Suncor Energy, Inc. | 100904 |
| 1830 | TotalEnergies SE | 117912 |
|  |  | 444356 |
|  | Integrated Telecommunication Services 6.1% |  |
| 4071 | Deutsche Telekom AG | 150301 |
| 15118 | Telekom Austria AG | 141239 |
|  |  | 291540 |
|  | Multi-Line Insurance 3.0% |  |
| 3284 | AXA SA | 140311 |
|  | Multi-Utilities 7.7% |  |
| 8696 | Engie SA | 169449 |
| 15000 | National Grid PLC | 195663 |
|  |  | 365112 |
|  | Paper Products 2.5% |  |
| 4350 | UPM-Kymmene OYJ | 116703 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Pharmaceuticals 9.5% |  |  |
| 4950 | GSK PLC | $| 94595 |
| 1200 | Novartis AG |  | 133284 |
| 1130 | Sanofi SA |  | 125116 |
| 6600 | Shionogi & Co. Ltd. |  | 99625 |
|  |  |  | 452620 |
|  | Real Estate Development 2.0% |  |  |
| 93500 | Sino Land Co. Ltd. |  | 93597 |
|  | Regional Banks 2.3% |  |  |
| 10200 | Shizuoka Financial Group, Inc. |  | 111512 |
|  | Reinsurance 4.8% |  |  |
| 157 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  | 99180 |
| 751 | Swiss Re AG |  | 127804 |
|  |  |  | 226984 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 2.7% |  |  |
| 3900 | Suntory Beverage & Food Ltd. |  | 128668 |
|  | Technology Hardware, Storage &<br>Peripherals 2.3% |  |  |
| 2711 | Samsung Electronics Co. Ltd. |  | 107479 |
|  | Tobacco 6.4% |  |  |
| 3853 | British American Tobacco PLC |  | 158067 |
| 5400 | Japan Tobacco, Inc. |  | 148425 |
|  |  |  | 306492 |
|  | Trading Companies & Distributors 2.3% |  |  |
| 6400 | Toyota Tsusho Corp. |  | 107826 |
|  | Total Common Stocks<br>(cost $4,181,672) |  | 4564714 |
|  | Total Investments<br>(cost $4,181,672) 95.9%<sup>§</sup> |  | 4564714 |
|  | Other Assets less Liabilities 4.1% |  | 196819 |
|  | Net Assets 100.0% | $| 4761533 |
|  | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 88.03%.<br>REIT Real Estate Investment Trust. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 88.03%.<br>REIT Real Estate Investment Trust. | <sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 88.03%.<br>REIT Real Estate Investment Trust. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

------

---

| | |
|:---|:---|
| Wasatch International Value Fund (WAIVX / WGIVX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

At March 31, 2025, the Wasatch International Value Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Australia | 2.6 |
|  Austria | 5.1 |
|  Canada | 5.1 |
|  China | 2.3 |
|  Finland | 5.5 |
|  France | 14.5 |
|  Germany | 5.5 |
|  Greece | 2.5 |
|  Hong Kong | 2.0 |
|  Italy | 2.8 |
|  Japan | 17.4 |
|  Netherlands | 5.8 |
|  Singapore | 6.1 |
|  South Korea | 2.4 |
|  Switzerland | 5.7 |
|  United Kingdom | 14.7 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Long/Short Alpha Fund (WALSX / WGLSX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 105.3% | COMMON STOCKS 105.3% |
|  | Application Software 12.8% |  |
| 10817 | Guidewire Software, Inc.\* †† | $2026673 |
| 3194 | HubSpot, Inc.\* †† | 1824700 |
| 4985 | Roper Technologies, Inc.†† | 2939058 |
| 9451 | Workday, Inc., Class A\* †† | 2207092 |
|  |  | 8997523 |
|  | Asset Management & Custody Banks 2.9% |  |
| 13573 | Hamilton Lane, Inc., Class A†† | 2017898 |
|  | Automotive Parts & Equipment 0.7% |  |
| 15522 | XPEL, Inc.\* †† | 456036 |
|  | Automotive Retail 2.5% |  |
| 51363 | Valvoline, Inc.\* †† | 1787946 |
|  | Biotechnology 2.2% |  |
| 300150 | C4 Therapeutics, Inc.\* | 480240 |
| 168804 | MacroGenics, Inc.\* | 214381 |
| 57441 | Nkarta, Inc.\* | 105691 |
| 25452 | Nurix Therapeutics, Inc.\* †† | 302370 |
| 279690 | Sangamo Therapeutics, Inc.\* | 183421 |
| 11558 | Viking Therapeutics, Inc.\* †† | 279126 |
|  |  | 1565229 |
|  | Broadcasting 1.5% |  |
| 55991 | TEGNA, Inc.†† | 1020156 |
|  | Building Products 1.9% |  |
| 22815 | Trex Co., Inc.\* †† | 1325552 |
|  | Construction Machinery & Heavy<br>Transportation Equipment 1.9% |  |
| 14536 | Oshkosh Corp.†† | 1367547 |
|  | Consumer Finance 2.0% |  |
| 96109 | EZCORP, Inc., Class A\* | 1414724 |
|  | Distillers & Vintners 1.1% |  |
| 25152 | MGP Ingredients, Inc.†† | 738966 |
|  | Distributors 2.4% |  |
| 5339 | Pool Corp.†† | 1699671 |
|  | Electronic Equipment & Instruments 2.1% |  |
| 11273 | Novanta, Inc.\* †† | 1441479 |
|  | Electronic Manufacturing Services 2.2% |  |
| 7948 | Fabrinet\* | 1569809 |
|  | Financial Exchanges & Data 6.1% |  |
| 7973 | MarketAxess Holdings, Inc.†† | 1724958 |
| 8633 | Morningstar, Inc.†† | 2588778 |
|  |  | 4313736 |
|  | Health Care Equipment 2.0% |  |
| 8637 | Inspire Medical Systems, Inc.\* †† | 1375701 |
|  | Health Care Facilities 4.1% |  |
| 22172 | Ensign Group, Inc.†† | 2869057 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Health Care Services 3.2% |  |
| 12973 | Addus HomeCare Corp.\* †† | $1282900 |
| 39034 | Pennant Group, Inc.\* | 981705 |
|  |  | 2264605 |
|  | Health Care Supplies 1.2% |  |
| 4298 | UFP Technologies, Inc.\* †† | 866950 |
|  | Home Improvement Retail 2.3% |  |
| 20405 | Floor & Decor Holdings, Inc., Class A\* †† | 1641990 |
|  | Homebuilding 2.7% |  |
| 20143 | Champion Homes, Inc.\* †† | 1908751 |
|  | Human Resource & Employment<br>Services 2.8% |  |
| 10380 | Paylocity Holding Corp.\* †† | 1944589 |
|  | Industrial Machinery & Supplies &<br>Components 5.9% |  |
| 6163 | Kadant, Inc.†† | 2076376 |
| 6465 | RBC Bearings, Inc.\* †† | 2080243 |
|  |  | 4156619 |
|  | Investment Banking & Brokerage 1.7% |  |
| 20918 | Moelis & Co., Class A | 1220774 |
|  | IT Consulting & Other Services 1.5% |  |
| 8747 | Globant SA\* †† | 1029697 |
|  | Leisure Products 1.4% |  |
| 30149 | YETI Holdings, Inc.\* †† | 997932 |
|  | Life Sciences Tools & Services 2.4% |  |
| 5527 | Medpace Holdings, Inc.\* †† | 1684022 |
|  | Managed Health Care 3.4% |  |
| 26812 | HealthEquity, Inc.\* †† | 2369376 |
|  | Oil & Gas Equipment & Services 2.1% |  |
| 32146 | Cactus, Inc., Class A†† | 1473251 |
|  | Oil & Gas Storage & Transportation 2.0% |  |
| 133607 | DHT Holdings, Inc.†† | 1402874 |
|  | Other Specialty Retail 0.7% |  |
| 6488 | Five Below, Inc.\* | 486113 |
|  | Packaged Foods & Meats 2.9% |  |
| 54177 | Flowers Foods, Inc.†† | 1029905 |
| 11943 | Freshpet, Inc.\* †† | 993299 |
|  |  | 2023204 |
|  | Passenger Airlines 1.7% |  |
| 12723 | Copa Holdings SA, Class A | 1176369 |
|  | Pharmaceuticals 1.7% |  |
| 405332 | Esperion Therapeutics, Inc.\* | 583678 |
| 98309 | Phathom Pharmaceuticals, Inc.\* | 616398 |
|  |  | 1200076 |
|  | Property & Casualty Insurance 1.3% |  |
| 8942 | Axis Capital Holdings Ltd.†† | 896346 |

---

------

---

| | |
|:---|:---|
| Wasatch Long/Short Alpha Fund (WALSX / WGLSX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Regional Banks 2.9% |  |  |
| 46833 | Bank OZK†† | $| 2034894 |
|  | Research & Consulting Services 1.8% |  |  |
| 14687 | ICF International, Inc.†† |  | 1247954 |
|  | Self-Storage REITs 2.7% |  |  |
| 47741 | National Storage Affiliates Trust†† |  | 1880995 |
|  | Semiconductors 2.2% |  |  |
| 2725 | Monolithic Power Systems, Inc.†† |  | 1580445 |
|  | Specialty Chemicals 1.9% |  |  |
| 14452 | Innospec, Inc.†† |  | 1369327 |
|  | Technology Distributors 0.7% |  |  |
| 14094 | ScanSource, Inc.\* †† |  | 479337 |
|  | Transaction & Payment Processing<br>Services 3.9% |  |  |
| 28726 | Block, Inc.\* †† |  | 1560684 |
| 11104 | Euronet Worldwide, Inc.\* |  | 1186462 |
|  |  |  | 2747146 |
|  | Total Common Stocks<br>(cost $71,790,320) |  | 74044666 |
|  | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
|  | Biotechnology 0.0% |  |  |
| 178571 | Sangamo Therapeutics, Inc., expiring 9/26/2029\* \*\*\* † |  | 28571 |
|  | Total Warrants<br>(cost $36,978) |  | 28571 |
|  | COMMON STOCKS SOLD SHORT (32.5%) | COMMON STOCKS SOLD SHORT (32.5%) | COMMON STOCKS SOLD SHORT (32.5%) |
|  | Advertising 0.8% |  |  |
| (46465) | Thryv Holdings, Inc.\* |  | (595217) |
|  | Aerospace & Defense 0.4% |  |  |
| (15505) | Rocket Lab USA, Inc.\* |  | (277229) |
|  | Alternative Carriers 0.6% |  |  |
| (18887) | Globalstar, Inc.\* |  | (393983) |
|  | Apparel Retail 0.6% |  |  |
| (18519) | Revolve Group, Inc.\* |  | (397973) |
|  | Apparel, Accessories & Luxury<br>Goods 0.4% |  |  |
| (67864) | Figs, Inc., Class A\* |  | (311496) |
|  | Application Software 5.2% |  |  |
| (21112) | Asana, Inc., Class A\* |  | (307602) |
| (17490) | Confluent, Inc., Class A\* |  | (409966) |
| (104429) | CS Disco, Inc.\* |  | (427115) |
| (77040) | Domo, Inc., Class B\* |  | (597830) |
| (24377) | Informatica, Inc., Class A\* |  | (425379) |
| (5962) | Nutanix, Inc., Class A\* |  | (416207) |
| (60624) | Sprinklr, Inc., Class A\* |  | (506210) |
| (87995) | Yext, Inc.\* |  | (542049) |
|  |  |  | (3632358) |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Asset Management & Custody<br>Banks 0.3% |  |
| (1589) | ARES Management Corp., Class A | $(232963) |
|  | Biotechnology 0.4% |  |
| (8266) | CRISPR Therapeutics AG\* | (281292) |
|  | Communications Equipment 0.8% |  |
| (4443) | Lumentum Holdings, Inc.\* | (276977) |
| (996) | Ubiquiti, Inc. | (308899) |
|  |  | (585876) |
|  | Electrical Components &<br>Equipment 0.2% |  |
| (29177) | Sunrun, Inc.\* | (170977) |
|  | Electronic Equipment &<br>Instruments 0.5% |  |
| (308257) | SmartRent, Inc.\* | (372991) |
|  | Health Care Equipment 1.2% |  |
| (36952) | Alphatec Holdings, Inc.\* | (374693) |
| (64583) | Pulmonx Corp.\* | (434644) |
|  |  | (809337) |
|  | Health Care Facilities 1.1% |  |
| (19609) | Acadia Healthcare Co., Inc.\* | (594545) |
| (1531) | National HealthCare Corp. | (142077) |
|  |  | (736622) |
|  | Health Care REITs 0.6% |  |
| (2965) | Welltower, Inc. | (454268) |
|  | Health Care Technology 0.5% |  |
| (13755) | Phreesia, Inc.\* | (351578) |
|  | Heavy Electrical Equipment 0.4% |  |
| (14639) | Bloom Energy Corp., Class A\* | (287803) |
|  | Homebuilding 0.6% |  |
| (17752) | Legacy Housing Corp.\* | (447705) |
|  | Hotels, Resorts & Cruise Lines 1.2% |  |
| (3006) | Hyatt Hotels Corp., Class A | (368235) |
| (54347) | Lindblad Expeditions Holdings, Inc.\* | (503797) |
|  |  | (872032) |
|  | Human Resource & Employment<br>Services 0.9% |  |
| (10492) | Dayforce, Inc.\* | (611998) |
|  | Interactive Home Entertainment 0.8% |  |
| (9403) | ROBLOX Corp., Class A\* | (548101) |
|  | Interactive Media & Services 1.5% |  |
| (25434) | Angi, Inc.\* | (391938) |
| (133557) | Getty Images Holdings, Inc.\* | (231054) |
| (271519) | Nextdoor Holdings, Inc.\* | (415424) |
|  |  | (1038416) |

---

------

---

| | |
|:---|:---|
| Wasatch Long/Short Alpha Fund (WALSX / WGLSX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Internet Services & Infrastructure 0.8% |  |
| (1306) | MongoDB, Inc.\* | $(229072) |
| (3114) | Twilio, Inc., Class A\* | (304892) |
|  |  | (533964) |
|  | Leisure Facilities 0.4% |  |
| (9321) | Life Time Group Holdings, Inc.\* | (281494) |
|  | Life Sciences Tools & Services 0.6% |  |
| (4158) | Revvity, Inc. | (439916) |
|  | Multi-Family Residential REITs 0.5% |  |
| (19394) | Elme Communities | (337456) |
|  | Other Specialty Retail 0.2% |  |
| (173254) | Leslie's, Inc.\* | (127428) |
|  | Packaged Foods & Meats 1.4% |  |
| (205069) | BRC, Inc., Class A\* | (428594) |
| (1823) | J.M. Smucker Co. | (215862) |
| (2031) | Lancaster Colony Corp. | (355425) |
|  |  | (999881) |
|  | Passenger Airlines 0.8% |  |
| (61953) | Frontier Group Holdings, Inc.\* | (268876) |
| (49001) | Joby Aviation, Inc.\* | (294986) |
|  |  | (563862) |
|  | Personal Care Products 0.8% |  |
| (102542) | Coty, Inc., Class A\* | (560905) |
|  | Real Estate Development 0.9% |  |
| (8524) | Howard Hughes Holdings, Inc.\* | (631458) |
|  | Real Estate Services 1.1% |  |
| (282531) | Opendoor Technologies, Inc.\* | (288181) |
| (6912) | Zillow Group, Inc., Class C\* | (473887) |
|  |  | (762068) |
|  | Restaurants 0.8% |  |
| (2606) | Cava Group, Inc.\* | (225184) |
| (13206) | Sweetgreen, Inc., Class A\* | (330414) |
|  |  | (555598) |
|  | Semiconductors 0.8% |  |
| (117976) | indie Semiconductor, Inc., Class A\* | (240081) |
| (45654) | SkyWater Technology, Inc.\* | (323687) |
|  |  | (563768) |
|  | Specialty Chemicals 0.8% |  |
| (7548) | Albemarle Corp. | (543607) |
|  | Technology Hardware, Storage &<br>Peripherals 0.3% |  |
| (9399) | IonQ, Inc.\* | (207436) |
|  | Telecom Tower REITs 0.6% |  |
| (1794) | SBA Communications Corp. | (394698) |
|  | Trading Companies & Distributors 0.6% |  |
| (16374) | Xometry, Inc., Class A\* | (408040) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Transaction & Payment Processing<br>Services 1.5% |  |  |
| (5839) | Affirm Holdings, Inc.\* | $| (263865) |
| (63269) | Payoneer Global, Inc.\* |  | (462496) |
| (16914) | Remitly Global, Inc.\* |  | (351811) |
|  |  |  | (1078172) |
|  | Water Utilities 0.6% |  |  |
| (9141) | California Water Service Group |  | (442973) |
|  | Total Investments Sold Short <br>(proceeds $25,709,812) (32.5%) |  | (22842939) |
|  | Total Investments, Net of Investments Sold Short <br>(cost $46,117,486) 72.9% |  | 51230298 |
|  | Other Assets less Liabilities 27.1% |  | 19065123 |
|  | Net Assets 100.0% | $| 70295421 |
|  | \*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 March 31, 2025 amounted to approximately $28,571 and represented 0.04% of net assets.<br>††All or a portion of this security has been designated as collateral for short sales. | \*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 March 31, 2025 amounted to approximately $28,571 and represented 0.04% of net assets.<br>††All or a portion of this security has been designated as collateral for short sales. | \*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 March 31, 2025 amounted to approximately $28,571 and represented 0.04% of net assets.<br>††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 March 31, 2025, the Wasatch Long/Short Alpha Fund's investments, excluding securities sold short, were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Norway | 1.9 |
|  Panama | 1.6 |
|  United States | 96.5 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Micro Cap Fund (WMICX / WGICX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 98.3% | COMMON STOCKS 98.3% |
|  | Aerospace & Defense 0.8% |  |
| 156992 | TAT Technologies Ltd.\* | $4314140 |
|  | Apparel, Accessories & Luxury<br>Goods 1.7% |  |
| 476944 | Lakeland Industries, Inc.‡‡ | 9686733 |
|  | Application Software 9.4% |  |
| 136471 | Agilysys, Inc.\* | 9899606 |
| 363563 | Alkami Technology, Inc.\* | 9543529 |
| 559682 | AudioEye, Inc.\* | 6212470 |
| 372875 | Red Violet, Inc. | 14016371 |
| 1121485 | Weave Communications, Inc.\* | 12437269 |
|  |  | 52109245 |
|  | Asset Management & Custody<br>Banks 3.3% |  |
| 1396212 | GCM Grosvenor, Inc., Class A | 18471885 |
|  | Automotive Parts & Equipment 1.9% |  |
| 64911 | Patrick Industries, Inc. | 5488874 |
| 180554 | XPEL, Inc.\* | 5304677 |
|  |  | 10793551 |
|  | Biotechnology 0.3% |  |
| 609978 | BriaPro Therapeutics Corp.\* \*\*\* † | 6100 |
| 116881 | Nurix Therapeutics, Inc.\* | 1388546 |
|  |  | 1394646 |
|  | Construction & Engineering 4.8% |  |
| 171362 | Construction Partners, Inc., Class A\* | 12315787 |
| 189220 | Limbach Holdings, Inc.\* | 14091213 |
|  |  | 26407000 |
|  | Consumer Finance 2.9% |  |
| 1099913 | EZCORP, Inc., Class A\* | 16190719 |
|  | Education Services 3.2% |  |
| 451828 | Lincoln Educational Services Corp.\* | 7170510 |
| 408932 | Universal Technical Institute, Inc.\* | 10501374 |
|  |  | 17671884 |
|  | Electronic Components 1.4% |  |
| 104630 | Bel Fuse, Inc., Class B | 7832602 |
|  | Electronic Equipment &<br>Instruments 3.2% |  |
| 2044835 | Blackline Safety Corp.\* | 9165203 |
| 137313 | PAR Technology Corp.\* | 8422780 |
|  |  | 17587983 |
|  | Electronic Manufacturing Services 1.8% |  |
| 247243 | CTS Corp. | 10272947 |
|  | Health Care Equipment 1.2% |  |
| 354033 | Axogen, Inc.\* | 6549610 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Health Care Services 6.6% |  |
| 176215 | Addus HomeCare Corp.\* | $17425902 |
| 349817 | Castle Biosciences, Inc.\* | 7003336 |
| 488726 | Pennant Group, Inc.\* | 12291459 |
|  |  | 36720697 |
|  | Health Care Supplies 3.9% |  |
| 376548 | OrthoPediatrics Corp.\* | 9274377 |
| 60069 | UFP Technologies, Inc.\* | 12116518 |
|  |  | 21390895 |
|  | Home Furnishing Retail 1.0% |  |
| 629973 | Arhaus, Inc.\* | 5480765 |
|  | Home Furnishings 0.5% |  |
| 3959462 | Purple Innovation, Inc.\* | 3006024 |
|  | Homebuilding 1.5% |  |
| 421888 | Smith Douglas Homes Corp.\* | 8235254 |
|  | Human Resource & Employment<br>Services 1.1% |  |
| 638796 | Asure Software, Inc.\* | 6100502 |
|  | Industrial Machinery & Supplies &<br>Components 5.2% |  |
| 152398 | Helios Technologies, Inc. | 4890452 |
| 473031 | Kornit Digital Ltd.\* | 9025431 |
| 91382 | Standex International Corp. | 14748141 |
|  |  | 28664024 |
|  | Internet Services & Infrastructure 1.3% |  |
| 462247 | Couchbase, Inc.\* | 7280390 |
|  | Investment Banking & Brokerage 2.0% |  |
| 588838 | Perella Weinberg Partners | 10834619 |
|  | IT Consulting & Other Services 2.2% |  |
| 782350 | Grid Dynamics Holdings, Inc.\* | 12243777 |
|  | Leisure Products 1.2% |  |
| 1076100 | Latham Group, Inc.\* | 6919323 |
|  | Oil & Gas Equipment & Services 1.7% |  |
| 1629130 | NPK International, Inc.\* | 9465245 |
|  | Packaged Foods & Meats 6.1% |  |
| 104361 | Freshpet, Inc.\* | 8679704 |
| 2230296 | Mama's Creations, Inc.\* ‡‡ | 14519227 |
| 347085 | Vital Farms, Inc.\* | 10575680 |
|  |  | 33774611 |
|  | Personal Care Products 2.0% |  |
| 415694 | Lifevantage Corp. | 6060819 |
| 385568 | Nature's Sunshine Products, Inc.\* | 4838878 |
|  |  | 10899697 |
|  | Pharmaceuticals 0.3% |  |
| 1044930 | Esperion Therapeutics, Inc.\* | 1504699 |

---

------

---

| | |
|:---|:---|
| Wasatch Micro Cap Fund (WMICX / WGICX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Shares** |  | **Value** | **Value** |
|  | Property & Casualty Insurance 5.9% |  |  |
| 337696 | Bowhead Specialty Holdings, Inc.\* | $| 13727343 |
| 128201 | HCI Group, Inc. |  | 19131435 |
|  |  |  | 32858778 |
|  | Regional Banks 3.4% |  |  |
| 252678 | Esquire Financial Holdings, Inc. |  | 19046868 |
|  | Research & Consulting Services 2.1% |  |  |
| 135625 | ICF International, Inc. |  | 11524056 |
|  | Restaurants 2.7% |  |  |
| 467609 | First Watch Restaurant Group, Inc.\* |  | 7785690 |
| 142882 | Kura Sushi USA, Inc., Class A\* |  | 7315558 |
|  |  |  | 15101248 |
|  | Semiconductor Materials &<br>Equipment 1.9% |  |  |
| 521925 | Veeco Instruments, Inc.\* |  | 10480254 |
|  | Semiconductors 1.2% |  |  |
| 44618 | SiTime Corp.\* |  | 6820754 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 2.9% |  |  |
| 528293 | Vita Coco Co., Inc.\* |  | 16192180 |
|  | Systems Software 1.2% |  |  |
| 243814 | TECSYS, Inc. |  | 6946509 |
|  | Technology Distributors 2.3% |  |  |
| 117843 | Climb Global Solutions, Inc. |  | 13052291 |
|  | Transaction & Payment Processing<br>Services 2.2% |  |  |
| 1535086 | Cantaloupe, Inc.\* |  | 12081127 |
|  | Total Common Stocks<br>(cost $501,366,818) |  | 545907532 |
|  | PREFERRED STOCKS 1.7% | PREFERRED STOCKS 1.7% | PREFERRED STOCKS 1.7% |
|  | Textiles 1.7% |  |  |
| 339559 | Johnnie-O Holdings, Inc., Series A<br>Pfd.\* \*\*\* † |  | 9382015 |
|  | Total Preferred Stocks<br>(cost $10,000,013) |  | 9382015 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | WARRANTS 0.0% | WARRANTS 0.0% |
|  | Biotechnology 0.0% |  |
| 1556949 | Sangamo Therapeutics, Inc., expiring 9/26/2029\* \*\*\* † | $249112 |
|  | Pharmaceuticals 0.0% |  |
| 7500 | IM Cannabis Corp., expiring 5/7/2026\* \*\*\* † |  |
|  | Total Warrants<br>(cost $939,374) | 249112 |
|  | Total Investments<br>(cost $512,306,205) 100.0% | 555538659 |
|  | Liabilities less Other Assets (0.0%) | (252577) |
|  | Net Assets 100.0% | $555286082 |
|  | \*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 March 31, 2025 amounted to approximately $9,637,227 and represented 1.74% 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 March 31, 2025 amounted to approximately $9,637,227 and represented 1.74% of net assets.<br>‡‡Affiliated company (see Note 8). |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch Micro Cap Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Canada | 2.9 |
|  Israel | 2.4 |
|  United States | 94.7 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Micro Cap Value Fund (WAMVX / WGMVX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 96.9% | COMMON STOCKS 96.9% |
|  | Aerospace & Defense 0.7% |  |
| 74816 | TAT Technologies Ltd.\* | $2055944 |
|  | Air Freight & Logistics 0.0% |  |
| 3139 | Radiant Logistics, Inc.\* | 19305 |
|  | Apparel Retail 0.9% |  |
| 120861 | Shoe Carnival, Inc. | 2657733 |
|  | Apparel, Accessories & Luxury<br>Goods 1.6% |  |
| 240526 | Lakeland Industries, Inc. | 4885083 |
|  | Application Software 7.0% |  |
| 293473 | AudioEye, Inc.\* | 3257550 |
| 220000 | Red Violet, Inc. | 8269800 |
| 170000 | SoundThinking, Inc.\* | 2881500 |
| 618383 | Weave Communications, Inc.\* | 6857868 |
|  |  | 21266718 |
|  | Asset Management & Custody<br>Banks 2.1% |  |
| 472933 | GCM Grosvenor, Inc., Class A | 6256904 |
|  | Automotive Parts & Equipment 1.0% |  |
| 36210 | Patrick Industries, Inc. | 3061918 |
|  | Commercial & Residential Mortgage<br>Finance 1.0% |  |
| 323057 | Mortgage Advice Bureau Holdings Ltd. | 3147495 |
|  | Communications Equipment 0.9% |  |
| 101000 | Digi International, Inc.\* | 2810830 |
|  | Construction & Engineering 6.2% |  |
| 57000 | Construction Partners, Inc., Class A\* | 4096590 |
| 74765 | Granite Construction, Inc. | 5637281 |
| 98179 | Limbach Holdings, Inc.\* | 7311390 |
| 17500 | Sterling Infrastructure, Inc.\* | 1981175 |
|  |  | 19026436 |
|  | Consumer Finance 2.2% |  |
| 454000 | EZCORP, Inc., Class A\* | 6682880 |
|  | Diversified Support Services 2.6% |  |
| 1314000 | Johnson Service Group PLC | 2260882 |
| 48142 | VSE Corp. | 5776558 |
|  |  | 8037440 |
|  | Education Services 1.0% |  |
| 200739 | Lincoln Educational Services Corp.\* | 3185728 |
|  | Electronic Components 1.2% |  |
| 49600 | Bel Fuse, Inc., Class B | 3713056 |
|  | Electronic Equipment &<br>Instruments 3.2% |  |
| 259838 | Arlo Technologies, Inc.\* | 2564601 |
| 938854 | Blackline Safety Corp.\* | 4208060 |
| 47635 | PAR Technology Corp.\* | 2921931 |
|  |  | 9694592 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Electronic Manufacturing Services 1.8% |  |
| 135361 | CTS Corp. | $5624249 |
|  | Food Distributors 1.9% |  |
| 103600 | Chefs' Warehouse, Inc.\* | 5642056 |
|  | Health Care Equipment 4.0% |  |
| 2034000 | AOTI, Inc.\* | 2233305 |
| 186839 | Axogen, Inc.\* | 3456522 |
| 165000 | Inmode Ltd.\* | 2927100 |
| 265000 | Tactile Systems Technology, Inc.\* | 3503300 |
|  |  | 12120227 |
|  | Health Care Services 3.7% |  |
| 41119 | Addus HomeCare Corp.\* | 4066258 |
| 116000 | Pennant Group, Inc.\* | 2917400 |
| 600766 | Viemed Healthcare, Inc.\* | 4373576 |
|  |  | 11357234 |
|  | Health Care Supplies 2.9% |  |
| 158329 | OrthoPediatrics Corp.\* | 3899643 |
| 24600 | UFP Technologies, Inc.\* | 4962066 |
|  |  | 8861709 |
|  | Home Furnishing Retail 1.0% |  |
| 363562 | Arhaus, Inc.\* | 3162989 |
|  | Homebuilding 3.5% |  |
| 114000 | Champion Homes, Inc.\* | 10802640 |
|  | Industrial Machinery & Supplies &<br>Components 3.0% |  |
| 137000 | Graham Corp.\* | 3948340 |
| 32586 | Standex International Corp. | 5259054 |
|  |  | 9207394 |
|  | Internet Services & Infrastructure 1.7% |  |
| 328000 | Couchbase, Inc.\* | 5166000 |
|  | Investment Banking & Brokerage 3.7% |  |
| 263000 | JDC Group AG\* | 5772951 |
| 296000 | Perella Weinberg Partners | 5446400 |
|  |  | 11219351 |
|  | IT Consulting & Other Services 1.4% |  |
| 273000 | Grid Dynamics Holdings, Inc.\* | 4272450 |
|  | Leisure Products 1.3% |  |
| 601000 | Latham Group, Inc.\* | 3864430 |
|  | Mortgage REITs 1.6% |  |
| 442012 | Sunrise Realty Trust, Inc. | 4893073 |
|  | Oil & Gas Equipment & Services 1.5% |  |
| 811112 | NPK International, Inc.\* | 4712561 |
|  | Packaged Foods & Meats 5.0% |  |
| 1196000 | LT Foods Ltd. | 5303995 |
| 801044 | Mama's Creations, Inc.\* | 5214796 |
| 151788 | Vital Farms, Inc.\* | 4624980 |
|  |  | 15143771 |

