# EDGAR Filing Document

**Accession Number:** 0000806633
**File Stem:** 0001752724-23-033522
**Filing Date:** 2023-2
**Character Count:** 196794
**Document Hash:** fa0b244992ac9ae12c7866fe20786d2a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-033522.hdr.sgml**: 20230222

**ACCESSION NUMBER**: 0001752724-23-033522

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230222

**DATE AS OF CHANGE**: 20230222

**PERIOD START**: 20230930

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WASATCH FUNDS TRUST
- **CENTRAL INDEX KEY:** 0000806633
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04920
- **FILM NUMBER:** 23653087

**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 International Opportunities Fund (Series ID: S000000884)

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

## Nport-Ex

---

| | |
|:---|:---|
| **WASATCH CORE GROWTH FUND (WGROX / WIGRX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 100.3%** |  |
|  | **Application Software 9.0%** |  |
| 2907359 | Clearwater Analytics Holdings, Inc., Class A\* | $54512981 |
| 724504 | Five9, Inc.\* | 49164842 |
| 962816 | Guidewire Software, Inc.\* | 60233769 |
| 285073 | Paylocity Holding Corp.\* | 55378281 |
| 894022 | Q2 Holdings, Inc.\* | 24022371 |
|  |  | 243312244 |
|  | **Asset Management & Custody Banks 6.5%** |  |
| 887409 | Cohen & Steers, Inc. | 57291125 |
| 1236228 | Focus Financial Partners, Inc., Class A\* | 46074218 |
| 1116381 | Hamilton Lane, Inc., Class A | 71314418 |
|  |  | 174679761 |
|  | **Auto Parts & Equipment 3.0%** |  |
| 436850 | Fox Factory Holding Corp.\* | 39853825 |
| 662010 | XPEL, Inc.\* | 39760321 |
|  |  | 79614146 |
|  | **Building Products 3.7%** |  |
| 3060239 | Janus International Group, Inc.\* | 29133475 |
| 1667972 | Trex Co., Inc.\* | 70605255 |
|  |  | 99738730 |
|  | **Commodity Chemicals 2.4%** |  |
| 1950295 | Valvoline, Inc. | 63677132 |
|  | **Data Processing & Outsourced Services 2.1%** |  |
| 608512 | Euronet Worldwide, Inc.\* | 57431363 |
|  | **Distillers & Vintners 1.0%** |  |
| 1687981 | Duckhorn Portfolio, Inc.\* | 27969845 |
|  | **Distributors 2.4%** |  |
| 216943 | Pool Corp. | 65588377 |
|  | **Electronic Equipment & Instruments 2.7%** |  |
| 540696 | Novanta, Inc.\* | 73464366 |
|  | **Electronic Manufacturing Services 2.1%** |  |
| 442037 | Fabrinet\* | 56677984 |
|  | **Financial Exchanges & Data 3.6%** |  |
| 351396 | Morningstar, Inc. | 76108859 |
| 2891061 | Open Lending Corp., Class A\* | 19514662 |
|  |  | 95623521 |
|  | **General Merchandise Stores 1.6%** |  |
| 911154 | Ollie's Bargain Outlet Holdings, Inc.\* | 42678453 |
|  | **Health Care Facilities 3.8%** |  |
| 1076377 | Ensign Group, Inc. | 101836028 |
|  | **Health Care Supplies 2.3%** |  |
| 4112207 | Neogen Corp.\* | 62628913 |
|  | **Home Improvement Retail 1.5%** |  |
| 590386 | Floor & Decor Holdings, Inc., Class A\* | 41108577 |
|  | **Homebuilding 1.1%** |  |
| 336558 | Installed Building Products, Inc. | 28809365 |
|  | **Industrial Machinery 9.0%** |  |
| 948099 | Helios Technologies, Inc. | 51614510 |

| | |
|:---|:---|
| **WASATCH CORE GROWTH FUND (WGROX / WIGRX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 502986 | Kadant, Inc. | $89345403 |
| 848988 | Kornit Digital Ltd.\* | 19501254 |
| 389626 | RBC Bearings, Inc.\* | 81568203 |
|  |  | 242029370 |
|  | **Insurance Brokers 0.8%** |  |
| 594100 | Goosehead Insurance, Inc., Class A\* | 20401394 |
|  | **Interactive Media & Services 1.3%** |  |
| 2198670 | ZipRecruiter, Inc., Class A\* | 36102161 |
|  | **Investment Banking & Brokerage 1.9%** |  |
| 1348393 | Moelis & Co., Class A | 51737839 |
|  | **IT Consulting & Other Services 2.2%** |  |
| 351449 | Globant SA\* | 59099664 |
|  | **Leisure Products 1.6%** |  |
| 1026313 | YETI Holdings, Inc.\* | 42396990 |
|  | **Life Sciences Tools & Services 5.6%** |  |
| 383540 | ICON PLC\* | 74502645 |
| 355770 | Medpace Holdings, Inc.\* | 75569106 |
|  |  | 150071751 |
|  | **Managed Health Care 2.8%** |  |
| 1202849 | HealthEquity, Inc.\* | 74143612 |
|  | **Metal & Glass Containers 1.2%** |  |
| 1174614 | TriMas Corp. | 32583792 |
|  | **Packaged Foods & Meats 0.9%** |  |
| 483515 | Freshpet, Inc.\* | 25515087 |
|  | **Pharmaceuticals 1.1%** |  |
| 584917 | Intra-Cellular Therapies, Inc.\* | 30953808 |
|  | **Regional Banks 5.2%** |  |
| 2228415 | Bank OZK | 89270305 |
| 1085514 | Webster Financial Corp. | 51388233 |
|  |  | 140658538 |
|  | **Research & Consulting Services 0.6%** |  |
| 2065334 | Legalzoom.com, Inc.\* | 15985685 |
|  | **Semiconductors 1.5%** |  |
| 110566 | Monolithic Power Systems, Inc. | 39097243 |
|  | **Specialized Consumer Services 1.0%** |  |
| 2856900 | Mister Car Wash, Inc.\* | 26369187 |
|  | **Specialized REITs 1.7%** |  |
| 1232800 | National Storage Affiliates Trust | 44528736 |
|  | **Specialty Chemicals 5.0%** |  |
| 570710 | Balchem Corp. | 69689398 |
| 623100 | Innospec, Inc. | 64092066 |
|  |  | 133781464 |
|  | **Specialty Stores 4.1%** |  |
| 620530 | Five Below, Inc.\* | 109753141 |
|  | **Systems Software 2.1%** |  |
| 426016 | CyberArk Software Ltd.\* | 55232974 |
|  | **Trucking 1.9%** |  |
| 245120 | Saia, Inc.\* | 51396762 |

| | |
|:---|:---|
| **WASATCH CORE GROWTH FUND (WGROX / WIGRX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Total Common Stocks<br>(cost $2,313,622,962)** | $**2696678003** |
|  | **WARRANTS 0.0%** |  |
|  | **Insurance Brokers 0.0%** |  |
| 540000 | Hagerty, Inc., expiring 12/2/2026\* \*\*\* <sup>†</sup> | 966600 |
|  | **Total Warrants**<br> **(cost $1,859,173)** | **966600** |
|  | **Total Investments<br>(cost $2,315,482,135) 100.3%** | **2697644603** |
|  | **Liabilities less Other Assets (0.3%)** | **(9181024)** |
|  | **NET ASSETS 100.0%** | $**2688463579** |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).<br><sup>†</sup>Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2022 amounted to approximately $966,600 and represented 0.04% of net assets.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  Ireland | 2.7 |
|  Israel | 2.8 |
|  United States | 94.5 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING INDIA FUND (WAINX / WIINX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 93.2%** |  |
|  | **Apparel Retail 4.9%** |  |
| 1487571 | Trent Ltd. | $24298671 |
|  | **Apparel, Accessories & Luxury Goods 1.9%** |  |
| 17825 | Page Industries Ltd. | 9229593 |
|  | **Auto Parts & Equipment 0.5%** |  |
| 79682 | Tube Investments of India Ltd. | 2673291 |
|  | **Commodity Chemicals 3.0%** |  |
| 2144573 | Berger Paints India Ltd. | 15070078 |
|  | **Consumer Finance 9.7%** |  |
| 605840 | Bajaj Finance Ltd. | 48150842 |
|  | **Diversified Banks 12.0%** |  |
| 2152948 | HDFC Bank Ltd. | 42370631 |
| 780288 | Kotak Mahindra Bank Ltd. | 17234150 |
|  |  | 59604781 |
|  | **Food Retail 5.6%** |  |
| 560980 | Avenue Supermarts Ltd.\* | 27589597 |
|  | **Footwear 0.2%** |  |
| 250947 | Campus Activewear Ltd.\* | 1253825 |
|  | **Health Care Services 8.4%** |  |
| 830544 | Dr. Lal PathLabs Ltd. | 22693137 |
| 3590652 | Vijaya Diagnostic Centre Pvt. Ltd. | 18973208 |
|  |  | 41666345 |
|  | **Industrial Machinery 8.9%** |  |
| 7765793 | Elgi Equipments Ltd. | 39378099 |
| 243302 | GMM Pfaudler Ltd. | 4608563 |
|  |  | 43986662 |
|  | **Interactive Media & Services 2.2%** |  |
| 227333 | Info Edge India Ltd. | 10804844 |
|  | **IT Consulting & Other Services 9.7%** |  |
| 615178 | LTIMindtree Ltd. | 32460994 |
| 336249 | Persistent Systems Ltd. | 15732942 |
|  |  | 48193936 |
|  | **Life Sciences Tools & Services 4.3%** |  |
| 516982 | Divi's Laboratories Ltd. | 21329179 |
|  | **Metal & Glass Containers 0.1%** |  |
| 43276 | Mold-Tek Packaging Ltd. | 492733 |
|  | **Property & Casualty Insurance 2.2%** |  |
| 719013 | ICICI Lombard General Insurance Co. Ltd. | 10749127 |
|  | **Regional Banks 7.5%** |  |
| 4692444 | AU Small Finance Bank Ltd. | 37120391 |
|  | **Research & Consulting Services 4.6%** |  |
| 519226 | L&T Technology Services Ltd. | 23118517 |
|  | **Specialty Chemicals 3.1%** |  |
| 419231 | Asian Paints Ltd. | 15647811 |
|  | **Systems Software 0.8%** |  |
| 54729 | Tata Elxsi Ltd. | 4158359 |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING INDIA FUND (WAINX / WIINX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Thrifts & Mortgage Finance 3.6%** |  |
| 802305 | Aavas Financiers Ltd.\* | $17900818 |
|  | **Total Common Stocks<br>(cost $309,617,196)** | **463039400** |
|  | **Total Investments<br>(cost $309,617,196) 93.2%** | **463039400** |
|  | **Other Assets less Liabilities 6.8%** | **33532950** |
|  | **NET ASSETS 100.0%** | $**496572350** |
|  | \*Non-income producing.<br>See Notes to Schedules of Investments. |  |

---

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

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SELECT FUND<br>(WAESX / WIESX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 95.2%** |  |
|  | **Airport Services 3.7%** |  |
| 974740 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | $13963445 |
|  | **Apparel Retail 1.3%** |  |
| 299702 | Trent Ltd. | 4895471 |
|  | **Apparel, Accessories & Luxury Goods 2.0%** |  |
| 14921 | Page Industries Ltd. | 7725932 |
|  | **Consumer Finance 6.3%** |  |
| 304177 | Bajaj Finance Ltd. | 24175325 |
|  | **Data Processing & Outsourced Services 1.3%** |  |
| 317077 | Dlocal Ltd.\* | 4936889 |
|  | **Diversified Banks 10.1%** |  |
| 1315308 | HDFC Bank Ltd. | 25885636 |
| 3108925 | NU Holdings Ltd., Class A\* | 12653325 |
|  |  | 38538961 |
|  | **Drug Retail 2.7%** |  |
| 2276730 | Raia Drogasil SA | 10253571 |
|  | **Electrical Components & Equipment 9.6%** |  |
| 393765 | Voltronic Power Technology Corp. | 19793624 |
| 2333902 | WEG SA | 16954130 |
|  |  | 36747754 |
|  | **Health Care Services 1.9%** |  |
| 266675 | Dr. Lal PathLabs Ltd. | 7286420 |
|  | **Industrial Machinery 3.1%** |  |
| 257691 | Airtac International Group | 7805643 |
| 372722 | Techtronic Industries Co. Ltd. | 4159156 |
|  |  | 11964799 |
|  | **Interactive Home Entertainment 2.4%** |  |
| 178743 | Sea Ltd., ADR\* | 9299998 |
|  | **Internet & Direct Marketing Retail 10.1%** |  |
| 406300 | Meituan, Class B\* | 9093724 |
| 24909 | MercadoLibre, Inc.\* | 21078992 |
| 405825 | momo.com, Inc. | 8476832 |
|  |  | 38649548 |
|  | **IT Consulting & Other Services 6.1%** |  |
| 107637 | Globant SA\* | 18100238 |
| 99768 | LTIMindtree Ltd. | 5264441 |
|  |  | 23364679 |
|  | **Life & Health Insurance 2.4%** |  |
| 1274555 | Discovery Ltd.\* | 9252784 |
|  | **Life Sciences Tools & Services 5.1%** |  |
| 144779 | Divi's Laboratories Ltd. | 5973162 |
| 292538 | Hangzhou Tigermed Consulting Co. Ltd., Class A | 4410142 |
| 1213813 | Wuxi Biologics Cayman, Inc.\* | 9307177 |
|  |  | 19690481 |
|  | **Property & Casualty Insurance 0.7%** |  |
| 593544 | Qualitas Controladora SAB de CV | 2617058 |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SELECT FUND<br>(WAESX / WIESX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Regional Banks 3.1%** |  |
| 1521110 | AU Small Finance Bank Ltd. | $12033004 |
|  | **Semiconductor Equipment 4.5%** |  |
| 104300 | Lasertec Corp. | 17281343 |
|  | **Semiconductors 11.1%** |  |
| 208894 | ASPEED Technology, Inc. | 11452112 |
| 52260 | LEENO Industrial, Inc | 6457771 |
| 112050 | SG Micro Corp., Class A | 2782029 |
| 1120836 | Silergy Corp. | 15917910 |
| 1115742 | Sino Wealth Electronic Ltd., Class A | 5676855 |
|  |  | 42286677 |
|  | **Specialized Finance 5.2%** |  |
| 2793891 | Chailease Holding Co. Ltd. | 19725540 |
|  | **Specialty Chemicals 2.3%** |  |
| 237470 | Asian Paints Ltd. | 8863576 |
|  | **Systems Software 0.2%** |  |
| 10520 | Tata Elxsi Ltd. | 799319 |
|  | **Total Common Stocks<br>(cost $447,139,707)** | **364352574** |
|  | **Total Investments<br>(cost $447,139,707) 95.2%<sup>§</sup>** | **364352574** |
|  | **Other Assets less Liabilities 4.8%** | **18284171** |
|  | **NET ASSETS 100.0%** | $**382636745** |
|  | \*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 8.80%.<br>ADR American Depositary Receipt.<br>See Notes to Schedules of Investments. |  |

---

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

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SMALL CAP FUND<br>(WAEMX / WIEMX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 100.7%** |  |
|  | **Airport Services 3.5%** |  |
| 1538925 | Grupo Aeroportuario del Centro Norte SAB de CV | $11851614 |
|  | **Apparel Retail 3.0%** |  |
| 631245 | Trent Ltd. | 10311047 |
|  | **Asset Management & Custody Banks 1.2%** |  |
| 17554351 | VEF AB\* | 4124953 |
|  | **Commodity Chemicals 1.2%** |  |
| 567520 | Berger Paints India Ltd. | 3988006 |
|  | **Communications Equipment 2.3%** |  |
| 1043000 | Accton Technology Corp. | 7957687 |
|  | **Consumer Finance 1.8%** |  |
| 7189323 | Ngern Tid Lor Public Co. Ltd. | 6123431 |
|  | **Data Processing & Outsourced Services 1.3%** |  |
| 296764 | Dlocal Ltd.\* | 4620616 |
|  | **Drug Retail 4.2%** |  |
| 386146 | Clicks Group Ltd. | 6137884 |
| 1792950 | Raia Drogasil SA | 8074800 |
|  |  | 14212684 |
|  | **Electrical Components & Equipment 6.1%** |  |
| 417863 | Voltronic Power Technology Corp. | 21004973 |
|  | **Electronic Components 0.0%** |  |
| 4405 | Sinbon Electronics Co. Ltd. | 39413 |
|  | **Electronic Equipment & Instruments 3.6%** |  |
| 1255616 | Chroma ATE, Inc. | 7394267 |
| 9840 | Honeywell Automation India Ltd. | 4960077 |
|  |  | 12354344 |
|  | **Electronic Manufacturing Services 1.6%** |  |
| 43422 | Fabrinet\* | 5567569 |
|  | **Health Care Facilities 0.4%** |  |
| 6705000 | PT Mitra Keluarga Karyasehat Tbk | 1373949 |
|  | **Health Care Services 3.6%** |  |
| 445779 | Dr. Lal PathLabs Ltd. | 12180118 |
|  | **Home Improvement Retail 3.4%** |  |
| 8758100 | MR DIY Group M Bhd | 3976436 |
| 14770396 | Wilcon Depot, Inc. | 7830171 |
|  |  | 11806607 |
|  | **Hotels, Resorts & Cruise Lines 1.8%** |  |
| 1394570 | H World Group Ltd. | 6012117 |
|  | **Human Resource & Employment Services 0.3%** |  |
| 127813 | Grupa Pracuj SA | 1193137 |
|  | **Industrial Machinery 3.7%** |  |
| 167500 | Airtac International Group | 5073694 |
| 1523365 | Elgi Equipments Ltd. | 7724545 |
|  |  | 12798239 |
|  | **Interactive Media & Services 1.9%** |  |
| 2219828 | Baltic Classifieds Group PLC | 3778595 |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SMALL CAP FUND<br>(WAEMX / WIEMX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 57878 | Info Edge India Ltd. | $2750867 |
|  |  | 6529462 |
|  | **Internet & Direct Marketing Retail 2.9%** |  |
| 478600 | momo.com, Inc. | 9996948 |
|  | **IT Consulting & Other Services 11.6%** |  |
| 95972 | Globant SA\* | 16138651 |
| 311090 | LTIMindtree Ltd. | 16415234 |
| 151817 | Persistent Systems Ltd. | 7103450 |
|  |  | 39657335 |
|  | **Life & Health Insurance 2.3%** |  |
| 1070913 | Discovery Ltd.\* | 7774420 |
|  | **Packaged Foods & Meats 0.5%** |  |
| 6500700 | PT Cisarua Mountain Dairy Tbk | 1774721 |
|  | **Personal Products 1.7%** |  |
| 236505 | Proya Cosmetics Co. Ltd., Class A | 5697866 |
|  | **Property & Casualty Insurance 2.1%** |  |
| 1624884 | Qualitas Controladora SAB de CV | 7164449 |
|  | **Regional Banks 7.5%** |  |
| 2572278 | AU Small Finance Bank Ltd. | 20348451 |
| 726462 | Regional SAB de CV | 5222593 |
|  |  | 25571044 |
|  | **Research & Consulting Services 4.5%** |  |
| 13670334 | CTOS Digital Bhd | 4406782 |
| 247989 | L&T Technology Services Ltd. | 11041701 |
|  |  | 15448483 |
|  | **Semiconductor Equipment 2.1%** |  |
| 93778 | Tokai Carbon Korea Co. Ltd. | 7067997 |
|  | **Semiconductors 14.8%** |  |
| 220651 | ASPEED Technology, Inc. | 12096661 |
| 116276 | LEENO Industrial, Inc. | 14368231 |
| 1244572 | Silergy Corp. | 17675186 |
| 1290864 | Sino Wealth Electronic Ltd., Class A | 6567870 |
|  |  | 50707948 |
|  | **Specialized Finance 1.6%** |  |
| 755000 | Chailease Holding Co. Ltd. | 5330481 |
|  | **Specialty Stores 1.1%** |  |
| 3242300 | Pet Center Comercio e Participacoes SA | 3825274 |
|  | **Thrifts & Mortgage Finance 3.1%** |  |
| 475366 | Aavas Financiers Ltd.\* | 10606241 |
|  | **Total Common Stocks<br>(cost $268,159,961)** | **344673173** |
|  | **Total Investments<br>(cost $268,159,961) 100.7%<sup>§</sup>** | **344673173** |
|  | **Liabilities less Other Assets (0.7%)** | **(2228874)** |
|  | **NET ASSETS 100.0%** | $**342444299** |
|  | \*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 12.02%.<br>See Notes to Schedules of Investments. |  |

---

------

---

| | |
|:---|:---|
| **WASATCH EMERGING MARKETS SMALL CAP FUND<br>(WAEMX / WIEMX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

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

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND<br>(WAFMX / WIFMX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 100.0%** |  |
|  | **Airport Services 4.2%** |  |
| 75300 | Grupo Aeroportuario del Centro Norte SAB de CV | $579903 |
| 53000 | Grupo Aeroportuario del Pacifico SAB de CV, Class B | 759241 |
|  |  | 1339144 |
|  | **Asset Management & Custody Banks 6.2%** |  |
| 1178700 | DCVFMVN Diamond ETF\* | 1119953 |
| 3603629 | VEF AB\* | 846787 |
|  |  | 1966740 |
|  | **Computer & Electronics Retail 2.2%** |  |
| 379000 | Mobile World Investment Corp. | 689676 |
|  | **Consumer Finance 11.3%** |  |
| 34117 | Bajaj Finance Ltd. | 2711545 |
| 999169 | Ngern Tid Lor Public Co. Ltd. | 851032 |
|  |  | 3562577 |
|  | **Data Processing & Outsourced Services 2.9%** |  |
| 370 | Adyen NV\* | 510292 |
| 25929 | Dlocal Ltd.\* | 403714 |
|  |  | 914006 |
|  | **Distillers & Vintners 1.8%** |  |
| 305740 | Ginebra San Miguel, Inc. | 576518 |
|  | **Diversified Banks 11.2%** |  |
| 549271 | Bank for Foreign Trade of Vietnam JSC\* | 1863910 |
| 2541 | Credicorp Ltd. | 344712 |
| 325656 | NU Holdings Ltd., Class A\* | 1325420 |
|  |  | 3534042 |
|  | **Drug Retail 2.6%** |  |
| 183000 | Raia Drogasil SA | 824166 |
|  | **Electrical Components & Equipment 5.2%** |  |
| 225200 | WEG SA | 1635917 |
|  | **Food Retail 2.4%** |  |
| 8992 | Dino Polska SA\* | 770241 |
|  | **Health Care Facilities 1.8%** |  |
| 2821400 | PT Mitra Keluarga Karyasehat Tbk | 578145 |
|  | **Home Improvement Retail 4.8%** |  |
| 2874900 | Wilcon Depot, Inc. | 1524059 |
|  | **Human Resource & Employment Services 0.4%** |  |
| 11641 | Grupa Pracuj SA | 108669 |
|  | **Interactive Home Entertainment 2.4%** |  |
| 14415 | Sea Ltd., ADR\* | 750012 |
|  | **Interactive Media & Services 0.6%** |  |
| 110746 | Baltic Classifieds Group PLC | 188512 |
|  | **Internet & Direct Marketing Retail 7.4%** |  |
| 2779 | MercadoLibre, Inc.\* | 2351701 |
|  | **IT Consulting & Other Services 12.3%** |  |
| 865536 | FPT Corp. | 2823318 |
| 6228 | Globant SA\* | 1047300 |
|  |  | 3870618 |

---

------

---

| | |
|:---|:---|
| **WASATCH FRONTIER EMERGING SMALL COUNTRIES FUND<br>(WAFMX / WIFMX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Life & Health Insurance 5.1%** |  |
| 220387 | Discovery Ltd.\* | $1599926 |
|  | **Property & Casualty Insurance 4.9%** |  |
| 351622 | Qualitas Controladora SAB de CV | 1550374 |
|  | **Regional Banks 2.4%** |  |
| 106900 | Regional SAB de CV | 768513 |
|  | **Research & Consulting Services 1.9%** |  |
| 1889237 | CTOS Digital Bhd | 609016 |
|  | **Semiconductors 3.9%** |  |
| 8800 | ASPEED Technology, Inc. | 482439 |
| 52000 | Silergy Corp. | 738494 |
|  |  | 1220933 |
|  | **Specialty Stores 1.0%** |  |
| 266565 | Pet Center Comercio e Participacoes SA | 314494 |
|  | **Thrifts & Mortgage Finance 1.1%** |  |
| 15669 | Aavas Financiers Ltd.\* | 349603 |
|  | **Total Common Stocks<br>(cost $33,495,433)** | **31597602** |
|  | **Total Investments<br>(cost $33,495,433) 100.0%<sup>§</sup>** | **31597602** |
|  | **Other Assets less Liabilities 0.0%** | **6904** |
|  | **NET ASSETS 100.0%** | $**31604506** |
|  | \*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 15.43%.<br>ADR American Depositary Receipt.<br>ETF Exchange-Traded Fund.<br>See Notes to Schedules of Investments. |  |

---

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

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 101.2%** |  |
|  | **Apparel Retail 1.2%** |  |
| 30742 | Boot Barn Holdings, Inc.\* | $1921990 |
|  | **Application Software 5.8%** |  |
| 32857 | Five9, Inc.\* | 2229676 |
| 11511 | Paylocity Holding Corp.\* | 2236127 |
| 32445 | Q2 Holdings, Inc.\* | 871797 |
| 729772 | Systena Corp. | 2285403 |
| 222898 | Technology One Ltd. | 1994128 |
|  |  | 9617131 |
|  | **Asset Management & Custody Banks 3.2%** |  |
| 71189 | Focus Financial Partners, Inc., Class A\* | 2653214 |
| 42350 | Hamilton Lane, Inc., Class A | 2705318 |
|  |  | 5358532 |
|  | **Biotechnology 4.3%** |  |
| 404683 | Abcam PLC\* | 6296868 |
| 71398 | C4 Therapeutics, Inc.\* | 421248 |
| 125288 | Sangamo Therapeutics, Inc.\* | 393404 |
|  |  | 7111520 |
|  | **Building Products 2.3%** |  |
| 88873 | Trex Co., Inc.\* | 3761994 |
|  | **Commodity Chemicals 1.1%** |  |
| 54792 | Valvoline, Inc. | 1788959 |
|  | **Data Processing & Outsourced Services 1.5%** |  |
| 17563 | Euronet Worldwide, Inc.\* | 1657596 |
| 10000 | GMO Payment Gateway, Inc. | 832063 |
|  |  | 2489659 |
|  | **Diversified Real Estate Activities 1.0%** |  |
| 143221 | Patrizia SE | 1588300 |
|  | **Drug Retail 1.3%** |  |
| 19500 | Ain Holdings, Inc. | 897440 |
| 28300 | Sugi Holdings Co. Ltd. | 1265780 |
|  |  | 2163220 |
|  | **Electrical Components & Equipment 2.6%** |  |
| 86896 | Voltronic Power Technology Corp. | 4368054 |
|  | **Financial Exchanges & Data 1.0%** |  |
| 234962 | Open Lending Corp., Class A\* | 1585994 |
|  | **General Merchandise Stores 1.6%** |  |
| 56541 | Ollie's Bargain Outlet Holdings, Inc.\* | 2648381 |
|  | **Health Care Equipment 0.4%** |  |
| 5084 | DiaSorin SpA | 709658 |
|  | **Health Care Facilities 4.2%** |  |
| 73212 | Ensign Group, Inc. | 6926587 |
|  | **Health Care Services 1.4%** |  |
| 86276 | Dr. Lal PathLabs Ltd. | 2357338 |
|  | **Health Care Supplies 3.2%** |  |
| 134939 | Neogen Corp.\* | 2055121 |
| 61481 | Silk Road Medical, Inc.\* | 3249271 |
|  |  | 5304392 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Technology 1.5%** |  |
| 85450 | JMDC, Inc. | $2461148 |
|  | **Home Improvement Retail 1.5%** |  |
| 35119 | Floor & Decor Holdings, Inc., Class A\* | 2445336 |
|  | **Homebuilding 1.6%** |  |
| 28731 | LGI Homes, Inc.\* | 2660491 |
|  | **Human Resource & Employment Services 1.3%** |  |
| 85000 | SMS Co. Ltd. | 2172928 |
|  | **Industrial Machinery 3.3%** |  |
| 32878 | Helios Technologies, Inc. | 1789878 |
| 55729 | Kornit Digital Ltd.\* | 1280095 |
| 11014 | RBC Bearings, Inc.\* | 2305781 |
|  |  | 5375754 |
|  | **Interactive Media & Services 1.0%** |  |
| 96538 | ZipRecruiter, Inc., Class A\* | 1585154 |
|  | **IT Consulting & Other Services 7.4%** |  |
| 18411 | Endava PLC, ADR\* | 1408442 |
| 29634 | Globant SA\* | 4983253 |
| 62552 | LTIMindtree Ltd. | 3300671 |
| 55937 | Persistent Systems Ltd. | 2617267 |
|  |  | 12309633 |
|  | **Life Sciences Tools & Services 2.2%** |  |
| 17213 | Medpace Holdings, Inc.\* | 3656213 |
|  | **Managed Health Care 2.8%** |  |
| 75397 | HealthEquity, Inc.\* | 4647471 |
|  | **Packaged Foods & Meats 0.8%** |  |
| 24540 | Freshpet, Inc.\* | 1294976 |
|  | **Pharmaceuticals 2.4%** |  |
| 146161 | Esperion Therapeutics, Inc.\* | 910583 |
| 58096 | Intra-Cellular Therapies, Inc.\* | 3074440 |
|  |  | 3985023 |
|  | **Regional Banks 7.7%** |  |
| 1046771 | AU Small Finance Bank Ltd. | 8280663 |
| 109874 | Bank OZK | 4401553 |
|  |  | 12682216 |
|  | **Research & Consulting Services 7.3%** |  |
| 263070 | BayCurrent Consulting, Inc. | 8248499 |
| 84122 | L&T Technology Services Ltd. | 3745529 |
|  |  | 11994028 |
|  | **Restaurants 0.6%** |  |
| 21310 | Domino's Pizza Enterprises Ltd. | 961216 |
|  | **Semiconductor Equipment 1.6%** |  |
| 31702 | Nova Ltd.\* | 2589419 |
|  | **Semiconductors 7.2%** |  |
| 59400 | ASPEED Technology, Inc. | 3256463 |
| 28052 | Melexis NV | 2432288 |
| 6626 | Monolithic Power Systems, Inc. | 2343020 |
| 276000 | Silergy Corp. | 3919702 |
|  |  | 11951473 |
|  | **Specialty Chemicals 1.2%** |  |
| 16766 | Balchem Corp. | 2047296 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL OPPORTUNITIES FUND (WAGOX / WIGOX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Specialty Stores 4.6%** |  |
| 43405 | Five Below, Inc.\* | $7677042 |
|  | **Systems Software 3.3%** |  |
| 21615 | CyberArk Software Ltd.\* | 2802385 |
| 26829 | Rapid7, Inc.\* | 911649 |
| 23561 | Tata Elxsi Ltd. | 1790186 |
|  |  | 5504220 |
|  | **Thrifts & Mortgage Finance 1.8%** |  |
| 136611 | Aavas Financiers Ltd.\* | 3048029 |
|  | **Trading Companies & Distributors 1.9%** |  |
| 65227 | Diploma PLC | 2189048 |
| 69700 | MonotaRO Co. Ltd. | 986230 |
|  |  | 3175278 |
|  | **Trucking 2.1%** |  |
| 16159 | Saia, Inc.\* | 3388219 |
|  | **Total Common Stocks<br>(cost $146,838,562)** | **167314272** |
|  | **Total Investments**<br> **(cost $146,838,562) 101.2%** | **167314272** |
|  | **Liabilities less Other Assets (1.2%)** | **(1984852)** |
|  | **NET ASSETS 100.0%** | $**165329420** |
|  | \*Non-income producing.<br>ADR American Depositary Receipt.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  Australia | 1.8 |
|  Belgium | 1.5 |
|  Germany | 1 |
|  India | 15 |
|  Israel | 4 |
|  Italy | 0.4 |
|  Japan | 11.4 |
|  Taiwan | 6.9 |
|  United Kingdom | 5.9 |
|  United States | 52.1 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 100.3%** |  |
|  | **Application Software 11.5%** |  |
| 11119 | Dassault Systemes SE | $398668 |
| 2624 | Five9, Inc.\* | 178065 |
| 670 | HubSpot, Inc.\* | 193717 |
| 1357 | Roper Technologies, Inc. | 586346 |
| 3064 | Xero Ltd.\* | 146592 |
|  |  | 1503388 |
|  | **Biotechnology 4.6%** |  |
| 38256 | Abcam PLC\* | 595263 |
|  | **Building Products 5.1%** |  |
| 18929 | Assa Abloy AB, Class B | 405796 |
| 6109 | Trex Co., Inc.\* | 258594 |
|  |  | 664390 |
|  | **Consumer Finance 4.0%** |  |
| 6543 | Bajaj Finance Ltd. | 520023 |
|  | **Data Processing & Outsourced Services 4.4%** |  |
| 7668 | Amadeus IT Group SA\* | 398508 |
| 2851 | Block, Inc.\* | 179157 |
|  |  | 577665 |
|  | **Distributors 2.9%** |  |
| 1248 | Pool Corp. | 377308 |
|  | **Diversified Banks 4.7%** |  |
| 31173 | HDFC Bank Ltd. | 613493 |
|  | **Diversified Support Services 4.4%** |  |
| 9459 | Copart, Inc.\* | 575958 |
|  | **Drug Retail 3.7%** |  |
| 10800 | Sugi Holdings Co. Ltd. | 483054 |
|  | **Electrical Components & Equipment 2.4%** |  |
| 43100 | WEG SA | 313091 |
|  | **Electronic Components 4.4%** |  |
| 7513 | Amphenol Corp., Class A | 572040 |
|  | **Financial Exchanges & Data 7.3%** |  |
| 1616 | MarketAxess Holdings, Inc. | 450686 |
| 2348 | Morningstar, Inc. | 508554 |
|  |  | 959240 |
|  | **Health Care Equipment 2.6%** |  |
| 2403 | DiaSorin SpA | 335427 |
|  | **Health Care Supplies 2.6%** |  |
| 2859 | Coloplast A/S, Class B | 334184 |
|  | **Health Care Technology 1.8%** |  |
| 8100 | JMDC, Inc. | 233298 |
|  | **Internet & Direct Marketing Retail 2.7%** |  |
| 424 | MercadoLibre, Inc.\* | 358806 |
|  | **IT Consulting & Other Services 2.2%** |  |
| 1741 | Globant SA\* | 292767 |
|  | **Life Sciences Tools & Services 3.7%** |  |
| 2513 | ICON PLC\* | 488150 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL SELECT FUND (WAGSX / WGGSX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Managed Health Care 3.2%** |  |
| 6839 | HealthEquity, Inc.\* | $421556 |
|  | **Regional Banks 4.0%** |  |
| 12911 | Bank OZK | 517215 |
|  | **Research & Consulting Services 4.4%** |  |
| 18280 | BayCurrent Consulting, Inc. | 573165 |
|  | **Semiconductors 3.7%** |  |
| 729 | Monolithic Power Systems, Inc. | 257782 |
| 15419 | Silergy Corp. | 218978 |
|  |  | 476760 |
|  | **Specialized Finance 2.3%** |  |
| 43100 | Chailease Holding Co. Ltd. | 304296 |
|  | **Specialty Stores 3.8%** |  |
| 2835 | Five Below, Inc.\* | 501426 |
|  | **Trucking 3.9%** |  |
| 1796 | Old Dominion Freight Line, Inc. | 509669 |
|  | **Total Common Stocks<br>(cost $13,958,646)** | **13101632** |
|  | **Total Investments<br>(cost $13,958,646) 100.3%<sup>§</sup>** | **13101632** |
|  | **Liabilities less Other Assets (0.3%)** | **(40764)** |
|  | **NET ASSETS 100.0%** | $**13060868** |
|  | \*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 2.40%.<br>See Notes to Schedules of Investments. |  |

---

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

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL VALUE FUND (FMIEX / WILCX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 97.5%** |  |
|  | **Aerospace & Defense 2.1%** |  |
| 280000 | BAE Systems PLC | $2897612 |
|  | **Biotechnology 3.0%** |  |
| 49000 | Gilead Sciences, Inc. | 4206650 |
|  | **Casinos & Gaming 2.4%** |  |
| 184000 | Kangwon Land, Inc.\* | 3385835 |
|  | **Diversified Banks 10.8%** |  |
| 50000 | Citigroup, Inc. | 2261500 |
| 345000 | ING Groep NV, ADR | 4198650 |
| 33000 | JPMorgan Chase & Co. | 4425300 |
| 180041 | United Overseas Bank Ltd. | 4126668 |
|  |  | 15012118 |
|  | **Diversified Metals & Mining 2.5%** |  |
| 88000 | Anglo American PLC | 3443235 |
|  | **Electric Utilities 7.5%** |  |
| 55500 | Duke Energy Corp. | 5715945 |
| 108000 | Exelon Corp. | 4668840 |
|  |  | 10384785 |
|  | **Electrical Components & Equipment 2.0%** |  |
| 18000 | Eaton Corp. PLC | 2825100 |
|  | **Electronic Components 1.2%** |  |
| 53000 | Corning, Inc. | 1692820 |
|  | **Electronic Manufacturing Services 1.6%** |  |
| 700000 | Hon Hai Precision Industry Co. Ltd. | 2275219 |
|  | **Food Retail 5.0%** |  |
| 130000 | Koninklijke Ahold Delhaize NV | 3735013 |
| 75000 | Seven & i Holdings Co. Ltd. | 3234532 |
|  |  | 6969545 |
|  | **Industrial REITs 2.3%** |  |
| 1900000 | Mapletree Industrial Trust | 3149171 |
|  | **Integrated Oil & Gas 8.1%** |  |
| 129000 | Suncor Energy, Inc. | 4091987 |
| 113000 | TotalEnergies SE | 7094350 |
|  |  | 11186337 |
|  | **Integrated Telecommunication Services 4.4%** |  |
| 200000 | AT&T, Inc. | 3682000 |
| 60000 | Verizon Communications, Inc. | 2364000 |
|  |  | 6046000 |
|  | **Multi-Line Insurance 2.1%** |  |
| 102000 | AXA SA | 2844837 |
|  | **Oil & Gas Drilling 1.1%** |  |
| 42000 | Noble Corp. PLC\* | 1583820 |
|  | **Oil & Gas Exploration & Production 2.8%** |  |
| 30000 | EOG Resources, Inc. | 3885600 |
|  | **Packaged Foods & Meats 3.0%** |  |
| 102000 | Kraft Heinz Co. | 4152420 |

---

------

---

| | |
|:---|:---|
| **WASATCH GLOBAL VALUE FUND (FMIEX / WILCX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Pharmaceuticals 13.9%** |  |
| 62000 | Bristol-Myers Squibb Co. | $4460900 |
| 41000 | Johnson & Johnson | 7242650 |
| 58000 | Novartis AG | 5243303 |
| 24000 | Sanofi | 2308060 |
|  |  | 19254913 |
|  | **Property & Casualty Insurance 3.2%** |  |
| 82000 | Axis Capital Holdings Ltd. | 4441940 |
|  | **Railroads 3.7%** |  |
| 24700 | Union Pacific Corp. | 5114629 |
|  | **Regional Banks 1.4%** |  |
| 49000 | Bank OZK | 1962940 |
|  | **Reinsurance 4.5%** |  |
| 19000 | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 6182916 |
|  | **Retail REITs 1.9%** |  |
| 122000 | Kimco Realty Corp. | 2583960 |
|  | **Technology Hardware, Storage & Peripherals 2.9%** |  |
| 90000 | Samsung Electronics Co. Ltd. | 3950392 |
|  | **Tobacco 4.1%** |  |
| 78000 | KT&G Corp.\* | 5637643 |
|  | **Total Common Stocks<br>(cost $110,862,442)** | **135070437** |
|  | **Total Investments<br>(cost $110,862,442) 97.5%<sup>$</sup>** | **135070437** |
|  | **Other Assets less Liabilities 2.5%** | **3469372** |
|  | **NET ASSETS 100.0%** | $**138539809** |
|  | \*Non-income producing.<br><sup>$</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 9.36%.<br>ADR American Depositary Receipt.<br>See Notes to Schedules of Investments. |  |

---

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

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH GREATER CHINA FUND (WAGCX / WGGCX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 99.3%** |  |
|  | **Apparel, Accessories & Luxury Goods 1.1%** |  |
| 5300 | Shenzhou International Group Holdings Ltd. | $59617 |
|  | **Application Software 3.8%** |  |
| 24600 | Glodon Co. Ltd., Class A | 212145 |
|  | **Construction Materials 0.7%** |  |
| 8500 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A | 41047 |
|  | **Distillers & Vintners 6.2%** |  |
| 800 | Kweichow Moutai Co. Ltd., Class A | 198743 |
| 5500 | Wuliangye Yibin Co. Ltd., Class A | 142957 |
|  |  | 341700 |
|  | **Diversified Banks 1.2%** |  |
| 11500 | China Merchants Bank Co. Ltd., Class H | 64311 |
|  | **Drug Retail 3.8%** |  |
| 22770 | Yifeng Pharmacy Chain Co. Ltd., Class A | 209105 |
|  | **Electrical Components & Equipment 2.9%** |  |
| 2800 | Contemporary Amperex Technology Co. Ltd., Class A | 158461 |
|  | **Electronic Components 3.5%** |  |
| 23400 | Shenzhen H&T Intelligent Control Co. Ltd., Class A | 49077 |
| 16000 | Sinbon Electronics Co. Ltd. | 143157 |
|  |  | 192234 |
|  | **Health Care Equipment 4.6%** |  |
| 5600 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A | 254532 |
|  | **Hotels, Resorts & Cruise Lines 4.5%** |  |
| 57700 | H World Group Ltd. | 248750 |
|  | **Industrial Machinery 10.1%** |  |
| 5000 | Airtac International Group | 151454 |
| 17463 | Shenzhen Inovance Technology Co. Ltd., Class A | 174587 |
| 17278 | Techtronic Industries Co. Ltd. | 192803 |
| 6700 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A | 38793 |
|  |  | 557637 |
|  | **Internet & Direct Marketing Retail 3.4%** |  |
| 8400 | Meituan, Class B\* | 188007 |
|  | **Life & Health Insurance 6.7%** |  |
| 20200 | AIA Group Ltd. | 224633 |
| 22000 | Ping An Insurance Group Co. of China Ltd., Class H | 145578 |
|  |  | 370211 |
|  | **Life Sciences Tools & Services 8.5%** |  |
| 15400 | Hangzhou Tigermed Consulting Co. Ltd., Class A | 232162 |
| 30687 | Wuxi Biologics Cayman, Inc.\* | 235299 |
|  |  | 467461 |
|  | **Packaged Foods & Meats 6.6%** |  |
| 29000 | Chongqing Fuling Zhacai Group Co. Ltd., Class A | 107503 |
| 16006 | Foshan Haitian Flavouring & Food Co. Ltd., Class A | 183276 |
| 16000 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A | 71349 |
|  |  | 362128 |
|  | **Personal Products 5.5%** |  |
| 9341 | Proya Cosmetics Co. Ltd., Class A | 225043 |