---

------

---

| | |
|:---|:---|
| Wasatch Micro Cap Value Fund (WAMVX / WGMVX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Pharmaceuticals 0.8% |  |
| 9235 | Biote Corp., Class A\* | $30752 |
| 422783 | Journey Medical Corp.\* | 2494420 |
|  |  | 2525172 |
|  | Property & Casualty Insurance 8.7% |  |
| 183089 | Bowhead Specialty Holdings, Inc.\* | 7442568 |
| 76360 | HCI Group, Inc. | 11395203 |
| 148000 | Skyward Specialty Insurance Group, Inc.\* | 7832160 |
|  |  | 26669931 |
|  | Regional Banks 6.7% |  |
| 45000 | Axos Financial, Inc.\* | 2903400 |
| 75000 | Esquire Financial Holdings, Inc. | 5653500 |
| 316000 | Finwise Bancorp\* | 5533160 |
| 114000 | First Western Financial, Inc.\* | 2240100 |
| 127500 | Third Coast Bancshares, Inc.\* | 4254675 |
|  |  | 20584835 |
|  | Research & Consulting Services 1.8% |  |
| 64846 | ICF International, Inc. | 5509965 |
|  | Restaurants 0.6% |  |
| 308317 | GEN Restaurant Group, Inc.\* ‡‡ | 1701910 |
|  | Semiconductor Materials &<br>Equipment 1.4% |  |
| 215000 | Veeco Instruments, Inc.\* | 4317200 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 1.5% |  |
| 146000 | Vita Coco Co., Inc.\* | 4474900 |
|  | Technology Distributors 1.6% |  |
| 44500 | Climb Global Solutions, Inc. | 4928820 |
|  | Technology Hardware, Storage &<br>Peripherals 1.0% |  |
| 105000 | CPI Card Group, Inc.\* | 3062850 |
|  | Trading Companies &<br>Distributors 2.3% |  |
| 174000 | ADENTRA, Inc. | 3335992 |
| 143867 | Karat Packaging, Inc. | 3823985 |
|  |  | 7159977 |
|  | Water Utilities 0.9% |  |
| 105134 | Consolidated Water Co. Ltd. | 2574732 |
|  | Total Common Stocks<br>(cost $223,180,520) | 296062488 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | WARRANTS 0.0% | WARRANTS 0.0% |
|  | Trading Companies & Distributors 0.0% |  |
| 131 | Greenlane Holdings, Inc., expiring 2/24/2026\* \*\*\* † | $— |
|  | Total Warrants<br>(cost $396,902) |  |
|  | Total Investments<br>(cost $223,577,422) 96.9%§ | 296062488 |
|  | Other Assets less Liabilities 3.1% | 9626766 |
|  | Net Assets 100.0% | $305689254 |
|  | \*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 March 31, 2025 amounted to approximately $0 and represented 0.00% of net assets.<br>‡‡Affiliated company (see Note 8).<br>§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.76%.<br>REIT Real Estate Investment Trust. | \*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 March 31, 2025 amounted to approximately $0 and represented 0.00% of net assets.<br>‡‡Affiliated company (see Note 8).<br>§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 2.76%.<br>REIT Real Estate Investment Trust. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch Micro Cap Value Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Canada | 2.5 |
|  Germany | 2.0 |
|  India | 1.8 |
|  Israel | 1.7 |
|  United Kingdom | 1.8 |
|  United States | 90.2 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Small Cap Growth Fund (WAAEX / WIAEX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 95.3% | COMMON STOCKS 95.3% |
|  | Aerospace & Defense 1.6% |  |
| 393761 | Loar Holdings, Inc.\* | $27819215 |
|  | Application Software 8.0% |  |
| 483605 | Agilysys, Inc.\* | 35080707 |
| 923072 | Alkami Technology, Inc.\* | 24230640 |
| 1715643 | Clearwater Analytics Holdings, Inc., Class A\* | 45979232 |
| 1402501 | nCino, Inc.\* | 38526703 |
|  |  | 143817282 |
|  | Asset Management & Custody<br>Banks 1.9% |  |
| 648118 | StepStone Group, Inc., Class A | 33851203 |
|  | Automotive Parts & Equipment 1.1% |  |
| 685506 | XPEL, Inc.\* | 20140166 |
|  | Automotive Retail 3.0% |  |
| 1560948 | Valvoline, Inc.\* | 54336600 |
|  | Broadline Retail 5.6% |  |
| 607775 | Global-e Online Ltd.\* | 21667179 |
| 676367 | Ollie's Bargain Outlet Holdings, Inc.\* | 78702064 |
|  |  | 100369243 |
|  | Building Products 3.5% |  |
| 493755 | AAON, Inc. | 38577078 |
| 418044 | Trex Co., Inc.\* | 24288357 |
|  |  | 62865435 |
|  | Construction & Engineering 3.1% |  |
| 769155 | Construction Partners, Inc., Class A\* | 55279170 |
|  | Diversified Support Services 0.9% |  |
| 1078574 | ACV Auctions, Inc., Class A\* | 15197108 |
|  | Health Care Equipment 2.4% |  |
| 213703 | Inspire Medical Systems, Inc.\* | 34038614 |
| 140865 | TransMedics Group, Inc.\* | 9477397 |
|  |  | 43516011 |
|  | Health Care Facilities 3.5% |  |
| 488291 | Ensign Group, Inc. | 63184855 |
|  | Health Care Services 3.1% |  |
| 568606 | Addus HomeCare Corp.\* | 56229447 |
|  | Health Care Supplies 2.0% |  |
| 175875 | UFP Technologies, Inc.\* | 35475746 |
|  | Health Care Technology 0.1% |  |
| 134584 | Certara, Inc.\* | 1332382 |
|  | Home Improvement Retail 2.0% |  |
| 447540 | Floor & Decor Holdings, Inc., Class A\* | 36013544 |
|  | Homebuilding 1.1% |  |
| 282897 | LGI Homes, Inc.\* | 18804164 |
|  | Human Resource & Employment<br>Services 4.2% |  |
| 404968 | Paylocity Holding Corp.\* | 75866705 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Industrial Machinery & Supplies &<br>Components 4.2% |  |
| 234276 | RBC Bearings, Inc.\* | $75382988 |
|  | Insurance Brokers 2.7% |  |
| 413778 | Goosehead Insurance, Inc., Class A | 48850631 |
|  | IT Consulting & Other<br>Services 3.7% |  |
| 311211 | Globant SA\* | 36635759 |
| 1844994 | Grid Dynamics Holdings, Inc.\* | 28874156 |
|  |  | 65509915 |
|  | Leisure Products 1.5% |  |
| 820575 | YETI Holdings, Inc.\* | 27161032 |
|  | Life Sciences Tools & Services 2.5% |  |
| 147667 | Medpace Holdings, Inc.\* | 44992658 |
|  | Managed Health Care 3.8% |  |
| 775277 | HealthEquity, Inc.\* | 68511228 |
|  | Other Specialty Retail 1.2% |  |
| 277919 | Five Below, Inc.\* | 20823081 |
|  | Packaged Foods & Meats 2.0% |  |
| 343512 | Freshpet, Inc.\* | 28569893 |
| 257099 | Vital Farms, Inc.\* | 7833807 |
|  |  | 36403700 |
|  | Personal Care Products 4.1% |  |
| 991868 | BellRing Brands, Inc.\* | 73854491 |
|  | Regional Banks 3.7% |  |
| 621922 | Pinnacle Financial Partners, Inc. | 65948609 |
|  | Restaurants 2.7% |  |
| 264757 | Dutch Bros, Inc., Class A\* | 16346097 |
| 369060 | Shake Shack, Inc., Class A\* | 32540020 |
|  |  | 48886117 |
|  | Semiconductor Materials &<br>Equipment 4.8% |  |
| 423273 | Camtek Ltd. | 24816496 |
| 330206 | Nova Ltd.\* | 60866872 |
|  |  | 85683368 |
|  | Systems Software 3.5% |  |
| 82774 | CyberArk Software Ltd.\* | 27977612 |
| 1086014 | JFrog Ltd.\* | 34752448 |
|  |  | 62730060 |
|  | Trading Companies &<br>Distributors 3.8% |  |
| 430838 | SiteOne Landscape Supply, Inc.\* | 52320967 |
| 217581 | Transcat, Inc.\* | 16198905 |
|  |  | 68519872 |
|  | Transaction & Payment Processing<br>Services 4.0% |  |
| 1569975 | Flywire Corp.\* | 14914763 |
| 692492 | Shift4 Payments, Inc., Class A\* | 56583521 |
|  |  | 71498284 |
|  | Total Common Stocks <br>(cost $1,268,690,578) | 1708854310 |

---

------

---

| | |
|:---|:---|
| Wasatch Small Cap Growth Fund (WAAEX / WIAEX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | PREFERRED STOCKS 1.4% | PREFERRED STOCKS 1.4% |
|  | Systems Software 0.5% |  |
| 1114610 | DataStax, Inc., Series E Pfd.\* \*\*\* † | $8000002 |
|  | Textiles 0.9% |  |
| 611205 | Johnnie-O Holdings, Inc.,<br>Series A Pfd.\* \*\*\* † ‡‡ | 16887594 |
|  | Total Preferred Stocks<br>(cost $25,999,989) | 24887596 |
|  | Total Investments<br>(cost $1,294,690,567) 96.7% | 1733741906 |
|  | Other Assets less Liabilities 3.3% | 58304539 |
|  | Net Assets 100.0% | $1792046445 |
|  | \*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 March 31, 2025 amounted to approximately $24,887,596 and represented 1.39% 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 March 31, 2025 amounted to approximately $24,887,596 and represented 1.39% of net assets.<br>‡‡Affiliated company (see Note 8). |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch Small Cap Growth Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 7.8 |
|  United States | 92.2 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Small Cap Value Fund (WMCVX / WICVX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.7% | COMMON STOCKS 97.7% |
|  | Application Software 1.2% |  |
| 1573810 | Weave Communications, Inc.\* | $17453553 |
|  | Asset Management & Custody<br>Banks 5.5% |  |
| 716571 | Artisan Partners Asset Management, Inc., Class A | 28017926 |
| 331115 | Cohen & Steers, Inc. | 26571979 |
| 186680 | Hamilton Lane, Inc., Class A | 27753715 |
|  |  | 82343620 |
|  | Automotive Retail 3.0% |  |
| 1265058 | Valvoline, Inc.\* | 44036669 |
|  | Broadline Retail 2.4% |  |
| 308202 | Ollie's Bargain Outlet Holdings, Inc.\* | 35862385 |
|  | Building Products 3.2% |  |
| 1917170 | Janus International Group, Inc.\* | 13803624 |
| 318366 | UFP Industries, Inc. | 34077897 |
|  |  | 47881521 |
|  | Cargo Ground Transportation 1.4% |  |
| 58421 | Saia, Inc.\* | 20414050 |
|  | Commodity Chemicals 1.5% |  |
| 213090 | Hawkins, Inc. | 22570493 |
|  | Construction & Engineering 2.1% |  |
| 413547 | Granite Construction, Inc. | 31181444 |
|  | Construction Machinery & Heavy<br>Transportation Equipment 2.3% |  |
| 361881 | Allison Transmission Holdings, Inc. | 34621155 |
|  | Distillers & Vintners 1.0% |  |
| 481650 | MGP Ingredients, Inc. | 14150877 |
|  | Education Services 3.6% |  |
| 164567 | Grand Canyon Education, Inc.\* | 28473382 |
| 980331 | Universal Technical Institute, Inc.\* | 25174900 |
|  |  | 53648282 |
|  | Electronic Equipment &<br>Instruments 1.1% |  |
| 1592809 | Arlo Technologies, Inc.\* | 15721025 |
|  | Electronic Manufacturing Services 5.6% |  |
| 647678 | Benchmark Electronics, Inc. | 24631194 |
| 750816 | CTS Corp. | 31196405 |
| 138801 | Fabrinet\* | 27414586 |
|  |  | 83242185 |
|  | Financial Exchanges & Data 0.1% |  |
| 649923 | Open Lending Corp.\* | 1793787 |
|  | Health Care Facilities 2.2% |  |
| 250815 | Ensign Group, Inc. | 32455461 |
|  | Health Care Supplies 1.6% |  |
| 120411 | UFP Technologies, Inc.\* | 24288103 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Homebuilding 3.4% |  |
| 330049 | Champion Homes, Inc.\* | $31275443 |
| 284427 | LGI Homes, Inc.\* | 18905863 |
|  |  | 50181306 |
|  | Industrial Machinery & Supplies &<br>Components 6.8% |  |
| 97077 | Enpro, Inc. | 15706088 |
| 426347 | Helios Technologies, Inc. | 13681475 |
| 115431 | Kadant, Inc. | 38889858 |
| 202029 | Standex International Corp. | 32605461 |
|  |  | 100882882 |
|  | Investment Banking & Brokerage 1.8% |  |
| 449955 | Moelis & Co., Class A | 26259374 |
|  | Leisure Products 1.6% |  |
| 715753 | YETI Holdings, Inc.\* | 23691424 |
|  | Life Sciences Tools & Services 1.7% |  |
| 81751 | Medpace Holdings, Inc.\* | 24908712 |
|  | Managed Health Care 2.3% |  |
| 390708 | HealthEquity, Inc.\* | 34526866 |
|  | Mortgage REITs 1.4% |  |
| 1739030 | Arbor Realty Trust, Inc. | 20433602 |
|  | Oil & Gas Equipment & Services 1.1% |  |
| 341224 | Cactus, Inc., Class A | 15638296 |
|  | Oil & Gas Exploration &<br>Production 3.7% |  |
| 1085859 | Magnolia Oil & Gas Corp., Class A | 27428798 |
| 534105 | Matador Resources Co. | 27287425 |
|  |  | 54716223 |
|  | Oil & Gas Storage &<br>Transportation 1.6% |  |
| 2226305 | DHT Holdings, Inc. | 23376202 |
|  | Other Specialty Retail 0.9% |  |
| 187486 | Five Below, Inc.\* | 14047389 |
|  | Packaged Foods & Meats 2.0% |  |
| 1559181 | Flowers Foods, Inc. | 29640031 |
|  | Paper Products 1.9% |  |
| 415421 | Sylvamo Corp. | 27862286 |
|  | Passenger Airlines 1.7% |  |
| 277984 | Copa Holdings SA, Class A | 25702401 |
|  | Regional Banks 10.6% |  |
| 478802 | Axos Financial, Inc.\* | 30892305 |
| 824597 | Bank OZK | 35828740 |
| 529240 | FB Financial Corp. | 24535566 |
| 236179 | Hancock Whitney Corp. | 12387588 |
| 334092 | Pinnacle Financial Partners, Inc. | 35427116 |
| 231937 | ServisFirst Bancshares, Inc. | 19157996 |
|  |  | 158229311 |

---

------

---

| | |
|:---|:---|
| Wasatch Small Cap Value Fund (WMCVX / WICVX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Research & Consulting<br>Services 1.6% |  |
| 276937 | ICF International, Inc. | $23531337 |
|  | Security & Alarm Services 0.8% |  |
| 139243 | Brink's Co. | 11997177 |
|  | Self-Storage REITs 2.8% |  |
| 1062302 | National Storage Affiliates Trust | 41854699 |
|  | Semiconductor Materials &<br>Equipment 3.6% |  |
| 218194 | Camtek Ltd. | 12792714 |
| 127058 | Nova Ltd.\* | 23420601 |
| 877870 | Veeco Instruments, Inc.\* | 17627630 |
|  |  | 53840945 |
|  | Soft Drinks & Non-Alcoholic<br>Beverages 2.0% |  |
| 979312 | Vita Coco Co., Inc.\* | 30015913 |
|  | Specialized Consumer<br>Services 1.6% |  |
| 615485 | Frontdoor, Inc.\* | 23646934 |
|  | Specialty Chemicals 1.7% |  |
| 269774 | Innospec, Inc. | 25561086 |
|  | Technology Distributors 1.0% |  |
| 440065 | ScanSource, Inc.\* | 14966611 |
|  | Transaction & Payment Processing<br>Services 2.3% |  |
| 321191 | Euronet Worldwide, Inc.\* | 34319258 |
|  | Total Common Stocks<br>(cost $1,291,377,551) | 1451494875 |
|  | Total Investments<br>(cost $1,291,377,551) 97.7% | 1451494875 |
|  | Other Assets less Liabilities 2.3% | 34895882 |
|  | Net Assets 100.0% | $1486390757 |
|  | \*Non-income producing. | \*Non-income producing. |
|  | REIT Real Estate Investment Trust. | REIT Real Estate Investment Trust. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch Small Cap Value Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Israel | 2.5 |
|  Norway | 1.6 |
|  Panama | 1.8 |
|  United States | 94.1 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch Ultra Growth Fund (WAMCX / WGMCX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 97.7% | COMMON STOCKS 97.7% |
|  | Application Software 5.4% |  |
| 460426 | nCino, Inc.\* | $12647902 |
| 204665 | Procore Technologies, Inc.\* | 13511984 |
| 172807 | Q2 Holdings, Inc.\* | 13826288 |
|  |  | 39986174 |
|  | Biotechnology 7.4% |  |
| 4556226 | C4 Therapeutics, Inc.\* ‡‡ | 7289962 |
| 470913 | Dyne Therapeutics, Inc.\* | 4925750 |
| 456466 | Exact Sciences Corp.\* | 19760413 |
| 534153 | Immatics NV\* | 2409030 |
| 2822577 | MacroGenics, Inc.\* | 3584673 |
| 1850104 | Nkarta, Inc.\* | 3404191 |
| 392247 | Nurix Therapeutics, Inc.\* | 4659894 |
| 4531718 | Sangamo Therapeutics, Inc.\* | 2971901 |
| 225322 | Viking Therapeutics, Inc.\* | 5441526 |
|  |  | 54447340 |
|  | Broadline Retail 2.1% |  |
| 131165 | Ollie's Bargain Outlet Holdings, Inc.\* | 15262359 |
|  | Building Products 1.8% |  |
| 233983 | Trex Co., Inc.\* | 13594412 |
|  | Distributors 1.9% |  |
| 44810 | Pool Corp. | 14265264 |
|  | Environmental & Facilities<br>Services 3.5% |  |
| 227844 | Casella Waste Systems, Inc., Class A\* | 25406884 |
|  | Financial Exchanges & Data 2.4% |  |
| 56358 | MarketAxess Holdings, Inc. | 12193054 |
| 1879778 | Open Lending Corp.\* | 5188187 |
|  |  | 17381241 |
|  | Footwear 2.1% |  |
| 344693 | On Holding AG, Class A\* | 15138917 |
|  | Health Care Equipment 9.0% |  |
| 430829 | Artivion, Inc.\* | 10589777 |
| 450597 | AtriCure, Inc.\* | 14536259 |
| 129525 | Inspire Medical Systems, Inc.\* | 20630742 |
| 129056 | PROCEPT BioRobotics Corp.\* | 7518803 |
| 192350 | TransMedics Group, Inc.\* | 12941308 |
|  |  | 66216889 |
|  | Health Care Services 1.6% |  |
| 593898 | Castle Biosciences, Inc.\* | 11889838 |
|  | Health Care Supplies 2.7% |  |
| 7713340 | Cerus Corp.\* | 10721543 |
| 351085 | RxSight, Inc.\* | 8864896 |
|  |  | 19586439 |
|  | Home Improvement Retail 1.5% |  |
| 134973 | Floor & Decor Holdings, Inc., Class A\* | 10861277 |
|  | Homebuilding 2.5% |  |
| 141743 | Champion Homes, Inc.\* | 13431567 |
| 79289 | LGI Homes, Inc.\* | 5270340 |
|  |  | 18701907 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Human Resource & Employment<br>Services 3.1% |  |
| 122365 | Paylocity Holding Corp.\* | $22923859 |
|  | Industrial Machinery & Supplies &<br>Components 2.4% |  |
| 55636 | RBC Bearings, Inc.\* | 17901996 |
|  | Insurance Brokers 2.7% |  |
| 166234 | Goosehead Insurance, Inc., Class A | 19625586 |
|  | Internet Services & Infrastructure 1.9% |  |
| 745109 | BigCommerce Holdings, Inc., Series 1\* | 4291828 |
| 611639 | Couchbase, Inc.\* | 9633314 |
|  |  | 13925142 |
|  | IT Consulting & Other Services 1.6% |  |
| 96845 | Globant SA\* | 11400593 |
|  | Managed Health Care 3.5% |  |
| 290636 | HealthEquity, Inc.\* | 25683503 |
|  | Oil & Gas Exploration &<br>Production 2.1% |  |
| 255252 | Magnolia Oil & Gas Corp., Class A | 6447665 |
| 168655 | Matador Resources Co. | 8616584 |
|  |  | 15064249 |
|  | Other Specialty Retail 1.5% |  |
| 150084 | Five Below, Inc.\* | 11245044 |
|  | Packaged Foods & Meats 3.6% |  |
| 315508 | Freshpet, Inc.\* | 26240800 |
|  | Personal Care Products 2.5% |  |
| 244624 | BellRing Brands, Inc.\* | 18214703 |
|  | Pharmaceuticals 2.6% |  |
| 6675165 | Esperion Therapeutics, Inc.\* | 9612238 |
| 1469354 | Phathom Pharmaceuticals, Inc.\* | 9212849 |
|  |  | 18825087 |
|  | Regional Banks 2.2% |  |
| 373490 | Bank OZK | 16228141 |
|  | Semiconductor Materials &<br>Equipment 9.2% |  |
| 52158 | BE Semiconductor Industries NV | 5450844 |
| 86284 | Camtek Ltd. | 5058831 |
| 370314 | Kulicke & Soffa Industries, Inc. | 12212956 |
| 82749 | Nova Ltd.\* | 15253123 |
| 1056172 | PDF Solutions, Inc.\* | 20183447 |
| 453400 | Veeco Instruments, Inc.\* | 9104272 |
|  |  | 67263473 |
|  | Semiconductors 1.9% |  |
| 128216 | Power Integrations, Inc. | 6474908 |
| 50989 | SiTime Corp.\* | 7794688 |
|  |  | 14269596 |
|  | Specialty Chemicals 2.1% |  |
| 93801 | Balchem Corp. | 15570966 |

---

------

---

| | |
|:---|:---|
| Wasatch Ultra Growth Fund (WAMCX / WGMCX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments (continued)

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Systems Software 7.9% |  |
| 59749 | CyberArk Software Ltd.\* | $20195162 |
| 584520 | JFrog Ltd.\* | 18704640 |
| 78689 | Monday.com Ltd.\* | 19134017 |
|  |  | 58033819 |
|  | Transaction & Payment Processing<br>Services 3.0% |  |
| 270359 | Shift4 Payments, Inc., Class A\* | 22091034 |
|  | Total Common Stocks<br>(cost $680,695,473) | 717246532 |
|  | PREFERRED STOCKS 1.9% | PREFERRED STOCKS 1.9% |
|  | Textiles 1.9% |  |
| 509338 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* † ‡‡ | 14073009 |
|  | Total Preferred Stocks<br>(cost $15,000,004) | 14073009 |
|  | WARRANTS 0.1% |  |
|  | Biotechnology 0.1% |  |
| 3026385 | Sangamo Therapeutics, Inc.,<br>expiring 9/26/2029\* \*\*\* † | 484222 |
|  | Total Warrants<br>(cost $626,686) | 484222 |
|  | Total Investments<br>(cost $696,322,163) 99.7%§ | 731803763 |
|  | Other Assets less Liabilities 0.3% | 2153774 |
|  | Net Assets 100.0% | $733957537 |
|  | \*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 March 31, 2025 amounted to approximately $14,557,231 and represented 1.98% of net assets. <br>‡‡Affiliated company (see Note 8).<br>§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 0.74%. | \*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 March 31, 2025 amounted to approximately $14,557,231 and represented 1.98% of net assets. <br>‡‡Affiliated company (see Note 8).<br>§The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 0.74%. |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch Ultra Growth Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Germany | 0.3 |
|  Israel | 8.2 |
|  Netherlands | 0.7 |
|  Switzerland | 2.1 |
|  United States | 88.7 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch U.S. Select Fund (WAUSX / WGUSX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | COMMON STOCKS 98.6% |  |
|  | Aerospace & Defense 4.1% |  |
| 5595 | HEICO Corp., Class A | $1180377 |
|  | Application Software 22.2% |  |
| 3032 | ANSYS, Inc.\* | 959810 |
| 5085 | Guidewire Software, Inc.\* | 952726 |
| 1373 | HubSpot, Inc.\* | 784381 |
| 12187 | Procore Technologies, Inc.\* | 804586 |
| 2273 | Roper Technologies, Inc. | 1340115 |
| 1072 | Tyler Technologies, Inc.\* | 623250 |
| 4211 | Workday, Inc., Class A\* | 983395 |
|  |  | 6448263 |
|  | Asset Management & Custody Banks 2.9% |  |
| 5696 | Hamilton Lane, Inc., Class A | 846824 |
|  | Automotive Retail 3.3% |  |
| 27605 | Valvoline, Inc.\* | 960930 |
|  | Building Products 1.8% |  |
| 9079 | Trex Co., Inc.\* | 527490 |
|  | Cargo Ground Transportation 2.5% |  |
| 4479 | Old Dominion Freight Line, Inc. | 741051 |
|  | Distributors 3.0% |  |
| 2696 | Pool Corp. | 858272 |
|  | Diversified Support Services 4.3% |  |
| 22157 | Copart, Inc.\* | 1253865 |
|  | Electrical Components & Equipment 4.1% |  |
| 6860 | AMETEK, Inc. | 1180880 |
|  | Electronic Components 3.0% |  |
| 13129 | Amphenol Corp., Class A | 861131 |
|  | Electronic Equipment & Instruments 2.1% |  |
| 4670 | Novanta, Inc.\* | 597153 |
|  | Electronic Manufacturing Services 2.6% |  |
| 3774 | Fabrinet\* | 745403 |
|  | Financial Exchanges & Data 6.8% |  |
| 3774 | MarketAxess Holdings, Inc. | 816505 |
| 3883 | Morningstar, Inc. | 1164395 |
|  |  | 1980900 |
|  | Health Care Equipment 1.3% |  |
| 2314 | Inspire Medical Systems, Inc.\* | 368574 |
|  | Health Care Facilities 3.4% |  |
| 7702 | Ensign Group, Inc. | 996639 |
|  | Home Improvement Retail 1.7% |  |
| 6329 | Floor & Decor Holdings, Inc., Class A\* | 509295 |
|  | Human Resource & Employment<br>Services 3.0% |  |
| 4582 | Paylocity Holding Corp.\* | 858392 |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | Industrial Machinery & Supplies &<br>Components 3.6% |  |
| 3242 | RBC Bearings, Inc.\* | $1043178 |
|  | IT Consulting & Other Services 1.5% |  |
| 3796 | Globant SA\* | 446865 |
|  | Life Sciences Tools & Services 4.1% |  |
| 3545 | ICON PLC\* | 620339 |
| 1856 | Medpace Holdings, Inc.\* | 565505 |
|  |  | 1185844 |
|  | Managed Health Care 4.2% |  |
| 13674 | HealthEquity, Inc.\* | 1208371 |
|  | Personal Care Products 3.5% |  |
| 13784 | BellRing Brands, Inc.\* | 1026357 |
|  | Semiconductor Materials &<br>Equipment 2.3% |  |
| 3656 | Nova Ltd.\* | 673910 |
|  | Semiconductors 1.9% |  |
| 959 | Monolithic Power Systems, Inc. | 556201 |
|  | Transaction & Payment Processing<br>Services 5.4% |  |
| 10840 | Block, Inc.\* | 588937 |
| 12054 | Shift4 Payments, Inc., Class A\* | 984932 |
|  |  | 1573869 |
|  | Total Common Stocks<br>(cost $26,433,866) | 28630034 |
|  | Total Investments<br>(cost $26,433,866) 98.6% | 28630034 |
|  | Other Assets less Liabilities 1.4% | 418985 |
|  | Net Assets 100.0% | $29049019 |
|  | \*Non-income producing. |  |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

At March 31, 2025, the Wasatch U.S. Select Fund's investments were in the following countries:

---

| | |
|:---|:---|
| **Country** | **%** |
|  Ireland | 2.2 |
|  Israel | 2.3 |
|  United States | 95.5 |
|  TOTAL | 100.0% |

---

------

---

| | |
|:---|:---|
| Wasatch-Hoisington U.S. Treasury Fund (WHOSX) | **MARCH 31, 2025** *(Unaudited)* |

---

Schedule of Investments

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  | U.S. GOVERNMENT<br>OBLIGATIONS 97.7% | U.S. GOVERNMENT<br>OBLIGATIONS 97.7% |
| $46000000 | U.S. Treasury Bond, 1.25%, 5/15/50 | $22708907 |
| 47700000 | U.S. Treasury Bond, 1.375%, 8/15/50 | 24164894 |
| 41100000 | U.S. Treasury Bond, 1.875%, 11/15/51 | 23505668 |
| 160000000 | U.S. Treasury STRIPS Principal, 0.00%, 8/15/47 | 55387267 |
| 33700000 | U.S. Treasury STRIPS Principal, 2.00%, 8/15/51 | 9769209 |
| 35200000 | U.S. Treasury STRIPS Principal, 3.625%, 5/15/53 | 9602080 |
|  | Total U.S. Government Obligations<br>(cost $174,757,236) | 145138025 |
|  | Total Investments<br>(cost $174,757,236) 97.7% | 145138025 |
|  | Other Assets less Liabilities 2.3% | 3489872 |
|  | Net Assets 100.0% | $148627897 |
|  | See Notes to Financial Statements. | See Notes to Financial Statements. |

---

------

<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 | $3518612652 | $381232595 | $334642943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> | 51622504 |  |  |
|  | $3570235156 | $381232595 | $334642943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at market value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $4224489351 | $562421558 | $381462006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> | 37431080 |  |  |
|  | 4261920431 | 562421558 | 381462006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 33834003 | 26445270 | 103195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency on deposit (cost of $0, $0, $1, $16,109, $3,871, $0, $1,626 and $2, respectively) |  |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 1151251 |  | 9818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares receivable | 3654187 | 1199706 | 54973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable | 521247 | 321969 | 528382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 102036 | 25959 | 36063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 4301183155 | 590414462 | 382194438 |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased |  | 2019992 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares payable | 4278759 | 764995 | 160575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends payable to shareholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Advisor | 3736510 | 587463 | 327624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fund administration fees | 102833 | 16940 | 12673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 573370 | 194692 | 114789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes payable |  | 16916725 | 3685130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit payable |  |  | 479519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 8691472 | 20500807 | 4780310 |
|  Commitments and contingent liabilities |  |  |  |
|  Net Assets | $4292491683 | $569913655 | $377414128 |
|  Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock | $522286 | $1007643 | $229018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital in excess of par | 3284468274 | 412565986 | 449624539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | 1007501123 | 156340026 | (72439429) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $4292491683 | $569913655 | $377414128 |
|  Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 1858220729 | 247075109 | 49978473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 2434270954 | 322838546 | 327435655 |
|  Capital Stock Issued and Outstanding (Unlimited number of<br>shares authorized, $0.01 par value) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 22894213 | 44162032 | 3110668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 29334397 | 56602293 | 19791090 |
|  Net Asset Value, Redemption Price and Offering Price Per Share |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $81.17 | $5.59 | $16.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | $82.98 | $5.70 | $16.54 |

---

<sup>1</sup> See Note 8 for information on affiliated issuers.