---

------

---

| | |
|:---|:---|
| **WASATCH GREATER CHINA FUND (WAGCX / WGGCX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 3582 | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A | $76899 |
|  |  | 301942 |
|  | **Regional Banks 2.2%** |  |
| 26000 | Bank of Ningbo Co. Ltd., Class A | 121366 |
|  | **Semiconductors 12.0%** |  |
| 9750 | SG Micro Corp., Class A | 242078 |
| 16000 | Silergy Corp. | 227229 |
| 38356 | Sino Wealth Electronic Ltd., Class A | 195154 |
|  |  | 664461 |
|  | **Specialized Finance 6.5%** |  |
| 50940 | Chailease Holding Co. Ltd. | 359649 |
|  | **Specialty Stores 3.1%** |  |
| 5500 | China Tourism Group Duty Free Corp. Ltd., Class A | 170917 |
|  | **Systems Software 2.4%** |  |
| 35100 | Hangzhou Dptech Technologies Co. Ltd., Class A | 66447 |
| 4000 | Sangfor Technologies, Inc., Class A | 64761 |
|  |  | 131208 |
|  | **Total Common Stocks<br>(cost $7,147,169)** | **5476889** |
|  | **Total Investments<br>(cost $7,147,169) 99.3%** | **5476889** |
|  | **Other Assets less Liabilities 0.7%** | **38913** |
|  | **NET ASSETS 100.0%** | $**5515802** |
|  | \*Non-income producing.<br>See Notes to Schedules of Investments. | \*Non-income producing.<br>See Notes to Schedules of Investments. |

---

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  China | 76.3 |
|  Hong Kong | 7.6 |
|  Taiwan | 16.1 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 99.6%** |  |
|  | **Aerospace & Defense 2.1%** |  |
| 587537 | CAE, Inc.\* | $11364545 |
|  | **Airport Services 2.8%** |  |
| 1971560 | Grupo Aeroportuario del Centro Norte SAB de CV | 15183435 |
|  | **Apparel, Accessories & Luxury Goods 0.8%** |  |
| 249799 | Canada Goose Holdings, Inc.\* | 4442511 |
|  | **Application Software 10.7%** |  |
| 272286 | Descartes Systems Group, Inc.\* | 18981592 |
| 260000 | Fortnox AB | 1178302 |
| 128898 | Kinaxis, Inc.\* | 14461518 |
| 173500 | Rakus Co. Ltd. | 2094057 |
| 3446618 | Systena Corp. | 10793660 |
| 1179898 | Technology One Ltd. | 10555805 |
|  |  | 58064934 |
|  | **Asset Management & Custody Banks 1.7%** |  |
| 1151565 | Netwealth Group Ltd. | 9486923 |
|  | **Biotechnology 4.3%** |  |
| 1513583 | Abcam PLC \* | 23551352 |
|  | **Brewers 0.6%** |  |
| 41952 | Royal Unibrew A/S | 2991136 |
|  | **Commodity Chemicals 0.4%** |  |
| 345811 | Berger Paints India Ltd. | 2430040 |
|  | **Construction & Engineering 1.7%** |  |
| 2158515 | Johns Lyng Group Ltd. | 9096980 |
|  | **Data Processing & Outsourced Services 1.8%** |  |
| 119600 | GMO Payment Gateway, Inc. | 9951478 |
|  | **Diversified Real Estate Activities 1.6%** |  |
| 780768 | Patrizia SE | 8658605 |
|  | **Drug Retail 6.1%** |  |
| 301586 | Ain Holdings, Inc. | 13879758 |
| 180083 | Clicks Group Ltd. | 2862463 |
| 613000 | Raia Drogasil SA | 2760731 |
| 312100 | Sugi Holdings Co. Ltd. | 13959364 |
|  |  | 33462316 |
|  | **Electrical Components & Equipment 2.8%** |  |
| 303585 | Voltronic Power Technology Corp. | 15260491 |
|  | **Electronic Equipment & Instruments 2.2%** |  |
| 494924 | Halma PLC | 11811200 |
|  | **General Merchandise Stores 0.4%** |  |
| 449683 | B&M European Value Retail SA | 2236009 |
|  | **Health Care Equipment 2.3%** |  |
| 89407 | DiaSorin SpA | 12480020 |
|  | **Health Care Services 1.0%** |  |
| 207432 | Dr. Lal PathLabs Ltd. | 5667710 |
|  | **Health Care Supplies 1.0%** |  |
| 251328 | Menicon Co. Ltd. | 5319942 |
|  | **Health Care Technology 2.6%** |  |
| 390827 | JMDC, Inc. | 11256675 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 79427 | Pro Medicus Ltd. | $2988344 |
|  |  | 14245019 |
|  | **Human Resource & Employment Services 4.3%** |  |
| 421336 | SMS Co. Ltd. | 10770971 |
| 407400 | TechnoPro Holdings, Inc. | 10942434 |
| 28300 | Visional, Inc.\* | 1880341 |
|  |  | 23593746 |
|  | **Industrial Machinery 0.3%** |  |
| 362890 | Elgi Equipments Ltd. | 1840111 |
|  | **Interactive Media & Services 1.9%** |  |
| 125500 | Kakaku.com, Inc. | 2019628 |
| 912166 | Rightmove PLC | 5639531 |
| 54950 | Scout24 SE | 2760479 |
|  |  | 10419638 |
|  | **Investment Banking & Brokerage 1.1%** |  |
| 1355720 | AJ Bell PLC | 5870890 |
|  | **IT Consulting & Other Services 7.1%** |  |
| 99918 | Endava PLC, ADR\* | 7643727 |
| 28696 | Globant SA\* | 4825519 |
| 123826 | LTIMindtree Ltd. | 6533906 |
| 122352 | Reply SpA | 14013965 |
| 380523 | Softcat PLC | 5446795 |
|  |  | 38463912 |
|  | **Life Sciences Tools & Services 0.4%** |  |
| 88103 | PolyPeptide Group AG\* | 2412554 |
|  | **Movies & Entertainment 2.6%** |  |
| 224782 | CTS Eventim AG & Co. KGaA\* | 14340820 |
|  | **Pharmaceuticals 0.8%** |  |
| 324600 | JCR Pharmaceuticals Co. Ltd. | 4157670 |
|  | **Property & Casualty Insurance 1.6%** |  |
| 117700 | Definity Financial Corp. | 3344975 |
| 1221405 | Qualitas Controladora SAB de CV | 5385427 |
|  |  | 8730402 |
|  | **Publishing 0.9%** |  |
| 312951 | Future PLC | 4793595 |
|  | **Regional Banks 3.6%** |  |
| 1836522 | AU Small Finance Bank Ltd. | 14528125 |
| 273023 | Canadian Western Bank | 4851502 |
|  |  | 19379627 |
|  | **Research & Consulting Services 4.1%** |  |
| 714300 | BayCurrent Consulting, Inc. | 22396712 |
|  | **Restaurants 0.7%** |  |
| 82536 | Domino's Pizza Enterprises Ltd. | 3722895 |
|  | **Semiconductor Equipment 0.3%** |  |
| 22052 | Tokai Carbon Korea Co. Ltd. | 1662047 |
|  | **Semiconductors 6.6%** |  |
| 71500 | ASPEED Technology, Inc. | 3919816 |
| 113851 | LEENO Industrial, Inc. | 14068574 |
| 143460 | Melexis NV | 12438901 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 404996 | Silergy Corp. | $5751680 |
|  |  | 36178971 |
|  | **Soft Drinks 0.3%** |  |
| 140035 | Fevertree Drinks PLC | 1745435 |
|  | **Specialty Chemicals 2.0%** |  |
| 1018607 | Hexpol AB | 10845124 |
|  | **Specialty Stores 0.9%** |  |
| 2413700 | Pet Center Comercio e Participacoes SA | 2847690 |
| 71036 | Pet Valu Holdings Ltd. | 2052909 |
|  |  | 4900599 |
|  | **Systems Software 2.1%** |  |
| 87273 | CyberArk Software Ltd.\* | 11314944 |
|  | **Thrifts & Mortgage Finance 4.6%** |  |
| 74534 | Aavas Financiers Ltd.\* | 1662983 |
| 272398 | EQB, Inc. | 11412953 |
| 2056670 | OSB Group PLC | 11929802 |
|  |  | 25005738 |
|  | **Trading Companies & Distributors 6.5%** |  |
| 485102 | Diploma PLC | 16280244 |
| 599174 | Howden Joinery Group PLC | 4068070 |
| 41265 | IMCD NV | 5881515 |
| 283048 | MonotaRO Co. Ltd. | 4005030 |
| 464299 | RS Group PLC | 5026570 |
|  |  | 35261429 |
|  | **Total Common Stocks <br>(cost $425,442,720)** | **542741505** |
|  | **Total Investments <br>(cost $425,442,720) 99.6%<sup>§</sup>** | **542741505** |
|  | **Other Assets less Liabilities 0.4%** | **2451789** |
|  | **NET ASSETS 100.0%** | $**545193294** |
|  | \*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 3.91%.<br>ADR American Depositary Receipt.<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  Australia | 6.6 |
|  Belgium | 2.3 |
|  Brazil | 1 |
|  Canada | 13.1 |
|  Denmark | 0.6 |
|  Germany | 4.8 |
|  India | 6 |
|  Israel | 2.1 |
|  Italy | 4.9 |
|  Japan | 22.7 |
|  Mexico | 3.8 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL GROWTH FUND (WAIGX / WIIGX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL OPPORTUNITIES FUND<br>(WAIOX / WIIOX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 96.4%** |  |
|  | **Advertising 4.3%** |  |
| 228900 | Direct Marketing MiX, Inc. | $2706894 |
| 1102930 | YouGov PLC | 13600551 |
|  |  | 16307445 |
|  | **Air Freight & Logistics 2.3%** |  |
| 741219 | AZ-COM MARUWA Holdings Inc. | 8895306 |
|  | **Alternative Carriers 1.5%** |  |
| 627552 | Chief Telecom, Inc. | 5737408 |
|  | **Application Software 12.7%** |  |
| 37947 | Atoss Software AG | 5654352 |
| 1534861 | Bytes Technology Group PLC | 7181057 |
| 26011 | Esker SA | 4379777 |
| 1383441 | Fortnox AB | 6269656 |
| 170396 | LiveChat Software SA | 4161359 |
| 63209 | Mensch und Maschine Software SE | 3085389 |
| 238832 | Rakus Co. Ltd. | 2882581 |
| 2846000 | Systena Corp. | 8912725 |
| 152568 | Vitec Software Group AB, B Shares | 6114505 |
|  |  | 48641401 |
|  | **Asset Management & Custody Banks 3.3%** |  |
| 1184764 | JTC PLC | 10713758 |
| 8720111 | VEF AB\* | 2049067 |
|  |  | 12762825 |
|  | **Brewers 0.6%** |  |
| 33902 | Royal Unibrew A/S | 2417179 |
|  | **Commodity Chemicals 2.0%** |  |
| 529374 | Berger Paints India Ltd. | 3719951 |
| 133301 | Supreme Industries Ltd. | 3947711 |
|  |  | 7667662 |
|  | **Construction & Engineering 2.4%** |  |
| 2141416 | Johns Lyng Group Ltd. | 9024917 |
|  | **Consumer Finance 3.1%** |  |
| 96249 | Gruppo MutuiOnline SpA | 2711741 |
| 689150 | Premium Group Co. Ltd. | 9121103 |
|  |  | 11832844 |
|  | **Diversified Banks 1.5%** |  |
| 2649876 | City Union Bank Ltd. | 5778286 |
|  | **Diversified Support Services 4.5%** |  |
| 572900 | Japan Elevator Service Holdings Co. Ltd. | 7220181 |
| 3267580 | Johnson Service Group PLC | 3827881 |
| 1108937 | Prestige International, Inc. | 6134473 |
|  |  | 17182535 |
|  | **Drug Retail 1.3%** |  |
| 103900 | Ain Holdings, Inc. | 4781743 |
|  | **Electrical Components & Equipment 4.1%** |  |
| 1184127 | DiscoverIE Group PLC | 10464634 |
| 106631 | Voltronic Power Technology Corp. | 5360085 |
|  |  | 15824719 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL OPPORTUNITIES FUND<br>(WAIOX / WIIOX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Electronic Equipment & Instruments 0.8%** |  |
| 155069 | Nayax Ltd.\* | $2924593 |
|  | **Food Retail 2.2%** |  |
| 56713 | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 3965843 |
| 3591800 | Sheng Siong Group Ltd. | 4424720 |
|  |  | 8390563 |
|  | **Health Care Services 3.0%** |  |
| 203587 | Dr. Lal PathLabs Ltd. | 5562652 |
| 1131914 | Vijaya Diagnostic Centre Pvt. Ltd. | 5981098 |
|  |  | 11543750 |
|  | **Health Care Technology 4.7%** |  |
| 163168 | Nexus AG | 9746201 |
| 218707 | Pro Medicus Ltd. | 8228584 |
|  |  | 17974785 |
|  | **Human Resource & Employment Services 1.5%** |  |
| 304200 | S-Pool, Inc. | 2002658 |
| 143362 | SMS Co. Ltd. | 3664885 |
|  |  | 5667543 |
|  | **Industrial Machinery 1.6%** |  |
| 787523 | Elgi Equipments Ltd. | 3993302 |
| 120268 | GMM Pfaudler Ltd. | 2278085 |
|  |  | 6271387 |
|  | **Interactive Media & Services 2.5%** |  |
| 2650992 | Baltic Classifieds Group PLC | 4512523 |
| 415299 | Hemnet Group AB | 4998783 |
|  |  | 9511306 |
|  | **Internet & Direct Marketing Retail 0.3%** |  |
| 34100 | Temairazu, Inc. | 1299147 |
|  | **Investment Banking & Brokerage 2.2%** |  |
| 536149 | AJ Bell PLC | 2321771 |
| 175000 | Strike Co. Ltd. | 5987123 |
|  |  | 8308894 |
|  | **IT Consulting & Other Services 7.6%** |  |
| 23952 | Adesso SE | 3379274 |
| 46235 | Aubay | 2412746 |
| 181591 | Avant Group Corp. | 1884539 |
| 72289 | Base Co. Ltd. | 1922346 |
| 113073 | Digital Value SpA\* | 8073297 |
| 3301785 | Kin & Carta PLC\* | 8542224 |
| 24046 | Nagarro SE\* | 2846847 |
|  |  | 29061273 |
|  | **Life Sciences Tools & Services 1.1%** |  |
| 165102 | Ergomed PLC\* | 2538913 |
| 207065 | Tarsons Products Ltd.\* | 1738140 |
|  |  | 4277053 |
|  | **Metal & Glass Containers 0.4%** |  |
| 149662 | Mold-Tek Packaging Ltd. | 1704027 |
|  | **Movies & Entertainment 1.4%** |  |
| 159380 | NexTone, Inc.\* | 5428441 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL OPPORTUNITIES FUND<br>(WAIOX / WIIOX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Personal Products 1.0%** |  |
| 523566 | Sarantis SA | $3637327 |
|  | **Property & Casualty Insurance 1.5%** |  |
| 1277998 | Qualitas Controladora SAB de CV | 5634957 |
|  | **Publishing 1.5%** |  |
| 386032 | Future PLC | 5913006 |
|  | **Research & Consulting Services 7.7%** |  |
| 6865718 | CTOS Digital Bhd | 2213239 |
| 279067 | Funai Soken Holdings, Inc. | 5779519 |
| 106400 | Management Solutions Co. Ltd. | 2691619 |
| 344117 | NICE Information Service Co. Ltd.\* | 3336447 |
| 1109800 | SIGMAXYZ Holdings, Inc. | 10933949 |
| 447604 | Talenom Oyj | 4360151 |
|  |  | 29314924 |
|  | **Restaurants 0.0%** |  |
| 630045 | Patisserie Holdings PLC\* \*\*\* <sup>§§</sup> | 7617 |
|  | **Semiconductor Equipment 1.1%** |  |
| 382000 | Materials Analysis Technology, Inc. | 1882937 |
| 31001 | Tokai Carbon Korea Co. Ltd. | 2336528 |
|  |  | 4219465 |
|  | **Semiconductors 3.5%** |  |
| 66890 | Elmos Semiconductor SE | 3837887 |
| 77763 | LEENO Industrial, Inc. | 9609178 |
|  |  | 13447065 |
|  | **Specialized Finance 1.6%** |  |
| 321700 | eGuarantee, Inc. | 5988366 |
|  | **Specialty Stores 0.9%** |  |
| 91671 | Musti Group Oyj | 1531796 |
| 1578200 | Pet Center Comercio e Participacoes SA | 1861965 |
|  |  | 3393761 |
|  | **Systems Software 0.2%** |  |
| 45668 | TECSYS, Inc. | 894809 |
|  | **Thrifts & Mortgage Finance 4.5%** |  |
| 305439 | Aavas Financiers Ltd.\* | 6814875 |
| 133234 | EQB, Inc. | 5582249 |
| 767823 | Mortgage Advice Bureau Holdings Ltd. | 4919776 |
|  |  | 17316900 |
|  | **Total Common Stocks**<br> **(cost $321,449,040)** | **368985229** |
|  | **Total Investments**<br> **(cost $321,449,040) 96.4%<sup>§</sup>** | **368985229** |
|  | **Other Assets less Liabilities 3.6%** | **13795733** |
|  | **NET ASSETS 100.0%** | $**382780962** |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).<br><sup>§</sup>The aggregate amount of foreign securities fair valued pursuant to a systematic valuation model as a percent of net assets was 6.28%.<br><sup>§§</sup>The aggregate value of illiquid holdings at December 31, 2022 amounts to approximately $7,617 and represents 0.00% of net assets.<br>See Notes to Schedules of Investments. |  |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL OPPORTUNITIES FUND<br>(WAIOX / WIIOX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  Australia | 4.7 |
|  Brazil | 0.5 |
|  Canada | 1.8 |
|  Denmark | 0.7 |
|  Finland | 1.6 |
|  France | 1.8 |
|  Germany | 7.7 |
|  Greece | 1 |
|  India | 11.3 |
|  Israel | 1.9 |
|  Italy | 2.9 |
|  Japan | 26.6 |
|  Malaysia | 0.6 |
|  Mexico | 1.5 |
|  Poland | 1.1 |
|  Singapore | 1.2 |
|  South Korea | 4.1 |
|  Sweden | 5.3 |
|  Taiwan | 3.5 |
|  United Kingdom | 20.2 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 97.8%** |  |
|  | **Aerospace & Defense 4.8%** |  |
| 11062 | CAE, Inc.\* | $213969 |
|  | **Apparel, Accessories & Luxury Goods 5.0%** |  |
| 145 | Hermes International | 224286 |
|  | **Application Software 10.1%** |  |
| 5700 | Dassault Systemes SE | 204372 |
| 2021 | Descartes Systems Group, Inc.\* | 140888 |
| 2242 | Xero Ltd.\* | 107264 |
|  |  | 452524 |
|  | **Asset Management & Custody Banks 3.1%** |  |
| 159 | Partners Group Holding AG | 140454 |
|  | **Biotechnology 4.8%** |  |
| 13962 | Abcam PLC\* | 217249 |
|  | **Building Products 5.1%** |  |
| 10784 | Assa Abloy AB, Class B | 231185 |
|  | **Data Processing & Outsourced Services 9.9%** |  |
| 81 | Adyen NV\* | 111713 |
| 4502 | Amadeus IT Group SA\* | 233970 |
| 1200 | GMO Payment Gateway, Inc. | 99848 |
|  |  | 445531 |
|  | **Drug Retail 4.3%** |  |
| 4300 | Sugi Holdings Co. Ltd. | 192327 |
|  | **Electronic Equipment & Instruments 3.7%** |  |
| 7012 | Halma PLC | 167339 |
|  | **General Merchandise Stores 3.9%** |  |
| 3026 | Dollarama, Inc. | 176979 |
|  | **Health Care Equipment 3.3%** |  |
| 1055 | DiaSorin SpA | 147264 |
|  | **Health Care Supplies 3.8%** |  |
| 1449 | Coloplast A/S, Class B | 169371 |
|  | **Health Care Technology 4.5%** |  |
| 4901 | JMDC, Inc. | 141159 |
| 2200 | M3, Inc. | 59979 |
|  |  | 201138 |
|  | **Industrial Machinery 3.4%** |  |
| 256 | Rational AG | 152089 |
|  | **Interactive Media & Services 6.1%** |  |
| 2600 | Kakaku.com, Inc. | 41841 |
| 1188 | REA Group Ltd. | 89621 |
| 2825 | Scout24 AG | 141917 |
|  |  | 273379 |
|  | **IT Consulting & Other Services 3.6%** |  |
| 1100 | Obic Co. Ltd. | 162687 |
|  | **Life Sciences Tools & Services 6.6%** |  |
| 1151 | ICON PLC\* | 223582 |
| 221 | Sartorius Stedim Biotech | 71562 |
|  |  | 295144 |

---

------

---

| | |
|:---|:---|
| **WASATCH INTERNATIONAL SELECT FUND (WAISX / WGISX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Real Estate Services 3.7%** |  |
| 1343 | FirstService Corp. | $164463 |
|  | **Research & Consulting Services 8.1%** |  |
| 11600 | BayCurrent Consulting, Inc. | 363715 |
|  | **Total Common Stocks<br>(cost $4,722,847)** | **4391093** |
|  | **Total Investments<br>(cost $4,722,847) 97.8%** | **4391093** |
|  | **Other Assets less Liabilities 2.2%** | **99365** |
|  | **NET ASSETS 100.0%** | $**4490458** |
|  | \*Non-income producing.<br>See Notes to Schedules of Investments. | \*Non-income producing.<br>See Notes to Schedules of Investments. |

---

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

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 109.5%** |  |
|  | **Application Software 15.1%** |  |
| 8896 | Five9, Inc.\* | $603683 |
| 7818 | Guidewire Software, Inc.\* <sup>††</sup> | 489094 |
| 1795 | HubSpot, Inc.\* <sup>†</sup><sup>†</sup> | 518988 |
| 3611 | Paylocity Holding Corp.\* <sup>†</sup><sup>†</sup> | 701473 |
| 2325 | Roper Technologies, Inc.<sup>†</sup><sup>†</sup> | 1004609 |
| 3518 | Workday, Inc., Class A\* <sup>†</sup><sup>†</sup> | 588667 |
|  |  | 3906514 |
|  | **Asset Management & Custody Banks 4.2%** |  |
| 6877 | Cohen & Steers, Inc. | 443979 |
| 10137 | Hamilton Lane, Inc., Class A | 647552 |
|  |  | 1091531 |
|  | **Biotechnology 1.5%** |  |
| 36630 | C4 Therapeutics, Inc.\* | 216117 |
| 51780 | Sangamo Therapeutics, Inc.\* <sup>†</sup><sup>†</sup> | 162589 |
|  |  | 378706 |
|  | **Broadcasting 2.2%** |  |
| 26506 | TEGNA, Inc.<sup>†</sup><sup>†</sup> | 561662 |
|  | **Casinos & Gaming 2.1%** |  |
| 43790 | NEOGAMES SA\* | 533800 |
|  | **Commodity Chemicals 2.7%** |  |
| 5297 | AdvanSix, Inc.<sup>†</sup><sup>†</sup> | 201392 |
| 14971 | Valvoline, Inc.<sup>†</sup><sup>†</sup> | 488803 |
|  |  | 690195 |
|  | **Data Processing & Outsourced Services 1.8%** |  |
| 7346 | Block, Inc.\* <sup>†</sup><sup>†</sup> | 461623 |
|  | **Distributors 3.0%** |  |
| 2592 | Pool Corp.<sup>†</sup><sup>†</sup> | 783639 |
|  | **Education Services 1.3%** |  |
| 3130 | Grand Canyon Education, Inc.\* <sup>†</sup><sup>†</sup> | 330716 |
|  | **Electrical Components & Equipment 1.9%** |  |
| 3519 | Encore Wire Corp.<sup>†</sup><sup>†</sup> | 484074 |
|  | **Electronic Equipment & Instruments 4.1%** |  |
| 14609 | Cognex Corp.<sup>†</sup><sup>†</sup> | 688230 |
| 2656 | Novanta, Inc.\* <sup>†</sup><sup>†</sup> | 360871 |
|  |  | 1049101 |
|  | **Electronic Manufacturing Services 2.3%** |  |
| 4727 | Fabrinet\* | 606096 |
|  | **Financial Exchanges & Data 6.0%** |  |
| 3408 | MarketAxess Holdings, Inc.<sup>†</sup><sup>†</sup> | 950457 |
| 2827 | Morningstar, Inc.<sup>†</sup><sup>†</sup> | 612300 |
|  |  | 1562757 |
|  | **Health Care Equipment 2.3%** |  |
| 2372 | Inspire Medical Systems, Inc.\* <sup>†</sup><sup>†</sup> | 597459 |
|  | **Health Care Facilities 2.9%** |  |
| 8005 | Ensign Group, Inc.<sup>†</sup><sup>†</sup> | 757353 |
|  | **Health Care Services 1.4%** |  |
| 3679 | Addus HomeCare Corp.\* <sup>†</sup><sup>†</sup> | 366024 |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Supplies 6.5%** |  |
| 41105 | Neogen Corp.\* <sup>†</sup><sup>†</sup> | $626029 |
| 7850 | Silk Road Medical, Inc.\* <sup>†</sup><sup>†</sup> | 414872 |
| 5431 | UFP Technologies, Inc.\* <sup>†</sup><sup>†</sup> | 640261 |
|  |  | 1681162 |
|  | **Home Improvement Retail 1.8%** |  |
| 6650 | Floor & Decor Holdings, Inc., Class A\* <sup>†</sup><sup>†</sup> | 463040 |
|  | **Homebuilding 0.8%** |  |
| 4127 | Skyline Champion Corp.\* <sup>†</sup><sup>†</sup> | 212582 |
|  | **Industrial Machinery 5.1%** |  |
| 4109 | Kadant, Inc.<sup>†</sup><sup>†</sup> | 729882 |
| 2845 | RBC Bearings, Inc.\* <sup>†</sup><sup>†</sup> | 595601 |
|  |  | 1325483 |
|  | **Investment Banking & Brokerage 3.7%** |  |
| 12466 | Moelis & Co., Class A | 478320 |
| 23746 | Virtu Financial, Inc., Class A<sup>†</sup><sup>†</sup> | 484656 |
|  |  | 962976 |
|  | **IT Consulting & Other Services 4.1%** |  |
| 4275 | Globant SA\* <sup>†</sup><sup>†</sup> | 718884 |
| 29492 | Grid Dynamics Holdings, Inc.\* | 330900 |
|  |  | 1049784 |
|  | **Leisure Products 1.3%** |  |
| 7900 | YETI Holdings, Inc.\* <sup>†</sup><sup>†</sup> | 326349 |
|  | **Life Sciences Tools & Services 2.7%** |  |
| 3293 | Medpace Holdings, Inc.\* <sup>†</sup><sup>†</sup> | 699466 |
|  | **Managed Health Care 2.0%** |  |
| 8303 | HealthEquity, Inc.\* <sup>†</sup><sup>†</sup> | 511797 |
|  | **Multi-Sector Holdings 1.1%** |  |
| 14307 | Cannae Holdings, Inc.\* | 295440 |
|  | **Oil & Gas Equipment & Services 1.6%** |  |
| 8259 | Cactus, Inc., Class A<sup>†</sup><sup>†</sup> | 415097 |
|  | **Oil & Gas Exploration & Production 1.7%** |  |
| 18770 | Magnolia Oil & Gas Corp., Class A<sup>†</sup><sup>†</sup> | 440157 |
|  | **Packaged Foods & Meats 1.4%** |  |
| 6851 | Freshpet, Inc.\* <sup>†</sup><sup>†</sup> | 361527 |
|  | **Pharmaceuticals 2.0%** |  |
| 9886 | Intra-Cellular Therapies, Inc.\* <sup>†</sup><sup>†</sup> | 523167 |
|  | **Property & Casualty Insurance 1.8%** |  |
| 8811 | Axis Capital Holdings Ltd.<sup>†</sup><sup>†</sup> | 477292 |
|  | **Regional Banks 3.7%** |  |
| 15590 | Bank OZK<sup>†</sup><sup>†</sup> | 624535 |
| 19197 | Silvergate Capital Corp., Class A\* <sup>†</sup><sup>†</sup> | 334028 |
|  |  | 958563 |
|  | **Research & Consulting Services 2.7%** |  |
| 7087 | ICF International, Inc.<sup>†</sup><sup>†</sup> | 701967 |
|  | **Semiconductors 3.3%** |  |
| 2376 | Monolithic Power Systems, Inc.<sup>†</sup><sup>†</sup> | 840177 |
|  | **Specialty Chemicals 4.4%** |  |
| 4625 | Balchem Corp.<sup>†</sup><sup>†</sup> | 564759 |
| 5607 | Innospec, Inc.<sup>†</sup><sup>†</sup> | 576736 |
|  |  | 1141495 |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Specialty Stores 2.2%** |  |
| 3206 | Five Below, Inc.\* <sup>†</sup><sup>†</sup> | $567045 |
|  | **Trucking 0.8%** |  |
| 17604 | Lyft, Inc., Class A\* <sup>†</sup><sup>†</sup> | 193996 |
|  | **Total Common Stocks <br>(cost $31,861,010)** | **28309812** |
|  | **COMMON STOCKS SOLD SHORT (37.2%)** |  |
|  | **Aerospace & Defense (0.9)%** |  |
| (7611) | Spirit AeroSystems Holdings, Inc., Class A\* | (225286) |
|  | **Airlines (1.5)%** |  |
| (26053) | Hawaiian Holdings, Inc.\* | (267304) |
| (37865) | Joby Aviation, Inc.\* | (126848) |
|  |  | (394152) |
|  | **Alternative Carriers (0.5)%** |  |
| (92389) | Globalstar, Inc.\* | (122877) |
|  | **Aluminum (0.9)%** |  |
| (27413) | Century Aluminum Co.\* | (224238) |
|  | **Application Software (4.6)%** |  |
| (4100) | Alteryx, Inc., Class A\* | (207747) |
| (4261) | Ceridian HCM Holding, Inc.\* | (273343) |
| (7854) | Domo, Inc., Class B\* | (111841) |
| (9538) | Nutanix, Inc., Class A\* | (248465) |
| (53355) | Yext, Inc.\* | (348408) |
|  |  | (1189804) |
|  | **Asset Management & Custody Banks (0.6)%** |  |
| (2168) | Ares Management Corp., Class A | (148378) |
|  | **Auto Parts & Equipment (0.6)%** |  |
| (33507) | Luminar Technologies, Inc.\* | (165860) |
|  | **Automobile Manufacturers (0.6)%** |  |
| (104767) | Workhorse Group, Inc.\* | (159246) |
|  | **Biotechnology (0.6)%** |  |
| (833) | Karuna Therapeutics, Inc.\* | (163685) |
|  | **Broadcasting (0.5)%** |  |
| (23117) | iHeartMedia, Inc., Class A\* | (141707) |
|  | **Building Products (1.0)%** |  |
| (26283) | JELD-WEN Holding, Inc.\* | (253631) |
|  | **Commercial Printing (0.6)%** |  |
| (9426) | Deluxe Corp. | (160054) |
|  | **Commodity Chemicals (0.8)%** |  |
| (30369) | PureCycle Technologies, Inc.\* | (205294) |
|  | **Electrical Components & Equipment (1.6)%** |  |
| (15533) | Plug Power, Inc.\* | (192143) |
| (8751) | Sunrun, Inc.\* | (210199) |
|  |  | (402342) |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Electronic Equipment & Instruments (1.4)%** |  |
| (51558) | Arlo Technologies, Inc.\* | $(180968) |
| (71995) | SmartRent, Inc.\* | (174948) |
|  |  | (355916) |
|  | **Health Care Equipment (2.1)%** |  |
| (26342) | Alphatec Holdings, Inc.\* | (325324) |
| (5336) | Nevro Corp.\* | (211305) |
|  |  | (536629) |
|  | **Health Care Supplies (0.3)%** |  |
| (9926) | Pulmonx Corp.\* | (83676) |
|  | **Health Care Technology (2.0)%** |  |
| (89107) | American Well Corp., Class A\* | (252173) |
| (8026) | Definitive Healthcare Corp.\* | (88206) |
| (156822) | Multiplan Corp.\* | (180345) |
|  |  | (520724) |
|  | **Heavy Electrical Equipment (0.7)%** |  |
| (9537) | Bloom Energy Corp., Class A\* | (182347) |
|  | **Hotel & Resort REITs (0.9)%** |  |
| (20092) | Park Hotels & Resorts, Inc. | (236885) |
|  | **Hotels, Resorts & Cruise Lines (1.9)%** |  |
| (2395) | Hyatt Hotels Corp., Class A\* | (216628) |
| (35020) | Lindblad Expeditions Holdings, Inc.\* | (269654) |
|  |  | (486282) |
|  | **Industrial Machinery (0.6)%** |  |
| (253509) | Berkshire Grey, Inc.\* | (153094) |
|  | **Interactive Home Entertainment (1.1)%** |  |
| (10254) | ROBLOX Corp., Class A\* | (291829) |
|  | **Interactive Media & Services (0.9)%** |  |
| (94138) | Angi, Inc.\* | (221224) |
|  | **Internet & Direct Marketing Retail (0.8)%** |  |
| (6129) | Xometry, Inc., Class A\* | (197538) |
|  | **Leisure Products (0.7)%** |  |
| (112772) | AMMO, Inc.\* | (195096) |
|  | **Mortgage REITs (0.8)%** |  |
| (26507) | Rithm Capital Corp. | (216562) |
|  | **Multi-Utilities (0.5)%** |  |
| (4192) | CenterPoint Energy, Inc. | (125718) |
|  | **Oil & Gas Refining & Marketing (0.6)%** |  |
| (6246) | Par Pacific Holdings, Inc.\* | (145220) |
|  | **Packaged Foods & Meats (0.5)%** |  |
| (801) | J M Smucker Co. | (126926) |
|  | **Personal Products (1.3)%** |  |
| (39961) | Coty, Inc., Class A\* | (342066) |
|  | **Pharmaceuticals (0.6)%** |  |
| (15147) | Viatris, Inc. | (168586) |
|  | **Real Estate Development (0.8)%** |  |
| (2591) | Howard Hughes Corp.\* | (198004) |
|  | **Research & Consulting Services (0.7)%** |  |
| (14708) | Dun & Bradstreet Holdings, Inc. | (180320) |

---

------

---

| | |
|:---|:---|
| **WASATCH LONG/SHORT ALPHA FUND (WALSX / WGLSX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Restaurants (0.9)%** |  |
| (26605) | Sweetgreen, Inc., Class A\* | $(228005) |
|  | **Semiconductors (0.3)%** |  |
| (1028) | Wolfspeed, Inc.\* | (70973) |
|  | **Soft Drinks (0.7)%** |  |
| (1788) | Celsius Holdings, Inc.\* | (186024) |
|  | **Trading Companies & Distributors (0.8)%** |  |
| (12584) | FTAI Aviation Ltd. | (215438) |
|  | **Total Investments Sold Short<br>(proceeds $13,022,025)(37.2%)** | **(9621636)** |
|  | **Total Investments, Net of Investments Sold Short<br>(cost $18,838,985) 72.3%** | **18688176** |
|  | **Other Assets less Liabilities 27.7%** | **7176021** |
|  | **NET ASSETS 100.0%** | $**25864197** |
|  | <sup>\*</sup>Non-income producing.<br><sup>†</sup><sup>†</sup>All or a portion of this security has been designated as collateral for short sales.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. | <sup>\*</sup>Non-income producing.<br><sup>†</sup><sup>†</sup>All or a portion of this security has been designated as collateral for short sales.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |

---

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  Israel | 1.9 |
|  United States | 98.1 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP FUND (WMICX / WGICX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 97.0%** |  |
|  | **Advertising 1.7%** |  |
| 516479 | Thryv Holdings, Inc.\* | $9813101 |
|  | **Agricultural & Farm Machinery 0.2%** |  |
| 880021 | Hydrofarm Holdings Group, Inc.\* | 1364033 |
|  | **Alternative Carriers 0.7%** |  |
| 178236 | Bandwidth, Inc., Class A\* | 4090516 |
|  | **Apparel Retail 2.1%** |  |
| 195525 | Boot Barn Holdings, Inc.\* | 12224223 |
|  | **Application Software 7.5%** |  |
| 248262 | Agilysys, Inc.\* | 19647455 |
| 279438 | Asure Software, Inc.\* | 2609951 |
| 652519 | CS Disco, Inc.\* | 4123920 |
| 385297 | Enfusion, Inc., Class A\* | 3725822 |
| 138849 | Sprout Social, Inc., Class A\* | 7839415 |
| 1107780 | Weave Communications, Inc.\* | 5073632 |
|  |  | 43020195 |
|  | **Auto Parts & Equipment 3.8%** |  |
| 1723127 | Holley, Inc.\* | 3653029 |
| 108347 | Patrick Industries, Inc. | 6565828 |
| 194879 | XPEL, Inc.\* | 11704433 |
|  |  | 21923290 |
|  | **Biotechnology 3.0%** |  |
| 359606 | Atara Biotherapeutics, Inc.\* | 1179508 |
| 392941 | BriaCell Therapeutics Corp.\* | 1717152 |
| 207116 | C4 Therapeutics, Inc.\* | 1221985 |
| 92173 | Denali Therapeutics, Inc.\* | 2563331 |
| 108536 | Dyne Therapeutics, Inc.\* | 1257932 |
| 46775 | Kymera Therapeutics, Inc.\* | 1167504 |
| 334365 | MacroGenics, Inc.\* | 2243589 |
| 206405 | Nkarta, Inc.\* | 1236366 |
| 180591 | Nurix Therapeutics, Inc.\* | 1982889 |
| 727544 | Sangamo Therapeutics, Inc.\* | 2284488 |
|  |  | 16854744 |
|  | **Building Products 2.7%** |  |
| 55860 | CSW Industrials, Inc. | 6475850 |
| 956801 | Janus International Group, Inc.\* | 9108745 |
|  |  | 15584595 |
|  | **Casinos & Gaming 1.4%** |  |
| 661129 | NEOGAMES SA\* | 8059162 |
|  | **Construction & Engineering 2.2%** |  |
| 463795 | Construction Partners, Inc., Class A\* | 12378689 |
| 1015353 | QualTek Services, Inc., Class A\* | 444521 |
|  |  | 12823210 |
|  | **Consumer Finance 1.2%** |  |
| 803243 | EZCORP, Inc., Class A\* | 6546430 |
|  | **Data Processing & Outsourced Services 2.6%** |  |
| 1878889 | Cantaloupe, Inc.\* | 8173167 |
| 409009 | TaskUS, Inc., Class A\* | 6912252 |
|  |  | 15085419 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP FUND (WMICX / WGICX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Distillers & Vintners 0.8%** |  |
| 1358491 | Vintage Wine Estates, Inc.\* | $4428681 |
|  | **Electrical Components & Equipment 2.7%** |  |
| 446783 | Allied Motion Technologies, Inc. | 15552516 |
|  | **Electronic Equipment & Instruments 3.8%** |  |
| 252164 | Identiv, Inc.\* | 1825667 |
| 528143 | Napco Security Technologies, Inc.\* | 14513370 |
| 541568 | nLight, Inc.\* | 5491500 |
|  |  | 21830537 |
|  | **Environmental & Facilities Services 3.3%** |  |
| 585132 | Heritage-Crystal Clean, Inc.\* | 19005087 |
|  | **Financial Exchanges & Data 0.9%** |  |
| 790237 | Open Lending Corp., Class A\* | 5334100 |
|  | **Health Care Equipment 1.0%** |  |
| 288126 | Paragon 28, Inc.\* | 5506088 |
|  | **Health Care Facilities 1.4%** |  |
| 714108 | Pennant Group, Inc.\* | 7840906 |
|  | **Health Care Services 4.2%** |  |
| 136047 | Addus HomeCare Corp.\* | 13535316 |
| 455191 | Castle Biosciences, Inc.\* | 10715196 |
|  |  | 24250512 |
|  | **Health Care Supplies 6.3%** |  |
| 223885 | OrthoPediatrics Corp.\* | 8894951 |
| 209560 | Silk Road Medical, Inc.\* | 11075246 |
| 134707 | UFP Technologies, Inc.\* | 15880608 |
|  |  | 35850805 |
|  | **Health Care Technology 2.2%** |  |
| 336598 | Simulations Plus, Inc. | 12309389 |
|  | **Home Furnishings 0.9%** |  |
| 1018887 | Purple Innovation, Inc.\* | 4880469 |
|  | **Homebuilding 1.1%** |  |
| 742793 | Dream Finders Homes, Inc., Class A\* | 6432587 |
|  | **Industrial Machinery 7.4%** |  |
| 284175 | Helios Technologies, Inc. | 15470487 |
| 87014 | Kadant, Inc. | 15456297 |
| 343451 | Kornit Digital Ltd.\* | 7889070 |
| 2807296 | Markforged Holding Corp.\* | 3256463 |
|  |  | 42072317 |
|  | **Insurance Brokers 2.0%** |  |
| 183900 | Goosehead Insurance, Inc., Class A\* | 6315126 |
| 619415 | Hagerty, Inc., Class A\* | 5209280 |
|  |  | 11524406 |
|  | **IT Consulting & Other Services 2.1%** |  |
| 1052635 | Grid Dynamics Holdings, Inc.\* | 11810565 |
|  | **Leisure Products 2.5%** |  |
| 545721 | MasterCraft Boat Holdings, Inc.\* | 14117802 |
|  | **Life Sciences Tools & Services 0.2%** |  |
| 225185 | Inotiv, Inc.\* | 1112414 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP FUND (WMICX / WGICX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Oil & Gas Equipment & Services 1.6%** |  |
| 468316 | DMC Global, Inc.\* | $9104063 |
|  | **Packaged Foods & Meats 1.3%** |  |
| 145712 | Freshpet, Inc.\* | 7689222 |
|  | **Pharmaceuticals 1.0%** |  |
| 377260 | Esperion Therapeutics, Inc.\* | 2350330 |
| 140052 | IM Cannabis Corp.\* | 138652 |
| 44553 | Intra-Cellular Therapies, Inc.\* | 2357745 |
| 7956171 | PharmaCielo Ltd.\* <sup>‡‡</sup> | 1028308 |
|  |  | 5875035 |
|  | **Regional Banks 2.9%** |  |
| 387633 | Esquire Financial Holdings, Inc. | 16769004 |
|  | **Research & Consulting Services 2.4%** |  |
| 140738 | ICF International, Inc. | 13940099 |
|  | **Restaurants 1.5%** |  |
| 296906 | Chuy's Holdings, Inc.\* | 8402440 |
|  | **Semiconductor Equipment 5.8%** |  |
| 146311 | Nova Ltd.\* | 11950683 |
| 308356 | PDF Solutions, Inc.\* | 8794313 |
| 667947 | Veeco Instruments, Inc.\* | 12410455 |
|  |  | 33155451 |
|  | **Semiconductors 2.6%** |  |
| 75565 | Impinj, Inc.\* | 8250187 |
| 63667 | SiTime Corp.\* | 6469840 |
|  |  | 14720027 |
|  | **Systems Software 3.1%** |  |
| 76728 | CyberArk Software Ltd.\* | 9947785 |
| 220343 | Rapid7, Inc.\* | 7487255 |
|  |  | 17435040 |
|  | **Trading Companies & Distributors 2.9%** |  |
| 237226 | Transcat, Inc.\* | 16812207 |
|  | **Total Common Stocks <br>(cost $589,505,005)** | **555150687** |
|  | **PREFERRED STOCKS 1.7%** |  |
|  | **Textiles 1.7%** |  |
| 339559 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* <sup>†</sup> | 9731761 |
|  | **Total Preferred Stocks <br>(cost $10,000,013)** | **9731761** |
|  | **WARRANTS 0.1%** |  |
|  | **Pharmaceuticals 0.1%** |  |
| 691416 | Esperion Therapeutics, Inc., expiring 12/7/2023\* \*\*\* <sup>†</sup> | 221253 |
| 45000 | IM Cannabis Corp., expiring 5/7/2026\* \*\*\* <sup>†</sup> |  |
|  |  | 221253 |
|  | **Total Warrants <br>(cost $927,553)** | **221253** |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP FUND (WMICX / WGICX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Total Investments<br>(cost $600,432,571) 98.8%** | $**565103701** |
|  | **Other Assets less Liabilities 1.2%** | **7022590** |
|  | **NET ASSETS 100.0%** | $**572126291** |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).<br><sup>†</sup>Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2022 amounted to approximately $9,953,014 and represented 1.74% of net assets.<br><sup>‡‡</sup>Affiliated company (see Note 6).<br>See Notes to Schedules of Investments. |  |