See Notes to Financial Statements.

------

**MARCH 31, 2025** *(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
| $166772413 | $26501276 | $158989241 | $10716625 | $99897510 |
| $166772413 | $26501276 | $158989241 | $10716625 | $99897510 |
| $243175797 | $34814519 | $194056039 | $13409017 | $129082978 |
| 243175797 | 34814519 | 194056039 | 13409017 | 129082978 |
| 3965182 | 940792 | 2400 | 303 | 1803025 |
| 16203 | 3893 |  | 1625 | 2 |
| 8857 | 235166 | 282463 | 686593 | 327209 |
| 14567 | 726 | 54222 |  | 20379 |
| 267613 | 25942 | 233483 | 13338 | 704736 |
| 25517 | 25905 | 31580 | 18025 | 24477 |
| 247473736 | 36046943 | 194660187 | 14128901 | 131962806 |
| 605204 | 502815 | 372 | 28 | 414498 |
| 192404 | 80125 | 1033148 |  | 129667 |
|  |  |  |  | 22905 |
| 330264 | 41433 | 209109 | 743 | 90749 |
| 10052 | 1790 | 5517 | 932 | 4059 |
| 142074 | 55996 | 61737 | 32052 | 122173 |
| 3319314 | 642726 | 940980 | 57673 |  |
|  |  | 90752 | 825689 |  |
| 4599312 | 1324885 | 2341615 | 917117 | 784051 |
| $242874424 | $34722058 | $192318572 | $13211784 | $131178755 |
| $948550 | $99879 | $483891 | $10936 | $131527 |
| 154450514 | 126658644 | 150140316 | 12420995 | 256256483 |
| 87475360 | (92036465) | 41694365 | 779853 | (125209255) |
| $242874424 | $34722058 | $192318572 | $13211784 | $131178755 |
| 99475926 | 27970131 | 107626827 | 2831294 | 114487559 |
| 143398498 | 6751927 | 84691745 | 10380490 | 16691196 |
| 39229753 | 8075937 | 27245822 | 238394 | 11476204 |
| 55625279 | 1911936 | 21143263 | 855200 | 1676513 |
| $2.54 | $3.46 | $3.95 | $11.88 | $9.98 |
| $2.58 | $3.53 | $4.01 | $12.14 | $9.96 |

---

------

<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 | $136613586 | $34388957 | $3028934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> |  |  |  |
|  | $136613586 | $34388957 | $3028934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at market value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $194795084 | $56641586 | $3702417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> |  |  |  |
|  | 194795084 | 56641586 | 3702417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 11692 | 337611 | 78766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency on deposit (cost of $19,566, $4,012, $1,102, $4,341, $0, $0, $0 and $0, respectively) | 19574 | 3992 | 1097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 3124752 | 1160794 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares receivable | 1977 | 1115 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable | 985220 | 393486 | 6420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable from Investment Advisor |  |  | 6996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 21865 | 26805 | 17924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 198960164 | 58565389 | 3813620 |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short, at value (proceeds of $0, $0, $0, $0, $25,709,812, $0, $0, and $0, respectively) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 597 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares payable | 98015 | 137 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Advisor | 225794 | 81473 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fund administration fees | 10861 | 10639 | 971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 148115 | 173333 | 28348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes payable | 424774 | 373906 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Line of credit payable | 278446 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends payable on securities sold short |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 1186602 | 639488 | 29319 |
|  Commitments and contingent liabilities |  |  |  |
|  Net Assets | $197773562 | $57925901 | $3784301 |
|  Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock | $97296 | $193946 | $3019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital in excess of par | 111898698 | 30221560 | 4058628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | 85777568 | 27510395 | (277346) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $197773562 | $57925901 | $3784301 |
|  Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 167115264 | 39302952 | 2642650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 30658298 | 18622949 | 1141651 |
|  Capital Stock Issued and Outstanding (Unlimited number of<br>shares authorized, $0.01 par value) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 8237886 | 13240202 | 212307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1491666 | 6154423 | 89636 |
|  Net Asset Value, Redemption Price and Offering Price Per Share |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $20.29 | $2.97 | $12.45 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | $20.55 | $3.03 | $12.74 |

---

<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.

------

**MARCH 31, 2025** *(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
| $4181672 | $71827298 | $491434682 | $220381317 | $1276690580 |
|  |  | 20871523 | 3196105 | 17999987 |
| $4181672 | $71827298 | $512306205 | $223577422 | $1294690567 |
| $4564714 | $74073237 | $531332699 | $294360578 | $1716854312 |
|  |  | 24205960 | 1701910 | 16887594 |
| 4564714 | 74073237 | 555538659 | 296062488 | 1733741906 |
| 167701 | 19660836 | 6943944 | 7644819 | 53000051 |
| <br>4339 |  |  |  |  |
| 79047 |  | 2890197 | 2931561 | 32879037 |
|  |  | 443805 | 307057 | 676573 |
| 35882 | 18278 | 67453 | 179684 | 30518 |
| 95732 | 18854 | 30599 | 22258 | 59001 |
| 4947415 | 93771205 | 565914657 | 307147867 | 1820387086 |
| <br>— | 22842939 |  |  |  |
| 133883 | 509080 | 9069042 | 402658 | 20666522 |
|  | 6652 | 666302 | 102617 | 5726806 |
| 49640 | 75648 | 732727 | 393976 | 1561885 |
| 152 | 1709 | 15626 | 7848 | 52604 |
| 2207 | 30810 | 144878 | 87419 | 332824 |
|  |  |  | 464095 |  |
|  | 8946 |  |  |  |
| 185882 | 23475784 | 10628575 | 1458613 | 28340641 |
| $4761533 | $70295421 | $555286082 | $305689254 | $1792046445 |
| $4267 | $52080 | $804221 | $811452 | $489709 |
| 4331114 | 62540491 | 598815558 | 236862321 | 1442517863 |
| 426152 | 7702850 | (44333697) | 68015481 | 349038873 |
| $4761533 | $70295421 | $555286082 | $305689254 | $1792046445 |
| 1909114 | 38478782 | 481760710 | 247958096 | 748693976 |
| 2852419 | 31816639 | 73525372 | 57731158 | 1043352469 |
| 171055 | 2858002 | 69786989 | 65923617 | 20693072 |
| 255612 | 2350016 | 10635133 | 15221614 | 28277799 |
| $11.16 | $13.46 | $6.90 | $3.76 | $36.18 |
| $11.16 | $13.54 | $6.91 | $3.79 | $36.90 |

---

------

<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 | $1291377551 | $668122789 | $26433866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> |  | 28199374 |  |
|  | $1291377551 | $696322163 | $26433866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments, at market value |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | $1451494875 | $710440792 | $28630034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers<sup>1</sup> |  | 21362971 |  |
|  | 1451494875 | 731803763 | 28630034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash | 34801666 | 2448772 | 447673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investment securities sold | 7129731 | 3618335 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares receivable | 1085559 | 160898 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest and dividends receivable | 332083 | 75914 | 6935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets | 69146 | 37120 | 11851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Assets | 1494913060 | 738144802 | 29097743 |
|  Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for securities purchased | 3918290 | 2177003 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital shares payable | 3058349 | 1052619 | 7430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends payable to shareholders |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to Advisor | 1286473 | 661493 | 10245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued fund administration fees | 34205 | 24909 | 590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 224986 | 271241 | 30459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities | 8522303 | 4187265 | 48724 |
|  Commitments and contingent liabilities |  |  |  |
|  Net Assets | $1486390757 | $733957537 | $29049019 |
|  Net Assets Consist of: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital stock | $1651469 | $250211 | $20887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in-capital in excess of par | 1301145389 | 733231934 | 26755237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributable earnings (accumulated loss) | 183593899 | 475392 | 2272895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Assets | $1486390757 | $733957537 | $29049019 |
|  Net Assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 520114002 | 478354951 | 9279765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 966276755 | 255602586 | 19769254 |
|  Capital Stock Issued and Outstanding (Unlimited number of<br>shares authorized, $0.01 par value) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | 58288436 | 16339512 | 668779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 106858431 | 8681602 | 1419892 |
|  Net Asset Value, Redemption Price and Offering Price Per Share |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investor Class | $8.92 | $29.28 | $13.88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | $9.04 | $29.44 | $13.92 |

---

<sup>1</sup> See Note 8 for information on affiliated issuers.

See Notes to Financial Statements.

------

**MARCH 31, 2025** *(Unaudited)*

---

| |
|:---|
| U.S.<br>Treasury<br>Fund |
| $174757236 |
| $174757236 |
| $145138025 |
| 145138025 |
| 3272782 |
| 32363 |
| 590787 |
| 16467 |
| 149050424 |
| 218852 |
| 67549 |
| 62653 |
| 4787 |
| 68686 |
| 422527 |
| $148627897 |
| $139482 |
| 351031687 |
| (202543272) |
| $148627897 |
| 148627897 |
| 13948233 |
| $10.66 |
| $— |

---

------

<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 | $1039999 | $420274 | $45806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 16074219 | 371767 | 1077926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 17114218 | 792041 | 1123732 |
|  Expenses: | Expenses: | Expenses: | Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 24315323 | 3869235 | 2050678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Investor Class | 1073389 | 175315 | 62671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Institutional Class | 24400 | 12632 | 4087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 230847 | 35535 | 22980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 167139 | 28335 | 19947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Investor Class | 110910 | 16951 | 4092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Institutional Class | 146014 | 16416 | 20223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 28286 | 156665 | 64363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Investor Class | 32663 | 12242 | 9532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Institutional Class | 45301 | 11001 | 12981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 132983 | 18561 | 12112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 265344 | 37606 | 24966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 61990 | 32591 | 29024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 21389 | 21389 | 21389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 106064 | 34853 | 22689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reimbursement | 26762042 | 4479327 | 2381734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement of expenses by Advisor | (68285) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 26693757 | 4479327 | 2381734 |
|  Net Investment Income (Loss) | (9579539) | (3687286) | (1258002) |
|  Realized Gain (Loss): | Realized Gain (Loss): | Realized Gain (Loss): | Realized Gain (Loss): |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 426415106 | 62475401 | 9903125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (359487) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | (452079) | (91231) |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes |  | (11725094) | (949568) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 426055619 | 50298228 | 8862326 |
|  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 | (817276638) | (133979757) | (60358731) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates | (15331964) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  | (6443) | (3713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxes |  | 21860110 | 3063793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation | (832608602) | (112126090) | (57298651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | (406552983) | (61827862) | (48436325) |
|  Net Increase (Decrease) in Net Assets Resulting from Operations | $(416132522) | $(65515148) | $(49694327) |

---

<sup>1</sup> Net of $0, $105,086, $108,263, $126,213, $15,777, $36,961, $2,209, and $129,094 in foreign withholding taxes, respectively. 

See Notes to Financial Statements.

------

**FOR THE SIX MONTHS ENDED MARCH 31, 2025** *(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
| $54962 | $6600 | $79581 | $2436 | $116229 |
| 1078761 | 146682 | 468267 | 29102 | 1957874 |
| 1133723 | 153282 | 547848 | 31538 | 2074103 |
| 2472700 | 305351 | 1321202 | 62850 | 567382 |
| 117324 | 32878 | 67345 | 10156 | 71922 |
| 1896 | 3238 | 1929 | 3297 | 1596 |
| 19429 | 3522 | 11545 | 1727 | 7396 |
| 16599 | 6224 | 12017 | 5398 | 10098 |
| 8467 | 2056 | 5953 | 239 | 6060 |
| 10540 | 647 | 4299 | 339 | 1643 |
| 90127 | 29385 | 17665 | 3045 | 10484 |
| 9577 | 8670 | 7954 | 8422 | 8793 |
| 10347 | 8360 | 11897 | 8216 | 8840 |
| 9333 | 1065 | 5719 | 476 | 3578 |
| 19226 | 2139 | 11580 | 840 | 7368 |
| 22888 | 1594 | 4597 | 878 | 2956 |
| 21389 | 21389 | 21389 | 21389 | 21389 |
| 28765 | 8198 | 13480 | 5964 | 3995 |
| 2858607 | 434716 | 1518571 | 133236 | 733500 |
| (48834) | (42520) | (14188) | (54207) | (49162) |
| 2809773 | 392196 | 1504383 | 79029 | 684338 |
| (1676050) | (238914) | (956535) | (47491) | 1389765 |
| 28890068 | 660238 | 13047894 | 393265 | 5078272 |
| (141864) | (11376) | (20056) | (1264) | (17214) |
| (2879938) | (29674) | (89480) | (2619) |  |
| 25868266 | 619188 | 12938358 | 389382 | 5061058 |
| (87277867) | (3151260) | (34683875) | (1145274) | (192535) |
| (1858) | (367) | (1935) | (60) | (14007) |
| 6320032 | 37109 | 448778 | (6914) |  |
| (80959693) | (3114518) | (34237032) | (1152248) | (206542) |
| (55091427) | (2495330) | (21298674) | (762866) | 4854516 |
| $(56767477) | $(2734244) | $(22255209) | $(810357) | $6244281 |

---

------

<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 | $67088 | $32702 | $2693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 1280008 | 487633 | 4504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated issuers |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1347096 | 520335 | 7197 |
|  Expenses: | Expenses: | Expenses: | Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 1535554 | 786440 | 15158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Investor Class | 90272 | 29384 | 10715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Institutional Class | 2637 | 64373 | 2311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 17693 | 13843 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 15075 | 11969 | 5131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Investor Class | 9359 | 2431 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Institutional Class | 2137 | 6683 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 37256 | 43811 | 2117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Investor Class | 10089 | 8481 | 8173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Institutional Class | 9751 | 10436 | 8076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 7850 | 4073 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 16766 | 8988 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends on securities sold short |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 17010 | 35485 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 21389 | 21389 | 21389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 22835 | 22253 | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reimbursement | 1815673 | 1070039 | 78539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement of expenses by Advisor | (20158) | (97087) | (56285) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 1795515 | 972952 | 22254 |
|  Net Investment Income (Loss) | (448419) | (452617) | (15057) |
|  Realized Gain (Loss): | Realized Gain (Loss): | Realized Gain (Loss): | Realized Gain (Loss): |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 35969126 | 25762690 | 101878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (83243) | (48584) | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on short positions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | (453734) | (584478) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 35432149 | 25129628 | 101767 |
|  Change in Unrealized Appreciation (Depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (57354271) | (37617856) | (110109) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (17914) | (5684) | (743) |
| &nbsp;&nbsp;&nbsp;&nbsp; Short positions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deferred foreign capital gains taxes | 1043215 | 888807 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (56328970) | (36734733) | (110852) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investments | (20896821) | (11605105) | (9085) |
|  Net Increase (Decrease) in Net Assets Resulting from Operations | $(21345240) | $(12057722) | $(24142) |

---

<sup>1</sup> Net of $99,119, $40,412, $4,409, $8,184, $0, $4,207, $8,697, and $0 in foreign withholding taxes, respectively. 

<sup>2</sup> Fund inception date was November 29, 2024.

See Notes to Financial Statements.

------

**FOR THE SIX MONTHS ENDED MARCH 31, 2025** *(Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| 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 |
| $2552 | $453806 | $461655 | $249683 | $842286 |
| 48705 | 324433 | 1501500 | 1034310 | 2952862 |
|  |  | 14308 |  |  |
| 51257 | 778239 | 1977463 | 1283993 | 3795148 |
| 8494 | 473932 | 5039472 | 2537866 | 10687910 |
| 2290 | 24226 | 232426 | 122659 | 370811 |
| 2599 | 2515 | 1411 | 1577 | 7772 |
| 190 | 3826 | 33706 | 16819 | 106580 |
| 3182 | 7939 | 28723 | 16465 | 79787 |
| 552 | 2451 | 26649 | 12322 | 46587 |
| 604 | 557 | 7713 | 4684 | 69277 |
| 1092 | 2281 | 8892 | 11508 | 14388 |
| 8807 | 9142 | 11491 | 9697 | 14257 |
| 8806 | 8350 | 9225 | 8605 | 23570 |
| 37494 | 2198 | 18887 | 9146 | 60068 |
| 203 | 4216 | 37940 | 18326 | 122058 |
|  | 46097 |  |  |  |
| 4 | 117896 | 7358 | 3681 | 34077 |
| 16778 | 21390 | 21389 | 21389 | 21389 |
| 2520 | 4387 | 20431 | 12969 | 54928 |
| 93615 | 731403 | 5505713 | 2807713 | 11713459 |
| (83430) | 2801 |  | (5088) | (57127) |
| 10185 | 734204 | 5505713 | 2802625 | 11656332 |
| 41072 | 44035 | (3528250) | (1518632) | (7861184) |
| 3830 | 5047665 | 21983847 | 20421256 | 212072547 |
|  |  |  | (442640) |  |
| 614 |  | (42) | (2789) |  |
|  | (1808739) |  |  |  |
|  |  |  | (28318) |  |
| 4444 | 3238926 | 21983805 | 19947509 | 212072547 |
| 383042 | (15126787) | (108649449) | (33178348) | (363820371) |
|  |  | (2675323) | (814170) | 189473 |
| (85) |  | (121) | (1070) |  |
|  | 1957437 |  |  |  |
|  |  |  | 114425 |  |
| 382957 | (13169350) | (111324893) | (33879163) | (363630898) |
| 387401 | (9930424) | (89341088) | (13931654) | (151558351) |
| $428473 | $(9886389) | $(92869338) | $(15450286) | $(159419535) |

---

------

<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 | $505681 | $113699 | $7934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends<sup>1</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers | 12313440 | 2088175 | 34782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 12819121 | 2201874 | 42716 |
|  Expenses: | Expenses: | Expenses: | Expenses: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 8212338 | 4673453 | 106276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Investor Class | 298832 | 408078 | 14817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees — Institutional Class | 7778 | 2510 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund administration fees | 78594 | 48385 | 1332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund accounting fees | 60168 | 38933 | 5732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Investor Class | 36078 | 33323 | 412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders — Institutional Class | 48508 | 20074 | 719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custody fees | 13095 | 10642 | 1745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Investor Class | 22485 | 14554 | 8115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees — Institutional Class | 24405 | 12428 | 8469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legal fees | 45308 | 27159 | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 90837 | 55863 | 1470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest | 13621 | 19737 | 684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fees | 21389 | 21389 | 21389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other expenses | 38926 | 30115 | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total expenses before reimbursement | 9012362 | 5416643 | 176846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reimbursement of expenses by Advisor | (41747) | (36057) | (48105) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 8970615 | 5380586 | 128741 |
|  Net Investment Income (Loss) | 3848506 | (3178712) | (86025) |
|  Realized Gain: | Realized Gain: | Realized Gain: | Realized Gain: |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 53731142 | 50742696 | 445184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  | 1798 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain | 53731142 | 50744494 | 445184 |
|  Change in Unrealized Appreciation (Depreciation): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | (253335302) | (193207264) | (2326167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliates |  | 27409771 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation | (253335302) | (165797493) | (2326167) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss on investments | (199604160) | (115052999) | (1880983) |
|  Net Decrease in Net Assets Resulting from Operations | $(195755654) | $(118231711) | $(1967008) |

---

<sup>1</sup> Net of $0, $0, $0 and $0 in foreign withholding taxes, respectively. 

See Notes to Financial Statements.

------

**FOR THE SIX MONTHS ENDED MARCH 31, 2025** *(Unaudited)*

---

| |
|:---|
| U.S.<br>Treasury<br>Fund |
| $3457824 |
| 3457824 |
| 395745 |
| 101428 |
| 9193 |
| 8427 |
| 9029 |
| 1569 |
| 12757 |
| 4832 |
| 9955 |
| 1911 |
| 21389 |
| 6730 |
| 582965 |
| 582965 |
| 2874859 |
| (10172822) |
| (10172822) |
| (7785539) |
| (7785539) |
| (17958361) |
| $(15083502) |

---

------

<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 |
|  | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(9579539) | $(20220981) | $(3687286) | $(5606553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes | 426055619 | 368457766 | 50298228 | 69024072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes | (832608602) | 756491619 | (112126090) | 102413423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (416132522) | 1104728404 | (65515148) | 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 | 144656785 | 409355131 | 23491786 | 72872140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 168137220 |  | 48604761 | 11221774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (204724683) | (398175281) | (64556265) | (83986788) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 25964 | 61144 | 36297 | 25143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 108095286 | 11240994 | 7576579 | 132269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 309677312 | 954587176 | 32424252 | 96686841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 208767815 |  | 55108531 | 11967778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (360613319) | (442294984) | (76334005) | (66808177) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 39792 | 15160 | 1410 | 1058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 157871600 | 512307352 | 11200188 | 41847500 |
|  Total increase (decrease) in net assets | (554736159) | 1628276750 | (152801258) | 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 | $4292491683 | $4847227842 | $569913655 | $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 | 1535526 | 4870007 | 3940806 | 11604335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 1762999 |  | 8280198 | 1842656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2191902) | (4720438) | (11204275) | (13392218) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1106623 | 149569 | 1016729 | 54773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3247021 | 11022746 | 5457486 | 14815897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 2141648 |  | 9215474 | 1936534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3710529) | (5018951) | (12097703) | (10360460) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1678140 | 6003795 | 2575257 | 6391971 |

---

See Notes to Financial Statements.

------

**MARCH 31, 2025** *(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 |
| Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 |
| $(1258002) | $(1507267) | $(1676050) | $(2346257) | $(238914) | $(316965) |
| 8862326 | (65344356) | 25868266 | 11714251 | 619188 | 4219904 |
| (57298651) | 158811855 | (80959693) | 57045130 | (3114518) | 6065493 |
| (49694327) | 91960232 | (56767477) | 66413124 | (2734244) | 9968432 |
|  |  | (7426127) |  | (220988) |  |
|  |  | (10952207) |  | (66965) |  |
| 7277341 | 17605556 | 7091986 | 15807054 | 1621611 | 2106230 |
|  |  | 7221842 |  | 206403 |  |
| (13229373) | (26625603) | (20542600) | (36736394) | (3425240) | (9479446) |
| 3967 | 2480 | 179 | 665 | 4691 | 1975 |
| (5948065) | (9017567) | (6228593) | (20928675) | (1592535) | (7371241) |
| 41532387 | 129828878 | 9906011 | 29843844 | 788443 | 2822794 |
|  |  | 10853848 |  | 56437 |  |
| (59525153) | (214010886) | (51226402) | (56472410) | (1106980) | (828988) |
| 322 | 4865 | 1758 | 740 | 17 | 237 |
| (17992444) | (84177143) | (30464785) | (26627826) | (262083) | 1994043 |
| (73634836) | (1234478) | (111839189) | 18856623 | (4876815) | 4591234 |
| 451048964 | 452283442 | 354713613 | 335856990 | 39598873 | 35007639 |
| $377414128 | $451048964 | $242874424 | $354713613 | $34722058 | $39598873 |
| 416609 | 1094036 | 2472301 | 5220365 | 452704 | 639993 |
|  |  | 2507584 |  | 57494 |  |
| (776231) | (1660578) | (7348100) | (12633615) | (964498) | (2955723) |
| (359622) | (566542) | (2368215) | (7413250) | (454300) | (2315730) |
| 2360433 | 7923787 | 3390423 | 10080000 | 214606 | 859971 |
|  |  | 3717071 |  | 15420 |  |
| (3328162) | (13159886) | (17473582) | (18940524) | (304869) | (257924) |
| (967729) | (5236099) | (10366088) | (8860524) | (74843) | 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 |
|  | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(956535) | $(1769343) | $(47491) | $(78180) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes | 12938358 | 14532658 | 389382 | (383719) |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes | (34237032) | 35128717 | (1152248) | 3481142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (22255209) | 47892032 | (810357) | 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 | 3039999 | 8915951 | 387641 | 281767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 9789166 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9614541) | (28445065) | (1435472) | (1669206) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 439 | 1144 | 354 | 151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 3215063 | (19527970) | (1047477) | (1387288) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 22994234 | 22536310 | 926775 | 267572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 6167666 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9947432) | (29282727) | (1002579) | (1266441) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 320 | 70 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 19214788 | (6746347) | (75804) | (998869) |
|  Total increase (decrease) in net assets | (16069074) | 21617715 | (1933638) | 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 | $192318572 | $208387646 | $13211784 | $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 | 676257 | 2144745 | 30493 | 25340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 2175370 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2165634) | (7006417) | (118426) | (149246) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | 685993 | (4861672) | (87933) | (123906) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5142691 | 5324025 | 71783 | 23099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends | 1352558 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2236146) | (6720824) | (78995) | (109558) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4259103 | (1396799) | (7212) | (86459) |

---

See Notes to Financial Statements.

------

**MARCH 31, 2025** *(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Global Value<br>Fund | Global Value<br>Fund | International Growth<br>Fund | International Growth<br>Fund | International Opportunities<br>Fund | International Opportunities<br>Fund |
| Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 |
| $1389765 | $4111150 | $(448419) | $(223350) | $(452617) | $(1646378) |
| 5061058 | 7708349 | 35432149 | 42243186 | 25129628 | 23142386 |
| (206542) | 16005212 | (56328970) | 29348847 | (36734733) | 25899567 |
| 6244281 | 27824711 | (21345240) | 71368683 | (12057722) | 47395575 |
| (7079774) | (3461516) | (31190381) |  |  |  |
| (1038342) | (933930) | (11108889) |  |  |  |
| 2332056 | 3536036 | 4779398 | 11667220 | 1366184 | 1006399 |
| 6855477 | 3341952 | 29379154 |  |  |  |
| (8219615) | (23626912) | (31670168) | (74156160) | (9211996) | (14200148) |
| 307 | 1637 | 9694 | 478 |  | 28 |
| 968225 | (16747287) | 2498078 | (62488462) | (7845812) | (13193721) |
| 679338 | 8093577 | 1856529 | 14716613 | 2320388 | 25855981 |
| 1036370 | 932998 | 11037132 |  |  |  |
| (1662652) | (27916990) | (52045414) | (180179807) | (70865356) | (194952279) |
| 5 |  | 1 |  |  | 582 |
| 53061 | (18890415) | (39151752) | (165463194) | (68544968) | (169095716) |
| (852549) | (12208437) | (100298184) | (156582973) | (88448502) | (134893862) |
| 132031304 | 144239741 | 298071746 | 454654719 | 146374403 | 281268265 |
| $131178755 | $132031304 | $197773562 | $298071746 | $57925901 | $146374403 |
| 239455 | 387626 | 215106 | 499146 | 446661 | 338277 |
| 737605 | 358956 | 1384503 |  |  |  |
| (852473) | (2609353) | (1373139) | (3186863) | (3036978) | (4744307) |
| 124587 | (1862771) | 226470 | (2687717) | (2590317) | (4406030) |
| 70415 | 911475 | 86225 | 629153 | 741734 | 8556176 |
| 111700 | 101262 | 513594 |  |  |  |
| (170771) | (3069196) | (2330056) | (7662183) | (23053330) | (62020991) |
| 11344 | (2056459) | (1730237) | (7033030) | (22311596) | (53464815) |

---

------

<u>Wasatch Funds</u>    

Statements of Changes in Net Assets (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | International Select<br>Fund | International Select<br>Fund | International Value<br>Fund<sup>1</sup> |
|  | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) |
|  Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(15057) | $(10557) | $41072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency<br>translations and foreign capital gains taxes | 101767 | (9895) | 4444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on short positions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on<br>investments, foreign currency translations and<br>deferred foreign capital gains taxes | (110852) | 831165 | 382957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from<br>operations | (24142) | 810713 | 428473 |
|  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 | 210794 | 444971 | 1793097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 1105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (174726) | (802412) | (36561) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 33 | 46 | 595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | 36101 | (357395) | 1758236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 2000 | 50099 | 2575929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (196993) | (542426) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (194993) | (492327) | 2577145 |
|  Total increase (decrease) in net assets | (183034) | (39009) | 4761533 |
|  Net assets: | Net assets: | Net assets: | Net assets: |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 3967335 | 4006344 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $3784301 | $3967335 | $4761533 |
|  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 | 16901 | 39097 | 174530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (13972) | (71617) | (3587) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2929 | (32520) | 171055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 163 | 4887 | 255489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (15145) | (46543) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | (14982) | (41656) | 255612 |

---

<sup>1</sup> Fund inception date was November 29, 2024.

See Notes to Financial Statements.

------

**MARCH 31, 2025** *(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Long/Short Alpha<br>Fund | Long/Short Alpha<br>Fund | Micro Cap<br>Fund | Micro Cap<br>Fund | Micro Cap Value<br>Fund | Micro Cap Value<br>Fund |
| Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 |
| $44035 | $(172348) | $(3528250) | $(8600636) | $(1518632) | $(1352452) |
| 5047665 | 674487 | 21983805 | 50648343 | 19947509 | 24835343 |
| (1808739) | (986116) |  |  |  |  |
| (13169350) | 15187667 | (111324893) | 133224676 | (33879163) | 61540978 |
| (9886389) | 14703690 | (92869338) | 175272383 | (15450286) | 85023869 |
| 4672036 | 17321162 | 19477593 | 42879566 | 20252667 | 29192386 |
| (5310128) | (4918404) | (48478518) | (114456828) | (25236670) | (69346071) |
| 2879 | 12196 | 11668 | 20313 | 7627 | 11331 |
| (635213) | 12414954 | (28989257) | (71556949) | (4976376) | (40142354) |
| 4382997 | 22361984 | 6640942 | 23716143 | 7433401 | 17342523 |
| (2436203) | (5085032) | (11391662) | (29491200) | (9587031) | (10947881) |
| 115 | 247 | 14 | 22 | 22 | 3 |
| 1946909 | 17277199 | (4750706) | (5775035) | (2153608) | 6394645 |
| (8574693) | 44395843 | (126609301) | 97940399 | (22580270) | 51276160 |
| 78870114 | 34474271 | 681895383 | 583954984 | 328269524 | 276993364 |
| $70295421 | $78870114 | $555286082 | $681895383 | $305689254 | $328269524 |
| 323289 | 1264303 | 2421358 | 6014495 | 4841582 | 8514560 |
| (361925) | (356616) | (6040243) | (16490471) | (6149825) | (20314338) |
| (38636) | 907687 | (3618885) | (10475976) | (1308243) | (11799778) |
| 290978 | 1584313 | 809273 | 3332582 | 1788190 | 4748377 |
| (167790) | (359196) | (1386734) | (4443462) | (2318578) | (3198450) |
| 123188 | 1225117 | (577461) | (1110880) | (530388) | 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 |
|  | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 |
|  Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(7861184) | $(19452186) | $3848506 | $1048572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, foreign currency translations and foreign capital gains taxes | 212072547 | (11567701) | 53731142 | 224280302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized appreciation (depreciation) on investments, foreign currency translations and deferred foreign capital gains taxes | (363630898) | 470554828 | (253335302) | 177777367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (159419535) | 439534941 | (195755654) | 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 |  |  | (150322749) | (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 | 26428829 | 55961450 | 43420071 | 125806693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 85643830 | 20731145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (78814703) | (195396129) | (58497182) | (213541277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 10495 | 14578 | 14577 | 32797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (52375379) | (139420101) | 70581296 | (66970642) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 75331187 | 213947021 | 203556475 | 280181042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 145291008 | 28015241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (222002313) | (462607801) | (161218964) | (163876254) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 21015 | 21938 | 8804 | 6126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) | (146650111) | (248638842) | 187637323 | 144326155 |
|  Total increase (decrease) in net assets | (358445025) | 51475998 | (176403070) | 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 | $1792046445 | $2150491470 | $1486390757 | $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 | 638915 | 1585340 | 3993810 | 12028537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 8086509 | 2056661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1899857) | (5555837) | (5588282) | (21091956) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1260942) | (3970497) | 6492037 | (7006758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1805959 | 6014600 | 19229469 | 26628392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares issued to holders in reinvestment of dividends |  |  | 13553266 | 2746592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5242919) | (12674580) | (14773935) | (15805756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3436960) | (6659980) | 18008800 | 13569228 |

---

See Notes to Financial Statements.