---

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  Canada | 0.5 |
|  Israel | 6.7 |
|  United States | 92.8 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.2%** |  |
|  | **Agricultural Products 0.4%** |  |
| 81079 | Winfarm SAS\* | $1301864 |
|  | **Air Freight & Logistics 1.1%** |  |
| 670000 | Radiant Logistics, Inc.\* | 3410300 |
|  | **Application Software 1.7%** |  |
| 302000 | CS Disco, Inc.\* | 1908640 |
| 692400 | Weave Communications, Inc.\* | 3171192 |
|  |  | 5079832 |
|  | **Asset Management & Custody Banks 1.3%** |  |
| 852774 | Fiducian Group Ltd. | 3866871 |
|  | **Auto Parts & Equipment 1.3%** |  |
| 66000 | Patrick Industries, Inc. | 3999600 |
|  | **Casinos & Gaming 2.5%** |  |
| 599544 | Full House Resorts, Inc.\* | 4508571 |
| 249000 | NEOGAMES SA\* | 3035310 |
|  |  | 7543881 |
|  | **Communications Equipment 2.4%** |  |
| 115000 | Digi International, Inc.\* | 4203250 |
| 690000 | Lantronix, Inc.\* | 2980800 |
|  |  | 7184050 |
|  | **Construction & Engineering 7.2%** |  |
| 42000 | Argan, Inc. | 1548960 |
| 372534 | Bowman Consulting Group Ltd.\* | 8139868 |
| 228000 | Construction Partners, Inc., Class A\* | 6085320 |
| 28772 | Matrix Service Co.\* | 178962 |
| 166700 | Sterling Infrastructure, Inc.\* | 5467760 |
|  |  | 21420870 |
|  | **Consumer Finance 2.3%** |  |
| 827000 | EZCORP, Inc., Class A\* | 6740050 |
|  | **Data Processing & Outsourced Services 1.3%** |  |
| 153521 | i3 Verticals, Inc., Class A\* | 3736701 |
|  | **Diversified Metals & Mining 1.5%** |  |
| 772000 | Critical Elements Lithium Corp.\* | 1180236 |
| 8795020 | Talon Metals Corp.\* | 3215314 |
|  |  | 4395550 |
|  | **Diversified Support Services 1.1%** |  |
| 2769000 | Johnson Service Group PLC | 3243808 |
|  | **Electrical Components & Equipment 1.2%** |  |
| 100000 | Allied Motion Technologies, Inc. | 3481000 |
|  | **Electronic Equipment & Instruments 3.4%** |  |
| 555000 | Luna Innovations, Inc.\* | 4878450 |
| 193000 | Napco Security Technologies, Inc.\* | 5303640 |
|  |  | 10182090 |
|  | **Electronic Manufacturing Services 2.2%** |  |
| 27000 | Fabrinet\* | 3461940 |
| 133000 | Kimball Electronics, Inc.\* | 3004470 |
|  |  | 6466410 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Environmental & Facilities Services 0.7%** |  |
| 148000 | Aris Water Solution, Inc., Class A | $2132680 |
|  | **Food Distributors 1.7%** |  |
| 149000 | Chefs' Warehouse, Inc.\* | 4958720 |
|  | **Health Care Equipment 2.4%** |  |
| 290151 | Biomerica, Inc.\* | 972006 |
| 487000 | Brainsway Ltd., ADR\* | 1202890 |
| 143000 | Inmode Ltd.\* | 5105100 |
|  |  | 7279996 |
|  | **Health Care Services 5.0%** |  |
| 40000 | Addus HomeCare Corp.\* | 3979600 |
| 73100 | Castle Biosciences, Inc.\* | 1720774 |
| 455425 | InfuSystem Holdings, Inc.\* | 3953089 |
| 674139 | Viemed Healthcare, Inc.\* | 5096491 |
|  |  | 14749954 |
|  | **Health Care Supplies 1.0%** |  |
| 73000 | OrthoPediatrics Corp.\* | 2900290 |
|  | **Health Care Technology 3.6%** |  |
| 623897 | Instem PLC\* | 5355249 |
| 64000 | Nexus AG | 3822789 |
| 87000 | OptimizeRx Corp.\* | 1461600 |
|  |  | 10639638 |
|  | **Home Furnishings 0.5%** |  |
| 71000 | Lovesac Co.\* | 1562710 |
|  | **Homebuilding 2.3%** |  |
| 132600 | Skyline Champion Corp.\* | 6830226 |
|  | **Industrial Machinery 4.3%** |  |
| 164000 | Graham Corp.\* | 1577680 |
| 19000 | John Bean Technologies Corp. | 1735270 |
| 16000 | Kadant, Inc. | 2842080 |
| 241000 | va-Q-tec AG\* | 6501054 |
|  |  | 12656084 |
|  | **Integrated Telecommunication Services 1.2%** |  |
| 259000 | Ooma, Inc.\* | 3527580 |
|  | **Internet & Direct Marketing Retail 0.9%** |  |
| 419000 | CarParts.com, Inc.\* | 2622940 |
|  | **Investment Banking & Brokerage 1.8%** |  |
| 304000 | JDC Group AG\* | 5450729 |
|  | **IT Consulting & Other Services 4.0%** |  |
| 1058000 | AgileThought, Inc.\* | 4443600 |
| 376000 | Grid Dynamics Holdings, Inc.\* | 4218720 |
| 1321000 | Pivotree, Inc.\* | 3239084 |
|  |  | 11901404 |
|  | **Leisure Products 0.2%** |  |
| 65000 | Clarus Corp. | 509600 |
|  | **Life Sciences Tools & Services 1.3%** |  |
| 131379 | Ergomed PLC\* | 2020326 |
| 381500 | Inotiv, Inc.\* | 1884610 |
|  |  | 3904936 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Mortgage REITs 1.6%** |  |
| 302000 | AFC Gamma, Inc. | $4750460 |
|  | **Movies & Entertainment 1.5%** |  |
| 1665953 | Thunderbird Entertainment Group, Inc.\* | 4515545 |
|  | **Oil & Gas Exploration & Production 3.2%** |  |
| 835000 | Evolution Petroleum Corp. | 6304250 |
| 2965448 | New Stratus Energy, Inc.\* | 394225 |
| 1394000 | Yangarra Resources Ltd.\* | 2893013 |
|  |  | 9591488 |
|  | **Pharmaceuticals 2.0%** |  |
| 196000 | Biote Corp., Class A\* | 731080 |
| 363000 | Harrow Health, Inc.\* | 5357880 |
|  |  | 6088960 |
|  | **Regional Banks 4.3%** |  |
| 198583 | California BanCorp\* | 4722304 |
| 190000 | Esquire Financial Holdings, Inc. | 8219400 |
|  |  | 12941704 |
|  | **Research & Consulting Services 4.5%** |  |
| 55115 | ICF International, Inc. | 5459140 |
| 2608000 | Knights Group Holdings PLC | 3373648 |
| 192345 | Red Violet, Inc.\* | 4427782 |
|  |  | 13260570 |
|  | **Restaurants 1.7%** |  |
| 147000 | El Pollo Loco Holdings, Inc. | 1464120 |
| 673673 | Noodles & Co.\* | 3698465 |
|  |  | 5162585 |
|  | **Semiconductor Equipment 1.2%** |  |
| 189000 | Veeco Instruments, Inc.\* | 3511620 |
|  | **Semiconductors 3.7%** |  |
| 80100 | Impinj, Inc.\* | 8745318 |
| 21000 | SiTime Corp.\* | 2134020 |
|  |  | 10879338 |
|  | **Specialized Finance 1.0%** |  |
| 86000 | A-Mark Precious Metals, Inc. | 2986780 |
|  | **Specialty Chemicals 1.0%** |  |
| 401000 | Neo Performance Materials, Inc. | 2843131 |
|  | **Steel 1.7%** |  |
| 109000 | Haynes International, Inc. | 4980210 |
|  | **Systems Software 1.0%** |  |
| 92000 | Rapid7, Inc.\* | 3126160 |
|  | **Thrifts & Mortgage Finance 4.7%** |  |
| 99000 | Axos Financial, Inc.\* | 3783780 |
| 429000 | Mortgage Advice Bureau Holdings Ltd. | 2748790 |
| 833000 | Sterling Bancorp, Inc.\* | 5072970 |
| 238083 | Velocity Financial, Inc.\* | 2297501 |
|  |  | 13903041 |
|  | **Trading Companies & Distributors 3.3%** |  |
| 167000 | ADENTRA, Inc. | 3495406 |
| 101418 | Global Industrial Co. | 2386365 |

---

------

---

| | |
|:---|:---|
| **WASATCH MICRO CAP VALUE FUND (WAMVX / WGMVX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 272118 | Karat Packaging, Inc. | $3910336 |
|  |  | 9792107 |
|  | **Total Common Stocks<br>(cost $254,905,594)** | **292014063** |
|  | **LIMITED LIABILITY COMPANY MEMBERSHIP INTEREST 0.0%** |  |
|  | **Pharmaceuticals 0.0%** |  |
| 50528 | Regenacy Pharmaceuticals LLC\* \*\*\* <sup>†</sup> | 506 |
|  | **Total Limited Liability Company Membership Interest<br>(cost $30,001)** | **506** |
|  | **WARRANTS 0.0%** |  |
|  | **Trading Companies & Distributors 0.0%** |  |
| 14476 | Greenlane Holdings, Inc., expiring 2/24/2026\* \*\*\* <sup>†</sup> | 0 |
|  | **Total Warrants<br>(cost $396,902)** | **0** |
|  | **Total Investments<br>(cost $255,332,497) 98.2%** | **292014569** |
|  | **Other Assets less Liabilities 1.8%** | **5425191** |
|  | **NET ASSETS 100.0%** | $**297439760** |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).<br><sup>†</sup>Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2022 amounted to approximately $506 and represented 0.00% of net assets.<br>ADR American Depositary Receipt.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

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

---

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

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.2%** |  |
|  | **Apparel Retail 2.2%** |  |
| 681267 | Boot Barn Holdings, Inc.\* | $42592813 |
|  | **Application Software 7.4%** |  |
| 333560 | CS Disco, Inc.\* | 2108099 |
| 471501 | Five9, Inc.\* | 31996058 |
| 978313 | nCino, Inc.\* | 25866596 |
| 291478 | Paylocity Holding Corp.\* | 56622516 |
| 518763 | Sprout Social, Inc., Class A\* | 29289359 |
|  |  | 145882628 |
|  | **Asset Management & Custody Banks 4.7%** |  |
| 1275899 | Focus Financial Partners, Inc., Class A\* | 47552755 |
| 1808043 | StepStone Group, Inc., Class A | 45526523 |
|  |  | 93079278 |
|  | **Auto Parts & Equipment 3.8%** |  |
| 371722 | Fox Factory Holding Corp.\* | 33912198 |
| 670618 | XPEL, Inc.\* | 40277317 |
|  |  | 74189515 |
|  | **Biotechnology 3.2%** |  |
| 2371687 | Atara Biotherapeutics, Inc.\* | 7779133 |
| 1598658 | C4 Therapeutics, Inc.\* | 9432082 |
| 154547 | Cytokinetics, Inc.\* | 7081343 |
| 71044 | Denali Therapeutics, Inc.\* | 1975734 |
| 663382 | Dyne Therapeutics, Inc.\* | 7688597 |
| 202111 | Kymera Therapeutics, Inc.\* | 5044691 |
| 961006 | Nkarta, Inc.\* | 5756426 |
| 809172 | Nurix Therapeutics, Inc.\* | 8884709 |
| 3030155 | Sangamo Therapeutics, Inc.\* | 9514687 |
|  |  | 63157402 |
|  | **Building Products 3.1%** |  |
| 441504 | AAON, Inc. | 33254081 |
| 1373067 | AZEK Co., Inc.\* | 27900722 |
|  |  | 61154803 |
|  | **Data Processing & Outsourced Services 3.7%** |  |
| 560995 | Euronet Worldwide, Inc.\* | 52946708 |
| 1143382 | TaskUS, Inc., Class A\* | 19323156 |
|  |  | 72269864 |
|  | **Distillers & Vintners 0.9%** |  |
| 5341339 | Vintage Wine Estates, Inc.\* <sup>‡‡</sup> | 17412765 |
|  | **Financial Exchanges & Data 0.7%** |  |
| 2029469 | Open Lending Corp., Class A\* | 13698916 |
|  | **General Merchandise Stores 1.9%** |  |
| 801482 | Ollie's Bargain Outlet Holdings, Inc.\* | 37541417 |
|  | **Health Care Equipment 3.7%** |  |
| 312160 | Axonics, Inc.\* | 19519365 |
| 211435 | Inspire Medical Systems, Inc.\* | 53256248 |
|  |  | 72775613 |
|  | **Health Care Facilities 4.3%** |  |
| 825334 | Ensign Group, Inc. | 78084850 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
| 513798 | Pennant Group, Inc.\* | $5641502 |
|  |  | 83726352 |
|  | **Health Care Services 1.0%** |  |
| 824664 | Castle Biosciences, Inc.\* | 19412591 |
|  | **Health Care Supplies 4.5%** |  |
| 3364651 | Neogen Corp.\* | 51243635 |
| 691738 | Silk Road Medical, Inc.\* | 36558353 |
|  |  | 87801988 |
|  | **Home Improvement Retail 1.9%** |  |
| 540117 | Floor & Decor Holdings, Inc., Class A\* | 37608347 |
|  | **Homebuilding 2.1%** |  |
| 442838 | LGI Homes, Inc.\* | 41006799 |
|  | **Industrial Machinery 6.3%** |  |
| 893496 | Helios Technologies, Inc. | 48641922 |
| 821290 | Kornit Digital Ltd.\* | 18865031 |
| 264625 | RBC Bearings, Inc.\* | 55399244 |
|  |  | 122906197 |
|  | **Insurance Brokers 1.0%** |  |
| 592982 | Goosehead Insurance, Inc., Class A\* | 20363002 |
|  | **Interactive Media & Services 2.2%** |  |
| 2655715 | ZipRecruiter, Inc., Class A\* | 43606840 |
|  | **Internet & Direct Marketing Retail 0.9%** |  |
| 865366 | Global-e Online Ltd.\* | 17861154 |
|  | **IT Consulting & Other Services 3.6%** |  |
| 253600 | Globant SA\* | 42645376 |
| 2495825 | Grid Dynamics Holdings, Inc.\* | 28003156 |
|  |  | 70648532 |
|  | **Leisure Products 2.1%** |  |
| 1019885 | YETI Holdings, Inc.\* | 42131449 |
|  | **Life Sciences Tools & Services 3.4%** |  |
| 313915 | Medpace Holdings, Inc.\* | 66678685 |
|  | **Managed Health Care 3.0%** |  |
| 945088 | HealthEquity, Inc.\* | 58255224 |
|  | **Packaged Foods & Meats 1.2%** |  |
| 436323 | Freshpet, Inc.\* | 23024765 |
|  | **Personal Products 3.1%** |  |
| 2338527 | BellRing Brands, Inc.\* | 59959832 |
|  | **Pharmaceuticals 2.4%** |  |
| 86258 | Arvinas, Inc.\* | 2950886 |
| 1165070 | Esperion Therapeutics, Inc.\* | 7258386 |
| 682262 | Intra-Cellular Therapies, Inc.\* | 36105305 |
|  |  | 46314577 |
|  | **Regional Banks 3.5%** |  |
| 936960 | Pinnacle Financial Partners, Inc. | 68772864 |
|  | **Semiconductor Equipment 2.9%** |  |
| 701519 | Nova Ltd.\* | 57300072 |
|  | **Semiconductors 1.0%** |  |
| 194624 | SiTime Corp.\* | 19777691 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Specialized Consumer Services 1.6%** |  |
| 3358364 | Mister Car Wash, Inc.\* | $30997700 |
|  | **Specialty Stores 2.9%** |  |
| 318452 | Five Below, Inc.\* | 56324605 |
|  | **Systems Software 5.5%** |  |
| 424624 | CyberArk Software Ltd.\* | 55052502 |
| 1250629 | JFrog Ltd.\* | 26675917 |
| 778975 | Rapid7, Inc.\* | 26469570 |
|  |  | 108197989 |
|  | **Trading Companies & Distributors 2.5%** |  |
| 422763 | SiteOne Landscape Supply, Inc.\* | 49598555 |
|  | **Total Common Stocks<br>(cost $1,894,453,736)** | **1926030824** |
|  | **PREFERRED STOCKS 1.4%** |  |
|  | **Semiconductor Equipment 0.0%** |  |
| 184939 | Nanosys, Inc., Series A-1 Pfd.\* \*\*\* <sup>†</sup> | 79524 |
| 991999 | Nanosys, Inc., Series A-2 Pfd.\* \*\*\* <sup>†</sup> | 426560 |
|  |  | 506084 |
|  | **Systems Software 0.5%** |  |
| 1114610 | DataStax, Inc., Series E Pfd.\* \*\*\* <sup>†</sup> | 8571351 |
|  | **Textiles 0.9%** |  |
| 611205 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* <sup>†</sup> <sup>‡‡</sup> | 17517135 |
|  | **Total Preferred Stocks<br>(cost $28,184,928)** | **26594570** |
|  | **WARRANTS 0.0%** |  |
|  | **Pharmaceuticals 0.0%** |  |
| 1199678 | Esperion Therapeutics, Inc., expiring 12/7/2023\* \*\*\* <sup>†</sup> | 383897 |
|  | **Total Warrants<br>(cost $538,893)** | **383897** |
|  | **Total Investments<br>(cost $1,923,177,557) 99.6%** | **1953009291** |
|  | **Other Assets less Liabilities 0.4%** | **7898255** |
|  | **NET ASSETS 100.0%** | $**1960907546** |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees (see Note 8).<br><sup>‡‡</sup>Affiliated company (see Note 6).<br><sup>†</sup>Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2022 amounted to approximately $26,978,467 and represented 1.38% of net assets.<br>See Notes to Schedules of Investments. |  |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP GROWTH FUND (WAAEX / WIAEX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  Israel | 7.6 |
|  United States | 92.4 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 99.2%** |  |
|  | **Advertising 1.3%** |  |
| 887247 | Thryv Holdings, Inc.\* | $16857693 |
|  | **Application Software 2.7%** |  |
| 242811 | Five9, Inc.\* | 16477155 |
| 308324 | Guidewire Software, Inc.\* | 19288749 |
|  |  | 35765904 |
|  | **Asset Management & Custody Banks 6.2%** |  |
| 874713 | Artisan Partners Asset Management, Inc., Class A | 25978976 |
| 698413 | Focus Financial Partners, Inc., Class A\* | 26029852 |
| 485978 | Hamilton Lane, Inc., Class A | 31044275 |
|  |  | 83053103 |
|  | **Auto Parts & Equipment 1.3%** |  |
| 186464 | Fox Factory Holding Corp.\* | 17011111 |
|  | **Biotechnology 1.5%** |  |
| 1373334 | Atara Biotherapeutics, Inc.\* | 4504536 |
| 500432 | C4 Therapeutics, Inc.\* | 2952549 |
| 433585 | Dyne Therapeutics, Inc.\* | 5025250 |
| 145085 | Kymera Therapeutics, Inc.\* | 3621322 |
| 353928 | Nurix Therapeutics, Inc.\* | 3886129 |
|  |  | 19989786 |
|  | **Broadcasting 1.1%** |  |
| 86554 | Nexstar Media Group, Inc. | 15149547 |
|  | **Building Products 3.6%** |  |
| 2439843 | Janus International Group, Inc.\* | 23227305 |
| 590099 | Trex Co., Inc.\* | 24978891 |
|  |  | 48206196 |
|  | **Commodity Chemicals 3.7%** |  |
| 350756 | AdvanSix, Inc. | 13335743 |
| 1120798 | Valvoline, Inc. | 36594055 |
|  |  | 49929798 |
|  | **Construction & Engineering 1.3%** |  |
| 643191 | Construction Partners, Inc., Class A\* | 17166768 |
|  | **Data Processing & Outsourced Services 2.9%** |  |
| 282214 | Euronet Worldwide, Inc.\* | 26635357 |
| 705060 | TaskUS, Inc., Class A\* | 11915514 |
|  |  | 38550871 |
|  | **Diversified Chemicals 1.2%** |  |
| 584957 | Huntsman Corp. | 16074618 |
|  | **Education Services 2.0%** |  |
| 254237 | Grand Canyon Education, Inc.\* | 26862681 |
|  | **Electrical Components & Equipment 1.2%** |  |
| 112137 | Encore Wire Corp. | 15425566 |
|  | **Electronic Components 1.2%** |  |
| 737157 | Vishay Intertechnology, Inc. | 15900477 |
|  | **Electronic Manufacturing Services 2.5%** |  |
| 262025 | Fabrinet\* | 33596846 |
|  | **Financial Exchanges & Data 0.7%** |  |
| 1393224 | Open Lending Corp., Class A\* | 9404262 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Food Retail 0.9%** |  |
| 357703 | Sprouts Farmers Market, Inc.\* | $11578846 |
|  | **General Merchandise Stores 1.8%** |  |
| 505167 | Ollie's Bargain Outlet Holdings, Inc.\* | 23662022 |
|  | **Health Care Equipment 1.4%** |  |
| 519826 | Inmode Ltd.\* | 18557788 |
|  | **Health Care Facilities 3.7%** |  |
| 520681 | Ensign Group, Inc. | 49261629 |
|  | **Health Care Supplies 2.1%** |  |
| 1033402 | Neogen Corp.\* | 15738712 |
| 103750 | UFP Technologies, Inc.\* | 12231088 |
|  |  | 27969800 |
|  | **Home Furnishings 0.8%** |  |
| 455536 | Lovesac Co.\* | 10026347 |
|  | **Homebuilding 3.6%** |  |
| 211081 | LGI Homes, Inc.\* | 19546100 |
| 565776 | Skyline Champion Corp.\* | 29143122 |
|  |  | 48689222 |
|  | **Industrial Machinery 6.7%** |  |
| 161212 | Albany International Corp., Class A | 15893891 |
| 387201 | Helios Technologies, Inc. | 21079222 |
| 292788 | Kadant, Inc. | 52007933 |
|  |  | 88981046 |
|  | **Investment Banking & Brokerage 3.4%** |  |
| 859349 | Moelis & Co., Class A | 32973221 |
| 636755 | Virtu Financial, Inc., Class A | 12996170 |
|  |  | 45969391 |
|  | **Leisure Products 1.7%** |  |
| 544609 | YETI Holdings, Inc.\* | 22497798 |
|  | **Life Sciences Tools & Services 2.2%** |  |
| 5000 | Inotiv, Inc.\* | 24700 |
| 136744 | Medpace Holdings, Inc.\* | 29045793 |
|  |  | 29070493 |
|  | **Managed Health Care 1.4%** |  |
| 303885 | HealthEquity, Inc.\* | 18731471 |
|  | **Mortgage REITs 1.4%** |  |
| 1460294 | Arbor Realty Trust, Inc. | 19261278 |
|  | **Oil & Gas Equipment & Services 1.2%** |  |
| 325204 | Cactus, Inc., Class A | 16344753 |
|  | **Oil & Gas Exploration & Production 3.8%** |  |
| 1201382 | Magnolia Oil & Gas Corp., Class A | 28172408 |
| 382427 | Matador Resources Co. | 21890121 |
|  |  | 50062529 |
|  | **Paper Products 1.0%** |  |
| 1201784 | Mercer International, Inc. | 13988766 |
|  | **Pharmaceuticals 1.4%** |  |
| 353203 | Intra-Cellular Therapies, Inc.\* | 18691503 |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Property & Casualty Insurance 1.0%** |  |
| 256032 | Axis Capital Holdings Ltd. | $13869253 |
|  | **Regional Banks 7.1%** |  |
| 1031237 | Bank OZK | 41311354 |
| 665918 | FB Financial Corp. | 24066277 |
| 417733 | ServisFirst Bancshares, Inc. | 28785981 |
|  |  | 94163612 |
|  | **Research & Consulting Services 0.7%** |  |
| 1128890 | Legalzoom.com, Inc.\* | 8737609 |
|  | **Semiconductor Equipment 3.7%** |  |
| 355252 | Nova Ltd.\* | 29016983 |
| 1087988 | Veeco Instruments, Inc.\* | 20214817 |
|  |  | 49231800 |
|  | **Specialized Consumer Services 1.1%** |  |
| 1552230 | Mister Car Wash, Inc.\* | 14327083 |
|  | **Specialized REITs 2.1%** |  |
| 776035 | National Storage Affiliates Trust | 28030384 |
|  | **Specialty Chemicals 2.8%** |  |
| 369684 | Innospec, Inc. | 38025696 |
|  | **Steel 3.3%** |  |
| 293067 | Commercial Metals Co. | 14155136 |
| 460329 | Ryerson Holding Corp. | 13929555 |
| 509478 | Schnitzer Steel Industries, Inc., Class A | 15615501 |
|  |  | 43700192 |
|  | **Thrifts & Mortgage Finance 2.0%** |  |
| 714558 | Axos Financial, Inc.\* | 27310407 |
|  | **Trucking 2.5%** |  |
| 96898 | Saia, Inc.\* | 20317573 |
| 565300 | Schneider National, Inc., Class B | 13228020 |
|  |  | 33545593 |
|  | **Total Common Stocks**<br> **(cost $1,210,478,648)** | **1323231538** |
|  | **Total Investments**<br> **(cost $1,210,478,648) 99.2%** | **1323231538** |
|  | **Other Assets less Liabilities 0.8%** | **11337353** |
|  | **NET ASSETS 100.0%** | $**1334568891** |
|  | \*Non-income producing.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. | \*Non-income producing.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |

---

------

---

| | |
|:---|:---|
| **WASATCH SMALL CAP VALUE FUND (WMCVX / WICVX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  Israel | 3.6 |
|  United States | 96.4 |
|  **TOTAL** | **100.0%** |

---

------

---

| | |
|:---|:---|
| **WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 98.8%** |  |
|  | **Application Software 9.5%** |  |
| 484181 | Five9, Inc.\* | $32856523 |
| 86520 | HubSpot, Inc.\* | 25015528 |
| 172994 | Paylocity Holding Corp.\* | 33605814 |
| 568261 | Q2 Holdings, Inc.\* | 15269173 |
| 322985 | Sprout Social, Inc., Class A\* | 18235733 |
|  |  | 124982771 |
|  | **Asset Management & Custody Banks 1.6%** |  |
| 572754 | Focus Financial Partners, Inc., Class A\* | 21346542 |
|  | **Biotechnology 8.0%** |  |
| 1881974 | Atara Biotherapeutics, Inc.\* | 6172875 |
| 552309 | BioAtla, Inc.\* | 4556549 |
| 1202252 | C4 Therapeutics, Inc.\* | 7093287 |
| 97462 | Cytokinetics, Inc.\* | 4465709 |
| 226049 | Denali Therapeutics, Inc.\* | 6286423 |
| 607013 | Dyne Therapeutics, Inc.\* | 7035281 |
| 434570 | Exact Sciences Corp.\* | 21515561 |
| 958607 | Exagen, Inc.\* <sup>‡</sup><sup>‡</sup> | 2300657 |
| 692729 | Frequency Therapeutics, Inc.\* | 2667006 |
| 198117 | Kymera Therapeutics, Inc.\* | 4945000 |
| 1807426 | MacroGenics, Inc.\* | 12127828 |
| 922093 | Nkarta, Inc.\* | 5523337 |
| 453773 | Nurix Therapeutics, Inc.\* | 4982427 |
| 4907291 | Sangamo Therapeutics, Inc.\* | 15408894 |
|  |  | 105080834 |
|  | **Building Products 2.0%** |  |
| 633033 | Trex Co., Inc.\* | 26796287 |
|  | **Data Processing & Outsourced Services 1.2%** |  |
| 196653 | Block, Inc.\* | 12357674 |
| 460752 | Repay Holdings Corp.\* | 3709054 |
|  |  | 16066728 |
|  | **Distillers & Vintners 1.1%** |  |
| 4207539 | Vintage Wine Estates, Inc.\* <sup>‡</sup><sup>‡</sup> | 13716577 |
|  | **Electronic Equipment & Instruments 0.4%** |  |
| 490225 | nLight, Inc.\* | 4970881 |
|  | **Financial Exchanges & Data 3.8%** |  |
| 66501 | MarketAxess Holdings, Inc. | 18546464 |
| 2034145 | Open Lending Corp., Class A\* | 13730479 |
| 276333 | Tradeweb Markets, Inc., Class A | 17942301 |
|  |  | 50219244 |
|  | **General Merchandise Stores 1.4%** |  |
| 377606 | Ollie's Bargain Outlet Holdings, Inc.\* | 17687065 |
|  | **Health Care Equipment 7.7%** |  |
| 1457943 | Artivion, Inc.\* | 17670269 |
| 413848 | AtriCure, Inc.\* | 18366574 |
| 544713 | Conformis, Inc.\* <sup>‡</sup><sup>‡</sup> | 1808447 |
| 185246 | Inspire Medical Systems, Inc.\* | 46659763 |
| 866480 | Paragon 28, Inc.\* | 16558433 |
|  |  | 101063486 |
|  | **Health Care Services 2.2%** |  |
| 1205751 | Castle Biosciences, Inc.\* | 28383378 |

---

------

---

| | |
|:---|:---|
| **WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Health Care Supplies 4.9%** |  |
| 4642399 | Cerus Corp.\* | $16944756 |
| 890217 | Silk Road Medical, Inc.\* | 47047969 |
|  |  | 63992725 |
|  | **Health Care Technology 1.2%** |  |
| 98743 | Veeva Systems, Inc., Class A\* | 15935145 |
|  | **Home Improvement Retail 3.0%** |  |
| 560239 | Floor & Decor Holdings, Inc., Class A\* | 39009442 |
|  | **Homebuilding 2.6%** |  |
| 145587 | LGI Homes, Inc.\* | 13481356 |
| 389433 | Skyline Champion Corp.\* | 20059694 |
|  |  | 33541050 |
|  | **Industrial Machinery 1.0%** |  |
| 565195 | Kornit Digital Ltd.\* | 12982529 |
|  | **Insurance Brokers 0.7%** |  |
| 283599 | Goosehead Insurance, Inc., Class A\* | 9738790 |
|  | **Internet Services & Infrastructure 1.4%** |  |
| 2129609 | BigCommerce Holdings, Inc., Series 1\* | 18612783 |
|  | **IT Consulting & Other Services 3.5%** |  |
| 340204 | Endava PLC, ADR\* | 26025606 |
| 121520 | Globant SA\* | 20434803 |
|  |  | 46460409 |
|  | **Leisure Products 0.4%** |  |
| 1397877 | Solo Brands, Inc., Class A\* | 5200102 |
|  | **Managed Health Care 1.9%** |  |
| 404545 | HealthEquity, Inc.\* | 24936154 |
|  | **Metal & Glass Containers 1.0%** |  |
| 492563 | TriMas Corp. | 13663698 |
|  | **Oil & Gas Exploration & Production 2.1%** |  |
| 989576 | Magnolia Oil & Gas Corp., Class A | 23205557 |
| 77699 | Matador Resources Co. | 4447491 |
|  |  | 27653048 |
|  | **Packaged Foods & Meats 3.4%** |  |
| 855667 | Freshpet, Inc.\* | 45153548 |
|  | **Pharmaceuticals 5.4%** |  |
| 128656 | Arvinas, Inc.\* | 4401322 |
| 1654812 | Esperion Therapeutics, Inc.\* | 10309479 |
| 1049918 | Intra-Cellular Therapies, Inc.\* | 55561660 |
|  |  | 70272461 |
|  | **Regional Banks 3.8%** |  |
| 893415 | Bank OZK | 35790205 |
| 189181 | Pinnacle Financial Partners, Inc. | 13885885 |
|  |  | 49676090 |
|  | **Semiconductor Equipment 6.4%** |  |
| 596846 | Kulicke & Soffa Industries, Inc. | 26416404 |
| 358634 | Nova Ltd.\* | 29293225 |
| 972403 | PDF Solutions, Inc.\* | 27732934 |
|  |  | 83442563 |

---

------

---

| | |
|:---|:---|
| **WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Semiconductors 5.2%** |  |
| 92091 | Monolithic Power Systems, Inc. | $32564299 |
| 310781 | Power Integrations, Inc. | 22289213 |
| 132149 | SiTime Corp.\* | 13428981 |
|  |  | 68282493 |
|  | **Specialty Chemicals 2.7%** |  |
| 284300 | Balchem Corp. | 34715873 |
|  | **Specialty Stores 3.9%** |  |
| 285786 | Five Below, Inc.\* | 50546970 |
|  | **Systems Software 5.4%** |  |
| 238041 | CyberArk Software Ltd.\* | 30862016 |
| 729155 | JFrog Ltd.\* | 15552876 |
| 202628 | Monday.com Ltd.\* | 24720616 |
|  |  | 71135508 |
|  | **Total Common Stocks<br>(cost $1,364,372,311)** | **1295265174** |
|  | **PREFERRED STOCKS 1.1%** |  |
|  | **Semiconductor Equipment 0.0%** |  |
| 46235 | Nanosys, Inc., Series A-1 Pfd.\* \*\*\* <sup>†</sup> | 19881 |
| 248000 | Nanosys, Inc., Series A-2 Pfd.\* \*\*\* <sup>†</sup> | 106640 |
|  |  | 126521 |
|  | **Textiles 1.1%** |  |
| 509338 | Johnnie-O Holdings, Inc., Series A Pfd.\* \*\*\* <sup>†</sup> <sup>‡‡</sup> | 14597627 |
|  | **Total Preferred Stocks<br>(cost $15,546,240)** | **14724148** |
|  | **WARRANTS 0.1%** |  |
|  | **Insurance Brokers 0.1%** |  |
| 450000 | Hagerty, Inc., expiring 12/2/2026\* \*\*\* <sup>†</sup> | 805500 |
|  | **Pharmaceuticals 0.0%** |  |
| 1061689 | Esperion Therapeutics, Inc., expiring 12/7/2023\* \*\*\* <sup>†</sup> | 339740 |
|  | **Total Warrants<br>(cost $2,026,219)** | **1145240** |
|  | **Total Investments<br>(cost $1,381,944,770) 100.0%** | **1311134562** |
|  | **Liabilities less Other Assets (0.0%)** | **(480279)** |
|  | **NET ASSETS 100.0%** | $**1310654283** |
|  | \*Non-income producing.<br>\*\*\*Security was fair valued under procedures adopted by the Board of Trustees (see Note 8). <br><sup>†</sup>Security purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 (see Note 7). The aggregate value of securities purchased in a private placement transaction or under Rule 144A of the Securities Act of 1933 at December 31, 2022 amounted to approximately $15,869,388 and represented 1.21% of net assets. <br><sup>‡</sup><sup>‡</sup>Affiliated company (see Note 6).<br>ADR American Depositary Receipt.<br>REIT Real Estate Investment Trust.<br>See Notes to Schedules of Investments. |  |

---

------

---

| | |
|:---|:---|
| **WASATCH ULTRA GROWTH FUND (WAMCX / WGMCX)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

------

**Schedule of Investments** ***(continued)***

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  Israel | 7.5 |
|  United Kingdom | 2.0 |
|  United States | 90.5 |
|  **TOTAL** | **100.0%** |

---

------

---

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

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **COMMON STOCKS 94.8%** |  |
|  | **Aerospace & Defense 3.8%** |  |
| 1897 | HEICO Corp., Class A | $227355 |
|  | **Application Software 17.3%** |  |
| 698 | ANSYS, Inc.\* | 168630 |
| 1504 | Five9, Inc.\* | 102062 |
| 1836 | Guidewire Software, Inc.\* | 114860 |
| 324 | HubSpot, Inc.\* | 93678 |
| 791 | Paylocity Holding Corp.\* | 153660 |
| 536 | Roper Technologies, Inc. | 231600 |
| 1046 | Workday, Inc., Class A\* | 175027 |
|  |  | 1039517 |
|  | **Asset Management & Custody Banks 3.0%** |  |
| 2855 | Hamilton Lane, Inc., Class A | 182377 |
|  | **Building Products 2.0%** |  |
| 2839 | Trex Co., Inc.\* | 120175 |
|  | **Commodity Chemicals 3.2%** |  |
| 5797 | Valvoline, Inc. | 189272 |
|  | **Data Processing & Outsourced Services 1.5%** |  |
| 1422 | Block, Inc.\* | 89359 |
|  | **Distributors 2.4%** |  |
| 478 | Pool Corp. | 144514 |
|  | **Diversified Support Services 3.4%** |  |
| 3332 | Copart, Inc.\* | 202886 |
|  | **Electrical Components & Equipment 4.0%** |  |
| 1740 | AMETEK, Inc. | 243113 |
|  | **Electronic Components 3.9%** |  |
| 3074 | Amphenol Corp., Class A | 234054 |
|  | **Electronic Equipment & Instruments 5.8%** |  |
| 3894 | Cognex Corp. | 183446 |
| 1231 | Novanta, Inc.\* | 167256 |
|  |  | 350702 |
|  | **Financial Exchanges & Data 5.7%** |  |
| 669 | MarketAxess Holdings, Inc. | 186577 |
| 715 | Morningstar, Inc. | 154862 |
|  |  | 341439 |
|  | **Health Care Facilities 3.6%** |  |
| 2303 | Ensign Group, Inc. | 217887 |
|  | **Health Care Supplies 2.0%** |  |
| 7750 | Neogen Corp.\* | 118033 |
|  | **Health Care Technology 2.5%** |  |
| 937 | Veeva Systems, Inc., Class A\* | 151213 |
|  | **Home Improvement Retail 1.6%** |  |
| 1411 | Floor & Decor Holdings, Inc., Class A\* | 98248 |
|  | **IT Consulting & Other Services 1.8%** |  |
| 635 | Globant SA\* | 106782 |
|  | **Leisure Products 1.9%** |  |
| 2694 | YETI Holdings, Inc.\* | 111289 |

---

------

---

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

---

------

**Schedule of Investments** ***(continued)***

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Value** |
|  | **Life Sciences Tools & Services 6.0%** |  |
| 1019 | ICON PLC\* | $197941 |
| 767 | Medpace Holdings, Inc.\* | 162918 |
|  |  | 360859 |
|  | **Managed Health Care 3.0%** |  |
| 2937 | HealthEquity, Inc.\* | 181037 |
|  | **Regional Banks 3.4%** |  |
| 5066 | Bank OZK | 202944 |
|  | **Semiconductors 2.1%** |  |
| 363 | Monolithic Power Systems, Inc. | 128360 |
|  | **Specialty Chemicals 3.4%** |  |
| 1647 | Balchem Corp. | 201115 |
|  | **Specialty Stores 3.2%** |  |
| 1089 | Five Below, Inc.\* | 192611 |
|  | **Trucking 4.3%** |  |
| 5223 | Lyft, Inc., Class A\* | 57558 |
| 698 | Old Dominion Freight Line, Inc. | 198078 |
|  |  | 255636 |
|  | **Total Common Stocks<br>(cost $5,687,381)** | **5690777** |
|  | **Total Investments<br>(cost $5,687,381) 94.8%** | **5690777** |
|  | **Other Assets less Liabilities 5.2%** | **309304** |
|  | **NET ASSETS 100.0%** | $**6000081** |
|  | \*Non-income producing.<br>See Notes to Schedules of Investments. | \*Non-income producing.<br>See Notes to Schedules of Investments. |

---

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

---

| | |
|:---|:---|
| **COUNTRY** | **%** |
|  Ireland | 3.5 |
|  United States | 96.5 |
|  **TOTAL** | **100.0%** |

---

------

---

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

---

------

**Schedule of Investments** 

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** |  | **Value** |
|  | **U.S. GOVERNMENT OBLIGATIONS 97.0%** |  |
| $114000000 | U.S. Treasury Bond, 1.25%, 5/15/50 | $62000860 |
| 103300000 | U.S. Treasury Bond, 1.375%, 8/15/50 | 57997301 |
| 97000000 | U.S. Treasury Bond, 1.875%, 11/15/51 | 62057265 |
| 54900000 | U.S. Treasury Bond, 2.25%, 8/15/46 | 39180586 |
| 9500000 | U.S. Treasury Bond, 2.25%, 8/15/49 | 6740176 |
| 22150000 | U.S. Treasury Bond, 2.50%, 2/15/45 | 16804582 |
| 45530000 | U.S. Treasury Bond, 3.00%, 8/15/48 | 37708088 |
|  | **Total U.S. Government Obligations<br>(cost $381,373,867)** | **282488858** |
|  | **Total Investments<br>(cost $381,373,867) 97.0%** | **282488858** |
|  | **Other Assets less Liabilities 3.0%** | **8664604** |
|  | **NET ASSETS 100.0%** | $**291153462** |
|  | See Notes to Schedules of Investments. | See Notes to Schedules of Investments. |

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| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Schedule of Investments** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

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**1. ORGANIZATION** 

Wasatch Funds Trust (the "Trust") is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and consists of 20 series or funds (each a "Fund" and collectively the "Funds"). The Core Growth Fund, Global Opportunities Fund, Global Value Fund, International Growth Fund, International Opportunities Fund, Micro Cap Fund, Micro Cap Value Fund, Small Cap Growth Fund, Small Cap Value Fund, Ultra Growth Fund and Wasatch-Hoisington U.S. Treasury Fund ("U.S. Treasury Fund") (sub-advised) are each classified as a diversified fund. The Emerging India Fund, Emerging Markets Select Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Select Fund, Greater China Fund, International Select Fund, Long/Short Alpha Fund and U.S. Select Fund are each classified as a non-diversified fund. Each Fund maintains its own investment objective(s).

On November 9, 2011, the Trust redesignated the shares of the Funds into Investor Class shares effective January 31, 2012, and authorized and designated a new Institutional Class of shares in the Funds. Currently 19 funds offer Institutional Class shares: Core Growth Fund, Global Value Fund and Small Cap Value Fund, which commenced operations on January 31, 2012, Emerging Markets Select Fund, which commenced operations on December 13, 2012; Emerging India Fund, Emerging Markets Small Cap Fund, Frontier Emerging Small Countries Fund, Global Opportunities Fund, International Growth Fund, International Opportunities Fund and Small Cap Growth Fund, which commenced operations on February 1, 2016; Global Select Fund and International Select Fund, which commenced operations on October 1, 2019; Micro Cap Fund, Micro Cap Value Fund and Ultra Growth Fund, which commenced operations on January 31, 2020; Greater China Fund, which commenced operations on November 30, 2020; Long/Short Alpha Fund, which commenced operations on October 1, 2021; and U.S. Select Fund, which commenced operations on June 13, 2022. Each class of shares for each Fund has identical rights and privileges except with respect to purchase minimums, distribution and service charges, shareholder services, voting rights on matters affecting a single class of shares, and the exchange and conversion features. The Funds have entered into an investment advisory agreement with Wasatch Advisors, Inc., d/b/a Wasatch Global Investors, as investment advisor (the "Advisor" or "Wasatch").

The Core Growth, Emerging India, Emerging Markets Select, Emerging Markets Small Cap, Frontier Emerging Small Countries, Global Opportunities, Global Select, Global Value, Greater China, International Growth, International Opportunities, International Select, Long/Short Alpha, Micro Cap, Micro Cap Value, Small Cap Growth, Small Cap Value, Ultra Growth and U.S. Select Funds are referred to herein as the "Equity Funds."

**2. SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant policies related to investments of the Funds held at December 31, 2022. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

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

**Valuation of Securities –** All investments in securities are recorded at their estimated fair value as described in Note 8.

**Foreign Currency Translations –** Values of investments denominated in foreign currencies are converted into U.S. dollars using the current exchange rates each business day (generally 4:00 p.m. Eastern Time). Purchases and sales of investments and dividend income are translated into U.S. dollars using the current prevailing exchange rate on the transaction date. The effect of changes in foreign exchange rates on realized and unrealized gains or losses on securities is reflected as a component of such gains or losses. Transactions in foreign denominated assets may involve greater risks than domestic transactions.

**Investment in Securities and Related Investment Income** – Security transactions are accounted for on the trade date. Gains or losses on securities sold are determined on the identified cost basis. Dividend income and distributions to shareholders are recorded on the ex-dividend date except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the Fund is informed of the dividend. Interest income and estimated expenses

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| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Financial Statements (continued)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

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**SIGNIFICANT ACCOUNTING POLICIES (continued)** 

are accrued daily. Bond discount and premiums are amortized using the interest method. To the extent dividends received include return of capital or capital gain distributions, such distributions are recorded as a reduction to cost of the related security or as a realized gain or loss.

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

**3. SECURITIES AND OTHER INVESTMENTS** 

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

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

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

**4. FINANCIAL DERIVATIVE INSTRUMENTS** 

**Foreign Currency Contracts –** The Funds may enter into foreign currency contracts to settle planned purchases or sales of securities or to protect against a possible loss resulting from an adverse change in the relationship between the U.S. dollar and a foreign currency involved in an underlying transaction. Foreign currency contracts are agreements between two parties to buy and sell a currency at a set price on a future date. The market value of a foreign currency contract fluctuates with changes in currency exchange rates. Foreign currency contracts are marked-to-market daily and the change in market value is recorded by a fund as unrealized appreciation or depreciation. When a foreign currency contract is closed, the fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These contracts may involve market risk in excess of the unrealized gain or loss reflected in the Schedule of Investments. In addition, a fund could be exposed to credit risk if a counterparty is unable or unwilling to meet the terms of the contracts or if the value of the currency changes unfavorably. In connection with these contracts, the Funds may segregate cash and/or securities in a sufficient amount as collateral in accordance with the terms of the respective contracts. None of the Funds entered into foreign currency contracts transactions during this period.

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| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Financial Statements (continued)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

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**5. FEDERAL INCOME TAX INFORMATION** 

As of December 31, 2022, the cost and unrealized appreciation (depreciation) of securities on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core**<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<br>Countries**<br>**Fund** |
|  Cost | $2335069291 | $312654337 | $453316730 | $268480361 | $34493428 |
|  Gross appreciation | $710479105 | $155171209 | $16057616 | $121181040 | $5191840 |
|  Gross (depreciation) | (347903793) | (4786146) | (105021772) | (44988228) | (8087666) |
|  Net appreciation (depreciation) | $362575312 | $150385063 | $(88964156) | $76192812 | $(2895826) |
|  | **Global<br>Opportunities**<br>**Fund** | **Global**<br>**Select**<br>**Fund** | **Global**<br>**Value**<br>**Fund** | **Greater**<br>**China**<br>**Fund** | **International**<br>**Growth**<br>**Fund** |
|  Cost | $147445330 | $14094045 | $111936400 | $7225028 | $433118169 |
|  Gross appreciation | $38815206 | $1513805 | $25982731 | $162751 | $151087208 |
|  Gross (depreciation) | (18946264) | (2506218) | (2848694) | (1910890) | (41463872) |
|  Net appreciation (depreciation) | $19868942 | $(992413) | $23134037 | $(1748139) | $109623336 |
|  | **International**<br>**Opportunities**<br>**Fund** | **International**<br>**Select**<br>**Fund** | **Long/Short**<br>**Alpha**<br>**Fund** | **Micro**<br>**Cap**<br>**Fund** | **Micro Cap**<br>**Value**<br>**Fund** |
|  Cost | $325518995 | $4748311 | $18876423 | $632506065 | $260250942 |
|  Gross appreciation | $89441831 | $395513 | $5211310 | $103527193 | $64181347 |
|  Gross (depreciation) | (45975597) | (752731) | (5399557) | (170929557) | (32417720) |
|  Net appreciation (depreciation) | $43466234 | $(357218) | $(188247) | $(67402364) | $31763627 |
|  | **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 | $111936400 | $1227237029 | $1392652428 | $5836100 | $381844508 |
|  Gross appreciation | $25982731 | $211805249 | $288878251 | $135337 | $— |
|  Gross (depreciation) | (2848694) | (115810740) | (370396117) | (280660) | (99355650) |
|  Net appreciation (depreciation) | $23134037 | $95994509 | $(81517866) | $(145323) | $(99355650) |

---

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

**6. TRANSACTIONS WITH AFFILIATES** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,**<br>**Beginning**<br>**Of the**<br>**Year** | **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<br>ended<br>12/31/2022** | **Gain (Loss)**<br>**Realized on**<br>**Sale of Shares**<br>**For the**<br>**Period ended**<br>**12/31/2022** | **Change in**<br>**Unrealized**<br>**Appreciation<br>for The**<br>**Period ended**<br>**12/31/2022** |
|  **Micro Cap Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  PharmaCielo Ltd. | $2546853 | $— | $8541 | $1028308 | $— | $(59258) | $(1450746) |

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| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Financial Statements (continued)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

**TRANSACTIONS WITH AFFILIATES (continued)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Value,**<br>**Beginning**<br>**Of the**<br>**Year** | **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>12/31/2022** | **Gain (Loss)**<br>**Realized on**<br>**Sale of Shares**<br>**For the**<br>**Period ended**<br>**12/31/2022** | **Change in**<br>**Unrealized**<br>**Appreciation<br>for The**<br>**Period ended**<br>**12/31/2022** |
|  **Small Cap Growth Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Pennant Group, Inc.\* | $20382041 | $— | $15352270 | $5641502 | $— | $(16181745) | $16793476 |
|  TaskUS, Inc., Class A\* | 23923988 |  | 6236593 | 19323156 |  | (9514323) | 11150084 |
|  Vintage Wine Estates, Inc., PIPE Shares | 15235000 |  | 476934 | 17412765 |  | (1109676) | 3764375 |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 13770449 |  |  | 17517135 |  |  | 3746686 |
|  | $73311478 | $— | $22065797 | $59894558 | $— | $(26805744) | $35454621 |
|  **Ultra Growth Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Conformis, Inc. | 2631685 |  | 23756 | 1808447 |  | (129772) | (669710) |
|  Exagen, Inc. | 2625714 |  | 26421 | 2300657 |  | (196072) | (102564) |
|  Vintage Wine Estates, Inc., PIPE Shares | 11654883 |  |  | 13716577 |  |  | 2061694 |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 11475385 |  |  | 14597627 |  |  | 3122242 |
|  | $28387667 | $— | $50177 | $32423308 | $— | $(325844) | $4411662 |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Activity** | **Share Activity** | **Share Activity** | **Share Activity** | **Dividends**<br>**Credited to**<br>**Income for the**<br>**Period ended**<br>**12/31/2022** | **Gain (Loss)**<br>**Realized on**<br>**Sale of Shares**<br>**For the**<br>**Period ended**<br>**12/31/2022** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**for the**<br>**Period ended**<br>**12/31/2022** |
|  | **Balance**<br>**9/30/2022** | **Purchases/**<br>**Additions** | **Sales/**<br>**Reductions** | **Balance**<br>**12/31/2022** | **Dividends**<br>**Credited to**<br>**Income for the**<br>**Period ended**<br>**12/31/2022** | **Gain (Loss)**<br>**Realized on**<br>**Sale of Shares**<br>**For the**<br>**Period ended**<br>**12/31/2022** | **Change in**<br>**Unrealized**<br>**Appreciation**<br>**for the**<br>**Period ended**<br>**12/31/2022** |
|  **Micro Cap Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  PharmaCielo Ltd. | 7995671 |  | 39500 | 7956171 | $— | $(59258) | $(1450746) |
|  **Small Cap Growth Fund** |  |  |  |  |  |  |  |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Pennant Group, Inc.\* | 1957929 |  | 1444131 | 513798 |  | (16181745) | 16793476 |
|  TaskUS, Inc., Class A\* | 1485962 |  | 342580 | 1143382 |  | (9514323) | 11150084 |
|  Vintage Wine Estates, Inc., PIPE Shares | 5500000 |  | 158661 | 5341339 |  | (1109676) | 3764375 |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 611205 |  |  | 611205 |  |  | 3746686 |
|  | 9555096 |  | 1945372 | 7609724 | $— | $(26805744) | $35454621 |
|  **Common Stock** |  |  |  |  |  |  |  |
|  Conformis, Inc. | 13764042 | 544713 | 13764042 | 544713 |  | (129772) | (669710) |
|  Exagen, Inc. | 968898 |  | 10291 | 958607 |  | (196072) | (102564) |
|  Vintage Wine Estates, Inc., PIPE Shares | 4207539 |  |  | 4207539 |  |  | 2061694 |
|  **Preferred Stock** |  |  |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | 509338 |  |  | 509338 |  |  | 3122242 |
|  | 19449817 | 544713 | 13774333 | 6220197 |  | $(325844) | $4411662 |

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\* *This security was deemed to no longer meet the criteria of an affiliated company at the reporting date. For financial statement purposes, the total amount of the gain (loss) realized on sale of shares and the total change in unrealized appreciation for the period ended September 30, 2022 is included in the Statements of Operations even though the security was not deemed an affiliated company as of the end of the period.* 

**7. RESTRICTED SECURITIES** 

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

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|:---|:---|
| **WASATCH FUNDS – Notes to Financial Statements (continued)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

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**RESTRICTED SECURITIES (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Security**<br>**Type** | **Acquisition**<br>**Date** | **Cost** | **Fair**<br>**Value** | **Value as a<br>Percent**<br>**Of Net Assets** |
|  **Core Growth Fund** |  |  |  |  |  |
|  Hagerty, Inc., expiring 12/2/2026 | Warrants | 12/2/2021 | $1859173 | $966600 | 0.04% |
|  **Micro Cap Fund** |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | $10000013 | $9731761 | 1.70% |
|  Esperion Therapeutics, Inc., expiring 12/7/2023 | Warrants | 12/3/2021 | 310583 | 221253 | 0.04% |
|  IM Cannabis Corp., expiring 5/7/2026 | Warrants | 5/5/2021 | 616971 | 0 | 0.00% |
|  |  |  | $11206884 | $9953014 | 1.74% |
|  **Micro Cap Value Fund** |  |  |  |  |  |
|  Regenacy Pharmaceuticals LLC | LLC Membership<br>Interest | 12/21/2016 | $30001 | $506 | 0.00% |
|  Greenlane Holdings, Inc., expiring 2/24/2026 | Warrants | 2/22/2021 | 396902 | 0 | 0.00% |
|  |  |  | $426903 | $506 | 0.00% |
|  **Small Cap Growth Fund** |  |  |  |  |  |
|  DataStax, Inc., Series E Pfd. | Preferred Stock | 8/12/2014 | $8000002 | $8571351 | 0.44% |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | 17999987 | 17517135 | 0.89% |
|  Nanosys, Inc., Series A-1 Pfd. | Preferred Stock | 8/13/2010 | 184939 | 79524 | 0.00% |
|  Nanosys, Inc., Series A-2 Pfd. | Preferred Stock | 11/8/2005 | 2000000 | 426560 | 0.02% |
|  Esperion Therapeutics, Inc., expiring 12/7/2023 | Warrants | 12/3/2021 | 538893 | 383897 | 0.02% |
|  |  |  | $28723821 | $26978467 | 1.38% |
|  **Ultra Growth Fund** |  |  |  |  |  |
|  Johnnie-O Holdings, Inc., Series A Pfd. | Preferred Stock | 3/16/2022 | $15000004 | $14597627 | 1.11% |
|  Nanosys, Inc., Series A-1 Pfd. | Preferred Stock | 8/13/2010 | 46235 | 19881 | 0.00% |
|  Nanosys, Inc., Series A-2 Pfd. | Preferred Stock | 11/8/2005 | 500001 | 106640 | 0.01% |
|  Esperion Therapeutics, Inc., expiring 12/7/2023 | Warrants | 12/3/2021 | 476908 | 339740 | 0.03% |
|  Hagerty, Inc., expiring 12/2/2026 | Warrants | 12/2/2021 | 1549310 | 805500 | 0.06% |
|  |  |  | $17572458 | $15869388 | 1.21% |

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**8. FAIR VALUE MEASUREMENTS AND INVESTMENTS** 

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

&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.

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|:---|:---|
| **WASATCH FUNDS – Notes to Financial Statements (continued)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

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**FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)** 

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

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

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

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

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

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

------

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| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Financial Statements (continued)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

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**FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)** 

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

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

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

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Funds' assets and liabilities:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Category** | **Quoted Prices**<br>**In Active Markets for<br>Identical Investments**<br>**(Level 1)** | **Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Value at**<br>**12/31/2022** |
|  **Core Growth Fund** | **Core Growth Fund** | **Core Growth Fund** | **Core Growth Fund** | **Core Growth Fund** | **Core Growth Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $2696678003 | $— | $— | $2696678003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 966600 | 966600 |
|  |  | $2696678003 | $— | $966600 | $2697644603 |
|  **Emerging India Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $463039400 | $— | $— | $463039400 |
|  |  | $463039400 | $— | $— | $463039400 |
|  **Emerging Markets Select Fund** | **Emerging Markets Select Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Drug Retail | $— | $10253571 | $— | $10253571 |
|  | Electrical Components & Equipment | 19793624 | 16954130 |  | 36747754 |
|  | Semiconductors | 35828906 | 6457771 |  | 42286677 |
|  | Other | 275064572 |  |  | 275064572 |
|  |  | $330687102 | $33665472 | $— | $364352574 |

---

------

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| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Financial Statements (continued)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

**FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Category** | **Quoted Prices**<br>**In Active Markets for<br>Identical Investments**<br>**(Level 1)** | **Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Value at**<br>**12/31/2022** |
|  **Emerging Markets Small Cap Fund** | **Emerging Markets Small Cap Fund** | **Emerging Markets Small Cap Fund** | **Emerging Markets Small Cap Fund** | **Emerging Markets Small Cap Fund** | **Emerging Markets Small Cap Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Consumer Finance | $— | $6123431 | $— | $6123431 |
|  | Drug Retail | 6137884 | 8074800 |  | 14212684 |
|  | Home Improvement Retail | 3976436 | 7830171 |  | 11806607 |
|  | Semiconductor Equipment |  | 7067997 |  | 7067997 |
|  | Semiconductors | 36339717 | 14368231 |  | 50707948 |
|  | Specialty Stores |  | 3825274 |  | 3825274 |
|  | Other | 250929232 |  |  | 250929232 |
|  |  | $297383269 | $47289904 | $— | $344673173 |
|  **Frontier Emerging Small Countries Fund** | **Frontier Emerging Small Countries Fund** | **Frontier Emerging Small Countries Fund** | **Frontier Emerging Small Countries Fund** | **Frontier Emerging Small Countries Fund** | **Frontier Emerging Small Countries Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Consumer Finance | $2711545 | $851032 | $— | $3562577 |
|  | Distillers & Vintners |  | 576518 |  | 576518 |
|  | Drug Retail |  | 824166 |  | 824166 |
|  | Electrical Components & Equipment |  | 1635917 |  | 1635917 |
|  | Home Improvement Retail |  | 1524059 |  | 1524059 |
|  | Specialty Stores |  | 314494 |  | 314494 |
|  | Other | 23159871 |  |  | 23159871 |
|  |  | $25871416 | $5726186 | $— | $31597602 |
|  **Global Opportunities Fund** | **Global Opportunities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $167314272 | $— | $— | $167314272 |
|  |  | $167314272 | $— | $— | $167314272 |
|  **Global Select Fund** | **Global Select Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Electrical Components & Equipment | $— | $313091 | $— | $313091 |
|  | Other | 12788541 |  |  | 12788541 |
|  |  | $12788541 | $313091 | $— | $13101632 |
|  **Global Value Fund** | **Global Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Casinos & Gaming | $— | $3385835 | $— | $3385835 |
|  | Technology Hardware, Storage & Peripherals |  | 3950392 |  | 3950392 |
|  | Tobacco |  | 5637643 |  | 5637643 |
|  | Other | 122096567 |  |  | 122096567 |
|  |  | $122096567 | $12973870 | $— | $135070437 |
|  **Greater China Fund** | **Greater China Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $5476889 | $— | $— | $5476889 |
|  |  | $5476889 | $— | $— | $5476889 |
|  **International Growth Fund** | **International Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Drug Retail | $30701585 | $2760731 | $— | $33462316 |
|  | Semiconductor Equipment |  | 1662047 |  | 1662047 |
|  | Semiconductors | 22110397 | 14068574 |  | 36178971 |
|  | Specialty Stores | 2052909 | 2847690 |  | 4900599 |
|  | Other | 466537572 |  |  | 466537572 |
|  |  | $521402463 | $21339042 | $— | $542741505 |

---

------

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| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Financial Statements (continued)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

**FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Category** | **Quoted Prices**<br>**In Active Markets for<br>Identical Investments**<br>**(Level 1)** | **Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Value at**<br>**12/31/2022** |
|  **International Opportunities Fund** | **International Opportunities Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |  |
|  | Electronic Equipment & Instruments | $— | $2924593 | $— | $2924593 |
|  | Food Retail | 4424720 | 3965843 |  | 8390563 |
|  | Research & Consulting Services | 25978477 | 3336447 |  | 29314924 |
|  | Restaurants |  |  | 7617 | 7617 |
|  | Semiconductor Equipment | 1882937 | 2336528 |  | 4219465 |
|  | Semiconductors | 3837887 | 9609178 |  | 13447065 |
|  | Specialty Stores | 1531796 | 1861965 |  | 3393761 |
|  | Other | 307287241 |  |  | 307287241 |
|  |  | $344943058 | $24034554 | $7617 | $368985229 |
|  **International Select Fund** | **International Select Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $4391093 | $— | $— | $4391093 |
|  |  | $4391093 | $— | $— | $4391093 |
|  **Long/Short Alpha Fund** | **Long/Short Alpha Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $28309812 | $— | $— | $28309812 |
|  |  | $28309812 | $— | $— | $28309812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Financial Instruments\*** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Financial Instruments\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks Sold Short |  | $(9621636) | $— | $— | $(9621636) |
|  **Micro Cap Fund** | **Micro Cap Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $555150687 | $— | $— | $555150687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  | 9731761 | 9731761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 221253 | 221253 |
|  |  | $555150687 | $— | $9953014 | $565103701 |
|  **Micro Cap Value Fund** | **Micro Cap Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $292014063 | $— | $— | $292014063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Liability Company Membership Interest |  |  |  | 506 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 0 | 0 |
|  |  | $292014063 | $— | $506 | $292014569 |
|  **Small Cap Growth Fund** | **Small Cap Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $1926030824 | $— | $— | $1926030824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  | 26594570 | 26594570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 383897 | 383897 |
|  |  | $1926030824 | $— | $26978467 | $1953009291 |
|  **Small Cap Value Fund** | **Small Cap Value Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $1323231538 | $— | $— | $1323231538 |
|  |  | $1323231538 | $— | $— | $1323231538 |
|  **Ultra Growth Fund** | **Ultra Growth Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $1295265174 | $— | $— | $1295265174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  | 14724148 | 14724148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  | 1145240 | 1145240 |
|  |  | $1295265174 | $— | $15869388 | $1311134562 |
|  **U.S. Select Fund** | **U.S. Select Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  | $5690777 | $— | $— | $5690777 |
|  |  | $5690777 | $— | $— | $5690777 |