------

**MARCH 31, 2025** *(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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 |
| Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 | Six Months Ended<br>March 31, 2025<br>(Unaudited) | Year Ended<br>September 30, 2024 |
| $(3178712) | $(9373265) | $(86025) | $(126697) | $2874859 | $6352648 |
| 50744494 | 49917522 | 445184 | 930009 | (10172822) | (84009114) |
| (165797493) | 223152783 | (2326167) | 3601209 | (7785539) | 104219264 |
| (118231711) | 263697040 | (1967008) | 4404521 | (15083502) | 26562798 |
|  |  | (320026) |  | (2829925) | (6385147) |
|  |  | (569990) |  |  |  |
| 21420258 | 68817925 | 1010708 | 7197299 | 17714544 | 35134728 |
|  |  | 319929 |  | 2681068 | 5983323 |
| (108409315) | (409931728) | (885615) | (3374002) | (39007335) | (113364949) |
| 6356 | 22710 | 1097 | 1586 | 18250 | 17553 |
| (86982701) | (341091093) | 446119 | 3824883 | (18593473) | (72229345) |
| 23031993 | 88891343 | 4685064 | 10450783 |  |  |
|  |  | 569990 |  |  |  |
| (49977066) | (224001931) | (386664) | (4558508) |  |  |
| 3506 | 929 | 685 | 10 |  |  |
| (26941567) | (135109659) | 4869075 | 5892285 |  |  |
| (232155979) | (212503712) | 2458170 | 14121689 | (36506900) | (52051694) |
| 966113516 | 1178617228 | 26590849 | 12469160 | 185134797 | 237186491 |
| $733957537 | $966113516 | $29049019 | $26590849 | $148627897 | $185134797 |
| 610694 | 2294140 | 65059 | 517916 | 1640851 | 3129556 |
|  |  | 20300 |  | 249639 | 519477 |
| (3133874) | (13594935) | (58180) | (236696) | (3644231) | (10254526) |
| (2523180) | (11300795) | 27179 | 281220 | (1753741) | (6605493) |
| 661402 | 2895023 | 317371 | 735817 |  |  |
|  |  | 36053 |  |  |  |
| (1449327) | (7626513) | (24681) | (315996) |  |  |
| (787925) | (4731490) | 328743 | 419821 |  |  |

---

------

<u>Wasatch Funds</u>    

Statement of Cash Flows

---

| | |
|:---|:---|
|  | Long/Short<br>Alpha Fund<br>Six Months Ended<br>March 31, 2025<br>(Unaudited) |
|  Cash flows from operating activities: | Cash flows from operating activities: |
|  Net decrease in net assets resulting from operations | $(9886389) |
|  Adjustments to reconcile net increase in net assets resulting from operations |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term investments purchased | (43233046) |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-term investments sold | 35173083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchases to cover securities sold short | (11612680) |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities sold short | 6589333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in dividends and interest receivable | 8712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in prepaid expenses and other assets | 7785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in investment securities purchased payable | 103975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Increase in dividend payable on securities sold short | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued fund administration fees | (135) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in payable to Advisor | (3481) |
| &nbsp;&nbsp;&nbsp;&nbsp; Decrease in accrued expenses and other liabilities | (36438) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain from unaffiliated investments | (5047665) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss from securities sold short | 1808739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized depreciation on unaffiliated investments | 15126787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on securities sold short | (1957437) |
|  Net cash to operating activities | (12958159) |
|  Cash flows from financing activities: | Cash flows from financing activities: |
| &nbsp;&nbsp;&nbsp;&nbsp; Proceeds from shares sold | 9060819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment on shares redeemed | (7756010) |
| &nbsp;&nbsp;&nbsp;&nbsp; Redemption fees | 2994 |
|  Net cash from financing activities | 1307803 |
|  Net decrease in cash | (11650356) |
|  Cash at beginning of period | 20736495 |
|  Cash at end of period | $9086139 |
|  Supplemental Disclosure of Cash Flow Information: | Supplemental Disclosure of Cash Flow Information: |
|  Dividend on securities sold short during the period | $46097 |
|  Interest expense paid during the period | 117896 |

---

------

*(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 | Core Growth Fund — Investor Class | Core Growth Fund — Investor Class | Core Growth Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $96.94 | (0.18) | (7.31) | (7.49) | —<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) |
| Year ended 9/30/20 | $73.17 | (0.32) | 12.47 | 12.15 | —<sup>4</sup> |  | (7.71) | (7.71) |
| Core Growth Fund — Institutional Class | Core Growth Fund — Institutional Class | Core Growth Fund — Institutional Class | Core Growth Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $98.90 | (0.16) | (7.48) | (7.64) | —<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) |
| Year ended 9/30/20 | $73.86 | (0.29) | 12.67 | 12.38 | —<sup>4</sup> |  | (7.71) | (7.71) |
| Emerging India Fund — Investor Class | Emerging India Fund — Investor Class | Emerging India Fund — Investor Class | Emerging India Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $7.37 | (0.03) | (0.60) | (0.63) | —<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> |  |  |  |
| Year ended 9/30/20 | $4.25 | (0.06) | 0.04 | (0.02) | —<sup>4</sup> |  | (0.01) | (0.01) |
| Emerging India Fund — Institutional Class | Emerging India Fund — Institutional Class | Emerging India Fund — Institutional Class | Emerging India Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $7.49 | (0.03) | (0.61) | (0.64) | —<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> |  |  |  |
| Year ended 9/30/20 | $4.28 | (0.02) | 0.01 | (0.01) | —<sup>4</sup> |  | (0.01) | (0.01) |
| Emerging Markets Select Fund — Investor Class | Emerging Markets Select Fund — Investor Class | Emerging Markets Select Fund — Investor Class | Emerging Markets Select Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $18.17 | (0.12) | (1.98) | (2.10) | —<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 |  |  |  |
| Year ended 9/30/20 | $11.32 | (0.04) | 3.12 | 3.08 | —<sup>4</sup> |  |  |  |
| Emerging Markets Select Fund — Institutional Class | Emerging Markets Select Fund — Institutional Class | Emerging Markets Select Fund — Institutional Class | Emerging Markets Select Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $18.69 | (0.06) | (2.09) | (2.15) | —<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> |  |  |  |
| Year ended 9/30/20 | $11.53 | (0.05) | 3.23 | 3.18 | —<sup>4</sup> |  |  |  |
| Emerging Markets Small Cap Fund — Investor Class | Emerging Markets Small Cap Fund — Investor Class | Emerging Markets Small Cap Fund — Investor Class | Emerging Markets Small Cap Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $3.27 | (0.03) | (0.52) | (0.55) | —<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) |
| Year ended 9/30/20 | $2.64 | (0.04) | 0.58 | 0.54 | —<sup>4</sup> |  | (0.16) | (0.16) |
| Emerging Markets Small Cap Fund — Institutional Class | Emerging Markets Small Cap Fund — Institutional Class | Emerging Markets Small Cap Fund — Institutional Class | Emerging Markets Small Cap Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $3.32 | (0.01) | (0.55) | (0.56) | —<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) |
| Year ended 9/30/20 | $2.65 | (0.02) | 0.57 | 0.55 | —<sup>4</sup> |  | (0.16) | (0.16) |

---

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>** |
| $81.17 | (9.01) | 1.16<sup>5 8</sup> | 1.16<sup>5 8</sup> | (0.45) | (0.45) | $1858221 | 20% |
| $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% |
| $77.61 | 17.41 | 1.19<sup>5</sup> | 1.19<sup>5</sup> | (0.48) | (0.48) | $1595920 | 38% |
| $82.98 | (8.96) | 1.05<sup>5 8</sup> | 1.06<sup>5 8</sup> | (0.35) | (0.35) | $2434271 | 20% |
| $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% |
| $78.53 | 17.58 | 1.05<sup>5</sup> | 1.08<sup>5</sup> | (0.45) | (0.48) | $1134229 | 38% |
| $5.59 | (9.31) | 1.52<sup>6 7</sup> | 1.52<sup>6 7</sup> | (1.26) | (1.26) | $247075 | 15% |
| $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% |
| $4.22 | (0.38) | 1.64<sup>6</sup> | 1.64<sup>6</sup> | (0.89) | (0.89) | $136415 | 44% |
| $5.70 | (9.28) | 1.39<sup>6 7</sup> | 1.39<sup>6 7</sup> | (1.14) | (1.14) | $322839 | 15% |
| $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% |
| $4.26 | (0.15) | 1.45<sup>6</sup> | 1.45<sup>6</sup> | (0.69) | (0.69) | $145981 | 44% |
| $16.07 | (11.56) | 1.37<sup>6 7</sup> | 1.37<sup>6 7</sup> | (0.82) | (0.82) | $49978 | 13% |
| $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% |
| $14.40 | 27.21 | 1.51<sup>6</sup> | 1.80<sup>6</sup> | (0.69) | (0.99) | $14984 | 35% |
| $16.54 | (11.50) | 1.13<sup>6 7</sup> | 1.13<sup>6 7</sup> | (0.58) | (0.58) | $327436 | 13% |
| $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% |
| $14.71 | 27.58 | 1.21<sup>6</sup> | 1.41<sup>6</sup> | (0.40) | (0.59) | $43682 | 35% |
| $2.54 | (17.44) | 1.97<sup>6 7</sup> | 2.03<sup>6 7</sup> | (1.21) | (1.27) | $99476 | 11% |
| $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% |
| $3.02 | 21.12 | 1.95<sup>6</sup> | 1.95<sup>6</sup> | (1.02) | (1.02) | $197524 | 20% |
| $2.58 | (17.47) | 1.82<sup>6 7</sup> | 1.83<sup>6 7</sup> | (1.06) | (1.07) | $143398 | 11% |
| $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% |
| $3.04 | 21.41 | 1.81<sup>6</sup> | 1.81<sup>6</sup> | (0.88) | (0.88) | $176548 | 20% |

---

------

<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 — Investor Class | Frontier Emerging Small Countries Fund — Investor Class | Frontier Emerging Small Countries Fund — Investor Class | Frontier Emerging Small Countries Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $3.75 | (0.03) | (0.23) | (0.26) | —<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> |  |  |  |
| Year ended 9/30/20 | $2.74 | (0.07) | 0.35 | 0.28 | —<sup>4</sup> |  |  |  |
| Frontier Emerging Small Countries Fund — Institutional Class | Frontier Emerging Small Countries Fund — Institutional Class | Frontier Emerging Small Countries Fund — Institutional Class | Frontier Emerging Small Countries Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $3.83 | (0.03) | (0.24) | (0.27) | —<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> |  |  |  |
| Year ended 9/30/20 | $2.76 | (0.08) | 0.37 | 0.29 | —<sup>4</sup> |  |  |  |
| Global Opportunities Fund — Investor Class | Global Opportunities Fund — Investor Class | Global Opportunities Fund — Investor Class | Global Opportunities Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $4.77 | (0.02) | (0.42) | (0.44) | —<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) |
| Year ended 9/30/20 | $3.46 | (0.05) | 0.81 | 0.76 | —<sup>4</sup> |  | (0.30) | (0.30) |
| Global Opportunities Fund — Institutional Class | Global Opportunities Fund — Institutional Class | Global Opportunities Fund — Institutional Class | Global Opportunities Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $4.83 | (0.02) | (0.42) | (0.44) | —<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) |
| Year ended 9/30/20 | $3.48 | (0.03) | 0.79 | 0.76 | —<sup>4</sup> |  | (0.30) | (0.30) |
| Global Select Fund — Investor Class | Global Select Fund — Investor Class | Global Select Fund — Investor Class | Global Select Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $12.56 | (0.17) | (0.51) | (0.68) | —<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) |
| Year ended 9/30/20<sup>9</sup> | $10.00 | (0.06) | 2.65 | 2.59 | 0.01 |  |  |  |
| Global Select Fund — Institutional Class | Global Select Fund — Institutional Class | Global Select Fund — Institutional Class | Global Select Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $12.81 | (0.03) | (0.64) | (0.67) |  |  |  |  |
| 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) |
| Year ended 9/30/20<sup>9</sup> | $10.00 | (0.04) | 2.68 | 2.64 | —<sup>4</sup> |  |  |  |
| Global Value Fund — Investor Class | Global Value Fund — Investor Class | Global Value Fund — Investor Class | Global Value Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $10.15 | 0.11 | 0.36 | 0.47 | —<sup>4</sup> | (0.09) | (0.55) | (0.64) |
| 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) |
| Year ended 9/30/20 | $7.74 | 0.16 | (1.09)<sup>11</sup> | (0.93) | —<sup>4</sup> | (0.21) | (0.04) | (0.25) |
| Global Value Fund — Institutional Class | Global Value Fund — Institutional Class | Global Value Fund — Institutional Class | Global Value Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $10.13 | 0.11 | 0.36 | 0.47 | —<sup>4</sup> | (0.09) | (0.55) | (0.64) |
| 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) |
| Year ended 9/30/20 | $7.73 | 0.16 | (1.07)<sup>11</sup> | (0.91) | —<sup>4</sup> | (0.22) | (0.04) | (0.26) |

---

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>** |
| $3.46 | (7.06) | 2.16<sup>6 7</sup> | 2.33<sup>6 7</sup> | (1.33) | (1.50) | $27970 | 28% |
| $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% |
| $3.02 | 10.22 | 2.15<sup>5</sup> | 2.38<sup>5</sup> | (1.12) | (1.34) | $39899 | 33% |
| $3.53 | (6.99) | 1.96<sup>6 7</sup> | 2.43<sup>6 7</sup> | (1.14) | (1.61) | $6752 | 28% |
| $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% |
| $3.05 | 10.51 | 1.96<sup>5</sup> | 2.18<sup>5</sup> | (0.98) | (1.20) | $10560 | 33% |
| $3.95 | (10.21) | 1.47<sup>5 8</sup> | 1.47<sup>5 8</sup> | (0.96) | (0.96) | $107627 | 14% |
| $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% |
| $3.92 | 23.20 | 1.53<sup>5</sup> | 1.53<sup>5</sup> | (1.03) | (1.03) | $100698 | 20% |
| $4.01 | (10.07) | 1.35<sup>5 8</sup> | 1.39<sup>5 8</sup> | (0.83) | (0.86) | $84692 | 14% |
| $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% |
| $3.94 | 23.09 | 1.35<sup>5</sup> | 1.48<sup>5</sup> | (0.83) | (0.96) | $38795 | 20% |
| $11.88 | (5.41) | 1.36<sup>6 7</sup> | 2.32<sup>6 7</sup> | (0.94) | (1.90) | $2831 | 16% |
| $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% |
| $12.60 | 26.00 | 1.36<sup>6</sup> | 4.70<sup>6</sup> | (0.81) | (4.16) | $4306 | 35% |
| $12.14 | (5.23) | 0.96<sup>6 7</sup> | 1.61<sup>6 7</sup> | (0.53) | (1.18) | $10380 | 16% |
| $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% |
| $12.64 | 26.40 | 0.96<sup>6</sup> | 2.79<sup>6</sup> | (0.42) | (2.25) | $9065 | 35% |
| $9.98 | 5.20 | 1.10<sup>5 8</sup> | 1.16<sup>5 8</sup> | 2.19 | 2.13 | $114488 | 15% |
| $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% |
| $6.56 | (12.18)<sup>12</sup> | 1.10<sup>5</sup> | 1.30<sup>5</sup> | 2.04 | 1.84 | $96323 | 76% |
| $9.96 | 5.18 | 0.95<sup>5 8</sup> | 1.18<sup>5 8</sup> | 2.33 | 2.11 | $16691 | 15% |
| $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% |
| $6.56 | (11.93)<sup>12</sup> | 0.95<sup>5</sup> | 1.38<sup>5</sup> | 2.21 | 1.78 | $6449 | 76% |

---

------

<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 Growth Fund — Investor Class | International Growth Fund — Investor Class | International Growth Fund — Investor Class | International Growth Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $26.45 | (0.03) | (1.91) | (1.94) | —<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) |
| Year ended 9/30/20 | $28.23 | (0.20) | 6.82 | 6.62 | —<sup>4</sup> |  | (0.78) | (0.78) |
| International Growth Fund — Institutional Class | International Growth Fund — Institutional Class | International Growth Fund — Institutional Class | International Growth Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $26.74 | 0.63 | (2.60) | (1.97) | —<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) |
| Year ended 9/30/20 | $28.33 | (0.12) | 6.81 | 6.69 | —<sup>4</sup> |  | (0.78) | (0.78) |
| International Opportunities Fund — Investor Class | International Opportunities Fund — Investor Class | International Opportunities Fund — Investor Class | International Opportunities Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $3.27 | (0.07) | (0.23) | (0.30) | —<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) |
| Year ended 9/30/20 | $3.54 | (0.09) | 1.28 | 1.19 |  |  | (0.09) | (0.09) |
| International Opportunities Fund — Institutional Class | International Opportunities Fund — Institutional Class | International Opportunities Fund — Institutional Class | International Opportunities Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $3.32 | 0.17 | (0.46) | (0.29) | —<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) |
| Year ended 9/30/20 | $3.58 | (0.04) | 1.26 | 1.22 |  |  | (0.09) | (0.09) |
| International Select Fund — Investor Class | International Select Fund — Investor Class | International Select Fund — Investor Class | International Select Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $12.55 | (0.05) | (0.05) | (0.10) | —<sup>4</sup> |  |  |  |
| 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 |  |  |  |
| Year ended 9/30/20<sup>9</sup> | $10.00 | (0.04) | 2.64 | 2.60 | 0.01 |  |  |  |
| International Select Fund — Institutional Class | International Select Fund — Institutional Class | International Select Fund — Institutional Class | International Select Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $12.81 | —<sup>4</sup> | (0.07) | (0.07) |  |  |  |  |
| 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 |  |  |  |  |
| Period ended 9/30/20<sup>9</sup> | $10.00 | (0.02) | 2.68 | 2.66 | 0.03 |  |  |  |
| International Value Fund — Investor Class | International Value Fund — Investor Class | International Value Fund — Investor Class | International Value Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited)<sup>14</sup> | $10.00 | 0.10 | 1.07 | 1.17 | —<sup>4</sup> | (0.01) |  | (0.01) |
| International Value Fund — Institutional Class | International Value Fund — Institutional Class | International Value Fund — Institutional Class | International Value Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited)<sup>14</sup> | $10.00 | 0.11 | 1.06 | 1.17 |  | (0.01) |  | (0.01) |
| Long/Short Alpha Fund — Investor Class | Long/Short Alpha Fund — Investor Class | Long/Short Alpha Fund — Investor Class | Long/Short Alpha Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $15.36 | 0.01 | (1.91) | (1.90) | —<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>12</sup> | $10.00 | (0.16) | (0.83) | (0.99) | —<sup>4</sup> |  |  |  |
| Long/Short Alpha Fund — Institutional Class | Long/Short Alpha Fund — Institutional Class | Long/Short Alpha Fund — Institutional Class | Long/Short Alpha Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $15.44 | 0.01 | (1.91) | (1.90) | —<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>12</sup> | $10.00 | (0.13) | (0.84) | (0.97) | —<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>** |
| $20.29 | (8.08) | 1.49<sup>6 7</sup> | 1.49<sup>6 7</sup> | (0.38) | (0.38) | $167115 | 24% |
| $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% |
| $34.07 | 23.73 | 1.47<sup>5</sup> | 1.47<sup>5</sup> | (0.50) | (0.50) | $497104 | 45% |
| $20.55 | (8.07) | 1.36<sup>6 7</sup> | 1.43<sup>6 7</sup> | (0.31) | (0.38) | $30658 | 24% |
| $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% |
| $34.24 | 23.89 | 1.35<sup>5</sup> | 1.36<sup>5</sup> | (0.38) | (0.38) | $569068 | 45% |
| $2.97 | (9.17) | 2.31<sup>6 7</sup> | 2.31<sup>6 7</sup> | (1.11) | (1.11) | $39303 | 14% |
| $3.27 | 20.22 | 2.04<sup>6 7</sup> | 2.04<sup>6 7</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% |
| $4.64 | 34.24 | 2.02<sup>6</sup> | 2.02<sup>6</sup> | (1.20) | (1.20) | $129071 | 35% |
| $3.03 | (8.73) | 2.02<sup>6 7</sup> | 2.45<sup>6 7</sup> | (0.91) | (1.33) | $18623 | 14% |
| $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% |
| $4.71 | 34.71 | 1.93<sup>5</sup> | 1.93<sup>5</sup> | (1.06) | (1.06) | $544914 | 35% |
| $12.45 | (0.80) | 1.31<sup>6 7</sup> | 3.97<sup>6 7</sup> | (0.92) | (3.58) | $2643 | 23% |
| $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% |
| $12.61 | 26.10 | 1.30<sup>5</sup> | 6.96<sup>5</sup> | (0.55) | (6.20) | $2861 | 36% |
| $12.74 | (0.55) | 0.91<sup>6 7</sup> | 4.50<sup>6 7</sup> | (0.54) | (4.13) | $1142 | 23% |
| $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% |
| $12.69 | 26.90 | 0.90<sup>6</sup> | 7.68<sup>6</sup> | (0.19) | (6.96) | $2069 | 36% |
| $11.16 | 11.72 | 1.05<sup>5 8</sup> | 10.33<sup>5 8</sup> | 3.84 | (5.43) | $1909 | 5% |
| $11.16 | 11.74 | 0.90<sup>5 8</sup> | 7.84<sup>5 8</sup> | 3.88 | (3.06) | $2852 | 5% |
| $13.46 | (12.32) | 1.97<sup>5 8 15</sup> | 1.97<sup>5 8 15</sup> | 0.08 | 0.08 | $38479 | 20% |
| $15.36 | 33.45 | 2.21<sup>6 7 15</sup> | 2.21<sup>6 7 15</sup> | (0.37) | (0.37) | $44488 | 41% |
| $11.51 | 27.87 | 2.67<sup>6 7 15</sup> | 2.85<sup>6 7 15</sup> | (1.16) | (1.34) | $22895 | 75% |
| $9.01 | (9.90) | 2.41<sup>6 7 15</sup> | 3.14<sup>6 7 15</sup> | (1.62) | (2.35) | $8184 | 55% |
| $13.54 | (12.31) | 1.90<sup>5 8 15</sup> | 1.88<sup>5 8 15</sup> | 0.17 | 0.18 | $31817 | 20% |
| $15.44 | 33.56 | 2.07<sup>6 7 15</sup> | 2.09<sup>6 7 15</sup> | (0.19) | (0.20) | $34382 | 41% |
| $11.56 | 28.14 | 2.34<sup>6 7 15</sup> | 2.71<sup>6 7 15</sup> | (0.99) | (1.37) | $11579 | 75% |
| $9.03 | (9.70) | 2.20<sup>6 7 15</sup> | 3.10<sup>6 7 15</sup> | (1.47) | (2.37) | $13782 | 55% |

---

------

<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 Fund — Investor Class | Micro Cap Fund — Investor Class | Micro Cap Fund — Investor Class | Micro Cap Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $8.06 | (0.05) | (1.11) | (1.16) | —<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) |
| Year ended 9/30/20 | $7.45 | (0.10) | 3.08 | 2.98 |  |  | (0.87) | (0.87) |
| Micro Cap Fund — Institutional Class | Micro Cap Fund — Institutional Class | Micro Cap Fund — Institutional Class | Micro Cap Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $8.07 | (0.04) | (1.12) | (1.16) | —<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) |
| Period ended 9/30/20<sup>10</sup> | $7.74 | (0.05) | 1.86 | 1.81 |  |  |  |  |
| Micro Cap Value Fund — Investor Class | Micro Cap Value Fund — Investor Class | Micro Cap Value Fund — Investor Class | Micro Cap Value Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $3.95 | (0.02) | (0.17) | (0.19) | —<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) |
| Year ended 9/30/20 | $3.21 | (0.04) | 0.78 | 0.74 |  |  | (0.30) | (0.30) |
| Micro Cap Value Fund — Institutional Class | Micro Cap Value Fund — Institutional Class | Micro Cap Value Fund — Institutional Class | Micro Cap Value Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $3.98 | (0.02) | (0.17) | (0.19) | —<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) |
| Period ended 9/30/20<sup>10</sup> | $3.26 | (0.01) | 0.41 | 0.40 |  |  |  |  |
| Small Cap Growth Fund — Investor Class | Small Cap Growth Fund — Investor Class | Small Cap Growth Fund — Investor Class | Small Cap Growth Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $39.62 | (0.21) | (3.23) | (3.44) | —<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) |
| Year ended 9/30/20 | $40.23 | (0.32) | 12.52 | 12.20 |  |  | (5.79) | (5.79) |
| Small Cap Growth Fund — Institutional Class | Small Cap Growth Fund — Institutional Class | Small Cap Growth Fund — Institutional Class | Small Cap Growth Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $40.38 | (0.16) | (3.32) | (3.48) | —<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) |
| Year ended 9/30/20 | $40.60 | (0.28) | 12.65 | 12.37 |  |  | (5.79) | (5.79) |
| Small Cap Value Fund — Investor Class | Small Cap Value Fund — Investor Class | Small Cap Value Fund — Investor Class | Small Cap Value Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $11.73 | 0.02 | (1.13) | (1.11) | —<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> |  |  |  |
| Year ended 9/30/20 | $7.61 | 0.01 | (0.54) | (0.53) |  | (0.04) | (0.05) | (0.09) |
| Small Cap Value Fund — Institutional Class | Small Cap Value Fund — Institutional Class | Small Cap Value Fund — Institutional Class | Small Cap Value Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $11.88 | 0.03 | (1.16) | (1.13) | —<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> |  |  |  |
| Year ended 9/30/20 | $7.67 | 0.03 | (0.55) | (0.52) |  | (0.05) | (0.05) | (0.10) |

---

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>** |
| $6.90 | (14.39) | 1.64<sup>5 8</sup> | 1.64<sup>5 8</sup> | (1.06) | (1.06) | $481761 | 43% |
| $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% |
| $9.56 | 43.47 | 1.66<sup>5</sup> | 1.66<sup>5</sup> | (1.48) | (1.48) | $746749 | 75% |
| $6.91 | (14.37) | 1.60<sup>5 8</sup> | 1.60<sup>5 8</sup> | (1.01) | (1.01) | $73525 | 43% |
| $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% |
| $9.55 | 23.39 | 1.60<sup>5</sup> | 1.62<sup>5</sup> | (1.43) | (1.45) | $59124 | 75% |
| $3.76 | (4.81) | 1.67<sup>5 8</sup> | 1.67<sup>5 8</sup> | (0.91) | (0.91) | $247958 | 31% |
| $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% |
| $3.65 | 24.17 | 1.74<sup>5</sup> | 1.74 | (1.01) | (1.01) | $222963 | 63% |
| $3.79 | (4.77) | 1.60<sup>5 8</sup> | 1.62<sup>5 8</sup> | (0.84) | (0.86) | $57731 | 31% |
| $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% |
| $3.66 | 12.27 | 1.60<sup>5</sup> | 1.84<sup>5</sup> | (0.99) | (1.23) | $25317 | 63% |
| $36.18 | (8.71) | 1.14<sup>5 8</sup> | 1.14<sup>5 8</sup> | (0.79) | (0.79) | $748694 | 17% |
| $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% |
| $46.64 | 33.26 | 1.16<sup>5</sup> | 1.16<sup>5</sup> | (0.89) | (0.89) | $1247871 | 37% |
| $36.90 | (8.64) | 1.05<sup>5 8</sup> | 1.06<sup>5 8</sup> | (0.70) | (0.71) | $1043352 | 17% |
| $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% |
| $47.18 | 33.39 | 1.05<sup>5</sup> | 1.08<sup>5</sup> | (0.78) | (0.81) | $1233331 | 37% |
| $8.92 | (11.78) | 1.16<sup>5 8</sup> | 1.16<sup>5 8</sup> | 0.39 | 0.39 | $520114 | 29% |
| $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% |
| $6.99 | (7.13) | 1.21<sup>5</sup> | 1.21<sup>5</sup> | 0.22 | 0.22 | $525957 | 58% |
| $9.04 | (11.70) | 1.05<sup>5 8</sup> | 1.06<sup>5 8</sup> | 0.51 | 0.51 | $966277 | 29% |
| $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% |
| $7.05 | (6.94) | 1.05<sup>5</sup> | 1.08<sup>5</sup> | 0.38 | 0.34 | $472331 | 58% |

---

------

<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** |
| Ultra Growth Fund — Investor Class | Ultra Growth Fund — Investor Class | Ultra Growth Fund — Investor Class | Ultra Growth Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $34.04 | (0.20) | (4.56) | (4.76) | —<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) |
| Year ended 9/30/20 | $25.30 | (0.17) | 14.98 | 14.81 | 0.01 |  | (0.56) | (0.56) |
| Ultra Growth Fund — Institutional Class | Ultra Growth Fund — Institutional Class | Ultra Growth Fund — Institutional Class | Ultra Growth Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $34.21 | (0.10) | (4.67) | (4.77) | —<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) |
| Period ended 9/30/20<sup>10</sup> | $29.39 | (0.09) | 10.28 | 10.19 | —<sup>4</sup> |  |  |  |
| U.S. Select Fund — Investor Class | U.S. Select Fund — Investor Class | U.S. Select Fund — Investor Class | U.S. Select Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $15.32 | (0.05) | (0.90) | (0.95) | —<sup>4</sup> |  | (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> |  |  |  |
| Year ended 9/30/22<sup>13</sup> | $10.00 | (0.01) | (0.26) | (0.27) | 0.01 |  |  |  |
| U.S. Select Fund — Institutional Class | U.S. Select Fund — Institutional Class | U.S. Select Fund — Institutional Class | U.S. Select Fund — Institutional Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $15.36 | (0.02) | (0.93) | (0.95) | —<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> |  |  |  |
| Year ended 9/30/22<sup>13</sup> | $10.00 | (0.01) | (0.26) | (0.27) |  |  |  |  |
| U.S. Treasury Fund — Investor Class | U.S. Treasury Fund — Investor Class | U.S. Treasury Fund — Investor Class | U.S. Treasury Fund — Investor Class |  |  |  |  |  |
| Six Months ended 3/31/25 (unaudited) | $11.79 | 0.20 | (1.13) | (0.93) | —<sup>4</sup> | (0.20) |  | (0.20) |
| 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) |
| Year ended 9/30/20 | $19.26 | 0.30 | 3.13 | 3.43 | 0.03 | (0.30) |  | (0.30) |

---

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>** |
| $29.28 | (14.01) | 1.20<sup>5 8</sup> | 1.20<sup>5 8</sup> | (0.73) | (0.73) | $478355 | 16% |
| $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% |
| $39.56 | 59.54 | 1.19<sup>5</sup> | 1.19<sup>5</sup> | (0.95) | (0.95) | $1733280 | 37% |
| $29.44 | (13.94) | 1.05<sup>5 8</sup> | 1.08<sup>5 8</sup> | (0.58) | (0.60) | $255603 | 16% |
| $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% |
| $39.58 | 34.67 | 1.05<sup>5</sup> | 1.07<sup>5</sup> | (0.97) | (0.98) | $348388 | 37% |
| $13.88 | (6.63) | 1.00<sup>5 8</sup> | 1.46<sup>5 8</sup> | (0.71) | (1.16) | $9280 | 8% |
| $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% |
| $13.92 | (6.54) | 0.85<sup>5 8</sup> | 1.13<sup>5 8</sup> | (0.55) | (0.83) | $19769 | 8% |
| $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% |
| $10.66 | (7.93) | 0.74<sup>5 8</sup> | 0.74<sup>5 8</sup> | 3.63 | 3.63 | $148628 | —% |
| $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% |
| $22.42 | 18.06 | 0.66<sup>5</sup> | 0.66<sup>5</sup> | 1.41 | 1.41 | $545586 | 13% |

---

------

<u>Wasatch Funds</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, 2019.