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| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Financial Statements (continued)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

**FAIR VALUE MEASUREMENTS AND INVESTMENTS (continued)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Category** | **Quoted Prices**<br>**In Active Markets for<br>Identical Investments**<br>**(Level 1)** | **Significant Other**<br>**Observable**<br>**Inputs**<br>**(Level 2)** | **Significant**<br>**Unobservable**<br>**Inputs**<br>**(Level 3)** | **Value at**<br>**12/31/2022** |
|  **U.S. Treasury Fund** | **U.S. Treasury Fund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government obligations |  | $— | $282488858 | $— | $282488858 |
|  |  | $— | $282488858 | $— | $282488858 |

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

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

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Market**<br>**Value**<br>**Beginning**<br>**Balance**<br>**9/30/2022** | **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<br>Value**<br>**Ending**<br>**Balance**<br>**12/31/2022** | **Net**<br> **Change in**<br> **Unrealized**<br>**Appreciation**<br>**(Depreciation)<br>on**<br>**Investments<br>Held at**<br>**12/31/2022** |
|  **Core Growth Fund** | **Core Growth Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | $1058400 | $— | $— | $— | $— | $(91800) | $— | $— | $966600 | $(91800) |
|  | $1058400 | $— | $— | $— | $— | $(91800) | $— | $— | $966600 | $(91800) |
|  **Emerging Markets Small Cap Fund** | **Emerging Markets Small Cap Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $16583 | $— | $— | $— | $(8933975) | $8917392 | $— | $— | $— | $— |
|  | $16583 | $— | $— | $— | $(8933975) | $8917392 | $— | $— | $— | $— |
|  **International Opportunities Fund** | **International Opportunities Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $7035 | $— | $— | $— | $— | $582 | $— | $— | $7617 | $582 |
|  | $7035 | $— | $— | $— | $— | $582 | $— | $— | $7617 | $582 |
|  **Micro Cap Fund** | **Micro Cap Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $7650264 | $— | $— | $— | $— | $2081497 | $— | $— | $9731761 | $2081497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 437502 |  | (9855) |  | (269462) | 63068 |  |  | 221253 | (179768) |
|  | $8087766 | $— | $(9855) | $— | $(269462) | $2144565 | $— | $— | $9953014 | $1901729 |
|  **Micro Cap Value Fund** | **Micro Cap Value Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $21222 | $— | $— | $— | $— | $(20716) | $— | $— | $506 | $(20716) |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  |  |  |  |  |  |  |  |  |
|  | $21222 | $— | $— | $— | $— | $(20716) | $— | $— | $506 | $(20716) |
|  **Small Cap Growth Fund** | **Small Cap Growth Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $24067171 | $— | $— | $— | $— | $2527399 | $— | $— | $26594570 | $2527399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 695813 |  |  |  |  | (311916) |  |  | 383897 | (311916) |
|  | $24762984 | $— | $— | $— | $— | $2215483 | $— | $— | $26978467 | $2215483 |
|  **Ultra Growth Fund** | **Ultra Growth Fund** |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | $11622503 | $— | $— | $— | $— | $3101645 | $— | $— | $14724148 | $3101645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrants | 1497779 |  |  |  |  | (352539) |  |  | 1145240 | (352539) |
|  | $13120282 | $— | $— | $— | $— | $2749106 | $— | $— | $15869388 | $2749106 |

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**QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Description** | **Fair Value at<br>12/31/2022** | **Valuation Technique** | **Unobservable Input** | **Range**<br>**(Average)** |
|  Core Growth Fund | Warrant: Insurance Brokers | $966600 | Discount for lack of marketability | Discount for lack of marketability | 20% |
|  Micro Cap Fund | Direct Venture Capital Investments: Textiles | $9731761 | Market comparable companies | EV/R\* multiple<br> Discount for lack of marketability | 0.6 - 4.5 (2.7)<br> 46% |
|  Micro Cap Fund | Warrant: Pharmaceuticals | $221253 | Black Scholes | Black Scholes | 100% |

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| | |
|:---|:---|
| **WASATCH FUNDS – Notes to Financial Statements (continued)** | ***DECEMBER 31, 2022 (UNAUDITED)*** |

---

**QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS (continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Description** | **Fair Value at<br>12/31/2022** | **Valuation Technique** | **Unobservable Input** | **Range**<br>**(Average)** |
|  Small Cap Growth Fund | Direct Venture Capital Investments: Textiles | $17517135 | Market comparable companies | EV/R\* multiple<br> Discount for lack of marketability | 0.6 - 4.5 (2.7)<br> 46% |
|  Small Cap Growth Fund | Direct Venture Capital Investments: Semiconductor Equipment | $506084 | Market comparable companies | EV/R\* multiple<br> Discount for lack of marketability | 3.4 - 11.7 (7.8)<br>21% |
|  Small Cap Growth Fund | Direct Venture Capital Investments: Systems Software | $8571351 | Market comparable companies | EV/R\* multiple<br>Discount for lack of marketability | 2.8 - 21.9 (8.6)<br>27% |
|  Small Cap Growth Fund | Warrant: Pharmaceuticals | $383897 | Black Scholes | Black Scholes | 100% |
|  Ultra Growth Fund | Direct Venture Capital Investments: Semiconductor Equipment | $126521 | Market comparable companies | EV/R\* multiple<br> Discount for lack of marketability | 3.4 - 11.7 (7.8)<br>21% |
|  Ultra Growth Fund | Direct Venture Capital Investments: Textiles | $14597627 | Market comparable companies | EV/R\* multiple<br> Discount for lack of marketability | 0.6 - 4.5 (2.7)<br>46% |
|  Ultra Growth Fund | Warrant: Insurance Brokers | $805500 | Discount for lack of marketability | Discount for lack of marketability | 20% |
|  Ultra Growth Fund | Warrant: Pharmaceuticals | $339740 | Black Scholes | Black Scholes | 100% |

---

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

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

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** WASATCH FUNDS TRUST

- **b. Investment Company Act file number:** 811-04920

- **c. CIK number of Registrant:** 0000806633

- **d. LEI of Registrant:** 549300B3CBVFTLZDYP46

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 505 WAKARA WAY

  - **City:** SALT LAKE CITY

  - **State:** UT

  - **Foreign country:** US

  - **Zip / Postal Code:** 84108

  - **Telephone number:** 801-533-0777

**Item A.2. Information about the Series.**

- **a. Name of Series:** Wasatch International Opportunities Fund

- **b. EDGAR series identifier (if any):** S000000884

- **c. LEI of Series:** 549300UB83FXK6JG7U39

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-09-30

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $387837407.90

**Total Liabilities:** $4699959.77

**Net Assets:** $383137448.13

**Cash Not Reported:** $18060920.47

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000002502 | 3.59%                | 12.69%               | -3.75%               |
| Class ID C000166037 | 3.53%                | 12.88%               | -3.69%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-7153159.28             | $22578633.37                               |
| Month 2  | $-2856632.38             | $54732437.61                               |
| Month 3  | $2672983.73              | $-20277916.41                              |

### Schedule of Portfolio Investments

| Name                                               | Title                                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Mortgage Advice Bureau Holdings Ltd                | Mortgage Advice Bureau Holdings Ltd.                | CUSIP: 000000000<br>LEI: 2138008AY1RA61T6W960 | Long             | EC               | CORP              | GB        |    767823 | NS      | $4919776.37   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| eGuarantee Inc                                     | eGuarantee, Inc.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    321700 | NS      | $5988365.59   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Mensch und Maschine Software SE                    | Mensch und Maschine Software SE                     | CUSIP: 000000000<br>LEI: 391200KPS0L1YQ88JY41 | Long             | EC               | CORP              | DE        |     63209 | NS      | $3085389.11   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Tarsons Products Ltd                               | Tarsons Products Ltd.                               | CUSIP: 000000000<br>LEI: 9845006FDA8FE0A03634 | Long             | EC               | CORP              | IN        |    207065 | NS      | $1738139.60   | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Supreme Industries Ltd                             | Supreme Industries Ltd.                             | CUSIP: 000000000<br>LEI: 33580094NA85GD34LN25 | Long             | EC               | CORP              | IN        |    133301 | NS      | $3947710.81   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Adesso SE                                          | Adesso SE                                           | CUSIP: 000000000<br>LEI: 529900KOICE97ZSA1O52 | Long             | EC               | CORP              | DE        |     23952 | NS      | $3379273.74   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| SIGMAXYZ Holdings Inc                              | SIGMAXYZ Holdings, Inc.                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1109800 | NS      | $10933948.49  | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| AJ Bell PLC                                        | AJ Bell PLC                                         | CUSIP: 000000000<br>LEI: 213800VNKA7DPWXWJJ36 | Long             | EC               | CORP              | GB        |    536149 | NS      | $2321771.40   | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd | Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     56713 | NS      | $3965842.95   | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Johns Lyng Group Ltd                               | Johns Lyng Group Ltd.                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |   2141416 | NS      | $9024917.10   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dr Lal PathLabs Ltd                                | Dr Lal PathLabs Ltd.                                | CUSIP: 000000000<br>LEI: 984500E8E9CY102B9718 | Long             | EC               | CORP              | IN        |    203587 | NS      | $5562652.41   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Mold-Tek Packaging Ltd                             | Mold-Tek Packaging Ltd.                             | CUSIP: 000000000<br>LEI: 335800MEF4APHWR3ZJ85 | Long             | EC               | CORP              | IN        |    149662 | NS      | $1704026.60   | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Patisserie Holdings PLC                            | Patisserie Holdings PLC                             | CUSIP: 000000000<br>LEI: 213800MLBAMM6DALW517 | Long             | EC               | CORP              | GB        |    630045 | NS      | $7616.93      | 0.00%             |  |  |  | No            |                  3 | On Loan: No      |
| Musti Group Oyj                                    | Musti Group Oyj                                     | CUSIP: 000000000<br>LEI: 743700IE9NQGF9YZAI97 | Long             | EC               | CORP              | FI        |     91671 | NS      | $1531796.43   | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| YouGov PLC                                         | YouGov PLC                                          | CUSIP: 000000000<br>LEI: 213800MZGBGCJIPOBB41 | Long             | EC               | CORP              | GB        |   1102930 | NS      | $13600550.80  | 3.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Materials Analysis Technology Inc                  | Materials Analysis Technology, Inc.                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    382000 | NS      | $1882936.67   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Kin & Carta PLC                                    | Kin & Carta PLC                                     | CUSIP: 000000000<br>LEI: 213800B32KQM8CENCR16 | Long             | EC               | CORP              | GB        |   3301785 | NS      | $8542223.67   | 2.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Tokai Carbon Korea Co Ltd                          | Tokai Carbon Korea Co. Ltd.                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     31001 | NS      | $2336528.46   | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Ain Holdings Inc                                   | Ain Holdings, Inc.                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    103900 | NS      | $4781743.37   | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Berger Paints India Ltd                            | Berger Paints India Ltd.                            | CUSIP: 000000000<br>LEI: 335800TNTIBFAWWUZD51 | Long             | EC               | CORP              | IN        |    529374 | NS      | $3719951.35   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| VEF AB                                             | VEF AB                                              | CUSIP: 000000000<br>LEI: 549300GLLHHE80RQ2Y24 | Long             | EC               | CORP              | SE        |   8720111 | NS      | $2049067.52   | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Elmos Semiconductor SE                             | Elmos Semiconductor SE                              | CUSIP: 000000000<br>LEI: 529900UMKKDCAP4P4H63 | Long             | EC               | CORP              | DE        |     66890 | NS      | $3837886.85   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Nayax Ltd                                          | Nayax Ltd.                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    155069 | NS      | $2924593.00   | 0.76%             |  |  |  | No            |                  2 | On Loan: No      |
| S-Pool Inc                                         | S-Pool, Inc.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    304200 | NS      | $2002657.73   | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Aavas Financiers Ltd                               | Aavas Financiers Ltd.                               | CUSIP: 000000000<br>LEI: 335800TMNAGA7MPDP384 | Long             | EC               | CORP              | IN        |    305439 | NS      | $6814874.63   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Premium Group Co Ltd                               | Premium Group Co. Ltd.                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    689150 | NS      | $9121102.94   | 2.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Baltic Classifieds Group PLC                       | Baltic Classifieds Group PLC                        | CUSIP: 000000000<br>LEI: 213800I1RPHCFSSQS969 | Long             | EC               | CORP              | GB        |   2650992 | NS      | $4512523.20   | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Fortnox AB                                         | Fortnox AB                                          | CUSIP: 000000000<br>LEI: 549300MSNMHPC3O60W78 | Long             | EC               | CORP              | SE        |   1383441 | NS      | $6269656.48   | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Direct Marketing MiX Inc                           | Direct Marketing MiX, Inc.                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    228900 | NS      | $2706894.24   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| DiscoverIE Group PLC                               | DiscoverIE Group PLC                                | CUSIP: 000000000<br>LEI: 213800BMDLQU1VEEAN68 | Long             | EC               | CORP              | GB        |   1184127 | NS      | $10464633.82  | 2.73%             |  |  |  | No            |                  1 | On Loan: No      |
| LiveChat Software SA                               | LiveChat Software SA                                | CUSIP: 000000000<br>LEI: 259400W35VF4Q1XFFE11 | Long             | EC               | CORP              | PL        |    170396 | NS      | $4161359.40   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Atoss Software AG                                  | Atoss Software AG                                   | CUSIP: 000000000<br>LEI: 529900Q9G9280ADNOA39 | Long             | EC               | CORP              | DE        |     37947 | NS      | $5654352.29   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| TECSYS Inc                                         | TECSYS, Inc.                                        | CUSIP: 878950104<br>LEI: 549300YOTEBVOTQEP762 | Long             | EC               | CORP              | CA        |     45668 | NS      | $894809.48    | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Aubay                                              | Aubay                                               | CUSIP: 000000000<br>LEI: 969500KGFSDP6UUKIA67 | Long             | EC               | CORP              | FR        |     46235 | NS      | $2412746.32   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| City Union Bank Ltd                                | City Union Bank Ltd.                                | CUSIP: 000000000<br>LEI: 33580024M7FWA847JI64 | Long             | EC               | CORP              | IN        |   2649876 | NS      | $5778286.36   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Base Co Ltd                                        | Base Co. Ltd.                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     72289 | NS      | $1922345.40   | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Esker SA                                           | Esker SA                                            | CUSIP: 000000000<br>LEI: 969500VMAA9YBAGPU774 | Long             | EC               | CORP              | FR        |     26011 | NS      | $4379776.53   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| NexTone Inc                                        | NexTone, Inc.                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    159380 | NS      | $5428441.02   | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Bytes Technology Group PLC                         | Bytes Technology Group PLC                          | CUSIP: 000000000<br>LEI: 213800LA4DZLFBAC9O33 | Long             | EC               | CORP              | GB        |   1534861 | NS      | $7181057.29   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Qualitas Controladora SAB de CV                    | Qualitas Controladora SAB de CV                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |   1277998 | NS      | $5634956.93   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Nagarro SE                                         | Nagarro SE                                          | CUSIP: 000000000<br>LEI: 9845008396BA67DA9B37 | Long             | EC               | CORP              | DE        |     24046 | NS      | $2846847.15   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Japan Elevator Service Holdings Co Ltd             | Japan Elevator Service Holdings Co. Ltd.            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    572900 | NS      | $7220181.35   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexus AG                                           | Nexus AG                                            | CUSIP: 000000000<br>LEI: 529900IBXKVGR2ZZGT64 | Long             | EC               | CORP              | DE        |    163168 | NS      | $9746201.14   | 2.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Service Group PLC                          | Johnson Service Group PLC                           | CUSIP: 000000000<br>LEI: 2138004WZUPWV53KWV11 | Long             | EC               | CORP              | GB        |   3267580 | NS      | $3827880.59   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Sarantis SA                                        | Sarantis SA                                         | CUSIP: 000000000<br>LEI: 21380078FJXYHFE8KP46 | Long             | EC               | CORP              | GR        |    523566 | NS      | $3637326.72   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Temairazu Inc                                      | Temairazu, Inc.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     34100 | NS      | $1299146.60   | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Funai Soken Holdings Inc                           | Funai Soken Holdings, Inc.                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    279067 | NS      | $5779519.25   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Ergomed PLC                                        | Ergomed PLC                                         | CUSIP: 000000000<br>LEI: 213800BVS8I9VMC1AP84 | Long             | EC               | CORP              | GB        |    165102 | NS      | $2538913.01   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Systena Corp                                       | Systena Corp.                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   2846000 | NS      | $8912724.78   | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Elgi Equipments Ltd                                | Elgi Equipments Ltd.                                | CUSIP: 000000000<br>LEI: 335800SXTB7FFNWAF558 | Long             | EC               | CORP              | IN        |    787523 | NS      | $3993302.29   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CTOS Digital Bhd                                   | CTOS Digital Bhd                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MY        |   6865718 | NS      | $2213239.40   | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Sheng Siong Group Ltd                              | Sheng Siong Group Ltd.                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |   3591800 | NS      | $4424720.02   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Vijaya Diagnostic Centre Pvt Ltd                   | Vijaya Diagnostic Centre Pvt Ltd.                   | CUSIP: 000000000<br>LEI: 33580036Q5DTJTG86994 | Long             | EC               | CORP              | IN        |   1131914 | NS      | $5981097.61   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Vitec Software Group AB                            | Vitec Software Group AB                             | CUSIP: 000000000<br>LEI: 5493005EB5RV1QHE6H94 | Long             | EC               | CORP              | SE        |    152568 | NS      | $6114504.53   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Gruppo MutuiOnline SpA                             | Gruppo MutuiOnline SpA                              | CUSIP: 000000000<br>LEI: 8156004E40D6A02C5046 | Long             | EC               | CORP              | IT        |     96249 | NS      | $2711741.52   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Hemnet Group AB                                    | Hemnet Group AB                                     | CUSIP: 000000000<br>LEI: 5493008VIU67J3HUAR07 | Long             | EC               | CORP              | SE        |    415299 | NS      | $4998783.35   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Avant Group Corp                                   | Avant Group Corp.                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    181591 | NS      | $1884539.33   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| LEENO Industrial Inc                               | LEENO Industrial, Inc.                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |     77763 | NS      | $9609177.94   | 2.51%             |  |  |  | No            |                  2 | On Loan: No      |
| NICE Information Service Co Ltd                    | NICE Information Service Co. Ltd.                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |    344117 | NS      | $3336447.02   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Digital Value SpA                                  | Digital Value SpA                                   | CUSIP: 000000000<br>LEI: 81560096F26ACF910809 | Long             | EC               | CORP              | IT        |    113073 | NS      | $8073297.00   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Royal Unibrew A/S                                  | Royal Unibrew AS                                    | CUSIP: 000000000<br>LEI: 529900D69KFL8IAP8Q63 | Long             | EC               | CORP              | DK        |     33902 | NS      | $2417179.22   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Management Solutions Co Ltd                        | Management Solutions Co. Ltd.                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    106400 | NS      | $2691618.41   | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Strike Co Ltd                                      | Strike Co. Ltd.                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    175000 | NS      | $5987122.83   | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| EQB Inc                                            | EQB, Inc.                                           | CUSIP: 26886R104<br>LEI: 549300QAXPCRULOPD247 | Long             | EC               | CORP              | CA        |    133234 | NS      | $5582248.76   | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| SMS Co Ltd                                         | SMS Co. Ltd.                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    143362 | NS      | $3664885.02   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Pro Medicus Ltd                                    | Pro Medicus Ltd.                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    218707 | NS      | $8228583.74   | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Talenom Oyj                                        | Talenom Oyj                                         | CUSIP: 000000000<br>LEI: 7437008E4R0N45B8J675 | Long             | EC               | CORP              | FI        |    447604 | NS      | $4360151.02   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Chief Telecom Inc                                  | Chief Telecom, Inc.                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    627552 | NS      | $5737408.27   | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| GMM Pfaudler Ltd                                   | GMM Pfaudler Ltd.                                   | CUSIP: 000000000<br>LEI: 335800KCMB1KC4EBZR39 | Long             | EC               | CORP              | IN        |    120268 | NS      | $2278084.97   | 0.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Pet Center Comercio e Participacoes SA             | Pet Center Comercio e Participacoes SA              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |   1578200 | NS      | $1861964.53   | 0.49%             |  |  |  | No            |                  2 | On Loan: No      |
| Rakus Co Ltd                                       | Rakus Co. Ltd.                                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    238832 | NS      | $2882580.68   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AZ-COM MARUWA Holdings Inc                         | AZ-COM MARUWA Holdings, Inc.                        | CUSIP: 000000000<br>LEI: 353800T8U9EBANSQUQ17 | Long             | EC               | CORP              | JP        |    741219 | NS      | $8895305.74   | 2.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Voltronic Power Technology Corp                    | Voltronic Power Technology Corp.                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |    106631 | NS      | $5360085.08   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Prestige International Inc                         | Prestige International, Inc.                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |   1108937 | NS      | $6134473.19   | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| JTC PLC                                            | JTC PLC                                             | CUSIP: 000000000<br>LEI: 213800DVUG4KLF2ASK33 | Long             | EC               | CORP              | JE        |   1184764 | NS      | $10713757.76  | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Future PLC                                         | Future PLC                                          | CUSIP: 000000000<br>LEI: 213800K2581YRLEXV353 | Long             | EC               | CORP              | GB        |    386032 | NS      | $5913005.69   | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

**Name of Applicant:** WASATCH FUNDS TRUST

**Signature:** Mike Yeates

**Name of Signer:** Mike Yeates

**Title:** CFO