<sup>10</sup> Institutional Class inception date was January 31, 2020.

<sup>11</sup> Net Realized and Unrealized Gains (Losses) on Investments per share reflects a large, non-recurring receivable for security litigation which amounted to $0.07 and $0.07 per share for the Investor Class and Institutional Class, respectively. Excluding this non-recurring receivable, Net Realized and Unrealized Gains (Losses) on Investments would have been $(1.16) and $(1.14) per share for the Investor Class and Institutional Class, respectively. Excluding this non-recurring receivable, Total Return would have been (13.11)% and (13.00)% for the Investor Class and Institutional Class, respectively. 

<sup>12</sup> Fund inception date was October 1, 2021.

<sup>13</sup> Fund inception date was June 13, 2022.

<sup>14</sup> Fund inception date was November 29, 2024.

<sup>15</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; Period ended 3/31/25 | 1.54 | 1.54 |
| &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; Period ended 3/31/25 | 1.46 | 1.45 |
| &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 |

---

------

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| | |
|:---|:---|
| Wasatch Funds | **MARCH 31, 2025** *(Unaudited)* |

---

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 20 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 March 31, 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.

3. SECURITIES AND OTHER INVESTMENTS

Repurchase Agreements — The Funds may engage in repurchase transactions. Under the terms of a typical repurchase agreement, a fund takes possession of an underlying debt obligation subject to an obligation of the seller to repurchase and the fund to resell the obligation at an agreed upon price and time. The market value of the collateral must be at least equal at all times to the total amount of the repurchase obligation, including interest. Generally, in the event of counterparty default, the fund has the right to use the collateral to offset losses incurred.

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

Participation Notes — Certain Funds may invest in Participation Notes (P-Notes). P-Notes are promissory notes designed to offer a return linked to the performance of a particular underlying equity security or market. P-Notes are issued by banks or broker-dealers and allow a fund to gain exposure to common stocks in markets in which the fund is currently not approved to directly invest, or in markets that prohibit direct investment by foreign purchasers. While the holder of a P-Note is entitled to receive from the bank or broker-dealer any dividends or other distributions paid on the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights. Income received from P-Notes is recorded as dividend income in the Statements of Operations. P-Notes are considered general unsecured contractual obligations of the bank or broker-dealer. Risks associated with P-Notes include the possible failure of a counterparty (i.e., the issuing bank or broker-dealer) to perform in accordance with the terms of the agreement, inability to transfer or liquidate the notes, potential delays or an inability to redeem the notes before maturity under certain market conditions, and limited legal recourse against the issuer of the underlying common stock.

4. FINANCIAL DERIVATIVE INSTRUMENTS

Foreign Currency Contracts — The Funds may enter into foreign currency contracts to settle planned purchases or sales of securities or to protect against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and a foreign currency involved in an underlying transaction. Foreign currency contracts are

------

**MARCH 31, 2025** *(Unaudited)*

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 six months ended March 31, 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 six months ended March 31, 2025 are summarized below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $959010303 | $92903396 | $53525126 | $33360691 | $10277632 |
|  Sales | 1092301017 | 219195370 | 77463958 | 91698479 | 13076413 |
|  | **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 | $39419491 | $2269932 | $18990803 | $57309285 | $13166787 |
|  Sales | 28971570 | 3089693 | 23504777 | 132666956 | 91847716 |
|  | **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 | $863442 | $4347150 | $16228304 | $275557285 | $100073336 |
|  Sales | 993825 | 169307 | 18743037 | 299822696 | 104505314 |
|  | **Small Cap<br>Growth<br>Fund** | **Small Cap<br>Value<br>Fund** | **Ultra<br>Growth<br>Fund** | **U.S.<br>Select<br>Fund** |  |
|  Purchases | $355081446 | $487188101 | $150514478 | $6558633 |  |
|  Sales | 608195379 | 467918058 | 265278637 | 2219791 |  |

---

Purchases and sales of U.S. government securities in the U.S. Treasury Fund were $0 and $22,069,262, respectively.

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.

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

As of March 31, 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 | $3578492674 | $383732854 | $336937167 | $167252145 | $26518489 |
|  Gross appreciation | $1111405712 | $184031452 | $77785458 | $84128618 | $9835364 |
|  Gross (depreciation) | (427977955) | (5342748) | (33260619) | (8204966) | (1539334) |
|  Net appreciation | $683427757 | $178688704 | $44524839 | $75923652 | $8296030 |
|  | **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 | $159776185 | $10848477 | $100988094 | $139129147 | $35516418 |
|  Gross appreciation | $55612681 | $3469731 | $31895866 | $61726252 | $22488404 |
|  Gross (depreciation) | (21332827) | (909190) | (3800982) | (6060315) | (1363236) |
|  Net appreciation | $34279854 | $2560541 | $28094884 | $55665937 | $21125168 |
|  | **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 | $3036711 | $4181672 | $72168092 | $517379371 | $223966095 |
|  Gross appreciation | $878846 | $413169 | $8709530 | $79736274 | $84158982 |
|  Gross (depreciation) | (213140) | (30127) | (6804385) | (41576986) | (12062589) |
|  Net appreciation | $665706 | $383042 | $1905145 | $38159288 | $72096393 |
|  | **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 | $1300004135 | $1299127208 | $707437274 | $26605788 | $177257495 |
|  Gross appreciation | $578315539 | $259495410 | $188728433 | $3352081 | $— |
|  Gross (depreciation) | (144577768) | (107127743) | (164361944) | (1327835) | (32119470) |
|  Net appreciation (depreciation) | $433737771 | $152367667 | $24366489 | $2024246 | $(32119470) |

---

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.

The amount and character of tax-basis distributions and composition of net assets are finalized at fiscal year-end. Accordingly, tax basis balances have not been determined as of the date of this report.

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).

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.

------

**MARCH 31, 2025** *(Unaudited)*

Capital loss carryforwards as of September 30, 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Non-expiring** | **Non-expiring** |
| **Fund** | **Short Term** | **Long Term** |
|  Emerging Markets Select Fund | $59667951 | $56656256 |
|  Frontier Emerging Small Countries Fund | 96248435 | 3005196 |
|  Global Select Fund | 1609490 | 388517 |
|  Global Value Fund\* | 23474545 | 134769256 |
|  Greater China Fund | 2847075 | 2018805 |
|  International Opportunities Fund | 14984320 |  |
|  International Select Fund | 554477 | 470833 |
|  Long/Short Alpha Fund | 331152 |  |
|  Micro Cap Fund | 88264499 |  |
|  Micro Cap Value Fund | 20336386 |  |
|  Small Cap Growth Fund | 169720880 | 103582578 |
|  Ultra Growth Fund | 62708771 |  |
|  U.S. Treasury Fund | 27193868 | 135623244 |

---

\* *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, 2024, the Funds used capital loss carryforwards in the following amounts:

---

| | |
|:---|:---|
| **Fund** | **Amount Used** |
|  Core Growth Fund | $32007795 |
|  Emerging Markets Small Cap Fund | 1490760 |
|  Frontier Emerging Small Countries Fund | 4349046 |
|  Global Opportunities Fund | 917211 |
|  Global Value Fund | 1200687 |
|  International Growth Fund | 960145 |
|  International Opportunities Fund | 22370535 |
|  International Select Fund | 30996 |
|  Long/Short Alpha Fund | 86525 |
|  Micro Cap Fund | 35304895 |
|  Micro Cap Value Fund | 23215469 |
|  Small Cap Growth Fund | 7965172 |
|  Ultra Growth Fund | 54193415 |
|  U.S. Select Fund | 45685 |

---

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 | $– | $(15662522) |
|  Emerging India Fund | – | (7144105) |
|  Emerging Markets Select Fund | – | (508868) |
|  Emerging Markets Small Cap Fund | – | (3489938) |
|  Global Opportunities Fund | – | (1676387) |
|  Global Select Fund | – | (51534) |
|  International Growth Fund | – | (108096) |
|  International Opportunities Fund | – | (37564) |
|  International Select Fund | – | (3090) |
|  Long/Short Alpha Fund | – | (77035) |
|  Micro Cap Fund | – | (6487461) |
|  Micro Cap Value Fund | – | (850999) |
|  Small Cap Growth Fund | – | (14893821) |
|  Ultra Growth Fund | – | (6973353) |
|  U.S. Select Fund | – | (112702) |

---

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

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) categories. Foreign taxes payable as of March 31, 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 fees and fees waived, if any, for the six months ended March 31, 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 | $68285 |
|  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 | 48834 |
|  Frontier Emerging Small Countries Fund | 1.65% | 2.15% | 1.95% | 1/31/2026 | 42520 |
|  Global Opportunities Fund | 1.25% | 1.75% | 1.35% | 1/31/2026 | 14188 |
|  Global Select Fund | 0.85% | 1.35% | 0.95% | 1/31/2026 | 54207 |
|  Global Value Fund | 0.90% | 1.10% | 0.95% | 1/31/2026 | 49162 |
|  International Growth Fund | 1.25% | 1.75% | 1.35% | 1/31/2026 | 20158 |
|  International Opportunities Fund | 1.75% | 2.25% | 1.95% | 1/31/2026 | 97087 |
|  International Select Fund | 0.80% | 1.30% | 0.90% | 1/31/2026 | 56285 |
|  International Value Fund | 0.80% | 1.05% | 0.90% | 1/31/2026 | 83430 |
|  Long/Short Alpha Fund | 1.25% | 1.75% | 1.50% | 1/31/2026 |  |

---

------

**MARCH 31, 2025** *(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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** |
|  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 | 5088 |
|  Small Cap Growth Fund | 1.00% | 1.50% | 1.05% | 1/31/2026 | 57127 |
|  Small Cap Value Fund | 1.00% | 1.50% | 1.05% | 1/31/2026 | 41747 |
|  Ultra Growth Fund | 1.00% | 1.50% | 1.05% | 1/31/2026 | 36057 |
|  U.S. Select Fund | 0.75% | 1.00% | 0.85% | 1/31/2026 | 48105 |
|  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.

In the calendar year 2023, the Funds' method of compensating Trustees was to pay each Independent Trustee a retainer of $150,000 per year for services rendered and a fee of $30,000 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) ("2023 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 2023 Base Compensation and the Chair of a committee received an additional 15% of the 2023 Base Compensation. Accordingly, to implement this additional compensation for services as a Chair, the Chair of the Board received an additional fee of $75,000 a year as Chair and the Chair of the Audit Committee and the Chair of the Governance Committee each received an additional $45,000 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 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

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

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 March 31, 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 March 31, 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 | 48.08% |
|  Emerging India Fund | 3 | 70.49% |
|  Emerging Markets Select Fund | 3 | 78.22% |
|  Emerging Markets Small Cap Fund | 2 | 64.14% |
|  Frontier Emerging Small Countries Fund | 3 | 64.46% |
|  Global Opportunities Fund | 2 | 63.36% |
|  Global Select Fund | 4 | 84.86% |
|  Global Value Fund | 2 | 71.57% |
|  International Growth Fund | 2 | 38.73% |
|  International Opportunities Fund | 2 | 57.89% |
|  International Select Fund | 2 | 68.75% |
|  International Value Fund | 3 | 91.50% |
|  Long/Short Alpha Fund | 3 | 79.05% |
|  Micro Cap Fund | 2 | 39.60% |
|  Micro Cap Value Fund | 2 | 59.79% |
|  Small Cap Growth Fund | 3 | 62.76% |
|  Small Cap Value Fund | 3 | 64.52% |
|  Ultra Growth Fund | 2 | 58.32% |
|  U.S. Select Fund | 2 | 86.14% |
|  U.S. Treasury Fund | 3 | 62.80% |

---

------

**MARCH 31, 2025** *(Unaudited)*

Affiliated Interests — As of March 31, 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 | 26 | 1.02% |
|  Emerging India Fund | 30 | 5.87% |
|  Emerging Markets Select Fund | 25 | 2.57% |
|  Emerging Markets Small Cap Fund | 19 | 2.74% |
|  Frontier Emerging Small Countries Fund | 12 | 2.76% |
|  Global Opportunities Fund | 18 | 10.09% |
|  Global Select Fund | 17 | 76.75% |
|  Global Value Fund | 14 | 6.01% |
|  International Growth Fund | 12 | 1.78% |
|  International Opportunities Fund | 14 | 6.08% |
|  International Select Fund | 9 | 74.96% |
|  International Value Fund | 6 | 79.06% |
|  Long/Short Alpha Fund | 22 | 40.07% |
|  Micro Cap Fund | 20 | 2.46% |
|  Micro Cap Value Fund | 19 | 2.08% |
|  Small Cap Growth Fund | 23 | 0.95% |
|  Small Cap Value Fund | 18 | 0.66% |
|  Ultra Growth Fund | 21 | 3.13% |
|  U.S. Select Fund | 17 | 27.73% |
|  U.S. Treasury Fund | 8 | 2.18% |

---

\* *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 six months ended March 31, 2025 with an "affiliated company" as so defined:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,<br>Beginning<br>Of the<br>Period** | **Purchases<br>At Cost** | **Proceeds<br>From Sales** | **Value, End<br>Of the<br>Period** | **Dividends<br>Credited to<br>Income for the<br>Period ended<br>3/31/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>For the<br>Period ended<br>3/31/2025** | **Change in<br>Unrealized<br>Appreciation<br>For the<br>Period ended<br>3/31/2025** |
|  Core Growth Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  Arhaus, Inc. | $53777392 | $— | $654861 | $37431080 | $— | $(359487) | $(15331964) |
|  Micro Cap Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  Lakeland Industries, Inc. | $— | $10536214 | $— | $9686733 | $14308 | $— | $(849481) |
|  Mama's Creations, Inc. | 15589420 | 755648 |  | 14519227 |  |  | (1825841) |
|  | $15589420 | $11291862 | $— | $24205960 | $14308 | $— | $(2675322) |
|  Micro Cap Value Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  Gen Restaurant Group, Inc. | $3092771 | $632209 | $766260 | $1701910 | $— | $(442640) | $(814170) |
|  Small Cap Growth Fund |  |  |  |  |  |  |  |
|  Preferred Stock |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | $16698121 | $— | $— | $16887594 | $— | $— | $189473 |
|  Ultra Growth Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  C4 Therapeutics, Inc. | $14876670 | $6295243 | $— | $7289962 | $— | $— | $(13881951) |
|  Sangamo Therapeutics, Inc.\* | 9504446 |  | 11977984 | 2971901 |  | (28274642) | 33720081 |

---

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,<br>Beginning<br>Of the<br>Period** | **Purchases<br>At Cost** | **Proceeds<br>From Sales** | **Value, End<br>Of the<br>Period** | **Dividends<br>Credited to<br>Income for the<br>Period ended<br>3/31/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>For the<br>Period ended<br>3/31/2025** | **Change in<br>Unrealized<br>Appreciation<br>For the<br>Period ended<br>3/31/2025** |
|  Preferred Stock |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | $13915114 | $— | $— | $14073009 | $— | $— | $157895 |
|  Warrants |  |  |  |  |  |  |  |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029\* | 938180 |  |  | 484222 |  |  | (453958) |
|  | $39234410 | $6295243 | $11977984 | $24819094 | $— | $(28274642) | $19542067 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Activity** | **Share Activity** | **Share Activity** | **Share Activity** | **Dividends<br>Credited to<br>Income for the<br>period ended<br>3/31/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>for the<br>period ended<br>3/31/2025** | **Change in<br>Unrealized<br>Appreciation<br>for the<br>period ended<br>3/31/2025** |
|  | **Balance<br>9/30/2024** | **Purchases/<br>Additions** | **Sales/<br>Reductions** | **Balance<br>3/31/2025** | **Dividends<br>Credited to<br>Income for the<br>period ended<br>3/31/2025** | **Gain (Loss)<br>Realized on<br>Sale of Shares<br>for the<br>period ended<br>3/31/2025** | **Change in<br>Unrealized<br>Appreciation<br>for the<br>period ended<br>3/31/2025** |
|  Core Growth Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  Arhaus, Inc. | 4368594 |  | 66171 | 4302423 | $— | $(359487) | $(15331964) |
|  Micro Cap Fund |  |  |  |  |  |  |  |
|  Lakeland Industries, Inc. |  | 476944 |  | 476944 | $14308 | $— | $(849481) |
|  Mama's Creations, Inc. | 2135537 | 94759 |  | 2230296 |  |  | (1825841) |
|  | 2135537 | 571703 |  | 2707240 | $14308 | $— | $(2675322) |
|  Micro Cap Value Fund |  |  |  |  |  |  |  |
|  Common Stock |  |  |  |  |  |  |  |
|  Gen Restaurant Group, Inc. | 366442 | 76602 | 134727 | 308317 | $— | $(442640) | $(814169) |
|  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 | 1946284 |  | 4556226 | $— | $— | $(13881951) |
|  Sangamo Therapeutics, Inc.\* | 10973844 |  | 6442126 | 4531718 |  | (28274642) | 33720081 |
|  Preferred Stock |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 509338 |  |  | 509338 |  |  | 157895 |
|  Warrants |  |  |  |  |  |  |  |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029\* | 3026385 |  |  | 3026385 |  |  | (453958) |
|  | 17119509 | 1946284 | 6442126 | 12623667 | $— | $(28274642) | $19542067 |

---

\* *This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total amount of the gain (loss) realized on sale of shares and the total change in unrealized appreciation for the period ended September 30, 2024 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

------

**MARCH 31, 2025** *(Unaudited)*

are registered, the costs of registering such securities are paid by the issuer. At March 31, 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 | $28571 | 0.04% |
|  Micro Cap Fund |  |  |  |  |  |
|  BriaPro Therapeutics Corp. | Common Stocks | 9/5/2023 | $29 | $6100 | 0.00% |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | 10000013 | 9382015 | 1.69% |
|  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 | 322404 | 249112 | 0.04% |
|  |  |  | $10939417 | $9637227 | 1.74% |
|  Micro Cap Value Fund |  |  |  |  |  |
|  Greenlane Holdings, Inc., expiring 2/24/2026 | Warrants | 2/22/2021 | $396902 | $0 | 0.00% |
|  |  |  | $396902 | $0 | 0.00% |
|  Small Cap Growth Fund |  |  |  |  |  |
|  DataStax, Inc., Series E Pfd. | Preferred Stock | 8/12/2014 | $8000002 | $8000002 | 0.45% |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | 17999987 | 16887594 | 0.94% |
|  |  |  | $25999989 | $24887596 | 1.39% |
|  Ultra Growth Fund |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | $15000004 | $14073009 | 1.92% |
|  Sangamo Therapeutics, Inc., expiring 9/26/2029 | Warrants | 3/22/2024 | 626686 | 484222 | 0.06% |
|  |  |  | $15626690 | $14557231 | 1.98% |

---

10. LINE OF CREDIT

Effective May 31, 2024, 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 30, 2025. 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 six months ended March 31, 2025, the following Funds had borrowings:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>3/31/2025** |
|  Core Growth Fund | $21235415 | 3 | $10317 | 5.83% | $— |
|  Emerging India Fund | 6403434 | 21 | 21507 | 5.76% |  |
|  Emerging Markets Select Fund | 1893233 | 36 | 10595 | 5.60% | 479519 |
|  Emerging Markets Small Cap Fund | 2934918 | 47 | 21988 | 5.74% |  |
|  Frontier Emerging Small Countries Fund | 236160 | 25 | 925 | 5.64% |  |
|  Global Opportunities Fund | 847014 | 8 | 1050 | 5.58% | 90752 |
|  Global Select Fund | 170028 | 16 | 427 | 5.66% | 825689 |
|  Greater China Fund | 263264 | 16 | 665 | 5.68% |  |
|  International Growth Fund | 1129943 | 13 | 2295 | 5.62% | 278446 |
|  International Opportunities Fund | 1968692 | 98 | 30748 | 5.74% |  |
|  Small Cap Growth Fund | 203110 | 1 | 34 | 6.08% |  |
|  Small Cap Value Fund | 5649345 | 3 | 2745 | 5.83% |  |
|  Ultra Growth Fund | 901774 | 1 | 146 | 5.83% |  |

---

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<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

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.

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. 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

------

**MARCH 31, 2025** *(Unaudited)*

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. For example, the United States has imposed trade barriers and restrictions on China. 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.

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 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 recent years, the U.S. renegotiated many of its global trade relationships and 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.

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

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

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 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

------

**MARCH 31, 2025** *(Unaudited)*

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 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

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

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. In addition, Japan is 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 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 heightened concerns of increased tariffs and restrictions on trade between the two countries. 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.

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 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

------

**MARCH 31, 2025** *(Unaudited)*

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 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 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

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

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 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,

------

**MARCH 31, 2025** *(Unaudited)*

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 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

------

<u>Wasatch Funds</u>    

Notes to Financial Statements (continued)

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.

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

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**MARCH 31, 2025** *(Unaudited)*

Committee determines the fair value of affected securities by considering factors including, but not limited to: index options and futures traded subsequent to the close; American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") or other related receipts; currency spot or forward markets that trade after pricing of the foreign exchange; other derivative securities traded after the close such as Standard & Poor's Depositary Receipts ("SPDRs") and other exchange-traded funds ("ETFs"); and alternative market quotes on the affected securities. When applicable, the Funds use a systematic fair valuation model provided by an independent third party to assist in adjusting the valuation of foreign securities. When a Fund uses this fair value pricing method, the values assigned to the Fund's foreign securities may not be the quoted or published prices of the investments on their primary markets or exchanges, and the securities are categorized in Level 2 of the fair value hierarchy. These valuation procedures apply equally to long or short equity positions in a Fund.

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

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

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

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

U.S. Government Issuers — Investments are priced using the closing bid as supplied by a pricing service based on

observable inputs. Observable inputs may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data (including market research publications). Although most U.S. government securities are categorized in Level 2 of the fair value hierarchy, in instances where observable inputs are not available, they are categorized as Level 3.

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 March 31, 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>03/31/2025** |
|  Core Growth Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $4261920431 | $— | $— | $4261920431 |
|  |  | $4261920431 | $— | $— | $4261920431 |
|  Emerging India Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Apparel Retail | $— | $18861837 | $— | $18861837 |
|  | Automotive Parts & Equipment |  | 8919845 |  | 8919845 |
|  | Building Products |  | 2581796 |  | 2581796 |
|  | Commodity Chemicals |  | 6 |  | 6 |
|  | Computer & Electronics Retail |  | 12884202 |  | 12884202 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 6457338 |  | 6457338 |
|  | Consumer Finance |  | 155184367 |  | 155184367 |
|  | Diversified Banks |  | 56458252 |  | 56458252 |
|  | Diversified Support Services |  | 23031247 |  | 23031247 |
|  | Electrical Components & Equipment |  | 7799294 |  | 7799294 |
|  | Food Retail |  | 11069237 |  | 11069237 |
|  | Health Care Facilities |  | 57278241 |  | 57278241 |
|  | Health Care Services |  | 37815074 |  | 37815074 |
|  | Industrial Machinery & Supplies & Components |  | 24319633 |  | 24319633 |
|  | Interactive Media & Services |  | 10865107 |  | 10865107 |
|  | IT Consulting & Other Services |  | 24007982 |  | 24007982 |
|  | Life Sciences Tools & Services |  | 44235389 |  | 44235389 |
|  | Regional Banks |  | 28071733 |  | 28071733 |
|  | Research & Consulting Services |  | 5801958 |  | 5801958 |
|  | Other | 26779020 |  |  | 26779020 |
|  |  | $26779020 | $535642538 | $— | $562421558 |
|  Emerging Markets Select Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Apparel Retail | $— | $7583330 | $— | $7583330 |
|  | Consumer Finance |  | 58663592 |  | 58663592 |
|  | Diversified Banks | 20384487 | 10734372 |  | 31118859 |
|  | Electrical Components & Equipment | 17251240 | 16727190 |  | 33978430 |
|  | Electronic Equipment & Instruments |  | 5467598 |  | 5467598 |
|  | Health Care Facilities |  | 16171480 |  | 16171480 |
|  | Industrial Machinery & Supplies & Components |  | 6870033 |  | 6870033 |
|  | Interactive Media & Services |  | 12542766 |  | 12542766 |
|  | IT Consulting & Other Services | 15316138 | 5139926 |  | 20456064 |
|  | Life Sciences Tools & Services |  | 20125323 |  | 20125323 |
|  | Regional Banks |  | 8425334 |  | 8425334 |
|  | Restaurants |  | 13785901 |  | 13785901 |
|  | Semiconductor Materials & Equipment |  | 6603524 |  | 6603524 |
|  | Semiconductors |  | 42594223 |  | 42594223 |
|  | Other | 97075549 |  |  | 97075549 |
|  |  | $150027414 | $231434592 | $— | $381462006 |

---

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**MARCH 31, 2025** *(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>03/31/2025** |
|  Emerging Markets Small Cap Fund | Emerging Markets Small Cap Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Apparel Retail | $— | $4131149 | $— | $4131149 |
|  | Automotive Retail |  | 3523309 |  | 3523309 |
|  | Commercial & Residential Mortgage Finance |  | 8358103 |  | 8358103 |
|  | Commodity Chemicals |  | 2503263 |  | 2503263 |
|  | Communications Equipment |  | 2817003 |  | 2817003 |
|  | Computer & Electronics Retail |  | 1324421 |  | 1324421 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 2870630 |  | 2870630 |
|  | Consumer Finance |  | 21384212 |  | 21384212 |
|  | Diversified Support Services |  | 10410038 |  | 10410038 |
|  | Drug Retail | 8309197 | 2934299 |  | 11243496 |
|  | Electrical Components & Equipment |  | 10715760 |  | 10715760 |
|  | Electronic Components |  | 2996844 |  | 2996844 |
|  | Electronic Equipment & Instruments |  | 6837701 |  | 6837701 |
|  | Food Retail |  | 1944205 |  | 1944205 |
|  | Health Care Facilities |  | 5873449 |  | 5873449 |
|  | Health Care Services |  | 7606118 |  | 7606118 |
|  | Human Resource & Employment Services |  | 4999057 |  | 4999057 |
|  | Industrial Machinery & Supplies & Components |  | 9560522 |  | 9560522 |
|  | Interactive Media & Services | 13261564 | 3550400 |  | 16811964 |
|  | IT Consulting & Other Services | 8642767 | 14515016 |  | 23157783 |
|  | Life & Health Insurance | 4370840 | 2338204 |  | 6709044 |
|  | Personal Care Products |  | 5530092 |  | 5530092 |
|  | Regional Banks |  | 5959662 |  | 5959662 |
|  | Semiconductor Materials & Equipment |  | 4793259 |  | 4793259 |
|  | Semiconductors |  | 28318323 |  | 28318323 |
|  | Other | 32796390 |  |  | 32796390 |
|  |  | $67380758 | $175795039 | $— | $243175797 |
|  Frontier Emerging Small Countries Fund | Frontier Emerging Small Countries Fund |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Automotive Retail | $— | $649379 | $— | $649379 |
|  | Consumer Finance |  | 6004985 |  | 6004985 |
|  | Diversified Banks | 3768421 | 3502776 |  | 7271197 |
|  | Diversified Support Services |  | 934315 |  | 934315 |
|  | IT Consulting & Other Services | 1038421 | 2814619 |  | 3853040 |
|  | Life & Health Insurance | 1401300 | 278954 |  | 1680254 |
|  | Soft Drinks & Non-Alcoholic Beverages |  | 327949 |  | 327949 |
|  | Other | 14093400 |  |  | 14093400 |
|  |  | $20301542 | $14512977 | $— | $34814519 |

---

------

<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>03/31/2025** |
|  Global Opportunities Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Application Software | $10961990 | $5372585 | $— | $16334575 |
|  | Asset Management & Custody Banks | 3634090 | 1286548 |  | 4920638 |
|  | Consumer Finance |  | 7811490 |  | 7811490 |
|  | Diversified Support Services |  | 2688705 |  | 2688705 |
|  | Drug Retail |  | 3381730 |  | 3381730 |
|  | Electrical Components & Equipment |  | 5700133 |  | 5700133 |
|  | Health Care Equipment | 2988889 | 1020924 |  | 4009813 |
|  | Health Care Facilities | 5844481 | 4473872 |  | 10318353 |
|  | Health Care Services |  | 1690734 |  | 1690734 |
|  | Health Care Technology |  | 215046 |  | 215046 |
|  | Human Resource & Employment Services | 3917467 | 1489200 |  | 5406667 |
|  | Industrial Machinery & Supplies & Components | 9840730 | 1182225 |  | 11022955 |
|  | Interactive Media & Services |  | 1132579 |  | 1132579 |
|  | Investment Banking & Brokerage |  | 1575722 |  | 1575722 |
|  | IT Consulting & Other Services | 4528578 | 4632026 |  | 9160604 |
|  | Life Sciences Tools & Services | 2402785 | 3620533 |  | 6023318 |
|  | Regional Banks | 3505677 | 4566094 |  | 8071771 |
|  | Research & Consulting Services |  | 9150337 |  | 9150337 |
|  | Semiconductor Materials & Equipment | 5599834 | 1057390 |  | 6657224 |
|  | Semiconductors |  | 11435274 |  | 11435274 |
|  | Trading Companies & Distributors |  | 10111737 |  | 10111737 |
|  | Other | 57236634 |  |  | 57236634 |
|  |  | $110461155 | $83594884 | $— | $194056039 |
|  Global Select Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Application Software | $1664177 | $261757 | $— | $1925934 |
|  | Building Products | 276556 | 212100 |  | 488656 |
|  | Consumer Finance |  | 757140 |  | 757140 |
|  | Diversified Banks | 216351 | 372159 |  | 588510 |
|  | Drug Retail |  | 425528 |  | 425528 |
|  | Electronic Equipment & Instruments |  | 394701 |  | 394701 |
|  | Health Care Equipment |  | 262183 |  | 262183 |
|  | Interactive Media & Services |  | 606447 |  | 606447 |
|  | Research & Consulting Services |  | 644811 |  | 644811 |
|  | Semiconductors | 314929 | 248799 |  | 563728 |
|  | Trading Companies & Distributors |  | 505799 |  | 505799 |
|  | Other | 6245580 |  |  | 6245580 |
|  |  | $8717593 | $4691424 | $— | $13409017 |

---

------

**MARCH 31, 2025** *(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>03/31/2025** |
|  Global Value Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Broadline Retail | $— | $2751594 | $— | $2751594 |
|  | Diversified Banks | 14629918 | 4571074 |  | 19200992 |
|  | Diversified Metals & Mining |  | 2620419 |  | 2620419 |
|  | Food Retail |  | 3959633 |  | 3959633 |
|  | Industrial REITs |  | 2468755 |  | 2468755 |
|  | Integrated Oil & Gas | 6586265 | 4961336 |  | 11547601 |
|  | Integrated Telecommunication Services | 7820680 | 2468905 |  | 10289585 |
|  | Multi-Line Insurance |  | 4144396 |  | 4144396 |
|  | Paper Products |  | 1877980 |  | 1877980 |
|  | Pharmaceuticals | 6384840 | 7680156 |  | 14064996 |
|  | Reinsurance |  | 3474464 |  | 3474464 |
|  | Technology Hardware, Storage & Peripherals |  | 2854473 |  | 2854473 |
|  | Tobacco |  | 3851776 |  | 3851776 |
|  | Trading Companies & Distributors |  | 1381524 |  | 1381524 |
|  | Other | 44594790 |  |  | 44594790 |
|  |  | $80016493 | $49066485 | $— | $129082978 |
|  International Growth Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Application Software | $5585204 | $10640762 | $— | $16225966 |
|  | Asset Management & Custody Banks |  | 7461337 |  | 7461337 |
|  | Broadline Retail |  | 7165640 |  | 7165640 |
|  | Building Products | 2515128 | 1410375 |  | 3925503 |
|  | Commercial & Residential Mortgage Finance |  | 1591070 |  | 1591070 |
|  | Consumer Finance |  | 8051149 |  | 8051149 |
|  | Diversified Banks | 2022150 | 3643991 |  | 5666141 |
|  | Diversified Real Estate Activities |  | 2273696 |  | 2273696 |
|  | Diversified Support Services |  | 4487176 |  | 4487176 |
|  | Drug Retail | 663433 | 5906780 |  | 6570213 |
|  | Electrical Components & Equipment |  | 2757524 |  | 2757524 |
|  | Electronic Equipment & Instruments |  | 9343971 |  | 9343971 |
|  | Health Care Equipment |  | 5112662 |  | 5112662 |
|  | Health Care Facilities |  | 3501586 |  | 3501586 |
|  | Health Care Services |  | 421355 |  | 421355 |
|  | Health Care Technology |  | 1372465 |  | 1372465 |
|  | Human Resource & Employment Services |  | 4040899 |  | 4040899 |
|  | Industrial Machinery & Supplies & Components |  | 6356750 |  | 6356750 |
|  | Interactive Media & Services | 3130057 | 14861982 |  | 17992039 |
|  | Investment Banking & Brokerage |  | 4750076 |  | 4750076 |
|  | IT Consulting & Other Services | 3349555 | 9204498 |  | 12554053 |
|  | Movies & Entertainment |  | 3460113 |  | 3460113 |
|  | Regional Banks | 2018309 | 1371753 |  | 3390062 |
|  | Research & Consulting Services |  | 9195491 |  | 9195491 |
|  | Semiconductor Materials & Equipment | 1183388 | 383907 |  | 1567295 |
|  | Semiconductors |  | 7310205 |  | 7310205 |
|  | Trading Companies & Distributors |  | 16339099 |  | 16339099 |
|  | Other | 21911548 |  |  | 21911548 |
|  |  | $42378772 | $152416312 | $— | $194795084 |

---

------

<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>03/31/2025** |
|  International Opportunities Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Alternative Carriers | $— | $1514739 | $— | $1514739 |
|  | Application Software |  | 7106414 |  | 7106414 |
|  | Asset Management & Custody Banks | 1425043 | 2491262 |  | 3916305 |
|  | Commercial & Residential Mortgage Finance |  | 4409031 |  | 4409031 |
|  | Commodity Chemicals |  | 1172905 |  | 1172905 |
|  | Construction Machinery & Heavy Transportation Equipment |  | 635558 |  | 635558 |
|  | Consumer Finance |  | 878847 |  | 878847 |
|  | Data Processing & Outsourced Services |  | 496285 |  | 496285 |
|  | Distributors |  | 566569 |  | 566569 |
|  | Diversified Support Services | 1244269 | 5185074 |  | 6429343 |
|  | Electrical Components & Equipment |  | 1479137 |  | 1479137 |
|  | Electronic Equipment & Instruments | 430284 | 1695688 |  | 2125972 |
|  | Food Retail | 1199180 | 1153508 |  | 2352688 |
|  | Health Care Facilities |  | 621958 |  | 621958 |
|  | Health Care Services |  | 2125247 |  | 2125247 |
|  | Human Resource & Employment Services |  | 1170246 |  | 1170246 |
|  | Industrial Machinery & Supplies & Components |  | 654770 |  | 654770 |
|  | Interactive Media & Services | 2285541 | 2847777 |  | 5133318 |
|  | Investment Banking & Brokerage |  | 1255037 |  | 1255037 |
|  | IT Consulting & Other Services | 808416 | 1746001 |  | 2554417 |
|  | Real Estate Services |  | 926800 |  | 926800 |
|  | Research & Consulting Services |  | 2019365 |  | 2019365 |
|  | Semiconductor Materials & Equipment |  | 1006275 |  | 1006275 |
|  | Semiconductors |  | 1797275 |  | 1797275 |
|  | Other | 4293085 |  |  | 4293085 |
|  |  | $11685818 | $44955768 | $— | $56641586 |
|  International Select Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Aerospace & Defense | $— | $41334 | $— | $41334 |
|  | Apparel, Accessories & Luxury Goods |  | 76302 |  | 76302 |
|  | Application Software | 266274 | 53172 |  | 319446 |
|  | Asset Management & Custody Banks |  | 145167 |  | 145167 |
|  | Automobile Manufacturers |  | 170397 |  | 170397 |
|  | Broadline Retail | 254391 | 64936 |  | 319327 |
|  | Building Products |  | 112934 |  | 112934 |
|  | Diversified Banks |  | 149325 |  | 149325 |
|  | Diversified Real Estate Activities |  | 150294 |  | 150294 |
|  | Drug Retail |  | 108725 |  | 108725 |
|  | Electronic Equipment & Instruments |  | 189164 |  | 189164 |
|  | Health Care Equipment |  | 110733 |  | 110733 |
|  | Industrial Machinery & Supplies & Components |  | 52627 |  | 52627 |
|  | Interactive Home Entertainment |  | 54382 |  | 54382 |
|  | Interactive Media & Services |  | 321138 |  | 321138 |
|  | Pharmaceuticals |  | 50009 |  | 50009 |
|  | Research & Consulting Services |  | 246995 |  | 246995 |
|  | Semiconductor Materials & Equipment |  | 96205 |  | 96205 |
|  | Soft Drinks & Non-Alcoholic Beverages |  | 77355 |  | 77355 |
|  | Trading Companies & Distributors |  | 93404 |  | 93404 |
|  | Transaction & Payment Processing Services |  | 87369 |  | 87369 |
|  | Other | 729785 |  |  | 729785 |
|  |  | $1250450 | $2451967 | $— | $3702417 |

---

------

**MARCH 31, 2025** *(Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **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>03/31/2025** |
|  International Value Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Automobile Manufacturers | $— | $96709 | $— | $96709 |
|  | Broadline Retail |  | 105894 |  | 105894 |
|  | Construction & Engineering |  | 107854 |  | 107854 |
|  | Diversified Banks | 131168 | 615644 |  | 746812 |
|  | Diversified Metals & Mining |  | 119724 |  | 119724 |
|  | Electronic Manufacturing Services |  | 93550 |  | 93550 |
|  | Food Retail |  | 120731 |  | 120731 |
|  | Health Care Distributors |  | 99857 |  | 99857 |
|  | Industrial Machinery & Supplies & Components |  | 92575 |  | 92575 |
|  | Industrial REITs |  | 87808 |  | 87808 |
|  | Integrated Oil & Gas | 100904 | 343452 |  | 444356 |
|  | Integrated Telecommunication Services | 141239 | 150301 |  | 291540 |
|  | Multi-Line Insurance |  | 140311 |  | 140311 |
|  | Multi-Utilities |  | 365112 |  | 365112 |
|  | Paper Products |  | 116703 |  | 116703 |
|  | Pharmaceuticals |  | 452620 |  | 452620 |
|  | Real Estate Development |  | 93597 |  | 93597 |
|  | Regional Banks |  | 111512 |  | 111512 |
|  | Reinsurance |  | 226984 |  | 226984 |
|  | Soft Drinks & Non-Alcoholic Beverages |  | 128668 |  | 128668 |
|  | Technology Hardware, Storage & Peripherals |  | 107479 |  | 107479 |
|  | Tobacco |  | 306492 |  | 306492 |
|  | Trading Companies & Distributors |  | 107826 |  | 107826 |
|  |  | $373311 | $4191403 | $— | $4564714 |
|  Long/Short Alpha Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $74044666 | $— | $— | $74044666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 28571 | 28571 |
|  |  | $74044666 | $— | $28571 | $74073237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liabilities |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities Sold Short |  | $(22842939) | $— | $— | $(22842939) |
|  Micro Cap Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Biotechnology | $1388546 | $— | $6100 | $1394646 |
|  | Other | 544512886 |  |  | 544512886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  | 9382015 | 9382015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 249112 | 249112 |
|  |  | $545901432 | $— | $9637227 | $555538659 |
|  Micro Cap Value Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Commercial & Residential Mortgage Finance | $— | $3147495 | $— | $3147495 |
|  | Packaged Foods & Meats | 9839776 | 5303995 |  | 15143771 |
|  | Other | 277771222 |  |  | 277771222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 0 | 0 |
|  |  | $287610998 | $8451490 | $— | $296062488 |
|  Small Cap Growth Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $1708854310 | $— | $— | $1708854310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  | 24887596 | 24887596 |
|  |  | $1708854310 | $— | $24887596 | $1733741906 |

---

------

<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>03/31/2025** |
|  Small Cap Value Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $1451494875 | $— | $— | $1451494875 |
|  |  | $1451494875 | $— | $— | $1451494875 |
|  Ultra Growth Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Semiconductor Materials & Equipment | $61812629 | $5450844 | $— | $67263473 |
|  | Other | 649983059 |  |  | 649983059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  | 14073009 | 14073009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 484222 | 484222 |
|  |  | $711795688 | $5450844 | $14557231 | $731803763 |
|  U.S. Select Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $28630034 | $— | $— | $28630034 |
|  |  | $28630034 | $— | $— | $28630034 |
|  U.S. Treasury Fund |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S Government Obligations |  | $— | $145138025 | $— | $145138025 |
|  |  | $— | $145138025 | $— | $145138025 |

---

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 six months ended March 31, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs.

The following is a reconciliation of the fair valuations using significant unobservable inputs (Level 3) for the Funds during the six months ended March 31, 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>03/31/2025** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>On Investments<br>Held at<br>03/31/2025** |
|  Long/Short Alpha Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | $55357 | $— | $— | $— | $— | $(26786) | $— | $— | $28571 | $(26786) |
|  | $55357 | $— | $— | $— | $— | $(26786) | $— | $— | $28571 | $(26786) |
|  Micro Cap Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $6100 | $— | $— | $— | $— | $— | $— | $— | $6100 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 9276752 |  |  |  |  | 105263 |  |  | 9382015 | 105263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 482654 |  |  |  |  | (233542) |  |  | 249112 | (233542) |
|  | $9765506 | $— | $— | $— | $— | $(128279) | $— | $— | $9637227 | $(128279) |
|  Micro Cap Value Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |
|  | $— | $— | $— | $— | $— | $— | $— | $— | $— | $— |

---

------

**MARCH 31, 2025** *(Unaudited)*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>03/31/2025** | **Net Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>On Investments<br>Held at<br>03/31/2025** |
|  Small Cap Growth Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $26060845 | $— | $— | $— | $— | $(1173249) | $— | $— | $24887596 | $(1173249) |
|  | $26060845 | $— | $— | $— | $— | $(1173249) | $— | $— | $24887596 | $(1173249) |
|  Ultra Growth Fund |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $13915114 | $— | $— | $— | $— | $157895 | $— | $— | $14073009 | $157895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 938180 |  |  |  |  | (453958) |  |  | 484222 | (453958) |
|  | $14853294 | $— | $— | $— | $— | $(296063) | $— | $— | $14557231 | $(296063) |

---

QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Description** | **Fair Value**<br> **At 3/31/25** | **Valuation Technique** | **Unobservable Input** | **Range (Average)** |
| Long/Short Alpha | Warrant: Biotechnology | $28571 | Black Scholes | Volatility | 40% |
| Micro Cap Fund | Direct Venture Capital Investments: Textiles | $9382015 | Market comparable<br>companies | EV/R\* multiple<br> Discount for lack of<br> marketability | 0.7 - 5.8 (2.7)<br>46% |
| Micro Cap Fund | Warrant: Biotechnology | $249112 | Black Scholes | Volatility | 40% |
| Small Cap Growth Fund | Direct Venture Capital Investments: Textiles | $16887594 | Market comparable<br>companies | EV/R\* multiple<br>Discount for lack of<br>marketability | 0.7 - 5.8 (2.7)<br>46% |
| Small Cap Growth Fund | Direct Venture Capital Investments: Systems Software | $8000002 | Market comparable companies | EV/R\* multiple<br>Discount for lack of<br>marketability | 2.6 - 13.6 (7.9)<br>27% |
| Ultra Growth Fund | Direct Venture Capital Investments: Textiles | $14073009 | Market comparable companies | EV/R\* multiple<br> Discount for lack of<br> marketability | 0.7 - 5.8 (2.7)<br>46% |
| Ultra Growth Fund | Warrant: Biotechnology | $484222 | Black Scholes | Volatility | 40% |

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\* *Enterprise-Value-To-Revenue Multiple – ("EV/R") is a measure of the value of a stock that compares a company's enterprise value to its revenue.* 

Changes in EV/R multiples may change the fair value of an investment. Generally, a decrease in this multiple will result in a decrease in the fair value of an investment.

The Funds' other Level 3 investments have been valued using observable inputs, unadjusted third-party transactions and quotations or unadjusted historical third-party information. No unobservable inputs internally developed by the Funds have been applied to these investments, thus they have been excluded from the above table.

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.

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| | |
|:---|:---|
| Wasatch Funds | **MARCH 31, 2025** *(Unaudited)* |

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Notes to Financial Statements (continued)

The following tables present information about financial instruments that were subject to enforceable netting arrangements as of March 31, 2025:

Securities Borrowed for Short Sales

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Gross Amounts Net Offset in the Statement of Assets and Liabilities** | **Gross Amounts Net Offset in the Statement of Assets and Liabilities** | **Gross Amounts Net Offset in the Statement of Assets and Liabilities** | **Gross Amounts Net Offset in the Statement of Assets and Liabilities** |
| **Fund** | **Counterparty** | **Gross Asset Amounts**<br> **Presented in Statements**<br> **Of Assets and Liabilities** | **Financial**<br> **Instrument** | **Collateral**<br> **Received<sup>1</sup>** | **Net Amount**<br> **(Not less**<br> **Than 0)** |
|  Long/Short Alpha Fund | Fixed Income Clearing Corp. | $22842939 | $— | $(22842939) | $— |

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<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.

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| | |
|:---|:---|
| Wasatch Funds | **MARCH 31, 2025** *(Unaudited)* |

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Supplemental Information

BOARD CONSIDERATIONS FOR INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS OF THE WASATCH FUNDS

I. Board Considerations for the renewal of the Investment Advisory and Sub-Advisory Agreements for the Wasatch Funds, except the Wasatch International Value Fund, which is discussed in Section II, below.

At a meeting held on November 13, 2024 (the "Meeting"), the Board of Trustees (the "Board") of Wasatch Funds Trust (the "Trust") unanimously approved the Advisory and Service Contract (the "Investment Advisory Agreement") between Wasatch Advisors, LP doing business as Wasatch Global Investors (the "Advisor") and the Trust on behalf of each existing series of the Trust, except for Wasatch International Value Fund, a separate series of the Trust, (for the purposes of this Section, each a "Fund") and the sub-advisory agreement (the "Sub-Advisory Agreement") between the Advisor and Hoisington Investment Management Company ("HIMCo" or the "Sub-Advisor") on behalf of the Wasatch-Hoisington U.S. Treasury Fund (the "U.S. Treasury Fund"). As the Board is comprised of all disinterested Trustees (the "Independent Trustees"), the references to Board and/or Independent Trustees shall mean all the Independent Trustees. The Investment Advisory Agreement and Sub-Advisory Agreement are collectively hereafter the "Advisory Agreements" and each an "Advisory Agreement."

Following up to an initial two-year period, the Board considers the continuation of the Investment Advisory Agreement and the Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Board determined that for each Fund the continuation of the applicable Advisory Agreement was in the best interests of the respective Fund and its shareholders in light of the nature, extent and quality of services provided and such other factors or matters the Board considered in the exercise of its business judgment. In addition, the International Value Fund was a new series of the Trust, and its Investment Advisory Agreement was not up for renewal at the time of the Meeting.

To reach their determination, the Independent Trustees considered the review of the Advisory Agreements to be an ongoing process and employed the accumulated information, knowledge and experience the Trustees had gained during their tenure as disinterested trustees on the Board and its committees in overseeing the Funds. The Board and its committees met regularly throughout the year and at these meetings, the Independent Trustees received and discussed information covering an extensive array of topics relevant to the annual consideration of the renewal of the Advisory Agreements, including the investment performance of the Funds; economic, market and regulatory developments that may be impacting the industry as well as one or more Funds; updates on the Advisor's operations

and strategic plans; Fund expenses; brokerage reports including commission and soft dollar data; and Fund compliance, risk and liquidity matters. To help with the review Fund performance, the Board seeks to meet with a Fund's portfolio manager(s) during the course of the year to discuss, among other things, the Fund's investment performance, the portfolio manager(s)' investment approach and any changes thereto, market conditions and other factors that may be impacting performance. In addition, the Board seeks to meet at its regular quarterly meetings with members of senior management of the Advisor to discuss various topics, including market conditions, industry developments and updates on significant developments with the Advisor, if any.

The Independent Trustees were advised by independent legal counsel at the meetings throughout the year as well as during the annual review process and met in executive sessions with such counsel at which no representatives of the Advisor or Sub-Advisor were present. Through independent legal counsel, the Independent Trustees requested and received information specifically prepared for the annual review by the Advisor, the Sub-Advisor, and Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company data. The materials received covered a wide range of information relating to the Funds and their management including, but not limited to, the services the Advisor performs for the Funds pursuant to the respective Advisory Agreement and as compared to the services provided to other types of clients; the experience of the relevant investment personnel; the investment philosophy, investment process and risk management of the Advisor; the organizational, management and committee structure of the Advisor; the culture and financial strength of the Advisor; performance data of each Fund over various periods, including a report prepared by Broadridge comparing the investment performance of each Fund to the performance of certain peers compiled by Broadridge and certain benchmark(s); the management fee and actual total expense ratios of each class of shares of each Fund, including a report prepared by Broadridge comparing, among other things, the contractual management fee and actual total expense ratio of the respective Fund class to those of certain peers compiled by Broadridge; the factors considered by the Advisor in proposing fee levels; the expense limitation agreements with respect to the applicable classes of the Funds; comparative fee data of management fees of certain Funds compared to the fee arrangements of other types of clients; the compensation structure for investment personnel; the brokerage policies and practices and commission results; and certain financial data of the Advisor and the profitability of the Advisor as described below.

With respect to the Sub-Advisor, the materials also covered, among other things, an evaluation of the Sub-Advisor by the Advisor; the organizational and leadership structure

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<u>Wasatch Funds</u>    

Supplemental Information (continued)

of the Sub-Advisor; the nature and quality of services provided by the Sub-Advisor; the personnel furnishing such services and their qualifications; the performance of the U.S. Treasury Fund in absolute terms and as compared to the performance of peers compiled by Broadridge and a benchmark over certain periods; certain performance data of other accounts managed by the Sub-Advisor; the management fee rate and actual total expense ratio of the U.S. Treasury Fund and as compared to peers compiled by Broadridge; the Sub-Advisor's fee and the Sub-Advisory fee schedule for other clients; and certain financial data regarding the Sub-Advisor.

In its review, the Board considered the information (both written and oral) prepared in conjunction with the annual review and received throughout the year, and the Board may consider the information, discussions and conclusions developed in prior reviews of the Advisory Agreements.

Prior to voting on the renewal of the Advisory Agreements, the Independent Trustees received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements. In evaluating the Advisory Agreements, the Board considered its duties under the Investment Company Act of 1940 (the "1940 Act") in reviewing and approving advisory and sub-advisory agreements and fiduciary duties under applicable state law; the requirements of the 1940 Act in such matters; the fiduciary duty of investment advisers with respect to their compensation; the standards used by courts in determining whether the adviser breached its fiduciary duty with respect to its compensation and the factors to be considered by a board in evaluating advisory agreements.

Prior to approving the renewal of the Advisory Agreements at the Meeting, the Independent Trustees also met in executive session on November 6, 2024 (the "November Executive Session"). During the November Executive Session, the Independent Trustees met in private with independent legal counsel and invited representatives of management to attend for a portion of the November Executive Session to respond to various questions of the Board. Following the November Executive Session, the Independent Trustees through independent counsel requested and received additional information or clarification on certain data from management. During the Meeting and in an executive session with independent legal counsel, the Independent Trustees considered the responses, invited representatives of management to provide additional information and determined the information provided (whether oral or written) was responsive to their requests. In their review, the Independent Trustees considered the advisory arrangements separately on a per Fund and per-class basis. With respect to the U.S. Treasury Fund, the Independent Trustees considered the Investment Advisory Agreement and Sub-Advisory Agreement separately in the course of their review. Accordingly, they

considered the differing roles and risks of the Advisor and Sub-Advisor in providing services to the U.S. Treasury Fund.

After the discussions and with the background and knowledge described above, the Independent Trustees approved the continuation of the Advisory Agreements on behalf of the applicable Funds for an additional one-year period. The Independent Trustees did not identify any single factor as all-important or controlling, but rather the decision reflected the comprehensive consideration of all the information (written and oral) presented for the annual review as well as during the course of the year and in prior years. The Board determined that, given the totality of the information provided, the Board had sufficient information to renew the Advisory and Sub-Advisory Agreements. Each Independent Trustee may have attributed different weights to the various factors and information considered in the approval process. The following summarizes the principal factors, but not all the factors, the Board considered in its review of the Advisory and Sub-Advisory Agreements and its conclusions.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements, the Board considered, in relevant part, the nature, extent and quality of the Advisor's and Sub Advisor's services to the applicable Fund(s). With respect to the Advisor, the Independent Trustees considered that the Advisor is responsible for the portfolio management for all Funds (other than the U.S. Treasury Fund) as well as certain non-advisory or administrative services. The Board considered, among other things, the Advisor's investment process in evaluating investments and constructing portfolios, risk management process in identifying and managing portfolio risk, compliance program in monitoring and addressing compliance with regulatory requirements and portfolio limitations and restrictions, and the Advisor's sell discipline with respect to portfolio holdings. The Board considered the costs of providing these services, particularly given the Advisor's research-intensive due diligence investment process and the additional services necessary to meet the increased regulatory requirements applicable to registered investment companies, such as the Funds. The Board considered the investment teams, the experience and skill of the portfolio managers in managing the Funds and the culture and compensation arrangements for investment personnel designed to attract and retain qualified personnel. The Board further considered the Advisor's continual efforts to evaluate the Funds' performance and its investment process in seeking to enhance its process and risk management. The Board also considered the Advisor's trading capabilities, including the expertise of its trading team, policies and procedures in executing securities transactions and allocating trades and analytics or other data in assessing the commissions paid. As reflected in further detail below, the Board reviewed each

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**MARCH 31, 2025** *(Unaudited)*

Fund's performance over various time periods. In its review, the Board appreciated the time and effort the Advisor had devoted in evaluating and, if appropriate, modifying its investment teams and investment process in seeking to determine areas or techniques in which its investment process may be further refined and/or enhanced, particularly with respect to Funds that had experienced periods of challenged performance.

In assessing the Advisor's ability to continue to provide services, the Board also considered the Advisor's succession planning efforts for the key portfolio manager(s) to the Funds as well as for firm management of the Advisor, the Advisor's business continuity policies and procedures, and the Advisor's financial stability and certain financial data as described in further detail below.

Beyond the portfolio management services provided, the Board considered the extensive administrative or nonadvisory services the Advisor provided to manage and operate the Funds (in addition to those provided by other third parties). In this regard, the Trustees considered the Advisor's role in managing the Funds' affairs and coordinating the services provided to the Funds by other service providers (including the Funds' transfer agent, administrator, auditor, custodian, distributor and on behalf of the U.S. Treasury Fund, the Sub-Advisor), periodically evaluating these services and reporting its findings to the Board and assisting with the review and negotiation of the fees of these service providers. The Board considered a description of the types of services the Advisor provided to the Funds compared to the services required of various other types of clients, such as separately managed accounts, model delivery programs, collective investment trusts, and limited partnership(s), as well as compared to the services required when serving in the role of a sub-adviser to other funds. The Board observed the significant operational support and administrative services the Advisor provided to the Funds to maintain their operations and considered that many of these services are unique to the Funds and/or more extensive for the Funds than the services required of other types of clients. The Board considered the various administrative and non-investment type services the Advisor provided which included, among other things, providing operational expertise such as with portfolio accounting, pricing, and foreign regulatory filings; preparing and/or assisting with preparing and filing regulatory and tax reports; overseeing the preparation of shareholder reports or other communications; overseeing third-party service providers, including the Sub-Advisor; assisting with tax matters; valuing portfolio securities and providing daily pricing; monitoring daily purchases and redemptions; providing Board and committee support services and providing compliance services. With respect to the latter, the Board considered that the Funds operate within a complex regulatory regime and considered the extensive compliance and

regulatory services that the Advisor must provide to operate the Funds, including monitoring for compliance with applicable regulatory requirements; developing, maintaining and updating compliance policies and procedures; periodically testing compliance policies and procedures and regularly reporting to the Board the Funds' compliance with these policies and procedures. The Board further observed that the scope of these compliance services had expanded over the years given new and/or modified regulatory requirements that had been adopted for registered investment companies. The Board considered the additional costs, work and resources that the Advisor must provide to meet these expanded regulatory requirements and had done so at the same advisory fee rate for the respective Fund.

In addition to the services provided by the Advisor, the Independent Trustees also considered the risks borne by the Advisor in sponsoring and managing the Funds, including various material entrepreneurial, operational, reputational, regulatory and litigation risks.

With respect to the U.S. Treasury Fund, the Board considered that the Fund utilizes a Sub Advisor, and therefore the Board also evaluated the renewal of the Sub-Advisory Agreement. With respect to such Fund, the Board considered the division of responsibilities between the Advisor and Sub-Advisor and the respective roles of the Advisor and Sub-Advisor in providing services to the Fund. The Board considered that the Sub-Advisor and its investment personnel are primarily responsible for the portfolio management of the U.S. Treasury Fund, and the Advisor oversees and evaluates the Sub-Advisor's portfolio management services in additional to the other services provided. In connection with their review of the services of the Sub-Advisor, the Independent Trustees considered, among other things, the Sub-Advisor's investment philosophy, the background and experience of the applicable investment personnel, the organizational structure of the Sub-Advisor, certain financial data of the Sub-Advisor, the compensation structure for its personnel, the trading policies of the Sub-Advisor, a summary of its compliance program, and a description of its disaster recovery plan and cybersecurity measures. As described in further detail below, the Board considered the performance history of the U.S. Treasury Fund over various periods and considered that the Sub-Advisor periodically has made presentations to the Board regarding its investment approach, market conditions and economic outlook. The Board considered the Advisor's favorable assessment of the Sub-Advisor and its recommendation for renewal of the Sub Advisory Agreement.

Based on their review, the Independent Trustees found that, overall, the nature, extent and quality of services provided under the Investment Management Agreement and the Sub Advisory Agreement were satisfactory on behalf of each applicable Fund.

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<u>Wasatch Funds</u>    

Supplemental Information (continued)

B. The Investment Performance of the Funds

In evaluating the quality of the services provided by the Advisor and Sub-Advisor, the Board considered each Fund's investment performance. The Board considered that each Fund's performance is monitored during the year, including at each Board's quarterly meeting. The Board further met with portfolio manager(s) during the year, in part to discuss Fund performance, factors impacting such performance and any steps to address any performance concerns. The Board considered that performance results vary significantly depending on the performance period being measured. To provide a more comprehensive view of performance from differing perspectives and time periods, the Board received and considered a variety of Fund investment performance data. Among the materials, the Board received a report (the "Broadridge Report") prepared by Broadridge which generally provided a Fund's performance data for the one-, two-, three-, five-, and ten year periods ended August 31, 2024 (or for the periods available for Funds that did not exist for part of the foregoing time frame) on an absolute basis and as compared to the performance of comparable funds (a "Broadridge Peer Universe"), to a more focused subset of peers (a "Broadridge Peer Group") and to an index provided by Broadridge for the prescribed periods, subject to certain exceptions. The Board was provided with a description of the methodology Broadridge used to create the Broadridge Peer Group and Broadridge Peer Universe. Although the performance data included in the Broadridge Report was based on the performance of the investor class shares of the Funds, the Board considered that the Funds (other than the U.S. Treasury Fund) offer two classes. The performance of another class of a Fund, however, should be substantially similar on a relative basis because the classes are invested in the same portfolio of securities, and differences in performance between the classes could be principally attributed to the variation in the expenses and the expense limitations of each class.

In addition to the performance data provided by Broadridge, the Board received and considered materials reflecting, among other things, the respective Fund's historic performance for the quarter and one-, three-, five-, and ten year periods ended September 30, 2024 (or for the periods available for Funds or classes thereof that did not exist for part of the foregoing time frame) in absolute terms and as compared to the Fund's benchmark(s); the Fund's calendar-year returns for each class in absolute terms and as compared to the Fund's benchmark(s) for specified periods; and the performance of the investor class of certain Funds (i.e., the Core Growth Fund, the Emerging Markets Select Fund, the Emerging Markets Small Cap Fund, the Frontier Emerging Small Countries Fund, the Global Opportunities Fund, the International Growth Fund, the International Opportunities Fund, the

Micro Cap Fund, the Micro Cap Value Fund, the Small Cap Growth Fund, the Small Cap Value Fund and the Ultra Growth Fund) compared to the performance of certain composites of funds and/or separate accounts managed by the Advisor for various periods ended September 30, 2024 and with respect to the U.S. Treasury Fund, certain total return performance of the U.S. Treasury Fund compared to, among other things, certain accounts managed by the Sub-Advisor for the trailing 12-month period ended September 30, 2024 and an annualized five-year period. Regardless of the performance period reviewed by the Board, the Independent Trustees considered that shareholders may measure their Fund's performance results based on the shareholder's own particular holding periods which may differ significantly from the periods reviewed by the Board and therefore reflect significantly different investment results.

In evaluating performance, the Board acknowledged some of the limitations of the comparative performance data which may impact the weight given to particular performance data and/or limit the value of such performance data. The Board considered that differing objectives, investment strategies and guidelines followed by the respective benchmark(s), peers and/or other client accounts compared to those of the respective Fund would necessarily result in variations in performance results. The Board considered that the Funds are actively managed, and the Funds do not track a particular benchmark. Further, differences in the selection and composition of the peer group and benchmark over time also may contribute to variations in the comparative performance data. In particular, Independent Trustees have considered that the respective Broadridge Peer Group for the Micro Cap Fund and Micro Cap Value Fund (collectively, the "Micro Cap Funds") generally focused on companies with a larger market capitalization than those sought by the Micro Cap Funds and as a result, the Independent Trustees also reviewed each Micro Cap Fund's performance compared to a supplemental no load peer group provided by the Advisor for the one-, three-, five- and ten year periods ended September 30, 2024.

In addition, the Board in its review, as a general matter, placed greater weight on investment results over longer term periods considering the Advisor seeks to manage the Funds from a long-term perspective and longer periods of performance may better reflect a full market cycle. The Board further considered that market and economic conditions may significantly impact a Fund's performance, particularly over shorter periods, and, therefore, a Fund's performance over a specified period of time may be more indicative of the market conditions during such period rather than management's skills. In addition, the Board considered that a single period of significant outperformance or underperformance may impact the longer term

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**MARCH 31, 2025** *(Unaudited)*

performance measurements. The Board also considered the type of market in which the Fund was operating, such as a market that was rewarding earnings growth. Accordingly, the Board considered performance in light of various factors that may impact performance, such as, among other things, overall financial market conditions, issuer-specific information, asset class information and cash flows. The Board considered that depending on the facts and circumstances, including differences between the strategies of the respective Fund and its peers and/or benchmark(s), the Board may be satisfied with a Fund's performance even if its performance may be below the performance of a benchmark or peer group for certain periods. In their review from year-to-year, the Independent Trustees may consider and place different emphasis on the relevant information in light of changing circumstances in market and economic conditions.

Based on its review and in the context of its full deliberations, the Board determined the following:

Core Growth Fund

With respect to the Core Growth Fund, the Fund's investor class outperformed the performance of the median of the Broadridge Peer Group for the one-, two-, three-, five- and ten year periods ended August 31, 2024. In addition, the average annual total returns of the Fund's investor class and institutional class outperformed the Russell 2000<sup>®</sup> Growth Index and the Russell 2000<sup>®</sup> Index for the one-, three-, five- and ten year periods ended September 30, 2024. The Board further considered the calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on the calendar-year returns during this time frame, the Board considered that except for the 2022 calendar year, each class of the Fund outperformed the performance of the Russell 2000<sup>®</sup> Growth Index and Russell 2000<sup>®</sup> Index for the 2017, 2018, 2019, 2020, 2021 and 2023 calendar years. Performance for the institutional class prior to January 31, 2012 was based on the performance of the investor class. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Emerging India Fund

With respect to the Emerging India Fund, although the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the one-, two- and three-year periods ended August 31, 2024, the Fund's investor class matched the performance of the median of the Broadridge Peer Group for the five year period ended August 31, 2024 and outperformed the performance of median of the Broadridge Peer Group for the ten-year period ended August 31, 2024. In addition, although the average annual total returns of the Fund's

investor class and institutional class were below the performance of the MSCI India IMI Index for the one-, three-, and five-year periods ended September 30, 2024, each class outperformed such index for the ten year period ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmark. Based on the calendar-year returns during this time frame, the Board considered that except for the 2022 and 2023 calendar years, each class of the Fund outperformed the MSCI India IMI Index for the 2017, 2018, 2019, 2020 and 2021 calendar years. Performance for the institutional class prior to February 1, 2016 was based on the performance of the investor class. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Emerging Markets Select Fund

With respect to the Emerging Markets Select Fund, although the performance of the Fund's investor class was below the performance of the median of its Broadridge Peer Group for the two- and three-year periods ended August 31, 2024, the Independent Trustees considered that the Fund's investor class outperformed the performance of the median of the Broadridge Peer Group for the one-, five- and ten year periods ended August 31, 2024. Similarly, although the average annual total returns of the Fund's investor class and institutional class were below the performance of the MSCI Emerging Markets Index for the one- and three-year periods ended September 30, 2024, the average annual total returns of the Fund's investor class and institutional class outperformed such index for the five- and ten-year periods ended September 30, 2024. The average annual returns of the Fund's investor class and institutional class also were below the performance of the MSCI Emerging Markets Mid Cap Growth Index for the three-year period ended September 30, 2024, but both classes outperformed such index for the one-, five- and ten-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on the calendar-year returns during this time frame, the Board considered that except for the 2017 and 2022 calendar years, each class of the Fund outperformed the MSCI Emerging Markets Index and MSCI Emerging Markets Mid Cap Growth Index for the 2018, 2019, 2020, 2021 and 2023 calendar years. For the 2017 calendar year, each class outperformed the MSCI Emerging Markets Index but underperformed the MSCI Emerging Markets Mid Cap Growth Index and for the 2022 calendar year, the performance of each class of the Fund was below the performance of the MSCI Emerging Markets Index and

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<u>Wasatch Funds</u>    

Supplemental Information (continued)

the MSCI Emerging Markets Mid Cap Growth Index. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Emerging Markets Small Cap Fund

With respect to the Emerging Markets Small Cap Fund, although the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the two- and three-year periods ended August 31, 2024, the Independent Trustees considered that the Fund's investor class outperformed the performance of the median of the Broadridge Peer Group for the one-, five- and ten-year periods ended August 31, 2024. In addition, the average annual total returns of the Fund's investor class and institutional class were below the performance of the MSCI Emerging Markets Small Cap Index for the one-, three-, five- and ten-year periods ended September 30, 2024. Although the average annual total returns of the Fund's institutional class and investor class were below the performance of MSCI Emerging Markets Index for the one- and three-year periods ended September 30, 2024, both classes outperformed such index for the five- and ten-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on the calendar-year returns during this time frame, the Board considered that except for the 2018, 2022 and 2023 calendar years, each class outperformed the MSCI Emerging Markets Small Cap Index and MSCI Emerging Markets Index for the 2017, 2019, 2020 and 2021 calendar years. For calendar years 2018 and 2022, both classes' performance was below the performance of the MSCI Emerging Markets Small Cap Index and MSCI Emerging Markets Index and for calendar year 2023, the performance of both classes was below the performance of the MSCI Emerging Markets Small Cap Index but outperformed the MSCI Emerging Markets Index. Performance for the institutional class prior to February 1, 2016 was based on the performance of the investor class. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Frontier Emerging Small Countries Fund

With respect to the Frontier Emerging Small Countries Fund, the Independent Trustees considered that although the performance of the Fund's investor class was below the performance of the median of its Broadridge Peer Universe for the three-year period ended August 31, 2024, the Fund's investor class outperformed the performance of the median

of its Broadridge Peer Universe for the one-, two- and ten-year periods ended August 31, 2024 and matched the performance of the median of the Broadridge Peer Universe for the five-year period ended August 31, 2024. The Board observed that a Broadridge Peer Group was not available due to the limited number of frontier-markets funds. In addition, the Board considered that although the average annual total return of each class of the Fund was below the performance of the MSCI Frontier Emerging Markets Index and MSCI Frontier Markets Index for the three-year period ended September 30, 2024, both classes outperformed such indexes for the one-, five- and ten-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on the calendar-year returns during this time frame, the Board considered that except for the 2017, 2018 and 2022 calendar years, each class of the Fund outperformed the MSCI Frontier Emerging Markets Index for the 2019, 2020, 2021 and 2023 calendar years. Further, although the performance of each class was below the performance of the MSCI Frontier Markets Index for the 2017, 2018, 2021 and 2022 calendar years, each class outperformed such index for the 2019, 2020 and 2023 calendar years. Performance for the institutional class prior to February 1, 2016 was based on the performance of the investor class. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Global Opportunities Fund

With respect to the Global Opportunities Fund, although the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the two-, three- and five-year periods ended August 31, 2024, the Fund's investor class outperformed the performance of the median of the Broadridge Peer Group for the one- and ten-year periods ended August 31, 2024. In addition, although the average annual total returns of the Fund's investor class and institutional class were below the performance of the MSCI AC World Small Cap Index for the three-year period ended September 30, 2024, each class outperformed such index for the one-, five-, and ten year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmark. Based on the calendar-year returns during this time frame, the Board considered that except for the 2022 calendar year, each class of the Fund outperformed the MSCI AC World Small Cap Index for the 2017, 2018, 2019, 2020, 2021 and 2023 calendar years. Performance for the institutional class prior to February 1, 2016

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**MARCH 31, 2025** *(Unaudited)*

was based on the performance of the investor class. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Global Select Fund

With respect to the Global Select Fund, the Independent Trustees considered that the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the one-, two- and three-year periods ended August 31, 2024. Similarly, the average annual total returns of the Fund's investor class and institutional class were below the performance of the Fund's benchmarks, the MSCI AC World Index and MSCI AC World Mid Cap Growth Index for the one-, three- and five-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2020 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on the calendar-year returns during this time frame, the Board considered that although the performance of each class was below the performance of the MSCI AC World Index and MSCI AC World Mid Cap Growth Index for the 2021 and 2022 calendar years, each class outperformed such indexes for the 2020 and 2023 calendar years. The Board considered that the Fund was still relatively new with only a limited performance time period available. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Global Value Fund

With respect to the Global Value Fund (formerly, the Large Cap Value Fund), the Independent Trustees considered that although the performance of the Fund's investor class was below the performance of the median of its Broadridge Peer Universe for the one- and two-year periods ended August 31, 2024, the Fund's investor class outperformed the performance of the median of the Broadridge Peer Universe for the three-, five-, and ten-year periods ended August 31, 2024. The Board observed that a Broadridge Peer Group was not available due to the limited number of global large-cap value funds available. In addition, the Board considered that although the average annual total returns of the Fund's investor class and institutional class were below the performance of the MSCI AC World Value Index for the one-year period ended September 30, 2024, each class outperformed such index for the three-, five-, and ten-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmark. Based on the calendar-year returns

during this time frame, the Board considered that except for the 2017, 2019 and 2023 calendar years, each class of the Fund outperformed the MSCI AC World Value Index for the 2018, 2020, 2021 and 2022 calendar years. Performance for the institutional class prior to January 31, 2012 was based on the performance of the investor class. In reviewing the performance data for the Fund, the Independent Trustees considered that the Board previously had approved a change in the principal investment strategies of the Fund to permit the Fund greater ability to invest in foreign securities, becoming a global value fund effective October 31, 2017. Accordingly, the Fund's past performance prior to such effective date would not reflect the foregoing change. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

International Growth Fund

With respect to the International Growth Fund, the Independent Trustees considered that although the performance of the Fund's investor class was below the median of the Broadridge Peer Group for the two-, three-, five-, and ten-year periods ended August 31, 2024, the Fund's investor class matched the median of the Broadridge Peer Group for the one-year period ended August 31, 2024. Similarly, the average annual total returns of the Fund's investor class and institutional class were below the performance of its benchmarks, the MSCI AC World EX U.S.A. Small Cap Index and MSCI World EX U.S.A. Small Cap Index, for the one-, three-, five-, and ten-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on calendar-year returns during this time frame, other than the 2021, 2022 and 2023 calendar years, the performance of each class outperformed its benchmarks, the MSCI AC World EX U.S.A. Small Cap Index and MSCI World EX U.S.A. Small Cap Index, for the 2017, 2018, 2019, and 2020 calendar years. Performance for the institutional class prior to February 1, 2016 was based on the performance of the investor class. On the basis of the Board's ongoing review of investment performance, the Board considered that the Fund had experienced periods of challenged performance, was satisfied with the Advisor's explanation of overall performance and approved the continuation of the Advisory Agreement and would continue to monitor the performance of the Fund.

International Opportunities Fund

With respect to the International Opportunities Fund, the Independent Trustees considered that the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the two-, three-,

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five- and ten-year periods ended August 31, 2024 but outperformed the performance of the median of the Broadridge Peer Group for the one-year period ended August 31, 2024. Similarly, the Independent Trustees considered that the average annual total returns of the Fund's investor class and institutional class for the one-, three-, five- and ten-year periods ended September 30, 2024 were below the performance of its benchmarks, the MSCI AC World EX U.S.A. Small Cap Index and MSCI World Ex-U.S.A. Small Cap Index. Performance for the institutional class prior to February 1, 2016 was based on the performance of the investor class. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on calendar-year returns during this time frame, the Board considered that except for the 2017, 2021, 2022 and 2023 calendar years, each class outperformed the MSCI AC World Ex-U.S.A. Small Cap Index and MSCI World Ex-U.S.A. Small Cap Index for the 2018, 2019, and 2020 calendar years. On the basis of the Board's ongoing review of investment performance, the Board recognized that the Fund had experienced periods of challenged performance, was satisfied with the Advisor's explanation of overall performance and approved the continuation of the Advisory Agreement and would continue to monitor the performance of the Fund.

International Select Fund

With respect to the International Select Fund, the Independent Trustees considered that the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the one-, two- and three-year periods ended August 31, 2024. Similarly, the average annual total returns of the Fund's investor class and institutional class were below the performance of its benchmarks, the MSCI EAFE Index and MSCI EAFE Mid Cap Growth Index for the one-, three- and five-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2020 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on calendar-year returns during this time frame, the Board considered that although the performance of each Fund class was below the performance of the MSCI EAFE Index and MSCI EAFE Mid Cap Growth Index for 2021 and 2022, each class outperformed the performance of such indexes for the 2020 and 2023 calendar years. On the basis of the Board's ongoing review of investment performance, the Board recognized that the Fund had experienced periods of challenged performance, was satisfied with the Advisor's explanation of overall performance and approved the continuation of the Advisory Agreement and would continue to monitor the performance of the Fund.

Long/Short Alpha Fund

The Independent Trustees considered that the Fund's investor class outperformed the median of its Broadridge Peer Group for the one- and two-year periods ended August 31, 2024. The Fund's investor class and institutional class also outperformed the performance of Russell 2500<sup>®</sup> Index and the FTSE U.S. 3-Month Treasury Bill Index for the one- and three-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year return for both classes for 2022 and 2023 in absolute terms and as compared to the Fund's benchmarks. The Board considered that each class of the Fund outperformed the Russell 2500<sup>®</sup> Index for the 2022 and 2023 calendar years and the performance of each class was below the performance of the FTSE U.S. 3-Month Treasury Bill Index for the 2022 calendar year but outperformed such index for the 2023 calendar year. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Micro Cap Fund

With respect to the Micro Cap Fund, the Independent Trustees considered that although the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the two-, three- and five-year periods ended August 31, 2024, the Fund's investor class outperformed the median of the Broadridge Peer Group for the one- and ten-year periods ended August 31, 2024. In addition, the average annual total returns of the Fund's investor class and institutional class were above the performance of the Russell Microcap<sup>®</sup> Growth Index for the one-, three-, five- and ten-year periods ended September 30, 2024. Although the average annual returns of the Fund's investor class and institutional class were below the performance of the Russell Microcap<sup>®</sup> Index for the three-year period ended September 30, 2024, the average annual total returns for both classes were above the performance of the Russell Microcap<sup>®</sup> Index for the one-, five- and ten-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on calendar-year returns during this time frame, the Board considered that except for 2022 calendar year, each class of the Fund outperformed the Russell Microcap<sup>®</sup> Growth Index for the 2017, 2018, 2019, 2020, 2021 and 2023 calendar years. In addition, except for the 2021 and 2022 calendar years, each class outperformed the Russell Microcap Index for the 2017, 2018, 2019, 2020 and 2023 calendar years. Performance for the institutional class prior to January 31, 2020 was based on the performance of the investor class. In addition to the Broadridge comparative data, the Independent Trustees also reviewed the Fund's performance compared to

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**MARCH 31, 2025** *(Unaudited)*

a custom peer group provided by the Advisor for the one-, three-, five- and ten year periods ended September 30, 2024. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Micro Cap Value Fund

With respect to the Micro Cap Value Fund, the Independent Trustees considered that although the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the two- and three-year periods ended August 31, 2024, the Fund's investor class outperformed the median of the Broadridge Peer Group for the one-, five- and ten-year periods ended August 31, 2024. In addition, the Fund's investor class and institutional class outperformed its benchmark, the Russell Microcap<sup>®</sup> Index, for the one-, three-, five- and ten-year periods ended September 30, 2024. Performance for the institutional class prior to January 31, 2020 was based on the performance of the investor class. In addition to the Broadridge comparative data, the Independent Trustees also reviewed the Fund's performance compared to a custom peer group provided by the Advisor for the one-, three-, five- and ten-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmark. Based on calendar-year returns during this time frame, the Board considered that except for the 2022 calendar year, each class outperformed the Russell Microcap<sup>®</sup> Index for the 2017, 2018, 2019, 2020, 2021 and 2023 calendar years. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Small Cap Growth Fund

With respect to the Small Cap Growth Fund, the Independent Trustees considered that the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the one-, two-, three-, five- and ten-year periods ended August 31, 2024. In addition, although the average annual total returns of the Fund's investor class and institutional class were below the performance of its benchmarks, the Russell 2000<sup>®</sup> Growth Index and the Russell 2000<sup>®</sup> Index, for the one-, three- and five-year periods ended September 30, 2024, each class outperformed such indexes for the ten-year period ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on calendar-year returns during this time frame, the Board considered that except for the 2017 and 2022 calendar years, each class of the Fund out-

performed the Russell 2000<sup>®</sup> Growth Index for the 2018, 2019, 2020, 2021 and 2023 calendar years. In addition, except for the 2021 and 2022 calendar years, each class outperformed the performance of the Russell 2000 Index for the 2017, 2018, 2019, 2020 and 2023 calendar years. Performance for the institutional class prior to February 1, 2016 was based on the performance of the investor class. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Small Cap Value Fund

With respect to the Small Cap Value Fund, the Independent Trustees considered that the Fund's investor class outperformed and/or matched the performance of the median of the Broadridge Peer Group for the one-, two-, three-, five- and ten year periods ended August 31, 2024. In addition, the Fund's investor class shares and institutional class shares outperformed the Russell 2000<sup>®</sup> Value Index and the Russell 2000<sup>®</sup> Index for the one-, three-, five- and ten-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmarks. Based on calendar-year returns during this time frame, the Board considered that except for the 2021 and 2022 calendar years, each class of the Fund outperformed the Russell 2000<sup>®</sup> Value Index for the 2017, 2018, 2019, 2020 and 2023 calendar years. In addition, except for the 2019, 2020 and 2022 calendar years, each class of the Fund outperformed the Russell 2000<sup>®</sup> Index for the 2017, 2018, 2021 and 2023 calendar years. Performance for the institutional class prior to January 31, 2012 is based on the performance of the investor class. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

Ultra Growth Fund

With respect to the Ultra Growth Fund, the Independent Trustees considered that although the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the two- and three-year periods ended August 31, 2024, the Fund's investor class outperformed the performance of the median of the Broadridge Peer Group for the one-, five- and ten-year periods ended August 31, 2024. In addition, except for the three-year period ended September 30, 2024, the Fund's investor class and institutional class outperformed the Russell 2000<sup>®</sup> Growth Index for the one-, five- and ten-year periods ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmark. Based on

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<u>Wasatch Funds</u>    

Supplemental Information (continued)

calendar-year returns during this time frame, the Board considered that except for the 2022 calendar year, each class outperformed the Russell 2000<sup>®</sup> Growth Index for the 2017, 2018, 2019, 2020, 2021 and 2023 calendar years. Performance for the institutional class prior to January 31, 2020 was based on the performance of the investor class. On the basis of the Board's ongoing review of investment performance, the Board determined that the Fund's overall performance has been satisfactory to support renewal of the Advisory Agreement.

U.S. Select Fund

With respect to the U.S. Select Fund, the Independent Trustees considered that the performance of the investor class of the Fund matched or outperformed the median of the Broadridge Peer Group for the one- and two-year periods ended August 31, 2024. In addition, the Board considered that the performance of the investor class and institutional class of the Fund was below the performance of the Russell 3000<sup>®</sup> Growth Index and the Russell Midcap<sup>®</sup> Growth Index for the one-year period ended September 30, 2024. In addition, for the 2023 calendar year, the performance of each class was below the performance of the Russell 3000<sup>®</sup> Growth Index but outperformed the Russell Midcap<sup>®</sup> Growth Index for the one-year period ended December 31, 2023. In its review, the Board recognized that the Fund was relatively new with only a limited performance history available.

U.S. Treasury Fund

With respect to the U.S. Treasury Fund, the Independent Trustees considered that the performance of the Fund's investor class was below the performance of the median of the Broadridge Peer Group for the one-, two-, three-, five- and ten-year periods ended August 31, 2024. Similarly, although the average annual total returns of the Fund's investor class were below the performance of the Bloomberg US Aggregate Bond Index for the three-, five- and ten-year periods ended September 30, 2024, the Fund's investor class outperformed the Bloomberg US Aggregate Bond Index for the one-year period ended September 30, 2024. The Board further considered the Fund's calendar-year returns for both classes from 2017 through 2023 in absolute terms and as compared to the Fund's benchmark. Based on calendar-year returns during this time frame, the Board considered that except for the 2018, 2021, 2022 and 2023 calendar years, the investor class outperformed the Bloomberg US Aggregate Bond Index for 2017, 2019 and 2020 calendar years. On the basis of the Board's ongoing review of investment performance, the Board recognized that the Fund experienced periods of challenged performance but observed that the Sub-Advisor was remaining consistent with its investment philosophy and strategies and was therefore

satisfied with its overall performance to support renewal of the Advisory Agreements.

C. Fees, Expenses and Profitability

1. Fees and Expenses

As part of its annual review, the Board considered the advisory fee rate payable by each Fund under the Advisory Agreement for the services provided. In its review, the Board received and considered a variety of advisory fee and expense data. The Board, among other things, considered the contractual management fee rate, the actual management fee rate (i.e., the management fee after taking into account expense reimbursements and/or fee waivers, if any), the fee waiver and/or expense reimbursement arrangements that are currently in place for each class of a Fund and the total net expense ratio of each class of each Fund (after any fee waivers and/or expense reimbursements and expressed as a percentage of average net assets) in recognition that the expense ratio is more reflective of the shareholders' costs in investing in the respective Fund. The Board considered the gross management fees each Fund paid and the fees the Advisor waived or expenses reimbursed for the 2022, 2023 and 2024 years (which included certain estimates for the last quarter of 2024). The Board further considered a Fund's net management fee and total net expense ratio in light of its performance history.

The Board also received and considered comparative fee data, including data provided by Broadridge comparing, among other things, the contractual management fee rate, net adviser fee rate and total net expense ratio of each class of the respective Fund, each as set forth in the Broadridge Report, in relation to those of a comparable peer group of funds (the "Broadridge Expense Group") as well as certain actual management fee and actual total expense ratio data (net of fee waivers and expense reimbursements) of the investor class of the respective Fund compared to the median actual management fee rate and actual total expense ratio of a broader group of funds (the "Broadridge Expense Universe"), each established by Broadridge. In reviewing the comparative data provided by Broadridge, the Board considered information regarding the independent methodology followed to assemble the Broadridge Expense Universe and Broadridge Expense Group. The Board further considered that differences between the applicable Fund and the strategies, size and other attributes of the peers may limit the value of the comparative data, particularly with respect to the Micro Cap Fund and Micro Cap Value Fund given the larger average market capitalizations of the peers. Given these limitations, the Independent Trustees also reviewed comparisons of the Micro Cap Fund's and Micro Cap Value Fund's management fee rate and total net expense ratio with those of funds in a custom peer group provided by the Advisor.

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**MARCH 31, 2025** *(Unaudited)*

Aside from the comparative data provided by Broadridge, the Independent Trustees also considered comparative data between the fee rates charged by the Advisor and Sub Advisor to the applicable Funds compared to certain fee data assessed other types of clients with similar strategies (if any) and reviewed the differences in services provided to these different types of clients, as described in further detail below.

In evaluating the management fee rates, the Board considered the Advisor's approach in proposing a management fee rate for a Fund and the factors considered in establishing a proposed rate including, among other elements, the value of the service to shareholders (e.g., the expertise of the Advisor with respect to the proposed strategy and the potential to deliver alpha), the competitive marketplace (e.g., the uniqueness of the Fund and the fees of competitor funds) and the economics to the Advisor (e.g., the costs of operating the Fund and whether potential revenues will be limited by capacity constraints of the Fund). In addition to this framework, the Board also considered that the Advisor has at times closed certain capacity-constrained Funds (generally those investing in small and micro-cap companies) to maintain the applicable Fund's assets at a level the Advisor considered necessary to maintain the integrity of such Fund's investment strategy. The Board considered that such practice is beneficial to shareholders but limited the potential revenues to the Advisor and should be considered in assessing fee levels. The Board also considered the costs and resources necessary to effectively manage the Funds, particularly given the Advisor's research-intensive investment approach and its application to investment strategies that pursue small- or micro-cap companies and/or foreign companies as well as the significant costs and time of seeking to meet management teams of potential or existing portfolio companies located domestically or internationally. As described in further detail below, the Board reviewed, among other things, the Advisor's revenues and operating expenses per Fund for the 2021, 2022 and 2023 calendar years (or for such shorter periods for Funds that did not exist for part of the foregoing time frame).

In considering the fees of the Sub-Advisor for the U.S. Treasury Fund, the Independent Trustees considered the fee rate paid to the Sub-Advisor with respect to such Fund in absolute terms and as compared to the Sub-Advisor's pricing schedule for portfolio management services for other clients. The Independent Trustees also considered that the Advisor, not the Fund, pays the Sub-Advisor from the Advisor's own revenues. Further, the Independent Trustees considered that the Advisor and Sub-Advisor are not affiliates and the sub-advisory fee was established through arm's length negotiations between the Advisor and the Sub-Advisor.

In its evaluation of the advisory and sub-advisory fees of the Funds, the Board observed, among other things, the following:

Core Growth Fund

With respect to the Core Growth Fund, the Independent Trustees considered that the contractual management fee rate for the institutional and investor class shares was above the median of the respective Broadridge Expense Group, the total net expense ratio of the investor class shares was slightly above (within 5 basis points) the median of the Broadridge Expense Group, and the total net expense ratio of the institutional class shares was lower than the median of the Broadridge Expense Group. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the Fund's potential to deliver alpha given inefficiencies in the market segment, the Advisor's investment approach, the expertise of the Advisor in the small-cap asset class, the Fund's capacity constraints and related limited revenue potential for the Advisor, the willingness of the Advisor to soft close its small cap funds from time to time, the competitive marketplace and the additional expenses in operating the Fund due, in part, to the expenses associated with performing the due diligence necessary to screen and invest in companies in the small-cap asset class pursuant to the Advisor's research-intensive investment process. Based on its review, the Board determined that the level of the advisory fee for the Core Growth Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Emerging India Fund

With respect to the Emerging India Fund, the Independent Trustees considered that the Fund's contractual management fee rate for the investor class and institutional class shares was above the median of the Broadridge Expense Group, and the total net expense ratio of the investor class shares was above the median of the Broadridge Expense Group, but the total net expense ratio of the institutional class shares was below the median of the Broadridge Expense Group. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the uniqueness of the Fund in the marketplace, the expertise of the Advisor in the small-cap asset class, the capacity constraints of the Fund and related limits on revenue potential, and the additional expenses in operating the Fund due, in part, to the additional resources necessary to navigate the complex regulatory and compliance requirements associated with investing in companies in India. Based on its review, the Board determined that the level of the advisory fee for the Emerging India Fund was acceptable

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Supplemental Information (continued)

in light of its overall considerations, including the nature, extent and quality of services provided.

Emerging Markets Select Fund

With respect to the Emerging Markets Select Fund, the Independent Trustees considered that the Fund's contractual management fee rate for the investor class shares and the institutional class shares was slightly above (within 5 basis points) the median of the Broadridge Expense Group. In addition, the total net expense ratio of the investor class shares was slightly above (within 5 basis points) the median for the Broadridge Expense Group, but the total net expense ratio of the institutional class shares was below the median of the Broadridge Expense Group. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level including, among other things, the uniqueness of the Fund and its focused strategy in the emerging markets segment, the higher capacity of the Fund compared to certain other Wasatch funds, and the additional expenses in operating the Fund due, in part, to expenses associated with the additional resources necessary to screen and invest in companies dispersed among the various emerging-market countries, navigate the applicable regulatory and compliance requirements and incur the higher trading and operating fees in these countries. Based on its review, the Board determined that the level of the advisory fee for the Emerging Markets Select Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Emerging Markets Small Cap Fund

With respect to the Emerging Markets Small Cap Fund, the Independent Trustees considered that the Fund's contractual management fee rate and the total net expense ratios for the investor class shares and institutional class shares were above the median of the Broadridge Expense Group. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the uniqueness of the Fund in the emerging markets segment, the potential to deliver alpha, certain differences between the Fund and its peer groups limiting some of the value of comparative data, the capacity constraints of the Fund and related limits on revenue potential, and the additional expenses in operating the Fund due, in part, to the expenses associated with the additional resources necessary to screen and invest in companies dispersed among the various emerging-market countries, navigate the applicable regulatory and compliance requirements and incur the higher trading and operating fees in these countries. Based on its review, the Board determined that the level of the advisory fee for the Emerging Markets Small Cap Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Frontier Emerging Small Countries Fund

With respect to the Frontier Emerging Small Countries Fund, the Independent Trustees considered that the Fund's contractual management fee rate and the total net expense ratios of the institutional and investor class shares were above the median of the Broadridge Expense Group. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the uniqueness of the Fund in the frontier emerging small countries market segment, the potential to deliver alpha, certain differences between the Fund and its respective peer groups limiting the value of the comparative data, the capacity constraints of the Fund and related limits on revenue potential and the additional expenses in operating the Fund due, in part, to the expenses associated with the additional resources necessary to screen and invest in companies dispersed among the various smaller emerging and frontier countries, navigate the applicable regulatory and compliance requirements and incur the higher trading and operating fees in these countries. Based on its review, the Board determined that the level of the advisory fee for the Frontier Emerging Small Countries Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Global Opportunities Fund

With respect to the Global Opportunities Fund, the Independent Trustees considered that although the Fund's contractual management fee rate was above the median of the Broadridge Expense Group for the investor class shares and the institutional class shares, the total net expense ratio of the investor class shares was approximately the same as the median of the Broadridge Expense Group and the total net expense ratio of the institutional class shares was below the median of the Broadridge Expense Group. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the uniqueness of the Fund in the marketplace, the potential to deliver alpha with the Fund's strategy and ability to invest across various countries and the capacity constraints of the Fund and related limits on revenue potential. Based on its review, the Board determined that the level of the advisory fee for the Global Opportunities Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Global Select Fund

With respect to the Global Select Fund, the Board considered that the Fund's contractual management fee rate was above the median of the Broadridge Expense Group for the investor class shares and institutional class shares, the total net expense ratio of the investor class shares was

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**MARCH 31, 2025** *(Unaudited)*

above the median of the Broadridge Expense Group, and the total net expense ratio of the institutional class shares was below the median of the Broadridge Expense Group. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the uniqueness of the Fund and its focused strategy in investing in companies around the globe, the competitive environment of its market category and the higher capacity of the Fund compared to certain other Wasatch funds. Based on its review, the Board determined that the level of the advisory fee for the Global Select Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Global Value Fund

With respect to the Global Value Fund, the Independent Trustees considered that the contractual management fee rate of the institutional class shares and investor class shares was approximately the same or the same as the median of the Broadridge Expense Group and the total net expense ratios of the investment class shares and institutional class shares were below the median of the Broadridge Expense Group for both share classes. In addition, the Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, that the Fund generally had no capacity constraints given its investment strategies and the competitive environment in its market category. Based on its review, the Board determined that the level of the advisory fee for the Global Value Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

International Growth Fund

With respect to the International Growth Fund, the Independent Trustees considered that the Fund's contractual management fee rate for the investor class shares and institutional class shares was above the median of the Broadridge Expense Group, the total net expense ratio for the investor class shares was above the median of the Broadridge Expense Group but the total net expense ratio for the investment class was below the median of the Broadridge Expense Group. The Independent Trustees, however, also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the potential to deliver alpha, the reduced competitiveness of the international small-cap growth market category compared to the domestic small-cap market, the capacity constraints and related limits on revenue potential and the additional expenses in operating the Fund due, in part, to the expenses associated with the additional resources necessary to screen and invest in companies across the world and the higher trading and operat-

ing fees in these countries. Based on its review, the Board determined that the level of the advisory fee for the International Growth Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

International Opportunities Fund

With respect to the International Opportunities Fund, the Independent Trustees considered that the Fund's contractual management fee rate and the total net expense ratios for the investor class shares and institutional class shares were above the median of the Broadridge Expense Group. The Independent Trustees, however, also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the potential to deliver alpha, the reduced efficiency of the international micro and small-cap market compared to the domestic market, the capacity constraints of the Fund and the related limits on the revenue potential and the additional expenses in operating the Fund due, in part, to the expenses associated with the additional research resources necessary to screen and invest small and microcap companies across the world and the higher trading and operating fees in these countries. Based on its review, the Board determined that the level of the advisory fee for the International Opportunities Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

International Select Fund

With respect to the International Select Fund, the Independent Trustees considered that the Fund's contractual management fee rate was approximately the same or the same as the median of the Broadridge Expense Group for the investor class shares and institutional class shares, and the total net expense ratio of the investor class shares was above the median of the Broadridge Expense Group, but the total net expense ratio of the institutional class shares was below the median of the Broadridge Expense Group. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level including, among other things, the uniqueness of the Fund's focused strategy and the additional capacity of the Fund compared to certain other Wasatch funds in the complex. Based on its review, the Board determined that the level of the advisory fee for the International Select Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Long Short Alpha Fund

With respect to the Long Short Alpha Fund, the Independent Trustees considered that although the Fund's total net expense ratios were above the median of the Broadridge Expense Group for the investor class shares and institutional

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<u>Wasatch Funds</u>    

Supplemental Information (continued)

class shares, the Fund's contractual management fee rate for the classes was slightly above (within 5 basis points) the median of the Broadridge Expense Group. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level including, among other things, the investment approach utilized by the Advisor, the uniqueness of the Fund, the varied types of peer funds included in the long/short investment category and the wide variation in fees of the peer funds. Based on its review, the Board determined that the level of the advisory fee for the Long Short Alpha Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Micro Cap Fund and Micro Cap Value Fund

With respect to the Micro Cap Fund and the Micro Cap Value Fund, the Independent Trustees considered that each Fund's contractual management fee rate and the total net expense ratios for the investor class shares and institutional class shares were above the median of the respective Broadridge Expense Group as well as the Funds' respective management fee and net expense ratio compared with those of funds in a custom peer group provided by the Advisor. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the uniqueness of the Funds, the potential to deliver alpha, the Advisor's expertise in the micro-cap asset category, the capacity constraints of the Funds and related limits on revenue potential and the additional expenses in operating the Funds due, in part, to the expenses associated with performing the due diligence necessary to screen and research companies in the micro-cap asset class pursuant to the Advisor's research-intensive investment process. Based on its review, the Board determined that the level of the advisory fee for each Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Small Cap Growth Fund

With respect to the Small Cap Growth Fund, the Independent Trustees considered that although the Fund's contractual management fee rate was above the median of the Broadridge Expense Group for the investor class shares and institutional class shares, the total net expense ratios of each share class were below the median of the Broadridge Expense Group. In addition, the Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the potential to deliver alpha, the expertise of the Advisor with regard to this strategy, the competitive market segment, the Fund's capacity constraints and related limited revenue potential, the willingness of the Advisor to soft close its small-cap funds from time to time, and the additional

expenses in operating the Fund due, in part, to the expenses associated with performing the due diligence necessary to screen and invest in companies in the small-cap asset class pursuant to the Advisor's research-intensive investment process. Based on its review, the Board determined that the level of the advisory fee for the Small Cap Growth Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Small Cap Value Fund

With respect to the Small Cap Value Fund, the Independent Trustees consider that the Fund's contractual management fee rate was above the median of its Broadridge Expense Group for the investor class shares and institutional class shares, the total net expense ratio of the investor class was above the median of the Broadridge Expense Group, and the total net expense ratio of the institutional class was below the median of the Broadridge Expense Group. The Independent Trustees also considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the uniqueness of the Fund's strategy, the potential to deliver alpha, the expertise of the Advisor in the small-cap asset class, the Fund's capacity constraints and related limited revenue potential, the willingness of the Advisor to soft close its small-cap funds from time to time, the competitive market segment and the additional expenses in operating the Fund due, in part, to the expenses associated with performing the due diligence necessary to screen and invest in the companies in the small-cap asset class pursuant to the Advisor's research-intensive investment process. Based on its review, the Board determined that the level of the advisory fee for the Small Cap Value Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

Ultra Growth Fund

With respect to the Ultra Growth Fund, the Independent Trustees considered that although the Fund's contractual management fee rate for its investor class shares and institutional class shares was above the median of the Broadridge Expense Group, the total net expense ratio of the investor class shares was slightly above (within 5 basis points) the median of the Broadridge Expense Group, and the total net expense ratio of the institutional class was below the median of the Broadridge Expense Group. In addition, the Independent Trustees considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the potential to deliver alpha through its investment approach, the competitive market segment, the Fund's capacity constraints and related limited revenue potential, the willingness of the Advisor to soft close its small-cap funds from time to time, and the additional expenses in operating the Fund due, in

------

**MARCH 31, 2025** *(Unaudited)*

part, to the additional expenses associated with performing the due diligence necessary to screen and invest in the companies in the small-cap asset class pursuant to the Advisor's research-intensive investment process. Based on its review, the Board determined that the level of the advisory fee for the Ultra Growth Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

U.S. Select Fund

With respect to the U.S. Select Fund, the Independent Trustees considered that the Fund's contractual management fee and the net total expense ratios of the investor class and institutional class shares were below the median of the Broadridge Expense Group. The Independent Trustees considered the Advisor's analysis of various factors that contributed to setting the fee level, including, among other things, the uniqueness of the Fund's focused strategy in the marketplace, the competitive market category of the Fund and the larger capacity of the Fund compared to certain other Wasatch Funds. Based on its review, the Board determined that the level of the advisory fee for the U.S. Select Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

U.S. Treasury Fund

With respect to the U.S. Treasury Fund, the Independent Trustees considered that the Fund's contractual management fee for the investor class shares was below the median of the Broadridge Expense Group and the net total expense ratio for such class matched the median of the Broadridge Expense Group. In addition, the Independent Trustees considered that the Fund did not have any capacity constraints. Based on its review, the Board determined that the level of the advisory fee for the U.S. Treasury Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

In addition to the advisory fee paid to the Advisor, the Board considered that the U.S. Treasury Fund is sub advised, and the Board separately considered the sub advisory fee rate paid to the Sub Advisor by the Advisor. The Board reviewed, among other things, the Sub-Advisor's fee rate for services to the Fund compared to the Sub Advisor's pricing schedule for portfolio management services to other clients. With respect to the U.S. Treasury Fund, the Independent Trustees considered that the sub advisory fee rate was in line with the Sub Advisor's fee schedule for its other clients in light of the asset size of the Fund. In addition, the Independent Trustees also considered that the Advisor pays the Sub Advisor from its own revenues, and that the Advisor and Sub-Advisor were not affiliated persons and therefore the sub advisory fee had been established through arm's length negotiations between the

Advisor and the Sub Advisor. Based on its review, the Board determined that the level of the sub-advisory fee for the U.S. Treasury Fund was acceptable in light of its overall considerations, including the nature, extent and quality of services provided.

2. Fees Charged to Other Advisor and Sub-Advisor Clients

In determining the appropriateness of the fees, the Board considered information regarding the differences in the scope and complexity of the services the Advisor provided to the Funds compared to services the Advisor provided to other types of clients. Such other clients for certain types of the Funds' strategies included: separately managed accounts, model delivery accounts, collective investment trusts, limited partnerships and certain domestic and foreign funds outside the Wasatch family of funds for which the Advisor serves as a sub adviser. In assessing the comparative fee data, the Board considered the more extensive services the Advisor provided to the Funds compared to those provided to other types of non-fund clients and/or as a sub-adviser to other fund clients as outlined above as well as the additional risks the Advisor assumes when serving as advisor to the Funds, such as reputational risks, operational risks and entrepreneurial risks and other factors, such as the size of the accounts. The Board considered that differences in the regulatory requirements as well as differences in the investment objectives and parameters between the Funds and other clients contributed to differences in the level of services and fee rates assessed among the clients. The Independent Trustees acknowledged the Advisor's representation that, as a general rule, the Advisor seeks to charge higher fees to clients that require a higher degree of service, and the Funds require the highest level of services.

The Board considered certain comparative fee data comparing a Fund's contractual management fee rate to certain fee data of one or more of the other types of clients managed in a similar style as the respective Fund. Such Funds with comparative fee data included the Core Growth Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, Global Value Fund, International Growth Fund, International Opportunities Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund and Ultra Growth Fund.

The Board determined that the varying levels of fees were justified given, among other things, the inherent differences in the products and level of services provided to the Funds versus other clients, the differing regulatory requirements and the entrepreneurial, reputational, operational and regulatory risks incurred in sponsoring and advising the Funds.

With respect to the Sub-Advisor of the U.S. Treasury Fund, the Independent Trustees, as noted above, had

------

<u>Wasatch Funds</u>    

Supplemental Information (continued)

reviewed the sub-advisory fee rate paid to the Sub-Advisor compared to the Sub-Advisor's pricing schedule for portfolio management services for other clients. The Independent Trustees considered that the fee rate paid to the Sub-Advisor for its services was in line with the Sub-Advisor's respective pricing schedule.

3. Profitability of the Fund Advisors

In conjunction with their review of fees, the Independent Trustees considered information reflecting the Advisor's financial condition and profitability. The Independent Trustees considered, among other things, the audited financial statements of the Advisor, a wholly-owned subsidiary of Wasatch Advisor Holdings, LP, for the years ended December 31, 2023 and 2022. The Independent Trustees also received and reviewed, among other things, the Advisor's revenues, expenses (pre-distribution expenses) and profit margin (pre- tax and pre- and post- distribution expenses paid by the Advisor out of its own resources) for the calendar year ended December 31, 2023. Further, the Independent Trustees considered that compensation expense is a primary expense of the Advisor and as a pass-through entity indirectly owned by the employees, the Advisor's level of profitability could be influenced, in part, by paying employees through compensation expense as opposed to dividends as shareholders. As a result, the Independent Trustees also reviewed the Advisor's profitability data for 2023 with certain adjustments to compensation expenses to assist in the comparability of the Advisor's profitability to that of certain industry peers. The Independent Trustees discussed the methodology employed to adjust compensation expense in preparing the comparative profitability data and the limitations of any methodology selected. The Independent Trustees received profitability data of certain industry peers of the Advisor, including, among other things, their revenues, expenses and profit margin (pre- tax and pre- and post-distribution expenses) compared to the profitability data of the Advisor on an actual and compensation expense adjusted basis. The Independent Trustees further considered the inherent limitations of the comparative data given that the calculation of profitability is rather subjective and that numerous factors (such as the structure of the particular adviser, the types of funds it manages, its business mix, its cost of capital, the methodology used to allocate expenses and other factors) can have a significant impact on the results. The Independent Trustees considered the treatment of compensation expenses in the Advisor's financial statements.

In addition to the comparative peer data, the Independent Trustees also considered that the Advisor's revenues and profitability may fluctuate significantly from year to year due to, among other things, fluctuations in assets under management. To provide additional historical context, the Independent Trustees received profitability data

for the Advisor attributable to the Funds in the aggregate and on a per-Fund basis for the 2021, 2022 and 2023 calendar years (or such shorter periods for Funds that were not in existence during such periods). The Independent Trustees also reviewed the fluctuations in the Advisor's revenues for each calendar year for the period from 2015 through 2023 and estimates for 2024.

In evaluating profitability data, the Independent Trustees considered the difficulty in calculating profitability at the individual Fund level given that differing but reasonable allocation methodologies could be employed and lead to significantly different results. At the November Executive Session, the Independent Trustees met with certain senior management of the Advisor to discuss, among other things, the compensation structure for the Advisor's investment professionals and treatment of such compensation arrangements for accounting purposes, the methodology to adjust compensation expenses as noted above and the methodology to allocate expenses among the Funds and other clients to determine profitability data.

In its review of profitability, the Independent Trustees also considered the indirect benefits (such as soft dollars) the Advisor or Sub-Advisor received that were directly attributable to the management of the applicable Funds as discussed in further detail below. Based on its review, the Board was satisfied that the Advisor's level of profitability from its relationship with each Fund was not unreasonable in light of the nature, extent and quality of services provided.

With respect to the Sub-Advisor, the Independent Trustees reviewed information reflecting the financial condition of the Sub-Advisor. Although profitability on a per account level was not available, the Trustees reviewed the Sub-Advisor's audited financial statements for the years ended December 31, 2023 and 2022. Based on its review, including the Sub Advisor's fee schedule and the fact that the sub-advisory fee was established through arm's length negotiations, the Board concluded that the Sub-Advisor's profitability from its relationship with the U.S. Treasury Fund was not unreasonable.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

In evaluating the reasonableness of the advisory fees, the Board discussed information regarding the potential for any economies of scale in the provision of services by the Advisor and Sub-Advisor as Fund assets increase and whether those economies were appropriately shared with the Funds. The Board considered the difficulty of measuring economies of scale with any precision, particularly on a Fund-by-Fund basis. Further, the Board considered that although, in general, Fund expenses as a percentage of AUM come down as assets increase, certain expenses are tied to the assets of the fund family or the number of shareholders and, as a result, some expenses may not

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**MARCH 31, 2025** *(Unaudited)*

decline with a rise in a particular Fund's assets. The Board considered the AUM of each class of each Fund for the fiscal years ended September 30, 2023 and September 30, 2024. The Board considered that there are several methods to help share the benefits of economies of scale, including breakpoints in the management fee schedule, fee waivers and/or expense limitations, pricing of Funds at scale at inception or other means. The Board acknowledged that the management fee schedule does not have breakpoints, but considered the Advisor's position that many Funds have capacity constraints, particularly those Funds investing primarily in small and micro-cap companies. The Board considered that as a result of these capacity constraints, the Advisor periodically had closed Funds to certain new investments which limited its revenue potential but helped maintain such Fund's assets at a level the Advisor believed it can effectively manage to preserve the integrity of the investment strategy for the benefit of existing shareholders. The Board further considered the Advisor's statement that Funds with larger capacities were not of an asset size to benefit from breakpoints in the fee schedule.

In addition, the Board considered that the Funds have temporary expense limitation arrangements in place pursuant to which the Advisor reimburses expenses and/or waives fees of the respective Fund that exceed the expense limit expressed as a percentage of average daily net assets of the respective class (subject to certain exceptions). The Independent Trustees considered, among other things, the Funds' expense ratios, the expense caps for the investor and institutional class (if any) per Fund and the amounts the Advisor reimbursed certain Funds per class for the Funds' fiscal year 2024. The Board also considered the gross management fees each Fund paid and the amounts the Advisor waived or reimbursed to Funds, if any, over specified periods. The Board considered the Advisor's statement that the Advisor did not expect its expenses related to providing advisory services to change materially over the next 12 months. The Board considered that the Advisor would extend the expense cap per class of each Fund at the same level until January 31, 2026.

Considering the factors above, the Independent Trustees concluded that any economies of scale that exist are adequately reflected in the Advisor's fee structure at current asset levels.

E. Indirect Benefits

The Independent Trustees received and considered information regarding indirect benefits the Advisor and Sub Advisor may receive as a result of their relationship with the respective Fund(s). In this regard, with the exception of the U.S. Treasury Fund, the Independent Trustees considered that the Advisor received benefits from soft dollar arrangements whereby the Advisor used a portion of the brokerage commissions paid by the Funds to acquire

research that may be used in its management of the portfolios of the Funds and other clients. The Board considered that the Advisor's profitability would be lower if it paid for such research with its own revenues. With respect to the Sub Advisor, the Independent Trustees considered that the Sub Advisor had not participated in soft dollar arrangements with respect to the U.S. Treasury Fund's portfolio transactions. The Independent Trustees further considered the reputational and/or marketing benefits the Advisor and Sub Advisor may receive as a result of their association with the Funds. The Independent Trustees took these indirect benefits into account when assessing the level of advisory fees paid to the Advisor and sub advisory fee to the Sub Advisor and concluded that the indirect benefits received were reasonable in light of the services provided.

F. Annual Approval of Advisory Agreements

After considering all relevant factors and information, the Board, exercising its business judgment, determined that the continuation of the Investment Advisory Agreement on behalf of each Fund and the Sub-Advisory Agreement on behalf of the U.S. Treasury Fund was in the best interests of each respective Fund and its shareholders and approved the continuation of each such agreement.

II. Board Considerations for the approval of the Advisory Agreement of the Wasatch International Value Fund

At a meeting held on August 14, 2024 (the "August Meeting"), the Board of the Trust (the "Board") unanimously approved the Advisory and Service Contract (the "New Fund Advisory Agreement") between Wasatch Advisors, doing business as Wasatch Global Investors (the "Advisor"), and the Trust on behalf of the Wasatch International Value Fund, a new series of the Trust (the "New Fund"). As the Board is comprised of all disinterested Trustees (the "Independent Trustees"), the references to Board and/or Independent Trustees shall mean all the Independent Trustees.

In connection with the evaluation of the New Fund Advisory Agreement, the Independent Trustees through independent counsel requested and received materials and other information in adequate time for a careful review in advance of the August Meeting or at prior meetings. The materials covered, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;• The terms and conditions of the New Fund Advisory Agreement, including the nature, extent and quality of services to be provided to the New Fund by the Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;• The organization of the Advisor, including the experience of persons who will manage the New Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Certain performance-related information (as described below);

&nbsp;&nbsp;&nbsp;&nbsp;• The proposed management fee of the Advisor, including comparisons of such fees with the management fees of

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<u>Wasatch Funds</u>    

Supplemental Information (continued)

comparable, unaffiliated funds prepared by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent third party provider of investment company data;

&nbsp;&nbsp;&nbsp;&nbsp;• The projected expenses of the New Fund, including comparisons of the New Fund's expected expense ratios with the expense ratios of comparable, unaffiliated funds compiled by Broadridge;

&nbsp;&nbsp;&nbsp;&nbsp;• Certain profitability data of the Advisor for advisory services (as described below); and

&nbsp;&nbsp;&nbsp;&nbsp;• The soft dollar practices of the Advisor.

At the August Meeting, the Advisor made presentations to and responded to questions from the Board. On the day preceding the August Meeting and during the August Meeting, the Independent Trustees and their legal counsel met privately in executive sessions to, among other things, evaluate the New Fund, including its proposed fees and expenses as well as the Independent Trustees' fiduciary duties in reviewing advisors agreements. The Independent Trustees considered, among other things, the services to be provided by the Advisor, including the portfolio management team, fees and expense caps, the market for this product, the risks of the New Fund and the risks incurred by the Advisor in managing this New Fund, certain performance data and the comparative fee report.

The Independent Trustees were advised by independent legal counsel throughout the review and received a memorandum outlining their fiduciary duties and legal standards in reviewing advisory agreements.

As outlined in more detail below, the Independent Trustees considered all factors they believed relevant with respect to the New Fund. Each Trustee may have accorded different weight to the various factors and information discussed below in reaching his or her conclusions with respect to the New Fund Advisory Agreement. The Trustees also drew on information they had received in their capacity as trustees of other existing Wasatch funds.

A. Nature, Extent and Quality of Services

The Independent Trustees considered the nature, extent and quality of services to be provided by the Advisor, including portfolio management services and administrative services, to the New Fund. Given that the Advisor already serves as adviser to other Wasatch funds overseen by the Independent Trustees, the Board is familiar with and has a good understanding of the organization, operation, personnel and services of the Advisor. As the Independent Trustees meet regularly throughout the year to oversee the Wasatch funds, the Independent Trustees have also relied upon their knowledge from their meetings and any other interactions throughout the years with the Advisor in evaluating the proposed New Fund Advisory Agreement.

At the August Meeting and/or at prior meetings, the Independent Trustees reviewed materials outlining, among other things, the Advisor's organization and business; the

types of services that the Advisor provides to the Wasatch funds and is expected to provide to the New Fund; the experience and tenure of the portfolio managers for the New Fund; and the Advisor's investment philosophy and process for the New Fund.

In addition to portfolio management services, the Independent Trustees recognized that the New Fund, as a registered investment company, will operate in a highly regulated industry and as such, the Advisor shall provide a comprehensive set of administrative and non-advisory services to manage and operate the New Fund (in addition to those provided by third parties). The Independent Trustees have further recognized that the scope and complexity of the services required to manage a registered fund, such as the New Fund, have expanded over time as a result of, among other things, regulatory and other developments. In this regard, the services the Advisor will provide shall include, but not be limited to, service provider oversight, Board support and administration, shareholder communications, fund regulatory and compliance services, risk identification and management, tax administration, and other administration services. In addition to the services to be provided by the Advisor, the Independent Trustees considered the various costs and entrepreneurial, reputational and regulatory risks the Advisor incurs in launching and managing the New Fund in a highly regulated industry.

Based on their review, the Independent Trustees concluded that, overall, the nature, extent and quality of services expected to be provided to the New Fund under the New Fund Advisory Agreement were satisfactory.

B. Investment Performance

The New Fund has not commenced operations and, therefore, does not have its own performance history. However, the Independent Trustees reviewed certain historical performance information of a proprietary seed account managed in a similar style as that proposed for the New Fund. In addition, the Independent Trustees are familiar with the performance records of other Wasatch funds advised by the Advisor.

C. Fees, Expenses and Profitability

In evaluating the proposed management fees and expenses that each class of the New Fund was expected to bear, the Independent Trustees considered, among other things, the New Fund's proposed advisory fee rate and expected expense ratio for each class in absolute terms and in relation to the fees and expenses of a peer universe of comparable unaffiliated funds as the New Fund and to a more focused subset thereof (the "Peer Group") provided by Broadridge. The Independent Trustees reviewed, among other things, the proposed advisory fee rate, the estimated expense ratios of each class of the New Fund, and the expense limitation expected to be provided by the Advisor

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**MARCH 31, 2025** *(Unaudited)*

on behalf of each class of the New Fund. The Board observed that with respect to each class of the New Fund, the proposed advisory fee rate matched the median of its Peer Group and the estimated net total expense ratio matched or was below the median for its Peer Group. The Board also considered estimated expenses for the New Fund at different proposed asset levels.

In addition to the foregoing fee and expense data, at the August Meeting and/or prior meetings, the Board has recognized the Advisor's approach in proposing a management fee level for a respective fund, including, among other things, the potential value of the service (such as the experience of the management team and the fund's potential to deliver alpha), the competitive marketplace (such as the uniqueness of the fund and the fees of competitor funds) and the economics to the Advisor (such as, the costs to provide advisory services to the particular fund and the existence of any capacity constraints of the fund which may reduce the potential for revenues to the Advisor). In this regard, the Board is aware of the research-intensive approach followed by the Advisor and the related costs incurred of such approach. The Board further considered the Advisor's contractual commitment to limit certain operating expenses of each of the classes of the New Fund to the benefit of shareholders and the rationale for the level of the expense cap. In addition, the Board noted that the Advisor does not currently manage other funds or separately managed accounts in the same style as the New Fund. However, at the August Meeting and/or prior meetings, the Board has reviewed information regarding the fee rates that the Advisor assesses for certain other types of clients and the types of services provided to these other clients, including separately managed accounts, model accounts, collective investment trusts and certain domestic and foreign funds outside the Wasatch family of funds. The Independent Trustees have recognized that the variation in fee rates between funds and other types of clients is generally due to, among other things, the extensive regulatory requirements associated with operating registered investment companies and the differences in investment parameters and strategies between the investment companies and the clients.

Based on their review, the Independent Board Members determined that the New Fund's management fees to the Advisor were reasonable in light of the nature, extent and quality of services to be provided to the New Fund.

D. Profitability

In conjunction with its review of fees, at the August Meeting and/or at prior meetings, the Independent Trustees have considered the profitability of the Advisor for its advisory activities to the Wasatch funds. The Independent Trustees reviewed the financial statements of the Advisor for the years ended December 31, 2021 and December 31, 2022

and certain profitability information for the Advisor from its relationship with the other existing Wasatch funds for the 2020, 2021 and 2022 calendar years. In addition, the Board received the audited financial statements of the Advisor for the years ended December 31, 2023, and 2022. In considering profitability, the Independent Trustees have recognized the difficulty and subjective nature of determining profitability which may be affected by numerous factors, including the allocation of expenses. In addition to considering the Advisor's profitability, the Trustees have also reviewed at the August Meeting or prior meetings the Advisor's relative profitability compared to publicly available information concerning unaffiliated publicly traded investment managers. However, the Independent Trustees recognized the difficulties in comparing the profitability of various advisors given that, among other things, many of these managers are much larger than the Advisor, have different lines of business, may employ different expense allocations and charges, the profitability derived from individual funds or product lines is not generally publicly available and the profitability information of managers that is available may not be representative of the industry. The Independent Trustees also noted that the Advisor is privately held and is taxed as a Subchapter S corporation, thus certain expenses had to be attributed and/or estimated. With respect to the New Fund, however, the Independent Trustees considered the cost of launching the New Fund and as a result of its small asset base in early years, the Advisor anticipated reimbursing the New Fund for costs incurred in excess of the proposed expense cap. Based on their review, the Trustees were satisfied that the Advisor's level of profitability was not unreasonable in light of the services to be provided.

E. Economies of Scale

The Independent Trustees considered whether the New Fund could be expected to benefit from any economies of scale. In their review, the Independent Trustees recognized that economies of scale are difficult to assess or quantify, particularly on a fund-by-fund basis. The Independent Trustees observed that economies of scale generally occur as assets grow. In their review, the Independent Trustees noted that, similar to other Wasatch funds, the proposed advisory fee schedule for the New Fund did not contain breakpoints that reduce the fee rate on assets above specified levels which is one method for sharing economies of scale. However, the Trustees considered that the New Fund has not commenced operations and will have a small asset base in the beginning and as a result, the Advisor anticipates reimbursing the New Fund in excess of its expense limits until the New Fund has gained sufficient assets to be self-sustaining. Considering the above, among other things, the Independent Trustees concluded that the implementation of breakpoints in the New Fund's advisory fee schedule was not warranted

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| | |
|:---|:---|
| Wasatch Funds | **MARCH 31, 2025** *(Unaudited)* |

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Supplemental Information (continued)

at such time and that the economies that may exist as assets under management increase were adequately reflected in the Advisor's fee structure.

F. Indirect Benefits

In evaluating fees, the Independent Trustees also considered any indirect benefits or profits the Advisor or its affiliates may receive as a result of its relationship with the New Fund. In this regard, the Independent Trustees recognized that the Advisor may receive benefits from soft dollar arrangements whereby the Advisor may use a portion of the brokerage commissions paid by the New Fund to acquire research that may be useful to the Advisor in managing the New Fund and other clients. The Independent Trustees have reviewed at the August Meeting and/or prior meetings information concerning the Advisor's soft dollar

arrangements, including its policies for allocating brokerage in exchange for brokerage and research services. In light of their experience, the Independent Trustees are familiar with the Advisor's soft dollar arrangements and recognize that the Advisor's profitability may be lower if the Advisor was required to pay for this research with its own revenue.

G. Conclusion

The Independent Trustees did not identify any single factor discussed previously as all-important or controlling. The Independent Trustees concluded that the terms of the New Fund Advisory Agreement were fair and reasonable, that the Advisor's fees are reasonable in light of the services expected to be provided to the New Fund, and that the New Fund Advisory Agreement should be approved.

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<u>Wasatch Funds</u>   <u>MARCH 31, 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

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**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>

The Registrant's Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this form.

**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) Not required.

(a)(2) Not applicable.

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| | |
|:---|:---|
| [(a)(3)](d921589dex99a3.htm) | [The certifications required by Rule 30a-2(a) of the 1940 Act are attached hereto.](d921589dex99a3.htm)  |

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(a)(4) Not applicable.

(a)(5) Not applicable.

[(b)](d921589dex99b.htm) [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.](d921589dex99b.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.

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#### 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

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| | |
|:---|:---|
| By: | <u>/s/ Eric S. Bergeson</u><br> Eric S. Bergeson<br> President (principal executive officer) of Wasatch Funds Trust |
| Date: | June 5, 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><br> Eric S. Bergeson<br> President (principal executive officer) of Wasatch Funds Trust |
| Date: | June 5, 2025 |
| By: | <u>/s/ Kara Becker</u><br> Kara Becker<br> Treasurer (principal financial officer) of Wasatch Funds Trust |
| Date: | June 5, 2025 |

---

## Ex-99.(A)(3)

**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: | June 5, 2025 |
| By: | <u>/s/ Eric S. Bergeson</u><br> Eric S. Bergeson<br> 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: | June 5, 2025 |
| By: | <u>/s/ Kara Becker</u><br> Kara Becker<br> 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><br> Eric S. Bergeson<br> President (principal executive officer) of Wasatch Funds Trust |
| Date: | June 5, 2025 |
| By: | <u>/s/ Kara Becker</u><br> Kara Becker<br> Treasurer (principal financial officer) of Wasatch Funds Trust |
| Date: | June 5, 2025 |

---